The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-17

the purposes intended and give the bears sp
opportunity to get In some Of their shorts at oweg
prices would not be good policy repeal the Law
passed winter extending the bonds due In 1890
twenty years, but law compelling the Company t.
appropriate ell Its net earnings after paying interest
on debt, and preferred stock, to sinking fund for
tho liquidation of these bonds, would be no moro
than justice and would remove from the Legislatur
part Of the odium attached to the passage Of the
extension act OF Feb 1850 The advance in Canton
Co. to- day somewhat astonshed the shorts, and we'll
1t might We cannot account for 1t otherwise. than
the result Of well managed corner Present prices
cannot, however, be maintained long, and the beare
should avail themselves Of this opportunity to put
out contracts. Long Island was not so rampant to-
day, and closed heavy at the second board.
The receipts at the Office of the Assistant Treasurer
Of this port to-day amounted to $3.50 29e Is; pay
ments, $780, sl 81 balance S2st9,262 80.
The Hudson River Railroad Company give notice OF
the payment Of the half yearly interest the LIST Of
February.
The Hartford and New Haven Railroad Company
have declared extra dividend of five dollars per
share pay able ON the Sd Of February.
The Whaling Bank Of New London, has declaredap
semi annual dividend of four and half per cent the
New London Bank two and . quarter, and the Union
Bank five per cent.
The Madison and Indianapolis Railroad Conn anY
have declared semi annual dividend Of six per cent,
payable on the 2Sth of January.
The receipts Of the Connecticut River Railroad Com
pany the past year. amour ed to Sl9l s7 IL; current
expenses St392T 49, not receipts So765o 60 or 81 peg
cent of the gross receipts The damages obtained oc
the road by Ezra Corning, (Slo22l 51 make the ful
actual expenses Of the year 49 49, and savs the
net earnings about As per cent Of the re-
ceipts OF the expenses s3 43O IS for repairs OF
road, engines and cars.
The La Fayette Bank of Cincinnati has declared q
dividend of per share for the last six months, and
ha. al.o passed resolution to divide among the stock
holders tee dividend on stock belong TO the bank
amounting to So 80 on each share.
The Panama Railroad Company have made call for
the payment of 10 per cent upon the capital stock,
Pay able the LIST of February and per cent month
ly there after until the whole is paid.
Gen Hamilton, Of South Carolina, has published q
card in the Texas papers requesting the creditors OF
State for the payment Of whose bonds, certificates
OF stock scrip the duties imports were special
y" the OF the late republic general
y pledged meet at the National Hotel Washingtors
city, the first Monday In February next. at Il
| O'Clock, for the purpose of ascertaining-
1st What class of creditors in the opinion Of the
Secretary of the Treasury of the United States hold
obligations which involve an Interior liability on the
| part OF the United States.
I'd What releases he will require such creditors to
are protected by the prov.o reservng five millions toe
their payment, in the boundary adjustment act,
| pasred at the last session OF Congress.
At the proposed meeting Gen Hamilton will presents
analysis Of the public debt of Texas the securiteo
pledged for each issue, the amount and date OF the
same and the clAssfcations by which the Auditor
and Comptroller Of Texas hasrecomnended Il cir pay
| ment.
Considerable excitement created in Wall street
to-day among holders of Morris Canal stock, by tho
appearance Of circular showing the past and present
condition of the affairs Of that company The circular
gives account OF the sale of the canal and its ap
purtenance in 1874 under the first and second mort
cages, and the Law reducing the old capital of tho
company, and authorizing issus Of three thousand
seven hundred and fifty shares Of preferred stock to
bear such rates Of dividends the Board Of Directors
| may prescribe from which the annexed deductions
| are drawn
By the foregoing 1t will be perceived fret: that tho
lions one hundred dollars to far .1ee.a the
value Of the property represented by the company.
reduce It one fourth, they establish its value at
LOIS 600 dollars or IS dollars SHARE and next that
tbousand seven hundred and dirty shares Of the par
value Of one hundred dollars per share bear such
:ars or e,yia~-e- - cc-psny nsy think NJ ~.
result which might DO anticipated, follows. The dirse-
tors hnovn that the peel pie Of New Jersey aud New
York eombin.d would not subscribe to onet.nth OF
his aount. determined, that taken by themselves,
10 devote the full extent of the possible earnings oh
canal 10 remunsIate Themselves for the riss vAjr,,
they run In the investment And q arst step y this
result they allowed Commission of five per cent on
each thare OF preferred subscribed for thus re-
aueing the amount received by the compsny sixty
paid annually fixed at ten per cent Win ths nro
VEG that when the rHings Of the company should ex
preferred stock the surplu, 80 arising shouldfnot hn
appropsted for the benefit Of the old stockholders
sn, would surely be but be divided equally
ere Thur, II the canal should earn sixteen DER cent
s ITS expenses thirteen per goee
q md fhr~.
sns oid. And even this is not what II would appear
from y .ne above statement but changes very material
Wnen II 10 understood that the COMPANY RECOGNIZES
the preferred stock at hundred dollars Der ,bare
ana the old stock at only twenty i've dollars and the
interest paid on them to be- computed aecoraingIy
NOV o. the foregoing statements make II that
o shs over its expenses interest and divi
when ne may hope to obtain In the way OF diyiienf
s ns ook 70 what the surplus IL likely be- and ths
sio per cent interest on prefer
red stock ofwhich is now is.
per cent interest on bonded V''' "
and beating debt. ........... 100000 4aooooo
Expenses OF transr ortat ion per
annum on sSaooo toa'.".... 90 900 90
Annual outlay. s2ls 500 oo
by which 1t ape srsth az the annual required
70 Dc earned will BE- two hundred an twenty six thou
sna hse hundred dollars We must nov turn to see
Last year the canal transported about 81 600 ton,
,mheisnt receiving therefor the sum OF one hundred
thousand i've hundred dollars AMI Il Is estimated bv
the company that after the enlargemea nj and improys
msnt OF the canal with Its planes and locks its caps-
Guy VIII De increased to SEQ 900 tons The fret auss-
ton then is:-Csn the canal obtain this capacity
ana so can u get that amount Of business And N
Dotn tnese questions be answered In the anicmatiye
stockholders - ~
The canal tramp rted last year 23+ COO tons. and re-
ceved the sun Of 500 SEQ IL transports mex year
or the succeeding year 100000 tons, essimatsd by
the company, its receipts provided that th growing
competition In the carrying trade does mt +, dnee 80
rate o. tolls will slightly sxescd 100000 falling short
oy 70 CuO ot the amount CURED, a. before stated
without reference TO tbs eut Ia &c
the old stockholders T. thus sho sn that
be preferred stock Of ths company will by iss high
and txtravaPaLl rate ~ interest, sh5orb mora
than the canal possibly earn up3a their highest
estimates OF carrying 100000 tons OF frsiy.L
We give this for just what 1t is worth aad no more
These are statements which can be easily controverte