The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-06-27
FINANCIAL AND COMMERCIAL.
MON EY Ark EFT.

r. M.
The stock market to day opened rather heavy lower
prices At the first board Illinois Bonds declined u per
cent; Cumberland Co., q New York Central Railroad,
Erie Railroad, al Harlem, u Reading Railroad ~ Pana
ma Railroad, H. Nicaragua Transit advanced 4 per
cent New York Central Railroad sold low 9Gsl per
cent tme sellers option The scarcity Of cash stock
prevents greater Decline and any demand would carry
prices up rapidly Cumberland sold down to DAY to 35s
per cent, sellers option but recovered and sold up to
81, buyers option, difference Of 4 per cent Nicara-
qua Transit closed firm at 27h per The dividends
is fixed at three per cent No complain at the
smallness Of the rate considering the low price ruling
for the stock 1t equal to about twelve per cent in the
market value of the shares. This is but the beginning
Hereafter they will be regular and at least the
rate semi-annualy. Reading Railroad moderately
active day. at the decline The large coal tonnage
for this year, compared with last give great in
crease in revenue and make it desirable invest
ment We havenoticed for time past a steady de.
probation in the market value of the stock of our city
railroad companies. The Sixth is selling at so
per cent, the Third Avenue 4S a so per cent and the
Second Avenue at co 65 per cent. These prices may
seem strange to those who daily in the habit Of
riding the and seeing the who depend upon
those roads in getting from end Of the city
the other. Each company is doing large BUSINESS and
IT would be profitable one on a small capital but the
orgnators of the various lines have from the gone
in Tor making the most money out Of the construction
OF the roads, and leave others to manage the lines after
wards There have been instances Of nancierng that
would do credit to any old specuator in Wall street. 1t
would perhaps, be proper to call it by other
name, but fnancering is good term, and will be suni
GENTLY understood for purpose The Third Avenue
Railroad Company stands far in advance of the other
two in the extent Of its financial operations. 1t has
capital Of fifteen hundred thousand dollars (s $780,
oOo), and all 1t has to show for that large sum
is about three miles of road, its horses and cars
The nominal cost of the has been about half mil
Of dollars per mle the actual less than quarter
that for the entire distance. We venture the
serton that the actual outlay of the Third Avenue Rail
road Company for It's rails, laying the same laying Of
the pavement horfes cars, stables &C. &C.
much over one hundred thousand dollars. We do not
for moment suppose that a nd half million of
dollars have been realized on the stock, because
know that all sorts of methods have rasored
get rid of it Mt any price and upon any terms 1t ha
been traded of for houses horses land and lots for
anything and everything. The object has been to
realize Anythipg was considered better than the STOCK
and therefore any trade secured. great many in
dviduals have been stuck with the stock at par
great many have been stuck with it in various ways
The capital of the Sixth Avenue Railroad Company
few weeks since seven hundred and fifty thousand
dollars, and It's length of road about two and half
miles, equal to cost of three hundred thousand
dollars per mile The actual cost Of this road has
not been than twenty thousand dollars per mile
making aggregate of thousand Its real estate
horses &C. may have cost thirty eight Thousand
dollars making total Of hundred thousand dollars
must be borne in mind that the only outlay on the line
of these roads has been the cost Of the rails and laying
them down. There right Of way to purchase, no
grading to make, simply laying the rails and this cost
the entire expense for which such capitals
have been Issued The Second Railroad Company
the only tho island that has been conduce at
all upon proper principles. This road wil we are in
formed have capital Of hundred thousand dol
ars when completed to the Harlem lne and IL Is the
intention Of the management to complete during the
present year. II will then be about seven miles long,
costing one hundred thousand dollars mile. Small a.
that figure H. compared with the Third and sixth Avenue
roads, II is enormous showing the most reckless ex-
travagance, most desperate hnarciering somewhere
That the projectors sud Of these roads have
made large fortunes out Of them at the expense OF the
present stockholders there be doubt There Is
no remedy for II now; those who have purchased the
stock high prices had better not sacrifice IT, for
thing may turn up help them II they get dividends
viii do them some good, but there is guaranty that
airy such relief viii lie forthcoming for long time
The Apprehension that the Canadian recprosty treaty