New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-03-30

Increase. S5H,41O IL
The transportation expenses Of the year 1859 were
increased conc 1895 GOO those of 1885, but were
more than compensated for in the increased receipts.
The of the Company from the business Of the
road have fallen of from the estimates given in the
last annual report 100000. This is mainly at
trbutabe to the destruction Of the grain crops by frost
along the eastern half of the road raversng much the
most populous and productive portion of the country
tributary to the line. The increase of the receps of
the Company from its extension to Chicago has, in
view of the continued depression in the business OF the
West, been equal to the antnipaioDs of its man
ayers; and, in reviewing the affairs of the Company
and the results of the as years business, they with
confidence assure the stockholders that with the dspo
son lately manifested by the bondholders TO arrange
the oblieatcns Of the Company equitable basis
their property will he preserved to them, and
will if iudicously managed at remote period, pro-
duce regular dividends
The deficiency in the net receipts Of the Company TO
meet the interest upon its Indebtedness since the con-
From Xasas, December 81 1881: $sa5sl %
Ere January 70 December ri, l98....... BI2ls %
Pom January to December 81, lsSs.. st484 81
In sn..................k.... $500 %
In view of tbeae facts it occurred TO the Board that
slight concession from all the creditors of the Com
parry would place ia Indebtedness upon sound basis
thus enabling the Company TO meet ts interest regu-
larly, and by the establishment OF this fact at once
giving 10 its securities settled market value tina.
would much than compensate for the concession
asked. Under this impression circular "a copy OF
which lie annexed marked GA y was prepared after
consultation with number Of influential bOndholders
and distributed among the creditors Of the Company
for their consideration.
The principles upon which the proposed reorgsnHa-
ton of the Company debt were based seemedto meet
with general approval; come notifications were sag
eested, which coHld have been readily adopted. The
members of the Board under these circumstances
cd FOL fha
9Th Of December lst that proceedings had been taken
by the representatives Of some OF its bondholters,
under msapprehension as 10 the application by TIA
Board Of the net Of the road TO remove tn
custody Of the property of the Company from the Board
10 that Of Receiver, to be appointed by the United
States Court.
Alta meeting subsequent 10 these proceedings be-
tween Committee Of the bondhoders and the Board
of Directors an arrangement was concluded by which
@ change in the decree and RecoiveGsh'p was effected
and W. b. Oedenr esq, OF Chicago, gentleman cd
ely acceptable 10 all the interests involved was ap-
pointed Receiver Of the entire ROAD but az the DIS
tict Court OF Allegheny County Pa, had, on the nth
of December 1859, upon the application Of local cret
ors appointed Sequestrator to take charge Oh that
part Of the road, about ~ miles IN Length situate ~
The State of Penn syvsna aud within its jurisdiction,
the Receiver has not thus far been able 70 Obtain pos
session of that important portion OF the road.
la consequence of this contest between The different
classes OF edoI the revenues oil the road nave been
materially impabd, while the disor9anizaioD shat CD
sued previous le arrangement referee to- has added
materially 10 the expenditures OF the Company.
The consolidation OF the three Companies developed
much larger floating debt than the imperfect manner
in which their accounts kept seemed to indicate
The protection Of this indebtedness and the OUTLAWS
required on the extension Of the Road from point ~
miles weft Of Fort Wayne to Chicago, which were
incurred in advance OF the sale of the securities OF the
Company, resuied from necessity, in the hypothect-
ton of the Companys bonds TO q large extent. Tue
three coupons funded by the bondholders to enable
the Board to apply the net revenues OF tue Company
10 lima p1e
fcent for that object and they vert LETT the alterna-
tive after the expiration Of this p.Tiod OF resuming
the paymeb, Of The interest upon s bonds IA far rs
practicable in the order Of their priority or to submit
10 sacrifce Of the securities hypothecated If their
efforts 10 effect the latter object had not been disturbed
this could it Is believed, have been accomplished dur
ing the current year.
telegrsphic dispatch from Pittsburgh states that at
the election Of Directors the ticket headed by Thomp-
con aud Cogg was elected by very large majority.