The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-04-14

At the second board the market very dull and
very heavy Prices ruled generally nearly ono psr cent
lower than at the morning board. New York Central
Railroad fell oil per cen! Reading y Illinois Central
Railroad, ~ Cleveland and Toledo, n La Crosse aud
Milwaukee, u; Erie, Y Michigan Southern TX. The
most bareaoed humbus, In financial way, that have
for lonx time the attempt OF the Cleveland aud
Toledo Railroad company to make the public believe that
The four per cent sem dividend Just declared
payable in cash. is nom the earuugs OF the road.
1t would lot DO bad these companies would tell the
truth about where the money from pay thess
dvideuds, for shen tho public would not be deceived
but say th II from the net earnings too much
Of . deception even for railroad company. The whole
amount actually bodily Of Eastern bank
shape Of currency for Distribution c.rouat, the
wes<, and this II not tho nrs TINA that company has
paid its dividends in this way. The whole market vas
lower this afternoon and olosed weak.
Inc Assistant Treasurer reports to-day follows
Iots, receipts .'...............".... snsse7 SO
SoMi syLnon's '............ avu Tlv
IoA psanoe''..'.. r. ls,Is5 SOL a.
Tn' receipts uelade SIS ouo from Mil waukie and shs
paym. NJ. include $4,000 on OAIiit rnia checks.
The s.sxmsnip George Law this port from Aspn~a'i
Arrival 1t tee corresponding dsse ilss year
brought. ..................... Liooeo
Decrease. ......................... s220,sc2
The sockjobpips operations the DaGy Times concern
in Wall atreet to day were a. follows
Bought.
loo New York Central Railroad. .88z-osah.
100 HUDSON N7ef AAroed.... ..2oH-b %.
Sold
200 Mishigan Southern Railroad. ..........I7 -ops
100 New York Central R.rosd
The Erie Railroad Company have given the following
ecal notice In relation 70 the stock dividend from
A.
The sinking fund for The redemption OF the bonds OF
this company having reaohed tho amount Of than
rny having receives the directors have declared
dividend OF ten per cent the capital stock Of the
neDy, payable IN stock % the 27th day Of April inss at
following resolution Of the Board adopted on the estao
nshmens Of the sinking fund, =
.ps,Ds una s.ouns 70 ton per cent on toe capital stock
this company WILL upon receiving due authority rom the
dv'deus asy, stock dividend q Ton par cent.
Where the dividend amounts TO ono or more full sHares
the same VIII be paoed to The credit Of the
ooe; sns when tbe dividend dses mol Amount 70 fu
share the ,okholdm vil receive . scrip certificate in
LOT n,sentSscn win otnsr similar certificates in
amounts which be made Into full shares The Board
OF have resolved that In future the ssook div
6euds viii be declared Omen ~ the sinking fnud
amounts 70 i've per the capital stock Instead OF
Ten per cent - provided In the original rosoluaon.
The special ses OF the Legislature, under which the
Erie Rsrosa Company make tho new Issue Of stock for
the stock dividend, reads ~ foIIows:-
The people OF the State OF New York represIA sd "A
Senate and Assembly, do enact a. folio vs.
SEQ l. Ihe Board Of Directors OF the New York AM
Ere Railroad Company authorized from u nc 10 time
70 Issue sock 70 An amount exceeding SO mach o. ,hs
net earnings OF said company a may have been applied
10 tee payment OF the principal OF funoed deb, OF said
company, oaine the time OF the passage Of this cot or
any sinking fund for the redemption Of hs principal
q fuch funded debt
Fec g. Any stock s1ed In pursuancs Of the foregoing
provisions eh.n ne e.dsd pro rata, among the stock.
helders OF said COMPANY.
Be-, B. The capital stock OF said company may DO In
creased 10 meet any issue Of stock made in pursuance OF
the foregoing provisions
Sec g. This act shall take effect i'm me dlAtey.
BY the wording Of this act authorizing the paymen, Of
.sck dividend, n WI be seen ,ha, the company 10
strictly prohibited from usps any olhsr rund for tina,
purpose ihss their not earnings Now must BIS apps.
rent that ne ither II this time any future period
win the actual net earnings amount 10 anything and
therefore that any stock dividend they may will
be clearly illegal. The course Of this company 10 very
simple dictated By hosat policy. should take all
The gross earnnss, not required 10 pay operating
porses and interest," and with Thorn and repair the
road Al the time should issue preferred stock,
bearing eight per cent interest tho price which
will takcn for the purpose OF payisg the floating
VIII make for time at least pretty plain sailing. Tho
bonds amounting TO ooo coo. due January, 1859 mus,
b provided fos In rome other wy.
Tho asnexed statement exhibits the average daily
movement In The leading departments Of thu banks OF
this city, during shs week preceding Saturday morning.
April IL, 1857, and for several Previous wesks,-