The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-09-01

'ths second place how this could justify the d.
sction In declaring dividend on the preferred stock O,
more than THREE and one-Hfth per cent
The contract between the old stockholders and tho.
who subscribed the preferred stock specifically declared
ana In the order we give the stipulstions.-
ISL Inat the current expenses should be paid
"a mat the interest on the bonded debt should be
discharged.
"a That out Of the net income such dividend should
se paid as the said net would allow provided
the SAID dividend did not exceed ten per cent.
Inc Company, under such circumstances, have con-
tnued to pay semiannua dividends Of Eve per cent,
which have already amounted to four consecutive
when the August dividend declared, the Company
BAD not received, in gross revenue than s2s ABB
yet without making any deductions for
or interest, dividend Of FIVE per cent was made
capital increased to about although when
the dividend was paid the gross revenue amounted
to $685.
1t 10 conclusive from this statement, that there
has been gross imposition that the terms Of the
contract have been entirely disregard and that dv
dend has been declared purportng to be the
cepts which had been earned in point Of
could not have been hand The explanation Of this
imposition leave to the direction but will now pro-
coed to state the amount gross receipts collected on
the canal at several periods since the opening Of the
present season
The canal opened on the 7th April, 1851 and to
the lith june the receipts were .......... $9-36i
ripes which to August LIST ................. 3o2l0
Total sac 574
During the same period in 1850 the receipts were 5isis
Balance in favor Of 1850. .SllO72
In this We have comparative statement Of the bust
for 1850 and but have to believe that
the business of the canal will henceforth exhibit
nominal mpro for the balance of the season. end
ing the first December, and the aodus operGndi by
which this increase will be made by making an al
owance Of cents per ton coal brought to
Newark and thirty six cents to New York On less than
1850 tons Of coal brought the canal during the
week ending August 10th, drawback was allowed Of
lOe6.
These figures be depended on and their accura
cy refer to the Presidents correspondence and COM
munieations with his friends in Philadelphia.
In order to secure some portion of the Lehigh coal
business the company have been compelled to allow the
ccal dealers in Newark and New York deduction 20
and SO cents per ton, by which the charge Of 1870
cents per for freight reduced below charge
on the Delaware and Rsrtan Canal which is los cents
1t thus appears that instead Of the Morris Canal recev
Ing 65 and 20 cents toll per for coal to Newark
New York these lowered to 80 and "a cents net
Tor the of the canal from Easton to tide water dis
lance Of hundred and two miles. This is not the
only difficulty they have to contend with The Della
and Raran Canal Con pany allow 10 cents per ton
all Goals landed in Newark through their
cana and for the future the Morris Canal will have
contend with the Morris and Essex and the New Jersey
Central railroads, both having terminus at Eas.on
Under all these circumstances, will ask, what
gIoun present prospective have the directors Of
the Morris Canal Company felt themselves authorized
burthen the old tockhoders' interest," with increase
Ct preferred stock for the yarrantable purpose Of
making ten per cent dividends exclusively, in favor of
the pre- ierred stock
The monthly statement OF the U. 8. Treasurer shows
that by returns up the 25th August 1851 the govern
ment had deposit in the Sub Treasury 265 AZ
Deduct outstanding and unpaid drafts
*l7o5ss2 49, and suspense account ST.
300 "f....... ....................... l13s,5ls o.
l2,977,746 IS
Add difference in transfers. 773,S5O 90
Net amount subject to drafts. Sl37j1 500 IS
The following Is an abridsment of the statement -
TREAsuRER's STATEMENT,
Showing the amount at his credit in the Treasury with
In the Mint and Branches by received TO Mou
day August 25 1851 for which drafts have
been Issued, but were then ur paid, and the amount
then remaining subject to draft; showing, also the
amount OF future transfers from epostores
ordered by the Secretary Of the Treasury
Drafts here
toJore dTdrn