Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-08-14
THE BULLS EXCITED.
Surprise and Consideration On the New
York Stock Exchange at the Steady
Decline in Prices.
No Explanation for the Flurry-Wbat
leading Bankers ard Brokers Say
Sensational Rumors.

/
long stocks as well ss by bears, and in the
first thirtys6ve ninuus further decline
ranged from to 81 per cent, the latter on
Omaha common TO 374. For the rexl If
teen minutes there wss a irmer feeling and
| there was an upward resction Ct to u per
cent, the latter for Western UnIou 10 n.
| Part OF this recovery, to / per cent, the
| latter on Jersey Central and Oregon and
| Transco oatineDtal, was, however, lost in the
| next twenty minutes. Tho5gh the market
| msined comparatively steady at 1880
| o'clock, and some stock were run up 10 the
opening prices of he day, namely, Lsckswan-
| rs, Western UnioD, st. Psul, Reading, New
York Central, Missouri Pacific, Canada Pa
| cIhc and Denver, all other stocks were lower
than at the opening prices, and all stocks on
the list We're below clC sing prices Saturday.
Transactions for the first hour and half
aggreg ated 240, 900 shares. After 1890 O'Clock
savage attack was made on the market, the
force of which was direc.ed against Oregon
and Transcontinental, which was steadily
hammered By sales of about 14.000
shares from 644 At 1880, down
to 50, at about l 80 O'CLOCK, but from which
it rapidly IescIed by 2 o'clock to 81. Odt-
side of this stocE the decline in an hour 10 80
o'clock was 4 to % percent, the latter on Cen
trail Pacific, 10 624; Richmond and Dsnville
81, to So; Northern Pacific preferred 8 per
cent, TO 7S; i on common, to 39s; p on
Union Pacific, TO SELL ION Omaha. to 363;
on Louisville ana Nashville, TO 10; II on
L4ckawanna, TO 120; II on Texas and Pa
cifc, 10 25; ST. Paul l 4, to 994; New York
Central l !, TO 1l33; Western Union u, TO
75s; on Missouri Pacific, to 933; Is on
Lake Snore,to 1035; II on Canada p PAcitc, to
524; II On Kansas ana re1as, to 21f; per
cent on Denver, TO 81; per cent. ON Jersey
Central, 10 50, and 10 Oh the remainder OF
the list. From these extreme declines there
was pretty general recovery before 2 O'Clock,
which, in the case OF the Oregon and Trans
continental, as stated above, was per cent,
snd from to on the remainder OF the list.
The recovery, however, left prices largely
below the closing at 2:30 o'clock. In the
last hour the market was at fret weaker, and
there was further decline of 2 per cent. on
Northwestern and + to IL on the remainder
of the lIs;. The latter Tor n 1rthern Pacific
preferred, to 7Ss; and st. Paul, to 9S5, and
II on Oregon anu Trauscontinental. BsIween
2:30 and 2:40 o'clock there was a recovery
of 4(91 per cent, the latter on Northwestern,
TO l2l, bat this recovery was lost before the
closs, which, however, was frmer. In the
fual dealings, Denver sold at 3l@2939302.
Lsks Shore and New York Central were
most the only stocks that were very firm a.
the close. Manitoba WIS weak, and declined
SMALL FAILURE.
The suspension Of the commission aud
stock brokerage house Of Cecil, Ward & Co.
was announced on the Stock Exchange about
2:3O o'clock. A member of the firm states
that the liabilities are between $4,000 and
$40 600.
WHAT THE "PosT" SAYS.
The Evening Post says: "Tbe furry in the
atnck m rlrpt VI 40 ,o.v baaY, iyn nroorass
for three dsys, hiss unquestiouab!y been
brought about mainly by The efforts on the
part OF interested parties TO create alarm;
for the general situation Of railroad finances,
failures OF -Lnsrssntife -besees and @bsBks IN
various parts Of the country had uudoubttd-
ly increased the feeling of distrust that has
been prevalent for three months, and these
circumstances would probably have caused a
gradual decline in the prices Of stocks any
how, but the ruDors refsrred to have precipi-
tated the decli e."
LETTER FROM HENRY WILLARD.
