The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-23


Balance do. Observation-Disclosures ,eso 90
Paid on disbursing checks. ......... 1885 IS
The warrants entered at the Treasury Department
the 10th inst. follows:-
For tie Treasury Department. Sa,0Of OF
OF ne Interior Department. 20 81
War warrants received and entered a4o54 So
ON account OF the navy 1OO1 %
From miscellaneous sources ............ 81 20
From customs. 1855, 562 ss
The interest due the inst and second mortgage
bonds of the Terre Haute Alton Railroad Company
viii be paid the LIST February, At the companys office
No. 10 William street
One Of city contemporaries processes surprise
that nasmuch We have censured the management Of
the New York and Erie Railroad 10 former years,
should now have given utterance to the following
The Improvement in Erie Is not at sll strange. The in
in receipts curing the first quarter OF the
present fiscal year is So isAcory and under the nte
ent slpertnendence OF Mr.. McCalum the utmost conf
be plsced in the OF the penditure
We consider the Ere Railroad just of the most
judiciously maasged roads in the country All its
financial affairs are honestly administered.
In respect to the Erie road, it gust now"
markabe for economy and good agement formerly
FOR extsavsgauce aodioly Spendhift individuals have
beer known TO REFORM and thus happily prevent the full
hhnent Of evil predictions Such, too, may be the
with corporations. The Erie Company are
not ajast nov" borrowing money and paying dividends
three pr cent Amonth. Their construction account
longer open receptacle for large items which should
go that Of expense and depreciation The road
longer mimarsged; it has just now" the benefit of
honest direction a model superintendent II Is
renovated concern and entitled to the credit Of the
change. Bat present purpose is not to review the
history Of the Erie road Our contemporary erroneous
ly assuming that have retracted charges heretofore
made ssys shall expect the HERALD take back
all it has been saying of New York Central" sage
uson truly But before it be REALIZED, certain
important preiminaries must be arranged.
We must know that the construction account of
1.-the New York Central" swelled to
$40 600 0oo is closed We must be informed what
has become Of the s5o7 200 received from the sale of
Great Western stock Of the SITS $50 from the sale Of
Tonswanda stock of the $500 900 from the Utica and
yr Greet Of the 81 576 the Mohawk Val
ley of the sl62 500 from the Troy and Schenectady
svndie OF the So 00O 600 realized from the last issue OF
bondsin Short OF the So 657 $50 received by the
segment, and charged TO construction, during the
twenty nine months succeeding consolidation. Let
see bill OF items showing when, whore and how this
large amount has been expended We shall desire TO be
assured in the first place
That the compKnys president has ceased to his
official position for the purpose OF sng $1O0 900 year
OF com and profits from the companys business
into his pocket
That real estate jobs yielding $50 clean profit BY
trade which the President buys Of the Vice Presi-
dent have ceased
That director, placed the committee Of purchase
with the President and Vice President shall no be
ruec out the be ard for ven.uring object such
trsnsacions-
That msnsgers and favored employees TO retire
after brief service, with fortunes enormously dspropor
toned their sslaries-
That the road longer freight at less than
nteres. and expenses" (see State Engineers Repor)
for the purpose OF swelling gross receipts and thus
bolstering the stock.
We must be told why, except upon the above hypothe
sis no Of dividends surplus has taken place
since consolidation though there il reported increase
in gross receipts Of upwards Of 81, 500, ooo
We must be shown how the present reckless and
trsvaga management is TO get without still another
loan or speedy reduction Of dividends long the
mon,hly returns continue to show steady decrease Of
passenger trave-the only profitable branch Of the
roads business
We sban ask to be satisfied that the 100000 or
$500 900 which appears by the State Eogneer report to
be annually struggled from the expense and depreciation
account to that of construction THEREBY enabling t,e
TO declare their eight per cent diydends in
some way be provided for that their total avail able
means are exhausted
When all these points and many more Ike them,
fully satisfactorily adjusted and the management OF
the New York Central" changed from one Of incom-
potency extravaganza and reckless personal emoluent
TO ore Of integrity honesty and fair dealing the HERALD
viii not take back" what it has aid Of this rotten cor
oorston but will award such credit may seem due to
peptence and reform The past belongs to history Even
reentance cannot blot it out. We cAnnst forget
actions which backen the record Of the Central Railroad
Conpspy. Will the thousands Of small stockholders
hore interests were placed keepicg Of the Central
drescn forget that 600 900 of their property have
been extracted from them by the juggery of consoda
.ions Shall the Vice Presidents sale Of real estate
in Buffalo, to the President, by which . clean
prof. Of SEQ 600 at the companys expense realized
fail to 20 down TO posteritys Shall dsmiss from
collection how sdroitiy directors 10 the old companies
sold out their stock i'm mediaey upon consolidation at
about l2o per cent realizing 700 per cent upon their
original Investments and hen secretly turned bears
upon the same stock2 Can forget the stupendous
cheat by which all railroads. possible and impossible,
real and fictitious Of every grade Of worhessness
swallowed by consolidation for the advantage Of the
and at the expense Of the crowd Of xho
e,s Who had NO hand in the games ID the fetd political
corruption in which the consolidation scheme was
ocncoc,ed thing TO be more remenberedf Are We
10 shut our eyes TO the relentless control which the
Central corporation exercises the legislation Of the
State crushing out honesty and Independence with its
iron foadst
We have referred few Of the which prevent
M from taking back" what have said respecting
a,hs New York Central" It's history from the incep-
ton az consolidation, has a series of outrages upon
-yvry sentiment Of financial honor That even this
u,s Company may not under other drec lion and bstter
ounses, pursue IN the future more worthy COURSE w