New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-27
CLOSING PRICES OF PHILADELPHIA STOCKS.
ERIE'S ANNUAL.

The annual report Of the Ncw-YorlI, Lake Eric
and Western Railroad Company for its fiscal year
ended September 30 ! $50. makes a remarkably
favorable exhibit, when il is remembered that
during a large part of that twelve months rail.
way traffic more or less demoralizcd by
sentiment and by the jealousy of the managers
Of the Other Eastern lines. The surplus remain.
ing after the payment of all fund charges for
the year is $4,000 greater than that Of the pre-
ceding year. and 81 $4,000 greater than for the
year ended September 80, 1881 In the last
three years the surplus incrcaso over fixed charges
has amounted 10 over S21OO.0OC or after pay
mcnt Of interest on the $5os0O0 income bonds
to nearly 100000 over the amount Of 6 per
cent on the preferred stock This has been
accomplished during three years of depression in
business such as the company probably never
again will he subjected to. Instead OF payine
the earned dividend to the preferred stock, tho
SURPRISES have been applied to bettements and
tie improving of the property to meet the require
m,nts Of a future prosperity. And yet the com
pany complains OF want Of equipment and
terminal facilities 10 meet the large demand Oh
It's Traffic capacity.
President King says.
The enormous business done by your company
aurinc the present autumn demonstrated the utter
inability TO handle ANA discharge promptly sue
cessiully and economically the immense quantity
of general freight brought TO the terminal points
on the hudson River The diversion t. Permont
Of large quantities OF coal which had heretofore
been sent 10 Weehawlen. WAS very advantageous
50 far rs that article is concerned. The want Of
adequate facilities not only caused an increased
expenditure ~ Handglng the traffic but detained
many cars and necessarily withdrew them from
the line when The need was greatest. Increased
facilities hould be provided before another season
OF great acti' ity. The rates OF wesbound through
business for the first quarter of the fiscal year
were considerably reduced. and ncedlesSy so. hc.
cause OF the quarrel between the Ncw-l Orl Cen
raj and Pennsylvania companies. and your com
pany was Obliged to take WcStbOund through
freight Al the same rates a, its competitors. The
remainder OF the year was most marked. upon the
part Of the Trunk Lines generally, by singular
freedom from ratc-cutting. and altogether by al
more friendly and iaircr feeling than had previously
existed
The large decrease in the quantity of coal trans
ported was caused principally by the exceedingly
mild winter. which affected all coal carriers IN
about equal proportions. The general dulncNs W
the trade made competition very active ana lorced
lower prices. The very large decrease OF so0sr
u u in this very important trade is thus shown
This loss. however. WIS more than compensated
for by the Increase of S942 ,6j1 % IN genera
fire. iglf traffic The local freight business has de
vcoucd surprising and gratifying results by an IN
crease e.. Io per cent over the previous year Inc
lnc'cf-c 200 population and the better cohdllip |
Of the .au and It's facilities contributed gcnrraIg
10 these .sulis, but above all. The polN VI
serving the local interest in preference TO through
business affected them most iavorihly.
The physical condition Of the roadbed has peen
improved The condition of the line mas zen rn
very much improved by additional lnterlockii7
and block signals The block signals on thr east
'rn end Of the lin, from Jersey City to turner's
have gwen great satisfaction, and arrinG hl'li'S
irc being made for the extension Of this or y
similar system. tn" large growth of franc anu !
he safety in operation require gradual cNicF
ion Of tho block signals over the entire main iiL.
As in the previous year. the net cash frceNeu
rom the issue of current obligations, less tht
lash on hand, was used in the improvement OF
he property ~ explained, besides the proceeus
)f g. 500 shares OF preferred stock belonging TO INC
company In facilitating the business OF the roae
md providing means for passing trains, aduI'
.ional sidngs and double track. as we'll a. IN
.rcased tracks AZ divisional terminals, have been
provided, costing in the aggregate s12?,7sl 81,
which as they we're all new and additional. Rave
ven charged 10 capital. Except for the gre1i
improvements in the road and equipment, IL would
nave been impossible to handle the immense busi-
iess OF the line for the months Of July. August
md September.
The prospects for the next fiscal year are most
The gross revenues for October
$50 have exceeded the corresponding month of
he previous year by about s250,000, and the
month OF November will probably exceed November
" last year in like ratio. The road since Au-
yust / has bern worked TO its utmost capacity.