The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-23

Ths H. - ssns whsa fsu hvssHssesa sueheb
take passfor four ysazs The company hes bssn undsr
the same administration, and with IN extension Of
eighteen miles Of road the indsbtsdns Of the
has ncrssssd eight hundred thousand dollars Il Il true
That the pscuniary affairs much embarrassed whsn
they came iste ONCE but they are now In situation
much more diAcult 10 be dissnsnglsd The history Of
tbs past exhibits entire absence Of enlarged views
and q neesssary consequence. the small financial sp
Plancss on which much dependence has been made,
are now being discovered to be totally too feeble for the
supersrueturs. To meet the maturing and rapidly in
crossing debts, effective nor Systematic msssu
have been rssortsd to; and, with dscressng income,
and incrsasing sxpsnsss the products Of this years bu.
sinsss are any thing but nattsring
1.-THE direction In their loans, have not acted In direct
violation Of their charter they have nsvsrhslsss done
what common prudence viii net justify. In al
other companies, where there exists q proper
responsibility to the stockholders, it 10 usual,
occasions Of serious Importance to consult with their
constituents; and had this evidently proper been
pursued in this company, should have railroad
to Albany. constructed with less expense than thrice
the thirty I've miles have cost II never would have
been permitted to hypothesate csrncstss Of stock for
loans without the certainty of redemption and under
doubtful authority; this certainty Of redemption
would scarcely have been sanctioned at meeting Of
consequences manage.
nsnt have been constant dsspponmsnts dstrusts and
sssrhces In the present negotiations Of the direction
the fullest evidences have been exhibited that they have
learned no wisdom from the lessons Of sxpsrisncs snd
notwithstanding decree il hanging over them for
bearing interest Of per cent the balance
remaining duo after forced sale Of hypohscstsd stock
they have entered into similar negotiations, where the
sssriAcs must prove fatally irfscovsrably ruinous
histo be hoped that those who may have made loans
on the hyposhscaon Of stock in good sh without any
suspicion Of ccncssnsnt Of the extraordinary terms
from the stockholdsrs viii not have reason to complain
Of heir confidence But retrospect the past shows
that correspondent transactions have proved extremely
peduotve If any diculty shall arise to the Harlem
Company there grounds to fear that other cor
Poraous may be involved In their troubles In the pre-
sent negotiations We ~su inquire, from what source
Of revenue 10 the promise to redeem based upon p
Those who have obtained the loans have too much stock
TO take Of and having exhausted their own and the
eenpsnys credit the result 10 easily to be forsssen-
TBS prospect OF relief hopeless and il cannot be many
weeks hsfsss explosion must take place. The future
Psssu,sns Of nschisfthe reality is fast drawing to
ssAss
A. ssE statements, with reference to the hypothecs.
us1 ssek have been conrsiieted by those who ought
rs know sstsr. repeat the charge giving the name
Of the intermediate nsgotiator rsserving for future
occasion. IL should become necessary those Of the
oemPsnys sgsnts and the real money lender The loan
called for Thursday, of $40 Co., was made through
e Christmas, and. by the Same agency temporarily ex-
tended on the deposit of additional security II 10 easy to
understand that there has inchoate failure to COM
ply with th<r contract; and whenever payment shall be
required Of either of the loans contracted for on similar
terms the certificates Of scrip stock be advertised
for sale The stock sold former occasion yielded
dollars the share and may not be preposterous
~ a;u
seen Az precauton to the lenders on hypothecated
stock should suggest that tho personal responsibility
Of the borrowing agents should be required reasons
which capitalists loaning unsubscribsd stock, can
easily comprehend.
If we be not mistaken in predictions the time is
not far dissn when the creditors Of the compsny not
secured by mortgage, will have to extend and compro.
mice their claims and when the OF de stock
will be compelled to surrender moiety of their int.
rest II is estimated should the whole amount of the
capital stock be Sold that the capital of the Harlem com.
pany would exceed three millions, and the dents about
third more, and this will have been
expended for Indifferent road not exceeding forty
miles in length
As we have heretofore remarked meeting of stock
holders be assembled that the management of the
compsny may 80 into different hands. There has been
too much Wall street influence that we mean to
suggest sny thing morally wrong but the stockjobbing
propensities Of that position canno be controed-con
ssqusntly the true interest Of the company must ecss
sarly suffer. The recent respectable changes among
the directors have failed of their object tho price of the
stock has fallen in the face Of their respectabty and
In addition late worthy Mayor refuses to accept the
preferred presidency. There Ia too much vindictiye
controversy in the great room of the Harlem direction
for the consumma,ion Of any intelligent system of COM
bined action and according 10 the proverb ruin s ney
table; unless the old hunkers give way. the whole will
20 by the board.