Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-11-21
lIichignn CenlraI and 1I,c noslon zinc

In the special dispatches from New York,
which appeared in some Of the Chicago papers
of Monday last, the opinion is reported as "uni-
yerSal that all railway stocks would decline
rapidly, as one OF the immediate consequences
of the Boston fire. After euumeratiug several
especially endangered, the dispatch goes on TO
say:
Michigan Central would. it was thought, be
swept from the market, threc-iOurthS Of the
stock being held in Boston"
The forecast in regard TO Michigan Central is
pretty good instance OF the results reached
when one goes TO work 10 deyelope facts ont Of
the depths OF his own consciousness. It is as
sumed that Michigan Central is held mainly in
Boston; while just the contrary is true, the ma
iority Of that stock being held outside of Bos-
ton. More than any other western stock not
even excepting Chicago, Burlington aud Quincy,
it is owned in New England at large; and thar
not by a few capitalists who might or might
not have held II in large amountS-hut in small
amounts by persons of moderate though indie
pendent means, attracted 10 it as safe and
literally paving Investment
The Quotations of Michigan Central stock at
the New York exchange since the fire are sufli-
cientv conclusive. On Monday, it is true, that
il fell from ia on Saturday TO 10: bur il at
| once resumed its accustomed figure of ia TO
rs, at which il is now regularly reported: nor
does il appear that there were any considerable
sales at the lower figure, which there certainly
would have been had it been freely offered. The
temporary fall was shared with Michigan Cent
raj by most OF the ether stoc6s-inyeStment as
well as speculative. New York Central fell
from 80 TO 93; Erie from o0s 10 49,: Harlem
from ia 10 112; Northwestern preferred from
SIT to So; Rock Island from 109 to 1865; New
Jersey Central from 1903 TO 100; s.. Paul from
5jf to 81; Wabash from III TO CIT! Ft WAYNE
from "a 10 92!; Chicago, Burlington and Quincy
from 1875 TO 1872; Lake Shore and Michigan
Southern from 81 To IS; aud Union Pacific
stocks from SOL to SSs, and bonds from IS 10
SOL.
For the benefit of such of our New England
readers as hold Michigan Central we take pleas
IRE in referring 10 the very satisfactory Coudi-
ton of the business of the Michigan Central
road; and the facts (Which are Officially Will he
especially acceptable inasmueh as The company
do not now publish stated reports of earnings.
The October earnings were:
Main lne S64l ,SglQI
Increase over oct Observation-Disclosures. l72 l59 %
Main line and branches .........,.... 7Sj S33 AZ
Increase over Oct, '7l.,.......,....., 2lS,53l25
As compared with the earnings OF any preyi.
GUS month in the history OF the road, the main
line earnings for October, ~, show an increase
of sos 0o0 and this increase was over tuat for
the previous month, September, -. In only
four previous instances have the monthly earn
ingS of the road reached $500 900
We should think, under these circumstances
relating 10 the ownership of the stock aud the
earnings of the road, that it would require some
thing more, and something qIite different from
the Boston FIRE to cause the stock TO be swept
from the Market" and the property OF the com
rany to be "hopeeSsly ruined" Certainly those
il any, who bought Michigan Central at any
figure below ia, or even at that figure flor the
transactions are merely nOmnal), are to he con.
graduated on so legitimate and profitable an iu-
vestmelt of their spare meanS,-Ch iCGgO Rail
lcay RecielC, NOU. 18Th.