The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-11-03
TINE ERIE RAILROAD AND THE BOARD or BROKERS.

m
Ro.d-speechcs 81 Mr.. Moran. the rressdens,
.na Mr.. Lathers. one or the Dircesors-Rcso-
buttons PiesiGing the Sympathy and Co-oPe-
rattan Of the board Of Brokers.
The Board OF Of this CITY extended an invitation,
s,v DAYS since 10 the President and directors Of the
New York and Erie Railroad Company 20 present theca
selyes al the Stock Exchange and make FUN and com
p,ete exposition Of the affairs Of the company The invi
taca was accepted, and yesterday at o'clock APP
pointed as the which the interview should take
place.
In accordance with this appointment the President and
Of the Erie Railroad Company presented them
selves yesterday afternoon at the Stock Exchange at
which there was very full Board.
Hr NoRss the President Of the Erie Railroad Company,
introduced to the Board by its President Mr. Gour
lie, and greeted with demonstrations of welcome He
banked the Board behalf Of himself the directors
Of the Erie Railroad Company for the extended
othem He regarded this invitation proof of the fair
with which the brokers deal with companies whose
tocks they operate. He had doubt that if the Board
lad tic time, and the railroad companies the courage
shave expositons Of their affairs made occasionally the
Board, hwoud prove beneficial 70 all parties, whether
bulls or bears. The Board pretty well conversant
with the position and finances Of the New York and Erie
Railroad; but yet, as general thing, there were many
aoat in regard toit They that in
OF the Of the times and OF three facts
exceptional and applicable TO the road twas embarrassed
The exceptional were strike which they had in
October 1883; the severity Of the winter which destroyed
one Of their most expensive bull sings and the very light
traffic of The spr ny Til. result was that for the nine
ouhs Of this f-cal wear the earnings Of the road were
oneuilon OF dollars less than the earnings for the
Responding portion OF last year They we're ali aware of
he necessarily bad effect OF being deprived OF million Of
dollars which the road had counted. The difficulties,
however had been in n great measure overcome The
road was once more il good condition ami the earnings
were becoming satisfactory, until the present financial dim
IN the floating debt, which amounts 10 s., oo0
oo0 the relct OF old debt for constructing
the secsn track OF tn. ROAD that the present alminis
fFafA0 q
dred thousand dollars of that debt That surely not
large indebtedness for road tha, had cost s3 900 uoo
AMI with OF 81 0no 900 per annum. That in
floating debt incurred for the terminus At
Jersey city. As business they the importance
OF this work well as the directors did Whom WAS
completed freight could be brought from the West and
shpped direct at terminus any part the world,
thereby ctctrlg saving OF time and OF tse ex
pense OF repeated hanilings TO shippers They could
easily what great advantage this would give the Erie
other roads II would either justify them in
increasing she charges OF freight or would bring
additional custom to the road probably both would bo
ing the difficulties which the road iahorc under in
having TO send it, westward bound freight from New
York 70 picrmoni in barges and tTahp there into the
%sts MN sfea waste ot tne snt eApea7e - WIN the
Central ROAD which had to transhp its freight at Albany
from 10 the Hudson river. With the new terminus at
JeFsey City completed freight wo1l he half way s the
ss-s within the time il now takes o have II started sem
bcrmont Their competitors IN the contest for the tri
&c o. the West the New York Central, the Penn-yi
sanis Central ana the Baltimore AMI Ohio Rsiiroas
These four OF trade constituted The greatest Of
rnonorohes No other reads could or would be built to
compete with them. The immense capital re-
Of the country through which they passed, would
preclude every possibility Of other competing lines. hcT
New York Central had great advantage IN the level OF
road The New York and Erie crossed the Allegheny
0ountns al graseof e5ieet to the mile, the pennsyl
yaa Central at grade OF % feet ami the Baltimore ami
Ohio at grade Of lie feet The heayness oil Grade was
great disadvantage u roads doing large pro luce b,s
ness. II acted premium in favor Of the New York
Central anu Of the Erie The capital OF the Erie road was
$4,000 ne-thc road reaching from the ates 10 New
York harbor. The capital Of The New York Central was
