The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-03
FINANCIAL AND CONNER csAL.


and caesed u ~ psr ceaL Michigan Southern opened at
xX end CLOSED n 81 per cent There very large
Gsnsactoss In each stock Every anxious 70 get
out nrs, end the rush 70 sell down prices rapidly Tho
Immediate cause Of Tie panic Michigan Southern stock
today wN the fAcs.AA. the now members and the Old
nses Of ihs board Of directors n oGgcrhesds and
refuse 70 meet for the action OF business Tia Gray
party and tho IAtchheid party issue, and
little curious 70 see which party Will be kicked out. Is
our Impression that the Lch6ed grip the concern too
ssons TO be oosencd. The party Is completely dis
gusted with the condition OF the company's Affairs.
and most or them have soli out their enirs line OF
stock. Now tho only thing ien Ia for them to
gtve a. ell tbs facts OF the case, or rcsigu.
II they remain, without exposing The whole concern;
without giving TO the public all the facts, all The figures
without showing where al tho money has goac aud for
what parposeshey will bs equally culpabe with the old
se, and be judged accordingly There only cosrse
Tor them to pursue and tia. Is TO mako clear and
prehensve expose Of all thscorruptous al the drancier
ing which have been prscsed from the beginning the
end. The removal Of the office from locality 70 another
amounts To nothing Tho public Will be satisfied with
such miserable suberage The new directors Of this
pany were put in for the purpose giving the pubic al
the facts and they have right 70 remain silent We
understand that In the progress Of their nvsstg ATOMS
they have discovered that statements regard the
various secret issues Of stock and the shtfuy exorbant
rates paid for money strictly Having satisfied
themselves on that point, would call their aeasa to
few more facts, for The purpose Of aiding them in pre-
pairing the report which the public expect they will make.
We little anxious to know II the new d..
rectors have discovered from tho company's books-
l. That the expenses OF 1864 sixty per coat
Of 1885, sixty 1--WE per cent and of 1885, seventy
while the public led believe oil the while thai they
wcro only nfty per cent.
That $500 900 beeu divided in dividends
were not earned
That tho company, by some extraordinary arrange.
meni become the Of $500 900 OF the
rites Of tho Tsrre Haa.s aad Alton Railroad Company
rival Ius.
That the large OF Plymouth bonds guaranteed
by tho Southern Michigan company Was, 81 the time they
guaranteed secretly owned BY two Of the directors
and had been purchased By them At Atty cents the
dollar and guaranteed By tho board s the special In
stance and request Of sad two directors.
That thu fee charged by the Compssy Treasurer for
bis recent pleasure trip 70 Europe and above expen
and salary, The moderate uuis item OF SIS 900
what better than the pay Of the President Of the Unit
ed Saa.es
g. That the rent paid 70 the Railroad family" for the
New York Office - 500 per suuum-a; least double the
that premises could be rented Tor to any
other party
T. Thai the entire Losses OF sad family IN their
speculaons the stock ofhe have been charged
g. Thai Tor an old boat, worth perhaps sls 300.
chased by one Of family" two years age for SIS 900,
able In traps the company charged $50 900 for
two years usc and SO 900 for her loss last
O. That for the individual benefit ofcertain par,es large
amounts Of money have been left with certain banks,
whsut interest," while the company paying from
| TO three per cent a month for money.
TO- Tina. tho building Of br anches boats straight lines,
SC, involving increa,e Of capital from the original
4 ,r M nalr
suited good to the compaay, whatever may have
done for individuals.
H. That the interest AMI dividends the bonds and
stock issued for those useless branches, straight lines
&C., have always charged construction under the
plea thai they unfinished, and have been kept I'm
finished that the money might be 30 charged.
L. That besides the Michigan Southern the nnsnoerng
for monstrous Of money required by the Terrs
| Hauie and Alton Company, the Desmones Navigation
Company the Mad River Railroad Company, tho Detroit
and Milwaukee Company the Chicago and Mississippi Com
pany and the Cleveland and Toledo ali rest upon the
shoulders and is all done up In tho Michigan Southern
once.
Lasuy-h 70 the discovery OF these things thai We
may attribute the fact the directors have recently
ono and all pitched their stock ovcrboar0
We trust The new directors will not retire They should
M snce reform such abuses be reformed and not
yield taey the mposluons that have been practised
| uuSu3peCLn& ktOCknOsuerbp
seuss Of Justice 70 them consideration for their
reputation they should repudato all unfair claims upon
the company for speculative operations, and refuse TO be
saddled with charges securities which do NOT belong
tot Rthey do motif they yield their ground-the pub
lie viii ultimately consider them as prvy " all these i'm.
propricies-
The ruling quotations this morning. compared with those
current ~ the close yesterday show In New ork Cen
trail decline Of per cent Harlem, n Eric, Az; Read
ing, Il Chicago and Rock Island, Il Michigan s,ulhorn,
old deferred, 81; do guaranteed preferred, ten per
cent scrip 2; do. DO, full, Panama. " Cleveland ana
Toledo, 2 Pacific Mail Steamship Company advanced =
AMER the board here sales Of Harlem 81 per cent
seller 60 days Cleveland and Toledo opened a, c5 and
closed "a per cent, with largo sales. Tho operators
this stock work hard 70 keep up, has no support
Of the street. So long money continues easy, may
be pretty well sustained, but the ars pinch in money ma.
,ers win mako holders disgoree with rush In ali oher
stocks viii be the n IN expected tba, next
dip Erie win take bclow the lowest points ever touched
AT tho second board there Sigh, reaction In the
two great railroad fances Erie opened and closed %
per cent being advance OF two per the lowest
point Of the day Michigan Southern old deferred opened
nj So and closed nj SAN per This Improvement IL b
natural after such great and sudden decline II can,
however, be but Of very temporary character Lower
prices must rule for all these unproducve railroad stocks,
and The public mind win get accustomed 10
smaller figures New York Central fell or this afternoon
! per cent Reading closed without change.
Tho steamship Niagara, from Boston for Liverpool, TO-
morrow, will take out sbou, 81, 900, 900 In specie
The Assistant Treasurer reports to-day m follows
Total receipts. sss 2lo 20
yoaS-'' oos,t.s 70
-
| 1he steamship America, at Halinx from Liverpool,
brings three days later from Europe. Quotations
FOR eonsos show decline, and tho London money market
reported more stringent In cotton there bad been
! change. The market steady Brcsdstuns were
shade better. Provisions the same formerly
| ported.
The annexed statement exhibits the value OF exports
from this pcyf during the January l. in
| each Of the past three years
CosNssay r,rr Poxr on Nrw YosKyaIrx 90 Erroer.