New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-28


eide TO DEFAULT ON THE INTEREST ON
THE FUNDED DEBT - POSSIBLE Eff
FEET on REORGANIZATION.
The annual meeting of the New-York. Lake Erie
and Western Railroad was held yesterday In the
company's Offices. William A. Wheelock presided
and there was a large attendance The announce
ment was made that the directors had decided 10
default the reorganization first lien Donds' the
consolidated second mortgage bonds and on the
second consolidated funded coupon bonds. on wnich
the interest is due on December /. They VIII pay
the interest the funded coupon bonds or lso'
which Is due the same day. MI Hartman asked
that the minutes OF the directors meeting be SUD-
mitted TO the stockholders. This was agreed to
after soma discussion.
This Board OF Directors was reelected; John
King John G. Mccullough. ogden Mills, J. Lowber
Welsh. Abram $. Hewitt. William Whitewrigh,
William \. Wheeock. Alexander f. Orr Henry H.
Cook Morris X Jesup. George W. Quintard. VIII
lam I.ibbey, Corilandt Parker, James J. Goodwin
William L. Strong. William " Glchirst ana L. d.
Thomas
The report for the year ending september ."
shows a deficit OF si.ls7.M, a decrease Of Afli,%'
in gross earnings and s2lsi,59s In net earnings
There has not been deficit before since 1872 wnen
il was sl37ogt. The interest the funded deot IN
default amounts to Sl65.SH /. is divided as fol-
lows. Second consolidated mortgage bonds $l.'VhOo
second consolidated funded coupon bonds, solosii;
reorganization first lien bonds. $4,000
These decreases are interesting: Tons general
freight carried 5.2 6s. tons carried one mile, lb5-
a. G6s tons Of coal carried Soc: tors carried one
mile. lO 10. 2i5: passengers carried, s-S2's pas
sengcrs carried mile 2s?2j,5ss.
Expenses were reduced In all 81 5000; transporta-
ton expenses ss64 7C2, motive power S52Zl? main
tenance OF cars 2l7,GS. The percentage Of work
Ing expenses TO gross earnings was osS' against
g. 81 IN the preceding year The percentage on the
X,r Dam nj. and
against 72S IN the preceding year. The total net
loss through this lease since May. 1888 was 2lit-
s1i The loss in the last year was sI0.3e. an IN
OF $40 90. In the las, year $l,i2os"s mas
been paid out on account OF car trusts The addi-
ton paid before october l. 1898. raises the
net aggregate to ST. 1872 i9S. the amount carried on
the balance sheet. The amour; OF car trusts now
outstanding IL s. 81 less S2s5s5 in the hands
OF trustees. The net earnings OF the Pavonia
ferry were sso.7is a loss Of slt5s The number Q,
eGa i.csl' carried was '''-'''' ''
There deficit shown in the report OF, Of i the
TIM eps n tor Profit sef es The
report OF the Union Steamboat Company for the
a slS@at The company has a floating ds'' of
The baance.sheet OF the Erie shows currsn, la
an excess Of liabilities Of sslO9 3si
The amount OF H.lSo2l. heretofore carried as
doubtful assets ana advances 10 subsidiary com
Mr. Mccullough was asked II the untaVDfdDle re-
port would have any effect the geor;anl"iton
lie could not say and referred the reporter To j.
Plcrponf Morgan. the chairman o. the KeorSAnl-
cation Committee Mr. Morgan declined 70 give his
opinion. Wall Street men thought II would have me
eject ~ delaying the reorganization con;li aOiy,
and considered It probable that tho .erms or me
lease ~ tho New-York. Pennsylvania ma ono
would have to be- modified.
Mr. Mccullough was quoted yesterday as :aylns
THE falling OF in traiic has been scn'rt. Affect
Ing both freight and passenger earnings, ma me
situation does not Yet look promising. ordlnafhy,
there would have been an mproV ement IN the ast
month or two which could have helped bridge ever
the winter months but this year there has br'n no
such squirt OF activity. The result OF tho years
operations may lead 10 changes in the proposed
plan OF reorganization. but the nature ~ such
changes rests with tho Reorganization Committee
The company has Issued circular calling
special meeting OF stockao drr' At Peoria. Ill, on
February 3 t. act uNOn IN" acquisition OF the
indianapolis Decatur and Springfield. ard 10 an
fhorlzr the extension % the LAX" Erie and West
crn nrsf mortgage over the rev line and second
mortgage on the ludianapols Decatur ard Spring
field 10 sccurr the Lake Erie and Western gold cou-
pons to be issued At the rate Of 5000 a mile o,
completed road