The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-07-03

Las. year there existed besides the funded debt
floating debt OF s721, l65 90. Much has matured fos
which pro vision has been made a, legal Of interest
The report s.ys:-
The floating bt at the close OF the business year May
81 beyond the means hand &c pay interest," &c,
amounted TO s254 6l and the funded debt has been
reduced by the pay ment $50 900 OF the income bonds
1856 OIL 81 in ten onths the 3ls Of July 1866
and the by whh we have been able to effect this
reduction Of the debt Lave been obtained from sales OF
land Mr. Tuckermans els and the income OF the road
The funded debt, stated ~ the appendix,
The floating debt as stated above, 70 say
nothing OF pay ments for inter est, &C. al
ready provided for, amounts to- 44o,2o4 6l
Total debt. IT'S, 254 81
portion OF the floating debt is II due till tho next
year, and the money to meet must be obtained from the
sale oil land and the net income OF the rosd alter te
ment OF interest and the annual income bonds
The business OF the Essex South Reading Branch Ses
bury Branch ard Great Falls and South Berwick Branch
roads operates as serious drawback upsn the pros
pey OF our company, aud we can see no sdn1eake re-
lief except 10 cut of these suckers, which surely with
draw some portion Of the vital sap from the main t'un
The great misfortunes Of the company have arisen from.
two causes Fret the unlimited confidence reposeA in
tho Treasurer His reckless and INSCRIPTIONS course
only loss Of larger sum, than were stated
in the report of the committee but tended TO lead the
Affairs Of the corpor alton TO the OF ruin The
tent Of his defacatons. may not be fully known,
count OF the obscury OF dis books and the mperfectons
OF his entries The whole amount so far as has been
s2l7,oco
Before tho paymea! OF dividends can properly be
newed, profit and loss should be charged with tho de-
depreciation OF the rolling stock which Is very large,
and with the annual losses occasoned by operating the
Essex, South Reading Branch and our connection with
the Great Falls and South Berwick Branch Railroads.
Some confusion and cbseury in the accounts OF former
years have arisen from the fact that the charge d inter-
debited with certain items Of expenditure which should
have been deducted from the earnings that year We
have therefore charged OF to profit aud loss the interest
due, 'renewal tund" and sundry other sums,
having accrued prior to the Sls day Of May 1855 The
effect Of this Is to the balance which repre-
sened in the last annual report 10 be $50 ESQ 81 ~ the
credit q profit and loss, whereas In truth should have
then few items have been added that the 3ls OF
May, 1885, the amount was soS 7S9 CO. on the co-e Of
our books for the year
4he Chicago Democrat OF June g. contains the follow
ing .remarks reply to article in the HkeLD rea-
ton to the policy Of granting lands to aid in the conssruc
ton Of railroads =
The public lands in this State brought into market
in the year 1873 For period OF thirty years
sse aereamsverasing Sos ooo acres per annum
During the hve years succeeding 1880 the sales have
reached Ooo acres or 600 acres per annum
land In the state This Is the result of the Influence OF
railroads. but does not end here. The value OF lands
has been at least qunuped since the iron sat down
upon magnificent prares. Another effect has been
equase the values throughout the State that do
not wness the great dsproporon between land in
the vicinity the lakes and rivers and the interior which
formerly existed
In ls4o the assessed value CT the taxable property in
Illinois $58, 7b2, 900. In 1850 il had risen 10
SIT 0O0-showing of s58 S0 100
per cent In 1855 the valuation was 1925 600 coo show
ing increase of about 200 per in half the tme
Here, again. the developing influence Of railroads
There yet another point from which this branch Of
the subject may be viewed. Illinois commenced the pre-
sent century with population Of less than 200. In
1910 there were about 10 Ooo BY following the in
crease through the several decades and semidecades
the has been TAKEN will be that the
gain has been much larger during the last five than
In any iorme period -