The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-10
following has been the course of the stock market

The decline in stocks has been due partly to the un
easness created by the exports of specie the
quen advance in the value of money, partly TO the
cessation Of speculative movements among tire street
OPERATORS NEST Of whom after the great rise of Sepem
ber took the opportunity OF selling and realizing their
profits The downward tendency has been further assisted
BY various accidental circumstances The contest between
Vanderbilt and the Pacific Mail Company for the carriage
of the mails to San Francisco having terminated tho
victory Of the former Pacific Mail stock declined from 8
to 10 per cont, which naturally exercised unfavorabe
influence on the rest OF the market Again. large sales of
New York Central were made on Wednesday by Albany
holders which naturally caused depression in the price
Of that stock Finally, there has been dsappont
ment with regard the earnings of of the Western
roads East Of Chicago the roads have instances
done worse than last year. Of this cannot
but be temporary the business of the Western country
is larger this year than it last, and the
crop abundant and Of better quality. stands to
that the which began LIST September will be
much profitable for the Western roads than the year
which ended that day But, in the meantime, tho d
minished earnings operating with the other
have enumerated tend still further 70 discourage the
public and to prevent investment in railway property
With regard to New York Central the immediate pros
pcct ha 5y favorable. Sales OF thou
sand shares said TO have been made last week by par
tics intimately connected with the Albany management,
and the inference is that there something at work of
which the public have information and which calcu
lated TO operate unfavorably the stock. II Is fact,
that while the total increase for September re-
ported at 1000, it was authortatively announced
ten days ago, by persons who generally as
sumed TO be the organs of the directors, that the
increase for the first two weeks of September would
be 500 0C0; whence is Inferred either that the
fell behind during the last two weeks Of the month,
that the Albany party being anxious sell out their stock
and get rid Of property liable to many adverse inu
have affected the Central during the past year.
coined and circulated the story in order make
a market for themselves.
Generally speaking in this vicinity and the far West
the roads doing excellent business. The Illinois
roads will money this fall than they did
The is Of the Hudson River, the New Haven
the New Jcrse roads.
The Erie Railroad in the hands of Mr. Receiver Marsh
is said to be doing better We published Saturday the
return of receipts and disbursements for the six weeks
ending October /, which shows net profit over and
above expenses of s38711 for the month"; poor show
certainly. scheme for the organization
of this company is proposed, apparently by the
English stockholders. II contempates the conversion
of the fourth and fifth mortgage bonds and the unsecured
bonds, into preferred stock-he mortgage bonds to
ceive dollar for dollar in the stock for their bonds
and interest, and the unsecured bonds about so
the dollar OF the preferred stock for theirs. 1t asks
the holders of the three first mortgages to defer payment
Of their interest for one two and three years respectively
and proposes 10 pay in cash all bills payable which
secured by coatcrals, oil sums due to employees &c
The capital and debt of the company under this arrange
ment would be s37 10000. The gentlemen who are in
favor Of this scheme and who seek recollection direc
tors are-Nathancl Marsh, Edward X. Aburtis Her
man Gelckc, Daniel Drew, Edwin j. Brown, Ross W.
Wood, John A. 1aqueer, David Ogden, G. W. Van
ss,avorcn, David Jones, Washington Mills A. j. Cotheal
D n Hughes and B. Bartram, all Of New York city;
Dudley 5. Gregory, Jorsey City; Ambrose 8. Murray,
Goshen, N. y, and John Arnot Elmra, n. Y.
Tho following is the expected working of this scheme
STATEMENT or OPERATION.
Year ending December, 1850
Estimated net earnings ............... 50 600 900
Payments
Floating debt, and interest same. 900
First mortgage interest in full. .... 10000
Second do. six months interest. 100000
Leaving balance applicable to completion of
Long Dock and necessary works, and
dcmption OF suspended mortgage coupons 81 $50 900
Year ending December ,lS61-
Estimated net earnings. NEUTRALITY-SUSPICIOUS.. $50 900
Paymefts
First mortgage interest in full. ..... 100000
S sn,h G DO 40. 49, 40 ... $4,000 goo
Fourth and nth, six months interest 17b,ooo
- l,oa5,ooo
Balance applicable TO redemption OF sus-
pended mortgage coupons .............. 81 I55 900
Year ending December 1867
Estimated net earnings ........... 50 400 600
raN mcns--
First mortgage interest in full...... 100000
third DO d do, d DO ''''.'' $500 1sOooo
Fourth and nah do do 49,. $4,000
- $50 900
Balance ,....;.. ............. l2loooo
q saspehdea MORTGAGE coupons and pay