New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-29
ERIES ANNUAL REPORT.
REELECTION OF THE OLD DIRECTORS.
COMPLETION OF THE BLOCK SIGNAL SYSTEM
ALONG THE ENTIRE LINE-wHAT MUST
nrcA ~

COMPLETION OF THE BLOCK SIGNAL SYSTEM
ALONG THE ENTIRE LINE-wHAT MUST
BE DONE FOR REORGANIZATION.
The annual meeting Of the stockholders Of the
New-York. Lake Erie and Western Railroad was
held yesterday. The directors elected for the
coming year were John King. John G. MCCULLOUGH
Ogden Mills. j. Lowber Welsh. Abram S. Hewitt,
Alexander E. Orr. William A Wheelock. Morris X
Jesup, Henry H. Cook, George W. Quintard. Will
lam L. Strong, WInam whitewright, Cortlandt Par
kerr James j. Goodwin, William Libbey, William ~
Gilchrist and Eben B. Thomas The proxy COM
mittee consisted Of John King d. 0. Mills. j. o.
Mccullough. ]. Lowber Welsh. Abram S. Hewitt
Alexander E. Orr NJ. X. Jesup, William A Vince
lock and George W. Quintard. This committee
through Mr.. Mccullough cast votes on 2So.63s
shares Of stock and 247O9.200 bonds, and through
John King votes on 223.623 shares Of stock and
sSO572OO bonds. The directors will meet to-day
and will re-elect the present officers.
The financial results Of the year ended Septem-
Der 30 will be found in the money article elsewhere
The annual report says Of the contract with the
Lehigh Valley:
1.-The contract under which the Lehigh Valley
Railroad Company had used this company's tracks
between Waverly and Buffalo since 1876 was ter
minated on August g. 1892, SO that eleven months
OF the operations under that contract were included
in the report for the fiscal year ending September
go 1892 For those eleven months the revenue &C
a07 ga o. During the present fiscal year this COM
pany has received benefits whatever from that
contract but itself supplied the local coal TRACE
its lines with it's own COAL and has thereby to oa
large extent overcome the loss, as 1t will be seen
So ssSs s.. the decrease !" me- v, n.~ss,r.n,.
and Ohio lease as follows: THE onerous character
OF the New-York. Pennsylvania ana ONO iease mas
Ssn 81 tse II O the Ee
modification Of the terms Of this lease shou,a DE DC
made be- and Sbtansa Spon P h seSy Of
without materially increasing the annual puIuens
.eshz -Xor y,
and which, judciously expended thereon, would
place that line in condition to successfully COM
pete with its rivals. 80 ,,,.,., L.,
The report also speaks of the block signal I'M,
movement thus: "As promised in the last annual
report before the opening OF the WORLDS raI, ,me
block signal system completed on the Cnicago
and Erie Railroad thus giving the Erie lines
through block signal system from Ne EN-, orS 70
shown in the freedom from accdents on the
Erie lines during the continuance OF 'he Co'u"o'a"
The only reference to a plan OF reorganization
contained In the annual report Is as follows:
lowing to the strngency in the money marker
and the consequent inability of the company longer
as also to the general depression in business, the
company was placed In the hands OF receivers IN
July last. 1t will be necessary TOT the BOARD Oh
Directors to devote s early attention to the prep
justment Of the financial AFFAIRS of the company:
which shall include the discharge OF the present
floating debt and provision for reasonable amount
OF capital to be expended annually during limited
erty For while II Is true that the Erie system mas
large earning power. II is also true tnat curing
It's past II has been greatly overcapitaiized when
condition has failed to embarrass the company
In its laudable efforts 10 adequately meet the re-
ouirements OF it's patrons and the public. and TO
successfully compete with the rival trunk lines"