The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-04
FINANCIAL AND CONNER iAL.


HONEY MARK +.
FRIDAY, August SIS Pm.
TIE stSok market Ia on t,e downward track again.
M upvssd turn has ceased, and buyers Of stocks
N 80 have Tins for little cool and calm re-
ReStssa. 1hsy wiz ana ont by very short calcu-
tstjea thAt Ia at ali times easier to buy than to
81 spl thai 1t Is easier to purchase on tue, buy
ers sP>ioa, than to pay for in cash Of maturity.
To roesat upward movement in prices has had no
oser rssait than to enable sellers TO put ont con-
isasty 4 higher prices, or to renew their old con-
tracts - better terms, at longer dates. This also
gives Tho bears a Htt,e more advantage in the way
Of iatxest. Tho reaction 70 day was decided. At
NE dss& beard Nicaragua Transit declined per
cent, Efis Railroad, /; Harlem, 4; PanAns Rau.
1oaa. 1; Ilinois Central Railroad, Il Cleveland aud
Tsleds, 4: Chicago and Rock Island, /. Virginia
q advanced per cent; Illinois Freeland Bonds, /;
Reading Railroad, /; Cleveland and Plttsburg 81;
Wisecsssa and Lake Shore, l. Ths advances early
he week brought cut ,od deal Of stock. and
the market could not take is. Toe only stock on
khe iist h which there ia suy margin for improve.
meat, which is no. selling above its &c.
tuA intrinsic value, Is Reading Railroad.
II speouiates for rise wish to operate
safety ant probably, they have an opportunity in
Reading. n ftc days since holders Of the bonds Of
thot ccmpaxy conuertsd siro millions one hundred
and fcsrsy-eigh Thousand dollars into stock at par.
Thh 10 q fsot never realized by any other railroad
Company in the country. It ia fact heretofore un
heard Of In tbs history Of railroads and II Is the
bes. svidence in the world OF the confidence of Eng
Esh Capitalists in the stock Of the Reading Com.
pAay. class Of capitalists 50 shrewd as those OF
f,uAton woald not convert bonds into stock ct its
par vaiae without expecting to gain largely by the
opesasioc. They would not sacrifice TIE sc ,ufity
coatainsi in the bonds and place themselves in the
position OF debtors, without the hope Of realizing
great advantages by the change The fact that
sudh en- immense amount Of debt has been can
ceed, ia of itself suff rent to give additional value
to the sf0ck. The stock Issued ON the bonds c:n.
verted viii be held solely for Investment It was
taken entirely on account Of its large prospective
diviaeads. and will ba WITHDRAWN from the market
~ firmly as the bonds were. The coal receipts Of
the company Las. week were larger than in any pre-
vioas week this year, and from this time out the
transportation weekly win show great increase.
At the second board prices were lower, and =
email snount of business was transacted. Reading
fed 81 per cent; Erie Railroad, 1; Cleveland and
Tcteto.t 3; Nicaragua Transit, G; Cumberland Coal
l. The tendency at the close was downward. The
iDaakioa of the past few days has been of very
Extraordinary character. Not the slightest basis
existed for it, and to the dullsst comprehension
nuss have appeared unreal and artificial. II vas
sort q spasmodic action among spectators, who,
ho'disg large lots Of STOCK resorted to russ Of
this Kind to attract outsiders. II failed entirely.
No new buyers appeared, and the bears were the
only party benefited.
Altar hayirg considered the matter for nearly
II - -.
have concluded to accep. the resignation Of F. w.
ESnoncs, ESQ, as Cashier. The stockholders of
tbs Mechanics Bank suffer an jrreparable loas by
this resignation. For more than fifteen years Mr..
Etmea.s has been an officer Of that institution, and
solely to his industry integrity, and ability. the
back Is indebted for the high position it 81;
present occupies. When he first became connected
With that institution, ia affairs were in deporable
condition, and its stock drug in the mark It,
at . discount Of fifty per cent. Under the adm-
nistla.icn Of Mr. Edmords, the bank has steadily
risea IN public confidence, and its business has so
prcspersd. that short time since, upon the expra
tioa Of its old charter surplus of forty per cent
wss di.,asd among its stockholders, and tbs sto *
u NOW ceiling at 9 premium Of fifteen per cent
These facts are sufficient 70 establish high rsputa
tioa for aay man - . bank officer. No other en-.
do1seuent IS required from any source. He leaves
the bark in tho highest state Of prosperity be en-
ttssd it WREN. by bad management and other dis
asters, il was upon the verge Of bankruptcy.
We see u notice in another column that books
for subscription 10 The capital stock Of the Great
Western Marine Insurance Company win BIO opened
at NE Bank Of the Republic, and at the Office Of
Durcan. Sherman & o., on tho 18th of August.
The Est OF directors contains the names Of some Of
our most substantial ems, and the company win
be. witho1. doubt, fsvorite one With insurers II
win be established upos the stock system, which is,
after all, the best.
The transactions .! the ASST slant Trsasures's
Office to-day were "a follows
Paid on treasury account. s226, $50 SO
kecstvsd " .................. i6e,1l7 81
Paid for Assay Ofice. $685. 50
Paid en- cboursing checks. 42,77t 90
Tho warrants entered at the Treasury Depart
mert. Washington, on the lss inst. were as fol-
lows
For the Treasury Department ............. $2l3s 80
For tbs intsror Department ............. 64,65 06
Wsr warrants received and entered ...... 1854 a
War repay variants received and entered S. l24 90
Covered in from customs. ................. LOG 50
On sctcuot OF the navy. ................ 692 oil
The superintendent Of the Banking Department
Of the State Of New York has decided that banks
hoidirg securities In the department, which are
overdue, cannot be showed to let them remain
without Interest.
The Lo,illard Fire Insurance Company has de.
clsIed . semi annual dividend five per cent.
The Great Falls Manufacturing Company eight
dollars Per ehare.