The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-18

MosnAy, July 17-d p. N.
ne stock market very much depressed this morn
hg 1t the opening and continued to the Close com
yared with quotations current Saturday There has
b0s decline in Illinois Central bonds Of u per cent
law York Central bonds Il N J. Zinc, y; Michigan Cen
6al Railroad, Y Nicaragua Transit u Cumberland Coal
N; New York Central Railroad, IN; Erie Railroad,
Rsading Railroad v; Cleveland and Toledo Railroad, az
xheys were several of New York Central Railroad
dAy, deliverable at the opening Of the books This Of
ssure means dividend off, no dividend has yet been
declared and 1t is question win b paid. The
svstsm Of paying unearned divdsnds, while nesot !
Sasns going for loans, has sbou. exploded
and the company that nrst takes stand and suspends
tAis drain upon its treasury win enjoy the best credit
u ia great mistake to suppose that any compsny's
snnds can be more easily negotiated, because
Avidssds are regularly paid, when it is well
E1svn they have not been earned Tho
Asnaholders benefited by reservipg the net
gs er such expenditures for consru on and for the
D91dation of any floating debt may be required and
would be much easier sell bonds, when known
at such policy pursued than under the existing
Ulueem Of fnancisripg. When railroad conf anies
ham this they win manage their affairs differently. IL
WI require full million Of dollars to pay four
.t dividend the outstanding stock Of the New York
0nntral Railroad Company That is equal to one.
0fsd Of the amount the company have for some time
pnt been trying to raise BY issue Of bonds. By
soproprating what surplus earnings there may Be In
AAAd the liquidation Of any pressing indebtedness the
.xnse could DO readily raised the oompany's
hsDas and the saving in the way Of interest and dis
ssaAt would b. of more real service to the sookhol
sess than the payment Of half dozen semi annual d.
viAends. The Reading Railroad Company contemplate
sssh q movement, and the directors viii show their
wisdom In doing. 1t is fun time something done
- arrest the ruisous fnancierng Of the of
1slread conf anies.
AZ the second board the market was shade better,
Lie Railroad advanced per cent Reading Railroad x;
0nton Company u, Mc0uilock fell oil y per cent.
Aere activity at the board.
yhe Sixth Avenue Railroad Company have declared
ni annual dividend of and bali per cent payable
he 18th August This is less dividend than the
hsA years. because travel the road has been
kss through the fact that the Crystal Palace
attractive last year. when in process Of erection than
fhis year, with aid Of Barnum's enterprise. At the
tms the price Of horse feed has been much high r.
. a Me equipment of and horses anticipating
- uaver has been one third larger.
The New Jersey Railroad ane transportation Company
1awe declared semi annual dividend OF Ave per cent
The interest dividends due August the stocks Of
ne Toledo and Illinois and Lake Erie Wabash and ST.
Louis Railroads, which all the instalnents amoun.
ing to s42 SO per share) have been paid up will be paid
that day. Mt the Office of f. whitehouse So Wall street
aes Of stocks made at auction by A. II. Nicolay
,seV Cleveland and Pittsburg R.R. convertibles,
1,0co Great western Tl) RR arst mort rage do say
LEGO New York and New Haven rs do.....,......53
% shares Shoe and Leather Bank. .............&h
AA GhaAh no.L