The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-12-03
FINANCIAL AND COMMERCIAL.


WEDNESDAY, Dec. 2-6P NJ
The monotony In the stock market following the
Erie excitement was interrupted to-day with SEN
Sstion In New York Central, which opened on the
street in the morning at 100 and sold up to 1887
ASK before four O'Clock. The advance took place
about two O'Clock, Just before the session OF the
SECOND regular board. Previously the price was
steady between l2sx 1921, but at the time men,
toned there was sudden demand for the stock and
the quotation rapidly advanced an eighth OF one per
cent each sale until 1t had obtained the highest
dgure mentioned. From this time there was relapse
In tho closing street prices 1927. The cause Of the
rtse y the announcement that the directors have
como 70 the decision to declare dividend at or be-
fore the annual meeting next Wednesday. The rise
caused the large number Of '.shortsn to cover,
and new stimulus was given to the advance.
II 70 also said that heavy combination has
been formed, embracing Commodore Vanderbilt and
aweu known hotel proprietor. both OF whom are
1Jong" OF the stock. As the veteran Commodore
was An extensive purchaser, on margins when the
stock was between ll6 and l23, the movement will re-
suit very probably to him. The excitement was
very great at one time In the afternoon, and the
crowds usually IN the Long Room nocked into the
galleries Of the Stock Exchange and open board to
watch the transactions A hurry took place in Erie
at the last open board through an effort to ad-
vance the price In sympathy with New
York Central. It was probably attempted
py the Erie clique with view to unloading. The
price In i've minutes was run up from 371S to Al and
several thousand shares disposed Of but 1t then fell
or again to the vicinity OF 80. The general stock
market was steady upon slight variations during the
day, becoming strong with the advance in Central
IN the afternoon and weakening again at the close
Pacific Mail was hammered down below 1i6, but re-
covered later In the day. The st. Paul stocks, par
fcuarly the preferred depressed by the action
Of the directors In Withholding the dividend and
proposing consolidation or issuing new stock, and
declined AZ much as one and half to two per cent
A new movement in Rock Island was reported ut
the time Of the New York Central excitement and the
two causes sent it up to 1885, but 1t failed to sustain
itself at the advance Michigan Southern was firm.
Toledo late in the day suddenly advanced to 1902
bid upon the strength Of telegram from Cleveland
Ohio stating that the directors had declared semi
annual dividend OF four and q half per cent. Fort
Wayne, Ohio and Mississippi and the other promi-
nent stocks were variable and neglected. The bust
ness at all the boards, except IN New York Central
was Of small volume. The Express stocks weakened
In sympathy with decline in American and Mcr.
chants' Union. The street is in confusion about the
former. owing to the closing OF the books
Of the old company and the issuance OF
the new consolidated stock to the registered
AViuob iuSUcau VI W dCtual pOSseSSOrS open
board has declared the stock ''good delivery" and
the regular board sought to have the books re-
opened. 1t Is impossible to say how the dificulty
win be. adjusted. Cumberland has declined from
the advance which 1t experienced in the last two
weeks. IL is variously quoted between 81 and 40
Aariposa preferred maintains steadiness from 20 to
n The general market was so 0ull that al the
second regular board the sales Of the railway
miscellaneous list comprised less than four
thousand shares, exclusive OF New York Central.
Mining stocks were duh. Smith and Parmelee was
sold at 4.60 Irregular" but the number Of sellers
options at 4.35 indicates weak feeling regarding
It. Quartz Hill sold at &c. Gregory at 51o Alameda
Silver at 20 and Lehgh and susquehanna at so.
Money was steadily active with less uneasy feel
ing. The rate was from five to seven per cent with
less done at the FIRST figure. At the banks and on
mixed colaterals the rate was seven, and on gov
ernments six, with numerous exceptions at five,
generally to favored customers and prime firms.
Dealers In commercial paper reported very active
inquiry from the country banks, q few OF the city
banks and private buyers. The rates OF discount
are nom seven and Q half to nine and half per
cent for the general run Of first class and good
paper. This sudden briskness indicates that the
purchasers have become tired OF waiting for a
moro active money market and unwilling to keep
their funds at the prevailing diminished rates OF
interest 1t Ia sign with regard to the money mar
let which, In the present feeling OF doubt and uncer
tainty, ia full OF significance.
The gold market continued steady and dull to-day.
The price opened OF 1851 and closed at the same
ngure. The intermediate fluctuations are shown In
St~ Hollo