The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-03-25
FINANCIAL AND COMMERCIAL.



and operations were made accordingly. At the first
board to-day Canton Co. advanced 4 per cent New York
Central bonds X; Pennsylvania Coal Company, "a; Har
lem u; Erie Railroad, NJ Michigan Central Railroad
u; Panama Railroad, u. New York Central Railroad de-
clned J, per cent; Reading Railroad, III Cleveland and
Toledo Railroad, 4. The improvement in the New York
Central Railroad bonds, and the decline in New York
Central Railroad stock, doubt the result Of the bill
recently introduced into the Legislature Of this State
authorizing the railroad company mortgage corpor-
ate property and franchises for any exceeding
fifteen millions Of dollars The object of this bill is to
include all the loans and Indebtedness of the company in
one mortgage for the better security of those holding
the company's bonds. This movement is calculated
to help the market value of the present issue
Of bonds: We have no doubt the liabilities Of
the company will in less than three years cover the
whole of this mortgage and that before five years have
elapsed authority to issue second mortgage to
certain loans win be applied for There limit to the
expenditures of these large railroad corporations. 1t is
continually going on and the result ultimately must be
just exactly what have frequently predicted The
stockholders must later find their property
rey absorbed by the bondholders The Central and the
Erie pursuing similar policy and Of these days
both will be in the hands of courts. The
enormous Of money expended these works, how
ever, viii not be lost The expenditures continually 60
ing will afford greater facilities to the travelling
munity, and the public at large viii be beneftted but
hose who should have been directly and Immediately
benefited will be heavy losers and in many instances
ruined. The bondholders must eventually absorb good
many of railroads The reckless extravagant expen
diture which has been long practsed cannot go on
orever and with of the companies must
There hardly railroad in the country which is actual
" earning running expenses and interest debt Nearly
every dividend directly indirectly added to the cost
of construction and most of them fastening rapidly
on to bankruptcy.
AT the second board there more buoyancy, and
the principal operations were for cash. Hudson Rail
road advanced = per cent; Erie Railroad a; Reading
Railroad al Florence and Keypor closed firm at prices
current at the first board but there stock of
quence offering.
There is quite difference of opinion among inanciers
and spectators the result of the contest which
must commence between the allied Western Powers
of Europe side and Russia on the other. Some
believe that England and France will ultimately bring
Russia to terms by force of arms while others believe
it impossible to attack Russia in q vulnerable point and
that the Gar will accomplish everything he has under
taken without much loss in men or money We are in
clned to the latter view of the matter and look upon
the movements of England and France being calculated
to lead these governments into defeat and perhaps,
disgrace The about opening in Europe will not be
of physical strength much appears at this
ment The fleets of France and England may operate
successfully in the Baltic and the Black Seas but there
it will Russia has maritime commerce,
shipping be destroyed and the naves her opponents
will therefore, be comparatively useless All the
Emperor Of Russia has to do to keep quiet If he
draw the land forces of his antagonists into his terri
tory the result viii be similar that already recorded
in the history of Europe If they hang upon his frontier
he withdraw into the interior and the operations of
the government and the internal trade and of
the country viii continue uninterrupted. There will be
invasion Of Russia Moscow and the fate of the grand
army that entered its walls too fresh in the minds of
the statesmen of the present day. The geographical
position of Russia gives her immense and
gigantic strength, and it is opinion that the com
bned Powers Of Europe cannot bring the Gar to any
terms it may not be his pleasure to accept. England
and France have entered into contest which must drain
their almost at every step. It will not be
affair of twevemonth, and do not see how either of
those Powers will be able to extricate themselves That
they will accomplish anything but the impoyerishment
of their treasures much doubt and if they escape
with that it win be different to what we expect
The effect of this state of things upon the
Of the world appears at present but little understood On
neither side of the Atlantic is the matter viewed in
proper light, and those most interested hardly know
what to make to properly protect themselves
against contingencies. In London consos have been
maintained in the face of all the preparations going
for prosecuting distant and destructive Quotations
for beadsus and cotton have hucuated strangely and
at the latest dates the markets not much affected by
the decided demonstrations made by Nicholas of Russia
to stand the hazard of the die Spectators in bread
sus in this country and in Great Britain have operated
for RISE the strength Of short crop in Europe and
reduction of supplies from the great sources Of the
Black Sea. With these two fixed facts before them
prices have been up and down. and at times the demand
has been dull 1t does not DO to reason about the why
Inf IF 1npciaf
may be whyprcesfor brcadsus should
go up ard quotations for consols should go down but
where they exactly in contrary direction opera
tors and SPECTATORS are in a fog, and hardly know
what to take next That the ultimate effect Of
public events upon financial and commercial affairs
be very different to that already realized do
for moment doubt Consos cannot be maintained in the
prolonged contest in the East prices for bread
sus appreciate to points far beyond those hereto
fore reached With the latter the advance will be Of short
Duration for supplies from this side of the Atlantic
be extended TO an unlimited amount with twelve months
notice Cotton may not be materially affected in value
for its consumption England and the Continent
not be much reduced by the war Any crisis in money
matters would depress prices than anything else
and the probabilities Of such evil falling upon the
/ community are by out OF the question. Our
great staple articles of food may in any event be in
\ creased in value much cotton may be de-
pressed. We hardly expect that all under any cir
cumstances would be simultaneously depressed and
position is therefore, desirable this account than
that Of any other commercial nation in Europe Amcr-
stocks likely TO advance foreign securities de-
precate that as the abroad progresses and
actively deyelopes the effect European affairs shall
not only be better able to define position but be able
to avail ourselves of that position give greater strength
and activity to our local interests
The receipts at tie Office Of the Assistant Treasurer of
this pert to-day amounted to s72 l42 so the payments
were s55,7e9 o5-eaving balance of ss,216,119 IS.
The City Comptroller invites proposals for sl54 600 o.
the public education stock of the city of New York in
shares Of 800 each, bearing interest at the rate Of five
per cent per annum payable quarterly and the principal
redcemable the LIST of May 1878. The proposals
will be opened the Sd Of April at the Office Of the