The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-04-07
FINANCIAL AND coMNsERC iAi.


MONDAY, April ESP. n.
In spts Of ne amenaauoas a Ne bs speoussors and
their Organs The public win Insist upoa selling The rapidly
sspresiAssx railroad securities Of The day The dispos
uon 70 get nd Of such doubtful dangerous invesmsats 10
extending. and thsrs b plscs for them 70 rest ss'es
outsiders have realised bat IN Wall sssess A. the nrss
board v day there WIS decline nearly aA the railroad
stocks Sold New York Central Railroad fell off Y per
cssss Erie, X; Reading x; Inoh Central Railroad, l.
Gaiens and ohicsgo X; Clevslaud and Toledo, a. Most
Of hs susaoons 70 day were for cash. and but for ths
demand from The shorts which partially sustained prices
there u every 10 believe that very foW points
would have bean touched. New York Central, Iiinois
Central GsIena and Chicago declined With the rest The
Enensy market not in condition 70 justify this general
desire 70 sell such stocks- va could dad
any cause In The COD dos Of our icoAi finances, Ne
might afford some consoiaton TO the ew bull
len on the slock Exohapgs But We look there In vain
There money enough for Ill Ne ordinary purposes Of
business, and The banks discount hbeFy. The cause
totally different " what y generally considered In Vie
street We must look below The surfscs for H. Thosup
ply Of railroad stooks from the many small bold
era from those who have for long time resisted ths
growing disust IN that osm u Investments end paid no
attention to The frequent fluctuations. These holders
have II last lost oil Conscience in The management Of
those works, and turning rapidly possible their
stocks into money They are compelled 70 como into
Wall street 70 do this, ana thsre ne stocks rsnsn.
Thsy ars daily accommodating, and ~ tho sup
ply increases the difficulty In carrying them becomes
greater. In his way they are steadily tending
downward, until many OF them viii ultimately
take their places aiopride OF tho old insoa'
vent companies. The prooess n BY no means
new In Wall street. Dozens Of railroads have passed
through and have almost been forgotten. would bs
folly 10 suppose hst our railroad oompsses could Cor oil
time stand up under the Of depletion put In ope
ration from the start they do bear up under Il won
dersuIy, and their managers ooptive 70 keep life In
them for much longer period than appears possible,
considering the treatment Il ID one continual steady
drain upon capital and credit from the begiunins and
hes not, therefore, been very dcut matter for ~
10 figure ous about tho time general collapse would b
realized. No power earth the railroad sys.
tenn Of shis country nom assnc.a crisis. TOO late
to patch up any oompanys credit By the declaration
OF uneArned dividends Thas dodge has had IL day.
Tho puoto longer be blinded BY suoh transparent
bumbug The floating debt Of most Of our railroad oom
psnies bas been annually enlarged By loans made to pay
Dividends 80 long The stockholdsrs Ignorant Of
that saot - long generally believed thss al
dividends paid had bssn earned, il would have been
fsAas 70 the sompsny's credit 70 have passed semi
annual payment, but makes comparatively mile on.
lssssos now. Ths game has bssa played out The
haseeon u 0u no0 pfon-nsns no On rs"rosos an
noe ct al a>ensAsd q Ne growing dss ust among stock
holders. 10 than rather matter d aseuishnsni that
public cosAdsaes has been % long sustained. None
know better than hoss who have been engaged In IMAM
cierDs for largest railroads how risous hs system
N sosed has bean We desire no better evidence Of the
truth Of our statements In relation 70 railroad values than
hat Of the executive eosss 81 Ne dsrsnt conpaniss
Amer Ne adenrazeat oe Ne boasd The following sasss
q sssks ~ bonds were made u sueltoa b. Albert Il
NpsAys-