The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-20

ket The low priced first class railroad bonds must,
under the present easy state of money matters,
gradually advance in market value, and settle down
in strong bands for investment. The album
dance and cheapness o money where ecu-
rity is guaranteed, must force capitalists into
this class of stocks, and bring them up from the
existing undue depression. As regards railroad
stocks of fancy character, no one but the specaa-
tors of the Stock Exchange will touch them. These
securities are largely held in the street. and by not
forcing them upon the market prices are sustained
Very few capitalists could be induced, even with
big bonus, to take as security for the payment of
mans note real estate encountered with three or
four mortgages, either one of which would absorb
the entire property; and yet we see prudent, eau
tious people holding railroad stocks, when the pro-
perty they represent is covered with mortgages TO an
extent far beyond its marketable value, and when
the stock hiss not in reality any nstrnsc value The
financial portion of all our leading railroad
companies is such as to deter every having the
least regard to the safety of his investments from
touching the stock at any price. If small portion
of the hundreds of millions of dollars which have
been sunk in railroads had been invested and en-
ployed in legitimate commercial enterprises, we
should not have had so many mercantile failures, and
among the suspensions there would not have been
such beggarly account of empty Golfers. Capital
has been attracted or rather distracted from COM
mercia pursuits, and put into railroad stocks to
extent that weakened individual credit and exerted
powerful influence in bringing about the present
revision. We have in reality gained nothing by
weakening one great interest to build up and
strengthen another We have, in other words had too
many irons in the fire and have let them all get cold
The return to the first and legitimate principles of
business will be very gradual, and so long as the
recollection of past errors and misfortunes last
more prudent, cautious policy will be pursued.
slow and steady recovery is, after all, the most
healthy.
At the second board the market was heavy and
prices lower for all the leading railroad stocks. New
York Central Railroad fell off per cent; Erie !;
Harlem, { ; Michigan Southern Railroad 1. La
Crosse land grant bonds advanced per cent. After
the board the tendency of prices was downward.
The Assistant Treasurer reports today as follows
1o,a va; "s;9 az 90
lota pslance 2,SIo,ZsS ~
The receipts to-day include s54 600 from Customs.
The amount of Metropolitan certificates today is
s., $780, 600. The country banks have called for
further per cent.
The exchanges at the Bank Clearing House to-day
were sl4 ,l03 377 ST. and the balance paid amounted
TO $500 42l SO.
The receipts of the Michigan Central Railroad for
December were as follows
e'enp.i, ~
December 1886. 2l5 SIS ~
Decrease s46 $50 70
The receipts of the Terre Hsute and Alton Rail-
road for December were:-
passengers
rresp, ......s..... Zs3ZG 20
Express and mail ACKNOWLEDGEMENTS. s737 80
Soo,sOo 80
The receipts of the Milwaukee and Mississippi
Railroad for December were Sal 500 against $50 600
for the same month last year.
The earnings of the Erie Railroad for the month
of December, 1857, s57 SO
Earnings December, 1856 ............... 537 $50 %
The steamship Africa from tins port for Liverpool
tomorrow, "wednesday will take out about