The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-25
FINANCIAL AND COMMERCIAL.

TiiEsnAy .Tunet2i

TUESDAY, JuneS2i-5 P. N.
There sight reaction in the stock market this
morning. This we anticipated. The advance yesterday
was too rapid to be permanent. AT the first board TO-
day Michigan Central Railroad declined Y per cent? Can
ton Company, 4; Pennsylvania Coal, Y; Erie, X
Michigan Southern, u; Panama. x; Cleveland and To
! do a. Missouri 6's advanced l u per cent; Cumber
ad, Il; New York Central, Il; Gaena and Chicago, X
Milwaukee and Mississippi Railroad, q Reading 4. The
action did NIT, it will be seen, affect all stocks Some
OF the Western railroad stocks advanced this morning
largely Milwaukee and Mississippi Railroad touched
higher points at the first board than before The
price current to-day is with dividend Galena and
Chicago Is steadily working up again. The annual report
just published shows surplus hand the 1st OF May
1856, Of $3.50 o0o after paying twenty two per in d.
vidends for the year ending that day. On the first Of
August the surplus will, without doubt, be more than
$500 o0o The net earnings in the quarter ending August
l. 1885, amounted to about $780, 000 and in the cores
pcndng quarter this year it cannot be less. This
will give surplus in hand of more than three quar-
ters Of million OF dollars the LIST OF August the til
for the payment Of tho next dividend. With such an
enormous balance 1t would be very Unfair to the present
stockholders to give them no moro than five per cent
The payment Of ten per cent would leave surplus OF
about $3.50 00o an amount large enough for all contingent
ces. Money is worth more in Chicago than in any other
part the country and this fact may prevent the payment
OF more than five per cent All the leading Western rail-
road stocks have bcen very active demand for days
The business of all the important lines has thus far this
year been very great and Is likely to increase rapidly
the season advances Advices from the West report
active movements in grain and the railroads of Illinois
and Wisconsin, terminating on Lake Michigan will soon
find their full capacity tested to its utmost The new
crops sufficiently forward to enable farmers to form
pretty correct opinion relative to the harvests and the
prospect that the yield will be far beyond that OF las
year ibis will force out most Of the old crops and give
great impetus TO tho transportation business. Low
prices will not keep the surplus product of last year back
any longer, and as the receipts at tide water increase
tho market value at the seaboard must de-
crease. Railroads in Illinois and Wisconsin run.
ming east and west from the lake to the river
must be highly productive. There way OF get.
ting across the space between lake Michigan and the
Mississippi, distance varying from hundred and
fifty to two hundred miles, but by railroads. and as the
population of the Fast Increases and emigration extends
Westward the travel and traffic across that territory
grow at rapid rate. 1t Is this geographical position
that must give the railroads crossing that section ayan.
oges not possessed by those of any other part OF the
raien, Wisconsin has not yet developed to any great