The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-02-14

increase from Jsn'y to Feby 1, $780,. $32s 4s3 80
On page % Of the address Of the Directors, dated
March, 1849 sststed that the entire cost Of the road
from Pisrmont to Hornellsville, aud equipments for
running including the Newburg branch, and the cost
Of the ferry equipments from New York to Piermont
would be $4,000 900 (thirtesn millions Of dolsrs)
The road is now completed to Corning point AZ miles
this aide Of Hornellsvie and the admitted cost has
been s14 sol, estimate, for ~ miles
less read, Of sil2sss1 The most moderate cslcula.
tion places the Of that AZ miles atlssoooo
and above what has already been spent It, which,
added to the present cost will make the aggregate
to Hornesvle SIS 900 900, instead OF $13 0Ooo
increase Of 50 600 ,000
On page IS Of the address alluded to above IL Is ssti.
mated that the earnings Of the road Binghsmton
would 600 600 for the year. and 600 to Ell
mira. In January ls4o, the road opened to Bling
hamton; In June to Owego, and In October to EImi-
and the gate income for the year amounted to
only SsIo,l+s %. As the road was opened TO Bsg-
hamton al the year, to owego seven months, and TO
ElmiIs three months, the compsny's estimate be
put down 81 $50 00o $4,000 and above the
actual receipts This statement lie necessary to show
the lsty Of the assertion page OF the report Of
February 1880 that the earnings from April LIST to
December 81, 1s49, only fell short OF the estimate
$4,000 The gross receipts Of the road for the present
yesr-1s6o- are estimated at 81 coo,oo
The company contemplate com pletins the road to
Lake Erie BY May, 1851 payments for whish to be
made follows
We propose to issue three millions and half OF in
boods bearing interest at cent payable half
yearly redsemsbe 1T the pleasure Of the company with
In ave years For the payment of the interest and
principal these bonds pledge the entire inco Of
the road after the FIRST of July, 1851 until the net
earnings sha reach 81 200 ooO rsserviug only sum
sufficient to pay the interest on the mortgage bonds
This appears to be very fair proposition, and II
eepted contractor and proves SUFFICIENT to complete
the read will keep the aggregate below twenty mil
Hons Of dollars (S2o 900 ooo) Although that IL i'm
amount OF money to pay the interest which,
viii require gross income trac Of ct least three
and half millions Of dollars (Ss 500 ooo) st Il Is no.
beyond possibility, and may, with judicious msoage
ment be realized. IL has always been opinion, that
N the Erie Railroad could be completed to the l. AXE
within reasonable time 1t would be productive
Any lire In the country. This opinion stIl enter
TAIN and have doubt bat that the stock OF the
psny WILL the year after the road Is aud
Its financial Affairs economically and properly managed
be worth every dollar originally paid for t The suo
rance folly, and extrsvagance exhibited by those who
have snce the Reorganization Of the company had the
control II lie Affairs have nearly destroyed public con-
hdence. deprecated the stock added largely 70 the
cost, and created dcuties and embarrs.smsnts which
have frequently threatened to ensuph the concern
again In bankruptcy. We have never opposed the
rAroso ~ great puonc WORK, put We nave been, ana
still are, opposed tn the management and the outrs-
eeous in which they have csuducted the affairs
OF the company. They have made all sorts Of mis-
representations to the stockholders aud the public
BY their extrsvaeanoe. added millions to the cost
Of the read, and by their sct, have deprecated the
credit Of the company that they have been compelled
pay usurous rates Of interest which Ia, given their
securities such character in the market tina.
tious, tmid capitalists afraid TO hold them, aud
operators In Wall street only bug and sell them on
speculation. Notwithstanding all this. II they can
manage TO keep life In the and complete u to
the Lake oil viii 90 we'll provided proper persons have
the management q IT, The affairs Of the road have
been horribly dectored and dOssd by qusck that IL
ssstonishiss the patient hes survived so loeg u 1t
las passed the erisi. Of the dissase Il ~i slosy
cover aud eventually become strong sad healthy bat
. relapse take place wo 20 those Sho are largely
Interested stoekhslde To insure its uitnste re-
eovery, ~ill be necessary to get rid Of those who
have ercifuliy doctsred Il.
Fror the reports have received OF the operations
Of ralrcsd companies during the past year, have
compiled the annexed statement. showing the agsre.
rsse expenses Of each road. the number OF miles run
by trains on ssoh cost Of running per mile for
the year.
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