New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-10-06
BOOMING md BANGING STOCKS

BIGGEST DAY or THE YEAR-NEw-ENGLAND AND
WESTERN UNION DowN-NOT so OTHER STOCKS
Wall Street looked back in vain over its records for
the last year to nn day which the transactions in
stocks at the Exchange equalled those OF yesterday
II was busy day for brokers' messengers. clerks and
customers and the market boiled and seothed through
out business hours 1t was a decided relief Tor
many hoarse and weary brokers' who had been shout
ing all day long, buying and selling shares. when the
gong sounded tor trading to cease at 8 o'clock.
1t was bull market in 81 te OF some EXCEPTIONS
and that always puts the Street in good humor no
matter how many shorts " are BADLY hit for when
the public trades on large scale it trades for rise
and only the hardened operator bear the specu-
lation with comfort and clear conscience. New-Sork
and New England got black eye dropping over o
per cent from the na figure of Monday and closing at
Ga The setback gave much JOY to the persons VINO
have been protesting and predicting reaction since the
stock left the forties. 1t let down so rapidly in
the first hour that brokers thought the decline
was only SCOOP" while others looked upon 1t as
only natural rebound from advance OF fifteen to
twenty points in few weeks There was no news to
the decline and there every prospect that the
merger scheme described in THE TRIBUNE will go
through easily when tho time Is ripe The talk OF the
possibility OF building new New England outlet u
the i've chief roads of the Hudson River combine
had no influence general dealers. who considered
that such rival would have slim chance against the
Western Union stock also had drop OF per cent.
but il later recovered half Of that loss Tne general
opinion was that this only natural reaction,
though selling caused by the Ohcal denials
OF telegraph settlements i'll yesterday TRiBINk by
persons who had bought on that theory. The talk
is that the advance OF Monday was made on the
i'm rowing financial condition of the property and en-
1husiasts predict par for the stock eventually Pacic
Mali was weak various bearsb rumors, but there
was actual news develop ment.
But il these stocks disappointed buyers at the top
the reve OF the rest u the market went on without at
tention to their woe. The "coalers showed ds-
position to shake oil the last unfavorabe impression
of Governor PattisOn's attempt to boom Chauncey
Black anti-monopoly, knock ck-everytmng- into
smitherecns" platform. The announcement OF the
appon of Austin Corbn as one OF the receivers OF
the Philadelphia and Reading Railroad was received
IA evidence of the smooth and gradual progress OF the
reorganization scheme This strengthened by the
that Mr. Gowen would not oppose the grant
ing Of decree OF foreclosure If the court would allow
ample time TO demonstrate whether foreclosure Is
necessary or not. The reorganization party are un
willing to resort to foreclosure except as the last re-
source, but they wish to be armed with 1t so as TO De
able whip in rccacitrant security yhoders The OBJ
lection s that II might jeopardize kead
ings charter. which comprehensive and liberal
that ends of the property say 1t would be worth
SO 900 900 in cold cash to any company whict could
get it, W. n. Cohen, who has charge OF Reading legal
matters in LAWYER Lauterbachs absence sad yester
day: Mr. Lauferbdch Mr. Gully and others are III
Philadelphia arranging details of the amended plan OF
reconstIictlon Everything is making progress, as
could we'll be otherwise when tn. syndicate and
it- friends majority OF the bonds guess the
bitches were made nv people who want TO get some
Ct the bonds or the stock cheaper" The Reading plan
will probably be published the latter part OF the week
and assure an income bond for the assessment on the
stock. 49,
The biggest advances yesterday were made br Mis-
souri PaciHc. Wabash preferred and Canada South
orn Points" were thick about the hIs-nan"d
stock oil coming " melons III The waV OF vaiutole
r hts on the construction of lines TO he offered To
stockholders and of a distribution OF 81 900 OF
stock at par January ]. The movement IN Wabash
was said by gossip to he due the progress which the
Gould party claim they making toward reorganf
zation After the bull feast OF the day com
indigestion III the speculation.