The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-26
FINANCIAL AND co..11MERclAL.


mV"LY MARKET.
WEDNESDAY, juno 2S-6P. NJ.
The stock market continues active and prices well
tanned At the first board to day Illinois Central bonds
declined per cent Nicaragua Transit, u; Cumberland,
X; Cleveland and Pttsburg, III Cleveland and Toledo II
Chicago and Rock Island u. Wisconsin Lake Shore sold
At rs per cent, buyer 60 days. This is an advance Nil
wankie and Mississippi opened at s7 and closed at So
per cent After paying the five per cent dividend in july
In cash. this company will have surplus of about -four
per cent out Of the earnings Of the past months
Such should be selling in this market at SO per
cent, dividend Reading was in demand today at
prices the close yesterday but the sales
only moderate extent. We have noticed within afew
days advance the better class Of railroad bonds
Very few the market for sale, and those offered
taken for permanent investment The supply Of this
class Of securities comparatively limited and capital
increases in amount and decreases In value, Investments
with fixed rates Of interest must advance In price. In
few years shall End money plenty enough
u four and i've per cent per annum Then
securities Of undoubted character, drawing seven
per cent interest, must be worth considerably
than par. The immense annual production Of gold
n Australia and California must before the lapse OF many
years have very important influence upon the value Of
money in all parts Of the world Advices recently
seived from Australia report product Of gold during the
Arst quarter Of the present year double that Of the
responding rerod last year. at the rate Of 500 900
per This, added to the annual product in Caifor
MA all other parts Of the world, will give an ag
gegae yearly product Of OF gold and silver
The addition Of such immense amount annually 10 our
present supply must very distant lay bring about
. revolution in the value of money greater than ever
before known. is estimated that the total product Of
gold and silver Christian up 1850 amounted
70 twenty thousand millions Of dollars What portion Of
that in existence in the year 1850 is mpos
stbie to tell but that comparatively but sma
proportion served basis for currency or commercial
credits The present annual product sprobaby equal TO
Eve per Of the whole Of gold used in 1850 in
the commerce Of the world. At this rate in twenty
years shall double the quantity Of gold possessed in
1850 by the principal commercial nations.
No for a moment doubt but that the effect OF
accumulation of the representative property must
have wonderful effect upon property itself The value
Of property will of course be differently affected While
certain kinds will enhanced in value others will be
deprecated While brown stone palaces and brick houses
will be reduced in value land will increase. Everything
that be increased in quantity by the application OF
labor naturally be reduced in cost by the cheapness
Of money while the soil is likely to be much vau-
able than under the existing order of finances Any
ducon in the value Of money makes it necessary for all
70 have more OF it, and that necessity will give great
impetus to industry That industry will result in an
increase Of all products and that increase must reduce
say on the Fifth one lot Of ground, twenty
Ave by hundred feet at an expenditure for the building
alone 000 under the existing order Of things the
financial world would be poor property ten years hence
with the changes going in the value Of money, for
house could at that time be built precisely like it. on
adjoining lot, for about one.haf the money. The
lot would, ten years hence, cost moro than now,
but the building would be put up much
cheaper that the difference would be very great The
emily way this difficulty and TO guard against
such deprecacns from changes in the value Of money,
70 put up houses Of less cost on more land Capitalists
Investing money in real estate should look the
hnd and less to brown stone marble bricks. Men Of
means, who have eye the interests Of their chill
dren, must depend upon the soil and not much
what covers 1t in the way Of buildings The who
purchases five lots for say 600 each, and puts build
ing on them for his own use, costing say $50 more
making total expenditure Of al, 900, will have more
real comfort While he ves and leave his children bette
provided for an the who puts the same amount in
one lot and expensive house. In the Ar& the land
continually increasing in value five times while in the
last does once while in the first the depreciation in the
building much less than in the other. In the drst in
stance the increase in the value OF Ae land will ose
Sour or ave times depreciation the house, while in
The other the depreciation of the house Offsets four or FIVE
times the increase in the value of the single lot
Of land. These are important points for considera
ton, and owners Of property, or those comtem-
plating purchasing would do well to give them
proper attention. The annual production OF gold
and silver at the rate named aboye, fixed fact 1t is
temporary matter tits likely to be regular
any other product of the SOIL and likely to increase
than decrease. With such addition to present
cumulaons the ofthiugswe have here alluded to
may be realized in short time In England, the average
value Of money for many years has not been three
b three and half per cent, and the commercial and
financial intercourse between this country and that has
become intimate that the existing wide difference
10 the annual of interest cannot be much longer
maintained. In this country the want of capital is not
FELT at all. We have not much for money and de-
pend less on supplies from abroad Our railroad system
which has absorbed twelve hundred millions Of dollars,
"a nearly completed We shall not spend that amount
again such works within the next hundred years.
That demand for capital has nearly ceased,
and the absorption other things will be gradual
and toa moderate extent We are now more pro-
ducers than consumers Of capital and 1t WILL therefore,
be more dfBcuEto sustain its value
At the second board the market was altogether more
buoyant. The transactions were only to moderate
tent. Erie advanced u per MT Cleveland and Toledo,
y; Chicago and Rock Island ri Missouri 6's Il. After
the board Erie in active demand and 5sZ Offer
ed without finding Sellers The receipts Of the Erie road
up last night (he oath inst s5l7 ooO leaving six
days complete the month The receipts Monday
amounted TO $50 000 The total receipts for the month
viii not vary much from Se6ooo0 The actual gross
earnings will be much below $500 O0o against $685.
the month last year The increase s likely
larger this month than in any previous month in the
history OF the. road.
The steamship Arabia, from this port for Liverpool TO-
day carried o. sos 300 in specie freight This is
smaller than anticipated, but the total expectation for
the week wi without doubt exceed two million Of dol
lars We have steamer from California nearly due,
with another semrmonthly remittance of gold. 1t will
probably he about the usual average say two millions,