New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-04-06
General Remarks

Owing 70 the unfavorsbe market for long-term
securities during number OF years past the eompA!
has been obliged provide for It's corporate hnahcns
in ,srt he the issuing and renewal OF series OF short
term notes bearing relatively high rate OF interest
secured by pledges Of treasury assets lncuo
na convertible bonds and general lien ponds, ana ~
part by devoting substantially all OF the COMPANY
current income additions and improvements Wcn
ordinarily and properly would De proNIueu lot IN W.
new capital Since January 1906 the company mas not
done any longterm financing, except through tns re-
C;enesee River divisional bonds, 10 discharge and re-
fund part of its outstanding shortterm notes ana
the sale of 100000 Pennsylvania collateral Dohds'
The modification Of the terms Of the general mort
o Ie+ails Of which have been sent all stockholders
nrovde for the issue and sale OF sl9,62Il30 general
mortgage convertible bonds the proceeds OF Ench ar
- be used a Sl0,0O0000 in retirement OF the
notes Of the Erie Railroad Co.. due April l, 1910 %
about 100000 to complete the douoe-tracking and
grade reduction stretch of about thirty-nFe mes
On the Chicago & Erie division between Lomax and
Griffith Ind the plans for which work have been pre-
era points in Ohio, notably al YOUNGSTOWN ana AKRON
the balance being used in part for the retirement OF
The retirement of that issue of notes Will complete me
refundng of all OF the companys short-term op'tsa
,ons, which in March, 1914, amounted 70 sSs,oovVuv
Interest charges the convertible ponds 10 De issued
and sold will be al a approximating oe and I'VE
eghths per cent per annum less than that heretofore
paid on the notes 10 be refunded
The increase in freight rates allowed by the Inter
state Commerce Commission il is expected will result
in material additions TO the companys net income
which should increase with the volume OF business.
On June %. 1915. occurred the death Of Hon. John
c. Mccullough. director Tor over thirty years. OI
october H. 1915, occurred the death OF Mr. Thomas r
Fowler who on May g. 1910, had been elected di-
rector of the company
To fiji existing vacancies Mr.. George F. Browneil
was elected director for the term expiring IN lsln
and Messrs A. NJ Anderson Grenville Kane and GEORGE
c. Mason for the term expiring IN 1913
Mr.. C. A. Richardson resigned yiee-president
~ was elected vlce-presldent IN charge
Of Purchasing Land. Tax and Federal Valuation De
partments.
On November l. 1915. the s23s,5oo hrst mortgage
bonds OF the Tioga Railroad ComPany 'ne eap, asa
renewed for OF twenty years. The principal and
interest Of the extended bonds guaranteed By the
Erie Railroad Company
On July /, 1915 the 100000 Of bonds Of the Boss-
burg Coal Co. the capital stock of which j. owned by
the Erie Railroad Co.. were extended to July l., 1922
The principal and interest OF the extended bonds are
guaranteed by the Erie Railroad Company
In compliance with AT order Of the Interstate Com
sale Of It's Acct Of eight lake steamers al pr!ce
somewhat in advance Of the appraised value FOR
gagged in lake transportation which 1t now abandons
The effect Of this action on Il. revenues is as ye'
predetermined
Certain classes Of employees in the transportation
department have asked for an & as{ S oner
eight Your board desires 20 so on record ,has me-
demands mainly unjust and unreasonaole, ror Ys
reason that railways are required 10 furnlsn service
ever hour in the day and every day in the year. the
principle of penslzing overtime is unsound
During the year s26643. 2s7I4. equivalent to sl,37
per OF the Operating expenses was pad ~ tne
Company direct TO labor Inc average na'"oe' VI '"
ployes 34202
The efficient services Of the officers and employees
are hereby acknowledged
BY order Of the Board