The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-26

cspsection Win the direct Wess ths company deemed II
with the southwest I'D, for this parposs and upon
contracts securing them desirable business conoecoos
they have, within the past year eztendsd = limited
which point 10 the Mississippi and st. Louis The be-
rate aid thus rendered ample securities, has essen
tally Fastened the completion of continuous railroad
commu mic lton TO st. Louis. b. these arrangements
this company by moderate outlay, has secured and
in short time win enjoy-'hsough different routes
Toledo over their line to Chicago and thence to st.
Louis Fhus tails company win DO placed in the most
favorable position which 1t can occupy to compete
for the western srac with tue lines Of
railways In process constr action extending east from
tsronsh a he interior TO Inc Atlantic cities.
In no other than that above mentioned has this
company gone beyond It's ovu immedats Lines TO aid 10
The construction OF other works; has 10 any
initials TO or entangle nerts with any other eo.erprise
than its own. The board win oonne their efforts to
feeling assured that With the extensions ami connections
already sscured and the early completion OF nearly
finished roads, the business which their lins may oon
adeny expect win b. enough 10 tax its full pacity,
and 70 satisfy by its returns all its stock hold ms.
has the uniform custom OF these panies at
equen. periods by committees Of the board and by Its
executive officers thoroughly to investigate and examine
the in all their departments immediately GRE
ceng tho declaration Of the July dividend the usual
eyamin ,tion vas had "a also an ersmna.ion of The
stock and certificate account OF the companies EXPANDING
from their organization 70 that time. Although 1t
has been Gust mary to refer these examinations
in their communications to the stockhnId,rs yet the
Board do not deem at the present time 70 do
",
,minations has demonstrated the accuracy per
feet fidelity OF tue ACCOUNTS and books of the company
of u ose having them in charge. II may be proper
to aGd tina. the stock and certificate b,oks have always
been open the inspection Of every stockholder and
they will continue free Of to all who partners
in the corporation and have thereby acquired right
know their contents Tho Board have heretofore adopt
ed all those guards which seemed necessary TO
accuracy and fidelity in their books and accounts and
they VIII from tame TO time adopt ouch additional
their experience that OF others may suggest
a. best calculated TO ATTAIN this snd.
In conclusion beg TO suggest to The stockholders in
these companies, few considerations, made p,rtineus
by the present excited state of the public mind Apanic
temporary in It's duration, We trust aud believe, ap'
paranly caused by the deyelopmsat OF misconduct on
the part OF prominent railway managers-has for he
moment, seized upon the financial puolc, and caused
depression in all railroad securities. This Is an unnatu
raj OF things and ]. mast be temporary. Railroad
securities like all others, viii eventually be eHtmatet
according TO their intrinsic valne Those which are
faithfully administered, aod ara based upon solid
tlbshca and remuncrstive business, CANNOT fail In the
end 70 DO rightly appreciated.
Al time like this when the general distrust may, for
the moment, conouni the worthy with The unworthy
railroad enter prses OF the day, address ourselves
them this report 10 which we invite their oil atten
ton. tess than i've years ago, Of those who
address you with few associates frat organized for the
construction al the Michigan Southern Rairoal In 1851
they commenced taking up subscriptions fur the Norh.
ern indapa Railroad IN June 1852 Less than eighteen
month from that time the line from lake Erie Ch,l
30 first opened for At the present time these
companies ia The receipt of gross earnings from their
business which viii rot De less than 81 600 600 or the
rgs from the 80 miles Of road now corplstel aud IN
use insure net profit large enough to pay the interest
upon the entire debt o the companies, and 10 Per cent
vdcnda upon their stock mat debt and stock viii be
when he AS ues of road which the companies have pro
ieced completed TO the 81 900 900 oil present
nue. which these results, added reasonable
allowance the natural annual Increase of business
upon the unfinished lines and the most moderate est
mate for the business OF the leo miles yet TO brought
into use 1t VIII be demonstrated, beyond MI reasonable
doubt that the future earnings OF the companies viii al
low dividends Serai those they have hitherto paid
TO their stockholders.
Fully ing that the stock OF these companies
valuable than ut the present moment
commend all tie stockholders TO avail themselves OF the
opportunity offered for calagr their investment Tae
property we managing Belongs to them. The new
works We have 10 hand partly completed and which this
Issue Of stock s designed 10 dni is FOR their benefit
calculated and intended and increase the
)ue Of The investment they have already made. At
time like the present. il Is important that the board feel
that they fully and cordially sustained by the stock
holders. With view to give to their operations the ut
most efficiency, and to enable them 70 finish the nav
works TO the best advantage the board expect that the
stccsho ers win respond promptly TO the cali Of tire
company by taking The first day OF August tho
stock TO be awarded to them that day AMI paying the
instalment then due and they hope that the soc<hod
era will as Tar convenient, anticipate the remaining
instalments BY doing, they viii most ehectually
ensthen the hands OF board md enable them to
carry out successfully the works which they have
Undertaken. BY order OF the board.
JOHN j JIRviS President
EDWIN G. LrTcur1rIp Treasurer.