New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-25
CONDITION OF THE ERIE ROAD.
TIE ANNUAL ELECTION-PoiNrs OF irkESlDE'
KINGS RI PORT.

TIE ANNUAL ELECTlON-PblNIS OF iPEEslDENI
KINGS RI PORT.
The general meeting of the New York, Lake
Ere and We Railroad Company passed OF without
Incident yesterday There WAS 10 Cpl ositon to the
regular ticket John King, president OF the company
voted on ls0,637 shares OF stock and S66232Oo oil
| bonds and ]. G. Mccullough. director. on 23O6l3
shares of stock and 81 800 Of bonds Other holders
voted $4,000 shares and lOOoOOO OF bonds
The vacancy caused by the death OF James A. Raynor
was filled time ago by the election 81 ChareS L.
Loew The only real change III tie ticket was the SUD
sttuton of Morris X Jesup for George NJ Groves l1e
unard IL constituted as follows:
John King John a. Mccul,ugh !. Low Der welsh, Cort
Vince ock William WhitewI1Tht George W oln'ari ygden
M,S T GooiSI6 william r. Gchrst Jacob Lays
and Charles j.. Loe6.
The board reelected the present officers and also
cleo ted Andrew Donaldson as third viceprrsdcnt Mr.
was formerly auditor Of the Ohio and Miss
sipp Railway for tho has becn connected
with the departments OF the Erie Company
The report of President King concludes In these
words:
The year has been marked by very great and general
deprcsson IN thr commercial industrial interests of
the country. Your company could have .orne without
serious injury share OF the loss resulting IRON thr
decreased volume OF traffic had It been possible 70
maintain a aud moderate standard the rates Tor
local and through business The r0mpHeatons arlNnR
from the coDsirdtOn OF the New-fork west ohOrt hn
OF The Delaware, Lackawauna and Western line cnl-
minat during rho year IN the most stubborn ana Sc
contest ever known IN the history OF american
railways IL Impossible 10 conhne TINS war; are 10
the companies most actively engaged therein. Inc
t WSIs lines and their western connections became
ultimately ilvoived. and your company was iorccd
in many meet the reduced rates o It's conpc
ors or allow much Of ts hitherto valuable business to
he diverted. In some instances 1t was Obliged To with
the competition the violence OF the contest
ecesitdting the making of rates below the actual cost
OF transportation. Rites were made on grain from
Chicago To NcwYOrk low N eight cents per hundred
pounds-Out OF which had TO Ne deducted Tor the cost o
transfer IN New-Y"rk harhor. three cents pr Que
I rttaHfn
ton one mile II apparent 10 the beginning OF TINS
administration great reductions in gross receipts
would necessarily result from the conditions above re-
ferrcd to- and equally clear that consderOe loss ia he
The great problem In railroad management now pre-
scented Itself in the most distinct aud positive FORM
namely: How to rcdnce expenses. IN - great decree
fixed and rIgd, in the face OF such diminished revenues
from the depression IN general business. and
the existence of the lowest rates Tor through ana IocH
business ever known The only hope, IN the effort TO
rescue company from It's gr at anu Imminent peril
was adopt policy OF rcrench ncnt ana reform, ana
apply Il fearcssy aud absolutely ~ every branch of
! the service. sinecures were abolished s1rerlhon'
men removed, cXOrbitant salaries reduced, ana "a
direct responsibility enforced, all OF which with the
further exercise OF the utmost economy at AL points,
resulted in the enormous REDUCTION oil HZ'oIoool vi III
the operating expenses OF the company aa compaf'u
with the previous year Had this been accomplished AT
tho tx pens" the physical condition OF the property II
would beer false economy but the track me car
equipment and locomotive power are IN better condition
Than the beginning of the year must DE resIhleI
quite satisfactory, in reviewing the operations OF lne
extraordinary ana 80 highly dlscourasng your company
able to sufficient 10 pay IN fun all The rental OF
II, leased lines aud all AXed ch rses cXcept the Interest
on the second consolidated bonds upon which. however
nearly = per cent was earned.
The outlook has certainly greatly improved the ma
tcrial utcrrs the country IN much better cOnd
ton TINS insuring larger Volume OF frame The trunk
lines acting harmony with their connecting ana ami
Western roads, and with view TO serving the best
interest," oil the public are maturing plans to obtain fair
and me dcratcly rcmuncrative rates winch hha ne uh
form to all shippers on local, as well a. through bnsi
ness II this can be mplished. Of which there is
every prospect there be doubt that, with the N
Of earnings thus secured and co tnuanco OF me
exact system OF economy adopted your company viii
regularly hcres ter at least its entire fixed charges
and rentals OF icascd limos.