New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-17

expense had been incurred and ought to have been ne
counted for part Of the operating expensep railing
Company for the year, and knowing thst w. cars an
sSamnaon was had into the Of the account count p
tween these two companies rs SET dtoaers by which
S gns sSGs
iom the g. To%p set i's &c. 1873, was about
.,.cpcnt,v verified by the statement Of the
Ambition of the A. g. W. Company to the fres,aem' m
that Company. Nov ~, ls1a, In WHICH S'''''A'i''
Ts chareeable against the property Of railroad
company form part of its current and oper,a,g
uensee and should have appeared IN tine statvmonV
referred to- have given correct account Oh ane ef
penses for that year Upon examination, however,
was found to be Sel,529 20. so-- coo 20
These two items combined aggregate $61a,6sS S9
both OF which were undoubtedly chargcable to operating
expenses II the A. and c. W. Company ,or m,,a
owned the equipment ts maintenance Win te oinst the
Company IT, instead of owning they elected 10 MR. T
rent the character OF the HhaS was cra ot Of the road
and to its earnings These items, therefore COM
sned would have reduced the nss has been
made, to 81 15s263 5i-sn amount much less than Is
CHARGED in the statement for maintenance
Of way was regarded rs being exceedingly low , anu
Sesn CHARGED to that account disposed of in some
other way either by charging to construction OF ny pelng
carried 10 some other account. This beHct mas pTn
justified by the printed statement OF the proper ocer OF
that Company Mr warnock, the Auditor. m',e Nov a.
1874 10 the President Of his Company Wherein he states
that the operating for the year ending Soth
September, 1874, included the cost OF all ire track
material used that year; but he states further that II
90 operating expenses OF the year ending 3Otn sep
fember 1873 there be added the total cost OF material
used The track In that year. but which was charged
construction amounting 10 $G7l 1902 %, II would MAKE
!he total operating exPcnsss for that year saTns
$4s6,96l 20. instead of 81 ,s35,957 TO- as claimed
BY the following the President seems to intimate 'na'
nc was induced TO accept the position through sepe
sensations:
was led to believe that the bond: remaining in IN
hand would he sufficient realize 10 the Company an
amount necessary to relieve II OF an s v g., on
cash basis; and, in addition 10 tis provide lhe ao
"a an economical and efficient working Of the road II
under these representations that assuheu tne in
agcment OF the Company.
In regard TO the providing OF the money required 10
meet the Company's June liabilities the report is silent
Rs to any proposed method and is only darby limited
Mt in the following closing remarks concerning the coal
lands, to wit:
1t is believed, however that in short time II the
necessities OF the Company become such as TO require H.
Shey may be disposed OF at such prices ana upon suc
The amount paid out on their and under such
arrangements will enable II TO secure ecOnoc iuea
md large share OF the transportation of the coal to be
Dned thorefrom
The following remark of President Jcwett would seem
20 be capable Of very general application;
The Improvement in the business of the country which
was then anticipated by many, has not been reahHeu
On the contrary the depression of the times connuel
TO increase and to ebarrass and parayze the
lng interest of the whole country And WITHIN the ids,
Few months, because OF controversy DetWeen IVY W
leading trunk lines, coinpetltlon mas arise Moh
has totally dcmorazed and almost DESTROYED all Trans
port.tioD rates arrangements The Fall ana Mintr
point of business, were exceptionally ulul, IN
addition TO which the Winter unusually severe thus
rctardng traffic and adding necessarily to the expense
of operating the road.
The President closes with some very hopeful remarks
concerning the future Of the property-under certain
stated condOns-whch do not appear to be warranted
by the figures which he afterward produces, aud which
are TO he found below The funded debt, as OF JAN l.
1878 together with the annual interest ON the same
follows: