New-York daily tribune., 1857-10-21
TO THE STOCKHOLDERS
or THE


MICHIGAN SOUTHERN AND NORTHERN INDIANA
RAILROAD COMPANY.
The Directors 70 whom you lately committed the
administration Of the Company beg to address you in
regard t, IFS condition.
hey fud is affairs in most cntic, state. They
know no better way than to present these aT .irs u
you simply and exactly as they find them and leave it
to you 10 say how far you viii sfOrd them the prompt
and ticient did which the ex9ency of the Case re-
qunes.
The property of the Company consists of the main
lire between Monroe Pier and Chicsgo PIG mile) the
Goshen Airline 1872 miles, the Michigan City Con
stsntine, Three Rivers and Jackson Branches "a, II
and II mLes and the Detroit and Toledo AID Adrian
and Toledo Roads ts9 miles, 10 all, 53i milss of rail
read, Of which % miles are held under perpetual ssss
together with the Depot grounds at Toledo, Chic igo
end other points, and generally with sll the rolling
stock, equipments &c, of first class Rairoad. Be,
and propeller Lake Erie and also Railroad
sGss sS sS Stsf o s Of the ao%p' value of
The income Of the Com Pany during fhe year s5 was So
ne TIE having Ofhem brought into com
pee operation until lately The undersigned do pro
900 for the next year. assume that the branches
fol the present. earn anything mole than the expense Of
debt Of the Company particularly set forth in the
schedule annexed In round nnmser. consists OF seven
The cad has No, Of late opersed than p
number of trains a. hish speed and generally as com
peng route with the Michigan Central Railroad All th' you
Directors ds change. They endeayorns TO ef
fair with the uvs routes an absnd donnen
of all oompeiiton material reduction In the number aud
speed rans increase In the sh OF Passengers
sences and Advertisements large reduction Of the force
empyed the osd and generally seek e 5hng about care
M rigid snd economical management of tAe property They
Do not errsc that property extending five hundred
miles Of Territory employing recessary 50 large force can
great profstle .nd rspid though gradual Improvement
In ki. view the undersigned tht they w be ashed IN
estmAing the average expenses Of the Road az $1,000
month, for the year say Soo" Now the interest op
ON the floating debt of the Company, as they propose
ON ,be Su..ased stock Of the Company that viii be
left cutstancng after the loan herein proposed Is $1,000
Lawn. s.apc. .ppcsbe to dividend on the general
.,ock Of the Company or about = cent on its par
Yoaf psc,or are aTsc iii. estimate Of receipts
gsrded 'ua that no allowance Is made to me ear' Oi
the growth Of the country none Tor the oonG snd
n lion collars ard th. many msy deem this estiu4e in all
ess favorable for the stockholders than tue facts war
r,hsr then over estus;e profits operating this oa
You will perceive therefor tha, this PoPeTy Is wed worth
dividend your stocks and tina, few years OF good
and Increased receipts would restore 70 the
tdeuee and prosperity il once enjoyed; -,
But to tbs property we must have your :d
or The Fcars Debt about ssOo 600 part ndor'ed for
the Company BY Of is former Dctos aud secured
IN the by co.,ers very large amount, viz BY
+eoeoo Of ;Le ComPanJs bcac' sui $4,000 OF its
Bedcs tb. TIE compsuy has SCI, apart large amount Of
pr1tecton OF p-rti-s
dorstrs up-n these obIssrons.
he d,bs t.cured by these collters Ct various
dates naiI " By before the l5h q November
uaxt these securi.ifs the mIset a. this time
xcud be Their nIul5er would destroy th-r
su Their sale night pey the debts TO secure wAch
h.y pledged and when the creditors reos.e - tue
f the deficiency, they l. their turn might force 20
, the securities held for ise protection an! thu. increase
the Of the Company miors OF coirs N t1e attempt
70 resze hundred thousand dolsrs Of ts cett slch
.t ef Novembtr next li7oOo Of nteres: the Mortgage
this Company becomes payable which aedei . 1e
deb m nIentoned are hrie makes
shout S0ro coo Necessary % be shortly paid
the Compauy has means with wl'eh % provide t
bs paymeuts wheu they Il has moneys hand
sud iIceed the frss OF Octooe MAS O9 IN arrears on
,s rolls line % the road b. the laws " Oao
De discharged al they Paii N il Toe slr
u sfuprs month o October must there %
70 discharge indebtedness Ii viii De fortunate this
ms ,hoLld sur for that purpose OF tue Company
bss no credit whatever and II he'd your present DTett
Of that fstA facility ior carrying large rans drp
proved disastrous % the rsOat iuteest. g-no
v TLey simply business holding FOR Themselves and
esfely represent yey large aucuo -
the stock Of Company determined thi' roai their
ntiou a1c - end-4vOr 20 sds,e via
caution the and the economy Win "cn rn at
ther private oasless. But they also dese y % D d
ucty u1cersoOd tbs; they do not Intend 10 ces re
70 borrow money carry slong the OBLIGATIONS Of tnis Com
psnv, in event intend . aLiee n eases-el Q!
personally liable for the pay ent sny oi IS deus
Xlfh pr0yirg the means % save tAe c,a'rras
aud 20 provide for tie Interest nE the 1t rrorno All
ndlrg the floating debt OF the company yolr
have prepaet sec5ud seneal moftsae % az ie
abroad The C-mpany, s branches tracks bhlinEs DE-
pots Stations TrEs TO secure Bonds
100 ia 81, running t~euty years ir1n
November 1851 daSius at the rae Of ceEt per
.nrum psysbIe semi sasualy the City u New Yort.
They these bcucs shall Be Of al ehcien! character