New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-02-08
SECOND BOARD, 1 7. NJ.
TUESDAY. Feb. 7-P. ".
1900 U. s. $50 Con 's2..."....llll

| leo Enc Railway. .li l0l............ SO
TUESDAY. Feb. 7-P. ".
[ 1t may be as well for our quondam CORE
spondents TO understand that do not write especially
to please individual readers TO foster speculative
interest; and IT, in giving our impressions OF the STOCK
market chance, all unconsciously,to INT upon the
corns of bulls bears il il not with malice prepense
but incidental the statement Of facts a. they present
themselves. Not claiming infa,lhllity, may some
times err in Judgment but intention Is TO describe
the market truthfuly and fary-not always taking
ripple upon the surface of the speculative waters as
Storm and not concluding that eddy necessarily indi
Gates the real Of the tide In following THIS
plan Spectators may be pleased ana dissatisfied by
turns as their interests served opposed; but
with this We have nothing 10 do, except to try to
treat fairly and courteously those with whom
We may chance differ. For several months we have
been strongly impressed with the idea that beneath the
surface Of the stock market there were elements AT
work adverse TO permanent rise in prices ana thus ar
the facts developed have confirmed this impression IL
il NOT however an individual opinion which has been
expressed in these columns but fair reflection of views
entertained and expressed by many men OF experience
and sagacity the street 1t has been notorious, for
example, that the legitimate stock commission business
in this great leading market has been almost stagnant
for many months past and sufficient evidence exists in
that fact alone to satisfy any reasonable person that the
public has not been engaged any extent in the spccu
latve movements Of the stock Exchange For this unu-
sual and longcOntnued apathy there must
be some cause. What is it In the first
places spccuatiOns of magnitude never before
witnessed in the history OF this stock market have dur
ing few years past absorbed stock and concentrated
| il in the hands Of a few wealthy men, Commodore Van
derht and his friends for instance have bought up and
now control New York Central, Hudson River Harlem,
Lake Shore The managers of the Rock Island ana
North have had, very large and controlling
interest in these stocks; and latterly combination
! bV
| of shares Moveaents Of a similar character have
always been part of the machinery Of stock spccua-
tion until within two or three years have they
reached such magnitude, nor have the Accommodations
been so strongly and pcrsisfenily held. No one has
right to complain this. Tfie market is open to all;
and if individuals choose 81 buy and hold large pro-
portion Of any stock they have perfect right To do so
but il is a cause OF duness IN the stock market ana as
such we introduce IT, II has also been cause o carrying
mp the prices many stocks and whenever as moving
force il operate, the natural consequence Is
gradual settling down prices unless apuhic demand
comes in to sustain the market II Spectators buy up
cotton coal grain OF anything else far beyond the ca
pacy of individual buyers TO consume, 1t follows that
they must expect and desire market upon which they
can sell aghn and if they fail in securing that from
whatever cause they must submit to lower prices orhod
until the demand ovcTtakes tho supply. In such cases,
the specuations generally failures aud I'm those Of
market to which have referred the result
NAV be the same, although the stocks bought give the
buyers advantage, nasnuch as thty are not alWaysa
dead weight like merchandise but often pay back in div
idends the loss Of interest Nor are they perlshabe or
subject to the risks Of fire. Mainly, however, the argu
ment applies and speculations generally prove ruitess
which do not succeed in finding new buyers To relieve
! the few of Accommodations which they do not
| buy TO keep, but to sell These have been
the troubles which have worked against the
stock market for time and these in fact are the
causes OF the present inactivity In the speculative ele-
ment of the Stock Exchange The apathy of outsiders Is
also however effect Of undercurrent OF general
hrsines sbrinkage in values and Of heavy
losses in trade which render the OF the people
not only pOweress speculate but create wise dsn-
clnation embark in anything out OF their legitimate
business.
The rapidly made fortunes Of the period have, In
multitude Of cases been swept away by the reversal OF
the tide Of business only among the trading people,
but among the Walst operators; and while the men OF
colossal fortunes who gObbe up and digest an entire
railroad at gulp have added immensely 10 Their wea'th
at market fgurcs). and while, also, their friends who
have watched and followed them, are happy in thus be-
| ing made rcL large majority Of Wall-st. operators
have beeu o-srs in great "scOopng" measures or
the railway kings and their satellites. Had these ggan-
c spccuatons been OF character similar 10 those upon
smaller scale in former years the stocks would nave
been redstrbutcd 10 the public while the speculative
fever ragged aud prices governed by natural laws would
have fallen until taken up by returning current, while
I
Stock Exchange would have maintained much ~ ITS
former volume and activity II il not remedy we seek,
but causes and do not lind them N these brief re-
Elections students OF the stock market have always left
the privilege OF forming their own opinion.
The stock market to-day though ratherpnactive IN the
forenoon had frIner look, and indicated disposition
Oh the part Of the bulls 10 give aud spirit 10
the transactions. Lake Shore one Of TIE strongest
the Board and in the afternoon advanced 10
gi. Ohio and Mississippi rallied to SO, with large vol
ume of business, but was afterword fraction lower.
The Vanderbilt stocks, and especially the New-York
Central appeared TO hang back instead of moving with
/ the general market, although tine certificates were
stronger. Union Pacific securities were quite firm, cx-
ccpt the stock, which sold down The fluctuations
III Harlem noticeable, the price opening at l2i,
dropping down 10 l2t and subsequently reacng 10 l2ii
! aud beneefOrwGrd ranging at 124a12ii. a moderate
business was done In Northwestern Preferred Rock
Island, 81 Paul Common, and Western Union Telegraph.
Pacific Mail duh but firm. OF the les prominent
shares. Cleveland. Columbus and indianapolis Central
whs hrm at ISL. Dubuque ana Sioux City sold at 50
Motifs and Essex, Hannibal and ST. Joseph, s5 Pre-
fcrred at 81 and Delaware Lackawanna and Western
1853 Miscellaneous shares dull.
Ihe street seems unusually wanting In gossip today.
and but little can be stated beyond the dry facts and
details OF the market accident the Hudson
fNaE I.0.