The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-10-23
RAILROAD BUILDING IN RUSS1A-FLoU
MILLS

ST. PETERSBURG, Sept. IA, 1S5S.-To-day su
scriptions for the bonds of the great Ra
road Company began to come in. There was
crowd; six cashiers were hardly able to count al
receive the subscribers deposits For each bond
tenth of the nominal capital, or so roubles must
paid down. As it is expected that the amount su
scribed will be much greater than the capital !
quired by the Company, it is announced that u
deposits for all the bonds not delivered will be l
stored.
1t is said that on this, the first day, seven m
lion roubles' worth of bonds were signed. The 81
scription is to remain open for ten days, and 1t
likely that more than one hundred million roubl
will be subscribed during that time for the numb
of subscribers usually increases during the last day
As the Company desires but thirty-fve million
the bonds will evidently command high premlul
in the market after the first day. The premiui
like that for shares, will be more considerable 4
the bonds delivered than for the promises to
liver (promes8es d'oJGgotions).
A large proportion of the sales made to-day wd
upon speculation. The distribution among the
dividual proprietors to be made subsequent
Hence, while the speculator who buys promise
deliver, confines his speculation to the premi1
which he can obtain by subsequent sale, the
of bond entirely free will derive from it r1lI
more considerable profit.
The holder of a promesse d' obligation by freeii
it, is allowed discount of 81 per cent per annu
something like or 9roubes bond. BY sendi
it then to Paris, for instance to negotiate it thd
(Which is easily DONE since the bonds will be
dorsed 500 roubles, 1000 francs, so pounds sterl
53S thalers, and 944 Dutch fiorins, to facilitd
transactions); by selling there the bond merely
par, with no premium, and having the proceeds n
into draft upon St. Petersburg, the specuaH
will gain from to 7 per cent, or % to 80 rOubl|
Y GU may therefore expect soon to see in the Pal
market bonds delivered at st. Petersburg. On d
the other hand it will naturally follow in course
time that the market price of these bonds in Pal
will be lower than that which they will comma
here.
Now that we are speaking of railroads. let
say that the line from st. Petersburg to Peterhol
about to have a branch to krasnoe-Szelo, the pld
where the camp of the Imperial Guard is pitch
every Summer, and where all the reviews tai
place. There will be no great amount of travel
Winter, but in Summer there will probably be NJ
little, without reckoning the employment of d
road by the Government for the transportation
troops, already a source ofrevenue to the main Il
from Peterhof. The grant is made, like that of 4
Peterhof road, in the name of the Baron Stiegli|
| Russia, which exports, in average years, wind
! to the value of more than one hundred MILL
| francs, sends almost the whole quantity abroad
| the shape of grain, while America exports md
| than half of her wheat flour. Russian statii
clans some time since called the attention of Il
public to this fact, and have attempted to show IN
much we should be likely to gain by selling 4
! wheat only in the form of flour IT, however
expectation of this commodity has, even to Il
| day, remained insignificant item in the tradd
| Russia, the fact must be attributed to the imn
! feet preparation of our -four. The INTRODUCED
of steam mills will tend sensibly to its impro
ment in quality. 1t is only recently that sol
attempts to introduce them into Russia have bd
made.
To-day am enabled to announce a new ent
| prise of this character. A company has lust bd
formed with a capital of 400, 900 roubes for the
tablishment at Rostov, upon the Don, one of
most important southern ports, of a steam nj
of more than "a pairs of mill stones. One cam
doubt the success of the enterprise. 1t is onl II
be wished that the example may be followed sd
at Odessa, Taganrog, and other grain exportl
ports.-Ne,o York. Tribune.