The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-10-18

oparehass IL eazs sftsads usssziss It shs earliest
data In lsss thaa year sstsr suoh . sinking funf
fsn spsrstsa there would not b outstanding bond
q tbs snpsny but what would b above par. Ths sp
prspris&isn ef three hundred thousand dollars pr
aun ssr the purchsss Of ths oompanys indebtsdnsss
woud according = the conmittses report Of proeabls
Income and expenditure for the year ending Sept So 1885,
leave tbs Of hundred thousand dollars for the
payment to ths stsnt Of hs floating debt The reduc-
ton OF dsst ct this rate oould not favora
be snuex upon the markst value Of the stock, and
tho certainty q receiving dividsnds actually earned at
fixed tine would give holders Of the stock oon6dence
With good Management Erie Railroad stock has future,
and W have strong hopes Il H. Ths committees report
shows that all we have heretofore said In relation to the
Management Of the financial Affairs Of the company
true; It also shows that important reforms have
been introduced into every department and induces
to believe that many more win be sAoptsd From the
reorganization Of the present Erie Railroad Company
in 1S45 up to the month Of July, 1854, period
OF nearly ten years. its Affairs In every department
grossly, almost crminally. mimsnaged. Errors
enough were committed to have swsmped any other
company. After having extracted nsary the whole Life
blood Of the concern and when IL upon tho very
verge Of bankruptcy, crcumstn compelled the ma
nagement to change iss system in every department,
and place the finances Of the company upon different
basis With the greatsU din ,rIty delinquency was
avoided; but thess difficulties Led TO more thorough
examination of the affairs Of tho toraton and the
adoption Of such WILL In our opinion plAcs
every interested in the produovsness and
Of this great work Of internal improvement better po
son than they have st any time yet occupied Ths
pary have immense whish, il properly husband
ed and applied win very not only al embar
assmepts but restore rs credit and give al the facilities
required for the profitable operation OF tho line
1t is only within the past four months that the manage
ment have exhibited any disposition to make provisions
for future omerxencies have taken the rst step
rest the rnpid course of the company to hopeless nso
vncy Fortunately the effort has not too Late and
have hopes that the future win be full Of reforms
Ard that in much shorter time than supposed pos
sibe few weeks SINCE the Aasnces and credit Of the
company win be restored to something lie order and
standing The recommendations Of the committee rsla-
tive to the President and Vice President trust viii be
adopted If the present incumbsnts cannot conform to
such requirements the quicker they rssgu ths bster
AL parties concerned. The mmitee rep ort will With
out doubt DO favoraby received by capitalists in Eng
land and on the Co ntnent
After the adjournment or the Arst board to day the
following sales were made by Simeon Draper At auc-
ton
$4,000 first mortgage per cent bonds of the Co.
lumbus, Pqus and Indiana Railroad Co., due 1851,
interest payable January LIST and July LIST, ia New
$4,000 state Of New York scrip, issued to New York
and Erie Railroad Go bsaIng interest At the rate Of
bH per cent, dated sept. 1st 1s4t, rsdeemabls
$1,000 nrst mortcass psr cent bonds the San
du,ky, Mansfield and Newark Railroad Co due 1878,
interest payable March LIST and September LIST, in
Now York, 81, 600 each. 43
80 do. Third avenue Railroad Co.. 800 eAch..... 80
At the second board there was quite reaction, and
nearly all the leading stocks soi st lower prices Erie
Railroad fell of per cent; Reading Railroad, *; Mica
" E.;o
bondi, 1871, X Erie income advanced per cent The
rise this morning was too rapid to be permanent.
The steamship Cahawba, .. this port from Havana
and New Orleans, brings e257 900 IN specie.
The steamship Canada, from this port for Liverpool
to norrow "wednesday, will take out about three.
quarters Of million Of dollars in specie. The dsna
for sterling exchange limited to day. rates
heavy. Bills ON London we quote at - OK per cent
premium.
The New York Central Railroad Company earned
se4o % In September this year. against $685. 81
fer the same month last-increAss, $6l,720 81 The
Michigan Southern and Northern Indiana Rsirosd Conn
pany eaned $3.50 s5 In September this year. against
&le7 $40 90 for the Same month last-increase
s3s, 9lS e6
The Boston Traveller Of the 10th inst says
The Vermont Central Railroad transfer books have not
get teen opened much to the Inconvenience Of many
Jarg shareholders The irectorB have taken eyxt ad
vice, We Understand, in regard to assuming tbs
issued stock and have BY this arrived at tw,
conclusions first that they canuot the stock
without being personally Table, sad second that they
cannot be personally liable IL they do it, mas
much the stockholders have instructed them to
do by vote At special meeting It is stated til It only
about 2,oc0 shares Of the Over-issued stock be
traced.
The Burlington (Vt) Free Press says
The assignment which the long established and we'll
known firm of j. H. Peck Co. have felt themselves
constrained to make subject Of deep regret through
on. . wide community, who have been for 20 many
years acquainted with 1t In business rel tions VITA
its individuals kind and generous Of socie
ty. Tho shock to which they have yielded Is drect
result informed Of their being security for
other parties whose debts the stratened condition
of the money market and with moro limited bank ac
coDmodatons than they felt they had right expect
the Messrs Peck Co. were not ready TO- meet at once
to the peril of other parties who had direct
claim upon them. Their asfets are very large.
The Illinois Central Railroad goes steadily on towards
its completion, with, indeed, somewhat accelerated
pace in consequence Of the embarrasuents Of otners
That H. labor has been abundant and moro ener
getcslly applied The progress has been follows
LENGTH c-coxpEm ~
Cairo to Galens.. gag l2s 22s 32l ~
Chicago branch. 256 90 128 153 103
Total........ 7o4 2lS a5S ala go
This stsa6v proOr~ss has h>au rosds In . ar ~