The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-06-30
eoMMERcIAL APPAIRa


stock market to-day and prices for Of the ances
advanced one and two per cent Some of the smallc,
class of stocks have recently taken curious
pear to be ftversh and unsettled North American Trust
has been particularly changeable lately. few days
since it went to H. then down to 15 and to-day il
closed at 49, Reading Railroad advanced this morning
4 per cent New Jersey Zinc, q; Stoningten, y; Nor.
witch and Worcester, al Reading Railroad, Ia; Michi.
gan Central Railroad 1; Pennsylvania Coal, Ia. Mica
ragua Transit, ii Portsmouth, i; Long Island n Erie
Income Bonds a. At the second board there was an nc.
tive demand for Erie Railroad at further improvement
OF per cent Reading Railroad went up 4, with large
sales New Jersey Zinc, y; Morris Canal e; Canton
company, !; Nicaragua, u The market closed firm,
with better speculative feeling than We have noticed
for many weeks Great discrimination u exercised in pur-
chasing stocks We Of that headless reckless
disposition, so frequently exhibited among operators
The advance is confined principally to the really good
stocks and is the result Of the abundance of money
and the reduced rate Of interest ruling in Wall street. in
connection with the comparatively high dividends paid
by most Of the leading securities on.the market
The rapid rise in the market value the stock of the
Pennsylvania Coal Company has created great deal of
inquiry regarding the present position Of the company
affairs and the prospects Of its coal business The first
production of coal by this company in 1850, when
$4,000 tons brought to market. In 1851 $4,000
were mined and marketed At that time the Delaware
and Hudson Canal Company acted agents for the Penn
sylvania Company. The Pennsylvania Company now
transacts its business but the Delaware and Hudson
Canal Company continues transport the coal to msr
ket there being, believe other outlet for the Goa
mined on the property Of the Pennsylvania Company
The net profits Of this company from the sale of coal
during the past two years amounted to 100000 which
would have given the stockholders dividend last Feb
ruary, but the management having determined to sell
It's own coal and to go more extensively into the produc
tion it was deemed expedent postpone the payment
of dividend until greater progress had been made in
the sales and delivery of their coal The probable cause Of
the recent rapid rise in the price of stock is the that
the coal known the Pittson COAL having proved to
be OF most superior quality the demand has been so
great that the company have had great difficulty in sup
plying the demand The business this year is therefore
likely to be very large, which, with the surplus in hand
at the commencement of the season. will it is supposed
warrant the payment of handsome dividend
Since writing the above learn that the company
have concluded to out part its surplus earnings in
the shape of a dividend and have given notice that
three and half per cent will be paid on the 18th Of
July. The capital upon which dividend will be paid
amounts to two millions four hundred thousand dollars
This dividend paid from the net earnings of 1850 and
1851 leaving the profits of this year. 1852 untouched
The semi-a interest the bonds Of the Rock
River Valley Railroad Company. of wisconsin due the
hst Of July, will be paid at the companys Office No 16
Exchange place
The receipts at the office of the Assistant Treasurer Of
this port to day, amounted to $40 payments s2
IT'S 92-baance 81 445 COG 90.
The demand for foreign exchange for remittance by
the steamship Europa, for Liverpool (Wednes-
day. has been moderately active In conseq uence of
more limited supply Of bills the market rates have
been maintained with great deal of frmness. We
quote bills on London at 1914 1o per cent premium;
Dat ~ &c Ana
men, 7S1s 70; Hamburg, 1914 3G,i. The Europa will
take out large amount Of specie Engagements have
already been made for than half million of dollars
principally gold.
The Seventh Ward Bank has declared a semi annual
dividend Of four and half per cent.
The Stougbton Branch Railroad Company have de-
clared dividend OF three dollars per share the Boston
and Lowell Railroad 3R per cent; the Boston and
Providence Railroad. ga per cent; the Franklin Insu-
rance Company per cent the Norton Copper Company
located in Taunton and Norton divide Is per cent
the past year; the Old Colony Iron Company divi-
dcnd of 10 per cent The Dean Cotton and Machine
Company Taunton have divided 1919 per cent and the
last three annual dividends of this company have
amounted to 62H per cent
The Michigan and Southern Railroad Company have
resolved to increase their capital stock to $1200O0 the
shares to be distributed among the present share
holders ,aa according to the amount paid at the
time OF closing the subscription books the 2d June
but not exceeding ten per cent such amounts such
shares to be paid for the 10th July par which
the stock is at twenty per premium gives the
fortunate stockholders handsome bonus. This is done
divide all the surplus assets of the company previous
to its approaching junction with the Northern Indiana
Company, which two will become and indivisibe
special meeting of the stockholders Of the Boston
and Providence Railroad held Saturday at which
the vote passed at the late annual meeting rejecting the
report in regard to rendering aid to the Providence and
Bristol road reconsidered and the whole matter left
to the discretion Of the directors.
The quartz crushing mining companies OF California
have very generally proved failures the best of them
doing nothing more than paying expenses and most Of
them actually falling daily in debt This is pretty nearly
the result anticipated and any companies formed
will prove profitable than the old ones. There
has been much misrepresentation, much deception
practiced in this in nearly other mining compa-
ny in the country that people have been shy and not
easily drawn into the schemes which have re-
Gently been put upon the market This has been for
tunate for the public There is probably nothing so
certain and hazardous mining operations of all kinds
no matter what the metal extracted may be. Ignorance
bad management, extravaganza, and frequently the
failure Of in the mines the causes Of most Of the
losses which generally attend this species of enterprise
The companies formed usually commence with enor-
nous capitals and then rapidly into debt for mining
operations which throws the entire concern into the
hands Of its creditors
Capitalists must bear in mind that this is the last day
receiving bids for the tive hundred thousand dollars
eight per cent first mortgage bonds of the Milwaukee
and Mississippi Railroad Company Until o'clock this
afternoon bids will be received at tine office
Of Deano. Dunevy Co., 80 Wall street, for sums of
not less than 81 900 each These bonds convertible
INTO stock of the company at the will of the holder
any time within five years from the first Of May 1852
They coupons attached payable January lst and
July lst each year at the banking house of Duncan,
Sherman Co. and the principal redeemabe at the
place in 1862 The general banking law of Wisconsin
authorizes the deposit of railroad bonds issued by rail-
road companies Of that State for banking purposes for
one half the capital Of any bank established under that
law The security offered for this investment Is ample,
and the high rate Of interest they draw must attract the