New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-06

l5f a ~ us as SHOWN ~ the last annual report, ,
%%s,icii n gr cent on the co anon socs has been
declared IIOm this surplus pJ able Dec - l''e- -'
Leaving old balance Nav 81, 1873 ....--....s2Ooo
Rufus Hatch sent a letter TO the directors IN
which he SAID: g demand and insist that 10 dN-
lend be- paid on the common stock until TIE per
,ent 10 which the preferred stock is entitled ont
Of a years business is earned aud paid" Inns com
nunication was accompanied by opinion OF Van
ierpocl Green & Cunning that the preferred
stock was ontitlod to per cent out of years
earnings before the common stock could receive
anyth1ny As the SIX months enClng Noveln-
her 30 comprise the first half of the fiscal wear OF
the Chicago aud Northwest Company, the claim.
was that the common stock could not receive
any dividend until after the whole years business,
ending May 81, 1879, had shown that there was a
surplus after payment Of per cent to the preferred
stock Perhaps it was due to tins communication
that the subterfuge of paying the ? per cent dVl-
deDd ont of the pretended surplus OF the year end
ing MAY 81, 1878. was res0rted TO. Concerning me
surplus of May 81 1878 II well known that at that
time the company was short in cash and cash items
$3.50. g93 of the sum necessary to pay the dividend
on the preferred stock, and short S709,459 OF the
sum necessary to pay the dividends declared on the
common aud preferred stocks, and that soon after
the deficiency was supplied by a sale Of bonds Sc
cured by mortgages some Of its proprietary
roads.
The foregoing statement of the business of the
company for the six months ending November 80 IS
remarkably favorable. ami in view Of the following
facts IT seems equally astounding: In 1874 the
length of road operated was sixty miles
less than the year ending May 81
1873, vet the gross receipts of the entire
system in the year ending May u, IS44i
were 81 !. 631 937 against Sll,I0l,o6Z Tor that
ending Nav 81, 1878, with which the first SIX
Of ma aTpC II.
The lTesent semi2annual statement presents moth
ing except blank statement OF gross earn
RTt one fact il patent that while the guaranteed
bonded debt has increased since May 81 me inter-
est charge for the last SIX months Is even Is
$4,000 less than for the corresponding peiIod ia
1877. The gross earnings 9t the last slA months
show an increase OF SI1o'5It oyer inc
corresponding time III 1915 "nIe tne optII
atIno expenses are reduced S2,OSO, and
the taxes So 1913, making a tOfal reduction IN
EXPENSES of SIS 07S, and aHnCTease in net earnings
of sly, 292 There is no prctence that the rates
received for either passengers OF freight during the
last 5 X months were better tnau during the last
fiscal year, while there Is good reason 10 bcIlcFe
tbat for frelgRts the rates have been lower I'M
0uesfiouably there has been large reduction IN
the cost of transportation SINCE 1874, but Ia IS not
nrobab Die that this reduction has exceeded the per
centage Of the reduction OF rates received Inc fOl-
lowing shows the rates received by tho Northwest
COmDauy for each passenger aud eich Ton Oh Helsht
Der mile carried IN the years named:
Years ended May 81 lsI4 i8L.. iS,S
For each Messenger per nile. ....... S.l4 2s9 2s3
For each ton per mile ....''.'.. ~ LOO LIZ
This shows "A reduction of nearly 10 per cent in
passenger rates and of over % per cent III freight
rates ftOm 1874, and a smaller decline IRON 1911
vet the operating expenses aud taxes III 1874 we're
90 pei cent Of the gross earnings wne Tor the last
six months they are reported at under % per cent
of the gross earnings a statement OF the amount
charged to construction account and Of the sum OF
bonds sold during the last six months, and report
of the cash account on November 80. 1873. prOba-
bly would reflect much additional hight upon the
COMMANDS partial statement OF the Last SIX months.
The Coal Board of Control to-day authorized an
additional output for tnis year OF lOeOOOO tons OF
coal m ether words, they carried ont tue under
standing reached at the October meeting that each
couuauy could mine and ship whatever quantity
il pleased. Without predicting what may be the
outlook week hence, the chances now Ior a COM
binatiOa for 1873 seem less thau az any previous
time upon any other basis imam Virtual
closing of business by the New-i0rk' c0mpaniea.
At present vt II only the Lei9h interest IhdJ is uc-
Inauiug an increased percentage OF the output but
any concession to this demand by the NeW-1ork
cninnauiss will Drobably DO followed by Imme-
dlate demand of similar character from two other
sonyrps which at present are content that the Lee
high Valley companies shall occupy the position OF
presenting the only obstacle TO harmony
As tine trunk line presidents usually hold thelr
council, uuder gaslIght, nothing was heaId from
them during the day Whatever they may 90 tney
cannot change the fact that tine Eastern ports are
loaded down with produce of all KINDS, ana thaJ
Since tie close of navigation the shipments rom
the West have been unusually hght..
Fine stock market to-day opened higher than yes
terays closing prices, but quickly Declined mac
ton Auerward the general market was fever
ian ana responsive to orders for sale or
purchase. Inc prominent dealings were IN
the NOrthwesterns, the st. Pauls (which were
the strongest of all, Lake Shore and the
coal shares. Generally the stocks mentioned
closed near the lowest prices OF the day; Inc
Northwestern dividend served for stimulus to
tbss. stocks only for moment, the event having
een fully antcipated;and justly not, the declara
tiOn Of the dividend on the common stock IS re-
gartlcd a stock Obbing operation on the part Oh
the eompaays directors. Furthermore, there
seems 20 6e evidence that some cheating occurred
i'm tIc p,ols made up Yesterday to buy Northwest
and ~ Paul stocks anu that of the persons III
the ouis took advantage Of the opportunity TO sell
their EoldIugs. Tue general market presented no
features worthy of record. Western Union was
steaay between 9jis and 0Jl2, aud Pacific Mail
shade better at 1875
The market closed feyerish and generally weak.
RANGB STOCK hAKKEr
--Actual Slies--~Ctosing BIDS ShaTes
Ops High'L LOwL Fiuas bd Asked sold
A Ai1 ]. Icon. i 1. ! 2 ~ 100
d E;S; 4, So! : s.; 81 % 20 80 q ID 100
S sc.c.. G'& lI T.. o. % % % 81 $ia