The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-11
FINANCIAL AND COMMERCIAL.
MoNnY M An X Mt.

MOWHY M An X Mt.
MONDAY March l0--6 p.
The stock market was rather heavy at the open
ing this morning. With moderate demand for
all the leading railroad stocks there was general
disposition to sell at lower prices. Virginia 6's,
Illinois Central Railroad bonds and Galena and Chi
cago Railroad advanced per cent each. Cumberland
Coal declined / per cent; New York Central Rail
road, I; Panama Railroad, 4; Erie, .; Reading
Railroad, II. The transactions in Illinois Central
bonds are unusually large at the Improvement In
in prices. The sales run up about $140, 900. The
advance in this security is pretty good evidence that
nothing of an unfavorabe character IL expected to
result from the progress Of European affairs. The
cause Of the present depression in the stock market
il entirely local Prices had previous to the recent
reaction been gradually moving up for several
weeks, and an advance in nearly every speculative
stock on the list of several per cent HAD been rea-
lized. An easy money market had, throughout, ia
vored this imitation and it was the general impress
sion that prices would become strengthened by the
gradual improvement, and as the season ad-
vanced speculation would become more active
and further expansion follow. The adyices
from Europe, in the early stages of this
movement, gave it healthy impetus, and it was the
opinion that as the probabilities of peace become
greater, that we should open at once into sea Of
speculation. All these calculations were sound
enough and all the anticpations have been partially
realized. The advance in prices has been in some
instances very large, and to many purchasers SUI
6ciently satisfactory to induce them to realize.
Higher prices have brought good deal Of stock into
the street. and the brokers have greater quantity
to carry. Outsiders who have realized profit are
now waiting for fall, and will not enter the market
again until lower prices rule This has largely re-
duced the number of purchasers and changed the
feelings Of important class Of operators. There
il another class Of spectators disposed in an ndi
rect way, to bear the market We allude to those
who failed in purchasing at the lowest level Of prices
before the recent imitation. They have been waiting
some time for o decline, as to come in at proper
points previous to the usual spring rise. The only
party just at this moment much interested in sustain
ing the market are the brokers of Wall street
They are loaded down with all those securities
which have an equivoca character with those stocks
which outsiders generally consider at present prices
much above their real value. The brokers hold the
bulk Of that class Of stocks and any future specu-
lation in them will not 60 much beyond the limits
Of certain cliques.
So fer as the class of stocks that outside specula
tors for rise generally deal in concerned, the
utmost watchfuness should be exercised to take
hold again at the proper time. All are naturally
enough looking for the lowest points, and many may
lcok too long, or for too great reduction. The
stocks which must, from their intrinsic merits,
mand public attention during the present year are
cheap enough at current prices, and at the present
time, good purchases. It is possible some Of them
may touch lower level, but the chance Of their
doing 30 is very poor, and in waiting much longer
the present opportunity may be lost. We allude
particularly to the stocks of the railroads CT
Illinois and Wisconsin. There is value in that
class of stocks not generally known, and only
those who have posted themselves regarding
such investments will realize the great Improvement
which at 10 distant day must take place. The as
tonshing productiveness of any new road in t I
region even in an unfinished condition, has ALREADY
attracted our shrewdest capitalists, and investmel
have been made in thep to large amount. The sy@:
ten upon which the financial affairs of these roads
is conducted is such as must command perfect co.
idence. In nearly every instance sinking fund has
been established, sufficiently large to liquidate all in
debtelness before maturity, and in several promi.
nent companies renewal funds have been created for
the preservation of the road &C., and to keep it NJ
to the necessary condition without adding to the orr
gnal capital. All these things have been provided
for by most Of the Western railroad companies, and
in these important matters they far in advance
Of those Of the East. With sinking funds and re-
newal funds established before the completion of the
roads, derived from the net earnings the stockhold
ers are guarded against such abuses and such etrava
gances as have appeared in the management of all
the railroad companies in this and all the New Eng
land States.
After the adjournment of the board the following
sales of stocks and bonds were made by A. II. n.
colay:--
10000 Harlem Railroad I'd interest add. 75H
5000 Terre Haute and Alton RR "a mort, int add. 77X
Loco York Haven RI rs 1866, int add. 75K
loco Great Western Ill RR LIST mort, int add. o4I
5000 La Crosse Milwaukee RR 1st mort. int add SO
5000 Virginia 6's, 1887, interest added. 945s
600 California rs, 1851, interest added. a7A
1900 Llincis Internal Improvement, 1879, ast. 1IS
102l 70 do do 1877, Hat. lloh
100 DO Canal Loan, dat ........... ish
45o do Canal Lean, preferred, fat. 13A
4b0 do Canal Loan, special, fist. 80. 10X
AGO do Wabash Il Erie Caa Loan, fiat rs
1900 Breckenridge Camel Coal Comp any.. OPS
SO shares Excelsior Insurance Company. l02x
80 Rutgers Fire Insurance Company ............ 06
40 Lencx Fire Insurance Company .............. 89X
10 Mechanics Bank OF Williamsburg ............. 81
40 Farm ers' ana Citizens Bank of Long Isand. 63
8 East River Bank Observation-Disclosures. esX
Is Metropolitan Bank NEUTRALITY-SUSPICIOUS.. 101
10 Bank CT Commerce. 1854
ls KnickeTbocker Stage Company ss1a
800 Jersey Little Falls Manufacturing Company. 10
Lorg Island Fire insurance Company. 1907
o Howard Fire Insurance Company ........:.. 1881
80 do. do. do. .1615 1a1e4
$50 Firemen'a Insurance Company. ............ 1913
Mannat'an company ....................... 10y