Evening journal., 1889-05-18
OLD BIRDS WELL PLUCKED
Wall Street Caught by a Thirty
Point Rise.
IT WAS A CORNER INDEED.


Oregon and TranscontinentaI Stock the
''yictim," and the Deacon's and the Tor-
eign Houses are Very Cleverly Cap
tured.
New YoRK, May ls-Wall street has re-
gained some Of it's old spirit. The Stock Ex-
change has real life again. Months of dull
ness and stupor, with no glory but in remi-
niscence, were rounded Off with liveliness
worthy to be compared almost to the best OF
the historic days Wall street had "corneI-"
II was hardly corner 10 be celebrated
years hence, perhaps, in Commodore Wander
blt's famous coup in Harlem, or even beside
John Duif's later pyrotechnics in Hannibal
and St Joseph. But it was a corner for all
that AID quite a respectable corner, too, so
far as its financial and speculative conse-
quence was concerned. And some of the
most notable OF Wall streets latter day
worthless were caught in it, squeezed in 1t and
left by It rather the worse for wear, limp and
forlorn
A Contest for Supremacy.
This corner was in the shares Of the Oregon
and Transcontinental company. The bitter
ness Of the fight for control of this property
upon one side Of the contest being Henry
Willard and the Northern Pacific railroad,
and upon the other side Eli iah Smith and the
Union Pacific railroad. For some days and
3 per cent, an exceptionally heavy premium,
had been paid for stock deliverable in time
for transfer in preference to stock worth only
its intrinsic value regardless Of voting rights.
| lu Tburaf1au pffyhf "a fiptt dali lIp
in time for transfer, was 81 while later
deliveries were at about "a and 35 This
showed how anxious the contestants were
and that they were willing TO pay literally
| for victory. But the opinion was generally
held in Wall street. that this dilferance in the
quotations was the height Of what would be
accomplished; and, indeed, beside recent
Wall street movements it could be made
TO appear Of pretty fair dimensions.
Rumors of Squeeze.
Suddenly rumors began to go flying around
representing that some OF the most conspcu-
GUS speculators of the street had been caught
short of big block Of the stock and were
being squeezed The two parties contesting
for control had scooped in every available
share of stock in the street, and neither side
would permit certificate to leave its own
hands, fearing sharp practice and treachery
that might affect the election. Traders short
Of stock going to Mr.. Willard or Mr. Smith
for certificates were alike repulsod Sud
denly dawned the idea that corner had
been created.
Rose II by Magic.
hurrah came quickly. The whole Stock
Exchange horde crowded into one crowd
and all with one intent and one voice began to
bid for cash o. I. II leaped from 40 to A il
fell back to 43, and jumped to AS, and crossed
90 The Stock Exchange was in an excite
ment unknown for more than one year; the
trail" was crowded and the galleries were
filed with hatless brokers and clerks who had
hurried into the Exchange to witness the re
markable scene. Nething else was heard
anywhere in Wall street 80. T. y "a corn
err "Villard," Elijah" 'Old times,
"Where is it all going to endF So rang th'
stringing echoes from the tempestuous din.
transactions Must End.
! But the hubbub was only beginning. From
so it went up to SO, pirouetted around 50, an,
then at one jump cleared to 60 and stood a
, "a and a fraction, ready apparently TO g
: sKimming across IS OF even TO par.
! But-thumpi-down comes the gavel o
the Stock Exchange chairman. Transaction
! must end; business is over; the corner is don
for-for this day, at least, and 0. I. stock i
selling the regular way at 35.
Russell Sage One of the Lambs.
Who was hiti Well, the list has some dis
tinguished names in it. At the head stand
the venerable Russell Sage, who, Of course
doesn't care for the picayune loss of few
thousand dollars, and beside the good man il
the great man. the other deacon of the street
S. V. White, who lately has been proclaiminl
that nothing was any good. Oregon Trans
continental sold short at "a and covered a
GA. The loss is a merry one. II the deacon
were really short, as the street stories hav,
it, 1000 shares, the statement that he took K
dinner was something like this:
For knowing so much................... S6OOO
..Foreign Houses Caught.
Many of the big foreign brokerage houses
were caught badly in the corner Foreign
holders Of Oregon Transcontinental cabled
over here orders 10 sell out their stock lately
sending word that the certificates were com
ing by the next steamer Having sold tn,
stock as ordered, it was necessary to borrow
: certificates here for delivery pending the ar
rival of those sold. Yesterday all borrowed
stock was called in because Of transfer ofic,
emergencies, leaving the foreign brokers
: practically short, with nowhere to oh
tain assistance. Their stock arrived yes
terday, one day late aud meanwhile tn,
brokers caught in the trap had to pay
pretty penalty.
sTr. Willard on Top.
An official statement given out at th
: transfer Office Of the Oregon Transcontinenta
company showed that Mr.. Willard has owe
half Of the stock Of the company on his side
that out Of the capital stock Of 400, 900 share
he holds or controls POL 200 shares.