The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-03-15


market Yesterday it'll those ruling the close of the
previous week. exhibits improve ment in Morris Canal
of az per cent East Boston, X and decline in REM
sylvania SIS of per cent Reading Bonds, Reading
Railroad, .; Norwich aud Worcester 80 Harlem, l1s
Mohawk, ~; Farmers Loan, Canton Co ~ Vicks'
burg y.
Aswe have fereseen, the Norwich Worcester is
about to lose its character favore stock is destiny
seems 10 be fixed Those who have heretofore made
largo loans the hypothscaon Of this stock either de-
cline oog require such margins as to render
all negotiations extremely difficult The constant apprs
hsnion OF continued fall in the stocks, from day to day
il so great that those holding collateral are in dan.
ger of the security falling far below the value OF
tner advances Investments in these nondvidend pay,
ing stocks are becoming, under the changes in the
currency, exceedingly precarious Money Is becoming
too valuable TO lay faow somo OF our shrewde ca
pitaiiss call IT, Money must be made more productive,
Is its value and the quantity becomes reduced
When there il q large amount OF capital ahoat in
the shsps Of bank issues, capitalists can afford to
let part of their means remain unproductive In
non.divdend paying stocks, but a. the market
tgh.ens, a. the supply falls off, every one is
looking round for safe way Of using their funds
This accounts for the seadine of good sound stocks
and for the rapid in the market value of the
fances independent of any embarrassment any company
may labor under from other causes
In consequence Of the recent msforunes Of the Nor
witch and Worcester company that stock has bscoeone
of the most dangerous anoies in the street It has from
its birth been peculiarly unfortunate In s financial ope
raons 1t has been from the beginning, the foot
ball Of spectators kicked about from set of
tions to another all Of which were ignorant Of its real
value condition, and apparently equally indifferent In
relation to its prospective bankruptcy The time has ar
rived whom strict account must be rendered when II
= hive I'D
when all similarly situated, must be put into
state Of and those having credit to
an extension Of their liabilities must DO proclaimed
bankrupt and fall into the hands of those holding the 6rs
mortgage.
In relation to the Norwich and Worcester Company,
there many evidences Of wsakness and dscrsAt
that nothing can resist their influence In the course
of the last summer debts were contracted with many
mechanics which to be paid In cash. for materials
and work, amounting to about $4,000 The whole Of
this sum still remains unpaid and threats having boon
made to attach the Of the ine every effort has
been made obtain extension Of time to quidae the
claim but far without success. bond OF eight thou
sand dollars given for work upon Of the steamers
was sold sometime since by the owner at twenty pei
cent discount Bonds having eleven years TO have
been offered in payment for work dono on the unfortu.
nate Atlantic ind rejected. These are some OF the
causes OF the immediate endorsements OF the company
We give below n copy Of one OF tao company's
notes most dscredsble character, given for small
sums rs exhibiting not only the most embarrassing pc.
son of the concern but tGotdng the most conclusive
evidence that the financial sfrs Of the company
managed without any kind Of system,
TnKA.uNEn's orrrsr, Norwich Worcester R = Co
$632 AZ March 10 1871
Four months from da.c for value received, tho Nor.
witch and Worcester Railroad Company promise 20 pay
TO the Order hundred and thir vtwo dollars forty
seven cents, at the Gunebaug Bank in Norwich, ConD
q, fERKlNs, Treasurer
Those who under stand the character Of responsible
evidence for the Indebtedness OF a corporate company
that the above constitutes legal obligation
1t could not be declared on and coming from an agent
unauthorized to bind the company, It's Legality could
be successfully disputed 1t merely affords an evidence
of ebt and nothing The looseness and careless
ness with which this concern conducted, Is thus plainly
exhibited
No better evidence Of this fact Is wanted than the Gil
culaon Of those nsss liquidation OF cash DEBTS al
ready due mora than eight months. II Is even withoo'
form h.;pe written on scrap Of common paper without
the proncr official signatures shows no mark oil le
psli,y no proof of having received the approval OF tic
drec.or, and does not bear a. required tho name CT
Tho pr.s;dcut of tho Company the time IL was issued
IT, arc a, drawn az to b. uHnegotiabie without
Oh. boIlen bsconing liable as endors ~ They
ar. not in fact yth,ng more than an evidence oil
a.bt AGAINST on ndivdus and In the event Of the coc
he takes the responsibility Of representing in thin
way, becoming bankrupt: he may be held responsible