The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-31

MONEY MARKET.


suHnAy, July 3o-eP.M.
During the past week there have been very quiet times
In Wall street The saies ~ fancy stocas have BEEN to
about the u,ual extent and about the urus nuctustons
in prices have bssn realized The tendency throoghopt
has been downward and the market has b oms much
epesed tina, all hope Of immediate changs has been
abandoned Far y stocks may be considered low, and
comparatively the, arc hut the probability Is that they
win touch much lower ponts There are no buyers In
the street The old crop If speculators Tor rss has
been entirely used no. and must wait for new sup
ply No matter how low fancy stocks may rule, the
absence Of buyers oil prevent any improvement. The
public mind 10 in such state that tine shghtese and
vsguest rumor produces unessness that Ia felt by
every fancy on tho ht is stated that the Hnsncian
affairs Of the Reading Railroad Company are all right
that the stock scosunt al other account have boen
thoroughly examined and all correct. These state
upen.s are undouhte Nv rus bat II WIN DO difficult to
make the public believe that there Ia not great hid
den mystery about the natter that sooner or later
deveopemeuts win b. made similar to those which have
lately spp4ared that viii rens~ the panic and
runous depreciation IN the market value OF stocks the
Reading Railroad Company report just Published waa
wen enough far It ~snt but many very Important
items were left ont which should have been put in.
We have account Of the fstng debt and no one ont
side Of the com psny appear. to know ANYTHING about IT,
and make the report perfect Tho New York Cen
trail Company l. daily sinking lower and lover In public
estimation. The history of tho celebrated "con-
soHdstion' operations has yet TO DO written.
more outrageous fraud than that perpstra.ed
In any community, and the stockholders begin to Wow It
In it, true hight BY thai financial arrangement upwards
Of nine millions Of oo.rs added to the cost Of the
work II WAS put on. In bonds and forms the bulb OF
the present edDsrs Of the company BY stroke OF
tho pep nine millions ~ debt created without
eeving In return one any shape Texised who'll
y In the imaqina,i Of the managers Of tia different
companies and made reality to the amount Of ninc
millions Of dollars About twelve months SINCE the Arst
eale of the new consolidated stock male sold at
1875 per cent In our remarks upon that sale pre-
dc,ed lust what aaa occurred From that time the stock
has been gradually settling down. AMI 1t WIN bring up
before tho apse II weeks, someshere In the negh
borhood Of seventy per After having iosued bonds
for nine millions Of dollars, fos premiums On the
stocks Of the old companies, the new stock opened
at . premium of twenty-five per cent At that
time nearly all the old holders sold ont, and
the stocl has fallen into hands Very serious losses
have already realzed, and greater arc In the
perspective The management Of the company has,
since the consolidation hen among the snaest holders
in which they have exhibited their usual shrswdness
There have ave pchngs In the administration Of
the affairs Of the concern and the cost Of The road does
not annually increase fasts. than the Erie any ether
in the country, It viii not b for the want Of sharp
fnancierng The poor stockholders in railroads have
hard time. They have TO stand the brunt Of AL over
issues an defalcations all the private spsculations Of
managers AL the damage from accidents; and 10
der that some Of ho4s have not besn before
this completely used up with the sxtravagt szpsndL
turss and private pctpgs Of the boards Of directors
Tho Erie Railroad Company have up the cost Of that
work pretty rapidly but It won't quite 70 fa< to
create nine millions Of Indebtedness out Of Aothingas
to add that immense to tta liabilities, without hay
Ing something to show for Il In the face Of this al
other instances Of doctorpg capital and cost accounts
sink into utter insign6canse.
The expectation Of specie from this port last week
somewhat larger than usual appears By the annexed
statement et.@ IN asst@a