The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-21
FINANCIAL and COMMERCIAL.
The Bear" Raid Success
fully Continued.
A PANlCkY FEELING IN STOCKS.
Money Rules at ] Per Cent with Transactions
at IS Per Day Commission.
WALL STREET.
~ m n - ~


Yesterdays stock market showed an evident ten
dency downward set in prices. and to-day's mar
ket further developed 1t. The result was q serious
fall throughout the list Although there no
evidence that particularly hungered to sell
It was clearly apparent that the bulls had lost their
appetite to buy. Neither in nor out of the Board
things particularly cheerful to the bovine con-
tingent. Delmonicos best "spread' was but fur
nishing forth of funereal baked meats to conrices
who were long of the market and saw nothing but
death and burial to their hopes prices were
going 1t is very probable that Nero added when
Rome burned. but the modern speculative bull made
of less heroic stuff becomes anything but unsteady
inclined when the market goes ten points against him.
1t scarcely went much this against him to-day
but hard on to it. The dump in prices was serious
and permeated the whole list As representative
examples we quote Erie. which opened at 49, fell to
3ek and rallied at the close to 40 and Lake Shore.
which opened at 1O3, declined to 99A ana ended at
1O2. Fluctuations in other stocks were even more
violent a reference to the list below will show
The simple truth of the matter s that the set back
which everybody but the neophytes in stock gam
bling knew to be inevitable has come at last. Large
holders, with handsome profits figured on paper.
have turned their theoretical gains into practical
cash. and the whole Blanche Tray snd Sweet
heart" following of smaller holders has followed
=
lower prices by some to 10 per cent. and decid-
edly healthier state of stock speculation generally
At the moment the revusion has left the market in
An undecided and feverish state. Although the
saneuin bulls have lost money they have received
lesson that will be Of benefit In the future, SO far
as teaching them the fact that when the stock mar
ket is most exuberant it is at the same time most
dangerous. Conservative spectators seeing ~
distance the cloud. mo bigger than mans hand"
skipped out in time to avoid loss and are keeping
their weather eyes skinned for an opportunity to
skip in again. There has been rather formidable
drop prices. but the garnering OF previous PROFITS
has prevented anybody being seriously hurt. There
has been. however. approach to o panic. nor is
there likely to be The worst that eau be ex-
pected is an irregular and feversh market (possi-
bly, with somewhat lower prices for day
or two). to be followed by interregnum
of dulness and an advancing market to follow.
There considerable calling in and shifting Of
loans to-day. which made the price Of money very
irregular Bankers fighting shy Of all but the
better classes Of collaterais. and consequently bor
rowers who have nothing bettor than Erie. the
Southwestern stocks and other inflated securities Of
this kind to offer. find themselves denied accommo-
hation. Upon the dividend payers there is no diff
Guilty of obtaining the needful at cont. Dealers
however, who had nothing better than rattletraps
TO offer to-day were met with plump refusal or
were charged extra commission, which ranged
any where between 1882 and Il per cent Our advices
from Philadelphia received at the close Of BUSINESS
are to the effect that the market there closely fol-
lowed ours. Prices up and down as ours
were up or down. Pennsylvania Railroad was
largely bought. and hence we'll sustained. by the
parties referred to yesterday The Northern Pacics
were the weakest stocks on the list. the common
selling down 2ss4 and the preferred to IS; Lehigh
Navigation fell from 39h to 81. Lehigh Valley from
62Il to o. and the lighter fancies were left almost
without o market. Messrs. Cadwalader Evans
Co. report Reading as opening at 351. but declining
to and closing 331 and Pennsylvania Railroad as
closing at 4s7S 43a.
Sales ut Board to-day aggregated $50 shares,
against 500 437 yesterday. Following is epitome
of the days transactions