The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-17
FINANCIAL AND CONNER GAL



QuOtat IONS for stocks took quite an upward start at
the first board to-day. There active demand and
higher prices ruled throughout Iniana SIS advanced
per cent; California rs, VI Illinois Central Bonds, NJ
Cumberland Coal, e; New York Central Railroad, u;
Erie Railroad, * Michigan Southern, q; Panama Rail.
road, n Reading Railroad, q Harlem Railroad, NJ Hud-
son River Railroad TX; Michigan Central Railroad, *
Galena and Chicago, l. Cleveland Toledo q Chicago
and Rock Island Cleveland Columbus and Cincinnati
fell of u per sent; Canton Company, 4. State stocks
and railroad bonds in ierate demand and sold
prices previously current In the leading speculative
stocks there considerable activity and buyers
abundant Reading the leading stock the marke.
to-day 1t opened yesterday s3a, dividend off and
closed to-day firm at $50, cash. with large sales The d.
vdend in stock is little larger than anticipated but
the company dividend fund nearly equal to the
amount just declared the aggregate capital Of the road
will not be much increased At the date Of report
Nov 80 1854 the dividend fsnd, made from the sinking
fund.- amounted to s249 $50 Last year the 800 paid in
to the sinking fund added few thousand than that
to the dividend fund, which will raise IL to about
three and ahah per cen. the present capital. As
this fund Is made from the reduction Of DEBT the dis
ibu ton Of the fund in stock increase the CAPT
tai 1t is belief that in less than sixty days Reading
will sell az high 1t did week dividend on. The
improvement in Erie is not at all strange The increase
year is satisfactory, and under the Intelligent supern
tendence Of Mr. McCaum the utmost confidence can be
placed in the economy of expenditure We consider the
Erie Railroad just now of the most judiciously
managed roads in the country. All its financial affairs
honestly administered We of those extra
VACANT operations apparent in all the movements Of
the New York Central Company and its net earnings
to-day equal to larger per cent on its capital than
those of the Central road 1t Is acknowledged to be
operated at less per of its gross receipts and
with a business paying in every particular, full
as well that of the Central, it follows that
If one earns a dividend the other must As
an investment to hold for the next five years, Erie
Railroad stock at ten per cent above current prices will
pay better than the New York Central The capital of
the former is about three millions below the latter
Under the present administration OF the Erie there is to
be increase of capital while the Central there is
restraint and no restriction In the last thirty months
the Central has added than six millions of dollars
to its capital and must continue at the same rate. The
Erie Company have officially announced its construction
closed. Its sinking fund will give dividend Of
nearly FIVE per cent per arnum on the stock iudepen
dent Of its other earnings. is estimated that the
company will be able to pay this year. QS56 ten per
cen. dividend its capital in stock, out OF the pro
ceeds of the sinking fund.- and about four per cent in
cash. ny the resolution of the directors establishing
the sinking fund, III Is 10 De divided among the stock
holders 1t reaches aggregate of one MILL IN
of dollars. Nicaragua Transit has been quite steady
for days Outsiders have been gradually picking up
the stock and taking contracts buyers option Galens
and Chicago touched the highest point to-day The books
close to morrow the 18th inst. at two O'clock and
there is active demand for the stock to get the dvi
dend 1t sold this morning at 1875 per cent. Cleveland
and Toledo was active, and sold freely at the advance
Western railroad stocks generally in demand at bet
ter pri:es. The stock market WAS altogether
buoyant and a feeling Of confidence prevailed among
holders and operators The impression is becoming
general that speculative movement Of considerable i'm
portance Ia not very far distant We coincide with this
belief but have idea that It will come upon us other
wise than In the most gradual manner After time We
expect to slow but steady apprecs ton in prices for
all public securities and gradual increase in the
volume Of capital seeking temporary and permanent in
vestment in all the leading stocks. The country never
was richer than at this moment. An immense amount
of money has accumulated In the hands Of the agcu
tual classes and their prosperity must give impetus