The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-06-09
nSa, Tor Europe, took out only $4,000.
GOVERNMENTS STEADY.

Currency balances. -. ................. 2727,9l4
The Hansa, Tor Europe, took out only $4,000.
GOVERNMENTS STEADY.
The government list was dull, dealings being In.
errUped by the suspension OF the afternoon calls TO
make way for the workmen engaged upon the
alterations at the Stock Exchange. The market was
steady throughout the day. and closed with the fol-
lowing street quotatons:-United States currency
SKIES 1853 ll5ys; do. do, 1881, registered, ia
1l41a; do. do, coupon 117.S l17h do. etwen-
ties, registered, May and November, 1l2 1l2k; do.
do, 1862, coupon, do. ll2 112ls; do do, 1854,
do. do, IL ll2is; do do. 1865, do. do. 1l2 a
l121.; do do, registered, January and July, 1loA
Ill; do. do, 1885, coupon, do. lax 1149s; do
do. 1867, do. do. 114A 1l49; DO. do. 1885, do
do, 11it4 l14h: do ten-fortes, registered. 1o9H
1o9A; do. do, coupon, 1927 10.
THE NEW LOAN.
The additional subscriptions to the new loan to-
day 500, 600, making the total subscriptions
and conversions to date 500, III, $50.
THE LAKE SHORE EXTRA DIVIDEND.
The directors OF the Lake Shore and Michigan
Southern Railway Company held SPECIAL meeting
this afternoon at the ONCE OF the Union Trust Com
pany, to consider the question of increasing the
capital stock from present figure, s35 Ooo Ooo to
the full amount authorized by the articles OF
consodation-viz., $5o,o0o,OoO. The proceedings
were conducted with closed doors, but 1t
is intimated that division OF opinion existed to
the percentage or cash to be called up return for
the award Of the additional stock to the present
stockholders The matter was finally compromised
by the unanimous adoption Of the following resolu-
tons leaving the stockholders to settle the matter
by their v0tes-
Resolved, That 1t be recommended TO the stock
holders Of this company to authorize the issue OF
the $15o0o,o0o OF the capital stock OF this company
remaining unissued.
Resolved, That meeting OF the stockholders OF
this company be called TO be holden ut the city Of
Cleveland ONO. Thursday, the 27th day OF
July next eleven O'Clock in the forenoon to vote
upon the question OF such an authorization.
Resolved, That the secretary do forthwith give
the notice OF such meeting and OF the object thereof
cities OF New York, Buffalo, Erie, Cleveland and
Chicago. as required by the third article OF the con-
| s0lidatiOn agreement OF June ~, 1869.
Resolved, That for the purpose Of ascertaining
the parties entitled TO vote upon the question or
authorizing such issue the stock transfer books be
closed on the Goth day OF June inst. and that the
same remain closed until the further order OF the
board.
| The directors further voted a semiannual divi-
dend OF four per cent free OF government tax pay
able August /, the transfer books closing June 20.
THE WESTERN UNION TELEGRAPH COMPANY.
At the semi-annual session OF the board OF
| directors OF the Western Union telegraph Company
report was submitted by the President, OF which
! the following is a synopsis
Tho net profits from July l, 1889, to July l., 1870,
were ,o45 The net profits for the year ending
June l, ISL were s2,547,s54. For the six months
ending June l. 1871 the net profits were 81 2ie $50
the resources OF the treasury have been applied TO
the purchase OF the capita! stock, which has been
| reduced from s4l,00o,0oO to $35,000,0 600. The
bonded DEBT is about s4,ooo,ooo. In 1867 the
company had $4,000 miles of wire: In 1870
10000 miles; In 1861 3061 oifices In $780, 1900
Offices; in 1867 the company transmitted 1000 900 OF
sages the gross receipts In 1857 were ST. 900; in
1870, S7s2l.ooo net profits in 1867, ss,4772oO; IN
1870, $2352.75o construction oil new lines cost In
1867 s4l50oo, in 1868 $355000 in 1859 $673,oO0, i'll
1870 100000. The average OF tolls on messages In
message 81 o. In 1870 the average OF tolls on mes.
sages was 93c. ana the average expense or each
message 64c.
STOCKS WEAK AND FEvERrsH.
The stock market was weak and underwent two
distinct violent fluctuations. In the forenoon heavy
sales were made OF Rock Island by leading broker
which carried the price down from 1242 to 1908.
Nothing bel ny known OF the results OF the stock.
holders and directors meetings. at Chicago
the street was inclined to act on the
| belief that no news bad news, espe-
cialiy "a the unloading OF the operator referred
to created suspicion that the clique had quarrelled
and broken up The list generally sympathized
| with this decline, but, OF course. to q much less
extent, and showed signs OF strong recovery un,il
the do-nothng action Of the Lake Shore directors
| was made public. The disappointed holders OF the
stock began selling, and the price or Lake
shore ran down TO 1872, carrying with It the
| rest OF the market as Rock Island had done In tho
II
! forenoon. The public are, as usual, greatly
.'mxed" az to the effect which the action OF the
directors of Lake Shore will have upon the stock.
With earnings in 1870 which amounted to only ntne
per cent upon the present capital the prospect OF
| an eight per cent dividend upon nearly one
! and half times the present capital
| is not very brilliant one. Doubtless
| the capacity. of the road to earn
| larger dividend would be insured by additional
facilities IN the way OF double track and more
rolling stock: but such extra equipment would
require q heavy outlay of cash. with which the com.
pany is almost unprovided. Tue means could be fur
| nished by selling the proposed new stock to the
| stockholders at per centagc. Doubtless this per
| centage VIII be tho question Mt issue when
! the meeting of the stockholders takes
place. Meanwhile, looking at the stock from
the standpoint OF 'the street," ana, therefore, In
speculative light 1t is hardly probable that the IN
j prOViuc themselves