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


ccnuv suss ned to-day bu', nevertheless the market
vas ,,eaov ana he hac'uarious were from 40 % ,to
with the cosns ,ctions prior to the adjournment
Of the Board at lioI, ssa,ss. l4os at the opening
The supply OF cash god sou.ldues 10 excess Of the
borrowing demand and ioaN made at rates
varying from four to siX peg cent for carry
ing. The volume Of speculative business was
large and mainly the bull side the smpcr we'll as
ehe ses OF the majority in Congress being calculated TO
cause gold TO rule at higher premium for long time
20 come than IL would otherwise command The policy
or Congress appears 10 bs the South with salt.
Iguratveiy speaking, and the probable consequences
are easily foroseen but by no means reassuring. the
gross cearings amounted to 59T oo0 the gold bal
'ances 10 tlsSs,37T, and the currency balances TO
y27sS37o
The aspect Of monetary affairs at this centre s steadily
amprovug and the drain OF currency from tho West
und the interior generally Is swelling tho amount Of
sanabs funds SO that tho supply OF money Offering at
ave cent BY the banks largely exceeds the demand
although SIX 10 generally asked for small and moderate
amounts on miscellaneous collateras The
camille demand for money continues very
limited scale, and first class commercial paper
p In request a. OK per cent and IN some instances
taken a oae per cent below the legal rate; but in
1sher grades much in favor. The tendency Of
Hhis growing plethora Of capital stimulate pecula-
Zion the Stock Exchange the absence any other
nusaes fer II, which there not at present. viii
ahsrs DO until chs general trade of the couary be.
comes much moro active Hence there is only
1ns way for prices TO 60 meanwhile, and
60 resist the tide IL like sweeping back the with
= broom although temporary reactions will doubtless
occur q frequent intervals during the progress Of the
upward movement Railway shares and government
securities Attracting fresh buyers daily and good
deal Of idle capital Is at the Same time floating
i,to bonds like those Of the Central Pacific and other
0ubsdizsd railways for Tho legal proceedings
An the Chicago and Rock Island case are etiIl
0sgging their slow length along. but further Develop
nsnts are awaited with interest by tho street, although
~ the tms being tho prevailing excitement In tho
-0tock market causes II to BE- little talked about The
-esscality Of those concerned In the Issue OF the
$4,000. 900 Of stock however, the less sd
United. and is earnestly hoped that full erpose Of
AAs dscrsditabls transaction will DO male In
ohs course OF tho investigation. In order to
blow the odum which attaches TO the members
f tho committee Of two which caused the sale to be
made, Tor. a is supposed. their personal benefit
more than anything else, mention that ono Of
thsm hitherto director Of the Union Trust Company,
vas excluded from the board the annual meet
Eng held on the 2lst inst, and Is understood that all
ehs other corporations with which he associated will
Remove him frorA Office In like manner as the
hws may Justly say serve HIM right
\ The stock market was nrn at the commencement Of
business this morning, and at the early session Of the
opsa board prices slightly higher than at tho close
last evening" Erie selling Al rs and Michigan Southern at
eoA Tho speculative feeling strong at tho regular
board and very large business transacted At adj
Sancing prices The greatest rise was in Naw York
Central. which sold at 1879, nineteen per cent above
shs price current for tho stock at the beginning Of Do
IN exception to the general buoyancy Of the market
swing continued sales OF 'sbort' 'qong" stock.
both By the clique which has been resisting ratura,
tendency for . week or two past but one thing
b certain, namely, either that Erie Is q
good purchase that all the other stocks
m the good sae and tho latter Ia not OF all
probable One theory OF the street Is tnat The men,
esn Of the pool" quarrelod some days ago In conse
Auenes Of cheating among each other, and that they
shsn agreed to dissolve tho combination by realizing
epon Ill the sock belonging to It, and that this realizing
process has nsu.razed the natural tendency Of Erie
10 rss IL 10 further held that tho whole of this has
been already sold ana delivered but that large short"
bales arc still being made and that the street
6ili take hold Of Erie and run up 70 price
corresponding with the other lesdIng railway shares.
another theory 10 that ouly portion Of tho stock
belonging TO the "pool" has boon sold, and that the
msnpulators have been endeavoriug to get this back
E. and 70 bug more without advancing tho price, and
shat whom this object Is accomplished the price viii DO
Snddsnly advanced nve ten per cent in order TO
twist the sshorts - but however tho may stand
b impossible that leading stock Ike Eric can much
longer remain stationary at ten per cent below the
average Of the OF tho market while all the other
stocks continue rise. Pacific Mail adv anced to III
hut Atlantic Mail reacted downward. New York
central closed AZ higher than at the time yestar
LAY, Cleveland and Toledo X, Fort Wayne e, Pacific
Nanlk. Michigan Southern was y lower, Atlantic
Mail w Government securities strong sizes
sf 1881 closed higher, coupon nvewentlcs OF 1862
~ Issue Of ls05 Y, Of 1888 Il, new issue of
tseT ". coupon ton-fories ~ soven-thirties second
pcriss Y. The State stocks dull aud y y higher,
And the express shares wore steady.
A.sr the call the msrke, reacted and Erie declined
FAX aHX. but at the open board at o'clock there
Gas partial recovery. Eric selling al FAX and New
York Central At 1914 AZ the second regular board
nhers was 6rrn and active market at higher prices.
New York Central closed lower than at the first regu
BAR board, Eric y, Michigan southern y. Rock Island
n, Pscido Mall ~. Cleveland and Toledo was ~
higher Atlantic Mail TX. Government securities were
nrn Coupon nvs-twenos OF 1857, Issue, x higher;
psveu- th,rtiss second SERIES H. Coupon 1yetwenties
or 1897 y lower Al tho open board at haf-pas,
lhrss pr,oss slightly lower although tho market
Remained nrm In tone. Eric sold al TAX, New York
pentssl Ct I30J< ana Rock Island at 91k During the
remainder Of the afternoon there great activity In
che dealings in all the leading stocks and prices sd-
vanesd bet Erie still held in check By heavy sales,
supposed V b Of short stock by the dssusod members
sf the slA pool The OF Erie on such market
- unsxaupied In the history Of tbs street, and sisnh
attached 70 the fact that the stocks Of oil the
-Four trunk Huss running from East to wcst-namcly,
ahs New York Central, the Erie the rsunsyly ania Gen.
saI and The baltimore and ohioas considerably above
par, with ths exception Of Erie, the query beng how
bong wl che latter remain below par At tho Close
OF o'clock the market firm and excited at the fol.
Sowing Quotations:-Nsw York Central. 1917 13lx
Erie. TAX a'flk; Reading, osx pSH Michigan
Southern ss5s 80; Cleveland and Pittsbure, s6ss .
seh; Rock islssd, sTx es; Fort Wayne. lota IOs,a
Southwestern, cox aeo,l; do. preferred 73ss a 7sss
Pacific Mali, i1oH III; Ohio and Mississippi csrtid-