New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-16
$4.391.217 against $3,717,161. The addition OF
other items swells the net profits of 1877 to 727

S4391.217 against $3,717,161. The addition OF
other items swells the net profits of 1877 to 727-
116; deductlng the loss in operating the Schuyikl
and Susquehanna Canals ($35l.094), leaves as the
net profit of the railroad company, $4.373O21. The
interest on the debt of the railroad-if all paid
would have been $4.536,472, leaving deficit on
the years business of $163,450.
But inasmuch as the gross receipts and profits OF
the railroad company depend to great extent upon
the amount charged for the transportation OF It's
own local and iron CO.'S coal, there is little profit
in considering the reports of the two companies sep
arately. Out of a total CT 5,9O5194 tons OF
coal carried by the railroad, 3,79452S tons
were mined by the coal and iron company.
and make $5,OO3,222 of the railroads reve-
nue. from tolls The cost of mining this
coal is reported TO have been little less than 81 Oh
per ton Hence it is seen that it is a mere matter
of ok-keeping whether the large deficit shall be
made to fall upon the coal company or the railroad
company As the reports are made the coal COM
panys loss from mining for the year is $577s15, or
little over 10 cents per tom depreciation, Sl77,-
663, and interest payments, $1,O20,37S, making
total deficit Of 81 1885. The two companies
railroad and coal and irOn-comb ned, show deficit
of 81 ,939,307.
MI. Gowen says if coal had been only 81 per ton
higher, the net result would have been $4,OOO,OOO
better than is But in this statement there seems
to have been allowance made for the increased
cost of mining which higher range Of prices would
have caused Hopes were expressed OF the benehclal
results to be realized from the "cOmbination which
seems curious, coming from the same pen which in
the annual report of $40 wrote concerning the OLD
combination aud its dissolution as follows:
No better commentary upon the working of the assoca-
ton be made than to say that while faithfully keep
ing all of its obligations to the other members TINS com
pany during the three and nine months or the ex-
isience OF the compact, received 797,23I tons
ments to which it entitled under the terms Of the
agreement; aud the great injury resulting from the
workings of the association during the year ~ pest eX-
pained by following table, showing the fluctuations
III the business OF both companies during the three
Immediately following, the dissolution OF the agreement
between the associated companies:
JUNE, JULY AND AUGUST.
Profit railroad ira s70OD5l "a
Profit from other business. 2O3s+ oo
s726496 ~
Loss on coal and iron company. $4s7,0i7 81
Loss on canal aud barge lines. ll6io2 ~ ooI'olo ~
Total profit for both companies si249s6 AZ
FOR SEPTEMBER, OCTOBER AND NOVEMBER.
Profit from railroad traffic co,i;sr, sioS7's" Il
barges, and other business. 226 $50 80
Profit o, railroad company sl7s4 oss @
Profit of coal and iron company loS'oo4 %
Total profit companies sl952432 20
AZ the meeting Mr.. Gowen took occasion to deny
in detail all the charges recently made by Mr.Smih
bnt it seems to us he weakened his case in charging
Mr. Smith If correctly reported, with having sold
out his stock high prices, and.then brought his
charges through malice That Mr. Smith was pecu-
mary right in selling out his stock In the company
M high fgures-If he did do t--events have proved
Whether not he should first have gwen the pub
lie the benefit of his information may be question
of morality, but il certainly IL not one OF hDance
The general temper of the stock market today
was much the that of yesterdays market
Notwithstanding the circulation OF unofficial reports
of earnings the trunk lines which compare very
IA. fart la.s limo Lost
general tendency of prices for the stocks was down
ward. OF it is not forgotten that the Lake
shores business in January, ls17, was first affected
by the delay IN replacing the Ashtabua bridge and
then by the heavy SHOW storms, and that the Cen
trail and Hudson completely blocked up by snow
for large portion of the month. SO IT is probable
that the reports of gains, now circulated con
tain many more grains of truth than Is
usually the ease with these stories Lake Shore,
below 60, and closed without rally ut 59Ss. The
stocks of the granger roads-wbich also are now
comparing their earnings with those OF a snow
bloc bade, probably equal To the present mud barrier
were no exception to the general tenor OF prices
all of them closed at about the lowest prices of the
dav. with Rock Island particularly weak at 9Sas.
Western Union was heavy at 1858 - a15os
The coal shares at first put on bold 'front.' ana
made fractional Improvement from opening prices
went with run from ~ l. 10 493i, aud rallied TO
5Oas at the close. Delaware. Lackawanna and
Western sold at 52a 323s a sos la J03 Yet the
transactions IN these stocks were not equal 10
the late daily average. Central of New-Jersay fell
from ISL to 1854, and Morris and Essex from 20
a 762 to 49, The idea has struck stock operators,
and it probably in time will reach coal officials that
with the large quantity of coal in the
hands of middlemen and of consumers, and
with n prospective production for 1878 only
800, 600 tons less than in 1877, there Is small
chance orany advance in price. Ii is conceded by
coal men that a production less than 20OOO,O00
tons cannot he COMPENSATED for ny any advance III
price To such companies the Reading, Delaware
and Hudson, aud Delaware, Lackawanna aud West |
ern, with their immense heavy first charges. The |
market closed weak and unsettled
RANGE STOCK MARKE-
Actual Sales-- Closing Bids. Shares |