Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-11-06
NEW YORK.

Especial Telegram to the Globe.l
NEW YORK, Nov. 4.-The market opened
this morning with a drive at Western
Union. 1t was reported yesterday, and
the report was industriously circulated,
that serious decline in it might be
looked for. After opening at S31s, at
which figure fair amount of short stock
was absorbed, it advanced gradually to
IS. Mutual Union in the meantime sold
at 81. The Wabash, which had been
heavily oversold of late, was in demand
by shorts. and their anxiety to cover car
ried the preferred from 571s to 6Oh
Michigan Central and Canada Southern
have been most conspicuous
among the vanaerbilts, and have
been very strong all day, Erie de-
clined on reports that the Grand Trunk
was negotiating for the West Shore l. Buff
falo line. The bank statement, although
not by any means favorable, did not seem
to affect prices. TIE reserve shows a de-
crease of $1,600OOO. With the exception
of few leading stocks the market contin-
ned dull. A prominent dealer in privi-
leges tells his friends that before the end
of next week we shall see more activity
and better figures. Money has ruled easy,
and loaned at 3 per cent.
There was demand for stocks and at
the close last evening they were pressed
for sale.
The drive was made at Western Union
on the ground that the Baltimore & Ohio
railroad was negotiating for the Mutual
Union, and the Elevated RAILROAD adjust
ment business had fallen through, and was
credited to Mr.. Gould. who, it is said.
became Disguised with Mr.. Kneeland's
visit to Mr.. Vanderbilt to assist
him in his fight with Mr.. Gould,
and who wished to depress the
market in consequence. Il is pretty Ger
tain that Gould brokers have supplied
stock. A Vanderbilt house is said to have
been large seller, but the chances are
that the Twenty-third street party has been
the principal selling force. The story that
the stock would be depressed to so to per-
NIT London buying at that figure, was re-
vived early in the day. The fact that
Mutual Union has gone up as Western In
ion has declined, is suggestive. Rumor said
that the Mutual Union people, wishing to
avoid litigation and scandal, were waiting
an opportunity to sell out to the highest
bidder, and that the Western Union was
ready to purchase. No verifcation could
be obtained on either side.
Il expect an all-roUnd attack on Omaha
common" said Vanderbilt broker this
afternoon. ''The-e will be no loss of the
property to the Northwestern, and the
common stock is, therefore, too high. The
preferred is all right, but there should be
break in the common. I am confident
that the younger Vanderbilts are out, and
hear that lower prices would
not displease some OF the insiders
Il think it probable that strong COM
bination is being formed to Advance Wa
bash preferred" said broker to-day.
Insiders have been absorbing the stock
for week past, and limitations of a corn
er are heard. It is estimated that only
about 100000 shares of Wabash preferred
are floating in this market, the balance of
the stock being held by insiders or foreign
investors. The assurance that interest on
bonds will be paid is said to have
strengthened the faith of foreign holders
in the future Of the stock. The Wabash
road is forwarding grain and -four from
st. Louis to Chicago in large amounts, and
bids fair to have enormous earnings when
the corn crop begins to move.
New Yohx, Nov. 4.-The action of the
German government II prohibiting the
of American pork into that
country is causing great deal Of COM
ment among pork dealers of the produce
exchange. MIR. J. D. Grant, broker in
pork. said: Il do not think the position
taken by the German government in re-
gard to American pork will have much eff
feet upon the market here. When the
French government made bear raid on orr
pork some time ago there was cause for ap-
pretending that our trrde would be ig-
nored, and such was the case until the pro-
hibition was removed. We do not send as
much pork to Germanyas We do to France.
The Germans don't call upon us as much
for our pork as they 60 for beef. don't
think there is any good reason for the
German government reso-ting TO extreme
measures. There is no ground for alarm
in regard to our meat.