The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-23

REPORTS RAILWAY EARNINGS.
We wish we could impress upon the minds of our New
England railway shareholders the conviction, stron0
in our own of the vital importance of having frequent
ports Of the comparative earnings and expenses OF the
different roads. What do the stockholders know OF the
condition of their roads from month to month: Emphat
cally nothing. Once in twevemonth ponderous docu
ment is issued called annual report and according
the view given, whether honest or not Of the condition
OF the road up or down the price of the shares Who
suffers the most from this Why the small sharehold
OF the quiet gentlemen who have been entirely
versan with the state Of affairs during the whole
but those who have had means of knowing anything
OF the condition OF the earnings. Those who by oica
position or favor know what is going on do not suffer
by the change in real value Of the property: they
can either buy sell Just their superior inorma
ton determines them. The character OF Of the
nua reports very vague and misty, 80 much to
entirely mslead those who receive and read them The
late report OF the Directors OF the Eastern Railroad Com
pany badly constructed its facts dsiointedly
connected and misplaced that quite fall Of the stock
took place In consequence, not warranted by the
facts, If We may judge from semi official statemen,
which has since been made in Of the daily newpa
pers Now il at all probable that such mistaken idea Of
the real state the case would have taken place had the
directors published regular monthly statements Of
ngs and expenses The old excuse given that is i'm
possible to give these reports has been dsproved by
facts, that directors cannot with degree OF decency
still repeat it, and shareholders, If they wse will
with one united voice. command their directors TO furnish
them with regular statements. such given by Of
hcers of the roads out of New England Mr.. McCallum
Of the Erie road has demonstrated that
so Kept that even every pint Of oil used locomotive
be accounted for and other details OF operation
minor in appearance out Of great Importance in fact are
regularly kept with the men and machines that admi
Its TN ancal and operating management are both open
fair and above board the shareholders and do get
frequent reports OF the grea, and vital facts of
ment or what New England road can the same be said
Has IL struck the shareholders of New England
road what effect the secresy preserved by their directors
may have had upon th price and value OF the respective
shares Of the different companies OF New England Why
that the market value of OF these old establish
ed roads i so far below what used to be while there
haz tpere nj fur an pf
fare and no increase Of capital The facility which
OF the managers have for cooking up the accounts from
the long period between which reports made Is
great atmptaton 10 be resisted by all Did Schuyler
the millionaire and honest par crcence fall at last
Opportunity unrestrained opportunity TO do wroag
the cause OF bis fall and would net only be extreme
ly sensible thing, but very kind thing 10 directors
they required by their shareholders make FIRE
quent anc vouched for under oath. regular
monthly comparative statement of earnings AMI expenses
sworn 10 by president and perhaps
would be well 70 include majority Of the directors
would be very good thing TO the officers the plan Of
not leading them into temptation, but would be decided
y more safe arrangement than the loose system.
Their want Of system which now the rule upon the New
England roads
Our whole New England system with lis entire want Of
accountability and personal responsibility, is wrong, and
will not be until there very radical change In the
management that we shall witness any improvement
Tbs re Is different class OF men wanted for managers
and directors. Practical and getc wanted:
men who have been brought mp 10 the business, and
thoee whose ambition and interest Il excel in IT, We
elect for directors and because they
rich and have retired from active business II they have
got rich by Inheritance, By selling sugar vending pills.
they Just the class Of men that shrewd and
wise working man who does take the respon
sbilty will put upon ticket and get elected. The
OF them VIII elected 60 70 SLEEP upon the empty honor
Of being elected and do not wake up again until the
dgnant shareholders turn them out and perhaps put
Just such another stupid set 10 be the tools Of the specu
lators who manage all this kind OF thing. We say 70
shareholders that hey should elect active board
business for directors then choose competent and
energetic superintendent, who S above being made
Of WAX 10 be pulled this way and that give him the
power which Is necessary for efficient service, and give
proper publicity 10 the earnings and expeI futures Of the
comrany and then II a the end OF the next twelve
months the Affairs Of your company and road have
very materially improved Get rid Of the old fogysm Of
management and goo share Of the old oges who now
blind and harm to New England railway manage.
ment and install In their places with vgor and
practical experience, and word for H. In very short
me the shareholders will ID a decided improvement
not only In the operating management but in the returns
which the works will make for the cost.
The Secretary of the Treasury, in q recent commu-
nication to Congress, gives the following table,
showing the population Of the different States and
rs,. itones, and the value Of real and personal
.,,.,e the, Elm, prepared In part from enumeratons
ana valuations, nd In part from estimates:-