The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-11-25
FINANCE AND COMMERCE.
UarIN..r

OrrICT OF THE EVENING TELEGRAPH,
Friday, November 20,
The Stock Market has been dull for some days,
under the sensation rumors IN New York in rcla-
ton to Government loans and army nows, and
although the further fall in shares Is checked the
market is apathetic. The public are quietly
watching the turn for the rise, which will shortly
set in, and speculation awake to vigorous action.
We shall without doubt, have our winters rise
in stocks, and we look for one of the most excit-
ing periods on Change that has been witnessed
since the breaking out of the Rebellion The
accumulation of large balances Of money in fnan-
Clal centres, the almost certain cessation Of army
movements as winter sets in, and the absence Of
other business than that of speculative chlrac'
ter, combine 10 foreshadow the usual ftTor in
stocks, which always follows such Il state Of
affairs.
The bears have, besides, under bogus rumors,
hammered the better class OF diyldend-paymg
shares down far below their real value, aud the
rebound will be as great as It will be sudden
and rapid. II is the fashion, in New York, TO
have periodical fits of elation aud depressioni
and for ten days past all hands have been ope-
rating for the fall, and have so oyersOld the mar
ket that stock is now much scarcer than money
in the street Indeed, cash certificates for de-
/ livery Of most of the railway shares have not
| been presented when due, but begging OIL from
| day to day, has been the order.
This state of affairs Is unnatural, and cannot
last. II is the sure fororunnor Of change; and
! as the bona tide holders refuse 10 lend, We shall
have sharp buying on the first scare, and the
whole crowd Of bears In Wall, william, and
Broad streets will rush insanely into the market
as purchasers, and perform their usual feats OF
"ground and lofty tumbling," in order to get in
their short sales
In our own market, the principal fancy, Reading
holds firmly. The New York bears have ham
mcred away at it to no purpose, and thus stock
which was 6S when gold was 259 ana Erie lVo'
is still GS when gold is 22O and Erie 9oi showing
| O the shallowest stock operator the permanent
character and real value Of the shares as no Iesi
owner is induced, by any number or variety ..
caaar9s TO sell out in fright or Win the nope Vi
buying at lower figures. The near approach oi q
! % per cent. dividend is q powerful reason for
faith. and with the enormous business OF the road
there are no temptations to "swap horses" in
other words. the holders Of Reading are satisfied
with their purchases and will not sell In order u
invest elsewhere
The on stocks, In consequence OF an increased
aow Of oil from the wells Of several Of the com
panies, are in great demand, and "al sorts aa'
conditions Of men" flock to the exchange will
their orders to buy. Indeed this sort OF sPeeula
ton Is not confined to men, for women who hAv
saved up a few hundreds are as anxious to "tr
their luck" as the most inYeterate gambler, an
have all particular "fancy" which they wish
invest in at once, for fear that no oil stocks wi
for sale eYenmoTe. With the characterize