The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-31
FINANCIAL AND CONNER iAL.
HONEY MARKET

WEDNESDAY, July JOS +. M.
The intolerable hot weather has scattered stock
spectators The operations at the board Of bro
kers, therefore, continue limited In two or three
stocks operators continue to make very respecta-
ole show Of business and contrive to keep prices
pretty steady. At the first board today Illinois
Central bonds advanced per cent; Wisconsin Lake
Shore, Reading, / Illinois Central Railroad 4.
La Crosse and Milwaukee Railroad sold this morning
at 7l3 per cent, buyer 60 days. Gaena and Chicago
sold to-day at l07s per cent, ex-dividend In Read
ing there was little more activity, at the improve
ment in prices. Cleveland and Toledo closed at
slight advance on the opening. Railroad bonds were
not operated in to any extent. Only few small
lots OF certain classes changed hands. All the first
mortgage issues in strong hands, and nothing
short Of prices considerably above those now ruling
viii bring them out. State stocks are neglected.
Bank stocks are occasionally sold in small lots
but money is so abundant that first class
securities not pressing for sale. The accumula-
ton OF capital makes such investments more desra
BILE, and the supply of those securities decreases
from the demand for permanent investment, their
market value must increase. Occasionally q new
issue OF railroad bonds, to a small amount appears
on the market but not to extent corresponding at
all with the absorption. Capitalists on both sides of
the Atlantic are seeking first class first mortgage
railroad bonds and without large supplies the de-
mand cannot be satisfied. Compared with the means
for holding the actual total quantity in existence is
mere bagatelle. We do not see why there should
not be steady improvement in the market value of
ali our best issues Of railroad bonds. Railroad stocks
must always fuctuate more or less. So long they
the football of spectators so long will the best
OF them run up and down. as the bulls and the
bears get the ascendancy. Spectators who are
independent OF cques have but one course TO
pursue, and by pursuing that perseveringly they
cannot very well help making money. The true
plan is to sell the poor stocks and buy the good
ones. To sell New York Central and buy Erie,
and so on through the list. By being short
of one class and long of another, time will bring
about most satisfactory results. The low priced
Western railroad stocks have wide margin for i'm
provement, and most any Of them are, beyond q
doubt, good purchases at present prices. Western
railroad stocks generally are highly productive aud
have good future but not so with the old in
fated railroad stocks Of the East and while one should
attract investment the other should least be avoid
ed. The former earn much larger dividends than
they pay while the latter pay much larger dividends
than they earn.
The semi-annual interest on the second mortgage
bonds, the Dover Extension bonds and the bonds of
1861 of the New York and Harlem Railroad Company
will be paid on the LIST of August, at the Office of
the Treasurer, 80 Pine street, rear building. |
The Assistant Treasurer reports oday as fol |