, 1876-01-29

ponscs to earnings. as fo1lowa:
,'errtntazo Of .r1- Average rats per
Firat hali of ISIS s.........7..to 1.o24 cena
Fs Tss 9s:,ss s.,s;s; Z & ias 4 o'' ssn
Thus II would seem that the lover t!'e ratio ro-
ceLyej, tho lowor WAS tho percentage Of oxpnnsoa
10 tho catnIngs Tho nysLago percentage Of CLOS
for tho last qlhrtor Of 1a75 III lower than aver
bofose IN this history NJ tila road. oven whut tno
sates por ton pos mile reso from ~ ctn.s 70
TX cel!a, instcnd Of aB for the that luurter at
0DD7. Such nthtencuta and comparisons a.
above ta1 the credallty Of tho most crsduous.
Io8s III TuNEAuE AND IitfcEs.
In tho foregoing tnh'es It Inns been ausum"d
that tho ratio 0,0J a,yon In tie report Of Jan.
hal reference only to tho last ak tnonthn 70
ihve assumed tla. It was sntondod na the average
rate for Tho whole ytar wond Isve ina!e the
foregoing comparisons 1ren moro difficult to be-
lieYe boca.1sc al We have tho rate for tho ntAk
six months nt l.o22. it wonlI i..yo reduced the
average for tlso lsHt xix months to About 0,8l2
assrago We for it's whoie yea, becanso IDS pr
cont. mentioned Al tho reduction III ricn. wren
taken from 1.1a2.-tho average rats fnr tho
wl.olo year 1a74,-proluces Just 0.og'; There.
assumed to 10 tho raso for ths ulloto rear. II
II III an osror II still tcsnts In favor Of tic COM
rany.. hecauBc, II the contrary Is assumed. We
would not accept the "tlm!nut!on III tonnage at
7:eG y per cent, but would !,avo to tako It a.
about 500 per cent al the loss for The !'rsl stx
months was about 0.55 ros cent, VIII, tliesa
explanations, proceed to tes. tho Conpauys
statements By tho only data furnished
Tho ]o4a Oh freight for tho Whole ye.F. compared
with ls7i by reference to reports Ut July sl Jaus.
viii 10 sect to u stascd 10 have bt"n S2:!t+7i1.
Hne annual Yunort for 1874, paEo 4Gt, fur tho toal
tonnage of 1874, ~, ,3l!,vsl.
see name, paao 10. fur tic earnings from -, A.,
peneting III ef cent from iounssa dye
ehuyt, produces F9.1, 799.+7a, which at
C971 .,..sss.''''....s..s's'.'s., VAN.1tt
Resulting in tho earnings from freight being.
less tlan @ III l61l w. '71S,los
Add admitted ioes OH p1srcngcrs........ 114.4.1
Add adnllhed loss OH mseelaneous'. 1r3.a2o
= Toalcss IN earnings fran t,oso Of 1881 3 a1sssoi
Tllesc ca!uu!sions rr4u:o he earntnHa Of 1878 ffo
a, as ter report, f., ,4sa,oD. ..--w,
THE CONCLUSIONS
10 bo drawn from The foregoing analysis arc:
FirsNThat tho Company'A oxn statements
admit deficiency In tho net earninga Of 1878 of
sli3, $40 towards paying tho declared dividend OF
! per cent (rabo A}.
second-1las tho Company unlerztato tho
amount chargoah;e for "sntoreas. leasss Of
by tho snu, OF &77,93u liable u, which ill.,
creaseH the deficiency 10 Giyt 1926.
Thtr.l-That In 1876 tho Company bronglit orer
tho liabilities for 1874. which excoe1od the caaa
reso,rces by e483.700, which SUN WAS iutnodl-
n,o!y hngmonted by tho compulsory payment Of
Sol 900 In cash into the sinking fund, and that
it E,as ca,1aou from 1875 to 1876 liabilities oxceod-
Ing its csa!l reeources by $1.4 B,B49. which ln
| cithor to 10 tax upon tho future earnings of
the Company or to be provided for by aalo Of
| rssscts tsoe Table o..
Fion,M-l1lat tbs reaults presented by tablea
| d and E arc itnposslbil1tieH. Tho remarkable re-
lowos raton received Ut exhibited at tue close of
tho yeptH 1874 aud 1875. q scaRDn uf tho year