The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-11-04

Withstand this rsvulsion can command credit to
unlimited extent and 1t viii be upon healthy founds
ton
We have nothing later regarding tho English cotto
ana corn markets, and must await arrival Of the
Caledonia We shall also receive bv that steamer full
particulars relative to the commercial crs with dates
enough later to enable us to judge correctly of the
probable result Of the revulsion
The committee appointed at the last Meeting of the
Harlem Railroad Company to devise ways and means to
raise funds for the payment the pressing debts of
the company, commenced operations Monday The
plan proposed ut the last meeting appears feasible
but much depends upon the way In which the movement
is carried into operation, to make it effective.
The present debt Of the company amounts to about
one million of dollars Of which three hundred thousand
dollars contracted for the purchase real estate
now held by the company, leaving balance Of seven
hundred thousand dollars contracted for the construc
ton and extension Of the portion of this csbt
falls due and the payment provided for in
way, and 1t also necessary that the balance of
the debt be placed in such shape that will be- out Of
the way and not press heavily upon the management
Of the company, 1t has for some time past It il
proposed to raise by subscription four hundred
thousand dollars, subscriptions to be binding
when three hundred thousand dollars have raised
1t proposed to issue for this subscription bonds bear
ing interest," at the rate Of per cent per annum pay
able Within the expiration Of thirty days. after the
Legislature Of this State shall have acted in reference
the conversion Of these bonds into preferred stock bear
Ing interest at the rate Of eight per per
application for whichis to be made Immediately There
Is no doubt butt the legislature will grant the
company this privileges requires capt.
tai there being sufficient Of the original capital re-
serve to make up the amount required issued
atil hold al sh.~a
stock worth, at par, eight hundred thousand dollars
By issuing this stock bearing interest Of eight per
CENT could easily be obtained and nearly the whole
debt Of the company removed The balance remaining
In bonds could be easily funded at long dates and the
credit Of the company placed upon basis This
preferred stock bearing interest the rate Of eight
per cent, would be very desirable Investment not
only on account Of the high rate Of interest, but
on account Of the extent and value of the securtv
1t would be particularly advantageous to the old
stockholders that such management should be car
red into operation and the management of the compa
ny would be relieved Of vast deal Of anxiety and res
possibility We have no doubt many holders of bonds
bearing six per cent interest would gladly the con-
version as the rate Of interest would be per cent
higher, the security equally good and the negotiable
value of the stock much greater than the bonds as the
former would command premium in the market while
the latter now sell at discount The finances Of the
company would be vastly improved by this arrangement
the extension Of the road ensured and the completion
at an early period placed beyond doubt
The earnings Of the road for year ending July s
1913, will 1t is estimated, amount In the aggregate to
full three hundred thousand dollars ($aOO Oo which
fifty per cent $l5000O Is liberal allowance running
expenses leaving balance Of of which $4,000
would be required for payments Of interest under
the new arrangement say $4,000, being per cent
$4,000 preferred stock and $2 being per cent on
100000 In funded bonds leaving balance 600
for the extension of the road This bal the year
would be equal to five per in the present stock
Every fraction Of the net receipts of the company
heretofore been appropriated to the extension and i'm
provement Of the road This certainly appears very
hattering and We cannot conceive it possible for this
important work to be arrested midway this city
and Albany, for the want of q small sum Of money 1t
Is the old affairs Of the company which embarras
ing to the present drecton is debts contracted for
the construction Of the road to Somers that weigh
heavily upon the The present board Of dirsc-
tors do not ak tor loan to extend the road all
they s the stockholders come forward and ex-
tricate the company from s present difficulties and
they will complete the road to Albany in less than
eighteen months Place the present debt that 1t will
be out way and they ask further favors any
one.
There is Eastern interest at work, to prevent
further extension Of this road towards Albany The
New Haven and the Housstonic companies anxious
to get of this road and turn into their
The Hudson River Company 10 also striving to prevent
the completion Of the Harlem road and, amidst all the
opposition from these sources necessary for the
stockholders and friends of this road to stir themselves
before 1t is too late They have remained inactive
long already and 1t time that they should take this
matter In hand The President and Directors have done
every thing in their power and they eal upon the
stockholders for q strong movement.
The receipts OF the Harlem Railroad Company for the
first nine months in each Of the past three years. Of
the present year, were follows -