The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-02-18

kWfoRKi FEBRUARY lT-Wall street
has not been SO excited for q long time as
II was to-day by the rise in Union Pacific.
That stock, which in the last two weeks
has ruled between 90, 81 and 90, opened
this morning at 60l, and suddenly jumped
to IS, It then fell to 76s and again ad.
vanced 10 77!. Wall street was puzzled
by these extraordinary fluctuations, and
eyeryiOrm ofrunaF was current. It soon,
however, seemed to be settled, as Il by
authoritative statement, that Jay Gould
had effected arrangements by which the
control Of the Union Pacific Railroad
passes into the hands OF a syndicate, COM
posed Of some Of tho strongest gentlemen
in Wall Street.
The names Of these were yariously re-
ported, but 1t was generally believed that
the syndicate includes Russell Sage, Jas.
MCKeene, Addison Cammack, @. ]. o.
borne, D. P. Morgan, W. L. Scott and
Frank Worth. 1t was also rumored that
the Board OF Directors Is to be changed,
some saying that Jay Gould Is to TO out
and that the representatives OF the new
buyers aro TO go Into the Board as one Of
the conditions OF the transaction. 1t was
said, with some emphasis, that Gould
will retire from the directory on March
lst, and two gentlemen OF acknowledged
ability and character will be added to the
Board.
Gould, according to the better informed,
was holder Of 10000. shares, and Of these
ha hoO IL nm mn ,kn.n. y. a ,oSt,. -,
far from 10. AS he began TO purchase the
stock at something below so an idea can be
formed OF the great profit which this
transaction has broughthim. lis under
stood that Gould has for some time con-
templated retiring from active business
and that this Is the reason for this action.
A AgentlemRn, well informed as 10 Gould's
affairs, stated that the sale Of his Union
Pacific interest was the greatest operation
In the eventful history II his remarkable
operations, and he was probably to-day
wealthier than ever before. The purchase,
1t Is claimed on the part OF the syndicate,
would give them such q hold on Gould
that they could keep him to his agreement
10 work with them for the bull campaign,
and II he proved false they could throw
their Union Pacific stock on the market,
Even In Wall street It is seldom that a
single transaction for a million dollars is
made, and q sale OF that amount Of Union
Pacific stock, following closely on the
transaction forthree million dollars, which
1t now appears was recently made, attracts
great attention. Union Pacific, although
earning dividends for several years, has
nevertheless been dormant, people being
afraid to touch 1t because there was such
O concentration OF stock In single hands,
and one man could at any time he wished,
sell such an amount OF II as to Temporarily
over-rnle oil considerations OF value or
speculation. Now that the large block in
Gould's hands has been distributed the
stock is expected to become active.
Men on Change declared that Gould
recently settled his bear contracts at the
prices demanded by the bull clique, and
in addition bought stocks for long ac.
count; in consideration OF this the Syn.
dictate contracted to take 10000 shares OF
Union Pacific at 90 or 65, and that check
was to-day handed him for the entire
amount. On the other hand 1t was as.
serted that in reality Gould had only
made an arrangement whereby Temporal
rily tile company should nominally pass
out Of his control, It being well known
that this course would lead 10 a sharp rise
in Union Pacific stock. The last rumor is
that Gould sold sufficient stock to transfer
the control Of the road to the Boston
stockholders. Union Pacific first mort
cages sold up to 1l0@, the highest point
ever made in the market, Union Pacific
railroad earnings for the first fourteen
days Of February show an increase OF
SOC, 800 over the same period last year.
It Is estimated that the increase for the
month will reach SIPS, 900.