The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-08-19
SOUTHERN SECURITIES sTl

SOUTHERN SECURITIES sTAGNANT.
The Southern list was lfeless, and underwent so
little fuctuation even in nominal prices, as to merit
no fresh list OF quotations.
STOCKS DULL AND HEAVY.
The early alarm occasioned by the hoax concern
ing the California steamer Henry Chauncey pro-
duced considerable excitement on the Stock Ex-
change, and before the story was denied there was
a strong pressure to sell Pacific Mail, under which
the price declined TO 49A. The agents Of the COM
pany were prompt to deny the statement, and sub.
sequently offered reward or $4,000 for the deiec
non of the parties who perpetraed the outrage, for
such 1t was. considering the alarm 1t excited both
among people who had friends and merchants VINO
had goods on board the steamer The Stock Exchange
Will also very probably offer an additional reward
step which is due to the dignity of financial trans
aciious-the story having been evidently prepared
for the purpose OF influencing the stock market. 1t
is doubtful what punishment be meted out 10
the offender or offenders, for there were evidently
several parties II not large party engaged IN II,
but the trick, If traceable to any members of or
dealers at the Stock Exchange should condemn them
TO present eXccration and TO future exclusion from
the street. The scheme seems reproduction by
lust one year OF the one adopted last summer
TO occasion q fall in New York Central by
falsely reporting apopletic stroke to Commodore
Vanderbilt, at Congress Hail. In Saratoga. The
similarity OF the strategy suggests an identity Of
parties The situation of the Pacific Mail specula-
ton IS so confused, however, that II is impossible
TO tell whether the Henry Chauncey hoax originated
with the "bearsu or "buls." II can be laid at the
door OF either party with equal pausi6ility. While
1t seems most natural that 1t originated with the
"Dearr party who were selling the stock 30 conf
IDENTITY all day Thursday, II Ia just as good theory
that the bulls' quietly spread the rumor that AFTER
noon and caused It's introduction into the newspa-
pers with a view TO induce an overwhelming specu-
lation TOR the decline on the hypothesis that with
the speedy and certain denial OF the story there would
be perfect stampede or ''bears" 10 get their
stock back, under which they could easily unload
their own stock. A 'bear'' Is always more tlmid
speculator than "bull,r and will take alarm
at rise OF one per than Will bull" at fail
| OF two per cent. The subsequent course OF the
| stock seems TO carry out the latter OF the above
theories for after the price had rallied from 49A 10
5l (some say to SO, the confusion being very great)
| on the assurance OF the company that they were
without any advice OF such disaster as reported,
| Il slowly weakened as II supplied by the clique,
| and fell back 10 50k These indications must be
taken for what they are worth. Despite them there
are many strong believers as yet IN tine fidelity OF
the clique to their original plans OF much higher
| prices for Pacific Mail, but they lack ad-
| herents IN the crowd OF spectators at the
Stock Exchange who are equally confident that the
| movement has eliminated. Inasmuch as the com.
pany never publish any reports Of their business
beyond the formal yearly statement which by
| fanciful appeudage OF values to each item OF the
! company's property IL simply balancing OF assets
with liabilities, and as nothing has occurred to the
general knowledge OF the public explanatory OF an
enhancement of 10 per cent In the stock during the
past few weeks there Is considerable room for the
Foundation OF such an opinion ON the part OF the