New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1844-02-27

~Democratic WING, General Ii; Commit o. mi IT,
specis meeting %,l. q Ho neta on on
E SR5oW6lrcH Is BL S?f Chairman
{o; . Hd.. PIai a.xs Secretaries asfa,
The New York and Erie Railroad
The Beard of Directors of the New York and
Erie Railroad Company, elected in October last
soreeably TO the notification contained IN their
card to the public, issued a few days alter the
election, Immediately entered into careful ana
laborious examination of the Company's condi-
ton, and have drawn up report, showing the
result of their labors.
The report contains mass Of important stats
teal information, which Is worthy the perusal
and consideration of every citizen. To obtain
full knowledge of he views of the Board and OF
the important advantages that our city VIII de-
rive from the construction of this road, offering,
as it will to the population of the vast territory
of the West-whose annual increase Is almost a
nation in tself-a cheap and speedy commumca-
ton with the seaboard, it is requisite that every
line of the report should be perused.
The following synopsis, however, has been
prepared and it s to be hoped that 1t will be UNI
yersallv read, and the plan suggested Tor raising
the means necessary to complete the road, receive
the approval and support of our citizens
SYNOPSIS.
The length of the road is 45l1 mes-64 miles
of which are finished and So miles in actual ope-
ration.
177 miles have been graded and bridged, and
ars ready for the superstructure.
The exact location Of $50 miles has peen ae-
,.rmined on, and the right of way for 325 miles
obtained.
The whole amount Of expenditure upon the
road is S4,7l6,872 &c.
The whole amount of capital stock subject to
dividends is 81 sol $3.50 IA.
THE total amount of the Indebtedness OF the
Company is about 100000.
The total cost of completing the road IS estl-
mated as follows: 80
For completing the track for use sc, OOO, 600
The outfit for commencement Of bus
mess. viz: for Depots, Water Sta go
tons, Engines, Cars, &c............. l,OoO,OOO
Making the whole sum required -: S7,OOO,ooo
To which add amount of indebted
noaa ................. 100000
capital stock l,50l $3.50
Making the total amount of capital
stock when the road is completed 81, lOl $50
The Board estimates that the property which
,b;s capital stock will own, could not have been
scouired Tor less than 5 100000.
The Report is accompanied by a map delinea
ting an area of country which will be trbutory to
the Road in its transportation of freight and pas
seupers That area embraces about $4,000, 600
acres and contains a population Of 55l,ooO ~
habitants.
The population tributary TO the Erie Canal III
1920 was 52I, 3ll, and in 1925 when it was first
opened, 6sl,725.
The area Of Massachusetts, Rhode Island and
Connecticut is S,660,000 acres and the amour,
sxpended for Railroads in those States is $685.
100000.
OF the Indebtedness ofthe Company the Report
states that the only sum which can embarrass
it's operations within FIVE years has been reduced
70 less than 100000, and that the Board has
succeeded in obtaining a surrender of the assign.
u,enty and in recovering possession of the Road
and the other property of the Company; and al
though some difficulty may still grow out of the
indebtedness not settled, yet, trusting to the
surances given by the parties almost without ex-
ceoton to extend to the Company all the time
that the ultimate security of these debts will per-
nit the Board believe that it will be possible TO
make arrangements that will prevent any embar-
raising prosecution of The claims during the pc.
Rod that measures for the resumption of the work
are under consideration and action"
The Company has also been relieved from all
connexon with past contracts and questions of
damages.
During the year ending the LIST April, 1871,
the total net earnings of the So miles in operation
from Piermont, the river, to Middletown, in
Orange County, miles of which was not com.
pleted until June, lS43, will be 800, making
3 reasonable estimate for the last two months.
The extreme end of this portion of the road is
only 90 miles from the River, and the whole SO
miles therefore subject to great competition
which diminishes and finally ceases as the road
penetrates the interior.
The Beard agrees with those who have preceded them in
sroae,s and arsG Of the country whose travel and trans
others most TO be relied on"
They therefore present tables Of articles trans
ported during six months ending September 3Oth,
,S43. over the SO miles in use; and a table,
complied from the last census OF the United
States, of the population and products of the
counties tributary to the road
From these tables it has been inferred that about