The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-25


10 do. Suffolk Bank OBSERVATION-DISCLOSURES. 40
" - de- DO Observation-Disclosures: 70
Mr. Simeon Draper VIII hold his sem weekly auction
sale Of stocks and bonds to morrow {Tuesday at the
Merchants Exchange, at 12h O'Clock.
We shall have accession OF about two millions of
dollars to our present supply Of specie by the steamers
Illinois and Prometheus. This Is about the average
semi monthly receipts from California and just about
fills the vacuum caused by shipments to Europe.
The receipts at the Office OF Ii Assistant Treasurer OF
the port of New York, this day, July a. $751;
IS; the payments amounted to sl7,2Te 06 leaving
a balance on hand Of ~, 277, 23l "a.
The most extraordinary financial operation Of the day
is that just made by the New York Central Railroad
Company. The concern announces that dividend Of
four per cent win be declared to holders Of the stock
the LIST Of August but the payment win be postponed
until the amount necessary to pay IT shall be realized
from the sale of bonds in the market. This is
tairiy species Of fnanciering Of the most modern
character II is entirely for railroad managers
and II is considerably ahead OF the far famed rancrs
OF the Erie Company The Erie directors coutrived to
borrow the money before the regular semi dvi
dend day round, and at that time pro yided
With ample means, but the New York Central COMPANY
boldly declare dividend and promises to pay
a. the money can be borrowed. There is something
reshng in this spirited dashipy Of 6nanciering in
these duh lines, and the managers Of the New Cen
tra Railroad Company really entitled to the thanks Of
Tie stockholders, for the financial skin exhibited in get
ting rid Of the difficulties and embar which
few days since threatened to oyerwhem the whole con-
Germ After this we stand most anything in the
way OF railroad 6nancierng Such things from
the public mind all fears and apprehenons regarding
the non payment of dividends, and create on6dence
In the management not easily shaken After this the
stockholders in the New York Central doubt the
he com ia divide m hash hos
shown that there is no necessity for earning We
received day two since several long ports from the
Central Railroad Company, and laid them side for
use when our space would better permit; but it
might be more satisfactory 70 the public generally to
have the position Of the company defined officially, we
annex the statements made by the directors and super
ntendebt:--
NEW YORK CENTRAL RAILROAD.
To the Socxhodes;--At meeting Of the Directors of
the Company held this day. the annexed report Of the
superintendent to its business for the fifteen months
which will end the 3lst day Of July instant pre-
sented. The classification Of the Superintendent
consisting of Messrs. Richmond, Body and Wilkinson,
who found the satisfactory. From this statement
appears that the net earnings OF the road to the
3lst instant after deductBg the first dividend show
balance OF 81 PIG 307 23 out Of which dividend of
four per cent amounting to 1859 o2 has accordingly
been declared by the board payable hereinafter stated
circular containing a statement OF the affairs Of
the company having been submitted to the stockholders
the 3ls May last the time the option subscrib
ing for 600 of the convertible bonds Of the
pany offered 10 them ii Is unnecessary 10 recaptu
late the facts contained As the stock Of the company
that time above par it was thought TO be due to
the stockholders to give them this option Had this not
at at that time The continued and increasing pres
sure on the money market combined with other and
most extraordinary causes, has prevented tSee bonds
from being taken. This unlocked for state vt things,
which no human sagacity could have foreseen certainly
not at the early day at which this issue resolved
upon, has entirely disappointed the directors in their
financial arrangements, and, instead of finding them
selves in funds for the prosecution OF the Improvements
on the roads has left them alternative but to loan 20
the construction account the current income Of the
company after paying its ordinary expenses in order to
meet the engagements arising from the work il mad un-
dertaken The amount thus loaned will be refunded out
oil the hrs sales which may hereafter be made OF the
convertible bonds.
The accumulations Of capital now going on viii, 1t is
believed before long, begin to seek investment, and
it is confidently hoped that sufficient amount Of these
bonds for this purpose will be disposed Of at an early
day As soon as the requisite amount shall have heen
received from this otherwise the dividend Of
four per cent declared as above mentioned will be paid
to the who stockholders the first day OF
August next with interest from that day, Of which due
notice win be given.
81 discount which in the admnist ration Of
the companys affairs they have never in any way sub
mitted to their sale could be effected There be
question that much Of the present difficulty under which
the railroad system Of the country is abng has been
brought about by the sale Of the bonds OF railroad
panies at n rninousiy low rate.
The Directors of this Company, acting under the advice
Of many Of those most deeply interested in the road,
viii continue TO hold the CoDpanys issue OF per
cent convertible bonds at par assured that their ntru
vaue and the safety Of the investment is such
ply 10 warrant them in this course and they trust
believe that the great body of the stockholders will sup
port them in this conclusion II is quite time la their
judgment that effort should be made in some quarter
to prevent those sacrifices the effect Of which when
once made is perpetual charge upon the Of
the company submitting to them. Erastus Corning,
Dean Richmond, Joseph Field, John Wilkinson, Russell
Sage, Alonzo G. Paige, David Wager. John H. Chedeu
Azsrah Booty, Horace White, John " L. Pruyn, Drec-
tors
Messrs. Gibson and Mcintosh, the remaining Directors
were not present at the meeting.
ALBANY, July % 1854
To PRESIDENT AND DfRrcroes o. riIs NV YORK
CEsTRAI RAILROAD CosPlNy.
GsSrENFS-ln submitting the annexed tatement Of
receipts and of the disbursements transportation
count for the fifteen months ending July 81 1864 beg
leave 10 state that the several companies composing
the Central line consolidated in the spring Of 1853
after an unprecedented pressure Of business during the
previous winter
That many parts Of the line OF the road and the roll
ing stock consisting of locomotives passenger baggage
and freight cars found to be much out Of repair
as 10 require m extraordinary outlay to insure safety
and IN order 70 meet the requirements OF rapidly in
have insufficient supply Of fuel and materials for the
necessary repairs Of the road and rolling stock Many OF
the machine and repair shops were not supplied with
materials and convenences to do the work reauirei I'm
provements in this particular have been made which will
materially reduce the expenses in this department here
after.
large number of locomotives which we're in bad con
don have also been put in good repair The passenger
emgrant baggage and freight have been thoroughly
repaired and reprinted. New trucks also been put
under large number Of the cars above specified
The opening of new books, and the entic rcorganzs
ton OF the passenger and freight departments of the
road, also occasoned extra expenditures.
IN consequence OF the improved condition Of the road
and rolling stock resulting from the repairs and
proyements alluded to, the expenses OF operating
already diminishing and see reason why they should
not be materially reduced for the next twelve months
while we have the capacity OF doing sli larger bust
4 ness
has heretofore at least been the practice with
companies to charge 10 INSTRUMENTATION account items
which really belonged to the account of repars This
was no doubt done unintentionery in cases. and
before the proper mode o keeping these accounts
determined, This method has not besu foowea in ,nv
way in our accounts nothing having been carried 10 the
account Of construction which did lexitimstey be
/ lonv to IT,
The Importance e this matter 10 order TO prevent be.
ing deceived as 10 the true Earnings OF the rs cannot
i be over estimated.
The increased cost OF labor and supplies and OF one
rating roads at the high speed required in order to meet
public expectations, connected with diminished rate OF