The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-09-03
FINANCIAL AND COMMERC lAL.
MON Ely M ARK f II.

are several causes Tor TINS repression ana all parties
are mere or less affected by them. It does not fol-
low that holders of stocks believe in a rise; but, on
the contrary many are firmly convinced that lower
prices must soon rule They are not, however, dis
posed to sacrifice their stocks and hold on with the
hope that with close watching they may get out
paratively easy The short interest is large at the
board, but most Of the contracts and at long
dates. The demand for delivery is, therefore, limit
ed and likely TO continue All the contracts
maturing do not help the market in the least The
stock is delivered one day and put Immediately on
the street for SALE The bears have secured large
lots of stock at private SALE and are dealing it out
the bulls as fast as they want it. At the
first board to-day, Illinois Central bonds
fell off I per cent; Pennsylvania Coal J; New York
Central Railroad, j. Erie, /; Reading, .; Cleveland
and Pittsburg, }; Michigan Central, 4; Michigan
Southern, !; Cleveland and Toledo, 4; Chicago and
Rock Island, 4. Panama Railroad advanced per
cent. The recent decline in Panama has astonishel
spectators generally. 1t is attributed to half
dozen different causes. The fear OF revolution in
New Granada and the seizure or destruction of the
railroad are operating upon the minds Of many; the
probability Of the establishment Of new line OF
steamers on both oceans, via the Nicaragua route,
has had its effect; the efforts being made TO open a
railroad line through Honduras, and the progress
making in the completion Of the Tehuantepec road,
are all operating with more or less force in depress
ing the stock of the Panama Railroad Company.
Out of Wall street such influences would be consider
ed most absurd things in the world but the Stock
Exchange we are not surprised at anything. When
the old Nicaragua Transit Company was in full
blast and doing large if not profitable, business
the stock of the Panama Railroad was much higher
than it is now As for the Honduras Railroad, that
is, perhaps, merely matter Of time. II it should
be built in the shortest possible PERIOD it could not
be put in operation under three or four years. The
Tehuantepec route is likely to be the most formid
able competitor. II is stated that more than one
thousand men actively engaged on the road, and
that passengers will be transported across the 18th
mus, TO and from California, early next year, in
about two-thirds the time now consumed at one-half
the cost. If these statements and calculations are
correct, the Panama Railroad Company will soon
have competitor for the California business; but
this will not interfere in any way with its
South American traffic. The commerce of
the Pacific Ocean is increasing so rapidly
that there will in time be enough for all
the transportation lines to do. The Panama Rail
road will always be the great freghhng route to
and from the Pacific, and that alone must give it
sufficient revenue. In July last this company paid
a cash dividend of six per cent, and in January
dividend equally large will be paid. OF the West
EN- railroad stocks operated in largely at the board,
Galepa and Chicago and Chicago and Rock Island
are the frmest. Only few shares Of Galena come
out daily at present prices while Rock Island sells
some days 10 the extent Of a thousand shares. We
understand that the earnings of the Rock Island
Company in August were very heavy, showing a
great increase over those for the same month last
year. In Galena and Chicago there are very few
buyers sellers. The gross receipts this year will
not show much increase those for last year,
while it has quite increase Of capital to pay divi
dends on. The stock was increased last year about
one million Of dollars.
AT the second board the market was very dull,
and in some instances lower prices ruled. Chi
cago and Rock Island fell off ! per cent; Cumber
land Coal, 1. Prices for all other stocks sold were
barely sustained. After the board very heavy
feeling prevailed, and things looked pretty blue.
Every one wants to sell. The most anxious sellers
Just now are holders. The bears have put out large
and long contracts, and feel particularly comfortable
II Is the holders who at this moment are DESTROYS of
cleaning out; but there no buyers and prices
sustained only by keeping back too great pressure
OF stock.
The steamship Africa, from this port for Liver
pool tomorrow will take out about $500 900 in specie
The gross earnings OF the Hudson River Rail
road Company, for August amounted to-. sl5ll2o -
Same MONTH last year................. i4soss III
Increase. sl,5l2 81
The European circular Of DE Coppet Co. gives
the following review Of the bond and stock market
during the past week.
In state stocks there has been fair business done
Virginia o's, at decline OF y, and in kentucsy q
Missouri 6s have advanced per cent, with large trans
actions They In active demand for the sinking fund
OF that state whish has furnished means TO absorb
$3.50 coo $40 O0o In city and county bonds the only
transactions OF any amount to notice in 81 Louis
county at n fraction decline. In railroad bonds Erie
is Of 1859 and 1888 and Illinois frceand bonds,
quoted cx interest st september There has been some
demand for Erie ss Of 1873 without alteration Of price.
The dealings in Illinois Central Construction have been
moderate AT y decline. Besides this transactions, as
well at the Stock Exchange az privately, insignia
cant, Railroad shares-wth mall transactions Chicago
and Rock Island has risen Z, and Panama decinsd "a
per cent In other shares moderate decline has been
general There fair amount Of business IN Ere al
decline q 10 Reading at I'D decline S q - and IN
teral alteration. Money remains In good demand
for call loans. Paper is less freely offered at ~,
cordng 70 class and length
The Assistant Treasurer reports today a. FOL.
| lows -
Total paid st2l,49s Al
Total received ...*... ................ fZossI ~
" balance. .......... ...s............lS w
The warrants entered at the Treasury Dep,rt-
ment, Washington, on the 30th ult, were as fol.
| lows -
For redemption OF Texas debt ss,25s 10
Dor the redemption OF stocks. 800 IL
For the Treasury Department. ......... 36,O0s is
For customs 1888 Os
War warra received and entered ..... IL 900 ~
War repay warrants received and entered. los ~
From lands 1924 O6
IRON miscellaneous sources % Ito %
Frt M Customs Observation-Disclosures. 81 l6t 90
ON account Of the Navy. ............ 4s,s70 20
n The increase in imports in August this year, com.
pared with last, was s7,4l3,2 66; the increase in
| exports in the same time was 81 s5052i. The i'm
ports in August, 1885, were little larger than in
the same month in 1854, while the exports in the
| same time we're little less.
| The total imports and exports in the first eight
months Of the past three years were as follows
1 IMPORTS AND ExroRTs PoHr oF NEW YouK
l 1854. 1855. 1855.
4 t,o,o,,s gi8s l26 $50 sg1 7~s ut- oOs