The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-10-25

Complete |. Is the fxed policy OF fhe COMPANY not to
extend themselves by helping 70 build running into
them or TO add another dollar to their own work. unless
absolutely required by the pressure of business.
With the above we have the length and breadth, the
heighth aad depth Of the Galena concern We know
near enough, for al practical purposes the amount Of
the bill We know II is nearly paid and that the compa-
NJ have ~ cf IFS second mortgage bonds unsod
Since writing the above have received from the
company tne following circular to the stockholders,
which scts forth III financial policy for the present.
We give il ut length that those interested may be tho
roughly posted ny in relation to the company's affairs
0IiICr o9 GALESA AND CHICAGO UsIoS r. r. Co.,
CHICAGO Oct. IS, 1855.
sf-Ihe Board OF Directors by resolutions adopted at
their meeting Of the l7th nst authorized the creation
aud in Of OF stock equal to ten per Of
The capital stock Of this company by which each stock
holder viii be entitled TO receive additional amount of
stock equal per cent upon the number Of shares
held by h the 18th day Of November next provided
that the holder holders q stock at that time SHALL on
before the 18th day OF December next signify in
writing 70 the secretary their acceptance OF the same
and shall pay therefor half thereof on or
before the Isl day OK January next and onehah on or
before the lat day ofFebruary next.
The stoca created as above may DO consolidated into
full paid shares and after the first day OF February
next, and viii De entitled TO all dividends declared after
such consolidation.
For the hfst payment January lst 1856 the aivi
dend cerca ses OF February LIST 1885, will at the ouon
81 the holder be reeeye and the accrued interest there
on eleven monhs) allowed. The cash dividends of
Ic"faav y 1880 Wh prcpaby pay tne second pay men,
due ON that day.
At the present time there remains only about i've miles
of track 10 LAY 70 enable the trains to to Fulton CITY,
the Mississippi river The iron for this Is west OF
Buffalo and will, doubt, reach here In few days.
When this miles laid the whole Of the roads Of the
company viii be In fnll operation Ten miles of the dou
he trac from Chicago to Junction, are laid and used;
about nni!cs graded and await the iron,
which IL expected daily The iron for all the double
track now contemplated go miles, has been purchased,
and viii be laid fast II arrives. The remainder OF
the work to be done to complete the buildings side tracks
&c.. of character less urgent than the running track
and he delayed With little detiment to the interests
of the company.
The alleged want of confidence in railroad securities,
Which compelled the directors to dispose of $500 900 of
the second mortgage bonds at low price last May ndi
Gated necessity for change in their financial plans;
ana it Is believed that the to be realized from
the stock hereby created (ay sI4 000 together with
the future surplus earnings of the roads lover 10 per
cent per in cash dividends will render further
sales OF bonds unnecessary aud place the company in
position Of Independence.
For your Information / subjoin q comparative state
OF the earnings of the roads for the first months
of the past and present fiscal year, statement Of the
income account to November l. 1885, and capital stock
account. Very respectfully. your obedient servant
w. Ii. LARRABEE, Secretary.
COMrAgATrgE STATEMENT EARNINGS THE G. & C.
U. r. r. FOR TN FIRST SIX MONTHS FISCAL YEARS
1854 AEI 1858.