The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-24

NEW YORK AND ERIE RAILR0 aD--rHE COMMIT.
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isave to rseenmsna that the compaay aavsrtiss for
sealed to ts opened On tSs ioth ssy q Jana
rdssmabis in twenty years with interest corpeas
payable lst February ana Lat August And thst for
the q es
the nselvss in said bonds to pay monthly conmencns
on he LIST Of March next the sum Of thirty ave thou
san6doars into the banda OF srusees, to b. By them
VESTED wen - the acsruDg intersst on the invest
ents In the bonds OF the New York and Eris Railroad
Of the new long sasy S.1 the = p pu
At or under par thea the said trustees to invest
est in any bonds OF the New York ond Erie Railroad
Company which CT be purchased al or u.der par Ana
whenever + shall b impossible TO gascnsssc any o. me
under par then the said trustees shall inves the
ad and all accsuing interest IN such
fonds OF the New York and Ers RsilroAd Company ~
can be purchased at the lowest rate And I'll bones ON
berg purchased by said trustees shsl be cancelled nv
vrit.pg CT printing on thsT lace aeio ny ,ns SINKING
that the interest warrants said cancelled bonds shall
DO collected BY said trustees ~ they become due until
the monthly IAy ments Of the Nov YORK Aad Esis Rau
road Company and the accruing interest the CONVEX
sion of BONDS into stock OF this company shall
sSs Ssos q m ~, ss9nsn 70
shall and tina ust vested in cad trustees sha Be
closed and all cancelled boads ami the unpaid in,erest
would furtter cd that .hs Board Of Directors
adopttt follo*ing Ieao utions:-
Whereas The period has arrived when II is eIpedieut
and receay ccse the copstruc Ton account Of this
Company to b opensd only when the imperative
oessity OF the iRcrsssry traffic the road and tbs
s, evident that i. proper aud ustia bile 70 re ope
4 SO IS TO heass the present capacity Of the rca
thieffr,
Resolved, That Any AMI all future expenditures b.
yono the to be derived fro the proceeds OF the
new ioao Gtsr reuoursisg tee income bonds due LIST
February next To charged 70 transportation Expenses
Re oveo that oten a. tho bonds purchased b. the
sn rg fund to 10 per cent the capital stock
ss w d.ssrs auS s
snnuai dividend day stock dividend Of ten per cent
Iesoyed That these resolutions b published In tbs
dsl papers, SO that the public have cosnzance Of the
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! ;#EESE;: ; : A. E : e.;
Sealed prcposals viii be received at the Office of the
New York ard Erie Railroad Company in the city Of New
an 1SsS q S'y Of 1852 70, shs pus
ing feyen Per cent interest payable rem annually
the fIst days Ct February and August rsdesmabe in
ny will pledge themselves in said bonds pay monthly
commencing on the 6rst OF March Iext, the sum Of
thirty Ave Thousand dollars into the hands Of trustees
to be by them invested well al accrnng interest
In the bends of the New York and Erie Compa
ny of the present issue org they be purchased
at under pa-; and whenever the bonds Of the new
Issue cannot be purchased at or under par then the
said trustees shall invest the said monthly payments
and the accung interest in bonds Of tn New York
OF under par And wherever il shall BE- Impossible to
purchase any of the bonds Of the New York aud Era
ksIoad Company at or under par then tho said trus-
crung interest in such bonds of the New York and Erie
Raj road Company as can be purchaed ct the lowest
rate And oil bonds when purchased by the said trus
face; ..h.M By the sinking Fund Of the New YORK
and Erie Railroad Company = but the coupons such
cancelled bonds shall be collected by said trustees
New York and Erie Railroad Company and the a,crung
interest or the conversion Of convertible bonds into
stock Of tho company, shaM have reduced the entire
said monthly ments shall cease and tho trust vested
in such trustees be closed and all cancelled bonds and
the unpaid interest warrants delivered to the New York
and Erie Ra iiroad Company. The successful bidders
will be required to pay ten per cont in cash the
tce Of the acceptance Of their bids 20 per cent the
sen Fl ~ 80 per Ssa ,h LIST Of rsS1u per
March. The income bonds OF the New York and Erie
RaiIoad Company VIII b received in part payment ct
the company lhs directors Of the New York and Erie
public beg leave 70 state that Il v be amply
Det anc the entire prssent floating debt Of tho com
psny well TO complete all the un6nlshed work now
nrder way By resolution Of the Board CT Directors
IL present loan, will be charged to expense account
and paid from the income OF the company, after pAy
ment Of the interest the funded cebt and the month
payment 10 the sinking fund. After the nego is.iou
OF the pr loan and the redemption Of the incos
bon.s, the position of the company viii be-
Sends OF 1857 ist mtg sSoc'oOo
% of 1859 I'd ACKNOWLEDGEMENTS. 1850 600
Of 1857 co Convertible Observation-Disclosures. S soo'SoS
Of 1876 present loan ................. 100000
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