The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-20
100; Fourth National. loOx; Bankers and Brokers'


Association. 100.
THE STOCK MARKET ACTIVE AND WEAK.
The hostile elements OF the Stock Exchange came
together to-day terrific contest which unsettled
| prices in every direction, although II must be
acknowledged even by the 'bears'' themselves that
the results of their triumph were hardly common
surate with the enormous amount oil stock which
they sold. We have already taken occasion several
times this fall to point out the danger OF a specua-
ton for n decline. The usual movement In that
direction which has been the customary
programme OF Wall street at this sea-
/ son OF the year has counted upon
an ally. who has been their Invaluable aud ndispen-
sable friend, viz, stringent money. Unfortunately
| for them, however, he is unayo.daply absent this
season. During the past twelve months the govern
ment has redeemed $40, 600, 900 OF bonds and set
free the capital which was locked up in them. The
"beals' have made several efforts TO render money
active but truitlessly. The domestic exchanges are
entirely against strngency this fall. In fact with
the rate on call now only Ave to six per cent 1t Is
most probable that money, before the middle OF
| the winter, win be a drug at three per cent
In fact, the times and the '.slgns OF the tmes'
so palpaby against tight money that the street
began to think that the 0stensibe "bearsn were
only bell wethcrs, In collision with the sbull'
cliques, 10 lead the street into taking the shOrt
side Of the market. This belief was disspated to-
day, however, by the circulation OF document ex.
hlbltlng most glarng state Of rottenness on the
part OF every railroad In the country, which was
the deliberate work OF the "bears.n whose
desperation needs better proof me reputed
authors OF this bug-a-boo circular were a year ago
advising their friends to buy stocks ten 10 f.teen
per cent above the prices at which they are now
urging them To sell them short. The year 1869 was
graveyard OF "bulls." The year 1870 may prove a
graveyard OF "bears.' The s.signs OF the times'
point activity in trade, in exports, In railway
business ana in every department OF finance and
commerce surprising ali previous seasons. The
nearer the country gets to specie payments the
greater the development OF business enter
prise. Specie payments win set free the
money which is locked mp in gold
and turn the gold ITSELF into n circulating
medium, the result or all Of which viii be TO pro-
duce an activity only similar 10 that which
originated with the irst issues OF paper money by
the government during the late war. The following
were the closing prices ut the last session OF the
Stock Eychangc:-Canton Company, c64 60;
Consolidation Coa' 255s 20; Cumberland Iron. 40;
Western Union, AK Il 4l7G; quicksilver. 5 a5A;
Maripose, ~ bid; 40. preferred, lo4 IL; Adams
Express, os14 "A 6i24; mells-Fargo Express 81 BID;
do scrip "a 4 >: American Express, AZ q 43ai;
United States Express, 364 81; Pacific Mail, AS
49,: New York Central consolidated % 49,;
do scrip. S7'. ssh; Erie, 23'd 234;
Harlem, 1a5 3 l35k; Reading, 1905 a 1o0%;
Michigan Central i2l,s; Lake Shore, 947s
e4.; Union Pacific, 24:s a 251; Il.ineis Central.
13s; Cleveland and Iitsburg, lo61s i07A; Chicago
ara Northwestern, 81 -; 10. preferred s91s s9ss
cleveland, Columbus, Cincinnati ana Indianapolis,
s0st bid; New Jersey Central, 1881 100; Rock
Island, 1l13a a Ills; Milwaukee and s. Paul. 035s
Ga; do. preferred, SIX aS1zS; Toledo, Wabash and
Western. 54S 54sS; Fort Wayne, 90 sa'4; Chicago
ana Alton, 1l3A iii; do. preferred, ll5 bid; Ohio
and Mississippi, 337s 33Is; St Louis and Iron
Mountain, 49, bid; Delaware Lac1awanna and
Western, 100 1872; Morris and Essex, 92 93;
Boston, Hartford and Erie, Al Az; Hannibal and
ST. Joseph, 1919 los; do. preferred 115 bid; Co
unbu5, Chicago and Indiana Central. 1875 a lsA.
THE EXTREME FLUCTUATIONS.
The highest anu lowest prices Of the leading specu-