Full text of Commercial and Financial Chronicle : December 25, 1886 : Investors' Supplement, Vol. 43, No. 1122

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

OF THE

C

o m m e r c ia l

& JT in a n c ia l Q

h r o n ic l e .

[Entered according to act of Congress, In the year 1886, by ffn. B. Dana & Co., in the office of the Librarian of Congress, Washington, D. C.]

YOL. 43.
—

~~

NEW

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■■»■■■■■

I N V E S T O R S ’

■

YORK, DECEMBER 25, 1886.
- ............

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S U P P L E M E N T .

- .......

RAILROAD

TERM S:
The Supplement Is published on the last Saturday of every other
month—viz., February, April, June, August, October and December;
and one copy of each issue is furnished, without extra charge, to all
regular subscribers of the Commercial and Financial Chronicle .
Additional copies of any issue are sold to subscribers at 50 cents each,
and to persons not subscribers at $1 each. No subscriptions are taken
for the I nvestors ’ Supplement apart from the Ch ronicle . Annual
subscription price to the Ch ronicle , including the I nvestors ’ Su ppl e
ment , is $10 20.
W I L L I A M B . D A N A & CO., P u b lish ers,
79 dk 81 William Street, New York.

.................

—

D IV ID E N D S FOR
TEARS.

A

. ""

—

SERIES

OF

According to previous custom at the close of the year,
the present issue of the I n v esto rs ’ S u p p le m e n t contains
the detailed record of the dividends paid for a series of
years past on all railroad stocks sold on the New

York,

Boston, Philadelphia and Baltimore Stock Exchanges. In
each

year those dividends are

included

which were

actually paid within that year; consequently, where divi­

RAILROAD M APS IN THE SUPPLEMENT.
The railroad maps now

published in the S upplement
P age .

declared will differ from that paid in any given period of

This explanation is needed, because in some cases the total

include the following roads.
Ma p .

.

Alabama Great Southern. See Cincinnati N. O. & T. P ....................... 36
Atchison Topeka & Santa Fe.................................................................... 15
Atlantic & Pacific. Nee Atchison Topeka & Santa Fe.......................... 15
Baltimore & Ohio................................................
18
Canadian Pacific........................................................................................ 22
California Southern. See Atchison Topeka & Santa Fe....................... 15
Cedar Falls & Minn. See 111. Cen........................................................... 50
Central Branch Union Pacific. See Missouri P a cific.......................... 65
Central Pacific. Nee Southern Pacific..................................................... 88
Chesapeake & Ohio................................................................................... 25
Chesapeake Ohio & Southwestern. Nee Chesapeake & Ohio............... 25
Chicago & Eastern Illinois....................................................................... 27
Chicago Milwaukee & St. Paul................................................................ 29
Chicago & Northwestern.............................................................................31
Chicago St. Louis & Pittsburg. See Penn. H R ..................................... 77
Chicago St. Paul Minn. & Omaha. See Chicago & Northwestern....... 31
Cincinnati Indianapolis St. Louis & Chicago........................................ 34
Cincinnati New Orleans & Texas Pacific............................................. 36
Cincinnati Washington & Balt. Nee Baltimore & Ohio........................ 18
Colorado Central. See Union Pacific..................................................... 94
Columbus Hocking Valley & Toledo....................................................... 39
D elaware Lackawanna & Western........................................................ I 41
Denver South Park & Pacific. Nee Union Pacific................................. 94
Duluth South Shore & Atlantic................................................................ 43
Dubuque & Sioux City. See Illinois Central.......................................... 50
East Tennessee VirgiDia & G eorgia....................................................... 45
Elizabeth. Lexington & Big Sandy. Nee Ches. & Ohio........................ 25
Erie & Pittsburg. See Penn. RR ............................................................. 77
Evansville Terre Haute & Chicago See Chicago & Eastern 111........ 27
Galveston Harrisburg & San Antonio. See Southern Pacific............. 88
Grand Rapids & Indiana. See Pennsylvania R R ................................. 77
G ilf Colorado & Santa F e ........................................................................ 47
Houston & Texas Central. Nee Southern Pacific...................... 88
Hlinois Central........................................................................................... 50
International & Great Northern. Nee Missouri Pacific........................ 65
Iowa Falls & Sioux City. See Illinois Central..................................... 50
Jacksonville Tampa & Key West.............................................
53
Kentucky Central. See Ches. & Ohio..................................... .
25
Louisville & Nashville............................................................................... 57
Louisville New Orleans & Texas........................... I . . " " " I I I " . " " " 59
Memphis & Charleston. Nee East Tennessee Virginia & Georgia .. 45
Mineral R ange........................................................................................... 61
Minnesota & Northwestern....................................................... I..."".".** 63
Missouri Kansas & Texas. See Missouri P acific..........................
65
Missouri Pacific..........................................
” 65
Mobile & Montgomery.Nee Louisville & Nashville....................IIIIIIIII 57
Nashville Chattanooga & St. Louis. See Louisville & Nashville........ 57
Nashville & Decatur. Nee Louisville & Nashville..................
57
New York Lackawanna & Western. See Del. Lack. & West............... 41
Norfolk & Western...................................................................
71
Northern Central. Nee Penn. R R ...............................
77
Northern Pacific................................................................ IIIIIIIIIIIIIIII 73
Oregon Short Line. NeeUnion Pacific... IIIIIIIIIIIIIIIIIIIII
94
Ohio & Mississippi. See Baltimore & Ohio........................
.
18
Pennsylvania...............................................................................................77
Philadelphia & Erie. See Penn R R ........................
* 77
Pittsburg Cleveland & Toledo. Nee Baltimore & O h i o .................. 18
Pittsburg Cincinnati & St. Louis. See Penn. RR ...
'7 7
Pittsburg Ft. Wayne & Chicago. See Penn. R R .....................................77
Pittsburg & Western. See Baltimore & Ohio..................................... ** 18
Shenandoah Valley. See Norfolk & Western...........................*”” 1111 71
South & North Alabama. See Louisville & Nashville.........57
St. Louis & San Francisco........................................................................ 83
St. Louis Vandalia & Terre Haute. See Penn. R R ...................
....... 77
St. Paul Minneapolis & Manitoba..........................
85
Southern Pacific.......................................................... II" III. IIIIIIIII” 88
Toledo & Ohio Central. See Columbus Hocking Valley & Toledo. Ill 39
Toledo St. Louis & Kansas City................................................................ 92
Texas & Pacific. See Missouri Pacific........................................ 65
Toledo Ann Arbor & North M ich.............................
90
Union Pacific...........................................................I.. 11111111111.11111" 94
Utah Central. Nee Union Pacific.............................IIIIIIIIIIIIIIIIIIII 94
Utah & Northern. Nee Union Pacific.................... I .I ll” " .................. 94
Vicksburg & Meridian. See Cinn. New Orleans <fe Texas Pacific” 11" 36
Vicksburg Shreveport & Pacific. See Cinn. New Orleans & Tex. Pae. 36




dends have been declared in one year to be paid in the
next, they are included in the total of the latter year.

twelve months.

A stockholder does not get his dividend

till the time of payment, and it is in the year of payment
therefore that it should be counted.
The features of the exhibit are of a more encouraging
nature than in other recent years.

After a long period in

which nothing but declining and suspended dividends
were recorded, we have now reached a point where the
tendency is decidedly in the other direction, and where
there is a fair prospect of again reaching a much better
state of things.

Whether on many roads the old high

rate of distribution can be hoped for in the immediate
future is perhaps very problematical,

but the tendency

towards recovery is at least noteworthy as showing that
the period of depression has passed, that the disturbances
introduced by various new factors, such as the building of
unnecessary competing and parallel lines like the W est
Shore and the Nickel Plate, have for the time being at­
tained their full development, and that conditions have
adjusted themselves to the new order of things and per­
mitted a resumption of the ordinary activity of trade and
business.

In a preliminary article in the C h r o n ic l e last

week, where we had selected from the detailed list below
some of the more prominent roads or systems, and ar­
ranged them in groups according to geographical location,
we found that in the Eastern section, where new competi­
tion has been scarcely a feature at all, the roads have done
better than in any other part of the country— that their
dividends were comparatively unaffected by the period of
depression which operated so unfavorably on many other
roads, and that now they are foremost among those mak­
ing an increase, albeit their rate of distribution had previ­
ously been very high. It follows that the increase in their
case marks a distinct step forward, instead of merely a
recovery of previous declines.
Outside of the Eastern section, however, the increases
in dividends usually represent an improved state of affairs
after antecedent prostration and losses.

The recovery of

course is most marked in those districts where the pre­
ceding depression was most pronounced ; in other words,

2

INVESTORS’

SUPPLEMENT.

|Vol. XLIII.

In some

Perhaps as striking a change for the better as any is

cases the improvement is very decided, and yet it does not

that by the roads embraced in the territory of the Central

among ihe trunk lines and their connections.
equal the previous falling off.

Traffic Association, namely, in the States of Ohio, Indiana,

W hich of the prominent

east-and-west companies for instance pay as much now

Illinois and Michigan.

as they did in

with a small amount of stock, to whom, therefore, a slight

1880 or 1881 ?

Does the New York

This section comprises many roads

Central, or the Pennsylvania, or the Baltimore & Ohio, or improvement or retrocession in business counts for a great
the Lake Shore ? No. But in reply it is to be said that it deal, marking in many cases the difference between earn­
was not expected that they would. After a long period o ing dividends and failing to earn them. It is in this dis­
depression losses cannot be recovered all at once.

Besides,

trict, too, that the demoralization resulting from the trunk

some of the conditions have so changed that the old rates of line war was particularly striking, and hence it is not sur­
distribution are hardly to be looked for again for some time to prising that the recovery should be equally noteworthy.
come. Admitted that the volume of traffic keeps constantly The Chicago & Eastern Illinois now pays 2£ per cent semi­
gaining, there are the new lines to absorb business that annually, after having paid nothing since 1882.

The

would otherwise have gone to the old lines. Moreover, tariff Evansville & T. H . makes regular one per cent quarterly
charges in many instances have to be maintained at much dividends, begun in 1885, after omitting any cash distri­
lower figures

than

formerly.

therefore, the improvement

A ll

things

considered, bution for several years.

actually recorded

is very

encouraging, and fully up to reasonable anticipations.

The Cincinnati Indianapolis St.

Louis & Chicago, after passing several dividends, resumed

In

in 1885 one per cent quarterly, and is now paying 1^ per
cent.

illustration, only note that the Lake Shore, the Michigan

The Cincinnati Hamilton & Dayton paid 6 per

Central and the Canada Southern are all again to appear cent for several years but has now increased to 8 per
in the dividend list after paying nothing since 1884; that cent.
the New Y ork
quarterly

In Michigan we find the Flint & Pere Marquette

Central pays and earns its one per cent preferred, which had been down to 2 per cent semi-annual,

dividends,

and in the

quarter ending with up to 2£ per cent again, and the Marquette Houghton &

September (which however with the December quarter Ontonagon, which distributed nothing on its preferred
constitutes the best of the year) earned over 2 per cent,
and that the Pennsylvania_ pays regular
annually.

stock during 1885, is also again on the list.

Some of the

per cent semi­ Michigan roads have been greatly benefitted by the revival

If the rate in all these cases be lower than that

of activity in the iron ore districts, and the same may be

five years ago, stockholders should not forget that a low - said of the Milwaukee Lake Shore & Western in W iscon­
rate security will bring as much in the market now as a sin, which early in 1887 will pay its first dividend (on the
high rate security formerly.

preferred stock).

DIVIDENDS ON RAILROAD STOCKS—NEW YORK, BOSTON,
Name of Company.
NEW YO R K .
Albany & Susquehanna (leased)
Belleville & So. 111. (leased) ,pref.
Boston & N. Y. Air Line, pref..
Canada Southern........................
Canadian Paciflo........................
Central of New Jersey...............
Central Paciflo............................
Central BE & Bk. of Ga.......... Chicago & A lto n ........................
Do
pref..................
Chioago & Eastern Illinois.......
Chicago & Northwestern............
Do
do
p ref...
Chioago Milwaukee & St. Paul.
Do
do
pref.
Chicago Burlington & Quincy..
Chic. Rock Island & Pac...........
Chic. St. P. Minn. & Om„ pref..
Cincinnati Ham ilton* Dayton.
Do
do
pref.
Cincinnati N. O. & Texas Pac
Cinn. Indianap. St. Louis & Chic.
Cleve. & Pittsb., guar, (leased).
Cleve. Col. Cin. & Indianapolis.
Colum bia* Greenville, pref...
Col. Hocking Val. & Toledo.......
Danbury & Norwalk..................
Delaware & Hudson Canal.......
Delaware Lack. * Western---Denver * Eio Grande...............
Dubuque & Sioux City (leased).
Erie & Pittsburg (leased)..........
Evansville * Terre Haute
Georgia (leased)........ ................
Hannibal & St. Joseph, pref---Harlem(l’sed) incl.4th Av.RR.—
Common....................................
Preferred..................................
Illinois Central...........................
Do
Leased line certs..
Joliet & Chicago (leased)..........
Keokuk & Des M., pref. (leased)
Lake Shore <& Mich. Southern..
Long Island................................
Louisville & Na§hyille . . . . . . . . .
Manhattan, consol.....................
Michigan Central........
Missouri Paciflo (new stock). . . .
Morris & Essex (leased) .
;Nashv. Chattanooga & St. Louis
New London Northern (leased).
New York Central & Hudson ...
N Y. Lack. & West. (guar.)....
N. Y. Lake Erie & West., pref..
n ! Y. New Haven & Hartford..
N. Y. Ontario & Weat., pref. . . . .
N. Y. Pi’ov. & Bost. (Stonmgtonl

Dividend Periods.

Jan. and July.
May and Nov.
Feh. and Aug.
Feb. and Aug.
Quarterly—Mar.
Feb. and Aug.
June and Deo.
Quarterly—Mar.
Quarterly—Mar.
June and Dec.
Quarterly—Mar.
April and Oct.
April and Oct.
Quarterly—Mar.
Quarterly—Feb.
Jan. and July.
May and Nov.
Quarterly— Mar.
Quarterly—Mar.
Feb. and Aug.

Quarterly—Mar.
Quarterly—Jan.
April and Oct.
Quarterly—Mar.
Quarterly—Jan.
Feb. and Aug.
Jan. and July.
Jan. and July.
Mar. and Sept.
Jan. and July.
Quarterly—Jan.
Quarterly— Feb.
Quarterly—Feb.
Feb. and Aug.
Quarterly—Jan.
Quarterly— J an.
Jan. and July.
April and Oct.
Quarterly— Jan.
Quarterly—Jan.
Quarterly— Jan.
Yearly—Jan’ry.
Jan. and July.
Quarterly— Feb,

1880.

PHILADELPHIA AND

1882.

1883.

7
412
2
212 (a)

7
512
2

6
6*2
6^2
7

6
8
8
8

6
7
7
7
9% (d)
8 hi (e)

6
7
7
7
8
7
7

6
8
8
8
3
7
7%
7
7
8
7
7

7
6%
4
2
2 hi
1%
6
7%
8
8

7
4%

512
7
2%
3%
1%
612
7
5
6I2
3
8*3
8*3
6
7
1%
8

1881.

(c)

6
7
5 (a)
6 '
5
412
6%
412
5%
7
912 ( /)
7
8*3
8*3
7
7
1%
10 (g)

lifi
6
7
6
5
7
8
li2
6
7
10%
7
8*2
8*2
7
7

£ (p\

6

8
1
3

1%
7
2

6is (fir)
6
7
3
6
8

6%
7
1%
6
8

6
8

10
8

10

6
10

8

8

7
8
7
7
8
7
7
6
3
3
7
2
2h»
2%
7
8
6
7
10
3
8*2
8*2
8 & 17 stook.
4
7
8
4
5 (i)
7
7
2
6
8
5
6
10
12 (*)
8
1

1884.

7
5%
4
2
5
4%
3
5%
10 (b)
10 (b)

BALTIMORE.
1885.

1886.

7
5
4

7
5
4

4

3

4
8
8

7
8
7
7
8
7
7
6
6

6%
7ht
4
7
8
7
4% (ft)
6
6

6
8
8
5
6
7
5
7
8
7
6
7
6

7

1
7

4%
7

13 % stock.
5
6
7%

2 hi
5
7

2%
7
8
4
7
20 stock.
10

4
7
3
10

7
4
10

8*2
8*2
10
4
7

8*2
8*2
8
4
7

8*2
8*2
7 hi
4
7

7
4

4

4

6

6

7
7

7
7
1
6
4
5

3
3
7
7
2
6
7 hi
5
6
10

10

8

8

6
3%
5

10
8%

(a) From full year’s earnings for 1880. (b) Dividends changed from semi-annual to quarterly in May, 1884. (c) And 40 per cent m certificates.
A Covers two years’ dividends.
(d) And 20 per cent in stock.
(e) And 100 per cent in stock.
)f \ ouarterlv dividends were begun with October, 1881. (gr) Dividend periods changed from semi-annual to quarterly with May, 1881.
(ft) Dividend period changed from quarterly to semi-annual, thus diminishing total for the year by the amount of one quarterly payment.
Dividends were changed to half-yearly again In Angus’ , 1883.




RAILROAD

D ecember, 1886 ]

DIVIDENDS ON RAILROAD STOCKS—NEW
Name of Company.

Dividend Periods.

1880.

SI OCRS

AND

YORK, BOSTON, PHILADELPHIA AND
1881.

1882.
4

Oregon Railway <fc Nav. Co......
Oswego & Syracuse (leased)___
Oregon & Trans-Continental...

Pittsb.Ft.W.cte Chic.,guar.(l’sed)
Do
do
special .
Rensselaer & Saratoga (leased).
St. L. Alton & T. H (leased), prel
St. Louis & San Fran., 1st pref.
St. Paul Minneap.
Manitoba.
Terre Haute & Indianapolis__
Union Pacific...............................
Wabash St. Louis & Pae., pref..
Warren (leased)..........................
BOSTON.
Atchison Topeka & Santa Fe..

Boston & Providence.................
BostonRevere Beach & Lynn..
Boston Concord & Mont., pref..
Cedar Rapids & Mo. (leased)___

Chicago Iowa & Neb. (leased) ..
Chicago & West Michigan.......
Cin. Sand. & Cleve., com.............
Do
pref...........
Concord.......................................
Connecticut River ...................
Connecticut & Passumpsic.......
Detroit Lansing & Northern___
Do
do
pref
Eel River (leased). ....................
European & North American...

Quarterly— Jan.
Feb. and Aug.
Quarterly—Jan.
Quarterly— Feb.
Jan. and July.
Quarterly- Feb.
Quarterly—Jan.
Quarterl y— J an.
Quarterly—Feb.
Jan. and July.
Quarterly— Feb.

8 (d)
9
16
12
7
7
8
8

Feb. and Aug.
Jan. and July.
Quarterly—Feb.
Feb. and Aug.
Quarterly— Jan.
Quarterly— Feb.
April and Oct.

8
6

Quarterly— Feb.
Quarterly— Jan.
Jan. and July.
May and Nov.
May and Nov.
Jan. and July.
May and Nov.
Quarterly— Feb.
Feb. and Aug.

8*s
8
4
7*2
8
6
6
4
7

7

Jan. and July.
Jan. and July.
Feb. and Aug.

3
10

May and Nov.
May and Nov.
Jan. and July.
Feb. and Aug.
Feb. and Aug.
Feb. and Aug.
June and Dec.
Quarterly—Mar.
April and Oct.
Jan. and July.
Jan. and July.
Mar. and Sept.
Jan. and July.
Quarterly—Mar.
May and Nov.

6
10
8
312
6
7
4*2
3

Flint & Pere Marquette, pref...
Ft. WTayne & Jack, pref (leased)
Housatonic, pref.......................
Iowa Falls & Sioux City (leased)
Iowa Railroad Land Co.............
Kans. City Ft. Scott & Gulf__
Do
do
pref.
Little Rock & Fort Smith..........
Lowell & Andover (leased).......
Lowell & Framingham, pref__
Maine Central.............................
Manchester & Lawrence...........
Marq. Houghton & Onton., com.
Do
do
pref.
Nashua & Lowell (leased)..........
Nashua & Rochester (leased)...
New York&NewEngland.pref.
Northern (N. H.)........................
Norwich & Worcester (leased)..
Old Colony.................................
Pittsfield & No. Adams (leased)
Portl’nd Saco & Portsm. (leased)
Providence & Worcester...........
Rutland, pref..............................
Vermont & Massachus’ts (Feed)
Veimont Valley........................
Worcester & Nashua................ .
Worcester Nashua & Rochester.
P H IL A D E L P H IA .
Bell’s Gap....................................
Buffalo N~. Y. & Phila. pref. (new)
Camden & Atlantic...................
Do
do
p re f...........
Catawissa (leased), pref............
Do
new pref..................
Delaware & Bound Br’k (leased)
East Pennsylvania (leased).......
Elmira & Williamsport (leased;.
Do
do
pref........
Harrisb.Portsm.Mt.J.& L.(l’sed)
Huntingdon & Broad Top, pref.
Lehigh Coal & Navigation........
Lehigh Valley.............................
Little Schuylkill (leased)..........
Minehill & Schuyi. Hav. (leas’d)
Nesquehoning Valley (leased)..
Northern Central.......................
North Pennsylvania (leased)...
Pennsylvania Railroad.............
Phila. Germant. & Nor. (leased)
Philadelphia & Trenton (leas’d)
Phila. Wilmington & Baltimore
Bchuylkill Valley.....................
United Cos. of N. J. (leased). .
West J erse y ...,..........................

June and Dee.
Quarterly— Jan.
Jan. and July.
Jan. and July.
Mar. and Sept.
Jan. and July.
Quarterly— Feb.
May and Nov.
Quarterly—Mar.
Quarterly—Jan.
Jan. and July.
Jan. and July.
Quarterly— Jan.
Mar. and Sept.

B A L T IM O R E .
Atlan. & Char. Air Line (leased)
Baltimore & Ohio—Main Stem..
Do.
do. 1st pref. stock.
Do.
do. Wash. Branch

Mar.
May
Jan.
May

6
2
8
3
512

8
9
34-26
15
7
7
912
8
5
3 (t)
7
10 stock.
3
8
63t
6
7
6 & 50 stock.
8
4
8
8
6
6
5
7
3
8
212
6
10
8
5
7
4*s
3-40
7
212
212
8
5
5
.

Feb. and Aug.

312

8I2

Jan.
June
Feb.
May

7

7

8
9
1212
16
7
7
912
8
7
7
7
312
9 </)
8
7
7
6
8
4
7
6
6
7
3
8
212
12 (h)
6
10
8
6
7
412
4
212
6
6
2
8
6I2
4
2
8

July.
Dec.
Aug.
Nov.

10

10

7
212
2
10

Feb. and Aug.
May and Nov.
April and Oct.

7
3

8
3

8
8
3

July.
July.
July.
July.
July.

6
10
6
5
6
6

April and Oct.
Jan. and July.
Jan. and July.

6
2

6
10
6
5
6
6
1J2
6
4*2
3

6
10
6I2
5
6
6
2
6
4
3

Jan.
Jan.
Jan.
Jan.
Jan.

and
and
and
and

and
and
and
and
and

15 scrip.

Quarterly—Mar.
May aud Nov.
May and Nov.
Quarterly— Feb.
Jan. and July.
Mav and Nov.
Jan. and July.
Jan. and July.

and
and
and
and

Sept.
Nov.
July.
Nov.

312 scrip.
312 scrip.
7
7
6
6
5
7
7
4
7
7
7
6
6 & 1 stock.
12
10
8
5
10

3

BONDS.

312 scrip.
7
7
6*2
6
5
7
7
2
512
7
7
7
512
6I2
8
12
10
8
5
10
4

3
4
7
7

1883.
11*1 certf.
7^2
10
9
6
13*2
16
7
7
9*s
8
7
7
8
8
7

1884,

BALTIMORE.
1885.

6*2
9
3%
16
16
7
7
8
8
7
7
10*2 (g)
7*2
8
3*2

4*2 (h)
9
5
10
16
7
7
8
8

7

7

6

6
8
5*2
8
8
6
6
3 <i)
3*2 d)

6
8
6
8
8
6
5*2

6
10
8
6
6
7
4*3
4
5
6
7
5*2
8
7
4
3
8
7
2
5*2
10
4
8
8
3
6
10
7
5
t)
6
6
6
3

6
4*2

3
10 (i)
4
2
6
10
8
5*2
6
7
4*2
2
5
5*2
7
5*2
8
7
4
5*2
8
7
(?) 1’27*2
6
10
6*2
7
*2 (ft)

7
7
7
8
ti
6
6
5
5
5
7
7
7
7
7
7
1*2
4
6
5J2
8
8
OI2
7
7
7
7
7
7
6
7
7
8
6
8
8
7
7*2
7 (0)
8^(m )
8*2 (n)
12
12
12
10
10
10
8
8
8
5
5
5
10
10
10
3 & 3 scrip. 3 & 3 scrip. 3 & 3 scrip.
7
7

5
3
1*2
6
10
8
5

6
8 & 313 stk
6
9*2
8*2
65
TO
5
3
6
10
*10
5

5*2
4*2

8*2
4*a

5
5
5*2
0*2
5
7
4
2*2
8

4*a
5*3
6
6*2
4
4
8

7

7

6
10

6
10

7

6
13 (i)
10
9
7
7
5
5
6
6
6
6
1
1
6
6
6
6
1 *1 (7c)
1*2 (ft) 3 & 17 stock.
3

1*4
16
7
7
8
8
2*2
7
7
6
6

7

3
8
3

7
9

7
7
7
6
6

7

5
8
8
6
6
6
7

1886.

3*2 scrip.

5

5*2
7
7
6
8
7
5
6
6
1*3
6
6
3

5

t5

7
7
8
6
5
7
7

7
7
8
6
5
7
7

5*2
6
7
7
5
8
8
5
12
10
8
5
10
6

4*3
4
7
7
5
8
8
5
12
10
8
5
10
6

5
5
5
5
5
10
10
10
10
8
6
6
6
6
6
10
10
10
10
10
6
6
6
6
6
Do.
do. pref................... Jan. and July.
6
6
6
6
6
Wil. Columbia & Augusta........ Jan. and July.
6
6
6
6
6
Jan. and July.
Wilmington &>Weldon..............
3
8
8
3
6
8
6
(d) And 10 per cent in scrip.
(e) 55 per cent accumulated dividends paid in bonds.
(f) Began paying quarterly dividends with Nov. 1. 1882.
(g) 7 per cent ot this in pref. stock.
(h) Owing to a postponement of some of the earlier dividends, the payment of the last quarterly dividend for 1835 was thrown into January,
1886, leducing the percentage for 1885 to the figures here given.
(h) 10 per cent in stock of Col. Springf. & Cinn. and 2 per cent in cash.
(i) Now consoliddated with Chicago <te Northwestern.
(j) Consolidated with Old Colony, and this amount paid in settlement *Increase due to change of dividendperiodfrom semi-annual to quarterly,
(/cl Nashua & Rochester and Worcester & Nashua now consolidated under name of Worcester Nashua & Rochester.
(l) Includes an extra dividend of 7 per cent.
t Yearly.
(m) Two per cent of this is in scrip, redeemable in cash or con vertib’ e into stock
(n) Four per cent of this convertible into stock.
(a) Two per ceut of this convertible into stock.




9
6
10
6
6

212
10
6
10
6'-2
6

STOCK AND BOND T A B L E S .
M OTES.
These tables are expressly intended to be used in connection -with the information concerning investment matters published from week to
week in the Chronicle —to which an index is furnished in the remarks on each page. Annual reports are in black-faced figures.
The following will give explanations of each of the columns of the tables below:
Description.—Railroads leased are sometimes given under the lessee’s name. Abbreviations used a re: M. for “ mortgage,” s. f. for “ sinking fund,”
1. gr. for “ land grant,” reg. for “ registered,” coup, for “ coupon,” hr. for “ branch,” guar, for “ guaranteed,” ent. for “ endorsed.”
Date of Bonds.—The date of issue is referred to in this column.
Miles o f Road.—Opposite stocks, this means the miles of road operated; opposite bonds, the miles covered by the mortgage.
Suse or Par Value.—These figures are dollars, showing the denominations or par value. The figures “ 100, &e.,” signify $100 and larger.
Rate Per G en t- The interest per annum is given for bonds, but the per cent of last dividend for stocks; g means g old ; x, extra; s. stock or scrip.
When Payable.—J. & J. stands for Jan. & July; F. & A., Feb. & Aug.; M. & 8., March & Sept.; A. & O., April & Oct.; M. & N., May & Nov.; J. & D.,
June & Dec.; Q.—J., quarterly from January; Q.—F., quarterly from Feb.; Q.—M., quarterly from, March.
Bonds, principal when d ue; Stocks, last dividend.—The date in this column shows the period when the principal falls due of bonds, but the time
when the last dividend was paid on stocks. ______________

U N ITE D

DESCRIPTION.
4s of 1907, coup, and reg., incl. refund, certfs.
4Jas of 1891, coupon and registered..................
3 per cents, reg., including Navy Pension, f d ...
Currency 6s, registered.........................................

STATES

Author­ Size or
Amount
par
izing Act.
outstanding.
value. Dec. 1, ’86.

BONDS.
•INTEREST.
Rate.

1870 & ’71 $50&c. $737,971,600 4, coin.
1870 & ’71
50&c. 250,000,000 4Lj, coin.
July 12,’ 82
50&c.
75,154,250 3, coin.
J’y ’62&’64 lOOO&c.
6
64,623,512

All the Government bonds except the currency sixes are redeemable
in coin, the sort of coin not being specified. The fours and four and a
halfs are issued in bonds of $50, $100, $500 and $1,000, both coupon
and registered issues, and the registered bonds also in pieces of $5,000,
$10,000, $20,000 and $50,000. The three per cents are redeemable at the
pleasure of the Government. The United States currency sixes are all

STATE

When
pay’ble

Where payable and by
whom.

Q - J . U. S. Treasury & Sub Treas.
Q .-M .
do
do
do
do
Q.--F.
U. S. Treasury.
J. & J.

Principal—When
due.
July 1, 1907
Sept. 1. 1891
At will.
1895-6-7-8-9

>registered, issued in pieces of $1,000, $5,000 and $10,000, are payable
in “ lawful money,” and mature as follows: $3,002,000 in 1895,
I $8,000,000 in 1896, $9,712,000 in 1897, $29,904,952 in 1898 and
|$14,004,560 in 1899. The interest on registered bonds is mailed by
check directly to the holders or to any address requested by the regisI teied holders.

SE C U R IT IE S.

Subscribers w ill confer a great favor by givin g Im m ediate notice of any error discovered in these Tables.
INTEREST.
Principal—When
Date of
Size or
Amount
Where Payable and by
DESCRIPTION.
Due.
par
When
Bonds.
Outstanding Rate.
Whom.
Payable
Value.
Alabama—Substitution bonds (A) ($7,000,000).
Substitut’n b’ds for RR. (B) ($596,000)...........
do
for Ala. & Chatt. (C) ($1,000,000)
Funding “ obligat’ns” (tax-rec’ble 10-20 yrs.).
Arkansas—Funding bonds of 1869 and 1870..
Funding Bonds 1870 (Holford)..........................
Levee bonds (or warrants)................................
Old debt, including interest to 1884................
To Memphis & Little Rock Railroad................
To Little Rock & Fort Smith Railroad...........
To Little Rock, Pine Bluffs & N. Orleans RR ..
To Miss., Ouachita & Red River Railroad.......
To Arkansas Central Railroad..........................
California—State Capitol bonds........................
Funded debt bonds of 1873...............................
Connecticut—Bonds, 10-20 y e a r ..........) Coup.
New bonds (sink, id.) not taxable__ ) or reg.
New bonds, reg.
do
do .....................
New bonds, coup, or reg.....................................
Delaware—Refund’gbds., ser. “ A,” “ B” & “ C”
Bonds, redeemable after June 1 ,1895...........
School b o n d s.......................................................
D ist.of Columbia—Perm’t imp’t, gold, coup___
Permanent improvement bonds, coupon........
Bds for fund’g (Act June 10, ’79) coup, or reg.
Fund, b’ds (U.S.guar.,Acts June,’74& Feb.,’75)
Market stock, registered and coupon...............
Water stock bonds, coupon................................
Wash, fund’g, gld,($628,800 are M.&N..1902).
Florida—State bonds............................................
Gold bonds...........................................................
Georgia—Quar. g. bds., act of Sept. 15,18 7 0 ...
Bonds, act of Jan. 18, ’7 2 ................................ .
Bonds to fund coupons on endorsed bonds...
Bonds exchanged for endorsed RR. bonds__
Funding bonds, coup. Act Dec. 23, ’ 84..........
State University Bonds......................................
Indiana—Temporary loan...................................
School fund bonds (non-negotiable)..................
■Kansas—Bonds for various State purposes.......
Military loan.......................................................
Kentucky—Bonds, gold..........................................
Military bonds.....................................................

1876
1876
1876
1880
1869 t o ’70
1870
1871
1838 t o ’39
1869
1870
1870
1870
1870
1872
1873
1877
1883
1884
1885
1881
1885

$100&c. J$6,747,900
100 &c.
539,000
100 &c.
953,000
954,000
1,000
1,850,000
1,000
1,268,000
100 &c.
1,986,773
1,000
2,491,023
1,000
1,200 000
1,000
1,000,000
1,000
1,200,000
1,000
600,000
1,000
1,350,000
250,000
500 &c.
2,698,000
1,000
1,031,000
1,000
500,000
1,000
1,000,000
1,000
1,740,000
1,000
625,000
120,000
156,750
1872
500 &c.
3,484,600
1873
100 &c.
642,300
1879
100 &c.
948,400
1874
50 &c. 14,033,550
1872
50 &c.
146,450
1871 t o ’73 1,000
360,000
1872
100 &c.
1,649,250
1871
100
280,100
1873
100 &c.
787,300
1870
1,000
2,098,000
1872
500 &c.
307,500
1876
1,000
542,000
1877
1,000
2,141,000
1385
1,000
3,455,000
1882 & ’83
253,000
1885
1,685,000
1867 to ’73
3,904,783
1864 to ’75 100 &c.
684,500
1866 t o ’69
221,500
1884
500,000
1864 t o ’66
—
174,000

A la b a m a .—The “ A ” bonds bear 5 per cent after 1896. Alabama
& Chattanooga endorsed bonds were exchanged for $1,000,000 of
the new bonds, Class C. In 1880 the new 6 per cent bonds were
issued to retire old 8 per cent “ State obligations.” Analysis of the
debt and funding of 18 76 was given in the Chronicle , V. 24, p. 28.
For the $2,000,000 of State 8 per cent bonds issued to the Ala. & Chatt.
RR. under act of Feb. 11, £1870, the State gave the lien on the lands
ranted to that railroad, 500,000 to 1,200,000 acres. The 10-40’s of 1880,
ue in 1900, may be called at par after 1890. The assessed valu­
ation of real estate and personalty was $152,920,115 in 1881, $158,518,157 in 1883 and $172,528,933 in 1885; tax rate 6 mills.
A r k a n s a s .-T h e State Supreme Court decided Levee bonds of 1869
and 1870 invalid; nor are the Holford or the Railroad Aid bonds recog­
nized by the State. The State is in default for interest. In Jan., 1883,
a decision was made by the U. S. Circuit Court, substantially holding
the railroad companies responsible for the State bonds issued to them,
but this was reversed and the case appealed to U. S. Supreme Court.
The following are official assessments:
Real Estate.
Personal. Tax Rate.
■1881......................................... $41,843,803
$58,445,111
7L2
1882........................................ 56,979,281
37.101.746
-1883 .........................
78,444,227
48,382,167
7
—(V. 39, p. 263; V. 40, p. 119; Y. 41 p. 419.)
C a lif o r n i a .—The State holds in trust for School and University funds
$250,000 Capitol bonds and also bonds of 1873, in all $2,494,500,
leaving only $458,500 in private hands. Assessed valuations and rate
-of tax per $1,000 have been:
Years.
Real Estate.
Personal. Tax Rate.
1884................................... $654,990,072
$166,614,631
$4-52
1885.................................... 688,311,102
171,201,282
5-44
C on n ecticu t.—The debt of Connecticut was all created originally for
war purposes. Assessed valuation and tax rate per $1,000 have been:
Years.
Real Est. & Personal.
Tax Rate.
1882..................................
$342,242,566
$1-25
1883.........................................
348,774,879
1-25
1884.........................................
349,977,339
125
The assessed valuation of real estate is about 70 per cent of the true value.
D e la w a r e .—These refunding bonds issued July, 1881, take up out
standing debt. Series “ A” are $160,000, redeemable 1886; series “ B,’ ’

f




4
5
4
6
6
6
7
6
7
7
7
7
7
7 g6 g.
5
3Lj
3*2
3
4
4
6
6 &■
7
5
365
7
7
6 g.
7
6 g.
7 g.
7
7
6
4Lj
7
313
6
7
7
4
—

July 1, 1906
July 1, 1906
July 1,1906
Jan. 1, 1900
1899
1900
1900
...............
1860
1899
1900
1900
1900
April, 1900
July. 1887
Sacramento, Treasury.
1893- 94
do
do
M a y l, 1897
Hartford, Treasury.
Jan., 1903
do
do
Jan. 1,1903
do
do
Oct. 1,1910
do
do
Phila., Phila. Nat. Bank.
1886.1891,1901
June 1,1905
do
do
Jan. 1, 1901
July 1, 1891
Wash, or N. Y., U. S. Treas.
Jan.1, 1891
do
do
July 1, 1899
do
do
Aug. 1, 1924
do
do
July 26,1892
do
do
Oct. 1,1901 & ’03
do
do
1892 & 1902
do
do
Jan. 1, 1901
N.Y.,Park Bk.& Tallahassee
Jan. 1,1903
do
do
Oct., 1890
N. Y., Fourth National Bk.
May, 1892
do
do
July
1, 1896
do
do
Jan. 1, 1889
do
do
July
1,
1915
New York & Atlanta.
1932-33
1895
N. Y., Winslow, L. & Co.

J.
J.
J.
J.
J.

&
&
&
&
&

J. N. Y., Am. Exch. Nat.Bk.
do
do
J.
do
do
J.
Montgomery.
J.
J.

J.
J.
A.
A.
A.
A.
A.
J.
J.
M.
J.
J.
A.
J.
J.

&
&
&
&
&
&

J.
J.
O.
O.
O.

&
&
&
&
&
&
&
&

J.
J.
N.
J.
J.
().
J.
D.

o.
& o.

J. & J.
I. & J.
J. & J.
F. & A.
J. & J.
J. & J.
J. & J.
Jan.
J. & J.
Q.—J.
J. & J.
J. & J.
J. & J.
J. & J.
Various
J. & J.
J. & J.

N. Y., First Nat. Bank.
do
do
New York City.

1886 to ’95
1886 to ’99
1905
189496

$300,000, redeemable Julv, 1886 to 1891; series “ C,” $165,000, redeem­
able July, 1891 to 1901. In addition to above, $83,000 is due Delaware
College. There is no State tax levied, nor assessments made.
D istrict of C olu m b ia.—The interest and sinking fund on the 3-65
bonus are provided for by Congress, and the amount is limited to
$15,000,000. Real and personal estate, &c., assessed as follows :
Years.
Real Estate.
Personal.
Tax Rate.
1884
$90,496,331
$10,987,443
15
1885’
93,491,891
12,715,686
15
12,532,997
15
1886’ . . . ! ................................ 96,054,301
F lo rid a .—The sinking funds hold $207,600 of above bonds, and the
school, &c., funds held $594,700 more, leaving outstanding $472,700.
Counons of all bonds are receivable for taxes. Real and personal property
assessed in 1883, $55,008,560; tax rate 4 mills in 1884, $60,042,655;
tax rate 4 mills.
G eorgia.—The constitutional amendment in 1877 declared void
several issues of bonds and railroad endorsements. The 5 p. c. bonds,
of J.885 were sold to take up other bonds maturing in 1885 and 1886.
Tax rate, 3*2 mills. Assessed valuations have been:
Years.
Real Estate.
Personalty.
Railroads.
1884 ...................... $174,452,761
$120,432,609
$22,188,901
1885 ......................... 179,946,059
119,200,739
23,000,294
1886 (tot.valuat’ns) '------------------------ $329,489,505----------------------------•
In d ia n a .—There are also outstanding $340,000 5 per cent, bonds
due 1901, held by Purdue University; $60,000 State University bonds
held by Treasurer, and about $18,000 miscellaneous issues of bonds.
Valuation in 1885, $793,526,079, Valuation in 1884, $804,291,273.
K a n sa s.-Kansas has but a small State debt, but the issue or municipabonds was about $15,931,930. State funds hold $657,500 of the bonds.
The valuations (about one-half of true value) have been :
Real
Personal
Rate of Tax
Total
Years.
Estate.
Property.
per $1,000.
Debt.
1883 ................. $154,929,010
$48,030,492
$4 30
$1,120,175
1884 .............. 180,623,238
56,390,518
4 50
874,500
1885 .................. .............. 247,371,645----------- '
.........
.........
K e n tu c k y .—Against the bonds as above the sinking fund held
$711,346 June 30,1885. Valuation in 1884, $377,8 88.542; in 1885,
personal, $96,838,919; real estate, $293,989,044; total valuation,
$390,827,963.

December, 1886.]

STATE SEC UK1TIES,

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
DESCRIPTION.
For explanation see notes on fire: page of tables

Louisiana—Bonds for relief of State Treasury .

Date of
Bonds.

Size or
Amount
par outstanding
Value.

1853

(?)
(?)
$30,000
260,000
1,000
48,000
1,000
70,000
1,000
1,000
2,500,000
875,000
1,000
100 &c. 11,664,450
.
1,437,800
2,330,000
500 &c.
2,827,000
100 &c.
59,000
1,000
1,784,444
2,263,333
309,485
31,069
269,000
298,435
62,605
3,000.000
125,000
135,000
100 Ac.
1,217,234
500,000
628,355
4,379,500
500 Ac.
£100 &c- 4,022,649
1,005,419
£200
5,537,104
£200 Ac
1,366,500
500 Ac.
3,618,242
200 Ac.
1,506,182
£500
300,000
1,000
1,300,000
1,000
370,000
10,000
200,000
5,000
3,618,729
£200
300,000
1,000
1,500,000
1,000
1,100,000
1,000
1,299,355
£500
231,000
1,000
3,965,000
1,000
123,000
1,000
2,483,000
1,000
185,000
1,000
80,000
1,000
1,449,000
1,000
246,000
1,000
428,000
1,000
1,190,000
1,000
1,474,000
1,000
617.000
1,000
1,000
1,350,000
1,390,000
1,000
659,000
1,000
449,267
1,000
150,000
1,000
2,206,100
100 Ac.
500,000
1,000
70,000
1,000
802,900
100 Ac.
593,400
100 &c.
473,000
100 Ac.
1,562,900
100 Ac.
4.269,950
100 Ac.
1,998,000
100 Ac.
900,000
1,000

Bonds to Boeuf & Crocodile Navigation C o...
i"870
do to Mississippi & Mexican Gulf Canal..
1869
do school, held by St. Treasurer..............
1857
do to N. Orleans, Mobile & Chatt. RR.......
1870
do to N. Orleans, Mobile & Texas R R ........
1871
N. 0. Mob. & Texas RR. bonds, end. by State
1869
Consolidated funded bonds(stamped 4 per ct.)
1874
“ Baby” bonds, threes........................................
1880
Maine—Bounty loan bonds..................) Coup.
1864
Municipal war debt assumed............( or reg.
1868
Four per cent bonds, coupon...........................
1880
Maryland—Baltimore & Ohio Railroad, sterling
1838
Chesapeake A Ohio Canal, sterling..................
1838
Railroads and canals.........................................
1838-47
Eastern Shore Railroad.....................................
1839
Baltimore & Susquehanna Railroad................
1837
Baltimore & Susquehanna Railroad................
1839
Annapolis & Elkridge Railroad........................
1839
Defense redemption loan...................................
1882
Deaf and Dumb Asylum Loan.......................... 1870 & ’74
Maryland Hospital Loan, 10-15 years.............
1876
Maryland State Loan..........................................
1872
Treasury relief loan, 10-15 years.....................
1878
Exchange loan of 1886 .....................................
18S6
1864
Massachusetts—Bounty Fund Loan.....................
do
do sterling...............................
1864
War Loan, sterling..............................................
1869
Troy & Greenfield Railroad loan, sterling....... 1858 t o ’61
do
do
home ........ 1861 t o '63
do
do
sterling......
1871
do
do
sterling......
1875
do
do
dollar bonds 1873 t o ’74
do
do
do
1875
do
do
do
1877
Southern Vermont Railroad Loan...................
1860
Boston, Hartford & Erie Railroad, sterling... 1868 t o ’69
Harbor Land Improvement (5-20s).................. 1874 & ’76
Danvers Lunatic Hospital................................ 1874 & ’77
Lunatic Hospital, Worcester........ .................. 1875-’76
New State Prisons, sterling..............................
1875
Michigan—War Bounty Bonds.............................
1865
Minnesota—Adjustment bonds, (10-30, red., 92
1881
Revenue loan (redemption optional)...............
1883
Missouri—Consolidated bonds.............................
1868
University and Lunatic Asylum bonds...........
1872
State Bank stock refunding..............................
1874
Bonds to North Missouri Railroad................... 1854 t o ’58
Bonds to Cairo & Fulton Railroad................... 1857 t o ’59
Bonds to Platte County Railroad..................... 1859 t o ’60
Bonds to Iron Mountain Railroad................... 1854 to ’59
Pacific Railroad of Missouri............................. 1853 t o ’59
Funding bonds.....................................................
1874
do
5-20 years...................................
1886
Hannibal & St. Joseph Railroad...................... 1857 t o ’75
do
do
renewal........
1874
Nebraska—Bonds (act Feb. 14,1877) cou pon ...
1877
New Hampshire—Wav loan, coupon bonds........
1864
Municipal war loan.............................................
1872
Loan of 1879 for refunding..............................
1879
Prison loan...........................................................
1879
New Jersey—War loan bonds, tax free.......... .
1863
do
do
taxable...................................
1864
New York— (
[
1875
Canal debt,] Under Art. 7 ,Sec 3, of Con-j
1872
reg. stock. 1 stitution.
1
1873
1874
l
1
Niagara Park Loan bonds................................
1885

$500
1,000

looo

Rate.

6
6
8
730
6
8
8
8
7(4)
2, 4, 3
6
6
4
5 g5 g5
5
3
6
6
3-65
6
6
6
6
3
5 g.
5 g.
5 g.
5 g5 g.
5 g5 g5 g5 g5 g5 g5 g.
5 g.
5 g.
5 g5 g.
7
4*3
4*3
6
6
6
6
6
6
6
6
6
3*3
6
6
8
6
6
5
5
6
6
6 g.
6 g.
6 g.
6 g.
2*3

INTEREST.
When
Where payable and by
Payable
whom.

Principal—When
due.

J. A J.
$15,000
July, 1893
Various
1872 to 1OOfi
119,000
J. A J.
80,000 Amounts not
Jan. 1, 1890 '
M. A S.
260,000
fundable,
1899
Various
48,000 per report of
1897
J. A J.
70,000 Jan. 1,1878.
July 1,1910 '
A. A 0. 2,500,000
April, 1911;
875,000
J. A J.
N. Y., Bank of N. Y.
Jan., 1914
J. A J.
New Orleans.
1886 A 1914
J. A D.
Boston, Suffolk Bank.
June 1,1889
A. A O.
Augusta and Boston.
Oct. 1, 1889
F. A A.
Boston, Suffolk Bank.
Aug. 15, 1886
J. A J.
London, Baring Bros.
1889
J. A J.
do
do
1889
Q .-J . Balt., Farm. A Merch. Bk.
1890
A. A O.
do
do
1890
Quart’y
do
do
1890
do
Q .-J .
do
1890
A. A 0.
do
do
1890
J. A J.
do
do
1899
I. A J.
do
do
1889
J. A J.
Will be paid Oct. 1, ’86.
Balt., Farm. A Merch. Bk.
1887
J. A J.
do
do
1893
J. A Jdo
do
1920
M. A N.
Boston, Treasury.
May 1, 1894
M. AN.
London, Baring Bros.
May 1, 1894
J. A J.
do
do
July 1, 1889
A. A 0.
do
do
Apl., 1888 to ’90
Various
Boston, Treasury.
April, 1891 to ’94
J. A J.
London, Baring Bros.
July. 1891
J. A J.
do
do
Jan. 1, 1895
J. A J.
Boston, Treasury
1894
J. A J.
do
do
July 1, 1895
M. A S.
do
do
Sept. 1, 1897
A. A O.
do
do
April 1,1890
J. A J.
London, Baring Bros.
Jan. 1,1900
J. A J.
Bostou, Treasury.
Sept. 1,1896
Various
Boston, Treasury.
J’y l,’94-Sep 1,’97
do
Various
do
M’y l ’95-Sep 1,’96
J. A J. London, Baring Bros. A Co. Jan. 1, 1895
M. A N. N. Y., Am. Exchange Bank.
May 1,1890
J. A J. N. Y. City, First Nat. Bk.
1911
J. A J. St. Paul, State Treasury.
Optional.
J. A J. N. Y., Bank of Commerce.
1888
J. A J.
do
July, 1892
do
J. A J.
do
do
April 1,1894
J. A J.
do
do
1886 to ’88
J. A J.
do
do
1886 t o ’89
J. A J.
do
do
1889 to ’90
J. A J.
do
do
1886 t o ’89
J. A J.
do
do
1889
J. A J.
do
do
July, 1894 A ’95
do
J. A J.
do
Jan. 1, 1911
T. A J.
do
do
Nov. 1886 to ’95
J. A J.
do
do
1894-o-6
A. A 0.
N.Y., Kountze Bros.
April 1, 1897
M. A S.
Concord or Boston.
Sept., 1889
J. A J.
do
do
Jan., ’92 to 1905
J. A J. Bost. .Nat.Bk. Commonw’lth July 1, 1887-’92
do
do
J. A J.
Jan., 1887 to '91
J. A J. Jersey City and Trenton. Jan., 1888 to ’96
do
do
J. A J.
Jan.,’97 to 1902
A. A O. ST. Y., Manhattan Co. Bank.
Oct., 1893
do
do
July, 1887
J. A J.
do
do
Julv 1, 1891
J. A J.
A. A O.
do
do
Oct. 1, 1892
J. A J.
$100,000 yearly

IiO u isia n a .—The Constitutional amendment passed Dec., 1879, personal property, 1882, about $810,000,000, and in 1886, $945,450,
provided tor a new bond m place of consols of 1874. bearing 2 per cent 000; in 1883, tax rate, l^ io c mills; in 1884, l'lOS mills ; in 1885, 2-4
for 5 years, 3 per cent for 15 years and 4 per cent afterwards. In mills.
June, 1882, a constitutional amendment passed the Legislature and
M in n esota.—All the old State bonds formerly held by the permanentwas confirmed at the election in April, 1884, giving new bonds at 4 per school fund have been redeemed or exchanged for 4*ss. Minnesota re­
cent after Jan. 1,1885, and doing away with the provision of 3 per cent fused for some years to recognize the “ State Railroad Bonds” of 1858,
for fifteen years. There is considerable overdue interest of the years to the amount of $2,275,000, but a proposed compromise with the
1874 to 1880, inclusive. The constitution of 1879 limits the power of holders was provided for in 1881, and was carried out by the issue of
taxation to 6 mills on the valuation, of which only 3 mills may be ap­ the 4*2 per cent bonds. Taxable valuations and State tax have been;
propriated for interest on the debt; in 1884 1*3 mills sufficed to pay 2 Years.
Real Estate.
Personal. Tax Rata.
per cent, but for 1885 a rate of 2"e was made on a total taxable valuation 1881
.............................. $208,949,184
$74,329,190
1-4
of $212,725,566. A suit by the State of New Hampshire against 1882
.............................. 244,033,847
67,159,588
1-8
Louisiana as assignee of her bonds, was decided in favor of Louisiana by 1883
.............................. 255,910,090
78,549,269
1‘8
the U. S. Supreme Court. (V. 39, p. 3, 181.)
1884
.............................. 307,859,774
80,298,879
1-3
................................................ 400,000,000------------ 1-8
M a in e .—The debt January 1, 1886, was $5,216,000. The sinking 1885
fund $1,960,278. Tax rate for 1880, 5 mills on valuation of 1870:
M isso u ri.—The tax rate is 40c. per $100. Bonds maturing are met
1881-82, 4*3 mills; 1883-84, 4 mills; 1885-6, 3\ mills on valuation of by sinking fund. Total State debt Jan. 1, 1886, was $14,952,000,..
1881.
including school fund and University certificates, $3,646,000. The
M a ryla n d .—The State has largely assisted canals and railroads, and Hannibal & St. Joseph RR. paid the State $3,000,000 for its debt, but
holds $4,518,799 of stocks and bonds ranked as productive; the State the State refused on Jan. 1,1882, to pay the coupons on its own $3,000,also holds $27,723,287 in unproductive securities, which includes 000 of bonds. Litigation between the State and company ensued, re­
$17,566,472 Chesapeake & Ohio Canal interest. The State ex­ sulting in a judgment against the company for $476,049, as due the Statu
changes the “ Defense Loan” at par for new certificates of indebtedness, on May 11, 1883; an appeal to the U. S. Supreme Court is yet pending.
bearing interest at 3-65 per cent, redeemable in 15 years. Assessed val­ The following is a statement of the assessed property in this State for
uation, &c., have been:
the years 1883,1884 and 1886 :
Years.
Real & Personal. Tax per $100.
1883.
1884.
1886.
1882 ........................................................... $464,824,879
18%c.
$496,730,663
$514,348,606
1883 ............................................................
466,089,380
18 %c. Real estate....................$443,144,455
186,425,373
181,077.119
18 8 4
................................................
469,593,225
18^c. Personal property . . . . 173.345,191
Railroad property, Ac.
39,760,767
44,582,480
46,444,864
1885 ............................................................
473,452,144
—(V. 41, p. 473 ; V. 42, p. 728, 783; Y. 43, p. 217.)
T
ota
l.....................
$656,250,413
$727,738,516
$741,870,58ft
M assachusetts.—The funded debt, Jan. 1, 1886, was $31,423,681;
the sinking funds were $18,182,672. The Hoosac tunnel and connections —(Y. 42, p. 125, 207.)
N ebraska.—The State school fund holds $326,267. Assessed valu­
cost the State heavily. The loan to Boston Hartford & Erie Railroad
was secured by “Berdell” mortgage bonds, afterwards exchanged for ation of real estate, personal, railroad, Ac. (33*3 per cent of true value,N. Y. & N. E. RR. second mortgage bonds, and these bonds were sold and tax rate per $1,000, have been:
Years.
Valuation.
Tax Rate.
in 1885 at 90. Assessed valuation, tax-rate, &c., have been:
$93,142,456
Real
Personal Tax per
Total
Sinking
1881
1882.
98,537,475
Years.
Estate.
Property. $1,000.
Debt.
Funds.
110,543,644
7 40
1880 ....$1,111,160,072 $816,695,358 $15 35 $32,799,464 $13,050,092 1883.
126,615,886
7
1881 . . . .
1,149.965,827 883,886,538 14 28 32,399,464 14.080,465 1884.
133,418,700
1882 . . . .
1,189,524,370 812,858,614 15 28 32,511,680 16,944,263 1885.
1 8 8 3 ..
.. 1,226,111,297 835,601,175 14 98 31,423,680 16,836.672
New Ifam p sbire.—The debt ofpiTew Hampshire was created ior war
1 8 8 4 ..
.. 1,258,452,712 829,339,811 15 95 31,423,680 17,731,725 purposes. The Municipal loan of 1872 was issued to cities and towns,
1 8 8 5 ..
..
1,287,993,899806,055,338
14 14 31,423,68018,182,672
the proceeds to be applied to their war debts. Total valuation in 1883:
M ic h ig a n .—The debt is oractically extinguished, as the sinking fund $227,914,543; in 1884, $231,340,088; in 1885, $173,658,500, and rate
has sufficient assets to pay the bonds. Equalized valuation of real and of taxation for all purposes, $1*52.




INVESTORS’

6

SUPPLEMENT.

[VOL. XL1II.

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in tliese T a b les.
DESCRIPTION.
For explanation see notes on first page of tables

Date of
Bonds.

Amount
Size or
outstanding.
par
Value.

Rate.

INTEREST.
When
Where Payable and by
Payable
Whom.

Principal—When
due.




. . . .

4
J. A J N. Y., Nat. Bk. of Republic.
$50 &c. $2,931,100
North Carolina—Fund, b’ds (coups.tax-rec’ble).
1879
1909
6
Various Cps. since July ’68 unpaid.
2,661,600
500 &c.
1868 to ’98
Old bonds not funded.........................................
Various
6
do
do
1,000
649,000
1884 to ’85
Bonds to North Carolina R ailroad..................
6
A. A O.
1,000
2,146,000
do
do
1879
April 1, 1919
Bonds for N. C. RR. issue (tax receivable cps.)
1,180,000
6
1,000
Cps. since Ju ly’68 unpaid.
RR. bonds not fundable (Chatham and W. AT.)
1868 to ’98
6
A. A 0. Coup, of Jan.’69A8inceunp.
1,000
44,000
1868
Penitentiary bonds, act Aug. 24, 1868...........
O c t ,1898
6
1,000 11,366,000
A. A 0 Cps. A A 0 ’69 A Ap ’ 70 unp.
1898 to ’99
Special tax bonds (in 3 classes)........................
4
1,100,000
J. A J. N. Y., American Exch. B k. July 1, ’87-’ 88
100 AC.
Ohio—Registered loan of 1881...........................
1881
2,025,139
6
100 Ac.
J. A J.
do
do
1856
Jan. 1887
Registered loan, payable after Dec. 1886.......
__
2,250,000 3*2 A 5
do
do
July 1,1887
Deficiency loan...................................................
.
3
218,425
J. A J.
do
do
July l , ’89-’94-’98
New 3 per cent lobn..........................................
5
F. A A. Phila., Farm. A Mech B’k.
100 &C.
1877
6,530,600
Feb. 1, 1902
Pennsylvania^-Reg. bonds, tax fr. (red’ble ’92).
4
F. A A.
100 &C.
1,855,500
1879
do
do
Aug. 1. 1904
Registered bonds, tax free, 15-25 years........
1882
50 &c.
6,861,100 3*2 A 4 F. A A.
do
do
Loan of February, 1882 (registered)...............
Feb. 1.1912
1882
50 &c.
1.340,600 8 *2 A 4 F. A A.
do
do
do
do
in ten series.............
Aug. 1, ’ 87 to ’92
___
__
500,000
6
Harrisburg,
Treasury.
1872
Agricultural College land scrip........................
1922
1,000
625,000
6
1863
J. A J. Providence, R.I.H. A T. Co.
July 1, 1893
Rhode Island—War bonds.....................................
6
1864
1,000
742,000
F. A A.
do
do
Aug. 1, 1894
War bonds...........................................................
154,114
6
J. A J. Columbia, State Treasury.
South Carolina—State House stock and bonds.. 1853 to ’54 1,000
1871 A ’81
26,650
1866
50 &c.
Funding bonds and stock..................................
6 g. J. A J. Columbia and New Y'ork. J’l y l , 1887 to ’97
52,000
1854
1,000
Columbia, Treasury.
6 g. J. A J.
J’ly 1,1875 t o '79
Blue Ridge Railroad bonds...............................
1,000
13,000
1868
July 1,1888
Funding bills receivable....................................
6 g. A. A O. Columbia and New York.
128,000
1,000
do
do
1868
July 1, 1888
Payment of interest...........................................
6 g. A. A O.
36,500
500 Ac.
do
do
1863
July 1, 1889
Funding bank bills.............................................
6 g. J. A J.
44,200
1869
500 &c.
do
do
Conversion bonds and stocu.............................
July 1, 1882
6 g. J. A J.
450.908
6
do
do
1878
J. A J.
Deficiency bonds A stock (act 18 7 8)...............
1888
6
1874
500 Ac.
5,277,738
J. A J. N. Y., National Park Bank.
July 1, 1893
Consol, bonds and stock (Brown).....................
1874
1,000
J. A J.
July 1,1914
Tennessee—Funding bonds, act of 1873.............
i 6
1,000
) 5A 6 J. A J.
Bonds registered, act of 1873........................... Various.
1892, ’98,1900
1,000
397,000
6
Various.
Held by E. T. University (not to be funded)..
J. A J.
Nashville, Treasurer.
1882
500 &C.
2,799,000 3, 4, 5, 6 J. A J. New York, Cont’l Bank.
Compromise bonds (act of May 20, 1882)......
Jan. 1, 1912
100 Ac.
9,114,700
3
July 1,1913
Settlement bonds, aot of March 20, 1883........
J. A J.
Nashville.
1883
100 Ac.
1,138,000
do
do
5 & 6 per cents.
July 1,1913
5 A 6 J. A J.
do
1872
67,000
Texas—Funding State debt (act May 2 ,1 8 7 1 )...
6
State Treasury.
Various
1891
1,000
1871
499,000
Frontier def’se, gold, act Aug.5,’70(red’ble ’91)
7 g. M. A S. New York, Bank of N. Y.
1911
1872
1,000
467,000
Revenue deficiency bonds, act Dec. 2 ,1871..
1892
do
do
7 g. J. A J.
1874
1,000
288,000
Bonds, act Mar., 1874 (for paying float’g debt)
do
do
March 1, 1904
7 g. J. A J.
1,000
1,647,000
1876
Redemption of debt, act Aug. 6, '76 ................
July, 1906
6 g. J. A J. New York A State Treasury.
100 Ac.
1,068,900
1879
Bonds, act April 21,1879..................................
5
J. A D.
do
do
1909
__
1867
Bonds issued to School Fund............................
82,168
6
State Treasury.
Matured.’
2,211,000
Virginia—Old bonds, 23 fundable........................ 1851 t o ’66 500 Ac.
6
1886 to ’95
J. A J.
£100 &c
1,024,64.'
1851
Old bonds sterling % fundable..........................
5
J. A J.
1886
100 Ac. 13.019.900
1871
Consol, (aot Mar. 71) coup, tax receivable___
6
1905
J. A J.
100 Ac.
1,269,366
do
do
reg., conv. into coup...
18'1
6
J. A J.
1905
1872
100 Ac.
386,100
do (act 1872) “ Peeler,’’ cp. not rec’ble..
6
J. A J.
1872
514,276
do
do
“ Peeler,” reg. and certifs .
6
1871
Various 12,691.530
6
Deferred certificates (W. Va.)...........................
J. A J.
Contingent
1879
....
7,113,400
1CAOs, act March 28, ’79, coup, and reg........
3 to 5 J. A J.
1919
1879
293.200
do
do
sterling............................
1919
3 to 5 J. A J.
1882
100 Ac.
2,920,031
“ Riddleb’r” b’ds. acts Feb.l4,’82.ANov.29,’84
3
Richmond, Treasury.
July 1.1932
J. A J.
New Jersey.—The debt was created for war purposes. Valuation of the principal and interest of old, the new bearing 3 per cent in 1882of real and personal propertv (taxable) was $573,25?,203 in 1886; 83, 4 per cent in 1884 and 1885, 5 per cent in 1886 and 1887, and 6 per
$565,500,687 in 1885; $554,828,114 in 1884; $548,495,069 in 1883. cent 1888 to 1912. Exchanges were made in New York July, 1883,
State school tax, 2hj mills.
and $8,224,351 of these compromise bonds were issued. The Legisla­
N ew If o r k . - The financial condition of the State has been fortified by ture of 1883 repealed this law and passed a new one adjusting the debt
on
the basis of new bonds at 50 per cent of the face value of old, and
the payment of all debt except as above. The sinking funds October,
1886, amounted to $5,050,900. The new Capitol building has cost bearing 3 per cent interest; the old State debt proper of $2,118,000 is
made
an exception, and new 5 and 6 per cent bonds are issued for that
the State thus far $17,310,720, paid for by taxation. Valuations and
at the face value. Up to May, 1886, of the old 5 and 6 per cent bonds
State tax rate in 1880 and for two years past have been:
$1,038,000
had been exchanged, and of the new bonds issued for them
Real estate.
Personal.
State tax.
$688,000 are 6s and $350,oOO are 5s. For other bonds scaled $9,114,$322,468,712
38a
1 8 8 0 ................................$2,315,400,526
700
3
per
cents
issued. To July, 1886, $21,000,000 of bonis had been
1884 .............................. 2,669,173,311
345,418,361
223.0
funded. All the settlement bonds are redeemable at option of the State
1885 .............................. 2.762,348,000
332,383,239
2-96
after
July
1,
1888.
Assessed valuations and tax rate per $1,000 have
324,783,281
2'95
1886 .............................. 2,899,899,062
been as follow s:
N orth C arolina.—Interest was paid up to January 1882 on the
Other property. Railroad prop’ty. Tax rate.
Real estate.
bonds issued to No. Car. RR., as the State holds $3,000,200 stock and re­ 1881
30
$25,282,659
$ ..................
$200,007,214
ceives dividends thereon. The old North Carolina RR. construction 1882
26,546,245
..................
20
195.383,568
bonds are exchangeable for the new 6s, due 1919 (see V. 35, p. 132). and 1883
26,884,459
31,547,209
30
195.753,414
many holders have already so exchanged. The funding law of March 4. 1884
26,631,284
34,350,170
30
200,212,900
1879, provided for funding old ante-war bonds at 40 per cent of the face
value; “ New” railroad bonds recognized as valid at 25 per cen t; fund­ —(V. 42, p. 234, 664.)
ing bonds of 1866 and 1868 at 15 per cent. Nothing for overdue cou­
T e x a s .—The old high-rate bonds were redeemed and lower interest
pons. Coupons of the new bonds are receivable for taxes. The funding
ended Jan. 1, 1882, but has been continued till Jan. 1, 1887. If all bonds issued. Assessed valuations and rate of tax per $1,000 have been:
were funded the new 4 per cents would be $3,589,511. Special Years.
Total val’ation. Tax rate
Real estate.
Personalty.
tax bonds were ignored; also bonds to Chatham RR., 1868, $l,03o,000, 1880..
318,970,736
5
.. 197,167,630
121,803,106
and to Williamston & Tarb. RR., $150,000, and for Penitentiary under 1881..
357,000,000
4
140,000.000
.. 216,228.017
-acts of 1868. The special tax bonds are in 3 classes, class 1, bearing 1882..
169,767,572
419,925,476
3
.. 250,157,904
the coupon of April 1869 and since; class 2 of Oct. ’69; class 3 of Apl ’70. 1883..
527,537,390
3
228,578,137
.. 298,959,253
Assessed valuation of real estate is about 60 per cent of true value. 1884..
603,060,917
3
255,213,964
.. 347,846,953
Valuations and tax rate per $100 have been:
V ir g in ia .—The old bonds two-thirds fundable and the sterling
Personalty. Total valuation. Taxpr.$100
Real estate.
Wears.
bonds carry coupons from July 1869, except the years 1872-3-4. The
28
$62,995,728
$167,738,639
1 881.... $104,742,911
consols, of 1871 carry coupons of Jan. 1875 and since. The 10-40s carry
25
71,389,341
180,377,525
108,988,184
1882....
Jan. 1881 and since; but the consol, and 10-40 coupons being tax25
77,087,346
201,222,723
124,135.377'
1 883....
receivable, these bonds are generally sold with matured coupons
209,569,096
25
82,613,417
126,955,679
1885....
off.
The first funding law of March, 1871, allowed holders of
220,000,000
1886....
bonds to fund two-thirds of their debt into new 6 per cent bonds, bear­
(V. 40, p. 93, 454 ; V. 42, p. 479.)
ing coupons receivable for taxes, and receiving for the other one-third
O hio.—Ohio has a very small State debt, but large local debts,amount­ of their principal a “ deferred certificate,” to be charged to West Virginia.
ing in 1885 to $53,290,398, against $25,957,588 in 1875; this increase The act of 1872 repealed the tax-receivable clause of the law, and the
being mainly in city debts. Valuations in Ohio havebeen as follows1
bonds issued under it were called “ Peelers.” The McCulloch law of
Real estate.
Personalty. March 28,1879, authorized the 10-40 year bonds, bearing 3 per cent
Real estate.
Personalty.
$1,116,681,655 $518,229,079
for 10 years, 4 per cent for 20 years and 5 per cent for 10
1866.. $663,647,542 $442,561,379 1882.
1883. 1,131,058,750 542,207,121 years, coupons tax-receivable. In February, 1882, the Riddleberger
1879.
-1,093,768,904 442,979,885
1880. 1,102,049,931 456,166,034 1884. 1,145,475,210 528,298,871 law for re-adjusting the debt and the laws familiarly known as
-1,160,165,882 509,913,986
“ Coupon killers,” were passed (see V. 34, p. 88. The Riddleberger
1881. 1,101,457,383 485,750,196 1885.
—Statetaxratefor’85-86, 29tomills (V. 42, p.365, 387; V. 43, p. 775.) act provided for the issue of new bonds, dated July 1, 1882,
into
which all others couldbe funded at specified rates below par, varying
P en nsylvan ia.—Revenue is raised principally from corporations.
Taxes are levied on personal property. The State holds $5,160,000 in from 47 to 31 on the different classes. This law was also amended
and
all bonds offered for funding alter July, 1885, must carry the coupon
good railroad bonds. Any coupon bonds may be changed to registered.
of that date. The total Riddlebergers issued have been $6,494,000, of
Real estate valuation in 1884, $1,600,000,000.
which all but the above are held in State funds. The Supreme Court of
R h o d e Isla n d .—The debt was all created for war purposes. In the U. S. held (V. 36, p. 285), that the law requiring the validity of the
January, 1886, the net debt, less sinking fund, was $885,223. The coupons to be established before a State court did not impair the contract
State valuation of real property up to 1885 was $328,530,559; tax rate, making them receivable for taxes, and was therefore constitutional, but
12 cents on $100.
the question was again before the U. 8. Supreme Court in April, ’85, when
South C aro lin a.—The funding law of Dec. 23, ’73, provided for that Court held that a tender of coupons in payment of taxes was suffi­
Healing down the old debt 50 per cent. The consols were again “ re­ cient for the property owner. New suits were brought, and by the de­
adjusted ” in 1879. The several acts were passed Dec. 3, 1873, Dec. 24, cision reported in V. 42, p. 188, the U. S. Supreme Court affirmed its
1878, Dec. 24. 1879, and February, 1880. In November, 1886, decision of 1885.
there were green consols not yet exchanged, $851,671, less amount
A movement was begun in 1885 to procure an adjustment of the
invalid, $631,373. The old issues yet fundable on Nov. 1, ’86, were “ Deferred” bonds or certificates with West Virginia, and the holders
estimated at a total of about $585,000. Valuations and rate of tax were requested to deposit these with the Farmer’s Loan Tr. Co., and the
certificates of that Co. were listed at the Stock Exchange.
per $1,006 have been:
Years.
Real estate.
Personalty.
Railroads.
Tax rate.
A ssessed valuations have been as follows:
1882-8 3 ... $77,609,666
$41,785,768
$13,76 ,400
5
Total.
Tax Rate.
Personalty.
Years.
Real Estate.
18838 4 ... 87,131,400
48,249,939
15,227,964
5
$310,053,122
40c <
1882..
.. $232,386,357 $77,666,765
18848 5 ... 87,559,538
46.904.705
15,263,366
5h
81,789,710
318,157,937
40c.
1883..
.. 236,368,227
18858 6 ... 86,114.852
42,836,288
15,521,041
5*4 l« 8 4 .... 239,826,000
328.800,040
88,974,040
40c.
Tennessee.—A funding law was passed (act of May 20, ’82> withou
341,800,410
84,884.270
40o
LS85__ 256,916,140
the tax-receivable coupon clause, and giving new bonds at 60 per cen —(V. 41, p. 446, 474: V. 42, p. 94, 183, 234, 464; V. 43, p. 432, 446.

December, 1886.]

CITY SECURITIES.

7

Subscribers w ill confer a great favor by givin g Im m ediate notice o f any error discovered In these Tables.
INTEREST.
Size or Amount
DESCRIPTION.
Date of
Principal—When
par outstanding. Rate.
When
bonds.
Where payable and by
Due.
value.
Payable
whom.
Forexplanations see notes on first page of tables.
1866
$1,000
Albany, N. Y.—Purchase Congress Hall Block..
1,000
City improvement............................................... 1870-’71
1,000
Washington Park..................... .......................... 1870-’82
1874
1,000
New Post Office site...........................................
1,000
Water debt <$400,000 due 1900-3, are 7s)....... 1874-’80
1884
Broadway Crossing bonds.................................
1882
1,000
New City Hall.....................................................
1882
South Pearl Street bond s..................................
1865
1,000
Bonds loaned to Albany & Susquehanna R R ..
1867-’72 500 &c.
Atlanta, Oa.—Bonds for streets, floating debt
1,000
Bonds for A. L. Railroad and State House__ 1869-’70
Bonds for West. RR. and floating debt........... 1870 & ’72 500 &c.
1874
1,000
Bonds, 1st and 2d series, waterworks.............
500 &c.
1877
Redemption bonds..............................................
1881
1,000
.............................................
do
1879
Bonds to fund floating debt...............................
1884
Capitol bonds......................................................
Bonds................ ..................................................
Augusta, Oa,—Bonds for various purposes........ Various. 100 &c.
Various. 100 &c.
Baltimore—Consolidated loan of 1890
LOO &c.
Water loan, reg. stock, red. at will after 1916
1877
100 &c.
Funding loan, reg. stock, tax free.. ............
1878
100 &c.
1863
Consolidated bounty loan...............................
100 &c.
1865
Exempt bounty loan.......................................
100 &c.
1860
Public parks (Druid Hill)...............................
100 &c.
Park improvement loan..................................
1863
Patterson Park extension .............................
100 &c.
1853
Five million loan to Baltimore & Ohio R R ..
1870-’74 100 &c.
New City Hall...................................................
100 &o.
Paving loan......................................................
1881
100 &c.
Funding loan....................................................
1870
1872
100 &c.
Western Maryland Railroad..........................
Jones’ Falls ($957,000 are 5s&$200,000 3'65s) 1872-’84 100 &c.
....
1885
do
...................................
Valley Railroad.............................
1873
1874
100 &c.
Water loan ($263,000 only are 6s)
1880-4
100
Harford Run improvement loan ..
Western Maryland RR. loan..........
1882
100 &c.
....
______
Endorsements for Western Maryland R R .......
do
do Union Railroad
Bangor, Me.—City debt proper.......
1865 to ’72 1,000
Refunding bonds...........................
1885
500 <fec.
Municipal loan...............................
1874
1,000
Water loan bonds, coup. (Act Feb. 22, 1875).
500 &c.
1875
European & North American Railroad
1869
1,000
Bangor & Piscataquis Railroad...........
5t>0 &o.
1869
Bath,Me.—Fund, debt ($78,000 are 6s,’97, J.&J.)
Various.
Knox & Lincoln RR., for stock and coupons .
Various.
Androscoggin Railroad.....................................
Various.
1861
Knox & Lincoln Railroad ($23,750 each year)
1869
Various.
do
do
(F.&A. and M.&S).
1871-’72 Various.
Railroad refunded.............................................
Boston—City debt and Charlestown................... 1864 to ’80 1,000
do
registered............................................
1878-’82
do
do
............................................
1879
do
do
...........................................
1877
City d e b t............................................................
Various.
West Roxbury...... .............................................
£ 100 &<:
Burnt district, sterling loan.............................
1873
Consolidated street improvem’t, sterling loan.
£100&e
1869
Mystic water debt, assumed........
1862 to ’ 83 1,000
Cochituate Water loan, 6 per cent
1866 to ’76
do
do
5 per c e n t ........
1875 & ’ 78
do
do
4 per cen t........
1878
do
Sferling.............
do
£100 &<
1872
do
5 per cent gold.
do
1875-’7G
....
do
do
4^
do
1879
....
do
4
do
do
1879-’80
do
do
4 per cent.........
1883-84-85
do
do
3*2 per cent......
1884-’85
1861
1,000
Mount Prospect Square loan.............................
1857
1,000
Soldiers’ aid fund loan.......................................
1865
1,000
Gowanus canal improvement loan, local........
1866
1,000
Bushwick avenue
do
do
do ........
1865
1,000
SouthSeventh st.
do
do
do ........
1866
1,000
Union street improvement loan, local.............
1867
1,000
Fourth avenue
do
do
do
__ 1868 & ’69 1,000
WallaboutBay
do
do
................
1867
1,000
New York Bridge loan, registered and coupor
1870
1,000
Bonds for N. Y. & Brooklyn Bridge, cp. or reg 1875-’83
1,000
Prospect Park loan, reg. & coup......................... I860 to ’73 1,000
Prospect Park loan............................................ 1860 t o ’72 1,000

6
$127,000
Boston, Merchants’ Bank. Feb.. 1888 to ’94
438,000
7
New York.
1886 to 1900
1,058,000 4, 5, 6, 7
New York and Albany.
1910- ’21
115,000
7
N Y., Merchants’ Nat. Bk.
May l, 1904
1,089,000
do
do
6&7
1894 to 1912
70,000
4
do
do
1886
145,000
do
do
July 1,1905 t o ’ 10
62,000
4
Albany.
1888
858,000
N. Y., Del.& Hud. Canal Co
6
1895-’97
New York, Park Bank,
741,500
8
1892
400,000
7
do
do
J. & J., 1890
418,000
do
do
8
J. & J., 1902
427,000
New York, Fourth N. Bank.
7
J a n ,1,1904
77,500
Atlanta or New York.
8
Jan. 1,1897
5
120,500
do
do
1911- 1915
6
360,000
New York, Park Bank.
1887-1896
55,000
6
New York and Atlanta.
1914
4*3
116,500
July, 1916
2,256,000
Augusta, Treasury.
6&7
1886 to 1915
7,306,546
6
Balto., Farm. & Plan. Bank.
July 1,1890
5,000,000
5
Balto., Nat. Mechanics’ Bk.
July 1,1916
1,000,000
5
do
do
After July, 1916
2,211,068
6
do
do
Sept. 1, 1893
410,353
6
do
do
Sept. 1, 1893
555,566
do
do
6
Sept. 1, 1890
185,723
6
do
do
Jan. 1, 1895
200,000
4
1920
5,000,000
6
Balto., Farm. & Plan. Bank.
Jan. 1, 1890
1,500,000
6
do
do
1900 and 1902
500,000
4
Balto., Nat. Mechanics’ Bk, After Nov. 1,1920
800,000
6
Balto., Farm.&Plan. Bank.
July 1,1900
1,000,000
6
Balto., N. Mechanics’ Bank,
Jan. 1,1902
1,957,000 3-6S.5&6
do
do
April 9,1900
100,000
3
do
do
1900
1,015,300
6
do
do
Oct. 31,1886
5,000,000 4, 5& 6
do
do
July 1,1894,1922
600,000
4
do
do
After Jan. 1,1920
684,000
4
July 1.1925
1,375,000
6
J. & J. Balto., N.Mechanics’ Bank, Jan. 1, ’90 & 1900
117,000
6
Baltimore, Franklin Bank.
J a n .1, 1895
1 fiQ 9
50,000
7
Various Boston, Merchants’ N. B’k.
50,000
4
do
do
1886 to 1890
100,000
6
& J.
do
do
Jan. 1,1894
500,000
6
& J.
do
do
July 1, 1905
1,000,000
6
& J.
do
do
Jan. 1, 1894
925,000
do
do
6&7
April 1, 1899
180,500
5 & 6 M. & S
City Treasury.
1887 & 1897
154,000
6
Boston, Second Nat. Bank.
1886 & 1898
425,000
6
City Treasuryand Boston. Jan. to Oct. 1891
& J. Boston, Hide & Leather Bk.
1886 t o ’99
| 506,050
Boston, Second Nat. Bank.
1891 & 1902
\ 6
270,8001
4
July 1,1902
J. & J.
9,778,500
6
1887 to ’97
Various Boston, Treasurer’s Office,
9.058.000
4
do
do
1887-1914
Various
450.000
do
do
4*ag. A. <fc O.
Oct., 1889
490.000
413 Various
do
do
1887
230.000
do
do
5
Various.
Various
120.000
7
do
do
1887 to 1891
Various
5
4,997,604
April, 1893
A. & O. London, Baring Brothers,
2,996,602
do
5
July, 1899
J. & J.
839.000
Boston,
Treasurer’s
Office,
5&
1887 to 1913
Various
4.897.000
do
do
6
Various
1897 to 1908
13,000
5
do
do
Various
1907-1908
588.000
4
do
do
A. & O.
1908
1,947,274
A. & O. London, Baring Brothers.
Oct., 1902
3.552.000
Boston, Treasurer’s Office.
5 g.
1905-1908
do
268,000
do
1909
4isg. A.. & 0.
686,000
do
do
1909-1912
4 g. A. & O.
4
1,044,200
do
do
Various
19131914
50,000
do
do
19141915
313 A. & O.
213,000
Brooklyn.
M. & N.
1891
7
90,000
6
do
J. & J.
1887
g ti)ao
490.000
7
J. & J.
do
1886 t o ’94
s .2
s
§i 7
44,000
J. & J.
7
do
1886 to 90
84,000
7
J. & J.
do
1886 t o ’90
y5,000
7
J. & J.
do
1886 t o ’90
194,000
7
J. & J.
do
1886
198,000
6 & 7 J. & J.
do
1886 t o ’95
123,000
7
J. & J
do
1886 t o ’ 88
3,000,000
7
do
J. & J.
1899-1924
9,245,237 A, 5, 6, 7 J. & J.
do
1905 to 1928
8,019,000
6
do
I. & J.
1915 t o ’24
O
1,217,000
7
do
1924
J. & J.

A lb a n y .—The loan to Alb. & Susquehanna is secured by first mort-

The valuation of Albany City in 1884 was: Rea) estate, $60,981,fage.
65; personal, $6,339,417; tax rate, $2 04. Valuation in 1885—Real
estate, $60,381,215; personal, $6,044,250; tax rate, $2 06. Population,

90,758 in 1880; 69,422 in 1870.
A tla n ta .—The total bonded debt Jan. 1,1886, was $2,223,500. As­
sessed value of real estate in 1885, $21,023,370; personal, $7,889,269;
tax rate, $1*50. Population, 37,409 in 1880; 21,789 in 1870.
A u g u sta .—Of this debt, $600,000 was issued for railroads, and bal­
ance for canal enlargement, water works, &c. Sinking funds, Jan. 1,1885,
$330,000. Taxable valuation in 1885: Real estate, $11,468.310; per­
sonal, $5,088,130; tax rate, $1 62*3 per $100. Population in 1870,
by U. S. Census, 15,389; in 1880, 21,891.
B a ltim o re .—The Balt. & Ohio RR. pays interest on $5,000,000.
Water loan is paid by income of water works, and Public Park by City
Passenger Railway, and against a total debt of $36,733,247 the citv is
chargeable with interest on only $20,476,680, and holds productive
assets, including the sinking funds, equivalent to $14,460,394, leaving
on Dec. 31,1885, only $6,016,286 debt over interest-bearing assets.
There are also held $5,658,500 of unproductive securities. Pop nation
in 1870, 267,354; *n 1880, 332,313. In Jan., 1887, the city issues $600,000 of 314 per cent bonds to pay off West. Maryland debt. Assessed
valuation, near 1he full cash value, and tax rate have been :
Real
Personal
Total
Rate of Tax
Years.
Estate.
Property.
Valuation.
per $1,000.
$58,889,738
$248,803,232
1500
1883......... $189,913,494
1884........ 191,516,113
58,135,586
249,651,699
1600
1885....... 195,416,894
59,496,377
253,913.271
1600
1886...............................
..................
258,000,000
17 00
B a n g o r, M e.—The loans to Eu. & No. Am. R. R. to Bangor & Pis. R.
R. are secured by first mortgages on those roads, and interest fully paid
from the earnings The valuations (near full value) and tax rate in 1884
were: Real estate, $6,505,698; personal, $2,807,19 5; tax rate, 2-60.
Municipal property, including water works, $803,000 Population,
16.851 in 1880, 18,829 in 1870.
B a th , M e.—The city holds a first mortgage on the Androscoggin road
tor the debt, and second and third mortgages on the Knox & Lincoln for
its proportion of $895,000 out of a total of $2,395,000 bonds issued by




several cities in aid of the latter road. Tax valuation, 1883—real estate
$2,775,840; personal, $4,308,985. Tax rate, $25 per $1,000; 1884,
$2,821,511 real estate and $4,095,820 personal; rate, $25.
B o sto n .—The population of Boston in 1880 was 362,839; in 1870*
250,526. against 177,840 in 1860. The gross debt on Jan. 1,1886, was
$43,409,945, and the total sinking funds, &c., applicable to it $18,716,831, leaving the net debt $24,693,114. The law of April 17, 1885,
limited the taxation in Boston for city purposes to $9 on the average
valuation of five years preceding, to which is added the tax for city debt
and for State purposes. Up to Jan. 1, 1887, the debt shall not be over
2^2 per cent of assessed valuation, and after that date 2 per cent.
Assessed valuation on May 1 for four years has been:
Real
Personal
Tax
Net Debt.
Years.
Estate.
Estate.
Rate.
Dec. 31.
1883 ............. $478,318,900
$204,113,771
$14 50
$25,311,635
18 8 4
.... 488.130,600
194,526,058
17 00
24,766,064
1885 ............. 495,973,400
189,605,600
12 80
24,693,114
18 8 6
.... 517,495,200
193,086,500
12 70
B r o o k ly n .—The whole city debt was as follows Jan. 1,1885 and ’86.
Jan. 1,1886.
Jan. 1, 1885.
Permanent deb t....................................... $26,264,543
$26,365,237
Water loan................................................
11,645,500
11,158,000
Debt payable from assessments............
2.618,000
4,754,000
Tax certificates................................ . . . .
8,000,000
3,000,000
Gross deb t..........................................
Less sinking fund.....................................

$43,528,043
7,121,271

$45,277,237
6,471,606

Net debt.............................................. $36,106,772
$38,805,630
Population tn 1870, 396,099, against 566,663 in 1880. Valuation of
property and tax rate per $1,000 for three years have been:
Years.
Real.
Personal.
Rate.
1883
...........................$280,800,597
$18,135,909
$26 01
1884
........................... 297,126,666
20,727,406
26 34
1885
............................ 311,308,060
19,375,702
29 00
1886 ..................................... 336,221,357
22,049,310
.......
The debt of Kings County, separate from the debt of Brooklyn, la
about $4,000,000, of which the city is responsible for i 92otha.

8

INVESTORS’

SUPPLEMENT.

[Vos, XLIII.

Brooklyn—( Continued,)—
Permanent water loan.......................................
do
do
.......................................
Sewerage fund bonds, continuous, local..........
Assessment fund bonds, continuous, local —
Temporary tax certificates..............................
Certificates of indebtedness..............................
Bonds to pay arrears to cou n ty.......................
Arrearage bonds, reg. (redeem, in 1894)........
Award bonds for lands taken...........................
Buffalo, IV. Y.—Funded debt bonds.....................
Water works bonds............................................
Tax loan bonds....................................................
Cambridge, Mass.—City bonds.............................
City bonds...........................................................
do
............................................................
do
........................ ..................................
do
...........................................................
Water loan...........................................................
do
............................................................
do
............................................................
do
(only $12,500 are 5s).....................
Charleston, S. 0 .—Fire loan bonds, cou pon .......
Conversion bonds, to redeem past-due debt...
do
do
do
do
coup, or reg.........................
Chelsea, Mass.—Sinking fund bonds....................
Bonds....................................................................
Funded debt, coup.............................................
do
notes...............................................
Water loan, coup...............................................
Chicago—Water loan..............................................
Water loan...........................................................
Water loan (refunding).....................................
Sewerage bonds..................................................
do
.................................................
River improvement bonds................................
Municipal bonds..................................................
Municipal and School bonds.............................
Municipal bonds (refunding loa n )...................
Cook County debt..............................................
Cincinnati—B’ds for erection of a WorkhouseX
Bonds for Water Works................................ C3

h -93
oo
oo
oo

1

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
INTEREST.
DESCRIPTION.
Size or
Amount
Date of
Principal—When
par
When
Bonds.
outstanding. Rate.
Where Payable and by
Due.
Value.
Payable
For explanations see notes on first page of tables
Whom.
J. & J.
Brooklyn.'
$11,645,500 {
£ 1886 to 1916
T. & J.
do
7
72,000
3*2 J. & J.
do
3 years from date.
1,718,000 313&4 J. & J.
do
3 years from date.
3,000,000 3*3 <&4
do
4
J. & J.
976,305
do
549,000 3 ^ & 4
do
3 553 P
1924
2,350,000 3^2 & 4 J. & J.
do
1924
4
200,000
do
1893
l,000&c
3 to 7 Various Buffalo and New York.
4,478,088
1887 to 1924
l,000&c
2,828,332 3*2 to 7 V arious
do
do
1886 to 1909
l,000&c
368,347 3 to 4 ^ J. & J.
do
do
1887 to 1900
1,000
A. & O. Boston, Bank Redemption.
220,000
5
1887 & 1889
1,000
150,000
5 g. J. & J. Boston, Tremout Bank.
J a n .1,1893
500 &c.
J. & J. Boston, Bank Redemption.
615,000
6
1886 to ’96
500 &c.
689,000
6
J. & J
do
do
July, 1903-4-5
265,000
4
do
do
1895 & 1905
1866
1,000
J. & J
100,000
6
do
do
July 1,1886
1870 to ’77 500 &c.
874,000
J. & J
6
do
do
July 1,1890 to ’97
1867 t o ’69 1,000
A. & O.
437,000
6
do
do
Apl. 1, 1887-1889
1,000
336,500
4 &5
do
do
1894-’98-1910
__
1866
92,800
J. & J.
7
Charleston, Treasury
1890
A. & O.
500.000
7
do
1888 to 1897
109,500
A. & O.
1878
6
do
Oct., 1898
lo o & c.
3,413,600
4
J. & J.
1879
do
July 1, 1909
286,000
6
1884 to 1908
25,000
1884 to 1888
5^3
Various Boston, N. Bk. Redemption
992,000
6
1,000
1891 to 1895
96,000
413 Various
1889-1890
200,000
F. & A Boston. N. Bk. Redemption Aug. 1 ,1887-’95
- a- .
1,000
6
132,000
J. & J. N. Y., Am. Ex. Nat. Bank.
500,&c.
6
1897 &'98
1,000
3,490,000
J. & J.
7
do
do
July 1, ’ 88 to ’95
1882
100, &c.
333,000
3-65 J. & J.
do
1902
do
1,675,000
J. & J.
500 &c.
do
7
do
1888 to ’95
489,500
1880
do
do
July 1, 1900
413 J. & J.
2,608,000
1,000
J. & J.
7
do
do
1890 to ’95
1,000
186,000
6
J. & J.
do
July, 1895 & ’96
do
500 &c.
2,536,500
do
7
J. & J.
do
1886 to ’99
.
843,500
4
do
do
1881
1901
1865 to ’80 500 &c.
4,941,500 4 ^ to 7 M. & N. N. Y., Metropolitan Bank. May 1 , 1885-’92
250,000
1,000
7 3-10 J. & D. N.Y., Am. Exch. Nat. Bank.
June, 1888
1868
1869
1,000
150,000
do
do
1889
7 3-10 J. & D.
98,000
1863
1,000
J. & J.
do
Jan., 1890
6
do
Bonds to O. & M. RR. to purchase whf. prop.. N
194,000
1855
1,000
6
M. & N.
do
Nov., 1890
do
1847 to ’50 500 &c.
397,000
A. & O. Phila., Bk. of North Amer.
6
April, 1895
171,500
1847 to ’48 500 &c.
6
M. & N.
do
May, 1897
do
750,000
1867-’68
1,000
7 3-10 Various N.Y., Am. Exch. Nat. Bank.
1897 & 1898
1,000
60,000
1853
6
J. & J.
do
do
Jan., 1900
1851-’53
175,000
Various Phila., Bk. of North Amer. June & Oct., 1900
1,000
6
1858
1,000
131,000
M. & S.
Mar., 1888& 1908
6
Cincinnati.
1869
1,000
150,000
7 3-10 M. & 8. N. Y., Am. Exch. Nat.Bk.
Sept., 1899
150,000
1869
1,000
7 3-10 M. & S.
do
do
Sept., 1899
100.000
1869
1,000
Oct., 1899
7 3-10 A. & O.
do
do
1871-’72
450,000
1,000
F. & A.
Aug., 1886-’97
7
do
do
600,000
1871
1,000
7
J. & D.
do
Dec.
1,1891
do
Cincinnati Southern R R ........
1872
8.191.000
July 1, 1902
500 &c.
7 3-10 J. & J.
do
do
do
do
($2,890,i
1876
500 &c.
4.825.000 6g. or 7-3 M. & N.
do
do
May 1, 1906
2,260,500
do
do
...............
1902-1908-1909
1878 & ’79 1,000
6 & 7 Various
do
do
1874
Floating debt bonds, coupon.
1,000
995,000
M. & N.
7
Cincinnati.
May 15, 1904
65,000
Park improvement..................
1875
1,000
J. & J. N. Y., Am Exch. Nat. B’k.
1890
7
1875
1,000
200,000
F. & A.
Aug.,'90 & ’95
7
Cincinnati.
175,000
1879
1,000
5 & 6 M. & N. N.Y., Am. Exch. Nat. Bank. May 1889-1909
1876
50,000
7
M. & N.
May 1,1906
Cincinnati.
76,000
F. & A.
Aug. 1, 1897
7
1886 t o ’95
198,265
Street improvement bonds, s h o r t ................ . 1876 to ’83 Various
Cincinnati.
5 & 7 Various
1930 & 1931
Consol, s. f. bonds, 30-50 yrs. (Act Apl. 9, ’80 1880 & ’81 1,000
2,002,000
4 & 5 Various N. Y., Am. Exch. Nat. Bk.
1889 & 1890
64,706
4 &5
Work House and Infirmary............................. .
1882
July 1,1886 to 92
104,000
100
4 & 6 J. & J.
Cincinnati.
Deficiency loan (redeemable after 1 8 9 1)......
1881
500,000
June 1,1901
100 &c.
4
J. & D. N. Y.. Am. Exch. Nat. Bk.
1.273.000
Deficiency and pavement bonds (10-20 yr.) ..
1905
1885
4
Various
1.775.000 3-65 to 7 Various N. Y „ Am. Exch. Nat. Bk.
Clevelands-W ater works ($200,000 are 6 p. ct.) 1872 t o ’85 1,000
1892 & 1903
1,824,000 4, 5, 6, 7 Various
do
Funded debt....................................................... . 1872 t o ’85 1,000
1886 t o ’97
do
Lake View and Monumental parks................ 1872 to '74 1.000
315,000
1887 t o ’92
7
Various
do
do
Canal and canal lock ($11,000 are 6 s )........... 1874 to ’7£ 1,000
275,000
6 & 7 Various
do
do
1894 to ’98
School ($100,000 are 6 p. ct.).......................... 1869 t o ’71 1,000
150,000
Various
7
do
do
1887-’88
General bonds, various purposes....................
1885 86
400,000
1888-1901
do
do
4-413 Various
1873 to ’78 1,000
2.138,000 5. 6 & 7 Various
1893 & 1907
do
do
Wade Park ..........
1834-’85
1,000
193,000
6
1889
Various
do
do
Various.
Special bonds— ..
1,000
708,000
4, 5, 7 Various
1886-’ 95
do
do
Kingsbury Bridge.
1884-’85
185,000 4. 413. 5 Various
do
1899-1900
do
1875
1,000
228,000
7 & 4 J. & J. New York, Kountze Bros. July, 1885 or ’92
Funding bonds, redeemable 1878.
1878
1,000
175.000
J. & J. N. Y. Chemical Nat. Bank July, 1888 or '98
7
1882 & ’84
182.000
5
Various Des Moines and Boston.
Various.
1855 t o ’81 500, &c
1,451,000
1887 to 1906
4 to 7 Various N. V., First Nat. Bank.
Public Building stock (City Hall) bonds.
1859 t o ’71
—
412.500
7
do
do
1886 to ’91
Various
B u ffa lo .—Valuations and tax per $1,000 have been:
The assessed value of real estate is about one-third of its true value.
Years.
Real estate.
Personalty. Tax Rate. Population in 1870 was 298,977, and in 1880, 503,185. The South Park,
$7,947,380
1760West Chicago -Park and Lincoln Park loans are not debts of the city,
1878........................................... $80,929,165
8,796,675
1627but of distinct corporations.
1883 ....................................... 93,167,090
1884 ....................................... 96,341,455
8.459,735
1644
1885 ..............
99,912,470
8,461,675
1721 C in cin n ati.—City holds $1,274,000 of Cincinnati Southern bonds in
Buffalo also pays 77-100 of Erie county debt. Coupon bonds are exchange sinking funds. In 1870 the population was 216,239, against 255,139 in
able for registered. The interest on different bonds is 3^ . 4, 4^ , 5. 6 1880. The following table from the books of the Auditor of Hamilton
and 7. Population, 202,803 in 1885; 154,766 in 1880; 117,714 in 1870. County, Ohio, exhibits the assessed valuation of the city of Cincinnati
C am bridge, M a ss.—The sinking funds, Nov. 30,1885, amounted to in the year 1860, and from 1870 to 1884:
$1 ,387,327. The investments are nearly all in city bonds at par and
Tax per
Personal
Total
Real
stamped “ not negotiable. Valuation, 1885, real estate $42,588,300; Years.
Estate
Estate.
Valuation.
$ 1,000.
personal $12,758,255; total, $55,346,555; tax rate, $1 55. Valuation 1860................ $61,620,904
$31,411,912
$93,032,716
$17 45
m ’84, $41,289,200 real estate and $12,259,491 personal; total, $53,548,- 1870 ............ 78,736,482
57,370,754
136,107,236
31 60
691; tax rate, $1 68 per $100. Population, 52,669 in ’ 80; 39,634 in ’70. 1871 ............ 123,427,888
56,934,044
180,361,932
22 20
C harleston, S. C.—The bonds of Charleston are mostly held within 1872 ............ 119,621,856
55,462,410
20 10
175,084,296
the State of South Carolina. Conversion bonds of 1878 and 1879 are issued 1873 ............ 121,479,280
64,166,460
185,645,740
23 06
in exchange for city stock. Valuations and tax rate per $1,000 have been: 1874 ............ 123,231,790
58,708,284
23 38
181,950,074
Years.
Real Estate.
Personal Prop.
Tax Rate. 1875 ............ 125,976,835
58,521,730
24 82
184,498,565
1883 ..................................$15,854,575
$7,419,784
$23 80 1876 ............ 127,143,900
27 04
183,952,966
56,809,066
1884 ................................ 16,246,865
8.186,216
20 00 1877 ............ 128,820.270
50,609,872
179,430,142
29 10
8,138,153
20 00 1878 ............ 129,043,880
1885 ................................ 16,753,760
43,830,188
172,874.068
28 54
—Population, 49,984 in 1880; 48,956 in 1870.
1879 ............ 128,473,130
169,305,635
40,832,505
28 98
37,578,376
167,535,356
31 00
Chelsea, M ass.—Sinking fund, Jan. 1, 1885, $286,653, and debt, 1880 ........... 129,956,980
41,359,163
1881
............
120,045,230
161.404,393
22
20
$1,661,800. Valuation in 1884, $18,153,497; tax rate, 18-60. Tax val­
166,986,105
28,643,917
23 82
uation, 1883, $17,374,335; tax rate, $18 40. Valuation in 1882, $17,029,- 1882 ............ 138,342,188
47,050,496
169,925,286
20
50
1883
............
122,874,790
722; tax rate, $18 80. Population, 21,782 in 1880; 18,547 in 1870;
41,908,822
169,534,192
1884 ............ 124.625,370
25 56
24,347 in 1884.
170,086,968
26 86
1885 ........... 127,454,100
42,632,868
C hicago.—The city debt is limited to 5 per cent of the Illinois State
valuation. Of the funded debt, $3,955,000 is on account of the Water The city is the sole owner of the stock of the Cincinnati Southern Rail*
Works, which yield an income much above the interest charge on the debt road, leased as per terms, V. 33, p. 281, and with the waterworks and
■-Equalized Value.Tax Rate. other property, real estate, and bonds, held, for investment, has assets
Real Estate.
Personal. per $1,000. put at $34,461,188.
Years.
$34-72
$29,052,906
1881...................... .................. $90,099,045
C leveland.—The sewer, street lmprovem’ts and street opening bonds
33-72
29,052,906
1882......................
31,639,717
34-10 are for special localimprovements, and redeemed bv assessments on the
1883...................... .................. 101,596,787
31.720.237
35 48 property benefited. Assessed 'valuation, tax rate,Sjiebti.and sinking
1884...................... .................. 105,606.743
32,811.411
36-81 funds have been:
1885 ..................... .................. 107,146,881




1857 t o ’72
1872-’75
Various.
Various.
Various.
1884
1884
1884
1883
1870 t o ’85
1869 t o ’85
1880 t o ’85
1864 & ’77
1863
1870 t o ’76
1873-’74

1,000
1,000

December, 1886.]

9

CITY SECURITIES.

Subscribers w ill confer a great favor by givin g Im m ediate notice o f any error discovered In these Tables.
INTEREST.
DESCRIPTION.
Date of
Principal—When
Size or Amount
Where payable and by
When
due.
bonds.
Rate. payable
whom.
For explanations see notes on first page of tables.
value.
Detroit, Michigan—{Continued)—

1872 to ’77 $ ....
1879
1886
5.000
1886
1.000
1880
1871 to ’74 1,000
1870 t o ’75 1,000
1872 to ’73 1,000
1865 t o ’66 1,000
1875-’76
1,000
1877
1,000
1876
1,000
1882
500 &e,
1868
1,000
Evansville, Indiana.—E. H. & N. RR. bonds---1869
1,000
1870
1,000
1870
1,000
1870
1,000
1876
1,000
1876
1,000
1877
1,000
1878
1,000
1881
1,000
Large.
lOOO&c.
1,000
1,000

$292,000
100,000
30.000
100,000

36.000
850.000
435.000
48.000
41.000
764.000
260.000
196.000
1,656,720
250.000
100.000
196.000
100.000

300.000
300.000
105.000
1 0 0 .0 0 0

100,000
1 0 0,000

311.000
45.000
600.000
450.000
100.000
261,860
125.000
500.000
450.000
550.000

1,000
1,000
1,000
1,000
1873
1,000
1871
1,000
1875
1,000
1883
1,000
Qalvesion, Texas- Bonds for various purposes... 1869 to ’75 100 &c.
lim ited debt bonds (sinking fund 2 per cent). 1877-8-9 100 &c.
100 &c.
1882
Galveston County bonds, G. C. & S. F. R R —
1865~’81
1,000
1876
1,000
1868
1,000
1872
i ’ ooo
1879-’80
L000
1863
1,000
1,000
1864-’79 500 Ac.
1872
1877-’79
1,000
Various. 500 &c.
1878-81
1,000
1880-’83
1,000
1871-’74
1874
1,000
1872
1,000
Railroad loan do
($60,000 are J. & J .).
1873
1,000
1869 t o ’70
500
1877
" Bonds to Un. RR. Tr. Stock Yard (mortgage).
1,000
1873
1,000
1874
do
do B ........................................
1,000
1874
1,000
1875
1,000
1874
500
Jersey City—Water loan bonds, mostly coupon 1852 to ’77 1,000
1869 t o ’73 1,000

Temporary loan---- *............. 1.........................
Bonds to fund floating debt. <fcc., coup, or reg.

1872
1,000
1871-72
1872 t o ’74 1,000
1870
1,000
1872
1,000
1864-’65
1,000
1864-’70
1868-’70 l,000&c
1869
l,000&c
1865
Vari ous
1875-’76
1876
1879
1880-’ l
1884

1,000

F. &
F. &
J. &
J. &

A. N.Y., First National Bank,
A.
do
do
do
do
J.
do
do
D.

City Treasury,
Various
do
Various
do
Various
do
Various
A. & O.
do
do
J. & D.
do
M. & N.
J. & J. N. Y., Mercantile Trust Co.
M. & N. N. Y., Farmers’ L. & Tr. Co.
do
do
M. & N.
do
do
J. & D.
do
do
J. & D.
do
do
J. & J.
do
do
A. & O.
do
do
M. & N.
do
do
J. & D.
6
do
do
6
do
do
F.
&
A.
6
City Treasury,
37s, 4, 6 Various
do
Various
6
Boston, Revere Bank.
5 g. F. & A.
5 & 6 M. & N. Boston, Bank Redemption,
do
do
4
do
do
5&6
City Treasury.
37s M. & N.
Boston, Bank Redemption,
do
do
M.'&N.
' 6'
do
do
F. & A.
6
"i'
7
7
7
7
7
7
4
7
7
7
7
7 3-10
7
7

200.000

J. '& J.
J. & J.
J. & J
A. & O.
4
50.000
Various
10
21,800
M. & S.
510,100
8
J. & D.
5
808,900
6
J. & J.
417.000
5 & 6 Various
912.000
J. & J.
6
500.000
& J
6
300.000
6
& J.
1 , 000,000
& J.
1.250.000
4ia
& J.
6
70.000
& J.
6
203.000
224.000 6 & 7 Various
A. <& O.
7
119.500
6 & 7 Various
43,750
91,500 5, 6, 7 Various
5 & 6 Various
608.000
5 & 6 Various
75.000
4 to 7 Various
180,000
A. & O.
6
271.000
J. & J.
6
250.000
A. & O.
226.500
7
Jan.
6
155.000
J. & J.
6
500.000
7'3 J. & J.
300.000
7-3 J. A J.
300.000
7-3 J. & J.
300.000
7'3 J. & J.
200.000
7-3 J. & J.
109.500
J. & J.
6
984.000
Various
3.329.000
7
5
200.000
J.
& J.
517.000
7
M. & N.
7
2.669.000
Various
7
2,630,500
J. & J
7
125.000
M. & N.
500.000
7
Various
7
558.000
Various
100.000
7
J. & J.
150.000
7
J. & J.
400.000
7
Various
7
41.000
Various
7
900.000
J. & D.
7
400.000
975.000
513
F. '& A.
6
1.353.000
5 A 6 Various
600.000
6
1.OOO.O0O

Years. Real A Personalty. Tax 1,000. General Debt. Special Debt.
18 8 4 ...... $85,978,005
$14210
$8,385,000
$S75.800
1885 ..... 8 ->,285.845
11T20
6,917,000
703,000
—Population, 160,146 in 1880; 92,829 in 1870.
Des M oin es, l a .—Assessed value of property $7,200,000, which is
about 20 per cent of true value. Tax rate, $5 per $100. Warrants out­
standing Jan., 1885, $90,082 ; cash on hand, $51,275. Tne renewed
judgment bonds for $170,000 are paid off July, 1885. Population in 1870,
12,035; in 1830. 22,400.
D etroit, M ic h .—There are also $10,000 House of Correction bonds
due 1893. Assets in sinking fund July 1, 1835, $838,238; net city debt,
$12,261. The population in 1870 was 79,577; in ’80, 116,340; in 1883,
130,000. The value of water works |is about $3,500,000. against
a debt of $1,451,000 September, 1385. The water works bonds
are issued on a pledge of the city credit, and $75,000 per year collected
in taxes to pay interest on them. Valuations (based on true value) and
tax rate have been:
Years.
Real Estate.
Personal.
Total.
Tax Rate.
1884 ........ $82,793,115
$27,928,880
$110,721,995
$11-41
1885 ........ 87,536,645
28,713,300
116,249,945
10-77
E lizab eth , N. J .—Default was made in interest February 1, 1879.
Suits on bonds are pending. Old unadjusted bonds and loans are
$2,592,739. Total bonded and floating debt July 15. 1885, $4,264,640. A proposition to issue 4 per cent bonds at 50 per cent of the
face value of old bonds was made, and $1,656,720 of the new bonds
were issued up to July 15,1885. The Mercantile Trust Company in New
York acts as the agent. Assessed valuations and tax rate have been as
follows: In 1882, $12,182,035, rate, 3-12; in 1883, $12,471,115, rate,
2-64; in 1834, $12,341,735, rate, 2-00; in 1885 $12,465,760, rate 2-64;
in 1886, $12,628,710, rate, 2-72. Population 1880, 28,229; in 1870,
20,832; estimated in 18 36 to be 32,600. (V. 40, p. 625; Vol. 42, p. 93.)
E v an sv ille, In d .—There has been default in payment of interest
since April, . 883, and suit has been brought against the city, which is
yet pending. An attempt to compromise is in progress, and C. H. Venn e r& C o .,o f Boston, have issued circulars in regard to it. Population
in 1870, 21,830; In 1880, 29,280. Assessed valuation (true value), tax
rate per $1,000 and debt have been:




6&7
4
3^
3ia

400.000
300.000

100.000

"6
6
6

Boston, Merchants’ Bank
do
do
do
do
City Treasury.
Galveston, City Treasury,
do
New York or Galveston.
N. Y., Bank of New York.
City Treasury.
Suffolk Bank, Boston.
City Treasury,
do
Town Treasury,
do
do
First Nat. Bank, Hoboken
do
do
do
do
do
do
do
do
do
do
City Treasury,
do
do
do
City Treasury.
N. Y., Winslow, L. & Co.
do
do
do
do
do
do
do
do
do
do
N. Y., Merch. Ex. N. Bank
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
N. Y., Merch. Ex. Nat. B’k
do
do

1892 t o ’97
1899
Jan., 1911
Dec. 1,1916
1887-1892
1879 to ’81
1882 t o ’95
1882 t o ’93
1882 to ’86
1885 t o ’96
1907
1886
July 1, 1912
Maj 1, 1898
May 1, 1899
Dec. 1, 1890
Dec. 1, 1895
July 1, 1895
April 1, 1906
May 15,1906
June 1, 1907
April 15,1908
Feb. 1,1911
Nov., 1885 t o ’ 92
1891
Aug. 1, 1894
May 1,1895
May 1, 1895
1896-’97-’98
May 1, 1905
Feb. 1,1900-1909
Nov. 1,1892-1906
Aug. 1,1899-1905
May 1, 1908-1909
July 1,1893
July 1,1891
July 1, 1905-1906
Oct. 1, 1903,
1885 to ’91
1893-1909
1920-1925
1902
1890-1906
Jan. 1, 1891
Jan. 1, 1893
Jan. 1, 1897
10 to 25 years
$10,000 yearly
Jan., 1900
1886 to 1905
1892
1892 to 1894
1890 to 1903
1898 to 1901
1903 to 1910
1885 to 1889
Oct. 1,1889
Jan. 1,1900
Jan.&Apr.l, 1894
Jan. 1, 1889 t o ’90
Jan. 1, 1897
July 1, 1893
July 1, 1893
July 1, 1894
July 1, 1895
Jan. 1, 1899
Jan., 1889 to 1909
1899 to 1913
Feb. 1, 1913
July 1,1913
May, 1891
1892 to 1906
June 8, 1900
May 1,1897
1889-1890
1889 & 1900
Jan., ’98 to 1900
July, 1889
1889
1905-1906
June 1,1886
Demand,
Feb.l, 1909
1910-1911
1904

Years.
Real Estate.
Personalty.
Tax.
Debc.
1884...................$13,527,090
$6,519,820
$10 00
$1,651,000
1885................... 13,666.645
6,682,895
10 00
1,651,000
1886
......... .............$17,273,340-----------'
—(V 41,p. 494,527; V. 43, p. 607.)
Pall (liv e r , M a s s .—The sinkingfunds amounted to $361,339 Jan. 1,
1886. Total debt, including water debt, $3,572,861. Population in 1885,
56,863; 48,961 in 1880; 26,766 in 1870. Valuation in 1885, $43,815,275.
F it c h b u r g , M a s s .—Population 12,270 in 1880; 11,260 in 1870.
The assessed valuation of real estate is about the cash value, and in 1886
real estate was assessed at $3,422,675; personalty, $3,071,886; tax rate,
18-20 per $1,000.
G alveston, T ex a s.—Assessed value of real and personal property,
1885-86, $22,000,000. 1884-85, valuation, $18,588,196; tax rate 1 50.
In April, 1882, the Galveston County 10 per cent bonds were called
in and 6 per cents issued instead. Population m 1870, 13,812; in
1830 22.248 ; L886, estimated, 42,000.
H artford , C on n .—Total city debt, April 1, 1886, $2,784,882; net,
after deducting resources, $1,946,071; net town debts, Oct. 1, 1880,
$1,202,758. Assessed valuation in 1834, $16,000,000; in 1885, $45,898,365. Population, 42,553 in 1880; 37,743 in 1870.
H o b o k en , N. J . —The total debt June, 1885, was $1,161,750.
Assessed valuations in 1884; Personal, $1,343,941; real estate, $ Li , 672,700; tax rate, 2-35; population, 35,000.
H o ly o k e . M ass.—Bonds all coupon, but can be registered. Total net
debt, $734,206. Valuation, 1885, $16,135,525; tax rate, $17 20. Valuationin 1884, $15,527,995; tax rate, $14 80. Population, 21,915 in
1880; 10,733 in 1870; 27,895 in 1885.
In d ia n ap olis.—The School Board is a distinct organizat’ n and levies
its own tax ($2 20 for 1884), which is included in tax rates. There
are a few other small issues amounting to $50,000. Pomilation, 75.056
in 1880 ; 8.244 in 1870. Valuation and tax per $1,000 have been:
Years.
Real Estate.
Personaltv.
Total.
Tax.
1883 ................. $39,335,860
$13,792,290
$53,128,150
$11-20
1884 ................. 40,149,950
13,891,650
54.041,600
12-20
Jersey C ity.—One or the main causes m past trouote in jersey City
finances has been the failure to collect back assessments and the'large
amount of railroad property exempt from taxation, but these matters
are being remedied and RR. property is bearing a share of the taxation

io

INVESTORS’

SUPPLEMENT

[V ol. XLIII.

Subscribers w ill confer a great favor by giving im m ediate notice of any error discovered in these Tables.
INTEREST.
Principal—When
Amount
DESCRIPTION.
Date of
Size or
When
par
Due.
and by
Rate. Payable Where Payable
Whom.
>s
Value.
For explanations see notes on first page of tables
. 1875 t o ’81 $ . . . .
Kansas City, Mo.—Renewal bonds...........
1873
Funding bonds..........................................
....
1875
Floating debt bonds................................
....
Railroad bonds.........................................
1885
School bonds.............................................
1884
Lawrence, Mass—Sewer loan...................
oOOAc.
. 1862 to ’75 5000&C.
Funded debt.............................................
1874
1,000
do
.............................................
. 1873-’75 500 Ac.
Water loan............. ..................................
Various,
. Various.
Long Island City—General bonds...........
1883-’86
500
Tax or revenue b o n d s ............................
Louisville, K y.—Water works...................
. 1857 t o ’67 1.000
. 1866 t o ’67 1,000
For improvement of streets..................
1883
500 &c.
For municipal improvement..................
Re-constructing street...........................
1873
1,000
. 1871 to ’7c 1,000
Public buildings and institutions........
Public school and school houses............
. 1853 t o ’69 1,000
1868
1,000
Sewer bonds............... ..............................
1871
do
.............................................
1,000
Elizabeth <fe P. Railroad..........................
. 1868 & ’73 1,000
. ’54,’62,3, 8 1,000
Wharf property.......................................
1869
1,000
Jail bords.................................................
. 1871 t o ’74 1,000
For old liabilities.....................................
do
do
....................................
1868
1,000
Louisville, New Albany & St. L. Air Line RR
1871
1,000
. 1871 t o ’73 1,000
Road bed, Louisv., Cin. & Lex. R R .......
1851 t o ’63 1,000
1880
1,000
Lowell, Mass.—City notes (various purposes). 1862 t o ’84 Large.
1882
Large.
Bridge notes......................................................
1882
1,000
Bridge bonds.....................................................
Sewer bonds...................................................... 1882 & ’83 1,000
Water notes...................................................... 1871 to ’81 Large.
1870
Water bonds......................................................
1,000
1883 & 84
Sewer notes........................................................
Bridge notes.......................................................
1883
Lynn, Mass.—Water notes.................................. 1870-’3-’5 Large.
Various
Water bonds.......................................................
1,000
Funded debt.......................................................
Various 500 Ac.
City Hall and School Houses...........................
Various
1,000
Engine House and sewer bonds......................
1884
1,000
Manchester, N. H .—City b o n d s ..........................
1869-’85
Abater bonds ($100,000 each year)................
1872-’74 100 Ac.
do
do
do
................
1872-’74 100 Ac.
1881
100 &c.
Bridge bonds......................................................
Memphis, Tenn.—School and pavin g bonds...... 1867 t o ’68
Post bonds.......................................................... 1867, ’8, ’9 500 Ac.
Funding loan, gold...........................................
1870
1,000
Mississippi River Railroad bonds..................
Endorsement Memphis & Little Rock R R __
1857
1,660
Compromise bonds, coupon (Flippen)...........
1877
1,000
New compromise bonds....................................
1883
1,000
Milwaukee, Wis.—Re-adjustment bonds............
1861
500 &c.
General city bonds............................................
1871
1,000
do
do
(not liable to be called in
1876
1,000
do
do
.........................................
1885
Bridge bonds......................................................
1882-’83
1,000
Water bonds, coupon........................................
1872
1,000
do
re g is te rs ^ ,.................................
1872
10,000
do
cou pon .
...............................
1883
Waterworks refunding.....................................
1883-’84
1,000
Minneapolis, Minn.—City oonds....................... 1870 to ’75
City bonds.......................................................... 1871 t o ’ 77
1879
do
..........................................................
1881
do
..........................................................
do
($366,000 due 1912 are red. 1902) 1881 to ’86 1,000
Mobile—Funding bonds.......................................
1881
500
Nashville, Tenn.—Various city bonds............... 1870 t o ’81 100 Ac.
Municipal Bridge bonds....................................
1885
1,000
Newark—War bds.,float’g debt, Ac. (s.fd. of ’ 64)
Public school bonds...........................................
Clinton Hill bonds, coup. & reg. (s. fd. 3 p. c.)
Corpora te bonds, coup, or reg. (act Apr. 21,’76)
Bewer and improvement bonds (local liens). .
Aqueduct Board bonds($2,490,000 due in ’92)
Tax arrearage bonds.................................
do
do ..................................
do
do ..................................
Funded debt bonds....................................
Annexation bonds, reg.............................
New Bedford, Mass.—City improvement..
Water bonds...............................................
do
..................................................
do
..................................................
do
..................................................
Sewer bonds..............................................

....

1868 to ’84
1875
1878-’80
’71-’79-’e6

1,600
1,000
1,000
1,000
1,000
1,000
1,000
1,000

1876-’78
1879 to ’84
1885 A ’86
1885
1886
1,000
1875-86 Tafrious.
1876
1,000
1867 to ’7b 1,000
1872-’74
1,000
1884
5,000
1881
1,000

New York, Ninth Nat. Bank 1895 t o ’98 & 1901
$390,000 6, 7 & 8
May 1, 1893
do
do
250.000
8
1895
J. A J,
do
do
142.500
8
do
do
1890 & ’97
248.000
7
J. "&’ j.
1905
5
60,000
4
J. & J.
Lawrence or Boston,
300.000
1885 to 1892
6
Various Boston, Tremont Bank,
107.000
July 1,1894
6
J. & J.
do
do
262.000
A. & O.
Oct. 1 ,’90, to 1906
6
do
do
1.300.000
6 & 7 Various
N. Y. City & L. I. Ciiy.
911.500
In instalments.
1889 to 1903
5 & 6 Various
43a,500
do
do
1887, ’89, 97
6
Various N. Y., Bank of America.
1.173.000
1886,’ 96, ’97
6
197.000
Various
Louisville.
1923
4
J. & J.
1.500.000
New York City.
July 1, 1903
J. A J. N. Y., Bank of America,
600.000
7
1891, ’92 & 1903
Various
7
do
do
549.000
1886 t o ’89
6
Various New York, U. 8. Nat. Bank.
66,000
July, 1898
J. A J Louisville, City Treasurer.
6
81,000
J. & D N. Y., Bank of America.
June, 1901
7
423.000
1888 A 1903
do
do
7
1.723.000
Various
Various Louisville and New York,
6
1888 to 1898
160.000
6
Oct. 1, 1898
do
do
133.000
A. & O
6
J. & D.
1889
do
do
58.000
1894 & 1901
do
do
513.000
7
Various
N.
Y.,
U.
8.
Nat.
Bank.
Sept.,
1891
M.
A
8.
484.000
7
J. & J. N. Y., Continental Nat. Bk July, 1901 & 1903
7
350.000
1886 to ’93
6
Various New York and Louisville.
1.408.000
May 1, 1920
5
M. A N. N. Y., Bank of America.
1, 000,000
1885 to 1894
City Treasury.
469,300 4 to 6ia Various
1891 and 1892
M. & N
4
Boston,
200.000
1 QQ9
4
M. & N.
do
120,000
1884 to 1903
do
4
382.500
Various
1886 to 1911
City Treasury.
575.000 6 to 6ifl Various
1890
M. & N.
Boston.
1.300.000
6
10 per ct. annually
4
Various
City Treasury,
176.500
10 per et. annually
4
do
77.000
Various
1885 to 1890
6
City Treasury. ’
121.500
Various
1891 to 1913
1.081.500 3ia to 6 J. & J. Boston, Bank Republic,
1884 to 1896
do
do
595.000 5, 5is , 6 Various
1886 to 1890
357.000 378, 4, 6 Various CityTreas’ry & Bk. Repub.
do
do
55.000 3% & 4 Various
City
Treasury.
1885 to 1894
6
313.500
Various
Suffolk Bank, Boston.
200.000
July 1, 1890 A ’ 9A
6
J. & J.
J. A J.
City Treasury,
400.000
1887-’92-’97-1902
6
July 1, 1911
do
60.000
4
J. A J.
1873 to 1902
©
Memphis.
6
J. A J.
1873 to 1900
M. & N.
Nov., 1900
8
*
Jo
<1©
7
Charleston, 8. C.
July, 1872
J. & J.
H
6
1907
J. & J. N. Y., Nat. Park Bank.
do
2,400,000'
3-4
1913
do
171.000
J. & D. Mil. A N.Y., Morton B. & Co
5
June 1,1891
206.000
7
J. & J.
do
Jan. 1, 1901
do
J. & D.
do
98.000
7
June 1,1896
do
do
150.000
4
J. & J.
do
1905
153.000
4
J. & J.
do
July 1, 1902
do
J. & J.
do
363.000
7
Jan. 1, 1902
do
J. & J.
do
1.007.000
7
Jan. 1,1902
do
4
J. & J.
do
135.000
1903
do
do
278.000
4
J. & J.
do
1903-1904
621.000
Various New York, Nat. Park Bant8
1886-1905
Various
do
360.000
7
do
1897-1902
do
40.000
6
Various
do
July 1, 1899
22.000
Various
do
5
do
1893
do
1.957.000
4-4 ^ Various
do
1906 to 1916
New York and Mobile.
2.233.500
3 to 5 J. & J.
Jan. 1, 1906
Various New York and Nashville.
1,395,600
6
1886 to 1903
A. & 0. N. Y., Chemical Nat. Bank.
200.000
5
Oct. 1, 1905
do
6
450.000
do
1907-1915
6 & 7 Various Newark, City Treasury.
1.405.000
1886 t o ’96
do
576.000
5 & 7 A. & O.
April, 1886, to’ 92
do
J. & J. Newark, Nat. State Bank.
400.000
7
July 1, 1895
do
5 & 6 Various
1 .200.000
1909 & 1910
do
do
2.450.000
4 A 7 M. & 8.
1893 & 1906-’09
do
do
3.285.000
7
Various
do
1892 to 1909
F. & A.
do
888.000
7
1886-’90
do
F. & A.
do
5
1.002.000
do
1891-’94
212,000
4^2-5 J. A J
do
do
July 1,1895-6
232.000
5
F. & A
do
do
1895
4
126.000
1906
A. & O.
6
328.000
City Treasury.
1891 to 1910
A. & O.
do
100.000
5
1900 to 1904
400.000
A. A O.
do
6
1886 to 1909
A. & O.
do
180.000
7
1886 to 1909
100.000
4
do
1894
110,000 3 ^ -4
A. & O.
do
1887 to 1906

Collections in 1886 were better than in 1835 by about $150,000, and
the city also received $2.0,000 from taxes on railroad property col­
lected by the State. Population in 1880,120,722, against 82,546 in ’70;
in 1885 by the State census population was 155,300. Taxable valua­
tions and tax rate per $1,000 have been:
Tears.
Real Estate.
Personal Prop.
Tax Rate.
1882 ...................................$56,125,552
$5,640,300
$29 00
4,664,390
29 40
1883 ................................. 58,287,892
1884 ................................. 61,571,512
4,564,683
32 80
4,935,200
29 40
1886.................................... 61,894,739
The value of railroad property, not included above, is about $25,000,000, which is subject to a tax rate of 1 per cent for city purposes.
K aunas City, M o .—In 1885 assessed valuation was $31,678,520
and tax rate 15 mills. In ’84 valuation, $30,500,000; tax levy, 15 mills.
L a w ren ce,M ass.—’Total debt, $1,764,000. Sinkingfunds, $325,534.
Tax valuation, 1882, $26,269,506; tax rate, $16 60. In 1883,
val. $27,369,095; in ’84, $27,369,095; Pop., in 1884 45,000; 39,151 in
’80; 28,921 in ’ 70.
L on g Isla n d City.—The interest on $511,500 of the general bonds
is payable Irom taxation, and on $397,000 from water rents. The tax
or revenue bonds issued in each year are chargeable on the uncollected
taxes and water rents of a previous year, and ail interest on these bonds
is paid from the collection of back taxes and interest. The assessed
valuation in 1885 was $7,299,170 on real estate and only $37,500 on
personal property; the rate of tax was 4-04. For State purposes the
valuation was increased to $10,000,000. Real valuation about $25,OOO.OOo. Population, 25,oOO.
L o u isv ille.—The funded debt, Jan. 1,1885, exclusive of loans paya­
ble by railroads, was $9,016,000, against $9,167,000 Jan. 1, 1885. The
sinking funds on Jan, 1,1886, amounted to $4,390,815. Population by
Census of 1870 was 100,753, against 123,758 in 1880. The following
figures give the assessed property valuation: 1881, $68,753,770; 1832,
$70,029,724, of which $52,269,684 was realty. In 1883 valuation
66,118,534. tax rate 2-10; in 1884, $63,927,077, tax rate 2’ 10; in
885. $62,763,461, tax rate 2-48. (V. 38, p, 509.)
L o w ell) M ass.—All the notes held by savings banks. Population
59,475 in 1880; 40,928 in 1870; 75,000 in 1884. Assessed valuation
i n ’ 84, $36,510,201 real est. and $14,671,684 personal; tax rate, $17 50.

f




L y n n . M a ss.—Valuation ’83, $24,687,524; rate, $19 60; in 1884.
$27,548,581; tax rate, $18’40. Population,. 28,233 in 1870; about
45,000 in 1883.
M an ch ester, N. H .—Valuation in 1885, $21,137,464; tax rata,
$17 50 per $1,000. Population, 32,630 in 1880; 23,536 in 1870.
M em ph is, T e n n .—The city was in default for interest after Jan. 1,
1873. The Legislature passed a bill, January, 1879, repealing the city’s
charter, and the “ Taxing District of Shelby County” was organized.
The compromise bonds 01 1877 were issued at 50 cents on the dollar.
Under the act of Tenn. March 3,1883, new compromise bonds are issued,
bearing 3 per cent till January, 1886, then 4 per cent till 1889, and 6
per cent thereafter. The total debt when funded will be nearly
$3,006,000. Valuation of real and personal property in 1883, $12,690,318; tax rate, $2 35 on the $100. In 1884 valuation of real and per­
sonal property, $13,499,325: tax rate, $2 35. Population in 1870,
40,226; in 1880, 33,592; in 1884, 62,335. (V. 39, p. 727.)
M ilw a u k ee , W i s .—The city cannot issue debt beyond 5 per ct. of its
average assessed valuation of real and personal property for five years. In
1884 valuation was $74,951,750; in 1885 real estate, $61,445,9 21; per­
sonal, $17,415,445; total, $78,861,366, Sinking funds are provided,
and all old issues except the general bonds due 1896 may be called in
and paid by siuking fund; holders were misled as this was not stated
in the bonds. Population, 71,440 in 1870; in 1885 (estimated), 160,000.
M in n eapolis, M in n .—Total debt, $3,031,000Feb. 1,1886; sinking
fund. $175,090; tax valuation in 1886, $82,984,396 real estate ana
$17,900,172 personal—total, $100,884,568; in 1885, $77,500,000; in
1884, $74,308,711: tax rate 1885, 20 mills. Population, 46,887 in 1880;
129,200 in 1885.
M ob ile.—Interest was in default from July, 1873. A settlement with
bondholders was offered by act of March 9, 1875. In Feb., 1879, the
Legislature repealed the charter of the city. In Oct., 1880, bondholders
offered to take new 25-year bonds, bearing 3 per cent for 5 years, 4 per
cent for 15 years, and 5 per cent for 5 years. In Nov., 1884, the un­
funded debt was estimated at $110,000. Valuation 01 real and per­
sonal property in 1883, $15,350,738; in 188 4, $13,578,347, in 1885, $13,763,822. Population 35,000 in 1885; 31,297 in 1880 ;j|32,034 in 1870.

D ecember, 1886.]

CITY

11

SECURITIES,

Subscribers w ill confer a great favor by giv in g im m ediate notice oi any error discovered In tl>e»e Tables,
INTEREST.
Principal—When
DESCRIPTION.
Date of
Size or
Amount
due.
When
Where payable and by
Bonds.
par outstanding.
Rate.
For explanations
see notes on first page of tables
Whom.
payable
Value.
New Brunswick. N. J.—
Water bonds ($20,000 are 6s)........................... 1861,73-74 $ ....
1st & 2d mort. water bonds (lsts are $80,000) 1->67-69
City tax bonds..................................................... 1876-78
Improvement boads...........................................
1H73
Sinking fund bonds............................................. 1881. *5
- - -.
Commissioners of streets and sewers..............
New Haven, Gonn.—Sewerage..............................
1,000
1871
For Derby Railroad ($20,000 payable yearly)
1867
1,000
City bonds (10-20 bonds)..................................
1877
1,000
Sewerage bds. (pay’le $15,000 y’rly from ’95).
1885
1,000
New Orleans—Consolidated debt......................... 1854 to ’84 1,000
Consolidated debt, extended...........................
1,000
---- 1
Ten year certificates to fund coupons.............
1383
Railroad debt (all extended except $39,000).. 1854-75
1,000
Seven per cent funding loan of 1869...............
1869
Seven per cent funding loan of 1870...............
1870
Jefferson City(debtassumed)$ 11,500 extend’d
1857
Premium bonds (in exchange)..........................
1875
Water Works ($70,400 extended).....................
1869
Other old bonds ($ 105,500 extended)............. 1857 to ’73
Newton, Mass.—City bonds and notes.................. 1867 t o ’ 84 i,odo&c
Water loan ($600,000 6s)................................... 1875 to ’84 1,000
New York—Accumulated debt bonds, city.......... 1869-’70
100
Accumulated debt bonds, county..................... 1869-’70
100
Armory bonds......................................................
1884
500
Assessment bonds.............................................. 1879 to ’84
500
Assessment fund stock...................................... 1868 to ’83
500
Additional new Croton Aqueduct stock........... 1872 to ’77
500
Croton water stock............................................. 1847 t o ’52
100
Additional Croton water stock......................... 1871 t o ’85
500
Additional water stock, red’m’ble after 1913. 1883 t o ’34
509
Additional Water stock......................................
1885-6
500
Croton water main stock................................... 1871 t o ’81
500
Croton Reservoir bonds.....................................
1866
100
Central Park fund stock..................................... 1857 t o ’59
100
do
do
..................................... 1856 t o ’58
100
Central Park improvement fund stock........... 1857 to ’60
100
do
do
............... 1865 t o ’ 71
100
City Cemetery stock...........................................
1869
100
City improvement stock..................................... 1869 to ’78
500
do
do (cons., $687,803 red. aft.’96) 1876 t o ’80
500
City impr. stock (cons, st’k), cp., exch. for reg.
1874
500
City Lunatic Asylum stock....... ...................... 1869 t o ’70
100
City parks improvement fund stock................ 1871t o ’ 80
500
Consolidated stock, county, coup., ex. for reg. 1871 & ’72
500
1871 & ’72
500
do
city,
do
do
dock bonds
do
500
1871
do
city pks. impr. fd. st’k, d o..
1872
500
do
red. aft. 1908, cp. ex. for rg.
500
1873
do
city, coupon exch. for reg.. 1874-’75
500
500
do
city, (A)................................ 1872 to ’74
do
county (A & B )...................
1874
500
1874
500
do
city (B & C).........................
500
do
city (D E & F ).................... 1876-’77
do
city (G K L & M )................ 1877 t o ’84
500
500
do
city.......................................
1880
1884
do
consol, st’k (Riker’s Isl’d)..
500
1386
do
(Harlem Rive i Bridge).. ..
500
500
Dock bonds......................................................... 1870 t o ’84
1884
Consol, stock (Metropolitan Museum of Art ..
500
Fire Department stock....................................... 1869-’70
100
Market stock........................................................ 1867 t o ’69
100
Museums of Art and Natural History stock. 1873 to ’81
500
N. Y. City bds.for const.of bridge ov.HarlemR, 1879 t o ’34
500
100
N. Y. Bridge bonds............................................. 1869 t o ’ 75
do do Consol, stock, redeem, after ’96........
1876
500
do do $500,000 af.’96,$1,421,900 af 1900. 1876 t o ’80
500
do do $750,000 af. 1903, $416,666 af. 1905. 1880 t o ’83
500
Ninth District Courthouse bonds.....................
1871
500
Normal school fund stock................................. 1871 & ’72
500
N. Y. Co. Courthouse {st’k, Nos. 1, 3, 4 & 5 __ 1862 to ’82
100
New York County repairs to buildings stock..
1870
500
N. Y. and Westchester Co. improvement bonds
1871
500
Public school building fund stock..................... 1871 t o ’74
500
School House bonds............................................ 1884-’85
500
Sewer repair stock.............................................. 1874 & ’75
100
Street improvement bonds................................ 1869 & ’70
1864
100
Soldiers’ bounty fund bonds..............................
100
do
do
No. 3 .....................
1865
100
Soldiers’ bounty fund red. bonds, No. 2...........
1865
500
Tax relief bonds, No. 2, coup. exch. for reg__
1870
500
Third District Court-house bonds..................... 1874 to ’77
500
Water stock of 1870...........................................
1872
500
Debt of annexed territory of Westchester Co.
—

$198,500
130.000
50.000
50,000
87,000
836,600
499,000
20,000
150,000
150,000
932,878
4.244,500
2,112,108
397,000
567,7 0
375,750
65,500
7,584,680
82,400
378,130
362,350
997,000
3,904,700
3,600,000
1,172,000
3,0 .’ 8,000
3,277,050
1,331.300
321,400
5,609,000
445,000
6,500,000
5,196,000
20,000
3,066 071
674,300
2,083,200
1,766,600
75,000
7,977.515
701,419
820,000
700,000
4,799,000
8,835,500
4,252,500
1,000,000
862,000
6,900,000
1,564,000
2,455,000
1,630,200
6,324,700
1,858,349
941,135
2,800,000
180,000
50,000
11,053,000
25,000
521,953
296,000
958,000
499,500
1,500,000
500,000
1,921,900
1,166,666
300,000
200,000
1,716,000
60,000
30,000
636,000
802,845
25,000
606,900
2,510,400
745,800
376,600
3,000,000
398,000
475,000
725,000

N asliville, T e n n .—Assessed valuation of all property in 1886 was
$25,671,ZOO; tax rate, 1*2 p. c. Population,43,350 i n ’80; 25,865 i n ’70.
N ew a rk .—The bonds in the first line in the table are payable out of
the sinking fund of 1864, which amounted Dec. 31,1885, to $1,392,212:
public school bonds out of public school fund, $489,762; Clinton Hill
bonds by sinking fund $190,393. The total amount in the sinking funds
on Dec; 31, 1885, was $3,647,301. The Aqueduct bonds are not a direct
liability of the city of Newark. Real and personal property have been
assessed at about two-thirds of true value as follow s: 1884, real estate,
$72,456,775; personal, $18,524,775; tax rate, $2 03; 1885, real estate,
$74,189,110; personal, $18,730,160; tax rate, $1 93. Population in
1870, 105,059, against 136,508 in 1880, and 155,000 in 1885.
N ew B ed ford , M ass.—Population, 26,845 in 1880; 21,320 in
1870. Assessed valuations in 1836 were $16,778,900 real estate and
$15,416,659 personalty; tax rate, $16 per $1,000.
N ew B r u n s w ic k , N. J .—A financial statement made for April 1,
1885, showed the taxable real estate assessed at $4,118,309, and per­
sonal property $1,212,150; tax rate, $3-99. The total funded debt April
1,1886, was $1,562,000; sinking fund, $90,917.
N ew H a v en , C o n n .—Municipal bond fund, $37,011. The city
made a special loan of $75,000 to the New Haven & Derby RR., and guar.
$225,000 of its 2d mort. bonds. Popula. in 1870,50,840; in 1880, 62,882
Assessed vaiuat’n (about 80 p. ct. of true value), tax rate, &c., have been:
Years. Real Estate. Personalty. Rate of Tax. Tot. D’bt. Skg.Fds.&c.
1 8 8 4.. ..$36,293,114 $14,271,224
11 mills. $714,000
........
1 8 8 5.. .. 42,000,000 16,000,000
11 mills. $819,000 $114,078
N ew O rleans.—The debt as gi ,en in the above table is as outstan ling
June 30,1886, In June, 1882, a law was passed to issue new 6 per­
cent 40 year bonds for all old bonds other than premiums; the extended
bonds run till 1923, but are redeemable after 1895. Certificates were
issued for overdue coupons to Jan. 1, 1883, and though made for ten
years the certificates are payable at option. The assessed valuation of
property, real and personal, for 1883 was $103,091,103; tax rate $2; in
1884, $114,581,744; tax rate 2; in 1885, $123,929,268; tax rate $2*54!
in 1886, $127,705,853 ;tax rate $2-02. A scheme for settling the debt by
a bond premium drawing plan is in practice, and drawings take place
January 31, April 15, July 31 and October 15. Population ia 1880
16,090
_____.
^
.MM




City Treasury.
1885-1900
6 &7
1892-97-99-1904
do
7
do
7
1888
di
1887-92
7
do
5 &6
1901-1903
do
1894-1903
6 &7
do
A.. & O.
Oct. 1, ’91&1901
7
do
A. & O.
Oct. 1,1886
6
5
J. & J.
do
July 2, 1887-’97
do
1895 to 1904
3*2 F. & A.
1892 to 1934
New Orleans.
5, 6, 7 J. & J.
do
1892 to 1923
6
J. & J.
J. & J.
do
Jan., 1893
6
Various
1894 to 1923
do
6
1894 & 1922
6 & 7 M. & 8.
do
do
1895 & 1922
6 & 7 J. & D
do
1897 to 1923
6 & 8 Various
When drawn.
5
do
do
1899 to 1923
5 &6
do
1892 to 1923
6 to 10
City Treasury.
1886 to 1914
4, 5,6,6^ Various
4, 5, 6 Various Boston, Comm’nwealth Bk. July 1, 1905 t o ’ 14
M. & N.
7
r 1886 to 1888
M. & N.
1886 to 1888
7
Aug. 1 5 ,’91,1904
3
M. & N.
Nov. 1,1886, t o ’90
3,312,4,5 M. & N.
4,5,6 & 7 M. & N.
1887,1903 & 1910
Aug. 1,1900
5, 6 & 7 M. & N.
5 &6
Q .-F .
Feb. 1,1890
O
Pi
1891, ’ 99 & 1904
3 isto6 ,7 M. & N.
A.
&
O.
Oct. 1,1933
O
3, 313
©
Oct. 1, 1904
313 A. & O.
Nov. 1,1900-1906
5
4, 5, 6 & 7 M. & N.
Aug. 1, 1907
6
Q .-F .
Nov. 1, 1887
6
Q .-F .
July 1, 1898
Q .-F .
5 &6
Aug. 1, 1887
6
Q .-F .
pj
O1^
June 1,1895
6
Q .-F .
Aug. 1,1888
7
M. & N.
Nov. 1,1889 &’92
5, 6 & 7 M. & N.
1900 & 1926
5 & 6 M. & N.
Nov. 1,1896
6 g. M. & N.
pa
HO
Aug. 1, 1889
6 & 7 M. & N.
1901-1904
5 ,6 & 7 M. & N.
Mrg
July 1, 1901
6 g. J. & J.
July 1.1901
6 g. J. & J.
July 1, 1901
6 g. J. & J.
Jau. 1.1902
6 g. J. & J.
Mm
Nov. 1, 1895
5 g. M. & N.
Nov.
1,1928
6 g. M. & N.
■ell
Nov. 1,1894
6 & 7 M. & N.
Dec.
1, 1896
7
J. & D.
Dec. 1,1896
7
J. & D.
C
C
0
2
May 1,1916, & ’26
5 & 6 M. & N.
©
Nov. 1 ,’89,’97/99
4 & 5 M. & N.
Aug., 1894
4
M. & N.
Nov. 1, 1910
3
M. & N.
£
Nov. 1,1906
3
M. & N.
Nov. 1,1901-1915
3 to 7 M.& N.
Nov. 1,1905
3
M. & N.
0^
Nov. 1,1899
6
M. & N.
May 1,1894 & ’97
6 & 7 M. & N.
to
May 1, 1903
4 ,5 & 6 M. & N.
a®
a
ih
Nov. 1,1891
3 ,4 & 5 M. & N.
Nov.
1, L905
6
M & N.
Sa
May 1, 1926
6
M. & N.
bi
May
1,
1926
5
Q .-F .
DO
May 1, 1928
4 &5 M. & N.
Nov.
1,1890
M. & N.
7
■§H
Nov. 1,1891
©<H
6
M. & N.
Nov. 1, 1886-’99
4,5,6 & 7 M. & N.
a ®
Nov. 1, 1886-’ 88
6
M. & N.
S3
Dec. 1, 1891
6
M. & N.
Nov. 1,1891
M. & N.
6
f t .a
Aug. 15,1894
3
M. & N.
Nov. 1. 1886
6
M. & N.
g
Nov. 1,1888
6
M. & N.
1886-’90
6
M. & N.
Nov. 1 ,1895-’97
7
M. & N.
a
M
Nov.
1,1891
M.
&
N.
7
Nov. 1,1890
M. & N.
7
I
Nov.
1,1890
M.
&
N.
5 &6
Nov. 1,1902
6 & 7 M. & N.
1886
to
2147
Various
7

N e w to n ) H a s s .—Sinking funds, Jan. 1, ’86, $204,451. In 1883
valuation $27,124,038. In 1884 valuation $27,814,561; tax rate,
$14 40. Valuation in 1885, $23,999,820; tax rate, $14 per $1,000.
Population 19,759 in 1885; 16,994 in 1880; 12,825 in 1870.
N ew Y o r k City.—The total debt of New York, January 1,1836, was
$125,475,240; the amount of sinking funds, $36,113,814. The follow­
ing statement shows the details of funded debt and the amount in the
city sinking fund at the dates named:
Description.
Jan. 1,1884.
Jan. 1, 1885.
Jan. 1,1886.
Total funded debt......... $130,630,571
$126,371,138
$125,475,240
Sinking fund................. 38,134,545
34,823,735
36,113,814
Net funded debt....... $92,546,026
Revenue bonds...............
2,933,883

$92,047,403
2,353,825

$89,361,426
3,670,525

Total net debt.......... $95,529,909
$94,406,228
$93,031,951
The population of New York, by the U. S. Census, in 1870 was 942,292,
and 1,206,299 in ’89. Jan. 1, ’65, and since Jau.,’72,theval iation,rate
of taxation, and net funded debt at end of year have been as follows :
Net Debt,
Real
Personal
T a xp $1,000
Dec. 3 1*
Years.
Estate.
Estate.
State. City.
1865........ $427,360,384
$181,423,471 34 96 $24 94
$33,973,597
95,437,154
1872 ....... 797,143,665 306,949,422
520 23 81
114,979,970
1874t.. . . 881,547,995
272,481,181
665 21 35
116,773,721
1875 ....... 883,643,545 217,300,154
727 22 13
119,811,310
1876 ....... 892,428,165 218,626,178
651 2149
117,700,742
1877 ....... 895,063,933 206,023,160
378 22 72
113,418,403
1873 ....... 900,855,700 197,532,075
356 2194
109,425,414
1879 ....... 918,131,330 175,934,955
343 22 37
106,066,240
1880 ....... 942,571,690 201,194,037
312 22 18
102,618,301
1881 ....... 976,735.199 209,212,899
360 22 60
109,333,483
1832......... 1,035,203,816
198,272,582
'— 22 50--^
95,529,909
1883 ......1,079,130,669
197,546,495
22 90
{94,406,223
1884 ..... 1,119,761,597
218,536,746
22 50
93.031.951
1885 ..... 1,168,443,137
202.673.866
24 00
1886 ..... 1,203,941,065
217,027,221
22 90
* Less sinking fund. ,, jJtlSBi Annexed towns include^ ( l
D0i>£^.

