The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-05
s FINANCIAL AND COMMERCIAL.


The stock market appears to be in very unsettled
condition. While Of the leading stocks show slight
Improvement, others show slight decline At the first
board to-day there about tac usual amount of trans
actions. Nicaragua Transit fell off y per cent Cumoer-
land ii New York Central Railroad, AZ Cleveland and
Toledo y; Michigan Central Railroad, u. Illinois Central
bonds advanced y per cent Canton Company Ii Erie,
u; Panama, u; Illinois Central Railroad "a; Cleveland
and Ifttsburg, X. There active business today
in rail- DAD bonds and the sales generally better
prices Illinois Central bonds in demand al 90 per
cent; Harlem second mortgage bonds at IS. The stock
market has evidently reached about the maximum point
There may be in some favorte stock further improve
ment, and that improvement may be permanent, but
the upward movement, generally, has about reached
the turning point, The regular ten per cent dividend
paying railroad stocks range in the immediate vicinity
of par, and that the point have always argued
about their real value To maintain that standard, the
pay ment OF such dividends be beyond any ordinary
contingency Speculation has frequently inflated this
class ofstocks much beyond their par value but nothing
short Of artificial state of things in the stock market
should could give such fictitious value. The IA that
railroad stocks of this character command about
their value is the strongest evidence OF the natural and
healthy state Of public finances Non dividend paying
stocks not favores just now and it requires very
strong speculative 70 bring about any advance
in price,. Money must give quick returns days In
vestments that not productive must possess
binary inducements to attract outsiders Such
may prove ultimately profitable than many those
paying regular mi annual dividends the public
DO not think SO, and do not intend to make any effort
oconvnce them to the contrary. The stock market
whole Is in q sound and satisfactory condition With
three very glazing exceptions, stocks selling for
just about their intrinsic value and there should like
to them remain II will be difficult TO get them down
much, long the present plethora OF money
continues, but look for o moderate strngen-
cy soon the active business opens.
There were large sales OF New York Central Rail.
road stock to-day at lower prices. The Of this
decline is attributed 10 the following announcement:
The New Nork Central Railroad Il about 70 issue five
hundred thousand dollars of bonds, on account OF
the Indebtedness OF the several companies owning
line nj the time Of the cons and assumed by the
Central Company These bends will be OF the denomna
ton Of 81 600 each, with coupons attached drawing in
tcrcs at the rate Of seven per cent per annum payable
semi annually and the principal rcdeemable In twenty
years from the ls Of August next Proposals for these
bonds will be received by John v. L. Pruyn treasurer
AT Albany, until the 18th inst.
After the board there active demand for Erie
and prices advanced largely II was the result OF sud
den active call for the the stock bought buyers
option, and tho enquiry such a rapid
advance The effect Of such movements Ia well under
stood and they produce only temporary excitement
The Board Of Brokers adjourned to day to Mon
day the 9TH inst This will give the members oppor
tuny 10 spend few days In the country without losing
regular meeting, and give the curbsone operators
chance TO do something their hook.
The report OF the Railroad Commissioners OF Connect
cut that there that state twelve railroad
companies, having paid in capital of SIS, 3is and
debts amounting So ,35s The total length Of all
the roads Is I52 miles, Of which 500 miles in the
state The length OF double tracks Is III miles The
roads have cost with their equipment SO sos &C., The
New York and New Haven road has cost ssl a6l mile;
The New Haven and springfield, sa6,oeo; the Danbury
and Norwak which Il the cheapest road 10 the state by
one half nearly, cost only sl5 Dol mile. The number
Of mt ployed the roads u loss. The New York
and New Haven road has carried sT2 passengers
which Is almost many all the other roads put to
eethcr. The New Haven aud Springfield has carried
47ee3 The gross earnings Of all the roads Ter the year
have been So b3l $50 earnings 81 AS A. dviden
s3ai 49 surplus, sIs7, 245 Only SIX roads have de-
eatd dividends and OF the 1921 sgl thus paid the New
Haven and Springfield road has paid s235 900 On The
ubJcct of accidents they say there have been but few
ince the Norwak disaster o 1850 D ing the last year.
no, oue Of the 34el4 io passengers has received
slightest injury Tho year before, only two passengers
we're injured out OF a total Of 2,oVo 900. Nearly
thousand higbwsys crossed at grade by the railroads.
and brit one accident has ali these crossings
tic past year. lit Of the casualties resulting per
nal pjuy death during the ycsr given There
twenty aye In ALL OF which thirteen fatal and
all owing the earclcssncss of the persons injured.
The receipts OF lumber at Albany, BY canal, from the
opening navigation 10 the let ust Ia the years named
were folicws;-