The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-04
FINANCIAL AND CONNER ClAL.



MON "A Y MAR X EFT.
WEDNESDAY, June 3-sP N.
The operations of the bull brokers and railroad nnances
OF Wall street, brought the bar of strict JUSTICE would
consgn many of the parties to the peaenary for swnd
ling is astonishing that notwithstanding the warnings
have given, the thousan and exposures have
made, the facts daily being revealed confirming all
have said Of railroads and their management thero
people who will still allow themselves to be deceived.
One would suppose that there had been experience enough
demonstrate the fact of the universal false preepcos Of
these gentlemen England has lost her FIVE hundred millions
In railroads-New England hundred Millions The Md
die States riddcd with worthless Ines the West
running roads to every point that by any pcsaib
ity be dgnded with the OF village. The tendency
of all "a down ward. They all commence large and end
small The capital runs up while the dividends down,
and the concern IL only kept alive until the originals
get ont Humbug and deception the order Of the day,
until tho securities worked of, when tho deluded
stockholders left 10 look out for themselves II
admitted fact that not single railroad ia the United States
has been built within the estimates Of Its projectors
is there that has fulfilled their predictions In
gard to profits On the contrary Of them have cost
three or four times the amount Of the original estimate,
and most Of them pay no dividends.
IL the practice for few shrewd. sharp men, generally
lawyers politicians bankers and the Ike 10 take up the
bly, few miles nearer than by any ,hcr route, locate
road organize by appointing themselves onccrs and
directors make nomi aai contract with some stool pigeon
outsider for about double the amount OF the actual cost,
and the entire work b put under contract An Office Is
hereupon opened in this city, stock and bonds are manu-
featured ad iIsum bull brokers and ball editors are In
tercsted, few sham sales made at the Board Of
Brokers, and market vaue Is apparently established.
Greedy ronmongers furnish ron tang stock and bonds
in payment at enormous discounts, trusting that fools
enough vill be found TO buy and lot them out
They generally agree hold the securities of the market
for q specified time. Car builders and engine builders
nish the equipment upon the terms Respectable
banking house, tempted by the large commission offered,
recommend to their clients, foreign and domestic 10 pur
chase tbese securities. Tho road built excursion
had which all the bull editors, with their wives and
babies particularly invited, and the grand work de-
clarcd magnificent success. generally happens, atcr
tho securities have become established, that enter
prsing director discovers that the no by expenditure
only four i've Millions may be shortened ten or twelve
miles Forth with the convenient stool pigeon outsider
contracted WITH and before they know the stockholders
ind their roporty for possible good, adutsrsled
hundred pr cent No this done, than II Is dis
covered that branch 10 State line, grand junction,
or road 10 Kamschaika some other out Of the way
place Indispensable necessity Tho process Of
construction Is put again In motion and fresh issue OF
securities piled on the old After the lapse Of few years
the real state Of the case Is revealed Tho concern Is
ssddlcd with indispensable amour, OF debt and the
stock fund TO be worthlcse Tho splendid dividends
commenced rot unfroquently before the original trunk
road was half finished, have gradually diminished and
grown beautifully loss until they have ceased altogether
The in,Se agcrs found rolling in veal h. while
many Of the poor deluded stockholders seggarei.
There scarcely corner OF the land, village or ham
let that does contain the original holders Of these
worthless stocks The little gains Of the hard working
armer and mechanic the pttance OF the widow and
phan have been swallowed up In cases 10 the last
nrihns In this cruel and criminal game And In almost
every instance the victim point Ia oily director,
contractor or broker who advised the investment No
wonder that The system begins 10 toer. It's corruption
II too gross 10 DO much longer endured The time IL ~
pdly approaching when must crumbIe and fall to pieces
total wreck. Confidence that wancs, will be utter
~ destroyed Financial negotiations which rub hard
viii become impossible, and instead Of low Of
discomfort, there win arise general cry OF ndgns
ton and cxecration.
Tho most culpabe parties 10 tnas monstrous
and strtcioD system Of swindIng are the
gans Of the bull spectators; the press that panders
70 these railroad nnancicrs and coutrscso~s Not only
have they stood by and and known the vile decep-
ton prsctscd without raising the first note Of warning 10
their readers but they hsvo 10 the utmost OF r rover
constantly helped to initiate the bubble necessarily do
they labor make tho appear the hotter reason
No argument circumstance that aid the deception
bspared. The stock whether selling nj lf2 per
or sixty per cent pulled with equal zeal and s depres
sion charged tho "assauts Of the bears aided by an
INSCRIPTIONS press" And when the directors OF road
In the Of the Michigan Southern and North
Indiana, bessated about paying vidcnd which they
knew they had no. earned, and feared the company
could not borrow, they visited by Of the edi
tors OF the Ddsiy inns, in their inner sanctuary,
and told 10 their teeth that dividend they pay all
hazards. argued by this individual that II alb
soutey 10 sustain the entire railroad interest Of
The country that the Michigan Southern Company should At
that mo pay dividend. The HsRipis the only ~per In
tho -or viii the cxcopsicS Of the London 7es, (Which
has recently broken ground had the in dependence
10 battle with this ercs, fraud We have fought single
handed and alone from the beginning We have never he
STATED wsvered for Instant shall ever until
the rcennes and corruption Of thecntre system are 20
thoroughly exposed thai lie cygnaore powerlcss for
further mischief The ovns Of the magnaes Of all street
have no terrors FOR We do not existence 10
any Of It's stockiobbine concerns We tenants In
on in any Of their back shops prepared and bound
TO do their dirty work.
The stock market opened and closed without much
change today. In Eric and Michigan southern old de-
erred, there ". active movement, and In The latter,