New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-05-06
The circular gives the annexed financial plan:

The circular gives the annexed financial plan:
The fret measure Of the Company is TO put 10
finances in . s0und condition II must pay oG "
floating debt; II must provide working capital II &
would conduct its business with economy and ssfety
For this purpose, two methods arc open to it undsr
the recent act of the Legislature Of MOyasd; The
to create bonds, the other 10 call upoa its
stockholders for rateabls contribution in the form q
a pr, f.rred stock.
Boz ds could not be scd except at the large d.
counts which have Of late years characterised such
fir spceriDg II other objections to this sxpedieot
could be overcome, still the fact remains that sscri-
flee Of this kind by the Company s precisely the
same in effect il each stakeholder had. 10 hs pro-
portion, made IL in his own individual Affairs. The
msorty Of stockholders have therefore assumed thee
Their associates would prefer the wiser policy Of 81.
vencipg their respective proportions, rather than e.
cuu beiing their property with debt for which they
must eet annually recurring interest and events-
ally pay the principal Of larger cum than they ~
ctiv,d. The alternative was unanimously sdopesA
at TIE stockholders meeting OF raising the money ~
issuiDg preferred stock to such Of the shareholdess
ment Of IS per share in addition.
The payne mt Is 20 be msde In two instsllmeno o.
- 30 each; the first between May and 81 the SEC
end between June ID and 30.
Payments for the full amount or for an instalme3
will be received in advance, and interest at the raes
Of v cent per annum will be deducted on ~ peg
Inc nts made before the Last days.
After the last days of the payments, the option =
the stakeholder to convert his stock into the preferred
will be Lest.
| The advantage offered to thcse stockholders WHO
axe the payment that the payment OF - per shsss
entities them to priority at the rate OF cent -
the par value Of 800, or IS share in dividea1s
| wherever ard as often any shall be- made.
is believed that all the stockholden viii eco The
| advantage of making the payments entung those who
do 70 to ore va liable priority if part refuse
itlirg s if all acceed, to equal benefits OF money
raed On equitable terms 81 between the sharehoders
rased without any Of those sacrifices which have
been the fashionable read to ruin OF 30 many copossss
enterprises.
The psyu ent Of IS T. share on 50 900 shares o
stock (if, is assumed, all make IN, will produo
$4,000.
Tn. proceeds of the G3 bonds would be svalsbls. II
essary; but the rails ID in the other mode viii,
it IL believed, be- sufficient not Only to psy the entire
acstrg debt, but TO enable the Co Dpsny to resum
It's busness ~ stem of each payments and TO -
cue the coprequent economies.
Albert II. Nicolsy's regular daily auction sale o
,tocks and bonds will take place tomorrow Thur
dsy) at l2} o'clock. At the Merchants Exchange.
S. DrsIeis regular daily auction sale Of bonds ssd
stocks will take place tomorrow Thursday, at ~
o'clock, OF the Merchants Exchange.
The sLbual report Of the Morris Caos Company he's
been publibed. The rever Of the Company fr tho
year 1857 was $685. GC8 Gl the ordinary expenditures
1890 $40 80 and the amount refunded for consrucos.
&c.. Sli2t02 &C. The gr0ss receipts were smaller
than for the previous year. During the year prefsred
stock TO the extent Of 1888 $40 has been cold at par
The proceeds sppled to the reimbursement Of the
rsy ioebts for bonds due April 1856 and $3.50 for
improvements in the Canal. The cd stock, all but
about 900 shares has been consolidated four shares Tor
one III der the resolutions of the meeting held LIST May.
1851. The report says:
TIE condition of the canal in commencing business
the present season IL better than usual. Every part
e i has be put in the best repair, and the three eA-
al il nal inc ined planes add very considerably -
tie capacity Of work, and to the facility for doing
busiDese W On II.
After the completion Of the two planes, DOW bsguns
tlere will he but two more rebuilt, which Il viii b
the policy Of the Company TO reconstruct at their car
lest convenience a.
The Morris Canal is not only beco ming favorfse
avenue for TIE transportation Of mineral cosl, buS
Jersey City h likely become Of tho most impr-
tant points its rssh pine This has been the csse
to considerable extent li,hertO, and /, understood
that several other extensive GOAL operators desiga %
charge their PLACES Of shipment the present yesr -
Jeney City.
Ii has been q source Il great qualification to the
Directors and will doubtless afford confidence and a.
sgemsLt to tie Stockholders, that, during the
mott extraordinary financial revolution thet shD
country las ever experienced, aud when very masy
OF the most exensive public works Of the coustxx
were unable to meet their business engagements an4
ecther this Company able 10 pursue their regu-
,r course 10 meet promptly all their liabilities, sn4
to pay their usual dividends their capital stock.
Annexed is q summary Of its business for the yer
1857. Tie income wac:
FTom canal. oNI'0I ~
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