The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1877-01-25
The Central Railroad President.


The New York Graphic publishes the
s,uowing interview with the new President
Eth New Jersey Central
Being in Philadelphia last week | called
On Mr.. Z. c. Knight, President Of the New
Jersey Central Railroad, who in his quiet
b,,t effective way is laboring at the recuscita-
,;on Of the Central Railroad He said he
had on desire originally to take the Presi-
depev. but it could not have been well
oyoijed. How much he has done with it
- little space of time you can see.
Formerly only four trains day ran to
Pbiadelphia aud none On Sunday, and only
one train ran to New York from Elizabeth
On SUNDAYS. Now there are eight trains daily
to Philadelphia and three Sunday, besides
three Sunday trains to Bound Brook,
Elizabeth, Newark, &c. Mr.. Johnston 5
management tended to maintain a park
oIonc the Central line, where Sunday trains
couId not come. Now it is a railway chiefly
said to Mr. Knight that there was
mich difference of sound opinion about the
stock of the road He replied:
$50 am told. But | am not engaged
in ANYTHING beyond restoring this property.
Every now and then L receive brokers
letters from Wall street asking my patronage
70 buy and sell stock They seem there to
entertain the idea that a railroad President
must be stock operator, | never bought
or sold share of stock in Wall street in
nv life. Perhaps stock that | have held
came from Wall street"
Il e al
papers seemed to think it polite to attack
every recuperative effort made by the
Central road, which had been one of the
hest accessories of New York and a comfort
to its passengers, and added:
"If they would only let us alone, Why
should it be the aim Of newspaper to
destroy property such times as these"
| asked the direct question as an ac-
ouaintance, what brought down the value
Of the Central so rapidly He replied
Il don't know that ought to say any
thing about that from my standpoint.
You can see this view Of the matter how
ever. Mr.. John Taylor Johnston, the
President of the road was very rich ac-
compished and popular man. lie had
built up the character of the road. His
confidence in it was supreme and shared
bv the public He had S2OO0,O0O Of the
stock, 100000 in pictures and he left
everything to the Superintendent in the
way Of details The branches were built
in that period to High Bridge and Long
Branch Mr. Johnston left the cost OF
them to others They were built expen-
siycly-sume say more than that. But
Mr.. Johnston could borrow half million
dollars at bank with ease The hard times
came along and loans were harder to get;
people grew suspicious and began to over
haul accounts. 1t was almost too late t.
look after details then. And it was i'm
possible to 20 on advancing dividends out
Of a private purse and credit, as before
Now see here -
Mr.. knight showed me a memorandum
of dividends, generally five per cent. semi
annually paid By the Central since 1866
1t footed up nearly as much as the whole
stock Of the road He said
You will see by this column that hat
the dividends been eight per cent. a year
instead Of ten, we should now have three
millions Of cash surplus in our treasury
Had they been six per cent. instead of ten
We should have seven millions OF dollars
There was too much dividend. | DO not APP
prove Of the policy of paying interest t.
borrow money to pay large dividends, ever
if they are earned. This year, before
came here, there was $500, 900 in dividend.
paid. We are now going to earn some
thing before we pay it. The road is popular
with its customers it is again on good term.
with all other corporations. The Lehigl
Valley coal and passengers 90 over it again
We lead to Trenton and Philadelphia. 4
bright year will, l think, put d better coloI
,on our credit"