, 1879-07-20

spu eouso1idz ted sinkiuk-futds to 11215. New
York elevated drsss sold up to LIP, while Metro
politan elevated firsts declined to 103. Denye
Il Rio Grande frsts fell off from 9115 to 9Q15
Norris q Essex consolidated tirsta declined t
Us; Great Western frsts, e1'coupon, to 11o}5
md do seconds, ex coupon, to 9S4.
Erie second 6s, gold, opened at 7619, adFancee
to T115, and closed at 7G6.
The question Of dividend on the common
stock Of the Milwaukee h St. Paul Railway ii
being agitated, and, as it is frequently asked
what are the terms OF preference in paymentE
on common and preferred, we present herewith
reference to that subject, taken from the
articles Of association of the Company:
The said preferred stock. except said scrip
stock. shall De entite ed dividend OF per ecu,
per annum. from tho net earnings Of each current
year after payment OF interest on all thu murtgage
bonds, if tbs Company earn 70 much during tbe
current rear, AMI before the payment OF dividends
TO any other class Of STOCKHOLDERS; but the Com
surplus before the dividend shall be declared OF
paid on aAld preferred stock, which surplus shall
not exceed at any time the aggregate Buu OF $780,
900 over and above the N0a1ln:, or unfuntel debt
aud the accrued interest on the mortgage bonds.
II the net earnings Of the Company are not much
- per cent IN any one year, then the said pre-.
OF whatevtt the said net earnings are, after the
payment OF interest On the mortgage bonds and
the reasonable RESERVE for working capital aoove
described. Said preferred stock shall hot have any
claim upon the earnings Of any other year for the
non payment OF dividends Of any preceding year.
And whenever The Company earns sufficient over
and the reserve above named to pay greater sum
than per cent on said outstanding preferred stock
and per cent % the common stock, Then the SAID
preferred stock shall share pro rNta with the COM
mon stock lu such earnings.
In the case Of the Chicago Il Northwestern
Railway, the terms OF preference are thus
stated:
This preferred stock is entitled IS provided iu.the
articles of agreement and consolidation made be-
tween the Gaenn J. Chicago Union Railroad Com
Company, OF date June >, 1854, to preference to
the aggregate extent Of 10 per cent in the dividend
which may be declared in any year out OF the net
s39ss [ q ,as4 ysa in s ss" feSws S '
dividends Of T per cent on the common stock:
lheu, sccondly, TO further preference of per
cent. After further dividend "t : pr cent on on
entitled to equal rates per share in any further dlsl-
dcnds.
. The gross earnings of the following railroads
are reported:
BURLINGTON. CEDAR RAPIDS i NORTHERN.
1878. 1870.
q J%iy:s eo.sls sa4,o97 Inc. 5 4,ss*
Jnly7... SIS, s44 o7s. 5e1 Dec 1a5, 1928
ST. LOUIS, IRON MOUNTAIN i SOUTHERN.
1878. 1879. IncrsaSe.
First week July..$ 83, ys3 s. II, o30 S:,G;6
Jan. to Jniy Z. I, 1858, 200 :, ,o02, 10t e., 2o4
The earnings Of the Kansas City, st. Joseph
s. Council Bluffs Railroad were as follows:
Earuinca from jan. to June q. 1879 $7Go. SIC. 80
Earnings form Jan. to june Il. 1878 Gsu, 304. 81
Ss3, 571.70
At the New York Mining Board on Thursday
Lcadville WAS in active demand at $3.00G3. 10.
Consolidated Imperial was weaker, selling down
to SLIGO. Consolidated Pacific sold at $7.3714@
7.50. The cheap stocks are acain looming up.
Bertha and Edith showed some advance, sell
ing steadily at 90 Gold Placer was weaker at II.
The following shows the fluctuations Of tile