The New York herald., 1873-11-06

80 900 600 had been subscribed So 100000 called In
and $4,000,0o0 actually paid in cash. Tue sub
scribers are liable not only for the $4,000, 900
not yet paid on the various calls but also for the
entire remainder OF the $9,ooo,ooo stock sub
scribed. IL s proper to remark, however. that
some OF the subscribers were prominent bankers
who have recently tailed.
THE TEXAS AND PACIFIC RAILROAD
mas no bonds out, and consequently the suspension
OF this construction company does not affect the
people at large the same as other railroads have
done which have recently defaulted on their regn-
lar interest. The California and Texas Construc-
ton Company was closely Identified with and I'M
the Pennsylvania Railroad, and among the heavy
endorsers OF Its paper are said to be Thomas a.
scott. J. Edgar Thompson, Matthew Bard ana ana
Pacific Railroad are Thomas A. Scott President; !;
w. A. Wallace Vice President; Edwards Pierre
pont, Treasurer, ana Emanuel h. Hart secretary.
Later in the afternoon IL was stated that the
Construction Company would probably get an ex-
THE PENNSYLVANIA RAILROAD
directors met yesterday and adjourned without
action. WHAT they propose to do in respect 10
an agent OF the company summed up, 1t would
appear TO mean that they intend 10 Try ana noi-
row the money 70 pay casn aiviaeha, ana; r iains
In regard 10 the many leased lines OF the Penn
syvanla Railroad, about which there was go much
talk yesterday morning. 1t is explained that an
erroneous impression IS current OF late years the
pennsylvania Company an offspring OF the rail-
road, has done the leasing business
OUR EXPORTS.
The total shipments of produce from this port for
the week ending yesterday amounted TO $780,, 3S5
mixed values, which is a decrease from last week
OF s452049. The exports for the corresponding
1871 S4.91S,236 The total exports o. produce since
January this year are $3.50, S5o474
SPEAKING AS OF AUTHORITY.
"The Pennsylvania Railroad Company held
meeting yesterday, but adjourned without doing
any buslness.n
This message was passed over the wires OF the
telegraph yesterday morning. through the stock
communication, and received III every brokers'
oflice and other places where an indicator" is
company held meettng is in itself oil very little IN
terest TO any one but the stockholders; but IN
these piping" times, when confidence Is lost IN
the most potent nnanciers every twist and turn
OF a moneyed or corporate institution IS watched
with jealous eye, not only by those dorectly IN
volved In Its success, but by the outside world IN
general.
ACCORDING TO THE CHARTER
OF the Pennsylvania Railroad Company the annual
dividends are usually declared at their first meet
ing in November. The session OF TINS corporation
was held, but no dividend declared. Mr.. David
Solomon, the fiscal ana purchasing agent OF the
company IN this city, was called upon and interro-
gated concerning this oversight" This gentle
all dividends declared by the board OF
directors must De paid thirty days after
gency OF the money market at present
will not permit the company to fulfil this exactfon
hence there was no action taken Oh the subject at
this meeting. We are In negotiation for certain
project, winch only involves Slight techncality to
close up, irom winch the company VIII real2e very
largely and IN all probability meeting OF the
Board Will be held on the 18th or 2oth INST when
a cash dividend of five per cent Will then be de.
cared. We might at present give our stockholders
three per cent cash, or 1ye per cent IN scrip, but
we prefer 10 wait and aot TO our stockholders the
larger amount in ready money!
Mr.. Solomon lurther stated that the $4,000 900
reserve capital deposited in England is OF great
deal oil service to the company at present. but the
low standard OF exchange does not make 1t profit
able by any means TO draw for IL in heavy amounts
THE VALUE OF FOREIGN EXCHANGE
yesterday was 1051a, and this dropping OF occurs
also on the announcement OF the rates of discount
being advanced by the Bank OF England. one of
the most prominent German bankers informed the
HERALD reporter that European exchange was
drug In the market aud the supply much greater
than the demand. This inancier stated that the
Ing the difference In money, was lo9. Whatever
amount Ii touched below this figure dis
count" hence exchange ruled yesterday at three
and half per cent discount, instead OF q premium
The reason therefore may be plainly stated, and is
no less than an excess OF exports over Imports.
Whoever has any liabilities to pay in Europe at
this time endeavors to purchase American staples,
with which he not only lquldateS the indebted
ness but also realizes profit.
IN 1851,
the memorable year OF a huge financial crisis for
eign exchange dropped as low as ninety five per
cent. The resources of the country at this period
were not one tenth what they are now. Commerce
then was at a perfect standstlll Our means OF
export now are OF the most prolific kind. and all
that Is required is enhanced means OF bringing the
products OF the country from the interior 20 the sea-
board, thence 10 Europe. where substantial prices
are readily realized therefor
Another reason given for the cheap rate OF eX-
change Is that importers have no means to pay
whom they have open accounts. Hence there Is so
little demand.