The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-04-04

western
railway Stocks which has been produced by the hammer
Jog Of tte obbers at the beard in the absence of resist
the part OF the public. The stocks which have
suffered most have been Michigan Southern guaranteed
and Rock Island No railroad company in the country is
in SO improving condition the Michigan Southern its
finances are being brought into healthy state; its bus-
is increasing its managers, for the first time lis
history tell the truth about its affairs The Rock Island
though suffering momenarly from want of traffic, is
also in sound condition IL has no floating debt and
the first revival Of business it will pay large dividends.
Had the Michigan Southern directors instead OF making
candid statement of their AFFAIRS concealed the truth and
published false STATE ment had the Rock Island instead
cfpassng dividends, has DONE borrowed money to
pay them, as it might have done, should have had
to chronicle advance instead Of decline both stocks
must be well understood by the public that the decline
in prices that going in the stock market is not the
fruit OF newly discovered weaknesses in the stocks which
decline not the effect Of pressure stock for sale by
real owners but simply the result bold and successful
hammering by jobbcrs within the board. The stocks
which have declined the most are really thoso
which are in the fareet way Of recovery; and
while the public cannot be accused Of buying stocks
the scarcity OF all the leading stocks the street proves
that they not selling them So long the public holds
aloo and bull combination is organized the bear Job
bers will probably continue control the market and to
doprcss stock after stock. II ia WELL however, for the
public to bear mind that these Wall street obbors are
not always safe guides During the year 1867 previous
TO the crisis, these persons generally bulls Not
few of them operated boldly the side to which their
convictions led them, that when the crash came the
board aud the street for time deprived their
ciey They enjoyed in wholesome retirement an opportu
nifty of bordering the truths which this journal had ~
constantly uttered respecting the errors and the defects
Of our railway system and deeply did they study
arguments, so bitterly did they their COURSE that
their resurrection, they became confirmed enemies
tho railways and persistent sellers of They have
pursued this unnterruptedly and with general
success for the past eighteen months.
Iu the meanwhile great reform has been gradually
cr,cted in railway management. Roads which used
ing expenses for SIS per cent Useless
hands have been discharged Unnecessary works of con.
suction have been stopped. The number Of cars run
has been reduced In almost every department of
vice the leading railways leaks have been stopped and
money saved In the words Of the President OF leading
rairoad"when tho economies that have actually been
Effected in 1858 considered cannot understand
how, before they introduced any profits at all could
have been made" In fine, great number OF leading
roads all the evils which led TO the have been or are
being corrected and these railways ready to meet rc
vived traffic with honest management, econom cal ad-
ministraton and truth telling officers
These facts are as obvious the prcmonitory symp-
toms Of the revuson In the spring Of 1851 The bears
at the board viii moi admit them any more than they
admitted the weaknesses of the railways In 1857 But If
the revival Of business which obvious on every sdc only
holds out and the crop the West this season BIO any
thing like average, the ultimate success Of these par
tics this year will be no greater than they enjoyed bulls