The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-06-27
THE BfLrIMoRN IND onIo RAILRoiD.
IIiusory Assets aud Real DcHctcnctcs-T
lon.rnIIIng stoch hoIde r. Inrm.

PHILADELPHIA, Juno 2G.-l}ut few ~ the
securities of the Baltimore and Ohio Railroad
Company nre held in this city; nevertheless.
much interest il manifested here with reference
to its affairs. Even the " friends" of the Penn
sylyania Railroad Company exhibit consider
able solieitldc concerning them. Tncysay that
If the Baltimore and Ohio " goes up" SO must
the Pcnnsy lvania. In pure sympathy With H. In
other words. the borrowing facilities Of the one
will cease with those of the other. TIE a.
counts Of the two companies are kept precisely
IN the sam" manner and the marvel is that Mr..
John W. Garrett who WIS brought up % first
class commerce. should have INDUCED IN de-
lusivc bookkeeping
Col. Thomas A. Scott claims FOR his company
the modest surplus OF ilo.Oji.197. Mr.. Garrett
claims for his s3G.O22 800. To retain LOSSES ~
items Of credit. when they ought 10 hc items OF
debit. il altogether wrong. Upon fair rcnli-
ton Of accounts Col. Scott would show a den it
Of something like $4,000 900. and Mr. Garrett
about siO000OOO HIS assets" figure for
ss7glO.GS2. while they are not worth more than
tji 900 ABS. IA will presently he shown. lis
" Liabilities" are stated at sll.sSs.3lS. which
figures do not include the guarantees of the So
rurltrs Of the Marietta ami Cincinnati. ITS
bur.,h and touneii-Nill'. and Baltimore. Pitts
hur..h AMI Chicago Companies. iur which his
comHuy has to provide. amountn, to about
00O.puO.
In the assets. the cos, u road. rolling stock.
read estate. ONO river bridges. and Nstropnl-
tan an Chicago branches is stated ut sJS.SlI.-
jji. These figures are reached 10y charging
y,ur aitcr y.Ur many itsms tu runstru ton
winch should nav" h"'n Charged io revenue.
and No. allowance hrS eyer lr'rn nude for dee
prcciauon Of ro9d or rel ns TX. TINS asset
ought To he reduced slnvfnuun. Then There
are shares in other companies of the nominal
value ot sl7.7lj4jj Most of these shares ara
worthless and the over valuation Of them is
| I
ltrker-hurgh and Counrilsviiie companies.
sjjiS ~. cannot be r sard"d otherwise thnn
total loss. Then com" hhlan IS due by other
coupnnl"s, ~ the cumpauy'S bills payable,
s4Jll 800. TINS item Is Vaiu-l"ss. and the real
loss would he seen ~ the w. Hmouut due 10y
th" am uui oi tho ii'atlug debt SUPPOSE Il Co i.'
feuuuuuu. the cNNt truth II uli-'ur"i from
view THIS amount added to th. s5G.upu.VUO
named a'pve makes the total Liabilities about
S6i 600 900.
The deductions from the assets. it will be
s"en. amount Ia s33. Nju. 2i7. reducing them To-
2iWu iif. leaving ii iiflt OF Slouuu.nuO, and
tII- H. based upon IN" most moderate estimates.
A. the ordinary share capital il but sl3l44l 100,
1t follows that twu-thlrl- oi 10 have been lost.
Thee of Baltimore owns 81 1000 nuO If the
stock. lhoJuhn- Hopkins University 81 .juOuOl
MIR. Garrett himself Is sand Ia hold s2oOl.un.
whlrh. II true. 'auses "a" three Interests go
maindrr is held hy trust companies and wealthy
Baltmorean-. Jnuke the shares of IA" Penn
-NiNahla' very lew cd th"7r "l tle lni more ana
ONO ar" IN IN" hundr ~ small holders. the
Baltimore aud ONO and PENNSYLVANIA Com
pHnlcs accounts are ~ much cooked as
We're to7" OF the Central of New Jersey AMI
Tho Philadelphia and heading II j. no longer
dislOyal,' either IA baltimore or Philadtlrlin
to say -u Both cities have many men natives
unto the manner born with huSln ~ uruds
upon their shoulders. and who. consequently
can read between Ill" lines of railroad COM
paulrs reports. No one Wishes tO harm a hair
of the head of ANY of these railway kiuEs-who.
| doubtless. are great sun rrr~ Themselves -hut
1t Is very wrong IN tn"m 10 initiate the example
of TIC lat @ OK" hudson. for figures uu-ht To
lrll the truth. In the oWnlon oi many Of a.,