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

comparison of prices current at the close Of the
market yesterday with those ruling ct the close the
previous week. exhibits an Improvement in Morris Canal
of IN per cent East Boston, and decline in Penn
sylvania SIS Of per cent Reading Bonds Ii Reading
Railroad, .; Norwich aud Worcester az Harlem, IN
Mohawk, 2k; Farmers Loan, Canton Co ~ Vicks-
burg. =.
As we have fereseen, the Norwich Worcester is
about to lose its character favoe stock its destiny
seems 10 be fixed Those who have heretofore made
largo loans the hypothscaon OF this Stock either de-
cline loceher, require such margins az to render
all negotiations extremely dcult The constant appre
hsnson OF continued fall in the stocks from day to day
10 so great that those holding collateral are in dan
ger of the security falling far below the par value OF
tneir advances Investments in these nonavidend pay,
ing stocks are becoming under the changes in the
currency, exceedingly precarous Money 10 becoming
too valuable lay falow Of our shrowdes ca
ptaiists call it, Money must be made more productive,
ss its value increases and the quantity becomes reduced
When there 10 q large amount Of capital aAoat in
the shsps OF bank issues capitalists can afford to
let part of their means remain unproductve In
non.dividend paying stocks, but a. the market
tighsens, the supply falls off, every one is
looking round for safe way Of using their funds.
This accounts for the s'eadine Of good sound stocks
and for the rapid depreciation in the market value of the
ancies independent Of any any company
may labor under from 0ther causes.
In consequence Of the recent misortunss Of the Nor
wich and Worcester company that stock has become
of the most dangerous fanoies in tho street It has from
its birth been peculiarly unfortunate in its financial ope
ratons 1t has been from the bsgnn ing, the foot
ball Of Spectators kicked about from set of opera
tons another all of which ignorant Of its real
value condition, and apparently equally Indifferent In
relation to is prospective bankruptcy The time has ar
rived whom strict account must be rendered when II
must be settled We rapidly approaching period,
when all similarly situated must be put into
state Of quJation and these having credit to ensure
an extension Of their liabilities, must DO proclaimed
bankrupt AID fall into the hands othose holding the hrst
mortgage.
In relation to the Norwich and Worcester Company,
here are 30 many evidences Of wsaknsss and discrsA
that nothing can resist their influence. In the course
OF the last summer debts contracted with many
mechanics which were to be paid In cash, for materials
and work. amounting to about 900. The whole OF
this sum still remains unpaid, and threats having boon
made to attach the Of the line every effort has
been made obtain extension of time to qudate the
claim but far without success bond OF eight thou
sand dollars given for work upon Of tho Steamers
was sold sometime since by tho owner, ct twenty per
cent discount Bonds having eleven years TO ruh have
been offered in payment for work done on the uniortu
nate Atlantic and rejected. These are some OF the
OF the fmno1lsto Wv S~P-,S'
We give below a copy Of one OF tao companys
notes OF most dscreditsble character given for small
sums rs exhibiting only the most embarrassing pc.
son Of the concern, but aEotding the most conclusive
evidence that the financial siirs of the company are
msnoged without any kind Of system,
TnEAsuRrns orFrsE, Norwich Worcester r. n co.
$6,2 AZ March 10 1871 }
-Four months from da;o for value receives, the Nor.
witch and Worcester Railroad Company promise 10 gay
the order of six hundred and thr vtwo dollars forty
seven cents at the Guinebaug Bank in Norwich, Conn.
O. PERKINS, Treasurer.
Those who understand the character Of responsible
evidence for the indebtedness Of corporate company,
that the above constitutes no legal obligation
II could not be declared on and coming from agent
unauthorized TO bind the company, It's legality could
be successfully disputed 1t merely affords an evidence
of debt and nothing The loosene@ and careless
ness with which this is conducted is thus plainly
exhibited
No better evidence of this fact is wanted than the cir
culation of those nses in liquidation Of cash debts al
ready due more than eight months II 10 even without
FORM being written a scrap Of common paper without
the proper Official signatures, shows no marx Of le
gay no proof of hnviog received the approval Of tho
directors and does not bear IA IL required tho Of
the President Of tho Company at the time il Issued.
They ore 80 drawn to b. uRnegotiabie, without
the holiefs bsconing liable as endors They
are not In fact any lhog than evidence of
debt agsinst individually and in the event Of the
pany he takes the responsibility Of representing in this
woy, becoming bankrup, he may be held responsible