New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-01-11
NETWORK DAILY TRIBUNE WEDNESDAY JANUARY H. 1860.
It u Represented thai the traffic of the road through
oaf the wear WA unfayrrax affected hx the failnra of

1t u Represented that the traffic of the road through
ost the year uafavcraby affected BY the failure of
crops, and the general saRnatiou of busicess conse-
quent upon the rcvusion of 1857 thst in view of the
gradual revival OF activity in oil branches Of business
and the large crops OF the present year. material in
sumner nav be eepdeps looked iSr fro% s sSs
Of traffic which have heretofore existed, aud
that important addition thereto would be made by
the Opening, before the lat January, Of the Logans.
port, Peoria and Burlington Railroad. The Commit
tee regard the following prudent, and far 1t
is practicable now to furnish such IA reliable estimate
Of the probable net Of the Company for the
current year, commencing lst December, 1859, aud
ending lst December, 1860:
Esrninss... ....SA0eoeo
Expenditures $4,000 per moash............ 4so.oo
Net earning. ...........................s4 7o000
exceeding the annual Interest the entire funded
debt b, The cum Of S57 ,755 -. In order, however,
to give to tho First Mortgage BondhodeTs that priority
10 which they are equLaby entitled and relieve the
Company from the hndrance 10 The eRcen. operation
Of the road led by the Donpayment Of tie floating
debt cons'sting principally OF temporary loans. aud
aTearages on the wages OF operatiyes the Committee
recommend that the cash OF the current be
appropriated 70 he payment Of
Arrears nterest First Mortgage %
Interest due Let February and lst August on First
rns.Gs.s ca notes given funded interest and on
unfunded coupons and igssslluoens Of principal =, on AZ
Floating 5SIIS ~
Total. ssi 81
and that the second mortgage bondhoders arc request
ed to fund their coupons due lst November, 1859,
snd Let May and lst November 1860, smountin TO
$246,77 so. In recommending tnla measure, the
Committee. consisting entirely OF holders Of second
mo,tQs oe bonds and representing large proportion
of the whole amount thereof have no hesitation In
nresepg their confident belief that is the best modo
Of promoting the interests OF their ieo n %
The Committee recommend that bonds shaii DE is-
sued for the coupons funded, the following condi-
TONS !.
lat. The bonds shall be Of the denominations OF
slO5 $685. and 81 go dated on the lSt OF May l9oo
ard hear interest at y cent per annum, payable
semi.anualy in the City Of New-York, on the Let OF
Nav ard LIST of November in each year. and the prln-
also pa, able in sad city on the ist OF May 1902
with the privilege to the Company, On giving sixty
t6ed in tie City of New-York, to redeem all or any
OF the bonds at any time previous 10 their maturity
Cd. As security for the punctual payment OF the
principal and interest Of these bonds the coupons Tor
nbic they are issued shall be deporited with oDe or
more Trustees appointed by the Board of Director)
who shall countersiga the bonds, and keep registry
thereof indicating the numbers OF the coupons for
which each is lssued.
ID. The Co mpany shall pay to Commissioner Zap:
poined by The Board of Directors the LIST day Of
June 1850 and monthly thereafter the sum OF Soo
out of its current revenues, AFTER payment OF the
Necessary expenses for the operation and
Of tie road and appurtenances as SINKING iuha ior
II payment and eEtpguishment OF the prlheiPai oi
the bonds now proposed to be Issued.
4,h. Il shall be tho duty of the Commissioner, on
The receipt of each of said monthly payments to pur
chase at not exceeding par and accrued interest as
many of the bonds now proposed to be Issued as may
be necessary TO absorb the amount OF money In MS
hands belonging to the sinking fund. -,
Az meeting of the Directors Of the Company, held
Dec 90 1859, it was
Rsred This. the Report Of the Special Committee res.vs
10 the the ID Mortgage Bonds 10 hereby approved
and ordered be entered the nnutss and that the ocer
If Company are hereby directed TO- take oil necessary steps
10 give full effect by preparing and enecut
Inc Dor conformity Herewith said bonds TO be counter
by shall depos
d and ssped the President and hereoy
TO sI the seal the Company thereto and to issue
the sue to the I'd Mortgage Bondholdes soon minority
thereof have sznfed their willingness to receive them IN en-
change interest coupons due LIST November 1888 aud
ist May and Let November 1900. , -, a,
Rssofred That Bsksley Wilson hereby appointed tne
Trustee ih whom the coupobs shall DO lodged and the Com
,ssiou.r Sinking whom the monthly Install
snts thereof paid by the Copsny in conformity with
the rec. q. ndztions Of the report
We take from The Philadelphia Ledger Of to-day,
the following statement Of the Reading Railroad for
the year ending November 30h 1852 as shown In the
annual report Just submitted to the stockholders: