The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-30

seem 70 pss,ses IN GLASSES snd esnAoas d ~. me
great struggle - kesp down Ne rats a nensy, ssh
osher commodiies may remain high, or 80 highs.
state Of things precisely amiAr prevailed duFiAg We
memorable period when HE and fre bonds were she
current speculative articles Of Wall street., and ne Ame
during The uatsd States Bank excitement, prcvi-
20 the explosion Of 1885, 90 far - the value Of
money relatively with the demands Of commerce and sne
prices Of all descriptions Of property conceFnsd me
present psrod indicates darker future than either OF
the above named. The Old and New Worlds are hsd WITH
mions upon millions Of paper promhos and every kind
Of expedent, prompted By their large overwhelming
interests, n being devised 70 continue their currency
and advance their values while from every quarter
comes the omnors anxiety in . shouaand financial
disorders absence Of capital which shows 70 say or
binary understanding that change ID mot very remote
In New York--where the transactions Of the entire oeun.
try ind Of support the banks show IN amount OF
loans equal 70 elos, o0o-they commence TO anord
the usual spring facilities demanded BY commerce, On
basis already large enough for the very highest
point Of expansion with Q full knowledge that
the commercial demands will DO larger this spring
than ever before, they scatter their fAvors over .
large speculative surface, for the purpose OF
anordiDg temporary relief 70 the innumersble hungry
dealers In railroad stocks and bond who already up
only DEFER but cannot by any possibility avert the final
cataatophe. The effort Is clearly 10 hold on, with hope
and expectation that be found who will buy this
worthless merchandise for hard money. In the midst
Of th, strife there v still bear element, composed Of
men possessing cool heads and solid Judgment, who
daily raise their voices Of warning and mss-
by the rule Of common the valueless secu
ties thrust upon the stock Exchange. They take the
daily reports Of facts and figures and display, with al the
force Of sound logic and unfaing truth, the formidable
dangers that being created and that must ultimately
overwhelm those who mad enough 10 deal In such
merchandise That their voices viii uftmasely be heard
thought not very remote We are equally certain. That
prices have attained point 81 which they cannot bs
maintained, We firmly believe.
In tho great railroad interests Of the country
knowledge the vast benefits which nure 10 the people
u large, and know how important h. that they should
be managed with economy, and DO enabled 70
preserve that confidence which alone enables
them 70 continue beneficial 10 the general in.
terests Of the country; but We cannot be unmnd-
full that the daily pursued by Interested ned-
designed for other object but 70 mislead
blind the public Judgment that selfish and large pri
vate interests may be ssrved-can lead 70 other result
than fatal to The whole system; involving - does
the certainty Of exposure later when the losses
and evil effects 70 innocent and thoughtless Thousands
cannot but dsnclmc them 70 any further participation in
this class Of securities
Tho full report Of the New York Central Railroad Com
pany has been distributed and those who have interest
enough in the concern have carefully and thoroughly
analysed It, The conclusions many Of them have arrived
At not 1t all Satisfactory The result Of the Company
operations during the past fiscal year 10 net income Of
I'VE per cent the capital The construction account Of
she Company was mot referred to by the Company's
No. A. I~v~ ain Tho
aggregate and increase each Of tho past three years.
were follows
NEW YORK CENTRAL RAnRoAD-CoynEucnoS ACCOUNT.
Cos, Of construction and equipment per report
Coss q construction and equirmsnt pcr report
Septs mber 30, 1885. 20 528 9l3
Cost Of construction and equipment per rspor,
september 30, 1885,. D,7s6,3I2
Increase In 1855. s2eIs 500 increase In 1856,
81, 2o2, a59-total two years, s3,s7ss9
We have here data 10 20 upon In Acquiring out
the actual net earnings OF this company during the rt
year
NEw York GENITAL RAILROAD EARNINGS, EXPENSES. 10.
sept 90 isse-Ernings nom passengers 2o7, 3!s
10 do. other sources aic::... isi.Sas
Total. ST. o7 ,ai7
Fsa iss ssa a ess :.1 .sovs.
--Ss, 400, os5
Actual net earnings. ,aoa, 2e2
Equal to nearly 5h per cent s2s l3e, 600 capital
The company paid last year in dividends eight Per cent
Actual DIVIDEND fund, 4: above. ,soi ,Ss
Expended more than received. ......... sSl5, 500
portion Of this deficiency in income has been pro-
vidcd for by In the funded debt ollows-
Total amount o funded dsb' september
Total amount Of funded dsbi september
10, 1885,. HTe3seI 40
Increase Of funded debt Sept 80 1855. s3ol,is4 81
Bills pay able Sept 20, 1885,. 19a,73i ~
Total Increase In Indebtedness ........ sss5 $50 III
This accounts tor the bulk Of the exccS expenditure
over receipts during the year Tho company makes two
accounts OF calls earnings and tho othcr
recs'ph. We have taken the table showing tho taal
gross earnDgs Tho total receipts o. ocs 30
COS, 722 than the total osrnins Tho following In
como account Of the company shows In still stronger
light the spdity with which This company falling In
arresn;-
WV YosK CENTRAL RArso.p--Isoom Aocoryv--
sspt 90, isss-By balance .............. ssss, is7
ssps 30, lste-By tcal rsospss ........... Traces
Total revenue: q, asl 2ss
sept 90. lsse-Expenscs Of MAINTAINING and
operating road ~, o97 ss7
Interest," on debt. es1, 5TT
Too dividends
per cent each. l,slp,sei
sinking fund.-. nl,1s2-s7, ooo leo
Nominal surplus 81 3ol 03o
Increase in construction account
Do DO sept 80 ISIS. sss ssess, 9ss
Actual dssospcy in two s77, so7
nwehad deducted from the above som.a surplus Ne
proportion ofhe annual dividend per cent which
had accrued from Aususs 70 The date Of NE report
sss sis-snd the three months interest," The funded
debt which had accrued up 70 the daes2s2 sps-
making total Of sss7 soewe should have shown adea.