The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-28
FINANCIAL AND CONNER CIAL.
n q N Il Y M A H X r +.

r. M.
The stock market opened quite buoyant this morning.
and there activity than have noticed for
some days At the nrst board New York Central bonds
advanced y per cent Delaware and Hudson, Ncara-
qua Transit, q Cumberland Coal, Il New York Cen.
trail Railroad, Il Harlem Railroad, x; Erie Railroad,
q Reading Railroad, q. Cleveland and Toledo Railroad
declined u per cent Michigan Central Railroad, a. Gold
Hill in demand to day. in anticipation doubtless of
the dividend. Erie and Reading the most promi
nent stocks the List to day There great in the
money market, and the banks find it difficult to make al
the loans they want call 1t would be better for the
community if it was found even more difficult to make
such loans Money was freely offered to day in the
street at Eve per cent and refused at that The two
California steamers have added two and quarter mil
lions to supply Of bullion and CON- and we think it
can be safely calculated upon that EXPORTS from
this time OUT, win not be beyond receipts from
Francisco-leavng banks with about thiIteen mil
lions in hand which is of two millions over
the average We do not see how we can avoid
having easy money market There has been so much
contraction in credit such general liquids tn It
the demand for money has become much reduced. II is
anticipated by leading banking houses that before
the lapse of many weeks the rate of interest In England
will be materially reduced If it will adj to the ease
in financial affairs this side strengthen our posi-
ton very much The investment of foreign capital in
American securities is progressing rapidly than
generally anticipated and the effect here be more
favorable than before, from the fact that IL is
steadily reducing our supply Until within the past few
months the manufacture Of railroad bonds was at the
rate of about million per week and the market was
completely flooded with thsm They we're forced ont
through auction houses AM By all of fnanceriug
The demand from Europe served to increase the supply
instead CT reducing IT, and there appeared to no
t the companies issuing RAILROAD bonds Tn,
III
The business done and had reached its heg ht
somet before the Schuyler swndle. That expose put
stop TO all further negotiation of railroad bonds
and have since been placing the old issues
The weight upon this market was at one time enor.
nous, and was among the many other thogs
which brought about tbs collapse. We are now
entering upon phase In this business The demani
fer railroad bonds from Europe is steadily and rapidly
dueing our supply. In the absence of any issues
the purchases OF the OLD and before this Lapse of
many months market must BE very much relieved OF
the burden pressing upon 1t in the shape OF railroad
bonds With constant demand from new sources and
new supply, the distribution cannot be other wise
than OF such character to have the most favorable
effect upon local finances As our own capital which
is invested in these securities becomes released IL
viii ard employment other channels and tend to the
developement Of other resources That we have pro-
grcsed too rapidly In the construction Of railroads there
is very little doubt but year two OF inactivity will
do away with the evil and esore most Of the capital to
those channels from which 1t extracted There Is
ION the oer side OF the Atlantic growing desire to in
vest their capital in securities bearing high rates Of in
terest; consequently they becoming less salts
fed with three and three and half per cent II Is
to this feeling that we attribute the attention of foreign
capitalists TO our stock and bonded securities.
At the second board there was comparatively little
doing and prices not firm Erie Railroad fell of
per cent Harlem y Nicaragua Transit " Tho
transactions too limited to denote any decided move
ment
Mr.. II Ncclay's regular SENT weekly auction sale
serstocfs end bonds win take place to morrow (rhurs
dhyl, at ~ o'clock, At the Merchants Exchange. 80
Tie Bosrl Of Brokers have appoiasea the foaertag