, 1879-08-10

One~hatt OF the new shares, whether preference
or ordinary. are issued in the names OF one or
more sets Of Trustees, called Voting Trustees,
who hold the same for the purpose Of exercising
the voting power thereon; until the dividend
shall be paid On the preference shares for three
consecutive years. certificates being issued for
the same which shall entitle the
holders to receive from the Trustees
all Dividends declared in respect OF the
shares held in trust. 4 stockholder exchanging
100 shares gets only fifty certificates, over which
he has absolute control, aud fifty 4tbene6cary"
certificates. II he sells his 100 shares in the
Stock Board the buyer will not accept these
beneficiary shares as "a good delivery"
The American Exchange, in an article On the
St. Paul Road, presents comparative tables, and
intimate* that the earnings Of the present year,
rs reported, include those OF the Western Uniou
Rsroad, and tssif SO the increase In the number
Of miles operated Is AZ instead OF 263 miles, rs
before stated. .. Nevertheless, we In
cline to the belief that the increased earnings
are due to the Company's own freight, and that
the bills will be paid by the construction account
out Of the proceeds OF the honds made on that ac-
count. Therefore (assuming that the earnings re-
ported do not include those Of the Western Un-
ion) we hare prepared the following tabet for the
information Of our readers" The comparison
for the last three years is as follows:
1877. 1879 1873.
Of rosd. ..... 1,4oo l.41a 1.512
Ad nd dess:D oo4 $4,000 ssa $1,000 $50 aasoo
per Der miic.s.s.. lie. 1.s 2Lss7 .2l.ssa 2l.7i2
'5Gis Jafy ..'...'. s.ans asse1o = e47,4eo :7s,ooo
per p1lle ID July : sss 4oa 1876
Jsn. to Jui1i s5l4.elo 4.sua46o a,sn5.ooo
Thus while the debt per mile has increased
since January, 1916 s1,7s2 (the debt has been
increased since January, 1S19( the gross earn
ings per mile we're S53 less than in July, 1876
II the comparison were made with July, 1874. it
would be still less favorable to this year. Yet
the present speculation has carried the price Of
the common stock to 60 against 81, the highest
figure in August, 1S7S; SlA, August, 1871; 313&,
August, 1876; &c.. August, 1875; 361, August,
1874; :53N, August, 1878; 57N, August, 1873;
63A. August, 1871, and 615sS, August, 1870.
The inactivity in Erie has excited universal
remark during the last month. While other
stocks hare been going M 10, 20, or 80 per cent,
Erie has stood still. Some efforts have been
made to advance it, but they have failed. The
Public says with regard to this lack Of vitality:
For some weeks there has been little movement
in Erie stock OR bonds. Other properties IN les
enormously, but the Eric has had only an occa-
sional brief sPasm OF activity Yet the road is do
ing an enormous business. at ratss much aa better
fectinG its terminal faculties md connections east
and west The great elevator at Buffalo will soon
De ready for nse; any PASSENGER on the Pavonia
FefrT en- ~ es 1ns dosNs ,nH warehouses
CITY: the new coal-road IRON Pittston to Hawley
wll soon eonnect ehe most proeueftre anthfae.ts s
ts t;1,c ~, Permnnta shorter line fron, Pit,stun
to tide-water than any other: anu the New En-