New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-04

seldom, ii ever, was report submitted 10
tho pube so fu and exhaustive in ts details, and eH
hihng such evidence OF great research in its compa
ton that recently issued by the Stockholders Com
mittee OF the Delaware and Hudson Canal Company.
But, stripped Of the committees extravagant est
the value of unpr0ductve property and of its
seemingly unwauantod roseeolored conclusions. we
seek in vain through ia entire report for sinee usf
cation FOR It's assertion page 1000 that the troubles
of TIE company have been aggravated by tie reiterat
cd misstatements OF unscrupul1us persons."
Toe committee W., appointed at the annual stOckhod
meeting. bold May 1917 1T entered upon its iabors
Jue and published its report urder date of August
- The report QOl pages too long to receive proper
attention single article, and therefore the present
review is confined 10 that portion relating 10 the compi-
uy's business for 1876.
The committees report brings the accounts down oiy
10 December 81, 1875; therefore 20 tho company's
finances except ia great Particularly Of detail. it adds
no light 90 the directors report, which published
last May.
The conpans report Of its business Cor the year end
ing December u, 1876, showed on hand AZ the begin
ming the year. 263 lj3 tens o. coal, which charged
TO Che account 90 s731G-7, or fraction over - -
ton. AZ the end oi hc scar 81 stock band wac no.
}22 tons, which was credited a. %O0s75S, p fraction
above - 90 ton On page 90 OF the committee, re
port stated tta TIE cUll hand December 81 vas
distributed a. follows: Ar Rordout ana Weehawken,
g70J3 tons, al % 30 ton, f3 ,73G; at Ion,saie and
on railways aud canal 1896 toms at b 30 a ton.
s355.922; making the total, before stated. 2I0.322
tens. yuued a SGas,-13 novl,d:c OF just what was
realized ioI tabs coal w0uJ enable to MAKE the proper
addition 10 deduction from the stated result Of
-hc years business But upon this point II
is pre-umcd the committee was let in utter
yloaucr. because August II tage G9) the commit
Zee estimates the value of tie coal exlc!y the same
as cid the directors on December 3l-rG9775 -.
whether not tAe cot ON hand Jaauary ], I-76. was
Distribute. at the ga rent points IL proportion with he
stated distribution December ST. 1876. = not known
but there is reason Z" suppose that II was. II So
the higher valuation of thirteen cents ton for that on
hand a. tie END OF TIE year, yie0 OF the fact ta the
mar bet price during e year had declined from - % 10
- ton renarkauio. But II mas. ne remembered
that this thirteen cents the quantity hand made
tAo pr ~, " the year 1914 rcatcran tom Of
seeming small importance to a company with S2oO0N.-
600 capita-un it +. discovered that the company is
G-urng 80 closely o.. tnr committee shows ,hc Della
ware ANA Hudson Company 20 have been.
Tile committee las done good service Ia Illuminating
he heretofore mysterious term "mi.cellaucuns clrn-
is" e. The req Of the directors, .sncI n May last,
the result; Of tho business If Che year ending December
81 l--6, vas Profits. AFTER payment of expenses and
interest accounts -eG3f2j less 1855 4Oj-thc loss
leased railroads leaving uo applicable TO dividends
IN tb- stock F2oS,020 Hut tais statement mclndcd
single it.u miscellaneous ,ron!-" &3sl,0i7. Upon
tis..am no committee tanned rs "calcium" sbOwngi t
fpacc - % have been made Hn follow:
IsCEiL. SE1r. gEorT2
Insurance -.....-----------..---s - AZ
Premium, Cd t5qny ala SusquraauA bonds Sold. -ol9i
!AsialftAt ' boats 2'o 90
TOTAL .-s'''l -
The committee says: "Thcc last two items wolld
perlaps hayc brcu properly stated as Ii7ccllmc
ous Ftc p'r" Coriau Il is that neither item furnished
sny portion Of tae years profits ana that the last was
simply the proceeds of q sale 81 assets Onting, thcn,
these tw0 itcui> amounting 30 537019i from the years
statement and the Il OF 376, with The coal on hand
valued - 90 ton is dsh icncy for frs, charges Of
.C2 Ini. instead of q srr,,u. Of 53Gs.02O
Tho co.l combination I'D not baaA up until August D.
1876 on tc H. ct of n-usi. Do. Delaware AMI Hudson
Company . 20 Z stockholders dividend of forr per
cent TO- tlc * Stls ending June 30 1876. THIS
qnr,i the sun Of $,o0oo0 sup9o,ng this Gm 90 have
been earned b M business of tue first siN months il toll
lows that tc aecac, FOR the last months, is chat
Shown the whole ca. with the addition OF thc profits
10 tucfrst half. Thus: $G2I9i o000=Ss5219i. a.
On. ference OF tGc business after The breaking mp Of
tEc combination. Bu' whether calculate ths deficit
DE- year for the as Hil ot h. the committee ha,
4cd the statement. often rct raC, tiat ihc
Delaware aga iludeon Company vac not earning its H. 81
CHARGES, to Doe .Jt g ''lu statement
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