Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-11-18
NEW YORK.
Especial Telegram to the GIobe. |


New YORK, Nov. 17.-Wars and rumors
of wars in the Iowa pool, caused by the
action of the st. Paul road, disturbed
Wall street to-day. The fact that the
meeting to consider the troubles in the
pool convenes On Monday, and the with
drawal Of one of the lines on Friday pre-
ceding, looks very much like game of
bluff of very large dimensions. The pri-
vate kilograms received by various rail-
road men from the west contained the
same news as appeared in last evenings
dispatches, viz: That the ST. Paul company
has decided in advance of the called meet
ing Of next Monday to go out OF the Iowa
pool. Vice President Wadsworth says he
advised this action, but this withdrawal
does not necessarily mean war. Mr..
Geddes, director of the st. Paul COM
pany, said yesterday that cutting Of rates
would not ensue as natural consequence.
The Chicago & Northwestern road people
still think the trouble will be patched up,
but the public impression is strong that
bitter conflict between all the roads in the
Iowa pool is inevitable. This feeling was
sufficient in size to demoralize the market,
and Northwestern and Rock Island
were weak in consequence.
Manitoba was also disturbing
feature, selling down to 974, with every
indication of finding a lower level later
on. A sharp advance in Northern Pacific
preferred of per cent. helped the general
lya4 n fba of
Transcontinental rose to 1917 in few
moments, followed by great activity in the
grangers, Lake Shore and Delaware &
Lackawanna. The rally in most instances
was not sustained. In the final dealings
the st. Paul was very weak, notwithstand
ing the fact that the earnings for the sec
ond week in November increased $1,000
and the balance of the list showed about
the lowest prices as the exchange closed.
Ths bears appear to consider the rupture
in the pool a serious matter, and have act
ed accordingly, selling freely all day. The
general impression prevailed in stock cir
cles last evening that the bears were at
present in control of the market again,
and the Windsor talk was decidedly bear
ish on st. Paul, Union Pacific, Manitoba
and Canadian Pacific, and the feeling was
somewhat blue on Lake Shore. Little was
said about other stocks. The old profess
sional Windsor bears, nevertheless, claim
to be doing nothing, and appear
to be timid about selling short.
Woerscho1fer remarked that with money
SO abun ant he did not anticipate
any immediate decline of importance be-
cause with funds SO plenty combinations
could be made on short notice to lock up
blocks of stocks and thus twist the shorts.
Still he argued that the fact that money
was a drug on call at , per cent in Novem-
Der was a sound argument il itself, yet be
believed there was going to be a great de-
cline later on, but he would wait End not
sell many stocks just now. The feeling is
more bearish on Union Pacific than any
thing else, and the Windsor chronic bears
say the the road viii go into receivers
hands next year, etc. 1t is understood
Mr.. Morgan is entirely out of the market,
and he has no interest whatever in either
side of the account. Comnack was short
! 5,OO0 oregon Iranscontlnental, but COW
cred all but 1900 on Thursday. He is
short of Union Pacific and declares that be
never will cover the latter until 1t breaks
| considerably. Gould arrived here at 10
! O'Clock last evening. There was no special
pressure to sell save by the room bears,
aud generally in lots of 100 and 200 shares.
In the last hour Woerischoffer sold the
market all around.
The bank statement shows q reserve in
crease of $l,932, AGO. The Union Pacific
earnings decreased January l TO October
! S1,441,000. The st. Paul earnings increased
the second week in November $4,000.
The Northwestern earnings increased the
second week of November $9l, 600. Oma
has earnings increased the second week
/ ~ AnO