The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-20

hs hsd ils1 to deliver Michigan Southern Railroad
stock due TO me on contrsc made for my account og
you the favor to read the Board the
mole Of kessIs. Genn Lock ,ocd Very 70 ,oscvully
yours, LEONARD ". JER)ME>.
No. % WILLIAM STREET Feb Is, 1855.
Mr.. LEONARD w. JEReME:-
IBAR SIR To ysur Of this date inqurins Of us
VIE Messrs j. Little Co have at auy lima failed to
your acsount va have TO reply-ws had o receive QUE
hundred and ffy shares OF them Monday, the Itsh
,sss. Tor your account wh"h they d'd no; del yer.
The letter Of Germ & Lockwood is ooncl lsiye
The President of the Board was fortified With letters
from other parties to refute any statement the party
implicated might make but he was wise enough to
submit, and there the matter dropped. II necessa-
~. We can show by extracts from the books of
prominent houses in the street that the failure to
deliver stock ut the maturity of contracts by the
individual alluded to has been since the present in
fation commenced, almost an everyday occurrence,
and it is about time that the public should thorough
y understand that there are parties in Wall stree
who are greatly oyerrated. both In regard
to capital credit and influence. We have
rade altogether too much of this matter.
But for our desire to disabuse the public mind the
game would not have been worth the powder The
community at large take no interest in the gam
spectators of Wall street deal in public securities
there is large class Of capitalists more or less In
terested, and it is to that class address our re-
marks. A commission broker follows legitimate
business, but those who buy and sell stocks largely
on their own account for a rise or fall, should be
placed in the prisoners box of the Court of SEES
sions alongside Of the gamblers who have recently
been indicted, and be tried by the same laws and
inflicted with the same penalties.
The Harlem Railroad Company have negotiated
through Messrs w. and J. O'Brien the whole Of its
second mortgage loan, amounting to $500 900, and
available its entire resources This loan is secured
by a mortgage on real estate and railroad rolling
stock, and the character of the investment is ex-
hibited in the fact that our Oldest and shrewdest
capitalists were the takers Real estate security Of
such chara ter as this is seldom met with even in
this city, and the subscribers to this loan comprise
some of the largest real estate owners on Manhattan
island. In opinion this is the best secured loan
the Harlem Railroad Company ever issued. There
is something tangible, something possessing real
value, something approaching in value day and
night, and so far as actual safety and available
security goes, this issue of bonds is preferable
to any other made by this company. The
rolling stock OF the company is included in
this mortgage. This is much better than 80 much
value represented by fixed iron rails In every
way these bonds must be a desirable investment.
They mature in 1868, at which time the real estate
mortgage for their security will be worth the entire
issue, leaving the other collaterals On additional
guaranty. 1t is estimated that the company will
earn let this year sufficient to pay the usual diyi-
dend of eight per cent on the preferred stock. The
present board of managers have undertaken a
thorough system Of economy, without lessening
the efficiency Of the road. We understand that, in
the first three months of the present fiscal year.
the pay roll of tho company has been reduced
$4,000. In every department reform has been in
troduced, and the stockholders may look for salts
factory results The Messrs- OBrien have secured
for their friends safe and substantial investment
at very low figure. The company was fortunate
in having such real estate security to OFFER It was
purchased years ago at comparatively low figure,
and is now in the very heart Of the city, doubling
in value in less time than any other part of the
island.
The Assistant Treasurer reports to-day as fol