The New York herald., 1873-11-05

FINANCIAL. and COMMERCIAL
"A Close Holiday on
the Street.
SHIRKTNG THE SITUATION.
Analyzation Of the Lake Shore
ENHANCEMENT.
ID L e s N O N +.
ID L e s N O N
WALL STREET.

4
TUESDAY, Nov. 4, 1873.
This being election day and public holiday, no
business was transacted here, most OF the private
s1ces being deserted as well as the public ofices,
s'the street' seeming to be in mourning The
banks were closed, the Stock Exchange was closed
and the Gold Room was closed. No announce
ment Of failure could be made, as no Official act
looking to that result could be committed. Even
RuMoR HAD BEEN ENTIoED AWAY
20 the polls, and instead OF circulating startling
stories respecting monetary exigencies was busy
with the chances OF election. The London prices
were not circulated and Wall street. after
the feverlsh anxiety OF the past few weeks'
welcomed this as a day of rest. Most OF the places
of business were closed In comfy with the pub
lie institutions and effort. even such as is usu-
ally apparent on holiday, was made to do busi-
ness on the sidewalk. 1t was emphatically dies
non and was entirely without results so far as
the financial situation is affected.
THE CONDITION OF THE LAKE SHORE ROAD,
its complications and irregularities, seems more
and more with every fresh item OF news presented
TO the public to involve the solution OF q mys-
terious problem. There has been either that
square honesty exhibited which is due to the
investor or stockholder or downright fraud. Let
ns see: Among the assets reported by Mr.. Wesley,
the receiver OF the Union Trust Company, we find
collaterals held on loans $4,000 Michigan and
Lake Shore bonds, $66,ooo Leavenworth county
bonds 5000 Toledo and wabash ponds, sl75, 600
Pacific Hotel Company FIRST mortgage bonds,
1896, 900 Pacinc Hotel Company second mortg age
bonds, $4,000 Erie and Pittsburg Railroad bonds,
$4,000 Cincinnati, wabash and Michigan bonds,
$4,000 first mortgage jamestown and Franklin
Railroad 100000 second mortgage jamestown
and Franklin Railroad, $4,000 first mortgage X al
amazoo and White Pigeon Railroad.
Now, 1t is a significant fact that the securities
below named are descriptive OF the securities OF
the Lake Shore road as per their balance sheet OF
July ], 1873, and on comparison they viii be found
to strangely correspond with the above list. The
list reads as folows:-s6,o00 Michigan and Lake
Shore bonds, $4,000 Leavenworth county bonds,
$4,000 Toledo and Wabash bonds, $175, Pacific
Hotel Company first mortgage bonds $4,000
Pacific Hotel Company second mortgage bonds,
$4,000 Pittsburg and Erie Railroad bonds, $4,000
Cincinnati, Wabash and Michigan Railroad bonds,
$5s,000 Kalamazoo and White Pigeon Railroad
bonds, ST. 1857 40 interest in the jamestown and
Franklin Railroad Company.
II will be seen from the foregoing that the Lake
Shore Company have curiously involved themselves
In financial complication In other words, we
have not got to the bottom of their
ARITHMETIcAL ARRANGEMENTS.
The figures, so far as the simple minded public
concerned are all mixed, and possibly they will
only be explained when some one OF the directors
who are alleged to have used the assets Of the
corporation for individual and speculative pur-
poses Is forced to the front in court Of civil law
70 make explanation OF the manner in which these
vast interests have been manipulated. From all
appearances Lake Shore stock has been used like a
loot pail between a crowd OF men, each OF whom,
representing his own particular "lancy.n has
Kicked 1t where ne pleased. The depositors OF the
Union Trust Company owe it 10 themselves TO look
viglantly into the peculiar cooperative movement
suggested by the foregoing figures and to ascer-
tain Immediately the half dozen spectators who
dividing themselves between the interests OF the
Lake Shore Railroad and those OF the Union Trust
Company, were enabled to perpetrate what, in the
language ofthe Police Court, would be denominated
"A swISDLB:'
but which, In the politer phrase OF the street, we
suppose must be designated only as a lucky turn.
1t is unpleasant to contemplate and discuss men
In the character OF defaulters whose names have
been the synonymes for Wall street honor; but,
when we scan such figures as are presented by the
books Of this Trust Company 1t seems as II we had
no other resource than to write them down equally
faulty with the worst criminals OF society," One
steals his fractions for bread and butter; the
other steals his millions for reputation. We
come now to the Investments OF the Trust Com
pany, and we merely mention a few OF them as
quoted by the yer:-Atlantic and Pacific
stock, 1000 shares; Union Pacific stock, 1000
shares; c., G. and l. Co. 400 shares; Pacific MAIL 800
shares. Truly "a beggarly array OF empty boxes.n
Let the suggestive items, SO eloquent with good
judgment, so indicative OF purpose to make
money rapidly Tor stockholders, so thoughtful in
their outreach so select In the choice OF securities
30 eminently representative OF the average banker
70 whom people in their folly trust money, teach
the lesson which the people are learning In the
midst OF this panic-to wit, that rascaty may ar
ray itself in good clothes, live in brown stone
front, talk In digni1ed monosylables, be accredited
with Christian excellence and possess paradise OF
fame in high.toned church; yet at the last, when
measured by the practicaI multiplication table OF
society, be found worthy OF no better place than
Sing Sing.
HIGHEST AND LOWEST PRICES
The following table shows the opening, highest
and lowest prices OF Monday
ODentn9. Highest. Loacest.
N T. C. II. r. r. stock,
pseIan, con; ,................. So ss1 soX
narlem em.................10 .1024 1927 1o2
CIie. Iie.'.;.................... 421 422 42H
a