The New York herald., 1874-12-20

FINANCIAL and COMMERCIAL.
"A FURRY in the Stock
Market.
A RAID AND LOWER PRICES.
money on Call Loans 8 1-2 Per
Cent.
C 0 L D III IL.
RAID AND LOWER PRICES.
The Bank Statement-Further Decrease in
the Reserve.
WALL STREET.

1
SATURDAY, Dec 1876 p N.
The excitement In the stock market OF yester-
day was to-day intensified by the further success
OF the bear movement and the establishment OF
aower prices than have been known for many
months. Indeed, at one time there existed all
the premonitory symptoms OF panic and stocks
were tumbled overheard with a recklessness that
showed complete alright The leader OF the
speculation was again Wabash, and it was this
that produced the great scare OF the day. As the
story goes, member OF the Board had purchased
from $1,000 to 10000 shares; but finding himself
unable to meet his engagements announced the
fact, and In due course OF business the President
proceeded to sell them out "under the rulen The
Hrst sale OF this character was made at 25<
from which the price steadily continued to
drop until 1t touched the almost unprecedented
Agure OF 211. From this point reaction COM
menced, and sales were made at % a 23X "a a
23N . FAX and finally 22I. Much comment was in.
dulged in by memoers OF the board who had SUI.
dered from the summary and unexpected action
OF their brother broker, and 1t was ntimated that
the
INDIGNATION WOULD cULMINATE
IN an 0fflcia investigation oil all the circumstances
connected with the case. II would scarcely be
just to quote the many harsh things said concern
ang the transaction; but when 1t Is known tnat
the estimated loss 1t 0ccasloned to the Board IS
and the extent OF abdominal exclamations may be
Imagined. The weakness of Wabash was quickly
communicated to Pacific Mail, when had opened at
S71l and advanced to 38h. At this juncture infor-
marion was published that the managing director
had received telegram from the State Department
at Washington stating that the steamer Japan OF
the line had been lost at sea and that the insur-
ance on the same was only $15O,000 The unwel-
come news, coming so aptly to aid the bears.
36t< Sax, but subsequent sales showed recovery
and disposition to maintain the average figures
or the day. The close was made at 36X. Follow
tng Pacific Mail In point OF weakness was
Northwest common, which fell on from as
to 43k and ended at 43x. st. Paul re-
ceded nom 37H to 35N, Closing, however,
at 36H. Erie sold at 273< a FIX q 27k ending at
27N; Atlantic and Pacific Telegraph at 1ok: Lake
Shore opened at 7ox, lost n per cent, and closed
a. 79x; Ohio and Mississippi sold at soA 2sX q
80; c.. U. and l. G. at OK q 9h.
THE SALES, +
to-day amounted TO the large sum OF 3l2 coo shares
aad the figures. If carefully observed, will show
somewhat OF the influences that were exerted on
the market. Distributed the sales are as fouows:-
New York Central and Hudson, 800; Erie, Is, 100;
Lake Shore, 2s 100: Northwestern 634O0; do., pre-.
1erred, 1000; Rock Island, 2,s0o Pacific Mail,
$1,000; st. Paul. 1900; do, preferred, LOO;
Ohios 12.sO0; western Union, 24,300; Wabash
t9.2O0; Union Pacinc 1890; G., G. and l. c. 800.
OPENING, HIGHEST AND LOWEST PRICES.
The following table shows the opening, highest