The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-03-08

MON u ~ n II n q IT,
SUNDAY, March Top. M.
At the coee yesterday the rtock market not 50
bucyont The brokers do not exhibit much spirit in
the early part Of the week. and If they confidence
prices must rapidly give way Speculation has not at
any time this seuen been very widespread and all tho
terts made to attract outside operators have failed IL
the meet difficult thing in the world to induce those
whose minds occupied with other matters to involve
themselves in thcse fancy stocks The fact H. 10 much
has bee raid about these eceutiesthey have been on
the market long and so much Of the movements Of
fpancicrs connected with them has been exposedthat
the public generally have become thoroughly Disguised
with them and have desire TO touch them Some of
the fancies the lit have been the market ff
teen and twenty years and better ut this
than they twenty years. ago. In the meantime they
experienced all sorts Of fluctuations Fortunes have
been lott and and lost again and do not the
most remote probability Of even the most prominent Of
there fances being really worth what they
selling at This, however, 10 not an objection in Wall
street 1t matters very little what stock is worth
amorg SPECTATORS The longs and the shorts great
regulators ard it is only necessary to get up from time
TO time, rene plausible statement showing pros
pcctye improvement in particular stock to set the
machinery Of speculation in operation All the fancies
in time have their turn. At present Erie and Reading
Railroad ftoeks in the hands Of SPECTATORS They
have arranged all the wires but for they do
not work we In the fret place. they heavy stocks 30
1t requires immense capital to carry the
to Moderate extent. There is nothing in the posi-
ton and prospects Of either company calculated to give
holders much confidence in the future value OF the Sc
curtioa investments and 1t Is therefore hard hi
work to induce outside capitalists touch them The
Awnings Of the Erie Railroad thus far this year do not
look much like the aggregate estimated and the expen
lures construction account 1t has been
tmaey acquainted with the operations the line that
the net receipts from passcugers for several months.
would NOT pay the damages arising from collisions and
other accidents There IL doubt but that the Erie is
one Of the most extensively managed railroads in the
country Notwithstanding the report Of the company to
the contrary and every day strengthens in the opinion
have 80 frequently expressed that not one Of the
dividends paid the stockholders has been earned This is
a well known fact, and know it better than those
connected with the management The last semiannual
dividend paid four per cent which represented
to have been earned, with surplus of between and
two hundred thousand dollars which reserved for
payment Of undry items in construction account There
was an object in paying larger semiannual dividend
the first Elk months after the road had been opened
through to Lake Erie, than before II done for the
purpose showing the road had been productive
than anticipated avoraby affect the market value
the stock At that time particularly important
that something should be done to sustain prices; and
nothing better calculated to do than increase
in the dividend. 1t will prove fatal The effect ulti-
mately must be most disastrous We know that Of
the directors in favor Of declaring stock dividend
and of keeping what little money had actually been earned
to relieve the company from the pressing demands upon
It. Time will show how far they right. The Erie
Railroad great work 1t Is worth to the city Of New
York every dollar 1t has cost and in years hence the
stockholders thoud get cent in the snpe Of dvi
donds and the stocks should depreciatc fifty per cent
the road will be operated full advantagcousy for the
most prominent interests Of this city at present The
work il constructed and somebody must keep 1t in active
operation Properly managed 1t might have been made
profitable from the commencement with even moderate
economy could have been built much better than 1t
has BEEN ut twothrds the present cost 1t is with the
extravaganza Of expenditure In construction with the
immense sacces made in the negotiations Of its secur
ties with the adopted to initiate and dcprss
from time to time the market value Of it's stock and bonds
and with the taken 70 up and disguise the
bankruptcy Of the concern that VIC complain 1t mat
tiers little with how much the regular spectators of
Wall street fleece each other They operate with their
eyes open for there is not Of them that for moment
really believes the Erie Railroad Company earned
dividend declarcd but It Is Of the efforts made to draw In
buyers to take the stock out OF the strecout Of the
hands OF those Who having confidence in It. des
Of realizing much as possle-that complain
Fortunately for holders Of Erie stock generally there
argc quantity owned in Wall street. aud it is for the In
teres of certain parties to sustain It. But for this the
tock would be down far below Harlem Hudson River
But for the influence Of Wall street upon the market
ue Of the stock Erie would be below sixty per
Stockholders in banking, insurance. railroads and all
other incorporated companies frequently deceived by
the declaration Of dividends We have known companies
to pay dividend one day and burst up the next Div
dends often made to blind the public and often
proves unsuccessful We Informed that the late dv
dend of 81 per cent, declared by the Reading Rarosd
Company the subject Of earnest and violent discus
sion in the Board Of Directors Two Of the directors
rrediby informed did actually notify the others
that II this dividend made, they would withdraw
from the administration Of the affairs of the company
They bitterly denounced il; but other influences were
brought to bear upon them, and. although they
to the dividend II stu declared and they re-
tanned their seats The influence speak Of was brought
to bear upon these refractory directors from Massachu-
sets where certain large stockholders agreed TO wait the
convenience Of the company to pay the dividend The
company We are told borrowed money ut the rate of Is
per cent per to complete the arrangements for
the payment Of such portion of the dividend could
be postponed. That no dividend was earned
renty believed in the three markets where the Reading
shares sod and openly stated that the position
Of certain parties in the stock would determine whether
dividend would be declared not We have to
believe that If committee Of Independent stockholders
were appointed TO investigate the condition Of the Read
ing company a state Of affairs would be revealed which
would surprise and astonsh the community The affairs
Of the company are now conducted in complicated
manner that ordinary accountants unable to unrayc
their statements.
The shipments Of cotton goods from the port of Boston
to foreign ports during the months Of January Feb
ruary in each Of the past two years annexed:
DEPORTATION Of CoIros Goops FROM BosroN.
Packages Tair
10 Fast Indies &c..........b, 4T S252 $40 Oh
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