New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-03

| 1882 are set down at $4,000 more than were the
net earnings for the first half of 1882 In view oil
such astonishing results tbs we'll to bear IN nina
that on October l. the first day OF the last quarter
of 1892 81 527 600 bonds of 1862 of the company
matured and were paid off at par; that the com
pany had the right to sell an equal amount Oh i's
second consolidated general MORTGAGE bonds OF
1873. and that those bonds were worth in the mar
kot a.premium of 20 TO ~ per cent, which, on the
amount of bonds to be provided for, is equal to over
5000, OOO-gross revenue and profits u. The follow
ing tables show the gross earnings operating ex-
penscs and net earnings for those years divided
uto three pcriods-tho first half and two last
quarters-the figures of 1882 being based upon tho
company's partial statement of December %.
GROSS EARNINGS
jan to June sod h3s2 Sos s lSi5 ssSsS2oe
5 oSy % Dec sS' 5i o ts7 SS 3s 7SS 585
Total for year,. sIs,7l94dl sl707l30l S1s,275,oo0
OPERATING EXPENSES
Jan. to June 30. $5Ol9,3s2 s52S5l65 s6ao379l
5 5sE 10 . 5s sept o 9 Ss5s Ss!s R353l
Total for year,. slO4ls1O5 slL27s42o sill25,ooo
EARNINGS
81 & 8 5sS li siS5i 35Ss ss5S
Total for year. ss83l $3.50 sGGo2002 s7,l5o,OOO
The balance sheet accompanying the report made
to the State Engineer shows that on September 80
1882 the amount Of the company's unfundg debt
was 90 800, 175 greater than 1t was twelve months
before that date, and $2,33S,39S greater than 1t
was on December 81, 1881 The following table
shows the direct debts Of the company at the dates
named:
n dates sopt30'sl: Dec. -, 81 Sent 3o,s2 o
Unfnl1cd debt........ l967.G3O 2l3lAO7 4469,s05
Total debt ..... s376S2, $50 s3OO49,4O7 s4l3siso5
IrKMs or UxFUSDED DEBrs
pS a. SS'f bill. and ray rolls P s fY5S5 S.o'
Di GSnGs deaar Su and payable loi6ooj as9ssi
Other debts .. -'''s''V'
Total floating debt as above..... s2lSl.lO7 siiGosOj
DEDUCT.
Cash ass s a.lsa f 5SSs " i83sSs
Total on,ctst to floating debt ... SlT94Gl slGs%2oi
Net floating debt OF daeS..'.-. +Il"fJ -'ffHoV4
The unfundod debt Of September 80, 1881 like
that Of December 81, 1881, was simpy the expenses
aud pay rolls for that month and the dividends de-
cared for the quarter. Drductng the cash and
cash assets from the uuluuded debts at the respec-
tive dates 1t appears that in nine months of 1852
the net floating debt grew from Si1l,943 to
S2.77I ,6O4-an Increase of $2,3J0.60l, or within
1898 O0i OF the sum required to pay the dividends
which were declared for the nine months. a note
at the foot of the balance sheet presented to the
State Engineer under date of December lS, 1882,
SAYS: "The above items OF unfunded debt all paid
at this date except 81 100000, which IS represented
By new cars and other assets purchased
in 1852" But the method of payment ia not
explained. Ii is evident however, that the
earnings of the three months-Octobcr l to Deem
Der 3l-largc as they are did not provide the
means OF reducing the unfunded debt to that
amount and pay the dIyideIrl which was declared
for that quarter. The net earnings or revenue of
the quarter were S2.G22. 100; 70 pay aQuarteTs
proportion Of the first charges and sinking und Ie-
quires S7l7 800. and the dividend, including that
on the guaranteed stock for Onehaf year, requires
Si.Ot6OOO: total, $I.7G35OO. Deducting that
sur from the net earnings or net revenue OF the
last three months leaves only S05S.900 "A ap2lica
bic 70 thc reduction Of the S177l 6Oi nc, floating
debt of Soptcnho. 30, 1882.
The now year opened with considerable depres
sion at the Stock Exchange. Even tho first prices
showed declines from Saturday last figures, but
that was followed by little " boom" of i203i per
cent. subsequently, there was quiet but marked
shrmkage in values. which continued with no
material reactions during he remainder Of the ses-
sion. The decline was generally and differed
only in degree in its eject on values As
rule, where there was the greatest ac'iv-
ity. there was the greatest fall in prices.
The large sales of some stocks evidently were
made for account Of some of thu large operators.
who had what they wore selling. and The
invention of fictitious reasons for tbs decline OF
certain special stocks-like ono that the fall IN
Texas Pacific stock. was because of an erroneous
impression that II was affected by the llto decision
relative to the Arkansas State AID bonds--did not
check tho decline for the very good reason that the
stocks re fed TO the market ~ soon as there was
one which would tako them. There were rumors OF
cutting passenger faros between the tunG lines,
and the runors se'med TO be well founded, but they
generally were not beloved AMI had lit,le or no
effect upon the market. Indeed, 70 was mo- 20 oil
day for rlmors on either side The market WAS
~ cssenrially local IN its character that II was gov
erncd eu. ircly by the supply AMI demand AMI the
demand was regulated by operators changing views
Of the extent OF the supply. SO the last moment,
prices rallied lsDas from the lowest prices Of the
day but the market closed weak.
Government bonds were dull. but generally were
firm Tho best bids for the 3l2s showed de, cline Of
D per cent bat nouc were offered; tho bids for the
As were Is higher aud for the ii2s u higher. AN
nexcl are tho closing quotations:
so AsKed. Ar A,xsf
~. tgpi IlAf. 81, Do = cur. u 1920