The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-13
FINANCIAL AND COMMERCIAL.


THURSDAY, Oct. 12-6P.
There was very active and very buoyant market
ment At the rs. board Illinois Central bonds advanced
per cent; Canton Company N Nicaragua Transit, q
Cumberland Coal Il; New York Central Railroad, n;
Harlem. u; stonpgton, II Reading Railroad, /. Up
wards Of three tt shares Of Erie stock sold
opening at the closing prices of yesterday and closing
ut slight decline. The shorts heavy buyers yes
terdsy afternoon which the principal cause of the
improvement. Having provided for large quantity of
contracts the probability is that they will become sellers
again. and continue their bearing operations. The mar
kst has taken step forward and is daily becoming
stronger Sellers have put out contracts at higher pr
cee, and there feeling Of confidence gradually
tending itself among holders of stocks generally 1t will
be that Eie not the only stock that advanced
to-day. Cumberland, Nicaragua, Reading Central all
the leading speculative securities improved fraction
1t should be BONE in mind that there are
only about i've stocks now the market
in which there is any movement Of consequence,
snd these have med above. Most of the capital
employed in sreculatcns ct the stock exchange is dis
buted smong these securities These stocks, with
exception have been dividend paying investments and
they viii be again very The policy pursued By the
railroad companies, in suspendpg the payment of divi
bends, is wise one and calculated to place them In
better condition in the shortest possible time It is very
seldom that the leading speculative stocks any
possess many elements Of res value those alude
to- and buyers for rise have not, in times past
interest account running against them that offsets any
moderate pot The stocks principally used for specula
cn In this market, few years sgo possessed actual
value and they we're, therefore, dead weight in the
HANDS of holders. Since that tiue of them have
improved ard become productive concerns while others
have entirely disappeared. When Erie selling at 80
90 per cent, New York Central at 100 1875 Nicaragua
t.
at 90 e5 and Harlem at 10 49, there great dan
FER 10 buying them either for permanent investment or
for speculation for the chances dede3y In favor
Of great depreciation but when these stocks are
ceiling at pri,es, in some instances, less than
ore half of the above named value, the risk in
purchasing either for permanent or temporary posses
sion cannot be very great while the probability OF
prof. at such prices Is daily becoming greater. Mica
ragua Trar sit at % per cent Cumbelsnd Coal ct go
Harlem Of 81 49, Eis at 46 A. Reading Railroad ct
74a75 cannot DO considered bad purchases under
tas existing condition of money matters Three out Of
sbe Eve viii pay dividends within four months and the
appropriation Of the net earnings Of the other two to
the removal OF certain financial embarrassments win
be Of more service to the stockholders than half
dozen dividends. Th, Is the position Occupied by the
leading speculative stocks in this Market and the
speculative capital of this city and al connected with
Is concentrated upon these securities the effect must
be yisbs in appreciation Of market value. We
do not look for any important peuatve movement 10
this any other market at present The is not
propitiors and the times little out Of jointbut
the stocks we have named must steadily, but very
gradually advance long ~ they continue to show
such evidences OF returning prosperity and productive
II is out Of the power Of clique Of bears to
dspress to much greater extent this class of sscur
ties They may asiona fluctuations, but most
Of them at this moment 80 far below their intrinsic
value that there is marsa for further depreciation
After the adjournment Of the board the following sales
Of bonds and stocks were made at auction BY Albert H.
Nicoiay;-
81 900 Virginia coupon ELS, 1887. Int. added e7
certificate Breckenridge Camel C5, ($10o0) l0I5
90 shares Chatham Bank. 6Il
90 Mechanics Bank, Of Williamsburg ........ 65
20 farmers and Citizens Bank, of Long Island. %
i A Phoenix Fire ms. Co Of Brooklyn.......... 20
90 Rutgers Fire lbs Go. ~
20 Commercial Fire Ips Co .................. BOX
/ 100 Lyooming Coal and Iron Co, OF Penn.
Diapers semi. weekly sale Of stocks viii take place al
the Merchants Exchange to morrow, Friday, half past
| 70 O'Clock.
At the second board the market was a little lower
There IVES not 70 much doing. Eris Railroad fen or !.
per cent Hsadins Railroad. X; Cumberland Coal u.
| The Kaichsrbocker Bank has temporarily suspended