The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-06

$l6s74
For the same month in 1915. ......... l4,l3o
Excess over 1916. .......... l743
It will be observed, reference to the quotations
the old stock Of the Erie Railroad Company, that Their
has been within the past week or two an advance
fourteen per cent in the market value. This has bee
caused by the that the board of director
had determined to pay interest this stock, As soon
the road was completed to Binghamton. According
the existing appearance of the work the road, Will
be finished to that point in about two years The drec
do not whether the payment OF interest At the
time will depend upon the income Of the road or whethe
will be paid OF tie capital Of the company su
informed that the intention is to pay the insre
att any rate, whether there are any surplus rscsp'
or not. When this road is completed to Biof
ham.on, the three millions of dollars subscribed I'm
der the charter will be expended in interest and
constructing the road the interest on which, at
rate of six per cent per annum will have tee
paid, making expenditure under this heas
hundred and eighty Thousand dollars per !"
The par value of the old stock in the mark.,
hundred and fifty thousand dollars. and the amt
of bonds outstanding, about fvo hundred thouS
more. making aggregate Of twelve hundred and
thousand dollars the interest which ct six per CEN
would be seventyfve thousand dollars per annum, nal
ng with the interest the So 900 900, aggregate
interest alone of S255,0oO per annum. 1t is very
porant question with the holders of the stock W
Their the two hundred and fifty miles Of road terminafn
at Bnghampton inland town of very great exte IN
will produce net income sufficient to enable the c2
pany to do this, and if not where this large is
como from. The payment Of inere st the stoJc
and upon the bonds, will weigh heavily enough upon
company before the road will earn sufficient to remove
from the capital stock account without adding the bSu
den Of forty five Thousand dollars per II
interest on the capital paid in from time to te
will by the time it is all expended reduce it at LEI
$500 O0O that Is the company will only have about sly
100000 out Of the So 900 oO0 to expeld in the consru
ton of the road This makes quits hole in the COTE
OF the company and must restrict their operations vei
much. Notwithstanding this the board Of directors hs
determinedto increase the burdens of the company BY
adding feryhve thousand dollars per onnum to the AZ
penditures of the company.
The whole movement is nothing but . stock jobbfns
stock specializing affair from end to tho other an
the directors of the company, individuals, are TN
parties engaged in it. For time past the old En-
Railroad stock has ruled very low and those indvidua
have been buying fast they could get holt
it. They obtained at the low prices O large portion
this stock before the vote taken upon the quest
Of paying interest," and the result in favor Of resu
in payment upon the completion Of the road to BinE
h mton. This is only Of the many movements OF
similar nature which have come to knowledge, ant
1t would be we'll for the holders of the stock to pro
tect themselves by making such changes in the board
directors at the approaching election the crcumstan
require The determination to pay interest on the oil
stock is particularly calculated to njure the value
the STOCK it reduces the Of tho compa
at least to the extent required to meet that pay
The stockholders have ii in their to remedy
this abuse opowsr in the present board Of directors
their real interests require its
The letter Of Albany correspondent in another CO
umn will give those interested information in re
ation the contemplated of the Legislature
in regard to the New York and Eie Railroad Company
II is than right that this railroad should be sub
cced TO restrictions similar 10 these imposed upon othe
railroads in the State, coming into direct competition
with the canals The proposed tax freight transport
cd on the Elie Railroad should be confined to the|
through freight is stated that there Is doubt bu
| that the bill will poss
appears by the report of the committee appointed
under law of the last Legislature OF Georgia, to ex
anime into the condition of the treasury and the state
the public debit and the Central Bank that after
ing all the ordinary expenses Of the government
sum of slSl s9 10 of the public debt has been psd,
,bsrs Ia on hand means sufficient for the immediate pay
m.nt of $50 600 more The committee express .the|
oppion that the debt of Reid, Irving Co. may be emf
trely paid of within the present fiscal year. and recon
mend that the balance OF the foreign debt amounting To
only ELS ooo having thirty to run, be paid of ss
speedily as practicable by the purchase Of the bonds.
This will reduce tho entire debt of the State to|
ST. 465 2so, and make It entirely OF domestic character
Tho liabilities Of the Central Bank according to thi
report amount to sesss5s 40, and its assets to only
s47947 49, leaving balance - 5000 1888 70 to provide
for This bank has beena giidrug to the treasury of
the State and an immense amount Of money has been|
sunk in its management.
The States of tho Union which have for so many
years been embarrassed by the connection existing Dol
tween the and banking institutions ra
pdly recovering from the dcuitieand losses that
elton entailed upon them; and We trust tho experiences
so dearly purchased will have very favorable inhu
sncs upon the movements of the Legislatures for the
future. The financial condition Of every State in the
Union has improved within the past year very mssral
~ and now that many Of the burdens which several