The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-03-04

nor 0aisas and Caioaga II 0ssss ~ hHwuasse wss
snsreA 81 1s% per cent without sa,ss ne saass % NJ
ehsAn southsra are g ting 70 DO quite sNve AGAIN. pu'
NE operao except for lower prices ase reduosd 70 vev
Nw On the lss Of April bonds 70 TIE aoouns q
$4,000 mature, and viii require Soma PeSy snap
nsAnoierng TO raise anything IKE that sum On The eo
paDy's credit new hsue Of bonds 10 eAtiroy ous Of
ne question. No inside or outads ofthe COMPANY
knows how many bonds outstanding nov, and ns~
'saus publicly made forced upon the Market would 10
sell above 10 per oeoL We doubt largo amount
would ind purchasers ~ any prioe. Tho snoroos sac
noes ths company made 70 pay The February dividend
the daily sacrifices hes 70 mako In oarTybg along toe
floating deb. and The sacrifice gill be compelled 70 mako
TO qudse The bonds about maturing would snk ~ onoe
any railroad company Of ordinary resources, and muh
ultimately sink tho Michigan Southern deep ~ HS
lem, Hudson River Long Island. IH earnings are no
thing compared 10 It's expenditures. I recspts do but
little moro Than pay the operating expenses The expense
Of nrancering all ses into construction account In the
shape OF new bonds and STOCK Its capital and deos
now afnounito upwards Of sixteen millions OF dollars,
and both bonds and stook arc rapidly incrcasing In
quantity rho way 10 which this COMPANY raises money
from day 10 day would ultimately ruin tho best paying
road IN she country For the Michigan southern Company
there Ia no relief III financial embArrassmens are NOT
merely for week month but from this une out un
I'll ~ bAnhrup cy 10 paplicy acknowledged. Every day
brings 10 money difficulties, and every day requires s'uae
new srs,bce will result in suspension Of divdenos
until thS road under proper manage uent be made
sufficiently productive 70 mako up for portion OF the
ay by the pay mont o, dviisnds for
years past. We doub,n tho Michigan Southern Railroad
C,npsuy win pay another annual dividend of Ave
per cent IN each until great change takes pIaoe In lis
financial affairs The Cleveland and Toledo uom
pany 10. similarly sisuatsd axd siuar re
suits will ultimately be reAhzed The SAME
causes are Ut work, and every sem' annual
dividend paid only increases the dcuty and us,ens the
collapse wise counsel prevailed In the board Of man
asement OF the Cleveland and Toledo company they
would geo the policy Of reducing the dividend paid not
Of abandoning II altogether Upon tho principle thu
half loaf better than bread, the outside stock
holders should DO satisfied with . lover rate. The
N.cbisan southern Company would have been Of least
half million dollars better oil and really in better credit
to-day had the February dividend passed altogether
NcshDg in the world but desire the part OF the drec
to preserve the oompanys credit as 70 enable
negotiate han 10 pay the bonds about ms!urns,
induced hemto pay the February dividend in cash. Eos
we'll they have sucoeeded can be in the 90 citation
10 per cent for the company sinking fund bonds upon
which three months inters have accrued.
Al The second board the market moderately active
and prices pretty well sustaned. GaenA and Chicago de-
cncd 4 per cent; Chicago and Rock Islsrd, n; Illinois
Central HI New York Central -. Erie closed without
change A bear sale Of 600 shares was made at 6TA
per cent Keller 80 days The earrings for February,
uDderstand were very er1sl and viii, compared WITH
those Tor the month last year. show g,ea failing
OF. Evtrythfpg Was crowded. into January 10 mako q
good show, before known what disasters February
wou bring along with 10.
The stock operations Of the propresors Of the Daily
rNnes In Wall street to-dsy were - focws:-
Bought 200 Reading Railroad. &x, seller 30 days.
Said eco Michigan Southern RR... 1871 buyer 90 days
Sod 4oC Chicago ana Rock Island r. .loaS<, cash.
This 10 . moderate days worb, and no! profit
sbIe ban Il looks 10 be, win rot 70 far towards mailing
up the deficiency IN the finances Of the Tina They Will
nave to GET up archer Valley Bank 10 mike both oud'
meet was possible 70 briag abtrt collapse In the
Usa6ia Bank there might be SON hope but bill holders
are too well projected in this Sse. Another Valley Bank
down In Maryland might be worked up assis.
Tho Assistant Treasurer reports 10 day - soIows,-
Iotei feceipo Si4oIso
TotAi pay mfn0 tls yol i.
IosAi "
The psy mepts hc,ude sal 500 on California drai:s