The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-09-23
FINANCIAL AND COMMERCIAL.

manic IN that most erratc Of stocks New York Gen.
trail and "break" correspondngly great in the
general list Affairs move so rapidly nowadays that
1t seems tedious TO attempt any explanation OF the
cause OF the wonderful change which has come over
the street. The facts are all that demanded. The
time for reasoning has gone by, Although the west
ern railway stocks have been the scapegoat hereto
fore for the bear attack 1t was not until last night
that New York Central received their AZ
tentions. 1t was the pivotal point OF the whole
market to-day, and with II turned all the
values in the Stock Exchange. The decline to 1854
the evening previous was the muttering OF the
storm which burst In all its fury midway OF the call
ct the first session OF the board. Central had just
gone down to l95. IL hesitated for moment a.
that figure then broke two or three per cent at
time until 1t touched 170-a fan on extreme quota
tions OF over twenty-five per cent The rush 10
cover short sales caused a reaction, and The prices
ran rapidly up again, the brokers who were DEAF
ing on narrow margins taking advantage of the
chance to sell before it should again eude them.
This scramble to cover induced a rally to lel, IRON
winch, however 1t again went OF TO ISL. Ranyln2
once more it assembled to 10i1s and the 'buis'' who
had not been sacrificed, were growing jublant, when
another break carried 1t to 1876. The special IN
nuences at work III efiecting these changes are
briefly traced in the flying street rumors, that were
thick as 'Ieaves in Vallambrosa." The most pre-.
posterous one was TO the effect that Commodore
Vanderbilt had died suddenly, although those VINO
were secretly selling the stock in the morning had
seen MN safely ON special tram en- route TO
Albany whittier he was gong to carry out consollda
ton. 1t was the gilded scheme Of consolidation
that made the street 80 ready TO purchase
yesterday and this morning when the pros
pect OF an enormous scrip dividend was paraded
before the public gaze Next IN order came report
that an injunction had been issued by the supreme
Court to prevent consolidation the applicant repre-
senting himself as holder Of Hudson River stock,
whose interests were about to be preudiced by the
scheme. This report was treated rather indecor-
ousy by the street, laughed at in place and
was feared Ia another. It's successor was one that
II had not been served in time, AMI that the meeting
took place without interruption while still another
version OF the difficulty said that when the lnjunc
non reached Albany 1t was vacated by one OF
the judges there, and that the dlrec-
tors were allowed TO meet in peace. l,
became pretty certain late in the afternoon that
the meeting had taken place, and the street began
10 think Central was q purchase. 1t was In this
buOyant period 1t touched the highes. figure Of the
reaction But new set Of rumors attacked 1t again
They to the effect that Central to be put in
OF $50 and Hudson River at the same figure, the
former being allowed cash dividend Of eight per
cent. As many brokers were unable TO borrow
money at three O'Clock, there pressure TO sell
the stock, which unfavorable circumstance &C.
Casioned the last and final decline of the day.
The course OF the rest OF the market was
hardly as sympathetic with the decline In the
Vanderbilt stocks until later IN the day, when
they yielded to strlngency in the money market
and to the general depression which was at last the
result OF the great decline in the special stocks
ferred to. Hudson River at its lowest touched l66 and
Harlem 40. The lowest point Of the day for the
other railways was reached on the street after the
adjournment OF the Long Room, the excited crowd
swaying In q mass before the doors Of the Stock
Exchange until near nghuall. The figures thus
attained shown In the list OF street quotations
further on, and as correct 1t possible
10 obtain them in the Migratory character OF prices
The scene In the Stock Exchange had
Na counterpart in the Gold Room, where
the "bears,n emboldened by their success in the
railways essayed sharp attack. This was sud
den the bulls" were taken unawares anu the price
fell to 1875 The latter, however, instantly rallied
and returned the assault, patting the price UP an
eighth per cent at a time, and allowing but few re-
actions until they looked down on their assailants
from the GROWING point OF AK. The "bears" be-
came frightened, and large numbers covered, their
fears being Heightened b. reports that war with
Spain was imminent, as General Scklos had de
manded his papers. Yet cash gold was
heavy IN transactions for the Clearing House.
and the "bulls'' paid from seven per cent,
gold, to neeighth to have their balances
carried. Tie strategy Of the policy which the gold
clique have been pursuing in keeping the interest
rate in the carrying column instead OF on the Dor
rowing side OF the shrewdest kind, ana IS only
commensurate with the skill Of the whole move
ment They have shown that the "Dearsn are at
their mercy and will be until gold comes this way
rom Europe. Several consgnments are now on
GhipbOard and hence many inferred that the "bulls
were giving the market Its last squeeze preparatory
TO gracefully evacuating and adopting the bear tao
nca Whether they have reached The point to drop
from remains TO be seen; but the more confident OF
the bears predict that the elimination OF the price
H near at hand.
In essayiDg the movement against stocks and gold
the bears rendered money exceedingly active.
There panic-like nqulrng for funds long after
bank hours and the most extravagant rates were
paid for turning" stocks, which is the expedlent
for avoiding the charge Of usury and shows that
Wall street can always get around the law when SO
disposed. Ia the ordinary stocks this difference
between "cash" purchases and regular sales was
an eighth to aquarter per cent, but az high as
per cent was said TO have been allowed 10 the case
Of Central and the other high priced shares. The
commercial paper market was stagnant, as might be
expected In such time. Foreign exchange was
utterly demorazed ind notes do not bear quotation
tbs evening. Government securities stood the
storm bravey, but yielded between half TO three
quarters per cent, the 1878 at one time touching
11sH. When given as colaIerals money was had
upon them by the leading government houses at
seven per cent, but the street pad gold interest.
Yhe changes In Southern securities were not very
Important, but they gave way TO the sweeping force
Of the demand current, particularly for the more
speculative bonds.
Late this afternoon the following special despatch
was received from Albany. 1t clears up IN mea.
sure the M sery attending the action OF the direc
tOra-
the directors OF the HUDSON River and Central
RAILROADS net here to-day and agreed to submit the
question OF consolidation TO the stockholders to vote
upon as required by Law within o few days. The
terms arc not inlie public, but 1t Is SAID Hudson
will be favoraDiy dealt with. rCnOr putting Il
into this consolidation ut 1876, whiie Central Is