The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-17
e5,95f,773 30

Cash supposed to be) hand Sept 1856 $500 AZ
appears by this exhibit that in the three years ending
Sept 20 1856, the average annual expenditures con
stricon account 50. 1872 ST. This amount was OK
pended per when the traffic the line was
comparatively small. is therefore, fair 10 presume
that with larger traffic, particularly when the
is entirely in heavy freight, the expenditures
s,oon account should also increase. The and
i certainly greater with larger business. In the year
ending Sept 80, 1857 the whole reported expenditure On
construction account s529 4i2 Upon the wear and
tear, damages &c Of business OF eight millions dol
Lars tbs n very small outlay property represented
TO have cost upwards 81 thirty millions N doars The
company may go over ono year without repairing the
road much making the proper expenditures to keep up
B efficiency. but such expenditures b. removed
and at the best only postponed throwing into future
year expenditures which should have been made some
previous year. Ali this nAncerng necessary to keep
up the payment OF unearncd dividends No at all
quanted with the progress and effect Of such policy
doubt for a moment where Il will end We have In
the Erie, Michigan Southern, Cleveland and To-
Iedo, Harem Reading, and Michigan Central
the result clearly illustrated. It is seldom that
mistake calculations where railroad expenditures
and hnancierng concerned, and 1t appears that
nothing the future inevitable than that the New
York Central Company will at no very distant day be
what the Erie Railroad Company Is The Michigan
Central Railroad Company is the most OF
sudden collapse upon Of the favorable exhibits
the company made, showing that at all dim
cult for expert accountants and shrewd nancers keep
up show Of grca, prosperity 10 the very last moment
The Erie Railroad Company showed In s annual state.
ment but few weeks before the bankruptcy Of the con
Germ admitted the earnings on the capital
stock were equal to l21s per cont Al the time IL
showed large surplus All say to to the stock
holders Of railroad companies just place faith
railroad reports They ever have been, and fear
viii be, deceptive and false.
The Albany Stdtspan in speaking Of the management
Of the New York Central Railroad Company, says
When the last dividend about to be declared, the
Treasurer reported that he had sufficient amount IN hs
credit 10 the entire payment Of that dividend. And
yet the President Of the Board and Mr. Pruyn Of the
directors, Immediately the dividend decided upon,
had to negotiate loan Of $3.50 900 10 meet H. THIS
believe " not generally known 10 stockholders, and
hold that the parties interest, they should be
misled by the trcasurcr's incorrect statement
Again. the stockholders are under the impression thai
money with the banks; but last month a deposit of
$3.50 600 made at the Albany City Bank in which
two Of the Albany directors OF the Central road
largely Interested aud instead ~ finding ti 800 o ~ 600
the earned interest on the deposit 10 the credit Of the
company charge OF some 81 800 Is discovered TO have
been made by The bank for disbursng the money "
company This TACT, We hold, should be made known TO
the stockholders, but appears nowhere in the report
Nor does the yet more important fact appear in the
document before that some &1lo 900 deposited IN
the oliver Ice Bank Of Buffalo, IN which the President Of
the Board owned sG5 900 stock the time IT failure
Certainly this should be made known TO those 10 whom
The lost money belongs.
II would also be well did the annual report sc forth tho
proceedings before the Board Of Directors The stock
holders would then have opportunity ~ seeing how
narrowly they escaped oanng $4,000 to the elcven miles
Of Quincy and Palmyra road Ia southern Michigan and
other matters 81 equal decacy and interest These
things repeat the stockholders have right 10 know,
and since Il Is impossible 10 obtain such information as
they entitled to from the board, will endeavor as
pSc journalists 20 supply their natural thirst for
lghtenment 10 the best Of our ability.
meeting Of the Providence banks held on Wed
nesday al the call Of the Advisory Committee at which
thirty Of the thirty eight banks Of the city rep
resented VIM. sheldon presided, aud Henry c. Gran.
acted ~ secretary. We copy the annexed report OF
thc proceedings from the Providence JoJrndi -
Mr. J. r. Rarctt, from the committee stated that they
had from tnc 70 time, examined the condition Of The
banks as hibtcd by the balances at the Clearance
bari, as tas the question had arisen IN the njnds of
u comm ee whether steps shout not be taken 'osard
ne tcsumpt,n 81 specie Ray mcns. With this view and
order 70 Oh in the opinion Of the banks he presented
4 following rcsnllsous.-
solved Thai " = deslabc AR the Rhode Island
b,,s at as early dal practicable, specie
| ray nents
| Resolved, That thc banks m Providence VII. cuthc
jay " settle ,er halonccs al The Ga GrU5. hanN (he