New-York tribune., 1873-02-12
ERIE DIPIDENDS,
THE RESULT OF REFORM-EXEMPTION OF RAIL
ROAD PROPERTY FROM TAXATION.

THE RESULT OF RECONSIDERATION OF RAIL
ROAD PROPERTY FROM TAXATION.
A meeting of the Erie Railway Board OF
Directors was held, yesterday, at the Grand Opera
House. President Watson submitted the following
report OF the earnings and expenses OF the road for the
year ending on Dec 81, 1872, certified TO by the
General Auditor Of Company:
Gross earnings in round numbers ss 694 096
Working expenses for same period ..Sl3, 965
Intert on the funded and bonded debt. l,s140I3
Rental OF leased Ines,setc...-...----. lX23n2
Io'bo'il
Net results for the ACKNOWLEDGEMENTS. n,O265sS
Less dividend on the preferred stock
paid 10 July l, ,lS72...-............-." s29S73
Leaving surplus Of n7215ss
The following resolutions were then passed unani-
mously;
Resoced That upon the statement OF the earnings and
expenses OF the Erie Railway submitted by the Pres
den dividend Of 81 per cent upon the preferred stock
of the Company be- and Is hereby declared out OF the
earnings OF the Company for the SIX months ending Dec
81, 1872.
Resored That upon the statement OF the earnings and
expenses of the Erie Railway for the twelve months
ending Dec. 81, 1872, submitted by the President,
dividend Of Il per cent upon the common stock OF the
Company be and is hereby declared. ,
Resolued That the dividends on the preferred and
stock of the Erie Railway now declared be pay
able March IS, and that the books or transfer be
closed March at p m aud remain closed until the
morning OF March 10.
OF the amount set down as working expenses 5000
600 was paid for new work ana The securities and
amounting 20 100000 not included in the figures
given above Mr. Barlow stated that the proceeds OF
the property refunded by Jay Gould will be expended
in time In improving the condition OF the road. The
officers and directors Of the road arc much elaed over
the sncoess OF the loan. The 100000 authorized
by the Board OF at its last meeting has already
been taken as announced by cable Telegram yesterday
although il was only placed on the London market on
Monday The work of laying the third rail will be begun
as soon as Spring opens.
delegation Of citizens OF Jersey City, headed by
Major Pangborn waited the Board, and presented
memorial setting forth the inequality OF the State law
which exempted from taxation the property OF the Erie
and Morris and Essex railways The Legislature Of New.
Jersey has hitherto exempted all railroads In the State
from municipal taxation upon the condition that tax
Of /, per cent should be paid from their earnings into
the State Treasury While Jersey City in its in
fancy the result of this measure was not seri-
ously felt. The different railroads, however, have
purchased, In several years, large amounts OF
valuable property which has consequently passed
out of the limits OF the assessment lists The value OF
this property present estimated at about 200OO000
As result Of this absolute freedom from local taxation
by the railroads, the Taxpayers OF Jersey City have
been called upon TO make up the deficiency, and they
have thus been compelled to pay double proportion
of taxation.
limo relief is obtained from the Legislature IL il said
that the Board Of of Jersey CITY will he asked
to insert in the taxcvy for the coming year sufficient
amount to be used in contesng the consttutonaly OF
the charters of the railroads by which they exempted
from municipal taxation.
The Erie dividend was the subject OF very general
discussion ain the street" Various opinions are e1-
pressed those who adverse to the present admins
traton declaring that the road has not Justly earned it,
and that the matter stockiobbing operation, while
those who have faith in the directory say that IL is
a sign OF the OF prosperity and honest dealing The
stock opened yesterday at c. sold as high as CO.. and
low as e5., and closed at 65s TO 65i