The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-04-27
TCommunicated.l
Atlantic. Mississippi and Ohio Rail-
road Company.
ANOTHER STRANGE REPORT.

road Company was organized 18th Noyem-
bcr, 1870. The president and directors
"aSsumed the administration OF its af-
fairs, so far as the accounts and returns are
involved" on the 1st Of April, 1871. Their
FIRST ANNUAL. REPORT to the stockholders,
showever, Gwasl made to embrace the ope-
rations and affairs Of the line from October
l, 1870, that it might serve not only as A
BASIS OF COMPARISON FOR FUTURE REPORTS,
but also cover that intevegnum," DC, &c.
The Second Annual Report, dated Decenl-
Der ., 1872, contains the following:
"During the past year the former floating
debt of $500, ,292.57, which, it is proper to
remark, had been in great part incurred on
in anticipation of this loan, has been liqui-
dated: $4,000 Of Norfolk and Petersburg
bonds retired; Sl,l5S, 1854 expended in the
restoration and Improvement OF the proper
ty; leaving yet on hand, as will be seen, at
the close of the fiscal year, 81, ,595 5,541. .0G"
"a misprint for 1915 5,5il.0G]; and Treasurer
Cuthbert's report accompanying the above,
in Table No. /. exhibits said residue among
the assets by the following entry:
"&. SPECIAL DEPOSITS WITH BANKS, BANK
EEs, ETC, 81, ,575, 541 .06."
The statement aforesaid is either unintel-
| ligible or incredible, or both. II the words
especial deposits are not used in their
ordinary sense and common acceptation,
then the entry is unintelligible. If they are
7 used in their ordinary sense and common
acceptation to convey the idea that at the
close Of the fiscal year the Atlantic, Missis-
sippi and Ohio Railroad Company had
SI,575, ,54l.06 of money, either gold or
greenbacks, on special deposit in banks, &c,
not to be used but simply taken care OF, not
to carry interest but to bear charge for
safe-keeping, and to be redeliycred in kind
when called for, then the entry is incredible,
not only because of its intrinsic improba-
bility, but also because the published re-
ports and records demonstrate that on the
30th day Of September, 1872, the said COM
pany did not have s., ,575, ,541.0G Tor any sum
Of money approXimating it) either on special
deposit or in any other form or shape.
In consequence OF the absence OF CASH
ACCOUNT from the reports OF this company,
the seeker after truth must patiently COM
pile one from the best materials afforded
him. 1t is easy to recognize and trace all
the sources from which money flows into
the treasury OF company. To discover
the points Of exit is more difficult. The
company cannot complain If its first report
be adopted as the sbasis of comparison, !"
and no entries be made on either side OF the
account except such as are indicated by o1li-
cial documents. The reward Of diligence
will be surprising.
The fiscal year began 1st October, 1871,
with the sum Of S54,S24.S0 "CAsH in city
banks, treasurer's and cashiers hands, !"
and Il floating debt, under the head OF
"BILLs PAYABLE-Assumed from Diyi-
sions," amounting to $780,, ,292.57.
RECEIPTS.
The gross revenue for the year was
$1,000, ,053.0G. Five thousand four hundred
and twenty-five (5,425) Of the one-thousand-
dollar gold bonds Of the $4,000, 900 loan
were sold. 1t appears by the report made
to the House OF Delegates through B. II.
Magruder, chairman, in 1874, that said bonds
were sold for the gross sum Of 1891, ,352. 81
in currency Tabout - 7-10 per centuml; and
that the ''legal fees, commissions, engraving
bonds, stationery, tax, stamps, &C., incurred
in negotiating the S15,000,00O loan" moi
including the $4,000 of bonds paid to the
trustees for fees usual in such cases]
amounted to S155, 5,069. 73-'' leaving as ne
from said bonds So, 7S9, ,2S3.09" [about 6!
S5-l00 per centum]. The bulk OF the casl
receipts OF the company came from these
two sourccs-to wit, current revenue ant
the sale Of bonds. But it may be inferred
that the sum of S17,750 was realized by the
sale OF an "investment in motive power
S17, ,I50," which was reported as an asset in
1871, and which disappeared in 1872
although not referred to in the Auditors
| accounts. 1t might also be expected that
money would be received from the sales oi
old iron rails and other materials replaced
with new. No data have been reported upon
which to base an estimate Of the amounts o1
such sales. But for the present purpose
this is immaterial, inasmuch as the Presi.
dents report, on page s, furnishes proof
that the sum OF 81, ,15S, 1854 reported as
expended for FURTHER CONSTRUCTION OR M.
PROyEMENT is the balance, " after having
placed to the credit OF this account the pro.
ceeds arising from<he sale Of old and Worn
out rails. y 1t is also apparent that the
cash-accounC should be charged with S2ll,.
:, 915.73, the difference between S622, 2O7 :3s
Of bills payable and 0,29l.65 OF bills
receivable. These two items are spoken
OF in the Presidents report as
follows: "The floating debt reported
as outstanding, as well as the assets, denoml'
mated bills receivable on open account are
the legitimate result of current business
transactions. and are not in the nature OF
outstanding liabilities or assets in the usual
accentation Of those terms" And in the
report of the treasurer and Auditor to the
Board of Public Works said items are
| spoken OF as follows: "The floating DEBT
reported is simply the result OF current
business transactions with connecting lines,
&C., and is settled monthly, when balances
are made up, together with notes and ae'
ceptances given for the purchase OF supplies,
which are paid at maturity" Therefore
| the $2l1, ,915.73 is the excess OF the moneys
collected by the Atlantic, Mississippi and
Ohio Railroad Company for others over the
amounts collected by others for it. II there
be any. other source from which the trea-
surer received money during the year
| 1871-'I2 it has not been published.
EXPENDITURES.
| The reports and accounts indicate the fol-
| lowing expenditures of money: For the ac-
| count OF t1FURTHER CONSTRUCTION or I'M
PRoYEMENT'' the sum Of 81, los, 1888 54nafter
taking off the sales OF old iron, &c. The
current expenses were 81 1884, 725.14 Cabout
| 80 TO per cent. Of the gross revenue, not
w;thstanding the expenditure OF the fore
going large sum additional for improve
mentsl. The whole floating debt of 1871,
amounting to $3.50, ,292.57, was liquidated.
| The company paid for interest s961, 1921; /;
for executive expenses, SO, ,557.72; and for
funded debt OF the Norfolk and Petersburg,
and Southside divisions, retired; the sum Of
s45. 800. It also Increased Its reported /" as
setsu bythe sum OF $50, ,s98.68, as follows !:
uReai estate at IYor = by y, ,64S.07;; WI
ginia six per cent. registered bonds" by