The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-05-09
FINANCIAL AND COMMERCIAL.


The stock market continues dull but not so much de-
pressed At the opening this morning better prices
ruled Virginia 6's advanced per cent; Illinois Free
Land bonds, y; New York Central Railroad bonds, Y;
Delaware and Hudson, u; Canton Company, III Cum
berland Coal, y; Cleveland and Toledo Railroad. Y;
Reading Railroad, u; Michigan Southern Railroad y.
But for the operations in Erie and Reading we should
Rave very dull times at the stock board These are the
two most active stocks of the day and the latter has
been within the last four months purchased largely for
investment There nothing doing in other railroad
stocks but prices firmly sustained. Railroad bonds
are in the market TO extent and freely offered at
our quotations but the demand Is limited The orders
from Europe continue sman, and We do not look for
much activity until prices both sides Of the Atlantic
become equalized The existing condition Of financial
affairs in England and tbs Continent forbds further
investments in securities for the present. to any ex
tent, and must take Of them our.
selves. We do without much difficult.
ty, SO long as money continues abundant; but We
must avoid as much as possible any in our
supplies by keeping down the issue Of bonds for
railroads any other purposes The stock gene
rally is mot in very satisfactory encouraging condition
The most prominent stocks in hands where they will
remain as investments for an advance in market
value The brokers have very tse control of the mar
ket, and cannot influence prices fraction tsmpo
rariy except by desperate move, which would cost
them more in the end than it was worth Outsiders
quietly picked large lots Of Stocks at low prices some
months since, and having the means to carry, have
withdrawn them from the market, The brokers were
sellers at low prices and the rise has taken place with
out benefttng them materially They are therefore,
anxious to depress prices again. for two important pur
poses-nrst to differences the decline and then
to come in as purchasers and initiate them again The
probability that they viii be disappointed in both in
STA Th0 hr0k IA
the time. They must be content with small comm ssions
for the present. Unfortunately for the brokers' too
many of the stocks daily operated in at the board are
regular dividend paying securities the market price
happens to be depressed the productveness Is not a
fected and they be held for investment. This is
very different to what 1t was a few years SINCE
and speculation is, therefore, now carried on
securely. The sudden fluctuations OF past years
have almost entirely disappeared and nothing short Of
protracted financial revuson, affecting all great
local interests seriously depreoate the market value
OF stocks The bulls and the BEARS the longs and the
shorts, have had their day The cquss Of spectators
operating for rise fall, have comparatively
influence. Combinations formed for cornering certain
fancies longer heard Of nothing but the ac
tual intrinsic value Of stock give upward
petus in the market The recent advance in Reading
not the result as many imagine of speculation. Had not
the financial affairs of the company rapidly improved
and its monthly earnings shown such enormous in
crease on last years business all the combinations and
all the speculation Of half dozen active markets could
not have put the stock up to its level kept
it there 30 steadily. The advances in Erie has been
brought about by the superiority of its present manage
ment, compared with that Of previous years. Its Diff
cultes and ADVERTISEMENTS depressed the stock few
months since to thirty per cent II has advanced to
fifty under the operation of economy and sound udg
nent in its management Harlem, Hudson River,
Cumberland, Nicaragua, Canton Company, and one
or two other stocks, have rot advanced much un-
der all the favorable changes in the money
ket. The abundance of capital has not benefited
them much and speculation appears to be poweress
its effect upon their market value. The clear
enough The stocks remain Just about the same ia ac
tual value. No real improvement has taken place in
any of them They better than they were twelve
months since, and do not know that they are any
worse. The market value has, therefore, NO. varied
materially We in these stocks how pc werless the
brokers arehow utterly impossible it is the
sting state Of the public mind to initiate prices for any
stock unlefs there s actual bona de basis for such
an inaaon and it is only those securities which have
largely increased their productiveDess that command
high prices Reading st considerably below its real
value permanent investment while Erie is selling
for about all it ia worth in view Of contingencies. II
there probability Of interruption in its present
large receipts from competition from disagreement
further advance might justified but the danger Of
such difficulty Ia great that careful cautious capt.
tasts will not trust the stock permanent invest
ment.
sales Of bonds and stocks made at auction Simeon