The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-14
FINANCIAL AND COMMERCIAL.
mOHRY MARKET.

pressed. A. the first board all the fances snu soio
Of the substsntials were lower limos eehsraA
bouih declined l per cent; Nicaragua transit u
Cumberland Coal i; Reading Railroad .; HUDSON
River Railrond Il Illinois Central Railroad !; Cleve
land and Toledo Railroad &. Chicago and Rock
Leland advanced per cent. There was more
activity among spectators, and more general
desperation to ell be bears were in high spirits,
and sold right and left everything on the list.
Money Il getting scarce. The demand is daily in
creasing and the supply diminishing. For about
sixty days there will be quite stringency in the
money market. After that time money matters
WI probably become easy again, and we should not
be surprised to see before the winter sets in very
active speculative movement in stocks. During
The next sixty days. however, the tendency Of
rrices will, without doubt, be downward, and
No isok for decline ranging from three to
Eve per cent. Stocks Of fancy character will,
Of course, suffer the most, ani will be crowded
upon the market in larger quantities. Those who
get them OF their hands first will realize the best
prices, and those who hold on must look sharp into
their affairs and be sure they will not be compelled
to sell some time hence, when lower prices will rule.
Railroad stocks generally are not well held. There
are enormous blocks in the street. and the bears
know very well they must come out A few turns
en- out some holders and oblige them to sell when
they little dream Of it. Very few holders Of stocks
know when to sell. Instead Of selling at profit
when they might they hold for better prices, and
finally sell at loss. When there are strong iadica
tons of contraction in the money market, the
wisest course is at once to cell all doubtful fancy
securities, particularly those which have been boil
stored up entirely by speculation and patiently wait
with the money in hand for the decline which Is
sure TO follow, and if advisable come in again at the
bottom Of the market. The tenacty with which
outsiders hold on to the most notorious fancy
stocks is most extraordinary. We have seen,
time and again, large profits refused, and
ultimate losses to almost ruinous extent submitted
to. There are upon the list two or three railroad
stocks which are steadily but gradually settling
down IN market value, and there is no doubt but
that sixty days hence they will range from five to
ten per cent under current rates. Notwithstanding
the almost certainty of such result and the oppor
tunity which now presents OF getting out we shall
find the sales at the lowest points quadruple what
they are at ruling prices. Those who refuse to sell
now will rush into the street then to realize, glad to
get back any portion of the amount originally in
vested. We have for years tried to Impress upon
the minds of outsiders who are unwise enough to
speculate in railroad fancies, the Importance Of
realizing profit when they can. This class of
operators never are governed by the signs Of the
times. They never are on the lookout for squally
times, but blindly trust to luck. We can now say,
for the hundredth time to outside holders Of fancy
railroad stocks, that we are upon the eve of con.
traction in the money market, and the safest course
is to realize Pocket the profit or loss for the time
and wait for more favorable period. II will soon
come; but in the meantime we shall have pretty
sharp shining times in Wall street.
After the adjournment of the board, the following
saies OF bonds and stocks were made at auction by
A. II. Nioclay:-
81 900 whiamspori Elmira LIST m int. adaei 81
ZOO Cleve, Paine vi & Asbtabula kR do. 81
GOO Mao River and Erie RR. I'd inert. do. 8.
eoSS Chicago and Miss; Ns Income los Is oss4
3b shares hsml;on Fire Insurance Co.... 50
$50 do. BROOKLYN Fire Insurance Co.. aos elia
10 do. Peter Cooper i ire Insurance Co.,. ~
SO do. American Coal Co., Allegheny Co. So.
200 Go. Mineral and Manufacturing Co... 81
Simeon Diapers regular semiweekly sale of bonds
and stocks will take place tomorrow, (Friday) at
hslEpast IL O'Clock, at the Merchants Exchange.
At The second board the market was a shade or
two better for some Of the leading stocks, while
others ruled lower. Erie advanced per cent; Read
ing, 4; Michigan Southern 9. Nicaragua declined
per cent. The sound dividend paying railroad
stocks are not offered in any quantity. We do not
see any large sales Of Galena and Chicago, of Mchi-
gan Southern Of Chicago and Rock Island, or any
others Of the good Western railroad stocks The
advance in Galena and Chicago. within the past two
days. has been nine per cent and stock is offering
at the market price, That stock is held for per-
manent investment, and in no other stock can the
came amount Of money be made to give such great
returns The receipts thus far this month have
averaged about $40 900 per day. The aggregate for
the month will be upwards Of 100000 rate Of in
come on capital unprecedented in the history Of
railroads in this country. The gross income this year
will amount to nearly one half the entire cost Of the
road. At the same rate the Erie and Central
should earn eighteen millions Of dollars each this
year. With surplus of fifteen per cent its CAPT
tel In hand at the commencement of the present
fiscal year, and a net income this year OF at least
fifteen per cent more we can form some idea of the
probable dividends For the year ending May |,
1855, the company paid dividends amounting to
seventeen per cent and had a surplus in hand OF
$3l6754 a.. The directors estimate that with gross
earnings for the year ending the LIST Of May 1856,
Of only 100000, the company can pay 10 per
cont dividend. and have surplus Of ssaO,754 The
official returns tor months Of the present fiscal
year show that the aggregate will be several hundred
thousand dollars greater than the estimate, so that
che surplus on the lst of May, 1856, is likely to
nearer one million OF dollars than the figure named
by the management.
The earnings of the Michigan Soutbernand North.
ern Indiana Railroad, for the month Of August,
amount to about $4,000 (the exact figures are not
yet known) against $ls77l5 OF for the same month
last year. The earnings for the eight months end
ing 3lst August august being estimated sboye)
amount 70 total Of 81
Earnings same Period in 1854 ....... 1255, SIS 20
Gain In eight months .................. $2s5.1ll 80
At the same ratio Of increase for the remainder Of
the year. the total earnings for the year 1855 win
amount to over 81 600 900. This is Of the few
roads In tho country which can be operated under
hfy per cent. This will give net 81 100000 out Of
which % pay dividend Of 10 per cent say 100000;