The New York herald., 1879-12-27
FINANCIAL and COMMERCIAL.
Stock Speculation Dull and
Heavy. A4
THE BEARS" VICTORIOUS.
Money Made Stringent for Bor-
rowing Brokers.
WALL STREET,


1t Is . tradition upon the Stock Exchange that
whole holiday is invariably followed by half one-
Such has been the to-day. Prices were duh
and transactions limited. but. under recognition OF
the fact that half loaf Is better than no bread
traders in the market made the best Of the oppor-
tunity offered. They did so to the extent OF open
Ing tho market with considerable strength. permit.
ting it to fatten down within the first ten minutes.
holding it steadily through the best part OF tho day
ut tho reduced prices and allowing 1t to slump OH
still further toward the close During the last half
hour. however. tho market showed disposition to
brace up. possibly under the influence of the Dutch
courage which desponding bulls had sought
Tor and obtained ut tho bars OF neighbor-
ing dives" legitimate support to
closing may DO attributed to the easing up OF
the money market. which. from having been quoted
at time high l-1G per cent aud interest,
dwindled down to per cent at the end As mat
Of fact money never egitimately dearer than
z per cent and never cheaper than o. the extreme
above the highest point being due to tho machine
tions the the figure to the surfeit OF
borrowers. There Is no reason. however. to hope
for easy money market for some weeks to come.
The preparation for dividend and intorest dsburse-
nents the first OF the year requires TINT ioanabe
funds should be kept woll in hand. aud 1t appears
unavoidable that q large proportion of the amount
now employed in floating stocks will have to hc
drained temporarily into the treasures Of the
different disbursing institutions. Chief OF
these is the government which will pay
out slS.000000; next the banks. rail-
roads and other financial companies Of divers
kinds whose payments. estimated. will reach
some s40OOO.OO0 to $50 o0O0.000 more. Under these
circumstances of money tho time being cam
not reasonably be expected. though there is no
doubt Of an abundant supply OF tho needful being
Afforded before january is half over. Having had
these considerations IN mind we have not looked for
the inauguration Of permanent "boom" In stocks
previous to the above date Unforeseen circum-
stances may precipitate its inception may post
pone 1t altogether but at present tho horoscope OF
the future to DO drawn in accordance with the
above view. As previously intimated. todays mar
ket only passaby active and in general way in
clned to droop. Lower prices wore made by quito
per Kansassand Texas. under manifestation
OF the Cherokee influence which has crept into the
bear Offices. and which is likely to sympathze with
"Lo. the poor Indian" Just long tha shorts
main uncovered. c.. G. and /. q. dropped two per
cent although would not like to bo short Of 1t If
half that OF its future bo believed Eric
remained firm aud closed noary tho best price Of
the day. Friends Of tho property are confident Of
higher prices. aud tho so-caled Dclnonico synd
cate assured. is not TO be frightened into sell
ing at anything like present figures. Manhattan
Railroad notably weak, falling to So without
known reason. and its elevated proreges fell of in
sympathy to I20 for New York and 1l51 for Metro
politan. The most active stocks to-day were
Kansas and Texas, Lake Shore. Erie and Wabash. all
Of which ended than they began. Tho fol-
lowing is despatch from hiladelphis:-"Every
thing in our market be told in two words-ex-
cessive dulness. There no 'vim. there were
orders; cash and stocks plenty; prices
opened shade higher. but the little advance
almost Immediately lost. and values remained sta
tionary for the balance of the day."
Total at the Board l09 800 shares against
l0S. .o63 Wednesday. Following is epitome Of
to.dnvss franaactions.-