The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-15

THIS does not look much like a cash dividend next
April or next year. The net income ID put down II
81 24o ia which equal 70 about 49, per the
capital stock but appears that nearly tho whole
has been expended without paying the nrt fraction Of
dvidcnc. The amount paid into the sinking fund, and
q decreae Of seo,tto in bills payable, Is ell that
really be called net earnings. The increase 10 fuel,
valued II s23l 347, with the item Of construction for
1885, shoud have been added the expenditures
Tor operating the road The Increase In fuel 1896,
shouid be charged . separate item than 90
much increase over 1850 or any other previous yes-.
There Is increase In the consumption OF fuel every
year, aud that increase 10 properly ohargable 10 Tho
operating account sppears tina, $685. 900 have been
paid Tor construction than 10 included In the
rent expenditures. separate item 10 made Of this add
deducted rom what called the net earnings. II tue
ohjs OF the company has been merely TO how
they could reduce the current operating expenditures
We have no fault TO and; but we do not see that
anything Is gained by such course for the otaer items
Of expenditure have 70 come out Of what s termed nc,
earrings The whole matter be summed up in a tew
WORDS u is now about tbres years since the Sce Rail
road C,npa1y ceased paying dividends In TIA. une
the annual gross earnings Of the r0sf have 15roacd
from four millions to six Millions ard large ne, ircome
has been shown each year Eo,wi,nstaudi,g al THIS we
end the company with floating debt Of sbOu, mil.
ION Of dollars, and 10 the bilsscc OF cash
hand 3oth or September, 1855 Of about st2o oco
We take II that tAs balance 10 merely nominal II ga,
oil events n very curious item. After this foi.
lows . baisnce Of ses, o72 During the time named
above the shining fund accumulated Sl7o 0o which
beheve Ia the only tangible item Of earnings reported
All this has occurred under the very best management
This state Of things presented by board OF managers
equal to any 10 experience, ability honesty 80 In the
country, We venture 70 that better system gene
l than that Of the Erie Railroad Company
does exist any part Of the world; bu, ali zoe, 70
show that what called net earnings our railroads
are not IN reality aud that they should be appr,i
praed other purposes than the payment Of dividends
weep work 10 proper order TO do the increaun
business This has been demonstrated by the Erie u
road management We may Therefore, conclude tnat the
unprod uouveness Of this road wi be more psrmsneut
than anticipated and that the pay sui OF cash dividend.
Is far away In the future.
The application which TO have bsen he,-d % 81.
urday the part o. the judgement cred tors Of tbs Az,
ce,sory Transit Company OF Nicaragua Tor receiver.
before Judge Davies, was Adjourned 10 next Saturday
Tfe decision Of Judge Cerke In the case OF Hamilton
sgairs. the Accessory Transit Company Vanderbilt and
others continues 10 be the subject o. mucn conversation
abou, Wall street. appears strange 20 unsopascsted
persops how majority o. the stockholders or Dissolved
a p9ral9a IA haze The rsn, W xssp ne propssv %