New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-08
WEDNESDAY, Feb. 7-P. NJ.

The EngRseing and Mining Journal of Feb con-
taips An article entitled "The Mysteries of Book
keeping for Stockholders which, although specially
supled to mining companies, is equally applicable
to the system in vogue of making railroad reports.
The Journal says:
Curious and wonderful are the possibilities OF mine
hcoskeeping and the exquisite ingenuity With when
ts arual condition of company be stated that
ne stakeholder get an idea OF It's real condition Is
perfectly marvellous. We all know what VAIN aud de-
sve things the promises OF mining companies pros
pecuScs, which always show by hgures winch canhot
liz tie profits that must inevitably come 10
the fortunate stockholders. Alas We all know also that
these promises rarely fuhed-Owing, OF course 10
accidents" which one could fOreSee. The annual
reports Of mining companies also unfortunately he
boo afteu cassed with this literature of hcon and the
sangnhe aud unreliable predeilons o. proh'S IN
charity we may these glowing antcpations 10 be
honest convictions of oVer-sa,guhe natures pu'
Whist shall say OF annual reports that actually mis-
represent the condition OF companies or that Whhod
inc information necessary to enable stockholders TO
understand the in which their property mas Dcen
managed and the actual value OF their investments
The foregoing remarks applicable to nine out
of ten of the annual reports made by corporations
and to none more than those Of the Central and
Hudson, Lake Shore, and Rock Island Railroads
But we are particularly moved to make the quota
ton by the spectacle presented at the meeting of the
Jersey Central stockholders held to-day, at which
tho President and Treasurer of the company were
unable n to reply 10 the simplest questions relating
10 the financial condition of the company. The
whole idea seemed 10 be that If the company could
secure subscription to the $4,000, 600 winding
sheet bonds the price of it's securities would be
advanced in the market. The eertais low price of
coal for the next twelve months, and the loss OF
the Centennial travel which it enjoyed during
1875. were matters left out of the cal
culations for the future but instead was
substituted the CIV of, Let US live month longer
lou the stockholders have received during the
On, d
you ought not to have received over 80 per cent
give Us back - per cent upon your stock. which
. VII Increase our Indebtedness only $3.000O00,
which may carry Us through. although at present
we are not able to pay interest and pre-
vent our liabilities from increasing" How many
other properties are really in the same condition
to-day winch are still sustained by uninpaired
credit The recent report of the Illinois Central
furnishes an example of what is inevitable
with other companies which and have
been subject to the same causes and IN
1uences. The man who year ago had
dared TO predict that Illinois Central stock would
ever sell at 81, wOuld have been pronounced
proper subject for lunatic institution. yet there it
now is without friend, while Rock Island Chicago
and Alton. and Chicago, Burlington and Quincy are
selling above par, and the NOrtl-W estclnS ~ 81
and Jt-all affected by the same restrictive leglsla-
ton and competition which have DESTROYED Ihnois
central with Its small DODtcu UcDI ti CItVpo'ppO'
Tia they may hive through the trying crisis Is pos
sble hut not probable
In the stock market to-day Western Union con
tiuued 70 be the feature. opening az 723i AGAINST
73l4 night and with large transactions RAPIDLY
selling down Il %. Subsequently the stock rallied
u 72l9 aud was more steady within range OF =
per cent, with iinsi sales at 72l4 Lake shore for
tic best part of the day was strong selling az 14'sa
81. but later it became weak, and after selling ut
535sa - closed at 537s Michigan Central declined
frOIn 4G3, 10 40 and ended at 4JSs Centre! aIld
HUDSON, however was well sustained at fOlos, its
opening and closing price. The 81. Paui,, after an
Iusnra ION which carried the common to 1914 and
The preferred to 1888. weakened and sold at lS'l
aud 4Jls respectively. Rock Island was guarded
with usual care, but, after selling at 1O2, was not
wanted az 1919. The coal shares were eTTauc
fuotuatlng frequently and in.sOme cases violently
jersey Central opened at 20, declined TO ZZ4, raj
lied 10 23I2 and closed at 230s. Delaware, Lacka-
wanna and Western, after opening at O9's, eX4D-
lied considerable strength at 90 but later sold al
6sGGS3i aGSls. Delaware aud Hudson was sold TO
the extent of 1000 shares at 59U51"iV3o. The
Remainder OF the list simply weak on small
transactions. The following table shows the
RANCE OF MAKKET AT THE STOCK EXChNoE'