The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-06-01

The only feature OF any Importance i'll this statement
Is that in reference to receipts from during
month of May in each Of the past years appcars
that there has been falling of in the month this year
to amount equal to decrease of half million in tn
value Of imports.
The extract made from the Troy Mig, few days
since, relative to the Albany Northern Railroad Com
pany has created considerable dissatisfaction among the
friends of the alluded to- 1t is represented by these
parties that the article published in the Troy papers was
INTENDED to nure Albany enterprise than from
any desire to put the public their guard against an
unsafe investment Ii il also represented that the com
pany has been organized than a year; that the
mortgage has been recorded in Albany ana Rensselaer,
countless that the road is under be completed
ny the ls OF January 1858, be paid for half in bonds
and half in stock that six hundred thousand dollars of
stock has already been taken and that arrangements
have been made to connect this road when finished,
with the Vermont roads 70 form continuous line
from Albany TO Montreal These facts are very good ana
perfectly satisfactory far they 70 still
inclined TO think that a wrong system has
been pursued in the management OF the financial
affairs Of is company 1t is stated tina, six hundred
thousand dollars Of stock have been subscribed bat
are not informed how much Of this subscription has been
expended Before the present railroad mania became
general railroads constructed upon entirely dif-
irrent principle. Stock subscriptions to sum
ci,t to build one half wo-thirds Of the line raised
The amount actually expended ana much of the road
as that amount would complete Immediately put
into operation After that issue Of bonds rcsorted
h. for finishing and cquippng the line The Boston and
hhany Railroad Company issued bonds Tor about onehalt
al the cost Of the road after the proceeds OF stock sub
scrptions had been exhausted The New York and IIar
lcm Railroad Company have four millions OF stock. and
only million Of debt The Hudson River Railroad
Company four millions Of stock and six millions Of debt
The Eric Railroad IDmpany six millions Of stock
twenty millions Of debt In the construction Of each Of
these roads the proceeds Of stock subscriptions first
expended This gave the purchasers OF bonds
cur,y The company had bona d property to mortgage;
although in instances it must be admitted the
security better than in others The mortgage bonds
then had basis which il than say Of many
issued now.
We have no doubt the mortgage bonds OF the Albany
Northern Railroad Company will be good and as an
investment safe, as any in the market but We
denim the policy ofmorgaging what does not at the time
really exist We doubt the legality Of such mortgage
The question may arise Of these days in Of
courts whether mortgage certain property dated he
fore that property actually in existence is legal
not and is therefore important that there should not
Dc too much haste exercised in executing these important
documents The Erie Railroad Company executed
gage to issue of bonds amounting to three mil
ions Of dollars s entire road picrmont to Lake
Erie and al it, fixed and floating property before
third OF the line constructed before the company
possessed onc-third much property it owns
Now We hold that the company had no legal right to
mortgage what II did not at the time possess what
Lad no actual existence Whatever property the com.
Vany has purchased acquired in any other way since
tho date Of that mortgage cannot be pledged for the
curiy OF bonds issued under that mortgage Tomake
mortgage good upon the entire road and other property
o the company would be necessary TO execute II after
the road had been completed and the property mortgage
actually in the company possession al the date Of the
document The argument will hold good in the
Of the Northern Albany Railroad Company, and
every other company coming into market with mortgage
bonds the entire line Of road long before the rails
laid the property Of the road actually obtained
The system Is all wrong, and tel what will
the result. These things be managed with propc
regard for safety aud security easily a in any othc
way With just proportion Of the cost Of the road pro-
ridd 10y stock subscriptions there need be any
difficulty in raising the balance upon issue Of bonds
a. the security must bo ample but in no instance Il II
good policy to make an issue Of bonds simultaneous with
that Of stock before sufficient property has been
qurcd 70 form the basis Of mortgage
The annexed statement exhibits the quantity and value
"a certain articles exported from this port during the
week ending the 29th Of May inclusive distinguishing
the destination and extent Of shipments 70 each place
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