New-York tribune., 1874-05-06
THE CAMPAIGN OF THE BEARS.
DECLINE AND FALL OF TILE STOCK MARKET, WITH
ANNOTATIONS BY THE STREET.

ANNOTATION5 BY THE STREET.
Depression has characterized the stock mar
ket for considerable time past. For days 1t has been
gradually but surely declining, until at present prices
| are only little above the panic figures OF
| last Autumn. Occasionally there has been o
| ftful reaction but this has only been the re-
| suit OF manipulatons by the "bears." who,
proftn2 by past experience permit or even force an
advance IN the market only put out fresh lines Of
"shors Day after day have the anxious bull spec
ulaors seen prices decline and margins out the In
evable result being the sale Of their stocks aud an
additional pressure on the market. Throughout the
whole Of the "bear" campaign there was apparent de-
sire to make money easily and quickly but not so rapidly
as to precptate another panic Thus 1t was that the
decline was gentle although accelerated day by day.
Each day 1t was expected that the prices had touched
lowest point aud each day 1t expected that the
"bears" having made all the money they could on that
ine would reverse their position and take the place Of
the "buls" whom they had exhausted Some
days ago It looked rs II determined effort
making TO change the course Of the market,
and to put prices 1t freely reported that the
leading spirit Of the bear" movement had changed his
nickname, and instead OF the "Great Bear" he was to
be known for some time TO as the "Great Bull"
II asserted that he had closed his "shor lines OF
STOCK and had purchased heavily for the anticipated
rise Under this idea, and stimulated by clique manipu
laon, prices advanced at cheerful rate. IL was de-
clared that the upward turn had come, and there
was much rejoicing. But somehow there was
sudden halt and presently prices dropped and again
resumed their downward course. SpeouatOrs were be-
wildered but 1t was rumored that there
trouble between the chief and his principal followers.
1t alleged that the latter not content to turn
"bus" yet and had reproached their chief for
deserting them. There were numerous stories to
differences which existed between them. and 1t
alleged that the bears In the bitterness OF their hearts
the proposed Illustration Of their schemes had made
sudden raid the market, and had brought about the
suspension of the bull movement. BE that as IL may,
upward movement arrested and tho market has
steadily until there be neither spirit
nor power among the speoulstors to effect change
There was renewal yesterday Of the feverishness
and depression which have been the feature OF the stock
market for so long time. At the opening OF the Ex-
change there was heavy pressure to sell. amid great
excitement. There revival Of the story Of the
rupture between the members .of the "Twentythrdst
clique" as the bears termed, and there
reports that Of the railroads paying it's interest
had assessed It's directors raa and compelled them
TO subscribe for certain bonds u order that the coupons
might be met Prices opened weak at from to per
cent lower compared with the closing quotations Of
the previous day. Just before the call there
was decided raid, and prices still further de-
cined under pressure, amid renewed excitement
Western Union dropped from II to CO., Pacific Mail from
I3 A. Union Pacific from 32i to 33 st. Paul from 3l
to s1E North Western from ~ AZ Lake Shore from
tat,ons the lowest made II not long before
the whole market reacted and after midday there was
general improvement ranging from to II per cent.
chiefly in the stocks named At the Second Board the
market showed reaction OF to per cent from the
highest point After 2l5 p. m, however. there in
dcatons of another raid with heavy pressure to SELL
Prices showed general decline Of from to "a per
cent from the highest points Of the day At the close
there was general improvement Of from Ito per cent
walk through the Street and talks with the different
operators elected diverse views respecting the cond
ton OF the market and the position Of the principal
operators.
Said one broker: This market s governed by West
ern Union; just whichever way Western Union auctu.
ates do the other prices"
A short distance away another speculative broker
said Gould sold out to-day the stocks he bought last
week, and that among other things, accounts for the
decline not interested In the market at present,
but II had the money would se.everythlng on the
list and make profit"
Another broker sympathiznR with the prevail
ing views said "The spirit Of speculation no longer
reaches the general public The panic Of last Fall re-
suited in either the failure crippng Of many
of the leading operators the bull side OF the market
especially OF the Vanderbilt clique operating In Central,
Lake Shore Western Unon &C. The market feels sensi
bly, the loss Of this element and 1t must continue to feel
It, especially nonpaying dividend stocks, till capital.
lists can induced to 70 into the market and absorb
the surplus"
On the corner Of Broad-st. and Exchange-pace, o
broker, prominent from his wealth aud social and busl
ness position said "The whole Of the trouble is
the general dstrus and decentralization which has been
instiled into business relations the street. The
cent failure Of firm Of brokers operating for clique
and the absurd dsproportion between their liabilities
and assets indicates the general rottenness which pre-
yais People afraid Of corporations, and afraid
10 do business lest supposed TO be solvent
should fail and reveal OF the rottenness. There
no outside support the stock market, and whenever
any stock Is offered there to take It, and prices
Immediately Decline" This gentleman was about the
most bearish" OF any IN his tone.
Russell Sage Is pronounced inhstion'ss ana Dull
He said that the raid made upon the Western railroad
ocks on account Of prospective complications between
some OF companies and the State Ut Wisconsin, was
sm oily absurd and only indicated how stupid articles
like those employed by the bears could frghten sensible
eople He said that matters looking better
railroad earnings were never more promising, aud 90
,or the Pacific Mail Steamship Company, that was des
tined TO become the great steamship company Of the
limited States For results he would simply point to the
statement published yesterday.
The following dispatches have been received by him
| relating to the Wisconsin Railroad trouble:
NILwAuGrs hyG
Rr.,rLl sAss Vtoe President
some ut.,pspe isp elanor bat having trouble with
the public and do not expect any ALEI MITCHELL President
MILWAUKEE Nay
RrnIL All quiet business moving usu. Nothing In
inlae 10 et .al o. shd eA' for TO %S'Ir %Ss
There are new indications In regard to the action
OF the Erie Directors proposed lease OF the Allan
Tie and Great Western. II s asserted, however that
| the documents In course OF preparation py the
respective counsel Of tho two companies President
Watson has heretofore opposed the Great Western party