New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-05-12
Gated. Two ships, we understand, were taken up
to-day 10 load with grain for Ireland.

Gated. Two ships we understand, were taken NJ
to-day to load with grain for Ireland a.,
The dstrust of Railway securities, to which we have
before called the attention Of our readers az one of the
causes Of Depression IL still TO some extent feature OF
the times. but we notice Of late change in the feeling
which indicates that people less inclined to act upon
mere prejudice and 10 use intelligent discrimination IN
making their investments. This is illustrated in the
improyed tone of the market for Railway bonds, many
descriptions Of which have attracted the notice OF peo-
pie looking for safe and profitable investment. Ihs Is
the first symptom of change in public opinion, when
is very apt to vst with condemnation good BAD ana
Indifferent, in it's first judgment. The Railway history
of TIE world furnishes an instructive and useful study
and we may follow the reyul.ons and REVEALS IN Eli
gland and France with profit; but we can draw more
familiar and satisfactory comparison from the
experience andprecedents, which local or domestic,
railway history furnishes. New-England, as the
pioneer in the railway enterprise of this country, gives
us an example Of prostraton and recovery IN TINS
description Of property, to which we refer with more
confidence, by way of Illustration than TO changes no
less remarkable in Europe because at once that
in all essential points the cases are parallel, and
governed by similar circumstances, to those winch
have acted here. Ii is but few years since that
excessive enterprise hurried into life an irregular
" grdiron" Of railways over New-Engand. Boston,
reaching for the Western trade, stretched her iron
tracks through the mountains Of New-Hampshre and
Vermont, and, by way Of Northern New-York, tried
% draw business az the outlet of Lake Ontario In
this attempt good share Of thirty millions Of dollars
was thrown away, or rendered unproductive and the
works as TO their original purposes were failures.
From the disastrous results of these experiments, and
from others quite as unsuccessful, which were con-
ceived during the railway mania in Yankeedom, came
a terrible revulsion. Confidence in railway property
was destroyed at once losses were universal, and
public opinion, which but a short time before had held
such investments in high esteem shifted like the wind
and blew against them ALL In the panic mot that Of
1857 whchflowed market values Of stocks and bonds
suffered indscriminately. Banks, Insurance Offices
Trustees and individuals, fastened to relieve them
selves of such property and to place their funds in
safer investments This will presently begin 10 work
its own cure; the cry of reform raised-Invesi-
eating Committees were appointed, dividends were
stopped floating debts paid off and various economics
were introduced. At about the same time business
upon many Of these roads fell off, and net earnings
in some instances made sorry a show az our
Western lines The Old Colony road, now selling in
the lnaThcJ III lU| VI
but - y cent and stopped its dividends for about two
years The Boston and Maine, now one Of the best
roads in the country and at present quoted at lO9l
passed dividends once twice, aud the same course
was pursued by the Boston and Worcester, and Lowell
and Providence. During this course of treatment
market prices fell off in the rates of decreased coni-
dence and the feeling in regard to Railway property
was precisely the now witness here. We
have tables at hand to give precise quotations, bnt
according to our recollection Old Colony sold down to
80 Lowell to CO. Providence TO 65 &c. 1t is sufficient
for our purpose to state that very low figures were
touched. The process of reformation went
on; Ioor concerns " went TO the wall,
and like the La Crosse and kindred enterprises
"wped OUT in the table of values; but the good con-
Germs soon began TO show the merit and productiveness
which had been 80 entirely ignored and as prejudice
disappeared and intelligence took its place. the revival
in market values rapid had been the decline
And now, while New-York, undergoing the same
process of reformation in the Railway system con-
troled by her wealth, is avoiding Railway investment
ard seeking the bubble safety in other channels the
tide in New Gland has turned in favor of these os-
TRACKED securities such extent, that large ma
iorty Of the roads which have passed through the or
deal of hard times quoted at from to II per cent
above par value. Tie same transformation is TO be
witnessed here, a. on III the work OF reform.
The revival of business at the West TO come,
whether this year next, will drag from the "slough
of despoud the stocks and bonds which rest upon good
business foundations while the weak and illconceved
works which have been brought into life upon basis
merely speculative, must be swept from the list.
law was passed by the Legislature of Pennsylna-
MIA at its last session. containing the following pro-
vision:
That h not be lawful for tho Phialpha and Reading
Railroad Company any where said Company has paid
ormay hereafter pey, TO the holders OF tn ponds
an enteron of time the payment ereof to aege in any
proceeding law or ia equity that such payments were snr
not uious Provided ths act a apply to any case,
suit pending in respect to uc bonds OF the inter
est thereon"
Upon this TIE PLRadelplia L,5ger of this morning
remarks:
Under this act the loans of the Company becoming due
the 1T OF July proxlo have, b considerable extent been
redeemed by The substitution Of bonds having longer time TO
run of tie holders of this loan unde rsand however,
have deferred from awaiting Ives of the terms offered
by the Company through appeeu hat the plea usury
might future day be successfully iuerposed IN proceed
ips the amounts called for the face Of
the bonds The law above quoted shows e gounden OF
these fears The exchange Is done by authority that
created the UEUTy laws and being suOst qcnt 10 te oil o
force"
correspondent of TIE Daily Mercury, Newark,
has the following paragraph in regard to the condition
of the Camden and Amboy Railroad aud Delaware
and Raritan Canal Companies:
Tie funded debts Of the above Companies -
losu at 2 cent interest .................$ 5000
A loan at y cent interest. s2lOOU
A loan at T. cent interest. t225WO
A loan al = cent interest. S5bl,IO
A loan OK y cent interest. ................ roOOVW
A loau ~ 6 y cent = l7ptOH
Also " 5oeocO authorized by 'e Stockholders 10.
Strengthening and doubling the track of the branch railroad and