New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-03-29

O
Total. ~ 80 IS
The gentlemen composing ibis Board well
known Ia tbs city that their reputation cannot be
injured by the Institution that they have made false
turns The charge far relates 10 The no
September last rests upon this discrepancy which
fully explained by the above statement
And the- acts since rests upon the assumption
that the ofhe road appears to have increased during
the 6ve months, sl2ll.7 69 ~ while very little has
actuslly gone into constrnction-Which assumption Il
incorrect First by ncgectng % deduct the assets from
the floating debt the cost swelled in the Railroad osr
aa from $50 III $40 its true amount 20 Sj j0l $40
thus adding million OF dollars 10 the truein'
crease On the other side Is stated that there are only
l1la miles Of new road more than returned in Septem
Der whereas IL appears that there 1904. miles Of
new road more than were returned AZ that time, viz
ia miles Of sidngs, SC and lp miles Of double track
In progress which not referred b 10 the report %
the LEGISLATURE 10 Wa well known that the Company
have paid very large for iron since the lat Sep
TENDER and actively engaged in completing the 80
miles Of double track
There has bee mo- bad iaitn toward the other bond
holders in making the losn and no impropreiy in
the manner in which il has been made The loan was
essential for putting the road In condition "a do the
traffic pressing upon t. With this ney. ia business
capacity and consequent ability 10 earn revenue VIII be
greatly increased II this loan had been effected by
convertible bonds the Company would have been forced
TO negotiate them at heavy discount, and the similar
bonds OF former issues would have been seriously de-
pressed As Is the Convertible Bonds hold their own
both in this sBd In the London Market and The Com
pany negotiate the new loan at greater advantage
Any one may satsfy himself OF the Injustice Of these
charges by taking the trouble to examine them. The
Erie Road has cost great deal Of money, but Il Is
very large work IL has not cost more per mile than
some other works Of corresponding connections aud
difficulties lhe Western Railroad OF Messschu e,ts, tor
insiance) and not much some others OF less DIN
culties
II has been constructed with surprising economy
ccrsiderng the Pcun'ay dhculues iha have Serronai
ed IL 10 its past history. The men who have done th
ere IN repaid when charged with dishonesty and inca
paeity AFsIEND TO rHE ESiE RAILROAD
THOUGH NOT A SrocKHOLDEa
The receipts of the Michigan Southern aud
Northern Indiana Railroads for the frst three week' Of
March were about s55ooO. showing large gain. On
the Michigan Central Road for the pesiod, they
were equal to the entire receipts OF March, lSJ2
The Bank Of Fishkill has declared q semi
annual dividend Of 81 p cent The State Bank Of New
ark New jersey p cent.
TIE annexed letter from Mr. St. John exhib.
il. the condition of the Safety Fund:
BANK DEPARTMENT ALBANY, March -, 1853.
Hon RUSSELL SMITH, Chairman, &c
have the honor acknowledge the receip, Of your
communication II the 2lst inst with copy OF resoiu
ton adopted by the Assembly in relation TO the Bank
Fund Stock
In answer, | would submit that the amount Of III,
Stock DOW outstanding, 10 ..........-..... siT9ll %
That there IL now on hand applicable 20 the
payment Of principal and interest
Cssh go ~ W
Bond and mortgages .........-.. HO7l 50
%, D0l 81
Leaving the sum of siOa,GOo ~
10 be provided or by the annual contributions from tho
Safety Banks.
should the Safety Fund Banks all continue 20 pay
their annual contributions to this fund until the explra
ton Of their respective charters u believed tha sui
hcient sum will be realized % pay all the present out
standing stocks and also 70 redeem all the circulating
notes ehargeable upon such fund am, very re-
spectfully, D. b sr. JeHs, Supt
The Auditor Of State in answer to Legs
stiye inquiry sets forth the Canal Debt OF New York
thus
The Canal Debt had reached its maximum In 1874 on
the ooh september Of which year !. amounted 20 go,
1885 s. Is increase and elimination each year since
and IL 81 the close Of each fiscal year. 10 shown
by the folio wing statement
= rarIn-.d PAA C,aal Asbt a. ele..