The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-06-29
COMMERCIAL AFFAIRA
n O Ely M A RK EFT.

=
Ton. u Rochester and Syracuse, u Harlem u Nor.
witch and Worcester, y Reading Railroad y Michi-
gan Central. y. At the second Board N A. Trust adj
sanced per cent Nicaragua Transit last sale
Penn Coa = \. J. Zinc, u Reading Railroad Z
Erie Railroad al Norwich and Worcester L. stonng
ii Panama Railroad l. since last sale Michigan Rail
road l. Most Of the this afternoon were for
cash ana there quite demand for the leading stocks
the list The market closed with upward tenden.
cy, and With numerous indications Of steady improve
ment
The steamship Crescent City, from Aspnwall brings
Telve days later from California. and a large
aount Of gold dnst. The Tennessee. at Panama from
sIfrsncsco. brought down s1937 40 in gold dust,
esdes large in the hands of passengers. In
Consequence OF the gradual falling of the in the
Try dggngs gold dust had not in very freely.
he rivers in a condition work owing TO the
melting Of the the mountain This will reduce
for time the receipts Of gold dust NJ Franc
md, Of course the shipments from that port Com
,nercial and financial affairs in California
healthy condition. Money plenty, and in much
demand The public mind has recently been turned to
building and many fine warehouses and dwellinghouses
mad been put up. The amount Of money invested in
real estate improvements rapidly increasing. This
denotes substantial prosperity.
The receipts at the office of the Assistant Treasurer Of
MI port, To-Day. amounted 10 SlUl U4O, payments,
S4.417 a6-baance, sI,359tS3 90
The negotiation Of second and third class Of American
'ecuItes in Europe has recently been attended with
yeater than have anticipated 1t only few
Tears since the credit of general and State govern
ments sufficiently revived to give any kind
If position the books of the London Stock Exchange
within that short time European capitalists absorbed
aage portion of the federal debt and State bonds and
Abe absence of such securities have turned their attention
40 railroad bonds and bonds issued by counties and
for railroad purposes. Several of most prominent
railroad companies have the sale of their bonds
in London upon favorable terms proceeds of which will
be invested in railroad IRON and shipped this country
for the construction of the different lines Very little
II any Of the money obtained these loans will be
brought to this country, but the contrary many of
xhe bonds will be sent here for sale These negotiations
resolve themselves into purchase of immense quantities
f railroad iron, payments for Which made in railroad
bonds. transactions of this have going on
with agents of English houses in this market long
7me, and the movement is far from being one
The Illinois Central the Erie, and most of the West
srn lines great deal Of iron ana it is impress
zion that within the next year two from ten to fifteen
mions Of dollars worth of railroad iron will be imported
into this country from Great Britain most of which will
be paid for bonds We doubt if of the loans re.
ported could have been negotiated in London had
This gives different complexion to the operation and
gives 1t the character Of business commercial
transaction The sale of large quantities Of manufac
1ured goods supposed to less profit and
Abe cheapness of money in England is sufficient
accepting payment in the promises of incorporated
company drawing high rate of interest than in cash.
Hhich drug in all the leading money markets Of
abe world The security offered by these railroad compa
nies is at all events equal to that of individuals and
ndcr certain Giro umsances decidedly superior rail
road bends OF good standing be RENTED to this
country any time and their full value realized This
will probsbly be the many of those recently
negotiated in Loudon will take. If at any time any
doubt shall arise in the minds of holders the other
eide the will come back in large lots.
The loan negotiated by the Illinois Central Railroad
Company before alluded TO, spread long period
According to the dates of payment proposed will be
nearly three years before the full is paid in
This undoubtedly fast enough give them supplies OF
iron required The length of this seven
hundred miles which will take time construct
The bonds of this company redeemabe in 1875. and
are secured by the read and between two and three
millions Of land contiguous to the line through
out its entire length In relation to the negotiation of
this loan and the sale of American railroad bonds
generally, the London Times says -
In touching upon American railroad bonds of any
essential add general Like
those now referred to there many descriptions which
are perfectly legitimate objects OF investment. the ex
tent any speculation that may be involved in them be-
ing fairly stated at the outset AT the same time is
that active attempts have been carried
n for introduce the London and provin
,al marke cts large of these securities which
likely to prove in great degree worthless and which
would find no countenance in New 1ofk, except among
The most notorious specua'ors by these parties they
at rates which show that like doubt
u bills they calculated at average-some may be
paid and dishonored some may be got rid OF in
England some may lie sold at home during temporary
rise and others may be advantageousy compromised In
ze ultimate litigation that awaits them ii Is therefore
easy understand that for the habituai gamblers tha
abound in every commercial city they have powerful at
fractions That they should snd purchasers however
among foreigners seeking quiet investment Is almost IN
credible The only explanation lies III the influences
.bat are EMPLOYED TO effect the object Iron masters for
instance tempted TO receive them in payment Tor
orders which they realize enormous prohts ana once
introduced il follows that every plan is put in motion
M means large per centages to brokers aud others 70
insure their diffusion among the public who at last ~
zhe force Of recomme which increase in CONT
,lepce in proportion the Of the original nogoua
on lost sight of become the purchasers at par oil
things which probably fetched at starting no more han
fy or sxy per cent Of amount they purport to
present The system Of towns and counties pledeins
7her credit for the payment Of these bonds is merely
revival Of the method which III 1897 was pursued py the
arsus states and will inevitably have similar ter
nin.tion Those who may suffer, however, must blame
themselves alone.'
As the time has passed when it anticipated that
,he Phornix Coal Company would bring their coal to
market have made inquiries ana nave received tue
following statement as to the cause OIL the dSapp'n'-
psut-In May last the heavy freshet on the Potomac
r,er which did such damage to the Chesapeake and
Ohio Canal completely carried Off the centre piers which
d been erected for the support OF the bridges OF the
Phoenix Company, and since that time the water
as been tco high for The construction of others OF more
substantial character The loss to the company has been
xrincpay in the delay which has been occasioned by
.his unforeseen accident the other parts OF the WORK
zave continued in progress placing the whole IN posi-
,on 70 be used the piers shall be in readiness
40 receive the bridges 1t is now expected with cont
aenoe that the present difficulty will he removed in the
course Of two or three weeksthe construction Of the
,iers having already been RECOMMENDED From the minn
which has been carried preparatory TO the competitor
m the entire works it has been ascertaned that the Goa
is of very superior quality-the President remarknl
nnder date Of the nth Of June that the coal brough
out Of the mine by the last cars Is a. beautiful an arti
If..xh laf.A inn