The New York herald., 1866-01-05
FINANCIAL AND CONNER GAL.
THURSDAY, Jan. 40 p. N.

THURSDAY Jan. ID r. n.
The market has been less unsettled 10 day than
1t yesterday and at the close IL showed increasing
hrmness but the speculative feeling rather
There considerable latent strength on the bull side
and operations larger scale seem imminent in view
Of the great and cheapnes of money the
prevailing desire for greater business activity At the
early session Of the open board Erie sold 96 saes
$500 shares Cleveland and Pittsburg SAY (sales 200
shares Reading d. 81 l07 Michigan Southern u.s. Ceve-
land and Toledo 1l2R, Northwestern 361s, preferred
62H Cumberland Coal 441
At the FIRST regular board Cleveland and Ptsburg was
the leading favorte and closed per higher than
the second board on Wednesday; Northwestern IL, Erie
x. New York Central u lower, Reading Ia Michi-
gan Southern ", Fort Wayne a Rock Island and Can
ton were steady. Government securities were strong
under the favorable European advices Fve-twenties
were quoted at 65H q in London the Goth Deoem-
ber and the Bank Of England rate OF discount remained
unchanged Coupon ave-twenties OF the old issue ad-
vanced y, second issue y, third issue ~ sizes OF 1881
u. nforties 4. Seven-t thirty notes of the second
series declined r.
At the O'Clock session the market was about
steady Cleveland and Ptsburg sold at s5s, Michigan
Southern TAX, New York Central e87s, Erie 961s. Az
the half-past two board New York Central closed u
higher than at the first board, Reading q, Cleveland
and Pitsburg y, Ohio and Mississippi certificates u,
Quicksilver T. Michigan Southern, Northwestern, Rock
Island and Fort Wayne unchanged. Erie declined
u, Hudson River u. Government securities we're
weaker Coupon ive.twenes of the old issue were q
bwsr third issue x. =
AT the open board at half past three the market
stronger Erie closed at 96, Reading 1867, Michigan
Southern TAX, Northwestern 361 preferred 621z Cum
berland 44s, Cleveland and Pittsburg s61 Al the
nua meeting Of the stockholders Of the latter company
held yesterday the following gentlemen were elected
i ID N
=. Randolph and Smith Gift, of New York;
b. f. Jones, Springer Haroaugh and P. Geisse, of
Pittsburg; j. U. Mccullough, T. p Handy, W. H.
Halloway, d. C. List and James r. Clarke, of Ohio, and
IL c. Kingsley of New Haven. II WAS at the same time
resolved the board OF directors to propose
such notifications of the existing contract with the Fort
Wayne Company are equitable and calculated TO prove
mutually beneficial The issue Of million of stock sold
by the old management at So many months back
the time ratified There change to be made
In the presidency of the road, Mr. Mccullough retaining
his position and the transfer books here are TO be
moved back the Farmers Loan and Trust Company.
The interest is reduced to wentysix thousand
dollars per in round numbers and the amount Of
stock outstanding about S. 100000 The reported de-
sign OF the management to buy in branch road Is
coutradcted the directors being pledged make such
negotiation and none OF them being interested in the
property refe-red to.
Al nall past hve O'Clock Cleveland ana Pittsburg was
quoted at $685. Erie 96s Michigan Southern 745. North
western 36h, preferred 6:1s.
There change chronicle in the condition of the
money market, which is one of extreme large
amount Of capital Is lying idle, seeking temporary
employment in governments. The rate for call loans
Is six per cent, but large amounts have been
loaned at five TO first class houses. Some sur
prise expressed that under such state OF
affairs the speculative spirit the Stock Exchange
should not be stronger and cause for increased
activity exists the effect is generally anticipated
ana current Of speculation for setting n The
market considerably oversold and the bears continue
TO put options Of from fifteen TO sixty days. They
bass their arguments upon the reduced arnings OF
the leading railroads compared with the highest range
during year. but they overlooked the fact that the
earnings of these roads very much larger than they
1893 and 1884 while their expenditures very
much less and that at the time their stocks are
selling considerably below the OF those years as
tho following table Of extreme prices in those years will