New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-05

The most Instructive item In this table is the
deficit Of s2.9SO.2ll for 1894 against surplus Of
s337GSl last year. and Of s. 22l 932 in 1892. The
statement Of the president in his summary
plains this. and makes 1t clear that these sur
pluses ought 10 have been a deficit in one case
and a greatly reduced surplus in the other. If the
bookkeeping Of 1882 ana 1893 had been correct.
Until 1894 the bond interest charges of tho Du-
luth. South Shore and Atlantic, and the M.nnca-
polls, SauIt Ste. Marie and Pacific whose bonds
are guaranteed by the Canadian Pacific were
paid by the !ast-namcd company, but not charged
70 income account as they should have been.
Moreover, the interesl on the bonds issued
against the land grants was. until last year.
charged against The company : investment I'm the
lands; now. for the nrst time, this interes, Is
charged against the income account. The an
nual amount advanced by the Canadian Pacific
on account oC the bonds Of these two railroad
feeders, and OF the land grants, amounted in 1893
TO at east $lH326S as shown by the difference
OF the liked charges of 1894 against those Of 1885,
and if this had been charged to income account.
instead Of surplus OF $337.68l. tn" report would
have shown a deficit Of $l4Oi5SI. Doubtless
mis- item. on behalf of the TWO railroads ana the
land grant IN 1892, was fully as large and there
fore the apparent surplus OF $222l932 should
have been 81, down t. small amount. This
report states that g. 11211c of land bond interest
had not been heretofore included. The apparent
SURPRISES Of this corporation were Therefore.
presumably set forth To- deceive the public. ana
to maintain The borrowing power Of the company:
ana perhaps the same policy would have been
maintained this year except that the condition
OF the company had become 50 bad that ii was
Of use
Now the point herein lies in the fact thai Eng
lsh management and Engiishmen chiefly are re
sponsible for the policy when has delud"d the
stockholders % the Canadian Pacific said to in
clude even members Of the Royal family who
were loaded up with securities Of the company
tokens OF loyalty. and deceived It's creditors and
Il Is just he Kind Of policy which the English press
and the English Investing public have been howl
ing about recently as leading characteristic Of
railway management in ;hc United States. Ger
tainly the villanicS Of American railway WreckerS
cannot be excused by English wrongdoing: but
this Canadian Pacific incident should furnish Eng
lish financial writer's with food for reflection. OF
course the 100000 surplus" placed on special
deposit to guarantee dividends about which
much was said, never n real surplus and
naturally had TO be drawn on to meet the re
Quirements OF the company
The way the Canadian Pacific was going was
long ago apparent The process Of SHINING the
road was rcsOrted TO from the first In 1892 the
company was paying only about 1925 mile 10
maintain the roadbed. and in 1894 $40: which
shows by implication that expenditures for re-
newals were charged 10 capital and not. as they
should have been 10 operating expenses In 1893
even the Northern Pacific was spending about $500
per mile and the Changers were spending about
500 or $500: and these companies probably do no;
require so large expenditures in this direction a
the Canadian Pacific requires
ON THE STOCK EXCHANGE
The movements In stocks to-day were irregu-
lar and on the active list small advances about
Offset small declines. Business was restricted,
1G2 1919 shares being done and the chief charac-
teristic OF the market was its frmness under
pressure. People who have stocks. apparently