New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-24

Y,vitend ..... L""o"vVo Lo"" HVVo,VoW i"'
s.rD!u. ''ss sSssss Slsss n'~ssssSs ssssss
.I,c,,ans .7o, 700 new equipmsnt other s1traOr
WHAT THE REPORT SHOWS.
This report exhibits clearly the changed con-
d,,,ops on the New-York Central Samuel r.
ceusway. owing TO the brilliant record he made
,n the West as an opera N g official. was selected
NV William X Vanderbilt to become the ex-
ecutive head Of the operating department IN
tho Nev-York Central His administration has
been one Of steady increase of earnings, and
study OF the report contrasting this year with
last year adduces some interesting facts First
and what chiefly interests the stockholder. Is
the fact that the balance available last year
for the parallel quarter for dividends was Lo-
per cent This year it is fully per cent more or
25G per cent. This indicates that should this
ha sustained the amounts available for divi-
dends are in excess OF 10 per cent year. Aside
from this it will be noted that the expense OF
operation for the parallel quarter in 1913 was
6157 per cent. and this year 59.I2 per cent or
& decrease Of approximately per cent. TINS
is all the more emphatic and noteworthy when
the miles operated compared. In 1873 lot
the same quarter the miles operated aggregated
onlv 26S514 For the corresponding quarter
rnately 2i3 miles more The increase is in what what
-, - .ho pann-. lvania DIVISION OF the
''ew-Ycrk C-nrraL and was taken over this
var II &c ais. "a ,hat OF the expenditures
sol 700 = for new equipment and other ex-
traordlnarv expenditures and this leads UP to
the action Of the Board OF Directors yesterday
in deciding TO increase the capital stock by
S15OoOGN.
It's generally known that severe car famine
s. prevalent in this country, and that every rail-
road is struggling 10 get cars 10 move freight.
II is believed by the operating officials Of the
New-York Central that If the road had the cars
at command its earnings could be much en-
larged This a subject that came up for
consideration al yesterdays meeting. The COM
Iany some time ago contracted for freight cars
TO cost 100000 These cars are now in use.
and payments Of 100000 year are made for
them William X. Vanderbilt personally ad-
Vancad the money for these cars. and the annual
payments OF 100000 have gone to him. The
need Of additional cars felt and so yester-
days decision to increase the capital stock was
for the purpose Of meeting this pressing need for
new equipment as well as TO pay off the out
standing obligation Of SJ.OOO.0O0 for cars. The
stockholders of the New-York Central have the
privilege Of subscribing at par for the S15oOO-
600 voted yesterday. 1t is supposed that as the
stock is selling at about 139, the rights" Will
Sell for about 80
HOW IT WILL BE EXPENDED.
OF the S15OOOOOO so secured S5,OOOOOO will |
be used 10 pay for the mentioned The an
nual payment on this contract now is 100000 |
Computed at 4 per cent or what the NewYork |
Central now pays the interest on this amount |
VIII be 100000, or saving Of 100000 a year
which will be available for dividends. The other
s0'co0,0oO will be expended Immediately for |
new equipment. In fact, no sooner was the
money voted yesterday than the contracts were /
gwen for the new rolling stock. 1hls amount |
viii purchase ten thousand freight cars, fifty |
passenger cars and one hundred engines. 1t Is /
believed that with this additional equipment the !
earnings can he increased greatly. The interest
on SlOOOOOOO Of stock at the present rate OF
.woends IS $4OpOOO a year. ana II IS beleVed
.hat the additional equipment VIII earn thls ana
much besides
While the directors authorized the increase
o' capital as stated il is necessary for the |
slCcHnolders to act upon the question STOCK
!o'oers meeting viii be called in due time ana
Ie dcuon ratified. AS majority OF STOCK "
,' re.a oy the directors who enacted the resoiu-
on Yesterday, no fear Of contest or troup4e Is
expected from the stockholders meeting.
MEANING OF THE ELECTION.
Inc election OF William Rockefeller 10 be a
member Of the Executive Committee Of the
e"-iork Central is also viewed by railroad
1Nen as Of far reaching importance and OF
e''' interest Heretofore the Rockefeilers have
- appeared in the New-York Central az
Nar yt AM factors. They have held more or less
g. 10 oik central stock. but never attempted
Sor auehce the management. They have been
many years strong factors in the New
,o III, ana the election Of William Rockefeller
" Yiace on the Board Of Directors OF the
~ Cut -Wh Central suggests that the retirement
Tsya.'es Una'es +. Clark president Of the New
fbe ~ "a ana the addition Of Mr.. Rockefeller 10
,rio ~snual directory will mean practically
ferar." =" Ne"-Haven and New York Central IN
Uaya~ mat MI Clark, president OF the New
fener" ..eps down and out, and that Mr.. ROcke-
donot 'he representative OF the practically
trto~H interests in the New Haven, steps
Nav, v,' vpos' OF great influence and power in the
the ,,,Ih central taken TO mean That IN
The ~ 'he interests of the New Haven ana
urtted -i"rk Central will be considered as
trnr.-,, anu mat the actual merger OF the two
N.1a v Ies ny the lease Of the New Haven 10 the
dasro," "h central may come whenever II Is
rba, 80 i.eslole. 1t means railroad men say
hi,ba."e "e interests in New England that have
CON- "afred for supremacy have finally
fu,uro an understanding, and that In the
IT, - t'e Ne" Haven. The Boston and Albany /
burg 'yn ,, ana Maine. the Eastern, the Fitch
trol'os0 0HV the Maine Central Will all be con-
oid - - ~ the NewYOrk Central There Is an
H. eAlin that large bodies move slowly" and
he nuge consultations and mergers will not
thrsn,' Hpllshed in day, but farseeng and
And wtr railroad men say they are Inevitable
VIII come IN the course Of time.