Daily globe., 1883-08-01
NEW YORK.
Especial Telegram to the Globa !

NEW YORK, July 31.-Contrary to eX-
pectation the market, instead of being
weakened by the very heavy failures in
Bostan yesterdi opened this morning
steady without pressure of stock, and
With buyers Civ slight concessions for
everything that Y offered After the
first hour dealings xsre very limited and
at times business as entirely suspended.
The market closed dull and firm. The
room traders sold down Oregon Transcon-
tlnental during the early dealings. The
course of the market to-day would seem
to indicate that every evil had been large
ly discounted, that all weak margined
stocks have been shaken out, and that
holders of sound dividend stocks do not
propose to lose their heads and force the
sale of the properties because of misfor-
tune to other interests remote from theirs.
Private wires to Saratoga were not work
ing to-day and no orders
were received from there.
Minneapolis st. Louis preferred closed
at so bid. Omaha preferred was very
strong, and 1O5 was bid for it this after
noon. Boston advices by wire express the
opinion that there will be no further
trouble there. Vanderbilt brokers were
again borrowers of large amounts from
Trust companies. Brady, Mcclellan &
Co., say the activity and improvement
which characterized the market yesterday
were wanting to-day. The troubles in
Boston caused a nervous feeling. The
bears took advantage of the situation and
sold stocks freely at the opening. Conse-
quently we have been treated to a market
about as satisfactory as anything witness
ed last week. There was no particular
pressure of stocks during the last hour,
and prices were, as general thing, stead
Ter than in the early dealings. Wabash
preferred was one of the weak features
and touched 38B at one time
The Vanderbilts were very we'll held all
day, with the exception of Canada South
ern, which opened per cent. down from
yesterdays closing. Oregon Transconti-
mental was roughly handled by the bears,
and rallied but little, and Union Pacific
received the same treatment. There was
a rumor this morning that raise would be,
made on Northern Pacific preferred, but it
would be Oregon Transcontinental and
Northern Pacific common, which were sold
while the preferred remained steady.
There is a theory that Gonld is largely
short of the preferred and that he is trying
to depress the stock to point at which he
can cover without loss. It is said that the
late attacks on Oregon Transcontinental
werJ' made by him. The leather failure
in Boston caused some selling of Union
Pacific and Pullman palace car stock. The
latter was readily taken at 1929. The
closing was exceedingly dull and without
especial feature.
It was stated this afternoon that Mr.
George William Ballou is behind the
Toledo, Cincinnati & st. Louis road. Mr.,
Ballou has very large interests in the prop
erty, and is reported determined to place
the road upon a firmer brsis. 1t is thought
that the strength of the market was due
largely to the recent Saratoga buying.
An active broker on said: ga combina-
ton was formed in Saratoga last week to
secure line of stocks and bring about an
advance of few points. This party has
been bidding up prices. 1t is uncertain
how much they are working for, but as
get it there is likely to be en- advance of
three Or four points. After that We shall
probably get another stump. 1t is init
mated that the Saratoga pool is inspir-
ed by Mr.. Vanderbilt, but
this is by no means GER
tain, as there are plenty of operators
there able to make up pool which would
put a market like this up Or down without
the slightest difficulty The market is in
position where as matter of Judgment
it would hardly be safe to buy, although,
taking the run of prices back to the mid
die Of June, the market is down rath-
er than up. A drop of a couple of
points would make prices look cheap for a
turn. Some Of my customers who bought
early last week are realizing, and others
will be glad to realize if the Saratoga pool
enables them to get couple OF points
advance on either Lackawanna or Missouri
Pacific"