The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-25
A SHARP DECLINE IN STOCKS.

Tne dream OF nlgner prices at the STOCK Exchange
was rudey interrupted this afternoon BY one Of
those "accldents' which will happen in the best
regulated stock market. serene and cloudless
future apparently was in store for everything the
stock list so far indications might be trusted in
the morning. and those who had dtsburdened them.
selves on Saturday as precautiOn against contin-
gencies over Sunday were quietly taking back their
iavorites to reap the profits to be derived from a
further rise this week. But the market had
an ominOus quiet all the morning despite Its
calmness The large operators were not present
and the crowd Of brokers was unusually small.
This did not prevent an advance IN prices, however.
Those who bought paid what was asked, and prices
light business advanced to the best figures this
season for most OF the principal speculative stocks.
Pacific Mail sold as high as 49, Lake Shore brought
112s, New York Central 1885, and Ohio and Missis
sppi 55,l After the last board the market began to
show signs Of weakness and prices fell one to two
per cent but rallied quite suddenly, occasioning the
general suspicion of SCOOP" But the SCOOP"
was repeated aud still lower prices were reached.
Finally, the crowd OF brokers emerged from the
Long Room to the sidewalk, and came into closer
contact with their customers, whose fears were
thoroughly aroused, and prompted sales to save
what left of the profits OF the recent rise. The
excitement hereupon became intense, and in the
haste OF holders to sell out the market assumed the
features OF q panic. To heighten the fears Of the
"bulls' several prominent 'bears' took position on
the pillars OF the Stock Exchange, and
from their lofty elevation commanded universal
attention. and struck general dismay into the crowd
by offering stocks down at rapidly falling quota
lions. One leading broker capped the climax by
offering Lake Shore at 1885, seller sixty, and Ohio's
at 50, seller sixty. The "ong" stock came tumbling
out under this intimidation, and Lake Shore broke
to 1o7Z, Ohio and Mississippi to 517s, New York
Trufa Do.
cinc to S2A. The recuperative tendency of the mar
ket was evidenced in the sharp reaction which
followed this decline, and shows the numerous
orders which were IN the hands OF the
brokers to buy "when the market went OF one or
two per cent" The events OF the day were clearly
forcsnadOwed In the HERALD this morning, when
IT was intimated that the cliques would doubtless
work the market for the production Of fresh short
interest In fact seems that all the cllques were
not harmonious. The party in Northwest are prln-
cipay charged with the "break" OF to-day, their
stocks having been unloaded upon the street in the
buoyancy prevailing toward the close Of last week.
In fact, the decline was only SCOOP on grand
SCALE The clioues, in getting ready for a
further upward movement, are DESTROYS OF keeping
alive the short interest," and will be their object to
give the market a weak and unfavorable appearance
Tor several days to come In order that they may
completely dlsabuse the public mind OF the idea that
prices are going higher. 1t will not be surprising
therefore II the SCOOP should be prolonged FOR o
few days especially as the shifting OF loans In con-
nectlon with the reduced quotations OF tonight win
hinder the market from returning to buoyancy.
The chances even now are all In favor
OF higher prices the coming summer.
II may be that we are entering upon an immediate
future OF dulness, and perhaps, somewhat lower
prices, but the speculative sentiment OF the CON-
munity of large has been aroused aud the mass OF
orders for stocks coming from up town and out OF
town will carry prices even higher than those at
which the ciques willing to sell. This expert
ence Is no new one in Wall street. The cliques.
after all, control only few millions OF
dollars IN comparison with the many millions
which the people OF the country can contribute
when disposed TO venture upon Investment or
speculation. The present storm may last few days
or q week. but once over the market viii take
fresh departure for the lunment OF It's destiny. IL
Is year Of speculation. the people have econo.
mized and made money ever since they were taught
to economize by the panic Of 1889. The speculative
fever Is abroad like an epidemic, and will come to
head. The LIST OF May will witness the disburse-
ment OF OF least sixty millions OF dol
lars In the way OF interest ana dividends
on stock investments. On the LIST OF July sixty
millions more OF money will be similarly paid to
the class OF people who watch " all street prices
With this great influx OF money 20 the street, and
with the at present certain prospect OF an easy
money market for the rest OF the season, there is
little doubt as to the eventual results upon the stock
market. A ship on the water does not more Ger
talnly rise with the tide than do stocks upon the
greater accumulation Of money beneath them or IN
their vicinity. panic Ct this season Of the
year Is only q possibility II Is hardly
a probability. The spring panic Of 1854 may be
p.2ted as an exception to this general fact But IL
should be remembered that on the occasion referred
to the decline was due to the rash ventures OF
single Spectator. who carried the load OF almost the
entire capital stock OF the Fort wayne ROAD. NOW
the loads of the distributed In the hands
Of numerous powerful and wealthy cliQuss