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From which were paid on account of operating

Transportation ,......
Repairs of road, &c....
Repairs of equipment...
Fuel, oil and waste...
Haulage by horse-power..

Total expenses.........
Earnings less expenges...

$222,302 9: $318,614 23 $485,452 68 $469,689 31 $548,817 60 109,535 84 54,417 59 220,915 10 385,485 84 324,798 GO 137,069 61 151,690 46 226,296 16 221, 712 39 247,39 54 83,880 62 136,189 20 214,902 27 194,143 39 173,497 09

29,552 60 43,399 50 77,128 75 78,692 30 69,790 75 $582,341 68 $704,309 98 $1224,694 96 $1,349,723 49 $1,364,243 58 $454,096 19 $720,462 33 $622,596 85 $632,439 25 $704,016 47

This road (including 15 miles of the Harlem Railroad) extends from New York to New Haven, a distance of 76 miles. It is a double track throughout.

The following shows the mileage of trains, the number and mileage of passen. gers, and the tops and mileage of freight in each year:

Trains (passenger), mileage......

(Freight),

Service), Total traine, Passengers carried.

one mile. Tons of freight carried...

"' one mile..

1862-8. 18634. 1864-5. 1865-4. 1866-1 418,743 465,617 539,138 535,126 551,604 97,124 104,308 104.623 10:,340 109, 150

3,043 485 17,994 36,110 6,089 518,810 570,410 652,755 672,676 676,843 .1,174,171 1,455,155 1,833,575 1,848.915 1.885,898 .41,348,675 63,660,428 68,736,307 66,709,592 65,211,107

74,707 94,726 168,360 119,742 127,765 4,429,874 6,539,174 6,048,608 6,737,444 7,359,912

The“ general account ” showing the total financial transactions of the com. pany for each year, is given in the following statement :

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The financial condition of the company, as shown on the general balance sheets at the close of each year, is exhibited in the following figures :

Stock (100 ghares).
Bonds une Dec. 31, 1866.
B'de dve Oct. 1, '75..
Profit and loss
Accounts payable..

Total.......

1862-3. 1863-4. 1864-5. 1865-6. 1866-7. $3,000,000 00 3,572,800 00 3,619,600 00 5,000.000 00 6,000,004) 00

912 000 00 912,000 09 912,000 00 912,000 10 11,000 00 1,088,000 00 1.088, CO 00 1,088,000 00 1,088,000 00 1,068,500 CO 622,995 22 827,869 08 967,543 90 940.396 18 934, 87 52

131,367 14 211,697 69 23,196 81 140,785 26 258,045 86 0,154,362 36 6,612, 366 77 6.810,340 71 8,081,181 44 8,272,133 38

Against which are charged as follows, viz. : Railroad, &c...

4,643,832 81 4,656,426 45 4,664,102 46 4,656,302 46 4,677,811 00 Loss by Schuyler fraud..

572,800 00 619,600 00 1,599,202 70 1,663,742 99 Eqoipment...

712,492 85 764,877834 932, 365 19 970,220 41 1,021,673 09 Real eetate (including leases).... 65,505 66 65,505 66 65,505 66 65,505 66 96,215 66 Forfeited stock.

48,900 00 Materials...

90,515 17 222,347 22 362,321 93 338,998 41 247,024 59

242,015 84 830,410 10 166,445 42 407,051 80 516,736 05 Total....

5,754,362 36 6,612,366 77 6,810,310 71 8,081,181 44 8,272,133 38

Cash.......

CINCINNATI, HANILTON AND DAYTON RAILROAD. The earpiogs and expense account of the Cincinnati, Hamilton and Dayton Railroad Company yearly for the last five years, ending March 31, gives the following results :

1862-63. 1863-64. 1861–65. 1865-66. 1866-67. Passenger earnings.... .... $348,893 398457,162 85 $546,810 15 $545,666 09 $457,665 26 Freight

446,633 03 626,758 46 614,944 53 748,678 38 737,001 15 Mail and express earnings. 47,167 21 56,115 94 47,421 12 46,690 66 41,763 10 Rent of track, &c... 27,286 66 32,568 59 30,328 56

20,531 34

62,933 49 Viscellane's. 7,323 57 10,722 63 2,442 35

2,173 67 Gr's incomo...

$877,408 86 $1,083,328 47 $1,241,856 71 $1,361,566 47 $1,301,536 67 Oper'g exp's.

390,936 8: 554,507 12 738,628 92 829,276 $5 847,594 10

$486,467 05 $528, 821 35 $503,227 79 $532,289 52 $453,942 57 From which were disbursed the following, viz. : Interest on bonds...

$93,601 66 $93,380 00 $112,169 175 $112,164 50 $123,151 88 Interest and exchange.

1,575 80 39,127 06

20,693 46 30,699 17 58,356 14 95,016 05 68,920 56 Insurance, &c..........

2,430 82 4,074 00

4,590 00

2,194 65 Ordin'ry disbarsemt's..

$114,295 12 126,509 99 $174,599 89 $213 346 35 $233,394 15 Extra'ry disbursem'ts. 1,358 50 21,553 72 51,242 07

65,720 00 Totalp'd from earn'gs..

$115,653 62 148,063 71 $225,841 96 $213,346 85 $299,114 15 Dividend fand...

$370,813 43 380,757 64 $277,385 83 $318,943 17 $154,828 42 Dividend and tax..

2:22,247 42 239,963 91 257,894 72 270,000 00297,328 00

Taxes .....

The financial condition of the company as exhibited on their balance sheet at the end of each year, (31st March,) is shown in the following statement :

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Construction,
Equipment..
Real estate.
Wood & materials..
Wood lands.
Bills receivable.
Stocks and bonds
Accounts current
Dayton & Mich. RR.
Cash & cash assets.

$
.2,648,206 38 3,364,049 42 3,897, 229 06 3,920,736 12 3,930,423 36

481,082 79 499,086 19 593,209 13 826,107 09 991,195 26 285,581 54 303,859 98 314,551 10 338,123 60 843,883 09 48,150 42 167,966 56 272,882 58 288,177 24 233,946 52

17,659 32 24.245 56 16,245 56 12,540 00 44,601 14 112,048 33 17,847 33 24,152 24 21,696 70 91,947 26 138,147 26 203,089 65 234,417 33 149,833 93 76,950 58 139,304 62 159,706 32 78,970 12 77,046 12

36,002 16

171,845 57 323,117 96 811,582 53 253,343 33 90,034 84 97,814 97 112,354 61

Total....

.$3,983,192 64 4,996,265 01 5,60,793 97 5,996,076 00 6,197,537 55

The actual nett earnings of this company in 1866–67 amounted to $220,548 42, but from this was paid $65,720 00 (discount onbonds issued) which left for dividends $154,828 42. The dividends paid with tax thereon amounted to $297,328 00, the difference ($142,499 58) having been taken from accumulated earnings. It is evident from this that the road earpings were not sufficient to pay more than half the amount thus disbursed. The deficit in nett earnings is due, perhaps, to temporary causes, chief among which is the loss of freight from short crops, but also the increased rate of wages paid to employees. These difficulties time will remedy. But is it politic to pay dividends under such circumstances, and especially while increasing both the stock and bond accounts in the interest of connecting roads, which, at least for many years, will not return one half the interest on the outlay. We allude to the Atlantic and Great Western Rail. road, and the leased roads with which this once flourishing company have become saddled. The large floating debt of the company is to be paid off by an issue of ten years 8 per cent. bonds.

MICHIGAN CENTRAL RAILROAD.

per cent

The fiscal year of this company ends May 31. The results of operations for the past five years read as follows:

1862-63. 1863-64. 1864-65. 1865-66. 1866-67. Passengers

$889,682 $1,262,415 $1,771,814 $2,061,335 $1,824, 226 (Av. p pass. p. m. cents.

2:49 2:41% 2:59 2:72 2:69 Freight

1,983,757 2,073, 274 2,233,529 2,208,592 2,285,522 (Av. p. ton p. m.) cents

1:99

2:25 3:06 2:60 2:49 Miscellaneous

73,121 98,859 140,076 176,563 215,713 Total gross earnings..

$2,946,560 $3,434,548 $4,145,419 $4,446,490 $4,325,491 Expenses...

