New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-07-30

The annual meeting OF the 0gdensburgh Railroad
Company was held on the 2jth inst. at Malone at
which report of the condition Of the road was read
which gives but little hope 10 the stockholders and
second mortgage bondholders. The net earnings
were but $40 900 more than enough to pay the interest
in the 1857 Mortgage Bonds:
The gross earnings during the past year We're
S54s 527 CO, of which was derived from passengers
Slls $40 - from freight s40s $50 3d. and the balance
from mail, expresses, &c.
The passenger trains yielded only Al 03 = mile run
BY trains which, including the expenditures FOR re-
newas OF iron, cIOss-es, equipment, &c, hardly paid
cost The population Of the towns through which the
road lis mes is located is less than 40 600 and fur
nsle only small resources. The reight-traic from
the West pays only cents h tun = mile. The total
tretic-nsOurces Of the road from passengers and
freg t amounts 10 - 626 s6 mile in length of road
This is about wo-ffths Of the average resources Of
roads in Massachusetts and NewYork the productive
ness Of which Is not equal 10 six Z cent & annum.
II is argued that the less ability OF the Ogdensburgh
Road is not surprising especially when il considered
that the business of the latter in freight transpora
tioD acquired under the deprecating effect of cOmpe
tition with water facilities.
The expenditures for working aud repairing the road
and equipment were 1888 6I and there have been
expended for renewals SOL 40 05 in editOn OF the
amount expended for renewals $685. e2 = were for
ais.
The let income was sl4j733 o. OF this the first
class bonds required sos 600 leaving s4O,733 o. for
application to other interests or necessities.
II is argued that first mortgage bondhOlders are
amply secured far the property Is certain 70 earn
sum sufficient 10 pay their interest, which the trus-
tees II possession OF the property by the terms of
tie surrender to them bound to satisfy first.
The necessity Of providing for depreciation out Of
earnings before paying interest, is earnestly repre-
sented The neglect Of this policy is alluded 10 es an
explanation Of the present condition Of railroad prop
erty in q large degree. IL has had great influence
in reducing the tariffs to their present low figure mas
much the basis OF the tariff the cost Of doing work
has been falsely estimated by emitting the important
element of depreciation, which sooner or later must
become tax upon income after capital resources are
exhausted.
The floating debt of the Company on June 30 was
1885 362 CO. OF this $500 3- 20 is secured by coat-
eral. AL the assets Of the Company have been faith
fully appropriated for security of creditors The i'm.
porance Of settling the floating debt is strongly urged
The proposed plan of extension, or converting il into
bonds by sale TO creditors who hold them as collateral
is commented upon a. measure easy OF accomplish.
meDt If the funds 10 pay accrued interest werein hand
The average depreciation to which the property i
subject estimated at s74, 500 This must be met an.
nusly or its accumulation viii render the property
useless. The expenditures for renewals must come
out of earnings there being resource for trustees
After the report read il was voted that the d.
rectors be authorized TO take all necessary messures