The New York herald., 1863-10-16
ing were the closing quotations.

1t is now generally known that the Hudson River
Railroad Company will need to use the whole of
their present surplus in the construction of thrd
track from Yonkers to New York and other works
of construction; SO that all hope of an extra dvi
dend in cash has been abandoned. A considerable
pressure has, howsver, been lately brought to
bear upon the direction to induce them to de-
clare; at special meeting called for the pur-
pose; a scrip dividend Of five or six per cent.
The ground upon which this request is based is
that on the lst of November 81 800 900 Of third
mortgage bonds will become convertible, and the
stockholders don't want these bondholders to par
tieipate in the surplus on hand We are not ad
yised what course the majority of the board
disposed to pursue. II, however, the stock
holders who prefer this request are original
stockholders, men who held their stock during the
long years Of its unproductiyeness, their attempt
to deprive the bondholders of the advantage Of
conversion is much more easily justified than it
would be if it proved that they are new stock
holders men who bought recently and who, in
buying, took the property with the risk OF there
being no extra dividend. AS the case stands no ",
the Hudson River stock is fairly an eight per cent
dividend paying property, with such surplus as
property in its position ought to have on hand
dend is declared the third mortgage bonds will be
converted the company released from ST. 500 900
of debt, and, the surplus being invested in
new construction, the way will be paved
for sure continuance of eight per cent dividends
even in hard times. and possible increase to ten
per cent dividends if business continues fair IT. on
the other hand, the company now pay away their
surplu3in O scrip dividend, the third mortgage
x- lao tha
company will be Increased, and the first return OF
hard times may compel the company--whch, it
must be remembered. was, only two years ago.
barely able to earn interest and expenses-to sus-
pend dividends altogether. There can be no ques-
ton which course would commend itself to sound
conservative direction. animated by regard for
the permanent interests OF stockholders. The
new board of direction, against which, at the
time Of their election, so loud outcry was made
on the ground Of their being Wall street operators,
viii now have an opportunity Of establishing
reputation for conservatism, or Of confirming the
fears OF the old friends Of the property.
The business OF the Sub Treasury was az follows
to-day
Receipts 2aS sss 9s
--For customs $4,000 90
Isyfnehis 2229 V00 II
Balance - 56 ,35. 60
me Mlnuiacturers insurance Company of Bos-
ton have declared a semi.annua dividend of Is
per cent, payable on and after October IA; the
Cincinnati, Hamilton and Dayton Company, a half
yearly dividend of Ave per cent, payable at the
Bank OF America on October Is. The same COM
pany have issued a circular to their shareholders
in reference TO third rail for the business o. the
broad gauge line Of the Atlantic and Great Western
into Cincinnati. for the distribution Of s3ll GOO
reserved shares and 100000 bonds--together
$50 000--to build this third rail.
Albert II. Nicolay sold, October Is, at public
auction. by order Of John r. Butterworth ESQ,
receiver Of the Island City Bank, oil the assets of
said bank. Gross amount Of sale, 81, ,4s5 co.