The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-10
FINANCIAL AND COMMERc GAL,
THURSDAY, Dec. 9-6P.

THURSDAY Dec e-6P.M.
The non arrival of the Persia day tended TO produce
inacon business circles, and the by the City Of
Washington was not calculated to stimulate speculation.
Lower prices yet expected for American staples ami
the relapse from the late speculative imitation
here Is known Europe must be expected that orders
to sell stocks will come from the other side.
The stock market today generally dull till the aer
noon when a vigorous effort made, higher prices
reached by OF the speculative stocks There s
much discussion in the street relative to the Dtrin
c value Of Pacific Mail and New York Central Prudent
persons Inside Of Wall street. will do well beware OF
these and other fancy stocks which mp day and
down morrow and about which il is seldom possible to
learn the truth. The operations State stocks and bonds
very light to day As compared with yesterdays
closing prices Pacific Mail improved per cent to day,
New York Central u Erie, q Hudson, 4; Reading, i;
Michigan Central and the leading Western roads about
u each The las, prices in the street Mseours At
So. ~ for Central, 81 u Tor Reading, Sly r. Ca
lena, 10y 81 Rock Island, 623s 81. The general
market closed pretty firm.
II Is easy to make figures and statistics say anything
that is wanted that the utmost caution should be exer
csed in believing statements and tables in the railroad re-
ports It's the din ect interest Of the authors OF these re-
ports TO deceive the public and to represent their cond
ton more aourshng than is The temptation 70 DO so
- greater manage aiAs
skill the chances Of detection very slight indeed In
gcnious nancers have all know gone for years,
publishing at regular intervals utterly false statements OF
the condition Of their affairs, and deceivmg the entire
world. Nor II safe TO conclude, from the personal
putaon and high standing, individually of members Of
board Of railway directors that they will not collectively
deceive their shareholders and the public; Il would be
hard to find respectable than the old di-
rectors of the Erie or Michigan Southern;
even Parker Vein had in its day men Of uudoubtcd
respcctabty among its friends and managers. Perhaps
after all, the only safe guide to pursue in studying rail
way reports is the old rulefalsus una, falsss in
omnitps. When We find a concern deceving the public
in small matters, it is prudent conclude that will
also deceive them in great When detoc;
three positive missatements in each annual report is
fair TO presume that the report contains many others
which have been be detected by outsiders
These the lights by which is the interest Of every
sensible read the last report of the New York
Central Railway. We have already taken occasion TO
point out hrst that the amounts paid out during each Of
the last fiscal years for working expenses construc
ton, interest and dividends, exceeded the total
amount Of earnings; and, secondly that, last year,
there increase OF the debt and capital
and diminGon Of the cash resources amount
ing altogether TO s495 600. We now proceed
;ogch upon one or two minor points II is generally
known that the New York Central like other railroad
conpanies furnishes to the press statements Of It's
monthly earnings. The Hardness with which these
port made up has frequently been subject Of
plant, but the reply TO such complaints has invariably
been that the company deerm ned that they should
he accurate, and delayed them AVOID errors Wien,
however, the aggregate Of these monthly statements
is compared with the statement of annual earnings
contained in the report just published, il 70
have been hardly worth while keep the public waiting
30 long
Tie aggregate amount OF the twelve monthly reports Of
earnings, from October, 1857 TO September ls5s, ncu
Whereas, the yearly earnings, as per The
port are only .............- -. 6.52s.ala
Discrepancy sl75.7oi
OF course 81 tho two statements the contained IN
the report i the reliable: and il forced % the
conclusion that the New York Central Railroad Company
rendered reports Of its monthly earnings through
out the pact year. Again, 1t notorious that during
great part OF the present year fact during most OF the
summer months. violent competition carried b..
tween the Eric and the Central and that both rolis
duced their rates OF fare for passenger and freight Pas
scnvcrs carried from Albany Buffalo for o.
less aud Hour carried from Buffalo W New York
for a. cents a barrcl-bcng the instance nearly
half 10 the other rather than half the old rates.
The report contains alluson TO this competitor
il sheds light the damage inflicted the road by
the controversy but when turn section - OF thu
report actually find Tia, the the fares we're
reduced l. denied.
This will be by the follow inc from the
lat reports