The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-04
FINANCIAL AND COMMERCIAL.


condition. While OF the leading show slight
improvement, others show slight decline At the first
board oday there about the usual amount Of trans
actions Nicaragua Transit fell of 4, per cent Cumber
land Il; New York Central Railroad az Cleveland and
Toledo, Al Michigan Central Railroad q. Illinois Central
bonds advanced a per cent; Canton Company II Erie,
y; Panama, u; Illinois Central Railroad a.; Cleveland
and Ptsburg, =. There was active business to day
in railroad bonds and the sales generally At better
prices. Illinois Central bonds in demand a. 90 per
cent; Harlem second mortgage bonds at IS. The stock
market has evidently reached about the maximum point
There may be in some vorite stock further Improve
ment, and that Improvement may be permanent, but
the upward movement, generally, has about reached
tho turning point. The regular ten per cent dividend
paying railroad stocks range in the immediate vicinity
of rar and that is the point We have always argued
about their real value. To maintain that standard the
pay of such dividends must be beyond any ordinary
contingency. Speculation has frequently inflated this
GLASS ofstocks much beyond their par value but nothing
short Of an artificial state OF things in the stock market
should could give such fictitious value The fact that
railroad stocks OF this character command about
their par value Is the strongest evidence OF the natural and
healthy state OF public finances Non-dyideud paying
stocks not favorites just now and requires very
strong speculative bring about any advance
in prices. Money must give quick returns days In
vestmenis that not productive must possess extraor
may prove ultimately profitable than many OF those
paying regular semi annual dividends, but the public
do not think So and do not intend to make any effort
,oconvince them to the contrary The stock market
whole Is in q sound and satisfactory condition. With two
three very glazing exceptions stocks selling for
just about their intrinsic value, and there should Ike
to them remain. will be difficult to get them down
much, so long the present plethora OF money
continues, but We look for moderate stringeu.
cy soon as the active business season opens.
There large sales Of New York Central Rail
road stock to-day at lower prices. The of this
decline is attributed to the following announcement:
Tho New Nork Central Railroad ia about TO issue five
hundred thousand dollars Of bonds, OF
the Indebtedness 81 the several companies owning the
Central Company. These bonds will be Of the dcnomina
ton of 81 COO EACH with coupons attached drawing in
erest at the rate OF seven cent per annu payable
years from the LIST of August Proposals for these
bonds will be received by John " L. Pruyn, treasurer
nj Albany until the 18th inst.
After the board there active demand for Eric.
and prices advanced largely II the result OF sud.
den and ac1e call for the the stock, bough, buyers
option, and tho enquiry such to create rapid
advance. The effect Of yich movements Ia well under
stood, and they produce only temporary excitement.
The Board OF Brokers adjourned today over to Mon
day. the 7th inst. This will give the members oppor
tuny TO spend few days in the country without losing
a regular meeting and give the curbstone operators
chance TO do something on their own hook.
The report of the Railroad Commissioners OF Connect
cut states that there In that State twelve raroad
companies having paid in capital OF SIS 7o2 3is, and
debts amounting to So as. The total length OF all
the roads Is T12 miles, OF which $40 miles 10 the
state The length of double tracks Is III miles. The
roads have cost with their equipment $40 G62 Tho
New York and New Haven road has cost ssi s6i mile
the New Haven aud Springfield $40, 900; the Donbury
and Norwak which Is tho cheapest road 10 the State by
one half nearly cost only SIS, 8ei mile. The number
OF men employed the roads Is loss. The New York
and New Haven road has carried 1o52 sTe passengers
which is almost many all the other roads put to-
ge,her The New Haven and Springfield has carried
G Ce3 The gross earnings Of all the roads for the year
have been So 5si $500 earnings 81 4ls il2 Dividends
s3ql seI surplus, siS7 2i5. Only six roads have de-
cared dividends and Of the 1894 4ol thus paid the New
Haven and Springfield road has paid s235 ooo On the
subject Of accidents they say there have been but few
since the Norwak disaster Of 1850 During the las; year.
not one OF tho 3a6l 4le passengers has received the
slightest injury. The year before only two passengers
we're injured out Of a total OF 100000. Nearly one
thousand highways crossed at grade by the railroads.
and but one accident has occurred at all these crossings
the past year list Of the casualties resulting in per-
sonal injury death during the year given. There
twenty Eve in ALL OF whsh thirteen fatal aud
all ow ing 10 the oarccssncss OF the persons injured
The receipts Of lumber at Albany, by canal from the
opening navigation the LIST inst in The years named
as follows