12

INVESTORS’

SUPPLEMENT,

[V ol. XLIII.

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
INTEREST.
DESCRIPTION.
Date of
Size or
Principal—When
Amount
When
par
outstanding
Where Payable and by
Due.
Rate.
For explanations see notes on first page of tables. .
Pay’ble
Whom.
Value.
Norfolk, Pa.—Coup, b’ds ($20,000 6s are J. & J. ) 1870-’74
$100
Coupon bonds of 1881 (exempt).....................
1881
Trust and paving, cdup........ ........................... . 1872-’73
100
Coupon bonds..................................................
Coupon bds., water (a mort. on water works),
1871
100
Norwich, Conn.—City bonds................................
1877
1,000
Water loan ($50,000 1890, $250,000,1898).. . ’68, ’78, ’8C 1,000
Court House.......................................................
1875
1,000
Sinking fund bonds...........................................
1878
1,000
1883
Funding 10-30s..................................................
Paterson, N. J.—School bonds............................. . 1859-’73
500
Funded debt bonds........................................... . 1862-’ 71
500
1869-’82
500
War bounty bonds...............................
1864-’65
500
Funding bonds, “ A ” ...........................
1877
100 &c
1877-’ 84
Renewal bonds, - ‘B” and “ C” ..........
500
....
Philadelphia—Consolidated city loan.
50 &c.
1855
50 &c.
1855 to ’7i 50 &c.
do for water workB...................................
do for bridges............................................
1859 t o ’7( 50 &c.
do for park and Centennial.....................
1868 to ’7( 50 &c.
1862 to 65 50 &c.
do for war and bounty purposes...........
do municipal, school, sewer, &c............. 1860 to ’7C 50 &c.
Guaranteed debt, gas loans...........................
50 &c.
Four per cent loan (“ A” to “ Y” ) ................
1879
25 &c.
Peoria, Ills—School loan...................................
War loan...........................................................
Water loan........................................................
Peoria & Rock Island Railroad.....................
Pittsburg—Water exten. loan (coup, or re g .).. 1868 to ’74 100 "&c.
Water loan, reg................................................
1878
25 &c.
1845 t o ’72 500 &c.
Funded debt and other municipal bonds__
1863
100 &c.
Compromise railroad bonds (coup, and reg.)
100 &c
1882-’83
Funded debt improvement bonds, cp. & reg
1885
100 &c.
Improv. bonds coup.or reg.(Act of May 9,’79,
Portland, Me.—Loan to Atl. & St. Lawrence RR ’68,’69,’70 1,000
Loan to Portland & Rochester Railroad
1867 t o ’69 500 &c.
1872
500 &c.
do
do
do
do Portland & Ogdensburg..............
1872
1,000
Municipal—proper.....................................
1859-79 500 &c.
Building loan bonds...................................
1867
1,000
1863
1000&C.
Water loan bonds, gold, coupon.......
1872
1000&C.
1874
lOOOAc.
do
do
registered..
do
do
do
1876
lOOO&c.
1836
1,000
do
do
gold coupon.
1875
£100
1879
lOOO&c.
do
loan of 1879................
Large.
1879
Public improvement loan, registered___
1872
1,000
Prov. & Springfield RR. bonds, guaranteed...
New High School Building certificates ..
1877 & ’79 Various
Richmond, Ya —Bonds, reg.,($118,000 are coup.)
Bonds, reg. and coup. ($213,500 are coup.)...
New fives, 10-34 years, registered...................
Bonds...................................................................
1872
1,000
Rochester, N. T.—To Genesee Valley Railroad ..
To Roch. & State L. and R. N. & P. Railroads. 1872 to ’74 lOOO&c.
For various city improvements........................ 1872 to ’75 Various
Water works loan, coupon and registered....... 1873 t o ’ 76 lOOO&c.
1875
1,000
Funding loan.......................................................
1882
5,000
Consol loan..........................................................
Rockland, Me.—Municipal bonds........................
50 &c.
100 &c.
1869
Railroad loan ($20,000 payable yearly)........
100 &c.
1871
do
.......................................................
1872
100 &c.
do
.......................................................
Notes and certificates of deposits...................
St. Louis—Renewal and floating debt bonds___ 1867 t o ’74 Various
Real estate, buildings and general purposes.. 1840 t o ’68 Various
1857
Various
Street improvement bonds................................
Tower Grove Park bonds (gold)........................
1868
1,000
Sewer bonds ($336,000 are gold bonds)......... Various
1,000
Harbor and wharf bonds................................... 1866 t o ’68 Various
New water work bonds (gold)........................... 1867 to ’70 1,000
1872
1,000
do
do
do ............................
1874
Refunding water pipe, special tax, gold..........
1,000
Floating debt bonds (gold sterling).................. 1874-75
1,000
Renewal purposes, gold or sterling.................. 1873-79
1875
1,000
Real estate, &c., bonds, gold, $ and £ .............
1880
1,000
Renewal bds.,gold,$ and £ (part red’mable ’90)
Renewal bonds, gold.......................................... 1882 t o ’85 1,000
1872
500
Bridge approach bonds (gold)..........................
1885
1,000
Bonds for St. L. Gas Light Co., judgm’t . i or $
St. Louis County bonds assum ed1,000
1867
insane Asvlum................................................

Various Norfolk and Baltimore.
$933,593
6
1894 to 1900
350,000
5
A. AO
do
do
1911,1914
290,800
A. &O
8
do
do
Apr.. ’92, July,’93
241,000
5
1913 & 1914
640,000
5 & 8 M. & N New York and Norfolk. 1901,1914 & 1915
160,000
5
A. &O
April 1. 1907
Norwich.
300,000 5, 6 <fc7 Various
do
1898,1908 & 1910
J. & J.
164,000
7
Jan. 1,1905
do
50,000
5
A. &O
April 1, 1908
do
125,000
4
1913
J. &D
7
1886-1904
58,000
City Hall, by Treasurer.
J. &D
80.000
7
do
do
1886 to 1900
1886-1902
403,500 5, 6 ,7 Various
do
do
306,500
J. & D
7
1886 to 1900
do
do
100,000
6
I. <fr, D
do
do
June, 1887
1901-1906
210,000 4ifl <!c 6 Various
do
do
J. & J Philadelphia, by Treasurer. 1886 to 1906
2,298,245
6
J. & J
1,275,400
6
do
do
J. & J.
6,500,000
6
do
do
> 1886 to 1903
J. & J.
4,853,500
6
do
do
8,701,600
6
J. & J.
do
do
11,650,000
J. & J.
6
do
do
1886 to 1905
J. & J.
16,134,575
6
do
do
6
J. & J
3,756,000
1899 to 1905
do
do
6,898,800
4
do
do
1886 to 1904
Various N. Y., Mercantile Nat. Bk.
81,500
7
1886 to 1898
4 ^ M. & N.
42,000
Mar. 1 , 1902&’03
do
do
450,000 5, 6 g., 7 Various
1888-’89-1901
do
do
100,000
J. & J.
July 1, 1888
7
New York.
4,282,500
A. & 0. Phila., Townsend, W. & Co.
1893 to ’98
7
300,000
6
J. & J.
do
do
1908
1886 to 1912
1,281,000
6 & 7 Various Pittsburg and New York.
2,176,300
1913
4 & 5 J. & J. New York”, B’k of America.
1,480,000
5
1912-1913
Pittsb’rg and Philadelphia.
4
3,747,000
j. & b.
Pittsburg, Treasurer.
Dec. 1,1915
M. & N. Boston, Blackstone N. B’k. Nov.,1886,’87,’88
787,000
6
627,500
6
J. <fc J.
July, 1887
do
do
416,000
6
J. & J.
July 1, 1897
do
do
l,200,00(f
M. & S.
6
do
do
Sept. 1,1907
837,000
6
m’nthly
1887 to 1897
Boston and Portland.
325,000
6
J. & D.
do
June 1,1887
300,000
Jan., 1893
5
J. & J.
Providence.
2,028,000 5 & 6 g. J. & J. Boston, Prov. and London.
July, 1900
1,972,000 5 & 6 g. J. & J. N. Y., N. City Bank, & Prov.
July, 1900
July 1,1906
1,500,000
do
do
5 g. J. & J.
483,000
Sept. 1, 1916
3iflg M. & S. N. Y,, Boat, or London.
1,397,250
July 1,1895
5 g- J. & J. London, Morton, Rose <&Co
June 1,1899
600,000
4 1a J. & D.
Providence.
596,000
5
J. & J.
do
r u ly l,’99& 1900
1892
500,000
J. & J.
7
do
46j Various Boston and Providence.
1887-9
45,438
2,485,858
6
J. & J.
L& J., 1887-1914
Richmond, Treasurer.
1904-1911
966,200
J. & J.
do
do
8
1,178,000
5
J. & J.
do
do
July, 1914-’20
101,000
4
1920
140,000
J. & J.
1886 to 1903
7
N. Y., Union Trust Co.
F. & A. New York and Rochester.
Feb. 1, 1893
750,000
7
667,000
1886 to 1902
Various
do
do
7
3,182,000
7
J. & J.
Jan. 1,1903
N. Y., Union Trust Co.
Jan. 1, 1905
410,000
7
J. & J.
do
do
Aug. 1,1912
100,000
4
F. & A.
do
do
546,400
1886 to 1911
4 & 5 Semi-an
City Treasury.
68,800
6
J. & J.
do
1886 to 1899
F & A.
60,800
6
do
1891
1902
M. & 8.
54,800
6
do
On call.
do
153,338 3-65 to 4
931,000
6
Various N. Y., Nat. Bank Republic
1887 t o ’91
1887 to 1906
645,000
Various
do
do
6
1887
10,000
6
Various
do
do
Aug., 1897
do
do
340,000
6 g. F. & A.
1887 t o ’ 95
1,108,000 6 & 6 g. Various
do
do
6
Various
do
do
1887-88
359,000
3,758,000
6 g. J. & D. New York and St. Louis. .rune, 1887, & 90
April 1, 1892
1,250,000
6 g. A. & O. N. Y., Nat. B’k Commerce.
July 1, 1894
800.000
do
do
6 g. VI. & N.
1894 and 1895
955,000
New York or London.
6 g. VI. & N.
3,086,000
1893 to 1899
do
do
6 g. Various
150,000
1895
do
do
6 g. M. & N.
1,024,000
do
do
Fan.& June, 1900
5 g. Various
913,000
do
do
1902
to 1905
Various
4 g.
461,000
6 g. T. <te 1). N. Y., Nat. B’k Commerce. Dec. 10,1892
965,000
J. & D. New York and London.
June 1,1905
4
100,000

7

J. & J. N. Y., Nat. Bk. Commerce.

July 1,1887

The Legislature passed a law in 1885 that the indebtedness should Assessed valuations of property for 1887 are: Full city property,
not exceed 10 per cent of the assessed value of real estate, and this 10 $569,587,035; suburban property, $40,203,885; farm property, $18,*
per cent was construed by the Court of Common Pleas (Gene ral Term) 888,392. Tax rate, $----- . Population, 1870, 674,022, against 847,to include the bonds in the sinking fund as a part of the debt. See V. 41, 170 in 1880.
p. 688. (V. 39, p. 49, 727; V. 41, p. 51, 69, 242, 688; V. 42, p. 575, 753 ;
P eoria, H I.—Total debt, $673,500 in 1886. Population, 29,259 in
V. 43, p. 41.)
N o r f o lk , V a .—The assessed valuations and taxrate per $1,000 are: 1880; 22,849 in 1870; in 1886 (estimated), 45,000.
Years.
Real Estate.
Personalty. Tax Rate.
P ittsb u rg.—'The assessed valuation in 1884 was: Real property;
1882 ........................................ $9,590,431
$1,363,403
$20 $105,404,72u; personal, only $1,838,258; tax rate, 1884, 16 mills per
18 8 3 ........................................ 9,776,197
1,722,492
20 $1. Valuation of real estate in 1885, $108,530,608; personal, $3,000,18 8 4 ..........................................10,086,898
1,494,483
20 000; tax rate, 13 mills. Total valuation in 1886 about $130,000,000;
1,899,550
18 tax rate 14 mills. Population, 156,389 in 1880; 86,076 in 1870, and in
18 8 5 .......................................... 12,307,131
—Population by U. S. Census in 1870, 19,229 ; in 1880, 21,966.
May, 1884 (estimated), 180,000. (V. 42, p. 23.)
N o r w ic h , C o n n .—The assessed valuations, tax rate, &c., are:
Portland* M e .—The sinking fund and available assets March 31,
Real
Personal
Rate of
1886, were $162,986. The city is protected by mortgages on Atlantic
Years.
Estate.
Property.
Tax.
1880 ................................. $7,438,097
$2,976,028
8 mills. & St. Lawrence Railroad. Population in 1880, 33,810; 1870, 31,413;
1886 (est.), 40,000. The assessed valuations, tax rate, &c., have been:
1881 ................................ 7,382,834
2,872,566
10 “
1882 ................................ 7,362,364
2,762,931
10 “
Personal Rate of Tax Total
Sinking
Real
1883 ................................ 7,392,767
2,658,058
9 “
Property, per $1,000.
Debt- Funds, &e.*
Years.
Estate.
—Sinking fund, May, 1883, $33,778; population, 21,145 in 1880 ; 16. 1882$12,354,455
$21 50 $4,545,500
$51,869
83 .. $20,288,300
653 in 1870.
12,598,720
20 00 4,371,000
133,846
18838 4 .. 20,431,300
P a t e r s o n , N. J . —Finances are apparently in a sound condition, 1884- 8 5 .. 20,794,300
12,014,435
20 50 4,286,000
106,408
The assessed valuations, tax rate per $1,000, &c., have been:
188586.. 21,208,000
11,759,525
2100
4,285,500
162,986
Years.
Real Estate.
Personalty. Tax Rate.
Debt.
* These do not include the sinking funds for railroad loans.
1883 ...................$18,506,048
$3,856,635
2-28
$1,217,500
Providence, I f. I . —The principal debt of Providence has been cre­
1884 ................ • 18,521,342
3,876,075
2-50
1,168,500
1885 ................. 19,205,501
3,816,500
2-50
1,168.500 ated since ’72 for water works, sewerage, the City Hall and Brook Street
1886 ................. 19,549,111
3,891,115
....
1,165,000 Improvement. The sinking fund for bonds due m 1893 is $333,367;
1895-99, $719,564; 1899-1900, $141,178; 1900-6, water loan, $452,—Population, 51,031 in 1880; 33,579 in 1870.
P h i l a d e l p h i a .—On Aug. 1, 1886, the debt was $60,059,820. in the 275. Population, 1870, 68,904; 1885, 118,070. The laws of Rhode
Island now limit the debts of towns to 3 ner cent of their assessed
following table the assessed value of real estate is near its cash value:
Years.
Real Estate.
Personalty. Tpx Rate. vaiuation.l
1882 ......................................$545,608,579
$8,166,650
$1900 Assessed valuations, &c., have been:
Real
Personal
Tax per
Total Assets in Sink.
1883 ...................................... 562,687,555
8,795,700
1850
Estate.
Property.
$1,000.
Debt.
Funds, &c
1884 ...................................... 573,728,105
9,884,578
1850Years.
----------------- $13
-----------------------------------------50 $10,202,688 $1,359,142
1885 ...................................... 587,749,828
10,035,600
18501880.... $88,012,100 $27,908,900
.. 87,788,00028,413,800
1886 ..................................... 601,001,971
10,307,644
18501881..
14 00 10,100,599
1,397,558
.. 88,937,90030,208,300
14 50 10,077,099
1,597,230
1887 ....................................... 618,059,987
10,619,325
......... 1882..




13

CITY SECURITIES.

D ecember, 1886.]

Subscribers w ill confer a great favor^by givin g im m ediate notice o f any error discovered in these Tables.
DESCRIPTION.
For explanations see notes on first page of tables.

Date of
Bonds.

St. Louis, Wo.—(Continued) —
1863
St. Louis County bonds—County Jail...............
1872
General purposes, gold...................................
1875
Park bonds, coupon, gold...............................
Gen. & ren’albds (all g. but $ 100,000,7s) .. 1869 t o ’76
81. Joseph Mo.—Funding bonds.........................
1883
Funding bonds...................................................
St. Paul, Minn.—Bonds................... .................. 1882-85
Bonds................................................................... 1867 t o ’85
do .................................................................... 1868 t o ’81
do .................................................................... 1862 to ’79
do .................................................................... 1860 t o ’79
1886
City Hall, Park and Fire Department.............
Waterworks coups, (acts Feb.,’81 & Jan., ’ 83). 1882-4-5
Salem. Mass.—City debt........................................ Various.
1871
City debt....................................................... .
North River Sewer bonds.................................
1868-9
Water loan...........................................................
1878
do
...........................................................
1858
San Francisco— Bonds of 1858, coupon (gold)..
1864
Central Pacific Railroad, coupon (gold)........
1865
Western Pacific Railroad,
do
do ........
1867
Judgment bonds,
do
do ........
1870
School bonds........................................................
1874
School bonds........................................................
Park improvement bonds................................ 1872 t o ’75
Hospital bonds.................................................... 1871 t o ’73
1874
House of Correction bonds................................
City Hall construction....................................... 1875 t o ’76
1873-74
Montgomery Ave (special tax).........................
1876
Dupont St. (special) (Act March 4,1 87 6 ).......
1879
Savannah, Get.—New compromise bonds...........
....
Somerville, Mass.—City debt................................
„...
Water loan...........................................................
Springfield, Mass.—City notes.............................
City bonds......................... ................................
Water loan ($200,000 are 6 per cents)...........
Railroad loan.......................................................
Toledo, O.—General fund city bonds, coup........ Various.
1870
Toledo & Woodville Railroad, coupon..............
Water works ($3,000 only 6s)........................... ’73,’74&79
Short bonds, chargeable on special assessm’ts. Various.
1883
Bonds, payable after 1893................................
Worcester, M.—City, ($521,500 c., $1,521,900 r.) 1861 to ’83
8ewer debt (all registered)................................ 1870 t o ’85
Water debt, reg.................................................. ,1870 to ’85

Size or Amount
outstanding.
par
Value.
$1,000
1.000
1,000
1,000
1,000
1.000
500&C.
Various
Various
1,000
l.OOO&c
100 &c.
1,000
100 &c.
1,000
500 &c.
500 &c.
500 <fcc.
500 &c.
500 &c.
500 &c.
500 &c.
500 &c.
500 &c
500 &c.
100 &c.
Various.
Large.
Large.
1,000
1,000
1,000

.

500 &c.
500 &c.
500 &c.

$500,000
600,000
1,900,000
2,225,000
880,900
902,000
71,000
906,002
433,000
399,551
307,315
175,000
1,500,000
164,500
300.000
102,000
375,000
398.500
136,500
191,000
116,000
246,000
285,000
200,000
475,000
210.000
150,000
445,500
1,579,000
919,000
3,397,500
1,250,000
335,000
6L.000
93,000
1,200,000
160,000
1,236,151
432,000
1,000.000
150.000
360,000
2,043,400
640,000
706,100

Total AssetsinSink.
Personal
Tax per
Real
Debt.
Funds, &c.
Property.
$1,000.
Years.
Estate.
$31,722,000 $14 50 $9,941,188 $1,681,400
18 8 3..
.. $90,143,400
14 50
9,390,6 38
1,843,785
1 8 8 4..
.. 91.642,10030,854,400
1150
9,563,188
1,438,328
1885..
.. 92,887.40031,314,600
14 00
9,685,817
1,701,985
18 8 6..
.. 97.975,90032,281,500
R ic h m o n d ; V a .—In 1884, real estate valuation, $29,388,622;
personal, $12,952,542. In 1885, real estate, $32,347,803; personal,
$13,751,666; tax rate, $1 40. Population, 63,600 in 1880; 51,038 i n ’70.
R o c h e s t e r .—Total funded debt, $5,249,000 March, 1885. The bonds
of Genesee Valley RR. loan, $148,000, are provided for by net receipts
from a lease of said road to Erie Railway. Population, 89,366 in 1880;
62,386 in 1870; in 1882, estimated, 105,000. Assessed valuation (60
per ct. of true value), rate of tax, &c., have been:
Real
Personal
Tax per $1,000
Total
Years.
Estate.
Property.
in old Wards.
Debt.
$1,817,200
27-65
$5,354,000
1 8 8 3 ..
.. $36,166,200
1,778,100
32 22
5.284.000
1 8 8 4 ..
.. 37,270,850
2,389,050
30-98
5.399.000
1 8 8 5 ..
.. 38,563,020
R o ck la n d , M e , - Valuat’n of real and personal estate, 1885, about
$3,900,000; tax rate, $26 per $1,000; 1884 valuations, $3,755,831; tax
rate, $24 per $>1,000. Population, 7,599 in 1881; 7,074 in 1870.
St. J oseph, M o .—Population in 1880, 32.431; in 1870. 19,565. A
compromise of the debt was made in new 4 per cent bonds, which are
given for the full principal and interest of old bonds. Aug. 31,1885,
there were in addition to bonds given above $40,074 small issues and
unpaid coupons.
Thie assessed valuations and tax rate for three years were as below.
In 1885 valuations were the same as in 1884, no new valuations being
made.
Real estate.
Personal.
Tax rate.
1883 ......................................... $7,586,650
$3,678,193
-02310
1884
............................... 7,873,150
3,700,2 2 2
-022JO
3,700,222
*0155100
1885 ......................................... 7,873.150
—(V. 43, p. 50.)
St. I.o n is.—Population by the United States census in 1870 was
310,864, against 350,518 in 1880. The city and county were merged
by law in 1877 and city assumed the county bonds. A claim of the
St. Louis Gaslight Company for gas furnished, amounting in all to
about $882,000, with interest to March 31, 1882, was decided against
the city in 1880. The $548,000 renewal bonds, due 1900, are redeem­
able in 1890: the $913,000, due 1902-1905, are redeemable 1892-1895.
Assessed valuation of property and tax rate have been:
Real Estate ^-Rate of tax per $1,000.-%
and Personal
New
Old
Bonded
Years.
Property.
Limits.
Limits.
Debt.
1880
............... $160,750,440
$5 00
$17 50
$22,507,000
1881 ....................... 167,336,600
5 00
17 50
22,417,000
1882
191,720,500
5 00
17 50
22,311,000
1883 ....................... 191,522,490
5 00
17 50
22,232,000
1884
....4........ 211,480,710
5 00
17 50
22,105,000
1885 ....................... 207,526,000
5 00
17 50
22,016,000
1886 ...................... 214,427,690
5 00
17 50
22,942,000
- ( V . 40, p. 764.)
St. P a u l, M in n .—Population in 1870 was 22,300; in 1880, 41,498
in 1884 the local estimate of population is 100,000. Assessed valuations
of taxable property and tax rate have been:
Personal Rate of Tax
Total
Years.
Real Estate. Property, per $1,000.
Debt.
1878 ..........................$17,300,486 $5,491,026 $13 “
$1,356,444
1879 .......................... 17,300,766
5,942,503
15 “
1,519,310
1882
................. 30,000,000 10,000,000
21 “
1,959,910
1883
............... 31,000,000 12,000,000
24-50“
2,328,040




Rate.
7
6 g.
6 g.
7 & 6 g.
4
6
4
5
6
7
8
4*2
4 &5
4, 5 & 6
6
4
6
5
6 g.
7 g7 g7 g7 g6 g.
6 g.
6 g.
7 g6 g.

When
Pay’ble

INTEREST.
Where Payable, and by
Whom.

Principal—When
Due.

M. & S. N. Y., Nat. B’k Commerce.
Sept. 1,1888
J. & D.
do
do
June, 1892
A. & O.
April 1,1905
do
do
1889-1896
Various
do
do
Aug. 1, 1901
N. Y.. Amer. Exch.Nat. Bk.
F. & A. N. Y., Nat. Bk. Commerce.
1903
1907 to 1913
Various N. Y. Am. Exch’ge Nat. Bk.
Various
do
do
1887 to 1915
1888 to 1906
Various
do
do
1886 to 1903
Various
do
do
1893 to 1904
Various
do
do
1916
do
do
Various
1912 to 1915
do
do
1886 to 1892
Various
City Treasury.
J. & J. Boston, Merchants’ Bank.
Jan. 1, 1891
I. & J.
1887 to 1903
do
do
A. & O.
do
do
Apl. 1,1886-189
J. & J.
July 1,1904
do
do
J. & J. San F.& N. Y „ Laidlaw & Co.
Jan. 1, 1888
J. & J.
July 1, 1894
do
do
M. & N.
May 1. 1895
do
do
A. & O.
do
do
Oct. 1, 1887
J. & D.
do
do
J u n e l,1890
J & J.
d#
do
July 1, 1894
J. & J.
do
do
1897 & 1904
M. & N.
do
do
Nov. 1, 1891
,T. & J.
July 1,1894
do
do
do
do
1899

7 g. J. & J.
Q -F .
5
4, 5 ,5bj,6 Various
4, 5*2, 6 Various
4h2
Various
6
Various
6 & 7 A. & O.
A. & O.
7
4*2 to 8 Various
7 3 M. & N.
6 & 8 Various
7 & 8 Various
5
A. & O.
4, 5 & 6 Various
4, 4^2, 5 Various
Jig, 4,5,6 Various

San.F.& N.Y.,Laidlaw& Co.
1896
N. Y., Eugene Kelly & Co.
Feb. 1, 1909
Boston, Nat. Security Bank
1882 to 1896
1880 to 1906
do
do
Salem.
1886 to 1889
Boston, First National B’k.
1886-1890
do
do
Apl. 1 ,’94, to 1905
do
do
1886 to 1893
N. Y., Imp. & Trad. N. Bk.
1886 to 1913 J
do
do
May, 1900
do
do
1893 to 1899]
do
do
1886 to 1888
do
do
Oct., 1913
C.Treas.&Bost. Mchts.’ Bk.
1887 to 1905
do
do
1899 to 1905
do
do
1886 to 1915

Personal Rate of Tax
Total
Years.
Real Estate. Property, per $1,000.
Debt.
$16
$3,027,140
1884........................ $47,000,000 $14,263,565
19 50
3,815,640
1885 ........................ 50,512,212 14,291,946
-Valuation of real estate is about one-half of true value.
Salem , M ass.—The sinking funds Nov. 30, ’85, were $350,107, mostly
consisting of City of Salem bonds. Population, 27.563 in 1880; 24,117
in 1870. Tax valuation, 1882, $25,528,242; tax rate, $15 50 In 1883
valuation, $25,614,115; tax rate, $16. In 1884 valuation, $25,360,772;
rate of tax, $17 50. In 1885 valuation $25,066,130; tax rate, $16 50.
San Fran cisco.—Population, 233,959 in 1880; 149,473, in 1870. The
Montgomery Avenue and Dupont Street bonds are special issues charge­
able only on the assessment of property benefitted, and suits were in
progress October, 1«84, to determine their legal status. The assessments
for four years and tax rate (per $100) are given below. The following
valuations are made by the city and county. the valuations by the State
being different, but the tax rate below includes that for State purposes:
Total
Realty.
Personalty.
Tax Rate.
1881-82 .......................$155,834,879
$66,598,521
$1 80*a
18828 3 ............. 151,894,908
50,267,099
1 80^4
188384 ............. 158,723,269
62,272,534
1 69%
18848 5 ............. 164,495,888
59,013,672
1 57*2
1885 86 ....................... 171,416,426
56,192,922
1 59*3
Sinking funds raised annually amount to over $238,000, the amount
on hand June 30, 1885, being $812,108.
Savannah. G a . - Default was made on interest Nov. 1,1876, in oonse quence of yellow fever and non-collection of taxes. The compromise
gave new 5 per cent bonds for the face of old bonds; and for interest up
to Feb. 1,1879, 58 per cent of the face value in similar bonds; also,
there are $386,500 of fives issued in exchange for Atlantic & Gulf
RR. bonds. Assessed value of real estate and tax rate each year
have been as follows: in 1831, $10,500,000, $25; 1882, $10,650,000,
$30; 1883, $10,900,000, $30; in 1884, $12,500,000, $30; in 1885,
$13,000,000, $21 25.
Population in 1870, 28,235, against 30,709
in 1880.
Som erville, M a ss.—Total debt, Jan. 1, 1884, $1,585,000; sinking
fund, $505,852. Property valuation in 1882, $23,162,200; in 1883,
$23,812,900; in 1884, $24,331,100; in 1885, $25,907,700. Tax rate,
$15 40.
Except $140,000 5s in $1,000 pieces and $399,000 4s, all
bonds are in $2,000 to $50,000 pieces. Population 24,933 in 1880;
14,685 in 1870.
Springfield, M a ss.—Total funded debt, Jan., 1886, $1,517,000;
cash assets, $108,650. The railroad debt falls due $20,000 each year.
Population in 1$85, 38,000; 1870, 26,703. Tax valuation and rates
have been:
Personal
Tax rate
Years.
Real Estate.
property.
per $1,000.
1881
............
$23,795,920
$8,935,850
12 50
1882
............
25,084,420
9,198,258
12 50
1883
............
25,676,800
9,260,459
12 50
1884
.................
26,201,150
8,792,666
14 00
1885
.................
26,969,800
8,827,966
12 80
—Valuation of real estate is about 67 per cent of true value.
T o led o .—Total debt, Jan.,'1886, was $3,238,137. Of this the deb
payable by special assessments was $166,151 Taxable valuation of
real estate, 1886, $21,773,240; personal, $8,157,060; total valuation,
$29,930,300; tax rate, $2-80 per $100. Valuation, 1884, real estate,
$21,375,280; personal, $8,646,190; total valuation, $30,021,470; tax
rate, $2 22. Population, 50,137 in 1880; 31,584 in 1870.
W orcester, M ass.—Total funded debt, Jan. 1,1886, $3,389,700
Cash assets Dec. 1,1885, $994,785, including $721,563 in sinking fund
Population, 68,383 in 1885, 58,291 in 1880, 41,105 in 1870. Tax valu
ationin 1882, $45,504,512; tax rate, 1-74. In 1883. $43,570,335
tax rate, 1-72. In 1881, $50,773,475; tax rate, 1-68. In 1885, $52,714,
910; tax rate, 1-80,

14

INVESTORS’

SU PPLEMEN T.

[V ol. XLIII,

«P"

—
—
........-- - .-z.-, -------------------------------- . ..
................. .................
— ' ••
Subscribers w ill confer a great favor by giv in g im m ediate notice ot any error discovered I 1 tUese Tables.
Bonds—Prinoi DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
pal, When Due.
Amount
Par
of
Rate per When Where Payable, and by Stocks—Last
For explanation of column headings, &c., see notes of
Outstanding
Road. Bonds Value.
Cent. Payable
on first page of tables.
Whom.
Dividend.

Ala. N. 0. Texas <&Pacific June.—1st debentures...
2d debentures.................................
Ala. Ot. Soulh’n.—1st mortgage, coupon...................
Debentures, g o ld .............................
Albany & Susquehanna—S tock ........
1st mortgage..................................
Albany City loan (sinking fund, 1 per ct. yearly).
Consol, mort. (£ruar. D. &H. endorsed on bonds)..
General mortgage (Riv. Div.).......
Bonds to State Pa. (endorsed) 2d mort.. East ext.
1st mort., East’n Exten., guar, by Pa. R R ...........
Funding income bonds, with traffic guarantee__
Amador Branch—1st mortgage..................................

233
296
___
209
142
142
142
259
132
110
110
259
27

62
Ashtabula J. Pittsburg—1st mortgage, coup, or reg..
Atchison Col. dk Pacific—1st mort., guar.................. 254
34
Atchison Jewell Co. <£ West.—1st M., guar. C.B.U. P.
Atchison Topeka ct- Santa Fe—Stock
1,868
1st mortgage, gold, ($15 000 p. m .)...................... 470
Land grant mortgage, gold. ($7,500 p. m .) ...........
Consol, bonds, gold, ($7,500 p. m.)
Bonds, gold (secured by mort. bonds) $1,185,000.
S. F. bonds for purchase of K. C. L. & S. K. stock.
Sinking fund bonds (secured by mort. bds.)..........
Sink, fund bds. (secured by deposit of mort. bds.)
Wichita & Southwest., 1st M.,gold
27
f
66
Kans. City Top. & W. 1st M., gold
do
do
income bds.
Pueblo & Ark. Valley, 1st M.,gold •Guar .rental. <{ i48
134
Pueb. & A. V., 1st (& 2d onl48 m.
61
Kan. City Emporia <&8.,1st mort.
Cow. Hwn.Ar Ft. Smith. 1st. mort.
92
1

1882
1884
1878
1886
___
1863
1865
1876
1866
1870
1871
1874
1877
1878
1879
1879
1869
1870
1880
1880
1880
1881
1872
1875
1878
1875
1878
1879
1879

£100 $7,500,000
£100
2,500,000
$1,000
1,679,000
£100
670,000
$100
3,500,000
1,000
998,000
1,000
1,000,000
1,000
8,117,000 6 g
50
2,166,500
1,000
4,000,000
100,000
2,400,000
1,000 10,000,000
100 &c.
9,722,300
1,000
675.000
500.000
1,000
1,500,000
1,000
4,070,000
1,000
542,000
100 61,453,250
500 &c.
7,041,000
500 &c.
2,426,500
500 &c.
108,500
1,000
1,007,000
1,000
3,519,000
1,000
4,687,000
1,000 12,013,000
1,000
412,000
1,000
854,000
__
200,000
1,000
1,633,000
1,000
1,942,000
1,000
532,000
1.000
798,000

A lab am a N. O. T e x a s & P a c it lc J u n c t i o n ( L im it e d ).—(See
Map Oinn. N.O. dc T.P.)—This is an Euglish Co. controlling the Vicksburg
& Meridian, 142 miles; Vicksburg Shreveport & Pacific, 189 miles; N. O.
& North Eastern, 195 miles; and Spanish Fort R’y, near New Orleans, 13
miles. It also controls the Cincinnati New Orleans & Texas Pacific
Railway Co. (lessee of the Cincinnati Southern Railway). The manage­
ment of the company is the same as that of the Alabama Great
Southern RR. Length of roads, 862 miles; add Ala. Gt. Southern RR., 295
miles; entire system, 1,157 miles. The preferred or “ A” shares are
£1,500,000, having a preference for 6 per cent dividends and cumu­
lative, and the deferred or “ B” shares £2,500,000; par value of all
shares £10 each. The first debentures are redeemable any time at 115,
on six .months’ notice. The company holds the followingsecurities, viz.:
Cin. N . O. & Texas Pac. $1,532,000 stock; Vicksburg & Meridian,
$245,000 1st mortgage. $105,000 2d mortgage, $416,500 3d mortgage,
$1,464,300 preferred stock and $363,000 common stock; of Vicksb.
Shrevep. & Pae. $3,692,000 1st mort., $1,931,000 incomes and $1,594,000 stock; Of N. O. & North Eastern $4,900,000 1st mort. and $4,320,000 stock; N. O. Spanish Fort&L. RR. $300,000 1st mort. and $200,000
commoh'Stock. To obtain funds for further improvements it was
voted in Oct., 1885, that 6 per cent prior lien bonds ahead of the first
mortgages should be issued on the N. O. & Northeastern, Vicksburg &
Meridian and the Vicksb. Shreveport & Pac. roads at $7,000 per mile,
amounting to $2,695,000 in all. It was voted to issue £200,000 of Al.
N. O. T. & P. J. 2d debenture bonds of same lien as the others. (V. 41,
p. 391,419; V. 42, p. 21, 7 2 7 .)
A lab am a Great Sou th ern .—(See Map Cinn. V. 0. <£ T. P.)—From
Wauhatchie, Tenn., to Meridian, Miss., 290 miles; leased, Wauhatchie
to Chattanooga, 5 miles total operated, 295 miles. The Alabama &
Chattanooga RR. made default J an. 1,1871, and road was sold under fore­
closure Jan. 22,1877. Present company organized Nov. 30,1877, and is
controlled by an English company of the same title. The lands were
conveyed in full settlement to the holders of the $2,000,000 of Alabama
State bonds. These lands (about 550,000 acres) are held by trustees.
(V. 30, p. 117.) The debentures are made exchangeable for any mort­
gage bonds that may be created subsequent to the debentures. Capital
wook—common, $7,830,000, and preferred 6 per cent, $2,987,650.
Gross earnings in 1885, $1,076,188; net, $128,140. Gross in 1884,
$1,165,102; net, $143,665. (V. 41, p. 355; V. 42, p. 7 2 7 ).
A lban y Sc Su squ eh an n a.—Road owned from Albany, N. Y., to
Binghamton, N.Y., 142 miles; branches operated Duanesburg Junction,
N. Y „ to Schenectady, 14 miles; Cobleskill, N. Y., to Cherry Valley. 21
miles; operates Lackawanna & Susquehanna RR., 22 miles; East Glenville to Coons, 10 miles; total operated, 209 miles. Leased in perpetuity
from Feb.. 1870, to Delaware & Hudson Canal Co.; rental, 7 per cent
on stock and interest on bonds. Additions and betterments charged to
lessors, and cost made part of investment. The consol, mort. is for $10,000,000, of which$3,000,000 are 7 per cents, currency; the principal of
the 6s. is also payable in “ lawful money,’ but the interesti n gold. Gross
earnings in 1885-86, $2,841,409; net, $1,202,770; surplus to lessee after
all payments, $259,760. (V. 42, p. 549; V. 43, p. 580.)
A llegh en y V a lle y .—Owns from Pittsburg, to Oil City, Pa., 132
miles; branches—Red Bank, Pa., to Driftwood, 110 miles; others, 17
miles; total operated, 259 miles. The company became embarrassed
in 1874 and compromised with its creditors. It still falls short
of earning interest liabilities. Of the income bonds the Pennsylvania
RR., Northern Central and Philadelphia & Erie hold $6,087,000, the
Interest on which was paid altogether in bond scrip. The coupons of
guaranteed bonds held by the Pennsylvania Railroad for advances
amount to $5,232,710. In 1885 the charges for mortgage interest and
car trust payments were $1,124,653, income bonds n il; deficit in net
earnings, $453,519. In May, 1884, receivers were appointed at the
instance of the Penn, and other railroads as plaintiffs.
Annual report in V. 42, p. 603. Earnings for three years were as fol­
lows: 1883, gross, $2,255,942; net, $886,772; 1884, gross, $2,113,883;
net, $812,478; 1885, gross, $1,780,133; net, $671,134; V. 42, p. 6 0 3 :
V. 43. p. 546.)
A m a d o r B r a n c h .—Galt, Cal., to lone, Cal., 27 miles. Leased till
Nov. 1,1890, to Cent. Pacific; rental $3,500 per month. Stock, $675,000. Earnings in 1885, $31,243 gross and $12,705 net. Leland Stan­
ford, President, San Francisco.
A sh eville Sc Spartanburg.—From Spartanburg, S. C., to Ashe­
ville, N. C., 71 miles, of which 50 miles, to Hendersonville, in operation.
Formerly Spartanburg & Asheville; sold in foreclosure Apfh, 1881, and
reorganized. Stock $1,050,000. In 1883 the mortgage for $500,000
was made to build the 18 miles to Asheville; in 1885 a new mortgage
for $500,000 was authorized. Controlled by Richm’d & Danville. Gross
earnings in 1884-5 $28,572; deficit, $4,611. Gross earnings in 1883-4,
$34,018; deficit, $3,036. (V. 40, p. 303; V. 41, p. 75.)
A sh tab u la & P ittsb u rg .—Owns from Youngstown, O., to Ashta­
bula Harbor, O., 62'6 miles. Organized as Ashtabula Youngstown &
Pittsburg in 1870. Defaulted and property sold August 21, 1878.
Existing company organized Sept. 25,1878, and it is leased by Penn.
Co., which pays net earnings to A. & P. The common stock is
$958,591 and preferred $700,000; par of shares, $50. Gross earnings
in 1885, $338,950 ; net, $95,285 ; interest, $90,000. Gross earnings
In 1884, $387,187; net, $93,693; interest. $90,000. (V. 42, p. 462.)
A tch iso n C olorado Sc P acific.—Waterville, Kan., to Washington,
Kan., 20 miles; Greenleaf, Kan., to Logan, Kan., 155 miles; Logan to
Lenora, Kan., 25 miles; Downs, Kan., to Ball City, Kan., 24 miles; Yuma,




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April 1, 1907
June 1,1907
Jan. 1, 1903
Aug. 15, 1906
Jan. 1, 1887
July, 1888
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April 1. 1906

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Jan. 1, 1907

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Q-—F. N.AL.Un. Pac.RR.Office
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Q.—F. Boston, V. Y. & Chic.
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A. & O.
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Harrisburg, Treasury.
Philadelphia or London
Pittsburg, Co.’s Office.
N. Y., Cent. Pacific RR.

Aug. 1,
M a y l,
May 1,
Nov. 15,
July 1,
Oct. 1,
April 1,
April 1,
Sept. 1,
Oct. 1,
Dee. 1,
July 1,
July 1,
Mar. 1,
July 1,
July 1,
July 1,
Oct. 1,

1908
1905
1905
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1899
190C
1903
1909
1920
1920
1911
1902
1905
1906
1905
1905
1909
1909

Kan., to Warwick, 31 miles; total, 254 miles. The road forms an exten­
sion of the Union Pacific Central Branch, by which the bonds are guaran­
teed and the road is controlled, and the whole system is virtually owned
by Union Pacific, but operated by Mo. Pac. Stock, $1,526,009, of which
U. P. and C. P. own $320,500. Rental is $254,370 per annum.
A tch ison J ew ell C o. «fc W e s t.—Jamestown, Kan., to Burr Oak.
Kan., 34 miles. Under same auspices and control as Atchisoa Colorado
<fc Pacific. Stock, $202,800, of which Union Pacifio owns $105,000. Ren­
tal is $33,875 ncr annum.
A tch ison T o p ek a & Santa F e.-(S e e Map. ) — L ine of R o ad .—
Main Line—Atchison to Kans. State line, 471 miles. Owned by owner­
ship of stock, the Southern Kansas, 529 miles. Leased—Various brauch
roads in So. Kansas 421 miles; Kan. State L. to 8. Pueblo, Col., 149
miles; Pueblo to Rockvale, Col., 37 miles; La Junta to N. Mex. State
Line, 96 miles; Colorado St. L. to San Marcial, N. M., 354 miles; Lamy
to Santa Fe, 18 miles; San Marcial to Deming, N. M.. 128 miles; Rinoon
to Texas line, 58 miles; coal and mineral roads, 60 miles; Las Vegas Hot
Springs road, 6 miles; Texas line to El Paso, 20 miles; and Deming to
Silver City, N. M., 48 miles; total leased, 1,398 miles. Total operated
directly, 2,375 miles. The road owned jointly with the Union Pae., 103
miles, and that owned jointly with St. L. & S. F , 45 miles, and the
Sonora system, 350 miles, controlled—are not embraced in the miles
operated. The total mileage controlled is 2,821 miles. In Nov., 1885, the
road of California 8 outlier a was opened from San Diego, making a
through route to the Pacific coast via the Atlantic & Pacifio RR. In
April, 1886, the Gulf C »lo’ ado & Santa Fe road was absorbed.
Organ ization , L eases , &c.—The A. T. & S. Fe. Co. was incorporated
March 3,1883, and includes the Atchison & Topeka RR., Incorporated
Feb. 11,1859. The land grant was received by Act of Kansas Feb. 9,
1864. The main line of 471 miles was opened Dec. 23. 1872. The
whole system outside of the main line is nominally under different cor­
porations, of which the ownership is vested in the A. T. &S. F., and the
roads also leased to that Co., and interest on the bonds usually paid as
rental. The Southern Kansas and the Sonora systems are not leased,
but are controlled by ownership of the stock. The A. T. & S. Fe
Co. has issued its own stock and bonds to purchase the stocks and bonds
of leased and auxiliary companies, and the balance sheet shows
$51,270,225 so invested; besides $3,327,917 bonds owned, against which
Atchison Topeka & Santa Fe securities have not been issued. The fiscal
year ends Dec. 3 1. The election of directors is held in April.
la Aug., 1884, an agreement was made for the control of the Mojave
Division of the Southern Pacific and a right for traific over the Southern
Pacifio to San Francisco, and farther agreements with the St. Louis &
San Francisco. In Oct., 1886, it was proposed that the A. & P. 1st mort
bond interest should be reduced to 4 per cent and the bonds guaranteed
severally but not jointly by tbe Atchison and San Francisco companies.
See Atlantic & Pacific and St. Louis & San Francisco in this S upplement .
In April, 1866, the company issued the bonds of tte Southern Kansas
road to build 350 miles and connect with the Gulf Col. & Santa Fe. Cir­
culars in V. 42, p.462, and V. 43, p 431. In April, 1833, the G. C. & S. F.
was pur’based by the Atchisoa Company by the exchange o f G. C. &
S. F. stock for Atchison stock, $3,000,000 in all, of which $4,560,000
was exchanged immediately and $3,440,000 was deposited in trust, to
he delivered to the G. C. & 8. F. Jan. 1, 1887, in exchange for its
new stock to that amount to be issued on new mileage. See official cir­
cular, V, 42, p. 630. (A temporary injunction against this issue was
granted in December.)
Stock and B onds —Tbe stock has been increased rapidly to present
figures for tbe acquisition of tbe auxiliary lines and by way of stock
dividends. Dividends have been—in 1879, 3 per cent; in 1880, 8*2 ; in
1881,6 cash and 50 stock; in 1882 and in subsequent years 6 per cent has
been regularly paid. Tbe range in prices of stock in Boston was—in
1881, 92 ®15414; in 1882. 787s®96*8; in 1883, 78@86i4; in 1334, 59^
®80; in 1885,
in 1886, to Dec. 17, 797e*100.
The land grant bonds receive the proceeds of land sales in payment of
interest and principal. The 4Lj per cents of Oct., 1920, have the 6 per
cent mortgage bonds of the Rio Gr. Mex. & Pac. and the Rio Gr. & El Paso
roads as security, the sinking fund being l 1^ per cent per annum, rising
to 3*2 per cent by 1910. Tbe 6 per oent bonds due Dec. 1,1911, have as
security 1st or 2d mort. bonds of a number of the proprietary or con­
trolled railroads, deposited in trust as collateral; they are redeemable at
105 by tbe sinking fund, which is 1 per cent per annum for 10 years and
2 per cent thereafter. The 5 per cent bonds, due April 1,1909, are
secured by the N. Mex. & So. Pac. 1st mort. 7s, Oa other bonds the
Interest is paid as rental. Such bonds as are held in the company’s treas­
ury, or leased line bonds held as collateral for any of its own bonds given
above, are not Included in the above amounts outstanding. Interest on
the Sonora RR. in Mex. (262 miles) 1st M. bonis is guaranteed; those
bonds are at $20,000 per mile, of which $5,000 per mile are ownedby
tbe A. T. & S. F. Co. The Leav. Top. &So. RR. bonds at 4 per cent are
guaranteed one-balf by tbe A. T. & S. F, and one-half by tbe Union Pacific.
The Chicago Kansas & Western stock ($10,000 per mile) is held by the
A. T. & S. Fe, and the first mortgage bonds, at $L4,000 per mile, are
guaranteed by tbe latter company, and these, with the income bonds at
$7.00 >per mile, were issued as per the circular in V. 43, p. 59.
The Southern Kansas first mortgage and income bonds were issued as
per circular in V 42, p. 462.
L and G ran t .—The lands are in Kansas, granted by Act of Congress
March 3,1833, and Kansas, Feb. 9, 1864. Land sales in 1885, 770.494
acre-> fo£ $2,048,533, being an average of $2 66 per acre; assets Dec.
31, 1885,
,676,273 contracts and 445,863 acres yet unsold.
^

BONDS.
STOCKS AND
RAILROAD
D e cem ber , 1886.]




16

INVESTORS’

SUPPLEMENT.

[Vol. XLIII.

Subscribers w ill confer a great favor by givin g im m ediate notice ot any error discovered in these Tables.
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
When Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,
par
For explanation of column headings, Ac., see notes of
of
Stocks—Last
on first page of tables.
Whom.
Road. Bonds Value. Outstanding Cent. Pay’ble
Dividend.
Atch. Top. <£■S.Fe—(Continued.)—
$713,000
Marion A McPherson, 1st mort........ 1 G’rantee (
93 1879 $1,000
Florence El Dor. A W., 1st M., gold .. j rental. \
1,000
310,000
26 1877
1,000
Leavenworth Topeka A S. W.—1st mort., to guar.
46 1882
690.000
N. Mexico A So. Pac.—1st M., gold, guar, rental.. 372 1878
1,000
4,425,000
1.000
262 1880
4.050,000
8onora. 1st mort., gold, interest guaranteed........
Chic. Kan. A West., 1st mort., gold, guar............. 450 1886 100 Ac.
5,600,000
do
income bonds, non-cumulat........
1886 100 Ac.
(?)
1st mortgage on Chicago extension, $18,000,000.
(?)
2,940,000
Southern Kansas—K.Cl Law. A So., 1st mortgage. 175 1879 500 Ac.
Southern Kansas A Western—1st mortgage....... 149 1880
1,000
1,688,000
212,000
Sumner County RR.—1st m ortgage...................
1,000
18 1880
Ottawa A Burlington RR.—lstm ortg................
1.000
500,000
42 1880
1886 100 Ac.
5,600,000
S. Kansas (Gulf Divis.)—1st mort., gold................
250
Income bonds (not cumulative) $4,000 per mile)
1886
(?)
Atlanta # Charlotte.—Stock (guar. 5 p. ct. by rental) 269
100
1,700,000
New pref. mort......................................................... 265to 1877
1,000
500,000
Mortgage bonds........................................................ 265*6 1877
1,000
4,250,000
500
750,000
Income bonds, registered (not cumulative)..........
1880
Atlanta # West Point—Stock......................................
80
1,232,200
100
1,232,200
Debenture certificates..............................................
1881
500
196,000
95 1868
Atlantic <£•North Carolina—1st mortgage................
Atlantic# Pac.—1st mort. g.,W. D.(s.f.) $25,000 p.m. 560 1880 1,000Ac 16,000,000
1st mort., W. D., guar, (tor $20,000,000)..............
1,000
1887
(?)
Income bds., non-cum’tive, W. D. ($18,750p. m.). 560 1880
50 Ac. 12,000,000
1,189,905
1st RR. A land gr. bonds on Cent. A Mo. Divisions
1871 500 Ac.
796,629
1st land grant bonds on Central Division............. 102
600,000
New 1st mort., gold, road and lands, Central Div. 102 1.882 1,000Ac
102 1882
450,000
New income bonds, Central Division, non-cum..
50 Ac.
1,000
Arizona Mineral Belt—1st M., gold ($20,000 p.m,)
75 1886
5,484,000
Atlantic # St. Lawrence—Stock7$5,459,036 stg.).. 151
iio o
787,000
1st mort. to City of Portland (sinking fu n d )........
2d mort. (owned by Grand Trunk)........................
1.499,916
—
—
Operations , F inances , &c.—The connection with the Atlantic &
Pacific took effect for business in October, 1883, and the through
line to San Francisco by use of the Southern Pacific lines Oct. 1. 188 4
In Nov., 1885, the Cal. Southern was completed, giving a through route
to the Pacific coast by the Atlantic & Pacific road.
The report for 1885 in the Chronicle , V. 42, p. 489, said: “ Had the
same average rates been received in 1885 as in 1884, the freight earn­
ings would have been increased $565,210 and the passenger earnings
$82,499. The reduction of the average rates the last two years has
been caused partly by the increased tonnage of lower class freight, but
principally by an actual reduction of the rates obtained.
“ The large immigration into the State of Kansas during the spring of
1885 tended to lessen the unfavorable results of the general business
depression which were at length beginning to be felt in that State; and
had it not been for the failure of the winter wheat crop, from the trans­
portation of which we have hitherto derived a large revenue, the earn­
ings for 1885 would have equaled, if not exceeded, those for the
preceding year, notwithstanding the reduction iu the average rates
obtained. It will be noticed that the passenger travel was especially
satisfactory, and the constant filling up of Kansas with new settlers
augurs well for the future prosperity of the State and for the busines*
of your company. The large corn crop affected the earnings only
indirectly, as the yearly increased use of corn in Kansas for feeding
purposes tends to diminish the transportation of that article. On the
other hand, the shipments of live stock considerably increased; and the
better prott thereby obtained by the farmers tends to increase the
eneral prosperity of the State, and to that extent favorably affects the
usiness of your road.”
For ten months from Jan. 1, to Oct. 31, 1886, gross earnings were
$12,740,023, against $12,714,611 in 1885; net, $6,124,657, against
$6,045,405.
Earnings and operations for three years, and income account for 1884
and 1885, were as follows, these statistics embracing the Atchison
Topeka & Santa Fe and Southern Kansas systems combined, but nothing
of the Sonora, Atlantic A Pacific, or roads owned jointly, although the
interest on Sonora bonds is deducted from Atchison earnings.

f

operations and fiscal results .

1884.
1385.
1883.
Total miles operated..................
2,219
2,374
2,397
Operations—
Passengers carried. No.... 1,072,169
1,502,485
1,849,577
Passengers carried one mile_120,411,659
135,412,096 149,999.427
Rate per passenger per mile---2-909 cts.
2-648 cts.
2-593 cts.
Freight (t<»n») moved..... 2,240,430
2,725,191
2,602.056
Freight (tons) carried one mile.582,176,176 634,711,316 607,753,550
1-882 cts.
1-789 cts.
Rate per ton per mile................
2-009 ots.
$
$
Earnings—
$
Passenger.......................... 3,502,950
3,583,018
3,889,411
11,946,453
10,873,621
Freight.............................. 11,699,194
762,412
808,363
Mail, express, A c..............
707,297
Total gross earnings. 15,909,441
16,291,883
15,571.395
Operating expenses—
Maintenance of way, A c...........
2,216,574
2,861,236
2,280,291
1,409,732
1,461,896
Maintenance of equipment___ 1,124,949
3,560,610
Transportation expenses. 3,227,352
3,777,357
388,393
670,856
Miscellaneous...................
673,722
421,378
459.194
Taxes............
410,319
Total operating expenses 7,652,916
8,975,976
8,314,967
7,315,907
Net earnings.............................
8,256,525
7,256,428
55-09
P. c. of op. expns. to earns........
48-10
53-40
INCOME ACCOUNT.

1884.
$7,315,907
28,488
142,014
186,281

1885.
$7,256,428
28,012
149,743
180,188

Total income............................................ $7,674,690
Disbursements—
Rentals paid .....................................................
$37,093
Int. on At. T A S. F. and So. Kan. bds.............
1,812,544
Interest paid as rental.....................................
866,655
Interest on land bonds..................................... * 188,281
Interest on Sonora bonds.................................
............
Dividends...........................................................
3,414,736
6
Rate of dividend...............................................
Sinking funds.....................................................
269,716
Paid to other roads .. .....................................
241,677
Miscellaneous.....................................................
............

$7,614,371

Receipts—
Net earnings...................
Rentals, dividends, &c..
Other receipts................
From land grant trusts.

$25,500
1,980,664
854,930
180,188
283,500
3,414,786
6

299,525
46,093
25,000

$7,110,186
Total disbursements...................... $6,830,707
$504,185
Balance, surplus...............................................
$343,983
—(V. 42, p. 59, 60. 61,303, 305, 364. 430, 447, 462, 474, 4 8 5 , 487, 4 8 9 ,
518, 574, 630, 663, 694, 754; Y. 43, p. 102, 125, 152, 162, 244, 274,
333, 431, 451, 546. 571, 578, 633, 671, 718, 733.)
A tlan ta & Charlotte A ir D ine.—Owns from Charlotte, N. C., to
Atlanta, Ga., 269 miles. The Richmond A Atlanta Air-Line was sold
under foreclosure Dec. 5,1876, and the existing corporation was formed




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J.
do
do
Company’s Office.
J. N. A"., U. S. Trust Co.

Boston, North Nat. Bk. Oct. 1, 1 909
Boston, Nat. B.N.Amer. Aug. 1, 1907
Boston, Am.L’nA Tr.Co. July 1, 1911
Boston, Everett Nat.Bk. April 1, 1909
Boston, Nat.Revere Bk. J a n .1, 1910
Boston.
1926.

Apr. 1, 1909
Jan. 1, 1910
Sept. 1, 1910
April 1, 1909
Sept. 1, 1926
1926
M. A
Sept. 6, 1886
A. A
April 1, 1897
J. A
Jan. 1, 1907
A. A
April 1, 1900
J. A
July 15, 1886
J. A
1891
1888
J. A
July 1. 1910
1937
A. A O.
Oct. 1, 1910
M. A N.
New York.
Nov. 1, 1891
do
At Mat.
Nov., 1901
M. A S.
do
March 1,1922
J. A D.
June 1, 1922
J. A J.
Boston.
1916
M. A S. London, Gr. Trunk Rw. Sept. 15, 1886
M. A N.
Nov. 2, 1888
A. A 0.1 London, Gr. Trunk Rw. Oet. 1, 1884

Feb. 27,1877. On March 26, 1881, tne road was leased to the Rich­
mond & Danville at a rental of $462,000 per year, equal to the interest
on debt and 5 per cent on stock; if gross earnings of A. A C. A. L.
exceed $1,590,000, dividends to be 6 per ce n t; and if they exceed
$2,500,000, 7 per cent. Gross earnings in 1882-83, $1,074,016; net,
$397,174; rental, $466,500; loss to R. A D. $69,325. In 1883-84, gross,
$1,042,631; net, $338,731; loss to R. & D., $127,769.
A tlan ta & W e st P o in t.—Owns from East Point, Ga., to West
Point, Ga., 80 miles; leased, 6*2 miles; total operated, 86^ miles. In
April, 1881, a controlling interest in the stock was purchased for the
Central Georgia, and a stock dividend of 100 per cent was afterward
declared in debenture certificates. Gross earn’s in 1884-85, $410,222; net,
$173,079; in 1885-86, gross, $397,259; net, $138,001.
A tlan tic A North C aro lin a.—Owns from Morehead City to Golds­
boro, 95 miles, and operates the Midland No. Car. Ry. from Goldsboro to
Smithtteld, 22 miles. Gross earnings in 1883-84, $146,324; net, $50,492.
A tlan tic & Pacific.—This corporation was chartered by Act of Con­
gress July 27,1866. The Western division is from Isleta, near Albuquer­
que, on At Top. A Santa Fe, to Big Colorado River, 560 miles, where ifc
meets the line to Mojave, Cal. (242 miles), leased by this Co. in 1884
trom the Southern Pacific of Cal. The A. A P. to Colorado River was
opened for traffic Oct., 1883; in Nov., 18 35, the Cal. Southern was
completed, giving a through route to San Diego on the Pacific coast.
Also the Central Division is finished from Seneca, Mo., to Sapulpha in
the Indian Ter., 112 miles, and projected westward to a junction with
the Western Division. The Central Division is at present operated by
the St. Louis A San Francisco Railway Co.
By the “ tripartite” agreement of Jan. 31, 1880, the Atch. Topeka &
S. F. and the St. Louis A S. F. guaranteed 25 per cent of the gross earn­
ings over their lines to pay coupons, and large advances were made to
the A. A P. by both those companies. In O ct, 1886, the plan was made
to exchange the A. A P. first mort. bonds for new 50 year bonds at 4 per
cent guar, severally (but not jointly) by the two companies, each com­
pany guaranteeing one-half of each bond. (See Y. 43, p. 571, 559, 607.)
Stock authorized is $100,000,000, and issued $54,910,300 (par $100),
of which $41,302,600 is owned oy the At. T. A S. F. and the St. Louis A
S. F. companies equally, and deposited in trust tor thirty years. The
stock is classed thus: Western Div., com. stock, $34,750,000; Cent, and
Mo. divs., com. stock, $3,660,300, pref., $11,400,040. The old pref.
stock has no preference over the A. A P. West. Div. stock. Of the first
mort. bonds outstanding, about $2,000,000 have been issued in advance
of constructi n.
The Southern Pacific sold the 242 miles of road from Mojave to The
Needles, on the Colorado River, to the A. A P. Company for $7,271,100, payable in A. A P. 1st mortgage bonds, at par. issued on said 242
miles, but “ should the bonds or their proceeds be less than the purchase
price the difference is payable in money.” (This difference in cash was
$1,211,850 above the par value of bonds issued to the South’n Pacific.)
Until clear title to this piece of ro id is given, the A. A P. takes posses­
sion and pays 6 per cent per annum on the $7,271,000. The same
negotiation gave a right by contract to run through trains to San Fran­
cisco over the Southern and Central Pacific lines on payment of rental
either on a mileage basis or at 3 per cent per annum on $40,000 per mile.
See V. 39, p. 208; V. 40, p. 50.
The land grant claimed under the old Atlantic A Pacific charter
of July, 1866, is 25,600 acres per mile in Territories and 12,800
acres in States. The total land grant on the whole road, if con­
structed as under the charter, would be 42,000,000 acres; on the
West. Division upwards of 14,000,000 acres in New Mexico and ArizoBa
have been earned by construction, and in the Indian Territory 2,600,000
acres more, the best of these lands being well adapted for grazing. The
proceeds of sales of the company’s lands have so far been applied to pay­
ment of interest on A. A P. bonds or the lands have been conveyed in
trust to the Atchison and San Francisco companies, and about 6,000,000
acres have been so disposed of. See Chronicle, V. 40, p. 49. The
first mortgage bonds may be drawn and paid off at 110 with proceeds of
land sales. They are receivable at par in payment for lands. A map of
the land grant was published in the Chronicle, V. 36, p. 468.
No annual report for 1885 has been published, but the earnings and ex­
penses « f 1885 were given in V. 43, p. 216.
H. C. Nutt, President, Boston. The following directors were elected
May, 1886; Henry C. Nutt, W. B. Strong, I. T. Burr, B. P. Cheney,
A. W. Nickerson, Walter L Frost, Geo. O. Shattuck, L. C. Wade, of
Boston; Jesse Seligmau, C. P. Huntington, Edwin F. Winslow, Bryce
Gray, Wm. F. Buckley, of New York. (V. 41, p. 22, 49, 189, 652, 683;
V. 42, p. 33*, 393, 462, 487, 630; V. 43,p. 48, 2 1 6 , 458, 508, 571, 607.)
A tlan tic & St. L aw ren ce.—Owns from Portland, Me., to Island
Pond, Vt. (and branch), 151 miles, there connecting with Grand Trunk
of Canada, to which leased for 999 years, August 5,1853, at a rental
equal to bond interest and 6 per cent on stock. The bonds to city o f
Portland are provided for by accumulations of sinking fund.
The Grand Trunk RR. owns the 2d and 3d mortgage bonds, and has
issued its own debentures against them. The A. A St. L. must issue new
bonds or stock to the Grand. Trunk on surrender of tne 2d mort. bonds.
Gross earningsin 1883-84, $1,067,432; net, $175,411. Gross in 1884-85,
$973,363; net, $211,396Augusta <k Savan n ah .—Owns from Milieu to Augusta, Ga., 53
miles. Leased to Central of Georgia for $73,000 per annum Has nobonded debt.

D ecember, 1886.J

RAILROAD

STOCKS

AND

17

BONDS.

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
Bonds—Prmci INTEREST OR DIVIDENDS.
DESCRIPTION.
Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,When
Par Outstanding
For explanation of column headings, &c., see notes of
Stocks—Last
of
Road. Bonds Value.
on first page of tables.
Whom.
Dividend.
Cent. Payable
Atl. <&St. L.—(Oont’d)—3d M., sterling, 5-20 years.. 150
Augusta & Savannah,—Stock......................................
53
Bald Eagle Valley—Gen’lmort.,(s. f. $4,000 per yr.)
80
Baltimore <£ Ohio—Stock............................................. 1,650
Preferred stock.........................................................
Loan due in 1880, extended...................................
Loan, 1853, extended in 1885................................
do 1870 .sterling, £800,000, sink, fu n d ..........
Baltimore loan. 1855-90, sink, fu n d .....................
Sterling mortgage, sinking fund............................. 411
Sterling mortgage, sinking fund...........................
421
Purchase of Conhellsv. RR (payable $40,000y ’ly)
Loan,ster.,(s.f.£7,500) (B.O. & Ch.bds collat’l)....... 263
Bonds (Parkersburg Branch bonds collateral)__
104
Bonds to State of Maryland.....................................
Sterling mortgage on Philadelphia Branch..........
Bonds, gold (Pittsb. & Connellsville b’ds collat’l). 150
Mort. on Schuylkill R. East Side RR., gold (guar.)
Baltimore & Potomac—1st M (tunnel) gold, s. f . 1 p. c.
lk?
1st mort., road, gold, coupon, s. f. 1 per cen t.......
90
2d mortgage, income, road and tunnel, reg..........
92
Beech Greek—1st mortgage.........................................
125
Belleville <£El Dorado—Is t(int. guar. St.L.A.&T.H.)
52
2d mortgage...............................................................
52
Belleville <£ South. 111.—IstM . (int. & s. f. guar.).......
56
Bells Gap.—Stock.........................................................
1st m ortgage.............................................................
Extension 1st mortgage...........................................
Consol, mort. (for $550,000)...................................
Belvidere Del.—1st mort. due 1877, extended, guar.
64
Consol, mortgage of 1876........................................
67
Consol, mort.. reg,, guar, by Un. Co’s & Pa. RR..
67
12
Flemington RR. M. bds...........................................

1871
1880

1853
1870
1855
1872
1874
1875
1877
1879
1878
1883
1885
1885
1871
1871
1875
1886
1880
1880
1866
1873
1875
1883
1877
1876
1885
1876

£100
$100
1,000
100
100

£100
£200
£200
1,000
£200
1,000
1,000
1,000
1,000
1,000
1,000
....
1,000

1,000
1,000
1,000
1,000

$712,932
733,700
380,000
14,792,566
5,000,000
577,000
1,710,000
1,906,839
2,575,000
7,179,612
8,290,096
560,000
7,381,968
3,000,000
366,000
11,616,000
10,000,000
(?)
1,500,000
3,000,000
2,000,000
5,000,000
220,000
330,000
1,041.000
550,000
250,000
100,000
200,000
1,000,000
1,200,000
1,245,000
250,000

6 g.
3h?
6
4
3
4
4
6 g.
6
6 g.
6 g.
6
5 g6
6
4h? g.
5 g.
5 g.
6 g.
6 g.
6
4
7
6
8
5
7
6
6
6
7
4
6

M.& N.
J. & D.
J. & J.
M. & N.
J. & J.
J. & J.
A. & O.
M. & S.
J. & J.
M. & 8.
M. & N.
J. & J.
J. & D.
A.. & O.
J. & J.
A. & O.
F. & A.

London, Gr. Trunk R’ v.
Savannah.
Phila.,F.Ins.Tr.&S.Dep.
Baltimore, Office.
do
do
do
do
do
do
Lond’n.BaringBros &Co
Baltimore, Office.
London, J.S.Morgan&Co
London, LS.Morgan&Co
Baltimore, Office.
Lond., Baring Bros.&Co.
Balt. &N.Y..D. M&Co.
Baltimore, Office.
London, Brown, S. & Co.
New York Agency.

J.
A.,
J.
J.
J.
F.
A.

London or Baltimore.
Baltimore.
do
N. Y., Gr’d Cent. Depot.
N. Y.St. L.A.&T. H. RR.
do
do
N.Y.St. L.A.&T.H.RR.

& J.
& 0.
& J.
& J.
& J.
& A.
& 0.

J. & J. Phil.,Cassatt,Town.&Co
do
F. & A.
J.
J.
M.
J

&
&
&
&

D.
J.
S.
J.

Philadelphia, Pa. RR.
Treasurer, Trenton,N.J.
Philadelphia, Pa., RR
Treasurer, Trenton,N.J.

May 1, 1891
Dec., 1886
Jan. 1. 1910
Nov. 1, 1886
Jan., 1887
At wiU.
Oct. 1, 1936
Mar. 1, 1895
1890
Mch. 1, 1902
May, 1910
1886-1900
June 1, 1927
April 1,1919
July 1, 1888
April 1, 1933
Feb. 1, 1925
Dec. 1, 1925
July 1, 1911
April 1, 1911
Jan. 1. 1915
July 1. 1936
July, 1, 1910
Aug. 1, 1920
Oct. 1, 1896
Dec. 31,1885
July 1, 1893
Aug. 1, 1905
April 1, 1911
1902
Jan. 1, 1916
Sept., 1925
Jan. L, 1916

B a ld Eagle V a lle y .—Owns from Vail Station, Pa., to Lockhaven,
1882-83.
1883-84. 1884 85. 1885-S6.
Pa., 51 miles; branch, Milesburg, Pa., to Bellefonte. Pa., 2 ^ miles; Carried to Baltimore—
Snowsboe to Sugar Camp, 261e miles; total operated. 80 miles. Opened
Flour........................bbls.
701,935
717,258
766.163
752,150
December 7,1864, and leased to Pennsylvania Railroad Company for 99
Wheat.....................bush. 6,633,443 6,415,550 3,200,025 3,437,159
years. The branch is the property of the lessors. Rental, 40 per cent
Corn........................bush. 4,935,900 3,472,940 8,383,859 9,474,275
of gross earnings. Gross earnings in $1885, $463,156; net, $231,719. In
Total grain of all
Feb., 1885, 5 per cent paid. Stock is $935,000 (par $50), and divi­
kinds ...............bush 12,770,392 11,553,052 13,048,258 13,718,428
dends are paid according to earnings.
90.530
82,187
67,890
70,220
Live s to c k .............tons,
Lumber...................tons,
93,332
107,398
86,560
92,831
B altim ore <fc O h io—(.See Map) . — L ine op R o a d —The B.& O. system Through merchandise—
embraces roads in Md., Va., Penu., Ohio, Ina. and Til., which are clearly
East and West....tons. 2,108,325 2,275,252 2,338,147 2,731,119
shown in the accompanying map. By means of the Marietta & Cin­
The gross and net earnings of the main stem and its branches and of th e
cinnati, via Parkersburg, the road has a direct route to Cincinnati. other
divisions for the last fiscal year, as compared with 1884-85. were:
The B. & O. mileage is: Main stem, Baltimore t > Wheeling, 379 miles,
/— Earnings, 1884-85.—-,—Earnings, 1885-86.—.
and branches, 272 miles, total, 651 miles; Washington Branch, Relay to
Washington. 31 mites; Parkersburg branch, Grafton to Parkersburg,
Main
stem,
etc.............
$9,733,252 $3,969,900 $9,84«,613 $4,026,366
104 miles; Central Ohio division, Bellaire to Columbus, 137 miles; Lake
315,308
194.771
325,320
234,506
Erie division, Newark to Sandusky, 116 miles; Chicago division, Chicago Washington Branch...
Parkersburg
Branch...
547,757
48,848
663,044
161,347
Junction to Chicago, 271 miles; Pittsburg division, Cumberland to
1,060,166
295,856 1,270,476
478,523
Pittsburg, 150 miles, and branches, 94 miles, total, 244 miles; Wheeling Central Ohio Division.
817,785
119,918 1,013,014
309,711
& Pittsburg division, Glenwood to Wheeling, 66 miles; Straitsville divi­ Lake Erie Division ..
1,724,612
261,605
2,093,568
269,916
sion, Newark to Shawnee, 43 miles; total operated Sept. 30, 1885, 1,663 Chicago Division.........
1,999,960
773,419
2,430,085
842,421
miles. The Baltimore & Ohio Philadelphia branch, connecting with the Pittsburg Division......
299,372
7,840
416,259
13,450
Balt. & Phila. RR., makes a line from Balt, to Phila., and thence via the Wheeling and Pitt. Div.
................................
114,767
15,246
Schuylkill Val. & East 3ide RR. to a connection with the Phila. & Read, Philadelphia Division.
118,430 def. 29,102
214,291
35,208
lines to Bound Brook, N. J. Thence the proposed route to Staten Island, New’k Somerset & St’le
as noted in Chronicle , V. 41, p. 611.
Totals.....................$16,616,642 $5,643,057 $18,422,437 $6,386,694
O rgan ization , L eases , &c.—The corporation was chartered in Mary
The working expenses of the whole system were 65-33 per cent of gross
land Feb. 28, 1827, and in Virginia March 8,1827. First section opened revenue
in 1884-5, against 66-03 per cent the preceding year. Results
May 24, 1830. The company was assisted by loans from the City of on all lines
in five years have been:
Baltimore. The relations with the auxiliary branches and leased roads
Gross Earnings.
Operating Expenses.
Net Earnings.
are complex, but the B. & O. virtually owns nearly all of these east of Years.
188081............$18,463,877
$11,390,479=61-69 p. c.
$7,073,398
the Ohio River, and the total charges for rentals and guarantees are
82.. 18.383,875
10,929,213=59-44
”
7,454,662
moderate. In 1885 the charges for advances and the stocks and bonds 188119,739,837
11,034,014=55-89
“
8,705,823
188283..
Of allied companies held were $38,746,447 (of which $5,765,777 were
84... 19,436,607
11,676,307=6007
“
7,760,300
held by trustees). The company has been exceptional in not increasing 188316.616,642
10,973,585=66
03
“
5,613,057
188485...
its own stock or bonds for new properties acquired, and had a surplus
12,035,743=65-33 “
6,386,695
to credit of income account Sept. 30,1886, of $48,047,461. Fiscal year 1885-86............ 18,422,437
ends Sept. 30.
—(V. 41, p. 306, 555. 573, 5 83, 611, 653 ; V. 42, p. 92, 271, 630; V. 43
p. 190, 244, 387, 458, 5 9 3 , 6 0 5 , 635, 671.)
Stocks and B onds—The pref. stock carries 6 per cent dividends only.
B altim ore & P o to m a c .—Owns from Baltimore. Md., to South
The common stock has paid—in 1877, 8 per cent; in 1878, 8 in stock; in End
Bridge, Va., 43 miles; and from Bowie to Pope’s Creek, 49
1879, 4 stock and 4 cash; 1880, 9; in 1881,1882, 1883, 1884 and 1885, milesLong
: total, 92 miles—including tunnel in City of Baltimore. The road
10; in 1886 8. The range in prices of common stock in Baltimore in is controlled
by the Pennsylvania Railroad Co., and first mortgagebonds
1881 was 183@210; in 1882, 1903 202 ; in 1883, 192^@205 ; in 1884, guaranteed by
Pennsylvania and Northern Central. Capital stock,
167®199; in 1885, 166^2185; in 1886, to Dec. 17, 1502191.
$3,553,250.
In 1881 gross earnings, $1,221.572; profit. $58,527. In
The Baltimore & Ohio direct bonds of 1879 on Parkersburg 1885, gross earnings,
$1,3 23,''91; net, $554,540: interest charge, $297,Branch are secured by deposit of mortgage on that road. The sterling 181.
Income bonds whollv held by Penn. RR. Co. Gross e irnings from
mortgage of 1883 is made to William F. Burns, John Gregg and T. Har­
1 to Oct. 31, 1886, $1,108,843, against $1,099,116 net, $458,731,
rison Garrett, trustees, and secured also by pledge of £ 1,000,000 1st Jan.
mort. bonds of the Balt. & Phila. RR. (Md. State line to Phila.) The against $445,034.
bonds of 1877, due 1927, are secured by the mortgage bonds of the B.
B e e c h Creek:.—Jersey Shore, Pa., to Gazzam, 104 miles: branches
O. & Chic, roads deposited as collateral. The B. & O. bonds of 1885 are to Phillipsburg, to mines, &c., 21 miles; total, 125 miles. This is suc­
secured by $10,000,000 2d consol, bonds of Pittsburg & Counellsville cessor to the company in which, under the name of Beech Creek Clear­
RR., deposited with Union Trust Co. of N. Y. as trustee. The bonds of field & S. W., the Messrs. Vanderbilt and others were interested. This
the Schuylkill Val. & East Side RR. ($4,500,000) are guaranteed by company was formed on reorganization in 1886 with the above mort­
B. & O., as that road forms part of the route Phila. to N. Y.
gage bonds and $1,300,000 of preferred stick and $3,700,000 common.
In Jan., 1887, paid a dividend of 5 per cent (V. 42, p. 631, 727 ; V. 43,
Operations , F inances , &c .—The fiscal year ends with Sept. 30, and p. 308, 578.)
for 1885-86 an abstract of the report was given in the Chronicle , Vol.
B elleville & E l D orad o.—An extension of Belleville & So. Illinois,
43, p. 605. The full report in pamphlet form, with income account and from
Du Quoin to El Dorado, 52 miles, and leased to St. L. Alton & Terre
balance sheet, is not issued till some months after the close of fiscal year. Haute.
Rental 30 per cent of gross earnings up to $2,500 per mile, and
President Garrett remarked of the year’s work: ‘ ‘ It is shown that the 15 per cent
on all above that amount. Rental received for 1883,
earnings of the main stem and the branches stated in comparison with $15,678; for 1884,
$15,171; for 1885, $15,463. Stock, $1,000,000.
the fiscal year 1885 have increased $113,361 and the working ex­
B
elleville
& Southern Illin o is .—Owns from Belleville, 111., to
penses have incre ased $56,895, making a comparative increa-e in the
net profits of $56,465. The expenses of working and keeping ihe roads Dnquoin, 111., 56 miles. It was leased Oct. 1,1866, to the St. Louis Alton &
and machinery in repair amounted to $5,820,247. being 5910 per cent Terre Haute Railroad Co. Lease rental 40 per cent of gross earnings
upon the earnings, showing a decrease of 11-lOOtlis of 1 per cent com­ up to $7,000 per mile (except on coal, &c.), 30 per cent above $7,000 and
pared with the previous year. A semi-annual cash dividend of five pec up to $14,000 per mile, and 20 per cent on any excess of $14,000 per mile.
cent upon the capital stock was paid on the 2d of November, 1885, a id Rental for 1883, $167,719; for 1884, $158,799 ; for 1885, $157,917. In­
of four per cent on the 17th of May, 1886. The profit and loss account terest on bonds, and sinking fund $5,000 per year, guaranteed by lessees.
shows an increase f«>r the past fiscal y eir of $232,845. It will be seen Common stock, $430,000; pref. 8 per cent stock, $1,275,000, non-cumuby this account tha the surplus fund, which represents invested capital lative. Dividends on preferred stock past four years have been—5 in
derived from net earnings, and which is not represented by either stock 1886: 5 in 1885; 5 ^ in 1884; 64i in 1883; 5k? in 1882; 4 ^ in 1881.
or bonds, now amounts to $48,047,461. The payments for investments
B e lls G ap.—Bell wood, Pa., to Irvona, Pa., 25 miles. Gross earnings
on account of the siuking funds f r the redemption of the sterling loans in 1884-5. $146,036 ; not, $78,830; interest paid, $34,479; dividends,
due in 1895,190.’ , 1910 and 1927, during the year amounted to $642,- $16,500; surplus, $27,851. Of the consol, mortgage $350,000 is re­
600, which, at $4 84 per pound sterling, make £132,768 15s. 2d.”
served to retire prior issues. Stock was increased in 1883 to $550,The general traffic in four years past is shown by the following table 000. Chas. F. Berwind, Pres., Philadelphia.
Belvidere D elaw are.—Owns from Trenton, N. J., to Manunka
of tonnage carried:
N. J., 67 miles; Millham Cut-off, 1 mile, Flemington RR., 12
1884-85.
1885-86. Chunk,
1882-83. 1883-84.
miles; total operated, 80 miles. Leased to United Companies, and trans­
Coal and coke carried—
ferred
to
Pennsylvania RR. March 7,1876, by which operated as their
Onmainstem (tons)... 2.581,557 3,268,521 3,437,170 3,573,488 Belvidere Division, and netearnings paid over as rental. In Feb., 1835,
443,544
489,361 the Flemington RR. Co. was merged in this. The 1st mort. and new
409.695
439,912
Of which for Co.’s use
On Pittsburg Div.......... 2,402,130 2,457,696 2,003,932 2,427,238 4 p.c.bonds are guaranteed by the United Companies. In 1885 netearn­
909,59 4 1,329,681 ings were $467,670 and interest payments $269,718. In 1884, net,
684.696
966,458
On Trans-Ohio D ivs....
$529,409; int., $263,543. Capital stock, $1,150,000; par of shares,$50.
5,668,383 6,392,675 6,400,746 7,430,3 7 -(V . 41, p. 215 ; V. 43, p. 578.)
Total.




INVESTORS’
SUPPLEMENT.




December, 1886, j

Ka ILKOAD

stocks

and

19

bo nd s.

Subscribers w ill confer a great favor by giving Im m ediate notice of any error discovered In these Tables.
Honus -rrm o iINTEREST OR DIVIDENDS.
DESCRIPTION.
Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,Wheu
Par Outstanding
of
Stocks—Last
For explanation of column headings, Ac., see notes of
Whom.
Road. Bonds Value.
Dividend.
Cent. Payable
on first page of tables.
Bennington d Rutland—1st mortgage.......................
Berkshire—Stock...........................................................
Boston d A lbany—Stock.............................................
Boston Concord d Montreal—Old pref. stock, guar..
Consolidated mortgage bonds (for $2,000,000)---Improvement mortgage bonds................................
Bost.Hoosac Tun.d Wes(.—Debenture b ond s.............
Boston d Lowell—Stock................................................
Bonds...................... ..................................................
Bonds..........................................................................
Bonds..........................................................................
Bonds..........................................................................
Bonds..........................................................................
Boston & Maine—Stock...............................................
Bonds, coupon and registered................................
Boston d N. ¥. Air-Liner—Stock, pref. (guaranteed)
1st mortgage..............................................................
boston d Providence—Stock.......................................
Bonds to purchase branches, coupon or registered
Bradford Eldred d Cuba—1st m ort..........................
Brooklyn Elevated—1st mort.......................................
2d mortgage (for $1,250,600)................................

$1,000
100
100
1,000
1,000

$475,000
7
600,000
1%
20,000,000
2
5,000,000
1872
7
1875
2,000,000
6
1882
3,858.000
5
100
800,000
186
2ia
100
1,000,000
186
1858 100 Ac.
202,000
6
1,947,400
160 1873 200 Ac.
6A 7
1,000
500.000
6
166 1881
1,000
2,0)0,000
1883
5
100
5,129,400 717
3
....
1872
999,500
7
....
1875
500,000
7
1876
750,000
6
....
1879
620,000
5
_
....
1883
250,000
413
__
1885
500,000
4
200,000
6
6
226,9(10 _
100
7,000,000
5
583
1873-4 500 Ac.
3,500,000
7
1885
926.000
4
100
54
2,933,500
2
1,000
500,000
50 1880
5
__
100
4,000,000
4^
68
___
1873
500,000
7
1.000
498,000
41 1882
6
1,000
54 1881
500,000
6
1,000
3,500,000
6 9 1384
6
1.000
1,25.>,000
6-9 1885
3-5
59
22
374

1877
.--.

B en n in gton & R u tla n d .—Owns from Rutland to Bennington,
Vt., 57miles; branch, No. Bennington to New York State Line, 2 miles ;
total, 59 miles. Chartered as West. Vermont in 1845, and consolidated
in Harlem Extension in 1870. Since Sept. 10,1877, the Vermont division
(as above) operated by the reorganized Bennington A Rutland. Stock
$1,000,000 authorized (par $50), and $502,000 issued. In 1884-5 gross
earnings $193,821; def. $12,053.
B erk sh ire.—Owns from Connecticut State Line to West Stock
bridge, Mass., 22 miles. Leased in perpetuity to Housatonic Railroad
Company at 7 per ct. on capital stock, $600,000. Lessors pay taxes, &c.
and for this reason the quarterly dividend due in Oct. is usually omitted'
B osto n «fc A lb a n y.—Owns from Boston, Mass., to Albany, N. Y ,
201 miles; numerous branches. 99 miles; leased lines, 84 miles ; total
operated 384 miles. The Boston & Albany was formed (Dec., 1867)
by the consolidation of the Boston A Worcester and the Western rail­
roads. The live per cent bonds of 1882 were issued to the State of
Massachusetts in exchange for 24,115 shares of B. & A. stock held by
the State, and in September, 1883, out of this stock a stock dividend of
10 per cent was made to stockholders. In 1886 another 3’ 3 per cent of
stock was given to stockholders. Last annual report in V. 43, p. 578.
Operations for four years were as follows
Passenger Freight (ton)
Gross
Net
Div.
Years. Miles.
Mileage.
Mileage.
Receipts. Receipts.* p. ct.
18823.. 369157,255,971373,535,456 $3,539,875 $2,380,971 8
18834.. 384167.402,441374,347,455 8,148,713 2,362,836 8
18845 .. 384167.097,784398,^62,058 7,637,982 2,344,305 8
18856 .. 384177,787,439390,464,378 8,298,733 2,488,345 8
* Net receipts include income from rents, &c.
~(V . 42, p. 217, 603; V. 43, p. 22,163, 514, 578.)
B oston Concord & M o n tr e a l.—Owns from Concord, N. H., tc
Woodsville, N. H., 93 miles; branches—Woodsville, N. H., to Groveton
Junction, 53 miles; Wing Road to Mt. Washington, 20 miles; leased
Plymouth to No. Woodstock, 21 miles; total operated, 186 miles.
In June, 1884, leased to Boston & Lowell. See V. 38, p. 705.
Of the sink, fund bonds due in 1889, there are outstanding in the hands
of other parties, $202,000, on which interest is paid; the trustees holding
$306,000 and the corporation holding $116,000 on which no int. is paid.
Fiscal year ends March 31. The income account in 1884-85 showed net
receipts from rentals, &c., $272,748; charges, $307,564; balance, delicit,
$34,816.
B osto n H oosac T u n n el & W e ste rn .—Owns from Massachu­
setts State Line to Rotterdam (junction of N. Y. WestSh. & Buff.RR.), N.
Y., 61 miles, and leases branches to Saratoga and to Schuylerviile, N. Y.,
26 miles; total, 87 miles. The road connects with the line running
through the Hoosac Tunnel.
The work of construction was done under contract by the Continental
Construction & Improvement Co. (120 Broadway. New York), and a cir­
cular dated Aug. 4, 1883, issued by that company, gave particulars con­
cerning the aflairs of the company as quoted in the Investors ’ S upple ­
ment up to December, 1885, inclusive. The debenture bonds are re­
deemable at will prior to maturity and may be converted into mortgage
bonds if any are hereafter issued. Stock outstanding Sept. 30, 1885,
$6,000,000. Augustus Kountze, N. Y., President.
For year ending Sept. 30. 1886, gross earnings were $632,304; net,
$182,250; interest, $100,000 ; taxes, $18,933.
Gross earnings for quarter ending Sept. 30, in 1886, $197,479, against
$146,187 in 1885; net $86,510, against $30,043 in 1885: surplus nv,r
charges $50,293, against def. of $1,117 in 1883.—{V. 42, p. 92,430, 604;
V. 43, p. 102, 216, 635.)
B o s t o n & L o w e l l . —Owns from Boston to Lowell, 27 m.; branchesSalem A Lowell, 17 miles; Lowell A Lawrence, 12 miles; others, 22
miles; Middlesex Central, 20 miles; leased—Nashua & Lowell, 15 miles ;
Stony Brook RR., 13 miles; Wilton RR., 15 miles; Peter borough Rail­
road, 10 miles; Manchester & Keene RR., 29 miles; Central Mass., 44
miles; total leased, 126 miles; total owned and leased, 224 miles. Also
operates B. Con. A Mon.. 187 miles; No. of N. Hamp.. 83 miles, and Con­
cord A Claremont, N. H., 90) miles; total in 1885-86, 717 n iles.
In April. 1885, assumed the management of the St. John A Lake
Champlain road, 132 miles; also has built the Bedford & Bellirica RR., 8
miles. The Lowell & Lawrence and Salem & Lowell railroads were pur­
chased and consolidated in 1879, and the Middlesex Central in 1883,
the Boston A Lowell assuming theii bonds. In September, 1886, a lease
of the Central Mass. RR. was made.
In June, 1884, a lease of the North, of New Hamp. and the Bost. Con.
& Montreal railroads was voted on the terms stated in V. 38, p. 705, and
eontrol of those roads was then assumed; but suits were commenced by
some of the stockholders to have the leases annulled. In Jan., 1885,
purchase of an interest in Manch. & Keene RR. was voted and $500,0 JO
bonds authorized for the purpose. The company had notes outstanding
Sept. 30.1885. amounting to $375,390. Earnings, etc , have been, as foi
lows:
Gross
Net
,------------- -PaymentsYears. Miles. Receipts.
Receipts. Rentals.
Int. A mlsc.Div. ,p.e.
188283.140
$2,128,761
$735,302 $358,509
$128,613
5hs
188384. ..
2,864,127941,463 323,406
403,490
5Lj
188485 689
4,037,430 1,250,801 702,543
263,281
6
188586.717
4,628,3851.273,740 718,568
253,084
6
—(V. 42, p. 60, 782; V. 43, p. 190, 174, 579.)




M. A N. N. Y., Union Trust Co.
Q .-J . Stockbridge, Treasurer.
Boston, Office.
Q .-J .
F. A A.
do
J. A J.
do
do
Boston, Office.
M. A N.

Nov. 1,
Jan. 1,
Dec. 31,
Feb. 1,
July 1.
April 1,
Nov. 10,

1897
1887
1886
1892
1895
1902
1886

Boston, Office.
J.
do
do
O.
do
do
J.
S. Cp. Sep.,’85, pd. J ’y,’86.
J.
Boston, at Office.
O.
do
do
do
do
S.
do
do
J.
do
do
J.
N.
do
do
do
do
S.
do
do
O.
do
do
O.
N.
Boston, at Office.
do
do
J.
A.
O. N.Y.,N.Y.N.H AH.Co.
do
do
A.
N.
Boston, at Office.
do
do
J.

1889
1893
1911
Sept. 1, 1913
Jan. 1, 1887
April 1, 1892
March 1,1895
July 1, 1896
July 1, 1899
May 1, 1903
Sept. 1, 1905
Oct. 1, 1897
Oct. 1, 1898
Nov. 15,1886
Jan.,1893 A 94
1905
O ct, 1, 1886
1905
Nov. 1, 1886
July 1, 1893
June 1, 1932
J. A J. Last pnld July, 18c4. Jan. 1, 1932
A. A O. N. Y., Cent. Trust Co. Oct. 1, 1923
July 1, 1915
J. A J.
do

J. A
A. A
J. A
M. A
J. A
A. A
M. A
J. A
J. A
M. A
M. A
A. A
A. A
M. A
J. A
F. A
A. A
F. A
M. A
J. A

B o s t o n & M a in e .—Owns from Boston. Mass., to Portland
Me., 115 miles; branches, 11 miles; leased—Boston to New Hamp. State
line 41 miles; N. Hamp. State line to Maiue State line 16 miles; Maine
State line to Portland 51 miles; Conway Junction to North Oonwav73
miles; numerous short branches, 187 miles; to;al operated, including
Eastern, 489 miles, less 3 miles leased. In March, 1883, voted to lease
the Eastern RR. of Massachusetts, but after litigation the lease was held
to be invalid and a ne w one was made in December, 1884, ou the basis
stated under title of the “ Eastern” in this Supeuemb *t . In Deo , 1885,
leases of the Worcester Nashua & Rochester and the Por i md & Roches­
ter railroads for 50 years from Jan. 1, 1886, were confirmed by vote of
stockholders. The year ends Sept. 30. The last annual report was in
V. 43, p. 717, and the income accouut for two years was a^follows:
INCOME ACCOUNT.

Receipts—
Gross earnings.............................
Net earaings.................................
Rentals, interest, &c....................

1881-S'.
$6,232,016
$1,071,090
279,463

1865-36.
$7,253,881
$ 2,500, 472
239,809

Total income..........................
$2,350,553
Disbursements—
Rentals paid................................
$',225,526
Interest ou debt............................
266,42 l
D ividends.......... .......................(8 p. c.) 560,0 0
Eastern (under lease)*.................
158,603

$2,790,231

Total disbursements.............
Balance surplus............................

$2,210,553
$110,0 0

$1,365,117
255,140
(9 ^ 3 . c.) 665,000
469,724
$2,755,281
$3‘ ,000

* luoludes interest and sinking fund for improvement bonds.
- ( V . 42, p. 518, V. 43, p. 607, 717.)
B o s t o n & N e w Y o r k A ir L in e .—Owns from New Haven, Oonn.
to Willimantic, Conn., 50 miles; leased, Turuerville to Colchester, 4
miles; total operated, 54 miles. Formerly the New Haven Middletown
A Willimantic. A lease was made in Oct., 1882, to the N. Y.N.H.& Hartf.
RR. for 99 years at 4 per cent dividends per year on the pref. stock and
interest on the bonds; the common stock is $834,900.
B o s t o n & P r o v id e n c e .—Owns from Boston, Mass., to Providence
R. I., 44 miles; branches,20 miles; leased, Attleborough to North A ttle­
borough. 4 miles; total operated, 68 m0e3. Co. has valuable depot
properties in Boston. Notes outstanding Sept., 1886, were $260,000.
Gross earnings in 1885-86. $1,784,805; net, $399,"SO: in 1884-85,
$1,677,066; net, $381,326.—(Y. 41, p. 5 5 5 , V. 43. p. 605.)
B r a d f o r d B o r d e ll & K in z n a -(3 -fo o t gauge)—Mileage from
Bradford, Pa., to Simpson, Pa., 15 miles; Kinzua Junction to Rew City,
2 miles: Rew City to Eldred, 12 miles; Simpson to Smethport, 10 miles ;
total, 39 miles. Stock is $500,000, par of shares, $100. In Nov., 1885,
bondholders were asked to subscribe 5 per cent on their bonds to resume
payments. Gross earnings in 1885, $71,897 ; net, $19,775. John J.
Carter, Titusville, Pa., Pres’t.—(V. 40, p. 569; Y. 41, p. 653.)
B r a d f o r d E ld r e d & C u b a .—Owns from Eldred, Pa., to Bolivar
and Wellsville, N. Y., and branch to Rlchburg, and Cuba to Little
Genesee, 54 miles. Stock, $480,000. There are also 2d mortgage bonds
for $60,000, 6s, which were due June 1, 1885. Foreclosure suit begun
in February, 1885. Thos. C. Platt appointed receiver in Oct., 1885, and
$28,526 certificates authorized. Gross earniugs in 1884-85, $42,856;
def $1,393; def. under Interest, taxes, etc., $36,010: gross in 1863-84,
$96,394; deficit, $7,602. Total deficit to Sept. 30, 1885, $85,479. R.
G. Taylor, President. (V. 41, p. 472; Y. 42, p. 23, 60.)
B r o o k ly n E le v a t e d .—Line of road from Fulton Ferry and Brook­
lyn Bridge via Broadway, Ac., to East New York, about 7 miles. This
is the Brooklyn Elevated Railroad orgauizel Oct., 1881, as successor to
the Brooklyn Elevated Railway sold in foreclosure May 12,1884. The
capital stock is $5,000,000; the second mortgage bears 3 per cent interest
till 1886 and 5 per cent thereafter. The annual report to state co nmisa'o ier for year en liug Sept. 30,1836. gave gross earnings $518,480; net,
$139,108; total paymeats, $203,772; net delicit, $6 4,312. Henry W.
Putnam,President.—(V. 41, p. 101, 741; Y. 43, p. 59; Y. 43, p. 603.)
B r o o k l y n & M o n ta n k .-B r o o k ly n to Eastport, L. I., 71 miles ;
branches to Fresh Pond J unction, 2 miles; to Rockaway, 9 miles ;
total, 82 miles. This was first the South Side Railroad of Long
Island, which was foreclosed Sept. 16, 1874, and reorganized as the
Southern of Long Island. On June 3, 1879, the property was again sold
in foreclosure of the second mortgage, and this company organized.
The preferred stock has a preference of 7 per cent, not cumulative. It
Is leased to the Long Island Railroad for 50 years at 25 per cent of the
net earnings of the whole Long Island RR. system, including its leased
lines. No rental has been reported as paid, and no public reports are
issued. Of the mortgage for $1,000,000, $750,000 is reserved to take up
the first mortg. bonds in 1887; it is guaranteed by L. I. RR. as to in­
terest on $750,000, and both principal and interest on the $250,000.
Daniel Lord. President; F. B, Lord, Secretary, New York City.

20

INVESTORS’

SUPPLEMENT.

[V ol XL1II.

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
pal,When Due.
Amount
For explanation of column headings, &c., see notes of
of
Par
When
Where
Payable,
and
by
Rate
per
Stocks—Last
Road. Bonds Value. Outstanding Cent. Payable
Dividend.
on first page of tables.
Whom.
Brooklyn dkMontauk—Stock ($1,100,000 is pref.) ..
South Side, 1st m ortgage.........................................
B'klyn dkM.-( Oont’dJ-New M. ($1,000,000), gu. L. I. ,g
Brunswick dk Western—1st M., g., (for $2,500,000)..
Buff.Brad.dk Pitts.—Gen. M.,(incl. 10,000 ac. I’d)---Buffalo New York dk Erie—Stock..............................
First mortgage..... .....................................................
Buffalo N. Y. dk Philadelphia—Stock, common.......
Stock, preferred.........................................................
1st mortgage, gold...................................................
2d mortgage, gold......................................................
Consol, 1st mortgage, gold.......................................
Trust mort., gold (secured by collaterals)............
General mortgage (for $24,500,000).....................
Buff. Pitts. & W., M. bds (for $7,500,000 coup.)___
do
1st mort. (W. & F. R R .)...............
do
1st M.(OilCr.RR.) renew’d, ’82..
do
1st mort. (Un. & Titusv. RR.)---do
Consol, mort. (Pitts. T. & B .)___
Income bonds for funded coupons..........................
Car trusts, principal and interest............ .............
Buffalo Rochester dk Pittsburg.—R. & P. 1st mort...
R. & P. Consol, mortgage......................................
R. & P. Income mortgage.........................................
R. & P. Equipment bonds (car trust) in 3 series...
Buffalo dk Southwestern.—Stock (one-half of it pref.)
1st mortgage bonds, g o ld ........................................
Burlington G. Rapids dkNorthern—Stock..................
1st m ortgage............................................................
Iowa City & Western, 1st mortgage, gold, guar..
Ced. Rap. I F.& N.W., 1st M., g., guar.,red.aft.’90
do
1st M.,gold, guar........................
Consol. 1st mort. & collat. trust, gold, coup. & reg.

82
54
85
171
26
142
140
634
634
121
121
205
All.
261
57
38
25
120
108
258
67
67
713
369
73
55
177
All

1867
1881
1883
1876
1871
1878
1881
1882
1884
1881
1865
1862
1870
1876
1881
1882
1881
Var's
1877
1876
1879
1880
1881
1884

$100 $2,000,000
500 &c.
750^000
1,000
250,000
SOO&c.
2,000,000
1,000
580,000
lOO
950,000
1,000
2,380,000
50 13,750,000
50
6;570!650
500 &c.
3,000,000
500 &c.
1,000.000
1,000
6,999,000
1,000
2,748,000
1,000
3,200,000
1,000
4,061,000
1,500,000
1,000
573,000
1,000
500 &c.
500,000
100 &c.
866,000
622,625
1,641,512
1,000
1,300,000
1,000
2,121,000
1,000
478,000
834,000
1,000
943,666
1,000
1,500,000
100
5,500,000
100 &c.
6,500,000
1,000
584,000
1,000
825,000
1.000
1,905,000
l.OOO&c
5,000,000

7
6 g.
5 g7
3hs
7

M. & 8.
M. & S.
J. & J.
J. <fc J.
J. & D.
J. & D.

N.Y., Corbin Bank'g Co.
N. Y., Corbin Bamt’g Co.
None ever paid.
N. Y. L Erie & W. RR.
N. Y. L. Erie & W. RR.
do
do

Mar.
Mar.
Jan.
Jan.
Dec.
Dec.

1^
6 g7 g.
6 g.
6 g.
6 g.
6 g.
7
6
7
7

Q .-M .
J. & J.
Q .-M .
J. & J.
M. & N.
M. & S.
A. & O.
F. & A.
A. & O.
J. & J.
F. & A.

Phila.orN.Y.,Co.’sOfflce
Last paid, July, ’85.
Last paid, Sept., ’85.
*2 paid in cash Jan., ’85
t2 paid in cash Nov., ’84
*2 paid in cash Mar., ’ 85
tQ paid in cash Apr., ’85
Aug.coup.pd.by Ph.& E.
Last paid, Oct., ’ 85.
3 paid in cash Jan., ’85
3 paid in cash Feb., ’85

Dec. 26, i883
July 1, 1896
Dec. 1, 1908
July 1, 1921
May, 1, 1923
Mch. 1, 1924
April 1, 1921
Feb. 1, 1896
Apr. 1, 1912
July 2, 1890
Feb. 1, 1896

6
6
6
6
6 &7
2
6 g5
7
6
5
5

g.
g.
gg.

F. & A. N. Y., Union Trust Co.
J. & D.
do
do
do
do
Gallatin Bank.
Various
J. <& J.
J.
M.
A.
A.
A.

N. Y., 1st Nat. Bank.

1,
1,
1,
1,
1,
1,

1887
1911
1913
1896
1886
1916

Feb. 1, 1921
Dec. 1, 1922
1921
Various.
(?)
July 1, 1908

& D. N. Y., Central Trust Co. June 1. 1906
Sept. 1, 1909
& S.
do
do
Oct. 1, 1920
& O.
do
do
Oct. 1. 1921
do
do
& O.
April l, 1934
do
do
& O.

Buffalo Sc S o u th w estern ,- O tos from Buffalo to Jamestown,
B r u n s w ic k Sc W e ste rn .—From Brunswick to Albany, 171 miles,
and 83 miles projected to Columbus, Ga. This was formerly the Bruns­ N. Y., 67 miles. Formerly the Buffalo & Jamestown; reorganized
wick & Albany, and the present company has $3,500,000 pref. stock, in 1877, after foreclosure. In July, 1880, leased to New York Lake
and $1,500,000 common. Mr. Fred. Wolffe in New York and a syndi­ Erie & Western for 99 vears—at 35 per cent of gross earnings, but
cate in Frankfort were most heavily interested. Gross earnings in 1884, interest on bonds guaranteed. Rendalin 1884-85, $101,824. In January,
$308,098 ; net, $19,764. In 1885, gross, $283,129; net, $20,719. E. 1885, the lessee made default in payment under the lease, and suit was
brought, but settlement was after ward reported and 2 per cent dividend
W. Kinsley, President, N. Y. City. (V. 41, p. 419.)
B u ffalo B rad ford Sc P ittsb u rg.—Owns from Carrollton, N. Y. declared. (V. 40, p. 60.)
to Gilesville, Pa., 26 miles. Completed in 1866, and leased to New
B u rlin g ton Cedar R apids Sc N orth ern .—On Jan. 1, ’86, oper
York Lake Erie & Western for 499 years. Rental, 7 per cent on out­ ated from Burlington, Iowa to Albert Lea, Minn, (including 11 miles
standing bonds, $40,600 a year. Capital stock, $2,286,400.
leased), 253 miles; branches—Linn, la., to Postville, la., 91 miles; Mus­
B u ffalo N ew V o rk & E rie.—Owns from Buffalo, N. Y., to Cor­ catine, la , to Riverside, la., 31 miles; Vinton, la., to Holland, la., 48
ning, N. Y., 142 miles. Leased in 1863 to the New York & Erie for miles; Iowa City to What Cheer and to Montezuma, 73 miles; Clinton
400 years, and now operated by the N. Y. Lake Erie & West. Co. Rental, Division, 81 miles; Decorah Division, 23 miles; Iowa Falls Division,
$238,100—viz., 7 per cent on stock and bonds and $5,000 for organiza­ 387 miles; total operated, 990 miles. The former company was organ­
tion expenses. Dividends and interest paid directly by the lessees.
ized as the Burlington Cedar Rapids & Minn., June30, 1863. defaulted
B u ffalo N e w Y o r k Sc P h ila d e lp h ia.—A consolidation in Nov. 1,1873. Property sold under forecloure June 22,1876, and this
February, 1883, of the Buffalo N. Y. & Philadelphia, the Buffalo Pitts­ company was formed by the purchasers. In May, 1885, a dec ision was
burg & West., Oil City & Chicago and Olean & Salamanaca, Mileage as obtained by the holders of old equipment and 2d mortgage bo nds of
follow s: Buffalo Division—Buffalo, N. Y., to Emporium, Pa., 121 miles, 1874, in the case of Simmons against this company, holding those bonds
Larabees, Pa., to Clermont, Pa., 22; Pittsburg Division—Buffalo, N. Y., to be good against the road, and giving defendants the right to redeem
to Oil City, Pa., 138; Titusville, Pa., to Pioneer. Pa., 9; Mayville, N. Y., the property on payment of amount found to be due, which is said to be
to Chautauqua, N. Y., 3*2; Oil City to New Castle, Pa., 182; Tryonville about $1,090,000. The case was appealed.
to Union City, 16 miles. Rochester Division—Rochester, N. Y., to Hins­
Bonds of the Cedar Rapids Iowa Falls <fc Northwestern road are en­
dale, N. Y., 99; Olean, N. Y., to Bradford, Pa., 26; Bradford, Pa., to dorsed (endorsement is on the bonds); the 6 per cent bonds are redeem­
Kinzua, Pa., 26; Eldred to Tarport, 18 miles; Genessee Valley Ter. RR., able at 105 after Oct. 1, 1890. Of the 5 per cents $825,000 are reserved
2 miles; total operated, 663 miles, of which 40 miles are leased. The to retire the 6 per cents. The company guarantees the above bonds
Swain’s Br., 11 miles, owned by B. N. Y. & P., is leased to L. & P. RR.
mentioned, and also guarantees$150,000 of Minneap. & St. Louis bonds.
The trust bonds of 1923 are secured by $500,000 first mort. bonds of the In April, 1884, for the purpose of issuing additional bonds for exten­
Genessee Valley Terminal Co., $700,000 of the first mort. bonds of the sions, the limit of authorized capital stock was raised to $30,000,000.
Olean & Salamanca RR., $1,600,000 first mort. bonds of the Oil City & The consolidated bonds are dated A prill, 1884, andissued at $15,000 per
Chicago RR. and $300,000 mort. bonds of the No. West. Coal & Iron Co. mile to build new road, and secured by first mortgage bonds on the
In 1884 the earnings proved insufficient to meet interest, and after roads built, deposited with the trustee of this mortgage. The roads
trying a plan which was not successful, a receiver was subsequently thus built to Dec. 31, 18;5, were the Cedar Rapids & Clinton, 82 miles,
appointed and foreclosure suits were begun.
$1,200,000 bonds; Chicago Decorah & Minnesota, 23 miles, $348,000
In Feb., 1886, another plan was issued (see Chronicle , V. 42, p. 242) bonds; and the Cedar Rapids Iowa Falls & Northwestern, Minnesota and
by which foreclosure would be made and $10,000,000 new first mortg. Dakota Division, 386 miles, $3,063,000 bond*.
bonds issued, of which $6,073,000 would be reserved for the several
The annual report for 1885 as published in the Chronicle , V.
issues of old first mortgages, and the B. N. Y. & P. 2d mortg., the bal­ 42, p. 662, said: ••No extensions have been made to your lines during
ance for re-organization expenses and for future use. A 2d mortg. for the year. The earnings, after paying operating expenses and interest
$20,000/ 00, interest payable in cash, or in cash and scrip, to be issued on bonds, have been expended in the general improvement of the prop­
for all other bonds on certain terms; and $30,000,000 to be the author­ erty and equipment, wtiich is in first class condition to do the business
ized issue of new common stock. The old stock to pay an assessment offered, and to compete successfully with other lines in the same territory.
of 8 per cent on the preferred and 12 per cent on the common, each
For ten months from Jan. 1 to Oct. 31, gross earnings were $2,335,860
receiving the new 2d mortg. bonds for the assessment paid, and share in 1886, against $2,513,599 in 1885; net, $605,923 in 1886, against
for share in the new stock. This plan was backed by a strong com- $765,763 in 1885.
For 1885 the annual report in V. 42, p. 662, gave net income, &c.,
mitte and received the assent of a large majority of bondholders. Fore­
closure proceedings were begun in July, 1886. See V. 43, p. 48.
for four years as follows :
FISCAL RESULTS.
The annual report for the year ending Sept. 30, ’85, was in the Chron­
icle , V. 42, p. 91, and contained the following income account.
1884.
1882.
1883.
1885.
990
713
Receipts—
1883-84.
1884-r5. Miles operated........
713
990
$
Net earnings....................................................... $526,933
$!54,«47
Earnings—
$
$
$
666,922
42,300
57,924 Passenger................
639,506
654,746
Rentals and interest..........................................
691.174
2,284,542
2,092,679
2,024,175
2,117,949
Total income................................................. $569,233
$512,771 Freight......................
105,362
Mail, express, & c....
68,497
90,859
117,797
Disbursem ents—
Interest on bonds................................................ $1,275,935
$894,6.0
2,800,682
2,796,459
3,093,513
2,863,554
Tot.
gross
earnings
172.833
Other interest, &c..............................................
130,751
1,^17,769
2,186,543
Oper exp. and taxes
1,883,681
1,968,177
Total disbursements.........................
$1,406,686
$1,067,443
def.554,672 Net earnings.............
Balance .............................................................. d f.837,453
917,001
895,377
878,690
903,970
For the year 1885-80, gross earnings were $2,598,564, againnt
68-7
68-5
67-25
70-77
$2,367,937 in 1884-5; net, $549,727, against .$603,490. (V. 42, p. 91, P.c. op. ex. to earn’s.
93, 155, 187, 214, 242, 303, 393, 462, 548, 663, 782; V. 43, p. 48, 73,
INCOME ACCOUNT.
102, 131, 190, 244, 367, 546, 608, 634, 635.)
1882.
1883.
1885.
1834.
Receipts—
$
$
$
$
B u ffalo Rochester & P it t s b u r g .—Owns from Rochester, N. Y.,
878,69 9
917,001
903,970
895,378
southward to Pa. State Line, 120 miles; Buffalo Branch from Ashford Net earnings............
48,596
83,798
78,057
31,103
June, to Buffalo, 46 miles; other branches, 9 miles; total, 175 miles. Other receipts.........
The Pitts. <fc State Line (the Penn. Co.) operates all the road in Pennsyl­
943,974
909,798
987,768
Total income.........
995,058
vania formerly operated by the R. & P.
Disbursements—
This company was formed in Oct., 1885, as successor of the Rochester
521,232
573,663
742,275
484,624
& Pittsburg, sold in foreclosure Oct. 16 and purchased by Mr. A. Iselin. Interest on debt.......
89,942
70,794
71,965
63,778
That portion of the road lying in Pennsylvania is known as the Puts. Const’n& improvem’t
294,904
10,7'4
368,502
41,925
& State Line RR. Co. (stock, $1,200,000), and $1,560,000 of the R. & P. Equipment................
44,802
22,396
28,617
Other
expenditures..
213,118
consol, bonds are assumed by the P. & 8. L. Co. The consolidation of
the companies in New York and Pennsylvania was to have been made,
959,880
681.832
1,068,122
947,487
Tot. disbursem’ts
but; an injunction was issued by which it was delayed. A plain state­
def 6,906 sur. 227,9 j6 def.80,35 4
ment of the status of the company was given in the Chronicle of Oct. Balance..................... sur. 47,571
2,1886, on page 398. The bonds of the Co., if issued according to the - ( V . 40, p. 150, 181, 183, 281, 5 3 8 ; V. 42, p. 60, 6 6 2 ; V. 43, p. 516,
proposed reorganiza ion plan, will stand as above.
745.)
The preferred stock of the new consolidated company is to be $6,000,Cairo Vincennes Sc C hicago.—Cairo to Tilto i , 111., 271 miles;
000 (entitled to 6 per cent), and common stock, $6,000,000.
branch, St. Francisville to Vincennes, 8.; total, 279 miles. This was a
For the quarter ending Sept. 30. gross earnings were $475,563 in 1886, consolidation of tae Cairo & Vincennes, Danville & S. W. and Sc. Francis­
against $350,423 in 1885; net, $218,568, against $113,521; surplus over ville & Lawrence roads, form ng the Cairo Division of the Wabash St.
interest, taxes and rentals, $109,902, against def. of $8,681 in 18e5.
Louis & Pacific, The latter company issued its own bunds secured on
The earnings of the R. & P. for the years ending Sept. 30 were as follows: this road <o r $3,857,000, and after default the r a 1 was surrendered
1884-5.
1885-6.
to the mortgage trustees, Messrs. A. J. Thomas and Charles E. Tracy,
Gross earnings....................................
$1,216,679
$1,393,013 April 27, 1885. Foreclosure proceedings are p nding, but are not
Operat’g expenses (not incl’g taxes).
849,224
966,966 pre sed, owing to a claim of Wabash not yet adjudicated. Receiver’s
Net earnings..................................
$367,455
$426,047 certificates for $622,667 have been issued. For four months ending
—:v. 42, v. 243, 393, 519, 604, 695, 751; V. 43 p.218,369,398, 579, Aug 3 ', 1886, gross earnings were $241,703, and net, $73,169. (V. 43,
608, 634,'738.)
p. 479.)




D ecember , 1886. i

RAILROAD

STOCKS

AND

BOR DS,

21

Subscribers w ill confer a great favor b y givin g im m ediate notice o f any error discovered in tbese Tables.
Ronds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
When Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,
of
of
Par
For explanation of column headings, &c., see notes
Stocks—Last
Whom.
Road. Bonds Value. Outstanding Cent. Payable
on first page of tables.
Dividend.
Cairo Vincennes <£Chic. —1st M. bds.. gold (Wabash)
California Pacific—1st mort., gold (ext’d’d at 4*2)
2d mort., end. by Cent. Pac.....................................
3d, mort. gu. by Cal. Pac. ($1,000,000 are 3s) ......
California South—New m. gold, guar, by A.T. &S F

271
114
114
114
200

Camden <&Atlantic—Stock ($880,650 of it p ref.)....
1st mortgage (extended 20 years in 1873)...........

78
78

Consol, mortgage (thirty years).............................
Camden <£ Burlington Co.—1st mortgage................
3i
Canada Southern—Stock............................................. 404
1st mort., interest guar, by N. Y. C. & Hud. R iv .. 404
2d mortgage, coup, or reg........................................ 4o4
Canadian Pacific—Stock (guar. 3 p. c. div. till ’93). 1,730
Canada Central RR. 1st & 2d mort. bonds........
Quebec Province due on Q. M. O. & O. R R .......... .
___
Land mortgage bonds, gold (redeemable at 110).
All.
1st mort. debent, sterling........................................
175
Cape Fear & Yadkin Valley—1st mortgage..............
Carolina Central—1st mortgage, gold, coup, or reg. 242
242
2d mort., gold, income, reg., not cumulative.......
3d mort., gold, income, reg., not cumulative........ 158
158
43
98
98
New preferred stock................................................
98
Old preferred stock...................................................
1st mortgage.............................................................
93
Mortgage bonds........................................................
34
Cayuga & Susguehanna—StocK..................................
14
Cedar Falls & Minn.—Bo ds on 1st div., extended.
61
Bonds on 2d division, sir "ig fund........................

Last paid, Jan., ’84
$3,857,000
Oct. 1, 1931
5 g- J. & J.
2,250,000
412 g. J. & J. N. Y., Eugene Kelly & Co Jan. 1, 1912
6 g. J. & J. N.Y., 80. Pac. RR. Office Jan. 1, 1891
1,600,000
3.000,000
do
do
3 & 6 J. & J.
July, 1905
6
J. & J. Boston, Maverick N.Bk. Jan 1, 1926
2,000,000
M. & S.
3,505,000
March 1, 1926
Camden, Co.’s Office. Feb. 1, 1884
1,258,050 7 on pref
1853
490,000
7 g- J. & J. Phila., Farm. & M. B’k. Jan.. 1893
A. & O.
do
do
1854
497,000
6
Oct., 1, 1904
J. & J.
do
do
July 1, 1911
1881
350,000
6
F. & A. Phila.. Penn. RR. Co.
350,000
6
1867
1897
15,000,000
2
F. & A. N. Y., Grand Cen. Dep. Feb. 1, 1884
J. & J. N. Y., Union Trust Co. Jan. 1, 1908
13.858,441
5
1878
M. & S.
5,100,000
5
do
do
Mar. 1, 1913
1883
65,000,000
ihs F. & A. N. Y., 63 William St. Aug. 17, 1886
Montreal.
1,823,333 5 & 6 Various
1899 & 1910'
do
3,500,000
5
A. & O.
3,612,500
1881 500 &c.
5 R- A. & O. Montreal ,N.Y. orLondon Oct. 1, 1931
1885 JSlOO&e 35.000.000
5 g. J. & J. London, Baring B. & Co. July 1, 1915
J. & D N.Y., Farm. L.& Tr. Co. June, 1916
18-S6 $1,000
1,500,000
6
1,800,000
1881
1,000
6 g- J. & J. N.Y., Farmers’L.&T.Co. April 1, 1920
New York, Office.
1881
1,200,000
July 1, 1915
1,000
6 g- J. & J.
A. & O.
do
do
1881
1.000
1,500,000
6
July 1, 1910
1881
2,250,000
6
J. & J.
Juiy, 1911
1,000
1883
510,000
6
J. & J.
1,000
1,159,500
50
50
1,000,000
312 M. & N. Philadelphia Co.’s office Nov. 18, 1886
___
do
2,200,000
50
May 18, 1886
312 M. & N.
1882
6
Phila., Phila.& Read. Co. Feb. 1, 1902
230,500
do
do
1870 500 &c.
1,300,000
F. & A.
7
Feb. 1, 1900
589,110
100
412 J. & J. New York, 44 South st. July 1, 1886
1864 500 &c.
30,000
A. & O. N.Y., J. Ken. Tod & Co. 1886 to 1889
(
1866 500 &0.
J. & J.
do
do
1,377,000
7
Jan. 2, 1907
1881
1867
1871
1875
1886
1886

$1,000
1.000
1,000
500
1,000
1,000
50
1,000
1,000
1.000
500&o
100
1,000
l.OOO&c
100

California Pacific.—Owns from South. Vallejo, Cal., to 3acramen,to only to the land grant bonds). But in April, 1886, a further settlemen
Cal., 61 miles; branches—Adelante to Calistoga, 35 miles; Doer’s to was made with the Government, intended to discharge all the comt
Knight’s Landing, 19 miles; total operated, 113 miles. Consolidation pany's obligations The Canadian Pacific Railway Co.,, through Baring
(Dec. 23,1869) of California Pac. and California Pacific Extension com
Bros., of London, sold the remaining $20,000,000 of bonds, the proceeds
panies. Leased for 29 years, from July 1,1876, to Central Pac. Rental, of which were applied to paying off a part of the indebtedness of the
$600,000 per annum, and three fourths of net earnings when in excess company to the Government, while the balance of $9,000,u0o was liqui­
of that amount. Capital stock, $12,000,000. Extension bonds of dated by transferring about seven million acres of land belonging to the
$3,500,000 and incomes of $1,000,000 were in default, and the new original grant of 25,000,000.
bonds of 1875, guaranteed bv Central Pacific, were issued in place
Of the land grant bonds there are outstanding only the above amount,
thereof. In 1885, gross earnings, $932,399; net, $522,627. R. P. Ham­ against whicn are deferred payments on lands sold, amounting to $1,mond, President, San Francisco. (V. 43, p. 514.)
579,708. The Government al.-o holds $5,000,000 of land bonds, which
C alifornia Sou th ern .—(See map Atch. Top. & S. F.) — From are to be canceled ultimately, as the Government takes about 6,800,000
National City to Colton and San Bernardino, Cal., 132 miles, was opened acres of land, and then the lands in possession of the company will be
in 1882, but defaulted on first mortgage interest due July 1,1884. In about 14,700,000 acres. The bonds are receivable for lands and may
October, 1884, an arrangement was made with Atchison Topeka & Santa be drawn and paid off at 110. The directors elected in May, 1886, were
Fe RR. Co., by which old first mortgage oonds were exchanged for as follows: Sir George Stephen, Bart.; William C. Van Horne, Donald A.
income bonds, and a new mortgage of $10,000 per mile put on the whole Smith, Richard B. Angus, Edmund B. Osier, Saudford Fleming, H. S.
road, including a new section built to Waterman, on the Mojave Div­ Northeote, H. 8. Martinsen, W. L. Scott, George R. Harris, Levi P. Morton
ision of the At. &P. In 1885 gross earnings were $164,893; expenses, and Richard J. Cross.
$168,719 ; deficit, $3,825. First nine months of 1886 gross earns., $496,Gross earnings for ten months from January 1, 1886, $8,114,416,
510; deficit, $16,591. (V. 42, p. 242, 338; V. 43, p. 487.)
against $^,823,217 in 1885 ; net, $2,975,004, against $2,682,180.
Cam den <fc A tla n tic.—Owns from Camden, N. J., to Atlantic
The annual report for 1885 was published atlength in the Ch ronicle ,
City, 60 miles; Atlantic City to Longport, 7 miles; Phil. Marl, a V . 42, p. 633. The following is a comparative statement of earnings
Med. RR.; Haddonfield to Medford, 12 miles; total operated, 79 miles. and expenses for the last two years:
Pref. stock, entitled to 7 per cent if earned, and to as high as paid to com.
Warnings—
1884.
1885.
if more than 7. For ten months from Jan. 1 gross earnings were $337.- Passengers...................................................$1,980,902
$2,859,222
883 in 1886, against $o02,615 in 1885; net $141,303, against $142,117. Freight........................................................ 3,410,365
4,881,865
On main line and branches in 1885, gross earnings were $561,347 ; net, Mails, express and miscellaneous............
359,251
627,403
$134,143; in L884, gross, $556,695; net, $85,639. See annual report,
Total .............................................
$5,750,521
$8,368,493
with income account, &c., in V. 42, p. 630.
Expenses..................................................... 4,558,630
5,143,276
Cam den & B u rlin g ton C ounty.—Owns from Camden, N. J.,
Net earnings............................ .......... $1,191,890
$3,225,216
to Pemberton, N. J., 23 miles; branch, Burlington, N. J., to Mount
Holly, 7 miles; total, 30 miles. Leased to Camden & Amboy Railroad -(V . 4v, p. 60, 462, 487, 574, 603, 63 3 , 727; V. 43, p. 22, 48, 162, 274,
Co., and now operated by the Pennsylvania Railroad Company, lessees 547, 671.)
of United Railroad & Canal Company’s lines. Lease rental, $44,415,
C a pe F e a r & Y a d k in V a lle y .—In operation from Greensboro, N.
being 6 per cent on stock and bonds, and $500 for organization ex­ C., to Be,nnettsviile, S. C., 1 5 rndes. Road is further projected some
penses. Capital stock $381,925 and funded debt $350,000. Dividends 230 miles additional, and is in course of construction by me NortU State
in January and July. Gross earnings in 1885, $199,979; net, $71,340.
Improvement Co., a corporation organized for the p trpose. For ten
Canada Southern.—Line of R oad —Main line from International months to Oct. 31, gross earnings were $184,476 in 1&86, against $171,Bridge to Windsor, Ont., 226 m.; branch, Amherstburg to Essex Centre, 334 in l c85; net $42,393, against $30,207.
C a r o lin a C e n tr a l.—Owns from vVilmington, N. C., to Shelby, N. C.,
16 miles ; Fort Erie Br., 17 miles; Oil Springs Br., 3 miles; St. Thomas,
Ont., to Courtright, Out., 63 miles; Erie & Niagara, 31; Sarnia Chatham & 242 miles. Formerly Wilmington Char & Rutherford, chartered in
Erie, 7; Canada Southern Bridge & Ferry, 4; Toledo Canada Southern & 1855. Succeeded by existing company after foreclosure May 3, 1873.
Detroit, 56, and Michigan Midland & Canada, 15; total of all lines Defaulted, and receiver placed in possession April 5, 1876. Sold in fore­
In 1885-86, gross earnings,
operated, 436 miles, of which 105 miles are nominally owned by proprie­ closure May 31, 1880, for $1,200,000.
$477,484; net, $151,752; in 1884-5, gross, $528,122; net, $71,721.;
tary companies under separate organizations.
T he Co m pany , A lliances , &c.—The corporation was chartered in Wilmington Bridge bonds, $275,000, at 7 per cent, are guaranteed by
Canada Feb. 28, 1868, and the main line opened Nov. 15,1873. Default this Co. and the Wil. Col. & Aug., and interest paid. The stock of $1,was made, and a reorganization forming the existing company was 200,000 was placed for five years from Nov. 1, 1879, in the hands of
completed in 1878. Interest on the 1st mort. is guaranteed by the New the reorganization committee, but is now all issuod to 2d mortgage
York Central Railroad Co. for 20 years; but the principal is not guar­ bondholders. (V. 40, p. 684; V. 41, p. 419.)
anteed. In Nov.. 1882, a close contract was made with the Michigan
C a rs o n & C o lo r a d o .—(3 foot gauge.)—From Mound House Nev., to
Central for 21 years from Jan. 1, 1883, providing for the operation Candelaria, Nev., 158 miles; Junction to Keeler, Cal., 141 miles;
of the Canada Southern by the Michigan Central, also for the placing of total 299 miles. Road follows the valleys along eastern side of Sierra
the total earnings of both roads in a common treasury, out of which is to Nevada Mountains and may eventually join Southern Pacific at Mojave.
be paid, first, the operating expenses of both roads; second, the fixed Stock, $6,380,040 authorized; $2,760,000 issued. Gross earnings in
charges of both; third, the division of the remainder between the two, 1883, $441,994; net, $196,308. H. M. Yerington, Pres’t, Carson. Nev.
in the rate of two-thirds to the Michigan Central and one-third to the
C a ta w is s a .—Owns from Tamanend, Pa., to Williamsport, Pa., 94
Canada Southern; fourth, for the raising of $6,000,000 by a 2d mort. miles;
branch, Summit Station to Silver Brook, 4 miles; total operated,
on the Canada Southern to double-track its line, to build a bridge over 98 miles.
Leased from Nov. 1, 1872, for 999 years to Philadelphia &
Niagara River, and for other extensions and improvements.
Reading.
Rental, 30 per cent of gross earnings and $8,000 a year for
For latest reports of earnings see Michigan Central. (V. 42, p. 22, 752- company expenses.
Funded debt is also assumed by lessees. Seven per
V. 43, p. 23.)
cent
is
guaranteed
on the preferred stocks. (V. 43, p. 387.)
Canadian Pacific.—(See Map.)—The whole road extends from
C
a
y
u
g
a
S
u
s
q
u e h a n n a .—Owns from Susquehanna River to
Montreal to Vancouver on the Pacific coast in British Columbia, Ithaca, N. Y., 34 miles.
Leased in perpetuity to Dela. Lack. & West, at
2,906 miles. There are branches and auxiliary lines owned of 802 a rental of $54,600 a year.
Dividends on capital, 9 per cent per annum.
miles (113 miles of this not completed Jan. 1, 1886), and 629 miles of
C ed a r F a lls & M in n e s o t a .—Owns from Waterloo, la., to Minn.
leased lines, making the whole system 4,338 miles, of which 127 miles
were yet unfinished on Jan. 1,1886. (See details iu Chronicle, V. 42, State Line, 76 miles. Leased to Dubuque & Sioux City for 40 years
from January 1, 1867, at $1,500 per mile as a minimum and a con­
p. 636.) The road was opened throughout the first of July, 1886.
In Nov., 1883, leases were made of the Ontario & Quebec system, in­ tingent of 35 per cent of gross earnings from $3,500 to $7,500 per mile
cluding the Credit V alley Railway and Toronto Grey and Bruce, about and of 30 per cent of any excess over $7,500 per mile. The Dub. & S. O.
(carrying this road) is leased to 111. Central till 1887, with option to the
590 miles in all, with bridge facilities at Montreal.
This company was incorporated February 18, 1881, under a charter lessee of renewing. Capital stock, $1,586,500. All operations and
earnings
are included in Hlinois Central reports. The minimum rental
from the Dominion of Canada. The company had an important con
tract in its charter, receiving from the Government $25,000,000 in cash is $113,370 per annum. J. S. Kennedy, Pres’t, N. Y.
as a subsidy, also 25,000,000 acres of land, all to be fit for settlement.
C e n tra l B r a n c h U n io n P a c if ic .—(See Map Mo. Pac.)—Owns from
The Government also conveyed to the company, free of all cost, 713 Atchison, Kan., to Waterville, Kan., 100 miles; leased Atchison Col &
miles of road. The company also acquired 449 miles of road and bran ches Pac. 254 miles ; Atch. J. Co. & W., 34 miles; total operated, 388 miles.
from Montreal west to Callendar, subject to $5,423,333 in liens on The Un. Pac. Cent. Branch was formerly the Atchison & Pike’s Peak RR.,
those roads.
and was one of the roads embraced in the act of Congress incorporating
The authorized stock was $100,000,000, andin Nov., 1883, the Domin­ the Union Pacific RR. The stock is $1,000,000, of which the Union
ion Government gave a guarantee of 3 per cent dividends per annum Pacific holds about $858,700. The company received a Government
for ten years on $65,000,000 of the stock outstanding. Tn February, subsidy of $1,600,000. Default on interest was made May 1,1873, but
1884, the Dominion Government modified its agreements and loaned no foreclosure took place. It is operated as a part of the Missouri Pacific
the company $22,500,000, taking a hen upon the railroad and lands of system under a 25 years lease, made Sept., 1885, by which the net earn­
the company, subject to the prior liens. In May, 1885. a further modi­ ings are paid to Union Pacific as rental. In 1886 paid dividends o f
fication was made by which that lien was given up, and the $35,000,000 10 per cent. In 1884 gross earnings were $1,715,145; net,
stoek was canceled and mortgage bonds for $35,000,00b created. The $594,171. For 1885 gross earnings were $1,855,840; net, $591,000;
Government held $20,000,o00 of these for its loans as part security, total fixed charges, $513,136; surplus, $98,333. In October, 1885, 5
and for the balance of $9,880,912 held a lien on the lands (subject P°r cent dividend paid. (V. 41, p. 272, 391, 419 ; V. 42, p. 350.)







23

RAILROAD STOCKS AND BONDS.

D ecember , 1886.J

Subscribers) w ill confer a great favor by givin g im m ediate notice oi any error discovered in these Tables.
Bonds—Prinoi
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Due
Amount Rate per When Where payable, and by pal,When
par
of
For explanation of column headings, &c., see notes of
Slocks—Last
Road. Bonds Value. Outstanding Cent. Payable
Whom.
on first page of tables.
Dividend.
100 1866
Central Branch Union Pacific—1st mort., g o ld __
1879
Funded interest bonds (coupons held in trust). ..
100 ’66-7-8
2d mort. (Government subsidy)..............................
Central It. B. <6 Bank, Ga.—Stock...........................
730
General mort. “ tripartite” bonds, coup................. 620 1872
1881
Certificates of debt (for dividend)..........................
Ocean SS. Co., guar., 1st m ortgage........................
Central Iowa—1st mortgage.......................................
189 1879
1880
Debt certificates, issued for overdue coupons___
1st mortgage, gold, Eastern D ivision...................
127 1882
1882
111. Division, 1st mortgage ($16,000 p. m )..........
95
1st mort. on branches ($12,000 per mile)..............
99 1882
Consolidated mort., gold (for $6,748,000)............. 499 1884
Car trust certificates.................. ...........................
44
Central Massachusetts—Stock ($3,852,088 is pref.) .
Mortgage bonds (for $3,000,000)..............".___ _
44 1886
Central o f New Jersey—Stock...................................
573
1st mortgage bonds"................................................
74 1869
1872
Bonds (convertible Nov., 1875 to 1877)................
Consolidated mortgage (for $25,000,000).............
97 1874
Newark & New York. 1st mortgage.......................
7 1867
Am. Dock & Imo.Co. new M. bds., guar. C. of N. J.
1881
Adjustment mort. (redeemable any time at par)..
1878
1883
Debenture bds., conv. into stock till 1907.............
Central Ohio—($411,550 of this is preferred).......... 137
___
1st mortgage bonds.................................................. 137
General mortgage (for $2,850.000).......................
Oentral Paciftc^-Stoch..... .......... ................................. 3,003
1st mort., gold, (2 sinking funds, $50,000 each).. 742 1865-8
Califor. State aid, gold (s. fund, $50,000) extend.
50 1864
lstm .S. Joaq’n Val. Br., gld(s.f. $50,000)............. 146 1870
U. S. Loan, (2d lien on certain terms)................... 742
West. Pac., 1st m., gold, (incl. $111,000 reserved) 158 1869

$1,000
1,000
1,000
100
1,000
100
500&C.
500 &c.
1,000
1,030
1,000
1.000

100
1,000
1,000
1,000
500 &c.
1,000
100 &e.
1,000
50
1,000
100
1,000
1,000
1,000
___
1,000

Central o f Georgia («k B a n k ).—Owns from Savannah, Ga., t
Atlanta, Ga., 295 miles; branch, Gordon to Milledgeville, 17 m iles’
leased—Augusta & Savannah, 53 miles; Eatonton Branch Railroad’
22 miles; Southwestern Railroad and branches, 343 miles; total opera
ted, 730 miles; also takes net results of 170 miles more operated by
separate companies. In 1886 leased the Mobile & Girard RR., 84 miles,
from June 1. In 1881 the lease of the Georgia RR. for 99 years
was taken in the interestof this company and the Louisville & Nashville,
which operate it on joint account. The certificates of debt were
issued, June, 1881, as a dividend to stockholders—$40 per share to Cen­
tral Georgia and $32 per share to Southwestern. The company owns a
large interest in connecting lines and the Ocean Steamship Co. of
Savannah. This company and the Georgia Railroad Company are joint
owners of the Western Railroad of Alabama, purchased at foreclosure
sale in|April, 1875. The “ tri-partite” bonds were issued jointly by this
company, the Macon & Western and the Southwestern.
The annual report for the year ending August 31,1886, was in the
Ch ronicle , V. 43, p. 633. The mcome account was as follow s:
1882-83.
1883-84.
1884-85.
1885 86.
Gross income.............$4,977,807 $4,659,082 $3,911,407 $3,916,991
Expenses.................... 2,950,115 2,851,455 2,211,615
1,922,037
Net income..........$2,027,692 $1,80"T,627 $1,699,792 $1,994,934
Int., rentals and div.. *1,982,517
1,848,491
1,776,369
1,913,842
Surplus.......................
$45,175 Def.$40,864 Def.$76,577 Sur. 81,092
* Dividend in 1882-83, 8 per cent; in 1883-84, 6; in 1884-5, 5 p. e.; in
1886, 6 p. c.
- ( V . 41, p. 6 8 7 , V. 43, p. 607, 622, 63 3 .)
Central Io w a .—Owns from Albia, la., to Northwood, la., 189
miles; Grinnell & Montezuma Branch, 13 miles; Storey City Br., 35
miles; Newberg branch, 27 miles ; Belmond branch, 22 miles; total old
road, 288 miles. Eastern Division to Mississippi River, 124 miles, and
Illinois Division to Peoria, 89 miles. Total, 499 miles. Bridge over
Mississippi River at Keithsburg opened Dec., 1885. Chartered as
Central RR. of Iowa and opened in 1871. Defaulted and placed in
hands of a receiver in 1874. Reorganized under present title June 18,
1879, after foreclosure sale under first mortgage July 18,1877.
The stock is $8,076,600 common; 1st preferred, $871,500, and 2d pre­
ferred, $1,078,300. First preferred has prior right to 7 per cent
(non-cumulative); then 2d preferred entitled to 7 per cent; any surplus,
after payment of 7 on common stock, to be divided pro rata between
the three classes.
In Oct., 1881, default was made in payment of interest. In October,
1885, a plan was brought forward, by which bonds would be funded
by Central Trust Co. into consols, dollar for dollar, and coupons to be
funded to June 1, 1886, inclusive, into said consol, bonds at 75, and the
coupons of new consols stamped “ one-half paid ” up to June, 1888, in­
clusive, the other half to be paid in cash as it falls due. Mr. A B. Stickney is the President, and in November he made a report giving the
result of his investigation into the company’s affairs and advising a
receivership and reduction of interest on the first mortg. bonds.—(See
V. 43, p. 634.)
In Dec., 18S6, Mr. Ethelbert L. Dudley was appointed receiver.
The fiscal year ends Dec. 31. The income account was as follow s:
INCOME ACCOUNT

Gross earnings..................
Net earnings.......................
Deduct—
Interest on b o n d s.............
Interest on car trusts.......
Miscellaneous......... . .........

1883
$1,392,587
$473,046

1884.
$1,448,259
$409,800

1885.
$1,307,371
$323,894

$331,000
35,835
8,870

$421,795
30,600
14,603

$513,880
30,948
18.859

$375,705
_ , Total.
-----------$466,998
$563,687
Balance...............................Sur. $97,341 Def. $57,198 Def. $239 792
-fV .4 1 , p. 76, 241,272,391,556, 611; V.42,p. 271, 752; V. 43, p 2 1 6 ,
458,634,671.)
*
’
Central o f M assachusetts.—This company was organized Nov
10,1883, by the bondholders who purchased the Massachusetts Central
at foreclosure sale Sept. 1, 1883. Road completed from Cambridge to
Jefferson, Mass., 44 miles. In Sept., 1886, a lease was made to the
Boston & Lowell for the term of 99 years on the basis of a rental of 20
per cent of gross earnings up to $1,000,000, and 25 per cent on earnings
above that amount, but with a guarantee of sufficient rental to nav in­
terest.—(V. 41, p. 22, 76; V. 43, p. 274, 367, 508, 579.)
*
Central o f New Jersey.—Owns from Jersey City, N. J., to Phillipsburg, N. J., 73 miles; branches, 30 miles; leased and operated
in New Jersey, 269 miles, and in Pennsylvania, 201 miles- total
operated, 573 miles. The princinal leased lines in Pennsylvania are
the Lehigh & Susquehanna and the Lehigh & Lackawanna with
their branches, &c. Under the lease of 1883 to Philadelphia & Reading
the minimum rental of Lehigh & Susquehanna is $1,414,400 ner vear
and maximum $1,728,700 till 1888; then $1,885,800 till 1893 and
after that $2,043,000. In February, 1877, the property was placed in
the hands of a receiver. A majority of the Lehigh & Wilkesbarre Coal
Company’s stock is held by Central of New Jersey, and of the
$11,500,000 Lehigh & Wilkesbarre Coal bonds, $6,116,000 are held
by Central of New Jersey and receive interest after all other bonds
are satisfied. The American Dock & Improvement Company is vir­
tually owned by the railroad company, and the right exists to




$1,600,000
630,000
1,600,000
7,500,000
5,000,000
4.600.000
987,000
3,700,000
629,000
677,000
634,000
193,000
4 633,000
509,000
7,245^988
(?)
18,563,200
5,000,000
4,400,000
15,000,000
600,000
5,000,000
5,454,000
5,000,000
2,859,300
2,500,000
(?)
59,275,500
25,883,000
284,000
6,080,000
25,883,000
2,624,000

6
7
6
4
7
6
6
7
7
6
6
6
6
6

M. & N. N. Y., 195 Broadway.
do
do
g. M. & N.
U.S. Treas., at maturity.
Savannah, Ga.
J. & D.
. J. & J. N.Y.Nat.City Bk.,& Sav.
Savannah, Ga.
% J. & J.
New York.
J. & J.
J. & J. N.Y., Mercantile Tr. Co.
do
do
A. & O.
g. A. & 0. Last paid April, 1884
A. & 0. Last paid April, 1884
A. & O. Last paid April, 1884
g- J. & D. Last paid coup. June’86

5
1*2
7
7
7
7
5
7
6
3
6
3
6
7
6
6
6

May 1, 1895
May 1, 1895
1 896/97, ’98
Dec. 20,1886
Jan. 1, 1893
1891
Jan. 1, 1892
July 15,1899
3 mos. notice.
April 1, 1912
1924
1912
June 1, 1924

F. & A. New York, at Office.
M. & N. Last paid May, 1886
Last paid A pn !, 1886
Q .-J .
J. & J. New York, at Office.
J. & J. Last paid July, 1886
M. & N. Last paid May, 1886
M. & N. Last paid Nov., 1884
J. & J. Balt., at B. & 0. office.
M. & S.
do
do

1890
Nov., 1902
July 1. 1899
1887
July 1, 1921
May 1, 1903
M a y l, 1908
Jan., 1887
Sept., 1890

F. & A. N. Y. & San Francisco.
New York, Office.
g. J. & J.
do
do
g. J. & J.
do
do
g. A. & 0.
J. & J.
U. 8. Treasury.
New York, Office.
s. J. & J.

