New-York tribune., 1875-05-15

hands, the A. and a. w. iease steel rail- and c. @ c. and
ns % been some ciitcsm with with regard to These Items
.ciay couccrning the item Of coal lands Long or"te
% %s arscy and
OF large quantity Of coal property In the tate OF pe
meeting in July last about 100000 had been paid.
Al the meeting held that datc the there
proved such ~ purchases, and committed the incoming
Board 10 the execution OF all contracts mace ID
Sn asS Snas Which H the nsss soa
obtained, failure to make any one Myneve M neY.
subjected the - caS Sn1eors e' M sos
question for consideration and decision In TN, smer
ion 81 the sRareholders the officers Of the Company
could other course to pursue than 10 endca'or "
secure the amounts paid by continuing ,he b,cS
had been assumed. These contracts had been made WIN
ot ue FOR it, own use at the lowest practicable
rates, and by obtaining Tor IL, beyond the lnnuence
product to the markets Of the country II the financial
condition OF the Company had % been ,sre sroh You'd
have been no serious improplicty In securing sne al
Interest IN these properties would have acc9nnsei
the purpose desired But in view o. the actna financial
condition of the Company complications thus created
have proved unfortunate and embarrassing Itls oc
hevcd however that in short tme II the necessities o
tie Company becomes such require it, they may DC
disposed Of at such prices aud upon sucn !erhs' as VIII
paid on their account and under such arrangements
will enable il to secure economical 1nc anu iArse
share Of the transportation of the coal " he minea Ihefo
The amount paid account Of the Atlantic and Great
Western IN pursuance OF an obligation assumed
when it Supposed that that lease would 30 ih'o
efcct. - ~ ..,,
During the period included in this statement, 621l
tons Of steel rails purchased at cost OF 800
957 a. the greater part Of which was used 10 the ce
Of iron rail, the track and. u that extent, MAIN
ten.ice OF Way was charged with ~ much ~ wouid
equal The cost Of iron rail- to replace the OLD rai ncin ing
taken out, and Construction with the unereIice DC
tween the cost OF iron and steel. 80
c. and l. Company were being carried IN this CITY, on
account James McHerHy who had purchased theii Us
lease and contracts To protect the stock and nd h'i
advance the amounts needed to prevent beng exposed
to public sle After the advances were thus made the
psid and the stock was relieved, it would be sod. In
this contingency was thought best TO advance the Ii
the stock held collateral thereto 1t was IN this way
that 1851 .O9j II came TO be advanced
"a statement 81 T. 9 the E sar1ngs ann Dr NTH
the month Of March of each year, shows dccreso h
81 Sa7i s. los 70 anu decrease IN net earnings 0' s0'
Preshiont Jewctt devotcs considerable space to eX-
Atlantic and Great Western r. X. lease and his demand
$50 900 Of the gross sn to be pad in the first year
Referring again "a the condition of the line ami inc ON
In The value Of the property is not diminished lave
entire confidence in lis final outcome II that shccor aiu
aid is extended to 1t whcu IL ordinarily exeuueo Dy thc
proplietos OF 30 large ana so valuable an Interest wnc
business is rcaOrel AMI the rates OF Transportation
ability 10 maintain itself, pay the interest
on it's f'nied debit, materially improve its phy seal
condition, and finally to become source OF proilt
to its owners II 1t had the means OF paying hs
boating debr. and putting itself Upon terms OF
equality in its daily transactions with its competing
Ucs the expense OF its maintenance and operation could
be largely reduced fixed and flute line I policy
should observed in the conducting Of its affairs This
only b. secured by giving TO stable and perna
ncnt management You advised therefore, 10 select
such a management: with which you may he CON
tent; one in the skl, wisdom, aud efficiency OF which
you may have confidence giving t. IL 1he caira'es , c
pernancacy together vita th.t moral, mat rial, AMI
financial aid necessary 10 Its success; give II tine 10 m
sugrae its economies; give 1t the opportunity ana
reform existing aud purdfnsOnc cUntracs ANA
put IL In the position Tor devsing, aud allow IL time
10 carry out the plans which my be agreed
upon tho Improvement and completion OF the road
With such "a management, aided and Maintained tc.e
IS no reason the ability Of the road finally re-
aze the expectations OF thoss who have Invested 10
Largely in it, Without this aid, however. and without
InanaGemen its career will be unstable rs policy
pcuating is credit impaired and in the end the result
viii be disastrous many interests which other"sc
might be fully protected and preserved
That you may he ICpr's.n cd at fhe ensuing alnual
meeting By gentlemen VINO will strictly carry what
ever views may indicate in the future Of
ganization of the Company tie Board name TO you the
Hon. 4. ID. Morgan and John Tayic Johnston. es'i as
suitable persons TO Whom you should ntrst your proAeo