Year: 1873

There seldom passes day when the quotations
are less variant than they have been during nearly
all the transactions of this last day of the year


Central and Hudson, the strength of the oft-re-
peated and long-expected scrip dividend, moves
with the steadiness and slowness common to all
large bodies having closed last night at 99s and to-


night at 1904. gain of just for the day, 80 that
speculators for rise, who have paid the current
rate for money. go home with net gain of about
per cent There is strong feeling, however in
favor of a rise in this stock, and but
for the large number of holders who stand
ready to realize at every upward step, the price
would doubtless have risen considerably above the
closing quotation. Erie seems to have dropped as
much on account Of its specific gravity as of any
other cause though doubtless the fear that the road
may fall into unscrupulOus hands hangs like cloud
over its destiny. At 50 the experts consider the
stock very cheap, provided the concern be hon.
estly managed At 60 and upward shrewd men
are shy of it. Yet it is favorite with an immense
number of active spectators who deal on small
margins, make many aud quick turns, and 90 in and
out like ducks in mill-pond. Let the impression
get abroad, however that Erie is to fall INTO the
possession of men who viii charge three OF four dol
lars for every actually expended for supplies and
intrinsic value will go for nothing, and the stock
will 20 down, down. so low that the very slgnt OF
one of the certificates wilr be unpleasant
to the eve of It's The future OF this Impor-
tant avenue of commerce depends entirely upon its
future management. The latest price of the shares
today was about below the closing quotation of
last nioht Lake Shore Ohio and Mississippi, st.
Paul. and c.. c. and ]. G. are without material
change since last evening The maDipuators Of
Rock Island manage to keep up toll
erably lively interest in Its shares, with
out any important change In the quotations
from day to day. They are quite successful too IN
keeping their plans to themselves and as conse-
quence their brokers buy and sell largely and prob
ABLY always at profit. Their see-sawing having
been continued for years without material change in
the personnel of the management il is more than
likely that the business is profitable and will be con-


tinued for long time yet. After much talk and little
real work the price actually gained Just oneeighth
Of one per cent on the last sales ofyesterday Pacific
Mail gave signs Of continuation of Mr.. Stockwelps
recent policy by sliding down to 7Si, depreciation
of Il since the latest quotation of last night The
public ere dealing in the shares either side of the
account with some caution. partly because OF the
difficulty of borrowing money on them, and partly
through fear that Jay Gould or some Other restless


giant of finance sspires TO the wearing n


the present Presidents shoes They hear great


stories of the advantages of the controllershlp OF
Pacific Mail, and may be tempted at any moment TO
step III and buy up a controlling interest. Mean


while the youthful Commodore, aware of all the pos


sbilites Is watchtu and wary, pressing the quota


ton all it viii bear, and taking care, doubtless,


not TO be caught short Of the stock as


were 20 many Of his more experienced contemporaries


in tho ever memorable North Western corner, II