The New York herald., 1869-12-16

The stock marke; was feverish and irregular, and
gave token Of clique manipulation. The decline
OF the present week Is only q portion OF the pro-
gramme which was entered upon at the beginning
OF the month"; when the various stock combinations
and rngs finding that the general DRIFT OF the money
market was TO ease and abundance In the winter
months, decided on an upward movement. It should
be remembered that the great success OF the cques
lies not in one steady, deliberate ana persistent
EFFORT, but IN series Of fluctuations, which AFFORD
the opportunity for profitable intermediate turns.
Were tie movement ever steady IL would
close out the short interest and drive or the bears
on whose opposition depends 50 much OF the strength
OF bull campaign. slow appreciation, inter-
spersed with frequent "breass,u keeps the short
interest also fresh While doubling the proBts OF the
bulls Thus Il it Is the intention to put North west
from 70 TO 90 the net profit would be only 20 per
cent by q steady operation, whereas oy the system
OF putting the market up and taea dropping it
again, and repeating the process, the 20 per cent be-
CONES 40. so or even 90 per cent The outsider who
goes In az 10 and realizes at 90 thus makes
only half or a third Of what The cliques
make, II, indeed, some shrewd "milkinsn operation
has not frightened him out AT much smaller profit.
The moneyrnarket IN the hands OF the cllques who
have taken advantage OF the accident OF outside
has been skilIuly used the past few days for
one OF these intermediate turns. The whole list
was, with few exceptions weak and heavy. Lake
Shore which, now that Northwest has been squeezed
dry, Is next on the programme was sirong, ,undcr
reports that the stockho ders will defeat consolida
ton with The Wabash road. st. Paul also
resisted the general depression anu was the
soonest TO revive when the general market
manifested any disposition TO recover. The
Vanderbilt shares were weak and lower
The following were the closing prices OF STOCKS at
the last session OF the Stock Excnange:-Canton,
50a y 52&; Cumberland, 26]s 265S; Western
Union, 3iS S47s: quicksilver, 1914 1885, Mariposa
73s 7; do. preferred 1874 1854; Pacific Mail 5l4
o 5l3S; Adams Express, 6lia bid; Wells fargo Ex-
press, l754 q 1sa; American Express, 4oL Al;
United States Express, 81 51i4; New York Cel-
tral consolidated so; scrip, 8lH S1ia; Har-
lem. 1873 1877; do. preferred, lS9 bid; Erie,
26% 263s; do. preferred. is bid; Reading
100 IOOl6; Michigan Central. 1231S 124;
Lake shore, s52s SO; Illinois Central, Ia4 Cleve
land and Pittspury, 81 S21A; Chicago and North
western. ,l1s q IA; do. preferred, s3S bid;
Rock Island, 10t7s . 1906; Milwaukee and st. Paul,
7a2s 73; do preferred, s5s. s5H; Toledo and
Wabash, 5Ia bid; do. preferred, 73; Fors Wayae,
ss4 S9&; Ohio and Mississippi, 25; Dela-
ware and Lacsawarna leS bid; New Jersey Central,
90Js ASK; Chicago and Alton LAB q 145; do. pre-
ierred, l4a; Morris and Essex, s5a bid; Hannibal
and St. Joseph, 1os bid; do. preferred, los bid;
Dubuque and sioux City, ITO 1li1s; Columbus,
Chicago and indiana Ccnra 81 a %.
The extreme fluctuations OF the leading specula.
tive stocks are shown IN tue following table Of the
Iov ,.riro