The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-29
CLOSING PRICEs-4 O'CLOCK P. M.
ERIE RAILWAY AFFAIRS.

The Dividend Upon the Preferred Stool
To BE Declared In q Few Days-Th,
Executive Committee Still mt Work.
No Dividend To BE Declared Upon Com.
mon Stock-Only a RumOr-Mr. Wat.
sons Sickness-The Change OF Gauge
on the Road and the Success of the
New Ten Million Loan-It Is Taken Uu
in London.
reporter OF the HERALD went TO the Erie ONCE
in Twenty-third street, TO see Mr.. Watson, the
President OF the road Mr.. Watson was not In He
has been confined to his house for the last three
weeks by nervous debility, brought on by too hard
work. 1t appears from what the people around the
Office say that Mr.. watson In his anxiety to put
the road on good footing and rescue it from the
mlre OF approaching bankruptcy, wished to do
everything himself No transaction, however
small, could be made without his personally exam.
lining 1t and either approving or condemnng With
such an enormous institution as the Erie road this
was found to be impossible. At least Mr.. Watson
succumbed under the work, and when he returns
Will either have to cease conducting things in
such manner, or in all probability, receive an at
tack =
STILL MORE SEVERE
than the present, which, 1t appears, was itself of
the gravest character. Mr.. Watson not being in
the reporter asked to see General Dven. This gen.
tleman was net in either. The reporter finally saw
Mr.. Sherman, the new Treasurer of the road Mr..
Sherman was very courteous, and expressed him.
self willing to give any information in his power.
81 have been sent to ascertain said the "a.
porter, 'what action the road proposed taking on
the question Of dividend on the preferred stocks
"The matter is undecided" said Mr.. Sherman.
ut was referred to q committee, and this commit
tee have made no report as yetn
"But Is not the period arrived at which the diyi.
dend should be declaredY'
"Yes, believe the usual period at which they are
declared Is passed. 1t is generally about the middle
Of January. But. you know, this dividend ia oniv
declared upon the earnings Of the road.
IF THERE ARE NO EARNINGS
tuere II no uiVlaehu And this Is Just the matter
whicn the committee Is inquirlng into, and when
they determine just the amount or the earnings or
the w Tsst then the dividend win be declared"
,,, wnaL Is your opinion as to the likelihood OF
81 am not member of the committee Won know.
anu tnereiore cannot really tell. But have no
DOUBT there VIII be dividend upon the preferred
stock" fS-e~
There Is rumor in the street, Mr.. Sherman,
tnat the management will also declare dividend
upon the common stock. What DO you think or
II guess there is not much truth in it. or course,
could not tel! you positively; but 1 don't think
that dividend on the common stock viii be de-
clared yet this year."
"if such movement were in contamination ron
would know 1t; would you not y,
"Undoubtedly,r said Mr. sherman, smiling. "be-
cause have to raise the funds to pay IL with on
should have heard OF 1t II such move ent were
In contemplation. assure you 1t is
NOTHING But RuMOR
You see we are net ready for this vet. To be sure
the business OF the road Is constantly Improving:
not so much the business or the road improvtn0' Il
should say, rs the expenses Of the road
We make our collections much better than we aid
and the money that ID due NOWADAYS comes in to
the treasury, where 1t belongs. In this manner
things are prospecting with u.s. and we have every
akoo TINA
to do all this. and though we have made tremen-
dous strides forward IL Is but slow job One thing
essential Ia TO leave clean showing behind us FOR
our successors, for We do not know at what mo-
ment we may be supplanted. In this manner too
mucn should not be expected OF us. However
General owen Will be here shortly, and can tell
you more about the dividend business than |. He
Is member OF the Executive Committeeu
The reporter withdrew and waited for General
Diven. Also waiting for this gentleman was an
other person, having a sample OF steel rail OF
some new manufacture, which he was DESTROYS of
having approved. He was very commune alive.
IND informed the reporter that Mr. Cisco the chair.
nan Of the Finance Committee VI the Erie road.