The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-03-31

k~Dy AVI xCoI kkmOlD ~ 00ybtv ~ AouOS
In presenting to the stockholders Of the New York Il
Erie Railroad Company tic sunexsd detailed statemeu
Of the present conoon Of their important and the
city OF New York, Invaluable properly caDnc< reran
ren ccrgrstujs.fpg them the greatly improved
ditior OF the eonpsny's affairs.
Duiing he year 1854 the ROAD was hurdsned witAs
heavy 6cstrg debt which incurred N the
ton OF tho second track and for increased equipment
emo only with great euty and ~ great sacrifices we're
ire necessary means obtained to is day maturing
by the aid of the individual crsdit OF the drestors
loan. sufici.nt TO meet ths interest and other
lhs arst Of sepemosr tho .emi .sanus, interest AT
nesry $40 600 COO fell due Tuis With ths gecerai
oiatrust up the bankruptcies add frauds Of
tt at season. the almost universal oiscvedtt Of rasroa
securities, the ag ed and stringent state OF tho
market, toe want Of confidence the tatu1e snt tn
months thereafter. Drought crss IN the affairs Of
the company which compelled temporary resort to tue
wealth save the oo@psny from SsAeao TSs s
sure sihough y va, regarded It the usie BY macy
through the h,eralty OF some Of our leading
1be negotiation Of . loan then was regsrdea by
many ioteilgent eapitslss if not by all Impossible,
except at roipous rates; but the BOARD
afer the annual elscion Of directors In October tue
iosn Of - 0OO, 000 wss resolved upon An obtained.
To-day the sacrifices made by the company TO meet
promptly 1t maturity all its engagements have oeen
~hOly aid IKE credit OF the company enttrey re-
esabhshss all TIE endorsed sccopances have ps
charged Of record whilst the losn nsgetstei by the
upwearied eratuous cxcrtiors II the die and the
tsliss 800 merchants, enabled the company TO pay at
maturity tbe en- ire ia snce Of the income bonds and
resnce the nostg debt to an amount 80 moderate that
all further Rscrifces have become unnecessary.
The rate at whica the loan vas negotiated was uu
coub'ed)y low the se:nify II offers be alone Ia
70 consideraion; but under the then existing
ces, and In proportion to the which other un-
questioned secuisie, were selling was ia y high
G. uld bAve heen expected The large sinkiay fGcd
tabikhtd by tLit DuD n
venting cash dividends the stockholders wi .aad
they earned has been generally oonsdered mos.
JooicoHs-so much 80, that many other companies coat
have since offered Loans have sbla aed sinking
tubds ss absorben Of their fupdcd dsSs. 1 am MI
rent Of portion OF the earnings OF the company fhe
sinking FUND.- by its rapid abdrpdon of the DEBT
az avoraby affect the future renewal Of the loans
So they mature beside whca to ths permanent share
holoer acts simply az loan to himself to oe returned
At an safly peri d In stock dividends
In consequence OF tho commercial isis aud the failure
Of the cereal crops ia 1854 by whc ths Passenger and
freight trso OF the read greatly reduced while un
competition forced rducon in the rates chargoa on
the through business In the proporu In
oss earnings Of fiscal year have bceu greatly under
the estimate Of the dectOrs, yet the net Income,
after psy ing interest the and moathy
ncnts 70 the Il kir fund, is almost ica with
estin se This grntfs Ing result hiss oeen obtained not
~hs ding til seve al severe losses by Gre
pg In the aggregate to $72 5l4 81; While tue
Ams the oommenda ae condlsicn Of tho road and
equipments has been fully maintained, and In
spe,rs materially improved. fhe hg possible
oition of tue raoed and rolling stock the
paciy OF the road, renders seconss and consequent
oeses less frequent and proves n hs end t. be true
eccnomy.
By reference to the annexed schedule ii viii he seen
that tie grcss earnings Of the ths road for
Eapenes Il ali Kinds ipslndns inerst; on = '' - .
fuaded and floating debt, AID rcnt Of
Union Raiircad, (62 IA per cent OF gross
c.na,su Ions to sinlia: fund ss sas @ 90
Leaving balance to credit Of iscons ac -~---
conn. for tho ycsr csr.................... e4t1Dt ~
TIE estiu,atsd expenses. incudinr interest
On debt LEt The .liba ior |. ,hs .;eh
ing runo s. $50 $40 90
Net revocue.. ss4oAs 10
hhkD tne Sctpal net revenue VI, o54 81 more thSn
sssinated.
ahe srove balance with the combinations to the sink
ing und present. al the not earnings Of the $780,
4le 81, being ~ ger eeat en- the capital stock.
