New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-19
RAILROAD INTERESTS.
LAKE SHORE DIRECTORS PRUDENT.

LAKE SHORE DIRECTORS PRUDENT.
HE sEMl-ANNUAL DIVIDEND NOT DECLARED-PROB-
ABLE ACTION OF THE MILWAUKEE, AND ST. PAUL
DIRECTORS IN REGARD TO A DIyIDEND-PLANS
OF TIE CANADA SOUTHERN.
Inc depression in the stock market on Fri
oav afternoon, caused In "a great by the raid
made upon 1t near the close Of business. continued all
through Saturday with short period Of hrmness about
noon. The decline through the day ranged from half
to two aud half per cent Gold was weak. and closed
at III There was paid at the subTreasury s3O1GOo
IN redemption OF bonds and s2J 90 interest account
The customs receipts s27 600 The disbursements
Tor the week at tho Subrreasury s.5GO0D IN re-
denpton OF bonds and s. 500 for interest. The bank
statement shows an OF reserves of S2jlii.T1
over the requirements Of law and the continued draft
on the Si 100000 socaled reserve promises continued
supply OF money for the speculative purposes Of the
street Nathaniel Hayden has retired from the Prcs
dency OF the Chatham National Bank atei admins
traton % fifteen years
The "bears" took advantage OF the fact that at meet
ing Of the Directors OF the Lake Shore and Michigan
Southern Railroad, held IN tho morning AZ Commodore
Nanderbilts Office IL voted That 1t Inexpedient
10 pay la February semiannull dividend OF per cent
Though this had been f0roseen and more than IDS
counted" the previous day it used means OF
depressing Lake Shore stock. which dragged down the
rest of the list. Setting the influence yhch this
decision may have speculation. those chiefly utter
estod consider this the best for the holders OF
stock for Investment The matter fully discussed
1T the meeting OF Saturday it had been on previous
occasions. The Clark administration left the Company
with floating debt of over s. 100000, and it was thought
unwIse 10 divide any of the earnings AZ this tine,
though the road has earned about per cent, ana hl1
bought and laid down II miles Of steel rails ut cost OF
s5O0Oo0 per cent on the capital stock The deyo
Of the earning to the reduction Of the floating debt
the improvement of the road it Is believed, Will
Tor he
ing the principal items Of the Official staemont OF
the Lake Shore and Michigan Southern Railroad Com.
pany for the 0scIl year ending SEPT 3d. 1873, 10 tho
State Engineer at Albany:
The capital stock as per charter OF which all is issued
/, SjOno0ll aud the bonded debt FOR 1872 s2800)D and
1885, 9Ol5 0)0 The noltng debt By tho report OF
1872 sgJj4i2 A. and 1or 1885, Si7jii9j 70 sown;
Of s5lii,72 - during 1873 II bonded aud
floating dent The average the fund
Ell debt per The cost OF tle road. Including
buildings. is So G) 7Oj The equipment gwen Al 49,,
,229 THe eugh OF road Is $40 miles main Ilt and
tuo length Of double track including oldln;' 1Ot mics
the cngn Of branches owned Nv he CpmpIhg jj miles
Tne.sru,- receipts for the year were sijj5 81 against
$75JiC-9 - IN ls74 The transport iiol expen'o M
cGdni SpeT3ins ana rtpa5Fi; We're g IKE me
dividend GA soch Is siOD36iC Iho balance l" Grtii OF
account IS gwen Il. So3G1Sl % ln'uicd III the
above expense account Is the cost oil substituting steer
Tor iron rails.
Some interest was manifested among brokers and
Others 10 the probable action Of tie Nlwaukce and
81. Paul Railroad Company in regard to dividend. 1t
has been the policy o. this company for time past
to pu tho surplus earnings into construction and per
maucnt Improvements. greatly 10 tue advantage IL Is
claimed OF the road but has been expected this yeaC
that the Company would declare per dividend
The Directors OF the Company held meeting Sltur-
day afternoon and though the question o. a dividend
not decided the matters before them were OF groat
importance ThOre are five six different kinds Of
bonds representing S-G2jj0O mOrtgaged iud btcdnes'
and S2i5OO) vi bonds Il 10 proposed to maze
consolidated mortgage Oh tho whole property Tor
$lOO to exchange for all the present bonds OF every
class to provide steel raids and 10 ba.1 two bridges
across tho Mississippi Rvcr. IL Il also proposed
90 rppy all the net earnings OF the year.
which tie Company confident vii! he
fully per cent on both classes OF stock the stock
holders III these bonds. The proposed bonds VIII
DO Of Two kinds slC0Oj,))) gold sterling bonds aud
s23O)OOc0 currency bond. welrknown EnclSh banner
has already made Offer for several millions Of the
first class. Tho officer, OF the COmpluy estimate tue
earnings OF the pres at over $l,oOGO The In
crease last year over i5T. s3gSO 90 with light
winter nu5iuc; and the estinticd incense OF Toe
frs three months the present VIII b. more th7n
s9JDOO The weeks O January show Increase
of and Than Oneh OF the crops of those
portions OF Wisconsin Iowa and Minnesota tributary To
the St. PauiS TOat nave YET COinc iOfWaFn Inc com
lad miles ~ttC r1iiS, ana they intend
to lay 100 miles NOR, completing the line cast OF the
Mississippi River. Tue mccn, adjourned for one week,
when il - expected that o decision VIII De IDadc.
A meeting OF the Directors OF the Canada southern
and the Chicago and Canada Southern Railway Com
p9nics wa, held on saturday, and the Affairs OF the
discussed r.: COdVtf1lLiOltl way 'on-
tract, have been for coo additional freight cars
which arc De Delivered at the rate -. % per dtJ IL Il
THOUGHT thar WIN thee the carrying capacity Jf che
tnan OK pended aad pilI as Interest Oh tue Donseh
deOt