The New York herald., 1869-02-17
FINANCIAL AND COMMERCIAL.


,po thaI me sharp decline IN the stock market to
nav is the nrst tirn In the tide against those who
have 50 t0ng Upheld the prices ruling since the ad
vent OF the new year. IL VIII be remembered that in
the sudden impetus given 10 stocks at that time the
ingenious and vast schemes OF the cliques VINO
tro the street were OF iattering q character
induce the bear portion OF Wall street to abandon
their racsics and for the time become bulls. The
open winter the approach OF a heavy spring
trade. the prospective early completion OF the
Pac,ac Railway and the incoming OF Gene
raj Grants administration largely counted
upoa influences in favor OF higher prices for pro-
pery IA general and railroad property in particular.
These Influences were, In the enthusiasm OF the mo
Inent gwen too much credit and their beneficial
effects oyerrated in the tendency to discount the
future which underles the speculative feeling OF the
hall side or Wall street. Stocks suddenly car
ried up twenty 10 thirty per cent TO figures repre-
renting values which few were surprised at, so
unanimous was the feeling In iavor OF the apprecia-
ton Prominent In producing this advance were the
famous Erie Clique, who, with unlimited credit
were enabled TO purchase and carry vast amounts
of such stocks they selected for their
operations. Prices renamed ut these high
quotations FOR long time until the cliques
were thoroughly "loaded." Everybody was noto-
riousy long'' of stocks in which Situation buyers
became fewer aud the reiapsed into the dul-
ness which has been so noticeable during the past
week. There being no new purchasers prices could
10 higher and 1t then became question OF selling
Meantime feeling of distrust commenced topenetrate
the street, based upon the failure OF the numerous
Erie enterprises. The instinct OF those VINO had
been originally sbears began reassert itself, and
depressing influences were canvassed, II not origi.
nated 1t is no secret that conspiracy exists among
those who suffered by the Erie clique last fall whose
rh
wreakng it seems to have arrived. and to-day the
gave the first signs OF the war which is to be
waged between these two parties The activity OF the
money market noticed yesterday was aggravated
to-day ana fun rate OF seven per cent was the
ruling rate in call loans. In some instances o COM
mission was paid besides while IN Others gold inter-
est was exacted. The activity Is accounted for by
renewed shipments OF currency 10 the South, but
evidence was not wanting to-day that several large
houses were contributors to the scarcity by calling
In OF shifting loans. The effect upon the stock mar
ket was Of a serious character and semi panicky
feeling prevailed az the close, prices falling OH from
two 10 four per cent as compared with those at the
close OF the day before when there had been already
decline from previous prices. The street s sensitive
tonight, especially as the Clique who control the
market and Dotoriolsly s'l0nyn OF stocks
fighting most desperate game in the gold market,
where they buoying up the premium by main
force, sor the evident purpose OF preventing gen
eral DROP IN ali the markets. Their ability to do
tats much longer is now extensively questioned, as
the further rise In American securities abroad tends
a. SUI greater shipments OF our bonds, with the
eventual result OF creating decline IN gold The
wide range Of stocks known be IN their posses
slon has been recently enlarged By compulsory par
chases OF Pacific Mall The falling OF which they
were compelled to stay, that iss course might not be
r..
afioat the street is also in the dark; but II is
mated that the recent operations could not have
been carried on wuaout the creation Of more stock
and that some seventy or eighty millions OF Erie
certificates are at present hypofhecated security
fur the money thus procured. The 'bears' predict
''hrst class panicr aud were gloating tonight
over tine prospect OF a crash IN Wall street. Their
opponents silent and thoughtful. buI not alto
geiber without the hope the present raid only
!, temporary one-or SCOOP as IL is technically
ealod--to frighten weak holders out Of thcr
socks 10 The benene of The "shorts.r The
iaiter, however, are few IN number TOO few.
io iacr--to precpitate sudden drop as
took place to-day. Their absence IRON the market
an element Of weakness. for, without them should
prices .oreaKu there would be no telling az what
depth they woud stop. Sucl is the situation of
anaigS tonight. Many an anxious stockholder
awaits the ulOrrow. The closing prices al the last
opcn board as folows:-American Express
Company, % a A.; Adams Express Company, 6iis
10; Quicksilver, 22ls 23ka; Canton. S. 50; Pacific
Mail ny 4; Western Union Telegraph. 30sS
L $50; New York Central, 16lts a l6lA; Hudson
River, i35 . 1885,; ReadiIg, e2l. s2ss; Chicago
and Alton ls5 l5.: Chicago and Alton preferred,
l5s1s a I5s: Bankers and Brokers, l06 log; Alton
and Terre Haute,3s 3ei4; Alton and Terre Haute
preferred o5 bid; Toledo and Wabash 65 a 65ss; To
va & anL.a -
ram, e5 a c5s4; Milwaukee and 81. Pau preferred,
7ch u; Fort Wayne, iI7Jl ii7ss OHIO and Nissls
supp, 33st a 33ls; Michigan Southern, s3l4 a31s;
Illinois Central, i4s las: Cleveland and Pftshnrg,
0s1s a9l; Cleveland and Toledo, l04l4 1o45S; Rock
island l27;s i2s; Northwestern, s21s s2; do. pre-
ferred, qo5. eOi.; Boston Water Power, is 1e;
hsrposa, a 10; do. preferred. . 2s,i; Harlem,
IT'S l352; Lake Shore 1Osls l04&. The market
subsequent street transactions wac stu further
declined. The closing quotations appended %
The list OF stock sales In the adjoining column.
Government bonds were steady at the opening,
eut with the activity IN money and the absence og
any news from Europe. holders began 10 realize,
and the market became excited over a decline a.
n had previously been over the advance. The usual
cable telegram not forthcoming, aud 'uo news,
beng ''bad news there was pressure 10 sell
especially as many felt tnat might
have been suppressed to keep back unfsyorabie
reports. when IL did lnal'y come, about half.pasi
four O'Clock, announcing the advance of i've
tweutics IN London TO 70, there was another rise In
prices which threatened 10 reach the best figures
thus far attained until second telegram announced
relapse to 7s9,. In the decline referred TO 'oss
Hold down 10 nos. At i've O'Clock the market wa.
unsettled and changing, making it dinlcult 70 fix
quotations. The closing street prices were as ioi
lows:--Unitcd states skies, 1881, registered, IL
do Ite
iwentes, registered, lils liz; do, coupon.
lsa2. li5 il5ls; do, 1854. ma ulgs; do.
tsC5, il3 Il Il3sI; do. new, 1ss6. l1oS n nos;
no.. 1867 lioAa llOs: do. is6s III. Ili.: do.
ten.iortes. registered, lO3A 100; DO, coupon,
ITO a II0A; currency bonds 1915. io1 4.
The failure Of the cable elesrams TO cone tbrouga
On time, coupled with the heavy tTansactons wnic,
took place in the interval created ,he suspicion that
the delay was the result OF speculative interference