[158] An analysis of the Coal & Iron Company’s operations in 1881 (Annual Report, 1881) showed that there had been expended:
| For coal and timber lands and leasehold collieries, and for dead work, colliery equipments and improvements, real estate and miners’ houses, etc., | $39,385,080 | |
| For stocks and bonds and loans to secure the control of tributary properties, | 5,672,394 | |
| For iron ore lands, iron furnaces, mills, and other properties, | 1,720,566 | |
| For profit and loss account in working properties, including interest payments, etc., | 22,454,500 | |
| For supplies and miscellaneous accounts, | 1,485,426 | |
| For bills and accounts receivable, cash, etc., | 2,608,702 | |
| $73,326,668 | ||
| Of which amount there was furnished by the Railroad Company, | 54,886,647 | |
| And the Coal & Iron Company’s obligations held by the public, for which the Railroad Company became responsible as guarantor, amounted to | 14,929,557 | |
| Other direct liabilities of the Coal & Iron Company amounted to | 3,510,464 | |
| $73,326,668 |
[159] Annual Report, 1881.
[160] Part of the difference was due to the inflation of the currency before 1879.
[161] R. R. Gaz. 9:225, 1877; Ibid. 9:146, 1877.
[162] Ibid. 9:284, 1877.
[163] Annual Report, 1881, p. 28.
[164] Chron. 31:46, 1880, Report of the English Bondholders’ Committee, June 18, 1880. This committee was in the interests of the Messrs. McCalmont.
[165] Ry. Age, 5:365, 1880.
[166] R. R. Gaz. 12:363, 1880.