Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-11-22

previously Witnessed since the current
downward movement set in. There
was a great pressure TO sell, both
| for long and short account, and
\ for time stocks poured without
/ any regard 10 prices. As stocks went
tumbling on down numerous stop or
I ders" were encountered, which only
/ added to the prevailing depression and
I plunged the market into a semi-panicky
! condition. Telegraph orders to sell from
/ the interior also came pouring in, and
/ the bears improved this opportunity 10
! assist the general fall i'm values. The
pressure 10 sell was not confined TO any
special line. but extended throughout
| the whole list. Prices broke rapidly,
large blocks of Erie, the Coal Shares,
Wabash, Iron Mountain, Kansas & Tex
as, Wabash, II. Louis x Pacific, Lake
Shore, Union Pacific, Granger Stocks,
and Pacific Mail beingthrown on themar-
ket and offered at constantly decreasing
quotations, so that in the first half hour
of business fall, ranging from to 20
per cent, was established, Delaware and
Hudson leading the downward move
ment. Wabash, st. Louis and Pacific
sold down AL Union Pacific II, Iron
Mountain l3l, Nashville, Chattanooga
and II. Louis II, st. Louis and San
Francisco 7Gl2l, Hannibal and st. Joe
6i. preferred l0l, Kansas and Texas 9i,
New Jersey Central and Michigan Cen
tral O.. Wabash s., Delaware, LaCka-
wanna and Western 81, Canada South
ern s., Erie common 81, preferred 81,
and the remainder of the list las per
cent The fluctuations during the after
noon were wide and frequent, the re-
cOveries and reactions succeeding each
other with great rapidity. Late in
the dly, however, the temper oil
speculation assumed decidedly
firm tone, and the impression gained
ground that the lowest quotations
had been reached. This caused n sharp
recovery, and under heavy purchases,
prices rose rapidly, under the leadership
OF the coal shares, the final dealings
showing an advance from the lowest
point OF TO l. per cent. Delaware and
Hudson rose II per cent, New Jersey
Central ,! per cent, Morris and Essex
2I per cent, Delaware. Lackawanna and
Western 3, per cent, Reading ! per
cent, Union Pacific l3t per cent,
Wabash, St. Louis and Pacific common
"a per cent, preferred a per cent, Iron
Mountain = per cent, {. {. {. X |. u
per cent. Erie common 3! per cent,
preferred 1T per cent, Wabash and Can
ada Southern 1 per cent, Kansas and
Texas 5g per cent, IT. Louis and San
Francisco 20 per cent, Hannibal and
It. Joseph common p per cent, pre-
ierred j per cent. and the rest Of the
list rose 10 B per cent.
The excitement during the
upward turn somewhat rivalled
that of the downward movement, 1t
began to be apparent during the after
noon that the great operators who en-
gineered the recent break in prices had
been heavy purchasers of stocks at the
low figures OF the morning. This gave
courage 10 the smaller professional Oper
ators and the general public, all OF
whom were free buyers. At the close
many Of the bears who sold stocks on
the late decline, were covering their
contracts. which assisted the advance.
The break in Union Pacific was caused
by the announcement that the Atchi-
son, Topeka and Santa Fe and 1t. Louis
and san Francisco roads had joined
hands and intended to complete the
former % san Francisco, and the marked
decline in Erie was due largely to the
report OF the negotiations with Van
drrhilt bv syndicate rep
rrsenting the Wabash system OF
roads for the purchase of 2OO,OOO shares
of his New York Central stock. That
such negotiations have been going on is
undoubtedly true, but it is also quite GER
tain that they have been suspended
temporarily at least, and are probably
finally closed without result. The
Graphic in referring To this subject says
the present bear campaign, which looks
near. If indeed IL has not already, reach
eel its elimination, had its origin
strangely enough, in transaction des-
tined 10 prove an important bull ele-
ment IN the stock market. This trans
action is of a magnitude not only un-
precedented but unapproached in the
annals Of the stock exchange. Now that
confused and conflicting statements
of the affair are being made
We present the following account
of transactions, which will, We are per-
suaded, prove To Ice correct. Some time
400 a syndicate, composed of some OF
the richest of our home bankers, and
American bankers resident in London,
and a number Of railroad men, proposed
IN buy from Vanderbilt 100000 shares
of New York Central railroad stock
and place il upon the LondoneNchange.
They. at the same time, agreed 10 turn
am immense amount of traffic over the
/ Central system of roads. This would,
/ of course, benefit the Central system To
/ the detriment OF the Erie. Thereupon
4 f.rrr,a.l f., soil I'M
shares of Erie. This pool II Is that has
I demoralized the whole market,
except the contract system. Should
I this negotiation be carried out all trunk
| lines will be benefited except the Erie.
/ In this connection another financial
writer saws: 1--WE learn from a source
\ entitled to credit that Gould's sole OBJ
! iect in breaking the market was to get
back large line of stocks which he had
/ sold at high figures. He was Joined in
the raid by MeSSrS. Osborn and Page,
/ both of whom are interested with him
/ i'm Western and Southwestern properties.
I Yesterday Gould bought back 10000 out
/ of 100000 shares of Erie, which he had
sold, and a large portion of other
properties OF which he was short.
/ The understanding las. evening
was that Erie was the key to
the market, and that it would
be further broken IN order to get the
balance of 10000 shares. While this
was being done the market would be
held under control by the clique, and
after all the Erie which Gould required
had been obtained the whole list would
be carried up. That there were no fail
ures is due to the fact that the majority
OF brokers have been eontining them
selves to a legitimate commission busi-
ness and had no speculative interest in
the market. The game in the market
was left to the eliques on the bull side
and Gould, Sage, Osborn and their fol-
lowers on the bear side. Those who
were looking on and in position TO
speculate were warned by their brokers
aeainstdo s0unless they hadsufficient
margin, and majority were advised
10 keep of the market Entirely un<a IL
had been turned upward This le3 &e
burthen Of the support on Nhe Clique
Money was active all day, Nod this a<-
ternoon as high as hall OF ON per cent.
commission and interest was Npaid for
money on assorted collateral. N is be-
heved that money has been locNd NJ
within the past three days for thsAz<