New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-21

These items they consider as constituting floating
debt proper II all debt outside Of the funded debt.
to be regarded floating then there the following
items TO add TO the above:
ia5a Bsak Of london advance on ursc bonds 90I202 81
faes and rentals TO March 49, not yet dae 49ll5@ %
Beyond these items your Committee find nothing and
they would observe that all railway companies have
necessarily IN the regular course OF business large sums
of money due 10 them and by them at al times.
This is unavoidable and tho receipts on tbelr accounts
usually about balance the disbursements including the
From the above amount OF 4Oisss 49, put down the
this account leaving $2s55,js9 81 the really ne
cessary be provided for Tue sum borrowed on bonds
rolls for January have since been paid, and those for
February being paid. The amounts due to the Com
pany are very large, With these items from which to
calculate. the Committee leave the members OF the
20 call the amount OF the floating deOt, but 1t IL obvious
that Mr.. Dunau's estimate is erroneous
reference entries in the books Committee desire
to defer report detail till after Mr. WdtsOns return,
PLANTATION upon the whole subject some Things may,
however, be now, so far as the Committee know,
Dunans statements of entries are correct II Is the
conclusions drawn from them that are cnOrmOus Wdeu
the Board decided to adopt the English policy OF diyd-
ing among the stockholders Illy or semi annually,
the net earnings OF the road on the pledge that what
ever amounts we're required Tor construction or equip
Gen would be furnished by them, II became necessary
20 ascertain with accuracy the amounts properly
chargeaole against ne earnings OF eacn year and IN
full examination, the excess of charges Occasoned by
the neglect 10 maintain the property in former years
In this way reduced the charges what he
the proper amount for the year, and the surplus Of
the not TO construction, but the debit OF
the fund received from Jay Could tnat should
have been expended the property those
years. This was the motive aud reason
for the charges IN question. How ac-
curately the division was made, yOur Committee
Judge better hereafter. TIe principle involved having
been adopted by the Board ~ the suggestion and de-
sire OF the stockholders ITS discussion part
the duty of this Committee. II right your
Committee notice the remarkable circumstances un-
der which the statements of the late Auditor have been
made. Almost the precise day when the Company
offered important loan IN the London market was
selected as the time for making them. The substance
Of his report tclegraphed there in advance OF its
reception by your Board, and learn nGustrOuSly
circulated, and the public here are supplied with
Pamphlets containing his defence, with his statements
ana accounts in fun. No language increase the
these simple facts II is fortunate that IN spite
all this the loan Is successful, and enables the
Erie, by replacing expenditures account Of cOnstruc
tlOn pay off ITS floating debt and also to make
very necessary improvements, through which, and good
manag cement the prosperity of the road
All which is respectfully submitted.
JOHN TAYLOR JOHNSTON, COPELAND PARKER,
GEORGE ii. BROWN, III. X. BATIAYER,
FREDK SCHCCHERDT.
EeU- York March ~, 1874.