New-York tribune., 1889-12-21

LAKE SHORES ESTIMATE.

Friday, Dec. 2O-p. IN.
The directors Of the Lake Shore and Michigan
Southern Railroad to-day declared the usual semi
annual dividend of . per cent, wrS an extra
dividend of l per cent for the year. Both dlvi-
dends-3 per cent-are payable February /, 1890.
TO stockholders of record as of December 81. Inc
report submitted for the year to end December
81 which, of course, is partially estimated, shows
net earnings over all charges of 652 per cent on
the stock and this result is arrived at after
charging TO operating expenses over Sl,S0O,OOO
for betterments additional equipments, etc items
that under the old methods of keeping accounts
were charged to capital account. Under the
bookkeeping methods Of ten years ago the present
statement would have shown edlnings Tor the
stock of nearly o per cent. During the last Iour
wears every item OF expenditure has been charged
10 operating eApenses. In tine four years, lnclud-
ing dividends declared to-day, the dividends paid
have amounted TO IL per cent, but the net earn
ings over the dividends paid in the same period
have amounted 10 $4,456,OOo, or nearly 10 per
cent on the stock, and this after reduction ot
81 900, 900 in the amount of the debt But the
company paid S2,503,OOO for assessment on
Nickel Plate" stock, which has nearly doubled
in value since such payment. The following com,
pares tO-days estimate with the actual figures Of
the two preceding years:
THREE YEARS BUSINESS.
Years ended Dec. 81 1887 1883. alsSo.
Gross SIS 7lO963 Sls,0-9627 900
0ptaSss t&es 'pv.'@ @ 11o2s,7ss 11slos71 1888 $50
Net eanines........ s7esl ,165 s6,7l9256 s6.eH,Iu
Flint inp cAs5Se'6 s5SS 900 nciSa for
sinking fuHd........ ssao,e45 s,eOsS91 S495,oOO
Surplus for the year.. So 7s52o ss1los99 sS?l9In
DNldehds Daid..-s bl,9e,ooO c-'t'o'o%o o-'i'''o-'
Balance of surplus 81 sO2, 500 so87,54O s742,sl0
a. Partly estimated. b. per cent dividend. c. per
MICHIGAN CENTRAL AND CANADA SOUTH
ERN.
The directors of the Michigan Central and Of
the Canada Southern Railroads declared their
usual semi-annual dividends of and IA per cent
respectively, and an extra dividend OF per cent
each, making and Ia per cent respectively,
payable February l. The combined operations of
the two companies, as published in the estimated
statement. show a gain IN net earnings over all
charges OF $4,000 on lsss, and Of S220000 on
1887. The surplus after division, OF the Mlchi-
gan Central over the Ii per cent paid during the
last four years Including that declared to-day is
over $500 900. Canada Southern surplus for four
years over the dividends of 9 l-2 per cent paid
and declared is 100000 The following COM
pares to-day's estimate for $50 with the actual
of the two preceding years:
BUSINESS OF THREE YEARS.
ero. isi i?e SsS sls5sssSseeq
Operating expenses 9s75,246 1O,os66o6 9's37OOO
Net earnings y, ,2s92it s3,Gss,9J3 sSs99ooo
First charges---.--- 2,13o'925 2,43''odo 2'5l2OOo
Balance .......... si,758aio sI,240,S87 si,as7ooO
% to Mich Central. siIoss79 s9o7,72e $4,000
l-s to Can. southern. 5si,i4o SSo'lGl 10000
Total balance..... sl7538l9 s1,2i0ss7 sl.3s7 900
The Michigan Central Company added TO its pro-
portion of net earnings as stated for years 1887,
1883 and $50, and disposed Of its net income as
follows
1887. 1888. 1899
Proportion from traffic 81 los $40 S907 726 S971 900
Income I'm investm'ts 527lS 55,276 10000
Total income...... 81 22f 597 1868 OO2 81 Ol6 600
Ipvested In land. S137. 900 ....... ........
DIVIDENDS b749.52S b7f9,O2S c936.9i0
Balance 335O6g 1l3i1i 5000
sl,221507 ssC3.OO2 sl,016,OOO
b4 per cent. s per cent
The Canada Southern Company disposed OF its
portion OF the joint net earnings for years, as
follows
1887. 1883. 1889
One.third OF net. s5s44lO 1899 l6l siIOGOO
Expended for lands. $4,000 ....... .......
Dividends b37b.OOO b375,OOO c579
Balance d35, $50 dlOg OOO
1854, ,l4O s33o16l $4,000
b 22 per cent. 81 per cent. Deficit.
WHAT WAS DONE IN STOCKS.
The stock market does not vet reveal any
marked speculating other than by operators who
have been selling stocks for a decline. The