The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-10-13
FINANCIAL AND COMMERC

The stock market, which is the principal attraction IN
Wall street and the vicinity at present. gave evidence to
day Of "funess' which often precedes reaction For
the past days the has been continuous and nearly
every the list has participated in the mproy.
ment-some more some less. The sellers for a decline
have done their share toward aiding the advance, by
closing their contracts, usually the al
vancing market several outside parties have again
upon the and perilous game, and have
bought for the most part at the highest prices In
the meantime favorable change has been effected in
railway matters-ether in their finances or in their bust
No expcdient is neglected TO initiate the market
price stocks but the far important vital
tiers Of economical management and prudent admnstra
| ton Of general business wholly disTcgarded.
| So long railroad 6nanciers devote their ener
gcs the elaboration of schemes of stock dividends
tricks for the deusion of the public
shall have faith any rise in OF the stocks
classed in Wall street speculative" The pay
meDt OF their large floating debts must be made. The mil
lions of bonds falling due in 1859 and 1860 must be pro
vided for To expect that in spite Of the heavy drains
these exigences will upon the finances of rail
roads, ana spite of the neglect that is shown 10 sound
financial and commercial principles in their management,
permanent advance be realized their stocks in
consistent with and with the experience of
the past fvo years.
The leading speculative stock New York Central
II useless deny that its character dividend pay
ing property is gone The late convention entered into
between and its rivals is a public proclamation Of its
dependence them for its Hsnceforth,
its business and its dividends must be regulated
by the harmony that be preserved by manifest
violations Of every sound business principle We hayeal
ready advertel TO the Reading corporation which, in
single year has increased it, capital from SIS 900
s25 600 II matters how the increase has been e
fec,cd the property the same its capacity and future in
come viii be greater No thoughtful man, after a
careful examination Of the facts continue to class
Reading a dividend paying property. IL may continue
for time the bulls and bears shuttle
cock but the public the investors should have no more
TO with Similar apply very many Of the
Western All nearly all the great railroads of the
country are fact in very prccarious position Some
will, doubt, struggle through the year or more which
must elspee before business r.viyes and by allowing
their roadway suffer FOR Of repairs may present
| respectable "show OF earnings; others hardly
help going into liquidation For the present, 10 expect
permanent improvement In the market price OF any Is
equally with presen, facts and past experience
The business the stock Exchange this morning was
very large. Beading seemed 30 be again the leading
stock opened yesterdays highest price, and touched
52 but apparent effort OF some Of the bulls 10 ''rca
lie" caused a decline and the stock closed weak at =
lower The bun party have naturally moved in the bonds
also Five Of the 1856 bonds were taken a. and the
samc price bid for more the bidder will have
opportunity Of filing his order. not little TO the salts
faction some the old creditors the New
York Central buoyant yesterday. II opened
at ss and afcr reported sales Of about 500 sharcs
closed Z. lower. Erie rather dull at an advance Of
\. Hudson River per cent better; Harlem, per
Illinois Central steady. The Michigan shares
rather active. Michigan Central sold freely yesterday
closing price and rose = per Southern common
! was steady the preferred active yes,cr
| days best price, though sharply asssied by the
| bears AZ the close Of tho call With these cyccp
tons, the leading spcculayes among the Western share
| did sympa,tisc with tho Of the market
| Gaiena = lower with large sales; Toledo main
tanned, Rock Island x lower, several bears taking
tie opportunity 10 close their short contracts at the de
cline. Panama fell OF y Pacific Mail pretty Rfm
advance Of Il per cent yesterday price There
s nothing further In reference the purchase OF The
Collins boats the agents Of the California Company
| positively that the Atlantic will leave ~ advertised
State stocks very active and bucyani to-day There
is better Investment IN the country than of
good state stocks, and which. the long run wi
lay better interest Tennessees "a gr cent better
to-day; ytrgniss steady Msscuris 4 Per cent
with sales q $4,000 Lousanas = better: Cal;or
Mas, pe~ bonds 3. Mnnes,aas, \. Tie business in
railroad bonds was also large and good prices. Tho
eight per cents ~ The Michigan Central rose y aud gene
rally there advancing tendency all descriptions
AZ the second board very little business done and
prices seTc lower. As compared with the morning poos
Central ~ss a lower, Reading, y; Michigan Central
Il and the other shares proportion. The closing price.
after tho board were Missouri. s74 ass Central So;
s3.; Ere ie1. les. Reading, 5ca. 81. Michigan
Central, Sc. 5Gs. Southern - a.. Panama III
IiTis; GseBs, S3L - Rock Island. co 6st Pacific
! Mail. 1o3,. 1904. The market left On tame
Exchange Europe ruled At iossl 10 for sterling
and bi2, 5i3ss for francs. there being sses II
Southern bills 5l5 The busincss done to-day was m,
derste and bills very scarce In money there is
change to report; Las, quotations si hold good
Tie following the business o. the sub Treasury
| day
Total receipts. ....................,.. sI2.e74 70
~ which from customs ................. 5000 %
Total payments ACKNOWLEDGEMENTS, S Ios y
Total balance losloi62 a.
TIE exchanges al the bank Clearing House to-day
els Acc pcs ca and the balances 81 SIS 81 Metro.
/ politan certificates 5000
AT the meeting Of the stockholders the Erie Railroad
Company, held this day at their Office the following board
~ directors we're elected for the year Is6s-'5s-
Charles Moran Samuel Marsh Cornelius smith Daniel
Drew, John Afnc,, Ambrose $ Murray, ~ A. Cushinan
William - Skdmore, Ralph Mead, Dadloy s. Gregory
Edwin Brown. Hermann eelpcke George Bruce Pober,
u Berde, Samuel II p Hall Edward X Aiburlis Gcorg
| T Cobb.
The number Of shares represented was about 90 ocoies
than third Of the capital The ticket elected Is the old
one with two vacancies filled Mr. Moran Of course will
G the Office Of President some remarks were
caused by the singular omission Of the directors 10 aver
,ise tho meeting.
We given understand that tho Franklnite ores OF
New Jersey attracting attention from the iron makers
England and the United states from the tina, Is 10
% percent ~ these ores In admixe with other ores
in o blast furnace destroy both tho red and cold short
aualn 20 which attach to all the metal made from ores IN
which s., phur phosphate Of lime m combination
The Frank composed Of the oxides Of iron INC AM
manganese experiments have been made with a sooNh