Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-23

l.
Peoria, ID. u E.. rs N. Y, &. II st. L.. "A
Ontario q West.. rs do preferred. >. 2S12
Ind, B. & West. 391 MINIS Il st. L.. 25h
IL. u G. lst pfd.. Is do preferred. :. 65
do I'd pref'd... $ Allegheny Cent. l5I
B.: c. Il. d NJ. tn
+Offered.
EVENING REPORT.
Money 6@28 per cent, closing offered at S per
cent. Prime mercantile paper 6@715 per cent
Sterling exchange, bankers bills steady at
S4.79a; do. ex. demand, 1851
Governments Irregular, but generally "A per
cent lower. Commercial Bulletin: At the opening
the markets showed an improved tone on the in
formation that several Of the large spectators
including Keene, had net the previous evening
and decided upon purchasing stocks. 1t was
soon discovered, however, that gentleman was
selling, instead OF buying, and the result was q
rush OF orders to part with stocks, which COM
pletely demoralized the market, the disposition
TO sell being further increased by the sales of
long stocks, particularly Michigan Central.
oOnds-haiiroad bonds in the main higher,
State Securities Neglected.
The day opened with great excitement on the
stock exchange, and dealings up to noon were on
a scale OF great magnitude and sales of stock up
to noon were 400 goo shares, which, IS beyond al
precedent for two hours business. In early
transactions large supporting orders were in the
market, ard tmidoperators rushed in to cover
their purchases, leading to an advance of 15Gl2L
per cent. on the closing quotations OF yesterday.
This sharp rise was followed shortly before the
hrst call by radical change in the temper of
speculation, and the ''bears'' were soon in COM
plete possession OF the market. Those who had
bought stocks at the opening threw them over
board, and large Geographic orders were received
by brokers to sell both from the east and west.
At different times during the morning the market
was greatly demOra LIKED, and haste to dispose
OF stocks caused a decline of 1@2 per cent. be-
tween the sales in many instances. About noon
decided change for the better set in, and prices
recovered 1a02 per cent There were free pur-
c.iases TO cover short contracts aid also consid-
cradle buying for investment. Some bankers
received through cable, considerable orders for
stocks, especially fo- Wabash preferred.
Denver, Central Pacific and Louisville & Nash
vile market continued to advance to the close
OF business and not only was the early decline
fully recovered, but higher quotations than
those current at the close Of yesterday were es-
tablished in many instances. Transactions were
SIMPLY enormous and considerable excitement
prevailed. The advance from lowest point to-
DAY was a to 81 per cent, the latter in Canada
Southern, which sold up to 67A. Western Un-
ion rose ~ per cent. to 81 70 per cent, North
ern Pacific to A per cent, preferred, AK to
" per cent, Oregon Transcontinental 81 to
1891 per cent, Michigan Central $50 to 97Z per
cent. New York Central to l28 per cent,
Delaware, Lackawanna & Western to l275< per
cent. New Jersey Central so to 81 per cent,
PkIIQday,hio r. Roo1;r,
Missouri. Kansas & Texas 316 to 8lN per cent,
Texas Pacific 81 to 50 per cent, Missouri Pacific
4ss to 1925 per cent, Union Pacific 2 to 10EJS
per cent, Louisville & Nashville, 81 to SIX
per cent, Denver Rio Grands 81 to 4lN per
cent, st. Paul, Minneapolis 4 Omaha 3 to Az
per cent, preferred rs to 1929 per cent,
Chicago, Milwaukee & st. Paul, So to 1OS per
cent, and Chicago & Northwestern 81 to 134sI.
These were the leading features Of the market.
1t appears that several of the prominent specu-
lators including some Of those VINO have re-
Gently been on the ''bear'' side Of the account
were heavy buyers of stock this morning, when
a sharp declii Q forced great many weak hold
ers into selling. Whether these operators have
bought for a turn with the view of frightening
the short interest into covering, or whether they
have decided tc enter into prolonged move
ment on the ''bull'' side time will determine
Accompanying the advance Of this afternoon
there were reports that upon the arrival Of oHi-
cials OF the Northwestern roads, who are now on
their way to this city from the west, settlement
OF existing difficulties would be speedily ar
ranged. Among the speciaities st. Paul, Min
neapOis Manitoba advanced to lax, Fort
Worth & Denver to 33Z, Indiana Bloomington
d Western to 50, Richmond 4 West Point termi-
nal to Is. At one time during the day q rumor
OF trouble in the Trunk Line pool was current,
but this was subsequently denied. Officers of
the Northern Pacific road, who were in consul
tation with the Land syndicate, officially state
that the preferred stock to be given in payment
for land viii be bought in open market-50. 600
shares-and that portion has been already
bought. When the full amount is obtained 50. 900
shares viii be cancelled. The stockfrm Of Buttrick
d Gilman, which suspended to-day, is expected
to resume within the time allowed by the rules
of exchange. The members Of the firm refused,
this afternoon, to make public their reasons for
suspending, but an officer of the exchange ex-
pressed the opinion that they were loaded with
securities upon which it is difficult to borrow
and as margins are very great, were unable to
keep up with the market. No other firms win
be affected by the suspension, it is thought. The
Aail and Express says: Intense depression and
great shrnkage in values on the stock exchange
this morning, after heavy decline which had
previously taken place, naturally formed an all
absorbing topic of discussion in financial circles
Beyond the railroad war in the Northwest, which
is somewhat local in its character and confined
to few roads, there is really nothing in the gem
eral situation TO warrant any such decline in
prices as has just taken place. 1t is true that
steel nils have declined and this has given rise