The New York herald., 1870-07-22


closing ofthe banks The operations OF the Go!d Ex
change Bank were as r0llows:--
, 10Y ceared Se3yiS'ooo
Golu balances. ....................... 2sy5,lDo
OuIrchCy paauces... Vooi,5oS
STOCKS HEAVY, WEAK AND LOWER.
The feature OF the day at the Stock Exchange was
the collapse OF the Lake Shore clique-a contingency
for which the readers OF the HERALD have been duly
prepared. 1t VIII be remembered that when the
Vanderbilt party sold out their Lake Shore stock
last spring we duly advised the public But out
side clique was formed at the tiIne who contriyed
to keep the stock floating In the vicinity OF par by
most extravagant announcements OF their contcm-
plated programme. They denied that the Vanderbilt
party had sold their shares but when the false.
hood OF this statement was discovered they boldly
proclaimed their intention TO take advantage
OF provision OF the State law Of Ohio and GUST
the Vanderbilt direction by a new election. The
most strenuous efforts were made to bu the stock
The subsidized Bohemians went into spasms OF
thusasm over the great rise In stocks to take place
this summer, Lake Shore being set down for 12b,
Ohio and Mississippi for 10 Rock Island for I4O and
New York Central for l25 In fact. Centa and Lake
Shore to Sell together ut the last figure. The
clique was composed OF the odds and ends Of bank
rupt operators who had been famous in former
disasters, such as those OF Atlantic Mail and like
'traps." They encountered and survived many dan
July, when the pentiness Of money at that period
emboldened them to enlarge their operations
especially as the stock had improved in sympathy
with the general advance In prices about that date
The decline In stocks which followed the great rise
In gold has however, been tho cause OF their bank
ruptcy When they found gold advancing so sharply
they sought 10 hedge and bought gold at the top
price. To-day gold and stocks declined together.
firm borrowing portion OF their Lake Shore
difference between the lending price and the market
price, the transaction being known as 'marking down
the stock" They could not respond, and the bor-
rowed stock as well as large amounts OF their gold
were sold for their account. The disposal OF the
redeemed stock and gold was made as privately as
possible, but not without producing considerable
excitement IN the Gold Room and the Long Room.
Stocks at the time were heavy. They had been bet.
ter In the morning, but as the day wore on the
huor OF the street TO sell, and prices declined.
The cliques made terrific efforts to keep them up,
but the best they could do was all undonc again
when they left the market Lake Shore in
this decline fell to %. New York Ce tril
to 0276, Reading to 94, Northwest preferred to SAX
and st. Paul preferred to 75', which arc as low AS,
If not lower than, the lowest points Of the previous
day, and, consequently, about the lowest points OF
the present downward movement. The efforts to
sustain Rock Island Ohio and Mississippi and Pacific
Mail were more successful. The prJces Of these
stocks were not only Kept Ialry steady but Rock
Island in late street dealings was advanced to 1885,,
at which small sale took place. From the lowest
points above indicated there was rally of hall to
one per cent, owing to purchases by the
shorts. In fact, 1t not for the
extensive short interest In the market
Lake Shore and other stocks would have fallen q
great deal and panic doubtless ensued AS 1t IL
there is lack OF confidence on both sides. The
bears arc delighted with success tnat they cover
at q decline OF one or two per cent and the bulls
are so scared that they sell at small advance. The
following were the closing prices at the last session
OF the Stock EXchange:-Cant0n Company, G2 64
Consolidation Coal. 2s}6 80; Cumberland Iron, 40;
Western Onion, "a a 3i1; Quicksilver, 8 9; MARI
posa, 6,s u Z; do. preferred l1i 12 Boston Water
Power, 15S bid; Adams Express G53s G51&; Wells
Fargo Express, IA IA; American Express, 4314
Al; United States Express, A AN; Pacific Mail,
40N 4O5I; New York Central consolidated, 93t 04
do scrip, Ssx a 8sN; Harlem, l33}s 1874; Reading,
05E 95}S; Michigan Central, lis 1l0 Lake Shore,
92,s 92A; Illinois Central. l2s q 1874; Cleveland
ana Ptsburg, LOG bid; Chicago and Northwestern,
s2S bid; do. preferred, s51 s61;. Cleveland.
Columbus, Cincinnati and Indiana, sOiS: New Jersey
Central, lOl a 1OlI.; Rock Island, 112ss q 1928;
Milwaukee and st. Paul, 60X 6o,s; do. preferred,
7Gs. q 7Ok; Toledo, wabash and Western, so u sos;
Fort Wayne, 92T 93; Chicago and Alton, ll3 1l4
Ohio and Mississippi, "a a 341s st. Louis and Iron
Mountain, so; Delaware Lackawanna aud western,
1o4,< a 1906; Morris and Essex, IS 80; Boston, Hart
ford and Erie. So az; Hannibal ana 81. Joseph,
10 bid; do. preferred, llo bid; Columbus, Chicago
ana Indiana Central. 1872 lsx
HIGHEST AND LOWEST PRICES
The extreme fluctuations in the prices OF the lead
ing speculative shares were as follows
Highest. L0,cest.
New York Central consolidated. 04A 9su
New YORK Central scrip. ............. s9A Ss
Erie Observation-Disclosures. 22ts 81
Harlem Observation-Disclosures. lAt, 133H
Reading ............................ 95& VA
Lake Sn0fe. S-I4 ~
| Northwestern. ........................ S2x =.
| Northwestern preferred. ............ s5T ei1
| Rock Island. Observation-Disclosures. ll3h llls
| Milw aukee and ST. Paul.. ............. Oh 6s,s
ca ~