, 1875-12-11

Bhowing dividends larger than tho earnings. accord
Ing g;. t. h' T. y, sgurS;; r., ..,.n. ,.,u,.. .,-
Nov, iu the hrst place. tho bon led debt Of ths Com
pAng II atAad TOO hi by ltiu by tla sun of
lin % ha''ns beea e % Il, esdy W pd s sna depoaed 1s ~
tsustees Of thu sinking fund ThsJ weze ral1 from
earnings. Tbs honda ot the o,xnpany outstanding at
that tne vero g. tas Instead Of ateted
amount Of bonds ia $,l,19o.
River vai.sy stock sez that year. for thsee 5sAra
atterward. The atock Of Tho Joltet / Northern IN
diam cop.ny u - SeSnesa to s M,ene.a ceats.l
would u only co., Thero ia N error In the state
sot cf NJ. barrett. thu.cfose. In that ite Of <sA:
Of Isl 10 aud 80 100 Difference IN intersat change tho
osss ~ ~ efs t. 4sss ~, as
through hta wholo statement.
TIE laeemo 20 aoooua. Of !hst yesr ~ stated 10 tas
bIs to dividends q t.'d,7a2: Ths rear eommeases
asnt tSs dsasad ju5 isa of s4sins III. i .
s s5t o ss aar e ~s s ,ss1
added tho net earnings Of tho year, amounting ~
sss .oaae .sS Y L IT, aS g IT,
Of Income and applicable To diy11tuds Out ot this
sum vera maea tia divtdsnds stated W hiaa:
December ls'o.. sa9 81
Being teta Of. 57,1as
t. 81 o.rsa rns
balAncc 70 shs credit Of The income aooount q she
ns1I year Az shs appess y hs report Of ths Tleas-
fctt's eScs, and tbs simple statement ot tho figures
nov from the report must put to Tho sou. al ir. Bar
p1cions witch may have bten created by him ta tho
totnde of either stootholdeta Or ths public This 1.
posed OF easiy, and It cannot to ueeasary to 60
through wIsb them each one year hy year.
La regards that feaau1o Of Mr.. Ba1so.t's lstter
III whion ho endoayors to ahow nhat
THE EXPENSES or TIE RAILROAD
nrc per mile run OF the locomotive, where,
after establishing rule ~ 70 the proper Ok
penRea by comparison. tie xpplios the sule to tho
Michigan Centra, Railroad, aud tries to provo
that tho actual expenses rpl,at have been much
greater than the reports ehow them To have been,
Mr. JOY says:
OF couse, b. would NOT Intentionally seek 10
conway to tho public ind tho Idea hal tho 4ecouns
franaa'euay @ Isp. uns.. M ns rally esaevs. Il. 1at @
mark how careltasiy ha ptateuens have BEEN ma1e.
lle hss t.iea the HlSlo maeags Of ths eaginea Ter
ausnt cot q Keeping ia rspaIl. hs hss nxe only
out vi o o,ttays Il MONEY 70 keep lie srscks o she
branches " ossser. TIN main Ane hsd tuat been ~
ns~ as pssis
branches wcrb iii iron nnh fpquiEn h1Ce u 1rerAb
while the ssvezse ~as tho caso with tho main lins
What conclusion AtA dsnw rtlatsa 70 an expert In
railway aocounta whoso crttctsms sre characterized
BY such application Of 4ile - shas The
gse lin, tbo Eoats ovsx whteh thsy run n well ~
tho Length and business of tbs Fuads. Why does ha
T. III ss
ouly the sxpeh,e laid the moa perfect l!nc Anl
1ess than hat tho whole - nelng tbs whoie cost Of
Ono other statement may b noticed. not becasa It
iaurous, but becsuas from the WY II u sased y
page s. Of report for l*7a thu grosa tnin2s sat
49, or pssa "a the gross feeeia sss stated
10 =. .nlsn:ioa spas.sine IL tts sspot:, Tas az
dent inantion Of tits u to convey tue tnrtsata .aAt
or TIC other statsneuss canaot 10 true and that
Docs nos ths csie know tae dlaese,;cs beswssa H.
vasplugs Which may ~ naus Ia tbs Wss hy<the road
lo hla s1uiusd lbs htatau,sais Of earnings aud
receipts IN thu Fspo Of the year heforo ha would hsFn
1. al Ii osrns II
Ths out Of ths oonrss Il tuslae@s And shs aan"
nsr Of doing Il I'd eolse.ln& tue ssstah'a and pa~
hill. 81 that point There shvy deliver over .hs bual~
cevins il s1s required to pay tho bach freight up 10
ohicsso Tits lack frblaht paid BY thom !. sddea 70
md tls properly goss forward. aud 10 Nav York q
New EngAu tLs wnoe bA tof hack ohargeA "a t'hlc4-
.Ia =. t:,ea. Ms9ey e.tnsa !soa ~ ,h.nss r. E. y
ths l4at rosd which it ID carried 1t h gsusrsl{
about three four weeka sfaE tho property d received
|
thl4 Company II Esettvsd w it. This money = aszns
thsrttoro, thscA four wsaks bsfors tho cash for
roo4iss+. 1he earnings, tAefetose, and tAs receipts
nv not tdenlcal. Ths su.ouul Of uaouey which msy
bs dus to this Coml.ny fof such unss.lltea
u happened this year, hon, China. sddod 70 othss
bu.nsss Tho back ehasRes ase paid + Chicago from
to Nsx York. II n4y bs l.o sueh cargonx in adii-
ten e u o.hss fss!&n. Ths .aoaa. q money T.. r.
Grand Trunk, Gsx York Central, and Esls, tls
ernount outstanding sonssimss u ssyszsl nuadtsa
~ dasssnes IL thess .mouass of freight sssnsd and
unaall4sd whtsh Al thu clone ct tdarsnk ytasa causes
ths oesh ssess of Qua ysss y f. ~ shost & tha
Il Appsars singular that sxpsst enus Of saway
/ sounts II mol aba 70 Distinguish b$txs&n zpoas1
safps4 Rpd not ktetlvsd and e44h In ths tssssuFY.
THE NEW YORK ROADS.
| 31oTxyT A0A1NsT TNxln kxTo6TIoA1.
From thA ad,teas Just received from Nav
York, shs mssohaats Of ahst eaIy hAra ~ lat
4 H. tGh ~