The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-02
fNAr <C,Al AND CONNER GAL t.



transactions below four. In the discount market pom,
uniform feature at the banks is duness though the ba
ances this morning unusually large, amounting to
nearly two millions.
The stock market duh and inanma.e to-day.
Stocks opened lower, and declined at the first board,
closing dull between the boards there was q partial
recovery and the advance being the second
board the speculative stocks closed where they wero
yesterday, or some instances, rather higher State
stocks higher and the transactions especially in the
afternoon, quite large. Mssouris reached e01,
which is eighth above the price at which the railroads
OF Missouri msy sell the proportion 70 which they
titled The demand fcr Hudson River thirds the Har
lem mortgages good-the former advanced 10 "A.
Illinois Central bonds declined IA the stock the road
fell OF per cent. Bank stocks dull We note a
sale of Shoe and Leather at ia per centan advance Of
two per cent. New York Central the most active
Of the speculative stocks; after declining x per cent
with large transactions at the Decline rallied and closed
u higher than yesterday. Erie likewise improved u
with fair business. Reading pretty steady.
The Western stocks generally better Gsena rose
"a Rock Island, 81 and the Michigan roads about u
a. Panama was rather lower today. Pacific Mali de
ciined y per cent mainly, il would appear, upon the
that the company about TO spend their surplus IN
building boat the Pacific to take the place of
of the old in there The story circu-
lated by Of the papers to the effect that this
pany is likely TO declare extra dividend presently,
not generally credited II considered that under the
circumstances, their negotiation with Commodore Van
derbt is unsettled, their mail contract very doubtful
and their ships unsecured it would not be safe to dnn
sh the surplus hand The closing prices OF the day
were.-MIssours, S9T a eo1s; Central, s3s s.; Erie
177s IS Hudson, SO "a Reading 5l1s "a Michigan
Central, 52's "a; Southern preferred 81 4 Panama.
u. Illinois raptro Gala
Toledo, 3o1 ss Rock Island, GO u Pacific Mail s94
\. The market closed steady.
The exchanges at the Bank Clearing House this morning
ls5l6Sl OF, ana the balances 81 500 o2 3s
Toe business Of the sub-Treasury for the dag A.
follows
io,ai reoepts.. si2o o3o IS
f,'m Customs 1900 90
Total balance. ,556,576 ls
The payments for the past days on account of
California drafts have been $40 900.
The Commercial Bank OF Canada, at Kingston, has de
clared semi annual dividend OF four per cent payable
on the 81 of January next.
We hear much sac in the and in the newspapers
about the economics effected in railway management
the revuIsion Several railroad companies which
ceiying much smaller for freight and passengers
than they received twelve months ago said to be
earning more their expenses being much less. There
subStratap. OF truth underlying these statements
but ms general thing il is delusive and incorrect 10 be-
eve that the expenses o Of the leading roads have
been be much reduced without imparrg the pros
pery the safety Of the roads The leading expend
lures Of railroad company for labor machinery and
repairs to machinery, iron, fuel and repairs
old ones, and repairs 10 roadway 10 which, in the good
old times, used to be added another item for "oot Of
maintaining the market price Of stockan expenditure,
il may well be believed, now generally dsused. Dimi
nishcd traffic viii necessarily permit diminished cxpen-
dture under several OF these heads Fewer viii BE-
run andewer repairs rendered necessary the quantity Of
fuel and consumed will be less smaller star OF la
borers will be needed 10 work the road But, must be
noticed the dimnution Of expenditure never, on an
originally well managed road Keep pace with the dmnu
ton Of traffic falling OF equal 10 fifty per cent In the
gross receipts Of road will not justify reduction Of
thirty per cent IN the expenditure. Accommodation for
ten passengers viii be accommodation for twenty IL viii
cost road much to carry ten twenty FIVE tons q
freight ten though the yield will be- only half much
IN the ono case as IN the other. And while, for these
the reduction in such moveaee expenditures
coal labor and repairs canno, keep pace with dc
cline IN receipts, but mus, be considerably less large
portion Of the expenses Of every road liked, and
be reduced a all However small the business q road
may be, Il must oontiaue 10 employ certain number
Of necessary officials and pay them the worth Il ,htf
labor; must keep certain number Of buildings IN
ma crials and machinery on hand. We sppehend,
therefore that when the time for comprehensive
survey 81 the railroad business of the year 1855 vii
not be found, 10 Tho impression in some quarters -
present. that there has been effected IN the c any
Leading roads reduction Of expenditure proper.
The decline receipts much that the expep
dure has contracted greater ratio than the gross
receipts There two cases which decline in the
earnings Of road may be coun,cracted by st greater
o.. -.
which has been ex,raysganty managed, and Which ~ben
traffic declines passes into the hands Of and honest
men, who stop all leaks aud unnecessary expcnd
lures Tho other that Of . road which. in
hard times, peglocts essential repairs 70 iu roadway
and structures Illustrations OF both ths~e css@-
viii readily cccur The reader when the party hcaics
BY Mr. Ichnclc was thrown Of the direction 81 tn
Michigan southern, Their SUCCESSORS claimed that they
would work The road less oct than previously because
they would s,op the ex,ravsgsnt expenditures of ths
Ltshaeld ~ ine The sequel 70 that proceeding, u
true has wholly justified their ancpaiions, but ,hc
principle remains the Again, late superintendent
Of the Ere offered that road less expense
bis predecessors and did %; but when the road
be examined u found iha; The roadway abs
lutey unsafe from want II repairs and that rot
ting for want n paint We not prepared TO say that
the roads which claim 10 have reduced their expenses
IN greater ratio than their earnings have declined
Zach Tor instance, the New Yors Central, fail
under either of these heads that the Mr. Corning 81
1855 denounces and reforms upon the Corning or
1866, or that tho Central is becoming unsafe by
reason of the nerlect Of necessary repairs. b.,
The public may rest perfectly satisfied that any company
which preisns have introduced economies and savings
propCrtonaiely greater amount than the decline 's
earnings this year either decciyng Itself or deCovmg
Tie pgbic.
The following are The fooings Of ihe Boston weekly
rank statement
Capital stock .s33,2lT1o1
laas aud discounts. b6,sg5ol0
r"tes s9Aa43
Amount due from other banks............ 6.ssl5yg
Amount due 70 other banks ...........+.. spt3bJp
leprs tElb1
Nftaat1h osSs'f0uJ
TIE Boston Toa q yesterday thus notices the money