The New York herald., 1863-06-15

The activity OF the money market operated
against stocks last week, and weak holders were
generally forced to disgorge, TO the benefit Of the
older operators Of the street, who were buyers at
the decline. Erie sold as low as s0H, closing last
evening at about "a, as against 96,+ at the close
Of the week previous. The June earnings are un-
expcctedly large, and II is now beyond doubt that
the six months ending June 30 will show gross
earnings not less than IS 900 900. Under these
circumstances the directors do not attempt to
deny that dividend will be paid simultaneo ously
on both classes of stock and the only question 10
whether the dividend on the common stock will
be 3% or s per cent The decapitation Of the
Presidents Of the Harlem and Rock Island rail-
roads is operating in a wholesome manner on
other boards OF direction which have been accus
toned in times past to manage matters without re-
gard 10 the interest Of stockholders. II may
safely be taken for granted that no railroad pre-
sident who, on the large earnings Of this year,
Gnds II impossible to give dividend to his share.
holders. will be retained in Office in 1854. There
Is no property in this country which, under pre-.
sent circumstances, promises to yield such hand.
some returns the stock Of well placed
railways. Stockholders who are defrauded
Of income this year need have no hesitation in
supersedng their boards OF direction. II
the present management Of the Erie Railway,
with gross earnings OF $40 900 00O cannot pay ten
per cent to their common stockholders, another
set of men should be afforded an opportunity Of
trying what they can do. II was found, in Eng.
land. after the railway crisis Of lsi7, and also in
Massachusetts,, after the long dull period Of
1895, that the old boards Of direction could
not bear to divide profits with their stockholders
but managed to increase their expenses by seme
inscrutable process, so as to leave nothing over
remedy was found in q change Of men. We are
apparently about to renew the experience with
some Of our trunk and Western lines.
The Toledo directors meet on the 18th to decide
on the consolidation. The contest for supremacy
in the board has led TO various irregular move.
msnts. such as the illegal reopening Of the books
on the lith and the attempt 10 postpone the elec.
tion. We have reason TO believe that the con.
tending parties-viE: the Lake Shore roads on the
one hand and the Atlantic and Great Western on
the other-may possibly agree upon . compromise
before the meeting This would be decidedly the
best policy for all parties. II 10 not at all likely
that the Great Western interest win submit TO
have it's connection with the Michigan roads
controlled By rival. Whether, on the other
hand, the Lake Shore interest will agree
to allow the Toledo to do business with the
Great Western on ss favorable terms as /, does
with its own sssociates-.in other words, whether
any plan can be devised by which one partner in
q arm can be bound 10 favor his rival o. honestly
a. his partners-is the problemlwhich the Toledo
directors will have to decide on the 18th. The
public and the Toledo stockholders are contem.
plating the struggle with interest; for on i,s issue
much Of our Western railway policy depends.
The Cleveland and Pittsburg stockholder, NEE,
on the LIST Of July. We are led TO believe tha.
they will decline to allow any bonds to be convert.
Cd Into stock except the few third mortssses
vhioh beer the privilege Of convertibii,y on their