The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-04-03

- hey do d everything ehs with ell thsis nighh I'll
their strength. That We have In very midst mos
valuable mines Of coal iron, lead 30, oas oan Tor
moment doubt; but n akes . great length OF une,
greet expersnos end good deal capital 70 develops
probably this resource. This the pubic mind 10 bow
convinced Of but 700 late 10 the cost o. such
knowledge was during that psrfod Of darkness
and ignorance Of the nrss principles Of mining.
thas The Parker Vein, ne Potod, Ne Phoenix.
TIE AoCulloah the Gold Hn, The North Onroina,
and dozens Of other companies came upon the market.
aad the excitement Of The day that gave thsm cur
repoy. The magnificent specimens Of ore exhibited IN
Wall street. the s1travagant reports from time 70 uue
put forh and The statements Of eye wtnesses al served
70 nhame public mind and increase the appetite for
such securities. one universal doluuon and not
the nrss voice WAS raised 70 dspel IT, A. soon - the
nrst sober thought began 70 work-as little light
began 70 break In upon the Egyptian darkne In which
the community had for 20 many months been wrap-he
return to sanity and sound health was rapid. short
time suced 70 remove The scales rom mems eyes, and
sudden collapse naturally followed fne result well
known 70 every one ned anu will be many years.
trust before another such mania absoYbs, 70 such
extsnt, public attention.
During the mining fever the railroad Inherent
neglected Tho extension Of limos was quite
moderate and mauy Of those In full blast With snor
capitah just coming into notice. The collapse
Of the mining bubble turned the attention Of capitalists
and spectators torarosds, and since 1853 there
has been nothing else Of any maguitude upon the market
Within the past three four years the railroad ntores
Of the United states has much more than doubled has
been pushed forward ~ wildly and - blnoly any
mining project Of 1858, and about upon 40 poor basis
Is d, however, much identified with tho other
great interests Of the country that gradual decay
Will be realized. Our railroads necessary for the de-
veopement Of internal resources. and will always DO
less sustained By tae active individual industry
of the different sections, but not under The
present systems Of management oan they
become continue productive. the ieadin {
railroad companies tbs Western States passing
through Same phases that led the railroads Of the
Eastern States inso insolvency and bankruptcy Whist
. gradual movement ia New England will be moro
rapid In Ohio and Indiana The Ne~ England railroad
companies never pursued such reckless Of hnan
oierng those Of the Western States They
detected in private Of stock Of the Of ave
thousand shares n time and They negotiated loans 1t
less Yunous rates. Notwithstanding which most Of them
u this moment unproductive, and likely 70
tnue The poor stockholders and tho lower GLASS Of
bondhode In oil these railroad companies are the vio
tins The managers oontrve lake Of themselves
me first class bondholdors partially secured and
finally get possession Of The road when is all worn
and run down by bad management II sur
prising thM The stockholders do NOS realize
the dangers OF their postion A earlier
Gay. the most difficult thing in the world 70 best
into their heads the ac. that later the credit
Of the different railroads will absorb the intro property
AeS driving 1t shs point for the past i've years more
We have at last aroused the community 10 . sense Of
danger and lhev are making every sacrifice /, ges
clear OF railroad ssoks II any wants 70 bold this
Glars Of securities present prices le the brokers and
spectators Of Wall street take Thorn. they have done
- much a. any other GLASS 70 depreolate them aad
there let them rest the outside public want them
ave yesr hence, taey viii find them floating about Wall
street prices ranging about half or one quarter
current rates. The mining bubbles had their day and
collapsed The railroad bubbles will soon follow suit
me Parker Vein paid part Of ~ debt by ssuss OF
stock, and the Michigan Southern Railroad Company
doing the thing. What was right and proper In
the Parker Vein must ne the same In the Michigan
southern Railroad.
A. Nioolay sod AFTER the Adjournmen. Of the board
| 10 day the following stocks at suotiou:-