Feb. 1,1884
1895 to ’98
July 1, 1888
Oct. 1, 1900
1895 to ’98
July 1, 1899

purchase the bonds by lot at 110. The adjustment bonds are payable at
* ill. The 6 per cent convertible debenture bonds rim positively till
1908, and were issued Oct., 1883, partly in exchange for the old income
bonds; they bear interest positively, and not “ if earned.” On Feb. 1,
1885, the first default was made in payment of mortgage coupons.
On June 1, 1883, the road was leased for 99 years to the Phila. &
Reading RR. Co. at 6 per cent on stock and interest on bonds, but a
decision was rendered in Feb., 188 >, holding this lease void and on Oct.
15, 1886, Messrs. J. 8. Kennedy and Joseph 8 Harris were appointed re­
ceivers, in pursuance of a p an of reorg mization and afterwards gave
notice that they would resume possession from the lessee a id operate
the read from Jan. 1, 1887. The circular relating to status of oompany
a id giving the floating liabilities (total, $2,687,700 was in V. 43, p. 514.)
lathe fiscal yearsending Nov. 30, 1884and 1885,theP. &R.Co.,lessee,
reported gross receipts, net, fixed charges, <fco., on this road as follow s:
1883-4.
1884-5.
$10,300,466
Gross earnings.............................................. $10,441,095
5,699,200
Expenses..................................................
5,995,114
Net earnings..........................................
Less rents 5 S *® ? charges.......................
) Dividends

$4,445,980
$1,806,420
1,113,792

$4,601,266
$4,825,851
1,113,792

$5,920,212
$5,939,643
Deficit for the year...................................... $1,474,231
$1,338,377
—(V. 41, p, 23, 50, 76, 101, 160, 355, 391, 419, 473 ; V. 42, p. 22, 186,
214, 303, 365, 393, 462, 479, 574, 727,782; V. 43, p. 102,103, 131, 190,
367,458,514,547,671.)
C e n tr a l O lilo .—Owns from Bellaire, Ohio, to Columbus, Ohio
137 miles. Chartered in 1847 and opened in 1854. Reorganized in
1865. Leased to the Baltimore & Ohio, for 20 years, Nov. 11, 1866;
rental, 35 per cent of gross earnings. Feb. 23, 1880, the lease was
extended to Dec. 1, 1926, with the option of renewing for terms of 20
years perpetually. Ic is proposed to issue a new mortgage of $2,850,000 at 4*2 per cent, running till 1926, and present bondholders may ex­
change their bonds due 1890 for the new bonds; the B. & O. Company
receives $1,000,000 of these bond for improvements on the Cent. Ohio,
1866-86. In 1883-84 gross earnings, $1,169,773; net, $376,638; rental,
$409,420. In 1884-85 gross earnings $1,060,166; net, $295,856;
rental, $371,058; loss for year, $75,202. The road between Newark &
Columbus (33 miles) is owned jointly with the Pittsb. Cin. & St. Louis
RR. Co. (V. 43, p. 102.)
Central Pacific.—(See Map o f Southern Pacific.)—Line of Road—
—Mainline—San Francisco, Cal., to Ogden,Utah, 883 miles, and auxil­
iary lines, 371; total, 1,252 miles; oper. under lease or contract; Cal..
Pac., 115, North. RR., 154, others, 128: total, 397 miles; total length of
road operated and accounted for Jan. 1,1886,1,650 miles. The So. Pac.
in C a l, Arizona and New Mexico, 1,108 miles, formerly accounted for
by the Central Pacific, are leased to the Southern Pacific Co., and aocounfe 1 for by that Co. In connection with the Union Pacific, the
Central Pacific forms a continuous line from San Francisco, Cal., to
Council Bluffs, la. (1,918 miles), which was opened May 10, 1869. The
Cal. & Oregon line is being extended northward to a junction with
Oregon & Cal. at the State line, and lacks about 100 miles of completion.
In March, 1885, the Central Pacific lines were leased to the Southern
Pacific Company, and the previous lease of the Southern Pacific Railroad
to Cent. Pacific was relinguished to the same company. The Cent Pacific
receives all its net surplus income above annual charges of every sort and
betterments and a minimum rental of $1,200,000 and a maximum of
$3,600,000 (payable annually on May 1), is provided for by the lease,
but this rental is first applicable to the payment of Central Pacific
floating debt, if any; and when the first year’s rental fell due in May,
1886, no dividend was declared. One effect of the lease was to fix the
control of Central Pacific without regard to ownership of the stock. (See
abstract of lease, V. 40, p. 480.)
T he Ch a r te r , L eases , &c .—The C. P. was a consolidation (Aug. 22.
1870) of the Central Pacific (organized Oct. 8, 1864), California &
Oregon, San Francisco & Oakland, San Francisco & Alameda and San
Joaquin Valley railroads. The act of Congress of July 1, 1862, granted
U. S. bond subsidies and lands to the Pacific railroads; the act of July»
1864, made the lien of the Government subject to that of the first mort­
gage bonds, but authorized the Government to withhold one-half the
charges for transportation on its account, and also to receive 5 per cent
of the net earnings; the “ Thurman” act of May 8, 1878, directed that
the other one-half of charges for Government transportation should be
withheld, and also that the company should pay $1,200,000 yearly tothe Government for the sinking ftmd of its debt or as much thereof as
shall make the 5 per cent of net earnings, plus the whole transportation
account, equal 25 per cent of the whole net earnings for the year. The
leases are numerous and mostly for short dates, and the terms of each
in brief were stated in the Chronicle , V. 37, p. 47.
An agreement for consolidation with Ore. & Cal. RR. by an exchange
of stock and guaranty of O. & C. bonds was made, which was to nave
been carried out by July, 1886, under certain contingencies. (See O. & C.)
8 tock and B onds .—Prior to the current year the following dividends
were paid, viz.: In 1877, 8 per cent; 1880, 6 per cen t; 1881, 6 ; 1882, 6 ;
1883. 6 ; in 1884, 3; in 1885, nil. Prices of stock since 1879 have been:
tn 1880,63®97i2; in 1881, 80fl3®10278 ; in 1882, 82%©97*8; in 1883;
61®88; in 1884, 30®67%; in 1885, 26%®49; in 1886, to Dec. 17,
38®51.
Most of the issues of bonds have sinking funds, as seen
in the table above, but these sinking funds are invested mainly in the

24

INVESTORS’

SUPPLEMENT.

[V ol. X L IIL

S u b s c rib e rs w i l l c o n fe r a g re a t f a v o r b y g iv i n g im m e d ia t e n o tic e o f a n y e r r o r d is c o v e r e d in th e s e T a b le s .
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Due.
Amount Rate per When Where Payable, and by pal,When
Par Outstanding
of
For explanation of column headings, &c., see notes of
Stocks—Last
Road. Bonds Value.
on first page of tables.
Cent. Payable
Whom.
Dividend.
Cent. Pae,—(Gont’d)—West. Pac., Government lien 123
Cal. & Oregon, 1st M., gold, guar., (8. f. $100,000) 152
192
Cent. Pac., mortgage, on C. & O. Branch..............
San Fran. O. & A., 1st M. (s. f. $100,000)........ .
20
Land grant 1st mortgage bonds........................ . ■ . . . .
Incomebds.($6,000,000),skg.fd.,10 p.c.per ann’m
Charleston <£ Savannah—1st M., 0. & S., guar.......
Funded int. bonds, S. & C. RR., guar, by S. Car...
1st mortgage, Savannah & Charleston R R ...........
Charlotte Columbia <£ Augusta—1st mort. consol...
2d Mortgage...............................................................
Columbia & Augusta 1st m ortgage........................
Consol, mortg., gold (for $3,000,000).....................
Ohartiers—1st mortgage.............................................
Chesapeake <£• Ohio—Purch. money funding bonds...
1st mortgage, gold, series “ A” ................................
do
do
do “ B” ................................
do
do
do ext’d at 4 per c t .........
2d mortgage, cur. (interest in stock or cash)........
1st mortgage, gold of 1911, Peninsula Extension.
1st mort., gold, on extension (for $3,000,000).......
Equipment trust bonds............................................
Ches. Ohio <£•Southwest.—1st M., gold ($19,000 p. m )
2d mortgage ($11,000 per m ile).............................
Paducah & Eiizabetht’h, 1st M. ($300,000 are 8s)
Equipment trust bonds for $2,000,000..................
Cheshire—Stock, preferred.........................................
Bonds, not mortgage................................................
Chicago <fi Alton—Common stock..............................
Preferred st’ck (7 p. c. y ’rly not cumulative) .. . .

io i
io i
191
191

_

___
23
428
503
428
....
428
75
....
353
353
186
64
850
850

1869
1868
1872
1870
1870

$ ....
$1,970,000
1,000
6,000,000
1,000
3,680,000
1,000
687,000
1,000
4.630.000
1,000
5,000,000
1,000
1878
3.285.000
500
1853
505,000
1868 100 &c.
111,800
1869
500
500.000
(?)
1869 500 &e.
2,000,000
1872
1,000
500.000
1865
....
189,500
1,000
1883
Nil.
1,000
1871
500,000
1,000
1878
2,282,000
1,000
1878
2,000,000
1378 100 &c. 14,974,210
....
....
(?>
800,401
1878 100 &C. 10.106A29
1,000
1881
2,000,000
1882
1,000
142,000
Var.
1,000
1,177.000
1,000
1881
6,176,000
1,000
1881
3,835,400
1,000
1877
500.000
1,000
1882
561,000
___
100
2,100,000
’76-’78 500 &c.
80O.000
100 14,107,300
—
100
3,479,500

6
U. S. Treasury.
New York, Office.
6 g. J. & J.
6 g. J. & J. New York & London.
J. & J. N. Y., Cent. Pac. Office.
8
do
do
6 g. A. & O.

1899
Jan. 1, 1888
Jan. 1, 1892
July 1, 1890
Oct. 1, 1890

8 g. M. & N. N. Y. and San Fran. May, ’84 to ’88
6
M. & S. Charleston, 1st Nat. Bk. March 1, 1877
7
M. & S.
New York.
Sept. 1, 1899
7
J. & J.
do
Jan. 1, 1889
7
7
7
6
7
6
6
6
4

g.
g.
g.
g.
g.

6
6 g.
« g6
5-6 g.
6
6 &8
6
3
6
2
2

J.
O.
J.
J.
O.
J.
O.
N.
N.

N. Y., Nat. Park Bank.
do
do
do
do
New York Agency.
Philadelphia, PennR.R.
N. Y., Company’s office.
do
do
*2 Nov. coup. pd. in scrip
N.Y., Company’s Office.

Jan.
Jan.
Jan.
July
Oct.
July
July
July

J. & J.
A. & O.
J. & D.
Various
F. & A.
F. & A.
F. & A.
!j. & J.
!J. & J.
J. & J.
! Q. -M .
I Q .-M .

N. Y. Company’s Office.
do
do
do
do
do
do
N. Y., 52 Exch’ge Place.
do
do
do
do
do
do
Keene, N. H., Office.
Boston, Bost. Nat. Bk.
N. Y , John Paton & Co.
do
do

July 1, 1918
Jan. 1, 1911
June 1, 1922
Various.
Feb. 1, 1911
Feb. 1, 1911
F eb .1. 1897
Yearly to 1892
JaD. 1,1887
July 1,’96&’98
Dec. 1, 1886
D^c. 1. 1886

J. &
A. &
J. &
J. &
A. &
J. &
A. &
M. &
M. &

1, 1895
1, 1910
1, 1890
1, 1933
1, 1901
1, 1898
1, 1908
1, 1908
1986

bonds of other Huntington lines and accumulate; the bonds are not of first mortgage “ B ” bonds cannot foreclose till six successive coupons
called in. The sinking funds amounted Jan. 1,1886, to $8,276,076. The I are in default. The mortgage bonds of 1882 for $3,009,000 are secured
on road from Newport News to old Point Comfort, Va., and terminal
land grant bonds are retired with proceeds of land sales.
The debenture bonds of 1885 may be converted into Central Pacific works ; and on a branch to be built in West Va. from Scary Creek to the
stock at anytime up to 1893, at the market value of the stock at the time Ohio Riv. First pref. stock has prior right to 7 p. c. from surplus; then 2d
of surrender; but no stock will be issued at less than 50 por cent.
pref. to receive 6 per cent. Tlie Ches. & Ohio guarantees $700,000 bonds
T h e L and Gr a n t .—The total land granted the Central Pacific and the for a grain elevator, but in case of paying them will take the elevator.
California & Oregon companies was about 12,000,000 acres. In 1885,
The full interest charge per year in cash is $1,379,260. Fro n May,
$499,950 was received for lands sold. Cash and land contracts on hand 1885, the company paid in cash one-half of the coupon falling due,
and the same in Nov., 1885 and 1886, but paid only one-third in cash in
Jan. 1, 1886, $2,231,474.
Oper ation s , F inances , &c .—The Central Pacific Railroad had a strict May, 1886—the balance of each coupon was paid in scrip.
In August, 1886, Mr. Huntington issued a circular proposing that the
monopoly of business in the territory occupied by it, and for many years
was able to control the traffic and make rates in that territory. The “ B ” bonds should have interest reduced to 4 per cent and the principal
Southern Pacific was afterwards built aud was extended to New Or­ extended to 1986, the holders receiving a bonus of 25 per cent in N ew ­
leans, taking much of the through business. The C. P. stock after pay­ port News & Miss. Valley Co’s stock; the holders of currency bonds to
ing dividends for a few years ceased to pay after February, 1884, and surrender their bonds in exchange for 125 per cent in said stock. (See
declined heavily; in 1885 the road was leased, as above, to the So. Pac. V. 43, p.152, aud 514.)
Gross earnings for ten months from Jan. 1,1886, $3,397,316, against
From Jan. 1 to Sept. 30 gross earnings on 1,694 miles were $11,798,251,
against $10,817,344 in 1885; net, $6,464,311, against $6,106,371 in $2,762,359; net, $1,044,515, against $797,332.
The annual report for 1885 was in V. 42, p. 486. Net income was
1885 ; surplus over interest, rentals, &c., in 1886, $1,359,352.
The annual report for 1885 was in Chronicle , V. 42, p. 781, showing $896,981; interest on funded and floating debt, &o., $1,017,803; deficit
results as below, the first table being the operations under the lease $120,822. Earnings and expenses were as follows in 1883, 1884 and ’85 :
Years.
Gross Earnings. Op’g Expenses. Net Earn’gs.
from April 1 to Dec. 31.
$2,599,933
$1,306,858
Miles operated......................... 1,650 |Rentals leased lines— $1,083,414 1883 ..........................................$3,906,791
1884
...............................
3,538,604
2,499,744
1,038,860
on Donas Apr. i to
Gross earnings........... $11,369,481 I ins.
1885 ........................................ 3,361,235
2,465,812
895,423
Dec.
31..........................
2,614,024
Oper. expenses...........
4,721,558 |Int. on floating debt...
—(V.
41,
p.
76,
161,
494,
527,
653;
V.42,
p.
60,
112,
242,
303,
365, 393,
100,920
4 8 5 , 548,575, 694; V. 43, p. 22, 152, 514, 671, 746.)
I
Sk.
fd.
and
U.
S.
requireNet earnings.......... $6,647,926 I ments Apr.l toDec.31
756,539
C h e s a p e a k e O h io <fc S o u t h w e s t e r n .—Owns from Elizabethtown
Add other income.......
9,470 I Taxes and betterments.
582,693 Ky., via Paducah, to Memphis, Tenn., 352 miles; leased, Cecilian branch
of
L. & N., 47 miles. Total operated, 398 miles. This road forms the
Miscellaneous...............
7,774
Net income.............. $6,657,398
________ _
| Total expenditures.. $5,175,36* western connection of the Chesapeake & Ohio and the Lexington & Big
Sandy.
The company purchased the Memphis Paducah & Northern—
Bal. due Cent. Pac. RR. Co. under the lease, April 1 to Dec. 31. $1,482,032
Add net earnings for Jan., Feb. and March, 1885.................. 1,301,832 Paducah to Memphis—and the Paducah & Elizabethtown, subject to the
$500,000
on the latter, and leased in perpetuity the Cecilian
Add dividends and interest........................ ..........................
621,232 Branch ofmortgage
Louisville & Nashville, from Louisville to Cecilian Junction,
Total net re ceip ts.......................................... — ................$3,405,096 for $60,000 per annum, with option of purchasing it. The 1st mortgage
Deduct—Gen’l expenses, taxes and betterments prior to Ap. 1 729,940 bears 5 per cent till August, 1887, and 6 thereafter. Of the 2d mort.
Interest on floating debt prior to April 1 .............................
225,856 bonds $726,000 are ex-coupon to Aug., 1887. Stock—Common, $6,030,Interest on bonds prior to April 1 ........................................
850,674 000, and preferred, $3,696,000.
Sinking funds and U. S. requirements, p u d by Cent. P a c...
8 47,112
Gross earnings for te i months, Jan. 1 to Oet. 31, were $1,367,467 in
Other charges.................................
383,745 1886, against $1,272,023 in 1835; net $501,806, against $103,062.
INCOME ACCOUNT.
1884.
1885.
Total charges........................
..$3,037,327
$502,531
Balance, surplus for year ......................................
$367,769 Net earnings....................................... ....................$339,951
Interest,
rentals,
taxes,
&c
....................................
621,180
631,920
—(V. 41, p. 65, 75, 132, 373, 445; Y. 42, p. 148, 364, 574, 754, 7 8 1 ; V.
43, p. 73, 217,244, 745.)
Balance, deficit.................................. ..............$231,229
$132,389
C h a r le s to n & S a v a n n a h .—Owns from Savannah, Ga., to Charles­ —(V.41, p. 527, 653; V. 41, p. 60, 124, 242, 365, 487, 518, 694.)
ton Junction, 8. C., 104 miles; operates—Ashley River branches, 4 miles;
C lie s liir e .—Owns from South Ashburnham, Mass., to Bern,vs
Charleston Junction to Charleston, 7 miles; total, 115 miles. This was Falls, Vt., 54 miles; leased, Monaduock Railroad, Winchendon to
first the Chari. & Sav. R R .; reorganized in 1866 under name of Savan­ Peterboro, N H., 16 miles; and 10 miles Vermont & Mass; total 80
nah <fc Charleston, and opened March, 1870. Sold in foreclosure June miles; but the Monadnock, 16 miles, is not included in the Cheshire
7,1880, and present company organized. Stock, $1,000,000. Earnings, earnings, leaving 64 miles operated. $51,000 rental paid to Vt. &
ross in 1885, $453,79y ; net, $85,216. In 1884, gross, $428,240; net, Mass, for leased "portion of road. Capital stock—common, $53,300, and
31,619. H. B.Plant, President, New York.—(V. 40, p. 681.)
preferred, $2,100,000. Gross receipts in 1884-85, $561,203 ; net,
C h a r lo tt e C o lu m b ia & A u g u s t a .— Owns from Charlotte, $213,856. In 1883-84, gross $586,685; net $180,775; surplus over
N. C., to Augusta, Ga., 191 miles. Leases Atl. Tenn. & O. RR., interest, rentals and 3 per cent dividend on pref. stock was $45,410 in
Charlotte to Statesville, 44 miles ; Cheraw & Chester, 29 miles; 1885, against $12,109 m 1883-84. (V. 41, p. 6 11.)
and Chester & Lenoir, 109 miles. The Charlotte Col. & Aug. was a consoli­
C h ic a g o <fc A l t o n .—L ine of R oad —Joliet to East St. Louis
dation (July 9,1869) of. the Charlotte & South Carolina and the Columbia (main), 244 miles; Branches—To Coal City, 30 miles; Dwight to
& Augusta. The road has been under the control and management of Washington & Lac’n, 80 miles; Roodhouse to Louisiana, 38 miles;
the Richmond <&Danville since 1878, and in May, 1886, was leased to Opper Alton line, 8 miles. Total owned, 400 miles. Leased—Chicago
said company. Noue of the new consol, bonds had been issued to Jan. to Joliet, 37 miles; Bloomington to Godfrey, 150 miles; Louisiana
1886. Gross earnings in 1883-81, $627,854; net, $181,764; deficit after to Cedar City, 101 miles; Kansas City to Mexico, 162 miles. Total
all interest and rentals, $74,68 4. In 1884-85, gross earnings, $826,967; leased, 450 miles. Total operated, Dec. 31, 1885, 850 miles.
net, $364,010; surplus over all charges, $99,385. Stock, $2,578,000.
O rganization , L eases , Stocks and B onds .—Chartered as the Chic.
—(V. 40, p. 27; V. 42, p. 21; V. 43, p. 718.)
& Miss., Feb. 27, 1847; reorganized under act of Jan. 21, 1857, as
C h a r t le r s .—Owns from Mansfield, Pa., to Washington, Pa., 23 m. Chic. Alton St. & Louis, and under act of Feb. 16, 1861, the present
Sold under foreclosure, and reorganized in 1871. Leased for 99 years corporation succeeded to the property, which was sold under fore­
from January 1, 1872, to the Pittsburg Cincinnati & St. Louis; the closure in the following year and transferred to new organization in
rental is net earnings. Gross earnings in 1884, $161,079; net earnings, October, 1862. Chicago aud St. Louis were connected by the present
$68,989; in 1885, gross earnings, $137,234; net, $15,556. Capital line in 1864. The annual meeting is held the first Monday in April.
stock, $647,850.
The Joliet & Chicago is leased from January 1, 1864, for the
C h e s a p e a k e & O h io .—(See Map).—Owns from Newport News, Va., term of its charter, and forms part of the main line. Rental, 7
per
cent on stock.
The St. Louis Jacksonville & Chicago was
toBigSandy River, W. Va., 503 in.; Old Point Junction to Phoebus, 8 m.;
total owned, 511 in.; operates only 502 m. Consolidation of Virginia leased in perpetuity from April 30, 1868, at a rental equal to 40 per
cent
of
gross
earnings
until
the amount reached $700,000, with a mini­
Central and Covington & Ohio, and opened through March 1,1873. The
present company was organized in July, 1878, as successor of the Ches. mum of $240,000 a year, and the company in 1834 was merged with
& O., which was sold under foreclosure April 2,1878. The Elizabeth­ Chicago & Alton and its stock exchanged for C. & A. stock (See V. 38,
town Lexington & Big Sandy Railroad connects on the west with the p. 455.) The Louisiana <fc Missouri River RR. is leased for 1,000 years
from August 1,1870. Rental, 35 per cent of gross earnings, but inter­
C. & O., and extends to Lexington, Ky.
In June, 1886, this road was leased to the Newport News & Miss. Val­ est guaranteed on second mortgage bonds and preferred stock as
ley RR. Co., which is formed to control the Huntington lines east of the above; the other pref. stock is $1,010,000 and common $2,272,700;
gross earnings in 1884, (less taxes) $665,902 The Kansas City St.
Mississippi. Terms of the lease were not given out.
The stocks including scrip outstanding were as follows in December, Louis & Chicago is leased to the Chicago & Alton company in perpetuity
1886: Common, $15,496,851, preferred stock—first, $3,370,579; second. from Nov. 1,1877. at a rental of 35 per cent of gross earnings, less taxes
$10,820,816. The second mortgage currency bonds till July, 1884, took and assessments. The bonds are held by U. S. Trust Co. as security for
interest in 2d pref. stock, then for two years take partly in that stock and the C. & A. bonds of 1878 issued to build this road, and a sinking fund of
partly cash, and afterwards all cash, if the earnings are sufficient, but $60,000 per annum provided for their redemption. Should the 35 per
r‘ aU interest not paid in cash to be paid in 2d pref. stock.” The holders i cent be more than sufficient to pay bond interest and 7 per cent on

f




BONUS
AND
STOCKS
RAILROAD
D e c em ber , 1886 ]




»6

INVESTORS’

SUPPLEMENT.

[F ol.

x l iii,

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
Bonds—Prinoi
INTEREST OR DIVIDENDS.
DESCRIPTION.
Miles Date Size, or
pal,When Due.
Amount
of
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
For explanation of column headings, Ac., see note8 of
Road. Bonds Value.
Cent. Payable
on first page of tables.
Whom.
Dividend.
Chicago £ Alton—(Continued)—
General mortgage, sterling, for £900,000............

322
220
38
150
37
37
150
101
101

8t. Louis Jacksonville A Chic., 1st mortgage.......
do
do
1st M. end. by Chic. A Alton
do
do
2d M. endorsed by C. A A,.
do
do
2d mortgage (convertible)
La. A Mo., 1st M. ($439,100 assumed by C. A A.)
do
2d M. (int. guar. C. A A .)........................
do
guar. pref. stock.....................................
Bonds for K.C.St.L.A C. (1st mort. as collateral). 162
Preferred stock, K. C. St. L. A C., guar. C. A A—
Common stock
do
............................
Mississippi Riv. Bridge st’k (7 p. c. guar, by C AA.) ....
C. A A. bonds on Miss. Riv. Bridge, 1st mort., gold
Chicago £ Atlantic—1st mort., gold, $ or £ .............. 249
2d mortgage (for $5,000,000).................................. 249
362
Chicago Burlington £ Northern.—Stock...................
362
1st mort., redeemable at 105 and accum. int........
Ten-year debentures..................................................
Chicago Burlington £ Quincy—Stock........................ 3,322
Consolidated mortgage coupon, (for $30,000,000) 825
Trust m ort.onlowa lines,coup.or reg.(s.f. 1*2 p.c.) 787
Bonds Denver exten. 4s, (sink. funa2 percent)...
Debenture bonds for Han. A St. Jo. s tock ............
Northern Cross R. R. 2d. mortgage, g o ld .............
Trust mortgage (Burlington to Peoria)..................
Plain bonds (coupon or registered).........................
Bonds of 1895, (sinking fund)................................
Dixon Peoria A Hannibal, 1st. \Coup., but may (
Ottawa Oswego A Fox Riv., 1st 5 be registered. 5

i'oo
96
33
40
70

1873
1862
1864
1864
1868
1868
1870
1877
1878

....

1877
1881
1883
1885
1886
1873
1879
1882
1881
1883
1860
1864
1872
1875
1869
1870

$4,379,850
6 g.
2.383.000
7
1.500.000
1\
7
2.365.000
564,000
7
188,000
7
47,000
7
1,785,000
7
300,000
7
329,100
3*2
2,573,000
6 g.
1,750,000
1*2
....
271,700
3*2
300,000
....
7
1,000
675,000
6
1,000
6,500,000
6 g.
1,000
2,500,000
6 g.
100
9.000.
000
9.000.
000 5 '*’
500 Ac.
6
1,000
2,250,000
2
100 77,540,500
1,000 13,986,000
7
1,000 12,689,000
4A 5
4
1,000
7,968,000
4
1,000
4,300,000
9,000,157
5
1,000
441,000
4 g653,000
7
1,000
545,500
7
378,000
5
1,000
500 Ac.
545,500
8
1,000
1,076,000
8
$1,000
1,000
100
1,000
1,000
1,000
1,000
1,000
1,000
100
1,000
100

the stock, the excess is to go to the lessees. The Mississippi River Bridge
is leased in perpetuity from December 3,1877, at a rental equal to 7 per
cent on $300,000 stock and 6 per cent on $700,000 bonds.
The Chic. & Alton preferred stock has prior right to a non-cnmulative
dividend not exceeding 7 per ct. from net earnings, and (after payment
of 7 on common) also shares with common in any surplus. Prices of
stock have been as follows: Preferred in 1881, 140® 153; in 1882,
130® 146; in 1883, 140®150; in 1884, 142®152; in 1885,147®155; in
1886, to Dec. 17, 150® 162. Common in 1881,127®156; in 1882, 127*a
® 145*2; in 1883, 128®13714 ; in 1884,118® 140*4; in 18 8 5,128®140;
in 1886, to Dec. 17, 138®146.
Dividends were as follows prior to the current year : In 1877, both
stocks, 7*2; in 1878, both 7 ; in 1879, preferred 7, common 6 ; in 1880,
pref. 7, com. 6*2; in 1881 both 8; in 1882 both 8 ; in 1883 both 8; in
1884, both 10; in J885 and in 1886, both 8, the periods being changed
from semi-annual to quarterly in May, 1884.
Operation s and F inances .—The Chicago & Alton road has been par­
ticularly strong in having a large local business between Chicago and
St. Louis, so that it was less dependent on through business, which is
done at competitive rates. Its leased lines are as completely controlled
as if owned, and the system is compact.
Operations, earnings, Ac., have been as follows for four years past.
Fiscal year ends Dec. 31. Annual report for 1885 was in V. 42, p. 270.
1882.
1883.
1884.
1885.
Operations—
1,805,140
1,907,486
1,721,286
1,666,991
Passengers carried..
Passenger mileage .. 101,150,959 106,028,676 119,946,417 109,078,875
2-141 cts.
1-951 cts.
1-899 cts.
2-025 cts
Rate $ pass. $ mile.
3,598,284
3,488,496
3,631,108
3,522,840
Freight (tons) moved
Fr’ght(tns) mileage* 474,823,908 549,369,534 602,768,054 538,522,498
1-261 cts.
1-128 Cts.
1-007 cts.
1-009 cts.
Av.rate $ ton $ mile.
Earnings—
$
$
$
$
2,278,429
1,973,100
2,270,379
2,209,502
Passenger.................
5,948,123
6,197,681
6,073,675
5,432,633
Freight......................
342,550
357,170
351,034
294,271
Mail, express, A c—
8,810,610
5,097,032

8,709,274
5,133,790

7,993,169
4,612,847

3,530,992
3,713,578
Net earnings............
57-02
57-85
P.c.of op.exp.to earn
* Does not include company’s freight

3,575,484
58-94

3,380,322
57-70

Total gross earnings
Total (incl. taxes)

8,215.494
4,684,502

INCOME ACCOUNT.

1882.
1883.
1884.
1885.
Receipts—
$
$
$
$
3,575,484
3,380,322
3,530,992
3,713,578
Net earnings.............
332,547
284,773
278,818
272,845
Other receipts..........
3,998,351
3,854,302
3,863,539
3,653,167
Total................
Eisbur semen ts—
$
$
$
$
823,565
1,127,534
1,208,277
704,473
Rentals pa id............
71,221
292,221
;onstruc’n,equip., Ac
740,759
380,702
761,122
700,544 , 770,683
839,307
Interest on debt.......
1,194,184
1,646,840
1,083,080
1,409,750
Dividends.................
86,963
88,263
97,940
93,854
Miscellaneous...........
306,000
Jol. A Chi.b’ds red’d.
3,930,727
3,621,572
o,428,U86
Total disbursem’ts 3,446.897
416,642
67,624
232,730
225,081
Balance, surplus—
- ( V . 40, p. 2 5 4 ,2 6 6 V. 42, p. 2 7 0 .)
Chicago & A tla n tic .—Opened May 14,1883, from Marion, O., on
line of IS. Y. Pa. & O., to Hammond, Ind., 249 miles, and thence over
the Chicago & West. Ind. to Chicago, 19 miles. Built as a connecting line
for N. Y. P. A O. and N. Y. L. E. AW ., and both these companies guaran­
teed the gross earnings on business over their roads to and from the
Chic. & Atlantic, as security for interest on the bonds. Stock, $10,o00,000. of which $9,000,000 was deposited withH. J. Jewett (then President
of N. Y. L. E. & W.), in trust to hold and vote on it. On Nov. 1,1884, the
interest due on 1st mort. bonds was defaulted. The 2d mortgage bonds
were largely pledged for N. Y. Lake E. & W. loans, partly to Grant &
Ward. In Feb., 18&6, suit was brought by the Farmers’ L. & T. Co. to
foreclose the first mortgage, and decision by Judge Gresham was in
their favor generally, though he did not then appoint a receiver (V. 42,
p. 463.) In May, 1886, Mr. Jas. H. Benedict was elected President. An
outline of proposed foreclosure and arrangement with Erie was in
Ch ronicle ol July 31,1886, V. 43, p. 131 and 217. (V. 41, p. 272, 392,
611, 720; V. 42, p. 304, 338, 463, 604; V. 43, p. 131, 217, 308, 333.)
c m c a g o B u rlin g to n
N orthern.—rioau extenus from
Oregon, on the Chic. A rowa RR., and Fulton, on the C. B. A Q., in 111.,
to a junction near Savanna, 111., and thence up the east bank of the
Mississippi River to St. Paul, 362 miles. The road is constructed under
Chicago B. & Q. auspices, as per circular of August 1,1885 (in Chron ­
ic l e , Y. 41, p. 160). The Chic. B. & Q. and Chic. A Iowa give a traffic
guarantee of one-half of their net earnings derived from business to and
from the C. B. A N., to be not less than $100,000 per year, for the pur­
chase of C. B. & N. bonds at 105; and after 1896 the bonds may all be
retired at 105. The 10-year debentures must be covered by any 2d mort.
issued, and any such mort. must be limited to $10,000 per mile. (V. 43,
p. 125, 217,308, 334, 516, 619.)
c m c a S o B u rlin g to n & tourney. —L ine op R o a d .—Thi C. B. &
Q. is one ' * ’ he most complex railroad systems in the U. S. It has a net­




J. A J. Lond’n.J.S.Morgan ACo. July 1, 1903
J. A J. N. Y., John Paton A Co.
Q .-J .
Jan., 1887
N. Y. U. S. Trust Co.
A. A O. N. Y., John Paton ACo. April. 1894
A.. A O.
do
do
April 1. 1894
J. A J.
do
do
July, 1898
J. A J.
July, 1898
do
do
F. A A.
Aug., 1900
do
do
M. A N.
Nov. 1, 1900
do
do
F. A A.
Aug. 1, 1886
do
do
M. A N.
May 1, 1903
do
do
do
do
Nov. 1, 1886
Q .-F .
Chic., 111. Tr. A Sav. Bk. May 1, 1886
Chic., Treasurer’s Office
In 1S86
A. A O. N. Y., John Paton A Co. Oct. 1, 1912
M. A N. Last paid May 1,1884 Nov. 1, 1920
F. A A.
None paid.
Aug. 1, 1923
A. A O .
J. A D.
Q.—M.
J. A J.
A. A O.
F. A A.
M. A S.
M. A N.
J. A J.
A. A O.
J. A J.
J. A D.
J. A J.
J. A J.

N. Y., Bk. of Commerce.
New York or Boston.
Boston and New York.
N. Y., Bk. of Commerce.
do
do
do
uo
do
do

April' i,
Dec. 1,
Dec. 15,
July 1,
Oct. 1,
Feb. 1,
Sept. 1,
May 1,
Frankfort.
July 1,
N.Y., N. Bk. of Com’rce. Oct. 1,
Boston, Co.’s office,
Jan. 1,
do
do
June 1,
N.Y., N. Bk. of Com’rce. July 1,
New York and Boston. July 1.

1926
1896
1886
1903
1919
1922
1921
1913
1890
1890
1896
1895
1889
1900

work of lines in 111., Iowa and Neb. The main line extends from Chic.,
111., to Burlington, Iowa, 204 miles, and thence to Pacific Junction, 276
miles, and from Pacific Junction to Denver, Col., 577 miles, making the
distance from Chicago to Denver 1,057 miles. From Pacific Junction
to Council Bluffs is 18 miles (track used jointly with K. C. St. Jo. & C.
B. ), making the C. B. & Q. line, Chicago to Council Bluffs, 498 miles.
TheExtens. to Denver was opened May, 1882. Besides numerous local
roads the company also has its line in Illinois to East St. Louis, and to
Quincy, connecting with the Hannibal & St. Joseph road (purchased by
C. B. & Q. in 1883) across Missouri to St. Joseph. The mileage reported
at the close of 1885 was 3,616. In addition to this the company con­
trols and largely owns the St. Louis Keokuk & N. W. road, 181*2 miles ;
the Kansas City St. Joseph A Council Bluffs, 313 miles; the Chicago
Burlington & Kansas City, 153 miles; the St. Joseph & Des Moines, 50
miles; and a half-interest with Wabash in the Humeston & Shenandoah
road, 113 miles. The extension to St. Paul is known as the Chic. Bur.
& Northern.
Organization , &c.—The C. B. A Q. was a consolidation in 1856 of the
Chic. & Aurora and the Cent. Military Track railroads, and purchased
in 1860 the Northern Cross RR. and in 1862 the Peoria & Oquawka road.
The present company was a consolidation in January, 1875, of the
Chicago Burlington A Quincy in Illinois and the Burlington & Missouri
River in Iowa. In 1880 the Burlington & Missouri in Nebraska
was absorbed. The leased lines are practically owned and there
is no charge for rentals in the income account, except as interest on
bonds. The ownership in the other roads above-mentioned is in the
stocks and bonds thereof, and their accounts are kept separate. In
In April, 1883, the C. B. & Q. purchased the common stock of the
Hannibal & St. Joseph RR., and part of the pref. stock and paid with
its $9,000,000 of 5 per cent bonds at par. In August, 1885, the agree­
ment was made with the Chic. Bur. & No. for the line to St. Paul, and
the C. B. & Q. owns $3,000,000 of the stock of that Co.; see circular
in Y. 41, p. 160. The fiscal year ends Dec. 31. Annual election in April.
Stocks and B onds .—The stock has been rapidly increased for the
acquisition of new lines, and in 1880 a distribution of 20 per cent in
stock was made. Dividends have b een : In 1877, 9 per cen t; in
1878, 10*2; in 1879, 8; in 1880, 9*4 cash and 20 stock; in 1881, in
1882, in 1883, in 1884, in 1885 and in 1886,8 paid. The prices of stock
have been: In 1881, 133*2® 182*2; in 1882, 120*2® 141; in 1883,115%,®
1293s; in 1884, 107® 127%; in 1885, 115*2® 138*2; in 1836, to Dec.
17, 128%®141.
The C. B. & Q. on many of its branch lines gave a traffic guarantee of
40 to 50 per cent, which was used in purchasing their bonds. The C. B.
A Q. 4 per cent bonds were issued against Rep. Valley and Bur. A Col.
5 per cent bonds held intrust, and an equal amount of Rep. Valley stock
scrip was also issued to subscribers to the bonds, such scrip being ex­
changed April 1,1882, into Chicago Burlington A Quincy stock. The
Kansas City St. Joseph A Council Bluffs and branches was purchased,
254 miles, and the Chic. Burl. A Q, stock issued therefor at $125 per
share, taking the St. Jo. stock at $72 50 per share. Enough of the C. B.
A Q. consolidated mortgage is reserved to take up prior debts. The
bonds of 1876 for St. Louis Rock Island A Chicago Railroad are plain
bonds of Chic. Burlington A Quincy, offset by mortgage of like amount
on St. Louis Rock Island A Chicago road deposited with trustees.
L and G ran t .—The lands were obtained by the consolidations with
Burlington A Missouri in Iowa and Burlington A Missouri in Nebraska.
In Iowa only 16,412 acres remain unsold, and the contracts outstand­
ing Dec. 31, ’85, were for $662,733, principal and interest. In Nebraska
the net sales for the year 1885 were 36,903 acres, for $301,310, an
average price of $8 11 per acre. Contracts on hand, $2,502,609; in­
terest on contracts on hand, $504,761; unsold lands, 91,956 acres,
estimated at $4 per acre, $367,826.
Operations and F inances .—The Chicago Burlington A Quincy Rail­
road has been one of the most profitable in the country, as its numerous
branches tributary to the main line were built into choice agricultural
territory, where they enjoyed a monopoly of the local business at full
rates. The company gives no full traffic statistics in its report, and the
mileage of freight and passengers is not known; but corn is the most
important article carried.
Gross earnings for ten months from Jan. 1,1886, were $22,103,637,
against $^1,908,399; net, $10,764,619, against $10,117,345.
The annual report for 1885 was published in the Chronicle , V. 42,
(p. 516). Comparative statistics for four years are as follow s:
ROAD.

Miles ow’d and leas’d
Miles oper’d jointly.
Total operated..

1882.
3,131
98
3,229

1883.
3,224
98
3,322

OPERATIONS AND FISCAL RESULTS.

1884.
3,369
98
3,467

1885.
3,534
113
3,647

1882.
1883.
1884.
1885.
Earnings—
$
$
$
$
Passenger................
4,756,992
5,285,839
5,339,866 5,286,407
Freight...................... 15,711,510 19,514,161 18„-14,432 19,565,854
Mail, express, A o ....
1,082,304 1,310,369 1,629,315
1,704,164
Total gross earnings 21,550,806 26,110,369 25,483,613 26,556,425
Oper. exp. A taxes 11,283,963 13,496,479 14,090,745 14,405,767
Net earnings........... 10,266,842 12,613,890 11,392,868 12,150,657
P.C. ofop.ex. to earn
52-4
51*7
55’3
54*2




38

INVESTORS’

SUPPLEMENT.

[V ol. XLIII

Subscribers w ill confer a great favor by givin g Im m ediate notice o f any error discovered in these Tables.
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
pal, When Due.
Amount
of
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
For explanation of column headings, &c., see notes of
Road. Bonds Value.
on first page of tables.
Cent. Payable
Whom.
Dividend.
Chicago Burlington & Quincy—(Continued)—
Illinois Grand Trunk, 1st mort ( Coup., but may (
Quincy & Warsaw. 1st mort . . ) be registered, j
5s of 1901 (sink, fund) coup....................................
Quincy Alton & St. Louis, 1st mortgage, guar......
Burl.A Mo. Riv., 1st on r’d &400.000 acres land)..
do 1st M. conv. bonds, (5th & 6th series)---Burl. <fcMo. consol.M.for $14,000,000, s.f. $30,000
do
Omaha & S.W., 1st M., guar................
Burl. & Mo. bonds, s. f. for Atch. & Neb. RR. stock
Nebraska consol, mort., guar.................................
Republican Valley RR., sink, fund b ond s.............
Atchison & Nebraska. 1st mortgage......................
Lincoln & Northwestern RR. bond s.......................
Kansas City St. Jo. & C. Bl., m ortgage.................
Tarkio Val. and Nodaway Val. mortgages...........
Chic. Detroit & Canada Or. Trunk Junction—1st M.
Chic. <£East. III.—Stock...............................................
1st M., coup. (s. f. $20,000 after ’ 8 5 ).....................
2d mort. income (non-cumu.) conv. into consol...
Consol, mort., gold (for $6,000,000)......................
C. & E. 111. Extension, 1st mortgage......................
Dan. & Grape Creek RR.—1st mortgage...............
Chicago <£•Or. Trunk—IstM ., $ &■£ ($594,500 res’d)
2d mort.......................................................................
Northwest. Grand Trunk, 1st mort......................
Chicago & Great Western—1st mort., gold................
Chicago <£•Indiana Coal—1st mortgage...................
Chicago & Iowa—1st mort., coup., may be reg.......
2d mortgage...............................................................
2d mortgage C. R. & N .............................................

44 1870 $500&c.
$890,500
40 1870
1,000
720,000
270 1876
1,000
2,325,000
46 1876
1,000
840,000
281 1863
50 &c.
4,170,550
40 ’69-’70 500 &c.
222,500
191 1878 600 &c. 11,717,800
49 1871
1,000
669.000
__ 1880 1,000 3,347,000
133 1877
1,000
385,000
148 1879
1,000
939,000
149 1878 lOO&c.
1.125,000
72 1880
600,000
274 1877 lOO&c.
5,000,000
62 1830
1,000
734.000
67 1872
1,000
2,541,000
59 1859
100
1,095,000
302
100
3,000,000
123 1877 100 &c.
3.000,000
123 1877 100 &c.
74,000
238 1884
1,000
2,645,000
14 1881
1,000
193,000
12 1880
1,000
158,000
330 1880 £100 &c
5,405,500
330 1882
1,000
6,000,000
66 1880 500 &c.
594,500
10 1886
1,000
4,000,000
120 1886
1,000
2,803,000
80 1870
1,000
600,000
80 1871
1,000
1,150.000
1875
250,000
1875
—
150;000 1

INCOME ACCOUNT.

JReceipts1882.
1883.
1884.
1885.
Net earnings............ $10,266,842 $12,613,890 $11,392,868 $12,150,657
Interest and exch ..
452,498
324,180
566,769
592,432
Net B. & M. I'd gr’t..
1,329,725
1,595,788
1,129,591
985, 96
Total income........ 12,049,066 14,533,858 13,089,228 13,728.885
Disbursements—
$
$
$
$
Rentals paid.............
148,771
144,506
139,604
187,171
Interest on debt........
3,883,789
4,093,005 4,304,284 4,294,'63
Dividends..................
5,023,599
5,566,484 5,566,580 6,110,572
Rate of dividends...
8
8
8
8
Carried to sink’s f ’d.
631,443
646,430
938,064
646,430
Transf’dto ren’a lf’d.
750,000
1,500,000
500,000 1,000,000
Total disbursements 10,437,602 11,950,425 11,448,532 12,238,436
Balance,surplus......
1,611,464 2,583,433
1,640,696
1,490,449
-HV. 42, p. 60, 387, 447, 506, 5 16, 631; V. 43, p. 66,162, 256, 274.)
C hicago Sc Canada Sou th ern .—Owns from Grosse Isle, Micb., to
Fayette, O., 67 miles. On Nov. 1,1879, it was transferred to the Lake
Shore & Michigan So. It has a capital stock amounting to $2,667,400
and a bonded debt of $2,541,000, and owes $2,223,051 overdue coupons.
Original cost, $5,176,557. It is a part of a projected line between Chi­
cago and Detroit River, but failed in 1873. Gross earnings in 1885,
$40,974, def. under operating expenses, $19,601. On October 23,1886,
a suit in foreclosure was begun. (V. 43, p. 515.)
Chicago D etroit Sc Canada G rand J u n c tio n .—Owns from
Port Huron, Mich., to Detroit Junction, 59 miles. Opened in 1859.
Leased to Grand Trunk of Canada. Earnings in 1885, $222,654; net,
$22,230; paid interest, $65,700, and dividends, semi-annually, each 2
per cent, $43,800; deficit, $88,571, advanced by lessees. Capital stock,
$1,095,000. There is also a 5 per cent bond for $691,141 issued to G.
T. RR. Co. The road is owned by the lessees.
C hicago & Eastern Illin o is .—(See Map)—Owns from Dolton, 111.,
to Danville, HI., 107*2 miles; Covington, Ind., to Coal Creek, Ind., 9 miles;
Danville toSidell’s, 23 miles; leased, Dolton to Chicago (C. & W. I.), 17
miles; Wellington Junction to Cisua Park, 13 miles; Evansville Terre
Haute & C. RR., Terre Haute to Danville, 111., 55 miles; Otter Creek to
Brazil, Ind., 14 m iles; Danville, 111., to Covington, Ind., 13 miles;
total operated, 253 miles. The leases of 17 miles, Dolton to Chicago,
and 13 miles, Danville to Covington, are contracts for use of track over
Other roads. The Evansville T. H. & Chicago was leased May 1,1880.
The Chicago & East Illinois was chartered as Chicago Danville &
Vincennes in 1865, and opened in 1872 and 1873. Sold under foreclos­
ure Feb. 7, 1877, and reorganized under existing style Sept. 1,1877.
A consol, mortgage for $6,000,000 was authorized, of which $3,425,000
is held to retire prior issues. Under the terms of leases the C. & E. HI.
guar, interest on $1,515,000 bonds of leased roads.
The annual report for the fiscal year ending June 30,1886, was in the
C h ronicle , V. i3 , p. 430.
INCOME ACCOUNT.

Receipts—
Gross earnings.................
Net earnings.....................
Other income...................
Total net incom e..........
Disbursements—
Rentals paid.....................
Interest on debt...............
Dividends (2*3 per cent).
Miscellaneous..................

1885-86
1884-85.
1883-84.
1882-83.
$
$
$
$
1,759,132 1,560,320 1,600,143 1,724,564
713,007
644,598
662,959
770,190
98,824
644,598

811,831

199,668
263,774

188,750
263,781

212,427
301,410

13,862

21,287

27,780

211,512
336,690
75,000
4,595

770,190

662,959

627,797
541,617
477,304
473,818
Total disbursements.
184,034
189,141
102,981
292,886
Balance, surplus.............
—(V. 42. p. 124, 215, 271; V. 43, p. 102, 398, 430.)
C hicago & G rand T r u n k .- Line of road from Port Huron, Mich.,
to Chicago, 330*2 miles; also uses 4*2 miles of Chicago & West. Indiana
and 4 mnes Grand Trunk Junction RR.; total operated, 339 miles. This
is a consolidation of roads between Port Huron and Chicago formed in
April, 1880, under the control of the Gr. Trunk of Canada. It includes
the former Port Huron & Lake Michigan and the Peninsula roads, sold in
foreclosure. Stock, $6,600,000 in $100 shares. The Grand Trunk of
Canada gives a traffic guarantee of 30 per cent of gross earnings on
business to and from the Chicago & Grand Trunk Road. Gross earnings
for 1885, $2,681,220; net, $385,553; deficit under charges, $456,145.
C hicago Sc Great W e ste r n .—Owns a double-track road entering
Chicago from the west, and terminating at Polk st., east of the Chicago
River, with large terminal property. The interest on 1st mort. bonds is
guaranteed by the Wisconsin Central and its allied lines, which enter
Chicago over this road.
Chicago Sc In d ia n a Coal.—Line of road, Fair Oaks, Ind., to Yeddo, and thence to Brazil, 119 miles. This company acquired at foreclos­
ure the former Chic. & Great Southern. The 1st mort. bonds authorized
are $1,000,000 for the line under construction between Yeddo and
Brazil, 42 miles; $18,000 per mile for single track road acquired; and
$8,000 additional for double track, and $7,000 per mile for equipment.
The stock authorized is $6,000,000 common and $4,000,000 preferred,
of which $1,800,000 com. and $1,200,000 pref. has been issued. H, H.
Porter, President, (V. 42, p. 242, 430, 487, 775; Y. 43, p. 66, 516, 658.)




8
8
5
5
7
8
6
8
4
7
6
7
7
7
7
7 g.
6
2*3
6
7
6 g6
6
6 g5
6
5 g.
5
8
8
8
6

A. & O. Boston, C. B. & Q, Office
J. & J. N.Y., N. Bk.of Comm’rce
A. & O. Boston, Co.’s Office.
F. & A. N.Y.,Farmers’ L.& T.Co.
A & O Boston, Co.’s Office.
J. & J.
do
do
J. & J.
do
do
J. <& D.
do
do
J. & J. Boston, N. E. Trust Co.
A. & O. Boston, Co.’s Office.
J. & J.
do
do
M. & 8.
do
do
J. & J. Boston and New York.
J. & J.
do
do
J. & D.
Boston.
A. & O.
J. & J.
London, England.
M. & S. N. Y., Central Trust Co.
J. & D. New York, 4th Nat. Bk.
Dec. N. Y., Central Trust Co.
A. & 0.
do
do
J. & D. New York, 4th Nat. Bk.
M. & N. Boston, Globe Nat. Bk.
J. & J. New York and London.
do
do
J. & J.
J. & J. N.Y.. E.P.Beach.B’way.
J. & D.
New York Office.
J. & J. N. Y.. Met. Trust Co.
J. & J. New York and Boston.
J. & J.
do
do
A. & 0.
A. & O.

Oct.
July
Oct.
Feb.
Oct.
1889
July
June
Jan.
Oct.
Jan.
Mar.
Jan.
Jan.
June

1, 1890
1, 1890
1, 1901
1, 1896
1, 1893
& 1894
1, 1918
1, 1896
1, 1910
1, 1896
1, 1919
1, 1908
1, 1910
1, 1907
1, 1920

July 1, 1884
Sept. 1, 1886
Dec. 1, 1907
Deo., 1907
Oct. 1, 1934
Dec. 1, 1931
Mav. 1920
Jan. 1, 1900
Jan., 1922
Jan. 1, 1910
June 1, 1936
Jan. 1, 1936
Jan. 1, 1900
Aug. 1. 1901
Oct. 1, 1895

Chicago Sc I o w a .- Owns from Aurora, 111., to Foreston, HI., 80
miles; leased, Flagg Centre to Rickford. 24 miles; total operated, 104
miles. Chartered in 1869 and opened in 1872. In hands of a Receiver
Gross earnings for year ending Dec. 31.1885, were $491,046; net, $198,
562. Gross earnings in 1884, $552,080; net, $188,759. Capital stock,
$1,428,000. This road is controlled by the Chicago Burlington &
Quincy and is used to connect with the Illinois Central.
C h ic a g o M ilw a u k e e Sc S t. P a u l .—(See Map.)—L ine of R o a d .—
The company operates a great consolidated system of railroads in Illinois,
Wisconsin, Minnesota, Iowa and Dakota, which are well shown ou the
accompanying map. The main through lines are from Chicago to Mil­
waukee, 85 miles; Milwaukee to St. Paul and Minneapolis, via La Crosse,
341 miles; Milwaukee to Prairie du Chien, 194 miles; McGregor (oppo­
site Prairie du Chien) to Chamberlain, Dak., on the Missouri River, 442
miles; Chicago, via Savanna, on the Mississippi River, to council Buffs,
la,, 487 miles; Minneapolis to Aberdeen. Dak., 288 mil ete. On Dec 31,
1885, the mileage in Illinois was 313; in Wisconsin, 1,230: in Iowa, 1,409;
in Minnesota, 1,104: in Dakota, 8 S5. Total miles operated, 4.921; in­
cluding Fargo & South, road, 117 miles, Fargo, Dak., to Ortonville, Minn.,
acquired in July, lb 85.
O rganization , &c .—The Milw. & St. Paul RR. Co. was organized May
5,1863, and embraced a numoer of other companies, including the Mil­
waukee & Miss., the Prairie du Chien, the Lacrosse & Milwaukee, and
otners. The Milwaukee & St. Paul afterward purchased the St. Paul &
Chicago Road and others, and built the line from Milwaukee to Chicago,
and on February 11,1874, the company took its present name. The
The fiscal year ends Dec. 31. The annual meeting is held early in June.
Stocks and B onds .—The preferred stock has a prior right over the
common stock to a dividend of not over 7 p. c. from net earnings in
each year, but if not earned it has no cumulative right. If a dividend
was earned in any year and not paid, there might be a claim on future
years for such dividend. After payment of 7 on pref. and 7 on com.,
both classes share pro rata. Dividends paid since 1873 have been as
follows (prior to current year): In 1874, 7 ou preferred paid in consol,
bonds; in 1875 no dividend; in 1876, 3*2 cash on preferred and 14 per
cent in bonds; in 1877, 3*2 on preferred; in 1878,10*2 on preferred; in
1879, 2*2 on common and 7 on preferred; in 1880,1881,1882. 1883 and
1884, 7 on both; in 1885, 4 on common and 7 on preferred; in 1886, 5 on
common and 7 on preferred.
The range in prices of stocks since 1877 have been: Pref. in 1878, 64®
84%: in 1879, 743q®102%: in 1880, 99®124*s; in 1881, 116%®140; in
1882,114*2® 144*4; in 1883, 115®122*4; in 1884, 95^8® H 9 : in L885,
102®125; in 1886 to Dec. 17,116® 125%. Common—in 1878.27*2®
54&S; in 1879,3438®82*e ; in 1880, 66*28114%; in 1881,101*28129*4;
in 1882, 96*2®128*4; in 1883. 91%®108*2; in 1884, 58*4®94*4; in
1885, 64%©99 ; in 1886 to Dec. 17, 825g ®99.
Of the consolidated mortgage bonds of 1875, enough were reserved to
take up the prior bonds. Bonds may be stamped and discharged
from the operation of the sinking fund. The Chicago & Pacific Western
Division bonds are issued at $20,000 per mile on new lines built or ac­
quired. The Iowa & Minn. Div. bonds are convertible into preferred
stock. The terminal bonds issued in 1884 are secured by mortgage on
the terminal property in Chicago and Milwaukee, subject to the lien of
the general mortgage so far as that covers these terminals. The in­
come bonds of 1886 are for an authorized issue of $3,000,000, and
are convertible into common stock, on notice, 60 days after any divi­
dend day. They have a sinking fund of 4 per cent, begiuning in 1889,
and may be drawn at 105. After ’89, if a majority of the bondho Iders so
request, a 2d mortgage shall be made on the line, Chicago to Kansas
City, and a first on the Mo. River bridge and terminals in Kansas City.
In addition to the bonds given in our table there are $89,009 Hast­
ings & Dak. 7s, due in 1902, and $35,000 Ohio & Miss. River 8s, due in
1891.
Oper ation s , F inances , &c.—The mileage and also the stock and debt
of this company increased very rapidly in six years, the miles owned
being 2,359 on January 1,1880, against 4,921 on January 1, 1886, and
the stock and bonded debt, in round figures, $69,000,000 on January 1,
1880, against $153,915,161 January 1,1886.
For the half-year ending June 30, 1886, a report was given in the
C hronicle of Oct. 23 (V. 43, p. 472), showing gross earnings of $10,637,876, against $10,611,959 m 1885; net earnings, $3,50o,711, against
$3,910,714; and surplus for dividends $430,958, against $862,308.
The annual report for 188 5 was in V. 42, p. 363. The statistics in de­
tail were given in the Chronicle , as follow s:
OPERATIONS AND FISCAL RESULTS.

1882.
1883.
1884.
1885.
4,520
4,760
4,804
4,921
liles operated..........
Operations—
■assengers carried..
3,956,814 4,591,232
4,904,678
4,819,187
'assenger mileage... 200,790,926 235,579,660 225,851,443 214,550,187
late per pass. p. mile.
2-58 cts.
2-52 cts.
2 55 cts.
2‘56 cts.
•reight (tons) moved.
5,127,767
5,661,667
6,023,016 6,482,869
'reight (tons) mil’ge.945,250,159 1176605032 12477372331337721,453
lV. rate p. tonp.mile.
l -48 cts.
l -39 cts.
1*29 cts.
1‘28 cts.
Earnings—
$
$
$
„
5,927,668
5,766,843
5,499,737
•assenger ................ 5,179,078
-reight
......... 14,002,335 16,365,354 16,128,964 17,101,742
lailT express,&o....... 1,205,313
1,366,802
1,575.191
1,811,794
Total gross eam’gs 20,386,726 23,659,824

23,470,998 24,413,273

BONDS.
AND
STOCKS
EAILEOAD
D e cem ber , 1886 .j




mVESTOBS’

30

SUPPLEMENT.

S u b scrib e rs w i l l c o n fe r a g r e a t fa v o r b y g iv in g im m e d ia t e n o tic e o f a n y e rr o r d isc o v e re d in th e se T a b le s .

Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
Miles Date Size, or
pal .When Due.
Amount Rate per When
of
par
For explanation of column headings, Ac., see notes of
Where
Payable
and
by
Stocks—Last
Road. Bonds. Value. Outstanding Cent.
Pay’ble
on first page of tables.
Whom.
Dividend.
Chicago Milwaukee <6 Si. Paul—Com. stock........... 4,720
Preferred st’ck (7 p. c. y ’rly, not cumulative)........ 4,720
Consolidated mortgage (for $35,000,000)..... — 1,435
370
1st mort. (Lacrosse D iv .)............................'
230
1st mort. (Ia. & M .) ...................................... fa
©
49
1st mortgage (Minnesota Central).............
126
1st mortgage (Iowa & Dakota)...................
234
1st M.,Ia.ADak.Ext. ($15,000 p.m.)............ .
195
1st mortgage (Prairie du Chien)................ 5
195
2d mortgage (Prairie du Chien)................
Milwaukee & Western.................................. P<
130
St.P.AC.lst M.(Riv. D.)$A£(conv.)............ o ^
85
1st M., Chic. A Mil. line .............................
185
Bonds on Lac’se &Dav. Div., for Dav. & Nw. RE
1st mort. on S. W. Div. Western Union R R ........... 212
1st mort. on Chic. A Pac. Div., Chic, to Miss. Riv.. 119
419
1st mort. on So. Minnesota Div. ($9,000,000)___
Land grant income bonds........................................
Land grant and income bonds................................
1st mort. on Hastings & Dakota d i v . extended .. 336
1st M. on Ch. Cl. D. & M........................................... 372
107
1st mort. on Wisconsin Valley R R ........................
107
Prior mort.
do
........................
142
1st mortgage, Mineral Point Division...................
1st mortgage Chic. A Lake Superior D iv.,.............
68
IstM.Wis. & Minn. Div. ($20,000 p. m.)............... 230
1st M., gold, on Chic. & Pac., W. Div., $20,000 p. m. 927
Income bonds.............................................................
Terminal mort., gold, coup. orreg.(for $5,000,000)
Fargo & Southern, 1st mortgage, gold, assumed.. 119
do
incomes........................................
Dakota A Gt. South’n, 1st, gold ($18,000 per m.). . . . .

82

1882.
Operating expenses—
$
Maint’nce of way*... 2,479,429
Maint’nce of equip’t. 1,999,504
Transp’rt’t’n exp’n’st 7,023,918
Taxes.........................
589,613
Miscellaneous...........
93,609

1883.
$
2,548,609
2,489,257
8,011,533
614,609
114,029

1875
1863
1867
1864
1869
1878
1868
1868
1861
1872
1873
1879
1879
1880
1880
....
1883
1880
1880
1880
1879
1880
1881
1881
1881
1886
1884
1883
1885
1886

1884.
$
2,339,635
2,574,437
8,102,668
702,060
140,329

$100 $30,904,261
100 21,540,900
1,000 11,470,000
1,000
5,279,000
1.000
3,198,000
1,000
123,000
1,000
541,000
1,000
3,505,000
1,000
3,674,000
1,000
1,241,000
1,000
215,000
....
3,804,500
1,000
2,393,000
2,500,000
1,000
4,000,000
1,000
3,000,000
1,000
7,432,000
238,000
1,000
1,638,000
1,000
5,680,000
1,000
6,643,000
__
1,683,000
500
1,106,500
1,000
2,840,000
1,000
1,360,000
1,000
4,755,000
1,000 20,680,000
1,000
2,000,000
1,000
4,303,000
1,000
1,250,000
__
200,000
1,000
1,000,000

1885.
$
2,551,327
2,430,809
8,646,132
733,545
150,658

Tot. operating exp. 12,186,073 13,778,037 13,859,629 14,512,471
Net earnings............. 8,200,653
9,881,787
9,611,369
9,900,802
Pr. ct.op.ex. to earns
59-77
58‘23
59-05
59-45
* Includes renewal of track, t Including elevators, stock-yards, per­
sonal injuries and damages to property, legal, insurance, rent of oars, &c.
INCO M E ACCOU NT.

Receipts—
Net earnings.............
Other receipts..........

1882.
$
8,200,653
623,814

1883.
$
9,881,787
164,707

Total incom e. . . .
Disbursements—
Interest on debt.......
Divs. on both stocks*
Rate of dividend.......

8,824.467 10,046.494
$
$
4,786,054
5,373,925
2,461,042 3,212,895
7
7

1884.
$
9,611,369
82,307

1885.
$
9,900,802
105,939

9,693.676
$
5,918,608
3,321,167
7

10,006,741
$
6,096,573
2,39 4,039
7 on p; 4 c.

Tot. dishursem’nts 7,247,096 8,586,820 9,239,775
8,490,612
Balance for y e a r.... 1,577,371 1,459,674
453,901 1,516,129
* A portion of these dividends was stated as payable out of the earn­
ings of the previous year, as follow s: In 1882. $1,218,201; in 1883,
$1,552,311; in 1884, $1,660,584, andin 1885, $1,042,498.
G E N E R A L B ALAN CE A T CLOSE O F EACH F ISC AL Y E A R .

1882.
1883.
1884.
1885.
Assets—
$
$
$
$
Railroad,equipm’tA cl38,015,099 146,093,665 149,426,734 154,228,775
St’k sA b ’ds own., cost
768,846 1,161,980
1,228,283
754,792
Bills&acc’ts rec’able
2,616,295 1,550,232
1,146,059
1,452,309
Materials, fuel,& c...
1,495,113 1,223,043
1.483,365
1,543,217
Cash on hand............
2,969,732 3,048,965 2.971,133 4,262,378
HI. & Iowa coal lands
689,578
944,132
680,475
617,026
Cash due on st’k subs
............
............
............
............
Total assets............. 146,554,663 154,022,017 156,936,049
Liabilities—
$
$
$
Stock, common........ 27,904,261 30,904,261 30,904,261
Stock, preferred....... 16,447,483 16,540,983 16,540,983
Funded d e b t ............ 89,635,500 96,272,000 100,254,000
All other dues Aacc’ts 4,943,872 1,711,099
2,093,163
Unpaid pay-rolls, Ac. 2,216,630
1,732,687
1,610,661
Land department...
1,787,509
1,781,907
............
5,079,080
5,532,981
Income account....... *3,619,408

162,858,497
$
30,904,261
21,540,900
101,470,000
164,958
1,729,269
............
7,049,109

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Oct. 18, 1886
Oct. 18, 1886
July 1, 1905
1893
July, 1897
1894
1899
July 1, 1908
1898
1898
1891
Jan., 1902
1903
1919
July 1, 1909
Jan. 1, 1910
Jan. 1. 1910
1890
Jan. 1, 1890
Jan. 1, 1910
July 1, 1920
July 1, 1920
Jan. 1, 1909
1910
July 1, 1921
July 1, 1921
Jan. 1, 1921
July 1, 1921
July 1, 1914
Jan. 1, 1924
1895
Jan. 1, 1916

Stock and B onds .—Of the common stock, $10,007,116 was held in
the comDany’s treasury on May 31. 1886. and is presumably held there
still, making the whole common stock listed at the Stock Exchange
$41,374,866. Preferred stock has prior right to 7 per cent; then
common entitled to 7; then preferred has a further prior right to
3 per cent; then common to 3 ; then both classes share. But the pre­
ferred stock has not yet received more than 8 per cent in any year,
against 7 per cent paid on the common. Dividends since 1873 (prior to
the current year) have been: In 1876, 2*2 onpref.; in 1877, 3 ^ onpref.;
in 1878, 7 on pref. and 5 on com.; in 1879, 7 on pref. and 5 on com.;
in 1880. 7 on pref. and 6 on com.; in 1881, 7 on pref. and 6 on com.; in
1882, 7% on pref. and 7 on com.; in ’83 and ’84, 7 on com. and 8 on pref.
in 1885, 6*2 on com. and 7 82 on pref.; in 1886, 6 on com. and 7 on pref.
Prices of stock since 1877 have been as follow s: Common in 1878,
3212 3>5514; in 1879, 4958®94hs; in 1880. 871s®130; in 1881, 117®136,
in 1832, 124® 150%; in 1883. H5%®140i8; inl884, 81^® 124; in 1885;
8438® 115%; in 1886 to Dec. 17, 104i4@l2058. Pref. in 1878,59%®79ifl
in 1879, 7678®108; in 1880, 104® 146h3; in 1881, 131ie@147i2: in
1882, 136® 175; in 1883,134®157; in 1884, 117® 149hi; in 1885, 119%
®1397s; in 1886 to Dec. 17,135® 144.
The sinking fund bonds of 1879 are secured by a deposit of mort.
bonds, on the new roads acquired at the rate of $15,000 per mile, and the
terms under which these are issued were published in V. 29, p. 277.
Of these bonds so far issued, $6,305,000 are 6s and the balance
5s. There are several small issues of bonds in addition to tnose in
the table above, viz.: Beloit & Madison RR., $91,000. 7s, due 1888;
Minnesota Valley RR., $150,000. 7s, due 1908; Plainview, $100,000,
7s, due 1908 ; Peninsula Railroad (Mich.). $152,000 7s, due 1898.
The $10,000,000 debenture bonds were issued to par for the Chicago
St. Paul Minneapolis & Omaha stock; the sinking fund for these bonds
is $200,000 per year from May, 1888, if they can be redeemed at 105.
In June, 1884. the new issue of $6,0u0,000 5 per cent debenture bonds
was authorized, of which $1,966,500 went for the purchase of Blair
roads and the balance to be used for improvements as required. Any
future mortgage on the property of the company owned at date of these
bonds, shall include them.
The C. & N. W. exten. bonds of 1886 are direct bonds of the C. & N.
W. Company, secured by the deposit in trust of the 1st mort. bonds of
roads constructed or acquired, at the rate of $20.<i00 per mile.
In addition to bonds in above table there were live bonds in the sink­
ing fund amounting to $969,500 May 31, 1886.
L and G rant .—The lands of the company have been acquired by the
purchase of the Winona & St. Peter and other roads that have been
consolidated. The Commissioners’ report for 1885-86 showed that the
total consideration for the lands and lots so'd in that year amounted to
$806,855. Net cash receipts were $663,688. The statement of amounts
secured to be paid to the company by outstanding contracts of sale in
force at the end of the fiscal year showed a total of $1,209,502.
T ABL E O F LAND S UN SOLD F O R Y E A R S EN D IN G M A Y 3 1 .

Name of grant.
1883
1884.
1885.
1886.
Minnesota........ 784,532
685,577
626,811
574,362
461,847
443,296
420,428
Total liabilities..146,554,663 154,022,017 156,936,049 162,858,497 Michigan.......... 485,677
308,723
303,165
299,041
* $3,550,974 of income balance applied towards payment for 71,019 Wisconsin........ 320,125
shares common stock issued to shareholders at 50 cents on the dollar.
Total........... 1,590.334
1,456,147
1,373,272
1,293,831
—(V. 40, p. 195, 213, 322, 3 3 5 , 393, 480, 716; V. 41, p. 341, 382, 392,
Operation s , F inances , Ac.—The Chicago & Northwestern Railway
404,419, 432, 446, 527, 557, 653; V. 42, p. 155, 156, 351, 3 6 3 , 383, has
pursued the policy of extending rapidly its lines, including those
487, 631, 728; V. 43, p. 387, 399, 472, 572, 608, 635J
reaching far west to Dakota, and since 1879 has raised its money in
C h ic a g o & N o r t h w e s t e r n .—( See Map. j —L ine of R o ad —The Chic great part by the sale of 5 per cent bonds. The stock had not been
A Northw. operates 3,949 miles of its own roads and controls 1,339 miles much increased until the issue of new stock for stocks of proprietary
of the Chicago St. Paul Minn. & Omaha, 503 miles of Fremont Elkhorn roads, and a large nominal surplus has been rolled up, amounting to
& Mo. Val., and 107 of Sioux City A Pac.; total controlled, 5,899 miles. about $32,000,000, against which there are no liabilities.
The mileage is extensive, and is shown clearly in the accompanying
The latest annual report (1885-86) was in the Ch ronicle , V. 43, p.
map. The main line from Chicago to East Omaha, Iowa, is 492 miles, 130. The following were the earnings, expenses, Ac.:
and this forms practically the southern boundary of the whole system,
O PE R A T IO N S A N D F IS C A L RESU LTS.
the company having nothing to the south of that line, with the excep­
1882-83.
1883-84.
1884-85.
1885-86.
tion of a few insignificant branches. At the end of the fiscal year, May
Tot.
miles
oper’d
3,584
3,763
3,843
31, 1886, the Chic. & Northwestern mileage was made up in the annual
3,948
Operations—
report as follows:Wisconsin Division, 555 miles; Galena Division, 400
7,968,560
8,623,483
8,403,884
miles; Iowa Division, 743 miles: No. Iowa Division, 369 miles; Madison Pass’gers carr’d.
9,140,195
Division, 483 miles; Peninsula Division, 369 miles; Winona & St. Peter Pass ger mileage 248,856,303 256,386,389 231,090,788 239,150,020
2-46 cts.
2-40 cts.
2-38 cts.
Division, 448 miles; Dakota Division, 570 miles; total, 3,949 miles. In R’te p.pass.p.m.
2-36 cts.
7,874,665
8,453,994
8,235,127
July, 1884, the Blair roads, previously leased.were acquired by purchase, Fr’ght(tns) mv’d
8,494,239
but the Sioux City & Pacific and Fremont Elkhorn & Missouri Valley are Fr ght (tns) m’gell83,829,338 1350,173,773 1416,789,205 1466,892,717
1 4 2 cts.
1-31 cts
1*19 cts.
operated separately (610 miles) and their earnings not included in those Rate pr.ton p.m.
1T9 cts.
Earnings—
$
$
$
of C. & N.W.. but separately stated in the annual reports in the Chron ­
$
Passenger..........
6,119,616
6,153,071
5,498,111
i c l e on p. 130 of V. 43 and p. 101 of V. 41.
5,646,150
Freight.............
16,894,352
17,677,866
16,917,394
17,503,244
Organization , &c.—The Chicago St Paul & Foud-du-Lac Railroad
1,067,867
1,189,687
1,086,551
1,130,206
which was a consolidation of several roads, was sold in foreclosure Mail, express,&c
June 2,1859, and the Chicago & Northwestern Railway was organized
Gross earn’s.
24,081,835 25,020,624
23,502,056 24,279,600
as its successor. In 1864 the company absorbed the Dixon Rock. A
Expenses_
^
^
(p
^
Kenosha, the Gal. & Chic. Union and the Peninsular RR. of Michigan, Maint’ce of way
3,372,994
3,590,917
2,939,253
2,986*955
and has since absorbed by consolidation a large number of other roads,
“
cars,&c
2,322,099
2,448,297
2,193,224
2,219,211
including those which were operated as “ proprietary roads.”
7,758,638
8,429,121
7,970,502
7,950,608
In December, 1882, a controlling interest was acquired in the stock of Transp. & miscel
618,785
672,621
690,928
702,452
the Chic. St. Paul Minneapolis & Omaha Co. by the purchase of 53,800 Taxes.................
shares of preferred and 93,200 shares of com. stock.
Total..............
14,072,516
15,140,956
13,793,907
13,859,226
In July, 1884, the leased lines in Iowa (Blair roads) were acquired
9,708,149
10,420,374
on the terms stated in the Supplement of June, 1885, and prior issues. Net earnings.... ' 10,009,319 9,879,668
The fiscal year ends May 31. The annual meeting is held early in June. P.c. exp. to earn.
58-44
60-51
58-69
57 oa




STOCKS
RAILROAD
D ecember * 1886.1




INVESTORS’

SUPPLEMENT.

[V ol. XLIII.

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in tbese Tables.
JBonets—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When Due.
Amount Rate per When Where Payable, and by pal,
Par Outstanding
For explanation of column headings, &c., see notes of
of
Stocks—Last
Road. Bonds Value.
on first page of tables.
Whom.
Dividend.
Cent. Payable
Northwestern—Common stock................ 3.763
$100 $31,365,900
100 22,325,454
Preferred st’ek (7 p. c. y ’rly, not cumulative)........ 3,763
776 1865
Consol, sinking fund M ...........................................
1,000 12,651,000
Madison extension, 1st mort., sinking fund, gold. 126 1871 500 Ac.
2.977.500
85
Chic. & Mil., 1st mortgage.......................................
1,000
1.700,000
Menominee River, 1st mort., guar..........................
25 1876
560.000
120 1871 500 Ac.
Menominee extension, 1st mortgage, g old ...........
2,549,500
Gen. cons mort., gold, coup, orreg. ($48,000,000) 1,058 1872 500 Ac. 12,343,000
Winona & St. Peter, 1st mort., guar by Chic.&NW. 137 1870-1 1,000
1,276,000
do
2d mort., guar, by Chic. & N. W. 137 1870-1 1,000
1,592,000
do
1st M. exten. gld., land gr., s. f . . 175 1871 100 Ac.
4,079,500
Iowa Midland, 1st mort., guar, by Chic. & N. W..
75 1870
1,000
1,350,000
62 1872 500 Ac.
Northwestern Union, 1st mortgage, gold.............
3.365.000
24 1878
Rochester & No. Minnesota, 1st mortgage...........
200,000
Chic. Mil. & N. W., construction bonds.................. 141 1882
601.000
Chicago & Tomah, 1st mort., guar.......................... 154 1830
1,528,000
Milwaukee A Madison. 1st mort., guar..................
80 1880
1,000
1,600,000
Sink, fd.bds. (1 st M. as collateral) ($15,000 p. m.)..
1879
1,000 14,665,000
S. f. debenture bonds (for C. St. P. M. A O. stock).
1883 1,000Ac 10.000,000
Debenture bonds of 1909 (for $6,000,000)...........
1884 1,000Ac
3,869,000
C.A N.W. Exten. bds. ($20,000 per M.) cp. A reg.
1886 l,000Ac
4,385,; 00
Ottumwa C.F.A St.P., 1st M., guar.($25,000 p.m.)
64 1884
1,000
1,600,000
Des Moines A Minneapolis RR. 1st mort. Bonds...
1,000
58 1882
600,000
Escanaba A Lake Superior RR., 1st m o r t ...........
36 1881
1,000
720,000
Dakota Central RR., 1st mort................................
71 1882
1,007,000
do
1st M.. Southeast Div. (for $2,000,000). 125 1382
2,000,000
North. HI., 1st M. ($20,000 p. m.) guar. C A N . W.
75 1885
1,000
1,500,000
Other small issues (see remarks on preced’g page)
493,000
Cedar Rapids A Missouri River, 1st mort.............
70 1861 500 Ac.
700,000
do
1st mort.............
1863
58
500 Ac.
582,000
146 1866 500 Ac.
do
1st mort.............
2,382,000
Chicago Iowa A Nebraska, mortgage.....................
82 1863 500 Ac.
129,000
__ 1377
Maple River 1st mortg ..........................................
—
402.500

C h ic a g o

INCOME ACCOUNT.

1882-83.
Receipts—
$
Net earnings___ 10,009,319
Disbursements$
Rentals paid___
1,570,948
4,288,633
Interest on debt
Dividends..........
2,890,337
Rate on pref___
8
Rate on coinm’n
98,120
Miscellaneous ..
Tot. disb’m’ts.
Balance, surplus

$8,848,038
$1,161,281

1883-84.
$
9,879,668
$
1,568,704
4,527.235
2,939,469
8

1884-85.
9,708,149
$
*28,567
*5,064,534
*3,981,348
8

7
83,000

7
58,000

$9,118,408
$761,260

$9,132,449
$575,700

1885-86
$
10,420,374
$
5.536,363
3,414,504
7
6

58,000
$9,033,867
$1,381,507

* On absorption of Iowa leased lines, rentals ceased and interest and
dividend charges increased.
GENERAL BALANCE AT CLOSE OF EACH FISCAL YEAR.

Assets.
1883-84.
1884-85.
1885-86.
Chic. & N. W. —Road & equip.. $102,710,425 $126,853,870 $126,301,024
Other companies
do
39,486,916
35,539,234 36,628,824
200,000
200,000
200,000
Real estate in Chicago............
Bonds owned............................
508,026
360,242
934,482
20,323.313
12,282,159 1 12,2-2,159
Stocks owned........................ -730,000
1,221,000
714,000
Land grant investments........
Bills and accounts receivable.
1,192,626
1,890,841
1,126,281
2,205,359
1,808,567
2,000,734
Materials, fuel, &c...................
Cash on hand............................
1,964,698
3,807,191
2,932,848
1,730,002
1.934,004
4.239,176
Trustees of sinking fund.......
Total..................................... $171,051,394 $185,897,108 $183,759,528
Liabilities.
Stock, common........................ $26,617,366 $41,374,866 $41,374,866
22,325,454 122,325,454
Stock, preferred......................
22,325,455
22,550,100
11, 220,000
11,230,000
Stocks of propriet’ry roads,&c
Bonded deb t............................
91,460,500 ||90,511,500
80,891,000
1,544,221
1,027,772
1,331,600
Divid’ds declared, not yet due
Sinking funds p a id ..................
1,730,000
1,934,000
4,239,175
2,251,206
Current bills, pav-rolls. &c___
1,690,680
1,880,317
113,262
140,762
Uncollected coupons, &o........
80,651
562,543
31,044
Rentals of roads in la., not due
37,000
Bonds unsold, A c.....................
310.000
537.000
Note of Consol. Coal C o..........
275.000
125.000
275.000
703,525
Accrued interest not d u e .......
675,395
705,060
Miscellaneous...........................
120.000
Land income account.............
2,954,246
2,938,675
3,194,071
9,187,120
9,762.819
11.144,326
Railroad income account.......
Total....................................$171,051,394 $185,897,108 $188,759,529
t Includes Chic. St. P. M. & O. stock, $10,315,659; F. E. A M. V. RR.
stock, $1,966,500. Also owns C. & N. W. common stock, $10,007,116,
and preferred, $2,284, but these items are included in the amounts given
on other side of the account.
Including $10,007,116 common and $2,284 preferred stock in com
pany’s treasury.
||Including live bonds in sinking funds, which amounted May 31,1886,
to $969,500.
—(V. 41, p. 76, 100, 101, 255, 272, 685; V.42, p. 22,304,324,338, 393,
487, 519, 694; V. 43, p. 49, 117, 130, 399.)
C h ic a g o & © liio R i v e r . —Line of road from S'dells, 111., to Olney,
86 miles. This Co. was organized in 1886 as successor of the Danville
Olney & Ohio River, foreclosed iu Feb. 1886. An extension to the
Ohio River is projected. Earnings in 1884-5, $50,293 gross, anddef.
under operating expenses, $2,823. Parker C. Chandler, President, Bos­
ton. (V. 42, p. 1£5, 215, 242.)
C hicago R o c k Isla n d Sc Pacific.—L ine of R o ad .—Owns from
Chicago to Council Bluffs, 500 miles; Davenport. Ia., to Atchison, Kan.,
345; Atchison Junction to Leavenworth, Kan., 2P5; Washington, la., to
Knoxville, 77*5; South Englewood to South Chicago, 7*5; Wilton to
Muscatine, 12-5; Newton to Munroe, 17; Des Moines to Indianola and
Winterset, 4 7 ; Menlo to Guthrie Centre, 14-5; Atlantic to Audubon,
24-5; Atlantic to Griswold. 14-7; Avoca to Harlan, 11-8; Avoca to Carson, 17’6 ; Mt. Zion to Keosauqua, 4*5 ; Wilton to Lime Kilns, 5. Leased:
Cameron, Mo., to Kansas City, 54; Bureau Junction to Peoria, 47 miles;
Keokuk to Des Moines, 162. Total operated, 1,384 miles.
Organization — The Chicago & Rock Island RR. was chartered in
Illinois Feb. 7, 1851, and opened from Chicago to the Mississippi River
July, 1854. The extension from the Miss, to the Mo. River was built
by the former Mississippi & Missouri RR. of Iowa, which was foreclosed
under mortgage in 1866. The Illinois and Iowa roads were consolidated
August 22,1866, under the present title, and the main line was extended
to Council Bluff's June, 1869. The Iowa Southern & Missouri Northern
was formerly the Chicago & Southwestern, and was foreclosed and pur­
chased by this company, and consolidated June, 1880. The present
Chic. R. I. & Pacific was a consolidation June 4,1880, with $50,000,000
stock authorized, and a scrip dividend of 100 per cent to the holders of
Chic. R. I. & P. stock. The fiscal year ends March 31, and the annual
election occurs in June.

3
1%
7
7 g.
7
7
7 g.
7 g.
7
7
7 g.
8
7 g.
7
6
6
6
5A 6
5
5
4
5
7
6
6
6
5
7
7
7
7
7

I. A D. New
Q .-M .
Q .-F .
A. A 0.
J. A J.
J. A J.
J. A D.
J. A D.
J. A J.
M. A N.
J. A D.
A. A O.
M. A S.
M. A S.
M. A N.
M. A N.
M. A S.
A. A O.
M. A N.
M. A N.
F. A A.
M. A S.
F. A A.
J. A J.
M. A S.
M. A N.
M. A S.
F.
F.
M.
F.
J.

A
A
A
A
A

A.
A.
N.
A.
J.

York, Co.’s Office.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
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do
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do
do
do
do
do
do
do
do
do
do
do
do

Dec. 28, 1886
Dec, 28, 1886
Feb. 1, 1915
April 1, 1911
July 1, 1898
July 1, 1906
June 1, 1911
Dec. 1, 1902
Jan. 1, 1887
Nov. 1, 1907
Dec. 1, 1916
Oct. 1, 1900
June 1, 1917
Sept. 1. 1908
Nov. 1. 1905
Nov. 1, 1905
Sept. 1, 1905
Oct. 1, 1929
May 1, 1933
Nov. 1, 1909
Aug. 15, 1926
Mar. 1, 1909
Feb. 1. 1907
July 1, 1901
Sept. 1, 1907
Nov. 1, 1907
Mar. 1, 1910
Aug. 1, 1891
Aug. 1. 1894
Mav, 1916
Aug. 15, 1892
July 1, 1897

8*2 cash and 100 p. c. in stock; in 1881, 1882, 1883, 1884, 1885
and 1886, 7. Range of prices of stock was as follows since 1876, viz.: in
1877, 82*2® 105*2; in 1878, 98380122; in 1879, 119®150*2; in 1880,
to July, 149®204; July to Dec. (new stock) 100*2® 143 ; in 1881, 129
®148Ss; in 1882, 122@140*4: in 1883, 116*2®127*4* in i884, 100*4®
126%; in 1885. 105 *132; in 1886, to Dec, 17, 120*8®131.
The road from Minneapolis west to the juno. with Bur. C. R. A N. line
(205 miles) is built under the charter of the Wisconsin Minn. A Pac. Com­
pany issued by the old Territorial Legislature. The W. M. A P. Co. issues
its bonds running for 50 years, beariug 6 per cent interest, at the rate of
$20,000 per mile, of which $5,000 per mile is for equipment. These
bonds are deposited by Rock Island with the United States Trust Co.,
and in lieu of them the Rock Island issues its own bonds for $15,000 per
mile of road, but bearing 5 per cent. The difference in interest as it accu­
mulates is to be invested in Rock Island bonds: these bonds may be
redeemed at 1<*5 after July 1, 1*94. The 3t. Joseph & Iowa RR., Altamont, Mo., to Rushville, M o, 64 miles, was completed Jan., 1886, and
$960,000 in similar collateral trust bonds issued.
The authorized issue in 1886 of similar collateral trust bonds for $10,000,000 was for the extensi n of some 7u0 miles under the name of the
Chicago Kansas & Nebraska Railroad.
Operations , F inances , &c .—The company has paid its stockholders
handsomely, including scrip dividends. The receipts from lands are
now practically ended; the laud notes on hand April l, 1886, were
$676,114. The management is secretive and no monthly or weekly
reports of earnings are issued.
The mileage, earnings, &c., for four years ending March 31, have
been as follow s:
1882-3.
1883-4.
1884-5.
1885-6.
Miles owned & oper..
1,381
1,384
1,384
1,384
Earnings—
$
$
$
$
3,333,o69
3,313,448 3,023,884 3,127,258
Passenger...... ........
Freight.....................
7,928,236
8,056,316 8,144,142 7,713,659
Mail,expr’s,r’nts,Ac.
928,598
1,165,750 1,038,885 1,163,431
Total grossearn’gs 12,189,903 12,535,514
Oper. expenses........
7,109,817
7.298,002

12,206,911 12,004,348
7,160,324 7.166,893

Net earnings....
P.c of op.ex. to earn.

5,046,587 4,837,455
58*65
59 70

5,080,086
58 33

5,237,512
58*22

INCOME ACCOUNT.

Receipts—
Net earnings.............
From land departm’t

1881-82.
1882-83.
1883-84.
$
$
$
5,080,086
5,237,512 5,046,587
560,000
470,000
330,000

1884-85.
$
4,837,455
310,000

Total income.......
Disbursements—
Rent leased roads ..
Interest on d eb t.......
Dividends..................
Rate per cent............
Add. and imp. acc’t ..
Miscellaneous*........

5,640,086
$
304,363
950,000
2,937,186
7
1,300,000
147,595

5,147,455
$
301,995
1,213,250
2,937,186
7
463,000
164,784

5,707,512
$
301,121
1,002,350
2,937,186
7
1,200,000
177,784

5,376,587
$
301,121
1,094,750
2,937,186
7
750,000
196,344

Total disbursements. 5,639,143
5 618,441 5,279,401
5,080,215
Balance, surplus___
943
89,071
97,186
67,240
—(V. 40, p. 183, 625. 684: V 41, p. 5, 2 3 ; V. 42, p. 479, 519, 548, 631,
6 9 3 , 706, 752 ; Y. 43, p. 308.)
Chicago <fc St. L o u is.—Chicago to Pekin, 111, 150 miles, and brunch
2 miles. This is the title of the company organized in March, 1885, as
successor of the Chicago St. Louis & Western, which had been formed
in Jan , 1884, as successor of the Chicago Pekin A Southwestern. Stock,
$3,000,000. Bonds offered for sale in New York July, 1385, by R. P.
Flower & Co. Gross earnings in 1835, $292,793; net, $91,633; int. on
bonds, $90,000. (See V. 41, p. 355, 415 ; Y. 42, p. 604.)
Chicago St. L ou is Sc P ittsb u rg .—The mileage is as follow s;
Columbus, O., to Indianapolis, Ind., 187 miles; branches—Bradford June.,
0 .,to Chicago, 111., 231 in.; Richmond, Ind., to Anoka June., Ind., 102 m.;
Peoria Junction, Ind., to 111. State Line, 61 m.; Indianapolis to Kokomo
(operated jointlv with Wab. St. L. & Pac.) 55 m.; total operated, 635 m.
This is the reorganization (March 20, 1883,) of the Columbus Chicago
& Indiana Central road, sold iu foreclosure on Jan. 10, 1883. The
C. C. & I. C. company was formed Feb. 12,1868, by consolidation of
the Col. & Ind. Cen. and Chic. & Gt. East, railroad companies, and was
leased to the Pitts. Cin. & St. Louis Railway Co. Feb. 1,1869, by which
company it was operated. After default in 1875 and much litigation,
a plan of settlement with the Penna. RR. was approved by a majority
of bondholders in 1882 and carried out. The preferred stock is entitled
to 6 per cent yearly if earned, and is clearly cumulative. There was held
by the Penna. RR. and the Penna. Co. a large amount of the 1st consol,
mortgage and the stocks, which are presumably still held by those
companies. In addition to the bonds given in our table there are
several smaller amounts of other issues aggregating $28,278.
The annual report of this company for the year 1885 was pub
lished in the Chronicle, Y. 42, p. 517, to which reference should be rnadeThe report s »ys : “ As will have been noticed, the freight earnings in­
creased $257,454. This was the result of an increase of 514,533 tons in.
Stock and B onds .—D ividends have been paid as follow s since the tonnage. The total tonnage was 3,031,595 tons, as against 2,517,1876, viz.: in 1877 and 1878, 8 per c e n t ; in 1879, 10 in 1880, 062 tons in 1884. Of the increase in the tonnage, 79,379 was in the




D ecember , 1886,]

RAILKOAD

STOCKS

AND

BONDS,

33

S u bscribers w i l l co n fe r a great fa v o r b y g iv in g im m e d ia te n o tie e o f a n y erro r d isco v e re d in th ese T a b le s .

•
Bonds—Pnnol
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
pal,When Due.
Amount
of
par
For explanation of column headings, &c., see notes of
Rate
per
Stocks—Last
When
Where
Payable
and
by
Road. Bonds Value. Outstanding Cent. Pay’ble
Whom.
Dividend.
on lirst page of tables.
Chicago <£ Northwestern—(Continued)—
Fremont Elkhorn & Mo. Val.,Consol, bonds......
do
do
equipment bonds.............
Mo.V&BlairRR.Br’ge, 1st, red’ble aft.’93.......
Sioux City & Pacific, 1st mortgage...................
do
2d mort. (Gov’t subsidy).
do
pref. stock........................
Chicago & Ohio River.—1st mort...........................
1st mortgage, coup, or reg.....................................
Chic.& Southw.. IstM.g. (g’d in cur. by C.R.I.&P.)
Exten. and eollat. bonds ($20,000 p.m.) cp. or reg.
Chicago & St. Louis—1st mortg................................
Chicago St. Louis <£ Piltsb.—Common stock.............
Preferred stock (6 per cent cumulative)..............
1st mortgage, cons fi. gold ($22,000,000)..............
1st M. Chic. & G’t Eas t. (Chic, to Logansport)__
do Col. & Ind’polis Cent. (Col. to Ind’s, Ind.)..
do Union & Logan sp’t (U’n City to Logansp’t)
do Cinn. & Chic. Air Line(Richm’d to Logans.)
2d M. Col. & Ind’polis Cent. (Cov. to Union City)..
Chic. Si. Paul & Kan City—1st, g’ld, $25,000 p m.
Chic. St. Paul Min'polis <&Omaha—Common stock..
Preferred stock..........................................................
Consol, mortgage ($15,000 per mile)......................
Chic. St. Paul & Minn., 1st mort., gold, coup........
North Wisconsin, 1st mortgage..............................
St. P. & Sioux City, mort., gold, for $7,000,000__
St. Paul Stillwater & Taylors’ Palis, 1st mort.......
Hudson & River Palls. 1st mort..............................
Minneapolis East RR., 1st mort., guaranteed.......
Chicago & West. Indiana—1st mort (sinking fund).
General mortgage, gold, sinking fund...............

311

1883

102
102

1883
1868
1868

$1,000
500&C.
500&C.

....

1,384
636
271
243
150
582
582
580
117
208
93
107
208
115
1,280
1,280
177
120
605
23
12
—

ioo
1877 l.OOO&c
1869 100 &c.
1,000
1884
1,000
1885
100
100
1,000
1883
1864
1865
1864
1886
1880
1878
1880
1879
1878
1878
1879
1879
1882

1,000

1,000

100
100
1.000

500 &c.
1,000
1,000

1,000
1,000

local and 435,154 in the foreign or competitive traffic. The increase was
i n grain, coke, coal, ore, and manufactured articles.
OPERATIONS AND FISCAL RESULTS.

$7,725,000
401,000
1.000,000
1,628.000
1,628,320
169.000
500.000
41,960,000
12,500,000
5.000,000
4,860,000
1.500,000
7,313,643
17,442,050
13,435,000
224,000
2,631,000
715,000
103,500
780,000
(?)
18,559,660
11,259,933
11,970,170
3,000,000
800,000
6,080,000
334,800
125.000
75,000
2,445,000
6,396.666

Miles operated.
Earnings—

6
6
6
6
6
3hj

J.
J.
J.
A.

A. & 0. New York, Co.’s Office.
do
do
& J.
do
do
do
do
& J.
& J. U.8. Treas., at maturity
& O. New York, Co.’s Office.

Jan. 1, 1923
Jan. 1. 1898
Jan. 1, 1898
Oct. 5, 1886

1%
6
7
5
6

Q.—F. New York, Co.’s Office.
do
do
J. & J.
M. & N.
do
do
do
do
J. & J.
New York.
M. & S.

Nov. 1, 1886
July 1, 1917
Nov., 1899
July 1, 1934
Mar. 1, 1915

Oct. 1, 1933

5 g. A. & O. N. Y., Union Trust Co. Oct. 1, 1932
1893 & ’95
do
do
7
Various
Nov., 1904
do
do
7
J. & J.
Dec.. 1905
7
A. & 0.
do
da
Aug. 1, 1890
F. & A.
do
do
7
Nov.. 1904
7
M. & N.
do
do
1936
5 g. J. & J. New York and London.
3
6
6
6
6
7
8
7
6
6

July 20,1886
J. & J.
New York, Office
June 1, 1930
J. & D.
do
do
May 1, 1918
do
do
g. M. & N.
Jan. 1, 1930
do
do
J. & J.
April 1, 1919
do
do
g. A. & O.
Jan. 1, 1908
J. & J.
do
do
July 1, 1908
do
do
J. & J.
Jan. 1, 1909
do
do
J. & J.
g. M. & N. N. Y., Drexel, M. & Co. Nov. 1, 1919
Dec. 1, 1932
do
do
g. Q . - M .
1882.
1,150
$
1,311,217
3,478,624
172,361
4,962,202
3.240,787
1,721,415
65-31

1883.
1,280
$
1,470,558
3,843,948
200,778
5,515,284
3.623,827
1,891,457
65-70

1834.
1,318
$
1,430,711
4,132,530
221,690
5,784,931
4.007,022
1,777,909
6926

1885.
1,340
$
1,305,515
4,255,393
253,897
5,814,810
3,721,151
2,093,659
63-99

1684.
1832.
1883.
1835.
Miles of r’d operated
580
635
635
635
Mail, express, &c__
Operations—
Tot. gross earnings
Passengers carried..
1,118.516
1,228,701
1,186,779
1,061,091 Oper’g expens.&txs.
Passenger mileage . 46,183,683 48,146,452 48,891.744 46,840,896
Rate $ pass. $) mile
2-44 cts.
2-42 cts.
2-32 cts.
2-21 cts
Fr’ght (tons) carried
3,001,619
2,782,033
2,517,062
3,031,591 P.o. of op. ex. to earn.
INCOME ACCOUNT
Fr’ght (t’ns) mileage 547,861,385 526,622,269 484,716,894 612,653,872
1882.
1883.
1884.
1885.
Ave. rate $ ton $ m.
0 66 cts.
0-72 cts.
0'60 cts.
0 5 2 cts
Receipts—
$
$
$
$
1,777,909
Earnings—
$
$
$
$
1,721,415
1,891,457
2,093,659
1,128,909
1,163,407 1,134,689 1,036,077 Net from land grants
546,825
547,777
651,125
721,995
Passenger.................
212.221
33,235
3,636,669
3,781,107 2,902,433 3,159,887 Other receipts..........
Freight......................
120,866
153,623
Mail, express, & e .„ .
357,365
349,406
359,718
3 7 1,632
2,592,857
2,848.889
Total income__
2,389.106
2,641,255
Disb ursements—
$
$
$
$
62,982
27,736
35,564
49,174
Total gross earns 5,122,943
5,293,920 4,396,840 4,567,596 Rentals paid.............
1,334,324
1,134,751
1,222,371
1,320,146
3,807,645 Interest on debt.......
Op, expa. and taxes. 4,419,357 4,335,964 3,602,213
770,476
675,408
Div. on pref. stock..
787,976
735,397
Rate of dividend___
(7)
(7)
(7)
(6)
$759,951 Loss on prop, roads.
12,524
Net earnings.............
$957,956
$794,627
12,356
13.065
$703,586
83-36
2,170,361
P.c.of op ex. to earns.
86-27
81-90
81 93
2,040,767
2,035,238
Tot. disbursem’ts 1,897,835
470.894
552,090
763,651
491,221
Balance surplus.......
INCOME ACCOUNT.
-(V . 41, p. 355, 434 , 653; V. 42, p. 257, 42 9 , V. 43, p. 244, 502.)
1885.
1834.
1883.
Receipts—
Chicago & Western Indiana.—Owns from Dolton and Ham
$794,627
$759,951 mond, 111., to Chicago, with a belt railroad and branches, with ware
$957,956
Net earnings...
1,972
26,720
Interest ...........
houses, elevator, &c., 48 miles of roads and 132 miles of track in all
78,073
Other receipts.
297
including 2d, 3d, 4th and siding track (of which 51 miles were leased to
the Belt R’y of Chicago), and about 400 acres of real estate. This
$874,672
$759,951 company leases its road for right of way into Chicago an 1 terminal
$984,973
Total income...................
facilities therein to the Wabash, the Gr. Trunk of Canada, the Chicago
Disbursements—
$21,224 & East. Illinois, the Chic. & Atl. and Louisv. New Albany & Chicago
$21,224
$15.9! 8
Rentals paid......................
roads;
the annual rentals stipulated amount to $667,450, exceeding the
1,079,602
1,079,241
663,363
Interest on debt................
interest charge considerably. The stock is $5,000,000 and bonds are lim­
120,633
Net C. C. & I. C. for 3 mos.
ited
to
$10,500,000; the bonds are liable to be redeemed at any time at
17,565
Miscellaneous.....................
105 by a sinking fund, which is provided for by increased rentals to be
paid for that purpose. (V. 43, p. 22.)
$1,118,030
$799,914
$1,100,826
Total disbursements.
Chicago «
S
cWest Michigan.—Owns from Lacrosse, Indiana, to
.sur.$185,059 def. $226,154 def. $353,079 Pentwater, Mich., 209 miles; branches—Holland Junction to Allegan,
23 miles; Holland to White Cloud, 70 miles; Fruitport to Muskegon,
—(Y. 40, p. 363, 539) V. 42, p. 364, 517.)
10 miles; Kirk’s Junction to Pickand’s Junction, 3 miles: Muskegon
Chicago St. Taul & Kansas C ity .—Road completed from Des to Port Sherman, 6 miles; Woodville to Muskegon River, 17 miles;
Moines, la., northwest t o a junction with the Minn. & Northwestern Mears to Hart, 3 miles; B. R. Junction to Big Rapids, 51 miles; White
over 120 miles, and to be built soon to St. Joseph Mo. Bonds are issued River Junctiou to Baldwin, 20 miles; total operated, 413 miles. Organ­
at the rate of $25,000 per mile on road and equipment; capital stock ized as successors of Chicago* Michigan Lake Shore Jan. 1,1879, and
$25,00 >per mile. R. T. Wilson, New York, President. (Y. 43, p. 72.)
consolidated in Sept., 1881, with the Grand Haven road, 57 miles,
Chicago St. Paul Minneapolis & Omaha. —(See map Chicago Muskegon to Allegan, and the Grand Rapids Newaygo & Lake Shore, 46
& Northwestern.) Mileage: Eastern Div.—Elroy to St. Paul, 196 miles; miles, from Grand Rapids to White Cloud.
Earnings, &c., have been as follow s:
River Palls Branch, 25 miles; Stillwater Branch, 4 miles; South Stillwater
1882.
1883.
1884.
1885.
Branch 4 miles; Eau Claire Branch, 3 miles; Neillsville Branch, 14 miles;
$
$
$
$
St. Paul to Minneapolis, 10 miles; total, 256 miles. Northern DivisionNorth Wisconsin Junction to Bayfield, 178 miles; Ashland Junction to Total gross earnings............. 1,503,433 1,550,098 1,469,667 1,297,301
Ashland, 4 miles; Ashland Shore line, 1 mile; Eau Claire to Chicago
364,874
468,977
348,788
Junction, 81 miles; Superior Junction to West Superior, 69 miles; total, Net earnings......................... 455,645
7,068
7,559
2,217
4,072
333 miles. St. Paul& Sioux City Division—St. Paul to Sioux City, 269 Other receipts......................
miles; Minneapolis to Merriam Junction, 27 miles; Lake Crystal to El­
Total
income...................
462,713
372,433
471,194
352,369
more, 44 miles; Heron Lake to Pipestone 55 miles; Sioux Falls Junction
Disbursements—
$
$
$
$
to Salem, 98 miles; Luverne to Doon, 23 miles: total, 521 miles.
217,024
222,085
224,080
Nebraska Div.—Covington to Omaha, 126 miles; Coburn June, to Ponca, Interest on deb t................... 191,423
153,580
184,506
215,257
123,004
16 miies; Missouri River transfer, 2 miles; Norfolk Branch to Emerson. Dividends....................
46 miles; Wakefield to Hartington, 34 miles; total, 224 miles. Total
Total disbursements__ 345,003
401,530
437,342
347,084
owned, 1,334 miles. Proprietary road, 5 miles. Total of all, 1,339 miles.
This was a consolidation July, 1880, of the Chicago St. Paul & Minnea­ Balance ...........................surl 17,710 def 29,097 sur.33,852 sur. 5,776
polis (formerly West Wisconsin), the North Wisconsin, and the St. Paul - (V . 40, p. 4 5 2 , V. 42, p. 186. 486.)
Cincinnati & Eastern.—June 30, 1884, operated from Idlewild,
& Sioux City. The 8t. Paul & Sioux City was a consolidation in August,
1879, of the'St. Paul & Sioux City and the Sioux City & St. Paul, forming O., to Wharton, O., 99 miles; Junction to New Richmond, 15 miles;
a main line from St. Paul to Sioux City. 270 miles. The St. Paul Still­ leases Col. & Maysv., 18 miles; Hillsboro Short Line, 2 miles; and Cin.
water & Taylor’s Falls was consolidated with this company; also the to Idlewild, 5 m. Went into receiver’s hands Sept., 1883, who completed
the road to Portsmouth. In Sept., 1886, road was sold in foreclosure
Worthington Sioux Falls & Iowa and Covington & Black Hills.
Preferred stock has a prior right to non-cumulative dividend of 7 per and purchased by Mr. Netter for $900,550, but to be resold Jan. 5,
cent from net earnings; but common is never to receive more than is 18»7. In 1883-84 gross earnings were $139,318; net. $19,613. In 1884paid on preferred. The Chic. St. Paul & Minneapolis l st mort. is a 2d 8 5, gross, $135,057 ; net, $8,920; rentals, $9,265: deficit, $145. Plan of
on the lands; the land mort. a 2d on road; but no foreclosure can be reorganization in V. 41, p. 23. (V 40, p. 120, 304; V. 43, p. 49, 274,
had except by default on 1st mortgage.
334, 515, 671.)
Cincinnati Hamilton & Dayton.—Owns from Cincinnati, O .,
In November, 1882, a controlling interest in the stock was purchased
for the Chicago & Northwestern Railway by the acquisition of 93,200 to Dayton, O., 60 miles; leased—Dayton & Michigan, Dayton to
shares of common at an average price of 48-40, and 53,800 shares of Toledo, 142 miles; Cincinnati Hamilton & Indianapolis, Hamilton to
preferred at an average of 104-04—the total cost being $10,503,959, Indianapolis, 99 miles; Cincinnati Richmond & Chicago. Hamilton, O.,
to Indiana State line (and leased road), 44 miles; McComb Toledo <fe
which stock is held as an asset of the Chic. & Northwestern Company.
For the half-year ending June 30,1886, a report published in the D., 9 miles: total operated, 354 miles ; each lease reported separately.
In April, 1885, it was announced that a controlling interest in this road
C hronicle of October 30, gave the gross earnings $2,690,157, net,
$869,282; against $2,510,871 gross and $687,762 net in first half of was purchased in the interest of M\ C. P. Huntiugton and others,
although
the stock had already been deposited in a 5 years’ pool, and in
1885.
Report for 1835 was in Chronicle , V. 42, p. 429. The land sales in June the directors elected were of the new management. See V. 42, p. 753.
1885 were 121,045 acres for $516,951, including lots; land contracts and
A proposal in 1886 to issue pref. stock was abandoned, and in Jan.,
notes on hand Dec. 31,1885, $2,295,843; lands undisposed of, 837,079 1887, the stockholders are to vote on issuing $2,000,000 bonds aud
acres. Earnings, &c., were as follows:
$500,000 common stock.




34




INVESTORS’ SUPPLEMENT.

V ol. XL III.]

RAILROAD STOCKS AND

D ecember , 1886.1

35

BONDS,

S u bscribers w i l l c o n le r a great fa v o r b y g iv in g lm m e d la te ]n o tlc e o f a n y e rro r d isco v e re d In th e se T a b le s .

Bonds—Prinoi
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When Due.
Amount Rate per When Where Payable, and by pal,
of
For explanation of column headings, &c., see notes of
Par Outstanding
Stocks—Last
Road. Bonds Value.
on first page of tables.
Whom.
Cent. Payable
Dividend.
Chicago dt West Michigan—Stock, n e w .....................
1st mortgage, New Buff, to St. Jo........................
Gr. Rap. Newaygo & Lake Sh., 1st mort. coup___
Gen’l M. ($12,000 p. mile)................ .....................
Cincinnati dt Eastern—1st mortgage.........................
Cincinnati Hamilton <£ Dayton—Stock.....................
Preferred stock..........................................................
Consol, mort. ($996,000 are 7s), sink, fund 1 p. c
Cm. Ham. & I. (Junction) RR., 1st mort.,guar___
Cincinnati Indianap. St. Louis dt Chicago—Stock..
Ind. & Cin. of 1858,1st mort..................................
Indianapolis Cin. & Laf. mortgage........................
Cin. & Ind., 1st mortgage........................................
do
2d M., guar., and funded coupons__
Gen. 1st mort. gold (for $10,000,000)...................
Consol, mort...........................................
...........
Cincinnati Lafayette & Chicago, 1st mort., gold ..
Vernon Greensb. & Rushv. 1st mort.......................
Cincinnati Lebanon dt Northern.—1st mortgage ...
Cincinnati dt Muskingum Valley—1st mortgage__
Cincinnati New Orleans dt Texas Pacific—Stock.......
Cin. Richmond dt Chic.—1st mort., guar. C. H. &D..
2d mortgage, guar, and owned by C. H. & D .......
Cin. Richmond dt Ft. IT.—1st mort., gold, guar......
Cincinnati Sandusky dt Cleveland—Stock................
Preferred stock..........................................................
Mortgage bonds, Sandusky, Dayton & Cincinnati
Mortgage bonds, Sandusky City & Ind...........
2d rnortg. Cine., Sandusky & Cleve................
Cincinnati dt Springfield—1st mortgage, guar.
2d mortgage.......................................................
Cincinnati Wabash & Michigan—Stock ($3,000,000)

413
127
36
413
86
354
354
60
98
382
95
151
20
20
All.
175
56
44
148
336
36
36
91
190
190

43
48
165

1
F. & A.
Boston.
$6,796,800
480,000
M. & S. Bost.. Treasurer’s office.
8
576,000
J. & J. N. Y. Union Trust Co.
8
2,765,000
J. & D.
5
_____
498,100
J. & J. Sardinia, O, Receiver.
7
100
3,500,000
2
Q .-F . N. Y., H. S. Ives & Co.
100
1,000,000
1
Q .-F .
do
do
1875
1,000
3,336,250 4, 5, 6, 7 A. & 0.
do
do
1873
1,000
1,800,000
7
J. & J.
do
do
- - - .
100
7,000,000
New York.
Q .-J .
1*4
1858 500 &c.
1,598,500
A. & O. N. Y., Amer. Ex. Bank.
7
1867
1,000
F. & A.
2,790,000
7
do
do
1862
1,000
499,000
7
J. & D.
do
do
1867
1.000
1,329,000
J. & J
7
do
do
18*6 1000 ifec 1,255,000
do
do
4 g- Q .-F .
1880
1,000
1,195,000
6
M. & N.
do
do
1871
1,000
1,120,000
do
do
7 g. M. & S.
1880
450,000
7
M. & N.
Cincinnati.
....
200,000
5
1870
1,000
1,500.000
7
J. & J. Jan.,'86, cp.paid in Nov.
100
3,000,000
3
1866
1,000
560,000
7
J. & J. N. A., H. S. Ives & Co.
1869
1,000
65,000
do
da
7
J. & J.
1871
1.000
1.800,000
7 g. J. & D. N.Y., H. S. Ives & Co.
50
4,003,330
2
M. & N.
Boston, Office.
....
50
428,850
3
M. & N.
do
do
1866
538,000
6
F. & A. Boston, Nat. Revere Bk.
1852
350,000
M. & S.
Boston, Office.
7
1867
1.072,300
7
J. & D.
do
do
1,000
1871
2,000,000
7
A. & O. N. Y., U. S. Trust Co.
1872
1,000
651,000
do
do
7
J. & J.
—
—
2,043,100

1869
1871
1881

$ ....
1,000
1,000
1,000

For the sis months ending Sept. 30, 1886, the net surplus applieab’ e
to dividends was $244,376.
Income account in the fiscal years ending March 3 1 was as follows,
including all the roads operated :
1883-84.
188 t-85.
1885-86.
$2,856,559
$2,865,933
Gross receipts...............................$3,042,461
$1,813,899
Operating expenses and taxes.. $2,083,705
$1,841,271
236,940
236,940
C. H. & D. div., com. and preC..
236,485
503,266
490,718
Interest.........................................
509,840
132,017
132,020
D. & M. dividends.......................
132,015
10,650
Miscellaneous...............................
6,185
Total....................................... $2,968,227

$2,724,144

$2,673,577

$74,232
$141,789
$182,982
Net surplus
- ( V . 42, p. 124, 487,519,752; V.43,p. 131, 334, 487, 671, 718.)
C in cin n ati In d ia n a p o lis St. Loulg Sc C hicago.—(See Map.) —
Owns from Cin. to Lafayette., Ind., 174 miles; Lawrenceburg branch,
3 miles; Harrison branch (partly owned), 7 miles; Fairland F. & M.
Road, 38 miles; and Cincinnati Lafayette* Chicago (leased), 76 miles;
Vernon Green. & Rush., 44 miles (leased); Kankakee & Seneca (one-haif
owned), 43 miles; Col. Hope & Green., 26 miles; total operated, 411 miles.
This company was formerly the Indianapolis Cin. & Laf., which was a
consolidation in 1876 of the Indianapolis & Cin. and the Laf. & Indianap­
olis railroads, the company taking a perpetual lease of the Cincinnati
& Indiana Railroad. The road was sold in foreclosure Feb. 2, 1880,
and this company organized.
The new 4 per cent mortgage for $10,000,000 will retire all other
bonds as they fall due, and leave a surplus of $1,000,000 for other pur­
poses as needed. There are yet outstaoding $33,500 Cin. & Ind. fund,
coup. 7 p. ct. bonds, due Sept., 1890.
After paying dividends of 6 p. c. in 1881, 6 in 1882,and 3 in 1883, the
dividends from July, 1883, were passed, the money being required for
repairs of damages by flood, &c., and 1 per cent quarterly was resumed
in Dec., 1885.
For three months from July 1 gross earnings were $695,636 in 1886,
against $603,193 in 1885; net, $283,194, against $245,000; surplus
over charges, $133,191, against $95,000.
The annual report for tne fiscal year ending June 30,1886, was pub­
lished in the C hronicle , V. 43, p. 430.
For years ending June 30, the statistics of income, &c.. are as follows:
INCOME ACCOUNT.

Gross earning3........ .
Net earnings.............
Disbursements—
Interest on bonds...
Rate of dividends .. ..
Miscellaneous..........

1882-83.
$
2,617,457
973,652

1883-84.
$
2,408,583
903,190

1884-85
$
2,595,859
935,678

1385-86.
$
2,526,934
986,872

621,159
315,000
(4ks p. 0.)
2,342

626,233

624,482

5,254

29,045

624,234
210,000
(3 p. c )
18,844

938,501
631,487
Tot. disbursem’ts..
653,527
853,078
35,151
282,151
133,794
Balance, surplus___
271,703
—(V. 41, p. 50, 76, 3 9 1 , 445, 486, 584, 653, 638 ; V. 42, p. 93, 215, 338,
468, 604, 928, 753; V. 43, p. 22, 73, 190, 368, 4 3 0 , 431, 458, 515. 607.)
C in cin n ati Sc M u sk in g u m V a lle y .—Owns from Morrow, O., to
Dresden Junction, O., 148 miles. Chartered as Cinn. Wilm. & Zanes.
in 1851 and opened in 1857. Sold under foreclosure Oct. 17,1863, and
reorganized as Cincinnati & Zanesville March 11, 1864. Sold again
Dec. 10,1869, and reorganized as at present. Road was leased for 99
years from Jan. 1,1873, to P. C. & St. L., but the lease was terminated
Dec. 31, 1885, and the C. & M. V. Co. resumed possession. Gross earn­
ings in 1885, $319,645; deficit, $66,917; interest, $105,000; total defi­
cit, $171,917. Total amount due lessee Dec. 31, 1885, $1,081,013Capital stock, $3,997,320. The coupon of Jan, 1, 1886, was paid in
Nov., 1886, by Winslow, Lanier & Co. (V. 41, p. 23, 653.)
C in cin n ati New Orleans Sc T exas Pacific.—(See Map).—This is
the company organized under the laws of Ohio Oct. 8,1881, to operate
the Cincinnati Southern, and 51 per cent of the stock is held by the Eng­
lish company, the Alabama New Orleans & Texas Pacific Junction Co.,
Limited. The Cincinnati Southern road extends from Cincinnati to
Chattanooga, Tenn., 336 miles. The Ala. N. O. & T. P. also controls the
Vicks. & Mer., 142 miles; Vicks. Shrev. & Pac., 189 miles; N. O. & No.
East., 196 miles; and Spanish Fort RR., 13 miles. See title in this
S upplem ent . The rental due the Cincinnati Southern is $812,000 per
year till 1886, then $912,000 till 1891, $1,012,000 till 1896, $1,102,000
till 1901, and $1,262,000 till 1906. The annual report for 1885 in V.
42, p. 240, gave the following income account for three years:
Receipts from,—
1883.
1884.
1885.
Passengers.................................... $634,940
$654,197
$662,970
Freight...................................... - 1,843,781
1,855,856
1,875,780
Mail, express & miscellaneous.
168,622
148,131
142,796
Total earnings................... $2,647,343
Operating expenses and taxes. 1,851,321
Net earnings...........................




$796,022

$2,658,184
1,836,974
$821,210

Aug. 16, 1886
Sept. 1889
July 1, 1891
Dec. 1, 1921
July 1, 1896
Dee. 1,1886
Nov., 1886
Oct., 1905
Jan., 1903
Dec. 15, 1886
Oct., 1888
Feb., 1897
Dec., 1892
Jan., 1892
Aug. 1, 1936
May 1, 1920
Mch.. 1901
May 1, 1920
Jan., 1901
Feb. 5, 1883
July, 1895
Jan. 1, 1889
June, 1921
May 1, 1884
Nov. 2, 1885
Aug. 1, 1900
Mch., 1887
Dec. 1, 1890
April 1, 1901
1902

Deduct—
.......................
Rent of road
Paid to Trustees........................

1883.
1884.
1885.
$8)0,000
$80t),000
$300,000
12,0 >0
12,000
12.000
$312,000
$812,000
$812,000
Balance........................ ...D ef. $15,978
Sur. $9,210 Sar.$159.01l
F. S. Bond, President. (V. 42, p. 2 4 0 ; V. 43, p. 125, 210.)
C incinnati Lebanon «fc N orth ern .—Dodds, Ohio, to Cincinnati,
36 miles; branches, 2 m iles: total, 38 miles. Uses 22 mile*, Dodds to
Dayton. This company was formed in July, 1885, as successor of the
Cincinnati Northern, sold in foreclosure. Stock is $1,000,000. Gross
earnings in 1884-85. $103,896; net, $3,071; rentals, $8,130; deficit,
$5,059. (V. 40, p. 684; V. 41, p. 23, 133, 215.)
C incinnati R ic h m o n d <fc C hicago.—Owns from Hamilton, O.,
to Indiana State Line, 37 miles; leased, Richmond, Ind., to Ohio State
Line, 7 miles; total operated, 44 miles. Reorganized May 3, 1866,
and leased in perpetuity from February, 1869, to Cincinnati Hamilton
& Dayton Co., this company to receive all surplus after expenses and
bond interest. Gross earnings in 1882-33, $254,003; net, $109,844;
int., $53,900; surp., $55,944. Gross in 1883-4, $247,911; net,$86,256;
int., $43,120; surplus, $43,068. Capital stock, $382,600.
C incinnati R ic h m o n d «fc F o rt W a y n e .—Owns from Rich­
mond, Ind., to Adams, Ind., 86 miles; leased, 5 miles of Pittsburg
Fort Wayne & Chicago; total operated, 91 miles. Leased for 99 years
to Grand Rapids & Indiana, the rental being net earnings; in­
terest is guaranteed by the lessees and by the Pennsylvania Company
and Cincinnati Hamilton & Dayton Company, jointly. Gross earnings
in 1884, $388,768; net, $63,571. Loss to guarantors, $100,391. Gross
in 1 8 8 ', $373,692; net, 189,329 ; loss to guarantors, $79,835. Capital
stock, $1,709,192. Total advances by guarantors, $988,466.
C incinnati Sandusky Sc C leveland.—Owns from Sandusky,
Ohio, to Dayton, Ohio, 154 miles; branch, Carey to Findlay, 16 miles ;
leased, Columbus Springfield & Cincinnati, 44 miles; total operated, 214
miles, less the division between Springfield & Dayton, 24 miles, which is
leased to the Clev. Col. Cinn. & Indianapolis. The preferred stock
has a lien by deposit of old bonds in trust. The Receiver, after a
three years’ possession of the property, was discharged January 1880.
In Aoril, 1881, a lease was made to the Indiana Bloomington & Western.
By the terms of the lease this company takes 33*3 per cent of its gross
earnings as rental; but the amount in any one year shall not be less
than $220,000 nor more than $550,000. There was a difference of
$202,076 claimed from the lessee up to 1885, and suit was brought and
finally decided against the I. B. & W., which company thereupon went
to a receiver in July, 1886. The U. S. Court ordered the receiver to
pay the C. 3. & C. rental, but afterward it was reported that the suit
would be settled and the two companies consolidated. (See V. 43, p. 458;)
For the year ending June 30,1885, rentals received and miscellaneous
receipts were about $228,000.
Payments, including all expenses, in­
terest, dividends ou preferred stock,&c., about $246,000. (V. 42, p. 694;
V. 43, p. 49, 244, 309, 398, 458.)
C incinnati <fc Springfield.—Operates from Cincinnati. Ohio, to
Springfield, Ohio, 80 miles, of which 32 miles were leased from other
companies. The whole is leased and operated by Cleveland Col. Cin.
& Ind. Co., giving them a line into Cincinnati, and depot accommoda­
tion. Lessees apply any excess over rentals to C. & S. stock. Interest
is guaranteed on the first mortgage, one-half by the lessees and one-half
by L. Shore & Mich. Southern. Stock is $1,100,000. To January, 1886,
tne C. C. C. & I. had advanced $2,769,167. Gross earnings in 1884,
$910,908; net earnings, $193,068; rentals, $166,060; interest, $185,570; total, $351,630; deficit, $174,947. Gross in 1885, $386,104; net,
$193,562; rentals, $167,322; interest, $185,570; other payments,
$15,500; total, $368,392; deficit, $174,829
C in cin n ati W a b a sh Sc M ich igan R a ilw a y .—Owns from
Benton Harbor, Mich., to Anderson, Ind., 165 miles. Sold Nov. 5, 1879;
for account of bondholders. New company organized April, 1880,
Total stock authorized, $3,000,000. Gross earnings for 1884, $326,532 ;
net, $57,534; surplus over payments, $8,469. Gross in 1885, $321,790.
net, $58,655. J. H. Wade, President, Cleveland, Ohio.
C in cin n ati W a sh in g to n Sc R a ltim o re .—(See Map o f Balt. <t
Ohio.)—Cincinnati, O., to Belpre, O., 193 miles; branches-Marietta to
Belpre, 11 miles; Portsmouth to Hamden, 55 m ; Blanchester to Millsboro, 22 m.; total, 281 m.
The Marietta & Cincinnati Co. was sold in foreclosure Dec. 9, 1882,
and re-organization was made Feb. 7,1883, under this name.
Prior lien bonds were issued for receiver’s certificates. Of the first
mortgage bonds, $1,250,000 were issued for the Cincinnati & Baltimore
Railroad stock, and bear 6 per cent, the balance bear 4 ki per cent and
are guaranteed by the Balt. & Ohio Railroad Company. The income
bondholders have voting power.
The annual report for 1885 in V. 42, p. 517, had the following:
Earnings from—
1883.
1884.
1885.
Passengers......................................... $562,881 $536,198
$461,412
Freight.............................................. 1,177,181 1,079,861
1,019,277
Mail, express, &c...............................
249,805 238,249
224,581

Total earnings.......................... $1,989,867 $1,854,308
$2,681,546
1,408,371
1,710,535 Operating expenses and taxes___ 1,489,824
8971,011

Net earnings ..............................

$500,043

$445,937

$1,705,270
1,464,830
$240,440

INVESTORS’
SUPPLEMENT.
[Vol. x l iii .




37

RAILROAD STOCKS AND BONDS.

D ecember , 1896.

S u bscribers w i ll co n fe r a great fa v o r b y g iv in g im m e d ia te n o tice o f a n y erro r d isco v e re d in th e se T a b le s .

Bo nds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
pal, When Due.
Miles Date Size, or
Amount
When
of
Par
Rate
per
of
Where
Payable,
and
by
Stocks—Last
fo r explanation of column headings, &c., see note
Road. Bonds Value. Outstanding Cent. Payable
Whom.
Dividend.
on first page of tables.
Cincinnati Washington <£ Balt—Common stock___
Preferred stock ........................................................
1st mort. gold (the 4*28 are guar, by B. & O)........
2d mortgage, gold....................................................
Prior lien, gold...........................................................
3d mort., gold (3 pr. ct. for 10 years and 4 after)
1st income mort., non-cumulative, gold................
2d income mort.. non-cumulative...........................
Baltimore Short Line mortgage..............................
Cincinnati & Baltimore mortgage..........................
Scioto & Hocking Valley mortgage........................
Cleveland Akron <£■ Columbus—Stock........................
Cleveland <6 Canton—Common stock........................
Preferred stock.........................................................
Cleveland Columbus Cincinnati <£ Ind.—Stock.......
1st mortgage Bel. & Ind.........................................
do
C. C., C. & I. sinking fu n d...............
Cons, mortgage (sink, fund 1 p. c.).......................
General consol, mort., gold (for $12.000,000)___
Cleveland Lorain <t Wheeling—Stock, common........
Stock, preferred........................................................
Clevel’nd Tuscarawas Val. & Wheeling 1st mort.
Cleveland <6 Mahoning Valley—Stock........................
1st mortgage, extended...........................................
3d mortg. (now 2d)....................................................
Niles & New Lisbon, 1st mortgage........................
Cleveland &Marietta—Stock.....................................
Cleveland <£• Pittsburg—Guaranteed stock...............
4th mortgage (now 1st)...........................................
Consolidated sinking fund mort. for $5,000,000..
Construction and equipment bonds, Series •‘A” ..
Do
do
Series " B ” ..
Cleveland Youngs. &Pitts.—IstM., gold....................
INCOME ACCOUNT.

Net earnings....................................
Disbursements—
Interest on bonded debt................
Other interest and miscellaneous.

281
281

144
391
202
390
390

1883
1883
1883
1883
1883
1883
1869
1852

1864
1869
1874
1884

$100
100
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
100
1,000
1,000
1,000
1,000

158
158
158
127
67
67
35
99
226
199
199

1873
1876
1870

50
500 &c.
500 &c.
500 &c.

1862
1867
1873

50
500
1,000
1,000

....

1882

1,000

1878

1883.
$500,043

1884.
$445,937

1385.
$240,440

$673,690

$692,072
28,594

$693,275
1,213

$691,483
Total disbursements................ $673,690
$720,667
$274,730
$154,048
Balance, deflo't,............................... $173,647
-(V. 40, p. 453, 540; V. 42, p. 207, 5 1 7 ; V. 43, p. 308, 398.)
Cleveland Akron & Columbus Railway.—Owns from Hud­
son, O., to Columbus, O., 144 miles. Default was made July, 1874, by
Cleveland Mount Vernon & Delaware. Sold in foreclosure August 20,
1881. In March. 1882, the decree of foreclosure under which sale had
been made was reversed, and road was sold again to parties represent­
ing the Holland bomiholders. The company was reorganized under this
title in Jan., 1886. Gross earnings in 1884, $479,280; net, $80,858.
Gross in 1385. $ i93,890 ; net, $88,001. (V. 41, p. 744; V. 42, p. 93.)
Cleveland & Canton.—Line of road—Cleveland to Coshocton, O.,
115 miles; Canton ro Shcrrodsville, 43 miles; Oneida to Minerva, 3 miles;
total, 161 miles. The Connotton Valley Railroad was sold in foreclosure
May 9,1885, and this company was organized with an authorized capital
of $4,000,000 common and $8,000,000 preferred stock. The gross
earnings for year ending June 30, 1886, were $309,210; net, $69,318.
See report for 1885. V. 42, p. 364. (V. 41, p. 688; V. 42, p. 338, 364,
548. 604; V. 43, p. 241, 487.)
Cleveland Columbus Cincinnati & Indianapolis.—Owns
from Cleveland, O., to Columbus, O., 138 miles; Galion, O., to Indian­
apolis, Ind., 203 miles; Delaware, O., to Springfield, O., 50 miles;
leased, Cincinnati & Springfield RR., 80 miles; Levering Station to
Mount Gilead, 2 miles; Ina. & St. Louis RR., Indianapolis to Terre
Haute, 72 miles; St. L. Al. & T. H., East St. Louis to Terre Haute, 189
miles; Alton branch, 4 miles; total owned, leased and operated, 738
miles. This was a consolidation in April, 1863, embracing the C. C. & C.
and the Bellefontaine roads; subsequently leased Cinn. & Spring. RR.
and St. L. Al. & T. H. RR., and purchased Ind. & St. L. RR.
The company paid dividends prior to 1877, but after that the
large decline in rates for through freight and the heavy rentals paid
reduced the company’s income so that no further dividends were paid
until February, 1880, and none after that till February, 1883. In 1882
the company acquired control of the Indianapolis & St. Louis, and made
a new lease of the St. Louis Alton & Terre Haute Railroad. The sinking
fund provision of consolidated bonds may be canceled at option of
holders, and the bonds so stamped.
The annual report for 1885 was in the Chronicle , V. 42, p. 337.
The report of President Devereux, referring to the figures for the year
1885, said that with the main line earning net $117,975, the joint deficit
of the Cincinnati & Springfield and the Indianapolis & St. Louis on the
year’s operations exceeds such amount by $557,444. ‘ ‘The outcome for
the year is without profit, and the cause of the trouble is plainly dis­
closed in the statistics of operations given below. For most of the year
a disastrous competition and conflict has obtained in the carriage of rail
traffic, and the lowest point in rail rates between the Mississippi Val­
ley and the seaboard has been reached. The average gross freight rate
is *577 cents per ton mile, compared with -633 in 1884, a decrease of
8'84 per cent on the extraordinarily low figures of the preceding year.
Rates have been torn and attenuated to the last degree apparently, and
the work of the year has in consequence been barren of net revenue.
“ The bonded debt of the company has been increased during the year
by $1,701,000, and now stands at $10,517,000. The company is free
from floating debt, and its property was never in better physical condi­
tion, the roads and their equipment having been fully maintained to
standard.”
For nine months of 1886 gross earnings were $3,018,852, against
$2,632,271 in 1885; net, $1,092,917, against $620,974; surplus over
all charges and improvements, $316,714, against a deficit of $126,429.
1882.
1883.
1884.
1885.
Miles owned....................
391
391
391
391
Operations_
Passengers carried... 1,035,764
976,468
938,647
820,607
Passenger mileage ... 44,759,982 43,548,617 42,176,610 38,145,350
Rate pass. $ m ile.
2-235 cts.
2-217 cts.
2-133 cts. 2-091 cts.
Freight (tons) moved 2,755,867
2,527,993 2,347.792 2,513,780
Freight (tons) mil’ge.447,411,484 408,436,350 397,678.278 428,691.881
Av. rate $ ton $ mile
0 706 cts.
0-751 cts.
0 633 cts. 0 577 cts.
Earnings—
$
$
$
.
$
Passenger...................
1,000,270
965,693
899,435
* 797,679
Freight..........................
3,159,417 3,068,717 2,518,873 2,471,863
Mail, express, &c.. ..
178,788
178,697
182,038
186,865
Total gross earn’gs.
Operating expenses.
Net earnings..............

4,338,475
2,963,778
1,374,697

4,213,107
3,018,382
1,194,725

INCOME ACCOUNT.

3,600,346
2,756,749
843,597

3,456,407
2,694,561
762,846

Receipts—
Net earnings............
Rentals and interest
Miscellaneous..........

$
1,374,697
103,125
94,305

$
1,194,725
129,497
165,531

$
843,597
211,396
13,805

$
762,846
213,032
............

Total incom e....

1,572,127

1,489,753

1,068,798

975,878




$5,811,100
12.893,200
7,171,703 4 ^gA 6g M. & N. N.Y.,Farm’s’ L.& Tr.Co. Nov. i, 1931
3,031,000
do
do
Nov. 1, 1931
5 g. J. & J.
do
do
500.000
4^g. A. & O.
April 1, 1893
3-4
2,270,000
F. & A.
do
do
Nov. 1, 1931
3.500,000
5
do
do
Nov. 1, 1931
4,000.000
5
do
do
Nov. 1, 1931
750,000
7
do
do
J. & D.
Dec. 1, 1904
500,000
7
J. & J. Cin., C. W. & B Office. Jan. 1, 1900
300.000
7
M. & N. N.Y., Farm.Ln.& Tr.Co. May 1, 1896
400,000
2,800,000
7,000.010
2
14,991,600
F. & A. N. Y., U. S. Trust Co. Feb. 1, 1883
230,000
7
J. & J.
do
do
Until 1899
3,000,000
7
do
do
M. & N.
May, 1899
4,013,000 7 or 6 g. J. & D. New York or London. June 1,1914
3,205,000
New Vork.
Jan. 1, 1934
6 g- J. & J.
1,000,000
4,600,000
700,000
7
A. & O. N.Y.. Union Trust Co. Oct. 1, 1898
2,759,200
M. & N.
Cleveland, Office.
(?)
<t)
740,500
Aug. 1, 1893
7 g F. & A. N. Y., U. S. Trust Co.
654,600
7
M. & S.
do
do
Sept. 15,1896
500,000
7
I. & J. N. Y., Union Trust Co. Jan., 1890
(1)
11,246,971
Q .-M . N. Y., Farm. L. & T. Co. Dec. 1, 1886
1,096.000
6
Jan., 1892
J. & J.
do
do
2,224,000
do
do
Nov. 1, 1900
7
M. & N.
1,704,000
7
Jan. 1. 1913
J. & J.
do
do
314,000
7
1,600,000
July 1, 1921
6 g. J. <fe J. Last paid Jan., 1884

1882.
Disbursements—
$
interest on d eb t....
498,615
Taxes........................
121,276
Dividends....................................... (2)
Miscellaneous...........
12,313

1883.
$
507,453
125,144
299.984
26,995

1884.
1885.
$
$
602,540
659,385
119,104
118,621
......................................
102,633
79,896

Total disbursem’ts
632,204
959,576
824,277
857,902
Balance surplus.......
939,923
530,177
241,521
117,976
-(V . 40, p. 337. 3 9 2 ,7 6 3 ; V. 41, p. 50.57 1 ; V. 42, n 93,155,304,
3 3 7 , 463, 604, 663; V. 43, p. 22, 131, 309, 398, 579, 671.)
Cleveland Lorain & W h e e lin g .—Owns from Lorain, O., to
West Wheeling, O., 158 miles. Chartered as Lake Shore & Tuscarawas
Valley in 1870 and opened in 1873. Sold under foreclosure Jan. 26,
1875, and reorganized as Cleveland Tuscarawas Valley & Wheeling. In
February, 1883, road sold and reorganized as Cleveland Lorain At
^heeling. For 1885 gross earnings were $755,447; net, $212,111;
interest, $49,000; surolus, $163,111. For 1884, gross earnings were
$858,091; net,$254,920; interest, $49,000. (V. 40, p. 6 8 3 , V. 42, p. 631.)Cleveland Ac M a h o n in g V a lle y .—Owns from Cleveland, O.,
to Sharon, Fa., 81 miles; Niles, O., to New Lisbon, O., and branches.
46 miles; total operated, 127 miles. It was leased to Atlantic & Great
Western in perpetuity from October 1,1861. A new lease was made
to the reorganized company, New York Penn. & Ohio, till Oct. 1, 1962,
at $357,180 per year till Jan., 1885, and $412,180 per year afterward.
Cleveland Ac M arietta.—Operated from Marietta, O., to Canal
Dover and branch, 99 miles, and 7 miles, Valley Junction to Canal
Dover, leased. The Clev. & Marietta was successor to the M., Pittsb. At
Clev., foreclosed in 1877. The road was again foreclosed May 5,1886,
and reorganized, and $2,000,000 new stock issued and held ia trust for
old mortgage bonds. Consolidation with the Valley RR. of Ohio is pro­
posed. Earnings in 1885-6, $293,862; net $62,813. G. H. Candee, Sec­
retary and Treas., 52 William St., N.Y. (V. 42, p. 430,575; V. 43,p. 431.)
Cleveland Ac P ittsb u rg .—(Sec Map Penn. RR.)—Cleveland, O., to
Rochester, Pa., 124 miles; branches—Bayard, O., to New Phila., 31
miles; Yellow Creek to Bellaire, 43 miles; leased, Rochester to Pittsburg
(P. Ft. W. & C.), 26 miles; total operated, 226 miles. The property was
leased for 999 years from Dec. 1, 1871, to Penn. RR. Co., and lease trans­
ferred to Penn. Co. May 1,1872. Rental, 7 per cent on existing capital
and $10,000 per year for company expenses, the lessees assuming all lia­
bilities. The terms of the lease were 10 per cent, but the old stock was
subsequently converted into a 7 per cent stock by an increase in amount.
In 1882 surplus income over charges to lessee was $474,951. Thiscompany’s annual report for the year ending November 30,1882, stated
that final settlement had been made with the Pennsylvania Railroad
Company in the matter of surplus assets remaining to this company, as
of the date of the lease, after closing its business, which surplus accrued
to the lessee by the terms of the supplementary agreement of November
30,1871. “ The total amount transferred as authorized by the board
of directors is $202,291. This sum has been charged against construc­
tion, meeting the old balance of net earnings—$390,138—credited to
construction in the year 1880.”
Operations and earnings for four years (ending December 31) w ere:
Passenger Freight (ton)
Gross
Net
Div.
Years.
Miles.
Mileage.
Mileage.
Earnings. Earnings, p.c.
1882 ...... 225 23,234,059
215,901,749 $3,353,363 $1,734,467 T
1883 ...... 224 24,071,544
228,440,527 3,089,551
1,346,508 7
1 8 8 4 .......223 22,483,843
209,297,980 2,591,516
878,865 7
1885 ...... 223 20,915,815
2i7,956.G82 2,589,309
1,070,873 7
Cleveland Y o u n g sto w n Ac P ittsb u rg .—Standard-gauge road
in progress from Southington, O., to Steubenville, O., 100 miles, and
32 miles branches. In operation from Bergholz, O., to Phalanx, O., 70miles. Earnings in 1834-85, $46,864; net, $6,595; in 1883-84, $44,694; net, $7,900. In March, 1884, Robert Martin, of Steubenville, O.,
was appointed receiver, and in June, ’86, a decree of sale was made in
favor of Carnegie Bros. Stook, $1,000,000. Henry W. Ford, President,
15 Cortlandt St.. New York. (V. 42, p. 753; V. 43, p. 334.)
C olebrookdale.—Owns from Pottstown, Pa., to Barto, Pa., 13
miles. Leased for 20 years from Jan. 1,1870, to Philadelphia & Reading,
at 30 per cent of gross earnings. Gro-s earnings in 1882-83, $61,270;
net earnings (30 per cent rental'), $18,331. Gross in 1884-85, $44,905;
net (30 per cent), $13,471. Capital stock, $297,215.
Colorado Central—(Bee Map o f Union Pacific) —Denver to Golden
16 miles; Golden to State line, 106 miles; D nver Junction to La Salle,
151 miles; aad narrow gauge line from Golden to Georgetown, 34
miles, and Forks Creek to Central City, 1 1 miles; leases line from
Colorado Junction to Wyoming Stat3 line, 9 miles; total operated, 327
miles. Chartered in 1865, and main line opened in 1870. It is owned by
the Union Pacific. The new mortgage bond was issued to take up the
old 8 per cent bonds, of which $87,000 are yet out. Stock, $6,230,300.
Gross earnings in 1885. $1,320,765; net, $299,443; interest, $336,030;
deficit $36,586. In 1884, gross earnings, $1,492,142; net, $524,008 ;
interest and dividends, $429,484; surplus, $36,952.
C o lu m b ia Ac G r e e n v ille (S. C .)—The company owns from
Columbia to Greenville, S. C., 143 miles; branches to Abbeville and
Anderson, 21 miles; total 164 mile3. Also owns Laurens RR.. 31 miles;
and leases Blue Ridge RR., 32 miles, and Spartanburg Union & Col. RR.,
69 miles. Total operated, 296 miles. The Greenville & Columbia road
was sold in foreclosure April 15, 1880, and reorganization was madeunder this name; preferred stock, $1,000,000; common stock, $1,000,-

38

INVESTORS’

SUPPLEMENT.

[Vox. XLJII,

Subscribers w ill eonrer a great favor by givin g im m ediate notice of any error discovered

n these Tables
Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
Miles Date Size, or
pal, When Due.
Amount
Rate per When Where Payable ana by Stocks—Last
of
Par
For explanation of column headings, &c., see notes of
Outstanding
Road. Bonds Value.
Cent. Payable
Whom.
Dividend.
on first page of tables.
Oolebrookdale—1st mortgage......................................
Colorado Central—1st mortgage, new.......................
Columbia d Greenville—New mort.,g’ld,coup. or reg
2d mortgage...............................................................
Columbia d Port Deposit—1st mortgage....................
Columbus d Cmn. Midland—1st M., coupon............
Columbus Hockinq Valley d Toledo—Stock...............
Consol, mortgage, gold (for $14,500,000).............
General M., g., on road & Hocking Coal & RR. Co.
Col. & H. V. 1st mortgage, sinking fund bonds..
Col. & H. V. 2d mortgage bonds...........................
Columbus & Toledo, 1st mortgage conpon, s. f ---do
2d mortgage coupon, s. f ---Ohio & W. Va., 1st M. (s. f. $15,000 begins in ’86)
Columbus Spnnqfield d Cincinnati—1st mort.......
Columbus d Western—1st mort. (end. by Cent. Ga.)
Columbus d Xenia—Stock...........................................
1st mortgage..............................................................
Concord—Stock.............................................................
Concord & Claremont—Bonds.....................................
Concord d Portsmouth,—Stock, guaranteed.............
Connecticut Centrals- 1st mortgage, cp. or reg...........
Connecticut & Passumpsic—Stock..............................
Mortgage bonds.........................................................
Massawippi st’k, guar, same div. as Conn. & Pass.
do
bonds, guar, by Conn. & Pass...........
New port & Richford bonds, guar, by C. & P ........
Connecticut River—StocK.............................................
Oonnectinq (Phila.)—1st mortgage...........................
Consol, RR. o f Vermont—1st mdrtg. (for $7,000,000;
Corninq Cowanesque d Antrim—Debenture bonds..
Covington d Macon—1st M., gold ($12,"00 per m.)

J. & D. Phila., Phil. & R. Office. June 1, 1898
$600,000
6
1868 $100&c.
1879
1,000
4,701,000
7 g. J. & J. Boston, Treas.’s Office. July, 1909
2,000,000
1,000
1881
6 g. J. & J. N.Y., Nat. Park Bank. Jan. 1, 1916
1,000
1,000,000
6
A. & O.
April 1, 1923
do
do
1881
1,000
1,882.000
7
F. & A.
Phila., Penn. RR.
1868
Feb. 1, 1893
1884
1,000
2,000,000
6
J. & J. N.Y., Farm’s’ L.&Tr.Co. Jan. 1, 1914
Aug. 19, 1885
100 11,700,500 1338 st’k
1,000
8,000,000
1881
5 g- M. & S. N. Y., Winslow, L. & Co. Sept. 1, 1931
1884
1,000
2,000,000
do
do
June 1, 1904
6 g. J. & D.
1867 500&C.
1,401,000
7
A. & O.
do
do
Oct. 1, 1897
1872
1.000
Jan. 1, 1892
777,000
7
J. & J.
do
do
1,000
F. & A.
Aug. 1, 1905
1875
2,500,000
7
do
do
1,000
M. & S.
1880
479,000
7
do
do
Sept. 1, 1900
1880
1.000
May 1, 1910
1,584,000
7
M. & N.
do
do
1,000
1871
1,000,000
7
M. A S. Bost.,3 Merchants’ Row Sept. 1, 1901
1,000
800,000
6
Jan. 1, 1911
J. & J. N. Y., Nat. City B ’k.
1881
50
2
Q .-M .
1,786,200
Columbus Treasury.
Dec. 10, 1986
1,000
1860
302,000
M. & S. N. Y., Am. Exch. N. B’k Sept. 1, 1890
7
50
1,500,000
5
M. & N. Bost. &Manchester ,N. H. Nov. 1, 1886
1874 500 &C.
500,000
1894
J. & J. Bost., Treasurer’s office
7
100
350,000
3 ^ J. & J. Bost.&Manchester.N.H. Dec., 1886
1875 500 &c.
325,000
7
A. & O.
New York City.
Oct. 1, 1895
100
2,500,000
2^ F. & A. Boston, 95 Milk Street Aug. 2, 1886
1873 100 &c.
1,500,000
April 1, 1893
7
A. & O.
do
100
do
400,000
2bj F. & A.
Aug. 2. 1886
1,000
1870
400.000
do
Jan.
1, 1890
,T
.
&
J.
6 g.
1,000
350,000
do
Jan. 1, 1911
1881
5
J. & J.
100
2,370,000
2
Quar. Boston, Springfield, &c. Jan. 1, 1887
1,000
1864
991.000
M. & S. Phila., Penn. RR. Office. 1900-’l- ’2-’3-’4
6
1883 100 &c.
6,000,000
5
J. & J. Bost..Am. Loan&Tr.Co. July 1, 1913
7
1871 500 Ac.
500,000
J. & J. St. Albans. W. C. Smith. Jan. 1. 1891
1,000
1,250,000
M. & N. Phila. F. I. T. & S. D. Co. May 1, 1898
78 1883
6
1 000
1885
—
1,224,000
New York Agency.
Sept. 1, 1915
6 g. M. & S.

