The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-01-05

Opon0o
wtole distance operated b eighty sevon miles making
fdeevile, on the Fox river, the present terminus Inc
grading and bridging all complete 70 Portage City, and
nothing remains TO DO but lsyng the track rne
dntance from Pardeevile Portage CITY Ia only eight
miles.
Our synopsis Of the New York Central Railroad Com
panys report does rot suit OF that coaosrn
The sudden dhappesrance OF the net earnings OF
cent" before truthful pres OF the facts and
figures, nterferes with tho calouato Of these people
While no objection be urged 20 The items which We
present. they being identical with those In the official 70
port 1t 10 tho In which have located them
that seems 10 make the impression and trouble the nerves
Of our neighbors. The dexterous managers who
oocted that report did not that should DO read
or expect II would DO understood They certainly
never supposed it would be examined. They know
who they have to deal with, and act accordingly. Re
cepts we're put down many millions Of dollars;
penses fry per cent interest much; balance S. 60o
o0o," equal 10 lc per cent to the stookhOldeSs By
most wonderful coDodeno,, the actual net income,
cordrg TO the compsuy's own figures s Just precisely
one hall OF that rate, viz, 5li per cent rio'r
own figures were tho only ones designed for
public inspection, and they were intended TO
be read, read at ALL In the order and afay ine man
above stated We ohoee 10 look after these sgures
and the after the money. The figures placed by the
company in way 10 mlslead the public Judgment and
the money 10 the extent OF psr cent out OF tho IoH,
has been consumed In construction account, and In
TACT, where We thu, iook back 70 1862 only three
years sso and Bnd that within that time this same
pany increased It's debt aoou. SIS eco 000srst by
assuming bonus money, 81 0oo COO and then by borrow
ing OOO to keep themselves In order for ou
sneBs. The construction account has 10 that time In
creased TO amount u,t equal TO the dividends paid
and important fact here presents t1e. Ia
the balance sheet Of this company became peossary
that something should DO done to dispose OF this huge
item Of Indebtedness this 80 coo 600 and here there
trouble 1t would not do 10 charge It TO cost Of
road becsufe that would DO absolutely false
strucon account for that would be equally untrue. To
"bonus" account, to "plunder account would LOOK
bad in print hut 10 ysterous In It's Cha
rucer and therefore appropriate for the An
account called future earnings" has been opened,
Ap item Of oeO less $500 900 for sinking
fund, Is put down In one tine, winch dhPoses Of that
awkward and difficult matter. This :. future ea-niugsn
account appears on the deI side of the balance Sheet
charged With So oSo and the ignorant and innocent
stockbolder "a len to consider 1t, what the company
dcInsriely attempt 10 declare IT, viz asset hand
available 80 Coo coo, when ID In fact future
ings spread over period Of twenty years Was
there ever mpudent bare faced maud than ths
The whole report fraud and outrage upon the good
sense OF the community, altered and doctorod by the
managers In way 10 proc uce the best effect on the
price Of Its stock and bonds. A year after year comes
round and millions upon billions Of debt Ia created BY
these railroad corporations, construction account used
to cover their progress to decay and
until gnsy settling day arrives a. has In Nov Eng
land When that time arrives Will be found that the
managers have all sold out, and the hosshuess pubic
are left with the dead CARCASS
LAT, NJ Eyia n nat
far behind that tho New York Central IN Its ecs
ind designs There terrible hour Ter the company
an honest public opinion demanded and obtained the
closing Of It's construction account Net earnings equal
l2 per cent ngures il the summing up Of the last
az nual ement but there money. In this diem
resort Ia bad at TO new expcdeOs, and wood
pile ACCOUNT In, with tho all absorbing consiruc
tn account fer air item, which, with loans 70 steam
boat and propeller lines asd other absovbeus soak W
| Ito remainder II rs not unntercstng TACT thal III
Costr Railroad Company sdmiu,ster In its report
thing Of rebuko to the Erie Railroad Company tn,
wood pile business. In o quiet note slipped In N ID
bottom Of page devoted 10 the most dexterous arrange
nent % rgue. the Ner York Central Company scn.l,
pmarks-"n took In the wood Pile after the
Of the Erie Company, wo should chow MN larger r.
sources" Tho fact out 10 bold reliof that the
| ports row constantly rarsdcd before The public eye
! by railroad managers and railroad designed Ior
Wall stree. s;ock obbng ard for nothing che Ae such,
they re:e'vod and introduced by those Whole bus
a. been, and continues to be, w AID In the
irg Up OF the market price al the stock Exchange 4,
feature Q. the times In whica We i've and Ia much
proper subject or the consideration OF jury TIA,
O, uItnston, the forger. Tho only difference 10 be
found in tho comparison favorable IN the latter Hun.
tirgton damaged somebody 70 the ent Of 5000 900
with biz paper ssues while the railroad mansgerr
terpg paper statements the which count BY
| millions
TIE dividends which follow these reports arc the
| by which new speculative life 10 guaranteed for the
stock and bonds OF the oorporatons tho old
ncwcd Tho history Of tho part IL full u wisdom IN this
connection, IL men will only profit by H. The Harlem
Railroad Company declared dividends for years when
subsequent Investigators demonstrated that the Con- pany
had earned single dollar The old Franklin Bank
declared . dviieud ten days before the
collapsed. The kls,ssipp, Banks previous 70 the dsaa
tsrs OF 1889, continued their fabulous div5sn when y
discovered that they had been bankrupt fer years
The United States Bank divided portions OF rs capital
yearly amongst Ia stockholders, rs ultimate copdi
ton clearly proved; and ID ~ clearly demonstrated
that the forthcoming divderd CT the New York Central
Railroad Company has not been oarred and part OF n
must be borrowed. II well know that Just before tho
payment of the last dividend, the company made new
loan Of $500 and that In 1855 the oompaay suspended
~ August dividend sn made loan months amer
ray The four per cent about 70 be declared BY the
Reading Railroad Company, or 30 much OF the oonyrpc
ton account must be added 10 the gosiirg debt which
10 already far from s2o oco rue I've per d.
vidend due stockholders Of The Michigan Southern
Rairosd Company In February, must be borrowed In
the market or be divided stock and 70 these may bs
added many others 70 which shall pay our respects
from day 70 day.
The annexed statement exhibits The value Of certain
articles imported into and exported from This port during
the year 1855, compared with 1856
CoxzyRcr TIE For oy NEW YoRK-vruS or Ixrosrs
Ftropr
VallN Of hrprs.
1885 1855
Cissrs..s.. .s.s.s.ss....s.s. tttoosloI zVu,pS
Cohee. ACKNOWLEDGEMENTS. b,1l3,3bl 6c5,2lo