New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-09-24

Lamar 1bsnre. while the road was blocked ND by
srows aud ipupdatien in February which destroyed
tie mott important bridge on the road. Constant
rains kept the road in STATE OF queactlon until July
aid the result Of all this hsd been that during the fret
six months Of the present fiscal year there had been
elimination Of receipt. f''....'..'''.''''"S Si@S
Increase of expenditure $4,000
Comparative balance against the Comfy. sl,oie.oOo
Notwithstanding that loss, the road had gone ahead
within the last two years between four and five hun
dred thousand dollars. II, under s1ch unfayOrablo
circumstances as these, such results could be ob.
tanned what would they not DO when tho large orQ5
Of this year came in, and when economical acd active
msnse emept had made the road as productive pos.
sibe When he Assumed The presidency of the road
.s great difficulty was. that cut OF the two mi lions OF
Aoa.ng debt 81 800 900 became due this month, and
they had nothing to RELY upon but the current re-;
ceitts Of the road The former Treasurer Mr.. Danl
Drew, said he would carry the road through Augu't,
and he did so but with the end Of August and the
failure Of the Ohio Life and Tfust Company
commenced the present crl-is. IS ., y>od ta men
had 10 meet this eIormeus payment of II JOo,WO
without knowing where we We're TO get the ii'st can't
He consulted James Brown. The Board Of Directors
had created Sc coo 600 Of new mortgage bonds which
we're offered TO the holders Of secured bonds Paya
be half in unsecured bonds aud t1e otoer half
monthly in installments Of 10 per cent: They con
cuded 10 call meeting OF the banks and propose that
If they would furni-h $780, 900, private individuals
would furnish 1850 coo which would enable the road
to get through In 1854 the Directors in a similar
crisis had paid $40 600 to Cornelius Vanderbilt for IN,
Endorsement on 100000 for six months, aud
created a chattel mortgage on the rolIios
Sun mer. They had unfortunately resotted 70 the
ssme means Of raising money, paving Mr.. Daniel
Drew $4,000 for ndosing Al $4,000 and securing
BIN in the same way. This however, Was destructive
to the credit of the road. Mr.. Moran did not think
that in this last the remuneration was large, but
he world not have agreed TO IT, even at the risk OF the
the failure q the Company. lie wledged
bis obligations to the banks, and especially to
at q o'clock. their treasurer, Mr.. Gelpckc,
had found it impossible 70 make his bank ac-
count good, advanced on his own respSsn:s'i6iisy
the Erie road would involve the ruin OF everyb ldy
depending upon credit in this community. Probable
not single company which was 10 debt could etand
He NJ. also me ntiCn the old Bank of NewI0rk, ard
the Mechanics Bark, for the promp'itude with which
they responded 70 his appeal, although they were tue
l,.i from which Ike Erie road had right to expect
aid From four or five banks he got the required
assistance only between III and |? o'clock on the day
they had TO pay the coupons. He got 500 500 from
the banks and 900 from Individuals hut they Sd
been able thus far to meet their daily pay,
men.s This was almost entirely owing to the
efTo,ts of their Treasurer, Mr.. Gelpcke. They
had foutc reluctsnce GU the part OF iucIylduts
10 aid them, which was very discouragpg. 10 The
Treasurer they owed that this Company had not been
protested. Mr. Dsnisl Drew could take posee-s sion
under HE mortgage at any fine. The Treasurer had
been able 10 cary the road through thus far whether
be would be able TO do 80 10 future some OF those VINO
bad to Iaise money for themselves might conceive
The cost OF tue road now stood at about ~ wy wv.
IT, ory competitors were the New-York Central the
Pennsylvania and the Baltimore and Ohio Roads.
They had 81 cost from thirty to forty million dollars;
40 much that they were protected from nsW
Rad The New-YolA Central had very at-
van se Gus route But in addition to its capital of
thir-y-r;ne millions, min wol!d be required to
build the Albany bridge, and the thirteen millions
Of the Hudson River Road must be broagnt IN 10
reech New.Yo'k total of fiftythree millions fur
teen nillors more than the capital of the Erie Road
She nd there be Guy competition between the roads
lie though. tie Erie would be in condition to sustain
T. Over the Southern Road the Erie had the advan
age Of grade. The highest grade on tie Erie was but
IS feet while trades on the Pennsylvania Road were
aJ and en- the Baltimore and Ohio Ito feel. Tue
Soutl ern lire had also the disadvantage OF er'na,
rg II Baltimore and Philadelphia. The Erie Road,
be thought, reed fear competition IRON no quarter
10 journey west he had found that the Illinois Cen
rs on The Michigan Central owed their large freight
busress to the fact that they had large water accom-
moo alton at their te;mIi ard upon bis return III men
toL ed 10 his collectors that the only weak point VI
the E.ia Road was il. lack of water front q, Jersey
City. Shortly aierwerd The necessary aId Wa, TOM
dertd 10 the Company at low price, ana the itesl'
deLt Cck the vspol.sibiy Of accepting IL as 'nere
other pattes who would have taken ~ hau tney
known il was to be cold. They now held there
rs feet Of dock front were heavy produce could
be rolled directly from the cars lhlo Nesses
for foreign shipment. Tbia would sscuIe Almost
rccrcp,y Ct the grain trade from the West to Europe
that was called fer mostly after the close ana pc
fo,e tie opsnI Of navigation. Soon the expenses OF
Il Jersey City and me Pe'moE Ferries, when we're
So 600 year, would be replaced By venue IRON
Tic ferries 10 DraIs ard Canal streets OK hesy Tue
6e,yered twelve bOurs earlier than nov But y they
oond bot get assist nce they wond have 20 oieoL
true TIE work >, jersey City aud dismiss Tue trance
-, Of hands nov a. work thtIe. Mr. hoiah 'n'"
rre'tutsd the following estimates:
c., q, ,e,s s.,, - y; Jsa !. tstsstl.
,,.,.. 'sPs 81 ~. 20, "a 50 4El4l TO
IA r<o'.os 600 800 600
,,,,., .o-,oo-oe s7sm,s9 s2164itte
.,..y ~ seat2,, $1,000
F-.;nt,eS Floating DeJt Jan. l. 1873, rcinolns ~.
it;cst are n TIA. day, al payments TO sinAlps
ms arc $50" ial'lsI so'a'oe 81 2sc"o
tSonPaHy' - ',,..'..' IIcg'D