The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-27

TNJAssCAAl- AVC BONNER CiAL.
10nBY MARKET.
WKmusnAy, July 2-SPn-
ne tss6sssy u prisss s>day was slightb upward
WITH bot nessssts smosnt Of transactions The
marhst was sxssedhely Eat At Ne Arss board Dshr
ware and Hpdsss advanced psr cant; OAsson o., n;
New York Central Railroad, fx Reading RAiksAd, Xxi
Cleveland ana Tolsio Railroad Y; Michigan Central
Railroad, ~. nhsois Central Bonds fen IA Per esnt;
Nicaragua TsansiA y. Ths peculiar manner which ths
Osntral Railroad Company have adopted for the payment
ef s aviasnd 10 calculated 70 make considerable ain
sslty anong spssuAssss in Wan street. purchaser OF
Ne stood before tAe s,ong Of The bcsks-sAy boysr
option, thirty dAys-earrys the dividend AZ the sna
es Of thst t.s ~ buyer Gala for HE stock and shs
dividend The sssr refuses 70 pay the dividend before
10 receives Il iron the company, and he las, therefore,
70 give IN ,bhsaon TO pay over The dividend -
reesivsd. This 10 enc Of the many evils the peculiar
fnAncia policy Of the New York Central Railroad mana
gers win entail upsn tAis community.
With perhaps two exceptions in The hist Of fancy
stosAs, there b narsin for Improvement d some
importance and bsksve II viii be gradually covered.
After period Of depression such have recently
experienced parties who have mot bean involved IN the
decline, generally nahs their Appearances in ths maHs
nd purchase The Dsst deprecated stecks Offering
fhh aAss Of epssaaon usually HAiA . grsst SsAl d
money. They hok On eoony and qaistiy during an
operative szcitsn. end lot the bulls and bears light
out The game they please. A a. the bulls hsvs
BEEN pretty well Used NJ, and tho bears begin to with
draw nom The Marriott and no longer operate for fall
the class Of purehsssrs alluded 70 step in and hives
Hugely IN these fan cies which have the best basis AMI
The wfdest masgin for Improvement. It Is generally
sure game to play After an the depressing have
operated to the fullest EXTENT there b very little risk
in buying. II matters not 70 much about the setaa
value Of such stscksthat seldom taken into consdsra
ton by this shrswd class Of spsouAtors They operate
upon the ground that prices have been enormously In
Aatsd and win IN all probability, be asain-that similar
oauses will produce similar effects and that speculation
win again. Aaer put prices up to points preyi
ously toushed Acting upon this Wedge, large
of money occasionally made without much danger Of
losses It s in waiting for the chances where rests the
great secret Of In fancy stock transactions Is
pretty safe to take either extreme OF the market At
the highest point wall at the lowest the chances
are equally good but it 10 decidedly legitimate TO
buy stocks and hold them than 70 sell short for delivery
The former is oOwa ids legal, business operation
while the latter is purely gambling game Tusre is
however, mere money made in Wan street in selling,
than in bay,ng fancy sochs but there many opera
opposed to selling what they do not at the time
possess and prefer purchasing for rise at low stage
Of the market II this class take the market at the
proper time the chances largely in their favor That
time ia, without doubt, the present, far certain
stocks concerned but much Discrimination must be
ercsed in the selection II would not do to take hold
Of any OF them promscuously for some of them have
not yet their lowest point Above all do not touch
any railroad stocks They may be sustained for time
and may advance fraction but the future Ia
full Of disaster for these works. and the stockholders must
stand in the gap and suffer all the losses. The bond
holders must DO protected at any and every saoracs
Now that the Reading Railroad Company have actually
passed the semi annual dividend and the New York Osn
trail COMPANY have, In indirect way, done the
thing, suppose the Erie Railroad Company win
fosw enit as been reported within the past week
two that the Erie Company would surely pay its next
semiannua dividend and It has doubt, been pretty
generally believed; but the probability its forshcom-
ing 10 daily becoming less Is however not ct all i'm
possible but that the anAncers Of the Erie
Company may take into their heads show the public
that they pay DIVIDEND the Reading and Central
cannot. II would not surprise II some such
msnt this made. Discretion may, at thslatest
moment 10 considered the better part of vaor and they
may conclude 70 place themselves alongside Of the other
dsinquent companies For the purpose Of showing the
expenditures the Erie Railroad Company have make
annually in the shape OF interest alone, table
Of monthly pay ments. H Etrss