The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-04
FINANCIAL AND COMMERCIAL.

THURSDAY, Jan. 3--6 p. ~
The stock market opened heavy this morning. There
was more desire to sell today than nod,ed yesterday
the decline in prices At the first board Miss
e's fell of - per cent; Illinois Central Bonds, u; New
York Central e's ii Cumberland Coal, 4, Erie u Har
lem, Ia Reading 81 Michigan Southern, "a; Cleveland
and Tcedo, Il; Chicago and Rick Island, ~ Galena and
Chicago H. New York Central Railroad sold to-day
TO ,ome extent. Quite number Of irregular lots
old oa the bears putting out long contracts
prices considerably below those ruling for cash.
is gradually but steadily setting down 1t sold to-day at
Is per price lower than has been many
years. Within the past eight years this stock has sold
at 81 per cent and at that time ccns ered ches per
at that price than it is at Is per This an
ustl alton Ct the rapid depreciation this species pro-
petty is subject to under management This
depreciation has been going in all parts of New
England with almost the rapidity and it is dis
tincty visible in all the railroads Of this State The
Western reads have thus far pretty efectuay disguised
IT, bu they not by any free from It, although
the lines of that section comparatively We
in the market value Of tho stocks of Western railroad
companies al this moment than 10 the works them.
selves 1t is impossible under the present system of
raircad nagemsnt avoid this runous process and
not of than halls dozen railroads in the
country that properly provide for the desrucble cha
racter Of their property. Most companies seem to
c'nne:ted with them, totally indestruciole, and
would never show the effects of and tear Of time.
IT ~ declare dividends at least full up to their total net
eeinings and most frequently beyond that point until
at last it is found that the road is complete wreck in
capable of being operated without immediate extra ,rdi
expend and then there is end to dividends.
Some Of the recently completed railroads in Illinois
and Wisconsin have fortunately been constructed and
msnaged by men who have derived a great deal Of
knowledge from the experience Of others earlier engaged
in railroad business and II has been of vast service t,
them in their operations It has enabled them to
avoid all those exravagant mistakes and guard against
all those things which pioneers in railroad construction
experienced, and to place their works among the best
the country upon the original outlay Nearly all the
railroads CT this State and New Eogand have cost
than double what similar lines along the routes
could be constructed for at the present day The changes
IN grades and curves, the alterations in weight Of rails
and size Of cars the increase from time to time 10
tive power, have oil required expenditures which
Western railroads have not been subjected to.
They have, at one step, taken rank among the
best constructed best located best equipped and bcst
managed works in the country, and when the proper sys
tenn of finance is pursued All have been productive and
will continue through all time We can, therefore.
with confidence direct the attention CT capitalists to the
stocks borts, &c. of Of our Western railroad
ranies Some Of them offer the greatest induce pents for
been constructed during periods when these sections