New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-03-31


larged extended the principle that capita,
would from the time that the frat spadein Oh
earth dug; II the road complete before tnev
gan TO work II, then there would be no additon
construction capital but capital will be ineIes1
long the road Is Improved, and the car
he divided among tine stockholders II inc s S" NJ
holders tit to buy larger interest an tne
the Company they might. or they might uee &
they liked. II there iDdefnite en'ai IN ,
and extension of the road 1t undoubtedly wouu p
creased the road enlarged nSaoce the value
Of the property like wing on dweing LOT at al
II the stock Of dhe ys Cents Improvement added 10
the read addition to paying ne m ~ 81 am
s.oUn ,d ~ general way with the Archer contract
ne mas not made any statement OF the reeeps
nrofts thar accrue 10 him individually nave soon n
mon thar contract as unsound but have looneu upom
IL ms temporary matter only tnhh s.o " cn,"iny
in here found great many things that required
change Rome not built In DAY, anu tne ,nn in a
T way baye worked very diligently since have been
here bat there great many matters tnat nr
10 take them in the order of their importance as hs
as could Judge the contract with DIE, n,soH us
"he,rn A Co was made before / came In; theIe Vac
probably supplement TO that contract executed a,et
that time opinion of the rate OF so 80 The
10 fha firm il that the service they performed 10 e
Ere Railway Company it was very slight indeed; II ~
was be considered as simply per cent ior 'he &
erng of those bonds that would be excessive Dut con
sdering tine whole service they rendered to the Com
pany advancing money-part OF the ume which, any
security and OF the time without any
securtyit looked upon as service Oi Whon a ny
anybody else would have taken the risk ana tn IN r
coinpensaon they received suppOsng they got PEI
cent and the $4,000, would have been goOu arrange
ment for the Erie Company 10 have mace no noIe au
yautageons contract could have been made atthat tle
think BschOsheim did this for the money ne coud ihe
ont of il; IL was matter of earning money ne heiu
large amount the stock, suppose, and he 'proDaDy
expected be benefited by the rise III It's value az tho
meeting stockholders IL the general opinion OF the
gentlemen present that BischOtfshelm Co should DO
reimbursed the amount they had expended IN th n
terest Of the Company, and In the Board OF DIRECTORS
the matter WAS referred To the Executive Committee OF
which was one hut there not being any Dill OF items We
could not act although wOud have been willing 10
have audited any proper accounts; the amount they
would be proper charge il the stockholders agreed 10
it think they have right 70 do as they please Will
their money the amount OF the securities ald Dack
nv jaw Gould little s9OOOOOO; the actual cash
value estimated II was between <bOOOVO anu s'V0
OOO would furnish inventory OF the securities put
there are unsettled matters III connection WIN the prop
erty there are several items.
TESTIMONY OF S. II. DUNAN.
Mr. Dnnan General Auditor of the Erie Railway, testi-
fed have general knowledge OF the affairs OF the Com
pany all the accounts pass through office; the earn
ngs OF the road classified under the heads of general
freights coal, mail, express, passenger, and mscea-
neous from the gross receipts deducted the amount
paid to foreign connecting with the Erie losses In
transit &C. leaving the net receipts against which is
charged the expenses including repairs leaving the net
earnings upon which the dividends declared; the
account Of Bischofsheim & Co. with the Erie Railway
Company settled the net earnings are not ascer
tanned after deducting the interest mortgages but
only the regular expenses; the following is statement
OF the earnings and expenses for the year 1872: