The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-10-22

amount to s427 T59 20, or sl0375 less than est
mate. Nov If there is any railroad engineer, any
other kind Of engineer in the country who says that
the Harlem Railroad with its horse power, any rail
road employing exclusively, steam power be ope
rated for less than ixty cents per mile would like
to him and 1t would be good spec ulation to hire
him to operate those roads the management of which
Iepretent that it costs from IS cents 30 per mile
From these statements it will be that the Harlem
Railroad Company is In bad way that ts gross caro-
iDgs do not pay its current expenses that its construc
ton account is rapidly increasing and yet in the face
of this the board Of directors talk about declaring
dividend.
The credit Of this concern has reached the lowest
point notwithstanding which its debt increases ana
those Who have been alured by large prospective pro-
fits to buy its stock high prices, have become dis
gusd disappointed and irritated and striving to
get out of the difficulty with the least loss When an
extensive business and proporonate income lost
in the accumulation of expenses, and additional
road is opened without hope Of remuneration, 1t Is
FULL time for stockholders to look about them
if there is probability of the market value of the
stock becoming totally annihated
We have for some time past been satisfied that our
railroad rotten to the very core that there
not half dozen solvent railroad companies in
this country in Europe that of these
started more for the purpose Of filling the pock
cts Of their orisnators and few favorites than for
any public benefit and that they have thus far gene
rally accomplished the object they had in view Eng
land far ahead OF Us at present In the number OF rail
road bubbles but doubt it, with all the facts which
have recently to light there have been greater
frauds, or a greater number of highly respectable
swBdlers, Ia the railroad management OF Great Br-
tain than Ia this country The London Times of Sep
TENDER 22d contains long Leading article rel alive to
the swDdlipg operations OF railroad managers, from
which We extract the fol- owing
RAILROAD MANAoEmEST IN GREAT BaIrAIS.
During the last few weeks. and especially that which
TO the rail market has suffered down
fill In some respects terrible than all the many
downalls we have seen twenty years In the first
place it at the end of series of downfas when
saDguiDe people thought that we had come to the
worst and things mu u take turn 1t is long lane
without a turn bit sonnet the turn is longer
coming than hoped for and so 1t is in this Instance
The shares Of several principal lines We believe.
lower than they before, in that night
upon which Hudson dawned In the second place,
there is fattering JUNCTION that after all it is
panic.n Whenever prices have fallen since the
mania have always been told that it is pauic got
up by the bears" who are banging down the market
pens all the figures aud facts Of the question in
favor OF the downsl aud one is driven 70 imagination
and almost 10 sentiment for something like hope The
only panic operating in the market Is that very
bomey and sensible panic which seizes the soul of the
creditor when he deeply indebted name in the
gazette, when be is informed by the official assignee
that the dividends "a Cd in the pound Tine market
has been beared not by kno wing Hebrews but by COM
mttees of investigation and professional accountants
have done the mischief which ere this
has bee ascrbed to The Times The sad conclusion Is
founded on the irrefragabe argument OF figures No
abuce no sophistry false consultations, will avail
against the judgment of men who have passed their
lives in ding the depths Of insolvency aud winding
up bankrupt affairs They draw to light sill the tricks
by which dit buoyed up and the evil day STAYED
eff
"Gnossius haze Rhadamanthrs habet durissima regina,
Ca.tigatque. suditque dolos subisitque faten
apud furto letatus inani.
Dstulit in eomnisaa piacua HorteUi
Time las done justice mt last. The statements
now extracted from the companies the scanty diyi-
bends they compelled to declare, aud Which, in
some cases. they confess now more ou the
scale OF than Of truth all prove thai so far
from having illuminated and injured railway compa
MES have the contrary not done foil justice to
their blundering concealments dishonesty, aud folly