The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-18
FINANCIAL AND CONNER GAL.
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HOS X n A Il r ~.

FRIDAY, July Id p. A
The stook mArkes TOOK the baex track this morning TIE
bulls have evidently given up the contest In dsgust This
In the third fourth attemp they have made this season.
each Of which has been failure. II Is too much OF
aided affair 70 be successful The buying has been
confined entrey to the street spectators and as
they hal oiled their line the demand oeased and the bulls
found themselves with larger lots OF stock hand and In
market the greatest folly in the world to suppose
that any combination among bull Spectators raise up
and give greater value to 10. of railroad securities that
been docored and dosed to death By set Of the
veriest quaoks any country ever produced Tho
Of the depreciation In the value OF this
cass securities deep be removed by such pro-
ceedng remedy be applied TO the very root and
al the best the recovery be only gradual and but par
tal. The bulls must fail 10 every effort they make 10 In
fate prices Is beyond the power Of any speculative
influence In Wall street to give greater permanent value
to railroad stocks sustain them at the point
ruling. The movements in Michigan Southern old de-
ferYed in Erie Reading and New York Central during the
past few day. show tba. any imitation but be of tenn
porsry chsra ,ter that rise in pres day be all
lost the next and tina. any day may bring panic that
will sweep away ave ten per cent OF the artificial value
the Sock Exchange from ume 10 time establishes. On
wednesday Erie sold at 81 per cont It closed heavy at
the first board today at SIX. Yesterday morning
Michigan Southern, old deferred sold at 81 per cent;
this morning it cieaed at AZ. The ten per cent qua
ranteed preferred sold yesterday at 70 per cent and
this morning II was freely offered at 76 Reading has
fallen per cent since the declaration of the dividend
Cleveland and Toledo run up to 60 per cent yesterday
mornings this morning Il was heavy at So 68. This Is
the way these stocks moved by the conending
parties The bulls make rush buy freely up prices
on themselves with the desperate hope OF attracting out
side buyers they bait the hook and up the pon'
pretty WELL bu. he outsiders VIII not bite they have been
hooked often that they very shy and do not
touch the tempting morsel the bull spectators Of
Wall street want to put up to sustain prices for
railroad Stocks they bring about such reforms in
the financial mar sgement OF the companies will put
stop at once to the corruption and ex.rsvagance which
have caused the ruin OF SO many roads. They must
show al there is bad, and build up public confidence
from the very bottom. II cannot be patched and
covered Up. must be q straightforward, clear
exhibit 20 that every interested Can see ex-
ac.ly how matters stand. Then, ami not until then,
can railroad stocks be said to have touched the lowest
points At the first board 10 day Delaware and Hudson
fell Of per cent Erie, 1; Reading, l; Michigan South
eyn old deferred, b. do preferred guaranteed 3; Ceve
land and Toledo, M Chicago and Rock Island n. Ia
Crosse and Milwaukee advanced per cent. The Mlwau
kie and Mississippi Railroad Company has indefinitely
and, we think, permanently, postponed w dividend In
the nrs place postponed from July TO August g.
and in the second place il has been passed altogether
More than month ago we stated that this company would
pass n July dividend and the result shows the correct
meas OF our statement In relation 70 remarks regard
ing the finances OF this company, contemporary says
Tnese interruptions uiterinss, by alarming one or two
umd capitalists have undoubtedly deprived the company
OF q portion OF the which they had con iitionay
negotiated for In prosecution Of the southern Wisconsin
Branch, without encroachng on the income from the
But the directors have very properly remedied
this by pes'p<nng for few months their summer dvt
dend-s step heartily approved OF by most OF the New
York stockholders, aud the stock D. day Ia made rmer
by the unofficial announ Nmeni by telegraph.
The fac, b the company could not borrow the money 10
pay the dividend. 1t was hopes Of bong able 10 do
up to the last moment, but failed This company has
probably paid ln last dividend.
Al the second board the market was without much
change. Michigan Souihern fell OF 4 per cent do. pre-
fened, TX. Ia Crosse and Milwaukee advanced per
can't Milwaukee and Mssissippi, =. Reading, 4. There
sale Of Michigan Southern AZ az, seller 90 days
being per under the cash price. The probability
thai a!ier the opening the old stock Of this
concern will 90 all to pieces. The boating debt Of
the company upwards Of s1,soo,oOo. To dispose
Of that DAFT permanently, In tho most favorable
manner, wos!d be equal TO increase In the bonded
lndeb,edneu of At least s2,5oo,O0o. costs the
Michigan Southern Railroad Company more TO carry I've
sSooooo Of floating debt than any other company
10 carry 900 Of la funded debt According 10 the
company exhibit In May last the floating debt but
$4,000 ser applying the proceeds Of the preferred
stock issue, but according 10 the actual OF things
ws at that moment upwards OF sl,'oo,ooo. II has been
increased nee, and IL continually increasing
The Assistant Treasurer reports to-day a. foows:-