New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1860-05-11
earnings for the year. ...................S3

Total. f548, 127 SO
Netesrnngs for the year ...............$a974o %
TIE above receipts exceed those Of any previous
year which the road has been operated Except the
year terminating March 81, 1857 and on deducting
the interest paid on the bonds funded debt of the
Company, viz: $40 80, there would remain
1888 equivalent to nearly 81 per cent earned on
the capital stock. The Directors, after giving de-
tailed statement of what has been accomplished during
TIE past year in the way of purchasing new engine,
new cars and iron, re-laying the tracks rebuilding
bridges, and carrying out sundry improvements, re-
mark that on the 18th Of July last they declared
dividend to be paid the 18th day of the following
month but that in consequence OF an injunction beng
served upon the Company, they were prevented IRON
paying the proposed DIVIDEND that the iltlgauoh IN
which the Company has row been engaged for period
of nearly six years arising out of the frauds OF Robert
SCHUYLER amounting to 81, 600 600, is still slowly pro-
crossing before the Courts and that no definite OPINION
can now be given to the termination OF the same
Tie difficulties and embarassments environing the
corporation in 1854 after the flight Of Robert Schuyler
having been mainly overcome or removed, and the
Company having no floating debt with road, together
with all its appurtenances, in good order and beng
benefited by largely increased and increasing busl-
ness that will and pay regular dividends, and IN
addition allow the management to have the utmost con-
ndence that the road will and pay regular dlyl-
dends, and in addition allow the accumulation OF
proper surplus fund for contingencies.
The Directors conclude their report by congratu-
lang the stockholders the present ourishing con-
Cition of their property.
The President at this stage of the proceedings an
nounced that any of the stockholders desired Informal
ton any matter connected with the report he WAS
repaired to give IT. and N reply to question a. 20 tnt
The case, the part Of the plaintiffs, had been closed,
lu on the part Of the railroad company it had not yet
been opened, and would not be until the 2lst of the
present month.
Mr. Homer of Boston inquired what legal expenses
had been incurred by the company, and whether any
money had been paid on account of legal advisers
The President replied that legal advisers Of the
Board had been duly paid for; that the law expenses
were included with the transportation expenses, aud
paid along with them.
A sockholder, whose name was not learned inquired
whether the Company had any means of separating the
genuine from the fraudulent stock.
Mr.. Buckley replied that an expert had been em-
poyed for the purpose.
Another stakeholder inquired whether there were
any other suits pending against the Company.
Mr.. Buckley, in reply, stated that the last claim
against the Company on account OF the Norwaik ds,
aser had Just been disposed of BY verdict of 1900
against the Company.
Mr. L. 4. Bennett offered resolution that, here
after the Directors shall keep and present distinct
account of all legal expenses incurred; and that with
the next annual report, shall be presented statement
of the various amounts that have been paid for legal
services since the issue of the fraudulent stock by Mr.
Schuyler. Carried.
Mr.. Dow offered series OF resolutions, 10 the erect
that the furnishing of wood coal, lumber, iron, &C.,
to the Company be open to competition. Also, that
the Directors he required TO enter in book TO be kept
for that purpose an account of all the wood coal, OIL
waste, &C.. with the price paid for the same and the
names of the parties from whom such purchases may
be made and that the book be accessible to the inspec
ton of the stockholders at least day IN each month
This course he considered due TO the stockholders who
had right to know whether there was any collision
and uniamess resOrted to i'll the matter. The resolu
tons were voted down, and laid on the table.
Dr. Merrett offered resolution in favor of allowing
those gentlemen who were about TO attend the meeting
of the American Medical Association at New-Haven
to he carried over the road at half price. After cOnsd
cradle discussion the subject the matter was referred
to the Board of Directors with power.
petition was presented from about 20 members OF
the Connecticut Legislature residing along the line of
the New-lIaven Railroad tor early train from Port
Chester and back in the evening" in order 10 give them
an opportunity of daily returning to their respective
home for the night This matter was also referred to
he Board with power.
Mr. Homer offered few remarks in opposition TO
The policy of the Directors III oanng money at )! per
cent, ard borrowing at the rate of per cent. He
thought it would be much better to pay off all the
bonds as fast as possible, and avoid the payment OF
interest thereon after that had been accomplished
then pay dividends TO the stockholders.
On motion, 1t was resolved that the next amman
meeting be held in NewHaven on the second Iue59ay
in May, 1901 also, that Henry White be the a"u'or
for the ensuing year. - r.
Tie meeting then proceeded ballot for Directors Tor
EnIt
the ensuing year. and resulted in the reescon OF AZ
the present incumbens, as follows Justus ~ bulkeS'
George n. Miller. Abraham X. Van Nest, George b.
Carhart, Dennis Kimberly, John Bradley, John W.
Leeds Jonathan Godfrey, Emstus &. Scranton
The general Dry Goods trade iof the week mas not
been large, but that for export has been satisfactory
The distribution OF goods TO the West has cbanesd
within the last few years; the country merchants OF
1877 have been succeeded to great extent by another
class who make their purchases and sel their goods
for cash. They absorb the currency, so that hte IL
r,mted on old debts but safe and profitable trade IL
seenred TO the interior distributing houses Of Chicago
s. Louis, &C., where they generally get their supplies
Their purchases are necessarily limited in amount, but
being continuous the aggregate for the season Is large
This demand contributed toward the reduction of the
stocks last year, and without il we should not have
seen the present low stocks of manufactured goods
Tie trade, thus far, has been much later than the
previous seasons but with the increased value of
Western produce it is supposed that it will aarugthe