The New York herald., 1879-01-06
FINANCIAL AND COMMERCIAL.
Review of the Week--A Fairly Active
Speculation in Stocks.
THE GOLD AND MONEY MARKETS.
WALL STREET, |
SUNDAY. Jan. s. 1879. (

ooNDAf, Jau D, loiv'J
What with the full stop to business occasioned by
tho recurrence of New Years festival, the slowing
mp of the day before and the difficulty of getting
under way again the day after the rst week of the
year is apt to be dull That the one just passed
away exceptionally active is due to exceptional
causes. Beyond peradventure the most important
Of these is to be found in the quiet. complete ana
altogether successful operation of the Resumption
act, whereby the blot which dishgured the countrys
credit for sixteen years has been enectualiy'
and. it is to be hoped. permanently scratched from
ahe page of the nations ledger. However dinerenty
the immediate results Of equalizing gold and green
backs may have been viewed by the community
ut large, there is no doubt as to how 1t is
regarded by the Stock Exchange. No sooner
was assurance had that the gold premium
had passed away without financial disturbance and
with the ease and quietude of dissolving view,
Than a brisk speculation started up in the better
classes Of bonds and stocks that placed upon the
board list. The demand was especially directed to
such securities as are already dividend paying
promise to become so. it being rightly argued that
resumption means expansion to the extent that gold
as merchandise is converted into gold money. and
that in its changed capacity the capital must
speedily seek investment. Added to this vast sum
arc the disbursements made on account Of dividends
and interest," amounting. it is estimated. to some
AASN
by investment in diverse kinds Of personal property
naturally seek reinvestment in the description
of securities. 1t is no wonder, then. that
an impetus was given to the railroad
bond list and to such promising specialtes
the share list Central and Hudson. Rock Island
Michigan Central. Western Union and the grangers
Better prices to the extent of Il to per cent were
made early in the week. and although they were par
TALLY reduced at the end by natural desire upon
the part of the smaller spectators to realize profits
(which nowadays come few and far between
there nothing to dispe the belief that the market
is tending strongly toward higher prices In fact the
prospects all the better from the considerable
short interest made yesterday The condition Of too
much company" is as dangerous in the stock market
great crowd in theatre and is liable to breed
} panic If anything goes wrong. The second great
feature of the week the extraordinary subscrp-
ton to the per cent loan though this partially
attributable to the circumstance that subscribers had
"held back" in order to obtain the government
commission payable and after the first Of the year
The week was notable also for rise in Erie and
New Jersey Central, with which speculation had
probably more to do than merit. though the compile
tion of the narrow gauge the first and the pros
poets Of the Reading and Baltimore and Ohio con-
nections the part Of the second are advanced as
reasons for the improvement. In the coal stocks
there new developments pointing combine
tionward, and quotations. which took considerable
range and swayed between strength and weakness.
were due entirely the handiwork Of professional
speculators.
The following table represents the opening.
highest and lowest sales Of the principal stocks
dealt in during the past week..