New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-10-16

a, Inc City Hotel, a; which Report was made BY
Committee appointed a, previous Meeting. We
make brief abstract OF the main points OF the Re
port. which the Stockholders will seon receive
in detail, resolution having been adopted that
the Repsr, be published. The Capital Stock is
- 900: number OF SHARES issued, 81 sos
amount of money r.s,iyed on Shares. $500, ~ @;
Shares pied zed for debts 400 on hand un?!edged.
G775; Shares sold at Joss than par, l.j21 averaging
AZ per cent. l4.1i3 Share. issued al par The
rigkt Of the Directors 10 sell Stock at les than par
i, claimed IL the following article of he Charter;
" Tne said Company arr hereby authorized 10
converi into CAPITAL 5 .och the sums OF money which
,hev are authorized to borrow, and the Board oi
Directors are hereby Authorized 70 i|sue and sell
Stock to that amount.
This in the opinion OF eminent counsel, gives the
ri h: claimed. In 1897 loan vas negotiated with
Ed. R. Biddle, E.q. Tor $4,000 (which $4,000
Wa. received, when Mr. B. gave notice OF ms IN
ability 10 fulfil his contract which occasioned much
embarrassment TO the Company. In 1899, John
Ward < Co. were ;oreclosing a mortgage on the
Road for $50 900, and Stock was ordered - be
sold at the marker price to put OF this debt and
other, one year and to extend the Road to the City
Hall. In December, 1888 the debts OF the Com
pany amounted to :s75,0O6, and the Directors
were authorized, at meeting OF Stockholders, to
make q loan on any terms.
This has since been attempted a, various times
without success AID ii only remained to issue and
sell the stock OF the Company to save me eoipor-
att property from being sold to satisfy the credi-
tors OF the Company, which mas been done a. ne
cessary in apparent good faith The aggregate of
money received to lst Of September, 1871, l.
1881 ,924 81; expended, Sl,8S8.ll3 81
Amount received for fare of passengers, 52s.992,-
SO. From Sept 80 to Sept 40, the passengers
from City Hall to 18th street, ware 60j.i71 TO
Yorkville, 4. 83a TO Harlem. 357.272. Total,
l,o05,62l Miles travelled, 295.56i Cost OF
running per mile, &c, aud including maintaining
constructions Soc.
The Committee express an opinion that the Di-
reciors, Officers, &c of the Company have fulfill
ed their duties with diligence and tathiulness.-
No instance OF delinquency had come 10 their
knowledge.
The properly of the Company consist, Of double
track from the CITY He'll to Harlan, eight miles,
Hat bar, bridge at Harlem, and single track to
Forihan,, four and u half miles heavy wrought
iron rail weighing sixty pounds to the gard other
re Il estate, 49,, $50; personal estate, 63,2ll-
Present outstanding liabilities OF the Company,
}60,8 % due and becoming due before Janu-
AIRY, 10, 586.l4 due in 1912, 80 1873 By payment
Of 0,600 the balance might be extended three
Gears. Advantageou, contracts have beer made
20 extend the road to Whiteplains. Half tho cost
4as been loaned the Company by the inhabitant,
If that place. and for the other half the contract.
,r, receive the bonds Of the Company four years.
The work to be done by the lst Of April, 1912.
The Committee express an opinion that this
extension and connection with the Erie Railroad
At Piermont, by branch OF eight miles, will make
dis profitable road Letters have been received
river counties. expressing their willingness. to
llord the necessary aid for an extension of the
road TO Albany, if an amendment Of the charter
can be obtained 70 that effect The time Of
nng and the fare VIII !,,, tl,a" by thu .i,e,,
and the Committee are OF opinion that sue.
cessiul competition can be kept up with the steam
,oars on the river. The Committee estimate that
tax of one mill per annum on the assessed VA
me Of the real estate in the City OF New York,
would pay the interest on capital sufficient TO
finish the Harlem Road to Albany, the Erie road
70 Dunkirk, and the Long leland road Green
port and that the advantages recurring to the City
would amply compensate the taxpayer ior the
OUTLAY They recommend this subject to the al
,ention of the citizens and the Fathers OF the City.
Three causes are mentioned a. reasons why the
road has been unable 10 pay it, expenses IN" low
rate OF fare the desire of the Directors TO afford
the public every accommodation, but more espe-
cially the fact that il * short road, and not hay
ing al important place at both ends. Such road
can never be profitable Resolutions OF the fol-
lowing tenor were adopted and the meeting adj
ouruec That the Directors be recommended TO
solicit Subscriptions 20 the capital stock, each sub
scrber of FIVE shares 70 be free in the 9th street
Inc of cars, as long as he hold, the stock, but rot
longer han five years that they also be recon-
meuded TO sell no more stock below par; Tint
application be made to the next Legislature for
permission to extend the road to Albany tina; the
number of trips be les>ened during some portions
Of the day,,to correspond with III. actual wants of
the public.
TIE ACCIDENT Or TIE WESTERN RAILROAD
The Boston Daily Mail of the lith cont4irs the
believing Official statement OF the extent OF the in