The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-09-25

to depress prices, and for the day the effort was
successful. A rumor to the effec. that fresh war
had broken out between the Galena and its com.
petors also served to encourage the sellers OF that
stock. We apprehend that there viii be no very
sharp competition among any Of the Western roads
this fall. Neither the Gaena nor IFS rivals have
equipment enough to do the business that
egitimately offers; any fights which may
take place will be of more consequence
to the bulls and bears Of Wall street than
to the roads themselves. Rock Island, Toledo
and Illinois Central were all sold down below
Saturdays quotations. AT the afternoon session
stocks were all better, and the market closed firm
at the following prces:-Virginia 6's, Oh go;
Missouri G's, 79i a /; Canton, 2la %; Cumber-
land Coal preferred, Il is; Pacific Mail, S0l 81;
New York Central, 8sl a 4 Erie, 80 /; Hudson
River 63I Ga; Harlem, l9i q /; Harlem preferred,
4si I; Reading. 4sl I; Michigan Central. 6s5 a
10; Michigan Southern and Northern Indiana, 70 a
u do. guaranteed, l4s3 a !; Panama, l25 !; llli-
nois Central, SCI I; Galena and Chicago, 71t j;
Cleveland and Toledo, Az As; Chicago and Rock
bland, 7siaa.
The President of the Panama Railroad Company
has issued card to his stockholders in reply to
terial statements Of that article but takes excep
ton to some minor points. He does not deny that
the business of the Panama road is thirty. three
per cent less than it was at this time last year, that
the companys charter will expire in fifteen years,
and that the road viii then become the property
Of the New Granadian government; that Mr.. Sand
fords mission to Bogota to obtain renewal Of the
charter has proved complete failure; that the in
creasing security and popularity of the overland
route are dverting from the isthmus large and
nually Increasing proportion of the California
travel: that the war in Ne ' Granada is operating
prejudcially the business of the road. While ad
hitting by his silence the correctness of our remarks
on these vital points. the President labors at some
length to prove that the freight traffic derived
from the New Granadian confederation is only one
per cent of the whole business of the road; that
cochineal comes from Central America; that the
reighting business Of the road is steadily increas
ing, and that, assuming that the business of the
road does not fall below an estimate Of $l22 ,25S
a month, the company will next January pay " its
usual six per cent dividend, besides the regular
contribution to the sinking fund, and two per cent
surplus" We have no wish to engage in contro-
versy with Mr.. Hoadley. 1t is natural that he
should think well of his road, even after others,
who are perhaps better qualified even than he to
Judge, have had their faith shaken in its future We
win not, therefore, dwell upon the fact that only
a couple Of years ago, at the time the Nicaragua
route was about to be opened. this same Mr..
Hoadley published card, in which he showed
that the Panama was independent Of the Califor-
mia business, and that its mainstay was the traffic
it had built up in New Granada and the adjacent
countries traffic which lie now insinuates is mere
nominal part Of the business Of the road. Nor shall
we do more than give the actual figures with re-
gard to the next dividend, so confidently announced
in advance BY the President Six month"; earnings.
st sl22 2ss month, give total Of. S7s3 s2s
Opeynssng expenses oix months !. =. -, SEQ 2oS