New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-24
rurRp cALr-2:30 p. NJ. CONTINUED.

to its Stockholders Tor the wear endeu Sepiohpoi
80, 1879. The main points Of the report were pub
ished in THE TRIBUNE of December from the
brief extracts then furnished for publication The
figures then published which arc confirmed
by the full report showed that the gross earnings
| of the year were $15942. 022 an increase OF
S207.O44 over the gross earnings OF the
preceding year; that the operating expenses
werA '&11, 174,699 an Increase of $53s,s3o;
that the net earnings $4, 767.323, decrease
| of S241, 701; that the net earnings from other
sources were $437,4 a decrease Of $1s7,9s6;
and that the total net earnings from all sources
wero $5.204,709, decrease of S429,776
from the total net earnings of the year
ended September 80. 1873. The surplus remaining
after payment of rentals of leased lines, accruing
interest on the debt and other charges was then
stated to be 81 .316,10i. These figures nowhere
appear in the complete detailed report, although
they appear in the Presidents general remarks y;
but in their stead. after charging for COM
missions paid for extending New-York and Erie
second mortgage bonds, $1O9,52i. and sundry
items of expense prior 10 September 30 1878, SS49o,
and audtingsundrv differences saved ninterest pay
ments by the additional assent of first consolidated
bondholders to the amount of S3,975OOO. the re-
manning surplus appears as 81 ,29l ,971.
The President INDUCES in some hop efu anticipa-
tions, rs follows:
eff the average rates for the transportation OF
freight for the year 1870 had been equal to those Of
1878 the earnings, calculated on coal and merchan-
disc separately, would have been 50, 621 ,5S3 80
more than was realized. The rates of 1873 were
regarded MS extremely low, indeed. lower than
any one had reason to suppose would again pre-
vail for any considerable period of time. But dur
ing the greater part of 1879 much less average
rate was forced upon us; and, consequently. not
withstanding the fact that we did a largely IN
creased business. our earnings were but slightly
augmented. These remarks apply TO the general
freight business Of the company. But the
carrying OF coal is large an item IN
our transportation that rhe DISCRIMINATION
in that business, and the extremely low
rates Mt which we had TO handie IT,
operated very unfavorabIy upon our earnings and
was one of the leading factors in producing the re-
suits of the year. There is every reason for beev-
ing that the differences which have existed between
the coal companies will soon be satisfactorily and
finally adjusted and that, hereafter that branch OF
business will be placed on n moro permanent and
profitable basis"
The President further remarks d" II is believed
that the arrangements now made for the establish
ment of rates upon general freight aud for the adj
iustment of differences which may arise between the
various companies will result in the fixing of prices
for Transporting freight upon such basis as will be
permanent, anu nlorc oatioidotoiy " 'nO A"i"""o
ms well rs TO the public.
eff these reasonable anticipations are realized,
even without an increase of traffic and without any
further ecopomies in operating the road. your
Board feels fully justified in expressing the opin-
ion that the company will be able to
meet its fixed charges and other oblga-
tons. With the Improvements. however which
have been and being made. fully COM
pIeted, there is no reason to doubt that for the
future we will have largely increased traffic: and
that the road can beDpcrated at largely reduced
percentage of expenses" -
II ia hardly necessary to state that the conditions
here supposed depend more il not entirely. upon the
amount Of traffic offering heineequal to the capaci
ties of the competing lines than upon any agreements
which may be made, or upon the DEGREES of boards
of arbitration which lack the power OF enforcing
their DEGREES.
There are still outstanding of old Erie stock nm,
shares of common The funding of the New
York and Erie second per cent bonds into
o per cent bonds effects an annual saving
in interest of $43 4S0. The revised statement OF
the bonded debt of the company makes the present
total debt Inclusive Of the income bonds amount
hgd to ns and w Of the Ss fa
sG % cSS7s,5 sol al" against soeslo,i95 as by
the the m S,i interest to be reached in
1854, exclusive of the items before mentioned.
is named at 81 29421S against $4.314, S6i by the
previous report, During the last year there was
received from the Reconstruction Trustees from
assessments upon the stock $2.O36,1O9. The
charges to construction account amounted 10
50, $50, 414, of which $1,599,15 was for third
rail and second track
In February last contract was made
with Jesse Hoyt for the erection of a
grain elevator of q capacity of 1905 5000 bushels
on the Long Dock property at jersey City, the
Erie Company having the privilege of purchasing
the elevator aud terminating the contract after five
years. The elevator will be ready for use in the
Spring of 1880, and will furnish additional induce
ments for the Erie Company TO compete actively
with the Erie Canal in the transporting of grain.
The condensed balance sheet of the company on
September 30 1870, shows that its cash account at
that date stood as follows:
Liabilities.
Loans able. s5orOOO