The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-06

the fact that the sudden discovery OF such large ueca
ties the part Of State prosperous as New York,
and the iega. manner ill which this debt OF four millions
was contracted not calculated 10 strengthen
public confidence abroad in American securities
Whatever the effect may be, however, there but Qua
to pursue the debt must be funded and our State
debt of s3l GOO 600 increased pro tano The State will
enter the market not at the most suspicious moment
The general government requires $4,000 900 this month";
in the Of the year about s2 of Treasury
be provided for The State OF Missouri would
like TO borrow So 900. or railroad bonds maturing
this year there perhaps 900 which will be
honestly met Altogether the prospect that these loans
will afford employment for all the money in the
country What aid may be expected from abroad view
of the bankruptcy Of the Erie and the condition of the
Illinois Central, it is easy to determine.
The message is equally instructive on the subject or
railroads 1t appears that there in this Stat eighty
eight roads, built at cost Of s1S7 900 only fourteen
of which pay dividends leaving seventy four roads which
pay nothing to their owners Goyerno organ, aling
discover reasons for this wholesale anhaton Of pro-
pery calls upon the Legislature to institute inquiry into
the subject " ect0rs and gers,' says the Cover
nor, "scom upaole to afford ution of the problem"
Many The roads have actually failed to comply with the
law which directs them to report their condition to the
State government others have reported merely 70
mslead and confuse. An, nearly ALL are in state
justayng grave anxiety for the future Under the crcum
stances, legislative inquiry may, perhaps be productive
of some benefit; though We hope may be allowed
to say that the facts which honest inquiry
will deveope secrets to the constant readers Of this
journal The first the great desderatum for railway
system, is honesty in the managers Until railways
are managed by who will tell the truth, and nothing
but the truth, their reports until presidents
ected for their adminsraveand engineering ability and
not for their financial weight their social standing;
until the current price Of the stock Of railroad company
is ets considered by the managers than the economy with
which the road is worked until, in word, railroads
managed for the permanent benefit Of their shareholders
and for the present advantage Of individual pre-
sidons, directors and spectators. there cannot
only be Improvement in railroad property, but
II is morally certain that II must decline in value
from year to year until four hs of the existing enter
prses entirely destroyed. If Legislative committee
will report these things, ii may be Of some service.
il will report bill making it msdemeanor punishable
by fine and imprisonment for railway Board Of Directors
to utter knowingly false report, then it may do good.
We confess, however, for part that not very
sanguine of such results There is corporation in the
State which could afford TO stand the test Of
searching inquiry than the New York Central and
presume that the Legislature WILL us usual spare the feel
ings of the directors Of that company.
The feature of the stock market to-day was the reap
Of the leading operator upon the stage heavy
buyer Stocks opened rather heavily, and Mssours de-
clined per cent. The purchases of the leading buH
prevented decline in other securities. Is stated that
he half the stocks which sold at the first board
Thus New York Central Harcm Illinois Central Galena
and Rock Island maintained, and in instances
caused TO advance trc. At the second board there
change in prices and the BUSINESS done very
light The closing prices Of the day as follows
Missours, 81 Is; Central, s4 n Reading, 53A "a;
Michigan Central, 5N 81; Southern, preferred, AK
as Panama, 117H n; Illinois Central, 67H x; Gale
ma, 7oal IL Rock Island, 6Sh u; Pacific Mail, %.
The market closed steady.