New-York tribune., 1877-05-05
TIE REIDING R.fILROAD.
FRANKLIN p. G0wEy, THE PRESIDENT 70 SAIL FOR
EURorE TJ-D}Y-BUMOEs or nIs lNTENTioN 10
consult WITH ENGLISH BO>DnoLpERs OF THE
EOAD-NR. G0WEN's STATEMENT

EURDPE Tod .Y-gUMORs or HIS INIENTioN 10
CONSULT WITH ENGLISH BO>DnOLDEKs OF THE
EOAD-uH. GoWEN's STATEMENT.
lEY TELEGRAPH 10 TIE rRBuSGl
PHILADELPHIA, May 4.-Thc President Of
the Ryad,ns Railroad Company, Franklin b.
Cowcu, leaves Tor Europe tomorrow morning
in the Aeia;ic This action Of Mr. G0wcn at this
iurcturr In the depressed condition O. his
road and tho knowledge that English capit'iiats
have been The ciyics, blcacrs OF his gIzantc operations
~ cul miner wei! as carrier, gave casc ior many
ruuors on Tii--st. The iact that lac packed ~ AMI
VII carry with aim many elaborated ana complicated
accounts, lcaGs 10 tine bcAcf That he mas gone
to MAKE account IN per on of the trust Whoh ne
has administered since 1869 az which time there was
drbr of -. .00o, 500 tie road Now there Is debt o
So 900 JGO s0 c former President OF tue road says
Ouc Of the ways OF accounting FOR this hurried
trip 10 EaE3ui is tuat lie Is e"iuS
to ask fr an extension of five years upon the bonded in
dcbIe;ucs-. Another il thJ IN order To prevent Tue
appearance OF IN English committee in tnIs cty 10 nrtS
ti se re ., ~ thc road, NJ. GOwon Is himself taking
Over a tnc necessary cAuins, AMI viii ,aS ON his own
behalf AID answer q, sti5ns London rather than here
Another ruur j. that lie goes 10 make another he'VJ
loan with fiew Of giving E.u nthcr sinews ot war in
his attacks upon the different forms OF trades unions
Tia. are constantly sprn1.ns up lir Go"tu mnii'it
says SIMPLY thut hc is go!n- on business, "hi'A i'' o.
course, ~ business Of TIE puhiic''.
President Goyg,u says he GoI,us debt Of both COM
pInics is ,G,1jOOJ0, q reduction OF Fl,5VoOOO
This IS ALI well secured. In oiJlnLy uhes
the floating dcb5 coud be all pad in two
years out Of the earnings. Now tho ROAD
can DO 10 more tan meet is fixed
charges, and mu-t lock 10 Its Stockholders and
bondholdcrs 10 c p meet this fca;.ns deb,. The man
agIs have therefore authorized tile creation Of five
year scrip bearing ntcr: at six per cent from the l.;
Of July next, with coupons attarEod pay Jaiify
and July each 5oar and convertible nj the option
OF tie holder, with proper provisions against
duplication of interest, into per cent ncoina moFg S'
OF the company Of the ISSUE referred 10 IN ist
apI report and u - proposed TO make Use Of scrip ,Oc
a partial or the entire payment of interest or thc
more pressing Obligations. Tuis relief says Mr.
Gow,n, viii undoubtedly enable the managers,
even without any Improvement In taih' or
ncicase of rates, 10 meet the fixed charges on u" ne
Obligations of b1n companies other t"ah tIOe dDotc
named aud O. pay "a the entire u #th- dc1t "Ithii
proh,s resulting Irom irdhc "i !l4 t"" .''V ~
are seldom very large, but thc Hrt profits OH
tie company frm railway li%lhc a,iI p"l ~. o' a.
cAl ms - ihc hui"R ''i,o 81 lo''a'' @ III, ,., ry
tnr moths ending March 81, nave o"S beeh cA-
eeedef WIG n ma. S"y % wSrr ji an51
S.G9,593 last y NJ and 7l'g'iCo tA4 S'"1 t,I D
not included IN the above &tIe ior tnS s''ic 'DIl
mobtHs 49, l-2 40, gIust 9l5'&l - iof 'i' sam
riod las, srun, and are nrg"r inan ever bgi"ft d
I'D IA corresponding pcriod tne year. Tine dehct
representing tn. winters worn of maint nance 3ut iC
u.y .3 ,i4{ it ag.ust SIS ~ for tc corr, SpOnd
Ing period of lass year, aayiny ul Si5 o1H ".
IL il clearly demonstrated that the company can mine
Goa! during the tuihc year 1hc coal tonnage or tne
railroad company Tor ApFil has been dol,f'9
IONS Of Whici the and non cOhp ny
mined $4,000 aud its tenants produced I@tuuo
making he pruuuct of tie estate Tor he month i4ooO
tins The Two COMPANIES have earned III the mohth OF
Apli over and above all expense uclu'iHB Icn,s Ol
lrsrd uuc3, over -JOO.OOO Mucn.Ner there i7 shti
revival OF busincss wall hrC@tc q rOyuly OF
only 20 cents per ton, prot miner OF Dut - cents
pcr ton aud rate OF tran, lOrHtluu not exceeding ~
iI4 vsI.
end Of tlc nuc OF 10 cents per toh INC company can
readily earn dividend OF 10 per cent upon It's s.OtA