The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-28
~A New York a, the cities mentioned-

There was rather better demand for stocks to-day
especially the Western stocks Prices were higher at the
rs board but coeed heavier again in the afternoon they
generally Arm, and closed steady The Michigan
shares, which have been 80 long and seriously de-
pressed rallied from two per cent this morning
Michigan Central sold 4o closing the afternoon at
20 bd guaranteed sold at 10. closing that bid Gaena
and Rock Island alec fraction higher they closed
Xxx and 62h respectively. Toledo sold high 1914
. recovery Of nearly two per Harlem and Hudson
River very nrm; the latter demand SO in
Chs afternoon. Central touched s05s at the morning
beard in the afternoon il sold at 81 closing that
esl. Erie s steady at 61s. There to-day
better demand FOR come OF the high priced stocks such
fanama, which went TO l24; New Haven and Hartford
which sold the figure, and the various State
stocks, which firm at last quotations The adyices
From Europe Indicate great desire on the part of British
capitalists to discover profitable investments
ihan consols, and some people here think that
when the recovery Of business becomes decidedly on
railways there viii be fresh influx of British capital
N this direction The prices the close day were as
OBSERVATION-DISCLOSURES, s4zs SIS; Canton, IS 4 Cumber
hnd Coal, IA 4; Pacinc Mail, 70 y; New York Cen
Tal, soA "a; Erie, 6h y Hadson River a57s asH;
Bakm, ~ a les Harlem preferred, 3676 u; Read
ing, 37A 3sh; Michigan Central, 40 a a; Michigan
Southern AZ 5; Michigan Southern guaranteed, l6 II
Panama. 1891 1874; Illinois Central 651. "a Galena
Chicago, TN a 49, Cleveland and Toledo, 10 i:
Chicago and Rock Island, 62H x.
The London Times Of the l4th contains the following re
aks referring the desire of the English capitalists to
hed suitable Investments
America which might at this juncture have afforded
DE most suitable field for the employ OF British capi
ta the not merely Of countries but
a the world rs at present not 70 be seriously named
competitor for financial confidence Her speculative
securities thought year two ago have reached
Me point vi greatest dsfavor but the past months
writer's will probably attribute this any but the true
yet they will scarcely attempt demonstrate that
Bshkh capitalists 70 whom national prejudice is little
kaoUD when The safe acquisition Of or two
cent interest s in question: have manifested any
want Of creduy 50 long creduly could hold on
Canadian Investments owing TO the latest experiences of
ahe Grand Trunk and Great Western Railway lines are
~ much removed from the ordinary American category
We do not intend 10 claim for the great undertakings
which constitute the railway communications Of the United
States immunity from mistakes incident to all CONNER
sai enterpr Railroad companies, steam packet CON-
pants banking companies and all other trading associa
eope are liable TO the uncertainty Of success which
speculative projects Of any kind Most Of our railways
were built a time Of fever and excitement-many Of
HEN before the time had for their profitable opera
6ons Now the fever has subsidized the exceent under
which the railways were constructed has passed away
d we are suffering from the relapse which could not hut
FOLLOW the fever In our that reaction has been
aggravated by two successive short crops and general
commercial paralysis which for years has reduced the
traffic on our railways far below any estimates tina, were
current three or four years since But this In the
condition Of our railways, in the Of that condition
and in the inevitable future there is nothing which should
have provoked the astonishment drawn the
81 the London journalist Our railroads simply pass
ng through the crisis through which British railroads
rassed ten years ago. In the year 1s48 the condi-
Son Of the British railway interest and its future
prospects far more gloomy and seemed far more
ho,eess than those of the American railway interest
u the present time. In England, families beg
CARED by the hundreds rretevabe disaster spread
throughout the land by the universal collapse in railway
securities The London and Northwestern stock for
stance, fell from ego 600 the Great Western from
f2c TO $50; the Manchester Leeds from 800 ESQ.,
ssher stocka, which had commanded high value In the
market fell 20 far below nothing (the stock being subject
10 that holders eagerly transferred them 10
ther ootmen and their servant girls Now all nearly
OIL these stocks are selling at high prices and regular
Enough moderate dividends are paid on nearly all OF them
oy the holders. The collapse in railway securities
has been far less terrible than like catastrophe was in
England Our leading railway companies have always
paid the interest on their bonds and some Of them havc
paid dividends throughout the period or trial n "a op,v
two years since they began TO deprecae in vane and
already their traffic 10 revivns Nor have the n,ssor
Of railroad interest been without THAR aa.n
tages. The ordeal through which Is passing hav 49,
PEELED searching economy Of management II h.,
shown the folly and danger OF accommodating floating deh,
has painfully exhibited the disastrous CONSEQUENCE. -
issuing obligations that only be at enormous
srces has proved the madness Of competing schemes
al competing rates. and really has placed the railway
svefoyn in n far eoiuder would have 49,