New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-10-09
Oc,ob,, & 1857.

Total bush sraf1 ,NtZool Total ousn rAu'.'''t~''''
The following very important and interesting letter
from Mr.. Charles Moran in relation to Erie Second
Mortgage Boods, h,.s been circulated:
OFFICE ~ The Ngw-YoRk AND ERIE X. X. Co.,
NEw-YoRS, Sept. ~, 1853.
GESTLE9Es: In answer to your inquiries as To the
intentions of this Company in regard To the Second
Mortgage Bonds which mature on the LIST March next
beg to say that in the present state OF the Com
panys finances and the general dscredt OF railroad
securities to rein burse them on that day is Imposs-
bic. Il appears To however, that the extraord-
mary security watch these bonds offer Ia capitalists
will render hardship to the holders to extend for
sbort from five yesrthe reimbursement OF
the pr cps rondition that this Company sheets
annually
Th eutire Of First Mortgage Bonds s3ooooeo
And Of SecoDc Mortgage Bonds is......,..... 4VnWo
TogetIr ...............67o10
sec, red by property which has cost and in my opin-
ion to-day i well worth $3s 600 OO0 say 81 times
the amount of the two mortgages. In the present
Of the money market e the world, safer
in, estment be found at par-paying Z q cent per
sUnum
The Company, az you well aware, has in re-
serve 400 600 Of Third Mortgage Bonds pledged
for the redemption Of the Second Mortgage Bonds
after which redemption the Third Mortgage becomes
Second Mortgage. The sacrifice which the negotia
ton ofthese Third Mortgage Bonds at present would
entail this Company would be perfectly ruhous in
its present embarrassed financial position, whereas in
my opinion within the period named above at will De
easy the Company 10 extricate itself from all its
difficulties reestablsh its credit, and thereby enable
it to negotiate the Third Mortgage Bonds. To enable
you to judge Of the present aud future financial posi-
lion of the Company, annex the following compare
tive statements Of the floating debt of the New-York
and Erie Railroad Company:
Sep, 80 1857 Mar 80 1853. Aug 81, 1853
Bins sapsble.. .........; sl,ss24S1 siH4$15 sH'F3
Accounts payable inelud-
I e. ssi1 i aha ''eoan'' a,aea .2u
Coupons pas due, and ae-
counts receivable, not
beng made up....... STs,Fz
Total..............s2s2sAs sIsa5.sss sJIse4
A. no previous period have the unaijnsted
claims against this Company been so small as at
present. Supplies Of every kind are now invariably
purchased for cash. and claims properly adjusted and
hquidated
On the LIST August the Company had issued g.
9l4OOO of the Fourth Mortgage Bonds, leaving there
fore g. CSC 600 yet To be issued, which will produce
81 5i3 900 in cash or in Indebtedness of the Company
that after paying every dollar Of floating debt there
wonld remain in the Treasury in cash from the pro-
ceeds of the Fourth Mortgage Bonds $l9 600 appica-
bic TO the Tunnel and Long Dock, which Is about the
amount estimated to be required 10 bring that valua
bic addition To the property of the Company into use
Whenever the traffic OF the Company is transferred to
the Long Dock, it will not be long before 5000 per
lot for the entire property will be considered very
moderate estimate, what would represent 81 OO 600,
and then the surplus land, not needed by the Com
paIy, could be probably sold for much az the
tire property ard improvements will have cost.
The traffic of the Company for the present fiscal
year ending Sept. 80 will not exceed g go 600 in
consequence OF the commercial Crisis and the COMPETE
ton between the four great lines which fortunately is
now terminated. Two years ago the gross receipts
81, $50 eco. Whenever the traffic of the country
10 ordinary activity with fair rates of trans
portaton, the revenue Of the Company will undoubt-
edly reach again the above figures, and when the
Long Dock be brought into use, it must greatly
exceed them. Had the Company this year been IN
receipt Of the above amount, all its floating debt
wond now be liquidated and the net revenue would
hereafter be ample TO provide for the interest on the
entire debt, as well the payments TO the sinking
fund, as will be seen by the following statement:
E1penses o. = cent II am confident they be
duc.d much below this q the road 10 IN thor
opsh condition, which II will be before long The
from 1859 TO 1857 inclusive, have
been 81! Y Ct, the receipts varying from *3.S5eooc
s14o,No
Interest 7 y cen; on go. COO 0oo amount Of
debt after che enti:s issue Of Fourth Mtg s $4,000
SINKING fund 0oo-2 $50 90
surplus $500. ioOVD
After the experience Of the past twelve months,
am more COW nced than ever that scheme TO eXtr