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From: "Ron" rdukarm AT roadrunner DOT com
Date: Tue, 22 Jan 2008 14:29:01 -0500
Subject: Re: (erielack) Erie Control of NYS&W
"NYS_W_1911_Earning_Power_of_RR.jpg" - image/jpeg, 1508x1236 (24bit)

List,

To further elaborate on Mike's post, attached is a brief synopsis of the
stock situation regarding the NYS&W from a 1911 book by Floyd W. Mundy
entitled: "The Earning Power of Railroads".

In "Railroads - Finance & Organization", by William Ripley, published 1915,
he notes: "Actual railroad consolidation, as a means of tying up the hard
coal situation, was also actively pushed after 1898. The Erie first
purchased the NYS&W upon its threat to become an independent carrier to tide
water."

Ron Dukarm

> List
> In a recent post I believe I saw comment to the effect that the Erie had
> leased the NYS&W. The Erie Railroad Company controlled the NYS&W through
> stock ownership (as 1 January 1936, about two years from the Erie's
> bankruptcy [18 Jan 1938] and the NYS&W's [1 June 1937], the Erie Railroad
> Company owned $12,960,830 of the NYS&W's $13,000,000 of Common Stock and
> $12,955,244 of the NYS&W's $13,000,000 of Preferred Stock). I have not
> ferreted out yet what the Erie paid for these securities when it took
> stock control of the NYS&W in 1899. The Erie's control of the NYS&W ended
> with the NYS&W bankruptcy--in the subsequent reorganization of the NYS&W
> (affirmed in 1953) the old Common Stock and Preferred Stock was written
> off as worthless.
> In any event the Erie did not lease the NYS&W.
> M J Connor
>
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