The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-02-15

MI. Mosan's Mission to L0ndOn-Hls Addres
tn the English Stock and BOndhOlders-heso
lutlOns Passed.

From the London News, Jan. n, 1858
meeting of the bond and stockholders in this railway
was held yesterday the London Tavern, 7ened a
the instance of the committee to introduce to them Mr. c.
Moran the president Of the company who had come
10 this country New York especially for that pur
pose and also 10 take steps for raising the additional
capital required for completing the line and developing It's
| resources
Mr. CAMPBELL the chairman Of the committee, who pre-
sided, in introducing Mr. Moran said that he had great
pleasure in assuring the meeting and all who were nte
rested the company that they in their present
president that great element the Of all railroad
tendence Of experienced OF business Mr. Moran
was thorough railway reiormer, who since his accep
lance of Office last july had, amongst other reforms
abolished he free pass system and had increased tue rate
Of fares and regh.s wherever could he done without pre-
JUDGE of the company and had by reducing
eaares Effected considerable saving in the expenses and
had aleo entered into negotiations with other railways with
which they c,nnected 10 introduce sim reforms.
MIR Moran was also prepared to introduce into their rail
way and go FAR az he could the railway system Of
America generally, CT those reforms which had
worked so well in this country and had so materially ame-
willing establish the practice of half yearly meetings.
secondly that auditors should be apponed in order that
the accounts should be regularly inspected ldteG and
examined Oh behalf Of the shareholders (IIear) And
be also willing that the whole money expenditure,
and any of capital or addition to the bonded debt
should from the propretors and be subject 10
their approval. The meeting might Judge OF the impor
Of these changes when he told them that scarcely in
railway corporation in the United States had the share
holders possessed any voice IN the management OF their
affairs. (ear hear They held periodical meetings, II
was true they merely convened for the election
of officers and the transaction of formal business IL
subsequent to those meetings that the drecrs usually s
sued their and they did so the share
holders together TO adopt reject them Hitherto ran
way shareholders the States had had no voice in the
Of the funds the management OF the com
paDy and in great measure owing - this circum
sapce that 50 many OF these corporations IN tt country
had failed Of protG 10 those who invested
their money n them. This explanation would enable
them 10 Judge Of the importance Of The reorms Mr. Moran
about isaaeurae. H was also about 10 receive
gentleman orbgh commercial standing in New YORK as
the representative OF the bondboders, who were nov
asked forward ard extrca,e The company from
endorsements, and in fine, DC was perfectly ready
TO adopt any suggestions made ~ him by The Committee
p ere calculated promote the interests Of the New
York and Eric railway, and all who were connected with
II. nIca- bear) Tue company had, ike all other con.
Germs Of the same kind America suffered from the
financial difficulties Of the past year md hal IN adai-
ton suffered from difficulties peculiar ~ ITSELF; buy ne
was confidently assured by Mr. Moran that II Obtained
the pecupary assistance he noS craved at the hands
Of thu unsecured bondholders and which was 70 their
Interest give, that he would be enabled TO OBTAIN re-
suits which would astonsh theu &c lett i TO yr Moran
explain the detals by which those results were TO he
accomplishing but he might be permitted 10 partcularise
the o. Of them The 6rs was that the grain
crops of the last harvest which were enormous still re-
NAMED untouched in the Western states the operations
of commerce not having yet affected them bat the
auen cheap money, which now beginning 10 be
felt the States would necessarily long bring down
those supplies to New York, where they were
SO much required for home consumption well for
shipment TO Europe and IL by their railroad that they
must come Tnen the stock of merchandise ia the United
States was fast being exhausted and hsre would be be-
fore long a largely increased back traffic in this way
| from New York to the Western STATS, which
must also bring large return (HeaT, her)
For himself he convinced Of the bright prospects
Of their railroad and that they had in Mr. Moran that
great essential element Of success in all corporate
| bodies a m.n Of energy ana ability, who would
devote his whole time and attention IN the development
of the traffic and the promotion OF her
that he was prepared double his stake in the concern
and if necessary, treble Hear hear The subscrip
tons received here up the present time amounted 10
one million dollars, and 400 900 dollars in the States
making 400 900 dollars. The com nttee had not been
urgent in promoting subscr ptonsnrst because they felt
that better times dawning AMI that cheap money
ouired and secondly because they *erJ wait
Tor the arrival Of Mr. Moran 70 gather from him his view
of the state and prospects OF their great trunk line OF boo
miles in length one OF the most important 10 .ne
States-(hea- hear)-a trunk line, be II remembered,
not diluted by any branches OF Us Own out rces,oms
ing TO other companies, which must necessarily act rs
feeders line that was better placed thsn any ONE,
for the OF the immense and mineral
produce of the West great market Of the merchandise
Of the world New York. and which, when their dock was
finished would in It's goods uaiic rival the london aas
Birmingham OF this country and far surpass IN s pro-
Htabic results to the shareholders (hear near me
begged now to Introduce 70 them MI the presaen'
Ie Woppx After remnrkinr that he had the dsadvan-
iagc of appearing before them perfect stranger sad
thai the COMPLAINT of Encouragement advanced against
American railroads consequent upon defect which
obtained also very much the railways OF this country
that was the having act through an agent who did not
feel practically and directly the weight Of the opinion Of
the Shareholders The railroads OF the United states had
sba thew bad become over saugune and had stopped
nohing In the shape Of expense IN extending nem mat
was the great OF the difficulty and
that had been felt, and he believed In many cases IN
| England IL was the same. After describing the cir
cun,stances under which the scheme had originated,
| the difficulties Is had 10 meet, and the various
financial had entered into for overcoming
thc-tbe error fallen into by the old company IN not
commencing the line at Permont mmeoa,oiy opposte
| New York but twenty miles higher up the Hudson,
where the water was shallow which had necesstated the
making Of pier mile long a. great expenss-ne re-
ferredto the advantages which would result from tno
terminus which the new company had commenced immc
diately poee Permoht from whence the old company
ouphtto have started which the momcntt was completed,
would form lis central point ard from the great facilities
they would Afford bring large accession OF Ianc 70 tue
line. There would also be consiae,aoe usnS "a ooa
missed 10 he total loss would In the end turn out 70 De
worth what IL had cost The cause OF their elnosrrsss
ment was that having reoreanzed the concern WIN
subscrpop of So 600 ooe they had entered into an OK
pen3ure of SIS 900, and IL easy TO understand
that corporation having 10 borrow from day 70 day
must be affected in i credit according money was
| dear or cheap This circumstance had for i've years
made them the but, Of t,e bears OF New forx WIN a
would not invest In anything 70 new as railway. Tue
consequence that when the crisis occurred Their STOCK
| went down considerably This was lne that had no
reason to fear competition No doubt too many railways
had been constructed the states aud that the compet
% no, dense tended 10 keep down profits; but
so with their lines that from the Western states direct
to the Atlantic on these there were a, OK
s,ed 10 The states There the New York Central but
that was it's terminus, $50 miles irem New YORK NY,
and could not therefore compete with them for the New
| York traffic Then there the Hudson river line,
which passed through more densely peopled district
than their ov but the elements OF success
their act Of Incorporation limiting them 70 charge o. two
cents per mile, while the New York end Efie whlcn naa
limit charged 81 besides which ,hey hai 70
with the burden enormous capital whcn preventeu
their purchasing the equipment for the heavy gooas 20
traffic upon which this company most relied me others
were the Pepnsy Central good hne reaching 70
Pu,sbure and the Baltimore and Ohio, south OF Pennsy
vana The Pennsylvania Central was the pest inc %
doubt for RAISING 20 the Allegheny mountains but y
had the es grades 70 one me against 90
on the New York aud Erie. Any person conversant WIN
railways would at once, the great dsadvanages o.
90 and 1l6 the In tn BALTIMORE hhe asahs'
| 65 in the conveyance OF heavy goods faihc. BESIDES
these greet lines distant that except 10 us,
that commenced 500 miles the Atlantic, practically
they did compete at all Then their line pordeIei tns
State OF Pennsylvania giving ready access tof s Soe
and iron OF district 10 New York: aud, IN ADDITION
every Ton OF goods brought the New fork central
must also pass over the New York and Erie ere could
reach the port Amer sketchng the geographical position
OF the line in TO The great streams Of xr com