The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-10
The Elements at Work in
Wall Street.
The UNDERTONE AND ITS PROSPECTS.
A Very Strong Market---Are Prices
Still Advancing
MONEY EASY AND IN DEMAND.
The Foreign Situation and Its
Promises for America.
MONEY EASY AND IN DEMAND.
G. O L D E L r M .
WALL STREET,

WALL STREET,
FRIDAY, Jan. O. +. N.
The elements OF Wall street In no wise abated
their force to-day in holding prices firm. 1t is
more than probable, however, that efforts are
being made to induce the creation of ''short' In
terest. the market having reached stage in which
reaction may be reasonably anticipated and to
which the faith OF the ''bulp' operators begins to
yield. Under the circumstances a decline would
be neither inconsistent with past experience nor
unhealthy. The wonder is that so sharp an ad-
vance has not been checked before The only ex-
PLANTATION to be gwen for the remarkable hrmness
now noticeable ID that money Is abundant, COR
pOratton dividends are still coming out, and there
is no such place as Wall street elsewhere In Amer
lea that for sixty days has offered such magnificent
opportunities Tor a first class gamble, and it's
concomitant results.
THE FINANCIAL CONDITION
OF the United States Treasury the certainty that
some method Of imitation will be adopted, the con-
centrati0n OF large sums in the banks, the ease OF
money in Great Britain attested by the reduc-
ton OF the rate OF discount by the Bank of Eng
landau these, too, are Incidents which bear with
significant influence upon the general situation
and are calculated to maintain confidence. 1t Is
not at all unlikely that oDeying this feeling thou
sands OF persons will yet be attracted to the street
and will take their chances with those who are en-.
gagged IN advancing prices. 1t Is always the case
that outside buyers come in at the last moment
and act as the saiety-vave of the great speculat-
orS who, having spun their web. and scattered
their honey, quietly retire to enjoy the spois.
In the early part OF the day Ohio and Mississippi
was
THE PRINCIPAL LEADER OF THE MARKET
in the upward turn, but later western Union
again assumed the place, being stimulated by the
publication OF "a memorial of the stocknOldersn of
that company '4to William Orton Commodore Van
derbnt and Others" 1t does not appear that the
Aforesaid document is the result Of any combined
action on the part OF stockholders, for we have
no record OF q meeting by them of the fact that
the document In question is not the creation of a
shrewd party; but the proposition is unquestion-
ably unique, forcble and wen calculated provoke
the hope that, II adopted, the company may yet
make Q substantial showing Of profit to it's share
holders. It was evidently under this belief that
the price Of Western Union was advanced rapidly
Immediately after the circulation OF the memorial
and the last hour OF the day witnessed emphatic
buying process. Sympathetic with the strength
gwen 20 the market by this movement other shares
advanced and the close was at the best prices Of
the day.
THE RANGE OF PRICES
was as follows:-Western Union opened at 76A,
moved to Tx, receded to 76A, and in the after
noon ranged to 70 7s1f 70. New York Central
WAS steady at 100h 10l; Lake Shore opened at So
and closed at SAX; Alton and Terre Haute CON-
mon sold at II a 17A ID a 1611 II; Northwestern
common at 6lx q 81 o cox q 614 q 62l1 GIN;
Pacific MAIL moved from 43x to 44h, but closed at
43x; Union Pacific ranged from 31s< to 327s;
Boston, Hartford and Erie sold at So:
St. Paul common moved from AK to
4sk; Hannibal and st. Joseph common was
strong at 500 80 500 3Ozs. Panama at 116
III 1is q lis a 1l6. wabash moved up and closed
Y per cent better than at the opening. OHIO and
Mississippi went from 337I to 34I, closing at SAY.
e.. G. and /. G. was active, opening at 29X and
closing at 30H. This stock continues steady adj
vance, and, judging from its recent course, looks
very much as II 1t were on the road to the higher
prices Of last year. The range OF Rock Island was
l04h 104a<. Atlantic and Pacific preferred sold
at Is . lax; Alton and Terre Haute preferred, at
30; Delaware, Lackawanna and western, at s9Z
q 100
THK FOREIGN MARKET
significant fact In connection with our own
monetary situation is the development OF ex-
traordinary speculative strength throughout
Europe, especially in the Prussan States and on
the English Exchange. The large payments made
by France. the letting loose of immense amounts
OF capital, the breaking up, to a very considerable
extent Of the French boards held heretofore by
the peasantry and poorer classes; the disap-
various loans upon their market such as the Turk
ism. Egyptian, Honduras and others to which
more or less Of default has attached-an these
facts tend to give direction to capital SO that
within a comparatively brief time the money OF
Europe will be more than ever seeking place
among the paying securities of America. The
cable mas destroyed time and distance. Each
n0ur's
WORK IN WALL STREET
Is known on every bourse in Europe almost as
promptly as it Is communicated to the Offices OF
our own bankers and brokers, and there Is no rea-
son why the immense plethora OF capital to which
reference has been made should not, under all
these favorable influences, seek and ind profitable
use In our railway ana government bonds. Money,
like water, will find its level and wherever oppor-
tunity offers for additional capital, through such
large percentages as are paid In America, it is
natural and logical conclusion that we shall even
tualy, and soon. enjoy the benefit. Hence the in,
terest that at the present time attaches to the
financial situation OF Europe and the various
phases reported to us from week to week.
The amount OF bullion which went into the Bank
OF England to day on balances was &11.o0o. The