The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-01
FINANCIAL AND COMMERC GAL


TUESDAY, Nov. SO p. NJ.
The news from Europe by the steamer at Hafax-of
which the points a slight of specie in the
Bank of England, slight advance consols, decline in
the Continental exchanges the London market an i'm
provement in the demand for American State stocks n
advance in cotton, and lower prices for brcadstus-
has naturally been construed favoraby by the operators
in this market and though of the above items affect
the intrinsic value or prospective popularity Of the secu
atve railway stocks Of the day though the most reliable
of the English brokers distinctly that the animation
caused by the news Of late speculative excitement
re was oonrned In London to State stocks and had not
affected railway securities; a small though ad
vance in of the active of speculative stocks
took place this morning. There buying for invest
ment but several speculative brokers entered the
ke as buyers for short time, and caused prices to ad
vance.
III any confirmation required Of the views lately
presented in these columns with regard tendency OF
the policy pursued by the New York Central Railroad tina.
CONFIRMATION would be found in the semoibcal
published in advance OF the annual report in a morning
coempoary Of this date. II is therein that the &C
tua working expenses of the road for the nsca year
1915 only s3.l2 per against 554 last year
In other words, is boldly asserted that ii cos, the Cen
nai 90 per cent to earn eight millions, hut only So per
cent to six millions and three quarters During seve
stand that this reduction of expenditure effected the
Central was carrying with It's rivals the Erie
Pennsylvania and Baltlm Ohio and was carrying
freight and passengers at half the usual During the
whole of the year which this reduction said to have
been Effected freghts have been unusually low the rail
road having been driven, by the competition Of the
canal and the low price Of grain, TO choose between
ing freight al cost, shade above cost and ,onc ,,s
cars ne ~'e for instance in the year 1856 the Central
received IN average Of IS 20 per ton for hronyb freight
from Buffalo to Albany, and ersr- TON OF such freight Cos,
49, u"s ~ own statements, 81 90 to carry
- " .inany. besides tho cost Of permanent
.Ack. This year the Central has been carrying
NV from Buffalo To New York-not Abany-for IS cents
PER barrel ~ 81 rer and ont OF that has been
paying freight said -four 10 the barges which conveyed
from Albany TO this city. Yet II Is business Of this
character ,ha, the Central directors desire the public
believe that they earning per cent per annum, and
running the road less expense than heretofore II the
Central Railroad Company have made any money at all
this year by carrying heavy freight in composition with
the canals hey have done great deal better than thc
experienced ior~ardcrs willing TO believe; bu,
to pretend that while they only received this year
- Il for . service which yielded them ~ 70 In
1856 they have earned more money rclatively-,na,
70 say have earned u 81 cost Of 53i cents this year
whereas used 10 cost them, in 1855, IS cents 10
dollar prcsuming rather far public crcdulhy. Nor
can be argued thai the Ccn,rals On the freight
business have been made up by from the passenger
traffic IN. passenger business q the Central eliminated
Is5s-5. Ever since then has been falling o. az tn
following figures show
10 lss.-s the passenger earnings were ss,si2 "a
In is.ST &c 90 a $500 al. a.
In 1878 (estmsted) about ............... 2Teooco
The decline Of course due TO the opening Of rival lines
In 1854 the Central almost the only road 10 the wes
there half dozen. Take into consideration thu
o~ rates for passengers which prevailed during the
months and the large number Of cheap tickets which
were sold IN September, in anticipation Of settle
ment q the quarrel with the Eric, and an idea
may be formed o. the proat made BY the Central o.
their passenger busness this year surely would have
been better for the Central Company and for the railroad
interest generally not 10 have drawn very largely
public orcduliiy at the present critical time.
Al the first board this morning the demand for stat,
stocks lighter than usual, bot prices were shad.
higher Miseours again touched co. aud North Carolina
ssS Railroad bonds generally we're rather better. th
demand for Fries. mortgage and unsecured was lively
and a slight advance was realized. Illinois bonds were
aso per cen, higher Among the speculative railroads.
Central per cent higher; Eric, which atlracng
a good deal q attention, u and Reading u Tie wssl
roads generally neglected ard prices with.
on, change. Pacific Mail, which only ten per div
dend has been declared, instead Of fourteen, many
stockholders expected steady. The prudence Is
the managers in not declaring over tn when
their dispute with Vanderbilt remains unadusi
ed and their mail contract In jeopardy,
. TO be highly commended We note TRANSACTIONS 10 The
Aber, Frcesone COMPANY, Of which sposc The other
day also in the Dorchester Trecsone, sin lar quarry
Of considerable promise, Is said At the second board
prices were generally lower. New York Central the
only stock IN which any considerable business done.
The closing prices of the day wercMssouris s95s %
Central, ss1s ~ Erie, 1TG y, Hudson, 10 y
Reading, 81 II Michigan Central, 52k X Southern
preferred, 81 4 Panama 1903 121 Illinois Central
7os II Galena liz Y; Rock Island oIK X; Pacific
Mail, ex dividend, e32 %. The market closed weak
The following the business q the Sub Treasury to-
day
fVtteilN... 40 362 o.
-ffoH tufuHS 1885 81
fayHthb 3963l5 10
taaoibh dfMts..s* $1,000 90
fsfahcr. b,5l23l6 08
The exchanges at the Bank Clearing House 10 day we're
els 81 $50 ~, and the balances 81 344 ,249 %.
Money is without change Foreign exchange for 70
norrow's steamer from Boston has been quite firm
bankers bills being held At 1925 r. and good mercan-
Tie bills al l0sk 100 Francs done At SIS 517t,
meeting o. stockholders Of the Long Island RAILROAD
held At Philadelphia yesterday which more than