New-York daily tribune., 1857-10-03

ing expenses in;
o.is1ns oha sast:'. S':'s .na 60 eloo 60 500 s5lcO
By tn 4 ds s aSe %n i the sH s
provided for it the following figures from our pub
I Il III / /
sa s5 81 S 9 ;,t55 t3 s73ss5 ts
iS5s5ocSsS 5 59!so 25I:sl 23oii1 g go @ ,53 9
IA 5s S9g e. sOe6 sS i -. -
great rolling stock sidengs. buildne telegraph end al
even with largely increased business any material increase Of
our construction account for long time to come I1ere may
difference opinion 70 the eNpedency o pro-
yidng in tcpaton for doing an increasing business
Tate, than to allow to go t9s0ol Ot6I ah
provide for it but in order TO give you al opportunity u
nit to the stockholders all questions OF expenditure lo ac
count OF construction which shall in the a1sIegate ioI year
amount than hundred thousand doiirs-thus
placing the responsibility OF any further material Increase OF
this the Stockholders and also giving them al
PPfliSdHy tJ nd 10 decide to the manner IN "A'n 70 p0'a'
The question may asked why have delayed unit, this
late period provide for meeting our obhgacn We
have heretofore found difficulty in selling ne" bonds az par
to meet maturing during the year until the pres
en month our floating ba. carried Of
hat less than = cent Preliminary measures ha1 oeen
taken and only awaited favorable time IN ne money asr
propose loan sufficient TO fund our entire debt Iae
present pgent state Of the money market renders ordns
money negotiations impossible and IN consequence the psent
unosbe time must Of necessity be taken 10 issue 'hese pro-
We would further say that have stated ell the unfvoTabe
features Of tie don of the Company and hat we ~ 9H o
nothing which under crun aees make ITS condition
any worse than we have TePe.eted ut II mi, oooro
placed highest ground which has ever been claimed
we vould call your attention to the fact that the Bond will
be- old the highest responsible bidders and
we would earnestly recommend to & yohb ~ .anaS N Il 3 p %
least yos proportion Of the same which would be at the Tse
Of 1000 to each Thirty 'hsTs' ,js' oe tho n,cc.,r.
Bo.,oa. Oct l. 1857. j. W BROOKS, President
The number of land-wanants issued by the Pension
Bureau in September was 626, and the total amount
is 1891, requiring PC, so acres of land.
The stockholders, bondhOlders and friends OF the
New.York and Erie Railroad met this evening at CAn-
Ton Hall to the number of nearly 1000 persons.
Shepperd Knapp esq.,, was called to the chair, and
Mr.. E. j. Brown was elected Secretary.
Mr. Knapp expressed his conviction that il certain
things were done Erie Stock would advance almost to
par.
Mr. BENJAMIN Loder then addressed the meeting.
He said in brief meeting called at Broad street
on the I'D of this month to take action in regard to
the present financial condition Of the Erie Railroad.
At that meeting committee was appointed to inquire
into the state of the case. They reported, aud their
report was printed, and has probably been read by
most of this assemblage. The speaker here read the
Committed report, as previously published also the
proposals for the loan. The Committee would beg leave
10 recommend to the President and Directors Of the
Company to receive the accepances OF the Company at
par. This s Of the most important movements Of
my life. For eight years took active part in
the management OF the Company. Failing health
then compelled me to retire. After four and a half
years of inactivity in this work am now at period
Of extreme financial embarrassment trying to do what
TO assist the Company out OF IFS difficulties. If
the unprotected stock and b0ndhoders do not prmptly
come forward to its relief no mode OF saving
tie stock from dscredit. Cash subscriptions as pro-
posed to the amount of ten per cent would advance
Il G market value OF the stock equal to the amount
Of cash paid III. 1t had been asked these bonds
sound The only answer needed is the fact that while
the liabilities of the Company are sl9,0OOO 900, its
property cost sS 900. This road is 10 the City OF
New.York what the Erie Canal was. OF the former
II anagement Of the road, the speaker would not re.
max; certainly, good management could not have
placed the road where it H. H. looking over the earn
irgs of the road, we Id that they have been steadily
il asing at the rate OF soOOOOO year. With this
lCan Effected the value of the stock would 20 up at
once and We believe in short time that it would paw
small interest. The work, however, could
not be effected save ,h b.. nS combined effort
The public mind was prepared for reforms in
Railroad aIagement. Roacs must be made TO
psy if the fares too low, they must be advanced:
If the speed too high, causing zoo great wear and
tear of rails and machinery il must be lowered. The
public mind s epare0 for the fact that Railroad in
ieresis in the United States worth 500 OO0, 900 to
$500 0C0. .0CO Will not be sacrificed without struggle
They must be made to pay. The only way 10 save
BY this loan ,Cheersl.
Mr. Lathers was then introduced and said that the
Directors had determined TO give the stock and bond
holders chance TO their property. 1t was evil
dent that the road to-day good was two years
ago, and tie stock is Just valuable a.
when il was selling at %. lie did not
depv that the road had been the victim of
mismans cement, and he knew that it still suf-
ferng from II. The road is doing paying business,
and as soon a. the floating debt wiped out the stock
will advance 10 former prices The reason why most
OF the railroads failed TO be remunerative wac the fact
II at the stockholders took no sort OF ateres il their
management He hoped that the stockholders of the
Erie Road would elect new Board Of Directors with
tie understanding tina. they should incur no debts
without calling meeting OF the stockholders aud
submitting the question TO their decision. Rail-
roads should be managed as private business
i.--ior the benefit Of the owners AMI not
for the Or. fit of the officers The speaker then
went on 10 defend the high salaries paid 30 the Off ers
Of the road esd said that but for Mr. Morans assist
arce the Erie Road could not have been carried
through August. The abolition OF the dead-h-si sys-
fem wonld &c tho road 40 900 this year. The ruu