The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-27
days the storm will have spent liz fury and better state
aftI

days the storm viii have spent liz fury and better state
OF things prevail
From the Buffalo Exyress, August Is
writer In an cham asks what 10 bee omo or tho
small stockholders In railroads. the preeen condition Of
Iancsd property any indication Of the future In regard
There no room to question what is to 30 the fate
OF small railroad interests, opose In oil those roads
Mat ,ba finally fail to pay he debts and hence have 70
sse Of several roads that have fallen into that species OF
pecufiary decay In all these Of COURSE there can
be but one ts,e Tor small owners and That t. that snsy
or msj riy Of our railroads eventually 70 be onoe
more thus disposed a. Is nowhere sssumei that We
know Of although opinions 70 thai effect may have had In
Among .he various opinions now prevaen, with regard
to railroads that the whole matter these roads
sll an unds cded one and tha. the problem their
suns 10 owners, IL not yet solved. hoe holding these
views assvme that the early results Of the fret buls
Of their value Those roads themselves being
then new, and the entire equipments OF them
equally 80, the item OF repairs OF very
little rfioeraon and queny the gres bulk Of the
receipts copld be raised directly to the net account Of
re,ults, well cscalaed 10 msIead, at least IN de
eree and TINT has done 70 some extent, Is entirely
cersn. But re wore Oh, ois delaslon, IN an cases
Aipy vrnihed The decay Of ties The crusbn and 'hs
nering of rsi and the miscellaneous wearing out and
giving way Of the various and nsmeess pars OF engines
and cars that have ipcresed with each cctedng
have carried up the Items Of repairs enormously that,
added The OF the road 1t has caused
thee two confined oep considerably exceed the
bs OF the entire receipts And them where this has
been the case the inter upon the still ng
oi the alton has annually TO be paid from the
naming portion Of the earnings sfer all which, the dv
cepd In where Oh ere be Ia TO be psd from
one other contingent, after oil this, and that
is hst tbese bonds, though running perhsN for tweutf
require toe ps mem OF them IN full instead the n'e
rect only, ~ beg have done annually for the pr twenty
ssch dsJ OF payment are likely TO be crisis days,
at asst with many railroads. They will como upon the
CORPORATION at time when iN road II 1t ha. not been re-
bui IN olo and materially worn, and when large share
Of M equipment will be II the same condition. and both,
therefore, equi ing promps expenditure Of large
II ready money as he only means Of ensung ,he future
income. ufon which, Of course reliance c:n alone be
placed for further gains This, doubt woult douby
inc the embArr ssment OF rpotatOn thus circum
sianeed and while some BY passing DIVIDENDS or Other.
ing state OF things and avert tho evils threaten
by IT, yet ohers there doubtless win be who win have
been unable thus to provde and such can only expe' to
incur the consequent loas.
THERE'S from The very nstrs Of this property and OF
y coud YORK no e"ssS,e s"Ivacu 10 fbe persst,
Of the email sockholdere-such have taken, for In
stance few shares originally, not aosasu but only
to ensure the construction Of the road aid 10 their
other popery-yet may DO made not only protest
larger interests OF those who have the sole chief
Of the corporate interests but also to become
Of profit TO these beyond all such protection This
other than the purchase or the road it, sale, by
one OF more f ,hoee chiefly niereeted who would thus
become iH sole owners the sacrifice Of oil tue stock,
except what bese purchasers then held - theb own II
ieen tba. IA not only possible but very easy, for de-
profit by -sssumipg requisite that depravity put
charge Of the corporate interes and In the exercise Of
Where forced OF roads take place. their debts,
such roads must pare into owner HRS aud this will
often be matter 81 the highest tne.e', 70 othe, And
rival roads or roads that are contending for the same
through business. When two or more such roads exist,
and one Of them sold a small part Of w COST or of the
necessary to build one then the road sold
will be upon the cost only or what WAS bid for IT,
without 70 What the original may have been
VIII q
cold for fourth OF s original COST whch any well may
BE- s ssn s.
