The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-12
has been as follows:-

The advance in Stocks long steadily predicted by
this Journal in the face Of adverse market and
trolling icngth begun mani
fest itself 1t is based the increase in railway traffic
resulting partly from the bountful crop of the North
western country, and partly from the stagnaton which
has prevailed throughout the West during the past two
years. 1t is and will be necessarily chequcred; the
market must fuctuate rapid advances will be followed
by reaction; but every who studies the railway
Of the North and Northwest will discover
why the advance should be large and lasting
OF the railway stocks commonly dealt in at the Stock
Exchange, there not than six which
the usual football of bulls and bears New York Central
GaIena Rock Island Michigan Central Michigan Southern
guaranteed Toledo, and Illinois Centralhcse are the
stocks in which fortunes made and lost All these
roads have been, for eighteen months at least,
doing poor business. The crisis diminished their
traffic; the commercial paralysis which followed,
and the short crop of 1858 completed the mca-
of their suffering. For months and months
every who bought these stocks has lost money every
one who sold them for a fall has made profit Hence
Wall street, proverbay shortsighted and prone to blum
der about the of prices has generally the
conclusion that they all worthless, and that the day is
not far distant when their want of value will be univer
sally acknowledged In point of fact all these have
been built for about half the money which foreign rail
roads have cost since the crisis they have been worked
for much less cost than before; and in the ordinary
Of events considering the locomotive propensities
of our people, and the active movement Of trade in
the interior, it is fairly presumable that they will here
after enjoy traffic compared to which their largest for
mer earnings will positively insignificant. OF the
roads have mentioned four-to wit: the Central Tole
do Rock Island and Galena have very moderate debts
so moderate, that in the darkest days Of 1861
period more disastrous to the railroad interest than we
are ever likely to see againhey able to their
interests. The Michigan roads and the Illinois Central
have larger debts and require pay their
interest; but in view OF such earnings those of 1885,
which evidently will be far surpassed in the future
the most heavily indebted Of these roads val
liable property before long Take the Michigan Southern
for instance which has been the favorte football for the
insovent spectators of Wall street. Including float
ing debt, this company altogether SO 700 OOO
cured by mortgage line 525 miles long, running
through the finest part Of the States Of Michigan and
Indiana seems reasonable TO suppose that if the
country becomes prosperous again, such line this
connecting Chicago with Lake Erie and draining highly
fertile and settled country, must easily the interest
on this debt and have large surplus besides The same
thing is true Of the other roads we have mentioned
Wall street, Judging from brief experience deems these
stocks vaueess; year two hence the same Wall
may perhaps call them cheap at an enormous ad
over present prices