The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-28
FINANCIAL and COMMERCIAL.
The Stock Market Very Ac.
tive and Strong.
Government Bonds Quiet States Dull
and Railroads Strong.
Money on Call Very Easy at 1-2
1-2 Per Cent.
WALL STREET,
MONDAY Ian. Of u. M.


With undated vigor prices upon the Stock Ex-
change made further advance to-day. 1t would
seem as though the market had gone into training 20
achieve rise of any number Of points in On inded-
mite number Of hours. and was likely to accomplish
1t. Certainly there has been give way of financial
wind or muscle so far. and judging by the appear
ance Of things there is not likely to be- "Push on
keep moving is the gag of the market as 1t was OF
the odfashioned farce and those who fail to observe
it are left out in the ood or to that demoniac in
Aucnce which is popularity supposed to overtake the
"hindmost." It is certainly extraordinary that the
advance movement has progressed day after day
without single serious trip upj but it has
done so nevertheless much to the amazement of the
veterans of the and Of headed operators
who begin to doubt whether their tx "Derbies'
quite much brains as they thought they did.
BY q large number Of enthusiastic as we'll expe-
renced bulls reaction of any moment Is regarded
as improbable If not impossible. They argue that
the percentage of returns from investments must
rule for the future materially lower-that four,
rather than seven per cent will be the standard rate
of interest and that all securities selling below
par which show fair probability of paying six to
seven per cont to stockholders must advance to
three figures and stay there. Influenced by this be-
lief there undoubtedly exists unusual demand for
the most desirable descriptions Of railroad properties
and it has taken practical shape in the absorption
Of such stocks Central and Hudson, Rock
Island. Michigan Central and the Northwesterns.
As regards the preferred shares Of the latter COM
pany, it is quite certain that they have been
ciously gobbled up by outside PARTIES since they
have quite disappeared from the Offices of the leading
speculative houses. With the exception of Ohios
and Erie. there further advance TO-DAY of from
Az per cent in the active list the largest gain
being credited to Canada Southern. Erie shaky
here because it in London. Holders in the
latter city being free from the Intoxicating influence
of the speculative cup. which everybody here is
having pull at, have taken advantage of the high
prices to get out of a scrape with joy which they
have been so long into with grief. As to the Ohio
and Mississippi speculation, it seems to have stopped
the centre. To all operators in this stock give
. gratuitous tip:-"Whenever you see dollar Of
profit take it." Money still continues to loan on
call and time at rdiculously low rates, say at
per cent for the former and at cent for the lat
ter measured by period Of six months. For this
latter time and price know of loan having been
made to-day for s1OOO,oOO mixed securities
Under the least shade of decline the market closed
though there mitigation of the strength which
hos characterized it for two weeks past
The opening. highest and lowest prices Of stocks
at the New York Stock Exchange to-day as fol-
lows:-