New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-09-15

Hence, supposng that the estimate for the current
quarter is approximately correct and not con-
tain errors like those in the estimates for the two
preceding quarters amounting 10 1928. 460 for the
quarter ended March 81, and TO 1893, OBJ for the
quarter ended June 30l il follows hat The surplus
for this quarter after the payment of dividend win
he $500, sos, and that the total surplus will be
S450,154. Deduct from the estimated surplus
(S450, 54l the actual surplus of December 81 1880
u4S,2s5l. and IL appears that the company's own
statements show earnings for nine months OF
1901 SCI in excess of its quarterly dividends of liz
per cent.
1t is admitted by officers of the company that
the term net revenue" which recently has been
substituted for the term :" net profit in the CON-
panys statements includes over 81 600 10 received
from the sale of assets That rs, of the SJ.46l9l2
net revenue" reported for the last nine months
(three-quartersl. only about 81, 400, 900 was re-
celved from the earnings of the company The ex-
PLANTATION given for serious a departure from the
ordinary form of stating company's business
is that the revenue received has been
expended in the purchase of controlling
interest IN other lines, particularly in a Canada
line. An investigation, however, shows that the
total charges for construction and purchase Of
stocks and patents for the quarter ended March 81
was S4S9,G93; June 80. $420 796, and September
80. 100000; total for the three quarters 81 2lO-
4S9. Those sums hardly exceed the average ex-
instance in the statement given above for the
quarter ended September 80. 1850, the charge was
$47l ,3S1, or Sl7l, 3S1 than is estimated for
the current quarter.
io-day's stock market opens excited and higher
prices recorded in the early dealings Lake
Shore stock was conspicuously bought and the re-
suit of the days business shows that il was done
to make market for other stocks that cannot be so
readily sold out as it be. There was a regular
BOOM" and for the first time in several days the
purchasing was general Many stocks recorded 10
higher figures than they did yesterday For in
stance, Western Union. the transactions In
which amounted TO $4,000 shares. did not sell
above 92ls, gainst 922s yesterday. But the de-
mand for the stock was active in expecta-
ton OF a statement making a remarkable
good showing. The stock closed at S9Ts Michigan
Central also sold no better than yesterday t9Sssl
but the transactions in it unusually large and
it closed at 95694l. SO il was with majority of
the list. weeks labor by the chief operators was
rewarded with a splendid market and they took adj
vantage of IL TO make large sales. The market
however, is as local it has been at any time.
Large operators hold less and the majority Of smaller
spectators hold more stocks than they did this
morning Hence the market closed weak at about
the lowest prices, which were declines, ranging
from To per cent.
Government bonds were unusually active and nm
doubleday were subject to some manipulation IN
connection with stock operations. The IS closed
last evening quoted 1890 Heb. but az the first
call this morning after sales 1864 the bid Of III
was promptly made, and later sales were made az
117ds, the final bids showing an advance of L per
cent The other issues were dull, the bids for the
4i2s being up IL and for the continued SIS up Il Der
cent. Annexed are the closing quotations: