New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-26

the stock is 10 receive nothing unless earned. 1t IS
then estimated that with a net income for the re-
manning one year and half equal to the rate for the
wear 1877 together with the 10 per cent assess
ment received from the stockholders. the floating
debt would be reduced from s. 9a7,259 to Sl,313.-
232 An argument is then introduced to show that
il is reasonable to expect that the net income Will
be greater than it was in 1877, and an advance Of
81 80 per ton in the prcete OF coal Is assumed as
half of it, Is likely to he realized, Is mater iOr
speculation, but not proper basis for the rcor-
ganIzatiOn Of a property which got into trouble
with coal at over 50 per ton. The statement then
proceeds to estimate the future net earnings at
$3,G3S. $50 per annum, from which, after July J,
1879, there Will be payable the interest oil 49,,
400 600 debt. the slIm of S2,5400is. II viii M,
be CaiUed that the estimate OF net earnings
is not highly colored when it is remembered that
earnings of S3,2S2,900. and for 1876 Of %;',lse.-
4GS. These estimates seem To be proved tallaclous
by the discovery of the companyS large i.0ailhG
debt The scheme. however, receives sufficient
comment from the fact that the company failed
with a mortgage debt Of S24 100000 while The
reorganization viii leave it With debt OF 81
In the stock market today there was an exhibit
ton Of strength i'll prices which was III lnafcd con
trast with the market in Philadelphia. The ~.
Paul stocks were particularly firm on belief IN
a large business, while the reports OF tEe company
earnings are showing steady declne-not as com
pared With last year, but as compared with prrced-
ing weeks-the earnings having been T1Ss0oo
for the first week of this month $l7l,ooo
for the second and Sl6l 600 for the THIRD
week. ii. Paul common sold at }Sisa3S Il,
but the preferred rose to 703iQ70os. HE North
westerns were sympathcticaliy strong although
II il evident that the road Is doing little better
than last year The Chicago tribune of February %
saws that of the 8 900 bushels of wheat reported
being received al Chicago Oh February 81, $1,000
bushels were through shipments from Milwaukee to
the last, lcav nc only o, 600 bushels which actu-
ally came TO Chicago for market. Lake shore was
firm OF q small business (S,70Oi and sold at Gl's0
6l3,dGl5s. Michigan Central sold at GOA 6Os. Enc
at 81 and Central and Hudson at 1854 lo5ls
Tor lots of 100 shares. and at 10i 'sd 1904
for smaller lois. We learn that the proposed meet
Ing OF Western railroad agents has been postponed
from Wednesday Of TINS week to next week but III
regard 10 the probabilities of tn; rcaIrangHg OF
frcichtS for the present scasoa, the following from
he Chjcogo tribune of February 20 CONVEYS inter
cStiLg Information:
Lake frcIgt were quiet and easier than when last re-
ported vessel vas chartered 10 load Coz imlncW
atcly. 3ls cents accorig To some, ana 81 Genie re-
cu!dng to others she viii b. loaded WIN Oid corn now
coming m which it is desired keep separated from
the
OF the coal shares Delaware, Lackawanua and
Western was manipulated INTO actlliN between
Il ID and Aeu ia. Delaware and Hudson selling III
a small way at iG4la iG's. and Central OF Ne"-Jti-
scy at III. ,
Conspicuous f." weakness in contrast with the
general market were Chicago ana Alton. when
sold at Il Il 6JA. cX-divIdcId, against l1'l diVi-
dcud on on thursday; Cieyciand and Iltt,hnig'
which declined 10 Goa 81. ard Chicago ana fuIt
WAYNE al SsdS6l2. Western Union rose u fG'i,
bus finally Sold at 16li The express stocks were
all steady, also WAS Pacific Mail. Inc inaiheI
closed tcvcriSh and unsettled.
RANGE 90 rfiL STOCK MAFHE:
--Aciual S3ies------ I"-ihE i''is- SHil7