Year: 1875

SENSATIONS OK THE STOCK ExcHANGE-soMK


STATISTICS OF THE CARRYING TRADE-LAKE


SHORE AND NoRTHwEsTERN-wHAr AN OLD


DIRECTOR sAYs-PANIc RUMoRs AND THE


LAw-REPoRrED FAILURE IN THE SUGAR


TRADE.


There an excited market in Wall street yester-
day The various fluctuations OF stocks will be found
recorded in the proper columns Lake Shore and
Pacific Mail seemed to bo tho leaders Of the Market
and both stocks sold nearly two per than the
recorded prices on Monday evening The opposition TO
Pacific Mal-as recorded exclusively in the HERALD
seems to be an accomplished fact as the steamship
Oceanic lately OF the White Star line has sailed from
Yokohama with full cargo of intended for this
market which will be transported from San Francisco
over the Central and Pacific railroads: 'The damaging
facts in regard TO the company published in this
column yesterday remain unreiuted, and the parties
interest desire to be heard before an


INVESTIGATING COMMITTEE
as the same may be called Mr. John Roach
remains in New York to endeavor TO amicaby arrange
his contract terms with the Mail company, but IL is
claimed that there has been bad faith the part of the
directors and litigation and unpleasant disclosures are
likely TO result


sHoRE RAILROAD


was especially depressed the market, and rumors





HERALD representative visited of the old directors
who gave him the following in regard to the pres
ent and business THE freights on wheat from
Chicago about follows From Chicago to Buffalo,
2H cents per bushel; from Buffalo to Now York. say
CENTS and, with the addition Of cent per bushel-
to hghterage and other charges-about 10 IL
cents per busheL Now, carries in the neighbor-
hood of 800 bushels, say averaging from
$50 TO $33 a car. This is about $40 of n
mill per ton per mile, while the State Engineer in his
report says that the actual cost of transportation Ia
about hve-eghths of mill per ton per mile This is
startling fact and has never before been published
Why are these insane rates kept up9 Either the road
cannot compete with the Lake traffic or 1t II 1t
cannot, the people and stockholders should know it,
The truth however, is ths:-Whie the road could
the interest its bonded Indebtedness and pay
fair dividend to stockholders in oden times it cannot
afford 10 do so on


We therefore see the anomaly of a steel-raied and
splenddly equipped road losing money at the rate OF
81 900 900 month, and borrowing money at ruinous
rates order to pay interest on fictitious capital when
by system of business economy 1t could be out OF
debt and be blessing TO the farmer merchant and IN
vesor A few years since there were only two roads
the West-the Michigan Central and Michigan South
ern Now there FIVE roads competing for business,
TO say nothing Of the Canada Southern now nearly COM
peted


THE NORTHWESTERN RAILROAD
is laboring under the same incubus Its managers were
nsatate and although the earnings according to the
best data which can be obtained largely decreasing,
bonds are issued for every conceivable purpose CONSOLE





mortgagcd for treble what could be constructed for.
In the days of Henry Keep, whose business sagacIty
and foresight will dispute, the road managed
in business-lke manner; expenses were kept within
the ncome yet now in the hands Of stockholders and
Wall street gamesers the fluctuations like
game of shuttecock and battledore."


FAILURES ANNOUNCED.


Yesterday the air was black with sinister rumors Of
failures. The writer waited on Major George W. Nc
Lean the President Of the Stock Exchange in refer
to tracing the authors of these rumors and
informed that the Governing Committee was endeavor-
fnU IN anI1f I'm ulrrtf
cultes in the way, however and seemed next TO i'm
possible to locate the authors AS soon quorum Of
the committee be convened 1t is proposed to ener
getcay proceed to investigate II may not DC IN apropos
to quote in this place copy Of the law intended 70
punish these pestferous panicmongers, who smirch
fair regulations with their foul SANDERS IL is as fol-
lows:-


CHAPTER 44o, LAWS OF 1874
AN ACT TO declare the publication and dissemination Of


false news crime and to provide for its punishment


Passed May IL, 1874, threedfths being present


The People of the State OF New York, represented in
Senate and Assembly, do enact as follows:-


SECTION Livery person who shall knowingly circu-
late false intelligence with the intent of deprecating
advancing the market price OF the public funds of
the United States Of any State or Territory thereof
or OF any foreign country government or the stocks
bonds evidence of debt of any corporation assoc
ton, the market price of any merchandise or COM
modify whatever, shall be deemed guilty Of misde
meanor and shall be punished, upon conviction there
of by fine not exceeding So 900 and imprisonment for
period not exceeding three years. either.


SEC Every person who shall forge the name Of any
person, Of the officer OF any corporation any let
ter message paper whatever with intent to ad-
deprecate the market price of the public
funds OF the United States OF any State Territory
thereof or of any foreign country government or
the market price Of bonds stocks other evidence
OF debt issued by corporation association or the
market price Of gold or silver coin or OF bullion, or OF
any merchandise commodity whatever, shall, upon
convection, be adjudged guilty OF forgery In the third
degree and shall be punished by imprisonment in =
State prison for a term not exceeding five years.


Among other houses yesterday mentioned as having
failed Of the largest firms in this city,
whose office is in Wall street The HERALD representa-
tive waited on the firm, and authorized to deny
the rumor yet in justice 10 the cashier Of city bank
and on the positive assurance of member of one OF
the oldest mercantile houses in this city, is proper to
say the Of the failure confirmed To-day
probably will produce either its authoritative denial
a confirmation of the painful intelligence