The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-31
FINANCIAL AND COMMERCIAL
ME r n Ar X EFT.

board Pacific Mall Steamship Company fell of per cent
Erie y; Michigan Southern old deferred 2'S; do guaran
ted, preferred, ten per cent scrip, 81 do do DO full
8; Cleveland and Toledo, 7. California rs advanced ~
per cent Resding ~ Cleveland and rttsburg, a. There
APPEARS be In the minds Of the public proper spprecis
ton of The value Of all the classes Of Michigan Southern
Railroad stock. The preferred and the deferred the guar
anteed and that which hss 70 take liz chances
among the odds and ends, gradually but stead
lily working down, and must ultimately cell a. much
lower figures. Cleveland and Toledo Is following
In the way It Is almost impossible tn sell this
stock except to come party connected directly with the
company; operations In have been narrowed down TO
very small circle, and it would be good thing If spe
cuators outside Of the company Office weald Let
urely aiane. they do not, sometime hence they vii,
Wish they had The bears have got fairly work the
Illinois Central and appears TO about time. The nha
lion has reached point where purchasers take great
much for couple Of days 80,
Al the second board the market better for some
things Erie advanced * per cent New York Central, y;
Cleveland and Toledo, ": Cleveland and ntsburg, "a;
Michigan Southern old deferred; active and closed
without change; do do. preferred advanced per cent
The steamship Arsgo from this port for Southampton
and Hsvre to day. carried out ~ o6S con In specie.
The in the Treasury Of the United Suites
ject draft 1, nearly twenty three millions, Of which
New York there are eleven MILLIONS ut New 0reaus
three millions at PhiAdelphia, two mi,ons and at the
branch mint in San Francisco million and half.
The annual report OF the Tebsuntpec Transit Company
dated May I'd. states that the expended the
sruCton Of the road from June 1866, to May 1857
$9 $40 49, and the amount OF cash hand Is STAT o.
The road nom'naily opened and 'through transit
effected the 4h Of February. The report states that
The fact Of the opening within the time required by the
contract communicated TO the Mexican government,
but definite answer has yet been received. II seems 10
be still doubtful whether the progress made the work
will be accepted by Mexico sufficient the grant
forfeiture the ground OF completion by the 9Th
OF February, 1857
The foil owing article from the Hartford Times present
the Michigan southern Railroad in its light 1t shows
that the stock of that company worth third OF
what II ia selling at The article written before
the guaranteed preferred ten per cent programme
nounced. Tho facts the now, and their bearing
upon the old stock likely To be much fatal than
| before the issue
The speculative railroad stocks have aucuaed greatly
during the ias few weeks. Michigan Southern stock has
stock sod ~ high As per share. There has beeu
such instance In this country OF nne railroad property
rapidly deprecated and nearly destroyed by the gross fol
ly Encouragement not by the knavery, Of III se
entrusted with It's charge Tue actual laying par Of the
road between Toledo and Chicago Is 22 miles In length
of the cheapest roads 10 build ever constructed
one half having been graded for average cost or
e than 81 600 mile, and the total honest cs cost OF
the road exclusive Of equip nent hid not reach 900
But BY thai svr, Of n ,udulent egcrdcma,u which
perfectly well understood, and by which managers and
contractors become enriched, while Stockholders are
cooy swndled out Of their proper ana pucked TO toe
AMOUNT of mhns-294 miles OF perfectly asees- branch
liner have been sAdded al esornoua Aid fictitious val
ua Ion utoo the .ockhodes These branches have prov
ed dead weight and running sore upon the revenues OF
/ the main line.
