New-York tribune., 1874-06-25
y .vL0pQOUT !,
wxnsEsDAY. Juno 24-rM |,

The new bull clique in stocks had . favorable
sendof at the opening to-day, aud, having no one
70 Interfere with them. succeeded in making prices
few fractions above the closing quotations Of last
night. On their first attempt, however. to realize at
the Second Board prices receded at once. and it was
apparent that continued effort to sell would result
in collapse. The whole subject is now reduced to
tight between bears and bulls, the former acting
under leadership that possesses great experience,
and tact, and capital sufficient. 1t is believed for al
most any emergency and the latter trusting to lead
ers OF comparatively small means and without pres
tige Though it is not difficult determine what the
result must be- the general public take direct inter-
est in the strife 1t only puts many old stagers on
tho alert. swells the list of sales and gives the
brokers' offices an appearance Of activity. but those
who understand tho subject are extremely wary
and, warled by experience. stand entirely aloof 1t
ls o very pretty quarrel as it stands and prudent
people are satisfied with merely looking on At the
close of the day every active stock had fallen below
the opening prices and most of them below the clos
ing prices of last night That is to say, Ohos had
receded !, Central and Hudson I, Pacific Mail !.
harlem and Lake Shore each /, st. Paul ]. Union
facihc !, Wabash per cent, and Erie IL, in sym
pathy with the break in London. Western Union
held its own and few others gained to /. The
business is thought to indicate hesitation on the
part OF the bulls and suggests to the minds of many
that they have gone the full extent of their capital
Should the great bears take this view Of the subject
they will doubtless soon attempt to devour their
enemies as of late they have generally succeeded in
dong. Our readers will judge for themselves after
careful view of the entire ground. No really
sound dividend security should be affected
by the great strife now going on between
mere SPECTATORS, nor should innocent outsiders
hp ind h,,o of 10 inv fhair
good money in purely fancy stocks. In the gossip
OF the street it is said that the late rise in prices
was produced by a combination of a few persons of
only moderate means, made in anticipation of the
signing of the Currency bill, and upon the suppo-
siton that the measure would give more paper
money, and of course lower rates of interest and
higher prices for stocks. In word, they went off
on an absurd syllogism, and though prices did ad-
vance, it was more In consequence Of their reckless
buying than of all other causes combined. The
same result might have been attained at any time
in the past, and may be accomplished at any time
in the future. Given that q party has sufficient
money and sufficient recklessness to buy all the
shares Of any particular company, and, however
worthless, an advance in the price is inevitable.
but the difficulty is to market their goods at prot
aud this is precisely what the new element as
these bull speculators called tried to do to-
day. At every effort to sell the market gave way.
rise of five per cent is deemed insufficient, judging
from the business of the past to bring in large out
side buyers nothing short OF an advance OF ID or ~
per cent beug, a rule adequate to induce them to
parake freely of the pleasures of the street Sound
business men, with John Thompson at their head,
do not regard the Currency bill as a measure that
will increase the amount Of lOanable funds. and
if il were, the question is asked. Why should
it enhance the price of fancy stocks! Money already
goes begging at per cent per annum, and Is loaned
at per cent. If it were reduced to l per cent
should that be reason for investing 1T in stocks
that have never paid dividend and probably
never willi This is pertinent question just now,
and must be answered satisfactorily before any con-
siderable amount of capital will again find its way
into stock speculation This is the tone and substance
of conversation among the solid business men of our
city, and also expresses the feeling of large num-
Der of persons who have heretofore been in the
habit of taking "a flyer in Wall-st.' Capital
lists stand severely aloof They find that
even our older railroads which, on sound
business principles. should be gradually wipng out
old debts are continually creating new ones and II
the best companies compelled to borrow in order
to keep their roads in repair, to hold their own
against competing lines, and pay moderate divi-
dends what is to become of the others The actual
transactions of the Stock Board are to-day shown by
the regular list Of sales while the opening, highest,
lowest and closing prices may be learned from the
following table: