The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-02-12

Total for 1885 1897, 465 10
The banks lost about one million of dollars last
week. The returns for Saturday, the 10th inst, will
show a decrease Of nearly that amount. IL is re.
ported that the Cnnard steamer from Boston, on
Wednesday next, will take out nearly half a million
of specie. It 10 possible that orders for part of this
may be ountermaDded.
One Of the most important measures to be dis
cussed ia our Legislature is the increase Of the rates
Of freight and fare on railroads, by which business
viii be propoYtionably diminished, ana turned into
channels ont Of the State Of New York. Various
conventions, reports, appointments Of committees
OF Investigation. and other plausible preliminary
movements, have been made by persons largely
tntefes,sd in New York Central Railroad stock, for
the purpose Of boistering the price of the same. A
meeting Of the stockholders was, . short time ago,
held at the Capitol In Albany, at which q commit
tee OF investigation was appointed, which Is to
make . report next June; out In the meantime
the Legislature will If possible, be prevailed upon
to increase the above rates. Why is not this report
made early enough to be laid before the Legislature
1t its present session, TO aid them In the considera-
ton Of the matter? This question should be
governed by section 80 Of the act passed In the
year 1850, to authorize the formation OF railroad
companies, by which the Legislature may from
time TO time altar or reduce tho rate of freight,
fare, or other profits, upon such road, when, on an
examination of the amounts received and expended,
to be made by ths State Engineer and Surveyor
and the Comptroller, they shall ascertain that the
net income derived by the company from ell sources,
for the year then last past, shall have exceeded an
annual income of ten per cent upon the capital Of
the corporation actually expended.
On the 22d day Of July last, the directors Of this
COMPANY made q report, which was furnished to
them by the Superintendent, as to its business for
The fifteen months ending tina 3lst day Of July last,
by which It appears that the actual and estimated
receipts from passengers and freight and miscel-
Aneous receipts, during the above period, were
90, sos, 500 80. The disburments for transportation
expenses, during the same period, were 8 1855, 094
20; leaving Q balance Of 50 .254,4 Az 04. Before any
advance Of charges on ffeights and passengers IL
permitted, It should be ascertained whether more
than ten per cent dividends have not been made by
the company on the amount actually expended In
constructing the road. In the year 1916, the fare
ior passengers was reduced TO two cents per mile.
rpcn the apple alton Of mary people who p~etisioned
the Legislature for tnat purpose; and q remon-
srsncs ofthe several railroad companies on the line
~ railway from Albany TO Buffalo, made 70 the Legis-
lsture against those petitions for . reduction OF their
iare, ~hicn vas then four cents per mile, contained
the following facts and words -
The whole line Of railway from Buffalo TO the Hudson
river has cost about nine millions Of dollars. This in
eisces tho Troy and schenectady Railroad. The want OF
.apital IN oar State induced ths ne.essity Of perlshable
farm Of structure upon this line Of railway. We have,
Tor the whole distance west OF Schenectady, a wood
trsek, On which Hat iron bars are laid. This want Of
strength Ia this structure, the constantly decaying
vasure al its material, the manifest advantage
II the iron tracks in Nev England, aud the strong I'm
~ = "a aiaaef speed show that w must calculate. also,
upon al iron Track on this line, and that IL must be laid
down a. quick a. practicable. a wood structure viii
endure but about SIX years, when the process OF renewal
must commence The roads, by reason OF their wood
structure, are entirely incompetent TO sustain the bust
ness which, az reduced rates Of fare, would be necessary
TO rsmunerat. the stockholders. TO relay this line with
a permanent rad would, at the present cost OF iron, re-
quire about three million OF dollars. II will be found
that none of the companies east OF Attiea have been able
70 divide over eight per cent for the last year. The
Attca and Buffalo Railroad Company have made about
fourteen per cent, when results from the very small cost
Of that road. IL has cost about ten thousand dollars per
mile, while the cost 81 all the others, except the iona
vspea; considerably exceeds twenty thousand dollars
pr male.
TIE Albany ard Schenectady Railroad cos. about
forty thousand collars per mile, and the Utica aud
Schenectady, including the cost OF the locomotive
power, cost about eighteen thousand dollars per
mic, and paid twelve per cent divid end In 1910,
with q yearly increasing surplus. An &C. passed
April 2, 1858, in the Legislature Of the State Of
New York, authorized the consolidation OF the
following railroad companies:-The Albany
and Schenectady. Schenectady and Troy,
Utica and Schenectady, syracusesn and Utica, Roches-
Ter and Syracuse, Buffalo and Lockport, Mohavk
Valley, Syracuse and Utica direct, Buffalo and Ro
chester, Rochester, L~ockport, and Niagara Falls, or
any two or more Of them.
On the first day Of May, 1853, they we're consoli-
dated, and the v~alns.of each road estimated accor.
ding TO the price is stock was selling at in Wall st.
The following prices we're then given for some Of
thsse stocks In the Board Of Brokers': Albany and