The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-11-03
FINANCIAL AND COMMERCIAL.


MONEY MARKET
FRIDAY, Nov. Pop. NJ.
The absence Of the steamship Baltic puts partial stop
to stock operations. TAT the first board to-day the
market generally shade better. Indiana Us
advanced Il per cent Erie Railroad NJ Galena and Chi
cago X; Chicago and Rock Island III Hudson Railroad
4. virginise' declined per cent; Missouri 6s VI;
Cleveland and Toledo, r. There was not much activity
in any of the fancies Cumberland and Nicaragua
main unchanged. There q strong movement In Ga
lena to-day Parties DESTROYS Of purchasing have been
wise IN doing before the October returns Of receipts
come in Nearly thousand shares purchased this
morning at the advance principally for cash. Erie is
sustained much better than expected. may for time
rest the neighborhood Of current rates. but des
tined to fall back ultimately to the points it started
from few months SINCE The clique that few weeks
took hold Of this stock at ffty-four and ffty-fve
per cent with the intention of carrying to sixty and
seventy per cent will not make another attempt very
soon. year or two since the clique purchased
several thousand shares at ninety per cent with the in
tenton of carrying It to par but they
cessful In that instance than they have been In this
They were large losers then and they win be
They are still at work bolstepg up the market but the
amount of stock aoat is great hatt must sooner or
later cave in Nicaragua Transit is at present about
much reduced in market value at any time since its
organization. Not much stock has been brought out
for stock that promises well in the shape Of dvi
dends. Within sixty days the company win pay at least
ten per cent which the market price will pay pretty
WELL 1t is only those unortunates who obliged to
sell that feel the present depreciation Wall street is
full Of that class and must therefore look for long
period Of depression. There railroad on
the market In which outsiders have the least confidence
that those possessing real merit and productive
with difficulty sustained.
II must be confessed that the experiment Of railroads
a stock investment has proved failure. England has
lost Eve hundred millions Of dollars IN this species Of
property and the last exhibit reveals less
satisfactory state Of things than any BEFORE New Eng
land has lost hundred millions In the same class
of Investments each succeeding years. and even MONTHS
returns showing change only for the Scarcely
dozen her hundred roads pay regular dividends
and but solitary one commands premium in market
for it's shares OF the roads In the middle States the
account is but trHe favorable In the three rich
and popuious States Of New York. Pennsyiana and Ohio
at least hundred millions has been SUNK and
the tendency is still downward At the South the state
of things is no better; and the West-excep' in
favored localesshows roads quite improbable and
unsaleable in any other part of the country Gradually
slowly but surely Is the mighty net work OF ron inau-
gurated but few years ago with such magnificent pros
poets, with steamhorse and flashing equipags, and
confident hopes of boundess and endless profits wearing
and fading away and losing its hold upon the public
regard.
It would seem that there Is somewhere some radical
defect, monsrous in this great system. What
1t is-why railroads are never built within the esti-
mate Of their engncers-why tcnth of them begin
with large dividends, and taper on in little time to
nohng-why the capital Is forever increasing and the
profits and dividends diminishing, questions which
seem to us both reasonable and proper. And know
not why should be stigmatzed Wall street rascals
or hired rufians when honestly and fairly put these
Inquiries and endeavor best can ia all truth and
sincerity, to them The failure Of the railroad
system investment for profit has spread desolaon
and throughout the land. Innumerabe families,
widows and orphans, mechanics, farmers day laborers
and thousands Of people Of the smallest means in every
class society," have been utterly ruined and crushed by
the fall Old age and helpless infancy hopeessy beggared
drag out miserable existence only to curse the day
when their little all by the dvce Of protector,
tractor director consolidating swindler invested
railroad stock Who makes the money and who loses in
railroads. The great nancer, the protector the
tractor the officers of the company the consodator and
large operator behind the scenehey make the money
while the poor outsider humbugged by specious state
ments false representations and deceitul aivice Is
the party shoulder the loss We cognizan for n
stance Of the fact that director in Of the roads
the New York Central Company the completion of the
$780, (some 500 shares) and sold large amount short
besdes that he cleared in the sale hundred
per cent the original investment and that he left his
constituents without the slightest word Of warning to
hold to their stock till it has fallen 81 per cent
We not disposed to stand by quietly while such
practices as these are going We have seen the New
York Central stock inflated to Its utmost bsarabie
limit, and the managers then selling out leaving the
small holders to stay in, with their stock gradually
settling down from 125 to 49, We believe the stock
win Co. and ought to CO. ten to fifteen per cent lower
We know it to be a fixed fact-and the managers Of
the road know II too-that within two years from this
date the company will be compelled either to reduce their
dividends to increase their capital by several millions
We know that the increase Of gross receipts for the last
two years Is owing entirely to freghts carried under
cost and that in consequence Of rival routes the enlarge
ent Of the Erie Canal and other causes the net receipts
are in future to increase We know lat least have
the authority Of the State Engineer for it, that the Cen
trAl Company, in making allowance for Depreciation
make In the statement Of their profits Of at least
$500 600 per annum and that they actually divide that
In their eight per cent dividend when they have not
earned IT, first dollar OF IL.
With such knowledge and such belief 1t Is our
axed purpose-compatible alike with duty and
feeliDgs-to anaiyse and exhibit to the world the
intrinsic merits and demerits the interior workings the
history present condition. and future prospects, not only
Of the New York Central Railroad but Of all roads in
which readers supposed TO have an interest We
do II the ignorant outsiders against the deceitful
practices Of those behind the We do 1t to pro-
tect the innocent and weak against the graspng the
INSCRIPTIONS, and the powerful and not to be
deferred or swerved from purpose by hard
cries OF Wall street rascality.
The Assistant Treasurer reports to-day as follows
PAID on Treasury account. S1ss, $50 OF
Received on ,............... 55,4u O5
Balance on ,................T $50, T05 o5
Paid for Assay Office ACKNOWLEDGEMENTS. 156, 200 s.
Paid on Disturbing Checks .........,.. 80 $50 IS
Tho payments to-day incude $40 600 California drafts
The annexed statement exhibits the value OF merchan-
disc &C.. imported into and exported from this district
during the month Of October 1854 and 1885,
COMMERCE or PoK or NEw YoRK-IxroRrs AND EXPORTS.
Imports.
October. 1854. 1855
DutiAbie goods. ss,s4so5I sl2,oss, s2l