The New York herald., 1868-01-11
FINANCIAL AND COMMERCIAL.
FRIDAY, Jan Io--SP. NJ

nnt to-day. the extreme range OF the market having
been from 137 to 1874 with the closing transactions
prer TO the adjournment Of tho board at 1874 against
1S7A at the opening. Subsequently there moro dis
position shown TO soil than buy and the latest quo
talon was 1875 1879. Tho borrowing demand was
moderately active, bu. tho supply srpeTahundaas
and loans were maAe without Interest and A. - per
cent for carrying. The gross cIeanBgs amounted 10
SOC 856 900. tho gold balances to W. anu me
currency balances 10 S3ei57sl Tho yo!ams OF speca-
lativs business very large, ana 'ns ouiis
sought 10 make capital out OF 'Ae proOaose
passage OF the anti contraction bill in tho Senate,
but without good reason, Tor NE ia!.urs OF
shs bill 10 become law would DO likely to result IN
permanent advance in the premium through the COM
.nercIal depression and reduced revenues which II
weuld inyolve, whereas suspension OF contraction
win strengthen the credit of tho government. well
benefit tho country large and the by or
the other, commercial prostratcn being Inconsistent
With ample revenues Tne natural tendency OF the
premium upward from the exticme pcnt OF do.
preston last week but tho rise Is progressing too
rapidly for 1t 70 bs natural and all violent speculative
fluctuations, either for fall, bad for sgt
ruate traders.
There great excitement on tho Stock Exchange
during the whole Of this afternoon Notwithstanding that
tn the morning the speculative feeling was rather tama
Erie was the trump card OF the speculative pack and
both the bulls and the BEARS sales having been made as
high 1917, and it at bghea. pons Of
the day. Speculation also rampant IN New York
Ceatral and Rock Island, and the Milwaukee and st
Paul stocks pa!atcd for further rise. Even
that reacherous rubbish, quicksilver, was galvanized
Into activity advancing prices and alter this Bucks
County Lead may be expected And csgcr buyers The
danger 10 that tho public may come In
and stimulate ths bull movement by buying stocks at
high pRces from the cques which they may ultimately
have to sell AT heavy losx We are IN the mics. OF
bull speculation and thero is no knowing how much
higher prices Will rise; but moderation 10 desirable in
all things, and those among the outside public who
thiak they only into Wall street and buy
stocks In order to make money had better pause and
reflect. They viii do well remember that. although
the tendency or prices IS upward, tho higher
thy 60 tho the marset will be liable
70 violent reactions. and outsiders arc always
losers by these, while the eques almost In
variably are gamers. Without therefore, meaning
70 discourage the 5us utter this word Of warning
IN ample tne for those Concerned to profit By it. The
market go up forever; and it - we'll for spscu
Iators and thcsc Who think specu asng remember
this very obvious fact. AT tho time prices arc
likely range ideraby higher before the inevitable
panic comes, which viii carry down again Money
b abundani, and the Stock Exchange vol supplied
at six per cent, Wills tho principal dealers
In government securities enabled TO borrow nearly
Ill they require at Eve 0sns TO the daness OF tado
the demand for first class discounts Is light; SO that
money lenders haze roly upon Wall street for tae
employment OF their funds
is the expressed intention Of the regular boaM to
move down to the lower hail Of the Stock Exchange
building on the first day or the ensuing month whore
railing Is to the outside public from 'the
observed Of all Observers" yolept the brokers' and
IN nd tood khero ba n
session from ten until four O'Clock.
There was good Investment demand for government
Securities at the counters Of the leading Dealers and
owing to the advance in gold nvewenes Of 1862 and
the ed issue OF 1885, for which there is . fercign
market, were particularly strong. At tho close tho
entire hst buoyans as the sabjoinsd quota,ious
Registered, 1881, 100 1o9h; coupon, 1881, lo9x a
1oeX; s.2o's, registered, 1862 lo5X lc5X; s-2es,
coupon, 1862 1oSX l0sH; do, 1864. 1867 1o6,l
d.. 1856, 1868 lot; do, 1885, January and July,
1861 1csl; do, 1907 1854 los'.; DOS, rcg-
istsred. 1929 io2H; lo.fos, coupon lo23s lo2,s
jane 1905, 1o54 1861; July sos, 1867 lo5I
May compounds, 1865, 1l7S 1l7s; August do, lle,s
1lsx; September do, ll6j1 1l63s; October do,
u5Z 1l6.
A. tho commencement Of business the stock market
quiet md steady closing prices OF last
ing and at the carly Of the open board horc
fractional decline In instances, Erie selling ut
TAX and Rock Island at ocI. Az the FIRST regular
board the market active and nrmer and New York
Central advanced to 123l and Hadscn River to 142h,
both being higher prices than tho prosen. condition and
dividends OF these companies warrant New York Central
closed 23S higher than the time yesterday Erie
e, Hudson River az, Reading y, Michigan Central e,
Michigan Southern x, Cleveland and Ptsourg IN, Rock
Island q, Nrthwestern y, do. prclsrrod y, For,
Wayne u, Milwaukee aud 81. Paul x, do preferred u,
Quicksilver 1x, Canton u. Pacific Mail was u lower
Anrposa preferred q, Western Union Telegraph 4
Government secut were strong. sixcs OF 1881 closed
u higher, coupon 0ye-swenss OF 1862 w. ssuo OF 1884
Il, issue OF 1865 5s, issue Of 1887 n seven
thirtes 4.
After tho call thors was sudden advance in Emo to
75X and In New York Central 10 12i, tho transactions
In these stocks being heavy At the open board At
ono o'clock tho markc! active and excited. Now
York Central sold 124H, Erie SSsG, and Rock Island
at OK, while Quicksilver advanced 10 255S. A. tho
second regular board the market continued srong and
New York Central closed 5s higher than tho nrss
regular board, Reading e. Cleveland ami Pittsburg 4.
Rock Island ss, Fort Wayne %, Mii isarsoo and St.
Paul u, Canton u. Erie wa * lover Michigan South.
srn " Cleveland Toledo y, Northwestern preferred
y, Pacific Mail a. Goscrnmcn, securities we're strong.
Coupon Gve-twcniis OF 1864 closed u higher, issue
Of 1867 u, seventhirtos, second series x, third
ssries Y.
At the oren board half past three There removed
excitement, especially Ere, whrn advanced 10 10Y
New York Central sold at 1ciM al245s Erie, 7e1S;
Hudson River, i42S l4cE; Reading, siT OAK
Michigan Southern si<; Cleveland aud Ptisburg. oSs
ao3L; Cleveland and Toledo i0l5x l0e; Rock Island
o1K a975s; Northwestern, oo'S coz; do. preferred
73,4 73K; Pacific MAIL 1ls4; Western Union Tce-
graph, ss. Afterwards Erie advanced to rex 7s5s
and the whole market remained stroae and excited up
to tho close OF business, whom tho following quotations
we're current-Nes York Central, l2i,s a i2lX Eric,
7o4 7G7s; Reading 9ik a PIX; Michigan soGthorn,
87Xas7t; CcveIsnd aud Pl.;sburg osjS a s31 Rock
Island, OK ok; Fort wsyns, lolll 1o2; North
western, G2 62H; do preferred, 1874 "a; Pacific
Mail, lld,s; Western Union Tccss-Th, 37l 3T;1.
Tho foreign exchanges MARKET was duh and weak,
and the rato for haukcrs sterling a. sixty days do.
cined to 1904 lilo. The demand from importers is
very Hight, and bills drawn sgains. rve-twen,es arc