13
323
164
164
40
71
324
324
327
121
121
118
118
83
45
60
55
55
142
71
41
29
147
110
37
37
22
80
7
185

000; all in $100 shares. A. majority of the stock was held by the Rich­
mond & West Pt. Terminal Co., and in May, ’86, this road was leased to
the Rich. & Danville RR. Co. The gross earnings on all lines in 1884-85
were $724,316; net, $345,176; interest and rentals, $243,166; surplus,
$102,009. In 1883-1, gross earnings, $640,720; net, $190,676; interest
and rentals, $199,733; deficit, $9,056. (V. 40, p. 541; V. 42, p. 21; V.
43, p. 718.)
C olu m bia & P o rt D eposit.—Owns from Columbia, Pa., to
Port Deposit, Md., 10 miles. Leased to and operated by Pennsylvania
RR. Co. Rental, net earnings. Rental in 1885, $33,150 Capital stock,
$497,100; fund. debt. $1,882,000, and floating debt (coups.), $907,550.
C olum bus & C in cin n ati M id lan d . Line of road, Columbus,
O., to Clinton Val., O., 71 m. Opened ia Nov., ’81. Slock, $2,000,000.
Bonds are secured by a 50-years traffic agreement with the Baltimore
& Ohio and Cin. W. & Balt, companies. Net earnings from July 1,
1885, to Jan. 1, 1886, $44,500. Orland Smith, Pres., Cincinnati, Ohio.
C olu m bu s H o c k in g V alley & T o le d o .—(See Map.)—Owns main
line from T8ledo to Pomeroy, 257 miles; branches—Logan to Athens, 26;
Logan to Straitsville, 13; Straits’e to Nelsonville, 17; others, 14; total,328.
This was a consolidation in July, 1881, of the Columbus & Hock­
ing Valley, Columbus & Toledo, and Ohio & West Virginia. The stocks
of those companies were purchased and new consolidated stock for
$20,000,000 authorized; in August, 1885, a stock dividend of 133g per
cent was made, bringing the total outstanding up to $11,700,000. Of
the consolidated mortgage $6,500,000 was reserved to meet the prior
liens, and the “ Hocking Coal & RR.” joined in making these bonds. The
Central Trust Co. cf New York is trustee. The general mortgage of 1884
oovers the road, and is also a mortgage on the coal property of the
« Hocking Coal & RR. Co.,” whose stock is owned by the C. II. & T.
A combination was made in 1885 with the reorganized Ohio Central
by which the company will be under one management, as per the circu­
lar in V. 40, p. 597, and the C. & H. V. guarantees the interest on the
T. & O. C. 1st mortgage bonds.
The earnings of 1894 were greatly reduced by the miners’ strike in
the Hocking Valley, lasting from June, 1884, to March, 1885. Annual
report for 1885 in V. 42, p. 517; income for three years was as follow s:

Concord & Claremont.—Owns from Concord to Claremont,
N. H., 56 miles; branch, Contoocookville to Hillsborough, N. H.,
15 miles; leased—Peterboro & Hillsboro BR., 18 miles; total operated,
89 miles. Capital stock. $410,900. Operated by Boston & Lowell RR,
Co. at a rental of $41,500 per year.
Concord «fc Portsmouth,—Owns from Portsmouth, N. H., to
Manchester N. H., 40 *3 miles.
The road was sold to first mort­
gage bondholders in 1857, and leased to Concord RR. in 1858. Lease
rental is $25,000 a-year, which gives 7 per cent a year to present stock­
holders. There is no debt.
Connecticut Central.—Owns from East Hartford, Ct., to Massa­
chusetts State Line, 20 miles; branch from Melrose to West Street, Ct., 7
miles; total operated, 28 miles. Leased to New York & New England RR.
for 15 years from June 1,1880, the rental to be net earnings, but never
to exceed 6 per cent per year on stock. Capital stock, $448,500. Funded
debt, $325,000, all owned by New York & New England Railroad.
(V. 40, p. 181, 624; V. 42, p. 463.)
Connecticut & Passumpsic.—Owns from White River Junction*
Vt., to Canada Line, 110 miles; leased, Massawippi Valley and branch
(Canada), 37 miles; total operated, 147 miles. The lease of Massawippi
Railroad is at 6 per cent on bonds and same dividends as are paid on
the stock of the lessee. In 1836 $225,000 new stock was issued and
the floating debt paid off. Fiscal year ends June 30. Abstract of last
report in V. 43, p. 308. Gross earnings in 1884-35, $797,526; net,
$299,415. Gross in 1885-86, $758,930; net,J$286,981. (V. 41. p. 3 9 1 ;
V. 43, p. 308.)
Connecticut Kiver.—Owns from Springfield, Mass., to South Ver­
non, Vt., 50 miles; branches, 6 miles; leased Ashuelot RR., South
Vernon, Vt., to Keene, N. H., 24 miles; total operated, 80 miles. Fiscal
year ends September 30. Net earnings, 1885-86, $270,213; 1884-85,
$272,222. Pays regular dividends on stock and has no funded debt,
but notes payable, $500,000. (V. 41, p. 688; V. 43, p. 547.)
Connecting (Philadelphia).—Owns from Mantua Junction to
INCOME ACCOUNT.
Frankford Junction, Pa., 7 miles. A connecting link in Philadel­
1883.
1884.
1885.
phia to the West and South. Operated by Pennsylvania Railroad.
Total gross earnings...................... $2,779,382
$1,842,473 $2,311,003 Rental, 6 per cent on capital stock ($1,278,300); and interest on funded
Operating expenses and taxes— 1,655,570
1,240,654 1,333,697 debt ($991,000). The bonds are issued in series A B C and D, maturing
respectively in 1900-’ l , ’2, ’3 and ’4.
Net earnings............................ $1,123,812
$601,819
$377,306
Consolidated Kailroad of Vermont.—Road owned—Windsor,
Disbursements 866.060
884,561 Vt., to Burlington, Vt., 120 miles; Essex Junction to Rouse’s Point. 65 ;
Interest on bonds and car trusts..
866,060
total,
185 miies. Leased—Addison RR., 16 miles; Montpelier & White
79,091
85,978
Other interest and miscellaneous..
59,353
River RR., 6; Montreal & Vt. Junction RR., 26; Rutland RR., 120;
Stan.
S.
& Ch. RR., 43 ; Vermont & Mass., 2 1 ; New London No., 100
Total disbursements................ $924,413
$945,151 $970,542
Balance..... ............ .......................sur.199,399 def. 343,332 sur. 6.764 Brat. & Whitehall RR., 36. Total owned, leased and operated 553
miles.
In
August, 1884, secured control of the Ogdensburg & Lake
—(V. 40, p. 597, 610; V. 41, p. 102, 557; V. 42, p. 93, 304, 5 17,782,783;
Champlain RR.
V. 43, p. 4'i2, 619.)
This
is
the
title of the corporation formed on the reorganization of the
C olu m bu s Springfield & C in cin n a ti.—Owns from Columbus,
Ohio, to Springfield, Ohio, 44 miles. Leased with Cincinnati Sandusky Central Vermont and Vermont <fe Canada companies in 1883. On July
1,1884,
the
old receivership was finally closed by order of Court and
& Cleveland to Indiana Bloomington & Western, May 1, 1881, for 33ig
per cent of gross earnings, with guarantee of $80,000 as minimum. the transfer made to the Consol, of Vermont, which leased all its roads
in
perpetuity
to the Central Vermont RR. Co. Preferred stock is $750,Of the excess over minimum, if any, on 3313 basis, this company takes
one-fifth and Cincinnati Sandusky & Cleveland four-fifths. Capital 000, with preference of 6 per cent per annum if earned ; common stock,
$350,000. In July, 1885, the Grand Trunk of Canada purchased a con­
Stock, $1,000,000, and bonds, $1,000,000.
C olu m bu s & W e ste rn .—Owns from Opelika to Goodwater, Ala. trolling interest in the stock. The Central Vermont, which operated all
feO miles, and Columbus to Opelika, 29 miles—total 89 miles. The this mileage in 1885, reported earnings as $2,533,938 gross and $795,444
Savannah & Memphis RR. was foreclosed June 5, 1880, and this Com­ net; rent of leased lines $357,750; interest and taxes, $389,633; sur­
pany organized. Extension was in progress from Goodwater to Birming­ plus, $48,061. (V. 40, p. 269, 6 8 2 ; V. 43, p. 274,308.)
ham, Ala. The bonds are endorsed by Cen. RR. of Georgia. There are
Corning Cowanesque & Antrim.—Owns from Corning, N. Y.
also $260,000 bonds at 8 p. c. due Oct., 1890, int. A. and O. Gross to Antrim, Pa., 53 miles; branch, Lawrenceville to Harrison Valley,
earnings in 1883-84, $176,315; net. $62,076; interest paid, $63,820. Pa., 32; total operated, 85 miles. Consolidation (January, 1873)
Gross hi 1884-5, $173,442; net, $53,987. Stock, $1,750,000. W. G. of the Blossburg & Corning RR. and the Wellsboro RR. June 1, 1874,
Raoul. President, Savannah.
the Cowanesque Valley RR. was absorbed. These lines are leased to and
C olu m bu s & X en ia .—Owns from Columbus, Ohio, to Xenia, Ohio, operated by the Fall Brook Coal Co., together with 7 miles owned.
55 miles. Is operated as a division of the Little Miami, and is leased Rental paid—6 per cent on bonds, 6 per cent on common stock and 7
for 99 years in connection with that road to the Pittsburg Cincinnati & per cent on preferred stock; dividends paid quarterly, March 31, &c.
St. Louis, which pays 8 per cent on stock and provides for the bonds. Stock—common, $1,500,000, and preferred, $500,000. The coal line of
The lease is guaranteed by the Pennsylvania Railroad Company. The Phila. & Reading and N. Y. Central is over the road of this company,
Columbus & Xenia pays 8% per cent dividend per annum.
which jointly guarantees the bonds of the Pine Creek Railroad
C on cord .—Owns from Concord, N. H., to Nashua,N. H., 35 miles; Company. Earnings in 1883-84, $591,627; net, $171,758; rental
Manchester & North Weare, 19 miles; Hookset Branch, 7 miles; leased— paid C. C. & A. RR., $150,000; surplus to lessee, $21,757. Earnings in
Concord & Portsmouth, 41 miles; Suncook Valley, 20 miles; Nashua 1884-85, $607,595; net, $179,195; rental paid C. C. & A , $150,000;
Acton & Boston, 20 miles; Manchester & Keene RR., 30 miles; total surplus to lessee, $29,195. George J. Magee, Prest., Watkins, N. Y.
operated, 172 miles. Fiscal year ends March 31. Annual report, in V.
Covington & Macon.—Line of road, Macon. Ga., to Athens, Ga.,
42, p. 752. Income account was as follows :
92 miles; iwitli other lines projected. Bonds are issued at the rate of
INCOME ACCOUNT.
$12,000 per mile and capital stock $12,000 per mile. Bonds offered in
1882-83.
1883-84.
1884-85.
1885-86. New York, 1886, by Green & Bateman. Douglass Green, is President.
Gross earnings........... $1,317,880 $1,142,894 $1,100,864 $1,071,963
Cumberland & Pennsylvania.—
Owns from Cumberland, Md.,
Net earnings.............. $430,318
$476,190
$406,379
$452,573
to Piedmont, Md., and several branches, 55 miles. It is owned and
Disbursements—
Rentals........................ $148,872
$144,593
$113,319
$112,532 operated by Consolidation Coal Co., which guarantees second mortgage.
Cumberland Valley.—Owns from Harrisburg, Pa., to Potomac
Taxes on stock............
33,798
37,360
37,755
36,872
Improvements, &o.. .
97,264
143,236
104,091
152,314 River, Md., 82 miles; leased—Martinsburg & Potomac RR., 12 miles;
Dividends, 10 per cent.
150,000
150,000
150,000
150,000 Dillsburg & Mechanicsburg RR., 8 miles; "Southern Pennsylvania RR.,
23 miles; controlled, Mont Alto RR., 18 miles, but accounts kept sep­
arate ; total controlled and operated, 141 miles. Owns or leases sev­
Total disbursem’ts.
$429,934 $475,189
$405,165$451,718
Balance......................... Sur. $384 Sur. $1,001 Sur. $1,214 Sur. $855 eral factory roads, in all about 43 miles. The stock is owned in large
part by Penn. RR.Co. Large advances have been made to branch roads.
—(V.4.O.P. 6 5 1 ; V. 41, p .3 5 5 ; V. 42, p, 7 5 2 ; V. 43, p. 210.)




D ecember , 1886.]




RAILROAD

STOCKS

AND BONDS.

39

40

ENTESTOKS’

SUPPLEMENT

[VOL. XLI1I,

S u b scr ib e rs w i l l c o n fe r a g re a t fa v o r b y g i v in g im m e d ia t e n o tic e o f a n y e rr o r d isc o v e re d i n th e se T a b le s .

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
pal,Wlien Due.
Miles Date Size, or
Amount
Par
of
For explanation of column headings, &c., see notes of
Rate per When Where Payable, and by Stocks—Last
Outstanding
Dividend.
Road. Bonds. Value
on first page of tables.
Cent. Payable
Whom.
Cumberland & Pennsylvania—1st mortgage............
38 1866
38 1868
2d mortgage, sinking fund, (guaranteed)...............
82
Cumberland Talley—Stock ($484,900 is preferred).
...»
T_
52
1st mortgage...............................................................
___
52
2d mortgage, sinking fund guaranteed..................
24
Southern Pennsylvania, 1st mortgage, gold........
Danbury &Norwalk—Stock........................................ 36ia
1st and 2d mortgages...............................................
33 ’70-’72
Consolidated mortgage.............................................
1880
General mortgage...................................................... 36ia 1883
Dayton & Ironton—First mortgage, g old .................. 155 1»85
.
Dayton & Michigan—Com. stock (3ifi guar.C.H.&D.) 141
Preferred stock, (8 percent, guar. C. H. & D.) —
141 1871
3d mortgage............................................................... 142 1869
Consol, mortgage, guar, by C. H. & D.................... 142 1881
1864
Toledo Depot 2d m ortgage............................. ......
32 1879
Dayton <£• Union—1st mortgage..................................
1879
Dayton & Western—1st M., guar. L. M. andC. & X .
41 1864
100
Delaware—Stock...........................................................
Mortgage bonds, convertible, guar. P. W. & B __
85 1875
Delaware & Bound Brook—Stock, guaranteed.........
31
1st mortgage..............................................................
27 1875
2d mortgage debenture bonds, reg.........................
Delaware Lackawanna <&Western—Stock................ 886
Consol, mort., on roads * equipm’t, ($10,000,000) 288 1877
1872
Plain bonds (not mortgage).....................................
Del. Maryland & Ta.—June. & Breakwater—1st M.
47 1860
June. <&Breakwater, 2d m ortgage........................
47 1879
20 1873
Breakwater & Frankford, 1st mortgage, r e g .......
Worcester Railroad, 1st mortgage, coupon...........
36
1,317
Pref. stock, 5 per ct.. non-cum. ($28 000,000)___ 1.317
—

$1,000
1,000
50
500&C.
500 &c.
___
50
100 &c.
100
1,000
50
50
1,000
1,000
.
1,000
1,000
1,000
25
500 &o.
....
___
50
1,000
__
___
___
100
100

Operations and earnings on the main line for four years past w ere:
Freight (ton)
Gross
Net
Div.p. ct.—
Years.
Miles.
Mileage.
Earnings. Earnings. Pref. Com.
1882
....
125 21,673,434
$762,886 $231,190 10
10
........ 125
30,018.284
871,389
237,564 10
10
1883
1884
........ 125 27,965,208
844,515
215,230
9 ^ 9L>
1885
........ 125 25,844,869
769,647
255,811
8
8
Danbury «fc Norwalk:.—Owns from Danbury, Conn., to Wilson
Point, Soutn Norwalk, Conn., 261e miles; branches to Ridgefield and
Hawleyville, together 10 miles; total operated, 36Lj miles. In July,
1886, a lease of this road was made to the Houeatonic for 99 years, the
lessee to pay interest and 5 per cent per annum on stock. In 1885-86
met earnings were $92,510; in 1834-5, $80,129. (V. 43, p. 334.)
Dayton & Ironton.—Road from Dayton to Ironton, 155 miles
This company was organized in 1884 as successor to the Southeastern
Division of the Toledo Cm. & St. Louis RR., sold in foreclosure June 26,
1884. The narrow gauge is changed to standard, and the total author­
ized issue of bonds is $1,700,000, including $400,000 reserved to pay
oldclaims. Preferred stock is $2,600,000; common stock, $2,500,000. In
Nov., 1886,itwas reported that theCin. Ham. ADayton had purchased
control of this road. (V. 41, p. 720; Y. 42, p. 487; V. 43, p. 102, 579.)
Dayton & Michigan.—Owns from Dayton, O., to Toledo, O., 141
miles. Leased May 1,1863, in perpetuity to the Cincinnati Hamilton &
Dayton. Lease amended January 23,1370. The rental is the interest
and sinking fund of debt, and 8 per cent on preferred stock and 3 ^ per
cent on $1,003,300 common. Of the common stock $1,003,300 only is
uaranteed 3Lj by C. H. & D. Profit to lessee in 1883-84, $161,990;
884-85, $196,337 The lessees hold $1,399,273 of the common stock.
D a y t o n & U n io n .—Owns from Dodson, Ohio, to Union Cicy, Ind.,
32 miles; leased Dayton to Dodson, 15 miles; total operated, 47 miles.
The Greenville & Miami RR. was sold out Oct. 30, 1862, ind re-organ­
ized as now in Feb, 1863. Operated by trustees since December, 1871.
Capital stock, $86,300. In 1883-4 gross earnings were $136,633; net.
$41,130. In 1834-5 gross earnings, $135,140; net, $45,694.
Dayton & Western.—Owns from Dayton, O., to State Line, Ind.,
37 miles. Leased in perpetuity from Jan. 1, 1865, to Little Miami,
and carried with that road in the general lease to the P. C. & St. L. The
lessees are virtual owners and are answerable for all obligations.
Delaware.—
Owns from Delaware Junction (P. W. & B.), Del., to
Delmar (Md. Line), 84 miles; branches, 16 miles: total operated. 100
miles. The Dorchester & Delaware and Queen Anne & K. railroads
now operated by P. W. & B. RR. The Delaware Railroad was opened
1855-60, and is leased for 21 years from 1876 to the P. W. & B.
C o.; rental 30 per cent of gross earnings, but stock must have 6 per
cent. Gross earnings 1884-85, $644,117; net, $193,235 ; interest and
dividends, $130,734; surplus, $62,501; 1883-84, gross, $637,573; net,
$191,272; intfeiest and dividends, $130,590; surplus, $60,681.
Delaware & IS o m id Brook,—Owns from Bound Brook (Cent
of New Jersey) to Delaware River, 27 miles; branch, main line to
Trenton, 4 miles; total operated. Sim iles. In connection with Central
of New Jersey and North Pennsylvania forms a line between New
York and Philadelphia. In May, 1879, the property was leased for
S90 years to the Philadelphia & Reading Railroad Company—the lessee
paying interest and 8 per cent on stock after May, 1883. Gross earnings
m 1385, $689,432; net, $381,916. In 1884, gross, $729,157; net,
$315,446; rental $257,880; net profit to lessee, $57,566.
Delaware Lackawanna* Western.—(SeeMap).—Thiscompany
operates under lease an extended system of roads in New York, Penn­
sylvania and New Jersey. Owns from Delaware River (N. J. line) to New
York State line. 115 miles; branches—Scranton to Northumberland,
80 miles; Greenville to Winton, Pa., 8 miles; to Storrs, 3 miles; Junction
to Keyser Valley, Pa., 5 miles; leased lines in New York—N. Y. Lack. &
Western RR., 214 miles; Cayuga & Susquehanna RR., 34 miles;
Greene RR. 8 miles; Oswego & Syracuse Railroad, 35 miles; Utica
C henango* Susquehanna Valley RR., 97 miles; Valley RR., 12 miles;
controlled and operated—Syracuse Binghamton & New York, 81 miles;
leased lines in New Jersey—Chester RR., 10 miles; Morris & Essex, 118
miles; Newark & Bloomfield, 4 miles; Warren RR., 18 miles; Sussex, 30
miles; Passaic & Del., 14; total operated, 886 miles; the Rome & Clin.,
13 miles, and Utica Clin. & Bing., 31 miles, were surrendered April, 1883.
In 1882 the important connection to Buffalo, the N. Y. Lack. & West,
was opened, and the road was leased by this company. The Lackawanna
& Bloomsburg was consolidated with this company June 19, 1873.
The Delaware Lackawanna & Western Railroad publishes no annual
report in pamphlet form but merely a circular showing income
account and balance sheet. The road was operated mainly as a coal
carrier and distributer till 1882, when the line from Binghamton to
Buffalo was built and leased to t le Delaware Lackawanna & Western,
and the company entered the field as a competitor of the trunk lines
between New York and Buffalo.
f The Delaware Lackawanna & Western formerly paid 10 per cent on its
stock, but its numerous railroad leases became onerous, and in the dull
times. 1876 to 1880, no dividends were paid: in 1880 3 per cent was
paid; in 1881, 6%; in 1882,1883, and 1884, 8 ; in 1885,7%; in 1S86, 7.
Prices of stock yearly since 1870 have been: 1871,102®111L3; 1872,
'9 1 ® ll2 1a; 1873, 7 9 !a a l0 6 ; 1874, 99S11238; 1875, IO6I3® 123; 1876.
-641a®12038; 1877, 3078® 7 7 ; 1878, 41 ®6178; 1879, 43®94; 1880, 6813

f




$803,500
411,000
1,777,850
161,000
109,500
625,000
600,000
400,000
100,000
150,000
1,300,000
2,403,171
1,211,250
351,000
2,324,000
51,000
225,000
173,000
495,000
1,537,060
650,000
1,692,000
1,500,000
192,000
26,200,000
3.074,000
600,000
400,000
250,000
200,000
400 <>00
3>,000,000
23,650,000

6
6
2ia
8
8
7 g.
2ia
7
6
5
6 g.
134
2
7
5
7
7
6
6&7
3
6
2
7
6
1%
7
7
4
4
4
4

M. & S. N.Y., Consol.Coal Office
M. & N.
do
do
Q .-J . Phila. and Carlisle. Pa.
A. * O. Phila., T. A. Biddle & Co.
A. & O.
do
do
M. & S.
F. & A. New York and Danbury
J. & J. N. Y. Nat. Bank Repub.
do
do
J. & J.
A. & O. N. Y., Bukof Republic.
J. & J. Bost., Iutern’l Trust Co.
A. & O. N. Y., H. 8. Ives & Co.
do
do
Q .-J .
A. & O.
do
do
J. & J.
do
do
M. & S.
do
do
J. & D. N.Y., Am.Exch.Nat.Bk.
J. & D.
J. & J. N.Y., Bank of America.
J. * J.
Dover, Co.’s Office.
J. & J. Phil., Fid. I.T.&.S.D. Co.
Q .-F .
Philadelphia.
F. & A. Phila.,Guar.T.& S.D.Co.
M. & N.
Philadelphia.
Q .-J . N. Y., 26 Exchange PI.
M. & S.
do
do
do
do
J. & D.
J. & J.
Philadelphia.
F. & A.
do
J. & J.
do
A. & O.
do

March 1,1891
May 1.1888
Jan,, 1887
April 1, 1904
April 1, 1908
Mar. 1. 1900
Aug , 1880
1890-92
1920
1925
Jan. 1, 1925
Oct., 1886
Jan., 1887
Oct., 1888
Jan. 1, 1911
March 1, 1894
Dec. 1, 1909
After 1910
Jan. 1, 1905
Jan. 2, 1887
July 1, 1895
Nov. 16. 1886
May, 1905
Oct. 20, 1886
Sept. 1, 1907
June, 1892
1890
1899
1893
1396

—

a>110i4; 1881, 107®131; 1832, 116i4®150i4; 1883, Illb2@131i2; 1884,
8634@ I33is; in 18.35, 8258®1295g; in 1886 to Dec. 17, 115® !44.
The following is a synopsis from the company’s income account for
four years; the operating expenses include amounts spent for better­
ments: $443,182 in 1885. $385,033 in 1884, $1,072,816 in 1883, and
$931,701 in 1882.
1882.
1883.
1884.
1885.
$
$
$
Gross rec’ts. all sources. 27.006,267 32,819,606 31,311,992 31,091,677
Operating expenses.... 20,163,078 24,165,864 23,393,180 2 3,663,7 54
Net receipts.................. 6,843,189 8.653,742 7,918,812 7,427,923
INCO M E ACCOU NT.

Net receipts................... 6,843,189
Interest and rentals....
3.620,708
Balance, surplus.......... 3,222,481
Dividends..................... 2,096,000
Rate of dividends.......
8
Balance after divid’ds. 1,126,481

8,653,742 7,918,813
4,946,943 5,113,322
3,706,799 2,805.490
2,096,000 2,096,000
8
8
1,610,799
709,490

7,427,923
5,187,039
2,240,834
1,985,000
7h)
275,834

G E N E R A L B A L AN CE AT CLOSE O F EAC H F IS C A L Y E A R .

A ssets1882.
18^3.
1884.
1835.
RR. buildings, equip
$
$
$
$
m’t. coal lands, &c..32,072,360
33,039,336 34,250,418 34,508,047
Stks&bds,own’d,cost
5,763,146
6,503,851 5,449,713 5,374,918
Net eash & cur. acc’ ts
*377,851
*147,987
*527,121
*357,562
Materials, fuel, & c...
1,342,820
1,265,310
1,049,712
941,372
Total.................... 39,556,677 41,007,034 41,276,965 41,181,899
Liabilities—
S to ck ......................... 26,200,000 26,200,000 26.200,000 26,200,000
Funded debt.............
4,044,900
4,0 44,900 4,041,900 3,674,00 0
Balances....................
600,000
439,560
....................
Surplus accou nt.......
8,711,777 10,322,574 11,032.06 >11,307,899
Total liabilities ......... 39,556,677 41,007,034 41,276,965 41,181,899
* Net balance between liabilities and assets.
- (V . 41, p. 190, 558 ; V. 42, p. 155, 2 7 0 , 604; V. 43, p. 580.)
Delaware Maryland
Virginia.—Consolidation Jun6 1, 1883,
of the Junction & Breakwater, the Breakwater & Frankfor t and the
Worcester railroads. Road extends from Harrington to Lewes, D e l, i O
miles, and from Georgetown to Franklin City, Va., 55 miles; branon to
Reboboth, Del., 5 miles; total, 100 miles. In July, 1885, the company
passed into control of the Phila. Wil. & Balt. RR. and became part of the
Penna. RR. system.—(V. 41, p. 133.)
D e n v e r <fc D i o G r a n d e (3 fe e t.).—Owns a line from Denver
City, Colorado, via Puehlo, Salida, Gunnison, Montrose and Grand
Junction, to the western boundary of Colorado where it connects
with the Denver & Rio Grande Western, to Salt Lake City aud Ogden,
making the distance from Denver to Ogden 771 miles, and from Pueblo
to Ogden 651 miles. Branches run to Leadville, Dillon, Red Cliff, Crested
Butte. Silver Cliff, Chaffee and Hot Springs; also from Pueblo to Silverton,
via Cuchara, Alamosa and Durango, with branches to ElMoro. Espanola,
Del Norte and Wagon Wheel Gap; total oper. Jan. 1, ’8-',1,317 miles.
Default was made on the consol, mortg. interest due July 1, 1884, and
foreclosure was made under that mortgage, and the road was sold July
12, 1866. for $15,000,000. Reorganization was made July 14, 1886,
under the. title of Denver & Rio Grande Railroa-t, Co., aud W. S.
Jackson elected President; Geo. Coppell, Yice-President, with the fol­
lowing board of directors: George Coppell, Adolph Engler, R. B.
Minturn, Richard T. Wilson, John J. Stadiger, John L. Welsu, Theodore
H. A. Tromp, W. S. Jackson, and D. H. Moffatt.
Under the reorganization plan the bonds and stock are as follows: Old
1st M. bonds, due 1900, remain as they were. Of the $42,000,000 4
per cent consol, gold bonds authorized $6,382,500 will be reserved to
retire the old bonds when due; $6,900,000 retained for acquiring the
Den. R G & W. or to extend the D. & R. G. to Ogden; and $6,142,500
held in the treasury, which eau be issued for future capital requirements
or the construction of branches, but only with the consent of pref. stock­
holders. Of the $45,500,4 00 common stock, $7,500,000 to be held to
acquire the Den. & Rio Gr. West., or to build the line to Ogden, and $4,350,000 of pref. stock reserved for the same purpose. The rolling stock
is owned by the company, and the total annual charge for interest on
bonds will be $1,349,775. The bondholders aud p eferr^d stockholders
have the right till 1891 to elect two thirds of the directors, unless divi­
dends are paid out of net earnings for two full years on ttie preferred
stock, after which the directors shall be chosen by all the stockholders.
Gross earnings for ten months from Jar. 1 to Oct. 31, 1886, were,
$5,453,956, against $5,041,892 in 1885; net, $1,996,980, against $1,771,662.
The receiver’s report for 1885 was in V. 42, p. 603.
Earnings, expenses and net income for four years were as follows, no
earnings or expenses of the Utah leased Hues being included iu 1884 or
1885 :
1882.
1883.
1884.
1885.
Miles oper. Dec. 3 1 ...
1,282
1,679
1,317
1,317
$
$
$
$
Total gross earnings..
6,404,980 7,361,546 5,552,103
6,119,054
Operating expenses ..
3,821,123 4,743,111 3,758,530
3,935,273
Net earnings............... 2,583,857
P. c. of exp. to earn’s.
59-66

2,618,435
64-43

1,793,573
7‘70

2,183,781
64-31

BONDS.
KAILROAD STOCKS AND
D e c e m b e r , 1886.]




INVESTORS’

43

SUPPLEMENT.

IV ol. XL1I1,

Subscribers w ill confer a jgreat favor by givin g im m ediate notice o f any error discovered in these Tables.
Bonds—Prin<B
INTEREST OR DIVIDENDS.
DESCRIPTION.
Miles Date Size, or
Due
Amount Rate per When Where Payable, and by pal,When
of
Par Outstanding
For explanation of column headings, &c., see notes of
Stocks—Last
Road. Bonds Value.
Cent. Payable
on first page of tables.
Whom.
Dividend.
Denv. c£ Rio Grande—( Continued)—
295
Istm ort., gold, sinking fund..................................
Consol, mortgage, gold (for $42,000.000)............. 1,317
Denv.<£ R.Gr. West.—1st, g. ($16,000p.m.),cp.or reg. 368
Denver South Park t£ Pacific—stock.........................
1st mortgage, gold, sinking fund............................
Consol, mort. gold ($17,000 per mile)...................
Denver Texas <£ Gulf—1st M. (for $12,000,000) ....
Des Moines & Ft. Dodge—1st mort., coup..................
1st mortgage, incom e...............................................
Mortgage on extension............................................
Des Moines Osceola <£ Southern—1st M.($6,000 p.m.)
Detroit Bay City <&Al/ ena—1st M., gold..................
1st equipment mortgage, guar.................................
Consolidated mortgage, guar...................................
Detroit Hillsdale & S. W.—Stock.................................
Detroit Lansing <£- North—Stock, common................
Preferred stock....................... ..................................
1st mortgage..............................................................
Ionia & Lansing, 1st mort., coup., may be reg—
Saginaw & West, mort., guar, ($15,000 per mile)..
Dubuque <£•Dak.—1st M., gold. gu. (payable at 105)
Dubuque <£ Sioux City—Stock.....................................
1st mortgage, 2d division........................................
Notes to retire 1st mortg. (redeem, at pleasure)..

274
150
88
88
56
300
83
189
189
189
65
261
261
222
59
32
63
143
43

Duluth & Winnipeg—1st mortgage, g»ld, land grant
2d mortgage, income................................................

1870 $500&c. $6,382,500
1,000 22,575,000
1886
1,000
1881
6,900,000
(?)
300
1885
100
6,235,400
1876
1,000
1,800,000
1880
1,000
2,925,000
1885
In trust.
1874
1,000
1,200,000
1874
1.000
1,200,000
1881
1,000
672,000
1880
879,000
1883
1,000
1,820,000
50
1,500,000
1878
1,000
2,000,000
3,200,000
1878 200 &e.
1,350,000
io o
1,825,600
100
2,510,000
1877 500 &c.
2,487,000
1869
1,000
770.000
1883
1,000
476.000
1,000
1879
630,000
100
4,999,950
1864 500 &c.
586,000
1888
295.OO0
12,000,000
10,000,000
4,000,000
1881
1,000
4,550,000
1881
R000 18,000 p.m.
—
7,000 p.m.

7 g. M. & N.
N. Y., Agency.
do
4 g. J. & J.
t> g. M. & S. Last paid March, 1884
4
7
6 g.
6
6
4
2h3
7
6 g2
6
6
2
3
3^2
7
8
6
6 g.
2
7
5

M.
J.
A.
J.
J.
J.
J.
J.

&
&
&
&
&
&
&
&

New York.
N. N.Y., LondonA Frankf’t
J. N. Y., Co.’s Agency.
O
J, N. Y., Morton, B. ACo.
J.
do
do
J.
do
do
J. Last paid Jan. 1885.
J. N. Y., Farm. L.A Tr. Co

A.
A.
J.
F.
F.
J.
•J.
J.
J.
A.
J.

&
&
&
&
&
&
&
&
A
&
&

O.
O.
J.
A.
A.
J.
J.
J.
J.
O.
J.

New York & London.
do
do
N. Y., Farm. L. & Tr. Co
Boston.
do
Boston, 2d Nat. Bank.
do
do
do
do
N.Y., John Patou & Co.
N.Y., John Paton & Co.
do
do

Nov. 1, 1900
July 1. 1936
Sept, t, 1911
Aug. 15,1880
May 1, 1905
Jan. 1. 1921
Oct., 1921.
June 1, 1905
June 1, 1905
June 1, 1905
1896
1913
Dec. 31, 1884
Nov. 14, 1918
Nov. 15, 1918
July 5, 1886
Aug. 15, 1884
Aug. 16, 1886
Jan. 1, 1907
July 1, 1889
July 1, 1913
July 1. 1919
Oct. 15, 1885
July, 1894
1888

1936
7
A. & O.
Oct. 1, 1911
6 g. M. & N. N. Y., Central Trust Co. May i, 1911

Cainsville, Mo., is built. In April, 1885, a receiver was appointed. Stock
1885.
issued, $500,000, $7,000 p. m ; bonds, $6,000 p. m. Iu Aug.,’84 consol,
$
with Wis. Ia. & Neb. RR. (V. 40, p. 454; V. 42, p. 22, 549.)
2,183,780
Detroit B ay City Sc A lp en a .—From Alger, on Mich. Ceut. RR., to
67,227
Alpena, 105 miles; Loon Lake Branch, 18 m,; Mud Lake Branch, 20 m.;
other
branches 10 miles; total in ad 153 miles. Built in lo8 3 and has a
2,732,966
1,827,974 2,251,007
Total income............ 2,620,628
traffic contract from Mich. Central. In 1884 net earnings on 48 miles
Disbursements—
were
$79,512,
and iu 1885 $78,296. The full 83 miles was first operated
2,036,313
Interest on debt........ 1,602,443
317,752
572,364 in 1886. Stock authorized is $2,000,000. (V. 42, p. 728 ; V. 43,p. 572.)
Ren’lo f D.R.G.W. E E .....................
246,234
225,213 )
Taxes and miscellan’s
298,306
D etroit Grand H a v en Sc M ilw a u k e e .—Owns from Detroit,
Mich., to Grand Haven, Mich., 189 miles. This is a reorganization o f
............
572,364 the Detroit & Milwaukee which was sold in foreclosure Sept., 1878. A
Total disbursements.. 1,900,749 2,600,799
Balance, surplus .. . 719,879
132,167
............
1,678,643 sufficient amount of first equipment mortgage bonds is reserved to
—(V. 42, p. 60, 93, 197, 215, 304, 364, 430, 487, 575, 6 0 3 , 753; V. 43, retire DWroit & P. bonds on maturity. The bonds were guaranteed by
the Gt. Western of Canada. Gross earnings in 1885, $1,154,640; net,
p. 49, 73, 131, 487, 547, 608, 745.)
$314,860; in 1834, gross, $1,254,391; net, $333,626. Report for 1885
D enver Sc R io Grande W estern (n a rro w gau ge).—Tliemort, in V. 42, p. 630.
gage covered lines in Utah Territory of about 469 miles in all, of
D etroit H illsd a le <fc Sou th w estern .—Owns from Ypsilanti,
wmch there were completed 368 miles, Colorado State Line to Ogden,
IJt., 310 miles, Bingham Junction to Alta, 18 miles; Bingham Junc­ Mich., to Bankers, Mich., 65 miles. The Det. H. & Ind. road was sold
in
foreclosure Dec. 28,1874, and this company organized by the bond­
tion to Bingham, 16 miles; P. V. Junction to coal mines 17 miles; other
coal mines, 6 miles, The stock issued on 469 miles $7,500,000. About holders. In Aug., 1881, leased in perpetuity to the Lake Shore & Mich,
Southern
Co.; the rental is $54,000 per y e a r-4 p. ct. (V. 43, p. 399.)
$1,000,000 bonds have also been issued ou road only partially com­
pleted. In August, 1884, W. II. Bancroft was appointed receiver of the
D etroit L an sin g & N orth ern .—Owns from Grand Trunk
D. &R.G . W.
June., Mich., to Howard City, Mich., 157 miles; branches—Stanton June,
Bondholders have generally accepted the proposal of August, 1885, to Big Rapids, Mich., 63 miles; Belding Branch, lhj miles; leased, Grand
viz., that the coupons fiom Sept. 1,1886, to Sept. 1, 1888, inclusive, Trunk June, to Detroit, 3 miles; Lansing to No. Lansing, 1 mile; St.
shall be paid one-half in cash and the coupon of March, 1889, three- Louis to Alma and Lake View, 36 miles; total operated, 261 miles. A
fourths cash, full interest being resumed with Sept., 1889. Scrip bearing consolidation, A p l.ll, 1871, of the Detroit Howell & Lansing, the Ionia
5 per cent is given for the coupons to Sept., 1885, and for the portion & Lansing and the Ionia Stanton & Northern railroads, under the name
unpaid of those up to Sept., 1889, this scrip may be redeemed at com­ of Detroit Lansing & Lake Michigan RR., which was sold in foreclosure
pany’s option by payment in full, and no dividend on stock can be paid Dec. 14,1876, and new stock issued as above. In July, 1883, leased
till it is redeemed. The full interest on bonds is $414,000, but under the Saginaw & Western and endorsed the bonds.
the plan it will be $205,689 in 1886 and $253,575 in 1887.
The annual report for 1885 was in V. 42, p. 518, showing 7 per cent
In April. 1886, an agreement was made to work harmoniously with earned on the pref. stock. Income account as follows :
the D. & R. G., and ihe rolling stock previously hired went into owner­
1882.
1883.
1884.
1885.
ship of the D. & R. G. W., thus saving rental.
Miles of road oper’d.
225
260
261
261
The gross earnings for year ending June 30,1886, w?re $1,075,542;
Earnings—
net, $374,996; rental of rolling stock, $43,234; surplus, $331,761. Passenger..................
$410,712
$152,778
$380,338
$344,372
Rental for rolling stock is no longer paid. For four months from July 1, Freight....................... 1,136,863
1,090,015
893,444
824,938
1886, gross earnings were $383,411, against $111,447 net, $162,691, Mail, express, &c___
49,562
53,651
54,810
59,160
against $L74,482. (V. 42, p. 93, 124, 186, 207, 304, 430, 447, 4a7; V.
Total
gross
earn’gs.
$1,597,142
$1,596,444
$1,328,592
$1,228,470
43, p. 73, 244, 634, 636,)
Expenses and taxes. 1,136.090 1,058,570
865,270
771,271
D enver South Dark; Sc P a c if ic (3 ft.)—(See Map o f TJnion
$461,u»g
$537,874
$163,322
$457,199
Net earnings..........
Pacific).—Denver,Col., to Nathrop, 137 miles; Nathrop to Gunnison, 65
miles; Gunnison to Mount Carbon, 17 miles; Garos to London Junction, -(V . 40, p. 4 5 2 ; V. 42, p. 186, 5 IS.)
D ubuque & D a k o ta .—Owns from Waverly to Hampton, 41 miles
15 miles; Como to Keystone, 35 miles; Bear Creek Junction to Morrison,
10 miles; Dickey to Leadville, 34 miles; Como to Mines, 4 miles; and from Sumner. Ia., to Waverly, Ia, 23 miles. Built on the old grading
Schwanders to Buena Vista, 4 miles ; total, 321 miles. First mortgage of the Iowa Pacific. The Dubuque & Sioux City Co. guarantees the bonds
bonds issued at the rate of $12,000 per mile of finished road. In Oct.. issued for construction to the extent of $10,000 per mile. Bonds may be
1880, the consol, mortgage was made for $15,000,000, to be at $17,000 paid off at any time at 105. Pref. stock $420,000 and ordinary stock
per mile on whole road, old and new, less the amount of 1st mortgage $159,500. Gross earnings in 1884, $71,720; net, $23,073. Gross in
on the old. Stock owned by Union Pacific is $6,135,100 and consoi. 1885, $67,783; net, $8,179.
D ubu qu e Sc Sioux City—(See Map of Illinois Central).—Owns
mort. bonds $2,797,000, and the Union Pacific operates the road, but has
made no guaranty of the stock or bonds, and alter paying unearned in from Dubuque, Iowa, to Iowa Falls, 143 miles. The former Dubuque &
terest for some years the Union Pacific on May 1,1886, at first offered Pacific was foreclosed in 1860, and present company organized. Leased
to purchase the coupons, but subsequently paid them.
In 1884 to Illinois Central from Oct. 1, 1867, for 20 years, the lessees agreeing
ross earnings, $1,194,069; deficit on operations, $296,991; deficit un- to pay 35 per cent of gross earnings for ten years and 36 per cent for
er interest, &c., $549,193. In 1885 gross earnings, $1,145,494; deficit next ten years, with privilege to make the lease perpetual at the latter
$16,129 ; deficit under interest, &c., $320,869. (V. 42, p. 519, 548, 631 rate. Gross earnings in 1885, $909,472, against $922,304 in 1884
694.)
In 1885 rental from lessee $284,856 ; other income, $22,310; total net,
D enver T e x a s Sc G u lf.—Projected from Denver, via Pueblo to the $307,165; interest, paid, $55,570; dividend of 4 per cent. $199,976;
Canadian Riv., 350 miles, and to Jan.1,1886, Denver to Pueblo, 124 miles, miscellaneous, $8,033; balance surplus, $43,586; total surplus Dec. 31,
and 13 miles branches, had been completed. Built by a Construction 1885, $200,267. M. K. Jesup, President, N. Y. City. (V. 40, p. 240,
Company. See circular in V. 35, p. 601. I n 1883 the Construction Co. 337: V. 41, p. 356.)
D u lu th Soutli Sliore Sc A tla n tic—(.See Map).—Owns from Straits
became embarrased and $2,286,000 bonds and $2,540,000 stock pledged
were sold by the Mercantile Trust Co. on Sept. 20. On March, 18, 1886, of Mackinac to Marquette, 152 miles. This road is intended to form,
Den. & N. O. road was sold and this company organized. Bonds are in connection with others to be built, a line along the south shore of
issued at the rate of $15,000 per mile, and $15,000,000 is authorized Lake Superior from Duluth to a connection With the Canadian Pacific
The bonds and stock issued are in hands of a trustee, to be held till the and Gra d Truuk at Sault Ste. Marie, and with Michigan Central and
road is built to the Ft. W. & D. C. RR. Jno. Evans, Pres’t, Denver. Grand Rapids Division of Pennsylvania RR. at Mackinac. This com­
- ( V . 41, p. 241, 494; V. 42, p. 338, 393.)
pany also owns a majority of the Marquette Houghton & Ontonagon
stock. This company is successor to the Detroit Mackinac & Marquette,
D es M oines Sc F o rt D od ge.—Owns from Des Moines to Fort sold in foreclosure Oct. 20, 1886. The D. M. &M. land grant was origi­
Dodge, Iowa, 87 miles, with an extension 56 miles to Ruthven, con nally 1,320,600 acres covered by the land grant mortgage, except that
nectmg with Chicago Mil. & St. Paul. First 87 miles originally a div­ 400,000 acres were subject to a certain agreement. (See V. 43, p. 634.)
ision of the Des Moines Valley RR., built in 1870 ana sold out in The plan of reorganization gave the old 1st mortgage bondholders two1873. Common stock, $4,283,000; preferred, $758,280.
thirds of their holdings in Duluth South Shore & Atlantic 1st mortgage
In Nov., 1886, an agreement was made for lease to the Chicago Rock bonds and par in new pref. stock. Income bonds to receive pref. stock
Island & Pacific, for 19 years at a rental of 30 per cent of the gross at par. Land grant bonds retain their lien on the lands covered by their
earnings, with a guarantee of 4 per cent interest ou the 1st mortg. and mort. and receive 35 per cent in new common stock. Old stock receives
extension bonds, and 2 ^ per ceut per annum on the incomes. The 60 per cent in new common stock of the D. S. S.&A. Gross earnings
coupons of January, 1887, to be bought at $20 each.
for 1885, $219,138 ; net, $20,686. C. R. Cummings, Chicago, President;
Gross earnings from Jan. 1 to Oct. 31, 1886, were $274,796, against C. S. Brice, New York, Vice-President. (V. 43, p, 274, 479, 515, 634.)
$309,115 in 1885; net, $62,824 .against $87,617. In 1884, gross earnings
D u lu tli Sc W in n ip e g .—Projected from Duluth to Manitoba
were $354,029, net, $101,660. In 1885, gross earnings were $382,420; boundary line, 280 miles. The land grant amounts to 1,800,000 acres,
net, $120,420. Charles E. Whitehead, President, 61 Wall Street. (V. which is subject to the first mortgage. The stock is $5,000,000. Wm.
42, p. 124, 3 64; V. 43, p. 579, 738.)
W. Spalding, President, Duluth.
Des M oines Osceola Sc Southern. -Projected from Des Moines
D u n k irk A llegh en y V alley «fc P ittsb u rg. -Owns from Dun­
la., to Kansas City, Mo., 300 miles, of which 111 miles, Des Moines to kirk, N. Y., to Titusville, Pa., 91 miles. A consolidation of the Dunkirk
INCOME ACCOUNT.

1832.
Receipts—
$
Net earnings............... 2,583,857
Other receipts............
36,771

f




1883.
$
2,618,435
114,531

1884.
$
1,793,573
34,401




44

INVESTORS’

SUPPLEMENT.

[VOL. XLII1.

Subscribers w ill com er a great favor by givin g im m ediate notice of any error discovered in tiiese Tables.
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size or
pal, When Due.
Amount
Par Outstanding
of
of
For explanation of column headings, &c.,see notes
Rate per When Where Payable, and by Stocks—Last
Road. Bonds Value.
Dividend.
Payable
Whom.
on first page of tables.
Cent
Dunkirk Allegh. Valley & Pittsburg—1st mort., gold
2d mortgage...............................................................
3d mortgage...............................................................
East Broad, Top.—1st mortgage, registered.............
East Pennsylvania—Stock........ .................................
1st mortgage.............................................................
Consol, mort., gold (for $20,000,000) coup, or reg.
Consol, mort., “ Divisional” b ond s.........................
Old 1st mortgage sinking fund bonds....................
Alabama Central, 1st mortgage, gold, coupon---Knoxville & Ohio, 1st mort., gold............................
East & West Alabama -1st M., gold ($10,000 p. m.).
Eastern (Mass.)—Stock................................................

90
90
90
30
36
36
1,123
1’123
1,123
1,123
552
242
95
66
112
285

Essex R R .lst mort. (extended for 5 years in ’86).
Eastern (N. H.)—Stock................................................
Eel River—Stock........................................... ...............
Elisabeth. Lex.&Big Sandy—1st mortg., gold..........

16
94
110

Elmira Cortland & Northern—1st pref. mort..........
1st mort.......................................................................
Elmira Jeif.<£• Canandaigua—Stock.........................
Elmira <&Williamsport—Stock, common..................
Preferred stock..........................................................
1st mortgage bonds..................................................
Income bonds, 999 vears to run.............................
Erie <£ Pittsburg—Stock...............................................
2d mortgage, convertible........................................

120
120
47
77
77
77
100
81h2

1870
1870
1870
1873
1858

1886
1880
1870
1879
1885
1882
1836
1851
1876
1872
1884
1884

1860
1863
1865

$1,000 $2,000,000
1,000,000
1,000
200,000
1,000
1,000
500,000
1,714,950
50
495,900
100 &c.
100 27,500,000
100 11(000,000
18,500(000
1,000 11,270,000
3.106,000
1,000
3,123,000
1,000
1,000
1,000,000
1,000
2,000,000
1,000
800,000
100
4,997,600
100
3,150,000
194,400
100 .fee.
10,000,000
100
492(500
100
2,792,800
3.500,000
1,000
38.000
750(000
1,250,000
500,000
100
500,000
50
500,000
50
1,000,000
1,000
500
570,000
1,998,400
50
91,800
100&c

Warren & Pittsburg and Warren & Venango in 1872. Is leased to N. V.
Central & Hudson River Co., but accounts are kept separate. Capital,
$ 1,300,00'. There is usually an annual deficit below the interest charge,
but the N. Y Central & Hudson River Co. hold $2,920,000 of the securi­
ties. Gross earnings in 1883-84, $279,719; deficit, $21,200. Gross in
1884-85, $216,79b; deficit, $6,769.
E ast B roa d T o p (P a .)—Owns from Mount Union, Pa., to Robertsdale, Pa., 30 miles. A coal road, opened in 1874. The stock is $815,602,
In 1884-85 gross earnings were $89,070; net, $16,003. In 1883-84,
gross. $85,539; net, $19,405.
E ast P e n n sy lv an ia .—Owns from Reading,Pa., to Allentown, Pa.,
36 miles. It is leased for 999 years from May 1, 1869, to the Philadel­
phia & Reading RR., at a rental of 6 per cent per annum on the stock
and interest on the bonds. James F. Smith, President, Reading.
E ast Tennessee V irgin ia & G eorgia.—(See Map.;—The East
Tennessee Virginia & Georgia Railroad was formed by a consolidation
July 20,1881, and owns the following: Bristol to Chattanooga, Tenn., 242
miles; Morristown to Unaka, 44 m.; Cleveland to Selma, 264 m.; Selma to
Meridian, 113 m.; Ooltewahto Coliutta, 11 m.: Rome, Ga.,to Macon, 159
m.; Macon to Brunswick, 190 m.; Cochran to Hawkinsville, 10 m.; total,
1,033 miles. Also operates the Knoxville & Ohio road, 66 miles, the lines
of the Memphis & Charlest’n RR., from Chattanooga to Memphis, Tenn.,
310 m., and the Florence and Somerville branches, 20 miles, in all 330
miles, making a total of 1,429 miles.
A lease of the Mem. & Char. RR. was an operating lease simply, and
various differences were settled by the acquisition of a majority of the
capital stock of the Mem. & C. Co. by parties controlling tlie E. T. Va.&Ga.
The E.T.Va.& Ga. holds a majority of the K. & O. stock.
In January, 1885, default was made on the consol, mortgage interest,
receivers were appointed, and the plan of reorganization was given in
the Chronicle , V. 42, pp. 155 and 186, embracing the scheme of fore­
closure under the consolidated mortgage and the issue of a new 5
per cent mortgage for $2o,000.000. The road was sold pursuant to this
plan on the 25th day of May, 1886, and reorganized as the East Tenn.
Va. & Ga. Railway Co., and the new stock and bonds stand as above.
The firs: preferred stock is entitled to a non-cumulatlve dividend of 5
per cent, and has “ the right for five years (till 1891) to elect a majority
of the Board of Directors of said company, unless before rhat time the
paid company should pay out of its net earnings 5 per cent divisends on such preferred stock for two full successive years.” At the
meeting of the new company in June, 1886, the fallowing direc­
tors and officers were chosen: Samuel Thomas, Calvin S. Brice, Samuel
Shethar, Geo. W. Smith, Ohas. M. McGhee, Robert Fleming (Dundee,
Scotland), E. H. R. Lyman, Frank Work, J. G. Moore (Moore & Schley,
representing the Richmond & Danville interests), O. H. Payne, A. D.
Juilliard, J. O. Moss (Baltimore & Ohio RR. Co.), Henry Fink, E. J.
Sanford, R. H. Richards; Samuel Thomas, President; Henry Fink, Vice
President; James G. Mitchell, Secretary and Treasurer.
Gross earnings for four months from July 1 were $1,546,854 in 1886,
against $1,418,877 in 1885; net, $656,698 in 1886, against $619,668 in
1885.
The fiscal year ends June 30. The annual report for 1885-86 was
published in the Ch ronicle , V. 43, p. 605:
INCOME ACCOUNT.

Receipts—
1883-84.
1884-85.
1885-86.
Total gross earnings..................... $4,173,263 $4,o21,567 $4,119,578
Net earnings.................................. $1,650,308 $1,140,589 $1,382,751
Disbursements—
Interest on debt............................. $1,402,995 $1,46^,651
............
Other payments...............................
49,617
209,967
............
Total disbursem’ts................... $1,45^,612 $1,678,618
............
Balance.......................................... sur.$247,313def.$390,275
............
—(V. 41, p. 102, 174,189,241, 306, 356,472,556. 578, 6 1 0 , 611.744;
V. 42, p. 60, 124, 155, 186, 207. 272, 364, 430, 463, 479, 549, 575, 631,
652, 663, 694, 728, 782, 783; V. 43, p. 22, 125, 217, 598, 60 5 , 607, 634,
718, 6Uf.
E ast & W e st R R . Co. o f A la b a m a .—Road will extend from
Gainesville, Ga., to Birmingham, Ala., and branches, 207 miles, of which
completed to July, 1886,112 miles; an extension of 95 miles is also con­
templated. In addition to the above $800,000 bonds, $3t>0,0oo more of
same issue are held by several stockholders as a “ contingent ” liability,
the interest charge being on the $800,000 only. Income bonds for $300,000 are to be issued for the floating debt. Stock ($10,000 per mile
authorized), $1,109,000. Gross earnings in 1885, $130,110; net $49,892.
Eastern (M a ss.)—Owns from Boston, Mass., to New Hampshire
State Line, 41 miles; branches—Salem to Marblehead, 4miles; Bever
ley to Gloucester, 17 miles; Salisbury to Amesbury, 4 miles; Revere
to East Boston, 3 L2 miles; Peabody to Wakefield, 8 miles; Sa.lem
to Lawrence, 20 miles; others, 22 miles; leased—Eastern RR. of N. H , 16
miles; Newburyport City RR., 3 miles; Portland Saco & Portsmouth, 51
miles, Portsmouth & Dover, 11 miles; Portsm. Gt. Falls & Conway, 73
miles; Wolfeboro Railroad, 12 miles; total operated, 285 miles.
In March, 1883, a lease of this road to the Boston & Maine was voted
for fifty-five years, but in November, 1884, this lease was decided to be
illegal in some respects, and a new one was negotiated for 54 y ears
from Oct. 1,1883, on the basis of combining the total earnings, paying
all charges, and dividing the surplus income as follows : 1. To B. & M.,




7 g. J. & D. N.Y., N.Y. Cent. & Hud.
A. & O.
do
do
7
A. & O.
do
do
7
4
J. & J. Philadelp’a, Co.’s Office.
J. & J. Phila., by P. & R. RR.
3
7
M. & S. Phila., P. & R. office.

5 g.
5
7
6
6 g.
6
3
3
4L}
6 g.
2i4
1
2 e6
6
3, 4, 5
3
2hs
3Lj
6
5
134
7

June, 1890
Oct. 1, 1890
Oct. 1. 1890
July 1, 1903
July 20, 1886
Mar. 1, 1888

M. & N. N. Y., Central Trust Co.
do
do
J. & J.
J. & J.
do
do
J. & J.
do
do
J. & J.
do
do
J. & D. N. Y., Am. Ln. & Tr.Co
J. & J.
Boston.

Nov.
July
July
Julv
July
Dec.
July

M. & S.
Boston, Office.
M. & S.
J. & D. Boston, by Treasurer.
Q .-M . Boston, by Treasurer.
M. & S. N. Y., Mills Building.

Sept. 15,1891
Sept., 1906
Dec. 15, 1886
Aug. 15, 1884
Mar. 1, 1902

A. & O.
J. & J.
M. & S.
M. & N.
J. & J.
r. & j .
A. & O.
Q .-M .
A. & O.

1,
1,
1,
1,
I,
1.
15,

1956
1930
1900
1918
1925
1912
1873

115 B’way, New York. April 1, 1914
do
do
April 1. 1914
Baltimore, N. Cent. RR. Sept., 1886
Phila., Penn. R. R. Co. Nov. 1, 1886
do
do
Jan. 1, 1887
do
do
Jan. 1, 1910
do
do
Oct. 1, 2862
N. Y., Union Trust Co. Dec. 10, 1886
do
do
Mar. 1, 1890

$630,000 (9 per cent on its stock); to Eastern, $100,000 for sinking
fund; to B. & M., $70,000; to Eastern, $336,000; balance to be spent
by lessee on both properties pro-rata. Mortgage notes are $684,300,
secured by real estate.
In Nov., 1886, the company offered to issue preferred 6 per cent stock
in exchange for $3,150,000 of certificat(s of indebtedness, at par, thusreducing those certificates to $10,000,000, to enable the company to
resume dividends on the common stock, according to the agreement
under which the ceriittcatcs were issued.
The last aunual report for the year ending Sept. 30, 1886, gave the
following result of operation with Boston & Maine. Surplus income
divided, in accordance with the terms of the lease, as follow s:
To Bos. & M. To Eastern*
Boston & Maine Railroad (9 p. c .).......................$630,000
$ ..........
Eastern Railroad.....................................................................
100,000
Boston & Maine Railroad (1 p. c .).......................... 70,000
............
Eastern Railroad, balance............................. ........................
321,340
Total.
$700,000
$121,340
- (V . 41,p.527, 688, 720; V. 42, p, 694; V. 43, p.579, 634, 671.)
Eastern (N. H .) —Owns from Portsmouth, N. H., to Seabrook
(Massachusetts State Line), 16 miles. It was formerly leased for 99
years to the Eastern (Mass.) Railroad, and a new lease was made from
Oct. 1,1878, for 60 years and two months at $22,500 per year, equal to4Lj per cent per annum. Moody Currier, President, Manchester, N. H.
Eel R iv e r.—Owns from Logansport., Ind., to Butler, Ind., 94miles. This was formerly the Detroit Eel River & Illinois Railroad,,
sold under foreclosure July 6, 1877, and reorganized under present
name Dec. 10,1877. In August, 1879, it was leased to the W abash St.
Louis & Pacific Railroad for 99 years, at a rental of 3 per cent per
annum on the stock for two years, 4 per cent for three years, and 4%
per cent thereafter. Default by lessee on the rental was made in 1884*
-(V . 41, p. 585.)
E lizab eth to w n L exin gton «fc B ig Sandy.—Road owned Jan.
1885, Lexington to Junction, with A.C. & I. Co., near Denton, 102 niilesA. C. & £. Junction to Big Sandy River, 7 miles; total owned 110 milesLeased Junction with A. C. & I. Co., near Denton to A. C. & I. Juno., 21 m.
West Side Big Sandy River to Huntington, 9 miles; total operated, 139*
miles. Charter permits extension to Elizabethtown. It is the connect­
ing line of the Chesapeake & Ohio and controlled by the same parties..
Authorized capital of tin- company is $5,000,000, with a provision in the
charter to increase it to $10,000,000 to build the line from Lexington to
Elizabethtown. Amount issued $3,217,900, and $291,906 to be issued.
The annual report for 1885 was in Y. 42, p. 461. For ten months
from Jan. 1,1886, gross earnings were $768,825, against $580,441;
net, $268,659, against $217,641. In 1884, net earnings were $258,052; all fixed charges, $224,717. For year 1885 gross earnings were
$706,943; net$244,001; rentals and interest, $216,120. (Y. 41, p. 161,
527, 653; V. 42, p. 60, 124, 2i2, 33 8 ,3 6 5 ,4 6 1 ,6 9 1 .)
E lm ira Cortland & Northern.—Elmira. N. Y., to Canastota, N.
Y., 120 miles, of which Elmira to Horseheads, 5 miles, and Cortland t o
De Ruyter, 20 miles, are leased for 499 years. Organized May
11,1878, as successor of the Utica Ithaca & Elmira RR. Co., foreclosed
April 30, 1878. Again sold in foreclosure Feb,, 1884, and re-organized
as at present. The 1st mort. for $1,250,000 bears 3 p. ct. for 3 years, 4
p. ct. for 2 years, then 5 p, ct. Stock is $2,000,000. Gross earnings in
1884-5, $325,147; net income, $79,316; interest, taxes, <fcc., $75,906 ;
surplus, $3,411. Austin Corbin, President, New York City.
E lm ira Jefferson & C anandaigua.—Owns from Canandaigua,
N. Y., to Watkins, N. Y., 47 miles.
The road was foreclosed and
reorganized under present name Feb. 18,1859. It was leased to New
York & Erie for 20 years from Jan. 1,1859, and the lease transferred
to N. Cen. RR. in 1866 at a rental of $25,000 per year. Lease termi­
nated Jan., 1879, and road now operated at cost by North. Cent., which
company owns the whole stock. Gross earnings in year ending SeDt. 30,
1885. $286,187; net, $51,164; interest, taxes, &c., $51,699 ; def. 535.
In 1883-84, gross $312,317; net, $50,154.
E lm ira «& W illia m sp o rt.—Owns rrom Williamsport, Pa., to
Elmira, N. Y., 76 miles. This company was reorganized under the
present name Feb. 29,1860, and leased to the Northern Central Rail­
way for 999 years from May 1, 1863, at a rental of $151,500 per annum
after Jan. 1,1880. The dividends on the common stock are 5 per cent
and on the preferred 7 per cent. Gross earnings in 1884-5, $744,685 ;
net, $273,730; surplus to lessee, $95,372. Gross earnings in 1883-4,
$777,166; net $226,383; surplus to lessee, $52,178
E r ie & P it t s b u r g .—owns from New Castle, Pa., to Girard, Pa.,
82 miles; branch. Dock Junction to Erie Docks, 3 miles; leased—
Girard to Erie, 15 miles; total operated, 100 miles. Road opened in 1865Itwas leased to the Pennsylvania RR. for 999 years from March 1,
1870, at a, rental of 7 per cent on stock and interest on the bonds,
and the lease was transferred to the Pennsylvania Co. The lease has
been quite unprofitable to the lessees; the deficiency paid by them in
1881 was $233,522; in 1882, $207,651; iu 1883, $260,071; in 1884,
$307,841, and in 1885, $354,633.
European & Nortli A m erican . — Owns from Bangor, Me.,
to Vanceboro (State Line), Me., 114 miles. Road was worked in
connection with the St. John & Maine, making an unbroken line from
Bangor, Me., to St. John, N. B., 205 miles. On Aug. 31, 1882, a lease
was made to the Maine Central for 99 years, for $125,000 per annum,

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MAP OF THE

EAS T TENNESSEE,
V I R G I N I A & GEORGI A
RAILROAD & CONNECTIONS.
JQCiRroads projected or in progress

46

INVESTORS’

SUPPLEMENT.

[V ol. XLIII.

Subscribers w ill confer a great favor by giving im m ediate notice o f any error discovered in tbese Tables.
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When Due.
Amount Rate per When Where Payable, and by pal,
Par Outstanding
of
For explanation of column headings, &c., see notes of
Stocks—Last
Road. Bonds Value.
Cent. Payable
Whom.
on first page of tables.
Dividend.
Erie & Pittsburg—(Continued)—
Consol, mort. free of State tax (for $4,500,000)... 100 1868 $1,000
1,000
Equipment bonds...................................................... 100 1870
114
100
European <£No. American—Stock, guar. 5 per ct__
54 1884
1,000
Evansville <£Indianapolis—1st mort., E. & I. gold..
40 1879
Terre Haute & Southeastern—1st mort.................
135 1886
1,090
Ev. & Ind. Consol, mort. (for $2,500,000) gold__
Evansville & T. Haute—Stock...................................... 146
50
51 1852
1st mortgage, Evansv. & 111., sink, fund...............
1,000
1st mort.Evans.& Cr..sink.fund,(Evansv. to T.H.) 109 1854
1,000
144 1881
1st consol, mort., gold (for $3,000,000)................
1,000
1st mort., Mt Vernon Branch, gold (for $375,000)
25 1883
1,000
Evansville Terre H. & Chic.—1st M., gold,int. guar..
55 1870
1,000
55 1872
1,000
2d mortgage, gold.....................................................
Fitchburg—Stock........................................................... 190
100
Bonds, coupons, ($4,950,000 authorized).............
’74-’81 1,000
Boston Barre & Gardner, 1st m ortgage................ 38*2
100 &c.
....
.
do
2d mortgage..................................
do
3d mortg. (convertible into stock)
1881
Flint <£ Pere Marquette—Preferred stock.................. 361
Reorganization mortgage, gold ($5,000,000)........ 302 1880
1,000
Flint & Holly R R .......................................................
17 1868 500 &e.
Bay County, issued in aid, guar, by lessees.............
500
Holly Wayne & Mon., 1st mort., sink, fund, guar.
1,000
65 1871
Florida Railway <£■Nav.—F. C. & W., 1st mort.. gold 234 1882
1,000
1,000
155 1881
Florida Transit—1st mortgage................................
50 1876
1,<>00
Peninsular of Florida—1st m ortgage___...............
1,000
530
Fla.Ry.& Nav., consol, mort. gold...........................
1884
1,000
Fernandina & Jacksonville.......... ........................
24 1883
Florida Southern—1st mortgage................................ 244 1883 100 &c.
10 1870 100 &c.
Fonda Johnstown <&Gloversville—1st m ortgage.......
Consol, mortgage......................................................
26 1880 100 &c.
Fort Madison & Northwestern—1st mort., gold........
45 1880 500 &c.
equal to 5 per cent per annum on tlie stock, and assuming the bonded
debt of $1,000,000, which is given under Maine Central.
E v an sv ille & In d ia n a p o lis.—Owns from Evansville, Ind., to
Terre Haute, Ind. (via Worthington), 135 miles; branch to Lancaster, 3
miles; total, 138 miles. This company was a consolidation in Oct. ’ 85,
of three corporations, viz.: the Evansville & Indianapolis, the Evansville
Wash. & Brazil and the Terre Haute & Southeastern railroads. Of the
consolidated mort. bonds, $1,260,000 are reserved to meet prior liens.
The consolidated bonds are guaranteed by the Evansville & Terre
Haute Co. Capital stock, $2,000,000. Edwin Taylor, President.

$2,485,000
7
J. & J. N. Y. Union Trust Co.
685,000
7
A. & O.
do
do
2,500,000
Bangor.
2ia A. & O.
699,090
6 g. J. & J. N.Y.. Farm. L. & Tr. Co.
M. & S.
260.000
7
do
do
1,001,000
New York.
6 g. J. & J.
I
3,000,000
Company’s Office.
Q .-J .
246,000
7
J. & J. N.Y.,Farm. L’an<& T.Co.
M. & N.
606,000
7
do
do
2,148,000
do
do
6 g. J. & J.
200,000
do
do
6 g. A. & 0.
775,000
6 g. M. & N. N.Y.,Farm.L’an & T.Co.
325,000
do
do
6 g. J. & J.
3
5,286,500
J. & D.
Boston, Office.
4,507,000 5, 6 & 7 A. <fe O.
do
390,000
5 & 7 A. & O. Worcester, City Nat. Bk.
3
186,300
do
do
57,300
6
do
do
J. & J.
6',500,000
2^2 J. & J. N. Y., Mer. Ex. Nat. Bk.
3,924,000
do
do
6 g. A. & O.
10
300,000
M. & N. N. Y., Meehan. Nat. B’k.
10
M. & S. N.Y., Merch.Exch. N.Bk
75,000
1,000,000
8
J. & J. N.Y., Merch. Nat. Bank.
2,808,000
5 g- J. & J. Last paid, Jan., 18s5.
6
M. & S Last paid, March, 1885.
1,000,00)
7
250,000
J. & J. Last paid. Jan., 18 -)5.
4,042,000
6 g. Q .-J . Last paid, July, 1885.
380,000
6
J. & J. Last paid, Jan., 1885.
2,014,200
6
J. & J.
New York.
300,000
J. & J. N. Y., St. Nich. Nat. B’k.
7
6
200,000
A. & O.
do
do
320,000
7 g. A. & O. Last paid April, 1883.

July 1, 1898
Oct. 1, 1900
Oct. 15, 1886
July 1, 1924
Sept. 1, 1909
Jan. 1, 1926
Oct. 1, 1886
July 1, 1887
Nov. 1, 1887
July 1, 1921
April 1, 1923
May 1, 1900
Jan. 1, 1902
Jan. 1, 1887
1894 to 1903
April 1, 1893
July 1, 1895
July 1, 1895
July 17, 1886
Oct. 1, 1920
May l, 1888
Sept. 1, 1887
Jan. 1, 1901
April 1, 1922
Mar. 1, 1911
May 24, 1906
July 1, 1924
July 1, 1923
July 1, 1923
July 1, 1900
May 1, 1920
April 1, 1905

OPERATIONS AND FISCAL RESULTS.

1882.
1833.
1884.
1885.
Miles operated.........
.........
346
361
361
361
Operations—
Passengers carried__ $994,225 $1,048,496
$882,659 8757,102
Passenger mileage.......29,546,975 32,213,590 27,231,295 23,380,115
Freight (tone) moved.. 1,137,589
1,442,884
1,229,679 1,135,270
Freight (tons) mileage..92.953,733 123,112,615 104.989,077 98,250,979
Rate per ton per mile.. 1*42 cts.
1-31 cts.
1-39 cts.
1-26 cts.
$
$
Earnings—
$
$
795,839
874,641
735,067
636,750
Passenger.....................
1,457,169 1,247,383
Freight........................... 1,317,042
1,610,510
Mail, express, &c..........
67,342
57,792
60,752
62,657
2,542,943
Total gross eam’s.. 2,180,223
2,252,988 1,946,790
1,735,517
1,515.461 1,347,840
Operat’g exp’s & taxes 1.432,209
748.014
807,426
Net earnings.................
598,950
737,527
66-15
68-25
P. c. of op. ex. to earn..
67-26
69-23

E v an sv ille & Terre H a u te. —Owns from Evansville, Ind., to
Terre Haute, Ind., 109 miles; Owensville branch and extension, 37
miles; total operated, 146 miles. The Rockville Extension, 23 miles
additional, is leased to the Terre Haute & Logansport for 99 years from
Nov. 1, 1879. Formerly the Evansville & Crawfordsville RR. Co. The
20 per cent stock dividend of 1884 was the distribution of $500,000
which had been held for sometime in the treasury. To meet the bonds
INCOME ACCOUNT.
falling due in 1887 the Co. has $852,000 of the consol, bonds. Annual
1882.
1883.
1884.
1885.
report for 1885-6 in Y. 43, p.486. Gross earnings year ending Aug. Net earnings................ $748,014
$807,426
$737,527 $598,950
31, 1886. $761,981; net, $386,801; in 1884-85, gross, $718,823; net,
Disbursem ents—
$357,600. (V. 41, p. 472, 5 26; Y. 42. p .463, 575; V. 43, p. 458, 48 6 .)
309,024
318,623
337,223
329,499
Interest on debt............
422,500
455,000
455,000
260,000
E v an sv ille Terre H au te & C h icago.—(See Map of Chicago Dividends .....................
4,226
Miscellaneous...............
<&East Illinois RR.)—Owns Irom Terre Haute Junction, Ind., to Dan­
ville, HI., 49 miles; leased, 6 miles; total operated, 55 miles, It uses 6
773,623
Total disbursem’ts..
731,524
792,223
593,725
miles of the track of the Rockville Extension into Terre Haute; also Balance for the yea r.. .sur. 16,490 sur. 33,803 def. 54,696 sur. 5,225
leases the Indiana Block Coal road, 15 miles. On April, 30, 1880, a —(V. 42, p. 4 8 6 ; V. 43, p. 49.)
lease to the Chicago & Eastern Illinois was made for 999 years; terms,
F lo rid a R a ilw a y & N av ig a tion .—Miles owned as follow s:
$75,000 per annum and the assumption by the C. & E. I. of all rentals
and taxes paid by E. T. H. & C. The bonded interest was reduced to 6 Jacksonville to Chattahoochee, 209 miles, and branches from Talla­
per cent and preferred stock for $100,000 issued for overdue coupons; hassee to St. Marks, 21 m iles; and from Drifton to Monticello, 4 m.;
common stock, $600,000. Josephus Collett, President, Terre Haute. Ind. Femandina south, 179 miles; Waldo to Cedar Keys, 72 miles: Wild­
wood to Leesburg, 22^ miles; Hart’s road to Jacksonville, 22*2 m ;
F itch b u rg .—Owns from Boston, Mass., to Fitchburg, Mass, (double total, 529 miles. In March, 1884, the Florida Central & Western, Florida
track), 50 miles, and B. Barre & Gard. RR., Worcester to Winchen- Transit & Peninsular, Fernandina & Jacksonville and the Leesburg &
don, 36 miles; branches—Charlestown, 1 mile; North Cambridge Indian River railroads were consolidated under this name. There have
to Waltham, 7 miles; South Acton to Marlborough, 12 miles; been issued $16,000 6 per cent consolidated bonds, with $13,000
Peterborough & Shirley, Ayer, Mass., to Greenville, 24 miles; Ashburn- of preferred and $13,000 of common stock on each mile constructed
ham branch, 3 m iles; leased and operated—Vermont & Mass. RR., and equipped. Of the above F. C. & W. bonds $1,000,000 are a
Fitchburg to Greenfield, 56 miles; Turners Falls Branch, 3 miles; preferred lien “ series A,” the balance of the issue being known as
Troy & Greenfield RR., Greenfield to North Adams, 37 miles; total, 193 “ series B.” InOct.,1886, a receiver (Mr. H. R. Duval) was appointedfor
miles. The Troy & Greenfield RR. and the Hoosac Tunnel, owned by the the whole property, and in February, 1886, was authorized to spend
State of Massachusetts, have been operated by this company, and are $800,010. It is stated that this step is taken in order to raise funds to
now contracted to it for seven years from Sept. 30, 1880. There are put the road and equipment in condition and to narrow the gauge in
notes out for $351,500. In Dec., 1886, consolidation with the Troy conjunction with other Southern roads, B. S. Henning President, N. Y.
& Boston was proposed. The annual 1884-85 was in Ch ronicle , V. 42, •City. Gross earnings for 1884, $1,001,590; net, $385,198; interest,
p. 92.
^
$343,900, (V. 41, p. 494 ; V. 42, p. 215.)
The income account for four years past (ending Sept. 30) was :
F lorid a Southern (Narrow-gauge) . —Owns from Paia'ka, Fla., to
1882-83.
1883-84.
1884-85.
1885-86., Gainesville, 50 m.; Rochelle to Leesburg to Brookville, 106 in.; Bartow
Receipts—
'to Charlotte Harbor, 75 m.; Leesburg to As tor, 50 m.; other Branches,
$
$
$
$
Gross earnings........
2,858,678
2,798,157
2,820,119
13 m.; total owned, 294 miles. Capital stock, $10,000 per m ile; 1st
mortg. bonds, $12,000 per mile. There are also $285,000 bonds of the
Net earnings............
666,752
670,737
673,159
St. John & Lake Eustis RR., 50 m., guaranteed by this Co. Company has
Premiums and rents
107,000
58,500
71,130
a State land grant of 13,840 acres per mile. J. W. Candler, Pres., Boston
Total incom e........
777,737
725,252
744,290
839,878^ , F on da J o h n sto w n & G lov ersv ille.—Owns from Fonda to
Disbursements—
Gloversville, 26 miles. The stock is $300,000. Gross earnings in
Rentals p a id ...........
230,164
246,809
256,480 1883-8 i, $158,680; net, $65,295; surplus over all charges and 9 ^ per
252,581
Interest on debt.......
177,500
200,000
2z0,688
260,763, cent dividend, $3,719. Gross earnings in 1884-85, $160,324; net,
Other interest..........
51,225
12,332
$68,568; surplus over charges and
per cent dividend, $8,364. W.
Dividends.................
297,000
272,250
247,500
264,330^ J. Heacock, President, Gloversville, N. Y.
264,330,
Rate of dividend___
(6)
(5)
(6)
<5>v .
F ort M adison Sc N orth w estern .—Narrow gauge road from Fort
Madison, la., to McKee, la., about 45 miles. Stock, $425,600. De­
Total disbursem’ts
755,889
731,391
720,769
781,573 fault on bonds was made October, 1884, and in July, 1885, a receiver
Balance..................... surp,21,848
def.6,139 sur.23,521 sur.58,305 took possession, and it was proposed to issue new bonds at $14,000 per
—(Y. 42, p. 9 2 ; V. 43, p. 607, 746.)
------------ mile, change the gauge and complete the full line of 100 miles and
retire old bonds by some settlement with the holders, either giving them
F lin t & Fere M arquette.—Owns from Monroe, Mich., to Luding- the new bonds or otherwise. C. A. Gilchrist, Receiver. (V. 49, p. 337,541.)
ton, Mich., 253 miles; branches—Bay City to East Saginaw, 12
F o rt W a yn e «& Jaeicson.—(See Map L. Shore & M. S.)—Owns from
miles; Flint Junction to Otter Lake, 20 miles; South Saginaw branch, Jackson,
to Fort Wayne, Ind, 97 miles. The former Fort Wayne
5 miles; Harrison branch, 30 miles; Manistee branch, 26 miles; Jackson Mich.,
& Saginaw made default on its bonds and was sold in
Saginaw & Mount Pleasant Railroad, 15 miles; total operated, foreclosure
Dec.
On Sept. 1,1882, leased perpetually to L. Shore
362 miles. A Receiver took the old company in June, 1879; the & Mich. South, at3,1879.
a rental of $126,027, equal to 5Q per cent on the pref.
road was sold August 18,1880, under the consolidated mortgage, and stock,
and
after
1887
any
net earnings over 8 per cent on pref. stock to
reorganization was made and preferred stock ($6,500,000) issued for tne be paid as dividend on common
stock, but not exceeding 2 per ct a year.
consolidated mortgage bonds, and common stock ($3,500,000) is to be
F
o
rt
W
a
y
n
e
C
incinnati
& L o u isv ille .—From Fort Wayne,
issued for the old stock. The common stock has no present right to vote
or to receive dividends, and will be issued only after the preferred Ind., to Oonnorsville, Ind., 104 miles; branch to Rushville, Ind., 24
miles;
total
operated,
128
miles.
The Fort Wayne Muncie & Cincin­
stockholders have received 7 per cent yearly dividends for five con­
secutive years. The preferred stock is not cumulative, and after 7 per nati Co. defaulted and a receiver was appointed Nov., 1874. The road
was
sold
in
foreclosure,
July
27,
1881,
to Elijah Smith, for the bond
cent per annum is paid on both classes of stock, the balance of income,
if any, is to be divided ratably. In 1886 the common stockholders holders, for $1,000,000. The bondholders reorganized under this name.
Gross
earnings
in
1884,
$246,397
;
net,
$33,358.
Gross in 1885, $227,took steps looking to the relief of their stock from its onerous limita­
tions, owing to the payment of dividends on the preferred stock at 7 8al; net, $22,509; interest paid, $7,000. Elijah Smith, Pres’t, N. Y.
per cent for a few years and then at a reduced rate.
F o rt W o r tli & D enver City.—From Fort Worth, Tex., northwest,
On Jan. 1, 1886, the land notes (principal and interest) on hand for to Harr old, Tex., 144 miles. Stock, $20,000 per mile, $2,880,000; par
lands sold were $376,812, and lands yet unsold 95,914 acres. The value of shares, $100. The report for 1885 was in V. 42, p. 271. Gross
total amount of cash collected in 1885 was $191,574. Annual report earnings year ending Oct. 31, 1886, $423,180; net, $175,074: fixed
for 1885, in V. 42, p 486. Earnings and operations for four years past charges, $165,000; surplus, $10,074. Morgan Jones, Pres., Fort Worth.
were:
—(V. 42, p. 22, 215, 2 7 1 , 463, 479, 549, 782; V. 43, p. 49, 547, 579.)




BONDS
AND
STOCKS
R AILR O AD
1886.]
D ecem ber,




48

INVESTORS’

SUPPLEMENT.

[Y ol . XLIII.

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in tbese Tables.
Bonds—Princi
DESCRIPTION.
INTEREST OR DIVIDENDS.
pal,When Due
Miles Date Size, or
Amount
of
For explanation of column headings, &c., see notes of
Rate per When Where Payable, and by Slocks—Last
Par Outstanding
Road. Bonds Value.
on first page of tables.
Dividend.
Cent. Payable
Whom.
Fort Wayne &Jackson—Pref. stock, (8 per cent)__
Notes...........................................................................
Fort Worth & Denv. City—1st M.,gold ($25,000 p.m.)
Frederick & Pennsylvania Line—1st mortgage........
Galveston Harrisb.d S. Antonio—1st mort, gold, 1. gr.
2d mortgage...............................................................
Western Division, 1st mortgage, gold..................
Galveston Houston <£ Hend. o f 1882—1st mort.,guar
Geneva Ithaca <£ Sayre—1st mort., s. f., gold...........
Georgia Pacific—1st mort., $10,000 per mile..........
2d mort., income, cumulative ($15,000 p. m .)---Georgia Railroad & Banking Co.—Stock..................
Bonds, not mortgage................................................
Bonds, not mortgage ($300,000 mature in 1922)..
Macon & Augusta, 1st mortgage...........................
Grand Rapids <£•Indiana—Stock...............................
1st mort*., land grant, gold (guar, by Pa. RR)......
1st mort., gold, ($675,000 are land grant).............
Six per cent mortgage...............................................
Consol, mortgage for $13,000,000, coup, and reg.
Mortgage (g ild on Muskegon Division................
Green Bay Winona &St. Paul—1st mort. coup.......
Funded coupon bonds..............................................
2d mort. income bonds, reg.. non-cumulative.......
Gulf Colorado <£ Santa Fe—1st M., g. ($12,000 p.m.)
2d mortgage ($8,000 per mile), gold......................
Preferred stock (7 p. c. yearly, not cumulative).
Consolidated mort. (for $8,000,000).......................
Bonds Quincy & Palmyra R R .................................

97
97
128

1883
144 1884
28 1870
256 ’ 71-’80
226 1880
671 1881
671 1881
50 1833
35 1870
313 1882
202 1883
307
77
367
367
367
367
367
42
219
219
800
625
292
292
292
15

$2,287,832
431,747
4,000,000
1,000
100,000
3,6;J0,O00
1,000
500 &C.
250,000
4,756,000
1,000
1,000
635,000
1,000 13,418,000
1,000
6,354.000
1,000
2,000,000
lo o &c.
600,000
1,000
3,173,000
1,000
3,921,000
100
4,200,000
500
100,000
1.000
2.300,000
1,000
275,000
100
4,985,081
1,000
3,934,000
1,000
1,441,000
1,000
2,700,000
1,000
3,217,000
1,000
750,000
1,000
1,600,000
280,830
1,000
3,781,000
1,000
9,600,000
1,000
5,000,000
100
9,168.700
100
5,083,024
1,000
6.589,000
433,000
$ ....

77&80
1867
1869
1869
1884
1884
1886
1881
1886
1881
1879
1885
1881

__

Frederick: & P en n sylvan ia L in e.—Owns from Kingsdale to
Frederick City, Md., 28 miles. It is leased to Pennsylvania RR., which
pays interest on first mortgage. Preferred stock held hy Pennsylvania
RR., $461,000; common stock, $318,100; floating debt, (coupons, &c.),
$169,645. Charles E. Trail, President, Frederick City, Md.
G alveston H arrisb u rg & San A n to n io .—(See Map o f Southern
Pacific.)—Owns from Houston, Texas, to San Antonio, Texas, 217 miles
LaGrange Extension, 28 miles; Harrisburg to Pierce Junction, 8 miles;
leased, Harwood to Gonzales, 12 miles; total, 266 miles. Western Ex­
tension, San Antonio to Rio Grande River, connecting with Southern
Pacific, 636 miles; Eagle Pass Branch, 35 miles; total Western Exten
sion, 661 miles. Grand total, 936 miles. The extensions to the Rio
Grande at Eagle Pass and to El Paso were completed late in 1882.
This company was successor to the Buffalo Bayou Brazos & Col. Rail­
way in 1870. The capital stock outstanding ou the whole road is
$27,061,544. The 1st mort. covers 256 miles of old road and 1,500,000
acres of land. The proceeds of land sales are used to retire the bonds,
and also a sinking fund of 1 per cent, but it is optional with bondholders to surrender their bonds, if drawn. Of the second mortgage
bonds due 1931, the company holds $355,000; and of the second
mortgage due 1905, it holds $365,000.
In June, 1881, a large
interest in the stock was bought by Southern Pacific parties. The
mortgages on the Mexican Pacific extension cover 636 miles of road,
from San Antonio to El Paso, and the Eagle Pass branch, 35 miles—
671 in all. The land grant is sixteen sections (10,240 acres) per mile.
On Feb. 10,1885, this property was leased for 99 years to the Southern
Pacific Company, the lessee agreeing to pay interest on the debt, and
a further sum equal to 1644 per cent of the net profits on the whole
Southern Pacific system.
For ten months from Jan. 1 to Oct. 31, grossearningswere$2,140,818
i n ’86, against $2,522,432 i n ’85; net, $256,714, against $1,131,629 in
’85. Earnings and expenses for three years were:
1883.
1884.
1885.
Miles operated..................
746
936
936
Gross earnings.................. $3,686,767
$2,902,591
$3,253,977
Operating expenses..........
2,270,046
2,035,816
1,766,525
Net earnings............... $1,416,721
$866,775
$1,487,452
Interest paid.....................
1,224,995
1,276,861
1,418,811
Balance.......................Sur.$l91,726 Def. $410,086
Sur. 6,641
—(Y. 42, p. 243, 6 9 3 ; Y. 43, p. 133,163.)
G alveston H o u sto n & H en derson o f 1 8 8 2 .—Owns from Gal‘
veston, Texas, to Houston, Texas, 50 miles. The road was opened in
1853-4 and sold in foreclosure Dec. 1, 1871, and reorganized as the G.
H. & H. of 1871. In July, 1880, the company defaulted on its interest
and the road was sold in foreclosure Aug. 1, 1882, for $460,000, and
purchased in the interest of Jay Gould and Russell Sage. The bond­
holders, by agreement with the purchasers, received new 5 per cent
bonds for their old bonds, and the road is leased for 99 years, to the
International & Great Northern Railroad Company and bonds guaran­
teed by that company. Stock of the new company is $1,000,000. In
1884gross earnings were $289,118; expenses, $317,979; deficit, $28,861.
In 1885, gross, $322,242; net, $42,356. (V. 40, 5 0 6 ; V. 42, p. 662.)
Geneva Ith aca & Sayre.—Owns from Geneva, N. Y., to Sayr©
Pa., 75 miles; branch, Ithaca, N. Y., to Cayuga, N. Y., 38 miles;
Hayt’s Corners branch (leased), 3 miles; total operated, 116 miles.
Organized October 2, 1876, as successor of the Geneva Ithaca &
Athens Railroad (sold in foreclosure September 2, 1876), which had
been formed by consolidation of the Geneva & Ithaca and Ithaca &
Athens railroads, May 25,1874. In 1880 absorbed the Cayuga & South.
RR., 37 miles. The common stock is $1,275,000; preferred, $400,000
Gross earnings year ending sept. 30, 1885, $354,884; deficit, $83,023; Interest, taxes, &c., $80,247; total deficit, $163,270. In 1883-84,
gross, $430,938; deficit, $152,120; interest payments, $66,330;
total deficit,$218,449.
G eorgia Pacific.—Atlanta, Ga., to Coalburg, Ala., 177 miles; Cane'
Creek, Ala., to Columbus, Miss., 75 miles; Greenville, Miss., to Johneonville and branch (N. G.), 52 miles; other branches. 13 miles; in opera­
tion 8ept. 30,1885, 317 miles. Between the western terminus of First
Div. at Coalburg and eastern terminus of Second Division at Cane Creek
Is a gap of 41 miles to be built as soon as practicable. The Georgia
Pacific has been built by. Richmond & Danville Extension Comany, and operated in the R & D. system. The capital stock is
7,000,000. Interest on income bonds is cumulative. Gross earnings
year ending Sept. 30, 1886, were $784,811 and net, $221,042. There
are $279,802 car trust notes. The annual report was in V. 43, p. 745.
—(V. 42, p. 1 5 4 ; V. 43, p. 334, 745.)
Georgia R a ilro a d & B a n k in g Co.—Augusta, Ga., to Atlanta,
Ga., 171 miles; branches to Washington and Athens, 60 miles; Warrenton,Ga., to Macon, Ga., 76 miles; total owned and operated, 307 miles.
The Western Railway of Alabama is controlled jointly with the Central
RR. of Georgia, this company holding one-half the stock of $3,000,000.
The Macon & Augusta RR., 76 miles, is owned by this company. The
Port Royal & Augusta RR. is owned one-fifth part by this company;
the Atlanta & West Point thirty-five one hundredths by this company.
In April, 1881, a lease for 99 years was made to W. M. Wadley and
associates, for the Central of Georgia and the Louisville & Nashville
railroads, at $600,000 per year, payable semi-annually, and dividends
are 2*2 per cent quarterly; the deficit to these companies in 1884-85
on the lease was .,$98,599. In 1885-86 net income from all sources

S




2%

M. & S. N Y.,Farmers’ L.&Tr.Co Sept. 1, 1886

7
6 g.
6
6 g.
7
5 g.
6
5
7 g.
6
6
2Jg
7
6
7

J. & D.
J. & D.
A. & O.
F. & A.
J. & D.
M. & N.
J. & J.
A. & O.
J. & J.
J. & J.
A. & O.
Q .-J .
I. & J.
J. & J.
J. & J.

7
7
6
5
5
6
6
8
7
6

g. J. &
g. A. &
M. &
M. &
J.
&
g.
F. &
F. &
M. &
g. J. &
g. A. &

3
5 &6
8

Boston.
N. Y., MercantileTr. Co.
Pennsylvania RR. Co.
N.Y.,D.,M.&Co.,&Lona.
N. Y., Drexel, M. & Co.
New York.

J.
O.
N.
S.
J.
A.
A.
N.
J.
0.

New York.
N. Y., Metrop. Nat. B’k.
N. Y., Central Trust Co.
N. Y. .MercantileTr. Co.
Am Ex.Bk., N.Y.,&Aug
do
do
do
do
do
do

June 1, 1893
Dec. 1, 1921
Oct. 1, 1900
Feb. 1, 1910
June 1, 1905
May 1, 1931
July 1, 1931
April 1, 1913
July 1, 1890
Jan. 1, 1922
Oct. 1, 1923
Oct. 15, 1886
1890
’97,1910,1922
Jan. 1, 1887

N. Y., Winslow, L. & Co.
do
do
do
do
do
do
do
do
N. 5T.Farmers’ L.&Tr.Co
do
do
None ever paid.
N.Y.Nat.City Bk.&Galv.
New York, Nat. City Bk.

Oct. 1, 1899
Oct. 1, 1899
Nov. 1, 1899
Sept. 1, 1924
July 1, 1926
Feb. 1, 1911
Aug. 1, 1906
May 1, 1911
July 1, 1909
Oct, 1, 1923

F. & A. N. Y., Coinpanv’s Office Feb. 15, 1883
M. & S. N.Y., Bk.of No. America. Mar. 1, 1911
F. & A.
do
do
J a n .1, 1892

including bank, was $663,570, leaving a surplus of $70,918 above all
charges, including 10 per cent dividends. Total surplus of RR. Co. Mar.
31, 1886, $979,540; of Bank, $150,000.
G rand R apids Sc In d ia n a . - (See Map o f Pennsylvania BE.)—Owns
from Fort Wavme Ind., to Mackinaw City, 367 miles; Manistee Branch,
22 miles; Missaukee Branch, 8 miles; Osceola Branch, 7 miles; total
owned, 404 miles; leased and operated: Cm. Richmond & Fort Wayne
RR.. 86 miles; Traverse City Railroad, 26 miles; Bay View Little
Traverse & Mackinaw Railroad, 6 miles—118 miles. Total, 522 miles.
The Grand Rapids & Indiana Railroad is operated in the interest
of the Pennsylvania Railroad Co., and $4,000,000 of the first mortgage
bonds were guaranteed by that company, which buys the coupons each
year if any remain unpaid by the earnings. First mortgage bonds re­
deemed by the sinking fund are replaced by 5 per cent bonds issued.
The bonds on the Muskegon Division have a traffic guarantee applicable
to their interest payment.
The Co. has a land grant, and sold in 1885 17,093 acres, for $142,982.
The lands unsold on Jan. 1, 1886, were 432,828 acres. The assets were
$133,266 bills receivable, and cash with cashier, $28,268. From Jan.
1 to Oct. 31, gross earn’gs were $1,681,707 in 1886, against $1,604,095 in 1885; net, $587,095 in ’86, against $475,874_in ’85. The annual
report for 1885 was in V. 42, p. 547 :
INCOME ACCOUNT.

Gross earnings........
Net earnings............
Disbursements—
Interest on debt......
Int. on Penn.Co.note
Loss on leased roads
Adv.&int—C.R F.W.
Int.on G.R.I.& M. l’n
Int. oneps. prior yrs.

1882.
$
2,260,291
582,055

1883.
$
2,361,605
640,098

1884.
$
2,116,299
613,720

1885.
$
1,946,143
603,715

478,065
25.903
7,271
12,011
9,625

449,995
25,902
20,920
17,003
19,250

387,068
21,586
9,027
37,255
19,250
*93,416

714,100
3,050
27,263

567.602
Total disbursemts.
532,875
533,070
744,413
Balance.................... sur. 49,180 sur. 107,028 sur. 46.118 def. 140,698
* Includes $89,075 for interest upon the debt to the guarantor for cou­
pons of years previous to 1884; both coupons and inter -st we-e included
in the general settlement. (V. 42, p. 365, 537, 5 47, 604,782; Y. 43, p.
245,398, 515, 634.)
Green B ay W in o n a «fc St. P a u l.—Owns from Green Bay, Wis.,
to Marshland, Wis., 209 miles; branches, 10 miles; leased—Plover
to Steven’s Pt., 6 miles; total, 225 miles. This was a reorganization in
1881 of the Green Bay & Minnesota, which company made default and
the road was sold March 12, 1881. Preferred stock is $2,000,000, and
entitled to 7 per cent when earned, and common stock $8,000,000,
both stocks $100 shares. On Feb. 1,1885, default was made on the first
mortgage interest, and the trustee of the mortgage took possession, and
in 1886 bondholders consented to fund the three overdue coupons and
the company resumed payment of interest on August 1. For
1884-85 gross earnings were $303,190 ; net, $33,043, ; taxes and inter­
est, $102,58Qi Samuel Sloan, President, New York. (V. 41, p. 189, 355 ;
V. 42, p. 60; V. 43, p. 96, 368.)
G u lf Colorado & Santa F e .—(See Map)—Mileage was as follows
Aug., 1885; Galveston to Goldthwaite, 320 miles ; Fort Worth Division
Temple to Fort Worth, 128; Northeastern Division, Olebnrne to Dal­
las, 54; Eastern Division, Somerville to International Road, 74 m iles;
Houston Division, Alvin to Houston, 24 miles; total 600 miles.
Road was sold and reorganized April 15, 1879. Stock, $4,560,000. In
1884 the fiscal year was changed from July 31 to end with Dec. 31, and
the income account is for the 17 months. In July, 1885, the old second
mortgage at $13,000 per mile was retired and canceled and the new
second mortg. at $8,000 per mile was issued. In April, 1886, the stock
of this company was exchanged for the stock of the Atchison Topeka &
Santa Fe RR. Co., and the two properties thus consolidated. See V. 42,
p. 630. Litigation followed, and is yet pending on an application to
enjoin the consolidation. In the table below the earnings are for the 17
months ending Dec. 31,1884, but previously for the years ending July 31.
1882.
1883.
1884.
1885.
(17 mos.)
Miles at end of year
430
546
5 36
625
Gross earnings..........$1,251,073 $2,068,957 $2,781,208 $1,916,963
Net earnings............. $414,093
$740,494
$411,547
$517,293
Disbursements—
$13,458
$ ............
$ ...........
Rentals......................
$
Interest on d e b t. . . . 291,900
430,001
563,666
602j41*6
Tot. disbursem’nts $305,358
$430,001
$563 666
$602,416
Balance, surplus
$108,735
$310,493 Def.$152,120 Def. $85,124
- (V . 42, p. 124, 387, 393, 430, 487, 518, 630, 728, 753, 782 ; V. 43, p.
23,245, 399, 619.)
H a n n ib a l & St. J ose p h .—Owns from Hannibal, Mo., to 3t. Joseph,
Mo., 206 miles; branches—Cameron to Kansas City 53 miles; °St. Joseph
to Atchison, Kans..l9 miles; Palmyra to Quincy 111., 13 miles; total,
operated, 292 miles.

D ecember , 1886.]

RAILROAD

STOCKS

AND

49

BONDS.

Subscribers w i ll confer a great favor by g iv in g im m ediate notice o f any error discovered in these Tables.
Bonds—Princi
DESCRIPTION.
f
INTEREST OR DIVIDENDS.
pal, When Due.
Miles Da te Size, or
Amount Rate per When Where Payable, and by Stocks—Last
For explanation of column headings, &c., see notes of
of
Par
Outstanding
Road. Bonds Value.
Dividend.
on first page of tables.
Cent. Payable
Whom.
Hannibal <6St. Joseph—( Continued) —
Bonds Kansas City & Cam. RR...............................
Harrisb. Portsm’ th Mt. Joy <fi Lane.—Stock...............
1st mor., registered (extended 30 years in 1883).
Harrisburg <£•Potomac—1st mortgage, coupon........
1st mortgage..............................................................
Preferred stock..........................................................
2d mort. bonds of 1869............................................
Bonds..........................................................................
Consolidated mort.. reg............................................
Roust. Hast <£- West Texas.—1st M., gld ($7,000 p. m.)
Houston <£•Texas Gent.—1st M., (main) gold, l.gr.,s.f.
1st mort., 1. gr., West div. (Hempstead to Austin)
IstM., gold,Waco & N’ west (Bremond to Ross) —
Consol, mort., land grant, Main and Western Div.

53
54
54
38
108
104
127
127

1867
1853
1874
1883

.

1869

....

1880

192
192
345
119
58
464
58
522
64
64
64

1878
1883
1866
1870
1873
1872
1875
1881
1854
1857
1865

Gen. mort., gold (for $18,500,000)..........................
Huntingdon <£•Broad Top—1st mort., gold...............
2d mortgage, gold.....................................................
3d mortgage consolidated.......................................
Scrip for interest 1st and 2d mortgages................
Illinois Central—Stock.................... ....................... ? 1,928 C....
Leased line 4 per cent stock, guar.......................>
) . ...
706 1875
Mortgage bonds, sterling........................................
706 1874
Sterling bonds, (sinking fund £20,000 yearly) —
706 1875
Mortgage, sterling....................................................
706 1886
Mortgage bonds, gold, coup., may be reg..............
706 1886
do
do coup., may be reg..............
do
do sterling (£1,000,000)....... 706 1886

$ ....
50
500 &c.
100 &c.
100
1,000
100
100
500 &c.

$1,113,000
1,182,550
700,000
507,200
2,540,300
510.000
820.000
1,180,000
300,000
__
76.500
500 &c.
300.000
200.000
1,000
1,344,000
1,000
(?)
1,000
6,154,000
1,000
2,271,000
1,000
1,140,000
1,000
4,046,000
1,000
Nil.
1,000
4,326,000
500
416,000
500
367,500
1,000
1.497,000
__
118,895
100 29,000,000
100 10,000,000
£200
2,500,000
£200
3,000,000
£200
1,000,000
1,000
1,500.000
1,000
2,496,000
£200
5,000,000

The company was chartered Feb. 16,1847, and road completed to StJoseph in Feb., 1859. The branches were built under different organiza"
tions. The Bridge across the Missouri River at Kansas City is ownedThe company had a Congressional land grant and received $3,000,000
in bonds from the State of Missouri, which loan was repaid in cash in Jnne,
1881, but litigation followed as to the interest payable on the State
bonds, the State claiming interest should be paid to it at 6 per cent till
maturity. The U. 8. Circuit Court decided the further sum of $176,049
to he due the State, and the case is yet pending on appeal. The land
grant has been practically closed out.
In September, 1882, a syndicate, including Jay Gould, Russell Sage,
and others, bought about 90,000 shares of common stock from John
R. Duff', of Boston, and in May, 1883, this common stock and a large
amount of preferred were sold to the C. B. & Q. RR. Co. at 45 for the
common and par for the preferred, payable in C. B. & Q. 5 per cent bonds
at par.
Preferred stock has prior right to a non-cumulative dividend of 7 per
cent; then common to 7 ; then both share. Fiscal year ends Dec. 31.
Annual election occurs in November.
The income accounts have
shown a surplus for 1884 overall charges of $445,168, a surplus of
$353,698 in 1883, and a surplus of $39,810 in 1882 after paying
$330,395 for a 6^ per cent dividend on preferred stock. In 1885, in­
come, $1,084,784; interest, $578,632; surplus, $506,152. (V. 40. p.182,
240, 270; V. 43, p. 308.)
H arrisb u rg P o rtsm o u th M o u n t J oy & L ancaster.—Owns
from Dillerville, Pa., to Harrisburg, Pa., 36 miles; branch, Mid­
dletown, Pa., to Columbia, Pa., 18 miles; total operated, 54 miles.
The property was leased to the Pennsylvania Railroad Co. for 999
years from Jan. 1, 1861, the rental being 7 per cent on the stock and
interest on the bonds. Operated as a part of main line of Penn. RR.
H arrisb u rg 6c P o to m a c .—Owns from Bowmansdale to Shippens
burg, Pa., 32 miles; branch to mines, 5*2 miles; total operated, 37^
miles. Extensions projected from Bowmansdale to Harrisburg. Bonds
authorized, $1,800,000. Stock $379,165. Thomas W. Ahl, President,
Boiling Springs, Pa.
H a rtfo rd & Connecticut W e ste rn .—Hartford, Conn., to Rhinecliff, N. Y., 108. Foreclosure suit was begun in 1880 against the former
Conn. West., and the State Treasurer took possession. On May 25,1881,
bondholders reorganized, and stock in new company issued for bonds.
In March, 1882, the purchase of the Rhinebeck & Connecticut Railroad
was made for $800,000 in the stock of this company. Gross 9amings
1884-85, $307,924; deficit, $9,811.
Gross in 1885-86, $348,964;
net, $101,295; surplus over interest, &c., $56,023.
H o u sa to n lc .—From Bridgeport. Conn., to State Line, Mass., 74
miles; Brookfield June, to Danbury, 6 miles; leased—Berkshire Railroad,
22 miles; West Stockbridge Railroad, 3 miles; Stockbridge & Pitts­
field RR., 22 miles; total, 127 miles. The preferred 8 per cent stock was
issued in 1845 to pay for laying the road with heavy iron. There are
also $150,000 6 per cent equipment bonds due Feb. 1,1888, and $70,000
5 per cent Danbury branch bonds due October 1. 1912. In Sept., 1886,
the Housatonic leased the Danbury & Norwalk RR. for 99 years. Opera­
tions and earnings for three years past were as follows:
Passenger Freight (ton) Gross
Net
Div. %
Years.
Mileage.
Mileage. Earnings. Earnings. Rentals. Pref.
1882- 8 3 .... 8,794,731 15,795,565 $735,492 $252,251 $74,107
8
1883- 8 4 .... 9,265,561 14,875,414 676,759 229,121 74,095
8
1884- 8 5 .... 8,835,567 14,890,424645,859
249,632 74,102
5
—(V. 43, p. 334.)
H o u sto n E a s t 6c W e st T ex a s.—Owns from Houston, Tex.,
to Sabine River at Logansport, 192 miles, and connects there with a line
to Shreveport, La. (Narrow guage, 3 feet.) The company had a Texas
land grant of 10,240 acres for each mile constructed and equipped.
Bonds issued to the extent of $7,000 per mile first mortgage and $5,000
per mile second mort cage, but the 2d mortgage bonds were not sold
and are held as collateral for tlie debt due Mr. Bremond, $750,000.
Stock authorized, $10,000,000; issued, $1,920,000. In 1884 gross
earnings, $281,552 ; net, $172,861. In July, 1885, M. G. Howe, Assist­
ant Superintendent of the Houston & Texas Central, was appointed
receiver of this company. (Y. 41, p. 50, 215, 473; V. 42, p. 365, 387;
Y. 43, p. 131, 547.) ~
H o u sto n 6c Texas Central. (See map o f Southern Pacific )—Owns
from Houston, Tex., to Red River City, Tex., 345 miles; branches
—Hempstead, Tex., to Austin, Tex., 118 miles; Bremond, Tex., to
Ross, Tex., 57 miles; total operated, 520 miles. Texas Central RR.
completed from Ross to Albany, 177 miles. The company has a land
grant from the State of Texas of 10,240 acres per mile, amount­
ing to about 5,130,720 acres; but the lands are not on the line
of the road. Mr. Morgan, of the Louisiana Steamship Line, bought a
controlling interest in the stock, and in February, 1883, the Southern
Pacific party purchased this interest ($3,985,500 of the stock) with
their purchase of the Morgan property. Total stock is $7,726,900. The
general mortgage of 1881 for $18,500,000 is made to the Farmers’ Loan
6 Trust Co. as trustee, which company holds $1,500,000 Income and
Indemnity bonds and $1,149,000 consol, mortgage bonds as security.
The coupons due January 1, 1885, on first mort. bonds were not paid
by the Co., but were partly purchased by the Southern Development Co.
The 1st mort. is a first lien on the main line at the rate of $20,000 a mile,
covering 345 miles of road; it is also a first lien on ten sections of land
for each mile, or 2,208,000 acres. The second mortgage at 8 per cent,




10
3Lj
4
7
1^
5
3
6
4
5
5
7 g.
6
7 g.
7 g.
7 g.
8
8
6 g.
7 g.
7 g.
5
7
3bj
2
6 g.
5 g.
5 g.
4 g.
3Jg g.
3 ^ g.

J. N.Y.,Bk.of No.America. Jan. 1, 1892
July 11,1886
J.
Phila., Co.’s Office.
July 1, 1913
J.
do
do
J. Phila., Third Nat. Bk. Jan. 1, 1904
Dec. 1, 1882
July 1, 1903
Hartford.
J. & J.

J.
J.
J.
J.

&
&
&
&

Bridgeport & Boston.
Bridgeport, Office.
do
do
do
do
A. & O.
J. & J.

M. & N. Last coup’npd.May, ’86
J. & J.
J. & J. Last paid July, 18°4
J. & J. Last paid July, 1884
J. & J. Last paid July, 1884
A. & O. Last paid Oct., 1884
M. & N.
A. & O. Last paid Oct., 1884
A. & O. Philadelphia, Office.
F. & A.
do
do
do
do
A. & O.
do
do
J. & D.
M. & S. N. Y., 214 Broadway.
J. & J.
do
do
London.
A. & O.
A. & O. London,Morton R.& Co.
do
do
J. & D.
J. & J. New York. 214 B’dway.
do
do
J. & J.
London,Morton R.& Co.
—

July 10, 1886
July 1, 1889
1910
April 1, 1910
1889
1898
Jan. 1, 1913
July 1. 1891
July 1, 1891
July 1. 1901
Oct. 1, 1913
May 1, 1912
April 1, 1925
Sept. 30,1890
Feb. 1, 1895
April 1, 1895
Dec. 1, 1889
Sept. 1, 1886
Jan. 1, 1887
April 1. 1895
April 1, 1903
Dec. 1, 1905
Jan. 1, 1951
Jan. 1, 1951
July 1, 1950

is a second lien on 463 miles of road and also a first lien on six sections
of land for each mile of road, being 1,777,920 acres in all.
In Nov., 1886, a formal sale of certain lands was ma le as required by
the grant. (See V. 43, p. 514, 579.)
In February, 1885, B.G. Clark and Chas. Dillingham were appointed
receivers in a suit of the Southern Development Co. against the railroad,
and receivers’ certificates were issued. In January, 1886, foreclosure
proceedings were begun under the first mortgage, and the first mortgage
trustees were afterwards put in possession of the property as receivers
with Mr. Dillingham.
The proposal for funding coupons &c., was in V. 43, p. 102, with ex­
planations on p. 131.
The gross earnings from Jan. 1 to Oct. 31 were $2,319,269 in 1886
against $2,000.231 in 1885; net, $476,104, against $ 125,319.
The following statement of gross earnings, operating expenses, amounts
charged to renewals and betterments, and gross interest charges, in each
of the past four years, shows that, excluding betterments, renewals and
interest on floating debt, the income was more than sufficient to meet
the first mortgage interest.
EARNINGS, EXPENSES AND CHARGES FROM 1882 TO 1885 INCLUSIVE.
1882.
1883.
1884.
1885.
Gross earnings........... $3,156,517 $3,251,875 $2,547,847 $2,739,915
Expenses—
--------------------------- $1,743,771 $1,578,190 $2,052,377
Operat’g.
incl’g ta res. $1,748,904
687,392
549,699
77,192
Extraordin’y rep’s, &c
459,500
95,398
92,221
82,989
Equipment..................
89,737
Total......................... $2,^98,112 $2,526,562 $ 2,220,110 $2,2 L2,559
$22,418
$86,130
$62,394
Int. on floating debt..
$53,858
45,698
39,888
40.697
Int. & prin. State debt.
41,524
$459,238
Surplus income.......... $763,o22
$622,220
$2ul,718
1,193,-200
1,193,200
Int. on bonded debt p’d 1,193,200
Def. on int.for bond.d’t ’ $430,178
$570,979
$991,481
- ( V . 42, p. 60, 121, 4 6 1 , 4 ;7 , 549, 575, 6 S3; V. 43, p. 102, 131, 309,
515, 547, 579, 746.)
H u n tin g d o n 6c B roa d T o p .—Owns from Huntingdon, Pa., to
Mt. Dallas, Pa., 45 miles; branenes—Shoup’s Run, 9 miles; Six Mile
Run, 4 miles; and Sandy Run, 3 miles; Long’s Run Br., 3 miles ;
total operated, 64 miles. This road was opened in July, 1856. The capi­
tal stock is $1,368,950 common and $1,985,250 7 per cent pref. stock.
In February, 1884, a dividend of 75 cents per share was paid on pref.
stock. Earnings in 1883, $424,494; net, $196,651. In 1884. earn­
ings, $333,560; net, $175,724. In 1885 gross earnings $371,001; net,
$191,709. (V. 40, p. 182.)
Illin o is C entral.—(See Map.)—L ine of R oad—The Illinois Central
Co. operates a system embracing 2,066 miles of road. Main line—
Chicago to Cairo, 365 miles; Dunleith to Centralia, 341 miles. Branches
—Otto to Colfax, 111., 60 miles; Buckingham to Tracy, 111., 10 m iles;
Kempton Junction to Kankakee Junction, 111., 42 miles; Colfax to
Bloomington, 20 miles; total 132 miles. Southern Division—New
Orleans- La., to Cairo, 111., 548 miles; branches: Kosciusko Junction,
Miss., to Aberdeen, Miss., 108 miles; Durant to Lexington, Miss., 12
miles. Total owned, 1,664 miles. Leased—Dubuque to Iowa Falls, 143
miles; Iowa Falls to Sioux City, 183 miles; Waterloo to Minnesota
State Line, 76 miles. Total leased, 402 miles. Total operated Dec. 31,
1885, 2,066 miles. On Jan. 1, 1883, took formal possession of the
Chic. St. L. & N. O. RR., now known as “ Southern Division,”
Organization , L eases , &c.—This company was chartered in Decem­
ber, 1850, and organized in March, 1851, and the whole road, 707
miles, opened September, 1856. The Illinois Central was one of the
first, and has been one of the most successful, of the land grant roads.
The lands granted were upon the condition that the company
should pay to the State 7 per cent of gross earnings yearly in lieu of
taxes. The Springfield Division was acquired by a lease of theChicago
& Springfield (Gilman Clinton & Springfield foreclosed for 50 years,
but road is practically owned. The leases of Dubuque & Sioux City RR
and lowa Falls & Sioux City are on different terms. (See the names of
those companies.) The company acquired a controlling inter est in the
Chicago St. Louis & New Orleans Railroad, to which it made large
advances. From July 1,1882, leased the Chicago St. Louis & New
Orleans for 400 years, at 4 per ceut per annum on stock and issued the
above 4 per cent leased line stock, in exchange for the Chic. St. L. &
N. O. stock. Fiscal year ends Dec. 31. Annual election held in March.
Stocks and B onds .—The Illinois Cent, stock has been held largely in
Europe. The 4 and 3 ^ per cent bonds issued in 1885 and 1886 are under
the old main line mortgage of 1874, a nd this company was the first to
negotiate at par a 3Lj per cent bond. On the Chic. St. L. & N. O. the lessee
guarantees the principal and interest of all the outstanding bonds prior
to the 5 per cent bonds, and by an endorsement on the latter bonds
guarantees the payment of the interest on the same until the principal
is paid. Of the first mortgage bonds, $541,000 are a prior lien ou
that portion of the road in Tennessee.
In Jan., 1887 the company sc-ls $1:000,000 new stock at 136, the
proceeds to be used for improvements and acquisition of branches, &c..
Dividends paid since 1870 (prior to current year) have been: in 1871,
10 per cent; in 1872, 10 ; in 1873, 10 ; in 1874, 8; in 1875, 8 ; in 1876,
8; in 1877,4; in 1878,6; in 1879. 6; in 1880, 6; in 1881, 7 ; in 1882,
7 ; in 1883, 8 and 17 per cent in Chic. St. L. <feN. O. stock, exchangeable
for leased line certificates: in 1884,10; in 1885, 8; in 1886, 71e. Price®




KAILROAD STOCKS AND BONDS.

D ecember , 1886.]

51

Subscribers w ill confer a great favor by givin g Im m ediate notice ot any error discovered In these Tables.
Ronds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size or
Due.
Amount Rate per When Where Payable, and by pal,When
For explanation of column headings, &c., see notes
of
of
par
Stocks—Last
Road. Bonds Value. Outstanding Cent. Pay’ble
on first page of tables.
Whom.
Dividend.
Illinois Central—(Continued)—
Bonds, coup ., mortgage onCh. & Sp. RR ............
Bonds, reg., mortgage on Middle Div.............. .......
Coic.St Louis & N.O., 2d M. (N. O.J.A G. N .)....
do
do
1st mort..............................
do
do
2d mort..............................
do
do cons.M., gld. (for $18,000,000)
Illinois Midland—1st mortgage, g o ld .......................
Illinois & St. Louis—1st mortgage.............................
Venice & Carondelet mort., guar...........................
Indiana Bloomington <£•West.—Stock........................
1st mort., preferred, coup, or reg..........................
1st mortgage, coup., may be reg............................
Income bonds, reg., convertible...........................
Consol, income bonds for $6,000,000.....................
2d mortgage, coupon or rejg.....................................
1st mortgage, gold, Eastern Division.....................
Sinking fund debentures ........................................
Indianapolis Decatur <£ Springfield—1st mort., gold
2d mortgage, gold.....................................................
Indiana Illinois & Iowa—Bonds............................. .
2d mortgage...............................................................
Indianapolis it- St Louis—1st mort., in 3 series......
Mort for $2,000,000, gold, (end. by C. C. C. & I.).
Indianapolis & Yincennes—1st mortgage, guar.......
2d mortgage, guaranteed........................................
Iowa Falls <£•Sioux City—Stock..................................
1st mortgage. April 1, ’69........................................
Ithaca Auburn <£•West.—1st mort.(for $500.000)___
2d mortgage, (income for 3 years)..........................

I l l 1877 $1,000 $1,600,000
131 1881
1,000
968.000
224 1860
1,000
1,483,000
567 1877
1,000
1,398,000
567 1877
1,000
80,000
567 1881
1,000 15,022,000
147 1875
4,175,000
19 1875
500
200,000
6 1880-2 1,000
300,000
696
100 10,000,800
202 1879 100 Ac.
1,000,000
202 1879 500 Ac.
3.500,000
202 1879 100 Ac.
72,300
342 1881
1,000
4,688.000
202 1879 500 Ac.
1,500,000
140 1881
1,000
3,000,000
1883
1,000
500,000
153 1876
1,000
1,800,000
1,000
2,703,000
153 1876
110 1882
1,000
600,000
110 1883
500
231,000
72 1869
1,000
2,000,000
72 1882
1,000
500,000
117 1867 500 Ac.
1,700.000
1,000
117 1870
1,450,000
184
100
4,600,000
184 1869 500 Ac.
2,800,000
315,000
3812 1876 100 Ac.
498,090
38is 1877 100 Ac.

of the stock yearly since 1870 have been: in 1871, 132@13912; in
1872, 119® 140; in 1873, 90 ® 126^; in 1874, 90© 108^; in 1875, 88*2
®106i2: in 1876, 6078®103%; in 1877, 4 0 ^ 7 9 ; in 1878, 72%®87; in
1879, 7914®100%; in 1880, 99!e®12738; in 1881, 124®146t2; in 1882,
127%® 150*2; in 1883,124 @148; in 1884, 110&140; in 1885, 119*2
® 140; in 1886. to Dec. 17, 130@143i2.
Operations and F inances .—The Illinois Central for many years paid
10 per cent dividends, as the road drained a rich territory, of which it
was the only outlet to Chicago. But the building of numerous east and
west lines crossing its road cut into its business severely, The company,
to extend its business, acquired the line from Cairo to flew Orleans,
and invested largely in improving the property. Its operations
are now included in the 111. Cent. The HI. Central owned $9,992,700
of the $10,000,000 stock, of which $4,422,700 were pledged against the
leased line 4 per cent stock, and the balance of $5,570,000 was owned
absolutely by the Illinois Central, and in June, 1883, a distribution of
17 per cent in this stock was made to Illinois Central stockholders.
For 1885 the annual report in Y. 42, p. 303, 306, showed that the
surplus over all charges (including construction and equipm’t accounts)
and 8 per cent dividends was $50. The profits of the whole line, as
against the increased liabilities, are seen in the figures below :
INCOME ACCOUNT.

1883.
1884.
1885.
Road operated.............................
1,928
2,066
2,066
Receipts—
$
$
$
Gross earnings............................... 13,061,743 12,190,833 12,621,264
6,629.472
Net earnings..................................
6,062,321
5,994,635
Interest, A c.....................................
293,009
188,967
270,627
Miscellaneous.................................
202,223
121,206
65,966
Total net income..................
Disbarsemen ts—
Rentals, incl. interest on bonds of
leased lines..................................
Interest on Illinois Central debt..
Dividends on 111. Central stock &
leased line certificates................
Taxes...............................................
Construction accounts..................
Additional equipment account...
Miscellaneous.................................

7,129,707

6,372,494

6,331,228

1,891,533
538,750

1,787,316
546,900

1,901,038
544,400

3,300,000
559.980
632,529

2,720,000
545,269
219,943
250,000
165,138

2,720.000
556,074
518.859

50,000

60,807

6,972,797
6,234,566
6,331,178
Balance, surplus.
156,910
137,928
50
83; V. 43, p. 190,245, 607 671.)
from Terre Haute, Ind., to Peoria*
HI., 173 miles, of which 148 miles are owned and 28 miles leased
This was a consolidation Nov. 4,1874, of the Peoria Atlanta & Decatur.
Paris A Decatur and Paris & Terre Haute. Receiver appointed Sept11, 1875. There were prior mortgages on the roads forming this con'
solidated company, and sale in foreclosure was made Sept. 30, 1886.
as reported in detail in Ch ronicle , V. 43, p. 431. See Paris & Decatur
in Y. 43, p. 217. In 1883-84 gross receipts, $249,174; net, $11,537. In
1884-85 gross earnings were $236,7 2 i; net deficit, $14,671. Stock,
$2,000,000. D. H. Conklin, Receiver.—(V. 41, p. 23, 241; Y. 42, p. 753;
Y. 43, p. 217, 431, 738.)
Illin o is Sc St. L o u is.—Belleville to East St. Louis, 111., 15 m iles;
branches to coal mines, 4 miles; total, 19 m les. Leases Venice & Caron.
K R„ 6 miles, and guarantees the bonds. Capital stock of III. <fc St. Louis
is $900,000 preferred and $617,000 common. Gross earnings in 188485, $197,871; net, $32,264. Jos. W. Branch, President, St. Louis.
In d ia n a B lo o m in g to n Sc W e ste rn .—Owns from Indianapolis,
Ind., to Pekin, 111., 202 miles, and Indianapolis to Springfield,
Ohio, 142 miles. Leased, Pekin to Peoria. 9 miles; Springfield to San­
dusky, O., 130 miles; Cary, O., to Findlay, O., 16 miles; Springfield to
Columbus, 45 miles. Total operated, 543 miles. This was a consolida­
tion in March, 1881, of the Ind. B. & W. and the Ohio Ind. & Pacific.
The Cincinnati Sandusky A Cleveland and branch was leased in April,
1881; but of this, 24 miles (Springfield, O., to Dayton) is leased to Cin­
cinnati & Springfield. In April, 1885, the lease of the Indianapolis
Decatur A Springfield road was given up. The former Indianapolis
Bloomington A Western Company defaulted Oct. 1,1874, and a Receiver
was appointed Dec. 1,1874. The road was sold in foreclosure Oct. 30,
1878, and the company reorganized.
On the first and second mort. bonds the interest was 3 per cent 18791882, 4 per cent 1883-84, 5 per cent 1885-1887, and 6 per cent there­
after until maturity. The income bonds take such interest from July 1,
1879, not exceeding 6 per cent per annum, as the net earnings may
suffice to pay. $830,000 stock scrip was issued entitled to a dividend
of 7 per cent per annum, after a dividend of 8 per cent on the common
stock. After the payment of a 7 per cent dividend, the stock scrip is
convertible into common stock.
In July, 1886, a receiver was appointed for the I. F. & W.. as the
company was held liable for a larger rental of the Cin. Sandusky & Cleveland road than had been expected; but the U. S. Circuit Court sustained
the decision and ordered the rental to be naid, and in Nov., 1886, a cir­




J. A J. N. Y., 214 Broadway.
6
F. A A.
5
do
do
A. A O.
8
do
do
M. A N.
7
do
do
J. A D.
6
do
do
do
do
5 g. J. A D.
7 g. J. A J. Last paid July, 1875.
,T. A D.
8
St. Louis.
6
Various
do
"7
4 to 6
6
6
4 to 6
6 g6
7 g.
7 g.
6
6
7
6 g.
7
6
1*4
7
7
7

J. A J. N. Y., Corbin Bank’g Co
A.. A O.
do
do
do
do
do
do
A. A O.
do
do
J. A D.
do
do
F. A A.
A. A O. Oct.’ 8 5 *2cash A *2 scrip.
J. A J. l% p d . on Jan.’82,coup.
M. A N
New York Agency.
M. A N.
do
do
Various N. Y., Union Trust Co.
M. A N. N. Y., U. S. Trust Co.
F. A A. N. Y., Farm. L. A T. Co.
do
do
M. A N.
Q .-M .
Boston, at Office.
A. A O. N. Y., Nat. Park Bank.
J. A D. N.Y., Hanover Nat. Bk.
J. A J.
do
do

Jan. 1. 1898
Aug. 1, 1921
Oct. 1, 1890
Nov. 1, 1897
Dec. 1, 1907
June 15,1951
Jan. 1, 1905
June 1, 1895
1900-’02
Jan.
April
April
July
April
June

1, 1900
1, 1909
1, 1919
1, 1921
1, 1909
1, 1921
1903
July 1, 1906
July 1, 1906
1887
1903
July 1, 1919
Nov. 1, 1912
Feb. 1, 1908
May 1, 1900
Dec. 1, 1886
Oct. 1. 1917
Dec., 1906
Jan. 1, 1907

cular was issued proposing a plan of foreclosure and reorganization
(See V. 43, p. 5794
For year ending June 30, 1886, see report in V. 43, p. 546. Gross
earnings $2,493,536'; net, $839,783 ; disbursements, $919,497; deficit.
$79,714.
For the year ended Dec. 31, 1885, the report in Chronicle V. 43,
p. 216, gave gross earnings, $2,335,539; net, $717,107; add rental, earn­
ings of C. S. & C. Railway, Springfield to Dayton, $80,642. Total avail­
able revenue, $797,748. Payments: Rentals, $332,110; interest on
bonds, $530,000; other interest. $23,387; taxes, $83,000; New York
office expenses and services, $15,593—total, $985,391; deficit under all
charges, $187,642. (Y. 42, p. 463, 479, 601, 783; V. 43, p. 23, 49,
102, 132, 2 1 6 , 309, 398, 458, 515, 54 6 , 579, 634.)
In d ia n ap olis D ecatur Sc Springfield.—Owns from Decatur,
111., to Indianapolis, Ind., 153 miles. This company is successor to the
Indiana & 111. Cent. RR, sold in foreclosure April 26, 1875. In Deo.,
1881, was leased to Ind. Bloom. A W. for 50 years, at 30 per cent of gross
earnings, but with a guarantee of $200,000 per year. In March, 1885,
this lease was relinquished and Mr. Hammond, the President, was
appointed receiver. The first-mortgage bondholders funded one-half of
the coupons due April 1 and Oct. 1, 1885, in five years’ scrip, the other
half being paid in cash. Foreclosure is to be made under the 2d mort.
and stock to be assessed $2 50 per share. (See plan in S upplement o f
Oct., 1885, in editorial article.) Common stock is $500,000. (V. 41, p
133, 392; Y. 43, p. 7i8.)
In d ia n a Illin o is Sc I o w a .—Completed and in operation from
Streator. 111., to N. Judson, Ind., 110 miles. Stock, $3,598,000. Gross
income in 1884-5, $113,315; net, $8,095; deficit undeir charges, $20,850.
F. M. Drake, President, Centreville, Iowa.
In d ia n ap olis Sc St. L o u is.—Owns from Indianapolis to Terre
Haute, Ind., 72 miles; leased line, St. L. Al. & T. H. and branches,
193 miles; total operated, 265 miles. The old lease of the St. Louis
A. & T. H. was guaranteed by three other companies, and suit has been
pending as to the rental. The company was formerly controlled by
the Pennsylvania and Cleveland Columbus Cin. & Ind. companies,
who jointly owned the stock of $600,000. Interest had not been
paid on the second mortgage and equipment bonds since July, 1878,
and on July 28,1882, the road was sold in foreclosure for $1,396,000
(subject to 1st mort.) and bought for Clev. Col. Cin. & Ind. Co. and a
new company organized September, 1882, with J. H. Devereux as
President. A new lease was made of the St. Louis Alton & Terre Haute
by which this company and the Cleveland Columbus Cincinnati A In­
dianapolis are jointly liable for the rent of $450,000 per year as a mini­
mum. Of the first mortgage bonds series “ A” are J. & J.; series “ B,”
M. & S.; series “ C,” M. & N.; and the C. C. C. & I. RR. guarantees
$750,000 of them.
There has been a large deficit on the company’s operations after de­
ducting the rental. Net earnings in 1885 were $312,730; rental paid,
$450,000; interest on bonds, $170,000; miscellaneous, $193,321; total,
$813,321; net loss to lessee, $500,591. The road is only incidentally of
advantage to its owners as a route to St. Louis.
Operations and earnings for five years past w ere:
Passenge
Freight (ton)
Gross
Net
Years.
Miles. Mileage.
Mileage.
Earnings, Earnings.
1881
... 265 19,479,278 196,029,304 $2,048,651 $187,670
1882
..... 265 21,008,318 202,985,772
2,086,776 df.111.608
1883
..... 265 20,963,061 196,667,532
2,131,621
172,419
1884
..... 265 22,494,880 207,672,278
1,921,726
189,904
1885
..... 265 20,596,678 216,121,867
1,855,903
312,730
In d ia n ap olis Sc V incennes. -Owns from Indianapolis, Ind.,
to Vincennes, Ind., 117 miles. The Pennsylvania Company owns a
controlling interest in the stock and operates the road, advancing the
deficiency to pay interest on the bonds. The capital stock is $1,402,000;
the debt due to Pennsylvania Co. Dec. 31, 1885, was $1,330,008. In
1881 the net earnings were $10,260; in 1882, $19,850; in 1883, deficit,
$11,031; in 1884, deficit, $9,570; in 1885, deficit, $5,847. Annual
interest on debt, $206,000.
Io w a F a lls & Sioux City—(See Map o f Illinois Central).—Owns
from Iowa Falls, la., to Sioux City, la., 184 miles. This road was opened
in 1870 and is leased to the Illinois Central for 20 years from Oct. 1,
1867, at a rental of 36 per cent of the gross earnings. The Hlinoia
Central has an option of continuing the lease after 1887 at same rental.
This company also receives a drawback of 10 per ct. on business to and
from their line over the Dub. & 8. City RR., and receives rental for 26
miles of its road used by the Sioux City A St. Paul Co. In the year
ending March 31, 1886, the total rental was $261,667; receipts from
sales of lands, $283.500; the total net income was $613,882, and all ex­
penses. including dividends, $518,009. The contingent fund invested
is $1,450,000. Lauds remaining unsold, 30,314 acres. Horace Williams,
President, Clinton, la. (V. 43, p. 607.)
Itliaca A u b u rn Sc W este rn .—Owns from Freeville to Auburn,
N. Y., 38 miles. The New York & Oswego Midland RR., Western Exten­
sion, was sold in foreclosure, and this company organized Sept. 20,
1876. The stock is $975,800. On April 1, 1883, was leased to South­
ern Central of New York for the term of its charter, at a rental of 3313
per cent of gross earnings, with guarantee that rental shall equal 4 per
cent on iir-t mortgage bonds. Foreclosure has been consented to by a
majority of bondholders in order to change the form of bonds to conform
to the terms of the lease.

53

INVESTORS’

SUPPLEMENT,

[V ol. XLII1.

Subscribers w ill confer a great favor by giving im m ediate notice o f any error discovered in tbese Tables.
Bonds—Princi
DESCRIPTION.
INTEREST OR DIVIDENDS.
Due'
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,When
Par Outstanding
For explanation of column headings, &c., see notes of
Stocks—Last
of
Road. Bonds Value.
on first page of tables.
Dividend.
Whom.
Cent. Payable
Jacksonville Southeastern—1st mortgage..................
General mortgage.....................................................
Jacksonville Tampa <£- Key West—1st mortgage, gold
Jefferson (Pa.)—1st & 2d morts. (Hawley Branch)..
1st mortgage (Susquehanna to Carbondale)..........
Jeffersonville Madison <£•Indianapolis—S tock ........
Jeff., Mad. & Ind., 1st M. (s. f. $15,00u per year).
do
do
2d mort. ($100,000 in 1882)..
Joliet <&Northern Indiana—1st mort., guar, by M. C.
Junction (Philadelphia).—1st mort. (extended)___
2d mortgage..............................................................
Kanawha t£ Ohio—1st mort. ($10,000 p. m .)...........
Kansas Central—1st mortgage (for $3,200,000)__
Kansas City Clinton & Sprint/. 1st M., gold, gu ar...
Pleasant Hill & De Soto, 1st mort., gold..............
Kansas City Fort Scott <1 Qulf—Stock, common.......
Stock, preferred........................................................
1st mortgage, land, grant, sink fund....................
Mortgage on branches, guaranteed........................
do
do
..............................................
Equipment bonds (10 per cent retired annually)..
Ten-year coupon notes.............................................
Kans. C. Memphis <£ Birm.—1st M. ($25,000 p. m.).
Kansas City Springfield & Memphis—1st mort........
Plain bonds (red’ble at will at 105 and int.), guar
Memphis equipment bonds (guar.by K. C. S.& M.)
Kentucky Central—Stock.................................. ........
Covington & Lexington,mortgage, extended.......
Maysville Division mortgage..................................
General mortgage....................................................
Keokuk <£Des Moines—1st M., int. guar. C. R. I. & P.

54
112
130
9
38
224
159
159
6
44
3-6
3-6
115
168
129
45
389
389
159
202
26

..„.

282
250
80
50
220
162

1880
1882
1884
1867
1869
1866
1870
1873
1877
1882
1865
1886
1881
1885
1877

$1,000
1,000
1,000
1,000
1.000
100
1,000
1,000
1,000
L000
1,000
1,000
1,000
1,000
1,000
500
....

1879
1880
1882
1883

100 &C.
1,000
1,000

1=86
1883
1884
1885

1,000
1,000

1855

1,000

1881
1878

1,000
100 &c.

__

.

__

J a ck so n v ille Southeastern.—Owns from Jacksonville to Centralia, la., 112 miles. This was the Jacksonville Northwestern & South­
eastern RR., projected from Jacksonville to Mt.Vernon, 125 miles. Bonds
were issued at $20,000 per mile, amounting to $600,000. In 1879 the
company was reorganized by the bondholders under this name. Stock
$1,000,000. In year ending June 30, 1885 gross earnings were $158,703; net, $45,304; interest on bonds, $61,390; def., $16,085. W. 8.
Hook. Presid’t, Jacksonville, HI.
J ack son ville T am p a & K e y W e s t .—(See wap)—Line of road
Jacksonville, Fla., to Sanford, 126 m.; Enterprise branch, 4 m. Leased
At. Coast St. Johns &I. R., Enterprise to Titusville, 37 m.; operates Jacksonv. St. Aug. & Halifax, 37 m.; total operated, 204 m. The bonds may
be redeemed before maturity at 110. Stock is $2,600,000. Gross earn­
ings on main line, 130 miles, for ten months of 1886, $206,546. N. Y.
office, 10 Wall St.
J eiferson.—Owns from Susquehanna Depot, Pa., to Carbondale, Pa.,
37 miles; branch, Hawley, Pa., to Honesdale, Pa., 8 miles; total, 45
miles. Leased in perpetuity to the Erie Railway for $140,000 per
annum, and now operated by the N. Y. Lake Erie & West. Capital
Stock, $2,096,050. Samuel Hines, President, Scranton, Pa.
Jefferson ville M adison & In d ia n a p o lis.—Owns from Louis­
ville, Ky., to Indianapolis, Ind., 110 miles; branches—Madison, Ind., to
Columbus, Ind., 46 miles; Columbus, Ind., to Sheibyville, Ind., 24 miles;
Jeffersonville, Ind., to New Albany, Ind., 6 miles; Shelby & Rush RR.,
18 miles; Cambridge Extension, 20 miles; total operated, 224 miles.
The road was leased to Pennsylvania Company from 1873, with a guar
antee of interest on bonds and 7 per cent on stock. Lease was modified
from January 1,1880, the lessees to pay over all the net earnings of
the J. M. & I. Co. In 1881 the Penn. Company purchased $1,939,000 of
the stock. Dividends were at the rate of 7 per cent per annum till
May, 1880. Earnings for two years past were as follows: 1884, gross
earnings, $1,304,111; net, 292,004. 1885—gross earnings, $1,217,088;
net, $291,166.
Jersey City & B ergen .—Owns from Jersey City to Bergen Point,
N. J., 6 miles. In 1885 gross earnings, $362,972; net, $115,377; int.,
dividend and sink’g fund, $55,000. In 1884, gross, $356,834; net,
$98,163. Stock, $375,000. Dividends 10 per cent in 1864. C. B. Thurs­
ton, President, Jersey City.
J oliet & N orthern In d ia n a .—Owns from Joliet, 111., to Lake
Station, Ind., 45 miles. Operated as part of the Michigan Central
main line. Road opened in 1854 and leased to the Mich. Cent. Above
issue of bonds definitely guaranteed was given as a compromise in
place of old 8 per cent bonds. Stock ($300,000) carries dividends of 8
per cent per annum.
J u n ction (P h ila d elp h ia ).—Owns from Belmont, Pa., to Gray’s
Ferry, Pa., about 4 miles It connects the Pennsylvania, the Phila­
delphia & Reading and the Philadelphia Wilmington & Baltimore rail­
roads, coming into Philadelphia. Capital stock, $250,000. Net earn­
ings in 1882-3, $123,919; in 1883-4, $130,731; in 1884-5, $95.865; in
1885-6, $131,212. Large dividends are paid according to receipts each
year. In 1884 paid 40 per cent, in 1885 paid 20 cent.
K a n a w h a & O h io.—Corning, Ohio, to Charleston, W. Va., 115
miles, and to be extended to a point in Fayette Co., W. Va., in all 180
miles. The Ohio Cent. Riv. Div. defaulted on interest Sept, ’ S3, and
was sold Oct. 22, ’85, and this company organized and above bonds
issued. Bonds and stock of old company were assessed. (See plan, V.
40, p. 356.) $200,000 of the total of $1,800,000 1st mort. bonds are re­
served to retire the Ohio Cent. Mineral Div. bonds. Common stock author­
ized $2,200,000; 1st pref., $6,u00,000; 2d pref., $4,000,000. Office, 2
Wall st., New York. Erwin Davis, N. Y., Pres.; Nelson Robinson, Vicepresident. (V. 42, p. 23, 243, 519, 632, 694; V. 43, p. 132.)
K a n sa s C entral.—Owns from Leavenworth to Miltonvale, 167
miles. Sold under foreclosure of first mortgage April 14, 1879. Reoranized April, 1879. Gross earnings in 1884, $283,267; deficit, $94,293;
elicit over interest, taxes, &c., $180,382. Gross earnings in 1885,
$268,059; def. $46,575; def. under inter., &c., $127,455. Stock, $1,343,000. Union Pacific holds $1,313,400 of the stock and $1,162,000 bonds.
K a n sa s City C linton & Springfield.—Owns from Cedar June.,
Kan., to Ash Grove, Mo., 164 miles, and branch Raynor Junction to
Pleasant Hill, Mo., 10 miles; total, 174 miles. In Jan., 1885, the Pleas­
ant Hill & De Soto road, 4b miles, was purchased from Atch. Top. & S.
Fe RR., the K. C. C. & S. Co. assuming the bonds. Road was built in the
interest of K. C. Ft. S. & G. RR., which company guarantees the bonds.
Stock authorized, $2,500,000; issued, $1,775,400, of which a majority
is owned by the Kansas City Fort Scott & Gulf RR.
K an sas' City F o rt Scott & G u lf.—Mileage is as follows:
Main line—Kansas C ity to Baxter Springs, 160 miles; branches—Weir
City to Cherryvalle, 50 miles; Arcadia to Coal Mines. 2 miles; Baxter
Springs to Webb City> 22 miles; Rich Hill Junction to Carbon Centre
and Rich Hill, 28 miles; Fort Scott Junction to Springfield, 100; Coalvale to Cherokee, 26. Total operated, Dec. 31, 1886, 389 miles. In
October, 1884, the Pleasant Hill & De Soto road was purchased by the
Kansas City Clinton & Springfield, and the bonds assumed.
This company was organized April 1, 1879. as successor to the
Missouri River Fort Scott & Gulf, which made default October 8,
1873, and was sold in foreclosure February 4, 1879. The first mort­
gage bondholders of the old road took 80 per cent in the new mort­
gage bonds, and for all other claims stock was issued. The branches
nave been built mainly by this company and bonds are guaranteed.

f




$300,000
879.000
1,566,000
300 000
2,000,000
2,000,000
2,578,000
1,995,000
275,000
800,000
425,000
300.000
720,000
1,348,000
3,091,000
580,000
4,648,000
2,750,000
2,300,000
2.780,000
390,000
560,000
100.000
(?)
6,971,000
500,000
325,000
5,599,500
219^000
400,000
6,379,000
2,750,000

6
6
6 g.
7
7
1*3
7
7
7
7
4^
6
6
6
5 g7 g.
1^
4
7
7
5
6
6
5
6
6
6
1
5 &6
7
4 to 6
5

J. & J,
J. & J.
J. & J.
J. & J.
J. & J.
Q .-F .
A. & 0.
J. & J.
J. & J.
J. & J.
J. & J.
A & O.
J. & J.
A. & O.
A. & O.
A. & O.
F. & A.
F. & A.
,). & D.
M. & S.
F. & A.
J. & D.
M. & N.
J.
M.
J.
J.
J.
A.

& D.
& N.
& D.
& J.
& J.
& O.

N. Y., Am. Ex. Nat. Bk.
do
do
N. Y. Mercan. Trust Co.
Honesdale Nat. Bank.
N. Y., by Erie Railroad.
N. Y., Farm. L. & T. Co.
do
do
do
do

July 1, 1910
July 1, 1912
Jan. 1, 1914
1887 & 1889
Jan. 1, 1889
May, 1881
Oct. 1, 1906
July 1, 1910

July 10, 1907
July 1, 1907
April 1, 1900
Jan. 1, 1936
April 1, 1911
Oct. 1, 1925
1907
Aug. 16, 1886
Aug. 16, 1886
July 1, 1908
Sept. 1, 1910
Aug. 1, 1922
Dec. 1, 1893
1895
1926
Boston. Nat. Union Bk. May 1, 1923
May 1, 1894
Dec. 1, 1897
May, 1881
June, 1890
Kentucky Central RR.
1906
N. Y., Morton, B. & Co.
July 1, 1911
do
do
N. Y.,Farm. L. & T. Co. Oct. 1, 1923
N. Y., Farm. L. & T. Co.
Phila., 233 So. 4th St
do
do
1st coup, due Jan., ’89
Office, 195 Broadway.
do
do
Boston, 26 Sear’s Bldg.
Boston.
do
Bost., Nat. Webster Bk.
do
do
do
do
do
do

The Kansas City Clinton & Springfield bonds are guaranteed by Kans.
City Fort Scott & Gulf. (See V. 39, p. 234.)
The annual report for 1885 was in V. 42, p. 629. There was expended
in 1835 for construction and equipment of main line $56,268; for
improvement of leased lines, $121,877: making the total net expendi­
ture in 1835 (above assets for the purpose) $151,954. The company
determined to issue ten-year coupon notes bearing 6 per cent, to pay for
these and other improvements, and $100,000 were so issued.
Earnings and income account for four years were as follows:
INCOME ACCOUNT.

1882.
389
$
Gross earnings........... 1,703,199
Net earnings................
750,319
Interest, &c..................
15,051
Miles operated............

Total income.............
765,370
Disbursements—
$
182,856
Interest on bon d s.......
Leased lines interest..
162,629
K. C. S. & M. proport’n.
6,222
Ft. Scott equip, bonds....................
Dividends....................
359,360
Rate paid on com.......
3
Do
pref__
8
Sinking fund...............
26,830
2,758
Miscellaneous.............

1883.
1884.
389
389
$
$
2,016,212
2,422,443
837,668
1,014,750
27,395
837,668
$
173,203
184,003
25,099
............
359,364
3
8
24,360
1,421

1,042.145
$
166,08.1
204,123
76,212
102,661
475,576
5
8
21,176
384

1885.
387
$
2,546,525
988,218
.......
988,218
$
162,546
213,078
109,625
116,951
336,156
2^
8
22,300
3,805

Total disbursements. 740,655
767,450
1,046,213
964,461
Balance, surplus........
24,715
70,218 def. 4,068 sur.23,750
—(V. 42, p. 215, 6 2 9 )
K a n sa s City M em pkis & B ir m in g h a m .—In May. 1886, it
was proposed to build 250 miles southeast from Memphis to Birming­
ham, Ala., the three corporations in three States to be consolidated and
called the Kan. City Memphis & Birmingham RR. The total cost was
estimated at $5,460,760, and bonds f o r '$25,000 per mile were issued.
The K. C. S. & M. owns half the stock and gives a traffic guarantee of 10
per cent of gross earnings derived from business to and from the new
road. (See circular in V. 42, p. 631; V. 43, p. 217.)
K a n sas City Springfield & M e m p h is.—This organization em­
braces two corporations under the laws ot Missouri and of Arkansas to
build a road from Springfield, Mo., to Memphis, Tenn., 282 miles.
Road finished October, 1S83. The Kansas City Ft. Scott & Gulf appro­
priates 15 per cent of gross earnings on business to or from the new
road to pay interest on the bonds, or retire the principal at 110. Capi­
tal stock, $5,264,500. The equipment bonds are retired 1-12 annually,
and all may be retired at 105 at any time. The report for 1885 was in
the Chronicle , V. 42, p. 782, and showed gross earnings of $1,511,461,
and net, $365,160; also $109,624 traffic guarantee received. (V. 42, p.
315, 537, 631, 782.)
K e n t u c k y C e n tr a l.—Owns from Covington, Ky., to Livingston,
Ky., 154 miles; Paris to Lexington, 19 miles; leases Paris, Ky., to Maysville. Ky., 49 miles; Richmond to Stanford, 34 miles; total operated, 253
miles.
This was formerly the Covington & Lexington RR., which
was foreclosed in 1859. In 1875 the present company was formed.
In June, 1881, a majority of the stock was purchased by Mr. C.
P. Huntington of the Chesapeake & Ohio road. This Co. leased of the
Louisv.& Nashv.RR. its Richmond branch for 99 years from Jan 1,1883,
for $24,000 per annum, with a right to purchase at any time for $4 00,000.
In February, 1884, the stock was assessed 10 per cent, and holders of
$5,600,000 of the general mortg. agreed to take 4 per cent for three
years beginning July 1,1884. On Jan. 29, 1886, Mr. Henry Huntington
was appointed receiver, and a decree of foreclosure was expected in
Jan., 1887. It is proposed to issue new bonds bearing 4 per cent for a
few years and 5 afterward.
The annual report for 1885 was in V. 42, p. 547.
INCOME ACCOUNT.

