The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-23
THE NEW YORK EXCHANGE.
New Forces in the Market-A Sharp Adj
vance in the Willard Stocks.

New Forces in the Market-A Sharp Adj
vance in the Willard Stocks.
NEW YORK, Oct. 22.-The turn in the specula-
tive temper Of the market, which began on last
Thursday is developing forces from day to
day. At first the preponderance of public opin-
ion that it was only ''iittle squirt" in Jer-
sey Central. Then the Northern Pacific pre-
ferred corner pronounced by the ''bears" to
be only tempest teapot; but in both cases
majority of the spectators were mistaken, and
there are some Indications that the success of
the clears" in the last few months has betrayed
them into overselling other STOCKS 1t is claimed
that both Union Pacific and Michigan Central
are, to considerable extent, in that position,
and there are also ssme Indications that the
fight on Jersey Central has not ended yet. IT is
understood the Reading party have taken about
5000 shares of Jersey Central for transfer the
last of the week, and it is not improbable there
may be further developments in the struggle in
that stock.
The market opened active and excited. The
first sales of Northern Pacific preferred were at
6006Ola059l8, against 59la at the close on Sat
urday. The other active shares were all higher.
In early trading Northern Pacific common ran
off to 25s4, against 27027ia at the opening. The
dullness in these shares was due to ''bear' man.
fpulations entirely, it being stated that a prom
ineht operator on the short side had borrowed
q round lot of preferred stock and offered it at
easy rates, with a view to create an impression
that the stock was more plentiful and not want
ing, owing to the closing of the books. The weak
mess was of short duration for before 1880 a
strong buying movement set in, which gathered
force as the morning advanced. The Wizards
which were the features, advanced SIG per cent
preferred, to 20; ga for Oregon & Transcon-
tinental. to AGA, aud 8ia for Oregon Navigation,
to 110l2; cash sales of Northern Pacific were
made at 27 io026ls027I4 of preferred at 63l4
$500 62le066-a difference of 402% per cent.
The sharp rise and activity in these shares
caused a general rush by the "bears" for the
other active stocks, and the excitement at one
time was intense. About midday there was
regular "bear" panic and the "shorts," in their
anxiety to cover, rushed prices up on them
selves. 1t was rumored at this time that Union
Pacific, Oregon & Transcontinental and other
heavily oversOld stocks were to be 'twisted"
but after 1 o'clock P. NJ. the excitement subsidized,
aud there was reaction of Il TO per cent. in
the general list, and of 205lo per cent. in the
Wizards. Northern Pacific sold down TO 20, pre-
ferred to 644, and Oregon u Transcontinental
to 44l9. The reaction was due to realizations.
Toward P. NJ. another buying movement set
in, and Western Union moved up to 1873, Oregon
& Transcontinental TO 46ss, Louisville g. Nash
vile to 49l4, Union Pacific TO 80, Northern Pa
ofic to 3014, do preferred to 681s, and Northwest
TO 1904. In the last half hour however, the
"bears" made vigorous attacks on the whole
market, and succeeded in depressing prices q to
"a per cent in general list, and Al to per
cent in the Wizards. The raid near the close
was engineered by operators who have been
prominent on the "bear" side for some time past,
and are DESTROYS of checking the Improvement
DeIOro puDllc seutlnent changes TO tne ''Dull
side. On the other hand, it is reported the "Dul"
party in Northern Pacific intended to follow up
their movement in that stock, and for
this reason encourage "short" sales.
Important developments are expected in Ore
gon & Transcontinental, and 1t is stated a pow
erful syndicate has been formed in the stock.
The Evening Post says: "rhere are, yet,
no signs that the general public, outside of Wall
and Broad Streets have taken any considerable
part in the market. Holders of Northern Pa
Oifc preferred in nearby cities have sent 1t in,
and sold for cash and bought for regular deliv-
dealings in Jersey Central, and, to some extent.
in other shares but on the whole the contest is
still, at the most wholly between the two OPP
posing factions here in New York. The outside
public never sells short; it does not take kindly
TO that method and when not on the bull side is
rot in the market AS to whether the public
viii begin to buy depends upon whether the