The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-04

n Is evident from the tenor Of the dispatches re
'fed from Albany that most Of the railway mea-
es introduced in the Legislature are for the old
.ect, which 1t Is unnecessary here to explain.
IRE is noticeable exception, however, in
bill to prevent the repetition OF the over
ling OF stock, SO extensively done In the
se OF the Erie Railway, which, II enact
into law, would be step toward
tecting the rights Of stockholders SO necessary to
ader railway stocks popular investments. The bill
question provides that 1t shall not be lawful for
railroad company incorporated under the laws
this State to increase It's capital stock in any
cunt beyond the amount named in its charter, by
nconversion of convertible bonds hereafter Issued,
less the consent Of the stockholders Of such COM
1y is FIRST had and obtained to the issue and sale
Huch bonds In the manner provided for OBJ
hing the assent OF the stockholders to the In
'ase OF the capital stock OF q railroad company,
the ninth section Of the Railroad act OF 1850.
ID all bonds so issued and purporting to be con-
'tibe into the capital stock OF any such company
al state upon their face that the provisions Of this
have been complied with. There are thousands
persons whose income is derived from legacies Of
lway and similar securities. Indeed, many
niles are dependent upon the value OF the
cks and bonds which were left them by bequest
m the estates OF heads OF households. Many an
ligent widow and many helpless orphan Will be
.nkful for q law, such rs the above, protecting
I'm in rights which have been SO frequently and
nagranty violated by INSCRIPTIONS stock gam
ng railway officials.
doney was In better demand, owing to the chang
about Of loans produced by the sitting OF col
erals to throw out the marketless stocks.
foreign exchange was duh, with weak tendency.
0 nominal rate for prime bankers sterling was
~, but good deal was done at 1o9,s.
rhe stock market was quite dull. owing, IN some
asure to the unpleasant weather. The sales at
sboards were less In amount than they have been
"a long time in one day. New York Central was
imated under the effects Of the reports from Al
ny. 1t opened at 1885, sold down to 1862 rose to
81 and closed at 165. Pacific Mail 1uctuated
eat deal and o large "corner" is said to be pre-
ring in connection with the question Of dividends.
udson River and Harlem were improved and
ioyant. The Northwestern stocks were steady and
IN. Adams Express closed at 6sK Q 6Sx; United
ates Express, 60 a COZ; Wells Fargo, 31,s . sl4.
Erie, like Noah's dove, Is wandering about not
lding wherein to place its foot. When driven
ON the Long Room 1t made an effort to fold its
ings in the Mining Board but on the discovery
lat the lease Of the latter apartment from the
gular board forbds Its use for the sale OF railway
;ocks IL had 10 go out upon the sidewalk which Is
q present uncharitable domicile. IL may be that
ie present difficulties which surround the stock
ave been all foreseen and were all invited In order
break the price, so that the clique could buy up
That little they are not possessed of, as the pre-
minary to some development with which TO force
he price to twice It's present figure; but the gene
ally prevailing opinion Is that the clique has run
he length OF its abilities; that they are
tithout money, after the numerous extravagant
out West, and thar the whole scon-
srn" Ia In mire deeper than Erie ever can hope to
ftricate itself from. WIN the genius OF the chief
iirit OF Erie prove equal TO the emergencyf Or Will
sink helpless in the sea Of troubles which beset
mr. The officers have submitted their annual re-
lrt to the State Engineer from which 1t appears
ut the total amount OF stock on October ] was
$780, 900 preferred and s37, 1856 800 common, making
aggregate share capital Of s4s,3ol,2lo. The
nded and floating debt OF the company
rs $2s,2i2,535, which would bring the fetal cost
the property up TO s74,544,745. The receipts
the year were S14,376,s72, while the expenses
GLIDING interest on tho mortgage debt and
nts OF railroads, were $l4 200. The surplus on
Ind october /, 1865, was $l91,61e. As the great
,reakn In Erie occurred subsequent to October
10 report Is OF no account as an index to the
mount OF stock overissued TO consummatc that
reat speculative scheme As compared with the
tatement Of tho previous year, the stock, noating
ebt and bonds have been Increased $685. ,so2
" this amount s1o.1sl,ooo were in common
took, which was sold at q discount OF $4,774. go.
he bonded debt was increased s96sss0, and
he floating debt $l,3es,e22. Tho total amount
Il stock october 1, 1868, was sac, 4o2, 40.
" this amount $s,53o,olo Is in preferred
took, leaving OF common stock $37, 7e5, 800.
The bonds and noating debt together amount to
I2s 242 535 making total Of s74544 745 to repre-
cnt the cost Of the road The earnings FOR the year
we're si4.s7es72. The operating expenses were
ractIon over eighty per cent. The cash balance on
,and October was $i9l,67o.
Governments rejected the advance in London and
cit the erect Of the recent Shipments and sustained
he advance even after II was known that bonds
lad reacted IN Europe from the highest prices.
me market closed strong tonight with the follow
M quotations: states sxcs, 1881, registered,
NIX my; do, coupon, 1i2f nay; do, nve-
wentles, registered, losk 1oex; do, coupon 1852,