The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-02-08
FINANCIAL AND COMMERCIAL.

FINANCIAL AND CONNER CiAL.
rvssDAr, yes. s-sRM
Tho stock market active and buoyant q the first
board, and quotations experienced . marked advance
upon those Of yesterdays second board The variations
at the close follows:-Ere improved 81, New
York Central Az Hudson River 8, Reading 4, Michigan
Central 81, Michigan Southern o. Illinois Central az
Cleveland and Pittsburg Northwestern s Rock Island
81, Fort wsyne21, CumberAnd coail. 4Dlel \
Government securities were firm Coupon fvetwenties
advanced n ten-forties H. The latter are recovering
from the depression which followed the heavy suosnp
lions prior the withdrawal Of the Loan but tney arc
siiu relatively cheaper than any other Stock 10 the
ist allowing for the accrued interest," the next half
yearly coupon being due the LIST March; and on &C.
count Of the advantage they in the length OF time
they have rum they coming into favor a. per-
manent investment New national banks In particular
give them preference any other security a.
basis for their circulation SEQ a.iQ1 Tfst * 3i
Al the open board at one O'CLOCK the market was
active and higher AZ the second regular board lost
the improvement and closed heavy Az compared with
the morning prices, Erie declined 4, New YORK Central
IN Hudson River 1, Reading r. Miohtgan Central ~,
Michigan Southern ~, Illinois Central 2k, Northwest
ern I, Rock Island e, Fort Wayne k, Cleveland and
Pittsburg IN Cumberland was steady aa f
Government securities were arm a. the morning prioes
Seven and three-tenths Treasury notes. issued under
the act Of 1891, sold 1t ll5x These arc CON-
vertibe into six per bonds OF 1881 I'LL che 10Th OF
March next when the ninety days notice Of the suspen
sion Of interest them expires. They will afterwards
be redssmabs only currency although some OF the
holders are chershng the belief that the outstanding
balance received future day for customs
duties iron 9t'laH A & oi
After the call the market was heavy
The reaction from the strong upward movement OF the
morning was the natural result Of its being too rapid
assisted 70 some extent by the downward course OF
gold. There Is strong desire among large por
ton Of the stock board and professional specu
lators engineer rise; but as the outside public
is not largely represented in railway share
transactions brokers' market Is the result which is
most reacherous for spectators to ven
ture upon Investors have been driven away from the
Stock Exchange since the break down Of last spring.
which showed the hollowness Of current values
and the rapid fluctuations TO which they arc
subject at the caprice Of speculation. Government
securities have since that time gradually absorbed large
amount Of capital formerly invested in railway stocks
Wills pe.roeum has thrown new light on the road to
fortune atholg many who barganed for oil failed 70
strike H. and have nothing eft TO show for their money
but shares in a sandbanE Nevertheless railway
stocks cheap at present prices and remarkably 30
In comparison with what they year ago. and con-
sidering that meanwhile their earnings have been in
every instance largely in Of those of the previous
year The contrast too is no less striking when we CON-
pare the original par value OF each stock with its present
price reduced to the gold standard But all classes OF
securities are subject periods of depression arising
from the preferences of investors and spectators for
kind and another In England consos used always TO be
regarded the infabe barometer OF political and
mercial AFFAIRS and If the market price fell below co.
It was very portentious sign OF the times
indeed. War; at least . commercial crash,
was thought ! to be imminent. But since the
commencement pr the in this country consos have
been repeatedly below 90 without occasoning any par
souar talk excitement Tho reason Is that other Sc
surites have come into competition with consos, which
cheapened under the preference shown for the
more profitable although less secure. Investments.
Higher rates interest have been offered for money in
new channels, and therefore consos (which pay only
three per prcmium) have materially felt the nnu
ence the credit OF the nation has not been affected
by this natural effect OF the laws Of trade for IL an
established maxim that capital always seeks out the best
market ta. 4r. sh# vf.h. ane saas
The case with our own government securities Of late
has been exactly the They have been compel
ing with all other marketable stocks by their
high rates Of interest, and capital, instead OF
being QlreCteQ from tncW Hhc JUN
attracted TO them Hence railway securities have suf
fsred by the diversion Of capital 70 national channels
American securities have not thus far been popular In
the money markets OF Europe but there is prospect OF
their becoming The low prices at which they be
bought for coin At the present time constitutes strong
tnducsmens for foreign capital TO find It's way in this
direction and profitable Investments are offered
elsewhere allowing for all the probabilities Of the Case
Both our national and railway securities stood arm on
the London Stock Exchange the dates Of last ID
vices and there Is prospect Of more attention being
directed 70 them In future. aaN.4
Gold was active during the morning a. an advance
upon last evenings quotations and there considera
BILE buying in by the "shorts" in anticipation Of
stronger market consequent upon the absence Of any
immediate result attending the recent peace conference
But early tho afternoon the speculative lido turned
and fresh 'short sales made the strength Of
favorable military rumors among which were the capture
OF Branchvle and q movement Of Grant south OF tho
James river The course of prices az follows:-
1880 A. M.......... 2l6 2:20P M........... 318
1l:3O A. M......... 2l6k 3:15P. M........... 2l2x
1880 p M......... 2l6H 435 r. M.......... 2l8k
loo r. M........ 2l5X Sis p. M........... 2l3k