New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-22

, for one year S, 100000 upon S5.O0O,OOo
~ tta unissued general mortgage bonds,
and large part of this SIS, 100000 OF borrowed
money was applied to the reduction OF the hoating
debt. 40 that on January 10, 1880, the floating
debt stood at 81 668 074" But really. il the one
wear loan be called floating debt, 1t stood at
s1I. 1876 974, or $2.051 ,0G5 more than it was No
vember 80. 1879. The business of the two compa-
mics for the year ended November 80 resulted in
net profit of $3 345,714 The full interest charges
amounted to $6,16357O, showing a deficit OF
81 BIZ 1885, But Of the interest chargeby the agree
ment male in 1877 after default in payment,
S1.846 500 was payable in scrip, 80 that the cash
deficit of the year was only $970,057. Mr.. Gowen,
in his annual report, made an estimate OF the
companys business for 1850 as follows: Net profits
of the railroad. So 100000 against $4.O45l6 4 In
1870: net profits of the Coal and iron Company,
90, 500 900, against a loss of $G09.45O In 1879;
combined net profits. $11,2O0,O0O, against
S3.245,714 in 1870. Deducting from the esti-
mated net profts-$11 200 ,OO0-the interest charge
in full-S7, 600 OOO-left as net over all charges,
$4,000 oOO." against deficit Of $2,817,S5G i'll
1879. This estimate serves to show the sanguine
Temperament of management which for four years
has struggled to corporations which wereslnK-
ing continually.
The stock market was affected more or less by the
Reading failure, but not much as it was reason
able TO expect that it would be affected. The early
dealings, except in Reading, showed some lndlca-
lions Of an Improvement but the persistent sales OF
Reading stock finally had an influence upon INC
other coal stocks which in turn took the lie OUT
of the whole market. 1t was not till after midday
that the news of the Reading suspension" be-
came known, except TO the few who had oeoh
acting upon the information all the morning
and not till after o'clock that IT was
announced IN form that detied the contradiction
which had been given to the first rumors III the
meantime, Reading stock had declined from 4"4 10
81 Delaware, Lackawanna and Western from 'oi2
to 7s. Delaware and Hudson from 1928 to II, and
New-Jersey Central from 67l2 to g. When IL was
announced. over the signature OF President GoWeh'
that the Coal and Iron Company had suspended
Reading fell to soil Delaware, Lackawanna
and Western to 75l2, Delaware and hudson
to 20, and New-Jersey Central to 62a4. In the
final dealings, Reading recovered lie from its eX-
treme lowest price Delaware, Lackawanna and
Western, 1ls; Delaware and Hudson, 3d. and New
jersey Central, 1s4 per cent. In the general mar
ket Western Union was the weak spot, declining
from GSl2 to 96606's But with few exceptions,
stocks other than those mentioned rallied sharply
Just before the close, that the declines generally
are uuimpOrtant, and sOmo stocks actually show
small gains after having declined from d 70 1l9 per
cent. The market, outside of the coal STOCKS ana
Western Union, closed strong.
The principal final changes from the closing
prices Yesterday are as follows: Declines-C., c.
and l. c., Lake Erie and Western, Missouri, Kansas
and Texas, Ohio and Mississippi and Atlantic and
Pacific Telegraph, each j Wabash and Erie, each
7s; Chesapeake and Ohio, Northwest preferred,
Hannibal and st. Joseph preferred, Nashville,
Chattanooga and st. Lous, Central and hudson,
and American District Telegraph. each 1 Northern
Pacific and Iron Mountain, each III; Chicago, st.
Paul and Minneapolis and Ontario and Western,
each 13s; Ohio and Mississippi preferred, Ia
Western Union, g; Chicago, Burlington and Quincy
aud Northern Pacific each q Delaware and Hud-
son. 2is; New-Jersey Central, 20s; Canada South
ern and Delaware, Lackawanna and Western, each
2sl; and Reading. 1913 per cent Advances-LOus-
vile and Nashville, 1 New-YOrk Elevated l 1; and
Metropolitan Elevated, 27s per cent.
Government bonds were as duh as usual, the
transactions at the Boards amounting only to
S455 800. Prices. however, are strong, the bid
dings for As being advanced ls per cent. There
were small sales of District of Columbia 3.65s at
95. Annexed are the closing quotations: