The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-23
FINANCIAL AND CONNER GAL.
MONEY EIARKRT.
FRIDAY. Feb. D.

MONEY MARKRT.
FRIDAY, Feb. 22-6 PM.
The leading railroad stocks were not active at the
opening Of the market this morning, and the ten
dency of prices from the opening to the close was
downward. Nearly every stock sold realized lower
prices. The market is temporarily depressed by the
absence of the steamer with later advices from
Europe. We can imagine no other cause. At the
first board Virginia 6s declined per cent; Hi
nois Central Bonds, 4; Nicaragua Transit, i Canton
Company, /; Cumberland, d New York Central
Railroad, J; Erie Railroad, 9; Long Island 1; Har
lem, Z; Panama, Il Reading, /; Michigan Central,
/; Cleveland and Pittsburg l; Gslena and Chicago
J; Cleveland and Toledo, Ii. Harlem second mort
gage bonds advanced p per cent. Milwaukee and
Mississippi sold to the extent of ftyfve shares at
81 per cent. This stock is gradually settling down
at low prices, in strong hands, for permanent invest
ment. II is more productive stock than Chicago
and Rock Island, which is calling seven per cent
higher. It's dividends last year were more than
double those of the New York Central, and great
er than any other railroad stock in this mar.
ket except Galena and Chicago. Cumberland
was one of the weakest stocks in the list to-day.
The privilege given by the Legislature of Mary
land to retire twenty-five thousand shares of stock
and the ability to do 3d. are very different things
Many think it is ruse to promote speculation.
Incorporated coal companies have been 30 unfor'
tunate in this country that no one but the most
inveterate spectators will touch that class Of
stocks. Reading has not varied much in market
value for some weeks 1t has merit enough to
work its own way upward in good time. There has
been for some time past considerable activity in
Cleveland and Toledo, and it has run up rapidly in
market value. We have not heard much about its
traffic operations during the present winter, but
presume they have been more favorable than antici
pated from the demand for the stock. Cleveland
and Pittsburg reactedsightly to-day. In this stock
such turn can only be temporary. In the six
months ending November 80, 1856, this road
earned gross 1907 1862 IS. Its current expenses in
she same time amounted to $l49,99l 81, leaving as
net earnings for the half year, $2l7 1851 AZ. Deduct
for interest $4,000, and there was left q net
income Of 1927, 36l As, equal to six per cent
on the capital stock Of completed road for the six
months. 1t should be borne in mind that the re-
turns from most of the Western railroad companies
are from lines but partially completed. Proper al
lowance should be made for for the fact that most
of the lines have really but end, and we cannot
Judge fairly of their probable productiveness until
they have reached the points proposed when cons
nenced. Erie and New York Central were coms
parativey quiet to-day. Both sold at lower prices.
Harlem, Long Island and Hudson River were not at
all active. Railroad bonds ore better held at this
moment than before. They are well distributed,
and retained for permanent investment Under an
easy money market first class railroad bonds must
appreciate in market value as much as any other
security Our supply Of the A No. kind is being
gradually reduced by remittances to Europe to fill
foreign orders, and those who are now neglecting
the opportunity to get class Of stock securities at
low prices with fixed rates of income, will not have
to live long to regret it.
was transacted. AS general thing the market was
lower. We notice the sale of two small lots Of
Wisconsin Lake Shore Railroad at 72 72a per cent
This is, we believe the lowest well established dvi
dend paying railroad stock in the section of country
in which it is located. The trade between Milwau-
kie and Chicago is already quite large and as these
cities and the intermediate places increase in popu
ton, business, &C., the Lake Shore Line Of road
must be highly productive. The above road passes
through Racine and Kenosha, both cities of some
Importance. In such high latitude, roads running
along the lake shore must, during large portion
Of the year, command the bulk Of travel and traffic.
The present pause in speculation and slight depres-
sion in prices will enable many new outside pur
chasers to come in upon more favorable terms The
recent sudden rise took many by surprise, and pre-
vented their coming in, except at the very top Of
the market. This little reaction will therefore have
favorable effect.
Mo Aoa,o 49, IL. co1