The New York herald., 1870-01-31
FINANCIAL and COMMERCIAL.
WALL STRREr. /
SUNDAY Jan. 80, 1910.
Tho week has closed upon rather steady market,
I0rticulary In

WALL SrRREr,
SUNDAY Jan. 80, 1870.
The week has closed upon rather steady market,
Iopticular:y In
Many OF tho speculative combinations have been
disappointed at the apathy with which outsiders
have regarded the temptations to again enter the
speculative arena. Indeed, It has required all the
ease In money TO keep prl0as from recedng, ana
were 1t not for the unusual fnclies afforded holders
OF stocks 1t Is an open question whether the whole
market would not have undergone decline. The
brokers whose business mas been so largely reduced
since last rail- are compelled 70 confess that the
street lacks the old buOyancy which used
to attend the relaxation OF tho rate on
call loans The fall in the interest rate to Ave and
four per cent would in old times have led to the
sharpest competition FOR the possession OF stocks
but now the utmost enthusiasm leaf, TO rise Of
only one or two per cont Tho great bulk OF tho
leading shares Is held By the cques and the street
seems unwilling to come In ana assist movement
to higher prices Tno lesson of the panic Is not
soon forgotten, although at the outset OF the year
appearances did indicate that the victims OF the
disasters OF September were In bury 70 retrieve
their losses The succeeding duness must be attri-
buted to the general disposition 10 taxe smaii
profits and not to hold on for large ad-
vances- The ciiqnes have found It more dln1cult
tnan usual to "mk the street." although the opera
ton has not been uniformly unsuccessful. As Q
general thing, however tney have failed the street
standing aside and looking askAnoe az their EFFORTS,
but mnnifestng little desire to bc tho victims or the
lacteal performance Certain shares have encoun-
tered the force Of adverse circumstances and have
been weak despite speculative support. The West
ern railways, which are dependent more or less
on the movement OF the crops have suffered largo
falling OH In receipts the farmers and grain specu!a
tors Withholding freignts In expectation Of more
favorable prices IN the spring or summer.
In two prominent roads It Is reported
thas the directors lind themselves compelled
to borrow money to pay dividends declared when
the prospect was not SO uDnatterng. Hcre arises
question which should receive attention In quarter
competent to take action. Why are dividends de.
clsred when the money to pay them is not actually
in the treasury Of the companys Any person VINO
is tempted TO buy stock on which dividend Is thus
declared Is deliberately swlndlod out OF his money
and the directors who declare 1t guilty OF fraud
The sensation Of the week has been Rock Island.
which was struck from the call at the board for
failure to register two millions OF new stock Issued
last June; or rather for failure to notify the Stock
Exchange OF such intended issue. The price fell to
1o3k upon this announcement, but the Onlcials OF
tho road, taking this action as aYront, alleged
TO have bought oil the stock trs sold, as well as all
the short stock offered BY the "bearsn with the
efrect Of putting the pr.ca to 11sA The cliques are
so ready 70 take oil advantages Of the public ana
have shown their ability TO do 80 on 80 many occa-
sons that the street b inclined pause before ven-
turing. ana hence we md that the transactions OF
late have been confined to the brokers and thas the
market has temporarily drifted into what is known
as . sbrokers' markell
GOLD.
The speculative feeling has largely abandoned the
Gold Room, the fluctuations IN the premium being
so slight as to present few temptations to the
heavier operators. The price has been strong ana
steady, however, the strength Of exchange ana the
increasing specie shipments creating fair demand.
The steadiness OF the market was quite evident
toward the close, when, despite the sensational
stories regarding the programme OF the Treasury for
February, the fluctuations hardly exceeded half
per cent. Before these lines In type the tele-
graph will doubtless bring Us the real facts as
to the plans OF Mr.. Boutwell, for the ensuing
month. The disposition to be on the "hilln aide OF
gold has been encouraged by the easier rates
for carrying balances tho ngure In some In
avorlng the holder against the borrower.
The course OF the market during the week u shown
IN the table,