The New York herald., 1870-01-21

TVS railroad runs from Towanda Bradford county,
Pennsyivania twenty miles from Waverly Dy the
extension OF the Lehigh Valley RAILROAD 10 the coal
mines, distance OF sixteen miles, and the
coal Ii delivered on our road at Waverly to the
transportOn department at cost at the present
writing TINS coal is cos:lng us about four cents Ger
mile run less than IN former years for the same kind
OF fuel We have also made proportlonately good
arrangement for our supply oI 9ntnracte coaL
and we confidently expect that future statements
will show large reduction III this item OF our
GEsEsAt OFFICES, TWENTY THIRD STREET.
The Old offices of the company IN Erie Buildings,
West street. were constructed nearly twenty years
ago, when the requirements OF the road for oilice
room for the accommodation oil the officers ana
clerks were not one-fourtn OF what they now are.
altered over To meet the Increased wants from time
to time, that by many II was considered unsafe 10
make any more alterations to It. lt had also arrived
at that condition account OF ts various changes
w to be Incapable OF beng properly heated III
winter and the ventilation was 30 bad as TO be
destructive 70 the health OF the many persons en-
poysd Ia H. We therefore considered 1t necessary 10
MAKE change, inasmuch as we required more room,
aud AZ there was no necessity OF the offices being on
the dock, we thought best 10 move up town. where
It would be more convenient Tor all persons con-
nected with the company IN gong to ana from taeir
homes. Inc building where we now are was the
only one large enough for the purpose that could
secure and nero we have arranged offices to SUIT
Tie wants OF tho several departments: in ntting
them up it wasconsldered the best economy to make
them not only comfortable and .convcnient but at
Tactive Tor tue many netsons necessarily employed
on the premises, AZ well as for the large number OF
officers Of other railroads, and the business puolic
whom we have to receive from time to Tune.
The foregoing Is brief statement Of the principal
operations of the present management on the line o
the road; the OBJECT, IN all cases, as wi
c,eary appear, has been for the perma-
nent Improvement and lasting benefit OF the
company; II mistakes have been made IN any time
alone VIII show them. In my Judgment they were
ing the work at this time am clearly OF the opinlon
that 1t Is but few months before that fact will De
clearly demonstrated to all.
Having treated Iar OF our domestic arrange
ments and policy have lew words 10 say In regard
TO our
FOREIGN RELATIONS.
When we assumed the management we found
combinations being formed all around ns, by The
New York Central and the Pennsylvania Cen
cut or from all connections controlling
any OF the through business OF the West and SO
capacity OF this road TO be such as to enable 1t TO
take Of It's full share OF the through traffic and
that was the intention OF toe orlginators Of tins
enterprise that IT should be national institution
and one OF the main tlf not the very prncipa chan
nes OF commerce between the East and the far
West, we considered tnaJ the good Of the wnole
country, Well the interests Of our stockholders,
demanded OF us that these combinations should be
defeated. We therefore, entered into the spirit OF
Railway should take It's true position In the carry
Ing trade of the country. Our first attention was
called 10 the
ATLANTIC AND GREAT WESTERN RAILWAY,
which was built with Six feet gauge from Salaman
ca, New YORK, 10 Dayton, Onio, where II connects
with the Cincinnati, Hamilton and Dayton Railroad,
over which there Ii u track OF the same gauge 10
Cincinnati, connecting with the ONO and Mississippi
CONTINUOUS six feet 'D gauge 1s from New 0AI York
to the Mississippi river. with branch to
q Cleveland l and another r, i to the oil regions
Railway had been bult under the Influences sof the
Erie Railway Company, who had for term OF years
commissions Tor the through freight and passengers
brought to Salamanca, which extra allowances had
amounted to more than half q million or dollars and
had been The means or enabling IL to get through,
but was then In the hands Of a. receiver 1t was In
contemplation to take that road into the narrow
gauge system ana in the interest Of the Pennsylvania
Central Railroad, which would leave only the
cesSary traffic between lher local stations and The
local stations OF our road whcn IN December, 1865,
we took possession under the terms OF u lease TO
operate II for percentage OF the gross earnings.
After we took possession and had advanced
the necessary money to pay the Obligations
of the receiver which was CONDITION OF the court
1t was found tnat under the then existing laws OF
the State Of ONO the lease SO tar as related to
the operations OF the road was OF 10 validity. We
then nad q bill placed before the OHIO Legislature
amending the statutes 80 as to remove the dlIicul-
ties Of questions raised, when was passed,
when Mr.. McHenry, who had a scheme ior funding
the past due interest on the bonds and which ne
found likely TO fail through lnterposed objections
and prevented ratification OF the lease under
the amended law. The road then, necessarily,
went again into the hands Of receivers. rnat lease
were unwilling to be party to the payment OF any
money 1t for the benefit OF any one until the bond
holders were satisfied; otherwise there would De no
permanencv 10 the arrangement, Us any unsatlS
fed bondholder could break IL and remove US from
possession by obtaining the appointment OF another
receiver. Uncertainty and htlgatl0n brought on by
disappointed parties, 1Ollowei; but the matter has
now all been adjusted and we are again in posses
sion and operating the road on substantially tho
same terms as VI the original lease.
THE CINCINNATI, HAMILTON AND DAYTON RAILROAD
COMPANY
have made contract with us, giving US the use OF
the broad gauge track over their road to Cincinnati
ana OF their depots and station accommodations
at all their stations on very favorable terms, tue
expenses OF the road being pro-rated according to
the amount OF business done on the broad and mar
row tracks. We thus have control Of road to Cm-
cinnati ana to Cleveland and by an arrangement
OHIO AND MISSISSIPPI RAILROAD
for mutual exchange OF basiness have unbroken
communication with st. LOUIS, and In q few weeks
a broau gauge line Will be open TO Louisville. We
have also secured control Of majority or the east
ward business on Lake Erie, at Buffalo, by an ar
rangement with the
UNION STEAMBOAT COMPANY,
who, in season Of navigation. run line OF twenty.
two steamboats, IRON that port. At the same time
our relations with the
LAKE SHORE AND MICHIGAN SOUTHERN RAILROAD
for exchange Of business at Buffalo, Dunkirk and
mutual understanding ana agreement; 30 that Dus-
ness connexions and relations are secured with all
ing with them In That respect other trunk lines.
BOSTON, HARTFORD AND ERIE RAILROAD.
Prior to my becoming tne executive oificer OF the
the Boston, Hartford and Erie Railroad Company
substantial aid IN the shape OF purchase OF
$5,ooo,O0o OF their first mortgage bonds. Since |
nave been President. have paid for and taken up
the bonds. This road VIII be a very Important con-
nection as Will open oius the heart OF the manufac
turing district OF New England 1t IL expected that
the line Will be open for business during the year.
NAkRAGANSETT STEAMSHIP COMPANY.
Our relations with New England have been further
greatly improved and ccmenIed during the past year
by close alliance with this popular line or 6nest
inland steamers III the world, connecting us directly
with Newport Fall River and Boston. Our business
OF cotton from Cincinnati and the Southwest 10 Fan
River--wnch has more splndles than any other
manufacturing town IN this country-is large and
rapidly increasing.
THE DIRECTORS BILL
Before closing this report have few words to
say in regard to the so-caed Directors BILL " which
was passed by the Legislature of this State last
winter providing for the classification OF the dlrec
tors or several railway companies and the elec-
ton OF but ODe-flfih oil the whole board
each year. This law was carefully considered In
both branches OF the State Legislature ana was
passed with scarcely dissenting vote. No action
whatever was taken on 1t by the then existing Board
OF Directors OF this company; and they had right
to take advantage OF 1t and extend their term or
office; but 1t left for the stockholders themselves
to say whether they would ACCEPT the law or not
At the annual election, last October, was accepted
without dissenting voice, and the present Board
waseectcd by over 355, 900 votes. In my judgment
this is wise Jaw, and Will secure to the prop
perty responsible experienced and intelligent
management, and be the means OF preventing In the