The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-12-23
FINANCIAL and COMMERCIAL.
An Active and Buoyant
Stock Market.
MONEY MORE ACTIVE.
Governments Firm-State and
Railway Bonds Dull.
WALL STREET.

Like tho many days which have preceded It this
mornings stock market has offered nothing of par
ticular interest. There was enough Of the impulse
left from Saturday closing to make Arm open
ing to-day, but in less than hour 1t bad been
hsusted and the market commenced to droop. Later
on there was a demonstration Of stronger bullsh
feeling to which prices responded with advance,
and which at the end closed business at the high
est figures of the day. Such in brief is the history
of the mornings speculation. To got at the why
and wherefore the changes made 10 more difficult.
As well as can be ascertained they were due to
rather sprightly covering of shorts and to
Some good buying for the long account.
It Ia unquestionabe that there have been
more bear contracts in existence during the last
ten days than has been the case for months
past. It is quite unquestonable that good many
bears waking up to this circumstance, and
are becoming of the fact That any sudden
and concerted action upon tho part Of the bulls
might make things shot for them. Under the pres
sure Of this prudent timidity many short lines
were covered this morning. to the manifest improve
ment Of prices. There was o further improvement.
due to . sharp demand for long stock. Both Mr..
Vanderbilt and Mr.. Gould believed by the
street to be picking up stocks today--the first, Of
Michigan Central, Lake Shore and Western Union.
which he is supposed to have parted with at higher
prices and the latter Hannibal ana St. Joseph and
other stocks identified with the Wabash system. The
Hannibal and st. Joseph shares were exceedingly
strong and nearly tho loss of the Last few
days. The recent arrangement with the Rock
Island Company. by which the trains Of the latter
road are sent the bridge directly into Kansas
City (paying handsome toll for the transit ia con-
sidered as an extremely advantageous one. c., G.
aud G. from 20 to 2lH. with the latter price
bid at the close. Large purchases Of the stock are
attributed to Jay Gould, and the impression is
that he intends utilize the line In connection with
his recent acquisitions Of Western railroads. Ac-
cepting this to be founded on fact We get another
FOR the present strength and the antcpaions which
are entertained Of higher prices. All the prominent
stocks gained from u to per cent on the days
business. In the were Erie from which highly
favorable statement is expected tomorrow. the
vanderbilts. New Jersey Central and Kansas and
Texas. In fact the whole market closed stronger
and higher-whether indicative Of permanent
'boom" or only of a momentary flash In the pan
nobody seems to know. On the Philadelphia market
thore was pressure to sell stocks at tho opening.
Reading fell to 32X Lehigh Valley to $685. divi-
dend and Navigation 36h. Pennsylvania was
well sustained by friends Of the road at about par.
and the Northern Pacifcs were neglected. Later
there was general but moderate rally. ana prices
closed strong. Pennsylvania Railroad closed ct
S0k SOY Reading Railroad closed at 3S11 33ss.
Total sales the Board to-day 1877 $3.50 shares
against 1877 76S shares Saturday. Following is
spitome of to-day's transactions:-