New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-07-19

G,est Western stocks since 1856; nor ale the largo
sums which must have b en- received from these
soures in any way alluded TO since that time.
What has betome VI these divdends' None of the
reperts ipdicate that any interest upon bank do
posts ba. been paid to the Company. A great
line of railway must every year sell large qua l.
tty Of pa,eriM, old engines, cars, &C., but no
er dit appears the reports Of the Central for any
snm realized from this description Of property.
From these aud other sources, the author, by
exercising great liberality in his estimates, con-
cludes that che Company, in addition to the re-
ceibts set forth in the reports, have obtained the
sum of $4,s9i, 1858 4s, leaving deficit ove' and
above all receipts accounted fer and unaecomted
for Of $2O8,750 50.
Even this small deficit is sufficient to cause de-
lection, were it not made up by process which
our author explains. The Company always de-
clares dividend the 1st of August each year, but
the yearly accounts of the Corporation are made
I'D to September goth of each year, at which time
the fiscal year ends; therefore when the accounts
are closed the Company always have in hand the
profits for the months of August and September,
which, in 1859, we're $777, $50 76. The reviewer
thinks that, wherever the Company fnds that it
cannot raise the money to pay dividends in any
other way, 1t anticipates this fund, and makes up
the deficiency from that.
Acco ding to the statement of the pamphlet, 1t
appears that the Central has paid 10 dividends sew
eral millions more than it has earned. To make up
the deficiency it has from year t. year borrowed
large sums sold the pr. perry of the Corporation,
such as stocks in other Companies, old material,
&C., appropriated the money received for divl-
depds on railroad stock, interest on deposits, &C.,
and that when these means fail it has made use Of
the earnings Of the succeeding year.
1t seems, however, that these are net the only
respects in which the Directors have subjected
themselves to criticism. The author accuses them
of having violated or transg ressed their charter In
the reports, large sums are charged to steamboat
lines on Lake Erie. In 1856, the amount lost in
such epterpr, ses is stated at $685., 1876 IS. The
Company have for a long time owned grain ee'
vator at Buffalo, and leased it to private indivdu-
ais, and a line of propeers was run between Chi
cseo and Buffalo, known as the New. York Central
Line, which is managed and supposed to be owned
by the Company. II is clearthat the Central Rail
road IS DO more right to build steamboats, or en-
gage in the elevating business than it has to build
a thester, or carry 90 tailor shop. By 'uch e-
gal ventures the Directors imperil their charter,
and we should suppose that the danger of forfeiture
and the large sums which have been lost in this
way wcurd excite the attention of stockholders to
the daI gerous and unlaW full course of the Directors
And to crown ALL the author of this pamphlet as.
serts reveals the evlde ce, that the Official re-
ports col tain important discrepancies, amounting
altogether to seseral hundred thousand duars.
1t is impossible from the evidence now before US,
to conjecture what answer can be made to tnls
writer's statements. We hope, not only for the
character of the Directors of the Central but as
well for the interests of the stockholders and the
business community generally, that this pamphlet
viii prove to be based upon an imperfect knowl-
edge Of the subject, and thatthe New York Central
Rarord has been governed with the honesty, pru-
d, nee, and wisdom, which corporation OF such
wealth and Importance requires from its managers.