The New York herald., 1869-02-01
FINANCIAL AND COMMERCIAL,

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SUNDAY, Jan. 81, lS09
The future Of the stock market Is always matter
OF solicitude in Wall street. but it IL unusually
just now when prices are SO far IN advance Of what
they were at the beginning OF the year maintaining
their strength and buoyancy for period OF time sell
dom equaled In the record Of the Stock Exchange.
TO 20 up ana to 60 down within short intervals was
the old fashion In Wall street. Something has lately
changed the custom, and the rule during the past
month has been steady rise in prices, with, VI
course, the usual slight reactions, which were only
landing places in the stairway OF ascent. Underly-
ing the cause Of all this advance Is the easy condl
ton OF the money market and the abundance OF
funds with the hanks and bankers. When money is
plentiful the passion OF Wall street TO speculate 10
uncomfortable The clique system, too, has stimulated
the advance. The purchases Of large ''blocks' at
once by few individuals has given prominence and
apparent value to such stocks as they selected for
their operations. There are conservative men who
think thar the appreciation is not imitation, but Is
founded upon conception OF the immediate future
OF the country, which, with the restoration OF peace,
the recuperation Of the SOUTH the administration Of
President pledged to peace, the completion Of the
Pacific Railway and the opening Of trade across the
Continent between China and Europe must attain
an epoch Of unparalleled prosperity. The tendency
to discount the beneficial results accruing from thus
state Of things doubtless enters into the present
hopeful view Of the market. The week closed with
reaction from the highest prices which have pre-
vailed in the Stock Exchange, and operators who
were the most timid as TO the continuance Of buoy
ancy were anxious to dispose Of their stocks,
and the pressure to sell on Saturday about
noon was quite excited. The immense strain
OF carrying long began to tell upon the railway
list in particular but the decline was brief and tenn
porary. Like halt on journey, 1t only seemed to
refresh operations, the market after the depression
recovering and going up again, but not to the best
figures lar attained. No doubt q great deal OF
dstrust created by the failure Of the Erie clique
in one OF their most important interchangeable
leasing and control OF the Columbus, Chicago and
Indiana Central Railroad. This was to have been
their outlet to Chicago but IT has now passed into
the hands Of OF the great fanklng rivals Of tho
Erie-the Pennsylvania Central. The other rival
the New York Central-prevents any attempt to
reach the western metropolis via the Lake Shore,
and Erie is now in the woods. The effort to get to
Cleveland by the Pittsburg road was rather sum-
marily defeated, and now it is announced that the
stockholders Of the Mah0ning Valley road refuse to
be sold out by the Atlantic and Great western.
These are serious complications for the Erie; but
II report be true, they are c0urted just now by
the clique who anxious to depress the price OF
the stock In order to buy in what few shares are in
the street preparatory to registering capital d.
minished to twenty or thirty millions. The 'van-
derbtn stocks, as the street Is beginning to style
New York Central, Hudson River, Harlem, Lake
Shore Toledo, Michigan Southern and the others
which are more or less in the connection to Chi
cago were weaker in consequence Of the delay in the
Jencks Injunction decision. "Delays dangerous"
it Is well known. judicial opinion In opposition to
the principle OF 'sscrip,u interest certificates,
would cause an immense sensation for those stocks
which, since the, New York Central precedent, have
been set down for its application. The uneasy feel
Ing on Saturday was also due in . measure to the
action Of the Illinois Legislature in finally passing
the bill TO reduce railway fares. An nmation, how
ever, was given that the Governor would veto the
measure, and a more confident feeling ensued.
AT i've o'clock yesterday the following were the
prices ~ near as it possible to gather them in
the wavcring condition Of the street Market
New York Central 1925 1928; Erie, So. = 3sk;
Fort Wayne, 1904 l21; Michigan Southern, 93A
q 935s; Rock Island, 1904 bid; Reading, 961;
Northwestern, S3z a s37s; do preferred, 901s q
9oz; Toledo, 104x bid; Pittsburg 92as 98; st.
Paul. ex dividend, o6k 67A; do. preferred. ex
dividend, s2t4; Ohio and Mississippi, 3sl4 3sx;
Pacific Mail, 1isK a 1lo2; Western Union, 3s1s a
ass; Adams Express, 64zs bid.
Money was In ample supply during the week at
seven per cent. The exceptional transactions at six
per cent we're nnctuating in amount from day to
day. The remittances from the West are still COM
ing quite freely, and the banks report that mer
chants making their collections with greater IA
entity. Money Is not going so abundantiy to the
south. The planters have nearly all realized and
the cotton is In the hands OF brokers dealers
with New York connection or OF New York origin. A
Georgia paper says that many OF the farmers OF that
state have now stored away in their money boxes
all the way from $1,000 to $4,000 and $4,000 the
proceeds cf last years crops. This is more money
than they have for long, long time, and they
begin 10 feel rich already.
The gold premium was nrm during the greater
portion Of the week under large purchases for ship
ment and on speculative account. 1t transpired
that considerable amounts Of government bonds
ami railway stocks had been sent to Europe, and
the week closed with decline IN the price. The
reaction IN The stock market was also, sympathet-
eally. operative IN inducing sales.
The range In the price OF gold during the week
WAS a. foowr.--