The New York herald., 1868-02-03
FINANCIAL AND COMMERCIAL
SUNDAY. Feb. 2, 1888,

SUNDAY Feb. 2 1885,
me gold market vas steady and quiet during the
pas wcex the fluctuations having been limited to Ix
psr csni-namev. from i4lX to I4os with the closing
transactions At l4ox i4oX roin was in superabuud
ant supply owing the light shortn interes, out,and
ins and loans made rates varying from three 70
seven per cent for carrying The demand for customs
duties was little larger than usual or late the receipts
me port cr the week having been ST. 07s 4se but the
sxpors OF specie and bullion was remarkably small
AAmeS tio9, l0O The advance the rates OF foreign
sAcnanse, however Is likely to lead to renewed ship
men'a one OF The principal causes Of the great firm
nsss Of the market arge falling on in the internal
revenue rsceipts and owing depressed condition
sa Uaae last year this decline s likely 10
become still moro marked. The income tax
receipts in particular will show heavy decrease. and 1t
not improbable that the expenditures OF the govern
nent Will exceed It's unless the internal taxes are
moro efficiently collected and stop is put TO whiskey
End other frauds contingencies growing out OF the
reconstruction policy OF Congress arc being guarded
against BY foreign bankers Who the largest hold
Of gold and an sson very generally prevails
shat tho tendency premium Is upward under she
existing and prospective condition Of financial
cia and political aIara
Geysrnment securities after advancing sharply at the
beginning Of the week. reacted under sales Of specua.
tive lots to realize profits about u n per cont The
market remained unsettled for three days. but
ou Friday and Saturday the speculative and Investment
demand quickened; and a. tho amount Offering was
very limited prices recovered nearly the whole OF the
decline, and at the Saturday their tendency
strongly upward The fact that money be borrowed
any extent these securities at four per cent while
nve-twenties yield per cont In gold is stimulating
tho speculative demand for them and at the time
the banks and other corporations buyers for the
sake Of finding employ yment for their surplus funds.
haxn uAwsN nctA
ably during the past month, all the indications
ia favor Of further material improvement. The
nrmness OF the gold premium and OF the market for
avetwenes abroad is creating demand for the bonds
VI 1852 and the old issue Of 1896 for shipment There
has beon Of late more speculative animation on the
London Stock Exchange than for many months past and
IN Wow Of this and the fact that money is drug In
Lombard street at n per cent per annum It would
not be surprising decided advance took place in
: securities held abroad There 10 . difference OF
about and half per In price between the bonds
of 1862 and 1885, but there good for this
and before long the two viii doubtless be squalized
The week opened on q very active and buoyant stock
market. with Eric leading the upward movement sales
having been made high IS 7sx: but reaction fol-
lowed and special efforts directed to the depres-
GoA Of Erie, which declined at one time TO 73K 73x.
False rumors Of an issue Of new stock were invented
and circulated by the Leading bears in the stock for the
purpose OF frightening tmid holders selling and
getting tho street sell IL .shor with buy
Ing back tho stock they had sold at profit and then
twisting the shorts and running the price up again.
This is their deliberate design, and it is technically
called 'mking the street = sw,ndling the street
would be mere fitting term TO describe the operation
by The head and front Of this movement was
she speculative director OF tho company whose efforts
10 deprecate the of its stock furnish . commen-
tary on railway management which may be studied by
stockholders with profit But for the waste and corrup
tonths sstealngs' in fact-of the Erie management,
it's stock would bs worth par dividend paying in
vsstment but Il has for It's guiding light man who
makes IL far his power lies the football Of Wall
street. Look the difference between Erie at TAX
and Now York Central at $780, and contrast the manage
nsas Of the one company With the other The latter
In run for the bene0t OF the public and
the stockholders, .and the former for the
benefit Of the speculative directors in Wall
street. honopollst though no may be, Mr. Vanderbilt
took hold OF Erie IL would be public SERVICE and the
benefit conferred the company would DO reflected
in rapid and permanent advance in the price Of the
stock, and the time will when the control Of
this great property will be wrested from the hands Of
present managers. The transactions in Erie very
hcavy and tho speculative director understood have
bought largely under Of his hammcring opera
nouk Tho probability Is that tho stock will
market, as IL 10 evident that hs and tho
bears in il generally have done af that II Is
possible for them order TO accomplish their OBJ
iects Next in point Of speculative interest Rock
Island, which advanced Saturday under active
demand to I02i4 1925 Tho manner in which this
stock 10 held and the expected result OF the litigation
progressing in relation TO the 1900, 900 Of
stock give very strong undertone. The speculative
feeling improved yesterday afternoon and the market
closed strong the following quotations:--Nsw York
Central 1874 1881; Ere, TAX TAX; Reading, e5k
s5,I; Michigan Southern, ssx 50; Cleveland ana
Pttsburg sT,s s7x Rock Island. 1071l 1919; Fort
Wayne. l02H q lo2A; Northwestern, so q cox; do.
preferred, 73s 73k; Pacific Mail, llsx 11sH; ohio
and Mississippi certificates, s2x SO; Western Union
Telegraph 867s 81 Cumberland Coal, 2s 3sk; Quick
silver, "a 24i<
The money market was extremely easy and loans 70
,tock made at per cent with the great
majority Of transactions miscellaneous collaterals at
ave per cent while the governments almost
exclusively four The supply Of first class commercial
paper light, and h found buyers OF 5k az per
The Sub Treasury nominaly increased Its balance
70 the amount Of more than millions during
she three weeks January, but at tho end Of the
month she balance suddenly fell from than hun
dred and eleven millions to nnety-ssven millions and
half partly owing TO 'msrking on" in the accounts and
partly II Is supposed. 70 purchases Of notes
The foreign exchange market firm and rates sd-
vsnced :, per cent for sterling, under scarcity Of
cotton and general produce bills On Friday the leading
drawers asked ITO for sixty days bills ON London, and a.
this permits Of the export Of specie the advance 10
without material Influence in Strengthening the
gold premium; but at presents the demand from
importers for remittance y light Bankers' bills on
England sixty days quoted as the Close at 1924
no: three days. ITO llox commercial bills, 100
. 1o9x. Bills On Parn ~ nxty days, 5ls s13z; ~
three days 612x ab1lk. On Berin-Banksrs', u
pax; commercial. 71x 7lk. On Brsmsn-Banksrs'.