The New York herald., 1876-02-24
FINANCIAL AND COMMERCIAL.
4 Field Day for BearS-Prices Generally
LOwcr-Sharp Running to Cover.
GOLD STEADY AT III 1-8.
Further Shipments To-Day Money on Call
l-2 and Per Cent-FOreign Exchange
Firm Government and Railway
Securities in Good Request.
WALL STREET,
WEDNESDAY. Feb. 23-6 p. N

WEDNESDAY, Feb zo-o r. n
The quasthistorical fact that certain King OF
France once marched his men up Mill and 'hen
marched them down again has met its parallel In the
story Of last weeks Stock Exchange doings The
manipuators for rise advanced their columns TO the
point OF victory and then retired Tho dead and
wounded are personAed by the buyers at extreme
prices who are celebrating their own funerals or look
Ing after the own hurts.
To western Union may be ascribed the reaction OF
the entire market 1t has been the little leaven which
has leavened the whole mass, but snguarly. the fer
mentation has produced fall rather than which,
chemically, II would have done. The topple over OF
Ihe telegraph fancy few days ago the that
broke tho camers back of advancing speculation.
The market hesated, tottered and then FELL and It
has continued to do since. Western Union has
proved itself infectious the stock list OF
measles In orphan asylum and nursing physic
seems to be Of much avail
The familiar but dolorous chant OF ''no bottom"
heard again to-day the floor of the board when
stocks were pressed for sale and buyers were timid
II was like the wall OF the banshee that haunts the
houses OF the old Irish gentry when disaster death
IL impending.
1t is not to be supposed, however, that matters are
going to any such serious phase these warn
ing words would Indicate The history OF the
matter is simply that number OF shrewd.
Of the market when IN hOpeessly depressed state
and by of plausible tales OF revving trade In
creased railroad earnings and general highfalutn
reference TO the glores OF the Centennial show sue
ceeded In cajong few outsiders and fewer inside pro-
fessonals to follow their lead ultimately to saddle
them with their stocks.
This has been the history Of the recent bull move
msnt 'Only this and nothing more"
There is axiom in mechanics that the strength OF
rope is measured by the strength of its weakest part
Western Union was the weakest strand in the Stock
Exchange cord and when that gave way there was IN
end the which the bull party had wound about
the market
There ugly rumors aHoat to-day in regard to the
probable passage OF the next dividend on Western
Unon and the price fell off and half points from
lhe opening under this depressing influence.
Lake Shore quickly took the infection and receded
from 65A to 63X, at which It closed with every ind
cation OF getting better fast and Of a head
ache to- morrow
or tho fancies Erie seemed to hold Its about the
best Of the lot due probably to the very irregular and
'hshy" advertisement over the esteemed name OF
Maitland, Phelps Co., to the effect that this firm
would cash the past June and December coupons OF
the company's hfth mortgage bonds In general view
tie market may regarded dull and decidedly weak
with . pronounced bear feeling existing and clear
leaning toward lower prices
The bulls having made vigorous and successful
campaign and having realized upon their ventures, no
doubt quite willing to the market sag down
to materially lower prices. when basis will be
Nached for fresh and promising upward turn
Gambling in is uncertain venture at the best
Of times, and the OF the market cannot better
be expressed than the language OF the babes and
sucklings to whom referred for words Of wis.,
dom, when they chant the nursery refrain Of
Here we up, up, up,
And here GO down. down. down;
Here we go, backward and forward.
And here we CO. round, round, round.
The transactions at the Stock Exchange to-day az
gregated 1856 500 shares which were divided among
active stocks folows:-New York Central and Hud,
son, ll7o Erie. 5000; Lake Shore, A. 4oo Cleveland
and Pittsburg 200; Northwestern, $500; do. pre-
ferred 5eS5; Rock Island, t,eoo Pacific Mail IL $780,
b. Paul, 1880; do. preferred, 3,6o0 ohios 5,Ooo
Western Union, 81 $50; Wabash, 1,2oo Union Pacific,
500; c., c. and l. c.. 700; Michigan Central, 1,5oO
Delaware, Lackawanna and Western, $50; New Jersey
Central, IT'S
OPENING HIGHEST AND LOWEST PRICES.
The following table shows the opening, highest and
lowest prices OF the day.