The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-27

wednesday, August 26-G


"wednesday, August 26-6 r. M.
The tendency of prices is still downwards, with very
limited sales Long Island and Canton fell off "a; Har-
lcm ~ Reading, Il Ohio 6's, "a Norwich Pennsyl
wanna SIS and Farmers Loan closed at yesterdays prices
At the second board there Improvement in
Morris Canal Of 4 Norwich & Worcester u and in
Harlem, u.
Counterfeit purporting be issued by the Broome
County Bank in circulation. The lettering is well
DONE but the vgnete and other engravngs misera
bly, executed
Perhaps there is stock in Wall street which has
fuctuated much in which there has been much
speculation for long time the Morris Canal With
in the past two years quotations have advanced several
hundred per cent This concern for long time in
the hands Of receivers, who, in liqudang the liabilities
OF the sompany came into possession of about thirty
four thousand of the forty thousand shares Of the stock
there being only about six thousand shares in other
hands In January 1884, the market price of this stock
was ~ cent and those holding the stock managed
to get corner dreaming that the stock in the
hands OF the receiver could would into the mar
ket again Prices advanced very rapidly until in June
quotations ruled at 10 90 per cent when the
discovered that there large lots Of stocks in the
street besides what they held which proved to be that
previously in the hands of the receivers Many brokers
refused to accept the receivers stock in the settlement
Of contracts and complaints made to the Board OF
Brokers to that effect The recevers-Gov. Pennington,
of New Jersey being that they author
ised by the court to the assets Of the bank, and in
that authority they issued these certificates the capital
of the company. decision made af
ter confirmed this view, notwithstanding which,
the parties engaged in the original corner did
not leave the field, but privately despatched
agent Amsterdam for the purpose of buying the
Dutch mortgage, which effected for $500 o0o and
another Michigan settle the claim of that State and
obtain the of the canal held by that State which
accomplished at expense of 000 Having per-
ected their arrangements in these things these specula
pushed the stock they held into the market at the
best prices, after which, notice given that the sale
Of the Morris Canal would take place at Newark, NJ j.
under the Dutch mortgage, which amounted to 100000
At the appointed day. the sale reported to have been
made at 81 0O being hundred thousand dollars
more than the amount Of the Dutch mortgage To make
up the purchase money the individuals engaged in the
operation announced that assessment of twenty five
dollars on each share of the old stock would be required
to entitle stakeholder equal number Of shares
in the company At that time, the market value Of
tho old stock about eight dollars per share, which,
with the $25 after paid made the cost Of share in
the company $ss per share. This was in October
last and many stockholders hesatcd long time before
they could make up their minds to advance the $25
quired the only alternative being forfeiture of the old
stock By the appointed time, the twenty fve dollars
per share paid up making the million dollars repre-
scented to be required to obtain full of the
nal In due time directors elected and president
and treasurer selected and all appearance the
pany was formed upon very firm basis. The market
value of the stock then ruled at IS per centhrty
three being par-and eventually reached 80. OF the
million dollars received by the purchasing parties it
pears that only $780, have been paid being the whole
Of the amount agreed upon This left deposite in tn
hands of S36000 being their profits arising from the
operation. appears that the stockholders who paid the
assessment of $25 each share, have been deceived
They assured that the cost of the canal under the
sals 81 600 Ooo and WERE therefore, induced pay
up requested whereas according to the terms of the
actual sale. payment of about fifteen dollars per share
would only have been necessary Such is the history Of
this con ,ern, for the past two years.
Since these operations the stock has been steadily set
Ting down, and the market price now rules at point
lower than that at the date of the last SALE The
whole debt of the company amounts Sale 0eO of which
$336 900 in bonds which interest il paid semiannu
ally Since the reorganization of this company upon
the new basis, expenditures to some extent have been
made upon the canal and the receipts have ranged from
$500 to $4,000 per week, the company only employing
about hundred and fifty boats while there is bust
ness enough offering to keep than two hundred
boats in active operation The present income Of the
concern Is not sucient TO meet the current expenses
and the annual interest the bonds and the company
therefore much embarrassed in its financial affairs
The only way to these embarrassments, is to
provide for extending the business of the work.
which only be done by raising loan for the pur
chase of more boats. This loan must be raised among
the stockholders, by assessment upon each share
There is other way of saving the from utter
and complete ruin, as some movement must be
made to prevent the canal from falling into the hands Of
the present bondholders
The Madison and indianapolis Railroad Company have
succeeded in negotiating in New York loan of 500 900
favorable terms. This will enable the company to
complete the road to indianapolis by the first of March
next The first year. the receipts were S23,oo the
second s4s Ooo the third s62O0o and will probably
reach 100000 this year.
Tho receipts the Southern and Branch Railroad Of
Michigan for freight alone from January LIST to August
LIST, ls45 and 1916, were follows
U..t