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RAILWAY AND INDUSTRIAL SECTION OF THE COMMERCIAL'b&t£~INANCIAL'ti C11RONICLEf\: .Bntered aeoordtng to Aot of Congress 1n the year 1904, by WILLI.ilc B. DANA COMPA.NY, in the offloe ot Librarian of c.1ongreee, Washington, D. O. NE"W YORK, JANUARY 30, 1904. Vol. 78. RAILWAY AND INDUSTRIAL SECTION. INDUSTRIAL Seotlon, issued quarterly, is a.lso .tornished unthout extra charge to every subscriber of the CHRONICLE, The STATE A"ND CITY Section, tsimed semi-annually, ts turntshed unthout ~tra cn,i}_rge to every annual subscriber ot the COMMERCIAL ill> FINANCIAL 9JIBONICLE, THE STREET RAILWAY Section, issued three times a year, ts likewise turntshed without ~tra charge to every CHRONICLE subscriber. THE BANK AND QUOTATION Section, issued monthly, ts also furDished teithout extra charge to every subscriber of the CHRONICLE, Terms for the CHRONICLE, tncludin9: the four Seottons above named, are Ten Dollars per year within the United States and Thirteen Dollars (which includes postage) 1h Europe. The RAILWAY Poet A.ND WILLIAM B. DANA COMPANY, PUBLISHERS, PINE STREET, CORNER OF PEARL STREET, Office Box, 958. NEW YORK. MONEY VALUE OF TRAINING. Mr. James M. Dodge, in giving the President's address at the meeting of the American Society of Mechanical Engineers in New York, last December, took up, as an appropriate theme for the ,occasion, the money value of technical training. The gratification of a mechanical appetite, and the desire to earn more money than his fellows, he said, are causes which impel a man towards technical education. .A generation or so ago, the general belief was that the sooner a youth entered upon his apprenticeship or began practical manual work the better and faster would be his progress in the mechanical arts; so book learning was derided as theoretical and not practicaL We are prone, he continues, to base our opinions upon extreme cases of success or failure and lose sight of the average man, whose career is the true measure of the force and direction of the current. He therefore takes four groups of men in the mechanical arts : the unskilled labor group, th~ shop-trained or apprentice group, the trades-school group and the technical-school group, treating each as an individual, and traces their progress in earning capacity. He uses the familiar device of a ·chart, which is ruled vertically and horizontally in equal spaces. The vertical lines stand for the years from ages 16 to 32; the horizontal lines stand for earnings, beginning with $1,000 and increasing by that amount up to $50,000. These amounts are capitalized earnings, being in each case the principal which, at 5 per cent, would yield the wage commanded by each man. This, for each one at each year of his age, is "his potential or invested value upon which he draws his interest on pay-days," and the usual diagonal or varying line on charts shows the progress made. The lowest, the plain laborer, who works under immediate and constant supervision of a boss, is started at age 22, data of his value earlier being lacking; he then draws $10 20 weekly for a year of 50 weeks, and his potential or invested value is $10,200. The line https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis No. 2014. I remains horizontal for this man during his period of us.efulness, and thus he is quickly disposed of. The shoptrained or apprentice youth is started at 16 at $3 weekly; . at 20 his wage is $9; at 21½, $13 20; at 24, $15 80, with an invested value of $15,800, and there the chart leaves him, as at his final average. Of apprentices who learn the machinist's trade, 5 per cent rise above this line of the typical man; 35 per cent follow the line closely, .and during the training period 20. per cent leave of their own accord and continue on in other shops; but 40 per cent are found incompetent or unworthy and are dismissed, probably never rising to the $15 80 level. The third, or trades-school youth, is supposed to enter the school at 16 and begin earning at 19 at $12 weekly, having nearly overtaken the apprentice who is 21 and has been working five years. When the latter has reached his maximum 9f $15 80, the trades-school youth is earning $20 al'.\d has an invested value of $20,000; his line continues ascending on the chart to $22 weekly, or $22,000 capitalized; " data are lacking as to further progress, but the pre-._ sumption is that this line will bear off more towards the horizontal, eventually paralleling the line of the shoptrained man, yet much higher on the chart." · The fourth and highest group is represented by a boy of 16 who studies at school till 18, when he ~nters such a school as the Stevens Institute or the Massachusetts Institute of Technology, at $4 weekly, from which, at 22, he comes to begin regular work at $13. He is now a. half-dollar weekly behind the apprentice of the same age, but soon passes him. In three years more, at 25, he earns $22, and crosses the line of the trades-school man; his line continues upward, and at 32 his wage is $43, representing an invested capital of $43,000. There is nothing broadly new in the foregoing, and it is subject to the qualification which attaches to all · statistics of minute details: the fact of unavoidable diffic;ulty in generalizing them into conclusions at once definite, useful and trustworthy. Yet there are· conclusions , so firmly supported by long observation and the reason in things, as well as by handling statistics of labor and wages, that they are certainly safe. Thus, as Mr. Dodge well puts it, every ma.n pays for the bossing he requires, and, conversely, his wages rise in proportion to his ability to act as boss or foreman of himself and others; this might also be stated in other words by saying that the unskilled laborer must (in effect) hire a ''helper" to direct him, but the man high up in the scale is virtually helper for a long line below him, and 1s paid accordingly. The highest wages are paid, says Mr. Dodge, to the man through whose ability the largest number of other men 364 RAILWAY AND INDUSTRIAL SECTION may be profitably employed, and this is strictly true. He likens the apprentice to the old-fashioned shop whose owner attends to all details and carries the thing "in his hat;" the trades-school man stands for establishments in which there is some attention to improvement in system; the technical-graduate line of the chart stands for the establishment that is fully trained and in all respects abreast of the times, and Mr. Dodge predicts that the time will soon arrive when it will be recognized that establishments as well as individuals need to be trained and can profit by training. The moral of the foregoing can be stated briefly. In this age the specialty and the specialist are wanted and thriv-e. .Ability to do anything and everything is another expression for nearly maximum inability. The age •wants men whe can do some work .which is worth while and rather better than others can do it or are doing it; for them, and not for mediocrity, it offers invitation and reward. · The folly of labor unions, in the light of this condition, becomes manifest. They strenuously insist upon linking the capable, ambitious and energetic to the lazy, dull and V1c1ous. Such benefits as trade unionism may have to bestow are for the least deserving and are at the expense of those who would improve their own condition if left unimpeded; it strives to enforce uniformity, in the teeth of all laws of life and society, and thus it can level only downward. In all the world this is the country where everything is open to him who deserves and who can win. Not all can reach the height of being able to make possible the profitable labor of many others and reap the nitable reward; but the free competition which puts every man upon his mettle will improve the condition of those who have not power to get far on, and is, on the whole, better for all mankind than any attempt to chain them together. CORPORATIONS AND THE PEOPLE. .A man believed to be of unsound mind made his appearance, uninvited, at the house of a relative living in another town, who bought a ticket for him and put him on a train, intending to send him back home. On the journey the unfortunate either jumped or fell from the train, which cut off a portion of one of his feet, and he lay by the track for some hours before he was discovered. The relative brought a damage suit against the railroad, alleging that it should have had vestibuled cars and that it should not have received the demented man as a passenger. In assuming that the road was in fault because its servants failed of their duty in not perceiving the man's mental weakness and rejecting him on that account, the complainant quite overlooked his own act in putting the man on the train unattended, although aware of his condition. .A case even more grotesque was that of a man who shipped a buggy by rail as freight, and as he and his wife had to make the trip as well, the economical thought occurred to him of making it in the buggy, which was his own. .Accordingly the couple watched for a favorable opportunity and slipped into the buggy unobserved after it had been loaded into the car. The distance was only six miles, but some obstruction befell the train, and when the thrifty couple sought to get out they found themselves locked in ; so the injured man sued the road for damages sustained by cold and other privations during an unlawful detention of thirteen hours, asking ' sum of $4,000. the strangely modest These stories seem improbable, but as they are seriously reported by a railway paper of excellent standing, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII. we must accept them as true. They are worth narrating only as illustrative of the notions entertained regarding the duties and rights of corporations, especially of carriers. The extreme common view might almost be paraphrased as being that a corporation owes everything as duty and has no rights. It is not supposable that anybody, however he may excuse himself for attempting upon a railroad conduct which he would hardly attempt upon individuals, would assert the proposition so baldly as this; but perhaps the best of us, if brought to a candid state_ment, would have to confess that he expects a little less equity of conduct from a corporation than from his fellowman, and is half-way willing to accord it a little less. It is a saying that a corporation has neither soul to be lost nor body to be attacked, and the common estimate is that it is more rapacious, more unscrupulous and more mean than men are, by a law of its being. There are numerous examples of more than just, and even of generous dealing of corporations with employees, but let us admit that in general they are close and severe. For concrete cases, it was once said that street railroads had to buy horses; new drivers came without cost. But the corporation is only a form and device of operating, and not it, but the natural persons who conduct it, come into contact with the public. Why should those persons be more harsh and less generous in their official than in their individual capacityY .An answer, on the whole creditable, is that men ought to feel themselves more strictly bound when acting for a trust and in affairs not wholly their own; but another answer is that behind the officers are the directors, and behind them the bondholders and stockholders. Trace the thing back and it appears that financial pressure is largely the cause of corporate misdoings, where , they exist. Unthinking complaint is easy and common; but would we, the plain people, among whom stocks and bonds of alleged monopolfos are much more widely distributed than complainants realize, be willing to forego any dividend or consent to submit to a receivership in order that corporations . might be liberal and generous! Our own share in what is justly or unjustlv complained of cannot fairly be for.. gotten, and there is no way of lessening the force of the hard old maxim that business is business; that the man. agement that cannot make both ends meet must step out and make room for another. The most surprising thing is the tacit assumption that corporations, especially railroads, can do anything which they are compelled to do. The proposition is not formulated in this shape, which at once reveals its absurdity; it is, though, just as tho~ghtless a requirement which is expressed in the demand for whatever the public would like-whether that is more trains, higher speed, more stations, more stops, new extensions, more luxurious accommodations, or lower rates. It must be considered assumed that these demands could be granted, or making them would be foolish; but if they could be, then profits under present conditions must be enormous, or else corporations are magicians as well as monopolies, possessing the power of miracles and not subject to the limitations that surround men. For a local case, it is assumed that the Brooklyn trolley lines can be compelled to heat their cars, regard• less of weather rigor~, and perhaps they can; on the con• trary, it may be at present physically as well as financi• ally impossible. In Texas, the regulative commission has extraordinary powers over railways, of which we will only mention the power to fix or alter rates, nor has ii JAN., 1904.] been backward in worrying the companies. Kentucky is establishing a scheme nearly as sweeping. In Ohio there is an agitation for a ,law to compel a uniform passenger rate of two cents a mile, and the demand for a three-cent trolley fare in Cleveland-which in a modified form has been put into operation-represents the wishes, if not the demands, of people elsewhere, for there are now bills in Congress to empower the Inter-State Commission to fix rates, which rates shall continue in force until set aside by the courts. Nobody rises to ask the law to put a limit on the prices of commodities, and if it is admitted (for the sake of argument) that the State, or the nation, has the right to prescribe what a common carrier shall do, the State or the nation must confer the power to comply. It seems absurd to have to point out that there is no special arithmetic for corporations; that their first duty is to live and !10et their obligations, as others do; that they are dependent upon ability to keep a margin of income over outgo, and that no "must" or ('shall" in a statute can override or alter this. .A.s for the feeling of hostility and suspicion towards corporations, which are only an improved form of individual association, it is baseless, pettish and unworthy of an intelligent people. It can work injury to all; but it can no more destroy the corporation or push it far in the way of destruction than it can suspend the law of gravitation. IMPROVE]) OAR FOR SUBURBAN SERVIOE. To make its stops infrequent is a necessity to a fast train, and the slowness of a local is due not more to its slower mt>vement when under way than to the consumption of time in slackening and regaining pace and in geting on and off by passengers. Greater efficiency of brakes has reduced the distance and time covered in coming to a stop, and electric traction remarkably increases the "pick-up" or start from a standstill and the acceleration, as is shown on the-elevated roads here. The adoption of electric power for suburban trains on steam roads will improve the efficiency of local service in the same way, leaving the quickness of the passenger movement as the only factor to be worked out later. The most effective way to treat this factor is to change the construction of the car. The English car began as a stage coach taken off its running gear and planted upon trucks, and the likeness to the old vehicle is still retained; in this country, although the coach was once used experimentally and the term has had some place in railway parlance, we hit upon the elongated box with end doors and have adhered to it. For quick movement of passengers the compartment car is especially adapted, and a striking observation of this comes to mind at Finsbury Park, a suburban station on the Great Northern, within the metropolis of London, . where, on the halting of a train1 the doors :flew open and the inmates popped out like automatons, rushed down the stairs under the tracks over which they had come and over to the intersecting line, where they darted into the other train, the change being effected with surprisin~ quickness. On the other hand, nothing could be better contrived to impede the movement of passengers and consume time at stations than our long car with its end doors and long single-file central passage. · The Illinois Central has recently put into service some new side-door cars which are a remarkable advance t(). wards perfection. This company has a suburban traffic said to be the largest in .America, and during the halfyear of the Exposition in 1893 it transported 19 million https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 365 poosengers, mostly in side-door cars, so that it has had large experience with this specific problem. The new car may be generally described as having aisles along each side instead of the usual central one, and each opposite pair of seats are shoved up eo as to join into one in the centre; instead of a row of narrow seats, capable of receiving two persons, on each side of the car, there is a row of seats in the middle, each accommodating four. These seats are of the bench pattern, as once familiar on the trolley car, the eight persons sitting back to back and facing those on the next bench. Opposite the spaces between the seats are the side-doors, which open by slid. ing, and when opened they pass behind the windows into the spaces along the car sides, their movement being made smooth by hanging them on ball-bearing rollers at the top. The front edges of the doors are bevelled and trued to fit corresponding edges of the door-strips, so as to make tight joints when closed; they have sliding shades and blinds, self-contained, so as not to interfere with the movement into and out of the spaces within the car-walls. The sides are so high that the glass in windows and doors is carried up to six feet above the .floor, and standing passengers need not stoop to look out; when the blinds and shades are drawn, a strip of glass ten inches iWi.de and extending the length of the car on the line of vision of seated passengers also gives an outward view. The doors are worked by mechanism within the carwalls, and the ceiling of . the lower deck is mounted in sections of five feet, so as to give access to the door mechanism when required. The controlling of this mechanism is at the ends of the car and is operated by the train-men in either of two systems: a simultaneous moving and fastening of all the doors on one side, or leaving this to be done by the passengers from either the inside or the outside. The car is vestibuled and has end doors also, but the thresholds are :flush with the :floor and the interior is open clear to the outside of the vestibules; the end-door is thus really a side-door of the vestibule, and that ~s provided with a swinging end-door, so as to make a continuously open passage after the usual manner of vestibuled trains. This construction of sliding instead of swinging sidedoors avoids the dangers of doors opening out unexpectedly, and there is another useful advantage over the English compartment type; with that, either passenger or guard mu.st go along the station platform, looking into one compartment after another until a seat is found, whereas the passenger can enter at any point along the side of this car and then, without delaying the train, can pass along the side aisle, or into another car if necessary, until a vacant place is reached. It is estimated that passengers can leave a 60-foot enddoor car at the rate of one per second at each door in single file, thus requiring 30 seconds to discharge a full load, provided that some one does not delay the movement; on the same supposition, this new car compares with the old in rapidity of passenger movement as 6 to 1. There are 12 doors on each side; the full double benches number 12, with a 6-seat bench at each end of the car, making its seating capacity 100. The seats are of moulded form, without u,pholstering, and one-half the passengers must ride backwards as in the English type, so that these conditions, to which Americans are not yet accustomed, make the car adapted only to the suburban travel for which it is designed. There are other features of construction which are of importance, but we cannot consider them at vresent. Chief- [VOL. LXXVIII, RAILWAY AND INDUSTRIAL SECTION. 366 Sinee the capacity of a railway, like that of a cham, can be no more than is afforded by the weakest factor, tlns plan must operate to materiaJly increase effectiveness by encouraging and enabling pa.Mengers to ''step lively" and reduce the time lost in stops. With our local transi\ problem still 1lll8ettled, and traffic ominously promising to grow in volume faster than means for handling it can be enlarged, whatever will hasten movement during the hom-s of heaviest service is equivalent to increased rolling• stock and is of great practical_in~r!s~ _ ly these are the steel under-frame, consi~ting of I-beam for the main floor, making a strong car of high resistance to telescoping. The construction is composite, a layer of sheet steel and one of asbestos being placed above the steel under-frames; the sides are also in part of steel and iron angle-form, and the total weight is nearly five tons less than that of the standard wooden car. .As in the new ca.rs for the subway- here, a step has been taken towards construction which will not feed fire, though capable of being destroyed by it; but the side-door idea has not yet been adopted here in full. RAILROAD .AlrD INDUSTRIAL DIVIDENDS FOR SEVBN YEARS. The following table shows the dividends paid for seven years past on all railroad stocks (of steam railroads) sold at the Stock Exchanges in New York, Boston, Philadelphia and Baltimore. Stocks which have been merged or consolidated, and have no longer a separate existence, are not included. Divide ds actually paid form the basis of a year's total. Those· declared in one year and paid in another appear in the latter year• . In classifying the companies, we bring together µnder each market the stocks dealt in in such market-thus Boston & Albany appears in the Boston list, Lehigh Coal & Navigation in the Philadelphia list, etc. We have also added at the extreme end of the table a statement showing the dividends for the same periods on some of th6 leading industrial stocks. DIVIDENDS ON RAILROAD STOCKS. Name of Company. Dividend Periods. 1897. 1898. 1899. 1900. NEW YORK. 1901. 6 6 9 Alabama Gt. Southern, pref.,A June and Deo. 8 9 5 5 Anuu al- Au g. 5 6 Alabama & Vicksburg .......... 6 .A.~h. Top. & Banta Fe, common June and Deo. 3¼3 ···4·· ·--214 pref..... Feb. and Aug. do Do 5 Baltimore & Ohio, common __ _ March and Sept. 2 4 4 4 prE>f . . . . · ·- · March and Sept. do Do 4 Buffalo Rochester & Pitts. oom. Feb. and Aug. ...6.. ··-2·· Do 2 1 6 pref. Feb. and Aug. do 5 Buffalo & Susquehanna, com . . QuartAlrly-Jan. 5 5 5 8~(b) pref. Quarterly-M a r. do Do ...2.. ·-·2·· ···2·· ···2---·2·· Canada Southern·--··--··-- · ··- · ~·e b. and Aug. 4, Oanadia.n Pac11lo .. -·. ___ . -· · . __ . April and Oot. 4¼3 219 5 5¼ Do 4 do pref ........... --· April and Oot. 4 4 4 4 Central of New Jersey. ____ ·-- · Qua rter ly-Feb. 4 4 5 5 414 1 Annual-Nov. l 1 ...... Chesapeake & Ohio ... ·-··•····· 4 Chicago &Alton Railway, pref. Jan. and July. ··-6-···4·· ·-·si; Chio. Burl. & Quincy Ra,troad. Quarter ly- J an. 5 31,g Chicago & Eastern DL, common Jan. and July. 2¼ 4-¼1 5¼ ·-·6-· Ohioago & Eastern ru., pref . .. Quarterly-Jan. 6 6 6 6 4 Chio. Great West.em pref. A . . . 8em1-a.nnual. 5 6 Chlo. Ind. & Lou1sv1lle, oom .. . .. i ... pref ___ do Do 4 2 Semi-annual 10 (b) Chicago Junction Railways, &o Qnarterly-J an. 8 8 pref. Quarterly-Jan. do do 6 Do 6 6 6 6 5 5 6 Chicago Mtlwankee & St. Paul. April and Oot. 5 5 pref. April and Oot. do Do 7 7 7 7 7 6 5 6 5 5 Chloaf>o & North Western .•... _. Jan. and .July pref ... Quarterly- Jan. do o 7 7 7 7 7 21,g Quarterly Chlo. Rooklsland & Pac. Ry .... 5 412 & lOstk. 5 5 31,g 2 2 5 5 Chlo. St. P. Minn. & Omaha·--· Feb. and Aug. Do do pref. Feb. and Aug, 7 7 7 7 7 Ctn, Ham. & Da.vton, oom _____ ...4.. ··-4·· ···4·· ···4·· ···4·· do pref., .A. & B Quarterly-Jan. Do new pref. Quarterly- Feb. 5 do Do 5 5 5 5 ...... ...... ...... Oin. N. 0. & Texas Pao., com.. pref .. Quarterly- Mar. do Do ···ai; Cleve. Cin. Chio. & St. Louis . . . March and Sept. ·--5·· ···5·· ·--2is 5· 5 Do do pref. Quarterly-Jan. 7 7 7 Cleve. & Pittsb., guar. £eased). Quarterly-Mar. 7 7 2 319 Colorado & Southern, st pref. April and Oot. ···5 .. ···5 ·-·5·· 7 5 Delaware & Hudson·--···-· ···· 8uarterly-Mar. Delaware Lack. & Western. ___ 7 7 uarterly- Jan. 7 7 7 4, 21,g 4 5 Denver & Rio Grand~ref.. __ , Jan. and July 2 7 7 7 Des Moines & Fort D ge, pref Annual-August 6 6 Detroit & Maok.inao, pref . . ... _. ...... """ii; Erle, l~re!•...• -•. ·-- · ··-···- · Feb. and ··Aug: .. --·2·· ···a·· e & Terre Haute. __ .. . 1¼ Eva.ns --·2·· """i"" 5 5 Do 4:la pref. April and Oot. do 11 11 11 11 Georgia (leased) .. __ .. ·-· .. __ .--· Quarterly-Jan. 11 2 1 Grand Rapids & Indiana ... -••. April and Oot. ••.5¼ ...614 ···;·· 7 & lg extra 7 Great Northern, pref········-- · Quarterly-Feb. 21,g 3 l¼ Green Bay & Western·--······· .. Annual-Feb. Gull & Ship Island . .• ____ ...... Quarterly-Jan. ...ii; Hooking Valley, oom ..•• . ····-- Jan. and July. ···ai; 4 Hooking Valley, pref .. ·-······· Jan, & d July. ···5·· ···5·· ···5·· 6 5¼ I1l1nOU! Uentral •••.•••.•••. ·-·· · Mar. ant Bept. llg 3 .... ...i .. Iowa Central, pref .......... o •• ¼ Annual. Keokuk & Des Moine&, pref •• _. ···5·· """5"" 4 2 Lake Erie & Western, pref, .. - •. Jan. and July. 7 7 6 619 Lake Shore & Mich. Southern .. Jan. and July. 4, 5 3¼ Lou18v1lle & Nuhville •••••••. . Feb. and Aug. ......i; 4 4 4 Manhattan. Elevat.ed-····-···•·· ~arterly- Jan. 4 4 4 ,4 4 n. and July. 111ohigan Central.·-·····--··-·· · 4 119 Minneapolis & St. Louis, oom .. Jan. and J .lly. ···,i; ···si; 5 5 pref .. Jan. and July. do Do ..... Minn. St. P. & 8. S. Marie, com. pref do Do a••••., ···2i; Jan. and Julv. M18sour1 Paoiflo... _.••.... . . .. . 1 1% paid Feb, '98; ·1n;oi So uth."ii;r:·aoq. oontroi,"tsso Ing si."tr.otts. Mobile & Ohio stock trust ot:fs 4 t5 Nashv. Chattanooll&& St. Lonis Qua.nerly- Feb. New Orleans & Northeastern .. ···4-· ···4·· ··-4·· """5"" New York uentral & Hudson .. . Quarterly-Jan. 5 5 2 N, Y, Chicago & St.L., 1st pref. Annual-March. 2 2d pref. Annual-March. do Do· 8°i;·&·, if&-4. 10& 4. 8 & 4°&25 it& 4 J.&J.andA.&O. 8 8 Quarterly-Mar. 8 8 8 4& 1 extra 4 4 4 4 Norfolk & 89uthern. ··-··· ·-···· ~uarterly-J an. 2 une a.nd Dec. Norfolk & Western, common. .. ···4·· """i"" 4, pref. -····· Feb. and Aug. do Do 4 4 2 Northern Pao11lo, common .•••. auarterly-Feb. uarterly-Feb. Northern Seouritles.... -···-··-· ···i"" .••4.. Oref>on RB. & Navigation.- •••• ···4·· --·2·· 4, 4 pref .. Jan. and July. do o ·-·-·· ...... ----·· ------ ...... ·----··---...... -----· ·----- ...... -· ...... ...... ···s·· ...... ...... ···s-- ...... ...... ·-·s·· ...... ...... .... .. ···a-- .. ...... ---· -----· ...... ...... .. ...... ...... ...... ...... -----...... ...... ····-...... ····-- • ···,;·· ···..,-· .......... ........ ···s·· ..... ....... ...... ....... ...... ------ ----·· ..... ....... ·----· ...... 0 . -----· ·--:r· 0 ::¥~3e~-~~v~~vii=o~E~: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -----· ·----- ···a .. ...... ...... ···,·· ... -·. 1902. 1903. 9 6 4 6 & 3 extra. ---- ---- ---- ···--· 10 4 5 5 4 4 4 6 4 4 519 5 2 21g 5 4 8 1 4 i (y) 6 5 1 4 8 6 7 7 7 814 5 8 (b) 7 ...4.. 5 6 54 2' 519 4 8 1 4 7 6 6 5 3~ 4 8 6 7 7 7 8 7¼ t 6 7 2 4 52 ···2i; 5- 4 5 4 5 7 3¼ · 7 7 5 7 4 7 7 7 5 7 ···5·· ···s·· ···s .. 11 3 7 4 ···s·· 4 6 ·-·1 .. 219 319 11 3 7 4 3' 3 4 6 ---2·· 4 4 7 7 4 4 5 5 7143, 4 ~ . ..... 5 212 -----· ···:f" 5 3 10&4 8 5 5 5 7 2 5 3½t,. 3 5 fi 3 10&; 4.t 8 4 4 2~ 3 4 4 512 4 ···4·· 7 412 ··-4 .• JAN., 1904.] 367 RAILWAY A D INDUSTRIAL SECTIO DIVIDENDS ON RAILROAD STOCKS.-C0NCLUD}m, Name ot Company. Paolflc Ooaet .................... Do 1st pref ••••••.••. Do 2d pret .••.....•• Paolflc Ma.11 ..................... Panama ..••..••..•••.....•....•. Pennsylvania Railroad .. __ ...•. Pitts. Oin. Chic. & St. L .• com .. Pitts. Oin. Chic. & St. L., pref .. Pittsb.Ft.W.& 0h1.,i;i'nar.& spec. Pittsb. Youngst/n & Ashtabula. Do do pref. Railroad Securities, pref ...•••• Reading Company, l11t pref .••. Do do 2d -pref ..•. Rock [sla.nd C Jmpa.ny, pref _ Rome Watertown & Ogc:tensb'rg St. Jos. & Grand Isl., 1st fref .. St. Louis & Ban Fran., 18 pref. Do do 2d -pref. Ohio. & E. Ill., com. tr. ctfs... Do do pref. tr. ctfs.. . K. 0. Ft. B. & M., pf. tr. ctfs ... 8onthem Ra.llwa.yfi.pret ........ Tennessee Coal & on, com (d) Texas ·Central, com•.• _...•..••. Tex:a.s Central pret ..•...••••••• Union Pao111c, common ...•... _. Do . pref. . .. Vicksb. Shreve. & Paolflc, com. Do do pref . BOSTON. Boston & AlbanJ (leased) ... __ . Boston & Lowe (leased) .... _•. Boston & Maine com .. _•••.. __ . Do pref .•••..•. Boston & Providence (leased) .. Boston Revere Beach & Lynn .. Oln, Sand. & Cleveland, pref .. _. Con. & Mont., all classes (l'sed) Oonnecticnt River (leased) ..••. Conn. & Passnm.pstc, pt. (leas Pd) Euro~a.n & No. Am"r. (leased). Fite.ti urg, pret ...... _........... Ft. Wayne & Ja,ok~t~f (leased) Hartford & Oonn. est. (leased) Maine Central ..... -............ Manchester & La.w'nce (leased) Naahua & Lowell (leased> .. . _... Northern (N. H.) (leased) •.••••. Norwich &Worcesr.'r ptd. (lea.s'd) Old Colony (leased) . . . .. . ....... Pere Marquette, common....... Do do pret . . . ....... Pittsfield & No. Adams (leased) Providence & Worcester .• _..... f:1t ir~saoiius~<Fse<i> Vermont Vallefu ... . ............ . Worcester Na.s ua. & Rochester. Dividend Periods. 1897. jua.rt.erly-Feb. ...... ·-···· uart.erly-Feb. uart.erly-Feb, une and Dec. May a.nd Nov. Feb. and Aug. Jan. and Joly. Quarterly-Jan. March a.nd Sept. Mar"h and Seut. April and Oct. -------· ·----· --- . Quarterly-Feb. Quarterly- Feb. Jan. and July. Qnarterly-J an. Quarterly-Mar. Jan. and July. Quarterly-Jan. Quarterly-Jan. April .and Oct. Quarterla-Fell. Jan. an July. Jan. and July. April and Oct. April and Oct. Annual Sept. iuarterly-Mar. an. and July. Quarterly- Jan. March and Sept. ~uarterly-Jan. an. and July. May and Nov. ~narterly-Jan. an. and July. Feb. and Ang. April and Oct. Quarterly- Jan. Mar. and Sept. Feb, and Aug. auarterly-Jan. a,y and Nov. May and Nov. ~uarterly-Ja.n. ua.rterly--J an. Quarterly-Jan. Feb. and Ang. Jan. and July. ~uarterly-Mar. an. and July. April and Oct. Jan. and July. Jan. and July, PHILADELPHIA.. Catawissa. (leased),pref. stocks. Delaware & BoundBr'k (leased) Elmira & Wlll1a.msport (leased). Do do pret•..••. Huntingdon & Broad Top ... _•. Huntingdon & Broad Top pref. Lehlgh Coal & Navigation ...... Little Bchu'lklll (leased) ....... Minehill & chnyl. Hav. (lea.s'd) New York Phlla. & Norfolk .••. North Pennsylvania. (leased) ... Northern Central .. .. ......•.... Phlla.. Balt. & Washington _____ Philadelphia & Erie, common. Phlla.. Germant. & Nor. (leas~d) Phlladel~~ti& Trenton (leas'd) Phila. W ~n & Baltimore .Pitts. Bess. & Lake Eri(i com .. Do do pref. eased) United Cos. of N.J. (lea.sad) .... West Jersey & Bea.shore ........ Quarterly-Mar. Quart-erly-Jan. Jan. and July. April and Oct. June and Dec. auarterly- Jan. ar. and Sept. BALTIMORE. at.Ian. & Ohar. Air Line (leased) Atlantic Coast Line Company.. Atlantic Coast Line RR., com Do do pref.. Georgia, South. & Fla., 1st pref. Do do 2d pref. West Virginia. Cent. & Pittsb ... Mar. and Sept. ~uarterla-Mar. an. an July. Mav and Nov. May and Nov. May and Nov, Mar. and Sept. May and Nov. Quarterly-Feb. May and Nov. Jan. and July. Jan. and July, May and N(lV, Jan. and July. Jan. and July, June and Deo. ~uarterly-..l!'eb. an. &lld July. June and Dec. ···2·· '""5"" 1898 21'.l 5 4 219 ···s-- ...... ··,r· ···-·· ···;·· 6 7 6 7 ·----- ·--·-· ...... ···s-···2·· ...... -----· . ----- ""i" . ...... ···s·· ·---·· ....... ...... 8 719 6 6 10 2 6 7 10 519 5 4 519 2 6 10 9 11 (b)lO 7 ...... .. "5 .. 10 2 6 6 5 5 8 4.·58 6·38 1 6 6 "6.lg ···s-7 .. ·-·· ·12·· 10 7 ...... ·10·· 5 6 3.lg ...... ···5·· 2 llg ...... 1899. 2 4le 313 3 -··s-- ···a-7 6 7 1900. 1901. 4 5 4 5 4 4. ··-··· -··a·· 4 7 6 7 ...2 .. 5 5 5 "".i"" '"4" 6 1 ~ 6 6 3 4 4 911 6¼ 7 7 7 7 4 3 7 7 7 4 4 llg 4 5 ...... ···a·· ""4" """5" '"5"" ""5" ···s·· 6 4 1 3 4 2 3 4 2 ...... ...... "'"i"" ----·· ···s-- ···2·· ""3 .. -·-···.. ---, ···4·· """i¼ ···ai; ······ ...... .... 8 8 6 6 10 2 6 7 10 6 5 4 519 2 6 10 9 6 8 7 ...... ...... ...... 8 8 614 6 10 2 6 7 10 6 5 4 519 2 6 10 9 6 8 7 ...... ···s·· '""5 .• 514 10 2 6 6 4.19 10 2 6 6 5 8 4·56 6°88 ···s·· 4 519 519 ···s-7 - 5 8 4·56 6·28 """Iii; 4 519 519 ···s·· 9 6 8 7 ...... 3 6 6 4. ···,.-519 19 5 10 6 6 5 1 619 419 219 5 5 4 219 5 10 6 5 5 5~ 2 614 10 9 6 8 7 2 ""4'" 5 10 5 2 6 7 8 7 10 4 6 6 51'.l 12 10 7 ···2i; 4 2 6 10 9 6 ...6.. 