The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-02-19
Further Testimony Before the Potter
Committee Yesterday.
An Important Democratic Caucus Held
at Washington Yesterday.
Twenty Million of Five-Twenty Bonds
Called in by Secretary Sherman.
Jay Gould Creates Great Excitement in
Wall Street by the Sale of Union
Pacific Stock.
Wall Street All Torn UP over n Big Sale
of Union Pacific stock by Jay Could
II Is Said Thai He Has NJ .de Millions
hY the Tran nSScfiOn.

of Union Pacific stock by Jay Could
1t Is Said Thai He Has M .de Millions
by the Transaction.
NEW YORK Feb. l..-Wall street has not been
excited for a long time 1t was to-day by
the rise of Union Pacific stock. In the last
few weeks it has ruled between 65 and 80, and
opened this morning at 6914, and suddenly
jumped to IS. 1t then fell to 751 Z, and again ad
vanced to TX. Wall street was puzzled by
these extraordinary fluctuations, and every
form of rumor was current. 1t soon, however,
seemed to be settled, as if By authoritative
statement, that Jay Gould had effected ar
rangements by which The control of the Union
Pacific railroad passes into the hands
of syndicate composed of some OF
the strongest gentlemen in Wall street.
The names of these were variously
reported, but it was generally believed that
the syndicate includes Russell Sage, Jas. VI
Keene, Addison Commach, c. j. Osborn, ID,
o. Morgan, w. L. Scott and Frank Worth. 1t
also rumored that the board of direc-
tors is to be changed, some saying that jay
Gould is to go out, and that representatives OF
the new buyers are to go into the board as
one of the conditions of the transaction.
1t was said, with some emphasis. that Gould
will return from the directory on March ],
and that two gentlemen of ackno wledged
ability and character viii be added TO the
board. Gould, according 10 the better in
formed, was the holder OF 17u.000 shares and
of these he has sold 100 600 shares at price not
far from s7e0. As he began to purchase stock
at something below so, an idea
can be formed of the great
profit which this transaction
has brought him. 1t is understood that Gould
has for some time contemplated retiring from
active business, and that this is the reason for
this step. A gentleman well informed as to
Gould's affairs stated that the sale of his Union
Pacific interest was the greatest operation in
the eventful history of this remarkable opera
tor, and he probably to-day wealthier
than ever before. The purchase,
it is claimed. on the part of the
syndicate would give them such hold
upon Gould that they could keep him to his
agreement to work with them for a bull CAM
paign, and if he proved false, they could
| throw their Union Pacific on the market, and
break it down. Even in Wall street it is sell
| dom that a single transaction for S7,00OOO0 is
| made, and the sale of that amount of Union
Pacific stock, following closely the transaction
| for S3,0000O0, which it now ap-
pears recently made, attracted reat
attention. Union Pacific, although earning
| dividends for several years, has nevertheless:
| been down, the people being afraid to touch II
because there such concentration 0!
STOCK IN Single nandS, ana because one man
could at any time he wished sell such an
amount of it as to temporarily overrule all
considerations of value or speculation. Now
that the large block in Could
hands have been distributed, the stock is ex-
pected to become sctive. Men in charge, de-
clare that Gould recently settled his bear con-
tracts at the prices demanded by the ball
| clique, and in addition bought stocks for long
account. In consideration of this the syndi.
cate contracted to take l00, GOO shares of Union
Pacific, ct 20 or IS, and that a check
was to day handed him for the
| 6rst amount. On the other hand il
was asserted that, in reality, Gould had only
made an arrangement whereby, temporarily
the company should nominally pass out OF
his control, it being well-known that this
course would lead to a sharp rise In Union
| Pacific stock. The last Iumor is that
| Gould sold sufficient stock TO transfer
the control of the road to the Boston stock
holders. Union Pacific first mortgage sold ur
to ll0% per cent the highest point ever made
in the market. The Union Pacific railroad
earnings for the first Ii days in February show
| an increase of S00,000 over the corresponding
period last year. II Is estimated that ths
increase for the month will be Sl25,000.