The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-08
FINANCIAL AND COMMERCIAL.


SUNDAY, Oct I'D 4. M.
During the past week have had all sorts Of stock
market In the early part the movement was down.
ward, and at the close 1t decidedly upward. The
bank statement on Tuesday produced quite panic
among small weak holders, and the calling In of
rapidly for day or two forced good deal of
the market The arrival Of the semi weekly steamers
from California with million and three quarters
gold, arrested the Decline and since there has been
gradual recovery The market has bounded though
just relieved from great PRESSURE and speculstors have
taken hold as though the relief permanent The
supply Of money has been for several days greater In
proportion 10 the demand but II would be well enough 10
be little cautious, for we know not the day the hour
when another and perhaps a pinch win
UPON the rarket We in the midst very curious
state Of things in financial affairs.
The outward movements in specie do not depend in
ordinary times upon the operations laws of trade.
We may have The balance foreign trade largely In
our favor and sim be exporters Of specie We should
not be surprised to specie going both ways the
Atlantic at the same moment--gong out and coming in
ut The same time fbe Bank Of England ana the Bank Of
France cannot loug stand drain Tor shipment to the
United states with the demands upon them for the Cf
inca and all other places. Supplies of specie from
this country have been vast service to these great mo-
neyed Institutions in enabling them TO the drain for
war aud other purposes aud doubt IL they could long
stand not only suspension Of these supplies but de
mand for bullion to export to this country in payment
for breadstus The governments Of Great Britain and
France must have gold at any price. Their financial
agents must provide It at any cost suspension of
specie payments the part England and France fol
lows There never has been in the history OF the world
long and proracted carried among civilized
ions upon specie currency, and shall see IL
the present war IL exception not II Il proves 50,
II will be the first We believe that few years OF
expenditure on the part Of England and France like that
just passed, with short crop two, viii force these
governments into suspension that will spread the
whole world. We could not keep specie payments in
this country, for should be drained of all gold,
and selfprotection would force into a similar
sure.
II may be wen enough consider all these things ear.
nestly befoH launching into wild specuiaions Our
people too much disposed upon the slightest let up
fancy operations and get n cmscves involved to the full
extent Of their capital and credit almost before they
oft. We wish to counsel little caution in
these doubtful and troublesome times. M one knows
what phase European affairs may assume and II is
therefore tho safest to be prepared for any contingency
There will vet be time enough for spectators to lose all
tho money they have after the close Of the war; and
those who wait for the certainty for against will
ainly be pursuing the wisest and prudent
H. Nicolny weekly AUCTION SAFE o.
stocks and bonds will take place Monday next at 12
o'clock at the Merchants Exchange. Hereafter Mr..
Ncoays stock real estate and banking department. win
be conducted his former Office No Broad street lie
s retains the premises No. II Broad Tor his sales
Of merchandise. Hs stock real estate and banking Of
fee No. Broad street, Il more convenient TO Wall
street and altogether better located. Mr. Ncoay has by
prompt attention and urbanity built mp very extensive
business md his public sales Of stocks twice week
equal TO all others combined. We have been In
favor Of this method Of dispensing Of public securities be-
eying TO be the only true way Of arriving at the
tual market value. To capitalists and other holders Of
stocks at distance who may be DESTROYS of selling At
public auctions In this city, conscicntiousy
commend Mr. Nicolay having full confidence in his intc
gritty and res ponsibity
The anthracite coal trade continues active and prices
pretty well maintained. The tonnage OF three prin
cpal coal carrying companies for last week. shown BY
their last reports Is III 100 tons and for the year
1914 040 tons The Lebigh Navigation brought 70
ket 45s the week ending Saturday last and
shows tonnage Tor the season. to that time Of o62
TONS The Reading Railroad Company brought down for
the week ending saturday last 81 s tons and for the
year to that date 952 The schuykl Naviya-
on shipped for the week 20 $50 tons for the
800, o26 tons The several lines have worked
erruptedy the present thus far than In any
a full supply Of coal the coming winter.
The New York Central Railroad consolidation whether
viewed commercially morally, theoretically pract
cally in the light Of simple distortion compound ex-
toftoD In the bareaeed knayery 81 the perpetrators
blind stupidity Of the victims, exhibits game Of
cessful fraud unparalleled In the annals Of railroads
Theoretically, II Il simply the members Of a firm going
into their store certain day, aai marking mp their
goods hundred per cen-a perfectly innocen trans
action. Practically, however, the Consolidation
something more Certain members Of the hrmthe ais.
Of this plan d doubling ones fortune In
day-before the inventory taken contriyc to buy NJ,
secretly and for n song immense quantity o worth
less trash and smugglc into the store leaving mark
on II equal 10 the best.
The consolidation scheme originated NJ Albany. There
ret Of political stock obbern and h,rpes who congre
gate IN that city every winter for the purpose u corrupt
ing the legislature, controlling rs action and taking toll
upon every bill that passes. They are constantly
scheming, plotting and mannuvring In every sort
Of corrupt interruptions and indecent man
ner to accomplish their selfish and sordi ends.
They stoop everything and stop at nothing. They
e cheat, bctray SANDER, aatteg bribe, To degree
unfeard Of In any other city in the world In the wnter
u 1928 theao men, concoctel thu scheme 81 cons,
da.on The details were infinitely set down, AMI each
mans share Of the plumber secretly arranged Tho Oh
Albany and Schenectady rcad--of which they the
principal owners-wns sct down 81 81 81 500 ard pre-
MUM Of II per cent. This Is road ~ II miles and
would cost 10 build It today, say 5000 Tie stock
sold long since for 10 per cent u probably cost SOME
Of the consodators less than that Next camo the
Troy and schenec'ady road This the schcmers bought
for sI25 coo and turned In At $4,000 roa4 that
raid dividend earned expenses and vas Of
no roslibIe value tho Central line They next staked
out a road on the south side Is The Mohawk, spent
IA a.. 4 N.lt
road and paced l, in at VI SEQ 900 and premium o.
65 per cent. From Utica TO syncuse they saked out
another road half dozen miles than the old
road spent about $50 in surveys, called IL tho Utica
and syracuse Direct Railroad and charged Il q the cor
sodaon at the moderate 81 5000 900 and 80 ptr cent
premium. They bad double object In this move hesy
and Utica stockholders opposed % the ccnso
dation--wheiber conscientious pecunary grounds
are yet aayiscd The direct roai being ssase