Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-02-18

Wall Street Excited by Remarkable
Deal by this Remarkable Operator-Sevep
Million Dollars Of Union Pacific Stock
Sold.
New YORK, Feb. 17.-Wall street has not be en-
SO excited for long time it was to-day by rise
in Union Pacific. That stock, which in the last few
weeks has ruled between 66467@69, opened thi'
morning at 6tA, aud suddenly jumped to 49, It then
fell to 1873, and again advanced to Tx. Wall stree,
was puzzled by these extraordinary fluctuations and
every form OF :ainor was current. It soon, how
ever, seemed to be settled, if by authoritative
statement, that Jay Gould had effected arrangements
by which control Of the Union Pacific railroad passed
into the
HANDS OF A SYNDICATE,
composed of some of the strongest gentlemen on
Wall street. The provisions Of these were variousy
reported bat it generally believed the syndicate
includes Russell Sage, Jos. NJ. Keene Addison Com
mack, G. j. Osborn, D. p. Morgan, w. L. Scott and
Frank Worth. II was also rumored the board of
trustees is to be changed, some saying Jay Gould is
TO go out, and that the representatives OF the new
buyers are to go into the board of the conditions
Of the transaction. 1t said, with some emphasis.
that Gould will retire from the direction on March l.
and that two gentlemen of
ACKNOWLEDGED AEiL1rY AND CHARACTER
will he added to the board. Gould, according to the
better informed the holder of 10000 shares and
of these he has sold ooOo at price net far from TO-
AS he began to purchase the stock at something be-
low 80 an idea can be formed of the great profit
which this tra9sactiop has brought BIN. It is I'M
firing from active business and that this is the
reason for this step. gentleman well informed as
to Goulds affairs stated the sale of his Union Pacific
interest was the greatest operation in the
EvENTFUI HISTORY
of this remarkable operator and he was probably to-
day Weather than before. The purchase it is
claimed, on the part Of the syndicate would give
them SUCH hold upon Gould they could keep him
to his agree nent to work with them for bull cam
Palgn, and if he proved false they could throw the
Union Pacific market and break it down even in
wal street. 1t is seldom that a
SINGLE TRANSACTION FOR $7,o50,OoO
is made and the sale Of that amount of Union Pacific
stock following closely transaction for $4,000 OOO
which it now appears recently made, attra :ted
great attention. Union Pacific stock, although de-
clarng dividends for several years, has nevertheless
been dormant, the people being afraid to touch it
because there was such concentration of stock in
single hands and because one man could at any time
he wished, sell such amount of it as to teporar-
lily overtrn all considerations Of value or specula-
ton. Now that the large block in Goulds hands has
been distributed the stock is expected to become &C.
tive. Men on Change declare Gould recently set
tied his bear contracts at the prices demanded by
bull Clique and in addition bought stock for long ac-
count In consideration of this the syndicate con-
tracted to take
ONE HUNDRED THOUSAND saAREs
of Union Pacific at 65 and that the check was to-day
handed him for the entire amount On the ,other
hand it was asserted that in reality Gould had only
made arrangements whereby temporarily the COM
pany should noninally pass out of his control il
being we'll known that this would lead to a
raise in Union Pacific stock. The last rumor is that
Gould sold sufficient stock to transfer control of the
road to Boston stockholders. Union Pacific first
mortgage sold up to l10h per cent, higher than ever
made in the market Union Pacific railroad earn
ings for fourteen days in February show increase
of $4,000 over corresponding period last wear.
Estimated increase for the month S125,Oo0.