The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-31
JAR GoULDs naND IN VALE STREET.
a sudden Tumble In stocks. md Very Many
Operntors Tnken by snrprI.e.

The second break in the strong rising
market. or bull" movement which has pre-
vailed in the Stock Exchange since the new
year. occurred yesterday. Since the Let Of Jan
uary the course of the prices OF stocks hns been
steadily upward. with only now and then n tri-
nng decline ostcnsibly made to shake out the
small Spectators. The prices ana volume Of
business in the Stock Exchange have recalled
the times Of ten and fifteen years ago. when
gold was far above par. stocks susceptible o.
wido fluctuations and fortunes were made or
lost in day.
The first noticeable hrcak In the prices to which
n successful return TO specie payments aud
other indications OF national prosperity have
contributed. was on Tuesday. when the en-
tire list OF stocks was affected uuiayoraby
from / 10 7 per cent On Wednesday they
recovered. and tho hull movement seemed To-
have returned 10 a course II uninterrupted SUI
cess. But soon after ~ o'clock yesterday this
belief. ii any one hold q. was doomed to dsnp-
pointmont. Slight declines were noticcahl"
until O.. o'clock. and then the entire list 81
active stocks fell rapidly from 10 7 per cent.
All sorts of rumors were current y't Their very
vagucncss condcmned them NO ono had failed.
and no disaster was impending to encourage
the bears. so the knowing ones rapidly camo 10
the conclusion thHt th" sharp decline was
simply the result ~ Shrewd ana brave mnuipu-
auon. The greatest decline was in NORTH
western common. which fell iipm t3 to ji
within nm hour. Tho preferred stock of Tho
cent. nnd St Paul and Lake shore ~
lowed suit both falling from three to four
portion rs they have advanced, and been
dealt in during tho rise; The shock. came at an
tcrcsted in a rls.g market 1t WIS the usual
hour for lunch and hence the number of
brokers In the EN hange or in their ~ - was
for the nou.ont le~s than usual. But ever
watrhful of tic indicators /; did not take them
long 20 learn Of the change and tohurry To- th"ic
room was crowded. Brokers. htll munchng
their unfinished r"pasts, shout Il IN behalf ot
their customers and thcms Ives. They rushed
ton Of custoners in hundrcls OF on rs, ~
thcY were hidden ny costly s'regn7., can ho
monico's Hrontway establishment. o. which
the lawyers are the PRINCIPAL customers.
IA eye ON ne marNW' ms seen, was a. cAclun-
thcm. as.i ine. rushed down s'nirs.n ana
legal mind lulir0uSly began to shout out the
quotations as they cam" over The wire, Ih.H
was satisfactory MS means OF inior'nni9n
could be- desired ty the anxious spec rulHtors.
The RON. wrl activity In the Exchange was
not. however. sufficient 20 stem the downward
tide. IN. quututions were less An! less unti
within nali Am hour NJ the close. aul inrn ti'y
and prices with them. though thn latter did
not regain all they had lost IN" dom nd Tor
~ 1ufj IN it'I-N'l Win inc VIII llN il''li7t u
naturally tho price went UP. What WAS The
untter 2" cV .ryb 1dy asked alter the close oi the
Board. Tho answers doubtless were various.
In the street some said that two or three pools
thn hnd formed 20 ndVan o the prices Ot certain
stocks. prime pally the granger stocks thut had
broken W owing to the disagreement Of the
mcmbere. Others. who proitsscd 10 Do very
well informed, sailiit WAS simply n mAnlpu@-
ton of tie bulls 10 get the prices down Whtf'
they could buy at IA greater profit. Bui lew
who saw just what occurred knew that II wis
. orb ..fn rrul ll-lp
parent 10 them that tho greatest bear oil all was
not yet dead.
While almost every ono who has made money
by going along With the tide was spending n
part OF his gains in a MONDAY feast, INC great
est bear Wall street has ever grapllcd viii
No better proof of this Is necessary i!lhn inc lhcl
that at the comparatively duh moment when.
fOr instance there were not over Hali doHth
brokers inthe N1Ii west group, MS niue ufokcF,
Conner late Of lsliru y bon strppyd IN hll
offered several thousand shares 81 tnat stQck'
Heath x Co and Otaers ais known 70 he III lle
Gould cross appeared in uther uaris ot tho room
anl offered large amounts Ot different stocks.
The effect was instantaneous 30 one WhS W
hand 10 cope VITA such large blocks ol STOCKS,
for which the ofIrrrrs made no attrmpt 10 get
scared. possibly thought Of every possible as
a-ter 50 prices went down "a hall "A cont hnh y
cent NJ "A Jump on one, two, and three hundred
In twenty minutes the object of the planncr
was ACCOMPLISHED. II was simply n mastery
blum on the part Of ono whose financial ontu-
aTy somo have already begun 10 WrUe' Jay
Gould isn't dead yet" SAID onn as the quota
tons grew rapidly less. and it must have beon
the universal verdict of tho street alter the de-