The New York herald., 1875-10-27
: . . -
RESUME.

The Atlantic and Pacific Railroad Company
losers by the Pacific Railroad (of Mis-
sour, on account OF rentals being def
cheney OF net earnings TO meet disburse-
mens for interest on funded debt, rentals,
dividends and sinking fund for three
years and three months. s............... 474, 712 13
And are creditors for balance due for dis
bursements account of vouchers and
payabcs, due on and prior to June 20,
The Atlantic and Pacific Railroad Company holds
OF assets of the Pacific Railroad of Missouri follows:
SS54, 900 third mortgage bonds 100000 Carondelet
Ferry stock
Thus for the three years and three months during
which time the lease has the net earnings have
been 81 99 275 rs and the disbursements for interest
on funded debt rentals and dividends mot including
the quarterly dividend last decared), have been
$45739s7 49, showing deficit Of s474 712 IS on the
obligations contemplated by its lease, besides some
5000 900 due and not provided for. Upon
animation Of the books your committee find that the
following amounts required or before February
l. 1876, to meet obligations they mature to that
date funded debt rentals and supply bills, without
allowing anything for principal OF floating debt the
interest which would be required to extend the
or TO provide the coupons upon the hypothecaed
third mortgage bonds in the hands or the floating debt
creditors.-
November l, per cent on $soo,0Oo real estate
November /, "a per cent on 81, 146 900 third
mortgage, which includes incomes. ......... 1910
December l, per cont on $500, 900 equipment
bonds. rs, 600
December j, per cent, gold, OF 5000, 900 Lex
mgon and ST. Louis bonds. .::.....:...... $1,000
January /, 81 per cent on 81, 741 900 Missouri
Pacific second mortgage. ........ ...... e5,s35
February l, 3 per cent, gold, on $1,000 600 first
mortgage Missouri Pacific bonds. ........... 30 600
Premium gold at is per cent. 35,5 $50
Interest due 81 Louis county 81, 900
Maturing supply bills s..................... $50 900
Rentals sub-leascs, sc. &c.................,.. 10000
Taxes due and unpaid .................... 200, 900
Total. .s952, sos
Mr. Pcirce, the President estimates the net earnings
on the Missouri Pacihc division and branches appca-
bic TO the above ito and including February l. 1870 TO
be $3.50, 000 which leaves deficiency TO he provided
for from future earnings OF S602 $685. and this without
any provision for floating debt creditors principal
interest The floating debt creditors not pcremp-
tory in their demands at the present time yet they in
innate very strongly that some action is expected at
early day, and your committee urge strongly
upon the stockholders the necessity OF immediate ac-
tion the floating debt is past due, fast maturing
and the colaterals thereto liable 10 be sacrificed
II there is delay. The depreciation OF their
their credit and, with their large floating
debt, the directors have been compelled TO use all
their net resources Tor maturing bond interest and
rentals In conclusion, we would suggest that II the
stockholders would come forward and take tho
81 S540 900 third mortgage bonds at IS per cent then
holders foregoing their rental for lew years have
no doubt that, with proper management, the future
growth OF business the road will In time make their
stock OF value; otherwise the third mortgage bond
holders (thc most Of whom floating debt credtors)
may ask for their rights, and in that case take the
property In any event we would recommend that
II the leases the several branches excepting por-
haps the Carondcet be cancelled that tney be
modified as not To prove loss to tho company IN
operating them. Respectfully submitted.
a. B. BAYLIS,
q. \. TIMPSON,
w. r. HATCH, fCommttee
j. B COLGATE,
JACOB CROMWELL,