The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-15
Annual Meeting and Election Of OFF,
GERS and Directors.
PRESIDENT FIELDS REPORT.
Assurances Of Increased Accommodation
and Comfort

and the voting was continued for one hour, lasting
until one P. NJ. The following board Of directors
was declared elected Cyrus W. Field. David Bows.
Ashbel II. Barney. John H. Hall. Josiah NJ Fiske,
Charles ]. Canda, Alfred 8. Barnes. John d. Mairs,
Heber r. Bishop. Benjamin Brewster. Daniel A. Lind
ley. Edward M. Field and James A. Cowng. These gem
tlemen are all very large stockholders in the road.
The only change in the complexion of the Board as
compared with the last annual election is the substtu
ton Of Mr. Charles J. Canda for w. j. Pelton. OF the
newly elected directors Mr.. David BOWS is wealthy
grain merchant. Mr.. Ashbel H. Barney is president Of
tho United States Express Company Mr.. John II.
Hall is apaper manufacturer Mr.. Alfred S. Barnes
Is a publisher, Mr.. Josiah M. Fiske is a
grain merchant Mr.. John D. Mairs is
partner of David BOWS in the grain business
Mr.. Heber R. Bishop is the brother-in-law OF D. A.
Mills, of the Bank Of California; Mr.. Benjamin
Brewster ia retired merchant. Mr. Daniel A. Lindley
is a member Of the banking firm of Morris K. Jesup.
Patton Co.; Mr.. Edward NJ. Field is the of Cyrus
W. Field. and Mr.. James A. Cowing is we'll known
the secretary and treasurer of the company.
The new Board of Directors met subsequently and
elected Cyrus W. Field president, James A. Cowing
treasurer and f. E. Worcester secretary.
FIELDS REPORT
Following is the report submitted to the stock
holders by President Field
To THE STOCKHOLDERS OF THE New YORK ELEVATED
RAILROAD CoMPAEY:--
NENTLEMEN-It gives me great pleasure to meet
you here to-day and to be able to congratulate you
on the present position of the company. The past
year has been one of hard work for us all but not
without results. The directors appointed the
eral standing committees have devoted much time.
some OF them almost their whole time. to your bust
ness, working from morning to night with no re-
enumeration whatever, animated not only by their
personal interest but by an honorable ambition to
carry out great public enterprise. I may be
allowed to refer to what has taken place during my
u
less than twenty months. find an extraor-
binary change in Its position. On the 10th of
pany and two days after was elected its president.
At that time it had less than six miles of singlerack
railroad in operation and was carrying average of
less than $500 passengers day. To-day it has
thrtyone miles of singe-track road. completed and
i'll single day. The average distance per day is
over 27 900 mies-greater than the circuit of the
globe. When the extension from Chatham square to
the City Hall, and from Fiity-ninth to Eghty-thrd
street on the west side with other sidings, is
pleted which soon will be, the line will have total
Of thirty miles Of single track in operation
ON May 16, 1877, it had in its treasury less than
$4,000 in cash, and owed floating debt of
$27s000. 1t has now in bank. and in trust compa-
MES call $768 600; and has not dollar Of
floating debt. lf
The humber Of passengers carried the last month,
open the line to Harlem until the S0h of that month.
To-day the bonds are selling at more than double
hs ny ri NAY u aad the "
In May 1877, learned that there was contract in
existence between this company and certain parties
to complete and equip the road for specified sum,
payable in the stock and bonds OF the company This
contract we insisted should be cancelled and it
cancelled and the company has thereby saved within
the last year nine millions Of dollars in the cost
CONSTRUCTION AND MANAGEMENT.
In the construction and management Of the road
we have had three great objects in view-safety,
speed and cheapness. The first necessity has been
absolute safety Some have supposed there
special danger in elevated railway. This fear
only be by practical To insure
this has involved great labor and great expense The
admirable reports OF the General Manager the CHIEF
Engineer and the Treasurer to which refer you, and
which will be printed and sent to each shareholder
will show the immense amount OF detail involved in
carrying out such a work. Nearly three thousand
columns had to be erected defect any of which
might lead to accident that would create
picion in regard to the safety of the whole Every
grder spanning the street or stretching from column
to column mas had to be tested as to the number of
tons weight it would bear. The in which all
these requirements have been met demands our
hearty acknowledgment The foundations Of the
broad. Sometimes it has been necessary to drive
piles to secure firm foundation, and not unfre-
quently single column is imbedded in OF
masonry in which there are bricks enough to build
small house. The result has been that along the
whole line Of thirty-one miles not column has given
in the least. So firm Is the track that it is some-
times complained Of as too rigid and unyielding.
The best proof Of security is that in these twenty
caused by the fault Of the company its
employees. Three persons have been killed by jump
ing on trains when IN notion as they might be on
any surface road But not responsible for the
imprudence OF others; we are responsible only for
our own neglect
The speed will be regulated by safety When there
many trains following one another in
the way before another comes to avoid collision But
trains increase we can despatch them after
another rapidly that there will be need to keep
any train waiting long at station the stops be
shorter, and thus the time can be reduced On this
point OF speed receive constant suggestions of the
most opposite character Some write that the trains
do not 90 fast enough while others just as ear
nest in protesting against the speed as exposing them
to accidents. To both we make the same answer
that we shall run just fast safely. and
faster. Next as to cheapness. there is wish
pressed by many that the fares should be reduced to
the lowest point We have already put them at
very low figure. For four hours day nnd those the
hours when the trains most crowded with labor
t) the fare but five cents for the longest dis
lance, which, from the Battery to Harlem, is nearly
nine miles. This, venture to affirm is by far the
cheapest steam railway travelling in the world The
New York Central Company complain OF the restrc-
ton in their charter which limits them to charges
OF cents mile for distances FIVE miles: but
they allowed to charge ten cents from station
10 another, no matter how short the distance.
CoMFoET VS.. LUXURY.
The parliamentary trains" in England-run for
the especial benefit of the working classes-charge
one penny sterling two cents q mile. But we
carry passengers nearly nine miles for Ave cents,
fraction half cent mile! And still some will
not be satisfied unless this fare, which marvel of
cheapness be the same at all hours of the day. Per-
haps we may yet be able to accomplish this. There
many who wish to increase the fares to the full
amount allowed by aw-vix.. five to seven cents for
commission trains and from ten to seventeen cents
for other trains Some OF us favor the
idea OF trains with saloon attached,
at an additional charge. To the objcc.
ton that this is undcmocratic that we do
not any thing undemocratc in giving to the pub
lie whatever they want and are willing to pay for
Comfort mean to give to ALL but luxury lsuch as
is Afforded by richly upholstered cars) is what none
have right 70 ask unless they willing TO pay
extra for 1T. This Is free country. and certainly it.
is part Of that freedom that those who are able TO
ride In fine carriages should do So while those of us
whose means are less content with palmer ac-
commodation. However. this s matter for consid-
Grafton hereafter. and we hope In good tino 10 hit
upon some plan which shall meet the wishes OF all
and give offence to none.
MORE ACCOMMODATIONS PROMISED.
As was to have been expected In the starting of
such an immense undertaking. there have been many
complaints OF insufficient accommodation aud over
crowding. Those who make such complaints do not,
perhaps. consider that this comes partly from our
very success. which has been far beyond expecta
ton that IT found us unproparcd to meet it, We
pccted that the public use OF the road would be
thaft, bnve 10