The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-23
SIS, 2oo, 1883 1851 ,l2 1854 .s62


Meagrc unsatisfactory deceptive and falso reports by
railroad managers to their stockholders and CREDITORS
public and prevailing mischief II railroad be feeble
embarrassed bankrupt and worthless the report Of
manager is, generally, attempt TO show that IL is
strong unembarrasscd and valuable In general the mis-
representations of the report will be in proportion the
desperation Of the enterprise most striking example
of this exhibited the last annual report of the New
York and Erie Railroad Company
The "RepOrt Of the President OF the New York and
Erie Railroad to the stockholders for the year ending Sep
TENDER 3O 1885,, published about the rst of Janu
ary of this year. by President Moran who into the
control Of that great road with immense preences and
promises Of REFORM rstrouchmen economy aud financial
SKILL by Of which the company TO be rescued
embarrassment and placed the solid basis of sue
So gres, the expectations Of the directory that
they ventursd first step In economy vote Mr. Mo.
ran salary equal that received by tho President of the
United States Such confidence and such pay ought
have secured to the stockholders, If not improve
nent in The condition Of the company at least a
clear candid and true exposition Of It's affairs In place Of
this find that the report calculated to misty and
msead the stockholders to the actual result of tho
years operations The report sets out With feeble string
Of apologies for tho "bad Show OF the years
business winding with the admission Of the following
most important aud startling fact that for the year end
less than has been since the year ls5253 whilst the
expenditures reach per centage exceeding that of any
preceding ycartbc gross earnings being $5l51 66 49,
The charges IS IA &C., leaving deficit OF the years
business under this ECONOMY and reform" administer
ton Of the snug Of $sos ,62s &c. This large addition
the already crushing debt Of the company is reduced
somewhat by the circumstance that the company has been
able TO buy up certain Of its debts below parhe spccu
aton realizing the sum Of SIT $40 49, at the EXPENSE of
course Of the creditors This financial operation reduces
the deficit by that amount, and may be deemed credita
bic by the management If so, is 1t not probable that in
future their achievements in that line may become more
brilliant the creditors become and more satisfied OF
the hopeless insolvency concern and the utter worth
eesns OF their cais9 There other confessions tho
report in no degree complimentary to the management
On page seven we find the following: with decrease
in passengers moved of % 4 per cent the miles run by
passe trains decreased only TX per cent "and
with decrease Of 16H per cen. in tho tonnage moved
the miles by freight trains chow increase Of az
per cent" "This result dscourasng ESQ docs)
"but. under the circumstances" (of the managementg)
"what other could have been expectoj9' Frankly we
must answcr--none whatever. The report informs
that "n the accounts annexed attempts have been
made TO present the result in favorable light than
the facts warrant Tn them, In everything else, the
naked truth s laid before you" We can therefore, rely
the "rerenchment and reform" management, has suok
during the year, tho immense OF ssos e2s 50. To
mitigate the crushing OF this confession IN regard to
ths runous and constantly increasing reduction OF re.
venue prctenco sot that large portion OF this de-
felt was applied 10 permanent structures and improve
mcnts which cannot be chased annual expenditure
and that the permanent value Of Tire property
pro ton.o That this faacy aud deception analysis
will show. II is stated in the report that the
excess Of expenditure the last year the
Immediately preceding one, sin the repairs Of
the track and roadway bridges and cars, which maintain
or increase the value Of the property Of tho company
has been sRs3 ass &c. will DO observed that the cost
Of repais Of engines and tenders tools and mschncry
shops" scxcludcd from this category repairs, which
maintain increase the value Of the property Of the
company Tho only reason which appears for this exclu
sion s, that the expenditure these lax per cent
less than during the preceding year or course much
must have been saved by economy.
Instead otho table on page eight Of tho report FAIR
bb for the two years, Of expenditures towards asn.