The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-02-05
ERIE RAILWAY FINANCES.

The Coming Report from the President
An linking OF What II WIN say-A
Dividend To He Declared ON the Pre-
ferred.
Mr.. watson, the President of the Erie Railway,
Is still engaged upon the report which will shortly
be made Of the earnings of the road for the past
year, and positively refuses to give the slightest
information as to what it 10 or premoniti0n OF
what it will be- While the public wait impatiently
for the matter the President Is compelled to take 1t
leisurely, and says to all corners, "YOu will get
nothing ont OF me-" reporters, brokers, bankers,
financial men and spectators Mysterious as q
Sphinx, as he has been, 1t has not saved him from
being seriously worried. and on Friday he left the
city overtaken by new attack OF prostration
superinduced by the excitement attending the
production Of the much-wlshed-for report Mr.
Watson, who had promised the report for saturday
at the latest, found it impossible in consequence Of
his sickness to finish it, and only came back Mon
day morning to his residence in Fifth avenue to
continue the work. What delays the report SO
much
PAST THE USUAL PERIOD
Is the fact that previously 1t has been done in a
slipshod way not done at all. 1t was confded
to clerks who, having no particular interest, did
pretty much as they pleased in the matter.
This year, however, Mr.. Watson has resolved to
do the whole work of the report hmsey. About
fortnight ago or so he received the figures from the
auditor OF the road, and has since, as much his
health permitted, been engaged deeply upon the
all-impOrtant document. When the HERALD reporter
called at his residence Mr.. Watson had before him
mountain of papers all covered with myriads of
figures, out of the whole of which the report must
appear The matter being in the hands Of the EN-
ecutive Committee the reporter called upon Mr.. w.
3. Duncan, one of the gentlemen on the committee.
Mr.. Duncan said:-We have left the matter Of the
report entirely in the hands OF Mr. Watson, who Is
chairman Of our committee, and he said when he
was ready he would
CALL Us TOGETHER.
We have not yet been called together, and so we
suppose Mr.. Watson is not yet ready But we know
nothing whatever OF the coming report, and II we
did are pledged not to reveal it.
From some of the officers Of the road the re-
porter got an inkling Of what the general sense OF
the report Will be, and they Judge only from
which they have heard. All agree in saying that
the expenses of the road have been materially cut
| down and that
THE EARNINGS HAVE BEEN INCREASED
IN ratio at. IN the general passenger department.
nous amount OF money used to be wasted in .et-
ting custom, and in bhe general freight depart
ment In which q large number OF valuable con-
tracts with the Erie rOad-have been done away
with, which used to make the contractors rich and
the road poor. The saving OF money at Albany this
year and the economy in the general running ex-
penses OF the road has, 1t is confidently said in
creased the earnings about One-third more than
they were last year so that It Is certain there win
declared upon the preferred stock. Mr.. Watson
will not deny that even
on the common stock may be given. In the course
OF his paper Mr.. Watson will speak of the reasons
which have kept the road back, the best means of
forwarding its interests, both by proper invest
ment of more capital and the continued cutting
down in the several departments where fraudulent
contracts and contracts honest but disadvan-
tageous to the road have been made He will re.
fer to bribery at Albany, to the foolish system of
railroads competing to run each other down in
stead OF uniting to charge an equabe and fair tariff
and will wind up with figures to prove the truth Of
his policy and declaration OF DIVIDEND the first
in several years.
The report will certainly be made this week. in
case the health OF Mr. Watson does not again break
down.