Year: 1873




There are no events to-day that require special
comment. II there has been an advance in prices
on the market IL has 0beyed the general law OF
the hour which has compelled decline as the
result OF realization. The market has attained q
position which might have been an inducement to
large buyers Yet in the face OF this TACT 4


PRIoES ARE STEADILY WEAKENING.


We may. nevertheless. witness alternate
strength and weakness as the result OF the
operations OF men who, having been success
full in moving the market upward, still retain
certain speculative strength. Nor is 1t to be ex
pected that these men Will let go their hold until
they have accomplished the purposes for which
they originally abored. The situation is in nut
shell. While oliques can maintain their individu-
atty and half dozen men may represent million
dollars each, and employ brokers to do their
bidding


IT Is ALWAYS EASY TO ADVANCE PRICES
to certain point; yet, that point will always be,
as il is at the present moment, consistent
with the ability OF the moneyed community
to MAINTAIN their vantage ground Just
so soon, however. as the elemanr OF ex-
haustion develops ITSELF 1t seems to be
apparent that the chief operators, from feeling
of sheer alright, must be forced TO commence real
izing, which as result c0mpes the market to
resume its normal condition. The same powers
that are necessary to advance values may depress
them. 1t is, therefore, falacious beef on the
part Of A, b and G, who use mere


MONEY AS THE LEVERAGE INFLUENCE
OF a combination, that few hundreds or thousands
can add to or detract from the public confidence.
II the advance, which has already taken place,
were consistent with the general Improvement OF
the country; ir it were not purely local, artificial
and personally stimulative, strong faith might be
felt the altitude OF the market but even the most
casual observer must have seen to-day how


FEvERIsH, ELASTIC AND YIELDING


the market was whenever the speculative support
was withdrawn. We have but one thought to add.
While the market is in this condition all outside
parties should promptly realize and dispose of
their holdings Spectators owe 1t to themselves
to avoid the well-known cliques Of the market and
refrain from selling that which they do not own.


THE STOCK MARKET.


The movement in stocks to-day was not encour-
aging to those who favored higher prices. There
were various periods OF weakness and recovery,
but at no time was the general range Of prices such
as to command successful predictions. The
decline and want of hope was largely based upon
the action OF Secretary Richardson, who
fairly represents the administration in his en-
deavOrs to resist imitation, and in his efforts to
supplant any attempt thereat by recommending
system OF internal taxes. a4


THE MONEY MARKET


Money to-day was generally easy at seven per
cent, exceptional transactions being m sde at Six
per cent Foreign exchange was somewhat active
In the early part Of the day. but less buoyant at the
close when rates for actual business were 1854 for
prime bankers sixty days sterling and 109H 1925
for demand.


THE GOLD MARKET.


Gold opened at 109s and moved to y, then ad
vanced amid some manifestations Of excitement to
ITO 11Oh but at the close the bear influence pre-
vailed and carried prices down again to 109T q
I09X There Is reason for the assertion that the
future OF the gold market will be attended by FEVER
ishness. II it be true that the government is a
buyer to-day we have cause for the sudden ad-
vance that has occurred, and we may expect other
important changes, based on the weakness OF the
Treasury Department when 1t is called upon to
meet the demands OF the 1st OF January.
We assume 1t to be true that other parties
than government agents were also buying, and it
s not difficult to understand the logic Of their
ton when we review as has already been done,
the condition OF the government Golfers. na-
ton without practical money, without gold or
silver, without anything as basis for its credit
but public faith, is excusable when 1t sends its
representatives into the public marts to purchase
the tokens Of value recognized elsewhere in the
world, and 1t is therefore equally excusable on
the part OF spectators II they take advantage OF
the situation to advance the price Of very rare
commodity.


OPERATIONS OF TIE GOLD EXCHANGE


Gold balances ~, 10
Currency balances. Lao $40
Gross cearings. 300, 600


CLEARING HOUSE STATEMENT.


Currency exchanges. 500 $685. 25l
Currency balances ................." $3.50, 4oi
Gold exchanges. ...................... $3.50 5vs