New-York tribune., 1877-11-22

few men-say two or three-hold the great bulk OF
stocks which may be called speculative, because
carried a margin. Hence in the temporary cessa-
ton of sales by investors these few men have su-
preme control of the market and make prices which
their faucies dictate. When the Il" room" specula-
tors become loaded with stocks and buy no more,
prices are let down and short interest Is en-
couraged. Then comes the upward turn, and the
shorts rush to cover and double up" by going
long This process is repeated over and over
again. The ordinary spectators are always the
victims. while 1t is by no means certain that the
profits 10 the manipulators equal the charges Tor
commissions and interest.
TODAY the points to buy the ST. Paul stocks
were unusually attractive, aud it is certain that
some of the directors Of the company, who two
weeks ago were sellers at about SO. were buyers at
81 7a37ls Yet the stock sfterward sold at
357sa36. This, perhaps may be accounted for by
the fact that when these directors sold stock
at 80, the warning Of a large bondhold-
er relative TO the payment of unearned
dividends was fresh in their minds, while to-day tho
purchases were made in forgetfulness of that warn
ing. The buyers only had ia mind The manufactured
strength exhibited by the price. The trading IN the
stock was unusually large 2O,400 shares, and this
fact taken in connection with the fluctuations IN
the price-369s Sis q 357s Q36-seems to indicate
that some one-not the directors-has made sue
cessfu turn" The preferred stock, with
little more than oue-half Of the transactions
recorded for the common advanced from 71Ssto r.
but aftervard sold at 7024G7O7s. The NorthWe'V
stocks followed the lead Of the St. Pauls the COM
mon sold ~ 3G3s G37l 03G036ls, and the preferred
Mt 6Gl.a .a667sa65l2G6j3i. Rock Island got up 10
1615.. but later declined 10 lO03i, and Chicago ana
Alton which Yesterday was So sold at ISLE seller
Il far = m q
The trunk lines shares early were troubled with
the epidemic raging among the granger stocks, but
later showed signs of cOnvalescence. As all signs
fail IN dry weather. so may the signs Of an open
rupture betweoa tho trunk lines, Immediately ar
ter the close of navigation prove deusve' because
Of the position Of certain railway chiefs
in the speculative stock market But, with the
Grand Trunk on the north, and the Chesapeake and
Ohio on the south, bidding under the pool lines for
business If seems difficult 10 understand how, with
the extremely small traffic Offering, an open
break Is TO be avoided. Lake Shore to-day
sold up from G75s TO 65l2, but closed at
G75s after having sold at 67l4. Michigan
Central sold az GtlsGG4a. but later at 63i2, with
SO the best bid mt the close. Ere stock, which IL
almost our of the race, sold NJ 10i-@1o. aud Cen
ira ard HGdson sold at l07 lO7lea 1904 a lo' -
The light weights ike ONO and Mississippi, and
Wabash were dealt IN only moderately, but were
steady
IN ths coal shares the tilt against the " shorts
seems 20 have been finished To-day Delaware,
Lackawanua and Western which az one time yes
terdar was wanted at ~ aud upwards to cover
shorts. declined from 503l TO 4S7s. Delaware ara
Hudson cold ar 1G5, to4iILand Morris and Essex ln
a small way at 75ai TO -. IL Is moi al all prom
able thar the recent rie in these stocks
has permitted the distribution OF any por-
ton of the large blocks held by
few persons There has been a simple iqnidaiionof
the short interest. and a paying and receiving OF
differences" A renewal of the short interest r.
tLe c.lrlIl method TO iu eitc another advance and
s., Il wit ., till the remaining outside holders be-
come convinced tua it d., better 10 accept half ioaI
Il. .Ii uuur. .t
West Iu Union was active and. for part of tne
dar ir'a gt -plt after opening 100 40's; pIl ia'
yioldr3 to 7~5-17Sa,. Aside from any merits Of the
stpct. tuo.e are some indications mas fh' SNORT
interest i, becoming too large. Ile general market
closed eeah and teyeTisl.
RANCE rHE STOCK MAREET.