Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-10-18
THE BEARS ON TOP.
A Day of Excitement and Activity at
the New York Stock Exchange
The Decline in
Prices Greater Than on Any One Day
for MOnths-The Cause of the
Break.

New YoRK, October 1.-THE 'bears"
had it all their own way at the Stock Ex-
change to-day The market was more ac-
tive, and the general decline in prices was
greater than on any previous day, trans
actions aggregating 100000 shares,
though the reaction after II O'Clock made
the net decline up to 1870 o'clock very
much less than at the extreme decline at
IL o'clock and y. The general net de-
cline for the forenoon was from } to 81 per
cent, the latter for Oregon Transcontinen-
tai, with the exceptional net decline OF 6
per cent on Oregon Railway and Nayiga-
ton; the extreme decline in this stock
from the opening price to the lowest price
at y o'clock being l3 points. Total sales
of stocks up to y 80 O'Clock, 425,000
shares, propably the largest total for any
halliday in the history of the Exchan ge.
The recovery from the
LOWEST PRICES OF THE FORENOON
which began Just about - O'Clock, was
continued until nearly o'clock. In these
two hours the most important advances
were on Oregon Transcontinental, p per
cent, to 3Ss Oregon Railway and Navi-
CATION / Z, TO 1919; Northwestern u, to
ll71, preferred =, to 1856; st. Paul II, to
95; Northern Pacific &, to 25s, preferred
l, to 594; Lackawanna l, to l133; Central
Pacific /, to So; Lake Shore /, to 9j3 !;
Louisville II, to 464 Western Union ! /,
to rs; Michigan Central Z, to 7St; Kan
sas and Texas, I, to 2l Union Pacific &,
to S64 Missouri Pacific 7, to 929; Jersey
Central I, to 79s; Wabash preferred 3, to
304, common !, to lS4 Omaha common l.,
to 314 Manitoba |, to 1863, with smaller
| advances on the other stocks. In the last
| hour the
MARKET WAS WEAK,
and there was a continual decline until
within about five minutes of O'Clock,
when there was sudden upward turn OF
per cent. in Jersey Central, which caused
| a fractional advance in the other stocks.
| The decline in the earlier part of the
| hour was to % per cent. on all stocks,
with 33 on Oregon Railway and Navigation,
TO 101, with n final recovery to 102 at the
close. The break was due solely to the
manipulators of the bear party, who, by
| their constant hammering, have under
mined confidence and shaken out large
amounts of long stock. The bears to-day
covered over 100000 shares of different
| stocks. The rapid rise in Jersey Central
was due to the comparatively small
| amount of stock aflOat, while the short in
| terest is large. After the close of business as
| high as per cent. was bid for the use o1
the stock tomorrow, when, it is believed
| the bears will be severely twisted. a re
| port is current that some of the
wEALTHIEsT OWNERS OF STOCKS
are interested in movement to punisl
| the shorts, and the intimate relations be
tween Gowen and the Nandcrbilts have
| induced the latter to lend helping hand
| The upward movement in New jersey
| Central Just previous to the close tool
operators generally completely by surprise
and if continued tomorrow will probably
| frighten many of the shorts into covering
The announcement that 100000 in golC
would be shipped from London to New Y orl
byt he steamship Fulda was much com
mented on in financial circles, and is be
Geved to be the precursor OF alarger move
| ment later on. Stocks continued scarce an,
deliveries poor. Many active stocks CON
mand a premium for use. To-day North
ern Pacific preferred lent at Z per cent
and New York Central and Reading a
l-64 per cent. per diem for use.
Messrs. Seligman d Co. have 10000
francs on the way from Paris. At tn
regular board meeting of the Norther
Pacific Railroad Company the action OF tn
Finance Committee accepting the offer {
the old syndicate for SlS,OO0,OOO OF tn
proposed issue of $4,000, 900 second NOR
gage bonds was ratified and confirmed.
WHAT THE ''PosT" SAYS.
The Ercai,g Post say. The continu
ance and magnitude of the decline il
stocks would entitle it to be called .
panic except that it is devoid of the ex
ctement usually attendant upon a panic
There is a general movement to sell. an,
all efforts on the part of the largest capi
talists and hackers and promoters of vari
Gus securities to check the drain seem t
have been abandoned. The principal ele
ment which now restrains the drain {
prices is the fear of the bears that they ar
overselling the market. The fact that seN
eral OF the stocks are loaning at eXtraordi
narily high premiums for delivery on sale
from day to day lends some plausibility t
: this. 1t is argued that in the case
, Northern Pacific preferred, which loane
at per cent. perday premium, that ther
will be Il better supply of the stock fC
loan after the books close Saturday, an
this encourages the selling of stocks Tn
coal shares are still the principal point {
attack after Northern Pacilics. Most
the selling is of Lackawanna, while Jerse
Central and Reading have been fir
through the day, and show no decline fC
the day, and at the close Jersey Centra
advanced suddenly per cent.
STORM IN CLEAR WEATHER.
Reporters of the Commercial Bullet
| called on several leading InanclerS To q
certain the cause of the break, what the
thought of the situation, and what woul
be the upshot Of the trouble. Ii was r,
garded as a storm in clear weather, an
had been caused by the apathy of buyer
and brokers selling because their custom
ers had not made good margins. The sci
ing of stocks during the present eNcit
ment was regarded as a mistake, and som
of the oldest dealers expressed faith in tn
market itself, although they did not pr,
! tend to predict when the present declin
would stop. II was said that there wel
always plenty to attack whenever
showed any sign of weakness, but none {
: those spoken with seemed to regard tn
break OF to-day as Indicating anything lik
4 panic. One leading Broad street oper,
tor pointed TO the rally after noon as a
indication OF the truth OF his argument.