The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-06-24
FINANCIAL AND COMMERCIAL.
MON EY MARK EFT.


MONEY MARKET.
rRmAY, June 23-6P.M.
There slight let up to-day in the stock market.
At the hrst board there considerable activity but
most Of the transactions we're on time Cash stock ap-
pears to be scarce Canton Company advanced to-day -
per cent; Nicaragua Transit, y; Cumberland Coa, Il
New York Central Railroad q Erie Railroad Harlem
Reading Railroad, z. New York Central Bonds declined
u per cent; Michigan Southern Railroad 1; Northern
Indiana Construction, Il; New Haven Railroad 81 Cleye
land and Toledo Railroad, ~ At the opening this
ing the market weak and prices did not vary materi
ally from those current at the close yesterday but
some unexplained cause improvement after
menced and at the close there quite upward ten
dency. We have faith in the advance. Nothing has
occurred to materially change the condition Of financial
affairs, and far the internal affairs Of the principal
railroad companies concerned, they daily almost
hourly getting worse. Many Of the managers Of the
railroads occupying prominent place the books Of the
stock exchange active spectators the stock. OF
different companies sometimes for rise and sometimes
for fall Many others who do not openly appear a. specu
aors in the stock avail Themselves Of their poson 10
make money out Of the company We point out
Of instances where the stockholders have been avfuy
swnded upon sales made by the directors to the
pany Property has frequently been bought by directors
after was known only to themselves that the road
qured it. and sold to the company at advance Of two,
three, and five hundred per cent This ia tho only way
the directors Of railroad companies ge any pay
for their services and the stockholders canno expect
them 10 work for nothing. Unfortunately they &c.
much more than the best Of them worth, and they
are rather pensve employees Rich do not like to
work for nothing, and the time and service devoted to
railroad cement triAiug matters and must be
paid for ID would be much better for any company
they were paid directly much per annum, instead Of
leaving them to fleece the stockholders by making them
pay four five prices for everything required. rail
road president who is willing to work without ray is
the dearest officer any company can employ There
too many of these unpaid presidents and the
change is made in such system the better Tor
the interests of the stockholders u Is fun
time something done to do away with the nests Of
Spectators which infes the office Of all leading
railroad companies The Erie Railroad Company offices
have swarmed with stock spectators. The old brood
has been pretty well scattered but shall have another
perhaps equally destructive to the best interests OF
stockholders There probably has railroad
company In this country deliberately used for the pur
pose Of filling the pockets Of its management the
Erie From the very it has been in the
hands of Spectators and every movement made in the
administration of its affairs has been for the aggran.
dzement Of, some clique of fnanciers. We have come
in for share of their abuse for exposing from time
BILE much. 1t convinced of the truth Of our
structures, and induced to make tho
rough Investigations. The plank which has for
time past held the wreck together is about
being torn away when the whole concern will
probably 60 to pieces. All the old rats have been
leaving the ship and before many weeks elsrse
yestge will be left Of this grand enterprise. II s
pity that such great work should have fallen into such
hands. The New York Central is likely TO go in the
way Its managers fast following in the footsteps
Of their ustrous competitors and the result is likely
TO be the same. Cumberland in demand day at
the improvement. The appreciation in the market value
of this stock may be attributed to important
than appear at first glance to the casual observer The
depreciation in railway shares not owing any decline
in the traffic but to the increase Of expenses
One item alone railways is alarming, and the
saving Of half the cost Of fuel may be made by the
Of coal and COKE in instances equal TO diV
dend. 1t Is difficult to overcome the prejudiccs and
habits of remen and agents OF roads; but there is al
Tentative. The Maryland railroads Cumberland coal
with great economy and the emen could not be induced
to back to wood much Is the labor lessened The
New Haven and Springfield Railroad Company also
usng Cumberland coal their freight engineer and
Norwich company have it q passenger train.
The Union Ferry Company have just made a contract
with the Cumberland Coal Company for thirty thousand
tons of COAL IT s great saving in expense and the
effect on boilers. By experiment recently made il
proved that loo tons of anthracite coal lasted two
tow boats eight days. while 100 of Cumberland coal
lasted the two boats twelve days. Here IS fact
which cannot be controverted, and such facts viii
rapidly increase and extend the CONSUMPTION Of the
Cumberland coal into the remotest sections Of the
country.
After the adjournment of the Board, the following
sales of stocks made at auction by Simeon Draper
$4,000 Columbus, Pqua and Ind. RR 1st mort. int.