The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-06-25


We now beg leave to revive our readers recollec-
ton Of the following paragraph in Wednesdays
HERALD:--
The directors OF the latter road tLake Shore) meet
tomorrow to declare the semtannual dividend. The
thought, be provided Tor az was the previous divi-
den., when the company issued $20O0,000 OF new
hnen %ecreaSm ror t she LII W ,l,o Ioau nave
treasury is but scanty supplied These latter facts
however. are no dctrlment in these days TO divi-
dends. LII FAC, nom the manner IN which railways
are managed nowadays it makes no real difference
TO rle investor in the long run whether roads are
dividend paying Or non-dividend paying.
Our remarks as above were the result of our per.
sonal observation that the spectators who have had
possession OF this line ever since its treasury was
bankrupted In the panic last year have been forced
TO borrow money to pay dividends. The four per
cent dividend OF last February was provided, indl-
rectly it Is true, by the issue Of two millions sinking
fund bonds. Now when the treasury is confessedy
empty the dividend is again declared 1t is an insult
to the intelligence OF the stockholders to
seek TO conceal, beneath the amsy dis.
guise OF this new issue OF $4,000 600 mOrt.
gage bonds, the real object OF the socalled
consolidation OF the Old funded debt. II
simple consolidation be intended why is the
amount increased from s22, 600 to $25 ooo 0ooY
A great wrong is practised upon the community
when railway officials vote dividends which have
not been earned. Despite this announcement the
stock was strong and at one time rose TO e9k. In
warning the public OF the intentions of the directors
IN this instance we are reminded of what we SAID
concerning the Rock Island clique some time ago.
The over issue Of stock then contemplated
could not be Sold, owing to our appris
ing the public III good season. We ask the
public TO bide their time In this instance,
Perhaps before many days the Stock Exchange will
receive the required thirty days. notice of the in.
tended issue Of at least 10000 new shares. For the
sake Of the present stockholders we hope we are
mistaken. But the sales which broke the price TO-
day to 1le are, very likely the disposal OF some Of
the new issue. Wabash was weak al the last board,
when It sold down to 55N, on the notice from the
company that they viii, at the end OF thirty DAYS,
issue 5000 shares Of new STOCK 10 equip and COM
plee the $50 miles Of road constituting the extension
Of the line from Decatur to ST. Louis Subsequently
the STOCK rallied to 56A and closed strong. The
principal fluctuations OF the day will be seen IN the
table Of highest and lowest prices below. The
following were the closing prices at the
last session of the Stock Exchange:--Can0n, 65k
q 6s; Cumberland 43; Consolidated Coal, 81 bid;
Western Union, 34E 34Js; Quicksilver ~ bid;
Marposa, ca as1s; do. preferred, lax bid; Atlantic
Mali s4>4 SAN; Pacific Mall 4l2s; Adams Expross,
SO; Wells-Fargo Express, 1875 a II; American Ex-
press AK As; United States Express, ASK 45X;
OAK a OAK; Harlem 1894 a l40i4; Erie, 23z a "a;
Reading, 1868 107 Michigan Central, l2411 bid
Lake Shore. ss>s 9s2S Illinois Central, la9 1897.
Cleveland and Pittsburg, 109ts ITO; Chicago and
Northwestern, s2A bid; do. preferred, SsS q SsX
Cleveland, Columbus and Cincinnati, s01 q SLY;
Rock Island, li7ks NIX; Milwaukee and st. Paul.
s52i e5,s; do preferred, so's soG; Toledo ana
Wabash, 551l q 5b5i; do. preferred tx Fort Wayne,
941% bid; ONO and Mississippi, a7>4 37T; Delaware
and Lackawanna, 1io1l Ill; New Jersey Central,
l07'i bd Chicago and Alton, 1lsls; do. preferred,
1lg,s; Morris and Essex, s0h bid; Hannibal and st.
Joseph, lls% do. preferred, 11ets a 1f9Z; Iron
Mountain, 4s& 491a; Boston, Hartford aud Erie,
81. 4; Columbus Chicago ana Indiana Central, 2oa
a 20H.
HIGHEST AND LOWEST PRICES
Tho following shows the highest and lowest prices
to-day for the leading speculative sllares:-
Highest. Lo,oest.
New York Cen. L. Had consolidated. 9sA 9s2{
New York Nsn'laI y NpdsoM setIp., s4A "