The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-30


debt funded and floating, 81 763,635 total cost
a. $50 s3s To represent this they have road ninety
one miles in length from Buffalo TO Hornellsvile, where
iscoppects with the New York and Erie Railroad Com
papy at point 332 miles from New York large amount
of real estate p the heart OF Buffalo, and admirably
situated for the purposes Of business represented
worth less than $500 0oo and very complete roll
stock and equipment consisting of sixteen locomotives,
sixteen passenger cars hundred and thirty eight
freight cars seventy gravel cars fifteen hand four
baggage cars four emgrant cars, and two mail
The company has issued First Mortgage Bonds di.
rectly and by way Of hypothecation, to the amount
Second Mortgage do Observation-Disclosures. 5o00O0
Third Mortgage do...... $4,000
Total mortgage 80, 275, 900
BONDS ISSUED
or those Of the first actually
or the second. ................. 5000
OF the third :......;.... s5s,ooo-sl, 400, 900
OF the first mortgage bonds are
hypothecated ................ l5b,O0O
VI the second .................. 494 600
VI tne snhu''..... .............. Ilo,WV- eoo,OOO
or the mortgage bonds, then, there are held
As security ACKNOWLEDGEMENTS. $3.50 900
Total 81, 275, 900
This latter amount OF $500, 600 is held against
part Of the floating debt which amounts to u 1856
considerable of the floating debt Is without
security and large part of it has been put in suit
The amount Of judgments actually recovered,
including those Of Mr.. Pstciin, the President,
for Sll5,f32 ~, for cash advances claimed to
have been made to the company, rendered
OF demands now in suit on which Judgments -
will soon be obtained. Observation-Disclosures. 265 O43 81
Total amount Of judgments now recovered or
coon to be obtained. s47e, 100 %
Income bonds have been issued to the amount
u...................... $lo3,OO0
In addition to this, the 9th December the compa-
ny executed cbattel mortgage the rolling stock and
equipment of the road to two Of It's Judgment creditors
to the payment of $50 900, of which por
ton has been paid.
In March last the Sheriff of Erie county required
to sell the personal property Of the company, including
its rolling stock under execution obtained against
the road by the Lackawana Iron Coal Company the
9th Feb 1854 for $40 500 49, and did The proper
ty struck of to Mr.. Patchin the President of the
company, (aso it will be recollected, judgment credi
tor to large amount) in his name and for the
of about $4,000.
The cash receipts Of the road for the year end
ing September 80, 1858, ........ $194, S9S 43
And the expenses OF operating and maintain
ing the road cars, &C., 1872 oo4 90
Leaving net revenue for the year Of .... 32s,3 So
lin fact however only about eleven months the road
opened throughout the line the LIST November 1882
Such is the result Of the last year.
Az to the present year, the total receipts Of the
Company for March and April 1854, .$37 651 45
While the expenses for the time were. 1851 IS
Leaving net business for two months Of 81, 687 10
To which if We add the Of. .......... $685. 90
Expended during the same time repairs of
the track, as appears by answer II Of the
Board the net receipts for the last two
nohthb VIII Zoo u
The above calculation is important because 1t goes to
explain the payment Of tho interest due the LIST
instant but If unaccompanied by further explanations
would in the judgment of your committee, give very
opinion to the business of the road In the
first place, the above stated small it is is very
considerable increase for the same time last year.
The road opened in November, 1852: the re-
ceipts in March and April 1883, were but 1857 8S
Again. the business Of the last year, during the fall
months very much larger The receipts Of the road
for epiember, 1853 were. $50, 272 "a
OCloDer 4lO40 DO
While the expenses in October, 1858, 1858 So
No'emoer.. iosso ~
Showing that the business of the road and its receipts
be greatly increased without any addition Of expen
dure.
The annexed statement exhibits the average daily
doD of the leading departments of tho banks of this
city for the week ending Saturday morning. the 9th Of
May, 1854