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

Peoria, ID. y E.. Is II. y, &. IL st. L.. IA
Ontario Il West. rs do preferred. :. 2S15
Ind, B. q West. 31155 Minis u st. L. 25A
n. u c. LIST pfd.. Is do preferred. .. 65
do I'd pref'd... Allegheny Cent. 154
b.. c. X. q NJ. 77%
+Ofered.
EVENING REPORT.
Money 6@2S per cent, closing offered at s per
cent. Prime Mercantile paper 6@71a per cent.
Sterling exchange, bankers bills steady at
$4.79a; do. ex. demand, $4.8t.
Governments-Ir Irregular, but generally. Is 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 met the previous evening
and decided upon purchasing stocks. 1t was
soon discovered, however, that gentleman was
selling, instead OF buying, and the result was
rush OF orders to part with stocks, which COM
pletely dem oralized the market, the disposition
TO sell being further increased by the sales of
long stocks, particularly Michigan Central.
oOnds-Railroad 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
scale of great magnitude and sales of stock ND
to noon were 100000 shares, whici, IS beyond oil
precedent for two hours business. In earIy
transactions large supporting orders were in the
market, ard tiniGoperators rushed in to cover
their purchases, leading to an advance of 11512L
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 telegraphic orders were received
by brokers to sell both from the east and west.
st 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 13W2 per cent There were free pur-
c:ases TO cover short contracts, aid also cOnsid-
erabie buying for investment. Some bankers
received through cable, considerable orders for
stocks, especially fo- Wabash preferred
Denver, Central Pacific and Louisville q 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-
tabiished in many instances. Transactions were
simply enormous and considerable excitement
prevailed. The advance from lowest point to-
day was u to 81 per cent, the latter in Canada
Southern, which sold up to GIN. Western Un-
ion ross ~ per cent to 81 per cent, North
ern Pacific 8 to a per cent, preferred, 2x to
81 per cent, Oregon Transcontinental 81 to
1884 per cent, Michigan Central $50 to 97% per
cent, New York Central 8 to l2S per cent,
Delaware, Lackawanna & Western to l27]S per
cent. New Jersey Central 81 to 81 per cent,
Philadelphia & Reading 80 to sos per cent,
Missouri, Kansas & Texas 3]S to 3lN per cent,
Texas Pacific 81 to So per cent, Missouri Pacific
4ss to 1929 per cent, Union Pacific 2 to 1861
per cent, Louisville & Nashville, 81 to 51E
per cent, Denver & Rio Grands 81 to 41% per
cent, st. Pau, Minneapolis & Omaha to Az
per cent, preferred ~ to 1929 per cent,
Chicago, Milwaukee & st. Paul, Sc to 103 per
cent, and Chicago & Northwestern 81 to 134sz.
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 decln e forced q 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 a prolonged move
ment on the ''bull'' side time will determine.
Accompanying the advance OF this afternoon
there were reports that upon the arrival Of ofi-
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
neapolis & Manitoba advanced to 141]T, Fort
Worth q Denver to 33Z, Indiaua Bloomington
d Western to 80, Richmond & West Point termi-
nal to Is. At one time during the day a 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 DO given in payment
for land will be bought in open market-50. 600
shares-and that q portion has been already
bought. When the full amount is obtained 50, 900
shares will be cancelled. The stockfrm Of Buttrick
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 viii
be affected by the suspension, it is thought. The
NaiI and Express says: Intense depression and
great shrinkaSe 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 gen
eral situation TO warrant any such decline in
prices as has just taken place. 1t is true that
steel rails have declined and this has given rise