The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-31
FINANCIAL and COMMERCIAL.
WALL sqREET,

WALL sgREET,
THURSDAY, Dec. 800 r. NJ
y The monotony OF holiday week. which bid fair TO
outlast the early days OF the new year. has given
way to considerable activity and decided ANNA
ton 10
THE STOCK MARKET
where some OF the prominent operators made their
appearance to day aud had quite lively skirm.sn
Northwest. so far 1t has been only a sklrmish,
but whether 1t will develop into prolonged and
heavy battle depends upon the pluck ana margins
OF the respective oonbatants. The early busi-
ness In tho Stock Exchange was tame and
dull. Prices at the opening we're Just
about as ut the close last night but,
under the ACTIVITY In money and under the demorali-
cation produced by decline In Pacific Mail Co 4l7s,
went or an average OF nearly one per cent Rock
Island among the railways was especially weak,
owing to the pressure OF sales Induced BY the falling
on In the earnings for the third week In December
ana broke to 1olH. New York Central scrip sold as
low as 7ek. Lake Shore less sensitive the
general weakness ana made more resistance 10 the
downward movement on account or heavy pur-
chases In response 70 the defeat or consolidation
with Wabash, which scheme, carried out,
would have been unfavorabe to the interests
OF Lake shore stockholders. Sc. Paul also
resisted tho stock being firmly held by parties who
are sanguine OF highly satisfactory dividend al the
approaching annual meeting OF the directors. New
Jersey Central perhaps the least yielding among
the speculative railways and the most active in the
subsequent rally advancing it did from 90 to ol.
The feature. however, was Northwest which IN the
early decline fell or to o8. Here the clique took
hold OF IL, and, % the story goes, supported py
heavy put" at SO, bought 1t In until che price
up to co. The outside short interest IN the stock has
been quite large, and part OF the upward movement
this afternoon was due TO the covering of specu-
lative sales. Here the natural influences OF
TIE MONEY MARKET
asserted themselves, and there an eventual de-
cline from the highest prices OF the day. The rate
call ran as high as sixteenth, but the bulk OF bust
ness was at gold interest The course of the money
market was quite irregular, and was variousy re-
ported In different portions Of the street. The APP
prehcnslOn of stringency sent borrowers out I'M
usually early. and the work OF MAKING engagements
began AZ early twelve O'Clock Lenders were
c0rrespOndingiy exacting, as the nour was early,
and between one and two O'Clock loans on
stocks were made A. high as 1882 and Lie. The
demand moderated after two O'Clock, ana the rate
descended to seven currency. Some houses even
reported their success In getting money at six per
cent. Toward the close Of banking hours, however,
the demand again grew active and the rate ad.
vanced to gold interest and 132 After three O'Clock
tho market was easier and borrowers we're few.
The facts just narrated show that the calling In OF
funds prepare for the January dividends has more
than Offset the government disbursements OF the
week, which have been nearly three millions Of dol
lars. Commercial paper was quiet, without change
III rates.
THE GOLD MARKET.
The chief features In the Cold Room were decline
to 1i9h tho lowest point OF the year and the lowest
since the summer OF 1892, and subsequent rally
I20h. The former was the result OF the heavy car
rying rate which advanced to 1872 s64 and 1-1e and
induced sales Of 'ong' gold which the holders were
unwilling TO keep with the prospect Of continued
activity in money. The reaction was due to rumors
that the Secretary OF the Treasury would
diminish his gold sales for January but uron
Its becoming apparent that no one was IN
possession Of the secret Of Mr.. Boutwell, on
this subject the price again declined, touch
ing 110Z, here becoming quite firm, the shorts
manfesting o disposition to cover at any point De-
low 100. IL was also reported that gold advertised
to be sold tomorrow had been withdrawn, but the
statement was denied at the ub-Treasury. The
range Of the market Is shown In the table,