New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-12-10

The commission charged by Messrs. c. & Co. on
the purchase of rails and tires was p y ceut The
Committee e1pess the opinion that the Company
should not pay any commission on the purchase OF
rails on this side the Atlantic, as iron agent
here resty TO contract for rails without such com
mission. The Committee cay:
ain record to these gu rchsses, generally while tie
Committee have reason to suppose that The lest
interests of the Company have not been properly 10 oked
after in the purc hther made of hs house OF E.
Coming & Co, and while they admit tha. the high
character of the Preside Mt of tie Company is in sel
sufficient guarantee tina no improper or unnecessary
pur bases been authorized still the practice of
buying articles required for the use OF the Railroad
Company from its officers might in ii ne to come
lead to abuses of great mRgI ude and In that view OF
the case tk, Committee of opinion that the sys
tenn of purchases as now conducted should be modi-
fed and that it should be placed under such regua
lions and restrictions by the Directors as they upon
consideration may deem best calculated to pro ec the
ner sis Of the Company IN this branch OF their bust
ness.
In regard to the purchase Of land at Buffalo, the
Committee report that Committee consisting Of
Messrs Coming, Richmond and Body recommended
the purchase among other property of tract on Buff
falo Creek called the Richmond and Boone lot, for
Sl6O,tOo and the Company purchased it. The half of
this tract belonging TO Mr. Richmond is said to have
been bought by that gentleman Of Mr.. g. w. Rogers
of Lockport Tor e42 500. The whole parcel was S67
feet on Bufa'o Creek harbor, 400 feet on Ohio
street lac feet (ipcludng passage way on wharf on
Michigan street, and 273 feet Including passage
wharf at the opposite eastern side. Upon it was an
elevator which, with another another part of the
Company property, let for $4,000 per annum The
entire purchases at Buffalo amounted to $500, 500.
Calculating the interest the purchase snd deduct
ing the rent of the elevators the balance against the
Company is 81 ,240 annum. The Committee express
the opinion that the lands are now worth more than
as paid for them, which is not unlikely They have
evidently found this the most difficult charge to han
Gle and although they sustain the purchase, yet hey
express no opinion upon the propriety of an officer Of
d company speculstiDg in lands he knows will be
qued by that company, and in the purchase OF which
by the company be viii have q voice as Director.
We shall initiate their JUG icous silence. The Commit
tee state that they are informed that Mr.. Richmond
declined to act as q member Of The COMMITTEES which
made the purchase snd u ey infer the purchase was
mace by Mr.. Coming and xr. Woods. The charge
tba; the Superintendent Dir Vbbard, had an interest
in the Schenectady Locomotive Works, where engines
are built and repaired for the company, vas disproved
In regard to the investments Of the company in steam
boats On Lake Erie and rsilroad stocks on the north
and south side Of that Lake some g. zoos for the
purpose Ct securing traffic for the Central rose the
Committee appreciate The motives, but add
How far these investments have achieved the de-
sired Objects your Committee have no means OF as
ceraining. To q certain extent has, without doRbi
contIibuied 10 enhance the general business OF Tue
line but whether in degree commensurate With The
ouilsy must be matter Of opinion, for tiers V no
proof But, whether more or lees, your COMMITTEES
ue Of opinion ths. such pves'ments lead TO e nbr
rs su ents and frequently to oeses and they would
commend that further arrangements OF that na-
ture be entered into by the Central Company"
We shsn continue our Abstract of this report to-
morrow. We have to day only room for the an
neIed