The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-10-06
FINANCE AND COMMERCE.
oPlICE OF TIE EvEsIEa TELEGRAPH,
Thuradaw nptohar Il


Thursday October
The rise in Reading Railroad stock after we
went 10 press yesterday was very decided, and
quite significant. It opened in the morning at
81. The New York bears at the Fifth Avenue
Board, the night before, having sold 1t down to
56S. 1t was very apparent, early II. the day. that
large and numerous orders for the stock were in
the market, and by I o'clock the shares were
selling at 49, In the afternoon, under free orders
and purchases the price rose to COL, at which
price the market closed. 1t is very manifest that
q party of more than ordinary capital and nerves
are engineering the new rise, and the reactions
are very pretty traps for the bears. II is supposed
that more stock was sold short of 81 than ever
before, and the shorts are putting themselves into
position where their losses must be very severe
and certain.
In fact, the whole stock list has been largely
ovcrsold for future delivery, by parties who do
not own, nor ever did, single hundred shares
of any of them. These contracts must be filed,
and it is easy for the veriest tyro to see that
nothing but some enormous shock to the Money
Market can save these parties from frlghtful
losses or baDhSaPtcy.
We arc glSd - see our mOneyed men coming
to the rescue in this crisis, TO punish the despe-
rate men in New York who have been trying to
inaugurate a panic; and every man who has
stake in this community is interested in the utter
defeat of these daring aud reckless gamblers. It
is fortunate that no such apprehension peryades
the public mind as was felt in 1857, or the ggau-
tic efforts made in New York to bring about
crash would probably have been successful.
Millions of dollars worth OF railroad shares have
been borrowed and thrown upon the market
with the hope Of producing crash, but the bears
now find the stock in strong hands, and the GER
tificates scarcer than money. There Is too
hopeful feeling in the public heart just now for
these bold, bad men to succeed, and IL is for
tunate for the whole community that IL is so.
The Stock Market is the pulse OF the financial
world; and II disaster oyertakes that, the conse-
quences are felt in every vein aud artery Of trade
aud commerce, so that poor and rich are Interested
in the calm and steady throb of that mighty
power. The interests ofnations hang poised upon
the business Of the Stock Exchange from the
value Of Government securities to the sale Of
loaf Of bread, all interests are welded 20 and
interested with the ups and downs OF the market.
A panic crash, and the whole people feel the
shock and hence the most sagacious intcllects of
the country watch the movements on Change, that
they may trim their own business sails wisely.
II any man think that ''auy fool can understand
the Stock Market" let him put a few thousands
into his pocket and 80 down Third street and try
IL for monitor two we will guarantee him that
he will come away q toiser man.
The movement. TO check the bears is not con
fined TO Reading or the operators in that stock,
but the friends OF the various New York roads,
Hudson, Erie, New York Central, and several OF
the Western roads, have formed powerful COM
binations to defeat the clique who have been Try
ing TO break down prices. The result of this
was shown yesterday in a rise of 81 per share IN
Erie, IS in Hudson, and from 10 10 per cent. on
the whole list and in the absence Of exciting army
news, the rush TO buy is somewhat amusing,
seeing that few days ago the public could not
be tempted to touch stock at the low figures.
The purchases in New York of railway shares
was enormous. The Post Of last evening says -
"The Stock Market closed strong. There is
an increased disposition among capitalists TO buy
at the current prices dividend paying stocks,
which are regarded as being for the most part far
below the present and prospective value of the
securities"
Gold has advanced sac per cent since last
evening, and there is more doing, opening at
1929 advanced and sold at 1884 at IL O'clock
and 1891 at I2 fell of and sold at 1913 at l2I
There is more activity to notice In stocks this
morning, and better feeling in the market gem
orally, owing, in great measure to the advance
in gold. Government bonds are dull and rather
lower, with sales of 5-2Os at 1OOB@iOl4, coupons
Off 6s of 1881 are quoted at loii9lO5.
In Railroad shares there is firm feeling, aud
prices are better. Reading railroad Is excited
with large sales to notice at 6Ob@6i3, which Is
an advance OF / /; Pennsylvania railroad sold at
693@6sS 1853 was bid for Camden and Amboyi
asa for Little schuyIkill 5S for Minehili ~ FOR
North Pennsylvania; 500 for CatawiSsa preferred,
" for common 81 for philadelphia and Erie
and AS for Long Island. ~.
There is less doing IN Coal OIL shares, but
prices are steady. McElheuny sold at 81 and
Rgbert at "a.
City Passenger Railway stocks continue dull
IS was bid for Arch Street, " Was asked 70