The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-10-26
consols, old, 70 76; do. issued railroads, skies
70 a rs: do. sevcns, 63 q 6s.


70 rs: do sevens, 63 q g.
STOCKS FEvERsH, UNSETTLED AND STRONG
The situation In the stock market grows interest
ing 1t Is said that politics. like poverty, makes
strange combinations, but speculation often reveals
more curious shifting OF the scenes. The course
Of events In Wall street for the past few weeks has
been singular illustration OF the remarkable facility
with which "bulls" become "bears', and sbears,
become 'Dus," each forswearing and reversing
all previous theories and opinions OF the market.
Just now the lines are greatly confused and the
various parties interested In stock specu atlon are
reforming and recognizing In curious compina.
tions. The more salient feature, however is the
most recent somersaut Of the great "bu- clique or
last summer, who have completely reversed their
plans and are now enlisted on the ''bear, side OF
the market. TO go back In our hstory-'ora record
OF matters In Wall street NOWADAYS IA IKE a series
OF chapters from novel; lett the so-caled VAN
derbilt party on Tuesday dispossessed OF the last
remnant OF the numerous stocks which they had
been holding up to the time of the sudden strin-
gency In the money market anu the general de.
moraization produced by the Chicago fire. At the
same time q portion OF tie recently organized
sDearbull' party also sold out their stocks to the
more condding members Of the clique who were
ignorant OF the treachery OF their cOnfieres until
on Monday, they were nonplussed by the abundant
supply which met their demand. Tues day was a
day or calm. The 'bulsr found themselves In a
puzzling situation. They had been saddled with
an enormous load or stocks and the market was
suspicious OF their embarrassment ana not disposed
to buy. council OF war was held. The dellbera
tons resulted In their determination to make bold
upward movement, convert the sluggish market
into "bull" one and take the chances OF the
future. On the other hand, the so called Wander.
Dt party, being out of their stocks, were anxious
to see prices fall. Accordingly they commenced
the locking up or money. Two of the downtown
banks were creditors at the Clearing House this
morning for over two and half millions of dollars
This was the first twist OF the screw. Money was
bid up In the open marker, and, as above narrated
was worth at one time 1-16 per cent for one DAVIS
use. Tomorrow the government will let out two
millions, but will take 1t back next day. The two
parties are known as the Broad street clique and
the William street clique respectively. Broad
street retorted by making stocks scarce, and the
'snorts" had in some instances to pay a small con-
sideraton for the use OF certificates In making their
deliveries to-day. This device injured William street
very little, unless the maxim of the Vanderbilt
party, 'Never sell what you haven't got sonny"
has been forgotten or ignored The earlier portion
OF today was devoted 10 skirmshng between the
two parties with varying success but after banking
hours the ''bulls" went in with brilliant dash
and carried Pacific Mail up to 49a ana the general
market 10 TX per cent above the lowest prices OF
the morning. Pittsburg as a side issue was adj
vanced to 126 Now that the Pennsylvania Rail-
road has swallowed the New Jersey camel 1t will no
longer strain over the Pirtsburg gnaor that long
deferred lease Is again on the carpet for the tenth
time, and is a sure thing at last The situation,
summed up in brief, Is as follows:-Thc 'bullsr of
last summer have become "pears.' The "bcars''
OF the same period, enriched by the panic after the
Chicago IRE. have turned "bulls.r The outsiders
have very little TO do wit the game; for "bus"
thew were extnguished by the panic, and as
"bears' in the panic they have been slaughtered by
the recent RISE The Broad street .'bull" clique
have all the stocks. The william street clique
have the money IF the outsiders wish to 90 in
again they have the facts before them, and
can choose sides in what promises to he q
very lively contest between the two great cliques.
'Faites potre jeu, messte,ysl Fd,teS rotre jeu ~
Only that those who, when the market rises, wish
to secure their profits, should take care to deal on
strictly "cash" basis and get checks "certlfyn
BY doing so they may he saved the annoyance
which followed the collapse OF the gold corner" in
1860, the Rock Island nasco last spring, ana more
recently ION Tuesday, the mistake of the broker who
bought so literally the dny before, but was so
chary OF his cash when the stocks were presented
pext day.
HIGHEST AND LOWEST PRICES
The following table shows the highest and Lowest
oaI-a ~,