This road (including 15 miles of the Harlem Railroad) extends from New York to New Haven, a distance of 76 miles. It is a double track throughout. The following shows the mileage of trains, the number and mileage of passengers, and the tons and mileage of freight in each year : The "general account" showing the total financial transactions of the com. pany for each year, is given in the following statement : The financial condition of the company, as shown on the general balance sheets at the close of each year, is exhibited in the following figures : CINCINNATI, HAMILTON AND DAYTON RAILROAD. The earnings and expense account of the Cincinnati, Hamilton and Dayton Railroad Company yearly for the last five years, ending March 31, gives the fol Gr's income.. $877,408 86 $1,083,328 47 $1,241,856 71 $1,361,566 47 $1,301,536 67 Oper'g exp's.. 390,936 81 554,507 12 738,628 92 $486,467 05 $528,821 35 $503,227 79 829,276 $5 847,594 10 $532,289 52 $453,942 57 The financial condition of the company as exhibited on their balance sheet at the end of each year, (31st March,) is shown in the following statement : The actual nett earnings of this company in 1866-67 amounted to $220,548 42, but from this was paid $65,720 00 (discount on bonds issued) which left for dividends $154,828 42. The dividends paid with tax thereon amounted to $297,328 00, the difference ($142,499 58) having been taken from accumulated earnings. It is evident from this that the road earnings were not sufficient to pay more than half the amount thus disbursed. The deficit in nett earnings is due, perhaps, to temporary causes, chief among which is the loss of freight from short crops, but also the increased rate of wages paid to employees. These difficulties time will remedy. But is it politic to pay dividends under such circumstances, and especially while increasing both the stock and bond accounts in the interest of connecting roads, which, at least for many years, will not return one half the interest on the outlay. We allude to the Atlantic and Great Western Railroad, and the leased roads with which this once flourishing company have become saddled. The large floating debt of the company is to be paid off by an issue of ten years 8 per cent. bonds. MICHIGAN CENTRAL RAILROAD. The fiscal year of this company ends May 31. The results of operations for the past five years read as follows: The general income account, varying somewhat from the above figares, exhibits the total revenue and disbursements as in the following statement: Total disbursements........ Balance to next year.... $2,487,475 $3,186,928 $4,415,722 $4,698,861 $4,851,057 $772,636 $1,002,894 $708,385 $460,803 $443,450 The general balances are shown in the following accounts, as of May 31, yearly: U. S. tax on Unpaid dividends 4,956 5,435 7,565,489 7,463,489 58 1,059 4 965 Jack'n, Lans'g & Saginaw RR. Co. 233,469 Bills & sundries Balance of income.. 772,636 1,002,894 15,492 279,915 443,450 Total...... $14,834,955 $15,066,822 $14,781,570 $15,188,190 $16,017,513 That success should attend the establishment of great lines of transportion managed by a central directory could never be doubtful. That they have become a success, the semi-annual circular report of the business and earnings of the "Blue Line," which commenced business January 1, 1867 proves beyond cavil. This shows the following facts: The number of miles run was 8,800,856, and the number of tons mile, 62,534,422, at an average rate of 1.92 cents per ton per mile. tion of freight East, 61.46, and West, 38.54 per cent. The division of earnings was made as follows: $1,192,753 25 carried one Propor Hudson River railroad.. Total amount distributed.. $106,925 29 $305,616 47 4,129 89 20,300 01 1,706 04 .$1,192,753 25 The number of regular "blue cars" now in the line is 402. The approaching fall and winter business, it is estimated, will require 1,500 to 2,000 cars for its accommodation. COMMERCIAL CHRONICLE AND REVIEW. Rates of Loans-Prices of Railroad Stocks-Stock Exchange-Prices of GovernmentsCourse of Consols and American Securities at London-Import and Export of Coin and Bullion-Movement of Coin and Bullion-Course of Gold at New York-Course of Foreign Exchange at New York. Business during July was characterised by the dulness which ordinarily prevails during that month. The most notable feature in trading circles was a decided improvement in confidence, inspired by the splendid crop prospects throughout the country, which, thus far have not been doomed to disappointment through the occurrence of unfavorable weather. This revival of hope, however, has not Merchants been attended with any exaggerated preparations for the fall trade. appear to be governed by a strictly conservative feeling, and deem it prudent to wait for the demand rather than anticipate it. Manufacturers have probably made ample preparation for the Fall trade; and, apparently apprehending that there is danger of the markets being overstocked, some have curtailed their production during the latter half of the month. The jobbing trade has been cautious rather than sanguine; less, however, from any doubts of their being an active demand for goods than from a supposition that the markets may be oversupplied. As the natural consequence of the general quiet in trade, money has been very abundant, and speculation in Wall street active. The banks have had large idle balances, and the rate of interest on demand loans has ranged at 4@5 per cent., and during the last week of the month balances were loaned at 3 per cent. The following are the rates of loans and discounts for the month of July : A protracted depression in railroad stocks succeeded by the prospects of unusually large grain freights, had prepared the market for a brisk upward movement, and the dealers entered upon the "summer campaign" with an unusual unanimity of view as to the upward tendency of values, and the result has been a much more rapid advance than was realised within the same period last year. The following comparison shows the prices of stocks at the close of July, 1866 and 1867: The aggregate transactions in stocks at both boards during the month were 2,240,991 shares, against 1,577,646 shares in July last year. The total sales from January 1 to the close of July are 13,580,850, which is about 10,000 shares less than for the same period last year. The following table shows the volume of shares sold at the New York Stock Exchange and the open Board of Brokers in the two first quarters and the first half of the current year, in the month of July and since January 1: Bank shares. 66 VOLUME OF SHARES SOLD AT THE STOCK BOARDS, JULY, 1867. Coal Mining Improv'nt" Telegraph" Steamship" Expr'ss&c" At New York Stock Ex.. At Open B'd.. Total 1867. Total 1866.. 2,072,406 2,074,351 4,146,757 900,241 5,046,998 8,652,443 8,540,659 7,193,102 1,340,750 8,533,852 ."[5,724,849 5,615,010 11,339,859 2,240,991 13,580 850 6,172,087 5,842,110 12,014,197 1,577,646 13,591,843 |