The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-11-22

!, a, ASAihhvAp DoNps-FOWuNcl tlc cOuNe [
the stock market, declining In the mofuin
] Ahd recovering later In the day. Erie run.1li
T seconds, broke from IS 10 SOX an d recover
+. 70 Say, Boston, Hartford and Erie Grsts ID
!. clined from 6l to isx, Kansas aud TeGa, c0p
} sols Assented from 50 to SIX, do. seconds injn
70 10 IS, Chesapeake and Ohio ints, serr, ii
from W 70 6sx, do. currency Gs from 80 10 70
Ohio and Mississippi seconds declined " no
O., o., & |. Z iBS to ~, do. seconds 10 10
Great Western seconds, extra coupons, to y
St Louis and San Francisco tO S7if. do. clS,
y 10 o. and Burlington, Cedar RApidJ ADJ
Northern ilSts to o. T.
SrATE BOSDS--lOu consOls broke a.,
cent tOI2; Alabama clAa A sold at %.
Business at the Stock Exchange to-day o,.tl.
cd Amld scene Of excitement which eclIi,Ll
anything previously witnessed sinCe lbU
current downward movement set In Th,+r
was great pressure to sell, both for long Id
short account, and for time stocks pjgrti
In without any regard to prices. As the
stocks went trlmbling on down nutnerois
stop Orden were encountered, which only
added TO the prevailing depression anil
plunged tho market into semi.paniCh y r,,,.
dition. Telegraph orders 10 sell from the IN.
terror also came pouring In, and the bear nj.
proved this opportunity to assist the gCnetil
fall In vAlues.
The pressure 10 sell was not confined toaay
special line, but extended throughout ihr
whole list. Prices broke rapidly, large block,
Of Erie, the coal shares Wabash Iron Moan.
tain, Kansas and Texas. Wabash. St. Louis and
Pacific, lake Shore Union Pacific, tho ranp.
cr SOCKS, aud Pacific Mnil being thrown On
the market aud offered at constantly llecrplS.
ing quotations, 80 TINT In the first half hour Of
business fall ranging from to per cent
was established. Delaware and Hudson lrpl.
Ing the downwar! movement Wabash, 81
Louis and Pacific sold down l4H Union
Pacific "A; Iron Mountain l3K; Nash.
Vile, Chattanooga and st. Louis IL, n.
Louis and San Francisco 7Al2H; lIAunlal
and ST. Joseph common 69s. preferred 10
lOH; Kansas And Texas 0X; New jersey
Central and Michigan Central D; Wabash 4:
Delaware, lAckawanna and Western SIs ; Can.
ada Southern SH Erie common Sk, preferred
Sh, and the remainder Of the list from ! 10 S
per cent.
Fluctuations during the afternoon were
wide and frequent, rCCoYeries and reactions
succeeding each other with great rapilI!W,
Late In the day, however, the temper OF spec
RlatiOn assumed decidedly firm tone and the
impression gained ground t.lat the Lowest
quotations had been reached. This Cau,cd a
sharp recovery, and under heavy purchases
prices rose rapidly under the Leadership Of
coal shares, the final dealings showing an ad
vance from the lowest point Of TO u pCr
cent Delaware and Hudson rose IL, New jersey
Central 5If, Morris and Essex 2k, Delaware
I4ackAwannA and Western 3l<, Reading
Union Pacific l3A, Wabash, 81, Louis Ind
Paciic common ] y, preferred ~ Iron Noun
tain TX, G. G. O. & I. 0, Erie common yH
preferred 5M, Wabash and Canada Southern
I each Kansas and Texas OK, St. Lomi, and
San Francisco TO !, Hannibal and 81, JOSEPH
common 2h, preferred bH, anil the rest Of the
list 4 10 81 per cent.
The excitement during tho upward turn
somewhat rivAled that Of the downward move
ment It began To be apparent during the Al.
teFnOOn that the great operators who eUvi.
necred tho recent break IN prices had b,pn
heavy purchasers Of stocks at tile low figures
Of the morning. This gave courage 10 the
smaller professional operators and the gpner.
a. public, all Ot.whom were free buyers at the
close. Many OF the bears who sold stocks on
the late decline werc covering their contracts,
which assisted the advance. The break In he
Union Pacific was caused by tho ANNOUNCE.
ment that the AtchiSun, Topeka and Santa
Fe, and the St Louis and San Francisco roads
had Joined hands and intended 10 complete
the former 10 San Francisco, and the marked
decline In Erie was due largely TO the report
Of negotiations with Vanderbilt by a syndi.
cate representing the Wabash system OF fntls
for the purchase Of 100000 shares OF his NV
York Central stock. That such negotiations
have been going isundOubtedly true. but Il is
also quite certain that they have been Ils.
pended temporarily at least, and are probably
finally closed without result.
