The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-01-09
FINANCIAL AND COMMERCIAL.



KONnY MARK ET.
MONDAY, Jan. Sc P. III.
The stock market opened this morning with strong
upward tendency. and continued quite buoyant to
the close. The leading railroad stocks we're in de.
mand, and very large amount Of business was
transacted. The movement in Erie was do ided,
and most of the sales for cash. At the first board
Erie Income Bonds advanced per cent; Illinois
Central Bonds, 4; New York Central Bonds, 1; Can
ton Company j; Nicaragus Transit, 4; Cumberland
Coal, 1; New York Central Railroad, L; Hudson
Railroad, !; Erie Railroad IL; Harlem, z; Reading
Railroad, !; Galens AVID Chicago Railroad, l. Toe
advance in Erie Income Bonds Is the most extraor
binary movement of the day. The lean OF -four
million of dollars required for the liquidation Of
the income bonds and other indebtedness Of the
company, has not yet been taken, and to al II up
by the appointed time-the 10th ins..-the Board of
Direc ors will have to step In and take large
amount for future disposal They will be f,rcsdto
do this to carry out their plans. There WAS to-day
very great deficiency, and it will be hard work to
make up the required figures. We are, however,
prepared to see an ann ,uncemeat on the l0sh that
the loan has been taken a. eighty per cent. Tia.
Is already determined upon for it would be fatal to
report other wise. The board Of management Of the
Erie Railroad Company have made incorrect repro.
sensations in regard to the operation Of this loan,
which will appear after the negotiations are
closed. They made these statements, kno wing
them to be incorrect at the time. They call II now
merely q mistake, but We call 1t something else.
We have another name for such mis- takes. The
company cann,t extrcate themselves from all their
financial embarrsssments by this loan, and this was
a wei IN mha fhosro toko
was put forth as it is now. They ackno Wedge now
that there will be large floating debt unprovided
for, and 1t will require the aharpest kind OF faan-
cering on the LIST of March to prevent the company
falling into the same difficulty which In September
last threatened its dissolution. The 10th inst is so
near at hand that we shall quiet await the issue
Of the affair. Bids for the loan will be opened on
that day, when we shall have official statements for
data In making our estimates Of future In iebted.
ness and payments. The loan will be taken at
about eighty per cent. That will be the maximum n.
The stock market is an enigma jost now. We
hardly know what to mako Of tais rapid rise In the
fancy railroad stocks. Most of the buyers In the
street are weak men, who will make small profit
when they can, and slip out There are no outside
operators visible, and we de not hear of any stock
going cut Of the brokers hands. The load Is con-
fined to the same class Of spectators, and will be-
come greater as prices enhance when 1t will require
greater amount Of money to carry fancy stocks
than at present.
In Wall street money is easy on call, and the
banks anxious to put out such loans bat outside
of Wall street thore Is much pressure O. at any
previous period during the past yesr. The banks
are afraid to extend their loans by dscounting busi
ness paper having fixed time to run, aud therefore
are compelled to depend UPON the brokers
to find use for their means, to enable them to exc
out even decent dividends. Borrowing money on
csll for the purpose Of purchasing fancy stocks is
rather dangerous business in these times but ape-
culators are used to great risks and take them with
cut much forethought. The fs of the banks avoid
ing business paper, and loanipg money on call. Is
pretty coed evidence that they have not much con.
feence In the future, and wish to be prepared for
any c0ntir gency. When the banks are thus eau
tious, it should be warning to individuals.
After the adjournment Of the bosry the folio wing
sales Of stocks and bonds were made at auction