The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-11-26
AND CONNER GAL



The features OF the stock market continue g. be ues
and depression. Prices would fall 10 much lower points
bit for the purchases which made by spectators,
not in consequence Of any Improvement pros eetive
improvement N tie value Of the properties dealt in bat
solely and altogether IN consequence the eheapnes o.
money. The whole stock market is sustained by the
Willingness Of banks and ndy das 10 lrud large II
money at low rates Of interest securities which few
montl ago they would not even LOOK at. 10 who
examines the reports Of railroad earnings or the pas,
year, and The general business condition OF Ne country
doubt but majority Of the leading railroads IRE
really in much position financially than
they occupied twelve months ago, when many
Of thom became insolvont VT, tempting
the Offers of cheap loans aud Tifc aud
reckless the spirit c speculation, that ind, dgas
wanting % buy the very worst Of these stocks
prices Infinitely beyond those which ruc 10 Otob,r anI
November, 1857. Every knows that tie day Wi!
when viii rc.demand ls cap al or some
disaster SKATER the fabric Of confidence exciting
Wall street livery one Apags how fearful panic must
then occur but every expects that he win "gct ort
in time, aud that VII be his neighbor who VIII b.
caught
hi. position Of things Is admirably illustrated By TIE
speculation nov pending in Reading Railroad stock The
business Of The Reading Railroad Company Tor the past
year has been dastroue Its rcgotatoIs b get rid Of it,
floating debt have largely increased is permanent
Its connection with the Lebanon Valley road has aief
four or Ave millions to ns liabilities Those familiar
with the coal business ch1nce Cor recovery IN
the business Of the company next year. Ccmpc.
t,on from grca. and growing regions Is rapidly taking
away from the railroad the control once exercised The
Schuylkll Navigation Company has beaten throughout
the season many thousands Of tons in the matter n trans
portatlon, and will enter upon the Of 1859 with
capacity TO do business Of 600 400 tons twothrdso
~ has rhvv'l
prises-such tho Scranton and other rival oreanzl
tions-arc prepared 70 do their share in the pro
duc ng cheap coal and Thus regulate the Of
the road by their necessities Yet in the face Of
these facts, which are notorious and admitted al
hands cphcmcral srcculaons being carried tho
sock 10 the extent Of Is 900 OF coo shares which
are bought upon the simple fact that banks aud banker
win lerd money them ~ three or -four per cent de-
and or there intention the part OF those
Who boy this stock 10 hold f the hope
a. rc,,ing dividends " They expect That long before
commerce rcyiyCs ana money Withdrawn from tho stock
market spectators, with more money than cvIsc.
renee viii step in TO relieve them u The load they
carrying Each individual purchaser at all events is
satisfied that he will be able TO sell time, though, pr
yetely he has doubts whether all his ncghbors will be
equally fortunate. Such the theory and system or ell
the stock speculation now going on IN Wall street.
Tho business done in stocks today very limited
and the decline prices quite general among he
state stocks Missouri the most active cysng at IL
cline a II. The bond markc, was Inactive, but quota
tons remain almost they No sales of bank stocks
were made al The board Among the speculative stocks
New York Central was The most actvc, closing a, a A.
cline equal 10 4 per cent compared with ycscniay'-
prices. The october earnings arc length plhished.
81 vas expected, they do confirm The siorrs which
were circulated atou, increase of $1,000 They
as foilows-
October, 1850. .soso37o
October, 1851 go 236 Decrease .s3p3.l .
october, lhhs....s CO. ,.25 Increase ........ nan
thus il wl bC perceived that the business 81 The On
trail Cor last october within ratry slo 900 u bc'ng
g. bad as the business q That trrblo month October.
1867. whom The earnings fc u over $4,000 Tbs az.
pears 10 b. quite conclusive against The Arguments which
are used 20 convince tic public th1t The C,ntral
earning diy icnds. Wc nouee another small fact Whiah
= calculaicd to add 10 The digtfust With wh n railroad
figures are regarded by the public One year ago ,hc
Central published a. October carniaN for 1851 They
wsre s'ses ea,gs q, s;sc mon
1867. are said TO have bccn........., G47 ,23J
Discrepancy ss,2Ue
or course there must be satisfactory explanation 81
this little discrepancy, stl unfortunate that when
the earnings Of October, 1857, were drst published
best for the company 10 them appear es large as
possible whereas now for purposes Of comparison with
the earnings Of this year, the smaller they appear The
better.
The Western roads declined today bat tho decline was
no, large Michigan Central fcll Oh y per cent southern
preferred q. Illinois Central IL osena, III Toledo, i
Rock Island r. TIE reports of earnings continue 70 be
uniavorablc Reading declined 4 and was plent
full Than lately; Erie fell or X. Panama and Pacific Mai
were both about !. lower. The heaviest decline % N.
day was in Cumberland, which dropped FROM
% 10 90 recovering aitcrward 10 u bid The
owners Of Ibis property eap either lot i