The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-21
FINANCIAL AND CONNER ciAL.


here lens activity In the stock market TO day. bat
ne tendency OF prices stn continues downward. Nes
Torh Central, Erie, and Cleveland and Toledo were the
heading tho frst board New York Central fell
or per cent Cleveland and Pttsburg, n; Cleveland,
Columbus and Cincinnati Railroad, X; Cleveland and To.
lsdo AZ La Crosse and Milwaukee, GAena and Chicago
advanced u per cent Michigan Southern preferred,
Chicago and Rock land, /; Michigan Southern, old dc
serrsd, opened II 20 cents and closed al 2sk per oen
buyer three days. general meeting CT tho
a This company has been called for The 2Sh OF September
81 Adrian, Mohgan, for the purpose Of elecing new
board Of directors This 10 precisely the proper course 10
pursue This bcgunipg u the very bottom, TO build up
new and better structure and We hsve no doubt viii
DO attended, with favorable results We want thorough
oveshaung Of The old concern NOT ~ much for the pur
rose exposing the inques which have been prac'ed
a to End what the worst Il and apply proper RENE
dies FOR the damsges sustained. So FAR . the
oA stockholders are concerned, 10 fear their
oase IL hopeless We do not how Is possible
Out Of the wreck 10 anything Tor tia. class OF claim
ssss. New York Central Railroad stock appears 70 be
gradually but steadily working down. The recent attempt
n utterly failed, and The probability Ia th.i the
ssoch will This time 60 lower shSn ever before. Pesnsyf
vuns Goal Company has been sold quito freely for some
days past This stock stands the non dividend
paying list and the probability Ia that wiz stand there
good many years. So far producuveuess Is concerned
II h not to-day Bit better than Cumberland One will
nay dividend lost the other SAce the Penn.
syivsna ooa Company suspended the fs has como out
kAaa the dividends paid for several have
been porro and added 70 the floating debt Erie was
cpersed to-day osome extent without change In prices
ne new financial programme Of this company has moi
attracted any stsention, and likely TO fall stn born
M company has right to connect sen In any way
Win railroad New Jersey and the proposed mortgage
therefore ee and vaeeess me Long Dock Ia nothing
more nor lees ,han The snpcrsruetrre Of railroad, and
ibe tupnellipg In Bergen Hin 10 FOR railroad track II
sy be called "Lobg D'cf property" from Jersey CITY 10
The New York Cato line, but The law would
consider Il O railroad, and It 10 nothing else. Il does
Ic appear at all likely that holders OF the presen,
securities or the Ere Railroad Company will exchange
them issaoo OF bonds al par mortgage, which
IL 70 be, whenever the question Ia asiAled, pro-
Eo1noed Illegal and void In relation 10 this financial
programme Philadelphia cotcmyorary 'ays;-
In resuscsae the broken energies OF the Ero
RArosd Company, great hnAnoer ., a,aisyy OF 200
vs Ia ,e no doubt viii DO found frui,ess We ha 70 no
fASh In great nnanoers In railroad management, or In
~ s ns s me- r ns " menu ana fe be-,
managers these who know least of stock operation
and sn9 s9g s s ana as ns
other Temporary cxpsdienss 10 raise money fhose woo
sks mem rosd, he money 70 pay Their debts, ana
khus pay them the true men Tor railroad enterprises
sary" or heard q the "neeo,isiion" Of loan oas Of
ol fall into me hands Of hnanoers s5d siock joobsrs
xhsy Of all tie lcsst prscs.crl, and win pfrge
b. VA jss .uca cSsr q. r. Is .aoss Who crss cd lns
exhaus,rg, ne ssppne Item In railroad books, called
r,ssss have rose MO S.ssrup,c, ,nan from al other
Games beside IN FACT; no company can mdnan such On
s.s s ssa ssS o ssD.s Il .Ss, ra
thai Ma nexi 70 Impossible fef the moss protective work
IN the country {, Ave under them when railroad gets
tnso such condition 20 require The doCorEs Of great
nnaDcer, 10 In about ~ hopeless situation as con-
saspivs p~nen, in TIE hands Of most approved qnasx
psah n more Ger ain With the one than bankruptcy
wtsh osher Mr. Koran endea enforce propo
sloD BY varous going 10 show thai the company
nation Of his scheme which, ne says viii ncrcase
tpdeoedr Of the cempsny osly ore million OF t1ars
Our ,dssn o. sse m .Ss the i pe e 81 I o. ave I've
pcv cont suck pin there
me foIlo-inx can be considered ofnSn announce
rsnt from he company ooncerDed;-
A INC meeting Of the Cleveland and Toledo Bosrd nov
dead aud appropriate the earnings 10 the exiting men
Of The fosins debt Tney also decided 70 remove the
ne Tres urer NJ Lshneid offered bis resignation,
witch wa sooeYed 10 take effort ~ soon as ms proper
s<rsnsensrt be made foT ths change Of The Office
Had saOk been made two or shree years
ago. there saab have been enough vitality len 10 the
psIy 10 have resuscssd The sad have ultimately
enabled II 70 return 70 the payment OF moderate semi
v annual dividesSs bat Il h late Tie capital and
a, NJ have beos up Pely aud 10 such an extcn,
,ha the net earnings Of the road By any possibility
mo, lde for both interest and dvionds Tho bonds OF
ocun take preoedsDoc, and The interest on the dep. viii
.b.o, al the company ever earn. We have 20 ne
oaAs IN regard 10 The lover olas u soaeA mus, be
po-ns niBd that there are eeren dlssinc I,suo.of
porss "A, ID up over The stock The Harlem ana the
su.v.,ssx "a Toledo railroad companies will resume Inc
M ividends II about the tine Thsre are
=, so y.,l,aa. Ia The coutry that embe oash Other
more I'm ber 1spces than these, and the stock Of each