1,272,360 1,720,125 2,406,149 2,808,376 2,626,777 Net earnings

$1,674,200 $1,714,423 $1,739, 270 $1,638,114 $1,498.715

56.82 49.92 41.96 86.24 34.64 The general income account, varying somewhat from the above figares, exhibits the total revenue and disbursements as in the following statement :

1862–63. 1863-64. 1864-65. 1865-66. 1866-67. Balance from previous years..

$312,194 $772,636 $1,002 894 $708,385 $ 160,803 Receipts from earnings..

2,947,917 3,417,186 4,121,213 4,415,279 4,333, 705 Total revenue.....

3,260,111 4,189,822 5,124,107 5,159,664 4,794,507 From which amounts were disbursed as follows, viz. Expenses...

$1,272,360 $1,720,125 $2,406,149 $2,808,376 $2,826,777 Sinking fund.

84,500 84,500 84,500 84,500 84,500 Interest and exchange..

617,657 600,217 622,691 643,726 628,081 Cash dividends-July

(3) 181,718 (6) 363,432 (12) 757,889 (4) 259,648 (5) 319.135 -January

(5) 302,860 (6) 363,432 (6) 378,942 (5) 341,035 (5) 375, 135 Stork dividend, July, 1865.

(6, 389,472 U.S. tax on dividends

21,753 69,955 28,885 {

15,723 26,926 on receipts......

33,469 95, 280

113,381 60,503 Total disbursements..

$2,487,475 $3,186,928 $4,415,722 $4,698,861 $4,351,057 Balance to next year........

$772,636 $1,002,894 $703,385 $460,803 $443,450 The general balances are shown in the following accounts, as of May 31, yearly :

1863.
1864.
1865.
1866.

1867. Capital stock......

$6,057,436 $6,315,906 $6,491,386 $6,982.861 $5,070, 66 Bonds ....

7,999,489 7,740,989 7,565,489 7,463,489 7,268,989 U.S. tax on coup..

4,956 5,435

168
58

4 Unpaid dividends.

1,598
660 1,059

965 Jack'n, Lang'g & Saginaw RR. Ce.

233,469 Bills & sundries

15,492 279.915 Balance of income..

772,636 1,002,894 708,355 460,803 413,450 Total .......

$14,834,955 $15,066,822 $14,781,570 $15,189,190 $16,017,513

437

Per contra the following are shown : Construction, &c..

$13,805,576 $13,805,576 $13,805,576 $14,316,423 $14,930,814 Materials.....

174,026 288,065 209,887 Cash, loans, &c.

654,725 807,841 224,606 75,750 333,660 Jol. & N. Ind. RR..

168,225 168,225 163.225 168,225 168,225 Jacks'n, Lans'g & Sag'w bond ac't

8,055 Land accounts

214,173 125,911 122,036 As'ts in ofi's h'ds....... 168,310 75,73€ 137,66 145,737

152,110 Bills & accounts

38,113 209,444 39,596 68,978 92,753 Total....

$14,834,955 $15,066.822 $14,781,570 $15,188,190 $16,017,543

THROUGH FREIGHT LINES,

Tbat success should attend the establishment of great lines of transportion managed by a central directory could never be doubtful. That they have be. come a success, the semi-annual circular report of the business and earnings of the “ Blue Line," which commenced business January 1, 1867 proves beyond cavil. This shows the following facts : Freight moved East. 40,050.94 tons. Net earnings.....

$701,064 81 West 26,281.26 tons.

491,638 44 Total........

66,332.20 tone. Total net earnings... $1,192,753 25 The number of miles run was 8,800,856, and the number of tons carried one mile, 62,534,422, at an average rate of 1.92 cents per ton per mile. Propor. tion of freight East, 61.46, and West, 38.54 per cent.

The division of earnings was made as follows : Hudson River rallroad..

80,828 11 | Michigan Central railroad.... $305,616 47 New York Central railroad... 383,930 05 Chicago,Burlington and Quincy rail. Great Western (Can.) railroad.. .289,217 39

4,129 89 Boston and Worcester Western

Chicago and Alton railroad.

20,300 01 Railroad and others east of Al

Illinois Central railroad..

1,706 04 bany....

$106,925 29 Total amount distributed.

.$1,192,753 25 The number of regular“ blue cars” now in the line is 402. The approaching fall and winter business, it is estimated, will require 1,500 to 2,000 cars for its accommodation.

road.

COMMERCIAL CHRONICLE AND REVIEW.

