The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-01-20
FINANCIAL AND COMMERCIAL.
FRrpAY. Jan. 1915 M

as the day advanced tho speculative temper Of the
improved, and brisk demand for the active railway
shares SGT in accompanied by sharp rise In Cleveland
and Pttsburg and Michigan Southern, the entire list
cleslhg strong. -,
the carly session Of the open board Michigan South
cn sold at esq., Cleveland and Ptsburg Tx IS Read
ing 10oN X New York Central 92ss, Erie s9'l "
Hudson River 1887, Rock Island 1917 1907, North
western 81 3Ozs preferred 6oh, Fort Wayne o. schuy
kill Coal 10, Mariposa preferred 49, Cumberland ~
At the first regular board the market was
nrmer. Reading closed q higher than at the half
past two board yesterday, Rock Island q. Michigan
Southern Cleveland and Pttsburg. Fort Wayne, Ohio
and Mississippi certificates and Quicksilver were steady
New York Central q lover, Erie Ia, Hudson River
TX, Northwestern preferred q. Government securities
were heavy. Coupon Avetwenties OF tho old and sec
ond issues declined q, third issue u. Seven thirty
notes steady.
At the one o'clock sessions the market was strong at
advancing prices Cleveland and Phtsburs sold at 1914
fsaes ZOO shares, Michigan Southern 69A sales 35oo
SchuykI Coal 10 After the call the market continued
to rise Cleveland and Pittsburg touching S2A and old
Southern 10.
At tho half past two board the improvement well
sustained and Cleveland and Ptsburg closed 81 higher
than at the first regular board New York Central *,
Hudson River u, Michigan Southern /, Northwestern
u, preferred x, Rock Island 81 Fort Wayne e,
Cumberland y. Quicksilver was y lower Govern
securities Inactive and thirty notes Of
the flrst series declined II.
The market continued to gain In strength and activity
till the close Of business, with an active demand for
Cleveland and Pittsburg and Michigan Southern. At
half pas. Ave O'Clock the latter had advanced to 704
a. Pittsbury $685. New York Central o3l, North
western 31K a u, preferred 81 a u, Fort Wayne 95s
Ak.
The brisk movement in old Southern and Pittsburg has
impaired more buoyant tone to the whole market and
tho of latter being largely oversold gives under
current OF strength 10 the speculation for rise which
would otherwise possess II noteworthy that stocks
were quietly picked up by strong parties at the recent
decline and that the sellers options put out since have
been just unobrusvely taken The opprehensons Of
the bears are being excited by the suddenness with
which is shown stock may be mp even on an other
wise dun market. But the present rise partakcs
more OF the character OF natural recovery from
forced depression than 'bulln movement there hav
Ing been considerable purchases for investment at the
reduced quotations. in exchange in not few instances
for government securities, the holders of the goldbear
ing bonds being tmorous OF the future action OF the
government and Its consequences in the event Of
the passage Of the inanco bill In its
or gina FORM To this we may trace the hcavi
OF tho funded securities ON the Stock Exchange
at present, Notwithstanding tho extreme abundance
and chcapncss Of money loans being made upon them
at4a5 per cent with the supply In of the
railways is VIGOROUSLY corrupt their stocks would be
extremely cheap investments at current prices and in
view Of the splendid future Of the railway interest this
country and the reforms In management which will be-
foro very long b rgdy insisted upon they may be
sidcrcd under existing circumstances, al
though the alternate ''bearlng' and 'bulling" Of
railway directors exposes them 10 the most eccentric
fluctuations, entirely regardless Of rcai values But
when the stocks now Heating In Wall street are no
longer shutlococks Cor gamblers play with but held
by Investors, there viii be little for specula
ton In them, and hence directors will 10 seek
their POSITIONS Cor speculative purposes and that ccrup
ton which has been the indirect Of tho maturity Of
the Academia thaihays dsgrSced our rsnw1ss
will givo place to a better state Of thugs
Railway stocks will then 10 valuable productive
I properties commanding far higher prses than
most Of them have yet touched, not excepting tho
time when speculation mad In the spring Of 1864 aud
found temporary grave in the pit dug by Mr. salmon p
Chase. ,t,-.
The most radical OF the bears will hardly venture to
deny that leading railways have promising future
before them, and the Immediate signs favor brisk
spring business Although tho earnings OF most OF the
roads extending westward have, or hate, shown de-
crease compared with those Of the time In the
previous year, they all show large ncresso over
those Of 1868 and 1861, when prices much higher
and this decline he directly referred the lower
ing Of the gold premium, e. the receipts Of the roads
then In far deprecated currency than NJ
present. aud the gold value of The net earnings less
In proportion than
Real values, howevcr moro frequently lost
sight OF than kept in view IN Will street
which noursAes BY sp,cics OF jugscry
which leads the public 10 by when they ought
20 sell and 10 sell when they ongh, 20 bny They
nd themselves mistaken and the juggiers sweep ,hc
sakcA Those who listen TO TIE views Of both the balls
and bars will find hcmsevcs confronting entirely cppo
site opinions. Of which rile correct bot
gross esasgcrai ons rcsgcd further sinister pur
poses The Inference therefore, is tina, investors should
sell when tho market s low but remember that
action invariably follows nacton, and hat the talk Of
the sireo" IS for the most part, coucocied snare
Money continues suggishly easy at sac per cent,
with transactions I've than tho latter rate and
not few exceptions al -four. The Discount line is active
aos al per cent for first class eoamuirai Taper, ard
81 10 for signatures In good credit
Tho gold market opened weak a. i3s - and after de
cning TO 1874 recovered 10 1884,. the closing qus,,
tatlon. Loans generally mad at per IN
favor OF the lendor OF the coin The steamer Henry
Chauncey, from Asplnwali bro0sht sso2 dos Treasure
The foreign exchange market weakened under an ~
creased supply OF bils snl limited demand. Balkrr
bills England at SKY day sold al 1855 =,
the ct qualify being drawn nd loss Commercial
bills Of ihe nrst ns'e ware quoted at los y.
The bu nuss al the sub Trsr-ary 10 day va. a. NJ.
lows
Total rccerts 81 iip102
rasncc !,asnos
For customs. .......................... Si4nQp
On acnun ~ government loan 0as 600
Coin ccrtnoass..... ...................... 2pSo
The mpo taonso o. DRY gcodl Al iins port lring the
veck ending i,nun! q compare follows With tsose
OF tho prcyIol ok
---Hrn H. - Tar Is
=, CcnsvmNf TOR PIg, Isl.. Fkgs ril.,.
.anulact IS of wool ~ sts 20 isrs teie ,5I