The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-05-06
ment gold till 70 noon. The payments to-day on ac
count OF gold interest were q, ,9i6,942.n

ment gold till 70 noon. The payments to-day on ac-
count OF gold interest were q 1,2l6,942"
From the HeYald
"The stock market was greatly excited yesterday
movement inaugurated by the bears In the begin
ming OF the week has been astonshingly successful,
and the change OF front has tended To both sides OF
the street. Operations In Wall street are at times
Ike the ebb and flow OF the tide, and the main
strength OF operators ON either side determines
which direction the current shall take In this case
tina clqueH were unanimous for fall. The cOnsti-
tutlonal bears were, OF course immensely pleased
while the constitutional bulls falling in with the
movement as one against which IL vain to strug-
gle, sweled the stream. Ever since the middle OF
winter prices have steadily risen on the Stock Ex-
change. The tide has been three or four months on
the food II was favorable opportunity, therefore,
Tor reversal of the course OF prices The great
cliques have started everything on downward turn
and the ebb appears TO have begun. Money was
made active In order to assist their operations hut
the attempt TO tighten IL has not proved successful
The growing abundance OF funds in the metropolis
at TINS season OF the year precudes the hope of sue
cess for such strategy The money market was easy
at the close to-day. But its reaction will hardly STAY
the decline in stocks for the impression is general
that they must go down, and every one Is for the
time being a bear This condition OF things Is a
curious commentary on the character of present
day speculation The values of the Stock Exchange
are to such an extent fictitious, or so concealed in
the gambling operations Of the cliques, that egiti-
mate investment is entirely at fault in its efforts to
seek location. The great mass OF parchment,
scrip, and securities which constitute one
half OF the inherited resource of hundreds
OF families are tossed about like football between
the rival interests OF Wall street Money makes
money. The larger the aggregation of capital the
greater its capacity for increase in Wall street IL
is safe TO say that hundreds of thousands OF dollars
have been lost since Monday morning last by those
whom the swelling prices of the stock market during
the spring induced to venture their margins at the
moment when figures were at their highest and when
it suited the cliques to sell and go short The
power to withstand an unfavorable turn even when
the tide OF popular feeling becomes, 1t sometimes
WILL temporarily unmanageable In the long run
they prevail against their opponents in the outside
public, who are numerically stronger but financially
weaker, and are, through their lack OF organization
more easily swayed by panicky feelings In such a
general movement on the part of the cques they act
deliberately and with skill. starting point for a
decline is just as essential as rallyng point for
rise The bete nOir selected for the campaign to-day
was New York Central, which, from the prominence
given to it for several months past was most
likely to lead the list vigorous attack upon It. ac-
companied by telegraphic announcement from AL
bany that the Scrip bill would fail in the Senate, car
ried 1t down three per cent. Hudson River and
Harlem, its par mobile frdtrUm, followed suit The
sapping OF the lines now became easy. Fort Wayne
staggered, recovered again. and fought desperately
but yielded at last Rock Island was an easy victim
Reading gave some trouble but fell after a short
struggle. The Northwestern stocks were obstinate
and pleaded their merits as desirable investments,
but in vain. Michigan southern and Lake Shore,
strong in common cause of consolidation, were
tenacious, and yielded comparatively little Mari
posa was hardly molested, il considered easy
| OF conquest at any moment. Meanwhile more Stub
born foes occupied the attention of the raiders The
attack halted at noon, and under the cessation OF
operations, and through an easier feeling In money
towards the close Of banking hours the PROSTATE
stocks sought to rise. Nhe recuperated bears re-
| newed the onslaught, and, beginning again with
New York Central forced 1t down to 170k. The
break, extending through the list resulted in
a further general decline OF from one-half to two
per cent. The two exceptions Pacific Mail
| and Illinois Central Elsewhere dsmay and ruin
prevailed as darkness closed in upon the financial
| battlefield.
| "MOney, during the earlier hours OF business was
In good demand at the full legal rate and hasty
| borrowers and weak houses paid as high as gold
| interest. The supply was abundant after O'Clock
and lenders had diculty in placing all their balances
| at seven per cent. The activity has worked inju
riously to the commercial interest, whose paper is
less requislton. and hence Offering higher rates OF
| discount. few days since the pressure was from
the buyers end rates in extreme quotations declined
| to seven per cent. With the change in the money
market there is more paper offering, and the pres
| sure is rather from makers, rates ranging from
eight 10 ten per cent. for prime double name