The New York herald., 1870-05-24
FINANCIAL and COMMERCIAL.
WALL STREET,

The week opened on "bearo market all around.
Gold, stocks and governments have declined In price
more or less widely.
STOCKS WEAK AND DECLINED.
The stock market was feverish and excited from
the start and underwent steady decline until after
the boards when there was rally OF half to one
per cent the market closing dull and heavy This
sudden transition from the recent buoyancy Is only
one Of the periodical phases Of the speculative cam
paign which was opened brilliantly by the cliques
last March. Two weeks ago warned the public that
these combinations were then beginning to unload,
although they endeavored to cheat advice OF Its
effect by bidding prices up and throwing the illusion
OF apparent buoyancy over their plans. Watching
the movements Of the cliques. we again warned
the public last Monday as follows -
But that the movement FOR realization has COM
menced IN all the speculative shares, and Ia only
temporarily delayed In order that 1t may be more
efecualy carried out for those which have not yet
participated in It, Is the impression conveyed to any
one who studied impartialiy the situation on Saur-
day. The speculative combinations are generally
harmonious when In distress Like politicians, they
quarrel only when the spoils at hand. In essay
ing the spring campaign for rise In stocks they
were very friendly In their relations TO each other.
m one S set oi te the Sort
west shares, but even they turned round with
the general current and became "bulls." NOW
that the cliqueS have succeeded In advancing
prices ten to twenty per cent mutual distrust ana
fear pervade their councils They are suspicious OF
make good the fruits OF the campaign. Each Clique
is afraid of beng left the last to sell out The Lake
Then followed the OHIO ana Mississippi comDina-
tionthe unloading in the latter stock being an In
stance in point OF the fear OF treachery-and
realization has taken place In other shares but not
TO so great an extent, the market having been TOO
''s0itn TO receive large sales. The Central clique
were afraid Of outside decentralization among the
public and threw themselves into the breach when
the break" OF Thursday occurred. The effect OF
the esents VI tnc "ceN his occh w ieluci c nu ~
upl a al raj
"bearish" side OF speculation
Prices declined today because the cques have
realized, az we saId the runors OF a new Funding
bill and OF the probable immediate passage OF the
Currency Contraction bill which were anoat In the
street all day and assigned as the cause OF the de-
cline, are simply rumors which may or may not OBJ
tain some foundation before Congress adjourns. But
there is nothing new concerning them at this writ
ing. They were simply employed to-day to break
prces We notified the public when the Lake Shore
clique sold OUT we next recorded the opera
tions OF the Ohio ana Mississippi party; we
traced tile decline In Reading TO its source.
The 'breakr In Rock Island to-day and IN the gem
eral list is the sequence Of the general unloading all
around The cliques have been two weeks unload
ing since we sounded the first note OF warning to
the public. They are out OF their stocks. We VIII
will not say that they snort' OF them; for the
money market Is easy and ''times good" that
counter movement would be highly dangerous The
Lake Shore party sold at IS TO 81. Yet the pub
lie and the general buoyancy OF the period carried
the stock TO 1918. The cllques are anxious 10
buy back, and they are naturally desirous Of
purchasing at the lowest prices. Hence they
have converted the market into shear markell ~
and by maintaining the application Of chat
term to 1t for week or more they hope to IN
duce decline Of several per cent even below the
figures TO which the market dropped to-day. Sucn
is In brief the real situation Of affairs at the Stock
Exchange. Prices are heavy, simply b, cause the
cliques have sold out and wish 10 buy back lower.
The following were the closing prices OF stocks
at the last session OF the Stock Exchange:-
Canton 6e1s a 6s; Cumberland, 40 bid; Western
Union, 3211 a 3oI; Quicksilver, III "a; Mari
posa, IA a So; do, preferred, lS,a a Is;
Pacific Mall, se,S ss,4 Adams Express, s1.a es7.
Wells-Fargo Express, 1i1s Is; American Express,
! 43 "A; United States Express. 44I As; New
York Central consolidated. 100 1ooS do. scrip,
95 q e51s; Harlem, IA a l44l; Erie, 23H a 23's
Reading, 1oSsl 1885; Michigan Central, l24s; Lake
Shore, 95l4 95s4; Cleveland and Pittsburg, lo6sl
| bd Chicago and Northwestern, sos sO7s; do
preferred, s77s ssh; Cleveland, Columbus and
Cincinnati, rs q s0 Rock Island, III Il7a; Mil
waakee and st. Paul. 04,s 64h4; do. preferred 1871
q 79 Toledo and Wabash, 54lt bid; Fort Wayne, 95
95is; Ohio and Mississippi 36;S bid; Delaware and
Lackawanna, l11A; New Jersey Central 1885 109;
Chicago and Alton, ia lis; do. preferred, 114H a
III; Hannibal and St Joseph liz 1875 do pre-
ferred, 1l2i4; Boston, Hartford anu Erie 5ss So
Columbus, Chicago and Indiana Central, 1875 1Sn.
THE HIGHEST AND LOWEST PRICES.
The extreme fluctuations in the leading speculative