New-York tribune., 1873-12-13

when money is wanted, and an investment security
wnen money becomes drug. "at the option Of the
ho'oer. something of this kind, it Is thought by
the politicians and bull operators in stocks. may
DC 30 devised as to meet the approval of all sections
ana all classes COntractonists will be told that this
VIII eventexpansion the South and West will soon
learn that 1t will give them plenty of means to help
OLD enterprises out of the mIre as well "a to carry
new ones forward; while the shrewd speculator,
VINO takes In the whole situation at glance, will
ipoh Calmly ON as Uncle Sam turns the grndstOnc
tnat IN putting thc keenest kind of edge upon his
the specuators AK. 1t Is this condition of things
that lends 10 the stock market much of its present
strength. The argument is: given more paper
money land they hre giving it to us every day,
the stocks capable of earning from 7 to 10 per
cent per annum and which are now selling below
par, must 90 higher The conclusion according To
the bulltheory is inevitable. II, on the other hand
the powers that be are only in fun in paying out
such large sums In greenbacks and honestly intend
at no distant time to cali in q part OF the legal
tenders already out and thus prepare the way for
spece resumption only such securities as are selling
very much below ante-panic prices will do TO buy.
either for speculation or Investment. And
vet it is claimed by the railroad
and telegraph bulls that specie payments
would not reduce the gross receipts OF those lstitu
tions, for no. one believes their tariff OF charges
would be reduced, while the expenses pald IN goiu'
would be considerably diminished, and the divl-
dends as matter of course, would be larger "hie
the purchasing value of the money DIVIDEND wouiu
be enhanced These are some of the ideas dropped
by prominent men in the street. Outsiders must
Judge for themselves as to their soundness'
Touching the business Of to-day the gen.
eral stock speculation at tho beginning
was strong and tended upward for time.
The rise was however, checked at an early hour,
and the market drifted into fevershness upon the
offerings of large quantities of stocks to realize ac-
crued profits, and as matter of course prices de-
clined with alternate fits of weakness and strength
during the day. The market finally closed at decline
of to per cent from the closing prices OF yes
terday. The business Of the day has been
rather smaller than the average OF late, and
the heavier transactions were IN western Union,
Lake Shore. Union Pacific, Northwestern,
Pacific Mail, st. Pauls, Toledo and Wabash
and c.. C. and l. C. The principal decline from last
nights prices has been in n. Y. Central. 3; Lake
Shore, I; Toledo and Wabash, 1; Northwestern
Common, L.; Rock Island and st. Paul Common,
IL Union Pacific Il; c., c. and l. C.. Is; Hannibal
and St. Joseph, 1s. and Western Union Telegraph
per cent. Everybody seemed to be i'll good hunor
and very well satisfied. as well those who sold In
order to handle accrued profits those who bought
at the decline in the expectation of greedy profit
The market closed rather weak at q reactlou after
several days of rather steady improvement. fhe
opening highest lowest and closing prices OF active
ctocks uare as folloWs