Evening star. [volume] (Washington, D.C.) 1854-1972, 1864-07-21
FIEANcIAL-The New York Commercial
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Advertiser of yesterday says:
The stock market opened dull. There was
no outside demand, and a pressure to realize
produced general decline on the call. Gov
ernments were dull ana lower. Coupon skies
OF 81 declined X, and one year certifi Gates de-
clned s, with large amounts offering. Five
twenty coupons were firm at 104, and for small
denominations los.
Gold opened weak at 262, and subsequent
declined to 260x. There is but little regular
demand, and the speculative interest has not
sumcient strength to materially influence
prices.
There is a strong disposition in Wall street to
renew speculation on railroad and miscella-
neous stocks; but for once spectators are pru.
dent, and think the finar cial situation dictates
patience. The price OF gold has advanced
ana abs sma od
on an average Of about twenty five per cent,
whilst the earnings OF the roads have been
largely increasing. This, it is thought, lays a
basis for vigorous movement for rise when
the money market favors.
At the time when the market broke down,
the prices Of stocks were generally above their
subsequent advance in gold, with increased
earnings on all the roads, and with an increase
Of 20 per cent in the rates Of freight, determ.
ined at the recent railroad con yention, there
could be no doubt that railroad securities are
at present as much below their real value as
at the beginning Of April they were above it.
1t must be expected, however, that railroad
stocks will suffer from the competition of Gov
eminent securities. Personal investors will
buy them only because they pay better inter-
est than any other kind of stocks. At present,
Government bonds are paying much higher
rate of interest than railroad Investments, and
parties seeking permanent In vestment, as we'll
as public institutions, will therefore give them
the preference.
The tendency Of this discrimination is to put
down the price of railroad stocks to point at
which the rate of interest on the market value
of the stock approximates that paid by Gov
eminent securities. A speculative movement
has this weighty obstacle to contend against
Should an easy market favor a "bulr' effort,
the attempt might be partially successful, for
the history Of specuiations proves that prices
are but little regulated by values. So long,
however, as so much money is absorbed by
produce at its present high prices, and the Gov
eminent is borrowing largely, the condition Of
the money market is likely to keep Wall street
quiescent.
The Evening Post says:
We learn that MIR. Fessenden will offer in q
day or two a limited amount Of seven.thirty
three year Treasury notes, interest payable In
currency at maturity, fundable into a per
cent. gold bearing bond. These notes will be
offered to the public at par.
The stock market opened dull and closed
heavy. Governments are lower, and the alb.
surd rumors OF Mr.. Fessenden's intention to
depresses quotations. Five.twenties are Of
fered at 100 for raglstored aud IUi IUr cOupuus.
Small bonds are in request at 1o54, Coupon
Skies OF 1851 are offered at 102, and Certifica ties
at OK.
State stocks are steady, bank shares dull,
coal stocks heavy, mining shares inactive, and
railroad bonds strong