The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-24

which has been kept several weeks beyond the usual
be that another million has been added to the cost
and debt, and at least million will be needed to
finish the road-.hus adding least 81 600 900 to the
cost estimated and stated for the two the
port Of 1865
In April hast dividend of per cent was made in
bonds, which, however, not earned sos 600 paid
for interest on bonds being fcttously set down
income This is sharp practice, but in accordance with
fnancicring among Western railroad companies.
Two railroads parallel and close together have been
put in at fictitious advance las to one OF them so
per cent its cost to make this line The business Of
the two roads greater than the would
have been il e other had not been built II IL subjected
to the cost Of keeping up two guagcs two sets Of hands
roads The cost Of these roadsis therefore, simply
much dead loss to the company, and the running ex
penses consequent on keeping up two roads Tor one bu
siness at least sixty per cent instead OF forty, as
stated in the reports.
The receipts Of the road are exceedingly small for
road Of its length and cost, averaging in summer less
than s500 600 per month and not $S00O 900 for the
year while other Western roads of the length are
$1,000 the year. At present. therefore, its
cepts capital and debt of nearly seven millions soon
to be increased barely interest and expenses
The road has to contend with Eve distinct competitions,
which must always be fatal to its revenues in addition to
the original swamping process of building two roads to
do one business and pr ting in Of them (he Nor
walk and Ceveond) at fictitious advance Of fifty per
cent its actual cost 1t has to compete first with the
broad gauge Canada line which in connection with the
siness second for months the competition OF two
Lines Of first class steamboats, from Detroit and Toledo TO
St. Louis to Cleveland by way Of Vincennes eighty Five
miles shorter than the Toledo roue fourth the prospec
ter grades nearly finished from Chicago to Cleveland by
way Of Fort Wayne and the Cincinnati, Columbus and
Cleveland road.
Under these disadvantages and competitions it is utter
y impossible that this line, with only one road to sup
Ort, could be worth par With two lines to keep up
ana Supportone of them dead loss-it clearly is not
worth half much with one by reason of the waste
and increased cost Of doing business two roads
Yet this Stock including Che Peter Funk dyidcn4Sf April
last In Opn mn net NOR
dividend off This plainly shows that the race OF fats
and the grecnhorn family are far from being extinct-the
old price of SO being nr beyond its intrinsic value
The substantial accuracy of the facts here stated will
not and cannot be called in question.
The trick Of declaring dividends ont OF nothnS IS per
ming expenses and repairs 45 cent $500 OOO interest
81 600 600 Of bonds and floating debt $3.50 00O-rota
sd40 COO Net receipts s160 600 Or only per cent Tor
this whole year SO 900 Of stock But this state
mcnt is fallacious and FAR too favorable simply because
the running expenses cost of keeping up two roads
is actually co per cent instead OF 49, as grossly UNI
dersacd in the reports and OF course the net earnings
are just nothing at all
some other enormous sacrifice to pay these deiusve and
wholly uncarned dividends and nextyear another million
the bubble is sweled up until 1t suddenly bursts and
leaves the glorious army of flats with their heads sticking
in the mud and their heels helpessy kicking in the air
Thus the Pttsburg and Cleveland Railroad went on max
ing Peter Funk dividends Of ten cent which were not
earned until the fungus burst and the stock vent to 49,
Yet the receipts Of that road of hundred miles in
July $15 600 greater than those OF the Cleveland
and Toledo Of two hundred miles in length The
Toledo has stu fifty miles of road build, namely frn
Grafton TO Cleveland with bridge, twenty five miles
and from the Junction to Swanton twenty-five miles
more costing in all 81 COO besides good de-
pots, which will cost some $500 600 II ia, beyond all
doubt tho greatest and emptest of the railroad bubbles
ofthe West region prolific in such bubbles am glad
there paper independent enough to speak the truth
about these roads join in the base game Of puff
80 'AN'' : ~ So - " = cIvIl. ENGINEER
The following Article on mining in general, aud
copper mining in particular, from the Boston Post
Of the 18th inst contains matter Of interest to all
who may be stockholders in productive or unpro-
ductive companies. very large capital has been
invested in this branch Of industry, and the time is
not far distant when we shall it in condition
prosperous as in any other part Of the world
COPPER MINING.
The supposed risks attendant upon mining operations
and the positive Encouragement OF very many mining
companies have succeeded in preventing cautious
and solid for the most part from taxing any inter
eat in tie deyclopemcnt Of the wonderful mineral
OF this country II is true that considerable
number Of energetic tar feeing and cnterprsing peo
mining Lake SUPERIOR and that these gentlemen hay
ing informed themselves thoroughly upon the sub
ect have confidently held their shares amid all the fuc
uQtons Of the Market for the ultimate profit at which
h originally aimed. 1t is true also that this number
persons is steadily increasing but nevertheless, the
cooper shares' Of the Boston and New York markets
have often been the acceptable food OF mere pecula
tors that in spite Of the accumulated and constantly ar
irving facts respecting their real value most people
now are APT to consider one who speaks favor them
as rather lacking in Judgment and experience.
But ''the truth is mighty and will prevail" " time
and money are needed open mine properly be il
70 rich and as favorable or uniavorable Of cond
ton or management are know in the stock market and
as money is tight or loose the copper shares like every
thing else and like all non-dvidcnd property par
ticulary will up and down. be they ever 50 well held
and be the confidence in them ever so firm.
pay after day the work of developenent goes slowly
but surely on and there now good reason bliev-
ing that within twelvemonth there will quite in
crease in the number of diyidendp paying copper mines
and that thereafter the most cautious will not
the wonderful and admitted of the Cliff and Min
nesota mines the only prizes among the many
| blanks in the lottery Of Lake Superior,
In the inc the friends of copper mining, mot OF
cnurer excitement and copper speculation must keep
such facts az can gathered before the people They
obtain the truth aud nothing but the truth from their
agents the and they must tell the truth to those
whom they seek convince Of the great value Of the
copper region.
Tho conner nroduct az .le Sn,erior ts vear vii; not
Le less tban sO Tons al unre eo,er worth more than
million and 4 ouarer ~ dollar The sNnne,oia y