The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-20
FINANCIAL AND CoMMERc laL.



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MONEY! MARE Er.
ei Wmss,OAy. Jaly lo-sP.M
There was moderate sissa panic in Wall sxss to day
Th.re appears to be no bottom it has sthsr falss
tirey out, or msch oser than generally hnasnsi
At IL eyea.s IL has not yet besa faud Hodsrs OF fancy
stocks we're sArlsd 70 dag by another decline prices,
equal 70 any thing II ths kisd Vt realised this
Where this depreciation viii stap question no QUE in
Wall street At the 6rss board 70 day, iii
nos Central bonds fell Oh per cent; Ernsome honis,
n; Canton Company, n; MsOultsh, x; Nicaragua Tran
s Y; New York Csntral Railroad, x Erie Railroad, g.
Residing Railroad, Az Michigan Central Railroad, 4;
Cleveland and Toledo Railroad =. At this these
stocks VIII reach points whore the closest
cautious capitalists would Be- be wiling buy. There Is
good rasoD fog h extended panic. The depreciation
has gone aboot far enough and reaction cannot far
Of Al the second board there sight Improvement
Canton Company advanced per cent; Ke- York Csotra
IN; Nicaragua Transrt, "; Esis Railroad, 4. AZ both
boards here we're transactions to extent time
buyers option showing the part the sellers
seldom met with at this stage Of prices Illinois Centra
Londs sold at esq Per cent There we're rumors OF
failures to Day, and several rromlasnt hoases
Iorted but In these times ID easy to give currency 70
sny kind Of hat should an refrain from doing
anything calculated increase strengthen the pans
The decline in stocks for some days past has been 50
rapid that those who have bad tho bears propeo
elites begin to thnA Il serious matter aud that
about time to devise way Of preventing further
relapse. This feeling Is con6nei those viii h
have been unwarsntaby depressed Ts stocks alluded
have sympsthised with the railroad securities the
market, and have fallen on from the absence Of
buyers than from any Of confidence the part Of
holders. A regards railroad stocks Il would b din
10 toll uba <ha hiatt. THxa1, Ia NJ
such fictitious character and dividends depend upon
many Contingencies, that Il would pssss any to
establish criterion Of actual intrinsic value for the
best poorest the market The payment OF divi
dends should not be taken any evidence Of value In
this Kind Of stock for Il 10 pretty well known that nost
Of those which have bean PAID In al parts Of the coun
try added much 70 the coe ofthe road either
by increased indebtedness issue Of stock. The
Western railroad companies have carried this game
very extensively and tho stockholders begin to zee
and feel the effect stock bad been issued oniy to the
extent Of the net earnings and the net earnings reserved
for the extension improvement Of the rosd It would
have been legitimate ISSUE and the effect would per-
haps have been bensa csl; but when issue
frequently Of twenty and twenty Ave per Of the
former capital in new stock, in the shape of
dividends, we cannot resist the conviction that
later such policy must end disastrously.
That It already has SO, 10 many instances NO hsva
already and that 1t will In many more, there n very
little doubt. There Is not railroad in the country In
completed state. II true, many Of them have two
ends which terminate In popuous Places but they
constructed in such that expenditures for repairs
much larger proportion Of tho receipts tnan
Is generally admitted. which, with the payment Of nm
earned dividends rapidly runs up Aosny dsOt, which
Is generally guidated by hsae Of stock At rates
below par by the creation Of funded debt under
fancy name, such rs Income Bonds " Oons.ruc-
ton Bonds )" AID 20 After time the stockholders
and that the road instead Of costing millions
at first represented bias cost i've and six. The pay
mcbt Of dividends by railroad companies Ia,
been the fata! Of all Money has raised
FOR this purpose saer8ces the debts Of
many companies nave been increased ia this way fa
ranidiy by any other. II Is TO matter
Of establishment that this sort OF fnAncering has
continued long We satisfied that the stockhnld
crs generally have been Of t. They have been
contented with their dividends, without dreaming fos
msnt that IL was like taking money out Of one pocket
ard putting in the other but they have at last go
their eyes open and begin that all not gold that
Cutters II IL, ne fear too late to remedy the evil with
out losses and TO this they must submit with all
the philosophy they possess. disappointment and dis
viii follow the adoption OF different policy
cart of railroad managers but there Il alternative
longer continuance OF the present system Of 6nanc
not only be thorough, bat 1t must be immediate
The finances Of railroad companies in . rotten
condition, and they DAILY getting rbcse,
nual reports are humbug from bsgianing to end,
tEoe interested learn nothing fror them They have
Gnso tunatey taken II for granted Nat Il all right
and have lived for years. blind te gil The stealing and
swndng going almost under their very There ia
hardly any In Pointing ost TO this Glass Of peop!
facts which have hsn palpsbie Others. We hay
Tor years been hGrpag upon This subject, esd have II
esyed than ial share Of sease from the Of
c OF certain CONF znies whose Deb nduescies wc have
frc9uesty exposed. We not favor,sss With rail-
husncisrs generally and probably Is=sr shsu be- 10
shall continue our strictares unt so,ne decided
ment is made to those Who have for 70 us +
tarr been fAttening u the cribs Of tho numerous
road companies q he country. We 20 farther
sb,n the New Haven Railroad Company lor an lldasrs
ton og the force aud truth CT r,masks Tie "E
Family which have managed that from t.e
start have fattencd upon ns well ned treasury; and
4 The atoekhoiders can sc. rid q the crowd, a. .
coat Of one, or syrD tao millions sf dollars
We are not sure that the sFnoling operations
o Schuyler viii not ullgstely prove bepeat irstead
o. injury At almost any the road ahoud be *
tfeated from the grasp that clique have upon it
Their has been fatal 20 the best
of the stockholders and II Is possible but thai
The aos Of Schuyler may lead 70 the eisenihr.'mens
the company ana result 20 the benefit Of the stoehoid
%, loso interested may have reason to rsoI
and he thankful that good least has cons
evil.
The steamfb's America, FROM Bosih Tor Liverpool t.
DAY, carried out siso,vO0 in specie
Tho Bates Manufacturing Company lave deolros .
dividend o. eve pei cent
Al N.ctiAy's semi weekly ucsicn sales Of stocks ana
bonds vii take pscc usual, to morrow, AZ hsG past