Year: 1869

FINANCIAL AND CONNER GAL.
TUESDAY, Jan. Sop. NJ


The continued activity In money is provoking ana
pts cause mystery TO Vail street. On the one hand
operators are too impatient for the relaxation ex-
pected with the passage OF the time for the quar-
tery bank statement, and on the other lenders are
disposed to take advantage OF the necessities Of the
hour and keep up the rate The prevalence Of such
high figures as have ruled the last month has made
henders anxious to continue them. The more they
pcan exact the more they wish to exact That the
prevailing rates are too high is no consequence Of
scarcity Of money Money is not absolutely abun-
dant but it is plentiful enough to supply the de-
mand. In fact, there is more money in the metro
polls at the present time than Is sunicient for
ordinary business but such large quantity is in
vested in the stock market that the amount left for
pther branches Is reduced by 30 much. The stock
market is as general thing largely oversold. The
pame hundred shares Of stock is frequently the
very article bought and sold through a dozen
brokers' offices In one day. The growing practice Of
Healing In money In the Long Room has been sud-
peny brought to an end by the action OF both boards
IN threatening their members with severe penalties
bhould they continue 1t. The needy borrowers are,
therefore. compelled to once more 60 their rounds
Of the street in pursuit Of funds There be little
noubt that the practice preudicia to business.


~ enabled spectators In greenbacks to keep up the
fate Of interest by centrallzing the demand. 1t is
human nature to borrow and not to lend The bor-
Gowers in such gathering are In the majority BY
the old system lenders were comparatively In the


ark as to the rates. They were scattered about in
1her Offices and could not conspire for higher figures
Bs they could in common market The abolish
Cment OF the practice Is good thing. That money is
rendered stringent by artificial there every
reason to believe. No docking up Of greenbacks'' Is
implied. The parties who could use this means
Rre disposed TO different policy at the present
cline. There is only a narrow margin between easy
mOney and tight money Once let it pass the dIvid-
ing line towards relaxation and the whole market
Becomes easy. The small sums necessary to prevent
Che passage Of this line are In the hands Of ''Shy
pocks," who WELD an influence similar to the balance
Of power in political parties. They keep up the rate
when the general tendency Is towards a decline. A
1ew OF the banks are concerned In this support OF
Nilegal rates. Not openly, Of course They transact
business through brokers and agents, who lend the
hunds Of the bank at the exorbitant rates of the
street. The attention OF the Sub-Treasurer Mr. Van
pyck, has been directed to the fact and complaint
Awll doubtless be laid before the Comptroller Of the
Currency. To-day borrowers generally provided
themselves in the middle Of the day at rates
Ranging from seven per cent currency, excep-
ldonally, to seven per cent coin, and to





p-16. The consequence was very easy feeling at
$he close Of banking hours, advantage Of which was


taken in the stock market to send prices to the high
eet OF the day. There Is an all-abiding 1aith among
operators that the worst has gone by and that the
period Of expansion by the banks cannot be longer


elayed especially the shipments to the South are
RDn reduced scale, while remittances are beginning
% arrive from the West Chicago having to-day sent
= large parcel Of greenbacks. The dividends and
interest money Of the different trust companies and
savings banks are also making their appearance
ngain In bank deposits. Commercial paper is little
more active after quarterday, and buyers and sellers
ARE disposed to compromise on rates. Buyers per.
ceive that with sudden return Of ease the money
hnarket they will have less advantage In trans
Rcting on call loans. the rate for which
may fall to six per cent. Mercantile paper
bt tho present rates Of to 10H per cent
oners inducements which stimulate inquiry. Coun-


y paper and the lower grades of city paper dull
et very high rates, second hand holders being in
cllned to place them on the market In their uneas
ness as to the stability OF makers and acceptors


hurry took place In all kinds Of city paper just after
ehe recent failures, and acceptances were subjected
% good deal Of sitting. Investigation has restored
confidence for the great majority OF names, and
commercial brokers report better feeling among
disc0unters.


The stock market was remarkably strong all day,
exhibiting the determination Of operators to hold


nd pay high rates rather than let 60 on eve OF
the immense imitation which they expect as the re-
suit Of the coming bank expansion. The "bullv ele-
>nent is the dominant In Wall street just now.
brhe only 'bears" those who had to let go their
Grasp IN consequence OF the stringency IN money,
pnd in their chagrn they wish to everybody else
compelled to do the same. Their strength amounts
20 nothing, however. Their influence is merely moral
n yUn nv in Wal liQtra
New York Central opened at the closing price OF the
previous evening, 1929, and went up and down the
scale several times between the extremes OF 152k
and 1853. There was some unloading by weak
holders at these figures but not enough indicate
bhat the clique wer selling Another report OF in
Junction the announcement Of the election OF Mr..
Hounglove as Speaker OF the Assembly and the
Ptringency In money were successive depressing in
tluences. At the close the price was steady and
strong. The great mass OF street dealers are per-
bectly distracted about Central and perfect
Fever II they buy and In constant alarm II they SELL
EThe miscellaneous list again showed Its in
Dependence OF the leading speculative stock
pf the hour and was strong or weak from
Other causes. The feature after Central
Was Fort Wayne, which, under an active
0uiry, rose at one time TO III. Doubtless another
movement Ia on foot In this stock, but the indica-
lions are as yet very indefinite. When parties have
pakcn sides and shown their hands 1t viii probably
oppear that the advance In the result Of struggle
pn the part Of the other OF the cques to get
possession Of another through route between New
fork and Chicago. The Fort wayne road Is the
Western continuation to Chicago Of the New Jersey
Central and Pennsylvania Central Railroads. II may
be the object Of the New York Central and Erie
Hliques to get control Of 1t for the purpose Of
preventing rivalry; or, again, the parties to the
movement may be the Pennsylvania Central
Company, which Is q growing corporation, emulous
)bf the New York Central, and which by controlling
hhe New Jersey Central has organised continuous
Route between New York and Pittsburg. The ab-