3 4 6 7 10 6 5 5 5.lg 6 10 9 6 8 7 10 5 -··5·· 5 4 4 2 10 5 3 '""2¼i 2¼ 5 2, ···2-- 10 7 .. 6 4 81\i 8 7 6 10 ···a-- '"'5" 5 8l\L 8 7 6 10 ...6.. 419 ...... 4 5 8l\L 8 7 6 10 2 6 7 10 6 5 5 5¼ 6 5¼ 5¼ 6 8 8 ·--s-- 4 10 "'5" '"'5" 5 519 "'"4" 4 4 . ..... ···-·· ...... 5 8 4.·52 6•4.0 5 8 4.·62 6·32 10 7 21g (c) 212 5 ...6•. ···s·· 10 10 7 ...... 4 10 ""ff" 6 4 & 100 stk. 7¼ 4 *814 8 7 6 10 2 6 7 10 6 5 §514 5¼ 2 6 ·12·· 5 ···2¼ ...... ·12·· ·----· ···s·· ...4.. .. ..... 7 ...... ·w,· ·-~ . . .... ...... 3.lg 4 7 ...... ...... 7¼(c) 5 3¼ 6 ...... 414 4 ...... ...... ...... ...... 414 5 ---··· ...... ...... 1903. 1902. 4 l) 10 1 6 3 6 6 5 6 4144 5 8 4·52 6·30 5 7 6 5 519 6 8 8 5 8 4·50 6°30 ···s·· 5 5.lg 519 5 8 8 2 4 4 4 12 12 10 10 7 See Ph.Ba.l.&W. 3 3 6 6 10 10 5 5 7 6¼ (b) 3.lg 7 8 5 5 5 4 5 5 4 4 3¼l 2 ...... •Leased Nov., 1900,to N. Y. Cent. & Hud. R. RR. at 8 per cent per annum. One per cent of this represents a quarterly dividend deferred from previous year. § Leased to Boston & Maine from July 1, 1900, at 5 per cent per annum on preferred stock. I Also 2 per cent extra declared on both stocks, payment on gue.r. special ,stock being withheld awaitlnR; legal decision. (a) In Jan., 1903, dividend reduced and floating debt paid off. (b) Increase due to change of dividend period. (c) The Jan., 1902, dividend of 2½ p. c. was declared payable on Dec. 80, 1901, and ls therefore included in 1901. (d) In March, 1900, stockholders voted to increase the common stock; part ot the increase was used to r~tlre the preferred stock and pay the accumulated dividends thereon, amounting April 1 1900 to 54 per cent. (a) Leased from April 1, 1903, to lnterborough Rapid Transit Co., and paid Apr., 1, 1903, from surplus earnings for the nine months to that date, an e:itra dividend of 1 per cent. (y) Leased from Oct., 1901, to C. B. & Q. Railwa11 at 7 p. c. per annum on stock. *Paid 4¼ percent in Jan, '03, viz.: regular quarterly dividend of l¾ per cent and 3 per cent as an "advance payment of part of dividend for coming year." DIVIDENDS ON" LEADING INDUSTRIAL STOCKS. Name of Company. Dividend Periods. 1897. Ada.ms Express . . ..•.•.••.•••••• Aills-Chalmers, preferred ...... Ama~ama.ted c;;r.per .• _.. _•••• Ame can Agric . Chem., pref. .American Beet Sugar, pref'd .. American Bell Telephone .•••.. American Can, pref............. American Car & Foundry, com. Do do pref. American 0otton on, common. Do 1o pref .•••. American Express ...•••.••..••. American Ice, common....... _. Do do preferred........ June and Dec. Quarterly-Feb. Quarterly. April and Oct. Qnart.erly-Jan • Quarterly-Jan. 8 [Incorporat [Incorp.Apr. Incorp.inM Incorp.Mar 15 [Incorpora.t [Incor_pora.t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Quarterly-Feb. Quarterly-Feb. June and Dec. June and Dec. Jan. and July ~uarterly-Feb. uarterly-J an. 1898. 1899. 1900. I 1901. 1902. 1903. 4 4 & 2 extra. !- & 4 extra.. 4 & 4 ex:tra. 4 & 6 extra 1901.) ...••• 3.lg 7 7 2.lg l¼&¼extra. 6 & 2 extra. 6&119 extra. 2 3 6 6 6 6 llg 6 6 6 6 15 7lsseeAT&T ...... """2i; 901.~ .••••• 1 ·----· ...... 2 ...... .••••• 2 ...... 899. 4 7 319 7 7 7 3 4 2 4 4 319 6 6 ts 6 6 6 6 6 6 6 6 & 1 extra 6 & 2 ex:tra. 6 & 2 extra [Incorporat edMar.11, 1 899.] 1 4 1 119 6 6 3 8&$100bds. ed May 7, 27, 1899.) a,y, 1899. . 24, 1899.] 15 ed Mar.19,1 edFeb. 20,1 ...... ·--a·· ··---...... 368 [VOL. LXXVIII. E,AILWAY AND INDUSTRIAL SECTION. DIVIDENDS ON INDUSTRIAL STOCKS.-C0NCLUDED. Na.me of Company. Dividend Periods. American Linseed, preferred. . Quarterly-Mar. American Locomotive, pref. .. . Quarterly-Jan. American Malting, preferred. Quarterly-Jan. American Smelt. & Ref'g, pref. Quarterly-Jan. American Snu.tf, ·common .•. . Quarterly-Jan. Do do preft,:rred ... , Quarterly-Jan. AmerioanSugarRefining,com. Quarterly-Jan. Do do pref. Part Q-J part J &J American Telephone Ji; Teleg Quarterly-Jan. American Tobacco, common.. . Quarterly-Feb. Do do preferred. . §uarterly-Feb. American Woolen, preferred.. . uarterly-Jan. Brooklyn Union Gas........... . uarterly-Mar. Oolorado Fuel & Iron, com.... Quarterly-Jan. Oo do do pref... Feb. and Aug. Commercial Cable............. . Quarterly-Jan. Oonsolldated Gas of Baltimore. .fune and Dec. Oonsolldated Gas of N. Y....... Quarterly-Mar. Oonsolldation Coal............. Annual-Feb. Continental Tobacco, common. Quarterly-Jan. Do do pref..... Quarterly-Jan. Corn Product6, com........... . Quarterly- Feb. Do do pref..•••••.••.. ~ Quarterly-Jan. Diamond Match... .............. Quarterly-Mar. Distillers' SeourltJes Corpor'n.. Quarterly-Jan. General Ohemioal, common.... Quarterly-Mar. Do do preferred... Quarterly-Jan. General Electric, common...... QuarterlT-Jan. International Paper, common Do do preferred Quarterly-Jan. International Silver, pref..... Quarterly-Jan. Internat'l Steam Pun,p, com . .. Quarterly-Jan. Do do do preferred Quarterly-Feb. Lacledb Gas, common.......... March and Sept. Do do preferred......... June and Dec. National Biscuit, common..... Quarterly- Jan. Do do preferred.... Quarterly-Feb. Nat. Enamel & Stamp'g, com Quarterly-Jan. Do do pref. Quarterly-Jan. National Lead, common........ Do do preferred....... Quarterly-Mar. New England Teleph. & Teleg. Quarterly-Feb. North American............. . . Quarterly-.Ma.r. People's Gas-L. & Coke (Ohio.). iuaroorly-Feb. P. Lorillard, preferred........ . uarterly-Jan. Pressed Steel Car, common... uarterly-Feb. Do do preferred... uarterly-Feb. Pullman Company............. ~uarterly-Feb. Republic Iron & Steel, prefer'd , Quarterly-Jan. Rubber Goods Mfg., common Quarterly- Jan. Do do preferred. Quarterly-Mar. Sloss-Sheffield Steel & Iron, pf. Quarterly-Jan Standard 011.... •• . . • • . • . • • . . . • . Quarterly-Mar. Swift & Company............... Quarterly-Jan. Union Bag & Paper, preferred. Quarterly-Jan. United Shoe Machinery, com .. Quarterly-Jan. Do do prer . Quarterly - Jan. United States Express..... . .. May and Nov. United States Leather, vref. .. . §uarterly-Jan. United States Rubber, com..... uarrerly - Jan. Do do pref..... uarterly-Jan. U.S. Steel Corporation, com. Quarterly-Mar. Do do preferred Quarterly-Feb. Va.-Carollna Chemical, com... Quarterly-Mar. Do do pref... Quarterly-Jsin. Wells, Fargo & Co............. . .fan. and July. Welsbach Co ...... . . .. . .. .... .. Annual. Western Union Telegraph...... Quarterly-Jan. Westinghouse·El. & Man., pref. Quarterly-Jan. Do assenting stk. Quarterly-Jan. 1897. 1898 . . 1899. [lncorp.Dec. 5, 1898.] 514 [IncorporatedJunel0,1901.] [Inoor.Sep.2 7,'97.] 7 7 [Inoorp. Apr. 4, 1899.] ll\J. 0 [fa corporat ed Mar:i3, 1 12 12 7 7 [Stk.exoh.fo Am.Bell Tel. 9 8 8 8 [Inoorp. Mar . 29, 1899.) ti 6 ...•.. ....•. Accumulate d dividend p 7 & 1 extra. 7 & 1 extra. 414 414 8 8 2 2 [Inoorporat ed Dec. 9, 1 ...... ...••• ... • •• .•••.• ....•• ..•••• 10 10 [Incorporated Sept. 18, [Inoorporat ed Feb. 15, 6 --·a·· 6 8 8 [Inoorp•ated Jan. 13, '99.) 30 6 614 [Inoorp·ated Feb. 27, '99.) [Inoorp'ated Feb., 1899.] ···7ig 1 ···;·· ···a·· '"'i;"" 6 4~ 14 7 31g 81'.l (a) 7 41! 8 6 --·:r· 4¾ 3 5 3 6 •••••• 2 2 6 8 8 8 [Consol1dat1 on in 1901 of varlous steel co's of U. S.] 5 7 •••••• 5 7 .. •••• I 7 7 2 4 6 4 5 4 7 4 ···,;;·· ···a·· 4 8 8 6 6 [ Consollda.tl on in 1900.J 4 5 4 7 ai; 4 4 ···a-4 5¼ 000 ...6.• (a) ll\J. "3:f" ···s·~ 28 & 5()stk. [Inoorp'ated May 3 '99.) "33·· 1903. 514 ••.••. •····· 7 &71aextra ... .•. 8 6 7 8 7 2 7 0 [Inoorp'ated :Ian. 26, '99.) 1902. .•. ..• . ..is,i ···,;-7 ••• .•. . •• ... . .. ..• 7 7 7 . •• .. 10 900:j°... ...6.. 6 6 12 ···73ii 7 7 7 7 7 7 7 7 stk. 2 for 1.] 3 & l\J. extra. 6&l1textra. 6& 112extl'a 6 &112extra 7 & 1000.stk. 6 6 9 lllg 8 8 8 8 8 31g 7 7 7 7 6 7 8 8 8 .••.•• .•..•• 3¼1 3¼ .•. ... aid in 1900. 40 8 8 4 7 & 1 extra. 7 & 1 extra. 7 & 1 extra. 7 & 1 extra. 71'.l & 1 extra 4 314& 21g ext. 314 S 3 51g 6 8 8 8 2 2 2 2 2 898.] 919 14¼ ll$.i 7 ···,.·· 7 7 .••• •• .•• • • • • . •••• • . . • •• 3 •..••. •••.•. 312 7 10 10 10 10 ·10 1902.) 4 1899.] ...... 4····· ·••••• ,A····· ···4·· 5 312 6 6 6 .6 3 61g 9 8 (e) 8 St'k reduced 40 % in 1898. [Inc JanSl,l 898.] 1 2 41g (ti) 4¼ (a) .... . ... . . ••••• [lnoor'ted M ar.24, 1899.J .••••• . • 3.. 3 7 8 (b) 5 [Org.1n '98.] ...... 1 ...... 514 7 [Inoorp•ated Jan., 1899.) ..••••.••..••. ..•••• ....•• •••••• 1 1 ···,.·· 7 7 51g 6 6 .•. .• .. 0 1901. 1900. ···4·· ···4·· 8 6 8 6 6 8 4 7 8 7 3 7 7 48 7 (a) 7 8 6 312 6 1 2 3¼ 4 8 6 2 5 7 61g ···,.·· 6 .•.6.• 8 4 7 8 7 ···;·· ···a·· 4/ 4 6 4 5 4 7 4 7 ---,~6 4 6 8 i& 1 extra 7 8 7 7 8 6 4 6 7 7 4.4 7 7 8 6 4 6 ···4·· ···4·· 7 7 8 8 7 i5 5¼ (a; 4:\J. 212 6 & 3 extra. 6 & 2 extra. 2 2 5 5 7 7 7lla (i) 7 14 li) (11) Fluctuations in yearly amounts due to variations in dates of payment. (b) Includes 3 p. c. In Feb. for accumulated dividend. (e) Also 66 2-8 p. c. in stock paid July 11>, 1902. (f) Also paid In Jan ., 1903, 21~ per cent in scrip tor unpaid dividends to that date. (i) Increase dne to change In dividend period. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILROAD COMPANIES. (FOR MISCELLANEOUS COMP.A.NIES SEE PAGES 607 TO 630 INCLUSIVE.) EXPLAN A.TORY,-Thte SUPPLEMENT ie expressly intended for use in oonneotlon with the investment news and official reports l)nbl1ehe4 trom week t,o week in the CHRONICLE. Frequent reference le therefore made to the volume and page of the CHRONICLE (ae, V. 74, 1) . 000) where fnller tntorma.tton may be found, Following each statement also 1& given a reference t,o the latest news Item in the OIIRONICLE reepeoting li:he company. Ae every enoh item contains a reference to the la.et preceding item, the reader oan run back over the company's hletoey at pleasure. Annual reports are in black-faced fl.gnree, and italic• indicate a paragraph headed by the name of some other company lndu,-Any company not in regular a.lphabetloal order may be found by means of index to roa.de leased a.nd consolidated in this SUPPLEMENT. Di1'idend1.-The di'ridenda tabulated in the text are those actually paid during the calendar yea.rs named, trreepeot1ve ot when earned. Net eaming• are given after deducting operating expenses and usually taxes, but not interest, rentals or other fl.xed charges. Becuritiu,-Theee are deeorlbed in tab1e a.t head of page [except the et-ook, for lack of space, eometlmee only in text below] as follows : Miles of Road.-Opposite bonds this means the mlles of road owned covered by the mortgage. Size or Par Value.-Shows (in dollars unless otherwise marked), the denomlnatlone or pa.r value, "100, &o.," signifying $100 and larger. Rate Per Oent.-The interest and dividend rate per annum is here shown; g., gold; our., currency; x, extra; s. stock or scrip. When Payable.-J. & J. stands for January and July; F. & A., February and Aug11st; M. & 8., Ma.rah and Bepte:inber; A. & 0., April and October, M, & N., May and Nov.; J. & D., June and Deo.; Q.-J., quarterly from Jan.; Q.-F., quarterly from Feb.; Q.-M., quarterly from March. Bonds,principal when due, etc.-Thts column shows the date when the bonds mature and the amount and date of the last dividend. Abbremations in table : M. for "mortga.fe; " gen. M. for "genera.I mortgage; " con. M . or oonsol. M. for " consolidated mortga~e; " ino. M. or "income mortgage;" g. for "gold;' o. or our. for "onrrenoy;" gua.r. p. & 1. for "guaranteed prtnoina.l and interest; ' onm. for "onmnlatlve;" non-cum. for" non-cumulative;" conv. for "convertible into stock at holder's option;" pref. for ''preferred;" s. f. for "slnkln§ fund;" 1. gr. for "land grant;" r. fully "reQ'IRtered (no coupons);" o. "coupon;" o. * "coupon but may be registered as t,o prtnoipal;" br. "branch; end. "endorsed;" "red." redeemable; d7 or "dravn" enb1eot t,o call when drawn by lot; "p. m." '"per mile;" as'd "assumed." "x' Payable without !led.notion for any tax. Mortgage Trustees and Stock Transfer Agents (TR Treasuiter's Office) are indicated thus: rn" NEW YORK CITY- B- entral Trust. Green Trust. Ce- Bcowling 1- City Trust. ol-Colo!)i&l Trust. o- Contmental Trust. & Trust. G- Guaranty Trust. K- Knickerbocker Trust. § -~-i:.~~~~:reo:~ t:=:=~i:::t: f:=~~f;g::Oi~!\,rust. ;;._ ~o:;,hs~~J~! i,~~~t: N. Y. CITY-(Ooncludect"'Standard l'rust. ~ Ta-Trust Co. of Amerlca. Un-Union Trust. U11- United States Trust. Uem-U. 8 • Mort. & TruS t Co. BALTIMORE- LOUISVILLE- BBa- Continental Bait. Tr. & Guaranty. CL- Columbia Finance & T CoBaTrust. r. FBa- Fidelity & Deposit. FL-Fidelity Tr. & Safety Vlt. MBa- Maryland Trust. LL-Louisville Trust. ine Ba-Mercantile Tr & Dep S Ba- Safe Dep-.&Trust co: PHILADELPHIABOSTON--CHICAGOFP- Fidelity Trust. AB-American Loan & •.rrust. AC-A.mer. Trust& Sav. Bank. GP- Girard Trust. Pl-=-ri:~:ari'~~af;~u!t.Tr. rui;:i~r:~eJ;t'1lt.sav. Bk. ir,~~~r~~~! /;Dep. f8:" fl.:-M~~:~:!!~\~t~t Tr. f~Miiff:::1i;~f:i~t?1 & Tr. ~ == il~t~oJ~~rt~rust. 1}8=~~~~ '!t,~~sstt. t·f ~?~~- PeP-Pi,~1!; 8~ 0 on WP-West End Tr. & s. Dep, PITTSBURGC Pl C ni 1 T - olo a rus t Co. FPl-FtdelltY Title & Truat. PPl-Pittsbur11:Trust. UPI-Union Trust. ST. LOUIS- MSt-Mlsslsslppt Vallev Tr SSt- St. Louis Union Truat. SAN FRANCISCO- CS-Ca~¥:1i!:n. Sat Depo■lt ~ Sub111crlber111 -will confer a favor by glvlll.g Immediate notice of any error discovered In the111e Tables. ~ RAILROADS. INTEREST OR DIVIDENDS. Bonds-Prtnoi Miles Date Size, or Amount -----------------1paJ,WhenDne. Por explanation of column headings. &o., see notes of of Par Outstanding Rate per When Where Payable, and by Stocks-Last above. Road. Bonds Value. Cent. Payable Whom. Dividend. Atr. cf Barberton Belt-lstM.,e.f.,text,j. U sm.o* &r A iabama Great Bouth'n-"B" aha.res ( n~sh Co.). Pref. "A" shares, (English Co.) 6%, £8 ,000.--. 1st M. (American Oo.) fold, $1,750,000 .••••• F .o Genera.I mo~a~, £ ,160,000 .. --··--··-··Ce.o Debentures,gol ( ngllsh Co.) .••••••.•••••.... _.o A.labama Midland-Bee ATLANTIC CoAST LINE RR. Ala. N. 0. Te:.e. ti Pac. Junc.-Deferred "B" shares... Preferred "A" share~ 6 p. o. cumulative...• -•• , .. "A" deben., red. aft. ov.1,'10, at115-8eetext.o "B" debentures, income, red. after 1910 at 115.o "CY' deb., income, subject to call any time at 100. Alabama ti Vicksburg-Stock: $1,05~000 .. _. ···-·· Vioksb~ & Mer. 1st M. gold, $1,00 ,000.F . .. xo* Ala. & ioks. oonsol.lst M., ($1,800,000) g .. Ce.o 2d M., originally $700,000, g ___ ..•••.••..• ce.o A lalka Oentrat -1st M., ,z., red. at 105 aft. 1908.o* Albany ti Northern--let M., g., (;!;50,000a.re pref.)o A lbany ti &usq.-Stook, divi'dsguar. by D.& H. (end). Consol. M. (gua.r. p.& 1. end.) currency 7s. l:i'.o*&r now lstM. do 6s,interest only in gold .• _. A.lbany ti Vermont-Stock, 3 p.o. gua:r. by rental) .. Alleg/l.en$ ti Western-Stock ($3,500Ji:°OO), .• _...•.•• 1st M. 2,500,000, gold, gnar., p. 1. end.G.o* .. A.ltegheny Vattey-lst M., guar. Penn. RR. ·--·····o Mort. to State Pa. *100,000 due Jan. 1, yearly.. r Gen. M. t$201000,000) g,, guar. p,& 1. FPl.x.o*&r Allentown .RR. (leased to Phila.. & Rea.dine; Ry.) .. ! -- 1902 .... .... . --· .... is7s 290 $1,000 £10 £10 $1,000 1888 £100 £100 1886 ---· ---· ---· ··-· .... is9o 1890 .... 1890 i¥s . --· 143 1881 143 1889 143 1889 1903 35 1896 0 i¥2 is76 142 1876 12 61 61 259 1869 259 1869 260 1892 ---· isgs -· . ·-· £10 £10 .£50 &o. £20 &o. £20 &o. 100 1,000 100 &o. 100 &o. 1,000 1,000 100 1,000 1,000 100 100 1,000 $&£ 100,000 1,000 50 A.dlrondaclc H.y.-ln 1902 merged with the Dela.ware & Hudson. Akron & Barberton Helt KK.-0wns a belt line a.round Barberton, 0., 2 4'17 miles in length, with 13·75 miles under oonstruction ln Jan., 1903. A consolidation in May, 1902; V. 74, p. 1088. Stock, $100,000, owned equally by the Pennsylvania. RR., Ba.It. & Ohio, Erie RR. and the Vanderbilt interests. Bonds authorized, $1,600,000; $500,000 reserved for future requirements. They ma.y be drawn at 105 by lot yearly Dec. 1. beginning 1903, by a sinking fund of $11,550 per annum. V. 75, p. 440.-(V. 76, p. 434.) Alabama Great Southern KR.-( See Map Sout/l.ern Railway.)Owna Wa.uhatohle, Tenn., to Meridian, Mies., 291 miles; branch lines owned, 6 mlles; lea.see Wa.uha.tohle t,o Chattanooga, 5 miles, and Belt By. of Chattanooga, 45 mlles; tra.oka.ge to Blockton, Ala., 8 miles, and Woodlawn, 19 miles; t.otal operated, 374 mllea. ORGANIZATION.-Controlled by Southern Ry. but operated independently. V. 60, p. 26; V. 61, p. 375. Ala. Great So. Ry., Limited, owns all of the stock and debentures of Ala. Great Bo. RR., and has 1Mned in place thereof its own stock and debentures respectively tor a like a.mount. The two oompa.niee own Jointly $833,300 stock of Southwestern Construction Co. received in exoha.nge for $833,800 C1n. N. O. & Tex. Pao. stock. See V. 65, p. 1173. STOCK, ETc.-Of capital stock of English Co. ihe Southern Ra.ilway Co. on July 1, 1902, owned $1,725,000 "A" shares and $4,540,050 "B" shares. V. 61, p. 26. For right to dividends see March, '94, SUPP. Funded a.rreaTs of dividend (English Co.), bearing 4 p.a. interest, $258,832; car trust notes, payable monthly to Mar., 1905, $92,277. DIVIDEND-!'91. '92, '93 to '95. '96. '97. '98, '99, '00. '01. '02. '03. "A" aha.res.% 6 6 o 6 9 6 6 8 9 9 10 "B"sha.ree.% l¼O O O O O O O O O O . BoNDB.-GeneraJ M. 61!1, £484,000, will retire 1st 6s a.nd debentures. LA.TEST EARNINGS-5 mos. i 1903 •.. Gross, $1,291,644; net, $308,461 July 1 to Nov. 30. ~ 1902 ... Gross 1 l,12'!.,731; net, 299,801 ANNuAL REPORT,-Report for 1902-03, m v. 7,,, p. 2094, showed gro1s, $2,749,818; net, $685,016; other income, $12,4.69; interest on bonds, $286,542; income tax, eto., $29,812; balance for stock, t381,130; dividends on stock of American Co. (6 per cent), $185,437, and 4 p. o. extra, $123,624 from profit and loss-(V. 77, p. 2094.) Alabama N e-w Orlean111 Texas & Pacific .Junction Kall• way11 Co. (Limited. )-This is an English company controlling Alabama & Vicksburg, 143 mlles; Vicksburg Shreveport & Paoifl.o, 189 miles; New Orleans & North Eastern, 196 fuiles. BECURITIEB OWNED.-Ala.. & V1oksb. $30,000 1st mort., $387,700 2d M., $141,100 oonsol. 1st M. and $581,500 stock; V. B. & P., $1,386,000 gen. M., $2,080, 100 pf. and $2,773,500 com. stock; V. 8. & Pao. RR. (land grant) bonds, $1,364,000; N. 0. & N. E., $4,900,000 gen. M., ,1,500,000 incomes and $5,320,000 stock; S. W. Construction Co., ~,700 st.oak. Dividends on ittocks owned in 1903,V. 77, p. 2279. There a.re £28,494 interest certs. secured by £34,193 "C" debent. OoUP. PAID-For '93. '94. '95. '96. 1 98. '99. '00. '01, '02. '03. "A" Deben . . P. c. 5 5 5 5 5 5 5 5 5 5 ,. B-" do ••P. c. 0 ·875 1 2¼ 2~ 418 5 Below B'w 5 ".0" do .. P. c. .. lie 2"8 5 5 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $1,000,000 4 g. J. & D. N.Y.,U.S.Mort.&Tr. Oo. •1,566,000 . .. • • • .. .. . London. £676,070 10 in '03 J. & D. do $1,750,000 6 g. J. & J. N.Y.1 Farm.L.&Tr.&Bos £526,000 5 g. J. & D. Lonaon,Glyn,Mills&Co. £134,000 6 g. F&A 15 do do June 1, 194.2 Dec., 1891 Deo. 21,'03,5% Jan. 1, 1908 Dec. l_, 1927 Aug, lo, 190G .12,500,000 ·----..•.. £1,500,000 --·-·· ··-· · £748,850 5 g. M. & N .1,048,390 5 g. M. & N. £810,652 5 g. A. & o. $1,050,000 9 in 1903 Yearly. 1,000,000 6 g, A. & O. 588,800 5 g. A. & O. 601,300 5 g. A. & 0. 875,000 5 g . A. & O. 400,000 5 g. J. & J. 3,500,000 9 J. & J. 3,000,000 7 our. A. & 0. 7,000,000 6 g. A. & 0. 600,000 3 M. & N. 3,000,000 6 g. J. & J. 2,000,000 4 g. A. & O. 9,998,000 6 g. or 7 A.. & 0. 500,000 5 J. & J. 6,192,000 4 g. M. & 8. t.268.884. tnol. $1, 071,400 .•••.••. ·-···-·· Nov.l,191«H.O Nov.1,191()-4() Nov. 1, 1940 Ang. 28, '03, 9 Apr. 1, 1921 Apr. 1, 1921 Apr, 1, 1921 Apr. 6, 1933 Jan. 1, 19.j,6 Jan,1904.,419 Apr. 1, 1906 Apr. 1. 1906 Nov.15,'03,llg Jan. 2J •o,, 8 Oct. .1, 1998 Apr. 1, 1910 Jan. 1,'05, eto. Moh. 1, 194.i of 1896. ···-····-· Lon.,Glyn,Mllls,C.&Co do do See text. N. Y., Central Trust Co. do do do do do do Chicago andNewYork. . ...•• ·-· N.Y.,Del.&HudsonCo. do do do do Troy, N. Y. N. Y., Iselin & Co. do do Phll.,Pa. RR. Co. &Lon. Treas., Philadelphia.. Phlla., Pa., RR. Co. under Rea.dingCo.mort. The Nov., 1901, coupon on B debentures was paid Jan., 1902, and the May, 1902, on July 1, 1902; later coupons to Nov., 1903, were paid when due. A payment of 215s p. o. on "0" debentures was ma.de in Feb., 1902, and 5 p. o. ea.oh in 1903 and 1904. V. 78, p. 227. EARNINGS.-Bee separate statement ror eaoh of the controlled companies. In year ending Deo. 31, 1902, net from investments was £140,865; pa.id general expenses (£3,408), income tax (£8,294), interest on" A' debentures (£35,180), on "B" debentures 5 p. o. pa.id 1:n Jan., 1903 (£49,198), on "0" debentures, 5 p. o. (£38,000) ba.lanoe, including £930from 1901, £7,715-(V. 77,p.1745, 2279; V.78,p. 227. Alabama & Vlck111burg Ky.-Owns V1cksbl1l'g to Meridian, Mies. and branch, 143 mlles, all steel ra.lle. Controlled by Alabama New Orleans Texas & Pa.oifl.o Junction Co., which see. Reorganization of the Vicksburg& Meridian foreoloeed Feb. 4, 1889 (see V.48, p.190). DIVIDENDS.-'90 to'92, 3 p. o. yrly.: '96,3; 'W7to '99,5: 1900 to 1902, 6 y'rly; 1903, 9 p. o. Stock div. of 50 p. o. in 1900; see V. 70, p. 632, BoNDs.-The new seconds were income till April 1, 1894, an.d are a fl.rat lien on the lands-37,352 a.ores. Of the $1,800,000 consols authorized, $1,000,000 are with trustee to retire V. & M. firsts. EARNINGS.-Fisca.l year ends June 30. For 6 mos. ending Deo. 31, 1903, gross, $642,050, aga.lnst $566,597 in 1902. Repon for 19021903 in v. 77, p. 2094. YearsGross. Net. Interest, etc, Bal., ,ur. Di•idend. 1902-03. $1,150,547 $301,573 $140,260 $161,313 (9)$94.,500 1901-02. 1,019,844 254,282 108,024 146,258 (6) 63,000 -(V. 73, p. 115'2'; V. 75, p. 102'2'; V. 77, p. 1224, 2094.\ Alaska 0entral Ky.-Projeoted from Seward, on the south coast of Alaska, north to Atwood, on the Tanana River, 413 miles. In June. 1903, contract for flrsti 25 mlles was let. Stock, $2,500,000 5 p. o. non-oum. preferred, offered for eubeoription in Oot., 1902; common, authorized, $27,500,000: par of shares, $50. Bonds a.re limited to $35,000 per mile of ma.in line and branches. The Central Trust Co. of Illtnois IChioago) is mortgage trustee. In April, 1903, $3,500,000 were offered, accompanied by a, bonus in common stock. See V. 76, p. 703, 1354. Pres. ' and Gen. Mgr., G. W. Dickinson; Vioe-Pres., John H. McGraw; Seo., John E. Ballaine, Treas., J. W. Godwin. Office, 215, 216 Denny Bldg., Seattle, Waeh.-(V. 75, p. 905; V. 76, p. 703, 1354.) Albany & Northern Ky.-See SUPP. tor Apr., 1903. Albany & Smtquehanna KR.-( See Map Detaware c, HudMm.JRoAD.-Owns Albany1 to Binghamton, N. Y., 142 mlles. Leases, Cobleeldll, N. Y., to Cnerry Valley, 21 mlles, praotioally owned by D. & H.; total operated, 163 miles. LEA.SE» for 150 yea.rs from Feb., 1870, to Dela.ware & Hudson Oompany; rental is 9% pera.nnnm on stock. (See guaranty, V. 56, p. 774.) ANNUAL REPORT.-Ea.rnings for years endlng June 30: Gross. NetotJerta:u•. Rentals. Bal;,projU, to D ti H. 1902-03, .• - •••••••.••• $4,608,822 $2,006,965 $1,053,173 $953,792 1901-02,.--····-·•· - - · 4,643,964 2,163,146 1,033,152 1,140,218 -(V. 73, p. 337; V. 74, p.1088; V. 75, p, 342, 1147.) Albany & Vermont KK.-0wns roa.d from Albany to Water, ford Junction, N. Y., 12 miles, Leased to Rensselaer & Bara.toga 1n 1860 and 110w operated by D. & H. Canal Co. Annual rental, $20,000 RAILROADS. •or explanation ot column headings, &o., see not.es on first page of tables. LXXVIII. ~onda-.l:T1nol• INTEREST OR DIVIDENDS. pal, When Due. Am unt Miles Da.t.e Size, or Par Outs~ding Rat.a per When Where Payable and by Btoekl--Laat ot ot Dividend. Whom. Cent. Payable Road. Bonds Value. $450,000 3 1889 $1,000 7,000,000 292 1895 1,000 334,000 25 1899 1,000 1,262,000 1,000 .Arkansaa Bouthern-lsli M .. $1,350,000, g.IUSt... 101 1899 See t.e:xt. Ark. V.cfW.-lstM.($3,500,000),g.,red. t.ext.SS&.o* .••. 1902 1,000 773,500 . .• . . . .. •. .A1Aland Ooal cl Iron-Stock.... • • • . •••... •••• •••••. • . • . 300,000 22 1900 1,000 lstrefundingmortgage,$400,000gold.N.... •• 590,000 Ateh. cf Ea,t'n .Bridge-1st M.g.,s. f., red., t.ext.Oe.. . •. . 1898 500 &o. 100 102,000,000 AteMaon Topeka ce Santa Fe .By.-Stook, com •• 7,960 .••. 100 114,199,530 Stock, preferred, $13}z486,000, 5 p. o., non-cum.. .. . . 1,500,000 Chio. & St. Louts let m.. ($10,000 p. m.) our.F' . . o 142 i885 1,000 660,000 Chio. Banta Fe & Cal., 1st mort., gold.BB .. o*&r .... 1887 l,0OO&o General mortga.geJ gol<!, see t.e:xt ..•••••. lJn.o*&r 7,734. 1895 500 &o. 148,155,000 Adj.inc. M.,oum.xromJnlyl, 1900, g., Ce.o•&r .. 7,734 1895 500 &o. 51,728,000 Ea.st. Oklah. Div., 1st M. $10,000,000, g.G.. o*&r 282 1903 l,000&o 5,645,000 Deb., g., Ser.B to LA!2,500,000 ea.; oall 105 G . o&r .•,.. . 1902 l,0OO&o 25,000,000 195,000 Butoh. & So:, let m.., g.,red.105 a.ft. 1907.0B.o* 1 ...,1 1898 1,000 6,000,000 8. Fr.& San Jo. Val., let M.,g.,oallatt.1915.Me.o 375 1896 1,000 1,700,000 100 ..•. 269 .. .. Atlanta cl Oharlotte-Btook(seet.ext)............ 500,000 Pref. M. (old 7s ext. in 1897), see V. 64, p. 286.o" 26519 1877 1,000 4,250,000 lstM. [votingpower,lOvot.es tor ea.oh bond] our.? 265¼ 1877 1,000 750,000 500 Inoome bonds (not cum.) extended in 1900. ••••.. .••. 1880 1,000,000 1,000 .Atia~ K'l'Un:'D. cfNo.Ry.-lstM.,$1,000,000,g .. Oe 22'3 1896 500,000 OoD.801. mort., gold, $10,000 per mile. Us ...... 228 1902 1,000 1,200,000 1903 1,000 Atlanta Termi11al--1Bt M., $1,500,000, gold.S.o*&r ••• 1,232,200 100 86 .. . . Atlanta d West Point-Stock..... •••.•••. ••••.. •••••. 1,232,200 Debenture certificates ...•....••..• ~............... .••. 1881 1,000 2,245,000 Atlan.clBirmingh.-lstM., $12,000 perm ... OB* 220 1904 1,000 2,200,000 83 1889 1,000 .Atlantic Oity-lst M.h$2,200,000, gold .. GnP.xo• 75,000 Atlantic City pure . money realest.mort.M.GP. •••. 1900 1,000 350,000 . .••.. 66 1898 Sea Coast prtor lien mortgage, gold............... 1,064,000 A.tl. City 1st con. M., $4,500,000: g., p.&1.gu.GP All. 1901 1,000 a Originally Nov. 1. In Oct., 1903, interest on $26.112.000 bad been stamped p .AJientoton .Term!L-lst M., gua.r.p.&1.(end.)g.Oe.xo* .AnnArbot'--lstmort., $7,000,000, gold.Mp x ... o* .Aruona cf Utah--lst M. 1 $600,000, gold.Co .••••. o• Allegheny & Western Ry.-(See Map Buff. Roch. cf Pitta.JPunxsutawney to Butler, Pa. (about 60 miles), opened Sept. 4, 1899. An extension of Buffa.lo Rochester & Pittsburg, to which leased in perpetutty tor guaranty of bonds and 6 V.· o. on stock. Uses Pitts. & West. from Butler to New Castle and Pittsburg under a trackage arrangement, making in a.ll 135 miles. Bee application to 11st in full, v. 70,p.849.-(V.71,p.501; V. 74, p.774.) Allegheny Valley Kallway.-OwnstromPittsburg to Oil City, Pa., 133 miles; Red Bank, Pa., to Driftwood, 110 m; others, 18 miles• ORGANIZATION &c.-Reorganiza.tion March 1 1892, ot the Allegheny Valley Railroad, foreclosed per plan in V. 53, p. 324,368, 520; v. 54, p. 409, 524. Road oontrolled by the Pennsylva.nia RR. Co. as majority stockholder, owning $9,653,800 ot the $10,544,200 common and $1~_,876,654 of the $17,172,850 ot 3 p. o. cumulative preferred stock; auIDorized Issues $12.000,000 and $18,000,000, respectively, in $50 aha.res. Wording of pref. certtiioat.e was in editorial of SUPPLEMENT of Oct. 30, 1897, p. 3. Leased t9 the Penna. RR. Aug. 1, 1900, tor 20 years, rental being the net earn.tilgs. V. 70, p. 27; V. 72, p. 491. B01ms.-General mortgage is guaranteed by Penn. RR. by endorse• ment on each bond. Real estate mortgages, Jan. 1, 1903, $734,564. Report tor 1902, V. 76, p. 1245, showed gross, $(,193,085; net, $1.317,• 280; other inc., $91; int., taxes, etc., $1,152,493; extraordinary expenditlll'es, $159,787; bal., sur., $5,092. (V. 76, p. 1245.) Allentown RK.-Topton to Kut111town, Pa.,412 m.; Rea.ding system. Allentown Terminal Rallroad.-Owns 312 miles ot railroad in Allentown Pa., connecting the East Penn. (Philadelphia & Reading) with the Central ot New Jersey. Leased tor 999 years to Philadelphia& Beading and Central ot New Jersey (by a.sslgnmenttrom Lehigh Coal & Navigation Co.) at int.erest on bonds and 5 p. c. on $450,000 stock (par $50)tponds being gn.arant.eed, principal and int.eres.t., by Philadelphia & Beaamg (foreclosed) a.nd Lehigh Coal & Na.viganon. The Phila. & Bea.ding Ry. Co. in 1896 assumed the Reading's sha.re ot the old lease. Ann Arbor RH.-Owns road from Toledo, O., northwest.erly to Frankfort, on Lake Miohigan, 292 miles; operates oar terries between Frankfort, Mich., Kewaunee and Manitowoc, Wis., and Menominee and Gladstone. Mich.. and Manistique, Mich. The Pere Marquette and Wabash use the Toledo terminals. ORGANIZATION.-8uccessor Nov. I, 1895, to Tol. Ann Arbor& Nor. Mich., foreclosed uder Quintard-Lawrence plan in V. 59, p. 782. In May, 1902, a syndlaA.t,e cfosely ldentifled wlth the Gould interests purohased control. V. 74, p. 1088. BTOCK.-Common, $3,250,000; preferred, $4,000,0C0; 5 p. o. noncromulative; par $100. Pref. stock cert. SUPP. Oot. 30, 1897, p. 3, BONDS, ETC. -The first mortgage (trustee, Metropolitan Trust Co. N. Y.,) covers entire property, 1noluding terminals and freight boats June 301 1903, current lla.bilities, bond int. and a.oorued taxes, $416,294; oasn and current assets, $953,648. EARNINGS. -51 mos., i 1903 ..•••.....•. Gross, $887,719; net, $308,839 July 1 to Nov. 30!...51902 .. . •....... Gross, 803,148; net, 285 1097 ANNUAL REPORT.-.tteport tor 1902-03 was 1n v. 77, p. 821, showing: 1900. 1901. 1902. 1903. .Year end. June 30Gross earnings •••..... $2,037,:..14 $1,893,410 $1,754,148 $1,721,453 Opera.ting expenses •. 1,443,761 1,373,056 *1,309,163 1,324,620 $396,833 $444,985 $520,354 Net earnings...... $593,453 283,865 281,331 280,185 275,884 Deduot-Int.ertst ..... 46,003 49,733 52.312 51.439 Taxes............ . .... . $67,025 $113,921 $11:17,857 Bala.nee, Slll'plus.. $266,131 *Operating expenses in 1903 include $119,790 expended tor new property anil improvements, against lbl50,433 in 1901-02. President, Joseph Ramsey Jr.; Seo.• D. O. Tat.a; Treas., H. B. Henion, directors, Oct., 1902, V. 75, p. 610--(V. 77, p. 400, 821.) Annapolis Washington & Baltimore KK.-V. 75, p.1301. Arizona & Utah Ky.-Owns McConnico to 319 miles beyond Chloride, Ariz., 25 miles; trackage, Kingman to MoConnico, 4 miles. Stock, $600,000; outstanding June 30, 1903, $467,000; par, $100. .Remaining, $266,0u0 bonds issuable only on completion or 25 miles additional road. For year ending June 30, H/03, gross, $55 983; nett $10,743; charge~., $20,040; balance., def., $9,297. President, F. L. Unaerwood: Seo. ana Treas., R.H. E~g1eston. 31 Nassau St.• N. Y. Arkan11a11 Midland KK.-See page 530. Arkansas Southern RB.-Owns Eldorado, Ark., south to Winn• field, La., 101 miles. In Oct., 1903, extension was pro1>oeed trom Winnfield to .Alexandria, 50 miles Early in 1903 St. Louis parties acqutred control. V.76, P, 704. Stock authorized, $3,160,000; outstanding, $1,262,000; par of shares. $100. Honds are limited to $12,500 per mile of main track. Year ending June 30, 1902, gross, $333 984; net, $132,403; other income, $3,966 total deductions, $76,064; dividends, $35,000; balance, eur., $25,295: President and Treasurer, Geo. W. Hunter; Vice-President, H. c. Brown; Secretary, W. H. Crouch. (V. 76, p. 704, 751.) Arkansas Southwestern Ky .-Smithton to Pike City, Ark., 34 miles; branch, Gurdon Jct. to Gai;{etown, 28 miles, opened Oot.1 1901; Daleville to Camptown, 43 miles; total, 105 miles. In 19ul sold t,o new owners. ~took authorized, $12,000 per mile. For year ending June 30, 1902 (34 miles), gross, $54,778. President, William Grayson, St. Louts, Mo.-(V. 70, p. 895; V. 73, p. 1060.) Arkan11a11 Springfield & N or&hwe11tern KK.-Projeot.ed from Jefferson City to Springtteld, about 160 miles. Btook authorized, $3,000,000. The stockholders on Jan. 20, 1903, authorized first mortgage https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. RAILWAY STOCKS AND BONDS. 370 4 g. J. & J. New York and Phila. Q.-J. N.Y., Metropol. Tr. Co. 4 g. 6 g. A. & 0. N. Y., Contin.Trust Co. 5 g. J. & J. Mlssls.Val. Tr.,St.Lou1s 4 g. J. & J. NewYorkand St.Louts. 7 in 1902 Q.-M. Check from Co.'s office 4 g. M. & N.N.Y.,N.Y.Beo.&Tr.Co. 4 g. J. & J. N. Y., Cent'l Trust Co. 4 in 1903 J. & D. Checks malled tr. N. Y. do do 5 in 1903 F. & A.. 6 Olll' M. & s. N. Y., 5 Nassau Street. do do 5 g. J. & J. do do 4 g. A. & 0. do do Bee a 4 g. do do . 4 g. M. & S. do dd 4 g. F. & A.. do do 5 g. J. & J. do do 5 g. A. & 0. 7in 1903 M. & 8. N.Y.Cent.Tr.Co.t.54Wall no do A. & 0. 4 do do 7 o. J. & J. do do A. & O. 4 5 g. J. & D. Offloe,L.&N,,120B'w'y. do do 4 g. M. & 8. 4 g. J. & D. N. Y., Standard Tr. Co. Atlanta, Ga. 6 in 1901 J. & J. do do J. & J. 6 .••. .••••. ..•. 5 g. J. & J. 5 g. M. & N. Phila.,Read. Ter. Bldg. do do 41g A. & 0. Philadelphia. 5 g. A. & O. do 4 g. J. & J. V. 70, p. 944. ayable M . & N. July 1, 1919 July 1, 1995 Apr. 1, 1929 July 1, 1929 July 1, 1952 Sept. 20, '03t1l May 1, 1925 July 1, 1918 Dec. 1,19031 2 Feb. I, '04, :.:;19 Moh. 1, 1915 Jan. 1, 1937 Oct. 1, 1995 July 1, 1995 Mar. 1, 1928 Feb .• 1905-14. Jan. 1, 1928 Oct. 1. 1940 Sept. 6,'03,319 Jan. 1, 1907 Jan. 1, 1907 Jan. 1, 1907 Dec. 1, 1946 Mar. 1, 2002 June 1, 1953 See text. Co's option. Jan. 1, 1934. May 1, 1919 Apr. 1, 1930 Apr. 1, 194.8 July 1, 1951 bonds at $20,000 per mile. V. 75, p. 1085, 1398. President, Henry C. Solomon, Kansas City, Mo. Directors Jan., 1903, V. 76, p. 330. (V. 75, p. 1085, 1398; v. 76, p. 330, 751.) Arkansas Valley & Western BK.