Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-02-18
WALL STREET EXCITED.
SUDDEN RISE IN UNION PACIFIC.
One Of Jay GOuId's Operations, by which He
Retires from the Union Pacific
Directory and Makes -Four
Million Dollars.

New YORK, February l7.-Wall street
has not been So excited for long time
a. it was to-day by the rise in Union
Pacific. That stock, which in the last
| few weeks has ruled between G6, 81 and
o., opened this morning at 69i and sud-
denly jumped to IS. 1t then fell to 10
and again advanced to ~. Wall street
was puzzled by these extraordinary
fluctuations and every form Of rumOr
was current. 1t soon, however, seemed
10 be settled, a. ii by an authoritative
statement, that Jay Gould had effected
arrangements by which the control Of
the Union Pacific railroad passes into
the hands OF I syndicate composed OF
some Oi the strongest gentlemen in Wall
street. The names OF these were
yaripuSly reported, but 1t
was generally believed the
syndicate includes Russell Sage, James
NJ Kcenc, Addison Cammack, {. J.
Osborne, d. Z. Morgan, W. l.. Scott and
Frank Worth. 1t was ais" rumored
that the board oil directors is 10 be
changed, some saving Jay Gould is To
pa out and that representatives OF the
new buyers are 10 90 into the board rs
one Ol the conditions OF the transaction.
|, was said with some emphasis that
could will retire from the directory on
MIrrh 1T, and that two gentlemen
oi acknowledged ability and character
will hr added Ia the bOari. GOuld, aC-
cDrding L. the better informed, was the
holder OF 10000 shares, AMI ot these
h" sold 10000 shares, at Il price not Tar
frum seventy cents. As he began to
purchase the stock at something below
thirty cents an idea can be formed of
the great profit which this transaction
has brought him. 1t is understood
that Gould has iur some time con-
temp ated retir NJ from active business,
amt h : l. the rca~' II Tor his action, \
gentleman. we'll informed in t'Ould'S al
fairs, stated that the sale oi his. Union
Pacific interest was the greatest opera
ton i'm the cyrntlul history of this re-
markahlc operator, and that he was to-
dIy wralthicr than ever before. The
purchase. il i claimed Onthc part oi the
~vuiiyatc. would give thcm such 4 hold
on Gould that they could keep him Ia
his agreement tu work with them ior
the bull campaign, and ii ne proved
false they could throw their Union Pa
ciiic stock on the market, and break II
down. Even in Wall street it is seldom
that a single transaction Tor S7,OOO,OOO Is
madc. and the sale of that amount ot
Union Pacific stock, following closely on
transaction for S3,OOOOOO, which
il ROW appears was re-
Gently made, attracted 4 great deal ui
attention. The Union Pacific, although
earning dividends Tor several years, has
nevertheless been dormant, the people
being afraid to touch it because there
Was such concentration Ut stock III sin
gle hands, that one man could, at any
time lac wished. sell such amount .9t II
a. tu temporarily Ovcrruie all cOnsldera-
tionS Oi value or speculation. Now,
that the large block in GouldS hands
has been distributed. the stock \ eN-
p,ctrd tu become active. Men on
'Chanyr declared that Gould recently
settled his bear contracts at the prices
demanded by the hull clique, and, in
addition. bought stocks for long
account. I'm consideration Of this,
the syndicate contracted to take 100000
shares of Union Pacific at go or -. and
that q check WAS to-day handed INN
for tine entire amount. On the other
hand. it was asserted that in reality
Oould had only made an arrangement
whereby, temporarily, the company
should unmiually pass out OF his con
troll. il being well known that this
course would lead 10 a sharp rise M
Union Pacific stock. The last rumor IL
that ,,uuld sold sufficient stock To- trans
Ter the control oi the road to Boston
stockholders. Union Pacific first mort
cages sold up L. 100 per cent, the
highcs' ever made in the market. The
Union Pacific railroad earnings for the
first fourteen DAYS oi February show an
increase ui SGO.GOO over the same period
last wear. II j. estimated that the in
rr,.l,,. ilr the month will bc Sl2j,NcI.