New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-10-08

notwithstanding the failure of the Rock Island Road
70 nav II, October dividend, and the decline in the
market value of Railway shares which has followed
the announcement we are not disposed to modify the
views expressed in these columns to the prospects Of
Railway property. The truth ia that the Rock Island
COMPANY committed financial bunder in paying its
dividend of April lsst-a dividend made up, as every
one knew, who examined the figures from surplus,
to the credit of income account, rather than from the
net eainings Of the six months preceding aud this was
more matter of surprise at the time with those who
bad examined the figures than is the present action OF
the Board. Had the resumption OF dividends CON-
mepced in October instead of April after the business
of the West had fairly begun 10 revive-the proba-
bility Of continuance would have been strong. The
comments Of portion Of the press, and Of the croak
ers In the street upon this event. Illustrative Of
aggeration in regard TO the business prospects and
profits Of Railway companies are somewhat amusing.
1t is in the first place. admitted that the chapter
of success on Railway business was to commence
with the present harvest, and the great result
was to be obtained in the growth of business; not
merely as many TO think in the transportation
Of the crops but in the reciprocal tide of trade which
springs from such q success in our great agricultural
districts With crop failures, the business of the West
In all branches dimnishes, and in the ratio 1t in
cIeases with abundant harvests but must be evident
to the most superficial observer that cannot come all
at once. The crops first GEEK market, and then fol-
lows the purchase Of supplies by the farmer according
to bis necessities and his increased But the
farmer does not buy to any extent until he sells and
the conversion of wheat corn aud live stock into dry
goods, groceries, lumber, &C., as every enc knows,
extends through year. An immense cereal crop is
admitted and fair pricesprioes which pay great prof
its to producers-are considered equally certain. 1t
follows then that in the ratio of increased success en-
joyed by the farmer over 1882 must the business of
1860 and 81 commencing this Autumn exceed that of
SO and go. But before this new epoch in railway
affairs has had trial Of six weeks, during a
good portion Of which time railway earnings on
majority Of the lines have more than
equaled expectations, suddenly comes the cry
of mad dog from the aarmists Of the street and the
press not because the facts we have stated do not
exist not because the promises ahead as bright
as ever; but because the Rock Island Road has
passed its dividend" 1t is useless perhaps to say
against ouch clamor that whatever significance this
eventhas belongs to the past and not to the present or
future but it is very singular process of reasoning
which attempts to show that the business results of
year past prove that calculations as to the future are
exist in the past year. This may satisfy some, but we
spprehend that people generally are not to be missd
by such logic by the exhibition Of balance shees
and estimates embracing the doings Of perpS from
the results Of which especial advantages have ever
been claim cd. To illustrate what we mean, let us
take the New York Central Road as one example IL
s evident to any man of ordinary intelligence, who
takes the trouble to inquire that the traffic Of this road
for year to come will be Immense probably as
large if no. ia eXcess, Of anything ever done by the
road and, although the business of the fiscal year
ending Sept. 80 will probably show near if not quite
y cent net earnings it is not 20 much upon that as |
ipon the year which has just commenced that the |
estimate of it's value is based Another Gaze in point
= the Hudson River, which for tho came fiscal year
nil probably show near y cent on tho stoJk IL il
rot much upon this however that its friends found
cir ideas Of ils value upon that which ia to come
Or with constant growth aud development
+ bu,inese in 1853 and 1859 aud 1860, il is
lot uureasorably urged that with tho business proc