The New York herald., 1850-04-29

Leave actual deficiency Of. ............ $1,000
without paying interest stock or providing for the
extinguishmcnt Of the income certificates.
These statements arc bad enough, aud think near
or correct than yours,
The writer Of the above-whoever he is-sppcars TO
be pretty well posted up but his account Is very Inn
perfect In the first place the report Of the
dated Feb Ist 1850 was made up TO the 31st Of Dec
ls4p and merely gives the expenditures the route
up to the close Of last year The expenditures thus
far this year have already been large the line of
road of Elmra. In adjustment Of final claims Of
contractors In the of material for cpcrat
ing the road Again the construction of the road
from Eimira to Hornelsvhc-42 miies-is going on
under old contracts and has nothing to do with the
new contracts, or the income certificates The road
from Elmrs TO Hornellsville will cost at least mil
lion q dollars which must be added TO the debt ofhe
company, independent Of the s3j0occo income eerti-
nca,cs for the road boyond II IL estimated that the
road nrom Hornellsvie to Dunkirk. will cost 80 600
COO The distance T. i2i miles. AMI It is opinion.
and also that II several experienced contractor
nectsd with those engaged In its construction. that
the dnai and total cost will be full IS OO1001.
In the second place. the issue of st.ck in the above
statement IL put down small; the % interest
ON the certificates per cent instead of sx the
floating debt vas nearer two millions than one. and
nothing said about the ovego and Ithac, road The
expense. Of the ferry with business amounting TO
actually amounted TO less than onc-hslf that sum.
The wear and tear h estimated at less than 81 900 per
uiI. when the average throughout, the country TO-
The narrow guage. about that sum The loss the
sale of bonds put down much below the mark Tor u
10 well knowD that the board of management made up
psty TO take 81 600 oo0 of them at 81 per cent and
that those not tsueto contractors not aod above
% per cent
Having thus pointed out the errors and omissions In
tie above statement. intend showing that
s-tuatcs and calculations strictly correct aud In
stead Of being excessive On reality large enough
Tho estimates aud calculations of the company have
in every instance. been wrong particularly In relation
~ cost a construeton and II can be shown from the
Official ra2orts that the grossest mistakes have been
made In al their financial operations The very arst
estimate made that u would cost only SO 600 40 fs,.
rvons cf dalarD 20 build the read from the Hudson
River Lake Ere--from picrmout to Dunhirk-,s m.
hest evidence In the world cf the utter neapablty f
the scmFsny 10 make correct calculations
Nrw roas avn Eais R,uso.p
Amount of stock issued official report.
January 1850. ................. s577s sal
state Mortgage Bonds lses seven per cent 3oeo oeo
Second Mortgsgs bcrt- is'f' %. 600 0o
a. r,incates of old nde edness, do. 49, s0oono
,rloaiing Debt Iannary'l Is5o twelve do 1,is0ovo
c.a ofroad from Elmirs TO IIornellsve,
q. ,imaied 80. .. .;.......... I,2eoose
com oany pay Interest,". .s-....... 10000
c., N Ouegc and Ithaca hasd. hired by
rr,e 9, mpsny. ny................. zoo oDo
Total. .....s..... siTI&Su
u.,. Il q sost q more than seventeen millions of
sc,iar for the rod and branches 90 IforneIsve and
e interest on this with the exception Of the
sts,e Mortgage Bonds must be paia out of tho earn
ing. this year II will be that II We put In the
sost Of machinery fer crersrg the read first state