The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-06-23
COLLAPSE OF b. d o. STOCK.

graph dispatches has been attracted, the
last two ,asrnings, by 'quetstions of the
stock of the Baltimore and Ohio railroad,
showing the irAmenses tumble in the
price. One year ago this stock sold at
from S16O to $f7O. During the Fall aud
Winter the price began gradually TO de-
oline until about thirty days ago it had
reached 1923. On Wednesday of this
week ltisold down to $50. There seems
to be panic among the small holders,
the holders Of large lots standing calmly
aloof from the market, for in all the past
thirty days but 1884 shares have been
disposed Of How such wonderful break
down in prices should have occurred
with so little of the stock on the market,
is q mystery; and what Is the cause OF
the lack of confidence which induces the
sacrifice Of stock is equally mystery.
The Baltimore Gazette, in its commercial
column, says the "declne is not the re-
suit of any manipulation of the stock
market, but rather distrust of the small
holders. and the absence Of any support
from the larger ones, and although there
is probably no just foundation tor 1t,
there is evidently feeling OF apprehen-
sion relative to these securities amount
ing almost to panic" The market on
Wednesday was thus quoted, for B. &
o., and roads endorsed by 1t:
Baltimore and Ohio shares opened to-
day at $93A@933, and with sales OF only
80 shares iell to $50, decline OF $l5
since the close yesterday, and of $43 per
share within the last sixty days, de-
cline almost unprecedented in the his
tory of railroads In this country. Mari
etts and Cincinnati first mortgage bonds,
which less than q month ago were lO7,
opened to-day at 96a and fell to 95, and
the seconds sold at 45, u decline within
the same period OF "a per cent. Pitts.
burgh and CoEnellsville Is also dropped
TO 50, decline of 10 per cent withik less
than week.
Edtorislly the Gazette says sit is pos.
slble that this delcine was precipitsted by
the Point of Rocks accident, tor there
have been no heavy sales. 1t appears to
be an unfounded panic among the small
holders, for there is nothing known
concerning the financial condition OF the
Baltimore and OHIO that ought to excite
alarm. The state, the city and our great
university are heavy holders of its stock,
and 1t is held largely by prominent bust.
ness men and used constantly in fnsn-
clal transactions 1t is, therefore, very
serious thing for this community to find
its property thus made the sport of the
emotional conditions of nervous small
holders, and 1t is to the interest of our
business men to stay the panic, uphold
the market and await for cool reflection
to bring bAck the quotations to health
Iul DdSl5. NC nhe OA'S ~''
suffers from the msdeeds OF others. The
utter collapse of the New Jersey Central,
which year before stood so high, has
caused general dlstrust OF all railroad
securities. That corporation made such
reports as to hide its true condition, and
thus it was held to be q prime invest
ment stock, while it was rotten to the
core. But the inference is not fair that
because one road thus deceived the world
that Others are not sound. Everybody
knows that railway property has shared
in the general depression of business and
shrinksge of values, but there can be no
reasonable doubt that the fullest exhibit
of the condition Of the Baltimore and
Ohio would reveal that its stock, which
for years stood so high above par, ought
not now to fall below it."
The Sun makes no editorial reference
to the matter.