The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-25

NJ o n q Y d A II X II T..

The stock market opened heavy this morning and
prices for most of the fancies fell off fraction At the
first board, Reading Mortgage Bonds, 1870, decnedI
per cent; Erie Income Bonds u; Farmers Loan, IL;
Morris Canal, q; Canton Company, y; Mohawk,
Long Island /; Hudson River Railroad, q; Stoning-
ton, y; Erie Railroad, d; Harlem, /; Reading Rail
road q Edgewerth and Portsmouth Dry Dock, remain
without alteration In prices with large transaction.
In each 1t will be reference to the reported
sales that most of the transactions to-day
cash. Seine OF the leading fancies very much
depressed. Mohawk looks blue enough, and the
bears in that stosk must have been particularly well
Satisfied with the decline We see in the fluctuations
of this stock the effects of prospective competition
among railroad lines. Reading Railroad heavy.
A large amount of this stock has changed hands +,
within the pact few days and 1t 10 said some Of the
old holders have sold out This however nothing
to do with the pretent prospective value Of tho
stock - investment. The report recently issued
must satisfy any unpre observer that the COM
psny must henceforth large dividsnds, and n nc
more than six per cent paid the stock s cheap
present prices The bears may get their burnt
they suffer themselves to get largely short fit.
There large sales OF Msrris Canal to-day Of
the decline. II lie stated that the bect Of conseida
tion was not considered at the meeting Of dreotorr
yesterday. What object the board have In view IL
putting on this matter, We cannot imsgine but II
looks - though there personal interest at
ssue, which must be protected than that the
stockholders generally. There Is power superior te
that ofthe board Of directors and may be necessary
to invoke it's aid In enforcing the different sections
the companys charter II the President ftks Morris
Canal Company will refer to documents In his pos
session, and to the laws N the State Of New Jersey
he will find that on February Q, lslo. the Legislature
Of New Jersey passed act to amend the charter
the Morris Canal Company, the preamble which re
presents that the said company are dssirous Of
ducng the number Of shares OF the stock and Of
Issuing preferred stock &c. and by the LIST sestor
OF said act the company empowered to reduce the
number ofsbsres to 10 which shares shall have the
same nominal value heretofore BY the I'd section
Of the same act the company horssd to issu,
75o shares OF stock and 60 be issued preferred
stock The subsequent sections authorised the opening
Of books OF subscription for the stock prescribed
the mode Of taking subscriptions therefor, and that
the act could not take effect until the should be
accepted By the stockholders ct meeting thereof &c
be called In the mode prescribed.
1t appears that on the 18th day OF May, 1slo the
stockholders Of the company at public meeting con-
vsned for that purposs, In due form, accepted the
act; that the directors Of the Canal COMPANY
held . meeting the nrst Of August 1870 when Il
was resolved after referring to the aforesaid that
the shares Of the capital stock Of this company be
and they are hereby reduced from Al GOO shares their
present number to 10 $50 shares which shares shall
have the same nominal value heretofore That the
transfer OF the stock outstanding sha after the
Goth day Of August be made In accordance With the
foregoing resolution giving certificate OF share
Of consodated stock fer every four shares Of the old
stock and that each certificate issued shall have
the words consolidated stock" under the 40, Of Feb
o. ls4e on s face that the 18th of February 1850
the books OF subscription for the stock were
opened, and . large amount thereof was subscribed
pursuance Of the provisions Of said act; and !, "
aid that further subscriptions have been or are about
be made to said preferred stock. That on the first
day Of April 1880 the drectors Of said Canal
resolved in substance that the resolution, passed an
ne nrst OF August 1870 to consoldst the old stock
be and are hereby, rescinded
IL further appears that the ORIGINAL .h.,.. of,h.
omPsny nov pass |. they did and are ps-mltt.d to !.
be Transferred on the books Of the comnsnv NJ An.
officers thereof In the same m hammer a, tbsx -. a.
fore the passage and acceptance OF said act n tbs, Al
every election OF directors, the whole al 900 share,
~ouis be suffered to control election Of Director.
ana thereby deprive the preferred stock CT tbe psr.,
the said set intended to confer upon the holders and
owners thereof We leave these facts for the consider
alton Of the president. believing that his own soos
sense Win sho~ him the prcpriety Of enforcing tho
implement to the charter In regard to the old so.l
~ vel as in regard TO the preferred stock.
At the second board there considers hle a.t,,t
In meet CT the fsncies without suy mst,risl alsra
ton In prices. Erie Income Bonds fell on x psr cent
Eric Railroad, "a; Harlem advanced \. The m.,,o,
closed weak, with downward tendency
The receipts at the oice OF the Assistant r,ess,r
of this psrt, odsy, amounted TO s4so2os "a n.r
msnts s5i2es % Balance, sss2206t o. oftn. "a
oeipts tedsy, $4,000 we're on account az .rnn.s.r
from other depositories
The Buffalo Bayou, Brazos, and Colorado p.ilro.e
Company have commenced operations and 40 he lin,
is only twenty Eve miles long and over pssfectiy
level country u will soon he completed This road
extends from Harrisburg on the Buffalo Bayou. &c.
hichmond on the Brs1os river, With branch to Pay
ettevills Harrisburg IL Ave miles belc~ Houston
The railroad company own the town Of HARRISBURG
II 10 estimated that the road, With the branch ,fii
cost about two hundred thousand dollars The Brsso.
liver drains one Of the richest sections Of eountry in
The vorIs, and the products viii centre st Tay.,ts~