Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1883-08-15
RAILRRoAD BoNDs-Weak.
STATE SrcrRIrIRs-Dnll

RAILRRoAD BoNDs-Weak.
STATE SEcURITIEs-Dull.
SrocKs-The market opened 4 to ~ per
cent lower than at the close last night for
the general list of active stocks, the largest
decline being on Wabash preferred and
Omaha preferred. The pressure to sell was
at first only moderate, but was soon in
creased by heavy short selling directed
against Lackswanna, st. Paul, Northern
Pacific preferred, Oregon and TRANSFORM
mental, Lake Shore, Union Pacific and New
York Central. The effect was to bring out
pretty large amounts Of long stock Of the
last six of the above, under which they all
declined, carrying the rest of the market
with them and causing considerable
amounts of other stocks to be thrown upon
the market. Among these was Bur.
lington and Quincy, which declined
~ per cent. on sales of only about
nearly all long stock. The extreme decline
was reached about 1880, at which decline
on Oregon and Trans Continental was AZ,
Burlington and Quincy %, Jersey Central
~, Norther Pacific, common and preferret
~, Pacific Mail ,, st. Paul IL, Western
Union ~, Lackawanna IL, Illinois Cen
trail 4, Lake Shore ~ and Wabash Ia
From these extreme declines there was
general and very rapid recovery by eleven
O'Clock, ranging from 10 81 per can't, the
latter on Oregon and Trans Continental to
615l, and from that time until twelve
O'Clock the market continued firm, an1
there was an evident recovery of conf
dence, not only as regards the day, but
largely also as regards the prospects for the
future of the general market. This
was in some measure due to the
belief that the break was artiticially
produced, and that without the
hammering of the bears the market
would only have continued dull and com
paratively steady. This was the general
feeling up to II o'clock, at which time the
suspension Of George w. BallOu x Co. was
announced. The news of the failure at
first caused decline OF q to Il! per cent.
in the market, from which it reacted in
twenty minutes "a to IL, the latter Lake
Shore. At 1870 the market was at the
highest prices OF the day for a good many
stocks and strong but feyerish. The total
sales up TO 1890 was about $4,000 shares.
After II: 80 the market was at first stronger
and there was an advance from y to X,
the latter on oregon and Trans Continen.
tai, with ~ on Wabash preferred, on
Northern Pacific, on Union Pacific, = on
Wabash common, and less than * on
the rest of the list These changes
left the market a little lower
than at 1890. About this time also were
began sales for the account of Ballon Il
Co and during the day lS,iOO shares OF
stool; and 81, 900 in bonds were closed out
COR account of the firm. The majority of
the stocks closed out were bought in on
short account and Balloons company state
thai the great bulk of their liabilities were
ON short sales. The stocks bought in for
their account were Oregon and Trans Goa
tinCntal, coo: st Paul, 400; Lqckswanna
500; Central Pacific. GOO; Reading, 200;
Erie. 500; Mutual Union, 100; New York
Central, 200; New Jersey Central, 20; Wa
bash preferred, LOO; Lake Shore, 800
Northern Pacific, 200; Texas and Pacific
1870; Louisville and Nashville, 2DJ; West
ern Union, $40, Union Pacific, 2,i0Di Wa
bash, 100; Kansas and Texas, 100; R1ches
ter and Pittsburgh 100. The feature of
the market in the last hour was de
cline of 81 per cent. in West
ern Union to I24. This was
a puzzle to the street, as the stock had
been pretty well sustained all day, the
largest previous decline being IL in the
earlier part of the day. The explanation
given Tor the break was that large num-
Der of stop orders were in the market,
which the bears discovered. After the
bear pressure was removed the market
moved up again, clearly indicating that the
undertone is much stronger than generally
supposed. The net result of the days
business is an advance over the closing
prices OF last night for the great ma Ority
OF stocks. The following stocks we're
higher at the close to day than yesterday:
Alton and Terre Hauts l@3j5, Union Pa.
cinc IL, Colorado Central / :, c., c. e. ~
LEX, Central Pacific, *, Erie <. Mis-
souri, Pacific 4, New York Central ~,
Northwestern /, Rock Island ~, st. Paul
IS, Omaha /, Manitoba and Wabash IS
Aside from those mentioned all changes
ND or down were even and Only fraC-
tional.
Evening Post says. "The majority Of
operators are inclined TO believe the mar
ket has touched bottom, at least for the
present, although it is apparent ii is now
more subject to manipulation than at any
previous year and though there is nothing
in the general state of business to cause any
very important further decline, some VIC.
lent fluctuations are likely to be caused yet
by artificial means. The widest ruinOrS
were current as to the extent Of the failure
of Balloons " Co, and its cause. At the
office of the firm one Of the partners SAID
New England customers had failed to re-
spond 10 calls for margins. AS 10 the ex-
tent of the failure, no Information could
be obtained from the firm, but on the floor
OF the Stock exchange IL was OelitNeu plVp'-
600 would allow the house 10 cover its
losses. The firm is very positive in deciar.
ing that everything will be made right as
soon Us its customers can be reached and
that business will be resumed within
day or two. Many timid
brokers who saw the wild rush from Broad
street toward Wall in order to get the
truth from the firm, believed that the
Wort predicted yesterday by the bears as
10 he final collapse Of the market was
4bou, to happen Frederick l.. Falcott
said lie locked upon to days business in
Wall street as marking the beginning OF
feveIish period during which stocks might
sink lower than at present followed Dy
strong upward movement lasting all win
ter. There was no reason in the world
why any panic should be feared, the bust
ness Ct the country being in excellent con-
ditiun and the outlook for large export
trade Of grain being unparalleled. the
conditions which preceded the panic OF -
are all absent Brayton Ives said he did
not believe the failure of EallOu Il 60.
would affect prices unless it was 10 send
them UP. The usual effect OF snCh failure
was, of course, bsd at the moment, but there
was no reason to believe the winters bust
ness would not be such as to force flow OF