Total gross earnings........................
Net receipts......................................
Disbursements—
Rentals paid.....................................
Interest on debt...............................
Taxes and miscellaneous................

1883.
$838,975
$356,819

1884.
$922,107
$318,487

1885.
$847,071
$309,621

$52,000
214,5 63
39,731

$62,074
256,880
50,402

$61,210
255,250
69,853

$369,356
Total disbursements..................
$306,294
$386,318
Balance11........................................... sur. 50,525 def. 50,869 def. 76,692
* The surplus Dec. 31,1884, was $719,327; deduct (deficit as above,
$76,692, and $13,200 paid for old claims) $39,892, leaving balance to
surplus Dec. 31, 1885, $629,435.
—(V. 42, p. 60, 187, 272, 5 47 ; V. 43, p. 634, 746.)
K e o k u k & Des M o in e s.—Owns from Keokuk, la., to Des Moines,
la., 162 miles. This was a reorganization, Jan. 1, 1874, of the Des
Moines Valley Eastern Div., sold in foreclosure October 17, 1873.
The property was leased for 45 years from Oct. 1, 1878, to the Chicago
Rock Island & Pac. RR. on the terms following: that the lessee pay 25 per
(cent of the gross earnings to this company, but guarantee the interest
not the principal) on the present bonds. The stock is $1,524,600 of 8




54

INVESTORS’ SUPPLEMENT.

[V ol. XLIII,

Subscribers will confer a great favor by giving immediate notice of any error discovered in these Tables.

Bonds—Prmci
INTEREST OR DIVIDENDS.
DESCRIPTION.
Due.
Miles Date Size, or
Amount Rate per When Where Payable, and b; pal,When
of
Par Outstanding
For explanation of column headings, &c., see notes of
y Stocks—Last
Cent. Payable
Whom.
Dividend.
Road. Bonds Value.
on first page of tables.

Kings County Elevated.....................................
Lackawanna <&Pittsburg—Mortg. (for $2,000,000)
Income bonds.............................................................
62
Allegany Cent., 1st mortgage, gold........................
62
do
2d mortgage, gold........................
do
Income mort., not cumulati
Lake Erie <£• Western—Stock....................................... 386
1st mortgage, gold.................................................... 165
Income bonds convertible (not cumulative)........
21
Sandusky Extension, 1st m ortgage.......................
21
do
do
income bonds.......................
Lafayette Bloom. A Muncie, 1st mort., gold......... 200
do
do
income M. con. (non-cumul.) 200
1,340
Lake Shore & Michigan Southern—Stock........
Guaranteed 10 per cent stock.......................
Consoi. 1st mort., (sink, fund, 1 per cent) coupon. 864
do
do
do
registered 864
864
Consol. 2d mort., do. (for $25,000,000) coup.f
258
Lake Shore dividend bonds............................
95
3d mortgage (C., P. A A. RR.) registered bonds..
88
Buffalo & Erie, mortgage bonds....................
62
Det. Monroe A Tol., 1st mort., coup., guar..
Kalamazoo A White Pigeon, 1st mortgage.
57
12
Schoolcraft & Three Rivers. 1st mortgage..
Kalamazoo A Schoolcraft. 1st mortgage___
13
Kalamazoo Allegan A Gr. Rapids, 1st mortgage...
58

1883
1881
1882
1882
1879
1879
1880
1880
1879
1879
1870
1870
1873
1869
1867
1868
1876
1869
1867
1867
1868

(?)
$1,642,000
1,000,000
299,000
1,000
59,000
36,000
500 &c.
7,720,000
1,000
1,815,000
1,485 000
1,000
327,000
1,000
1,000
580.000
2,500 OCC
1,000
1,000,000
1,000
100 49,466,500
533,500
100
1,000
£
1,000
l
1,000 24,692,000
1,000
1,356.000
920,000
1,000
2,784,000
500 Ac.
1,000
924,000
1,000
400,000
1,000
100,000
1,009
100,000
1,000
840,000

$....

6
A. & O. Last paid April, 1884
6
J.
& J. Last paid July, 1884
6 g.
Last paid Oct., 1884
6 g.
6
Jan’ary

April 1, 1923
April 1, 1923
Jan. 1, 1922

6 g. F. & A. Last paid Feb., 1885
7
August.
6
F. & A. Last paid Feb., 1885
7
6 g. M. & N. Last paid Nov., 1884
Yearly.
7
lhj
Q .-F . N.Y.,Grand Cent.Office.
5
F. & A.
do
do
J. & J.
7
7
Q .-J .
7
J. & D.
7
A. & O. Coupons are paid bv
7
A. & O.
Treasur’r at Gr’nd
7
A. & O.
Central Depot, N.
7
F. & A.
Y., and registered
7
J. & J.
interest by Union
J. A J.
Trust Company.
8
J. & J.
8
J. A J.
8

Aug. 15. 1919
Aug. 15, 1899
Aug. 1, 1919
Aug. 1, 1920
May 1, 1919
May 1, 1899
Nov. 1. 1884
Aug. 1. 1886
July 1, 1900
July 1, 1900
Dec. 1. 1903
April 1, 1899
Oct. 1, 1892
April 1, 1898
Aug. 1, 1906
Jan. 1, 1890
July 1, 1887
July 1, 1887
July 1, 188 8

Jan. 1, 1912

erceut preferred and $2,000,400 of common, a majority of which is York Chicago & St. Louis road is similarly controlled by the purchase
eld by the lessee. In the year 1885-86 gross earnings were $458,050, made in 1882. The Chicago A Canada Southern is also operated by the
and rental, at 25 per cent, $114,512, leaving $22,987 deficit on theinter- Lake Shore & Michigan South.
Stocks and B onds .—The guaranteed stock of $533,500 carries 10 per
est charge paid by lessee. A dividend of l-h per cent on preferred stool*
cent dividends. The ordinary stock has paid the following dividends
was paid December. 1881
since
1870, viz.: In 1871,8; in 1872,8; in 1873,4; in 1874, 314: in
K in g s County E levated.—Line of road on Fulton Street, Brook­
lyn. in January,1880, the following directors were re-elected: Q. A. 1875,2; in !8 7 6 . 314; in 1877, 2 ; in 1878, 4 ; in 1879, 6*2: in 1880,
1881,1882
and 1883, 8 per cent each year; in ’ 84, 7; in ’85 and ’86, nil.
Gillmore, James Jourdan, Harvey Farrington, E. A. Abbott, Samuel
The range in prices of stock since 1870 has been: In 1871, a s ^ ^ llO ^ ;
Thorne, James O. Sheldon. George Shea, Henry J. Robiusoa and Wen­
1873, 5714®97%: 1874, 6778@8458; 1875, 51tt®
dell Goodwin. The financial statement showed that 10 per cent of the 1872,
bonds had been paid in, amouL ting to $275,000. The directors fleeted 8 0 ^ ; 1876, 48%@6858; 1877, 45®733s; 1878, 578d>715«: 1879. 97®
these officers: President, General Gillmore; Vice-Piesident, General 108; 1880, 95©13953; 1881, 11258@13534 ; 1882, 98©120*8 ; in 1883,
Jourdan; Treasurer, James H. Frothingham; Secretary, Henry J. 9234©11478; in 1884, 59L2®104^; in ls85, 5034®8978; in 1886, to
Dec. 17, 76i8@10o38.
Robinson. (Y. 42, p. 93.)
The first consolidated mortgage bonds are redeemed each year by
L a ck a w a n n a & P ittsb u rg .—A consolidation in April, 1883, of $250,000 contributed to the sinking fund. The above bonds of all
the Allegany Central and the Lackawanna A Pittsburg. Road operated classes outstanding are given less the amounts held in the sinking
Jan., 1884, from Lackawanna Junction, New York to, Perkinsville, 41 funds, which amounted to $3,750,000 Dec. 31, 1885.
miles ; Swain’s to Nunda, 12 miles, and Olean to Angelica, 39 miles.
Operations , F inances . A c .—The annual reports of this company are
The last-named line is 3 ft. gauge and the others standard gauge, also models of clearness in all the statistical matter. The road is greatly
operates under trackage contract from Lackawanna Junction to New dependent on through traffic, or traffic from competitive points, and its
Castle, 207 miles. Stock $5,000,000, of which $1,500,000 is preferred. business is injured by any cutting of rates.
The A. C. 1st mort. bonds are redeemable any time at 105. In 1884
in 1882, 140,500 shares preferred stock and 124,800 shares of com­
Company became embarrassed and in D ec., 1884, a receiver was ap­ mon stock of the New York Chicago & St. Louis Railroad (a con­
pointed, and in Feb., 188*:, was authorized to borrow $5t ,000. Geo. D. trolling interest) were purchased and $6,500,000 of Lake S. A Mich.
Chapman, President and Receiver, New York City. Earnings in 1884-5. S. 2d consol, mortgage bonds issued to pay for it, making an additional
$70,339: deficit, $79,253; interest, $106,416; total deficit, $185,670. (V. interest charge of $456,890 per annum.
40, p. 684; Y. 41, p 556; V. 42, p. 215.)
In the year 1885, the Company sold enough of its first consolidated
L ake Erie & W e s te rn .—Owns trom Sandusky to Fremont, 22 mortgage bonds to redeem old bonds falling due, and realized a premium
miles; Fremont to Celina, 99 miles; branch to Minster, 10 mnes; of $1,270,7 l i o n the bonds so sold, which sum was applied to reducing
Celina to Muncie, 54 miles; Muncie to Illinois State line, 120 miles; the floating debt of 1884.
Illinois State line to Bloomington, 81 miles; total operated, 386 miles.
For the quarter ending Sept. 30,1886, the returns were as follow s:
This was a consolidation, Dec. 12,1879, of the Lafayette Bloomington &
1886.
18^5.
Muncie and the Lake Erie & Western. The line embraces the former Gross earnings............................................. $4,295,391
$3,677,361
Lafayette Bloomington A Mississippi road and the Lake Erie & Louis Operating expenses.....................................
2,560,051
2,337,128
vffle: There are also $165,000 in car trust certificates outstanding.
The earnings of the road during the past three years have shown a con­
Net earnings.......................................... $1,735,340
$1,340,233
siderable deficit, which was owing partly to failure of the crops aud low Interest, rentals, A c....................................
949,551
957,026
freight rates, but in 1883-84 a large decrease in operating expenses was
made, thus increasing net earnings and reducing the deficit.
Balance................................................ sur.$785,789
sur. $383,207
On April 25, 1885, the Vice-President, J. H. Cheney, was appointed
The annual report for 1885 was published in V. 42, p. 573, containing
receiver, and the May interest on the bonds was not paid. Foteclosure the tables below, showing the earnings and income account for a series
suits on both the first mortgages were begun in Sept., 1885, and on Dee. of years:
14,1886, a sale was made of alL three divisions to Messrs. Thomas and
operations and fiscal results .
Brice, representing the reorganization committee. The plan of reorgan­
1882.
1883.
1884,
1885.
ization proposed in Jan., 1886, was given in V. 42, p. 155 and 242, and Miles operated........
1,340
1,340
1,340
1,340
another plan of L. E. & W. bondholders on p. 187. Afterward a larger
Operations—
assessment was proposed (see V. 43, p. 607) and the different committees Pass’gers carried.... 4,118,832
3,909,356
3,629.196 3.479,274
joined to protect the property at sal**.
Pass’germ ileage.... 227,098,958 215,715,155 190,503 852 176,830.303
The fiscal year of this company terminates June 30. No full report Rate p. pass. p. mile
2-157 cts. 2-196 cts.
2-170 cts. 2*058 cts.
for ’85 or ’86 has been issued. For the year 1883-84 the report was in Fr’ght (tons) moved. 9,195,538
8,478.605
7,365,688 8,023,093
the Chronicle, V. 39, p. 492.
Fr’ght (t’ns) mileage
*1,892,868 * 1,689,512 *1,410,545 *1,602,567
1881-82.
1882-83.
1883-84.
1884-85. Av. rate p. ton p. m
0-628 cts. 0-728 cts.
0-652 cts. 0-553 cts.
Earnings—
$
$
$
$
Earnings—
$
$
$
$
332,608
348,532
308,033
312.338 Passenger.................
Passenger.....................
4,897,185
4,736,088
4,133,729 3,639,375
Freight..........................
936,008 1,023,032
815.037
891,615 Freight..................... 12,022,577 12,480,094
9,358,817 9,031,417
Mail, express, & c...
155,397
131,959
141,124
3 ,7 9 7 Mail, exp., rents, &c. 1,305,877
1,297,474
1,351,033
1,462,713
Total gross earn.. 1,424,013
1,503,523 1,264,194 1,235,750 Total gross earnings 18,225,639 18,513,656 14,843,584 14,133,505
Oper. expenses........
1,154,080 1,429,524 1,004,429 1,063,382
Operating Expenses—
$
$
$
$
Mamt’ce of way, Ac.
2,323,789
2,095,492
1,532,252 1,614,777
Net earnings............
269,933
73,999
259,765
172,367 Maint. of equipment.
1,552,805
990,907
1,111,329 1,347,379
Interest on d e b t
312,255
310,653
*383,322
228,231 Transport’nexp’nses
5,968,350
6,592,742
5,380,166 5,277,444
503,852
530.236
521,543
518,668
Taxes .......................
Balance.................. def. 42,322 def. 236,654 def. 123,557 def. 55,864 Miscellaneous t ........
709,011
792,476
583,231
529,269
* Includes income bond interest.
—(V. 42. p 60, 155, 187, 242; Vol. 43, p. 12, 49, 66, 132, 274/4 51, 607,
Total................... 11,057,807 11,001,853
9,133,521 9,287,537
634, 671, 746.)
Net earnings............
7,167,832
7,511,803
5,710,063 4,845,968
Lake Sliore & Michigan Southern.—Line of Road—
Buf­ P.c.of op.ex.to ear’gs
60-67
59-43
61-53
65-71
falo, N. Y .,to Chicago, 111.,.540 miles; branches owned, 324miles. Other
* Three ciphers omitted.
lines wned as follow s: Detroit Mon. & Toledo, 62 miles; Kalamazoo &
f Includes damage and loss of freight and baggage, personal inj uries,
WhitePigeou, 37 miles; Northern Central (Mich.), 61 miles; total, 160 law expenses, rents payable and hire of cars.
miles. Roaos leased are as follows: Kalamazoo Allegan & Gr. Rapids,
INCOME ACCOUNT.
58 miles; Jamestown & Franklin, 51 miles; Mahoning Coal R., 43 miles;
1882.
1883.
1834.
1885.
Detroit Hills. & Southwest., 65 miles; Fort Wayne & Jackson, 98 miles;
Receipts—
$
$
$
$
total, 315 miles. Total road owned, leased and operated, 1,340 miles.
Net earnings............
7,167,832 7,511,803
5,710,063
4,845,968
O rganization , A c .—This company was a consolidation of the Lake Interest, divid’s, &c.
98,392
158,540
............
..........
Shore RR. and Michigan Southern & North. Indiana RR. May 27, 1869,
and the Buffalo A Erie RR. August 16, 1869. The consolidated line em
Total incom e....
7,266,224
7,670,343 5,710,063 4,845,968
D i e/i >/>*«?/> pi) f q—
braces the former roads of the Cleveland & Toledo and the Cleveland
357,087
471,876
446,450
439,168
Painesville & Ashtabula railroads. The stocks of some of the railroads Rentals n a id ............
which entered into the consolidation forming the Lake Shore & Michigan Interest on debt.......
2,714,955
3,132,120 3,220,870 3,374,938
Southern road had been largely increased by stock distributions, and on Dividends, guar.......
53,350
53,350
53,350
53,350
the lines between Buffalo andToledo the profits had been so large that Sinking fund............
............
............
............
250,000
the capital of several of the companies had been repeatedly watered.
Total disbursem’ts 3,125,392
3,657,346 3,720,670
4,117,456
The consolidated line (including Detroit Monroe & Toledo) then em­
4,140,832
4,012,997 1,989,393
728,512
braced 927 miles, with $34,938,000 stock and $22,283,000 funded debt. Surplus for div’d ....
3,957,320
3,957,320
2,473,325
............
The roads leased at fixed rentals are the Kal. Alle gan & Grand Rapids, Dividends................
(8)
(8)
(5)
......
Jamestov n & Fi anklin and Mahoning Coal. The Detroit Monroe & To!. Rate, of dividends...
Kalamazoo & White Pigeon, and the Northern Central o f Michigan, are
proprietary roads controlled by ownership of their stock. The New Balance.................... sur.183,512 sur 55,677 def. 483,932 sur. 728,512




RAILROAD STOCKS AND BONDS.

D ecember , 1886 ]

55

Subscribers w ill confer a great (avor by givin g im m ediate notice o f any error discovered in these Tables
if onus—FrmoiDESCRIPTION.
INTEREST OR DIVIDENDS.
pal.When Due
Miles Date Size, or
Amount
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
of
For explanation of column headings, &c., see notes of
Whom.
Road. Bonds Value.
Cent. Payable
on first page of tables.
Dividend.
Lake Shore <£■ Michigan Southern—( Continued)—
Kal. Allegan & Gr. Rapids, stock, 6 p. c. guar___
Jamestown & Franklin, 1st mortgage...................
Jamestown & Franklin, 2d mortgage...................
Lawrence—Stock...........................................................
1st mortgage..............................................................
Lehigh <&Hudson River—1st mortgage, gold............
Warwick Yalley, 1st mortgage...............................
do
2d mortgage................................
Lehigh & Lackawanna—1st & 2d mortgages........ .
Lehiqh Yalley—Stock ($106,300 is pref.)..................
1st mortgage, coupon and registered.....................
2d mortgage, registered...........................................
Consol, mort., gold, $ & £ (s. fd. 2 p.c. y ’ly) cp.& reg.
Easton & Amboy. 1st mort., guar.(for $6,00C,000)
Delano Land Company bonds, endorsed...............
Little Miami -Stock, common.....................................
Street con. 1st M. bds (jointly with Oin.& Ind.RR.)
Renewal mortgage...................................................
Little Rock <£ Fort Smith—S tock................................
1st mort., land grant sink, fund........... .-.................
Funding coupon scrip...............................................
Little Rock Miss. River <£■■Texas—1st mortgage........
2d mortgage...............................................................
Little Schuylkill—Stock...............................................
Long Island—Stock.....................................................
1st mortgage, extension...........................................
1st mortgage, m ain ..................................................
2d mortgage...............................................................
Consol, mortgage, gold (for $5,000,000)................
New York <fc Rockaway, guar. int. only................
Smithtown <fe Port Jefferson mortg., guar.............
Equipment certificates ...........................................

51
51
22
17
41
22
22
25
323
101
104
232
60
196
84
168
165
170
31
354
95
156
164
10
19
....

3
A. & O.
$ ...
$810,000
7
J. & J.
4.000
298,000
7
J. & D.
1,000
500,000
2
50
500,000
Q .- J.
F. & A.
1,000
314,000
7
6
1,000
J. & J
800,000
6
A. <fc O.
500 Ac.
145,000
6
A. & O.
1,000
240,000
1,000
J.
& D.
600,000
7
1
50 33,099,100
Q.—J.
6
J. & D.
1,000
5,000,000
1,000
M. & S.
6,000,000
7
1,000 14,647,000
6
J. & D.
M. & N.
1,000
5
4,500,000
1,000
7
J. & J.
1.395,000
50
2
Q .-M .
4,837,300
1,000
6
J. & J.
250,000
M. & N.
1,000
5
1,500,000
4,505,308 10 stock.
500 &c.
7
I. & J.
2,314,500
__
J. & J.
636,790
7
500 <fcc.
1,871,500
7
•T. & J.
1,000
A. & O.
1,106,000
7
50
2,487,850
3ia J. & J.
50 10,000,000
l
Q -F .
M. & N.
500
175,000
7
500
M. & N.
1,121,500
7
100 &C.
F. & A.
268,706
7
1,000
3,430,000
5 g- Q .-J .
500
250,000
A. & O.
7
500
800,000
M. & S.
7
—
100.000
7
—

1863
1869
1865
1881
1879
1381
1877
1868
1870
1873
1880
1872
1864
1882
1875
1876
1881
1860
1868
1878
1881
1871
1871
—

)
f Oct. 1, 1886
i See preceding page. •! Yar.to J’lv, ’97
June 1, 1894
Pittsburg Office.
Jan. 2, 18 87
N. Y., Winslow. L. &Co. Aug., 1895
Cps.fund.J’y ’85-Jan ’8 July 1, 1911
N. Y. Nat. Ex Bank.
1899
do
do
1911
Philadelphia.
Dec. 1. 1907
Philadelphia, Office.
Jan. 15.1887
Reg. at office; cp.B’kN.A June, 1898
Philadelphia, Office.
Sept., 1910
do
do
1898 & 1923
do
do
1920
do
do
Jan., 1892
Cincinnati.
Dec. 10, 1886
Cinn., Lafayette Bank.
1894
N. Y., Bank of America. Nov. 2, 1912
Boston, Treasurer.
July 18, 1881
N.Y.,Wm.C.Slieldon&Co Jan. 1, 1905
do
do
Last paid Jan., 1882. Jan. 1, 1906
Last paid April, 1832.
1 9 il
Philadelphia Office. July 10, 1886
N.Y.,Corbin Bank’g Co. Nov. 1. 1886
do
do
Aug., 1890
do
do
Mav, 1898
do
do
Aug. 1, 1918
do
do
July 1. 1931
do
do
April, 1901
do
do
Sept., 1901

1882-83.
1883-84.
1884-85
Disbursements—
$
$
$
Interest on debt.............. ............... 2,031,675
2,057,207
2,059,541
General,
taxes,
floating
interest,
70,048,600 70,048,600 70,018,600
loss on Morris Canal, &c...........
421.920
473,355
650,385
17,300,000 17,300,000 17,300.000
2,372,242
1,660,234
365,780
365,780
365,780 Dividends*....................................... 2,210,378
347,944
715,000
714,000
715,000 Charged for accum.depreciations
9,414,477 12,012,839 12,195,063
Total disbursements.
5,011,917 4.902,804
4,370,160
1,554.030
933,030
645,400
122,599
37,474
30,103
1,421,342
1,454,942 1,461,147 Balance, surplus..........
1,221.178
966,311
673,474
*
In
1883,
10
on
preferred
and
8
on
common;
in
188
4,
10
on
pre­
317,320
218,682
235,795
532,545
1,249,858 1,588,590 ferred and 8 on common; in 1885, 10 on preferred and 5 on common.
- ( V . 42, p. 123.)
Total assets........ 102,761,634 102,940,272 105,265,092 105,228,854
L it tle M ia m i.—Owns from Cincinnati, O.. to Springfield, O., 84
Liabilities—
$
$
$
$
miles; branch, Xenia, O., to Dayton, O., 16 miles; leased, Columbus &
Stock......................... 50,000,000 50,000,000 50,000,000 50,000.000 Xenia RR., Xenia to Columbus, O., 55 miles; Dayton & West. RR., DayB o n d s ...................... 44,716,00 » 44,466,000 47,716.000 47,466,000 ton, O.. to Indiana State Line, 38 miles Ohio State Line to Richm’d, Ind.,
D ividends................
1,016,005
1,016,005
26,675
26,674 4 miles; Ciucin. Street Conn. RR., 2 miles; total operated, 198 miles. The
Other liabilities.......
2,133,677
2,506,589
2,975,161 1,131,670 Little Miami Railroad proper extends from Cincinnati to Springfield, but
4,896,002
4,951,678
4,547,256 6,604,510 the portion between Xenia and Springfield is now operated as a branch ;
Profit and loss.........
for the remainder of the main line, as given above, the Col. & Xenia
Total liabilities.. 102,761,684 102,940,272 105,265,092 105,228,854 road, Columbus to Xenia, is used. On Jan. 1,1865, they leased the Day—(V. 42, p. 4, 22, 272,561, 5 7 3 , 631, 728, 783; v. 43, p. 6, 23,245, ton & West. (Dayton to Ind. State line) and the Rich. & Miami (State line
634)
to Richmond), and on Feb. 4, 1865, purchased the road from Xenia to
L a w ren ce.—Owns from Lawrence Junction, Pa., to Youngstown, O., Dayton; these three roads go to form the branch of 57 miles given
18 miles; branch from Canfield Junction to Coal Fields, O., 4 miles; total above. The partnership agreement was dissolved Nov. 30, 1868, and a
operated, 22 miles. The Lawrence Railroad was leased June 27, 1869, contract made by which the Col. & Xenia road, including its interest in
to Pittsburg Fort Wayne & Chicago RR. at 40 per cent on gross earnings, the above-named branches, was leased to the Little Miami for 99 years.
On December 1, 1869, the Little Miami, with all its branches, &c.
with $45,000 per year guaranteed as a minimum. Lease has beentransferred to Pennsylvania Co., by which the road is now operated. Gross was leased to the Pittsburg Cincinnati & St. Louis Railroad Com­
earnings in 1885, $1*6,236; net, $74,123; rental from Penn. RR. and pany for 99 years, renewable forever. The Pennsylvania Railroad
Company is a party to the contract and guarantees its faithful execution.
interest received, $67,159; payments, $82,199.
Road is now operated by Pittsburg Cin. & St. Louis Railway Co. Lease
L eh ig h & H u d so n R iv e r .—This road was opened from Grey rental is 8 per cent on $4,837,300, interest on debt and $5,000 per
count, on Erie road, to Belvidere, N. J., 63 miles. August, 1882. Con­ annum for Little Miami Company’s expenses of organization; the fulfil­
solidation April, 1882. of the Lehigh & Hudson River and the Warwick ment of the lessor’s lease obligation is also stipulated. In 1885 the
Valley roads. In addition to above there are $65,000 Wayawanda 6 per gross earnings were $1,447,130; net, $123,962; lease rental, <fco., <f
cent bonds due 1900 and $52,000 Lehigh & Hudson River 2d 6s, lessor, $697,787; payments, $66 f,7 48; balance surplus, $33,039. Loss
due 1909. Stock, $1,340,000. Coupons due July, 1885, not paid, and ^o lessee, $423,976, against $375,243 in 1884.
bondholders agreed to fund four coupons July, 1885, to Jan., 1887, in­
Little R o ck <fc F ort S m ith .—Owns from Little Rock, Ark., to
clusive. In Dee., 1835, a traffic contract was made with Lehigh Coal &
Nav. Co. In 1883-84 gross earnings, $162,795; net, $74,242; interest Fort Smith, 165 miles; branches, 5 miles; total, 170. In Dec., 1874,
on bonds, $81,802. In 1884-85 gross earnings $173,007. net, $65,012; the property (then 100 miles), including the land grant, was sold in
deficit under interest, &c., $20,162. Grinnell Burt, Pres., Warwick, N.Y. foreclosure. This company afterwards built 65 miles, and opened the
road to Fort Smith July 1,1876. Six coupons of July, 1876, and after
- ( V . 41, p. 102, 720.)
L eh ig h & L a ck a w a n n a .—Owns from Bethlehem, Pa., to Wind were funded into 7 per cent notes. In June, 1883, bonlhollers funded
Gap, Pa., 25 miles. This road was opened in 1867. It is leased into 10 year scrip the coupons falling due July, 1883, and January,
to the Lehigh Coal & Nav. Co., and operated by Central RR. of New 1884. Payment of coupons in cash resumed July, 1884.
The lands unsold Jan 1, 1886, amounted to 638,067 acres, and land
Jersey. Of the above bonds, $100,000 are a 1st mort., and $500,000 2d
mort. Capital stock, $375,100. Gross earnings in 1885, $62,076 ; net, notes, $427,075; in 1885, sales of 25,663 acres previously made were
canceled.
In 1886 land sales in 10 months. 25,709 acres, against
$12,723. Gross earnings in 1884, $69,546; net. $15,252.
22,555 in 1885. In 1885 gross earnings were $614,288 ; net, $225,910.
L eh ig h V a lle y .—Owns from Phillipsburg (Pa. Line), N. J., to Interest on bonds, taxes, &c., $227,857; balance, surplus, $42,686;
Wilkesbarre, Pa., 104 miles; branches—Penn Haven to Audenried, land dept, expenses, $42,427. Annual report in V. 42, p. 574. J. H.
18 miles; Hazle Creek Bridge to Tomhieken (and branches), 32 miles; Converse, Pres., Boston. (V. 42, p. 155,245, 574; V. 43, p. 125, 334,
Lumber Yard to Milnesville (and branches), 18 miles; Black Creek Junc­ 487.)
tion to Mt. Carmel (and branches), 61 miles; Slatedale branch, 4 miles;
Little R o c k M ississippi R iver & T ex a s.—Owns from Little
Bear Creek Junction to Bear Creek, 11 miles; Lackawanna Junction to Rock to Arkansas City, 113 miles; Tripps to Warren, 53 miles; Rob
Wilkesbarre, 10 miles; State Line <X Sull. RR., Monroeton to Berwick, Roy Junction to Micawber, 4 miles; total, 170 miles. This com­
24 miles; also owns the Easton Amboy RR., Amboy, N. J., to Pennsyl­ pany was a reorganization of the Little Rock Pine Bluff & New Orleans
vania Line, 60 miles; total operated, 346 miles.
Railroad and the Mississippi Ouachita & Red River Railroad. Both
This is one of the most important of the coal roads Dividends on the those companies received land grants and State aid bonds, and this com­
ordinary stock have been as follows since 1870: In 1871, 1872. 1873, pany is involved with others as defendant in the suits by Arkansas State
1874 and 1875,10 per cent paid; in 1876, 9; in 1877, 5 is; in 1878, 1879 bondholders. The coupons due Jan. 1, 1883, were not paid, and scrip
and 1880. 4 ; in 1881, 5^; in 1882, 6^; m 1883 and 1884, 8; in 1885, 6; was offered to bondholders for two years’ interest to be funded. Fore­
in 1886, 4. Prices of the common stock in Philadelphia since 1877 were closure suits were begun in Nov.. 1885, and in Feb., 1886, E H. Win
as follows: In 1878, 32%@42t4; in 1879, 33^@55 ; in 1880, 46@5734; Chester and John Reed were appointed receivers. A new plan of reor­
in 1881, 57 ^ 6 4 : ^ ; in 1882, 58!4@67%; in 1883, 63®73i4; in 1884, 57 ganization was referred to in the Chronicle of Oct 30, 1886, p. 515;
@717&; in 1885,54isl,6 1 14; in 1886, to Dec. 17, 55t4@62.
and it was reported in Dec., 18 86, that Mr. Jar Gould had obtained conThe fiscal year ends November 30. The last annual report was in the irol of the road at the foreclosure sale, Dec. 15.
Chronicle , V. 42, p. 123. It is one of the peculiarities of the company’s
In 1884 gross. $368,271; net, $25,523. The stock is $3,594,600.
annual report that no general balance sheet is given. The earnings, Elisha Atkins, President, Boston, Mass. (V. 42, p. 304; Y. 43, p. 515,
expenses and income account for the fiscal years ending Nov. 30, w ere: 607, 618, 739.)
1882-83.
1883-84.
1884-85.
L it tle S c h u y lk ill.—Owns from Port Clinton to Tamanend, 28
Earnings—
$
$
$
Coal freight..................................... 7,401.796
6,295,282 6,079,512 miles; branches, 3 miles; total operated, 31 miles. The East Mahanoy
RR., was leased Jan. 12,1863, for 99 years, and sub-leased to Phila.
Other freight................................... 1,985,405
1,763,429 1,617,236
Passenger, mail, express, «fec........
830,949
889,496
860,139 6 Reading July 7, 1868. The Little Scbuykill Railroad is leased to the
Philadelphia & Reading Railroad for 9 i years from July 7,1868, at a
Total gross earnings................... 10,218,150 8,94«,207 8,556,917 fixed anuual rental
L o n g I s la n d .—Owns from Long Island City, N. Y., to GreenOperating expenses....................... 6,175,656 5,246,073 4,888,998
port, N. Y.. 95 miles; branches, 87 miles; total owned, 182 miles.
Net earnings
........... $4,042,494 $3,701,134 $3,667,919 Leased—8mithtown & Pt. Jefferson RR,, 19-0 miles; Stewart RR. to Bethpage, 14-5; Stewart RR. to Hempstead, P 8 ; New York & Rockaway
INCOME ACCOUNT.
1882-83.
1883-84.
1884-85. RR., 8-9; Brooklyn & Jamaica RR., 9-6; Newtown & Flushing RR.,
3-9 ; Brooklyn & Montauk, 67 ; Manhattan Beach RR., 10'7 ; N. Y. Bay
Receipts—
$
$
$
Net earnings................................... 4,042,434
3,702.134
3,667,919 Ridge & Jam., 8*1; L. I. City & Man. Beach, 1-4; Hunter’s Point & So.
Other receipts and interest .......... 1,092,022
1,238,144
732,344 SideR R .,1‘5; Far Rockaway branch, 9-4; L. I. City & Flushing RR,,
7 8. Total leased and operated, 174 miles. The total of all the roads
Total net income.
5,134,516 4,910,278
4,400,263 owned and operated is 354 miles.
GENERAL BALANCE AT CLOSE OF EACH FISCAL TEAR.

1882.
A ftsfits
$
Railr'd, build’gs, &c.
69,848,600
Equipment............... 17,169,000
R’l est. & office prop.
365,780
Cli.& Can.So.bds.,&c.
660,0.0
Stocks owned, cost..
8,702,428
Bonds owned, c o s t..
2,127,180
Advances..................
1,394,956
Materials, fuel, & c...
1,355,153
Casli on hand............
534,275
Uncollected earnings
604,312




1883.
$

1884.
$

1885.
$

56

INVESTORS’

SUPPLEMENT.

V ol. XLIII.

Subscribers will confer a great favor by giving immediate notice of any error discovered in these Tables.

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When Due.
Amount Rate per When Where Payable, and by pal,
of
Par
Stocks—Last
For explanation of column headings, &c., see notes of
Road. Bonds Value. Outstanding Cent. Payable
Whom.
Dividend.
on first page of tables. m
Long Island City &Flushing—1st M., coup, or reg. 10%
10 34
Income bonds (cumulative) ($350,000)..................
27
Los Angeles <6 San Diego—1st M. (for $2,800,0001..
Louisiana Western—1st mortgage, g o ld .................. 112
72
Louisv. Evansv. & St. Louis.—lstm ort. E. R. & E ...
1st mortgage, gold, for $2,000,000 (2d on 72 M.). 255
2d ncort., gold, for $3,000,000,1st coup, due ’87 .. 255
Louisville <tk Nashville—Stock..................................... 2,065
General mort., gold, coup, or reg. ($20,000,000). 840
iio
Lebanon branch extension, Louisville loan........
Lebanon-Knoxville extension mort. ($1,500,000) 172
46
Cecilian Branch, 1st mortgage, sinking fund........
392
Consolidated 1st mortgage.....................................
130
Memphis & Ohio, 1st mort., sterling, guar...........
83
Memphis & Clarksville br.. 1st mort., sterling__
135
Mort. on Ev. Hen. & N., g o ld ................................
Collateral trust, 3d mort., gold, sink, fund............. 1,079
10-40 Adp M., gold, coup, or reg. (red’ble aft. ’94) 783
141
1st mortgage on New Orleans & Mobile R R .........
141
2d mortgage
do
do
...........
Bonds sec’d by pledge of 2d mort. S.&N.Ala.RR.. 189
1st M., gold, on Southeast.& St.L.RR.,coup.or reg. 208
2d mort., gold, on Southeast. & St. Louis RR., cp. 208
45
Pensacola Div., 1st mort., gold................................
Mobile & Montg. Div., 1st M., ($2,677,000).......... 180
Pensacola & Selma Div., IstM ., gold ($1,248,000) 104
Pensa. & Atl., m. gold, guar., $1,000,000 pledged. 185
175
Louis. Cin. & Lex., 1st mort...............................
do
2d mort.,coup., for $1,000,000 175
L. & N. mort. on L. C.&L., gold,$3,208,000 pldgd 175
....
Car trust liens ($ 1,721 payable each month)........
Car Jiena, Louisv. Cin. & Lex...................................

1880

$1,000
1,000
1,000
1,000
1,000
1,000
1,000
100
1,000

1863
1881
1877
1868
1871
1872
1879
1882
1884
1880
1880
1880
1881
1881
1880
1881
1881
1881
1867
1877
1881
1882

1,000
1,000
1,000
1,000
£200
£200
1,000
1,000
1,000
1.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
100 &c.
1,000
1,000

1881
1881
1880
1881
1881
1886
1886

$600,000
6
312,000
6
556,000
6
2,240,000
6 g6
900,000
6 g.
1,000,000
3,000,000 2 to 6 g.
30,000,000
3
12,207 000
6 g.201.000
6
333,000
6
Pledged.
6
925,000
7
7,070,000
7
3,500,000
7
2,015,360
6 g.
2,380,000
6 g9.790,000
6 g.
5,000,000
6 g.
5,000,000
6 g.
1,000,000
6
1,960,000
6
3,500,000
6 g.
3,000,000
3 g.
600,000
6 g.
Pledged.
6 g.
Pledged.
6
2,000,000
6
2,850,000
7
892,000
7
50,000
6 g.
971,000
6
39.594

M. & N N.Y., Corbin Bank’g Co.
Jan. 1
do
do
J. & J N. Y., Central Pacific.
J. & J. N. Y., South Pac. RR.
J. & J.
___
F. & A, L. &N.RR., 52 Wall St.
J. & D. N. Y., Drexel, M. & Co.
New York Agency.
A. & O. N. Y., Drexel, M. & Co.
M. & S. New York, Agency.
M. & S. N. Y., Drexel, M. & Co.
A. & O.
do
do
J. & D. London, Baring Bros.
F. & A.
do
do
J. & D. N. Y., Drexel, M. & Co.
Q.—Mar N. Y., Drexel, M. & Co.
M. & N. New York, Agency.
J. & J. 50 Exchange Place.
J. & J.
do
ro
A. & O. N. Y., Drexel, M. & Co.
M. & S.
do
do
M. & S.
do
do
M. & S.
do
do
M. & N. 50 Exchange Place.
M. & S.
do
do
F. & A. N. Y., Hanover Nat.Bk.
J. <fc J. N. Y., 50 Exchange pi.
A. & O.
do
do
M. & N.
do
do
A. & 0.
Philadelphia.

May
May
July
July
July

1, 1911
1, 1931
1, 1910
1, 1921
1, 1921
1926
1936
Feb. 1, 1882
June 1, 1930
1887
Oct. 15, 1893
March 1, 1931
Mar. 1, 1907
April, 1898
June 1, 1901
Aug., 1902
Dec, 1, 1919
Mar. 1, 1922
Nov. 1, 1924
Jan. 1, 1930
Jan. 1, 1930
April 1, 1910
March 1, 1921
March 1, 1980
Mar. 1, 1920
May 1, 1931
Mar. 1, 1931
Aug., 1921
Jan., 1897
1907
Nov. 1, 1931
Oct. 1, 1886-89
1886-88

miles. Also owns the Richmond Branch (leased to Kentucky Central),
34 miles, and the Cecilian Branch (leased to Ches. O. & So. W.), 46 miles,
and controls, by ownership of a majority of the stock, the Nashville
Chattanooga & St. Louis RR., 580 miles; the Owensboro & Nashville, 84
miles; the Pensacola & Atlantic, 161 miles; the Nashville & Florence
RR., 56 miles ; Birmingham Mineral Railroad, 11 miles, and Henderson
Bridge and connecting track, 10 miles—total, 902 miles; also, as joint
lessees with the Central of Georgia, is interested in the Georgia Railroad
and its auxiliaries, 679 miles.
O rganization , L eases , &c.—The Louisville & Nashville was chartered
March 2,1850, and opened between Louisville and Nashville November,
1859. The Memphis branch, completed in I860, was operated in con­
nection with the Memphis & Ohio and Memphis Clarksville & Louisville
roads, which were purchased by the L. & N. The other roads embraced
in the system have been purchased outright or are controlled absolutely
by ownership of a majority of the stock, except those under leases, aa
above described. The liabilities for interest are treated mostly as
belonging directly to the Louisville & Nashville Company. The South­
east. & St. Louis RR., which was reorganized after foreclosure of the
St. Louis & Southeastern, Nov. 16, 1880, is leased to the Louisville &
Nashville for 49 years, and the L. & N. issues its bonds as above,
secured on the road, about 210 miles long in Indiana and Illinois.
Gross earnings.............2,685,089 2,756,232 2,826,4*8 2,994,772 There is also $999,500 of S. E. & St. L. stock. The fiscal year of L.
E xj enses and taxes.......... 1,633,814 1,859,505 1,795,252 1,872,325 & N. ends June 30. Annual election is held early in October.

The Long Island Railroad went into the hands of a receiver October
1877, hut in 1881 the company resumed possession. The second mon
gage bonds were issued to take up floating debt of various classes.
The control of the company was sold to the “ Long Island Company,”
controlled by Mr. Austin Corbin and others, in Dec., 1880. In July,
1881, the stock was increased from $3,260,700 to $10,000,000. In
August, 1881, most of the holders of Smitntown & Port Jefferson
bonds and ST. Y. & Rockaway bonds agreed to exchange their bonds for
the consolidated mortgage, bearing 5 per cent.
No annual reports have been issued and the only information obtained
is from the statistics furnished the State Authorities. The road has been
much improved in its operating department under the present manage­
ment.
The reports for four years made to the RR. Commissoners gave gross
earnings, &c., as follows:
1885 86.
1883-84.
1884-85.
1882-83.
354
354
354
Miles operated.....................
354
Earnings and Expenses—
$
$
$
$
Passenger earnings..............1,695,177 1,759,597 1,807,346 1,878,447
798,817
720,630
727,623
Fr< igbt earniDgs................. 71',743
317,508
276,005
291,069
Miscellaneous earnings___ 271,169

Net earnings.................. 1,001,275
896,7^7 1,031,226 1,122,447
287,693
297,559
304,063
Lease rentals...................... 282,466
Interest and sinking fund.. 209,059
190,876
207,922
233,179
There are also Atlantic Avenue Improvement certificates, $28,875, at
7 per cent; real estate mortgage, $238,000, 5s and 7s; time loans,
¥350,000, at 6 per cent. (Y. 42, p. 187, 487, 549; V. 43, p. 191, 745.)
L o n g Isla n d City & F lu s h in g .—Road from Long Island City to
Great Neck, 14 miles; branches, 8 miles; total, 22 miles. This is a reoranization of the Flushing & North Side road, foreclosed December 11,
880. The stock is $500,000; par, $100. The income bonds are pay­
able at will. The company is liable for $25,000 of New York & Flushing
bonds, due 1920. Leased to Long Island RR. for 50 years, the lessee
aking 60 per cent of gross earnings and $17,500 for fixed charges. In
1883-84 gross earnings were about $213,000, of which 40 per cent to
this company was $85,035; in 1884-5, rental $116,537. Alfred Sully,
President, New York City.

f

Los Angeles & San D ie g o .—Florence to Santa Anna, Cal., 27
miles. Leased to Cent. Pac., and in 1884 the net earnings paid as rental
and other income was $33,374; interest, &c , $35,121. Capital stock,
$570,800. Chas. Crocker, Pres., San Francisco.
L o u isia n a W e s te rn .—Owns from Lafayette, La., to Orange,
Texas, 112 miles, leases extension in Texas, 7 miles; total, 112 miles.
Leased and operated by the South. Pac. Company, being part of the
through line between New Orleans and Houston. For ten months from
Jan. 1 to Oct. 31, gross earnings were $521,268 in 1886, against
$484,433 in 1835; net, $262,751, against $248,472. In 1884 gross
earnings were $485,706; net, $216,545. Surplus over interest and all
charges, $65,909. Gross earnings for year 1885 were $627,317; net,
$343,445. StocK is $3,360,000. (Y. 41, p. 23, 134, 216, 357, 745; V.
42, p. 243, 6 2 9 ; V. 43, p. 133, 163.)
L o u isv ille E v an sv ille & St. L o u is.—Line of road. New Albany,
Ind., to Mt. Vernon, Ills., 182 miles; branches to Jasper & Gentryville, 73
mues; total. 255 miles; opened Oct., 1882.
The road was formerly the
Louisville New Albany & St. Louis, foreclosed In 1878. In Oct.. 1881,
a consolidation was made with the Evansv. Rockport & Eastern, and the
900,000 of E. R. & E. 1st mortgage bonds stand as a prior lien on that
ivision. The foreclosure sale was made June 9, 1'86. The plan of re­
organization was in V. 41, p. 720, by which 1st mortgage bondholders
took new second mortgage bonds and a first mortgage of $2,000,000
was issued as a prior lien. The stock is $1,500,000 pret. 5 per cent,noneumulative, an 1 $3,500,000 common; the par of all shares is $100. In
1883-4 gross earnings were $668,898; net, $95,305. In 1884-85 gross
earnings, $716,119; net, $142,224. (V. 41, p .1 3 3 ,3 31 ,4 9 5 .5 27 612,
720 ; V. 42, p. 519, 728 ; V. 43, p. 125, 274, 302, 431, 452.)
L o u isv ille & N ash ville.—( See Map.)—L ine of R o ad . - -Main
lne—Louisville to Nashville, 185 miles; branches—Junction to Bardstown, Ky., 17; Junction to Livingston, Ky., 110; Livingston to Jelico, Ky , 61 ; Montgomery to Mobile, 179; New Orleans to Mobile, 141;
branch to Pontchartrain, 5; Paris, Tenn. to Memphis, 259; East St,
Louis, 111., to Evansville, Ind., 161; June., 111., to Shawneetown, 111., 41,
Bellevh'e.Ill., to O’Fallon, 111., 6; Pensacola, Fla., to Pensacola Junction;
Fla., 44 : branch to Muscogee dock, 1; Louisville, Ky., to Newport, Ky.,
109; Junction to Lexington, 67; Louisville H. Cr. & W’port. (n. g.), 11;
Selma to Pineapple, Ala., 39; Henderson to Nashville, 135; Junction
to Providence, 16; Pensacola extension, 26 ; total owned, 1,612 miles;
leased and controlled—Junction to Glasgow, Ky., 10; Nashville to
gecatur, 119; Decatur to Montgomery, 183; Junction to Wetumpka, 6;
Junction to Shelbyville, 19; Louisville Transfer, 4; No. Div. Cumb. &
Ohio, 27; Lebanon to Greensburg, 31; Elkton to Guthrie, 11; total
leased and controlled, 410 miles; total operated June 30,1886, 2,023

t




Stock and B onds .—At the close of the fiscal year (June 30) 1880 the
capital stock was $9,059,361, and in Nov., 1880, the stock dividend of
100 per cent was made, raising the amount to $18,133,513. In October,
1882, the company listed at the Stock Exchange $3,080,000 stock sold
by the city of Louisville, raising the stock outstanding to $21,213,513,
and $3,786,487 more was then listed, raising the amount to $25,000,000. In Oct., 1884, the remaining $5,000,000 unissued was offered to
a syndicate at 22is with the $5,000,000 bonds at 55, raising the sj„ock to
the full limit of $30,000,000. (See Y. 39, p. 409.)
All the dividends paid since 1870 were as follows: In 1871, 7 per
cent; in 1872, 7 per cent; in 1873, 7 per cent; in 1877, 1ha per cent;
in 1878, 3 per cent; in 1879, 4 ; in 1880, 8, and 100 per cent in stock ;
in 1881, 6; in 1882, 3; nothing since.
Prices of the stock from 1872 to date have been: In 1873,
50®79; in 1874, 53®59; in 1875, 36ie@40; in 1876, none; in 1877,
26@41; in 1878, 35@39; in 1879, 35®89io; in 1880, 77® 174; in 1881,
79®1101e; in 1882,46^® 100%: in 1883,4038®58ie; in 1884, 22Lj®513e;
in 1885, 22®51%; in 1886, to Dec, 17, 335s®69.
The general mortgage of 1880 is for $20,000,000, of which the bal­
ance unissued is reserved to pay off prior liens, and the mortgage covers
840 miles of road subject to such liens. The Louisv. & Nashv. LebanonKnoxvilie bonds of 1881 cover 110 miles, subject to prior liens, and 62
miles from Livingston to State line as a first lien. The Pen. & Atlantic
is a separate company and the bonds are not a direct liability of the
L. & N. Co., but principal and interest are guaranteed by L. & N. A
sinking fund begins Feb., 1889. The P. & A. has issued to the L. & N.
$1,000,000 laud grant bonds pledged for advances to the P. & A.
The third mortgage trust deed of 1882 is made to E. H. Green and
John A. Stewart as trustees, and has a sinking fund of 1 per cent
annually begun in February, 1885, the bonds drawn being redeemable
at 110. The bonds are secured by pledge of a large amount of stocks
and bonds belonging to the Louisville & Nashville Company and
held as collateral security by the trustee of the mortgage. The
securities pledged were stated in detail in the Supplement up to the
number for August, 1884, the par value of bonds being $9,633,000
and stocks $18,529,700 ; total, $28,162,700. (See estimate of actual
value in V. 41, p. 445.)
The 10-40 Adjustment mortgage bonds were issued in 1884, and
cover 783 miles of main line and branches, subject to the prior liens,
and are a second lien on the trust securities pledged under the trust
deed of 1882. See V. 39, p. 409.
The Henderson Bridge Co. bonds are not a liability of the L. & N. The
bridge is owned by a separate company, with a stock of $1,000,000, of
which the L. & N. Co. holds $501,000; the Bridge Co. is guaranteed
gross receipts of $200,000 per year by the several roads using it.
Operations , F inances , &c.—The Louisville & Nashville system hav­
ing been developed in its present extensive form since 1879 has a short
history. The 100 per cent stock dividend declared in 1880 was made
before the working and result of the newly-acquired roads could be
fully developed.
For two mouths from July 1 gross earnings were $2,460,341 in 1886,
against $2,134,819 ; net, $1,051,793, against $761,907.
The annual report for 1885-86 was in the C hronicle , Y. 43, p. 486,
The comparative statistics were as follows for the roads operated as the
Louisville & Nashville system proper
1882-83.
1883-81.
1884-85.
1885-86.
Total grossearns... $13,234,915 $14,351,093 $13,936,347 $13,177,018
Oper’g ex. (exci.tax.) 8,099,595
8,823,782
8,182,255
8,213,295

Net earnings............. 5,135,320
5,527,311
Per ct. of ex. to earn.
61'20
6D48
* Includes rent, rent of cars and engines, &c.

5,754,092
58'71

4,963,723
62-33

December, 1886. j




KAILKOAD STOCKS AND BONDS,

57

mATESTORS’

5 8

SUPPLEMENT.

[ Voii. XLIII-

Subscribers w ill confer a great favor by givin g Im m ediate notice o f any error discovered In these Tables,
Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
Due,
Miles Date Size, or
Amount Rate per­ When Where Payable, and by pal,^When
Slocks—Last
Par Outstanding
For explanation of column In adings, &c., see notes of
of
Whom.
Dividend.
cent. Payable
on first p :ge of tub.es.
Road. Bonds Value.
Louisville <&Nashville (C'ontin ed) H nderson Bridge Co., 1st morr., gold..............
Louisville New Albany <£■ Chicago—StocK...........
1st moitgage, coup, or reg.................................
Mort., gold, on Cine*. & Ind’polis Div.,coup. orteg
2d mortgage, gold. coup, or reg.............................
Consolidated mortgage gold (for $ 10,000,000)---Car Trust Certificates ........................................
Louisville New Or eans <6 Texas—Stock_____ ___
1st moi tgage. coup, or reg..................................
2d mort. for ($7,899,r 0 ) ...................................
Income bonds (not cumulative)..........................
Lykens Valley—Stock.............................................
Mahoning Goalr-Common stock...........................
Preferred stock, guar, by L. S. & M. 8 ..............
1st mort., coup., pr. & in t , guar., by L. S. & M. So
Maine Central—Stock.............................................
1st mortgage, consolidated................................
Collateral trust bonds for Mt. Desert Branch..
Sinking fund ; 0-20 gold bonds..........................
Bonds ($1,100,000 loan) A. &. K. R E ...............
Extension bonds, 1870, gold...............................
Maine Central loan for $1,100,000...................
European & North American (Bangor loan)__
Leeds & Farmington Railroad loan...................
Androscoggin Railroad, Bath City loan...........
Portland & Kennebec, consolidated mortgage__
Manchester <&Lawrence—Stock..................................
Manhattan (Eler.)—Consol, stock, ($24,395,700)...
Metropolitan Elevated, 1st mortgage....................
do
2d M. (guar, by Manhat’n).
N. Y. Elevated, 1st M. (payable at 105 after 1896)
do
Debentures, coup.....................

1881

521
288
158
446
520

1880
1881
1883
1886

455
455

1884
1
1884

455

21

43
43
43
482
304
41
55
18
109
56
36
30
71
26
36
14
18
18

1834
1872
1883
1885
1860-1
1870
1868
1869
1871
1866
1865
1878
1879
1876
1886

$1,000
100
1,000
1,000
1,000
1,000
100
1,000
1,000
20
50
1,000
100
100 &c.
1,000
100 <fec.
500 &c.
100 &c.
500 &c.
100 &c.
100 &c.
100 &c.
100
100
1,000
1,000
1,000
1,000

$2,000,000
5,000,000
3,000,000
2,300,000
855,0(0
2,500,000
600,000
4,550,000
13,650j000
9,100,000
600,000
1.373,000
372,6(0
1,373,000
3,603,300- 4,173,1500 -5
694,000
600.000
1,100.000
496,500
756,800
1,000,000
633,000
425,000
1,166,700
* 1,000,00b
21,270. (• 0
10,*-18,000
4.000,000
8,500,000
1,000,000

New York.

6 g. M. & S.

Sept. 1, 1931

6
J. & J. N.Y., Nat.Bk.Commerce July 1, 1910
Aug. 1, 1911
do
do
6 g. F1. & A.
Feb. 1, 1888
do
do
6 g. F. & A.
Jan. 1,1916
do
do
6 g. A. & O.
1892
J. & D.
8
5
5
6
212

M. & S.

New York, Office.

Sept. 1, 1934

August.
Q .-J .

New York, Office.
New York. Treasurer.

Sept. 1, 1934
Jan. 2, 1887

212
5
3
&7
5
6 g6
6 g.
7
6
6
6
6
5
112
6
6
7
5

J. & J.
N. Y. Union Tr. Co.
J. & J.
do
do
F. & A.
A. & O. Boston. 2d Nat. Bank.
J. & D. Bost., Am.Loan& Tr.Co.
F. & A Boston, 2d Nat. Bank.
M’ntlily
do
do
A. & O.
do
do
J. & J.
do
do
J. & J. Bost., Merch’ts’ Nat.Bk.
J. & J. Boston, 2d Nat. Bank
do
do
Q .-J .
A. & O.
do
do
M. & N. Manchester and Boston.
Q .-J . N. Y., Mercantile Tr.Co
J. & J.
do
do
M. & N.
do
do
J. & .1.
do
do
do
do
M. & S

J a n .1, i g 87
July 1, 1934
Aug.2, 1886
April 1, 1912
June 1,1923
Feb. 1,1905
1890 to 1891
Oct., 1900
July, 1898
Jan. 1, 1894
July, 4891
July, 1891
April 1, 1895
Nov. 1. 1886
Jan. 3, 1887
July. 1908
Nov. 1, 1899
Jan. 1. 1906
Mar. 1, 1916

|0
1885.
1884.
1885-86. Gross earnings..................................................... $1,680,454 $1,564,436
Operating
expenses.............................................
1,332,035
1,365,144
Receipts—
$
Net earnings...........
4 963,723
Net earnings
................................
$348,418
$199,292
Income from invest’s
207,807
...............................
537,300
537,300
Fixed charges...
Total income...........
5,270,091
5,800,144
5.171,530
5,952.683
Deficit........................ . ....................................... $188,882
$338,008
Disbursements—
Wm. Dowd. Pres’t, N.Y, (V. 42, p. 125, 243, 365, 397, 604. Y. 43, p.
339,409
Taxes........................
370,814
309,450
379,845
67,000
Rentals.....................
58,333
15,000 334, 458, 607.)
67,000
L ou isville N ew Orleans & T ex a s—(See map)—Line of road
4,053,224 4,207,223
Interest on debt.......
4,085,706
4,026,543
Memphis, Tenn., to New Orleans, La., 455 miles; Leland to Huntington,
Divict'son L. & N., N.
& L>. andM. & M ...
110,053
113,090
116,242
117,095 Miss., 22 miles; Washington Co. branch, 34 miles—total owned, 511
Georgia RR. deficit..
44.815 miles. Leased—Clinton to Port Hudson, La., 22 miles; total operated,
11,000
49,299
Miscellaneous..........
6,182
10,297 533 miles. This road was built in the interest of the Huntington system
8,3i7
7,542
of roads, and forms the connecting link in that system across the
Total disbursements. *4,575,868 14,716,145 14,637,806 114,643,727 Continent from Norfolk to San Francisco. The present company was
Sept. 5, 1884. The road was opened for through business Oct.
722,699
Balance, surplus___
692,495 organized
1,116,337
1,356,890
13, 1884. The income bonds are a first mortgage on 750,000 acres of
land in the Yazoo Delta. The first mortgage bonds are issued at $30,000
* $28,400 to be refunded, included in surplus.
per mile on the main line and $20,000 per mile on the branch lines.
1 $32,33a to be refunded, included in surplus.
Mr. R. T. Wilson, Pres., N. Y. Gross earnings from Jan. 1 to Oct. 31,
} $42,012 to be refunded, included in surplus.
1886, were $1,289,905, against $934,546 in 1885; net, $306,305,
j| $164,692 to be refunded, included in surplus.
against $133,957. (V. 42, p. 60, 339; V. 43, p. 73, 162, 334, 368, 516,
547, 671.)
GENERAL BALANCE AT CLOSE OF EACH FISCAL YEAR.
L yken s V a lle y .—Owns from Millersburg, Pa., to Williamstown]
1882-83.
1883-84,
1884-85.
1885-86
Pa., 20 miles; branch, 1 mile; total operated, 21 miles. It
%
Assets—
$
$
$
$
Road,equipment, &c. 67,385,426 67,776,064 67,930,374 68,433.991 coal road leased and operated by the Northern Central Railroad since
Timber & quar. lands
715,773
688,024
689,941
598,746 July, 1880, and previously by the Summit Branch RR. The lease is for
Stocks owned.......... 18,565,852 t6.904,853
2,005,590
1,298,347 999 years from March 1,1866, and the rental is $62,500 per annum.
Bonds owned..........
1.940,623
4,050,673
4,249,861
4,435,098
M a h o n in g C oa l R a i l r o a d . —Andover to Youngstown, O., 38
Stks&bds. held in tr’t 9,527,878
9.527,878
9,527,878
9,527,878 miles, and branches for ore and coal, 5 miles; total, 43 m. On July 1,
Bills & acc’ts. receiv.
2,011,330
1,922,803
1,915,654 1884, the road was leased in perpetuity to the Lake Shore & M. 8. The
1,771,487
Materials, fuel, &c..
833,112
762,273
726,624
926,262 L. S. & M. So. guarantees the principal and interest of the 1st mortgage
Cash onhand............
242,929
297,316
404,714
303,976 bonds, and guarantees 5 per cent per annum on the pref. stock.
So. & No. Ala. R R ...
1,454,904
1,565,968
1,733,805
2,071,723
M aine C entral.—Mileage as follows: Mainline, Portland to Ban­
Nash. & Dec. R R ___
573,044
603,250
599,478
618,148 gor, Me., via Augusta, 1366 miles; branches, Cumberland Junction to
Other roads..............
921,690
1.172.928
1,567,793
635,978 Skowhegan, 90 7 miles; Bath to Farmington, 71*2 m iles; Crowley’s
C. C. Baldwin acc’tj.
1.005.929
850,809
850,808 Junction to Lewiston, 4*7 miles; total owned, 303-2 miles. Leased—
Sinking fund.............
50,000
50,000
50,000
Junction to Belfast, 33 T miles; Newport Junction to Dexter,
Profit and loss..........
2,479,344 2,068,666 Burnham
14 miles; Brewer Junction to Bucksport, 18 T m iles; Bangor to Vance114-1 miles; Penobscot Switch to Mt. Desert Ferry, 41-7 miles ;
Total assets........ 94,222,561 96,324.187 94,591,970 93,705,275 boro,
total leased, 221 miles. Total operated, 527-2 miles.
Liabilities—
This was a consolidation in 1862 of the Androscoggin & Kennebec
$
$
Stock......................... 30,000,000 30,0u0,000 30,0u0,000 30,000,000 Railroad and the Penobscot & Kennebec. In August, 1873, the Port­
Bonded debt*........... 57.903,230 57,530,712 61,958,314 61,355,254 land & Kennebec, Somerset & Kennebec and Leeds & Farmington rail­
Louisville bonds___
850,000
850,000
850,000
201,000 roads were also consolidated with the Maine Central.
Debentures...............
567,400
529,800
There are also $58,000 debenture bonds due 1894 and $20,000 Shore
Bills payable............
526,558
3,599,266
189.279
41,229 Line due 1923. The annual report was published in V. 43 (Dec. 25) for
Interest.....................
445,359
475,759
499,435
501,528 the fiscal year ending Sept. 30.
36,094
Miscellaneous..........
34,933
34,774
34,327
FISCAL RESULTS.
-June pay-rolls, &c..
1,236,152
1,130,936
1,060,168
1,571,937
1833-4.
1882-3.
1834-5.
1885-36.
2,762,984
Profit and loss..........
2,067,565
Total gross earnings $2,835,494 $2,816,373 $2,839,779 $3,001,076
1,750,710
1,730,902
1,839,707
1,820,740
Total liabilities.. 94,222,561 96,324,187 94,591,970 93,705,275 Expenses and taxes.
INCOME ACCOUNT.

1S82-83.
$
5,135,320
134,771

1683-84.
$
5.527,311
272,833

1884-85.
$
5,754,092
198,591

* The bonds deposited in the $ 10,000,000 trust have been deducted
here.
t Includes $5,000,000 L. & N. stock unissued.
t An open account, the company claiming that Mr. Baldwin is indebted
to it in this sum,
—(V. 42, p. 60, 155, 187, 215, 304, 430, 631, 663, 694; V. 43, n. 23, 73.
2 1 6, 256, 274, 431, 4 8 6, 547, 671.)
L o u isv ille New A lb a n y & C hicago.—Operates from New Albany*
Ind. (opposite Louisville, Ky.), to Michigan City, Ind., 289 miles; How­
land Junction to Hammond, Ind., 160 miles; Bedford, Ind., to Switz
C ity,43 miles; total owned, 491 miles; leased—Hammond to Chicago,
20 miles; Howland’s Junction to Indianapolis, 4 miles; New Albany to
Louisville, 5 miles; total leased, 29 miles; total operated, 520 miles. A
lease for 999 years with Chicago & Western Indiana at $127,000 per
year gives entrance to Chicago. In Feb., 1886, purchased the Bedford
& Bloomfield RR., 43 miles, to stone quarries.
The Louisville New Albany & Chicago was opened in 1852 and sold
in foreclosure Dec. 27, 1872, and reorganized without any bonded debt.
In Aug., 1881, consolidated with Chicago & Ind. Air Line, and stock
Increased to $5,000,000, giving 15 per cent increase to stockholders of
record Aug. 31. In 1880 the company' sold the $3,000,000 of first mort­
gage bonds to the stockholders at 20 cents on the dollar.
The consolidated bonds of 1886 were made for the authorized amount
4>f $10,000,000, of which $5,300,000 was reserved for the prior first
mortgages, $3,000,000 used to exchange for 2d mortgage bonds of
1883 and general mortgage bonds of 188 4 outstanding, and the balance
$l,70o,000 used for building new road and for improvements. (See
V. 42, p. 365.)
For the ten months ending Oct. 31 gross earnings were $1,557,286
In 1886, against $1,382,404 in 1885; net, $501,228, against $2o3,269 in
1885,
Fiscal year ends Dee. 31. For 1884 and 1885 earnings, expenses and
-charges were as follow s:




Net earnings.......

$995,787 $1,065,663 $1,108,877 $1,180,335

Receipts—
Net earnings............
Other receints..........

1883-84.
1884-85.
1882-83
1885-86.
$995,787 $1,065,663 $1,108,877 $1,180,336
29,121
10,421
7,828
7,400

INCOME ACCOUNT

Total income___
Disbursements—
Rentals pa id...........
Interest on bonds...
Dividends.................

$1,024,908 $1,076,084 $1,116,705
$182,958
64-t,146
197,522

$189,000
661,395
215,532

$189,000
701,767
215,541

$1,187,736
$189,000
70ZA 39.

215^578

Total disbursed $1,024,626 $1,065,927 $1,106,308 $1,104,307
$76,029
$282
$10,157
$10,397
Balance...................
- ( V . 42, p.365, 519, 694, 783; V. 43, p. 102, 217, 334, 458, 618.)
M anchester & L a w ren ce.—Owns from Manchester, N. H., to
Methuen (State Line), 224t miles; leased, Methuen Branch of the
Boston & Maine Railroad, 3% miles; total operated, 26 miles. Road in
operation since 1849. Formerly operated with the Concord RR.
as one line, on a division of joint earnings. Methuen branch is
leased at a rental of $11,000 per annum. Company lays claim to a twofifths interest in the Manchester & North Weare R R „ which is operated
by Concord RR. Ten per cent dividends are paid. The fiscal year ends
March 31. Gross earnings in 1885-86, $177,302; net, $100,ot>9. In
1884-5, gross, $174,578 ; net, $100,809
M a n h attan E leva ted .—Road operated, 32-39 miles. This was a
corporation formed (Nov. 24,1875) to lease and operate the two elevated
railroads in New York City. Its capital stock was $13,000,000, and
it was to pay the interest on the bonds of the two elevated roads
and certain dividends. The original lease of May 20,1879, guaranteed
10 per cent per annum on the stocks, but this lease was amended in
October, 1881, by agreements among the three companies, which were

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60

INVESTORS’

SUPPLEMENT.

[VOL. XLIII,

Subscribers will confer a great favor by giving immediate notice ot any error discovered in tbese Tables.

Ronds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
pal, When due.
Miles Date Size, or Amount
Par Outstanding Rate per When Where Payable, and by Slocks—Last
of
For explanation of column headings, &c., see notes of
Road. Bonds Value.
Dividend.
Cent.
Payable
Whom.
on first page of tables.
Marietta & North Georgia—IstM ., gold, $7,000 p.m.
2d mort. ($6,090 per mile).......................................
Preferred stock..........................................................
1st mort., M.& O., coup............................................
M. H. & O. mortgage................................................
M. H. & 0. 1st mortg. on Mar. & West...................
1st & 2d. mort. extension bonds, Ala. & Miss. Div.
Consol.mort., gold (1st lien on 93 >2 m. in Tenn.)..
Consol, mortgage, gold.............................................
General mortg., gold................................................
Memphis <£• Little Rk.—1st preference mortgage__
Mexican Central (Mexico.) —1st mort., reg., gold ...
Income bonds, conv., not cumulative, reg.............
Coupon notes for interest funded...........................
Debentures rsecured by collateral) (V. 39, p. 733)
Mexican National Railway (Mexico).—1st M., gold..

120
120
16o
160
50
90
328
181
292
292
292
133
133
1,340

Michigan Central—Stock............................................. 1,468
Consolidated mortgage ($2,000,000 are 5s).......... 270
103
M. C. Michigan Air Line mortgage. . . . .
10
Michigan Air Line 1st mort., assumed by M. C__
84
M. C. bonds, mort. on Grand River Valley RR. ..
39
Kalamazoo & South Haven, 1st mort., guar........
39
do
do
2d mort., guar........
84
Grand River Valley, stock, guar.............................
145
Detroit & Bay City 1st en’d.....................................
M. C. mort. on Detroit & Bay City Railroad.......... 145
Jackson, Lansing & Saginaw, consol, mort.......... 236

$1,000
1,000
100
100
100 &c.
1,000
1,000
1,000
25

$840,010
601,000
3,393,100
2,259,026
1872
1,427,500
576,200
1878
1.213.000
1883
1.400.000
1885
5,312,725
1854
2.155.000
105,000
1867
1,000
1,400,000
1877
1,000
864,000
1877
1,000
1884
1,00 *,000
250,000
1877 l.OOO&c
250
&c
2,600,000
1877
1,000 37,0 iO,000
1881
1,000
8,128,000
1884 100, &o.
3,840,000
1,000
1885
2,500,000
’81-’82 1,000 24,330,000
1884 l.OOO&c 13,437,001
100 18,738,204
1,000 10,000,000
1872
1,000
1,900,000
1870
1.000
1870
200.000
1,000
1879
1,500,000
1,000
1869
640.000
1,000
1870
70.000
100
491,200
1872-3
424,000
1,000
1881
3,576,000
1871
1,000
1 943,000
1881
1881

supplemented by an agreement of Nov. 14, 1881, for the surrender of
the stocks of the other companies, and the issue of new stocks by the
Manhattan Company, hut this was never accepted by the Metropolitan
stockholders, and, after litigation, it was decided against the Manhattan
In June, 1884, a new compromise agreement was made and afterward
ratified by the stockholders of the three companies by which all liabili­
ties were assumed, and new stock was issued by the Manhattan Com­
pany to the holders of stocks in the other companies, v iz : For Manhat­
tan, 85 per cent in new stock; for New York, 120 per cent; for Metro­
politan, 110 per cent.
There are large claims pending against the elevated roads for damage
to property on their lines, and many of these are before the courts.
In 1886 the debentures of the New York Elevated were issued for
advances made by the Manhattan Co. for new equipment, new construc­
tion, tax arrearages, Ac.
The stockholders of the Manhattan Elevated HR. had the privilege
July, 1886, of taking $600,000 stock and $600,000 bonds of the Subur­
ban Railroad Co. on certain terms. See V. 43, p. 49.
For the quarter ending June 30, gross earnings were $1,959,052 in
1886, against $1,773,523 in 1885; net, $980,381, against $359,082;
surplus over interest, rentals and taxes, $198,439, against $413,831.
The report for year ending Sept. 30 have shown the following income;
1883-4.
1884-5.
1885-6.
Gross earnings...........................$6,726,359
$7,000,567
$7,426,216
Operating expenses................... 3,881,949
3.967,983
3,960,191
Net earnings.......................$2,841,410
$3,032,584
$3,466,024
Interest on bonds, and rentals.. 1,381,713
1,459,043
1,806,393
Balance................................$1,459,697
$1,573,511
$1,659,631
Deduct dividends......................... 1,170,000
1,560,000
1,560,000
Surplus__________ ______ . . . . $289,697
$13,541
$99,631
The following is a statement of the number of passengers carried on
the elevated railroads in New York, and the gross earnings, since the
completion of the roads:
Passengers. Earnina's.
Passengers. Earnings.
$6,386,506
83.. 92,124,943
187879.. 46,045,181$3,526,82518826,723.832
84.. 96,702,620
187980.. 60,831,7574,612,976 18837,009,566
188081.. 75,585,7785,311,076 1884- 85 103,354,729
7,426,216
188182.. 86,361,0295,973,633 1885- 86 115,109,591
At the annual meeting in November, 188 5, the following directors were
elected; Jay Gould, R. M. Gallaway, Russell Sage, Chester W. Chapin,
Sidney Dillon, Edward M. Field, J. Pierpont Morgan, Cyrus W. Fieli,
John H. Hall, George J. Gould, Samuel Sloan, S. Wormser, S. V. White.
—(V.41, p.420, 556, 654; V. 42. p. 243, 272, 601, 7e3; .V.43, p. 49, 459.)
marietta & Nortli G e o r g ia —This narrow-gauge road, compu ted in
the fall of 1886, exiends from Marietta, Ga., to Murphy, N. C., 120
miles. The first mort. bonds are at $7,000 per mile [and the second
At $6,000 ; stock is $1,560,000. R. M. Pulsifer, President, Boston.
- ( V . 43, p. 547, 5 7 8 , 607.)
M arquette H o u g h to n & O n to n ag on .—Owns from Marquette
Mich., to Houghton, 95 miles; branches, 65 miles; total operated, 160
miles. Has a land grant of about 80,000 acres. This was a consolidation
Aug. 22, 1872, of the Marq. & Ont. R’y and the Houghton & Ontonagon
Railway, and in 1883 consolidated with Houghton & L’Anse Railroad
and completed the extension from L’Anse to Houghton. In March, 1885,
purchased the Marquette & West, road, 27 miles, and issued therefor the
above $1,400,000 bonds and $600,000 of common stock The business
consists largely,of the transportation of iron ore. In Oct., 1886, a con­
trolling interest was purchased by a syndicate in the interest of the
Duluth South Shore & Atlantic RR. See V. 43, p. 547. The report
for 1885-6 was published in Y. 42, p. 630, and the income account
showed a surplus of $14,528 over interest payments and 3 per cent
dividends on pref. stock. Gross earnings in 1885 $834,143; net, $369,688. (V.42, p. 519, 6 2 9 ; V. 43, p. 547.)
M e m p h is & C harleston.—(See Map o f East Tennessee Vir­
ginia <£ Oeoraia).—Owns from Memphis to Stevenson, Ala., 272 miles;
Dranches—to’Somerville 14 miles, to Florence 6 miles; leased, Steven
son to Chattanooga, 40 miles; total operated, 332 miles. This road was
leased June 2,1877, to the East Tennessee Virginia & Georgia Rail­
road for twenty years from July 1, 1877. Of the consolidated mort­
gage, $1,400,000 are secured by the old Tennessee State lien for $1,736,906, assigned to a trustee, and thus stand higher in value.
In Sept., 1883, a large block of the stock was obtained by parties inter­
ested in the East Tennessee Virginia & Georgia RR., and in Sept.,
1885, this and enough more to make a majority was put in the Central
Trust Co. for the E. T. V. & G. Co.
For four months from July 1, gross eamiDgs were $196,427 in 1886,
against $418,630 in 1885; net, $201,806, against $124,471.
F o r the year ending June 30,1885, gross earnings were $1,384,906 ;
net, $268,263. and in 1885-86 $1,323,529 gross and $386,315 net.
—(V. 42, p. 60, 125, 155, 304, 339, 430, 549, 604, 664; V. 43, p. 190,
368, 398, 516, 5 78. 671.)
M e m p h is <fc L ittle H o c k .—Owns from Little Rock, Ark., to Mem­
phis, Tenn., 135 mites. Default was made Nov., 1872, and the property
Bold in foreclosure. The new company also defaulted, and the road was
(gold and reorganized April 28, 1877. The stock is $1,500,000. The
company had a land grant from Congress of 1,000,000 acres. In April,




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Mar. 1. 1908
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M. & N.
J. & J,
J. & J.
Boston, Office.
July 1
do
J. & J.
do
A. <fc O.
do
Various Last paid, Oct., 1883.
April.
F. & A.. Grand Central Depot.
M. & N. N. Y., Union Trust Co.
J. & J.
60
do
M. & N.
do
do
M. & S.
do
do
M. & N.
do
do
M. & N.
do
do
J. & J.
do
do
M. & N.
do
do
M. & S. ]
do
do
M. & S.
do
do

Jan. 1. 1915
1915
Jan. 1, 1915
Jan. 1, 1915
Jan. 1, 1924
May, 1883-84
July, 1907
July 1, 1911
July 1, 1911
July 1, 1889
April 1, 1895
1911 & 1912
Jan. 1,1974
Feb. 1. 1884
May 1,1902
Jan. 1,1890
Nov. 1, 1890
Sept., 1909
Nov. 1, 1889
Nov. 1. 1890
Jan., 1887
May 1,1902-3
Mar. 1, 1931
Sept. 1, 1891

1880, control of this company was purchased by parties in the interest
of the St. Louis & Iron Mountain. Afterward default was made on
tbe coupons and bondholders were offered a 6 per cent bond in place
of the 8 per cents, which was declined. In April, 1884, a receiver was
appointed, but in August, 1884, receiver discharged and the property
placed in hands of trustees of the general mortgage. Trustees paid the
January and July, 1885, coupons on general mortgage, and Jan., 1886;
but it is proposed to fund the unpaid coupons July ’82 to J u ly ’84 in­
clusive . About $250,000 is jin possession of the Court awaiting result
of the litigation between 1st mortgage bondholders and the company.
The preference mortgage bonds were extended and fell due $50,000 on
May 1,1884, and balance May 1,1883. In 1884 gross earnings were
$721,890, net $146,670; gross earn’gsin 1883, $877,406; net, $244,124.
Mexican Central (Mexico).—On Dec. 31, ’85, the mileage was—
Main line from Mexico City north, to El Paso del Norte 1,225 miles,
103 miles on Tampico Division, 11 miles of Guanajuato Branch, and 16
miles on the Pacific Division, had also been built, and a short branch 7
miles to stone quarry, making a total of 1,361 miles.
The company was incorporated Feb. 25,1880, under the general law
of Massachusetts, and by transfer the company holds the charter from
the Mexican Government, granted Dec. 5,1874, for a road from Mexico
City to Leon, and by modification including lines to Paso del Norte.
Guadalajara and Laredo. The company also has other rights granted
by the State of Chihuahua. The company has a subsidy from
the Mexican Government of $15,200 per mile on most of the lines,
payable in “ certificates of construction to be redeemed with 8 per cent
of all duties produced at the maritime and frontier custom-houses of
the Republic.” In July, 1885, theMexican Government stopped pay­
ing all subsidies, but resumed July, 1886 on a basis of \ of 1 per cent to
be increased every six months, till in 1890 the full 8 per cent is reached.
The incomes are convertible into stock at par. The stock is $33,170.900.
In June, 1884, it was decided to pass the interest due July 1, and to
ask bondnolders to fund three coupons July 1, 1884, to July 1,1885, in­
clusive, amounting to $3,840,375, for which 10 per cent coupon notes
maturing in live years were offered, secured by deposit of the coupons,
and by an amount of Mex. Gov’t subsidy certificates equal to the prin­
cipal and int. of the coupon notes. The total amount of 1st mort. bonds
issued stood Dec. 31. 1886, at $42,850,000, of which $5,810,000
were in hands of company or trustees, including $2,500,000 deposited as
collateral for the debenture bonds.
In Dec., 1885, it was proposed to reduce the interest on 1st mortgage
bonds to 4 per cent, with an agreement to pay the remaining 3
per cent in any year when earned, but not to be cumulative, and a
large proportion of the first mortgage bondholders assented to
this arrangement and exchange 1 their 7 per cent coupons for a sheet of
4 per cents. See V. 41, p. 721. In July, ’86, all coupons falling due were
paid ba in cash and ^ in assented 1st mortg. bds. in treasury of Co.
Gross earnings Jan. 1 to Aug. 31, 1886, were $2,389,892, against
$2,411,701 in 1885; net, $733,730, against $1,038,073.
The annual report for 1885 was in V. 42, p. 461. The income account,
exclusive of subsidy, w as:
EARN IN G S AN D E X PE N SE S.

RECEIPTS AND DISBURSEMENTS.

Passenger earnings.......$1,100,269 Net earn’s (U. 8. cur.) ..$1,308,395
Freight earnings............ 2,287,410
Deduct—
Miscellaneous................
171,882 Expenses in Massachu’ts
89,981
Int. on notes of 1 8 6 9.... 384,027
731,480
T o t a l........................... $3,559,561 6 mos. int. 1st M. (2 p c.)
187,500
Operating expenses___ 2,033,100 Int. on debent’s (9 mos.).
Miscellaneous interest..
32,590
Net earn’s., Mex. cur’cy.$l,526,461
Total disbursements. .$1,425,578
Net in U. S. currency...$1,308,395
Deficit for year............... $117,183
The net subsidy collections for the year 1885, in United States cur­
rency, were $590,352; total subsidy collected to Dec. 31, 1835, in U. S.
currency, $3,149,393.
—(V. 42, p. 60, 93, 125, 155, 215, 272, 431, 4 6 1 , 4 63,753; V. 43, p.
88,162, 368, 547, 671, 746.)
M exicanlN ationallR ailw ay (M e x .)—In Oct.,1886,road built from
Corpus Christi to Laredo (Texas & Mexican RR.), 161 miles; Laredo to
Saltillo, 235 miles; Matamoros Div., 76 miles; branches, 22 miles; total
Northern Division, 494 miles; City of Mexico to Morelia, 27 7 miles;
Acambaro to San Miguel, 76 miles; El Salto line, 51 miles; Manzanillo
to Armeria, 29 miles; branches, 25 miles; total Southern Div., 416 miles;
total road finished, 948 miles, leaving a gap of 370 miles to be completed
to connect the Northern and Southern divisions. Built by the Mex. Nat.
Construction Co., which received a subsidy of $11,270 per mile of road,
secured by 6 per cent of the Government receipts from customs. In
July, 1885, sub -idy payments were suspended, but partially resumed
in 1886. See V. 43, p. 103. Stock is $25,875,000; par of shares, $100.
Coupons on and after April 1, 1884, were passed. In O c t, 1886. Eng
lish and American parties came to an agreement, and a modified plan
of reorganization was made, by which foreclosure should take place and
a new mortgage at $9,000 per mile ($12,500,000) be placed on the whole
road, most of this to he us -d to complete the gap of 370 miles. The
present bonds will be a second lien. (See V. 43, p. 598.)
For 1885 gross earnings were $1,311,62 7; net, $208,890. W. J. Palmer
President, N.Y. (V. 42, p. 304, 631; V. 43, p. 86, 102, 2i5, 274, 309
59, 598.)

D ecember , 1886.]




RAILROAD STOCKS AND BONDS.

62

INVESTORS’

SUPPLEMENT.

V ol. X L lll.

Subscribers w ill confer a great favor b y givin g im m ediate notice ot any error discovered in these Tabies.
Bonds—PrinciDESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Amount Rate per When WTiere Payable, and by Stocks- Last
of
Par Outstanding
For explanation of column headings, &c., see notes of
Road. Bonds Value.
Whom.
on first page of tables.
Dividend.
Cent. Payable
Michigan Central - (Continued) —
Jackson Lansing <&Saginaw consol, mort............
Michigan dk Ohio—1st mortgage, gold.......................
Middletown Unionville dk Water Cap—1st mortgage.
do
do
2d mort. guar................
Milw.Lake Shore dk West—Consol, mort., gold..........
Income bonds (not cumulative).............................
Equipment b on d s.....................................................
Michigan Div., 1st mortg , gold (for $3,000,000)..
Ashland Division. 1st mortgage, gold...................
8t. Paul Eastern Grand Trunk, 1st, gold,int.guar.
Funding notes...........................................................
Equip, c e n t...............................................................
Ontonagon, 1st M ./gold ($15,000 a m ile )............
Milwaukee dkLake Winnebago—1st mortgage, gold.
Income bonds, gold (cumulative)...........................
Debentures, g o ld .....................................................
Milwaukee & Northern—1st mortgage.......................
Bonds for $8,000,000 ($2,155,000 are reserved)..
Mine Hill dk Schuylkill Haven—Stock........................
Mineral Range?—Stock................................................
1st mort (for $200,000) coup..................................
1st mort., gold, on branch and extension...........
Houghton extension, g o ld ..................... ......... .......
Minneapolis dk St. L.—1st M., Min. to Merriam June.
1st mortgage, Merriam Junction to State Line ..
1st mortg., Minneapolis to White B. Lake, guar..
1st mortgage, goid, coup. (Al. Lea to Fort Dodge)
Improv. and equip, m., 1st serifs, coup.................
Mortgage on Southwestern extension...................
2d. bus., inc., 5 & lOyrs. (White Bear to Ft. Dodge)
1st mortgage, gold. Pacific Extension..................
Wis. Minn. & Pacific.—1st mortg..........................

298
154
13
346
75
40
56

65
126
137

1880
1883
1866
1871
1881
1881
1882
18^4
1885
18-3
1835
1385
1886
1882
1882
1884
1880
1884

1,000
1,000
1,000
1.000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
i,o‘oo
1,000
50
100
100 &c.
1,000

12 i* 1873
4:^2 1885
1886
27 1877
1,000
93 1877 500 &c.
15 1877
1,000
102 1879
1.000
1,000
360 1882
53 1880
1,000
172 1880
1,000
92 1881
1,000
205 1884 1 1,000

M i d i >gan C e n tr a l.—Line of R oad .—Main line—Kensington t<
Detroit, 270 miles; and Windsor to Suspension Bridge (Can. So.). 226
miles ; total main line, 496 miles. Branches owned and leased—Mich.
Air Line HR., 115 ; Jol. & No. Ind., 45; Grand River Valley, 84; Jack.
Lan. & Sag., 295; Kal. & So. Hav., 40 : Det. & Bay City, 152; Sag. Bay
& N o .W .,6 3 ; Tol. Can. So. & Det., 56; Can. So. Br. Co., 4; Mich. Mid.
& Can., 15; Canada So. branches. 99 ; Sarnia Chat. & Erie, 7; Erie &
Niagara, 31; total branches 1,004 miles ; total operated, 1,501 miles.
There are 121 miles of second track and 536 miles of side tracks.
Organ ization , L eases , &o.—The Michigan Central was chartered in
1846 and purchased of the State of Michigan 144 miles of comleted road and completed the whole line, Detroit to Kensington, in
852. The Detroit & Bay City road was foreclosed Feb. 12,1881, and
purchased for the Michigan Central, which leased it and put a mortgage
on the road. The other lines described above as leased are all held by
the Michigan Central nominally under leases at fixed rentals, but are
ractically owned. The land grant came from the Jackson Lansing &
aginaw company as stated below. In Nov., 1882, a close contract was
Blade with Canada Southern for working its road by the Michigan Cen­
tral and the division oi net profits over all charges—one-third to Canada
Southern and two-thirds to Michigan Central; but the Litter company is
entitled - o an increase c-n this proportion as it diminishes its interest
charge by payment of bonds or otherwise.
Stocks and B onds —The Michigan Central stock has remained at the
same amount since 1873. Prior to 1873 it was a regular 10 per cent
stock. In 18 72-73 paid 5 per cent and 4 in scrip, but afterward paid
no dividend till 1878, and since then irregular amounts. Since 1870
dividends have been: In 1870-71, 10 per cent; 1871-72.10; 1872-73,
5 and 4 in scrip; in 1878, 2; in 1879, 3 ‘c ; in 1880, 8; in 1881, 6*2; in
1882, none paid; in 1883,5 ; in 1884, 3; in 1885 and 1886, nil.
The range in prices of the stock has been as follows: In 1871, 114®
126; in 1872, 113S120; in 1873. 65 S i l l ; in 1874, 68kj®95i2; in
1875, 53®82x4 ; in 1876, 345a®65b?; in 1877, 3558®74i4, in 1878,
581g ® 7 5 ; in 1879, 73%®98; in 1880, 75@130is; in 1881, 84%®120;
in 1882, 77®105; in 1883, 77®100is; in 1884, 513i ® 94J2; in 1885,
461s® 79% ; in 1886, to Dec. 17, 61^^98% .
The Jackson Lansing & Saginaw t ebt is assumed by Michigan Central,
which also pays $70,000 per year on the stock of $2,000,000; the pro­
ceeds of J. L. & S. lands go to pay bonds, and in 1885 sales amounted
to 5,936 acres for $97,860 (including timber), leaving 311,191 acres
unsold, and land notes on hand, $308,865.
O perations , F inances , &c.—The Michigan Central paid 10 per cent
dividends regularly till 1873, but becoming liable afterward for heavy
obligations on leased lines, the company suspended dividends. The
road on through business is much affected by the competition between
Chicago and points eastward, and by the rates on through freights.
For the half-year ending June 30,1886, the official statement (June
being partly estimated) was as follows:
1885.
1886.
Inc. in 1886
$5,436,000
$463,000
Gross earnings..................... $1,973,000
Expenses and taxes............
3,886,000
3,952,000
66,000

$
1,100,000
2,630,000
150,000
250,000
4,350,000
500.000
180,000
1,162,000
1,000.000
923,000
300,000
500,000
250,000
1,430,000
520,000
100,000
2,155,000
1,598,000
4,081,900
128,000
160,900
100,000
100,000
455,000
950,000
280,000
1,015,000
2,000,000
636,000
500.000
1,382,000
3,080,000

6
6 g.
7 g5
6 g.
6
8
6 g.
6 g.
6 g7
6
6
6 g.
5 g.
6 g.
6
6
342
2*2
8
5
5
7 g.
7 g.
7 g.
7 g.
6
7
7
6 g.
6

M. & S. N. Y., Union Trust Co.
M. & N.
None ever paid.
M. A N. N. Y., N. Y. Susq. & W.
J. & 1).
do
do
M. & N. N.Y., N. Bk. of Com’rce
M. Si N.
do
do
J. & J. N. Y.. S. S. Sands & Co.
J. & J. N. Y. Bk, of Commerce
M. & S. N. Y. Bk. of Commerce
J. & J. N. Y . S. S. Sands & Co.
,T. & D.
do
do
J. & J.
do
do
A. & O.
do
do
J. & ,T. N. Y., Farm. L. &Tr.Co.
J. & J.
A. & O
J. & D. N. Y. .Mereh.Exch.N. Bk
J. & I).
New York City.
•J. & J. Phila.M.H. & S. H. R.Co.
Q .-J .
N. Y., H. S. Ives & Co.
do
do
J. & D
A. & O
do
do
H. 8. Tves & Co.
,T. & J
J. & J. N.Y., Bank of Comtn’ce.
do
do
J. & D.
M. & N. N. Y., Cent. Nat. Bank.
J. & D. N.Y.. Bank of Comm’ce.
do
do
J. & J.
do
do
J. & D.
do
do
J. A J.
A. & O.
do
do
A. & 0.
do
do

Sept. 1, 1891
Nov. 1, 1923
1886
1896
May 1, 1921
May 1, 1911
1892
July 1, 1924
Mar. 1, 1925
Jan., 1, 1913
1886-7-8
1890-95
1896
July 1, 1912
July 1, 1912
April 1, 1904
June 1, 1910
June 1, 1913
July 15, 1886
Oct. 5, 1886
fJune, 1888
Oct. 1, 1915
Jan. 1, 1916
Jan. 1, 1907
June 1, 1927
Jan. 1, 1907
June 1, 1909
July 1, 1922
Dec. 1, 1910
1890
April 1, 1921
Oct. 1, 1934

Arbor & Grand Trunk. 22 miles, to Toledo, O., and Wheeling & Lake
Erie tracks to Manhattan Junction, 2 miles. In Nov., 1884, the in­
terest on the bonds was passed and a receiver appointed Foreclosure
sale was made Sov. 4, 1886, and the road purchased by Messrs. Olcott,
Thomas and others of N. Y.; the new company organized is to extend
the road about 121 miles; stock is to be $40,000 per mile of road actually
owned, and 5 per ci nt. bonds are to be issued at $8,000per mile. Old
bondholders were to receive 3 hi times the amount of their holdings in
new stock. See V. 43. p. 217, for latest status. Gross earnings in 1885,
$192,034; net, $22,389; payments, $17,953. (V. 41, p. 392, 688; V.
43. p. 190, 217, 274. 347.)
M id d leto w n U n io n ville & W a te r G ap.—Owns from Mid­
dletown, N. Y., to Unionville, N. J. State Line, 13 miles. Is controlled
by N. Y. Sus. & West, by ownership of stock. In 1886 proposed to extend
first mort. bonds for 25 years at 5 per cent. Gross earnings in 1883-84,
$40,289; net, $15,340. Gross in 188485, $38,489; net, $12,791; deficit
under interest, &c., $14,303. Stock, $149,850. (V. 43. p. 162.)
M ilw a u k ee Lake Shore & W e ste rn .—From Milwaukee, Wis.,
to Ashland, Wis., 391 miles, of which 4 miles are leased; branches—
Hortonville to Oshkosh, 23 miles; Manitowoc to Two Rivers, 6 miles;
Eland June, to Wausau, 23 miles; Antigo to Malcolm, 11 miles; Monico
to Rhinelander, 16 miles: Clintonville to Oconto, 56 mdes; branch to
mines, Ac., 3 6 miles; total operated, 563 miles. This company was organ­
ized in 1876 as successor to the former company foreclosed in 1875.
The company has $5,000,000 preferred stock ; and $2,000,000 common
stock issued out of $5,000,000 authorized. Preferred stock has a pref­
erence to the extent of 7 per cent from net earnings, and in Jan., 1887,
the first dividend (S1^ per cent) was paid.
Gross earn’s from Jan. 1 to Oct. 31, $1,945,779 in 1886, against
$1,125,035 in 1885; net, $858,855, against j-388,251. The annual report
for 1885 was given in V. 42, p. 241. In 1885, gross receipts $1,374,807;
net, $430,417; interest and renta's. $366,845. In 1884, gross receipts
were $1,116,378; net $372,355; interest, $285,444; surplus, $35,913.
- ( V . 42, p. 2 41: V. 43, p. 162, 274, 334 )
M ilw a u k ee & h ak e W in n eb a g o . — Owns from Neenah to
Schleisingerville, Wis. Built in 1882 and leased for 99 years to Wiscon­
sin Central at 37^ per cent of gross earnings as rental; but after
$175,000 per year is received the balance of net earnings is to be equally
divided. The $1,<X 0 000 debentures were authorized to be issued as
required for improvements, and they are convertible on any coupon day
into preferred stock; the lessee pays interest on them till 1894. Pref.
stock, 6 per cent cumulative, $780,000; common stock, $520,000; par
of shares, $100.
M ilw au k ee «fc N orth ern .—Owns from Schwartzburg, Wis., to
Iron Mountains, 199 miles; branches—Menasha and Appleton to Hillbert,Wis., 21 m ; Ellis June, to Menominee, 22 m ; total operated, 242
miles. Contracts for use of Chic, M.&St. P. track, 9 miles, into Milwau­
kee. The stock is $2,155,000. On June 5,1880, foreclosure yvas made
and road sold for $1,500,000. It was leased to Wisconsin Cent, till Aug.,
1882. Gross earnings in 1883-4. $511,982 ; net, $165,636; fixed charges,
■3149,120; surplus, $32,823. Gross earnings in 1884-5, $541,203 ; net,
$157,566; rentals, taxes and interest, $153,186; surplus for year,
Net earnings.................. $1,087,000
$1,484,000
$397,000 $4,380. (V. 41, p. 307; V. 43. p. 368 )
Interest and rentals.............
1,320,000
1,290,000
dec. 30,000
M ine H i ll & S c h u y lk ill H a v e n .—Owns from Schuylkill Haven,
to Locust Gap, Pa., with branches, ; 37hi miles Road was leased
Balance.......................... def.$233,C00 sur. $194,000
$427,000 Pa.,
May
12,1864, to the Philadelphia & Reading Railroad Co. for 999 years
Can Bo. prop’n of surplus.
47,640
at a rental of $326,552 per year. There is no debt, and 8 per cent divi­
dends
are paid. Operations are included in lessee’s returns.
Mich. Cent prop’n of surp.
$146,360
M in eral lla u g e . - (See Map.)—Houghton, Mich., to Calumet, Mich.
-The annual report for 1885 in V. 42, p. 573, had the following for the
15^ miles; branch, Franklin Station to Fra ,klin, 2 m ; total 1733 miles.
combined roads:
1882.
1833.
1884,
1885.
Opened Sept., 1873. Stock is $128,000, on which dividends of 10 per
Earnings—
$
$
$
$
Passenger................
3,146,309
4,007,518
3,464.560 3,162,342 cent per annum have been regularly paid since the opening of
Freight................ ..
5,426,455
9,472,366
7,620,887 6,906,207 the road. In 1884 gross earnings were $124,892; net, $47,483; surplus
Mail, express, & c...
340,317
529,853
573,630
638,845 over interest, dividends, &c., $19,115. In 1885, gross earnings, $81,429;
$33,538; surplus over all payments, $4,206. Total surplus Sept. 1,
Total gross earn’gs 8,913,061 14,009,767 H .6 9,07 7 10,707,391 net,
1885. $94,949. (V. 41, p. 721; V. 43, p. 132.
Tot. oper. expens.
6,671,726 9,741,638 8,959,132
8,014,6o3
M in n eapolis & St. Jjouis.—Owns main line, Minneapolis
Net earnings.... 2,211,355
4,268,129
2,699,945 2,692,791 Angus, 259 miles; Pacific Division, Hopkins to Morton, 92 miles ; Kalo
Branch,
2 miles; Lake Park Branch, l 1^ miles; total operated, 35442
INCOME ACCOUNT.
miles. Leases trackage from Minneapolis to St. Paul over St. Paul &
No. Pacific RR ; also owns from Minneapolis to White Bear, 12 miles,
1882.
1883.
1884.
1885.
which is leased to the St. Paul «&Duluth RR.
Receipts—
$
$
*
$
The bonds of the $1,100,000 mort. (1877), numbered from 1,101 to
Net earnings...........
2,211,355
4,268,129
2.699,945 2,692,791
Int. and dividends .
127,951
67,701
79,858
72,216 1,400, for $500 each ($150,000 in all), are guaranteed by the Bur. Cedar
Rap.
& No. RR. The bonds on the 15 miles were issued by the Minneapolis
Total income____
2,369,306 4,335,830 2,779,803 2 ,'6 - ,‘ •07 & Duluth
Railroad before it was absorbed by this company. Preferred
Disbursements—
$
$
$
$
stock
of $S,000,000 is authorized and $4,000,000 issued; common stock,
Rentals paid............
184, 10
184,310
184,310
134,310 $9,000,000
and $6,000,000 issued; par of both $100 per
Interest on d eb t___
1,617,0.1 2,249,106 2,454,292
2,482.443 share. The autboiized
Southwestern extension runs from Fort Dodge,
Can. So. (t3 of net)..
...........
611,571
20,148
8,679 la., towards projected
Kansas City, Mo., 325 miles, with a branch to Council
Total..................
1,801,371 3,044,987 2,659,050
2,675,432 Bluffs, 140 miles. R. R. Cable, President, Chicago.
Burplus for div’ds...
567,935
1,290.843
120,753
89,575
The Wis. Minn. & Pacific, Red Wing, Minn., to Eagle Lake, 84 miles,
Dividends................
374,764
1,124,292
.................................. and Morton to Watertown Junction, 121 miles, is leased and operated
Rate of dividends . . ______ (2)
(6)
............ ...... ............ by this company, but the M. & St. L. has no obligation for the bonds.
stock, $2,055,000; pref., $3,080,000. Charles F. Hatch, Presi­
alance................... sur.193,171 sur.166,551 sur.120,753
89.575 Common
Minneapolis.
* The balance to credit of income account Dec. 31,1885, was $916,868. dent,
In 1885 gross earnings were $1,714,753; net, $592,621; charges,
-(V . 40, p. 269 ; V. 41, p. 23; V. 42, p. 4, 22, 57 3 , 753; V. 43, p. 6, 23.) $648,781,
and net deficit after paying all charges was $11,708. In
M ich iga n & O h io ,—Road completed Nov., 1883, from Allegan. 1884, gross earnings, $1,734,026; net, $482,900. (V. 42, p. 156; Y.
43,
p.
217.)
Mich.,to Dundee, Mich., 156 miles, using the tracks of the Toledo Ann




D ecember 1886.]




.RAILROAD STOCKS AND

RONDS,

63

64

INVESTORS’

SUPPLEMENT,

[VOL. XL Ill,

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these T a bles.
Bonds—Princi
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When due
Amount Rate per When Where Payable, and by pal.
of
Par Outstanding
For explanation of column headings, &c., see notes of
Stocks—Last
Road. Bonds Value.
on first page of tables.
Cent. Payable
Whom.
Dividend.
129 1884 $1,000 $2,588,000
5 g. J. & J. N. Y „ J. G. King’s Sons.
100 1877
1,000
977,000
8
A. & O. N. Y., Harriman & Co.
100 1877
1,000
1,100,000
8
J. & J.
do
do
1,441
100 46,405,000
lstm ., gold, sink, fund, onroad and land (U.P.S.Br) 182 1868
1,000
2,067,000
6 g. J. & J. N. Y., Company’s Office.
1,000
347,000
1st mortgage, gold (Tebo. & Neosho)..................... 100 1870
do
do
7 g. J. £ D.
Consolidated mortgage, gold, on road and land... 786 1871-3 1,000 14,843.000
7 g. F. & A. N.Y.. Mercantile Tr. Co.
2d m.. income, exchangeable for genl. m. 5 per ct. 786 1876 500 &c.
772.000
6
A. & O. N. Y., 195 Broadway.
2,449,523
6
1873
1,000
844.000
Booneville Bridge bonds, gold, guar.......................
7 g. M. & N. N. Y., 195 Broadway.
General consol. M., gold ($7,790,000 are 5s).......... 1,456 1880
1,000 22,940,000 5 &6 g. J. & D.
do
do
1880
347,000
6
East Line & Red River.............................................
J. & D.
do
do
Hannibal <fc Central Missouri, 1st and 2d mort ...
70 1870
1,000
725,000
do
do
7 g. M. & N.
1,000
7,954,000
Intemat. & Gt. North’n, 1st mort., gold................ 776 1879
do
do
6 g. M. & N.
do
2d mortgage..................................... 776 1881 500 &c.
7,054.000
6
M. & S.
do
do
do
Colorado Bridge bonds...................
1880
225,000
7
M. & N.
do
do
io o 40,000,000
1%
Missouri Pacific—Stock............................................... 906
New York, Office.
Q .-J .
283 1868
1,000
7,000,000
1st mortgage, gold ('Pacific RR. of Mo.)................
6 g. F. & A. N.Y., Mercantile Tr. Co.
1.000
2,573,000
2d mortgage (s. f. $50,000 per annum)........... ...... 283 1871
7
J. & J.
do
do
1872 500 &c.
800,000
M. & N.
Real estate (depot) bonds.....................................
8
do
do
1,000
3,828,000
M. & N.
3d mortgage............................................................... 299 1876
7
do
do
1,000 14,710,000
Consol. M., gold, for $30,000,000 (coup, or reg.).. 990 1880
M. & N.
do
do
1887
I S(?)
Carondelet Branch, 1st mortgage..........................
1512 1873
1,000
245,000
do
do
6 g. A. & O.
Leavenworth Atch. &N. W., 1st mort., guar.......
21 1870
1,000
190,000
7
A. & O.
do
do
1880 500 &c
650,000
St. Louis & Lexington, 1st mort..............................
5
F. & A.
do
do
80 1886
1,000
800,000
Leroy & Caney Valley RR. 1st mort., gold, guar..
5 g. J. & J.
do
do
Verdigris Vail. Independence & W., 1st M., guar.
(?)
1,000
4,000,000
F. & A.
St. L. Iron Mt. & So., 1st mort., coupon................ 210 1867
7
do
do
do
2d M.. gold, coup., may be reg..............
310 1872
1,000
6,000,000
7 g. M. & N. New York or London.
99 1870
1,000
do
Ark. Branch, 1st mort., gold, land g r "
2,500,000
7 g. J. & D. N. Y., Mercantile Tr. Co.
71 1872
1,000
do
Cairo Ark.& T., 1st, gold, cp.or reg.......
1,450,000
do
do
7 g. J. & D.
1.000
do
Cairo & Fulton. 1st, g., on road & land.. 304 1870
7,600.000
do
do
7 g. IJ. & J.

Minnesota <£Northwestern—1st M., g., $20,000 per m
Mississippi & Tennessee—1st mortgage, series “ A” .
1st mortgage, series “ B, ” (a second lien).............

July 1, 1934
April 1, 1902
July 1, 1902
Jan., 1899
June, 1903
1904-1906
April 1, 1911
May 1, i906
Deo. 1, 1920
1900
May 1. 1890
Nov. 1, 1919
1909
1920
Jan. 3, 1887
Aug., 1888
July, 1891
May 1, 1892
Nov., 1906
Nov., 1920
Oct. 1, 1893
Oct. 1, 1889
Aug., 1920
1926 '
Aug. 1,
M a y l,
June 1,
June 1,
Jan. 1,

1892
1897
1895
1897
1891

M in n esota & N orth w estern.—(See Map)—Line of road from St.
Disbursements—
1883.
1884.
1«85.
Paul, Minn., via Lyle to Manley Junction, Iowa, 129 miles; the road from Interest on bonds...............
$2,492,517
$2,439,618
$2,439,427
Lyle to Mauley Junction, 20 miles, is leased to the Central Iowa. Project­ Taxes, rentals, & c..............
479,200
479,661
310,646
ed to be built in 1886, road fi*om Haylield, Minn., to Dubuque, la., 170
Total disbursements...
$2,971,717
$2,919,279 ~$2,750,07£
miles, with bonds at $20,000 per mile under the 1st mortgage. The com­ Balance for year ............... . sur.$371,497 sur.$508.144 sur.$2c
8,280
mon stock was $1,941,000; pref. stock, $1 294,000. and in Jan., 1886,
INTERNATIONAL & GT. NO. INCOME ACCOUNT.
there were issued in addition and placed in trust$l,606,000 pref. and
Receipts—
1883.
1884.
1885.
$2,409,000 common stock against advances of money on the 170 miles Net earnings......................
$624,722
$954,252
$824,639
to be built. For one year to September 30, 1886, gross earnings were Other receipts.....................
34,657
28,971
70,715
$414,528; net, $143,408; fixed charges, $124,350. See annual renort
Total net income..........
$988,909
$653,693
$895,354
for 1885 in V. 43, p. 72. A. B. Stickney, President, St. Paul, Minn.
Disbursements—
—(V. 43, p. 7 2 , 162, 480, 516, 607.1
$908,785
$914,417
$908,800
M ississipp i & Ten n essee.—Owns from Grenada, Miss., to Mem­ Interest on bonds...............
116,417
145,290
32,466
phis, Tenn., 100 miles. Capital stock, $825,455. Debt was consol! dated Taxes, rental, &c................
as above in 1877. A majority of stock was sold in May, 1886, to E. H.
Total disbursements___
$1,025,202
$1,059,707
$941,266
Harriman and others identified with the 111. Cent. RR., and on July 1, Balance for year...................
def.$36,293 def $406,014
def.$45,912
1886, default was made in the payment of interest on the Series B —(V. 42, p. 394, 631, 6 6 1 ; Y. 43, p. 162, 431, 516, 619, 746.)
bonds, though an offer to cash the coupons was made. Earnings for two
M issou ri P a c if ic . — (See Map.). — L ine of R o a d . — Owns main
years past were: 1885-86, gross, $425,718; net, $97,356; 1884-85, line from St. Louis, Mo., to Atchison, Kan.; 330 miles; branches
gross, $489,549; net, $125,843. The present managers claim that the 665 miles; total 995 miles. InMay, 1881, the St. Louis Iron Mountain
net earnings of previous years have been overstated through the omis­ & Southern was taken in. July, 1883, the mileage was as follows : From
sion of taxes and general expenses from operating expenses. As to ex­ St. Louis to Texarkana, Texas Line, 490 miles; branch lines, Mineral
penses for maintenance of way, motive power and cars, the charges each Point, Mo., to Potosi, Mo., 4 miles; Bismarck, Mo., to Belmont, Mo., 121
year have been; 1882-3, $196,964; 1883-4, $227,527; 1884-5, $266,- miles; Poplar Bluff, Mo., to Bird’s Point, Mo. (Cairo), 74 miles; Gurdon,
013; 1885-6, $208,482. See annual report for 1885-6 in C h r o n i c l e of Ark., to Camden, Ark., 34 miles; Knobel to Forrest City, 97 miles;
Dec. 25, 1886. (V. 42, p. 21,604; Y .43, p. 23, 634.)
Forrest City to Helena, 43 m iles; Newport to Batesville, 27 miles
M issou ri K a n sa s & T e x a s.—(See Hap Missouri Pacific)—L ine Neelyville to Doniphan, 20 miles; total, 906 miles.
OF R oad —Hannibal, Mo., to Denison, Tex., 576 miles; branches, Holdens,
Organization , L eases , &c.—The Pacific RR. Co. (of Missouri) was
Mo., to Paola, Kan., 54 miles; Parsons, Kan., to Junction City, Kan., 157
miles; Whitesboro, Tex., to Ft. Worth, Tex. (leased), 71 miles; Fort incorporated under charter dated March 12, 1849, and road opened to
Kansas
City in October, 1865. The company received a loan from the
Worth, Tex., to Taylor, Tex., 163 miles; Denison, Tex., to Gainesville,
Tex., 41 miles; Denison to Mineola, Tex., 103 miles; Denton, Tex., to State of Missouri.
The
Pacific
Railroad of Mo. was sold in foreclosure of the 3d mortgage
Dallas, Tex., 39 miles; Miller Junction, Tex., to Belton, 7 miles; Trini­
ty, Tex., east, 67 miles; coal branches, 8 miles; Jefferson, Tex., to Mc­ Sept. 6,1876, for the nominal price of $3,000,000, to C. K. Garrison
and
others,
and
a new company organized with a stock of $800,000.
Kinney, Tex., 155 miles. Total, 1,441 miles. International & Great
Northern, from Longview, Texas, to Houston, Texas, 232 miles, and This foreclosure was afterwards contested by suit, but all litigation was
settled
in
April,
1885. The present company was a consolidation in
Palestine, Texas, to Laredo, Texas, 415 miles; branches—Longview to
Jarvis, 29 miles; Houston to Columbia, 50 miles; Phelps to Huntsville, August, 1880, embracing the Missouri Pacific, St. Louis & Lex., Kansas
City
&
East,
and
Lex. & South, in Missouri; and the St. Louis Kan. &
8 miles; Mineola to Troupe, 45 miles; leased—Round Rock to George­
town, 10 miles; Henderson to Overton, 16 miles; leased Gal. H. & H. Ariz. and Kan. City Leav. & Atch. in the State of Kansas.
The
St.
Louis
Iron
Mountain & Southern stock was taken up with
road, Houston to Galveston, 50 m iles; total operated 826 miles.
Org an ization , H is t o r y , &c.—The M. K. & T. Company was organized Mo. Pacific in May, 1881, on the basis of three shares of Mo. Pacific for
four
shares
of
Iron
Mountain,
and the St. Louis & Iron M. stock is
April, 1870, and embraces by consolidation the Union Pacific Southern
Branch, the Tebo & Neosho and other minor companies. In 1874 the Han­ held by Missouri Pacific.
nibal & Central Mo. was purchased. The company made default on its
Stock and B onds .—Under the new regime the payment of dividends
consolidated bonds in Dec., 1873, and was operated by a Receiver from was begun on the present stock in 1880, in which year lLj per cent was
Dec. 30,1874, to July 1,1876. when the Union Trust Company of New paid. Dividends since were as follows: in 1881, 6; in 1882, 6 1* ; in
York took possession. On Dec. 1,1880, the company took possession 1883, 7; in 1884, 7; in 1S85, 7.
of its property, paying the overdue coupons. The company had a land
The consolidated mortgage above is for $30,000,000—trustees John F.
grant which has been practically closed ou t; also a grant in the Indian Dillon and Edward D. Adams. Of the consol, bonds the balance unissued
Territory of 3,622,400 acres subject to the extinguishment of the ($15,290,000) is in the hands of trustees to redeem prior bonds as they
Indian title. The Booneville Bridge Company is a separate organiza­ fall due.
tion, and earns interest and proportion for sinking fund.
For the payment for new lines acquired and to be acquired there was
At a meeting of stockholders May 18,1881, a lease to the Mo. Pac. for issued early in 1886 $6,000,000 of new stock at par to old stockhold­
99 years was ratified on terms following: That the lessee operate the ers; and $4,000,000 more later in 1886, when stockholders of record
road and pay the obligatory mortgage interest, paying over the balance October 16 had the right to subscribe for one new share for each ten of
to the Mo Kan. & Texas Co. If there is a deficit in income the lessee old. See circular, V. 43, p.459. These issues raised the stock to $40,may advance money to pay interest, or in case of failure to make such 000,000. The Leroy & Caney Valley Railroad, in Kansas, 80 miles, is
advance the Mo. Kan. & Texas can resume possession of its road.
leaded and bonds guaranteed by Missouri Pacific, as also the Verdigris
The International & Great Northern Railroad was acquired by Mo. Valley Independence & Western.
Kan. & Tex. in May, 1881, by an exchange of two shares of Missouri
Operations , F inances , &c.—The earnings and income account below
Kansas & Texas stock for one of International & Great Northern, are for the Missouri Pacific and its branches only (990 miles); for, not­
and the Int. & Gt. N. stock is held in the treasury of the M. K. & T. The withstanding the merger of St. Louis & Iron Mountain stock and lease of
Int. & G. N. roads were sold in foreclosure. July 31 and Oct. 14.1879.
Missouri Kansas & Texas, the operations of all the roads have been
Sto c k and B onds .—The stock has ranged as follows since 1877, kept separate and are so reported.
viz.: In 1878, 2@71e ; in 1879, 53s®35%; in 1880, 28!e®49i4; in 1881,
The annual report of Mo. Pacific for 1885 was published in the Chron ­
3478®54; in 1882, 263s®42*2; in 1883, 19!a®3478; in 1884, 9^®23i4; icle , V. 42, p. 661. The earnings, income account and balance sheet,
in 1885,14^@37is; in 1886, to Dec. 17, 2133
have been as follows:
The consol, ncort. 7s, due 1904-6, had a sinking fund of 1 per cent a
1882.
1883.
1884.
1885.
year, beginning in 1874, but the sinking fund not having been carried Miles operated—
990
990
995
995
out, it was reported in Oct., ’86, that about 20 per cent of the bonds for Passgrs. car’d (No.).
1,472,311
1,567,683
1,757,862
1,813,460
all back years, in cl. int. compounded, would be called in for redemption
Fr’t carried (tons)..
3,194,353 3,270,721
2,839,524
2,712,876
The general consolidated mortgage is at $20,000 per mile on all road Gross earnings........ $8,094,618 $9,153,731 $8,777,628 $7,943,562
built and to be built; of which $18,217,000 is reserved to take up first Operating expenses.
4,324,888
4,978,465
4,492,877
4,338,319
consol, and prior bonds; $447,000 for the East Line & Red River bonds.
There were $10,000,000 reserved to take up Income mortgage bonds and Net earnings............. $3,769,730 $4,175,266 $4,284,751 $3,605,243
53-44
In Nov., 1883,an exchange was offered to the holders of Income P.c. of op.ex. to earn.
54-39
54-61
51-18
INCOME ACCOUNT.
bonds, in the general mortgage bonds, bearing 5 per cent interest, at
1882.
1883.
1884.
1885.
par, and to scrip holders at 60 per cent of the face of their holdings
Receipts There are $32,000 of Hannibal & Cent. Mo. 7s 2d mort. (M.& N. bonds) Net earnings........... $3,769,730 $4,175,266 $4,284,750 $3,605,243
700,552
439,661
206,822
792,835
yet out, due in 1892; and also a small amount of old 8 per cent income Dividends, & c..........
bonds of International & Great Northern, exchangeable into Int. & G
N. 2d mortgage bonds. The I. & G. N. also guarantees $2,000,000 of
Total net income $4,470,282 $4,614,927 $4,491,572 $4,398,078
Disbursements—
Galveston Houston & Henderson 1st mortgage 5 per cent bonds.
Interest on bonds... $1,598,390 $1,667,880 $1,798,200 $1,822,727
The annual report for 1885, in V. 42, p. 661, had the following:
2,098,000
1,946,419
2,097,348
2,098,105
MISSOURI KANSAS <fc TEXAS INCOME ACCOUNT.
Dividends paid........
(614)
(7)
Receipts—
1883.
1884.
1885.
Rate of dividend___
(7)
(7)
420,296
775,036
568,848
348,068
Gross earnings.....................
$7,843,511 $7,317,250
$6,853,655 Taxes, rentals, & c...
Net earnings.........................
$3,197,007 $2,970,004
$2,798,554
Total disburse... $3,892,877 $4,185,524 $4,671,341 $4,489,575
Dividends, &c.......................
146,207
457,419
189,799
$3,343,214
$3,427,423
$2,988,353 Balance for year....sur.$577,405 sur.$429,403 def.$179,769 def.$91,497
Total net income........




RAILROAD STOCKS AND BONDS.
D e cem ber , 1886.]




INVESTORS’

60

SUPPLEMENT.

[Y ol . x l i i i .

S u bscribers w i l l co n fe r a g re a t fa v o r b y g iv in g Im m e d ia te n o tice o f a n y e rro r d isco v e re d In th e se T a b le s .

IBonds—PrinciINTEREST OR DIVIDENDS.
DESCRIPTION.
Ipal, When Due
Miles Date Size, or
Amount
of
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
For explanation of column headings, &c., see notes of
Cent. Payable
Whom.
Dividend.
Road. Bonds. Value.
on first page of tables.
Missouri Pacific—(Continued ) —
8t.L.I.Mt.& So.,Gen.consol.M. (for $32,036,000) 1 907 £ 1881 $1,000 $10,353,000
1881-2 1.000
do
do
supplemental, gold J
3.311.000
1,000
261,000
85* 1869
Mobile dt Girard—2d mort., end. by Cent. Ga. RR ..
1,000
800,000
1877
180
2,950,800
100
1,000
2,6-9,000
179 1881
261,000
100
5,320,600
Mobile tfi Ohio—Stock ($10,000,000).......................... 528
472 1879
7.000.
1,000
55 1883
1,000
1.000.
4.893.000
1879
1st pref.'inc. and s. f debentures, not cumulative
1,8501000
2d
do
do
do
1879
600,000
1879
3d
do
do
do
900.000
1879
4th
do
do
do
1.500.000
"81 1879
1,000
450.000
30 1886
Montgomery dk Florida—1st mortgage, gold.............
800.000
38
50
5.000.
102 1878
1,000
5.000.
157 1880
1,000
1.477.000
80
N. O. Opelousas & Gt. Western, debt assumed —
251,716
132
” 50 15,000,000
84 1864
5.000.
84 1866 500 &c.
2.999.000
1,000
284.000
34
1,000
Gen. m. & 1st on Boonton Br. &c. (guar. D.L.&W.)
1871
4.991.000
1,000
Consol, mort. (for $25,000,000) guar. D. L. & WT.. 137 1875
6.557.000
1.025.000
1882
1,000
Real estate terminal mort.“(guar. D. L. & W).......
2.220.000
"54
800.000
100
’73-’80
300,000
Bonds ($100,000 are gold 5s, J. & J., 1900)...........
"2 5
6,668.362
Ifashville Chattanooga & St. Louis—Stock............... 554

ig

4

3
6
6& 8

O. N. Y., Mercantile Tr. Co. April 1, 1931
April 1, 1931
O.
do
do
Jan., 1889
J. N. Y., Nat. City Bank.
June, 1897
D.
do
do
Nov., 1885.
N. Y., L. & N. Office.
M .& N .
May 1, 1931
do
do
Various
N. Y. & Louisville.

A.
A.
J.
J.

&
&
&
&

000 6 g. J. '& D. N.Y. Farmers’ L’n & Tr.
Q.—Jan
009
do
do
I 8' Yearly. N.Y., 11 Pine Street.
Yearly. Last pd. 2 p. c. in 1881.
7
Yearly
7
Yearly.
7
J. & J. N.Y., Nat. City Bank.
6
New York.
6 g- M. & N.
Boston.
2
000 16
A. & O. N.Y., So. Pac. RR.
000 7
do
do
6 g- J. & J.
A. & O.
do
do
8
3hj J. & J. N. Y., Del., Lack &W.
do
do
000 7
M & N.
do
do
F. & A.
7
J. & J.
do
do
7
A.. & O.
do
do
7
J. & D
do
do
7
7
41a&5 J. '& J N. Y.. Del. Lack. & W.
312 M. & N 2d Nat. Bk., Nashua,
do
do
6 & 5 g. F. & A
New York & Nashville.

Dec. 1, 1927
July 1, 1927
Redeemable
only by
sinking fund.
July 1. 1909
1926
(?)
Dec., 1884
April 1, 1918
July 1, 1920
April 1, 1889
Jan. 1, 1887
M a y l, 1914
Aug. 1, 1891
Jan. 1, 1900
Oct., 1901
June 1,1915
July 1, 1912
Nov 1, 1886
1893 & 1900
Oct. 11, 1886

GENERAL BALANCE DEC. 31.

The report for 1885-86 was published in the C h r o n i c l e , V. 43, p. 606,
and stated that: “ The tonnage moved exceeded the movement of the
previous years, both in volume and in ton-miles, but with a large de­
crease in the revenue derived therefi om; the increase in the movement,
notwithstanding the largely diminished local traffic, is due to a large in­
crease in through and competitive business, which latter is mainly of a
very low class of Height, and the same causes affect the revenue in the
reverse to the tonnage. The cotton movement was about the same as
Total assets................................$64,971,684 $66,410,094 $67,418,794 the previous year, both in volume and in revenue.”
Income account for four years ending June 30 was as follows:
Liabilities—
S to c k ................................................ $29,962,125 $29,974,800 $29,974,800
INCOME ACCOUNT.
Funded debt..................................... 26,895,000 28,895,000 30,000,000
1882-83.
1883-84.
1884-85.
1885-86.
Interest due and accrued............. .
496,433
504,693
512,400 Gross earnings............$2,271,058 $2,278,917 $2,101,025 $1,962,328
Vouchers for December, &c.................................. 2,430,651
2,150,8062,016,404
$731,450
$524,839
$
06,744
Net
earnings...............$630,034
Miscellaneous................................................................................
122,911
121,893
............
............
30,580
Income account........ ..................... 5,064,564 4,884,794 4,793,296 Net earn. C. & St. L ......................

Assets—
1883.
1884.
1885.
Cost of road and equipment..........$39,950,939 $40,618,132 $41,633,992
Investments in stocks and bonds.. 22,324,316 21,776,077 22,650,933
Materials and supplies on hand
1,185,718 1,094,682
1,080,774
Cash on hand....................................
779,050
577,844
549,779
Uncollected earnings ................
731,661 2,343,359 1,503,316

Total liabilities......................... $64,971,684 $66,410,094 $67,418,794
St. L o u i s I r o n M o u n t a i n & S o u t h e r n .— This company defaulted on
its interest in 1875 and finally made a compromise with its bondholders,
issuing income bonds for overdue coupons. The company afterward
exchanged these for the new 5 per cent mortgage bonds.
There
are yet outstanding $73,000 of old income 8 per cents of Cairo & Fulton.
The Mercantile Trust Co. of N. Y. is trustee of the general consol,
mortgage. The stock is all held in the treasury of the Missouri Pacific
Railway Co., having been retired in May, 1881, by the issue of three
shares of Mo. Pac. stock for four of St. Louis & Iron Mountain. The
sales of land in Arkansas on which the Cairo & Fulton bonds have
a lien are given in the report for 1885 as 33,017 acres for $110,056
(incl’g lots). Lands yet unsold, 863,340 acres.
The report for 1885 was published in the C h r o n i c l e , V. 42, p. 661,
and the income account was as follow s:

Total ne’ ....................$630,034
Disbursements—
Interest on mort. bonds $456,000
Interest on incomes....... 159,000
Rent, to C. & St. L..........................
Miscellaneous.................
1,626

$731,450

$524,^39

$537,324

$171,200
265,000

$482,400

$431,600
38,636
10,402

Total disbursem’ts.. $616,626
$736,200
$482,400
$530,638
B alance..................... Sur.$13,408 Def. $4,750 8ur.$42,439 Sur.$6,686
- ( V . 42, p. 22, 93, 156, 243, 365, 549, 631, 783; Y. 43, p. 6 0 6 .)
M on tgom ery Sc E u fa u la .—Montgomery to Eufaula, Ala., 80
miles. The road was foreclosed May 1,1879, bought by W. M. Wadley,
aud the present companv organized.
Operated under contract by
Cent. RR. of Georgia. Stock is $620,000. Gross earnings year ending
June
30,1884,
$299,470;
net,
$90,763.
Div.
of 10p. c. paid in Apl., ’83.
INCOME ACCOUNT.
M ontgom ery Sc F lo r id a .—Owns from Montgomery, Ala., to
1883.
1884.
1885.
.........
$7,904,683
$7,451,897
$7,311,639 McBrides, 30 miles, and in progress towards Chattahoochie, Fla. This
Gross earnings
was formerly the Montgomery Southern road, and was foreclosed in
Receipts—
$3,690,120
$3,619,416 May, 1886, and reorganized. C. W. Scofield, President, 115 Broadway.
$3,464,599
Net earnings...
95,054
44,727
44,741
M on tpelier Sc W e lls R i v e r . - Owns from Montpelier to Wells
Other receipts..
River, Vi., 38 miles. Reorganized January, 1877. D. R. Sortwell,
$3,785,174
$3,509,326
$3,664,157 President, East Cambridge, Mass. Gross earnings in 1884-5, $92,814;
Total net income.......
net, $17,774. Gross in 1885-6, $94,747; net, $8,262.
$2,215,304
Interestoubo^HlZ.................
$2,259,193 $2,206,854
M o rga n ’ s L ou isian a Sc T ex a s R a ilro a d Sc Steam ship Co.—
397,522 The road owned is from New Orleans to Cheneyville, 204 miles;
Taxes br’ge and car ex., &c.
479,486
554,093
branches, 55 miles; Cheneyville to Alexandria (under track agreement;,
Total disbursements____
$2,738,679
$2,760,947$2,612,826
24 miles; total, 283 miles. In February, 1883, the stock was sold to the
Balance for year....................sur.$l,046,495 sur.$748,379sur.$l,051,331 Southern Pacific parties, and the Southern Pacific Company held (Dec. 31,
—(V. 40, p. 28,182, 3 36,481, 506, 508 ; V. 41, p. 24, 77, 356, 744; V. 1885) $4,062,700 out of the whole stock of $5,000,000. This company’s
42, p. 22, 93, 125, 339, 387, 463, 6 6 1 , 728, 753, 783; V. 43, p. 245, 309, property consisted of seventeen iron steamships plying between New
York and New Orleans and between Gulf ports, also wharves, ware­
59, 746.)
M o b ile Sc G irard .—Owns from Columbus, Ga., to Troy, Ala., 84 houses, and terminal facilities, besides the capital stock of railroad and
miles. Common stock, $985,415; preferred stock, $278,967, and $3,980 other companies, including ajmajority interest in the capital stock of the
Pike County stock. From June 1, 1886, this road was leased to the Houston & Texas Central Railway Co., &c. Gross earnings 1883,
Central of Georgia for 99 years at a guaranteed dividend of 1*2 per $4.416,390; net, $1,885,714. In 1884 gross earnings were $3,629,004;
cent ptr anuum. There are also $19,000 3d mort. 6 per cent bonds, due uet, $1,163,136. In 1885 gross earnings were $4,232,018; net, $1,602,June 1, 1897. In 1885-86, gross earnings, $217,757; net, $59,185. (V. 476; rentals paid, $230,050; interest on debt, $458,757; taxes, bet­
terments, &c., $155,662; total, $844,469; balance, surplus, $758,007
43, p. 103, 398.)
M ob ile Sc M on tgom ery—(See map Louisville
Nashville) — Gross earnings from Jan. 1 to Oct. 31, $3,259,585 in 1886, against
Owns from Montgomery, Ala., to Mobile, Ala., 180 miles. The $3,218,029 in 1885 ; net, $725,807, against $1,127,252. (V. 41, p. 23,
old road was sold in foreclosure Nov. 16,1874, and purchased by bond­ 134,216,357, 745; Y. 42, p. 243, 365, 694, 781 ; V. 43, p. 133, 163.)
holders, who organized this company on a stock basis. The stock is owned
M orris Sc E ssex.—Owns from Hoboken, N. J., to PhiUipsburg,
by the Louisv. & Nashv. RR. Co., which now operates it. The old mort. N. J., 84 miles; branch, Denville, N. J., via Morris & Essex Tunnel, to
debt outstanding is about $230,000. The Louisville & Nashville Co. Hoboken, N. J., 34 miles; leased Dover to Chester, 10 m iles; Newark &
has issued $2,689,000 bonds secured on this road, $2,677,000 of which Bloom RR., 4 miles; total operated, 132 miles. In 1868 this road
are pledged for the collateral trust bonds of that company. Gross earn­ was leased in perpetuity to the Del. Lack. & W. RR. The lessees assume
ings in 1885-6, $1,032,936; net, $246,011; mt. and taxes, $212,643- all liabilities of the Mor. & Essex RR. and pay 7 per cent per annum on
, Bur., $33,367.
the capital stock, and they also agreed to pay 8 per cent in case the
M ob ile Sc O hio.—Owns from Mobile, Ala., to Columbus Ky., 472 Morris & Essex earns 10 per cent on its stock m an y one year after the
miles, and extension (by Kentucky * Tenn. RR.) to Cairo, 21 miles: year 1874. The Morris & Essex is important to the Delaware Lacka­
leases St. L. & C. RR., Cairo to St. Louis, 152 miles, and track to Mill- wanna & Western as a route with terminal facilities on New York Har­
stadt, 9 m iles; branches—Artesia, Miss., to Columbus, Miss., 14 miles; bor, but the actual earnings on the road show a large annual deficit for
Artesia, Miss., to Starkville, Miss., 11 miles; Muldon, Miss., to Aberdeen, the lesse e company after the payment of rental. The loss to lessee was
Miss., 9 miles; total owned, 527 miles; total operated, 688 miles. In in 1880, $1,012,416; in 1881, $985,890; in 1882. $941,550; in 1883,
July, 1885, the gauge was changed to standard, 4 feet 8 h inches. In $1,104,218; in 1884 about $1,100,000; in 1885 about $900,000.
Dec., 1885, the lease of the St. Louis <&Cairo RR. (161 miles) was taken
N ashua Sc L o w e ll.—Owns from Lowell, Mass., to Nashua, N. H.
for 45 years at a rental guaranteed to amount to $165,000 per year.
A default was made May 1, 1874, and two trustees and receivers took 15 miles. On October 1,1880, a lease for 99 years to the Boston &
Lowell
was made. The rental is $60,000 per year, equal to 71g per cent
possession May 8,1875, and the company was reorganized without fore
closure. The holders of debentures have one vote for each $100, and each on stock, payable absolutely, and $4,000 (or one-half of one percent
more)
is
pay able contingent upon the amount of gross earnings, and 8
year they instruct the Farmers’ L. & T. Co., trustees, how to vote at
the stockholders’ meetings upon the majority of the stock of the Mobile <fe per cent has been paid as rental for the past three years. The funded
debt
of
$300,000,
principal and interest, is assumed by the lessee, and
Ohio Railroad Company, the power to vote upon which is irrevocably
with the Farmers’ Loan & Trust Company, until the extinguishment the lessor holds the lessee’s notes for the same amount—$300,000.
N
ashville
C
h
attanooga Sc St. L o u is .—Owns from Chattanooga
of said debentures. The capital stock authorized by the charter is
$10,000,000, or 100,000 shares of $100 each, of which there have been Tenn., to Hickman, Ky., 321 miles; branches—Wartrace, Tenn., to
issued 53,206 shares. The debentures are secured by a deed of trust of the Shelbyvfile, Tenn., 8 miles; Bridgeport, Ala., to Inman, Tenn., 25
land, about 1,143,222 acres, and receive 7 per cent, if earned. In Jan., miles- proprietary lines—Nashv. to Lebanon, 30 miles; McMinnville
Branch, 61 miles; Decherd to Fayetteville, 40 miles; Centreville
1886, there were in the sinking fund $437,000 of the first debentures.
In August, 1881, 7 per cent was declared on 1st preferred incomes; Branch, 47 miles: Duck River RR. (leased), 48 miles; total, 580 miles.
A majority of the stock ($3,385,000) is owned by the Louisville &
Iso 2 per cent on 2d incomes. In August, 1882, 2 per cent on the
arst preferred incomes; in 1883, 3 per cent; in 1884,5 per cent ; Jn Nashville RR. Company and pledged among the collaterals for the
......
.........
trust loan of that company.
fi885,
per cent.




RAILROAD

D ecember , 1886.]

STOCKS

AND

BONDS,

6 7

Subscribers w ill confer a great favor by giv in g Im m ediate notice o f any error discovered In these T ables.
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal, When due.
For explanation of column headings, &c., see notes
of
Par
Of
Stocks—Last
Outstanding
Cent. Payable
on first page of tables.
Whom.
Road. Bonds Value.
Dividend.
Nashville Chattanooga £ St. Louis—( Continued)—
1st mort. (for $6,800,000), coup.............................
2d mort.......................................................................
Bonds held by U. 8. Government...........................
N. C.& St. L., 1st M. on Fayette. & McM. branenes
do
1st mort. on Lebanon Branch..........
do
for Jasper Branch...........................
(to
for CentrevRle Branch....................
do
for Tenn. Coal & Iron RR................
Duck River RR., 2d mort., endorsed...................
Nashville <£•Decatur—Stock, guar’d 6 p. c. by L. A N.
1st mort. guar. s. f ....................................................
2d mortgage, income................................................
Natchez Jackson <£ Columbus.—1st mortgage............
Mortgage bonds (for $600.000)...............................
Naugatuck—Stock........................................................
Bonds.........................................................................
Nesquehoning Valley—Stock......................................
Nevada Central—1st mort.. gold (sink, f., $20,000)
Newark <&Hudson—1st mortgage..............................
Newark Somerset £ Straitsv., 0.—1st mortgage.......
Newburg Dutchess & Connecticut—Income Tionds...
Newburg <£•New York—1st mortgage........................
New Castle <£•Beaver Valley—Stock...........................
Neiv England it Southwestern—1st M. ($6,000,000).
New Haven & Derby—1st & 2d mortgages................
New Haven & Northampton—Stock............................
Mortgage bonds, coupon..........................................
Holyoke & W.,leased, 1st Mq$200,000 guar.).......
Consol, sink, fund $15,000 per yr. &mort. bonds.
Northern Extension..................................................
Convertible bonds for extension to Shelb. Falls...
Neiv Jersey <£- New York—1st mort. (reorganization)

340
321

1873
1881

$1,000
1,000

101
30
13
47
20
48
122
119
119
99

1877
1877
1877
1882
1886
1881

1,000
1,000
1,000

1870
1867

1,000
500

"66
61
18
94
5
44
12
15
26
13
170
92
17
27
30

....

Too
1883 l,000&c
50
1879
1,000
1871
1,000
1869 500 &e.
1877
1,000
1863
50
1,000
1885
68&70 500 &c.
100
1869
1,000
1870
1,000
1879
1,000
1881
1,000
1,000
1886
1880 500&C.

In October, 1886, this company purchased the Tenn. Coal & IronRR.,
paying for it $500,000 in thirty-year bonds.
The company had net income in the year 1885-86 of $141,931 over
all expenses, but paid no dividend; in Oct., 1886, resumed dividends
toy payment of 1 per cent.
For the five months from July 1, gross earnings were $1,090,023 in
1883, agaiost $913,982 in 1885; net, $456,280, against $i73,247; sur­
plus over interest, taxes and improvements, $131,105, against $19,184.
EARNINGS AND EXPENSES.

1882-83.
1883-84.
1884 85.
1885-86.
Earnings—
$
$
$
$
Passenger..........................
621,171
663,618
649,737
601,820
F reigh t............................. 1,513.875 1,559,765 1,435,878 1,429,468
Mail, express, rents. «fec..
148,477
148,703
155,101
153,821
Total gross earnings___ 2,283,523 2,372,086 2,240,719 2,188,109
Total operating expenses. 1,274,855 l,3o3,446 1,304,002 1,322,858
Net earnings............... 1,008,668
P. O. operat’g ex. to e’rn’gs
55-80

1,063,640
54 94

936,717
58 01

865,251
60-15

1881-85.
$
936,717
11,947

1885-86.
$
865,251
..............

INCOME ACCOUNT.

Net Receipts—
Net earnings.....................
Miscellaneous receipts...

1882-83.
1883-84.
$
$
1,008,668 1,068,640
77,247
29,072

Total incom e............. 1,035,915 1,097,712
Disbursements—
$
$
Interest on debt & taxes.
650,972
662,320
Dividends..............................................
266,802
Improvements..................
104,465
106,077
Total disbursements.
Balance, surplus...............

755,437 1,035,199
330.478
62,513

948,664
865,251
$
$
682,273
675,098
................................
53,401
45,221
740,674
207,990

720,317
144,934

GENERAL BALANCE AT END OF EACH FISCAL TEAR.

1882-83.
1833-84.
1831-85.
1885-86.
Assets
$
$
$
$
Road and equipment....... 16,194,823 16,316,655 16,950,242 17,094,876
Assets not available........
352,876
562,727
*81,322
75,758
Inv’tm’ts in st’ks & bonds
472,590
462,940
481,314 478,714
BUIS receivable................
8,387
8,722
18,132
19,037
Real estate........................
84,864
80,334
62,461
67,961
Due from agents, &c.......
196,988
183,919
250,436 277,372
Cash...................................
325,006
300,217
264,408 311,038
Total............................ 17,635,531 17,920,544 18,108,314 18,32 4,836
Liabilities—
$
$
$
$
Capital stock..................... 6,670,331 6,670,331 6,663,383 6,668,362
Bonded d e b t..................... 8,757,000 8,903,000 8,998,000 9,200,000
Bills payable.....................
597,132
591,499
467,268
288,047
Bal’ce due individ’ls, &c.
140,327
97,343
42,947
31,092
Int’st coupons due July 1
283,740
287,970
290,905
296,905
Divideuds.........................
15,082
21,942
18,323
17,048
Pay-rolls, &c.....................
66,256
75,490
72,721
85,152
Int’st on b’ds held by U. 8.
153,600
153,600
153,600
153,600
Miscellaneous...................
3,899
3,636
15,119
13,616
Profit and loss..................
948,167 1,115,678 1,381,068 1,571,014
Total............................ 17,635,534 17,920,544 18,108,314 18,324,836
* $502,749 was charged off to “ Road and Equipment” during the year
—(V.40, p. 92, 241, 253, 363. 481, 625, 741; V. 41, p. 76. 189, 307, 33l!
3 5 5 ,4 4 5 , 585, 721; V. 42, p. 125, 272, 397, 519, 631, 75 3; V. 43
p. 132, 245, 334, 3 6 7 , 459, 487, 608, 733. 746.)
N ashville Sc D ecatu r.—(See Map Louisville <£ Nashville.)—Owns
from Nashvihe, Tenn., to Decatur, Ala., 122 miles. The road was
leased May 4, 1871, to the Louisv. & N&shv. RR. for 30 years from
July 1,1872, at a rental of 6 per cent per annum on the stock. The
lessee assumed all the debt of the Nashville & Decatur Co. In 1882-83,
gross earnings, $1,034,231; net, $380,207. In 1834-85 gross, $1,061,956; net, $466,168; interest and taxes, $291,061; surplus, $175,106.
Natchez J ackson Sc C o lu m b u s.—Owns completed road from
Natchez, Miss., to Jackson, Miss., 100 miles. Stock, $2,260,809. New
6 per cent bonds authorized but up to 1885 not issued. Floating debt
Dec. 31,18 8 4 , $329,493. Earnings for 1883, gross, $177,221; net,
$54,952. In 1884, gross, $181,859; net, $58,917. Earnings for 1835,,
$194,358; net, $60,923.
N au gatu ck .—Owns from Naugatuck Junction to Winsted, Conn.,
56^2 miles; leased, Watertown & Waterbury RR., 4 ^ miles; total oper­
ated, 66 miles, 5 miles of New York New Haven & Hartford being used
between Naugatuck Junction and Bridgeport. Earnings for three years
past were as follows: 1883-84, gross, $676,714; net, $225,615; 188485, gross, $651,242; net, $213,262; 1885-86, gross, $704,336; net,
$221,522. (V. 43, p. 7 1 8 .)
N esquehoning V a lle y.—Owns from Nesquehoning Junction, Pa.




$6,300,000
1,000,000
500,000
480,000
300,000
173,000
376,000
500,000
71,000
1,642.557
1,900,000
178,000
174,400
27,500
2,000,000
150,000
1,400.000
750,000
250,000
800,000
1,164,500
250,000
700,000
(?)
525,000
2,460,000
1,300,000
260,000
1,200,000
700,000
700,000
400.000

7
6
4
6
6
6&8
6
6
6
3
7
6 g.
10
7
5
4
2^
6 g.
7
7g.

J.
J.
J.
J.
J.
J.
J.

& J. N.Y., Continental N.Bk.
& J.
do
do
& D.
do
do
& J.
do
do
& J.
do
do
& J.
do
do
& J.
do
do
do
do
M. & N.
do
do
J. & D.
Nashville.
J. & J. N. Y., 50 Exch. Place
A. & O. Nashv., 4th Nat. Bank.
N.Y., Bank of America.
J. '& \t.
J. & D
M. & S.
A. & O.
M. & S.
M. & N.

7
10
6
7
3
7
6 &7
6
5
5
6

J. & J. N.Y.,OfficeN.Y.L.E &W
Newcastle, Penn.
Q .-J .
M . & S. N. Y. Central Trust Co
Various N. Haven, Mech. Bank.
__
New Haven.
J. & J.
do
do
A. & O. N.Hav.,N.Tradesm’s Bk
A. & O.
do
do
A. & O.
do
do
J. & J.
do
do
M. & N. N.Y., Mercantile Tr. Co.

Bridgeport, Conn.
Bridgeport, Treasurer.
Philadelphia, Co.’s office
Last naid April, 1884
N. Y. L. E.& W. RR.
N. Y., Union Trust Co.

