The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15


three, when Tarqdn, Startled By her eanessness pur
chssed then and found thsm 70 contain Information Of
HI &c times the amount % possoss In this Gaze the
recsMs the Erie railroad she syb unfortunately,
though the book. were mot burnt and he question va.
would The stockhoders allow themselves 10 be blind and
allow $29 1000 or property 70 be destroyed with 20
much that Wa being destroyed by he bank psnics
but little while before The bar h. Win the credit Of the
STATE. The banks had fostsd the 81 Ite with railroad
,sock BY mailing call oans which they had more readily
done on railways because OF their marketable value
This course, concentrating 20 much en- one thing, hAd
given too much prominence 70 II, and ,he consequence
common with It, The banks furDished means 70 the
brokers and others 70 negotiate the loans and when they
found nsm nos :. profitable :. .hsy might BE- hey SUD
remarks 70 show them th1 they not 10 DO dscouf-
sged ~ 70 he character Of the securities Hs could re-
ter went through the evils fell the way
In fact was the common evil OF jeaverng to deveope
oos sU0rUe OF n NE resi- cua s
Erie road but that road earning interest on stock
and dividend on the bonds The INCOME OF the Erie R,-
expense OF three and BALI millions which would leave
the nee nosme three millions, the interest OF which
the interest the mortgage bonds Income o, 2,slO,
600 the six millions neg osted they could CANCEL
three Millions leave their ind sbtedne eight uilons aud
leave q the end Of the Coo net moo ne to appro
pirate TO dividend stock ii perhaps six seve, OF
ten cent The s4'o 900 In the sinking fund was also
earning $40 coo allow dividend the capital stock
the receipts unless they moderated them, such
was The elasticity Of the road that II generally sveun the
estimate Of the most sanEuine; bat allowing thss
they estimated In this the amount Of $6 600.
there would It'll be ave per wi hou, the unsecured
is the road ocnua,ty 10 want OF money! Is because
the Increase OF busness has hitherto been 30 great ~ 70
duce the directors 10 advances keeping the rosd In
debt 10 increase the business and they had Tor
though he road was in pc ri now still II was bu for .
small sum, ard the increase In usefulness would more
than cover the floating de6t which III made for Its
the tne OF panic became the duty OF the directors who
seains. IT, Some Sir Oracle might INFORM them he would
have nothing 70 10 with railroads, particularly the Erie
although be knew nothing Of position, but perfectly
wiling ihs ~ millions Of their property should be SUNK
but BY coming oG Their from I, time the stockholders
would come to appreciate the value Of the rosd zap
but M usefulness 70 the public and when anything
te DO useful, matter what cost Ii . loss the
Erie R,osa wouS BE- did not make A al an u,ers: 2, ~
them 10 give dollar 70 thing which had no chance OF
maintaining itself-shai would be fraud aich no one
could be guilty Of but had been shown that tbs income
had increased yearly and yesrly since II had
reached the lakes, and thNt II had now only s1c
cumbed from want Of facin les II they could make
the track double II could double the business, and
when the i'm provement was made 81 jersey
City IL income would be much iuc 'eAsed LIT sny one
Bis lot agreeable p,siton, but he vas appealing
from Caesar drunk to Ca1E sober, daughter and was
P sr s y . e 70 the o,s
paying and statsd that the 100000 pow required
would make the bonded debt 5000 900 II one
thase who subscribed that night would have the
advantage the road went into the hands Of recevsr
wouc be entirely os The proposal was that each should
subscribe to night, making his own terms under hmA
tons No one would be called on to pay ANYTHING before
the 1et OF December; but each having bonds woald be
called to give deposit Of character,
cured bond sef the nr instamen. and the ls Of
cash would be required which would, no vever be Al
lowed 10 run for elk months after BY paying interest.
They would also get large subscriptions from Earope, bat
they could not wait their arrival
Mr.. MURPHY, rockholder wishei 10 know what would
be the effect IT. instead Of making additional sabs,p
cn Of unsecured bonds they 70 pay In The coupons
Mr. LArHrps-Thai is good proposition, bu. would not
be quite speedy enough We cannot walt for four years.
but only . few months.
M 1uRrHr only meant 70 apply TO those who ware not
able 70 pay The subsoription.
Another stokhocer considered II would DO good pro-
pos uon II limited 70 one years coupons
Mr. krRPHr then spoke ~ length and with great enthu-
In which held by the people, wished 10 do all
in their power 10 sustain H.
The Hon FAN RreoL. formerly oonnacsed win the ne
esul success and also ponted out bow much more
successful must be In Yeas hence the population OF
the western SKATES increased Bis remarks we're spced
With . great deal OF humor, and drew forth much
laughter and applause In conclus he stated thst he
well sstsded with the road that he In ended 70 be-
ccms again Interested in 1t, by making subscription 10
night
floating debt VII Oh bore 10 any road, AMI resou
ton accordingly prepared prohibiting the making OF
floating debt exceed $780, 900 ct any meeting OF the
resolution was also carried 10 the eec, thu, meeting
OF the stock AVID bondhoders be held sem annually After
70 come and rlsce their names The subscriptions
BOOKS and Although We could not ASCERTAIN the
number who compiled with the request stu
they very numerous, and envelopes con
tanning papers fer the signatures or those VINO did net
siGn The book we're also distributed p-eay thoroughly, al
though they did not guile hold out ser which the
ing adou, Ieo Identity With very good opinion OF the
value Of The road and with deter inauon 10 make
effort 70 secure the loan.
THE IRON AND OTHER MANUFACTURES
sBI PRESSURE AMONG THE MECHANICAL BRANCHES
OF rHE cIrY-PRssHST AND FUTURE PROSPECTS
FoR BUSINESS AMONG rIE MACHINE AND OTHER
IRON EsrABIIsBMn OF THIS CITY, BRookLYS
AND JERSEY CITY.
The general feeling Amcng the propris,rs or tbs large
Iron manufactures this and the cicy AZ re-
CARDS the future, WAS general thing, some that n
proved yesterday, and esch met the other with smile
and In loersbe good nature that had no! been
done any extent before for several days This change
In their feeling was attributed 10 the general suspension
which bad been resolved upon the night previous by al
OF The New York city parks which example In INST In
stances followed by the banks In olher cities, h
giving the capitalists temporary although by means
permanent rcne most Of the shops seriously dis
cusins proprissy OF st reducing the number OF
retained by them, although In nearly every instance the
shops have a. much work hand, or coud-dd they
feel dsposed-i mn ediaiely cOnnsc, for rs much ~
they could do with fell complement OF men !;
but In most Gases they are obliged 10 decline
The job In consequence Of being unable 70 procure
the money for with which 70 pay OF their sfer
accomplished within the lst two three days contracts
OF this kind the amour, OF several hundred thousand
dollars have hecn refused BY the machine ,ps
city, 70 say nothing Of the many large sass Of goods al
ready Manufactured which the propreors Of .hess csisb.
lhhmenu have refused Time % they say thai their
outstanding debu are already SUN steady large, and
they must suspend they wish 70 have something left In
their establishments 10 turn 10 their oredIlors
Our reporter yesterday continued his visits 10 the
msipder Of tbe machine shops Of this city, Brooklyn
and jersey City, visiting In all during tbs day some any
ave dreren, establishments, gathering the following par
culars from the propreso persons In charge OF The