Daily globe., 1883-08-02
NEW YORK.
Especial Telegram to the Globe. |


NEW YORK, August 1.-Stocks were de-
pressed at the opening, the room traders
sold freely, and there appeared but little
opposition from any quarter. Texas
Pacific was very active, and on large sales
soon touched 80. The Wabash properties
were depressed, both common and pre-
1erred showing much weakness. New
YORK Central broke to 1.15116 and Missouri
Pacific touched 994. Under all this de.
preston Northern Pacific preferred stood
hrm at about 86. 1t was about the only
property that withstood the bearish attacks
which so weakened the general market
AFTER unsettling the majority of stocks
tne covering of shorts commenced. which
continued until the finish. Prices recovered
Sharply, and at the last were quite steady,
Ihere were some evidences of good buying
curing the afternoon of some of the better
class OF stocks, there were no rumors of
sufhclent Importance to warrant any par
ucular uneasiness during any part of the
DAY. Still, for time, the operators for
decline seemed to have it all their own
way. Day, Calbron & Field say: ''Another
Boston failure was announced this morn
ing. but it was small house and one that
was reported in trouble before. There
was but little pressure of stock during the
first hour, but the tone of the market was
less strong and inclined to feverishness, at
the same time very bullish.
A dispatch from Pittsburg reported
that the operators on Gould's southeast
ern system left work last night. This was
accompanied by sharp drive on Texas
Pacific d Wabash and the whole market
seemed to wilt. About this time Young g.
Riggs bought 5000 Northern Pacific pre-
ferred, believed to be for some of the Van
derbilts. Other of the Vanderbilt brokers
also bought largely and have been doing
so for the past two days. The room
traders were very bearish on the entire list.
but were somewhat puzzled to account for
the large purchase of Northern Pacific.
The strength of this stock caused the tone
of the market to become less feverish: later
Missouri Pacific was pressed by the bears
manlfesting less disposition to sell. At the
beginning of the last hour the entire list
was hammered by Slaybeck, Johns, and
the room bears generally. 1t this time
the failure of the Lancaster Watch Co. was
announced. Notwithstanding the contin-
uatlon of mercantile troubles the bears
were unable to keep the market down, and
1t rallied sharply at the close. The sales
to-day have been almost entirely by the
bears, thus increasing the short interest.
We find considerable amount of the pa
per of the defunct leather house of Bost
ton has been placed in New York. Some
Illinois Central was marketed this after.
noon at a sharp decline. Texas Pacific
sold to-day within 4c of the lowest
price since January. 1882.
and Wabash preferred sold
to thirty eight, which is the lowest price
in the same time. Mr.. Gould is reported
as talking quite bullish to-day. He speaks
very strongly on Missouri Pacific and
Western Union. Mr.. Gowen is reported
as saying that it will be two years before
the Baltimore and Ohio completes its con-
tract with the Jersey Central by way of
Philadelphia, and eighteen months before
the line to Pittsburg will be in operation,
meantime he thinks the Jersey Central
and Reading will secure large benefits
from the connection with the New York
Central already established. The Lehigh
and Wilkesbarre company begins to-mor-
row mining its own coal in the Wyoming
and Audenried region. This is the section
in which mining has been done under
what has been known as the Parrish con-
track. People closely identified with the
Jersey Central, estimate that very large
saying will be effected by the company
doing its own work at the mines.