The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-26
FINANCIAL AND COMMERCIAL.
SATURDAY. Jan. 25-6P

SAio"DAf, Jan Zo-6 X. II
The gold market has boon quie. and barely STEADY 10
day, and the fluctuations limited to J, Der cent
namely. from 1897 to I4o, with the closing transact
sons prior TO tho adjournment OF the board at 1897!
following which the quotation advanced 10 lao Il0I
There was moderate borrowing demand for coin but
the supply was In excess OF H. and loans
we're made at rates varying from i've to seven
per cent Tor carrying The gross cearings amounted
20 so7, 600, the gold balances to 81 SS3, AS
ana ehe currency balances To 49, sos Tho shipments
OF specie from the port during the week aggregated
&lo69S $780, The sub-Treasury disbursed 81 035 900 In
payment OF coin interest. and s643 $50 In redemption or
sne loan OF lsa7, making $4lsa5oo accosnt Of the
ta'ter since the LIST nst and $l2 900 In interest
The volume OF speculative business In gold has dmin.
ned within the last few days owing to the superior
fractions OF the Stock Exchange but nevertheless tho
undsrtons Of the gold market remains very nrm
Speculation In railway shares Ia becoming rampant
and tho event OF the day the advance in Erie to
H 1914 natural result OF the stoppags Of saios OF
The stock BY the spool" in consequence Of there being
no more to SELL The stree. has taken the whole the
STOCK held by the clique, and In addition q large
amount has been sold sshort." Among the buyers
were many strong parties and outside investors while
II Is supposed that the speculative director himself
bought large portion Of the stock sold by the
Clique. OF which he was the principal member. The
heaviest sales were made IN the regular way yesterday
and the deliveries this morning q correspond
ingly large SCALE Tho disappointment OF the clique
with the result OF their operation 10 said to DO very
great and the probability s that those who belonged
70 VIII turn their attention to covering their sshorrsn
and then In bulling the market ON their own account
The fact of Eric being at least per below the
average Of the other railway shares calculated to mako
she street deal In 1t largely than any other stock
and therefore is likely find proper place in
the market The bugbear OF the clique being seller
no longer exists. and the full weight Of the c,qus's
sales has been felt. Tho growing plethora OF money
cannot fail to stimulate speculation and the great
danger is that prices will rise far beyond their real
value before the upward movement culmnates The
case of q Broad street stock house against
che directors OF the Chicago and Rock Island
Railway Company came up day before Judge Cardozo
on several motions to continue the Injunction as we'll
- require the proceeds OF the new issue OF shares to
be deposited in the hands Of receiver, and 20 compel
tho defendants to certain allegations in ref
srence to the issue Of the 600 new stock and
she disposition made OF the proceeds The Judge took
she papers and announced that he would render his
decision on Monday.
Money was loaned freely in large amounts At five
per cent by the banks mixed coatcras and soma
Instances they offered TO lend heavy on govern
mont securities at FOUR but the demand insufficient
70 absorb the supply, and good deal OF capital was
sharei"re left unemployed For small amounts. how
ever, on miscellaneous stocks, both the banks and
private bankers asked per cent The statement or
she associated banks for week ending to-day shows
. further considerable increase in their loanab,e re-
sources The deposits have incre ascd a. 2O494l, the
loans 81 173 and the legal tender S99S 800
while the specie has also increased 033 and the
circulation $l 1856 The totals of the present and last