The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-21
FINANCIAL AND COMMERCIAL.
MO Ely lar X Il r .

r INANCIAI AND COMMEHCIALs
~~~~~~~~~~~-~~~~~~~-~~~~~
MO NEY MAR X Il +.
TuKpAY Jan. 20-oPM.
There was q pr city general Improvement In the stock
market 70 day and pretty active business In all the lead
Ing railroad stocks. New York Central Railroad I'D
varced u per cent; Erie, -; Reading III Michigan
Southern, j. Cleveland and Toledo, al Chicago and Rock
Island, 1. There were large transactions In Michigan
Southern, principally for cash We understand that the
regular annual dividend OF five per win be paid
in cash the 9Th Of February Galena and On,sgo sold
this morning at l2l per cent, seller thirty days. The
books closed ~ day. much TO the establishment Of stock
holders who supposed the 25sh the day. in accord
with the official announcement appears that
the books cloee n Chicago the 26h inst Tho inference
was that they would close here at the same time. At
the second board there change OF consequence
In prices. Cumberland the most buoyaut fancy on
the list. opened at 81 cash. and closed ct II buy
err co days. Canton Company advanced 7sper cent. A
small lot OF Michigan Southern sold ct SIX, seller 10
days Galens and Chicago was offered at 106k per cent
dividend on without saes. The stock dividend OF 10 per
cent and the cash dividend Of per cent payable 10
Chicago the 18th OF February Tho stock dividends Of
this company, within the past twelve months have been
~ per oent and new issue OF 10 per- cent at par has
also been made making total Of 80 per cent, or nearly
third added - the capital stock since the middle OF
dividend the capital and debt Of the road will be about
nine and half millions Of dollars
The Bank of America will business to-day Ut
the ueua hours a their banking house, which was bat
slightly Injured by the fire. The officers removed tempo
rary to the Merchan' Hsnk yesterday, but will resume
business in their own place to day.
We made an extract nom the report Of the State En-
gineer, day two since, and invited public attention 70
lis conclusion upon tho subject Of railway Management,
expressed by this journal for sometime past and such
we Invitation 10 Ok interested in railway
rifles to read with considersie II the State En-
gneer is right in his dgment-and as q railway man
he enjoys reputation vecond 10 none in thA1Wkry-
then 10 clear that thc whole fabric In - to be
brought speedily 10 the ground unless immediate steps
taken 70 avert The catastrophe, by kind Of egisa-
toa which ,ha compel the mansgers of these works 10
change their entire method OF doing busness Railroads
Of the State managed with the disregArd 70
ell sound busress principles and the bulk Of their 20
cures are owned by our OWE people, or are TO be found
N Wall street for SALE 1t 10 TO be regretted that any action
which may DO taken BY our Legislature cannot reach
foreign corporations at the time The State En-
gneer declares that from two 10 -four per cent the total
cost Of railways will than cover their annual
deterioration besides one per cent over and above what
are called ordinary repairs. No such allowance made
| In the reports OF the expense Of maintenance Of
way, and II all goes into cousiruotiso account. We
have steadily commended that such was the fact, and
have shown from time 10 time, on the examine
ton Of nearly every new railway report, that the
whole system, ~ managed, was rotten 10 the core
Tho condition Of the bond market shows tho steady d.
cay Of public confidence. First clam bonds hes.
Western roads dull OF from Is 20 per cent be
low par while hrs mortgage bonds roads that
have been considered the best In the Market fhe Mohi
gan Southern, for exsmpe) difficult OF sale OF so per
cent The prices Of the stocks themselves are critic
rion or evidence Of what the public think OF them They
are bought and sold at the stock exchange from day
day, without regard to any other question than tbs
amount CT speculation which supposed 10 exist In Wall
street, 20 fc,,er this speculation that every proper
principle violated. Is TO maintain q fictitious market
price THAI reports constructed and published that
known to be untrue at tho time OF their introduction
Ia this state OF thugs that compcs the managers 10 do
clare their divdendn, without regard 10 earnings
penscs or cash on hand TO either borrow large for
the purpose, have TO the destructive prncI
pies Of issuing stock and the Of bonds tho
extent TO which This carried for the Ast few
months can hardly be credited To collect Tie asure.
them 20 the public gaze any ether period
tina, the present one-one which seems 70 be full OF
madness and foy-woud produce the moes profound as
sonisk meni and hasten . crisis.
For the example OF declaring divdeuus ia tho face o,
the facts shown by the state Engnesr the cor annuity
are Indebted to the New York Central Company While
thss cVershadow,pg corporation dares make och sacr,
hoes 70 easfy the stock jobbers Of Wall sire n and Al
baoy, Ia natural that other less mportau, or sanitation.
Will do the same thing. Tho injury tina, In tbs mo.n
while being Inflicted on the community at l.rse 1, Of
vital Importance from is incalculable mas ,na. the
railway interest, In which every citIzen 4 ..o,Iv ,,,e
rested, 10 placed In greater jeopardy n am uon,b 10
month. The mass Of securities oountb ., 40 huns,s,,
Of millions, In The shape Of first and rona ,ortr.r,
bonds owned By everybody everyuber u,u,, are ion
become unavailable for the security = 49, ,,.v
are bssed Is wearing out aud no PROOF -. 200.
vided for in reconstruction. Tho 49,, !, ,,o s,.,e
Engineer, and the ndbputsblc evder ,r,.,od no This
journal OF the approaching dessters - 1910. a ,.ux.v
securities may be utterly dlsreg ,,aod We ,oo vs,v
clearly tina, lndisposed TO 80. ,x,h,,. hevona
s' pNo'NsV"' ''"e 9''oh ~ change We, however,
shsll continue the work. and indu &c an. h ,h., ,,er.
will be taken by some one on,,rc. :, ,n,rosues
new system Of railway manag 60, .,cr,.,.s a, ohecx
he downward career and plac ,s.u, ,.,or ro.,,,op
Something should be done By -. 80. -, ,.o,
~ aoNOus Noo yrlpany should be permitted
~ ' a'''uV"- WIZ the floating debt exceeds
~ ,s. $40 .p -, I'M N OF ne csptsL renewal
80. 80. ~. " equal 10 sum which expe
w.. 80 dspensioie 70 proper perpSsu-
' '"oA - ~ stock or bond divides MS shoali
~ rp0.-.p.'e prciexi Whatever
-'s''' , these would demonstrate the
wv. sAo 49, sllway enterprises. rhoee entitled
y ps."o uOaus' would receive w. Their securitie.
-V.'o No. high market price ri al times
'nu 'onV oa ION could be made 10 the future By
"s ms" rested his money In them.
Total recepn 900. aso
Total payne 400 n,
Total balaac 20 80 on. oo
-, q. s...............s. ...ss...s. E,lOs,Sol w
ie ~ Exchange Bank has dec AIRED q semi us
four per cent, payable February 1.
Aou was held for Vice Presidents Of the Board