The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-17
FINANCIAL AND COMMERCIAL.


MOHBY MAR X EFT.
SATURDAY. Feb. l6-6 P. N.
But for the active demand for Erie and the large
sales at the board the market would have been oom
paratiyely quiet this morning. Other stocks were
pretty well sustained. The views OF holders are
above current rates. At the first board Cumberland
advanced per cent; New York Central Railroad. /;
Erie, 4; Long Island, Z. Virginia 6's declined 4per
cent; Michigan Central, 4; Galena and Chicago, ];
Cleveland and Toledo, IL. Erie opened at 50, but
fell off towards the close. The lowest point touched
was 5S4 per cent, cash. Michigan Southern ad-
vanced on the opening price. Spectators In the
street do not know how TO take this stock sin the
elimination OF the recent corner. The bears are
not disposed to sell it short, and buyers are
particularly anxious to know when o new
movement is contemplated. We have no doubt
the stock will he picked up largely for invest
ment at current rates. Galena and Chicago
was tolerably steady to-day. Holders Of the stock
in this market continually apprehensive that the
management win do something to weaken public
confidence in it as an investment. The complete
botch made in the payment of the last dividend and
the absurd circulars which from time to time
emanate from this company, are calculated to dis.
gust all sensible men, and inure the credit OF the
concern. Milwaukee and Mississippi advanced
per cent, ON time. This stock is gradually creeping
up, but higher prices do not increase the quantity
on the market.
At the second board the market for most stocks
was heavy Erie fell off per cent; Reading, l;
Long Island, !; Michigan Southern, /; Cumberland,
/. Cleveland and Pittsburg was up little. It
closed firm at CT per cent cash. There was sale
at 60, buyer 60 days.
The tonnage of the Reading Railroad for the
week ending on Thursday last, was 1887 tons,
making for the FOG ol3 TOMS against 24l sS7
tons to corresponding time last year.
The following is today's business at the Office Of
the Assistant Treasurer
Paid On Treasury :ount. ............ S37,l25 10
Received on Treasury acknowledgements. 1880 95
Paid for Assay office. ................... $685. SO
tsia On dur IF e3s yS
The payments include $4,000 California drafts
The receipts include $50, OCO coin from Chicago
The warrants entered at the Treasury Depart
ment Washington, on the 14th instant, were as
follows =
Fer the Treasury Department. ..........s4795 90
For the In eiior Department ............. 1923 OF
War warrants received and entered ...... Ss2 81
At special meeting Of the Boston stockholders
that city the l2th inst it was unanimously voted
to recommend to the stockholders at large to SUBJ
scribe to fund Of $4,000, to iquidate the small
debt of the corporation and to prosecute the iron
and zinc manufacture on the company's property
in New Jersey. The subscription paper being
opened, s35 600 was at once subscribed by the gen.
temen present, and doubt is entertained that the
remainder will be rapidly taken. The subscription
Sc Of nf In}}o
bers to receive first mortgage bonds of the company
in payment The property moztgaged is worth
many times the amount Of the bonds to be issued.
The meeting was very spirited one The estimates
for the future operations were thoroughly canvassed
and were sustained by experts present. The CON-
pany possesses a very large bed of ore. yielding,
beyond all question the finest iron ever produced in
America, united with large per centage Of zinc,
which is in demand for paint, the India rubber
manufacture, &c. Finance and construction com
mittees were appointed to collect and expend the
moneys raised, and there would now seem to be no
obstacle to q successful prosecution of what, well
managed, must be very profitable business.
IT e Boston Traveller gives the following synop-
sis Of the tables submitted by Colonel Swift. at the
recent railroad convention held in that city:-
First table Of the operation Of the various RAILROADS.
the last thirteen yeArs from which
educed the striking result that s4s 600 more Was earn
Cd in 1850 than in 1854 with 900 less of capital
In 1850 they had about 6X per cent against
~ in 1874 Another exhibit for of tbs principal
roads out Of Boston sho that in 1850 the capital
The net earnings FER cent % 49, wnls in 1854 the capt
tai employed $32 93S 0O0 the 000
between 1850 and 1854 as to leave tie ave-
rsge net earnings for passengers ton Of freight
carried ole ne l47 cents 1850 against only LIS
Second the which had produced this disastrous
result. These are-Competition; the running OF
neceraIy number Of trains excessive speed given to all
trains the very great increase in price Of ali materials
REQUIRED for use on the road and I'm repair Shoes the
stations provide buildings &c. and to their
entire superstructuIe inducing large proportion OF
the motive Roxsr and the wooden brsss and this whom
greatly in advance OF five ten ago. low fares and
low freight 'ari and the season ticket communication
sys,tm.
Amo ngst other causes stated is the very interior
quality tf al iron rails which have been manufactured
and he preposerous principle laid by certain
ignorant the subject and having direct interest in
both passengers ard freight is in the end more proauc
tive than higher rates"
1t is furth'r that IT much more to trsns
port ore ton one nile than to transport passenger
one mile there is the cost of lodDg and rsloading
The following are the remedies which Mr.. Swift sug
g.s's:-
Isl. To increase geperay the rates for all kinds Of
transportation On the Massachusetts railroads. but
particularly In freight and in that part it which is
usually delomnsied the second and third classes the
tariff
% That competition be entered into between any
two ads fer business which doea not In se1f afford
abe profit; competition need Imply positive
loss but be assured that it has produced that
result in msny within the last FIVE years in railroad
trt psportatiep.
3D. That the mileage or eaiy number of trains for
pas enger traffic be reduced in all where 1t be
coLe without manifest injury to the reasonable accom-
mediation OF he travelling community
4th. Tfa the epeed Of all trains be reduced par
In the season of cold weather. when risk of
fju'y TO life ard limo IL very greatly increased, and
when the destruction Of motive power and track IL 80
much e. eater than It s at other seasuns.
6lh. That immediate increase be msdeld the rates
COR CON mutation ticket subscribers upon the
roads general kadir govt OF Boston.
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