Year: 1874

FINANCIAL DEPRESsIoN-THE BEAR CAMPAIGN ON


THE STOCK MARKEr-A STOCK JoDBING SUIT.


Has the bottom dropped out of the stock
market This question must have been asked scores OF
times yesterday Broadst., having succeeded to the
absorbing inquiry concerning the President and the
veto From the opening of the Stock Exchange 20 the
close an almost unaccountable depression Observa
be Prices declined in manner indicative OF general
lack of confidence in the stability and integrity OF
securities and there scarcely attempt made 10
stay the downward course. From one end OF BToadst
TO the other there scarcely "bull" who was will
ing TO expose himself TO rdicule by expressing his
theories as which should move the market
I'D instead Of down. Wherever there was "bul" who
cared to express his views he Invariably stated
that the depression artificial and had been
engineered by INSCRIPTIONS bears" and that il was
only necessary relax the and prices would
spring back TO their original figures The bears"
elated with Their and anticipating further
profits sprang upon the market and sold right and left
II asked for their opinion they would that he mar
ket was freed from the bosterng Influences of the


bulls" who lost both their pluck and their money,
prices were falling and stocks simply seeking their
natural level Usually, in the logic OF the street,


certain cause which has the effect OF sending the mar
ket down is Offset by directly opposite cause, and
should the market In the case OF the Finance
bill Il was generally conceded that the signing Of the
bin would have the effect OF contraction, and would





vetone of the bill would have contrary effect, and
send prices ND, as 1t would leave the finances un-
affected Instead Of that, however, the veto, combined
with other causes, has sent the stock aud gold
markets down. The principal theory is that the
President, in his veto message, has committed
himself against imitation, and that there is little kel-
hood OF any OF that character Congress


this session Perhaps the real reason OF the depression
Is attributable the persistent attacks Of the "bears


lonp he NJ
nered by them From the beginning OF business there
were brokers whose orders 10 sell extended almost along
the entire active list That they executed their orders
with effect may be inferred from the fact that the
market cold down from 10 II per cent,
bringing prices down almost to the panic level
Of last Autumn. The market opened at decline Of TO
IA per cent compared with the closing quotations Of
Wednesday and a decline OF from to "a per cent fol-
lowed Shortly before the first call there recovery
Of from to u per cent, subsequently followed by de-
cline OF from 81 per cent along the whole list About
an hour before the close Of business the lowest
quotations OF the day we're generally made North West
Common showing q decline Of ~ per cant from the
highest point, Western uniG5, Wabash. and ST. Paul
Common, S,Qi Ger cent, and Rock Island, Northwest
Preferred Union Pacific Hannibal and st. Joseph. and
Pacific Mail, Iiasa per cent. NewYork Central, Lake
Shore, Ohos, c.. c. and I. c. Delaware, Lackawanna
and Western, and Atlantic and Pacific Preferred.
showed decline OF over per cent. There slight
recovery from the lowest prices but the market
| ally closed feverish and irregular


When will the stock market turn, Is the matter OF
much thought among the dealers for upon its
solution depends and future those who take
their chances in the fnancalimse strom 1t 20
forever they reason but what the figures
| 10 take for the upward turn Yesterday the bears
in the ascendant but in a few weeks time they Will
all have become bulls" the leaders the down.
ward will have absorbed all the profit obtanase
In that direction and going about Will be active
and skillful In engineering "bull" campaign al
they are In the " bear" movement at present.


Some comment created In the earlier part OF the
day by the publication OF ai complaiR made by one
Michael Simpson against the Union Pacific Railroad
Company and its directors individually recng sundry
grievances and protesting against the consunmaton OF