The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-14
.tuations In the market prioe,


The great snd sudden m. confidence In the ult
ana for .hs want Of sufacisns> hand. fths a
mate value " either to keep them o. IN as recsr
fairs OF the coEpsny are In such . o0ndin> be
statements make apparent, measufss SHOULD
ence adopted to convince the stockholders Of II;
1t just the reverse toe bankruptcy Of the
should be at once acknowledged 1t is wrong to keep
those interested In such suspense they have sx-
perenced long, leaving the most tmid ut tho mercy
OF spectators. There Is one Of two things pretty
certan-the company either is insovent it is not
and 1t is very easy for the management to make
one Of these things appear and their neglect to
do is really criminal On the part Of those whose
duty 1t is to give such information. There thou
sands interested in this company who do not know
whether the bonds the stock they hold are worth
anything not, and hope such Developments will
be made at the meeting alluded to above will finally
dispose of the questions at issue.
According to stateme nts which have recently been
made, the indebtedness Of the company was as an.
nsxed:-
READING RAILROAD,
Total emoupt Of debt, Dec. 1847. .S8,3927l9 So
Amount converted into preferred stock,
being bonds due in 1850 and in 1856. 100000 90
s4,6s2,7ls So
This amount is divided as follows
Amount Of bonds due in 1850. 100000 90
$780, ,2s2,7l9 So 1902, ITO So
The income Of the road this year is put
Expenses, including construction Of new
ntsa..t o. on sso SSS
4" bonds Of $780,. $4,000
Seven per cent interest on pre-
fsrred stock. ............ 100000 1,5aS,ooo 90
Excess Of receipts over expen ditures. $467 900 90
this to be appropriated to the payment Of div
dends about four millions Of STOCK to the pay
Mt Of the bonds due in 1850 amounting to four hun
dred Thousands dollars. The bonds falling due
must be partially provided for out Of present earnings
The company could appropriate two hundred thousand
dollars Of the surplus this year, and the amount
next which would pay of those bonds, and leave
sum each year large enough to pay annually divi-
dend of Ave cent the par value Of the old STOCK
which would be equal to nearly twenty per cent on
the present market value. These calculations are
made upon tho supposition that the figures in the
above table all but there is the rub that
Is the point which must first be settled; and it Is
probable that the next annual report now nearly
DUE will throw more light upon the affairs
Of the company than We have heretofore been able
to obtain Until something official makes It's appear
ance 1t would be advisable for holders of both bonda
and stock who purchased at high prices to keep them
out of the market but those no have purchased
speculation and sell out at fair profit had better
do So
Idle ID not Tue ony raiiroso ooAnpany Ia tniS ooun-
try which has been grossly msmanaged-not the first
company, by any means, which has been ruined,
nearly ruined by extravaganza and the want Of ability
and energy among the managers and as We never
seldom learn any thing by experience it is proper
to suppose that many more will yet be bankrupted by
similar difficulties it Is full time the affairs Of all these
companies overhaued and placed before the pub
lie in the proper light. The stockholders cannot be
injured the success completion Of the road
roads cannot be endangered but the conrarye
one and every thing will be benefited The managers
these have been too long suffered to 60
with impuniy in the reckless, extravagant needless,
and desperate manner we have seen within the past
ten fifteen years, spending millions Of money
trusted to them by bondhoders and stockholders and
showing nothing for the immens amounts expended.