The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-01
FINANCIAL AND COMMERCIAL
MONEY mARKE r.

(
n THURSDAY, Aug 3l-6P.M
There dull and heavy market at the opening
this norniog At the close the fancies still
depressed, and The Indications decidedly gloomy.
At the st board Erie bonds, 1871, fell of per cent;
Canton Company, ~: New York Central Railroad, u;
Michigan Southern, x; Eric Railroad x; Harlem, u;
Hue son River Railroad, ~ Illinois Central bonds ad
vanced - per cent; New York Central bonds n Mica
ragua Transit closed firm at yesterdays prices There
pretty large transactions in Erie at the decline
The company raised mones enough to day meet the
payment OF interest due TO morrpw its bonds but
this has not even produced Temporary relief. The
floating debt is still unprovided for, and is ra-
pdiy sccpmulating. Every month brings along pay
ments o. interest," and the net income of this
not sufficient to meet all such payments debt Is
increasing from the loans required to make the deh
cheney Holders of Erie Railroad stock, purchased for
RISE highly indignant at the have pursued
in relation to this company and of all sorts of
crimes and misconduct. This is to be expected We
have had it to contend against from the beginning and
DO not expect to be free from 1t to the end is not
class of SPECTATORS It is to be another fit is
not the bulls, is to be the bears and might
just well be the other. II our columns
should contain any thing In favor of the govern
ment, there must be private motive in it, il they
contain any thing in opposition must have been dis
appointed in something. If point out tho extrava-
gancs and delpquencies in the management of any rail-
road company and prove that the has bank
rupt for years. follows according to the code Of bull
SPECTATORS that have aprivate interest in the
Germ, that the bears have at immense expense
cured our aid and support in the matter. If, the
other hand, should make effort TO initiate any OF
these bubbles the would be equally loud In their
examinations, and say aiding the bull party.
We really do not know how these two great specializing
parties be satisfied. They would be content il
silent in regard to the merits dement's of tbs
various fancy stocks the mari et We continually
beset by individuals and cnques to say this in favor Of
company, and that against another; aud find It
avery difficult matter to steer clear Of oil interests
and avoid injurng some one in efforts to benefit ALL
Holders Of Erie Railroad stock who have wide margin
against them should have followed the advice have
repeatedly given them. Had they done so, all would
have been well. As 1t u.s. they have one TO blame but
themselves for their blind faith and ignorance regard
Ing the vslae Of securities in which they put their
money The Erie RAILROAD was bankrupt long before
made ii pubic We have not much confidence To our
influence suppose for moment that we had any
aeepcy in producing it, It fixed fact five years ago.
ss much it Is We.ave steadily consistently I'D.
hced this fact and those Who have heretofore doubted
now acb the sectasps Of predictions The
rottcnness and nsofvency Of tue Erie have been made
manifest There other companies In similar cond
icn and few years will develops them The New York
Central Rarosd Company 20 much longer under
the system Of laundering that has been ely pursued
and the stock Is worth much now It ever will be.
Those who purchase at present prices for rise w With
out doubt, complain bitterly Of opposition when
the stock has largely instead Of realizing
an, putting the proceeds in substantial So
curity. 1t Ia by means Of sati acton to
to pre- VERIFIED for serious losses must be
the result but it duty to point oat the shoals and
quiekssnds which the path Of all having capital to
invest and induce them, possible, to make such dis
posal Of their funds as will give permanent returns
At the second board lower prices ruled particularly for
Erie and the market closed with downward tendency
Nicaragua Transit fell Off u per cent; Cumberland Coal
x; Erie, per cent The difference between the highest
price ruling for Erie the FIRST board and the vest
price current at the second board to-day az per
cent This afternoon there Large sales for ash
Mr. Vanderbilt has loaned the Erie company his endorse
ment 100000 Of its paper short date for which he
has received mortgage the entire rolling property OF
| the rosd Everything in the shape Of . loo omotve
freight and passenger car has been pledged for the
above named sum, instead Of 5000 900 at first pro-
posed OF the $500 900 raised By mortgsgng the move
able property Of the company $500 will be paid out
to for interest then the bonds This
but small amount for other purposes It would be
well enough for the company appropriate the balance
to the Of wages due aborers along the line Of
the road We informed that along the Delaware d.
vision labores have been paid only to the LIST Of July
Wages duo for June not paid until within week
two. July and August now due. This ID petty
position for the Erie Railroad Company to be in. The
president doubt receives his salary Of $4,000 per
| annum DUE and all the other officers with
enormous salsries the same, while the poor laborsr,
whose credit at the nearest store depends entirely
his prospective pay, put OF month after month until
he get pork and bread upon his promises to
pay when the company pays him. These may DO con.
scered triHng matters but shrewd stakeholder viii be
able TO draw differences from such tries
| and govern himself accordingly.
After the sdouinn Of TIE board the following sales
Of stocks and bonds were made at auction, BY A. II
/ Ncolay - sm t
$1,000 N. Y. HARLEM r. Is. mort int. aided 85
5000 Rutland and Washington lat mort. do n
/ 1000 Toledo, Norssik and Ceve LIST mort. do t6
! COCO New York Central RR Skies. do 80
] 1000 New York and Harlem IT, 1884,. ......do IS