The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-10-20
100; Fourth National, 1oox; Bankers and Brokers
Association, 100. M
THE STOCK MARKET ACTIVE AID WEAK.

100; Fourth National, 1904; Bankers ana 0fokers
Association. 100. AN
THE STOCK MARKET ACTIVE AID WEAK.
The hostile elements OF the Stock Exchange came
together to-day in 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 OF stock which
they sold. We have already taken occasion several
times this FALL 10 point out the danger OF spccua
ton for 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 ndspen-
sable friend, VIZ, stringent money. Unfortunately
for them, however, he is unayo.dably absent this
season. During the past twelve months the govern
ment has redeemed $3.50, 900 900 Of bonds and set
free the capital which was locked up In them. The
"bears'' have made several efforts to render money
active but 1ruitessly. The domestic exchanges are
entirely against stringency this fall. In fact. with
the rate call only Ave 10 six per cent II Is
most probable that money, before the middle OF
the winter, viii be a drug al three per cent.
In fact the times and the '.slgns or the times' are
so paIpably against light money that the street
began 10 think that the ostensible bears" were
only bell wethcrs, In collision with The 'bur
cques TO lead the street INTO taking the "short"
day, however, by the circulation of document ex-
hbltIng a most glaring state Of rottcnness on the
part OF every railroad in the country, which was
the deliberate work OF the "bears,n whose
desperation needs no better proof. The reputed
authors of this bng-a-boo circular were year ago
advising their friends 20 buy stocks ten 10 fifteen
per cent above the prices at which they are now
urging them 10 sell them short. The year 1869 was
q graveyard OF 'bullsn The year 1870 may prove a
graveyard OF .'bears.r The "sIgns Of the tmes'
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 when is locked up III gold
and turn tue gold itself into % circulating
medium, the result OF al OF winch win be TO pro-
duce an activity only similar 10 that which
originated with the hrst issues Of paper money by
the government during the late war. The following
were the closing prices ut the last session of the
Stock Exchange:-Canton Company, CO.. go;
Consolidation Goa, 25}s %; Cumberland Iron. 40;
Western Union, AK d Az; quicksilver. 81;
Mriposa, ~ hid; 40. preferred, lo1{ IL; Adams
Express, GA u 6I24, 0clls-Fargo Express 81 BID;
do. scrip, 2s< a o: American Express, asa s3A;
United States Express, 3614 81; Pacific Mail, 44ss
q i3A: Nev York Central consolidated. 90 $50;
do. scrip. 81. SSh; Erie 2S'S 2aia;
Harlem l25 ; l35E; Reading, 1905 1905;
Michigan Central l2lia; Lake Shore, "a u \
"a 81 Union Pacific 24;s a 254; Hines Central,
125; Cleveland and Pitisburr, 1c6li i07A; Chicago
ard Northwestern, IA; DO. preferred S9k S95s;
Cleveland, Columbus, Cincinnati and Indianapolis
s0,{ bid New Jersey Central, i0Se4 100; Rack
Island, H. 1llas; Milwaukee ana 81. PAM, G3zs
a o.; do. preferred olaI aslzS; Toledo, Wabash and
Western, as 14si; Fort Wayne, 90 9si4; Chicago
ana Alton, 49, !. i'd; do preferred liz bid; Ohio
and MISSISSIPPI, 3S7a 3S1s; St Louis and Iron
Mountain, A8'5 bid; Delaware Lackawanna and
Western lo9 a io95; Morris and Essex, 90 90;
Boston, Hartford and Erie, As q A.; Hannibal and
ST. joseph, 1873 los; do. preferred, 1l5 bid; Co
IulnbU7, Chicago and Indiana Central. 1873 1873.
TIE EXTREME FLUCTUATIONS.
The highest aud lowest prices VI the leading specu