The New York herald., 1879-12-07
FINANCIAL AND COMMERCIAL.
Stocks Closing Active and
Stronger.
MONEY ON CALL RULES AT 6.
The New Treasury Purchase Of
Government Bonds.
WALL STREET,

SATURDAY, Dec. 90 +. M
What with the gloomy weather and the spiritless
condition of stocks generally 1t was to be expected
that the market would open the dreary conditions
that II did. There especial change for the
in the way Of prices. but trade was slack and
dealers were few and far between The day bid fair
to be the dullest of any since the late upset in
values. and would probably have continued so to the
end had not the bull interest suddenly reasserieo
itself late the afternoon and completely changed
the aspect of affairs. From condition OF utter iazi'
the market made to assume the appearance
Of great buoyancy Prices that had lain as sluggish
IS horse pond began to ripple ike trout
stream, and in the end roared ike cat
aract Everything was ..up." and a market which
had opened to the accompaniment. so to speak,
of muiiied drums finished with flourish of trum-
pets While the sharp advance is matter of fact its
cause is matter of theory. Spectators are puzzled
as to whether the stocks bought to-day are to be
turned out again next week to be kept as the
basis of new and sustained advance The former
impression IL the most popular one, however, 1t
being argued that prevailing circumstances do not
invite reconstruction of the bygone "boom' until
carly in the new year. Nevertheless there were
strong buyers of the prominent stocks to-day Much
OF the demand came from the covering of shorts.
but more from the purchases of long stock. The
sharp squirt in Eric started the ball. and the favora
stocks as Western Union and Kansas and Texas
kept 1t rolling. Something extraordinary IN tho
way of earnings is expected to be shown by the
Western Union directors on Wednesday next. and
enthusiastic holders Of the stock ready to back
their opinion that the company can pay two per
cent quarterly dividend and still retain $15O0.0O0
Of surplus. Every one Of the LOGO Board brokers
had the point to buy Kansas and Texas to-day. and
as the information conveyed by every member
under pledges OF profound secrecy to at least one
outside friend 1t was wonder that an active de-
mand arose for the stock. Seriously, however, the
points to buy seem to have some sharpness. There
Is good prospect Of Congress passing bill during
the present session to open the Indian Territory to
emigration and there il no doubt that the road is
doing handsome business, vide the report
which gives the earnings for the fourth week in
November of the present ut $751; as against
S76OA4 year. aud the increase for the past month
OF November over November Of 1878 at $97 027. To
greater or degree the entire market sympathzed
with the rise in the leading stocks. and closed at
near the highest points of the day. Whether the i'm.
proyement is founded on the rock of a new "boom"
or only built upon the sandy and insecure basis that
may have been constructed out Of personal "tifr'
between two prominent operators remains to be
seen. The Philadelphia market devoid Of in
terest a. our own. Prices opened pretty nearly as
they had closed. and remained dun and with little
change during the day. Tho higher quotations from
New York in the afternoon somewhat improved
the price Of Reading and Pennsylvania Rail-
road the former advancing to 35 and the latter to
bOx. Appearances were however. that the buying
was for short account.
Total sales ut the Board to-day 200 shares.
aaaiust 183, $40 yesterday. Following Is synopsis
of to-day's transactons:-