The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1883-10-27
Our New York Letter.
Regular correspondence of ADVOCATE.
New YORK, Oct, %, 1883.

Regular correspondence of ADVOCATE.
New YORK, Oct 90, 1883.
Such scenes as characterized the Stock
Exchange last Saturday afternoon, will
not be forgotten for many a day, and
during this week many firms and many
individuals will no doubt be compelled
to close out. The bears have been hold
ing high revel since July last, ana danced
on the PROSTATE bulS in manner to
night their leaders would meet at the
Windsor Hotel, aud there in secret con-
clave determine what security next to
assail. Nearly the whole list has been
goue through with, and one after the
other has been hammered down. The
Vanderbilts one day undertook to main
tain Lake Shore, they succeeded for one
day, but the next day united assault
was made upon it and it dropped six
points. "rho power and daring of these
fellows said an old operator to me, sis
simply wonderful WY il the devil
were to come up with his pitchfork to
support stock they would all jump on
the points of the fork and dull them in
less than no time" That under these
circumstances an enormous amount of
money was lost by mai and won by
very few is evident.
There is story current that man
who after having made o. fortune In the
street retired, came back again about
two weeks ago, and leaving a check for a
million and quarter ordered his broker
to buy certain security which he
thought was proportionately low, and
which in his opinion could not be
screwed down further. At the end of
ten days he ordered his broker to close
out, end oil that he received back out of
bis million and quarter was $37, 600.
Another party bad weakness for "Ore-
gon Trans" He started in With $780,
600. Last Friday he borrowed S., 900 to
make good his balances. The money
had all gone to put fat on the bears.
For the last few weeks the Willard
roads and Northern Pacific in particular
had been the special object of the hos
tility of the bears. Everything went
well until last Saturday, when Mr.. Vii.
lard and his party executed coup d
etat by which they forced the price o
Northern Pacific up II points and com,
PEELED the bears to dsgorge. The scene,
that arose are simply indescribable
Men rushed about like beheaded chick.
ems trying to save themselves. The sigh
reminded me of Black Friday. 1t is o.
course useless for me to give you de
tailed description, for the telegraph
has done that before my letter will react
you.
1t is now believed that the backbone
of the bears has been broken and tha
prices will advance. There is one es
pecially bad feature of the bear regime
which it is well to point out. 1t has re
yived the bucket shops, and clerks dowr
town have been gambling to their heart :.
content, by making little pools of S2t
ana $50 and buying small blocks of {
stock on margin of one per cent. 1t i.
almost needless TO say that many of then
have been ninped, and when it comes tc
balancing books it will be found tha
some few are in hole.
"And where has Jay Gould been all thii
timer" l said TO leading operator last
Saturday. "Oh." he replied with a grin
He is pretty hard to fad. / think ht
has been bulling things with his mCutl
aud bearing them with his money. Why
1t is an open secret that his own privale c
secretary has received pretty severe
twitch, in the giving of which his m
ployer bad hand. Uncle Cyrus W
Field, l believe has also had a couple Of
bad hugs which made him gasp fol
breath, while young Vanderbilt who
thought himself very smart and counted
on the help Of his father, left the beaI
garden one day as pale as ghost and all
the fight knocked out of him."
Society was in a turmoil last evening
where TO go, whether to have the glorih-
cation of being able to say that they
! were among those who were present at
the opening of the Metropolitan Opera
, House, or whether to show their loyalty
to Mapleson and his bright star by at
/ tending the Opera at the Academy.
: great many fashionable people went tc
( both places, that is to say, they went tC
( the Metropolitan for the first and second
o act and to the Academy afterwards. o
r course opera this year will be UNUSUAL,
g excellent We will have none of tn,
d slipshod performances which AIaplesoI
a iadulged in for the past few years; bu
g how the management will thrive is
q lesiion which must give them many 81
, Rnxieus moment At the metropolitan
/ for instance they have TO take in sl2, ,5Oi
t, a night before they can make expenses
e At the Academy the expenses will not b
II much less, for with such luniinaries a
i Paiti, dersieF eEd others, a great deal Q