The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-07
f FINANCIAL AND CoMMER cIAl-

SUNDAY Dec. o, 1855.
Tue prominent feature OF stock operations during
tho week was the rise and fall or New York Central.
opening on Monday last In the vicinity or 100, the
price Of this vorite among spectators went up TO
13sz under the pressure Of very largo purchases.
This was succeeded by sudden break on Friday,
when the price declined as low as l2sA. and
by continued depression yesterday the minimum Of
12zx was reached before the end OF the days busi
mesa The causes or this nuctustion are attributed
to different sources On the one hand 1t Ia asserted
that . combination was formed by certain well
known stock operators to put up the price, and that
80 accomplish their purposes reports were put In cir
calation that large extra dividend was to be paid
% or before the annual meeting next week. Having
advanced tho price to q high figure it il charged
that they commenced selling out at great profit and
broke the market with view to buying IN for an
other riso. whether this statement y true OF not,
advantage was taken Of the opportunity to help the
decline by procuring an injunction from the Su-
prcme Court f0rbidding the payment OF the dividend
and also ordering the virtual repudlation of some
six millions Of shares ssued In or the orgi
nal capital stock. On tho other hand II In asserted
that the Erie clique, when foiled In their attenp
To get possession OF the road, disposed OF
their Central stock and put out an ex
tensivo line OF "sh0rts." The rise In price
is aaid the injunction obtained in their interest
alone. The street, however. Ii inclined think that
tho Central combination were equally interested with
them In the breaking Of the MARKET and those who
have suffered by the decline blame both parties alike.
The trsacherous character OF stock operations Is
shown by the fact that when Central was going up II
caused tho failure Of several prominent brokers; aud
now In liza descent IL threatens the standing OF seve
raj prominent houses who were 'long" OF It. One
good effect OF all these sudden uctuatons win DO to
Kill on or drive from the street the careless and rash
class OF BROKERS who do business on small margins,
and are therefore responsible for tempting 30 many
of the outside public Co invest their little all in the
roulette OF the Stock Exchange. Nothing further
had transpired yesterday concerning the Injunction
The success OF this legal instrument in helping stock.
manipulations Is about to be tried, report says on
the Northwestern anu the Hudson River stocks.
The Erie litigation has led to much needed reform.
The movement to compel the registry Of this stock
before dealt at the boards induced the
Joint committee 20 present resolutions requiring the
registry Of all stocks by tho 3lst or January
next as condition TO their remaining the lisr Of
securities called at the regular and open boards Of
brokers' The St. Paul stocks were variable In price,
owing to propositions to consolidate with an ad.
joining road OF account and holders were greatly
dissatisfied with the action of The directors. Fort
wayne preserved very even tenor, responding
family to the wider fluctuations OF the rest OF the
list. Toledo improved on the strength OF dividend
Of four four and half per cent vartousy report
ed from Cleveland as having been declared by the
directors. The Northwestern stocks were weaker at
the close on Saturday on account OF a rumored in-
junction upon tho dividend. After two O'Clock yes.
terday afternoon the price was quoted ex dividend.
Tho rest Of tho railway shares were without import
ant feature. or tho miscellaneous list Pacific Mail
subjected to q severe haumering by the
bears" and the price was driven down to 115a ut
one time. The stock showed great bnoyancy, how
ever, after each attempt and rallyng AZ times from
one to two per cent closed at t1ss<. Tho express
stocks were weak, except Adams, on account or
breaking up of the old arrangements and a threat
cned war between the dinerent companies. Mer-
chauts' Union was particularly depressed. The
quicksilver stocks were generally lower. Mariposa
preferred was steady at q slight decline.
Tho money market worked with healthful case
during the week, the rate call loans ranging from
five to seven per cent, with a moro active tendency
ut the close. The weekly bank statement shows an
increase In loans OF about 900 against an in
crease In deposits OF about $25oO,ooo The increase
In specie exactly compensates for the decrease OF
the previous week. The totals OF the two weeks,
with the differences are set forth AZ f0lows:--
4 o.us 40, ase nsr e,SoxoI oo6 Tpc !, ms