New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-04-18
THE caLExA AND CHICAGO RAILROAD.


To ne Editor Of The " y, T'itHse
SIR AZ there has been some discussion respecting the
actual financial condition of the Galena and Chicago
Railroad, and as some time will yet eapse before the
Annual Report appears, will here supply the intor-
mslion which the public require.
First: What will be the cash payments OF the Com
pany for the fiscal year ending May l, ls56 Inc
engineers estimate in May last for completing apd
equpping all the roads of the Company was 81 3I3oOo
including the cost Of the Fulton line, and the double
track to the junction. But in this was lncluced
sl2O, 900 for interest construction account, snd
$500 Oe0 for a new line from Cottage Hill TO Egin,
which win not be needed nor built for several years
Under this head, therefore, with the road complete
and the construction account closed, the cash outlay
for the year be only s955, 900. For the whole OF
the floating debt paid off s2sl s5s For the dividend
certificates issued in Feb, 1855 and paid of Feb. /,
1885, t23s $685. For interest first and second mort
In August 1855 and Feb, 1850, $4,000. Total
casb .:.yuents for the year ending May l, 1856,
s2l35, POI.
What have been the cash receipts of the year 1t
Is known with sufficient certainty that the receipts
from the road traffic for the year ending May VIII be
fully ~ 400 600. From this, deducting 40 cent "a
very full allowance for this road for operating ex-
penses there remains 81, 10000 of net cash receipts
or above % y cent of the capital stock. Received
cash for back freight and charges, $4,000; from the
new issue of stock Of 4,450 shares at par, OOO
from Oil OOo0 600 of Second Mortgage Bonds sold at an
average Of 7s cent, $3.50 600. Total cash receipts OF
disbursements for dividends construction and for all
other purposes.
II this balance, therefore, has not been stolen it
wlu be on hand in cash cash assets on the
LIST Of May next and this too, observe, with
ne road completed aud floating debt paid of
thus showing by far the soundest financial
condition Of any railroad in this country. The only
future payments hanging thi, Company are
s220 900 due in 1857 and SEQ 900 due in 1859 for the
purchase Of the " Air Line" property, and 10 meet
those there are Sill 900 first mortgage and 81 900
Of the second mortgage bonds yet unsod, besides
600 600 in the bonds of other Companies. refer
ence 20 the las. annual report will show you hit the
foregoing figures and calculations ale strictly accurate
in every particular.
The receipts OF this road for the quarter ending May
] viii show an increase Of az least 800 900 compared
with las; year. The receipts for the next quarter end
ING Aug /, Will probably show increase OF at least
100000. But calling them the same ~ last year.
when they sOmewha, exceeded 5000 600, the net earn
iugs Of that quarter will be At least 800 900. Adding
this 20 the cash balance hand on the lst Of May
next. s476,779, there will be on hand in cash assets
II is not stolen wasted ss7e 7o the LIST OF August
next, which will be ample TO pay semiann cash
dividend of 10 70 cent al that time, and leave
very large surplus on hand. That such will DO the
ton Of the Directors there is no, the slightest doubt
because, according 70 ibeig orp showing, there u ~