Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1883-10-24
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THE STOCK MARKET.

Rapid Fluctuations In Railroad Securities.
New York. Oct. 22-The changes in
the stock market TO day leaves it gen.
orally higher than that of last Saturday.
Northern Pacific common and Oregon
and Trans.C Continental were 224 per cent.
higher. Oregon railway aud navigation
5per cent, Northwestern preferred 8.
and Michigan Central "a. The only
stocks that are lower are Northern
Pacific preferred Is. and Manitoba "a.
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
little spurt in Jersey Central. Then the
Northern Pacific preferred corner was
pronounced by the bears to be only a
tempest IN teapot; but In both cases
majority of spectators were mis-
taken. and there are some indications
that the success Of the bears last month
has betrayed them into overselling other
stocks. It is claimed that both Union
Pacific and Michigan Central are, to a
considerable extent, in that position, and
there are also some indications that the
fight on jersey Central has not ended
yet. The market opened anxious and
excited. The first sales of Northern Pa.
citic preferred were at Goa COZ @59115
against 5915 at the close Saturday.
Other active shares were all higher III
early trading. Northern Pacific common
ran off to 254 against 27@27115 at the
opening. The dullness in these shares
was due to bear manipulations entirely,
it being stated that prominent opera
tor on the short side borrowed preferred
stock and offered it at easy rates with a
view of 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, tor before 1920
q strong buying movement get in, which
gathered force as the morning advanced.
Wizards were feature. advancing 5ls
per cent. .or Northern Pacific to 81 "a
loR for preferred to 70, sass for Oregon
Trans-Continental to 462l, and Sl5 for
The sales Of Northere Pacific were at
"a ~ @26ls % @274; perferred, 634@62@
62la 66, difference of I@29{ per
cent. The sharp raise and activity in
these shares caused general r.lsh by
|
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 themselves.
1t was rumored at this time that Union
Pacific and Oregon rans-Continental
and other heavily oversoId stocks
were to be twisted. After one
p. m. the excitement subsided, and there
was a reaction of 4@1 per cent. in the
general list, and 2td5 per cent. IN Vii
lards. Northern Pacific sold down to 90;
preferred to 6495i and Oregon trans-con.
tinental to 441s. The reaction was due
to realization. Toward 9 2p. N. another
buying movement set in, pushing up
| Oregon Trans-continental to 463s, Union
Pacific to 80, Northern Pacific to 30ll Dc
preferred to 6S11s. and Northwestern t.
:. Sl.2OA. In the last half hour, however
the bears made vigorous attack on tn,
whole market and succeeded il
depressing prices L@2li pc
cent. in the general list and 415@9 pc
cent. in Wizards. The raid near th,
close was engineered by operators who
had been prominent on the bear side fol
some time past, and are desirous 0
checking the Improvement before publ
sentiment changes to the bull side. O.
the other hand. it is reported that th
bull party in Northern Pacific intend
follow up their movement for this reaso
and encourage short sales. Importan
developments are expected in Orego
Transportation, and it is stated that
. powerful syndicate has been formed i
: the stock.