The New York herald., 1879-12-24
ERIE'S EARNINGS.

OVER MILLION DOLLARS NET PROFIT REAL
lied BY THE ROAD AND ITS DEpENDEN.
CIEs.
The report OF the Board of Directors of the New
York. Lake Erie and Western Railroad Company fol
the fiscal year ending September 80 1872 states thai
tho earnings of the road, including all branches and
leased lines. have been g. and the opera
ting expenses S11.17469S 95. making 767, 1928 6:
the net earnings from traffic Adding the earnings
from other sources, which amounted to s437 AS o.
including S24. .133 A net profit growing out OF
tho transactions Of the receiver of the
Erie Railway. and deducting tho interest
on the funded debt, rentals of leased
lines and other charges. OF So sSs 664 75 there
remains net profit from the operations Of the year
OF S1.3i6.lOi IS. This amount together with
s2036. .l09 % received during the year from the
sessments paid the stock Of the Erie Railway
Company. has been applied to the improvement of
the road and property is set forth in detail in the
auditors report The earnings and expenses Of the
year compared with those of 1873 show an increase
in gross earnings of S297 O44 49, and in working
penses of S53S S35 49, Tho capital stock of the
pany is:-Common stock. S7S,0O0. 900; preferred
stock $4,000. Under tho plan Of reorganization
formingart of its articles of association the capital
stock of the company was to be issued in exchange
"
vded that the holders of the latter stock should
sent to this plan by paying an assessment on their
shares. Up to September 80 assessments were paid
the following amounts OF stock common stock,
S771O7 70O and preferred stock. $S146700. or this
there has been issued i'll exchange for stock of the
Erie Railway Company S24gy7. 100 of common stock
and 81 700 Of preferred STOCK and there held
awaiting exchange S52110.600 OF common stock and
s5.995000 of preferred stock. There still out
standing 1902 shares OF preferred and 1923 shares
of common stock, the holders or which have failed
TO pay their assessment. The property of the Erie
Railway was purchased by this company subject to
all prc-existing mortgages or liens to that upon
which the sale was made.
THE FUNDED DEBT.
The funded debt OF the New York, Lake Erie and
Western railroad Company, now asccrtaned upon
the supposition that the entire issue of the
mortgage bonds will be cxtendcd) is as follows:-
First mortgage bonds New York aud Erie Railroad)
S2.4S2 900; second mortgage bonds New York and
Erie Railroad) s2.l74.0OO; third mortgage bonds
mortgage bonds New York and Erie Railroad).
s2.y37O 900; fifth mortgage bonds New York and
Erie Eairoad). S7U9.50V; Buffalo Branch. mortgage
bonds lNew York ana Erie Rairoad). $ls2 800; con-
solidated mor gage bonds Erie Railway $l6656 900;
first consolidated mortgage funded coupon
bonds New York. Lake Eric and Western Raroad),
S3.6SS, ,OUl TO- new second consolidated mortgage
24400.00O. and second consolidated funded coupon
bonds New York. Lake Erie and Western Rairoad).
$S.5y7, 400 Total, Us far ascertained. to Sepem-
Der 80. 1879. $50. $3.50 10.
Tins does not include the income bonds. amount
ing to s5os0OS issued to parties who have assened
tho plan of reorganization by paying So per share
on the common and SO per share on the preferred
stock of the Erie Railway Company. nor tho prior
lien bonds amounting to So. 100000 which have not
yot been issued, and which, IL Is hoped 1t will bo
necessary to issue.
rHE ASSESSMENT ON THE STOCK.
The assessment paid upon the stock, u stated in
the last report amounted to S3416,57S. the entire
amount OF which, less that retained by the London
trustees for the payment of the expense attending
the collection of and accounting for such
and otherwise conducting the reorganization plan.
deposited by the trustees with the Farmers Loan
aud Trust Company. or this amount the New York.
Lake Erie and Western Company received in 1878,
$32S.0Os &c. and this year S2.036 lo9 -: total.
S2.36i. 11s ~, and has applied to the payment for
improvements to the road and its equipment
$2.263.2lS TO- There have been laid sixty-1ve addi-
tonal miles OF second track, and forty miles
will soon be laid, making the road entirely double
tracked from Jersey City TO Buffalo, except seven
miles the buffalo division. the track OF which
will be laid early next spring. The construction of
the elevator at Jersey City is progressing satsfat
rily and will be ready for business next year. An
elevator. with capacity of 100 bushels, has
erected ut Buffalo and will DO In operation the latter
part OF December. illA
An agreement with the Car Trust Of New
York and others for equipment provides that the
title to the rests IN the respective companies
until the hnal payment Tho amount which has
been paid this account up to September 80, 1872
In S1G0.6i5 35. Arrangements have been made to
purchase 1000 addit .onal cars which demanded
by the increasing traffic OF the road. The Boston,.
Hoosac Tunnel and Western road is In possession Of
the company and will be opened for business during
thac cur rs.nty yonr