New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-09-16


- stsa,Ss -
Refuciu- the actua cost 70 ..............sSSSsfg 70
The II come Debt about eos, 900 greater bat
that amount OF the bonds have recently been
deIed and rted Into the stock Of the Company.
and il is supposed the progress of conversion will be
accelerated and much larger amount retired and
converted INTO stock, during the ensuing year
It's our purpose also. 10 enter into no ae@ oblga
tiOns either for construction or any other acoDnnt
further than may be absolutely necessary 10 keep the
line il good order and provide for the rapidly acreas
ing business of the ROAD.
The receipts of the road have largely exceeded the
calculations of is friends, you will perceive from
the following results:
For 1882 receipts us -
For lt5S the receipts were 4"
Increase. s9's SsS 70
From the st January to the lst September of. the
present year mohths) the receipts were '.sjil 80
C6uespoudius months last year.. '''..''.'''.'J'@' 20
Increase 70 per so
For August 1884 ~
For August 1858 bos5
Increase 60 per $50 10
solomon W. Roberts Esq, our Superintendent and
Chief Engineer, estimated the receipts OF loot at
5000 GOO they will reach fnot exceed 900 900, or
upward Of s. coo per mile per annum on the entire
lcpgth of the road, giving per cent on cost oil
- COO
Tie period has now arrived in the affairs Of this
COMPANY when il will doubtless be looked for the
pant Of those interested in its stock and securities
that some efficient should be adopted for
gradual reduction of ts Indebtedness, and final hqu-
dat,On of IL Income Bonds. To this end, the follow
ing plan hhs been suggested as practicable, Ia yiew
of late results in tho receipts Of the road which the
Board Of Directors will promptly carry out, il hlv-
ing met the approval OF your reelection and Juis'
uent to wit:
The creation of a Sinking Fupd for the liquidation
Of The Income Bonds by setting aside the Of
S25 COO per annum out OF the net earnings of thu
Company paying in sums Of g., $50 quarterly, con-
menciDg III January next. These pdym' nts viii DO
regularly made to you, tWinslow. Lanier n Co. j rs
our agtuts To invest the ZANE ia the Income Bonds Of
the Ohio and Pennsy lvania Railroad COmpany-said
Bonds a. purchased to be cancelled.
Il is believed that this sum OF SIS 600 thus applied.
together with the probable surrender OF bonds for
conversion INTO the stool Of the Company will
tirel, liQL'date the Of Income Bonds. But IL
is found at the end of two years from the first day Of
January 1855 that the bonds not thus being sur
rendered in sufficient amount, with the beiore-nen
toned payments of S25, 900 per annum, 10 produce
this result then the Board Of Directors viii make
provision for sufficient increase of that amount to
meet the case 90 that the Income Bonds will be pro
vidtd for by or before their maturity.
This il step for which the Company deserve high
COMMUNICATION. and the example is worthy the alton
lion Of oil Railroad Companies. sinking fund
should be established by them alsuicient to absorb
tier debt before maturity. This course would do
more toward the establishment of conf loncs in
railroad securities than aDy other that could be adopt
3D. and lenders should kfexibly require the estab-
lisLment Of such fund.
About 81 100 900 were engaged this afternoon fer
the s'enme to morrow, large portion Of which was
in American coin, most Of it Of California mintag,
A large amount goes forward account Of tho Mex-
can fund
We have been favored with the annexed extract
from The the new Stamp Act, to como into operation
from and after the 10th Oct, 1854:
OH, duties by this Act, granted in respect Of
BIls Of Exchange srawn out of the United kiugd)m
shall attach and be payable upon all such blls IS
shall be paid, indOr,ed, transferred or Otherwise
negotiated within the United Kingdom where7oeyer
the same may be payable, and the said duties shall
he 1oted by adhesive stamps 10 be provided by the
Commissioner Of Inland Revenue for that purpose.
and 10 be affixed to such bills "a hereinafter directef
he aied kingdom and DayabLe Vih,n tie Cnitd isSiss