The New York herald., 1868-11-28
FINANCIAL AND COMMERCIAL.

FRIDAY. Nov. 21-6 i. NJ.
The stock market to-day has been strong and
active. with Increased volume OF business the nrst
eject o. revival Of the speculative spir'. "neh
money Is 30 abundant II s very dimouis 10 keep IL
from seeking investment In the stock market The
terrors OF the late crisis are beginning 10 lade rom
she memory OF operators, and the temptation to try
fortune ia for the moment In the ascendant The
.spullsp had 1t an their own way during the morning
and the earlier portion Of the afternoon but later In
ne day In the Long Room after the boards
and ON the street the ''bearso were putting
out large numbers Of options at three, ten
ana thirty days IN preparation for another
windfai as the sequence Of this imitation. There
Is no cause for the sudden rise in values, and those
who arc forgetlu OF the dear-bought experience OF
the past month win be at the pains OF learning their
costly lessen over again. There is no reason why
any stock Is worth three to four per cent to-
day than 1t was yesterday, and those who suner
from the inevitable reaction win have thes own lack
Of Judgment to blame for rashly experimenting with
their money. The features OF the day were New
York Central aud Rock Island. The former was
started on q revival OF the report concerning
twenty-five per cent dividend. Everybody knew
shis report week ago, but 1t was skifuy employed
this morning to give the stock new life. Operators
have plenty OF money just now and are ready to
speculate But where to put 1t was the question.
Somebody said Central, and Central 1t was. So
like an article at an auction sale, up the price ran,
not tisat anybody wanted 1t In particular or knew
chat 1t was any more valuable but the speculative
fever was ripe rhe price touched 127k, when
there was pause reconsideration and retro
gade movement to 1926 the closing bidding price at
aightfal. That 1t was the overbought stock OF the
day is shown in the fact that 1t was the one which
underwent the greatest reaction. During the early
portion Of the day Central was quite scarce for de-
livery and the cash collateral was loaned free OF
interest," Rock Island showed . renewal Of the
movement begun last week after the decline in Erie.
The movement seems to have gained force by the
delay for 1t pushed the price to loos before the ad
tournament Of the last open board. The 81. Paul
stocks very active the strength Of decara-
zion Of dividend and tho announcement that
some legal cmbarrassments Of the road had been
removed. The express stocks opened weak.
but closed with q slight Improvement in prices
The American and Merchants Union Companies were
consolidated to-day, and the new organization will
be known az the American Merchants Union Ex-
press Company. Two shares OF tho Merchants
Union will equal one Of the American. The street
does not know how to take the change .. yet, ex-
cept that 1t benefits Adams which advanced about
ono per cont. Erie was neglected, although COM
promise Of the interests recently at war with each
other has been effected and the hatchet buried.
Those who have the stock are the parties to the great
quarrel. They can make it useful only by getting o
market for 1t, and that market the public can pre-
vent the supplying Of by leaving the stock where 1t
u. There Is no guarantee that the unprincipled
clique who first overissued two hundred thousand
shares to break the price and then bought up
tho stock again, to s'cornerr one Of the de-
faultSng confedefates to the scheme Of SWIM
ding the street, viii not repeat either one
n win thp tOCV i9 rpOr
distributed among the public. That the determine
ton to let It alone Is becoming widespread s shown
In the fact that during the ve boards to-day, when
business was more brisk than 1t has been In some
time, the total transactions in Erie were eight
hundred shares. Said one broker to another. in
that gossfpy pace, the Gold Room. 'sWhat do you
think OF Erie, In general way?r ~ wouldn't touch
Erie" was the response. 'Then your heads leveln
was the colloquial but expressive coincidence OF
opinion. In the swimming business the boards 1t
rose only as high as 80.
The money market was extremely easy, and while
the quoted rate on call loans was five per cent q
great deal was done at four between brokers and
great deal at six by the banks. There are several
reasons for this. The money tied up by the great
stock spccuatng clques has been returned to bank.
There Ia very little demand, comparatively, from the
West and South The Sub Treasurer Is reissuing
eight millions OF the three per cent certificates In
place of those cancelled and may issue nine millions
moro. Again, the payment OF the internal revenue
receipts into the Sub-Treasury. instead OF into the
national banks, relieves the necessity for making 80
frequent sales OF gold to obtain currency and mako
she circulation less liable to sudden contraction from
she tendency Of the ocals In these institutions to
speculate with government balances. The ease In
money was reflected in the stock market, where an
ancsutious speculative feeling was the result.
J. The markets were all very logical to-day. II has
been seen that stocks active with the plethora
OF money. The gold market was equally rational in
responding to the expansion produced by the reissue
OF the three per cents. The precious metal opened
early at 1857, sold down to 1857 and then, amid
considerable excitement, steadily rose to 1867.
The advance had the additional stimulation OF
s'bull" movement by the banking houses who are
sTong" OF governments and are endeavoring to sus-
sain "cornern on the "shorts." The latter, how
aver, suddenly received assistance from an unex-
oected quarter. The temptation TO realize at the
nigh figure last quoted was too much for many
nolders Of gold, which was at this price sud-
denly thrown ppon the market 1t is said that
remnant thcposscssIon OF the Erie Clique also
..unaoaded" ut this favorable opportunity The sale
of $500 600 government treasure also helped TO break
she market, and the price descended very rapidly
0nt II touched 1341, reacting to 1876, the closing
price at i've O'Clock. The range in the price Is shown
- follows
~ A. M............. 1861 LIS r. M.......... 1876
p0:16 A. M.......... 1867 &S:l5 r. N....-.... Is4E
h1:2o A. M.......... 1864 5P. M.............. 1856
j Tho gross clearinRs at the Gold Exchange Bank
were sos. 100000, the gold balances sl.o7A3es and
ghs currency balances s2,44as79. The government
sold brought 1857 for s1soooo 1860 for $4,000
and 1855 for 100000.
The government market opened weak and re-
mained 30 throughout the day, the diversion In the
gold market preventing anything like success in the
attempt TO rally prices The "bears" arc jubilant
over their good fortune. The closing quotations ct
nve O'Clock were az follows:-United states SKIES