New-York tribune., 1873-12-12
Canada ssstA LEI y
THURSDAY. Dec. 11-P. NJ.

The stock market seems to be largely dependent
upon the chance buying and selling of spectators
of all grades for while it is not to be denied that
have pools ciques operating in some of the lead
ing stocks the number of heavy operators is prob
ably less ut this time than during any previous
heavy rise in stocks for years past and the disposi
tion of the inexperienced class which abounds just
now, is apparently to sell whenever profit of to
per cent be realized, even though in continued
rise like this the same stock may be repurchased at
an advance. and held for still further gains. This
gives the stock market hesitating gait, and rem
ders il difficult to form accurate Judgment az
to the immediate future. Those who have
bought and kept their stocks paying no heed to oc
caslOnal spasms, as a rule have done better than
their more nervous friends, who have chosen to
realize, provided always that they obtain for their
holdings the present prices or something better.
The other policy gives additional employment to
the brokers and produces about equal satisfaction
all sides As far as can be judged from conversation
with men engaged in stock transactions brokers
or otherwise, the weight of opinion seems to be in
favor of further considerable advance in prices,
provided no adverse circumstances impossible to
oresee should intervene to prevent such result. Our
railroads are making an excellent showing as
to earnings money is T. comfortable the
Government have already largely inflated the cnr-
rency and almost everybody says, with knowing
wink, that they intend to continue; that imitation
is popular in the West and South and not without
its friends of the speculative fraternity in all other
sections of the country and they agree that the Gov
ernment will do whatever may seem popular, to say
nothing of necessary disbursements for naval pre-
parations and other purposes in excess of the pres
ent and prospective revenues of the Treasury
Department. Whether well or i'll founded. this is.
A. IL 10 lac
the general belief that no short inter
est worthy of the name exists at pres
ent. and the failure of the only house
know to be operating upon that side of the account
was announced yesterday. The stock market opened
this morning with little variation from the closing
prices of last night, but dropped and looked
rather feeble until the commencement of the first
call when the rush of buyers wac sufficient not only
to strengthen the whole list but to raise the quota
tons considerably, the market, after slight reac-
tiOns. closing finally at prices, with few exceptions
rather above those OF yesterday evening. The best
prices were made during the Second Board when
Northwest rose from 81 to 5l Union Pacific from
81 TO 32g: Pacific Mail from IS, to 59.; Western
Union Telegraph from 72s to 49, Wabash
from 523 to $50; St. Paul Common from 39s to Az;
Rock Island from 97 to 90. Lake Shore from 10. to
1885, N Y. Central from 95 to 80, and Ohio and Mis-
sissipp from 90 to 903 After the second call the
buoyancy was partially lost, and at the close the list
showed decline of TO per cent from the highest
prices of the day, though generally slight improve
ment on the closing quotations of yesterday. Erie
was dun but firmer, advancing to Az. Invest
ment shares were strong particularly in Delaware,
Lackawanna aud Western. which reached l0Ci;
New-Jersey Central. which sold up to 100 and Mich
igan Central, which ranged between SO and "a. The
following were the opening, highest. lowest, and
clnsinr prices OF active stocks sold to-day