The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-08-18
~ AND WORCESTER RAILROAD,
sI,2Sl,7O4 6S6,4oJ 50

i Isss s siss' I Is&sss I 5ssss
sI28l7N 656,49o 595,2N percent
This company incorporated in 1892 and the
road opened in 1889. Length, 6G miles; cost 50 1s7,
200 Only two dividends of three per cent each have
ever been declared, and the net income of the
pany has fallen from Sl56574 down to s72 653 This
net income is the balance left after paying running
expenses, an is appropriated to the payment of nte
rest on the debt of the company. Enormous factua-
tions have been experienced in the market value of
the stock of this company In July 1912, three years
after the road opened, the shares selling at
so each; in December 1sl5, sales were made at sos
per share and in June 184S, at S27 per share They
are now selling at $50. The debt Of the company is
about ST. 100000 and it is contemplated to reduce it
by an issue Of stock. What the views Of the
directors are relative to the sale Of whatever
new stock may be issued, we know not; but
according to views, it would be desperate and
ruinous way of reducing the debt of the company In
the event Of ten thousand shares Of stock being
put upon the market it would sink the value Of the
whole to lower point than we dare name. We have
our doubts of the company being able to dispose of
them at any price.
The boats belonging to this road, running between
this city and Norwich, not brought into the Anan
cial affairs Of this road any farther than the cost
of them is included in the debt separate and dis
tinct account is kept Of their receipts expenditures
and profits loss; but it reaches the public
eye and not directly connected with the ma
nsgement knows anything about it. The moment
any mystery in the reports Of incorporated
company that moment we have suspicious that
there is screw loose somewhere in the financial
machinery, and do the public generally. In
all cases, it s better to give true and detailed
statements, no matter how unfavorabe they may
ho fort ha
those circulated by bear Spectators in the stock
In Great Britain, and in parts of the Continents
the railway companies required to make weekly
statements and their an nual reports give complete
insight into their financial affairs but in this
try ssrry to say, it is just the False
reports frequently made for the accomplishment Of
certain purposes, and the public lose all conf
dence in the management of incorporated companies
of every kind-tanking, insurance companies, rail-
roads, in fact every thing depending upon the honesty
of few highly respectable" managing directors
In many species Of enterprise the people of this coun
try are far in advance Of any other but in all the
matteFoffact details Of any great work, In clear,
comprehensive and satisfactory report of its progress
and the exdendtures connected with it, the people of
Great Britain certainly far ahead of u.s. and until
acquire and adopt good portion of these chArac-
teristcs, shall never gain the confidence of the
nesty wemake. great progress in works of internal
improvement of every description; but we go about
them in such reckless, heedess headlopg kind of
way that the originators alAot invariably ruined,
and things left in unfinished condition, and
eventually fall into the hands of class of
spectators, who initiate and depress its stock in
the market, regardless Of the completion or de-
cay of the work they represent 1t may be asserted
an'oset to this, that the country is benefited Nv
tn. partial perfect completion of any work Of inter
nal Improvement and that the ruin of few enterpris
ing individuals is, therefore, matter of little
quence but, in our opinion it Is a matter Of much
Importance that the originators Of and original SUBJ
scribers to- any public work. should profit by their
penditure of capital and their energy These
the very life of country like this and had it not been
for them, should yet be travelling in stage coaches
or something worse and our freight transported in
an hour. We could dozens Of our most
important lines of railroad, which have ruined thou
sands of those who came forward, and by their sub
scrptions gave life and activity to them Had it not
been for these men, these works never-or, might
say, not for years-would have been commenced. AS
1t IT, they have been completed and have tended i'm
mensely to the development Of the Of the
sections Of country in which they located and it
highly probable that the bulk of the stockholders
purchased many per cent below par and at sacrifices
made by those who gave the first impetus to each of
the works alluded to. If more circumspection and
caution used in the incpient stages Of these
terprses should not have many disasters of the
kind to record and trust that the experience of
the past will be sufficient to induce the public general
" to avoid everything doubtful, and engage in
those prese nng strong claims upon their capital with
much hesitation Slow and is, after all not only
the SAFEST but the BEST in every particular The well
known fable of lEsop illustrates the truth oft.
The annexed table exhibits the condition Of the
Planters Bank of Tennessee and branches, the LIST
Of July in each of the past thee years. The returns
for July, 1s4s, show the bank to be in very sound
position