Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-10-23
A "BEAR" PANIC.
Another Day of Activity and Excitement
on the New York Stock Exchange.
The Harket Evidently I'm the Hands of
BuIls"-DeveIoPmen Looked For.

NEW YORK, October 22.-This was an
other day OF activity and excitement on
the Stock Exchange, in which the bulls
scored another decided victory. The
market was somewhat irregular, but the
changes leave it generally higher than at
the close Saturday, namely: Northern !
Pacific common /, Oregon Transconti-
mental q, Oregon Railway and Navigation
5, Northwestern preferred 8, Michigan Gen.
trail Il, Canadian Pacific II, Cleveland, Col
umbus. Cincinnati and indianapolis 2f,
Long Island ,, Louisville and Nashville l
and st. Paul and Omaha preferred l. The
only stocks that are lower are Northern Pa
cific preferred and Manitoba !. The turn
in the speculative temper of the market,
which began last Thursday, is developing
new forces from day to day. At first the
preponderance of popular opinion was
that it was only a ''little spurt" in jersey
Central; and then the Northern Pacific
preferred corner was pronounced by the
"bears" to be only a tempest in a teapot,
but in both cases majority OF the specu-
lators were mistaken, and there are
some indications that the success of
the "bears" the past few months has
betrayed them into some overselling of
other stocks. 1t is claimed that Union Pa
cific and Michigan Central are, to consid-
cradle extent, in that position, and there
are also some indications that the fight in
Jersey Central has not ended vet. Ii is
understood that the Reading party have
taken about 25,0O0 Jersey Central for
transfer last week, and it is not improbable
that there may be further developments
in the struggles in that stock, notwith-
standing the present appearances of it
having been settled. The point OF Cowan's
answer to the suit of VIM. B. Dinsmore
uyac tho pappsvlyanio rood x-os nipc
more's backer, and that all efforts to an
| nul the lease, and also to depress the
| stocks of Jersey Central, originated with
| the officers of the Pennsylvania, whom, he
charges, are short of Jersey Central.
| THE MARKET OPENED ACTIVE AND EXCITED.
| The first sales of Northern Pacific preferred
were at 6Otd604@59l, against 50! at the
close Saturday. Other active shares were
| all higher. In early trading Northern Pa
| cific common fell off to 25S, against 27G,
| 274 at the opening. The dullness in these
shares was due to ''bear" manipulations, il
being stated that prominent operator in
the short interest borrowed round lot OF
! preferred stock and offered it at easy rates
with view to creating the impression
that the stock was more plentiful and not
wanted. Owing to the closing of the
books, the weakness was of short duration
| lU.OO u Il
| movement set in, which gathered force a.
the morning advanced. The Willard.
were the feature, advancing 81 per cent
for Northern Pacific common to SIT, 10!
for preferred, to 30, 81 for Oregon Trans
continental, to 463, and 81 for Oregon Nav
igation, to 110!. Cash sales of Northern
Pacific, 274G26b@274 preferred, 634@6.
@72f@66, difference of fG2a per cent
The sharp rise and activity in these share
caused general rush by the "bears" 10
other active stocks, and the excitement a
one time was intense. About midday
there was
REGULAR GEAR" PANIC,
and the shorts, in their anxiety to cover
rushed prices upon themselves. 1t wa
rumored at his time that Union Pacifi
and Oregon Transcontinental and othe
heavily oversold stocks, were to be twist
ed. After l o'clock pm. the excitemeI
subsided, and there was reaction of la
per cent. in the general list and 2@5@ pc
cent. in Wizards. Northern Pacific sol
down to %; preferred to 64s, and Orego
I Transcontinental to Az. The reactio
, was due to realIzations Toward o'cloc
} pm. another buying movement set il
: Western Union moved up to 76s, Orego
| Transcontinental to 46s, Louisville an
Nashville to 49l, Union Pacific TO S!
Northern Pacific to 4O4, preferred to 6S.
and Northwestern TO 1909. In the last ha
hour the "bears" made vigorous attack
on the whole market, and succeeded i
: depressing the market to % per cent. j
y the general list and 1909 per cent. in vi
lards. The raid near the close was eI
: gineered by operators who have bee
prominent OH the "bear" side for some tim
past, and are desirous of checking the in
proyement before public sentiment change
to the "bulr' side. On the other hand, it
! reported that the "bull'' party in Norther
s Pacific intend to follow UP their movemer
. in stocks, and for this reason encourae
' short sales. Important developments al
: expected in Oregon Transcontinental, an
r it is stated that powerful syndicate ha
. been formed in the stock.
I WHAT THE ''rosr" SAYS.
i The EceRing Post SAYS: There are as V,
no signs that the general public, outside
Wall and Broad. streets, have taken an
considerable part in the market. Holder
of Northern Pacific preferred in near-b
e cities have sent it in and sold for cash an
: bought for regular delivery, and there hi
e been an increase in Philadelphia dealing
e in Jersey Central, and TO some exteI
in other shares; but on the whole til
; contest is still almost wholly between IL
opposing factions here in New York. II
> outside public never sells short it do,
not take kindly to that method and whe
not on the bull side, is not in the marke
AS to whether the public will begin
buy depends upon whetherth bull oliqr
can show their ability within the next te
days to advance prices and to sustai
them"