The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-11
FINANCIAL AND COMMERCIAL
HONEY MARKEr.

HONEY Market.
TUESDAY, June 10-6P. II.
The stock market continues firm and active The daily
transsctfons arctic about the extent and holders
have the ability and the disposition to carry stocks At
the rst board to day. Illinois Central Bonds advanced
Per cent; Canton Company, u; Cumberland, Y; New
York Central Railroad, HRsading, N Michigan Central
Railroad, a Michigan Southern Galena and Chicago
n Cleveland and Toledo, u; Cleveland and Pittsb burg
u; NIL 'auiis and Mississippi, u 1t appears by this
that the improvement to day was pretty general Erie
opened and closed steady, with large sales New York
Central and Reading were quite active. All the Western
railroad stocks better, and IN demand The money
market is almost hourly getting easier. Tho banks are
fairly overwhelmed with money, and already find the ac-
cumulations rather uncomfortable Private bank era are
daily making personal applications the brokers to loan
money and RATES as low five per cent have been
oeptabs. This abundance and chsapuess of money must
work out most favorable results In the stock market
Capital viii be forced into stock securities for
employment, otherwise remain idle in the
banks. Our people not likely to let money
remain upproducve and there is no moro feasible
way to make 1t active than temporary investments In
good dividend paying stocks the probability is that be-
tween this and the middle Of July there will be plenty
Of outside buyers, ct prices considerably above those
now current.
At the second board tho market was comparatively
quiet Illinois Central Bonds fell Of per cent Nicara-
qua Transit u; New York Central and New York Erie
u each; Reading *; Cleveland and Toledo a. The
transactions were only to limited extent. The bears
occasionally make effort to got the market down by
putting small lots at lower rAtss Such operation
this have not worked WE'LL and the sellers have
Generosity in the next day and bought back at high
vfl ~ uuh Ia
IS II continues easy to carry them. There BE-
stocks pressing for sale long call bonds be
gotiRted ct five per cent.
Tho steamship Africa from this port for Liverpool to-
morrow-Wednesday-will not take out more than half
million Of specie. The steamer from California has been
out twenty one days and must be near 1t hand
The stock of the Academy of Music has been on Wall
street for some time bat has only been sold at the
ton stock sales at the Merchants Exchange II Is not
No believe the books OF the Bard of Brokers, and
therefore be considered the worst kind Of fancy.
It has paid dividend and from the financial ope
rations going on, should judge that it never
would. 1t Is fancy stock Of more modern character
than those which have for many years BEEN the
market. The old have lasted long time and
have little life in them yet; but this Academy Of Music
fancy Is likely to disappear. 1t is about the last
up probably will be the first down. I market value
has not been much from the beginning. The first sale
Was at so per cent and the last at 20 per cent This
company originated and has been carried like al fancy
stock operations The original intention OF the orgina
tors u.s. in Ill such stocks to ultimately extuguish the
shares and leave the entire property in their hands,
The money paid such stocks 10 supposed to be suf
cent to protect the bondhoders and other creditors
against all contingencies, and give them . good In.
vestment at the reduced COST In ell stock companies
the stock guarantees the bondholsers against loss
onA Ia arkJc IL
fancy operations that there should be sufficient
stock for that purpose In the Academy OF
Music Company We think this contingency has been
pretty well provided for There two hundred shares
at par value of o. 900 each which makes aggregate
of $500 0C0 The debt of the company $3.50 000 This
the stock guarantees, and it strikes that $500 900 in
stock is just about sufficient to protect the bondhoders
against loss viii not do much more considering the
peculiar character Of the property. The stock Is fall
paid up and not therefore subject to assessment
call has peen made for $12s per share and the probAb
lily il that it win not be responded to- The payment o.
that per share would produce only 325 O0O which
would be absorbed at by the payment ontsres in
and other floating liabilities leaving the sharehod
subject at distant day, to another for
the purpose SO far the stockholders are concerned
IL fancy speculation to start WITH and viii doubt
less end they all do. The only way place the stock
hcders in strong posion, to provide against al future
contingencies to call for the of 81 900 per
share {the original prcs) and pay of all debts at
The interest the debt about $4,000 per snnum and
long that debt exists long Will the stockholders
be compelled to pay assessments lose the whole Of
their investment Either tho stockholders or the bond
holders must be sole proprietors.
The circular Of De Coppst Co., prepared for trans
mission abroad BY the steamship Aics from this port
fer Liverpool gives the following review of the bond and
stock market
State stoeks-Thers was soms activity 10 Virginia 6s
at gradual rise Of ~ per cent Ths following have
been done In small amounts 6's 1T an Ad-
y N" Ct and Missouri s At per cent and Also
rates In nty bonds have stn return Of animation
to notice few sales have taken place Of Chicago es
,ny material change Railroad bonds at private SALE
tn ne neglected We notice. however tbs sale ct auction
Of about 81 500 900 DsawAIs L.ckaxana and Westsra
rate business DOUG In Illinois Central Construction
and Frseland Erie as Of 1871 and 1876 Hars dras
mortgage ali Ut advanced rates. In railroad shares our
annexed table of daily quotations shows general falling
of In prcss with two exceptions. The only
that have been somewhat active Erie New York Gem
trail Michigan Central Cleveland and Toledo, and Read
Ing; the Ave former Il more or lsss decHns the latter
at rise of1 Money Is more decidedly abundant from
rate. Paper 10 per cent, according 70 length and
class. Exchanges on Europe, without any noticeable
variations Principal businsss on London 1osk 1oex;
on Paris l6h b.17k
The Assistant Treasurer reports to day sollows:
Paid on Treasury account. SS2 131 81
Received on Treasury account .......... 107103 %
Balance on Treasury account. ....... ,234 388 SO
Paid for Assay Office. Observation-Disclosures. 8,238 SO
PAID on dsbursing checks 26,084 80
The operators of the Treasury Department Of the 7h
inst. were as follows
For redemption Of Texas debt s472, $50 40
FOR the redemption Of stocks. IA 238 4S
For the Treasury Department. .....,.... 14,710 90
For the Interior Department. Observation-Disclosures. $685. So
war warrants received and entered. .... 35,3i8 90
interior repay variants received and entered 1887 OF
From miscellaneous sources. ............. 4,144 80
The Bank Conms Of Connecticut, In their last
Anru& report, eiYe the ieuQYtg aca re'a.ye 10 the