, 1875-12-11
y. .''' cao
Showing dividends larger than tho earnings, aeoor.l-

iou1' a., ,tso
Showing dlvtsends larger than tho earnings, acoord-
Thie II hs fa statement conpl.,. a. tuads by hin,
Now in the hrst paer, tho tonlrd debs oi shs Com
tany l. aated too high by hi, by tic of S63i 1V
tls: amount Of tond9 ton outstanding - stated b.
him having been already paid and depoatted With the
trustees os thc linking fund. They were pail from
that ttne aa inaead of sss ~ stste1
hJ Mr. Jarrett. lAe amount af intarcat on thls
amount Of bonds Ia l,l90,
Taere were TO guarantees for d!y1dsnda on Grand
stterward. Tno atoek 81 tho Joliet Northern In
Company except y7o,uG,, tho dividend UPON which
would 10 only = CO., There II error i, ths stste-
COO Of guarantees u jouos Sortnsrn indians. nd
ursnd aser Valley ssoek Of 529oo0. Thass TWO ittms
nso .nd 20 o0o difference n interest eh.usa the
through hts wlois statement.
The income account at that year. - statet In thn
report Of the Treasurer, ahowa !. thu commencement
Of the year balance 70 tie credit q, noon.e pppca
with J. snl viii tns osAnes ol ad t1a f.
rssTt9us years ts:ntnsa. oat Of that par
asst tn en:. q 'qy .s ct s.yag 20. e
eeosc il due at ans darina ",sA ths yesr 81
sas sea ne ere. nsf esxnpg' M 1f .he year. s'nont,ns
sama afaountlag 10 $7oa No st4nliny to The crad!s
o. income and Applicable TO diy'deus- out af Ills
naa san He.o 1aae ,.s .oe nsiasads statsa by Kim:
peccmher ssQ, ,sGs
su9 o. &c, 10
Being tesal ct. 81, n7.l25
And otili leaving :. te dale Of tho dlvidends lat
n,de surplus of S3s OIL to be carried Inward ~
o.Anro 70 the credit Of tho incouae Aaoount Of the
nett year All this Appears BY tbs report Of the Treas
ussr Of that year, And us& have been before liz ar-
zetts e5cs and ths elmpe statement oI tte tRt1ros
retts nrzay Of figures, and al tho doubts md sos-
pteons Which may 1ave been cseatet ly him In the
sample Of Ill hla statonenA Every ouo may b. d.
posed Of as easily, and it cannot 6s nccessary 70 20
Through With them csch one year By JeAr.
IA regards that feature of Mr. Bartettts 1ettsr
In which he endeavora to aho4 what
TIE ExPENsEs OF TIE RAILROAD
aro pof mile run Of the locomotive, wAere.
after establishing = rule II 10 the proper OF.
pGnses by goapstaon he applies the rule to tho
that tho aotual expenses muat have been muoh
gfoater than tue reports show them tohays been,
Mr. Joy says:
OF course, he would not iptent.nnslly sesk 10
convey to the pubio mind tho Idea that Gs accounts
ot ha company have for ave ycars Iecn falsely md
frauautenty kept unless 10 really balioyea it, Dut
lIo has satou Tie xholo mieags Of the onsiues Tor
those years, upon both main line anh branclr1 and,
qsa1 ae h, a1a s.
luz ,,s sx xpsnse q zeEnks upon tho man e and left
~ ~ o4ss Ut T. nD hs Of
steel ,osa With nsw ttoa On! perfect roadbea. The
xhi's tho reverse wss tho csae wi.h The man uns
What couc!uston AhAll drnw relative to an ex1F In
railway aeeounts whose erticisms .ro chs1sctersed
by such an application OF : ruls IL tbiaf Tbs sauo
REPORTS which gtye hina tho 1aioa8a Of 1oooRotiyes
q ss ss oR x
sssS ~ mileage of al tha lines "a tho proper criterion
co., Of nssRg ~ n s*r sa As
lese than half tho whole h4inx tbs wulo cost Of
tham ALT -
IL nrong lut bseaues from ths w.Y It Il atatod Il il
esleuatea TO eroats fsss inspscesiou. lie saya on
it On pssa "a H. gross feso,s sts ststsd
" to749ls, and tho nst curEeapondt.g.y rotuced
Jsnt " tSp t1SRpa.sne ~ IN ~ IT,
ons or the utbcr atasleutA cannot 10 tne uud thRt
70 real sasnngs ase not equal 70 reputsa tarn.ngs
earnings whic may b tnsds in tbs Wsst blythe road
sad s1s ea.h rscsips ~ the Treasurer ID ostoa II
receipts In the report Of thu Jsar bafosn s you'd have
4eeA ihAt tho EkeRptA Of caAh by thst officer were
etuAIly greater than Ill The ssos earnings Of tic year
This grows Of tbs cou..s VI business and t!,n tnsn
nsr o. doing II .ni eollsctinx tue ftsglss and pay
IL 9ss ua:aa h ssS
Os st tlas p9nt raste thsy delivar over the busl-
Dhiaso Ths b.ei ftssht paid BY she.n i asdea to
he sste from chiesgo to New England or Nav York.
New u. wholo iii io1 Lack c1.1ses @ o cnie
~ ana ~ it:saht t.onsy carmel fso t!tucs ksat, IL
he sst road oYsr which It il csrried, i gspsrsliy
oo9t three 70 four wsefs aftaF tho received
Coic18o before tue money earned and rAi4 cut by
h4s Company u received W It, This money aAsps
haefore, thIes four wssts bsfors tho cssh for Ii Z
ocaised. The earnings, therefots. and ths ssoslpta
~ not tdanucal. Tia amount of n,oucy which n.y
y duo 10 thls Com1&ay Tor such uRrsajiEea
atniags varies seEy RssAily. II u cargo of ts4
happopsa shs ys.t fsoo1 China. added to othss
hna 70 shst point. Thoy 60 forward with hs cargo
? New Tosi. II nAy 20 tzo such cargoes In addl-
lGa lo al other fraRhs, The amount ot money tn
'Eand Trunk Nsw York Central, snd ErIe tLs !
mount outas4ndng eoanstlmas II s4yszul nuuafSd |
sou1snd dolAts. Sometimes it IL quite small ia |
10 IN thess amounts OF freight sxfu&d enI
eaActnd NttaA 1t the close Of dinsssnt yr41s causes
as cs3h tscslps Of " fau f4f short Of tne
soas earnings. and the ns13 ysAr To sxa&sd thauo
AppsAm singular taAs s1p4zt or1Ia OF railway 4c.
suats IL not sbls to distinguish bstwss1 muasy
aSasa and net rscsavsd Aad ea1h In ths treasury,
THE NEW YORK ROADS. 1t
1xoy1sT Ao4lNsT TNk1K h11o11IoHt, =
From tha &dsiea& juat received from Nav 9