New-York tribune., 1878-12-20
THIRD cALI.-2:30 q.

THURSDAY. Dec. l0-P. N.
The New-York. Lake Erie and Western Railroads
report to the State Engineer from May 81 TO Sep
tember 80 was Published in tod US paDers, but III
a very Unsatisfactory manner The report says that
the amount of the funded debt cannot yet be stated
accurately, bu the floating debt IS given at SiOO,
OOO The telegraphed items of Parnings and expenses
do not agree with the totals Of tnOse Items. But
the years business Of the railroad-Erie Company
to Nav 81, and New-fork. Lake Ere and western
to Septembr' 80, 1S7S-secms to compare WITH the
business of Erie in the previous year as follows:
yea- ending sent 80 1877 1873 Differences
II $l546554 s16S54sOa Inc ssla255
er,asSe q taxes 1Osoas59 1oGs5se2 2Gao77
Net earnings . s453G7l5 s56ls,0i7 Inc 81 .Os2.232
The charges other than for operating expenses
are too thoroughly mixed, as reported by telegraph,
to be- made clear. OF course II l. understood that
a large proportion of the annual interest charge
upun the old company is postponed 10y funding Of
coupons, So that the new company reports much
smaller proportion of interest accrued than does
the Old COMPANY; the report of the old company
being for interest accrued Tor CIght months over
a.. 100000 wmle the new company reports its ac-
crurd interest foc four months at less than $780,
900 instead of Sl.4O0,O0D. he old COM
pany reported up 10 May 81 deficit of S2O3,-
ia On Its fu crest charge while The new company
reports a surplus for the remaining four months OF
$S2S.J4G Ou is temporary reduction OF interest
charge of which, however, S4O0 600 is represented
by iloaing debt. Hence il follows that il for the
whole wear The interest allowed upon the entire
business of the ROAD would show a de
fCit of abont 100000. The funded debt
funded debt OF tie new cumpany, nclucing the
funding of past-due coupons anu OF coupons yet to
matuIe, when accurai " sscrriaIned. VIII
amulmj TO over $50, 100000. The statements from
which these rCSaitS are drawn are those made uu-
der Je Law Of TINS State winch seem to have been
admirably urlwn to enable corporations TO conceal
their - trut nWaTdEesS."
The chief Characteristic Of to-day'S stock market
was listlcs,ucss Prices opened hInly enough as
indicated by ne il-ures, but there was neIthe! eN-
Cltement nor enthusiasm. WIN the exception oi
Michigan Central, the iNt figures were abOut the
best OI the Gay, and the last apOnt the sOWcst OI
Michigan Contra 1900 shares were traded IN az
frCm 20 10 7O7S47U5s, while OF Lake SHorc l4,lOO
shares sold fTO, GJ's down to G9'S lheTc may nave
been no co anecion uctwecn an. op mtIous . the
two 5, oc 5, but II PrrchaHce a. one was ahA,ohs
TO sell Lake shore the reSu of the days operation
shows that the si!trnmg OF Michigan Central Tor
suCu a purpose COuiu have been done at In eZ-
pelsc in COMPARISON w,tu the results obtained. Tue
Wisconsin, :, ocks opened al Hll hgarcS, with the
Northwestern shares prominent for tclT eNhlultloh
of siren stn, yet al tXccp; ~. Pau prcerTcl Stock
closed weak at "a oetIlne OF rom = 10 =" pr
cent from opening hguICs. k"Ck S,.hG was less
active Than YESTERDAY but remained finn at abont
l2u. Calcago BurlInS Stou and Quincy, on sales of
200 shares, rallied 10 lO75i. Er,u wds aCuYe. Oul
O.lY huCJ,dJ,d 3 per ceni, Hdl NJ opened ana
ClOsgd at IL With intermediate sits A. hIgh as l3's
" aDasb was lower a, 2ll2d2u's: ONO and Mls,s-
slppi s,eauy at 7@U7's, ana piofe.Te strong "t
lc3i Ind.
Tuc coal stocks. although erratlc and fuCtuating,
eXu. .D.Ied none OF tao bTnlaIuy WHICH NcstrIdaSs
operations promised. Deldw re-, LdCoawHund ana
Western opened Gown at 42e4, declined 10 ~. ana
luer sold at 423iG l2l2a 42's Delaware and Hud-
son . ~ uuli u, % 1sd3t 4G37, Morn, ana Essex At
74l2O74"Ia 1t's, " he Cen "l NeW-'erNGN' al'cr
Openleg at JI'o, Gccnneu Ia 1U'5G G1o@t WESTERN
Union ulst was uull 81 u 94'o, Uut aItcrMard
Considerable DusIness wa. duuc 81 - J3's Pacific
Mail was neglected at l4's and Sutio Tunnel was
NltnOuJ SaIUS.
1he market generally closed weak.
gASGF or STOCK MAEEEr