The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-05-22
NEW YORK HERALD, FRIDAY, NAY %, lss7.

barrssemens but that will improve the actual condition
OF the concern by follows At best II bu
funds portion OF the floating debt by preferred Ten PEI
cent bond. 1t Is not like other bonds having limited
time 70 run, nor II stock which the company are n
liberty 10 pay dividends not, the funds In the Urea
sury may warrant. is, fact, q sort OF perpetual
ground rent Of $500 600 per that must be paid let
what will come. The preferred stock may for time be
a pretty good thing. 1t may be a good investment so
long as the actual net earnings Of the road arc sufficient
TO provide for the ten per cent interest," but how hong that
viii be no one can tell. This Issue about the only
thing left for the company 10 do 10 stave of actual
prosesf AID bankruptcy, and such We must mako the
best IF 1t. II would have been much judcaous
financial operation r bad not cost quite much. When
this new programme presented there % 500,
coo OF capital stock The capital stock amounts 10
about soeooooo Instead Of 900 Of Old stock,
have DOW Say 81 900 Of old and 50 Oooo uswan
Increase in the aggregate Of 81 o00 To raise this
81 500 900 in cash issue OF stock the company
have contracted to pay for al time $500 900 per annum-
equal to 20 per cent interest the principal each year
Thu about the result Of this last financial ment,
and yet was the only alternative ie Tor tho company
will PIT of to little later period the necessity Of openly
acknowledging the insolvency Of the company. To
accomplish this the entire body q old ssockholi-
ers has been sacrificed Holders Of the old stock
who subscribed to the guaranteed ten per cent issue,
have forty Of The new, which is selling Al 80 per
cent for every 100 DID, which Is selling SO per cent
Whom the books closed subscriptions to the preferred
stock the old issue selling at 6S ser cent At present
prices for the now and old, the old worth 81 per cent
therefore appears that loss of three per cent Is the
suit Of not realizing the old stock with the privilege
the prevailing impression in the street that the old
stock will touch 10 per in less than ninety days Is
hat
sell above 40 per cent The nvarAbe effect OF prefer
red stock Is to kill the old and is well known that the
finances Of any railroad company must be IN very des
peraie condition 10 be compelled 70 resort 10 such alter
native It naturally follows that there nothing of 70 keep
vitality any Of the previous issues In the whole OF
long experience, We have known nsa whore
The old stock ever received the smallest Dividend from
actual earnings, after the issue Of preferred stock We
do not believe the Michigan Southern Railroad Company
will be exception.
The Assistant Treasurer aeporA TO day as follows
Total receipts. $oo,2ss 90
payments. ACKNOWLEDGEMENTS. Ss,0a6 81
balance. I3, 1893 $50 81
The Lebigh Coal and Navigation Company have made
scrip dividehd OF twenty per cent the stock and pre-
viousy issued scrip Of the 70 ono share Of
scrip for every five shares OF stock or scrip Tho cash
dividend, which limited to six per cent and on the
shares only, expected will be declared In few days
The gross receipts Of the Cssawssa wniamsport and
Eric road were
FOR April, ioo1.. ->SI 5so 20
Due connecting roads 6y082 81
Net receipts, April 1851. 246 90
DO. do. do. 1856. Observation-Disclosures. 2,s6S Is
Increase, thirty per cent. $s,777 %
The snow storm In April inerfered with the trade for
two days. but for which the net receipts would, Is OK
poctcd, have exceeded $4,000
The DAILY Ts~es spectators operated S tho Stock
Exchange 10 day us follows
Bough-sO0 Reading Railroad. Tsx-b 80
100 Michigan SOufhern. .ooia-s3
S0ld-l00 Michigan southern preferred. .....8o q
$50 do. do. .........8sH-s3
The New York Bowery Insurance Company have de.
ctred semi anna, dividend Of Ten per cent payable
June 1.
The receipts Of lumber u Albany by canal, from the
opening Of navigation 18th insl the years med