The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-18
FINANCIAL AND COMMERCIAL.
MONEY MARKET.

"WEDNESDAY, May 17-6 PM
The stock market has taken just the antci
pated The improvement has been but temporary. AT
the rst board to-day, Illinois Central Railroad fell off
X per cent Nicaragua Transit, "a Pennsylvania Coal "a
Parker Vein, X; Cumberland Coal, III Crystal Palace 8;
New York Central Railroad "; Cleveland and Toledo
Railroad, III Erie Railroad, L Harlem Railroad x; Read
ing Railroad, e. Michigan Central Railroad advanced Il
per cent The sales large and principally for CASH
New York Central Railroad steadily declined from the
opening to the close. good many small lots
offered, and there is quite disposition to sell short.
During the recent appreciation large quantity of stock
taken up by capitalists more, however, for profit
than for investment The advance since sufficient
to give purchasers fair margin and have no doubt
many realized 1t made good operation to buy at 102
and sell at los per cent when the turn made in two
to three days. In Erie Railroad there considerable
activity and lower prices ruled No believe
for moment that Erie Railroad be sustained at any
thing like present prices. It's finances becomin,
every day deeply and hopelessy embarrassed and
the probability ID that the company will not for
long time, perhaps years. declare another dividend.
It has been opinion that the company
yet earned the dividends declared and that every
paid has been partially taken FROM rather added
TO- the capital There doubt about this and IL is
getting to be pretty generally believed That the
pany thoroughly bankrupt is also true and It would
s far below prices current. consistent bear in
Erie could not help making a great deal of money
There are parties in Wall street who will follow this
stock down to the lowest depth. 1t may be matter OF
tmc much longer than appears probable at present. but
we DO not sec how the company continue for any
length of time, under the existing system of manage
ment. The last dividend was paid out Of borrowed
money, and it paid solely for the purpose Of
tanning the companys credit while longer. The
ment the dividends stop there Is end to the Of
loans and complete expose of the rotenness of
the concern would soon follow. This is to be avoided
long possible pretty sharp Hnancierng will put OF
the day of reckoning IT win not be wanting Reading Rail
road appears to be seaer than the other leading railroad
stocks the list is sustained by Philadelphia inAu
ence which Of great service In these uctuatng times
The coal stocks and down with the other nces
and probably viii touch lower points. There is desire
the part Of outsiders to touch any security in Wall
street Capitalists do not wish to involve themselves in
any scheme, any enterprise Of any nature
and hope they will adhere to this determination BY
carefully avoiding all engagements and closing up
gradually those outstanding, shall acquire strength
in financial and commercial affairs that will be Of
the utmost service the great political questions which
agitatng both the old and the new world are
fully developed. It Is the time to make every
thing connected with business affairs snug and keep
them so.
The steamship Africa from this port for Liverpool to
day, carried out 1855 o54 in specie
The Bank or Albany has declared a semi annual dvi-
dend Of four per cent the Lowell Machine Shop Com.
pany, eight per cent.
The earnings Of the Grand Trunk Railroad Company Of
Canada for the week ending April 90 s4 7ea Total
receipts from January to April 90 1854 ESQ 34oequal
TO SOL 800.
A. H. Ncolays mi-wesklf auction sale Of stocks and
bonds WILL A. usual take place tomorrow at half past
twelve O'Clock, at the Merchants Exchange.
Mining stocks were dull TODAY, and lower prices were