The New York herald., 1865-03-15

The stock market has been free from excitement and
very dull At the arst board prices maintained
under purchases ''shors" The variations at
the close, compared with the same time yesterday
morning were follows New York Central advanced
y. Eric u, Hudson River y, Michigan Southern Il,
Cumberland l. Reading declined ~ Rock Island r.
Fort Wayne steady Government securities were
q iiet Tea-forties declined y 4.
AT the open board at one O'Clock the market was
dropping, and at the second regular board
heavy, with q very limited volume Of busi-
ness. Erie TX lower than at the close
OF the morning board, New York Central ~ Hud-
River l. Reading !, Michigan Southern zs, Illinois
Central ~, Rock Island /, Fort Wayne ~ Cumberland
TX Government securities depressed Ten forties
submitted to q decline Of ~; coupon nvetwonties
u At the open board at half past three prices were
fraction lower portion Of tho list and steady on the
rest
The general feeling on tho Stock Exchange is 'bear
ish and lower prices looked for in the absence OF
an outside demand of which there is present pros
pect The public disrustfu and not without reason
of the value Of railway property and this to great OK
tent s In consequence of the corrupt management OF our
railways 1t is saying In England, ''They do these
things better In France" but 1t may bc safely said
that the railways Of any other country in the world are
better managed than those Of the United Satee The
main objects Of many Of the presidents and directors Of
roads to be TO the largest amount OF
profit for themselves and put the best face possible
the aa rs OF their companies by the payment Of div
dond regardless Of the interests Of the
pcrty Tracks, locomotives and allowed to fall
dsgracefuy out of repair by which the lives Of pas
songers eoparzed and very frequently Of late
have had abundant opportunity Of observing sacrificed
yet at the me the roads being very extrava
ganty managed Contracts are given out at exorbtant
prices 70 the friends Of the ofcers and the profits
not unfrequently shared in directly indirectly by the
officials who authorize them The affairs and accounts
OF particular roads sometimes cooked for stock job
bing purposes. II the managers Of . company q
prospect Of making money by selling It's stock 'short,"
they TO work and add unnecessarily to the sxpendi
ture, and damage the road much possible
depress tho stock In Wall street. and II they chance
OF 'buing' successfully they exaggerate its pros
perity and declare large q dividend possible
whether warranted by circumstances not II is noto
rous that the roads whose stock regularly bought and
sold at the Board Of Brokers far managed and
that their stock Is far less valuable than thos, which
out of Wall street, for nstanc, the New Jcrsey
Central which pays average about fifteen per cent
per ann1m; the Cleveland and Erie which averages
about twenty i've per cent the Cleveland and Colum-
bus, about twelve per cent and the Pennsylvania Cor
trail The Hudson River and Harlem roads are governed
by Wall street cques and to this fact may be partially
past have occurred the former fthe Erie Railway hap
pened 10 be in England instead OF the United States Its
would sell the equivalent OF about hundred
instead Of sixty three But 80 long railways
mismanaged and neglected at present Their stocks
likely to reflect in their proo the opinions OF the public
regarding them. II few searching investigate
made into the corruption underlying railway system
1t would have very sautary effect upon official morals
and contribute to the safety Of the travelling public.
The money market has been moderately active to-day
at pcr cent call In the discount line increasing
caution Is observed owing TO tho heavy decline in gold
and the corresponding depression OF market valacs
generally First class paper continues to be quoted NJ
q 10 per cent.
Foreign exchange Is weak and very difficult OF sale.
Bankers sterling at sixty days has been offered 1o7Z
and at 1881 at short siht
There is talk o the Secretary of the Treasury
anticipating the payment Of the May coupons the ave-
twenty bonds but it Is improbable that such viii take
place t the date Of their maturity. Moreover IL
desirable that the payment should be anticipated
In view of the present condition OF Affairs and ai any
time the policy OF prspayng Of interest Questionable.
The subscriptions to she sovcn-thirty loan con-
tinuo 10 range very high. The aggregate lat
week exceeded twenty ono millions and the total
amount subscribed yesterday s5, 2s6, 700 The
popularity OF this form OF security would to in
with the decline Of gold The First National Bank
subscribed 5000 900 yesterday and $500 900 today. The
Ninth National Bank yesterday took 81, 500, 900.
Tho business a the Sab Treasury to-ds was as fol.
lows
Receipts from customs s................... S17T 900
Total receipts. 62ls lle
s'.oz vs.
Subscriptions to government loan. .......... lle 600