Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-08-31
TnE RECENT RAILROAD sTeCW
FLI2aY.

THE RECENT RAILROAD sToCK
FLIxxY.
A New York correspondent of the 81,
Paul Pioneer Press, writing August 18th,
furnished tia: paper the accconut fl
iowing o: the recent bear movement in
/ the Stock Exchange:
The business sensation st this end Of
the world daring the plss fortnish: has
been the financial furry, and as con-
sequence transactions on change at the
local wheat, corn. provisions. petroleum
and cotton cents rs have been held some
what 10 allegiance. They have certainly
occupied q secondary place in the public
eye. The bear raid in Wall street
wnich began on Saturday and came to a
climax on Tuesday evening was the ont
growth OF a combination Of circum-
stances, which, while plain to read to-
day, tailed To make itself Conspicuous
at the time. The truth Of the latter il
evident from the reckless cropping after
causes" and reasons Why In the col
during the past few DAYS. Tue drop in
t-'N~~' w cCChklttCS " Do uOt cu-. RS QaS
been alleged. TO special evidences of un-
sonndness IN any department of the
nnancial community here II WAS not
the logical result of the procsss of
liquidation which has been making itself
felt through SO many lines of trade dur
ing year past, and cannot be classed
among the Purifying processes of which
one has heard SO much ia the financial
and commercial columns of newspapers.
In brief, it was the elimination of a
long since planned bear raid on the
stock market, a product Of manipula-
tion- The few little bank failures-that
IN Vermont, one in Ohio, and two at In
oianapoiis, these catastrophes awak-
ened some caution among operators last
Week, and In those who feed npon the
outgivlngs OF alarmist sheets it inoited
distcust. In this way, when the effects
OF tue Boston leather failures are re-
called, the speculative public which
leeds Wall street we're perhaps unset-
tied. But this would form no basis for
even a little panic. In the meantime
the quiet but steady hammering of two
sets of stocks. the Wizards and Gould's,
mad very irritating eff oct. Mr.. Gould's
properties were being battle-dored and
shuttle-cocked about the market on the
OASIS OF the losses, real and supposed,
occaSloned by the strike of the tele-
graph operators. The Northern Pacific
and 1ransc0ntinental stocks were be-
iieved to have been singled out for q
Doom by those most interested-at this,
the hour OF the approaching completion
or the road, and 1t Is now evident that
the opposing clique, acting upon that
supposition, have been laying pipe, az
itwere. for month or more, to prevent
the contamination of the plan. There
ls little reason to doubt that
they have succeeded, and it
ia also probable that Mr.. Willard
and bis friends may now move prices
upward. In fact they have already
done 80. The bearing Of Northern Pa
cities has been skillfulIy genersled, and
the attack has been attributed to no less
parsonage than Mr.. James B. Keene
himself-he who has sieualized his Ca
reer In Wall street by voluntarily anita
gonizinR the Standard Oil Company and
Its. millions on several occasions, and
coming OF victorious each time. About
month ago the announcement was
made that large sums in bills of ex-
change ON LOndoa were being borrow
cd In this market ON stock security,
The report had it that the total was
about $7,OO0,OOO. This was followed by
the statement that the stock collateral
80 given was Oregon Transcontinental
The third volley was in the shape of an
allegation that the Gums SO obtained
were to be used in support of that stock
on the market here, and that the loan
OF foreign exchange amounted to pure
CANNON, dependent for its success on
on the price of exchange when the debt
fell due. The story went further, and
named Drexel, Morgan Il Co.
as the house through which the
money was obtained. Then came
the bank failures noted and raid
on the stock named, backed with asser-
tions that Oregon Iranscontinental was
merely an incorporated "blind pool"
with an india rubber charter. Western
Union was really suffering, and heavy
sum was required to hold it up. The
Gould Southwesterns had been the point
Of attack and had suffered. A staying
hand was felt there and the attack NOV.
ed over to the Western Union, found it
temporarily unprotected, and the on
slaught began. 1t went down, and in
the rush Oregon and Transoontinental
went with it, and Saturdays collapse
was the result. On Sunday the Times
financial review contained what amount
cd to a reiteration of the borrowing
transactions referred to above, and
Monday witnessed another successful
bear raid. In the afternoon, Mr.. Viii
lard, undoubtedly influenced slightly
by a drop Of nine points in his favorite
stock, and prospect Of greater de-
cline, sent hastily written note to the
Post, denying the story of loans made
to secure money to support his stocks.
The wording Of the epistls showed signs
Of anger. and the definition of just what
was denied left room for the opposition
to suspect that there was something
that had not been contradioted.
l had the curiosity to witness several
of the bear crowd on the situation to-
day-after the market had moved up.
! was impslled to do 30 owing to the
singular. reassertion of their position of
Oregon and Transoontinental stocks,
which moved promptly up to about 65
nine points from the extreme point
Of depression yesterday. In fact, the
suddenness with which this stock got
into line, and with which the financial
horizon cleared and the sun came ont
as after sharp April shower, gave ono
too iIuptcoSiOu buet oOtuo Ouo ubQ
"seen' somebody. From what could be
learned that view IL the correct one,
and the bears still claim that not only
did the borrowing alleged above 40
tually take place, bot that Mr.. Willard
held q conference With them on Tues
day after change hours, A conference,
followed by the withdrawal of the en-
envy, means good deal.
THE CASE OF CADET nARTIGAN.
The summary dismissal of Cadet
Thomas L. HartiRan from the Military
Academy for hazinR a new conner Ii
likely to prove an effective blow against
this practice. Cadet Hartigan bad
passed through three years Of his
hrv~npahlv Ia hal hsnh MvSL