The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-11
ONE YEARS RAILROADING.


THE NEW YORK, LAKE ERIE AND WESTERN
RAILRoAD-FIRsr REPORT FROM THE NEW
MANAGEMENT.
The Board OF Directors of the New York Lake Erie
and Western Railroad Company yesterday submitted
to the stockholders their report of the operations Of
the company from the 1st of the Both of Sep
TENDER, 1875 On June i the present company was
put in possession of the larger portion of the prop
erty belonging to the Erie Railway Company, the
portion not transferred continuing under the control
OF the receiver who still receives the revenues aris-
ing therero and to that extent lessons the receipts
of the company. This situation the report
says, viii probably continue until the receiver
discharged and all the real and personal property of
the Erie Railway Company purchased by the present
company is transferred to it.
The report gives the total net for the year
at $l,6l9432 IL, from which deduct interest on
mortgages, interest loans. premium gold,
guaranteed interest other than interest on bonds
of the company-$47, 4sa OF. leaving applicable to
paying interest funded indebtedness &C.,
S1571 $50 16; deduct interest funded debt,
S743.403 76-balance to credit of proht and loss.
$S2S, $40 40. 4.
The receiver of the Erie Railway Company having
made report of it's operations from October 1877
To June 1873, to the State Engineer and Surveyor
Railways of the State of New York. the Board OF
Directors of the present company, by combining the
receivers report with theirs placed before the stock
holders the operations and results of the whole year
work. showing for that period net earnings Of
S5,0O9,114 AZ, from which deducting losses by
non-psying property OF the company amounting to
$96,O3s 49, leaves the net revenue S4,913,075 3d.
Deductipg amount of rentals leased lines and
claims paid. $963,150 81, leaves the net earnings
S3949.925 32 To this add interest received from
curites, $3.50 800 50, which will make 81 209 726 27.
From this must be deducted $500, 1851 o. for taxes
interest on mortgages and loans, expenses OF reor
ganization and foreclosure &C., leaving applicable
to payment OF interest on funded Indebtedness
$3,9O7,3i5 Is. The interest on the funded debt
amounted to .40S rs, leaving profit during
the year lS77-7s S625, f31 n.
The profit from June to September 80 1873, on
the books OF the new company So2s,546 4o and
the loss as appears by the report OF the receiver.
from September 30, 1877, to June l, 1878, was
S203l14 90.
COMPARED WITH THE PREVIOUS YEAR
During the year lS77-7S the earnings from first
class passengers fell off S21s240 IS, while those from
egrant passengers show an increase OF 6S272 or as
compared with lSIG-77 The number OF passengers
an increase Of 10 of per cent The number tons
of freight moved in 1S76-77, excluding tonnage for
companys use was 1872 45l tons. In 1S77-7a there
moved $50 463 tons exclusive Of 81 256 tons
coal, supplies and material for the companys use,
showing decrease of 1853 tons, or $40 per cent;
the increase in general freight being 366 TONS or
II $40 per cent, and the decrease in tons of coal
moved, 39S,O04 OF IL $40 per cent.
1t is proposed in the report to make the terminal
arrangements sufficient to receive and deliver pas
sengers with the greatest celebrity and safety and it
New York cheap transfer of grain and other freight
for shipment. In conclusion, President Jewett
SUBSTITUTING the operations of this year
whole the results thereof fairly encouraging.
While i'll classes of local freight the tonnage
has fallen off, for well understood by the
public yet other local freight and through freights
have largely increased. A decrease in pas
senger travel to have been antici-
pated, due to the general depression of bust
ness and the fact that the comparison is in part
with the centennial year. The lines of the company
have been worked with increased economy and
greater safety to life and property The position of
the company's property for commanding an increase
of travei and traffic has promising future. 1t but
remains for the shareholders to provide sufficient
means to place their property par all respects
with competing lines, and then, with honest and
intelligent administration Of their property the ult
mate value of every description Of security stock
can scarcely be questioned