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

Tho company very large 50, probably, than
at any previous sale of stocks and the bidding spirited
has become the practice with certain papers in this
city to give currency to every Of the failure Of
any house. 1t started without knowing any
thing about Its truth falsity These papers, In their
efforts to Guido each other and for the purpose Of making
good paragraph, publish without the slightest hesisa
ton the name of any house reported having failed
leaving for future tina whethsr the report
ia with without foundation It would work radical
change in this custom II party falsely reported
would mulct them in heavy damages a libel suit. A
morning paper reported the failure yesterday Of Aesss
Clark Work Co. In effort to correct the blunder,
evening paper the failure Of Messrs Clark
Watson Co., and commits another bluuder equal TO the
first The fact is, that neither Of the houses named
above have failed How the report started, cannot be
satisfactorily explained, but caution is not
exercised by the papers Of this and all other cities in
publishing such reports they viii do incacuable damage
to the commercial community, and bring about the evils
all are SO anxious to, and might Otherwise avoid.
We authorized to state that the mine and ee,ts
Of the North Carolina Copper Company has been CON
veyed in trust to James sloan Esq, Of Greensboro,
N c. by the President and Directors to the pay
ment Of debts due by the company We pleased to
learn that this mine now presents favorable APP
psarsnce any former PERIOD and that the gentle
man appointed to its management Is emnenty qualified
for the business assumed by him. The ops ratons at
the mine to be vigorously carried on and the strict
est economy viii be consulted by the trustee. Tho
penses will be greatly diminished learn that the
salaries Of the primo pal officers suspended during
the continuance Of the trust.
One Of our young contemporaries feels very much ag
grieyed because have lately exposed some Of the
fnancerng operations Of Its pet the New York Central
Railroad Company. In fact it does not to relish
r.
show its condemnation of the course We have for
long time pursued regarding railroad investments
in a ssill stronger light, it attacks in return
two companies which have had occasion lately
to present in contrast with the inflated,
indebted, over-issued -fnanciered railroad
companies, occupying prominent position In this
ket The Cumberland Coal Company and the Nicaragua
Transit Company pounced upon by this redoubtabe
champion Of railroad swndling aud Hnsncicripg and
their utter and immediate humiliation predicted The
construction of route TO California is TO ruin
the Nicaragua Transit and reduction in the price OF coal
10 to up the Cumberland Coal Company. II pro
badly has occurred to contemporary that similar
causes might produce similar effects the New York
Central Railroad Company, and on the Delaware and
Hudson Canal Company The probability ola rival compe
finn ou,e being opened to San Francisco hat would nure
the Nicaragua Transit or Panama lines Ia not
great as construction of rival road to the New York
Central and the attraction Of travel from the route
taken Rival railroads continually sprngng up. The
New York Central and Erie are at this moment, and
have for time past been strenuously contending
for the passengers and for the same freight
and the competition Is likely to increase daily We have
for long time considered this the most fatal thing rail-
reads had to contend with and we reason to
change opinion. The stock Of all the railroads Of
New England have been deprecated BY this cause and
the depreciation IL st going rapidly Ten years ago
Eastern railroad stocks commanded premiums ranging
from Eve to Hfy per cent. New not more than two
three rule above par and the highest only about
two per cent premium. The Arst great Of this IA
tie rapid increase in cost and rapid increase In stock
and the second the compt ton which has Of late years
been carried 70 ruinous extent In particular localities
The causes have for time past been operating
the railroads Of this State and they gradually
tending over the whole Union. At this moment there =
not railroad ,tock IN the country cor the fra fraction
orsrpar, and in less hon trio years not s, command
that price This IL strong assertion but its truth VIII
be verified. We have frequently pointed out the
which hare produced the present state Of things
In railroad investments and remarked that this vast In
terest had its best days. Those who have bsen
blind TO the movements going in the financial word
have Of eopc, permitted prsdctons 70 pass with
cut notice. and they respipg the reward Of their
syshy ara wan. Of co rres foresight; but thoss N