Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-08-15
NEW YORK.
Especial Telegram to the Globe.

Special Telegram to the Globe.
New YORK, Aug. 14.-It looked for a
time this morning as though stocks had
touched bottom. Sharp rallies set in
during the early hours, and failure OF
the lowest points caused considerable
amazement among brokers. The day has
been one of excitement from the opening.
A break in Western Union to 1925 during
the afternoon, caused much CONSERVATION.
and stocks were sold right and left. North
ern Pacific, preferred, touched tx and
the lowest prices for the day were recorded
in many stocks. In few moments West
ern Union Telegraph advanced to "a and
Northern Pacific preferred, to 70, North
western sold at 1875 soon after the open
ing. The net earnings for the past year
were over 10 per cent. on both kinds of
stock. Capitalists bought it in large
amounts, and there was good demand for
the solid properties all day. We may be
treated to a feverish market for some
time yet, but there is world of money
ready to invest at about present figures.
Dav" and Field said. "We have had
another very excited day. The Willard
stocks were very weak at the opening and
Oregon Transcontinental seemed as much
disposed to run off as at any time since
the break in it commenced. After the
first hour the market was steadier and
somewhat free from excitement and out
side the Willard stocks it was very notice
able that there was less pressure to sell,
prices fuctuating in feverlsh and irregu-
lar manner until the failure of Geo.
W. BaIlou & Co. was announced. This
house has tried hard to be one of the prom
inent houses of the street, and the first
feeling after the announcement was one
of dismay. 1t was ascertained that the
house lost its money in the Oregon stock,
and in an effort to recoup themselves
banked on their customers stocks and sold
the Vanderbilts heavily yesterday. Stocks
were bought in to cover their sales for
an hour, and the effect was to
put up the Vanderbilt's sharply and to give
considerable strength throughout the list.
When this buying was over the bears COM
menced again, and the Vanderbilts and
Oregon slide of yesterday followed by a
sharp break in Western Union from 76 to
1924. Afterward the market steadied again
and closed free from excitement, with the
general opinion in the room that it was to
purchase on reactions. 1t was reported
that Woerrishoffer was turning a bull
There was considerable buying this morn
l1-1 hn1coc OF fho Il
in the dividend stocks. The larger con-
sentative houses reported decidedly bet
ter feeling among their customers. Bos-
ton market very strong.
Herman reported that Gould had settled
his shorts in Northern Pacific with Willard
this morning and taken in his stocks. There
were points given out to buy Lake
Shore and Wabash preferred at every
break. Central Pacific was very strong at
the close, but Union Pacific did not look
as we'll. There was very good buying in
st. Paul, Manitoba and Canadian Pacific
were we'll bought. W.T.. Baker wired the
market opened in more demoralized
condition than ever. The pressure to sell
was felt through the entire list, and the
lowest figures of the season were touched
on many stocks. Even the reliable divi-
dend payers broke badly.
During the morning the failure of Geo.
w. Ballou & Co. was announced, and a
large amount of stock was brought in and
sold out-under the rule for their account
about $4,000 shares. They appear to have
been short of Lake Shore, Jersey Central,
Wabash preferred, Denver, Reading and
New York Central, and long on Chi
oago Burlington & Quincy, Union Pacific
Central Pacific, Oregon & Transcontinent-
al and Western Union. The settlement OF
their deals caused most irregular market
for two hours or more. Many people who
have been watching for the turning point
also bought stock, and there was consider
able covering of shorts. One of the stories
of Ballou's failure is that Gould opened an
account in his Office and bought various
stocks. On the strength Of this Ballou got
himself and all his customers loaded with
these stocks. On yesterday and the day
before, the concern, finding itself in fail
ing condition, sold stock recklessly. Bel
mont & Co. were buyers of large lots Of
Oregon & Transcontinental this forenoon
We learn from unquestionable authority
that Mr.. Villiard's financial condition is
unassailable, that his cash means
are large, and his stocks art
paid for and put away. During the las
hour vigorous raid was made on Western
Union by Woerrishoffer & SIayback
They worried it down to 1873, and brough