The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-11
FINANCIAL AND COMMERCIAL.
TUESDAY. August 1o-sP.M.

TUESDAY. August 10-6 NJ.
II IN Just three months since the last spike was
driven which completed the work oil uniting the At.
lantc and Pacific States by continuous railway
line across the Continent. The business OF the Gen.
tral Pacific between Sacramento ana Promoptory
Point between which places II has been operated for
that pesiod since the opening the10th of May, is
reported approximately as follows mainly IN god--
Gross earnings $1,7oss5o; operating expenses.
ss2oail; net earnings s7ssooo, a revenue OF over
$1,000 GOO per annum, OF which $4,000 600 are net
proat available for interes: payments. The aggre-
gale oil the annual interest payments for the past
year 1924 O10 and it is not probable they VIII be
increased materially. In connection with these
Initial ,esults the company's circular states-
These figures have been attained Of course, while
the facilities or the company were at their newest
and criest stage, aud at the same lime that large
eno,gt Of unpr0ductiye transportation was neces-
sary. Both freight and passengers are increasing so
RAPIDLY tkat the company have made important re.
ductiOis In the rates as fast as their facilities per-
coaragns the largest traffic consistent Win Tie
requirements Of their obligations. The mineral de-
posts along the ronte Of the road continue to attract
attention and add TO its local business, While the
low prices and easy terms offered to eigrants must
tend TO increased settlement OH the companys
lands, which are OF great value. We feel, indeed,
tnat the business Of the Central Pacific IL IN It's In
fancy, and that It's DEVELOPMENT to unexampled pro-
portions IN q very snort period VIII be new cause
Oi ast0ntshment. -
To-day was otherwise one OF peculiar interest in
tic occurrence OF important railway movements.
The stockholders or the Buffalo and Erie Railway
Company, at meeting IN Buifaio voted TO consoii-
date with the Lake Shore and Michigan southern.
whose stockholders were also in session and voting
on the same question at Cleveland. AT the Buffalo
and Erie meeting the vote was 4S,33s shares in favor
OF consolidation and 81 shares against. AZ the meet
ting at Cleveland Of the Lake Shore and Michigan
Southern stockholders the question OF consoiiaa-
x.,it1. TIM D,,qro Isyta m
shares were cast in favor Of consolidation which
was more tnan the twotbirds required Dy 1885
shares. The consolidation Of the two companies is
therefore complete. According TO the terms OF con-
so'idaon heretofore agreed upon by the directors
OF the respective companies the stock OF each COM
pany IL to go into the consolidation, al par. The
new company viii be called Inc Lake Shore and
Michigan Southern, and will extend from Buffalo to
Chicago.
Tue books of the Pittsburg, Fort Wayne aud Chi
cago Halfway Company closed to-day for the pur.
Pose OF calling in the old stock Of The company and
Issuing therefor new certificates TO be guaranteed
by the Pennsylvania Railroad Company to the extent
of s1sTl42s6 in place Of SILL 100000, tho amount of
the stock Of the Fort Wayne Company eyMtstanssing
on the rst Of July last, the date OF the lease Oi lis
road by the terms Of this lease, which 10 in perpe
tuity. The latter company agreed TO pay an annual
Wayne Company in quarterly payments free Of gov.
ernnent or STATE taxes, or any other ia1!ity or
circumference. The rental capitalized equals the sum
Tor which the new certificates are to be issued.
Upon these certificates dividends equaiing one and
quarters per cent are TO be paid quarterly, free
OF government tax. The lease Of the Fort Wayne to
The Pennsylvania road is virtual merger Of the
two. Tue latter assumes the liabilities the former
Of every kind, 30 that the rental to be paid to its
stockholders Is TO be subject to reduction from
any cause. The payment Of the rental is guaran.
teed by The earnings OF the leased line which In
the past ave years have exceeded the rental that
would have been due, had the lease been in ope-
ration, by more than sa,6C0,oo0. In addition to
this the Fort Wayne stock has the guarantee Of
the net earnings of the Pennsylvania railroad,
which are sa,oooooo yearly over and above the
Charges upon 1t in the form or interest sinking fund,
DC The fund annually accruing for the pay
Dent of the rental of the guaranteed stock equals
s.. DOC. 900 yearly.
The occurrence Of these changes having been long
since discounted the stock market exhibited but in
a slight degree any effect thereirom. In the after.
noon Lake Shore was somewhat Hrner than the
rect OF the list, as consequence of the censolida
hon, but closed OF the highest figures OF the day.
The market opened this morning active and puoyant
On ali Of those Western shares shat have ruled
proved feeling in the Vanderbilt shares, and Pacific
Mail IN sympathy with the railways. These were
about all the active stocks Of the list. After lrst
call upon rather free offerings to realize there
considerable decline, the market reacng before the
second cali and continuing, with the average nue.
taations, about steady 10 the close st. Paul was
exception, declining suddenly In the afternoon to
S2h FOR the common stock and ok for preferred,
from which, however, 1t partially recovered before
the close.
The express ana miscellaneous stocks were dun
and heavy The following were the prices at the
second call OF the Stock Exchange:--Canton, SO a
81; Cumberland, IS ASKS Western Union, 3s q $50
Quicksilver, 15gs bid Mariposa 10; DO preferred, Az
\ lG; Pacific Mail, s6A S6}a; Boston Water Power
1a5s I5; Adams Express, 80 59ii; Wells-FargO
Express 2lK q 2lss: American Express, Al 41A;
United States Express oSls; Merchants Union Ex-
press, 10 BID; New York Central, 2l04 2l05S Iud-
son River, lS6}s lss1l; Harlem, l6l 1876; Read
ing 97iS ok; Michigan Central 1914 1872; Lake
Shore, 1885 1854; Illinois Central, l411<; Cleve-
land aud Pittsburg, 1864 bd Chicago and North
western. ok s15s; 40. preferred, 1oo1t 1ooh;
Cleveland, Columbus and Cincinnati 75 a 70: Rock
Island, I1ox 11ozs; Milwaukee and ST. Paul. s4}d
SAX; do. preferred, 90 e2 Toledo and Wabash, 73a
10; do. preferred, 81; Fort Wayne, 1884 1914;
Alton and Terre Haute, SO; do. preferred, 90; Ohio
and Mississippi, 32ss 327s; Chicago and Alton,
181 1874; Hannibal and ST. Joseph, 1877; do. pre-
ferred, 12e 1877; Columbus Chicago and Indiana
Central. "a 34,a.
Gold opened this morning at 1863. sold at Il, re.
covered and advanced to u, touched II, receding
again to ", the bulk Of the days business beng at
1855 ana 1854. The price at the adjournment OF
the room was 1861, and although selling in the To-
terval at Y the same figure ruled at five O'Clock,
al the close of business. Cash gold was in active de-
.sU
cent down to two per cent before Clearing House
timc. subsequently three per cent was the ruling
rate, with an exceptional transaction at
nat for borrowing The Cimbria to-day took
out $4,000 In specie, and engagements for
100000 are reported for the Russia tomorrow.