New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-25
4 RAILROAD INVESIIGATION.
WHY THE PHILADELPHIA AND ERIE RAILROAD PAYS
No pIyIpEyps-PIvE SIGNIFICANT QUESTIONS
UNANSWERED.
lBY TELEGRAPH TO the TRIBUNE


PHILADELPHIA, Oct. 24-Though the City OF
Philadelphia Is stakeholder in the Philadelphia
and Erie Railroad Company to the amount
OF ssOooOOO neither the directors she appoints
TO represent her IN the Board nor the 'ouh-
ell appear TO be able to discover why there
has been an utter oppage Of dividends on the stock Tor
several years during winch the Pennsylvania Cehua'
Railroad Company mas held lease on the ROAD Al to
meeting of the Railroad Committee of the Council TINS
ouernoop the following questions were put 10 MT
Simpson the Ciiys director by one Of the Couneinen
who had gone over the books with the aid OF an expert
O Under the old lease 1865 to 1862 the receipts OF
the Company 1901 900 ~ interest on funded deot
ana ouiIays for maintaining the ORGANIZATION
s26sIse5 "a being an excess over expenses VI Sfo"
ia ys aud yet there was dividend. Why
O Ihoupb the number OF passengers an 1862 under tue
old lease amounted 10 29SO. yet under the hew tease
the Pennsylvania Company returns only 5,Soo Delng
sen gers 10 each train per Gay. How Is TINS uor,
sh,s for construction s5OG70j 49, yet the annual ro
ports TO the stockholders for the same time show ony
b 6Oe 2i % the increase In the amount OF STOCK ana
the debt for the time is s,S9se6O How IS ths
O. The stations the road IN 1893 numbered W. ~ .d va
O9i IN 1871 they appear to have peen ohy 'oV1o'o o.
the Of fare being the same How Is tisa tho IN
tefcst paid as reported to the Stockholders and tha
reported ~ the State authorities almost uouple'
To all Of these pertinent questions the answer came
d" I don't know; must refer to the books
MUNICIPAL ATTEMPTS TO UYRAvRL RAILROAD Sc
. GENERAL PRKss DIspATcH.l M
PHILADELPHIA, Oct. M.-ln the SelectyC0un-
oil Chamber this afternoon, the Railroad Committee
and the Councils met and continued their inVesugoh
into the management OF the Philadelphia ana
Eric Railroad. 10 ascertain why no DIVIDENDS
have been declared recently by that Company
VIM f. Miller occupied the chair. There were present
Messrs Derbyshire Kennedy and Gaskl OF the Phiia-
delphia and Erie road, and City directors Nooe1,
| Tbompson and Simpson. A communication was read
from the PENNSYLVANIA Railroad Company statlng 'nat
| all information required by the Councils wouiu
\ IVA freelv furnished by the officers OF that Com
| Many and those OF the Philadelphla aud Erle
| company Mr. Kennedy being Invited 10 auuis ~
the meefnC did criticisng the minority repor. q,
the Of the Philadelphia aud Erie mas 10 uo,
said the speaker, Is 10 settle snhuaB Wlen ap
upn the results of year. and the books OF the fehn
syIyanfa COMPANY the only sources from Wmch W
get norma relating TO the details OF the
OF the Philadelphia and Erie road MI simpson, w re-, re-
Div to questions put to him. said there were no
amounts held by the Company ut the time oi enec.n
The lease ON the contrary the Pniladepnis and Erie
had been Indebted 10 the Pennsy wanna hintOau Np
pany every year since the lease had been eneCtsu
answers TO other questions, MI simpson reerreu " W"
| COmpanys books. =, -. ~ .oa I
Mr. Bickel here expressed the opinion that tne ses
for the of DIVIDENDS wac that
FAD been gross misnanagement OF the Company hHa,r
| from the beginning the end Mr. Kennedy laNoIea a.
fair CATION and said that that would snow III
ferent state Of affairs from that represented Dy MI
Bickc He believed ft would be showing that an a.
tempt ice made 10 blackmal the Philadelpha ana
Eric Company and an offer was made then 10 LIAM q
wnitowashing report proposition winch tue lnuesii'
| OF tbe nagers would not permit thom TO accept
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