July 1, 1913
July 1, 1901
June 1, 1891
Jan. 1, 1917
Jan. 1, 1417
1907 & 1923
Jan. 1, 1923
1909
Nov. 1, 1909
Dec. 6, 1886
July 1, 1900
Oct. 1, 1887
1885
July 15, 1886
June 1. 1913
Sept. 1 / 1886
Oct. 1, 1904
Sept., 1901
Nov. 1. 1889
1977
J a n .1, 1880
Jan. 7, 1887
Sept. 1, 1925
1888 & 1900
Oct., 1873
Jan., 1899
Apr.l ’91 & ’98
April, 1, 1909
April, 1911
July i, 1896
May 1, 1910

to Tamenend, Pa., 17 miles; Tunnel Branch, Hauto, Pa., to Lansford '
Pa: 1 mile; total operated, 18 miles. Opened in 1870, and was leased
for 999 years to tli6 Lehigh Coal & Navigation Co. at a lease rental of
$130,000 per annum. In Se pt., 188 4. the lease was modified so as to
pay 5 per cent a year only, and the stock has been extended for 20
years, with a guarantee of 5 per cent per annum.
Nevada C entral.—(-See Map Union Pacific.)—Battle Mountain to
Ledlie, 86 miles; branch, Ledlie, to Austin, 7 miles; total, 93 miles.
Stock, $1,000,000. There are $250,000 8 per cent income bonds due
1930, which are held by the Union Pacific, as also $ <59,030 of the
stock. Default was made Oct. 1, 188 4, on the bonded interest, and re­
ceiver appointed Feb., 1885. Gross earnings in 1885, $68,06 2; net,
$2,879: deficit under interest, &c., $42,120. Gross in 1884, $93,289; net,
$5,934; deficit over interest, &c , $39,0 46. (V 40, 241.)
N e w a r k & H u d s o n .—Owns from Bergen Junction to Newark,
N. J., 6 miles. Leased to New York Lake Erie & Western at a rental
of $33,030 per annum, which pays interest on bonds and 7 per cent
on the stock of $250,000. Cortlandt Parker, President, Newark, N. J.
N e w a r k S o m e rs e t Sc S t y a ft s v ille .—O wns from Newark, O., to
Shawnee, O., 44 miles. Roadwns completed in 1871. Leased to Sandusky
Mansf. & Newark for 14 years from Jan. 1, 1872. Operated by the Balt.
& Ohio, which pays 30 per cent of gross earnings, and advances any
additional amount necessary to meet the interest on the debt. Capital
stock, common. $795,400, and preferred, $218,200. Gross earnings in
1882-33, $16 4,781; net, $19,511; loss to les-ee, $29,922. In 1833-84,
gross $168,532; net, $757; loss to lessee, $49,802. la 1884-85, gross,
$113,410; deficit, $29,102; loss to lessee, $44,631
N e w b u r g D u t c h e s s Sc C o n n e c t ic u t .—OwnsfromDutchess June.
N. Y., to Millerton, N. Y., 59 miles. The Dutchess & Col. RR. was sold
Aug. 5. 1876, and this company was organized Jan. 8, 1877, by the pur­
chasing bondholders. In addition to above incomes, there are $150,000
1st mort. 7s, due in 1907. In 1884-85, gross earnings $i31,923;
net, $13,864; deficit under interest, &c., $2,511. In 1883-84, gross,
$177,333; net, $1,022. The common stock is $172,000 and preferred
stock $715,350. John S. Scliultze, President, Matteawan, N. Y.
N e w b u r g Sc N e w Y o r k . —Owns from VaR’s Gate Junction to
Greenwood Junction, N. Y., 13 miles. Leased October 5, 1866, to Erie
RR., at $17,500 per annum (being interest on the bonds),and operated
now by New York Lake Erie & Western. Has no stock.
N e w C astle Sc B e a v e r V a lle y .—Owns from Homewood, Pa., to
New Castle, Pa., 15 miles. Road in operation since 1860. Leased to
Pittsb. Ft. W. & Chic. RR. for 99 years at a rental of 40 per cent on gross
earnings. Lease transferred to Pennsylvania Company. There is no debt.
In 1879, 13 per cent dividends were paid; in 1880, 13 p. c . ; in 1881, 24
p, c.; in 1832,14 p. c.; in 1883, 29 p. c; in 1884, 19 p. c. Gross earnings
in 1885. $171,682; rental received, $63,672; gross in 1884, $270,245;
rental received $103,098.
N ew E n g la n d Sc S o u t h w e s t e r n .—This road, as projected, will
extend from Brewsters, N. Y. (junction of New York & New England,
New York & Harlem and New fork City & Northern), to and across the
Hudson River by bridge at Storm King, to a connection with the Erie,
West Shore, New York Ontario & Western and the Lehigh & Hudson
railroads on the west side, making 26 miles of road in all The com­
pany was formed by act of the New York Legislature of 1850, as
subsequently amended, and the act of 1830, chapter 582, an l claims
the right to bridge the Hudson. Tne stock is $3,045,000 and the bonds
$6,000,000, which stock and bonds are taken by the Phoenix Bridge
Company of PmBtiixvRle, Pa., and they have contracted to build the
structure within two years.
N e w H a v e n Sc D e r b y .—Owns from New Haven, Conn., to Ansonia,
Co in., 13 miles. Capital stock is $446,600, of which New Haven city
owns $200,000. New Haven City guarantees the $225,000 second
mortgage bonds, and has a claim of about $300,000 for money ad­
vanced. Negotiations have been pending between the company and the
city for an adjustment. Gross earnings in 1834-5, $150,737; net,
$63,792. In 1883-34, gross, $158,206 ; net, $65,023. (V. 39, p. 531.)
N e w H a v e n & N o r t h a m p t o n .—Operated from New Haven,
Conn., to North Adams, Mass., 123 miles; branches—Northampton to
Williamsburg, 8 miles; rarmington Conn., to New Hartford.Conn., 14
miles; South Deerfield to Turner’s Falls, 10 miles; to Tariffville, Conn.,
1 mile; leased—Holyoke & Westfield RR.. 14 miles; total, 170 miles.
In April, 1881, a controlling interest in the stock was sold to New York
New Haven & Hartford parties. In 1834-85 gross income was $304,099; net, $275,704; surplus over charges, $9,230. In 1833-4, gross,
$340,213; net, $273,640; surplus, $2,428.
(V. 41, p. 688; V. 43,
p . 132 )
N e w J e r s e y Sc N e w Y o r k . —Owns from Erie Junction, N. J., to
Stony Point, N. Y., 31 miles; Nanuet to New City, 5 miles; Hackensack
to Erie Junction, 6 miles. Leased—GaruervRle RR., 1 mile; total oper­
ated, 37 unles. Organized Sept. 4, 1874, by consolidation of the Hacken­
sack & New York RR. and the Hackensack & N. Y. Extension RR.; re­
ceiver appointed in 1877, and the two roads were separately foreclosed.
The present company was formed on reorganization in April, 1880.
Stock. $2,000,000 common, $300,000 preferred. In Jan., 1886, the
Hackensack RR., previously leased, was consolidated into this cornn mv.
Gross earnings in 1884-5, $168,064; expenses, $130,763; net earnings
$37,301. Gross in 1383-4. $210,649; expenses, $202,523. |(V. 42. p
215, 597,753.)
jJUi-

INVESTOKS’

68

SUPPLEMENT,

[V ol . XL iir,

Subscribers will confer a great favor by giving Immediate notice of any error discovered In tbese Tables.

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When Due.
Amount Rate per When Where Payable, and by pal,
Par Outstanding
For explanation of column headings, &c., see notes of
of
Stocks—Last
Whom.
Road. Bonds Value.
on first page of tables.
Cent. Payable
Dividend.
N. J. Southern—1st mort. (int. guar, by N.Y.& L.B.)
Long Branch A Sea Shore. 1st mort., guar............
hew London Northern—Stock....................................
1st mortgage bonds..................................................
2d mortgage...............................................................
Consol, mortgage (for $1,500,000)..........................
Newport News & Mississippi Valley—Stock...............
New Orleans & Gulf—1st m ort, gold........................
New Orleans <£•Northeastern—Prior lien mort., gold.
New York Brooklyn & Manhattan Beach—Stock___
N. Y. & Man. Beach RR.. 1st mortgage.................
N.Y. B.&M.B., 1st consol, mort., gold ..................
N. Y. & Canada—1st M., sterling, guar. D.& H. Can.
New York Central <£ Hudson River—Stock...............
Premium bonds (N. Y. Central) ext. 10 y ’rs, ’83..
Renewal bonds..........................................................
N. Y. C. & H .,l $30,000,000 )
__ rA,r <
mortgage . . . ) £2,000,000 ) coupon or re£ -)
Debenture bonds (for $10,000,000),coup, or reg..
N. Y. Chicago <£ St. L.—Stock ($22,000,000 is pref.)
1st mortgage, gold, coup, or reg..............................
2d mortgage (for $10.000,000)...............................
Equip, bonds (principal payable $400,000 yearly)

78
100
100
100
121

1879
1869
1865
1872
1880

68
....

1886
1885

14
All.
150
993

1877
1885
1874

840
840

1853
1854
1873
1873
1884

N. Y. Banbury <£- Boston—1st mortgage...................
New York & Greenwood Lake.—1st mort., income ..

523
513
513
.
62
50
40

1881
1883
1882
1880
1886
1875

New York <£ Harlem—Common stock........................
Preferred stock..........................................................
Consol, mort., coup, or reg., (for $12,000,000)__
N. Y. Lackawanna & Western.—Stock, guar., 5 p.ct.
1st mortgage, coupon, may be registered.............
2d mort., guar, by D. L. & W. (for $5,000.000)----

156
156
132
213
200
200

1872
1880
1883

$600 $1,449,600
1,000
200.000
100
1,500,000
lOOAc.
300,000
500 &c.
387,500
1,000
812,000
100 11,660,000
1,000
800,000
1,000
1,372,000
1,000,000
500 &c.
500,000
1,000.
783,000
£100Ac
4,000,000
100 89,428,300
500 &c.
6,450,000
1,000
2,391,000
1,000 30,000,000
1,000
9,733,333
l.OOOAc 7,850,000
100 50,000,000
1,000 15,000,000
1,000
1,046,000
1,000
4,000,000
3,697,000
1,000
(?)
100 &c.
900,000
100 Ac.
1,800,000
50
8,500,600
50
1,499,400
1,000 11,650,000
100 10,000,000
1,000 12,000,000
1.000
4,450.000

New Jersey Southern.—The road, extends from Port Monmouth,
Sandy Hook, to Atco, 70 miles, with branch from Eatontown to Pt Mon­
mouth, 9 miles. The property was sold in foreclosure March 31,1879 (see
Chronicle , Y. 28, p. 352), and the present company was organized July
25,1879. The capital stock is $1,590,600. The property is subject to
120,000 on the Tom’s River RR. and $200,000 on the Long Branch A
ea Shore Railroad. This latter bond is endorsed by the United
Companies of New Jersey. The above mortgage is for $1,590,600, of
which $1,449,600 have interest guaranteed by the New York & Long
Branch Railroad by endorsement of the bonds, and the Central of New
Jersey agreed to assume those bonds. The road is operated as a
part of the Central New Jersey system. Suit was brought in August, ’85,
against the Central of New Jersey Co. for interest overdue. Gross earn­
ings in 1885 $138,574; net deficit,$80,340. (V. 41, p. 189.)
New London Northern.—Owns from New London, Conn., to
Brattleboro, Vt., 121 miles, of which 100 miles leased to J. G. Smith and
others. This road has been operated since Dec. 1,1871, under lease to
the Central Vermont Railroad; the lease was for 20 years at $150,000
per year, and $15,000 for each additional $100,000 of earnings over
$510,000 per year. In 1885-86 rental and interest received, $237,244;
paid interest, Ac., $108,907; dividend (6 per cent), $90,000; surplus,
$38 337.
Newport N e w s & M is s . V a lle y .—This is the company formed
to lease and operate all the Huntington lines between Newport News,
Va., and New Orleans, La. In Dec., 1886, this company owned $5,579,600 Ches. Ohio & Southwestern common, and $3,442,000 preferred
stock, $1,055,500 Elizabethtown Lexington & Big Sandy RR. stoek,
and $1,650,000 Chesapeake A Ohio bonds of 1918. Company
leases the three roads mentioned, aggregating 1,040 miles, the
former for 50 years and the latter two for 250 years, agreeing to
pav the expenses, interest and fixed charges so far as net earnings
suffice, in the order of their priority, any surplus up to 6 per cent to be
divided to lessor companies, and the excess retained by the lessee.
Registrar of stock. Metropolitan Trust Co., New York. Offices of Co.,
No. 23 Broad street and New Haven, Conn. (V. 43, p. 547.)
New Orleans & Gulf.—The line of the road is from New Orleans
south along the Mississippi River to Point-a-la-Hache, with a branch,
making 68-2 miles in all, of which 30 miles were operated in 1885. The
bonds were offered in London, Nov., 1886, by Messrs. Satterthwait &
Co. (V. 43, p. 634.)
New Orleans & Northeastern.—Line of road from New Orleans,
La., to Meridian, Miss., 196 miles. Stock is $5,000,000. This road be­
longs to the so-called “ Erlanger System,” and of the stock $4,320,cOO
and $4,900,00o of the $5,000,000 first mortgage bonds are held by the
Ala. N. O. A Tex. Pacific Junction Co. (See title of that company in the

E

S upplem ent .)

New fork Brooklyn & Manhattan Beach.—From Fresh
Pond Junction to Manhattan Beach, and branches to Bay Ridge and
Greenpoi it, 20 mile-". This was a consolidation Aug. 27,1885, of the N.
Y. Bay Ridge A Jamaica RR., the N. Y. & Manhattan B. Railway Co.
and the L. I. City A Man. B. RR. Co. The railroads are leased for 99
years from 1882 to the Long Island RR. Co. at 35 per cent of gross
earnings, but the rental guaranteed to be at least $97,540 in each year.
Of the stock $650,000 is preferred for 7 per cent, but not cumulative.
—(V. 42, p. 215, 479; V. 43, p. 125.)
New York & Canada.—Owns from Whitehall, N. Y., to Rouse’s
Foint, N. Y., 113 miles; branches: Ticonderoga, N. Y., to Baldwin,
N. Y., 4 miles; Plattsburg, N. Y., to Ausable, N. Y., 20 miles; West
Chazy to Province line, 13 miles; total operated, 150 miles. The whole
line was completed Sept. 18,1876. The road is leased and virtually
owned by the Delaware & Hudson Canal Company, which guarantees the
bonds. The stock is $4,000,000. Earnings 1883-84, gross $695,265;
net, $162,720; loss to lessees, $74,674. In 1884-85, gross, $613,572;
net, $203,781: loss to lessees, $62,847.
New York Central & Hudson.—L i n e o p R o a d .— Owns from
New York City to Buffalo, N. Y., 442 miles; branches on New York
Central division, 307 miles; total owned, 749 miles; lines leased—
Troy & Greeenbush, 6 miles; Niagara Bridge & Canandaigua, 98 miles;
Spuyten Duyvil & Port Morris, 6 miles; New York & Harlem, 127 miles;
Lake Mahopac, 7 miles; total, 245 miles; grand total, 993 miles, The
Second track owned and leased is 521 miles; third track, 318 miles;
fourth track 299 miles; turnouts, 590 miles—making a total of 2,394
miles of track owned by the company, and 325 miles leased, 2,720
miles in all. Also operates the Dun. All. Val. & P. RR., 104 miles, but
reported separately. In Dec., 1885, a lease for 475 years was taken of
the West Shore Railway, about 472 miies.
O r g a n i z a t i o n , A c. -This company was formed by a consolidation
of the New York Central and the Hudson River railroads Gctobei
1,1869. The New York Central was a consolidation of seveial roads
under a special law of April 2,1853. The Albany & Schenectady Rail­
road, opened September 12,1831, as the Mohawk A Hudson, was the
first railroad built in the State of New York. The Hudson River Rail­
road was chartered May 12,1846, and road opened October, 1851.
S t o c k a n d B o n d s .— The famous scrip dividend of 80 per cent on the
capital stock of the New York Central was made in December, 1888.
and on the consolidation with the Hudson River road (Nov. 1, 1869) a
further dividend of 27 per cent was distributed on the New York
Centra] stock and 85 per cent on the Hudson River stock. In Nov.,
1879, 250,000 shares ($25,000,000) were sold to a syndicate of bankers
by Mr W H. Vanderbilt at the price of 120, and 100,000 shares sold
afterwards. Dividends of 8 per cent per annum haa been paid since




6
7
1^
6
7
5

J. & J. N. Y „ 119 Liberty St. July 15, 1899
New York.
J. & D.
Dec. 1, 1899
Jan. 1, 1887
Q .-J .. New London, Office.
A. & O. N. Y., B’k of N. America
Sept., 1885
J. & D
do
do
July, 1892
do
do
J. & J.
July, 1910

6 g. M. & N.
6 g- A. & O.

New York, Agency.
New York, Agency.

Nov. 1, 1926
Nov. 1, 1915.

J. & J. N. Y., Corbin Bank’g Co
7
do
do
5 g- A. & O.
6 g. M. & N. London, Baring Bros.
1
Q .-J . N.Y., Gr. Central Depot.
M. & N.
5
do
do
6
J. & D.
do
do
do
do
7
J. & J
6 g. J. A .T. New York and London.
VI. A S. N.Y., Gr. Centr’l Depot.
5

Jan. 1, 1897
Oct. 1, 1935
May 1, 1904
Oct. 15, 1886
May 1, 1893
Dec. 15,1887
Jan. 1, 1903
Jan. 1, 1903
Sept. 1, 1904

Last paid Dec.,’ 84
J. A D.
Last paid Mch. ’85
M. A S.
A. A O.
Last paid Oct., ’84
Last paid Nov. ’81
M. A N.
A. A O.
New York Agency.
F. A A. New York, Co.’s Office,
M. A S.
do
do
J. A J. N.Y., Gr. Central Depot.
J. A J.
do
do
M. A N.
do
do
N. Y. by D. L. A W.
Q .-J .
J. A J.
do
do
F. A A.
do
do

Dec. 1, 1921
Mar. 1, 1923
O ct.l,’85to ’94
May 1. 1910
1926.

6 g.
6
7
6
6
7
7
4
4
7
1*4
6
5

Jan. 3, 1887
Jan. 3, 1887
May, 1900
Jan. 1, 1887
Jan. 1, 1921
Aug. 1. 1923

1868, but in 1885 only 3 ^ per cent was paid, and in 1886, 4. Prices of
stock since 1870 have been: In 1871, 84M® 10358; in 1872, 89@10178l
in 1873, 777s®106Lj; in 1874, 9578®1055s; tn 1875, 100® 1073s; in
•*76. 96@117L2; in 1877, 85ki®10914; 1878, 103%®115 ; in 1879, 112
®139; in 1880, 122 ® 1553s; in 1881, 13011® 155; in 1882, 1235s@138 7
in 1883, l l l L j ® 12913: in 1884, 83^® 122; in 1885, 81%® 10714; in 1886,
to Dec. 17, 9s %® 11738.
The debenture bonds of 1884 must be included in any new mortgage
issued prior to 1902.
Operations, Finances, Ac.—The New York Central & Hudson
River RR. has an exceptionally rich local traffic, but the profits also
depend very much upon harmony among the trunk lines. The large
decline in net income was partly owing *0 general depression, but also
to the building of the New York IVest Shore A Buffalo road.
In Dec., 1885, a lease of the West Shore Railway was taken fo r
475 years and the bonds of $50,000,000 at 4 per cent guaranteed, by N„
Y. Central & Hudson, and $10,000,000 West Shore stock taken as
consideration. The fiscal year ends Sept. 30.
For the year ending Sept. 30,1886, returns were as follows:
1885.
1886.
Gross earnings........................ ........... $24,429,441
$30,506,361
Operating expenses............................. 16,319,372
18,610,377
$8,110,069
5,933,726

$11,895,984,
7,245,885

Profit...............................................
$2,176,343
Dividends paid.................................. (3La) 3,129,990

$4,650,099"
(4) 3,577,132

Net earnings..................................
First charges........................................

Balance..... .................. - .................Def.$953,647
Sur. $1,072,967
Annual report for 1884-5in Chronicle, V. 41,p. 744.
Year
Net Income, Diviending Passenger Freight (ton)
Gross
over exp., dends,
Sep. 30. Mileage.
Mileage.
Receipts. int.&rents, p. c. Surplus
1881.373.768,980 2,646,814,098 $32,348,395 $7,892,827 8 $754,484
1882 432,243,282 2,394,799,310
30,628,781 5,743,904 8 *1,401,6081883 429,385,561 2,200,896,780
33,770,722 7,327,156 8
179,024
1884 387,829,886 1,970,087,115 28.148,667 4,668,759 8 *2,490,885
1885.438,397.774 2,137.824.205 24,429,441 2,176,342 3^*953,651
* Deficit. In 188 1-5 total deficit was $2,295,072.
—(V.42. p. 22. 198. 217,519, 631; V. 43, p. 5, 23, 399, 745.)
N e w Y o r k C h ic a g o & St. L o u is .—Buffalo, N. Y., to Grand Cross­
ing, 111., 513 miles; leased in Buffalo 1^ miles; Grand Crossing to Chi­
cago 9 miles; total, 523 miles. This Company was formed in 1881 and
became known as the ‘‘ Nickel Plate.” Of the stock $22,000,000 is
preferred 6 per cent. In October, 1882, the sale of a majority of the
stock to a syndicate took place, including 124,800 shares of commonstock and 140,500 preferred, at the respective prices (as reported) of 17
and 37. The L. Sh. & Mich. So. owns this stock.
On March 28,1885. D. W. Caldwell was appointed receiver on appli
cation of second mortga ;e bondholders, and default was made on equip­
ment bonds April 1. These bonds are secured on the rolling stock,,
which was purchased in 1882 for $6,Oo0,()00, of which $2,000,000 was
paid in cash. Default on the first mortgage interest occurred June 1,
1885. The bondholders’ committee as constituted December, 1885,
and their proposed method of action, were given in V. 41, p. 653.
In the foreclosure suit. Sept, 18-6, the Lake Shore party, repre­
senting 2d mortgage, floating uebt and a majority of the stock, opposed
the loreclosure on the ground that the corporation was invalid. (See
V. 43, p.334.)
No annual report for 1885 was issued, but the earnings, Ac.. were as
follows: Gross earnings, $3,203,317; net, $769,536; interest on bonds,,
$1,092,760; interest on floating debt, $51,257; rent of terminal facili­
ties and equioment, $2 i6 ,l >1; indebtedness prior to receivership,
$328,504; total, $1,718,672; deficit for year, $949,135.
For the quarter ending Sept. 30, the returns were as follows t:
Gross earnings, $905,197 in 1886, against $737,026 in 1885; net, 1L68,196, against $160,937. Balance over rents and taxes $166,094, against
$66 921. (V.42, p. 60, 123, 136, 187, 215, 243, 339, 463,604, 728,
7 -2 ; V. 43, p. 163, 334, 459, 608.)
]V. Y . D a n b u r y & B o s t o n .—Road projected from Bronx River,
8. Y., to Danbury, Conn., 5 *miles, double ti aek. Contract to finishroad
in one year let to Heman Clark. Bunds of $2,000,000 taken by a syndi­
cate. This is the r ad named as the connecting 'ine of the N. Y. & New
England, meet ng the Suburban Rapid Tiansit also at Bronx River.
Stock i - $3,000,000. The directors as follows: F. A. White, President j
R. M. Hazard, J. L. Macau ay, D. C. Calvin, Geo. S. Scott, Wm. P. Wat
►
on, Clias. H. Capen, John C. Short, Robert Blake, Theo. Talbot. (V.
43, p. 103, 635, 6/1.)
N e w Y o r k C ity & N o r t h e r n .—Owns from 157th Street in 8th
Avenue, New York City (connecting with Metropolitan Elevated), to
Brewsters, N. Y „ and branch, 54 miles. This company was organized
March 1, 1878, and acquired the N. Y. West. & Putnam (formerly the
N Y & Boston Railroad), sold in foreclosure March, 1876. The com­
pany in May, 1880, leased the West Side & Yonkers road for 999 years,
and the consolidated mortgage was issued to take up all the other bonds,
of which $264,000 under a prior mortgage were outstanding Nov. 1,
1884. Stock is $2,''90.000. Default was made May 1,1882, and foreclos
ure is pending. Mr. Joel B. Erbardt, receiver. Gross earnings in 1-84-5,.
$413,533 ; net, $36,154; deficit for year, $205,146.—(V. 43, p. 547.)

D ecember , 1886 J

RAILROAD

STOCKS

AND

BONDS,

69

Subscribers w ill confer a great favor by giving im m ediate notice o f any error discovered in these Tables.
Bonds—Princi
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date 8ize, or
pal,When Due
Amount
For explanation of column headings, Ac., see notes of
of
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
on first page of tables.
Road. Bends. Value.
Cent. Payable
Whom.
Dividenu.
If. ¥. Lake Erie dt West.—Stock, common................. 1,660
Preferred stock.......................................................... 1,660
1st mortgage (extended in 1867 to 1897).............
___
2d mortgage, gold (extended in 1879)...................
3d mort., gold (extended 40 years at 4 ^ p. ct)__
4th mort., gold, (extended in 1880 at 5 per cent). __
5th mortgage, convertible.......................................
Buffalo Branch Bonds...............................................
Long Dock Co,, old mortgage.................................. .
do
mort., coup.,gold (for $7,500,000)
1st consolidated mortgage, gold.............................
do
do
funded coupon bonds.
N. Y. L. E. A W. reorganization 1st lien b’ds, gold . ...
do
2d consol, mort., gold.................
do
income bonds (non-cum.)............
do
f und.coup.bds (redeem, at 105 A int.)
Collateral Tr. bonds, gold, red’ble at 110..............
Car trust bonds (only $600,000 are 6s)..................
"38
Mortgage bonds.........................................................
If.Y. & N. England—Stock ($20,000,000 auth’rized) 380
Preferred stock, 7 per cent cumulative.................. . . . .
321
1st mortgage ($6,000,000 are 7s)...........................
2d mortgage ($3,341,000 are 6s)............................. 321
Notes and debts for terminal property..................
New York New Raven J: Hartford—Stock.............. 257
Mortgage bonds, reg. (for $5.000,000).................. 123
Harlem A Portchester, 1st mortgage guaranteed.
12
12
do
do
2d M., coup, or reg., guar..
New York Ontario & Western—Common stock.......... 321
321
1st M.. gold, for $4,000,000 (redeemable at 110)..

....
1847
1879
1853
1857
1858
1861
1863
1885
1870
1878
1878
1878
1878
1885
1882
....
1882
1876
1882
1882
1883
1873
1881
1884

$100 $77,303,700
100
8,147,400
"6*
1,000
2,482,000
7
1,000
2,149,000
5 g.
1,000
4,618,000
4 1sg.
1,000
2,926,000
5 g500 Ac,
709,500
7
100 Ac.
7
182,600
1,000
3,000,000
7
4,500,000
1,000
6 g.
1,000 16.890,000
7
500 Ac.
3,705,977
7 g.
1.000
2,500,000
6 g.
500 Ac. 33,597,400
6 g.
300 Ac.
6
508,008
5
1,000
4,032,000
1,000
4.273.000
6 g
5.612.000
6A5
2,000,000
3^
1.500.000
5
19,313,000
1,900,009
3ig
1,000 10,000,000
6A 7
1,000
4,361,000 3, 5 A 6
1,646,532
4
100 15,500,000
5
l,000Ac
4
2,000,000
1,000
2,000,000
6A7
1,000
4
1,000,000
58,113,982
1,000
3,000,000
"e g .

Yearly.
M. A N.
M. A 8.
M. A 8.
A. A O.
J. A D.
J. A J.
J. A D.
A. A O.
M. A S.
M. A S.
M. A N.
J. A D.
J. A D.
J. A D.
M. A N.

N.Y., 19 Cort'landt St.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
New York and London,
do
do
do
do
Coupon of June,’ 86, off.
Last paid Dec. 1883.

A. A O.
J. A D. N. Y., 119 Liberty St.

Jan. 15,1884
May 1, 1897
Sept. 1, 1919
Mar. 1, 1923
Oct. 1, 1920
June 1, 1888
July 1, 1891
June, 1893
Oct. 1, 1935
Sept. 1, 1920
Sept. 1, 1920
Dec. 1, 1908
Dec. 1, 1969
June 1, 1977
Dec. 1, 1969
Nov. 1, 1922
1887-1892
Oct., 1886
1923

Boston.
J. A J. Bos., Safe Dep.AT’st Co.
F. A A.
Boston.
Various
Boston.
J. A J. N.Y., Grand Cen. Depot.
J. A D.
do
do
do
do
A. A O.
J. A D .
do
do

Nov. 1, 1886
Jan., 1905
Aug. 1, 1902
1886-92
July 1, 1886
June 1, 1903
1903
June 1. 1911

m .' a ’ s .

Sept. 1, 1914

New York A London.

New York

N ew Y o rk Sc G reenw ood h a k e .—Owns from Jersey City, N. J., I to annual drawings of principal, and 90 per cent of the holders agreed
to Greenwood Lake, 48 miles; bran ekes — Ringwood Junction to to reduce their interest to 5 per cent.
Ringwood, 2 miles; North Newark to Orange, N. J., 8 miles; total, 58
Fm jj one month from Oct. 1 to Oct. 31 in 1886 earnings were
miles. This was the Montclair Railroad, opened in 1874. It was sold $2,231,859, against $1,980,648 i n ’85; net $777,813, agairet $674,410.
and reorganized as Montclair & Greenwood Lake, and again sold
The annual report for year ending Sept. 30, 1886, published in tne
October 12, 1878, and the present company organized. The New York C h r o n i c l e , Y . 43, p. 648 and 669, had the following :
Lake Erie & Western purchased a controlling interest in the property
O PE R A T IO N S AN D F IS C A L RESU LTS.
and now operate it. The holders of the second mortgage bonds have
a right to pay off the first mortgage bonds of $900,000 at 105, and thus
Operations*—
1882-83.
1883-84.
1884-85.
1885-86.
ain control of the property. The stock is $100,000. Gross earnings in Passengers carried.. 6,934,724
6,734,045
7,209,054 7,727,051
885, $188,474; net, $21,514; other charges, $19,149. Abram 8. Hewitt, Passenger mileage .. 247,147,117 235,105,058 250,635,115 256,137,487
President. (V. 40, p. 684.)
Freight (tons) moved 13,610.623 16,219,598 14,959,970 18,668.239
Freight (tons) mil’ge 2306946892 2498888976 2381778927 2882311126
N ew Y o rk & H a r le m .—Owns from New York City to Chatham,
N. Y., 127 miles. Prom Chatham to Albany, 24 miles; the Bost. & Alb.,
* The N. Y. Pa. & Ohio statistics were Included in 1882-3 for five
RR. is used. This company owns the Fourth Avenue street railroad
The property (except the horse railroad) was leased April 1,1873, lor mouths only. Figures of traffic do not include coal and supplies for
401 years, to the N. Y. Central & Hudson River RR. at 8 per cent divi- the use of the two companies.
idends on the stock and the interest on the bonds. The Fourth ave. horse
Earnings—
$
$
$
$
railroad was retained, and extra dividends are paid out of its receipts Passenger.................
4,632,229
4,675,872
3,986.793
4,393,812
annually in April. All operations of the main road are included with Freight...................... 17,213,621 15,773,004 13,813,249 16,894,908
those of the N. Y. Central & nudson.
Mail, expr’s, rents,&e.
956,396
1,188,559
1,134,530
1,211,326
N ew Y o r k L a ck aw an n a Sc W e ste rn .—(-See Map of Bel. Lac/c.
Total
gross
earn’gs.
22,802,246
21,637,435
18,934,572
22,500,046
<&West.)—From Binghamton to Buffalo and International Bridge and
Operating expenses—
branches, 214 miles; built under the auspices of Del. Lack. & Western.
2,720,174 2,602,368 2,369,045 3,124,567
Opened Oct., 1882, and leased to Del. Lack. & West, for 99 years, with Maintenance of way.
Maintenance
of cars.
1,299,986 1,247,324 1,305,864 1,945,384
a guaranty of the bonds and 5 per cent yearlv on the stock. The latter
4,443,908
4,749,570 4,158,186 4,306,219
guaranty is written across the face of the certificates and signed by the D. Motive pow er..........
Transp.
expenses...
6,421,979
7,059,155
5,964,475 6,524,100
L. A W. officials. Sept. 30,1884, owedD. L. & W. for advances $420,143
General expenses...
558,536
699,660
549,946
488,368
N ew Y o rk L ake Erie Sc W e ste rn .—L ine of R oad .—Sufferns
Total................... 15,444,583 16,358,077 14,347,516 16,388,638
N. Y., to Dunkirk, N. Y.,430 miles: branches—Piermont. 18 miles; New7,357,663
5,279,358
4,587,056 6,111,408
burg. 18 miles: Buffalo. 80 miles; Erie International RR.. 5 miles; Net earnings...........
64‘78
69‘52
6979
66‘97
Rutherford to Ridgewood, 11 miles; leased—Montgomery & Erie RR., P. c. op. exp.to earn’s
10 miles; Goshen & Deckertown, 12 miles; Newburg A New York,
The statement of profit and loss incl’ide*f>mmerous items, and refer­
13 miles; Paterson Newark. AN. Y., 11 miles; Hawley A Honesdale, 24 ence should be made to the table in V. 43, p. 669, of which the totals are
miles; Jefferson RR., 37 miles; Buf. Brad. & Pittsburg and extension, 78 as follows for the fiscal years ending Sept. 30,1883, 1884, 1885 and
miles; Buff. N. Y. & Erie, 140 miles; Suspension Bridge A Erie Junction, 1886 :
23 miles; Rochester & Genessee Valley, 18 miles; Avon Gen. & Mount
1883.
1884.
1885.
1886.
Morris, 17 miles; Pat. & Hud., 15 miles; Pat. A Ram., 15 miles; Lockport Total incom e....
$8,234,463 $6,356,983 $5,589,748 $7,057,869
& Buf., 13 miles; Buf. & Southw., 68 miles; controlled—Newark & Hud., Total debits*....
6,968,978
7,055,606
6,966,691
7,043,258
6 miles; Weehawken N.Y. & Ft. Lee, 5 miles; Northern of N. J., 25 miles;
N. Y. Penn. & Ohie and branches, 547 miles; total operated, 1,622 miles Surp. or deficit.. $1,265,485 def.$698,622 df.$l,376,943 Sur.$14,611
On May 1,1883, began to operate the New York Pennsylvania & Ohio
under lease, and on May 14,1883, the Chicago A Atlantic road was
* Includes full interest on 2d consols each year whether paid or not.
opened from Marion, Ordo (on the New York Pennsylvania & Ohio), to
Chicago, 268 miles, and under control of N. Y. Lake Erie & West, gave a —(V. 42, p. 60, 93, 187, 207, 243, 264, 272, 304, 431, 463, 549, 604
694;
V. 43, p. 23, 132, 191, 245, 399, 648, 6 6 9 , 671.)
complete line from New York to Chicago; but in 1885, owing to dissen­
sions, this was broken.
N e w Y o r k Sc L o n g B ra n c h .—The following-named companies
Or g an ization , L eases , &c.—The New York & Erie RR. was chartered were consolidated on December 21, 1881: New Yo~k & Long Branch
April 24,1832, and the State of New York loaned the company $3,000,- RR., from Perth Amboy to Long Branch, 23 miles; New Egypt A Far000; the road was opened to Dunkirk April 22, 1851. The company mingdale R R . , from Long Branch to Ocean Beach, 7 ; Long Branch A
was reorganized under the name of Erie Railway Co. June 25, 1861. Sea Girt RR., from Ocean Beach to Sea Girt, 3; New York A Long
This Erie Railway was sold in foreclosure under the second consolidated Branch Extension RR., from Sea Gi rt to Point Pleasant, 3 ; Long
mortgage in 1878. The present company was organized and took Branch A Barnegat Bay RR., from P oin t Pleasant to Bay Head, 1;
possession June 1,1878. The Long Dock Co. has stock of $800,000, all total length, 38 miles. The Central RR. of New Jersey holds a ma­
owned by the N. Y. L. E. & W.; its property consists of lands and lands jority of the stock, and by contract of Jan. 3, 1882. the Penn. RR. and
Central of N. J. agree to pay 32 p. ct. of gross traffic—$206,000 per yea*
under water, about 577 acres, with piers, buildings, Ac.
S t o c k a n d B o n d s .— Preferred stock has a prior right to 6 per cent as a minimum to $240,000 as a maximum. When the Phila. A Read, leased
(non-cumulative) from the net profits, “ as declared by the board of di­ the Central of N. J., litigation was begun to deprive the Penn. RR. of
rectors,” but the U. S. Supreme Court held in 1886 that this stock has further use of this route, but a compromise was made.
no legal right to claim a dizidend, though net earnings are sufficient.
N ew Y o rk Sc N e w E n g la n d .—The mileage owned is as fol­
Prices of com. and pref. stock since June, 1878, have beer as follows:
Com.—In 1878, 7 ^ 2 2 ^ ; in 1879, 21i8®49; in 1880, 30@51ie; in 1881, lows: Boston to Hopewell Junction, 215 miles; Wicopee to Newburg, 3
39%@5278; in 1882,33l4®43%; in 1883, 2678®4078: in 1884, llis®2838; miles; Providence to Willimantic, 58 miles; branches—Newton, Mass.,
in 1885, 914® 2?78; in 1886, to Dec 17, 22V<i>3838. Pref.—In 1878, to Woonsocket, R. I., 28 miles; East Thompson, Conn., to South21*2@38; in 1879, 37^® 78*8; in 1880, 4 7 ® 9 3 ^ ; in 1881, 80ip@96L2 ; bridge, Mass., 17 miles; Elmwood to Dedham, Mass., Ip2 miles; Charles
in 1S82,67®8814; in 1883,72 ®83 ; in 1884, 20® 71; in 1885, 18®57; in Riv. to Ridge Hill, Mass., 2 miles; other branches, l 1^ miles; total owned,
326 miles. Leased—Franklin to Valley Falls, 14 miles; Vernon to Rock­
1886 to Dec. 17, 5u%®81 ^ .
The 1st consol, funded coupon bonds are secured by lien of consoli­ ville, 4 miles; Springfield to E. Hartford, Ac., 34 miles; Norwich A Wor­
dated mortgage. On the second consolidated mortgage no foreclosure cester RR., 66 miles; total leased, 119 miles; also has running arrange­
can take p' see till six successive coupons are in default, but all of one ments over 26 miles more. Total, 471 miles. Controls Norwich A N. Y.
coupon must be paid before any part of a subsequent coupon is Steamer line.
The former Boston Hartford A Erie Railroad became insolvent and was
paid. In 1883 the collat’l trust bonds were issued (the U. 8. Trust
Co. trustee; see V. 38, p. 509), and redeemable at 110 on three months’ succeeded by this company", formed in 1873. In 1878-79 the company
n otice; about $730,000 were so redeemed Nov., 1885. The 2d consol, acquired the Hartford Prov. A Fishkill RR, Since the completion of
funded coupon bonds of 1885 were issued to fund three past due the line to Fishkill on the Hudson in 1883, the through traffic rates
coupons and the coupon of June, 1886, and the coups, are deposited as have been demoralized, and the N. Y. A New England has not yet
security. These bonds are redeemable at any time at 105 and accrued realized the full benefit of that extension.
On January l, 1884, Mr. C. P. Clark, the President, was appointed the
interest. The Long Dock mort. for $7,500,000 was issued in 1885
($3,000,000 being reserved to meet the old bonds), and the bonds under receiver, aud so remained till Jan. 1, 1886, when the road was returned
to
its owners. For the car trust bonds 2d mortg. bonds were issued,
this mort. are payable at 110 from proceeds of land sales.
bearing 3 per cent to Feb. 1890, 5 per cent to Feb 1892 and 6 for bal­
ance
of term. In 1S85 $2,000,009 of 7 per cent cumulative preferred
O p e r a t i o n s , F i n a n c e s , A c .—The company since its reorganization
in 1878 has become a standard gauge system. The income account for stock at partaken by stockholders and others cleared off the floating
several years showed a considerable surplus over fixed charges, but in debt.
Gross earnings for one month from Oct. 1,1886, $381,180, against
1883-84' the income fell off largely, and there was a deficit below the
interest requirements, and three coupons, June, 1884, to June, 1885, $339,963 in 1884-85; net, $158,509, against $150,705.
See annual report for year ending Sept. 30,1886, in V. 43, p. 670.
on the 2d consol bonds, were passed.
Some of the holders of car trust bonds have relinquished their right Operations, Ac., for four years past were :

f




]N YESTORS’

70

S [TPPLEMENT,

[VOL. X L I I I ,

S u bscribers w i l l co n fe r a gre a t fa v o i by g iv in g Im m e d ia te n o tice o f a n y e rro r d isc o v e re d in ih e se T a b le s .

Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
When Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,
of
Par Outstanding
Stocks—Last
For explanation of column headings, &c., see notes of
Road. Bonds Value.
Whom.
Dividend.
Cent. Payable
on first page of tables.
New York Penn. <£•Ohio—Prior lien bonds, go!d,$&£
1st mort., gold (no foreclosure till 1895,) $ & &
2d mortgage, incomes, $ <&£ ..................................
3d mortgage, incomes, $ & £ ..................................
N. T. Phila. & Norfolk—1st mortgage, gold.............
Income mortgage, non cumulative.-.......................
N. Y. Prov. <£■ Boston—(Stonington)—Stock.............
First mortgage..................................... - ....................
1st mortgage (Stonington to New London)...........
N Y.Susqueh.cG Western—1st mort., Midland of N. J.
1st mort., gold (2d on 73 miles)........ .....................
Mortgage, gold, on Paterson Extension...............
New first mort., gold (ior $3 750,010)....................
New 2d mort. (for $ 1,000,0c 0 )................................
Debenture bonds .....................................................
Gar trust certificates................................................
N. r. lex.it: Mex.—1st M.. gold, 1. g. (for $8,000,000)
N.Y. Woodhaven & Hathaway— 1st mortgage, coup .
Income bonds, non-cumulative, l eg.......................
Car trusts, secured by 1st mortgage bonds..........
Niagara Bridge <£ Canandaigua—Stock..................
Norfolk Southern—1st mortgage, gold.....................
2d mortgage, income (not cumulative)..................
2d mortgage debenture............................................
Funded iut. bonds ($270,000 secured by coupons)
Norfolk a Western—Common stock..........................
Preferred (6 per cent) stock.....................................
General mortgag, gold: (for $11,000,000).............
1st M., gold, on New Riv. div, (coup, or reg.)........
Improv. & Ext. mort., gold, ($8,000,000 author’d)
Adjustment mort., gold (red’ble after ’94 at 110).
INCOM E ACCOUNT.

427
460
460
460
112
'8 2

50
12

73
61
134

16
100

75
75

510
510
428
80
510
510

1880 $500&c. $8,000,000
6 g. M. & S. London and New York.
1880 500 &c. 44,093.000
do
do
7 g. J. & J.
1880 500 &c. 14,500,000
do
do
5 g. M. & N.
1880 500 &c. 30,000,000
do
do
5 g. M. & N.
1883
Philadelphia.
1.000
1,848,000
6 g. J. & J.
1883
1,000
1,000,000
6
do
do
100
3,000,000
2bj J, & J. N. Y., Central Trust Co.
1869
1,000
1,000,000
7
J. <& J.
do
do
1,000
do
do
1881
300,000
4
A. & O.
1880 500 &c.
6
3,500,000
A. & O. N. Y., Nat. Park Bank.
1,000
1881
2,500,000
6
J. & J. Paid cash, ^ scrip.
1,000
1881
6
T. & D.
250,000
1,000
....
....
5 g.
(?)
(?)
1882
500
6
F. & A. Paid *2 cash, ^ scrip.
600,009
831,420
6
Quar.
1882
500
N. Y ., So. Pac. Co.
3,000,000
6 g. A. & O.
1882
1,000
600,000
Treasurer’s Office.
6 g. J. & J.
1885
1,000,000
6
180,213
F. & A.
6
100
1,000,000
3
A. & O. N. Y., Cent. RR. Office.
1880
1,000
900,000
6 g. M. & S. Int.fund. from Sep.1,’84
1881
1,000
6
Yearly.
1,000,000
1881
1,000
6
A. & O. Int.fund. from Sep.1,’84
250,000
’80-’8‘2
300
345,000
6
Various
100
6,884,700
100 18,000,000 3^2 scrip
1,000
1881
6,699,000
6 g. M. & N. N. Y. and Philadelphia.
1832
1,000
2,000.000
do
do
6 g. A. & O.
1883
1,000
do
do
2,900,000
6 g. F. & A.
1884
1,000
1,500,090
New York and Phila.
7 g. Q —M.

1882-83.
Jfeceipts—
$
Gross earnings.......... 3,568,653
382,277
Net earnings..............
3,204
Other receipts............

1883-84.
$
3,3 37,901
396,276
31,846

1884-85.
$
3,288,946
987,231
23,473

1885-86.
$
3,863,994
1,243,389
35,411

385,481

428,122

1,010,704

1,278,800

74,844
848,064
7,594
86,5s2

88,903
916,273
10,113
82,103

130,132
933,221
28,769
32,041

66,235
964,629
94.269
9,507
133,000

1,097,397
1,124,166
TotTdi6b’ ments. 1,017,084
B alance................ def. 631,603 def. 669,275 def. 113,459

1,267,640
sur. 11,160

Total income.......
Disbursements—
Rentals paid............ ■
Interest on i onds*.
Int. on floating debt.
Int.cn car tr’stsA mis.
7 per cent dividend..

‘ Including int. on Terminals and full interest on bonds each year.
—(V. 42, p. 60, 61, 156, 187, 243,304, 393, 431,463,487, 575, 596, 694;
V. 43, p! 23, 103, 132, 162, 274, 399, 459, 548, 635, 6 7 0 , 672, 746.)
N e w Y o r k N e w H a v e n <fc H a r t f o r d .—Owns from Harlem JunoN. Y., to Springfield, Mass.. 123 miles; branches to New Britain, Middle,
town audSuffield, 18 miles, leased—Harlem &Portchester RR., 12 miles;
Shore Line RR., 50 miles; Boston & New York Air Line and branch, 54
miles; Stamford & New Canaan Road, 8 miles—total operated, 263
miles. This was a consolidation July 24, 1872, of the New York & New
Haven and the Hartford & New Haven railroads. The company uses
the N. Y. & Har. RR. from Williamsbridge into N. Y. City and pays a
large rent therefor. The company leases the Harlem River & Port­
chester Railroad, and guarantees the bonds. In November. 1882, the
lease of the N. Y. & Boston Air Line for 99 years at 4 per cent per an­
num on the preferred stock was made. In Sept., 1882, the stock of tne
Hart. & Conn. Val. road was purchased. In April, 1881, a controlling in­
terest was bought in the N. Haven & Northampton RR. stock by parties
in the interest of this company. In 18S3 the mortgage for $5,000,000 at
4 per cent was authorized, to be issued as required in making improve­
ments on the main line. Fiscal year ends September 30. Annual report
for 1884-5 was in V . 42, p. 59.
For the year ending Sept. 30, 1886, the total iucome was $7,601,947,
against $6,895,825 in 1884; net earnings, $2,633,971, against $ 2 ,2/1 ,838. Y. 42, p. 59, 243, 575: 7. 43, p. 163, 608.
N e w Y o r k O n t a r io & W e s t e r n .—Owns from Oswego, N Y., to
Cornwall, N. Y.. 273 miles'; branches to New Berlin, 22 miles; to Delhi,
17 miles; to Ellenville, 8 miles; total owned, 320 ra les. By contract
has right over West Shore RR. from Cornwall to Weehawken, 52 miles;
total operated, 372 miles.
In May, 1886, made an agreement with the D. & H. Canal Co. for
operation of the Utica Clinton A Binghamton and the Rome & CJinton
Railroads for 30 years on a perce ntage basis.
This was the New York <& Oswego Midland. Main line was opened
July. 1871. Default was made in 1873. The main line was sold in fore­
closure Nov. 14, 1879. Present company organized January 22, 1880.
Of the $4,0: 0,000 of 6 per cent first mortgage Oonds $2,000,000 were
used to retire the preferred stock. By agreement with the new West Shore
Co. in January, 1886. the N. Y. O. & W. took title to tlietpad, Middleton
to Cornwall, and a right to run its trains over the West Shfcre from Corn­
wall to Weehawken by payment of a fixed sum per mile for trackage.
In the year ending Sept. 30, 18t>6, gross earnings were $1,492,851;
net, $221,999. See annual report in V. 43, p. 606. (V. 42, p. 93, 123,
125, 272, 304, 387, 394, 664 ; V. 43, p. 6 0 6 , 619.)
N e w Y o r k P e n n s y l v a n ia Sc O b lo .—Owns from Salamanca,
N. Y., to Dayton, O., 388 miles; branches—to Oil City, 3t miles; to
Silver Creek, O., 2 miles; total owned, 424 miles. Leased lines—
Cleve.& Mahon. RR.,81 m.; Niles &New Lisbon RR., 36 m ; other small
branches, 32 in.; total operated, 573 miles. Changed to standard gauge
June, 1880. Formerly Atlantic & Great Western Railway sold Ju y
1 1871, and leased to Erie on May 1,1874, but lease not carried out
Again sold Jan. 6, 1880, aud reorganized by a London committee
of stock and bond holders, (see V. 30. p. 143.)
Five trustees exercise the voting power of the new stock until the third
mort. bondholders receive 7 per cent interest in cash during three years.
The first mortgage bonds bear 7 per cent, whatever portion of this that
may not be earned to be payable in deferred warrants, to be capitalized
in bonds of the same class; payment of interest to become absolute not
later than July 1,1895, and until July 1,1895, the right to foreclose
the mortgage is suspended. On the second and third mortgages there
is no light to sue the company or to foreclose. The stock is—preferred
$10,000,000; common, $34,999,350. ik e deferred warrants, Sept 30,
1885, were $2,076,6d5. Bonds above are also secured on leasehold
estates.
From May 1,1883, leased to N. Y. Lake Erie & Western. The rental
will be 32 per cent of all gross earnings up to $6,000,000, and 50 per
cent of all gross earnings above $6,000,600, or until the gross earnings
are $7,2o0,000, and then 35 per eent of all earnings. But if 32 per cent
ef the gross earnings should ever be less than a specified minimum sum
of $1,757,055 to be paid yearly, then the deficit is to be made up without
interest out of the excess In any subsequent year. Out of the rental paid,
the N.Y. P. & O. has to pay its int. and rentals, and for two and a half
years a payment of $260,346 a year to the car trust.




March i , 1895
July 1, 1905
May 1, 1910
May, 1915
Jan. 1,1923
Oct. 1,1933
Nov. 1, 1886
July 1, 1899
April 1, 1901
April 1, 1910
July 1, 1911
1911
1937
Aug. 1. 1897
1887-1893
Oct. 1, 1912
Jan. 1, 1902
Jan. 1, 1912
Aug. 1, 1890
Oct. 1, 1886
Sept. 1, 1920
Jan. 1, 1970
Oct. 1, 1921
1920 & 1921
J a n .15,1884
May 1, 1931
April 1, 1932
Feb. 1, 1934
Dec. 1, 1924

Earnings for year ending Sept. 30, 1886, $6,161,107; net, $2,051,875;
rental to N.Y. P. & O., $1,971,554; profit to Erie, $80,321.
New Y o rk P h ila d elp h ia & N o rfo lk .—Operates from Delmar,
Del., to Cape Charles, Va., 95 miles, and King’s Creek, Md., to Crisfield,
17 miles; total, 112 miles. Successor of the Peninsula RR. Co. of Va.,
Jan. 1, 1884, purchased the Eastern Shore (Md.) RR., Delmar to Cris­
field, 38 miles. Capital stock, $1,714,375. There is also a 6 per cent
bottomry mortgage for $225,000 due in I s 87. Gross earnings in 1884
$123,526; net, $50,256; interest on bonds, $55,920. Gross in 1885,
$313,148; net, $18,500; interest, $120,007. A. J. Cassatt, President,
Philadelphia.
New York Providence Sc B o sto n .—Owns from Providence. R.
I., to Groton, Conn., 62 miles; Warwick RR., 10 miles; Pontiac branch,
4 ^ miles; operates also Pawtuxet branch roads, S im ile s ; total oper­
ated, 82 miles. Owns a majority interest in the Providence & Stoning
ton Steamship Line, which has a capital of $1,400,000. Gross earnings
in 1885-86, $1,237,120, against $1,139,886 in 1884-85; net earnmgs,
$376,073, against $378,370. (V. 41, p. 7 20; V. 43, p. 745.)
New Y o rk Susquehanna Sc W e ste rn .—Jersey City to Grave
Place, 101 miles; Two Bridges, N. J.. to Unionville, N. Y., 21 miles; other
branches, 12 miles; leased—Unionville, N. Y., to Middletown, N. Y., 14
miles; Lodi Br., 2 miles; Penn. RR. trackage, 2 miles; Passaic Br., 3
miles; total, 155 miles.
The New Jersey Midland was built as a connecting line of the New
York & Oswego Midland, and went into receiver’s hands March 30,
1875, and was sold in foreclosure Feb. 21,1880. and tbe Midland of
New Jersey was organized. The New York Susquehanna & Western was
a consolidation in June, 1881, of the Midland of New Jersey, the Pater
son Extension, the North Jersey, the Pennsylvania Midland and the Mid­
land Connecting railroads. Stock, common, $13,000,000; preferred
(cumulative 6 per cent), $8,000,000. The amounts of stock were reduced
in 1882 from $20,000,000 com. and $10,000,000 pref. The New Jersey
Midland junior securities were exchangeable into stock of this company
on certain terms, and the exchanges up to Jan. 1,1886, left $2,647,131 of the old stock, income bonds and scrip not yet exchanged.
From Jan., 1885. to July, 1886, bondholders (except of N. J. Mid­
land) funded in scrip one-half of the coupons due, and in Dec., 1886,
new 5 per cent bonds were proposed to exchange for the first and de­
benture bonds. (See V. 43, p. 746.)
For ten months from Jan. 1 to Ck?t. 31, gross earnings were $909,160 in 1886, against $908,606 in 1885; net, $382,578, against $419,114.
Income account has been as follows:
INCOM E ACCOUNT.

1883.
1884.
1885.
Gross earnings.................................. $1,038,656 $1,031,208 $1,092,355
Net earnings..................................
$400,065
$416,521
$474,835
lW(^e8tronW
bonds.............................. $382,500
$411,000 *$322,095
Rental M. U. & W. G. Railroad...
........
2\000
25.000
Car trust obligations for year
........
83,192
192.352
Total disbursements.................
$382,500
$519,192
$439,447
Balance.......................................... sur.$17,565 df.$102,671 sur.$35,388
* Half interest only paid on N. Y. Sus. & W. firsts and debentures.
tCar trusts matured were $117 552, of which $25,200 was deferred.
—(V 42, p. 22, 61, 215, 5 73; V. 43, p. 335, 368, 516, 672,746.)
N ew Y o rk T exas «fc M e x i c a n .-Line projected from Rosenburg
Junction, Texas, to Brownsville, 350 miles. Completed Rosenberg to
Victoria, 92 miles. Mortgage $22,850 per -mile, covering 5,120 acres
of land, being half of the grant, which is 10,240 acres per mile, if it
can be oDtained. Stock, $814,800. In September, 1885, sold to So.,
Devel. Co. and is operated by the So. Pacific. (V. 41, p. 273, 446,745;
V. 42, p. 243; V. 43, p. 133, 163.)
New Y o rk W o o d h a v e n Sc R o c k a w a y .—Owns from Glendale
Junction to Rockaway Leach. 10% m iles; leased—Glendale Junction to
Long Island City, 6 k. m iles; Fresh Pond to Bushwick, 2^ miles; Wood­
haven to Brooklyn, 6 ^ miles; total operated, 2614 miies. The
stock is $1,000,000. In Nov., 1886, it was agreed to assess the stock 5
per cent, income bends 10 per c* nt, and to increase the mort. bonds to
$1,000,000 at 5 per cent, Foreclosure is to be made and new securities
issued as follows: $1,0 0,000 1st mort. bonds, $1,100,0 0 income
bonds and $1,000,000 stock. See V. 43, p. 672. In 1884-5 gross earn­
ings wrere $153,244; net, $77,707; rentals, $43,103; balance, net in­
come, $34,603, against $28,883 in 1884. In September, 1886, wrent
under Corbin management. J. D. Campbell, Secretary of committee,
115 Broadway. (V. 43, p. 217, 245,335,672.)
Niagara B rid ge & C an an daigu a.—Owns from Canandaigua to
Suspension Bridge, N. Y., and branch, 100 miles. The road is leased in
perpetuity to the New York Central & Hudson at $60,000 per annum,
with right o f lessee to commute by payment of a gross.sum of $1,000,000.
N orfolk Southern.—Formerly the Elizabeth City & Norfolk. Name
changed Feb. 1,1883. Owns from Norfolk. Va., to Edenton, N. C., 73
miles. Capital stock, $1,000,000. The holders of 1st mort. and deben­
ture bonds funded their interest for five years, Sept, and Oct., 1884, to
March and April, 1889, respectively. Gross earnings in 1885, $206,310; net, $71,165; surplus over all payments, $6,953.
N orfolk & W e ste r n .—(See Map.j—Owns from Norfolk, Va.,to P e ­
tersburg, Va., 81 miles; Petersburg Va., to Lynchburg, Va. 123 miles,
Lynchburg, Va., to Bristol, 204 miles; branches—Petersb’gto Citv Point,
Va., 10 miles; Junction to Saltville, Va., 10 miles; New River Division,

BOKDS
STOCKS AND
KAILKOAD
D e c e m b e r , 1886.J




INVESTOBS’

72

SUPPLEMENT.

[V ol. XLIII.

Subscribers w ill confer a great favor b y}givin g im m ediate notice o f any error discovered in these Tables.
Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,When
Par Outstanding
Stocks—Last
of
For explanation of column headings, &c., see notes of
Dividend.
Bonds
Payable
Whom.
Road.
Value.
Cent.
on first page of tables.
Norfolk <&Western—(Continued)—Car trust...............
Convertible debent’res (red’ble on 30 days’ notice)
Norfolk & Petersburg—2d mort.............................
South Side—1st pref. consol, mort. (6s, ext.in ’85)
do
2d
do
guar. Petersb’rg
do
3d
do
..........................
Virginia & Tenn.—Enlarged mort. (extend’d in ’84)
do
do
4th mortgage.....................
North Carolina—Stock, common..............................
Preferred stock..........................................................
Mortgage bonds........................................................
1st mort. Nor ih Pacific Coast Extension Co...........
North Pennsylvania- -Stock, guar..............................
2d mortgage...............................................................
General mortgage bonds..........................................
Bonds secured by $1,200,000 stock.......................
1st mortgage..............................................................
2d mortgage...............................................................
Consol, mort., gold (for $1,836,000)........................
Northern (Cal.)—1st mortgage ($6,300,000), gold..
San Pablo & Tulare—1st mort. ($3,750,000)........
Northern. N. H.—Stock................................................
Northern Central—Stock.............................................
lstjmortgage, State (Maryland) loan.....................
2d mortgage, coupon................................................
Consolidated mortgage, gold, coupon....................
Consolidated mortgage, gold, registered...............
Consol, general mort., gold, s. f., coup., £ or $ —
do
do
gold, coup. $ .....................
do
do
do
do.......................

81
133
133
133
214
214
223
223
223
76
88
56
140
102
102

....

149
47
83
323
138
138
138
138
138

__
—

M'nthly
Various.
Yar’s $ ....
New York & Phila.
$1,093,582
J a n .15, 1894
1884
500
525,000
6
J. & J. Philadelphia Office.
1,000
J. & J. N. Y. and Philadelphia. July 1, 1893
496,000
8
1868
1887 to 1900
1866
1,000
410,000 5, 6 & 8 J. & J.
do
do
1900
1866 200 &c.
488,300
5 & 6 J. & J.
do
do
6
J. & J.
Jan.l,’96-1900
1866 200 &c.
452,800
do
do
1854
1,000
5
I. & J.
July 1, 1900
990.000
do
do
Meh. 1, 1900
1,000
J. & J.
do
do
1865
1,000,000
8
100
3
M. & S. Company Shops, N. C. Sept. 10, 1886
3,000,000
100
M. & S.
1,000,000
3
do
do
Sept. 10, 1886
M. & N.
500
Nov., 1888
’67-’68
210,000
8
do
do
M. & N.
6
Nov. I, 1901
1881
1,100,000
Jan. 2, 1889
J. & J.
150^000
__
50
2
Q .-F .
Nov. 24, 1886
4,399,750
Philadelphia Office.
M. & N.
500 &c.
May 1, 1896
1,500,000
7
do
do
J.
&
J.
4,169,500
7
do
do
1903
M. & S.
1881
1,200,000
3
do
do
Sept. 1, 1905
50
899,350
6
In 1884-5
1869
500
M. & S.
820^000
8
Charleston, Office.
Sept. 1, 1899
1869
500
M. & S.
322.000
8
do
do
Sept. 1, 1899
1,000
1883
694,000
6 g. J. & J. N.Y., Jesup, Paton & Co. Jan. 1, 1933
1,000
1877
3,964,000
Jan. 1, 1907
6 g. T. & J. Central Pacific RR.
1,000
1878
1,023,000
A. & O.
6
do
do
April 1, 1908
....
100
3,068,400
J. & D. Bost.,Conc’d or Leban’n Nov. 1, 1886
3
. ...
50
6,500,000
4
J. & J. Baltimore & Philadel. Jan. 15,1887
__
___
1,500,000
6
Q .-J .
Annapolis.
Irreaeemable.
1865 500 &c.
1,126,000
6 g- A. & O. Baltimore & Philadel. April 1, 1900
1,000
1868
2,599,000
6
J. & J.
Baltimore.
July 1, 1900
1,000
1868
205,000
do
July 1, 1900
6 g. A. & O.
1874-5 1,000
2,438,000
6 g. J. & J. London & Baltimore. July 1, 1904
1876-7 1,000
2,000,000
J.
&
J.
July
1, 1904
Baltimore.
6 g.
1885
1,000
1,220,000
April 1, 1925
4 1sg. A. & 0.
do

75 miles; coalmine branches, 7 miles. Total operated Deo. 31,1885,
610 miles. Under eonstruction, Cripple Creek Branch, 50 miles.
The Atlantic Mississippi & Ohio RR. Co. was a consolidation of Nor­
folk & Petersburg, South Side and the Virginia & Tennessee roads, in all
o f which the State of Virginia had an interest for loans made to them.
Default on the Atlantic Mississippi & Ohio consolidated Donds was made
October 1,1873, and the road was sold in foreclosure Feb. 10, 1881,
and was reorganized as the Norfolk & Western. Of the general mort­
gage, enough is reserved to take up prior liens. The dividends on
referred stock were suspended in 1883 to pay off floating debt.
l January, 1884, the convertible debenture bonds were issued for taking
up the scrip of some $525,000 issued for dividend on pref. stock. In
Oct., 1884. the adjustment mortgage for $1,500,000 was issued to fund
floating debt, and is redeemable after 1894 at 110. The annual report
for 1885, in V. 42, p. 516, had the follow ing:
The remarks of Mr. F. J. Kimball, the President, contain the following
as to the operations of 1885: “ The volume of through traflic was
greater in both passengers and freight than in 1884, but the earnings
therefrom were lower than in any other year of your company’s opera­
tions, being $107,008 less than in 1884 and $309,684 less than in 1883.
The long-continued commercial depression, the prostration of industries
throughout the country and the very low competitive rates at which
this class of traflic was transported, are the well understood causes of
this decrease of earrings. The effe ct produced by these causes upon the
local traflic wa augmented by the failure in April, 1885, of several of
the most important banks at Norfolk.” * * * ‘ ‘ The local traffic,
excluding coal and coke, amounted to 410,000 tons, a decrease of 41,282
tons, or 9 per cent, as compared with similar traflic of the preceding
year.” * * * * * Owing, however, to the large increase in the coal
traffic, the aggregate local freight traffic increased 296,838 tons, or 45
per cent, and the earnings therefrom increased $218,086, or 18 per
cent.”
Gross earnings for ten months from Jan. 1, 1886, were $2,647,013,
against $2,251,c57; net, $1,067,447, against $895,265.
The earnings and expenses for four years w ere:
1882.
1883.
1884.
1885.
Miles ow’d & oper’d.
428
503
503
510
Operations—
Passengers carried..
263,347
307,927
412,152
388,087
Passenger mileage.. 14,915,267 16,285,288 19,213,251 19,151,534
Rateperpass. perm. 3‘ 858 cts. 3‘815 cts.
3 362 cts.
3*027 cts.
Freight (tons) moved
609,727
797,255
892,512
1,199,790
Freight (tons) mil’ge 133,957,973 155,521,709 171,773,275 295,788,872
Rate per ton per m .. 1*384 cts,
1*409 cts.
1*202 cts.
0*741 cts.
Earnings—
$
$
$
$
Passenger.....................
442,301 485,805
521,192
458,445
1,842,383
2,181,711
2,025,087
2,138,120
Freight.....................
Mail, express, &c__
145,055
145,260
164,875
174,555

£

Total gross earn’s.
Operating expenses.

2,429,740
1,322,576

2,812,776
1,509,574

Net earnings...........
P.c. of op. ex. to earn

1,107,164
54*4

Receipts—
Net earnings............
Other receipts..........

1882.
$
1,107,163
63,389

1883.
$
1,303,202
............

Total income........
Disbursements—
Interest.....................
Dividends.................
Miscellaneous...........

1,170,552
$
729,359
600,000
.........-

1,303,202
$
810,792
525,000
............

1,303,202
53*7

2,711,151
1,516,858

2,771.120
1,649,219

1,194,296
55*9

1,121,829
60*0

1884.
$
1,194,296
............

1885.
$
1,121,829
............

INCOME ACCOUNT.

N orth P e n n sy lv an ia .—Owns from Philadelphia, Pa., to Bethle­
hem, Pa., 56 miles; branches—Jenkint’n to Dela. River, 20 miles; Lansdale to Doylestown, 10 miles; Iron Hill to Shimersville, 2 miles; total
operated, 88 miles. The Northeast Penn, and the Stony Creek roads are
operated under contract. In May, 1879, was leased to Phila. & Reading
at 6® 7 p. c. on stock till 1883, and 8 per cent thereafter.
Northeastern (S. C .)—Owns from Charleston, S. C., to Florence
S. C., 102 miles. Leased jointly, Lane, S. C., to Sumter, S.C., 38 miles
Total operated, 140 miles. This company has earned the interest on its
bonds, with a good surplus. In Nov., 1882, the above consol, mortgage
was authorized, of which $1,142,000 to be held to retire debts of prior
lien. In 1883-84 gross earnings were $569,470; net, $164.9 46; in 1884-5,
gross, $570,058 net, $162,819; in 1885 86, gross, $558,633; net, $121,765. (V. 42, p, 21 ; V. 43, p. 7 1 7 .)
N orthern (C alifornia).—Owns from West Oakland to Martinez, 31
miles; Benicia to Snisun, 16 m iles} Woodland to Tehama, 101 miles;
leased, San Pablo & Tulare RR.—Mkrtinez to Tracy City, 47 m iles;
total operated, 195 miles. Completed in 1878 and is leased to the
Central Pacific till Jan. 1, 1907, at a rental of $40,000 per month and
uar. of principal and interest of bonds for Northern; and San Pablo &
. leased till 1908 for $13,800 per month and guar, of princ. and int. of
bonds. In 1881 8 per cent dividend paid; in 1882.1% ; in 1883,
The Northern stock is $6,190,500—authorized, $8,400,000, and San P,
& T. stock $1,861,000. W. V. Huntington, President. San Francisco.
N orthern, N ew H a m p sh ir e .—Owns from Concord, N. H., to West
Lebanon, N. H., 70 miles; branch, Franklin, N. H., to Bristol, N. H., 13
miles; total, 83 miles. Leased to Boston & Lowell at 5 per cent per
year on stock. In 1885-6, net income from rental aud interest account
was $202,572 ; dividends of 6 per cent, $179,838. The only liabilities
are a guaranty of $500,000 Concord & Claremont Railroad bonds, of
which the Northern RR. owns $250,000. See annual report (V. 40. p.
683, and V. 42, p 752) as to certain litigation (V. 40. p. 152, 6 8 3 ; V.
42, p. 694, 7 5 2 ; V. 43, p. 184.)
Northern C en tral.—Owns from Baltimore, Md., to Sunbury, Pa.,
139 miles; branch—Relay to Green Spring, 9 miles; leased—Shamokin
Valley A Pcttsville RR., 28 miles; Elmira & Williamsport Railroad, 78
miles; operated ai cost—Chemung Railroad, 22 miles; Elmira Jefferson
& Canandaigua RR., 47 miles—315 miles; track of New York Lake Erie &
Western used 7 miles; total operated, 323 miles. This was a consolida­
tion ot several roads in Dec., 1854. The terms of the several leases will
be found under the names of the leased roads. In February, 1882, pur­
chased at par the stock of Union Railroad in Baltimore, $600*000,
practically making that road a part of the Northern Central property,
subject to its mortgages. The consolidated general mortgage (gold) of
1874 was for $10,000,000 to retire all prior bonds. Of the above bonds
$2,438,000 are sterling or dollar, interest payable in London or Balti­
more, and the balance are dollar bonds, interest in Baltimore. Under
the 2d gen. mort. of 1876 $1,000,000 more may be issued as Series C.
The bonds due July l, 1885, were paid in part, and the new 4^8 substi­
tuted for the balance.
Gross earnings for ten months from Jan. 1 to Oct. 31 were $4,523,
658 in 1886, against $4,499,629 in 1885; net, $1,570,518, against $1,806,125.
The business of the company depends to a considerable extent on
coal traffic. The fiscal year ends December 31. and the report for
188 3 was in the Ch r o n ic l e , V. 42, p. 240.
Income account for four years was as follow s:

f

INCOME ACCOUNT.

1882.
1883.
1884.
1885.
1,194,296
1,121,829
Receipts—
$
$
$
$
Net
earnings............
1,957,852
2,256,525
2,053.482
2,235,309
$
$
203,156
241,914
256,362
246,167
953,436
1,139,991 Interest & divid’ds..
80,812
4,929
7,467
7,903
.................................. Other receipts...........
............
55,699
Total income........ 2,241,820
2,503,368 2,317,311 2,489,379
Disbursements—
$
$
$
$
Total disbursem’ts. 1,329,359 1,335,792
953,436
1,195,690
Rentalsl’s’dlines.&c*
4* /,256
557,313
461,761
442,203
Balance*................... def. 158,807
def.32,590 sur.240,860 def. 73,861 Interest on debt.......
88^,675
881,180
935,014
931,272
Dividends..................
444,272
520,000
520,000
520,000
*The accumulated surplus Dec. 31, ’84, was $580,052; charged off on Rate of dividend.......
7
8
8
8
Account of depreciation in invest, in Shen. Val. RR. and Roan one Miscellaneous...........
154,270
41,130
46,511
53,690
Machine Works, $300.0t 0 ; for extraordinary expenses, &c., $133,185;
lor deficit in 1885, $73.861; leaving surplus Dec. 31,1885, $73,006.
Tot. disbursements. 1,956,673 1,999,623
1,963,286
1,947,165
- ( V . 41, p. 24, 134, 273, 393, 473, 496, 586, 613, 654, 685, 688 ; V. 42,
Balance, surplus...
285,147
503,745
354,025
542,214
*p. 22, 61, 187, 207, 304, 431, 5 16, 549, 664, 728; V. 43, p. 23,132,274,
399, 516, 635, 672, 718.)
* Includes rent of roads and interest on equipment.
N orth C aro lin a.—Owns from Goldsboro to Charlotte, N. C., 223 m.
The property was leased Sept. 11, 1871, to tne Richmond & Danville -(V . 41, p. 102. 242, 357. 496, 612, 745 ; V. 42, p. 156, 2 4 0 , 272, 387,
Railroad lor 30 years at a rental of $260,000 per year. Dividends of 6 549, 664, 783; Y. 43, p. 132, 245, 368, 516, 635.)
per cent are paid on the stock, of which the State of North Carolina holds
N orthern o f New Jersey,—Owns from Bergen, N. J., to Spar$3,000 000, and the dividends thus received by the State are applied to kill, N. Y , 21 miles; leased Sparkill to Nyack, 5 miles; total oper­
her bonds issued to the North Carolina RR. Rental, &c., in 1885-86, ated, 26 miles. This road was opened October 1, 1859. By contract
$273,729 ; expenses, $24,322; balance, $249,407.
of April, 1869, it is operated by New York Lake Erie & Western at 35 per
N orth Pacific Coast.—Owns from Saucelito to Moscow Mills, Cal., cent of its gross earnings. It is understood the contract is terminable
73 miles branch to San Rafael, 2 miles; leased, San Ratael to San by either party on notice. Dividends are paid as earned on the rental.
Quentin, 4 miles; and Duncan’s Mills to Ingram, 7 miles; total oper­ Gross receipts in 1883-4, $296,410; net, $80,009; interest and rentals,
ated, 86 miles. Stock, $2,500,000. Earnings in 1885, $289,557; net, $35,105; dividends, $35,000; surplus, $9,894. Gross in 1885, $317
t4 5 8 ; surplus over interest, dividends, &c., $12,303. (V, 39, p. 48 )
$54,998.




AKD]|BONDS.
RAILROAD STOCKS
D ecem ber , 1886.]




7\

STORS’

SUPPLEMENT.

[VOL. XLIII,

S u b sc r ib e rs w i l l c o n fe r a g r e a t fa v o r b y g i v in g im m e d ia t e n o tic e o f a n y e rr o r d isc o v e re d in tb e se T a b le s .

DESCRIPTION.
For explanation of column headings, &c., see notes

on first page of tables.

Bonds—Princi­
INTEREST OR DIVIDENDS.
Miles : Date Size, or | Amount
pal,When Due.
of
of
Par
Rate per When Where Payable, and by Stocks—Last
Outstanding
Road. Bonds Value.
Whom.
Cent. Payable
Dividend.

Northern Central—( Continued)—
2d general mort., “ A,” coupon (sinking fu n d )___ 138
do
“ B,” coupon................................ 138
Union RR., 1st mortgage (assumed).....................
do
2d mortgage (assumed)..................
Northern o f New Jersey—Stoats....................................
26
21
1st mortgage, extended............................................
21
2d mortgage...............................................................
Northern Pacific—Prat. stock(8 p. c., not cum’tive). 2,365
Common stock............................................................ 2,365
205
1st Mort. and land grant bonds, Missouri Div__
225
1st Mort and land gr. bonds, Pend d’ Oreille Div.
Cons. 1st M. id. g., gold, $25,000 p. m., cp. or reg. 2,020
do
2 d m ., go.d, land grant, coup. A reg.
Ail
....
Dividend certificates................................................
49
Jas. Riv. Yal. RR. 1st mort., gold, guar., s. f ........
Spokane & Palouse, 1st M., sink. fd.. gold, guar ..
43
Northern. Pac. Ter.Co.—1st M., g. ($5,000,000) cp.. __
79
Northwestern Ohio—Stock...........................................
66
Norwich dt Worcester—Stoats................................. .
66
Bonds, coupon............................................................
Ogdensburg <£ Lake Champlain—Stoats, common . 122
Sinking fund bonds.................................................... ....
118
Mortgage oonds (redeemable July, 1890).............
Consolidated mortgage (for $3,500,000)............... 118
__
Income bonds, not cumulative................................
Ohio <6 Mississippi—Stock, common.......................... 616
Preferred stock (7 p. c. yearly, cumulative)........
624
1st general mortgage (for $16,000,000)................
1st consolidated mort. ($3,445,000 are s. f . ) ........ 393
Consolidated mortgage, sterling............................. 393

1876
1876

1878
1869

__
.

1879
1879
1881
1883
1883
1886
1886
1883

....

1877
1870
1877
1880
1880

....
_

1882
1868
1868

$1,000
1,000
500 Ac.
500 Ac.
100
100 &c.
100 Ac.
100
100
500 Ac.
1,000
1,000Ac
l.OOOAc

.

1,000
1,000
1,000
100
1,000
100
1,000
1,000
500 Ac.
100 Ac.
100
100
1,000
1,000
£200

N o r t h e r n P a c if ic .—(See Map.)—L ine of R oad —On June 30, 1886.
the mileage was made up as follow s: Main line—Ashland, Wis., to Wallula Junction, Oregon, 1,739 miles; Duluth to Northern Pacific Junction,
23 miles; Portland to Eagle Gorare, 192 miles; South Prairie branch, 10
miles; Pasco junction to Ellensburg, 127 miles; Payallup Junction to
Stuck Junction, 7 miles; Duluth to Superior, 7 miles; total owned, 2,105
miles. Leased—Brainerd to St. Paul and branches, 148 miles; Little
Falls & Dakota RR., 88 miles; Northern Pacific Fergus & Black Hills
RR., 117 miles; Fargo & Southwestern RR., 87 miles; San. Coop. & Tur­
tle Mount. RR.. 36 miles; Jamestown A Northern RR., 87 miles; 8ykestown Branch RR., 13 miles; Rocky Mount RR. of Montana, 52 miles;
Helena & Jefferson Co. RR., 20 miles; James River Valley RR., 49 miles;
total leased, 695 miles; total owned and leased. 2,807 miles. Thompson
June., Minn., to Duluth is owned jointly with the St. Paul & Duluth.
Organ izatio n .—This company was chartered by act of Congress July
2,1864, to build from Lake Superior to Puget Sound and Portland, Or.
The land grant was 20 sections per mile in States and 40 sections in
Territories. The road was opened 450 miles west from Duluth—to Bis­
marck, on the Missouri River—in 1873. The company defaulted Jan.,
1874, and the road was foreclosed August 12,1875, and reorganized by
the bondholders’ committee Sept. 29, 1875. New preferred stock was
issued at the rate of $1,400 for each $1,000 bond and overdue interest.

$2,813,000
5
1,000,000
5
6
900,000
6 g.
600,000
1,000,000
(?)
168,000
6
200,000
7
38,392,7 83 lU iocert
49,00u,000
2,152,500
6
3,106,000
6
45,028,000
6 g.
18,857,000
6 g.
4,640,821
6
735,0! >0
6 g.
688,000
6
3,000,000
6 g.
2,000,000
2,604,400
4
400,000
6
3,077,000
2
380,000
8
600,000
6
2,529,650
6
999,750
3A6
20,000,000
4,030.000
34!
3,216,000
5
6,501,000
7
112,000
6 g.

J. A J
Baltimore.
J. A J.
do
J. A J.
do
M. A N. London A Baltimore.
J. A J.
New York Office.
.1. A J. J. City, Hudson Co. B’k.
M. A S.
do
do
M. A N.
M. A S.
J. A J.
A. A O
Jan’y.
J. A J.
M. A N.
J. A J.

Jan. 1, 1926
Jan. 1. 1926
Jan. 1, 1895
May 1, 1900
In 1886
July, 1888
Marcn. 1889
Jan. 15, 1883
Dec. 1, 1933
N. Y., Mills Building. May 1, 1919
do
do
Sept. 1, 1919
do
do
J a n .1, 1921
do
do
Dec. 1,1933
do
do
Jan. 1, 1888
do
do
Jan. 1, 1936
N. Y., No. Pacific'RR. May 1, 1936
Jan.
1, 1933
N.Y., Winslow, L. A Co

J. A
M. A
J. A
M. A
J. A
A. A
A. A

J. Boston, 2d National Bk Jan. 10, 1887
8. Boston, N. E. Trust Co March 1, 1897
J
Boston, Office.
July 10,1876
S
do
Mar., 1890
J
do
1897
O
do
April 1,1920
O
do
April, 1920

M.
J.
J.
J.

8
D
J
J

.

A
A
A
A

N. Y.. 31 Pine Street.
New York, Office.
do
do
London.

Mar.
June
Jan.
Jan.

1,
1,
1,
1,

1876
1932
1898
1898

INCOME ACCOUNT.

Adjustm’ t o f acc’ts& in t. bal..
Dividends on investments.......
General interest account...........
Disbursemen ts—
Rentals........................................
Guarantee to branch roads.......
Contributions to sinking fund..
Balance general interest acc’t..
Opening celebration..................
Miscellaneous.............................

1883-84.

1884-85.

5,425.820
39,898
38,973

5,037,848
24,553
147,359
21,310

1885-86.
$
5,574,263
19,938
243,319
52,578

5,504,691

5,231,070
**
4,123,949
581,144
352,154
50,376

4,339,094
670,748
673,650
55,633

4,147
27,341

39,774

3,535,038
412,401
"3,931
318,284
179,381

5,890,098

5,139,111
5,778,899
4,449,035
91,959
111,199
1,055,656
—(V. 41, p. 51,102.146,161, 216, 254, 273, 307, 32 9, 331, 393, 473>
Stocks and B onds .—The preferred stock (issued for old bonds) has a (-96, 527, 557, 612, 654, 685, 722; V. 42, p. 3. 22, 85, 93, 156. 169, 187»
preference fo r 8 per cent in each year if earned, but is not cumulative. 243, 255. 272, 304, 365, 431,532, 549, 632. 647, 663, 664, 676; V. 43,
The common stock then takes 8 per cent, and after that both share alike. p. 4, 23, 49,132, 145,162, 256, 275, 3 3 3 , 3 3 5 , 379, 399, 400, 431, 516,
The preferred stock claim on net income is only subject to expenditires o48, 672.)
for new equipment. The preferred stock is received in payment
Northern Pacific T erm in al Co.—This company owns terminal
for the com pany’s lands east o f the Missouri R iver at par and the pro­
facilities on the Willamette River, Oregon, at Portland, East Portland
ceeds of the lands sold go to the retirement of preferred stock.
A large interest in the stock ($5,683,000 pref. and $7,925,100 of and Albina. They are leased for fifty years, jointly and severally, to
com. in April, 1886,) was held by the “ Ore. & Trans-Continental Co.’’ the Northern Pacifi c RR., the Oregon Railway & Navigation Co. and the
In Sept., 1882, a dividend, in certificates of l l i i o per cent, amounting Oregon & California RR., with a guaranteed rental sufficient to pay
to $4,667,490, was declared on the pref. stock payable Jan. 15, 1883. interest, sinking fund and taxes. The sinking fund begins in 1893 and
Prices of preferred stock since’79 have been: I n '80, 393s@6712 : in is to be sufficient to retire the bonds by maturity, which bonds may be
’ 81, 64ie®88ie; in ’82, 66%®1003g; in ’83, 49%®905s; in ’84, 37%@5758; drawn at 110 and interest. The stock of $3,000,000 is owned by said
in ’85, 361s ® 6538 ; in ’86 to Dec. 1 7 , 5 3 Common stock: In ’80, three companies (40 per cent by Ore. Railway & Navigation Co., 40 per
20®36; i n ’81, 32^@51; in ’82, 28%®5438;in ’8 3 , 23i8@53% in 84, cent by Northern Pacific and 20 per cent by Oregon & California RR.),
and held by Central Trust Co. of New York, to be delivered after pay­
14®27; in ’8 5 ,1 5 ® 3 1 tj; in ’86, to Oct. 23, 22©3138.
The consol, first mortgage bonds are a first lien on the main line; and ments to the sinking fund which is to cancel the bonds. (V. 42, p. 207,
on all the lands of the company except those subject to the two divisional 243; V. 43, p. 49.)
mortgages and those lands east of the Missouri River which are subject to
N orth w estern O h io.—Owns from Toledo Junction to Toledo, O.,
the preferred stock. The issue of bonds is limited to $25,000 per mile 80 miles, and leases 7 miles, from Mansfield to Toledo Junction. This
The proceeds of land sales can be applied to the payment of interest on was a consolidation of the Toledo Tiffin A Eastern, the Mansfield Coldbonds, instead of principal, if the earnings of the road are insufficient. water & Lake Michigan and the Toledo A Woodville roads. Leased to
Central Trust Co. of N. Y. is trustee. The bonds are received in pay­ Pennsylvania Company at cost of operating. In 1884 gross earnings
ment for lands at 110 and interest, and proceeds of land sold must be $270,799; net, $30,628. In 1885 gross earnings, $269,510; net, $75,067.
applied to redemption of these bonds at a price not exceeding 110 and
N orw ich & W o rce ste r.—Owns from Norwich, Conn., to Wor­
interest. Sinking fund of one per cent per annum began in 1886. The cester, Mass., 59 miles; branch: Norwich to Allyn’s Point, 7 miles;
total issue of the Missouri Division (Bismarck on Mo. Riv. to Yellowstone total, 66 miles. Operated under temporary lease by N. Y. & New Eng­
Riv. 205 miles) and Pend d’Oreille Division (Junction of Snake and land Railroad. In February, 1885, it was voted to reduce the rental
Columbia rivers to Lake Pend d’Oreille 225 miles) bonds was $6,480,- to 8 per cent. In the fiscal year ending Sept. 30,1886, the gross receipts
300, against which are reserved a like amount of the Northern were $748,659; net, $274,377; payments for rentals, $40,475 ; interest
Pacific first mortgage bonds; the proceeds of land sales are applied to $24,157; dividends, $207,824; surplus, $21,921. (V. 41., p. 586; Vol.
redemption of these divisional bends at par,
43, p. 607.)
The James River Valley bonds are on the road from Jamestown, Dak.,
gdensburg <fc L ake C h am p lain .—Owns from Rouse’s Point,
on the Northern Pacific south to La Moure, 49 miles, where a junction N.OY.,
N. Y., and branch to Maquam, Vt., 130 miles.
is made with the Fargo & Southwestern; the road is leased to Northern On Juneto1,Ogdensburg,
1886, a perpetual lease of this road was made to the Central
Pacific for 999 years, and the bonds are guaranteed. The bonds are re­ Vermont RR.
Co.,
the
lessee
pay interest on the bonds. Gross earn,
deemable at 105 after 1896. The Spokane A Palouse RR. extends from ings 1885-6, $562,772; net.to$223,415;
surplus over interest chargeMarshall on the main line to Belmont, 43 mi es. It is leased to the N. P. $12,362. In 1884-85 gross earnings were
$616,815; net, $218,275.
for 999 years, the N. P. paying the interest and sinning fund re­ —(V. 41. p. 1 0 1 ,4 9 6 , 654, 745; V. 42, p. 22,
387, 753; V. 43, p. 2 2 ,
quirements as rental The bonds are issued at $16,000 per mile, and a>e
580.
719.)
redeemable at 105 after 1896.
Ohio & M ississip p i.—(See Map o f Baltimore <£ Ohio.)—Owns from
Other reads leased .and gnaranteed sufficient earnings to pay interest,
Cincinnati, Ohio, to East Hi, Louis, I'll.. 338 miles; Louisville branch,
are named under Oregon Trans Continental.
Lands.—The land grant of the company was 12,800 acres per mile in North Vernon to Jeffersonville, Ind., 53 miles; total Ohio & Miss, line,
States and 25,600 acres per mile in territories, and the lands earned by 391 miles; the Springfield Division, Beardstown to Shawneetown, 111.,
construction to June 30, 1886, were estimated to be about 44,864,000 225 miles; total operated, 616 miles. The Eastern and Western divis­
acres, of which about 39.031,876 remained unsold. The lands ions were sold in foreclosure and the Ohio & Mississippi Co. formed by
east of Bismarck (Minn, and Dak. Divs.) are pledged to the pre­ consolidation Nov. 21,1867.
On Nov. 17,1876, the company was placed in the hands ot a receiver.
ferred stock, and that stock is received in payment therefor. The
general mortgage bonds cover all the other lands, the divisional mort­ The receiver was discharged in April, 1884.
The annual report for year ending June 30, 1886, was in the C h r o n ­
gages having prior liens on their respective divisions. For the fiscal
year 1885-6 land sales were 370,925 acres for $1,394,227, including icle of Oct. 30,1886. The earnings and income account on the whole
town lots. In July, 1886, a sale was made of about 2,430,000 acres of line were as below for two years:
Earnings from —
1884-45
1885-86
land (embracing all lands in Dakota east of the Missouri River) at $2
$1,330,948
$1,191,590
Passengers...................
per acre, payable in pref' rred stock.
2,063,548
2.227,255
Gross earnings July 1 to Oct. 31 were $3,’ 42.724 in 1886, against Freight........................
250,971
253,075
$4,718,540 in 1885; net, $2,837,169, ag inst $2,616,825. See Chron ­ Express and mail..............................
ic l e , V. 43, p. 145. The fiscal year ends June 30. The annual report
$3,671,920
Total............................- .......... - .............. $3 645,467
for 1885-6 was published in V. 4J, p. 333, and had the followin
$2,597,708
1885-86. Operating expenses..................................... $2,670,736
1883-84.
1884-85.
2,808
Miles operate ’ June 30..................
2,547
2,668
$1,074,212
Net earnings.................................................
$974,731
Namings—
$
$
•$
INCOME ACCOUNT.
2,G97,218
Passenger.......................................
4,237,259 3,075,882
$1,074,212
$974,731
8,189,614 Net earnings.................................................
Freight
.....................................
7,865,367 7,446,266
Disb ursements—
643,695
Mail, express, A c .....................
500,949
712,001
$1,026,415
Interest on debt............................................ $1,024,900
53,000
49,000
11,730,527 Sinking fu n d ............. .........................
Total........................................ 12,603,575 11,234,149
6,156,261
Operating expenses.....................
7,177,755 6,196,301
$1,079;415
Total......................................................... $1,073,900
$5,203
5,574,263 I Deficit.......................................................... .
$99,169
Net earnings..................................
5,425,820 5,037,848




Total.

RAILROAD STOCKS AND BONDS.

D ecember , 1886.J

75

S u bscribers w i l l co n fe r a great fa v o r b y g iv in g Im m e d ia te n o tice o f a n y error d isco v e re d In th ese T a b le s.

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Due.
Amount Rate per When Where Payable, and by pal,When
For explanation of column headings, &c., see notes of
of
Par Outstanding
Stocks—Last
Road. Bonds Yalue.
on first page of tables.
Whom.
Cent. Payable
Dividend.
Ohio A Mississippi—(Continued)—
2d consolidated sinking fund m ortgage................
Spring. Div. (Sp.&Ill. SE.) IstM . (for $3,000,000).
Ohio Southern—1st mort. ($15,000 per mile)...........
2d mort., income ($15,000 per mile).......................
Old Colony—Stock........................................................
Bonds (hot mortgage) coupon and registered.......
Bonds
do
do
do
.......
Bonds
do
do
do
.......
.......
Bonds
do
do
do
Bonds
do
do
do
.......
Bonds for Framingham & Lowell b on d s...............
Bonds of 1884...........................................................
Bost. Clin. F.&N. B., mortgage bonds 1869-70...
do
bonds.......................................
do
mortgage bonds....................
Oregon A California—1st M., gold ($20,000 p.m.) ..
2d mortgage, $10,000 per mile................................
Oregon Pacific—1st mort., land grant, gold.............
Oregon Railway A Navigation—Stock.......................
Mortgage bonds, gold...............................................
Debenture gold loan, coupon..................................
Consol, mortgage, gold, $25,000 per mile.............
OregonShortL.—Lst,gld.,int.gu.byU.P.($25,000p.m)
OregonA Trans-Continental—St’ck(for $50,000,000)
Trust bonds, gold (IstM. collateral) $20,000 p.m..
Oswego A Rome—1st mortgage guaranteed.............
Income mortgage bondh.........................................
Convertible bonds ...................................................
Oswego A Syracuse—Stock, 9 per cent guar.............
Consol, mortgage (guar. D. L. & W .)......................
ConstructionM., guar.prin. &int. (for$1,000,000)

393
222
132
132
469
___

$1,000
1,000
1,000
1,000
100
1874
1,000
1,000
1875
. . . . 1876
1,000
__
1,000
1877
1,000
1882
1,000
1884
1,000
1884
43 ’69-’70 500 &c.
1,000
58 1874
120 1880
1,000
451 1881
1,000
451 1883
1,000
1.000
1880
706
100
1,000
1879
1,000
1884
706 1885
1,000
610 1882
1,000
100
1,000
497 1882
1,000
28^ 1865
1,000
1866
1866
50
35
1,000
1876
1883
—
—
1871
1874
1881
1881

The new general mortgage for $16,000,000 was authorized under
the plan of reorganization, by which $12,784,000 was reserved
to exchange for old bonds as they mature; $2,216,000 used in
paying overdue coupons and all other claims; and $999,695 expended
for new equipment and terminal facilities. The terms of preference
of the preferred stock state that the holder thereof shall be entitled
to receive from net earnings of the company 7 per cent per annum,
and to have such interest paid in full for each and every year before any
payment of dividend upon the common stock.
Gross earnings Jan. 1 to Sept. 30 were $2,837,513, against $2,699,147; net, $826,017, against $727,706. (V. 42, p. 61,187, 304, 387, 431,
575, 694; Y. 43, p. 73, 162, 275, 368, 459, 487, 5 1 4 , 548.)
Ohio S o u th ern .—The road will extend from Springfield, Ohio
to some point on the Ohio River. Length of road completed and in
operation Dec., 1886, Springfield, Ohio, to Wellston, with extensions
and branches, 148 miles. Stock (par $100), $3,840,000. Gross earn­
ings in 1884, $473,001; net, $141,314; interest paid, $116,100.
Gross in 1885, $468,558, net, $173,182; interest on debt, $126,377;
surplus for year, $46,622, Alfred Sully, President.
O ld C olony (M ass.)—Owns from Boston to Provincetown, Mass.
120 miles, ana lines to Kingston, Plymouth, Somerset Junction, New
Bedford, Lowell and Fitchburg, Mass., and to Newport, R. I.; total,
369 miles; numerous branches, 85 miles in all; leased—Fall River
Railroaa, 12 miles; Dorchester & Milton Railroad, 3 miles; total
length of all lines, 469 miles. Fall River Railroad was leased April
1,1882, for 99 years. In March, 1883, consolidation with the Boston
Clinton Fitchburg & New Bedford was made and an increase of stock to
$12,000,000 was voted. In May, 1884, the Lowell & Framingham was
absorbed on the terms given in V. 38, p. 540, and the 4Lj per cent bonds
of 1884 were issued. The annual report for 1885-86 was in Y. 43, p.
546, and had the following;

$3,761,000
2,009,000
2,100,000
2,100,000
11,157,200
1,692,000
500,000
1,100,000
2,000,000
200,000
498,000
750,000
491,500
400,000
1,970,000
9,020,000
2,610,000
25,000 p.m.
24,000,000
5,690,000
5,000.000
9,155,000
15,265,000
40,000,000
10,063,000
350,000
200,000
107,000
1.320,400
438.000
668,000

7
7
6
6
3Lj
7
6
6
6
4Lj
4Lj
4
7
7
5
6 g.
7
6 g.
lh
6 g.
7 g.
5 g6
lJg
6 g7
7
7
4^
7
5

A. & O.
New York, Office.
M. & N.
do
do
J. & D. N.Y., Corbin Bank’g Co.
J. & D.
do
J. & J.
Boston, Office.
M. & S.
do
J. & D.
do
do
M. & S.
F. & A.
do
do
J. & D.
do
do
J. & J.
do
J. & D.
do
J. & J. Boston, N. E. Trust Co.
J. & J. Last paid June, 1884.
A. & O. Last paid Oct., 1884.
A. & O. New York and London.
Q .-F . N.Y., Farm. L. & Tr. Co.
J. A J.
do
do
A. & 0. New York or Boston.
J. & D.
New York Agency.
F. & A. N. Y. Union Trust Co.
Q,.—J.
M. & N. N.Y.,Farmers’ L.& T.Co.
M. & N. N.Y.,Farmers’ L.&T.Co.
F. & A. N. Y., Central Trust Co-

April, 1911
Nov. 1, 1905
June 1, 1921
June 1, 1921
Jan. 1, 1887
March 1, 1894
June 1,1895
Sept. 1, 1896
Aug. 1. 1897
Dee. 1, 1897
1904
1904
1889 & ’90
July 1, 1894
Jan. 1, 1910
July 1, 1921
April 1, 1933
Oct. 1, 1900
Jan. 1, 1887
July 1, 1909
April 1, 1887
June 1, 1925
Feb. 1, 1922
Oct. 15, 1883
May 1, 1922
May, 1915
Feb., 1891
2866
F. & A. N. Y., Del., L. & W. RR. Aug., 1886
M. & S.
do
do
1907
M.& N.
May, 1923

money for improvements, and in a few years the amount was raised
from $6,000,000 to $24,000,000. In June, 1885, the consol, mortg. was
made at the rate of $25,000 per mile and $6,000,000 reserved to take
up the old mort. bonds, and $5,000,000 to take up the debentures which
mature in 1887, and to meet which the bonds were negotiated in Nov.,
1886, and are above included in the table. There is a sinking fund of
over $60,000 per year, and if the trustees cannot buy bonds at 110 they
must draw them at par each year. The Farmers’ Loan & Trust Co. is
the trustee.
In March, 1881, a majority of the stock of this company was trans­
ferred to the Oregon Trans-Continental Company, and after Nov. 1,1885,
that Company held 139,413 shares.
In Nov., 1886, a lease to the Oregon Short Line RR., guaranteed by
Union Pacific, was agreed to, on the basis, as reported, of 6 per cent per
annum on the O. R. & N. Co.’s stock.
The annual report for the year ending June 30, 1886, was in the
C h e o n i c l e , V. 43, p. 594, 606. The income account was as follow s:
INCOME ACCOUNT.

1882-33.
$
5,100,512
2,394,046
95,167

1883-34.
$
5,364,906
2,393,450
301,444

1834-85.
$
4,032,118
1,482,760
138,903

1885-86.
$
5,546,542
2,460,046
5,226

Total income....... 2,489,213
Disbursements—
145,429
Rentals paid .........
444,270
Interest on debt__
Dividends.............. 1,584,000
Rate of dividend...
(9)
Mis. and sink. fund..
79,230

2,694,894

1,621,663

2,465,272

354,180
440,160
1,800,000
(7*2)
79,855

124,087
529,165
1,080,000
(4^)
119,091

1,731
750,289
1,560,000
(6 ig)
111,273

Gross earnings.......
Net earnings...........
Gross receipts........

INCOM E ACCOUNT

2,674,195
1,852.343
2,423,203
Total disb’ments. 2,252,9 29
1884-85.
1885-86.
t20,699 Def. 230,680 +Sur.41,979
Balance, surplus... *226,284
$
$
Gross earnings........
4,251,186 4,528,032
*Adding bonds retired by sinking fund during the year makes surplus
Net earnings..........
1,281,056 1,302,929 $63,000 larger than here given, t Deducting $91,000 for depreciation
Other receipts.........
79,334
89,931 of steamers leaves a deficit for the year of $70,300. 152,106 was spent
for betterments, etc., leaving a deficit of $10,132.
Total incom e....
1,303,117 1,365,501
1,360,390
1,392,860 —(V. 42. p. 61, 187, 783; Y. 43, p. 132, 191, 238, 399, 459, 548, 594,
'Disbursements—
$
$
$
$
6 0 6 , 603, 635, 672, 719.)
Rentals paia............
191,001
46,614
45,594
32,694
Interest on debt......
446,476
556,866
551,424
582,53 i
O r e g o n S h o r t L in e .—Road from Granger on the Union Pacific
Dividends.................
608,006
723,989
738,122
761,747 (156 miles east of Ogden) to a junction with the railroad of the Oregon
Rate of dividend ...
7
7
7
7
Railway & Navigation Co., at Huntington, Oregon, 540 miles, with Wood
Improvem’t account
57,634
38,032
25,250
15,885
River branch to Ketchum, 70 miles. Total 609 miles. The connec­
tion through was made in November, 1884. Built under Union Pacific
Total disburse’ts
1,303,117 1,365,501
1,360,390
1,392,860 control, and interest on the bonds guaranteed. The stock is $15,265,000.
Union Pacific owns a majority of the stock and $2,195,000 bonds. Gross
- ( Y . 41, p. 52 6 ; V. 43, p. 546.)
earnings Jan. 1 to Sept. 30, in 1886, $1,456,110, against $1,323,092
Oregon & C aliforn ia.—From Portland, Or., to Ashland, 341 in 1885; net, $394,331, against $419,578. Gross earnings in 1884,
miles; Albany J unction to Lebanon, 12 miles; West Side Division, Port­ $1,059,200; net, $288,639; interest, $735,240; deficit, $446,600. For
land to Corvallis, 97 miles. Total finished, 451 miles; to be completed 1885 gross earnings were $1,833,190, against $1,059,200 in 1884; net,
to a junction with Central Pacific at the California State line, the gap $557,959, against $238,640 in 1884. (V. 42, p. 156, 272, 304, 337, 575
to be finished on this road being 28 miles, and on Cen. Pacific 97 miles. 664; V. 43, p. 103, 217, 368, 516, 635.)
The present Oregon &■California RR. is a reorganization of the original
O r e g o n & T r a n s -C o n t in e n t a l.—Company organized under the
Oregon & California, which company was in default after 1873. The laws
of Oregon on June 27, 1881, and received from the “ Villard Pool”
land grant is about 4,000,000 acres; bonds are receivable for lands. an assignment of the stock of the Northern Pacific Railroad purchased
Preferred stock is $12,000,000; common $7,000,000.
by it. The company’s object was to hold the stocks of the Oregon Rail­
In January, 1885, default was made and receiver was appointed. way
& Navigation" Company and the Northern Pacific, and to con­
Foreclosure suit under the mortgages was begun by the Farmers’ Loan struct connecting roads.
& Trust Co., trustee. In May, 1885, a plan was adopted in London for
In
the
C h r o n i c l e of May 29,1886, (Y. 42, p. 664) there was a state­
amalgamation with Central Pacific before July, 1886, by an exchauge ment of the
O. & T. assets, including 139,412 shares of O. R. & Nav. Co.,
of O. & C. stock for C. P. stock on the following terms: One share of 56,830 of N.
Pac. pref. and 79,251 of N. Pac. common. In Dec., 1885,
Cent. Pac. for every two shares of O. C. preferred paying an assessment the company arranged a new loan for $4,050,000, at 5 per cent, for
o f $4 per share; also one share of Cent. Pacific for every four shares three years, secured by collaterals. The balance of the unfunded debt,
of O. C. common paying an assessment of $3 per share; also new bonds amounting to $3,573,000 in June, 1886, is carried on demand and short
to be issued by C. P. in place of the O. & C. bonds, iu the proportion of loans. (See financial report in V. 43, p. 162.)
$1,150 in new C. P. bonds for each $1,000 of O. C. bonds, the new C. P.
authorized capital is $50,000,000. The bonds may be redeemed
bonds to draw 3 per cent for two years and 5 per cent afterward. For atTotal
105; they are secured by deposit in trust of first mortg. bonds on
year 1884 gross earnings were $1,014,427; net, $140,765. In 1885, gross new
branch railroads, at $20,000 per mile; also secured by traffic con­
earnings were $957,958; net, $192,066; other receipts, $45,453. tracts with the Northern Pacific RR. Co. guaranteeing a minimum net
Charges—Interest (not paid), $541,200; sinking fund, $45,453; miscel­ annual income of $1,400 per mile, being equal to 6 per cent per an­
laneous, $14,073. Deficit for year, $363,207. (Y. 41, p. 331, 473; V. num on $20,000 per mile of bonded indebtedness, and a sinKiu.g fund
42, p. 754.)
charge of one per cent. The roads thus mortgaged are: The No. Pacific
Oregon Pacific.—Road in progress and 70 miles, from Corvallis to Fergus & Black Hills of RR. of Minn., 117 miles. $2,312,000; Little
Yaquina, on Yaquina Bay, completed in October, 1884. Land grant, Falls & Dakota RR., of Minn., 83 m „ $1,757,000; Jamestowu & North­
over 900,000 acres, and covered by first mortgage. Stock is $30,000 per ern RR. of Dakota, 102 m., $2,050,000; Fargo & Southwestern RR., of
mile. T. E. Hogg, President, Corva'lis. Oregon. N. Y. Office, 45 William Dakota, 87 m , $1,748,000; Sanborn Cooperstown & Turtle Mountain
RR , 36 in., $730,000; Rocky Mountain RR.. Montana, 52 m., $1,034,
Street. (V. 40, p. 183, 764.)
000; Helena & Jefferson County, 20 m., $102,000 total, 503 miles —
Oregon R a ilw a y & N avigation .—July 1,1886, railroads oper­ at $20,000 per mile—$10,063,000 in bonds.
ated were as follow s: Portland to Riparia, 301 miles; Bolles Junction to
Quarterly dividends began in Jan., 1883, at l 1^ per cent, and ceased
Dayton, 13 miles; Pataha June, to Pomeroy, 30 miles; Walla Walla to after October, 1883. (V. 42, p. 207, 664, 783; V. 43, p. 162.)
Blue Mountain, 20 miles; Pendletcn to Centreville, 17 miles; Palouse
O s w e g o & R o m e . —Owns from Richland, N. Y., to Oswego, N. Y .,
Junction to Colfax, 89 miles; Colfax to Moscow, 28 miles; Umatilla to
Huntington, 217 miles; total, 715 miles. Ocean line between San Fran­ 29 miles. Road opened Jan. 1,1866. It is leased to the Rome Water
town
& Ogdensburg RR. at 8 per cent on its stock ($300,000) ana 7 per
cisco and Portland, 670 miles; Puget Sound lines, 275 miles; River
cent on guar, bonds, pref. stock being represented by convertible bonds,
lines, 363 miles ; total of water lines, 1,308 miles.
$62,100
of bonds due 1870 are yet outstanding.
The company pursued the policy of increasing its capital stock to raise
1882-83.
$
4,249,179
1,228,441
74,676




1883-84.
$
4,191,872
1,296,503
68,998

re

INVESTORS’

SUPPLEMENT,

[Y ol.

xliii.

Subscribers w ill confer a great favor by giv in g im m ediate notice o f any error discovered in tbese T a bles.
Bond#—Princi­
INTEREST OR DIVIDEND.
DESCRIPTION.
Miles Date Size, or
Due.
Amount Rate per When Where Payable, and by pal,When
Par
of
Stocks—Last
or explanation of column headings, &c., see notes of
Outstanding
Road. Bonds Value.
Cent. Payable
Whom.
Dividend.
on first page of tables.
Owensboro dkNashville—1st mortgage, gold............. 123
84
Collateral trust (4u0,000.).......................................
48
Panamar—Stock......................... ...............................
48
................
48
Sinking fund subsidy, gold.......................................
Paris dk Decatur—See Illinois Midland.
15
Paterson <£•Hudson—Stock..........................................
Pen nsylvama—Stock.................................................... 2,036
Gen. M., Ph. to Pitts., coup., J. & J.; reg., A. & O. ___
State lien (pay ’blem annual inst’lm’ts of $460,000) ___
Consol. M., coup. J. & D .,& reg. Q.—M. ts.f. Ip . c.) . . . .
Consol, mortgage, gold........................ .................. . . . .
Bonds, reg. (P.W. & B. stock deposited as collat’l) 571
Collateral trust loan (coup., hut may he reg.).......
....
Car Trust certs, (in series payable hoth yearly)..
Navy Yard bonds reg. (extended 20 years in ’81)
Pennsylvania Company—Stock................................. 3,232
Reg. bonds, secured by P. Ft.W.& C. special stock
___
Bonds, gold, secured by pledge and guarantee__
Pennsylvania dk New York—1st mort., guar............. 105
105
1st mortgage, guaranteed........................................
Pennsylvania Schuylkill Talley—Stock...................
54
1st mortgage bonds, registered...............................
Pensacola dk Atlantic—1st m. g, (guar, by L. & N.).. All.
47
Peoria dkBureau Talley—Stock..................................
254
1st mort., gold (Pekin to Mattoon).......................... n o
Income bonds,
do
not cumulative... 110
1B5
1st mortgage (Evansv. D iv.)................................
135
Income bonds
do
not cumulative—

1881
1883
1867
1880

$1,000
5,000
100
£200
1,000

___
1870

___
50
1,000

1873
1879
1881
1883

l'.OOO
1,000

1883
1881
....

l'.OOO
1,000
1,000
50
1,000
1,000
1,000
1,000
50
1.000
1,000
100

1880
1880
1880
1880

1,000
1,000
1.000
1.000

1875
1877
1881
1866
1866

(Pledged)
New York.
6 g. M. & N.
$260,000
do
6 g F. & A.
2
7,000,000
J. & J.
New York, Office.
3,489.000
A. & O.(£737,800)
London.
General
mortgage,
7 g. sterling,
2,687,000
New York.
6 g. M. & N.
630,000
94,777,850
19,999,760
1,986,364
27,482,930
5,000,000
8,734.000
10.000,000
7,017,000
1,000,000
20,000,000
2,314,000
13,217,000
1,500,000
1.500.000
4.970.000
4.800,000
3,000,000
1.500.000
8.400.000
1.287.000
858.000
1.470.000
1,230,000

Nov. 1, 1931
Aug. 1, 1889
July 1, 1885
’86 to ’89 & ’97
Nov. 1, 1910

4
2ifl
6
5
6
5
4
413
5
5
4
6
4*2g.
7
7

New York.
J. & J.
M. & N. Philadelphia, Office.
Q .-J . Philadelphia & London.
A. & O. Philadelphia, Office.
Q .-M . Philadelphia & London.
J. & D.
do
do
J. & J.
do
do
J. & D.
do
do
Q’rt'rly
Philadelphia.
J. & J. Phil.,Pa., Co., for ins.&c.
Pittsburgh, Co.’s Office.
Q .-J . Phila. Tr. S. D. & I. Co.
J. & J. N. Y., Nat. City Bank.
J. & D. Phila., B’k N. America,
do
do
J. & D.

5
6
4

J. & D. Philadelphia, Penn. RR. Dee. 1, 1935
F. & A. N. Y „ Comp’ys Agency. Aug. 1, 1921
F. & A. N. Y.,Chic.,R. I. & Pac. Aug., i886

6 g. J. & J. N. Y., Central Tr. Co.
6
do
6
M. & S.
do
6
M. & S.
do

Jan. 2, 1887
Nov. 29, 1886
1910
Annually.
June 15,1905
Dec. 1, 1919
July 1, 1921
June 1, 1913
3891-93
Jan. 1, 1901
For 1883
July 5, 1907
July 1, 1921
June 1, 1896
June 1, 1906

Jan.
Jan.
Sept.
Sept.

1,
1,
1,
1,

1920
1920
1920
1920

ALL LINES BOTH EAST AND WEST OF PITTSBURG * ERIE.
O sw ego & Syracuse. —Owns from Oswego, N. Y., to Syracuse,
N. Y., 35 miles, ceased in 1868 to tlie Delaware Lack. & West. RR. Co.
1883.
1884.
1885.
Gross earnings...................... $105,653,532 $97,819,875 $92,994,549
or 9 per cent per year on stock and interest on bonds.
Operating expenses.............
68,917,056
64,434.317
61,690,901
O w ensboro Ac N ash v ille.—Owns from Owensboro, Ky., to AdairNet earnings.................... $36,736,476 $33,445,558 $3l,3 j3 ,6 48
ville, Ky., 84 miles. Controlled in 1879 by the Nashville Chattanooga
The income account below embraces all receipts and expenses of the
& St. Louis, and now operated by Louis. & Nash. RR., which owns a PenDsylvania Railroad proper, hut not including the roads west of Pitts­
majority of the stock. The $2,000,000 1st M. bonds are pledged for the burg & Erie operated by the Pennsylvania Company. The account for
collateral trust bonds. Gross earnings for 1881-85, $165,137; net, the years 1883,1884 and 1885 was as follows:
$37,580. Gross in 1883-4, $101,138 ; net, $15,832. Stock is $1,156,517.
INCOME ACCOUNT OF PENNSYLVANIA RAILROAD COMPANY.
1883.
1884.
1885.
P tn a m -i,—Owns from Aspinwall to Panama, 48 miles. Opened
$8,153,685
through Jan .28,1855. Of the general mortg. bonds $700,000 fall due in Net income Penn. RR. Division.$ll,943,432 $10,185,529
Net
loss
New
Jersey
Division
653,914
593,536
159,497
seven half-yearly payments beginning April, 1886, and balance in Oct.,
1897. The $2,747,000 subsidy bonds are secured by a pledge of the
Balance................................. $11,289,516
$9,591,993
$7,994,188
sum of $225,000 annual subsidy payable to the U. S. of Colombia by
Deduct—
the company. In June, 1881, most of the stock was sold to parties Advances to Penn.Co., $1,667,nt ®rested in the De Lessens Panama Canal Co. The report for 1885 was
733, of which there has been
$1,000,639.
In C h r o n i c l e of April 1 7 ,18S6, showing net income of $612,550, and
charged to Penn. RR. income
a deficit, after paying 10 per cent dividends, of $628,490. 10 per ct. paid Payments to trust fund.............
600,000
600,000
58,621
in 1885. The surplus to Deo. 31, 1884. was $1,076,557; surplus to Dec. Consol, mortgage redeemed___
280,860
277,460
324,830
31, 1885, $448,166. (V. 40, p. 5 40, V. 42, p. 455, 486.)
251,520
Allegheny Yal. RR.—Deficiency
698,320
701,576
409,490
Do
Advances.
Paterson & H u d s o n .—Owns from Jersey City, N. J., to Pater Fred. & Penn. Line RR.
do
15,000
15,000
15,000
*on, N. J., 15 miles. The road was opened in 1834, and leased Am. S8. Co.—To meet int. guar.
90.000
90,000
In perpetuity September 9,1852, to the New York & Erie, at a rental of
90.000
Do
Advances.
$4 8,400 per year, and is operated by the New York Lake Erie & Western
$1,730,870
$ 1, 590,780
$2,190,663
as part of its main line. J. S. Rogers, President, New York City.
$8,001,213
Balance to creditof income__ $9,552,646
$5,803,522
P e n n s y l v a n ia .—(-See Map)—L i n e o f R o a d —The Pennsylvania sys­ Dividends.................................... 7,530.650
4,738,892
6,560,787
tem embraces about 5,500 miles of railroad, including all east and west Rate of dividend........................
(5)
I8L2)
(7)
of Pittsburg, At the close of 1885 the mileage operated east of Pitts­ To credit of profit and loss....... $2,021,990
$1,440,426 $1,064,630
burg & Erie, on which earnings as reported were based, was divided as Balance old accounts, &c..........
603,452
i ,020 692
363,355
follows: Pennsylvania Division and branches, 1,516; Philadelphia &
Net balance foi year............ $1,418,544
$419,731
$701,275
Erie Division, 287; United Railroads of N. J. and branches, 445; total
19.013.1^4
14.032.918
Add profit and loss Jan. 1........ 12,19 4 639
operated, New York to Pittsburg, with branches, 2,248.
O r g a n i z a t i o n , L e a s e s , &c.—The charter of the Pennsylvania Rail­ Balance profltandloss Dec. 31.$13,613,183 $14,032,918 $14,734,193
road was dated April 13,1846, for a line from Harrisburg to Pittsburg. - ( V . 41. p. 24,43, 89, 103, 230, 242, 341, 357, 483, 496, 508, 597,
The line from Harrisburg to Philadelphia was under other organizations, 613, 627, 733,745; V. 42, p. 137,157,255, 272, 285, 30 3, 304, 3 0 8 ,
including the State Railroad, and the Harrisburg Portsmouth Mt. Joy & 339, 379, 397, 549, 597, 647, 664, 768,783; Y. 43, p. 115, 132, 245, 352
Lancaster is still operated under a lease though forming part of the 368, 431, 516, 635.)
main line. Road opened in 1854. The great number of leases, both east
P en n sylvan ia C om pany.—The Pennsylvania Company is a cor­
and west of Pittsburg, were made for the most part under the adminis­ poration chartered by the Pennsylvania Legislature, April 7,1870, dis­
trations of J. Edgar Thomson and Thos. A. Scott in the few years preced tinct from the Pennsylvania RR., and it operates all the leased lines west
ing 1873. The terms of the leases will be found under the names of the of Pittsburg. The stock is owned by the Pennsylvania RR.
respective leased roads.
The registered bonds are secured by deposit of $4,000,000 of Pittsh. Ft.
The Pennsylvania Company was organized in 1870 as an auxiliary W. & Chic, special stock. The goldbonds of 1921 are secured by a deposit
corporation to control all the lines west of Pittsburg & Erie, and the in trust of the leases of the Pitts. Ft. W. & Chic, and the Cleve. & Pitts,
Pennsylvania RR. Co. holds all the stock of the Pennsylvania Company railroads and are also guaranteed by the Penna. RR. Co. The trustees
S t o c k a n d B o n d s .— The Pennsylvania Railroad stock has been in­ of the mort. are Wistar Morris, Edmund Smith and S. M. Felton. The
creased from time to time, chiefly by the sale of stock at par to stock­ sinking fund is 1 per cent per annum if the bonds can he bought at par.
The whole number of miles operated or in any way controlled
holders, for the purpose of raising capital for new acquisitions or better­
ments. The dividends paid each year since 1870 have been—in 1871, by this company is 2,745. The income account of the company showed
1872,1873 and 1874, 10 per cent each year; in 1875 and 1876, 8 per net profits over all liabilities, including fixed charges, of $1,867,883 in
cent each yea r; in 1877, 4 ; in 1878, 2 ; in 1879, 4 ^ ; in 1880, 6 and 1 1882; $872,829 m 1883; deficit in 1884 of $710,220; deficit in 1885 o f
per cent in scrip; in 1881, 8 ; in 1882, 8*2; in 1883, 8^3; in 1884,7; $1,094,671. (V. 40, p. 286, 685.)
in 1885 and in 1886, 5.
P en n sylvan ia A N ew York; (C anal an d R a ilw a y ).—Owns
The prices of the stock yearly in Philadelphia since 1875 have been— from Wilkesbarre, Pa., to N. Y. L. E. & W. RR. near New York State
I n ’76, 45315838; i n ’77, 245g®49; in ’78, 27®35 14; i n ’79, 323s*5138; Line, 104 miles. Branches to mines, 23 miles. Operated in connection
In ’80, 48®6714; in ’8 1 ,59*2®70i«; in’82. 5378®65i4; In ’83, 56is®64%; with the Lehigh Valley Railroad as a northern outlet. Common stock,
in ’84, 4 ^ ® 6 1 ; in ’85, 4.5% &56^-, in ’86 to Dec. 17, 513s^Oki$1,061,700, and preferred stock, $4,000,000. Gross earnings in 1883-84,
In March, 1881, the company purchased 217,819 shares of the Phila $2,151,338; net, $609,544. Gross in 1884-85, $1,827,460; net, $325,Wilm.& Balt RR., and the 4 per cent bonds secured by P. W. & B. stock 010. Seven per cent dividend paid on preferred stock in 1885.
are purchased yearly at not over oar with the surplus proceeds of Ph
P en n sylvan ia S ch u y lk ill V a lle y .—June 1 , 1883, the organiza­
W. & B. dividends and not needed for the payment of 'nterest.
tion of this company was completed by consolidation of several roads,
The collateral trust loan of 1883 is secured by the deposit of mortgage and in Nov., 1886, absorbed the Pottsville <fc Mabanoy th? Norristown <&
bonds of subsidiary lines to the par value of $12,500,000.
Phoenixville, the Phoenixville Pottstown & Reading and the PhoenixIn May, 1888, voted to increase capital 4 percent by giving stockhold ville & West Chester railroad companies. The road extends from Phila­
ers the option to take 4 per cent of their holdings in new stock at par, delphia to Hamburg, 84 miles, and is controlled by the Penusylvana
making an increase of $3,791,114, to be issued in November, scrip being RR. Co. Gross earnings in 1885, $360,482; operating expenses, $400,held in the meantime.
585. J. N. DuBarry, President. (V. 41, p. 557; V. 42, p. 61.)
O p e r a t i o n s , F i n a n c e s . &o.—The total [cost to the Pennsylvania RailP ensacola <fc A tla n tic .—Pensacola, Fla., to River Junction, Fla.,
Koad Co. of the stocks and bonds of other companies held in its treasury 162 miles. Road completed Feb., 1883. Operated by Lou. & Nash, since
was, up to Dec. 31,1885, $100,092,740 (par value of the same $132, Jan., 1885, and connects its system with the roads of Florida and So.Ga.
658,746), most of which is represented on the other side of the balance Stock, $3,000,000. Has issued $975,000 land grant bonds to the Lou.
sheet by issues of Penn. Railroad stock and bonds and other debit items, & Nash., RR. Earnings for year ending June 30, 1886, $294,616 gross
the balance to credit of “ profit and loss” is $14,734,192.
A scheme to buy up the company’s guaranteed securities with $600,- a«.d $33,679 n e t; interest on bonds, $180,000 ; other interest. $38,686;
000 per vear from earnings was in operation, and he enti?e amount taxes,$19,539; construction, $19,950; deficit,$224,496. (V. 41, p. 613.)
Peoria & B u reau V a lle y .—Owns from Bureau Junction to Peo­
paid by the company into the Trust up to the end of ISoo was $3,750,000. There had been purchased for the fomd securities of the par ria, 111., 47 miles. The road was leased in perpetuity April 14, 1854, to
the
Chicago & Rock Island Railroad at a rental of $125,000 per annum.
value o f $4,785.350.which yield s! an interest of 6-9 percent per annum
upon uio pax chase price. In 1885 the plan was changed, and now 1 per
Peoria Decatur & E v a n sv ille .—Owns from Pekin to Evansville,
eent of the net income is applied to this purpose yearly
235 miles; branch—Stewartsville, In d . to New Harmony, tnd.. 6
From Jan. 1 to Oct. 33,18*6, gross earnings on lines east of Pitts­ miles; leased, Pekin, 111., to Peoria, 111., 10 miles; through Decatur,
burg and Erie were $41,603,634, against $37,596,806 in 1885; net, 3 miles; total, 254 miles. This road is a consolidation of the
$14 ,834.580, against $13,159,784 in 1885. Deficit on lines west of Pitts­ Pekin Lincoln A Decatur RR. (formerly leased to the Wabash) and the
burg and Erie. $4,941 in 1886, against deficit of $1,1.16,559 in 1885. oecatur Mattoon & So. and the Grayville & Mat. In Dec., 1886, stock­
The report for 1885, was id the Chronicle , Y. 42, pp. 303 and 308. holders voted on the exchange of incomes for 5 per cent 2d mort. bonds.
A summary of the total business of 1885, compared with previous Uross earnings Jan. 1 to Sept. 30, $591,969, against $542,461 in 1885>
net, $295,936, against $242,986. Annual report for 1885 in Y. 42, p
years, is shown in the following ;




RAILROAD STOCKS AND BONDS
D ec e m b e r , 1886-]




INVESTORS’

78

SUPPLEMENT.

[V ol. XLIII

S u b scrib ers w i l l co n fe r a gre a t fa v o r b y g iv in g Im m e d ia te n o tic e o f a n y e rro r d isco v e re d In tb ese T a b le s .

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Due
Amount Rate perj When Where Payable, and by pal,^When
Par
Stocks—Last
For explanation of column headings, &c., see notes of
of
Cent. Payable
on first page of tables.
Road. Bonds Value. Outstanding
Whom.
Dividend.
Peoria d- Pekin Union—1st mortgage, gold, coupon
Second mortgage, gold (issued for incom es).......
P&'kiomen—1st mortgage...........................................
Consol, mort., gold, guar. P. & R., (sink, fund) —
Peterborough (N. H.)—Stock.......................................
_Bonds (not mort.), redeemable after 1882 ...........
Petersburg—S to ck ........................................................
Guaranteed pref. stock, 6 per cent........................
1st mort. bonds (payable $25,000 yearly).............
Mortgage bonds, class A ..........................................
Mortgage bonds, class B ...........................................
Philadelphia <£Balt. Central—Stock..........................
1st mortgage (for $2,500,000).................................
Westchester & Phila., 1st mortgage......................
Philadelphia & Erie—Stock, common........................
Preferred stock, special...........................................
1st mort., Sunbury& E. (extended 20 years in ’77).
2d mortgage...............................................................
General M., g., guar by Pa.RR.($5,263,000 rg. 5s)
Debenture bonds, reg. (redeemable at any time)..
Phila. Oermant’n <6 Chestnut Hill—1st mort., guar
Philadelphia Germantown <£ Norristown—Stock. ...
Philadelphia Newtown <£- New York—Stock...............
Bonds, guar, by Phila. & Read., coup.....................
Philadelphia & Reading—Stock, common.................
Preferred stock..... ....................................................
Receiver’s certmcates outstanding Nov. 30, 1885.
Mortgage loan, sterling, coupon..............................
do
dollars, coupon................................
do
convertible, coupon........................
Mortgage loans, coupon...........................................
Consol, mort. ($8,162,000 are gold 6s) cp. or reg.
Gen, mort., gold, $ and £, cp.($5,000,000 are 7s).

20
20
38
38
11
63
82
79
79
27
287
287
40
287
287
7
29
21
932
932

—

1881
1881
1867
1873
1877
1869
1881
1881
1881
1871
1857
1868
1869
1885
1883

1884
1843
1843-9
1857
1868
1871
1874

$1,000 $1,500,000
6 g. Q .-F . N. Y., Central Trust Co.
1,000
1,500,000
do
do
4Ljg. M. & N.
100
799,600
6
A. & O.
Norristown, Pa.
J.
&
D.
1,000
1,125,000
do
do
6 g.
3
M. & N.
100
385,000
Nashua, Treasurer.
50,000
6
A. & O. Boston, N. E. Trust Co.
500 &c.
100
7
1,000,700
323,500
3
50
300,000
8
J. & J.
Petersburg, Va.
5
643,000
J. & J,
do
6
800,000
A. & O.
50
2,495,650
1,000
i;oco;ooo
5
M. & N. Phila. Company’s Office.
100 &c.
1,100,900
7
A. & O.
do
do
50
7,975,000
50
2.400,000
Philadelphia, Pa. RR.
A. & O. Philadelphia, Pa. RR.
1,000
976,000
7
J. & J.
1,000
3,000,000
7
do
do
1,000 13,943,000 5 & 6 g. Various Philadelphia & London.
F. & A. Philadelphia, Penn.RR.
1,000
1,500,000
1,000
M. & N.
1,000,000
50
Q.—M. Phila., Treasurer of Co.
2,231,900
3
1,200,000
100 &c.
700^000
6
A. & O. Phila., 227 So. 4th St.
50 38,369,076
2Lj
Philadelphia, Office.
746,500
50
3^
do
do
2,980,289
4, 5, 6
*500
'967,200
J. & J.
' 6'
London.
1,000
1,500,000
6
J. <fc J. Philadelphia, Oftioe.
6
500 &c.
79,000
J. & J.
do
do
A. & O.
1,000
2,700.000
7
do
do
200 &c. 18,811,000 6 g. or 7 J. & D. Last paid June, 1886
1,000 24,686,000 7 & 6 g. J. & J. 1 Last paid July. 1884

363. Gross earnings in 1884, $759,768; net, $231,921; gross in 1885Z
$736,984; net, $247,655; interest on mort. bonds, $165,420; paymen
on equipment certificates, $48,000; surplus, $34,235. This road i s
operated in harmony with the Evansville & Terre Haute. (V. 40, p. 36 2;
V. 42, p. 363 ,4 6 3 , 519, 575; V. 43, p. 162, 275,335, 368,459, 487, 635.)
Peoria Sc Pekin Union.—Owns from Pekin to Peoria, 10 miles
on each side of 111. R iver; total operated, 20 miles. The road is a union
road, and the stock of $1,000,000 was taken by the different Peoria
RR. companies, and they pay a rental for use of the road and also pay
terminal charges. See full description in V. 36, p. 253. Opened Feb.,
1881. In 1885, gross receipts, $397,506; net, $168,437; balance
over interest and rentals, $4,286. Gross receipts in 1884. $429,847;
net, $174,369; balance over interest and rentals, $71,889. A. L. Hop­
kins, President, New York.
Perkiomen,—Own from Perkiomen Junction, Pa., to Emaus
Junction, 39 miles. The road was leased for 19 years from Aug. 1,
1868, to Phila. & Reading RR., and bonds guaranteed by the lessees; but
the property was surrendered and all control given up in May, 1879.
Stock subscription, $38,040. The balance sheet gives on the credit side
781,120 as Phila. & Reading loan account. Net earn, in 1883-84, $99,01; in 1884-85, $121,537. Interest on debt, $115,476.
Peterborough.—Owns from Wilton to Greenfield, N. H., 11 miles.
Completed Jan. 1, 1874. and leased by Nashua & Lowell Railroad
for 20 years from 1873 at 6 per cent on cost of the road. Edward
Spalding, President, Nashua, N. H.
Petersburg. —Petersburg, Va., to Weldon, N. C., 63 miles. In May
1877, a receiver was appointed, but steps were taken by second mortbondholders to prevent a sale, and reorganization was made with
« age
323,500 preferred stock and $1,000,700 common stock. $440,000 Class
“ A” bonds are still in hands of Central Trust Co., of which $350,000 are
reserved to retire old 1st mortgage 8s. In 1885-86, gross earnings,
$359,596; net, $160,934 ; in 1884-85, gross, $345,128 ; net, $157,095.
—(V. 40, p. 29; Y. 42, p. 9 2 ; V. 43, p. 608.)
Philadelphia & Baltimore Central.—Philadelphia to West
Chester, 26 miles; Westchester Junction to Octora.ro Md., 46 miles;'
leased Chester Creek Railroad, 7 miles; total operated, 79 miles. This
was a consolidation, Oct., 1881, of the Philadelphia & Baltimore Cen­
tral and the Westchester & Philadelphia railroads. Of the new itock
Philadelphia Wilmington & Baltimore RR. holds nearly all. In 1884-85,
net earnings, $181,799. In 1885-86, net earnings, $166,129; surplus
over charges, $20,859.
Philadelphia Sc Erie.—Owns from Sunbury to Erie, 287 miles.
Formerly Sunbury & Erie RR. It was leased to Pennsylvania RR. for
4)99 years from Jan. 1, 1862, the lessees to pay 30 per cent of gross
eceipt as rental, but modified January 1, 1870, so that actual net
receipts are paid as rental. The general mortgage is guaranteed by the
Pennsylvania Railroad and the interest on the 6s is paid J. & J., on the
5 per cents A. & O. The unpaid coupons are held bv the lessee for ad­
vances, and by terms of adjustment in Jan., 1885,made with the Penna.
Railroad Co. the P. & E. issued $1,500,000 debenture bonds at 4*2 per
cent, secured by the overdue coupons held as collateral.
Gross earrings from January 1 to Oct. 31, 1886, were $3,069,283,
against $2,703,418 in 1885; net, $1,250,083, against $1,041,668.
Last report was in Ch r o n ic l e , V. 42, p. 270, giving the following:

S

INCO M E ACCOU NT.

Receipts—
Net earnings............
R ents......................
Total incom e....
Disbursements—
Interest on d e b t....
Interest on equipm’t
Extraordin’y expen.
Miscellaneous..........

1882.
$
1,411,830
3,586

1,415,466
$
1,062,270
160,410
______
95,087

1883.
$
1,488,020
4,892

1884.
$
1,453.080
9,120

1885.
$
1,292,880
8,471

1,492,912
$
1,062,270
162,281
10,000
43,024

1,467,200
$
1,062,270
166,801
............
21,147

1,301,351
$
985,620
166,893
27,000
8,200

Total disbnrsem’ts
1,317,767
1,277,575
1,250,218
1,187,713
Balance.................... sur.97,699 sur.215,337 sur.216,982 sur.113,638
—(V. 40, p. 183, 2 6 8 , V. 42, p. 270.)
P h ila d e lp h ia G erm an tow n Sc Chestnut H i l l .—In Philadel­
phia from Germantown June., on Connecting Railway, to Chestnut Hill,
6% miles. From May 1,1883, leased for 30 years to the Pennsylvania
RR. Co., which guarantees 4 ^ per cent on the bonds. Gross earnings in
1885, $108,162; operating expenses, $116,405.
P h ila d e lp h ia G erm a n tow n Sc N o r risto w n .— Philadelphia*
Pa., to Norristown, Pa., 17 miles; Germantown Branch, 3 miles; Ply‘
mouth Railroad, 9 miles; total, 29 miles. The property was leased
Nov. 10, 1870, to Philadelphia & Reading Railroad for 999 years at a
rental of $269,623 and $8,000 yearly for organization expenses. Divi­
dends of 12 per cent per annum are regularly paid.
P h ila d e lp h ia N ew to w n Sc N ew Y o r k .—Owns from Erie Ave ,
Philadelphia, to Newtown, Pa., 21 miles. Capital stock, $1,200,000.
On November 10,1879, the Philadelphia & Reading Railroad purchased
12,012 shares (which gave control of the property)', and guaranteed the
bonds: the road is operated in connection with the P. & R. system.
Earnings in 1884-85, $73,928, expenses, $32,282; deficit, $8,353.
In 1883-84, earnings were $75,942; expenses, $96,285; deficit, $20,342,




Feb. 1, 1921
Feb. 1, 1921
Apr. 1, 1887
June 1, 1912
Nov., 1886
Oct. 1, 1897
1883-84
Jan., 1887-’98
July 1, 1926
Oct. 1, 1926
Nov. 1, 1911
April 1, 1891
Oct. T,
July 1,
July, 1,
Feb. 1.
M a y l,
Dec. 3,

1897
1888
1920
1915
1913
1886

Oct. 1, 1897
J a n .25,1876
July, 1876
July, 1910
July, 1910
July, 1910
Oct, 1, 1893
June, 1911
July 1. 1908

P h ila d e lp h ia Sc B e a d in g .— L i n e o f R o a d — Owns main line,
Philadelphia to Mount Carbon, Pa., 98 m iles; branches owred, 228
miles; leased lines,1,152 miles; roads controlled, 107 miles: total oper­
ated in Dec., ’ 85,1,586 miles. These leased lines include the No. Pennsyl­
vania and Delaware & Bound Brook roads, from Philadelphia to Bound
Brook, N. J., and branch to Trenton, and the Central of New Jersey
roads. In May, 1883, leased the Central RR. of New Jersey, including
its leased lines in Pennsylvania, 650 miles, but 63 miles of these roads
are sub-let to other companies. The Shamokin Sunbury & Lewisburg,
and the Jersey Shore Pine Creek & Buffalo and other lines, form the
connecting roads to the New York Central & Hudson at Geueva and
Lyons, N. Y.
O r g a n i z a t i o n , L e a s e s , &c.—The Philadelphia & Reading Company
was chartered April 4, 1833, to build from Philadelphia to Reading, and
on May 13, 1872, the Mount Carbon Railroad was merged and became
part of the main line. Road opened Philadelphia to Pottsville in Jan.
1842. The Philadelphia & Reading Co. leases a number of roads in
Pennsylvania, including the Catawissa, Chester Valley, Colebrookdale,
East Pennsylvania, Little Schuylkill, Mine Hill, Schuylkill Valley, Phila­
delphia Germantown & Norristown, Philadelphia & Chester, and some
minor roads; also the North Pennsylvania Railroad and Delaware
& Bound Brook, forming the line from Philadelphia to New York. In
May, 1883, the Central of New Jersey was leased, including the leased
lines of that company in Pennsylvania. The fiscal year ends Novem­
ber 30. The annual election is held early in January.
The Philadelphia & Reading Coal & Iron Company is a corporation
formed (Dec. 12,1871) for the purpose of owning and working the ex­
tensive coal properties of this company. The Phila. & Read. RR. Co. owns
all the stock ($8,000,000) of the Coal & IroD Company.
The Phila. & Read. RR. and the Iron Company vere in the hands of
receivers from May, 1880, to May, 1883. Again in June, 1884, receivers
were appointed.
S t o c k a n d B o n d s .— The preferred stock is of small amount, and did
not receive any dividends from 1880 till 1884, when 21 per cent for
back dividends was voted, contingent on the negotiation of the collateral
trust loan. The dividends paid on Philadelphia & Reading stock from
1870 to 1875, inclusive, were 10 per cent each year; in 1876 2 ^ per cent
was paid and nothing since.
The range of P. & R. stock yearly in Philadelphia since 1875 has been:
in 1876, 1 8 ^ 5 5 ; in 1877, 10®20M; in 1878, 1138®1934; in 1879
1112@3758 ; in 1880, 634® 3 6 i2 ;in 1881, 2538®37i4; in 1882,23^®
335s; in 1883, 23^®30i2; in 1884, 812®3014; 1885, 638®1278; in 1886,
to Dec. 17, 9!a®27.
The bonds in the table above are arranged with the mortgage bonds
placed first, then the plain debentures, income bonds, scrip, &c. Under
the sinking fund clause the right has been claimed by Mr. Gowen to pay
off the general mortgage bonds at any time on proper notice. The
trustees of the general mortgage of 1874 hold the bonds of the Coal
& Iron Co., viz., $29,737,965 mortgage of 1874 and the Philadelphia &
Reading Co. also holds the $10,000,000 mortgage of the Coal & Iron
Co. dated 1876.
The Deferred Income bonds have a claim for 6 per cent interest only
after 6 per cent has been paid on the stock. In January, 1883, the con­
vertible adjustment scrip was issued, secured by $4,000,000 income
mortgage (see terms in V. 36, p. 48), payable on 90 days’ notice any
time after July, 1885, and convertible into stock at par, and the new
consol, mortgage dated in 1882, due in 1922, was issued in adjustment
of certain liabilities. In addition to the bonds above given there are
real estate mortgages for about $2,900,000.
O p e r a t i o n s , F i n a n c e s , &c.—The Philadelphia & Reading Co. has
been the largest of the anthracite coal carriers, and through its auxiliary,
the Philadelphia & Reading Coal & Iron Co., became a large owner of
coal lands. Between 1870 and 1876 theP. & R. increased heavily its
capital account in the purchase of new properties, and after paying 10
per cent dividends for some years ceased to pay after Jan., 1876.
In May, 1880, the company suspended paymen , and on May 24
receivers were appointed and held possession till May, 1883. Bui in
June, 1884, the company again went into receivers’ bands.
In 1883 the P. & R. Co. leased the Central of New Jersey railroad
system, assuming all its liabilities and agreeing to pay 6 per cent a year
on the stock. The charges on Central of N. J. lease were heavy and coal
rofits declined largely, so that on June 2, 1884, receivers of the Philaelphia & Reading RR. and Iron companies were appointed.
In Feb., 1886, the Drexel-Morgan syndicate of bankers was formed,
with a proposed capital of $15,000,000, raised to meet reorganization
expenses. (See C h r o n i c l e , V. 42, p. 216 and p. 394.) The p an of re­
organization approved by the “ reconstruction trustees” representing
bondholders and the company, and by the syndicate, was published at
length in the C h r o n i c l e of March 27, 1886, on p 394, &c., and after
the agreement with Mr. Gowen in Sept., 1886, under whichMr. A. Corbin
became President, the complete plan as modirtei was published iu the
C h r o n i c l e of Dec. 18, on p. 747 (V. 43, p. 747).
For ten months from Dec. 1,1885, to Oct. 31, 1886, gross earnings
(including Central of New Jersey) were $41,484,827 against $40,371,763 in 1884-5; net, $9,632,441, against $10,572,475 in 1884-5.
The annual report for the year ending Nov. 30, 1885, was in V. 42, p.
61 and 91, and gave the income account as below, including the Centra 1
of New Jersey leased lines. From this report it appears that the decrease
in net receipts in 1884-85 was $890,305. The floating debt Nov. 30
1885, was $25,070,177, agains<*$23,517,623 the previous year, an inI crease of $1,552,554.

RAILROAD STOCKS AND

D ecember , 1886,

BONDS.

79

S u bscribers w i ll co n fe r a great fa v o r b y g iv in g Im m e d ia te n o tice o f a n y e rro r d isco v e re d in th ese T a b le s .

Bonds—Princi­
________________ DESCRIPTION.________________
INTEREST OR DIVIDENDS.
Miles Date Size, or
Due.
Amount Rate per When Where Payable, and by pal,When
For explanation of column Readings, &c., see notes of
of
Par Outstanding
Stocks—Last
Road Bonds Value.
on first page of tables.
Cent. Payable
Whom.
Dividend..
Phila. <£ Read.—(Gont.)—Improvement mort., gold
Income mortgage, $ ..................................................
Consol. M, of ’82,1st ser., gold (for $80,000,000).
do
2d series (for $80,000,000).......
Debenture loan, coup...............................................
do
convertible, coupon.....................
Scrip deben. and guar, bonds, currency................
Scrip general mort. and Perkiomen, 6, sterling..
Deferred Income bonds............................................
Deferred income scrip...............................................
Conv. adjustment scrip (for $4,000,000)..............
Car trust certificates...............................................
do
do
...............................................
P. & R. Coal & L, purchase money mort. bonds...
do
debenture loan...........................
Philadelphia <£ Trenton—Stock...................................
Philadelphia Wilmington & Baltimore—Stock.........
Plain bonds, loan......................................................
do
do ......................................................
do
do .......................................................
do
do .......................................................
Piedmont <t Cumberland—1st mort..........................
Pine Greek.—1st mort., guar.......................................
Pittsb. Oleve. <&Toledo—1st mortg., gold, int. guar..
Pitts. O. & St. L.—1st M., consol., reg. and coup........
2d consol, mortgage..................................................
1st mort., Steub. A Ind., extend in 1884, reg___
Col. <te Newark Division bonds.................................
Holliday’8 CoveRR. mortgage bonds...................
PUtsb. <£- Connellsville.—1st mortgage......................
1st mortgage Turtle Creek division.......................
Consol, mort., guar. B. & O. (s. f. £7,200 pr. y r.)..
2d consol, mortg., gold (pledged forB.&O. bonds).

1873
1876
1882
1883
1868
1873
1877
1877
1882

39
506

1883
1883
1884
1872-4
1872

78
200
200
125
33

1867
1872-4
1875
1880
1886
1883
1882
1868
1873
1864
1864

149
10
149
149

1868
1859
1876
1885

30

$1,000 $9,364,000
1,000
3,938,090
500 &c.
4,386,000
500 Ac.
2,436,500
100 Ac.
652,200
100 Ac.
6,349,009
554.405
10 Ac.
90 Ac.
1,794,510
50 Ac. 24,612,850
__
955,240
3,077,730
1,400,000
822,000
500 Ac. 12,338.000
1,000
1,117,000
100
1,259,100
50 11,819,350
1,000,000
1,000
1,000
700,000
1.000
800,000
....
1,000,000
1,000
650,000
1,000
3,500.000
2,400,000
1,000
6,863,000
1,00.0
2,500,000
1,000
3,000,000
1,000
134,000
120,000
1,000
4,000,000
100 Ac.
326,600
£200
6,321,000
100 Ac. 10.000,000

GROSS AND NET RECEIPTS.

1884-85.
1883-84.
1882-83.
Gross receipts............................ $44,643,966 $47,450,848 $46,836,786
Gross expenses.......................... 32,015,069 34,054,314 31,450,943
Net earnings........................ $12,628,897 $13,396,534 $15,385,842
The income account was briefly as follow s:
INCOME ACCOUNT.

1884-85.
1883-84.
Net receipts, both companies............................ $12,628,897 t$13,519,201
From this deduct: For the Railroad Com pany$ ............
$42,208
Debit balance renewal fund.............................
Debit balance, profit and loss..........................
82,430
38,236
18,898
42,221
State tax on capital s to c k ...............................
All rentals and full interest on alll outstand­
ing obligations, including floating debt..... 16,184,453
15,609,499
Deduct: For the Coal & Iron Co :
Full interest on all outstanding obligations
other than those held by the Railroad C o...
940,997
1,142,286
$17,226,778 $16,874,453
Balance of both companies........................ def.$4,597,881 df. $3,355,251
f The slight difference from the figures above is due to miscel’s rec’p’ts.
—(V. 42, p. 23, 61, 91, 94. 157, 216, 234, 272, 304, 339, 365, 393, 394,
431, 462, 464, 488, 5i9, 549, 604. 632, 675, 694, 728; V. 43, p. 23, 102,
103,131. 133, 245, 275,368, 339, 431, 459, 516, 547, 635, 672, 719, 738,
747.)
P h ila d e lp h ia & T ren to n .—Owns from Kensington, Pa., to Mor
risville, Pa., 26 miles and Tioga Branch, 1 mile; leased—Trenton Bridge
Connecting Railroad, 7 miles, and Frankford & Holmesburg Railroad, 4
miles; total ovned and leased, 39 miles. On Dec. 1, 1871, it was
leased with the United Companies of N. J. to the Penn. RR., at 10 per
cent on stock, and is operated as a part of its New York division.
P h ila d elp h ia W ilm in g to n Sc B a ltim o re .—Mileage as follows:
Philadelphia Wilmington & Baltimore RR., 122 miles; Philadelphia &
Baltimore Central, 79; Delaware RR., 100 ; Queen Anne & KentRR.,
26; Delaware & Chesapeake, 55; Cambridge & Seaford RR., 27; Del.
Md. & Va. RR., 98 miles; total operated, 506 miles. Owns over half the
stock of the Phil. & Balt. Cent.
This road on the main route, Philadelphia to Baltimore, has been
rofitable, paying regular dividends, with a considerable surplus. From
868 dividends of 8 per cent on the stock have been paid each year. In
April, 1881, nearly the whole stock was purchased and is held by Penn.
RR. Co. For four years the income account was as follow s:
INCOME ACCOUNT.

1882-3.
$
Gross earnings............ 5,741,672
Rece ip ts_
Net earnings................ 1,675,997
Other receipts...............
109,349

1883-4.
$
5,820,323

1884-5.
$
5,678,588

1885 6.
$
6,004,764

1,855,178
133,496

1,783,816
122,373

1,862,630
146,378

Total income.......... 1,785,245
Disbursements—
$
Rentals paid..................
285,329
Interest on debt...........
211,778
Taxes.............................
48,234
Dividends, 8 p e rct__
943,604
Miscellaneous...............
150,133

1,988,674
$
331,338
201,485
47,682
9i3,604
14,543

1,911,189
$
386,631
200,000
47,686
945,548
11,674

2,009,038
$
367,650
200,0*0
47,697
945,548
13,605

6 g.
7
5 g5 g6
7
6
6
6
6
6
6
6
6A7
7
2%
4
6
6
6
5
5
6
6
7
7
5
7
6
7
6
6 g.
5 g.

A. A
J. A
M. A
F. A
J. A
J. A
J. A
J. A

O. Philadelphia A London.
D. Last paid Dec., 1883
N. Last paid May, 1884
A. Last paid Feb., 1834
J
Last paid Jan., 1884
J. Last paid Jan.. 1884
J. Last paid Jan., 1884
J. Philadelphia A London.
Nothing ever paid.
Nothing ever paid.
J. A J. Last paid Jan , 1884.
F. A A. Last paid Feb., 1886
M. A S. Last paid March, 1886.
Various Philadelphia, Office.
M. A S. Last paid March, 1834.
Philadelphia, Office.
Q .-J .
J. A J. PhiTdelphia, Co.’s Office
A. A 0.
do
do
A. A O.
do
do
A. A O.
do
do
I. A D.
do
do
F. A A.
New York.
J. A D. Phila. P. A R. RR. Co.
A. A O.
New York.
F. A A. Phila., Pa., RR. Office.
A. A 0.
do
do
J. A J. N. Y., Nat. City Bank.
J. A J. Phila., Pa. RR. Office.
F. A A.
do
do
J. A J. Balt., Balt. A Ohio RR.
F. A A. Pittsb., First Nat. Bank
I. A J. London. J.S.MorganACo
F. A A.
New York Agency.

Oct. 1, 1897Dec. 1, 1896'
May 1, 1922".
Feb. 1, 1933July 1, 1893
Jan. 1, 1893
July, 1877-84
July, 1882-85*
Irredeemable.Irredeemable.
Jan. 1, 18881892 to 1894
1892
Oct. 10, 1886
July 1, 1886
April, 1887
Oct. 1. 1892
April 1. 1900
June, 1910
Aug. 1, 191I>
Dec. 1932
Oct. 1, 1922
Aug. 1, 1900
April 1, 1912Jan. 1, 1914
Jan. 1,1 89 0
Feb. 1, 1892
July, 1898
Aug. 1, 1889’
Jan. 1, 1926
Feb. 1, 1925-

eluding th« Steubenville & Indiana and the Pan Handle roads. This com­
pany is controlled by the Penn. Company, through the ownership of a*
majority of its stock. The P. C. & St. L. also has leases of the Little Miami'
and its dependencies. Common stock, $2,508,000; first oref. $2,929,200r
second preferred, $3,000,000; par value of shares, $50. Authorized
amount of 1st mort. $10,000,000, of which $3,137,000 reserved.
The report for the year 1885, in V. 42. p. 547, said that the tonnage
transported was 4,066,386 tons, against 3,630,919 tons in 1884, an
increase of 435,467 tons, being entirely in through traffic, and mainly
in lumber, coke, ore, provisions, agricultural products and miscellaneous1
manufactures. The coke traffic shows an increase of about 48 per cent,
or 63,720 tons. The decrease in coal tonnage was due to the falling off
in the Pittsburg local traffic, caused by the substitution of natural gau
for fuel in place of coal. There was an increase in freight earnings of
$87,407. The average rate received pe? ton per mile was 5 3-10 mills,
as compared with 6 3-10 mills f or the previous year. There were carried
1,261,427 passengers, as compared with 1,323,074 in 1884, the loss
being in local travel. There was a decrease of $106,575 in passenger
earnings, of which the largest proportion was upon the same traffic.
Gross earnings from Jan. 1 to duly 31 were $2.478,319 in 1836, against
$2,213,549 in 1835; net, $812,591, against $809,165.
Comparative statistics for four years are as follows:
1382.
1883.
1884.
1885.
Total gross earnings. 4,214,923 4,623,740 4,045,257 4,033,623'
Op. exp. and taxes.. 2,831,000
3,037,465
2,731,960 2,631,633
Net earnings.............
P.c.of op.ex.to earn’s

1,383,923
67-17

1,536,275
6677

1,313,297
67-53

1,351,990
66-48

1833.
1884.
^
^
1,536,275
1,313,297
8,784
4.624
401,132
423,531
.....................................

1885
»
1,351,990
4,835
378,330
58<y

1,946,191
1883.
$
856,345
714,490
231,246
105,000
82,534
............
10,418

1,735,744.
1885.
$
830,881646,990
. 178,615
52,500............
66,917
.......... ..

INCOME ACCOUNT.*

Receipts—
Net earnings.............
Rentals and interest
Net from l’sed roads.
Miscellaneous............

1882.
^
1,383,923
19.636
609,271
86,521

Total income.......

2,099,351
1882.
Disbursements—
$
825,447
Rentals paid.............
Interest on fund, d’bt
851,990
Other interest....... 222,985
Int.on C.&M.Val.bds.
105,000
Loss onSt.L.V.AT.H.................. .
“ Cin.AMus. Y. RR.....................
Miscellaneous..............................
Total.................... 2,005,422
Balance..................... sur. 93,929

1,741,452
1884.
$
849,920
646,990
183,850
105,000
33,011
42,003
27,888

2,000,033
1,888,662
1,775,903
def.53,842 def.147,210 def. 40,150

* Exclusive of Col. Chic. & Ind. Cent.
GENERAL BALANCE AT CLOSE OF EACH FISCAL TEAK.

1882.
1883.
1884.
1885.
Assets_
$
$
$
$
RR.,equipment, Ac.. 19,995,963 20,605,107 20,798,277 20,870,740Stocks owned, cost..
57,299
1,085,967
1,085,967 1,085,967
Bonds owned, cost ..
283,000
............
23,750
23,750
Betterm’tstol’s’d r’ds
656,777
20,318
21,744
38,17
Bills & accts. receiv..
1,001,034
1,107,502
1,119,287 1,036,391
Materials,
fuel,
A
c...
832,930
474,337
292,014
389,995
Total disbursem’ts... 1,639,078 1,538,653 1,591,542
1,574,501 Cash on hand............
437,707
317,725
258,918
276,134
Balance, surplus..........
146,167
450,016
319,647
434,507 Cin. Str. Conn. R y ...
64,639
64,639
64,639
64,639
—(V. 42, p. 126.)
Profit & loss balance
282,465
232,415
396,124
428,482
P ied m on t Sc C um berland.—Road extends from Piedmont, West
Total assets........ 23,611,814 23,908,010 24,060,720 24,214,269
Va., to Cumberland, Md., 30 miles. It connects the West Va. Central &
Liabilities—
$
$
Pittsburg RR. with the Pennsylvania RR. system, and has a traffic con­
$
$
Stock, common........
2,508,000
2,508,000
2,508,000
2,508,000
tract from the Pennsylvania Railroad. Stephen B. Elkins, President.
Stock, preferred.......
5,929,200
5,929,200
5,929,200
5,929,200'
P in e CreeR.—Stokesdale Junction to Newberry Junction, Pa., on the
12,617,000 12,617,000 12,617,000 12,617,000
Corning C. & A. Road, 75 miles. Formerly Jersey Shore Pine Creek & Bufi- Bonds.........................
All other dues A acc’ts 1,212,134
1,692,961
1,451,050
2,013,724
RR. It is operated by the Fall Brook Coal Co., and forms a connection Due
Little
Miami
RR.
847,390
847,360
845,826
845,829
between Philadelphia & Reading lines and N. Y. Central, and bonds are Due C. C. & I.C. RR .
184,601
guaranteed by these companies and the Corning C. & A., on the condi­ Cin. Street Conn.bds.
262,500
262,500
262,500
262,500
tion that guarantors shall advance money for "interest if needed and
50,989
50,989
447,144
38,018
take 2d mortgage bonds for such advances. Stock $1,030,000. Stock Miscellaneous...........
and bonds were largely held by Mr. W. H. Vanderbilt. Gross earnings in
Total
liabilities
.
23,611,814
23,908,010
24,060,720
24,214,268
1885 were $538,326; net, $167,561; rent of road, $161,498; surplus,
- ( V . 40, p. 286, 356, 6 5 1 ; V. 42, p. 366, 5 4 7 ; V. 43, p. 215.)
$6,068. Gross in 1884, $460,263; net, $94,374. (V. 41, p. 613, 689.)
P ittsb u rg Cleveland Sc T o led o .—(See Map o f Baltimore <&Ohio.)
P ittsb u rg Sc C on n ellsv ille.—Owns from Pittsburg, Pa., ter
—From Newcastle Junction, Pa., o Akron, O., 77 miles. Stock $3,000,- Mt.
Savage June., Md., 147 miles; branch, 2 miles; leased lines, 22 milea^
000, par$50. Leasedin July, Is 84. for 9 i years, to Pittsburg & Western, total, 171 miles. Leased to the Balt. & Ohio Railroad sine© Jan. 1,
which is controlled by Baltimore A Ohio, and the Baltimore & Ohio 1876. The city of Baltimore transfened its interest to the Balti­
Company guarantees interest on the P. C. A T. bonds (see terms in V. more Railroad for $1,000,000, and the consolidated sterling mort­
39, p. 607.) In the year ending June 30, 1886, gross earnings were gage was made and guaranteed by the Baltimore & Ohio, of which
$406,825; net, $132,462; interest, rentals, Ac., $260,802; deficit enough
is reserved to retire the prior bonds. It is operated as the
$128,340. (V. 40. p. 53.)
Pittsburg Division of the Baltimore A Ohio RR. In 1884 the Balt. &
P ittsb u rg Cincinnati Sc St. L o u is.—Owns from Pittsburg, Pa
Ohio issued its bonds for $10,000,000 secured by pledge of the above 2d
to Columbus, Ohio, 193 n iles; branch to Cadiz, Ohio, 8 miles; total, 201 consolidated mortgage of the Pittsburg & Connellsville RR. Stock i »
miles. This wa s a consolidation of several companies, May 1, 1868 in- $1,944,400. In 1885-86 net earnings were $842,420.




80

INVESTORS’

SUPPLEMEN1

[V o l . XLIII

Subscribers w ill confer a great favor by giviug im m ediate notice o f any error discovered in these Tables.
Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
pal, When Due.
Miles Date Size, or Amount
Par
Rate
per
When
Stocks—4,ast
of
Where
Payable,
and
by
For explanation of column headings, Ac., see notes of
Dividend.
Whom.
Road. Bonds Value. Outstanding Cent. Payable
on first page of tables.
Pittsburg Ft. Wayne & Chicago—Stock, guar...........
Special improvement stock, guaranteed................
1st mort. (series A to F) t Bonds all coupon, but
2d do (series G to M) 5 may be made payable
3d mortgage.................. ) to order.
Pittsburg, Ft. Wayne & Chic, construction bonds.
Pittsburg Junction—1st M., gold.................................
1st mortgage, gold, coupon.....................................
Pittsburg McK. <£• Youghiogeny—Consol, stk., guar .
1st mortg., guar........................................................
2d mortg......................................................................
Pittsburg Painesville <£•Fairport—1st mortgage—
Piitso. Va. <£ Charleston—1st mortgage, gold...........
Pittsburg & Western.—1st mort., g. (for $6,000,000)
1st mortgage. Pitts. Brad. A Buff...........................
Port Huron & Northwestern—1st mortgage.............
Consolidated mortgage.............................................
Port Royal <6 A ugusta - 1st mortgage........................
Augusta & Knoxville mortgage...............................
General mortgage income bonds, co u p ................ .
Portland & Ogdensb.—1st mort., g o ld ......................
Consol, mortgage (for $3,300,000)..........................
Portland <£■ Rochester—Stock ($600,000)...................
Portland Saco <£Portsmouth—Stock...........................
Portland J Willamette Valley—1st mort., gold........
Portsmouth <£Dover—Stock.........................................
Portsmouth 61. Falls <£ Conway—Stock....................
1st mortgage..............................................................

468
468
468
468
468

1871
1862
1862
1862
1857
414 1881
70
70 1878
62 1884
1882
62 1884
62 1886
70 1882
120 1881
103 1881

218
218
218
24
112
112
68
60
94
53
51
29
11
73
73

1879
1882
1881
1878
1882
1880
1878
1870
1871
18 i 6
1877

$100 $19,714,286
100 10,776,672
500 &c.
5,250,000
500 Ac.
5,160,000
500 Ac.
2,000,000
1,000
100.000
1,000
1,440,000
50
2,050,000
1,000
2.000,000
50
3,000,000
1,000
2,250,000
1,000
750,oOO
__
1,000,000
1,000
3 000.000
1,000
4,125.000
1,000
800,000
363,400
....
755,000
920,000
138,000
500,000
100 Ac.
250,000
112,000
...
630,000
100 Ac.
1.500,000
500 Ac.
800,000
100 Ac.
2,377,000
__
590,800
100
1,500.000
1,000
400,000
100
769.000
100
1,150,300
500 Ac.
1.000,000

P ittsb u rg F o rt W a y n e Sc C hicago. Owns from Pittsburg, Pa.,
to Chicago, III. 468 union The company made default Oct. 1, 1857, and
again in 1859,,and was foreclosed Oct. 24,1861, and reorganized under
this title Feb. 26, 1862. On June 27,1869, the company leased all its
road and property to the Penn. HR , a-t a rental equivalent to interest,
sinking fund of debt, and 7 per cent on $19,714,286 stock, which was
increased at that Jm e from $11,500,000. The lease was transferred
subsequently to the Pennsylvania Company. The lessees are to keep
the road in repair and also pay taxes, expenses, &c. The rental and
interest charge is about $2,980,000 per year, and the profit to lessees
had been large; in 1884 and 1885, however, there was a loss to lessee.
The Pitts. Ft. Wayne & Ch ic. leases the Newcastle & Beaver Val. and the
Lawrence roads, which in turn are leased again by the Pennsylvania Co.
The first mortgage bonds are in six series lettered A to F inclusive,
of $875,000 each series, the interest on “ A ” series being payable Jan.
and July; on “ B” it is February and August; on “ C” it is March and
September; on “ D” it is April and October; on “ E” it is May and Nov.,
and on “ F” it is June and December. The second mortgage is also in
six series of $860,000 each, lettered H to M inclusive (J omitted), and the
interest is payable Jan. and July on “ G-” series, Feb. and Aug. on “ H,”
March and Sept, on “ I,” April and Oct. on “ K,” May and Nov. on “ L,”
and June and Dec. on “ M.” The bonds are coupon, but may be regis­
tered payable to order. Of the 1st mortgage bonds, $1,337,500, and of
the 2d mortgage $1,587,500, and $354,088 cash, were held in the sink­
ing funds Jan. 1, 1881. The special improvement stock is issued to
Pennsylvania RR. for improvements, &c., under article 16 of lease,
which provides that the lessee may issue special bonds or stock, and
Bays; “ The said party of the second part shall guarantee the payment,
semi-annually or quarterly, thereon of such rate of interest as may be
reed upon between the parties hereto, to be paid by the said party of
e second part to the holders thereof without deduction from the
ent hereinbefore reserved; and the said special stock, or bonds, or
ther securities, shall be issued only in respect to improvements of and
additions to the said railway which, and estimates and specifications
of which, shall have been submitted to and approved by the said party
of the first part in writing.” * * *
It was proposed to change the terms of the ease so as to issue bonds
to the lessee instead of the special guarantee d stock, but this was not
consummated.
Operations and earnings for four vears past were a s below; in the gross
the net profits on leased lines are included, and in the net the earnings
paid to the C. & P. road are deducted.
Passenger Freight (ton)
Gross
Available Div’d
Years. Miles. Mileage.
Mileage.
Earnings.
Revenue, p. ct.
1882
468 140,057,682 991,907,501 $10,957,133 $4,368,465
7
1883___ 468 127,520,075 944,563,376 10,965,656 3,747,519
7
1 8 8 4 .... 468 110,639.940 907,951,237
9,204,314 2,907,465
7
1 8 8 5 .... 468 134,613. 04 953,564.515
8,252,076 2,412,162
7
F ittsb u rg J u n ctio n ,—From Monongahela River to Allegheny
River, Pittsburg, Pa., 4X4 miles, including side tracks and branches.
Built under auspices of B. & O. and Pittsburg A Western, which compa­
nies made an agreement to pay $2 for each car, and guaranteed (separ­
ately) a minimum of $240,000 per annum. In 1885 gross earnings
Were $116,007 and net $1( 0,674. Common stock is $960,000. Preferred
Btock, $480,000. owned entirely by Baltimore & Oliio RR.
P it t s b u r g Sc L a k e E r ie .—Owns from Pittsburg, Pa. to Youngs­
town, Ohio, 68 miles; branch line to Newcastle, Pa., 2 miles; total, 70
miles. Leased from Jan. 1,1884, for 99 years, the Pittsburg McKeesport
& Youghiogheny RR , from Pittsburg to New Haven, Pa., 57 miles, with
branches, 5 miles. Scrip certificates for $615,000, bearing 6 per cent
Interest and payable at wiU, are also outstanding. This company is
managed in the interest of Lake Sh. & Mich. So.. Gross earn, in 1885,
$1,201,312; net, $394,407. In 1884 gross, $1,193,521; net, $384,294.
Bee report V. 42. p. 124. (V. 40, p. 9 1 ; V. 41, p. 307; V. 42, p. 1 24.)
P ittsb u rg M cK eesport Sc Y o u gh iog h en y .—Owns from Pitts­
burg to New Haven, Pa., 57 miles; branches, 5 miles; total, 62 miles.
Road opened Nov., 1883, and leased to Pittsb. & Lake Erie RR. for 99
ears, 6 per cent on the $3,000,00 .) stock and principal and interest of
lebondsbeing guar. b yP & L. Erie and Lake Shore & M. So. Cos., the
guarantees being endorsed on the share certificates and bonds. Gross
earnings in 1885, $587,723; net, $320,270; paid interest and dividends,
$359,173; deficit, $38,903. W. C. Quincy, President, Pittsburg, Pa.
—(V. 40, p. 763.)
P ittsb u rg P ainesville Sc F a irp o rt.—Owns from Fairport. O.,
to Youngstown, O., 62 miles. Leased in Dec., ’86 to the Pittsburg &
Western. The Painesville & Youngstown RR. Co. made default, and
road was sold in foreclosure June 2, 1879, and reorganized. Sold again
in foreclosure June 3, l*>-6, for $4o0,000, and P. P. &F. Co. organized.
Common stock, $800,000; pref., $250,000. (V. 42, p. 272, 575, 694.)
P ittsb u rg V irgin ia Sc C h arleston .—From South Pittsburg, Pa.,
to Uniontown, Pa., 70 miles. The stock is $1,505,000. The bonds and
$1,251,050 of the stock ate owned by the Penn. RR. Dividends of $1 50
per share paid in March and September, 1885.
P ittsb u rg & W e ste rn .—Owns from Alleghany City, Pa., to New
Castle, Pa., 64 miles; Callery Junction to Mt. Jewett, 137 miles; Duck
Run Branch, 3 miles; Clarion Branch, 6 miles; other branches, 2 miles;
total, 212 miles. Leases P. C. & Tol., New Castle Junction, Pa., to Val­
ley Junction, O., 77 miles, and uses 26 miles of Cl. Mt. V. & Del. RR.,
Akron, O., to Orville, O.; total, 315 miles. This was a consolidation of
several roads dated June 15, ’81, and in ’83 Pitts. Brad. & Buffalo was

f

S




1%
1%
7
7
7
7
6 g.
10 s.
6 g.
l!g
6
6
5
5
6 g.
6
7
6
7
6
6
7
6
6 g.
6 g.
3
3
7 g3
3
4bj

Jan. 5, 1887
Jan. 2, 1887
Jidy 1, 1912
July 1, 1912
July 1. 1912
Jan. 1. 1887
July, 1922
1883
N. Y., Phila. A Pittsb. July 1. 1928
July 1, 1885
N.Y., Union Trust Co. July 1, 1932
do
do
July 1, 1934
1916
Philadelphia.
April 1, 1912
Last paid Jan., 1885.
July 1, 1921
April 1, 1911
Last paid Oct., 1884.
1911
N. Y., First Nat. Bank Oct. 1, 1899
do
do
Mar. 1, 1922

Q .-J . N. Y., Winslow, L. A Co.
do
do
Q .-J .
Various
do
do
Various
do
do
A. A O
do
do
J. A J.
do
do
J. A J. New York A Pittsburg.
J. A J.
Q .-J .
7. A J.
J. A J.
J. A J.
A. A O.
J. A J.
A. A O.
A. & 0.
M. A S.
F. A A.

J. A J. N. Y., 252 Broadway.
J.
J.
J.
M.

A
A
A
A

J.
J.
J.
J.
J.

A
A
A
A
A

J. N. Y., Nat. City Bank.
J. N. Y., 252 Broadwav.
J. Last paid July, 1883.
N. Last paid May, 1883.
Portland.
J.
Boston, Office.
J, N.Y., Farm. L. A Tr. Co.
J. Portsmouth, Treas,
J. Bost., Eastern RR. Co.
D.
do
do

Jan. 1, 1899
1898
July 1, 1900
Jan. 1, 1899
Jan., 1900
Nov., 1901
July, 1886
July 15, 1886
Jau. 1, 1906
July 1, 1886
July 15, 1373
July 2, 193 7

acquired. The mortgage was executed Oct. 1, 1881, to the Mercan­
tile Trust Co., covering the proiected lines. In July, 1884. leased the
Pittsb. Cleveland & Toledo RR., giving line to Akron, O. Operated in
the Baltimore & Ohio interest. Stock, $7,250,000. In addition to above
bonds, there are about $300,000 other issues, for which 1st morgt*
bonds are reserved. Guarantees, with Baltimore & Ohio, the Pittsburg
Junction bonds. On March 23, 1885, on application of the mort­
gage trustees, James Callery and J. W. Chaffant of Pittsburg were
appointed receivers. In Dec , 1886, by order of court the receivers joined
in a lease of the Pitts. Painesville A Fairp. RR. In 1884-85 grass earn­
ings, $844,793; net, $230,175. In 1883-84, gross earnings, $685,035;
net, $200,221. James Callery, Pres., Pittsburg. (V. 40, p. 305, 394,
454; V. 43, p. 399.)
Port H u ro n «fc N orthw estern.—Port Huron to East Saginaw,
91 miles; Saginaw Junction to Sand Beach, 58; Port Austin to Palms,
35 ; Port Huron to Almont, 34; total, 218 miles. In 1884gross earnings
were $288,964; net earnings, $77,595; interest payments, $ 1 33,187. In
1885 gross, $297,762; net, $84,283; interest payments, $140,574.
John P. Sanborn, President, Port Huron, Mich.
P ort Jervis M on ticello Sc N. Y .—Owns from Port Jervis, N.
Y., to Monticello, N. Y., 24 miles. Was sold in foreclosure July 18, 1875,
and again sold out in Nov., 1886, and then reorganized under present
title. H. R. Low, Middletown, President. Gross earnings in 1884-85,
$20,530 ; net, $5,355. (V. 43, p. 309, 579.
P ort R o y a l Sc A u g u sta .—Owns from Port Royal, S. C., to Augus­
ta, Ga.. 112 miles. Leased in Sept., 1883, the Augusta & Knoxville road,
Augusta, Ga., to Greenwood, S. C., 68 miles, for 99 years, at 4 per cent
on stock of $127,639, and assuming the bonded debt. Formerly Port
Royal Railroad. Defaulted Nov. 1, 1873, and receiver appointed May 9,
1875. Sold in foreclosure June 6,1878, and purchased for the bond­
holders, who organized this company. The Georgia Railroad was en­
dorser on $500,000 of the old bonds. The stock is $750,000, and in
June, 1881, a controlling interest was purchased by Central Georgia R R .
parties. Gross earnings in 1885-86, $452,113; net, $58,102. In 1884-85,
gross $412.164; net, $58,148.
Portland. Sc O gdensburg.—Owns from Portland Me., to Fabyans,
91 miles. It reaches the Vermont Division (now St. Johnsbury & Lake
Champlain) by using 14 miles of the Boston Concord & Montreal RR.
and a 3-mile link of its own. In 1876 the company made default on the
1st mortgage interest and foreclosure proceedings were begun, but com­
promise was made by giving notes for overdue coupons up to July, 1878.
Interest is not paid on the consolidated mortgage, of which the city of
Portland holds $1,350,000. The city of Portland owned a controlling
interest in the stock, which is $1,052,186.
In March, 1864, a foreclosure suit was begun and receivers appointed
and power to issue $200,000 receiver’s certificates was given by the
Court. Iu June, 1885, a decree of foreclosure in six months was made,
and a plan of reorganization was stated in V. 41, p. 421; also the plan
of 2d mortg. bondholders in V. 41 p. 486. Earnings for four years were:
Years.
Miles.
Gross Eam’gs.
Net Earn’trs.
$354,173
$106,304
18818 2 .......................... 94
188283.......................... 94
338.844
49,720
188384.......................... 94
334,673
89,881
188465.......................... 89
361,993
99,157
- ( V . 42, p. 126,728; V. 43, p. 211, 672.)
P o rtla n d Sc R o ch ester.—Owns from Portland, Me., to Roches­
ter, N. H., 53 miles. The old company was put in the hands of a
Receiver February, 1877. Foreclosure suit was begun, but a settle­
ment was made in 1881 by which all the old stock and bonds were con­
verted into the stock of the new company. In Nov., 1885, a lease to the
Boston & Maine was made for 50 years. Gross earnings in 1885-86,
$101,503; net, $42,594. In 1884-85, gross, $181,900; net, $25,272.
- ( V . 43, p. 717.)
P o rtla n d Saco Sc P o rtsm o u th .—Portland, Me., to Portsmouth,
N. H., 51 miles. It was leased May 4,1871, to the Eastern Railroad
Mass., at 10 per cent on stock. Lease rental changed May 21, 1877
and now 6 per cent. The Boston & Maine Railroad leased the Eastern
in 1884 with all its leased roads.
P o rtla n d & W illa m ette V a lle y .—Line of road from Portland,
Or., to Dundee, 28 62 miles, connecting with Oregonian Railroad, with
which it has a freight contract for 15 years. Stock, $130,000.
P o rtsm ou th Sc D over.—Portsmouth, N. H., to Dover, N. H., 11
miles. Opened February 1, 1874, and leased for 50 years to Eastern
of New Hampshire at 6 per cent per annum on the stock. Operated
now bv Eastern (Mass.) Frank Jones, President, Portsmouth, N. H.
P o rtsm o u th Great F a lls & C o n w a y .—Owns from Conway
Junction, Me., to North Conway, N. H., 73 miles. The Eastern Railroad
in Massachusetts has made a lease of the road for 60 years from Dec. 1,
1878, with a guaranteed rental of $45,000 a year, which pays 4 ^ per
cent on $1,000,000 bonds, and the stock is to receive the same dividends
as the stock of the lessees. Total stock, $1,150,300, of which lessees
own $551,300.
P oughkeepsie H artfo rd Sc B o sto n .—Poughkeepsie, N. Y., to
Boston Corners, 40 miles; 8tissing to Pine Plains (track rental), 5 miles :
total, 45 miles. The Pough. A East. RR. was sold in foreclosure Mayl5,
1875. Thisroadwas sold in foreclosure Jau. 26, ’84, under the 2d mort.,
and again foreclosed in i886 under a small 1st mort. to give a clear title
to the property. (V. 38, p. 149.) In 1883 84, gro-s earnings, $47,803;
net, $6,560. In 1884-85, gross. $43,050; net, $6,531. G. P. Pelton,
President. Poughkeepsie, N. Y. (V. 42 p. 397.)
'
n

D bcembbr, 1886.]

RAILROAD

STOCKS AND

BONDS

811

S u bscribers w i l l co n fe r a great fa v o r b y g iv in g im m e d ia te n o tice o f a n y erro r d isco v e re d in th ese T ab les*

Bonds—Princt
INTEREST OR DIVIDENDS.
DESCRIPTION.
pal,When Due,
Miles Date Size, or
Amount
of
Par Outstanding
For explanation of column headings, &c., see notes of
Rate per When Where Payable, and by Stocks—Last
Road. Bonds Value.
on first page of tables.
Whom.
Dividend.
Cent. Payable
Poughkeepsie Hartford <£ Boston—1st mort..............
Providence & Springf.—1st M. tend, by City Prov.).
Providence <£■ Worcester—Stock...................................
Bonds..........................................................................
Raleigh, & Augusta—Stock ($1,000,000 pref.)..........
Raleigh <£ Gaston—1st mortgage...............................
Reading <£•Columbia—1st m ort, coup, (extended)..
2d mortgage, coupon (extended in 1884)...............
Debentures.................................................................
Lancaster & Reading, 1st mortgage......................
Rensselaer <£ Saratoga—Stock.....................................
1st mortgage, consolidated (for $2,000,000)........
Richmond & Alleghany—1st mortgage, gold...........
Second mortgage, gold ($4,000,000).....................
Car trust certificates................................................
Richmond <£•Danville—Stock...................................... j
3d mortgage, (consol, of 1867) coup, or reg.......General mort., gold (for $6,000,000).....................
Debenture mortgage bonds, cumulative................
Consol, mort., g o ld ............................. .................. .
Piedmont branch, 1st mortgage.............................
Northwestern, N. C., 1st mort., guar......................
Richmond York River A Cues., 1st mortgage........
do
do
2d mortgage.........
do
do
Stock guar. 6 p. ct
Rich’d iredericlisburg <£ Potomac—Bonds, ster........
Dollar loan...............................................................
Coupon bonds of 1890...............................................
Coupon bonds of 1901 .............................................
Richmond dt: Petersburg—Stock..................................I
1st mortgage, coupon........... .................................
Consol, mortgage ($50,000 are 7s)............. - .........!

42
23
51
98
97
40
40
15
193
79
252
252
756
141
141
48
29
38
38

25
25
25

1875
1872
1877
1873
1862
1864
1877
1873

$ ....
1,000
100

1871
1880
1881

1,000
lOOAc.
1.000
1,000
100 &c.
100
1,000
1,000
1,000

1867
1874
1882
1886
1868
1873
1873
1880

100
100 &c.
1.000
1,000
1,000
1,000
1,000
1,000
1,000

1870
1875

io o

1,000
500 &c.

P rovidence Sc Springfield.—Providence, R. I., to Pascoag, 23
milfes. It was proposed to extend the road to Springfield, Mass., 80 miles.
Stock is $516,850. In 1884-85, gross earnings, $92,700; net, $45,545;.
Interest, $36,163. In 1885-86, gross earnings, $102,563; net, $38,032 ’
interest, $34,890.
Providence <fc W o rcester.—Owns from Providence, R. I., to
Worcester, Mass., 44 miles; branches, 7 miles; total operated, 51 miles.
Notes outstanding are $250,009. Stockholders can subscribe prior to
Feb. 15, 1887, for $590,000 new stock at par. In 1885-86 gross earn­
ings were +1,245,711; net, $371,507. In 1884-85 gross, $1,077,166;
net, $3zl,507. <V. 41, p. 5 55 ; V. 43, p. 607,738.)
Raleigh. & A u g u sta .—Owns from Raleigh, N. O., to Hamlet, N. C.,
98 miles; Hamlet to Gibson, 10 miles; total, 108 miles. Formerly
Chatham Railroad, and is controlled by Raleigh & Gaston. Earnings
1883-84. $240,594 ; net, $20,641.
R a le ig h & G aston .—From Raleigh to Weldon, N. C.. 98 miles,
and Eouisourg branch 10 miles. The stock is $1,500,000. In Oct., ’ 81,
3 perct. dividend paid, 3 iuOet.. 1885, and 2 in April, ’86. John M. Rob­
inson, Pres’t, Baltimore. Gross earnings for fourteen months ending
Dec. 31, 1885, $5 42,283; net, $168,148.
R ea d in g & C olu m b ia.—Owns from Columbia to Sinking Springs,
Pa., 40 miles; branches, 8 miles; Lancaster A Reading Railroad,
leased, 15 miles; total operated, 63 miles. Stock, $958,268. The
road is controlled and operated by Philadelphia & Reading, but
accounts kept separate.
The first mort. 7 per cent bonds due 1882
were extended 30 years at 5 per cent, and the 2d 7s due 1884 were ex­
tended twenty years at 5 per cent. Gross earnings m 1884-85, $356,108; net earnings, $76,362; 1883-84, gross, $394,819; net, $53,838.
R ensselaer & Saratoga.—Owns from Albany to Lake Cham­
plain, N. Y., 79 miles; Troy to Waterford Junction, N. Y , 6 miles;
Whitehall, N.Y., to Castleton, Vt., 14 miles; Eagle Bridge to Rutland,
Vt., 62 miles; other, 2 miles; leased: Ballston to Schenectady, 15
miles; Fort Edward to Caldwell, 15 miles; total operated, 193
miles. It was a consolidation of several lines, and the Delaware &
Hudson Canal Co. leased the whole March 1,1871, at a rental of 8 per
cent on the stock and interest on the bonds. In the fiscal year end­
ing Sept. 30,1885, the payments by the lessee company for rentals were
$754,276, leaving a deficit of $33,102. Operations have been:
Passenger Freight (ton)
Gross
Net
Div.
Mileage.
Mileage.
Years. Miles.
Earnings. Earnings. p.c.
68,780,201 $2,149,043 $764,587
1882-83. 193 29,612,425
8
1883-84. 193 30,28 i,267
70,330,754
707,333
2,136,356
8
1884-85. 193 30,766,535
2,097,967
61,978.179
721.163
8
1885-86. 193
2,280,392
893,392
8
—(V. 41, p. 162, 558; V. 42, p,, 604; V. 43, p. 580.)
R ic h m o n d & A lle g h a n y .—Owns from Richmond to Clifton Forge,
230 miles; branch to Lexington, 19 mixes; dock connection, 1 mile;
leased, Buckingham RR., New Canton to Arvon, 4 miles; Valley RR. con­
nection, 2 miles; total, 256 miles. The company was chartered Feb. 27,
1879, and acquired by purchase the properties and franchises of the James
River a Kanawha Canal Co., and the Buchanan & Clifton Forge Railway
Co., including water rights on James River and terminals in Richmond";
the cost of these in stock and cash was $6,588,609.
The stock is $5,009,000. o f the 2d mortgage bonds for $4,000,000,
$2,9 '4,OuO were sold and $1,036,000 pledged for loans. The receivers’
certificates Sept. 30, 1885, were $209,500 ;~and in addition to the bonds
giveu above there were $71,000 City of Manchester bonds assumed and
$34,00 » Manchester improvement bonds issued. In May, 1883, default
on the mort .cage interest was made, and on June 23 receivers were
appointed. In Sept., 1685, arrangements were made to defer payments
on prim ip,.1 of car trusts for five years.
The plan of reorganizaiion (giveu substantially in Ch ronicle V. 40 p
152) will allow first mortg. bondholders to take a new 1st mortg. 5 per
cent gold bond, drawing interest from Jan. 1, 1887, and $300 in pref.
and $3oo in com. stock. Second mortg. bondholders pay $5 cash for
bond of $1,000 and get $t>00 in new pref. stock. Stockholders get 70
per cent in new common stock on paying in $3 cash for each new share
of $400. Earnings from operations for three years ending Sept. 30 were:
1883.
18*4.
1885.
Gross earn’gs, incl. rents, docks, &c. $635,327
$604,083
$589,591
420,104
404,918
Operating expenses.......................... 406,900

$16,000
500,000
2,500,000
1.242.000
1.873,000
1,000,000
650,000
350,000
1,000,000
350,000
10,000,000
1,925,000
4,925,000
2,964,000
393,000
5,000,000
627.500
4,785,000
3,969.000
(?)
500,000
500,090
400,000
400,000
497,000
57,327
309,594
150,000
300,000
1,000,000
50,000
319,000

7
7
3
6
" 8'
5
5
6
7
4
7
7 g6 g.
5
2
6
6 g.
6
5 g.
8
6
8
6
6
5 g.
5, 6, 7
8

6
3
8

6&7

1905
J. & J. Providence,Am. Nat.Bk July 1, 1892
I. & J. Providence, Office.
Jan. 1, 1887
A. & O. Providence R. I.H.T.Co.
1897
J. &” j.
M. & S.
J. & D.
J. & D.
J. A J.
J. & J.
M & N.
J. & J.
M. & N.
Q .-F .
M. A N.
J. & J.
A. A O.
A. A O.
A. A 0.
A. A 0.
,T. A J.
M. A N.
J. A J.
,1. A J.
J. A J.
J. A J,
M. A N.
J. A J.
A. A O.
M. A N.

Phila.,Pa.,A Ral’gh.N.C.
Pliila., Co.’s Office.
do
do
do
do
do
do
N. Y., Nat. B’k Com’rce.
N.Y., Del. A H.Canal Co.
Last paid Jan., 1883.
Last paid Nov., 1882.

Jan., 1898
Mch. 1, 1912
June 1, 1904
Dec. 1, 1917
July 1, 1893
Jan. 1, 1887
Nov., 1921
July 1, 1920
May 1, 1916
1890 to 1895
Aug. 15, 1882
N. Y., Central Trust Co. May 1, 1890
do
do
1915
do
do
April 1, 1927
do
do
1936
N. Y., Cent. Trust Co.
1888
Richmond.
1902
do
Jan. 1, 1894
do
Nov. 1, 1900
July, 1886.
London.
1901
Richmond, Office.
1895-’ 99 1902
Phil.,To wnsend W. A Co.
1890
Richmond, Office.
1901
Richmond, Office.
Jan. 1, 1887
do
do
1886
do
do
May 1. 1915

By ownership of a majority of the stock of the Richmond & West
Point Terminal Railway & Warehouse Company, the Richmond A Dan­
ville Railroad Company indirectly controlled and operated the following
lines of railway: Charlotte Columbia A Augusta, 191 miles; Columbia
& Greenville, 1*97 miles; Chester & Lenoir RR. (n. g.), 90 miles; Chester
& Cheraw (n. g.), 29 miles; Atlantic Tenu. A Ohio RR., 47 miles; Laurens
Rail way 31 miles; Knoxville & Augusta RR., 16 miles; Richm. & Meek.
Railroad, 31 miles; Spartanburg Union & Columbia 68 miles; Northeast­
ern of Georgia, 61 miles; Western North Carolina Railroad, 274 miles;
Asheville & Spartanburg, 50 miles; Virginia Midland Railway, 4 05;
miles; Georgia Pacific, 313 miles; total miles thus indirectly controlled
through R. & W. Pt. Ter’l R. W. Co., 1,808 miles; grand total of miles
directly and indirectly controlled by Richm. & Danville RR. Co., 2,633.
In Nov., 1886, negotiations led to a sale of a large majority of the R. A
D. stock to the Terminal Company. (See V. 43, p. 635.)
Organization, Leases. Ac.—The Richmond & Danville RR. Co. was
chartered March 9, 1847. Dm Piedmont RR. is virtually owned and the
Northwestern North Carolina is also owned. The Rich. York R. & Chesa­
peake is leased in perpetuity; the terms of the North Carolina RR.
and the Atlanta & Charlotte Air Line leases will be found under the
names of those companies. The Richmond & West Point Terminal Rail­
way & Warehouse Co. (see title of that company below) was an auxiliary
corporation in which the Richmond & Danville held a majority
($7,510,000) of the stock. The Richmond A Danville Extension Co.
was organized to build Georgia Pacific RR., and large advances were
made to it by the Richmond & West Point Terminal Co.
Stock and B onds.—In April, 1882, $1,000,000 stock was issued for
$5,000,000 of the Terminal Co. stock. The capital stock is $5,000,000,
and the first dividend (3 per cent) was paid in January, 1881. The
total dividends in 1881 were 5 per cent; in 1882, 7 per cent; none since.
The stock was listed on the New York Board in Oct., 1881. The high­
est and lowest prices since then have been : In 1881 (3 months), 99Lj@
171: in 1882, 52@250; in 1883. 47@72 ; in 1884, 32 £01- m 1385,
@87; in 1886 to Dec. 17, 75@200.
The total authorized issue of general mortgage bonds io $6,000,000
of which part is reserved to take up prior hens, including debt to
State of Virginia and the Piedmont RR. bonds. The interest on tha
Debenture bends is strictly cumulative and they carry unpaid the
ooupon of Oct., 1883, and all since, making 21 per cent O ct, 1886, and
in September, 1386, a proposal was made to the holders to issue to them
in exchange for each $1,000 bond and coupons thereon $1,180 in new 2d
mort. 5 per cent gold bonds, and a cash payment or $92 50. (See V. 43,
p. 275.)
The annual report for the year ending Sept. 30, 1886, was published
in the Chronicle, V. 43, p. 717, containing the following:
1884-85.
1883-84.
1885-86.
Earnings $2,660,755
$2,520,561
Freight................................ $2,646,434
998,022
985,708
960,325
Passengers...........................
67,153
76.042
65,866
Express .......................... - 171,312
163,452
167,086
Mail.......................................
96,418
94,837
115,075
Telegraph, rents, A c............
17,792
19,515
19,517
Interest on investments__
$4,012,028
2,121,553

$3,999,147
2,231,436

$3,934,737
2,218,977

Net receipts................... ’ $1,890,475

$1,767,661

$1,615,760

Total receipts..............
Operating expenses...........

INCOME ACCOUNT.

1885-6.
Net revenue for the year ... ... $1,890,475
Intereston debt, rentals, Ac ... *1,467,658
Balance over all charges— ...

$422,817

1884-5.
$1,767,661
*1,483,097

1883-4.
$1,617,358
*1,470,908

$284,564

$136,450

* The int. charge on debent's is included here in full, but it was not paid.
—(V. 42, p. 488, 575, 604, 633, 728 ; V. 43, p. 73, 163, 2 75, 516, 548,
635, 7 1 7 , 738.)

R ic h m o n d Fredericksburg Sc P o to m a c .—Owns from Rich
mond, Va., to Quantico, 82 miles. In November, 1881, there wera
voted dividend certificates for $755,039 to be issued to holders of com­
mon stock <70 percent on each share), to represent money spent on
the property out of earnings, and afterwards a similar issue on guaran­
teed stock. The common stock is $1,030, 109; guaranteed stock, $500,400 (6 percent except $19,000guar. 7 per cent), and “ dividend obliga­
tions” $1,066,500. In year ending Sept. 30, 1886, gross earnings were
$505,412; net, $233,876; interest and guaranteed dividend charges. $85,Net earnings............................... $228,427
$183,979
$184,673 204; balance net surplus, $148,672. In 18 J4-35 gross earnings, $471,913; net, $191,815; interest paid, $50,624; guar, dividend, $34,83o;
R ic h m o n d & D a n v ille.—L ine o f R o a d .—The main line surplus, $106,357. (V.43,p. 670.)
is from Kicuinoud, Va., to Danville, Va., 141 miles; branches,
R ic h m o n d Sc P etersburg.—Owns from Richmond to Petersburg,
12 miles; Danville, Va., to Greensboro, N. C., 47 miles; Salem Junction
to Salem, 25 miles; leased; West Point, Va., to Richmond, 38 miles; Va., 23 miles; brauch, 2 miles; total, 25 miles. The road has earned
Goldsboro, N. C., to Cuariotte, 223 miles; Charlotte, N. C., to Atlanta, moderate dividends and the debt account is very small. In 1885-86
269 miles, and narrow-gauge branches, 70 miles; total owned and gross earnings, $207,454; net, $95,598. In 1884-8o, gross, $192,650;
leased, 825 miles, of whioh 756 miles are operated directly by the Rich­ net, $95,168. (V. 42, p. 21; V. 43, p. 717.)
mond & Danville Co. and the earnings based thereon, and 69 miles,
R ic h m o n d Sc W e s t P o in t T erm in al R a ilw a y & W a r e ­
mostly of the Atl. & Ch. narrow-gauge branches, are reported separately.
In April, 1886, the Virginia Midland RR. was leased for 99 years, and house Co.—This company was incorporated by an act of the Legisla­
the Greenville & Columbia, Charlotte Columbia & Augusta, and Western ture of Virginia of March «, 1880. It is the auxiliary corporation of
North Carolina also leased for 99 years.
the Richmond & Danville RR. Co. controlling several stocks by own




IUVESTOKS’

S 3

SUPPLEMENT,

[V o l . X L III.

S u bscribers w i ll co n fe r a g re a t fa v o r b y g iv in g im m e d ia te n otice o f an y error d isco vered in th ese T a b le s .

Bonds—Princi INTEREST OR DIVIDENDS.
Miles Date Size, or
pal,When Due.
Amount
of
of
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
Whom.
Road. Bonds Value.
Cent. Payable
Dividend

DESCRIPTION.
on first pag? of tables.
Richmond dt West Pt. Ter. R . dt TP. Co.—Stock..........
Preferred 5 per cent s to ck ............................
Trust notes, secured by collateral.........................
Rio Grande dt Eagle Pass—1st mortgage....................
Rochester dt Genesee Talley—Stock.....................
Rochester dt Pittsburg—See Buffalo R. & P.
Rock Island dt Peoria—Stock...............................
1st mortgage......................................................
.Rome & Carrollton—l stmort., gold....................
Rome Watertown dt Ogdensburg—Stock............
1st sinking fund mort., Wat. & R. (extended)
General mortgage, sinking fund.....................
2d mortgage.............. ....................................
■Consol, mort., (extended July, 1882, at 5 per ct.).
Income bonds.............................................................
Syracuse Northern (gold)........................................
/Rutland—Stock, common............................................
Stock, preferred.........................................................
General mort. (8 per eent. reduced to 6)................
New 2d mort. in exch. for equipment bonds, &c.
iSacramento dt Placerville -1st mortgage (S. V. RR.).
1st mortgage (S. & P. RR.).
Saginaw Valley dt St. Louis.—1st mortg., coup........
St. Johnsbury <£L. Champlain—1st M.,coup. orreg.
Consolidated mortgage (for $1,000,000)..............
St. Joseph dt Grand Island—Stock.............................
1st mort., gold, interest guar, by U. P ...................
2d mortgage, income................................................
■Bonds on branch roads ($15,000 per mile)...........
St. Joseph ct St. Louis—Stock......................................
'St. Louis Alton dt Terre Haute—S tock .......................
Pref. st’ck (7 cumulative)........................................
1st mortgage (series A) sinking f’d (see next page)

1885
' ___
18
91
91
22
417
97
190
190
409
....

45

- -.

120
120
48
36
120
252
252
” 76
331
331
207

....

$100 $15,000,000
5,000,000
100
5,000
2.250,000
0)
100
552,200

1872
1878
1855
1877
1872
1880
1884

100 &c.
100 &c.
1,000
1,000
1,000
1,000
1,000

1885
1885

1,000
1,000

1,500,000
150.000
150,000
5,293,900
418,100
1,021,500
1,000,000
6,337,000
300,000
500,000
2,480,600
4,000,000
1,500,000
1,500,000
400,000
700,000
446,000
628,000
400,000
4.600,000
7,000,000
1,680.000

1862

Too
100
100
1,000

923,000
2,300,000
2,468,400
1,100,000

1878
1885
1855
1861
1872
1874
1882
1871

25,000
100 &c.
100
100 &c.
500 &c.
1,000
1,000
1,000
1,000

ership of a majority, the total miles of road thus controlled being 1,840.
<(Details are given on previous page under Richmond & Dan. RR. Co.)
"The report lor 1885 showed that the R. & W. P. T. R. & W. Com­
pany owned these stocks, viz.: $2,607,150 Richmond & Danville
Extension Co., $120,000 Northeastern Railroad of Georgia, $3,168,300
Western North Carolina RR. common and $3,168,300 pref.; $100,000
■Knoxville & Augusta RR., $1,302,400 Charlotte Columbia & Augusta
RR., $3,577,333 Virginia Midland Railway, $1,001,000 Columbia &
Greenville RR., $49,000 Dan. Mock. & So. W. RR., $300,000 Richmond
& Mecklenburg Railroad. $103,900 Rabun Gap Short Line, $85,900,
Terminal stock, $3,133,980 Georgia Pacific Railroad; and the fol­
lowing bonds: $100,000 Knoxville & Augusta 1st mortgage 6 per cents,
$368,000 Spartanburg & Asheville 1st mortgage 6 per cents, $1,325,000
'Western North Carolina 1st mortgage and $4,110,000 2d mortgage,
$1,603,553 Virginia Midland 6 per cent Acc. Incomes, $315,000
Northeastern of Georgia general mortg., $1,828,156; Georgia Pacific
.2d incomes, and $306,700 Blue Ridge RR. and miscellaneous county and
stownship bonds, and $29,000 subscriptions.
In November, 1886, the Terminal Company purchased a large major­
it y of the R. & D. railr< ad stock, and a new board was elected. It was
■voted in December to issue $5,000,000 of pref. Terminal stock, secured
b y the deposit in trust of 25,000 shares of R. & D. stock, and to increase
'4he common to $24,000,000. See V. 43, p. 635. (V. 42, p. 575,604,
■4583, 728; V. 43, p. 487, 516, 609, 635, 719.
R io Grande & E agle Pass (N. G.)—Projected from Laredo, Texas,
fiio Brazos Santiago, 251 miles, und< r name of Rio Grande & Pecos. Comileted from Lareao, on Rio Grande River, to Santa Tomas, 27 miles, to
he company’s coal lands of 20,000 acres. The Rio Grande & Pecos
w a s sold in foreclosure Dec., 1884, and this company organized. No
.Hate information. C. B. Wright, Jr., President, Philadelphia, Pa.
R o ch ester & Genesee V a lle y .—Owns from Avon to Rochester,
N. Y., 18 miles. This road was leased July 1,1871, in perpetuity, to
Erie Railway, and now operated by New York Lake Erie & Western.
Rental, $34,012. James Brackett, President, Rochester, N. Y.
R o c k Is la n d & P e oria.—Owns from Rock Island, 111., to Peoria,
Til., 91miles; Rock Island & Mercer Co. RR., 22 miles; total, 113 miles.
This was the Peoria & Rock Island, sold in foreclosure April 4,1877,
Ahe bondholders becoming the purchasers. Gross earnings m 1884-5,
$376,448; net, $111,262, out of which 5 per cent dividend paid.
R o m e & C arrollton .—Road completed from Rome, Ga., to Cedar.
4own, 22 miles, and further projected to Carrollton, Ga. Stock, $60o,000_
R o m e W a te r to w n & Ogdensburg.—Operates from Niagara
T a ils to Massena Springs, 301 miles; Lewiston Junction to Lewiston, 40
■miles; Sandy Creek to Syracuse, 44 miles; Richland to Rome, 41 miles;
Watertown Junction to Cape Vincent, 24 miles; DeKalb Junction to
■Ogdensburg, 19 miles; Syracuse to Oswego, 36 miles; Utica to OgdensBurg, 134 miles; Carthage to Sackets Harbor, 30 miles; Theresa Junc­
tion to Clayton, 16 miles; total, 648 miles. In April, 1886, the
Utica & Black River road and branches were leased, the R. W. & O.
guaranteeing fixed charges and 7 per cent per annum on the stock.
TheR. W. & O. was a consolidation Oct., 1861, of the Watertown &
Rome and the Potsdam & Watertown railroads. The Lake Ontario Shore
Railroad was acquired January 15,1875; the Syracuse Northern, Aug.
1 , 1875. The Oswego & Rome was leased January 1,1866, at 8 per cent
>«n stock and interest on bonds. The Niagara Falls Branch road was
Jeased Nov. 1,1881, at 7 per cent on its stock of $250,000.
The company was in default on coupons of the consol, bonds after
'April 1,1878, but afterward gave new sheets of coupons, 5 per cent
interest; also funded the 33^ per cent overdue interest (to July, 1882,)
into 7 per cent income bonds and assessed 10 per cent cash on stock.
The present management of the company succeeded the management
’Which was identified with the Del. Lack. & West, interests. Charles
parsons, New York, President.
In April, 1886, the income bonds were offered an exchange of 40 per
■eent in the 5 per cent consol, mort., due 1922, and 60 per cent in stock.
From Oct. 1 to Oct. 31 gross earnings were $299,866 in 1886, against
$182,244 in 1855; net, $160,131, against $85,215.
For year ending Sept. 30,1886, from the returns made to the Railroad
■-Commissioner s the following figures were obtained, including the earn­
ings of the Utica & Black River road in 1885-6:
1885-86.
1884-5.
Gross earnings............................................ $2,406,793
$1,702,732
Operating expenses and taxes..................
1,495,298
1,180,231

f

Net earnings...........
Income from other sources.
Total incom e.....................................
.Interest and rentals........................................

$911,494
29,748
$941,242
693,479

$522,501
40,639
$563,140
547,692

7

J. & J. N.Y. Central Trust Co.

3

J. & J. N.Y.,byN.Y L.E.&W.Co

2^2
10
6 g.
3
6
7
7
5
7
7

J. & J.
J. & J.
J. & J.
J. & J.
M. & S.
J. & D.
J. & J.
A. & O.
JanTy
J. & J.

75 cts.
M. & N.
6
F. & A.
5
10
J. & J.
6
J. & J.
M. & N.
8
6 g. A. & O.
5
Q .-J .

N. Y., Corn Exch. Bank.
N.Y.,Farm. L’n & Tr. Co.
N. Y., Central Trust Co.
do
do
do
do
do
do
do
do
N. Y., Central Trust Co.

Jan., 1887
Jan. 1, 1887
July 1, 1886
Jan. 1,1900
Jan. 1, 1916
July 15,1875
Sept. 1, 1910
Dee. 1. 1891
Jan. 1, 1892
July 1, 1922
July 1, 1932
July, 1901

Aug. 1, 1886.
Bost.,Columbian N. Bk. Nov. 1, 1902
do
do
1898
N. Y. Central Pac. RR.
1875
do
do
1907
Boston, C. Merriam, Tr. May 1, 1902
Bost., Am. L. & Tr. Co. Oct. 1, 1910
Boston.
April 1, 1914

6 g. M. & N. N. Y., Central Trust Co. May 1, 1925
5
J. & J. Last paid, July, ’86, 2 ^ July 2, 1925
3
2ia
7

....

N.'Y., Office 34 NassauSt.
I. & J.
do
do

April, 1884
1894

mortgage on rolling stock and personal property. The annual report
|for 1885-86 with income account was in V. 43, p. 72. (V. 40, p. 94; V*
41, p. 1 3 2 ; V. 43, p. 72.)
Sacram ento & P lacerville.—Owns from Sacramento, Cal., to
Shingle Springs, Cal. 48 miles. This was a consolidation of the Sacra
mento Valley and the Folsom & Placerville railroads, April 19, 1877
Capital stock, $1,756,000. Gross earnings in 1885, $128,177; net
$45,083; deficit under charges, $53,719. Gross, 1884, $130,4 i l ; net
$67,378 ; surplus. $1,378. Leland Stanford, President, San Francisco
Saginaw V alley & St. L o u is.—Owns from Ithaca to Pains, 36
miles, and leases Alma to St. Louis and Pains to Saginaw. 9 miles; total,
45 miles. Opened January, 1873. Capital stock, $264,804. In 1884,
gross earnings were $85,037; net, $19,058. In 1885, gross, $74,941;
net, $22,909; interest payments, &c., $35,680. In July, 1879, manage
ment was transferred to the Detroit Lans. & No.
St. J olin sb u ry & L ake C h am p lain .—Owns from Lunenburg.
Vt., to Maquam Bay, on Lake Champlain, 120 miles, and branch from
No. Concord, Vt., to East Haven, 11 miles; total, 131 miles. This was
the Portland & Ogdensburg, Vermont Division, and was reorganized
under this title in 1880. Preferred stock, $1,298,500; common stock,
$2,550,000. In March, 1884, voted to issue the consolidated bonds, of
which $600,000 are reserved to take up its first mortgage bonds.
Operated by Boston & Lowell as its Vermont Division, and all but $41,000 of the 5 per cent bonds issued are held by that company. In 188384 gross earnings, $290,470; net, $61,827. (V. 41, p. 474.)
St. Joseph & G rand Is la n d .—Line of road, St. Joseph, Mo.,to Grand
Island, Neb., 252 miles. This company was organized in June, ’ 85, as suc­
cessor of the St. Joseph & Western, sold in foreclosure, and includes also
the Hastings & Grand Island RR. and the bridge at St. Joseph. The
road is operated by the Union Pacific, which company guarantees the
interest on the 1st mortg. bonds. (See terms, &c., V. 4 0 ,p. 764.) InSept.,
1886, it was proposed to begin the construc t ion of branch roads, with
bonds at $15,000 per mile, as per circular in V. 43, p. 399. In the year
ending Aug. 31, 1886, gross earnings were $1,171,501; net, $547,035;
interest on bonds (including $12,ooo on seconds), $4t>2,o0i>. James H.
Benedict, President, New York. For ten months from Jan. I to Oct.
31,1836, gross earnings were $965,130, against $9o7,399; net, $432,282, against $276,248. (V.41, p. 586, 613; V. 42, p. 157, 431, 549, 695 ;
V. 43, p. 24,133,275, 399, 431, 460, 548 )
St. Joseph & St. L o u is,—St. Joseph, Mo., to No. Lexington. Mo.,
76 miles. This was the successor to the St. Louis & St. Joseph
Railroad, sold in foreclosure February 8,1874. The St. Louis Kansas
City & Northern took a lease of the road for 99 years July 1,1874.
The terms of the lease were an annual payment of 30 per cent of gross
earnings, but $25,000 was guaranteed. In July, 1886, the road was sold
out and reorganized. (V. 41, p. 745; V. 42, p. 397 ; V. 43, p. i03.)
St. L ou is A lto n & Terre H a u te .—Owns from Terre Haute,
Ind., to East St. Louis, 193 miles; proprietary line, East St, Louis to
Bellevile, 14; leased lines—Belleville & Southern 111. RR., 56; Belleville
& Eldorado road, from Du Quoin to Eldorado. 50; Bellev. & Car. RR.,
from Belleville to E. Carondelet, 17; total, 331 miles. This company was a
reorganization, Feb. 18, 1861, of the Terre Haute Alton & St. Louis RR.
The Bellev. & So. Illinois is leased to this company for 999 years from Oct.
1,1866, and the Bellev & Carondeiet for 933 years from Jan., 1883, at
a rental of $30,000 per year, which is a guarantee of int. on the bonds;
the stock of $500,000 is owned by the St. Louis A. & T. H. The main
line (St.L. Alton & T. H.) was ceased Nov. 1, 1882, to the new Indianap.
& St. L. Railway and the Cleve. Col. Cin. & Indianapolis jointly. Under
this new lease the rent guaranteed is $450,000, and that amount is all
that is to be paid unless the gross earnings exceed $1,750,000 in any
year ending Oct. 31, and then 20 per cent is to be paid of the excess of
gross earnings over $1,750,000.
This company obtained a decision against the two former solvent
lessee companies for $221,624 against each; but on appeal to theU.
S. Supreme Court this was reversed in April, ’86. The Belleville Br. and
Extension are operated separately by this company, The Belleville &
Eldorado was leased for 985 years from July 1,1880, at a rental of 30
per cent on the gross earns., but $15,400 per year guarant’d. The Belle­
ville & Carondelet is leased at $30,000 per annum.
Of the first mortg. bonds $636,000 are held in sinking fu n d; of the
equipment bonds $246,000 are owned by the company. The pre­
ferred stock has a prior right to a cumulative dividend of 7 per cent
before any is declared on common. It is also convertible into com
mon at p a r; but shall not receive any dividend as common stock for the
time it was held as preferred. In January, 1881, the company declared
3 per cent in cash on the preferred stock and afterward settled the re­
maining 55 per cent of accum. dividends by the issue of income bonds.
The annual report for 1885 was in V. 42, p. 603.
The Cairo Short Line Division, including the roads directly operated
by this company, made the following exhibit:

Surplus for year................................
$247,763
$15,447
EARNINGS, EXPENSES AND RENT OF LEASED LINES.
— (V. 41, p. 77, 216, 243, 586, 745 ; V. 42, p. 61, 187, 305, 366, 464, 488,
1883.
1884.
1685.
549, 604; V. 43, p. 217, 218, 245, 488, 635, 747.)
..... $832,468
$741,050
$766,316
R u t l a n d . —Owns from Bellow’s Falls, Vt., to Burlington, Vt., 12u Operating expenses and taxes.
425,635
4u6,160
397,347
miles; leases Addison RR., 15 miles; total, 135 miles. This road has been
through many changes. It was leased to the Cent. Vermont in Dec., 1870,
... $406,833
$334,989
$368,969
Tor 20 years, but the lessee became insolvent, and finally a modification Rent leased roads.
200,897
203,971
203,381
» f the lease was made, giving $250,000 per year as a minimum rental
■sand $8,000 for organization expenses. The 5 per cent 2ds ■
•ir.:
s
$131,018
$165,587




MAP OF TH E

ST. LOUIS & SAN FRANCISCO
RAILWAY
A N D IT S C O N N E C T IO N S .

D ecem ber,

1886.]

R AILR O AD STOCKS A N D BONDS.

Esojected R.R, MHUWMiaWIWiiaHHMM

----...........

! ATLANTIC

CONTINUATION
OF THE

A T L A N T I C 8t P A C IF I C
RAIL R O A D
AND CONNECTIONS.
R e d u ced S c a le .




Clarks V.

P A R IS

T E X

---- 1£><^& PA„ R

l

INVESTORS’

84

SUPPLEMENT.

|_Vol. XLIII.

S u b scrib e rs w i l l co n fe r a great fa v o r b y g iv in g im m e d ia te n o tice o f a n y e rro r d isco v e re d in th ese T a b le s .

Bonds—Princi­
INTEREST OR DIVIDENDS.
DESCRIPTION.
Due.
Miles Date Size, or
Amount Rate per When Where Payable and by pal,When
Par Outstanding
Stocks—Last
of
For explanation of column headings, &c., see notes of
Whom.
Cent. Payable
Dividend.
Road. Bonds Value.
on first page of tables.
St. Louis Alton <HTerre Haute—{Continued).
1st mortgage (series B) sinking f’d j r .
f
2d mortgage, preferred (series C).. 1 ’
N J
2d mortgage, preferred (series D).. f
4 I
2d M., incomes ............................... J enaorsem 1 (
Dividend bonds, income not cumulative................
Belleville & Carondelet, 1st mort............................
St. Louis Arkansas & Texas—Stock.......1
f
St.L.A &T. in Ark. & Mo.,lsr, M., gold
See
2d mort. (income till’89), gold.......) remarks-,
St. L. A. & T. in Texas, 1st mo it., gold below. I
2d mort., gold (income till ’8 9 ).......J
[
St. Louis <£ Cairo—1st M., income (not cumulative)
1st mort., guar., M. & O............ ............................
St. Louis Ft. .'eolt dk Wichita—1st M. ($15,000 p. m.)
2d mort. ($5,000 p. m.).............................................
St. Louis c£ Hannibal—1st mortgage ($600,000)___
St. Louis Keokuk dtN.W.- Stock($l,350,000 is pref.)
1st mortgage, gold.....................................................
Income bonds.............................................................
St. Louis Salem <£Little Rock—1st mortgage............
St. Jjouis <£ San Irancisco.—Stock, com m on............
Preferred, 7 per cent, not cumulative...................
1st preferred, 7 per cent, not cumulative...............
1st mortgage (South Pacific), gold, (land grant)...
2d mortgage bonds, A, gold.....................................
do
do B, gold.......................................
do
do C, gold......................................
Equipment mortgage, gold.......................................
Mortgage on Mo. & Western RR., gold...................
Collateral trust bonds, g old .....................................
Bt. Louis Wichita & W est, 1st mort., gold, guar...
SOURCES OF NET REVENUE.

207
207
207
17
733
429
429
304
304
144
161
251
85
1S4
135
135
814
293
293
293
293
84
100

145

1862 $500&c. $1,100,000
1862
1,000
1,400,000
1862
1,000
1,400,000
1862 500 &c.
1,700,000
1,357,000
1881
1,000
485,000
1883
100
9,748,900
1886
5^577,000
1886
5,577,000
1886
3,952,000
1886
3.952,000
1.000
2,600,000
1881
1,400,000
1886 500 &e.
1,000
3,777,000
1880
1.000
1,000.000
370,000
1886
1,000
2,700,000
1876
1,000
i;e2o;ooo
1876
1,000
1,080,000
1,000,000
1872
15,00,000
10,000,000
4,500,000
7,144,500
1868 500 &c.
500,000
1876 100 &c.
2,766,500
1876 500 Ace.
2,400,000
1876 500 &c.
1880
1,000
721.000
1879
1,000
1,090,000
1880
1,000
1,270,000
1879
2,000,000
—

Belleville branch, separate earnings...........................................
Belleville iranch, on business contributed by leased lines.......
Leased roads, after deducting expenses and rentals..................

$46,911
26,652
57,455

Total net revenue..................................................................... $131,018
—(Y. 42, n. 126, 550, 603.)
St. L o u is A rk an sas & T ex a s.—Road from Birds Point, Mo.,
opposite Cairo, 111., to Texarkana, Tex., 419 miles, and thence by the
Texas road to Gatesville, 304 miles; total, main line, 723 miles;
branches, Paw Paw to New Madrid, 6 miles; McNeil to Magnolia, 6
miles; total, 735 miles. The Texas & St. Louis had a land grant of
about 1,000.000 acres in Texas.
The road was opened in 1883.
The road in Texas was foreclosed Dec. 1,1885. The Mo. & Ark. Div. was
sold on Feb. 27,1886. The present organization, which was formed in
1886 after the foreclosure of the Texas & St. Louis, consists of two
corporations, thd one owning the road in Missouri and Arkansas and
the other the road in Texas. By the laws of Texas, railroads within
that 8tate cannot be consolidated with other roads outside the State,
therefore it was provided that the Co. in Mo. and Ark. should issue its
stock to the Co. in Texas, and the latter Co. should issue its own certifi­
cates for such stock. A statement of the Texas & St. Louis affairs was in
the Su pplem en t under that title up to and including June, 1886, and a
summary of the reorganization scheme was in the Ch r o n ic le , Y. 41, p.
278, and in the Su pplem en t of Oct. 31,1885, on p. 3.
The new companies issue six per cent 50-year first mortgage bonds
to amount of $13,000 per mile; six per cent 50-year second mortgage
bonds, $13,010 per mile; and stock $13,300 per mile. Bonds and stock
on future extensions to be at the same rate. The stock issued by the
Missouri and Arkansas Company was transferred to the Texas Com­
pany, which latter has issued its own stock for the same. Till 1891 the
control of the entiie road is to be vested in the committee, and for this
purpose the stock is deposited with a trust company. For Btock so de­
posited negotiable certificates are issued, and designated as “ stock
trust certificates.” The first mortgages of the companies in Mo. & Ark.
and in Texas are deposited with the central Trust Co.; the 2d morts. of
both divisions are deposited with the Mercantile Trust Co., and each of
these trust companies has issued against these mortgages so held its
coupon trust certificates for $1,000 each, entitling the holder of each
class to the security of the mortgages on both the Mo. & Ark. and the
Texas divisions. These are the certificates dealt in at the Stock Ex­
change. (V. 42, p. 217, 305, 488, 519, 575, 632; V. 43, p. 50, 103, 275,
459,488, 608.)
St. L ou is & C airo.—'This road extends from Cairo to East St. Louis,
152 miles, with a branch to High Prairie, 9 miles. The former Cairo &
Bt. Louis made default April 1, 1874, and was sold in foreclosure July,
1881. Stock is $6,500,000. In Jan., 1886, a lease was negotiated for
45 years to the Mobile & Ohio RR. on the basis of a rental of 25 per
cent (too, 40) of the gross revenue of the whole line, MoMle to St.
Louis, this rental being guaranteed by the lessee to amount to $165,000
per year. The issue of $2,6o0,000 income bonds is to be retired with
part of the $4,000,000 mortgage bonds, which are guaranteed by the
M. & O. Gross earnings in 1883-84, $375,784; net, $78,837; interest,
$78,000; surplus, $«37. (V. 42, p. 22, 93, 126, 431, 775, 7»3.)
St. L o u is F o rt Scott & W ic h ita .—From Fort Scott to Anthony,
Kan., 216 miles; Gilfillan Spur, 2miles; Eldorado to Newton, Kan., 32
m,; total, 251 miles. Moran Brothers of New York, and other capital­
ists, largely interested. Stock, $6,614,885. Gross earnings in 1885-6,
$663,051; net, $152,282: deficit under interest, &c., $84,459. Gross in
1884, $508,654; net. $185,008; surplus for interest, $114,745. See
statement in Missouri Pacific report, V. 42, p. 661. (V. 42, p. 632, 661;
V. 43, p. 459, 635.)
St. L o u is & H a n n ib a l.—Owns from Hannibal, Mo., to Gilmore, on
Wabash St. Louis & Pacific, 82 miles. This company is successor to the
former St. Louis Han & Keokuk, sold in foreclosure Dec. 8, 1885. The
principal owners were Mr. John I. Blair and the estate of Moses Taylor
m New York, who became the purchasers. The stock is $1,000,600 au­
thorized and $452,000 issued. Gross earnings in 1885, $106,969;
operating expenses, $216,049; deficit, $109,081 John I. Blair, Presi­
dent. (V. 41, p. 393, 474, 689, 745; V. 42, p. 366.)
S t. L o u is K e o k u k & N orth w estern .—Owns from Keokuk,
la., to St. Peters, 135 miles; leased Keokuk to Mt. Pleasant, 49 miles;
and uses Wabas i tracks from St. Peter’s, Mo., to St. Louis, Mo., 31miles;
total operated, 215 miles. The Miss. Val. & Western RR. was sold April
14,1875, and this company organized July 1,1875. Road completed in
autumn of 1879. Income bonds above were originally a part of
$2,700,000 first mortgage bonds, but by agreement they were changed
Into their present form. Gross earnings year 1884 $411,494; operating
expenses, $412,988; deficit, $1,494. Gross earnings in 18s5, $585,247;
net income, $82,441; payments (no int. paid), $116,984; def., $34,543.
W. W. Baldwin, President, Burlington, la.
St. L o u is Salem & L ittle R o c k . — Owns from Cuba, Mo.
to Salem, Mo., 42 miles, and branches, 13 miles; also 17 miles of branches
controlled; total operated, 72 miles. Reaches St. Louis by St. L. & San F.
RR. Stock is $1,000,000. Earnings in 1885, $47,222; net, $15,407.
Road was sold in foreclosure in Sept., 1886. See V. 43, p. 400. A. L.
Crawford, President, Newcastle, Pa. (V.42, p. 754; V. 43, p. 4oO, 424.)
St. L o u is & San F ran cisco.—(See map.)—Luke of R o ad —This is
» considerable system of railroads, forming part of a through route to the




A. & 0. N. Y., Office 34NassauSt.
1894
F. & A.
do
1894
do
M. & N.
do
do
1894
M. & N.
do
do
1894
June 1
do
do
Jan. 1, 1894
J. & D.
do
do
June 1, 1923

7
7
7
7
6
6
6
6
6
6
5
4
7
6
7

g.
g.
g.
g.
g.
g.

M.
F.
F.
F.
A.
J.
A.
M.
J.

& 'N. N. Y., Central Trust Co.
& A. Mercantile Trust Co.
& A.
do
do
do
& A.
do
& O. New York or London.
& J.
New York Agency.
& O. New York, Moran Bros.
& N.
do
do
& J.

7 g. J. & J.
J. & J.
7
A. & O. N.Y., Union Trust Co.
7
3*2
6 g.
6 g.
6 g.
6 g.
7 g.
6 g.
6
6

F.
J.
M.
M.
M.
J.
F.
F.
M.

& A. N. Y*., Office 15 Broad St.
& J.
do
do
& N.
do
do
& N.
do
do
& N.
do
do
& D.
do
do
& A.
do
do
& A.
do
do
& S.
do
do

May 1, 1936
May 1, 1936
May 1, 1936
May 1, 1936
1921
Jan. 1, 1931
Oct. 1, 1910
Nov. 1, 1910
1936
Jan. 1, 1906
Jan. 1, 1906
April 1, 1902
Aug. 10, 1886
July, 1888
Nov. 1. 1906
Nov. 1, 1906
Nov. 1. 1906
June 1, 1895
Aug. 1. 1919
1920
1919

Pacific coast. The main line is from St. Louis, Mo., to Seneca, 326 miles!
branches—Granby branch, 1 *2 miles; Oronogo, Mo., to Joplin, 10 miles!
Girard to Galena, Kan.. 47 miles; Carbon Branch, 3 miles; Peirce City
o Wichita, Kan., 218 miles; Plymouth. Mo., to Fort Smith Ark., 134*8
miles; Springfield to Chadwick, Mo., 35 miles; Springfield to Bolivar,
Mo., 39 m iles; total owned, 815 miles; leased, Beaumont to Cale, Kan.,
62 miles. The tracks of the Atchison Topeka & Santa Fe are used
from Wichita to Halstead, Kansas, 25 miles. This companyalso operates
the finished portion of the Atlantic & Pacific road. Central Division, from
Seneca. Mo., to Sapulpa, in the Indian Territory, 112 miles.
Organization. &c.—This company was organized Sept. 20, 1876, as
successor to the Atlantic & Pacific in Mo. The latter embraced the South
Pacific RR. (originally the Southwest Branch of the Pacific RR. of Mo.,
chartered Dec. 25,1852), which was consolidated with the Atlantic &
Pacific road Oct. 25, 1870. The Atlantic & Pacific road and lands were
sold in foreclosure Sept. 8, 1876, and the St. Louis & San Francisco
became possessor of the property.
On January 31, 1880, an agreement was entered into with the
Atchison Topeka & Santa Fe for construction of a through line to the
Pacific, and in August, 1884, further contracts entered into with the
Southern Pacific of California and the Atchison Topeka & Santa Fe.
In January, 1886, leased for 98 years the Kansas City & Southwest­
ern RR., from Beaumont, Kansas, to Cale, in Butler County. 62 miles, at
a rental guaranteed to pay the interest on the 1st mortgage bonds. The
bonds are redeemable on notice at 110. The stock of the St.L. K. <fc S.W.
(Ark. City to Caldwell, Kan., 47 m.) is owned and the bonds guaranteed.
Stocks and B onds.—The first preferred stock has prior right to 7 per
oent (non-cumulative); then pref. entitled to 7 per cen t; then common
entitled to 7; then all classes share in any surplus.
The terms of
the preference of the first preferred stock are stated in the certificates
as follows: “ This stock is entitled to a dividend of 7 per cent per
annum, derived by the company from net revenues from all sources
each current year (remaining after the payment of interest upon all
liabilities) * * * and by resolution of the company has priority of lien
on net revenues for such dividend over any mortgage bond that may be
issued by the company subsequent to the creation of this stock.”
“ Net Revenue” in this clause is defined by the company as meaning net
revenue remaining after tite payment of interest on all liabilities.
Dividends have been paid on first preferred stock in 1881 and since
at 7 per cent per annum.
The range of the stocks yearly since 1877 has been: First preferred in
1878 (4 months), 5*2®H%; in 1879, 9%®78*2; in 1880. 60®100; in
1881, 90®115is; in 1882, 79%@106*g; in 1883, 87® L00*a; in 1884,
70@96*s; in 1885, 79®99*a; in 1886to Dec. 17, 97®118*2.
Preferred stock in 1878, 1I2®514; in 1879, 4*8@6012 : in 1880. 33a
65; in 1881, 55@81*4; in 1882, 43®66*2; in 1883, 40«>59*2; in 1884,
24*a®50; in 1885, 30@4978; in 1886 to Dec. 17, 37*2@723s.
Common in 1878 (3 months), 1*2®4*s; in 1879, 3*8®53; in 1880, 25*4
® 4 8 ; in 1881, 39®55; in 1882, 31®4678; in 1883. 20i2®36*4; in 1884,
1 1 ^ 2 9 * 2 ; in 1885, 17*g®24*2; in 1886 to Dec. 17, 17®36%.
The trust bonds of 1880 are secured by deposit of 7 per cent
mortgage bonds of the auxiliary roads constructed. The general
mortgage of 1881 (supplemented by that of June, 1882) for $30,000,000
is made to the U. S. Trust Co. as trustee, and $17,261,000 reserved
to take up all prior debt. This general mortgage is a first lien on 179 miles
of new road, besides covering the mileage on which are the prior liens,
and the $5,000,000 of 5 per cents issued under this mortgage in 1886
were for the construction of 185 miles road, including the line from Fort
Smith, Ark., to l exas.
The Fort Smith & Van Buren Bridge bonds are guaranteed by the St.
L. & S. F. Co., and have a sinking fund of 5 per cent yearly after 1889
to purchase the bonds at 105; they are redeemable also at 110 at co.’s
option. The land department assets were estimated Dec. 31,18 85, at
$896,183, including 145,090 acres of land and $324,335 in land con­
tracts and $147,459 cash.
Operations, F inances, &c.—The St. Louis & San Francisco has been
one of the successful reorganized railroads of the Southwest, and has
made good progress in traffic and income, without very heavily increas­
ing its annual interest charges. The relations with the Atlantic & Pacific
Co., as a part owner of its stock jointly with the Atch. Top. & S. F. Co.
are somewhat complicated, and large advances have been made to the
A. & P . Co. (See V. 40, p. 594.)
incom e a ccount .

Receipts—
1882.
Gross earnings........ $3,572,240
Net earnings............ $1,946,459
Other receipts........
56,857

1883.
1884.
1885.
$3,896,565 $4,643,596 $4,383,406
$2,073,437 $2,508,218 $2,433,662
24,376
14,836
19,782

Total net income.

$2,003,316 $2,097,813

$2,523,054 $2,453,444

InL!sink.Sfffi&1 rents
Divs. on 1st pf. stock.
Rate of dividends...
Miscellaneous..........

$1,099,343 $1,343,436
315,000
315,000
7
7
85,410
11,004

$1,826,203 $1,751,215
315.0u0
315,000
7
7
242
4,732

Totaldisbursem’ts. $1,499,754 $1,669,440 $2,141,445 $2,070,947
Balance, surplus.... $503,562
$428,373
$381,609
$382,497
-(V .4 2 p. 339, 6 0 2 , 604, 775; V. 43, p. 24, 571, 579, 608.)




86

INVESTORS’

SUPPLEMENT.

[Y ol. x l i i i .

Subscribers w ill confer a great favor by giving Im m ediate notice o f any error discovered In these Tables.
Bonds—PrinclDESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Amount Rate per When
of
Par Outstanding
For explanation of column headings, &c., see notes of
Where Payable, and by Stocks—Last
Road. Bonds Value.
on first page of tables.
Cent. Payable
Dividend.
Whom.
St. Louis <£- San Francisco.—(Continued) —
Gen. M., gold, coup, or reg. (a 2d M. on 293 miles)
Equipment Trust.......................................................
Kansas C. & Southw., IstM., gold ($12,000 p.m.).
St. L. Kan. & S. W., 1st M., g. guar. ($15,000 p. m.
Ft. Smith & Van Bur.B’dge. 1st mort.. gold. guar.
gt. Louis Vandalia <£ Terre Haute—1st M. s. f. guar.
2d mort., sink, fund ($1,600,000 guar.)................
St. Paul & Duluth—Preferred 7 p. c. stock & scrip.
1st mort. bonds, coup, or reg...................................
Taylor’s Falls & Lake Sup., lstm ort., op.,guar—
Duluth Short Line, 1st mort., coup., guar.............
St. Paul Minneapolis & Manitooa—Stock..................
2d M., and 1st on road from St. Paul to W atab---1st mort. land grant sinking fund, gold................
2d mort., gold....... ...................................................
Dak. Ext., lstm ort.,gold ($12,000 per mile)........
Consoi mort.,gold ($19,344,000 are 6s), cp. or reg.
Minneap. Un. RR.. 1st M., gold,guar.($3,000,000)
St. Paul<& No.Pac.—Stock ($10,000,000 authorized)
General mort., gold, Id. gr., coup, or reg.............
Western RR., Minn., 1st mortgage, R R ................
Sandusky Mansfield <£ Newark—Re-organized stock
1st mortgage, new.....................................................
San Francisco <£North Pacific—Stock.......................
Savannah Florida <£ West.—At. & G. consol, m ort..
South Georgia & Florida, 1st mortgage.................
do
do
2d mortgage.................
Sav. Fla. & W., 1st m ortgage..................................
Savannah Gr iffi n &N. A la.—1st mortgage................
Schenectady <£■Duanesburg—1st M., guar. D. & H ..
Schuylkill Valley—Stock.............................................

179
63
47
i'58
158
225
225
169
21
25
1,761
76
656
656
473
4,349
___
126
152
60^
116
116
93
286
58
58
525
60
14
19

1881
1884
1886
1886
1885
1867
1868
....
1881
1884
1886
1862
1879
1879
1880
1883
1882
__
1883
1877
i869
1867
1869
1869
1884
1871
1874
....

$1,000 $12,739,000 5 & 6 g. J. & J. N. Y., Company’s Office,
372,000
6 g. A. & O.
do
do
1,000
744,000
6 g. J. & J
do
do
1,000
700,000
6 g. M. & 8.
do
do
1.000
475,000
6 g. A. & O.
do
do
1,000
1,899,000
7
J. & J. N. Y., Central Trust Co.
1,000
2,600,000
7
M. & N.
do
do
343 J. & J. N. Y., Fourth Nat. Bk.
5,376,970
....
4,055,407
1,000
1,000,000
5
F. & A. N.Y., Central Trust Co.
1,000
210,000
6
J. & J.
do
do
1,000
500,000
5
M. & S.
do
do
100 20,000,000
Q.—F.
14s
N.Y., 63 William St.
1,000
366,000
7
J. & J.
do
do
100 &c.
5,250,000
7 g. J. & J. New York and London.
1,000
8,000,000
6 g. A. & O.
do
do
1,000
5,376,000
6 g. M. & N. N. Y., 63 William St.
1,000 32,000,000
& 6 g. J. & J.
do
do
1,000
2,150,000
6 g. J. & J.
do
do
100
5,000,000
14s
Q .-J . N.Y., Winslow, L. & Co.
1,000
5,500,000
6 g. F. & A.
do
do
1,000
438,000
7
M. & N.
do
do
50
1,068,832
3
Moss N. Bk.,Sand’kv.O.
1,000
2.300.000
7
.T. & J. N. Y.. Union Trust Co.
3.750.000
500 &c.
1,730,500
7
J. & J. N.Y..H.B. Plant, &Savan
1,000
464,000
7
M. & N.
do
do
1,000
200,000
7
M. & N.
do
do
1,000
1,925,000
6
A. & 0.
do
do
1,000
500,000
7
J. & J. Savannah, Cent. RR.Bk
100 &c.
500,000
6
M. & S. Del. & Hud. Canal Co.
50
576,050
2^2 J. & J. Philadelphia, Office.

St. L o u is V a n d a lia Sc Terre H a u te.—Owns from East 8t.
Louis to Indiana State line, 158 miles. Road opened July 1, 1870.
It is leased to the Terre Haute & Indianapolis Railroad at a rental
of 30 per cent of gross earnings. For the year ending October 31, 1885,
the net income was $411,794, and the year’s charges against this sum
were $365,387; leaving a surplus for the fiscal year of $46,407. In
operating this road the loss to lessee has been m 1881-82, $70,272; in
1882-83, $115,399; tn 1883-84, $71,549; in 1884-5 profit $39,169. The
annual report for 1884-85 was published in the Chronicle, V. 42, p.
154. The first mortgage and $1,000,000 of second mortgage bonds are
guar, by the lessees and also by the Pitts. Cin. & St. L. RR. The stock is
$2,383,016 com. and $1,544,700 pref. The pret. was issued for income
bonds ($1,000,000) and for deficiencies made up by the lessees. Thos. D .
Messier, Pres., Pittsburg, Pa. Operations and earn’s for four years were:
Freight (ton)
Gross
Net
Pass.
Mile.
Earnings.
Earn’gs.
Years.
Miles.
Mile.
$408,566
188182 .. 15818,311,812 115,982,845 $1,596,126
442,218
1,700,954
188283 .. 15818,585,282 111,810,481
1,490,307
375,543
188384 .. 15818,74 1.460 in4.20b.72b
1,372,648
450,963
18848 5 ..1 5 8 19,165,187 107,920,692
—(Y. 40, p. 150, 356; V. 42, p. 94. 154.)
St. P a u l Sc D u l u t h .—L in e of R o a d .—St Paul, Minn.,to Duluth,
Minn., 155 miles; branch to Knife Falls, 6 miles; leased: Stillwater &
St. Paul RR., 13 miles; Minneapolis & Duluth RR., 13 miles; Taylor’s
Falls & Lake Superior, 21 miles; Grantsburg Branch, 17 miles; total,
225 miles. Between Northern Pacific Junction and Duluth, 24 miles,
the road is owned jointly with the Northern Pacific.
This was the Lake Superior & Mississippi RR., opened August 1,
1870, and leased to the Northern Pacific. Default was made Jan. 1,1875,
and road sold in foreclosure May 1, 1877, and this company organized
June 27. The preferred stock is received in payment for lands at par.
Three shares of common stock have one vote and each share of pre­
ferred has one vote. Preferred stock has a prior. right to 7 per cent;
then comm on to receive 6 p. c. from net earnings only, remainder of
earn’gs and otherincome (lands.&c.) to be applied to purchase of pref.stk
The Duluth Short Lice road from Thomson to Duluth, 25 miles, is
leased to the St. Paul & Duluth, and the bonds of $500,000 are guar­
anteed.
The company has a land grant, of which 1,167,054 acres remained un­
sold June 30,1886, and 69,680 acres of the Taylor’s Falls Branch. In ’85’86 land and stumpage sales amounted to $189,152, and def’d payments
(land accounts) Dec. 31, 1885, were $368,669. Gross earnings and
net income on railroad only, after deducting all fixed charges, were as
below, but in 1885 $167,186 for “ improvements” was charged in oper­
ating expenses, while in prior years improvements had been charged to
“ cost of road and equipment.”
Gross
Net
Gross
Net
earnings, income.
earnings.
income.
1881
... $732,630 $50,249 1884 ............$1,317,314 $398,091
1882
... 1,109,840 261,246 1885 ............ 1,381,212
328,610
1883
... 1,328,527 271,186
A summary of the report for the year ending June 30, 1886, was in Y.
43, p. 190, showing total net receipts including land sales $843,002; exended for improvements, $417,104; net surplus of year applicable to
ividends, $375,898. (V. 42, p. 2 4 1 ,2 7 2 , 632, 775; V. 43, p. 190, 460,
480, 508,579,719.)
St. P a u l M in n eap olis Sc M an itoba—(See Map).—Owns from St.
Paul to Emerson, 392 miles; Minneapolis to Gretna via Breckinridge,
413 m .; Minneapolis to Hinckley via St. Cloud, 132 m .; St Cloud to
Willmar, 58 m.; Elk River to Milaca, 32 m.; Devil’s Lake to Minot,
117 in.; Cando Branch, 16 m.; Bulleneau Branch, 38 m.; Sauk Centre
to Eagle Bend, 36 miles; Fergus Falls to Pelican Raidds, 23 miles;
Crookston to Devil’s Lake, 114 miles; Shirley to St. Hilaire, 21 miles;
Wayzata to Spring Park, 6 miles; Morris to Brown’s Valley, 47 miles;
Breckenridtre to Park River, 168 miles; Everest to Portland. 47 miles;
Ripon to Hope, 30 miles; Moorhead to Halstad, 34 miles; total oper­
ated. 1,761 miles.
This company was organized May 23, 1879, under the charter
of the St. Paul & Pacific Railroad, and embraced the St. Paul & Pacific
Railroad, the First Division of the St. Paul & Pacific Railroad, the Red
River Valley Railroad, and the Red River & Manitoba Railroad. The
company had a land grant of 3,848,000 acres. The proceeds of land
sales are reserved by the first mortgage trustees as a sinking fund for
the redemption of the bonds at or under 105 and interest, and bonds
are called in yearly so far as the funds are in hand. The second mortage bonds do not cover the land. The land sales for year ending June
0, 1886, were 68,560 acres, for $363,467. The net amount due on land
contracts June 30, 1886, was $511,121; lands unsold, 2,727,224 acres.
The Dakota Extension bonds are issued at $12,000 per mile. The
consolidated mortgage bonds of 1883 were issued to stockholders of
May 1,1883, to the extent of one half their holdings, on the payment
of 10 per cent of the bonds in cash. The authorized amount of consolidated mortgage is $50,000,000, of which $19,426,000 were reserved to
pay prior liens, and the balance may be issued for new road at $15,000
per mile single track or $27,000 per mile double track. The Minneapolis
Union RR. is a short line through Minneapolis for passenger service
including stations and bridge over the Miss. River, and its stock of
$1,000,000 is held in trust and is covered by the lien of the St. P. M. &
M. consol, mortgage.

S

f




July 1 1931
A.&0.5p.c. ea.
Jan. 1, 1916
April
Jan.
May
Jan.

1,
1,
1,
1,

1910
1897
1898
1887

Aug. i , 1931
Jan. 1, 1894
Sept. 1, 1916
Nov. 1, 1886
July, 1892
1.909
Oct. 1, 1909
Nov. 1, 1910
July l, 1933
July 1, 1922
Jan., 1886
Feb. 1, 1923
May 1, 1907
Feb. 1, 1886
July, 1902
July, 1897
May 1, 1899
May 1, 1899
April 1, 1934
July 1, 1891
Sept. 1. 1924
July 15, 1886

The annual report for year ending June 30, 1886, was in V. 43, p. 366.
INCOME ACCOUNT.

Gross earnings..................
Net e a rn in gs....................
Revenue from LandDep’t
Other receipts....................

1882-83.
1883-84. 1884-85.
1885-86.
$
$
$
^
9,148,524 8,256,868 7,776,164 7,321,736
4,553,468 4,327,478 4,266,237 3,483,084
813,945
418,270
131,292
350,114
92,106
214,434
66,284
171,116

Total incom e............... 5,459,519
Disbursements—
$
Interest on debt................. 1,264,279
Dividends.......................... 1,724,664
Race of dividend...............
8
Sinking fund......................
813,945
Miscellaneous.....................
............

4,960,182 4,463,813 4,004,314
$
$
$
1,949,690 1,980.200 1,999,820
1,600,000 1,300,000 1,200,000
8
6^
6
413,270
131,292 350,114
381,545
............
........

Total disbursements.. 3,802,888 4,349,505 3,411,492 3,549,934
Balance, surplus............... 1,656,631
610,677 1,052,321 454,380
—(7. 43, p. 232, 2 4 4 , 3 6 6 , 460.1
St. P au l Sc N orthern P acific.—Line of road Brainerd to St. Paul,
137 miles. This company was incorporated in 1874 as the Western
RR. Co. of Minnesota; from Sauk Rapids to Minneapolis was completed
July 1, 1834, ana from Minneapolis to St. Paul, February, 1, 1886,
The terminal improvements at Minneapolis are on 20 acres in the
business centre of the city, and for similar purposes in and about
Minneapolis and St. Paul, a total of 490 acres is owned. The
land grant of the company is located along the line of the road
between Brainerd and Sauk Rapids, and about 220,000 acres remain
unsold. The road, with its terminal property, is leased for 999 years
to the Northern Pac. at a net rental equal to 40 p. c. of the gross receipts,
but the bonds are guaranteed principal and iuterest. The stock is
placed in trust with Farmers’ L. & T. Co., the power to vote being held
by Northern Pacific Company; but “ beneficial certificates ” entitling
holders to dividends are issued. The general mortgage is for
$10,000,000, and is a first lien on the whole property, excepting that
it is second to the Western Minn, mortgage on 6042 miles and on part of
the lands; the registered interest is payable quarterly—February, May,
Aug. and Nov.; only $5,500,000 have yet been issued, and a sufficient
amount of the issue is reserved to retire the Western Minnesota bonds
in above table. Since 1877 regular cash dividends have been paid,
averaging over 6 per cent per annum.
Sandusky M ansfield Sc N ew a rk .—Owns from Sandusky, O.. to
Newark, O., 116 miles. A consolidation of several roads in 1856.
Leased Feb. 13,1869, to Central Ohio Railroad, guaranteed by Baltimore
& Ohio, and new lease made February 23,1880, extending to December
1,1926, with option to the Balt. & Ohio Company to renew for terms
of 20 years each. Rental was $194,350 yearly till 1884; $199,350
in 1884 and 1885; now $201,850 annually. It is operated as Lake
Erie division of the Baltimore & Ohio system. In 1882-83, gross
earnings, $999,128 ; net, $291,781; in 1883-84, gross $1,062,775; net,
$278,331; in 1834-85, gross, $817,785; net, $119,919.
San Francisco Sc North. Pacific.—Owns from Point Tiburon,
Cal., to Cloverdale, Cal., 84 miles; branches—from Fulton, Cal., to
Guemeville, Cal., 16 miles; and Donahue to Petaluma, 8 miles; total,
108 miles. This is a consolidation of several companies. Earnings in
1885, gross, $569,226 ; net, $154,276.
Savannah F lo rid a Sc W e ste rn .—Owns from Savannah, Ga., to
Chattahoochee, Fla., 258 miles; branches—Bainbridge Junction to Bainbridge, 9 miles; extension to Savannah wharves, 1-70 miles; Junction
Branch, 4 miles; Dupont to Gainesville, 118 miles; Thomasville to
Albany, 58 miles; Way cross to Jacksonville, 75 miles; total, 525
miles. This was a consolidation in 1865 of the Savannah Albany &
Gulf Railroad and the Atlantic & Gulf under the latter name. The
Atlantic & Gulf road was sold in foreclosure of the second mortgage
on November 4, 1879, subject to th • consolidated mortgage and
other prior liens amounting to about $2,465,000. The present com ­
pany has a capital stock of $5,340,300, which is held in very few
hands and dividends are paid as earned. The earnings in 1885 were
$2,461,613 gross and $468,799 n et; fixed charges, $300,279; surplus,
$164,356 In 1884 gross earnings, $2,239,809; net, $380,707. Fixed
charges, $355,749; surplus, $28,195. H. B. Plant, Pres., New York.
- ( V . 40, p. 6 8 3 , 752; V. 43, p, 635.)
Savannah Griffin Sc N orth A lab am a . Owns from Griffin,
Ga., to Carrollton, Ga., 60 miles. Operated in connection with Central
Railroad of Georgia. Capital stock, $1,011,245. In 1885-86 gross earn­
ings $62,518 ; deficit, $s,083. In 1884-5, gross, $58,841; net, $6,244.
Schenectady Sc D u an esbu rg.—From Quaker Street Junction,
N. Y., to Schenectady, N. Y., 14 miles. Formerly Schenectady & Sus­
quehanna Railroad, and was foreclosed in 1873 ; reorganized and leased
in perpetuity to the Delaware & Hudson Canal Company. Lease rental,
$30,000 per year, paying 6 per cent on bonds. Stock, $100,500.
S ch u y lk ill V a lle y.—Owns from Palo Alto to Reevesdale, Pa.,
11 miles; branches, 8; total, 19 miles. It is an old road, and was leased
to the Phila. & Reading RR. from Sept. 1, 1861, at an annual rental
of 5 per cent on the stock. Operations are included in the Philadelphia
& Reading reports. Has no bonded debt.j
.„ u

D ecember , 1886.]

RAILROAD

STOCKS AND BONDS.

87

S u b sc r ib e rs w i l l c o n fe r a g r e a t fa v o r b y g i v in g Im m e d ia te n o tic e o f a n y e r r o r d isc o v e re d In th e se T a b le s .

Bo nds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
Due.
Amount Rate per When Where Payable, and by pal,When
of
Par
Stocks—Last
For explanation of column headings, &c., see notes of
Road. Bonds Value. Outstanding Cent. Payable
Whom.
Dividend.
on first page of tables.
Scioto Talley—1st mort. (s. fund $13,000 per year).
2d mortgage (sinking fund, $5,000 per year).......
Consol, mortgage.......................................................
Equipment bonds.......................................................
Seaboard & Roanoke—Stock ($244,800 is pref.).......
Mortgage for $2,500,000..........................................
Seattle Lake S. & East.—1st M., g., $25,000 per m ..
Shamokin Sunbury <t Lewisbiirg—1st mort., coup.
2d mortgage...............................................................
Shamokin Valley dt Pottsville—Stock.........................
1st mortgage, gold, on road and lands..................
Shenandoah Valley—1st m (Hag. to W aynesbo.)....
General mort., gold................... - ..............................
3d mortgage income bonds, registered, non-cum..
Car truss certificates.................................................
Bhenango & Alleghany—1st mortgage.......................
West Pennsylvania & Shenango, 1st mortgage...
Shore Line (Conn.) -Stock.........................................
1st mortgage..............................................................
Shreveport <£Houston—1st, g., guar, by H. E. & W. T.
Silver Springs Ocala <6 Gulf—1st,gold ($ 13,000 p.m.)
Sodus Bay & Southern.—1st mortgage, gold.............
Somerset—1st mortgage, gold......................................
South Carolina—Stock................................................
1st mortgage, sterling loan.....................................
1st mortgage, dollar bonds (L)................................
1st consol mortgage (for $5,000,000)....................
2d consol, mortgage..................................................
Income mortgage bonds (not cumulative)...........
Bo. dt No. Alabama—1st M., endorsed by Alabama.
Sterling mort., s. fund, guar, by L. & N ...............
2d mortgage bonds (owned by L. & N.)..................
New bonds (for $10,000,000)..................................

98
98
124
80
___
31
....
29
28
144
254
254
___
57
....
50
50
40
___
34
25
247
247
247
247
247
247
181
183
183

1876 $500&c.
1879
1,000
1880
1,000
1886
1886
1882
1884
___
1871
1880
1881
1883

__

1869
1882
___
1880
1881
1885
1884
1871
___
1868
1868
1881
1881
1881
1870
1873
18^0

$1,294,000
283,000
553,000
82,000
100
1,302,800
....
(?)
1,000
(?)
1,000
1,000,000
1,000
500,000
50
869,450
500 &c.
2,000,000
1,000
2,270,000
1,000
4,113,000
1,000
2,500.000
__
584,969
500 &c.
1,200,000
1,000
400,000
100
1,000,000
1000&C.
200,000
1,000
400,000
__
(?)
1,000
500,000
100
450,000
100
4,204,160
Various
244,663
500
523.000
1,000
4,510,000
1,000
1,130,000
1,000
2,538,000
1,000
391,000
£200
4.620,110
1,000
2,000,000
100 &c.
(?)

Scioto V a lley.—Owns from Columbus, O., to Petersburg, O., 131
miles. In 1884 gross earnings, $556.983; net, $136,379 ; rental, $53,
476; interest oa bonds, $155,400; other interest, $60.470; deficit fo
year, $195,910. In 1885, gross earnings were $546,286; net, $91,441;
rents, taxes paid, &c., $31,998; applicable to interest, $54,942. Stock is
$2,093,350. Coupons of 1st m. due July 1,’84, and Jan. 1,’85, were bought
by LJoyd, McKean & Co. A plan of funding interest and placing all mort­
gage bondholders and holders of floating debt on about the same footing
was brought forward in the interest of Mr. C. P. Huntington, who had a
large judgment against the company, but was resisted by the 1st mort­
gage bondholders, who organized a committee to buy the road on
foreclosure. J. L. Robertson, Chairman. 7 Nassau Street.
Receiver (Jas. Robinson) was appointed in June, 1885, on a judgment
of C. P. Huntington for $639,305. Frank H. Davis, President, New
York. (V. 41, p. 190, 421, 557, 613, 293, 339; Y. 43, p. 50, 191, 138.)
Seaboard Sc R o a n o k e - Owns from Portsmouth, Va., to Weldon.
N. C.. 80 miles. Of the stock, $1,058,700 is common, $200,000 is 1st 7
per cent guar., and $44,200 is 2d guar. Net earnings 1885-86, $188,375;
1884-85, $163,191. J. M. Robinson, Pres., Balt., Md. (V. 40, p. 686.)
Seattle L ake Shore Sc E a stern .—New road in progress from
Seattle on Puget Sound to Walla Walla. Bonds are coup, or reg. (See
prospectus in Y. 43. p. 184,191.)
,
.
S h a m ok in Sunbury Sc L e w is b u r g .-Line from Shamokin to
West Milton, Pa., with iron bridge over Susquehanna River at Sunbury.
The road was built by Philadelphia & Reading, and opened in 1883 for
its coal traffic northward. Stock. $1.000.000.
S h a m ok in V alley Sc Pottsvll’le .—Line of road, Sunbury, Pa., to
Mt. Carmel, Pa., 27 miles; branch to Lancaster Colliery, 2 miles total 29
miles. The road was leased Februaiy 27,1863, to the Northern Central
Railway Company, with a guarantee of interest on the bonds and 6 per
cent per annum on the stock. The yearly reports will be found in the
C h r o n i c l e with the reports of the Northern Cent. RR. Gross earnings for
1885, $422,227; net, $263,318. Gross earnings for 1884, $437,827;
net, $226,927. Geo. B. Roberts, President, Phila.
Shenandoah V a lle y .—From Hagerstown, Md., to Waynesboro and
thence to a connection with the Norfolk <Sr Western road at Roanoke,
238 miles and branches 17 miles. A close contract for working and an
exchange of stock for Norfolk & Western stock, also a contract with Penn.
RR. for exchange of business was made in 1883, by which the Pennsyl­
vania m d the Cumberland Yal. RR. companies apply 15 per cent till 1890
and 10 per cenr from that to 1895 of their gross receipts from business
with the Shenandoah Val. to be used for the purchase of Sheuandoah Val­
ley’s general mortg. bonds. In any year prior to Oct. 1, 1888, this fund
can be applied to the purchase of coupons if the earnings are insufficient
to pay interest. There are in addition to the above outstanding first
mortgage bonds, also $1,560,000 of same bonds held by trustee of the
general mortgage as security, bur as to these there is litigation. The
stock is $3,696,200, of which $3,057,100 is held by the Norfolk & West­
ern RR. Co.
.
In March, 1885, Sydney F. Tyler was appointed receiver, on applica­
tion of the Fidelity Insurance Trust & Safe Deposit Co. The April ’85
Interest was defaulted.
For ten months from Jan. 1 to Oot. 31, gross earn mgs were $615.2=7
in 1886, against $579,014 in 1885; net, $70,530 in 1886, against
$29,387 in 1885.
In 1885 gross earnings were $694,892; net, $24,731. See annual
report for 1885 in V. 42, p. 662. (Y. 42, p. 6 62; V. 43, p. 400, 548,
580. 672, 719.)
Shenango Sc A lleg h a n y .—Owns from Greenville, to Hilliard Pa.,
47 miles; branches, l o miles; total operated, 57 miles. Leases the West
Pennsylvania & Shenango connecting road, extending from this line to
Butler, 24 miles, under construction in 1883. The company made
default in 1879, but the October coupons were paid Feb. 21.1880. Road
went into hands of receiver, and foreclosure begun in June, 1885, and
road to be sold Jan. w5, 1887. Stock, $200,000. Gross earnings in
1885, $147,053; net, $48,858. Gross 1884, $185,991; net, $65,183.
Thos. P. Fowler, receiver, N. Y. City. Y. 42, p. 775; V. 43, p. 66, 452,
738.)
Silver Springs Ocala & G u lf.—This road is in progress from Sil­
ver Springs, Fla., to Point Pineilos on Tampa Bay, a bom 150 miles.
Capital stock, $1 500.000. Thos. C. Hoge, ^resident, 56 Wall St.
Sliore Line (C onn.)—Line of road, New Haven, Conn., to New
London, Conn., 50 miles. Leased to New York & New Haven RR. Co. in
irpetuity Nov. 1,1870, at $100,000 net per annum. Chartered as New
aven <k New London RR.; sold in foreclosure and reorganized under
present Title June 29,1864. Dividends 3 ^ in Jan. and 4 in July. Opera­
tions and earnings are included in the reports of the lessee.
Shreveport Sc H ou ston .—From Shreveport. La., to Logansport,
La., 40 miles; connects with Houston East. <fe W. Texas road, forming
with that a narrow gauge line of 230 miles from Shreveport toHousttm. E. L. Bremoud, President.
Som erset.—Oakland, Me., to Anson, Me., 25 miles. Capital stock
$379,050. In September, 1883, the bondholders took possession and pre
pared to reorganize the company. Gross earnings in 1883-84, $31,162;
net, $4,175. Gross in 1884-85, $30,860; net, $5,864.
Sodus B a y <fc Southern.—From Sodus Point to a junction with
the Elmira Jeff. & Cammdaigua at Stanley, N. Y., 34 miles. The Ontario
Southern was foreclosed Nov., 1882, and this company organized. The
Stock is $500,000, owned by Northern Central RR. Co., by which the
road is operated. Deficit in 1884-85 under interest, $88,739. (Y. 40, p.
153, 763.)

g




7
7
7
7
5
5
6
5
6
3
7
7
6
6

g.

g.
gg.

7
6
4
4hs
6 g.
6 g.
5 g.
7 g.
5
5 g.
7
6
6
6
8 g.
6 g.
6

J. & J.
A. & O.
J. & J.
M. & N.
M. & N.
J. & J.
F. & A,
M. & N.
F. & A.
F. & A.
J. & J.
J. & J.
A. & 0.
Feb. 1
A.
J.
J.
M.
J.
J.
J.
J.

& O.
& J.
& J.
& 8.
& J.
& J.
<fe J.
& J.

July,’84.&Jan.’85,cs.b’t
Last paid April, 1884.
Last paid July, 1884.
N.Y., Winslow, L. & Co.
Balt.,Farm.&Plant. Bk.
New York.
N. Y.. Agency.
Phila., Phil. & Read.RR.
do
do
Philadelphia,Treasurer.
do
do
Last paid Jan., 1885.
Last paid Oct., 1884.
None paid.
None paid,
N. Y., N.Bk.of Com’rce.
Phila., Fid. Ins.& Tr.Co.
N. H., Nat. N. H. Bank.
do
do
New York.
N. Y., Agency.
N. Y., Penn. RR. Office.

J. & J.
J. & J.
A. & O.
J. & J.
Yearly.
J. & J.
M. & N.
A. & 0.

Jan. 1, 1896
April 1, 1894
July 1. 1910
Nov. 1, 1886
1926
Aug. 1, 1931
May 1, 1912
Feb. 1. 1924
Aug. 1, 1886
JuTy, 1901
Jan. 1, 1909
April 1, 1921
Jan. 1, 1923

1889 <fe 1907
July 1, 1912
July 8, 1886
March, 1910
July 1, 1914
July 1, 1915
July 1, 1924
July, 1891
Feb. 1, 1883
London.
1886 to 1888
N.Y.,Co.’s Office, 68 Wm 1886 to 1888
do
do
Oct. 1, 1920
do
do
Jan. 1, 1931
do
do
Jan. 1. 1931
N. Y., Drexel, M. & Co. Jan. 1, 1890
London, Baring Bros. May 1, 1903
N. T. Union Trust Co.
1910

South C arolin a.—Owns from Charleston to Augusta, 8. C., 137 m.,
branches to Columbia, 68 m., and to Camden, 38 m.; extension. 4 miles;
total main line and branches, 247 m. Default was made and the road
sold in foreclosure July 28, ’ 81, and the company was reorganized with
*tock and bonds as above.
The annual report for 1885 was in the C h r o n i c l e , V. 42, p. 337.
INCOME ACCOUNT.

Receipts—
Total gross earnings
Net earnings............
Other receipts..........
Total net income
Disbursements—
Interest on debt___
Interest on incomes
Rate paid on incomes
Miscellaneous..........

1882.
$

1883.
$

1884.
$

1,313,821
501,191
3,497
504,688

1,326,969
432,875
13,890
446,765

1,233,292
382,724
5.880
388,604

357,817
126,900
5
4,149

373,754
76,140
3
2,472

382,722
252

1885.

$

1,151,840
328,156
30,271
358,427
37521
8,020

Total disbursem’ts
488,866
452,366
382,974
382,54
Balance..................... sur. 15,822 def. 5,601 sur. 5,630 def. 24,1
- (V . 42, p. 337.)
South Sc N orth A la b a m a .—Owns from Decatur, Ala., to Mont­
gomery, Ala., 182 miles, with a branch of 6 miles from Elmore to
Wetumpka. The road is controlled by the Louisville & Nashville RR.
Company, which owns a majority of the stock and all of the second mort­
gage bonds, $2,000,000, due 1910, which are pledged with the Union
Trust Co. as security for the L. & N. bonds, dated June 1 ,1880. A new
consol, mortgage at 5 per cent has been authorized. 500,000 acres
of land in Alabama, largely mineral, nave been transferred to the
Louisville & Nashville Co. Common stock, $1,469,082; preferred stock,
$2,000,000. In 1884-85 gross earnings were $1,541,289; net, $537,481;
interest and taxes, $560,847; deficit, $23,365; due Louisville & Nashville
SR. Co., $1,733,805. (V. 43, p. 218.)
South Pacific Coast (N a rrow -ga u ge).—Owns from Newark to
Junction (Felton), C a l, 45 m. leased—Alameda Point to Newark, 25
m.; Felton toSanca Cruz, 6 m.; other branches, 4 m.; total, 80 m. There
are no bonds, but in Dec., 1884, there was debt due the treasurer
$1,836,522. Gross earn! lgs 1884, $743,924; net, $205,074. A. E.
Davis. Prest., San Francisco.
South P e n n sy lv an ia .—The line was in progress between Harrisb.
& Pittsb., 225 miles, making a western extension of the Phila. & Read­
ing system. In July, 1885. it was agreed that the Vanderbilt interest
should be transferred to the Pennsylvania Company, and that com­
pany offered to give the South Pennsylvania subscribers $6,500,000
bonds of the Bedford & Bridgeport RR., guaranteed by the Penna.
Railroad Co., bearing 3 per cent interest, in payment for the prop­
erty. Other large parties joined with the Vanderbilt interest and the
negotiation was practically completed, when the Attorney-General of
Pennsylvania brought a suit to enjoin the transfer, and this suit in
Oct., 1886, was decided by the Supreme Court of Pennsylvania against
the transfer to Pennsylvania Company. Robt. H. Sayre, Pres. Offloe,
Harrisnurg. (V. 41, p. 77. 103,134, 155, 243, 273, 307, 357, 421, 445;
V. 42. p. 94. 148; V. 43, p. 488, 501.)
Southern Central (N. Y .)—Owns from Fairhaven, N.Y., to Penn­
sylvania State Line, 114 miles. Leases the Ithaca Auburn & Western.
Freeville to Auburn, 38 miles; State Line to Sayre, 2 miles. Total
operated. 154 miles. Road forms an extension to Lake Ontario for the
Lehigh Valley Railroad, in the interest of which company it is con­
trolled. A readjustment of funded debt was made in 1882 on the present
basis. The new 5s are convertible into stock at option of holders witn
ten years, and $100,000 are held in trust to retire the prior bonds due in
1899. Conmany defaulted on August, 1886, coupon Earnings for quar­
ter ending June 30 were $120,678 in 1886, against $107,478 in 1885;
net, $7,352 in 1886, against def. of $27,471 in 1885. Capital stock paid
inis $1,790,574. In 1883-84, gross earnings were $484,329; net, $170,867; in 1884-85. gross, $454,237; def., $37,048 (Y.40, p. 153.)
Southern Pacific C O JIP AN Y ..—This corporation was organized
Aug. 14,1884, under the laws of the State of Kentucky. It holds most
of the stock of the Southern Pacific of California and the other railroads
connecting with it to New Orleans, and leases each of those roads; also
has a lease of the Central Pacific for 99 years. The last report had the
following statement of the total stock of each of the said companies
owned by the Southern Pacific Co. Dec* 31, 1885, and the table also
shows the percentage of net profits of Trie whole system payable under
the lease to the several lessor companies.
Total stock P. c. o
Name o) corporation.
Stock owned.
o f company. profits
So. Pac. RR. Co. of California........ $43,684,900 $44,039,100
26*2
So. Pac. RR. Co of Arizona
19.995.000
19,995.000
12
So. Pac. RR. Co. of New Mexico ..
6,688,800
6.888,800
4
Mor. L. & Texas RR. & SS. Co. . . .
4,062,700
5,000,000
22ia
Gal. Harris. & San An. Ry. C o ___
25.812.000
27.085.100
16H
Texas & New Orleans Ry. Co........
5,000,000
5,000,000
7ia
Louisiana Western RR. Co............
3,360,000
3,360,000
31,
Mexican International RR. C o.]...
4 172,100
4,922,100
New York Texas & Mexican...........
594,000
814.800
....
Total............. ............................ $113,369,500 $117,104,900
....
Galv. Har. & San Ant. .West. Di v., 6s
1 , 110,000
Total stock and bonds...............
$114,479,500

INVESTORS’
SUPPLEMENT.
[V ol . XLIII.




D ecember , 1886. J

RAILROAD

STOCKS AtfD

BOKDS.

8 9

S u bscribers w i l l co n fe r a great fa v o r by g iv in g Im m e d ia te n o tice o f a n y erro r d isco v e re d In th ese T a b le s .

Bonds—Prinol *
INTEREST OR DIVIDENDS.
________________DESCRIPTION.________________ I
Miles Date Size, or
pal,When Due.
Amount
For explanation of column headings, &c., see notes! of
of
Par Outstanding
Rate per When Where Payable, and by Stocks—Last
on first page of tables.
Road. Bonds Value.
Whom.
Cent. Payable
Dividend.
South Pacific Coast—Stock.........................................
76
South Pennsylvania—Stock (for $20,000,000)...........I
1st mortgage (for $20,000,000)..............................
Southern Cent. (N. £.)—1st mortgage bon d s...........
114
Consol, mort. (for $3,400,000) convertible...........
114
Southern Pacific COMPANT-S tock ($100,000,000) 4,750
South. Pac. o f Arizona—1st mort., gold.cp. or reg... 384
South. Pac. (Cal.)—1st mort.,gold,land gr., cp. or reg. { 955
Monterey, 1st mortgage ..1 .....................................
15
Southern Pacific o f N. Mexico—Mort., coup, or r e g ..! 167
Southwestern t Ga.)—Stock, guarant’d 7 per annum 321
Southwest Pennsylvania—Stock................................. j 44
1st mortgage.............................................................. j
Spokane <£Palouse—1st M. gold ($16,000 per mile). j 43
Spuyten Duyvil <&Port M om s—Stock........................
6
State Line <£•Sullivan—1st M., conv. (red’bleaft.’88)j
24
Staten Island—1st mortgage.......................................
13
Staten Island Rapid Tran.—1st m., $ or £, cp.or reg. All.
2d mort. guar by B. & O. cp. or reg........................
Incomes, gold (n n cu m .)......................................... j
Sterling Mountain (N.Y.)—1st mort., income, guar.
Stockton <&Copperopolis—1st mort., (guar, by C. P.)| 45
Suburban Rapid Transit—Stock ($1,600,000)........ j
1st mortgage bonds............................
j
Summit Branch (Pa.)—Stock......................................j 20
1st mortgage bonds...................................................I 20
Sunbury Hazleton <£ Wilkesbarre—1st mortgage---43
43
2d mortgage...............................................................
Sunbury & Lewistown—1st mortgage....................... 43ic
Suspension Bridge & Brie Junction—Stock..............
23
1st mortgage............................................................... i 23
Syracuse Binghamton <&N. Y.—Stock.......................
81
2d mortgage (now first)...........................................
81
Consol, mortgage (guar. D. L. & W.).......................1 81

$1,000
1,000
200 &c.
100
’79-’80 1,000
’75-’82 500 &c.
1880
1,000
1,000
1881
100
1869
1882

1877
1886

1,000
1,000

1879 106, &c.
1,000
1873
1,000
1883
1885
1,000
1,000
1885
1881
1,000
1875 500 &c.

1874
1878
1878
1876
1870
1875
1867
1876

50
1,000
500

__

1,000
100
1,000
1.000

For ten months, Jan. 1 to Oct. 31, gross earnings on the whole system
(4,792 miles) were $26,132,090, against $25,138,884 in 1885 ; net
$11,196,740. against $12,610,478; def. in 1886 under charges, $319,6 L2.
The annual report for 1885 was in V. 42, p. 781. The earnings of the
whole system (4,698 mi'es) for the ten months showed a surplus over
all charges of $184,205, and a further income from the dividends on
stocks of leased lines owned of $1,011,087. (V. 41. p. 23, 134, 2 LG,
373, 496, 722, 745; V. 42, p 94, 156, 157, 243, 272, 305, 366, 464,488,
632. 754, 781 ; V. 43, p. 103, 218, 335, 460, 608, 636,746.)
S o u th e r n P a c if ic o f A r iz o n a .—This is the connecting line of the
South. Pacific of Cal., extending from Yuma to N. Mexico boundary, 384
miles. The stock is $19,995,000. The bonds consist of Series A $6,000,000, due 1909, and Series B, $4,000,000, due 1910. Operated under lease
to Southern Pacific Co., the lessee paying all charges and also 12 per cent
of the net profits (if any) of the whole Southern Pacific system. In 1885
the gross earnings were $1,564,702, and surplus over all charges $148,029. From Jan. 1 to Sept. 30 gross earnings were $1,(33 856 in 1886,
against $1,164,347 in 1885; net. $ ">08,260, against $663,519.
S o u th e r n P a c ific ( o f C a lifo r n ia ). (See Map.)—L i n e o f R o a d .—
The road in California is in two divisions—the North. Div. from San Fran,
to Tres Pinos, lOO1^ miles; Carnadero June, to Soledad, 60*2 miles; and
leased line, Castroviile June, to Monterey, 15 miles; Santa Cruz RR., 26
m.; total in North. Div., 202 miles;—the South. Div., Huron via Goshen to
Colorado Riv., 529 miles; Los Angeles via Wilmington to San Pedro, 27
miles; total South. Div., 552 miles; total South. Pacific in Cal., 751 miles.
At Goshen the Southern Div. meets the San Joaquin Branch of the Cent.
Pac., by which it reaches San Francisco and the main line of Central
Pacific. At Yuma, connects with its closely affiliated lines extending
to Galveston and New Orleans.
O r g a n i z a t i o n , &g.—The Southern Pacific was a consolidation Oct. 12,
1870, of several lines in California. The Central Pacific RR. leased
the southern division, but m March, 1885, this lease was annulled and
the whole line was leased to the Southern Pacific Company on the basis
o f lessees paying all charges, and giving to this company 26 ha per cent
of the annual net profits of the whole S. P. system. In October,
1884, sold 242 miles of road on certain terms to the A. & P., extending
from the western terminus of the A. & P. to Mojave; and right of way over
the balance of the line to San Francisco is secured at a fixed rental. (See
terms of this agreement in St. Louis & S. F. report in Chronicle, Y. 40,
p. 594.)
S t o c k a n d B o n d s .— The authorized stock is $90,000,000, of which
$44,039,100 has been issued and is held mostly by the So. Pacific Co.
The bonds above are in series A, B, C, D, E and F, of which A included
$15,000,000 and B, C, D and E each $5,000,000, and F $582,100.
The series A, B, C and D mature in 1905-6, the series E and F in 1912.
A series of G bonds is also authorized to be issued for new road con­
structed. The bonds are a mortgage on the lands, and as proceeds of
lands come into the hands of the trustees, bonds are purchased and
retired. There is also a sinking fund of $100,000 per year.
L a n d Grant .—The land grant was 12,840 acres per mile, and proceeds
of sales go to retire bonds. The total grant is estimated to furnish
10,445,227 acres, but a large proportion of the lands is barren and
useless for agricultural purposes without irrigation. In 1885 the sales
were 362,254 acres for $845,783; land bonds redeemed, $613,000;
land notes outstanding Dec. 31, 1885, $2,213,199.
The annual report for 1885 was published in the C h r o n i c l e , Y. 43, p.
274. Income account was as follows: Net profit under the lease over
all charges, $208,381; proportion of net profits of Southern Pacific
Company under the lease, $308,143; total net profits, $517,125.
Gross earnings No. Div. from Jan. 1 to Sept 30, in 1886, $1,164,880,
against $997,414 in 188 ; net, $582,991, in 1886, against $437,970 in
1885. Southern Div , Jau. 1 to Sept. 30,1886, $2,397,923; in 1885, $2,
224,080; net, $738,115 in 1886, against $966,392 in 1885.
—(V. 41, p. 23, 24, 77, 89, 134, 273; V. 42, p. 148, 350, 781;]Y. 43, p.
274, 548.
S o u th e r n P a c if ic o f N e w M e x ic o ,—Road extends from Ari­
zona State Line to the Rio Grande at El Paso, Texas, 167 miles. Oper­
ated under lease to Southern Pacific Company, the lessee paying all
charges and 4 per cent of net profits (if any; of the whole So. Pacificsystem. Stock, $6,888,800. Gross earnings in 1885 $683,249; surplus
over charges, $127,133. Gross earnings from Jan. 1 to Sept. 30,$501,141
in 1886, against $513,851 in 1885; net, $242,960, against $309,320.
S o u th w e s t e r n (G a .)—From Macon, Ga., to Eufauia, 144 miles;
has 177 miles of branches, the main one being from Fort Valley to Col
nmbus, 71 m'ies. A lease was made Aug. 1,1869, to the Central RR.
of Georgia which assumes the liabilities and guarantees 7 per cent on
the stock, but 8 per cent is to be paid if 10 per cent is paid on Central
stock. In June, 1881, $32 per share in 6 per cent debt certificates was
declared by Central Georgia Railroad.
S o u t h w e s t P e n n s y lv a n ia ,—Greensburg, Pa., to Fairchance, Pa.,
44 miles Opened April 1,1873, and leased to Pennsylvania Railroad,
which operates it at cost, paying net earnings as rental. In 1885
ross earnings were $562,920 and net earnings, $249,438. Interest on
onds and 10 per cent on stock were paid out of net earnings of 1883
and 1884.
S p o k a n e & P a lo u s e .—From Marshall, Wyoming T., on the North.
Pacific, 43 miles southeasterly. The road is leased for 999 years to the
North. Pacific, which com pany guarantees the interest and sinking fund
o f the bonds; the bonds are redeemable after 1896 at 105. (Y. 43, p.
400.)

f




$1,000,000
(?)
(?)
90,000
3,299,200
88,560,130
10,000,000
32,220,000
250,000
4,180,000
5,049,300
816,500
962,000
688.000
989,000
200,000
300,000
1,000,000
2.500.000
4.500.000
475,674
500.000
600.000
(?)
4,125,000
1.185,000
1,189,000
1,350,000
500,000
500,000
1,000.000
2,500,000
270,000
1.750,000

7
5

F. & A.
F. & A. Last paid Feb., 1886.

6 g.
6 g.
5
6 g.
3ic
5
7
6 g.
4
7
7
6 g.
5 g.
6 g.
7
5

J. & J.
A. & O.
A. & O.
J. & J.
J. & D.
M. & S.
F. & A.
M. & N.
J. & J.
J. & J.
A. & O.
A. & O.
J. & J.

New York City.
N. Y., Mills Buiiding.
do
do
N. Y., Company’s Office
Savannah,Cent.RR. Bk.
Phila. and Greensburg.
Philadelphia Office.
Northern Pacific RR.
New York.
N Y., Union Trust Co.
S . Y., S. I. Rap. T. Co.
N. Y., Lond. & Glasgow.
New York.

3
7
5
6
7
7
7
2
7
7

F.
J.
M.
M
J.

Feb. 16,1876
Jan. 1, 1904
May 1, 1928
May 1, 1938
July 1, 1896
Yearly.
N. Y. Lake Erie & West. July 1, 1900
N.Y., D. L. & W. RR. Co. Dec. 1, 1886
do
do
June, 1887
do
do
Oct. 1, 1906

Aug. 1, 1899
Feb. 1, 1922

Mar., 1909-10
1905-6 & 1912
April 1, 1900
Jan. 1, 1911
Dec. 22,1886
Sept., 1886
Feb., 1917
May 1, 1936
Jan., 1887
Jan. i, 1899
April 1, 1893
Jan. 1, 1913
Jan. 1, 1926
January, 1946
Feb.
July 7, 1895
J. & J. N. Y., Central Pacific. January, 1905
& A. Pbila.,233 So. 4th St.
do
do
& J.
& N. Philadelphia, Penn. RR.
& N.
do
do
A J. Phila., Guar. T. & D. Co

J. & J.
Q.—Mar
J. & D.
A. & O.

S p u y te n D u y v e l & P o r t M o r r i s .—Road is 6 miles in length and
connects the New York Central & Hudson with the New York & Harlem.
Leased to New York Central November 1, 1871. Rental is 8 per cent on
capital stock of $989,000. Operations are included in lessee’s returns.
State L in e & S u lliv a n .—Owns from Monroeton, Pa., to Berenice
Pa., 25 miles. Originally organized as Sullivan .& Erie Coal & Railroad
Oo., which was sold in foreclosure Oct. 14, 1874, and a new company
formed Dec. 2,1874, under the presentname. Stock, $990,000 (par $50).
The mortgage covers 5,000 acres coal lands. In May, 1884, this road was
Leased to the Penn. & N. Y. Canal & RR. Co. for fifty years, at $36,000
per annum for three years and$40,000 afterwards. (V. 40, p. 94.)
S taten I s la n d .—Local road on Staten Island, Clifton to Tottenville, 13 miles. Road is operated in connection with Staten Island
Ferry Company. Capital stock, $910,000, par $65 per share. In Oct.,
1883, leased to Staten Island Rapid Transit Co. One per cent dividend
paid quarterly, January, April, June and October, on the stock.
S ta ten I s la n d R a p i d T r a n s it R R . —This Co. was incorporated
under the general law of New York State. The line of road is around
the Staten Island shore, east and north sides, from Vanderbilt Landing
(junction with the 8. I. Railway) to a point opposite Elizabethport, N.
J. It has a 99 years’ lease of the S. I. Railway and controls the Ferries
to N. Y. City. In November, 1885, the agreement with Balt. & Ohio
was reported for making the terminals of that RR. Co. at New Brighton
by means of a bridge over the Kills at Elizabethport. The B. & O.
guarantees the 2d mort. bonds of this Co., and owns a majority of its
stock of $500,000. The income bonis are held by the B. & O. and S. I.
R. T. cos., one-half each. Gross earnings in 1884-5, $122,989; net.
$55,074; def. under interest, taxes, &c., $80,773. (V. 41, p. 611, 653; V ,
43, p. 12.)
S t e r lin g M o u n t a in (N . Y .) —Road runs from Sterlington on the
Erie Railway to Lakeville, 7 6 miles. Bonds guaranteed by Sterling Iron
& Railway Co. Stock, $80,000. Earnings in 1883-84, $40,325 gross
and $10,125 net; in 1884-85, $26,216 gross and $9,876 net.
S t o c k t o n & C o p p e r o p o lis .—Present company is a consolidation,
made Nov. 17,1877, of the Stockton & Copperopolis and the Stockton &
Visalia. Line of road, Stockton to Milton and Peters to Oakdale,Cal., 49
miles. Leased to Central Pacific Railroad Company for thirty years
from December 30,1874. By the terms of the lease the lessee agrees to
pay principal and interest of the bonds. Capital stock, $234,500. The
company previously made default July, 1874, and the $1,000,000 of
did bonds were exchanged for the present issue guaranteed. In 1885,
gross earnings, $76,817; net. $13,063.
S u b u r b a n R a p i d T r a n s it .—This company has built a bridge
across the Hariem River, N. Y. City, and will eom be in operation to
165th Street, N. Y. Little information has yet been obtainable concern­
ing its finances. In July. 1886, the Manhattan Elevated stockholders
were offered the priviiege of taking its stock and bonds. Samuel R.
Filley, President, 40 Wall Street.
S u m m it B r a n c h (I»a .)—This company leases the Lykens Valley
RR., and it has a small branch of its own to Summit Mines, % of a mile.
The road is operated by the Northern Central under contract. Traffic is
almost exclusively coal. Gross receipts in 1884, includ. coal, $1,689,124;
net, $324,014; int. and advan., $218,911. Gross in 1885, $1,402,405;
net, $174,646; interest, $83,195 ; net profit in 1885. $116,529. Gross
earnings for ten months of 1886 $511,651; def. $10,384 (V. 40, p. 208.)
S u n b u r y H a z le t o n & W il k e s b a r r e .—Sunbury to Tomhicken,
Pa., 43 miles. Foreclosed March, 1878. Stock, $1,000,000. The Penn.
Railroad has a large interest in it. Gross earnings in 1885, $493,197;
net, $267,255. J. N. Du Barry, President. Philadelphia. (V. 43, p. 275.
S u n b u r y & L e w i s t o w n . - Selinsgrove Junction to Lewistown
Pa., 43 miles. Leased to Pennsylvania RR. for contingent interest
net earnings, which in 1883 were $132,285; in 1884, $105,855; in 188u?
$168,268. Stock, $600,000 and div’s of 6 per ct. a year have been paid
S u s p e n s io n B r id g e & E r ie J u n c t i o n . —East Buffalo Junction
to Niagara Falls and Suspension Bridge, 23 miles; Lock. & Buff. RR.
leased, 14 miles; total operated, 37 miles. Road opened January, 1871.
It is leased to New York Lake Erie & Western Railroad Co. at 30 per cent
of gross receipts, which are guaranteed to be not less than $105,000 per
annum. Lessees own all stock except 297 shares.
S y r a c u s e B in g h a m t o n & N e w Y o r k . — Owns from Geddes,
N. Y., to Binghampton, N. Y., 81 miles. Chartered as Syracuse & Bing*
tiamton and opened Oct. 23, 1854; foreclosed and reorganized April
30, 1857, and leased to Delaware Lackawanna & Western. In 1883-84
gross earnings, $803,934 ; net, $344,285; interest, $141,400; divi­
dends (8 per cent), $200,000. In 1884-85, gross, $692,761; net,
$275,329; int. $141,400; div. (4 p. c.), $100,000; surplus, $33,929.
S y ra cu s e G e n e v a & C o r n in g .—Owns from Corning, N. Y., to
Geneva, N. Y., 57 miles. This road was opened December 10, 1877.
and is leased to the Fall Brook Coal Co. at a rental of 3313 per cent
of its gross earnings. Stock is $1,200,000. In 1884-85 gross earnings
were $671,690; net, $163,611; rental, $223,897; taxes, $10,559;
deficit to lessee, $70,844. In 1883-4, gross, $678,370 ; net, $267,237 ;
rental, $226,123; miscellaneous, $65,070; loss to lessee, $23,856.
S y r a c u s e O n ta r io & N e w Y o r k . —Owns from Syracuse, N. Y .,
to Earlville, N. Y., 43 ^ miles. The Syracuse & Chenango Valley Rail­
road was sold in foreclosure and a new company organized March 14,
1873, under the name of Syracuse & Chenango Railroad; on April 15,
1877, road was again sold in foreclosure and still again reorganized
under present name in 1883. The N. Y. West Shore & Buffalo acquired

90




INVESTORS’

SUPPLEMEN T.

[Vo l . XLiir.

MAP OF THE

TOLEDO, ANN ARBOR
AND

NORTH MICHIGAN

D ecember , 1886.]

KAILROAD

STOCKS

AND

91

BONDS.

Subscribers w ill confer a great favor by giving im m ediate notice o f ttny error discovered in these Tables.
Bonds—Prinol '
INTEREST OR DIVIDENDS.
________________ DESCRIPTION.________________
Due*
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,When
of
Par Outstanding
For explanation of column headings, &c., see notes of
Stocks—Yost
Road. Bonds Value.
Whom.
Dividend,
on first page of tables.
Cent. Payable
Syracuse, Geneva <£ Corning—1st mortgage.............
57 1875 $100&c.
$928,300
2d mortgage................... ................... ................
1879
1,000
600,000
43 1833
Syracuse Ontario <&New York—Bonds.......................
900.000
2d mortg., income.....................................................
1883
500.000
50
Terre Haute <£Indianapolis—Stock ($1,988,150)___ 114
1,401,880
Bonds of 1873 coupon & reg....................................
1,000
1873
1,600,000
50
Terre Haute <6 Logansport.—Stock............................. 116
500,000
93 1879
1,000
1st mortgage, guar, by Terre Haute & Ind’napolis
500^000
65 1883
1,000
1st mortgage, extension (2d on 93 miles)..............
1,000,000
1,000
Texas Central—1st mortgage, g o ld ...........................
177 1879
2,145,000
1,000
52 1881
N. E. Div., mort., gold (2d on 177 miles)...............
1,254,000
1,000
General mortgage, (pledged)...................................
228 1884
2,286,000
1,000
Texas-Mexican—Corpus Ch.S.D.& R.G., 1st H., gold. 161 1880
960,000
1,000
165 1881
1st mortgage, gola ($15,000 p. m.).......... „............
1,380,000
1,000
Texas <6N. Orleans o f ’74—1st mortg. landgr., coup 105 1875
1,620,000
1,000
104 1882
Sabine Division, 1st mortgage, gold.......................
2,075,000
1883
100
Debentures ................................................................
584,000
Texas <&Pacific—Stock........................................ ......... 1,487
32,164,600
1,000
1st mortgage, gold, coup. (E. D iv .)........................ 524 1875
3,784,000
524 1875
1,000
2d mort., consol., gold, coup. (E. Div.)...................
9,316,000
1,000
8,251,000
Income and land mort., E. Div.. reg....................... 524 1875
’79-’85
Scrip for int. on inc.mort. (red’mable' in st’k or land)
2,240,000
1,000 13,028,000
1st mort., gold, Rio Grande Division.................... 521 1880
1,000
6,720,000
New Orleans Pacific, 1st mortgage.......................... 336 1880
1,000
General and terminal mortgage ($6,500,000)....... 1.487 1884
2,859,000
___- 1882
12,000 p. M.
T xas Western (N. G.)—1st mortgage........................
....
54 1852
239,500
T^oga H R —1st mortgage, due 1882 and extended .
54 1876
....
125,000
Consolidated mortgage...........................................
__ _
20 1875
265,000
Extension bonds........................................................
__ _
7 1875
160,000
Elmira State Line Railroad mortgage...................
1,000
61 1881
Toledo Ann Arbor <£ N. Mich.—1st (T. A. A. & G. T.)
1,260,000
1,000
2,120,000
1st mort., gold, Northern D iv................................... 106 1884
___
1.547,662
55
Toledo Canada, Southern <£ Detroit—Stock................

7
5
6
6
3
7

M. & N. N.Y.,Farmers’ L.& T.Co. Nov. 15,1905
Mar. 1, 1909
M. & S.
1933
1983
F. & A. N.Y.,Farmers L.& T.Co. Aug. 2,1886
1893
A. & 0.
do
do

6
6
7 g.
7 g.
6
7 g.
6 g.
7
6 g•
6

J.
J.
M.
M.
M.
J.
J.
F.
M.
J.

6
6
7
6
6
6
6
6
5
7
7
7
6
6

&
&
&
&
&
&
&
&
&
&

J N.Y., Farmers’L.&T.Co.
J.
do
do
N Last paid Nov-, ’84.
N Last paid Nov., ’84.
N. Last paid Nov., ’84.
J.
J
A N. Y., Company’s Office.
S.
do
do
J.
do
do

Jan. 1, 1910
Jan. 1, 1913
Nov. 1, 1909
May 1, 1911
Nov. 1, 1934
July 1, 1910
July 1, 1921
Aug. 1, 1905
March 1,1912
1893

g- M. & 8. Last paid Sept., 1885. March i , i905
g- I. & D. Last paid Dec., 1885. June 1, 1905
July. New York& Philad’phia Jan. 1, 1915
g- F. &
g- J. &
A. &
F. &
M. &
M. &
A. &
A. &
g- J. &
M.
&
g-

A.
J.
0.
A.
N.
N.
O.
0.
J.
N.

Last paid Aug., 1885
Last paid July, 1885
Last paid Oct., 1885

Feb.
July
Oot.
Feb.
Phil.,Newbold Sons &Co Nov.
Nov.
Oct.
Oct.
N.Y..Farmers’ L.&Tr.Co Jan.
N. Y., Cent. Trust Co.
May

1,
1,
1,
1,
1,
1,
1,
1,
1,
1,

1930
1920
1905
1922
1915
1896
1905
1895
1921
1924

control of the property. Stock, $404,600. Earnings in 1883-84, gross,
The terminal bonds are a first mortgage on terminal property in New
98.361; deficiency after charging out interest account, $44,869. In Orleans and at Gouldsborough; and on the Gordon coal mines, 'said to
884-85 gross earnings $91,596; deficiency after charging interest have cost about $350,000; they are also a mortgage lien on the whole
road, subject to the prior mortgages.
$73,096.
In 1884 the company became embarrased and the coupons due June
Terre H au te Sc In d ia n a p o lis.—Owns from Indianapolis to Illi­
nois State Line, 79 m., with coal branches, 34 m.; total, 113 m. The road 1, 1881, on the consol, bonds E. D., were bought at par for the Missouri
Pacific
Railroad. An arrangement for funding half of the coupons for
was opened in 1852 (as Terre Haute & Richmond). The company leases
and operates the Terre Haute & Logansport RR., also the St. Louis four y ears was made. See V. 39, p. 674. This arrangement ended
with
the
part payment of coupons due August, 1885.
Vandalia & Terre Haute Road on joint account with the Pittsb. Cm. & St.
In Dec., 1885, L. A. Sheldon and John C. Brown were apnointed re­
Louis RR., at 30 per cent of gross earnings, but guarantees the first and
ceivers
of
the company on application of the Mo. Pacific RR. Co. See
second mort. bonds. In 1883-4, gross earnings, $1,127,388; total net
income, $375,056; interest and 8 per cent dividends, $271,052; loss on the bondholders’ committee’s report, &c., in V 41, p. 714.
There
was
much difference in regard to controlling the new
T. H. & L. lease, $83,449; loss on St. L. Y. & T. H., $14,310; surplus
for year, $6,245. In 1884-85 gross earnings, $1,060,631; inoome, $358,- company between the Wistar plan, which appeared to be in
the
interest
of the Missouri Pacific Railroad as holder of the
-470; interest and6 p. ct. dividends. $231,289: loss on T. H. & Logans,
lease, $76,634; betterments to T. H. & L.^road, $45,202; surplus for floating debt, and the Fleming-OIcott schema of reorgani­
zation.
The
various
phases of the contest were commented upon at
year, $5,345. (V. 40, p. 356.)
much length in the C h r o n i c l e , Vols. 42 and 43, at the pages indexed
Terre H au te Sc L ogan sport.—Owns from South Bend, Ind. below, and the combination plan formed by the junotioa of the two
to Rockville, Ind., 159 miles; leased, Rockville to Terre Haute, 22 miles. committees was mentioned in V. 43, p. 163,191, 218.
Total operated, 182 miles. Formerly Logansp. Crawfordsv. & Southw.,
In 1886 gross earnings from Jan. 1 to June 39 were $2,530,037, and
which was sold in foreclosure Sept. 10, 1879, and reorganized under net, $222,319.
present name. Leased by Terre Haute & Indianapolis Railroad for 28
No report for 1885 was issued, b it the gross earnings were $5,826,per cent of gross earnings, and first mortgage bonds guaranteed by 401, and the net, $1,095,619. The report for the year 1884 was in V. 40,
that company. Rental in 1883-84, $85,526; loss to |lessee, $83,449. p. 202, and had the following :
Rental in 1884-85, $108,562; loss to lessee, $121,836.
INCOME ACCOUNT.
1884.
1883.
1882.
T ex a s Central.—Line of road from Ross, in McLennan Co., to
$7,045,652
$5,918,756
Albany, Texas, 177 miles; Garrett to Roberts, 52 miles; total, 229 Gross earnings............................ $5,919,732
$1,618,007
$783,932
miles. Is controlled in Houston & Texas Central interests, by which Net earnings............................... $1,343,292
346,511
392,791
129,124
company it is operated; but accounts are kept separate. The authorized Other income.............................
stock is $1,000,000; total issued, $130,200, of which H. & T. C. holds,
$913,056
Total
net
receipts..............$1,689,803
$2,040,798
$50,000 ; Morgan Co., $75,000; directors, $5,300. Defaulted in interest
Deductions—
in 1885. The gross earnings in 1885. Jan. to Nov. 30, were $238,709;
$1,970,085 *$1,970,190
net, $41,248. In 1884. gross, $283,637; net, $45,707. C. A. Whitney, Iaterest on debt..........................$1,670,950
287,152
Taxes and other charges............................. 137,333244,317
Pres.,N. O. (V. 42, p. 61.)
T ex a s-M e x ic a n .—Owns from Corpus Christi, Tex,, to Laredo on
Total deductions...............$1,803,283
$2,214,402
$2,257,342
the Rio Grande, and branches, 168 miles. Charter covers 1,400 miles
Deficit................................. $113,480
$173,604
$1,344,286
in all. Under same control as the Mexican National, and in November
* Full interest charge, but interest was not all paid, partly funded.
1883, a lease for 99 years was made to the Mexican National Company.
Rental in 1835, $162,000; surplus over interest $6,512. W. J. Palmer, —(V. 41, p. 190, 714; Y. 42, p. 23, 61, 94, 207, 293, 464, 519, 550, 575,
Pres’t. Land grant was 16 sections per mile, but not located. Stock 604, 632, 664, 695, 729, 754, 783; V. 43, p. 12, 41, 73, 103, 125, 133,
163, 191, 218. 275, 309, 369, 399, 400, 432, 516, 672.)
authorized $12,000,000.
T ex a s Sc New Orleans (o f 1 8 7 4 ).—Houston, Tex., to Orange
T exas W e s t e r n .—Projected from Houston, Tex., to Presidio Del
(Sabine River), 104 miles; and Sabine City to Rockland, 104 miles; Norte, Tex., 900 miles. In operation, Houston to Sealey, 52 miles, con­
total 208 miles. Belongs to the Huntington Southern Pacific system, necting with Gulf Col. & 8. Fe RR. Stock authorized, $3,000,000. Land
together with the Louisiana Western. This was a reorganization, 1874, grant 10,240 acres per mile. (V. 40, p. 562.)
o f the old Texas & New Orleans RR. The stock is $5,000,000, and
T i o g a .—Owns from Amot, Pa., to State line New York, 44 miles;
a controlling interest is owned by the Southern Pacific. In addition to branch, Blossburg, Pa., to Morris’ Run, Pa., 4 miles; leased. Elmira
above bonds, there are $486,507 Texas School bonds. Gross earnings State Line Railroad, State line New York to Northern Central Rail­
from Jan. 1 to Oct. 31, $801,097 in 1886, against $800,242 in 188o; way Junction, 7 miles; and Arnot & Pine Creek RR., Arnot to Hoytnet, $339,519, against $358,642.
ville, Pa., 12 miles; total, 67 miles. Controlled by N. Y. L. E. & W.
For year 1885 annual report was'in V. 42, p. 574; gross earnings were The stock is $391,200 com. and $189,700 pref. In 1884-85, gross earn­
$1,017,618; net, $462,273. C. P. Huntington, President, New York. ings, $343,617; net, $170,059; in 1833-84 gross, $389,841; net, $142,021;
—(V 40, p. 61, 153, 305, 394, 42 3, 741; V. 41, p. 23, 134, 216, 357, 745; interest, $57,851; surplus over all payments, $65,288.
V. 42, p. 243, 5 7 4 ; V. 43, p. 133, 163.)
Toledo A n n A rbor & North M ich iga n .—(Sec Map )—Own*
T ex a s <fc Pacific.—(See Map Missouri Pacific.)—Eastern Division — from Toledo, O., to Mt. Pleasant, Mich., 172 miles, which carries the
From Texarkana to Marshall and thence to Fort Worth, 253 miles; road into the heart of the lumber region of Michigan. Capital stock
Texarkana Junction to Whitesboro, 239 miles; Marshall to Shreveport, is $3,200,000. The old first mortgage on 61 miles oovers the Southern
40 miles; total eastern division, 532 miles. Rio Grande D ivision - Division, formerly called tbe Tol. Ann Arbor & Grand Trunk Railroad.
Fort Worth to Sierra Blanco, 524 miles; Sierra Blanco to El Paso(joint The annual report for 1885 was in V. 42, p. 548; the net earnings
track), 92 miles; Gordon Branch to coal miues, 3 miles; total Rio were in excess of interest charges. The report showed gross earnings
Grande division, 619 m. New Orleans Division—(Formerly N. O. Paci­ on Southern Division, $261,959: net, $111,767; Northern Division
fic RR.) Shreveport to N. O. and Baton Rouge Branch, 336 miles. (under construction) gross, $39,266; net, $13,353. For six months
Total of all, 1,487 miles.
ending June 30, 1886, gross earnings were $178,817, and net $85,251.
The Texas & Pacific was built under act of Congress of March 3,1871, James M. Ashley, President, 150 Broadway, N. Y. (V. 42, p. 126, 272,
and other acts in 1872 to ’74, and the laws of Texas. This company suc­ 397, 5 48, 549; V. 43, p. o08, 635.)
ceeded to the right of the Memphis El Paso & Pacific Railroad and other
Toledo Canada Southern Sc D etroit.—Toledo, Ohio, to Detroit
companies. By a contract made in January, 1880, with the Pacific
Railway Improvement Company, the road was extended towards El (G.T. Junction), Mich., 55 miles. Road opened September 1,1873. Oper­
ated
by Canada Southern. The bonds were exchanged into Canada
Paso on the Rio Grande, to meet the Southern Pacific of California, with
$25,000 in bonds and $25,000 in stock per mile of road. The Fidelity Southern first mortgage bonds at 70 per cent of face value.
T o le d o Sc O h io C e n tr a l.—(See Map Columbus Hocking Valley
Insurance Trust & S. D. Co. of Philadelphia is Trustee of the Rio
Grande Div. mortgage. A consolidation with New Orleans Pacific, & Toledo).—Owns from Toledo, O., to Corning, 184 miles, including 12
share for share, was voted in May, 1881. From the State of Texas miles leased; Hadly Junction to Columbus, 29 miles, including 5 miles
the company received 10,240 acres of land per mile, and by building leased; total operated, 213 miles. This company was formed after sale
east of Fort Worth earned 4,931,702 acres, on which the income bonds in foreclosure of the Ohio Central main line on April 15, 1885. The
are a lien, as also a 3d mortgage on the road east of Fort Worth. The preferred stock is $3,108,009 and common $1,592,000: the first mort­
total sales in 1884 were 544,984 acres at an average price of $3 07 per gage is for $5,000,000, but no more than $3,000,000 can be issued
acre; total sales, including lots, amounted to $1,677,563, of which $781,- except by consent of three-fourths of the present bondholders. The
278 was paid in income bonds and scrip; lands yet unsold Dec. 31, 1884, bonds have their interest guaranteed by the Columbus <fc Hocking
3,893,794 acres. The railroad lands in Texas, however, do not lie adja­ Yalley RR. Co., and by an agreement with that oomp iny the stock of
cent to the iine of the roads owning them, but these are located in part Col. & H. V. was offered in exchange for three-fourths of the new stock
in c ounties along the Rio Grande division, 1,030.611 acres being in of Tol. & O. C., in the proportion or one share of C. & H. V. for one of T.
& O. C. preferred, and one share of C. & H. V. for two shares of T. & O.
Tom Green County, and 1,303,380 acres in El Paso County.
On Income bonds the company may pay interest in scrip, but if the C. common; the remaining one fourth of T. & O. C. stock, together with
option so to pay is not declared, the Court held that cash must be paid; but all that acquired by C. & H. V. by the exchange, were to be deposited
the company appealed to the U. 8. Supreme Court. Tbe interest scrip is with trustees. This placed the control of T. & O. C. with the O. & H.
redeemable only in stock or in payment for land, and interest at 6 per V. Company. (See agreement in Y. 40, p. 597. The gross earnings
cent is allowed on it only when turned in in payment for land. In July, from Jan. 1 to Oct. 31, 1886 (ten months), were $660,250; net,
1884,1885 and 1886 interest up to June 30 was paid promptly in scrip. $194,318. (V. 41, p. 243, 438, 575; V. 43, p. 24, 548.)

f




INVESTORS’, SUPPLEMENT.
-You XLIII.




D ecember , 1886.]

RAILROAD

STOCKS

AND

RONDS.

93

Subscribers w ill confer a great favor by givin g im m ediate notice o f any error discovered in these Tables.
Bonds—Prinoi
DESCRIPTION.
INTEREST OR DIVIDEN DS.
Miles Date Size, or
Du©
Amount Rate per When Where Payable, and by pal,When
Par Outstanding
of
For explanation of column headings, &c., see notes of
Stocks—Vast,
Road. Bonds Value.
on first page of tables.
Cent. Payable
Whom.
Dividends
Toledo A Ohio Central—1st mort. gold, interest guar 196
451
Toledo St L. A Kansas City —Stock ..........................
451
Pref. 4 per ct. coupon stock, non-cumulative.......
1st mortgage, gold (redeemable on notice)...........
451
60
Tonawanda Valley A Cuba—1st mort. ($500,000)..
35
Troy A Boston—1st mortgage, consolidated.............
53
New mortgage bonds (for $1,000,000)..................
64
Tyrone A Clearfield—Stock..........................................
1st mortgage..............................................................
74
Ulster A Delaicare—1st mortgage...............................
2d mortgage income bonds....................................... ___
United N. J. RR. A Canal Companies—Stock........... 429
Gold bonds............................ t ..................................
General mortg., gold and currency, coup..............
238
Uni tea Co.’s mortgage, sinking fund, registered..
do
sterling loan mortgage, sinking fund __
__
do
do
do
do
do
do
dollar loan, m ortgage........................
do
gold loan, reg.......................................
Joint Co.’s plain bonds.......................................... __
do
consol, mort. (sink’g fund after 1880)
N. J. RR. A T. Co., 3d loan due State of N. J ........ . . . .
Union Pacific—Stock................................................... 1,820
1st mortgage, gold, on road and equipment.......... 1,038
2a mortgage currency (Government subsidy) — 1,038
3d
do
on road (2d on land), sinking fund.. 1,038
Land grant bond s..... ...............................................
Omaha bridge bds, st’g, (s.f. about $65,000 yrly).
Collateral Trust bonds.............................................
Collateral trust ponds of 1883, g o ld .....................
Kans. Pac., cons. M..,g.(for $30,000,000),cp.or rg.
do
1st M., g, cp „ on 140m. west Mo. Riv. 140

1885
1886
1881
1874
1878

_

1875
1875
1883
1873
1871
1871
1871
1871
1878
1854
1862
1868
1866-9
1866-9
1874
1867-9
1871
1879
1883
1879
1865

$1,000
100
100
1,000
1,000
1,000
1,000
__
1,000
1,000
100 Ac.
100
1,000
1,000
....
___
___
....
___
....
100
1,000
1,000
__
1,000
£200
1,000
1.000
1,000
1,000

T oledo St Lou is &. K a n sa s C ity.—($ej Map.)—From Toledo to
St. Louis, 451 miles. This company was formed June 12, 1836, by con­
solidation, and it took all the property of the former Toledo Cin. A St.
Louis narrow gauge road, foreclosed Dec. 30,1385. The present com­
mon stock and the first mortgage bonds were issued to a syndicate for
the purchase of the property, payment of receiver’s liabilities, broaden­
ing the gauge, &c., &e., and $1,000 per mile of said mortgage bonds
were reserved for obtaining equipment and providing for the payment
of interest for two years. See full statement as to this company in V.
43, p. 74.
The status of the Tol. Cin. & St. Louis from time to time was given in
the S u p p l e m e n t up to June, 1886. The only stock or bond holders o f
the Tol. Cin. & St. Louis who received auything for their holdings were
the first mortgage men, who took 150 in new pref. stock for Tol. Delolios
A B. firsts and 100 in new pref. stock for St. Louis Division firsts. See
circular in V. 43, p. 432. (V. 4 ', p. 23, 207, 366, 397, 431, 550, 721, 755;
V. 43, p- 73, 369, 432, 580, G34.)
T o u aw au d a Valley <fc C uba.—Owns from Attica, N. Y. to Cuba,
N. Y., 60 miles. Stock$587,100. Securities listed at New York Stock
Exchange December, 1882. $113,000 of 1st mort. bonds are reserved
to redeem same amount of 6 per cent bonds due 1910. Mr. Bird \V.
Spencer was appointed receiver in 1884. Gross earnings in 1883-84,
$50,332; deficit, $42,25'). Gross in 1884-85, $18,694; def.,$5,073; other
receipts, $2,929; net deficit, $2,143. (V. 40, p. 543; Y. 41, p. 474 ; V.
42, p. 23.)
T roy & B o sto n .—Owns from Troy, N. Y., to Vermont State line, 35
miles; leased: Southern Vermont 5 miles; Troy A Bennington, 5 miles;
Vermont State line to North Adams, 6 miles; total operated, 53 miles.
The 1st consol, bonds are used to redeem 1st and 2d morts., and 2d
consols, to redeem floating debt. $319,000 of other issues of bonds out­
standing Sept., 1884. Stock, $1,623,110. In 1883-4 deficiency over all
charges was $27,008. Earnings for three years past were:
Passenger
Freight (ton) Gross
Net
Years.
Miles. Mileage.
Mileage. Earnings. Earnings.
18818 2 ... 53
7,315,713
24,979,268 $523,547 $213,766
188283 ... 53
7,313,014
25,965,501
569,820
205,323
188384 ... 53
6,544,50)
16.733.352
483,561
192,539
18848 5 ... 53
6,123,585
14,590,975
420,743
208,251
- ( V . 41, p. 586.)
Tyrone & Clearfield.—East Tyrone Pa., to Curwensville, Pa., 44
miles; branches, 20 miles; total, 64 miles. This company was organized
April 1,1867, after sale in foreclosure. It was leased to the Pennsyl­
vania Railroad in 1878 and new lease for 50 years made in 1382. Gross
earnings in 1885, $551,000; net, $121,344. J. N. Du Barry, President,
Philadelphia, Pa.
Ulster & Delaware,-Owns from Rondout (Hudson River), N. Y;
to Stamford, N. Y., 74 miles. This was the Rondout A Oswego in 1876,
reorganized May 28,1872, as New York Kingston & Syracuse, and again
after foreclosure, May 1, 1875, as Ulster & Delaware. The stock is
$1,152,100. There are also $50,000 real estate mortg. bonds. In 188485 the gross earnings were $325,837; net earnings $120,527. Thomas
Cornell is President, Rondout, N. Y.
United New Jersey Railroad <
fcCanal Co.—Lines of Road.—

New York to Philadelphia and branches, 135 miles; Camden to Amboy
and branches, 226 miles; Trenton to Manunka Chunk and branches,
81 miles: total operated, 443 miles. Delaware & Raritan Canal, 66 miles.
This company was formed by a consolidation in 1867 of the Delaware &
Raritan Canal Company, the Camden & Amboy Railroad, and the New
Jersey Railroad & Transportation Company. The United New Jersey
Railroad & Canal Companies were leased in May, 1871, to the Penn­
sylvania Railroad for 999 years, at a rental of 10 per cent on the
stock, besides interest on bonds. The smaller leased roads were taken
with their several contracts. The lease has not been directly profitable
in cash receipts to the Pennsylvania Railroad, and the net loss in 1879
was $939,889; in 1880, $1,035,308; in 1881, $302,864 ; in 1882, $568,759; in 1883, $635,914; in 1884, $593,536; in 1885, $159,496; but the
connection with New York was indispensable. Operations and earn­
ings for five years past (including the canal) were as follows:
Passenger Fr’ght (t’ns)
Gross
Net
Div..
Years. Miles. Mileage.
Mileage.
Earnings.Earnings, p. ct
1 8 8 3.. . 435 238,561,431 542,827,918 $14,956,596 $4,151,682
lo
18 8 4.. . 443 248,789,706 552,423,171 14,709,887 3,960,043
lo
1 8 8 5.. . 445 272,789,011 595,671,674 14,655,374 4,395,617
lo
Union Pacific Railway.—(Sec Mop.)—
Lines

of

Road.—Main

line—Council Bluffs to Ogden and branches, 1,049 miles; other
branches—Kansas City to Denver. 643; Denver to Cheyenne, 106;
Leavenworth to Lawrence, 34; total owned, 1,832 miles; controlled
and operated in the Union Pacfic system January, 1885—Omaha &
Repub. Valley RR., 237 miles; OmahaN. & Black HillsRR., 114: Colordo Central RR., 327; Echo & Park City RR., 32; Utah & Northern RR.,
4 62; Lawrence & Emporia RR., 31; Junction City & Ft. Kearney. 87;
Bolomon RR., 57; Salina & Southw’n, 36; Kan. Cen ,167; Den. & Boulder
Valley., 27; Golden Boulder & Car., 6; Oregon Short Line and branch,
610; Greeley Salt Lake & Pacific, 54; Denver South Park & Pacific. 321;
Salt Lake & Western, 57; Georgetown Breckenridge & Leadville, 8 miles;
Montana Railway, 9 miles; total thus controlled, 2,644 miles; total oper­
ated in the U. P. system Jan. 1,1885, 4,476 miles.
The Central Branch Union Pacific and leased lines (388 miles) are
operated by the Missouri Pacific under an agreemeut with Union Pacific




$3,000,000
12,250,000
4,805,000
9,000,000
500,000
1,424,000
925,000
1,000,000
1,000,000
200,000
1,400,000
21,240,400
L824.000
5,669,000
2,000,000
1,846,000
1,800,000
154,000
841,000
866,000
5,000,000
100,000
60.868,500
27,229,000
27,236,512
14,483,000
2,706,000
1,621,000
4,541,000
3,707,000
14,905,005
2,240,000

5 g• J. A J. N. Y., Central Trust Co. July 1, 1935*
4
6 g.
6
7
7
21*
5
7
7
2*2
4
6 g.
6
6 g.
6 g.
6
6 g.
6
6
6
l\
6 g.
6
8
7
8 g.
6
5
6 g.
6 g.

J. A J.
J. A D.
New York Agency.
M. A S.
New York Office.
J. A J. N. Y „ Nat. B’k of Com.
A. A O.
do
do
J. A D. Phila., 233 South 4th.
J. A J.
J. A J. Rondout, Co.’s Office.
F. A A.
New York.
Q —J Phila, and N V nffiAA*
F. A A. Philadelphia Office.
M. A S.
do
do
A. A O. Phila., Pennsylv’a RR.
M. A S.
London.
M. A 8.
do
F. A A. Phila., Penn. RR. Office.
M. A S.
do
J. A D.
Princeton, N. J.
M. A N. Philadelphia Office.
A. A O. N. Y., B’k of Commerce.
Q .-J . New York and Boston.
J. A J.
do
do
J. A J. U.S. Treas., at maturity.
M. A S. New York and Boston.
A. A O.
do
do
A. A O. London A New York.
J. A J. N. Y., Union Trust Co.
J. A D. Boston, N. Engl’dTr.Co.
M. A N. N. Y „ 40 Wall Street.
F. A A.
do
do

June 1, 1910.
Sept. 1, 1932
1924
1903
Dec., 1386
July 1, 1905
July 1, 1905
Oct in iagq
Feb. 1, 1923
Mch. 1, 1901
Oct. 1, 1894
Mch. 1, 1894
Mch. 1, 1894
Feb. 1, 1888
Sept. 1, 1908
o'an. 1, 1889
Nov. 1, 1889
Overdue.
April 1, 1884
1896 to 1899
1896 to 1899
Sept. 1, 1893
1887-’89
April, 1896
July 1, 1908
Dec. 1, 1907
May 1, 1919
Aug. 1, 1895

for twenty-five years from 1835, and not included in the mileage oper­
ated by Union Pacific. The U. P also has large interests in the St. Jos.
& West. RR., 251 miles: the Utah Central. 230 m.; Leavenworth Topeka
& S. W., 47 m.; Manhattan Alma & Burlingame, 56 m ; Manhattan <fe
Blue Valley, 1 1 m . and Nevada Central, 93 m ,; total, 738 miles, all o f
which are operated separately.
In 1886 a lease of the Oregon Railway & Navigation Company to the
Oregon Short Line, guaranteed by Union Pacific was negotiated.
O r g a n i z a t i o n , Ac.—This company, the Union Pacific Railway, was
formed by a consolidation, Jan. 24,1880, of the Union Pacific RR. and
the Kansas Pac. and Denver Pac., made under authority of the acts of
Congress of July 1,1862 and July 2,1864. The Union Pac. RR. was
chartered by Act of Congress of July 1,1862, which gave the company a
land grant of 12,800 acres per mile, estimated at a total of 12,083,227
acres, and a subsidy in U. S.bonds of $27,236,512 on 1 033 miles of road.
The Kansas Pacific was organized as “ Leavenworth Pawnee & West
ern’’ in l861; then changed to “ Union Pacific, Eastern Division,” June
6,1863, and to “ Kansas Pacific” on March 3, 1869. The Pacific Rail­
road acts of 1862 and 1864 applied to this road, and gave it a subsidy
of $6,303,000 and a land grant of about 6,000,000 acres.
The Denver Pacific—Denver to Cheyenne, 10 J miles—was built under
the charter of the Union Pacific, E. D. (Kansas Pacific).
As to the debt of the Pacific railroads to the United States Govern­
ment a decision of the U. S. Supreme Court settled the point that the
payment of interest on the loans was not obligatory on the companies
till the principal of the bonds became due. Afterwards Congress passed
the Thurman Act, May 7, 1878, which, for the Union Pacino, provided
that 25 per cent of the net earnings, after deducting interest on the
first mortgage bonds, should be paid annually to the Government as fol­
lows : First—Applied directly to interest account, one-half of Govern­
ment earnings and 5 per cent of net earnings, after deducting interest
on first mortgage bonds. Second—To be placed in the sinking fund—
the other halt of the Government earnings and so much of $850,000 as
may be necessary to make all the payments by the company equal 25
per cent of its net earnings. On Dec. 31, 1885, this sink, fund invested
in U. S. bonds (p ir value) was $4,875,100, and the premium paid on
bonds and cash uninvested was $1,130,933; total, $6,006,r,33.
S t o c k a n d B o n d s .— The capital stock issued and outstanding Is
$60,868,500, having been increased about $10,000,000 since the consoli­
dation in 1880. Dividends since 1879 have been as follow s: in 1880, 0
per cent; in 1881, 6%; in 1882, 7; in 1883, 7; in 1384,
none since.
The yearly range in prices of the stock has been—In 1880, 80®113Jli;
in 1881. 10512®131%; in 1882, 98i4®119%; in 1883, 70is®104%; in
1884, 28@845s : in 1885, 41@6234; in 1886 to Dec. 17, 4414^68I4.
Of the Union Pacific collateral trust bonds, the first issue is limited to
80 per cent of the following bonds: Omaha & Republican Valley RR.,
$1,064,000; Colorado Central Railroad bonds, $2,161,000; Utah North­
ern Railroad, about $2,452,000; total, $5,677,000. The collateral trust
bonds of 1883 are secured by the following bonds : Colorado Central RR.
$1,434,000; Utah & Northern RR. $2,288,000; Omaha & Rep. Valley
RR. $701,000; Utah Southern RR. extension $95,000; Denver South
Park & Pacific RR. $1,845,000; total $6,363,000.
The outstanding bonds of Kansas Pacific above are given less the
amounts of each class held by the trustees of the general mort. The con­
sol. mortg. trustees are Jay Gould and Russell Sage, and they held in
trust on Jan. 1, 1885, the following bonds ot the Kansas. Pacific, making
$6,585,9o0 in all, viz.: Leavenworth Branch, $568,000; income (unsub­
ordinated) bonds. $215,350; income (subordinated) bonds, $3,751,600;
Cheyenne Branch Den. Pac. bonds, $2,051,000. They also held $1,892,
700 of the stocks and $3,158,000 of the bonds of other companies
controlled by the Union Pacific.
L a n d G r a n t .— The proceeds of land sales on the Union Pacific main
line are applicable to the principal ot the land grant bonds, and after
that to the sinking fund mortgage 8 per cen’- bouds. On the Kansas
Pacific the cash income from land was formerly applied to the interest
on the general mortgage, but in 1885 towards principal. On Dec. 31,
1885. the company had in cash from the Union Pacific grant the sum
of $3,194,475. and in land contracts 10,522,689, which sums are appli­
cable first to the payment of the land grant bonds, and then to the pay­
ment of the 8 per cent sinking fund bonds due in 1893. On Jan 1,1886,
the U. P. lands were 3,321,696 acres, estimated at $2,541,696; the K.
P. lands unsold, 4,122,850 acres, estimated at $9,951,974.
The sales in 1883, 1884 and 1885 were as follow s:
Union Pacific—
1883.
1884.
1885.
Acres sold........................................
805,833
4,321.043
743,704
Am ount............................................$2,436,767 $6,517,773 $1,223,227
Average price................................
$3 11
$1 52
........
Kan. P a cificAcres sold........................................
218.185
452,566
690,294
Amount........................................... $965,557
$1,917,876 $2,817,159
Average price................................
$4 4Hs
$4 2112
........
TotalAcres sold........................................ 1,024,018
4,773,609 1,433,999
Amount............................................ $3,402,324
$8,435,649 $4,040,337
The Kansas Pacific lands, from the 38.0th mile westward, are covered
first by the Denver Division mortgage, and all the lands of the Kan. Pac.
by the consol, mortgage.
Land sales for nine months from Jan. 1 to Sept. 30 in 1886 and
1885 were as follows:




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RAILROAD STOCKS AND BONDS,

D ecember , 1886.]

95

Subscribers w ill confer a great favor by givin g Im m ediate notice of any error discovered In these Tables,
Bonds—Prinel
DESCRIPTION.
INTEREST OR DIVIDENDS.
pal, When Due,
Miles Date Size, or
Amount
Par
of
For explanation of column headings, &c., see notes of
Stocks—Lust
When
Where
Payable,
and
by
Rate
per
Road. Bonds. Value. Outstanding Cent. Payable
on first page of tables.
Whom.
Dividend!.
Union Pacific—(Continued)—
Kansas Pac., 1st mort., gold, 140th to 393d mile.
do
2d M.(to U.S.Gov.) on 394m.W. Mo.R.
do 1st,394th to 639th m., l.g., 3,000,000 acs
do
1st mort., coup., (Leavenworth Br.)..
do
Income bds, coup., 3d M.on 427 miles
Utah Centrals-Stock.....................................................
1st mortgage, gold....................................................
Utah Southern, general mortg. (for $1,950,000)..
..........
Utah <£ Nevada—Stock................................................
Utah ft Northern.—1st mortgage...............................
Utica ft Black Kiver—Stock.........................................
Mortgage bonds.........................................................
Black River & Morristown, 1st mortgage..............
Clayton <fc Theresa, 1st mortgage, guaranteed__
Ogdensburg & Morristown, 1st mortgage.............
Utica Chenango <£• Susquehanna Valley—Stock.......
Utica Clinton <6 Binghamton—1st mortgage...........
Valley (N. T.)—Stock..................................................
1st mortgage.............................................................
Talley (Ohio)—1st mortgage, Clev. to Canton........
Consol, mortgage gold (for $4,000,000)................
Talley (Va.)—1st mortgage........................................
Vermont <6Massachusetts—Stock................................
Bonds of 1883 (guaranteed by Fitchburg R R .)...
Vermont Valley o f 1871—Stock................................
1st mortgage.............................................................

$1,000
1,000
1,000
50 &c.
100
1,000
1,000
1,000
1,000
100
500 So.
___
1,000
100
500 &c.
___
100, &c.
1,000
1,000
100
” 50
1,000

$4,063,000
June 1, 189^
6 g. J. & D. New York, 40 Wall 8t.
6
6,303,000
1995 to ’97
6,258,000
6 g. M. & N. N. Y., Lond. & Frankf’t. Set*-. 1, 1899^
18,000
M.
&
N.
New
York,
40
Wall
St.
Jan
L, 1896
7
109,200
M. <fe S. N. Y.,Bk. of Commerce July 1, 1916
7
New
York,
40
Wall
St,
1
4,225,000
Oct., 1884,
Q .-J .
do
do
1,000,000
Jau. 1, 1890
6 g. J. & J.
1,950,000
do
do
July 1, 1909
7
J. & J.
Utah
South. Extern,
1st
Juab to do
Frisco
July 1, 1909
do
1.950.000
7
J. M.,
& J.
555,860
5.543.000
7
July l, 1908
J. & J. New York, 40 Wall St.
3
2,223,000
M. & 8. N. Y „ R. W. <fe O. Co.
Sept. 30,1886
1,107.000
Jan. 1, 1891
7
J. & J. N. Y. Cent. Trust Co,
Jan. 1, 1894
500,000
7
do
do
,J. & J.
do
do
200,000
7
J. & J.
July 1, 1898
5
do
do
Jan. 1, 1891
143,000
J. & J.
Nov. 1, 1886
4,000.000
M. & N. N. Y., D. L. & W. RR.
3
790,000
6 & 7 J. & J. N. Y., Cont. Nat. Bank. 1896 & 1890
N. Y., D. L. &W.
During 1886
750,000
5
do
do
Aug. 1, 1911
400,000
F. & A.
5
1,600,000
J. A D. New York, Cent. Tr. Co. June 15,1906
7
1,700,000
6
M. & 8.
do
do
Sept. 1,1921
750,000
6
A. & O. Balt, and New York.
Oet. 1, 1921
3,193,000
Boston, Office.
OoL 7, 1886
3
A. & O.
1,000,000
5
M. & N. Boston. Fitchburg RR. May 1, 1903
1,000,000
July 1, 1886
3
Bellows Falls.
J. & J.
800,000
5
A. & O. Bost., SafeDep. & Tr.Co Oct- 1, 1910

,----------- 1886.------------.
1884.
1833.
1835.
Acres.
Proceeds.
Labilities—
$
$
$
146, 00
$170,103 Stock............................................ 60,868,500
60,868,500
60,368,500
179,47L
955,525 Funded debt................................ 84,506,332
84,173,285
8 1 ,9 5 7 ,6 8 2
33,539,512
ill,539,512
United States subsidy bonds... 33,5 9,512
15,167,214
T o ta l.................... 1,051,845 *2,972,227
325,971 $1,134,628 Accrued int. on subsidy bonds. 13,868,041
15,324,738
3,237,697
$1,861,445
O p e bat io n s , F inances , &c.—The Union Pacific) has made large earn
3,482,656
Floating debt............................
ings and until 1883 and 1884 operated its road at a low percentage of Interest accrued not d u e ..........
788.671
774,104
795,915
expenses. The competition and reduction of rates by building of new General income (profit and loss) t7,69 2,810
t7,337,350 UO,493,284
2,976,634
lines was the main cause for the decline in earnings. The company has Income used for sinking fund.. 1,791,488
2,383,029
extended rapidly and built and acquired much new mileage, of which Land and trust income............. 5,714,689
14,ls0,74 2 18,641.134
the Utah Northern and Oregon Short Line are two of the most import­
ant branches.
Total liabilities................... 212,259,843 222,333,523 226,279,509
The claim of the Government for arrearages was decided in January,
1885, to be about $967,466, and was paid in full in April.
t After deducting deficit of U. 8. requirements, as compared with
The preliminary annual report for 1885 was in the Chronicle , accTued interest on U. S. bonds Feb. 1, 1880, to date.
V. 42, pp. 429, 432. The remarks of Mr. Chas. Francis Adams,' J r,
t Not including 916,704 due to U. 8. under Thurman Act, paid April
the President, in regard to the year's operations were of much interest 16, 1885.
—(V.
41, p. 24, 35,103, 162, 1 8 8 , 190, 203, 274, 307, 393, 474, 528,
Of the whole system of roads his report showed that while the
gross earnings of the system for 1885 increased over the gross earnings 557, 586, 689, 722, 746; V. 42, p 61, 148, 157, 187. 217, 305, 339,
for 1884 in the sum of $267,831, the operating expenses increased in 350,410. 4 2 9 . 4 3 2 . 431.488,519,537,576, 60 <.721. 783; Y. 43, p.
still larger ratio, so that the result of the year’s business was a decrease 50, 164, 192, 245, 275, 309, 351, 3 6 6 , 548, 608, 672, 738.1
Utah Central—(-See map Un. Pacific)—From Ogden, Utah, to Frisco
of $1,021,724, equivalent to 9’47 per cent in the net earnings
There was an increase in local business of $2,222,455, and a decrease in 280 miles. A consolidation July 1, 1831, of the Utah Central, Utah,
through business of $1,803,830. The increase in local business has, by Southern and Utah Southern Extension. Stock is $4,225,000 and 2 y
the sum of $418,625, more than made good the decrease in through cent paid in 1884. In 1383, gross. $1,174,737; net. $756,212. In 188 4
business.
gross earnings were $1,038,938: net, $478,333. For 1885 gross earn
The Government directors’ report giving earnings to Sept. 30,1886, ings were $742,240; net, $287,853 ; fixed charges, $340,924; deficit
was in the C hronicle , Y. 43, p. 672, showing the following results :
$53 071. tV. 40, p. 281.)
U tah «fc N evada.—Owns from Salt Lake City, U. T., to Terminus
lst9m os.’85. lst9m os.’86.
Earniugs............................................................ $18,272,613 $19,153,669 U. T., 37 miles. The Utah Western made default January 1, 1878, ana
the road was held oy trustees for the bondholders, and was foreclosed
Expenses and taxes ......................................... 11,819,407 13,008,427
Nov. 3, 1880, and this company organized. Gross earnings in 1885,
Surplus earnings entire system....................... $6,453,203
$6,145,242 $58,538; net. $30,011.
Income from investments, premiums, &c__
523,054
U tah & N orthern—(See map Union Pacific)—From OgcfCn, Utah,
493,459
7,908
Proceeds miscellaneous land sales.................
9,839 to Garrison, and the line of Northern Pacific, with branches to Butte
Profits on investments, pemiumt, & c ..........
............
715,175 City and Anaconda Mines ; total, 466 miles. This road forms a connec­
Received from trustees K. P. consol, mort__
75,810
613,230 tion betwees the Northern Pacific at Garrisons, Montana, and the Union
............
Received from Pacific Express Co..................
111,075 Pacific at Ogden. Stock $5,543,000, and 6 per cent dividend paid in
1884, and 1 per cent Jan , 1885. The road was built by Union Pacific,
Total income............................................... $7,060,008
$8,118,020 which owns $4,816,400 stock and $4,968,000 bonds. For the yea-T 1885,
The net result, after deducting all charges and the amonnt due U. S. gross earnings, $2,114,392; net, $371,360; in 1884, gross. $1,998,577;
Government, was a surplus of $2,183,927 for the nine months in 1886, net, $884,947; interest, dividends, <fec., $734,341; surplus, $150,636,
—(V. 43, p. 12 5.)
against a surplus of $475,182 in 1885.
U tica & B la c k R iv e r.—Utica, N. Y., to Ogdensbitrg, N. Y., 134
For ten months from Jan. 1, 1886, gross earnings were $21,903,823,
miles;
Carthage to Saokett’s Harbor (leased), 30 miles; Giaytou to
against $20,939,351; net, $7,326,806, against $7,760,328.
The earnings and income account for the whole Union Pacific system Theresa, 16 miles; total, 180 miles. A consolidation with leased lines
was
made
in March, 1"86, embracing this mileage. The company has
in 1884 and 1885 were as follow s:
paid moderate dividends for a number of years. In April, 1886, the road
e a r n in g s a n d in c o m e a c c o u n t for 1 8 8 4 a n d 1 8 8 5 .
was leased in perpetuity to the Rome Watertown & Ogdensburg RR.
1884.
1885.
Gross earnings................................................... $25,657,290 $25,925,172 Co. at a rental guaranteed to pay fixed charges and 7 per oent yearly
Operating expenses and taxes........................ 14,868,115
16,157,721 on the stock. Gross earnings in 1884-5 were $796,081; net, $316,640.
—(V. 42, p. 1 24, 397, 488, 723.)
Utica Chenango & Susquehanna V alley.—Owns from Utica,
Net earnings........ ...........................................$10,789,175
$ 9 ,7 6 7 ,4 5 1
Income from investm’ts outside of the system
406,416
1 ,3 8 2 ,8 1 1 N. Y., to Greene, N. Y., 76 miles; branch to Richfield Springs, 22 miles;
Proceeds miscellaneous land sales.................
7,455
1 0 ,3 3 5 total, 98 miles. Road opened October, 1872. Leased to Dei. Lack. A
Western at 6 per cent on stock. Has no honied debt. (V. 38, p. 705.)
Profits on investments, premiums, &c..........
66,474
Received from trustees K. P. consol, mortg.
U tica Clinton & B in g h a m to n .—Owns from Utica, N.Y., to
2 0 7 ,1 1 0 Randallville, N. Y., 31 miles, and leases Rome & Clinton Railroad, 13
on account of interest..................................
249,415
miles. Total, 44 miles. Opened June 22, 1872, and leased to New
Total income............................................... $ 1 1 ,5 1 8 ,9 3 6 $ 1 1 ,3 6 7 ,7 0 7 York & Oswego Midland Railroad. The lease was transferred to
Expenditures—
the Delaware & Hudson Canal Co., which pays the rental of $70,500 per
Interest on bonds............................................... $ 5 ,3 9 7 ,0 7 0
$ 5 ,3 3 6 ,2 6 7 annum for U. 01. & B. and $25,500 for Rome & Clinton. The road was
356,133 operated by the Del. Lack. <fe West, till April 1,1883. Gross earnings
Discount and interest.......................................
3 6 6 ,0 7 7
93,945 in 1884-85, $218,802 ; net. $24,176. Gross in 1883-4, $214,371; net,
Losses on investments, premiums, &o...........
5 9 1 ,5 4 0
593,605 $99,463. Capital stock, $636,285. Isaac Maynard, Pres., Utica. N. Y .
Sinking fund requirements, company’s b’nds
1,213,036
Interest on bonds of auxiliary lin e s .............
1 ,1 9 1 ,0 1 0
V alley (N. V .) R a ilro a d .—Owns from Binghamton, N. Y., to State
84,837
3 9 ,9 2 0
Land taxes and land expenses, Union Div ..
of Pennsylvania. 12 miles. Opened October, 1871. Leased to
Loss on Leavenw. Top. & S. RR.,’ 83 and ’84.
21,578 line
Delaware Lackawanna & Western at 8 per cent per auniim on stock,
which
was reduced in 1882 to 5 per cent, the lessee assun dug the interest
$
7
,6
5
2
,5
6
2
$
7
,6
3
2
,4
6
1
Total expenditure
on bonds. Samuel Sloan, President. New York City.
Surplus income................................................. $3,866,374
$3,735,243
V
alley
(O hio).—Owns from Cleveland, O., to Valley Junction,O.,
Less—United States requirements..................
1,187,110
1,184,053
75 miles, and 20 miles of small branches. Of the consol, mortgage
$1,600,000 is held in trust to retire the first mortgage when due. The
Total surplus income................................. $2,679,263
$2,551,190 consol,
mortgage is a first lien on the Cleveland terminal properly.
A comparison of the condensed balance sheet for three years is as Capital,
$1,257,397, par $50. Earnings in 10 months of 1836, $509,695;
follow s:
net,
$239,488.
Earnings in 1815, $569,192; net, $261,446; surplus
GENERAL BALANCE AT CLOSE OF EACH YEAR.
over payments, $35,793. (V. 41, p. 557; V. 43, p. 572.)
1885.
1883.
1881.
V alley (Va.)—Owns from Harrisonburg to Salem, Va., 113 miles.
Assets—
$
$
$
Road, equipment, &c.................1 5 7 ,3 9 1 .6 4 0 1 5 8 ,9 1 3 ,6 0 7 159,298,919 In 1883 it was extended from Staunton to Lexington, 36 miles. By
39,233.527 this and connecting lines under B. & O. control, the distance from Lex­
Stocks and bonds owned, cost.. 3 3 ,6 6 7 ,8 2 7
3 7 ,4 9 9 ,3 2 5
680,891 ington is 243 miles to Baltimore and 217 miles to Washington. The
Miscellaneous investments.......
283,143
620,640
3,415,280 Baltimore & Ohio has a large interest in its securities. In 1885-86, gross
Advances.................................... 5 ,6 4 5 ,7 1 5
4 ,7 9 7 ,9 3 6
1,683,432 receipts, $125,667; net, $37,303. In 1884-5 gross, $118,953; net*
Materials, fuel, &c..................... 2 , 5 5 7 ,5 6 4
1 ,2 2 0 ,6 1 2
^ „
522,480 $34,665. (V. 43, p. 608.)
Denver Extension sink’g fund.
2 8 9 ,0 0 0
4 0 7 ,0 0 0
V erm on t & M assachusetts.—Line of road, Fitchburg to Green­
70,440
Trust 5 per cent sinking fund.......................
...............
3,215,250 field, Mass., 56 miles: brauch, 3 miles. The road is leased to the Fitch­
Bonds and stocks held in trust. 3 , 2 1 0 ,9 5 0
3 ,2 1 5 ,2 0 0
18,159,290 burg RR. for 999 vears at 6 per cent. (V. 43, p. 636.)
Land department assets........... 9 ,2 1 4 ,1 0 1
1 5 ,6 5 4 ,2 0 3
Verm ont V alley o f 1871 .—Owns from Bellows Falls to Brat2 1 2 ,2 5 9 ,9 4 3 2 2 2 ,3 3 3 ,5 2 3 2 2 6 ,2 7 9 ,5 0 9 tl iboro, Vt., 24 miles, and by purchase of stock the Sullivan County
Total
Union Division...........
Kansas Division........

----------- 1885.----------- ,
Acres.
Proceeds.
559,014 $1,002,111
492,831
1,970,116

253 1866
394 1865-7
245 1869
34 1866
427 1866
280
36 L, 1870
105 1879
138 1879
37
462 1878
180
87 1871
36 1874
16
....
10 1883
98
31 ’66-’ 72
__
12
12 1891
59 1879
76 1881
113 1881
59
1883
50
24 1880




96

IISTESTOKS’

SUPPLEMENT

[V ol. XLIII.

Subscribers will confer a great favor by giving immediate notice of any error discovered in these Tables.

Bonds—Princi
INTEREST OR DIVIDENDS.
DESCRIPTION.
pal,When Due.
Miles Date Size, or
Amount
Par Outstanding Rate perl When Where Payable, and by Stocks—Last
of
For explanation of column headings, &c., see notes of
Whom
Road. Bonds Value.
Dividend.
on first page of tables.
Cent. payable
Vicksburg &Meridian—1st mortgage........................
2d mortgage...............................................................
3d mortgage income (not cumulative)...................
Vicksb. Shrevep. & Pac.—Prior lien mort., gold........
1st mortgage, gold...................................................
3d mort., and 1st mort. on land, gold....................

140
140
140
189
189
189
354

do
2d series................ ......................................
do
3d series.......................................................
do
4th series.......................................................
do
5th series.......................................................
do
6th series.......................................................
Income mortgage bonds strictly cumulative.......

___
347
52
3,518
Preferred stock, 7 percent (not cumulative)........ 3,518

Virginia & Truekee—t st M.(pay’ble $100,000 a year)

All.
All.
1st mort., gold (Chic. D iv J .i.................................. 262
1st mort., gold, Detroit Division............................. 112
75
Wabash, 1st mort. (Toledo & Illinois)....................
do
1st mort. (Lake Erie Wab. & St. L.)....... 2 67
180
do
1st mort. (Great Western of 1859)..........
33
do
1st mort. (Quincy & Toledo)...................
do
1st mort. (Ill & So. Iowa) extended...... . 29
do
2d mortgage (Toledo & Wabash).............
75
167
do
2d mortgage (Wabash & Western)......., .
do
2d mortgage (Great West, of 1859) ....... 180
do
Consol. M., (on all but Dec. & E St.L.).. 490

General mortgage, gold (for $50,000,000).............

A. & 0. N.Y.,Muller, Shall & Co. April 1, 1921
1881 $1,0 00 $1,000,000
6
1,000
de
do
May 1, 1921
4 to 6 M. & N.
1881
1,100,000
do
do
June 1, 1921
1881 500 <fcc.
1,920,000
7
1,000
New York.
Nov. 1, 1915
1835
1,323,000
6 g. M. & N.
Aug. 12, 1920
do
1881
1,000
4,000,000
6 g- J. & J.
1886
2,500,000
3-4-5
1st coupon due Jan., 1388. Jan. 1, 1916
100
4,940,363
M. & S. Balto., Mech. Nat.Bank. Mar. 1, 1906
1881
600,000
6
Mar. 1, 1911
1881
6
M. & 8.
do
1,900^000
Mar. 1, 1916
1881
5 & 6 M. & S.
do
1,100,000
do
Mar. 1, 1921
1881
950,000
3-4-5 M. & S.
.
Mar. 1, 1926
1881
1,775,000
5
M. & S.
do
Mar. 1, 1931
1881
1,309,000
4 & 5 M. & S.
do
1882
1,000
J. ifc J. Last paid July, 1884
Jan. 1, 1927
3,985,583
6
1836
1,000
5
M. & N.
(?)
1874
liooo
300,000
10
Q .-F . San Fran., Bank of Cal. Aug. 1, 1889
100 27,372,500
100 23,034,200
Q .-F .
Nov. 15, 1881
142
1884
329,740
1880
1,000 17,000,000
6 g- J. & D. Last paid Dec. 1,1883 June 1, 1920
1883
1,000
7,000.00 >
M. & N.
6
May 1, 1913
1880
1,000
4,500,000
5 g. J. & J. Last paid Ian. 1, 1885 July 1, 1910
1881
1,000
2,052,000
July
1, 1921
6 g. J. & J. Last paid Jan. 1, 1884
1.000
1853
F. & A. Last paid Aug. 1. 1884 Aug. 1, 1890
900,000
7
1,000
1853
2,500,000
F. & A. Last paid Aug. 1, 1834 Aug. 1, 1890
7
1863
1,000
2,496,000
7
F. & A. Last paid Aug. 1, 1884 Aug., 1888
1,000
1865
500,000
M.
N. Last paid Nov. 1, 1884 Nov. 1, 1890
7
1862 500 &c.
300,000
6
F. & A. Last paid Aug. 1, 1^84 Aug. 1, 1912
1853 250 &c.
1,000,000
M. & N. Last paid Nov. 1, 1884 May 1. 1893
7
M. & N. Last paid Nov. 1, 1884 May 1, 1893
1858 100 &c. ! 1,500,000
7
1,000
1865
2,500,000
M. & N. ,Last paid Nov. 1, 1884 May 1, 1893
7
1,000 1 2,610,000
1867
Q .-F . Last paid Nov. 1, 1884 Feb., 1907
7
1

RR. from Bellows Falls to Windsor, Vt., 26 miles; total, 50 miles.

Con­
trolled in tlie interest of the Connecticut River RR. The Sullivan
County RR. stock is deposited as collateral security for the above
mort. bonds. Earnings, &c., for three yearsending March 31, were:
Passenger Freight (ton)
Gross
Ret Divid’d,
Years. Miles. Mileage.
Mileage.
Earnings. Earnings. Per ct.
6
398,614
113,784
188384 504,555,171 20,864,921
6
110,747
188485 504,246,085 20,199,299
373.598
6
1885- 86 50 4,559,950 $26,093,466
402,427 $125,540
Vicksburg & Meridian.—L ine op R oad .—Vicksburg to Meridian,
Miss.; 140 miles. In October, 1885, the gauge was changed to the
standard 4 feet 8^2 inches, and the transfer across the Mississippi at
Vicksburg was completed. It is mainly owned and controlled by the
Ala. N. O. Tex. & Pac. June. Co. The company was unable to earn full
interest, and reorganization was made in 1881. In 1886 the second
mort. interest was to be 5 per cent, then 6 per cent for thirty-five years.
Preferred stock, $1,940,612; common stock, $3,962,100. Mr. F. 8.
Bond was appointed receiver of the company in 1~85 on a small judg­
ment obtained against it. (See his report in V. 42, p. 629.)
For purposes of comparison the following statement is given showing
the operations of the company for four years ending March 3 1 :
Gross earnings —
1882-83
1883-84.
1884-85
1885-86.
Passenger receipts................$167,456 $190,215 $169,162 $164,618
Freight receipts.................. 303,269
300,026
296,973
307,609
Mail receipts........................
9,246
9,307
11,927
13,09 >
Express receipts..............4,813
5,342
6,445
7,167
Miscellaneous......................
11,065
8,991
11,095
10,320

Total........................... $495,851
Oper. expenses and taxes.. 354,527

$513,834 $195,603
410,861
465,967

Net revenue.................. $141,324 $103,023
Interest on bonds................. $93,000 $103,081
Int. on floating debt.............
752
3,292
Land D epartm ent..............................
7,049

$503,304
443,240

*29,635
$30,064
$104,000 $111,033
7,633
15,895
.............
4,417

Total............. ............. $93,752
$113,424 $111,633 $134,395
Balance............................. Sur.$47,572 Df.10,402 Df.81,997 Def £74,331
—(V. 40, p. 7 15 ; V. 41, p. 488; V. 42, p. 576, 6 2 9 ; V. 43, p. 636.)
Vicksburg Shreveport Sc P a c if ic .—See Map Cincinnati New
Orleans <£• Texas Pacific. From Delta, La., on Mississippi River, to
Bhreveport, 169 miles, and extension to Texas State Line. 20 miles
(the latter leased to Tex. & Pac.); total, 189 miles. The company was
chartered as Vicksburg Shreveport & Texas, and opened from Delta
to Monroe, La., in 1861; the rest of the line to Snreveport was not
opened till 1884. The old road was sold in foreclosure Dec. 1,1879,
and reorganized under present title. The stock is $3,000,000, of which
the Ala, N. O. & Texas Pacific Junction RR. Co. holds $1,594,000, and
controls this company, also holding $3,692,000 of the 1st mortg. bonds
and $1,931,000 incomes. In 1885 it was voted to issue the above prior
lien bonds lor improving the road bed, completing the transfer across
the Miss. River, &c. In 1886 the old income bonds of $2,500,000 and
the stock were to be exchanged for 3d mortgage and land bonds. (See
V. 43, p. 104.) Gross receipts for 1885, $448,800, (V. 41, p. 746; V
43, p. 104.)
Virginia M id la n d .—L ine of R oad.—From Alexandria to Gor­
donsville, 88 miles; Warrenton Branch, 9 miles; Charlottesville to
Lynchburg, 60 miles; Lynchburg to Danville, 66 miles; Pittsville
Branch, 9 miles; Manassas Junction to Harrisonburg, 114 miles (of
which 49 miles leased to Balt. & Ohio); Front Royal Branch, 1 mile;
total owned, 347 miles. Leased. Orange C. H. to Charlottesville, 28
miles; Pittsville to Rocky Mt., 30 miles; total leased, 58 miles. Total
owned and ieased, 405 miles, of which 51 miles, Strasburg Junction to
Harrisonburg, is leased to the Balt. & Ohio, leaving 354 miles operated.
The Washington City Virginia Midland & Great Southern was a con­
solidation (November, 1872) of the Orange Alexandria & Manassas and
Lynohburg & Danville railroads. The Orange Alexandria & Manassas
was a consolidation (June 1,1867) of the Orange & Alexandria and the
Manassas Gap. The Washington City Virginia Midland & Great South­
ern was put into the hands of a receiver July 1, 1876, interest being in
default, and was sold in foreclosure May 13,1880, and after litigation
sold again Dec. 20,1880. Reorganized as Virginia Midland, ana bonds
and stock issued as above.
In April, 1886, a lease of this road was made to the Richmond & Dan­
ville on the basis of a guarantee of the fixed charges and the payment
by the lessee of any balance of net earnings to the Va. Midland Co.
Of the above bonds, the first series is a" first lien between Alexandria
and Gordonsville, inducing lease of Charlottesville & Rapidan Railroad
and the Warrenton Branch; the second series is a second lien between
Alexandria an d Gordonsville, including Warrenton Branch and lease of
Charlottesville and Rapidan RR., and a first lien between Charlottesville
and Lynchburg; the third series is a third lien between Alexandria and
Gordonsville, including Warrenton Branch and lease of Charlottesville
& Rapidan RR., and a second lien between Charlottesville and Lynch­
burg; the fourth series is a fourth lien between Alexandria and Gordons-




ville, including Warrenton Branch and lease of Charlottesville & Rapidan
RR., and a third lien between Charlottesville and Lynchburg; the fifth
series is a first lien between Manassas Junction and Harrisonburg, in
eluding Front R oj al Branch and lease of road from Strasburg to Harris
sonburg to the B. & O. RR., and a fifth lien between Alexandria and
Gordonsville, including Warrenton B-anch and lease of Charlottesville
& Rapidan RR., and a fourth lien between Charlottesville and Lynch­
burg; the sixth series is a first lien between Lynchburg and Danville,
including Pitts ville Branch and lease of Franklin & Pittsylvania RR.,
and a sixth lien on lease of Charlottesville & Rapidan Railroad.
The income mortgage bonds were issued to retire 1st and 2d preferred
stock; the interest is strictly cumulative, and secured by the mortgage,
and in July, 1885, the coupon due July, 1884, was paid. These bonds
are exchangeable into the consol, mortgage bonds bearing 5 p. c. inter­
est, and guaranteed by the Richmond & Danville RR. Co.
The annual report for 1884-5 was in V. 42, p. 214. Earnings for the
years ending September 30 were:
Miles.
Gross receipts. Operat’g exp’ses. Net receipts.
$1,491,921
$>45,116
1-881-82 ..................
$546,804
1,664,204
708,009
18828 3 . . .. 354
956.191
626.612
18838 4 . . .. 354
1,625,830
999,217
18848 5 . . .. 354
1,554,375
990.432
563,943
In 1882-83 $119,908 in addition to above expenses were spent for con­
struction. &c.; in 1883-4, $ 98.841; and in 188 i-5, $8 1.835. New York
Office, 2 Wall St. (V. 40, p.764; V. 42, p. 2 1 4 , 486, 519; V. 43, p. 488.)
V ir g in ia Sc T r u e k e e .—Reno, Nev , to Virginia, Nev., 52 miles ;
The bonds are payable $100,000 per year. Gross earnings in 1883
were $705,224 ; net, $294,174; dividends, $142,500. In 1884 gross
earnings, $711,408; net, $325,001; dividends, $210,OuO. In 1885,
gross, $599,149; net, $282,668; interest paid, $47,500; dividends.
$180,000; bonds redeemed, $100,003; deficit, $44,832. While the
nominal stock is $6,000,000 the reports say that the amount of paid-up
capital is not known in consequence of the destruction of the books
by fire several years ago. D. O. Mills, President.
W a b a s li St. L o u is Sc P a c if ic .—(Formerly operated by Mo. Pacific.)
—Line of R oad .—The number of miles of road operated December, 31,
1885, was as follows: East of the Mississippi River—Toledo to Deca­
tur, 323 miles; Decatur to East St. Louis. 110; Camp Point to Quincy,
22; Decatur to Camp Point, 129; Bluffs to Hannibal, 48; "a y sv illeto
Pittsfield, 6; Clayton to Elvaston, 35; Edwardsville to Edw.axis ville
Junction, 9; Detroit to Logansport, 206; Attica to Covington, 15; Bates
to Grafton, 71; Champaign to Sidney, 12; Peoria to Jacksonville, 82;
Springfield to Havana, 44; Streator to Fairbury, 31; Strawn to Altamont, 117; Shumway to Effingham, 8; Strawn to Chicago, 99; Denver,
Ind., to Peru, [nd.. 8 ; Fairbury, 111., to Forrest, III, 5 ; Elvaston to East
Keokuk, la., 6 ; total east of the Mississippi, 1.386 miles. West of the
Mississippi—St. Louis to Kansas City, 277 miles; St. Louis Levee to
Ferguson Junction, 10; Centralia to Columbia, 22; Glasgow to Salis­
bury, 15; Moberly to Ottumwa,131; Brunswick to Council Bluffs, 224;
Roseberry to Clarinda, 21 ; Lexington Juuc. to St. Joseph, 73; Glen wood
Junction, Mo., to Relay, la., 23; Relay to Albia, 24; Des Moines to
Fonda, 115; Albia to Des Moines, 67; total west of the Mississippi, 1,000
miles. Grand total east and west, 2,336 miles, against 3,518 Dec., 1884,
Since Jan. 1 some other lines have been given up.
Organization . Leases, &c.—The Wabash St. Louis & Pacific was
formed Nov. 7,1879, by a consolidation of the Wabash and the St. Louis
Kansas City & Northern roads and their branches. The Wabash Com­
pany was organized Jan. 1, 1877, as successor of the Toledo Wabash &
Western, which company was formed June 25,1856, by a consolidation
of several companies, and defaulted on its interest in 1875 and was fore­
closed June 10, 1876. The St. Louis Kansas City & Northern was
formed in 1871 as successor of the North Missouri Railroad, which was
sold in foreclosure August 26, 1871.
In April, 1883, the Wabash St. Louis & Pacific was leased for 99 years
to the St. Louis & Iron Mountain (and thus to the Missouri Pacific), on
the general basis of paying over to the Wabash its net earnings each year.
In May, 1884, Messrs. Solon Humphreys and Thos. E. Tutt were
appointed receivers on the company’s own application in view of the
prospective default June 1 on the general mortgage bonds. Receivers’
certificates were issued for about $1,400,000 and notes for $2,183,000,
to take up notes endorsed by Messrs. Gould, Humphreys and others, but
these were finally taken up by leaving to the said endorsers the $2,700,000 of collateral trust bonds held by them as security
The plan of reorganization was published in the Chronicde, V. 40,
p. 571, and, as afterward modified, in V. 41, p. 300, providing for the
issue of $30,000,000 new debenture bonds, to be disposed of as there
stated; also the following points were embraced in the plan:
Upon receipt of the new debenture bonds, the holders of general mort­
gage and collateral trust bond certificates are to pay two per cent in
cash on the face of the new bonds, for which hey will receive debenture
bonds or scrip.
After the formation of the new company, the Purchasing Committee
will offer the new stock to the stockholders of the Wabash St. Louis &
Pacific Railway Company, at the rate of eight dollars per share on pre­
ferred, and six dollars per share on common stock, who, for the amount
so paid, will be entitled to debenture bonds, or scrip, dollar for dollar,
in addition to the shares in the new company.
The bondholders agree to take any stock and debenture bonds not

D ecember , 1886.]

KAILROAD

STOCKS AN D

EOKDS.

97

Subscribers will confer a great favor by giving immediate notice of any error discovered in these Tables.

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Miles Date Size, or
When Due.
Amount Rate per When Where Payable, and by pal,
For explanation of column headings, &c., see notes of
of
Par
Stocks—Last
on first page of tables.
Road. Bonds Value. Outstanding Cent. Payable
Whom.
Dividend.
Wabash, St. Louis & Pacific—(Continued) —
Wabash, 1st mort., (Decatur &E. St. Louis)__ _
do
Fund, debt bds. & sc, certs, (see remarks.)
do
Mort., gold, sink. fd. $25,000 after ’82..
Hannibal & Naples, 1st mortgage...........................
8t. L. K. C. & No., 1st mort. (North Missouri)........
do
real estate & railway 2d mort__
do 1st & 2d M.on St. Char. Bridge,coup.or rg
do 1st »L, Omaha Div., gld, s. f., coup.or rg
do 1st mort., gold, Clarinda Branch........
1st mort. bonds on Champaign Hav. & West........
do
1st pref., convertible—
1st mort., gold, Iowa Division................................
1st mort., gold, Indianapolis Division...................
Indianapolis Peru & Chic., 1st mortgage..............
Hav. Rantoul & East., 1st mortgage......................
Toledo Peoria & West., 1st m ortgage.....................
do
1st pref. income, conv., int. guar..
Quincv Mo. & Pacific, 1st mort., gold (int. guar.).
Missouri Iowa & Nebraska, 1st mortgage.............
Centrev. Moravia & Alb. RR., 1st mortgage........
Chicago Cincinnati & Louisville, 1st mortgage...
Ware Rivet— Stock (guaranteed)................................
Warren (N.J.)—Stock...................................................
2d mortgage, now 1st...............................................
1st consol, mortgage................................................
Washington City & Ft. Lookout—1st M. bonds gold.
West Jersey—Stock........................................................
1st mortgage loan.....................................................
1st
do
consolidated.......................................
Consolidated mortgage...........................................
Ocean City RR. bonds...............................................

109
50
354
354
146
22
131
131
143
87
74
75
237
___
136
"24
73
49
18
18
18
12
186
38
63
128
....

1869
1877
1879
1879
1865
1874
1878
1879
1879

$1,000
500 &c.
1,000
1,000
1,000
1,000
1,000
1,000
1,000

1880
1879
1881
1881

1,000
100 &o.
1,000
1,000
1,000

__
1880
1880
1879
....
1867
1855
1870
1875
1873
1866
1869
1879
....

1,000
1,000
1,000
....
500 &c.
100
50
100
. ...
50
500&C.
500 &c.
500 Ac
—

accepted by stockholders, upon, the same terms, pro rata, the amount,
however, not to exceed five per cent on the face of their bonds.
The debenture mortgage bondholders are to have equal representation
with the stockholders of the new company ia the board of directors.
The decree of foreclosure was made in January, 1836, and the road
sold April 26, 1886, to the purchasing committee, who were the only
bidders, the price for all the properties sold beiug $625,000. (See
Y. 42, p. 537.) But there was some delay in the confirmation of
sale, the floating liabilities including receivers’ debt, &c., being
about $4,000,000, and there yet remained a large amount of over­
due interest on the prior mortgage liens. The Committee of Reorganiza­
tion in June, 1886, proposed to the holders of all mortgages ou the road
east of the Miss. River that their future interest should be reduced to 5
per cent and overdue interest funded to 1886, (see proposal in V. 42,
p. 695). Some bondholders made opposition to this, and after litigation
the receivers Tutt and Humphreys were removed an Judge Thos. M.
Cooley was appointed receiver of the lines east of the Mississippi River
covered by the sectional mortgages.

F. & A.
$2,700,000
7
6 & 7 F. & A.
3,009,850
2,000,000
7 g. 4. & O.
500,000
J. & D.
7
7
J. & J.
6,000,000
M. & S.
7
3,000,000
1,388,500 6 & 7 g. A. & O.
2,350,000
7 g. A. & O.
264,000
6 g. F. & A.

Last paid Aug. 1, 1884
Last paid Aug. 1,1884
Last paid Oct. 1, 1884
Last paid Dec. 1, 1884
N. Y., Bk. of Commerce.
do
do
do
do
Last paid Oct. 1,1884
Last paid Aug. 1 ,18»4

Aug., 1889
Feb. 1, 1907
April 1, 1909
June 1, 1909
July 1, 1895
Sept. 1, 1895
1903-1908
April 1, 1919
Aug. 1, 1919

J. & D.
J. & J.
M. & S.
J. & D.
J. & J.
J. & J.
Q .-J .
J. & J.
J. & J.
M. & S.
J. & J.
J. & J.
J. & J.
A. & O.
A. & O.
M. & S.
J. & D.
M. & S.
J. & J.
A. & O.
M. & N.
F. A A.

Last paid Dec. 1,1883
Last paid Jan. 1,1884
Last paid March 1,1884
Last paid Dec. 1,1883
N. Y., Nat.Bk. Comm’rce
Last paid Jan. 1,1884
Last paid April, 1884
Last paid Jan., 1884
Last paid Jan. 1,1884

Dec., 1910
July 1, 1909
Mar. 1, 1921
June 1, 1921
June 1, 1921
Jan., 1897
Oct. 1, 1917
............
Oct. 1, 1909

Last paid Jan. 1,1884
Last paid Jan. 1,1884
Boston, Bost.& Alb. RR
N.Y., Del., L. & W. RR.
do
do
do
do
Baltimore, Balt.A O.RR.
Phila., Pa.RR.Co. Office
do
do
do
do
do
do
do
do

Jan., 1920
Jan., 1887
Jan., 1587
Oct., 1886
April 1, 1900
March 1, 1905
1903
Sept. 13,1886
Jan., 1896
Oct., 1899
Nov., 1909
Aug., 1925

1,163,000
340,900
2,254,000
2,000,000
275,000
300,000
4,500,000
1,189,000
1,204,000
2,229,000
400,000
1,000,000
750,000
1,800,000
750,000
600,000
540,000
1,485,650
1,000,000
1,000,000
748,500
100,000

6
7
6 g.
6 g.
7
7
7
4
6 g.
48 j
6
7
3bj
313
7
7
6
3
6
7
6
6

to the St. Louis & Iron Mountain Company placed the Waba3h in com
plete control of the Missouri Pacific prior to the appointment of receivers
for the Wabash.
The income account for the year 1384 showed the following: Gross
earuings, $16,661,602 ; net earnings. $3,055,299 ; other receipts, $240,339; total net income, $3,295,638. The payments w ere: Rentals, $828,244; interest on bonds, $2,859,399 ; interest on floatirg debt, $137,984;
taxes. $ t4 i,971; extraordinary expenses and equipment account. $698,164; pool account, etc., $32,113; profit and loss, $516,004; total,
$5,296,845. Deficit, $2,091,206; deficit for 1383. $1,073,584; total
deficit Dec. 31, 1384, $6,074,791.
For six months from January 1 to June 30, gross earnings were
$5,841,965 in 1886, against $6,397,926 in 1365: net, $1,161,221,
against $3 2,097; in 1836 the earnings are on a greatly reduced mile­
age from 13-5, a number of unprofitable lines having been dropped.
The operations and fiscal results for four years were as below:
OPERATION'S AN D F ISC AL RESU LTS.

A U X I L IA R Y AN D L E A SE D LINES.

[While the Wabash has been in a transition state consequent upon the
sale in foreclosure, many of the branches and leased liues have been
left under its title in the Supplement as the status of those brokeo
oil from the company has not been definitely settled.]
On a number of the auxiliary lines foreclosure proceedings have been
taken.
By order of the Court many of the leased lines were restored to
their owners and placed in the hands of separate receivers, including
the Cairo Division, operated by A. J. Thomas, receiver, and now known
as Cairo Vincennes & Chicago; the Toledo Peoria & West., operated by
the mortgage trustee, and foreclosed under the first mortgage of 1880;
the Havana Divisiou—Havana Rantoul & East.—operated by the mort­
gage trustee, and sold for $100,000 Oct. 27, 1886; Cham. Hav. & West.,
sold Sept. 7, 1886, and reorganized as the Chic. Hav. & West.; Missouri
Iowa A Nebraska, Thos. Thatcher, of New York, receiver, sold for $60 J,000 Aug. 19, 1886, and leorganized as the Keokuk v Southwestern—
F. T. Hughes, Keokuk, Pres’t; G. H. Candee, N. Y., V.-Pres’t; a fore­
closure suit is pending on the Omaha Division of the St. L. K. C. & N.
The Quincy Missouri & Pacific was sold in foreclosure in May, 18 6,
to the bondho ders’ committee of New York, C. S. Gillette, E. Parsons
and John Patou, for $1,000,009.
The Indianapolis Peru & Cnic. road was sold Nov. 13, 1886. (See Y.
43, p. 608.)
Tne Toledo Peoria & Western was leased for the term of its charter
to the Wabash St. Louis. & Pacific on terms as follows, viz.: That the
Wabash Pacific guarantee 7 per cent on the $4,500,000 first mort­
gage bonds of the Toledo Peoria & Western. The $2,900,000 in­
come bonds to be guaranteed at 4 per cent and to he convertible
at par for Wabash St. Louis & Pacific common stock. The $1,000,000
second preferred income bonds were also convertible into Wabash pre­
ferred stock, share for share. The Toledo Peoria & Western stock ($3,000,000) was changeable into Wabash common stock, three shares for
one. After the default of Wabash in July, 1884, the bondholders of
this road began foreclosure proceedings, and a sale was made Oct. 29,
1886, for $4,790,000 to its N. Y. committee. (V. 40, p. 305; V. 42, p.
695; V. 43, p. 164.)

Total miles operated.
Earnings—
Freight........... .........
Mail, express, &c___
Total earnings.......
Expenses & taxes.

1831.
1882.
1883.
3,582
3.566
3,518
$
$
$
3,865,753
3,659,909
3,944,520
11,865,226 11,979.747 11,775,634
1,069,621
1,226,060
1,021,943

1885,
2,779
$
3,199,461
9,501,342
1.2C4.502

16,851,689 16,915,121 16,661 603 13,965,305
12,240,259 13,330,926 14,051,274 12,065,367

Net earnings___
Per ct. of ex. to earn.

4,611,431
72*64

Receipts—
Net earnings...........
Other receipts..........

1882.
$
4,611,431
328,760

Total income___
Deduct—
Rentals paid.............
Interest on debt.......
Total...................
Deficit, after interest
and rentals...........

3,584,195
72-64

2,610,329
84-33

1,899,938
86-39

1833.
$
3,584,195
452,566

1884.
$
2,610,329
240,339

1885.
$
1,899 938
68,553

4,940,191
$
987,608
4,302,006

4,036,761
$
1,144,453
4,399,716

2,850,668
$
828,244
2,727,348

1,968,491
$
598,100
902,779

5,289,614

5,544,169

3,555,592

1,500,879

349,423

1,507,408

INCOME ACCOU NT.

704,924 sur. 467,612

31, 1885.
Liabilities.
Assets.
Road, equip., &c........ $118,732,890 Stock, common.......... $28,404,400
Stock, preferred............................... 24,222,400
Investments.....
.........
9,710,970
Stocks and B onds .—Preferred stock has a prior right to 7 per cent Materials, fuel,
481,395 Bonded debt............. 77,762,009
(non-cumulative); then comm on to 7 ; then both share in any surplus.
to he exch’ged
1,86 i ,802 Floating debt.................................... 6,493,995
Prices of stock since 1879 have been: Common in 1830, 26hj@48 ; Stocks
Profit
and
loss
bal’ce.
6,095,747
in 1881, 334i@60; in 1882, 2308@3978 ; in 1883, 15®36J4; in 1884,
Total liabilities....... $136,882,804
4®19% ; in 1885, 2 » 1 5 1g; in 1886 (pur. com. receipts); to Dec. 17, 12®
Total assets............ $136,882,804
2458. Preferred in 1880, 51i4'@88?6; in 1881, 6414@96]4; in 1882,
4578@7158; in 1883, 291s@ 57i2; in 1884. 9®32; in 1885, 6is®25; in
(V 42, p. 23, 52, 94,126,183, 217, 234, 305, 332, 339, 397,463,
1886 (pur. com. receipts) to Dee. 17, 233s®417879.'488, 537, 597, 664, 695, 729. 754,7 5 5 ; V. 43, p. 21, 49. 50,73,
The trustees of the general mort. for $50,000,000 are the Central Trust
)4 164, 192, 217, 213, 238, 309, 369, 4 0 0 ,4 6 0 ,4 -8 ,5 1 5 ,5 1 6 ,5 4 8 ,
Co. of N.Y. and J antes Cheney of Indiana. The mort. may he foreclosed
608. 636. 672. 719. 738.)
after six months default of interest, if a majority in value of all the bond­
holders so request the trustees. First mort. on St. Charles Bridge is for
W a r e R i v e r .—Palmer, Mass., to Winchendon, Mass., 49 miles. It
$1,000,000, and is 6 per cent now, running absolutely till 1908.
is Leased for 999 years to the Boston & Albany Railroad at a rental of 7
The amount of funded debt bonds of 1877, due 1907 as above given, per cent per annum. J. A. Rumrill, President, Springfield, Mass.
includes the scrip certificates for coupons funded and deposited in trust,
which certificates amounted January 1,1883, to $1,014,453, and are
W a r r e n , N. J . —Line of road, New Hampton Junction to Delaware
exchangeable into the bonds. If not exchanged the certificates fall due Bridge, N. J., 1814 miles. The road is leased to Delaware Lackawanna
with the principal of the bonds from which coupons were cut.
& Western at 7 per cent on stock and bonds. Gross earnings, 1384,
The collateral trust bonds of 1883 were issued for floating debt. $496,744; net, $225,972. John I. Blair, President, Blairstown.N. J.
These bonds are guaranteed by the St. Louis Iron Mountain &
Southern RR. Co., and in 1884 a mortgage was recorded on all the
Washington City & Point Lookout.-Hyattsville, Md., to
Wabash property for $10,000,000 to the St. Louis Iron Me. & Southern as Shepherd, Md., 13 miles, and to be extended. This road was opened in
security ior this guarantee.
1873. It is leased to the Baltimore & Ohio for $36,000 gold per
The old Toledo & Wabash equipment bonds of 1862 ($600,000) were annum. The stock paid in is $1,000,000. S. T. Suit, Pres’t.
decided in March, 1883, to he a lien against this company, with interest
since 1874, making $1,100,110, and judgment was so entered in May, ’ 84;
W e s t J e r s e y .—Main line and branches—Camden to Cape May,
but on appeal to the U. S. Supreme Court the judgment was reversed.
Bridgeton, Riddleton, Sea Isle and Ocean City, 132 miles; leased lines,
35
miles; West Jersey & Atlantic Railroad., 34 miles; total, 200 miles
O perations , F inances , &c.—The Wabash St. Louis & Pacific extended
its lines very widely in the years 1879 to 1882 (under the presidency of
'Gross
earnings from Jan. I to Oct. 31,1886, were $1,173,737, against
Mr. Solon Humphreys), by the acquisition ot branch and connecting
roads, and thereby assumed heavy liabilities. Although the earnings $1,113,786 in 1855; net, $458,443, against $431,382.
The
annual
report for 1885 was published in the Chronicle, V. 42
increased largely, the annual liabilities were still far in excess
.
of the net profits. The road was operated in close connection with the p. 548.
Income
account
for four years was as follows,:
Gould Southwestern system running into St. Louis, and the formal lease




B A L AN CE SH E ET D E C E M B E R

98

IN VESTOJRS’

SUPPLEMENT,

[VOL. XLIII,

S u b scrib ers w i l l co n fe r a great fa v o r b y g iv in g Im m e d ia te n o tice o f a n y erro r d isco ve re d In th ese T a b le s .

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
When Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,
Par Outstanding
of
of
JFot explanation of column headings, &c., see notes
Stocks—Last
Whom.
on first page of tables.
Road. Bonds Value.
Cent. Payable
Dividend.

West Jersey <£Atlantic—1st mortgage.......................
Pleasantville & Ocean City.....................................
West Shore—1st M. guar, by N.Y.C.& Hud., cp., rg.
Ifeil Virginia Central & Pittsburg—1st moil;., gild.
Western (Ala.)—Western RR. bonds, before consol..
2d mort., guar, by Cent, of Ga. and Ga. RR. & B. Co.
Western <£•Atlantic (Ga)—Income bonds...................
Western Maryland—3d M., endorsed by Baltimore.
4tb
do
endorsed by Baltimore....................
Funded coupons.........................................................
Baltimore? A Harrisburg RR., M (for .$(590,000)..
Western North Carolina-^ 1st mortgage, coup.........
Consol mortgage, coup, for $3.425,000..................
2d eonsol. mort., coup. ($15,000 p. m.)..................
Western Pennsylvania—1st mortgage.......................
1st mortgage, Pittsburg Branca.............................
[Registered bonds.......................................................
WMteWaUi— Stock ($325,000 of it pref.)...............
Wheeling <£Lake Eine —1st M., gold ($3,000,000)..
Wiimington Columbia & Augusta—S tock ................
1st mortgage..............................................................
Wilmington <£ Northern—Stock..................................
Wilmington Weldon—Stock......................................
Sinking fund bonds, g old ..........................................
Gen. mortgage for $4,000,000................................

INCOME ACCOUNT.
1882.
1883.
JReceipts—
$
$
441,896
Set earnings........................ 454,667
Other receipts.....................................

34
448
60
44
160
138
90
90
130
189
57
28
65
186
227
87
222

$400,000
1880 $1,000
100 Ac.
80,0u0
1885 1.000Ac 50,000,000
1,000
1,100,000
1881
340,000
1868
1870
1,000
1,171,000
1873
1,000
513,000
875,000
1870 500 Ac.
1,000,000
1872
546,906
275,000
850,000
1,000
2,575,000
1881
4,110,000
1884
1,000
800,000
1863 500 Ac.
1,000,000
1865 100 Ac.
2,500.000
1883
1,000
1.300.000
2,634,750
1,000
1886
960,000
1,600.000
1880
1,278,050
100
2,082,400
936,000
1,336,000
1885

6
6
4
6
8
8
10
6
6
6
5
7
6
6
6
6
5

M. A S.
J. A J.
J. A J.
J. A J.
A. A O.
4. A O.
Q -J .
J. A J.
J. A J.
J. A J.
M.
J.
A.
A.
J.
J.

Phila., Fidelity I. T. Co.
Phila., Penn. RR. Office.
New York.
New York, Office.
N.Y., Nat. City Bank.
do
do
Atlanta, Co.’s Office.
Balt.,N. Mechanics’ B’k

Sept. 1, 1910
July 1, 1910
Jan. 1, 2361
Tuly i, 1911
Oet. 1. 1888
Oct. 1, 1890
Oct. ’79 to ’91
Jan., 1900
Jan., 1902
Jan., 1902

A N.
Raleiah, N. C.
A J.
New York Agency.
A O.
A O. Philadelphia, Penn. RR.
A J.
do
do
A D.
do
do

May 1, 1890
Jan. 1, 1911
Oct., i914
April 1, 1893
Jan. 1, 1896
June 1, 1923

5 g- A. A 0.
3
J. A J.
6
J. A D.

New York.
Baltimore.
N. Y. and Baltimore.

Oct. 1, 1926
Jan. 10, 1886
June, 4910

4
J. A D .
Jan. 15, 1887
7 g. J. A J. N.Y. ,Bost. ,Lond.,Frank
1896
5
J. A J.
N. Y. A London.
1935

Western Maryland.—Line of R oad—Baltimore to Williamsport,
Md., 90 miles; Emmitsburg Branch, 7 miles; Edgemont to Shippens1885.
burg, Pa., 34 miles; total, 131 miles. The capital stock is $682,050.
fine company was largely assisted by the city of Baltimore, and
$
476,627 was unable to pay all its interest. In 1886 the company proposed
14,008 that Baltimore city should pay off the $1,800,000 bonds embraced in the
first and second mortgages and take a mortgage on the railroad prop­
erty as security. This was accepted by vote of the city, and on Jan,
Total income.................. 454,667
441,896
490,625 1, 1887, ail the said bonds retired.
515,271
Disbursements—
$
The Baltimore A Harrisburg RR. was formed by consolidation in
$
$
36?571
41,270
39,008 1886 and leased to the Western Maryland, which also owns a large
Rentals paid.........................
33,034
175,174
175,174 amount of the stock; of the issue of $690,000 bonds, $415,000 are held
178,888
Interest on West Jer. debt.. 177,118
73,075
90,668
81,990 in trust to pay off prior mortgages. The Western Maryland operations
Net earn.of W.J.AA.RR.,Ac
57,775
85,232
89,113 for four years have been as follows:
87,788
Dividends.............................
82,807
6 p. c.
6 p. c.
6 p. c.
Bate of dividend.................. 6 p. e.
Passenger
Freight
Gross
Net
Miles.
Mileage.
Mileage. Earnings. Earnings.
83.....131
16,201,680 12,876,711 $654,163 $254,175
373,766
394,900
385,375 1882Total disbursements___ 350,734
188384.....131
16,512,178 13,114,956
665,995
258,245
68,130
120,371
105,250 1884Balance, surplus.................. 103,933
85.....131
14,602,158 11,670,486
619,217
232,135
18858
6
.................
617,561
239,137
(V. 40, p. 184, 4 5 2 ; V. 41, p. 243 ; , 42, p. 23, 188, 548.)
-(V . 41, p. 603; V. 43, p. 369, 432, 636, 67 0 , 738.)
West Jersey & A t la n t ic .—Newfield, N. J., to Atlantic City, N. J •
Western North Carolina.—Owns from Salisbury, N. C., to Paint
34 miles; Pleasantville A Ocean City RR., 7 miles; total, 41 miles
Opened June 17, 1880, and operated by West Jersey Railroad on a Rock, Tennessee State line, 190 miles; Asheville to Nantahala River, 84
nnt traffic agreement and 25 per cent of gross receipts on West miles; total, 274 miles. The road was financially embarrassed, and was
ersey from traffic of this road to be applied to any deficit in interest purchased April 17, 1875, by commissioners for the State of North
and then as sinking fund for bonds purchasable at 105, or drawn if Carolina, and subsequently finished by the Richmond & Danville Ter­
over that. In 1884 net earnings were $83,286. Stock is $706,550. minal Railway A Warehouse Company, and is operated as a part of the
Two per cent dividend paid in July, 1884, three Jan. 1, 1885, two Richmond A Danville s stem. In May, 1886, it was leased to the R.
& D. Company. In 1883-84 gross earnings, $435,069; net. $141,583.
September, 1885, three March 15,1886, and two September, 1886.
In 1884-85. gross, $468,507; net, $324,351; deficit under charges,
West Shore.—Line of road from Weehawken, N. J., opposite N. Y' $1,765. Stock, $4,COO,000 com. and $4,000,000 pref. The second cons,
€lty> to Buffalo, N.Y., with branches to Albany City and Rochester City- mortgage for $4,110,000 is held by the R. & D. Ter. R. & W. Co. and
about 472 miles in all. This company was organized in December, 1885 also $1,325,000 of the 1st consols, given above. $850,000 of same bonds
are reserved to retire the lsts.
as successor to the N. Y. West Shore & Buffalo, sold in foreclosure.
Immediately on its organization the new West Shore Company issued
Western Pennsylvania.—The road runs from Bolivar to Alle­
$10,000,060 of capital stock, and made an authorized issue of $50,000,- ghany
City, Pa., 63*2 miles; branch to Butler, Pa.. 21 miles; total, 84Lj
©00 of 5 per cent bonds. A lease of the West Shore property to the New
Completed iu 1865 and branch in 1870. A new lease to the
York Central Company for 475 j ears was executed in compliance with miles.
Pennsylvania
Railroad for 30 years was made in 1883, and an issue of
the plan of reorganizath n. The $10,000,000 of stock was handed over $5,000,000 consolidated
bonds was authorized. The Pennsylvania Rail­
to the New York Central Company in consideration of that company’s road. lessee, owns $993,050
stock out of the total amount of $1,022,450
guarantee of the principal and interest of the $50,000,000 of new bonds. and $288,000 of branch bonds.
Gross earnings in 1885, $1,159,514:
The mortgage is made to the Union Trust Co., as trustee, and covers net, $477,981.
the line of road. Weehawken to Buffalo with branches, 448 miles in ail,
and also the terminals at Weehawken by ownership of all the stock and
White Water.—Valley Junction, O., to Cambridge City, Ind., 65
bonds of the Terminal Company. The guarantee of the N. Y. Cent. & miles. This was formerly the White Water Valley, sold in foreclosure
Hudson is absolute as to interest and principal and is endorsed on each May 2,1878, and reorganized under this title. Gross earnings in 1882bond. A review at much length of the status of the new \Vest Shore 83, $104,234; deficit, $5,979. Elijah Smith, President.
bonds was in the Chronicle , V. 42. p. 176.
The statement of the New York West Shore & Buffalo Co. for the year
Wheeling & hake Erie.—Toledo, 0 .,to Bowerston, O., 174 miles
ending Sept. 30 had the following:
and branch to Huron, O., 12 miles. Foreclosure begun in July, 1884,
1883-4.
1S84-5.
and M. D. Woodford appointed receiver. The road was sold April 23,
Gross earnings..................................................$1,297,984
$1,101,931 1886, and purchased by trustees of the reorganization committee for
Operating expenses......................................... 1,213,720
1,212,851 $505,000. (See V. 42, p. 537.) New company organized in July, 1886,
with stock of $3,600,000, of which $3,513,400 issued to Sept. 1,1886.
Gross earnings in 1885-6 $546,152; net, $109,304. Geo. J. Forrest.
Set earnings......................................................
$84,269 deflc.$110,920 President. (V. 41, p. 43; V. 42, p. 94, 157, 488, 537, 775; V. 43, p. 50.)
Total income (including miscellaneous)...
$37,337 deflo.$110,920
Taxes, rentals, &o............................... ............
212,390
117,736
Wilmington Columbia & Augusta.—Owns from Wilmington,
N. C., to Columbia, 8. C., 189 miles. Leased jointly, the Central RR,
Net deficit (alio wing no int. on bonds).... $125,053
$228,657 of South Carolina, Lane, S. C., to Sumter, S. C., 38 utiles. Total oper­
ated, 227 miles.
—(V. 42, p. 23.156,.176, 305, 519, 755.)
Road was sold in foreclosure, October, 1879, for $860,500, and com­
pany reorganized under present style.
West Va. Central & Pittsburg—A coal and railroad company in
In June, 1885. the road and property of this company were leased for
West Virginia in the upper Potomac legion—the Elk Garden Coal Field, 99 years to the Wilmington & Weldon, the lessee to pay all interest and
jovem ber, 1884, in operation from Piedmont, W. Va., to Davis, W. Va., fixed charges and 6 per cent dividend on the stock, payable se.mi-annu58 miles; Branch, Sbaw. W. Va., to Mineville, 2 miles; total, 60 miles. ally in January and July. In 1884-85 net receipts were $242,534; the
Owns 37,73n acres of coal and timber lands covered by the first surplus income over interest and dividends was $88,934; in 1883-84
mortgage, in 1885, net protits on coat sales, $48,872; net from similar surplus, $58,720. (V. 41, p. 687.)
sailroad, $84,053; total revenue, $82,925; interest paid, $66,000;
surplus, $16,925. Stock, $5,500,000. H. G. Davis, President; S. B.
Wilmington & Northern.—Owns from Wilmington Del., to
Elkins, Vice-President; James G. Blaine, W. H. Baruurn, and others, Birdsboro, Pa., 64 miles; branches, 24 miles; total owned 87 miles;
directors.
trackage leased, 5 miles; total operated, 92 miles. This company
was organized Jan. 18,1877, as successor to the Wilmington & Reading
Western Alabama.—L ine op R oad—Selma to Opelika, Ala., 116 RR. Co., which defaulted on its interest and was sold in foreclosure Deo.
aailes; branches, Opelika to West Point, 22 miles; total, 138 miles, of 4, 1876. Has bonds amounting to $228,700 in several small issues.
which 50 miles is leased to Louisville & Nashville tor $52,000 per Gross earnings in 1884, $346,056; net earnings, $64,452. Paid interest,
annum. Was a consolidation in 1870 of Montgomery & West Point and $11,456; bonds redeemed, $5,300.
Western of Alabama. Sold May 10,1875, in foreclosure and purchased
Jointly by the Georgia Railroad and Central Railroad ol Georgia. The
Wilmington & Weldon.—Road extends from Wilmington to
old stock and income bonds were wiped out in the foreclosure, and the Weldon, N. C., 163miles; branch to Tarboro, 17 miles; Scotland Neck
property is represented by the bonded debt and $846,000 due each of the Branch. 20 miles; also operates Midland N. C. RR., Goldsboro to Smithabove companies. There are also $32,000 second mortgage 8s of Mont­ field, 22 miles; total, 222 miles; also under construction branch from
gomery A West Point RR. due May 1, 1888. The gross earnings in Wilson to Fayetteville, 70 miles. Was leased November, 1872, to Wil­
1883-84 were $457,597; net, $241,671.
mington Columbia & Augusta Railroad for 99 years. The lessees made
default December, 1877, and the lease was surrendered April 13,1878.
Western & Atlantic.—Atlanta, Ga., to Chattanooga, Tenn., 138 In June, 1885, this company took a lease for 99 years of the Wilming
aailes. Built by State of Georgia and opened in 1850, and by an act of ton Columbia & Augusta. (See that company above.
October 24,1870, was leased to a company for twenty years at a monthly
The fiscal year ends Sept. 30. The report for 1884-85 was in V 4 1 ,
rental of $25,000,

i




1884.
$
503,305
11,966

CANAL STOCKS AND

D ecember , 1886.J

BONDS.

9 *

Subscribers will coufer a great favor by giving immediate notice of any error discovered, in these Tables.

DO/UPO--X'liUOl"
INTEREST OR DfVIDRNDS.
DESCRIPTION.
Miles Date Size or
Due,
Amount Rate per When Where Payable, and by pal,When
Par
of
of
For explanation of column headings, &e„ see notes
Stocks—Lata
Whom.
on first page of tables.
Road. Bonds Value. Outstanding Cent. Payable
Dividend.
Wisconsin Central—Consol, mort., land grant, pref.
1st series....................................................................
2d series, income (not cumulative)........................
Mort. Minn. St. Croix & Wis. R R ............................
Wisconsin <f: Minnesota—1st mortgage.....................

326
326
326
10 4
51

1879
1879
1879
1884
1880

Cbic Wis. & Minn.—1st mort., g old ......................
Worcester & Nashua <£Rochester—S tock ..................
Bonds, mort. (to be refunded when due at 4 p. c.)
Bonds, mortgage.......................................................
Bonds, mortgage.......................................................
Nashua & Roch., 1st mortgage.................................
W. N. A R.—Mortgage.............................................

122
94

C A N A L S.
Albermarle & Chesapeake—Mortgage bonds............
1st mortgage (extended in 1886)...........................
Maryland loan, sinking fund...................................
Bonds having next preference................................
Repair bonds, Act 1878............................................
1st mortgage (extended 20 years in 1878)...........
Delaware <£■ Hudson—Stock........................................
1st mortgage, registered..........................................
Debenture loan of 1894, coup and rev................
1st M., coup. & reg., on Penn. Div. ($i0,000,000)
Lehigh Coal & Navigation—Stock..............................
Loan, conv., coup., gold (assumed L. & W. Coal Co)
1st mortgage, reg. (extended at 41a)......................
1st mortgage. registered, railroaff..........................

48

14
14
14
184
184
184
184
60
60
148
148
339

5
5
7
6
7

M.
.1.
,r.
M.
J

1.000
100
100 &c.
1873 500 Ar.
1875 lOOOAc.
1874 500 Ac.
1,000

6
3
5
5
5
5
4

M. A S N. Yo k, J. B Colgate
Worcester, Office.
J. A J
do
do
Various
A. A O. Bost., Globe Nat. Bank.
do
do
F. A A
\. A O.
do
do
J. A J.
do
do

1,000
50
Vario’s
25
500 Ac.
500 Ac.
500 Ac.
__
50
1,000
100
1,000
1,000
lOOOAc.
50
500 Ac.
Var.
Var.

500,000
2,079,213
1,975,000
3,851,593
2,000,000
4,375,000
1,699,500
314,000
163,335
800,000
24,500,000
5,549,000
4,829,000
5,000,000
12,675,650
747,000
5.000,000
2.000.000

7

N. Y., Union Trust Co
Philadelphia, Office,
do
do

July 1,1886

Bait., A. Brown A Sons
London.
Balt., A. Brown A Sons.
Balt., Farm.A Mech.Bk.
Phila., 226 So. 3d st.
do
do
N. Y., Bk. of Commerce.
do
do
N.Y. Office A Bk.of Com.
do
do
Philadelphia, Office.
do
do
do
do
do
do

1870
1890
1885
1898
Feb. 15, 1886
July 1.' 1898
Dec. 15,1886
1891
1894
Sept. 1, 1917
Dec., 1886
1894
July 1, 1914
1897

1879
1856

1858
1871
1874
1877
1869
1864
1867

Earnings and income account for three years is as follows:
EARN IN G S A N D E X PE N SES.

Boston, Office.
A N.
5 p. ct. yearly
do
A J.
1909
d
do
a j.
1909 N
A N N.Y .Farmers’ L.AT.Co.
1914
A J. fl. York, J. B. Colgate. Jan. 1, 1916

$360,000
3,800,000
5,700,000
2,600,000
810,0»i0
64“ ,000
O
3,064,500
275,000
250,000
400,000
575.000
150.000

$ ...
1,000

J. A J.
J. A D.
J. A J.
6
J. A J.
6
Q -J
5
Q -J .
6
J. A J.
6
J. A J.
F. A A.
2
6
J. A J.
l i t Q—Meh.
J. A J
7
7
A. A O.
M. A S.
7
2
J. A D.
6 g. M. A S.
4^2
Q -J .
6
Q—F.

March 1,
July 15,
May 1,
April 1,
Feb. 1,
April 1,
Jan. 1,

1916
1886
1887
1893
1895
1894
1906

July 1, 1909

CANALS.
Albermarle & Chesapeake.—Canal between Chesapeake Bay

1881-5. and Albermarle Sound, N. U., 14 miles. Gross earnings 1884-85, $70,$289,852 000; surplus over interest, $5,000. Pres’t, Marshall Parks. Norfolk, Va.
425.979
Chesapeake <
kDelaware.—Delaware City to Chesapeake City.'Md.
109,126 In July, 1886, a heavy defalcation by the Treasurer and an over-issue
of bouds was discovered, prob ibly over $600,000, and ip 3ept., 1*86. it
Total earnings.............. $797,429
$788,014
$824,957 was proposed by the company to retire old bonds and issue $2,600,000
of new 5 per cen r, bonds maturing iu 1916, thus covering the over-issue.
Operating exp. and taxes... 601,549
493,383
451,*16
(See V. 43, p. 367 ) la the year eadingM ay31, 1886, gross receipts
$294,631
$373,141 were $210,894 and net .$151,9 it.; interest charge, $119,621; surplus.
Net earnings..................... $195,380
$32,345. i Y. 42, p 60 t; V. 43, p. 22, 49, 367.)
INCOM E ACCOU NT.
Chesapeake & Ohio.—This company was assisted with loans by the
Receipts1882-3.
1883-4.
1881-5.
Net earnings........................... $195,380
$294,631
$373,141 State of Maryland. It has long been unable to meet its interest. In a
suit
against the company the Court (January, 1881) declined to appoint a
Other receipts........................
26,073
23,942
29,937
receiver, but ordered the company to report at stated times its receipts
and
payments. In July, 1884, applicati on again made for a receiver
Total.................................$216,053
$313,573
$103,078
and sale of the canal. Iu 1833 gross earnings, $329,537 ; net, $34,474 ;
Disbursements—
in
1885,
gross earnings w e e $135,929; expenses, including interest
Interest................................. $30,641
$30,698
79,365
Dividends................ (6 p. c.) 124,914 (8p.c.) 166,592 (8p.c.) 166,592 paid, $181,667. (Y. 41, p, 33; V. 42, p. 575.>
Delaware Division.—Leased to Lehigh Coal & Navigation Co. at
Total.................................$205,585
$247,290
$245,957 interest on bonds and 4 per cent a year.on stock. 29.642 shares have
Balance, surplus................. $10,468
$71,283
$157,121 been converted into Lehigh Coal & Navigation stock, leaving only
3,025 shares unconverted.
—(V. 40, p. 636; V. 41, p. 69, 6 8 7 , 722; V. 43, p. 636.)
Delaware & Hudson.—
The Delaware A Hudson Canal Co was
Wisconsin Central.—Owned on Dec. 31,1881, the main line and chartered April 7 1823, and the canal from Rondout N. Y. to Honesblanches Stevens Point to Menasha, 65 miles; do. to Ashland, 188 dale, Pa., was completed in 1823. The company owns the following
m iles; do. to Portage City, 72 miles: branches and spurs,25 miles; total railroads, v iz: Lackawanna A Susquehaunah, Nineveh, N. Y., to Jeffer­
owned, 349 miles. Leased: from Neenah to Schleisingerville, 64 miles; son Junction, Pa., 22 miles; Valley RR., Carbondale to ScrantonPa.,
Packwaukee to Montello, 7 miles; operated under contract, Milwaukee 17 miles; Union RR., Green Ridge to Mill Creek, Pa., 17 miles; Ply­
to Schleisingerville, 33 miles. Total operated. 450 miles.
mouth A Wilkesbarre RR. and bridge, 3 miles; Gravity RR., Olyphant
In January, 1879, the Wisconsin Central Road was taken possession of to Honesdale, 56 miles; total owned, 114miles; track of Jefferson RR.
by the trustees for bondholders, who still operate it. There is a land used by contract, 35 miles; total operated in Pennsylvania, 150 miles.
grant of over 800,000 acres. The reorganization was practically accom­ This company is among the largest miners and carriers of anthracite coal,
plished by consent, and only $247,000 old bonds are unassented. Liti­
The stock was increased to $30,00 ),000 (of which $23.500,000 issued
gation is pending as to $200,OOo bonds in New York Court of Appeals, to Jan. 1,1886) to pay off the bonds due in 1884 and 1891. Of the
as to preferences claimed by one holder. The scheme embraced the remaining $6,500,000, $l,o00,000 will be issued in 1887, and $5,500,000
issue of a new consolidated mortgage to cover $400,000 5 per cent in 1891, to take up an equal amount of 7 per cent bonds. To share­
preferred bonds; $3,800,000 first series bonds, now bearing 5 per cen t; holders of May 24, 1883, there was allotted 35,000 shares to be paid for
and $5,700,000 second series bonds, to draw interest if earned (but at par. To shareholders of Oct, 1, ’86, there w r> allotted 10,090 shares..
not cumulative) at 7 per cent. Interest on the second series is
The annual report for 1885 had the following:
ayable J. and J., but dependent each time on the net earnings of the
“ In the Coal Department, notwithstanding an increased demand over
alf year ending six months before. The stock of $11,435,500 remains, the previous year, the prices of coal were lower. This was occasioned
$2,000,000 of it preferred and $9,435,500 common, and is all deposited by the desire for ‘ tonua<e ’ on the part of some of the interests, lead­
m trust with Stewart and Abbot, Trustees, to be voted on until all interest ing, in its turn, to a very imperfect carrying out of the restrictive policy
is being earned and paid on new bonds, and in the judgment of the trus­ —a policy which alone can give profit for our product, until the time
tees is likely to continue so to be. Trustees’ certificates for new stock (not probably far distant) when consumption shall equal the power to
(without voting power) have been issued to the old stockholders, which produce.
pass as a delivery on sales.
“ For the present this policy has been ab andoned, and unless wiser
In March, 1882, the Trustees and Company leased for 99 years the counsels shall prevail and lead to its re-estabiislimmt on a Oasis that
Milwaukee & Lake Winnebago R R .,from Neenah to Schleisingerville. will secure fairness in its working—the results upon the anthracite in­
which was completed in December, 1882; the rental is 37 ^ per cent of terest for the present at least cannot be other than disastrous.”
gross earnings up to $175,000 per year, all surplus to go equally to
Comparative statistics for four years:
lessor and lessee,and the bonds are issued subject to this lease. The Wis.
P R O F IT AN D LOSS.
& Minn, and Minn. St. Croix & Wisconsin RR., built m 1884 gave impor­
1882.
1883.
1884.
1885.
tant extensions, reaching St. Paul from ADbottsford, via Chippewa Falls.
Receipts—
$
$
$
$
159 miles. From Milwaukee this company makes use of Chic. Mil. & Sales
8,993,540 9,575,362 8,213,157 7,201,049
or
coa
l.......................
St. Paul tracks 32 miles; an extension from Schleisingerville to Chicago, Canal tolls..........................
60,007
52,403
47,240
5
“
4,551
~
116 miles, a new road finished in 1886, is known as the Chic. Wis. &
187,363
287,038
486,929 1 792,716
profits........
Minn., and is a close connecting line of the Wis. Central, though the latter Miscellaneous
257,541
Interest on investments...
249,497
284,464 5
is nor responsible for its obligations.
492,924
on hand (Dec. 3 1 )___
745,436
892,804
649,905
In Sept., 1386, a circular was issued by Mr. E. H. Abbot, one of the Coal
812,455
883,559
830,542
694,941
Railroad earnings in Penn.
trustees, to stockholders of Wis. Central, inviting them to subscribe Proht
8,465
1,905
on
leased
lines.......
$1,500,000 cash for the securities of a new road of about 50 miles from
T otal.l o ,804,251 ll,8u8,244 1 0 ,/oo,l36
9,393,162
Lake Agojebic, Mich., to Winut bosbo, Wis. (See. Y. 43, p. 309.) InV. 43,
Disbursements—
$
$
$
$
p. 48, is an abstract of the annual report for 1835. For three years the
Coal
on
hand
Jan.
1
.............
345,075
492,924
745.436
892,804
earnings, Ac., were:
Mining coal.......................... 4,422,213 4,996,195 4,549,480 3,975,297
1883
1884
1885
798,701
811,873
557,500
592,803
Gross earnings................................ $1,447,798 $1,429,075 $1,461,001 Goal transportation, A c...
Operating expenses.........................
973,732
957,745
941,881 Janal freight and exps___ 1,680,192 1,642,844 1,455,805 826,987
Interest................................ 1,312,083 1,321,941 1,198,885 l,0s2,768
546,624
585,446
522,777
Net earnings............................... $474,065
$471,330
$519,123 Taxes and miscellaneous. 407,756
174,490
313,330
Rent’ls, ear service,license fee A txs
351,405
319,650
310,406 Loss on leased railroads.................... .....................
Balance................................ 1,838.201 1.995,843 1,488,094 1,186,396
B alance.......................
$122,660
$151,679
$208,716
Total.
lO,804,zoi 11,80s,244 10,75o,436 9,393,162
—(Y. 43, p. 48, 309. 432.)
G E N E R A L BALAN CE A T CLOSE O P E A C H F ISC A L T E A R .
1882.
1883.
1884.
1885
Wisconsin & Minnesota.—
Owns from Abbotsford, Wis., to Chip­
Assets—
$
$
$
$
pewa Falls, 54 miles. Leases Chic. Wis. & Minn. RR., Schleisingerville,
Canal...................................
6,339,210
6,339,210
6,339,210
6,339,210
Wis., to Chicago, 122 miles, and branch 8 miles projected. These
roads form the Chicago division of the Wisconsin Central, and enter Railroad and equipment.. 6,581,070 6,957,188 6,468,684 7,134,018Real estate........................ 9,044,175 9,035,163 9,325,365 9,628,325
Chicago over the Chicago A Great Western.
Mines and fixtures............ 2,751,236 2,796,329 2,792,417 2,795,576
Worcester & Nashua «
fcRochester,—Owns from Worcester to Coal-yard, harges, A c........
683,185
670,678
790,779
934,856
Nashua and Nashua to Rochester, 94miles. This consolidated company Lack. & Susquehanna RR. 1,022,938 1,022,938 1,022,938 1,022,938
was formed Dec. 1,1883, by a merger of the Worcester & Nashua and its Albany & Susq. R R .......... 1,008,787
520,164
................................
leased line, the Nashua A Rochester.
New York & Canada R R .. 3,597,074 3,597,074 3,597,074 3,597,074
In October, 1885, a lease of this property for 50 years, from Jan. 1, Cherry Val. & Sharon RR.
300,000
300,000
300,000
300,000
1886 Wits made to the Boston & Maine RR. Co. at a rental of *2 50,000 Meehan. & Ft. Edward RR
4*,296
52,113
51,928
59,131
and taxes.
Era
Schen. A Meehan. R R .......
210,922
211,280
211,527 j 211,765
Earnings from —
1882-3.
Passengers...............................$263,241
Freight................................... 426,133
Mail, express, etc................. 108,055

E




1883-4.,
$271,461
412,993
lo3,500

100

INVESTORS’

SUPPLEMENT,

[VOL. XL1I1.

S u b s c r ib e r s w i l l c o n fe r a g re a t f a v o r b y g iv i n g Im m e d ia te n o t ic e o ( a n y e r r o r d is c o v e r e d In th ese T a b le s .
Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
When Due.
Miles Date Size, or
Amount Rate per When Where Payable, and by pal,
For explanation of column headings, &c., see notes of
Par Outstanding
Stocks—Last
of
Canal. Bonds Value.
Dividend.
Whom.
on first page of tables.
Cent. Payable
Lehigh Coal £ Navigation—(Continued)—
Mort. loan, g. ($2,810,000 assumed by other co’s.'
Consolidated mortgage loan....................................
Greenwood 2d mortgage, reg. Extended, 1877..
Uorris—Stock, consolidated...................................
Pref rred stock..........................................................
New mortgage (for $1,000,000).............................
Preferred stock scrip dividend..............................
General mortg., interest guar’d by Penn. RR—
Schuylkill Navigation—Stock, common...................
Preferred stock..........................................................
1st mortgage, extended............................................
2d mortgage...............................................................
Mortgage bonds, coup, (payable by P. & R .)........
Improvement bonds..................................................
Boat and car loan, (payble by P. & R .)..................
Boat and car loan ( do
do ) ..................
Susquehanna—Maryland loan, 2d mortgage...........
Susquehanna Canal, common bonds, 3d mort.......
do
pref. bonds, 1st mort............
do
pref., 1st T. W. priority b’ds.
do
bonds of 1872,4th mort........

103
103
103
337
337
108

1867 $500&c.
1871
1,000
1872
1,000
1884
1,000
100
100
’76-’85 1,000
1869 various.
50
1870
1,000
50
50
1,000
1,000
1870
1863
1864
1839
1859
1884
1884
1872

1,000
1,000
1,000
1,600
500
500
1,000

$1,653,000
2,461,750
643,000
1,500 000
1,025,000
1,175,000
1,000,000
103.164
4,501,200
2,934,000
689,912
3,235,550
1,709,380
3,990,392
1,200,000
228,000
756,650
621,600
1,000,000
1,326,000
227,500
97,810
250,000

1882.
1883.
$
$
492,924
745,436
Coal on hand Dec. 31.......
Advances to leased lines..
637,605
921,663
Advances on coal royalties
625,073
6'* 8,724
Miscellaneous assets........ 3,658,429 3,944,549
Telegraph and Car C o ....
69,410
69,410
■Supplies,tools,&c.,on hand 1,408,449 1,466,143
Cash and hills receivable.. 2,609,203 3,914,976

6 g.
7
7
4^
2
5
7
7
6
35c.
70c.
6
6
6
6
6
7
6
6
6
6
7

J.
J.
F.
M.
F.
F.
A.
F.

& D. Philadelphia, Office.
ft D.
do
do
& A.
do
do
& N.
ft A. Leh. Val. RR. Co., Phila
ft A.
do
do
& O.
do
do
& A.
do
do

1897
June 1, 1911
1892
1924
Aug., 1886
Aug., 1886
April 1, 1906
Feb., 1889

J. ft J. Phila., 233 So. 4th St.
Philadelphia, Office.
.
do
do
do
do
Q. -M .
J. & J.
do
do
J. & J.
do
do
M. & N.
do
do
M. & N.
do
do
M. ft N.
do
do
J. & J Phila. and Baltimore.
J. & J.
do
do
J. & J.
do
do
J. & J.
do
do
J. & J.
do
do

July, 1910
Feb. 15,1884
Feb. 15,1884
March, 1897
1882 to 1907
1895
May, 1880
May, 1913
May, 1915
Jan., 1885
Jan. 1, 1918
Jan., 1894
Jan., 1894
Jan., 1902

1884.
1885.
1883.
1834.
1885.
$755,405$732,230 $685,222
Surplus for y e a r .................................
$
$
892,804
649,905 Balance to credit of div’d fd. Jan. 1..
535,457
665,934
679,936
1,502,789
330,737
698,125
720,055
Total .............................................. $1,290,862 $1,398,164 $1,365,158
3,372,061 *2,740,040 Dividends................................................. $624,928 $718,228 $681,315
43,035
43,035 Rate of dividend.......................................
4^
6
6
1,611,254 1,185,028
2,823,813 3,964,939 Balance to credit of div’d fond Dec.31 $665,934 $679,936 $683,843
The annual report for 1885 in C h r o n i c l e , V. 42, p. 241, said:
Total assets.................41,087,986 43,213,038 41,843,804 41,656,642
“ A considerable quantity of the larger sizes of our coal has found
ready sale in Northern New York, Canada and the West, following our
Liabilities—
$
$
*
$
Stock.....................................20,000,000 20,000,000 23,500,000 23,500,000 lines to near Scranton, and we have in the last two years developed a
Bonds....................................18,763,000 18,763,000 15,378,000 15,378,000 considerable all-rail trade with Eastern New York and interior New
Miscellaneous accounts...
836,899 2,444,732
778,072
812,002 England.” * * *
Profit and loss.................... 1,488,087 2,005,306 2,187,732 1,966,640
“ In oi’der to secure this trade we have in the past year made an agree­
ment with the Lehigh & Hudson River Railroad Company, which guar­
antees that we shall for a term of ten years have the use of its railroad
Total liabilities............41,087,986 43,213,038 41,843,804 41,656,642 system on as favorable terms as are accorded to any one. To make this
agreement secure, we have exchanged with stockholders of that com­
* These miscellaneous assets include the following: Sundry bonds pany 2,000 shares of our stock, of the par value of $100,000, for 4,000
*118,552; 8,000 shares Albany & Susquehanna RR„ $800,000; 16,077 shares of its stock, of the par value of $400,000, and we arid certain of
shares Rensselaer & Saratoga RR., $1,607,700; sundry stocks. $213,788. its stockholders have put the majority of the whole capital stock into a
—(V. 40, p. 195, 2 1 3 , 569; V. 42, p. 167, 186; V. 43, p. 163, 398, 635.) trust to carry out the agreements above recited. We have thus acquired
an important outlet without incurring any liability on account of the
JLehlgh C o a l & N a v ig a t io n .—The Central Railroad of New Jersej Lehigh & H idsan River Railway Company.’’ * * *
“ Our relations with the Philadel phia ft Reading Railroad Company
assumed (in purchase oi equipment) $2,310,000 of the gold loan due
1897 and leases the Lehigh & Susquehanna Railroad. The Lehigh ft and with the Central Railroad of New jersey, have been satisfactory
Wilkesbarre Coal Company assumes $500,000 of the gold loan due 1897, throughout the past year, the payments on account of the lease of the
and $771,000 (all) of the convertible gold loan due 1894. Bonds matur­ Lehigh & Susquehanna Railroad and branches being promptly
ing 1884 were extended till 1914 at 4*2. The Board of Managers’ re made.” * * “ We have heretofore assured these companies that we do
not desire to add to their embarrassments, but we do not intend that
port has the following statement of receipts and disbursements:
any action which may be taken shall in any way impair our revenue or
Receipts—
"
1883.
1884.
1885.
injure our interests.” (V. 41, p. 720; V. 42, p. 241 ; V. 43, p. 634.)
From railroads and Nesque. Tunnel. $1,614,695 $1,458,200 $1,459,035
Morris,—Leased April, 1871, to Lehigh Valley Railroad for 999
.Lehigh Canal.. . . . . . . . . . . . . . . . . . . . . . . . .
65,552
77,444)
£^071 years. The lessees assume bonds and scrip, and pay 10 per cent per
Water Powers Lehigh Canal...............
20,881
20,525 5
'
annum on pref. stock and 4 per cent on consol, stock.
Delaware Division Canal.....................
57,745
58,951
11,038
Net profit on Lehigh Coal....................
386,354
370,101
396,108 I Pennsylvania..—Worked in interest of Pennsylvania RR., which
uarantees interest on bonds. An old mortgage balance of $67,000 is
Royalty on coal mined by lessees —
3,642
4,441)
ue in 1887. Earnings in 1884, $319,685; net, $127,317; interest, taxes,
Revenue from ren ts............................
33,463
36,531 >
52,524
&c.,$180,330; loss, $53,017. Earnings in 1885, $274,207; net, $128,765;
12,157
22,358 )
Miscellaneous receipts.........................
interest, &c., $175,350; def., $46,584.
Scliuylltill Navigation.—Leased from June 1,1870, to Philadel­
Total receipts................................ $2,194,489 $2,048,551 $1,984,676
& Reading for 999 years. The unpaid rental by P. ft R. to Deo.
1883.
1384.
1885. phia
Disbursements—
31,
1885, was $748,033. In 1885, the cash receipts were $242,946;
$65,064
$58,460
$59,454 payments
General and legal expenses...............
(including $230,363 interest on loan), $240,173; balance,
97,050
97,050
73,081 $2,773. The P. & R. receivers in July, 1884, declined to furnish money
Rent and taxes Nesquehoning Val.RR
81,438
69,921
61,965 for dividends on stock, claiming that it had not been earned, and this
Rent and taxes Delaware Div. Canal.
71,916
80,078
80,039 question went before the Court. The P. & R. has paid some of the cou­
Taxes.....................................................
934,377
854,069
844,488 pons
Interest account..................................
and purchased others, but in Dec., 1886, interest was not paid.
At the annual meeting in February, 1886, a committee was appointed
Total disbursements......................$1,249,845 $1,159,578 $1,119,027 to consider the status of affairs as to the lease, &c., &c. (V. 40, p.
Balance of earnings.............................. $944,644 $888,973 $865,649 2 4 0 ; V. 42, p. 207 ; V. 43, p. 659.)
Susquehanna.—Leased and operated by Philadelphia & Reading
Less sink. fd. of 10 p. c. p. ton on coal
$92,082
$80,717
$93,558
Less deprec’n on coal, impr,v’m’ts,&c.
97,157
76,026
86,869 Railroad for interest on bonds and half of net earnings. Tho sl ock is ex­
changed for Phila. & Reading, two of canal stook for one « Reading,
Total................................................ $189,239 $156,743 $180,427 The floating debt is considerable.




f

D ecember , 1886.]

MISCELLANEOUS

STOCKS

AND

101

BONDS.

S u b scr ib e rs w i l l c o n fe r a g r e a t fa v o r b y g i v in g im m e d ia t e n o tic e o f a n y e rr o r d isc o v e re d in th e se T a b le s .

Bonds—Prinoi DESCRIPTION.
INTEREST OR DIVIDENDS.
Date Size, or
pal,When Due.
Amount
For explanation of column Readings, &o., see notes on
When
Where
Payable,
and
by
Par
of
Rate
per
Stocks—Last
Whom.
first page of tables.
Bonds Value. Outstanding Cent. Payable
Dividend.
Adams Express—Stock...... .....................................................
American Bell Telephone—Stock............................. .........
Amer. Tel. <6 Cable—Stock, guar. 5 by West. Union..............
American Coal (Maryland)—Stock.............................. .........
American Cotton Oil Trust —Certificates...............................
American Express—Stock.......................................................
Canton Company—Stock (44,300 shares)...............................
Central New Jersey Band—Stock ................ .........................
Central <£- South A meric m Telegraph—Stools........................
Colorado Coal <6 Iron—Stock..................................................
1st consol, mortgage, gold....................................................
Commercial Telegram.—Stools ($200,000 is pref.)...............
Consolidation Coal o f Maryland—Stock...............................
1st mortgage, consolidated, convertible.......................
Consolidated Oas (N.T.)—Stock.............................................
Bonds, Municipal Gaslight Co.............................................
Bonds, Metropolitan Gaslight Co........................................
Bonds, Knickerbocker Gaslight Co.....................................
Cumberland Coal & Iron—Stock...........................................
Cold <6 Slock Telegraph —Stools...............................................
International Ocean Telegraph—Stock..................................
Iowa BR. Land Co.—Stock........................................... .......
Iron Steamboat Company—Stock...........................................
Bonds........ ...........^................... ..........................................
Lehigh <6 Wilkesbarre Coal—Stock........................................
Sterling loan..................................................... ....................
Mortgage loans ($110,000 are 7 s )......................................
Consol, mort. ($6,116,000 of this held by Cent, of N. J.).
Sundry mortgages ........................................ ...................
Inc’me bds,reg.(not cum.) $2,353,000 held by Cent. N.J.
Marivosa Land & Mining—Stock...........................................
Preferred stock......................................................................
Mortgage bonds.....................................................................

1880
1872

$100
100
100
25
100
100
161*
100
100
100
1,000
109
100
1,000
100

__

100
100
100
1881

500

1875

1,000

1875

100 &c.
100
100
1,000

__

A d a m s E x p r e s s .—No reports; no information.
A m e r ic a n B e ll T e le p h o n e C o .—See report for the year ending
Dec. 31, I880. in Chronicle, Y. 42, p 430. In 1885 paid 16 per cent
dividends, including two extra dividends. (V. 42, p. 430.)
A m e r ic a n E x p r e s s .—No reports.
A m e r ic a n T e le g r a p h & C a b le C o .—Owns two cables between
Sennon Cove, England, and Dover Bay, Nova Scotia. The stock of
$10,000,000 was 70 per cent paid up, and in April. 1882, a pooling ar­
rangement was made with the other cable companies for 38 years, by
which this company receives 22^ Per cent of combined revenues while
both its cables are working and 1 2 * 9 per cent if only one is working
which percentages hold good for one year after any breaking of the
cables; if not repaired within that time the percentages are reduced
according to the time that the cables remain broken. Then this com­
pany’s cables were leased to Western Union for 50 years, with a guar­
anty of 5 per cent per annum on the stock increased to $14,00 >000.
A m e r ic a n C o a l.—There are mortgage bonds for $200,000. The
annual report for 1385 gave the following information: Income, 1885,
$487,989: total expenses, $451,425; balance, $36,565. (Y. 42, p. 2 7 1 .)
A m e r ic a n C o t to n O il T r u s t .—This is a “ Trust” formed to con­
trol a large proportion of the cotton seed oil mills of the United States.
The Board of Management consists of nine trustees, of wh im three are
elected each year. The title deeds of the several properties owned are
deposited with the trustees, who issue their trust certificates of $100
each, and these are dealt in at the exchanges. Tne above certificates to
the amount of $30,000,000 are said to represent property of a cash
value of about $15,000,000. Other facts were noticed in the Chronicle
of Sept. 11,1886, V. 43, p. 302. The present Board of Management is
composed of John Y. Lewis, W. P. Anderson, P. H. Baldwin, of Cincin­
nati; W. H. Burnett, of Chicago; J. W. Cochrane, of Memphis; E. Urquart, Little Rock; J. Aldige, New Orleans; Lyman Klapp, Providence,
R. I.; J L. Micaulay. New York. The principal office of the Trust is at
18 Broadway, New York. The officers a"e Joan V. Lewis, President; E.
Urquart, Vice-President; J. L. Macaulay, Treasurer; J ules Aldige, Sec’.y.
C a n t o n C o m p a n y ( B a lt .)—The capital stock, by changes made
subsequent to the original issue, became practically only $16 25 par
per share, and was reduced by purchase and cancellation to 44,300
shares. A brief history of the company was given iu V. 30, p. 117. The
oompany owned the stock of the Union RR. Co. and guaranteed its bonds
but sold this stock ($600,000) to the Northern Central RR. in April.
1882, for $594,000. The Union RR. sinking fund of $689,885 remained
the property of Canton Co., but is held by the trustees till bonds have
teen paid off at maturity. The last of Canton Co. bonds were paid
Inly, 1886. (V. 40, p. 716 ; V. 42, p. 752.
C e u tra l N e w J e r s e y L a u d I m p r o v e m e n t .—The statement for
•i be year ending December 31,1885, showed total receipts in 1885 of
$44,476. The balance sheet, December 31, 1885, gave the following
value of lands owned: Newark lands, $255,408; Bergen. $537,976:
Elizabeth, $164,950; Westfield, $26,307; Fanwood, $493,361; Plainfield, $304,756; Dunellen, $346,048; Somerville, $77,861; Clinton,
$4,780; Bloomsbury, $26,345 ; Phillipsburg, $1,500; total, $2,239,294.
Bonds, <fec., $25,883 ; land contracts, $15,890.
C e n tra l A S o u th A m . T e le g r a p h ,—Line from Vera Ornz, Mexico,
to Chorrilios, Peru, with branches, 3,100 miles of cable and 335 miles of
land lines. Completed November, 1882. Connects at Lima with West
Coast Tel. Co. of America, having 1,700 miles of cable to Valparaiso,
and at Vera Cruz with Mexican Telegraph Co. Stock is $5,000,000; no
bonds. Surplus revenue Dec. 31, 1885, after providing for dividend,
$68,191. James A. Scrymser, Pres’t, N. Y. (V. 40, p. 150; V. 23. p. t>6.)
C o lo r a d o C o a l A I r o n . —This company, with headquarters at Col­
orado Springs, Col., was a consolidation Dec. 13,1879, of the Central
Colorado Improvement Co., the Colorado Coal A Steel Works, and the
Soulnein Colorado Coal & Iron Co. Stock is non-assessable.
An abstract of the report of 1885 was in the C h r o n i c l e , V. 42, p. 337,
showing gross earnings and net income as below stated.
E AR N IN G S AN D E X PE N SES.

Coal department............
Coke departm ent.........
Iron and steel dep’t ___
Iron mines dep’t ............
Real estate dep’t ...........
Miscellaneous earn’gs...

---------- 1 8 8 4 .----------- , ,----------- 1885.----------- ,
Gross
Net
Gross
Net
Earnings. Earnings. Earnings. Earnings.
$729,331
$69,025
$757,469 $134,030
359,764
118,949
322,427
110,077
928.011 loss.63,553
562,236 108826,427
39,567
447
7,937 loss.2,096
27,532
10,630
24,651
7,059'
4,692
4,692
4,729
4,729

Totals........................ $2,088,900 $131,191 $1,679,440 $227,373
INCOME ACCOUNT.
1884.
1885.
Net earnings........ ...................................................
$131,191 $227,373
Addinoomefrom investments..................... . . . . .
6,753
10,743
Total......................................................
$137,944 $238,116
Less interest on bonds...........................................
209.940
209,940
Less interest, discount and exchange...... ...........
9.885
2,432
$219,825 $212. ->7z
Surplus or deficiency....................................... dul.81,880 sur.25,744
Increase in 1885 over 1884........................................................
107,624
In the real estate department the earnings are wholly from rentals of
houses, lands, &c., containing no receipts from land sales. V. 40, p.
3 9 2 ; V. 42, p. 337,463.)




$12,000,000
3
9.802,100
3
li4
14,000,000
2
1.500,000
35,00 1,000
18,000,000
3
719,875
2,127,300 7 sorip.
1
4,006,600
10,000,000
3,499,000
6 81,920,000
1
10,250,000
2,449,500
6
35,430,060
Ha
291,000
7
658,000
6
670,000
6
6
500,000
5,000,000
lJa
3,000,000
lhi
2
1,052,800
2,000,000
3
6
500,000
8,700,000
6
1,795,000
466,879
6 &7
11,500,000
7
1,038.607 5, 6 & 7
3,472,300
7
10,000,000
5,000,000
250.000

Q .-M .
Q .-J .
Q .-M .
M. & S.

N. Y., Company’s Office. Jan 3, 1887
Boston, Compy’s Office. Jan. 15,1887
N. V., West. Union Tel. Dee. 1, 1886
N. Y., 1 Broadway.
Sept. , 1886

J. & J. N. Y., Company’s Office.

Jan. 3,1887
Jan.. 1875
Jan, 1887

Q .-J .

F. & A. N.Y., Company’s Office. Feb. 1, 1900
J. & J.
M. & N.
F. & A.
J. & D.
A. & O.
Q .-J .
Q .-J .
J. & J.

N.Y., Co.’s Office, 71 B’y Jan. 28, 1886
do
do
Jan. 1, 1897
Dec. 15, 1886
N. Y., Company’s Office. May 1, 1888
do
do
Aug 1, 1901
do
do
June 1, 1898
N. Y., 19 Courtland St.
(?)
N. Y., West. Union Tel. Jan. 1, 1887
N. Y., West Union Tel. Jan. 1, 1887
Boston, Treas. Office. Nov. ’ , 1880
Nov. 1, 1888
N. Y., First Nat. Bank. July 1, 1901

....

1899

Q .-M .

June i , J 900

N. Y., 160 Broadway.
do
do
do
do
do
do
M. & N.
J. & J.

New York.

May T , ‘ 1888
J a n .'l,'1886

C o m m e r c ia l T e le g r a m C o .—This company was incorporated in
’82 under general telegraph law of N. Y. State. It furnishes stock quota­
tions by “ tickers” in <few York, and by sub companies in other cioies.
On Jan. 31, by statement to Stock Exchange, the inoome was $6,770
per month and expenses $4,758. The pref. stock has a prior claim for
6 per cent dividend per annum. John Anderson, President and Treas.
C o n s o lid a t e d G a s o f N ew Y o r k . —This company was organized
Nov. 11,1884, under chapter 367, laws of New York, 1884. Tae oomoanies <n«rge l in it were the New York Gaslight, the Municipal Gasight, the Metropolitan Gaslight, the Manhattan Gaslight and the Harlem
Gaslight. The total stock was $39,078,000, of which $3,647,940 was
reserved for working capital and for indebtedness of old companies.
-(V . 42, p. 22, 215.)
C o n s o lid a t io n C o a l.—Annual report for 1835 was in V. 42, p. 214
The gross receipts from mines, railroads, rents, 1885.
1884.
&c (inel’g valueof st’okof ooalonhand), were.$2,055,313 $2,222,082
Tot. expen’s of every kind (excl. of int. &sink. fd.,
but incl. steel rails & all extraordin’ry outlays). 1,750,772
1,904,603
Net receipts...................................................... $304,54 > $317,479
The int. and sink. fd. in 1885 took $167,527; balance, surplus, $137,013.
Consolidated mortgage bonds are held to retire old bonds. This com­
pany guarantees also 2d rnortg. bonds of the Cumberland & Pennsyl­
vania, and assumes $135,009 of the Union Mining Co.’s bonds. The
total bonded debt on lands and railroads is $2,417,500. (V. 40, p. 2 6 8 ;
V. 42, p. 2 1 4 .)
I n t e r n a t io n a l O cea n T e le g ra p h . C o .—The Western Union Co.
operates the line oy contract for 99 years from Jan. 1,1882, paying 6
per oent per year on stock.
G o ld A S t o c k T e le g r a p h C o .—Operated by West. Un. Teh Co. by
contract for 99 years from Jan. 1, ’82, at 6 per cent per annum on stock.
I o w a R a i l r o a d L a n d .—The total land owned was 39,067 acres
March 31, 1885.
I r o n S te a m b o a t C o .—Property consists of seven iron steamboats.
Bonds and stock listed in June, 1882. Stock, $2,000,000. Gross earn­
ings in 1834-3, $372,423; net, $110,519. Paid interest on bonds, $30,009; special deposit with F. L. &T. Co., $35,000; invested in company’ s
bonds, $20,000; divideud on stock (3 per cent, Nov. ’85). $60,000;
total, $145,000; deficiency, $34,436; but there was a surplus from
previous year of $74,983, leaving surplus Oct. 15, 1885, $40,507. (V.
41, p. 4 9 5 ; V. 43, p. 452.)
L e h ig h & W ilk e s b a r r e C o a l.—This oompany was organized Feb.
6,1874. It is controlled by the Central RR. of New Jersey through
ownership of a majority of the stock, and the Central of New Jersey
owns $6,116,090 of the consol, mortgage bonds and $2,353,000 of the
income bonds. The L. & W. Coal Co. also assumes and counts as part of
its funded debt $747,509 bonds due 1894, and $590,OoO bonds due 1897,
of the Lehigh Coal & Nav. Co. The company was in receiver’s hands
with Central of New Jersey, and in March, 1882, the receiver was dis­
charged and property returned to its stockholders. Mr. W. H. Tillinghast, Pres’t. N. Y. City. The annual report for 1885 was in V. 42, p. 214.
(V. 42, p. 214.)
M a r ip o s a L a n d & M i n i n " . —There are outstanding only 15,000
shares, the balance being owned by company. Litigation has been in
progress many years and nothing done on the estate.
M a r y la n d C o a l C o. -N o late report. The business of 1882 included
total shipments of 97,777 tons.
The profit and loss account in 1882 was as follows: Balanoe Jan, 1,
1882, $16,780; balance credit coal account, $21,88>—$41,666. Ex­
penses—interest, $7,091; interest on bonds, $11,270; taxes, $7,781 ;
salaries and expenses, $13,221; legal expenses, $501—$40,276; balance
Jan. 1, 1883, $1,389.
M e x ic a n T e le g r a p h .—Company organized in 1878 under laws of
New York State. Has a oable from Galveston to Tampioo and Vera
Cruz, 733 miles; land Line, Vera Cruz to Mexico City, 267 miles,
Has exclusive right for 50 years for all foreign telegrams to Mexico,
except telegrams to and from a neutral zone on the United States
border 156 miles wide, between the Gulf and Pacific Ocean Company
owns 1,362 shares of the Central & South American Telegraph Co. Rev­
enues in ’ 85, $201,387; expenses, $70,201; dividends, 8 p. c., $114-,
752; surplus, $16,334. Capital stock is $1,500,000. Jas. A. Scrymser,
Prest., N. Y. (V. 40, p. 182 ; V. 42, p. 339.)
N e w C e n tra l C o a l (M d .)—The annual report for 1885, in V. 42, p.
271, showed net prontsfor year of $16,244 ; and balance to credit o f
profit and loss Dec. 31,1885, of $296,118. (V. 40, p. 2 6 8 ; V.42,p.271.)
N ew Y o r k M u tu a l T e le g ra p h ..—The Mutual Union Telegraph
Co. was organized under New York State laws. Stock was $600,000 and
afterward increased to $10,000,000. In Feb., 1883, a lease to Western
Union for 99 years was agreed to at 1*2 per cent yearly dividends on
the stock and interest on the bonds. The organization was changed to
the New York Mutual Telegraph Company and the stook was reduced to
$2, 500,000, carrying dividends of 6 per cent per annum. (V. 40, p . 508.
N ew Y o r k & T e x a s L a n d —This company took the lands granted
to the International and Houston & Great Northern railroads, about
5,000,000 acres, which were given in settlement to the holders of con­
vertible and second mortgage uonds. Up to Deo., 1885, it was reported
that about 1,400,000 acres had been sold. This would leave about
3,600,000 acres of land unsold. (V. 40, p. 241.

103

INVESTORS'

SUPPLEMENT.

(VOL. XLIII,

S u b scrib ers w i l l co n fer a great fa v o r b y g iv in g im m e d ia te n o tice o f a n y erro r d isco v e re d in th ese T a b le s .

Bonds—Princi­
DESCRIPTION.
INTEREST OR DIVIDENDS.
Date Size, or
Amount Rate pei When Where Payable, and by pal,When Due.
For explanation of column headings, &c., see notes on flrsi
of
Par Outstanding
Stocks—Last
page of tables.
Bonds Value.
Cent. Payable
Whom.
Dividend.

Maryland Coal—Stock.............................................................
Bond........................................................................................
Mexican Telegraph—Stock.......................................................
3few Central Coal—Stock.........................................................
K. Y. Mutual Telegraph—Stock, guaranteed 6 per cen t___
1st mortgage bonds, gold, guar, by West. Union..............
New York <&Texas Land (Limited) —Stock...........................
Land scrip receivable 75 per cent for lands.....................
Debentures, registered..........................................................
Northwestern Telegraph—Stock..............................................
Bonds, interest guaranteed..................................................
Oregon Improvement Co.—Stock.............................................
1st M., gold, sink, fd., $21.0,000 held in's. f., but draw int.
2d mort. for $1,200,000 (redeemable any coupon day.)..
Pacific Mail Steamship—Stock...............................................
Pennsylvania CoaP-Stock.......................................................
Philadelphia Company—Stock...............................................
Postal Telegraph & Cable Co.—Stock ($21,000,000).............
1st mortgage (for $10,000,000)...........................................
Pullman Palace Car—Stock....................................................
Bonds, 3d series.....................................................................
Bonds, 4th series...................................................................
Bonds, debenture...................................................................
Quicksilver Mining—Common stock......................................
Preferred 7 per cent stock, not cumulative.......................
Railroad Equipment Go.—Stock (for $1,500,000)................
Coupon bonds. (See remarks below.)................................
Bt. Louis Bridge <£ Tunnel BB.—Bridge stock, common.......
1st preferred stock, guar......................................................
2d preferred stock, guar.......................................................

$100
1,000
100
100

1881

25

1,000

50

"5 0
1880
1885

Too
1,000

Too

50
50

1872
1872
1878

100
1,000
1,000
1,000
-

Var’s.

100
100
100

1,000
100
100
100

Northwestern Telegraph.—This company owns 8,000 miles of
•wire and is leased to Western Union for 99 years, with guaranteed divi­
dends of 4 per cent at first, rising one-eighth per cent a year to 6 in
1897 and afterward. The bond interest is guaranteed.
Oregon Improvement Co.—
This company owns $3,000,000stock
of the Seattle Coal & Transp. Co.; $575,000 stock of the Columbia &
Puget Sound RR.; $1,969,000 stock of the Pacific Coast S. S. Co.;
170,000 acres of lands, and other real estate. Floating debt May 31,
1886, $913,381, and assets $430,820 (see report in V. 43, p. 308). For
1884-85 gross earnings were $2,882,207; net, $632,461. Gross earn­
ings Dec. 1 to Oct. 31, in 1885-86, $2,659,816, against $2,646,649 in
1884-85; net,^ $675,679, against $574,079. (V. 42, p. 125, 243, 365.
488, 604, 728; V. 43, p. 49,191, 3 0 8 , 459, 579, 746.)
Pacific Mail Steamship.—The Pacific Railroads gave to the steam­
ship company a monthly subsidy of $85,000 per month—this agree­
ment terminable on 30 days’ notice after Nov., 1885, and such notice
was given in Feb., 1886, and the agreement stopped. The annual report
for fiscal year ending April 30,1886, was in the Ch ro nicle , V. 42, p.
662. President, J. B. Houston, N. Y.
At the annual meeting of the stockholders in May, 1886, the follow
ing were re-elected directors for the ensuing yea r: Messrs. Jay Gould,
Russell Sage, C. P. Huntington, Henry Hart, William Remsen, Edward
Lauterbacn, J. W. Shaw and J, B. Houston.
Tne following is a statement of the earnings and expenses for the
years ending April 30 :
EARNINGS.
1883-84.
1884-85.
1885-86.
$991,094 $1,016,172
$957,810
Atlantic Line.................................. .
1,790,927
1,848,781
L603'536
Panama Line...................................
1,251,762
1,547,225 1,534,272
Trans-Pacific Line............. ............
166,414
369,288
159,066
Australian Line...............................
180.190
87,366
Austral’n and N. Zeal, subsidies..
48,788
105,500
100,250
101,000
Cent. Am. and Mexican subsidies..
5,500
Hawaiian Government subsidy...
2,667
2,667
1884-85.
1883-84.
1885-86.
$14,694
$14,766
$21,253
Interest and divs. on investments.
45,666
43,853
40,863
Miscellaneous...................................
6,047
33,278
3,335
Exchange.........................................

Total........................................... $4,787,899 $4,826,193 $4,479,939
EXPENSES.
1883-84.
1894-85
1885-86.
Atlantic Line...............
$576,125
$579,028
$608,065
Panama Line.......... « ....................
1,167,214
1,100,506 1,080,241
Trans-Pacific Line.........................
635,479
737,392
714,100
Australian Line.............................
408,326
194,718
149,490
Agencies..........................................
392,785
413,185
457,367
214,490
184,309
170,191
Miscellaneous expenses...............
Total......................................... $3,394,419 $3,209,138 $3,179,454
Net earnings............................ $1,393,480 $1,617,055 $1,300,485
No balance sheet to April 30, ’86, was given in the annual report:
- ( V . 41, p. 331, 357, 393, 473; V. 42, p. 126, 243, 6 6 2 ; V. 43, p. 368.)
Pennsylvania Coal.—
Liabilities at a minimum, and quarterly
divide lids of 4 per cent paid, with possible extras.
P h ila d e lp h ia C o m p a n y .—The company was incorporated by
special act in Pennsylvania, March 20, 1871, as the Empire Contract
Company, and after various changes took the present name June 11,
1884. It has absorbed a number of different companies and controls a
large share of the natural gas production about Pittsburg and vicinity,
owning or leasing 54,000 acres of gas territory and about 350 miles of
pipes. The company began to pay dividends in Oct., 1885, and has
since then paid 1 per cent monthly. For the six months ending Sept.
80,1886, gross earnings from gas and oil were $732,374; net, $512,
251; total disbursements, including dividends, $435,114; surplus,
$77,137. Geo. Westinghouse, Jr., President.
Postal Telegraph & Cable—Of the stock $7,000,000 Is out­
standing, $12,000,000 is
held in trust, and balance remains
In treasury.
Mr. J. W. Mackey is the President.
The name
of the Postal Telegraph Co. was
changed November, 1883.
(See V. 37, p. 564).
The Postal Telegraph Company sold all its
property and franchises to the Postal Telegraph & Cable Co., which was
organized under the laws of this State expressly for this purpose.
In May, 1885, receivers were appointed, and a scheme for reorganiza­
tionof the Postal Telegraph & Cable Co. was proposed, as stated in V.
40, p. 626, 645, by which the company will have no bonded debt and
stock for $5,000,000 only. The present bonds will take new stock for
35 per cent of their face, and the old stock will receive 5 per cent of its
amount in new. Foreclosure suit begun by Farmers’ Loan & Trust
Co1Nov., 1885, and sale took place Jan. 15,1886, for anominal price of
$280,000. See Y. 42, p. 94. (V, 41, p. 516; V. 42, p. 94; V. 43, p. 125.)
F Pullman Palace Car.—The stock has been increased from time to
time to provide new capital, as wanted, since the price, ruling above
par, gave a bonus to stockholders when subscribing for new stock.
Annual report for year ending July, 3 1 ,’86, was in Chronicle , V. 43,
p. 486. Income account for three years was as follows:




$4,400,000
1*2
161,000
7
1,434,400
4
5,000.000
1
2,500.000
3
5,000,000
6
1,500,000
2,959,400
50,000
"7
2,500,000
25le
1,180,000
7 g.
7,000,000
4
5,000,000
6 g.
None issued.
8
20,000,000
4
5,000,000
1
6,500,000
7.000.
000
3.000.
000' 6 ‘
2
15,927,200
445,000
8
820,000
8
955,000
7
40c.
5,708,700
4,291.300
1^3
900,000
2ie
4,102,000
6
2.500.000
2.490.000
'3 '
3,000,000
lifl

Jan. 1, 1876
M. & N. N. Y., 135 Broadway. Nov. 1, 1906
F. & A. N. Y., Company’s Office. July 6, 1886
New York, Office.
Feb. 3, 1886
J. & J.
New York.
Jan 1,1886
M. & N. New York, 1st Nat. Bk. May 1, 1911
—
J. &
J. &
M. &
J. &

J. N. Y. West. Un. Tel. Co.
J.
do
do
S.
D. N.Y., Farmers’ L.&T.Co

Q .-F .
Q .-F .
M’thly

....

N. Y.. 1 Broadway.
Pittsburg.

1900
Jan. 1, 1887
Jan. 1, 1904
Sept. 15, 1883
Dec. 1, 1910
1895
Feb. 1, 1886
Nov. 1. 1886
Dec. 20, 1886

N.Y.Am. Exch. Nat. Bk.
Q .-F . N. Y., Farm L. & T. Co.
Q .-F .
do
do
Q .-F .
do
do
A. & O.
do
do

Nov. 15, i886
Feb. 15, 1887
Aug. 15, 1892
Oct. 15, 1888
May, 1882
Aug. 15, 1886
Q .-F . N,Y., Post, Martin & Co. Nov. 1, 1886
Quar’ly
do
do
Various.

J. '& 'j . N. Y., Drexei, M. & Co. July 1, 1886
J. & J.
do
do
July 1, 1886

Bevenue—
1893-84.
1884-85.
1885-86
Earnings (leased lines included)....... $3,912,510 $4,946,151 $5,075,383.
Patent royalties, manuf. profits, &c..
543,947
667,477
548,129
Total revenue.................................. 4,456,457 5,613,628 5,623,512
Disbursements—
Oper. expenses, &c. incl. leasedlines 1,316,387 1,949,655 2,057,627
Paid other sleeping-car associations
controlled and operated..................
136,556
708,005
802,176
Rentals of leased lines..........................
264,000
162,529
66,000
Coupon interest on bonds....................
171,466
171,453
168,050
Dividends on capital stock.................. 1,339,621 1,273,962 1,274,028
Contingency account................................................
100,000
109,000
Profit and loss........................................
35.733
Total disbursements....................... 3,263,763 4,365,604 4,467,881
Net result............................................... 1,192,694 1,248,024 1,155,631
—(V. 40, p. 356, 570; V. 41, p. 242, 4 7 1 ; V. 42, p. 23, 4 8 6 .)
Quicksilver Mining.—Bonds paid off July, 1879. The preferred
stock is entitled to 7 p. ct. per annum, not cumulative, and any surplus
goes to the common and preferred equally. A proposition in 1885 to
retire the preferred stock with an issue of bonds was abandoned. See
annual report for 1885-86 in V. 43, p. 72, showing net income for the
year of $140,394; (V. 41, p. 557; V. 43, p. 72.)
Railroad Equipment Co.—This company leases equipment to
railroads on the “ Car Trust” plan, taking obligations of the railroad com­
panies running not over ten years at the utmost, which cover the princi­
pal and interest of the special series of bonds issued by the Equipment
Co. running for similar periods. The title remains in the lessor till last
payment is made, and then vests in the purchasing railroad. In the
meantime the title is held in trust for bondholders and the bonds are
virtually a mortgage on the rolling stock, till paid off.
St. Louis Bridge & Tunnel Railroad.—The railroad and tunnel
were sold under the mortgage of 1873, July 1,1878. Foreclosure under
the first and second mortgages on the bridge was made Dec. 20, 1878.
On July 1, 1881, the bridge and Tunnel Railroad were leased to the Mo.
Pacific and Wabash St. Louis & Pacific for the term of their cor­
porate charters, on the terms following, viz.: Of the stock $2,490,000
first preferred, by the terms of the lease, is guaranteed 6 per ce n t;
$3,000,000 second preferred is guaranteed 3 per cent per annum.
The railroad stock of $1,250,000 is guaranteed 6 per cent a year.
The whole annual charge for rentals is $670,000, one-half payable by
Missouri Pacific and one-half by Wabash. The common stock was held
by the London Reorganization Committee, and under the lease was
transferred to Mercantile Trust Company of N. Y. with power to vote
thereon. In the year ending Dec. 31,1885, gross earnings were $1,542,879; fixed charges and guar, div’ds,. $973,522; surplus balance, $2,042.
Sterling Iron & Railway.—The property of this company, in
Orange County N. Y., (and a few acres in Rockland) consists of 25,000
acres of land, with furnaces, &c., having a capacity of 15,000 tons of
pig iron per year, and
miles of railroad, houses, &c. The company
endorses the $471,674 bonds of the Sterling Mountain RR. A. W.
Humphreys, President, 42 Pine Street, N. Y.
Sutro Tunnel.-Tunnel on Comstock Lode for facilitating mining
operations. (V. 43, p. 191.)
Tenn. Coal Iron & RR. Co.—
This oompany, organized in 1881,
has acquired the properties of the Sewanee Mining Co. and the South­
ern States Coal Iron & Land Co. (limited), the indebtedness of the two
companies being settled by the Tenn. Coal Iron & RR. co. The prop­
erty owned consists of twenty miles of railroad and equipment, and coal
mines, foundries, saw mills, &c., &c., located in Grundy, Franklin and
Marion counties, Tenn,, its business being the mining of iron ore and
converting it into pig iron. Enough of the consol bonds are reserved to
retire prior issues; in addition to the bonds as given above, there are
$167,000 of the various issues held in sinking funds. In Oct., 1886, the
Nashv. Chat. & St. Louis RR. bought the twenty miles of road belonging
to the T. C. & I. Co., paying $500,000 6 per cent bonds for it. In Deo.,
1886, stockholders of record on the22d had the privilege of subscribing
for $1,000,000 consol, gold bonds at par, ex the July, 1987, coupon, and
with a bonus of $3,000,000 in new stock, or 100 per cent on prior hold­
ings. The gross earnings for year ending Jan. 31,1885, were $1,384,585;
net, $231,139; interest, $112,452, surplus, $118,687. Nathaniel Bax­
ter, Jr., President, NashvilleTenn. (V. 43, p. 431, 459, 548.)
United Lines Telegraph.—
This company was formed in
August, 1885, as successor to tne Bankers’ & Merchants’ Tel., sold in
foreclosure July 31,1885, subject to prior mort. of about $300,000. See
account of sale and list of property sold in Ch r o n ic le , V. 41, p. 122. In
Nov., 1886, C. P. Farrell of N. Y. was appointed receiver of the B. & M.
property. In the Supplement prior to sale the following account of the
Bankers’ & Merchants’ was given, viz.
‘ ‘Organized March 31,1881, under laws of New York State. Author­
ized capital, $10,000,000. In Sept., 1883, this company negotiated for
the control of the stock of the Southern and the American Rapid Tele­
graph, making a practical consolidation of the three lines. The Am.
Rap. Tel. Co. is bonded for $3,000,000 and stocked for $3,000,000. The
Southern Telegraph Company is bonded for $2,500,000 and stocked for
$5,000,000. The line of the Bankers’ & Merchants’ from New York..to

MISCELLANEOUS

D e cem ber , 18S6 J

STOCKS

AND

103

BONDS,

Subscribers will confer a great favor by giving Immediate notice of any error discovered In these Tables.

INTEREST OR DIVIDENDS.
DESCRIPTION.
Date Size, or
Amount Rate per When Where Payable and by pal, When Due.
Par
For explanation of column headings, &c., see notes on first of
Stocks—Last
Outstanding
Bouds Value.
Cent. Payable
Whom.
Dividend.
page of tables.
St. Louis bridge & Tunnel RR.—( Continued) —
1st mortgage, new, sinking fund........................................
Tunnel RR. of 8t. Louis, stock, guar...................................
Southern <£• Atlantic Telegraph—Stock (guar. 5 per cent.)..
Sterling Iron <£Railway.—Stock............................................
Mortgage bonds, income, series “ B” ................................
Plain income bonds...............................................................
Sutro Tunnel—Stock............ ...................................................
Mortgage (no bonds).............................................................
Tennessee Coal Iron d RR. Co —Stock..................................
1st and 2d M. bonds Tenn. Coal & RR. Co........................
3d M. Tenn. Coal & RR. Co........................, ........................
Consol, inort. Tenn. Coal Iron & RR. Co. ($1,000,000)...
So. Pitts. Div. 1st mort. T. C. I. & RR. Co........................
General mort. ($500,000) Tenn. C. I. & RR. Co...............
United Lines Telegraph—Stock.............................................
1st mortgage (subject to old lien of $300,000)................
2d mortgage (for $3,600,000)..............................................
United States Express—Stock..................................................
Wells, Fargo <£ Company Express—Stock...............................
Western Union Telegraph—Stock...........................................
Real estate bonds, gold, sinking fund................................
Bonds, coup, or reg., sinking fund 1 per cent...................
Sterling bonds, coupon (sinking fund 1 p. ct. per annum)

1879
1880
1876
1879
1879
1879
1881
1882
1884

$ 1,000
‘ ‘ 25
50
500 &c.
1,000
10

200 &c.
1,000
1.000
1.000

1,000

1885

1872
1875
1875

100
100
100
1,000
1,000

flOO&c

Philadelphia is bonded for $290,000. payable $10,000 per year. The
Bankers’ & Merch’ts’ owned a majority of the stock of the Rapid and the
Southern, and a majority of the Rapid bonds. The.B. & M. owned 4,700
shares out of the 9,200 shares outstanding of the Commercial Telegram
Company’s stock. Of the $10,000,000 of first mortgage bonds of the
Bankers’ & Merchants’ $5,115,000 were sold and $4,786,000 pledged as
security for $784,874 notes of the company. In September the B. & M.
Co. failed to meet obligations, and Richard S. Newcombe and James G.
Smith were appointed receivers and authorized afterward to issue
receivers’ certificates. In April, 1885, a foreclosure suit was begun on
the $10,000,000 mortgage. Separate receivers were appointed for the
Southern Telegraph and the Am. Rapid, and the Southern made a traffic
agreement with the Western Union for one year, and the receiver of
the American Rapid made an agreement with Western Union for the
operation of its lines. The Bankers’ & Merchants’ was sold in foreclos­
ure July 31,1885 (see V. 41, p. 122), and the plan of reorganization
embraced the following points: The formation of a successor company
with a capital stock of not more than $3,000,000. First mor