The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-29
FINANCIAL AND cOMMERc GAL.
rr.ErAY. Dec. 26AP. II

rrEDAY, Dec 2S-ePM
Many persons speak confidently Of revival Of specala
- and higher pr,cee for stocks after New Year Tbey
kopo their prediction partly on the large amount Of
money which dsbursed about the season Of New Year
n The shape Of interest and dividends and which has
sen been noticed is reinvested in stocks almost mme
Sasiy and partly the gambling tendencies Of the
American people, who, is argued have long been with
ou, any excitement and need something OF the kind
days wiz the value OF these predictions. Mean
while Is safe 10 that whatever phenomena may
grow Of large disbursements of money, long con-
snued abstinence from stock gambling on the part OF
community sadly addicted 10 tina. vice. public confidence
In American railways has not yet recovered The public
have no reason 10 believe any large number Of
eopa earnest conscientious efforts have yet been
made 20 avert such catasrophes as that OF 1885, nor
has in any way been made clear 70 the public compre
nenson that the building three roads whore would
have amply sufced-as has been done throughout the
North and Vests calculated prove profitable to the
bsdcrs or make railroad stocks good property Nor
again have any pains been taken to satisfy the pibHc that
che curious financial operatons-to parliamentary
sernnsby which under the old system, dividends
paid ont borrowed money, false reports rendered and
floating debts incurred, have been wholly discontinued,
are likely 70 be revived In some instances al all
events tho Of the past few months rather cal
snsaod than 10 allay the dstrus which the
and ooapses Of 1857 engenaerct in the public
Emd. We have for instance taken pains . dssect the
INST report Of the New York Central Ralroadno, from
any particular sentiment, far as that corpo-
radon is concerned, out simply because il is,
n pom: Of wealth, credit, standing, character AMI
Supposed income foremost the northern railroad
senl anes because ought and Joes set example 20
smaller concerns: and because, the highly respectable
influential persons who at the head Of the New
York Ceatra found in their corporate capacity 10 be
guilty Of supplessng the truth and stating what s not
Nm for purpose than 70 enhance the market
value Of their stock then Will behoove the public TO be
exceedingly cautious in rskng any money IN any railway
property
n the course Of the examinations which have made
Of The New YORK Central report We have shown, among
saher things
1 That the capital stock and debt have increased
srrinr the year instead OF being diminished alleged IN
Me report
q Ira. the monthly reports of earnings furnished
by York Central 10 the press throughout the rs
cal year 1878 invariably false beng every
more than the truth, as admitted in the report
3 That of the alleged diuinuon OF expenditure in
,ss7-s one haf was the department; Of reparsieai
NJ 10 necessary that necessary repairs
neglected in order 70 show per cent dividend
That the bulk Of the other half of said alleged roinc
son Of expenditure tie fa accountsad report pre-
sndmr ,ha The New York Csntrs Gss si miles
n 1853 at cost S5l9 lTs for fuel while IN 1867 they
ran 49, S2I miles cost for the article Of ss.7,
SIS .hc pce OF wood having actually been the aver
age higher in the former than the latter year.
We proceed 70 take up another point, Of consider
able 10 the public large shedding light
saihoad lnAncerng II has been frequently stated by
directors Of the Central through ser organs 10 the
press through ether channels that the debt Of the
sc<npany being reduced every year. Tables, framed
9th remarkable ingenuity, and inserted in tae ate re-
,.ors have tendcncy leave the impression
Nc mind Of the superficial examiner. searching sady
VI, however rspdly dispel this deu-ion, snd vii show
Ma, in fact the the Central has regularly in
creased every year with the single exception Of the
rousiy prosperous year 1851 The following the
sgurcs.-
sct,zl DIT