The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-05-17

tended on the 9th OF April to the 23d OF the same
month. The following is the report as presented.
THE REPORT OF THE COMMITTEE.
Your committee appointed hereinbefore set forth,
70 at
discharge ofthe duty imposed. Evidence covering sew
city, 'S
ns a. he have that the
inquiry delegated to them Of magnitude requlr
saning Of much time and necessarily involving
xss ha
sms and the first resolution has not to any
hs Se ar haSn ire
sss to he 1
aSos 0f BY The cem%se the dividend Or dividends
Inning Md thai The ass sn DHs to sf
The IN a tS ns m the
ia al e ase hs nn e 81 the been a1ense cd
the +
inquiry could have been made more complete and, as
eny
Ct SrS s S n the
sry absent themselves from the State This also had
In
that . much more
md the M n BE- made AND Which IT was
%Hs Sean s
sonaby expect in the time allotted Iseeming probable
unwilling 10 srana Srher extension Of time they did
Elimination Of te booRs and Accounts Under the fore
going explanation the following subjects We're left as
and " On s he he eomse for inquiry
The First Question.
Whether the dividend declared the stock Of the
paid out OF tho net earnings OF the roads
The Second Question.
As to improper expenditure of money by foreign
transfer the manage In March. 1872 and the
c 81 the o
that account or other accounts.
Third Question.
As 10 payment of money influence legislation con-
uected with said company or other Irregularities.
The Committee ON the First Question.
In February last the Board Of Directors Of the Erie
nc prseTssd and X per cent upon common
soses,y he
IN 5 n Ss s
asn e., ssxsS s.
Tenas interest Sc ana divaends for the year
SsSss ;'ss e; ;s S:ssa
paid ddends was dus e the stock1sdeTs the
a year could q s9used that that the y
strengthening the credit Of the company Europe aid
p cue
g holders a who had pssn d
testimony Mr. Lewis Comptroller OF the Pennsylvania
ea making u !as
I that te adoped s s the 4asS
,oosf:oLIEp ny THE prNssYLv4sIi COMPANY,
S ne = M
kpeD The u
w1 the nS s Sss
ssy
s SSYss % d
~hesnsr sa out
as can be clearly seem followed up viii greatly In.
led che aoasing within resent date q the nominal
roads hall be permitted or shall be restrained BY posi-
tive Legislation. Whatever k finally determined
TO be confined to It alone Any conclusions arrived at In
ssas w sSnss
borrowing money from time to time current ex,
%anssement p1sdseed St showing the COM
Of ss debt ss al 81 s
% f. ss' xSsh p? s
shmidt helm ae proceeds Of bonds so%ed By them;
os soeoSDL made July ss alter providing f '0 for the
% 5as %as. IVY IL IA
80. mink & the DIVIDEND On the na com saS.
cior who made up The July statement swore that il
A coasEor STATEMENT OF PROFIT AND Loss
Ss ysa sGcs ara the e o the 5 SIX
the dividend IN the preferred stock : N~ns
T To,aI ssrn,ns.
Ss' , fsr Contrary the made b ansS
s " ,nd d9 or NO ne
Identical SIX months -
Total earnings. sIs s29
Sec sshibs 10 j. rass: Big and sl7J
him was correctly drawn from tho books and accounts
1.-The cs@paay Without reference tho statement Of
Again, President waison's testimony was to the effect
and aud
asd MAT the o. Auditor punan was
Tor in psr The TACT %r
seht Is added 70 the ' expense Account IN he
ssher comparative statemcri they are omItted but
SSslends We're declared, Mr. watson claimed that The
wScf 10 pay the dividend had been borrowed 81
@ QUE Ss Sa a to hack te
ing which dcehred ths Dividend Our OF the director.
h ny Up The onpsns was nf
money to increase its facilities and 70 nay
interest on It's dept The other directors thr-
ments o, the PRESIDENT, Mr. Watson and the Auditor
Without any psrsonal knowedse OF their own IN relation
To- the pront ofShe company The testimony so much
IN conict that yUur committee cannot come 10
upon this branch IT, II il though hu
lust 10 state that fney do not believe that the press mt
alsihed the Statements as taken the book OF
tho company. The new AUDITOR claims TO have found
TnR HOOKS in A rssoRDERLY CONDITION..
and to have introduced n~w system accounts These
may ana probably see led to the Confusion and
discrepancy stated The witi<fs Horace r. Clark and
othcrs gave evidence that the>expeses OF raroadng
had, OF late largely increased Auditor Dunnn's state
nenl showed large decrease OF ,Epenos which could
hardly have been unless undue Mount had been
red 10 construction cunt, and Ntle allowed
probation Of track and equipment Youy committee here
~ ts ahii,ty and nariN y, 10 dam WATSON Of ahn