The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-14

Surplus over and above liabilities Jito7s
severA OF our largest railroad companies arc rapidly
approaching the end OF their e.her. some or hcm have
forced into asasnmsni, others are under protest
struggling 70 ssep their heads little longer above wafer
and the res are jet comparatively comfortable The
financial Revision has been pscu airy hard upon railroad
corporations, Il has only hssscnsd The collapse In the
naosi deeply involved sns given more rapid examination
to the reeds Of decay and dissolron existing In al the
rest gu for present prcstaou public and private
credits these huge ovcrrrosu rirosd companies nigh
have gone on or months, pcrhsps years longer. Tho
financial history Of the Michigan Southern Railroad oops
ny ,s, 10 be written. A complete account Of the cor
rurtor and rucaiy prscced from the earliest dss you'd
give chsp.er upoa aAser Of acts snd deeds erocednS
In extent and enormy anything ever dreamed
OF. All thai We hsse showu and recorded 10
DOR columns 10 ~ ro,hirg compared Win ne uurrines
record Of private investigated. We have no doubt that IN
many other companies sular rae OF things exists
pcrhsps no, 70 extent bet sucssi 10 remove al
hope OF u.ure recovery uaes and complete bankruptcy
mus, mark the resrn OF The sxrsOrdnAry ard ruIreSs
system Of nuancierne which has been long prss1ed
n impossible iha, shsuli be otherwise The
floating debts which most Of Inc esdirs railroad coon
usnes OF The country up, Ia different ways and
for different purposes have compelled Them 70 suspend,
ami 10 some Instances 70 20 INTO the hands Of assgnees
mere nsy vii Tor time remain, and viii only bs re
deemed by the sheria or the sucsorser 10 tie usual
p-ocsss OF lag The nrs bendboces rather The holders
Of The nrvi mortgage bonds, must come into pcsesnou
az these valuable and Important vprk Tue Erie Railroad
n rsrily sprroasnnr that point rne present board o.
management represents the boudhoIdins Interest," and
Tho EFFORT bang made % money py Subscription 10
remove. {. possible, Tue floating debt, 10 msssy one Of
tnose mt vemens necessary 70 exhaust every sxpsdien,
befcse oonsum Nc the As, great decd The bondholde
Of Germany have their eye the entire property ard
franchise Of this company and at On very defiant day
vii, come into their possessior The Michigan sou'hern,
the n,chisan Central, the audsca river, Hsrem, Ns~
York Central and most not oil the western railroads.
will ultimately foliou p tho rams ooties Unsu ,uch
resur 10 realized NO sha free from tho lnsncierng
oflhese concerns In the money msrfoi Thty have been
pretty well esosed or for the ams; and 20 long " oe
pseaeni suingency lasts shall DO free trop The -.
Improvement nspey matters, vih INC most moderate
lot up nnsrosl snss these vii again snow
shoir sppeti,ss, aud make every eGon 70 sp
psase them. 80 long these railroad computes on.
nnue 10 carry such loads 81 abie- and oorue 10 pay
interest on bends aod unearned dividends Of stock
long viii ibey be borrore~ Sooner later the ara
mortgage bcudholders get them all, and the
the better fer al, parties Interested and for he country
,rse In uhe hands Of ors bondholsers they would
be coll managed. rhcr oosi 10 them would 20 u,'
abou, Me actual value, and ihsT could early
be made productive TO tscir PROPRIETOR The
pubic generally would he better served, the tariff
o, charges would be modified, AMI IN msay iss's,css
reauced Me vsom Of Operations Improved and tas Ell