New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-07-10

,o,n vas heavy. declining from - - 40 for
the oo.,,ny Tho Guaranteed stock sold a. ~ To-
ledo was weak in the morning, but recovered a. t'e
afternoon session, 10 81 s'll showing fall OF y cent
az compared with yesterdays price La Crosse was
ac,;ve md aiya ced 10 H. fen back after~srd 10
40 Mnraukee and Mississippi was also weak de-
clpiro IN 53l Pittsburgh sold from 40 down TO 33l.
A Gale Of Pacific Steamship made at 76l, tx div
ideud. The success ii this Company has been very
marked. The accumulation Of 100 shares bought
only eighteen months ago for about 81, 800 and the
divider reinve.ed in the stock is some $lbOoO'
In Railroad Bonds there very little done. SAFE
of s35 coo virgnias made at 50, seller SIXTY, anu
SO seller three *2I 900 Mssous at 7S and Louisiana
Is at 20. The general market was quite irregular To-
day with considerable willingness shown TO SELL
while the parties who have been buying tor tne 'a''
week or ten days did not appear TO have many
The market is very quiet for Exchange ana fa'e'
unchanged.
E,eob,s are without material change. The engage
ments N Liverpool are It, 900 BUSH Grain at 3D. IN
baos and buk. and Cotton at IS. To London, 5io
hhI and I5O TINS Oil Cake at Is. Sd. for the fomer
and 2 Cd for the latter and so uns IngOt Copper az
los Cd To Rotterdam, 800 bbls Rosin at D. I'd. To
Bremen 100 bbs Spirits at 2lc., 300 bbs Oil at 2s
To Bristol 800 bbls Rosin at 2s. vessel to take
wrecked cargo from Nassau to Gibraltar, the bulk
10 600 bbs. at about $4,000.
The business Of the Sub-Treasury was: Receipts,
1898, 1873 95; Payments, $262,797 9l Balance, *io,
4O5. ga 81. Included in the payments was draft
for $4,000, in payment of property purchased ~
Government opposite Fort Schuyler.
The Contnena Insurance Company has declared a
dividend of y cent the capital stock OF the Gem
pany pay able the 18th inst, and also $50 q cent
on the premiums earned during the year. The Lamar
Insurance Company has declared seni-annual OWL
depd of of y cent payable 18th inst. The Bowery
Navings Bank notifies its deposltors that the usual
balyearly interest will be paid the Doth inst. The
rate of interest is cent all sums of less than
$500 and y cent on sums Of $500 and upward. The
Etna Fire Insurance Company has declared hslf-
yearly dividend of y cent, payable 18th inst. The
Relief Insurance Company half-year's dividend OF
y cent, payable on demand The New World Fire
Insurance Company hafyeary dividend offs v cent
payable LIST August.
The earnings of the Milwaukee and Mississippi Kali
road for the month of June last, as officially stated
are $lls61s instead of SIG III asheretoore reported
The earnings of the Wabash Valley Railroad in June
Expenses ''''
Net earnings. @fiW
The above expenses include 80 600 OF Construction
expenditures A meeting of the stock and bondholders
of this city was held to-day at the office of the Com
pany to consider what measures should be adopted to
relieve it from its embarassments. The managers OF
the Company proposed that the Coupons on the bonds,
two Coupons the lst and three on the I'd Mortgage,
should be funded. The earnings of the road could
then be devoted to the payment of the floating debt
portion, however, being reserved as an accommodating
fund for the redemption of the funded Coupons
committee consisting Of Messrs. Chauncy, Morgan and
Pavenstadt, appointed to examine the affairs OF
the Company, and report of it is advisable to accede
TO the proposed plan. The meeting was large one,
and the best feeling prevailed Full confidence was
expressed in the management and disposition shown
to afford the road every facility for developing its
business The officers of the road gave the fullest
information Of its position in to the inquiries of
the meeting. The plan proposed appears to be fair
one and the best proposition which, in its present con-
diton, the Company offer. The bondholders will
doubt consider it their interest to accept it.
An evening paper intimates that the Michigan
Southern Company contemplates an issue of Income
Bonds to pay off the balance of its floating debt.
Upon inquiry learn that definite policy upon this
subject has yet been settled upon by the Directors of
that Company. At the time of making their recent
stue of guaranteed stock it stated in the Com
panys report that the balance of floating debt, after
about 500 900, and that the Company had hand,
unsod about ST. 900 in bonds of the Detroit and
Toledo Road and of their Sinking Fund Bonds, be-
side other assets to the amount of nearly 81 OOO
the proceeds of all which would be applicable to the
of this debt and the completion of
their works.
II has been suggested that share bonds, based upon
these assets to fall due at the rate of $2OOOO0 or
$500 0CO per year. and to be met at maturity from the
proceeds of the sale of such assets, would be an
and iudicious mode of wping out the
tire floating debt, and would leave the income of the
.osd orphcable to the payment of interest upon the
minded delhi and of dividends upon both classes Of the
stock.
We are informed However, that no SUE. pan n"'
been vet decided upon; but should 1t be herea'sss
deemed advisable to resort to something OF the KIND,
We think no one can doubt that it would be sound |
and conservative policy. 1t would not add anything
10 the amount of the debt but would simply change
It's FORM and would make it payable at stated periods
enabling the Company to realize fair prices for its I'M
sold assets, and thus meet all its obligations without
iiveting the income from its legitimate purpose OF
paving dividends upon the stock and interest upon the
funded debt of the Company.
To morrow 10th july is the day for the conversion
IF Chicago & Rock Island Bonds, and several parcels
have been sent in for conversion. The road with the
Bureau Valley is 22S miles long.
Capital Stock. .....,.'....$ 5Z4SVW
Capital Bureau Valley ............'..'' LoSwW
Fios,;n, I)ebt Observation-Disclosures. 100000
Total Investment. NEUTRALITY-SUSPICIOUS. |