The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-02-09
FINANCIAL AND COMMERCIAL.

MONDAY, req. 6--0 b. ~.
The buoyancy which pervaded stocks at the
close Of last week was manifested again this mora
ing. and the market took another upward move.
As compared with the sales at the first board on
Saturday New York Central rose "A, Erie l. Erie
preferred |, Hudson River ~, Michigan Southern
TX. Alton and Terre Haute q, Illinois Central II,
Cleveland and Pittsburg ~ Galena and Chicago 1,
Milwaukee and Prairie du Chen 2lls-making rise
Of ten per cent since Friday last; Toledo and We
bash 2, and Chicago and Alton ~. Reading de-
cned "a. Michigan Central ~ Cleveland and
Toledo Il, and Chicago and Rock Island
w 1t will be recollected that the last
named stock abouta four weeks since was
manipulated by the bull clique and run
up in the course Of twelve days from l2y to $50;
it is now selling for 1885, and has a downward
tendency, while the shares Of nearly ell the other
Western roads are advancing in price. The corner
was adroitly made, and outsiders suffered Tho
market continued firm in the al, ernoon, and con-
siderable excitement was manifested over the rise
in Erie. Hudson River and Cumberland Coal. Tho
closing quotations were:-For New York Central
1887, Hudson River 146I, Erie 1881. Harlem
1903, Illinois Central 1917, Cleveland and Pitts
burg 1l5H, Michigan Central 1867, Reading
llsH. and Cumberland Coal 54A-a rise Of 3H
per cent since Saturday.
Sterling exchange was quoted OF 174A.
The Secretary Of the Treasury continues to pay
out his interest.bearing legal tender notes. Of
which he had at the start four hundred millions,
and he is also supplying the new national banks
with their bills as fast "a they can be printed.
From these two sources, the former Of which is Il
course the most formidable at present, and may
be properly termed auxiliary to the circulating
h.
and augmented prices are the natural sequence.
Mr.. Chase has double object in this movement.
In the first place he is largely behind in his pay
ments-say one hundred millions-and his only
available means in the present condition Of the
national finances are the FIVE per cent Treasury
notes. In the second place, necessity will soon
compel him to place upon tho market his nine
hundred millions Of ten-forty bonds, and in order
to keep them at par nominally, he must first pie
thorze the money market and force capitalists to
seek government securities for the investment OF
their surplus funds In this the Secretary will no
doubt succeed but while doing so he is stimulating
the widest spirit Of speculation and playing d.
rectly into the hands Of STOCKHOLDERS gamblers In
gold and army contractors. He is also augmenting
the prices Of all the necessares Of e reducing the
value Of the wages Of labor, and putting on still
further the day Of his promised return to the
specie basis. The public have noticed
this movement. and the vicinity Of Wall
street Is now daily crowded with strange faces.
Outsiders are pressing on the rising market, eager
to invest in Stocks in anticipation Of largely ad-
vanced prices, and the indications at present are
that their hopes and opinions will, for some tim 0
hence, correspond with the movements. Go i'd
also will be touched by the imitation and CONT ana
to rise but as II has become TO 30 great an O. ftent
article Of merchandise IL is often nfiuenc ed By
other clauses; and although Its advancement n price
may not be SO rapid as the upward pro sress Of
stocks, IL will nevertheless be quite az certain.
Fortunes can now be made with cas- q; but the
sagacious only will retain them; for nen the day
Of reckoning comes the crash will be sweeping.
The stock gamblers extra, which purported to
have been issued from this ONCE, containing Q
despatch from General Banks announcing the
taking Of Mobile, had an effect on the price Of gold
this morning to the extent of one per cent; but
the swindls soon became known, and the opening
rstss were re-establshed. The following were the