The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-04-04
FINANCIAL AND COMMERCIAL
ONE Y M AR X r. +.

T FINANCIAL AND COMMERCIAL,
MONEY MARK EFT.
TUESDAY, April Sc P. N.
At the opening of the stock market this morning
lower prices ruled. With increased activity among
operators the tendency was downward. The lead
ing railroad stocks sold quite freely ut the de-
probation, and there appeared to be great dispo.
stion to realize Erie Railroad stock was full a.
active to-day at the decline az 1t was yesterday at
the improvement. Cumberland seems 70 increase
In activity as it depreciates in prices. Railroad
bonds were in fair demand to-day, and sellers put off
lots freely at q decline. We do not exactly under.
stand the cause Of the changes since yesterday
At the first board yesterday the market was quite
buoy ant and there were strong indications Of much
greater Improvement. To-day the entire complexion
Of the movement is changed, and there plenty Of
sellers at our quotations. At the first board Erie
bonds, 1879, fell OF : per cent; Illinois Central
Bonds, /; Nicaragua Transit, /; Cumberland Coal,
]; Northern Indiana Railroad, /; Erie Railroad, Z;
Reading Railroad, /; Hudson Railroad, !. Cieve-
land and Toledo Railroad advanced per cent; Nor
wich and Worcester, IL; Michigan Southern R,il
road, /. State stocks were comparatively quiet
today, without change in prices. There is no
doubt but that many holders Of stock securities.
ofa classes have taken advantage Of the recent rise
In prices to realize and throw into other hands the
burden Of carrying unproductive Investments.
When fancy stocks become much inflated it costs
something handsome in the shape Of interest to car
ry them, and holders who can realize fair profit,
generally do go. II is not only more dangerous, but
more expensive to hold stocks which pay no divi
deId at high prices, and spectators no shrewd
enough to make quick turns, and keep their capital
moving. We do not believe in . much greater
! aggregate imitation. Certain stocks may, by the
I force OF speculation and internal Improvement,
reach higher points; but there the expansion must
be confined. TIE most promising STOCK on the list,
beyond all doubt, is Reading Railroad, and those
who are disposed to look into the companys affairs
can easily satisfy themselves Of its enormous pro-
ductveness. The market has, during the past sixty
days, been flooded with stock, in the face
of which prices have steadily advanced, and they
appear to be most firmly fixed It's coal business,
this year, is likely to be nearly two and half mil
lions Of tona and it's net earnings beyond all pre-
vous calculation. It's gross income on total cost
Of $ls 900 900 will be nearly much as the Erie,
the total cost Of which is nearly thirtysx millions
Of dollars. The finances Of the two roads show what
the relative market value Of the stocks should be,
and capitalists are beginning to see the difference
After the adjou nment of the board the following
sales Of bonds and stocks were made at auction by
Simeon Draper
| $4,000 CHG. and Miss R. r, IA 1892 d.. SAX
5000 Lackawsnna West R. r. rs 1851 do. sea 90
IS do Third Avenue Railroad .............. 2s1
SO do United States Old Bank ........... 1890.
DO. N. Y. Liverpool q. $. Mail Steamship
2ooo do. Union Gold Mining Co. stock ss..
It Is with gorrow that We aunouncs the suspen.
sion Of the firm Of Page &Baooa Of 81 Louis.
Their drafts were again dishonored at their asen
to day, and the second suspension has overtaken the
firm at time when its friends hoped II had regain.
ed sufficient strength to sustain its resumption. The
position Of Affairs in California, and the protrace
suspension Of the house Of Page, Bacon & Co, of
San Francisco 10 the principal cause Of the relapse
Of the house in StL3uis Drafts to large amour.
the San Francisco house have been sent on here for
payment, and far as the means Of the houss hers
would admit, have been hquidated. This weakened
the frm Of Page Bacon, which, with TIE abssncs
Of rtmittances Of gold, compelled the St. Louis firm
to fsser again In their payments. |. viii be very
difficult for this concern TO resume again, and we
fear the only course left is 10 60 into
liquidation and close mp. It now appsars
that the resumption In February las. was
premature; that IL should have been postponed unil
return advices had BEEN received from Califo mia,
\ 40 that the worst would have been known. What
ever losses have been incurred by the failure OF Page
Bacon, Of st. Louis, mus! be attributed solely to
the breach Of faith practiced by banking house Ia
this city. We have no fault to find with any mans
method Of doing business. Any man has q right to
redit whom he pleases much as he pleasey bu, he
has right, when he enters into written contract
to do certain thing ct certain time to idenly
change his mind and leave the contract unfulf led.
This was the position Of Duncan, Sherman & Co.,
ard Psge 4 Bacon. Mr.. Sherman had o rigat to
refuse Mr. Bacon any further credit but when he
made written agreement with Mr.. Aspinwall to
extend Page Bscon;s account to q stipulated
amount be was guilty Of q breach Of faith, when he,
without notice. refused TO perform his written agree
ment. lis not a questioned caution or ahrewdness
on the part Of Duncan, sherman & Co., but cues.
tion Of honor; and distort /. On they nav e is to
pslpable to be disguised. ANY house in Neu York
would have been compelled to suspend under cir
cumstaaces similar 10 thoae which a. that time snr-
rounded Page a Bacon. All the evils which have
followed can be traced directly TO that trea cher ms
act Duncan, Sherman & Co.; and We do not envy
tie feelings Of any man who can calmly lo,k upon
the wreck and ruin caused by such conduct.
The Itransactims as tbs As,istsut Treasurer,
office to-day were ~ follows
Paid on Treasury account. s,0o2 os
ncceVeo No. .......,...,,.... IoI,lI "
Dnsnee 90 ......,......., s,6a2, $50 80
pai9 Tor Assay once ..........",....... Isl5o 10