The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-01-08
PHILADELPHIA, Dec. q, lS4S.
Stock Panics-TVhat may be done.

Stock Panics-TVhat may be done.
It does not matter much what bold chap under
takes to do; If well read In human influences IN
the line of his attempt, and posted up TO the par
ticular thing TO be effected, he can generally sue
coed, however unworthy, and however regard
less of the retrbulon that is pretty to over
take an incorriglble panic maker. Now, among the
likeliest Of places to get up rage or panic, is
certain undefinabe locality called the stock market.
A regular. operator is as tac,6 as a chameleon
changing the color OF his prospects summary as
the said animal Is reputed to metamorphOse his
skin. The twelve months preceding the present
writing having been eight" as they say on
Change, it has made Philadelphia the scene of
the most desperate as well the most fantastic
tricks IN the stock line; panorama theresf with
all the attending tortuoslties, would show even
better than the blow-ups the Mississippi; the
guerEleros of Mexico.
Just single glance at a case or two, and drop
the curtain to await part the second. Casting about
Tor chances, an OPERATOR, early in the year '4S,
fixed his eye say upon Schuylkill Navigation,
great public work just then struggling with diff
cultes. 1t is pronounced "rotten." Bonds Chen
runners dash through the street, decrying the
Navigation 6's, and selling short" downtown,
through all stages, till they touch $l9 Not the
bonds, in fact, for they have none in possession ;
delivered four and six months after sale, hoping,
by the incessant cry of worthless, rotten, &c,
coupled with bold statements, and back ed by offers
to sell short, aided by tight money market and
dull coal trade to brighten real hoders,who at last
give way and throw their bonds on the market.
This nice operator now takes in his shorts at low
prices, delivers, and realizes a large sum.
Thus emboldened, he attempts Pa. SIS; but fail.
Ing to aaim holders, he takes in at some loss and
turns upon something else, and either breaks it
down, or, failing, pockets the small loss and
cooly casts about him for spoil in other quarters.
Now, all this while, let it be remembered, he ap.
pears TO be nursing the Reading Railroad"
both by tongue and paragraph, and, not the least,
through his accommodating runners. This great
work, he can demonstrate, will-must eventually
"pay."
The income In gross will be- annually about 900
Interett per cent on $4,00O,O00
mortgage bonds. S24O,0O0
Interest per cent on $5500,000
preferred stock, when all shall
Interest Q per cent on sloco,Ooo old
hock.s ........... Z4O,OOO ooo,VOO
sI1sS,Oo
Annual running cost keeping cars and road
In order not exceeding. .........,. 100000
Surplus applicable to sinking fund ..... $l35 900
This Is given as the "ofiiclal'' statement of the
company, reiterated as 'true to the letter." when
ell OF a sudden, ''mare's nest" is discovered -
The Schuylki and the Reading have "combln.
ed-for whail To secure better prices for freight,
SO as TO- pay the proprletors. Nothing else. Just
what all sensible men have insisted upon as the
thy Operators" opportunity OF further "shorten-
ing" on Schuylkill he loses something, perhaps,
On his short sales of 80, and vows vengeance on
his favorte Reading all the more available from
his former show Of friendship. "Whe should
know, If he does not % The old stock is most
valuable from being last to receive dividends. It
is true, hints are circulated that Reading will
default In the January interest" But offers are
at once made to buy the coupons in advance, at a
moderate discount. This is yielded-bu, getting
parties TO Join, who were dazzed with his great
success in breaking down SchuykllI, they pounce
upon the ''old stock" Of the Reading. They own
none, but offer "to sell any way"-borowing
every available share to meet their immediate de-
liyeTies; but prefer to cell on time $l6I, Z, 1, 1,
is, down, down, y, down, down; good tor no
hing, rotten concern, gong TO $40" Sales, SIS,
deIphia None but these parties all "short''-
no real operations--no deliveries but borrowed
stock. They seem little uneasy--would rather
sell SO shares than 100, instantly running PIT it