The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-23

provenent on lowest prses showing an actual decline
snes the second board yesterday osl per cent. de-
preciatn 1t this rate il entirely beyond precedent We
have no reco lection Of recording such steady rapid
decline in the stock Of any railroad compsny in active
operation but afraid that the Erie Company win
mot be the only the list. Harlem and New Haven
Railroad companies have down pretty ven the
probability is that they win 60 still lower At the open
ing Of Harlem t. day. the stock commenced at IS per
cent fell of to 49, and closed at 2sA per cent This is
contrary 10 general expectation The supposition
that it would open at about 40 per cent and be main
tanned. New Haven stock has NO particular market
value. will not be opened again at the board for some
time and in the meantime II would be difficult TO sell
1t above forty to Atty per cent. Reading Railroad
advanced fraction this morning, from local nfu.
cnce. All sorts Of opinions prevail relative to the recent
financial report and the present position Of the COM
pany's affairs. This Is natural enough; for the two
great speculative interests continually at work the
fancies-cne in depecstng and the other in appreci
ating some particular stock Reading has its friends
and its enemies Ike any other fancy and wi Of course
auctuate The company have the monopoly of enor-
business and al that Is necessary good manage
ment. Cumberland Coal appears to be settling down
again to the old starting point large quantity Of
stock has recently been put the market the effect of
which, in such times could have been easily foreseen.
We have statement very lately Of lis coal opera
tons but presume it is doing large and profitable
business previously reported this season The price
Of coal is high enough to give large profits and coal
companies do not make great deal of money and pay
heavy dividends this year they never can. Nicaragua
Transit holds s well any other stock on the
list and know Of nothing calculated to depseciats
permanently its market value.
The depression in railroad securities is about being
followed Ut by failures and panic in the eurrency
ia; IN d,r
desire to get rid of bank notes and to poke. gold,
ely reminds Of 1887 and 1888 The Metropolitan
Bank in promising to regulate the currency, has grossly
deceived the public, for worthless and dangerous
volume Of trash flowed in and out of the pockets
o. the people At this uncture the State comes in the
maEket TO borrow one aad quarter millions for the
canal enlarge The Canal Commissioners undoubt.
eddy rely upon demand for bank purposes In this they
will be doomed to sad disappointment for there few
banks ho and reckless enough to increase
OF circulation l after the present bank panic has had
its The or.sghtedncss In putting the total
amount which the canal enlargement law permits for
any year the market, before the United States
withdrew must surprise those who examine
the subject. The former loan of million dollars
taken at average Of is per cent premium, and sub
sttuted in the Bank DEPARTMENT for u s. stocks which
purchased by the federal government az 81 per cent
premium. There were plenty of U. stocks in the Bank
Department TO have covered the present loan also This
loan must rest upon demand for investment and
by the price Of other permanent State stocks such
North Carolina Tennessee, Georgia, Virginia, and Mis-
soui at to per cent premium should think that
from to per cent premium would be all that real
capitalists savings banks, insurance and trust compa
mics would pay for U. SO or cen. stock.
After the adjournment Of the I'd the following sales
of bonds and stocks made at auction by Simeon
Drvuer -