The New York herald., 1869-01-26
FINANCIAL AND COMMERCIAL.


Morp.v Il n. 25-0P. H.
II was rather dflcut to find sbcas IAN aosse
one, ct ieast-in Wan street to-day The ~ 70uiaso
feeling for higher prices Is uncomfortable, A. 1o
4phorts' are afraid 10 venture in market wiicl -
80 strong THAT all attempts thus far to break It
have been provosing,y unayaiIlng. They look on
at the swelling tide not daring to sell and most frc-
'quently tempted 10 bay often have their predic
tions OF decline been disprovcd. The week opened
with buoyant feeling IN nearly ell the markets. but
the railway shares particularly subject to its
influence. The several sessions Of tho Stock Ex-
change and the open board were tfronged
with members, while the galleries had more
than their usual share OF operators. 1t
was remarked that active stock market al
this season has not been witnessed In many years.
Old operators talk or "winier prices" aut nre
astonished at the change. II the appreciation OF
railway and general property TO which this feeling
points Is founded upon sound principles 1t VIII be no
cause Of regret 10 the community at large. Those
who place their faith in 1t that statistics show
gradual increase OF twenty per cent, OH average,
on the yearly earnings OF the principal lines, and
that TINS fraction VIII he largely augmented by the
opening OF through tralac to tho Pacific. The ten
dency to discount the future one OF the evils of
Wall street. In tie co1lsur dc rose atmosphere
which now surrounds speculation In railway shares
the prudent operator should remember that this ten
bSOh
cause Of the tnfarlon which has SO often been fol-
lowed by the most disastrous contraction. The
Ere,stn0 Telegram Of this evening says that ''the
gradual dissipation of the various rumors started by
che bear party In the stock market last week, the
natural tendency or an easy money market no
longer threatened with the shadow Of enother lock
up, the natterng even lualities Of the future pre-
sonted In the prospect OF an early completion OF the
Pacific Railroad, inducing speculative activity, and
IA 0ud iunun aufth tha bu1I t,lpot
sufncent Of itself to attract by the natural laws of
gravtatlon, all less formidable cliques, have
had the effect OF pretty nearly swamplng the
s'bears,n and the Market with rare exceptions, Is
IN the hands Of their opponents During the past week
tho former madc many and vigorous attacks, at
times securing what appeared important and con-
yiderable advantages but towards the close they ap
peared less and less rssolute IN their efforts, and
being dcfcated in their endcayor to excite apprc-
hension OF another lock up became completely de-
moralized and wero compelled incontlnently 70 re.
treat" Prices this morning opened at large ad-
vance upon the closing agures OF Saturday. There
WAS temptation TO realize produced by this ap-
probation, and sellers came out The effect was to
check the rise; but purchasers took so freely that
the market rallied again and at tine second open
board the highest prices Of the day were reached.
The cliques all in the best of hum0r. The acr
mony OF days was forgotten, and general good
Mississippi which, under continued purchases by
the Erie clique, went over ss. 1t Is said that the
Erie road contemplates extending its connection to
New Orleans via the Ohio ani Mississippi and the
louisville and Nashville roads, and Jay Gould is said
20 be In Louisville making the necessary arrange
ments for this grand scheme Thus, while Commo-
dore Vanderbilt IS making steady approaches to mis-
Gavorite project Of grand through route to the
West and Northwest Jay Gould is rvallng his enter
80 tt,rc x,rxya
route between New York and the metropolis Of the
Southwest 1t may or may not be that ell these
reported plans are made in sincerity. Whether they
are or are not, they have wonderful effect upon the
stock market and stimulate speculation. 1t viii be
well for the country II these grand enterprises
which were begotten In the mania OF gambling are
carried out. The pride and ambition Of those who
thus conceived them may yet prompt them to give
y0lidity what they have inflated aud the desire to
be railway kings where they were only STOCK
gamblers change them into useful citizens. Toledo
sold up TO 1914, and Reading at 97H. Michigan
southern ana Pittsburg kept side by side up to oa.
The Northwestern stocks were buoJant the pre-
Ccrrod going beyond 80. Rock Island sold at 1891.
Harlem was strong, advancing TO 49, Hudson
River was firm at l3l. IL IL reported that the COM
pany intend soing out the valuable Chambers
street property. Fort Wayne and the sc. Paul
stocks were less responsive to the general activity
quiet between 1e4s< 1851.
The gold market was firm OF the opening. the
prce at ten O'Clock In the forenoon being I3sI.
Large realizations weakened II nom this figure TO
l36k, but there were numerous intermediate 1uct1.
ations. There Is very unsettled feeling as to the
tuture OF gold, created by the heavy increase In i'm
ports for the expired portion Of this year as CON-
pared with the same period in 1885, Allowance IN
the item OF exports. however, has not been made
n,l,,.f.
direct from the ports OF the Southern States, be-
tween which and Europe large carrying trade has
been inaugurated within the past few years. New
York Is the centre OF oil imports, pariicu-
tariy of dry goods and heace In stnk-
Ing the balance the figures tell largely
against us, as compared with years when
New York the entrer0t OF al imports and
ports. Cash gold was In good supply, and those
who preferred to keep tho currency were accom-
nodated at from four and one-haf to seven per
Sent for carrying The gross clearngs we're
ta, ,sosooo the gold balances 2ies,4 4o3 and the
rency balances ss,Q2sas3. The range Of prices was
~ follows