New-York tribune., 1884-11-26
A NEW ERA OPENED IN ERIE
RESULT OF THE ANNUAL MEETING-MI. JEwETT |
OUT-IIS REPORT.


OUT-HIs REPORT.
The annua! meeting of the New York, Lake
Erie and Western Railroad Company yesterday. marked
inc beginning OF In its history The change in
management, which is practically complete, although
Tour members Of the former hoard reelected,
sures changes in policy where they will he beneficial to
the property. large pecunlary saving has been al
ready begun in the heavy reductions in the executive and
clerical forces prominent member of the new board
remarked after the meeting: We have distinct
poicy as yet, hut our watchword is reform"
There was only ticket offered at the meeting. n
there was any opposition contemplated 1t not shown
The attendance not large. because. as usual tho
great bulk OF the vote by proxy. There somc
scratching on personal grounds. but it compara
tSc'y slight. One. man, who voted twenty-five
sae scratched the OF the tour old directors for
the reason, as he said that he wanted entirely
board Two OF the directors fell behind James A.
Raynor and Jacob Hays. 25000 to 10000 votes.
The total vote 720750-stock, iG9,s ,s7O and bonds
25o.sso. OF this j. @. Mccullough east than
hail. 362p92; John King, 2l3,9s9; !. & 9. Wormscr.
7OIs2 and Drcxel, Morgan Co., 35.730 The directors
elected are John King william Whcwright, ]. G..
Mccullough, Ogden Mills. William A. Whcelock, James
A. Raynor, William Il. Dinsnore, william Libbey.
George Vi. Groves William L. Strons j. Lowber Welsh
Henry ii. Cook George W. Quntard. Cortandt Parker
James j. Goodwin william y. Gichrist ani Jacob
Hays All are members excepting Mcssrs Strong,
Welsh Parker and Goodwin. The board subse-
icently organized by the John King presi
dent
The retirement Of Mr.. Jewett from the directory made
the creation OF a once-that OF chairman OF the
rlunneeessary. The president Is by his position
chairman of the Executive Committee OF the subor-
nate officers f. :. Bowen reelected vice-prcsiieD
and A. Il. Macdonough secretary. Charles g. Lincoln
made treasurer in the place OF Bird ". Spencer.
The resignation OF Charles c. Barber. of the two
assistants the president who connected with
s.l..t
ccptoi. but the vacancy not filled. No one was
chosen succeed Vice President George r. Blanchard.
whose resignation weLt into effect yesterday The Office
assistant secretary abolished at least temporarily
Other changes likely to be made within short time.
but OF directors stated that the expenses of the
executive management had been reduced already from
30 to 30 per cent.
THE ANNUAL REPORT.
IN the annual report presented ut tho meeting Mr..
Jewet eaid in regard TO the future OF the company
cannot doubt revival of business, nor can doubt
the OF such relations between the railroad
companies Will restore rates to proper basis and
secure their maintenance In s1ch event. sustained Dy
the experience OF the post year III COMPARISON win
preceding years there he no doubt oi the hbty OF
the company provide not only for its hXe charges
but In due time make permanent provision Tor ITS pre-
ferred stock and have surplus more or less or It's com
STOCK Whether or not this result VIII DC rcaiIe
simply question OF manae enent II the business ana
affairs Of the toDpahy are wisely ana Jnlcousy aumh-
lscrcd there u but little doubt Of It.
S,eaklng of the companys transactions with Grant
ward he saia that the failure OF the nlln was made more
unfott tuuatc hy unwsc and njullcous conduct oi
those froh whom the company; In lhe emergency, ha
every reason TO expect ad lalhcr than Ill.,
Passing this subject TO the action ol some "l tue
Englisn stock and boLd holders MI Je"e III MS report
The loss In the transaction Of necessity fell upon the
Chicago and Atlantic Company, but the extent ot tis
anticipated loss being limited by negotiations Hhch
were at entered into. for reclaning NOT only thc
notes given to Grant Ward, but als1 c"h,aeraplc
number OF the bonds OF the Chicago and Atlantic Com
pany which they hal used IN connection herewith Inc
failure did anec to some extent the cred ol your con-
ihis effect was rapidly passing away About TINS tin'e
parties in London not claiming TO- na,1 n 1r1 tp IN tns
most charges against IL aud the integrity or Its
spusibty for the failure OF Grant Ward. for the de-
financial and business interests OF the country
and for the resulting eject nl -ue sle o airn upon
the railroads generally. and upon Your company IN par
sctiing public meeting held London discuss the
situation and Ia securing the selection or themselves as
committee visit this country tour ol invesga
ton This committee after II, art'3i III H MIM hh loh'
without inquiry Of sources from which hcts coud De Cd,
tanned without giving credenee 10 facts when stated
to a hem circulated tnc serious and unavorabie
comments upon the company. IT. condition. ITS ahhy
ing. etc. all which seriously impaired and IN
iurcd the credit OF the COMPANY Ilan tne ilnre s 81
have done. had they taken place. -,
70 contend with the dinculties involved in the conf
ton ot the general business OF me country, tno
dcored condition OF tne railroad erSi.s
between the roads. but with the effect OF such =
ys and the soGns , m"nce %|Gs % w f pS s"mS dees Of
authority. The company, ~ the process ol ts NalouS
iuu ycnicnt- had incurred limited Indebtedness
which secured by collacrals deposited WIN
tho parties who held it, obligations. In tue ordlhary
crr,n debts for supplies labor and other items. which,
added the bills payab AMI 70 thc loans sccuti
rs above stated, amo inlcd 10 between l"hr ah NY
millions dollars all OF which the committee HtSlShaeu
ns noating debt, and they undertook 10 reheNo tuo
cnmpany from the embarrassment arising IRON th'r
visit by agreeing raise the money necessary 10 Py
snch debt: spulatng however that III view Oh tne ue
executive OF tue conf any 10 tctre
FROM the service his shout he sch person rs
might satisfactory to thein they. at tle same ule
ulming the gentleman whom they would prefer as slc
successor II was under this pledge Ht my successor
yhu asserted acknowledgement no dOub at the tile
nected with the without sucn guaaIltecds
To money for paying this debt was proposed 10 Inc
as the reference the committee and IL was nucr Sch
conditions that he no" occupies INC
position he does in the companys service; , =. ,
The steps necessary the palt ot tc poau W accom-
plish mis- change had however. hardly been entered
lpon when it became Acknowledged lact tllt Ine
English committee. vino had agreed To FURNISH Tue money
,r the con before statec. were eth-r uW
inc or unable and that their programme or tne
relief was that extent a least itlluie'
euhsennently three gentlemen In this city OF known
financial ability prafcred 20 assume To certain e".eh
n mo further the obligations Of the Engnsh coliintee
nroylcd that the gentleman named by the committee as
uccessor 10 the be chosen whch proner wa,
ccented y the Board Of Directors. lt Is 10 DC hoped
they will make good their assurances, ana tuaI thc
will provo satisfactory anu prohtaoe ONO
the company.
NO TRUCE IN THE PASSENGER WAR
The passenger war over rates to the west
o,tnue 10 rage ely but there has been no decided
A.. .,,, roo.ntIv nreyilin0 rates. negotiations