$50 $50 900 GOETHE road reaching from the lakes 70 Al
hany DUTY But Albany aot the place Tor protuee
% remain the Central had to use The Hudson
RIVER Tine, costing $1,000 600 thlt, IN iact,
The profits Of freight On the Central had 70
D. spread over sap'td OF So 'o9 @o Toe
traffic OF the Erie rost nal steadily brss sed from
tss cay ~ ~ opening The Receipts II the arst year
little more than three millions, and they had in
creased million year since. with the exception oft@
years-Is54- 55-the year the declaration ~ be
tie Allies and Russia aud year Of shors crops in
abe West and the present year 10 these years the re-
Ccir.s Gid not advance, bat they remIncd almost
stationary The present fiscal year would show probably
diIninuton Of i've SIX hundred thousand dollars
-nc-r 1856. but L would stll show increase the
yr,ccdlg years. Had loi been Tor the strike on the
rott ,is var the receipt would have
2, compared with sst year The floating debt of the
-,uaYsry was increased within the h>tal year from
uyr .ses a Dt4 200 showing OF profits OF
3s5t co. en- the LIST o. October lai there hal
leE Nt MI on the long Lcrscy City $500 90,
inasirg that pr,y reprcsoat eght n!ne hundred
goars. lie Csin tsd that ~ the sNsing 81
.-..i., soars time tn transportation Of trade, and
~h h., saving IS expense con-q cent on te completion
uis .-k. the road would experience iscrsae OF
~ 49, month, neasly mnion % dollars yesf in
,.g csrnscs 81 IN roai we're estimated AZ IS per cent
tEf :, LJnshi they oog be kept down y 81 pr cent
z,is- the annual receipts at O. 9ol00o aaa lac run
~ sxI.nse - - pr cent, there would remain sficr
rsbe Cor per cent on the ss,o0'.ooo, which Ea9ld
,0tsi debt u the company. asurplus $50 900
- ~ stocsho.fcrs o. thor uycs;megi - sl41p,
H,lyst confident that the roai could be easily managed
.. ou.ay y "a per cent. TIE knew that ny cutting
Il a8 heals increasing the rates 81 freight, dasa -
IL HVTossyc bushes Increasing proiactve business
lad 9rS ocr means, he coGd gci the same anoaS o:
gro - ~ per cent less, got Al 81
~ cent rning expenses When he cutercd on tho pro
sdt ~ q the company he inquired what tho extcrt ~
gfrp passes tvea wrrv and found that al least $50 pcrssas
"a travelled over The road without tue company 70
rcy re least remuneration fof ihem Besides that
here great deal q bl.ness done at rate. hit were
-atif. W commemorative lie beesei that there wts
great "a a bes done which I'D not ay 70 tn com
;aty T. cisa cost q running The cars and ~ wear ana
sf ~ tb ..sud be, 81 course, checked and Corrected
4 rcof real 81 the unremanertiye busness hla been
soo n cause uccrs thought che c-y WY IN witch
- re- cc-4l u obtained But nc believed differently
H. sss cnvncsd that rea~onahs augmentation thai
miFti m3de would drive away the,r Is'ns WIN tns
rsveuur tf-7 90 year the tre srcd would he ~
short os-sifanse a. y might appear ~ " w ~.
sfocks the counry The pian susgsstes " cfncate
;he conn ny o. its difficulties he believed the
g.niy eve es-sshi ~ adopt That ~ appalling 81
rutiy n ems teress, lie could not -. people on
yui grou eds sne forward AMI advance money
fu- The ,at Il saving oes l--oes property - q" eene
atng immunity Ills plan va ~ tcug'thc holicrs
urserrre bond e. come forward AMI secure Their pro
.,y ,iss TO- 50. w., = ey 1891 s.e
~.lid give ism 500 u nor'sags s"ais sAaeh would
nausrHiy BY ihs means NJ calculated tsai ot 81 the
ICto coJ ~ unsecured bonds Euw anai t wea.3 get
shor- g. $50 90 Thus t1e company HgUil be aivant
ared by oft g. 100 900 without sacrifice and the
era. ~yy ~ having u.ir property perfectly secured
Tbero Nas ~ doubt that others nxtses the
holf.x uu-ecured bonds who i8trrctc1 rayinr
-, oon pany bankruptcy No ou- would be Rpre
t-peisl thereby than stsoSeoAers. bot sth - bond
,,dersf precedence II SocAh0lders va clear
thn me could uot ask Stockholders y ADVANCE
IT, wA.5, amount u probably would NJ; BE- EiLn
ther mcs is do 20, and a majority q theH n.gi6
tbuk ID woald not be gtac"us u DO -.
BUt~uii obey would - largely benefited by the ~
trsse ~ Cumpiuy from 10 smt-rrassmenis @ts
pssss5 that cr every dollar they advanced they should
49, el,c. - t,e Trast Company doubts The amount
h Decd deere tor the mortgage h0uds ~Sip" 81 %.
stksl,rs faye seceltet these ;er-ns u tbs were &C.
nefs.fE sloler@ 81 advance tsn per coat
tNe.- sn-k-the ,umuany wosd have a. l01oVo h~au
Shs s-r,s ~ thought - ia rsy With comnlence hat
be ts- tnc mt = o. ivo.g9in the beginning -