The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-03


A member cf she Board asked how much money had
been already subscriocd9
Mr. MORAN replied that the subscriptions Of the last
three or four days had been encouraging not much
from the absolutely sub-cribed As from the sym
paahy which the community showed with the road He
Thought that the subscriptions bid fair progress even
stun better within the noxt few days They had on Sa-
turdAy night received about $500 600 bonds and stock
There were great many gentlemen whose subscriptions
who watch closely tAe agency they invest These
we're still hesaiing but he thought that in day or t~o
they would give their subscription. OF these men Mr.
stephen Whitney WAS II was once known that with
his great Judgment he had done what the company thought
there was not much risk in doing they could then get
the cooperation Of others who still hoa back
He regarded matters quite encouraging, but they would
be still more so if the company could have favorable
verdict ON Their case from the jury whom he now al
dressed
Another member inquired what amount Of money
was necessary TO complete the Long Dock portion Oh the
enterprise.
Mr.. MORAN replied that when he entered on
the presidency he had learned from the engineer,
Mr.. ios Of great experience, and who hal been
thought exravagan N his estimates and performance OF
work that at that melst Of August ast$900 900 more
would give them the use Of the property II would not
finish all the depots with much taste and completeness
as they might desire, but Il would give them engine
houses sheds, ferry and such temporary accommodations
would enable them do all their business Since then
$3.50 coo had been expended the work, that he
thought Sfeees0 would be sufficient. Indeed, he
thought tina, half million dollars would give them
Of the property Many persons, he said, had sug
gested the propry Of abandoning that work for the pre-
sent but though that might be great relief to the com
y
got into credit more he thought she would never
get embarrassed again.
The member inquired whether he understood Mr..
Moran &c that the estimates Of the Engineer induced
him to believe that the annual receipts would be increase
81 oco 600 by the completion Of the Long Dock.
Mr.. MORAN replied in the negative. That, he said
estimate o, his lie assumed 1t on his own
possibility lie thought that increase Of $4,000 a
month not an extravagant estimate.
TIE iSQrIRSG MENBE.-no you actual increase
of SIS eco month over your present receptsa
Mr.. MsRAs answered ia the Affirmative. The company
NO
New York. That was the natural terminus Of 20 many
the great freight road of the country He did
not think that in their present embarrassed cond
ton any road approached them IN way Of capacity.
had been always admitted BY forwarders the only road
that managed the freight business promptly AMI satsic
tory The Central Notwithstanding its easy grades and
large capital had given the satisfaction 10 forward
that tho Eric had given Therefore the railroads,
competitors Of the Erie, could not have its freight asi-
rcss even as stood. He thought his estimate os
SIS 900 month increase moderate. That estimate
did rot count on the increase ia passenger rafe but they
that wherever freight goes passengers generally FOL
low therefore they increased their freight trade
they would also increase their passenger traffic.
Another member suggested that the Board might be
graled with observations from any OF the directors
Of the Erie Company.
The CHAIRMAN stated that Mr. Iathers present and
int mated that the Eoari would be happy to hear any
observations he had To make
Mr.. LAruERs came forward and excused himself from
entering At any length on the question, nasmuch as the
President had ably travelled the whole ground
He made his Acknowledgements 10 the Board FOR having
invited the President and directors Of the Erie Company to
parliament of all the stocks OF the country II
had given more or less character to all stocHs
The Beard of Brokers OF New York in
stftuiion which none Of them cou,d ignore Tho
company that could before the Board of Brokers
and pass uncatbed strengthened itself the more by the
o,ca through which II passed. When the Board antic
paed that company going 10 do well, the bull IN
tercsi succeeded and when the Board anticipated that
company was not gong to DO Well the bear interest
succeeded. Hence proper that companies shold
10 before he Board and ask that assistance which this
company now asked to be accorded TO H. The President
Lad pru leI a
There question CT that So too, was the Central He
aid not believe in tho prorrie,y of either OF these roads com
batting the ether and OF the best acts OF the President
the Lre his reconciDg the interests OF and the
Central. Bgsb roads should go and get additional
Ell the fares the Central Peal 20 two cents mile and
the Erie, beng To some extent competing road, was
b maui about be- saaa rae rseq for
way tre ksf AFRO ~ be reduced to the same pro rata,
otherwise they would have presented the anomaly Of car
ryrg passengers the whole distance Tor less than they
CARVED them portion Of the distance They wanted
T. coooop, ard they would get 4; but what he feared,
and what the Board feared that its payment would
he proca-naad 20 long that the read would lose 81 900,
200 by the procrastination. II vas serious thing IN
deed 10 cmnarras a company having capital $4,000.
coo, Tor il was a remarkable tixt the higher the
credit Of an individual al one time, the lower II went
down when there was any doubt as 10 It's stability This
Board had invited the President OF the road before them
because they wanted to learn particulars FROM him. that
they might be able To give good advise % investors
The vulgar idea that the BOARD az stock Brokers met
for the purpose uf speculation. They were, however,
COMMISSION merchants for the purpose of Aye~tge
that they deal in The directors o the Erie Railroad Com
pany came before them laid the matters 81 the road be
tore them eehed them TO give those matters critical
Investigation. end they should como 10 the conclusion
that the stock good, then they asked them ~ give
them their influence and AID IN getting through present
difficulties. He promised them, IN the name Of the drec
tors Of Railroad entire change in the railroad
sysm the country. The Erie rcrrcsentof oncthrf az
the railroad interest n the ,ac, and very large proper
ton n tho railroad interest Of Unted States. The
great advantage Of the Central Railroad was
that it ran through an already thIcsiy settled
.afa fla IFla n HEN nm III
a Rowling wilderness. Now, however the country was
rsYidls settling up. lie vas gong To use po't'cil
phrase-,bout hossomng Ike The roSo-tut u would he
out Of place here Gaughter) Tho singular phenomena
had been exhibited that IN the month q september, while
There was scarcely ay business seas on W. tas ~,
the Of the trie road reached nearly x1iooo II
bad been shown that 10 last year tbs road hal earned
fund applicable to It's stock Of 10 81 l. per cont II
stock TO-DAY I'D not 81. for mneh rs It's actual annual
earnings applicable 10 the stock, two years ago. He
skcd Them ~ take these things INTO consideration ami IN
tts whether III. road worthy of assistance and "
they thought 90 to assist them much they could
Mr. Tfhfnap q member Of the Board, and express.
s liz yr.tde.ijn al the erorta mle By die President
and 81 the re Company 70 set themselves right
~h tic Ssg York stock Exchange Board lie feh that
they orgktBc 20 LEI TIE opportunity rags without nsn.
Testing their synprtty for hooy Of gctcrcn who, n
his Judgment, had curicnscf agalnt difficulties o; tn
grave ard SERIOUS character, IN way which entitled
xh-to the -csrcc, arf cuthuyr &c anirator o. every
snsmber Ct the continuity nrriaiscl rc dii not
tank that, tho ha,1ry Of railroad enterprise. there
sy parallel this. These gentlemen hal for
vsrd.to-cay am shewp that this company ws no, IN
oadon n insolvency. but was actually la the condition
- solvent company, embarrassed With temrnrsry si
cults which IL Wa not IN their power IN avert The
Hard bad every evidence that this ct@ny hal fu,ar.
future which the community would H. glai 70 recognise
NJ 1a-r dav. Hc mad resolution ~ uf@r In he mrny
With abe occasion and he believed tst th- BOARD ~oIs
ryu7-fisr with HIM IN the RESOLUTION Thy all, whether
bulft ~ hear" that the maintenance Of tn Eric
Railroad carany important u "rery interest " tho
state Ic beloved taf The roai WI necessary a. the
great nicrTa trade 81 c country AMI hence great and
mrorsn future existed 20 the enterprise lie offered
| the foilowinr resdiutiouss-
R.sciyef That The ihsrss Of tbs I'nard be and they
ar hereby nfcrsd ~ IL, Preside Directors OF
New York and kTic railroad Company igr their visit
the ascrssa, and the exposition " tie Affairs Of tn
1 contrary.
Resolved That the Ecard wiz chcorfuly 10 all In their
| power. by cscrtnr With Their constituents AMI BY
so citing subscriptions. ad inc Roars ~ Management
their lauds&le effects place abe Pre- R.,iroad Com
pany upon tn basis 20 which L. entitled b, ts gni
tuec ana ~ greet mportanes the <f the city
Of N,w York.
The resolutions woe uran monsy adopted.