The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-09-15

The earnings Of the Southern Michigan Railroad
Company in August show an increase equal to
any OF the old established roads in the Western
States 1t is one of the cheapest roads, for its
length. in the country, and can be safely placed
among the most permanent ten per cent railroad
stocks IL occupies an important geographical posi-.
ton. Located between two great lakes. there l. no
competitor route, and as the West increases in
population and wealth the traffic Of this road must
be immense. II being the shortest and most direct
route between the Atlantic and the Mississippi the
Eastern and Western travel cannot be diverted.
The movements Of produce over this line this fall
and winter, on It's way to seaport markets. must
make very favorable show in the monthly returns.
We have always had high opinion of this road,
and have great faith in its future productivcness
According TO the official report Of the business on
the Reading Railroad for the nine months ending
on the 3st Of August it appears that the net receipts
amount to 81 745 200 80, being increase Of si69,
57s 81 the business of the previous year. But
there yet three months Of the year to expire,
and Of course an estimation Is all we can make for
the time, VIII the profits for the
time last year. and put down the net receipts for the
year 1855 - $50 OF o.
From which deduc, interest on fund
From which deduct sinking fund,
&c, &c.,................... 1os,ooo 500 900 90
Dividend fund, including per cent paid in
August 0,saO0i1 OF
which, on 49, 642 SO, the present stock Of tn
company, will divide over IL per cent But if We
estimate the progressive increase for the balance OF
the year. the dividend fund will exceed 20 per cent
Thus, without going into the details we have
plenty OF margin for estimating the value Of the
work but az our bears are yet on the scent OF
bargains for their friends, have only 10 say
that the parties who have looked into the condition
and prospects Of the road have not only satisfied
their doubts, but have realized the value Of their
judgment. In December last, under the most go
Tenn protest of the bears they purchased the stock
at 81 per cent. Since then IL per cent on the par
value has been realized in dividends, which, If added
TO the advance on the price IN market, gives 70 the
holder over 20 per cent on the money expended.
This fact, though hard to digest, IL further Illus
tratcd in the conversion OF the bonds, aud IN the
portion OF tie stock now held in city. OF the
whole amount. it IL now understood about five
eghths Of the stock and bonds held in Europe;
aud while our citizens are basking in the shade Of
more brilliant operations, cousins, AZ their
earliest convenience, mltching mp the lots and
laughing at the wisdom Of our advisers. But
az the results have rather annihilaed the
old bear stories, and are inducing the CAPT.
talist to look into his own aiiars, it Il thought
the January dividend will settle the question. The
a, tual stock ~ market Is not worth contending for,
and a the holders on the other side Of the water
have satisfied Themselves that a bargain Il still in
store may leave the matter in the hands Of the
party. The charter OF the Reading they have
discovered Is perpetual; the location Of the road,
With it, grades In favor OF the trade secures the
business. it, length also. with it, outside business
almost equal 70 IT. current expenses, and the final
adaptation Of the road to the trade, mobiles the
expense 70 leave profit in either under or
overlooked market. One engine, II has likewise
been discovered can bring from the mines many
tons as two and quarter can carry back 70 the
place OF starting: and when il IL known that the
value Of the engines now npon the Reading exceeds
| = million Of dollars, and that from three to five
times the number will be required on the opposing
routes fer the same amount Of business, we MAJ a.
well abandon our theories acknowledge we are
beaten, and hedge in upon the remaining shares %
meet our losses.
The shipments Of anthracite coal from the Real
| ing Railroad depot, Port Richmond, for the week
ending September 3. were as foiows:-