The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-06-30
FINANCIAL AND COMMERCIAL.


WSANOIHE MIL SOMM6NOsN6s
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HONEY MAR X ET.
TsURspAY, June 2o-oPM.
Tie variations quotations for fancy stocks ct the
Asst board to-day somewhat larger than usual.
~ advance In very decided, while in others
hs decline equally Illinois Central Bonds ad-
vasced X per cent Delaware and Hudson Il Nicaragua
transit, \; Cumberland Coal Nj New York Central
RAilroad, Nj Erie Railroad, X; Reading Railroad, X;
Hudson Railroad, X. New Jersey Zinc declined per
ssut New Haven Railroad an; Michigan southern Rail-
road, "; Northern Indiana Ralrosd, .. The Western
zaresd stocks are depreciatng market value more
rapidly we anticipated We predicted decline In
ths value Of these securities but must confess it has
tnken place sooner and to greater extent, than
psctea They have been, from the start too much in
ated and the imitation has been sustained by artificial
means entirely By the payment Of large dividends,
anken principally from their capitals these
paniss have been able to keep up their stocks
and give them good distribution. Most OF
sAsu have been in the market up to this
Time negotiating loans and it therefore necessary
- keep up their credit which could not have been done
moro eectuay than by paying heavy dividends AL the
laang railroad companies still in want Of money,
ana their not likely to They have
raised all they could direct loans and forced
70 keep their earnings and pay dividends in stock This
h the great difficulty This continual increase of
pial is the of most Of the depreciation In the
market value of this kind Of stock and the time is not
Sar distant when the different companies win be
aba 10 average three per cent per annum
their capitals Many of them do not do much than
SAnt now with them the future is void of hope. Very
few OF the stocks Of the Western railroad companies
now par and it will not be long before they all rule
below that point. Those selling above par
1iaed by fictitious means and that necessity
seases, the stock must rapidly down. We cannot
make single exception. The depreciation must be univer
al and 70 considerable extent There Is not single
mad monopozng any important section OF country which
snabes 1t large revenue, that prevent for
any length of time the construction of competitor
soad which will in dividing the business, make bothun
productive There is limit to this fatal influence
We have it in full operation in every part of New
England, in New York, and in Ohio, and it " rapidly
spreading the whole face of the country 1t is
blight upon this great interest whatever it appears and
the only good derived from it is the reduced rates of
rapel and transports ton it brings about. Railroads
viii in all probability be poor investments few years
hence turnpikes They will pass through the
sane phases, and ultimately become unproduc
live to the stockholders 1t is hardly possible to
provide substitute for railroads. They without
doxbt perfect mode Of transit both for passengers
and freight and all the lines constructed win doubt
be actively operated not for the benefit of stockholders
Mt large Stock investments of all kinds more or less
preearious but in opinion railroads as much SO
any other the list. They subjected to many
contingencies in the way of accidents damages &C.,
mat those who depend upon their dividends for the
of living frequently find themselves in embar
,assed circumstances The New Haven Railroad is con-
rnation Of the truth of this statement. Three dtvi
have been passed in consequence Of the Norwak
accident and not single train leaves the depot of any
sompany without the possibility Of something occurring
30 1t that win wipe out in moment, the next semi-an-
xua dividend and perhaps two three more with it.
After the adjournment of the board, the following
sales of stocks we're made at auction by A. H. Nicolay
$500 Watertown N Y. Water Stock 7's, int added. %
20 200 Toledo Nor Clev RR, LIST mortgage, d.. %
lei shares Grocers' Steam Sugar Co........... "a
100 do. Atlantic and Pacific RR. rs
300 do. Hampshire Coal and Iron Co. Of Md. 49,.
At the second board the market not as buoyant,
and closed with a downward tendency Erie fell off
per cent New York Central Railroad, u; Reading Rail
DOad n. Nicaragua advanced 4; Cumberland, u.
Tue Bank of Commerce has declared a semi-a
dividend of per cent; the Williamsburg City Fire
Insurance Company, six per cent the Panama Railroad
s1ee and half per cent he interest the bonds OF
1he company due July win be paid on that day at the
Office of the company in this cityD the United States In
surance Company eigh. per cent; the New England
worsted Company, dollar per share the old, and
two dollars per share the stock; the Rome Ex
shsnge Bank Eve per cent; the Bank Of the Metropolis
Washington City, tour per cent.
The receipts at the Office of the Assistant Treasurer OF
ihe United States for the port of New York. this day
June 2e--were llo,l7o; the payments amounted to
sos 664 l7leaving balance on hand Of 81 o.
The warrants entered at the Treasury Department.
Washington, on Tuesday, the 9th inst, were--
Ror the redemption of stocks S531 e08 81
For The payment of other treasury debts. % 1888 OF
ror the customs 80 .................... II, 541 62
- 4ha W. Danartnent 30 400 II