The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-07-10
NV YoRE AND HARlrM RAILRoAp.
Total. .$14l,O 900

The actual increase in the receipts for tho frst six
months this year compared with the corresponding
period last 600, instead Of $s7 40l estimated
by the company, showing deficiency Of $35,7l1. The
receipts the last six months Of ls4S amounted to
$l76007 and the estimates Of the company, for the
last six months of1Sio amount to f2s3597 According
to this increase Of $l07 6ss, has been uated
upon; but, In the event Of the deficiency continuing
throughout the year. at the rate thus far realized the
income the six months will to S226s7B in
stead of $2s3,597. This win give gross income, for
the year ls4s Of S4ls69 instead Of $4,000 II may
be well here to consider the probabilities Of that
being realized. The most favorable sntcipa-
ons have been formed relative to the earnings Of this
road and for several past the estimates ofncoms
have been pretty correct but lstterly, change APP
pears to have the affairs Of the road, its
prospects have become much clouded and the future
looks ything but hattsrDg The fact is that when
the Harlem road stood alone in the section Of country
In which 1t is located, 1t was in . much fsvors
able position. The New Haven Railroad draws great
deal Of traffic from the Harlem the East aud the ud
son River Railroad will draw great deal Of local travel
from Il the North and West Its sources OF income
have therefore been and will be still further,
reduced, while its capital and expenditures have
been largely increased Most Of the railroads in this
part ef the country, as they reach certain
point appear TO stick, and all efforts to get them any
up all the capital and Of the companies be-
fore they reach paying points and there they hang for
years This Is unfortunate and the experience of the
past affords hope for the future We have repeat
cdly pointed cut the evils and have proposed remedy
but the idea Of economy seems to have entered
the heads Of railroad managers.
The railroads Of New England we're at first economf
caly constructed and managed and they earned good
dividends, and were productive that their stocks
commanded high premiums in the market, aud were
sought after for investment; but change has come
them and for several years past the value
Of those stocks has been steadily deprcciatpg and
companies which regularly declared eight and tea per
cent dividends have become reduced TO six aud eight
and IL il reported Of them do not earn that.
This the result Of the system Of cxravaance which
has gradually orept into their management, and the
reckless increase Of capital for the pIrposo Of inproy-
ing the reads and for the construction of costly build
ings for Offices and dcpots The inference drawn from
these facts IS that the railroads Of New England have
their best dsys-that they will again earn
dividends such they have declared aud that CAPT.
tasts will gradually withdraw their capital from
works, and employ 1t in other ways. What has been
experienced In railroads in Great Britain will soon be
realized here. The diaculty Of getting at true and
correct statement 20 the affairs Of each company and
the efforts made by managers TO conceal everything
not deemed proper for stockholders or the public
generally to See prevent those interested from OBJ
tanning perfect knowledge Of the position and pros
poets Of their property. We have endeavored at
all times TO give the public all the information we
could obtain relative to the condition Of every unincor
porated company in the country and hstter ourselves
that have exposed the rottenness and corruption Of
many. The railroad companies directly connected
with this city appear to be managed with eye solely
to the aggandizement OF the few to the injury the
many and the property Of men Of moderate means IL
extracted from them In the FIRST place by false state
ments and under false pretences and appropriated to
purposes in the second place not authorised and in
the most e,trsvagsnt, reckless manner. The reports
which from time TO time made, give the stock
holders insight into the condition of the companys
affairs the returns Of earnings not at all reliable
and for the current expenditures, outside Of
the boards Of direction knows anything about
them. The amount Of Indebtedness IL another
tsnt secret with the management, when they
actually know what II is and as for the number
Of shares Of stock issued correct accounts are not
always kept II could only get clear insight into
the affairs Of best railroad companies, we
should sights little dreamed Of aud make those
who have entertained much confidence, start with
astonishment Human nature IL weak, and unable 20
resist tom ftstion aud II - not at al surprising the
way The world wsgs in this latitude, that railroad