-BedForkon the St. Louts & San Fran.between Sapulpa and Tulsa. I.T., northwesterly to Enid,119¼ miles. Operated since completion, Dec. 28, 1903, by the St. Louts & San Francisco RR. V 78, p 49. Stook authorized, $3,500,000. Bonds are subject to oall at par and interest on and after July 1, 1912, or at any time at par it a.n extension ls arranged at a lower rat.a of interest. President, C. G. Jones, Oklahoma. City, 0. T.; Seo., John B. Linden.-V. 75, p. 183, 288. Asheville & Spartanburg KK.-See Southern Ry., Carolina Div Ashland Ooal & Iron Ky.-Ashla.nd to Straight Creek Junction, Ky., 22 m. Ches.& Ohio has trackage over this road. The mining interests were in Jan., 1902, transfened toAshlandCron&MiningCo.,stook being reduoed from $1,547,000 to$773,500 • .Bonds, see V. 71, p. 27. Year ending June 30, 1902, gross, $160.130; net, $75,473; other income. $57,2a2; int., taxes, eto.• $54,605; dividends (9 p. o.), $139,230; baL, def. for year, $61,030. Total surplus June 30, 1902, $20~,061. Dividends in 1895-96, 4 p. o.; in 1896-7. 4 p. o.; in 1897-8, 4 p. o.; In 1898-9, 4 p. c.; in 1899-0, 4 p. o.; June, 1900, to June 20, 1902, 6 p. o. yearly (llg p. o. Q-M), and in June, 1902, 3 p. o. extra; Sept., 1902, none; Dec•• 1 p. o.; in 1903, Including Sept., 3 p. o. Dlrectors, Oct.• 1903, V. 77, p. 1532. President, Robert Peebles; s~oretary and Treasurer, Frank B. Moore.-(V. 76, p. 76, 732; V. 77, p. 1532.) Ashland & Ironton Bridge Co.-(V. 77, p. 2~7, 348,) Astoria & Columbia River KK.-Goble to Seaside, Ore., 79 miles; bra.nob, Warrenton to New Astoria., 2 miles; traokag~ Goble to Portland, 40 miles; total, 121 miles. Stock outstanding, $J. 619,000; par, $100. Bonds authorized, $8,000,000 100-year gold 4s, due Aug. 7, 1996, interest F. & A., issuable at $40,000 per mile; outstanding, $3,280,000. Central Trust Co., Trust.ea. In 1903 interest on bonds was paid; previous Interest reported to be unpaid. Year ending June 30, 1902, gross, $306,954; net, ltillS,477; charges, $140,512; bal.. def., $22,036. Pres., A. B. Hammond, Astoria, Ore.-(V. 67, p. 426; v. 77, p. 2158.) A tcb Ison & Eastern Brldge.-Owns railroad and wagon bridge at Atchison Kan., oonneoting with the union station. Used by the Atoh. Tl. & Santa.Fe, the Chio. R. I. & P., the Mo. Pao. and the Chio. Burl. & uin. A reorganization of the Chio. & A.toh. Bridge Co. foreclosed ar. 4, 1898, per. plan V. 65, p. 366. Stock, $7001000; par, the $100 per share. A sinking fund equal to the difference beliWeen annual int.erest on the outstanding .bonds a.nd $30,000 will retire bonds yearly at par and int.erest (by lot it not purchasable in the open market). Yea.r ending Deo. 31, 1902 gross, $96,655; net, $75,002; int. and sinking fund, $30,000; renewals and other charges, ($6,675- 1 Pres. and Treas., Boward P. Eells, Cleveland, O.-(V. 67, p. 578.) (The) Atchison Topeka & Santa F'e Kallway.-(BuMap)The system opera.tied July, 1903, comprised 8,003·91 miles- of railroad and embraced an unbroken line ot traok from Chicago, m.. via kansas City, Mo., and Albuquerque, N. M., to the Paoiflo Ocean; also to Galveston, Tex., and the Gull of Mexico. For operating and statistical plll'poses the system is divided as follows: I Milu. Milu. 20·17 Atohison T. & S. F •.••.... 6,173·61 Bio Grande & El Paso.... Gull Colo. & S. F .....•.••. 1,202·89 South. Kans. Ry. ot Tex.. 129•17 Southern Ca.litornia....... 478·07 Total of a.11•••••••••••••••••••••••••••••••••••••••••••• •• : •••••••• 6,003·91 Also controls the Santa Fe Prescott & Phoenix and the Pecos Valley & Northeastern, 611 miles in all. V. 75, p. USO. In Apr., 1900, ao• quired control of Gull Beaumont & Kansas City and Gult Beaumont & Great Northern, which a.re leased. V. 76, p. 751; V 77, p.1224. ORGANIZATION.-This oompa.ny was organized on Dec. 12, 1895 undei: the general laws ot Ka.nsas, by the plll'ohasers at foreclosure sale of the property and franchises of the Atohison T. & Santa Fe RB. Co. in aooordanoe with a reorganization plan. V. 60 p. 658. The railway company in Apr., 1903, owned in tee 5,~06 miles of the syst.em, and also all, or nearly all, the bonds and stocks 01 thevarious compan1es in which the title to the other lines is vest.ad. v. 68, p. 974. A list of such holdings is in the generalmortgage (in V.62, p. 732,733, and successive annual reports). See V.69, p.1300;V.71, n. 27. In Mar., 1903, the Eel River & Eureka, in Northern California, together with the California. & Northern, 51 miles, was acquired 1n the int.erest of the company. V. 76, p . 653. The stockholders voted on Deo. 11, 1902, to purchase the Banta Fe Pacitto BR., etc., V. 75, p. 980. San Francisco & Sa.n Joaquin Valley Ry. was merged in June, 1901. V. 68, p. 426; V.67 p. 841.1355; V. 71,p. 605; V. ?2,p.1134. In Aug., 1901, lines in Oklahoma were proposed, 282 being operatedOct., 1903. V. 73, p. 736; V. ~/4, p. 150; V. 75, p. 610, 980; V. 77, p. 1224. In July, 1903, a. cut-off was under oonetruotion from Belen, N. M., to probably Portales, on the Pecos Valley, shortening the main line about 200 miles. V. 75, p. 28, 980. In Nov., 1903, the San Francisco & Northwestern Ry. project.eel from Alton, Humboldt County, Ca1., southerly to a connection with the Atohlson near Potnt Richmondt on San Francisco Bay, over 200 miles, was purchased; also the Ranasburg RR., 30 miles. Phrenl.x: & · & Eastern, see V. 77, p, 633, 1294, 2279. STOCK.-The pretened stock has preference as to assets and noncmmula.tive dividends not exceeding 5 p. o. per ann., as declared by t.h& uj ~ z 0 ~ ~ z ~ w Plo~be\ ~ 0 0 8 w ~ ~ N ~ H H ~ MAP OF THE \2._ ATCHISON, TOPEKA AND r-, ~ 0 ~ M z SANTA FE RAILWAY ~ ~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SYSTEM. oAlamos Jlm.,nez oSlnaJoa 0 F 11I E .XI 0 0 37;l RAILWAY STOCKS AND BONDS. RAlLROADB. l'or e:x.l)lana.tion of column headings, eto., see notes on first page of tables. A.Uantic OoastLinfl Oo.(Oonn.)-Stock,$30,000,000 Miles Date Size,or of of Par Road Bondt1 Value. iso7 INTEREST OR DIVIDENDS. r,er When Where PWi!'ble, and by 0 ~~~g IRate Cen_._ Payable om. -- - --- -$100 $10,500,000 ..... ·-· I [VOL. LXXVIII. ioo2 ---· Stocks-La.et Dividend. 8 in 1903 Q.-M. Baltimore. Dec.10,'03, 2% J 5 our. J. & D. In 1903 paid 5 p. o. Irredeemable. 4 J. & .J. In 1903 ~id 4 p. o. Jan. 1, '04, 2~ 5in1903J. & J,Treas.Of., ilm.,N.C.J ► nlO,'Otl,2 5 in 1903 J . & J. do do .Jan.10,'04, 215 in 1903 M. & N. do do Nov.10,'03,214 g. M. & S. N. YJ U. Fl. Trust Co. .July 1, 1952 4 g. M. & N. N.Y., . P. Mor~an &Co. Oct. 1, 1952 4 M. & N. Treas. off., Wilm., N. C. Irredeemable. 4 J. & J do do .Ja.n.,1904,2% 100 &c . 5,000,000 Ctfs. o:t indebt., inc.,non-cum., $6,000,000.r.SDa. do do do red. at105 a:tt'r 20iis.SBa .... 1900 100 &o. · n,000,000 100 35,659,000 .A.tltv,i. Coast Llm,e BB.-Stk., common~ xt) .... 991,000 100 Class" A" com. stk. tax exempt (Rlch. & et. ctfs.) 100 1,726,700 Preferred stock. 5 per cent ..••. ·--··· ..••.... l,OOO&o 35,344,975 1st oonsoL M , $80,000.000,J.·• text U "'· .. . o* &r 3,850 1902 100 &o 35,000.000 Col. tr M., gold, sec. by L. & . stock.red 105 . c<11r 1902 100 &c. 21,404.000 oert111cates or indebtedness (new) $25,000,000 .. do do (Old) ....... ........ . 1900 100 &c 11,100 BONDS UNDERL1'ING 1ST CONSOL 48, 657,000 No. East (B.C.), cons. M., g., Flor. to Charlest'n.c 102 1883 1,000 : g. J. & J. N. Y., Cuyler M. & Co. 1,600,000 Wilm. Col. & Aug., 1st M., (Wilm. to Columbia). 192 1880 1,000 J. &D. New York & Baltimore. 4 g. J. & J. Ba.It., Safe D. & 'Ir. Co. 1,000 5,547,llOO At.C.L.of S.C., gen. 1st M., $8,000,000, g.SBa.c* 674 1898 5 g. J. & J. Richm'd and Petereb'g. Petersburg M., class A, gold............ .. . ... 1,000 868,000 59 1881 800,000 do do Do clat1s B, g., (Petersb. to Weldon). 59 1881 1,000 A. & 0. 6¥' M.&N. Richmond, OfflcA. 340,500 6& Riehm d & Petersb., 1st mort. ($24,500 are 7s) .. 23 1875 500 &c N. Y., Brown Bros. Con. M., g. (Rich. to Pet., etc.).<Je ............ o* 300,000 4¼ g. A. & 0. 27 1890 1,000 4,000,000 4g.&5g. J. & J. N.Y.,Balt. and Wllming. Wilm. & Wel. gen. M.($938,000 a.re4s) .SBa.g.*<.' 468 1885 1,000 Yad.Div.,lstM.,g. (San. to Wil.,N.C.&c.).SBa.c* 177 1899 1,000 1,800,000 4 g. .J. & D. Ba.It., s. Dep. & Tr. Co. do do Wil. & New Bern, 1st M., gold, assumed.SBa . 86 1897 1,000 500,000 4 g. F. &A do do Alb.& Ral.,lst M., g.,ass'd(R.Mt.to Plym.)SBa 68 1894 1,000 500,000 4 g. J. & J. Nor. &Car., lstM.,g.(P.Pt.,Va.. toTar.,N.C.).Ce.c" 110 1889 1,000 1,320,000 5 g. A. & 0. N. Y., Central Trust Co. 5 g. J. & J. Balt. Sa:teDep. &Tr.Co. 2d mortgage, gold SBa ....................... o· 102 1896 1,000 400,000 6,500,()IJO 5g.&6g. A. & 0. New York and Sa.van. Sav. Flor. & \\est.1st M., gold.Mp. . ... o"&r 545 1884 1,000 Oharleston & Savannah, gen. mort • gold.SBa,c• 103 1886 1,000 1,500,000 7 g. .J. & J. do do Brnns.&W. lstM. Bruns. to Albany,g.,gu.LUp.c. 171 1888 500 &o. 3,000,000 4 g. J. & J. N. Y., U. 8. Trust Co. .. . 86,0<10 Income mortp:11ge · ·- · ...... .... . . .... . .... . 171 1888 M:·&·N. N. Y., Metropoi: Tr. Co. Ala. Mid., 1st M., g. (Bainb. to Montgom.) Mp.xc 175 1888 1,000 2,8<10,000 Florida South'n L<t mort, $5,000.000, g, ,, H c* 244 189~ 1,000 2,418,000 4 g. J. & J. N. Y., U. S. Trust Co. Sanford & St. Petal'burg, 1st mort., golt1.PeP. 153 t894 1,000 275,000 4 g. J. & J do do Four small issues ....................... . ......... . ... '78·'93 1,000 47,500 5 to 8 Various ---· hu,w11-i'rlllU1 pal, When Due. ·--s·g. .······--· Ja.n. 1 1933 June 10, 1910 July 1, 1948 July 1, 1926 Oct. 1, 1926 May 1, 1916 Apr. 1, 1940 July 1, 1936 June 1, 1949 Aug. 1, 1947 Jan. 1, 1944. Apr. 1, 1939 Jan. 1, 1946 Apr. 1, 1934 Jan. 1, 1936 Jan. 1, 1938 Nov~i,..i928 Jan. 1, 1946 Jim. 1, 1924 1915·1943 board of directors out of net profits. NQ other mortgage and no The oi,era.ting contract of 1881 accepted by the Southern Ry. reIncrease in the preferred stock oa.n be made without the consent of a quires the payment o:t interest on At. & O. debt a.nd 5 .p. o. on stock; majority of all the preferred stock and of all common stock repre• if gross eai'Ilings exceed $1,500,000, dividends to be 6 per cent; and eented at a meetinp:, The total authorized amount of preferred stock is if they exceed $2.500,000, 7 per cent. $131,486,000, of which $10,800,000 is reserved to acquire other DIVIDENDS,~ 1881 to'89. 1890. 1891 to Mar., 1901,incl. Since, lines; also $6,486,470 in special trust for improvements, exten• Per cent-~ 5 yearly. 519 6 yearly (M. & 8.) 7yrly. (M.&S.) eions, etc. Pref. stock certificates in SUPPLEMENT of April, 1897, page LA.TEST EARNINGS.- 4 ~ 1903 ..... Gross, $1,122,474; net. $407,9U S. Common stock authorized, $102,000,000. mos.,Julyl to Oct. 31. ( 1902 ..... Gross, 1,079,978; net, 411,269 DIVIDEND8.-0n preferred, 1 p. o. paid Jan. 26, 1899; July 20, 1899, EARNING8.-For year ending Ma.rob 31, 1903, gross. $3,047,261 1.14; 1900, 4; 1901 to Feb , 1904, 5 yearly (F.&A.). Div. on com., June, agst. $2,898,978 in 1901·2. Pres., C. B. Fairchild, N. Y.-(V. 73, p. 553) 1901, 11- p c.; Dec. 2, 2 p. c.; 1902, 4 p. o.; 1903, 4 p. o. Atlanta Knoxville &NorthernBy,-(SeeL.tlN Map).-Knox• · BoNDs.-The Gen. Mort. (A bl!ltract V. 62, p. 731·739, see also V. 68, p. 974) is to the Union Trust Co of N. Y. as trustee, and gives a, lien, v1lle, Tenn., to Marietta, Ga., 205 miles; a.nd Murphy to Blue Ridge, either by direct mortgage or by collateral trust, on the entire system 23 miles; trackage, Marietta, Ga., to Atlanta, Ga., 20 miles. o:t 7,734 miles of railroad owned, together with all the equipment and HISTORY.-A reorganization per plan in V. 62,p.1040,of the Marietta. terminals owned by the company, and future acquisitions. & North Georgia., foreclosed. Stock, common, $3,000,090; preferred, 5 General mortgage 41 (limited to $165,490,500). In 189~eruef;;19W: per cent, $1,500,000, IF sued in 1901 in exchange for second mortgage incomes. In Apr., 1902, the Louisville & Nashv1lle acquired a majora To rettre llll&rantee fund notes paid and car trusts at not exceedlo~ $1,260 tor each $1.000 of old bonds ... ,16,500,000 e2,840,264 ity o:t the stock. V. 74, p. 775. Of the oonsol. 4e, dated Mar. 11 _1902, 0 9 $1,000,• 00 are reserved to retire the first 5s, now l1m1ted ro that l~~~~f fN~U~~:tstr~n:,;~O:::f:~~i.~~- .~ ~.& .: :::· amount, the balance being issuable :tor general purposes. For tmprov'ts, terminals, second track, equlp't, etc., EARNINGS.-4 months, S1903......... Grose, $262, 75'2; net, $61,488 at not exceedlna J3,000,t ov yearly, of which not over •760,000 for extensions....... . . . . ... . . . . . . ..... ...... ll0,000,000 5,615,lQ8 Julyl to Oct. 3l. i 1902......... Gross, 240,590; net, 55,906 For acquisition ot Atlantic & Paciflc and other lines...... 20,000,000 6,731 ,MS Report for year ending June 30, 1901, V. 73, 1>, 1109. In 1902-03, The Adjustment Mortgage (Ab8tract V. 62, p. 739) is to the Central gross, $706,512; net, $131,144; int., $70,000; taxes and miscellaneous, Trust Co. as trustee. Interest is vaya.ble only out o:t net earnings $55,980; surplus, $5,164. President, Milton H. Smith.-(V. 75, p. 28.) :tor the ftsoa.l year up to 4 per cent and the rate is to be Atlanta Terminal <Jo.-To own union passenger station, wit,h determined on or before October 15 in ea.ob year ; interest to he ueert b yBouthern Ry., Central or Geor~ia. Ry. and was non•cumulative till July 1 1900, and cumulative thereafter. ap1,roacbes, Atlanta & West Point RR. Stock, $75,000, owned in equal proportions Present issue ls limited to $51,728,000, but when the $30,000,000 gen- by the three named, which pay all charg~fl and expenses on eral 4s authorized for improvements as above have been issued (i.e., oar basts. Ofcompani"fl the $1,500,000 bonds (e,ae above), $300,000 is reserved not before June 30, 1905), $20,000,000 additional ad1ustment 4s may for future requirements. V. 'i6, p. 593, 1394; V. 77, p. 099. Pres., oe issued for the same yurposes at not exceeding $2,000,000 in any one year, but only by a ml\)ority vote o:t the adjustment bondholders. In- J. W. English. (V. 76, p. 593, 1394). Atlanta & We8t Point BR.-Atlanta., Ga., to West Pt., Ga., 86 m. terest-In Nov., 1897, pa.id 3 p. o.; since, full 4 p. o.yearly. The Eastern Oklabuma division 4s o:t 1903 ($10,000 000 authorized) Ga. RR., June 30, 1903, owned $547,200 stock and $388,900 deb. cert. will be issued for extensions; the present issue of $/l,645,000 wm be · A belt line around Atlanta, 51g miles, is operated at rental o:f ·$16,000 aecured on lines about completed in July, 1!)03, viz.: Paul's Valley to yearly, 4 p. o. on its cost. V. 71, p. 963; V. 73, p. 1354. Newklrk1. lnd. Ter .. etc., a total of 282 miles. V. 76, p. 434. DIVIDENDS begun in 1855 were :tor mau.y years 8 per cent per annum. The $3u,OOO,OOO debenture 411 o:t 1902 were issued to pay for $13,· From July 1, 1884, to July, 1901, inclusive, 6 per cent yearly, J&J; 000,QOO equipment ordered since July 1, 1901, and to cover the cost Oct.1.1899, 25 p. o. extra (V. 69, p. 5901; 1902, (!); 1903, 6 p. o. of securities of Banta Fe Presc·ott & Phmnix, and construction of new In 1902-3, grosR, $808,372; net, $321,897; other income, $7,342; mileage already ma.de or authorized, amounting to $5,0u0,000, and charges, $252,078; dividends, $73,932; surplu11, $3,229. In bOl-2, additional equipment, terminal :facilities and other permanent improve• gross, $763,712; net, $297,303-(V. 69, p. 590; V. 71, p. 963.) ments made or ill curred smce Jul} 1, 1901, or hereafter to be incurred. Atlantic & Blrm.lngham Ky.-Wayoross, Ga., via Fitzgerald No new mortgage on lmes owned when the debentures were issued can Cordele to Montezuma, 140 rulles; Fitzlo!'.era.ld via Tifton and be made without seouriDg debentures thereunder. Bee statement. v. ana Moultrie to Thomasville, 80 miles; total, 220. A consolidation on Dec. 74, p. lfiO, and official statement in V. 74, p. 204; also V. 75,p. ti80. The debentures maturing Feh. 1,11903, having been paid from cash in the 3, 1903, with the Tifton Th" masville &Gulf and Tifton & Northeastern ra1lroads. V. 77. p 87, 2279. Extension northwesterly from Cor• treasury, are not included in the intome account. V. 77. p. ~338. Ga., toward Birmingham, Ala., about 124 miles, and from a San l!'rancisco ~ San Joaquin bonds may be drawn at 110 atter 1915 dele, point in Meriwether Count.y, at or near Warm Springs, about 75 miles, GENERAL FINANCES.-Capita.l expenditures from organization were propoi:,ed; V. 73, p 899. June 30, 1903, see V. 73, p, 1311; V. ',7, D. ti32 In Jan., 1902, i~sued STOCK & tiONDS.-!Stock authorized, $15,000 common and $6,000 $30,000,000 dt-bentures, payable $2,500,000 yearly; see above. preferred .stock 11 er mile. The 1st 5s of 1904 are issuable at $12,000 ln Dec., 1903, $10,000,0t•O general mortgl\ge bonds were sold, mostly pt>r mUe owned, constructed or acquired. Of the $2,640,000 issuable for the purchase of addlt10nal rulting stock, double•tra.oking and on the 220 miles owned. $440,0110 were in Oeo., 1903, held in the extensions. V. 77, p. ~338; V. 78, p. ~i7. , Bonds per mile of road treasury for new eqmpment recently ordered. Bee V. 77, p. 2279, July 1, 1903, $28,501; interest charge, $1,15~. V. 77, p. 631. EARNINGS.-For 4 mos. endin~ Oct. 31 (old A. & B. RR.) LATEST EARNJNGS,-5 i 1903 ... Gross, $29,776,553; net, $12,379,061 4 mos. Hross. Net. , haryes . Bal., sur mos.,Julyl to Nov. 30, S1902 ... Gross. 26,155,1~6; net, 10,593,330 1903 ....................... $133,048 $45,737 $14,083 :$31,654 Deductin~ taxes and rental8, balance for interest in 5 months of 1902................ . ... __ . 76,488 31,704 9,108 22,596 1903 was $11,473,9,3 6, against $9,662,355 Road operated 8,048 av· Statement for year ending June 30, 1903, in V. 77, p. 1289, showed era.ge miles m 1903, against 7,951 miles in 1902. on 140 miles, gro!'EI, $~70,112; net, $115,975; int. a.no t a xes, $42,632; REPORT.-Annual meeting third Thursday In October. Report for ba.l., sur., $73,343. Prest., W. G Raoul, 30 Pine St., New York; Auditor 7ear 1902-03 was given in V. 77, p. 624, 631; see also pa-re 605 W. J . Swain, Waycross. Ga. Directors, Dec., 1903, V. 77, p. 2279.-, Average freight train-load, 279 tons in 1902-03, against 247 in 1901·02. (V.77,p.1289,2158,2279.) Year• end. June 30- 1903. 1902. 1901 1900. Atlantic City KB.-CamdentoAtlantic City,57m. (double track); Aver. miles operated 7,965 7,855 7,807 7,341 branches, 5-! m.; Winslow Junction, to Cape May, N. J., Bea Isle City, Gross earnings ...... $62,350,398 $59,135,086 $54,474,822 $46,282,078 Ocean City ; total, 168 miles A consolidation in June, 1901, per Operating expenses 38,437,110 33,909,268 32,262,946 27,521,499 plan in CHRONICLE, v. 72, p. 'l.278. STOCK, common, $2,625,000; ---preferred, $1,000,000 (par, $50). The Reading Co. owns the greater Net earnings ... . $23,918,288 $25,225,818 $22,211,876 $18,710,579 part of the stock, and guarantees the oonsol. 4s, principal and 1902•Nl. 1001-02. 1002.03. 1901-02. interest. Form of guaranty, V. 75, p. 1398. Of the latter, $2,650,000 Net earninirs .... i2a,111s,2s~ $25,22 -,8U! Taxes, etc ..... . ,2.1 98,~M $2.S6a,16S are reserved to retire prior lien bonds and $786,000 for improvements. Other income.... 1,317,1193 l,U0,8081 Interest ....... . 9,184,~ ~8,IJ!:!5 See V. 73, p 81. There a.re also outstanding $23,500 Seacoast RR. ser. Net income .... $26,231,281 126,366,676 Bal.,surp ..... $18,81>,..,332 $15,564,528 A 5s and $2,834 ser. B 5e. For year 1902·3, gross, $1,415,689; net, Dividend on preferred stock................... ...... . ... (5%)5,708,600 (5%)5.70>-.,nOO $244,396; :ftxed charges, $206,646; bal., so.r., $37,7M.-(V.75, p. 1398.) Dividend on common stock .................... .. ... . . .. ,(4%)4,0'iS,22\l (~%)4,071j,220 . Atlantic <Joa8t Line <Jo.-(See Map.)-Organized May 29, 1889, under the laws of Connecticut, and owns a majority of capital Balance, surplus for year......................... .. . . . .$4,111,!22 $5.777,tHS stock and a large amount o:t the bonds in a system of railroad oom• OFFICERS.-Chairma.n of Executive Committee, Victor Morawetz; E. panies described underthetitleoftheAtlantic Coast Line RR. below. P. Ripley, President; D. L. Gallup, Comp.; H. W. Gardiner, A sst. Treas. STOCK.-As to certificates o:t indebtedness. see editorial, Oct., 1897, Dtrectors.-Charlel! Steele. R. Somers Haves. Edward J. Berwtnd, Goo. G. SUP., page 3.-v. 65, p. 564; v. 71, p. 1310. In 1898 $5,000,000 stock Haven, John G. McCullou2b, H. llleman Duval. Thomas P . Fowler, Victor distributed as a lOO•per•oent dividend. V. 67, p. 954. In May• .llorawetz, New York: B. P. Cheney, Boston; Edward P. Ripley, Byron L. was Smith, Chi~o: Andrew C Jobes, Wichita; Howe! Jones, Charles S. Gleed, 1903, stockholders sut>soribed to $500,000 new stock at $250 per $100 share, raising the amount outstanding to $10,500,000, V. 76, p. 1029. Topeka: ~. D Kenna, Chicago. In 1900 company distributed $10,000,000 4% certificates o:t indebted· OFFICE.-5 Nassau St., N. Y.-(V. 77, p. 2338;V. 78, p. 227, 286.) ness (including $2,500,000 of Atlantic Coast Line RR. Co.)as a lOO·p o. Atlanta & <Jharlotte Air Line By.-(See Map Southern Rail• dividend to represent the profits from the consolidation by which the toaJI S11stem.J-Owns Charlotte. N. C., to Atlanta, Ga., 269 miles. Atlantic Coast Line RR. was :formed. i:f~:~ l,~:~ ! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to ----- I --- J .A.N., 1904.] 373 RAILWAY STOOKS AND BONDS. C ·i, MAP OF THE ATLANTIC COAST LINE G U· L 0 F F ,/ :, . c.\ / M E https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I / ./~ /~~ C 0 /o· J,, ,/<t" ,/ II / / o· ! ' \\ \\ :'\ :'\ ~ ~\ ~\ .<?'\ <!'\ 374 RAILWAY STOOKS AND BONDS. rVoL. LXXVIII. I RAILROADS. Miles D a te Bize,or ~Wh-PrlnD olAm t - - -INTEREST - - - - -OR - -DIVIDENDS. ------iv, en ue. J'or explanation o:r column headings, &c., see notes of of Par Outs~~g Rate per When Where Payable, and by Stocki-Last on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. A.Uantic Oocut Line RB.-(Ooneluded,.J- ---- Bll.8p.O.&G., lst M.,g.(Ooalato Inv. &br.)Cl.o* 75 Wll.&Wel. otfs.oUnd. fordiv.1887,non-oum.,ino. .... A.t£.d!Dan1'.-lstM.,$4.,425,000,g.,int.rental.1'1.e.o* 275 2d M., $1,525,000, g., int. rental •• Ta..... ...... 275 A.ti. d! Gut/ Short Line.-lst M., $4,000,000, gold.K .••• Atian.tic d! No.Oarolina-Btook, $1,800,000......... •••• 1st mortgage, $325,000.. MeBa.................. .••. Atiantic d! Bt. Lawrence-Btock,6%rental Grand Tr'k 166 AuguBta d! Ba1'annah-Btook 5% rental Central Ga.. 53 .auo-u,taBo.-lstconsol.M.,gold .••••.••..••. Ce.xc 85 A.110n Genueo d! Mt. Morris RR.-Btock (see text)... •••• Bald Eagle Valteu-Stook, $2,600,000..... ••• . . . . . •. . ·9·3· let M. orig. $400,000 (s. :r., drawn at 100) ... FPxr Baltimored!Annap.S.L.-Btook, common............. •••. Baltimore Ohesapeake d! Atlan.-lst mort., goldAc* 88 Bait. d! Oumb. Val. Rfl.-lst mort., interest rental. 3 Balt. ti Oumb. Vat. RR.-lst mort., interest rental 5 B.tl o. V.RR.E:i:ten.-8tk,gu.($270,000oarr1es7p.o.) •••. let mortgage, interest rental. Ba................. 27 Bal"more d! Harrisburg RR.-ai., gold. Me Ba.c~ 32 lstM.West.Ext.($16,000p.m.),g.,gu.MeBa.o* 15 BalUMOre .e OMo-Oommon stock, $125,000,000 . • •. Pref. stooJt, 4. p. o., non-cum, a.nth. $60,000,000.. . . .. Prior lien mort., gold, not subj. to oa.ll.l'-le .. o*&r 1,076 lat mort., gold, red., at 105 after 1923."Us .. o*&r 1,657 Southwest'n Div. lstM., $45.i200,00QLg.F .. o*dtr 930 P1tts.Jo.&M1d.Div.($20,0001uuO) lstm.g.Oe.o*dtl' 384 P.L.E.&W.V.'Bys.ret.,~.,rea.l00aft.'25-Un.o*dtl' 1,642 -Oonv. deben., $15,000,000, gold, red., see text... •••• BONDS UNDERLYING mort. 3¼ per oent. Loa.n 1853, extended in1st 1885, gold............... 377 1 .Pitt.&Con.,lstM.,ext.in 1896ingold............. •••• I 1888 $1,000 $1,067,000 .... 100 13,500 1900 1,000 3,925,000 1904 1,000 See text. 1901 .. .. . . (1) 100 ..•. 1,797,200 1887 1,000 325,000 . .•. £&$100 5,484,000 ..•. $100 1,022,900 1894 1,000 n400,000 .••. 100 225,000 1·8·8··o 50 1,535,000 1,000 312,000 .••. 100 358,000 1894 1,000 1,250,000 1879 500 48,500 1879 100 &c. 72,800 ..•. 50 390,600 1881 1,000 230,000 1886 1,000 6110,000 1888 1,000 24.0,000 •••. 100 124,262,060 • • •• 100 59,374,289 1 8 9 8 500 &o. 71,798.000 1898 500 &o. 69,963,000 1899 500 &c. 43,600,000 1898 500 &c. a 6,175,480 1901 1,000 20,000,000 1901 1,000 592,000 1853 500 &o. 1868 1,000 118,000 24,500 4 g. J. & J. N. Y., U.8,Trust Co. July 1, 1918 7 A. & O. Wilmington, N. C. Irredeemable. 4 g. J. & J . N.Y.,MeroantlleTr.Co. July 1, 1948 4 g. J. & J. New York. July 1, 1948 5 g. F. & A. N. Y., Kniokerb, Trust. Aug. 1, 1981 2 in 1899 .••.. Check from Co.'s office. Sep.1.5,'99, 2" 6 J. & J. Balt.,Nl.F'rm'rs'&P.Bk July 1, 11917 6 M. & B. London and Portland. Sep., 1903, 8% 5 J. & J. Savannah, Ga. Jan. 5, '04.1 219 5g. J. &D.N.Y.,J.P.Morgan&Co. Dec.1, 1.924. 8¼ J. & J. New York, Erie RR. Jan. 1,'04., 1'1& 10 F. & A. . . . . .. . . .. Feb. 1, )'04, 5% 6 our. J. & J. Phlla.,F.Ins.Tr.&B.Dep. Jan. 1, 1910 7 in '03 J. & J. Checks malled. Jan. 2, '04.1 819 5 g. M. & fl. Phlla.,]Jroa.d St. Eltat•n. Sept. 1, 1.934 6 J. & J. Balt., .1rnrm. & Meo. Bk. July 1, 1929 6 J. & J. do do July 1, 1929 5 & 7 J. & J. do do · Jan. 1, 1904. 6 J. & J. do do July 1, 1931 5 g. M. & N. do do Nov. 1, 1936 5 g. M. & N. do do May 1, 1938 4 in 1903 M. & S. Co.'sOffloe,2Wa.l1Bt.N. Y Sept.1, 1903, 2 4 in 1903 M. & 8. do do Sept.1, '03.1 2% · 3¼ g. ,r · do do July 1, 1.925 4 g. 6 do do July 1, 1948 3¼ g. 1T do do July 1, 1925 3¼ g. * do do Nov. 1, 1925 4 g. M. & N. do do Nov. 1, 1941 4 g. M. & S. do do Moh. 1, 1911 I I 4 g. A. & O. 4 g. J. & J. do do do do B.Bt~t~~1l}::;~~.~~~~~.~~~~~-~~·.~.~:. ..•. ..•. ..... 7.000 Var., g. Various N. Y .• Farmers• L. & Tr. 1 ,r Coup.z_J.-J.; reg., Q.-J. ~ Coup., A.-0.; reg., Q.-J. * Coup., M.-N.; reg.,_ Q.-F. a In adrution $7,635,050 are pledged as part collateral tor the Pittsb. L. E. & W. Va. System 4s. -V. 71, p. 697; v. 73! p. 493. As to securities pledged to secure equally tbeoerttiloates of inaebtedness of 1897 and 1900, aee V. 71, p. 1310. CASH DIVIDENDS, S1896. '97. '98. '99. '00. '01. '02, 1903. Per centl 3 3¼ 4 419 I) 419 6¼ 8 (2 Q-M) Fnll interest has been paid on the oertiff.oates of tndebtedness to 1903. Chairman of Board, Henry Walters; President, Warren G. E111ott.-(V. 74,p. 774; V. 75,p.496, 732, 1146; V. 76, p. 1029.) Atlantic Coast Line RR.-(See Map,)-Operates from Rich• mond ~la Charleston, Savannah and J aoksonville to Port Tampa, Fla., with numerous branches, to Norfolk, Va., Wilmington and New Bern, N. c., Brunswick and Albany, Ga.,Mont~omery,Ala.,eto. Lines 01.0ned. Mites. Richmond, Va., to Port Tampa, Fla ............................. 898 Norfolk Va., to South Rocky Mount ...•..•••••.•...••••••••• 115 Contentnea to W1lm1ngton ••.. 105 J!'lorence, s. c., to Robbins ..•.. 138 Sumter to Columbia .••••••..... 43 WtlmingtOn. N. c.,to Banford.116 Jesup, Ga.,to :ftlontgomery, Ala353 Brunswick, Ga., to Albany .••. 169 DupontJct. tolnverness,Fla... 247 Santord to St. Petersburg, Fla.158 Palatka, Fla., to Brooksville .. 145 Bartow to Fort Meyers, Fla ... 101 Lines owned-( Oon.; Branches, etc ...•••••..•...••. 1,444 ,r Bee these companies. Leaae~ Mitu. Central RR. o:r B. Carolina-Lane to Sumter, 8. 0....... 40 Other lines.................... 40 Trac.kage- Robbins to Augusta, Ga., eto. 59 Total in earntngs ...•.•... 4,166 Oontrolled, operated separatei,. ,r Louisville & Nashv1lle •.•... 6,133 ,r Charleston & West.Caro.... 340 ,rNorthwest'n RR.of S.Car. 61 Also owns one•stxth interest in t e Richmond-Washington Co. and one-hall interest in Atlanta (Ga.) Belt Line Co., 519 nilles. Leases, Jointly with the Louisville & Nashv1lle RR., the Georgia RR., which operates and controls 626 miles. The acquisition in 1902 of a maJority interest in the Louisville & Nashville brought 4,916 miles ot addi· tonal road under the control o:r the Atlantic Coast Line. ORGANIZATION-.Orl,dnally the Atlantic Coast Line of Va. (change o:r name being authorized.in Jan., 1900); in April, 1900, absorbed by consolidation (per plan V. 70, p. 840, 893) the following allied properties: Wilmington & Weldon RR., South Ea.stern RR., Atlantic Coast Line railroads of South Carolina and Virginia Norfolk & Carolina. RR. The Florida Southern and Sanford & St.Petersburg were merged in Apr,, 1903, the $4,241 000 Fla. Bo. 4s and $775,000 Sanford & St. Peters• burg 4s being offered the privilege of exchange for 90 p. o. in Atlantic Coast Line oonsol. 4s. V. 7 6, p. 918, 971. The Atlantic Coast Line Co. (of conn.) owns a maJority or the stock. Bee that company above. v. 70, p. 893; v. 71, p. 1116, 1310. Savannah Flor. & Western Ry. (" Plant System"), which owned and oo11.trolled 2,234 miles, was merged July 1, 1902. V. 74, p. 774,829. In Oct., 1902, acquired &130,600,000 ot the $60.000,000 Louisville & Naehv1lle RR. stock for $10,000,000 cash, $35,000,000 in 4 per cent 50 year oolla.t. trust bonds and $5,000,000 stock. V. 75, p. 733, 792, 1105· 8TOCK,-Atlantic Coast Line RR. o:r Va., class A, tax-exempt stock· was assumed as so much of the common stock of the new company. Under the consolidation with the S. F. & W. in 1902 the common stock was Increased from $15,890 200 to $23,150,000. (See above.) In Nov., 1902, the authori'.ied common stock was increased by $15,· 000,000; of the new stock $5,000,000 was given in part payment of controlling interest in the Louisville & Nashville stock, $8,500,000 additional being subscribed for as part of the same transaction at $125 per share. This raises the amount outstanding to $36,650,000. v. 75, p. 1252. The preferred stock ($18,850,000) was in 1902 mostly exchanged for 125 per cent in 4 per cent certtlloates o:r indebtedness. V. 75, p. 1252. DIVIDENDS.-Dtvtdends on pref. paid Nov., 1900, to Nov,, 1903, both inclusive, 5 per cent yearly (M. & N.). On common, including class "A" stock, 1 per cent paid Jan.10, 1901; July, 1¼ p. o.; in 1902 Jan., 119 p. o.; July, 2 p. o.; in 1903, 5 p. c. (J. & J.); in 1904, Jan., 21g p. o. On certs. of indebtedness in full to Nov., 1903, incl. •BoNDS.-First consol.4s of 1902 ($80,000,000 authorized, llmtted to $20 000 per mile) are a first lien on about 714 miles of road and a blanket lien on the remaining 3,136 miles owned, subject to the under• lying bonds. The first console are issued or reserved as follows: Issued forthwith ........ ...................................... $31,034,000 Reserved to take up underlying liens........................ 35,102,000 Reserved for acquisitions, extensions, improvements and iwir:;:!sent" .$i2,45i:ooo·were. issue .($35.,3.44:01·5),' use1lii6;!;rt~ Bav. Flor. & West. oonsol. 4s to the same amount, $7 945,000 were applicable to the retirement of $3,000,000 Atl Coast £ine cert:rs. of indebtedness and $2,880,000 W1lm1ngton & Weldon 6 and 7 per cent trredeemable oertifl.oates of indebteaness (over 99 per cent of the holders of which had in Deo., 1903, con~ented to exchange for the new bonds) and $10,638,000 to the purchase o:r the $12,500,000 s. F. & w. pref. stock and $5,000,000 Bruns. & West. and Charl. & sav. inoome bonds (over 98 p. c. of latter acquired; $2,830,'700 were med to acquire the Florida So. and Sanford & St. Petersburg roads, aggregatlng 397 miles and $1,500,000 for equipment.). V. 75, p. 76; v. 77, p. 1872. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Oot. 1, 1935 July 1, 1946 Various. As to the $35,000,000 collateral trust 4s of 1902 see "Organization" above. They are subject to call at 105 in amounts not less than $100,000. Car trusts $120,000, due $10,000 quar., Mar., 1904, to Deo., 1906. LATEST EARNs.-5 mos. l 1903••. Gross, $7,804,720; net,$2,808,850 July 1 to Nov. 30. 51902•.. Gross, 7,622,944; net, 2,453,098 REPORT for the ¥ear ending June 30, 1903. was given at len.g th in V. 77, p. 2032, 2047 (see also editorial, p. 2007), showing on 4,138 miles operated as follows: STATEMENT FOR YEAR ENDING JUNE 30, 1903. Gross earnings ........ $i9 682,455 ID;terest and rentals .. 1T$5,2oi,982 (lno. of 11·58 p. c. over 101·02) Miscel. deductions...... 2 ... ,061 Net earns. (overtaxes) 7,070,119 j Div. on pref.stock (5%) 94,075 (Inc. of 18·13 p. o. over '01-02) Div. on com. stock (5%) 1,620,000 Other income.......... *1,152,9521 I Total ineome ...... $8,223,071 Balance, surplus ... $1,278,953 * Includes 6 mos. dividend, or $765,000, on L . & N. stock owned. ,r Includes 9 mos. interest, or $1,050,0u0, on L. & N. col. trust bonds. OFFICEBS.-Chairman of Boa.rd, Henry Walters; President, R. G. Erwin; 1st Vice•Pres., Alexander Hamilton; 2d Vioe·Pres., C. 8. Gads• den; 3d Vice Pres., T. M. Emerson; 4th Vice-Pres. and Gen. Man., J. R, Kenly; Seo•• Herbert L. Borden; Treas., James F. Post.(V. 77,p. 2279.) Atlantic & DanvllleRy.-(See Map Southern By.J-West Nor• folk, to Danv1lle, Va., 203 mtles, three branches, 22miles; James River Junction to Claremont (3 feet gauge) 50 mlles; total 275 miles. Leased to Southern Ry. from Sept. 11 1.899, to July 1, 1949, for taxes, repairs, maintenance and cash rent& sufficient to cover interest charges, with privilege of renewals for terms o:r 99 years. In addition the Southern Ry. agrees to pay the same rate of dividends on the oommon stock as may at any time be paid on Its own common stock. V. 71, p. 447. STOCK..