The New York herald., 1879-02-03
FINANCIAL and COMMERCIAL.
Review Of the Week "A Very Active and Ez-
citing Speculation in Stocks
THE MONEY AND EXCHANGE MARKETS.
WALL STREET,

SUNDAY, Feb. 2, 1870.
The familiar saying that 'ft never rains but it
pours" seems to be quite as applicable to business
upon the Stock Exchange to atmospherical phe-
nomena. The drought which has for so long a
period dried up the business of commission brokers
and reduced the Stock Exchange to the condition of
financial Desert Of Sahara. appears at to have
yielded to perfect down pour of activity Such. at
least. is the presumption afforded by the testimony
of the past week. which. for its volume of business
and startling variation in prices has not been paral
leled since the palmy times of the In those
halcyon days tho humblest of brokers had soul
above lager Though it has come down to it since).
and the bare possibility of return to period OF
champagne and chicken" has restored degree
of cheerfulneao to tho faces of board members
which has long been absent. The week just passed
has been characterized by violent changes in prices.
o free realization of profits, natural decline in
quotations and the establishment of some feeling of
uncertainty to what the course of the market is
to be in the immediate future. OF the
sanguine who believed that the dismal record of the
last Ave years was to be blotted out in q months
time. have been disappointed Those who expected
TO plunge into prosperity one takes "header in
o swimming bath inclined to growl because they
have experienced inevitable chill but by those who
have anticipated the reaction and wisely regard it
as healthy check to speculation which had taken
the Dit IN ts teeth the set back Is received as DOtn
natural and necessary. The bull movement. which had
been kept fever heat for couple of weeks received
its first antphlogistc treatment Tuesday through
free sales of the Northwestern common stock. The
very serious decline which ensued quickly affected the
rest of the list, and general breakdown in prices
followed. Jay Gould, of course. got the credit or
discredit (as regarded from bear bull point of
view of the operaton but is not to be denied that
the invitation to attack was given him by the bulls
themselves, who. by distributing pool holdings, hao
weakened the market and deprived 1t of support.
The depression succeeded by a sharp rally and
subsequent downward turn, which brought matters
ut of the week to the state of uncertainty
referred to- Diagnosing the market carefully, how
ever the conclusion is arrived at that the pools In
parting with their stocks have passed them to
strong outside parties, who. majority of cases,
have bought hold; that the amount of stocks upon
the street has been materially reduced; that the
liquidation has been profitable to both large
and small holders, and that the basis for the
ing of an upward movement is sounder than ever.
This at least is the opinion OF many wise specula-
tive heads. who will have to confess themselves
wrong If ut least more vigorous upward move
ment does not speedily
The opening prices OF stocks on Monday last
were:-New York Central, 1155s; Consolidated South
ern. 81; Erie. 26s{; Lake Shore. 73la; Northwestern
64L; Northwestern preferred, S6a4; Rock Island,
1851; Milwaukee and st. Paul, As; Milwaukee and
St. Paul preferred. s3l4 Delaware. Lackawanna and
Western, 54si; New Jersey Central 41h; Delaware
and Hudson. As; Morris and Essex, S4A; c., c. and
l. c. So; Hannibal and st. Joseph, 49, Hannibal and
St. Joseph preferred, 3sH; Ohio and Mississippi.
11h; Western Union. 81; Atlantic and Pacific Tele-
graph. 363S Pacific Mail, 1894
The closing quotations yesterday were fol-