New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-23
TIE MONEY MARKET.
FRIDAY, Feb. 22-P. NJ.

FRIDAY, Feb. 22-P. NJ.
The report Of the Morris and Essex Railroad Com
go, for tha year ended December 81, 1877, pub
Gshed in THE TRIBUNE OF to-day, shows that the
company's bonded debt was increased SooZ.ooo our
ing the wear. which swes the total capitalization
IN tLe handsome figures OF $34,146,OO0 for I3I
miles of road and PSI miles of single track lncIud-
ing second and side tracks. Thus the capital per
r,iIo If roadway is 1858, d27 and per mile of single
track. Sl23 SOL. Upon this immense capitalization
the Delaware, Lackawanna and Western Company,
a. lessee, is liable for per cent per aDnuni, while
tho net earnings from tine operations of the road
are insufficient to meet the interest on its bonded
debt of $40 10000. The report, far as received,
compares with that of the previous year as iollOws
CAPITAL - c.ro,
Stock 100000 sl506GooO ..:::a:;;
Funded debt ...... 19l04OOO l97i6oOO Inc SooZ,oOo
Total II0l 900 s3I7l6OoO Inc $4,000
The financial results Of the business of the two
years compare as follows:
GROSS rAEyISGs.
From coal $50 6eI sl72gl3e Inc. s9s775
From lAni'e 772s44 6489OS Dec 1891
FIJI sns; 5S SI2i 1895 P Ss !S3S Ss
Total income s84528l9 ssS6s al ss9,s7s
Maintenance o. Way, sSe3ii2 sS!7$2l Dec 1882
opsrltins +'", 1556s7S l57i2iSInc' 9924s
Total expenses. b96 s2I45 1888 1858
ErT EARNINGS
Profits to tho Della.
Vs i' cam9nT s1IsL723 81 2225O Inc s377s5
ur>r,s PAYABLE BY TIE DELAWARE LAcKAwANNA AND
es $iSs55sS s i$sS5 S39 In'''s'''62
On stock per ceni..--. I'O'ooOo 1,Coo,o
,..Dt., s2-Sg5s5s s2ls229O Inc sS8 s62
peaeieney IN earnings
or Har Ioi I',c 70 sax ss9 D and
w,ra Conan% 6S5 81 2O9 7l2 Inc SLOT
Having before us no detailed statement of the
tonnage Of the road it is impossible to state what
rate was allowed the road. by the lessee for the
Transportation of its coal but the total output
of coal by the Delaware, Lackawanna and Western
Company in 1877, was 81 800 tons greater than III
1876 the increase in the roads earnings from coal
of S9s, 775 indicates that the rates allowed for
1877 were the same as for 1915 Going back to the
wear 1915 the net earnings of the Morris and Essex
were ~ 47j.714. against 81 Do, sos IN 1877 de-
crease of 1888, 2O6 while the rental of the road
because of its greater debt, has been increased
$Il4,3SO.
These facts and the foregoing exhibits point les
son III regard TO the veXed problem OF Transports
ton which cannot be ignored in an intelligent dis
cussion of the subject. Inflated capitals. whether
inflated by watering" or by iIjudiciouS invest
mcnts at high prices, are burdens which VIII not
down AT the bidding II is not doubted that the
rates for the Transportation Of coal, which these ac-
counts allow TO the Morris and Essex as great,
If not greater, than the Delaware, LackaWanna and
Western Company would have TO pay, if its ship
meats were open to the bids Of competing railroads.
Hence il follows a matter of fact, that the capi-
talzation of the Morris and Essex Company IS too
great Lv more than the amount of its capital stock
of 81 900 600 and that except for the burden as
sumed by the Delaware, Lackawanna and Western
Company in leasing the Morris and Lssex Railroad
which lease was egazcd by special legislation
al To-
liver coal in Ncw-York at nearly - cents
per ton less than it can deliver it now.
Because the differences between tie net earnings
of the Morris and Essex Company and the guaran-
t4ed per cent premium on its stock and debts
these were in 1879 $3.50 1877 in 1876, Sl.2Oe G35.
and in 1877, 81 .209, 7l2-Which have to be paid by
the Delaware. Lackawanna ana W GsteIh, C0npahy,
are direct charges upon the cost OF the coal athnHh
lot 80 counted in the recent statement OF tbe lrla-
ware Lackawanna and Western, that showed loss
on the coal department for 1917 OF ~ ,JOOOuu. ftt
II is for the purpose OF sustaining snch eho.nou: u
fatiOuS represented by investments u hlEh,
priced coal lands, some of which VIII non De eeded
Jcr forty years, and ty raLiroaoS ci'B'9./ei -
Sg53G27 per mile, that the pubic > asked 40 sun
mt 10 tho formation of another coal com"nlajlon'
ton"
The week under review. on the stock Exchange
opened last saursay with m 9f Mas @na a
day." and SINCE then both The amount OF traaihg
and the prices have generally been on the decline,
although the closing figures last night aTcIaEc a
traction higher than last Friday. The daily
sales have run from 81 900 shares on Saturday, 10
1900 on Monday 1920 on Tuesday; 44aO0 on on
Wednesday, and $4,000 yesterday, making totai
for the week % days. Of 2f5,230 shares, against
49,. 35G shares for the preceding fun week.
The railways have cut their rates S;lll lower;
pact on west bound frcights are pronounced 10 De
Tonas Of sand coal companies have made reports
which furnish little satisfaction 10 stockholders and
rive no promise for the future; the European war
has been settled and unsettled, and the nlmedlate
passage of the Silver Bin has been expected and ITS
long delay anticipated. these some Of the
events and opinions Of the past week which might
have been expected TO create at least a sG ever
OF speculation. To say that in spite OF them al
stocks have remained dul, and prices comparatively
steady j. TO exhaust comment on the du!lcst week
knowu to the stock market FOR a long period.
To-day bcinga legal holiday, tile Exchanges are
all closed and business is suspended.
WEEKLY PRICES.