New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-02
THE RE4DIYG RAILROAD AGAIN.


The FORMER PRESIDENT HANDLES MR.. GoWEN
WITHOUT GLOVES.
Mr. Charles f. Smith, former president OF the
Reading Railroad, continues to discuss with great
yigor the extraordinary manIpulatlOns of his sue
cessor Mr. Goweu. whereby his old road has been
brought apparently, to the verge of bankruptcy.
Concerning some mlsstatements III the Philadelphia
papers, Mr.. smith says:
said tha; there were differences between Mr. Gowens
Oags u he AutOT general and his do0hs, not his re-
ports charge Distinctly, ,Aat Oh ~ 90. ~
i ankln Is. Gowen, president, aud MT saruel bIad,
ford, treasurer. made retuin 10 me Anui'or, heL
that the floating debt Of The company on the 10Th day
OF November preceding the dae OF their return,
was than the books OF the company shO" ~ 10
In the last report the floating debt
OF the railroad company than on any previous
YEAR and The Oaths Mr. Gowa and Mr. Bradford state
II exactly rs 1t appears ~ the ana report Vi the oo
pany Of January 8. 1877 (pagc ADJ, thus:
Bus payable ;cnari for 1915. paec 5
eyes the floating Geb OF the rar0al..... so 1850 10
II they could make the amounts TO cent last
year why could they not do it before I
osheI by the editor OF The Phii0dephid Times ia his
issue OF the 17th: "Wnat "a Heating debtf Ne
BY everybody else, IS UNDERSTOOD a pe
able account Is under the official care OF = Bradford.
treasurer. lie never can be IN any doubt as TO us
zoe, on to say 1t IL hardly to be presumed that
Mr Gowau who IS certainly not a fool Nms
Il 4
which | Am not prepared To concedcl, would make Two
.rut- the thing both OF when were TO be
.ibircfcd 70 ecTulny" etc There is no room Tor any
presumption in thr matter. There are two written
record, OF thing. One i atesed under OATH
They disagree. THIS Il the whole ease
The tabular statement IN the ari Gle was made mp. |
have no doubt Office OF the Reading Railroad ana
very adruity prepared. II contains noe columns OF
figures OF which only the seventh uud eEhtl eOllmns
are added mp.
The sun of the firth column Profits eaTued," 80 -. .
Deduct from ,hi, the 81 Of sixth column. ~.
Interest Lunus pad l-ft''rt"'
This remainder agrees 81 ycbsOj -
From column one. statement Il, published my first
communication December H. ana Therefore proves the
correctness OF tnc figures m tnIt statement
the real point Of my charge THIS That the accounts
were made Ip above 10 show profits To have been
N bcn not earned, and majority Of the
directors accepted the accounts true aud were thus
deceived into max ug dRldcnds which were no. carried
The items properly stated are a. follows;
Cgsh at Ir,nt the railroad :9199.Ij5 80
Interest e The Coal IRON co. hut
not paid. IN addition TO the interest charged
To- cost or cosi lands and 69;o537 Il
tcreiari c6mlany -. 6G9.777 90
A 80 called PROM oi Daupiuu lands sold by the
IN tact 10 ihtai,ey,, ..--............' 3o3732 40
MONEY srcpl moi vel charged ... 100 600 90
1oiai '''''''' 80
Agreeing with amount above stated.
nt any of critics 10 appreciate the fact
that for every doir put INTO the statement Of profits.
which dnIla earned III cash. dollar IN cash
had To- he borrowed to the dividends has on these
statemeut. CHARLES l.. SMITH,
No. "lG south Fiftcentl-st., Philadelphia
PhlIddeiphid Dee -, 1877.