The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-09
AFFAIRS IN EUROPE.
Our London, Paris, Berlin and st. Peters
burg Correspondence,
&C., &C., DC.

buA6 NVAAOoe~AAN0S0s
&C., &c, DC.
Our London Correspondence.
LONDON Dec. 7, 1858.
american Securities in Enaland-No Filth in american
Rdslrodd &ock-Cdnadian Grand Trunk R,Gd-7hs HI
"os Cenrat-0hio and Mississippi Railroad-Marieta
and Cincinnati Observation-Disclosures and Great Weaen
Rdsboad-Aobtle and Ohio Raitrsad-M MissiSippi and
Central Raiiroad-Florida NEUTRALITY-SUSPICIOUS. Rat
roads, de-, de-
The British public have always felt lively interest in
the condition and prospects Of the North American rail
roads; though at present. scarcely Observe all
such securities meet with little favor in market How
can we wonder at indeed, when recoliect how many
and what sort OF such securities have been palmed of
honest John Bull through the pure minded and honoraby
ntentoned medium Of the leading financial firms in Lon
don all Of whom have doubt taken good 10 pro-
mote their interests herebys In fact, severely
has speculative John been bitten by these transactions,
that the very mention of American railroad security
makes him button up his breeches pockets; and having
nothing else wherein to invest his surplus capital he sub
scribes to Turkish, Egyptian Chilean, Brazilian or Portu
guese Ioans which, well supported by leading nan
cal London house find lack Of buyers in the market
Indeed, Just stnowalthough Uncle Sam very
toner both to quantity and price, and worth all
him to try borrow sixpence in England for internal
Improvement purposes in North America. Nay, have
even heard that the British onmasters have passeda
solution not 10 sell the Americans any rails except
for cash. though still they will accept half in cash and
the rest in bonds provided the price per s raised
as To make the cash equal to the fair market price
Of the iron
The shortcomings of Canada in the Grand Trunk Rail-
way scheme likewise placed the account of Jona-
thanfor the reason perhaps, that one OF s branches
terminates in Portland-and from sixty 10 &C.
venty millions Of dollars have already been
| expended on this precious scheme has the
outlay even yet ceased The managers, moreover pro-
mise dividends in that indefinite term of futu-
rty-sOon; and thus unlucky shareholders hooked
and led TO keep contributing their cash when all the
the reatruth that the will and never can paw
its expenses We may here mention that strong delega
ton has been sent from North America tempt Mr. Bull
with another grand scheme no less than union Of all
the provinces from Nova Scotia to Columbia including OF
course Grand Trunk Pacific Railway from Halifax the
Pacific and such s the redundancy of the population
along this proposed ne that should ever be completed
the shareholders of the present Grand Tnnk line believe
it cannot fail to benefit their own line. We incline
think however, that Master Bulls pocket will stand
so heavy pull just now though there many shrewd
men at the helm, and among them Of the promoters
of the present Grand Trunk; that, all win be on
British territory hard say what may be the result
Our opinion that when the Victoria Bridge ia n-
Hhed the st. Clair river brdged over, and Lake Michi
gam either unneled or brdged the present Grand Trunk
few years ago, however, when this grand scheme
first brought out, 80 good speculation tdeemed that
people were actually scrambing to get sharessne single
London commercial and banking firm alone having one
million sterling invested therein, while equal was
| lost and paid by the contractors
The Illinois Central another tit bit for honest John
which he did not forget to swallow and the result was
that the shrewd managers have made fortunes while ILL.,
nos itself has since its construction attained unprcce
dented amount of wealth and power; poor john mean
while, who paid the piper looking in hopeless expect
alton of his dividends which as vet have een--n In
/ ehort MI be as Crau Trun No 0
The great (sx feet Ohio and Mssissipp Railway was
another scheme brought by Jonathan tempt bro
ther Bull and as 1t was endorsed by the great American
banking house Of London, what else could il possibly be
but first rate speculation? The bonds therefore were
ment how certain they have proved however, is suf-
fceny evident from the fact that for two years.
there has been no dividend at all does John like TO
press for payment as there may be flaw the mort
gage and his bonds not worth the paper which they
written.
By the way, while on the subject of grand trunk
schemes may mention scheme--the Marietta and
Cincinnati Raiway-of which herewith enclose circular
translated from the French
DEAR sInA,ey long deiberaton have agreed with the
ns 81 @ s ;s %
the necessary legal proceedings TO make this railway
correspondence with persons
as we se
euaed 70 insure the success OF The have
chief manager will be Mr. Samuel Halet of New York,
most distinguished lawyers of The United States
Mason Minister Pienipoentay Paris and The Hon. G.
M poSb M,sts1 sCn 70 6s both of whom
sproposed to take immediate steps to take possession
@ P@ aSsy
in the nor are are % we without % hopes THAI inter
shares without the necessity os entering e results
"a suisie e de metre le chemin en- rentel
what Mr. Hs ,s s,pgp f. e bis risk
the parties above and to be remunersed he
that fhe shareholders paid in that way
or In guaranteed notes, the latter receive guarantee
Mr. Haeti undertakes, besides to make his partners par
@esns sne ri held in London NEXT
win
appoint our ,Ss ,Ge 'eH Mr. William Ferguson to
this prSposon, be pleased to a up and
''sn ~ -S''A'. ,''@ "'.A ROBERT BENSON co.
authorize your chairman Mr. VIM Ferguson
G s1e @ the o G al
% s which as yo"a spa
Mr.. HAIErr's UNDERTAKING.
LONDON ~ Great Seorge ,reet Westminster
To TIE SHAREHOLDERS OF THE M1SETrA AND SIsclss.rr
well % the conversation which had together with
q % and @
forming that under the auspices Of the hooorabes exre
charge OF the bareboders the above mentioned
ga % Sasss the 81 Srn msns .ud @ ny
be required for nsurng the payment capital aud interest
OF the guaranteed obligations for the first and second install
ments Nypothequeo. -
engage undertake risk and peril the expenses
Of all law proceedings and legal fees condition of receiving
a remuneration Tor my labor and in deaymeni Of my
of allowance ten per
The amount any may realised guaranteed by
the sale O purchase OF the said railway.
understood that In the railway be sold for certain
sum of money the price shall be at least equivalent
amount OF the two mortgage loans-he first at eighty
cents the second eighty per share be sold
converted actions shares kind purchase
price shall equal the price of the date Of issue
while other hand should any made for
the sale Of this railway 70 The Pennsylvana Railway Company
the Baltimore and Ohio Railway Company the per
shares and six cent preference do OF these
or the other be recognized equivalent alike
the per shares Of the Marietta and
Ills agreed moreover that according TO the foregoing
rangement the iaroad sold for 900 he amount Of
the shares by the drs and second hgpDega) paid
obligations actions commission shall
vsue and the railway be sold ready 3 100000
that g. the OF mortgage
80 cents per IL and for those Of the second 70
cens my commission shall be $3%0000 in ready cash.
On the above conditions feel quite disposed to the