New-York tribune., 1875-01-28

,,.ai, which have not added 10 their indebtedness
either in the form Of bonds floating debt OF osp''
stock. Some roads with an open CONSTRUCTIVE A.
count and / credit have been aD0
aiscose Of their bonds at gooe ~
mium. and have continued to pay 'nsu
ular dividends. like the New-IoIn -. ~
which having disposed OF over Sio'VoV'Vvo y. 'nos
dur;up its last fiscal year, In masne m 'hhuai
statement of tbe years business arc, nav ng emu
nossible source from which railroad
me- 10 snnnoied 20 earn money dowp even to the
Ill item Of "From telegraph, S7r,a," winds mp
18th miscellaneous, se6S 45o sum equal to about
,,or cont nreu,,nm on the aDlount Of bonds
disposed Of during the year. Other roads with
less credit. like Lake Shore, hive passed dividends
with the avowed purpose o. devOtinR the net earn
ings TO the payment Of thu floating debit" but the
seuuel hes shown that tie floating debts nave not
been paid from any suG source, but converted into
bonded debts at the rite Of 500 OF bonds to every
SSoa s92O of previous floating debt. thus sueh
ro.as have actually increased their total interest
liabilities above what they at the time OF the
panic This ls not liquidation. but the necessary
se0pel 70 the past policy Of disoounting the future
hy the process Of watering stocks until the capr
| tals have reached such fictitious figures that the
best of times will scarcely produce respectable owl
dends upon them-a system of trusting to luck
proosss of bridging present emergency instead
Of meeting il squarey, and by strict economy re-
| ducipg liabilities. The war among the western
railroads continues and for the present some OF the
trunk lines seem 70 be carrying freight and paseen'
gers AT ruinously low prices, which, while II may
not be a pleasant subject for contemplation on the
part of stockholders, gives for the time being az
least to the people that for which they have been
| 40 long clamoriug cheap transportation. Its an
| i'll wind" &c.
The course OF speculation at the Stock Exchange
| TODAY has been irregular, but in the main weak.
After slight decline IN the dealings before the first
| call the market became frm and Lake Shore rose
from "A 10 74 Western Union from 72 to 7Ss North
Western from AL to al Rock Island from 1oS. to loA
and Ohio and Mississippi from 27s to 27s In the
afternoon weakness returned, aud decline greater
than the early Improvement, took place AT times
there wac free pressure TO sell,
Western Union dropping from 1Ss to
72 Lake Shore a. to 74s, Northwest a. to A, ST.
Paul 374 TO 363 Ohio and Mississippi 21s to 26s and
Wabash l5a TO l4s. Erie was weak throughout the
dav and declined from % to 28s. Atlantic and Pa
cifc sold at 25la25 the closing quotation yesterday
having been 24t The latest quotations were III al
most all cases the lowest Of the day, aud the de-
cline since last evening has been in Atlantic and
Pacific preferred per cent; Central and Hudson
Pacific Mail. Rock Island, and Union Pacific
each :; Northwestern and St. Paul each .;
Ohio aud Mississippi and Western Union
Telegraph each {; Quicksilver !, and Wa
bash per cent. Delaware, Lackawanna and West
ern. of the investment stocks, advanced per
cent The transactions of the day amounted to the
pnrchase and sale of 10000 shares of stock OF
which 1890 were Wabash, 95 100 Lake Shore, l4SO0
Ohios 1890 Northwestern, $500 Erie, $500 St Paul
$500 Wabash 200 Union Pacific, $500 Pacific Nail,
1900 Rock Island, and J. $50 New-York Central The
opening highest lowest and closing prices were as
| foloNye