-Common, $2,180,800; pref., 30,992 shares, par originallJ' ,100, but reduced 60 per cent by payment from proceeds of sale o( bonds, vis, 40 per cent in 1900 and 20 p. o. in Nov., 1901; further pay• ments to be made latter part of 1904 and 1909, when It will be entirelY oa.nceled. See V. 71, p. 181, 862; v. 73, p. 722, 956. BoNDs.-o:r the $4,425,000 tours of 1900 $500,000 can be issued only for improvements upon request of Southern .Ry. o:r the $1,525,000 second 4s, $775,000 can be issued July 1, 1904. and $750,000 not untll July 1, 1909. V. 77, p, 195.-(V. 74-, p. 774; V. 77, p. 195.) Atlantic & Gulf'Short Llne.-See V. 73, p. 615; V. 76, p. 1354. Atlantic & Lake Superior Ry.-In July, 1903, operated Metapedia, Quebec, to Paspebtao, 100 miles; owned St. Gregoire to Nicolet, 7m.; St. Franoisto Ya.ma.aka, 6 m.; Ya.ma.ska to Sorel, 10 m.; La.chute to St. Andrews, 7 m.; total, 130 miles. Was under construction, Pas• pebiao Jone. to Port Daniel, 21 m.; P1errev1lle to Nicolet, 15 m.; Bt. Gregoire to Chaudiere Juno., 67 m. During year 1902-3 road was operated by trustee for bondholders. Stock authorized-'- $10,000,000; par, $100; issued, $2,602,500. Bonds outstanding, £5u0,000, 4s. For year ending June 30, 1903, gross, $49,631; def. under oper., $8,418. President, Hon. J. R. Thibaudeau; Beo., Edgar N. Armstrong, Montreal.-(V. 68, p. 329; v. 70, p.1148.) Atlantic & North Carolina RR.-Morehead City to Goldsboro, N.C.,95m. State o:r N. C. owns $1.266,500 of $1.797,200.stook. In• Dec., Hl03, the Atlantic RR was incorporated with $250,000 author• lzed stock, to lease the road, it was reported, and extend it from Golds• boro to Raleigh, 50 miles. See V 78, p. 227. DIVIDENDS.- l '92. '93. '94. 1895. 1896. 1897. 1898, 1899, Sinoe, Per cent. 5 2 2 2 0 2 2 2 2 O EARNINGS.-For year ending June 30, 1903, gross, $304,107; net, $108,545; int., taxes, eto., $32,716; improvements, $49,833: bal., surplUB, $25,996.-(V. 68, p. 472; V. 77, p. 628, 1224, 1873; V. 78, p. 227.) Atlantic Valdosta & Western Ry.-See Georgia Bo. & Flo. Ry. Augusta & Savannah RR.-Mlllen to Augusta, Ga., 53 miles, In 1895, re-leased to Cen. of Georgia at 5 p. o. on stook.-V. 61, p. 239. Augusta Southern RR.-Owns from Augusta to Sa.ndersv1lle, Ga., 80 m., and Sandersville & Tennille RR., 4miles. The Southern Ry. in Jan., 1901, acquired about four-fifths of the stock, and so controls, although the lease was annulled April 25, 1901. V. 73, p. 343. Com• mon stock, $400,000; pref., $350,000; par, $100. Year ending June~-~ 1902, gros~ $182,158; net $11,364; total deductions, $24,455; a.cu. $13,091.-(v. 72, p. 935.1 Austin &North-western RR.-Bee Houston&TexasCentr'lRy• Avon Geneseo & 1'1.t. Morris RR.-Mt. Morris to Avon, N. 18 miles. Leased to Erie RR. Feb. 26, 1896, in perpetuity at 2¼ p. o. on stock for 4 years from Jan. 1, 1896, 3 p. o. for 1 year more and 319 p. o. therea:rter.-(Bee v. 63, p. 512; V. 62, p. 318, 589.) Bald Eagle Valley HR.-Owns from Vail Btatio:p, Pa. to Lookhaven, Pa., 51 miles; branches to Sugar Camp, eto., 42 mlles, Leased to Penn. RR. Co. for 99 years trom Deo. 7, 1864. Rental, 40 per oent o:r gross earnings. Rental 1902, $328,091; other income, Y.: 00 ~ z0 ~ - ~ z ~ w ~ 0 0 8 w ~ ~H H ~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l'iketon 0 MAP OF THE BALTIMORE & OHIO SYSTE1U RAILROAD \ RAILWAY STOCKS AND BONDS. 376 [VOL. LXXVIII. Bonda-Prmo1INTEREST OR DIVIDENDS. RAILROADS. pal, When Due . Miles Date Size, or Amount Par of Rate When Where ror explanation of column headings, &c., see notes ot P~ble, and by 8toc7"-Last Outstanding Per oent. Payable om. on first page of tables. Dividend. Road. Bonde Value. - - - --- Baltimore~ Ohio--(Oonctuded)- BONDS UNDERLYING PI'rJ.'8B. JUNO. & MID. D cv.3¼ s 419 g. M.& S. Co.'e0fflce,2Wal1St.N. Y Sept. 1, 1930 Oent.O., $2,500,000,oon. let M. (1st l'n) I.MeBa.c 144 1886 $1,000 $1,009,000 do do 638,000 7 J. & J. Band. Mane. & Newark, $2,300,000, le M.Un.c* 116 1869 1,000 Jan. 1, 1909 6 g. J. & J. *959,000 7 1882 do do 1,000 Pittsb. Juno., let mort., $1,400,000, gold.Jne .. c.iJuly 1, 1922 <lo 5 g. J. & J. do *250,000 July 1, 1922 7 1894 1,000 2d mo~age, $300,000, cf.old.Me •.. ·-··-·····o* *191,000 do 5 g. A. & O. do Pitts. Jc. er. let M., $50 ,000, g., gu. p.& I.Me 1887 Oot. 1, 1907 BoND8 UNDERLYING Pl'ITSB'g LAKE ERIE & wiisi- VIRG1 5 g. A. & 0. 5,000,000 do do Clev. Lor. & Wheel. Cone. M. (now 1st) g. U am.c* 192 1893 1,000 Oot. 1, 1988 5 g. J. & D. 890,000 do do Ge"U4!lral mort., $1,000,000, gold, red.105.N ... o 192 1896 1,000 June 1, 1936 do 4½! g. J. & J. 950,000 (Jou.ref. M.,$10,000,0C.0, g., red. at102½!.0ot.c* 102 1900 1,000 do Jan. 1, 1930 5,491,000 do 4 g. M.& N. Clev.Term.& Val.let M., g,, gu.,red. par.Me-o*&r do Nov. 1, 1995 88 1895 1,000 5 g. F. & A. 700,000 do do Feb. 1, 1919 30 1889 1,000 af.ononviver RR., 1st M., g., fu. B. &0.0e ... c'" 5 g. M. & S. 228,000 do Ohio & ttle Kanawha. Ry., le M., $250,000, g 72 1900 1,000 do Moh. 1, 1950 5 g. J. & D. 2,000,000 do Ohio River, 1st mort. ($2,000,000), gold F'P .. c* 172 1886 1,000 do June 1. 1986 2,941,000 5 g. A. & O. do Gen. M. ($3 000,000), gold, 1st on 39 miles o* 209 1&87 1,000 do Apr. 1, 1987 6 g. F. & A. 376,000 rlo do Aug. 1, 1920 33 1890 1,000 Ra.v.Sp.& G[ 1st MS $400,000, g., gu. ~.&i.F'Pc* 6 g. J. & J. 303,000 do do July 1, 1922 11 1892 1,000 Hunt.inf on & Bii . let M. ($400,000 , g., gu.c* 6 g. F. & A. 50,000 do Ripley Mill Cr' 1st M.,g.,E:;. p.&1.,end.c*&r Aug. 1, 1908 do 13 1888 1,000 6 g. A. & O. 529,000 do Pittsb. Clev. &Tol.lst M., g.,ca. ed125 Feb.1 .. '03 do Oot. 1, 1922 77 1882 1,000 4 g. Allegheny, 83,000 Pa..letN.Bk. 100 J. &o. & D. Pittab. Newcastle & L. E ., 1st mort., ext. in gold June 1, 1917 30 1878 4 g. J. & J. N.YNJ.P. Morga.n&Co. July 1, 1917 2 816,000 Pittsb. & Wte~ let (oons.) M. $lO,oooo300, g .. c· 215 1887 1,000 5 g. F. &A 300,000 ew York City. Ellwood Sho Line, let M., gold, $3 ,000.. . 0 Jan. 1, 1920 3 1890 1,000 4 g. A. & o. Co.'sOfflce,2 WallSt.N. Y Apr. 1, 1990 4,000,000 W. Va.. &P., lstM. g, 5sEeoaled; red.pa.r.MeBa.o* 176 1890 1,000 LEASED LINES, TC,, SECURITIES, x350,000 5 g. M.&N. do do May 1, 1939 Bait. & N. Y. RR., 1st M., ~old, guar.MeBa.c&r 519 1889 1,000 5 g. J. & D. Balt.,Am. Bond'g & Tr. Deo. 1, 194.5 903,000 Mon. Riv. Coal M., $1,500, 00, g., s.f., red. at par 1895 1,000 4, g. J. & D, 5,000,000 Bohu:kL R. E. S. RR. 1st M., g., guar. p. & i., end. ·12 1903 1,000 June 1, 1925 6 g. A. & O. N. Y., foot Whitehall St. Jan. 1, 1918 8. I. a.p. Tr., 1st M., $1,000,000, g., $ or £.Us.o" 11 1883 1,000 .xl,000,000 2,500,000 4 g. J. & J. do July 1, 1904 .2d mortgage, gold$roar., $2,500,000.S ..•••. o* do 11 1899 1,000 4.lgg. J. & D. 511,000 8. I. Ry., 1st mort., ,000,000, gold.Me ..•... c* New York City. June 1, 1943 13 1893 1,000 B. & 0. EQUIPMENT OBLIGATIONS1,216,631 Real estate and car trusts June 30, 1903 ......... ..&..J. New York, 2 Wall St. To Dec·..Si", '10 7,000,000 Car trusts, gold, $1,000,000 due a.nnua.Jly.S.... o* J. 1901 B"'timore ~ .Potomac-Bt,e PHILA.. BALTIMORE & INGTON, 3,360,000 5 g. J. & J. N. Y., Gua.r. Trust Co. Jan. 1, 1943 ~angor ti .A.rooa.-lst M., ($16,000 p. m.) g.G .••. o' 211 1893 1,000 5 g. J. & J. 152,000 do 2d mortga.ge, gold. U sm....... ............... ..... 211 1895 1,000 do July 1. 1945 ~ Bala nee of outsta.n dyiga.mount s shownt n first 1 eft hand column a.re ow nedbyB.&O. .x Largely owned by or tor Baltimore & Ohio. ru:·is: --·· ·--- w.isu i:ooo $14.,64'8; int., taxes, eto., $46,286; dividends (10 p. o.), $140,625; bal., enr., $155,828. Rental 1n 1901, $266,626. Pennsylvania. RR. Jan. 1, 1903, owned $706,250 stook.-(V. 66, p. 708.) Baltimore & Annapolis Short Line RR.-Owns road from Oillfords to Annapolis, Md., 22 miles. In 1897 acquired control of Anna.polls Washington & Ba.ltimore RR. Co., owning 8,575 out of 3,580 aha.res of its stook. aJl pledged under the mortgage, whioh was sold In Deo., 1902, to the W1toBh1ngton Baltimore & Anna.p. Eleotrto Ry. tor $367,400. The $334,000 bonds were oa.lled and pa.id June 1, 1903. V. 75, p. 1301. Common st.ock issued, 8358,000; there is also $500,000 of preferred st.ook a.uthorized, but none issued, DIVIDENDS- ~ 1898. 1899. 1900. 1901. 1902, 1903. 1904. Per cent. 5 6 5 6 6 719 7 Jan., 319 Yea.r 1902-03, gross, $125,765; net, $46,113; other inc., $21,480; int. on bonds $13,071; taxes, $4,510; div., 7 p. o., $25,060; eurplll8, $24,· 952.-(V. 76, p 809.) Baltimore Ohe•apeake & Atlantic Rr..-owns Claiborne to Ocean City, Md., 87 miles; branch, 1 mile; tota. , 88 miles; from Claiborne to Baltimore, 42 miles,. transfer is ma.de by water; steamer lines· owned, 1,426 miles; t.otal mueage owned and ooerated, 1,514 milesControlled by Penn. RR. and a.llled lines. V. 69, p. 541,590; v. 59, p. 371. Pref. st.ook, $1,500,000 5 p. o. cum.; oommon, $1,000,000. In 1902·3, gross, $857,372; net, $206,540; other inc., $7,109; taxes, $2,176; mterest, $62,500; extraordinary expenditures, $111,922; balance, sur., $37,051. -(V. 71, p.1164.) Baltimore& Onmberland(RK. and Ry.)-The Railroad extends from State Line, Md., to Waynesboro Pa., 4·55 miles; stook $76,700 in $50 shares. The Railway extends from Edgemont, Md., to State Line, Pa., 3 miles; stook, $42,500 1n $100 shares. Both a.re leased to Western Maryland RR. for 50 yea.rs from July 11 1879, with prlv• lege of renewal or purchase; rental, interest on bonus. Baltimore & Cumberland Valley Extension KR.-Waynesboro to Shippensburg Pa., 26·52 miles. Leased to Western Maryland RR. for 50 years from July 1, 1881, with privlle~e ot renewal for interest on bonds and divid. on stock, amounting in all to $42. 730. See table above and V. 75, p. 665 . Year ending Sept. 30, 1900 gross earnings, $301,096, against $269,695 in 1898·9; net (over taxes), $168,007, against$134,548.-(V. 75, p. 665.) Baltimore & Harrlsbur~ RR.-Emory Grove, Md., to Orrtanna, Pa.., 59 mtles, with branches, 7 miles, total, 66 miles. Leases Ba.It. & Harrisburg Ry., Western extension, Orrtanna. to Highfield, 15 miles, guaranteeing interest on its bonds. Leased to Western Maryland RR. for 50 ytars from Oot. 25, 18~6; rental, interest on bonds. Stock, oommon, $690,000; pref., $29,100.-(V. 44, p. 812.) Baltimore & Ohio HR.-(SeeMap),-RoAD.-Operates from Ba.lti· more t,o Philadelphia. and Baltimore to Chicago, Cincinnati and st. Louis, the total mileage leased, owned and operated being in July 1903, 3,935 miles. The "Royal Blue Line" (see Central RR. of N. J.) gives the road a.ooess to New York. The system embraces, subject to th" mortgages, the following lines: Prior lifn 3~% M.-(1,076miles) Milu. Pittsburg & Western...... f219 Balt. to Wheellng1 Belpre, 0., etc ...721 Ptttsb. Cleveland & Toledo........ 77 Camberland to Plttsb. &; W., etc .• lj56 Plttst>. Patnesv. & Fairport....... 03 lat M. !l%.-(681 miles) Eastern Ohio.... . . .. . . ... . .. . 17 Baltimore to Philadelphia. and brs.1~7 Trumbull & Ma.honing . . . :.::::: 11 Chicago, Ill., to Akron 0 ..... . ...... 378 Monon11abela River RR.. so Branches to Fairmont. W. Va.,etc•.• 66 Clev. Terminal & Valley . .. · 88 8{)'11,th. W. Div. 8¼% M.Cleveland Lorain & Wheeling Ry Belpre, o.. via Cincfu. to St. L .. etc. 930 Wheeling to Cleveland, etc ..••• ·. f192 Pitt,a. June. 8¾% M .-(8& miles)Mites Ohio River RR. Lines. Bellaire to \11dland City, 0 ...... l 877 Benwood to Wheeling, etc....... f265 Shawnee to SandUBkY.t 0 ........ 5 West Virginia Short Line RR. 58 Pittsburg Junction R.H. .... 7 Oh10 & Little Kanawha RR. · • • • 7" P.L.E ..t.W.Va.S11d% W.(•1,M2m.) West Virginia & Pittsburg........ 176 Total of all (addln11: Baltimore -Belt and other lines)... . .... .,,897 • Includes 88!l m., also covered by Pitts. Jct, 1st M. f See this ccmpany. I I I ·······__ In 1901 a.oquired majority of stook of Cleveland Lorain & Wheeling Ry. (V. 72, p, 480), Ohio River RR. lines (V. 73, p. 81) and entire stock of West Va. Short Line RR (V. 73, p. 235), 1n all 515 m. of road, imd began operating them, the 0. L. & W. from Feb. 1, 1902, and the latter two from Aug. 1, 1901. The Ohio & Little Kanawha., 72 m., and Pitts. &West.wereacqlliredNov.,1901. V.73,p.1263, 1356. HI8TORY,-Recetvers were appointed in February, 1896, but on July 1, 1899, the road proper was returned to the company, the reorganization plan (in V. 66, p. 1235,) having been consummated without toreclosure and the road vastly improved 1n physioa.l condition. The reorganization of the B. & 0. Southwest. was effected and new securities issued 1n Sept., 1899, per plan in V. 67, p. 688, the oonsol mortgage of 1893 ha.vtng been foreclosed, and the road virtually merged.-V. 71, p. 1218. In January, 1900, new securities were issued under the plan of reorgauiza.tion of the Cent. Ohio and other leased lines. v. 67, p. 688, 1109, 1206, 1356. READING Co., &c.-In 1901 $55,110,000 (virtual control) of the $140,000,000 Rea.ding Co. stook, consisting largely of preferred stock, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ·--,·g. was acquired, the Lake Shore & Michigan Southern Ry. Co. (Vanderbilt Rystem) taking one·half. V. 76, p. 101. In 1903 a. one-sixth interest in $6,9241200 of the $11,000,000 Hooking Valley Ry. common stock was acquired. V. 77, p. 1225. PENNSYLVANIA RR. INTEREST.-The Pennsylvania. RR. Oo. purohased a large interest in 1900·01 and on Jan. 1, 1903, owned dlreotly $21,· 480,000 preferred and $30,293,300 common stock; also through the Northern Central $1,000,000 preferred and $781,500 common stock, and through the Pennsylvania. Co. at least $5,000,000 preferred stock. v. 70 p. 76; v. 74, p. 528. 8TOCK.-Autllorized issues: Common, $125,000,000, see "General Finances" below.; pref. 4 p. c. non-cumula ave, $60,000,000; outetand• Ing, see table above and "General Fina.noes.'' Pref. stock dividends a.re limited to 4 p. o. (See V. 71, p. 1166, 1,nd edit., p. 1143; V. 72, p. 1186.) Votlngtrustdissolvedin Aug., 1901. DIVIDENDS (p. o.) ..•.•••• } 1900. 1901. 1902, 1903 Common............... 2 4 4 4 Preferred.. . • . . • • . • . • • • • 4, 4. 4 4 Boims.-(1) Prio,,. Lien 319%, a first lien on main line and branches Parkersburg branch and Pittsburg division, about 1,076 miles ol ft1'8t track, and 1,325 miles of eecond, third and fourth traok81and eld· lnge, and also aJl the equipment now owned of the value of upwards of $20,000,000, or hereafter a.cqutred. Total authorized, $75,000,00(}1 of which ,$ 5,000,000 to be issued only after Jan. 1, 1902 (at not exoeewng f 1,000,000 a year) for the enlargment, betterment or extension of the properties covered. See a.pplioa.tlon to list, V. 69, p. 30. (2) Firat 'Mortgage 4 per cent Gold Bond.B, Due July r rQ48, bnt subject Go call, 1n whole or in pa.rt, after July 1, 1923, at 105; a first lien on the Philadelphia., Chioa.go and Akron divisions a.ud branches and the Fairmont Morgantown & Pittsbur.il RR., covering a.bout 581 miles of llrst traok and about 573 miles of second, third and fourth traoks and sidings: also on the B. & 0. Terminal property and the Baltimore Belt &R. They are also a. lien subJeot to prior lien mortgage upon main Une, etc. See application to llst, V. 69, p. 30. . rotal authorized issue in no oa.se to exoeed ..••.•••..••.••• $165,000,000 Of whioh to retire prior lien bonds in 1925.............. ?J,000,000 For the enlargement, betterment or extension of the properties covered by mortgages (1) and (2), or for extensions, additions or equipment, a.t not exceeding $1,500,000 a. year for the first four yea.rs a.nd at not exceedmg $1,000,000 a year thereafter, ortgtna.lly.... 27,000,000 3) Bouthwutern Di?Jision rst Mortgage 319 per cents. Virtually a first lien upon the properties oonstit11tlng the B. & O. Southwestern RR. system, or the securities representing the same, oovering about 930 miles of .first traok and a.bout 401 miles of seoond track and sidings. Totallesue . . • • • • . . • • . • • • . • • • •• . . • • •• $45,000,000 Of whioh issuable only at the rate of not exoeeding $1,000,000 per year for the enla.r"'ement, betterment or extension of properties oovere8, origlna.Uy..... •. . . r,000,000 (4) B. ti o. Pitta. Jun. ti Mid. Dii,, 319 per cents. .Exoeoted to be ultimately a first lien upon.the railroads of the Oen. J. system and Pitts. Juno. RR. Co., 385 miles 1n a.11l'otal authorized issne in no case to exoeed .•.••••...•• -•• $20,000,000 Of whioh to be issued only at the rate of not exceeding $1,000,000 per year for the first two years and thereafter at the rate of not exceeding $500,000 per year, for the enlargement, betterment or extension of the properties covered by the mortgage................. J,000,000 Of whloh 1n partial exchange tor old bonde........... ••• ro,.sfx},ooo Sold to a. syndicate for ca.sh requirements............... ,,000,000 Balance for contingencies .•••••..•••••.~.................. nr,ooo Of these bonds $6,175,480 a.re in hands of the publlo and $7,635,050 a.re pledged as part oollateral for Pitta. Lake Erie & West Va. System 4s. Note.-The underlying bonds et111 outstanding 1n July, 1903, are in table at tflp of page. The underlying stooks st111 in the hands of the publlt' aggregated $5,027 par value. (5) Pi.ttBourg Lake Erie a? Wut Virginia Syatem mortgage refnnding 4 per oent gold bonds (authorized amount $75,0001000) are a lien on 1,642 miles, oonslstlng of the Ohio River, Cleve. LOrain & Wh~, Pittsburg & Western, etc., forming a direct oonneotlon with Pittsburg, Cleveland, Fairport Lorain and Sandusky, subject to underlying bonds outstanding thereon (see table above). In July, 1903, $27J84.,· 050 additional underlying bonds, lnoluding $7,635,050 Ftttsburg Junction & Middle Division 312s, were held 1n trust as pa.rt security. Of the total issue of bonds $20,000,000 were sold tn Feb., 1902, $40,000,· 000 were held to retire underlying bonds outstanding (of whloh $12,· 425,000 are subject to oall) and the rema.lnlng $15,00~000 are issuable for additions and improvement.a. See full statement v. 74, p. 266. (6) The 4 per cent debenturu of 1901 are oonvertible at the option of the holder into oommon etook at par on 30 days' notice (see V. 73, p. 1159); they may be called for :payment at par and interest on any interest day, beginning Mar. 1, 1902, either wholly or partly tn the inverse order of their numbers. V 72, p. 282; V. 73, p. 337, 1158; v. 75, p. 549. RAILWAY STOOKS AND BONDS JAN., 1904.J 377 RAILROADS. INTEREST OR DIVIDENDS. Bonds-PrtD.01• Mllee Date Size, or Amount. pa.l,WhenDue. For explanation of column headings, &o., see notes of of Par outstanding Rate per When Where payable, and by Btoc/u-Laet on :first page of tables. Road. Bonds Value. cent. Payable Whom. Dividend. Ban. d! Ar.(Oon.)-lst M. Piso.D.,$1,500,000,g.G.c* 5 g. A. & 0 N. Y., Guar. Trust Co. Jan. 1, 194.3 77 1899 $1,000 $1,500,000 33 1899 1,000 500,000 5 g. A.. & 0 Van Buren Exten. 1st M., $500,000, g •.•••. G.c.* do do Jan, 1, 194.3 225,000 5 g. A.. & 0. Aroostook No. 1st M., $225.000, gold.....•.. G.c* 15¼ 1897 1,000 do do Oct. 1, 1947 3,282,000 4 g. J. & J . N. Y.,BrownBros.&Bos. July 1 1951 ConsoL refund'g mort., $20,000,000, gold.OB.o* 359 1901 1,000 728,000 Aroostook County bonds (assumed) ...•.. .•••••.. '92-'9:'l . S,.pt 12.JulyU 4¼ Va.rtous 680,000 5g. &6 A.& O. N. Y., Guar Trust Co. To July 1,1910 Car trusts, $60,000 due A. & O. yearly.G ...•••• . . '96-'00 1,000 Bangor d! Porttand- lst mortgage, gold .••.••.••••• 320,000 6 g. J. & J. N. Yd 26 Exohd!looe. '80-'86 100 &o 1930-1936 Ba.th Extension mortgage, gold ....•.•....•...••• 1,000 60,000 5 g. l\L & s. 1900 0 Moh. 1, 1925 100,000 5 g. J. & D. Ba.th d! Hammondsport-1st mortgage, gold ..••.••. 10 1889 1,000 New York City. June 1, 1919 200,000 Second mortgage, gold Ce........................ . 10 1893 1,000 5 g. A. & 0. In default. Apr. 1, 1923 Beat1er d! Ellwood-lat mortgage, gold .........•.. • 150,000 4 g. J. & J . 3 1899 July 1, 1919 ... 50 Jleuh Oreek-Btock (guaranteed 4 per cent by end.) 160 6,000,000 4 Q.-J. N. Y., Grand Cent. Sta.. Jan., 1904. 1% 1st M., g,giiar. p. & i. (end.) K ... ............ o&r 160 5,000,000 4 g. J. & J. 1,000 do do July 1, 1936 2d M. tor $1,000,000, g,gu. p. & i. (end.).Un.o&r 160 1892 1,000 1,000,000 5 g. J. & J. do do July 1, 1936 Cleart.Biium. Coal 1st M.,int.gu. by Bh. Cr., gold.~ 1891 100 &o. 774,000 4 g. J. & J. N. Y., Knlokerb'r Trust. Jan. 1, 1940 ·59 1901 1,000&0 3,500,000 3¼ g. A.. & o. N. Y., Gr. Cent. Station. Apr. 1, 1951 Beuh Or. Ezt.-lst M:., $, ,500,000. g.1. go.p.&.i.G.c Beltingh. Bay d! Brit. uo,.-1st M.,$1,u00,000, g.,s.t. 42 1901 1,000 500,000 5 !fi J. &D. N.Y,U.S.M&T.Co.&8.F. Dec. 1, 1932 Bel,t RR. d! Stock Yard of Indianapolis-Stock ..... . 1,000,000 6¼1 in' 3 J. & J. lndianapolis, Oo. office. Jan. 1, '04:, 4 50 . ·-· Preferred stock, cumulative ...................... . . . ··-· 500,000 50 6 Q.-J. do do Jan. l.'O'f 119 1st mortgage for $1,000t.000, currency ........... . 1,000 1,000,000 6 M. &N. Phila.il'. H. Newbolds. Apr. 30, 911 Belt Ri,.-lst M.(red. aft.July 1, 1903) g.1'.leBa.o* ·25 1895 1,000 275,000 5 J. & J. Bait., ere. Tr. & Dep. July 1, 194.5 Bett1idere Detaware-Btock ($4,000,000) .......... . 1,253,000 5 in1903 Feb. 50 Philadelphia, Pa. RR. Feb. 20,'03.15% 1,000 500,000 4 l\L & s. Consol. { gua.r. by United Co's, s.t...•.•••••••. r ·s2 do do SeEt. 1, 1925 mortllage sua.r. by United Co's, s. t . ........... r !<2 1887 1,000 749,000 4 F. & A. do do Fe • 1, 1927 of 1875 1Ssue $600,000 reduced bys. f ••••• r 82 1893 1,000 500,000 4 J. & J. do do Jan. 1, 1933 R2 1903 1,000 $4,000,000 guar. by United Cos., s f ... . .•••. c* 1,000,000 319 g. J. & J. do do Jan. 1, 194.S Bsrmingham·d! Attantic-lst mort., $500,000 ..... . 35 1891 1,000 500,000 M.& N. 6 In default. Nov. 1, 1931 Birmingha1n Belt- See ST. Louis & SAN FRANCISCO. BiBm. Wash. d! Gt. Falls 1st M .. g., see text.Ce.c&r 58 1900 1,000 650,000 5 g. J. & J. 1st Nat.Bank, Minneap. Jan. 1, 1930 Bloomb'g d! Sullivan .R.R.-lst M., $4001.000 ... . F¥ 30 1898 1,000 400,000 5 J. & J. Phila., F. I. T. & S.D.Uo. Jan. 1, 1928 30 1898 1,000 2d mortgage, income. non•cum., $20u,OOO ... FP 200,000 5 J. & J. Phila.., when earned. Jan. 1, 1928 . (!) Boca d: Loyalton-1st M., $675,000, g •• call 110 . . o* 52 1903 1,000 6g. A. & O. N.Y., U.S.l\L&Tr.&S.F. Apr. 1, 1923 Boon?Jille St. L. d: South. R11.-lstM.g.$l,OOO,OOO.o* 44 1881 1,000 400,000 6g. F. & A. N. Y., Amer. Ex..'. . ._B a.nk. Aug._1, 1911 .... ... ..... ---· iss6 -- issi iss5 LEASED LINES.-Schuylkill River East Bide 5 p. o. bonds were purchased on LJecember 1, 1903, at 110, per a.grPement V .. 68, p. 40, ,and $5,0oO,OOO new 419s issued, guaranteed, lJrincipa.l and interest, •by endorseml'lnt. The Sta.ten Island Rapid Transit new 4s the Baltimore & Ohio RR. agrees to purchase at par and interest in ca.sh prior to July 1, 1904, and. meantime to guarantee interest thereon at 4. per cent. V. 68, 5ifi!k!9&p ~~:aburp: (see agreement in v. 67, p.1310), has been operated stnceSept. 1, 1899, under a. 99 years' lease_. tor 4 per t rtgage, t 0 b e appropria.ted topa.ymen t of b ona interest' th oen the B.on& O.e mo having the option tor 5 yea.rs to purchase the bonds at par and accrued interest on 60 days' notice. v. 69, p. 439. The B. & o. purchased Feb. 1. 1903, at 125 $1,864,000 of the $2,· 393,000 Pittsburg Cleve. & Toledo bonds. v. 70, p. 632; v. 76, p. 47. .l!"'INANCES.-In September, 1901, the authorized issue of common stock was increased from $45,000,000 to $60,000,000, to provide tor conversion of $15,000,000 debenture 4s issued in March, 1901, for haprovements, etc. (V. 72, p. 282, 337), and in Nov., 1901, was further increased to $100,000,000. In July, 1903, $14,408,000 debentures had been converted. Stockholders in Dec.. '01. subscribed to new common •took, v1s.,.__!1221537,200 at par1 chiefly to acquire the stocks deposited nnderthe r1ttsuurg LakeErie&WestVa.. System mortgage,andforthe reduction of their debts. V. 73, p.1159; V • 74, p. 150, 266. The stockholders in Sept., 1902, subscribed at par to $42,316,860 additional stock to the eAtent ol 30 per cent ot their holdings, 50 per cent being payable at once and 50 p. c. on Nov. 24, 1902, raising the amount outstanding to $124.262,000; of th~ proceeds $20,533,000 is 0 ~ ~o!~~J:J~!~~~ ~:!~::1a~:g $12,454,000 to acquire stocks, bonds, etc., tQ be placed under the Pitts• burg Lake Erie & West va.. System mortgage. v. 75. p, fi49, 980. In Nov., 1903, $5,000,00fl ilrst 4s. it-3,000,000 prior llen 3½ls and ·$1,600,000 Southwestern Division 312s were sold tor additions and improvements. V. 77, p. 1873.1740, 2097. As to Reading Company stock, see above. The $10,000,000 equipment bonds of 1901 a.re due $1,000,000 yearly. EABNINGS-From July 1 to Dec. 31, 1903 (6 months), including B. & O. Southwestern in both years, were: 190,3 ................................ Gross, $34,415,!551; net, $12,728,446 1902 ....••••.•... ·······-···-······Gross, 31,681,566; net, 12,203,398 Earnings of July, 1902 and 1903, based on 3,985 miles, being entire -system (4,397 miles) except Valley 1tR. or Virginia, Ravenswood Soencer & Glenville, Ripley & Mill Creek ia~:l•~~~~l~little Kanawha, Cleveland Terminal & Valley, Cleveland LoANNUAL REPORT.-Report tor year ending June 30, 1903, was in v. 77, p. 2032, 2040 (See also editorial, p. 2004.) Average rate per ton per mile, o·56 mills in 1902-3, against 5·28 mills in 1901-02; average revenue train•loa.d, 416 tons, against 411 in 1901·2. .Year ending June 301902 -3. 1901·2. 1900•1. Mil 3 935 3 884 3,221 FreT:lir::::::::::::::::::::::::$47.756,251 $43,779,786 $35,553,872 Passengers ..•••.....•..••.•. ___ 12,520,988 11,238,537 9,054,602 Mall, express, etc·-····-·····- 3,17~,395 2,874,172 2,505,957 ----- ----- ---Total gross earnings•••••.. $63,44.9,633 $57,892,495 $47,114,431 Opera.ting expenses .••••••• --· 39,569,964. 37,006,984 31,046,231 -- --- ----Net earnings ·······-····-··$23,879,669 $20,885,511 $16,068,200 Other income (net) .•••••• •·•··· 1,222,991 930,096 688,429 - - - - - - - - - ·- - - Tota.I net income•.....••... $25,102,660 $21,815,607 $16,756,629 lnterestand renta.ls._ ••..••••• $ 8 ,934 ,919 $l0, 162•,; 33 $ 8 , 148•512 Taxes.············-·-········--· 1,239,726 1,175,062 970,504 Discount, commissions, etc .• _. 1,109,8~3 1,303,939 448,627 Dividends on pref. stock.•. -·· (4)2,400,000 (4)2,400,000 (4)2,400,000 do common stook•. (4)4,970,482 (4)3,039,848 (4)1,800,000 Additions and improvements.. 3,500,000 2,500,000 2,500,000 ---- ---- ---Ba.lance, surplus .•••••. _..• $2,947,680 x$1,233,925 x$488,985 xSurplus dt1fers from that shown In pamphlet report owing to method of charging common stock dividend, the above being used for simplicity~ Exeoutive Committee.-Osoa.r G. Murray, Cha.trma.n; J. K. Cowen; B. M. Prevost, John P. Greeo.t James McCrea and Samuel Rea.; Pres., Oscar G. Murray; 1st Vice•rres., Geo. F. Randol11b; Seo., C. W. Woolford; Treas., J. V. MoNea.1. The Pennsylvania. RR. is represented on the boa.rd by S. M. Prevost, John P. Green, Samuel Rea and J a.mes Mot,'rea.. O ther directors: 0 Jfc°:bn::.. ct::re~s J!~:1"gtNrm::.11Jc'.r:!1rdl~r::on~·le~~-sentl!!B State of :Md., L. Victor Baugnma.n. A. P. G(!rman. N. Y. Office, 2 Wall St.-(V. 78, p. 47, 101, 286.) Haiti.more & Potom.ae RK.-See Phila.. Bait. & Wash. RR. Bang_or & A.roo•took. RR.-(See Map)-Oldtown, Me., northerly to Van Buren, with branches; total 412 miles, viz.: P•-:J-::·J!!i !f~\~::1 ~~i~~:3~?;ef;}~ s~i.r:. Line, ownea- si~:rt· Mites. , Mile,. Brownville to Caribou and br.. 205 Ashland Jot. to Fort Kent..... 96 Oldtown to Greenville and B. & Aroostook Northern, Caribou K. Iron Works .•..•••• ._ ••• ._. 95 to Limestone .•••••••••••••.•• 16 ORGANIZATION.-Organlzed Feb.13, 1891. State of Maine refunds 95 per cent of all taxes \evied. For orga.nisa.tion see V. 66, p. 855. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The Fish River RR•• Ashland, Me., to Fort Kent, 53 miles, was pur• ohased in July, 1903. (V. 75, p. 977; V. 77, p. 35.) Extension l'rom :Kata.hdin lron Works. north to Chesuncook Lake, 50 miles, wau reported to be proposed. STOCK.-Common, $1,550.000; 10,400 shares full paid and 100 aha.res, 5% pa.Id. In July, 1903, $500.000 additional stock was issued to purchase the Fisb River RR. V. 77, p. 35. First seml•a.nnua.l divi• dmd, llg p. c., was paid Jan., 1904. v. 78, p. 47. /BONDS.-A.8 to gold 5s on Plsoat. Division see V. 67, p. 1159; V. 68 p. 84, 329. Van Bur(ln Extension 5s ot 1899, V. 69, p. 95ll. Of the oonsoL retundinir_ gold 4s, $12,500,000 were reserved to pa.y .. otf the outstanding bonds, including those of controlled roads, oar trusts and preferred stock, and to acquire such controlled roads, $3,· 000,000 for improvements over a series of yea.rs and ~_.500,000 for extensions at $ 25,000 per mile including equipment. v • 73, P• 286, 896 ; V. 74• p. 93 • LATEST EABNINGS.-5 mos., } 1903. · · ••Gross, $847,957; net, $334,'Z47 July 1 to Nov. 30. i 1902•. •••Gross, 740,313; net, 289,095 A.NNuAL REPORT-Report tor year ending June 30, 1903, in v. 77, p. 1029, showed: Gross, $1,800,168; net, $664,051; charges, $515,676; betterments, $57,083; ba.l.. surplus, $91,312. In 1901-2, gross, $1,· ,08,937; net, $601,774.-(V. 77, p. 195, 1294, 1629; v. 78, p. 47.) Bangor &; Portland Ry.-Portland to Bath, Pa., 29 miles; JS aza.reth Jct. to Martin's Creek, 5 m.; other branches, 5 m.; total, 39 miles. stock, $510,000 all acquired in 1900 by Dela.ware Lack&· wanna. & Western RR. Dividend (6 p. o.) paid Jan.15.1901; in 1902, 5 p. c.; in 1903, 4 p.o. For cal. year 1902, gross, $263,229; net, $61,965; _ interest and rentals, $45,716; div. (4%), $20,400; bal., def., $4,UH. Bath & Hamm.ond•port RR.-Ba.th, N. Y., to Hammondsport, N. Y., 10 miles. Control acquired by Erle RR. lD Oct., 1903. STOCK, $l00,000; oar,~lOO. Yearend~ngJune30, 1903. gross. $32,915; net, $ 12 ,875 ; 0ther moome, $518; mt. and taxes, $16,320; bal., der., $2,· 926.-(V. 77, p. 1224.) Bay oC Q.ulnte Ky.-V. 74, p. 150 , Beech Creek. KR.-( Bee Map adjoining N. Y. Oentral.)-ROADJersey Shore, Pa.,to Mahaffey,113 m; branches, to Ph111psburg, to mines, &o., 47 miles; total, 160 miles. LEASE, &c.-From October 1, 1890, lea.sed to the N. Y. Central & Hudson River RR. tor 999 years at interest on bonds and 4 per cent on stock, and since May 1, 1899, operated directly as a, part of tte Pennsylvania division. V. 68, p. 872. Carries mostly coal and coke. see guarantyV. 52, p. 570. The bonds are endorsed with New York Oen• tra.l's guaranty of prin. and int. See v. 52, p. 570.-(V. 75, p. 1398.) Beech Creek Exten•lon RR -(See Map adjoining N. Y. Oentral.J -Clearfield, Pa., to Keating, 52·08 miles; Rossiterto RossiterJot.,3•21 m.; MoElha.ttan to Browns, 1 ·21 m.; Cataract to Potterdale, 2·09 m. total, 58·59 miles; operated from July 1, 1902. A low•gra.de ooa.l line, leased to N. Y . Cent. & Rud. River RR. (which owns entire $4,500,· 000 stock) for 999 yea.rs from May 22, 1901, bonds being guaranteed, nrinolpal and interest.-(V. 73, p. 1356.) Bellin;_ham. Bay & Brltl•h Columbia RR.-Whatoom to Maple Faus, Wash., 42 miles; extension under construction from Maple Fa.lls to Cornella, 7 m.; branch from H3mpton Siding to Lynden, 5 miles, and a further exteDsion of over 50 m. also proposed. Stock, $1,000,000, all owned Jan., 1902, by New York and San Fran• cisoo parties. Year ending Dec. 31, 1901, gross, $120,134; net, $48,000; taxes, $5,787; int.on bonds (1 month), $2,083.-(V. 73, p. 1356.) Belt Railroad & Stock. Yard of' Indlanapolh.-Owns 14. miles of belt road, etc. Leased tor 999 yea.rs to Ind. Union-which see. DIVID.- ) Preferred in Common '95. '96. '97. '98to'02. '03. '04. Bince1894( tulltoda.te. stockp.o. 5 4¼ 'iO 5 yrly. 6111 Jan.,4 Pr s .E. Ra.uh Indi Ind. v 77 es., · • , anapo11s, -( • , p. 2389 ,) Belt Railway (of Chauanoog_a, Tenn.).-Owns 25 miles of belt railroad in l,"'hatta.nooga, Tenn. v. 67, p. 72. · HisTORY.-A reorganization of Union Ry. foreclosed June 17, 1895. Leased till July 1 1945, to Alabma Great Southern RR.; rental guar anteed to meet interest on 1st .M.. oonds, taxes and maintenance. STOCK ts $300,000, owned by A.la.. Great So. Ry. There are also $24. 000 second income 48, due 194.5, but eubjeot to call at par July 1, 1903; coupons paid from Jan., 1901, to July, 1903, tnol.-(V. 63,p. Oqq.) Belvidere Dela-ware KK.-Owns from Trenton, N. J., to Ma· nunka. Chunk, N. J., 67.m.;FlemingtonRR.,&o.t 14 m.; operated out-off 1 m.; total operated, 82 mile11. Leased to Unitea Companies, and 'trans• ferred to Penn. RR. March 7, 1876. Net ea.rnings paid as renta.L Srocx..-Authorized, $4,000.000; outstanding Jan., 1903, $1,253,· 000; par, $50. Dividends: 1897 to 1903, both inclusive, 5 p. o. yearly. BoNDs.-All of the outstanding bonds a.re secured by the ooneol. mortgage of 1875 for $4,000,000; sinking fund 1 per cent of outsta.nd• in,r bonds 11 earned. The issues of 1885, 1887 and 1903 a.re gua.ran• teed by the United New Jersey RR. & Canal Co, Guaranty, V. 76, p. 918. EARNINGs.-In 1902, gross, $1,121,127; net, $201,694; interest, taxes, etc., $145,208; sink, fund and other charges, $38;442; bal., eur., $18,044; div. (5 p. o.), paid out of surplus earnings of previous years, $62,650. In 1901, gross,$1,306,565; net, $412,086.-(V. 76, p. 918.) Bennln~ton & Rutland Ky.-See,Butland RR.-(V. 70, p. 685. Berk•~re KR.