The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-21
FINANCIAL AND CONNER clAL
NONE 7 M A II X n v.

MONTY MAI X Rv.
"WEDNESDAY, Sept 2o-sP.M.
There vas pretty general decline la quotations for
fascy stocks to-day, and less activity among operators
AT the frst board Canton Company fell or Y per 1T
Cumberland Coal, l; New York Central Railroad IL;
Erie Railroad, X; Harlem, y; Re ding Railroad \;
Hudscn Rsilrosd Cleveland Columbus and Cncinns It
RailroaS, y; Cleveland and Toledo Railroad, Il Tais
depreciation is small compared with what must come
The enormous shipments Of specie must soon have
serious effect financial affairs aud the balls caunot
mantaa the market in the face Of any import mt De
In the amount in the banks. Tho shipments this
week win not bc much short Of two million of dollars
which, with the export of last wcek, shows very rapid
drain The disasters to cotton and crops will
short surplus Tor shipment very materially and the
prevalence Of the cholera and yellow fever In widely
extended sections country cannot but have
favorable influence upon domestic consumption. We
BY anticipate good times during tho approach
log sosg dull season. but the CONTRARY believe that tho
practice OF economy and contraction
to avoid disastrous revuision. Our exports
thus far this season. independent Of specie and bullion
have been unusually limited while our importstons have
been unusually large Al the season advances this may
change somewhat, but IT Is our impression that
portaton OF merchandise this ye4f will DO comparatively
smaH 1t Ia frequently announced that large remittsaces
Of railroad bonds have been mAde on foreign
account that foreigners buying fAscy
railroad stocks freely and this La put forth
rs an argument why those securities should
rise In market value. We do not see what influence
foreign purchases Of such stocks have upon the
actual producveness Of the public works. what differ
makes far that Is concerned whether the
stocks are held on this the other side OF the
Atlantic. RemittAncss of fancy stocks cannot do us
much harm. All that foreigners pay for such securi
tiss Is much gain to the country We have no divi
dends to remit such Investments and there IL NO
drain Of that kind resources It would be great
relief to US just II capitalists in Europe would buy
up largely OF Erie Railroad stock and carry 1t for US
several years. We have such load of unproduetive
securities weighing upon at the present time that IL
would do u much good to share the burden with
friends on the other SIDE few years since foreigners
would not touch best state securities Now fhsf Of
the reports true they buying worthless
fancy railroad stocks II estimated that we remit to
Europs semi annually about millions Of dollars, In
payment for interest Aeric n securities held abroad
This s equal TO fourteen millions Of dollars per
equal to about fth Of the value Of cotton crop
exported II therefore takes about twenty per cent OF
the value OF that grea. staple exported to psy the
nuA interest stocks aud bonds held by oreners
AZ remttances Of sound stocks good raro ID bonds
increase the drain upon for interest in the
proportion the payment Of which may OF these
dsy Do very serious mAtter but WITH FANCY raroau
stocks the Is very different and we should like 70 sts
item 60 abroad in large lots,
At the second board there was not much change in
prices Erie Railroad fell of X per cent; Cumberland,
y; Canton Company, x; Norwich and Worcester, Il;
Harlem, N; New York Central Railroad, y. Reading
Railroad went up per cent The market closed weak
and there s evidently want Of strength the part Of
holders. Quotations cannot be sustained.
The steamship Africa from this port for Liverpool TO-
day, carried out 81 A2S in specie. This makes the
total expectation In the past i've days about two and
half million Of dollars.
Mr.. A. H. Ncolsys regular semi weekly auction sale Of
stocks and bonds win take Face to- morrow Thursday At
12x O'Clock, at the W.rchants' Exchsnge-
The Shoe and leather Bank has declareda semi annual
dividend Of Fur per cent.
Tho re~ipts Of tho Chicago and Mississippi Railroad
Company for tho arst week Of September, amounted to
so 1893 o.
Inc New Jersey Zine Company are now Ne understand,
hsn worth $50 per ton from the Stag or rsdduum
q thsiE left fE9n tie manufacture Of their oxide
The manulacsuss at present limited, but win BE- In.
creased and add materially 70 the products Of their ope
rstioaA. This "sag ID ranklnite, peculiar and very
valuable Of iron. The New Jersey Frsaklinits Com
pscy 70 called has mines in the immediate vicinity,
and In them the Frsnknite ID found in great richnea
say % per o4ntthe balance being zinc and manganese
The Franinits Company erecting furnaces for the
production OF its iron which u admitted to b superior
to any ever before seen this market for strength and
tensc!ty.
The warrants entered At the Treasury Department,
Washinston on the 18th Inst WORT