The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-04-29
FINANCIAL AND COMMERCIAL,
MONEY MARK E t.

THURSDAY, April 2S-S P. NJ.
The stock market opened heavy this morning, and
prices slightly depressed At the 6rs board to day
Norris Canal fell of 4 per cent Canton Co., y; Mica
ragua Transit " Pennsylvania Coal, u; Cumberland, a
Harlem y Parker Vein, u; Erie Railroad IL Phoenix
Coal Erie Bonds, 1871, IA Norwich and Worcester,
- Hudson Railroad III Panama Railroad, 8. Rochester
md Niagara Falls Railroad advanced per cent Florence
and Keyport, y; Utica and Schenectady Railroad, g.
There appears to be increasing disposition to SELL
The market is weak and sicky and ii is evidently mpos
Rbe for holders Of the leading fancies to sustain prices
long enough to put any amount to other hands 1t
has time past been the ssion among specu
lators that the money market improved and
the ruling rates of interest became reduced fancy stocks
would advance and active movement commence. The
money market easier and loans be negotiated with
great facility Notwithstanding which, quotations for
stocks generally range at comparatively low prices 1t
true they much higher than during the height of
the panic but not high they have been within the
past six months b. very large per cent. They have
been worked up the present standard with great deal
of difficulty and it win be found more difficult to sustain
them where they We speak Of the market generally
and the exceptions few and far between. The
elements of improvement prominent in Morris Canal
carsgua Transit and Parker Vein and they may prove
strong and abundant enough to carry each of them
siderably above ruling rates 1t may however, result to
effect those above named may be of unfavorable
character and all may steadily depresate together Tho
imitation going stock railroad companies forming
the central line through this State has had tendency to
sustain other railroad stocks at points considerably be-
yond what would otherwise have been current and it is
possible this influence may continue for time longer
but it must ultimately be lost The advance In the
et value Of the stocks OF the central line Of railroads is
almost wholly artificial and is far beyond their actual
intrinsic value that we be prepared for a reaction
and Of course very great depreciation The experience
derived from the enormous extension of the railroad sys
tenn of New England is sufficient deter all sensible
men from involving themselves in this movements
and the result will show that similar generally
produce similar effects What has already been realized
in New England in regard the value Of railroad pro-
perty "a investments will be realized here, and
will then see such changes will sweep away at least
twenty five per cent Of their present inflated value
Railroads in every section Of the country are con-
annually increasing in cost and are running up
their capital and indebtedness at such rapid rate
that ultimately their net income will fan far behind the
amount required TO pay interest and ordinary div
dends 1t has been found that the railroads Of New Eng
land have increased in rapidly than in gross
cepts In 1872 Massachusetts, had twelve railroads.
tending four hundred and sixty miles within its lin
its which had cost twenty millions of dollars. These
roads operated at expense 20 cents per mile
The earnings loo cents per mile leaving an in
come Of OF cents per mile. In 1S4 there were in the
State twenty railroads. extending hundred and
eighty. seven miles-cost forty millions of dollars
expense of operating 076 cents per mile gross receipts
a501OO per mile, leaving income Of OLA cents per
mile In 1852 there were thirty six railroads in Massa
husetts extending clever hundred and fifty miles Total
cost fifty three millions of dollars expense OF operating
III cents per mile gross receipts A 100 cents per me
aeaying on income Of 81 cents per mile In 1872 the
average cost Of railroads In Massachusetts, per mile was
IA CAS- in 1852 s4ee75 increase 81 o3o per mile This
exhibits in strong light the progress of depreciation in
7ss species Of property in Massachusetts, The same
movement Is going in this State. Already this class
N securities M looked upon with less favor by cautious
capitalists and the time cot far distant when II will be
Gifhcut to exc out dividend in companies which are
now considered highly prosperous ant egitimatey pro
buctive.
The receipts at the Office Of the Assistant Treasurer at
ahis port to-day amounted to 500, COG s. payments
R1O2, 214 31-balAnce, sos ,673 o.
The receipts OF the Morris Canal for the
week ending 23d April, 1853 were ...... $3.50 SO
Eeme week last year Observation-Disclosures. 234S 10
Increase 81 484 SO
Total receipts April a. 1858 ......... s1s s24 SO
April -, 1862 ....,.,...,.... 3,44e 52
-
Increase IN ls53.,,,,u,,,,,,,,..,,,.,s, sl5,GT6 "a