Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-12-12

| lluCUlldtOlOu, DlO ClOStu uCdIlI dl
the highest point of the day. The
amount Of the S44,000,000 reserve is,
sued up to Saturday night was 49,.
100000. War or no war, the street
seems to have made up its mind that
as the S44, 100000 reserve continues
thus rapidly to come out, and as the
deplorable tendency of the President s
message and of Congressman, especial.
ly from the West, toward initiation be.
comes more palpable, it is not possible
for the depression of the panic to con-
tinue to affect securities. For the first
time within the experience of most OF
the present generation in Wall street,
the market seems to be entirely free
from cliques, and for the first time,
also, nearly every operator seems to be
a bull. The lack of confidence, belief
in reactions, or manipulatiOns of small
rings, which generally lead to large
short interests, seems thus far to be en-
tirely wanting Careful interviews
with large number of prominent OPP
orators develop a general agreement
of opinion ON four or five points, which
seem to constitute, in the minds of
most men in the street, the basis for the
| present rise.
l, Money is easy. 1t continues to
! flow into Wall street rapidly, either for
direct investment OF for loans to opera
tors. Il must continue to accumulate,
and remain exceedingly easy for some
time to come. This is partly because
&c h. ,lfAo,rr ,,o,rol o,,1 al
expenditures by the Government, and
partly because of the continued infa-
ton, which seems to be the Govern
ment's only present resort for paying
its debts. Another reason, equally po-
tent, is that early in January large
numbers of dividends, coupons, etc,
will come In.
2. The Government initiation of the
currency is now making duadruple In
fiation of credits. The new legal tend
ers which the Government is putting
out at the rate of half million day,
are rapidly finding their way into the
banks, thus swelling the legal tender
reserve, and in quadruple proportion
expanding the credits which the banks
are able to give All believe that the
S44, 100000 reserve; III some way or
other, is bound to come out, and s
pretty certain to stay out. Some affect
to expect even greater initiation by d.
rect act of Congress.
3. War was not much Believed, at
Ieast until Saturday, on the street, but
operators were arguing that its imme-
date effect would only be to increase
the general buoyancy, by compelling
further initiation Of the currency, and
reviving the wild speculations which
marked considerable period of our
own war, making contracts plenty,
profits abundant, and money easier than
ever.
4. Stocks have been largely taken
out of Wall street through the constant
absorption by investors at panic prices.
The heavy blocks which the cliques
were forced to throw overheard have
thus been carried away.
5. Heavy investments in stocks are
sure to be made out of the numerous
January dividends. Heretofore, this
mass of money went largely into new
enterprises, and none of these now get
hearing. Scarcely banker in town
would look at proposal for placing a
new railroad bond. The money seeking
investment is, therefore, likely to 90
largely into the better class Of securi-
ties now dealtin in tae Stock Exchange.
6. Most of the operators seem to
look on the present prices of these
stocks as very low. Although there
has been considerable advance since
the panic, many of the substantial
stocks are still from 20 to IS per cent.
below the prices ruling Immediately be-
fore the failure of Jay Cooke & Co.,
and are still lower than the lowest
point which they touched in any pre-
vious depression.
z. Wall street itself is vastly richer
than it was six weeks ago. The ad-
vance already realized represents near
ly or quite hundred millions.
s. Operators regard the present rise
as resulting from natural causes and
largely beyond the control of the street
The cliques were all broken to pieces.
Their heavy blocks were thrown on the
market at panic prices, and are now
widely distributed. Stocks and
bonds are therefore standing
upon their own merits more |
than they have done for
years. The natural rise is consequent.
ly less affected by spasms and sharp re-
actions. Many of the operators now
believe the panic to have been largely |
mere fright, and on this theory insist |
that there is no reason why prices should |
not return to their old hight, while
there are some reasons, arising from /
the initiation, activity of Government |
restriction of the range |
for investments and the like, which |
would even tend to make them higher
than two months ago.
The greatest activity has been shown
during the past week in the mOres table
lines. Nearly all the Vanderbilt stocks
have risen largely. So have the con-
lecting lines, like the North West and
)ther lines known to be sure of heavy
business, like the Delaware, Lacka-
wanna and Western The advance in
I'LL these throughout the week was
steady on heavy transactions and IN
stead of the usual Saturday depression,
he closing figures on Saturday night
we're, in most cases, the highest of the
week.
From the New York Tribune Dec. 0.
The stock market opened yesterday
With extreme buoyoncy, which con-
lnued until about P. M, after which
here were frequent fluctuations. The
were large, and the excite
nent in the Stock Exchange was at
lines very great. The early advance
through the entire list and
anged from ! to 4 per cent. The sub
equent decline was caused mainly by
he transactions of large purchasers,
lrge amounts of stock being thrown
pom the market. Reports were also
a circulation from Washington to the
fleet that the Spanish complications
'ere regarded as serious by Govern J