The New York herald., 1876-02-29
A Successful Bear Raid on Lake Shore and
Western UniOn-A Sharp Deellne-Other
Stocks More or Less Sympathetic.
GOLD STRONG AT ia l-S A ia.
Money on Call in Free Supply at and IL
Per Cent-Inyestment Securities Gen.
orally Steady-GOvernmen Bonds
Weaker-The Railway Question.
WALL STREET,

MONDAY, Feb 2S-6 +. NJ
The cloven- hoofed bulls found the stock market
to-day quite slippery did pedestrians the treacher-
Gus sidewalks There gissade in the share list
congenal tho habits of bears of Polar extraction but
decidedly disagreeable to ruminant bulls
In fact the latter lost their feet and many of them
their heads as WELL when they Western Union and
Lake Shore slipping away into lower prices. There
have been many theories advanced to account for the
eccentric the market last week but operators
like Mr. Gradgrind, have hungered for "facts" They
believe they have found the truth at last though the
HERALD suggested 1t days ago. "He that runs may
read" is accepted poetic truth, but stock jobbing
bulls being prosaic animals, are recommended to hrst
read and afterward
II they had done so bank balances would have been
fater to-day the writer esteemed wise his gene
ration. The following the surmises which, with
many specuators have grown into facts more or less
confidently entertained
Commodore Vanderbilt has been the straw which, in
overloaded market, has broken the camel's back,
and IL has happened in this way:-The demonstration
OF the Atlantic and Pacific Telegraph Company in the
shape of twenty per cent reduction in rates although
to some degree made in Goulds interest, is looked
upon serious matter, and the Ancient Mariner ac-
cepted the situation he would have accepted beach
ing his vessel in his periauger days He simply light
ened his craft by throwing oveboard par: of his cargo
looking to repurchase of his shares at lower prices
Tor remuneration he would to policy OF insurance
with the underwriters.
Lake Shore has been treated in the same way, made
ao,sam and jetsam which the navigator hopes to
see like bread upon the waters, return to him after
many days
The belief that Commodore Vanderbilt had sold out
most OF his holdings took firm hold of spectators
minds o-day that dead made at Lake Shore
md Western Union at the very opening of business.
Gould and the Twenty-third street party were not
slow take advantage of the scare and free sell
lers at the decline Later in the day there was some
evidence of the same parties endeavoring to cover
portion OF their shorts and with the Strengthening OF
the market their purchasing ceased
The Western stocks showed great frmness during
thc entire day, and closed only shade of of best
prices
As usual Lake Shore and Western Union were 'the
less active stocks
At the very close quotations showed fractional
rally from lowest prices, but closed feverish and
settled
THE SALES
The transactions the Stock Exchange to-day ag-
treeated 19 900 shares which distributed among
lctive stocks as follows:-New York Central Hud
pon 97O; Erie ID $50; Lake Shore, So, 100; Northwest
arm, 5000; do preferred, 1000; Rock Island, 1885,
Pacific Mail II 900; ST. Paul, 1906 do preferred,
1000; Ohios, 5000; Western Union, 49, 500; Wabash,
LOO; Union Pacific S00 Delaware, Lackawanna and
Western, SEQ; Kansas and Texas, 1900.
OPENING, HIGHEST PRICES.
The following table shows the opening. highest and
No. dux-.