The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-08
FINANCIAL AND CONNER GAL.

TUESDAY, Sept To p. M.
The activity inaugurated by the speculation in the
Gold Room has been followed by the greatest act.
witty IN the stock market, where the excitement to
day was only equalled by that which prevailed yes
terday in tie Gold Room. The spectator WHO re-
CARDS the stock market from distant standpoint,
from which all the numerous little counter currents
si speculation are lost sight Of, Will see in the general
situation that the professional operators and cliGues
have been short OF stocks ever since the end OF the
spring rise, when they unloaded upon the public.
The latter have supported prices throughout the
summer, and have, In fact, advanced them, the i'm
petus gwen by the chques being so great that
Its propulsive force carried stocks even fur
Their than they wished them to go. Now the
heavy operators composing these ciques are
back from their Summer rust,cating and the
market yesterday felt the first effects OF their pres
euce They are with few exceptions, on the ''bear"
aide and the street on the ''bul' side. The eXcep-
tons are for few Of the railway stocks, which,
oeng in for scrip and cash dividends, are held of
the street and allowed to decline only sufficiently TO
tempt ''bearn sales but not to allow the covering
thereof The movement was started with ROCK
Island. To-day 1t was followed up with Michigan
Southern Tor Lake Snore which declined to l0l on
the discovery OF the fact that the New York Central
Railroad Company had thrown upon the market the
Lake Shore stock which they received IN exchange
for the Buffalo and Erie stock surrendered for ex-
change under the terms OF the recent consolidation In
many quarters il had been strongly suspected that the
Michigan Southern alliance with Erie was a ruse,
or at BEST threat to force New York Central into
beters terms of consolidation, and hence the price
hesitated SO long after this intelligence was made
public. But the sale Of the stock to-day inter-
preted to mean war between the two parties, the
Commodore standing on his dignity and refusing TO
make any overtures TO the Lake Shore directors.
panic in the stock of the latter would have been the
consequence had not the directors come to the res
cue and purchased The cliques enact the farce OF
q quarrel so often to impose upon the public that
something Of the kind might be looked for just now
were not the signs OF a rupture so open
and visible. The Lake Shore people conceived
they possessed the power to dictate In the matter of
a through line between New York ana Chicago. The
New York Central party were unwilling to acknOw-
ledge this supremacy, made through contracts by the
Michigan Central and the Canadian road cast the
Lake Shore stock on the market and have left their
opponents the only alternative OF rafyng the agree
ment with Erie. The Lake Shore books closed quite
suddenly yesterday preliminary to a vote OF the
stockholders on such agreement the terms OF which
were published some time since. The vote Will also
be taken for the purpose OF ratfying or reject
ing consolidation with the Wabash Railroad
The movement against the stock market was as
sisted by the sudden stringency in money, arising
for the most part from artificial influences. and from
the activity brought about by the shifting Of loans,
the calling IN OF gold and the like by the banks pre-
paratory to the statement for tomorrow demanded
by the Comptroller of the Currency. The showing
on the item OF specie is looked for with great In
terest there is general impression that the spe
Gle actually held by the banks will become small and
beautifully less" as compared with the figures Of
the weekly statement OF Saturday last The strin-
gency was so great that seven per cent gold interest
(Which is construed to be legal was paid almost
universally on new loans. Old loans at seven
currency were not as a rule disturbed. Even on
governments seven per cent was freely paid. Did
not the fear Of the law deter lenders usuous rates
could easily have been obtained. AS it was there
was a difference OF an eighth between cash and
regular for the higher priced Stocks and after bank
hoars stocks were turned" for eighth per cent.
Some accounts were made up until good while
after three O'Clock. This state OF things easily pro-
duced general decline on the Stock Exchange, and
at one time stocks were pressed for sale with great
eagerness. There rally at the last board, when
prices closed as folows-Cumberland, so a 3s; West
ern Union, 364 81; Quicksilver, 14a bid; Marposa,
7aP Marlposa preferred II bid; Pacific Mail, 1914
o 1885, Boston Water Power, Is bid; Adams Express,
Sex a 56&; Wells-Fargo Express, 1s1l q 1914;
American Express, 3e11 bid; United States
Express, e. a 6S4; Merchants Union Express,
10 bid New York Central, 2034 2O34;
Hudson River, Isl a 1853; Harlem, 15s;
Reading, 964; Michigan Central, 1851 a 100; Lake
Shore, lO1I 1902; Illinois Central, 1877 14O;
Cleveland and Pittsburg, 1885 100; Chicago and
Northwestern 1917 79.; 90. preferred, SsI o So;
Cleveland, Columbus and Cincinnati 1874; Rock
Island, 1l14 111A; Milwaukee and ST. Paul, 7634;
do. preferred, s5A a Sc; Toledo and Wa
bash rs a so; Fort Wayne, ssX; Alton and Terre
Haute preferred, 81 bid; Ohio and Mississippi, 81.
o SIX; Delaware and Lackawanna, llO1s bid; New
Jersey Central, 1O41s a 1o41; Chicago and Alton,
$50 1853; do preferred, $50 1884, Morris and Essex,
IS ssk Hannibal and st. Joseph, 123 124; do pre-
ferred, III bid; Columbus, Chicago and Indiana
Central, 33H SAX. After the board prices again
went or but upon the presumption that money
must become easy tomorrow and Thursday, owing
to the disbursements in payment OF the $30O0,000
bonds then to be bought by the government, there
was q reaction toward the close, Central recovering
to 2Oe and the general list fractionaly. The follow
ing shows the range OF the principal stocks to-day
Highest. Lopest.
New York Central. 206 z02%
Harlem NEUTRALITY-SUSPICIOUS.. l5S 15I
hudson hlVef.... leZ1a Isl
Reading ACKNOWLEDGEMENTS. 96T 95A
Michigan Southern. ........... 103 10lA
wabash. ACKNOWLEDGEMENTS. eO rs
fuJsDufR... sass. lU9 lOo
Northwestern. ................. s0I 7sK
Northwestern preferred....... 904 IS
Rock Island. ................. 1928 1l1A
Fort Wayne................... SoA b6
Milwaukee and st. Paul.. II. 75X
Milwaukee and ST. Paul pref. s6k IS
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