, 1880-12-28

most throughout the entire list. The great
cat A(vhnce OF Tho tlny WIS III Central 1'nchc,
which wns unusually active. UntQn 1'acldc
VITA also very prominent. Tho Vanderbilt
ron'ls were b,loyant n'Nl figured cotlaptcu-
1ns1y in tho Upward movement. Tho Chesa-
pcake Il Ohio shares woro muro activo than
for lot,r time pas atttl ndvallcctt. Erie was
largely trndcd In. Among Tho Granger
sf,ntcs st. Paul took the leatl. Nashville It
Chattanooga was MISC strung,
WESTERN uNfoN WAS AN EXCEPTION
to tho general buoyancy, nnd, Under tho
pressure Of sales, tlccllnct az. During tho
last hour tile market wna Nncommonly
actfvo, md tho bt,oyancy continued ,'n-
nbnted. The transactions wete simply enor-
,nous, and the heavy buying movement
caused many Of the leading sharcs to sell at
The highest figures Of tho yenr. The great
feature Of tho afternoon dealings was tho
continued nctlyity and advance In tic shares
Of tile two Pacific railroads, Unfnn and Ccli.
trail. Tho basts OF tli1s marked improve
,ncnt is understood to be tin proposed con-
solldatlon OF tho two lines. ,......
THE NEW COMPANY
is to have capital stock OF sla5, o0o, 900. ills
10 consolidation, s per cent can bo pnld on
tic stock instead Of O per cent as now. It'll
reported that Init Ut tho now cnpttnl stock,
se3, 600 will 60 to tho SIS, 900 600 OF ofCcntra
Pacific stock. and tic other half to the
s5i, goo, 0o0 OF Union Pacific stock. The OK
pectnt1otl on the Stock Eycllange Is TINT IT this
arrangement Is carried out Central Pacific
will haye to sell Mt about los and Union
Pacific at about ITO, In order to equalfzo tho
two stocks. 1t Is statcd that
THE CENTRAL PACIFIC rEot'LE
| want something more than lalf tho new cap
Ital stock. Towards tho close the rntcs DIV
money and sntcs to realfze Ind nh effect OIL
the stock list, mid fl some Instances there
was n sharp reaction. THO stocks which
,yero In tic mntn weak wcrg Western Union
Telegraph, Iron Mountain, atld Reading.
| Tho ruling rate for ra1l loans to-dRy was 6
! per cent, until tho Inst board, when tile
Stockholders paid rs high rs K Of per cent
| per .lny additional, the market having been
very stringent. Prime mercantile paper was
bG11 per cent, md time loans wcrc to 4 per
| cent. The Post sAys that
I TIE PREVAILING DISPOSITION
on the part Of the spectators In control "Is
to nynnco nil t!ividcntl-paytng stocks to Il
price which will yield tho bnyer about 3 per
cent the calculation being that the present
| holders Of United States bo'tls which arc
| To mature 1iext year will take these stocks
on q s per cent income rnthor than Aceept 4
. 3ur az per cent incomu from tho i,cw bonds
which tho Government will ISSUE. III the
| general rise Of dfvidentl-paylng stocks, there
nro many Inequalities, Which Is because
there Is mort speculation In SONG stocks tlla,
in others. There arc only Il very few q poi
cent stocks selling below par, and these MP
pear to hayo been overlooked only tempo
| rarily.
AS TO THE 60uNDSESs or TitE THEORY
| OF present speculation, our Investing renders
must form their own Judgment. So far as
speculation eoes, nothing Is clearer than thai
tile high prices which arc making for tht
dividend stocks will drive Tie general rim oI
spectators into the iow-prtced stocks, which
take comparatively little money to carry."
1snilr0nd bonds .Wero less active, but TIL
t0no Of the market continues strong. :rhert
were enormous sales Of tho Eric new secont
up to 03. Tho. Chesapeake Il Ohio bond!
series u, ADVANCED from 80 to 81, and cur
rency ii from 10 10 81. Boston, Hartford {
Eric ttrsts were also; active, and iluctuatci
letwecn 4D1{@50. Clevelal,d. Columbus, Gin
cinntl Il indianapolis t!rss advanced Il
1e7, Cairo T. Fulton frsts !, to -.114>>j
Denver .te.. Rio. Gralnla .nrsts. to ;l,159XS
indianapolis, Bloomington s :, ,Wester1
Indiana to . .1o>6; Knnsns :: Pacific
consols to 105; Mobile tS Ohio frsts to 107
do 1ebenturcs to 8711S; Morris II Essex ilrs.s
to 1876; do Is Of 1901 to ll7t1; and New Yorl
Elevated 1lrsts to 1ts.4. Milwaukee i st
Paul consols advanced to 12G from 12431
Home, Watcrtown & .Ogtlensburg 1lrsts Il
SIX from 50. later falling to 81; Mobile