The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-11-19
MONEY MARKET.


MONEY MARKET.
Tuesday, November 1876 r. M.
The market to-day appears to be very unsettled, and
prices very feverish Of the fancies up, and
some are down. State stocks have improved Illinois SIS
went up per ct Farmers Loan, Il Nor'h Worc'r, Ii
Morris Canal fell off per cent; Long Island, III Vcks
burg d while Penn. SIS, Ohio SIS Canton, Harlem Read
ing, and North American Trust closed firm at yester
days prices
The Harlem Railroad Company have advertised for
contracts to furnish materials for the superstrucure OF
the road on the extension from White Plains through
Westchester County, to Somers. The grading Of this
extension, being length about twenty five miles, is
under contract and will be ready for the
by the LIST of May next, and the will probably pass
from New York to somers early in June The termina
ton will then be in the heart of exceedingly rich
agricultural section Of the country and at Of the
largest towns of the interior This Company is rapidly
extending the road towards Albany the principal object
being to connect this city with that by railroad
possible leaving out of view, present. any
ton with the contemplated Eastern roads, that will be
nude in due time. The Harlem railroad about mid
way between the East and North river and its termina
ton at somers will be about twenty five miles from the
waters of each This location gives the road the control
the interior travel and freight at all The bust
ness of Company has been Of entirely local
character and confined to only twenty five miles
On the fourte snh of May last the legislature OF this
State made an amendment to the charter Of the New
York and Harlem Railroad Company by which authori
ty given to extend the road from the north line of
Westchester county to Albany One Of the conditions
of that charter is that the Company shall expend $780,
900 in extending the road before the LIST of May 1885,
within year from the passage Of the amendment
This extension has been put under contract and from
the estimates made, the total cost Of construction will
not exceed $4,000 To build this extension Putnam
county the Company will issue bonds to the amount of
$500 00 payable five years after date bearing interest
at the rate Of six and half per cent per annum with the
privilege Of converting the into stock par any
time before reaching maturity These bonds to be
secured by mortgage upon the road from Fordham to
the north line Of Wescheser county distance OF about
forty miles
The condition Of the Harlem Railroad Company, &C.
cordng to the most recent report Of the favor
able character and the receipts from the road las
terminate have been large enough permit the decla.
ration Of small dividend upon the capital stock but the
surplus has been reserved to pay the interest loan
made construct the extension The total debt of the
Company, up to the LIST Of September, amounted to
1912 81 The par value of stock issued amounts to
sl,l50OOO, making the total liabilities of the Company,
for capital and debt 81 The real and personal
property the Company exclusive ofthe road valued
s2O27l and the cost of the road its present
nation is put down at ST. 1859 1913 66, making the aggre
gate cost of the property held by the Company,
81 ,429, 594 &C.,
RECEIPTS AND EXPENDITURES OF THE HARLEM RAIL.
ROAD.
The whole amount ofthe receipts of the road
for freight and passengers from the first day
OF January, 1912, to January LIST, lS43 8547l 80
The whole amount of receipts for freight and
passengers. from January LIST, ls4s, to Janu-
On the drst day Of November is4l, the road
j. opened to White Plains. and the whole
!, receipts for passengers and freight, from
January lst 1914, to January LIST, ls45,
amounted TO =. l4oss4 90
day OF September inst, the receipts have al
~, ready announced to-. llo,54s OIL
making IN excess in favor Of is4s m eight
There are ~ yet four good running months aas in
inns year for passengers: and the largest
mo,nths in the year for freight, and at the
SINE ratio of increase the receipts for the
~ho'e year, at the lowest estimate must
The Current expenses for running the road for
i. the year from January LIST, 1874, to January
LIST, lsA5, including repairs upon road and
the horse account-that is, charging the
conntwith all the horses purchased, and Gre
Extraordinary expenses such as cash
paid Tor injuries and accidents, in
PRODUCING Croton water, &C., and
being such class Of expenses
as may or may not occur in each
The whole amount Of the current ''' '''0'V v
expenses for the first six months
Whole amount q Of extraordinary ex 40'''
Al this rate for one year they win be- ..o. s. sss 90
Leaving net balance for ls45 of. .... 90 1874 90
The yearly interest upon the whole debt
due by the Company is. 49,. 42,s79 81
Leaving sra clear balance after paying
TO which IS to be added the rents ;''''''
payable upon the real estate Of the
company on Chatham street. -. 1875 OO-55,279 SO
This statement exhibits the fact that the receipts on
only twenty four miles of road have been large enough
t, pay the interest its debt new loan raised
an extension greater than its present length and its
ming expenses leaving balance of about twenty thou
sand dollars towards paying dividend its capital
stock 1t is estimated that the extension to Somertown
will increas the receipts the first year nearly hum
ded thousand dollars, making the gross income the first
after the extension to Putnam county about three
hundred thousand dolars-an amount sufficient to pay
the interest the debt of the running expen
SEES, and dividend on the capital stock
This must be the only road between this city and AL
bany the east side of the Hudson river. The idea Of
road constructed the margin of the river either
side perfectly preposterous Tnthe first place would
be impossible to fill up the stock and could the
stock be TAKEN would pay the first fraction Of
dividend railroad could successfully compete with
magnificent boats that between this city and AL
bany, the rate of at least twenty five miles hour
carrying passengers at twenty-five cents head, being
about sixth Of cent mile. Boats like the Oregon
and Hendrick Hudson can make money at the above
price Of passage which completely shuts all oppos
ton for railroads. railroad running from this city
Albany must take interior route either side of the
rvero the wayrave which at all very
arge railroad could only command the river trave
during the close of navigation, which averages only
about three months in the year. and from the trade &c
for that short period, road thus located would be
PEELED to derive its income The location Of the Harlem
railroad very favorable large business at all