New-York tribune., 1870-10-21
e SO, he to-day:
Coleman Benedicls dosing quotation. are IS follows

We have often alluded 10 the extraordinary clique
operations In our stock market which have concentrated
~ the hands of individuals amount Of STOCK IN
some Of our prominent railway lines which IN former
years would have been deemed a burden welghty
enough 10 break the gcst banks in The street The
inducemcnt make these immense purchases has been
in nearly every instance obtain control 0t the nnes
read, after which has been intended 10 introduce
edcd reforms and economies to carry some scheme
of col.soidaton accompanied by stock dividends, up"
n, ttretiveue. and popularity of which the buyers
nri reasonably expect % work ont ct their heavy 1T
,cstment, at very large profit. Movements "i TINS
character upon grand scale were first commenced by
the late Nj Keep, who, with Ms friends LOOK success
s.yrly The Central and Michigan southern, NeV-n"Ik
cent rll aud NORTHWESTERN, and hy taking these stocks
At a favorable period Of low prices, accom-
ris,ed entire success. Following closely after
Commodore Vanderbilt invested ms great WedIh
in Harlem Hudson River, and New-NOlk Central, aud
by excellent mana cement and the Intelligent admins
iratiU o the bu,iue-, affairs of probably the best line 81
read ia IN, country hi- friends so reapcd rich
harvest Much al this has been realized 10y what is
termed the watering process that i, D., dividing stock
10 very LARGE amount but strange a. may socm the
management of te Commodore seems to have de e"ped
upon hi- line, a capacity 10 pay dl>Idchds upon We
~ ellen capital even larger tan before eI,d ont by
the former administration, Coming down 10 more fe-
cent tioi, VT haNt the examples ci Nj. Keep and
commodore Vanderbilt followed 10y one clique
which buy, Mp nearly all the cleveland ana
Pittsburgh. another which al~oti'- more than
tbres- -nu,rers OF tie Northwestern Common, per
hap uor. than nciiaf OF the Ro,k Island
and q GOOD share of The ONO and Mississippi. Oihcr
combinations smaller scale could maine, but
!bese example, ,uf. .t Tor Illustration Ii happens
unfortunately ihesc lat buyc that the prices ihel
have paid range much higher, taking relative productive
ness into m, calculation. than those which iued when
Ae.r. Keen, and vanderbilt made their extraordinary
and consequently the realization "i ptohts rs
tbe NOR, difficult. Ia fact, these last named cqutr
nave not il believed, yet -ccn an Opportunity Wheh
they could uuDrd- JhcIu-ciNcs Oi uieT investments
4nd obtain cost uron them. Hcncc they nave been
,tlccd 10 hold. and II is possible. We admit Win In
s-lct u ia. ,sna Of the property. and Win confidence
in.the eventual profitable disposition col i, t"! "' quite
cenieBt 10 hold.
This singular condition OF the market, however ha- %
very mdfkcd influence upon speculative tldh- 'ri"N,
and hs pro!a, done more to tagnIe business at me
hang. than ali other causes rOIn"e" IN the
ssa of tounrdorc Vanderbilt the ttet that he J. able l."
,niy and 10 hold his large interest III Ne"-N"rb
C1tr, removes much of tie fear and d>irusi "neh
are manifested 90 regard To Ufhcr-; ht even III th"l
s,ncE wt have ylthn q lew months witnessed
semipanic OH The mere rcpn1 al bls sid
shB and dIugrIou- illness. Ent INT "lhei
isrye holder, referred TO cary along iIeir purchases
TO a large eAteud 10y borrowing and, III TIE esti
hai"n al thc street, They are ~ al! iiInc ha'r 10
Hioad upon the market either bN stress OF dh adverse
,DoDr, market, ol ly voluntarily pitching some OF thrh
STOCK speculation The rc.nlt j. i snrh -ioch- are
either eutuCy avoided touched WIN extreme
s~utiou b! the street spccuors, who 20 M ana OuI
according Sc the movement, which they discover by
eOse watching the ciqur-. 10 Is claimed, with much
plSHsibty, thai unIn tins condition Of the MAJ ket
changes N'Ty unCh have great activity Si lhc
-tock Eghauge, except tllat which j. engineered 'H
eque- in The epheiner,d and unsatisfactory way noticed
f"r scine ,lnio past.
Jbe m"pcA market has been without essential change.
tb0ugh early in the day There wa. perhaps. slightly
active inquiry noted n certain oca liie. Tie de
saaad readily met. howcN eI, ~ 9 aud per
cent, pledge "f acceptable collateral the leading
h.,ta dealers beng freely accommodated toward the
clese 1 tie bank hours low per cent The mo, &.
meHt of ctuTeDc! 10 and IOD th- eentet no Date-
tiaI iuPoItance, moderate amps only going 10
The s,utb tiOugi not ia sufficient sums 10 creste snv
spprchens Vns Of closer working ol the market The
dsburse nents % morrow Of upward s2OOD0 In pa-
meut 0f the p"ud' purchased by the Treasury TO-DAY,
wi, siili further add 10 the supply Of )Csuadc fund,
The market for coInmcrcis I'r-r g. unchanged IN, j.
being moderate, and aceepisBre. ysro. grades
p.ssiRg ~ the following rstes