The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-11

ss5sS2 i .5 s 5sS i i$s 81
The receipts thus far this season, compared with those
of the corresponding period last year, show falling OF in
boards and scantng of 3o9 feet shingles 65sS NJ,
and slaves 10 062, go lbs.
The estimate made OF property OF the Canton Company,
of Baltimore in the annual report Of 1884 fixed the
assessed value OF each share at seventy dollars and
twenty five cents. In this estimate the property which
has been recently leased to the Treverton Coal and
Railroad Company, with the privilege Of purchase
within three years, at the price of one hundred and six
teen thousand six hundred and siSysx dollars, was
assessed hundred and twenty six thousand dollars
The assessed valuation, therefore, exceeded what has
been actually realized in the terms Of the lease only
fraction thirteenth part OF the sum thus
realized and if this transaction be taken as
basis whereby to test the actual present value of
the shares ofthe Canton Company have the estimated
value SIS 25, less thirteenth part OF the same
SIS IS less So S. equal TO $6T 10 the present value
OF each share Of Canton which is neglected in Wall
street at Sc per share. And yet il is well known fact
that the company still the Of all the property
held in 1854 that entirely free from debt Of all kinds,
and that has available assets in hand to the amount Of
$4,000.
To form some estimate OF the intrinsic value OF this
property il must be borne in mind that it embraces about
three thousand OF land including than three
fourths OF the First ward Of the city Of Baltimore,
than half OF the whole water line OF the harbor
tina, has new and substantial wharves Of solid timber
for than half mile In aggregate extent and an
average depth Of water Of from 20 70 rs feet through
the entire line Of the companys property on the har
Dor that this vast property, improved by an exPend-
ture OF $500 by the company, and still by
individuals lots leAsed and purchased from the com
pany just upon the verge Of realizing the advantages
OF its being the terminus Of the great Northern Central
~ sl.n Dx-u
syvania Railroad Harrisburg, but forms the shortest
and cheapest outlet market from all the mines in the
Mahoney, the Lyken's Valley and the shamokn coal
neds the tributaries Of the susquehanna river What
the effect OF this outlet OF such a vast coal trade
alone will be- "a answered by the gr,wth and rapidly
enhanced value of real estate at Richmond the Della
ware, where the present value Of lots remote from
the water land previous TO the roads terminating
there but farming and), ranges from $50 to
$50 per front fool, But only think OF the prospective
value OF 900 OF land including than three
ar,hs OF the First ward OF the city, and one half
the water line OF the whole harbor and that harbor
ing that OF the city OF Ramore-a city which ranks
among the first in commercial importance in the United
States and whose population has increased follows
since 1880, when was ss,ooo-In 1870 was lo2 sl3
In 1850 was Ice o54 and 1853 about 1876 o0o and ii
this time may be safely PIT down at go ooe persons
Nov. in 1884, when the population Of the city was
about 8. COO and when the land owned by the Canton
Company entirely unmproved, before had any rail
road connections with the West and with only $40 so
paid up what l-5o ooo,h part share Of
Canton stock Wall street bought and sold stock at
$3.50 per share or so per share present divided
what was originally divided into IL, 500 shares Is
row divided into 5o0oo) Here anomalous state of
things and illustrates how little the current quotations
ofprices Wall street have TO do with the intrinsic value
Of the stock We account in some for this
singular state Of facts For many years past the Affairs
OF Thu company have been controlled by few brokers
in wall street. and their friends and correspondents in
other cities who have % managed the company's pro-
perty a. To monopolze all the revenue: and
while pretending 70 act for the exclusive bene
Of OF the permanent stockholders, they we're pur.
suing all the time the very policy which gave
no income 10 any but themselves. BY alternately
raising and Disappointing the expectations Of the stock
holders they bought and sold their stock with constan,
loss 10 the stakeholder, but with equally uniform
profit to themselves.
For this and other good and sufficient causes these
gentlemen have been turned OFT Of the board Of drec
tors and now although they axed their signatures 10
Tie estimates IN the annual reports Of 1850 and 1854 lin
which each ofthe present shares valued at ssoss22s
then) these same gentlemen are busy 10 discredting
the stock wall street. even present current rates
IN their whole transparent to deceive any
one who will examine into the true or things The
policy Of Tie present board Of directors i
one which viii only give regular and handsome dIv
dends 10 the stockholders during the present aud future
years but by encouraging small propretors In their
audabe efforts 10 hold their property In fee and by sell
ing alternate Of selected parcels or land each year
The ultimate and aggregate yield Of this real estate must
be immense Those Who question this policy should look
al the result Of the alternate section system the Illinois
Central Ralroad and wherever else has been adopted
while those who regret the abandonment o. the dog and
manser policy Of The late Board may sec a. effect NO,
only Baltimore where the small proprctors have been
driven from Canton but in Washington CITY, and in many
others, where the same policy has no, only changed
the direction given 70 IN, growth Of the city
| but has Stusiy impoverished many who have
adopted n, because their increased nres more than
swallowed Up al the revenue from unproductve and IN
improved lots may be safely said that the actual Va
iue Of the Canton property w Is At least Eve fold wha
Il was in 1894 sndh i though, by many who are rood
Judges Or city property. that, udiciously divided
and sold during the month Of October next, the
whole property Of the company could be sold 50 a. 70 re-
sllze go on each share. And yet goes a besgings
s23 per shared
The Boston Adusfissr Of the osh, says
The STICK market Ia unsettled with greater disposition
IN buy than sell in most stocks and bonds Boston and
Maine declined " selling at a. and the price asked
Providence little better, ell the lots offered 81
being taken up price that could not have been obtained
few days since. Eastern hold steady at 40 and the
stock continues 10 out quite freely Thus far In
Iav ak business days the sales have lDted over
200 shsres while but lis were sold during the whole
month Of June Ttchhurg finds both scers and buyers
Al TO- below which point seems bard 10 break the price
western Old Colony, Concord lowell and Northern are
dun and 10, much wanted There is little inquiry
/ for bank shares and sales are large.
Some d The fancios Of olden tines coming into
favr arnin " these, Vermont and Massachusetts, has
advanced nom 10 within short time and there
little stock IN the market The stockholders have accept
The oct amhnrgng M sene OF new bonds Tor redaanr