The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-29
FINANCIAL AND CONNER CIAu.
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MONEY n A. II X e ..


There WAS quite buoyant stock market this morning. with
about the u,ua activity. The important movement TO-
day In NJ Y Centsa and tho transactions quite heavy
Erie not much operated In but improved fraction
Michigan Southern works up gradually under the influence
OF toe grand corner opened this morning ct 81 per cent
and closed 1t IS per There sAes 49, sellers
80 days, and at 81 sellers 30 days About twenty i've
thousand shares have been bagged the oorneng clique
OF specuators, and the supply Is ACCOMPLISHING every
day. Wscan only repeat advice TO outside holders of
A railroad stocks to realize. would be very uawise
70 lei the present period of imitation pass without putting
upon Wall stree. all the little lots Of stock held all the
country. The corner In Cleveland and Toledo got up
and carried through by the parties engaged
Mlohiga, Southern, cost them than hundred
thousand dollars, and they glad to get
out al thai, They are likely 70 suffer more
seriously in the present movement, in Michigan
Southern, Tor they have bigger load TO carry, and q
pos,sle worthless stock. The last In Mch
gan Southern mide when II the general impress.
sion that the stock real bona de permanent, ten per
cent security, and tina! failed. When that
commenced there but about six thousand shares in
the market aud when closed the quantity In the hands
OF brokers thirteen thousand shares The present
commenced with thirty thousand shares aost In
the street, and when closes the quantity will be
hfty thousand shares Al II stands II 10 hugo bubble
likely 70 explode any mement from the most trlnng
Collapse must, lacr, and the party Involved
cannot by any posslblty escape immense losses
uerpg combination Ia calculated to niure any stock by
largely lpcreasng the quantity In the market
lstes In the hands OF small clique OF speculaors, who
bypohecae any way and Al any rate among the banks
and brokers, and whom the game has been played this
stock upon the street In large lots sud slaush
tered right and left.
Quotations current at the arsi board 10 day compared
with those ruling yesterday show following changes
Cumberland Goal advanced = per cent; New York Cen.
trail, IL; Erie, 81; Michigan Central, Z; Cleveland and
Pitssurg, N Cleveland and Toledo, " Chicago and Rock
Island, Penpsyivana Coal decined x per cent; La
Crosse and Milwaukee, y. The upward movement IN
railroad stocks is confined entirely TO Wall street Cut
sidcrs do not participate any way except sellers Ia
Wow OF the utter absence OF foundation this imitation
the stocks themselves must concentrate 10 the hands ef
the bulls amount OF stock at high prices. The
gsns OF the different clques or Spectators ror rise
asi engaged In msgnryng the importance Of gene.
a revnoun the tariff Of charges, and the nuodaclon Of
. system Of management All these things are over
rated and will prove ineffective Any in the
price for travel will reduce the amount or travel The
advance In prices will be than Offset by reduction
n The nomscr Of passenger and FOR any increase 10
change. Tor freight ID impossible The movement
II very unfortunate period with The vsae Of prod
daily deprccisipg Il folly 10 talk sbou, charging
more its transportation. IL too late 10 Introduce
,hese reforms, n they may be 90 called. Ten years
ego, when the cost and capital OF our railroads
were more on par with their actual value and compsu
ton comparatively nothing, higher prices coad have
been charged sustained but Ia too late TO aemp,
now Tue reyulsiOn IN railroad property continue
until wipes out many millions Of their nominal cost We
LOOK for the complete annInilsiou OF The stock hree
quarters the railroads OF the country aud the lower
classes OF bonds Of them. The cost OF
these concerns only be reduced this way, and IL
only By such reduction that the present sara Of prices
can be made 70 pay. These railroad managers
the public shoud pay, by increased prices for travel Coz
all the corruption and exrsvaeApce praciised In the
srucon OF the Had the roads been properly and
economically constructed from the start, should not
have bad forty millions Of dollars 10 pay the Centr.
and thirty eight millions the Erie but ess than half the
amour, in each presep, prices each company
euocsb TO pay the interest twenty millions and either
road could be buli for that with their s2s, 900 sxa
ries In the Erie Company and the system OF dnanceng
that has piled up thirty eight millions Of debt and stock,
a not all surprising thai higher prices necessary 10
make both ends at the close OF each year. All We
can say 70 ,hcse railroad managers IT, tina, they
late
At the second board there vas bu, nus change. New
York Central sold Al 81, Erie at Michigan southern al
IS, In Crosse and Milwaukee at 81, aud Cleveland and To
lsdo q, 5sk The transactions light and the msrss
closed weak 10 understood nearly all the Old short
contracts In Southern are closed aud there are very
new
The following are s,rsosac,o,s ., the once Of We
Assistant Treasurer
Total receipts tissot -
paymenfs 10 90 w
| paAoces 90
The following comparative Statement, OF the exports
fexcusve Of specie) New York for the week end us
| June q, and since January l.
| 1850 1855 1857.
Total for The week 81, s,6es 2,2Js,73s 16isySss
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