The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-03-23

81. Ssis,ysa SC


equal 10 The syersge cost Of repairs and renewals for
icng series Of years To improve the value the provision
be creator than for this average annual cost It viii
be found that the expenditure OF the last even,
neither maintained the value Of the pro-
pesty but matter OF sheer necessity FOR the time
being These improvements specially mentioned In
the report as follows" Baliastng many portions OF tue
road not before baasted; large number Of new ties
placed much closer than originally large amount Of new
rails Of superior quality manufactured expressly fer this
company, have been laid the track" Besides these
the Gng Of the chasm at Cascade bridge has been
menced," and beginning made towards catering the
eoe equipment Of the road" The real extent and value
Of the np ovsments upon the road aud its equipment
are stt to estimate only by reference to an appended
statement by s. T. Head'ey, Presidents Assistant This
abatement shKi compare with the facts future
day.
The office and station expenses last year amounted TO
1888 66 64-a reduction OF $sl 49s 49, 10 per cent
This class Of expenses consists principally OF the salaries
and per diem Of the agents and aborers employed at the
several stations the line Of the road Ths service is
should be- regulated according TO the work required TO
be done falling off OF lex per cent in the number Of
tons of goods handled, aud of 23 per cent tho
Der Of passengers calling for tickets, would seem to be
sufficient for this reduction to say nothing Of The
policy adopted Of "tthing" the employees, olens roles
For precisely the reasons the running expenses
should Lave fallen off the 10 per cent which it did, and
even more.
The decrease of general expenses loss and damage of
goods and baggage incidental and oaneous expenses
and gencies per cent-aboat the ratio Of tho
decrease Of business while the increase for injuries
persons 1913 per cent The total all these
items Sl03 1859 6I or precise nature Of all the
items OF saving which make up this account
informed, but that gained by the suppression OF
agencies, Advertisements, and other means usually
resctted to for securing fair share OF the trade
and travel, s undoubtedly the principal, aud to
which, great measure, the company ia indebted for
being relieved of l6s per of their freight
rs per cent OF mileage Of passengers and S55o,oo0
Of cash. The report and statement Of the Presi-
dent and his assistant profess 10 give the condition Of the
road on the 3oth of December 1885, but there
to believe that the assistant, at least remembering
the 10th Of December the date Of the statement
posted up the condition Of affairs TO that time Thus II
probable that the real time Of doing work was four.
teen months and twenty days. while the given for
twelve months. For instance the expenditure Sepem
Der 30, 1865, account Of filling the Cascade Gulf is
given in the Auditors tables at SIC 200 a. Ths amount
for the cost at the Cascade repeated by the President
and by hs assistant VINO add I is gratifying be able
to state that the embankment has already reached such
height that required trestc work might now be built
upon il without difficulty recommending that Ga
gravel train should early next spring."
fair to presume that the train did work through
the months Of October and November best season of
tho year for that purpose, sc. To make a long
story short, "the naked truth" is, that in the
Erie road there less than SIS 600 zoo
in materials subject to wear an! tear, depre.
citation and loss by fire and flood, and which
must require expenditure, for repairs and re-
ncwas equal to tho first cost every years and
hsf making the average annual disbursement for that
purpose 100000. to this amount add but $780,
GOO for the annual cost OF cleaning dtches suracing and
watching ack and for other labor usually charged TO
track repairs-and which wo havo amounted to
about $3.50 last yearhe average annual re-
pairs Of track bridges stations and engines will be
less than g. 900 to maintain tho value of tbs pro-
perty while the expended last year that pur
pose but 81 O93 49, leaving actual dopreca-
ton for this year only Of s5l 9ce 3d. and swelling
the deficit from ssos 69s Sc 81 5a5 TO- leaving ap
pcAble interest and rents Of Union and Chemuug Rail
roads 1921 JIG Is, and after deducting the rents,
S513 10 for interest not quite and half mil
lions Of inst, second and third mortgage bonds
The report Of the President dated Dec 80 1885, just
three months after the close Of the fiscal year, and
ausion the circumstance that the whole receipts of
the first quarter Of the current year required and
used to close up the accounts Of the year. per report
On the LIST Of March, 1852 borers had received their
wages for December 1858 Is clear enough that this
report NJ Moran has attempted 70 make his slcckhold
believe that tho value Of the oompAuys property has
been improved during the year, and that under his
Agement there s hope for them in the future9 Such
doubtless crafty 10 stockholders but in no
respect the state OF the rhe property has de-
preciated in value and the company has been plunged
into 100000 additional debt This increases the
already enormous burthens Of Mr.. Moran. Whether i.
will cntte him to an increase Of pay, continuance in
oce and tho gratitude Of the stockholders yet to be
known. The second mortgage bonds OF the company,
amounting to -, 600 oO0 are due and unpaid despe
rate attempt being made TO pay the interest but pro
visions present prospective appears to have been made
for the payment Of the principal It is moreover be-
eved good grounds, that IL the company did un-
justly and oppessvey withhold the pay Of their opera
uves for months after due, il would be totally impossible
for them to pay the interest Of this mortgage debt
Notwithstanding all these overwhelming evidences of
bankruptcy staring him in the face, Mr. Moran has the
erontcy lecture the bondholders and stockholders be-
they unwilling to invest of their means in
the unfortunate
In the last report Of the Gaena and Chicago Railroad
alluson made to the Chicago, Iowa and Nebraska
Road, which 10 already completed TO Lisbon sixty six
miles from the Mississippi. The remaining fifteen miles
Of the road TO Cedar Rapids, graded and The cars
will probably be running TO that point before Let June
controversy has arisen between the companies with
regard TO the bridge The Chicago, Iowa and Nebraska
Company propose 10 build bridge over the cast channel
Of the Mississippi two miles below Fulton Little Rock
Island they have fact concluded the contrasts Tor lis
construction the piles driven for pier aud all
the piers are TO be built with solid masonry by LIST
Juy the bridge itself is TO be Of McCaums beat truss
and ia to DO completed by LIST November The Galena
Company affect 10 consider this location OF the bridge
injurious TO their interests, but fail TO assign any salts
factory for their objections strong presumption
arises that the Galena Board influenced by Of It's
members who have pecunsry interest In the selection
OF other point for the bridge We trust that the
Galcna will no. press its adversely To tao Other
road On the face Of IT, the Chicago Iowa and Nebraska
Company have selected the proper point FOR their
bridge; to ondeavor, by oppressive proceedings
charrc ardes 10 heneat