The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-06

went to Brunswick to the commencement; Afterwards
Cross. examined by Mr. Busteed-Miss Caroline Walker
did not remain at Harpsws for three weeks with me- In
1sa5; abe was with Mrs Walker. who remained there
Walker and thsn returned at the time Of the revenue
cutter party; she also down at Harpswe with Miss
on the occasion Of her third visit to HArpswsn while
there, Mrs. W. came with Mrs. Waldron, and re-
turned the same night she came in her rockaway and
drove herself Mrs W. returned In her r0ckaway In COM
pany with the Houghtons Lieutenant Wells, Dr. Heart
WE'LL ClaraHssrtwel and others DR. Heartwel vent In
commencement Of Bowdoin College, In isAs With her
sister, Mrs. Walker Was not in HArpswe in ls4S TO my
knowledge during part q that year she boarded at Mr.
Amelia Hull examined By Mr. Biunt-I resids in Fifty
ninth street; George " Hun z the name Of my hus-
in isti and Continued to reside two years occupied
the third story and was acquainted With Mrs Warner,
who also occupied part Of the house Mrs Warner has
exhibited to letters have seen three letters that
were sent to her, and two books.
What did she say to you in reference to those let
ters?
A. She told me she had received them from Mr. Wal
kerr
9. Did you these letterss
Q. To whom were these letters addressed4
A. To Mrs. Warner; did not read them. III. ..
g. Did she state 10 the character Of the contents
objected to and objection sustained.
O. Did she not state that she had received an impro
per letter from Mr.. walkerS
Cross. examined BY Mr.. Busteed-when Mrs. Warner
exhibited those letters to me- she exhibited all three a.
ths up ater this late in the fall don't know the
month, but it was in 1853, beleve;i happened in Wal
apartment have not spoken to Mrs. Warner for year;
have not visited her since she lived In Brooklyn; do
not visit we are friendly together the books were pam
hands, had the letters in my hands, can't .el
how the letters Addressed the inside they began
My dear Lousa they very indecent letters; they
were directed to Mrs Warner, believe did not read
the address read part Of them; knew Mr. Warner
At that time and don't know Of his receiving any letters
tiers written they neither sealed wafered
they we're on small slips Of paper, and were tied with
string. @#4
To Mr. Blunt-when these letters were exhibited to
me Mrs. Warner living in the house with me;
think this in 1853.
Several letters here produced by the counsel Of
the plaintiff and all were admitted by Mr. Busteed to
be in the handwriting Of the defendant.
Mr. Smith said that letter had been produced by the
defendant purportng to be in the handwriting of Mrs.
Walker Already published. These letters, which he
70
ticulary in two instances and in them Walker express
ed his confidence in his wife. ~
Mr. Busted objected to the production Of these let
The Court ruled that the letters might DO read to the
Mr. Smith then proceeded to read short extracts from
of these letters One, dated New York. November
l. 1850, the question Of residence, sated-'T shall
Walker towards bis wife, and others again referred to
Mr. Busted win read the remaining part, Of the..
letters today after which they win be published in this
paper.
cuded making extracts from the letters in question
Railroad Anairs-The Depression OF Stocks
and Securities.
From the Albany Atlas, July 81
glance at the stock lists of the principal cities
shows an extraordinary state Of affairs in the market
nf pof1v In ft,aN Gtn<a
the involvement of the different lines in complicated
partnerships and the competition Of rival routes have
brought many of the roads to utter ruin In the
Western States, roads built with wonderful cheap
large dividends have latery resored to the expedi
enf Of Issuing stock dividends, which has had the
inevitable result Of lowering the value of the shares,
thus increasing in number. In other cases construc
ton stock has been issued to contractors for adding
new or extending old lines. ....t.
In other cases again, one railroad company has
undertaken the construction Of another road, and
oftener still, the directors Of prosperous line have
under another charter, using for that purpose the
funds of the old road, depositing its earnings in
banks within their control, and drawing them, in
discount Of their own paper and holding the affairs
ject. Capitalists at the East have found on examin
ing into the affairs Of Western enterprises that their
solid capital has been subjected to wire drawing
process which, though it has extended it to a dis
measure that it Is hardly vsable to the naked eye
These abuses Of" watering" the stock, instead Of
liquidating the debts. and these complications Of
roads within roads, and lines within lines, ALL or
nearly ALL arise from the fact that the government OF
the roads is left In the hands of railroad contractors
aud that the interest of the directors is separate
from and often repugnant to that Of the stock
holders.
In this State the depression Of railroad securities
is the result Of general causes. The capital Of the
country is inadequate TO the multitude Of enterprises
pressing upon it. The cheap western roads have
invited capital BY their large dividends and attractive
exhibits Of business. The most absurd enterprises
within the State are forced upon the public by the
pertinacity Of interested cliques.
With the stock Of the Central line, the only rail-
road to which nature has opened the valley
the lakes with the tide waters, partnership Of es-
tabshed and prosperous enterprises, with this below
par in Market with the shares of the Erie road en-
dowed with 100000 by the State, at half price,
with the Hudson River and Harlem railroads averag-
tractors and SPECTATORS with petty subscriptions,
aided by prospective grant of city credit, and the
promises Of forwarders Of moderate means along the
line have undertaken to build road from this city
to Binghamton, distance OF 14O miles, OF cost Of
over SIC, 100000.
To aid this work, the contractors who propose to
build 1t or expect TO supply it with Materials forced
fraudulent vote Of the city credit to the amount
Of half million. The same or similar jobbers get
hold Of the Albany Northern road, administer It's
affairs reckessly and ignorantly, and having bro
ken it down, smugge through the Legislature an
act to reimburse themselves at the expense of the
innocent citizens already the victims Of their rapaci
ty and folly.
The fault here is that too many Of the roads are
in the hands Of the contractors Of men who have an
interest in constant excessive expenditure. Ex-
penditure now is carried on at nearly double the
cost Of former years-labor, materials, and money
all costing more. The State, too, enters the market
to elevate prices, and to be an element Of further
disorganization Of credit and prices. Travel and
trade multiply upon the roads, and the exhibit OF
receipts shows vast increase Of profits; but the
new work constantly projected and undertaken, at
the instance Of dealers, az prices altogether without
hattefihg excess. ~.
Nor is there any mystery in this great imitation
Of the value Of money and labor. Twenty years ago,
the surplus capital OF the country not invested in
ordinary trades, was boarded in the limited nation
al and State stocks and the few city credits then Is
sued and Of these foreign capitalists held the largest
share. Now hundreds and thousands Of railroads