The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-01
Meeting Relative TO the New York and Al
bauy Railroad.

Meeting heiaSlve TO the new xork ana Al
bany Railroad.
meeting on the above subject was held last
night, at the Tabernacle, but considering the num-
bers, II might have been held in a smaller place,
without inconvenience. Five minutes before the
time OF meeting there were not fifty persons present;
but by quarter TO eight O'Clock there were al least
I'D present, OF whom nearly dozen were ladies';
and all seemed highly respectable, though none were
positively handsome.
There was great deal of delay and great deal
OF confab, and whispering, and consultation close
TO the stove, among four very well dressed and good
looking men relative 10 the way and manner IN
which the meeting should be opened. Alderman
Leonard came in behind time and kept the meeting
waiting. After he came in there was more whis-
perng and consultation and the council OF four be
ing swelled to eight broke up into two parties one
took their station before the stove and the other be-
hind II. The latter group was soon joined by Mayor
Clarke and Mr. Delateld. These groups continued
in consultation until past eight O'clock although the
hour of meeting was half past seven precisely.
There were very handsome sofa and four CAIN
bottomed chairs on the platform, but nobody seemed
disposed TO take possession OF them until past eight
O'Clock. BY this time there were at least loo gen
tlemen and 10 ladies' in the body OF the house, be-
sides 40 persons in the gallery.
AT last, after a terrible waste OF time, Aid. Wa
terman nominated Aaron Clark, Esq, for Chairman;
Daniel Merritt, OF Duchess county, and Aid. Leon
ard, for Vice Presidents; Jadob Merritt, OF Dutch
ess, and William Paxton Hallett, for Secretaries.
The Chairman made short but admirable speech,
pointing out the immense advantages that would ac-
crue to the city of New York, in every department
OF business by the completion OF this road TO Albany,
without loss of time.
Mr. Delaheld read staementof the affairs OF the
Company; but the greater part OF II was history
OF railroads There was line OF railroad (with
triflng breaks) from Portsm0st h, N. H., to Pensa-
cola, distance of sixteen hundred miles. Alto
gether, there 5000 miles of railroad completed
or commenced in the United States. The last Lee
gisature had extended the charter of the New York
md A llrpa fort hraa Ifc &c
LAT miles. There have been subscriptions obtained
to the amount OF 81, 66S, 600 But on 1000 shares
thus subscribed, there Is not much reliance to be
placed. There has been 5000 subscribed in land,
making total Of subscriptions of ,7lsOOO Deduct
the 1000 shares and 1t leaves COS 600 subscribed for
But of this there but $500 900 colectable in the
city of New York. There has been paid In three
payments So, 1886. There was paid out up to June,
lsil, $65,626 This includes the cost Of depot on
the Harlem River, and $1,000 paid to contractors
for work to be done. The total Indebtedness Of the
company up to July, lS4l, was 49,, 442, besides an
unsettled claim of Mr. Morgan. All the debtors
have agreed to take stock for their debts: Rense-
aer county had agreed TO construct portion of the
road The company can use the Albany ana west
Stockbrdge road as far as Client The route
through Westminster has been re-surveyed. A
new contract has been entered into on one part OF
the line, by which $75, 600 been saved in grading
alone; and it has also secured a subscription OF
$500 900. The southern end of the road would be
kept unfixed as long possible, to see if the Har
lem Railroad Company would come to terms. The
river route is impracticabe. 1t is preposterous to
think of crossing Break Neck Hill or AnthOny's
Nose railroad. The present road runs from
ten to twenty-five miles east of the Hudson river.
The time of passage from New York to Troy will
always be under six hours. The price of passage
will be SO, or under. The lowest amount of income
this road per annum, will be SslOOO,0OO. The
annual expenses will bel less than $5O0,0OO. The
total cost of the road will be but 81, 100000 The
chartered capital is SO, OOO, 900 After paying the
annual expenses of the road, and seven per cent to
the stockholders there will be surplus annual fund
of Ss29O,OOO. The Grand Junction Read in England
cost 100000 per mile; it now pays twelve per cent
interest. The amount paid in of each share
$3.50; they are now worth $9l6. The Great West
ern Railroad cost s266, OQ0 mile twas chartered
in lS4Qs 1t now pays six per cent. The par value
of the shares was $3.50. Only $3l2 were paid in;
each share is now worth $45l The New York
and Albany Rail Road is TO cost even less than
$40 900 mile. And Mr.. Delaield concluded by
saying that this road will be completed in twenty
four monthsfrom this day.
The reading OF this terribly long document, &C.
cupied about one and half hours.
The Chairman then again dwelt on the advanta-
ges of the New York and Albany railroad to this
city, particularly to poor men.
Ex-Alderman RICH then rose TO speak to the same
effect, about halt past nine o'clock.
A series of resolutions were presented by Mr..
Engs, and adopted.
The meeting did not adjourn till after 10 o'clock,
highly pleased and not little edited but il was
very tedious