New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-06-23

,,owanna and Western two very important
lac bas been lost to the Central OF NeW-Jersey;
teeoir,ner now going over an independents road
the, 40 u,eter AT Perth AmbOy, and the latter wa
60 tl9o and Essex to Hoboken-lSee report OF 1872
page 10. ,o,e .o4,.oa IN tho
The noh' eet ON last page of Che report as follows
baaa 5tssi on Sonds accrued not yet DUE s235 S9s
h ;TSsnGs que jan 20 5lSl26
s8,2i7,9l4
r, tbe statement OF assets in general accounts
h.h show the disposition OF the capltai SUCK anu
MI tbe following items appear: ... 4, ,ooooo
dep', rcan DOCK and improvement Co stocks
Is sssI and wnkestarre Coal Co. bonds 4i1SSS 2g
Sa'h snort am fails to give any information whereby
A., shareholders or the public may be aiuou III osIi
a",ng the value OF these securities 10 the treasury
OF the anears that any dividends Arc paid on
.hn stock of the American Dock ana improvement en- ~,
,nanv and from the remark OF Inc IIcSIqTiilI vi
oai fo of the report that The Lehgn anu W iIAos
pa. Goal Company bonds held by TINS Company
& I've disposed OF from time to time TO stockIoiutdS
" others when they reach par, II IL IaI 10 iiliel
shaf there is no immediate prnspect OF SlNlueuS "a
taa' ;,estnent i'm tho stock Of that Company, ana
thet tbe stock has not much pecuniary Na-Ge. lho
rrocess of working coal mines TENDS 10 ''lln.niSh
Thar than to increase the value OF the plopet'5
statement in the report showing IN some ust',i
the items that make up Tho amount oi c'si al. ne
counts receivable would be OF lnteIes. 10 nec ri
boIlers The balance of cash on hahu D t -,
1875. appears by the statement on page . ~ i"'0
been only $I3,lO9. , ,..,4 % oesata in cene-
~ asO ptSai in tLe interval of four years, the
chaTSes 70 capital on account OF equlpmehs nave
been increased as follows: as nor cent s7se.so7
Passenger and baggage cars 80 per cent S59S
ra91 cars ................3l per cent.l,O29' oo
Total "a per cent f2,Si'.IsS
ble i'm the same time the gross earnings nave IN
creased but per cent and the tram mileage mas hoI
increased at all; the coal TONNAGE aiSo, Wii05 W..
1 = diminished Z,tbJ
TINS in 1874 reduction OF u per cent-ahd IN the
same interval the number Of tons Uf freight moved
one mile diminished 10 per cent.
Ii would seem therefore as though tneSe lncltaSS9
,haroes TO capital on account of equipment shouIu
have been pui into operating expenses.
II NAV be sand that comparison OF the business
~ isl W ~ that of 1872 is an unfair lie an-
mai reports however, show that the pioltS per th
mile in 1872 were less than III amy previous or Suy-
ceeding year. For convenient IeleTehce sce IoOi
Manual, 1856, page 3.
Jersey in common with other American cOai tianS7
pTtatOn roads, is toward an increase Oh cdpitai anu
aobt entirely dsprOpOTiionod TO the increase OF
business and earnings, and in the near future me
shareholders If this Company must squarely meet
The issue by foregoing their dyldendS uhtll inc
period arrives when they can be Justified b, earn
hos This view of the case presents ltsen very
foribly upon examination OF the directors report OF
tle operations of the road Tor the year 10 T just
isSued BY which il clearly appears that the diFl-
dsnds OF 81 O13 125 which have been paid were not
earned. ,. -;
Amounting to 81 097 $40 81, and to justify the
dividends 81 ,lZ7,S79 n reserved fuhG Was III
cluded in that account See report par ~; M.
What constituted tins reserved fund" Is no'
stated in any Of the reports nor does u anywhere
appear that il consisted OF assets when couid ne
made convertible for the payment OF dlilIenGS.
That it did not consist of money evidenced by The
fact that the Company had on hand Jan. /, 10 .,
oaly 1882 ,Z50 76 with which TO pay adiVldend OF
saiO 600 due Jan. 20, but assuming that the re-
served fund" was convertible and negotiable, the
aeating debt Oh the Company at that date amounted
10 S2,4l4,53l, or more tnan d9uoie the amount Oh
the reserved fund.-" and the floating debt on the
lat of January, 1876, rs has been shOwn amounted
t. upward OF p3,OOO,OOO.
Ii IS doubtful if the Company earned any portion
nj the past years dividends In the profit and IS
account interest is charged for S61o 20 81, Whlie
interest the outstanding bonds and one-h&II the
floating debt would amount 10 nearly uoubie uiat
sum. Possibly the premium on 9fJo6.lOU coilsoIl-
dated mortgage bonds sold may have been credlted
to this account. Adding to TIE Gehclency Ill tlle
amount charged for interest the charge 10 equip
neBt previously referred to- which should nave D"en
charged e. accOant Of operating expenses IL VIA oe
seen that the Company has barely earned lbs interest
AID first charges. c $500. -.
continue the same DIVIDENDS, as heretofore. our OF
the earnings Of the current year, OtWithsianulhs
the fact which they Will not dispute, that 50 lar n
the current year the road has earned but very tte
II ANYTHING beyond its working expenses, and that
the prospect for business which viii even equal
thar of last year is very dubious one. some reli-
ence however fOT the future is placed upon the long
pranch Division and upon the new line 10 fhiladei-
pha, from when TINS company cOuiu C0IlNo H'"S'
Oh but 81 miles. 4.
The Long Branch Division must meet the competi-
ton of the present route VIA sandy look, WHICH
being obliged TO earn hothin9 beyond Nolhng ~
perses can and doubtless WlL carry AT very 10"
rates and as 20 tine Philadelphia line, II cannot NC
expected to successfully compete with the oid-tstaD-
ilshed direct route Oi the IenHSy wanna system.
As has been shown, tie payment Of CYideilds
does not altogether depend upon The earnings OF INC
Gne of The $50, 100000 Consolidated Mortgage
Bonds the Company have sold pll ,0JOOoJ, ahd
after providing for tae SJ,0oO,00O Mortgas. Byats
due in 800 ihey Viii 5tIli have Tor SAFE 3(oOopoO,
from chs proceeds II winch dividends may b. secured
10 the stockholders as her oiCie, 1Jf some ne 20
come bar ia no other way can the General BallIcad
Of Ncw-Jersey continue the payment OF any ulVi-
9ends whatever.
would respectfully ask President Johnston if the
rad earned one single cent Of the dividends de-
cared during the past year! In my opinion it did
cot CHARLES bAidEIl'
Boston, HISS, June 81.
ATLANTIC AND PACIFIC TELEGHhPH 90.
NEW -YDyI June -, 1876.