The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-06-22

N . n e Y Nj A II X e II.


against their will have to remain watch the steady
depreciation going in prices aud the gradual disap-
pesrance Of those fine visions formed several weeks
since Things in Wall street have taken just the course
We anticipated The rapid rise In the market value Of
worthless stocks, could not by any possibility be sus-
tanned for any length Of time reaction was Just
as certain as the rising Of the All good, sound,
dividend paying securities may not deprecats much
in prices for sometime they probably the safest
and best Investments of the day. stocks OF purely
fancy character are, at times inflated by artificial
means. and speculative movements are from time to
time created for The purpose of Distributing stock
among outsiders aud relieving the large holders in
the street Heretofore when the spirit OF speculation
high among all classes. these movements
frequently succeeded, and merchants, mechanics
carmen. cab drivers, hostlers, and apple women,
dabbling in the fancies. The mania became
unusual and stocks possessing intrinsic value were
held in small lots all the country This relieved
the brokers and gave them the OF their capitals
to the market up and down, suited their in
terests The times have very much changed within
the past five years Ii is impossible to draw people
now into these speculations to any extent and men Of
means are more cautious how they invest their money
The abundance OF money seeking employment shows
how reluctant people have been about touching any
thing in the fancy stock line. Capitalists rather loan
their money at low rates of interest at CALL ON ua-
doubted securities, with fair margins depreciation
than psrchase at present prices and take the risk Of
depreciation in their own hands. Fancy stocks are
selling five and ten per cent below prices eur
rent three weeks since and the probability Is that
three weeks hence prices will range from five to ten
per cent below those current 1t impossible to
tell where the ances will stop, when once they are
fairly on the back track The danger Of hsding them
at any price Is therefore great but appears
to realize 1t until 1t Is too late to prevent heavy
losses. When prices rising all is sunshine
and oppareat prosperity. No appears anxious
to realize when profit can be secured, but all ere
looking forward for greater advance and In ninety
nine cases out of hundred the operations result In
loss Most Of the sellers of fancy stocks at present
prices lose several per cent nearly every share sod
and many who refused to sell Erie at 81 49, are now
selling at 53s ~ and throughout the list, at
about great difference This IL peculiar sharac-
teristc Of fpecuators In fancy stocks for rse-ons
they have always exhibited and one they probably
will abandon.
To those who do no. thoroughly understand the op-
erstions OF Wall street, it doubt appears strange
that, without any perccptibe change in the money
market but the contrary In the face Of greater
supply OF capital and lower rates Of interest prices
fancy stocks should steadily and 90 rapidly fall Oh;
but when Understood. 1t does not sstonish any one
We have known very great speculative movement in
stocks during the existence Of . very tight money
market, and we have known q very easy money
market fail to create the least imitation In prices
for securities Of any kind-so much depends upon
the wsy stocks generally are held. II the brokers
are loaded down with them they to and create
II possible market. II they succeed In getting up
speculative excitement and outsiders induced to
take hold the object is gained, and the end accom-
plished Iflsrge lots can be put upon outsiders, at
high prices the tactics Of the street operators imme
diatey change and efforts equally great are made
deprcss prices The object not to make holders sell
out at once at the first two three per decline,
but TO continue inactive until prices have fallen OF
ten to fifteen per cent when the brokers pick up
any OF the fances at their leisure their own prices
The brokers know very well that holders Of fancy
stocks out OF the street mpatien beings
and soon set tired Of holding any security not paying
dividends; that they will finally submit to any sacri-
fee to get rid of unprcducte stock that has been
dead weight for any length OF time All the brokers
have therefore, 70 do Il to dcpress prices destroy the
market and patiently wait for outsider. to bring out
their stock Ii Is sure 10 get back into the street.
sooner later. and in time pass through the same
cour'e and finally into the hands Of some other sps-
custors who will. in time realize loss equal TO that
realised by sny Of their predecessors
At the fret board, Cant.n Company declined V nor.
cent; Eris Railroad. ~ Harlem, y Reading Railroad
III; Norwich and Worcester x. There was nothing
doing in government and state stocks. Erie Bonds,
new sold at = per cent less than at previous sale The
we're principally for cash those on time
mostly sellers option
The receipts at The oce Of the Assistant Treasurer
Of this port. to Day amounted 70 $4,000; payments
s3a 40 li-talance. 80 5o7. lsl os
The steamship Cambria. at Halifsx from Liverpool,
With seven Days later intelligence from all parts Of
Europe, brings nothing important Commer-
ciay the accounts do not vary from those received
liz. rl..
IN any Of the markets for American produsts The
London money market easy, and the rates OF in
erest ruled At the lowest points Quotations for
.ol' have slighty improved
The Firemen's Insurance Company, of Baltimore. has
declared dividend of 81 per cent f,r the last half
year.
The Associated riremcns Insurance Company, Of
baltimore. hasdccared dividend Of o. per cent for
he last six months
The value Of merchandise exported from Boston for
he week ending the 10th inst ss212l 81; for
he corresponding period in lslo. sg5is4; In 1s4s,
s1s7 go 70.
IL appears by theanuual report % the East Boston
Company just Issued, that the amount expended last
year In behalf Of the company WAS $3.50 o.: the.
principal Item Of which tor the building % Pres
'oit street, across the low marsh between Chelsea
street and West Wood Island $50 feet ia Nnrtb by
70 feet In width and feet above the marsh level The
Terry s doing good business and bids fair 10 be able
rom vs. earnings. TO put another new and commo-
iious boat and to make other desirable provemsnts
The amount Of cash received from the ferry for tho
rear ending December 81. 1913 was $500 The amount
received for rents for the year ending April 1850 was
oss o. The hhancial condition Of the company It is
aid In the report better than at present az
here are no outstanding debts beyond the balance
iue on No e aud dividends yet unclaimed The
harcs Of the company estimated ss being worth
- each, with the addition Of wall, estimating
ist gain q fiooooo thereby the stock would appear
% 10 worth see per share, allowing for contingencies
ne sum ~ st6s t3
The follo-inx corporations have declared dividends
sithin fec dsys. via
bosien and Lowell Railroad, per cent; postsn and