The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-06-21
FINANCIAL AND CONNER GAL.



HONEY MARKET,
TUESDAY June 2o-oP ".
mere was quite panic in Wall street to-day. ooo'-
all the fances show decline varvi"s rom ohe
~uarter to two rer cent and .hrre were pretty arg
.ansactions M tbis appreciation Canton Company zen
an \ nor cent Illinois Central bonds, = Crystal fa
Aoe, 2; Cumberland Coal, Il New YORK Central nan
road, Michigan Central Railroad, Michigan eouen
sxu Railroad, I Erie Railroad u Harlem haluosu
nsA ding Railroad y Hudson River haurosu' "a Wv
Maven Railroad Cleveland and Toledo Railroad "a
s. more DAVIS like this win bring matters TO close on
,e Of The faneies and put of the bulls IN tght
mace Erie Railroad stock has suffered the greste, col
kpee and lower than we have known TOT yar'
New York Central Railroad is following in the same traes
Railroad stocks of ali kinds steadily setting aown
and they will ultimately bring up upon proper ieVe.
NAV have all been wonderfully inflated and surprisingly
sustained II has for long time been matter OF great
saonishment to us how capital enough coua be found
% carry such unproductive securities When we con-
vder that most these stocks subscribed for at
yar and that par paid for them, 1t can be easily
seen that at present prices the original stockholders
must been very serious sufferers All the old rail-
read fances those which have been in the market for
@ny time uetuated between fifty per cent and par
and large fortunes have been made and lost by specu
tore in them few months since Erie selling at
80 per cent New York Central at l25 per cent Harlem
Crystal Palace at l75; Hudson River al rs, and
Now they range from ten to thirty and forty per
aiscount. Where the bottom is to all these stocks
one knows. 1t thought be much higher up than
really is and low have reached Il has not yet
been touched. There appears be general desire
realize the part of holders not 80 much because
Hhey have lost confidence in the securities, but
because they believe opportunity win soon
be presented TO replace them at lower prices Such OPP
psrtunities are daily occurring, but the trouble
with purchasers is to know when to buy when the low
est point has been reached The present state OF things
tn the stock market cannot last The depreciation has
rapid and too great TO continue and shall have
Of these days reaction that win sstonsh the bears
1t may not be general but in of the fences IL win
very great. The bears running the depression
into the ground and they win get caught II is true
Mat there fances in the list worth thing like
se present market value and these will be improv
ID temporarily, however, by the reaction in those
which been unnaturary depressed The shorts
more decidedly in the ascendency but the very
they meeting with may prove their ruin. II is
undoubtedly grand time to buy productive stocks if
proper selection is made.
Al the second board there material alteration
in quota tons, and not much activity in transactions
New York Central Railroad fell off L per cent; Gold
NIL y; Michigan Central Railroad sold at decline Of
81 per cent time Reading and Hudson Railroads ad
yanced u per cent each; Erie Railroad opened at de-
chine of per cent but closed at prices current at the
Arst board II is in contemplate to call meeting of
1he stockholders of the Erie company to make thorough
examination Of its affairs independent of the manage
nuent SO that it's actual condition may be known We
would suggest the policy of looking closely into the
affairs Of other railroad companies This is the age of over
issues and know not when another expose like the
Barker yein may not turn up.
The Harlem Railroad Company will pay the regular
semi annual dividend of four per cent its preferred
sock the 9th of July The Boston and Worcester Rail
road Company have declared semi-annua dividend Of
: three and half per cent.
The Erie Railroad Company earned in the month of
Nay 1854 s4se 800 81 against $780, 142 90 in the
responding month in 1885, showing increase OF $780,,
eoe 80 for the month this year.
1.-THE New Haven Railroad Company earned in May, 1854,
s A. against $e26 74 50 for May, 1853 Increase
se,2al 81.
The Mayor and finance committee Of Jersey City are
advertising for proposals for 900 of the bonds of that
city bearing interest at the rate of five per cent per
mum, payable semannuauy, and the principal redeem
able July i, 1869. The proposals to be left at the
City Clerks Office, Jersey City, and viii be opened at p
NJ, on the goth of June.
The warrants entered the books OF the Tres
Department, Washington, Saturday, the 18th inst,