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40 per cent, and there are people who hold New York Central now at 95 per cent, who a year or two hence will not touch it at 75 per cent. Confidence is a very important element in the stock market, and many a stock has been sustained by it long and long after its real value had been extracted by the speculating leeches who fastened upon it in its early days. The Sub-Treasury is steadily drawing specie into its vaults. The Assistant Treasurer reports to-day as follows:Paid on Treasury account $55,139 82 Received do. 120,845 51 Balance do. 7,225,383 24 Paid on disbursing checks 94,853 56 The payments to-day include $45,000 on California drafts. Telegraphic dispatches were received on Saturday to the effect that the notes of the Atlanta Bank had been protested. Under what circumstances will be seen by notes from the two parties:ATLANTA, Ga., Wednesday, Sept. 26. To Geo. Smith & Co.-A quantity of notes were present. ed yesterday morning by Washburn. We counted and paid $29,000. At the close of banking hours the balance uncounted was protested. We are advised by the best legal counsel in the city that we have claim for heavy damages. Shall we hold Washburn to bail? S. C. HIGGINSON, President. ATLANTA, Tuesday, Sept. 25, 1855. We have just put the Atlanta under protest for $4,900, We presented of this money for payment to-day $33,865, and gave notice that we should insist upon that amount being paid to us during banking hours. Of this they only counted $10,000 before dinner; and when the bank opened in the afternoon, (2 o'clock,) we took a notary to the bank, who demanded the payment of the balance of the amount before the closing of the bank. They then proceeded to count very slowly until 4 o'clock, when they closed the bank, leaving unpaid $4, 900; which the notary is now protesting. When protested it will be expressed to you to have suit instituted against the owners. At the time of closing they ordered us out of the bank. The Washburn referred to is the Hon. E. B. Washburn, member of Congress from Illinois. The Chicago Tribune of the 22d of September, has the following items about " poor money going and good money coming:"A gentleman from Galena left here on Thursday even. ing for Atlanta, with a big sack full of Georgia notes, going home for redemption. The amount taken, we are informed, was $178,000. They will keep this matter going until every dollar of Atlanta and interior money is sent home. Arrangements have been made by parties in Chicago for bringing here to loan to grain dealers and others, $250 of the notes of sound, specie paying banks, to take the place of Atlanta that is going out. The Wisconsin banks are increasing their circulation to fill the gap left by the withdrawal of Georgia; and our own banks are plucking up courage and putting out their own paper in lieu of the depreciated currency that has heretofore circulated so freely. Since the run on Georgia commenced, several bank presidents from New England have been here to see upon what terms their money could be loaned; and all, so far as we are informed, have gone home entirely satisfied that ample security can be given for all they have to spare. The most important matter connected with the finances of our railroads is the extent of the actual operating expenses, compared with their gross earnings. This is a subject upon which the community and even those most interested are profoundly ignorant, and it is the fixed determination of the managers of our railroads to keep their stockholders completely in the dark as long as possible. Bankruptcy which has for years existed is in this way kept secret, and it is only when the company's liabilities have reached a sum too unwieldy for the financiers to manage that the public get an insight into these dark and mysterious operations. Such an exposé destroys at once the company's credit, and the investigations which follow show a condition of things almost surpassing belief. It is really astonishing for what a length of time these shrewd managers will disguise and cover up the insolvency of a railroad for what a length of time they will continue to pay six, seven and eight per cent dividends, without earning one half of the amount paid. Instances have been known where they have actually increased the per cent dividend from year to year, when it was afterwards shown that even the lowest rate had not been earned. The New York Central Railroad Company reported, last year, that fifty-two per cent of its receipts were paid for operating expenses. This we believe to be consideraly under the actual rate. The average in the State last year, according to the State Engineer's report, was 60 per cent. For the purpose of arriving at the amount expended, without regard to the per cent on receipts, we have taken as data the calculations of our most experienced engineers, and with that we arrive at results much more in accordance with the views we have always entertained regarding railroad expenses than can be obtained from official reports. NEW YORK CENTRAL RAILROAD. 2,117,038 1854, Fept. 30.-Miles run by passenger trains 1,200,240 Miles run by freight trains 3,317,278 Total miles during the year According to the standard adopted by engineers and other scientific men, the actual cost of every mile run by . locomotive on the road of each company is one dollar. This standard is so well established that the profitable railroads of the country can be selected by It. It is the opinion of those who have devoted a great deal of time to the examination of this subject that no railroad company which does not earn gross at least two dollars for every mile run by Its locomotives cannot earn a dividead on Its stock. The New York Central's locomotives ran during the year ending Sept. 20, 1864, 3,317,278 miles, which must have cost, according to the rule, 88,317 instead of $3,088,041 as reported in the official returns. The gross earnings of the company in the same year amounted to $5,918,334. which is equal to $1 T8 per unite. If it cost one dollar to run each mile, as estimated, the company could have netted but seventy-eight cents per mile during the year. which would actually give it but 2,587,474 84 net instead of $2,830,293 27, a differonce against the company of $242,818 43. The standard of expenses referred to has proved nearer correct than any other. There is no way of avoiding the expendi ture when enumerated in this way. The actual cost of running a locomotive a mile is something An engine may be run up and down a road alone without & train of ears attached, but the expense of its movements cannot be taken away. An outlay is fuel, oil, labor, wear and tear, & & has actually been incurred, and it must be provided for. For the purpose of placing this princi.
