The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-19
FINANCIAL AND CONNER DIAL.
MogBY aARK Gr.


the tendency o. prices ths ops to-day VA
aswsvsrs, ssd before the sisss, decline Of im
psrsaaes n some Of the esdiss ansi-s rssssi.
Tho sggres ts transactions not arge, and there
we're vey few ON buyers option. Sellers option,
cash. appear to BE- Ssverits methods opsrating just
now with the BROKERS' and IN fact they prefer Dash er
aYs boy, than time any way. At the hrst board
Eew YoSA Central bonds fell on psr cent; Nicaragua
Transit \; New York Central Railroad, X; Erie Rail
road Il Reading Railroad, Nj Cleveland aud roledo Rail
road n, Psonsyivania Coal COMPANY, n. Illinois Can
trail bonds advanced NJ CambsrAAnd Coal, v; BeriAn's
Machine Company, !; MeCalIooh, y Northern indiana
improved four per cent, from the opening Al tbs 10.
cond board the market blue enough and lower prices
were reached than have before quoted for ysAs There
appears 70 Be NO depth 30 io~ Tat sen lower
one il mot found This afternoon, Nicaragua rransIt
fell OF per cent Canton Co., y Illinois Central bonds
Y; Cumberland Co, X; New York Central, 2; Ese Rail-
road 2; Reading Railroad, ~ after the board, Erie
Raihoa sold low ssk and New York Central dswn
to SO per cent These startling prices, and annot b
contemplated BY holders without serious apprehsnsoas
win Do seen that at tho second board there were pretty
large sales at the quotations. and the bears appear b
eager in putting out contrscts when prces ruled
twenty per cent higher. We inclined TO ths belief
that selling short at these prices u pretty dangerous
0usiness where the stock has any sAelbSne at all In
stocks the INST there st margin for fan Of
ten per cent and bsars win realize The prout they
pere,eIe selling, but there uthsss which win
one Of these days give the ahorts t~iss they
steamship Franklin, ashore Long Island, from
Iavre had rather depressing influence UPON tina stock
market to day. II 10 pretty certain that tho
viii be first predicted Of loug duration and In The
Of that strong probability, IL Is useless tux
letter times II entirely out Of the question. Quota
tions for cotton in Liverpool may be up to-day
guaranty Of its pcrmaueacy The may BE-
abundant and brcaistas rule at bow prces 10 day
they auctuate and improve the season advancss
and supplies from the usual continue TO b
off, There can DO such thing as prosperous tianes
among nations engaged in war US long as that war
tinues There may be lot up occasionally in the pros
sure but there be permanent improvement until
peace again prevails. The from Europe for some
time must therefore, be Of unfavorAble character
In the general Decline the fair avest stocks are
made to yield in slight proportion with those in
whom the public entertain doubts Of their soivency Il
Is evident that railroads have had their day produs
live inv esents; And thAy all much indebted, the
stockholders begin to feel apprshensve that their stock
interest may eventually be sacrificed to the creditors Of
the respective companies 1t appears that, notwihstand
ing the Nicaragua Transit exhibits favorable
dlaon having made ana realized very large ,unt Of
money curing the last season, and after paying divi
dend shown large surplus, the fate which acsomp.
MED the discredit Of The railroads has reached this d
dend earning and paying stock. The banks maintaio
their stand with great hrmness ana win aoust pass
the crisis without injury so with tbs Delaware and
Hudson and Pennsylvania coal companies, the former
current at Ill per cent and the latter at lo4 white the
Cumberland Coal Company, doing profitable ,us
than either has been forced the OF the
street operations to the very figure Of thirty
per cent The Cumberland Company tag to mar
ket weekly amount Of COAL which win equal If not
ceed either Of its compsers and sh Is the character
ito coal that II be advantageousy used where the
thracte be- and in many instances where anthracite
cannot On railroads 1t has proved most valuable and
economical fuel and in fact it 10 the only COAL not
cooked, which can be consumed in locomotive en-
CINE in its raw natural state. It ia certain
that this concern, being in the hands Of the
respectable gentlemen Of the community, who hold
rgs interests win receive ample justice at their hands
and from the amount Of business the company Is
doing, with every prospec. Of considerable increase
the stockholders viii have the satisfaction OF receiving
handsome dividend before the expiration Of the present
year The quantity Of Cumberland stock in Wan strest
does exceed four thousand shares, which Is daily
beng reduced; consequently, when this small amoant
shall be taken up, SEQ no reason why there shout
not be very considerable RISE especially should the
money market became easy and more conhding
The certificate isssed by the Erie Railroad Committee
has had serious influence the market value of tn
stock it does not meet the difficulty which is urged
against the company. We lave never heard Of any
charge Of fraudulent issue Of stock against .hs Erie
company, but have frequently heard OF large In
crease Of capital by board at reduced rates. tho
examiner had stated the present quantity Of stoc and
incrme the public how much tho excess oeycod tn
original capital, he would 81 least have done himself
ius.ice but this he not eyed to do lesvin he
whole subject la a fog than IL was.
We find It Is very generally believed thai tn View
Haven Railroad Company viii not acknowledge recor
me- any way the false certihcates of stock frsd
ently ssued by its late President and transfer agent
Robert shu and apprehend that the unfortunate
holders without any remedy, but viii have to suomi.
the loss Of their money loaned these cart Ates
with II the philosophy they command, as 1t appaarf
Chat by the laws OF the land the acts the agent OF
corporation stand upon the Same footing with Of
the agent Of individual To cind'hs principal they
must DO within the scope Of the Authority condaed to
the agent. The New Haven Railroad Company, there
fore, cannot be made responsible for The aantnorissa
and fraudulent acts of Schuyler its transfer agent
though such acts we're done coIorc ogcii
rare example Of great pecuniary resource and an
limited confidence in the OF great enterprise,
is TO be found In the notice Of the Illinois Central Pail
road, calling In instalnent Of Ave per cent capital
stock OF the company. II win be remembered bat the
600 Of bonds issued by the company, and
upon lands in yalaod at So 600 oo0 estima.
as sufficient to put the road in operation. II Is oos
nearly complete and the Estimate 10 known to be accu
rate Nevertheless the tighnsss Of the money MARKET
together with the Schuyler frauds-although he had
nothing to do with the companysunk the bonds to u ~
The drcetcrs at once, in the nobless manner 70
cease the issae OF the bonas 70 contractors and call in
of Ave per cent upon the stock osler "
pay cash instead Of bends.
We believe this Is the arst instt when railroad
has chosen to give cash instead Of bonds 10 responsible
parties who had bid for them. The pal 81 90
is held By most responsible men, and il had not beea
contemplated to call sor than the original dive per
cent. The present call shows the ability and determine
ten to complete the road at the appointed tne 10
OF al opposition. It viii be observed that tho call 10
peremrto,y before transfers be made In rea,oa
In lands Jo-