The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-12-31

inst, at 1256 O'Clock, At the Merchant Exchange
The Michigan Southern Railroad Company have do
clArsd annual dividend OF Ave per cent. The
plus earnings Of three per cent have been appropriated
70 dep, ecaon account the company steamers Afer
this dividend the construction stock In full
stock, taking Its full share Of net earnings.
The interest coupons due January 1866, the city
BOMBS Kenosha Wisconsin, will be paid at the Amsd
can Exchange Bank New York; Also the interest
pons January 1885, the mortgage bonds Of tho
Kenosha and Belo Railroad Company viii b paid at the
Peoples Bank, New York
Tho warrants entered ut the Treasury Department,
Washing ton, the 9th inst, were as follows -
For the redemption OF stocks.. ,722 20
For the Treasury Department Al 8o2 II
For the Interior Department. 10 ~ -
War variants received and entered 1885 q
War repay warrants received and entered. lSS. Z:
Rs% , meos on account 81 the ss
The anthI acte coal trade LIS wholly confined 70
the operations Of the Reading railway, which brought
down the week ending Thursday last sl4a tons
mskirg for year since the frst instant TONS
against 90 315 tons to the time last year. The
business for the last week probably interrupted to
extent by the festivities atendent on Christmas
though there nothing In the trade calculated TO pro
woke activity.
The Cum eerland dd) Telegraph says the coai tonnage
from that entire region during the week ending the
airy last 65 O5 TONS Of which 462 1i20, tons
transported the Baim and Ohio Railroad aud
1876 4t4.03 tons descended the Chesapeake and Ohio
cspal -
The stock Of the New York Central Railroad Company
Is one II the inactive the list, ard has been
steadily depleciaiDg In market vaue since the Board
place ed IL books II sold yesterday ut 9iH buyer
20 Gays equal about o. per cent cash. We have no
doubt the company will DO large business during the
L.. IL. k,tte.
will not Re increased in ths least The prices
at which freight is takep With the additional expense 0,
operating the read in the winter punt OF is oci
ton in high latitude, will reduce rs net
ipgs to comparatively q small The last GnAncsi
statement Of this company shows that its capital aud
debt have reached amount requ ing earnings 10 the
full eapacit, OF the road at ing prices. Nov,
IT ia wen known that the freight business rail-
roads does pay The different companies woui In
Atty be better 90 without that heavy portion which is
carried at such low rates They would not be able to
show such large gross receipts but their actual net In
would be considerably greater. We know of innu-
merabe instances where the New York Central Railroad
Company have taken freight at prices actually below she
Of portation for reaaons In nearly every
casefr keep away from the Erie road and second
to swell their gross monthly rec-ipa During the win
Ter months bulk New York Central business Is
cghting and the competition going between the four
roads connecting the Atlantic seaports with the West H.
and must be- great that Of them will ever
derive much pro6t from the business The local business
Of each win Of pay beer and there the Eric has
the advantage Of New York Central having canal
water communication 70 contend WITH II Is opinion
that the actual earnings Of the Erie last year.
larger than the Central Notwithstanding the difference
in gross receipts The Erie has paid good deal Of money
in dividends which II earned and has Central
but the Erie Company In all its operating departments
and in its current expenditures honestly and econom
csiy managed We find nothing in It's accounts Ike two
and half per cent commission paid TO It's President for
purchases made OF hmse II; End drec. dealing be-
tween the President and Vice President the purchase
ofdepos and elevators find Issue Of bonds for nss
nary premiums On stock; We find no branch roads
put in consolidation at three or four times
their cost find purchase Of side lines
which existed except paper; we find in brief,
Of those financial operations in Erie which appear
plenty in tbs New York Central reports and whish have
increased the capital Of that nearly forty mil
lion Of dollars There has be extravagancs esough In
Erie to destroy almost any railroad company but its
expenditures for lleg Purposes have been forced
upon 1t by circumstances, while those made by the New
York Central have been made for the purpose OF filing
the cspacious pockets Of its uaoagefs The sys
Of finance that conceived aud completed the ,nso
daton affair In the Central Company, Il still Ia opera
ton and not opportunity 80 saddle the read with
debt to absorb branches 90 lines IL sui
fered to pass. The company own operate about
three hundred fy miles Of branch roads every
Of which Is dead weight upon the trunk line. The Erie
Company have IL IN believed, finally ext i;ated t,em
s,ves from anarcial difficulties. I,s capttd has been
increased largely by its 6nan,ierg operations bat as
napy Of them could not have been avoided It more
unfortunate than criminal In the mds, ct Ia embara@
ents an was made ard Is actual condition
placed besre the public. Its dvieerds pea1ed
its funded debt placed upon proper bas. its 1'ang
cebt provided for, Its construction account closed it,
operating expenses reduced under Its intelligent superin
tendent, 10 the lowest 6gare consistent with proper
efficiency, is financial system improved in all Its depart
neIts, and its standardization placed in the hands OF
who have private interest TO serve no depot
grounds to se elevators to dispose ofmen ~ao do
sire contract for rolling rails, for supplying sykes
wheels &c, Sc who have branch roads to consoll
datet IL 10 the hands OF who Ill not tri1e with
the trusts reposed In them, the road the
Of their private than those OF the
stockholders. The Erie Railroad Company Is probably
better organized than before, believe Il
il actually earning at this moment larger GER cent MT
capital than the New York Central II IL operated
at iess per cent, s gross earnings fun largo
compared with its capital and II the Central not
eight per cent its coat Of thirty eight rillion
should hike TO know why the Erie cannot large
PER cent Its capital Of thirty four million q dollars.
There misrepresentation somewhere. and believe Il
Ia on The par. Of the New York Central Company.
The total public deb. Of Boston the 10th Dec 1885,
follows:
FINANCES ~ Bosros-ASorsI on Dsm.
CRY debt. %
Total. s7tos,slp II
II 10 the shove amount We add the amount
authorized bat not yet negotiated $50 $50 90
NJ. -. .s4.,s a. 81. 10 -