The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-29

sswd doysrs. Hsrs + . falltsg or q two
buDdred thousand dollars the 6rst six maatAs.
end No have every Seasea 70 believe that tn last ok
months will pressnt similar results. rhis viii b
four hundred ihoussnd dollars for tbs pear, which,
deducted nom Tho estimate, leavos tie gro8 earn
ings for ls49 $600, 900. The aggregate may 81.
lttle over this; IL may. reach 100000. This Wild
not more than pay the interest on the ooupsny's
debt and ssues Of stock, leaving deficiency tf the
running expenses and N pairs. wht;h will amount
70 between four and Eve hundred Thousand dollars
an item OF scme importsnce-to be carried 70 con-
struction account to be paid out Of the new issue
OF bonds. The entire resources OF the company
now lay In the balance Of the four million loan not
negotiated and unissued. The disposal OF these has
been a. annexed
NEW YoRx AND ERIE RAnRoAp-NEw Issue or BoSbs
Amount negotiated at 10 per cent discount $500 900
Amount iarusd to contractor 1000 900
Amount issued for purchase Of iron.. 100000
10 . Susa Pay interest iof i04s On 500 ooo
Balance appcabis TO COZ struction Of road. 100000
Total -, ooo GOO
OF this amount only about three millions in the
aggregate, after deducting discount &C.. will be ao-
Piicsble to the extension o6 the rosi from Bing-
haDton west. We can form some idea Of how far
that sum win go towards completing the road, by
taking into confederation the cost OF the road this
side OF BiDghemton. The two hundred mills from
Piermont to Binghamt0n, single track, Of the most
outrageous character as far as grades and construc
ton are concerned, cost about twelve millions Of
dollars, or at the rate Of sixty thousand dollars per
mile. From BlDghamton to Dunkirk the distance
IL 294 miles, whi b, say at $4,000 (only one half
the cost per mile Of that this side), will mako
aggregate of SO 900 900, to pay which the company
had, to commence the distance with, but three
millions of dollars, leaving deficiency OF seven
milliCns of dollars. In making this estimate, we
Lave put down the cost OF the road per mile west 4
F'rghsnton at only $4,000 per mile, and have
II de Io calculation Of the annual dedcienc In the
,sctipts to meet the ayments Of interest, running
100000 per annum. The conclusion we arrive
at, in view of all these things, Is that had the
company ample means, the road completed would
cost at least twenty.four millions Of dollats.
TIE company, however, have not the means,
nor can 1t raise MEANS at any sacrifice, to COM
plete it. As soon rs the sc cond mortgage bonds
(but few Of which are LEFTY are used mp, tue resour-
ces Of the concern are exhausted. 1t has, 1t s true,
TIE privilege of issuing stock, and promising to pay
interest en- il; but with depreciation OF 40 per
cent, ard the pay ment of interest depending upon
the ability Of the company to borrow money, the
teIy hopeless Holders Of the stock of this comp any
perfectly infatuated, muh so az were holders
of Reading Railroad stock previous to the grand
smash in that concern; aud we wish here to record
the prediction that the Erie will before the lapse Of
many months, prove as great bubble as the Read
setts--the Old Colony and the Boston and Maine
have lately suspended the payment Of dividends;
and the Erie cannot raise the means to continue
much longer. A Suspension is the only thing that
will saveit from rretrievable bankruptcy Hundreds
have made immense fortunes thus far out Of this
norance ard folly Of those who have managed the
concern will ultimately fall upon thousands little
able to besr them. We have discharged our duty
in sounding the alarm, and we shall not be weary
of well doing until we have brought the management
to proper sense of their duty.