New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-29
ERIE RAILROAD-MEE TING OF STOCK
AND BONDHOLUERS.

Pursusn. to adjournment on Wednesday Of las
week another meeting Of the stock and bondhoders OF
the Nev-Yo,k and Erie Railroad was held at CLIFTON
Hall la.t evening, CHARLES A. DAVIS, esq., Ia the
chair.
Col LATHrRs, Chsirman of the Fioance Commit.
fee bri. Hy addressed the meeting relative to the
p,opress which had been made by the Committee ap'
pointed a. the last meeting in procuring subscriptions
toward raising the Of 81 600 900 to relieve the
road from Its present embsrrassments In doing which
he took occasion to refer tO the oanca condition OF
tie C, npapy at various periods since II was opened
remark,g that the entire income Of a the railroads IN
the county was about go QUO 900 OF which the income
OF The Erie Road reached nearly one third, being
shout So coo 900, the net earnings amounting 10
Al 246 COO or IL per cent the stock whue the stock
sef at the pre- sent depressed markst valuation, was
otly abcut 81 900 900 In 1855, the capital was
about 81 600 COOS IL 1851 It's income wa, IS 0oa OO0
In 1853 its income reached u 0Ot 900; next year,
s. eco OCO; in 1855, s. 500 co., aud the last year
s6 3jOOOO with 81 800 900 credited in the sinking
ind; which in ADDITION to the Propellsrs on Lsks
Erie, stock Of fuel, morey advanced on aocoaat OF
Long Dock, and amount due by agents the seses mad
Increased 81 $50 900. Col. La.hes next alluded to
some fault that had been found against the Directors
10 pa yipg 90 high o salary to the President OF the
Con pany. He conteLded that II had been pohcy -
do to-bat at a time when the road was smosnasseo
ard the banks were unwilling to loan them any meney
,tbout the services of Just such person could 0s So
cured to its affairs Moran was sontfJr, No csns
ard the banks rendered the assistance then required
ard for one he in favor of securing the services
Of compete ut person, regardless OF tne expenses to
he considered SIS 600 or even $50 600 nothing Tor an
enterprise Of the magnitude OF the Enc kahroaa
ard s CO he assumed the duties Of President by cut
titg off free tickets sore he would effect savs OF
$50, OC0 per srpum ,:.A -
There were other leaks of Ike character, which he
had stopped calculated to incrsase the revenue OF
the road. What vas necessary in Railroad fresi'
dent He would say, honesty-honesty 1t was true
that person might be found WHO would serve tne
Company for nothing but be WA afraid that sucn
PRECEDENT was not TO be trusted very far. These cheap
Presidents who can afford ~ build splendid palaces
out Of the city, while the rairoaos winch they pro
tessed 10 mansge going the wrong way were 40
the Frenchmsn'S cheap wife, OF whom ne soIa a.
WA a screw loose II the President was pad noeIa
ssary he was under 10 necessity 10 dsbbe 10 STOCK,
he could afford TO devote biz whole time ana energy
TO the best interest Of the road. LA T.,
The speaker next alluded to the mortgage neid oy
Mr.. Drew some had minated that Mr.. u. in'enoeo
10 take advantage of the preseLt embarrassment. !.
which the Company hsd become involved; .ns' {. -
afforded him gree satisfaction to state tna' sucn
situations were entirely without iounashOn Hno O0
Drew bad assured him that if he could have
t. csncel his Inducements to that amount ne uoue
cteeifu ly take bonds for the other in' ~
LouIceuent received with great ePPiaus1I' o.,
The Hen. s. G. RUGGLEs next addressed iuo -
re. and explsiped the manner 10 which each STOCK
holder or bondholder would be seculeu AZ ~, Co.
advances they might make for the relief OF .ne h.
pany, ss the money they might sup.cnoe n,o- and
use0 in taking up the mortgage held oy HI N''"
would form fourth mortgage. ,:d ,-ds,,
ID WILLIAxsos said that he had receyea sIu .hs
by the last steamer ON one parry 10 x2S ooa
snC mt Of s25 CO., and from another P.iJ ~ 80 ;,
but LAT be Gid rot feel willing to pat MS name !,
paper until he "a the bond and ssccknopes' VI '
sice cone more 30 div forward than they nag
| The FLOWING resolution offered by Mr. " D. DAM"
was then adopted Vol
and EIie RsoGd Con psnJ have been .blitis, 10
personal sacrifices ana 10 incur hessy smL.rr.s
the purpose Of Sustaining the Company III ~ r
1 nelt; and. nj II Directors hs
Ubereat DAn Drew, Of ne oosia 49, n.tiIi,ies
| ientrou,l. for several months past incn,'ee -''
neG fcr the Com psny; Therefore pooato,aa,.
Rssoissd Tia; & b he eutJ 4 the h. .,lf.f,
eBprr,s r srd rn.sisen fdepce u 10. ss., ,,..s
eta s,pecisi, NJ Drsv AID ts't 49, a. orb.