40

From one of the statements contained in the foregoing report, it appears that the
value of the supplies on the line of the road on the 30th September last, was
$664,374.06. We have no means of ascertaining, with precision, the aggregate value
of the supplies received from the old companies, but it is quite certain, from an
examination of their reports at the time of the consolidation, that over the one-half in
value of those now on hand, have been accumulated by this Company. If, however,
we call it one-half only, or ^332,187.03, that sum, as it has been charged to the
expenses of operating the road, should, in order to show the actual result of the busi¬
ness, be added to the earnings.

Statements of the earnings of the line for the years ending 30th September, 1853,
1854 and 1855, and for the months of October and November, 1855, are also hereto an¬
nexed.

The operating expenses of the year ending September 30th, 1854, as stated in the
report for that year, were 52-ro-b- per cent of the gross earnings. For the year ending
September 30th, 1855, the preceding report shows 51-nfo- as the per centage of cost
for operating, being a small gain in favor of the last year.

The general results thus arrived at, are of the most satisfactory character, and
should inspire full confidence on the part of the stockholders in the business and
value of the road.

The reports fmm two examining committees, lately published, together vi'ith the
annual report to the Railroad Commissioners, and the remarks and statements now sub¬
mitted, place the stockholders in possession of an amount of information in regard to
the past operations of the Company, and the present position of its aiFairs, which,
it is believed, will enable them to form a reliable opinion as to its true condition, and
its future prospects.

By order of the Board of Directors,

JOHN V. L. PRUYN,

President Pro Tem.
Albany, December llth, 1855.