The following letter was read this morning
| from Mr.. Vii ard, president Of the Northern
Pacific, aud explains Itself:
To the Editor of the Evening Post:
Please permit me to correct at the earliest
| possible moment through your columns an
shominable filsehood which appeared IN an
4
day's issue OF The New York Times regarding
myself personally, and the companies l rep
resent. The article alleges that 81 is stated
on good authority that the Willard syndicate
have bought no less than 100000 shares of
| Oregon and Trsnscontinental and Northern
| Pacific during the past three months, in the
effort 10 sustain the prics;" and il alleges
further that "in doing this business of gu s.
tanning they have hat to borrow, it lie
stated, S4,000,000 of exchange from one big
house, and $4,000, 600 from another" l deny
these statements as wholly false. Noue Of
the companies represented by me, or any syn
dIcate ia which L am interested, or myself
| pen onslly have ever bought single share OF
any of our stocks to sustain the mar ket price,
nor has there been single dollar borrowed
| in sterling, mark, or in any otner way for the
| alleged purposes By any of our corporations
or any syndicate in which l am interested, OF
by myself personally. 1 improve this oppor
tunity also 10 correct another falsehood
which has been circulated through the pres:
for some time past, to the effect that the
Oregon and Trauscontinental Company has
recsntly been selling treasury stock. The
company has no. sold single share of stock
within the last four months, during which
time its capital has remained at $4,000 ,00(
uudisbursed. 1t should be understood, msre
over, that the company has never bought any
of it's own stock, nor will it do so as long a
the present Board OF Management CONTROL
its policy. Il. WILLARD.
CONSERVATION AMONG THE BEARS.
Much surprise and some CONSERVATION ex
ists among the bulls OF the stock market con
cerning the steady declination of the market
which has been going on for the past week
Abou. two weeks ago stocks fell with
thump, but before they passed the marke
had recovered itself, anu all fear was dis
, PEELED. The average depression at that tim
, on all holders of stock wss nearly 40 pc
} cent.
WHAT THE BANKERS AND BROKERS SAY.
Well-known brokers and bauSers averre
, that there was really no cause for huctus
tions, as sffairs throughout the country wer
steady aud money was plentiful. This seco1
furry il, therefore, deemed as inexplicabl
as the fret.
, kilograms have been received from Eu
, rope asking the reason for depression.
One Well-kno Sn broker called back: "As
US something essy."
Dfexel, Morgan & Co. said this morning
"We can give no other reason Tor the heav,
market except that there are more seller
than buyers"
II. S. F. Stanton, stock broker, said III
| trouble can be traced directly 10 Jay GoulC
who is endesvoriDg to obtain control OF th
| Willard stocks, consisting of Oregon Trans
coutinsntal and Northern Pacific rairoa
, and Oregon Steamship and Navig alton Con
: pany. These stocks are said 10 represer
interests valued at S3A0,000,000. Norihsr
Pacific preferred, aud New York Central an
ST. Paul stocks have not been rsided 80 as
; affect their posi,ion. Northwestern, Lsl
q Shore, Union Pacific snd few others hsv
been run into, caused, it is said, by orde
from the London market
At the Office OF Fisk & Hatch il was sal
that low prices may have attracted orde
from London. Another broker says: "Tt
9 break in prices to-day was due entirely
II an attack BY bears, as there is nothing ne
:, in the fnaocial situation which would eau
II sharp decline. Many operators boug ut {
= the break Saturday for a turn, but they wei
shaken out this morning and this accelerate
tbs decline" There are the usual rumo
;; aaoat Of financial embarrassment of iudivi
Il uals and firms, but no names mentioned.
ATTRIBUTED TO GOULD.
1t is rumored that Gould has been sesir
N Oregon Transcon,ioen'al from 10 dow, an
l. that the present break ia due to him. Leas
1t ipg besTs stated that The pressure a. ainst u
le market will not be removed unit dlviden'
10 payers break.
National Educational Assembly.
AsRuRY P+<E-Anguss, l3.-The n
A.--~T Educ --zsnal Assembly closed tc-nigt
D, Darire the four days session over fitty a,
se dresses were delivered and papers read 4
., prominent Christian eduea, onalists,
Il
. RutleE's EJ es and BntIer.
II Boston Herald Cav. Buffers eyes a
r somewhat remarkable. One of them, we a
% tolj, ls nesr-sighied and the other far-ais b
led. he puts one close to the page he read