The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-29

1885, the company will have surplus Of about $43 900
after paying the interest all its loans and in 1851 N
may In addition to paying the interest," either pay d.
vdend of lax per cent Its capital stock set apart
500 900 towards rembursing Its loans and give dv
dend Of about IN cent its capital STOCK and in
1852 this surplus applicable to dividends the REIN
bursements Of loans, would amount to $29a ,0oo
The annual report of January 1s47 stated that the
company had failed to meet Its engagements to the
bondholders and other creditors. The sum of money
authorized to be raised resolution of the board
ls46 had been but partially raised In January, ls47
the loan negotiated amounted to about Ss4 000 In
DER to complete the works. to pay for cars boats and
landing to meet the current expenses of the company
and the interest upon its loans large beyond the
current income required, which raised by Is
sue of the companys promi,sory notes secured to
siderable extent by deposits Of the convertible loan
collateral security The amount due under such labi
lities amounted to about 500 00O The interest due
January ls, 1913; debts due for work, materials So
expenditures for boats cars & to meet the expected
trade of s4s made the aggregate amount Of liabilities
about 81 ooo The funding Of this debt had been
postponed, under tho belief that the trade of ls47
would enable the company to command the money at
par but the recent revulson In the money
kes of Europe and the depression In own prevented
such result and compelled 1t to submit to an enormous
and unprecedented sacriHce After every attempt to
avoid such terms, the company finally negotiated loan
payable in twenty years bearing interest at the rate of
six per cent per annum for three millions six hundred
thousand dollars for which received eighteen hundred
thousand dolarsin money.
The bonus paid this loan, added 20 the previous
liabilities of this company, swclls the aggregate to
$4,000 COO the annual interest which is S540000 or
about sixty cents per ton less than half OF the es
matsd trade Of the schuylkill region for isas The
prospects Of this company sxtroating itself from the
immense debt which presses upon It, ars at present
by means 1s.tering. 1t, revenue ultimately must
exceed Its expenditures but 1t esr be longer be-
fore the stockholders realize any returns their To-
vsSments than generally antici pated predicted by
the recent report Of the company. So long the
panes connected with the coal trade Of the schuylk
regions increase their liabilities rapidly they
have for the past two three years the stockholders
can have little to hope for in the way OF divdndthe
debts must absorb the whole of the INCOME and ulti
mssly We fear, the whole Of the works themselves
proper division Of the coal trade OF the Schuykh
gion would give the Reading Railroad and the schuyl
kill Canal productive business, and the income would
suffice to enable each company to make handsome re.
turns even the immsnse suns the works have
already cost but ths rocklesness with which the La
btes of each srsiucrsased prevents from suticps
ting any immediate improvement ia their value as in
v.stments, or In their financial condition.
An act was passed at the recent session Of the Tndsna
Legislature to amend the act Of 1884, incorporating the
whitewater Valley canal company. This act was sp-
proved by the Governor on the LIST instant.
The preamble to this not reotcs the injury TO the
canal by the food Of last year. Its present exposed and
ruinou condition, the prostraton Of the credit Of the