The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-10-31

mms data ccnsummaton Mr.. Barnes resolution
oonse1AyAAaes. Mr.. Garrett with common dable show
Of honesty deprecates the appropriation OF money 70 the
stockholders long doubt hangs IN tho horizon as
TO the value Of the assets which appear In the balance
sheet OF the company" but with much compaisance
submits TO substitute submitted by Mr. Donnell, which
fixes the date OF this division or before the lst Jay OF
April next, which tomorrow, or any other day
between this and the first day Of April next thai may
suit the purposes Of certain stockholders who themselves
the Directors recommend to the Directors such course
as shall meet their common object II 10 In this vie"
that Mr. Garrett eloquent about the harmony that pre-
walls II is in this view that Mr. Barnes is not tenacious
of what form the meeting gives It's decision Is 10 this
view that Mr.. Garrett wthdraws his resolutions, and
gracefully accepts Mr. Donnels, which answers his pur
pose better II s in this view that the old Board, them
selves the nsga;ors of unparalleled fraud upon the
rights Of the bondhoders and the best interests OF the
road the controllers Of the stock elect themselves for
another year. and that unanimously.
Without admitting for instant the expedie ncy or
honesty, under any circumstances, Of making dividend
such a. is contemplated the facts connected with th
increase Of business stated the last three years. do
not warrant the belief thai prosperous future lies before
the company. The road is located beyond Cumberland
through wild and unproductive country The local
traffic is bAgatelle, that the immense increase
In three years stated the through traffic. consequent
upon the extension Of the road 10 Wheeling Now II 4
generally conceded that our connecting lines with the
West must for profit depend upon their local trade, until
the through trade shall become large to destroy the
active competition that exists and venture the
assertion that it Ia upon this assumption that the
heavy increase OF receipts upon great through lines
Of railway have produced impression upon the market
value Of their stock OF all great lines, the local
traffic Of the Baltimore and Ohio is the most meagre.
p1oid M DO uon
a line OF road, with equipments, With
heavier grades than any other main line Of road in the
United States; and TO that the cost at which
three years trade has done Is sscertaned by srk
ing balance between receipts and ordinary expenses
Simply absurd There are very few roads, any, In the
country that have not commenced to declare dividends
under false idea of Their expenses. How many under
this process of deception, have gone accommodating
debt until they overwhelmed the long list Of
dividend pay ing nes ton plainly tells With these
before them the Board of Directors OF the Bai
and Ohio road not justified in resuming each
dividends much less recommending the division OF
sum whereby the bonded debt OF the company would
be Increased three millions OF dollars, mani.
testify to the detriment Of all other interests
the stockholders of the day, who before the
sunnaton Of this mopstrous outrage, will have parted
with their stock pocketed their profits and left the
ndng public to stlgger on with accumulated loaf.
But the resumption Of cash dividends was indispensa
bile to the accomplishment Of the objects Of these model
directors They could not until they had resumed dvi-
ceIds--snd In this way conveyed the idea Of opening
prospery-suggcst the dividend Of net earning the
moving lever of the whole scheme. Now 40 do ray,
mat If the affairs Of the company in such condition
- to justify a return, shape The old parties
~bo sustained this great work in its long struggle for
stsnce should rejoice to il done but, that
and reckless men, shall for speculative purposes with
such unbecompg haste impart life to this concern
tbs they may the better rob Of Its last element OF vi
iaty and then throw the dead upon the
nifty, enter our solemn protest
The Treasurer OF the Commonwealth OF Virginia has
D,ed the following synopsis of the financial opera
tons OF bs department for the fiscal year ending 3th
september, 1860
The aggre gate balance 10 treasury The morning Of
the frat day of October 1855, last annual syrop
To-.