The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-07
FINANCIAL AND CO NUMERICAL
MCzEY N AR X MT.
THURSDAY. March 6--6 =,

With more activity in the market lower prices
were realized at the first board to-day. Canton
Company declined per cent; Pennsylvania Coal, !;
Harlem, J; Michigan Central, IL Reading Railroad
!. Galena and Chicago, Wisconsin Lake Shore, and
Milwaukee and Mississippi closed, steady at yester
days prices. These stocks not offered in large
lots, and the purchases are entirely for investment
The returns SO far as received from the Western
railroads. for February, show very large earnings
and from this time forward their receipts will be I'M
usually large The winter throughout has been 80
very severe that an early opening of the spring is
among the probabilities. The opening of navigation
at an early day is guaranteed by the bulk of snow
the ground, and it is very likely that by the first
Of April we shall he further advanced in all spring
operations than usual. From the West we expect
the most favorable accounts of railroad traffic, par.
ticuiarly on the new lines. Az the returns come in
the market value of all that class of securities will
appreciate in market value, and stocks which can
now be purchased considerably below par will, be-
fore tie season has far advanced command prices
considerably in advance of those now ruling Capt.
tai is gradually but steadily being withdrawn from
the old inflated railroads Of this State and New Eng
land, ard finding investment in the new, cheaply
constructed, productive railroads Of the West where
the future is lled with the most extraordinary results.
All the railroads in the Oldest and most densely
populated sections of the country have seen their
best days; they have all been constructed at an
enormous cost, and are operated ut an enormous
expense. Their earnings per mile, four and five
times the COST not equal those of the Western
roads, Railroads in Illinois and Wisconsin which
have cost but about twenty-five thousand dollars
per mile, earn more per mile than roads in
New England which have cost seventy thousand
dollars per mile. The New York Central
Railroad cost, according to its capital and debt
sG5 900 per mile, and its gross earnings amount to
$4,000 per mile; while the Milwaukee and Missis-
sppi Railroad, costing but about s25 600 per mile
earned last year (on an unfinished road) 81 900 per
mile. At the same rate on the cost, the New York
Central, to be placed on level with the Milwaukee
and Mississippi, should have earned last year
slS 600 per mile, which would have given an aggre-
gate income of l0,s00 900, instead of So 500 OO0
as reported. The New York Central is selling in
this market at 80! per cent, while the Milwaukee
and Mississippi is selling at So per cent. One is an
old inflated watered. expensive, worn ont road
while the other is young, new, cheap, healthy,
sound concern, with everything in the prospective
encouraging and satisfactory. The difference be-
tween the old roads Of the East and the new roads
vi Tie west - III ldCt greater IMAM appears Dy
above comparison of cost and earnings. Those of
the West are in new and growing country, and,
as population increases and cultivation extends,
they must become enormously productive. Most
Of them have been constructed at small cost
compared with those of the Fast, and their
managers base avoided those blunders and mistakes
which have proved fatal to railroads in this neigh
borhood. Under proper system Of management,
A.. l.. A.
should not continue for all time productive at
the present. Iy the establishment Of sinking and
renewal funds, and the appropriation annually Of
from the net earnings sufficient to meet all the
requirements for these purposes, the capital and
cost can be kept at fixed point. and the property
in sound substantial condition. The net earnings
Of the most prominent lines are already so large
that extravagsnt dividends can be paid without in
terfering with the necessary appropriations for all
future contingencies. II will be seer by the official
reports of Western railroad companies that they
all have liberal sinking funds, and many Of them
renewal funds. Where such system of manage
ment exists the most careful and cautious CAPT
tslist need have no fears in investing his money.
After the adjournment Of the board the following
sales Of bonds and stocks were made at auction by
A. H. Nicholay:--
,ooo winfrsd Mining and M.nnrg Co.. Fiat II
10000 Marietta CncI nat,i RR lat mt Int ADDED 73
400 Syracuse Birgbamton do. do. 81
5000 IacEswapa and Western RR- do. do. s6k
10000 Central New Jersey RI d.. do. Q4X
~ 600 Lake Erie Wabash Il - 1. RRdo. d.. 7Ta77L
5000 Illinois Centsl kR Continuation rs do. s5k
1900 Hartford City tixes. 1876, do. 81
ZOO Breckenridge Camel Coal Co ....... 81 O40
20 shares Galena and Chicago RR............ .112k
20 do Excelsior Fire ms. .105K
do North River Fire Ins. Co $50
40 do Ienox Fire ms Co. Observation-Disclosures. 90h
10 do Metropolitan Fire ms Co .............. q1L
90 Ru'ger's Fire Ina. Co................. 95h
Is 90 Beekman ire Ins. Co...............1OO 1907
40 do Chatham Bank NEUTRALITY-SUSPICIOUS.. 81
90 do Fast River ......................e 5 65k