New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-07-24

der the advice Of many Of those deeply interested in the
road, viii continue TO hold the COmpanys issue OF
cent Convertible Bonds par assured that their intrinsic
value and the safety OF the investment is such "a apyto
warrant them in this course and they trust and beeNe
that the great body Of the stockholders will support them
in this conclusion IL is quite time, IN their judgment
that IN effort should be made in some quarter 10 prevent
those sacrifices, the effect OF which "Hen once made
perpetual charge upon the resources OF the company sub
uniting to them
rP.srrrs CORNING ALONzo C PAIGE
JosTPTI FIELD. JOHN CHEDgLL.
john Wilkinson, AZARIAH BOODY,
RUSSELL SAGE John v L. PR RUTYEYA'h WHITE
IMesrs Gibson and Mcintosh the remaining Directors,
were not present at the meeting.
go he Presi9ent and Directors ofe Nev- York Central
Railroad Company:
GEsTLEsEN In submitting the annexed statement OF
receipts and of the disbursements transportation ac-
count for the fifteen months ending July 81 1854 beg
leave TO state that the several Companies composing
the Central line consolidated the spring of 1888,
after unprecedented pressure Of business during the
previous winter.
That many parts of the line of the road and the rolling
stock consisting Of locomotives passenger baggage ana
freight cars found be much out of repair AZ to
require extraordinary outlay 10 insure safety and in
order 10 meet the requirements OF rapidly increasing
business Some Of the roads also found to have an
insufficient supply Of fuel and materials ior Inc necessary
repairs Of the road and rolling stock Many OF the ma
chine and repair shops not supplied with materials
and 10 do the work required. improvements
in this particular have been made, which VIII materially
reduce the expenses in this department hereafter.
A large number ~ locomotives which were IN bad con-
d,i0n have also been put in good repair The passenger,
emgran baggage and freight have been thoroughly
repaired and reprinted New tracks have also been pat
under a erge number of the above specified.
The opening books and the entire reorganization
Of the passenger and freight departments Of the road
also ocCasioued extra expenditures.
In consequence OF the improved condition OF the ROAD
and rolling stock resulting from the repairs and improve
ments alluded to- the expenses Of operating are already
diminishing and reason why they should not be
materially reduced for the next twelve months, WINE We
have the capacity of doing still larger business.
II has heretofore at least been the practice with many
companies to charge TO the construction account liens
which really belonged 10 the account OF Eepars hs
was DO doubt done Internationally in some cases and be-
fore the proper mode of keeping these accounts was de-
termined This method has been followed in any way
in our accounts nothing having been carried to the az
count of construction which did not egtmately belong
10 IT,
The importance Of this matter in order TO prevent being
deceived the earnings OF the road cannot be over
estimated.
The increased cost Of labor supplies and of opera
ting roads at the high speed required in order to meet pub
lie expectstions connected with diminished rate OF fare
has very much increased the per centage OF the cost com
pared with the gross ncome of operating all railroads and
points 10 the necessity of general advance IN the rates OF
passenger fares and freights. Respectfully, &C.,
&. VIBBARD, Genl Supt.
EEW.YORK CENTRAL RAILROAD.
STATEMENT Of actual from Pdssegers and
Freight Aiseneou heeept' for ne Wt" Months ending