New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-26


Tho clsh assets on jan l We're only ~tH7,,'-l IS,
CONSISTING Of cash on hand. SG2i5si 10, aHi bills re-
cciyabc -, CG3 .2}7 Tne valuation 81 tie assets -
given, Is that hxed by dc deicud'n'S, white II
is Il notorious fact that the stock Of tie
Ncw-York and Canada Railroad and TIE
bonds OF the Boston. Hartford and Erie RaIfoai
which are included among the aasets, have no market
value. except merely nominal one. Tie principal aad
interest OF the bonds and dividends STOCKS Of tie
other railroad stocks aud bonds embraced IN the assets
OF thc defendants are guaranteed by ,hem, and eaal"
therefore be properly considered IS assets. bHl OILY
Liabilities Of the company.
The papers were also accompanied D., Tie ahiaft o.
G. Porter sumner whose ofice i at No. lib lbtfiyT''
and who that he ~ pnbiic auditor ana eApe'
accountant by profession, and makes II bis exclusive
bnsncSs to examine ard audit the accounts u eopc'f-
tons" that he has carefully examined the inahealI
ports of the company for 1870 and 1876. iae fesu'7
;hls examination is given in part a follows;
The decrease IN the apparent profits 81 ihe eomlns
for 40 compared with $50, acroFEIr ,U ~ ia
statements, was ~-"- " - NA,u = ,. ..1ssee
itself TO- justify suspicion 81 W ~, s,, tae
Is out Of al urOl Ostl1n to the deer use III 49,, ~
percentage OF Tie latter being oniy 40 'sa'Ls, tSotI
cent the decrease az llOh's III 10! 'J bsiF h
that t.is decrease in prof. S"a' OWING % 'e ", A.
prices ia tie latter part OF lefo' o.' "I' ls5S
proved by the fact that until sept -, Tip
The price OF the cOmpanys coal fu.,ii ", n
MS high IN 1870. and more than M 9,oitte
sales were effected IA 1876 prior t. sept l. p's r.
subsequent four months il sold only Ehai - va
uccd to sell, and the prices obtained fuiA GOV ~ ,
10y the comp.nys report IN 1870 IL 'oI 2 - LA
al an average price OF 81 81 Ton. WECa aSisii3 ~
the market reports for that year ia 80 ~ isIo6
Pr, yious 20 sept. l. 100000 tons az 81 o-.f 5.6,D
After sept l. 10000 tons at *5'..'-.'-..-.' 49,
Total sale, fog 1876 100000 tons 'g ~, y,
This AGAIN agrees WIN tae marriott rto - .1,,,l ne.
mort of the company otudoU5ly c0aecas tr ''',,es
ures. On tic sales q TIE tifst e.sh = II lsi
relative profits the Same Is ti1se %.
Llvc made 81 l3l So OG; and 1s these s Iessa
Vieldrd small VIour, 10 should have beei '' isfea
net profit tie year Of about %I,-OVoNSS' i1D 10
| OF &BOSUOO Is reported, leaving .I'-i'S ana
be ace united FOR. lisres a oS,uyrlJ tsrvaEa
m!smanageueul, the cost O; marketing tHe I.5G-l
roal in 1878 being - OH ton, AMI ~ w. w ffr
difference Of - cents. In reality Lo"cN,. mug
ence against 1876 Is lnHin si go OF ocA
ngiel the company 20 carry It's waste ii.ou. IONA
tIiluI,. but II This is kept NJ IN 1917 u .,s,ss
! balance on the wrong safe o. tic PROFIT ana i''
mgr f, e IL. nm ~ eXttnGei review Of the report,
! sutanpr concludes tEat the present o.nrar.tleS
! ,he eomnaly under forced sac 81 80 t03 IS,
real estate, Me- Moad Eot DO 'SS 't' ,1-sry uakes
! - even greater than these figures. nv rrsl
ntor creelting II with the fuli cost o;,,s. ard
! estate double tie real value o. IL - rs ever
| more cash and Hills receNau3 tAiI ,bs eifr-pi
yet had on hand. TIE company M the enu =" & reseEs
year VIII be insOycnL by about e2OOoOV' " nlince1
! policy OF the management u, Tst tie
aao,,ne debt viii have aa ~ rHgc increase ioss
600 u month, the estimate bcihg his uo
shawn by the JANUARY statement OI iIc eo"P""' tas
! Ihe persons interested this SAT- SAY ''-, ,,,,l
only defense the officers OF the company have "ih
"a max. hitherto TO Mr. AnderSOns statements as
20 charge that the order by Judge Donohns Was lie
tittously obtained tor the purpose OF n,aanr,asy
stock marKei, but that they wiz nov ~ Ne nIlua
| OF answel ing on Ostn The shesallons % '"N P"''
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