Daily globe., 1883-08-12

bled sellers of stocks to realize this morn
ing without producing panic. There
was weeping and wailing among the friends
of Oregon Transcontinental when it broke
below 20. and when &C was reached there
was much excitement. The Northern Pa
cific's were dragged down in sympathy and
were exceedingly feeble during the greater
part of the day, they were each off per
cent. at 2 o'clck. Heavy coveringsby the
shorts in the last hour caused quite an i'm
provement in many stocks from the
lowest points, There were no signs of
any confident buying for an advance. 1t
takes time to clear away the wreckage
caused by the declines of the past week.
and it will take more than day to change
the current. In the meantime the bears
are sufficiently enriched and bold to con-
tinue free selling on any further rallies
that may occur. The Gould properties
received particularly severe punishment,
and but few Others escaped without injury.
Rumors of failures were not confirmed
when business closed. Money advanced to
6 per cent. The week closes with the most
excited day for many months.
The opening was feverish and weak, the
Northern Pacific stocks seeming to be
unsupported. During the first two hours
fluctuations we're within narrow lim-
its and there seemed to be disposition to
rally from each decline. Then Slayback
came in as seller of Northern Pacific pre-
10
break out much stock, but the selling con-
tinued, and within an hour the liquidation
in Northern Pacific stocks which has been
promised, and to accomplish which all Mr..
Gould's powerful wrecking machine has
been directed, took place. A small failure
from Philadelphia was announced, and it
was magnifed into great Importance, and
followed by reports of financial trouble in
Chicago. Delaware, Lackawanna & West
ern was ra1ded, and in fact, every stock
was attacked with more or less vigor. Long
stock came out freely from timid holders.
and the market was rapidly
drifting towards q panic, when
the large operators came in with
steadying orders and the last hour was
more quiet and prices rallied feebly. The
president of one of the largest New York
banks said this morning: 'The Indianap-
oils bank trouble is put up job on the
part of English to squeeze out some of the
rovers. No further Indiana troubles are
feared. Cotton mills are all running and
prices advancing. The crop will be
100000 bales short. All Peoria whisky
makers are running full time ard three
year-old advancing and scarce. Dry goods
at the west are in small stocks and mer-
chants are much richer than in the east.
Large fall business sure. Several
prominent commission houses advised
their customers that the end of the
bear market was very near the close.
Lackawanna, ST. Paul and the Vanderbilt
stocks lifted easily. Transactions were
100000 shares. Stock speculation, which
had been so dull and dreary for weeks, has
awakened into new life. The most con-
frmed growler could not have complained
to-day at the alacrity with which the bears
Whitfield down prices. It was one of the
liveliest in the history of the year. The
decline was more marked throughout the
entire list than has been noticed since the
present depression began. The bears sold
everything right and left, meeting very
little opposition anywhere except in New
York Central and Lake Shore, which stocks
were absorbed rs fast as offered. There
was no bidding at ell for them, but me
one stood ready to take every share
offered at prices that permitted of very
little decline. The head of prominent
commission house said this afternoon: 81
do not look for any immediate improve
ment. The heavy failures of the past two
weeks have unsettled what little confidence
there was in anything. Moreover, these
failures show that the public has not much
money to lose. Average individuals are
having all they can do to take care of their
own business without indulging in flyers.
This is simply liquidation little more
rapid than usual, but precisely the same
movement which has been in progress for
two years. We shall reach bed rock some
time, but see no indications that the time
is particularly near. l do not know that
I would sell short now. There ought to be
some rally, but l certainly would not buy
stocks for more than per cent. advarce.'