The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-09-12

These Items OF balance arc nominal, INC
sgcna being charged against vouchers held
Cash and cash Items. 22ol8b 90
Tho particular or probable value Of this long sl OF
sets Ia mailer which the committee win not, We think
NEEDLE with. The amounts put down represent the actual
cost or face Of them The stockholders win pro oably dis
pose OF hem in summary way, perhaps by putting then
down being worth on the average about twenty ccnt
on the dollar. A pretty good idea OF tho system Of ma
pasemeni pursued In the finances OF this company DO
derived from . careful analysis Of the above items Of
seis We have Tine space take Them up In regu
lar order and give the history Of eacn, but some OF these
valuable securities have been obtained In worry curious
WAYS The Cincinnati, Peru and Chicago bonds, for In.
stance theAmouni Of 900 ooo purchascd by
Of the board OF management ri about any ats the
dollar and hen guaranteed BY the Michigan Southern Rail.
road Company The Cincinnati Peru and Chicago ars and
second mortgage boads to the amount Of sas 600,
purchased Of The parties out and out By the Mchl
gan Southern Company The entire list Of railroad bonds
and stocks held by the company totally valuelcsa The
book and open OF The concern present very In
,ererns exhibit The loan 70 The treasurer Of tho Glove
land and Toledo Railroad Company Of sis ooo out OF
The proceeds or The guaranteed preferred stock ssucd By
shs Michigan Southern Company A the In nalmerh
thai 81 500 eco we're paid In ,here great gathering
Of hungry borrowers The Cleveland AMI Toledo Comps-
ny 70, hold OF ss ooo and Other parties got good sioe
win be BY the ist 10 not II all strange that the
floating debt Of the Mcisap Southern Railroad Company
vas nearly ~ large aer the issue OF The preferred sock
- befcro Pankrcad compsr les stocks and drafts figure
oouspcuously the list OF ssscts bui tho committee win
probably consider them Of very nalo value. one lscm
among This class deserves their particular attention.
appears 70 bc fair question for solution how the oswego
and Indiana Planhrcsd Company drafts Mears Itch
Hcid and syker for t32 500 goa among the aseh OF NE
Michigan Southern Railroad Company. The indvi-
dual OF certain parties amounting In the aggregate
70 between two aad three hundred thousand doIlAs,
make item OF some importance which should recave
the careful consideration Of The committee Ana In
cuson, before closing their sbors the nstee should
carefully examine what constitutes the cash and oaah
items put down al s2ioss CO. We do not among tho
assots The name OF . well known dry goods house In
Broadway, who have for some time pass been In the
habit OF exchanging their for OF the Michigan
Southern Railroad Company u may be That, ~ Il wn
fair exchange both ndes account OF the operation
appears the books OF either coucsrn. his we believe,
upon the security OF the above lie, Of assets tina, the Mch
gan Southern Railroad Company issuing 900
Of bonds for tho liquidation OF portion OF ~ aoatng
debt TO be hopsd that here are very fev railroad
companies in this country Ike the Michigan Southern,
that very few have been made the receptacle for spcous
tors OF al worthless bonds and stocks which came Into
their possession through private operations bot We fear
,hss very few are exemz from this private system OF
rnancerns and Of this practice the ps Of their mana
Ger, OF getting rid OF LOT OF vsueless Sc ,ure. By palm
ing them of upon the stockholders We believe hs, mos,
or our railroads would show, exposed TO the same en-
tent u, sucn beggsry account OF Me Michigan
Southern Company n may be some Time before sscy are
rcuad ont, tui sooner or later a 'rrcsc must 30 nsie