Their consruction wan obbed on, a more than is ar.
valuo, 70 those who divided the booty. while the
piucked stockholders foyed the bills. 81 these
the honest and uodrate cost OF the original line has been
rapidly up TO the enormous amount q seventeen and
half millions dollars and ca ID successive year has
the nominal amount Of the net earnings and dividends more
than added to the capital and debt or the road
piept paper mill. usual, s attached 70 the mcern, By
which any amount of bonds be ground out order
and they bappen ~ be wanted Thus the nom nal
cost and oeS' Will DC sTsausny run , 70 twenty mOo.
bonos not secured By any MORTGAGE, and the ultimate
safety Of which IL open w we'll founded doubt
Honestly and wisely manas ed, this would have been
on. OF the best stocks In the county As is " rapid.
" apans level among the worst The ae~tns debt has
reaahed the large sum OF $500 o00 which Is carried
along at cOst on = 10 per cent month. and is
ed that several dividends be pa scd pay Il en
in The thorough amply equip the best
railroad that could be made bet Toledo and rbIcago
yetih line has nov cost pe1y $4,000 per mile count
ing the payiug part-whb the additional evil Of being
saddled With The oo Of running about 800 miles Of useless
and unprOhia le branchcs.
To 80 this complete waste and wreck Of enc pro.
perry. competition At ruinous prices s waged with
the Michigan Central road Agents are hired at the Fast
who receive dollar for every passenger the yobtan yet
this dollar probably absorbs every Of profit st
more destructive compe on will be wagod With the Fat
Wayne and Cicaso Rairoad Which will be completed In
a few months. This road makes Eae nearly $50 miles
sherier from Cbrago ~ Philadelphia and 80 miles shorter
between Chicago and New York Rndfwt beyond doubt,
draw very largely from the present traffic or both the
Michigan roads We have alluded 10 this simply
sbe Of the sors, examples OF Western railroad mango
bad.
The exrsnscs OF operating the Michigan Southern Road
Are sei down at ony hy per cent Of is receipts u Is
he he nj
ting forth and abtly repesisg Proes decepous of
this kind The actual truth Il every persoo
With the opei atoms Of railroads well knows that the ex
penses Of the useless 2e miles OF branch lines absorb
least ninety per a their receipts while the expenses
sixty sye per- cent Of 10 rccSp making the arepass osSr
ang expenses Of tho whole line fully seventy hvc per
csnt 81 its gross reoepu violent and unavoidable con-
petuoBsoon 20 be increased keeps down the rros of
travel and freight upon this well other lines, to a
rate which leaves very narrow margin for profit after
paying expenses. The difference between the nominal
profits, dividends and the actual croft course
made up ny constant borro wing aud additions 10 the ca
tal and debt
The Cumberland Cirflnn states ,hs, the coal trade
for the pst week foos up quite fsyorably, c,nsd.
efng the drawbacks attendant upon transportation
The amount nom the Frosiburg regon wa,
e,s2l tons; from the westeruport region saGs tous-
making for the week IL 2s2 TONS for year 200
tons. The amount shipped Cor toe same tine last scar
1855 I5 being Increase Of I6 o2 tons Had no To-
errupons occurred navigation on the canal the Increase
would In all probability, have amounted 10 5000 ous
Al the annual meeting Of the shareholder. OF
(nsss) Land Company, oonmuec OF Eve appointed
TO make full Investigation the affairs Of toe CON.
psny, and repor, the best policy pursued the
future" The meeting adjourned 10 the last Tuesday
In June The debt Of the company Is sSte 7os showing
reduction Of Heo7i; and u u anticipated that much
larger reduction win be made the present year,
sI7To notes receivable mature besides other large
The continued depression manufacturing operates
directly against the Essex company, and until revival 10
that olas Of business there would little hopo of i'm
provemen In the teser property. II IL CONTEMPLATED b.
reduce the capital rem 81 90 10 81 100000 BY can
ceiling the shares held by the comrsny.
meeting Of the stockholders Of the Cumberland Goal
Compsny for the election Of directors for the ensuing
year. will be held at the compsnys Office the lst Of
June.
The gross receipts Of NE Concord ~ IT., Railroad Com
rany during the last nscal year. amounted to- ss7 $50
Total Operating expenses. 19t,Sss