New-York daily tribune., 1859-02-08
y,on The London Nera

ree,iog Of t,e shareholders in this undertaking
was held yesterday az No. 70 Ihrogmorton stree. W
consider the present condition ana tuture VI
the company. A.. L.;
Mr.. Lapce occupied the chair, snd opened the bust
ness Of the uee,ing by observing upon the desrabl'y
of tie shareholders meeting together and endeaVofug
to elicit au'heItc Information WIN regaru 10 tue So
dir On of their property. He was in possession OF All
the publications issued by the Company from lts Tor
nation AND far ~ he Was in condition 70 form an
opI iOn there was TO more reasoH ior Tue -" snaee
being row at discount OF oo = cent tnan tnete W'
for their b.irg At oue time at premium OF ~ cent
The total eIp.l ditUfe on account OF construction
amounted to s23 81 600, which gave an actual net
cost y mile OF f672S. The loss upon the issue OF
then the interest upon the shares and bonds
c"st Of the line, including rolling stock,
SO, 100000, or f9,32l e mile Against this, the re-
ceip's from traffic up 10 the 3st of December, leJ'
were s. 43 OG0 and from land sold Al ,211O0o work
ing expenses 81 OOOO 600. So that the profit derived
from the esrnings of the line and the sale OF land
amounted to g, So, 600. Ii these were to be de-
Quoted from the actual cost the charge to capta &C.
count would amount 70 $30,OOO0 600. This, however
would not be found an extravagant sum mile as
tue cost of the Western Ra~ay of Massachusetts
was fl5,WO & mile that OF the New,lork WI ana Ere
fI60OO that of the Michigan, flO,OOO; and that OF
the New-York Central El50t0. The liabilities OF
the Limos Central tue lst OF May 1893, as per MI
Fishers report, amounted 10 SSH OOo but they had
assets to the of S96S 900, leavir due by the
Company 81, $500 They had then TO provide the
SeptembeT interest Oh II free land bonds SlOl 900 aud
the interest construction bonds Nc making total
of 52l O0O There would also be the cost OF construc
ton lmainteusnce Of way during the year, which
might be taken at $3.50 600. This would give S3,O,-
900 as the charge upon this account Against THE,
call of so e. share would realize $3,JOOOOo. Inc
average profit receipts upon the raihc Tor tne last
three years showed an average Of s7OO,OOO The an
Iusl interest amounted TO 81 ,15l ,WO so tnat the
calls upon the shareholders should not exceed SbOoOW
y annun, or, with the estimatate for construction,
$500 600 UIder these circumstances he thought that
a s. call with the proceeds of the land sales, would
suffice TO meet all payments. SGpposing however,
that the land ubsolG fetched good price as the
land already sold that source alone would produce
car ta of S33, COO 600.
A shareholder said that in that case the railway
would be given to the shareholders for nothing.
TIE Chsrnsn said that would be so provided; the
statistics supplied by the Company could be accepted
a. correct. There could be no doubt bat that three
sections Of the lines carried on at oss at the
same time it shond be remembered that Sc ven sector
worked at profit and that although the through
traffic did not seem to be very remuIerative the gen
eTal traffic returns showed an Improvement. " hen
trade revived and agricultural affairs improved there
could be doubt but that the carrying trade OF the
States would receive an enormous impetus.
A Shareholder said that on the Baltimore and ONO
Railway greater quantity of -four was carried last
year than in any previous PERIOD This showed inst
the want of traffic the Illinois line arose from want
of progress. e...
wheat as might be expected ard that 10 fact only
fourth was derived from this source; the remainder
made up from iron, Minerals grocery, dry goods,
and lumber
A shareholder inquired what effect the opening Of
the New-York and Cairo line was likely TO have on
the traffic Of the Illinois.
The Chairman said that the Cairo line must be pro-
ductve of profit TO their line.
After come de,ultory discussion, ii was arranged
that no formal resolutions should be moved, but that
means Should be taken TO obtain further information
from the Company with respect to what prices the
lands produced in proportion to their distance from
the hne what portions sod at what rate per tun
the goods carried and other points without which
it was impossible TO form just idea OF the future
prospects Of tie undertaking.
The Meeting then separated.