The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-03-26

It will be noticed that several of the Western
stocks are slightly higher than they were week
ago. demand has sprung up for Galena, Rock
Island, Michigan Southern and Toledo, which,
though mainly speculative at present, will probably
become consumptive if these roads continue to
show returns Of increased traffic, and to promise
an early resumption of large dividends. Many of
the railroad stocks are very low if the roads which
they represent can earn rs per cent of what they
used to earn before the crisis An impression ia
gaining ground that when navigation opens the
grain roads will begin to show large increase over
last year; that the full effect of the handsome har.
vest of last year will not be really felt before April
May aud June, and that all the roads which are
judicously located will, if properly administered.
resume their position among the dividend paying
securities next fall or the spring after.
Movements are in progress for the reorganization
of several properties whose securities have been
depressed for some time-such as the Michigan
Southern and the Cleveland and Toledo. The
Michigan Southern used in former days to paw 10
and 10 per cent on s stock; its first mortgage bonds
not sell at IS, sinking fund bonds at 6 second mort
gage bonds with one coupon) SO, guaranteed 10
per cent stock 70, common stock 10. Several
heavy holders, tired of seeing these securities
kicked about the street at these prices, are com.
hining to effect change in the administration
at the annual meeting on the 25th proximo.
The concern is now managed by parties who
have very little Interest in it; seven of the
directors Gncludiug, we believe, the most active
ma, ~aSers) only hold amt,ng them 164 shares
Of stock. Stl, it seems thu. some of these
old directors are unwilling to make room for
other men, who have larger staple IN the pro-
perry, and an animated contest "a a"f'"'-.a The
present a board lave lin the last year allowed
company 10 go to protest on all its bonds, de-
stroyed more lives by accident than were ever lost
on the road before, involved the company in A
costly and annoying war with its workmen. and
seen an average decline of twenty per cent in their
securities. Whether these fruits of their admins
tration will encourage the stockholders 10 renew
their lease Of office, remains TO be seen.
We published in yesterdays HERALD card from
Mr., George Bliss, the President of the road reca.
pituating the services rendered to the property he
the board Of which he is member during the
past two years Mr.. Bliss states that the concern
Is really in very sound condition; that the floating
debt is not likely to inconvenience the COMPANY:
'p"' S'S 'o"u 10 s"'"ios "'o'S nhoney tnan II has
done for some time; that it is In excellent order
md is administered with economy; and that when.
n the ordinary course Of events, the business of
he West at.ains its former proportions, the road
will again enjoy its former prosperity. II il
'ery unfortunate, if all this be SO. that the
redit and the securities of the company should
70 so fearfuIy deprecated, and one cannot
elp inquiring whether there must not have
een some cause for this fearful depreciation be- |
ond the facts which are known to the public. |
'uring the two years which, Mr.. Bliss tells us,
ave been so usefully spent in reducing expenses,
topping leaks, winning lawsuits, settling disputes
Improving the roadway and repairing the errors Of
10 past the FIRST mortgage bonds of the company