COLUMBIA LIBRARIES OFFSITE 
 
 AR01 492691 
 
 THE IFA7 YORK CENTRAL RAILROAD CO. 
 
 At a stated meetipgfof the Directors of the New York Central Railroad Company, held at the 
 office of the Company, at the Exchange, in the City of Albany, on the 19th and 20th days of November, 
 1863: 
 
 Present— All the numbers of the Board, viz: Erastus Corning, Albany; Dean Richmond, 
 Buffalo; JoH» H. CHEDEJ.L, Auburn: ALONZO C. PAIGE, Schenectady; John V. L Pruyn, Albany; 
 NATHANIEL Thayer, Boston; Livingston Spraker, Palatine Bridge; Jacob Gould, Rochester; 
 Cornelius L. Tracy. Troy: Charles II. Russell, New York: Richard M. Blatchford, New 
 York: Hamilton White, Syracuse ; II. H. Martin, Albany. 
 
 Messrs Blatchford; White and Tracy laid before the Board a Circular to the Stockholders of the 
 Company, issued by them on the 16th inst.. in reference to certain charges publicly made against the 
 administration of the Road ; (see copy annexed) ; which was read and the subject to which it related 
 considered. 
 
 Whereupon it was, on motion of Charles II. Russell, unanimously — 
 
 Resotved, That this Board approve the course thus adopted, and both officially and personally 
 assure the Stockholders of the Company that its affairs have been managed without reference to the 
 advancement of any particular party ; but with the view in good faith of promoting the business of the 
 Company, and its financial prosperity, in which the members of the Board, as Stockholders, have a large 
 interest 
 
 Resolved, unanimously, That the Board point with great satisfaction to the fact that nearly all the 
 large permanent improvements made since 1854 on the line of the road, and in its business accommoda- 
 tions and facilities, which have added largely to its value and efficiency, have been paid for out of Income, 
 and the debt of the Company at the same time largely reduced by the operation of its established Sinking 
 Funds. 
 
 This further minute was also adopted : 
 
 The Board might, perhaps, rest here ; but as the usage of the Company has been to present the 
 annual report of its condition and affairs, required to be made by law, at the Stockholders' meeting in 
 December, they do not consider it improper at this time, when the Company is assailed, and the conduct 
 of its Directors misrepresented, to anticipate somewhat that which would otherwise have been delayed 
 till that meeting. 
 
 On the occasion of the dividend declared in July last, the very favorable results of the business 
 of the road had not been fully developed ; nor, in the opinion of a majority of the Board, sufficiently so in 
 the receipts down to June, to sanction a dividend beyond the 34 per cent, then made. Now, however, 
 the experience of the successful operations of the Company, and their realization of largely increased 
 income, determine them to divide to the Shareholders the result of this increased prosperity of their 
 Company, and next month to declare a semi-annual dividend for the current six months, ending the 31st 
 of January, 1864, of five per cent., with the confident hope that this rate can be hereafter maintained. 
 
 A copy from the minutes. 
 
 ROBERT L. BANKS, Secretary. 
 
He 
 anil 
 
COPY OF THE CIRCULAR REFERRED TO. 
 
 To the Stockholders of the New York Central Railroad Company : 
 
 The undersigned members of the Board of Directors of the New York Central Railroad Company, 
 have read several articles recently published in some of the New York newspapers, charging that the 
 affairs of the company have been managed and its funds us^d for political objects and purposes, and 
 in the support and advancement of the interest of the Democratic party. 
 
 Two of the undersigned are members of the standing committee of three, by whom the accounts 
 of the company are audited, and therefore have better knowledge than any other members of the Board, 
 of the use and disposition of the company's funds, and one of their number has, in addition, examined 
 the accounts of the Treasurer for eight years past; and as politics have been referred to, it is proper to 
 sa}-, that all the undersigned have been members of the Republican party since its organization, giving 
 uniform and decided support to the present Administration of the General Government, and have never 
 acted with the Democratic party. 
 
 Under these cirumstauces they deem it due to the Stockholders of the company, to themselves, 
 and to such of their co-directors as belong to the Democratic party, who have been unjustly assailed in 
 this matter, to say, that they have never discovered in any of the accounts, vouchers, or transactions of 
 the company, nor have thej r any reason to believe that the funds or property of the company have been 
 used or applied for political purposes or objects, for the benefit of any political party or organization, 
 and that the charges made against its administration above referred to, are entirely unwarranted. 
 
 They further state that they are not aware, nor have they any reason to believe that any officer 
 or agent of the company has ever been employed or dismissed on political considerations, and that more 
 than one-half in number, as they fully believe, of the officers and employees of the company, at its 
 principal office in Albany, are now, and have uniformly been, supporters of the present General 
 Administration. 
 
 There are several other members of the Board, friends of the present Administration of the 
 General Government, who, the undersigned doubt not, would concur with them in this statement were 
 it presented to them, but with whom they have had no opportunity to confer. 
 
 November 16, 1863. 
 
 R. M. BLATCHFORD, New York, 
 HAMILTON WHITE, Syracuse, 
 CORNELIUS L. TRACY, Loy. 
 
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