The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-07-03
FINANCIAL AND CONNER GAL.
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| THURSDAY, July 20 p. H.
Tho stock market w v.l. .'sesular and fsvor'sh
iae opening this morning, and III. -.,,-0.
WIKI very extensive operations In oil the L., 80
stccAs hero violent fluctuations At the fra,
New YOs ~ nrai Railroad declined per cent Erie, y
Reading, ri Mosgan Central, NJ Michigan Southern, Il
Als aukis and Mirt~pp i. Harlem secrnd mortgage
bonds advanced pss ce: Chicago and Rock Island,
Cumberland, q; Michigan Scathern preferred 4; Glove
land and ntsburs, A. Galena am CHICAGO, N; Cleveland
and Toledo. Illinois Central operAd at llS cent and
closed At H. This stocs little ss CO just now, bui
few days will bring out fla supplies W. l'ok for vory
Important dtchue In the market vauc Of this stock. 1t
hes been sustained al very Sigh prices ros long time,
but the position Of the company and future prospects
are becoming daily bet,ar Understood. Zhere NJ In the
public mind, this sldo OF the Atlantic great Nant OF
confidence in the ultimate result Of this copanys opera
tiouh The capital stock Is twenty nvo millions Of
dollars, thirty per cent called and paid in Before TIA
arse OF another year there will be- beyond doubt.
Their ssue Of stock, upon which the viii be
called and Ia this way the nominal capital or the road
will rapidly up. The railroad Ia already burden
upon the land department OF the company We doubt II
II ever pays more than It's running expenses n tho oom
pany could give away tho road would save money In 80
doing As cannot do SO, tho road must draw largely
uIon The company resources and absorb largo amount
OF the proceeds Of land fAles may appear little premA
te 10 place these remarks upon record, but opinion
the appropriate Time to pat the public their guard
aeaast any particular security H when confidence
high and the community blinded By the g,terng
ports presented. The Illinois Central Railroad bubble
OF tho G& water The !and grant undoubtedly has great
value may prove all tina. has been predicted and of
itself u magnificent gilt from the general government
but esdded is, with the railroad, It Is question II It
vii rot In tho end cost much as II worth The most
extraordinary Improvement In the market to day In
Cleveland and Toledo Railroad stock Most all the
tons time With the general knowledge the pub
lie have OF the and the management Of this
ceIn, does appear strange that thing Like curreni
prices DO sustained. There Of now imam
cerirg operations in ide the Office, but have no.
able to trace them to point. would take good deal
70 surprIse the transactions Of this company Mchl
gan ssoclhern Was rather quiet today. This company
Ia now most excellent hands. The Liohaeld party
the entire from stem TO storm They have fairly
in their brooches pocket The stockholders must have
strorg hopes Of dividend 10 carry Ia shares under the
present management ina late treasurer enjoyed
or less Of the confidence Of the public and through
by his personal respecabnty the recent financial
nent Il % therefore due 10 the pubic that he should
give result OF his sixty days ofca silence
IL construed into approval OF tho financial policy pur
sued and an admission that hs early reports OF tho COM
pany's condition were ii later day confirmed. Now wo
would like put certain questions 10 Mr. Gray. AMI tho
stockholders would like TO see The answers:-
l. Have not recent discoveries shown that the floating
debt ia much large than first reporteds
2 Is not the floating debt upwards or ono million
eight hundred thousand doilarss
Do not the cash payments Of the company during the
carly part July amount 70 than six hundred thos
dollars, and the company without The Of raising
any thing Ike Thai amount
Have not the company taken legal advice In relation
70 by poshecaung new Issues Of stock for ,oAnss
g. Were the actual net earnings, after paying In.
teres year $500 co., and MOI The OK.
penses been largely Increased this year,
9. Have the COMPANY notes, 70 o large amount,
been discovered aaoAt since the last NAY ~ financial
s,ssernenfS
Mr. Gray has sufficient regard for tho outside stock.
holders Of This company he viii eithr condrm or deny
these charges The position OF Mr. Gray a. treayurer Of
the company for period Of sxty days gave him sufficient
opportunity for posting himself and he should place on
record the result Of his adminssuon that hereafter
wc may know where to place the responsibility
Amer the adjournment Of the board the following sales
OF stocks bonds made ~ auction by Abes, H.
NcolAy;-
$4,000 Ia Crosse and Milwaukee RR LIST mt Int add. n
l6c0o North Indiana RR LIST mtgs per ct BIDS, DO. 76k
1,6Oo Ward Coal and Iron % DO. 3os60
sso00 Gan Francisco city per cont bonds. DAT IS
81 shs New York and N. Haven RR (genuRs sock) IS
$50 Merchant Fxch Ange Bank log X