The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-06-23

bit TO protect his stocks and discomflt their
hungry assalnnts IN the New York Stock FIX
change. Tho railroad king had already bought
enormously OF various stO ks 10 avert pnnic,
and while he might not have boon entirely gov
oTned hythe Suggestions ~ this nstute operator.
ho evidently did not disregard them. Lake
Shore AMI Michigan Central began to move up,
SLOWLY Mt first. hut with Ereut strength. The
nssnults OF the bears nj the beginning Of the
rise. although well directed and vigorously
prosecuted. seemed to exert no effect whatever
upOn pricce
Az Lake Shore. Michigan Central. Now York
Central and Western Union went M sharply
the reminder Of the stock list sympaihiznd ~
ine mo moT;nent' I1e CON s,9shs wcrs bo9sledi,
and him Jointly. The Western Union meeting.
AT which the Atlantic and Pacific purchase was
ratified was held at the Windsor Hotel on tho
evening Of Aug. IA. On the following DAY tho
stock went up 20 7G. nnd soon aiterward 90 49,
An additionai impetus was g, given ", to The bun
forests and solid outside buying Of Western
Union for investment was begun Immediately.
Iho formation of pool on Nest-bound freight
did consderablc to help the rise IN Michigan
Central and Lake Shore. and the promise OF
abundant crops gradually converted the few re-
mnining bears in Wall street.
In the general list, however. very little out
side Investment buying was developed. Mr..
Vanderbilt bought Michigan Central Lake
Shore, Western Union. and New York Central
IN vnst blocks. expecting INVESTORS to huy rom
him at high prices The Daring ring Brcs; Of Lon,
the same expectation. jay Gould. with a strong
following handled Rock Island and Northwest;
IL
WIRE the persons chiefly responsible for the
rise in Milwaukee and 81. Paul.
The grcat hull operators mostly gathered ut
Saratoga whilo the enthusiasm lasted. and
made converts uf all new corners. II happened
that the Milwaukee and ST. Paul and the Chicago
and Northwestern railroads. after four years.
in which they wore hardly able to meet the in
tcrrrt on their bonds. made money enough to
pay something 90 their stockholders. This was
taken advantage ~ 10 account for tho great rise
in the principal stocks on the lists of the EN-
change. AS long ms tho great operators were
idly. When mn attempt was made 10 real
izc profits II was discovered that not
more than five stocks had received any
substantial support by the purchases OF invest
ors. The rise in the Trunk line shares cul-
minated on the 18th Of Octohe with Lake Shore
uroportionutcly high. Addison Cammack was
The first to sell out. His large line Of Lake
shore was all sold above 10. Then George
Osgood took alarm and tumblcd over his stocks.
still heavier decline followed. In the general
melee the price broke below 60 and VIM II
since, although he willingly sells whenever any
one wants Lake shore more than he does. He Is
the holder Of the bag in Michigan
Central, New York Central. and Western Union.
Rock Island aud the Northwestern common aud
preferred are held in great blocks by JAY
shares are punched 10y Moses Taylor who is
assisted in their manipulation 10y Mr.. d. L.
Morgan Charley Osborn. and other lively op-
orators. VINO are always willing 70 turn animble
penny.
The truth il. prices were put un naturally high
last yoar 10y the great powers of the street IN u
generally vain effort 20 induce outside buying.
These stocks are now mainly in the hands OF
the same great bull operators. who are waiting
Tor somebody to relieve them OF their holdings.