The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-11-01
STOCKS IRREGULAR AND UNSETTLED.

STOCKS IRREGULAR AND UNSETTLED.
The stock market was unsettled, with an improv-
ing tendency, which resulted after much huctua-
ton, in higher grade OF prices and strong feel
ing at the close, when with few exceptions, the
best quotations of the day prevailed. The interest
centred chiefly In the course OF Northwestern,
which advanced nearly five per cent to-day, thus
recovering more than had been lost in the four and
q half per cent decline of the previous day, the
earliest price having been 7sh and the sales
toward the close at 1914 83aS The "bull' and
"bear'' clques in this stock are likely to have
LIVELY TIME
in their contest 1t before they end their hos
tities. The "bullsn had 1t completely under their
control, as shown in advancing it to S33s the high
est price reached this season and the highest since
last Winter, the certificates being scarce to
lend 'at" In this afternoons deliveries. The pre-
dicament OF the "bears" is represented to be in
way enviable. The party comprise Daniel Drew
and pretty large proportion of the directors Of the
company, who began specializing for decline after
the stock had passed rs in Its upward movement
under the auspices Of pool comprising Jay Gould
and number OF the so-caled Vanderbilt or Lake
Shore party. Some are inclined to think that
JAY GOULD SKIPPED OUT
at 80 and SO, and having bagged his profits went
back to Pacific Mail and western Uni0n leaving
his coeres TO carry out the speculation. This ver
sion of the matter is quite improbable, however. as
the operations Of to-day betray the presence in
Northwestern OF his bold and skilled hand. Be.
sides 1t would be throwing away too tempting q
chance Of paying of old scores in the cornering
business with Daniel Drew. On the other hand, it
is quite surprising and has been puzzle to the
street all day that the directors pool were unable
to depress the stock by their announcement OF
new issue Of ten millions Of convertible bonds
equivalent to
TEN MILLIONS OF STOCK.
The explanation is that the new stock thus re-
motey provided for cannot be put upon the mar
ket for thirty days. Meantime the 'bulls' control
the existing stock, and can mark the price as high
as they please. The 'bears" are afraid to put out
the new stock right away, and so cause the expul-
sion OF Northwestern from the Board for the
Governors would then require the settlement OF
contracts as the capital now stands, and the
sbuls' could prosecute the ''cornern to still more
dangerous severity. more sceptica view of the
whole matter is that the cliques are really working
in harmony and getting up all this
SIDE SHOW
for the entertainment of the public and to de-
lude them into selling out their stock and
going short of the market which Is inher-
emily bullish, by reason OF the existing coinci-
dence OF the several political, national and In
ternational causes involved In the issue OF the
Presidential election and the easier financial posi-
ton OF America and Europe at the present time,
and offers, therefore, the opportunity for highly
profitable return to clique speculation. In support
Of this ingenious theory was cited the circulation
Of reports all day to the effect that
A NEW ISSUE OF ROCK ISLAND
stock was contemplated, the rumor being sufficient
to cause o drop in the price from 1923 to 1918.
The rally In Northwestern was also ascrbed to the
stringency OF the laws Of Illinois, which, having
fixed the capital Of the company at a certain
amount, would make the conversion OF the con-
yertible bonds q criminal and felonious procedure.
The general market was swayed more or less by
the fluctuations referred to, and
PACIFIC MAIL,
which had been put aside, would not stay unno-
ticed and worked up rise OF about three per
cent, closing in the vicinity Of o5. It was late In
the day. when the Washington rumor OF new issue
OF greenbacks reached the street, but tired as was
the market, It responded rapidly to the innating
news and underwent sudden change to general
activity and buoyancy, in strong contrast to the
irregular feeling and hesitation Of the earlier part
OF the day. Atlantic Mail opened at u.s. as o conse-
qence OF the news OF the burning OF the steamer
Missouri but advanced to IS.
HIGHEST AND LOWEST PRICES.
The following table shows the highest and lowest
tho rfuc iy,ol ar 10 Iur ivv