New-York tribune., 1876-10-07

ton, and which subjects our 'credulity to the Sc
verest strain, is the matter Of the almost fixed
sum of the surplus met" earnings extending
through six years, and its relation to the
amount required, or called for, for dividends.
While casting no imputatiOns as 10 the correctness
Of the figures as furnished by the reports. we say
that they furnish a series of condolences that the
ports of no other railroad in the world can para-
lei, and that TO a simple investigator seems httie
short of the miraculous. Rccur for moment 10 the
figures that the extraordinary character OF ths>e co
incidences may be the better appreciated. For the
year ended Sept 80 1870, the amount Of net prohts
applicable to dividends was SG,SGl ,2ll, and tho
amount paid for dividends that year was
strangely enough. exactly this sum, without
the variation of a dollar to wit SG,SGl,-
Pill For 1871 the amount applicable was
81, 7,2s6, ,2O3, and the sum called for $7,25s,7il,
OF the exact sum which applicable for The pur-
pose within $27, ,4G2. Tor 1872 the whole sum ap-
plicable for dividends paid out within fl4,SoZ'
For 1873 tie amount applicable for dividends was
$715s, ,2GO, or just Sl,02l greater than the sum
S7154, 266-Tequired TO pay per cent on the sloek
So taking the whole six years together the amounts
applicable to the payments of dividends show an
average variation of only about $4,000 per
annum from the sum required to pay per cent
dividends Now, LET il he borne in mind that
while these net earnings applicable Tor dlVi-
dends have remained almost a fixed sum, the
gross earnings have fuctuated from $22,OOO,OOO TO
$31 900 600 that i! embraces periods OF the great
est railroad prosperity and years of the greatest
railroad depression-years when the prices 1or
transportation have been at their maximum. ana
years when they hayc been reduced to or below
actual cost that il embraces period during when
the tonnage has been increased So 30 per cent so
that change of one mill per ton per mile III
the rates would make difference of Ovcr%l ,4OUOOo
in net earnings and the miracle Of this coincidence
becomes ali the more striking. Any railroad man
agerin the world would say that such results unotr
all these varying conditions SIMPLY Impossible
No other railroad shows any such record. Lake
Shores surplus net earnings by It's own reports
have fuctuated during the same period from 81
800 900 10 less than ~ 100000. Not so with Cen
tTa and Hudson Through al hech5ngcS of business
Notwithstanding its larger payments for rents ana
interest its surplus net earnings move IN an orbit as
5itle liable TO fluctuations as the planets themselves
In the most prosperous years they arc barely
sufficient TO pay the declared per cent dividend
in the most disastrous they not IA the least di-
minished but rather slightly increased. We con
fess that our highest admiration is moved toward
such transcendent ability of administration, and he
must be strangely wanting m reverence who does not
pay instructive homage TO the wcll-nigh supcrhuman
genius that can compass such seemiusly impossible
and incredible resul+-. Another branch Of the sub
iert is left for discussion at a future date