New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-02-24
THE STOCK MARKET EXCITED
ANOTHER HEAVY FALL IN PRICES

by the occurrence of holiday was renewed yester-
day with added vchemence. The activity of the
market was almost without precedent, and,
while the record of the days business
showed sales of over 677000 shares, the actual
transactions probably amounted to over
100000 shares. On days of extraordinary activity
n complete record of the business il impossible. In
the bewlderng confusion different prices for
stock are often made at the same moment; ordinary
fluctuations are dsregardcd, and brokers plunge
from group into another in the vain attempt to
fulfil all their orders.
The excitement was at its height about o'clock
The market had been heavy during the morning
hours, although the opening prices were generally
only fraction below the last prices on Tuesday.
Union Pacific opened at a decline OF over
1 per cent, but in this it was conspicuous
exception TO the active stocks. Louisville and
Nashville, which on Tuesday suffered a serious de-
cline, opened l. per cent higher at n, but the i'm
prOvement was lost in a few minutes Lake Shore
steadily advanced from its opening price 13i per
cent TO 1093l, and with tie trunk line shares was
comparatively strong until afternoon. But the
prices of most stocks had fallen somewhat;
they appeared to be melting. away. The excitement
suddenly broke ont afresh, and the whole market
began rapid decline. Northern Pacific preferred
fell to 6Gat from 7l5s at the opening; Missouri
| Pacific fell from 073l, to which it had advanced
| from 0714, to %; Missouri, Kansas and
Texas from 311s TO 26l2; Texas Pacific
from 41l2 to 3Gl2, and Union Pacific from
1Ij3t to 11O3t OF the trunk line shares Erie de-
clined from 1878 to 80, and New-York Central from
l30 to 12Sli Lake Shore yielded again TO 1Oo;
Michigan Central fell from S2li to 10, and Canada
Southern from Asa to A.
The decline was universal and ranged from to
6 per cent. It appeared to result from the weak
ness of no particular stock, but suddenly the whole
| market fell together. The excitement was very
great and the widest rum0rs affecting the position
of this or that speculator were tossed about.
Toward the close OF business there was a slight re-
covery from the lowest prices and the excitement
| was partly subdued. Uncertainty and apprehen-
| sion were not removed.
| The movement of Richmond and Danvlle stock
| was an incident of the day. 1t tumbled hcadlong
| from 219 to 13O, and closed at 1647s on sales
| amounting to only 2,100 shares Tho advance OF
| this stock in the last few months has been
| one of the curious phenomena of stock specu-
lation. 1t sold up to $50, and two weeks ago at
| 2i5. On the same day 1t sold at 205 exclusive OF
the privilege of the right TO subscribe to the COM
| pany's income bonds at 45 For this right 90 was
BID, so that the actual price of the stock was then
255. From 2Oj it has since advanced to 23O, at
which il sold last week. The business in COM
panion stock-Richmond, Danville and west
| Pont-amounted to only 100 shares at 235, but the
final quotation for this stock ] 10 bid, and II
was offered IT 200 These declines OF over 100 per
cent IRON the highest points touched by the stocks
| we're not unexpected by veteran speculators.
| In spite of the heavy declines IN the iast ieW
davs and of the serious losses that they have en-
| tailed, failures were annoHnced Yesterday,
Vague rumors Of financial distress were toatng
| about Wall street but whatever truth lay behhd
| them was carefully concealed Some OF the broker
banks were forced to call for additional margins
| on few loans. lat so far as could he ascertalnel
the Increased security was furnished without great
| difficulty Tie high rate OF interest at the STOCK
| Exchange caused "A few brokers 10 seek forced re-
lief from their banks, but this was SaiJ 10 De an IL
| frcauent occurrence. IL was believed Dy the
officers OF some of the banks to he trek merely 10
avoid paying heavy shave at the EEchang13 %
After the close of business, brok kcrs fastened 10
their Offices ami fewer than usual stopped III ime
street TO discuss the oyentSo OF the d'y. phe VII
| known member OF the Board, however, louhd
amusement in inquring OF his associates, VINO We're
| hurr,ing past him, whether anyone knew If the
railroad war had been settled -, ,,,....,.. rro.,,
| Tie lobbicS and corn iorS OF the NinOSpr lioteI
| last evening were almost blue with smoke from the
cigars of The sock brokers and promiscnous specu-
| lators who thr0nged them. 1t mas Dccn many DAYS
| since the crowd was so great as il was last night
| At one time in the evening progress through the
| main corridor was rendered difficult by the numbers
! OF people GROUPED about, ana AT lhe
| sofas were occupied. Later the throng
| diminished, but ii WIS much past the uSial hour
when the place was deserted By visitors. Inc MAN
| and almost only topics of discussion ana cohNeI'd-
tinn were the exciting events IN the sock lnarNcu
and the general speculative situation. Faces were
| seen at the hotel that seldom appear there, and
| il was no ceable that many more thah
| the ordinary number of amateur specula-
tors were on the spot, eager ana anxious
| for every piece of gossip about the speculative
| movements and the position oi prominent men.
here were fewer than usual Of the larger operators
vino ordinarily haunt the hotei. hcl9 were III many ny
| injuries as to whether Jay Gould had been at the
hotel in the evening, Tut 50 far as could be learned
| he had not been. Russell Sage was present tor
short time but it could not be ascertaln'l that ne
| had mi a
| on Wall street matters.
Ihc feel ng manifested by most of the brokers
and opcratoTS was of considerable anxiety as 10
| the fIliure Opinions appeared TO be more unsettled
| than for a long time, and the confidence III an I'M
pr vcment of the situation, so taI as utlerancfes
| were concerned, seemed TO have nope as itS 0hiy
| basis The bulls" urged that the decline had
proceeded so far that the big operators woud recog-
nize the wisdom of uniting their efforts IN staying
ali panic On the other hand it was
argued by some persons gloomily disposed
that evidences Were not wanting thao
that class was desirous of lower prices EXpresSi9S
OF di appointment were common that tne uls"t.ieu
markets of ue day had not received some recovery
in tone from what had been predicted as the ia'I- m
ing effect of an intervening holiday IL was sall ny
some experienced brokers that The decline Oi yester-
day, coming as 1t did alter the holiday,
would probably produce moro demoralHatlOh
among country holders of stocks than ii it had
| occurred i'll a market OH Wednesday. Rumors were
scarce at the hotel, however although the leas,
gossip as 10 what operators had covered ShortS
In stocks or gone long" OF them was greedlly ue-
vourcd by those PERSONS whose speculative interests
| involved much money. The common words OF
, greeting between friends or acquaintance we're ;
" Well, what's new Haye prices tonchen Do''oin !
| What is so-aId-s0 doipgW
A prominent feature OF the talk was ihe bitterness
expressed by persons III one class Oh STOCKS
against thos- interested in other classes Dltfercht
nrre canitalists were credited by common talk win
using depressing efforts against the Stocks IN winch
others w,re Interested. brokers VINO were knoNi,l !,
TO be d" bulis" Oh certain properties aoou' WIZ h
dcrogatoly rumors recently have ,,teyiG GsGg u
circuIated took revenge by ulteIihs
niur1"us statements respecting the properties
,"hi.n fTc;r onn1neuts were believed to be INT +
ested in. II this reyrrlnat n goes, on inuGh i
longer" said an ExcInuge-placc broker the
street will b. III the Pnsloh 9i l"s 81 Ihei " ~