The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-10-04

The ras-wbIch never 0. the very SEES a iai.y-
having been quite nlmoer Il yeGrs use. the
fore, thereby @ystDg lager cxpenoire for roc Tor re
pairs Of aapse the percentage OF de-
prec at,on IN tns rsiis II, increase
The truth Is, no ooubt, that the Scs York and Ere
Railroad n rs tccks srocscrce furniture aud sppurte
Dspc.s, wspts thorooth ovesnAuug snd renov
put tne vaAt macnn efficient working condition And
even with sucn overhaupg aud suon u not easy
10 predict a future upon r.orgsn'zei pass for, ldg
ing from ifs past operations is ty FOR destruction 10
s Own property 10 90 uno.dped, II not anbounded,
leave judgment ~ fault ana hops fear trem ole
That the road never earned dividend is clear
when the company cesstd 70 declare dividends net
earnings were 9TH insufficient pay rteres. isoted
Dees ~ It accrued, aenonsIAe by the sweing
total Of the funded and upfun led deot
Nor have the Of the road red forty
one per cent Of the gross earnings in the Official
years that have gone by since IL for under
the Of fy per charged opers.ns ex
penses the iapirt,ts meantime accumulated iii anaiy
the tide Of credit, 90 long upon IL swelling hood
upon ito ebb and bore the tossing bk uso port OF Aw
whence II was consigned TO toe Of by due
legal process AND hos 10 remodel the deots Of the
corporation IL tho grave question?
The New York and Eric Railroad Is an immense concern
s ades and curves reader impossible economic
Ing OF ns oLg hoe; Is OF tbs vide feet gauge which
imposes cost upon It's operating department wnout
tervaing advantages or any sort 10 route through
country which opened rapidly upon nsugurssloo
OF the road but when its resources
Eof for ,he density actual prospective OF il popuia
toD Upon aIy rapid increase Of local traffic. therefore
IS NOT wise TO count; while upon through business
not very likely that any very large additional profit will
we be GUIDED rather Than By mates built upon expec
tAtlops OF me future And In eu swelling oita
ano debt account with cnsrges which be betrayed
out OF the current ncome let the expense account
made 70 bear al the outlay justly caargesoe to ex
rses for operating trains and for wing tao road
way furniture and buildings.
From the outeivipgs Of the Nav York papers Is appears
that the Committee Of Directors appointed devise ana
report 70 the Bosrd plan OF CONCESSION or captazs
ton. favor q scheme 10 reduce the grand total OF
tS6 o., which represents the OF toe road
" Tho company at this time, 70 S27 600 COO This
10 proposed accomplish BY leaving mortgage dent
uDtoucbed 10 the bonds nj eighty pev
cent. with new sock aud 70 tho existing snaree OF
eNck with twenty PER cent OF ne~ Atocx. The new
stockholders, meantime, 10 be assessed Q million and
quarter OF dollars TO pay of the floating debt consisting
OF bills psy abie secured py large amount OF podsed
bonds and sso accounts payable which must be satisfied
before she corpof stion can be dNsmbarrasssd.
IL seems then that the Directors OF the New York and
Erie road believe thai the work only earn interest on
$27 GOO, Which will be perceived Ia the eject mum.
Der OF nons that represented the capital and funded
ana upunded debt OF tho company the 3oh Sep,sm-
ber 1852 being the and Of the nr full year the roads
operations TO DuDkfk. Hence ali the increase made IN
the capital and debt since September 1881 hes beea
frDkep and lost. Who responsible for the tsslve mil
lions OF shares and bonds thus sacrificed would avail
but little TO isquirs The iact however, that no large
sum ID lost, IS 10 itself striking and Significant evrspsn
tsry on the reckless boaterpg which oag susA,scd
bankrupt corporation, BY persistent
and repeated drafts upon The confidence inc ussuspSc
ing.