The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-07-27
usu. dividend Of three per cent for the last six months

usual dividend Of three per the last six months
payable on Monday, I'd August next.
The counties of Wsstmoreland, Bradford Mont
gomery. Bucks, Delaware, Dauphin. Franklin, Adams
Cumberland, and others, Of Pennsylvanis- have paid
their State tax for the present year in full The trea-
surcr Of Philadelphia county will pay into the treasury
for m same purpose during this week. $3.50 900, which
I ensure the prompt payment Of the half yearly int
rest on the State debt Of the I'd August
After an attentive examination Of the report OF the
committee appointed by the Board Of Directors OF the
Harlem Railroad Company. We have come 10 the CON
cuson that nothing save that concern from COM
plete bankruptcy but the adoption OF such pro"P'
IN sures rs will be sufficient to induce the crec''ors
either to repquish part Of their claims or 10 JOIN In
an agreement to extend the time of payment to some
period which will ensure mutual accommodation In
order however, to carry through such a negotiation
general meeting Of the creditors and stockholders shouu
be- held the situation Of the affairs Of the company
should be deliberately taken into consideration mea
sures Of relief freely and fully discussed and under the
direction Of committee of the stockholders and cred
tors whatever plan and propositions may be deemed
most likely to secure the company should be adopted
and carried into execution.
If Of this character be not pursued and
without delay, the report shows US most conclusvey
that the pressing of the company must
lead to the appointment Of receiver result inju
rous to the creditors, and completely ruinous to the
stockholders interest The report shows that tho
to be raised during tho unexpired months Of 1877
exceeds $780, aud that the condo of the road be-
tween Harlem and White Plains Is such to render 1t
dangerous travellers exposing the lives Of passengers
aud the company to vsxatious prosecutions.
In addition to the inability meet the demands run
ming and past maturity, the danger Of having the
hypothetical stock of 1920 shares, sold at
sacrifice whenever the company shall default In
tho discharge of the debts secured by the hypoheca
tion. In making this expose Of the pecuniary embar
rassmsnts which pressing and from which there
escape except through the aid Of extraordinary
contributions the directors have not only fully confirm
cd the statements have heretofore presented of the
position OF the financial affairs Of the company, but
they have shown In giving publicity to the report
evident abandonment Of all hope Of relief The late
directors acting without any system incurred repons
bties they unprepsred to meet and many Of the
present ncumbens having reduced their interest have
pretty eecualy destroyed the only power the company
possessed of preserving its vitality.
The credit Of the company having been destroyed
there now no means Of extending the road beyond
it's terminus at Somers and cut off from this improve
ment the public lose all solictude in Its prosperity.
continuous railroad communication with Albany through
this channel may well bs considered closed the
law which auhorses the extension north of Westches-
ter county will be forfeited
We annex the report It came from the hands
of tho committee, Mesrs. F. w. Edmonds, Cash
Ter of the Mechanics Bank; John Even, late Comptro
Ter Of tho city of New York. and c. NJ Leupp, mer-
chant. We give 1t in full there many who doubt
its authority 1t was published after mature debcra
ton by the Board Of Directors and from the ability
and character Of the gentlemen whose attach
cd to tive have full confidence In its correctness 1t Is
the first faithful report Of the affairs of the Harlem Rail-
road Company published and the have
the satisfaction Of knowing about what their investment
Is really worth.
New YoRx AND HARLEM RAIL RoAp.
Report Of the Committee appointed to erdmtne into the
Condition Of the NeW York and Harlem Railroad Com
The statements OF the condition of the company here
in submitted made to the st day Of June and do
not therefore, include any transactions subsequent TO
that date other than those specially mentioned.
raj acts Of the Legislature is Oo the number issued
and sold 42575; the number remaining unsold, 1920
Ofthe latter amount 1870 shares have been hypothe
Gated to the following persons, and In the amounts
named security for the payment Of bonds received by
them from the company for temporary loans viz ia
cob Little Co, 5000 shares; II ( ID Cothes 1000 do;
Davis Brooks & Co. 1900 do; r Wthers 1890 do; Dy-
kers. Alsiyne Co, $500 do; total, 1870
This stock held by the above named parties In trust
and s not therefore, transferable marketable unl
the company should fail to redeem the bonds when due
When the bonds are paid the stock delivered back to
Toe company has received for the stock issued and
sold the following sums viz -
FOR I47l3 shares issued between the LIST
June, 1891 and let June. 1884, par... $735,66o 90
For l6o82 shares parted with between the
LIST June. 1887, and LIST February. ls42,
at prices varying from ~ to COX per Ct 296 FOL 81
For II 000 shares issued January. le47, by
the late Directors, at 81 per cent. 306 600 90
Making total for 4277o shares. sss ISL 81
Or 81 5s-l00 per cent. S2,l39760 90
Par value Of said shares.
Leaving loss sale Of stock of. -. $500 39s GO
800 Of the 1900 shares Of stock sold by he late Drec
ton Of the act Of April 18th 1889 which empowered the
company Ito increase their capital to not exceed
ing 81 $4,000 and to issue and sell ock for the
from time to time the Board Of Directors shall deem
proper The remaining 1000 shares Issued pur-
suant to the Sd section Of the Of May 7th 1870
and Harlem Railroad Company may be increased 81 0O0
oOO mt such times and in such the Board VI
Directors may prescribe"
1t having been runored that stock issued In for.
company your committee have made digsnt eng uiries
IN reference to the but have unable
tai any information which would lead such u belief
The books and accounts in the office furnish clue
such transaction sud when IL considered that
raj years have elapsed since the suspicion first
orosched without such stock having made its appear
ance notwithstanding the nnumersbe transfers which
have been made, aud several severely contested cleo
tons which have occurred, the charges In the
opinion OF committee be regarded as wholly with
out foundation The iuputstion probably grew out OF
the sale Of shares Of STOCK between the years 1881
and 1912, prices greatly below their par value; the
stock having been hypothecsted to individuals
ry for tho payment Of temporary loans and sold by
bring the failure Of the company pay the loans
thew became due.