profit and yet be worked at such rate Of prices utter
H 70 ruin the competing road This state Of things woad
been sacrificed in he same way md the two roads aer
having sunk The greater part OF their gns value and
an equal footing nearly 90, In their strife for future
business
We NAV mention, In conclusion, that there Ia q very
wide spread error prevailing In regard 70 the OF
money act ally invested In railroads the United States
rhese roads were usually built upon credit This they
have obtained by giving the bonds OF the corporation for
sp scic sums. payable ct future tme- usualy twenty
years from date These bonds tuy oxecuted have been
sold In the market for what could DO realized them
and with the money Obtained the roads have been
Now, In dspoeng Of these bonds, f'eeD twenty and
on even up 70 TS cen; n n %
actually cost the face OF these bondsloss Nc shave 81
which they have been sold; and the fAIacy Ia, that In
computing the cost OF railroad compute these bonds
At beir n 70 value instead Of the value ct which they sold
70 DO sure the road q holden 70 pay that :un which
call for, but still such sum Of money has been
realized or expended In constructing and egupping the
road which the debtor corporation has created.
WALL STREET OBSERVATION-DISCLOSURES UNPAID
SHARES.
From the Milwaukee Wisconsin, August "a
not an upcommon crcur stance FOR even all stree
brokers 10 phaasacay Aude 10 the reckessness and In
fidelity OF management among the railway companies o;
the West While are not disposed TO cover up de
conpsnes, s,in think that Wall street the Of
more rs'caity than any other section OF the Union
Southern Rsiiread has lust come 70 light which see ms to
VI more Ike Schuyler operation than anyhing that has
occurred in year. II appears tia, the Presden, Of
read, bad issued 5000 10 shares Of stock, upon
which not dollar OF subscription had ever been
raid, and bad hypo,hecaied these shares FOR only
fEo,oto, The cay OF redemption camc round; tbs
company could not redeem; the shares sold for
for $3.50 actually advanced sucn nsanoo for money
no, merely frighucl and runous but n tho officers OF
the there will be security VIII atsver that the capital
tck not ncre ased 81 tho will Of the president and
against the wishes Of the stockholders Yes questionable
o. ibis oct npss defenders among some Of tho esding
II Is such cveopcmepv ~ these that shock the OBJ
vadpg disrus OF railway property Homes, and faithful
manage nent nos the thing wanted 70 rctore condcnoe
railway securiue: until rsels sure Ii. they Win no.
cfunble 10 ruin By some secret fraud or msmanagement
Rescue OF the Missing Nswburyport Pilot.
The sewburypor Hvsd OF the 18th inst has The follow
Ing account Of the arrival home Of the missing and
cd plot
The day OF miracles Is passed-so has and let 20;
but 20 loug Michael Sloveos, Jr, shall i've shall
look upon him ~ one risen from the dead while We
wsre all lamenuuf that this worthy man was gone snd
the Tags had dropped In mourning for the desd-whe
people were stopping each other the corners Of the
street 10 talk over the matter, aud some were raising
subscription for the bencdt OF bis famy-arcr had
pubhed his obituary, and already had another paragraph
written, calling for msferial monia 10 aid The widow
and orphans suddenly though he had fallen nom
he heavens above Captain Stevens, yesterday M noon,
appeared In ssrcets Wildly the story goes about
town; speedily he n rushed home W q family mourning
his demise instantly the flags from half matt hard
up, and sadnces II upon all faces for The lost found and
The dead Ia alive afan with the tide OF men moving W
The fouth end, We 10 him and learn his story
Almost mneoately alter his companions had retired
below, ~ he was standing In the quarter with the
spy elass 10 his eye, the main boom ubed over,
striking him In the back OF the ne,k ard sweeping him
into he Instantly the boat ned and JAILED OH