Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-12-24
LAUNDERING DOWN STOCKS.
A General Assault. with Jaw l.Ouls
COnspfcuOus-NO Christmas ErOlic.

From the New York Sun. sd.
The decline i'm the stock of the Denver and Rio
Grande railroad company the latter part of last
week awOke stock brokers and spectators from
the lethargy that has held them formany weeks
Since the first Of this week the interest center
| ing upon the floor Of the stock exchange has
been steadily revvng and increasing. On Wed
| nesday the excitement became general and in
tense. Yesterday it was warmed to a white
heat. The bear element emboldened by its sue
| cess In the dragging and steadily declining
market of the last two months, and 10y the
| triumphant raid on Denver and Rio Grande last
week, has apparently started i'm for grand finale
with which to close the year. The downward
| impetus gwen TO every active stock on Wednes-
day was sufficient to create a good deal of con-
sternation, but the down-hil progress made was
| slight compared with yesterdays tall in prices
| La the last hour the market seemed on the
edge of panic. All day long prices had been
| hammered at with vigor that was Irresistible
| Nearly 100000 shares were dealt in.
Northern Pacific preferred was among the
chiel sufferers, and an especial object of attack.
| 1t Is said that large number of certificates in
the name of President Willard were current dur
ing the day. as if those who are most interested
In the enterprise were assisting in the decline
willing SO To appear.
The impression is general that most of the
leading operators. including Mr.. Jay Gould
nave become bears. As to the decline in West
| ern Union, which stock. it has been understood
| ali along. MIR. Gould was bound to sustain. some
| OF his associates said yesterday that the decline
was permitted. because cliques that are inter-
| eSted in certain stocks had attacked Western
| Union with the view of forcing Mr. Gould into
| its support, and thus to make him support the
| general list The plan did not work. and it is
| reported that. instead of sustaining the stock
Mr.. GOuds brokers offered about $1,000 shares
One of the large houses i'm Wall street, which is
interested IN the opposition company. is credited
with being short large amount But it is IN
| derstood that one of the objective points of Mr..
could diversion is TO squeeze certain Orpera-
| tors to whom he is hostile outside Of telegraph
| affairs.
| The dealings In Lake Shore were conspicu-
Gus feature of the day, and were accompanied
Dy derogatOry reports about the earnings of the
company. DerOgatory rumOrs sprung into be-
ing quick and fast in the last hour. The trans
actions Of the last hour We're tremendous and i'm
blocks of thousands of shares. Old observers
were of the opinion that if the Exchange had
| remained open an hour longer there would have
been panic. Operators who have held on to
| stocks for months let go of them yesterday
The undenied and partly corrobOrated report
| that Gould had turned bear had a magical effect
! throughout the street. 1t is generally conceded
that he desires to be bull being large owner
In vast properties and protector of new en-
terprises, but that he has come to the conclu-
sion that the only means to get the market out
of the rut in which it has run for the last few
months is a decisive decline. upon which q
''bOOm" after New Years can be based.
The younger brokers have been preparing for
a grand Christmas frOlic next Saturday morning,
but the governing committee, in view of the
uncertain and active state of the market. put a
veto upon the project yesterday, practically say
ing that the circumstances were such as to re-
quire their entire attention to business.
The gathering OF brokers and spectators ut
the Windsor Hotel last evening was unusually
large. Every one talked bearish. especially on
Lake Shore, Missouri Pacific. Wabash, Jersey
Central. and Western Union. The story that
Mr. Gowen had formed an alliance with Mr..
William H. Vanderbilt was discredited on the
strength of private dispatches from Philadelphia
| to that effect. A report was current that "a
ring had been discovered" in the municipal gov
eminent of Newark. and that its plumber amount
ed to $1,000, OOO.