Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-25
A MATERIAL RISE IN PROVISIONS.
Heavy Losses Suffered by Buyers OF
Live Hogs During the Week.
NEW YORK.
Especial Telegram to the Globe. I

Especial Telegram to the GlobeI
New YORK, Nov. 24-At the opening to-
day granger stocks led in a feeling of fur
ther depression, Influenced largely by the
conviction that the Northwestern war is
yet far from settlement. After IL O'Clock
stocks were feverish and irregular. at
noon the general list receded l4Q14c, st.
Paul, Northwestern, Omaha, and Central
Pacific leading in this break. Money was
Is per cent. The feeling at the close
was active and irregular. st. Paul is now
down to 9S15 and at one time sold at 9755s.
At the opening the figures were 9934, and
100 was the highest point of the day. Pre-
ferred closed at S1.16A, OR lie under its
opening value. Northwestern declined &c,
and preferred l. &c, Rock Island 111ac, and
Omaha, after easing off 11Ssc recovered and
closed $sc higher than it opened. West
ern Union has lost two points to-day, and
at one time fell to 1874.
The slight rally from the lowest point
reached looks as if the market has paused
to take breath. Operators have been IN
certain as to the next move, and brokers
have been very willing to see dullness.
There was too much activity yesterday
The market was fed during the forenoon
with stocks bought yesterday. This led
commission houses to advise sales, and
the short interest to increase during
the forenoon. The Germans sold
Western Union heavily, and apparently
did not think it time to cover On the gen.
eral list.
About noon it became known that lead
ing operators were in conference. Orders
seemed to be suddenly withdrawn, and con-
hicting rumors were circulated. It was
said that an attack was to be made on the
coal stocks; also, that the market was to be
rallied before the close.
The general feeling to-day has been that
the decentralization would prohibit bull
market for some time. Meantime the
existence of the granger war was likely to
drive prices lower. A great many people
wondered, six months after the trunk line
war broke out, why they did not sell at the
start and stay short. They do not propose
to err in the same way again.
panied by rumor that the presidency of
the road had been offered to Mr.. Wander
bilt. There is no confirmation OF the re-
port. The buying orders were distributed
SO as to give small clews to the purchasing
| interest. It is stated, however, that Mr.
Gould has lately been large buyer of
Omaha. Not only that, he is said to hold
the balance of power, so that in the event
of contest between the Vanderbilt and
Flower interests, he can have controlling
voice. There is widespread belief
that the control Of the Omaha road has a
good deal to do with the unsettled state of
affairs in the Northwest.
The most serious rumors have been in
connection with the Chicago pool. It is
said that the Grand Trunk is cutting rates.
and that the officers of the Vanderbilt roads
are seriously disturbed. Mr.. Newell of
the Lake Shore road, arrived in this city
yesterday. On the other hand, people
closely connected with Mr.. Vanderbilt, say
that he is loyal to the pooling agreement;
that he is heartily in favor of maintaining
rates; and that he will bring to bear inau-
ences which will keep the Grand Trunk
from breaking the pool, even if it was dis
posed to do so.
The weakness of prices during the last
hour contributed to the advance in rates
for money. The low reserve enables the
bears to manipulate the money market at
will, but shrewd fnanciers are making time
loans in a way that looks like lower rates.
The head of prominent institution said
to-day that money would be drug in the
market as soon as confidence was restored.
The railroad war is not settled and is far
from being so, from all accounts. The
short interest, still large, seizes upon this
as fine opportunity to extend their
lines. Diplomatic negotiations tending to
the bringing together of the belligerent
elements, were opened this afternoon,afte
which further diplomatic arrangements
will be attempted, with an eye for peace.
The general belief is that if conference is
had, it will be here in New York under Mr.
Vanderbilt's eye, just as soon as two or
three absent officials arrive. The future
course of the market depends largely upon
the result of these deliberations.
Wabash common took tumble on the
report. that the preferred stock had been
cornered. A report that $4,000 shares of
Northern Pacific railroad preferred were to
be retired soon, grew out of the
fact that officers of the
company were in conference with repre-
sentatives of the syndicate which is nego-
tiating for the purchase of the lands. |
Vice President Cakes said that negotia- |
tons for the sale of large tract of land |
were partially concluded yesterday, and |
the papers were being drawn up. The only |
thing undecided was the exact amount of |
land to be sold. It is estimated at about |
9, 100000 acres. Enough would certainly |
be sold to retire between $lO,OOO,OOO and |
100000 of preferred stock. The price |
would be 81 per acre. The preferred stock
given in payment would not be furnished |
by the Oregon Transportation company
but would be bought in the open market. |
A portion Of it had already been bought. |
The banks show $500 shares of preferred |
transferred to the account of Drexel, Nor !