The Sun.
London, England, 1850-09-03 00:00:00

TO CORRESPONDEN rs.

We have received the communication of William
Driver on the subject of a paragraph headed "A Shabby
Thief," which appeared in The Sun of the 30th ult.
The substance of his communication appeared in a letter
signed " J. Sturcb," which appeared in The Sun of yes-
terday. Mr. Driver was not the author of the original
paragraph.

vi ATER Al 1,01i1)01,4 BRIDGE.
Tto DAY —lla ning 59 min. after 10 I Evening 37 min. after 11
o•Moi,aow Mordin; 0 min. after 0 , Evening 9 ann. after It

THE WEATHER.—SUN OFFICE, SEPTEMBER 3
THERMOMETER, IN THE SHADE.
69—highest since noon yesterday.
49 —l,west this morning and during the night.
61—this day, at noon.
BAROMETER, 30'27.
VITOT) W.N.W.—dull, cloudy weather.

Otitninix
LONDON, TUESDAY, SEPTEMBER 3, 1850.

The circular of Messrs. JOHN RAILTON and SONO,
the eminent stock and sharebrokers, of Manchester,
(which will be found in another part of this day's im-
pression) will be perused with deep interest by all
holders of railway property. It shows that the tide
which was so long ebbing has at length turned, and
that there is every reason to hope that these im-
portant undertakings have seen their worst days, that
henceforth there will be a gradual improvement,
affording a reasonable expectation of fair, but
moderate remuneration to those who have invested
their capital therein. r The extraordinary panic and
depression of the last few years were but the natural
consequences of the mania and extravagant prices
of 1844 and 1845. It was then thought
that railways constituted a mine of incalculable
wealth, which could not possibly be over-
worked. Fortunes were, in many instances,
realised in a few weeks which would have taken a life
to accumulate. There was no labour, no anxiety ;
nothing was required but the friendship of some pro-
visional committeeman, who could put in a good word
during the distribution of shares. The letter of al-
lotment was issued, and in many instances sold for
hundreds, aye, thousands of pounds, without a single
farthing being required from the fortunate allottee.
Every instance of successful speculation stimulated
new adventurers to enter the Capel-court El Dorado.
The lines in existence or process of construction did
not afford a sufficiently ample field for those embarked
in pursuit of the Golden Fleece ; every quarter of
the island was ransacked. It was enough to find a
few towns without direct railway communication.
An engineer was sent out to inspect, and in
a few days a hasty report was returned,
a provisional committee formed, prospectus issued,
shares allotted, and brought out at a considerable
pre,fit in a few days. In many cases the visit of the
engineer was dispensed with. The promoter only
required a railway map of England, and to draw a
few lines from town to town in order to send forth a
flaming prospectus. Wherever the names were high-
sowld ing, or large towns on the route, two, three, or four
competing companies were in the field, and a fierce con-
best was waged before the Parliamentary Committees.
Nearly 1,400 schemes were registered, which would
have required for payment of the deposits alone
nearly 60,000,0001. sterling, or 600,000,0001. for
their completion. Men wholly without capital, or the
means of paying a single call, fearlessly signed sub-
suriptions, undertaking to pay tens of thousands, and
thought that their fortunes were made if they could
Pi Flys rovipmfficient to pay the deposit.
--7.-541411,.was the state of aff4irs, when in the latter
end of October, 1845, the first panic in the share
market commenced. Many ill-digested projects were
ntiped in the bud. Even the bond fide lines in ac-
that opezaiion fvlt the efftct of the .hock, and were
qttoted--at reducel prices. There was as great an
tsl rrianty" to " get out" as there had formerly been to
" get in," and stock and shares were thrown indis-
criminately on the market, to be sold for anything
they could bring. Still the panic was not as cora-
plet.s as it subsequently became. Many companies
Wen t to Parliament r,nd obtained the necessary

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