The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-21
FINANCIAL and COMMERCIAL.
Another Pear" Raid on
Stocks.
A WEAK AND EXCITED MARKET.
The Bank Statement Very I'm
favorable.
Fear
Stocks.
WALL STREET,

For the greater part of to-day the stock market
was sluggish. irregular and dropping. The "Dismai
Jemmys'' who thrive upon declining prices were
in high feather. while speculative optionsts were
.down on their luck" foreseeing, as they did.
nothing moro promising in the market than
future of sackcloth and ashes. AS mat
tiers shaped themselves there certainly
little inducement to venture in upon the long side
of the account. Although the market opened
measurably firm and something better than the
feebeness of last nights prices had led one to
pect would do it failed of permanent support and
before midday weakened perceptibly. There was
general selling down of pretty much everything
upon the list To the surprise of investors and
spectators in the Vanderbilt stocks these properties
proved to be the weakest OF the lot. Lake Shore,
Michigan Central and Western Union all exhibited
an extraordinary limpness of backbone. and from
sheer sympathy impaired sort of spinal menin-
gifts to the of the list. 1t rather a shock
to the operators who pin their faith upon the
"vanderbiitA" that Lake Shore, with its excellent
dividend and Respondent report, should behave so
dsgracefully as to sink below par it did at one
time to-day. There good deal of natural curl
osity to get at the why and wherefore Of this unex-
pected decline. but it only grathed by the street
belief that Mr.. Vanderbilt has been for some days
back Swinging the market with stock, and that Mr.
u. o. Mills has been passing into other hands the
$4,000 shares so which he had become possessed
of early the year. The pressure of the so-called
Vanderbilt stocks aud the bad bank statement which
shows nearly $4,000.00O decrease in legal reserve
exerted depressing effect. and during the middle of
the day made matters decidedly gloomy. During
the last hour, however, things grew more cheerful
and the market closed with great frmness and with
marked recovery in prices. The most noted i'm
provement in the San Franciscos (Which
Att,
had bounced down yesterday and in Lake Shore,
Michigan Central and Erie, each of which was frac-
tionally better. Kansas and Texas closed at 29,
nearly at the highest point Of the day. being well
supported under the belief that the bill open the
Indian territory will pass both houses without ser
Gus opposition c.. @. and l. G. advanced to and
closed ut about 90 In connection with this stock
we learn that the bonds sold by the committee
Thursday were taken by parties in the interest of
the Pennsylvania Railroad Company. This. to-
gether with the large increase of earnings indicates
that the Pennsylvania people intend to
settle the litigation. The final decree OF
Judge Harlan Is to be rendered
Monday in the Supreme Court at Washington, an1
by it it is expected that all claims and counter
claims between the litgants will be definitely settled.
It is more than probable that compromise agree
ment will be entered under the auspices of the
Court Immediately after the rendering Of the
decision, thus ending q long Irrigated suit. The
Philadelphia market was heavy and lower, although
Pennsylvania Railroad was well supported by pur-
chases attributed to friends of the company. Read
ing sold down to 33iS, Northern Pacific common to
90. do preferred to 53A. Lehigh Valley to 51A and
Lehigh Navigation to 3Gls. The market is reported
as being generally demoralized at the close. with
prices ut the lowest points of the day. The closing
prices Of Reading 80 a 33jS and Of Pennsylvania
495a 80. AT meeting Of the Caribou Mining Com
pany. held day two since in this city, Messrs.
Brayton Ives, c. j. Osborn and r. p Flower were
elected directors. Mr.. Brayton Ives subse-
quenty elected to the presidency Of the company in
place Of Mr.. A. G.. Curtin resigned.
Total sales at the Board to-day were 77GS shares
against 2652s7 shares yesterday and 1880 on
Thursday. Following is epitome Of the days
trausactions:-