The Portland daily press., 1883-08-14

Excitement in the Stock Mnrket-De Deter-
mined Attack on the Willard stocks Jay
Gould snid TO be Trying TO Get Posses
Whole List.
New YORK, Aug. 1S-(Noon), There was
intense excitement at the Stock Exchange at
the opening of business this morning. Heavy
blocks Of stocks were thrown upon the market
and prices declined ] to 81 per cent as compared
with Saturdays closing figures, the greatest
break being in Northern Pacific, Oregon
Transcontinental, Erie, Western Union, Union
Pacific and the Southwestern shares.
1245 p. m.--The general selling movement
at opening of market was due to q number OF
stop orders in Western Union, Erie and North
ern Pacific. The market is still very feverish.
majority of stocks are loaning at per cent.
Gen. Palmer has resigned the presidency Of
the Colorado Coal and Iron Company.
1.30 p. M Sales of stocks to noon to-day,
1873, 200 shares.
1.50 p. m.--The Post says: Before the stock
market opened this morning at II o'clock 1t
was reported by those who are presumed to
know about Mr.. Gould's movements, that he,
being short of a good many stocks on the list,
including some of the Southwesterns, intended
to try to make sharp break in the whole
market Except possibly in Western Union.1
The course of the market during the forenoon
gave some color Of plausibility to these reports.
Up. m. The break in prices today was due
entirely to the attacks by the bears, as there is
nothing new in the financial situation which
would cause the sharp decline. Many opera
tors bought on the break Saturday for q turn,
they were shaken out this morning and this
accelerated the decline. There Ewere the usual
rumors sfloat OF financial embarrassment of in
dividuals and firms, but no names are men,
toned.
2.15 D. m. 1t is rumored that Gould has
been selling Oregon. .Transcontinenta from 70
down, and the present break Is due to him.
The leading bears state that the pressure
against the market will not be removed until
the dividend payers break. Foreign exchange
has been reduced to 4.S4 and 4S7A. Stocks are
steadier at the present writing and prices show
a rally of 4 to 2 per cent. The decline for the
day at one time was from | to per cent, the
latter in Oregon Transcontinenta.
2.25 p. M. President Willard denies that he
or his associates have borrowed money in any
shape or form for the purpose of sustaining
their stocks in the market. 1t was rumored
that money had been borrowed on bills OF ex-
change at exorbitant rates. This created an
uneasy feeling in the Willard properties, and
led to selling for both the long and short ac-
count.
2.so m. The failure of Cecil Ward & Co.,
has just been announced at the Stock Ex-
change. The liabilities of the firm are under
stood to be under $60000
Stocks are irregular.
The bulls on Wall street consider to-day's
furry as inexplicable. kilograms have been
received from Europe asking the reason for
the depression. One well-kuown banker ca
bled back: "Ask US something easy" Messrs.
Drexel, Morgan & Company said this morn
ing, "We can give no other reason for the
heavy market except that there were more
sellers than buyers" III. s. +. Stanton,
stock broker, said that the trouble can be
traced directly to Jay Gould, who is endeavor-
oring to obtain control of the Willard stock
consisting of the Oregon Transcontineltal and
Northern Pacific Railroads and the Oregon
Steam and Navigation Company. These stocks
are said to represent interests valued at $780,
100000. The Vanderbilt stocks have main
tanned their position. THE Northern Pacific
preferred and the New York Central and st.
Paul stocks have not been raided SO as to affect
their position. The Northwestern, Lake Shore,
Union Pacific and few others have been run
into, caused, it is said, by orders from the Lon
don market. At the Office of Fisk & Hatch it
is said that the low prices may have attracted
orders from London.
President Willard also denies that Oregon
present writing the share market is irregular.
Wabash common is up per cent. from the
lowest to IL 1-2 Northern Pacific preferred is
It's per cent higher at 70 rs.
O'Clock p. m.-The afternoon session of the
Brokers' Board showed an additional decline.
Mexican Central 7s 58 1-8 to So; Bell Tele-
phone, 222 10 219 IL; Union Pacific, SO Ia To
81 3-4; Atchison, 70 to 73 3-8; New York and
New England, 21 IL to 81; and Calumet and
Hecla, 243 TO 240.
Closing quotations after the board were as
follows: Mexican Central rs, 81 1-2 at 58; Bell
Telephone, 2l7 IL; New York and New Eng
lam, 20 IL at 21 Union Pacific, 81 Is, and
Atchison 78s1-8 at rs 3-8.
3P M.-The Post says:-After 12 80 o'clock
a savage attack was made on the stock market,
the force of which was directed against Oregon
Transcontinental, which was steadily ham,
mered by sales of about 10000 shares from GAL
at 1870 o'clock down TO 80 at about 1.30 o'clock
but from which it rapidly reacted by 2 O'Clock
to 81. From these extreme declines there was
pretty general recovering before o'clock,
which in the case of Oregon and Trsnsconti-
mental was 2 per cent. and from to IL on the
remainder of the list. The recovery, however,
left prices largely below the prices at noon.
The Commercial says a veritable panic has
existed on the Stock Exchange and the lowest
prices of the year have been recorded. Money
advanced to only three per cent. Some of the
banks have been calling for more margins tc-
and several refused to lend money unless upon
unexceptional dividend paying collateral.
BOSTON, Aug. 1872 O'Clock D. m.
The Journal says: Notwithstanding the dis
turbances on the stock arena the loaning rate
between the banks through the Clearing
House is unusually steady at 8 per cent. New
York funds sell at discount of 10 cents per
$1,000. The Exchanges at the principal Clear
ing Houses in the country showed an increase
last week of one per cent over the correspond
ing week of 1882, outside New York. Gotham's
decline amounted to 80 per cent. and Boston's
1 per cent.
Mexican Central rs are off from 60 to 5S4, a
loss of II; Eastern 6s sold at 100 and Atlantic
and Pacific blocks also 100, the latter a decline
of ].
Boston and Lowell sold up from par to 1909
New York and New England changed from 2ls
to 211, while Boston and Albany is steady at
1872.
Atchison, fairly active, declined from so to
78a; Chicago, Burlington and Quincy 1921 to
12l1 Union Pacific 91a to 8S4.
Additional losses were also made as follows
Little Rock II to 181; Pullman / to 1873, Iowa
Falls and Sioux City to 70, and Bell Tele-
phone 2295 to 222, decline of u.
Calumet and Hecla declined 3 to AZ and
Quincy to 45.
The foreign commerce of Boston for the
week ending August 10, compared with the
crease in the imports and decline in exports,
as follows;
Imports. Exports.
18S3............ 81 ,040, 900 $3.50, 900
1882 ............ $4,000 1875, 400
Increase -. $1s4,30o Decrease, S524,5o