The Graphic In referring 10 thissubleCt stys
fkNnWn haa l. -
Indeed 1t has not already reached its cuull-
alton, had itS origin strangely enough 10 u
transaction destined TO prove an important
ball clement In the stock market. This
transaction Is Of magnitude not only un.
precedented, but unapproached, In the annals
OF the Stock Exchange, Now, that confused
and conflicting statements Of the affair arebe.
| ing made, We present the following account
Of the transaction which will, We are Ter.
suaded, prove to be correct. Some time ago
syndicate composed Of some OF the richest OF
our home bankers and American bankers raj.
dent In London and number OF rail,Oad men
proposed to buy from Vanderbilt 10000
shares Of New York Central railroad stock and
place II upon the London Stock Exchange,
They at the sane time agreed to turn nm In
menSe amount Of traffic over the Central ys.
tenn Of roads This would OF course benefit
the Central system 10 the detrimrnt Of Elie.
TheTaupon bear pool was formed TO ell
10000 shares Of Erie. This pool Is that
which has demorallzcd the whole market ex.
cept the Central sy'tem. Should this utgo-
tiatIon be carried out all trunk lines wouldbe
benefited except Eric.
In this connection another financial writer
says:
We learn from source entitled to credi,
that Gould's sole object In breaking tho mar.
ket was 10 get back large line Oi stocks
which he had sold at high prices. lie was
joined In tho raid by Osborn aud Sage, bOth Of
whom arc interested with him in Western
and Southwestern properties. Yesterday
Gould bought back G0,000 out Of l0O, 600 SlIares
VI Erie, which he had sold, and larger por.
ton Of other properties OF which he was short.
The understanding last evening was that Erie
was tue key to the market, and that 1t would
be further broken In order to get the balance
OF 10000 shares. While this was being done
the market would be held under control by
the clique, and, after all the Erie which
Gould required hnd been obtained, the whole
list would bC carried up.
That there were no failures yesterday isdue
10 the fact that a majority Of brokers have
been c0ntining themselves TO legitimate com.
mission business and had no speculative in,
toAGlk AA AAN AhNtAuhs 4Hu kAllu III tllN MAR
ket was left 70 cliqueS The battle was be.
tween Heene's and VanderbIlts following
on the bull side and Gould, Sage, Osborn and
their followers on the bear side. Those who
were looking on and In position tosIeculatE
were warned by their brokers ngainsl dOinr
50 unless they had sufficient margin, and i
Majority were advised 10 keep out Of the
market entirely until 1t had turned upward
This left the burthen Of the support on tho
cliIues.
Money was active all day, and this Il 'trrnoor
rs high as 0ne-hAliOi one per cent commission
and interest was paid for money Oh assorted
collateral It Is believed that money has beer
locked up within the past three days lot the
purpose OF influencing the market In alli
lion 10 this the depression was no doubt as
sisted by certain banks calling In doubtful
loans and using sharper scrutiny in othOl
loans which they hold, Some OF the lankl
have been lar in their vigilance and the sharp
er tone Of the decline frightened them.
The prevailing opinion At the close va,thA
, the market has At last turned, but rpatiUni
will doubtless occur and other attempts b,
made 10 break down prices Smaller hem
ton bhould be cautious. Several m,tIyti
shares were sold out under the ruio to,S r. T.,
account OF X. LiveFmOre, !"
The Bulletin SAYS: The leading ynecp,,,nr
whOstartcd the grand decline on MondSy In,
who made little headway until WedpSvInv
for the purpose Of buying back al a nroil
stocks which they had sold, were again hive,
to-day, but they made no effort 10 checE m
decline until the last hour Of husinesS VII"
they easily advanced prices and closed III II,
mnrkCt strong. The ontsIlorS have SS ycST pc, ~
orally beon shaken ont OF their stocks ri ~
will cause nOSurpriSe ia bull movement
again begun early In the future, II 4 .o;
hat there Is class Of outside Capltaiiru vii
do not speculate on margins, but who do hu
So9d st9ckS9t times Of great depression, /
n3id W nigh times come when they .el
ket to-day. '' '''e '''-'
~ reported that the Pennsylyania Rail