The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-16

measures are taken by govern to insure the
construction Of the line from Chagrss to Panama. The
distance between these places 10 about Ay miles, bat
% the road would terminate this side at Crusos
the river Chasres, the distance would be reduced to
about twenty miles The right Of way thu
Isthnus of Panama osded to the Unted States by
treaty with The government Of New Grenada, and 10
therefore open to any company individual who oan
obtain the grant from Congress. .
Il has been ofncially announced that the New York
and Erie Railroad will be ed the LIST Of January
to Bpghampton, distance Of two hundred miles from
Piernont leaving two hundred and fifty miles OF road
constructed before reaching Lake Erie The act
the Legislature Of this State by which the loan Of three
million Of dollars relinqu shed upon certain con-
ditons requires the company to complete the road to
Dunkrk, the Lake by the year 1851. Aocordingto
this company have but about two years construct
the remaining $50 miles, year time than has
already consumed in completing the 148 miles from
Middstown to BDghsmpton II the road Is not finished
by the year 1851 the State loan 50 900 becomes
again part Of the liabilities of the company and takes
precedence Of all issues of stock, and for sught
know to the contrary precedence Of all debts except
the mortgage bonds. Now IL the construction Of one
hundred and forty-sx miles Of road required three
years and six months with plenty of money the hands
Of the company and unlimited credit how long will 1t
take to construct two hundred and fifty miles, with
the credit Of the company all gone and its
exhausted! This 10 question which every stock
holder would like answered officially, consistent with
the policy Of the management 1t is true, portion Of
tho road west Of BinghampSn Is graded but 1t is by
means certain that the company intend using it
Ats by NO certain that it will not abandon the
inc laid out and adopt one it did this side Of
Binghsmpton. Forty miles Of Ioad, graded and nearly
ready for the superstructure, the Delaware river,
abandoned, and grade constructed, not far
rom IT, at heavy expense merely for the that
more favorable grade could be obtained II such OBJ
ections exist in relation to any " the road already
graded beyond BiDghappton, have doubt the old
Inc will be at once abandoned, and laid OUT
without any more regard to expense than has been
thus far exhibited. The probability at present is
that 1t will be long after the year 1851, before
his road is completed to the Lake, and many years
before this city will enjoy tho innumerabls advan
tages she will undoubtedly derive from such
communication with the great West. The ciu
of this city and the people OF this State have
already paid millions Of dollars for this road Twenty
years have elapsed since 1t first chartered Thir
millions of dollars have been expended thus far
and but two hundred miles, Of the four hundred and
fifty, have yet been completed At this rate, it will
require twenty five years and sixteen millions Of dol
ars to complete the balance. The two hundred
cost, when finished the present stockholders eight
millions and half Of dollars This Is independent Of
the three millions given by the State and the seven
hundred and nfty Thousand dollars given by the old
stockholders After the great length Of time taken,
and the immense amount OF money consumed, it 10
most extraordinary that greater progress has not been
made in the extension Of this road-a road In which
this city this State, and the whole western country
deeply interested. There Is gross Encouragement
somewhere 1t Is the opinion of stockholders and the
public generally that the financial affairs of the
pany in the most prosperous condition; and
We must admit, that, until within the past three
four months, such has been impression; but
facts have recently transpired, sufficient to
tisfy that the concern is upon the Of
counteripg difficulties which fear it will be
impossible to surmount Every business man In this
cty wants the road completed at the esrlist moment
every interested in it oondholder stoc khoder
Is anxious to have it finished but immen effort
will yet be to such desira BILE result
Completed, the road will be invaluable half finished
it will not pay the interest its COST The net earn
ings of the pany from two hundred miles of road
depended upon to pay six and seven per cent in
teres. ON nearly ten millions Of indebtedness This
interest during the year ls49, will amount to six hun
bred and fifty thousand dollars requiring gross in
como for that year Of thirteen undred thousand dol
ARA sum exceeding the earnings Of the Western
railroad one of the most and best appointed
ines in the country Previous boards of directors
have estimated the gross earnings of the road this side
of Bingbanpton at 5000 COOLIES than one half of the
amount required the fret year of its operation to meet
the interest on the present liabilities Of the company.
We hops these facts will open the eyes of those inte
rested and induce them to adopt such measures as VIII
save the concern from the bankruptcy which threatens