The New York herald., 1875-12-01
FINANCIAL And COMMERCIAL.
The Stock Market Feverish Prices
Fluctuate Sharply.
GOLD ia 3-4 A lis SIS A lis IA.
Rag Paper at the Close S6.77-Money on Call 6
and A 1-2 Per Government and
Railway Bonds Firm.
WALL STREET.

DC the spice OF lie, We ~
sufficiently pungent on the street to-day the
Supreme Court decision twang to the market for
which bulls grateful and bears were not dis
pleased Opening at per above last nights clos
ing price, Union Pacific quietly noculated the entire
family OF railroads that happened to bear the pat
ronymic name. Pacific Mail, Missouri Pacific and
Kansas Pacific each all revived under the favor.
able diagnosis OF the Washington doctors, the first
named being particularly skttish under the lancet Of
the government faculty. Unfortunately this feeling of
1rmness strongly exhibited in early business hours
began to tade away, and a reaction
set in-at time almost relapse
which proved that the patient had rallied rather
from artificial stmuants than from natural vigorous
constitution. We have repeatedly had occasion to
press an opinion that tho time for healthy well
tanned bull movement had not yet arrived, and the
course Of stock events to-day jusles in that opin
ion. There are too many rocks and breakers ahead,
still lying concealed threatening destruction to the
bark Of finance to permit safe and voyage to the
haven of higher prices. No sooner we under way
than the shoals OF nsovent houses, wrecks Of rotten
banks and qucksands OF general disrust detected
in track the skipper dishearened by the per-
lis he has to encounter puts his helm alec and gets
back to the anchorage from whence he came with all
due aacrity
The financial vessel freghted with hopes, left port
to-day with favorng wind and swelling sails but
soon encountered the difficulties have spoken of
First in the way found ugly sinking hulk say
mere wreck, in the shape Of Michigan Central which
has been getting deeperin trouble for day past
until at one time looked as If passengers and
would have to take to the boats Indeed, although
Ifeboats manned late in the day under the direc-
tion of the Farmers Loan and Trust Company and
owners hearts encouraged by the Official proc
lamaton that the craft in danger, in fact not
leaky there still remains an uneasy feeling with
the underwriters, and risks only be obtained
serious loss opening prices.
Clearing this railroad Scylla, vessel came near
fetching upon Charybdis OF war. Gold at 115x mean
ing an impending difficulty with Spain, . threaten
ing rock indeed-so what with these dangers in view
and with those concealed the treacherous sur
facewhat could prudent captain do but turn his
ship around and get back to port with commendable
zeal
Soto eschew metaphor-the stock market like the
army of the King of France first marched up the hill
ever, IN somewhat better order and condition than at
one time seemed likely.
OF the active stocks Western Union Telegraph showed
more stubborness in resisting fall than almost any
other on the list and in this 1t is somewhat remarka-
BILE, since it contains more innate elements of weak
than almost any other of the fances AS we re-
marked some days since addition the usual diff
culties which Western Union may have to encounter
In the way Of opposition lines, great expenses and
proper management there lies in its way the stumbling
block OF fresh scientific discovery This latter it must
control or 1t mus, go to the wall whatever cost or
labor the improvement be secured To allow it TO get
into other hands is to permit dangerous
competitor In expressing ourselves thus In recent
article we hazarded the opinion that sooner
every railroad track would under improvements in
telegraphy, be made the medium of electric communi-
cation little thinking that this very discovery
the eve of fruition If sufficiently
ested in this matter will refer them to to-day's
Tribune where a communication, i, is claimed that
q novel electric power has been discovered, which
allows of the utilization of wires and railroad tracks
without isolation.
THE MARKET PRICES
Union Pacific started at 81, and after declining to
eok marked up to SIX very small transactions;
quickly declined to S0 subsequently fuctuated to
So 500 Sly The trading In the stock exhibited no
new feature being mostly confined to the particular
brokers of Mr. Gould, and aside from the '1yers"
taken here and there by the professional traders there
seemed be more demand for the stock than before
the decision known. 1t Is fact worth contcm-
plating that the capital stock of Union Pacific is
ss6 600 900. the rise since yesterday morning has
been 7% per cent, equivalent to s2,7oo,Ooo; yet
the decision in favor OF the company amounts
to little more than t5o0,0oo Does it not
appear to tho srithmetcal mind that there
is "a tempest in tcapotg" or Pacific Mail 1t may be
said that the opportunities in favor of Mr.. Gould,
who could sell considerable quantities of stock be-
tween AZ 43i 4oT, although at the close the "sur
porting" orders rallied Ak AK. Michigan Gen.
4ral was conspicuous in the early trading its
weakness, declining from 6lA to 6l, with rally to
61X and then break to 81, and subsequently selling
at SO a 57K 591S So Naturally enough, tho weak
the holders of Lake Shore, that when one ofthem
sent in sell about 600 shares AT the market
prce-the price then being 62the last 100 shares Of
the order was executed at 614 The price declined to
cox rallied 20 61 \ then broke to 595s closing
with a rally at 60% a 60I. Erie was about the
steadicst stock upon the list, moving only between
16k 15X 16h and 16 Northwest declined from.
89x 391z to 3sH 3s%, and the preferred from 54A
641. 10 53x 53H. st. Paul sold from 355S a 36A
down TO 35 35}S; the preferred from GO 66h to
,65k a65h. ohos opened at 1Sh n lsA, receded to
l7H and closed at 17a4. Hannibal and ST. Joseph
closed at % after sales at 22h 211 Kansas Pacific
being also affected by the decision Of the Supreme
Court was marked up from ie6 to l9K but closed at
I7k Pacific Of Missouri ended at 132. Kansas and
Texas sold at ga to Central OF New Jersey sold
1851. and l05 Western Union opened at 76h sold
S6A I59a u 7oA.
amounted to 90, $50 shares, which were divided
follows:-New York Central and HUDSON 800; Erie
1900, Lake Shore, $4,000; Northwestern, 415O; do.
preferred 1900; Rock Island SEQ; Pacific Mail,
o17o ST. Paul, 5000; do. preferred, $500; ohos,
$500; western Onion, 1850; Wabash, 300; Union
Pacific, 1900; G., c. and l. c., 1907 Michigan Central,
l6, 400; Kansas Pacific, 16oo
OPENING, HIGHEST LOWEST PRICES
The following table shows the opening, highest and
lowest priccs OF the day.
Opening. Highest Lowest
New York Central ..... loo loo l05H