The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-10
FINANCIAL AND COMMERCIAL.


TUESDAY, Jan. &c p. u.
There was slight reaction in the stock market
this morning. State stocks and railroad bonds were
In better demand, at better prices but the fancies
were al lower aud not 80 active. The advance
since last week has been too rapid, and its basis
has not been substantial. The reaction was antici-
psted by the bears, who have been free sellers as
the market improved. At tho first board, to day,
Missouri 6's advanced per cent; Virginia, 1; Erie
income bonds, !; Illinois Central bonds, I. Canton
Company fell of per cent Cumberland Coal, /;
New York Central Railroad, /; Harlem Railroad, 3;
Reading Railroad, Z; Erie Railroad, z; Hudson
River Railroad, 9; Michigan Central Railroad, l.
Erie Railroad opened at Al, fell off to 4O2, and
closed at ALI. This shows the weakness of the
upward movement and the constituencies of specu.
lators. Notwithstanding the expansion already
realized in most of the leading railroad faucies we
should not be much surprised to zee further infa
ton. In Wall street money is easy. Loans on call
can be easily negotiated at comfortable rates. and
the brokers are pretty we'll supplied with faods.
They know not the day or the hour when they may
be called upon to pay up; but when the call is made
their visions of profits will disappear To speculate
In fancy stocks call loans is simply to put your
hand In the lions mouth yourself in the hands ola
Shylock with the expectation Of getting ont with
out being feeced As soon as the banks have put
out pretty good line Of call loans and the brokers
have involved themselves deeply in fancy stock
transactions on time, the screws will be suddenly
turned, and we shall find general desire to realize
among those who are now 30 anxious to buy. The
banks are now very easy and gracious to stock
spectators. Some Of them are about the streets
soliciting customers for call loans and are exceed
ingly accommodating in their terms A short time
hence we shall probably see different state of
things. Some fine morning, messengers will be seen
hurrying through Wall street, in aud out OF brokers
offices, leaving small slips of paper, giving notice
that such bank requires immediate payment of
certain loans, and the operations Of the brokers'
board that day will show decline ranging from
three to five per cent in the leading fancy stocks
This Is the operation and RESULT OF fnanc ial move
ments Of the kind referred to. Call loans have
ruined many spectators, and there is hardly
broker in the street who has not suffered more or
less from this sort Of fnanciering on the part Of
bank managers. Notwithstanding this, they place
themselves in the same position again, without
thought Of the consequences.
It ia stated that q combination has been made to
fill up the subscription to the Erie loan of four mil
lions at eighty per cent and that it has been near
ly made out. II any one wishes to come into the
combination we have no doubt they can do 80 by
making early application at the proper place. The
probability is that many bids outside of this comb.
nation will be made for portion of the loan, per-
haps at rates below that fixed, viz: eighty per
cent. We wish to suggest to the company the pro-
prety of holding dome Of these bids, If possible in
reservation, as they may be wanted in the event Of
delinquency ON the part Of any in the combination.
1t is estimated that the loan, ut eighty per cent,
win net the company about three millions Of dol
lars. The discount alone will be $500 900, and
commissions, agents and expenses Of different
kinds, will absorb about 5000 900 more-leavtng the
company just about 100000. Il may well be
said that few more financial successes Of this kind
would completely up what little there ia left Of
the company.
After the adjournment Of the Board, the following
sales Of bonds and stocks were made at au ,ton:-
$1,000 NY Harlem RR LIST mortgage Int added 1871
5000 Columbus Piqua RR., do. do. "a
5000 Cleveland Toledo RR. Incomes do66ka66T
100 shares Delaware Hudson Canal Co. .......l07a
200 g Parker Vein Coal Co.................. rs
SO +" Third avenue Railroad Co. ......... .25a25x
so g Suffolk Bank. ACKNOWLEDGEMENTS IL
$500 !" Union Gold Co. .......................11 IFS
In addition to the above, there was sold, by order
of the assignees claim Of r. & g. L. Schuyler
against the Saratoga and Warrington Railroad for
1911 653 49, with interest ON $ssOs5 so from the LIST
Of July, 1854. Il brought $ll 900.
At the second board there was not much change
in the market. New York Central Railroad ad
vanced Ii per cent; Reading Railroad, 1. small
lot of Stonington sold at SO. Erie Income Bonds
at prices current at the first board.
NM