The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-27

Merchants Exchange, Boston, on the asd instant the
committee presented the annexed report, which wcgve
In full for the benefit of stockholders In this city ard
elsewhere.
LoNo ISLAND RAILROAD
The undersigned Committee OF Stockholders, of the
Long Island Railroad Company, appointed by the meet
ing convened at this place, the 18th of January
That the present posture Of the affairs of the Company
in their opinion demands prompt and efficient action on
the Of the stockholders residing this vicinity who
During the past year. the revenue Of he Long Island
Railroad has bean insufficient to pay the charges OF
Railroad and leave surplus for dividends.
In looking for the causes OF such unfortunate results
First That the expenses of adminstra ou materially
exceed those of other railroads in this section of tho
Railroad They cannot, however. believe such evil to
be for the line enjoys many adv antaaes for
cheap running and IN that compares favoraby
II is remarkably free from curvature has easy grades
few bridges, superior rails cheap fuel but little masonry,
and very few costly entertainments; and your committee
decidedly Of opinion, that material reform may be
made In this department
Second Your committee satisfied great reduc-
ton may be made in the annual cost Of the forty between
Greenport and the main. They consider the steamer
New Haven which has been employed on this route as
entirely unsuited to the business Deficient in speed
built many since to convey both freight and pas
sengers, and requiring large complement Of men, her
expenses annually absorb than half the revenue
derived from through passengers and tend materially to
mpoverish the company; and your committee look to
Improvement in this department
Third Your committee regret to hear that the motive
OF na company no. C Oh en-
cessarly is the detention of trains and alienation Of pa
tronage, while the charges for repairs are unusually
heavy They ascrbe this in great measure to the fact
that there is superintendent OF the road Such officer
il found essential in this quarter His vigilant eye
constantly required upon the line to remedy defects
stimulate cxeton and detect imposition and his duties
cannot be discharged in the Offices of the President or
Fourth As respects the through trafic, your commit
toe regret to find has thas far been OF little
no prot 70 the company TACT wn'cn Msss oe ,s
ferry the rreguarity Of the trains and tho late hours
of arrival in Boston, which have at times been occason
cd by trifing failure in the motive power winch
leads to detention other lines. II will not therefore,
surprise to learn that this branch of your business
has actually declined during the past year. while the
traffic between New York and Boston has undoubtedly
increased
prorrietors of the railroads between Boston Norwich
and Stsningon, that the passage bstween New York
Via De w ss
against undue competition, and your committee are sat.
fed that by the combined action Of this company and
the companies owning the Boston and Providence and
Stonngton railroads such passage may be effected In
seven and three.quarters hours.
raj miles less than the ESQ caed air line route from
Boston to New York, and the facilities for speed and
economy Of fuel arising from superior grades and less
The one line follows generally the low levels of the
Massschusetts' Connecticut and New York whsn ,bs
Boston and Providence and Stoningon roads united
next year. and improved engines substituted for those
now In use upon them the passage may be effected %
follows:-
Boston to stonington,. 80 miles,. AZ hours
StoniDgton to Greenport, 80 I" ........lE "
Grssnport to BIo0klynn, ss and changess 81 q
Such sress wouiS scmmsnd con:sb. ns:s.o of
Fifth. There is another subject Of deep interest to this
company, namely its relations with the jamaica Railroad
Company. The construction placed by that company on
a contract with this corporation tends materially to de-
press its stock and dishearten its managers and there
be doubt that the posture Of this compa
ny, which is such as to render it questionable can'
from its present revenue, meet its expenses and charges
pany. And this becomes still more apparent when
recur to the heavy expenditure for construction you
have incurred Of late years. an outlay highly beneficial
Your committee cannot believe the directors Of that
company will il proper representation be made. be will
tract to exact from this company. in its present post
on strict compliance with the letter Of any contract
founded in delusion
The subject is one which demands the early and
prompt action of an efficient board
In view of all these particulars so essential to the
preservation Of this company and to its eventual
cess, your committee recommend you to appoint com.
mittee Of five gentlemen to proceed TO New York. and
consult the large stockholders In that city who have
community of interest with you, and TO attend the
nual election in that CITY, aud recommend you to ten
der your votes 10 this COMMITTEE with instructions to
select board Of directors experienced in the admins
ratien Of railroads. and if possible majority
of gentlemen who have Shown their ability in the
agement of our New Englant railroads. and your COM
miee believe that il such board be elected and the
recommended in this report be adopted, your az
fairs will be materially improved and that you need not
desrair of a dividend at future day.
The local business, notwithstanding the dsehection
which prevails on the Island indicates a considerable
gain during the past two years. and is doubtless sucep
tible Of further developement For beside the rising
towns Of Sag Harbor and Grsenport, there is much
Long Island which does not meet the eye Of tho passing
traveller while the history of all railroads ell admins
tered exhibits gsin from year to year. and your
mittee can reason why the Long Island Railroad
should, under good administration, be exception
the general rule
Your committee conclude with the hope that the u.
ture administration Of the company will be such that
your shares may cease to be the payhng of the stock
Of directors who il not disposed sustain thu credit and
character of the company,
We annex returns exhibiting the condition of the Iced
ing departments Of the Bank of England at four differ
ent periods =
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