The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-25
FINANCIAL AND COMMERCIAL.
woypY MARK r 7

I0H8
sonds fell y per cent; Erie Insurance Bonds, III ceTe
and and Toledo Railroad, * New York Central Rail
read, - Erie Railroad, IL Nicaragua Transit ad-
vanced u rer cent New York Central Railroad has
Egain become quite active bnt the sales TO day we're
principally for cash. The bears viii doubtless hammer
away at it again, of thste days when the market
value Of the stock viii Nncnste like al other fances
At the second board there not much activity and
not much change 10 prices.
After the adjournment of the Board the following sales
Of stocks were made a. auction Ly A. H. Nicholay =
$4,000 Peru and Indiapoh. RR let mort. int added 20
$1,000 sciota and Rocking Valley. 90 Co., ~
$40 eco Maysville and Lexington RR, "a mort do 10
$4,000 Flushing RR, list mort do.. - 80
10 shares ST. Nicholas Bank ,............" wa
IA do Buffalo and state Line RR .....:......io 100
Dnring the two months the stoe1 market mas oeen
m very dep resssd condition. The prevalence Of the
shoera the war in Europe the defscaons Of Schuyler
and Kyle have the principal causes and they have
been sufficient up many Of the bulls and deprec
the market value OF fancy stocks to points little
dreamed Of few months soee. The appearance Of the
cholera anticipated by many SPECTATORS, who ope
sssed accordingly; but anticipated the deislca
toms Of Schuyler and the effects Of such expose The
hears had the full benefit Of that cause without calca
ae upon it, Thtre probably has been in the hs-
tery OF stock speculation In this city, such eombna
on OF circumstances favorable to the bear interest
NJ the OF the decline prices ruled very
high and the margin therefore, for fab large.
The imitation the result 4 long period Of specula
Mons and the fsDces had POINTS much beyond
e real value that they could not have been much long
sr by combination At that time the
above referred TO ocened the fan rapid There
let up to the decline, and most Of the faueies
s~mbsd together kairosc stocks carried others with
sAex but not to the extent and the losses have
Some of them have not yet reached the
lowest eepth, while others have fallen mmeasurably
Mlow their intrinsic worth amidst such papics 40
have lately been expericAce3 IL Is difficult to make dis
.insons and 10 only upon the return Of the second
sober thought that the wheat IS gathered from the chsf
and proper classification is made We must condemn
xAs hole class Of railroad stocks. 1t is merely
Ter Of time with them all Those known to be had
have been considered good, and those considered
good win later prove bad. As Investments,
they have all their best days So far the works
are concerned, they are worth ten times more TO the
country than they cost dispensed with
Landed property throughout the Union has been doubled
h value by these works of internal Improvement and IL
e soil bad been directly taxed 10 pay for their
structon 1t would have been fair and Just for the land
have been, q class, actually benefited
than any other, and, general thing have paid the
east for it. The soil has been largely increased value
with increased taxation while those who have built the
railroads have been heavy losers Unfortunately for the
country at asge and the progress o: railroads in parti
by those who looked upon them productive invest
nents. But for this belief very little stock would
have teen taken and has been for the protection Of
ths much abused and deladed class that have fire.
queny pointed TIE utter mpossi5ility of deriving
dividends on the capital advanced This valuable and
terprzug class OF citizens have been swinded by the
sse representations of those who have other objects
n constructing railroads than the proiuctveness
Of the investment. Owners of land along pro-
hav fact .N
Of stories for the purpose of attracting the attention Of
thore who have funds seeking profitable employment.
Tie proisc generally take very little stock and IL
they lose what little they do take the enhanced value
Of their lands is an Offset hundred fold In every
section Of the country find men of moderate
have been swndied by these land SPECTATORS by
railroad project. With nothing but their money-the
result Of many years. hard labor-wth no interest in
the soil to be benefited Indirectly their have been
drawn from them by tho false reports and estimates of
shques Of ndshars who have other motive than to
add value TO their property by the expenditure of other
peoples money, Railroads very necessary for the
growth and prosperity Of the country but they should
be built by the landed interest. As investments for
capital they win be productive and If the land is
taxed directly to pay for their construction there
be swindng by the sale of stock. Millions upon
millions OF dollars have been sunk in railroads. by nd
sidnas who have made the investment solely with the
view oil RECEIVING regularly semi annuAt divfdends
The brokers do not like to touch Indiana Illinois
money and viii not Go except at large discount and
II would therefore be advisable for the public to refuse
All issues Of banks those States Holders Of such bills
would do well TO get rid of them possible; but
10 submit to much OF shave. The only really safe
way TO touch not handle not, and few weeks would
shut mp half Of the shaving shops of the West people
win continue TO take such trash, the supply viii keep
up and ultimately serious losses be realized 1t is easy
enough put down such currency and those who lose
anything have to blame but themselves The
Esiiures thus far have been as follows
bank OF washtensw
Erie and Kalamazoo Bank.
FAYmers' and Mechanics Bank, Memphis
Bank of Carthage, N. Y.
Dyovers' Bank, Ogdensburg, N. r.
The brokers do not buy the notes of the following named
Aanis -
Bank Of CastIeton Merchants' Bank of Ma con
Hank Of ADledgeyille South Roysl,on Bank.
Farmers and Mechanics Bank Of Kent County.
The securities Of the Drovers Bank at sburg ac
sordDs 10 the last annual statement Of the Banking
Superintendent, were -
Bonds and mortgages. ................ S36,T7T
NEW YorA State stock, per csat...... el,,oo
Do DO b do locOo
Usised States stock do. ...... 10,000-$77,777
Margin. ....................... 81, las
The Albany Aaas, of the 23d inst, says
The bills Of the Bank Of Carthage this morng
fused at the agency in this city, The President OF the
hanh has failed and assignment has been made The
securities of the bank follows
Bonds and mortgages. .........,..... $l2, COG
New York state stock per cent?. 1900
Do. do do. ...... 5000
United States stock. do. ...... 20, o00--$5t, 600
Circulation. ....................... 63eo3
Margin. s7ca
The sgents in this city are OF opinion that the secu
ties such 10 warrant redemption OF the bills At
very par IL viii depend very much on the cha
rscter and value of the mortgages well the
I'm which they disposed Of II. under the assign
xoen forced sale Of them IN made they may bring
something below par in which the margin Of s70s
geher with the premium which the stocks win brioy
the bin holders par redemption. 1t should
"a