New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-25
Il companles... oso.7as ole.sOs Dec 4O.4aO-- O.1s

AY, FEBRUARY 25, 1889. TIE
/, 10 companies oSo,7ss oissos Dec. 1880 o1s
Total 80 sssO9i, us sa4a2 597 Inc s7Oss211sa
THE ST. PAUL'S REPORT
For so long time that the joke has become
stale, it has been a common remark tnae .l Sa1
booklSeeper Of the ST. Paul Railroad wns e s,
dead or had been, removed. The prsin nd 81.
Paul Railway Company for the year ending os Dv
cember 81, 1888, indicates that the aiore0d o,,
bookSeeper is lively corpse, ST. IN ths ,eiIa M
Of the company, and that his ability 70 m La has
poor showings is fully equal to any tnns n0 TIE h
ever exhibited for rose-colored siatenleiS
figures given for the year So1 III tiS S onnnai
comparison those taken from tne 90 d1n the
report Of that year the figures Tor eco orc TIP
furnished by the preliminary statement Inc
following is the comparison for the two yea1s.
gssss fRSsa Gee sa 81
Operating EXPENSES 15326094 fISII,ooo Inc AOOO,ooo
Ne. earnings 4S0 s74VOS7S Dec. s2,S4o,O0s
Income soaSce rom o'nei a72s2s 21s17s Dec 54o52
7 Total Sss ~ Rss
surDlus a. s55ois so6oB75 Dec ca 1Oo,O4s
We have said that the statement was a remark
able one IL is, that with decline in gross earn
nss Of there = n 0p aSer u
cent The loss in gross earnings, considering
the rates at which business was done during the
whole of last year, would indicate a moderate
percentage in amount Of traffic. But not to any
such amount as justihes an increase of over 13
per cent in the operating expenses. Here we have
q company which says it has been forced
ruinous competition of other lines, which,
instead Of retrenching expands its Oper-
ating expenses 1850, 500. On the face. it looks
like an extraordinary extravaganza in the manage
perhaps more correct solution OF the problem,
which we trust will be fully explained in tho
companys full report, TO he issued next month
that Is that secret rebates on schedule rates. IN
stead of being deducted from gross earnings. have
been charged TO operating expenses. This is o
fine point for the Interstate Commerce Commits
sion TO examine. The preliminary statement
also made up on different basis for its first
charges than has been the, custom for preceding
years. Heretofore the rule has been to enter
for interest charges those paid during the year
ending December 81, not taking into account
the increase represented by the payments due on
January /.
But the present. statements says interest paid and
accrued which seems TO make the interest
charges against 1888 500, 800 greater than
against 1887. The interest, If both years are
made up by the same method, is not much more
than half OF the amount stated. There, however is
another side TO this dark picture. The company
in September. 1888, made comparative state
mcnt of its business for the six months ending
June 30, which was as follows
months s3asa June a 9oJ sss Dlssrsps ss
Operating expnses 1880 5l1 s87s164 Inc 1147G23
Net earnings. 60 Coz $50 es75 925 Dec st 7s7 OO5
Therefore. deducting the above from the state
mcnt OF the whole year, we have the following
as the comparative result OF the six months-July
TO December 81:
q months ended Dec, slz1ss7. 1898, Differences
operating cSp'nses 7'7o615s s.Go01so Inc. 9O3.Os6
Net earnings.... sO97e5OO s50i4. 45s Dec. s702o47
In the first six months OF the year the COM
panys net earnings. rs reported, were only little
NOR than one-hah OF the amount OF the first
charges for that period. But in the last
net earnings were so,Ose,o65' in excess Of
the first charges for that period, as stated
in the preliminary statement. So that, although
the surplus for the whole year Of 1888, after the
payment OF l-2 per cent rs the spring dividend
on the preferred stock, is only s1lO,302, the net
net earnings for the last six months are equal TO
sl,334,07s in excess OF l-2 per cent dividend on
the preferred stock. In the new year, from jan
uary 10 February 10, the gross earnings Of the
ST. Paul Company have increased s4e7.3oo.
A WAITING SPECULATION.
While the demand for railway bonds continues
20 grow and the prices for first and second
class securities 10 hardcn the share speculation
last week was hating one; the business OF the
1914, SOL for the preceding full week. There
however, was continued absorption Of oil classes
OF stocks By people who make full payments for
their purchn6es The speculative dealings re-
ceived their principal ammunition from continued
short sales The predictions OF failure In the
ganization Of the proposed Interstate Railway AS
ISOLATION were more numerous than ever, and the
efforts 20 ridicule the whole scheme ard 20 make 10
appear that its failure was bankruptcy 70 all OF
the Western lines, were frequent and persistent
Chicago piled the Street with hourly II not minute
liz speciai tele grams and the newspapers with daily
ADMINISTRATIONS Of the farce becoming roar
Ing burlesque. This sort of thing naturally in
duced dulness. The dulneSS encouraged additional
sales for the short account But nc every eonceS-
sion after making liberal allowance for washed
sales or matched orders, purchasers appeared from
where no one knew, who readily absorbed The OIL
ferings.
ing OF prices during nearly the whole week; with
terest and n material change in the final figures;
That was the stock speculation OF last week, and
that WIS all there was Of IL. For twelve months
the speculation has been devoted TO discountng
tho collapse OF all the Western properties, based
SOLELY upon the idea that the managers were en-
listed 20 wreck and ruin them. The effect OF the
management Of 1873 is now being developed by
the annual reports. So now 10 is ancient history
which Is trotted out TO do the work Of depression.
ONLY among a limited circle is there any effort 20
direct attention 10 the improvement both OF the
general conditions and railway management. The
market closed the week with a strong tone
Subioined is our usual table giving the number
Of shares sold OF oil stocks, the highest lowest
and final prices OF the week, together with the
final prices OF n week ago. prefSed by Che average
prices OF February %, 1883:
WEEKLY RASoz