The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-09-29
THE CITY BANK SHARES.

To, W con, T.. olH Bost, Hart L, gtd ..... %
THE CITY BANK SHARES.
The following were the bids for the city bank
stocks:-New York, 1888; Manhattan, 147; Mer-
chants, 117 Mechanics, 1886; Union. 1872; America,
l45; City. 2lo; Tradesmen's, ISL; Fulton, 100;
Mechanics and Traders, 1856; National, lis;
Merchants Exchange, 1oo1l; Seventh Ward, I1Os;
Commerce, 122; Ocean, 70; Mercantile, 1875; Ameri-
can Exchange, 114sl; Chatham, ITO; Irving 100;
Citizens, $50; Peoples. 145; East River no; Mar
ket, 122; Nassau, 100; Continental, "a; Importers
and Traders, 1884, Park. .162; Manufacturers and
Merchants, 100; Central National lO5; Fourth Ma
tional, 1906; Ninth National, ITO; Oriental 1856.
MISCELLANEOUS.
Northwest common was in sharp borrowing de-
mand, and as high as d to 4 per cent was paid for
Its use In making deliveries.
The earnings Of the Rock Island road show an In
crease of $212 for the third week OF September The
company gave notice to-day Of the intended issue OF
new stock. This action was hardly necessary, how
ever, the thirty days rule does not apply in
where stock is issued TO holders Of old stock
THE PANAMA RAILROAD.
The decline in this stock from 2O0 the price last
December, to rs within the past few weeks, having
elected general inquiry as to the affairs OF the
company, the Board Of Directors have issued the
following report The stock to-day was frmer on
the showing and rose to so:-
OFFICE OF THE PANAMA RAILROAD Co.,l
NEW YORK. Sept. "a, 1870.
At regular meeting OF the Board of Directors OF
this company, held this day, resolution was
adopted 70 the eject that 1t is considered expedient
which existed prior to the year 1892 and In explana
ton Of such action the undersigned was directed
to present the following statement to the stock.
During the last eighteen months the revenue OF
the Company has materially diminished. The
OF this are well understood and are as fol-
lows
Tsrst-rne diversion Of the most profitable part
the passenger and specie trafIic from the Isthmus
route. consequent upon the opening OF the Pacific
Second-The establishment of a steamship line be-
tween England and the west coast Of South America,
through the Straits OF Magellan.
ntrd-The reduction In rates for passengers and
freight, rendered necessary by this competition
=. t0nrtI-Ihe temporary and exceptional increase
earnings, due to the mp0ssibity Of curtailinQ the
former as fast as the latter fell OF.
FiTb-The decline In the premium on gold, In
which the greater part OF the companys receipts
consist.
Against these adverse influences, the full effect OF
which, IL ia believed, may now be appreciated Is TO be
put, with reference to the future:-
Frst-The results to be derived from a rigidly
economical admtnistration-to which matter the at
tenti0n OF the directors was given at early day
with results which are already apparent and highly
satisfactory.
passengers and freight in increasing business ana
net earnings, which the receipts OF the last three
months. as compared with the four months preced-
more apparent.
Third-The demonstration afforded by experience
that transportation of freight between New York
and San Francisco via the Isthmus OF Panama can
be satisfactorily carried on in competition with the
Pacific Railroad both In respect to rates and time.
and even at rates below those now charged by the
latter.
F0urtn-The organization, independently of this
company, OF new enterprises for the development OF
traffic for the Panama route in connection with
steamship lines between German and other ports
and the isthmus some OF which VIII soon be put in
q fho
business Of the railroad.
FUtn-The subject, which the directors have under
consideration, OF the establishment In cooperation
with other companies interested in the isthmus
trade, OF new and important steamship lines the
Pacific.
Sgt,-The condition OF the company's Central
American trade, which Is now in IT'S hands exclu-
sively, under contracts with the republics OF Costa
mala, from all which governments important adj
vantages are enjoyed, with cash subsidies from four
The gross earnings Of the road for the nine
months ending September 80, 1870,
Parts Of August and september, for which
returns are not received-Estimated 49,. $50, 900
Total. 62ls
From which deduct
SUBSIDY to Colombian govern
INTEREST n, IN honds s9s
Working expenses correspond
ing period Of 1859, $7s4,071)... 3ss,s7O
ONCE expenses. %, l3S- 764,35s
Net, for nine months. .................. s34O,s6o
The present condition Of the company Is as fol-
lows
Cost Of the railroad, including payments
for extended contract. 80, 800 900
Cash assets, VIZ
Amount in bank and loans on
ueIHAuu. ............... S4o5.5bJ
United States skies, 1881, at par. 100000
In hands OF bankers and agents.. l9l, 905
sH1,4ss
Four steamers In the Central American
trade, and amount paid on an add
tOnal one now building ................. SIX, 600
Steamtugstand iron launches IN Bay oil
Panama, sailing vessels &c.............. 100000
Real estate In the city Of Panama and one
half ownership OF islands In the bay, at
cost. ......................... 1910
Vacant lands on the isthmus amounting to about
800 900 acres the value Of which II Is difficult to
estimate
The capital stock is 81, 900 900.
There Is no floating debt.
The bonded Indebtedness OF the company is as fol-
lows
Payable In 1872. fl52,77 at 81 IS, $40
Payable In 1S75....... 1880 at 81 S. 93S47
Payable In 1901. 597, 800 at 81 50, 2s99,33O
Total. ............. f769,925 $3,734,I36
TO meet this a sinking fund has been provided
which Is invested as follows
500 600 United states skies. 1885, at Ill.,. $4,000
100000 United States skies, 1867 at no. 5O lO5OO
500 900 consolidated bonds or the Ohio and
Mississippi Railroad Company, at 87h.... $4,000