The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-03-14


q DIGGING down the Legislature to pam n 81
prohibiting bann from shaving elnsacy, sxsspt
On the Metropolitan scale, u juss u absurd n q
the ideas that ever emanatsd from that concern.
IL Is Just what the brokers want-just what viii give
them the mono poly Of the uncurrent money busI-
ness-for the regulator has virtually acknowledge
its inability to move another step, else why does II
appeal to the Legislature through its petitions,
The only way that the currency can be brought
back to the sound and healthy state it was in three
years ago. is to stop the banks in this city taking up
the better portion of it and sending it home for
specie, thus putting it out Of USE and opening Va
cuum for foreign notes. and to enable the banks in
our State, to obtain more currency by depositiag
cheaper stocks with the bank superintendent for 20
long as currency can be obtained from Illinois, On
Georgia and Virginia stock which are ten per cent
premium, and our State banks have to pay twenty
per cent premium for United States and New York
stocks, the foreign currency will be sent here, and
used when it is here. The Legislature will be very
likely to act for the greatest good Of the greatest
number of the people, instead of the clique who con-
troll the Metropolitan Bank, whence emanated the
petition for the quarter per cent shave Give US
back our own good State money for the use of the
people or else compel our city banks to furnish .
currency for common use. The Metropolitan has
never furnished dollar Of currency, alleging q .
reason that they would be presented by the brokers
for specie. How, then can it be expected that our
country banks will furnish currency when the Me-
tropoans whole business to return their notes for
specie?
The stock Of the Harlem Railroad Company,
though it has been established among the dividend
paying stocks for q period as long ago as Ave
years, and with q continuance of prosperity from
that time yet we the stock depressed considera-
bly, below its real value because the stockholders and
the public generally have confidence whatever in
the directors. They are, many Of them, New Haven
Railroad men; and have often expressed ourselves
that no man two masters with equal justice
to both and long this interest continues conf.
dence will not be restored. In less than two months
an election for directors in the Harlem company win
take place, when it is hoped the stockholders viii
vote for an entire change in the direction The pre-
sent incumbents have been in Office and monopolized
the affairs of the company long enough for the stock
holders goodand for what purpose? One of their first
acts to make 81 100000 of preferred stock, at
per cent and give one of their directors $50 900 to
get one million of this stock taken up. Again, their
own engineer, after full survey Of the new road
from Dover to Chatham, estimated that the entire
and their reports show it yet they contracted it out
for So 900 0OO exclusive Of rights of way-$5OO 00e
more gone They have built two large depots Id
Centre street. one for themselves and the other for
the New Haven Railroad Company, the lower part
of which only is occupied by the two companies,
and are four or five stories high, covering one
entire block, and all above the ground floor is let
out to numerous tenants for workshops &C.. and for
the accommodation of these tenants at an enormous
cost in construction and totally useless for the bust
Of the company and at the expense of the stock
holders. The same thing was done with the pro-
perry at Tryon row, and other places. Well might
the stockholders ask, why the dividend is not
increased. You may ask in vain, until you turn
out the present incumbents, and stop these ut
terly useless expenditures, and the buying and
selling Of real estate and building houses, and
letting them out in apartments. Such bu-
siness has nothing to do with a railroad, and
no good to the stockholders can possibly result
from such reckless Encouragement Nothing short Of
change Of directors will make things go on pros
perously. The company have not issued any report
to the stockholders since Sept 1861; and there IA
evidently disposition the part of the Company
to Withhold so far as they prudently can from the
stockholders, information relating to their own inter-
| st and prosperity. We are inclined to the belief
here will be pretty warm contest for the direction
the first Of May next and that the present direction
will find themselves in weak position. The receipts
for February are not yet completely made up, but
we understand they are very large.