, 1877-08-28

6fEIUI-AElVN IN agQGAas
The bull movement In stocks, which wcakcnean
1ttio yesterday, IL supported BY more capita, than
suy speculation since Commodore Vanderbilt went
Into Vail strcct At tho tmo ii declaring the 10 per
cent Stock dividend III New York Central.
Thu present Attempt to earsy prtcea upward
recalls thr similar operation Of Anthony Morbe in
III day, great man In Tho street. Nr. Morse n
thc.ou.brclk Of tho War undertook to carry prfccs
up, and found the burden grrater than DO could
bear. Thcrr said 10 bo half dozen or miro op-
ssaoss In the scheme Of today, zach OF whom hasa
good deal more capital than Morse In his strongest
days. Ona Of tho pecularttiea ot ths market 10
that invcainrs arc selling heavily, though prices
rtslnx. Stock held Gy those who have paid full
value for It IL generally sold freely on
d 1tstny market. but on rising market
las heretofore been held mich moro c.oacy than
now. This fact shows plainly that the advance
which has recently occurred Las been en'italy tho
result Of speculation. Prices hAys becn rulaed by
the concerted action Of buyers on margin, who
Eisk their capital !A the ballet tlat they
nse only anticipating tho movements VI in.
,tstorr. They expect great improvement III tho
dcmsnd foF railroad stocks and calculate tl,at by
SECURING tLs stuck NOW they can ressl II II psodt.
sbls advance. These calculations may bs entIyr1y
correct apl may bu well founded, but Tho
preseut strength OF the stock market snust not bs
supposed to bear any resemblance 10 that which
genuine deuknd for permanent. Investment woula
! no NEW luFA press Ao Aub 1EsHI4 kpl9
bull movement with xny euthuslasn. Thu New
York journal Of CoHtatsts ssys!
The speculators who have engineered the up
ward movement In the stock dp3tkeG srt entitled 10
soms 81 ten tho sgsam1a.
ket toe stocks hic have been !4GKaa along during
pertns Of CErat drpErsHt?u and ii times the ownt
worthless. Now the inclination or necessities u
these Investors are inducing them tu hurry down
~ the street With the bfurcs. and they hand them
nt% nlarfttV lE{a<H E4NtfrfuAu hal
u ~ greatly distressed lsss they sh0al4 latl to
Ertcuoush of aLc stock.
The New York Ertata0 lsst remarks that 1t IL
"a u,ost ttnpostanl difference " ryery Interest
coineeted with the stock market betheF the great
bulk of the staeks Of tho leading roads ARE owped
mud widely distributed sFa held In large blocks
aud carried on borrowed monty. A. we hays be-
fore written, II Tic outside public b Induced
to come In ~ buyers et present or even L'ahct
PRICES Nall stcet w,la prods largely. II they re.
fuse 10 tAko back their stocks thcu the acknowledged
AtFrn:th Of the leading spcc1lxtors will bc fully
required to carry ths1s load
TAs New York Iifra!d u IL financial column Of
Friday Yayt:
Dsspte the handsome advance which has marked
taS rt.xts.s o. ths tusk during sas ,ast fcw Say.
which II net bold enough to sel! short, ii least
movement ha4 no better basis than stock- jubbn4
4nJpplAliun s!Ieh v ,iksly to aunlh!x " pieces II
any uIoMeAL tEcHohuofy efMptcus Vi COL.
l4p.e a1c y. auxsuu.ly watched fof ~ wrsa eo.rs-
spending Indications III timorous chuera tln1cs.
aud xvxIy wsakucss IL taken 70 b4 tho trxtunins VI
the asikprv. Thus thc dliu!nattuu In dsalinKs tbs
ssi4sut desire tu ssa1iIe On The part pf large
LuIIets, apa Inv dselius, st this elaAs. Of per
ttnt, ats 1sesiycd BY The gump VI the bear party
Which IL al tbAt axiAis1 With evident sstlsIae-
.iol.
Cp to lie close ol last week there had been since
The beginning u the END movement In July Al ad-
Sante VI III. In Sew York Central, lin Harlem,
81 In Esie. u Ia Culun racsC, l5is in Laks