The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1891-08-16
4 YOUNG RAlLRoap PRESIDENT.

Interesting History of Alrick b. Han,
Who saved the Sea Beach Road
Alrick H. Mann, who was recently elect
ed President OF the New York and Sea
Beach Railroad. is one OF the youngest OF
the successful railroad men of the day.
He is a graduate from the College Of the
City OF New York, and studied law with
his father, who himself was a student
with the great commentator Chancellor
Kent. Alrick Mann has been connected
with the Sea Beach Railroad Company
since 1885, when the present corporation
was organized. and served the company
in the capacity of Secretary and Treas
urer During the period which followed,
the railroad company. through mistakes
policy, steadily became more and more
embarrassed dnancially, and down TO
August r. 1885, heavily encountered with
debt The Board OF Directors at this
time considered it practically impossible
for the company to pay the many claims
against il, and were much inclined to
place the company In the hands OF re-
ceiver. so that IL might be reorgaGized
upon a new basis. after extingulshiua he
impending debts by foreclosure. Owing,
however. TO the insistsnce OF Mr.. Mann,
aud TO his firm conviction that the COM
pany, properly managed could earn and
pay every dollar it. owed, the Board or
Directors called upon him TO assume the
management of its affairs, and 10 become
the managing director OF the company
Mr.. Mann was not at all prepared for this.
but after casting about without success
for some competent person 10 handle the
properly Of the company. was at length
obliged to assume the responsibility him
self, although ii involved on his part 3
sacrifice of his professional prospects as a
lawyer. he Immediately assumed entire
control of the property Of the railroad,
since which time it has thoroughly
confirmed his judgment and the
debt Of the property has not only been
liquidated, but the property has been
greatly improved, and has been largely
extended aud increased in value at the
same time. Mr.. Mann's administration as
president begins with most favorable
prospects. and the company, from this
time forth, would seem TO have before it
years of prosperity. Since 1855. when Mr.
Mann first became its managing director,
no passenger has been injured by the
fault of the road. every scheduled train
has been run. and foresight and care
ful management have prevented any
serious accident. AT the time Mr.
Mann assumed the management of the
company there was profit and tbss de-
fciency OF about scr, 900, and notwith-
standing the large Expenditures which
We're necessary TO put the property in
good working condition, the annual state
ment Of the company for the year ending
on September so last showed profit and
loss surplus. since 1885 the company has
earned profit in each year. The improve
rhents on the property are numerous. and
are familiar TO The habituai visitor TO
Coney Island, and it is well known that
its lands at its terminus now yield the
best rentals in West Brighton. This is
simply because they nave been made the
centre OF intaress and OF business and il
is the policy of the company TO aid its
tenants in securing the best possible re-
turn from their business. The handsome
Sea Beach Palace. which, by the way, was
formerly the Government Building at the
Centennial Exposition, IS run as a popu-
lar amusement hall. aud good stage en-
BertainmenE Is kept going day and even
Ing. entirely free to the patrons OF the
road. Then there is the elephant and
public, which it has been made the first
business OF the road TO attract ana to
please. "A stern chase is a long
chase" and ia recording the ending nf
this one, it has been necessary 10 recall
the past. This IS hardly inappropriate.
however, in reference 10 what is reeog-
nized as an unusual achievements in rail-
r0ading. IT is remarkable that q COM
pany on the verge Of bankruptcy, after
years OF steady loss. should recognize the
improDriety Of exfiHguishing its debts bg
foreclosure, aud undertake. the task OF
earning them. uron the assurance OF one
director tli:st undef careful management
twas capable of doing So. II IS crafty
Ing. A. we'll rs nnuSuai, thai such M
attempt has been ultimately successful