New-York tribune., 1876-11-20
much in common with rival lines by the unprsceacnte,,v

much In with rival lines by the unprecedcntelly
low prevailing competitive through rc both
OF earnings the yearly fixed charges OF interest on our
bonded debt and the purchases for Its sinking funds
and other properties the company have been main
tanned iu their usually efficient condition. The operating
per cent of gross earnings under adverse circumstance
favorable result largely owing TO the substitution Of
steel for iron rails, as renewals were needed
made lay 20 miles this Fall. The saw
with iron o rails is fully five per cent Of srosa
earnings and more, dependent on volume of traffic.
large traffic afford iron rails since the great
reduction IN the price OF steel steel rails costing in
1878 1920 currency per ton have been recently sold at
$50 while iron rails cost IN 1873 500 currency ton
and now Si0 by expenditures Tor steel rs and other
right of way and constructing 6S miles Track from
Pana 20 Tower , on the Divsi1n, , our cur
To provide funds for these aud ike pur-
pSS SseS e eSpIay ppyson mas ast mortgage
These bonds have been pat ON the market and
isnot the intention 70 negotiate them until II is clear
that the interest fairly earned OF this there is good
prospect The Springfield Division extends over 228
miles Of OF the most favored and most productive
agricultural sections In this country and rs rapidly I'm
proving It's contributions 10 the main line, apart ffOm
its local earnings. in the four months from March l.
1875, were $iI,0 ,0s4 i2 and wtIp during she twelve
nshths following S27s077 9s, showing a ratio of IN
The esmpaay's funded debt has been decreased tho
e ei sfg HSs II Ths oeai a ef sSe wo Sa
now over onothalf of ous total earnings-eontinues
STEADILY to increase In end freight both 10
volume and amount, and the evident Improvement in
thrift and prosperity along the line OF The road ycs
think welifouned for hopefuness the fltnre
II is certain that the rowth thishe most
country the earthg0es on steadily in an increasing
ratio in population, and in agricultural ahd in material
productions The construction OF railroads and the
extension of old being greatly checked it seems
inference that ere long the rahc requirements
OF the country viii be fully nD to--f not exeeeds
traffic ability In conclusion have pleasure III express
ing my Of tue cordial coOperaDD given by the
officers and employees OF the company generally, and is
matter OF great thankfuness aud satisfaction that
during five years OF incumbcncy OF the present al
nisFaOn, among the millions OF passengers carried
over your road in that period not ono passenger has lost
his life either by the negligence or the company OF Dy lis
own misfortune. Respectfully submitted.
DANIEL TORRANCE, President.
Yclc- York. Oct. 5, 1876
And now comes the sequel-like alades' postscript
the most important, and with almost equal prompt
ness-as follows:
INDIANAPOLIS, Nov. 17.-Daniel Torrance and John
King r been appointed receivers Of the Ohio and
the payment of the employees out OF the first earn
inss OF the road and gives tie receivers the usual
authority TO operate and maintain It, =
Lake Shore has continued the leading active stock,
and the street is moro muddled over its position
than ever before because Of its strength in the face
of general impression that tho old pool had en-
tirely sold out The most reasonable solution seems
to be that the situation has not materially changed
from what it was in July last and that, with all its
loading. That this company sadly needs reforming,
the columns of The TRIBUNE have abundantly
testifed hence the recent movement to
compel a showing has its fullest sympa-
thy-if its faith in any good being
is weak, it is because of our OBJ
servations of the results of past refonatory efforts
in behalf of Pacific Mail, Panama. Erie, and other
and more recently of Michigan Central.
The reports of prospective settlement OF the rail-
road war; continue to, be factor III the manipula-
ton of this stock. The extremely and heretofore
unheard Of low rates at which contracts for tho
of large quantities of salt TO Chicago
and ST. Louis have been made during the past
week would seem to indicate that the powers
that be- are expecting settlement. or IL
there was one that small advantages were
expected to be derived by the railroads
The coal shares. which generally were inactive, are
expected to be lively after the results are known OF
the coal sales TO be held on next Tuesday and
Wednesday. The total transactions for the week
aggregate upward of 100000 shares, with the iInal
sales comparing with the closing ones OF last satnr-
day rs follows: Dcclnes-Michigln Central, ls;
Atlantic and Pacific Telegraph. Il; Central and
Hudson. l,; American Express. IS c. c. and
/ c. and United States Express, each b; Hannibal
and St. Joseph preferred, 7s; Chicago, Burlington
and Quincy. Missouri Pacific. ST. Louis,
Kansas City and Northern preferred and
Western Union, each /; Delaware and
Hudson 1ls; Northwest preferred, IA;
Fort Wayne, 13s; Northwest ia; St. PanL
Ia; Delaware Lackawanna and Western and Rock
Island, each ?; st. Pau preferred, 2ls Chicago and
Alton and Kansas Pacific, each Oh c. c., c. and In,
Morris and Essex, Ohio and Mississippi, ST. Louis
and Iron Mountain, and Quicksilver. each 2i2;
Quicksilver preferred 3; Ohio and Mississippi pre-
forred, 31e. and Illinois Central, 59i. Advances
Erie, Is; Adams Express, Il; Atlantic and Pacific
50; Central of New-Jersey and Wehs
Fargo (S Co., each 3i Ii; Pacific Mail 7s; Union Pa
cific J., and Lake Shore, Il peg cent. The follow
ing table shows the