The New York herald., 1873-11-18
Foreign Affairs Not Encouraging
Prices Responding TO Facts.
MONEY 6 AND 7 PER CENT.
The Gold Market Strong-The
Government Outlay.
Government and Railroad
Bonds Steady.
Wall STREET.

The stock market to-day opened strong. adj
vanced by irregular steps and closed eoDpara-
lively weak Bulls indicated that they had be-
come bears. There was much realizing. Unloading
was more publicly conducted than is usual. The
entside situation is becoming irresistible in its nnu-
ence, and the speculative capitalist finds il useless
TO attempt to combat the solid facts Of commerce.
Wan street is but an item IN the great world or
finance especially when all the laws of trade are
Rntagonistic. Temporary imitation may serve the
purposes OF 10 or Is gentlemen who have bor-
rowed money to create it, ana who, through their
brokers, make the prices that invite competition;
but there yet is too much OF
RAsCALITY ADRIFT,
leo much doubt attaching to unsettled business
too much unsatisfed inquiry connected with corpo-
cations, to permit even real values to maintain
aheir place. 1t Is not pleasant, for instance, to
hear from q director Of the Lake Shore Railroad
Company that, as compared with the same period
last year, say from September 80 TO November Is,
there has been a loss in its earnings of nearly
$4,000 per day, amount equal to about
$1,000, 900 per annum, hear him say that
what is true OF his road is true OF his neshbor's;
that
FREIGHTs ARE COMING
10 New York. but that nothing is returning. ana
that railways practically their back and de-
pendent on the resuscitation OF trade. St this
gentleman is only repeating the facts which we
have already presented. II there be companies
which can make a favorable showing their reports
win be more than welcome to the public. But in
the strange silence observed by banks, railways
and other corporations until they are forced into
court there is significant reason for distrust
There is one road for instance, the affairs of
which we commenced TO diagnose just previous TO
the panic, and suspended inquistion only because
THAT event We refer TO the
CHICAGO, ROCK ISLAND AND PACIFIC RAILROAD
We had shown that the road OF iS73 represented
by $33, 900 o00, earned only trlhe more tnan
aoubie the amount earned by the road OF 1885,
which was represented by only S. o0o, 900, or, IN
other words that in 1866 one mile of road, costing
$43,9l2 earned s13s34, while in 1873 one mile
costing $54,eo7, earned but 1896; also that the
company had disposed OF new stock since 1870
rom which they had realized In money some
e4o0, 900 in excess OF al dividends paid during the
same time, to which should be now added the
amount realized from the sale OF the So, 500 600
stock, which by report of last April was then IN
seld. We also showedhow out Of all proportion
was the Increase Of capital IRON 1866 to date TO
the increase OF the length OF road, equipment &c.
and this without any allowance for capital to rep
resent that portion OF equipment which is used to
operate the Chicago and southwestern road all OF
which IS credited to the Chicago, Rock Island and
Pacific road. 1t would appear as il enough had
already been published to excite
THE REAL STOCKHOLDERS
10 odemand OF their dlr ectors and attention
10 The property they are appointed to protect and
That they shall no longer act the recording
Fecretariesn OF the Will OF one or two officials. 1t
would appear all the SO when we see a stock
IKE Michigan Central suddenly drop from the dIvi
Aend list and sell III the market al ST. and Hann-
bal and st. Joseph, another land scheme, and once
lavorte al 120 TO 100, football at plain 50. or
rourse allude to anti-panic prices in these quo
tations. Many readers VIII remember that early
IN 1869 the stock OF the Chicago, Rock Island and
Pacific Company very active at the New York
Stock Exchange and rose from about los TO l40
and some Will remember the promises put forth by
high officials which induced the public TO either
invest or speculate at not far from the top figures;
but, for the benefit OF such as were not
"wen informedn at that time, we here state that
the principal .grand schemen was the declaration
Sf large stock dividend, perhaps OF 100 per cent
10 represent the supposed vaiue OF the anas-Inen-
tioned in our last as being received from the pur
chase OF the Mississippi and Missouri Company
which were to be brought into immediate mar.
ket by the completion of the road TO the Mlssoun
River that summer. II there were any who, re-
membering these
PROMISES OF 1869
before the panic were, hopefully looking forward
And really expecting, "a id New York Central 10
hear the charmed figure 1000 bid for Chicago, Rock
Island and Pacific" let us recall for them few
facts. What would now be the probable value OF
these landsS 1t is four years since we were prom
tsed 80 much. In that time rs per cent OF the
Rtock had been issued, though not in the shape
that was then expected. To illustrate:-The total
amount OF land grant received from the Mississippi
and Missouri Railroad was $50, 64o acres. The COM
pany have sold and realized as follows:-
Net fran De.
e., e. ,1pr'l Asyes Ioet INT Tar S.ErE. gor,meat
,,oo.h '.'.. 1zhZl $2ll,Tj 80 $g.95 ~ $IsI65g 6l
see..a .'.... l3yyi lOI6l2 SO G7,6L Sc 1000 90
'o'sA''....- lo5s lztUa IS yO,39S 81 3G430 90
fetal sales 7ll7 acres netting the company sz5 og) u
OF - W ~ per
The company VIII excuse the figures which make
the above sum trine OF $500 more than their re-
pOrt OF the sinking nnd