Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-11-22

aSlngle Daytime Bears Make Persist
ont Effort to Smash Things and Partially
succeed--A Wild Day for the Spectators
Belief That tho Bottom Has Been
Reached-Jay Gould Bear To-Day In
Order to Do Il Bull Tomorrow.
NEW YORK, November 20th.-Business at the
Stock Exchange to-day opened amid
3 scene of excitement. which collapsed
anything previously witnessed since
current downward movement set in. There
|;ssas great pressure to SELL both for long and
short account and for a time stocks were
poured out without any regard to prices. A.
stocks went tumbling on down numerous stop
orders were encountered, which only added to
the prevailing depression ard plunged the mar.
ket into a
SEMI PANlCKY CONDITION.
Telegraph orders to sell from the interior
also came pouring in, and tho bears improved
this opportunity to assist the general fall in
+alrcs. The pressure to sell was not confined
to any special line, bat extended Throughout
the entire list and prices broke rapidly. Large
bic cks of Erie, the coal shares, Toledo & Wa
bash, St. Louis & Iron Mountain, Missouri,
Kansas {; Texas, Wabash. 81. Louis & Pacific,
Lake Shore Michigan Southern, Union Pa
cihc, the granger stocks and Pacific Mail being
thrown upon the market and offered at
CONSTANTLY DECREASING QUOTATIONS
so that in the first half hour Of business de-
cline ranging from 1902 per cent. was estab.
lished. Delaware e. Hudson leading the down
ward movement. Wabash, St. Louis & Pacific
sold down AZ, Union Pacific ID, St. Louis
B Iron Mountain 1879, Nashville, Chatta'
nooga 4 St. Louis IL, St. Louis & San Fran.
cisco 7@ l2114, Hannibal & st. Joe common 81,
preferred 1917 Missouri, Kansas & Texas 81,
New Jersey Central and Michigan Central 9,
Toledo s Wabash 839, Delaware, Lackawanna
: Western -, Canada Southern 81, Erie COM
mon So, preferred ST, and the remainder of
the list les per cent.
THE FLUCTUATIONS
during the afternoon were wide and frequent,
recoveries and reactions succeeding each other
with great rapidity. Late in the day, however,
the temper of speculation assumed q decidedly
fl rmer 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 coal shares, the final
4 cainga showing an advance from the lowest
rose IL, New Jersey Central s. Morris & Essex
~, Delaware, Lackawsnna & Western 31155,
Reading 4, Union Pacific IN, Wabash, St.
Louis u Pacific common ~, preferred AZ, St.
Louis & Iron Mountain TX, Cleveland, Column
bus & Indiana Central and Erie common 3A,
preferred 81, Toledo & Wabash and Canada
Southern each, Missouri, Kansas & Texas SIX,
st. Louis & San Francisco LOT, Hannibal & ST..
Joe common rs, preferred 51l, and the rest of
Che list $!W3I per cent. The excitement dur
INC tho upward turn somewhat rivalled that of
the downward movement. It began to be ap-
parent during the afternoon
THAT THE GREAT OPERATORS
who eng ineered the recent break in prices had
been heavy purchasers of stock at the lowest
figures of the morning. This gave courage to
the smellsr professional operators and to the
general public, all Of whom we're free buyers.
at the close many of the bears who sold stock
on the late define were covering their short
contracts, which assisted the advance.
CAUSES FOR THE BREAK.
the break in Union Pacific was caused by the
announcement that Atchison, Topeka & Santa
re and st. Louis & San Francisco roads had
Joined hands and intended to complete the
former to San Francisco and the marked de-
cline in Erie was due largely to & report Of ne
gosiations with Vanderbilt by syndicate rep.
reSonting the Toledo g. Wabash system of
roads for the purchase of 200, 900 shares of his
New York Central stock. That such negotia-
tions have been going on is oubtedly true,
but it is also quite certain they have been sus-
yen ed tenn porarily ut least, and are at last
i5tniiihiy foal1v closed without result.
4 MONSTER SYNDICATE.
The Graphic, referring to this subject, says:
The preasent bear campaign which looks near;
if indeed it has not already reached it's cul-
mination, had it's origin strangely enough in a
transaction destined to prove an important
bull element in the stock market. This trans
action is of magnitude not only unprecedent-
sd but unapproached in the annals of the stock
exchange. Now that confused and conflicting
statements of the affair being made we
present the following account Of the transac'
ton, which we are persuaded will prove to be
correct Some time ago syndicate composed
Of some Of the richest of our home bank
ers, and American bankers resident
in London and number of railway men pro-
prosed to buy from Vanderbilt 200, 600 shares
of tho New York Central railway stock and
place it upon the London exchange. They at
the same time agreed to turn an immense
amount Of traffic over the Central system of
roads. This would of course benefit the Gen.
trail system to the detriment of Eric. There
upon bear pool was formed to sell 100, 900
shares OF Erie. This pool it is that has de-
moralized the whole market, except the Gen.
trail 81 stem. Should this negotiation be carried
out, all trunk lines would be benefited except
Eric.
GoULD's GAME.
In this connection another financial writer
says: We learn from a source entitled to
credit that Gould's sole object in breaking
the market was to get back large line of stock
which he had sold at high figures: He was
of whom are interested with him in Western
and Southwestern properties. Yesterday
Gould bought back 60, 900 out of 100, 900 shares
Of Erie, which he had sold, and larger portion
Of other properties Of which he was short. The
understanding last evening was that Erie was
the key tt. the market, and that it would be
further broken down in order to get the re-
naming 10000 shares. While this
was being done the market would be held I'M
der control by the ciques, and after all the Erie
which Goald required had been obtained, the
whole list would be carried upward. That
there were no failures yesterday is due to the
fact that the majority of the brokers had been
sion business, and had no speculative interest
in the market. The game in the market was
left to the eligues.
THE BATTLE
was between the Keene and Vanderbilt follow
ing on the bull side. and Goald, Sage, Osborn
aud their followers on the bear side. Those
who were looking on and in position to spec
ulate, were warned by their brokers against
doing so unless they had sufficient margin and
the majority of them were advised to Keep out
Of the market entirely until it had been turned
upward. This left the burden of support on
the cliques
MONEY ACTIVE.
Money was active all day. and this afternoon
as high rs one-half of per cent. commission
and interest WAS paid for money in assorted