The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-08-29

pie OF South Carolina have already indicated Q
cheerful willingness to pay their honest debts.
The world asks nothing more. 1t is reserved for
the highest tribunal OF the land to mark the d.
viding line between the true and the false;
and until this point Is decided we need
not look for the bestowal OF much conf
dence on any doubtful class Of South Caro-
lima securities. There we're no features Of
special interest IN the market to-day and
prices stand comparatively unaltered. Sales
were made Of Tennessee SKIES at SIX 81,
North Carolina skies, special tax, 7H per
cent OF, at Is, and Virginia slxes CONSOLE
dated, at so. The quotations for the remainder Of
the list are as follows Mississippi skies, Hannibal
and st Joseph issue, S9X; Tennessee slxes old, 50;
do. do, new, 81; Virginia skies. new, So; Georgia
sevens new, 90; North Carolina sxes old, 27h;
do. do, news, 15J1; South Carolina sixes January
and July, lax; do. do, April and October, %;
South Carolina Fund act, 1865, Is; Louisiana sxes
levee, 81; Alabama ives 1883, as; do. do 1885, As;
Arkansas sevens, L. X. and Fl. S. issue, 20; do.
do, Mem. and L. r., 20; do. do, l.. r., p. B. and
N. o., 20; do. d. Miss. o. and X. Riv., 20; do. d0
Ark Cen. R. R, 22N; Texas tens IS.
CHICAGO, ROCK ISLAND AND PACIFIC
The discussion concerning the condition Of
affairs OF the above named road is not only elicit
ing interest, but variety Of valuable facts, analy
tically presented, which, perhaps, have not been
brought to the surface before. correspondent
to-day, writes as follows:-''In your money article
OF the sd inst. reference is made to the financial
condition of the Chicago, Rock Island and Pacific
Railroad Company as portrayed by correspond
ent, who has selected two or three items from its
last balance sheet to show that the company must
be borrowing money to pay its dividends
or selling its new issue OF stock for that
purpose. The annual report Of the CON-
pany for the year ending March 81, 1879 shows
its net earnings to have been for that year
$3139,267. From this sum were paid-Dvidends,
April and October, 81 interest, rents, &C.,
$746,670, leaving surplus Of $s72,653 This sur
plus after the payment OF its two dividends and
all its expenses for the year, seems to me to be
quite satisfactory exhibit Of the management OF
the company. Added to the balance OF income &C
count as shown by the report OF April !, 1872 the
sum of So ,030, shows the balance OF income
count to be $780, $685. So much for the Rock Island
Company proper But there is lantern tagged
on to the tail of the kite, which, seen through
the optic tube of some financial 'Sydrophels,'
might seem to be a comet portendng dire disaster.
This sldereal phenomenon is no less than the CHI
cagO and Southwestern Railway Company. rum
ming from Washington, on the Rock Island road, to
Leavenworth City, leased to the Rock Island road,
and whose bonds are guaranteed by the latter CON-
pany 1t is thought by many that this will prove in
time an Important connection lot Cne hOCk lSdEu
Railroad; but at present It Is a source or loss,
appears by this same balance sheet, from which
your correspondent selected his items to show
that the company could not pay dividends from
its earnings. Among the debts we find advances
to pay Chicago and southwestern Railroad coupons,
$3.50, 712; advances for expenditures upon Chicago
and Southwestern Railroad, $1,oSs, $50; supposed
to cover period Of about three years, s1,65S,552
This amount corresponds very nearly to the
amount which your correspondent thinks was
realized by the sale OF the 900 shares OF the Rock
Island stock, at 112h-that Is, $1,6s7, 500-and
shows where the money goes. The Southwestern
road may prove to be in the future mine OF
wealth to the stockholders OF the Rock Island
road, or 1t may be convenient pool
in which to submerge the earnings of the Rock
Island read whenever they may turn out to be in
conveniently large. In any event it is well enough
for every one interested to comprehend, If posi-
bic the entire situation /, for one, thank your
correspondent for calling attention to this SUBJECT
but am still disposed, like the dying Goethe to cry,
Meltr LichL'"
THE sr0c X MARKET.
During the greater part Of the day the market
was simply firm at recent prices. Later, however,
1t stiffened strongly and notable advance was
recorded. Doubtless much OF this was due to
secret sympathetic influences, the central points
OF strength being the line OF Vanderbilt
stocks, which have SO successfully resisted pres
sure Any one who studies the stock market
anaytically will find curious results without COM
mensurate causes. Even those who are identified
with the management Of specific stock may be
loss 10 accounting tor the sudden changes which
occur. So it has been to-day with the exception
OF Western Union which gathers to its aid the
frequently reiterated fact that 1t will not only
declare dividend at the next meeting OF its
directors but, as q sequence OF the powerful in.
nuence which lie behind the monetary changes,
command for itself position that will be sefsus.
tanning. 1t Is possibly the foreknowedge of this
condition of affairs that led TO the marked move
ment in this stock towards the close OF the day.
and carried with 1t the the Improvement else
where noted We nnd for instance, Lake Shore
improving to sS and New York Central firm at 1o4z
1O4T 1O4T. Erie opened at 591, much being
dependent on the meeting OF the directors to-day,
when 1t was confidently expected that some sort
OF a dividend would be declared. Unfortunately,
owing to the illness OF President watson no meet
ing took place. and speculation is therefore still,
ripe whether the company have earned enough to
announce more than O small dividend in behalf OF
the preferred stock The closing price was co.,.
Pacific Mail, which Of late has been good deal
qlorined and TO-DAY reached the acme OF It's good
fortune In borrowing, opened at 4jh, but steadily
declined TO Az. witty broker, In commenting
on the fact that 1t had sold out to the Panama Rail-
road Company (oi which Mr.. A. b. Stockwell, the
recent president of the Pacific Mail Steamship CON-
pany, Is the chief remarked that the transaction
was good deal like a mortgage on mans prop.
erty VINO meanwhile could drive to town In coach
and Jour. The street is now busiy asking the
question where and how the company Will get
more money when they want IL; how much OF the
sinking fund OF Panama has been loaned TO efrect
a very patent object the end OF which may be re.
sultant towards the close OF the next twelve
MONTHS and how much dividend Panama Itself can
pay as consequence OF this transaction without
drain upon it, best resources. WNhaah SOLD OF OK