The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-02
FINANCIAL AND COMMERCIAL.


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MONEY MARI ET.
TuEsDAr July l-8P.M.
The stock market opened active and buoyant this morn
ing There very large sales Of all the leading rail-
road stocks particularly Of Erie. New York Central
and Reading In demand and closed at an advance.
The transactions unusually large in Cleveland and
Toledo, and improvement In prices realized I'LL
nos Central, Cleveland and Pittsburg Milwaukee and
Mississippi, and Panama, sold to-day, dividend on None
OF them fell Of much the dividend. With regular
dividend paying railroad Stocks this Is usually the case
under easy money market The fact that the dividend
has just been paid is lost sight Of and purchases
are made In anticipation Of the next AT the first board
to-day New York Central 6s advanced X per cents Erie
Bonds 1876, III Illinois Central Bonds l; Canton Compa
ny, n; Cumberland, u; New York Central Railroad, y;
Erie lx; Hudson River Railroad, u; Reading Railroad,
/; Mickigad Central Railroad x Michigan Southern, ri
Cleveland and Toledo, y; Wisconsin Lake Shore, n Ga
lena and Chicago, ~ The advance in all the leading
railroad stocks has been very great during the
past week, and it is about time to look for
reaction, particularly in those which have risen the
fastest. In Erie the Improvement within the past ten
days has been nearly six per and the transactions in
that time have been equal TO than hundred
thousa shares of stock the entire capital Of the
pany The movement since about the 10th Of June has
been steadily upward, without pause It is therefore
do not hear or any combination in Erie railroad stock.
40 clique has been formed for initiating prices. All the
purchasers appear act independent Of each other in
buying and we have doubt they will do the same in
selling Il is always wise TO realize good profits and the
brokers more frequently do than outside operators.
profit OF three and four per cent in many days is
temptation which the most experienced operator cannot
resist, and the probability ia that parties who few
weeks since were large purchasers of stocks generally
v~ornro sI,o1 confvn do ha
tons in Milwaukee and Mississippi Railroad stock. during
tho past six months, have paid enormously In Deem
Der lashs stock sold at IS per cent, dividend In
January the company paid five rer cent in cash and
seven per cect in stock. few days after the stock
sold at &c per cent, dividend of. The company
have just paid five per cent In cash, and the
stock sold at the first board to-day ut S2 per cent. All
who held stock during 'hc past six months have
poe the nice profit OF seventeen per cent At this
rate the stock will pay Cor itself In less than four years.
Several Of the best located Western railroads have done
even better than this, and there roads which
have hardly yet been heard Of that will do as well. The
IA Crosse and Milwaukee IL likely to do much better. 1t
has been started under favorable auspices has
thus far been profitable is in the or more
rapid Development, and is likely 70 pay better at an
earlier day than any railroad in the State Of Illinois or
Wisconsin. In speaking Of these works Of internal i'm
provement. have ever been particularly cautious,
and can say that In instance has q mistake been
made In all the old roads and in all the roads,
Gar as results have been realized they have been in
cordance with predictions In the Erie, Gaena and
Chicago, Milwaukee and Mississippi, Wisconsin Lake
Shore, and Reading, they have oil proved 70 be,
either in a productive unproductvc way, just
what we anticipated. We have placed upon re-
cord some prophecies relative to other roads
which are in the course Of ful6ment. Fnancering and
mysterious management may put OF TO later day the
anticipated result bu, 1t Is to be ultimately real
zed as ising OF tho At present we have very
essy money market and an active speculative movement
in the street All kinds OF stocks may for few days
longer run up rapidly, but Is only the good strong,
sound dividend earning and dividend paying stocks that
can be permanently sustained In others the imitation
may be important but in cannot be otherwise than tenn
porsry.
Al the second board the market continued active and
buoyant Erie closed at 62H per cent, with sales or
about three thousand shares. New York Central Rail
road was without change. There are very large shorts
in this stock and the lemand active. We should not
be surprised TO up two three per cent BIZ.
70 one can expcc, be usained Speculation may in
rate II for a short time. Cleveland and Toledo steady
this afternoon prices nj at the first board Rail
road bonds are moving up steadily. Goshen bonds sold
to day at ss per cent and Illinois Central at oois per
cent All first class bonds must improve permanently u
market value.