The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-11
FINANCIAL AND COMMERCIAL.
A Raid on StOckS---The Market Lower
and FeVeriSh.
GOLD 115 5-S A 115 La.
Capital Abundant aud Money EaSy-BOnds
Generally Firm,
WALL STREET,


The stock market is more than usually depressed.
Not Tor a long time, indeed, has there been such an
exhibition OF bear strength, such persistent and
systematic hammering and such general demoral-
cation among the holders OF speculative securi-
ties. For the last two or three weeks tue ''pontn
mas bean generously distributed to "buy Erle.n
II came so directly and appeared so honest that
hundreds joined the procession OF purcho sers and
have since looked forward TO the expected rise.
To-day, however, dlsreled their dreams What
was regarded as the trilng furry of Saturday
shaped itself into an organized EFFORT to beat down
the price of this stock, and to-day it
was successful The opening ana highest
figure was 29A the lowest 2e1s and
the close 26T. The transactions amounted
1913 600 shares little less than half OF the deal
ngs OF the Board. What proportion OF these were
"washed salesn 1t Is, oil course. impossible TO say,
but there was not an ADVERSE influence which
could be used that was not brought 10 bear.
RUMoR UPON RuMoR
filed the street. they came rom nowhere and
could be traced nowhere The price In London
was Knocked down by cable dispatches from n ew
York. and the fact was recalled to every brokers'
once here, as lfto make 1t appear that the British
Spectator was alone responsible for the decline.
Many holders Of long stock were thus induced 10
part with the same, and, TO use the street par
lance, the ''scoop" was made exceedingly proht.
able TO those who were "shorr' OF the market AS
an Offset to the damaging reports above referred
to prominent director in tine Erie Railway Is said
TO be authority for the assertion that "tnere is
nothing in the AFFAIRS OF the company to warrant
the attack upon the stock, and this opinion is In
dorsed by President Jewett.u While the street Is
thus mystined Dy the movement the latter is at
trlbuted, in well informed quarters, TO desire TO
obtain control OF the stock. The next most active
security was Lake Shore, which opened at Y and
without reaction sold down TO 7oT H. The
statements regarding this stock are not favorable
TO Immediately higher prices. Pacific Mail receded
from A to 423 and closed at 429. Western Union
opened at 79< and was generally well sustained
between this price aud 791s. Atlantic and Pacific
Telegraph fell OF from rs to 232l "a. Union
Pacific began at 7eA but was forced down 10 75A,
closing at the latter price. ST. Paul common
showed greater strength and advanced to-
SIX, but later succumbed to pressure in
the entire market and ended at 36T. Wabash was
comparatively steady at 1921 12A 1875. North
west was heavy at AZ 4l96. ohio and Mississippi
opened at 2eA and declined to 25z 20. Panama
was steady at 153 Delaware and Lackawanna at
i109< a 49, 1l9, Rock Island declined from
io5% 104A. New York Central ranged from 1861
to 1861. st. Louis and Kansas CITY preferred
ended at Al, common stock at 0. Kansas Pacific
sold at 22H 22A.
THE SALES TO-DAY
were divided among the most active securities as
foIlows:-New York Central ana Hudson, 700;
Erie $4,000; do, preferred, $50; Lake Shore,
$4,000; Cleveland and Pittsourg. 100; Northwest
ern AGO. Rock Island, 200; Pacific Mail, TO- 100;
St. Paul, 1905 do preferred, 1000; ohios 4, 500;
western Union. q. 400: Wabash 2,4oO; Union Paci-
nc, 10, 600; Kansas Pacific, 1900.
OPENING, HIGHEST AND LOWEST PRICES.
The following table shows the opening, highest