The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-10-09
Harlem. :. LAX q 1856

On the LIST of November $1,000 900 Of third
mortgage bends Of the Hudson River Railroad
Company become convertible into stock. II was
runo red time since that the large surplus in
the hands Of the company would be divided prior
70 the lst either in the shape Of scrip or cash
dividend, SO as to give the whole benefit Of It %
the present shareholders. A, however, nothing
Of the kind was proposed ct the recent meet
hg of directors, and ss there il to be no other
meeting before the LIST, it may be taken for grant
ed that the idea-ifit was ever entertained by the
kesrd-has been abandoned, end that NO extra
dividend will be made. The third mortgage
bonds, which are convertible, are selling at
ia; the stock into which they may be converted
h three weeks At l3l. Within three weeks, there.
FORE either the bonds will rise ten per cent or the
stock will fall ten, the stock will fall and the
bonds rise simultaneously until they meet each
sther II will be curious to watch the operation
An addition Of some Is 900 IA 900 shares to the
capital stock Of the Michigan Southern knocked
the price from 10 to rs; how much will the price
Of Hudson be reduced by an addition Of $4,000
shares to the 10000 of which ita. capital now
consists? ..
We have the official announcement of the per
cent dividend which was declared the 7th by
the Cleveland and Pittsburg Railroad Company.
The company assumes and pays the government
lax ard has surplus Of over $780, 900 on hand.
We are unoficially informed that the earnings
during the last three months Of 1863 will
probably yield not less than six per cent for
the stock. The road ia in perfect order, and only
wants one thing-more iequipment-vhich 1t 10
getting fast as the makers furnish IL. It Is
due to Mr.. James N. Mccullough, the President Of
the road, that his success h extricftng this pro-
perty from the hopeless Insolvency In which he
found il should be recognized. When he took
possession Of the road receiver, some four years
ago, the mortgage bonds could not find buyers at
10 and so, the stock could hardly be given away,
the concern was in default on its interest and
overwhelmed by floating debt, and the earnings
had fallen OF to o mere nominal sum. By coed
management, assisted by the general recovery Of
eur railway system, Mr.. Mccullough has succeeded
In paying Of every dollar Of isating debt and back
interest, in equipping the road as il never was
equipped before, and finally in presenting the
stockholders with four per cent dividend,
which will be regularly repeated at semi-annunl
Intervals. There few roads In the country
whose business promises 70 be more permanent
than that Of the Cleveland and Pittsburg road Sc
cured a. II nov Is against fatal competition with
the Fort Wayne. Mr.. Mccullough may well be
congratulated on so satisfactory result Of his
iabors.
We learn that the Treasury Department, having
a surplus Of gold on hand, has decided to antici-
pate, next week, the payment Of the November
coupons the $40 bonds. About o., 600 900 In all
are 70 be disbursed.
The business Of the Sub Treasury was a. fol-
lows to-day
Receipts sl2S $40 "a
FOR castoms ACKNOWLEDGEMENTS. $50 600. 90
Fasneots.. sssUlse w.
IN, i<sois 90
The September earnings Of the Chicago and Nil
Neukee Railway Company were:-
Hssc,Ls- Gross
nsous. FydoA Pace~Srs. Earn,n9a
1888 .....fl p73 40 u 2s2 ~ ~ ats 90 1898 IS
iso2......... hi3 90 500 II 81 6o9 ~ 81 ,5p 30