Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-10-29
cries EARNINGS
/. FELL S6,682,7O
RAILROAD SAYS
Gigantic Slump Admitted by
Company to Public Util-
ity Commission.
STATEMENT OFFERED
TO OFFSET PATERSON
Railroad Declares Financial In
ability to Eliminate Grade
Crossings in That City.

The net earnings Of the Erie rail-
road for the fiscal year dnding June
30. 1914, were s6.6s2,7O0 less than the
net earnings for the year ending June
So 1913. according to testim ony offered
bg Comptroller Charles 2. Crawford.
Of the railroad, before the Public
Utility Commission. In session in the
Kinney building today.
The session was called for the pur-
u use of hearing the Erie railroads
ST 1e to the application nj ade by the
CITY of Paterson to COMPEL the Erie
rail road to eliminate its many death
tran grade crossings in Paterson. To
the application the Erie has entered
a dis sent. claiming that the railroad
is. no I In a financial con dition that
wbuld justify such an outlay of money
on its part. The Erie runs through
Paterson at grade in about the same
manner as the Pennsylvania line did
in Newark previous to the elevating
Of the tracks In this city,
During the year ending June 30.
1913. the Erie earned total of
So. I05.675. it was claimed in its state
ment today. On June 20. 1914, the
yearly total, 1t was said, had de-
creased to I,422.975.
The net operating income for the
war ending June 30, 1914, was put at
81
year.
II. A. Taylor. general attorney for
the railroad, appeared at the exami-
ration. City Counsel Edward f.
Mercy, of Paterson, represented that
municipality.
Mr.. Crawford said that the obliga-
tons of the Erie railroad falling due
iiefween October, 1914 and June go,
1s15 amounts TO $1S,B2S. 627. The
ii Oh fu
obtained from the general cash on
hand or the sale of bonds, according
TO Mr.. Crawford.
The gross operating revenue from
the Elrie railroad, according to the
report, amounted to s57, 804 ,S13 for
l9f4 as against $50 465 1875 for 1918.
The decrease of the gross incomes
for the year 1914 over the gross in
comes for 1918 is shown by the report
to be $7,022,1s9 The railway oper-
qting income for 1918 amounted to
SO 500. 500. while for 1914 1t amounted
to $12 759,567. This is a decrease of
1874 ,031.
The total incomes from other
sources In 1913, II is stated, amounted
to Sc, 1884, 12, while for 1914 these
incomes amounted to only S2.S52 654.
This represents a decrease of $3.2S1,-
157, making a total Of s7022,1Ss.
The Erie ftNlOcDu. E incomes LOT
1913 We're placed at s2,611 $3.50 while
for 1914 these same incomes amount
ed to $S00.5z representing a decrease
Of 81 81 $50 from 1914.
The income from unfunded securi-
ties and accounts for 1913 amounted
70 81, 006,119, II was explained. In
1914 these same incomes amounted to
s424. 453, a falling off of So, 39S.223 for
1914 from the Incomes of companies
controlled by the Erie.
The Erie report also shows de-
crease of 81, 660,37l in the gross oper-
ating revenue and an increase of
s2,130.172 in the gross operating ex-
penses, which accounts for a de-
crease of $3.790.543 in the net revenue
for the rail operations.
The report shows that the surplus
for 1914 is s159,52S, as against a sur
plus of Sc $50 SOS for 1918. This
shows decrease of So, 523, 045 for 1914
in the surplus.
Attorney Mercy said he hopes 20
show the Public Utility Commission
that the gross incomes listed as
efrom other sources" can be ADJUST
ed at the viii of the railroad. He
also declares that the Erie statement
is merely manipulation of figures.
and points out that the operating
expenses of the Erie can be increased
at viii on paper by proposed i'm
krovements."
! Mr.. Mercy says he will use these
arguments in an attempt to prove
that the reports are practically
Worthless, as far as II shows the
actual condition of the railroad.