-West Stockbridge, Mass.,_ to Connecticut State Line, 21 miles. Road opened 1842. Leased April 1, 1893, for 99 yea.ra 378 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOCKS AND BONDS. [VOL. LXXVIII. C, '1) 0 0 .r C M AP OF THE BANGOR & AROOSTOOK RAILROAD AND CONNECTIONS. FOJ' 379 RAILWAY STOOKS AND BONDS. JAN., 1904.j RAILROADS. Mil D te Biz INTEREST OR DIVIDENDS. BalondBWh-PrinDCi• es a e, or Amount p , en ncs. explanation of column headings, &o., see notes of of Par Outstanding Rate per When Where Payable, a.nd by Btocka-Laat on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. Bo•ton ti Albany-Stock ($30,000,000 authorized) .. Bonde (not mortgage), guar. p. & L ••••••••••••••• Bonds (not mo~a.ge) $5,000,000 ..••.•••...••••. o .BBonde, J!~~ ~~~~o:~lenoy ..•••••••••••••••• ···1· not mortgage .. 394 •••. ..•. Bonde, Bonds, Bonde, Bonds, Bonds, do do * Boston & Ma.tne gives do o*.. a. renta.l guarantee do o •• for 99 yea.rs. do .... Bonde, do Bonds, do o ... Boston cl Maine-Btook, common and scrip.OB .... Preferred stock, 6 per cent, non•oumulattve.OB. Improvem't bonds, s. f., not mort. or subj. to call Improvem•t bonds, s. f., not mort. or subj. to call Bonds (not mortgage) for imp. & ref..•.•••.••. o&r Bonds, not mort~age, gold..................... c&r Bonds, $5,454,000, g., secured by Fitohb. stock .. Improvement bonds, not mort.,$1,000,000...... . Bonde, ($2,000,000) not mort.) .................. . Ea.stern RR.oerts.ofindebt.letM., g:,B.f.,notdrn.6 Portsmouth Great Falls & Conway .1st mort. .... o Central Maeeaohusetts, 1st M. ID, assumed ..•. o., Charlestown land mortgage notes...•...•..•••.••. Port. & Roch. Terminal bonds (no mort.) ass'd.o Boston ti .Prot,.-Stook, 10 p. o. guar. 99 yrs., Old Col. Bondi!? not mortgage..•••••.••........•..••..••.. o* Boston .l:te'Dere Beach cl Lynn-Btook ..•..••.••..•.•.. let mortgage, $1,000,000, goldSB ...... ..... o~&r Boston Winthrop & Shore 1st mort assumed.ID Boston Terminal Oo.-lst mort., ourrenoy.OB.. c&r BrooklynclRockawayBeach.-lstM.,$350,000,g.ow BruceMinucl ..U.-lstM.$250,000,gu.p.&1.red...••. $100 $25,000,000 See text. Q.-M. Boston, Of. Ter. Station Deo.31,'03, 214 3,858,000 31g A. & o. do do 1,000 Apr. 1, 1952 3,627,000 4 A. & O. do do Oot. 1, 1913 1,000 1,000,000 319 J. & J. do do Jan. 1, 1951 1,000 6,599,400 8 J. & J. Boston, at Office. Jan. 2, '04, 4% 100 3,675,000 4 Various do 1885·9 1,000 do 1905·6·7·9 1,000,000 4 A. & 0. do 1892 · 1,000 do Apr. 1, 1932 1,000,000 4 F. & A. do 1893 1,000 do Feb. 1, 1913 500,000 4 M. & 8. do 1895 1,000 do Moh. 1, 1915 750,000 4 J. & J. do do July 1, 1916 1896 1,000 414,000 4 A. & O. do 1897·8 1,000 do Oot.,1917 & 18 939.000 3¼ J. & J. do do 1919 & 1921 '99-'0l 1,000 250~000 319 M. & N. do do May 1, 1928 1903 1,000 Boston, at Office. i Jan. 1, '04, 11\ 100 23,838,070 7 in 1903 Q.-J. 3,149,800 6 M. & B. Causeway St. 5 Sept.l, '03, 3% .•.. 100 1,500,000 4 F. & A. do do Feb., 1905·07 '85·'87 1,000 1,919,000 4 F. & A. do 1887 1,000 do Feb. 1, 1937 2,500,000 4 F. & A. do 1892 1000&0. do Aug. 1, 1942 6,000,000 4¼ g. J. & J. do do Jan. 1. 1944 1894 1,000 5,454,000 3 g. J. & J. do 1900 1,000 do July 1, 1950 1,000,000 3¼ M. & N. do 1901 1,000 do Nov. 1, 1921 1,000,000 3.Jg J. & J. do 1903 1,000 do Jan. 1, 1923 7,918,508 6 g. M. & B. Bost.;Lond.,BaringBr. Sept. 1, 1906 1876 $& £ 998,000 1877 500&6. 4¼ J. & D. Boston, at office. June 1, 1937 2,000,000 1886 1,000 5 A. & 0. Oot. 1, 1906 594,800 4 J. & J. Boston Office & Fed.Tr. Sept. l, 1906 Var. Var. 113,500 4 A. & 0. do 1892 do Oot. 1, 1907 4,000,000 10 Q.-J. BostonTerm.,room526 Jan. l, '04_, 219 2,170,000 '88·i93 1,000 4 J. & J. do do July 1, .1918 850,000 2 in 1903 J. & J. Office,orchequesma.tled Jan. 1, '04.., 1% ..•. 100 561,000 4lgg. J. & J. Boston, State Bt. Tr. Co. July 15, .1927 1897 lOOO&o. 289,000 5 M. & B. Boston, State Na.t'l Bk. Sept. 1, 1906 1886 1,000 3¼ Text. Boston, State Na.t'l Bk. Feb. 1, 1947 1897 1,000&6 14,000,000 338,000 6 g. M. & N. In defaulteinceNov.'99 May 1, 1931 1891 1,000 150,000 5 g. J. & D. N. Y., Knlckerb. Tr. Co. June 1, 1952 1902 500 .••. i002 •••. • ••. .••. •••. . ••. .••. ..•. ii"i 73 99 •••. .68 . •. . •.•. 9 5 ••.. 31g 17 1893 1901 t88 to N. Y. N. H. & H. RR. for expenses, taxes and 6 p. o. on stock, paid Q.-J. 15 at House.tonic Nat. Bk., Stockbridge, Mase. Lease to Hons&• tonic BR. suspended but not canceled. Stock, $600,000. Bessemer & Lake Erle KR.-Lea.see Pittsburg Bessemer bo Lake Erle RR., Bessemer, near Plttsbnrf, Pa.., to Conneaut Harbor, Lake Erie, etc., with branches, a tota. of 203 miles, for 999 yea.rs from Apr. 1, 1901. V. 72, p. 137. Authorized to operate a. railroad from a. point of connection with the Pitts. Bes. & Lake E. at or near Kremls Station, Pa.., to a :point on the Jamestown & Franklin RR., near Salem Station, Pa..; has 10 mtles under construction. Stock, a.uthorized, $500,000. Controlled by the Carnegie Co. and so by the U. S. Steel Corporation. Guaranty of Marquette & Bessemer Dock & Navigation bonds, V. 77, p. 1228; V. 76, p.1358.-(V. 77, p. 1294.) Birmingham. & Atlantic KK.-Talladegato Pell Oity, Ala., 23 mtles; branches, Rogans to ore beds, 9 m.,and F11rnaceto Weisingers, am.; total, 35 miles. Stock, $1,000,000, all common; par of shares, $100. Year ending June 30, 1902, gross, $43,292; def. under oper., f24,732; bond interest not paid. President, Sidney H. Ma.rob; Seo. and Treas., John Carlsen, 25 Broad St., N. Y. Bl•marck Washburn & Great Falls Ky.-Bismarok, N. D. t.o Washburn, 45 m.; projected thence to Great Falls, Mont, of which 13 mtles north from Washburn to Underwoo'1 was completed Oct., 1903. Stock authorized, $500,000; outstanding, $160,000; par of shares, $100. Of the bonds (authorized issue $7,000,000) $600,000 were issuable on the first 46 miles completed and the balance at $12,000 per mtle. Year 1902·03, gross, $151,119; net, $75,395; tnt. and taxes, $31,999; bal., sur., $43,396. President, W. D. Washburn, Bismarck, N. D.; Seo. and Treas., C. o. Crane, Minneapolis, Minn.(V. 70, P• 1248.) Bloom.8bnrg & Snlllvan KK.-Owns Bloomsburg to Jamison Oity, Pa.., 30 mtles. Stock ts $600,000; par, $50.-V. 66, p. 80,952. Year ending_ June 30, 1902, gross $70,260; net, $33,388; interest, taxes, eto., $30,015; bal., surplus, $3,373 ..-(V. 66, p. 80, 952.) Boca & Loyalton KR.-Owns from Boca, on Central Paclflo ma.in line, nortnwesterly via Loyalton to Beckwith, 40 miles; under construction 6 miles additional main line and 6 miles of branches. Stock, $1,200,000; par of shares, $15. Bonds oover also Roberts Lum• ber Co.'s property comprising 52,769 acres of pine lands, water·works etc.; Mercantile Trust Oo. of San Francisco is mortgage trustee. A &inking fund of $1 per 1000 feet of lumner out, commencing Oct. 1, 1903, and of $25,000 to be paid by the railroad Jan. 1, 1907. and $30,000 ea.ch year thereafter, will retire bonds at 110 and interest. V. 76, P 1191. Earnings for 15 mos. endlngApr. 1. 1903: Railroad, oes, $104V422·, lumber gross, $163,099,· total, $267,521·, total net, 85,156.• -( • 76, P· 1191. Bol•e Nam.pa & Owyhee Ky.-Nampa. to Murphy, Idaho, 30•45 miles, completed July, 1899. In 1901 was extended from Nampa north to Emmett, 28 miles, under charter of Ida.ho Northern Ry. In July, 1903, extension from Emmett to Horse Shoe Bend, 23 miles, was re• ported to be propossed. Stock, $1,000,000; par, $100. In Apr., 1903, no bonds were to be issued "at present." Year ending June 30, 1902, (58 mtles), gross, $59,320; net, $25,581. President, w. H. Dewe:r; Seo., R. E. Green, Nampa., Ida.ho. Boonville st. Lon1 8 & southern Ky.-Boonvtlle to Versa.mes, Mo., 44 mtles. Leased to Mo. Pao. till July 1, 1910, at a.nnua.l renta.l of $25,000, taxes, expenses, eto. Stock, $250,000; par ot shares, $125. Boston & Albany KK.-Owns from Boston, Mass., to Albany, N. Y., 200 mtles; numerous branches, 104 mtlee; leased lines, 88 mtles; tota.l operated, 392 mtles. A consolidation of December, 1867. Leased in 1900 tor 99 years to the N. Y. Cent. & Hud. Riv. RR. for guaranteed rental of 8 per cent r r annum on the $25,000,000 stock, payable qua.rt,erly [Mar. 80, etc. , organization expenses, interest on bonds, taxes, expenses of main na.nce, etc. The B. & A.. received for certain property not included in the lease $5,500,000 in N. Y. Cent. 3111 per cent lOO•year debentures, thus adding •77 per cent per annum to 8 per cent guaranteed on stock. See lease in v. 69, p. 282. V. 69, p. 1061, 1102, 1246; V. 70, p. 74; V. 71, p. 645, 963.) Bonds of 1901 $2,500,000 were for terminal factllties at Boston, of whtoh $1,000,000 issued. V. 71, p. 1218; V. 72, p. 44; V. 75, p. 752, DIVIDENDS-Caeh dividends at the rate of 8 per cent yearly were pa.id for many yea.rs prior to the lease. Stnoe 1900 8 l\j, per cent, viz.: 2 p. o. ea.oh in Mar. and Sept., 2¼ p. o. in June and 234 p. o. in Deo. EARNINGS (as reported to State RR. Oommtssion).-For year ending June 30, 1903, gross, $10,131,309; aga.tnst $9,554,325 !n 1901•2; net, $3,159,899, against $3,36(!,877; other income, $374,123; charges, $3,341,879; baJ.., sur., $192,.143. Figures of the lessee company: fs Year. Gross. Net. Int., etc. Dit,idends. Bal., sur. 1901·2 ... $9,890,305 $3,710,956 $1,366,135 x$2,000,000 $344,821 1900-1. .. 9,931,396 3,520,755 1,314,453 :x:2,000,000 206,302 :x Also $187,500 by company itself from investments. -(V. 73, p. 1312; V. 74, p. 150, 629; V. 75, p. 732, 1301.) Boston & Lowell KK.-RoAD-Owns Boston to Lowell, 27 mllea bra.nohel!l-8a.lem a.nd Lowell, 17 mtles; Lowell and Lawrence, 12 mlles; others, 45 mtles; Middlesex Centralt- 11 mtles; leases-Connecticut & Pa.ssumpsio, 147 mtles; Nashua. & LOwell, 15 m.; .Peterborough, 10 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis m.; Northern N. H., 83 m. (and subsidiary lines 90 m.); Stony Brook RB.,13m.; Wilton RR., 15m. Lea.sesmostlya.ssnmed by Bost. &Maine. LEASEs.-Lea.sed in 1887 for 99 years to the Boston & Maine at 7 per cent per annum on stock till Jan. 1, 1897, a.nd 8 per cent thereafter. BTOCK AND BoNDs.-Btook a.uthorizedi $6,599,400. The debentures were described on page 2, SUPP. of Aprt , 1895. Bo•ton & Maine KK.-RoAD-The system with its man.7 branch lines covers the territory from Boston, Mass., to Portland, Ma.tne, (two divisionsJ., Bpringfteld, Ma.es., Sherbrooke, Can., Rottel'da.m Jct. and Troy-, N. x., Worcester, Mass., to Portland, Me., and all important places in New Hampshire: ,r See this company. Linu owned. Mile,. Lines teased-(Ooncl.) Milu. Boston,Mass.,toPortland,Me. Fitchburg ..••••.••• .•••••.•••. ,r458 W. Div ..•..•.•••.•••••..•••• 1151 Nashua. & Lowell .•••••.•••••. 11"15 Boston to Portland, E. Div.. 108 Worcester Nashua & Boch... ,r94 Conway Junc..z_Me., to North Connecticut River RR........ ,r80 Conway, N. 73 Other......................... 72 Portsmouth Eleo. Ry......... 18 Tra.okage rights...... • .•.••• 9 Portland, Me., to Rochester, Total operated July 1, 1903 .. 2,282 N. H......................... 54 2dtra.ok(3rd&4thtr.10) •. 523 No. Camb. Jct, to Northa.mpton, Mass.................... 99 Controls Me. Cent. (which see).824. Sundry branches .....••.•••.. 152 St.Johnsbury &LakeCha.mp.131 Linu leased. York Harbor & Bea.oh ..••••• 11 Boston & Lowell..•••.••..••.. 11"470 VermontValley•.•••••.••..... 24 Concord & Montrea.l .••·..••.• 11465 Sulllva.n County .•••••••.••..• 26 ORGANIZATION, ETC.-An agreement with N. Y. N. H. & H. regard• Ing division of territory was made in 1893. V. 56,p. 464. STOCK.- Of the $23,838,070 stock outstanding July, 1903, $1,128r· 200 was held by trustees as collateral for Ea.stern RB. certs. of indeb1r edness. V. 69, p. 129. The stockholders voted on Oot. 8, 1902, to issue $1,000,000 additional common stock l)nd $2,000,000 twentyyear bonds for improvements a.nd equipment. V. 75, p. 665. DIVIDENDS. 5'87 '88 '89 '90 '91 '92 '93 '94 to Jly, '99. FromOct.,'99 On common.~ 10% 9 9 919 9 8 8 6 yearly. Bee below Dividends Oct., 1899, t,o Jan., 1904, 7per cent yea.rly.-V. 69,p, 642. BoNDs.-As to debentures see SUPPLE:MENr of April, 1895. Under the lease of the Fitchburg Rll. the B. & M. issued its $5,454,000 fifty .year 3 per cent gold bonds to purchase,$ for$, the same a.mount of Fitchburg common stock held by the state of Massachusetts a.nd by private persons; v. 70, p. 175. In 1901 $1,000,000 bonds were soldforperma.nenttmlrovements upon various leasedlines and inJan, 1903 $1000 000 of a. 2 000 000 authorized is v ' 73 ' p. 553• 783• ' ' sue; 1111; V.• 75,' p. 665, 1301. Notes payable June 30, 1903, $2,350,000 B. & M. guarantees $1,328,000 fl.rat 5s of St. Johnsbury & Lake Champlain. Also interest on $274,000 Manohester & Lawrence 4.a. Jointly with M. Cent. guarantees $300,000 Portland Station bonds. EA.RNINGS.-For 3 months ending Sept. 30: 3 mo,.Gross. Net. Ott,,. inc. Int.,tazes,etc. Bal.. ,u,-. 1903 ...... $9,839,514 $3,153,865 $103,047 $2,029,320 $1,2 27, 093 190 2 8 938 68 5 2 96 7 4"4 99 ,7 9 8 2 ,026,583 ······ , • • , " 1,040,609 ANNuAL REPORT.-Annual meeting second Wednesday in October. An.nua.1 report 1902-03 in V. 77, p.947, showed results as follows: Year Ending June 30. 1903. 1902. 1901. Miles operated June 30. • •····· 2,282 2.265 2,265 Paesenfer department ....•.•.. $12,116,115 $11,557,583 $11,147,757 Freigh department .•••••..•••• 19,965,457 18,732,089 18,210,599 Malls, express, etc............. 1,531,484 1,482,919 1,378,402_ Total gross ea.rnings..••••• $;;3,613,056 $31,772,591 $30,736,758 Net earnings..•••...•••••••• $9,359,684 $9,339,439 $9,217,973 Net, includ. otherinoome ..••••• $10,033,237 $9,997,444 $9,856,835 Interest......................... 1,401,332 1,366,997 1,268,588 Rentals .•••••.••••• •·····....... 5,067,593 5,062,922 5,199,234 Taxes............................ 1,619,119 1,629,514 1,547,315 Dividends....................... 1,771,722 1,764,359 1,645,000 Sinking fund.··................. 151,285 151,285 151,285 Ba.lance, surplus................ $22,186 $22,367 $45,413 OFFICERS.-Prestdent, Lucius Tuttle; Comptroller a.nd General Audttor, W. J. Hobbs; Treasurer, Herbert E. Fisher. Office, Boston. Dlrectors-Luclus TuttleiJUcbard Olney, Walter Hunnewell, Hen-ry R. Reed. Boston1, Joseph H. White, Henry M. Whltni, Brookline, Mass.; L. c. Ledyard. l~siiIIow~~~~~iS;~ ~~~ w.rn:~r~~~ek~ifot~e~~~·s.~~~~d!r Cochrane, Boston. -(V. 75, p. 1301; V. 76, p. 381, 1083; V. 77, p.145, 297, 34'7, 947.) Bo8ton & Providence KK.-Owns Boston, Mass., to Providence, R. J., 44 mtles; branches, 20 mtles. Leased for 99 yea.rs, April 1, 1888, to Old Colony RR.; rental, 10 p. o. yearly on stock. Boston Revere Beach & Lynn KK.-Owns narrow-gauge road from Lynn to East Boston, Mass., 9 mtles connecting with~oston by company's ferry boats; Boston Winthrop & Shore Div., Ea.st Boston to Winthrop, 5 mtles, with branches 3 mtles. Of the 4¼e of 1897 $289,· 000 reserved for Boston W. & B. 5s; be.la.nee unlssued ts for 1mprovements. (V. 65, p. 68.) Notes payable July 1, 1903, $295,000. DIVIDENDS. l 1888·91. '92. '93. '94. '95. '96. 1897 to Jan., 1904. . Per oent. 5 7 yearly. 5¼ 5 4¼ 4 3 2 yearly. I H............... MAP OF THE @B:~~~LO, ROCHESTER AND SBURGH RAILWAY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CONN.ECTIONS JAN., 1904.] RAILWAY STOCKS AND BONDS. 381 Bonds-Prino1• RAILROADS. INTEREST OR DIVIDENDS. Miles Date Size, or Amount pal,When Due. For explanation of column heading, &o., see notes of Par Outstanding Rate Per When When Payable, and by Stocks-Last of on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. - - --- - - - ---- - - - ---Brunsto. cfBirmingh.-lstM., $12,000,000,g .. Ko+ 105 1902 $1,000 $2,100,000 4½1 g. J. Brunn,. cf Wut.-See ATLANTIC COAST LINE RR. B~alo Oruk-lst mortga.f!J.e ..••...•••..••......... r one. M., $1,000,000, flOl , interest as rental o· Bu'(falo N. Y. cf Erie-SEE ERIE RAILROAD. Buffalo Bocheater ct Pittsburg-Com. stock. Tr 6 6 1882 1891 1,000 1,000 184,000 546.000 & J". N.Y.,.Knloke:r.Trust Oo. Jan. 1, 1952 J. & J. N. Y., Farmers' L. & Tr. Jan. 1, 1907 5 g. J. & J . do Jan. 1, 1941 do 6 $l,OOO,OOO See text. F. &A. N. Y., 36 Wall Stre~t. 100 .... 6,000,000 61n 1903 F. &A. 100 do do r.8J"t.~~fiJ1°n:°~~h~~:~ 1,300,000 6 g. F. & A. 1,000 do do R. & P. oonsoi.\t., $20,000 per m.,gold, g. Un o* 276 1882 1,000 3,917,000 do 6 g. J. & D. do 4,427,000 do B. R. & P. 1st general M. ($10,000,00<:-l g ... Uno* 276 1887 1,000 5 g. M.& 8. do Lincoln Park & Charlotte 1st M., gol , gu. Un.o* 350,000 10 1889 1,000 5 g. J. & J. do do 245,000 do B. R. & P. oar trustMold, due semi•annually ... ....... '90·'98 1,000 5 g. J. & D. do Eqnipm't bonds, $5 ,000, 500,000 do 1899 1,000 s. f., Ber. A .. . G.o* . 4½1 g. M.& N. do do B. &C., $1,0 O,OOOeaoh, fl.,s. f.G ··- · 1900·1 1,000 2,000,000 4½1 g. M.& N. do do do D, $2.000,000, g., red. 105, ll, f ... . -·· 11102 1,000 1,700,000 do 4½1 g. M. &N do Securities of Attied Ooat Properties. Jefferson & Clearfield C. & I., pref. stock .......•. .... F. & A. 100 1,500,000 Chf'oks malled. 5 let M., g., sinking fund, dr;;1wn at 105 ..•• . G .o* .... 5 g. J. & D. N. Y., 36 Wall Street. 1,000 1,588,000 2d M., ~ld, s. f., ilrawn at 105 ......••. Usm.o* .... 1896 1,000 5 g. J. & D. 1,000,000 do do Roch. & tts. Coal & Iron, 1st M., f{,, s f . . ..... o .... 1886 1,000 5 g. M. & 8. 691.000 do do Helvetia, purchase money, mort., g., s. !.Ce .. o* .. 1896 1,000 1,064,000 5 g. M. &N. do do lstM.of 1902, $2,000,000, g., red.105, s.f.G . o* .... 1902 1,000 1.250,000 do 4-½i g. F. & A. do Bvt!alo fl 8us((l,Uhanna RR.-Pre!. stk., ~% non-cu. .... Q.-M. N. Y., Fisk & Robinson. 3,000,000 4 50 lei M., g., s. f., red. at ~ar....•..••..•.... .ltle.o*&r 102 3'24,500 5 g. A. & O. N. Y., H. Fisk & Sons. 500 &o. let refun,,ing mort., go d (see text) .MP. 4 g. J. & J. N. Y., Fisk & Robinson. o* &r 172 1901 l,OOO&o 3,266,000 Buffalo d 8usqueh, Rt, -Stock, $ lf.>,000,000 auth . 7,117,200 100 Checks malled. ... let M .• $6,000,000, g .. U ■ ••. .......... .. . .. . o•&r 1903 l,OOO&o l ,500,000 4½1 g. M.&N . N. Y .. Fisk & Robinson. Burlington Oedar Rapids ti Northern-Stock.... Tr. J. & J. 7,150,000 N. Y., Corn Exoh.Ban.k. 6 100 1st mortgagt lawfnl money .••..•••••..... F'. o... &r 86il i876 lOO&o. 6,500,000 J. & D. N. Y., Central Trust Co. 5 1,905,000 5 g. A. & O. do 1881 do 1,000 ced. Ra.~L . & N. W& oon. lst M.,~., guar.Ce. o B.C.R.& . con. lstM. col. trust.god 5 g. A. & 0. F.o*&r 1294 1884 1,000&0 11,000,000 do do Minneapolis & St.Louis, 1st M., gold (assumed). f'e 7 g. J. & D. N.Y., Hanover Nat. Bk. 150,000 12 1877 500 Burlinotn•• d M-J•ROUri Va.•lt'11-A~e OHTf'A(}O RnR 1. 1 Nc~T 0'1 & Q TTINCY, ..... :Feb. 15,'04,3% Feb. 15,'0i,391, Feb. 1, 1921 Dec. 1, 1922 Sept. 1, 1937 Jan. 1, 1939 1904-1908 May 1, 1919 ~a.y 1, '20·21 Nov. 1, 1919 is96 IFeb.15,'04,2¼ June 1, 1926 June 1 1926 Nov.30,1907 May 1, 1946 Aug, 1, 1932 Deo. 1, '03, 1 % Oct., 1913 Apr, 1, 1961 W>~!j!:iE!~:~tan~~ ios issi 5,·• --- - ~ isss --·-·· E.AB.NINos.-Year ends June 30. Report for 1898·9 in V. 69, p. 953 Year. Gross. Net. Int. fl taus . .Di.11.paid. Bai.,.-urp• 1902 03 .•••.•. $542,399 $77,672 $60,080 $17,000 $592 1901-02 .••.•.. 485,139 75,162 57,561 17,000 601 -(V. 65, p. 68, 568; V. 67, p. 1000; V. 69, p. 953,) Bo ■ton Terminal Co.-Owns Southern Union Depot in Boston opened in 1899. V. 68, p. 40; V: 69, p. 591. Boston & Albany, New England, Boston & Prov. Old Colony and N. Y. N. H. & Hartford RR. Cos. each owns one-fifth of the $500,000 capital stock and pay as rental 1n monthly instalments sums sufficient to pay all expenses, charges, interest on bonds and 4 per cent on stock. These companies are Jointly liable for any defloienoy i!l case of foreclosure. Registered intr erest payable Q,-F.; coupons F & A.-(V. 69, p. 129, 591.) BraUleboro & WbUeball KK.-(V, 76, p. 1299.) Brockvllle Westport & Northwe.iern Ry.-(V. 75, p.1252; 76, p. 101,211,809; 77, p. 2097.) Brooklyn & Brighton Beach KK.-V.69, p. 228; V.75, p.1353. Brooklyn & Rockaway Beach KR.-Owns road from East New York (Brooklyn) to Canarsie Landing, Jamaica. Bay, 3¼ miles (of which 3 miles double track), and operates ferry to Rockaway Beaon. Operations suspended durtngwtntermonths. On Jan. 20,1903, Henry J. Robinson was appointedreoetver; foreolosurependin~. V. 76, p. 211,971. STOCK ts $150,000: par, $50. Floating debt July, 1903, $285,587; real estate mortgage, $30,030. In year ending June 30, 1903, gross, $4,032; def'. under operating, $8,672; other income, $4,471; lnt. and taxes $27,843; balance, deficit, $32,043.-(V. 74, p, 1194; V. 76, p. 211,971 ) Bruce Mines & A.Jgoma Ky.-V. 76, p, 704. Brun ■wlck & Blrmtn~ham R«.-Projeoted from Brunswick, Ga., to Birmingham, Ala., 417 miles, with branches, ma.king a total of a.bout 450 miles. Of this, Brunswick, Ga., to Irwin ville 162 miles, was 1n operation in Sept., 1903, 1noludingtraokal{e, 28 miles. Control was acquired of the Ocilla & lrwinville, projected from Ocilla to Ash· burn; also in the interest or the company or the Hawkinsville & Florida Southern, Worth to Hawkinsville, Ga., 44 miles, with branch from Davisville to lllaaos, 11 miles. V. 75, p. 288; V. 77, p. 1294. Stock and bonds authorized, each $20,000 per mile. President, Bird M. Ron• lnson, 277 B'way, N. Y. Treas., C. J. Bushnell, 100 B'wa.y, N. Y.-(V. 77, p. 694, 1294.) Buff"alo Bradford & Kane KR.-(3•/t. gauge.) Owns Brad· ford to Bmethpo~_Pa., 26·11 miles. Leases Ormsby Jc. to Mt. Jewett, Pa. (Big Level & JUDzua RR.), 10·48 miles, and Mt.Jewett to KanP Pa., (Pittq. & West.) 11·49 miles. Total 48·08 miles. Suoot"ssor to the Brad• ford Bordell & Kinzua Ry., acquired at toreclosur1-1 in Dec., 903, by Buffalo & Susquehanna intel'ests. V. 77, p. 1745, 2279, 2338: V. 78, p. 101. .President, W. B. Olmstead; Treas., F. A. Lehr.-lV, 78, p. 101.) Buff"alo Creek KK.-Owns 6 miles of terminal road in Buffa.lo N. Y. In December, 1889, lea.sed for term of charter less one day, to the Lehigh Valley and the Erie RR., which together own entire capital stock of $250,000. Dividends in 1898·99 to 1902·03, incl., 7 p. o. yearly. Buffalo Koche11'ter & Pltt ■burg Railway.-( See Map.)-Oper; a.tee from Buffalo and Rochester, N. Y., to the bituminous coal regions Lines owned in feeMilu. , Lea11e<t-Entire st' k own'd- Mile, Buffalo Creek, N. Y., to Howard Johnsonburg & Bradford RR.·· ,Juno., Pa .••..•••••...••...•••• 81 Howard Juno. to Mt. Jewett. 20 Clarion Juno., to Lindsey, Pa .• 60 Leased-Stock not owned. Rochester to Ashford, N. Y ..•. 9~ Allegheny & Western-,r • Charlotte, N.Y., to LinoolnP'k. 10 Punxsutawney to Butler, Pa. 60 Indiana branch .••••• . .•..••...• 28 Cleartl.eld & Mahoning-,r Five branches to mines........ 191 Clearfield to Beech Creek RR. 26 E;l'::t_fJewett to Clarion J .. 21 Mahoning V,alley RR........... 2 Pitts. & West.-Bntler, Pa., to Newcastle ..•..•.••...•.....•. 41 Rtbold Jo., Pa., to Allegheny Total Dec., 1903 msee sepaCity, Pa ..................... 33 rate statem't tor this com• Other............................ 5 pany)... .••••••••. •••••• .500 ORGANIZATION, ETC.-Suooessor In March, 1887, to the Rochester & Pittsburg, which was foreclosed in Oct., 1885. Plan of reorganization in V. 41, p. 516. The entire capital stock ($4,000,000) ot the Rochester & Pittsburg Coal & Iron Co. is owned (V, 661 p. 1088) and through that oompany in May, 1896, control was aoqmred or Jefferson & Clear• field Coal & Iron Co. (see Misoel. Cos.) with $3,000,000 stock. For bonds of these coal companies see table above. Cleartleld & Mahoning securities are guar. Allegheny & Western, see below. In Aug., 1901, allled interests purchased upwards of 25,000 a.ores of coal lands in In· diana County, Pa., a 28·mile branch to Ernest, Pa., being comp leted July, 1903; also 35 miles now under oonstrnotion to reaoll coal lands near Vintondale, Pa., 1~ miles being trackage. V. 75, p. 183, 347. A l 7•mile branch is also under construction to other coal landij in In· diana Co., Pa., acquired in Dec., 190:.l, by the same interests. V. 77, p.354. STOCK.-Common stock wa,s authorized in Nov., ·1901, to be increased from $6,000,uOO to $9,000,000; of the new stock $1,000,000 was issued Julv 1, 1902, in exchange for $1,000,000 convertible deben• tures, a.nd of the baJan 'le stockholders subscribed to $1,300,000 at par• the proceeds to be used to build 4~ miles of new road, the remalntng $700,000 being offered to stockholders at par, payable Feb. 10, 1904, to build 19·mtlebranoh. See above. V. 75, p. 183, 347; 73, p. 1009; V. 74, p.1250; V. 77, p. 354; V. 78, p. 228. v. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis v. I I I I · v. ...... ---· ...... Apr. 1, 1953 Jan. l,'04 . 3% June l, 1906 Oct. 1, 1921 Apr. 1, 1934. June 1, 1927 O.)} DIVIDENDS (P. '93 '94·96. '97. '98, '99, '00. '01. '02. '03 1904, Preferred....... 114 o 1 2 2 6 6 6 6 Feb.,3 Common .. . .. . .. .. .• .. .. .. 4 4 519Feb.,3 On common in 1903, Feb., 212 p. o.; Aug. 3 p.o.; in 190,, Feb., 3 p. o. BOND8.-General 5s tor $5,573,000 are reserved for prior bonds, eto., The $2,000,000 debentures of 1897 in the treasury in July, 1903 are convertible into common stock at par and 11ubJect to call at 10219; they a.re to be secured by any subsequent mortgage unless made for refunding existing prior liens or for ex• tensions exclusively. See V. 64, p. 706; V. 73, p. 1009, 1111. R. & P. income 611, $5,000. A sinking fund of 5 per cent will retire ser. A, B and C equtpment bonds annually on May 1, if purchasable at 01' below par; otherwise to be applied to the purchase of additional equipment. V. RS, p. 1131; V . 71, p. 501; V. 73, p. 348. Series D have an annual sinking fund of 6 p. o. for purchase of bonds Sept. l at 105 and inter• eRt; if not puroha.sabie, bonds may be drawn by lot. Real estate mortgages btia.ring5 p. o. interest, $304,000. EARNINGS.-5 mOR,, ! 1903 .•••••• Gross, $3,530,939; net, $1,638,477 July 1 to Nov. 30. S1902 .•••••• Gross, 3,1S7,025; net, l,4:-«8,465 For 3 mo1,1. ending Sept. 30. 1903. net, $1,035,517, against $!;75,319 in 1902; other income, $16,124; charges, $407,844; balance, surplus, $643,797, against $577,192. ANNUAL REPORT.-Fisoal year ends June 30. The a.unual meeting 111 held at New York on the third Monday in November. The report for 1902·03 wa.s given at length in V. 77, p. 3,7, 353; see also editorial p. 375. In 1902·03 oarrtea 5,126,314 tons of bituminous coal (out ol 7,893,900 total tons of frei~ht moved), against 4,655,783 in 1901-02. Yearen.a.June301903. 1902, 1901. 1900. Miles June 30 .•. . ••• 472 472 4?2 472 liross earnings....•••. $7,404,504. $6,292,584. $5,803,693 $4,992,147 Net earnings ••••••••.. $3,02 ,082 $2,519,018 $2,394,661 $1,863,267 Other income.......... 4q,233 20.662 26,926 19,988 Total receipts ..••. lt!3.07t>,al5 $2,539,680 $2,421,587 $1,883,255 Interest on bonds.... $724,049 $731,472 $710,158 $683,321 Int. on floating debt.. 259 33 421 Rentals . •••. ••. ..•. •• . 477,698 476,251 473,726 303,114 Bpeotal appro'ns, etc. 1,043,7:.!3 64.0,994 552,365 330,425 D1v1dend on pref..... (6) 360.000 (6) 360,000 (6)360,000 (4)240,000 Dividend on com .. (4½1) 313.000 (4) 240,00.Q (2) 120,000 *Bala.noe....••.•..•. sur.$.157,845 sr.$90,704 sr.$205,305 sr.$3~5,974 • In Bddttion to this surplo11 there was received from t.avel!tment11 and "c·red~~i~-~i~ctly to profit and loBB accaunt." $600.000 in l\102-vS aad UOO,O0o In OFFICERS.-Prest,, A. G. Yates, Rochester; Vtoe-Prest.,Adrian Iselin Jr.• N. Y.; Treas., J. F. Dtnkey, Rochester; Seo., .J. H. Hooart. N. Y. 1 sie~:~;°~':iit~o.r0f~:~~llllu~is!~~~8.r:\i. ~~~1!;rt·A.WR~h!r~~k~~mE:ie~ Roosevelt, l!:rnest lselm. Oscar Grlsch, John L. Rill.er. N. Y. Ottloe, 36 Wall St. -(V. 77, p. 34'7, 353,950, 1745; V. 78,p 228. Buffalo & Susquehanna KK.-rsee Map.J-Operates a llne ex· tending from Sinnemah.oning, Pa., to Well11vtlle, N. Y., with i;:everal branch lines, tncludin1i: :.0 miles leased. Total m1leage, 172. The com. pany is extending it• Ur ea 5ti miles, from 81nnema,honin~ southwest to •.ryier, DuBois ana Sykesville, Pa., where recently a.c qmred coal prnp. erties are located, and in Sept, 1903, the Du Bole 8outhwestern RR. was incorporated with $500,000 authorized stock to build from Sykes• ville to 8outh Bend, 50 milts. V. 77, p. 768, 1301; V. 7 8. p. 102. In Dec., 1903, the same interests acquired the Bradford Bordell & Kane. V. 77, p. 2338; V.78, p. 102. BUFFALO EXTENSION. -An extension is also being constructed from Wf-'llsville to Buffalo, 84. mtles, under charter or the Buffalo & Busque• hanna Railway. See the Ry. Co. below and V.76, p. 593; V.74, v. 1037· v. 75, p. 76, 665, 922. ' BUFFALO & SUSQUEHA.Nl\A COAL & OOKE Co.-This compan y , t he entire stock of which is owned by the B. & 8. RR., owns coal lanrts at Medix Tyler, DuBois, Sykesvllle, Trout" tlle and Big Run, P a.. Th~se lands are estimated to be underlaid with upwards ot 70,000,000 tons of coal and are tree from liens except a mort~a11:e of $260,000 (on property at T yler), which ts pled~ed as part security for the raitroad's 4 p. o. bonds of 1951. The 'l'yier and DuBois properties are in active operation. v. 77, p. 131)1. STOCK.-Common stoox, all owned by B. & S. Ry., $3,518 000; par of shares $50. In 1 go~ $4,000,000 4 p. o. non•oum. p ref~ st ock was aut horize~, of which $3,000,000 was sold. V. 74, p. 103 7 ; v. 75, p. 9 L3; V , 7, p 1302. DIVIDENDS.-On common, 4 p. o. for 1894 and 5 p. o. for 1895 to Jan 1904, ifi:Olnsive, paid Q·J,; on preferred, 1 p. o. quarterly Mar. since date of issue. BoNDS,-The 5 per cents of 1913 have been rednoed by the operation of the slnkin~ fund and by refunding into 4s of 1951 to $324 500. They are subject to call at par for sinlting fund in order of num'bers be~inning with highest. V. 65, p. 234. ' The 4 per cents of 1951 are secured by a first refunding mortgage on the entire propei:t.v. They also cover 3,0uo acres or bituminous coal lands at Tyler, Pa. Of the bonds n " t e~oeedag $3,760 ooo, inolud• Ing bonds set a.side for refunding purposes, can be issued on the J 72 miles of road, and the coal property at Tyler. Further amounts may be issued at not over $25,000 per mtle for the construction or acqn1. sition of additional road; also for new terminals, control of coal prop• erties and for new equipment.-V. 73, p. 619, Total authorized taeue, 382 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOCKS AND BONDS. [VOL. LXXVIII. BUFFALO & SUSQUEHANNA RAILROAD AND ITS CONNECTIONS. JAN., 1904.] 383 RAILWAY STOCKS AND BONDS. RAILROADS. Por explanation of column headings, &o., see notel!I on first page of tables. INTEREST OR DIVIDENDS. Bcnuts-PrlnOl· Miles Date Size, or Amount - - - - - - - - - - - - - - - - - pa.l,When Due. of of Par Outstanding Rate per When Where Payable, and by Stocks-La.et Road. Bonds Value. Cent. Payable Whom. Dividend. ---------------------1 ---1---•1---- -- --- ---- ----1-----------1-----Calgary" Edmonton-See CANADIAN p ACIFIO. Cal. Northw.-lst M., g. ($2,000,000, gu. p.&i.) s.f. California Paciftc---SEE SOUTHERN p ACIFIC RR. Oambria 4 Olearfield---lst M . ($2,000,000) g.GP.o* 60 1898 $1,000 103 1891 1,000 30 1880 30 1883 56o~~. 46 1886 500 &o. 76 1890 1,000 136 Bell' s Ga.J> 1st mortgage..........••••••••. Gu£.o* Consol. M. e. t. not dr'n . . . • •.....•• GuP.o* Clearfield & Jefferson 1st mortga.ge.GuP ..•••. o* Pa. & N.W., gen. M.,$2,500,000 .......... GuP.o* Tyrone & Clear. 1st M •.••••••••••••••..•• . .••.. _. Oamden " .A.tlantio-SEE WEST JERSEY & SEA SRO RE. Oa:mden 4 Burlington Oounty-Stook 6 p. ct. gua.r. 30 1st M.,g.lgu.p.&i.byUn N.J.RR.&Ca.n.Co.GP.c* 30 Canada .A.t .-1st M., g., Ottawa to Laoolle, &o.Fok 138 Ottawa Arnprior & Parry Sound, 1st mortgage. 261 Central Countle~ 1st mortgage, interest rental.. 38 Canada-Mich. cl O ic.-lst mort. See V. 63, p. 838 Canada Southern-Stock .•.•.. . •.•..........••••..•. 459 1st M. $14,000,000 (Can. money). 8eeV.63'E:'188. 404 2d M. for $6,000,000. Ca.na.d'n money. Do. o.o&r 404 Lea.m. & St. Cla.irlst M., gold, gu., p.&i.(end) .... c* 16 Oan. No.-L. Manit. Ry. & Can. Div., $8,000 p. m •. .... Manitoba. & Southeastern Div., $8,000 per mile. Gilbert Plains Branch, $8,000 per mile .••..••••. .... Canadian Northern Division..... . . ••.•..•.••. Manitoba & Minnesota. Div., $6,000 per mile .••. . ... Carman Line (Beaver to Gladstone) ...........••. Ontario Div. 1st M. deb., .£72,000 are 412B (text) 287 Perpetual consol. debenture stock......... . •.••. ·--· 1st land ~antM .. red. 110 (V. 75, p.183, 549) .. . Imperial Rolling Stock, 1st M., ser.A,pa.rt due y'ly do do ser. B, $210,000 due y'ly ..... 0 anadian Paoifto-Stook (Bee text) ..••......••••. Pref. stock limited to 4 p. o., nbn•oumulative .... r . . ---- ··---· --· ...... 5 g. J. & J. Phila., Broad St. Stat'n. Jl. & A. do do 6 A. & 0. do do 6 J. & J. do do 6 J. & J. do do 5 J. & J. do do 5 Jan. Aug. Apr. Jan. Jan. Jan. 1, 1, 1, 1, 1, 2, 194.1 1905 1913 1927 1930 19a g is1s .... --· ---- 5 g. A, & O. Ban :fran. & New York. Apr. 1, 1928 1,279,000 81,000 145,000 1,000,000 1,021,000 1,000,000 381,925 6 J. & J. Phila...:Broad Bt. Sta.t•n. Jan., 1904, 3% 350,000 4 g. F. & A. ao do Feb. 1, 1927 3,450,000 1889 g. J •.•~••J. N.Y.,B~:~~~:~:~Mont. Ja~:.~.'..~909 1,000,000 . 380,000 ..... 5 ••••• •••••••••• ··-· •••• .... i:ooo Worthless. 15,000,000 se·e ·iei t. F.♦ .&. ·A. N. Y., Gr. Cent. Station. Feb:·i; ;04: llg100 1,000 14,000,000 5 J. & J. N. Y., Union Trust Co. Jan. 1, 190~ 1883 l,OO0&o 6,000,000 5 M. & 8. N. Y., Union Trust Co. Moh. 1, 1913 130,000 4 g. A. & O. Montreal, Bk. of Mont. Oct. 1, 1945 1895 1,000 £205,400 4 . . •.. . . . . . . . . •. Aug. 1, 1926 .. ... £177,300 4 •••.. •••••••••. Feb. 1, 1929 .... £44,700 4 11 ••••• •••••• •••• Nov. 1, 1930 £287,000 4 .