The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-02

There W0e no change OF consequence in the sock
0axket to-day. Quotations were slightly unsettled,
but active demand existed for the principal rail-
road securities. At the first board Missouri SIS ad-
vaaced apsr cent; Nicaragua Transit 1; Michigan
Sosthens. d; Gslena and Chicago, .; Chicago and
Rock Islind, I; Milwaukee and Mississippi, T. Two
ANAL lots ~ Wisconsin Lake Shore Railroad sold at
7S4 per cent This il Of the steadiest stocks on
the hist. Mnwaukie and Mississippi was firm st .
slght adva nee today. If these stocks were more
abundant ia the market, there would be . more &C.
tive movement in each. Residing has not moved up
much yet but buyers and holders have great faith
in it, The road brought down last week % 1858 tons
of coal making the total for this year 25e396 toms
The scarcity of coal in Philadelphia viii require an
early and large supply from the coal regions.
At the second board the market was steady, with
more tAan the usual activity. Nicaragua Transit
was 10 demand. and there was sale OF one lot of
thousand shares. Reading sold freely at mornings
prices and closed firm. Cleveland and Pittsburg
slightly improved, 30 did Cleveland and Toledo.
with small sales. All the new Western railroads
must steadily appreciate in market value. The
business Of the present year will prove their value
~ permanent investments.
The City Comptroller has issued proposals for
$z6000O0 of five Per cent city stock, redeemable in
fostytwo years, and 81, 100000 six per cent, re-
deemabe in three years. for the Central Park fund.
The stock win be issued in shares of one hundred
dollars each, and the interest is payable quarterly
The steamship Atlantic, from this port for Liver
pool to-day, carried out no specie.
We learn that ct the meeting Of the stockholders
of the Chicago, Alton and St. Louis Railroad Com
ps0y, held at Bloomington, H., on the 2sth ult..
the lease Of that road to Mr.. Hamilton Spencer was
and mad hv lo~O
The Roitscay Times of the 2lst instant contains
the following article on the closing of capital and
construction accounts of our different railroad com
panes. The subject is one of vital importance to
all parties concerned and particularly to stock
holders
Closing CAPITAL AND CONSTRUCTION ACCOUNTS.
Among the radical errors of financial management
permanent the constant Increase Of capital
osst Of construction occupies prominent posinon.
aSr r., o. n
frmis the stoal cost Of construction" account is in
creased re% year to year The reasons or rather OK
mis feature show great 6eai Of Ingenuity thaa
fairness wisdom In one report i. is the ference in
the cost OF new bridge and the original cost OF an old
one difference In the cost OF new and cid iron difference
in the ofheavy and light locomotives enlargement
of depos raising The tracks when there has been def
cheney o. gravel ballast and in fact any change in a.
most every department Ct the road machinery taken
the net s.ninss for tie past ysar may make i.vorssis
chow Ono cannot bu. be amused 1t toe ingenuity OF
while they cannot but depors the van. of wisdom which
the shaaeholders manifest by allowing this maestro to
o"ps n.H int S.s sea
ten or twelve cent net while tbs older roads have
not done we'll but would it not Be we'd to crlcise
with caution the accounts which present this fat
tering retu'n nitems are dsIv charged TO construc
tion secount' which the managers Of older roads,
Penses It an easy matter to show . asttsrins e.
hibt tor perhaps five years, but what you put
into pocket to-day divi ends earned BY this
must surely come on. Of the other hereafter.
And what Ia wore, you viii find that eventually the
got to cover . much larger surface Viii experiences
proves to you tsat many OF the charges to continuation
.s the hss Is :,
meat dividends, falling Cd in the real and market
iue Of the shares, and An annual quarrel with the
boards Of directors who in consequence 60 out to make
way for snothsr 81 who Whit wiser thsa
really isss viuablsIto tie sharehodsrs' interests BE-.
the board have net had that experience sp
Under the influence Of just this stss OF thing
known the capital cost Of many of railways dou
sss value Of the shares g rom $50 down to sos while
the constant change 10 tbs officers o. the companies
showed that the sharshodsrs had No IN ths
ms'ortnre end suffering among the sharshod com
menced vith that mistake and fatal policy Of
soen construction helped BY the Amiabe desire Of
the directors to make things look pleasant" have
heard Ct them The sad expsrieaes of the
the etsr, every word of what said and hsrs,
where tbs nischie7ous efforts Of the "open con-
been CONNIE need. On many Of our roads this &C.
count has been closed but not al Of them It h1u
ADD w can sss no good why i: should rem.S
with any read twevennonth sfes the road is opened
s .s q
We not My obj ct TO the principle Of keeping
open account but We must OBJ
Ject to the manner in which 1t is primarily stated by this
dosting debt system where money is borrowed shares
OF from ten 70 thirty per cent The osury finally sndng
its way into the cApira which dividend has
got be earned just well upon the Gde
scIibed and paid in psr capital. The whole thing is
cheat and deluson from the start and the
raiivsy shareholders make up their minis
capital accounts OF the different companies, the
win railway investments begin to command the cona.
seece the public and the e.pi s.s It would be well
for The shareholders Of some Of those Western
rsvsy enterprises .heh now sppsrsasy occupy so .vo
ia the fste and where decnston Of their splendid
vsend. Of ten AID twenty per cent payable ia stock or
ny. We tell them tina. the policy q wrong and al.
WAYS fatal 1t issds to enorm capital upon
expenses: cessation Of dividends number Of years.
alipg off in real and marke, value Of the shares
and in great many cases in the total bankruptcy OF the
OR advice after extended experience Of the evils
when rave alluded is to stop your construction
counts within month sser your road IL opened
capital ia actually needed lsJ the shareholders vote 1t
and subcrte it anfuiy after they have discussed and
coDsf cred the subject fully Don't leave the matter
the option of few schening and cheating spec alators
who always c0ntrve to go out AZ the right moment and
feather their nests At your expense II ia easy
matter to cook up annual report for . few years
While the construction account remains open, that
DIVIDEND be paid but the end Is almost always dis
dtsasreus and oftentmes fatal Close your construc-
ton scconnss and this cooking process not easily
carried on and tho shareholders Dc ot the risk Of
being done sbsurdy brown of them have been
heretofore.
The annexed statement exhibits the value Of
foreign dry goods entered at this port for consump
ton, for warehouse, and also the Withdrawals from
warehouse during the week ending Thursday, Feb
%, 1866
MOVEMENTS ~ FOREIGN DRY GooDs.
Entered for Consumptsom.
Quantity Value.
Manufactures OF wool. 1878 Sl29 045
IN a c,tt0