The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-12
ERIE RAILROAD MATTERS.

Meeting of the Directors and Annual
Report of the Company-A Dividend
Declared on Preferred and Common
Stock.
meeting OF the directors OF the Erie Railway
was held yesterday morning in the rooms OF the
company, Twenty-third street and Eighth avenue.
Besides President watson, who occupied the chair,
there were present Samuel d. Babcock, S. l.. NJ.
Barlow, John c. Cisco, Charles Day. Alexander L.
Owen, W. Butler Duncan, John T. Johnston, G..
Talbot Olyphant, Edwin d. Morgan, John v. l..
Pruyn, Homer Ramsdell, Frederick Schuchardt and
william X. Travers This made full board with
the exception OF two members, the absentees
being Governor Dix and william M. Shippen. The
business transacted was OF an unusually important
matter and the session was long one.
The Auditor submitted his report OF the business
earnings and expenditures of the year ending De-
cember 81, 1871, which was read by the President
1t is as follows:--
The gross earnings for the year ending Deem 49,.
Der 81 1872 may be stated in round numbers $ls C9i 96
Working expenses for the same pc -
Interest on pending and floating debt TsllS4s
Rental of leased lines. l2S37i2
Tota! expenses ACKNOWLEDGEMENTS. 16,ss71f
Net results for the year.......,.;...... sAl263ss
Less dividend paid on preferred stock to July u
Zso"S
Leaving surplus of .:..........,....... si727b9s
ment of the business and earnings of the Erie Railroad
for the year ending DECEMBER 81 lsl2 and that the
s sasd Of the am Which ssss
Maid "a divdend the preferred stock due July 1877,
leaving o"i'H'' ." manu- u s. H. DUNCAN, Auditor
This very gratifying exhibit OF the years work
was received with marked approval, and the fol-
lowing resolutions were offered and adopted
Resolved upon the statement the earnings and
the Erie Railway, submitted by the Presi-
dent dividend OF three and half per cent upon tho
stock the company be and hereby declared
utofthe G % nlin
December 81, 1877
Resolved upon the statement Of the earnings and
surplus the Erie Railway the twelve months ending
December 81, ls72 submitted BY the President divi-
dend and hree-quartcrs upon the common stock
solved hat the dividends the preferred ana
stock Of the Erie Railway declared be
the 5t of March and the books transfer be
closed the lst day Of March at two M and remain
closed until the morning of the 10th day of March
The amount included In the working expenses
which was paid for new work and iron was
S4OoO0O0. There Is no allowance made IN any form
Tor the securities or money refunded by Jay Gould
which was received, and Is an actual statement Of
the earnings and expenses.
Previous to adjournment delegation from Jer~
sew City appeared and were received by the drec-
tors, They presented q memorial relative 10 the
exemption from taxation OF property belonging to.
the company in that city.
The success OF the 10000, 900 loan authorized M
the last ting OF the directors is complete and
was the occasion OF much rejoicing among the
members of the Board. on Monday telegram
was received from the London agent of the com
nany reading 'The loan was placed upon the
market today and yesterday another telegram
was reccived-"rhc loan has been negotiated y
The loan was placed upon the market Tor tho MIR.
pose OF laying a third track and work upon II win
be Immediately commenced