New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-09-21

cent T., six months. The september tAfningH thus 1H
exhibit the full ,cis II he Large crope Of the present
season. tho fre. h, olcrire being exceeding largo
Tie hcich, earnings alone 10 'hc So nj week OF Sep
TENDER tsre az go, against $40 duGn ,he same
week Of Aucu.t. The aggregate rcop's for The hrst
,uo weeds Of September have s656B
Same w,e' in JOB
50
II Ibis rate O. increased continues sl give $4,000
IN septeuber. instesd OF slJo O0O a. es'imaed. In
Oc,obe- the passenger business viii increase as the
! freight busines. is now doing. The passenger
traffic alone in one week OF last October was s25 O0O
In the lest pubIshed report OF this Company there are
sorre sound ard valuable remarks by the ssgsciOus
TrstsureY, Mr. A. c. Fisgg, which We commaad ;e
the attention oil railroad managers. Speaking OF bic
OVID read be ssys:
Through The able financial msnagement Of Nr.
Sheffield and he skill and perseverance, of Mr. Far.
nsm, TIE Chca.O and Rock Island Railroad
has gore steadily on from the commencement
10 is completion, every engagement Of tie con
tractors N an expenditure OF four millions and
haif Of colars having been met az maturity;
and all the settlements having been made With
the contractors without putting note Of the Pfes
dent a. Treasurer irtO the market during the whole
tine end when the road was surrendered to he Com
TaDy IL July last there was floating debt of shy
ce-crip;ion. This freedom from deb: and the liberal
esrniDgs Of tie road will enable this Company to
tdDIsh scubd nndf cltl al system Tor me
road which will make the bonds and the stock also
col d ard reliable security.
And then adds:
Bot in order 10 do this, sound system OF finance
must be adopted and adhered to- When the road is
fully equipped for doing the business Tie line the
col kirucOn account shoDld be closed with bars not
subject to removal and everything in the Datare OF
pairs should be paid from current receipts and the
oiyicerds should be limited 10 sc'usl net esrnings e.
ter retaining surplus for depreciation of the work,
which II rapid, and ircreases with TIE Increase Of
ouflDeis.
Althouph our road hes commenced under very favor
able auspices as to he extent and producvenes OF
i's business, tie prices Which railroad securities gem
orally are sold i. the market ought 10 lead Us 10 III
oure and ascertain whether he present depressed
diiion Of these securities II not owing more 10 vide
detarure from tie wholesome rules before referred TO,
thas fom the severity OF the money pressure, or the
fdelity Of one or two pTOmI persons on whom the
public coItdeI bad long rested IN relation 10 Gil ar
raj oeme1 T. connected With rail Oais.
The great financial error in the railroad system gen
erally seems be- that the construction account 10
reunited 20 run with the road whereas when the
road is coJcpeted and in operation, the construction
account should be stopped
Another error is in creating stock which Ia not rep
resented By the SUN actually expended In the con-
s,ructOD Of the road, or IN IFS equipment. II the
money obtained on account OF the bonds and stock
issued, is faithfully applied 20 the construction OF
raj way, the owner of the stock and bond would IN
most cases have reasonable guarantee tor just re-
muneration on the sums advanced
When a new road i in successful operation, the
clans OF the stockholders for dividend OF all the
earnings beyond running expenses are very strong;
ard Often the desire of profitable operations By inat
ing the stock has still stronger influence in producing
large dividends. AS the stock becomes desirable,
every rcquiston for increased expenditure IL
POM ty me, by & new issue OF stock. Inc result Is,
that the end OF i've ten years the capital stock en-
which dividends are TO be declared Is found TO be
double what it understood 10 be at the time the
-tgI4 l.. Oh ~ ha hold
after luxuria'ing Tor years 10, II, and - cent
divide ds with occasional extra diyii nd IN stock
informed that dividend will be paid to them pro-
vided they will take the amount out OF new issue OF
stock or bonds al par.
Tie severity Of DE times and the Illegal issue OF a
limited amount Of stock have produced investigation,
ana developed the great in the financial manage
ment of the railroad y stem generally. Commencing
operations 81 the very time Of these Developments
spall he held baneess if We fail 10 correct the
erEors hch now must be apparent even TO those who
have been tempted 10 commit ti'om
# ne course above suggested had been generally
adopted fifteen year ago, and firmly adhered to- it
would have saved hundred millions OF dollars to
those eonfd.Dg men who haze sided these important
Improvements by putting their moley IN them And,
resing such broad and firm basis, the pu0hc Goa
tdeIc il the great mass Of railroad securities could
not have been completely broken up, aud IT'S
wheling influence extended 70 twenty thousand miles
of these works OF conceded utility, interviewer with
all Tie business interests OF the country and essential
70 y cir success by al of two millions OF
dollars coItned 70 a single railroad, SIXTY miles In
extent. ,
l. the managers OF the Chicago and Rock Island
Road net upon the sentiments above expressed, it,
career must be eHinenily successful.
The business at the Clearing House s}2,9 900,
showing great activity in commercial transactions.
We have the frs, annual report of the Chicago, II.
Paul. and Ford du Lac Railroad Company, but have
not room to-day for an abstract. This important
i. Z -
very favorable. The Executive Committee consists of
VIM, b. Ogden. Presidents VIM c. Langley, Daniel
Elston, Charles Butler, and James NJ. Hickok.
Money was easier on call to-day than for several
days past. A. T. cent the supply Is free. Paper
goes at n 4 cent for frstclass and good names,
with no pressure on the market. The offerings al
Bank in some cases have been less than last week,
and those institutions 90 al that is offered, meeting
their acquisitions. The contraction Of last week sp
pears 10 be checked.
The Saturday steamer will take three quarters Of q
million Of gold and probably more. The advance in
the rate OF interest in London will tend 20 increase
the shipment Of specie from this quarter temporarily,
bat as The season advances and the shipments of cot
ton broadstus and provisions become important, the
drain OF gold will be checked, il not entirely sus-
pended; and indeed leading banker expressed the
opinion to-day that we should change the current and
import gold before the LIST Of January rext, did
| in the famine year.
The Racine and Mississippi Railroad Company offer
through II cir agents Mcssr7. Mar KAN $500 900
Of their e cent lst Mortgage Boncs, payable IN ls75,
with sinking fund Of ! v cent annum The
whole amount OF the mortgage IA 500 900, which il at
! the rate Of $4,000 y mile. Tho rrocceds Of these
Bonds will Do uscd 10 complete ho road from Racine