New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-01-25
FRIDAY. Jan. PIP. N


We have nothing further at hand relative to the
new Syndicate operations than appeared in this
mornings TRIBUNE, and negotiations seem
likely TO proceed on the basis of the Syndicate OF
1871, of which Jay Cooke & Co. were the acknowl-
edged head. Judging from the present financial
condition of the foreign markets. we should say
that the present moment was favorable one for
placing the new loan, money ruling easy through
out Europe An active and excited movement is
reported in London for United States bonds, while
here the new fves have advanced beyond the point
of par of gold, thus fulfilling the conditions neces
sary to the due placing of these bonds.
The course of the stock market SINCE the January
rise" began has been'a puzzle to most observers
few DAYS ago it the toss of copper which OF the
two means the bull ciques would have recourse 10
in order 10 create activity for stocks that were
already quoted at higher prices than the public
seemed disposed TO pay for them. One of these Obvl
ously was to reduce the quotations TO
point where good judges would buy the merits
and thus create real activity, during when
the large holdings of the cliQues could be marketed
and the other to make the prices so high that az
moderate concession the stocks would seem cheap 10
the innocent when they could be sold at hgnres 80
high that they would still admit of considerable
decline The bulls have clearly chosen the latter
grounded advance IN one or two sorts and OF
the promiscuous buying of that large class
of retail operators with whom it is passion TO buy
at the highest price and sell at the lowest quota
tons have been raised 70 a high point without com
pelng large purchases the part of the bulls ana
without facilitating large sales of their holdings
If these ideas correct the RISE except on certain
specialties cannot hold; the attempt will prove
failure and the bulls will be compelled TO try the
reverse method putting out their shares, as fools
rush in" and the price recedes, until point Is
reached that will bring in all classes of outsiders
and create new interest in the market, at the cni
mination of which several large blocks OF
securities that are now lying fallow, as II
were in brokers' chests may be made productive
To-day the railroad speculation was equally active
with Yesterday and irregular, the fluctuations
being of a more rapid and violent nature. The new
Syndicate operations have doubtless tended to slim
ulate the share market with new life and the specu-
lative feeling to-day bullish despite the AFTER
nate advances and declines which have made up
the market to-day. The market opened strong, and
in one or two instances there was an upward move
mept involving however, only fraction or two "a
cifc Mail after selling at az, broke down on heavy
pressure TO sell to 72s ugging the rest of the list
down with it, though there another rally, and
still another Welding before one o'clock. Shortly
after this hour Erie was lifted to 65 and this caused
renewed firmness to the market but it lacked suih
Gent bottom to withstand the effect of sharp money
and afternoon prices were again on the descending
grade though steadier feeling predomnated at the
close The opening, highest, lowest, and closing
nrices of stocks were as follows