The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-04-20
NEW YORK HERALD MONDAY, APRIL 20, 1867.

cafed cash dividend Of four per cent payable the
18th int Now II there stakeholder this company
VINO for moment believes that this dividend Is 10 be paid
out Of the net earnings be very dun OF
pfehenSion The question may be asked IL the cosopany
nave not earned the money, where did they get III Bor
ro~ed it, to be Notwithstanding the bad credit OF
the concern, it still borrow money o, Eastern
banks, Il has for every dividend for the
past two or three years. II is claimed that
the mopey 70 pay the dividend the 25th instant is
already in hand-S74 &c.,. in bank ~ Cleveland and the
balance bank Toledo This Is undoubtedly correct;
bu; the managers do not deem prudent to inform the
public how much OF this money has been borrowed aud
sent to these banks IL will be found, investigation,
that these deposits special and tas tho bills are of
Eastern banks fresh from the mint. The ob.
tanned by the promise of good circulation portion
and protection" to the balance. This the management
canned deny, and they cannot deny that this the way
they have paid several div idends within the past
years. year ago they only borrowed the money
pay the dividend that time declared, but attempted
avoid evste the pay ment Of commissions 10 the party
who made the arrangement with New England bank
1t folly to talk about the Cleveland and Toledo Railroad
cofnpany earning eight per annual dividend To the
utmost extent may even net twoper cent, but every dol
lar paid thst Is running the compsny much ia debt
II IL time ulis ruinou daanciering " keep up (aaduea
dividends stopped. II mast ises, and
the longer Is continued tAs deeply tina cos,,ssy
WI bc involved We sAd think tla The managers would
get heartily disguised with such ds~secStc gam, and
show their hands the stockholders at and relieve
them fran longer suspense. With roads the siue IS
nearly pSiyed out and the managers disguise the
actual state OF things much longer
The money market closed yesterday almost a of
plethora The supply is abundant apparently for all par
poses There has been change Of consequence rats
and from present indications tho is likely W continue
however Of those uncertainties spectators
guard against The money market good deal Ike
April day. 1t may he all sanshino moment, and the
next all dark and gloomy. The banks have very
banded line oi dtconis and vesy moderate specie
serve. The deposits 10y large and the basis
for imitation IS altogether too limited iOr the present
VI credits. The bank managers very short
sighted set OF individuals. Zach is waiting for the
other. Some line morning bank cashier viii get
little alarmed and commence calling in loans. and be-
fore the expiration Of forty eight hours every bank
cashier In the city will be. like pack Of
hounds ia full cry, calling in loans. II only
wants beil-wether 10 lead the flock 70 send them
all headlong upon the When that time conesand
it may any days!ock spectators who have largely
hypothecated their securities will need money from come
one, for they will get very little from the banks IL is
such occasions that pancs seize upon the public mind
and induce sudden and serious sacrifices. During the
past weex the tendency Of stocks has been downward.
The most prominent railroad stocks, OF speculative
character have fallen several per cent and al the close
were weak and heavy. is, doubt tho impression of
many that the fall prices has been very great and that
the bottom has been touched For the they may
be right In their antc,Iatons; but thcu
thst the decline railroad stocks has YET but barely
commenced The public will be more used " smaller
figures in q few months.
The closing quotations for sterling exchange and the
frmness cf drawers show that active oglxex
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