The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-13
FINANCIAL AND COMMERCIAL


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TunpAy, Dec. le-sP.M
The stock market presents new feature. At the
first board to-day the operations limited, and At
lower prices. Erie Income Bonds fell OIL per cent Ill
nois Central Bonds New York Central Railroad Bonds
"; Delaware and Hudson, u; Canton Co., x; Pennsy
vsnia Coal Vi Nicaragua Transit, ~ New York Central
Railroad, y; Erie Railroad, X; Harlem Railroad, al
Reading Railroad, 4; Hudson River Railroad, IL North
Indiana Construction, The transactions in Mica
ragua Transit to-day were unusually large but prices
fell of from the opening New York Central stock still
rules above the market value Of the bonds proba
bly, will not continue long The difficulty Of getting
large quantities Of the stock when required consequence
Of its general distribution deters sellers from putting
out large contracts and prices therefore sustained
much beyond its actual value Holders waiting pa
tiently for dividend. Their patience will be
hausted, when may look for o greater supply Of
stock the market 1t long time before holders
Of Erie Railroad stock believed that investment not
the best the list, and those who would not sell at SO
and 90 per cent have since sold at 40 and 80 per
1t win be just with New York Central 1t win go down
fast Erie, and ultimately reach low points. 1t
is the highest railroad stock the Market and it
In the most inflated, overgrown corporation in the
try Its capital, funded and floating debt, amount
nearly forty million of dollars and will exceed tina
enormous II must break down from ts weight
and when II does collapse it win leave sad wreck be
hind. From the time Of the consolidation it has been
going rapidly to decay. Under the different companies
the different stocks kept at premium, and large
dividends paid, in way, but since the amalgau4.
ton, the tendency has been downward and the entire
has become dilapdaed and diseased Since the
consolidation twelve million Of dollars have been added
to its indebtedness, without anything to show for it
and the roadway and rolling machinery in such
condition that expenditure of from three to FIVE NIL
lion Of dollars will be required to place them in decent
condition. The opinion is rapidly gaining ground that
the New York Central Railroad Company will pay
another dividend above two three per per
hom its net earnings.
The Clearing House closed up another bank to-day.
The Central Bank failed to make good it's this
morning, and therefore suspended This concern
has been putting up elegant marble building the
OF Broadway and Chambers street, at expense
of about hundred thousand dollars equal to about
third Of it's capital and the probability is that will
when completed be occupied for other purpose
than that originally intended. About year ago, new
banks created the rate Of per week. they
suspending at about the rate. We shall
get back again to the old number. Bill holders Of the
Central Bank need be under apprehension regarding
their value The Of this bank the week end
ing the 9th instant, folows:-Loans 1901 172;
deposits sls6 249 circulation ssa 7a3spocie 4o5
After the adjournment Of the first board the follow
ing sales made at auction by Simeon Draper
5000 N. Y and Har. R. r.. LIST mort, int added S0lS
1000 Green Bay, Milwaukee, and Chicago SIS, LIST
mort, INT. ADDED OBSERVATION-DISCLOSURES. u
80 I" American Exchange Bank ............. 81
20 :" Third Avenue Railroad Company. ........ 23k
Adrian H Muller Co.'s regular semi weekly sale of
stocks and bonds will take place at the Merchants Ex
change to morrow "wednesday, at halfpast IL O'Clock,
AT the second board the market heavy and de-
pressed. The transactions confined to few Of the
leading fancies Nicaragua Transit fell off "a per cent
Cumberland Coal, q; Erie Railroad, 4; Reading Rail
road X. At the close the market had downward ten
dency.
The receipts the Office of the Assistant Treasurer
this port to-day amounted to $62 COS; payments,
Office, ESQ, 1913 so.
There has been during the past two days great run
upon the different savings banks of the city The Cham
ber street Savings Bank paid out to deposors yesterday
larger amount than drawn before in any day
Tie Greenwich and Bowery very busy meeting de-
mands upon them the deposits must been largely
reduced The failure Of the Eighth Avenue the Knicker
bocl and the Empire City Savings Banks has alarmed
derostors, and they are boarding up their money in
gold, dsrustful Of all savings institutions We
much surprised At this The failure ofree savings banks
destroy public confidence and wonder depositors do
not make grand rush upon the banks st in operation
and draw out every dollar due them. There is very little
doubt In mind but that the Chambers street. the
Bowery, the Greenwich, the Seamen's and perhaps
Or two other Savings banks perfectly sound and SOL
vent and pay every dollar due their dspostors but
1t will be difficult to make the public believe IT, after tho
losses incurred BY the failures which have already taken
place.
The warrants entered At the Treasury Department
Warrington, ON the 9th inst, were
For the payment Of Treasury debts...... o. 7o3 81
For the war Department ................ 47,767 40
For the Navy Department. ,213 u
For the Interior Department 726 "a
The Boston Transcript Of the 18th inst says
The business community IN this city were surprised
this morning to learn that OF the largest and most
extensive dry goods houses--J. W. Blodgett Coin
Pearl enjoying hen reputation ATTIC rim, II all sections
into chancery. The labities Of the Arm between
81 600 and ~ goo 900 They reported to
$751; and there several others who creditors
for about $50 000 The failures at the South and West
due them the Is The assigned for th. suspension
IL the largest failure Of the season in Boston.
The report Of the Land Com ssioner discloscs
Interesting facts in relation to the state Of the govern
ment lands. appears that during the fifteen months
ending with September, 1854 the sales Of land were
la 1856 2o8 very large proportion Of which
in those regions where railroads have penetrated This
settlement Of government land contributes largely to
the of the roads that induce the settlement The
land report shows that In the line Of the Illinois Central
region where for fifteen years. the government could
not sell an acre. there have been sold 1914 acres
much Of IT at double price, This tract equal to the
State Of Connecticut In surfsss win, in few years,
become tributary TO the Central Railroad. In the midst
of that large tract the Central Company large
quantity Of selected sndsto Be put upon the market
when its value shall have felt the influence Of the sales
Of the government The Commissioner states that so
numerous are the appcson that this cannot be acted
"a An douna md ma