New-York tribune., 1878-12-17

THIRD CAII-2:3O 2. NJ.

NJ
The directors of the Chicago. Burlington and
Quincy Railroad Company, in offering to each
sockholder the privilege of subscribing at par for
one share of new stock for every ten shares stand
inc in his name on January 1, 1879, furnish the
following statement of the reasons for thus increaS
ing the capital stock of the company ~, ,764OOO:
J. The board have authorized an Oqay OF umI about
ing IN ali to il2 miles which up TO April l. anon ooo
only about. ~'
2 -hey " have also authorized the reduction Of Ger
Constant source opeTsting expense EGO 900
eS1imiSd to cost wtn tnrI G9 Te "anrin bonds
The tfTags and so5ne B@IgOR $4,000
Tgs thus 70 R Rf1ylqs %g oT SS
chase rolling stock dncluding ABOUT 24OO 40 nm
freight csrs) amounting gto............''" Il'o'Ooo
s8,196,QOo
g. our outlay for other Of construction forthe m oo
current year estimated up to APn & CSS aCS 00VOo
g. 1 en- "@ 'he 81 LOUIS Nooa t''anu . 46sOOO
.s5,y55,oOO
TSwsTd aS!a weh Sonf Te naye Useu 80 295OOO
s3,7OOOOO
TMFd for sv wGs 8y NEW SsePnq ss@a ap oST
road AID Slupmg1' aaa pay RS}ymS iEo a. peF cent
nls: slnsing & lnnas esrpngs for ISIS Of ~ 100000
,o.,nr % no Drov,aed for 100000
To the estimated surplus for 1878 may be added
the reported surplus If 1877, which amounted to
1881 .OOO This would reduce the estimated sum
REQUIRED to $242O.O00. But even a novice
in railroad accounts will not fail TO observe
that some of the items mentioned are proper
charges against operating expenses, ana not against
construction. Item No. 2, except the unstated
proportion for "some d0uble track" clearly should
be charged to operating expenses ana item No. a.
which for purposes outside OF additional line, also
should be charged against current earnings or tOop-
Grating expenses; Item Noe outlay on the 81. Lous,
Rock Island and Chicago karroai' represents no
addition to the length OF the road and probably
not 30 its earning capacity lhs road was 500 IN M
ani afterward was bought by the Chicago, Bur
lngtOn and Quincy for S1,7OO. coo, against
which purchase the company issued ~, 100000
per cent bonds at 90, thus realizing IN Cash S2,225,-
900, winch lett It S525,O00 TO expend on the pnr-
chased property, yet that branch now appears ior
S46S,000 Of the S2,7OO,OOO to be raised by the
sale of new stock
temper winch was TO lnuuehce ptices curing i tne
day. The opening was made with ylm, while
there were renewals of the reports circulated on
Saturday of change OF front r,tru on the
The Northwestern stocks continued to lead III the
speculation. The couLmon advanced rapidly from
4Gls so that within fifteen minutes from the open
ing it sold at a.. The preferred at the same time
rose from 74li 10 747s. AfterWard there
were many fluctuations, with sales as low low
common. and 75l4 for the preferred IL SYM
pathy with these movements the st. Paul shares
also were higher, the common up 10 30Ii and the
preferred TO 731t. Chicago. Burlington and Quincy
rose to 10714, but closed offered at lOl, and
Chicago and Rock Island, after selling at 1854
declined to lis. The trading III Lake Shore was
not large, Uut Its tone was firm, and II closed only
Is below its best figure. Michigan Central was dull
at 6Sl2G6SS4. The assurances of 3 per cent
dividend Lake shore were renewed, sup
plemeDted by prediction OF handsome
surplus after the dividend. 1t must be re-
membeTed, however. that these reports are
Stock Exchange rumors. Erie q shade better
on the buOyancy OF the general market, and Central
and Hudson, without sales. was quoted llOi20llO's
ex dividend. Union Pacific was less active than on
Saturday, but steady. Wabash, and ONO and
Mississippi without change, but the preferred
stock Oh the latter declined TO 17@.
The coal stocks were affected by report tnaI the
Delaware. Lackawanna and Western Company was
about 10 retire about million OF Its capl-
tai stock, and also by a report OF a CON
nectIon between the Baltimore and ONO
Railroad and the Central of NeU-Jersey
As the Delaware, Lackawauua and Western Com
pany mas been obliged TO sell mortgage bonds the
absurdty of the first report Is apparent, but III au
duoD TO that il IS officially denied. In regard TO
the second story about Central Of New Jersey, II
may be a revival of tue Old report which was
current during the speculation III the stock
last year. However, Delaware, Lackawanna ana
Western, after 1nctuatlDg l per cent, closed g
higher than it opened, but the other coal stocks
all showed improvements of from y TO a per cent
Central of New-Jersey showed the latter advance.
Western Union llght business was strong,
and rose to 94Ss, at which 1t closed. Paclnc Mail
had the benefit Ot reports (which are truel That Its
difficulties with the Pacific Railroads were arranged
substantially and its price accordingly advanced 10
l5G147s.
The market closed dull but firm.
RANGR STOCK MARKHr.
AsTep,rted by ne Gotd aud stock Telegraph Company
Actual ssles---IC Closing Bios shares