New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-07-09

|
road "a: Reading Railroad, 55i Pennsylvania Rail
road 81. Gold 1l5,.
The following is a statement Of the National
Banks in Boston az returned to the Clearing house
on Monday morning July7
Capital. slss50o0o Increase...,. nn7.aoa
Specie .... l,935.4OO Increase......... 2,O97,so
Increase........ 945.700 DepOsts......-.. b,zsIGo
Legal tenders. 1921 800 Increase II77s os
Decrease 10000 Circulation ....-. 25As7Tos
Due R,n from other ~ ,sc 7oo H''
The Standard Fire Insurance Company has de-
clared dividend of per cent payable on demand.
At the meeting of the Erie stockholders to-day.
the following Board of Directors for the ensuing
year were chosen without opposition, Mr.. 5. L. N.
Barlow representing SOL 100000 Of stock and VOTING
on $410O00O0 OF it:
Samuel d. BabcOck, George II. Brown President ~
the Boston and Montreal r. R. Co.; Hermann X BAIT
Hotchkiss, William T. Hart President OF the Boston.
Hartford, ana Erie r. r.. Coz 'Adrien i5enn, joins
Cortandt Parker, Homer Ramsdell, .Lucias EoDnson.
Frederick schuchsrdt. William W. Shipper, Peter II.
Watson.
Those marked with @ . are new names TO take the
places Of the following gentlemen, who retire.
John A. Dix, John j. Cisco, r. V. L. Pruyn George T.
Ohphaut, A s. DiveD, George Day.
The new Board of Directors have not yet organ
lied for the choice of President and other executive
officers President Watson presents the following
report
GENERAL OFFICE OF THT EeW E1w15 TG 4s
To ne Stockholders ~ ne Erie Rallioay Company Tho
general law the State requires that report shan ee
annually made the year ending September 80 but tho
recent change the time for the holding OF the elections
OF this Company from October 10 july would seem 70
MAKE II proper that partial report OF the operaonso or
this Company to this time should now be presented;
but this report g. from necessity far from complete.
even for the current months the returns are nos
vet all in for the month OF May last In the course 81
the next few weeks complete report Of all operations
TO the lst OF July be made and II IL intended tnat
such report shall then be made. "a will show WIN pre-
cson. the actual condition OF TINS Company anaIs ASa
The earning OF this Company have continued steadily
TO Increase For the past half year they have largely
exceeIen those Oh any siiHai PSaUu SIM IN the manage
ment Of tho Company's business have dlmhisneu sho
relative expenses in almost every department. ane
these expenses win be still more largely diminished ss
the reforms in progress are developed; and when tus
present plans for double track ana narrow sauso uPO
the whole line shall be carried into enect there IL no
why the cost Of operating thls ROAD IN par
son with us gross earnngs should not DC A' ~" d upVA
We rapidly Increasing our facilities for business
We put in this season, already, twenty mles OF
sding and laid miles OF second track ana We have
increased our coal postal and other cars we are pr
when this is DONE taken in connection with the cheap
ness Of fuel-in respect OF when tne Erie COMPANY
possesses very decided advantages over any OF Its rivals
for business In this State-ths Company VIII DO aDe 70
overcome the disadvantages under which It has suffered
in the past in comparison with other lines originally
possessing better gradients greater control OF local
traffic. These advantages now beginning 10 De reazed
will increase in the future; and the day Is not far aus
tant when our proximity and connection with the
anthracite and Dtumn9as coal fields Of a5s
tages heretofore possessed by other lines.
The funded debt of the road has been increased during
the year by the addition OF millions OF convertible
bonds, of which eight millions have already been Hoa
in Gu f6 the Tais as sS as ey Viii
be needed for construction and equipment now
in progress Assuming all these bonds to DC
the funded debt OF tue Company VIII then 90 a. fOo"E
Reported July 1, 1872. ..S30o4o'lto
Convertible bonds. IaOoS'oIC
Total !slOolO,IO
The stock capital Of the Company uncS apged as o-
Common stock ........................t7s Oo0Od0
Preferred stoek'..-............-...... S5j6'slO
Total. .Ss6556,9io
The floating debt Of the Company az reported
The present floating debt is nearly. I,7OOO5O %
about equivalent TO one months current receipts
ward.
The grading for the double track is rapidly progress
August, and during the Autumn further portion OF 80
miles will DO completed, making In all, 100 miles TO be
During the present season, we expect change ths
existing gauge OF the road from AtIlca 10 Painted Post
distance OF 100 miles and 20 lay third r from Atc9
u Buffalo, and from Painted Post to Wayerey the third
rail the latter being already nearly complete This
will give Us narrow gauge connection vito Philade-
pha and the anthracite coal fields. As rapidly az II con-
with economical cn3nge present
power and rolling stock, 1t is proposed 10 narrow tho
gauge of the whole OF the main line ana BRANCHES.
Not only is this change demanded for the purpose OF
reducing working expenses, but because we cannot 80
long gauge is not IN conformity with that OF our
Western, Eastern and Southern connections, secure
large amount OF traffic offered 70 u.s. II We could re-
ceiye aud transport 1t without breaking bulk The mo-
tive power and rolling stock of the company in more
efficient condition than at previous period. as IL
shown by the increased service which It PERFORMS But
the imperative demands OF our traihe Will require 0y
the time the narrow gauge track is extended eastward
to Waverey, the immediate addition OF 1000 narrow
gauge cars and 100 narrow gauge locomotives, which We
now about 10 put under contract
the month OF February last, In addition To the
annual dividend OF per cent on the preferred stock
dividend OF Il per cent on the common stock
was declared and afterward paid.
The accounts, based upon which this dividend was de-
cared have already been published aud have m add.
tion been most carefully scrunlzed by Committee o.
tue Legislature. AT the time OF making this dividend.
sundry important items OF account had 10 be estimated
because or the ncOmpeeness OF tho returns and the
backwardness Of the bookkeeping, but inl every in
stance when these estimated items be corrected
by the actual returns and the completion OF the ac
counts, II was found we had underestimated the no
ceips, over-estmated expenses aud therefore under
estimated the actual net earnings, aud nothing
this dividend was not fully earned, not properly
declared and paid On the contrary IL believed that
the system then inauRurated of carrying the cost paid
from earnings OF all additions 10 the property and equip
ment OF the road TO capital account taking care an
cases. TO make ample allowance for the necessary
penditures for full and liberal reparaOn OF the rOad
its equipment and machinery IN every department aud
of then dividing the whole Of the actual net earnings Of
the Company among ITS stockholders for the time being
policy equally honest and Wlse to this policy OF
fairly dividing the actual earnings at short intervals
say, semI-annually, among the whole body OF stock
holders the present Board Is fully committed upoz
principle.
before stated full report OF all the affairs OF the
Company including It's earnings Tor the FIRST six months
OF the present calendar year. necessarily deferred 20
about the end OF August next All OF which Is respect
fully submitted. BY order OF the Board.
PkTER IL. WATSON President.