New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-06-11
NEW YORK DAILY TRIBUNE, WEDNESDAY, JUNE IL, 1856
reveron Coal and Railroad Company, to iease 70

rreveron Coal and Railroad Company, 10 i sse %
tem for three years from the time that cos can u
brought over the Northern Central Railroad to in'on
par, of the sls9u hsnua wharf an anJpia1og PFoP
90 feet wae- from with depth If 200 feet from Cn-
ton -,r..t 20 Port Warden's line, a. rent oi - VOO
per annum So years, and - OOV Tor the thsu IT.
with privilege of buying the i'e simple az any uN
durir the lease for the of sl6 600 o. Improve
ne nts sre to be IN medatey erected on the premises
Of not less ccst than from $50 coo 10 $4,000.
Tie am ua rental of the Company property exria'
sye Of the lease TO the TreyertOn Company s35VO
Ar ,Xpeudare of - 300 - hs- been made during the
pat wear in liquidation OF previous contracts for grail
Ing and paying streets. The conditon NJ the properly
il now 81 that il i not expected any further expen-
dture of the Company mOney FOR the purposes ot IN
nrovement vii be required unless 10 meet the In
creased demand r lot- resulting from the completion
of the railroad
An Arrangement is conte npla,ed, bu; not yet com
Melted providing for the removal Of the workshops OF
be Northern c, nira Railroad from Bol'ol to Canton,
ubicL "a a matter Of economy to the Railroad Com
pany and of profit 70 the CAUTION company, Is de'
dec b. the interests OF both.
The directors state tina, the privilege conferred by
the am ndment of 1853 70 the charer authorizing
levy at s. = share on the capital has been rehn-
Gushed by resolution of the Boird aud new form of
cetlcstc adopted in which the caue reservlng that
right has been omitted.
The report says:
"The very satisfactory condition OF the Compsny's
finances challenges the attention of the stockholders,
and must command their increased confidence.
"The Canton COMPANY i not only the owner OF
very valuable real estate, unincunbered, aud which
III, public are accustomed TO regard g. constituting
the oe value Of ts shares; but they are entirely free
from debt with negotiable assets on hand available
AT the discretion of the Board for auy purposes of the
Compsnv amounting to- in round figures, sl50,OO0.
9" The nature Of portion OF these asscts-vlz: the
auuujt;es sinoup.ing to- s9O,0OO-it has during the
past wear been resolve 10 charge by conversion of
Them into p ike OF larger sum IF Northern Central
RaiirC ad Bonds with a view 10 subserve the very
inn otant purpose of rendering aiG in the construction
of the Nor h,rr Central Railway. This application OF
tle fund 70 be made the work progresses through
the Canton property.
"Ile Bonds thus to be acquired are he y cent
Bonds of the Railway Company, well secured by
mortgage which has received the approval OF the legal
adviser of this Company
without computing the advantages 10 result nom
the aid thus extended by the Company TO the Railroad,
the Board considers that s financial strength in No
wise impaired by this exchange
"The policy Of the Board in Withholding from the |
stock hoders division of this fund has been founded
on the anticipation Of opportunity, like the present,
to make il more useful in promoting their permanent
inerests- not BY its expenditure but by its temporary
invt stUent.
THE Board believe that they have acted wisely in |
this cement Of their trust but is not easy to
foresee any contingency requiring such an appl- |
cation of any portion of its means, they think It not
improper even at this early day, to indicate to the
permanent stakeholder that upon the completion of
The Railroad next Autumn, il may and probably will
be the proper policy of of te Board to divide among
them tie assets hitherto reserved, amounting to abon
three dollars per share.