That the traffic OF the for the present year (u,t
the unprecedented severity Of the wtotcr
suit the business Of the first q1srt,r prescaei In te
snntxed table +, wkioh EXHIBITS the
i ssain.t tasneS same sus.sr 1864 20
Excess Of 1865 over 1854. 54............s s2t7,2eb %
Anc the ret profits Sf62 19T 81 bsiug Der cent
upon she capital Of the COMPANY.
Ike inc. ease upon the remaining nine months wauld
make the grcsa receipts for the year nearly So 0o
he psst iDclemsn, season. Of which the history o, r.
foaosin this county preaenta para iel the rcps
si.d Last year and is but pSSo ~ es0oo
that the expenses will be increased daring the
term should the result OF the years busaess provo
TO bo ss pre- tabie have beon anti ipatod de-
feisicg ~i probably be found In the throe months
prisipg ts,s quarter. II must reno asred, how.
ever that The have not been copf aed
Gono tLis road. All other nyonu es o. coa7ulonca
ton with tho Alantic sesooard have oeen cqu,ly
bloch cd, and tue extensive crops Of ths last year
thbs s~rt back, with active foreign and ,me-tic
81 high pr ces will give dI emp og
mtnt to the Eastward boand ant tho STIMULATED
movement of Dutiaess Westw after sesssn of qui-
DAFT Me tie past and sceeerated By almost
es ened prosperity OF the intericr county, iae
vsey fuinl.h correspondingy Increased rurn trace.
large increase in the business and rcas1ce pssecgr
traffic may Also be confidently relied on daring the
irg seastn.
and competing lIues Tns temporary loss c,ntngcnt
upon the STRIFE Of last year. wi h the moet rmi aeis
Iivsi resulted IN better And defined understand.
tpg Of The rights Of ecch and must tend in tno
rte advantage ct 10th corporations and ia hoped will
bc pernalcnt gain The foregoing favorab ausp,ces
system ard economy which cnaractceize the supcrln
,ncen etps t1nont, promise Mt the cosc OF tho year
xhist wbct cannot fall to be genera sctieiactory
"a the stockhors and indicate ,ne period esn il NAV
5e proper ths payment Of regular sei
cash dvicc.ds, in addition to the socx dividends, from
the sccumustons OF the sinking fund is hereinafter
presented
yrrRK potIcr
Of tire company ~ follows
All bonds on bcug purchased b, eah .rusees sh,D be-
ss q s % sss as ss ny %
but he iaerest wa.rants ss eaaeeled eones shs
hly tho New Tors Railroad Coni
tho accspg interest," tho OF convertible
into stock tins compan shall havs reduced the
debt Of tho company to weny mi ions Of dolars- cs
which the acid monthly payments shall and tha
vested In said usoes shall be closad ard al cancelled bonds
ar TIC interest warrants delivered s
Resolved 1hst oen tbs bonds purrased By tbs sink
ina fund amount 70 ten cent on tho capita sck this
papy will, receiving due horttg from the Legislature
OF tho see, declare at tho rc1 sen annual dividend day
stoci divtleod Of ten cont
Keso " d. future expet dtures beyond the
10 be derived cm eeds f tho loan, alter
The income bonds due Lat February next be
charged to transportation "OPENS On
In ormity Herewith, the Company will declare .
dividend Of per In stock he authorizing
he being first ootansd) ia April, 1871; and ihs
following s ofcrea o. approIima estimate OF the
amount witch viii be accumulated In the sinking Fund
the respective dividend days, until the debt Of the
Company shs bo rcducsd, according 70 the above
recso, 10 $A 100000
isx-september 20 s122 600
1856--ApT1i ], esuaa ated. 80. $50, ono
% October !, g ...... S34,000
ls55-AprlI go. l.053.0o0 First Dividend.
=" October I, . ....1,33a,O 900
April y