New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-12-18
OHIO AND PENNSYLVANIA RAILROAD.


owe published a few days ago a statement of the
earnings OF this road the lat OF December, and al
though they are somewhat less than they were TO the
same time last year. the explanation 10 easuy MADE,
and we feel interest enough in this work to nave
prompted inquiry for the materials to ensole US 70
make il. Last year the Ohio River was exceedingly
low, and navigation suspended for several months;
while this year the reverse is the tact ana the river na
bent up all the season affordng constantly good
navigation for STEAMBOATS, of heavy burden, tor me
first time for forty years. The rates of freight have
copst duenty been 80 low to set railroad compeu-
ton at defiance. This fact has benefited the Pennsyl-
yaria and injured the Ohio Pennsylvania Railroad.
"But the value Of the stock Of railroad company
IL 10 be ascertained by comparing is net earnings with
the cost of the work. and OF this we propose TO attempt
an APPROXIMATE esi Innate from the fac now before u.s.
AZ we stated in a former number of our paper, the
earnings Of the Ohio and Pennsylvania Railroad from
Jan..l to Dec. J, 1885, have been S893 GA 21i OF
which the earLings in November we're Ss4 las 20. III
we assume that the earnings in December will equal
those of November, The grsss earnings of the year
will be s977 500 23-beiDg frac ion under 81, OOOO 900
-snd they cannot vary much fro this estimate.
"The next question is the proportion between tbs
gross and net earnings AT the last annual meeting
the stockholders appointed committee TO examine
the accounts of the Company who spent several
months in that labor and published the results in
Jampbtt form. From their report we learn that up
to January 1885, the running expenses AMI repairs OF
the roao had been fraction less than As t. cent OF
the gross earnings; and we propose TO assume that
they have been As y cent in 1850 We suppose that
this will be All ample allowance, for al the last annual
meeting the stockholders instru ,ted the Directors to
practice the strc es. economy and OF the seven Di-
Iectors elected, majority were new men, selected by
the stockholders account OF their business abilities
and habits of close calculation and 10 them was given
a controlling power over all the operations aad ex-
per duIes OF the Company.
II we assume then, that the expenses Of 1855 will
be AZ T. cent, we Obtain the GLOWING result, exclude
ing actions for the sake of greater perspicuty. Es
mating the gross earnings of the year at 1877 0OO
AZ Z cent of that will be $4GS, $780, which will
make the net earnings $50s O4O.
II appears that the whole debt of The company, of
various classes is in round numbers 81 000, 900; which
includes more than half million invested in other
roads under the authority Of the stockholders.
We will. however assume that no income Is de-
rived from those investments for the present. and that
The interest of the whole debt OF $4,000 900, at T.
cent must be paid of the net earnings. This will
amount TO $3.50 O00 which deducted from sos 0i0 of
penses and interest. This amount, al which We nave
thus arrived, is very nearly 2 cent for the year on
g, 900, 900 Of capital stock Issued.
''In July last the Board declared ard paid half
yearly dividend of q cent Ii was made payable In
stock becsuse the payments on account OF the Com
psny's floating deb: and for necessary new equip
menis, had required the expenditure OF the money.
be scrip of the stock dividend was, however, sails
bic at that time, at rates which neted more TO the
stockholders in cash than the cent cash dividend
paid BY the Pennsylvania Railroad Company. We
Know hing of the intentions OF the Board elected IN
January last as to the dividend in January next; but
we feel confident that he net earnings of the road In
1855 after paying expenses and interest will be about
y cent on the stock. This, We think, is good re-
suit in view of the extraordinary competition OF the
rver this year. 1t certainly compares very .voraby
with the state Of things on the Central OHIO Road,
with which the Ohio and Pennsy anla Road is often
COMPARED"