••.. •••••••••• Feb. 1, 192~ .... •••••a ... £349,000 4 . . •. • • •• • • . • • • . Oct. 1, 1930 $700,000 4 . .•. . June 30, 1930 1902 £1,180,600 4 & 4¼ g J.&DJo London and Toronto. June 30, 1930 1900 £100 £400,000 4 J.& D.go London. Eng. Irredeemable. £100 $2,000,000 4 g. F. & A. Nat.Tr.Co.,Tor.orLon. Feb. l, 1919 i902 $1,000 1,270,148 5 g. M. & N. N.Y.C.Bk.ofCom.orTor Nov. 1, '04-12 2,100,000 5 F. & A. do or London, Eng. Aug. 1, '04, •1:i 1903 $or£ 100 84,500,000 Bee text. A.. & 0. N. Y., 59 Wall St. &Lon. Oot.1, '03, 3% 4 A.. & 0. London, Co.'s office. Oct. 1, '03 2o/(>.... £100 32,500,000 i897 25 1,000 1,000 $.748,000 --· ··-· -----· -----· ...... ...... :iioo ·--· ·--· -- ---· $15i000,000, but additional a.mounts at $15,000 per mile may be issuea for double•traoking mileage already covered by the mortga.~e.V. 73, p. 619, 899. A sinking fund of 3 cents per ton of coal mined is provided for, to be invested in the bonds 1f purchasable at not exceed• Ing 110 p. o., otherwise in sa.vingsbank secmities. EARNINGS.-5 months, 11903•....••. Gross, $43:-J,438; net, $160,201 July 1 to Nov. 30. 51902 •..••••• Gross, 418,634; net, 198,122 Surplus over 5 mos. charges, $147,949 in 1903, agst. $177,405 in ' 02, REPORT.-Reporli for year ending June 30, 1903, was given at length in V. 77, p. 1289, H0l (see editorial, p. 1257). showing gross, $1,000,752: net (over taxes), $432,460; other income, $100,335; total net income, $532,795; interest and rentals, $14i ,905; dividend on oemmon lf175,900; div. on pref., $50,983; ba.l., $158.007. rn 1901-02, gross, $835,748; net, $357,269.-(V. 77, p. 1289, 1301, 2338; V. 78, p. 102,) Buff"alo & Su@q11ehanna Ky.-Has under construction a line from Wellsville to Billfalo, N. Y., 84 mtles, as an extension of the Buffalo & Susquehanna Railroad (which see above). Upon completion of this line the B. &. 8. RR. will be leased for 999 years for interest on bonds and a guaranteed dividend of 4 p. o. yearly on the pref. stock, The B. & 8. Ry. Co. bas acquired the entire common stock of the B. & 8, RR. Co,, and It will thus control, upon the completion of its line, a railroad ex.tending from Bu.tt'a.lo, N. Y., to Sykesville, Pa., which with Its several branches will have a. total mileage of about 325 miles. The Buffalo & Susquehanna. Coal & Coke Co. (V. 75, p. 922,) will also be controlled. (See V. 76. p. b93.) The Bu1fa.lo & Susquehanna Iron Co., a closely affiliated corporation, ts erecting on a tract of land adjoining the terminal propflrty of the B. & S. Ry. at Buffa.I,, two blllst furnaces (See V, 75, p 922.) The Rall• way company will transport all the coal and ooke. STOCK,-A.uthol'ized, $10,000,000; issued, $7,117,200; par $100. BoNDS.-The first 50-yea.r JlOld 41ts (authorized issue, td;6,000,000, of which $5,000,000 were underwritten by a syndi<-ate in Feb., 1903,> are secured by a. first l.len on terminal property at Buffalo and the 84 miles under construction in New York State; also by deposit with the U. S, Trust Co. of the entire common stock of the B. & s. RaUroad Company.-(V. 74,p.1040), See V. 76, p. 593.· (V. 77, p. 1532.) .. Burllngton."-Bee CHICAGO BURLINGTON & QUINCY RR. Burlington Cedar Rapids & North'.'ern Ky.-Opera.tes: Lines owned in feeLeased-All stock ownedBurlington, Ia., to Erin, Minn. Iowa. City & Western RR..... 73 (less lljointlyleased) ..•••••. 2961 Cedar Rapids, I. F. & N. W. 1 Branches owned to Postville, Holland, Ia.., to Wa.tertewn, Riverside, Holland, eto..••••• 310 Bo. Dak., &o................. 511 LeasedCed. Rap. & Clinton RR., &o. 109 .Manly Jo. to Northwood,, •••••• 14 Trackage (over C. M. & Bt.P,) 45 Total operated Ja.n.1, 1902•.••••••••.••••••• ··- ••••.•••••••••••. ~ HISTORY.-The Ohloa.go Rook Island & Paoiflo Ry., which in Jan., 1903, had acquired all except $189,700 of the $7,121,740 stock, leases the road for 999 years from June 1, 1902, on a. basis of fixed chargell and 6 p. o. on stock; the minority stock was exchanged, $ for $, fo1· stock of the Chio. R. I. & Pao. Ry, V. 74, p. 1194, 1354; V. 75, p. 28. DIVIDENDS-- 5 '93. '94. '95. '96. '97. '98. '99. '00. '01. '02 Since Per cent. l 3 3 3 4 4 4. 8 8 6 6 See"History•• BONDS.-Of the 5s or 1884 (Central Trust Co. Trustee>, bonds are reserved to retire, if deemed best, all prior and divisional bonds. For extensions bonds may be issued at $15,000 per mile for smgle and $7z· !'i00per mile for second track, the total author. issue not being limitea. Under C.R. I. & P • .4 p. c. mortgage of 1904 bonds a.rereserved tota.ke up oonsols issued to retire prior bonds. V. 78, p. 234. J[inneapotis ~St.Louis bonds due June, 1927, numbered from 1,101 to 1,400, for $500 ea.oh ($150,000 in all), have been assumed. REPORT.-Report for 1901 wa.s in V. 74, p. 1249; none since. Year ending Dec. 31- 1901. 1900. 1899. 1898. Miles oper Dec. 31 1,299 1,287 1,171 1,136 Gross earnings •.•••. $5,360,607 $4,848,277 $4,926,933 $4,545,643 Net earnings........ 1,852,593 1,250,842 1,432,761 1,430,821 Other receipts...... 102,714 260,981 123,101 60,123 Totalnetinoome .. $1,955,307 $1,511,823 $1,555,862 $1,4H0,944 Interestondebt ..••• $792,200 $791,150 $795,275 $799,400 D~vidends•.•••••.••. (6)427,239 (8)440,000 (8) 440,000 (4) 220,000 M1soellaneous . •• • •• 18,045 19,977 _ _ __ 66,893 Surplus............ $7l 7,923 $260,696 $320,587 $404,651 -(V. 75, p. 28,288, 1146; v. 76, p. 1142, 1191.) Batte A.naconda & Pacific Ky,-See SUPP. for Jan, 1903. Calgary & Edmonton Ky.-See page 530. Calif'ornla Northwestern Ky.-Operates under lease the San Fra.noisco & North Paoi:flo Ry., extending from Port Tibmon, Cal. (whence ferry to San Francisco, 6 miles), to Ukiah, Cal., 106 miles, and branches, 59 miles. Also, in Sept., 1900, be~an to build an extension 60 miles into the redwood forests of Mendocino and Humboldt counties, Ca.l.,of which Ukiah to north of Willits, 30 in., are in operation and 10 miles additional were completed m Oct., 1903. ' Stock, $3,000,000; issued, $1,5t:>6,000; par, $100. Bonds a.re issuable at $25,000 per mile, being guaranteed by San Francisco &North Pa.oifl.o, leased for net profits tor 20 years from Sept. 20, 1898. Pres.t_A. w. Foster; V.-Pres., Geo. A. Newha.11; Seo, and Comp., Thos. Meuersh. -(V, 67,p. 370,688,788; 73, p. 444; 76, p. 751, 1142.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I v. v. Tne Ca.JDbrla & Clearfield KK.-Cresson Jot. to Hoover's MUI Branch Jot., 50 miles; Bellwood to Horatio, 62 m.; Cresson to Irvona, 27 m.; Ebensburg to Dtlltown, 19 m.; Vail to Grampion, 50 m.; branches, 161 miles; total, 369 m. A consolidation .Aug. 1, 1903, with tbe Penn. & Northwestern, Millersburg RR., Cresson & Irvona, Ebensburg & Black Ltok and Tyrone & Clearfield. V. 77, p. 35. Stock, $4,536,000, owned by the Pennsylvania RR. Co., which operates the road> A full abstract of the mortgage securing 5s of 1891 was in V. 52, p. 976. 01 these bonds, $634,000 were on Jan. 1, 1903, owned by the Penn. RR. There are also outstanding $10,000 Ebensburg & Bl. Lick 1st 4svdue Apr. 1, 1930. In year 1902, 103 miles gross, $62:i,193; net. $141,· 180; interest and taxes, 1883,839; extraordinary expenses, $57,341. In year 1901, gross, $488,768; net, $114,177. (V. 77, p.195, 298.) Camden & Burlington County KK.-Owns from Camden, N. J., to Pemberton. N. J., 23 miles; branch, Burlington, N. J., to Mount Holly, 7 miles· total, 30 miles. Operated by the 'Pennsylvania. RR., which· guarantees 6 per cent on stock, Stock, $381,925; par $25. Dividends fn January and July. In 1902, gross, $298,212; net, $52,890; profit to lessee under rental, $15,475. In 1901, gross, $287,960.-(V. 64, p. 373.) Canada A.tlantlc Ky.-(See Map Great Northern Railroad of Oanada.J-Owns Depot Harbor, Ont., on Georgian Bay, via Ottawa, to Vermont State line, 400 miles; trackage to Swanton1 Vt., etc., 10 m.; leases for 99 years from the Central Counties Ry. oranoh from Glen Robertson to Hawkesbury, 21 miles, and bra.nob, South Indian to Rockland, 17 miles, and from Pembroke & Southern Ry. branch from Pembroke to Golden Lake, 21 miles, at 25 per cent of gross earnings; total, 468 miles. The company runs through trams to Montreal, using the Grand Trunk Ry. from Coteau, Montreal, 37 miles, under a. traffic contract. In Aug., 1899, absorbed Ottawa. Arnprior & Parry Sound. The Canada. Atlantic Transit Company, organized in 1899 with $l,000,0OO stock, operates a. fleet of steamers from Parry Sound to Duluth, Milwaukee and Chicago. V. 69, p. 954. The Great Northern Ry. of Canada, together with the Canada. Atlantic, forms a. short through route for ocean-bound freight from Parry Sound to the deep water docks at Quebec.-V. 70, p. 279. STOCK, $6,200,000 common and $1,000,000 preferred, a.11 issued. , REPORT-For 1902-3 in V. 77, p. 2157, showed: Gross, $1,908,025; net above taxes and rentals, $691,090; net earninp;s ot steamships, etc., $9,451; net revenue for int., etc., $700,540.-(V. 77, p. 216 '7 .) • Canada ltlichlgan & Chlcago.-Bonds worthless. V. 63, p. 838 Canada SouthernKy.-(SeeMapNew York Oentral4Hudson R. Railroad.J-RoAD-Main line from Susuension Bridge station. inolud• ing the Cantilever Bridge to Windsor, Ont., 226 miles; branches to Courtright, Ont., etc., 231 miles; total, 457 miles, of which 100 miles a.re nominally owned br, proprietary companies. Trackage. St. Thomas to London, Ont., 15 miles. Double traok. 135 miles. The Pere Marquette uses trackage 200 miles for its Buffalo line. V. 77, p. 2097. ORGANIZATION, ETC.-The company was chartered ID Canada February 28, 1868; and debt readjuste(l in 1878. In 1903 made a. new lease to the Mieh. Cent. for 999 years, the latter ~aranteeing dividends on the stock at 212 p. o. yearly to 1910, thereafter 3 p. o.; alsoa.uthorized a mortgage to retire the existing bonds at maturity and pro• vlde for Improvements. V. 76, p. 1191, 1247; V. 77, p. 950. In Jan., 1904, purchased the Sarnia. Chatham & Erle and Leamington & St. Clair railways was proposed. V. 78, p. 47. DIVIDENDS,-1889 '90 '91 '92 '93 '94 '95 '96 '97-01 '02 '03 1904. Since 1888 ..••. 2¼ 3¼ 212 3 3 3 212 2¼ 2y'rly. 219 2 Feb,,llg ANNUAL REPORT.-Prelim'y report for 1903 in v. 77, p. 2387; Canada Bo. share of earnings, $375,500; other income, $25,727; divs, (212%) '6375,000; bal., surplus for year, $25,227 In 1902 Canada. Bo. share, $310,167. Total sur. Jan, 1, 1904,$50,953.-(V. 77,J>. 2381; V.78,p.47.). Oanadlan Northern Ky.-Port Arthur, Ontario, on Lake Superior westerly and northwesterly via Winnipeg, Manitoba., to Erwood, near the Great Saskatchewan River, 812 miles, of which Winnipeg to Beaver, 75 miles, is leased from theNorthernPaci:flo a.loug with lines referred to below; Port Arthm south to Gunflint, 86 miles; branches leased from. Northern Paoi:flo (Winnipeg to Pembina., 69 m.; Morris to Brandon, 145 m.; Belmont to Hartney, 51 m.; Portage la Prairie to Delta, 16 m.) 281 miles; other branches not leased, 98 m.; total Apr., 190:i, 1,277 miles. ORGANIZATION.-Willia.m Mackenzie of Toronto, Senator George A. Cox and the Canadian Bank of Commerce are floating the enterprise. The Great Northern Ry. of Canada (see that company) and affiliated lines passed tn 1903 under control of Northern Consolidated Holding Co. , and With the Canadian Nor1hern wtll a.ft'ord a.through line to Quebec and Montreal. v. 76, p. 704, The Manitoba lines of the Northern Paoi:flo Ry., 351 miles, a.re sublet from the Provincial Government for 999 years from May 30, 1901, at $210,000 annually for first 10 years, then $225,000 for 10 yea.rs, then $275,000 for 10 yea.rs, and thereafter $300,000, wtth the option of pmchase at any time for $7,000,000. A line from Spra.~e to Duluth, to insure a winter rail route for wheat is to be constructed. Extension also proposed to tbe Pa.oi:flo Coast. V. 74, p. 477, but see V. 77, l>, 694. The Manitoba. Government has the option to purchase the entire property in 1929· and guarantees certain of the bonds. See below and V. 72, p. 437; V. 73, p. 615. LA.ND GJUNT.-O1 the entire la.nd grant, 2,455,466 a.ores, about 363,· 000, it is understood, are held for account of Manitoba. Government in. connection with guaranties, 033,000 for account of Dominion Gov• ._____. 384 RAILWAY STOOKS AND BONDS. [VOL. LXXVIII. .Bona8-Pr1noiRAILROADS. INTEREST OB DIVIDENDS. Miles Dat.e Size, or Due. Amount Rat.e r,er When Where Payable, and by -pal,When of Par For explanation of column headings, &o., see not.es of Btock8-Laat Road. Bonds Value. Outstanding Cen. Payable Whom. on first page of tables. Dividend. --- Canad4an Paciff,c-( Ooncluded)Cana.da Central RR. 2d mortgage (now 1st) ...... 269 1880 £100 8uebeo Prov. due on Q. M. 0. & O. and N. 8. RR. 370 '82-'83 8,221 an. Pacific, 1st mortgage debenture st.erling.... 1885 .1ioo&o 1st mort. on Algoma Branch, i;rold ...•••..•. o*&r 183 1888 £100&0 1888 £100&0 Land rcant bonds, int. gu. by Can. Gov't ... o*&r Conso dat.ed perpetual debenture stock ...•.... 1889 £1 &o. SECURITIES OF PRINCIPAL LEASED, ETC., LI NEB. Manitoba. 8. W. Col. R 'y $12,000 p. m., int. guar. g 218 1884 $1,000 Atlantic & N orthwest-lst mort. gold, f1:r .. o*&r 350 1887 £100 &0 58 1876 .&50 &o Bt. Lawrence & Ottawa-1st mort., ~l , see tex t Ontario & Quebec stock guaranteed perpetuity 100 . .£1 Ont. & Que. deben., interest ~ar. in perpetuity . . 67i Toronto Grey & Bruce, 1st M., gold, int. as rental. 191 iss3 ' .&100 New Brunswick Ry.lstM.,gold,int.fromrental.o* 174 1884 £100 Perpetual oonsol. debent. stock, int. guar ....... £1 Calgar y & Edmonton deb. stock, int. as rental. Minn. St. P. & S. Ste. Marie-See statement of th.at·o ompa ny. Duluth Bo. Shore & Atlantic-See stat.ement of that o o mp a ny. Oane BeLt-lst mort., $3,000,000, red. aft. 5 yrs., g. All 1901 1,000 Oape Breton Ry-let M., $2,400,000 g.S......... o* 1901 1,000 Oarolina Oentr al-Bonds-See SEABOARD AIR LI NB.RY Oarolina Northern-lstmort., $500,000.GuP ..•. 41 1899 500 &o. 1,000 Oaraon ti Ootorado-lst M., ~old, sink. fd.Mp.o*&r 300 1892 Oarthage ti A.dir.-lstM. $1, 00,000 g. gu.,Un.o*&r 46 1892 1,000 Carthage Water.«fSack.Har.-lstM. g.,gu.:p.&i.end. 29 1891 1,000 1898 1,000 Catasauqua cf Fogelavil~lst mortlafte, g,PeP.o* Oatatcisaa-Pref.stooks,5%gu. P. & • y. See t.ext. "'gs 50 1,000 1st oonsol. mort., $2,215,000, gold.PeP . ....•. o" 103 isgs Oats kill Mountain-First mortgage•..••••..••••.... 1 ,000 16 1885 1st income bonds................................... 1885 100 &o. 30 Oa'JIUf/a ti Suaq.-Stook, 9 p. o. rental D. L. & W .... . 34 . . . . Oedar Rapids Iowa Falla ti Northwestern-See BUR LINGT ON CE DAR RA --· ernment as security for a mall ooutra.ot subsidy, the remaining 1,500,· 000 to be sold from time to time through a selling agency at not less less than $3 per acre. V. 76, p. 1083. See V. 75, p. 183, ~49. STOCK,-June 30, 1902, authorized $24,750,000; all paid up. BoNDs.-On Winnipeg and Saskatchewan divisions there have been issued first mortgage bonds. guara.nt.eed principal and interest by the Government of Manitoba, at $8,000 per mile; also second mortgage bonds, unguaranteed, $2,000 per mlle. See V. 75, p. 1353; V. 71, p. 235. In July, 1903, the Ca nadian Government was proposing to guarantee 50•year bonds at $13,000 per mile. wltn interest at 3 per cent ye11.rly, for the construction of the Gilbert Plains branch, to extend from Dauphin on the 8a11katchewan dLvision to Edmonton, and the extension of the Saskatchewan division to Prtnoe Albert; total, 924 miles. V. 76, p. 1299, 1247; V. 77, p 87. The Ontario Division 4¼s (see V. 72, p. 338, 437,) were mostly in 1902 exchanged for an equal amount of 4s, guaranteed, principal and int.erest, by the Government of Manitoba.. V. 74, p. 882; V. 75, p. 1398; V. 71, p. 235. Total bonded debt in Dec., 1902, £2,405,635, exoluslve of Rolling ~took Co .'s bonds. Io 1~03 $2,000,000 perpetual consolidated debenture stock was issued to acquire securities of con• trolled properties. V. 76, p. 1247; V . 77, p 87. In March, 1903, the Province of Manitoba agreed to guarantee $10,000 bonds per mile on about 300 miles of branch ltnei> to bA constructed. V. 76, p, 751. AB to Imperial Kolling Stook 5s of 1902, see V. 75, p. 1353; of 1903, V.77,p.1746, 187a. EARNINGS.-For 614 moll. ending Jan. 7, 1904, gross, $1,777,500, against $1,164,500 in 1902. For year ending June 30, 1903, gross, $2,449,600; llf•t. $ 860,300; charges, $637,400; sur., $222,900 President, William Mackenzie; Seo. and Treas .. J.M. Smith, Toronto, Canada.-(V. 77, p. 87, 694, 1746, 1873, 2279, 2389.) Canadian PacUic Ky.-RoAD-Own a trans•continental railway from Montreal to the Pacific Ocean, made up as follows July 1, 1903. Montreal to Vanoouver ...... 2,905 Under construction July 1, Branches and auxiliaries .••• 2,068 1903.. . • • • • • . . . . . . . . . . • • . . . . . 364 Leased lines .•••••...•••.....• 2,683 Operated acct. of owners.... 873 Used jointly.................. 92 Also controlled but op. sep.,rMinn. St. P. & Sault St.e. M.1,469 ,rDW.uth South 8. & Atlantic 565 .rotal in traffic returns .•••. 7,748 ,rsee each oo's sta tement, .HISTORY, ETC.-mcor:vorated Feb. 18, 1881, under charter from Do · minion of Canada, receiving $25,000,000 in cash as a subsidy, also 25,000,000 acres of land, all to be flt for settlement. ·r he Ontario & Quebec, Montreal to Toronto Junction, 334 miles, was leased in 1883 :for 999 years, and it8 stock and bonds guaranteed. In 1902 leased for 999 yearR the Ottawa Northern &WesternRy.,extending from Ottawa via the Interprovino1al Bridge to Hull and Gracefleld, Que., and from Hull via Aylmer to Waltham Que., a. total of 151 mlles, and under construction from Gracefield to Maniwakl, 23 miles. v. 73, p. 1161; V. ?4, p. 93'i , 988; V. 75, p. 732. In Feb., 1903, 15 steamships for transAtlantic service were purchased for £1,417, ">00, and in June, 1903, acquired Canadian Pao. Navigation Co., operating 14 steamers, chiefly to Alaska and Vancouver Island points. V. 76, p. 435, 4 79, 1354. BTOCK.-The company bought of the Dominion Government an annu· tty of 3 p. o. per annum on the common stock for the ten years 18841893, the last payment having been made in August, 1893. The issue of preferred stock must never exceed one half the common stock. In 1902 the authorized common stock was increased from $65,000,000 to $85 000,000, $19 500,000 of the new stock being sold to the stock• holders at par. V. 74, p. 267,378,829; V. 75, p. 553,665. In April, 1903, proposed to issue 4 p. o. consolict ated stock in place of treasury securities. V. 76, p. 809. DIVIDENDS- } '90-'93. '94, '95. '96. '97. '98. '99. '00. '01. '02. 1903. Common p. o. 5 y'rl 5 0 219 219 419 4 519 5 5 519 Preferred p.o. Issu~ in 1894. 4 p. ct. yearly (2 A. & O,) In 1903, on common, April, 219 p. o.; Oct., 3 p. o. V. 77, p. 348. BONDS, DEBENTURE STOCK, GUARANTEED BONDS, ETC.-ln May, 1888, the company relinquished its exclusive l'ight to operate in Manitoba lines to the Int.ernational Boundaryi.!eoeiving the Dominion Gov• ernment guara.nt.ee of int.erest on $15,0ou,OOO of land bonds. These bonds were a lien on 14,680,100 acres ot land. The proceeds of lands covered thereby are being deposited with the Government from time to time towards liquidation of the ooutpany's liabillty; to Oct., 1903, $1 500,000 was so deposited. V. 77, p. 636, 1221. List of securities held against conao,. debenture stock in V. 77, p. 637. In June, 1890, company agreed to guarantee the principal and inter• est of $20,000,000 4 per cents, to be issued by the Duluth South Shore & Atlantic; also 4 per cent int.erest on oonsol. bonds of the Minneapolis St. Paul & Sault St.e. Marie and in 1899 interest on the 2nd mortgage 4s of the latter, and in1901 interest on $1,25 4,000 Mineral Range 4 per cent bonds, tne last-named being all owned June 30, 1903. Bee v. 50, J). 874; v. 51, p. 239; v. 52, p. 608; v. 68, p. 669, 770; v. 73, p. 556. Owns Dul. 8. 8. &At. console. $15,107,000. To the Atlantic ti Northwest Railroad, orossi.rur the Stat.e of Maine the Dominion Government grants a subsidy oi '$186,000 per year till 1966 and Canadian Pacific guarantees the balance of int.erest money. St. Lawrence ti Ottawa bonds are endorsed with the Canadian Paclfl.o's acceptance of a 999 years' lease at a rental sufficient to pay 4 per cent interest on bonds, and the bondholders' agreement to accept interest at 4 per oent (instead of 6 per cent as formerly), and to refrain •from .demanding principal (due 1910) d11ring oontinuanoe of lease. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $973,333 7,000,000 34,998,633 3,650,000 13,500,000 80,846,802 2,544,000 £1,330,000 £200,000 2,000,000 .&4,007,381 £719,000 £630,000 .&81'i 8,300 .£1,121, 700 750,000 500,000 6 Various Montreal. Montreal. 4120 A. & O. 5 g. J. & J. London, Baring B . & Co. 5 g. J. & J. do do 319g.J. & J. do do 4 J. & J. London, Comp'ys office. 5 5 (6) 6 5 4 5 g. J. &D. g. J. & J. 4 15J.&D. J. & D. J. & D. g. J. & J. g. F. & A. 4 J. & J. 4 J. & J. N. Y.,59Wall&London London, Baring B. & Co. Can. Pao. office, London. Montreal and London. London, Morton, Rose. Toronto and London. London. do Can. Pao. offioe,London. Nov. 1, 1910 Mar.1,1904·06 Ju,].y 1, 1915 July 1, 1937 July 1, 1938 Irredeemable. June 1, 193' Jan. 1, 1937 Bee t.ext • Dec., 1903,3% Irredeemable. July 26, 2882 Aug, 1, 1934 Irredeemable. ........ 5 g. J. & D. New York or St. Louis. June 1, 1921 5 g. J. & J. July,'02, notpd.wh.due July 2, 2001 $425,000 5 g. 2,000,000 4 g. 1,100,000 4 g. 300,000 5 g. 135,000 4 g. See t.ext. 5 2,215,000 g. 50,000 238,000 6 589,110 9 PIDB & NORT HWESTE t A. & o. J. & J. J. & D. J. & J. J. & J. M.& N. A. & 0. F. &A. J ...&•. J. RN. Phila., Gu. T. & S. D.Co. Apr. 1, 1929 July 1, 1941 N.Y. Grand Cent.Stat'n Dec. 1, 1981 do do July 1, 1931 Philadelphla, Pa. July 1, 1928 Philadelphia. Co.'s offloe N ov.19£03,219 do do Apr. , 1948 C'sklll,N.Y., Tan.NI.Bk. Aug. 1, 1905 Dfvid'd pd. Sept.10,'97. Aug. 1, 1915 New York, 52 Wall St. Jan.,'04, 419% The New Brunswick Raitway oonsolldat.ed debenture stock has int.erest guaranteed by C. P.; interest on the fl.rat mortgage bonds, though not gua.r, is vaid out of rental under 990 year lease of 1890. The Oatgary ti Edmonton Ry. debenture stock is guaranteed inter• st at 4 per cent under new lease of 1903. V, 76, p, 43'5; V. 77, p, 636. The Ottawa Northern & Western Ry. loan 1s11ued in 1902 under the lease ts for $20,000 per mtle of road and llll,000,000 for the Inter• provincial Bridge a.t Hull across the Ottawa River. V. 75, p. 793. LANDB.-Lands unsold June 30, 1903, were 11,489,359 acres of Can• adian Paolfio ~ant and 405,705 a.ores of Manitoba South Western grant, 186,712 Great North West Central grant, 3,598,~87 British Oo• lumbia Southern and 160,431 acres of Columbia and Kootenay grant; total. 15,841,194 a.ores. In addition there wlli be acquired through the Columbia & Western Ry. about 2.500,000 acres. Total sales in 1902-03, 2,639,617 acres, for $9,695,673. As to land grant bonds of 1888, see V. 75, p. 793; V. 77, p. 636. GENERAL FINANCES.-ln 1902 stockholders subscribed to $19,500,000 new common stock a.t par, the proceeds being used for equlpment and improvements, together with $3,000,000 appropriat.ed from the surplus earnings fund. V. 74, p. 378. In U102-03, .£2 73,0-i2 pf. stock and £764,350 oonsol. deb. stock were sold to cover cost of Pacitto ooa.it steam<1hips and bonds of companies whose interest ts guaranteed. Stockholders on Oct. 7, 1903, authO • rized the issue of £1.417,500 oonsol. deb. stock to purchase 15 steam• ships for Atlantic service and expenditure of $~.500,000 for equip· ment and improvements; also other disbursements, etc. In Dec., 1903, £2,803,000 deb. stock was sold on account or these expenditures. V. 77,p. 636,1221,2279,2389. EARNINGS.-5 mos.. l 1903••.... Gross, $20,641,672; net, $7,086,903 July 1 to Nov. 30. S1902...... Gross, 18,555,757; net, 7,123,742 .ANNuAL REPORT.-Fisoal year now ends June 30. Annual meeting is held a.t Montreal on the fl.rat Wednesday in October. The report for 1902-3 in full was in V. 77, p. 624, 636. See also editorial p. 608. 1902·03. 1901·02. 1900•01. Mllesoperat.edendofyear.... 7,748 7,5!:!8 7,563 Passenger earnings.•.•••..•••• $11,001,974 $9,359,522 $8,083,370 Freight ..•...•..•....•...•...•. 28,502,082 24,199,428 18,983,186 Mail, express and misoell..... 4,453,318 ~,944,104 3,788,648 Total earnings ........... .. $43,957,37 4 $37 ,503,v54 $30,855,204 Net earnings ....•••.••.••••.••. $15,836,846 $14,085,913 $12,109,376 Int.erest received.............. 1,286,812 958,827 933,425 . $17,123,6l'.18 'ill!'i,044,74l $13,042,801 Fixed charges .•••••••••....••• $7,052,196 ,s7,334,o24 $7,305,835 For steamships................ 150,000 150,000 150,000 Dividends on common st'k,(5½)4,647,500 (5) 3,250,000 (5)3,250,000 Dividends on pref. stook•.... (4)1,300,000 (4) 1,246,840 (4)1,222,506 Bala.nee, surplus .•••..•.... $3,973,962 $3,063,077 $1,114,460 New Directors, Aug.1903.-V. 77, p.348.-(V. 77, p. 2389; V. 78, p.47.) Cane Belt KK.-Bealyto Matagorda, 93 miles. Branch to Garwood, 9 miles, building. Lincoln Trust Co. of St. Louis ts the mortga1,re trust,ee. Bonds are issuable at $15,000 per mile, but all bonds above the $750,000 now outstanding will be in subordination to the lien of the latter on the present mileage. V. 77, p 2338. Stock $100 000, all acquired In Nov., 1903, by the Atoh. Top. & Banta Fe. V. 77, p, 201-17. Year ending June 30, 1903, gross, $207,971; net, $17,· 227. President, Jonathan Lane, Houston, Tex.; Seo., I,P. Fell, Office, Eagle Lake, Tex.-(V. 77, p. 1873, 2097, 2338.) Cape Breton R:v.-In Sept., 1903, road completed for 30 miles east of Port Ha.wkesbury on the way to Louisburg; Subsidy $9,600 per mile. Controlled by theJDominion Securities Co. (see V. 73, p. 393; V. 74, p. 9861, which owns 95 per cent of the stock. In Oct., 1902, a reorganization committee, James G. Cannon, Chairman (Trust Co. of the Republic, depositary), requested deposits, but no plan had been arranged to Oct., 1903. V. 75, p. 732. Stock, $1,000,· 000, all outstanding; par ot shares, $100; mortgage for $2,400,000 authorized in July, 1901. President, Myron E. Evans, Office, No. 22 Pine Street, N. Y. City.-(V. 74, p. 775, 9~6, 1088; V. 75, p . 28, 782.) Carolina Central KK.-Bee Sea.board Air Line Ry. Co. Carolina Northern KK.--Owns from Lumberton, N. C., to Marion, S. C., 41 mlles. In Dec., 1902, Ammstus Mellter, 318 Bourse Building, Philadelphia and P. G. McNeely were a.ppotnt.ed receivers. V. 75, 1252. In Dec., 1902, $8,417 receiver's oertifl.oate (6s) were authorized. V. 76, p. 211. Stock, $500,000, all outstanding; par ot shares, $10. For year ending June 30, t902: Gross, $26,924; net, $8,· 677.-(V, 73, p. 662; V. 75, p. 1252; V. 76, p. 211. Carolina &: Northwestern Ky.-Owns standa.rd•gauge road tJ1hester, S. C., to Lenoir, N. C., 110 miles. In Ma.y, 1903, extension was proposed from Freeland, N. C., near Lenoir, to Blue Ridge Moun· ta.ins. 4.5 m. Reorganization in 1897 of Chester & Lenoir, foreclosed. In Mar, 1900, nearly all stock was acquired by a syndicate. Stock authorized, $1,000,000 each or common and 4 p. o. non·oum. pref.; outstanding, Aug. 1903, $859,650 common, and $550,000 pref. stock. Of the 50 year 1st gold 5s, due July 1, 1953, (Standard Trust Co. of New York, trustee), $1,500,000 were used to retire all under• lying bonds and $1,000,000 are applicable to extensions, new equip ment, etc. Year 1901·1902 (110 miles), gross, $167,773; netr. $67,920; oharge8.z.$26,641; bal., su.r., $41,279. Prest., Wm. A.Barber, o Nassau St., N. :r.-V. 70, p. 893, 1095; V. 76, p. 541; (V. 77, p. 348.) , ui A z 0 ~ A z ~ w ~ 0 ALA, 0 ~ ~ ~ w ~ ,t ~ ~ H ~ C ~ ~ ~ OF THE OF GEORGIA r--, ~ 0 ~ M ~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis u L F 0 F 386 RAILWAY STOCKS AND BONDS. RAILROADS. · ror explanation of colnmn headings, &o., s~e notes on :ftrstpage of tables. Oentral, Branch-Cent. Br. U. P. let M., g. Un .. . o* .Centra.l Branch, 1st mort:.t gua.r., gold.•....•. Me Cent. Fla.~ Gulf o.-letM., ~2,000,000,g.,textso&r Cent.of Georgia .Ry.-lst M.,$7,000,000,g.G.o.. &r Consol. mortgage, $18,500,000, gold Me ..•. o*&r Mob. Div. let M.(Columbue to Andalusia) g.G.o* Macon & No.Div. lat M., $840,000, gold.1'.1 Ba.o* Ocon. Div. lat M.,Brut. to Dover,$6,000p.m.S.o* Mid. Ga. & At. Div. lat M.,$9,000 p. m.J..our Go* Eatont. Br. lat M. not ruar. by Cen. '-:ta., g..... Chatt. Div. purch. money M. $2,400,000, g S.c* Chatt. Rome & Bo. lat M. $500,000, gold. U .. o• lat pref., incomes Interest up to 5 p. o., .Mp... 2d do do gold, if earned, '1e.. . 3d do do non.cumulative. Ma.. C!ent. RR.& Bk. coll.tr. b'ds, ~-,red.at 110.0e.c• Equipmenttrustnotes stock, 1903... .... ........ Locomotive & car trusts, payable $31,000 e.•an.c I Guaranteed, etc., securities. Miles Date Blze, or of of Pa.r Road. Bonde Value. 0 :-:-=Jng INTEREST OR DIVIDENDS. Rate per When Where Payable, and by Cent. Payable Whom. - - -·-----1-----1------4 g. J. & D. 1898 1,000 $2,noo,ooo 100 288 ..•. 312 1,390 138 102 77 Text. 21 155 138 . ... . .•. . ... .••• . ... ..•. 1899 1902 1895 1895 1895 1895 1901 1897 1896 1901 1897 1895 1895 1895 1887 1900-1 1902 4 g . F. &A. 1,000 3,459,000 5 g. A. & 0. 1,000 N'ne Apr.'03 5 g. F. & A. 1,000 7,000,000 1,000 ""16,700,000 5 g. M.&N. 5 g. J. & J. 1,000 1,000,000 840,000 5 g. J. & J. 1,000 5 g. J. & D. 1,000 462,000 41:-l,OOO 1,000 5cur J. & J. 168,000 5 g. J. & D. 500 1,000 1,840,000 4 g. J. & D. 1,000 343,000 5 g. J. & J. 1,000 4,000,000 5 inl903 Oct. 1 7,000,000 Upto 5g Oct. 1 1,000 4,000,000 Upto 5g. Oct. 1 1,000 5 g. M.&N. 4,880,000 1,000 139,566 412&6 M'nthly 387,000 419 Various. fooo 1,000,000 5 g. Ocean BB. Co. let mortgage, gold, guar.Ce ...... c .. . . 1·8·9··0 1,000 Augusta & Savannah stock (no bonded debt)..... 1,022,900 53 5 100 Southwestern Railroad stock (no bonded debt).. 333 . . •. 5,191,100 5 100 Chattahooohee & Gulf, stock...................... .... 273,400 5 100 let M., g., $2,000,000, int. rental, s.f.,red.10212 334,00 0 5g 92 1900 1,000 Oentral Jndiana-latmort., $4,000,000, guar.Ce 1,500,000 125 1903 5 g. ..... . Oentral Massachusetts-See BOSTON & MAINE RR. Oentral, New England-Common stock. . ... . . • . . . • . . • • . 100 3,450,000 ~ To be b . .•. Preferred stock, 4 per cent........................ .. . . . . .. 100 3,150,000 5 is pa.1 let M., $1,250,000, call at 105 after 1904.FP .c* 1,000 58 189 9 650,000 5 g. Gen'l mort.. 5 p. c. incomes,-$8,500,000.FP .... r 7,250,000 58 1899 1,060 5 g. Dutchess Co. RR., lat M.,g., gu. (seetert).Me.o* 350,000 41.g (6) g. 12 1890 1,000 Central Ohio-See BALTDWRE & OHIO. a Balance, $32,347,000 retained as collateral for notes by U. 8. Government . * Cash Carson & Colorado Ry.-(3-foot gauge.)-From Mound House, Nevada, to Keeler Cal., 294 miles; branoh, 6 miles. In 1900 substantially a.11 the stock and all the bonds were acquired by the Southern Pacific and the road will be broad-gauged and extended northerly to a connection with the Central Paoiflo and southerly to Mojave on the Southern Pacific, about 100 miles. V. 70, p. 381, 685; V. 72, p. 287. For year 1901-02 gross, $347,872. Oarthage & Adirondack Ry.-(8ee Map N. Y. Oentral,.)-Owne trum Carthage to Newton Fa.lls, New York, 46 miles. The entire stock, $500,000, is owned by the New York Central RR., which in May 1893, leased the property in perpetuity and guaranteed its $1,600,000 bonds, of which $500,000 were for extensions, etc. (V. 57, p. 218.) Uarthage Watertow-n & Sacken•s Harbor RR.-(See Map ' N. Y. Oentral. J-Owns from Carthage to Saokett'sHarbor, N. Y., 29 miles. Controlled by N. Y. Central, which owns $484.,100 of the stock and guarantees the bonds. Leased to R. W. & 0. for 37¼1 p. o. of gross earnings. Renta.l in 1902-03, $42,525; in 1901·02, $44,448; 1900-01, $39,825, Capita.I stock $465,845 common and $21,500 preferred. Catasauqua & Fogelsvllle RR.-Road from Catasauqua, Pa., to .Rittenhouse Gay,Pa., 29·5 miles. Opened in 1857; in 1890 the Phil&· delphia & Reading acquired control through ownership of a majority of the capital stock of $426,900 (par, $25.) Of the stock $254,12518 owned by Reading Co., $251,625 being deposited as part security for Read. gen. mort. of 1897. F·or :year endlng June 30, 1903, gross, $11~,980; net,$62,163; deductions, $9,580; dividends, $29,883; bal., sur., $22,700. {Jatawtssa RR.-Owns from Tamanend, Pa., to Newberry Jo., Pa., 98 m.lleet and branches, 5 miles. Re-leased Deo. 1, 1896, for 999 years to Phllaaelphia & Rea.ding Railway. Rental, interest on the bonds, 5 p. o. dividends on the preferred stock, all taxes, and $8,000 for organization expenses. Bee also V. 63, p. 969 1116. Of the preferred stocks in 1903 lti2,200,000 was first preferrea1 and $1,000,000 second preferredandoommon was $1,159,500; ua.r $50.-(V.72, p. 1187.) Vatsk.lll Mountain Rallw-ay.-Owns narrow•gauge road from Oatekill, up the Catskill Mountain, to Palenville, N. Y., 16 miles; leases Cairo RR., Cairo Junction to Cairo, N. Y., 4 miles; total 20 miles. Btookr $89,000. There are also second incomu for $15,600 6 p. o. Ftret mcomes have one vote for each $100. EARNINGS.-Year ending June 30, 1903, gross, $51,173; net, $16,481; interest, etc., $11,851. Cayuga & Susquehanna RR.-Owne from Susquehanna River t.