The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-08
FINANCIAL AND CONNER GAL.
SUNDAY, Ian. Z, lS6

being In OF the demand at per cent and the
expectation of rise general, while nothing appeared
the surface TO indicate disturbance of monetary
affairs by Treasury movements other pubic causes.
The hopeful temper OF tho street shown Tuesday
and Wednesday by improved demand ard higher
prices for all the leading stocks but Thursday the
market began to lag except Cleveland httsburg
which advanced to s6l, and under the manage
ment was expected 90 much higher Ga Friday
morning, however, there a break in the stock,
caused by large holders selling out and in absence Of
support declined to ss.S The general market at the
same time became heavy, and continued tin Saturday
afternoon when experienced further weakening; but
before the close of business prices recovered fraction
and a somewhat better feeling exhibited. Al .
quarter past FIVE p NJ Cleveland and rt,sburg was
quoted at s2ts e. Michigan Southern 72A u, Fort
wsyne 1905, Ohio and Mississippi certificates 275s,
Quicksilver AZ, Mariposa l4's Erie 95ai 49, New York
Central 057S %. Hudson River l0;Tx los.
There evident ndisposition the part OF some
81 the bulls sustain the market against the efforts Of
the bears who became active and rs tho
week away, their object being 70 favor m increase
ofthe ''short and the time buy IN at
lower Tho great argument OF the bears the
reduced earnings of the leading roads when compared
with the highest range of last year; that of the
butts the extreme abundance Of money but the latter
showed very little spirit Notwithstanding, and BY
allowing the market they aroused the dstrust
Of lenders, who became cxacng of wide margins
At tho same time brokers inspired with q similar
feeling towards their customers, aud number Of weak
holders were forced to SELL Three outside brokers
failed during the week. of whom dealt largely the
gold rooms and the selling which took place on
their account had influence in producing deprcs
sion N both the gold and stock markets.
II has become much habit with both brokers
and private spectators to carry a larger amount
of stock than they wen take care of when
the tide turns against them Instead Of buying
a hundred shares of stock, they often buy from
twice to ten times the quantity and in proper
ton The broker has of course tar better of
t'setting whole adverse market than q weak
OPERATOR for when the latter loses his money and fails
TO put up margin he is sold out has no oppor
tunty making good his 10 by ''doubing up'' or
otherwise which broker has, whether he has money
not so long he houors his contracts they ma
ture. If the secret history OF stock houses
known would be found tlat the great majority of
their number have been than in position
which would have shown them be worth considerably
loss than nothing had they compelled TO settle
their contracts AT the market prices but by the facilities
afforded them by their credit they have weaihered the
storm, and not unrequeny converted heavy loss into
large profit The option Of calling for margin, which
broker has towards another IN every transaction is
often used, being knife which cuts in two ways
both the seller and the buyer having pm; up equal
And broker does ike make p,acce of
calling upon another for cn up lest he in hs turn should
be inconven,ently called upon In the same manner
Neither is IL necessary desirable unless perhaps in
transact thirty sixty days; but II is obvious
that such practice became general the business OF
speculative stock houses would hc largely diminished in
consequence. In every form business however,
less credit is given and greater objection can be
urged against tho Sock Exchange than elsewhere
Whether the natural tendency Of prices is present
downward or not ia an nmatcFiai element IN cstmang
the immed ate future Of the stock Neither the
bulls nor the bears in Wall street care one whit
what the intrinsic value OF he stocks they may
be- They operate for a u fall, just they
slider the temper of the market and iie aspect OF affairs
tx favorable the the other II tho of
railroads double what they are and stocks were
selling onc.quar,cr their prcscu' priU there would
not BE- wantng men who would sell "short;' fist
RS IL their earnings half what thcy arc and ielr
price twice As hsh as now there would b.
plenty TO buy them 'huli' market. ihere
were never 80 many buyers Of s,ooss before ~
since as in the spring or 1854, when tie
earnings OF the roads far less and She prices
nifty to hundred per cent higher No one then cared
about real values but tho contrsr All seemed pre-
fer the highest kite the speculative shy aud they lea
out 80 much many strings at last ,cy broke
aud the Kites fell carrying away with them host Of
fortunes
More concerted strength shown the bear than
on bull side Of the market in' week and this to
some extent, was owing ~ the absence Of that en-.
couagement which outsade support pvcs 10 the
spccuiauoa tor a rise. The number Of outside
operators has been very limited for two or
three months past during which The brokers and profess
soua, operators have been rrcying upon each other,
financially, after the "dos eat deg fashion The
brokers form larEe community OF thein.cves aud
command a very large aggregate Of capital, thru the
pr,cess OF EXTERN nation among them would progress
very slowly and not inhafmonously seeing chat the
tdoy eat dog entertainment, Is very much rclishod BY
~ the bears II ia questionable, however, whether
the latter will succeed this week in getting the
market much IL any, lower than il was on saiur.
day. Money il drug At SIX per cent and likely 10
continue the more particularly the Treasury viii dis
burse about eight millions and half of interest ia currency
and after the 18th AMI 10th inst The bugbea Of con-
tractlon aud resumption becoming what Is classical.
~ termed "payed out and there Is nothing tending
towards dorcssol but the dif OF speculation, which "a
A. Gckie as the Wind.
Government securities very arm dating the early
part Of tho week bu, they barely steady sssnr
day, notvhs,andng the favorable Europe,n news owing
TO the general hcsvncSs ct The market
Gold was weak, chiefly under TIE combined erect Of
the advanre Of ,wcn,cs abroad heavy short sales
and the payment OF nearly -four million. OF coin n,cse
by the subTrsasury. The markst opened II ia and
sod dowu to iii 4 saturday, alter which closed n
ii2 The shipments aggregated asa o., and tls lie
psnd Tor customs duties f2lo. al
The coin certificates issgcd by the sabTrca-,iry ans
outstanding the eui Of December amounted TO LEGS,
40 only although The sacrreagregs statement for th'
month shows thsi iasis,9e0 Of tho certificate
Issued In Dccembcs This proves tnst shs ceftn
Gates paid In fos customs duties ,ery rapidly, sn
that the coin deposit systn IL used coovcrienre b.
importers snd gold brut crs md that TIM erp~slous
Mr. sccuoch hardly likely 10 he rcsii,ed Cor in hi
recent report he s'l u expeced that the credit
the government Will b. siren by the which wi
thus be boueh, into the Treasury and that shc cce