Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-22
w. AND ST. PAULTAKE A TUMBLE
Corn the Only Cereal at All Healthy in
Its Tone.
HEAVY DROP IN PORK PRODUCTS.
The Proposed Revision Of the Rules Of
the Board of Trade.
NEW YORK.
Especial Telegram to the Globe

Especial Telegram to the Globe
New YORK, Nov. 21.-The immense
liquidation of yesterday caused the market
to open less feverish this morning, and in
the early dealing there was no particular
pressure of stocks. Towards midday the
situation changed, and there were free
offerings of New York Central, which
eventually carried the price below $1.27.
st. Paul was pressed for sale, and Chicago,
Burlington & Quincy sold at $1.25. There
was some activity in Pullman which sold
at $1.214 @ 1919. Later the bears at
tackled Western Union and Wabash pre-
ferred, and heavy selling of the whole list
was reported. Reading has been the
weakest and Delaware & Lac
awanna the most active among
the coalers. December collapsed on ru-
mors that big lot of new stock would be
issued. Money was stringent, and the out
look for anything better right away not
very fattering.
To-day was the worst that Wall street
has seen for nearly two years. There has
been strong decline in stocks for two
months, and holders of all kinds of securi-
ties were frightened and discouraged.
Margins had got down too slender. The
roads and the public generally that have
any stocks were ready to throw them over
board on slight provocation. The provo
cation came with the news that the long
expected railroad war in the northwest had
broken out in all its fury, and that the
Bessemer steel works, west of Pittsburgh.
had decided to shut down. This meant
trouble for the granger and the coal road
shares.
The raid beg An on Northwestern COM
mon. 1t ratified like cannon ball rolling
down fight of stairs, and by the close of
business had gone off five points. st. Paul
was right after it. and at times the two
seemed to be IN race to see which would
decline the faster. Omaha was also affect
ed, as was Rock Island The coal shares
were assaulted right and left, and there
semed to be no bottom for them. Nothing
scares holders of coal stock quicker than
report that the iron mills are to quit
work. This is not logical, for only 10 per
Z
cent. Of the output from the coal mines
goes to the blast furnaces, but the effect is
seemingly the same as though the coal
mines were to be shut up forever. Down
went Lackawanna to $1.24. It sold at
$1.50 two months ago. Reading and Jer-
sey Central, and Delaware & Hudson were
affected in like degree. Some holders
saw their margins wiped out and their
stock sold. Others pitched over all they
had at big loss and went away sad, and
swearing they would never return to the
street again. The bears were on top and
they hammered, and squeezed, and clawed
the list down. The rest of the active stocks
fell in sympathy. Toward the close rush
was made at New York Central and Michi-
gan Central, and they crushed under it like
egg shells. Erie was sold down two points,
and nearly the entire list showed the same
relative loss. The Gould stocks stood the
racket best of all, Western Union being es-
Pecially steady.
Although there was a brief breath
ing spell this morning, the af-
ternoon was repetition, in less
degree, Of Monday, with new securities
going under every hour.
Well, where was it all to end? That was
the question asked after the perspiring
brokers and customers got fairly together
after the close of business, and that is what
500 brokers who are surging through the
corridors of the Windsor hotel are asking
tonight. 1t has got to stop pretty quick,
or some one will get badly hurt is ackowl-
edged by all. The general belief is that
the kings of the street will get in their fine
work and turn the tide. Gould and Van
derbilt were said to have had consulta-
tion, which Sage, Mills and half dozen
others attended, and it is said that the de-
cision was to turn in and twist the life out
of the Twenty third street party that has
been selling the market down so freely. If
they have reached such conclusion the
market will rally very sharply, for it is
fearfully oversold, and if the shorts should
get frightened, there would be no catching
on the tail end of stocks, so fast would
they recover. There is short interest in
Western Union estimated at 200, 600 shares;
in Lackawanna and st. Paul. and Reading
almost as large, and in fact in nearly every
stock on the list.
The decline has reached point where
1t is reasonable to rally. At the same
time to-day's weakness is likely to bring
out a good deal of long stock tomorrow
morning. If the stock should be extremely
weak Tomorrow forenoon, purchases for a
short turn would be in accord with the
usual course of prices
Good information to-day is that the
market is purchase except the coal
stocks, which are going lower Mr.. Gould
is reported as very bullish. Mr.. Sage says
that "stocks are as cheap as junk beef. .
Bulls on coal stocks say that the
falling off in the demand for railroad
iron as an excellent sign, Indicating ces-
sation of railroad building.
Bear points are that depressed iron