The New York herald., 1875-12-02
FINANCIAL AND COMMERCIAL.
A Downward Tendency in Stocks THE
Bulls Driven to the Wall.
GOLD la 7-S A is l-S A ll5.
Rag Paper Worth S6.95-The Public Debt State
Government Bonds Firm-lnYest-
ment Securities in Fair Demand
WALL STREET,


WEDNESDAY, Dec 10 p. d.
The decline OF gold TO ll5 being an ntlmaton that
for the present least this cruel Spanish war over
and the clouds which darkened the future Of Union
Pacific having rolled away stock operators thought
they saw a clearing away of all obstacles to a bull
movement on the Stock Exchange This view gen
orally accepted by the morning journals a correct
one, the HERALD standing almost alone in its belief
that the good time might be coming but had not yet
arrived The history of todays transactions win
show whether we right wrong
SO much money has been lost the general shrink
age OF values, so much sunk in the purchase OF real
estate at ridiculousy inflated prices-prices which
daily collapse under mortgages called in and FORE
closure saeshat the floating money OF the nation has
been slowly but surely drifting into the hands of great
capitalists There is nothing new in this fact II has
been the history OF finance from the day that "Adam
deved and Eve span" 1t is recognized fact in older
countries but one in our youthful nation II Is,
nevertheless true and inevtable-a law inevitable
as those OF the Medes and persians But the wealth
or the capitalist is to him but a weary
burden as a more accretion. II Is the slave OF its
owner and must toll for his benefit. The man Of
money no longer bures talents napkins but his
opulence to work to earn still money for its
master How does the taskmaster employ his slave
called "captal" these times which people cal
t'hard ~ Does he send him to work on great public
works9 Does he lend his aid to vast commercial or
manufacturing enterprises? Does he contribute his
assistance to sustain the popular securities OF the
try, which day by day at the Stock Exchange ask for
his support9 BY means. He doubts the safety of
all these callers for help. He wants the privilege Of
T'whippng his Niger and TO be sure Of that en-
Ioyment, he keeps his retainers well in hand.
SO ''capital" is simply hired out so much per day,
md he must be returned il his master so de-
pres How long this state OF timdity is still TO exist
depends upon too many TO be treated properly
In this article but thing is sure that until these
removed there can be real permanent ad
vance properties based upon the hard pan Of real
values
The appearance to-day in the board room Of some
Ecore Of sealskn caps created uneasy feeling that
Jhe sealskin coat might have to untimely end
ind been converted into headgear for members. Nor
was the impression one, for the day so
Tar regarded Lake Shore big with fate and the
parturition startling
The Lake Shore exhibition assisted by the whole
strength of the company and the ground and lofty
kumblng or the performers creditable to them
financial acrobats. Our old friend Humpty Dumpty
was early in the sawdust, but in of his most bril-
Liant hipdaps slipped up suddenly on 1900 share
sde which had been adroitly prepared for him by the
young operator and he retired crestfallen from the
ring For the next act there sailed a performer
an ex-"managing DIRECTOR who charmed the unbe-
lievng Thomases (bears that they were) by 'reso-
1ute seller sixty attack at the favore that in the end
even 'best brandy was stimuatiye enough 10
save
And so the show went on at one time a set-to be-
tween ex-sealskin and Mr. Merryman; at another
q triangular free fight among these two and the ex
managing director; and the result, proclaimed by
fudges Of the article that Lake Shore the
OF the day sold as high as 6oH and closed at-for
Q per cent stock-the feeble figure Of $50.
There is not much to say about the or the mar
ket Stocks generally were passably firm. The frmcr
Eavorites, Pacific Mail and Union Pacific, were indeed
almost neglected. The leak in Michigan Central was
partially stopped and by keeping the pumps going she
may land all hands yet The niger in the Western
Union fence toward the end OF business strongly
before the public and grnned ominously when he
She stock fall to 747S under the apprehension Of The
new discovery in electricity.
or Lake Shore Sc 900 shares sold from 60L 10
6sx with the latter the closing price Western Union
opened at 75Z and fell of to 747s, with a close the
latter figure Michigan Central ended at S. after
nderable activity the basis OF 5S1$ SO 5915 57T<
n 5s Union Pacific on sales Of 8 500 shares. was mar
keted at 81 So Pacific Mail somewhat firm be-
aween Ak Az, the latter being the closing price
Northwest common sold at 3s5S 3S4 with closing
gales at 3sH The preferred stock ended at 5S after
Bales uL Dots St faul COseu az oO5s, alteF SAFES
B5x Ohio and Mississippi declined from Tx to TX
HANNIBAL and ST Joseph ended 81 u Illinois Central
at "a The following paragraphs better tell the story:
ADVANCE AND DECLINE.
The changes in closing prices those Of yester
day follows:-
ADvASeE-Atlantic and Pacific Telegraph 4.
DrcLINE-Atantic and Pacific, preferred, *; New
York Central, q c., G. and l. G., ~; Delaware and
Aackawanna q Erie, u Hannibal and st. Joseph
"a Harlem, u Lake Shore, Northwestern com
knon, ", Northwestern preferred u Ohio and Mis-
eisspp y Pacific Mail u Panama, y Rock Island,
~; ST. Paul common, u St Paul, preferred II ,
Union Pacific Ia; Western Union, e Missouri Pa
cidc, u Michigan Central, Ia; New Jersey Central,
~ gold "a Erie, in London u.
Observation-Disclosures Of Columbia 3.65 bonds, Wa
bash and Quicksilver.
SALES
amounted TO 2o1, 600 odd shares which, among active
stocks we're distributed as folows:-New York Central
and Hudson 16oo; Eric, 1850; Lake Shore, s6, 7ooi
Cleveland and Ptsburg ITO; Northwestern, $50; do
preferred, 900; Rock Island, roo; Pacific Mail
a7,47o; st. Paul, 1900; do preferred, 1885, ohios
R2oo Western Union, ss, 300; Wabash 400; Union
Pacific. $500; C., C. and c., coo; Panama, 200;
Harlem 1000
oPEHISG HIGHEST LOWEST PRICES
The following table shows the opening. highest and
lowest prices Of the day