The New York herald., 1873-12-05

pnTnutl Ali compcInk, ioI same class Oh Dusl-
ness;-
Roads Operated. SiOcG
New YORK Central....... s63 $50, i2s, 800
New York and Erie....... l,OJ2 $685. 80
Iennsylvania.. ........... l,DS o3.Zl,S3I
baltimore and Ohio. ....... so I6,nl,l00
Total capital
Roads, DEBTS. and De6fS.
New York Central. sie496,ooo sIo5,92 800
New York and Erie. 3l,1@O7g Ils.265979
pennsyivahia ....... 65,5soos. ll0,ooso2t
Baltimore and Ohio. lO.l69U3s 26,9S00S1
1t will be seen that the New York Central Ral-
road has to pay out OF its earnings interest and
dividends on $1o5, 100000, the New York and Erie
on $I1ao0 1900, the PENNSYLVANIA on sll6.ooo0O0
lsince April last authorized 10 be increased by
$50 100000 bonds and capital stock, and the Bati-
more and Ohio on only s26,O0O,o00 The difference
in the management or this last mentioned road is
shown In the fact that IL has surplus OF assets
which represents earnings invested in various
branch and connecting roads, and in steamships,
hotels ana various great improvements, and not
represented by stock or bonds, and which
amounted in October, 1878. to the sum or
$eo,Os4, ,do4 We do not suppose there is another
railroad company in the United States that
make such an exhibit. The addition TO the surplus
fund in 1878 was s2,ss2, 134. The company, In the
meantime. has been lavish in It's expenditure upon
Its main road and extensions. During five years
It's outlay has amounted to s23,5s4,9S4 all OF which
came from
SURPLUS EARNINGS
except So, 500 900 borrowed in London It's surplus
earnings constitute reserve. Hence, while its
rivals were staggering under loads begotten by IN
nation and panic, this company made It's semi
annual dividend OF per cent in cash. 1t is, there
fore not only Independent, but its debt is gradu-
ally diminishing. Had all oil our great roads been
managed with equal conservatism; had they even
used their opportunities when earnings were great,
to apply the latter to the reduction OF their deot,
some at least OF the causes OF the late panic would
not have existed, and we should not have seen the
mortifying spectacle OF monster corporations max
ing the most nattering OF exhibits to stockholders
and giving to figures all the truth they could
sistently bear. while the chief officials were
crecty engaged at home and abroad in endeavors
to borrow money enough from capitalists to sus-
tain credit and make dividends.
PROPOSED GOVERNMENT TELEGRAPH.
1t is intimated that the Postmaster General is
maturing plan for the purchase and consOlida-
tion for government purposes OF certain telegraph
lines outside OF the Western Union Company which
are to be used IN connection with the postal saving
system, weather reports and general business. 1t
is known that for long time monster company
has been in process OF organization, with view
the sale OF their interests eventually to the gov
ernment but II the report be true the Postmaster
in the field. 1t is said that part OF the plan in
wolves the utilization OF army and navy officials,
instruction In telegraphy at Annapolis and West
Point, and thus making governmental telegraph
thoroughly subservlent to all general and indi-
vidual objects, somewhat after the manner oil the
present mail system.
THE MONEY MARKET.
The principal feature in the money market Is the
reported gain to the associated banks OF $lS3,OoO
making the sum total OF legal tenders which they
now hold $37 233, 900. On call loans the rate was
per cent, currency and gold with exceptional
transactions at q commission OF 1-32 Foreign ex-
change closed steady at 1919 los for prime bank
ers' 80 days sterling, and dull at 1857 Tor de-
mand.
THE GOLD MARKET
presented no salient features Of interest and
prices in the absence OF any important information
declined. The opening figures were 1851, from
which point the market continued to sag until
10saS was reached, when there was an advance to
1881 and q close at 1885. The carrying rates
were 1-32, per cent, currency and gold. The
operations OF the Gold Bank were as follows:-
Gold balances. s., 1886, $50
currency balances. ................... 1l6lI
uIOSS 16U,OU0
GOVERNMENT BONDS
yoll0Wed the course OF gol6 and were somewhat
weaker. We quote as closing prices the follow
ing:-United States SKIES, 1881, registered, 1l4<
q 1144; do. do, coupon, 117al 11s1S; do. 1862
registered llois; do. do, hve-twenties. coupon.
1l0A III; do do, 1864, registered, 110I do do.
coupons III; do. do, 1865, registered, 1l0ss do
do, coupon 1928 a 1929; do do, new 1852 1l6;
do, do, 1857 registered, 1l2ls; do do, coupon,
1l6I 1l67s; do, 1865 coupon, 116lt; tcn-orties,
registered lo9h ITO; do coupon, 109ls; nvcs,
1881, coupon, 1o9I ITO; SIX per cent bonds, Pa.
cifc Railroad, 1ooa4 a 1897.
THE FOREIGN MARKET
In c0nsos and American securities little was
DONE the former being weak and the latter un-
steady. The Bank of England gained during the
week f827, ,000 which in part accounts for the re-
ducti0n OF it's rate Of discount from to per cent
it appears, however, that Notwithstanding this in
crease OF specie, the rates OF reserve to liabilities
IS three quarters Of one per cent lower than 1t
last week. The closing prices were as iol-
ows:-Consols for money, 9l7s o.; consols
for account, 92k 92's; tlve-twenty bonds of
1865 (old) 9sk 93ss; do. OF 1867, 9S es1s; ten
1orty bonds, ok 90; new fves, 81 e21s; Erie
hallway shares, sss4 as5s; New York Central
shares, 77ai. The rate OF discount in open market
tor shree months bills was As per cent,
or = per cent below bank rate. Rentes
at Paris were steady at 59f Sxty-three
thousand pounds went into bank to-day
In Amsterdam prices were as follows Central
Pacific first mortgage bonds. s1,s; Union Pacific
nrst mortgage bonds, 691 Union Pacific stock
PAX; Northwestern preferred, 62a; st. Paul pre.
ferred, 81; Erie shares, AZ.
THE UNITED STATES TREASURY
The customs receipts for the week ending on the
Goth OF November were as 1ollows:-
DosSOn f2S0,45S
new YORK. 1.3lG.Ulb
Iniadelpla ........................... 655,325
The Treasury balances at the close OF busi.
hess to-day were:-Currency, $5,25o,ooo; CON-
3s3 o00 O00 certificates, $50. 900; outstanding
legal tenders, $3eo, 100000; increase since the 1st
$l,600,0OO The internal revenue receipts were
$25aOOO.
SOUTHERN SECURITIES
were steady, with no transactions save In Missouri
SKIES. which are quoted at 80 NJ and Tennessee new