St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-08-01
NEW YORK.
Especial Telegram to the Globe. !


New York, July 31.-To say that the
market opened strong is putting it mild. 1t
was enjoying first class boom before the
exchange had been open an hour, with Rock
Island at 116, Chicago, Burlington 81 Quincy
at 121, Northwestern at 101K, st. Paul at
SAX and SO on. The light weights, such as
Oregon nscontinental, Missouri, Kansas
IL Texas and Texas Pacific, were quite ac-
tive, and it is natural to expect they will be-
come more so as speculation increases.
Union Pacific was rather the leader in ac
tivity during the morning, and is becoming
quite favorite among the room traders. A
number Of failures in London on the bear
side were reported during the morning.
After reaction of about l per cent.
on several stocks, the market
hardened. became buoyant and prices were
rushed up faster than anything heretofore
witnessed. The grangers jumped two points
in as many moments. Before o'clock st.
paul touched S61$ and Northwestern was
selling at l044. The shorts were responsi-
bic for most of the advance during the lat
part of the day, and were severely punished,
as they did not become thoroughly alarmed
Yesterday, but changed base this afternoon.
Before the day ended nearly all ctock on the
list had come to the front and the street was
full Of rumors OF new Dull contractors and
higher prices for everything. 1t looks as
though reactions would be in order very
soon, as the short interest has been much re-
duced At the finish there was good deal
of realizing with free selling OF st. Paul and
Northwestern.
A. NJ. Day says: The market doomed all
day until the last half hour, when there came
a'rapid reaction, followed by a partial re-
covery in the last few minutes. The decline
was precipitsted by the failure of John Cas-
well 81 Co., tea importers rated at 81 ZOO, 900,
credit A /. To-day's advance has
been manipulated but the bulls
have grip upon prices which
seems to show the best profits for the present
are on the long side. The reaction looked
for by every ons except the manipulators on
the bull side of the market does not come
The heavy shorts have been covered. Long
stock bought at lower prices has been
sold at profit. Those disposed TO
buy at at q reasonable reaction still stand
waiting for that reaction to come. The good
to be expected from large crops aud increased
earnings by the roads, shows in an advance
OF from 10 to IS points, and vet the bulls
hold the fort and are apparently as eager to
buy at present figures as were the bears to
sell in May and June. The market is forced
and unnatural Money is so abundant on
stock collateral that the bull cliques find it
easy 10 carry stocks. and therefore take their
purchases out of the market aud place
them in loans, thus making ac-
tive securities scarce, and creating booming
demand by no means justified by the present
short interest. As money bids fair to remain
easy for some time to come, this bulling and
forcing upward of prices will probably con-
tinue. They have the ability and declare
their intention of carrying Union Pacific,
st. Paul, Northwestern, etc, much higher.
From what we have heard we believe many
large blocks of l,o0o, 1900 and even 5000
shares are washes, but the effect is the same
upon outsiders as though they were genuine.
IL nothing of a disastrous nature occurs we
think the plan TO carry prices higher will be
carried out