The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-07
FINANCIAL AND COMMERCE 4,
ONE MAR X E II

.ct;ve. Some OF the fancies adv r. -, III -
s,c,ned. At the first board, 80 -. . 49,,
. uer cent; Missouri 6's, l. &c 80. ,ez. -
Canton Company, I. Cur ...,..a ca.,,.. err ~ =,
J per cent; Michigan $ ,thern p.iIroad !. r,aaa
iard. Columbus and su,;,...; p.u..s !, CO.
land ana ioeuo .lrosd, l. The buyers of Read
ng are 'ahns ,ntrscts on time, and getting the
bears SNORT ,Ossible, to large amount. 1t will
be ainicais do this for sellers are shy, and not
disposed q put themselves in such a position.
There too much margin for q rise in the stock,
and &c company will show such an augmentation
Of esources, that the market value of shares must
Re enhanced. The last report Of the Reading Rail-
: road company should be carefully analysed before
either buying selling the stock. Sellers or th'se
who may nov be disposed to sell the stock short,
should see il there is not intrinsic value to it,
geat enough to overcome the general prejudice of
the timid against ali railroads, and to place prices
considerably in advance Of those now ruling.
There 10 not another railroad company in
the country, the reports of which are so
clear and conclusive in their results. The
business of the company, as illustrated in its
hast report exhibits system of checks and balances
in al its departments, with bookkeeping 80 minute
and accurate that it may justly be considered as
model for all who desire perfection in registering
the daily transactions Of large corporation. The
report shows every dollar that has been received,
nom what sources, and for what services and every
dollar that has been expended, and for what pur-
pose expended. In a word, every transaction of the
company, from the largest to the most nconsidera-
BILE, is exhibited under the appropriate head, and
the result of the years business in each is contained
in the tables published. These tables, most accu-
rately kept, contain information of inestmable
value to the great railroad interests Of the coun-
try. 1t is drawn from the daily transactions of
the company, and be relied upon as strictly &C.
curae. We do not recoect to have apy report of
railroad company where every species of informs-
ton connected with its business was thoroughly
classified, and 80 minutely and correctly registered
The transactions in Cumberland to-day were some
what larger than usual. The dividend question has
not yet been settled. The regular monthly meeting
Of the board Of management viii be held to morrow,
Wednesday, when the matter will probably be dis
posed Of. The probability is that dividend will be
declared. The debt maturing next year can be
carried forward to more remote period, and the
assets m hand appropriated to the payment Of a
dividend. The most important question for the
company to consider Is the possibility of continuing
the payment Of regular seniannual or annual
dividends. That the company have funds enough
in land to pay fair dividend Cd ita capital imme
diately, there is not the slightes. doubt; but the
stockholders have no guaranty that these payments
win hereafter be regular that the stock can be
considered permanent, dividend.paying invest
ment. The debt Should in opinion, be first dis.
posed off, and the best disposition to make of IL is to
ray il and put Ii out of the way. 1t may be easily
carried forward o year or two, but it may then be
more troublesome than it is at present, and the
company not as able to manage it, when dividends
are looked for. Now the company ia free. The pay
mert of dividends has no. bsen commenced, and
funds are accumulatng in the treasury. When
dividends commence, it will be more difficult to &C.
Cumula q surplus, and the debt cannot be so we'll
provided for. The best policy to pursue is to pay
debts first an dividends afterwards, unless the debt
Il funded at long dates. Nicaragua Transit was
firm to-day. We understand that this comp any
have reduced the fares to and from California, and
will on the Goth Of April become a competitor with
the Panama line, and leave port on the same day.
This viii bring up all the cid position, and give
great impetus to travel between the Atlantic and
Pacific States and Territories. The Nicaragua Tran
SIT Company have advantage over the other line,
by the cheapness Of its equipment, the difference in
the distance, and the speed with which the entire
trip can be performed. There were large sales to-
day Of Illinois Central Bonds, ut IN advance Most
of Ii sales appear to be- speculative The bulls and
bears are carrying spirited contest in this secu
rity, and considerable gtneralship is exhibited on
both sidts, and both parties win be, without doubt,
sufferers from time TO tiIne more less. The pub,
DC mind has been considerably agitated by the ap.
peaiaIce of several pamphlets, revie wing the COM
pany's AFFAIRS and pointing out their weakest
points. These publications are made, without
q doubt, for stock.jobbing purposes, and, there
fore, lose much Of their point and chara ter.
Those who contemplate purchasing bonds Of the
Illinois Central any other railroad company in the
country, are very apt to look into the matter for
themselves, and act upon the information obsinei.
With ell these precautions they make mistakes
enough, but have no one to blame but themselves.
Western railroad stocks daily sold in small lots.
They are all, with one exception below par, and
their dividends have dwindled down to the smallest
rate. Several companies which used to pay FIVE per
cent or more semiannually, have passed their regu
lar dividend day and nowhere. State stocks are
peddled out daily in small lots Prices do not auc
suate more than fraction from week to week. One
of the finest and steadiest stocks On the list is Can
ton Company. There appears to be no speculation
gong ON IN III ana the iran sactions are pretty regu
lar in amount.
After the adjournment of the board the following
sales Of bonds and stocks were made at auction by
Simeon Draper -
o. GOO Kenosha City Railroad bonds, Is int. added As
1000 Flushing Railroad LIST mortgage. do. 691
1000 Ohio and Mississippi ID mortgage. do 81
80 shares Canandaigua and Emra Railroad ..... 100
do. Granite Fire Insurance Company ........ 80
so do. Third Avenue Railroad. ............ 81
do. Pacific Mail Steamship Company so
At the second board the market opened weak,
and closed at decline. Cumberland Coal fell of
per cent; Erie Railroad, Il Reading Railroad. 1;
Hudson Railroad, /; Cleveland aud Toledo, I; ILL
nois Central bonds, 4. Any advance In fancy