The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-12
FINANCIAL AND COMMERCIAL.
H0N NY II A n X 1T.


N. movemeut Of prices Il still downward. Arst
hard today there unusually large sales principally
for cash The bears appeared purchasers this
inc and had material influence in sustaining the
market large delivery Of stock just at this time would
trouble the bulls very much They viii find 1t difficult
not impossible carry much ager load of such unpro
ductives leading fancy stocks Of the day The
bears operated during the past month six weeks
with a great deal Of confidence and although they
heavily short they hold with full faith in the effect Of
certain at work Quotations for stocks may
for time be sustained in the face Of tight money
ket they most ultimately give way All the ciques
and combinations Of Wall cannot successfully con
tend against of things exists at this mo
ent In the financial world At the first board to day Can
ton Company declined 4 per cent New Jersey Anc =;
Florence and Keypor y Nicursgus, Ia Penn Coal a
Parker Vein y, Brunswick Land = Erie Railroad Ia Read
ing Railroad Il New York and New Haven 2, sixth Avenue
Railroad Michigan Central ros advanced per cent
New YORK Central opened decline Of per cent. and
closed at an advance OF the opening price These
fluctuations show how weak the stock is should
not surprised touch par We notice sale Of
200 Potosi Lead Company stock "a per cent
This is the company referred to yesterday Its CAPT
tai is 81 represented by 200 600 shares at the
par value of 50 each. The sale at a premium.
The mineral Of this company 1t
has single vein TO work on no single lead to follow
but it has immense of land containing
OF mineral The surface is literally underlad with lead
OF the purest quality. miner dig hole any where
and take within three feet of the grass upon
of eighty and ninety per cent The mineral is IN
lodges, like much rock, and has frequently
taken a ton and half OF lead day with nothing
but common pick. The stock of a company with such
resources must command great premium in the
ke Nicaragua Transit Is lower than it has been
since the company fairly commenced operations 1t may
g. lower for has runiou competition to carry but
ut about twenty cannot be very bad purchase There
large sales at the decline and closed heavy Parker
Vein in poor favor to-day for the Erie Railroad
has the downward track and is under good headwsy.
At the nfnng board oday the sales follows
100 shs Pheni. Cd c. bso Ia $50 shs Ulster Lead Chs
100 do..........c 100 do.........s3
The receipts 1T the Office Of the Assistant Treasurer
the port of New York to-day, Oct IL, amounted to
o76665 70 the pay nsnts 1906 S02 36--esving
balance hand of SO, l55, $50 OIL
The receipts of the Macon and Western Railroad Com
pany in September amounted s24, AT Is, against
sl96ss 81 for the month last year; increase
"a, 727 63-equal to twenty four per cent.
The failure of Mr. Simeon Ora large stock broker
announced today. He has been member of the
board for time and has been large operator in all
the leading fancy stocks the market As buyer large
losses have boon realized and the strngency money
matters made inevitable that which under favor
able circumstances probably would have been avoided
Large railroad and other loans maturi ag just now and
which it found impossible to to meet by
realizing the secuIities without submitting too great
sacrifices have particularly caused this suspension This
Is bat . beginning Of the end.
The weekly statements Of the New York city banks,
which appeared in the HERALD to-day FULL complete
and Official being compiled from the reports kindly fur
nishsd by the officers of the several banks Our reports
have instance failed to embrace returns from
every bank in the city
The controversy between the New London and Palmer
And Norwich and Worcester Railroads. the owners of
the wharves At Norwich has arranged by the agree
nsnt Of the railroad to pay total of ST land
damages, which is to be portioned the owners by
committee appointed for that purpose AID the railroads
have agreed to certain freht regulations supposed to be
advantageous TO Norwich.
The Boston Journal says In mining shares transac
Mons q fair extent although at Welding prices
throughout the list, with the exception of Pittsburp
company which is held greater confidence than ever
Copper Falls Minnesota, Toltec Forest Royae and
majority of the younger companies show reduced quota
tons The decline is not however, panied by any
thing like panic, do the friends mining cret
eviace any less courage confidence in the eventual
Of their operations in developing the mineral
treasures Of Lake Superior"
The report of the judgment of the of Appeals
deciding the General Railroad be unconstitutional
emanated from the legal reporter of the Court, and
although not contradcted the authority, ii is
stated that this questionable point has been
brought under immediate review. The constitution is
explicit that porate grants shah be by
Legislature except by two third of all the mem
bers elect and Notwithstanding this restrictive provision
the general railroad act has been passed by majority
vote in direct hostility to the best talents and opinions
Of the members of both houses. When the disputed
opinion shall be brought before the judiciary we shall
have II in power to know what is the law
The Panama Railroad Company actively
gagged in extending their lire towards Panama 1t in
contemplation to complete il within the next twelve
months The steamship Illinois her last trip carried
out about two hundred mechanics the road Of
whom were from Pennsy ya nia-the Coolies ia
ken board at jamaica This force added to the
Der of previously employed viii give an Impetus to
the and it's rapid completion 1t Is time
this road in greater state Of forwareness 1t has
been long enough operation and bat for certain dsad
vantag arising from the climate and accidents from other
causes the road would in all PROBABILITY have been at this
time nuSi nearer completion. Where the city Of Aspin
wan now stands less than two years ago the habta
ton only Of algators, monkeys, and other apinncae
peculiar 10 these latitudcs, presenting no attrac
tons beyond its acknow lodged harbor, adssnta-
ves and its position the Lthmas. At this mo
hent there are at least three hundred houses of
Neat and substantial chsracter large machine shop
nrpener and blacksmith shops two fine hospitals, aud
hree substantial wharves All these, together with
Iety of such grading streets and cutting
Dads ha accomplished since March of last year
me population is sboxt 900 composed Of shopkeepers,
traders mechanics and aborers all apparently enjoying
\ fair share of the business Of the place.
Tho city stands upon the Island laid down in the maps
on charts as Manzanlia and il connected with the main
land by bridge 100 feet in length over which tue
railroad passes daily to and from Berbacoes point at
which the road is to the Cagres river The harbof
Is said TO be very fine and Is accessible for the largest
clas Of vessels at all times and every weather Steam
drawing twenty feet of water lay alongside the wharf
and depart without regard 70 Wind tide. The
railroad company have placed splen I'D light pro-
inence the city for the benefit Of ships and steamers
which i kept in constant operation at their expense. lis