Morning journal and courier., 1885-12-10
EinanIiaI.
An Exciting Day On 'Change-Stocks Thrown on she Market In Large B1scks-CaPitalists and Bulls Come t0 the Rescue So That Hut a Slight Decline is Noted at tho Close.

Thrown on she Market In Large
 BIscks-Capitalists and Bulls Come
 Co she Rescue So That Hut a Slight
 Decline is Noted at tho Clsss.
 New York, Dec. g, 1885
 There was much anxiety in Wall street and finan- cial circles this morning with regard to the course of speculation on the stock market to-day. The death of Mr. Vanderbilt, although occurring after the market closed last night and of course too late to have any effect on values, made many apprehen- sive of a heavy selling to-day, and as consequence brokers hand early perfecting plans to pro- tect their interest in case of any emergen cles that might arise Long before the time for the opening of the Exchange the streets in and around the Ex- change building, notwithstanding drizzlng rain which was falling, were dotted with groups of spectators discussing the prospects and ndulging in speculations as to what the day would bring forth. It was fully expected that the bears would the fact of the death of the millionaire railway king as pretext to attack the list and endeavor to frighten the more timid holders of the Vanderbilt stocks into unloading To offset any speculation by this class of spectators meeting of capitalists, among them Jay Gould, Russell Sage and J. Pier pont Morgan, was held at Mir. Gould's house last night and another this morning at MT. Morgan's. at both of which it fully agreed to support the market. When the Exchange opened the board there filled by anxious brokers, while the public had taken possession of the galleries in anti cipation of lively times. When the formal opening of business announced by the rapping of the chairman's gavel there rush to sell not only the Vanderbilts but the most prominent stocks on the list. Large blocks of New York Central, St. Paul, Erie, Lake Shore, Western Union and Lacka- wanna were thrown on the market in dsmoralz- ing way. Prices gave way sharply, causing great excitement. Brokers vied with one another in the efforts to market stock and the floor presented of the utmost confusion, while the noise of hundreds of threats almost made it impossible to transact business. Notwithstanding the efforts of the larger operators to steady prices the outpour during the first fifteen minutes great as to cause decline of one to three per cent, the Van derbilts leading. All offerings were bought in as rapidly possible, however and by the first call there recovery of 1@ to per cent. The inn provement did not hold, however, and under a newed selling prices gave away gain. At 12:30 the list down from 1 to 31a per cent. from last nights prices, with the tone of the market very fe verish Up to 12 o'clock 730 coo shares had changed Lake Shore ssooo in Western Union, ss ooo in Union Pacific. 19,OO0 in New York Central 5000 in Erie market steadily strengthened under the combined support, it was said. of the syndicate referred ternoon that the bears fearing the tables would be turned and they subjected to disastrous squeeze hastsned to cover, as did also many of those who sold during the first flush of excitement. As re- suit prices recovered steadily and closed with most the feature of the afternoon dealings advancing at an astonishing rate At the highest I point P the stock could be given aside from bidding up by the clique AS a whole the market closed with Q much better feeling prevailing and the day passed without any disaster. Brokers rule agree in saying that it was very fortunate frsn financial point of view that a dozen or more hours elapsed between the nouncement of MT. Vanderbilt's death and the opening of the Exchange. Had it occurred in the middle of the day and the news reached the street suddenly and unexpectedly they assert that it would be impossible to say what the results would have been. Under such circumstances they believe g panic would have snsued that would have brought down a number of firms and repetition of the scenes of the memorable Black Friday. The clos ing prices tonight compared with those of yes terday show declines of A to 11 per cent Lacka- wanna was an exception, however, closing 34 high CT. The specaltes closed generally lower. The sales amounted to 6SS 561 shares.
 Money closed easy at 2per cent
 Exchange closed strong Posted rates 4.841S0 4.87; actual rates 4.S334a4.S4.
 Governments closed firm.
 BUNNELL & SCRANTON Bankers and Brokers