The New York herald., 1863-07-18

theory That the public would not cohsiuer tho
dividend large enough. At the close everything
was very strong, with decided increase OF out
side orders The following were the closing quo
tations Of the day.
US 6's, 81 reg l04k 104Z Reading II -
Us b's, Isl ,cou. I06 a106s Mich central 'llo -
1910 lr notes 1904 l07 Mich Southern S1lA SlS
Amerieaf coidlSs< 1851 III Central. ..1lo a ITO
Missouris " 7Ois 70aa Cev Pitts. 94& 949s
Pacific Mail 242 a244 Galena ....... 9Sh 90
Ere central is9 tx s7 Rock Island. as eo3
Erie preferred. 1O3ls 1034 Terre Haute.. "A a 10
Hudson River. IT'S THante pref. 13n IA
Harlem. iii alllx Chic NV. 34A 80
The Board OF Directors Of the Erie Railway
Company met to-day, and declared a dividend of
3% per cent on their preferred and common stock,
PAYABLE on the 18th OF August. The books close
on the 25th and reopen on the llth. The decara-
tion of this dividend may fairly be considered an
event in our railroad history. OF all our leading
railways none ever aroused SO much sanguine ex-
pectation Of success before it was completed, and
none gave rise TO such bitter disappointment dur
ing the first years of its history, as the Erie. Be
fore the opening of the road farsighted men pre-
dicted that it would be the great channel Of COM
muuicaton between the West and the ,eaboard,
and The greatest railroad property in the country
After it had been in operation eight or ten
years other authorities pronounced the enter
prise failure and the property worthless. 1t
is easy now to perceive that the latter
class of observers shortsighted, while
the former, though the fufment Of their expecta-
tons was destined TO be delayed, took an accurate
view of the future of the country and the develop
ment of the road. Two things combined TO delay
the realization ofthe hopes OF the men who planned
the line. First, the company was cursed for many
years by the most shameful mismanagement; and,
secondly the line was not in full and fair opera
tion until the completion of the long dock. Both
VI these obstacles to success have now been over
come. Against the management of Mr.. Marsh we
have not yet heard single cavil; and the road has
for some months as every one knows been dscharg-
ing at its dock at Hoboken, the freight receives
from vessels on Lake Erie. And the result is that
regular dividends have at length been commenced.
1t may be said with considerable truth that we
shall not really know what the Erie do until
the Atlantic and Great Western road has been
completed to Cincinnati and connects with the
Ohio and Mississippi line, thus completing the six
foot gauge road from Jersey City to st. Louis, Mo.
This will not take place before next November;
but it is, tit must be confessed that rail-
road which, on a cost of forty Millions is taking
ten millions of dollars per annum, is extraordina
rily fine property, and that the result, such as it
Is, fully justifes the foresight of the men who
planned the line and carried it through TO compile
tion under SO many difficulties and discourage.
ments. One word about the dividend The net
earnings for the six months ending June 80 would
have enabled the directors to divide per cent in
stead of 3L. In their judgment il was best to re-
serve large surplus, and to put away at once the
money for the January dividend on the preferred
stock. Many stockholders claim that they were
entitled to all the earnings Of the property, and
that portion thereof should have been kept
back, to be paid to parties who may hereafter
become owners of the stock. Others again are
pleased to see the company keep itself strong, so
not to run risk Of passing dividends hereafter
We can see harm in company like the Erie
keeping $500 900 or 100000 on hand TO meet
emergencies; but it would probably be bad policy
to swell the surplus beyond this figure. If the
earnings keep up, the dividend the common
stock will probably be increased, or a sinking
fund established to cancel the bonded debt.
The business Of the Sub Treasury was follows
to-day
Receipts 81 ,597 800 90
For Gu toms ......................... Z2ooOo %
Payments. lOZl 5ls 50
The exchanges at the Bank Clearing House this
morning were $50, ,7o4 ,I9l 80, and the balances
81 500 ,52i SO.
The New York and New Haven Railroad Com
pany has declared quarterly dividend Of 50 per
share, free OF tax, payable August l; the New
Jersey Railroad and Transportation Company,
semi-annual dividend OF five per cent, free Of tax,
payable August /; the Columbian Fire Insurance
Company, a semi-annual dividend Of five per cent.
free from tax payable on demand.
no of fhp hanks 0f the three priuci-
pal cities Of the Union for the last week compare
with the previous one and the corresponding time
Of ls62 as follows:--
syork july u s!sSss7ss lsGsl s sss, ''.ls,, sssas
fSia1 fSissa July IS i 4sSs1 asoSis $4,000 ssaia5
Total .s2s3s7s2ss sIggssoss g 7ol SO ,sgsl,l
Last Last YEAR 2s75osSs I7sa5is3 $500 50 aiiSsco
The statement Of the Boston banks for the last
week compares with the previous week and for the
corresponding week Of lsG2 as follows:-
Jely6 1858. July 10. 1883 july II. 80.
loans. 54s9ls 7sssea7s es,s3t s2o
q Idssss 1896 5!s! asss 1ss .s sss
Circulation. ..... 7,473,s0o 7,tos,s42 7,o9l.2s4
The Pittsburg Fort Wayne and Chicago Rail
road Company earned for the month of June:-
.ssss,a lsss % asI 1902 800 !. ,isi .sf1sa ics g
FIN Jan June ,Soi 40 os4ace 90 5b4lsl 80
Increase for June, 46s. per cent; increase for
FIRST half year, Az per cent
The receipts at tide water from the lst Of
January for three years were:--
1851. 1902 1883
Flour, bills ........ 637 ,so1 7g9,is3 100 061
Wheat, bushels. -, s4g ,272 5sI1 $50 s1T50ss
Corn. 0l59131 12,Gl5106 l6,I07 300
Oats. ................ 5Jo.52i ,163 $40 2ss4 COS
Rye. ............... 2343sO 4o1 ,3s4 800 600
Earley... .......... 3iSssoD $ot,yI4 1JOOI3
Seeds lbs.......... 1882 1893 2,3i0,O9T 2s3- 4oO
Pork bhlR .. - 81 $40 3T.2sJ $1,000
Cut meats .......... s2fa425 173s965s 20 931 gs2
lard .............. 5SI3.-2 lI,4bI1b 2o.s8A s3s
laow ........ .... 35s,Ta0 255 a3s 20S5 SIS
Live hogs numbcr.. 14b.11b 23o,tOs 'Os 1891
Dressed hogs........ lA.ll5 llz3o3 1929
Beef cattle.......... l,sJO W,1vs l52,zlo
The stocks Of -four and gain at Chicago at the
dates mentioned were a. follows: