New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-01-13

mutton Of the receipts OF inc NV ~
the fiscal year Of ~, 39s ~, and an incfea.e VI
the running expenses and repairs o. TEX cl
<tsi.937 90 reducing the net revenue Si'0i''''U"
on the corresponding period OF tne Preoeu4ns
vesr Al this point NJ. Moran assumed the
Jr,ies Of President He found the company
epgaged in various extensive Improvements, requiring
large .1pepdtures while It's credit was prostrated oy
resor, 70 the same policy which had produced sin'ai
result in ls54-referiug TO tie execution OF inc '""
tel mort gage TO M Drew, to secure thar gen'ein'
al 10 the amount OF 81 800 600 durilg
-, months To this last measure Mr.. Moran az
,,;br,s the 4, sructiou of the Companys credit, on
accour, of the dstrust which such a pledge OF prop
e,tv created Mr. Moran entered vigorously upon the
du,i4s of HI. office and has introduced various meas
urss If refo-rn in EXPENSES and general management
and directed attention 10 the condition OF the Rood anu
equipment and the result has been es satisfactory
could be expected under the embarrassed nnancia y"
sition OF tie Company. The efforts to restore 'ne
credit of the Company were at first successful ou
October the general disturbance in financial affairs
compelled them to succumb. Following up this orAnch
of the subject, M. Moran says
To the past and the future must look for thar en-
couragenlent which the present Il entirely deVoid Ok
The present embauassments Of the company are tue
results OF temporary causes, WHICH ~ sAVi ~
pear and produce no other effect the future than
TO aid It's managers in avoiding the recurrence OF sim
liar difficulties. These embarrassments should NOT
discourage you O. the public IN regard TO me i'uIe
of this great enterprise which Tests on basis too
solid TO he affected by them This Is proved oy tue
fact that the gross receipts OF this Company since It's
opening TO Lake Erie, have been for the hscsl year
ending lst October,
lo52..........s]5S7 Id iSs gas
lss.... t5:39e5 '.''....''.''' g S3sgSS
This shows an annual augmentation OF about
81 go 600 with the exception Of 1855 aud the present
one. The receipts of 1870 We're diminished by the
short crops Of the previous year throughout the West
as well as by the declaration Of war IN Europe, when
greatly affected al commercial operations; YET, not
withstanding all this, the revenue of the Company
showed slight increase. In the past year, notwith-
standing the deficiency OF the crops OF 1870 ana the
light Spring and Summer traffic consequent thereon
the revenue of the Company would have shown SIM
liar result had no. been for the diversion OF trahc
to competing lines from the causes already enumer
ated.
An attentive examination will clearly prove, that
there is nothing the present financial position OF the
Company, which need injuriousy affect its future
PROSPERITY or value Its total capital AMI debt at pres
ent is less than $37 100000 The total cost OF the
New-York Central Railroad, reaching only from Lake
Erie to Albany is already $39 OOOO OO and TO enable
its traffic to reach Newlork il has TO Use the Hudson
River Railroad which cost $4,000 900. thus making
a total of $50 900, to reach from Lake Erie te
New-York City If we add to the cost OF your road
the captal represented by your leasehold property
the total capital invested in the road and equipment
of the New-Y0rk and Erie Railroad Company -
s3S 600 900. OF the present Floating Debt II O,0OO
il the balance of the cost of the second track, when
the loan Of a. 900 900 not sufficient 10 iquidate
The balance of the floating debt has been mostly ef-
pended on the Long Dock Improvement, 90 lhao th
evide Mt that nearly the whole OF the increase vi W.
Rnnds i, tn hands of the Sinking Fund during the
mast two wears has been purchased WIN the earnings
Of the COMPANY notwithstanding the sad result VI the
traffic OF the past hscai year.
l;s To axfrip tie he
Comnany from its present financial embarrassment,
appears to to be the only feasible one II appeals
TO the interests OF Bond and Stockholders, for the
means required by the Company. To the hrs ltoners
an opportunity exchange their unsecured Bonds into
Mortgage Bonds perfectly secured as the entire Issue
is limited 10 $40 Co., while the present cost of the
property of the Company exceeds $3S, OOO,0OO To
the latter it presents opportunity to save their prop
ery without risk, for the small advance asked them
is perfectly secured Ii the entire loan be TAKEN there
can be no doubt that this Company Will soon ENJOY
greater prosperity than at any previous period; and,
by rigid adherence to correct systnm OF admins
tratoD all future embaTassments will probably be
avoided. To this end, no new expenditures should be
undertaken without first securing the means necessary
10 meet them.
By the annexed statement il will be seen that the
Gross Revenue Of the hs:sl year Gliding Sh Sept, .
Ordinary E1Isa;.s;s including Taxes, ,o,.sus 9,
E1 aas mtn. gr Esptn:::.Bsd Debt.
Contraction Account-Exp-ndiiuIes
for new stulr,urrs and Eauipuen: S9S4j 80
42sS, J74 IS
LEAVING applicable 20 Interest Debt, aud Rent Of .
injon Hairoad iji0S 50
Whereas, The =, itrn- amount to.......... 9SjI 30
Leaving deficit of................... S4792g5 10
less prU;it on Bonds purchased Tor Sinking Fmd
and Interest Bonds IN hands OF Sinking Fund lgsb I'll
Actual deficit the years operaons..... sSS'3s %
This result IS also proved by
ll3l s5J So
$500 81
l677 3si ~
Less-Increase Long Dock investment. ST+i,o42 -
Increase other Assets and Mstenals.... 5000 30
Decrease oi Bonded Debt BY Sink Fund $4,000 10 .
Increase Of Lialii Assets..... s2ss,Sis -
The annexed tables accompany the report: