The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-24
FINANCIAL AND CONNER GAL
WEDNESDAY. March ae--spM

WEDNESDAY, March 23--6 P. N.
The better feeling developed yesterday was stil more
decidedly marked In to Cay dealings Michigan guarap
ccd and two other speculative stocks there were
quite number Of purchases which ore set down TO the
account Of new buyers. The problem of the Stock Elk.
change at the present time s in fact very simple. If.
after eighteen months Of unroeved depression in railway
business and the prices Of railway stocks this spring and
summer be destined 70 witness still smaller earnings ON
the railways, and still lower pr,es for railway securities
tho railway system may be considered an utterly
rrctrievable failure, and the roads will soon be CON-
PEELED 10 borrow money TO pay their working expenses
IT, on the contrary, the past eighteen months have not
been tro away on managers aud owners Of always:
be true told that the lessons of experience
have been turned 10 good account and large economies in
troduced into the working Of the leading roads; II be
reasonable after two bad crops to expect good ono this
year. then the railroad interest of the West may expect
10 begin recuperate this For the past eighteen
months the railroads Of the West have had everything
against tbem and nothing in their favor Til the crisis
they werer the most part rccklcssy and corrupty ad
minstered, and their proper revenues seuandcred in
variety Of ways Since tho crisis all their earnings have
been devoted TO aying of the floating debts previously
contracted. Simultaneously with this claim upon their
resources short crops diminished their receipts and CON-
mercia stagnat!On reduced traffic to O nero nothing
Fierce competition between leading roads, and whocsomc
exposures published in leading presses very nearly de-
stroyed railway credit altogether. IT H. in word i'm
possible to conceive complete combination of ds
astrous circumstances than that which has pressed on the
Western roads since August 1857 To add 10 their causes
OF embarrassment would have been impossibc/
The belief now gains ground that they have seen
the worst OF their troubles. Positive Assurances
are offered by men OF high character 10 the
effect that the Of administration which have been
often denounced in these columns, which crippled
the leading roads in the crisis OF 1857, now being
avoided that working expenses have been reduced that
money Ia no longer wasted in building roads or new
branchee that directors no longer speculate with tho
moneys Of their constituents; that the nmnence of tho
peril has in part aroused all the leading railroad mon n
tho absolute necessity Of administering the property under
their charge in the most careful prudent and economies.
possible. If this be so 1t ID reasonable to autc
pate some recovery in the prices Of securities represent
ing railway property; and If, as may, perhaps DO az
pecte after the crops Of 1867 and 1885, the crop of 1850
prove fair average the money may very possibly provo
tho basis OF and excited burst Of speculation
The news from Europe, likewise, tended 70 mo-
mote an advance in prices this morning Tho
details II tho news, which is four DAYS later wu
DO found In another column. The appearance ~ q
Pacific article in the Noni,:, coupled with the ro,,o
ment Of Prince Napoleon from the Ministry had cas,
an advance OF u X In consols, and corrcspouding i'm,
provcmcn in tho French and Austrian public securities
Cotton was LIZA % higher and tho market buoyant
at the advance. Beadsurs continued DULL there was no
change in the quotation for American wheat or Hour It
quito likely that England, whosc interests would DO
gravcly compromised by European war at this crisis
Will, together with Russia and Prussia, intervene in the
Austrian quarrel in such 10 secure its adjust
mcnt without resort to hostles There no Power in
Europe which could afford TO carry war; except Great
Britain.
There Is no change In our money market. Call loans
arc abundant at four per cont First class short accept
anccs 90 at primo endorsed paper, "A months from
5Js 6S longer dates, second quaiiios 7as The
belief in continuance Of tho in money gains ground
Exchange has been quiet The demand was moderate,
and the market WINS supplied, before, by tho leading
pureh~cr Of The New Orleans cotton bills, at 1905 X