The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-11-21
FINANCIAL AND CONNER GAL,
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MONEY MI RK EFT.

HVNIVStkk AIVD OOMM6NNIHlss
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MONEY n A n X EFT.
THURSDAY, Nov 2o-6P.M.
Business was almost entirely suspended TO day. Ths
weather has been all that could be desired, and have
seldom seen Thanksgiving SO generally observed. The
only thing IN business way that has TRANSFERRED day,
Of any importance, the receipt of the Nagaras I'd.
vices from Liverpool via Halifax, which three days
later than those received by the previous arrival We
have financial and commercial accounts down to the
ing OF Saturday the 9th inst Conso had ned X per
cent Tho London money market had experienced
change and the Bank Of France shows Improvement
in it, condition. Bullion In the Bank OF England con.
tinued TO decrease, notwithstanding the large arrivals.
American stocks quiet Tho cotton market dull
and dropping. decline Of y on lower and lie fair
and mddlng qualities reported. Breadstufs Inactive
and declining. The s not 1t all favorable. Tho
scarcity and value Of money throughout Europe prevents
any activity Of trade and look for lower prices for all
great exporting staple products The Bank Of Eng
land and the Bank Of France will not relax the restrc
tons they have been compelled TO adopt and they may
MAINTAIN their position but In doing they surround the
commercial classes with difficulties and embarrassments
that may lead to wide spread bankruptcy. The banks
may not break, but they may break the mercantile
CLASSES.
They complain Of . very tight money market in Bos
ton The last bank returns Of that city show specie
reserve under three million Of dollars.
The Hartford rma Of the 7th inst contains the follow.
ing remarks 10 relation 10 Western railroad investments
There y 30 much truth in what tho says tina, We
transfer Il to coun ns that may DO more generally
circulated through The country
wErxRS RAILROAD ISvEsrsxSrs
The prices OF Western railroad stocks have undergone
great fluctuations during the last few weeks The stock
Of the Southern Michigan fell from % 70 So the
Michigan Central from 80 to co. Galens ChIcaRo from
ITO 70 1905, Cleveland and Toledo from "A 10 a. MI.
waukic and lacrosse from soto TO- Erie fromses 10 Sc
Reading 81 70 ~ and several other stocks IN nearly
the same proportion. These stocks have recovered
portion Of the decline. but whom they lowest
Of them were selling tor more tnan they were worth.
For some reason, perhaps owing to excess OF CON-
pasanoc, Of the New York papers Of the largest
gcratod pranes Of Western railroads. they seem 70
think that Eastern capitalists cannot tnk much cash
IN these concerns Whatever favorable TO the invest
nens u paraded In glowing coors but the other side Of
the account too often wholly suppressed. This 10 not
treating the public honestly iriy for the whole truth
produces alse estimate Of value Many Of thess roads
FOR years, have paid the whole OF thor dividends By
constant sdoons 70 their capital and debt Their dIre:
tors In too many cases. have nceced their
and At The same time foatheved their nests by pro-
ectipg superhuou brancs and lines, which have
In various ways s capital and debt up 70 about six
teen millions OF dollars route level that the
and better read could now Be made for four n,ns 81
dollars between Toledo and Chicago For every dopar
has paid in d sidcnds least two dolars have been add
cd 10 lie capital The Ia true OF the Michigan Cen
trail and Cleveland and Toledo roads all OF these con.
Germs having cost three or Jour times than they
would have done with honest and economical expen
diure, and all Of them making dividends which they
never have earned and never earn
Tho Galens and CHICAGO road was earning more money
ban any Other railroad West East But the
Of late years have thought proper tn pay over their
Eastern stoci holders only oncbaf Their legitimate pro-
In building road rival and parallel 70 their old inc
ooishly expecting 70 cover up ne bunder by calling
the new line "a branch BY this bad management and
by keeping back from tho stockholders halt of their
cash earnings the intrinsic value Of hiz has been
dininished more than hny per oeat.
Great injustice 70 the public also done by tho Western
road buffers when publishing their receips In corccalng
the close and competition which they are about
70 be subjected In all directions For instance BY way
Of putting The southern Michigan road, IL stated that
new limo will soon be finished from Detroit Toledo
which VII divide the business Of the Canada Great wost
information is kindly given VI the pubic Is studiousy
concealed that this division OF travel must made Al the
expensive hncs TO do the scanty business OF half
hpe-by taking portion Of In travel round
on the north side Of Lake Ere. n stndlousy kep4
tween Cleveland, Fort Wayne and Chicaso which makes
thortsr route 10 New YORK. and which very Sc
riousiy dminah The susnes OF both the Mcklxan and
The Toledo roads. Next year a railroad uil be com.
peted scross Michigan 10 Grand Haven. opposite MwAu
ke which WIN furihcr-suSdivde the bcsiross OF the
Southern and Central Michigan roads by taking from
them one bali Of the business u the Great Western Of
Canada The engineer OF The Mlwauke and Mississippi
fAroen Nn&t tnAi Foa1 VIII De puhhe1 20 Prairie
du Chen, on the Nasssipg three months, and that
viii make limo from Chicago 10 tho whole upper Mlsss-
sipri krros-fa and upper Wisconsin. hours over
hundred milce shorter than ts present the
Gslena aud Chicago rod. this correct, n take
away large share OF he most uuaive traffic OF tnst
line The Racfps Bnd IN and Wisconsin roads also
tap the Gaena road NJ Bclo and vii tap Il Free.
port making shorter line from both OF these points 10
Chicago. The presss which studiousy conceal FROM H.
Investors N Nctcrn schemes facts Of this kind
which they never learn from Interested parse, DO
not honestly cvchargc their duty towards tho public
Tho following communication, will give the public IA,
tie food CT reelection, particularly those Interested IA
railroad stocks q speculative cbarao,er,--
srw YoRK, Nov. ~, 1855
TO us EDITOR Trrs HERALD.
Ssl have heard, like everyone else in Wall street
Inc thousand sn0 one rumors that have been current for
the fast cw days IN relation 70 the management Of
OF the Western railroad stocks that have srrely
late and compare the different versions Of complaints
and believe The following 70 be the rist Of them. "
Am misinformed shall be happy " be set right. II
weuld appear that the officers o. certain railroad
company borrowed some money OF an institution In
Wall street, sud gave collateral security certificate o.
certain number OF shares OF the SAID railroad. Fer
snchsr, the snicr OF the institution
who loaned the money examined the stock ledger of
rsr 3D. and found thai the required number Of shares
not 10 the credit Of the account Upon application
for an explanation ne told thai the company had uu
issued stock, which they were liberty 70 hyposhccsn
Now. should IKE 20 be Informed wins. conssssuses
issued stock. hold cerdcsse signed by the officers
OF company have the right 10 believe snsi mold
sepulne fraa fds stosk What security had ,hc
lender Of money II the certificate he held rcpve.
scented stock that had legal cxsten ~ gupr,sss
The party borrowing the money hsd hIed 10 par VIA,
m tied 70 sell the stock and thus give osrcuaoo IN shs
community 10 unissued stock. he would he met ~