The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-21

have been posted relative TO the nnancierng operations
railroad Managers have not been without the most aar
ing approximations to the result. The enormous y,
crnecs made the sale Of railroad bonds and the inn
mense amount created and put forth on. the market
week after week. could not have been observed BY capt.
taiiss without the most serious misgivings Unfortu-
natey all we could say and all the evidences Of future
explosion which we daily presented, were of no
avail Men OF moderate means rushed into the
area Of speculation and purchased railroad
bonds with much avidity a. though there
were not always few left, which, a. great favor
could be issued to any one particularly desirous Of
making such an investment. There is hardly mar
chant mechanic, manufacturer farmer in the conn.,v
along the lines Of the principal railroads. who has not one
Of these beautifully engraved bonds laid awav
carefully in the iron chest poctetbo Many eco
nomcal and cautious farmers have mortgaged their
lands to buy these securities and many railroad bonds
are, doubt, carefully pinned in the leaves Of the old
family Bible, where they weekly examined and
mired by the happy owner who little dreams that it liz
rapidly becoming worthless Is hard for this to
have their hard money drawn from them BY such
false representations appear the face Of these
bonds but what do such men as Schuyler Crane Kyle,
and many others not yet found out for the losses
Of farmers and mechanics9 Talk about the integrity
and credit OF such the New York Central
and Erie Railroad companies The veriest Fancy - tho
MARKET representing other than railroad interest,
10 better than either Of them There il real
basis in the worst managed coal company the marhet
than any of tie railroad companies which have been
Hnancered nigh unto death-whch have been depleted
by set Of eeches until the life blood has been nearly
exhausted It is ridiculous and absurd to compare rail-
road companies which not only already 30 heavily
loaded with debt their bondhoders could not realize
on foreclosure Hfy cents the dollar, but which are
at this moment In the market for loans varying from
three to five millions Of dollars with those engaged IN
most productive business without debt and with surplus
earnings in hand, with competition worth noticing.
and with management not engaged in 6nanciesing 70
All their own pockets the expense Of the sockhodsr.
The Cumberland Coal Company owe five hundred thou
POND dollars and it has nearly that amount Of fts own
stock on hand The Transit Company has i've
thousand shares Of it's stock hand and owes NO.
thing Neither the Coal the Transit Company in
the market for loans and wbstever earnings and
above current expenditures there may be In each
cern 10 the sockh ,ders instead Of being consumed
by bondholders and other creditors IT. however, coal
should suddenly become worthless and route ouJd
be constructed in the Of week two between s
city and California the probability IL that tho stock Of the
Cumberland Coal Company and the Nicaragua Transit
Company would not be worth much ct present. and
the BEARS who have lately literally asd the columns u
mex psrsnced contemporary with elaborate legal com
munications might buy in their shorts at owsS prices,
and make good thing Of IT, They shnuM not give sueh
dry and musty documents regarding profound points
Of law this hot weather No read them, and 1t
IL much ammunition thrown away. It would be bsttsr
policy TO reserve such conclusive evidence Of rosnness
and worthlsssness for favorable period Ne
one thinks about coal when the the thermometer at Is
degrees in the coolest place.