Rates of Loans-Prices of Railroad Stocks-Stock Exchange-Prices of GovernmentsCourse of Cousols and American Securities at London-Import and Export of Coin and Bullion-Movement of Coin and Bullion-Course of Gold at New York-Course of Foreign Exchange at New York.

Business during July was characterised by the dulness which ordinarily pre. rails during that month. The most notable feature in tradiug circles was a decided improvement in confidence, inspired by the splendid crop prospects through. out the country, which, thus far have not been doomed to disappointment through the occurrence of unfavorable weather. This revival of hope, however, has not been attended with any exaggerated preparations for the fall trade. Merchants appear to be governed by a strictly conservative feeling, and deem it prudent to wait for the demand rather than anticipate it. Manufacturers have probably made ample preparation for the Fall trade; and, apparently apprehending that there is danger of the markets being overstocked, some have curtailed their production during the latter half of the month. The jobbing trade has been cautious rather than sanguine; less, however, from any doubts of their being an active demand for goods than from a supposition that the markets may be over. supplied.

As the natural consequence of the general quiet in trade, money has been very abundant, and speculation in Wall street active. The banks have had large idle balances, and the rate of interest on demand loans bas ranged at 4@5 per cept., and during the last week of the month balances were loaned at 3 per cent. The following are the rates of loans and discounts for the month of July :

BATES OF LOANS AND DISCOUNTS.

July 5. July 12. July 19. July 26. Call loans

4 @ 6 4 @ 5 4 @ 5 @ 5 Loans on Bonds and Mortgage.

6 @ 7 6 @ 7 6 @ 7 6 @ 7 A 1, endorsed bills, 2 mos

6 @ 7 6 @ 7 6 @ 7 6 @ 7 Good endorsed bills, 3 & 4 mos..

7 @ 8 7 @ 8 7 @ 8 7 @ 8 single names.

9 @10 9 @10 9 @10 9 @10 Lower grades

11 @16 11 @15 11 @15 11 @15 A protracted depression in railroad stocks succeeded by the prospects of unusually large grain freights, had prepared the market for a brisk upward m18. ment, and the dealers entered upon the “summer campaign" with an unusual unanimity of view as to the upward tendency of values, and the result bas been a much more rapid advance tban was realised within the same period last year. The following comparison shows the prices of stocks at the close of July, 1866 and 1867 : July 26, July 30.

July 26, July 30 1866. 1867.

1866. 1867. N. Y. Central...... 104% 1084 Cincinnati & Pittsburg....

93% Erie....

76% | North Western..

35% 50% Hadson River.

120 12044

pref..

71% Reading.. 111% 107% Rock Island.......

102% Micbigan Southern.......

81% | Fort Wayne......

101% 106% The aggregate transactions in stocks at both boards during the month were 2,240,991 shares, against 1,577,646 shares in July last year. The total sales from January 1 to the close of July are 13,580,850, which is about 10,000 shares less than for the same period last year.

The following table shows the volume of shares sold at the New York Stock Exchange and the open Board of Brokers in the two first quarters and the first half of the current year, in the month of July and since January 1: VOLUME OF SHARES SOLD AT THE STOCK BOARDS, JULY, 1867.

Since 1st Quarter. 20 Quarter, Hlf year. July. Jan. 1. Bank shares.

7,815 11 153 18,968 4,784 23,752 Railroad

5,079,778 4,9:0,358 9,990,136 1,889, 124 11,878, 260 Coal

67,800 25,405 93,205 81,563 124,768 Mining

123,857 91,188 215,045 63,110 278,155 Improv'nt“

81,269 103,435 184,701 47,585 232,289 Telegraph

117,973 153,118 271,091 109.620 380,7:1 Steamship"

223,683 215,873 444,556 68,138 502,694 Expr'ss&c"

17,674 104,480 122,154 88,067 160,221 At New York Stock Ex...

2,072,406 2,074,351 4,146,757 900,241 5,046.998 At Open B'd..

3,652, 443 3,510,659 7,193, 102 1,340,750 8,533,852 Total 1867.

16,724,849 5,6:5,010 11,339,859 2,240,991 13,580 850 Total 1866

6,172,087 5,842,110 12,014,197 1,377,616 13,591,843

81%

64%

64% 99%

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