The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-01
FINANCIAL AND COMMERCIAL


THURSDAY, Aug. 3l-6 p. M.
There a duh and heavy market at the opening
this morning. At the close, the fsncles still more
depressed and he indications were decidedly gloomy.
At tbs fist board Erie bonds, 1871, fell oil per cent
Canton Company, 4: New York Central Railroad, q;
Michigan Southern K Eris Railroad, Y Harlem, y
Hue son River Railroad *. Illinois Central bonds ad
vanced II per cent; New York Central bonds, Il. Mica
ragua Transit closed firm at yesterdays prices There
were pretty large transactions in Erie at the decline
The company raised mones enough to day meet the
payment OF interest due 70 norrpw its bonds bu.
this has not oven produced temporary relief The
floating debt is still unproyided for and is ra-
pidly accumullting. Every month brings along pay
ments o. interest and the net income of this road is
not sufficient 10 meet all such payments new debt is
increasing from the loans required to make up the de
cheney Holders of Erie Railroad stock purchased
RISE highly indignant at the have pursued
in relation to this company, and of all sorts Of
crimes and misconduct This is to be expect ted. We
have had it to contend against from the beginning and
90 not expect to be free from it to the end II is not
class of SPECTATORS is TO be another If is
not the bulls 1t is to be the bears and 1t might
just well be the other. If our columns
should contain any thing In favor of the govern
ment, there must be private motive in it; il they
contain thing in opposition, must have been dis.
appointed in something If point out the extrava.
glncs and delnquences in the cement of any rail
road company and that the has bank
rupt for years. it follows according to the code Of bull
SPECTATORS, that have arvate interest in the
cern that the bears have at immense expense
cured aid and support in the matter. If, the
other hand should make effort TO initiate any of
these bubbles the bears would be equally loud la their
examinations, and say aiding the bull party
We really do not know how these great specializing
parties be satisfied They would be content il
silent in regard to the merits dement's Of tbs
various fancy stocks the marlet We continually
beset by individuals and clques to say this in favor of
company, and that against another and find 1t
very difficult. matter to steer clear Of oil interests,
and avoid njuring in efforts to benefit all.
Holders of Ere Railroad stock who have wide margin
against them, should hare followed the advise have
repeatedly given them Had they done So all would
have been wen AS 1t is they have to blame but
themselves for their blind faith and ignorance regard
ing the valae Of securities in which they put their
money The Erie Rail DAD bankrupt long before We
made it pubic. We have not much confidence 10
influence as supyo.e for moment that We had any
agency in producing it. 1t fxed fact five years ago.
much 1t il We ave steadily consistently sa
hered this and those who have heretofore doubted
now acb the of predictions The
rotcnDess and insolvency of tie Erie have been made
manifest There other companies in similar condi
tcn and years will develope them. The New York
The system Of laundering that has been lately pursued
and the stock is worth a. much as it will be-
Those who purchase at present prices for rise win with
out doubt complain bitterly Of opposition when
the stock has largely Deprecated instead Of realizing
an, putting the proceeds in substa initial Sc
curity II in by source Of sati faction to us
pre- lotions verified for serious losses must be
the result but II is duty to point oat the shoals and
quekands which beset the path Of all having capital t,
invest and induce them II possible, TO make such dis
posa of their funds as will give permanent returns
At the second board lower prices ruled particularly for
Erie, and the market closed with downward tendency
Nicaragua Transit fell u per cent? Cumberland Coal
* Erie per cent The difference between the highest
price ruling for Erie at the FIRST board and the 10 vest
price current at the second board to-day, 2s<
cent This afternoon there Large sales for cash.
Mr. Vanderbilt has loaned the Erie company his endorse
$500 600 Of its paper Of short date for which he
has received mortgage the entire rolling property OF
the rosd. Everything in the shape Of . loo ,motiye,
freight and passenger car, has been ple3ged for the
above named sum, instead Of 5000 600 at first pro-
posed OF the $500 900 raised BY morgaging the
able property of the company $500 900 will be paid out
interest then due the bonds This leaves
but small amount for other purposes. II would be
well enough for the company to appropriate the balance
to the of wages due aborers along the line Of
the road. We informed that along the Delaware d.
vision aborers have been paid only up to the t of July
Wages due for June not paid until within week
two July and August due. This is pretty
position for the Erie Railroad Company to DO in The
president doubt, receives his salary Of $4,000 per
annum as due, and all the other officers with
enormous salaries, the same while the poor laborsr,
whose credit at the store depends entirely upon
his prospective pay is put or month after month"; until
he get pork and bread upon his promises to
pay when the company pays him. These may be con.
sidered trng matters but shrewd stakeholder viii be
able 70 draw differences from such tribes
and govern himself accordingly.
After the sdjouinn Of tire board the following sales
Of stocks and bonds made At auction, BY A.
Nicolay -
A HALE n 1asvc nj al al