The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-07-03
COMMERCIAL AND FINANCIAL.
The war among the E.pr,., oompa

Ehe War among the Express Compa.
nIes.
The New York Commercial Adrer-
tFser makes the following report of the
recent movement of Express Company
Stocks in that market:
"rhe active speculation in Express
Stocks for the past week has been the
leading feature of the street. Ever since
the organization of the NIerchauts'
Union Express Company, Immediately
following the consolidation of the new
Bankers Express Company with the
old Associations; what is termed an
Express War commenced, and has been
carried on with more or less activity to
the present day. Then Adams Express
for example, which, with tie other old
companies, had been reorganiZed with
its capital increased to SIC, OOO, 600, sold
up to Sl24 per share; soon, however, the
new company getting under weigh and
its Stock being distributed among mer-
chants in all parts of the country, an
opposition to the established cOmPR-
MES became a fact, and the previous
absorption of the Bankers Express by
the old companies, served to attach in
the public mind more significance to the
new opposition of the Merchants.
Still, 1t was very generally as
sumed and believed by old ex-
could not long compete with the strong
combination of the old companies; neY-
ertheleSs the rates for express matter
becoming so reduced, the dividends
were wiped out, and the old stocks fell
and fell until Adams sold down TO 52k'
Meanwhile the reaction and changes
were frequent, and oft-timeH excited
an advance or a fall of TO 10 per cent.
in a day or TWO being a common occur
renee. About six weeks since the
movement took II steady turn upward
upon the faith that the time was near at
would have to go into liquidation.
Adams two or three times touched IS
"a higher point than it had for long
time reached) and u large amount OF
stock, held by parties Immediately
connected with the Company, was
sold at that figure. During the
month of May the fluctuations were
greater and at higher figures than dur
ing any previous month during the
year. United States Express, for the
most part, was quoted at a difference in
its favor, with Adams at from to per
cent; about the middle of the month it
sold down to 60, and in three days nd-
ating between IS and ~. The fluctua-
lions in Adams for the same month
ranged between IS and &c, and
in American from 81 to 20. During
this month the fluctuations have
been still more marked, Adams selling
down to 65 and up to 50; American So
to 20, and United States Is 10 IS. The
transactions in Adams have been I'M
usually heavy, particularly during the
past week, when not less than 20, 900
Shares were sold at prices varying from
"a TO so. OF United States some l,5OO
Shares were sold at from 90 to 20, and
of American about $50 Shares at 81 to
20. About 9, 500 Shares of the Merchants
Union Stock were sold at from 81 80 to
Sl2 per share. Most OF this was pur-
chased to cover short interests. 1t
dropped from Sl3a14 to 81 so on the is
sue of the circular calling for ten per
cent. additional assessment, twenty
five having already been paid in. To
the same cause may be attributed the
sudden rise in the old Express Stocks
"a report gaining credit that the Mer-
chants Union could not carry on its
business much longer, also strength
ening the market in the old Stocks,
and imparting to it the present extra
ordinary activity. An applicg tiOu for
an injunction on the Merchants Union,
to restrain it from receiving any more
money on assessments, and praying Tor
the appointment OF Il receiver, on the
ground that the managers were guilty
of breach of trust, also had its effect TO
put up prices, and the Merchants
Union Stock has also kept steadily adj
VAncing, though IL is yet selling at
discount OF so per cent. on the amount
paid in"