The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-05-15
THE ERIE RAILROAD.

REPORT or PRESIDENT JEwETT-A CANDID
STATEMENT or THE CONDITION OF Thu COM
PANY-HoPEs FOR THE FUTURE.
The special feature OF interest on the street was
the Erie Railway repork which, having been sub
mitted to the meeting OF Directors on Thursday,
was given 10 the public yesterday. The report IS
especially noticeable for two things, viz.:-Flrst,
its candor in the exhibit 1t furnishes OF It's present
distressed financial condition and, second, In the
answering faith manifested by Mr.. Jewett, the
President 81 the road, who presents the report, IN
It's future, provided a management be Sc
lected at the coming election satisfa Glory
IN every respect 10 the stockholders, In the
skill, wisdom and efficiency OF which they may
have confidence, thus giving to 1t the character OF
permanency, together with that moral. material
aud financial aid necessary 70 its success time TO
inaugurate Its economies; the opportunity and
means TO reform existing and burtaensome con-
tracts, and put it in the position for devisng
and allow 1t time to carry out the
plans which may be agreed upon Tor the
improvement and competition or the road.
Win such management. Mr. JoNett believes, so
aided and maintained, there is no reason 10 DOUBT
the ability Of the road TO finally realize the ex-
pectations or those who have invested 50 largely
IN It, Without this aid, however and without
sucn a management, its career will be unstable,
It's policy nuctuating It's credit impaired and, IN
tue end the result Will be disastrous TO many in
terests which, otherwise. might be fully protected
and preserved.
These words have a peculiar significance, in
view OF the reported efforts OF Mr.. Gould TO con-
troll the next election.
THE FIGURES OF THE REPORT
are interesting at this time and are thus clearly
summarized by Mr.. Jewett. The funded deot now
outstanding amounts to s54, 100, the annual
An III hain Z fna
second consolidated mortgage Sl4 400, 900 OF bonds
are outstanding tie balance OF bonds 100000,
making up the fun amount or tie issue authorized.
100000, or 90 stu remaining with the
company. Mr.. Jewett aods:--
ing Association, limited Of London Tor negota ion and
sale Tssn asgnsd NE presasney Q, tne company
been & T. tne sSmpap as having been a sR d
10 On S nas q t ee Sds vi "a m az
upon what terms they had been hypothecatel il
hyaothecated ~ al. was nos IN detail com
10 believe that the bonds remain ny in hand would be
saTay y ree sf Of All e%aa oas aeDl aud
Pnt ~ eynauon 70 conduct ~ ~ business on eas
needed % comp ets spsn as ERE neeei
4 Wa under tnefe representations that assumed the
eeeas 81 the oonIs 50 sold or disposed Of
ms company HIS re1,lzea &L22o !ss ~ d Or
ceiyed ~ the hands u agent who went to London
endeayor 70 make SATISFACTORY ttiement Of these
Clev claud Columbus CtncnnpI and indianapolis kat
road Company and El3S00 Of Atlantic and GreatWe-t-
EIGHT per Western extension certificates; out
precise winch these hasnot
been distinctly led. the aggregate proceeds the
bonds sold the amount disburse IN LONDON
recognized Indebtedness y the company as reported
treasurer, 81 .2S3 81 he amount RENTED
Is the treasurer previous the l1th July, 1874
% The amount remiited to the treasurer
that aate proceeds said BONDS $50 G7 x, max
Ing iii the Aggregate, S50oi45 leaving IS 43 T. 3D.,
Or s25i2 i5 q yet be accounted Tor bur iyoved in
subject matters o. controversy between he London
Banking Association, Mr. Mclenry and the company.
IN. And CIR.
Suboined are the figures OF the account concern
Inc the pacing OF that 5000. 900 second consoli-
dated loan ana involving this controversy WITH
Mr. McHeury and the London Benking Assocla-
toni
G332s placed nv London Banking Asso-
ciaon al Is per cent ..-............... E259ss4
E.sl3s00 sold t. sundry parties at prices
ranging 5, 10 6J per cent. Il56,l53
g5sS3. In Mr.. James McHenrys control,
proceeds credited IN account at prices
ranging from 5e5s to 6iss per cent 49,. 479ll 10
laeaa.n a