The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-04
FINANCIAL AND CONNER GAL


n q n n A II X 10 r.
SUNDAY, May 3-6P.M
During the past week the stock market has been free
from those sudden and violent fluctuations which marked
the of the week previous Prices have been
pretty uniform, and the transactions indicate gradual
but steady falling of in The Of the year
is rather favorable for upward speculative movement
The money market everything that could be desired for
expansion IN prices for stocks generally The supply OF
securities is large enough TO meet any demand and the
brokers OF Wa street for good strong 6ght
With all these elements in favor Of imitation and speou
ative activity do not thlDfrst indication in the
Stock Exchange Of such movement but the contrary
there q feeling OF distrust and apprehension that must
prove fatal 10 many stocks which with much
difficulty sustained. With easy money market with
the annual speculative al hand, with q desire
on part Of operators 10 give life and activity To the
market, o speculative excitement is utterly out Of
the question. The difficulty is in the character
OF the principal stock securities the market
II impossible to get up any cornering operations
There outside buyers ready 10 take hold and help
along any transaction but the contrary, there thou
sands who stand ready take advantage OF any favorable
opportunity get rid Of the stocks they bold That
Is all the aid outsiders win give any attempt the part
the brokers get up imitation In prices The public
mind has within the past year two been completely
v0luuOnlzeu IN reBhIu W n general
uus, prevails and confidence has almost entirely disap
peared Those who have been heavy losers
entire list while others make few exceptions The only
exceptions which, mind, should be made, fur
permanent investments concerned, the Land grant
railroads the extreme West These land grant railroads
have real basis and that than be said any
road simply upon stock subscriptions and bond
issues These land grant railroads buk upon the only
sound principle for they operate entirely
the Improvement aud increase In value Of their own
| properly. Land grant companies directly be-
| Melted by the construction OF their roads, In
| the Same way that Land In New England and
New York has been Increased ten-fod In value
| BY the completion Of the railroads which now
penetrate every section. In New England and New York
the owners Of land have been vastly benefited by rail-
roads while the stockholders them have been ruined
Land grant railroad companies help themselves lrst
the pablo Afterwards. railroad company that spends
twenty millions Of dollars road and has nothing to
show but two three hundred miles Of rails the
right Of way and depo, grounds, cannot compare for
ment with a company that has for the amount, ex
pended all that and a million Of land besides
lying along For permanent investments there
no sort Of comparison them The land grant
road has immense property, independent OF its road,
SC while the other has nothing but Its road the
ton and operation OF which improve and increase the
value OF property In which has not the most
terest There very fow land grant roads the
ke where they arc stock commands good prices and
We do any defect In the system upon which they
have been organized. TAey have the substance which
must steadily value while the other roads
be steadily detertorsng, and ultimately have very Little 70
show for the vast expenditures made.
There has been movement, any particular stock
during the past week. The greatest fluctuations have been
In Michigan Southern and Cleveland aud Toledo. Prices
1 Fac hcon stccLru hav hcon
noas have been principally for cash and buyers op
ton The efforts tie street for the stock OF
Cleveland and Toledo have been serousy lmpeded by
the dioulty experienced In borrowing stock where
so much doubt exists 70 the issued, which
may be Issued by conversion Of bonds or Otherwise
was the year In the attempted corner whom
stock from % 70 rs per cent in less than
week This fact must induce great caution the part Of
the ccrnerers well that OF the parties lending
ney for the purpose and would counsel holders
let pas he present opportunity Of realizing price for this
stock which oornering opers1oo gives them, and which
| may never occur again
The psn,ed well private sdviccs by the last mall
steamer from San Francisco, in many particulars
roborave Of The views gave few days since OF the
state Of things generally In California Business In TIA,
city was excessively dull and among business money
was gradually becoming di'cuit Of command,
high ra,ss OF interest Of az and pe~ per
month In the face of this condition Of things leading bank
ing hou se-Lucas, Turner Coconnected with Jncas,
Simmons Co. Of 81 Louis had publicly announced their
intention Of winding up their business. II ~ sch~sbbe
Co. rich Manchester house, chiefly occupied with the
loAnns Of mcaey coaiera, about closing
oerns And lastly, b Of importance than ether OF
the others the great French house Of rochc Bsyerquc
| 4 Co., whose business Vas confined almost crciu.
sively 10 transactions In mortgages and oo,iaierais,
publicly known had been instructed by the chief