The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-06-21
FINANCIAL AND COMMERCIAL


| FINANCIAL AND COMMERCIAL
MONEY MARKET.
| WEDNESDAY, June 20-6 P. NJ.
| The speculative excitement In Wall street has
already reached tever heat. The transa,ti,ns at
the first board 10 day were moro extensive and at
| better prices than have heretofore been realized
this season. The advance Ia ct . rate altogether
unwarranted BY tho position Of tho stocks, or BY
| their prospects. The operations ON time compose
| the bulk Of business as the board; . moro mode
rate Improvement might have been moro permanent.
Fancy stocks begin to feel the influence Of spseuls
ton, and IS they have not been mach inflated
yet, they msy attract moro attention and draw
spectators from more substantial securities
Nearly everything on the list advanced this morning
Buyers seem to lose sight Of the extent of tho in
faton already realized, and purchase on time with
apparent impunity. The bears do not appear to bs
ct ell dismsyed by the rapid advance In market
values but put ont contracts freely, in any way to
suit. State stocks, railroad bonds, canal stosks,
coal stocks, railroad stocks, are oil sold on time at
current rates, by the bears, who have an abiding
faith in reactions and rs!apses At present prices
they have strong tide in their favor, in the shspe
Of interest. More money IL absorbed In stock spsc
ulstions, at rates now ruling, and the demand for
capital is likely to be more ae;ive from this ~ well
a. numerous other causes.
At the first board to-day, Louisiana 6's advanced
per cent; California 7s, /; Tennessee 6's, Ii Erie
Bonds, 1876, 1; Hudson River shird mortgage
Bonds, Il; Illinois Central Bonds, {; do. Free
Land, II; New York Central Bonds, /; d.. rs, 4;
Nicaragua Transit, 4; Canton Company, 1; HH
lem, 4; New York Central Railroad, /; Erie RNt
road, Ii; Reading Railroad, Z; Michigan Central
Railroad, b; Michigan Southern, 8; Psnsma, 8; Chi
cago and Rock Island, j; Cleveland and Pittsburg,
5; Galena and Chicago, 2; Cleveland and Toledo,
8. Stonington Railroad fell OF per cent; Hudson
Railroad,a. The sales were very large of all the
leading stocks. The sales Of railroad bonds ct the
first board to-day amount TO about $4,000, moro
than one-hslf Of which was Of tho two classes of
Illinois Central; Erie Bonds, Hudson Railroad, Ne
York Central, Harlem, Terre Haute and Alton msde
up the balance all a. bstter prices The differences
existing between the Erie and New York Central
Railroad Companies in regard to rates and running
regulations, are entirely neut-alizsd so far ss any
eff ct on the market value Of their stocks Ia c,n-
csrned, by the speculative movements in the street
Reading was not 10 active or bu, yant to day a.
other prominent railroad stocks. All the stocks Of
Western railroad companies are moving up too fast
to be firm. An advance Of two, three and
five per cent . day cannot be continued long.
That all those railroads favorably located for the
transportation produce from the Western States to
the seabcard markets, win do large freighhng bu .
sness when the new crops come forward, canuot for
. moment be doubted; but whether IL will be pro-
fitabe OF not depends entirely upon the extent Of
competition existing at the time. Capitalists and
other men Of means must not be again deceived
BY the declaration Of large dividends by any Of our
railroad companies. Railroads for tbs present must
depend entirely upon their net earnings for digi.
bends. TIE tims for borrowing money for such
purposes has gone by, never, We hope, to come
again. Five per cent emiannually Ia as much as
any railroad in the country can pay and keep clear
Of debt.
At tho second board the marke. was little uu-
settled. Harlem fen of per cent; Galena and
Chicago, l. Missouri 6's advanced /; Illinois Cen
trsl Railroad, /; E:ie Railroad, 6; Panama, /;
Cleveland and Toledo, i; Michigan Central, 2. The
high prices ruling for Western railroad stocks is
bringing them cut, and We may look for great
chRnge In the olass Of holders. There were large
sales Of Galena and Chicago and Cleveland and To
kdo this afternoon. It isalwsys best to realizs
good profit, particularly after an upward movemen.
fgreat Iapidity.
Esrhe steamship Africa, from Boston f,r liverpool
to-day, carried out $Sl1 900 in specie.
Albert II. Nicolay's regulw semi weekly auci IN
sale Of stocks and bonds viii take place to morrow
(Thursdss), at ia o'clock, at the Merchants Elk
change.
Simeon Draper will sell at auction to morrow, Of
halfpsst IL o'clock, at the Merchants Exchange
5000. 900 bonds Of the Delaware, Is ,iawaHns aud
Westun Railroad Company, being the remainder OF
the issue Of $500. 900 by that company for the
extension Of it's road from the Lacks wanna coal
region toward New York.
At the Mining Board the following sales were
made:-
500 Gardiner Cold 81 IS 100 Hivssse. .....3 rs
200 do. ..b30 90 80 Isabella Copper. so
500 DO. ........sl01 3D.
The transactions at the Assistant Treasurer's
Office, to-day, were - followa:-
Paid Treasury account. ............. s5a,6S3 80
Received do ................ 81, 100 90
Balance 90 ................. Zool, SIS %
Paid for Assay Office. Observation-Disclosures. $4,000 81
Paid disbursing chschs............... 3o,6l6 Is
The warrants entered Of the Treasury Department,
Warrington, On the 18th inst, wsre ~ follows:-
Tor the Treasury Department. ........... S875 IL
For the Interior Department. ......... 32,o74 Ia
Fer the Customs. 12672 20
War warrants received and entered ...... e4,3s1 90
Covering into Treasury from misc sour,ss.... 1883
For covering into the Treasury from lands 49, 1874 80
Drawn account Of the Navy. 81. 003 81