> Ithaca, N. Y., 34 in.ilea. Leased during length of charter and renew• ale thereof to the Delaware Lackawanna & Western at a rental of $54,600 a year. Corporate existence for 50 yea.rs from Jan. 1, 1900. Central Branch Ry .-Owns Lenora to Atchison, Kan., 293 miles; Jamestown to Burr Oak, Kan., 33 miles; branches, 62 miles. Stock, $7,585,000. The $3,459,000 let 4s of 1899 are guaranteed, prin. and Int., by the Mo. Pao. (see V. 68. p. 329). Form of guaranty V. 70, p. 279. For calendar year 1902, gross, $1,091,792; net, $271,548; other receipts, ~7,4.64; interest, $238,360; taxes, $i}0,443; miscellaneous, $515; bal., det., $50,305.-(V. 73, p. 31,) central Florida & Gulf Coast Ky.-Underoonstruotion in Oct., 1902, from Plant City, Fla., southwesterly to Bratdentown and Sara.• sota, Fla., about 70 miles, 01' wbich 14 miles to be completed early 1n 1903; projected to Boca Grande, on Gasparilla Island, 65 in.ilea; total to be 135 miles. Stock authorized. $15,000 per mile; par of shares, $100. Bonds are issuable aG the 11ame rate. President, Thoe. H. Mc. Donnell, Quincy, Mass.; Seo. and Treas., Oscar O. Owen, Tremont Bldg., Boston; Gen. Mgr., J. H. Dawe.-(V. 75, p. 28.) Central oC Georgia Rallw-ay .-(See Map).-Syatem includes: Lines owned in Jee. Mites. 1.tinu leased-(aee these cos.) Mile, Savannah to Atlanta......... 295 Southwestern RR.Gordon to Porterdale........ 86 Macon to Eufaula.......... 144 Columbus to Birm'gham,Ala. 156 Fort Va.lley to Perry....... 12 Columbus to Americus....... 62 Fort Valley to Columbus... 71 Montgomery to Eufaula, Ala. 80 Smithville to Columbia.... 85 Columbus to Greenville, Ga. 50 Cuthbert to Fort Gaines... 21 Opelika. to Roanoke.......... 36 Augusta & Savannah RR.Eufaula to Ozark............. 60 Millen to Augusta ....••. -.. 53 Grlffl.n,Ga.,toChat., Tenn, eto 198 Chattah. & Gulf RR.Ohiokamauga to Durham.... 17 Columbia to Floralla....... 92 Savannah to Tybee........... 18 Columbus to Andalusia...... 138 Macon Junction to Athens... 102 -Brewton to Dover........... 771 Total oper.Jan.,1904 .... 1.877 Barnesville to Thomaston.... 16 Also Meldrim to Lyons, 58 miles, Lyerly Branch............ . ... 8 I (leased to Seaboard Air Line Ry.) Ocean Steamship Company, Total owned (and oper'd) .. 1,399 estimated equivalent of.... 300 ORGANIZATION-Organized Oct.17, 1895, and Nov.1 succeeded to the properties of the Central RR. & Banking Co. of Georgia, foreclosed per plan in V. 60, p. 1008 and V. 61, p. 68. Chattanooga Rome & Southam was merged June 1, 1901. V. 72, p. 674, 721,987, 1134. Srocx.-$5,000,000 held by interests allied with Southern Ry. BoNDs.-Theftrstmortqage of 1895 (described in V. 63, p. 1160) ts aft.rat lien on the main line from Atlanta to Savannah, including the Mllledgeville branch (312 miles in a.11) all equipment and appurten· ancee and the equity 1n $1,995,000 o'I. the capital stock of Ocean Steamship Oo. of-Savannah. Trustee, Guaranty Trust Co. of New York. No div. was paid on Ocean Steamship stock in 1902·3, v. 75, p. 439. Applloation for listing :ftrsts and console. in V. 63, p. 1160. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis --1 [VOL. LXXVIII. J. J. J. J. J. M. N. Y., Mero. TrUBt Oo. Do do N. Y. Standard Tr. Oo N. Y. GuarantyTrust Co. do do do do do . ......... N. Y., Guar Trust Co. N. Y., Union Trust Co. N. Y., Gu. T. Co. or Sav. do when earned. do when earned. N. Y., Guaranty Tr. Co. do do N. Y., Blair & Co. .Bonas-.l'rlncl• pal,When Doe. Btock.r-La.st Dividend. June 1, 1948 Feb. 1, 1919 Apr. 1, 1932 Nov. 1, 1945 Nov. 1, 1945 Jan. 1, 1946 Jan. 1, 1946 Deo. 1, 1945 Jan. 1, 1947 June 1, 1926 June 1, 1961 July 1. 1947 Nov. 1, 1945 Nov. 1, 1941) Nov. 1, 1945 May 1, 1937 To Mar., 1908 To Sept., 1910 & J. N.Y., Guaranty Tr. Co. July 1, 1920 Jan., '04, 2¼1% Jan., '04, 219% Jan. 1, '04, 2¼1 July 1, 1930 & N. .. .. .... .. Nov. 1, 1953 & J. Savannah, Ga. & J. Savannah and Macon. & J. Savannah, Ga. & .T. Sav., Ga., Citizens' Bk. eld in tr ust for ten years, or un don gen eral mortgage for two F. & A • .Fid. I.T.& S.D.Co., Phil. Oct. 1. Yearly, if earned. J. & D. Fid. I. T.& 8.D.Co., Phil. til 4 per cent years. Feb. 1, 1919 Feb. 1, 1949 June 1, 1940 depoatt ed to retire these; mortgage satisfied. Tbe consolidated mortgage (see abstract 1n V. 611 p. 873, a.lso see V. 63, p. 1160) is a ttrst lien upon 600 milee [moluding former Mont. & Eufaula RR., Ela.v. & Western and Bav. & Atl.]; also on the lea.sea of the South Western and Augusta & Savannah roads and the stock of New England & Savannah Steamship Co., and a ,econd lien upon the main line, its equipment, eto., and also on the Macon & Northern and Mobile & Girard. It also covers all leaseholds, securities, etc. It maybe increased to $18,500,000, at not more than $500,000 in any one year, for betterments and equipment. Macon d Northern Di'lriBion bonds a.re also direct obligations of the Oentral Ry., with Iirst lien from Macon Jot. to Athens, Ga., 102 miles. lfiddte Georgia ~ Atlantic Division bonds are issued at $9,000 per mile, of which $8,000 was for purchase of road and $1,000 retained by Cent. of Ga. for betterments; subject to the Eatonton Branch bonds, $168,000 on 21 miles, the firsts of 1897 cover the 65 miles of M. Ga. & At. Division.-(V. 65, p. 823; V. 64, p. 180; V. 65, p. 324.) The preference income bonds, subject to the prior mortgages, cover the main fine and the former Savannah & Western, Columbus & Rome Montgomery & Eufaula Mobile & Girard, Macon & Northern and Savannah & Atlantic RRs., and their equipment, etc.; also all leaseholds, securities and equities of properties acquired by the new company. They are non-cumulative and bear interest not exceeding 5 per cent in any one fl.seal year, but payable only out of net earn.1n.gs as declared and secured by the deed of trust. DIVIDENDS? 1896. 1897. 1898. 1899. 1900. '01. 1902. 1903. On let pref. incomes. ( 11.g 214 2 2 314 5 3 IS Ootlateral trust mortgage abetra.ot was in V. 45, p. 242. The Ohattanooga .D1.'lri8ion mortgage is a first lien on the former Chattanooga Rome & Southern RR., Carrollton, Ga., to Ohatta.nooga, Tenn. 138 miles, and Durham to Chtckamauga, Ga., 17 miles, With branches, in a.11155 miles, subject to $343,000 old 5s, for which a like amount of bonds 18 reserved; $217,000 being also reserved for additional equipment and improvements. V. 72, p. 1134. LA.TEST EARNS., 5mos. t 1903 ...... Grose, $3,996,' 05; net, $964,083 July 1 to Nov. 30. 51902 .•..•. Gross, 3,85t,204; net, 1,160,675 AN'NuALREPORT.-Report for 1902-03 in V, 77, p. 1289. Years end. June 301903. 1902. 1901. Gross earnings ..••......•..•••• $9,164,470 $7,750,691 $6,920,715 Total operatingexpenees ...... 6,822,732 5,531,039 4,778,148 Taxes-.......................... 269.817 269,471 213,411 Netea.rnings trom operation .• $2,071,921 $1,950,181 $1,929,156 From steamships, etc.......... 192,413 201,674 187,359 Total .••••••.•.•••.••.••••••. $2,264,334 $2,151,855 $2,116,515 DEDUCTIONS FROM INCOME FOR YEAR 1902·3. Interest on funded debt$1,684,009 Total deduct'etrom ino.$2,060,828 Rentals, etc............. 376,819 Net income............. 203,506 OFFICERS.-President, J. F. Hanson, Macon, Ga..-(V. 77, p. 1224, 1289, 2279.) Oentral 1'.lassachusetts RR.-See Boston & Maine RR. Central Indiana Ry.-Murioie to Brazil, Ind., 137 miles, of which Brown's Valley to Sand Creek, 12 miles, is trackage. Suo• cessor in Mar., 1903, to the Chicago & Southeastern Ry., foreclosed Feb. 19, 1903. V. 76, p. 653. Controlled by the Cleveland Oin• cinnati Ob.icago & St. Louis and Pellllsylvania RR. interests. Bonds, guaranteed by Cleveland Cin. Chio. & St. Louts, are 11mited to $20,000 per mile; presenr, issue understood to be $1,500,000 (V. 77, p. 517, 2279.) Stock authorized, $120,000. President, Joseph Robineon.-(V. 76, p. 653; V. 77, p. 768, 2279.) Central New England Ry.-Owns trom Campbell Hall, cross• Ing the Hudson River at Poughkeepsie by its own bridge to Sllvernails, 58 miles; and leases and controls Hartford & Conn. Western RR., Hartford to Rhineollif, 109 miles; extension from Tarl1fville, Conn., to Springfield, Mass., 18 mUes, operated from Sep., 1902; total, 1 85 miles; also Dutchess Co. RR., Poughkeepsie to Hopewell June., 12 miles; trackage, 1 mile. V. 72, p. 1279; V. 73, p. 337; v. 76, p. 435. ORGANIZ.A.TION.-Inoorporated in January, 1899, per plan in V. 66 p. 574, and V. 67, p. 789, as suooessor of Phil. Read. & New Eng. RR. sold in foreclosure Oct. 6, 1898.-V 68, p. 84. In January1 1899, per• sons friendly to Boston & Albany acquired a large interesli. 68, p. 41, 84. Owns $1,390,000 Hartford & Conn. Westem stock. STOCK.-The stock is to be held in trust for ten years, or until 4. p. o. interest is paid on general mort. for two years. BoNDs.-Of the first 5st $650,000 were issuable at once for aeeeeaments, line to Sprlngflela, etc , and $600,00 will be reserved for improvements. Interest on Dutchess Co. RR. firsts reduced to 4.lg p. o. EA.RNINGS.-3 months ending Sept. 30: I v. 3 mos.- Gross. 1903 ....... $214,762 1902... ..•. 149,452 Year ending Net. 0th. income. r$58,180 28,159 $1,461 2,611 Oharge,, Bal,anu. $39,879 eur $19,762 38,661 def. 7,891 June 30- Gross. Net. 0th. Income. Oharges. Balance. 1902·03 .•••. $655,535 $133,286 $7,565 $155,159 def.$14,308 1901·02 ...•. 583,835 147,585 10,129 152,688 sur. 5,026 OFFICERS.-C. W.Ohapin ofNewYork,President; .J. K. o. Sherwood, of N. Y., Treas, and 0. A.. Heller, of Phlla., Seo'y.-(V. 76, p. 47, 435.) Central Ohio RR.-See B. & O. RR. Co.; also V. 70, p. 75. Oent.ral Ontario Ry.-V. 74, p. 1354. V. 75, p. 665. JAN., 1904.] 387 RAILWAY STOCKS AND BONDS. Subscribers "Will confer a great t'avor by giving Im.mediate notice of' any error discovered In these Table•• Bonds-PrtnotRAILROADS. INTEREST OR DIVIDENDS. Miles Date Bize,or Amount t>a.l,When Due. l'er explanation of column headings, &o., see notes of Par Outstanding Rate per When Where P~a.ble, and by Stocks-La.at of on first page of tables. Road. Bonds Value. Cent. Payable om. Dividend. · Oent-raZ Paoifto--Common stock, $67,275,500 Preferred stock, 4 p. o., cum., $20,000,000...•.•. let ref. M., $100,00&s800, g., gu.,E.&i.en.ce.oA&r New 3¼s, $25,000, , g., gu,,t,, i. end. us.c*&r Notes for U. 8. debt,due $2,94 ,635 half.yearly. OLD SECURITIES NOT EXCHANGED, Oa.l. & o. let mortgage, series A, gold (ext.) .••.•• Mortgage gold bonds, land grant, sinking fund •. Oen,t. BB. of N. J.-Btock ($30~,000 author) .. Convert. debentures. convert. to stock till 1907 Cent.RR.of N.J., Gen.M.for $50,000,000,g.Ce,o&r Equip. M., Ber. A & B, $t 20,000 due y'rlr ..·••••.. do do Ber. C, $3,500,000 authorized...... Real estate bond and mortgages .••••..••••.•.•••. lfuarantua BondsLeh.& Wilkesb.Coal con.M., gu.,p.&1.,ext. in 1900 5s of 1912,sink.fd.not gnar.(not drawn) PP.o Am.Dock& Imp.Co.lstM., gu., redeem. at 110... ow N. Y. & L. Br. f,en. M., g. (i192,000 5s) .••... Ce Leh. & Hud. R v., gen. M., g., ~ar. Jolntly.Ce.c* Oe-n.t. BR. ofPennsylt1ania-lat M., $1,200,000.PP Oew.tral South Oarolina--lat mortgage, gold ... o Central ermont-Btock, $3,00~000 ..•..•••.•..••• let M., $12,000,000 gold, tra o gua.r .A B o & r. Montreal & Province Line Ry., lat M., ~- p. & 1.,c Charleston d Savannah-Bee ATLANTIC COAST LINE Charleston Term'l-lat mort., $1,000,000, gold.S. OAarl.tl West. Oar.-lat M.,g. ($8,000 p.m.). Ce .. c*&r Income M., ~ non-cum., ($7,000 per mile) G . . c• Augusta.Ry. ermtnallst M.,g.,gu.,p,&i. end.Ce. Oharlot'8 Monroe ti Oolumbia-lat M., $70,000, g. 1T On coupon bonds J&J; on registered bonds b Includes $1,167,000 in treasury Dec., 1903. 1e - - - -· $ •••••• $67,275,500 ---· ---· 100 12,600,000 . ·-· Held by Held by 1,349 1899 500 &o. a64.,781,000 4g. 1,349 1899 500 &c. 18,069,500 3 \ g. 32,346,995 1899 ...... 296 South'n Pacitto Company. F. & A. N. Y., 120 Broadway. J. & D. do do ---·. }*644,ooo{ ---· ------ Jan. 1, 1918 1936·1939 Feb, 1, 'O'f 29' May 1, 908 July 1, 198'7 1904 to 1912 To 1913 Varioll8 dat.ee 4lg 1,000 12,175,000 Q.-M. do do 1,000 2,691,000 M.&N. do 5 do 1,000 4,987,000 5 J. & J. do do 1,000 1,745,000 4&5 g. M.& B. do do 1,000 a 1,062,000 ~ g. J. & J. N. Y., Nat. Exch. Bank. 600,000 500 &o. M.&N. Phil ,Ftd.I.Tr.& B.D.Co. 1,000 300,000 6 g. J. & J. N. Y., Cuyler, M. & Co. 100 3,000,000 $2,185,1 OOheld by Grand Trunk Ry. of 1000&0. 11,000,000 4 g. Q,-F. Bosd:,m· L. &d~· Co. 100 &c. 200,000 4 g. A. & 0. June 1, 1910 Nov. 1, 1912 July 1, 1921 s:yt. 1, 1941 J y 1, 1920 May 1, 1943 July 1, 1921 Canada. May 1., 1920 Oct. 1, 1950 ii: isss ---· .... .... ··-· .... 1875 ··-· ·42 1888 1881 1891 1890 1893 1881 Ka 40·6 1900 ·ss .... RR. i899 ...... 1,000 800,000 4 g. 1,000 2,720,000 5 g. 1,000 2,380,000 5 1,000 600,000 6 g. 22 1,000 70,000 5 g. Q.-J. aGuaranteedjointly with Le c Includes a mount 1 n treasury D ec., 1903 340 . --- ---· Aug. 1, 1949 Au~. li-l;929 Feb. 04· .'09 1,000 5 g. J. & J. N. Y., 120 Broadway. 1,000 5~.&6g. A. & O. do do 100 27,418,800 81n1903 Q.-F. N.Y.Of1143 LibertySt. 1,000 50,000 6 M.&N. N. Y., berty Nat. Bk. 1887 500 &c. b4:5,091,000 do do 1T : g. '99·'02 1,000 3,270,000 Varlous do do 1903 1,000 c3,500,000 ···5·· Vartou 179,100 do do 1868 '86-'89 1903 1896 1896 1897 1902 Central Pacific Ky.-( See Map of Southern Pacijtc,J Line, ownedMiles. Miles. Ban Francisco, Cal., to near Branches to Ban Jose, etc.... 35 Ogden, Utah.......... . . . . . • 871 TrackageLathrop, Cal., to Goshen1 Cal. 146 Into Ogden, etc............... 11 Rosev1lle Junction, Cai., to - Oregon State Line.......... 296 Total. .••..•..••••• ...•••.••. 1,359 ORGANIZATION.-lncorporated in Utah in July 1899, as successor or the railroad under the plan of readjustment in V. 68, p. 378, by which the Southern Paciftc acquired the entire capital stock and guar• anteed the prinoipal and interest of the two new Central Pacific bond Issues shown above. The old indebtednesst.lncluding the U S. loan, excepting about $636,000 bonds, has been mscharged. STOCK-(1) Oommon stock, $67,275,500, all held by Bo. Pac. Co. (2) Preferredstock,4 per cent cumulative, authorized issue $20,000,· 000, to be delivered to Southern Paciflo Co. in consideration of issue of equal amount of Southern Paciftc Co. 4 per cent oollateral trust gold bonds; of which delivered on completion of readjustment, $12,000,000; reserved to be delivered only to provide addition& funds, if required, for the payment of 3 per cent notes to the United States, and thereafter only for betterments and additions, $3,000,000; reserved to be delivered for improvements and additions at not exceeding $200,000 yearly, $5,000,000. BONDS-.li'irst refunding ..H. gold 4s, $100,000,000, secured by all the railroads, terminals and equipment now owned Including about 1,349 miles of first track, etc., by deposit as collateral security of over 95 -per cent of the old mortgage bonds. Of the authorized issue $32,347,000 is held by the United States as collateral for 3 per cent notes. See ABSTRACT. V. 69. D. 808, and v. 70, p. 739; v. 78, p. 228. Thirty•year gold 3½s, $25,000,000, secured by a second lien upon all the properties covered by the lat ref mortgage, and also by deposit with the TrustAes as acquired of all securities and moneys held in any sinking fund of the Central Pactll.c RR., consisting July 1, 19021 of $9,332,000 in securities and $1,169 ca.sh, and by a trust deea upon all the lands covered by the mortgage dated Oct. 1, 1870. Bee Mortgage Abstract, V. 69, p. 858; also see p. 851. From the pro· ceeds of these sinking funds and land sales cancellation of bonds will be made from time to time: in February, 1900, $2,505,000 3lgs were canceled, and to Apr., 1903, $3,706,000 additional had been canceled reduoingthoseoutstandingto $18,069,500. V. 70, p. 739; V. 70,p. 1194. Twenty three·per-cent 'lt,()tes, aggregatlnfZ $58,812,714, issued to the Government In settlemf'lnt of subsidy debt; $26,465,720 paid, leav• ing $32,346,995 to mature, $2,940,635 half•vearly thereafter to Feb., 1909. First refunding 4s a.re deposited to retire them when due. LAND GRANT.-Total land grant was about 12,000,000 acres, of which about 6,745.388 acres remained unsold on June 30, 1902. Bales in 1901·2, 111.041 acres; cancellations, 16,821 acres. Land contracts July 1, 1902-principal, $1,051,920; average price per a.ere, $5 07. GENERAL FINANCES.-Cancellation of the 3½8 of 1899 is being effected from time to time from the proceeds of the slnkln~ funds and also from land sales, $2,505,000 of the bonds being thus retired early in 1900. v. 70, p. 279, 739. EARNINGS.-5 mos. ?. 1902-3 •• Gross, $10,435,249; net, $(,360,754 July 1 to Nov. 30. ~ 1901·2 ..•. Gross, 9,791,024; uet, 4,249,982 REPORT-In 1902·03, gross, $21,121,671; net, $8,482,194; other income, $863,844; int., taxes, sinking funds, etc., $5,263,222; ba.l., sur., $4,0!·2,917. In 1901·02, gross, $20,191,111; net, $7,632,435.(V. 76, p. 809; V. 77,p. 1530, 1532; V. 78,p.228.) Central KR. of'NeW' Sersey.-(See Map Phila. d Beading Ry.JOperates from Jersey City, op11osite New York City, westerly to Wilkesbarre anr Scranton, Pa., and the neighboring anthracite coal fields: also southerly to the seashore resortsof New Jersey, etc.: .Lines owned in fee. Miles. Lehigh & Susquehanna., Phil• .Jersey City to Phllllnsburg .••• 72 lips burg to UnionJunc.,letc. t .171 Sundry branches ...• ·••..•...••. 82 Wilkesbarre & Scranton ,r .•••. 5 Entire stock owned. Lehigh & Lackawanna......... 3 6 New York & Long Branch RR., Other lines...................... 9 Perth Amboy to Bay Head .. 38 Allentown Term. (oper.jointly) 3 New Jersey South'n RR., Long TrackageBranch to Atsion, etc ..•...•. 76 Union Coal RR ..•..••...••..••• 10 Other lines (no debt) ...•••..... 141 Lehigh & New England........ 2 Leased(mostlyfor999yrs.)Miles. Tresckow Branch.............. 5 Ogden Mine RR. ,r.............. 10 Nesquehoning Valley 1T .: •••• •• 17 Tota.I operated July 30, 1903.677 7Ji;fue this company. 1 Bee Lehigh Coal & Nav. in "Misc. Companies." There are 261 miles of second and 30 miles of four tracks. With the Ba.It. & Ohio and the Phlla. & Reading operates the "Blue Line," using the B. & 0. tracks from Washington to Philadelphia, the Reading to Bound Brook and the Central N. J. to Jersey City, HISTORY,-Chartered in 1849. From May, 1883, to Jan. 1, 1887, leased to Philadelphia & Reading. Receiv~rs were in possession from Jan. 1, 1887, till January, 1888. Reorganized in 1887 without fore1'losure-see plan V. 44, p. 714, 716. Concernln11: coal properties, see Lehigh & Wilkesbarre in SUPP, of Jan,, 1903 (p.159), and Lehigh Coal & Nav. In "Miscellaneous.'' In Jan., 1901, control passed to the Reading Ry., which acquired $14,500,000 of the stock. V. 72, p, 86,136,241,391, 721. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - --South'n Paoifl.o Company. New York. J. & J. A. & O. N. Y., Chase Nat. Bank. July If earned. N. Y. Cent. Tr. Co. A. & o. A.. & 0. R'd T.&S.D.Co.,R 'd,Va. high Co al & Navigation Co. . July Oct. Oct. Apr. Oct. 1, 1, 1, 1. 1, 1953 1946 1946 1947 1932 DIV.- 5 '91. '92 to '94, '95. '96. '97. '98. '99, '00. '01, ,02. '03. '04 P. o.?. 6¼ 7 yearly. 5¼ 5 414 4 4 5 5 8 8 Feb.,2 BONDS.-For general mort. abstract see V. 45, p. 402. The L. & W. Coal mortgage is for $15,000,000; the bonds, formerly 7s., of which $12,175,000 have been issued, were In 1900 extended at 4¼ p. c. and guaranteed, prin. and int. See guaranty, V. 71, p. 26, Jointly and severally with the Lehigh Coal & Nav. Co guarantees $1,· 062,000 Leh.&Hud. Riv. Ry. Gen. 5s, prin. and int. See V. 67, p. 788. EARNINGS.-For 5 mos. ending Nov. 30: 5 mos. Gross. Net. Oharges. Bal., sur, 1903 ......••••••..• $9,384,785 $3,989,933 $2,291,192 $1,698,741 1902 ·-·. .•. .••. .. • 6,591,318 2,214,069 2,073,413 140,656 ANNUA.L H.EPORT. -.l!'iscal year changed to end June 30. Annual meeting held on the Friday following the third Mondav in September. The report for 1902·03 was in V. 77, p. 764,767. See also editorial, p. 737. ,-Years ended June 30-.. ,-Oat. year-.. 1903. 1902. 1901. Merchandise.................... $6,868,077 $5,949,166 $5,073,417 Coal . ............. . .............. 6,054,769 5,717,062 7,230,817 Passengers._.................... 3,045,331 2,fl86,517 2,602,746 Express and mall............... 303,776 292,665 293,877 Miscellaneous.................. 85,203 94,807 85,853 Total gross earns. ra.11 lines.$16,357,156 $14,740,237 $15,286,710 Net earnings.....•.••.•...•..••. $6,342,34"i $6,498,393 $7,461,463 Other income................... 1,507,794 1,960,929 1,903,125 Total net income ........... $7,850,139 $8,464,322 $9,364,588 [nterestondebt ..••............ $2,843,308 2,717,186 $2,743,408 Rentals paid.................... 2,456,148 2,231,326 2,354,747 Taxes ....••... _................. 415,887 415,687 402,949 Renewal fands, etc...... ...•.. . ... 440,000 640,000 Dividends•. ........•..•......• (8)2,193,264(714)1,985,648(5!\i,)1,570,516 Balance, surplus ..••.•...••. def. 5 ·• ,468 sur.$074,t.71> $1,652,968 -Directors,May, 1901, V. 72, p,1987; (V. 74, p.1353; V. 77, p. '764, '2''2' 5.) Central KR. of' Pennsylvanla.-Owns Bellefonte (Penn. RR.) to Mill Hall, Pa. (on Beech Creek RR.) 27 miles; branch, 5 miles; 011erates Nittany Val. RR. 7 miles. Current liabllit1e!3 June 30, 1902, $514,674. For year 1901·2, gross_, $82,919; net, $29,672; oharges, $52,964; deficit, $23,293. Stock, $1.,200,000; par, $50. Central KR. 01' South Carollna.-Owns from Lane, B. 0., to Sumter, S. 0., 42 miles. Leased to the Atlantic Coast Line RR.; rental $31,000 yearly. Stock, $170,000, par $50. In year 1897·98, gross, $95,286; net over taxes, $36,019.-(V. 64, p. 887.) Central Ry. 01' New B.runs wlck.-See page 530. Central Verm.ont Ky .-Operates from Rouse's Point, at north·end of Lake Champlain,. to New London, Conn., with br,anohes 531 miles in all of which 218 mues leased, vt.z.: New London & Northern (see that oo.), 157 m ; Montv1lle Br., 3; Montreal & Province Line Ry., 40. ORGANIZATION.-Suooeeded May 1, 1899, per amended plan in V. 67, p. 735, the Central Vermont Raitroad, foreclosed. V. 68, p.1076. SECURITIES, ETC.-The Grand Trunk Ry. holds $2,185,100 of the $3,000,000 stock, and under a traffic contract will make good any deficiency in earnings to meet Interest on the new firsts up to 30 p. o. of Grand Trunk gross receipts from traffic interchanged. Montreal & Province Line Ry. bonds, see above.-V. 71, p. 390,697. REPORT.-For year ending June 30, 1903, in V. 77, p. 2095, showed: Year. Gross. Net. 0th. inc. 011,arges. Bal., Bur. 1902·3 ....•. $3,636,382 $660,509 $10,840 $667,787 $3,562 1901·2 ...... 3,406,432 660,301 10,560 667,762 3,099 Officers.-President, Charles 1\1. Hays; Clerk ana Treasurer. W. H • Chaffee, St. Albans, Vt.-(V. 75, p. 848, 1198, 1221>; V. 77, p. 2095.\ Charleston Clendennln & Sutton KK.-See Ooal & Coke Ry. Charleston & Savannah Ky.-See ATLANTIC COAST LINE RR. Charleston Terminal Co.-RoAD.-Owned terminal road iD Charleston, B. C., 3 miles; double track laid with 60 pound steel. Company also owned 14 wharves, 30 warehouses, about 30 a.ores of land, 4 cotton compresses, etc., on the city's water front, these being oonnected by its own road with the other railroads entering the city. A reorganization of the East Shore Terminal Co.'s RR., foreclosed July 14, 1903: V. 77, p. 146,298. Stock, $200,000, owned jointly by Atlantic Coast Line RR. and Southern Ry. Of the bonds, $200,000 are reserved tor future purposes. President, Wm. E. Huger; Treas• urer, R. G. Lankford; Secretary, Henry Fraser. (V. 77, p. 298.) EA.RNINGS.-Net earn'gsfor year ending June 30, 1902, olrt company, were $25,807; in 1900-01, $22,042.-(V, 76,p.1300; V. 77, p. 146.) Charleston & Western Carolina Ky.-Port Royal, B. C. to Augusta, Ga., 112 m., and Spartanb'g, Greenville and Anderson, 228m. HISTORY.-A reorganization and consolidation Oct. 3, 1896, of the Port Royal & Augusta and Port Royal & Western Carolina, purchased at foreclosure safe by Thomas & Ryan, who sold the entire capital stock and large portion of its issue of income bonds to Atlanti<, Coast Line in December, 1897. V. 66, p. 38, 335. STOCK.-$1,200,000; par, $100. A :tun statement as to Augusta Ry. Terminal Co. and its bonds was In V. 66, p. 383. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HAPOFTJDD CHESAPEAKE & OlDO RAILWAY AND ITS CONNECTIONS. JAN., 1904. l 189 RAILWAY STOOKS AND BONDS. RAILROADS. Miles Date Size, or INTEREST OR DIVIDENDS. l'or explanation of column headings, &o., see notes o:t of Par ou"t:1~~g Rate per When Where Payable, and by on flrstpage of tables. Road. Bonde Value. Cent. Payable Whom. Oltarlotte Oolumbia fl A.ugusta-See SOUTHERN BY. Chartiers-Stock . . • • • • • . . • • • • . • • • • • . • • • • • • • • • • • • • • • • • •••• . ••. $50 $645,300 let mortgage, $625,000, ,rold. ..•.....• . .••. . .... o* 23 1901 1,000 625,01)0 ~ La7ce Placid-Sar. & L Pl., 1st M., g.Ce.o* 10 1893 1,000 120,000 2d mortga~e. $24,000, Ce......................... 10 1896 500 2-1,000 Cbat'gay By., let M., gu. p.&l.(see V. 73, p.1263) 39 1887 1,000 200,000 Ohar,tahoochee Valley-1st M., $110,000 ..... A. B. 10 1900 1,000 (1) 011.attanooga Southern,-Stook ($750,000 is prer.)... 100 3,000,000 Ohesapeake Beach-1st M., $1,000,000, gold.f'lo.c* ·34 iS98 1,000 1,000,000 Chesapeake & Ohio-Btk. (transf'r agt.J.P.M.&Co.) . . -1100 62,799,800 Mortgage 6s, gold, ser. "A & B' .Ce ............. o* S 428 iS78 1,000 2,013,354 lat mort.,of 1911, Penin. Ext., gold ... . .... c" i 75 1881 1,000 2,000,000 Ter'J let m.,1922, covering 8 m., to Phoebus.g.o* 8 1882 500 &o. 142,000 lat consol. mort. tor $30,000,000, gold .. Ce.cT&r 664 1889 1,000 25,858,000 Rich. &All Div. 1st con. M., g. Bee text ... Ce. c· 252 1890 1,000 6,000,000 2d cons. M.,Rioh. via. Lynchb. to Clltton F.Ce 252 1890 1,000 1,000,000 Craig Valley branch lat mortgage, gold .... Ce.o~ 26 1890 1,000 650,000 Warm Springs Branch 1st mortgage, gold .. Ce.o* 25 1891 1,000 400,000 General mort. (for $70,000,000, etc.) gold .. Ce o~ 1,174 1892 1,000 36,073,000 .Ktneon Coal mort., assumed, red. beg. Oct., 1905 ... . . . .. 500 &o. 200,000 Greenb.&NewR1v.RR.lstM.,g.,as11.(V.75,p.562) 18 .. .. 1,000 b555,000 Greenbrier Ry. 1st mort., $3,000,000, g ... Col.o* .... 1900 1,000 2,000,000 Car contracts, payable monthly on 4,700 oars.. . ... • ••••• 944,738 Car trusts on 25 loco. and 1,000 cars, pay. ann'ly . . • • iooi 800,000 1,800,000 Car trusts, ser. B, g., $200,000 due y'rly .. GP c* . . • . 1902 Car trusts, ser. C, g., $50,000, due semi•annnally. . . • . 190 -z 1,000 900,000 Car trusts, ser. D, gold, $200,000 due yearly.... •••• 1903 .....• 2,000,000 GUARANTEED BONDS. Elevator Co. let M.,gold,p. &1. guar ••••••.. Ce.o• .••• 1888 1,000 830,000 2d mortgage, tor $500,000, income, non•cum.o* • ••• 1888 1,000 450,500 C. & 0. BS. let M. deb. red. at par, gu., p. & 1.... .••. 1893 £100 a£60,000 1T Guaranteea jointly and severally with Clev. Ctn. Chio. & St. L. a £10,000 b Includes $216,0001n the treastll'Y June 30, 1903. ,rser. "A"areA. & 0.: "B" Ohat. fooo EARNINGS.-For year ending June 30, 1902, gross, $963,760; net . $252,521; other income, $4,181; taxes, $43,200; charges. $192,730; surplus, $20,773. President, J. B. Cleveland, Spartanburg, B. C.; Secretary, James F. Poet, Wilmington, N. C.-(V. 73, p.1207.) Charlotte Monroe & Colombia RR.-McBee, 8. C .• , on Se&boai·d Air line to Jefferson, 22 miles; extension to Jefferson, 11 mtles, was completPd Oct., 1903. Stock, $48,000. In 1902 filed above mortJ' age to the Richmond Trust & Safe Deposit Co., as trustee. V. 75, p. 1030 For year ending Jan. 31, 1903 (l l miles), grosl!I, $18,859: net, $12,984. President, Ernest Williams.-(V. 75, p. 1030.) Chartiers Ry.-owns from Carnegie, Pa., to Washlngton,Pa., 23 m., Leased till 1971 to the Pittsburg Cincinnati & St. Louls (now Pitts· burg Cincinnati Chicago & St. Louis); the rental le net earnlnlle. Capital stock, $645,300 (par $50); Pennsylvania Co. own.a $333,850. DIVIDENDS-~ '90. '91. '92. '93. '94. '95. '96. '97. '98. '99·'02. 1903. -since '89 (p.c.) S 519 719 8 10 10 8 9 10 10 7 y'rly. 8 EA..RNINGs.-For year ending Dec. 31, 1902, gross, $634 255; net $190,601; other income, $11,166; int. and other charges $24,314; fro. vrovements, $4.4,044; dividends, $45,171. In 1901, gross, $490,027; net, $136,727.-(V. 73, p. 615.) Chateaugay & Lake Placid Ry. (8ee map Del. cl: Hudson).Operates from Plattsburg, N. Y., to Lake Placid, 83 miles, of which Plattsbur~ to Darmemora, 16 miles, is leased :from State of New York for one dollar and free transportation of f1 eight to the State's Prison at Dannemora, and balance owned. A ·consolidation in July, 1903, of the Chateaujiay Ry., the Chateaugay RR. and the Saranac & Lake Placid RR; V. 77, p. 249. :::itock, $450,000. Leased to the D6laware & Hudson for 500 years from Jan. 1, 1903, any balance over expenses of operation, interest, taxes, maintenance, dama~es, etc., to go to tll.e lessor. The lease is subject to revision after 5 years on request of either party. tV. 77, p. 249.) Chatham & Lebanon Valley RR.-See Rutland RR. Ohattahoochee & Gulf RR.-Columbia, Ala.. to Floralla, 92 miles. V. 71. p. 806; v. 75, p. 848, 1146. LEASE.-Leaeed in 1900 in perpetuity to Cent. ot Georgia.Ry. for 6 per cent on $273,400 stock and $334',000 bonds, of which 1 p. o. to be used as a sinking fund tor retirement of bonds, upon completion of whtoh rental will be 5 p. o. on t1took, payable J.-J. see Central of Ga. Ry.(V. 75, p. 848, 1146, 1301; V. 77, p. 195, 2279.) Chattahoochee Valley RK.-West Point, Ga., to Jester, Ala., 16¼ miles. Stock authorized, $1,000,000; outstanding, $110,000; par of shares, $100. Bonds, see table above. For year ending Nov. 1, 1902. groBB, $34,602; net, $18,974; interest on bonds, $6,000; dividends (5 p. o.), $5,500; bal., sur., $8,974. 1 Chattanooga Southern RR.-Owns road, completed in June, 1891, from Tennessee State line to Gadsden, Ala., 87 miles; Round Mt. branch, 8 miles ; trackage to Chattanooga, 5 miles ; sidings and spurs, 10 miles; total of all track, 105 miles. Successor to Chatta· nooga Southern Ry., sold in foreclosure Feb. 14, 1895; plan in v. 61, p. 830, but m July, 1902, the new securities had not been issued. The new lats were to be $5,000 per mile on present mileage and $10,000 on extensions; and the income mort. 5s, $750,000. V. 63, p. 401. EARNINGB.-5 mos., i 1903 ................ Gross, $46,227; net., $659 July l to Nov. 30. 51902 ............... Gross, 50,687; net, 5,899 Year ending June 30, 1903, gross, $122,461; net, fl0,192. In 1901· -02, gross, $98,185; det. under oper., $21,603.-(V. 63, p. 823.) Seo., E. C. Osborn, 31 Nassau St., N. Y. Cheaapeake Beach llallway.-Washington, D. C., to Chea&• peake Beach, Md., 34 miles; opened May 1, 1903. Stock, $1,000,· -000, all outstanding; par, $100. President, Byl. T. Smith; Seo., Paul V. Waters; Treas., Fred. W. Moffat. Office, 1420 New York Ave.• Wash., D. C. (V. 69, p. 228; V. 75, p. 980.) Chesapeake & Ohio Ry.-(See Mir-p.J-Operatee from Newport News Va., and Washington, D. C., to Cinoinnat1, Ohio, with branches. Lines owned infee,Miles. Lines leasectMile•. Old Point Comfort and NewGreenbrier Ry. (V.77,p.1294.) port News via Charlottee· Durbin toWhl tcomb.W.Va 96 v:llle to Ashland, Ky........ 512 Sundry branches leased . ..... 27 Richmond via Lynchburg to Operated under contract.... 12 Clifton Forge, Va........... 232 Trackage to Louisville....... 84 Branches in Va. and W . Va .. 194 Trackage to Washington, Lines controlled by stock, etc.D. 0............ ............ 85 Maysville & Big Bandy RR. Other trackage................ 21 Ashland,Ky., to Covington, 143 -Bridge-Covin,rton, Ky., to Total system June 30, 1903 1,641 Cincinnati, Ohio............ 2 Ot which narrow gauge...... 19 Lexington & Big Sandy By.. 1851 Second track......... . . . • .. . • . 154 Othe:t l nes controlled....... 47 Also owns one-sixth interest in the Rlohmond-Washington Co. The branch from Whitcomb up the Greenbrier River to its forks, 96 miles, to a connection with the West Va. Cent. & Pitts., was opened to Cass, 81 miles, on June 1, 1901, the balance b~ing completed May, 1902. Extensions under construotlon June 30, 1903, aggregating about 80 miles; see V. 77, p. 710. HISTORY, &c.-The former Chesapeake & Ohio was sold in loreolosnre April 2 1878, and this company organized. In 1888, under 1ihe direction ot Drexel, Morgan & Co., reorganized without foreclosure, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I 8 In 1903 31g g, 5 (6) g. 5 6 5 A. A. M. M. F. J. & & & & & & 0. Co.'s office, Pittsb'g,Pa. o. do do N. N. Y., 21 Cortlandt St. N. do do A. do do J. Am. L. & T. Co., Boston. ~~«:: 8tock&-La8t Dividend. Oct. 1, '03, 4% Oct. 1, 1931 Nov. 1, 1913 Nov. 1, 1913 Ang. 1, 1907 July 15, 1920 ···:i·g. J."·&--J. Offioe,Washlngton,D.C. 11nl903 ..... 6 g. ,r 6 g. A. & O. 6 g. J. & D. 5 g. M. & N. 4 g. J. & J. 4 g. J. & J. 5 g. J. & J. 5 g. M. & 1:3. 41g g. M. & 8. 5 g. A. & 0. 5 g. F. & A. 4 g. M. & N. ••. • •• . . . •. F. & A. ... F. & A. 4 g. M. & 8 4 F. & A. 4.g. Juiy·1;·i92s NOT.27i'03,1% July , 1908 Jan. 1, 1911 June 1, 1921 May 1, 1939 Jan. 1, 1989 Jan. 1, 1989 July 1, 1940 Moh. 1, 194.1 Moh. 1, 1992 Oct. 1, 19US Aug. 1, 1942 Nov. 1, 1940 To May, 1907 Aug., 1904-11 Girard Trust Co., Phlla. Feb 15,'04-112 • • .. • • • • • • Mar'04-8ep'l2 ..... ••••• Aug. 1, 1918 N.Y.,J.P.Morgan&Co. do do do do do do do do do do do do do do do do do do Cen.Tr.&S.Dep.,Cin.,O. Richmond. • N.Y.,J.P.Morgan&Co. 4 g. A. & O. do do 4 Oct. 1. 