The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-28
FINANCIAL AND COMMERCIAL.


"WEDNESDAY, Dec. zI-b r. u.
During the past two days the stock market has
been very active and very buoysnt, but there has
been no speculation. The rAnsactious have been
confined almost entb ely TO the brokers' and the ad
vance in prices is therefore likely to be ola tempo
Ssry character. The basis ID unsound. The imsgt
cary benefits derived from the arrival Of q steamer
with million and halt Of California gold served to
initiate the fances one to two per cent. Under the
impression that al increase in the specie depart,
ment of the banks would bring about an immediate
expansion in the line Of discounts, many brokers
entered the market as buyers. Az soon ~ it ap
pears that there has been no actual increase of
specie, and thss the Caifornis re,i.tances are dis
tributed among the people in small sums, there will
be a. great oesire to sell as there has lately been
to buy. The fact Of specie going into the banks
dt e. mot make money airy easier; ard We find on
the very day Of arrival Of one and half million
OF California gold and gold Gust, there was more
active demand, 1t higher rates. than before noticed
this sason Il is belief that the operations Of
tie bears have been the cause Of the recent rise in
fancy stocks - much as the remtsances OF gold
from California, At the first board to day Indiana
SIS ADVANCED 2 per cent and Missouri SIS per cent
since the last sale. Erie Income Bonds advanced
l per cent; Illinois Central Bonds, /; New York
Central Ralrosc, /; Harlem 1; Reading Railroad /.
Canton Company fell OF per cent; Hudson River
Railroad, (; Galsna and Chicago Railroad, l. AL
most all socks improved ON the opening prices.
Railroad loans Of all the leading classes are freely
offered, and there sre god many sellers OF MI
securities, VINO are evidently anxious 10 reAlizs the
present advance. Ede Income bones sold to-day At
m Improvement OF one per cent. Tee reports 80
freely circulated relative to toe operations in Ea.
rope in the new loans Of the Eie and Central c,m-
panes have no founostioD. No progress had beea
made ia the wsy of new subscriptions for eitasr
company. 10 London there vas q greater desire to
sell American railroad bonds than to add 70 their
supply. In the way Of exchanges, something of
importance may be done. Holders OF income bonds
have exhibited disposition to repla; . them Will
the new issue, but no terms have been fixed or
agreed upon. In two weeks from to-day bids for
the Erie loan will be opened at the compauy's
Office when shall know the actual result Of all the
negotiations. As for the Central company, all is
uncertainty. The probability is that its bonds will
be retaled to its stockholders for past and prospec
tive dividencs. The movement in Cumberland is
premature. We notice large purchases on time,
buyers option, at prices which cannot under ex-
listing circumstances, be maintained. Harlem is
locking up. There can be no doubt of It's being q
good purchase at current rates.
At the second board some OF the fancies ad.
vsnced. New York Central Railroad went up per
cent; Canton CompAny,4. Ths market closed firm
at our quo.ations.
The transactions at the Assistant Tressurer's Of
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