The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-07-01


buying either for investment or speculation; prices
are sustained wholly by the purchases OF party
of shrewd and wealthy spectators, whose opera
tons are facilitated by the cheapness and abuud-
ance Of money. 1t mus. be presumed tina. these
operators are acting upon some theory or other,
out in the present condition of affairs i, is Difficult,
to discover any sound reasons for the policy they
are pursuing. No event within the range Of pos
sibility can render trade profitable this year, or
supply the public with money to buy stocks, or
render non-dividend paying property, like Galena,
Michigan Central, Rock Island, Illinois Central
or Toledo, a desirable purchase at present prices.
And though the Who'll esale purchases Of stock
which are affected by the clique day after day may
have the effect of inconveniencing the bears
and costing them some money, every
now and then, yet still glance a. the course Of
the market for the past month shows that the
bulls are making no money, while their interest
account, even at the presentlow rates for money,
must be enormous. In the present condition of
the country the public cannot be recommended to
buy stocks. Railways, which live by traffic, must
lapgush as trade declines; and too much uncer
tainty overhangs the border slave State stocks to
render them 0 safe investment. There may come
time, hereafter, when Tic prospects Of the couD
try and low prices may justify speculative pur
chases of both railway and State stocks; but that
time has not yet arrived. When the rebels have
been beaten three or four tines and the rebellion
is driven into the cotton States, and the govern.
ment has borrowed a hundred and fifty millions,
and the English imbrogio has been settled, and
prices have fallen here 20 % per cent, then, per-
haps, it may answer to venture few ju5icious
purchases. But hardly till then.
We have received the following card
NEW York AND HARLEM RAILROAD Co.,
NEW YORK, June %, 1864.
Some erroneous statements having appeared In the
newspapers in reference to the condition OF the Harlem
OF bonds, deem II proper TO MAKE statement Of
facts Since tho yer 1851 soma of the unse,aret ooats
Of the company have matured the amount now due and
to become due within the next Eve years being $500 000
To take up these bonds END to protect all parties In n
terest the Beard Of Dlrecors have te,itei 10 Issue
bonds Of the company to the amoun. Of re hundred
thousand dollare secured by mortgage upon the rolf,
rolling stock and all the real estate lying north Of Forty
second 50 eet This will be fourth mortgage con-
Siderable amount Of city property between Forty second
and Forty fourth streets and not included in prior mort
to be Issued to be exchanged par cor the overdue
bonds that there will be Of the debt the
operation being merely TO substitute ten years bonds for
these sready due The remainder OF the Will be ap
propTated to secure the Email oa.irE debt and TO the
extension OF the city track through Madison avenue. The
terms Of the mortgage similar 70 those o. the
third mortgage There is assignment TO trustees
Three trustees named usual 10 railroad mortgages
for the protection of the mortgage security No arrear
ages Of interest Iemsn unpaid the bonds Of this
pany. The interest all the bonds secured aud unse
cured has been fully and punctusy paid, and the road
for the past three ms eaTnet and erG5, suf
TO pay it's expenses ana the Interest all It's debt
but 1t ia utterly impossible for the company to pay the
principal OF the unsecured bonds Though the gross
receipts may somewha. diminished as Compared with
the past year. in consequence OF the existing war Jet
the good condon Of the track and rons stock allows
the EXPOSES to be decreased that the nett
will probably not be Impaired When the presen. Board
took possession O, tie road 1857 the track and rolling
sock very much out o. repair. aad large OUTLAWS
Fave been made in renewing them. Beng ioggoot
c.ndition more moderate expenditure viii keep them
up In antho ng the new iesus Of mortgage bonds to
take up those which have become due, the Board has
deened that The nterest Of a parties would be best
ALLAN CiMeBEIL. president
This is all nonsense. Mr.. President Campbell
knows perfectly we'll that the Harlem Railroad
does not pay the coupons on the Dover extension
bonds, that the company is being sued on those
coupons, that judgments have been obtained by
the holders, that the company has appealed the
suits for The sake Of gaining delay, and that the
assignment which was made by the company a
few days since WIS in order to prevent the pro-
perry of the railroad being attached under the final
judgments to be renderedin favor Of these bondhod
ers and other creditors. With this assignment in his
hand, Mr.. Campbell will now go to these creditors
and offer them his new fourth mortgage bonds in
exchange for their claims, giving them the
option Of taking them or Of being cut of alto
geiher by the assignment. We understand they
will refuse, and the mortgage will BE- foreclosed
Mr. Campbell asserts that 'thcre is no assign
ment to trustees We can only repeat that the
new deed specifically and directly conveys to
three trustees the whole property, movable and
immoveable, belonging to the company, subject
to the three existing mortgages.