New-York daily tribune., 1854-05-29

Th s-ni cf ssssec held an,, P.t Of TIE floating
eonsiderate sneus ef the hsating debt Is w.thoa,
sscufiy end lssge prrt q i has been put D suit
P1S, q ~ l' i ay & .ssj '1aa,ns one 2, sir
e,imsd have been made % ne cOpsuJ rsaderei d
OF deusrS. now IN MI on vich judgment vii 5 G
ohfsn.d 2jjas e7
Tosrsnount of judgment. recovered soon to be
Inc have been :;ad the ;iaoaai 10 90 % q
In addition this the 27th December the Company
excouieda chstte mortgage on the rolling stock aud eu-
ent q the road 10 Of it, judgment creditors 10 Sc
cure the payment Of $4,000, Of which portion has
In March last the Sheriff of Erie County was required 70
sell the personal property OF the Company including lis
rolling stock under execution obtained against the
road by the LackawanDa Iron aud Coal Company the
2ih February. 1854 for $40 5O2 -, and id So The
properly struck off to Mr.. Patchn the President Of
the Company, also it will be recoec.cd. a judgment
creditor TO large aInount in his and for the
sum Of about SIS 0O0
BY virtue Of these proceedings Mr. Pa,chin claims
10 hold the rolling stock in hs right subject only the
chael mortgage above referred to- AZ to the validity Of
this claim the Committee do express any opinion but
they say that Mr. Paobn also expresses his willingness
and intention in the Affairs Of the Company are pu on
satisfactory basis 10 relnquh any personal claim that
he may have TO the rolling stock.
In regard to the business of the road the COMMITTEES
ray:
The eash receipts of the road for the year ending Sept
And lhe e.Tense Of operating and maintaining the road
cars, &c, were I-'' y
In fact however, only about eleven months as the ros1
opensd throughout the line the lst November, lSj2
such is the result Of the last year.
As 10 the present year. the total receipts Of the Company
or Apii ie5 +J75l .
While the ior the same Iae Sisi 70
Iesvps net tusnes, for two month"; ssa7 70
10 rhich II add the sum ef...........'' SSS' "
Expended during the repairs of the track
tis lsst win be-. rs g.
The above calculation is important because 1t goes to
.l.... .er nf lQ
inst but unaccopanied by further explanations would
in the judgment of your Committee give erroneous
opinion as the business of the road In the first place
the sum above stated small rs it s is very considerable
ncrease for the time last year. The road opened in
November 1882 the receipts in March and April, less,
lSee statement prepared by Mr.. Townsend annexed.)
Showing an increase this year Of about SO per cent.
Again, the business Of the last year during the fall
months very much larger The receipts of the Road
September ls53 +S52az 81
October 5ss1 &
Mss sSs expenses in October 1855 Is
ise: same statement Of Nh TcwH:cnd
Showing that the business of the Road and its receipts
can be greatly increased without any addition of expendi
ture.
The Committee speak very encouragngly Of the pros
poets Of the Road for remuneratve business if it could
be relieved from its financial enbarrassments The Com
mttec in concluding offered the following proposition
which adopted:
The present stockholders Of the Company raise the
sum Of si5O coo by the issue Of preferred stock under
the recent act Of the Legislature above referred to- this
sum be applied toward the payment OF the debts for
which the second mortgage bonds pledged and to can
Gel said bonds practically TO mike the third mortgage
second mortgage provided that the holders of the
cured floating debt will consent to receive payment thereof
part in third mortgage bonds and part in preferred stock
in nearly equal proportions may be, and provided
further that the holders of the third mortgage bonds VIII
raise the of 900, TO be applied to the object
above stated of cancelng the second mortgage bonds
and receive for said 100000 third mortgage bonds This
to be assened 10 by the parties interested by
the LIST day of July next.
ain connection with whatever scheme Of relief shall 30
adopted the Directors propose that three gentleman be
press entire readiness 10 accept among their number
any gentlemen who shal be selected by the parties here
represented.
In regard to Mr.. Pachn the report says:
ave should be doing less than duty if omitted
express Of the devotion and energy with which
Mr. Pachn has labored TO carry through the arduous
terprise placed under his charge"
The Committee, assrs Theodore Sedgwick, Edward
Wh.ehouse and beming Duer, were continued in power
and authorized to confer with the Erie Railroad Co. upon
subjects interesting both Companies.
treal Railroad is eco 74s 3o against s4 5l3 II the
pondng month Of the last year, showing gain OF
Sc, ,235 l9-more than 40 per cent.
The result Of the years business according to the annual
report actual earnings amount sufficient pay
interest the whole Of Mortgage Bonds issued hand
six per the full amount Of Preferred Stock and
about SO per share on the old stock This amount could
have been divided but for the extra interest floating
debt
T7c amount of the Maryland Coal trade for the week
ending the goth Of May and for the season. compared
with the total Of last year, is as follows: