New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-26

ERIE'S ANNUAL.


The New-York Lake Erie and Western Railroad
Companys report for its fiscal year ended Septem-
Der 30. 1890, shows that it's merchandise freight
for the wear was 6.7l9.144 tons, being l,ol2.l5s
tons more than for the preceding year and 227,-
06O. sos more ton-miles. The earnings per ton per
mile were O.153 cent. decrease from 1889 OF
OO17 cent and from 1883 of O.05O cent.
The coal and coke tonnage OF the last year was
9.5s7.qs2 or Os36 tons greater and 2b,s4i,oI
ton-mies less than in 1859. The earnings per
ton per mile were 0.536 cent being 0OSO cent
less than in $50 and 0.075 cent less than IN lSss
The number Of passengers carried was II AL
1884, an increase on the number OF 1889 OF I'5I4,-
42s of the increase ,205.S89 were local possen-
gers and only 1859 through passengers.
The earnings per passenger per mile were l5s4
cents against $50 cents in 1889 and l.7I7 cents
in 1888.
The gross earnink accruing to the company
after deducting the proportions due 70 leased lines
which are worked upon percentage of their gross
earnings were $l,s59.56l greater than in $50.
but because of increase in the operating cN-
penses of 81, G5I 526. due partly TO the enlarged
business done and partly 10 a continuation Of i'm
provements charged to operating expenses, the net
earnings were only S24s,03 greater in the last
year than in 1889.
President King tells the story better than We
can-he says
- 1t will be noted that in common with nearly
all the leading lines in the United State, your
company made very large increase in the gross
earnings, but the net results were much less salts
factory These results have been caused by
various circumstances the leading being the
very low rates for the transportation Of traffic,
especially through freight. Your company was
Obliged 10 adopt the same rates upon through
business as established 10y competing lines, al
Though those rates were reduced 10 unrc-
munerative point. and nsch lower than was
necessary. in view Of the immense amount of
freight offered. Some Of the leading Western
lines insisted upon very low rates East-bound, In
order 10 attract the business TO the rail lines which
otherwise would 90 by lake. The results cN-
pected by these companies were not realized more
business than usual went by the lakes and IL was
shown 10 be an absurdity 10 attempt 10 force even
the lower classes of freight by a reduction OF
rates from the lakes and put II upon the rail
lines as long as navigation is open. This effort
has been made repeatedly in years past, aud uni
forlny without success.
In addition 70 these difficulties the compcii-
ton in service has increased the cost of operation
largely in excess Of the advantages gained. Not
MANY wears ago. the average speed Of freight
trains rarely exceeded ten miles an hour; now,
upon your road, they run at the average rine
of twenty-five miles per hour. At that time, the
engines hauling freight trains weighed thirty toms
now they weigh SIXTY tons. The rails in tie track
weighed nfty-sX pounds 10 the yard now yonr
company puts in STEEL raj weighing eighty pounds
There laid upon the main line 81 III" IRE
proper last year s497 tons Of steel rail- Of which
ID $50 were Of the eighty pound pattern, and steel
rails of lighter description were taken out thee;
in Turn. placed in the branch roads. until
finally the point is reached when all the main
tracks the branch roads, and nearly all the
sidinss are laid with steel But 1T must be
borne in mind that by this process the main line
OF the road is being laid with very heavy steel
rails against which old iron or old steel Is
ultimately taken from the tracks, the dIhcrrncc
in weight and price, which Is very great, pIng
charged 10 operating expenses
The great increase in the power and weight
of the modern locomotive engines and in the carry
citt- Of he
the high speed at which freight trains are no"
being run 10 meet the demands Of commerce, have
all contributed TO the necessity of large cXrendl-
lures in the virtual reconstruction Of the roadbed
Of all the principal lines of the railroad. Numerous
old fashioned iron and wooden bridges. desisned
TO carry much lighter loads than now obtain. were
removed from the tracks and structures Of the
best and most permanent types OF iron and steel
were erected in their places
Wages have been higher than In many pre-
vious years. and the prices OF materials have been
increased II is admitted, however, that the GA
pendftures of the last year were made upon
rather more liberal scale than formerly. in view
some s.'s extcnt, heavy expenditures hereafter
The pSe fsc w pasd Sad
that for the current year Will also be paid Inc
subject OF declaration OF dividend on the pre-
erred stock has had the serious and earnest con
alteration Of your Board but owing TO the recent
financial and business disturbances il has been
decided after-s2sture deliberation, 10 be the part
of prudence and wisdom and in the true Interest
~ The company net 10 declare any dividend this
wear The policy adopted for several years past
~ using the surplus over fixed charges rs well
as The cash received from the sale Of bonds and
other sources for the Improvement Of the property
orI the liauidation Of Car Trusts has been pur
sued i'm this year ,
THE liberal expenditures made during the
year obviate the necessity for continuance OF
large expenditures during 1891. The most i'm
nortant work 70 be done the next year will be 10
provide The much needed block system between
Inc west end OF Bergen Tunnel and Jersey Clty
IA similar improvements at various other paris
~ the line Your company has no contracts for
cars or engines except those Of the Car Trusts
and Engine Trusts, and IL = not proposed 70
MAKE any further contracts on tsas account In Inc