The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-16
FINANCIAL AND COMMERCIAL.
u on EY a A e 4 n y.

With greater activity the Stock Elk higher prices
ruled. All the leading railroad stocks freely offered
and freely sold at the nrst board to-day, and the
tons principally sellers option. In Erie and Central
the bears particularly active, and appeared to be well
pleased with the advance The movement In Erie has a
very slim basis. It entirely, believe, upon the
fact that hands about taking hold OF the bellows
We have doubt they will blow pretty we'll for tme,
bpt they will blow up any who may be induced 70 pur-
chase the stock pom any new programme that the COM
pany may proclaim. The stock Is In reality net worth
either ngure Il selling st. but may for time be kept
active among the brokers' above twenty uaucier who
ears endeavored to extricats the company
from s embarrassments by funding ts floating debt and
coeing It's construction account s believe 10 take
rol with the aid OF foreign capitalists The bonded
debt lie ii was have left the company
tirey clear Of . floating debt and put the
papy In q position - increase i1 operations with
out any further increase Of capital debt At
the close Of the arrangement II was found thai
In the face OF the large issue Of bonds-$4 200 0o0-
there le floating debt OF $500 900 and has
been ess aimee The financial plan not suocesafal
- predicted saved the company from protest
time Since that he company have suspended dividends
and IN consequence OF coAing ~ construction account
have large floating debt which has become 20 trouble
some and difficult of management that ar aucia
arrangement Ia absolutely necessary keep the road
the hands Of the stockholders The chsel mortgage Just
given 10 Mr.. Duer required at the moment; but
this temporary matter, something must be done Of
more permanent character general mortgage Is talked
Of the classes Of bonds not at present SECURED
and the mortgage may for sufficient cover
the floating debt We do no these things can
help the stock Dividends utterly OF the question:
and We leave 10 pitsisls 10 determine what
dividtrd paying railroad stock Is worth New York Cen
ua rather buoysz u the coming this morning, but
fell Afterwards and closed heavy The least improve
neni this sto,k brings immense quantities. the
het and buyers get filled. This stock IL considered
by ouside operators such good sale Of present prices
that they put Out short contracts and keep them gong
There probably railroad stock tho list pay
profit TO sellers than the New York Central Ia at tue
best but an eight per paying stock does earn
even that la capital Ia steadily running up, while liz
groes earnings year will be esby below those OF
last year Michigan Southern ia freely sold fer tue open
ing There scarcity Of stock and the deliveries VIII
be inside without Ae least difcuy. Sock Ia coming in
fr the country daily and hourly and tho preferred
guaranteed freely offered u 7sx "a per cent ten
per cent preferred guaranteed stock selling 73k per
cent while an old stock Of million standing behind
al Tho rest without the ghost ofa chance for dividend In
any shape In selling u 40 30 per cent much Ike Wall
street operations generally that need be sssonshed
The ten per cent preferred guaranteed Is either worth
psr or the old stock not worth dollar In opinion
the first 10 worth than Ia selling for. The value
of the seven million old deferred be easily calculated
dividend the preferred Ia very doubtful at the best,
which places the old stock Just nowhere. The mil
lion OF old stock In the Michigan southern railroad Com
papy Is lust about the wiped out The funded
and floating debt and the ten pcr oest pro-
fcrred suaranteed stock amount to about thir-
teen millions Of dollars. The company win have foil
much AZ can manage pay the interest and guaranteed
~ hofa~~
the seven millions Of old stock minus anything Tho lao
Treasurer was no, holder OF share OF the old stock
and would not touch any price. His interest
fined entirely to the preferred He know too
much about finances Of the 10 put bis money
in The old stock We notice sale OF Nicaragua Transit al
the nrst board seday There sellers OF this stock
II Ia hands dspoeed to hold, and the prospective value
Ia sucientto Justify purchases hen opportunity Offers
Arrangements about completed put the CID company
full possession Of the route with such steamers escs
ocean - must command the full share Of travel The gov
ernmeu Of the United and Great Britain will extend
protection to this ne independent Of all others and Of all
the local di.Rcuucs between the Powers claiming rights
and privileges in the disputed territory.
The steamship Niagara, from Boston for Liverpool To-
day carried sso5 900 In specie. The steamship 10
banon from this port for Liverpool tomorrow. viii lake
on. about 100000 in specie.
Afer the adjournment Of The board, the following sacs
OF stocks and bonds were made Al sucuon-
$1,000 Cnen'u Gas Light Coke Co. p b., int ad 90
200 div. certificate Madison, Iodapols b Peru RI -
80 certificates Wabash n Erie Canal loan (Ind.t 70
900 eve per cent deferred Canal stock ....,.....
$50 avo per cont deferred special Canal stock
12s nvs per cent deferred special Canal Stock.
SEQ Eve per cent deferred special Canal stock....
100 eve per cent special Canal stock. ...........
30 shares Madison and Indianapolis R........".. IL
10 Rock bland I'm Bank ..................r....b
$50 Corn Exchange Bank. sosAiiok
Albert Ncolay's regular semi weekly auction sale Of
stocks and bonds viii take place 10 morrow, rhursdsyDM
l2H O'Clock, al tho Merchants Exchange. variety Of
insurance and bank Stocks and sass 900 California state
bonds, viii DO o0sred.
The Assistant Treasurer's report for to-day lie . fol
lows
Total payments. .......,.....,s.,,..,.s.. zI5oVz ~
baisnce. l,ooovo 20
$1,000 were California drafts.
sale made yesterday at auction Of $4,000 Of the
construction bonds Of the In Crosse and Milwaukee Comps
ny 10 cents the dollar. For per cent bosds tho
price IL remarkably io~, but u viii probably DO ssccr-
,alned that the bosds worthless.
me following The footing. Of the Boston hank stale