5 g. J. & J. London. called yearly at par. 1$13,354), M. & N. Oct. 1, 1938 Oct. 1, 1988 Jan. 1, 1909 i.nd the road extended to Cincinnati. The consolidation with the Richmond & Alleghany was consummated in January, 1890. The Elizabeth• town Lexinirton & Bi~ 8andv and other roads were absorbed in 1892 aud Greenbrier and other roads in 1903. CAPITAL BTOCK.-<Jommon stock authorized, $63,260,300; outstand• Ing, f62, 793,700; increased from $40,000,000 to this figure since 1892 through exchange of practically &11 the $25,000,000of preferred stocks for common stock and general m.o~age 41g per cents in certain pro• vorttons and acquisition of stocks ot other companies. V. 77, p. 450, 768. First preferred tor ,S,800 and second preferred for $800 only was outstanding Jaly 30, 1903. Bee terms of exchange in V. 74, p. 642. Stock may be reduced by majority vote of stockholders it deemed desirable. V. 70, p 175. DIVIDENDS.-1899 to 1903, both inclusive, 1 p. o. yearly. BoNDs.-Abstraot of oonsol. mortgage of 1939 in V. 49, p. 147; of Richmond & Allegheny mortgages in V. 51, p. 144. The general mortgage of 1892 (Central Trust Co. and H. T. Wickham trustees) is tor $70,000,000, but additional amounts at $25,000 per Dille may be issued for double-tracking. Of the $70,000,000 as above, $32,691 000 bonds were reserved to provide for the $30,000,000 con• sols of 1889, issued or to be issued, etc. The balance unissued may be sold tor new acquisitions, rolling stock, etc., but not more than $2,000,000 thereof in any nne year. The mortgage covers the entire property of the company, real and personal, at the time the deed was made, and all additional property and mileage acquired with the proceeds of the bonds. Bee full abstract of mortgage ln V. 54, p. 644; also V. 54, p. 642; V. 55, p. 335. In Oct., 1903, $S6,073,000 had been listed on New York Stock Exchange, $3,000,000 having been sold during 1902·03 tor construction and improvements. V. 76, p. 381; V. 77, p. 710, 1532. · The Louitroille fl Jeffersonville Bridge bonds, of which $3,000,000 are outstanding, are guaranteed jointly and severally by the Ohesa• peake & Ohio andCleveland Cincinnati Chicago & St. Lome; any defl.olt on account ot the bridge is payable by them in the proportion of one• third and two-thirds respectively-see V. 60, p. 130; V. 61, p. 327, 559: V. 62, v. 84 and sevarate statement for L. & J. BridJl'e Co. Of the Greenbrier Ry. 4s of 1900, guaranteed principal and interest, $1,000,000 are reserved for ext.ensions and improvements. See guar• anty, V. 72, p. 626; see also V. 71, p. 554,602. The car trusts, series B, cover equipment costing i2,343,120, inolud• ing 25 locomotives, 1,000 steel gondolas, 300 wooden box ca.re, 400 '!ooaen gondolas, etc.; series C, 1,000 gondolas; series D, 50 looomo• t1ves and 1,000 gondolas. V. 75, p. 239, 393; V. 77, p. 709. OPERATIONS, FINANCES, &c.-Binoe the reorganization 1n 1888, when the control of the company was placed for five years in the hands of trustees, the property has been greatly enlarged and improved. In Jan., 1900, Pennsylvania interests purchased a large block of stock, and with the Morgan•Vanderbilt interests now own a majority of the stock. V. 70, p. 75, 632; V. 72, p. 480, On June 30, 1903, the N. Y. Cent. & Rud. Riv. a.nd Clev. Ctn. Chio. & Bt. Louis owned stock representing outlays respectively of $1,638,455 and $2,453,569. V. 71. p. 398, 5" 5. On Jan, 1, 1903, the Pennsylvania RR. proper owned $10.130,000 and the Northern Central $1, 500,000 of the stock. As to puro.l lase of one•sixth interest in majority Hooking Valley common ~took see that company. V. 77, p. 1221'>. The C. & O. BB. Co. line was formally opened Sept. 7, 1893, and owns six steamers, using the railroad wharves at Newport News. The Coastwise BS. Co., whose $636,800 bonds were purchased in 1899-0, owns 3 ocean tugs and 15 barges and leases 3 steamers. V. 71, p. 554.. EARNINGS.-5 mos., i 1903 ..•..•. Gross, $8,070,634; net, $2,852,378 July 1 to Nov. 30. S 1902 .....•• Gross, 6,144,637; net, 1,991,081 ANNUAL REPORT.-Fiscal year ends June 30. Annual meeting 18 held at Richmond on the Tuesday preceding the last Tuesday in October. Report for 1902-03 was given in full In V. 77, p. 691; 708 and showed the following. Bee also editorial p. 527. Tra.t,nc.-Otthe total tonnage (9,548,531) m the year 1902-03, coal and coke furnished 4,335,731 tons, or 45 per cent of the whole ; products ot agriculture furnished 8 per cent. The average rate received on seaboard coal was only 3·24 mllls per ton per riiile ; on all freight, 4 ·63 :tnllls. Average train·loa.d, 259 tone in 1892, 528 tor 6 months ending June 30, 1903. Year ending June 301903. 1902 1901. Miles operated........... 1,641 1,636 1-t561 Passenger earnings •••••• $3,474,905 $2,954,919 ' $2,~26,813 Freight.................... 12,510,006 12,833,806 11,842,213 Express, mail and misoel. 726.691 735,653 702,516 Total earninge ........ $16,711,60? $16,524,378 $15,371,542 Oper.expenses and taxes 11,499,837 10,822,385 9,967,180 Netearnings .•••••.••• $5,211,765 $5,702,043 $5,404,362 Other income............. 190,374 136,431 149,925 Total and net income. 5,,02,13~ $5,83~,474 $5,554,287 Interest on bonds, &o ...... $4,132,534 $3,778,066 $3,552,390 Extraordinary expenses.. 691,012 1,440,814 1,304-,172 Dividends ................. (1)605,299 (1 %)605,291 (1)605,287 Balance, surplus. . . • . $73,294 $14,303 $92,434. OFFIOERS.-President, George W. Stevens, Richmond, Va.; Vice• President, Decatur Axtell, Richmond, Va.; Treasurer, 0. E. Potts, MAP OF THE CHICAGO &, ALTON RAILROAD. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 391 RAILWAY STOCKS AND BONDS. JAN., 1904.] RAILROADS. INTEREST OR DIVIDENDS. .Hon<t8-.Pl"1D.o1• - - - - - - - - - - - - - - - - - - - - 1 M i l e e Date Bize,or Amount - - - - - - - - - - - - - - - - pal,WhenDue. Por explanation of oolumn headings, &o., see notes of of Par Outstanding Rate per When Where Payable, and by .8tockl-Laat on first page of tables. Road. Bonde Value. . Cent. Payable Whom. Dividend. -Ohea. & Ohio-GUARANTEED BONDS-(Oon)- Lo.&Jeff.Bdg.letM.,$5,000.000,gu.p.&1.,end.,r.•o .. . . 1895 $1,000 1Tl$3,500,000 4 g. M. & 8. N.Y.,J.P. Morgan&Co. Moh. 1, 1945 ~orf. Term'l & Trane. let M., $500,000, gu. p.&i. 500,000 5 F. & A. Feb. 1, 1948 9 6 1898 1,000 Passenger & Belt Ry. (Lex., Ky.), let mort., gold 4 . . •. ...••• 150,000 5 g. Jan. 1 1906 Big Sandy Ry. let M., $4,000,000, gold. . ..... . ... .... 1 9 0 2 .. .. .. 2,000,000 4 g. ::::: :::::::::: 1942 1 00 Chesapeake Western-Stock ($608,400 is pref.)..... 1,419,600 •• o. &W. letmortgage, gold($25,000 per mile) Co. ·27 i896 500&0. 666,000 ···5 g. F."·&--A.. Contin. Trust, N. Y. Aug."·i,..i945 Ches. West. new mortgage, $1,435,000, gold .• o* 41 1901 1,000 1,4.19,000 4 g. A. & O. New York. Oct. 1, 1951 Chestnut Hilt llR.-Btook, rental P. & R. Ry....... 4 . ••. 50 195,650 6 Q.-M. Phlla., Treas. of. Dec. 4, '03, 1111 -Chic. ·& Alton By.-Com. stock, $20,000,000. .•. 53 . •• . 100 19,542,800 .. .. • • .••.. . ......• Pref. stock, 4 per oent,non·onm., $20,000,000... 53 . . • . 100 19,54.4,000 4 in 1903 J. & J. N. Y., 120 Broadway. Jan. 2, '04_, 2% First lienM.,$22,000,000,g,sub.call atpar.F.c&r 53 1900 1,000&o 22,000,000 3lgg. J. & J. do do July 1, .1950 Ch. &Alton RR.refund'gM., g. See text.l'1 . o*&r All 1899 l,OOO&o *31,988,000 3 ~. A. & 0. do do Oct. 1, 1949 Coll. notes, $5,000,000, g., red. par, 1904.1'.le .. r .... 1903 1,000 3,635,000 4 g . J. & J. do do July 1, 1907 Joint equip. notes ($19,000 due semi·an.) . . ....•. .••• ..•. 1,000 323,000 4 J,16&D. N. Y., Equit. Trust Co. To June15 '12 Miss. Riv. Br., let M., g., ass'd, s. f., dr'n at 100.o* . ••. 1877 1,000 369,000 6 g. A. & O. N. Y., 120 Broadway. Oct. 1, 1912 Kansas City St. L. & C. pref. stock, guaranteed.. 162 •••• 100 1,750,000 6 Q.-F. do do Feb.1, '04, 119 Joliet & Chio., 7 p.o.etook,perpet._,e:uar. by C.&A. 37 •••• 100 1,500,000 7 Q.-J. do do Jan., '04, llli% Lou1elana. & Mo., guaranteed prererred stock.... 101 . ••. 100 329,000 7 F. & A. do do Feb. l, '04, 319 CMeagoB-urlington&Quin-cy-Stook,7p.o.renta.l ...• ...• 100 110,839,100 7 Q.-J. N. Y.,Boeton and Chio. Jan.1,'04, llli Con. M. oov'ng Ch. Ter. (now 1st M.) ext. in '03.o.. 826 1873 _11 000 21,699,200 4 J. & J. NY., Bk.of Com.&Boet. July 1, 1905 Illinois Div. mortgage, $85,000,000, our. NB .... 1,642 1899 luuO,&o 41,335,000 319 J. & J. do do July 1, 1949 Bink. fu.nd, Iowa Div., 5s, (col. tr.) drawn at 105.. S 1879 1,000 b2,505,000 5 A. & O. do do Oct. 1, 1919 Sink. fund mortgage 4s, drawn at 100 .••... . . o&r 901 U879 1,000 c8,222,000 4 A. & O. do do Oct. 1, 1919 Bink. fund 4s (So. w. Div.) drawn at 100...... o*&r 1881 1,000 d4,300,000 4 M. & 8. do do Sept. 1, 1921 Denv.exten. (coll. tr.\ b'ds,s.f. dr'natlOO.NB.o* 415 1881 100 &o. e7,968,000 4 F. & A. do do Feb. 1, 1922 Debentures for Han. & St. Joseph stook ......•. o* .... 1883 1,000 9,000,000 5 M. & N. do do May 1, 1913 Nebr'eka.ext.,$20,000p.m. (s.r.,notdr'n\NBo*&r 1,472" 1887 1,000&c 25,627,000 4 M. & N. do do May 1, 1927' Chica.go & Iowa. Div., colla.t truet.. ••••••.• NB.o* 121 1895 1,000 2,320,000 5 F. & A. do do Feb. 1, 1905 B.&Mo.RR. inNeb. L'd gr., s. f., dr. atlOO.N B ~ 585 18781600 &o. g8,574,000 6 J. & J. Boston, Bk. of Com'roe. July 1, 1911 Con.M$14000000 i Exempt, not dr'n till 1908 S. i 1878 600 &o. 5,000,000 6 J. & J. do do July 1, 1918 b, $495,000, and c, $4,375,000 canceled not inolud1ed. d, $1,650, 000, and e, $2,938,0 00 (in et nklng fund uncanceled ) included. * .il8,000 000 additional owned by 1•ailway - see below. s s Richmond,_ Va.; Secretary. O. E. Wellford, Richmond, Va..; Comp· troller, L . .I!'. Sullivan, Richmond, Va. Directors•-Decatur Axtell, J ohn P. Green, S. M. Prevost, Geor11:e W. SteTens Chauncey M. Depew, William H. Newman, 8amuel Rea, H. McK. Twombly H. T. Wickham. 76, p. 265, 381; v. 77, p. 450,691, '708,768, 1294, 1532.) Chesapeake We ■tern Ry.-Owns North River Gap, Va.., to Bridgewater, 14 miles; opened May 1, 1902; leaees for 99 years Ches• apea.ke & Western RR., Bridgewater to Elkton, 27 miles; total, 41 miles. Pro.1eoted to tidewater on Chesapeake Bay, and westerly into the West Vlrginla coal fields, of which 14 miles from Bridgewater to North River Gap ls completed. Controlled by Chesapeake Western ·Oo. v. 75, p.1353. Stock authorized, $50,000,000; outstanding, see table. Ches. & West. RR. ha.A $533,500 com. and $32,900 pref. etookoutst'ng. In Oct., 1901, C. W. Ry, made a mort~ageto the Bowling Green Trust Co. of New York 1io secure $1,435,000 bonds. V. 73, p. 899, 1356. Year ending June 30, 1903 (41 miles), gross, $48,629; net above taxes, $124. In 1901·2 (29 miles), gross, $37,126. President, De Witt Smith; Treas. and ·Gen. Mgr., W. H. Hall; Seo., J. 0. Ward. Office, 141 Broadway, N. Y. -(V. 78, p. 899, 1356; V. 74, p. 986.) Chestnut Hill .KK.-Owns from Germanrown liO Uhestnuli .t:llll P~!t 4 miles; being double•traoked May, 1902. Re•leased in 1896 to Pnua.. & Readlng· Ry., the rental being reduced from 12 per cent ro 6 per cent on stock, the latter betng increased in June, 1902, from -.120,650 to $195,650.-(V 74, p. 936, 986; V. 75, p. 76.) CJhlcago & Alton Ry.-(See MapJ-Ro.A.D-Chioago to St. Louis, Kansas City, etc., in all 915 miles, of which a.bout 110 double tracked. Road Owned-MiltB. , · Leased Linea.Milu. •Springfield,. Ill., to Grove, Ill.. 53 Roodhouse, Ill., to Kansas 251 ~:s:o" tfir:tst. Louis, Ill . . 280 Blo~~~n··1;o··. ·Ooa.l City Line, Ind............. 25 J aokaonville Godfrey & Dwight, Ill., to Washington Upper Alton (all in lli.) .•.. 159 and Laoon, lli .............. 80 Trackage to Peoria, Ill., eto .••. 17 Mexico, Mo., to Cedar City, Mo 50 Total of all owned, leased and operated in sy&tem. .••••••••••••• 915 ORGANIZATION-This railway company was organized in April, 1900, -and purchased substantially all the stock of the Chicago & Alton Railroad Company, viz., $181..322,400 of the $18,7511100 common and -$3,472,200 of the $3,479,50u preferred stock, all or which has been deposited as eeourity under the fl.rat lien mortgage of 1900; also the llne of the St. Louis Peoria & Northern between Springfield and Grove, 58 miles. The railroad, whose separate existence ls maintained for -legal reasons, has been leased for 99 yea.rs from April, 19001 the rental being the net earnings, a.rter payment by the lessee of all mterest on bonds. taxes and other charges, etc. See V. 70, p. 686,995. STOCK.-Authorized, $20,000,000 each of common and 4 per cent non•oum. preferred; issued in a.mounts as shown in table above, the uniesued erook being reserved to exchange for the outstanding stock of the railroad company not now owned. :lJJRS 1" 1,:UHB wSALE OF STOCK.-ln Jan.,1904, a majority of the preferred stock had ·been deposited under an agreement authorizing the sale thereof on or before Sept. 30, 1904, on terms and price approved by a committee -consisting of John A. Stewart, Ertward H. Harriman and John J. Mitchell. v. 78, p. 47, and CHRONICLE of Jan. 30, 1904. DIVIDENDS.-Dlvldends on pre:erred paid Jan., 1901, to Jan., 190i, both inclusive, 4 per cent yearly (paid J. & J.). BoND8.-The first lien 3¼s of 1900 are secured by practically the en• tire capital stock ot the C. & A. Rai lroad,, as shown above, and by a direct first lien on Sprlnglleld to Grove, 5 3 miles. V. 70, p. 894, 944. See applloatlon to list in full in V. 71, p. 1021. The railroad, mortgage securing the 3 per cents of 1899 will provide funds for improvements and extensions. Bonds in flXcees of $40,000,000 ma.y be issued thereunder on vote of two• thirds of the stockholders for extensions of not over 500 miles' main track, at not exceeding $20,000 per mile, to fund leased line rent• tal obligations and for future betterments not to exceed $5,000,000 at not over $1,000,000 per annum from Jan. 1 1900. Btookholaers in 1899·00 purchased $31,988,000 of the new 3 p. o. bonds at the rate of $650 cash for each $1,000 face value; V. 70, p. 739. Bee official c,lroular in V. 69, p. 178; also p. 26, 129, 541; V. 70, p. 429,995. The 4 p. o. collateral notes of the railway company ($5,000,000 auth• orlzed'issue) are)ecured by deposit of $7,Q00,000 ra ilroad refunding 'bonds, part of $8,000,000 issued to the railway for advances made for improvements. V. 77, p. 1746. In Deo.,1902, made a joint equipment trust for $475,000 with Mobile ctr Ohio RR. covering 500 freight oars. V. 76, p. 47. GENERAL FINANCES.-The new management has ma.de large expenditure& for the development of the property,. The oanoellatlon in 1902-03 of the lease by the St. Louis l'eoria & Northern of Chica.go terminals relieved the Alton in 1903 of an annual rental charge of -$96,000, increasing later to $150,000. V. 77, p. 950. Expenditures for improvements and equipment for 3 years ending July, 1903, were $12,943,329. v. 77, p. 1226. LA.TEST EA.RN'B-5 mos., i 1903 .••••• . Gross, $5,129,211 net,$1,794,264 July 1 to Nov. 30. S 1902 .•.•.•. Gross, 4,338,077; net, 1,511,029 ANNUAL REPORT.-Fisoal year now ends June 30. Report for year 1.902-03 at length was in V. 77, p. 1530, 1544. -(V. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I Wann; ·via 1903. Miles . ......... . .................. 915 Groe~earn1ngs•..•............... $10,071,092 Oper. expenses . . . . . . . . . • . . . • . . . . 6,625,196 1902. 920 $9,225,739 6,023,919 --- --- 1901. 920 $9,036,655 5,595,668 Net earnings ................. $3,445,896 $3,201,820 $3,440,987 Dividends (7 p. o.) on Chicago & Alton RR. stock owned .... x$1,525,622 x$1,525,622 x$1,525,622 Miscellaneous income........... 244,449 2,517 5,759 TotaJ income.... . . •. . . . . . . • . $5,215,967 Rentals to C. & A. RR ...•...•.•• x3,341,588 Taxes on oomp'y's line not cov· a.red by lease.................. 770,000 Interest 319 per cent bonds..... 253,338 All charges • ............•...•. $4,364,926 4. per cent preferred dividend... 781,760 Surplus... .• •. . . • .. . . . •• .• .• • . $69,281 $4,729,959 $4,972,368 x3,134,618 x3,34.l,901 .••. ·· - · 770,000 11,560 770,000 781,760 $4,123,461 781,760 $43,582 $67,14.7 -$3,904,618 x Under its lease of the Railroaa, the Railway Company operates the line and as rental p11td in 1902-0S interest, taxes aud rentals; also balance of net earnings, $1,544,462. From this last was paid 7 per cent ($1,568,64i) by the Railf'oaa on lts stock. This stock is nearly all owned by the Rathray company, which therefore treats the divtdends received thereon ($1,525,622) as "other income," as here shown, ' OFFICEBS.-Oha.irman of Exec. Com., E. H. Harriman; President, 8. M. Felton: Vtoe•Pres., John N. Faithorn; Treas., F. v. S, Crosby; Seoreta.ry1 Alex. Millar, 120 Broadway, N. Y.; Gen. Mgr., o . A. Goodnow. Directors-Geor~e J. Gould, M. L. Schill, James Stillman, E. H. Harriman, New York; C.H. Chappell, 8. M. Felton, James P. Forgan, John J. Mltohell, N. B. Re!Ull,F. S. Winston, Chicago; D.R. Francis, St. Louts. -lV. 76, p. 864.; V. 77,p. 153U, 1544, 1746; V. 78, p. 47.) Chicago Bnrllngton & (l.nlncy KR.-(SeeMap.J-ROAD.-Ope• rates a great system of roads extendfug from Ohioa.go w~terly, reaoh• ing St. Paul and Minneapolis, Minn., St. Louis and Kansas City, Mo., Omaha, Neb., Denver, Col., Cheyenne,Wyo., Black Hills, S. D., and Bil· lings, Mont. The acoompanying map shows olearly the system, viz.: Lines east of Missouri Rit1. Miles. , W'ut of Miasouri Rit1er. MU-es. Owned (standard gauge) . . .•• 4,056 Beourit's all owned leased in Leased and operated Jointly. 2111 perpet'ty(B.&M.R.inNeb.),3,989 Controlled (narrow gauge).. 67 Total operated in system June 30, 1903 •.••••••••••••.••••••••• 8,323 The stockholders voted on Nov. 4, 1903, to purchase the Iowa & St. Louis RR. Centreville, Ia. to Ma.con, Mo., 100 miles, and projected to extend to St. Louie and to Sioux City, Ia., a total of 510 miles (V. 76, p. 653>, the Quincy RR. Bridge (V. 75, p. 1030; V. 76, p. 1083) and the Burlington & Western Ry. V. 76, p. 509. In Aug., 1903, onethird of the stock of the Winona Bridge Ry. was reported to be acquired. V. 77, p. 249. ORG.ANIZA.TIO~-&o. · This was a. consolidation in July, 187~L.of the Chicago Burlingwn & Quincy in Illinois and the Burlington & .Mlesonrl River in Iowa. Chio11,go Burlington & Northern and other subsidiary lines in lllinols were absorbea in May, 1899. v. 68, p. 975. In 1900 purchased the remalnmg leased lines in Iowa and Missouri viz.: Kans. C. St. Jos. & Co. Bluffs, St. L. K. & N. W.1 _Chio. Burl. & k. O., Han, &. St. Joe., Keokuk & West. and Chlo. Ft. .01.ad. & Des Moines, Burl. & Missouri River, etq,, V. 71, p. 697,863,963; V. 73, p. 137, 899. In July, 1903, $107,597,000 ot the $110,839,100 stock had been ex· changed for the joint 20•year 4 p. o. bonds of the Gt. Northern and Northern Pac. secured by the deposit of the stock in trust on the basis of $2001n bonds for $100 stock. See circular, V. 72, p. 871, and appll• cation to list, V. 73, p.294, and description of bonds under Great Nor. In Feb., 1902, purchased Kansas City Peoria & Chica.go Ry., West Quincy to Pattonsburg, Mo., 196 miles, and in June, 1902, practically a."ll the bonds and stock of the Jaokeonvllle & St. Louis Ry., Jackson• ville, to Centra.lla., Ill., 112 miles. V. 74, p. 426, 1307; V. 75, p. 793. In July, 1902, extension from Billmgs, Mont., northwest to Grea.ti Falls, on the Great Northern was proposed. For legal reasons the road is leased to tb.e Ohio. Burl & Quincy Rail• u,ay (which see below) for 99 years from October, 1901, at 7 per cent per annum on stock. V. 73, p. 842, 1011, 1061, 1207, 1312. CAPITAL 8TOCK.-The stock has been increased for the acquisition of new lines, retirement of over $15,000,000 convertible debentures, etc.; in 1880 a 20 p.o. distributionwas ma.de. See "Organization" above. DIVS.-) '81·87 '88 '89 '90 '91 '92 '93 '94 '95·'97 '98 '99 to Sep., '01 Per cent. 58 yrly 5 4 5 414 5 5 4¾, 4 yly. 519 6 yearly. On June 15, 1901, 2 p. c. was paid for the 4 months ending July 1 1901, when interest on the new Great Nor.•Nor. Pao. oolla.teral truei 4 per cent bonds began; Sept., 119 p. o.; first quarterly dividend under lease, 1¾, p. c., pa.id Jan. 1, 1902, dlvid. being paid Q.-J.; V. 74, p, 4.1. BoNDs.-For full description of each loan see the editorial article on pa.gee 3 to 6 of 8UPPLEMENr of Oct., 1896, and OHRONICLE v. 63, p. 775. The mortgage of 1899 for $85,000,000 secures bonds dated Julr lJ 1899, maturing July 1, 1949, and to bear interest at not to exoeed o per cent. Buchl>onds a& may be issued bearing 319 per cent interest will be subject to oall at 105 per cent and accrued Interest and those bearing interest at less than 319 p. o. at par and interest on any ooupon day after thirty years. The 1seue is llmlted to $85,000,000, and the lien securing the bonds will become an absolute first mortgage, ooverlng all lmee east ot the M.1e8ieslpp1 River, upon the pay- ~ ~ H r ~ P> ~ UJ. ~ 0 0 pq UJ. w ztjP> t:d 0 ~ tj rn CHICAGO, BURLINGTON & QUINCY RAILROAD SYSTEM. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAN., 1904.] 393 RAILWAY STOCKS AND BONDS. RAILROADS. ror explanation of column headings, &o., see notes on flrBt page of tables. MU D •- Biz INTEREB'.P- OF DIVIDENDS. Bondlal Wh-PrlnDOl· ea a.,., e, or Amo t . p , en ue. of of Par Outstandkg Rate per When Where Payable, and by Btoc7u-La8t Road. Bonda Value. Cent. Payable Whom. Dividend. (lhieago Burlington d! Quincy-(Oond11.uled)- Burl. & Mo. RR. in Neb., a.f. tor At.&N.RR.stk.NB 1880 $1,000 h$3347,000 4 J. & J. Boston, Bk. of Com'roe. Jan. 1, 1910 Hannibal & Bt. Jo., oonaol. M., now 1st M . . F .o.. 289 1881 1,000 8,000,000 6 M. & B. N.Y.,Bk.otNo.Amer1oa. Moh. 1, 1911 K.C.Bt.J.& Coun. Bl., con. M. (.Noa. 1 to 500 pt.)o* 249 1877 100 &o. 5,000,000 7 J. & J. Boston, 2d Nat'l Bank. Jan. 1, 190'7 latMa.Nod.a.ndTark.Val.RRs.s.t.(dr.atlOO).o* 61 1880 1,000 335,000 7 J. & D. do do June 1, 1920 Rep.Val..:.zlstM.,gu.,(dr.atlOO) 8. f.,$14,000y'ly.o 90 1879 600 &o. kl,078,000 6 J. & J. Boston, Bk. of Com'roe. July 1, 1919 A.toh. &l'leb., lstM.,At. toLin.,Neb.,eto.,guar.o* 145 1878 100 &o. 1,125,000 7 M. & B. do do Moh. ·1, 1908 73 1880 1,000 L1no'n & N.W.RR.lstM. guar., s.t.l p.o.,notdr'n .. 600,000 7 J. & J. Boston, Co.'s Office. Jan. 1, 1910 (Jhicagn Oifl.. d! Louis11.-C.R. & M. li,t M., g OB.o" 168 1900 1,000 1.804,000 5 g. A. & 0. Bost., Old Col. Tr. Co. Oct. 1, 1950 Gen. M., $900,000, call at 110 aft. Oct., '10.A.B 1903 1,000 900,000 C> g. J. & J. Bost.. Am. L. & Tr. Co. Jan. 1, 1951 Chicago·& Clnoin. 1st M ., $750,000, g., call. text. ·50 1902 750,000 5 g. F. & A. Bost., Old Col. Tr,Oo. Feb. 1, 1952 Ctn. Ind. & W., 1st M., $600,000 call. text.OB.o* 33 1002 600,000 5 g. J. & D. Bos., Old Colony Tr. Co. June 1, 1952 Ch. Cin &L. consol. mortgage.AB ..•...•. 1903 1,000 (1) 4¼ g. J. & J ..•. .... •• July 1, 1953 Hoosier Equip. 1st M., ser. A. guar. p. & 1.BB .. 1902 1,000 450,000 5 J. & J. Boat.,Bost.S Dep. &Tr. July, 1904.-12 Equioment trusts, $300,000, part due yearly .. 300.000 5 g . J. & D. Boston,Am. L. &Tr. Co. To June, 1913 l~~~ OAic. d! Eaet. Illinois-Com. atk. ($15,000 p. m.) ll.lp 7,217,800 61n 1903 J. & J. N.Y., Hanover Nat. B'k Ja.n. 2. •o,, 8% Pf. st'k, $10,000,000,6 p.o.non·oum.($10,000 p.m.) .•.. 100 6,830,700 61n 1903 Q.-J. do do Jan. 2, '04.,11lat mort. (s. f. $20,000,nodrawings) ........ Ce.oA 1877 100 &o. 2,989,000 6 J. & D. N. Y.J..4th Nat. Bank. Dec. 1, 1907 Danville &Grape Creek RR.- let M., assumed .. o• 7 1880 1,000 97,000 6 M. & N. N. Y., uentral Trust Co. May 1, 1920 15 1881 1,000 Extension, 1st mortgage .•..............••••..•. o* 91,000 6 J. & D. N. Y.,FourthNat.Bank. Dec. 1, 1931 OonaoL mortgage (for $6,000,000),gold ..••. Ce.o* 127 1884. 1,000 2,788,000 6 g. A. & 0. N. Y., Central Trust Co. Oct. 1, 1934. 1887 1,000 Oollateral trust bonds, sink:lng fund ..••••...•.. o* 42,000 6 g. F. & A. do do Feb. 1, 19UI Gen'l oonsol. and 1st mort. $30,000,000 .. 0e.o&r 1887 l,OOO&o 14,020,000 5 M. & N. do do Nov. 1, 1937 Chlo.&Ind.Coal-lstM. $25 1000p,m.,ass'd.Mp.o* 174~ 1886 1,000 4.,626,000 5 J. & J. N. Y., Met. Trust Co. Jan. 1, 1936 Evansv. T. Haute & Chio., mcome mortgage..••. 49 1881 1,000 160,000 6 M. & N. N.Y.,Farm.L.&Tr.Oo. May 1, 1920 Indiana Block Coal, 1st mort., a. f., call at par•.. 1878 500&0. 132,000 7 J. & J. do do July 1, 1908 Oar trusts, incl. int.,June 30, '03. payable >lO yrly. 1k~:ig~ ... M:·&--N. NewYorii::·ErteRR. May·1;·i9s1 Ohic,d!Ene-lstM., g., Int. guar.tlllprln.paJa.Oe.o* 249 Income bonds for $10,000,000 5 p. o. non•oum.N 249 1890 l,OOO&o 10,000,000 Mostly owned by Erie RR. Oct. 1, 1982 1888 .••••• Terminal 1st mort~alil:e, lil:Old..••.....••••••••••.•.• 300,000 5 Ii/:. J. & J. New York, Erie RR. July, 1918 The Chicago Burlington & Quincy sinklng funds for the several loans respectively held alive June 30, 1903, of the bonds given above M outstanding: Of g, $6,204,600; ·h, $1,933,000, k, $45,,400. i:ooo ··ioo 1 io1 soi isgo i:ooo 5.g. I ment of $21,699,000 consolidated mortgage 4 per cent bonds dne Linea owned infu. Miles. Coal Bluff:", Ind., to Casey, Ind. 7 July 1, 1905, and of $2,320,000 Chica.go & Iowa Division 5 per cent Dolton ' to Danville, m ...•.•••• 107 Branches to Coal Mines ..•.•••• 15 bonds due Feb. 1, 1905. Sufficient of the new loan is reserved to take Danville, Ill., to Brazil, Ind.... 61 Rossville & Eastern branch.... 14. up these $31,244,000 bonds and $41,000,000 were Issued in 1899· Momence Jo.,Ill.,to Brazil,Ind.130, Doubletrack •••••••••••••••••••• 119 1903. The remainder is available-tor additions, etc. See V. 68.t p. 771; Danville Jo., Ill., to Thebes,'lll.2771 Bide tracks .••••••..••••••.•••••• .!134 abstract, V. 69, p. 283; V. 69, p. 795; V. 74, p. 1307; V. 75, p. u65. Joppa Jct. to Joppa, Ill ......•• 16 Trackage, etc. The Iowa Di11ision ~onds are a fl.rat mortgage on the main lme in Cissna Jo. to Oissna Park, m •. 11 Chicago to Dolton, Ch.&W.Ind. 17 Iowa from Burlington to East Plattsmouth on the Mo. River, 278 miles Rossville Jo. to Bidell Jo., m .. Otter Creek Juno. to Terre H.. 6 and on 120 miles of branches; they are also a fl.rat collateral lien on 420 Percy Jct. to La Crosse, Ind ... 46 miles of branches and 86 miles of second track. These bonds have a Mil1ordJo.,m.,to Freeland,Ind 11 Total operated July, 1903, ..•752 Binktng fund ot 119 per cent ($203,800) yearly, tor which the 4s are HISTORY, LEASES, &c.-In August, 1902, the St. L. & San Fran. subject to call at 100, the 5a at 105. The sing~ main line and branches acquired the greater pa.rt ot tbe stock, as said below. The road will oovered "shall not exceed in the aggregate 900 miles," at $16,000 form part of a through tine to New Orleans, expected to be opened by per mile; on second track (of which June 30, 1903 there were 86 the summer of 1904. iniles) may be issued an additional $14,000 per mile. V. 65, p. 462. The Chicago & Ea.st Ill. owns $1,000,000 stock of Chio. & Western .Ventier JIJ~t. bonds can be increased only for 2nd track at $10,000 p. m Indiana-having all the local traffic of the latter road from Dolton The collateral trust Nel>raeka extension bonds of 1887 are issued at Into Chicago. In 1902 the traffic contract made in 1890 with the $20,000 per mile for single and $10.000 per mile for second track on Evansville & Terre Haute for the operation of a through line between not exceeding 1,500 miles. &b111tract of deed V. 45, p. 441. Chicago and Evansville was stlll in force. (V. 55, p. 995.) Burtington d! MiB•ouri RR. in N el>raekacomot. mortgage of 1878 ls for In 1902 the Southern m. & Missouri Bridge Oo. (which see) let oon$14,000,000, and is now a 1st M. or 1st collateral lien; all except the traots for a bridge across the Mississippi River, forming with St. Louis e:umpt bonas are subject to call for the sinking fund at par; $171,400 Southwestern a direct line to Texas points. V. 71, p.1219; V. 74, p. 936. retired in 1903. The "exempt" bonds may be called after 1908. BTOCK.-ln addition to the amounts outstanding In table, $5,250,600 GENElUL FINANCES.-Corn beingone oftheprlnoipalartioles carried common and $1,135,000 pref. were tn treasury In July, 1902. the earnings vary greatly accord.in~ to the size of the crop. In Aug., 1902, the St. Louis & San Francisco RR. ga.ve in exoha.nge In Mar.,1901, stookholaers subscribed for $9,922,700 new stock at par. for the common and preferred stock its stock trust certificates at the In July, 1903, $5,000,000 5 per cent notes were sold, dated Aug. 1, rate of $100 thereof for ea.oh $100 share. V. 75, p. 289. In .Jan.L 1903, 1903, due March 15, 1904, and secured by $7,000,000 Illinois Div. 3-¼1% $7,040,300 otthe $7,217,800 common and $4,157,700 of the $0,830,· bonds, with a "20 p. o. margin to be kept good." V. 77, p. 146,195. 700 preferred had been exchanged on this basis. The St. Louts & ANNUAL REPORT.-Flsoal year ends June 30. Report tor 1902·03 was San Fran. ha1< the option. to retire the trust oerttilcates at any time at In the CHRONICLE, v. 77, p. 1288, 1298, (see also editorial, p.1261), $2 50 per $100 common stock trust certificate and $1 50 per $100 showing operations, including results of the O. B. & N., etc. pref. stock trust oertifloate, -payable in gold, and obligates itself to pay off the entire issue in 40 years from date at the same rates mean1902·03. 1901-02. 1900-01. whlle•obilgating itself to pay 10 p. o. dividends on the common and 6 Miles operated June 30. ... .• 8,324 8,124 7,912 Freight........................ $42,782,406 $36,072,079 $33,662,221 per oentum on the preferred trust oertlfloates, respectively, these amounts being equivalent to 4 per cent on the principal sum to be Passenger . .... ...... ...... .. 14,136,281 12,857,267 11,624,746 Mall and miscellaneous...... 5,719,692 4,865,899 4,765,022 eventually received in payment therefor. Upon failure to pay any dividend within 30 days after demand therefor, any holder may sur• Gross earnin~s ................. $n2,638,379 $53,795,245 $50,051,989 render the oerti:floates to the trustee and receive the shares represented Expenses and taxes............ 40,542,473 35,682,875 34,069,908 thereby. Bee also V. 75, p. 289, 393, 1031. Net..••••••••••••••.•.••••••. $22,0~5,906 $18,112,370 $1o,983,081 DIVIDENDS-) '89. '90. '91. '92·'7. '98. '&9. '00. '01. '02.' 03. 1904. Other income................... 346,!\40 340,805 380,797 On pref., p. o.• }- 6 6 stk. 4½ 6 yrly 6 6 6. 6 6 6 Jan.,3 O O 2¼31il4½15¼6 6Jan.,l~ Total income ••••..•••••••.. $22,442,446 $18,453,175 $16,363,878 Common,p.o•. ) 00 Int., rent, etc................... 9,116,338 8,370,064 8,238,471 BoNDs.-•1.·ne general consol. and lat mortgage ot 1887 (trustee Cen• Balance•••.•.•••.•••..•.•.•. $13,326,108 $10,083,111 $8,125,407 tral Trust Co.) provides for the retirement ot $6,042,000 prior bonds and Dividends...................... ·8,srn4,570 *8,819,722(6¼)6,652,557 tor issue ot bonds on new road at $18,000 per mile for single track also for bonds tor equipment at $7,000 per mile and for double track at Surplus ..•..••••••••.••..... $4,491,538 $1,263,389 $1,472,850 $8,000 per mile. In 1897 the total Issue ot gen. oonsol. bonna was • Of thl11, 18,606,752 in rno2.os and 18,6u6,l?O in lOOl•Oi was applied directlv as limited to $30,000,000 and bonds were reserved tor Chicago & interest on Nur. Pac•• Qreat Northern joint bonds as a matter of convenience. Indiana Coal firsts. Bee v. 64, p. 1088. DIRECTORS.-Geo. B. Harris <President>, Chicago, Ill.: Cnarles E Perkins of GENERAL .FINANCES.-This company owns most ot the ca.pita.I stook Bnrltn,rton, la.; J. J. Hill, St. Paul, Minn.; W. P. Clough, Robert Bacon, E. H. Harriman, Jacob H. SchUf, George J. Gould, H. McK. Twombly, Norman B. of the Brazil Block Coal Co., and carries all its coal. It carries &!so Ream and Edward T. Nichols of New York: G .. orge B. Harris ofaChicago, Ill. the coal of the Danville, Clinton and Williamson county fields. -(V. 77, p.145, 195,249, 509, 1288, 1298, 1746, 2389.J Later earnings are included tn those of the St. Louis & Ban F'rancisoo. Chicago Burllngton & Q.ulncy Kathvay.-Leases the Chio. Year end. June30. 1903 1902. 1901. 1900. Buri. & Q. Railroad system for 99 years from October, 1901, at 7 Miles operat. June 30 751 738 727 711 per cent on its stock, Incorporated in Iowa on Oct. 16, t901.-V. 73, Gross earnings ....••• $7,723,848 $6,277,494 $5,659,446 $5,148,897 p. 842 l 207. See C. B. & Q. Railroad above and North~rn 8eocrities Oper. exp. & taxes ... 4,552,089 3,699,732 3,471,294 3,063,627 Item, V. 73, p. 1357. Stock authorized, $100,000,000; in July, 1903, Netearn1ngs ....••. $3,171,759 $2~77,762 $2,188,152 $2,085,270 not yet issued. The joint income account of the Railira.11 and Railroad (58·94) (61 ·34) (59·50) for year ennin~ June 3v, 1903, shows surplus over 7 p. c dividends P. o. op. ex. to earns.. (58·93) on Railroad stock ot $4,491,537, or over 4 p. c. on the Railway stock. Net(inol.oth.inoome).$3.544,558 $2,826,909 $2,407,215 $2,300,159 Interest paid •••••.... 1,612,999 1,245,889 1,201,671 1,126,139 Rentals............... 157,523 132,138 137,578 183,648 W. H. Mcintyre, James St1Uman and Darius Miller.-(V. 7a, p. 842, 8119, 131~.) ntv. on pret. stock. . (6) 409,842 (6) 409,842 (6) 379,842 (6) 349,842 Div. on com. stock ... (6) 433,068 (6) 431,868 (5¼)370,879 (419)278,901 Oblcago Olnclnnatl & Lonlsvllle RK.-Owns Cincinnati to 607,172 317,245 129,205 Hammond. Ind. (near Ohioago), 251 miles. A consolidation on June 4, Constr'n,depreo'n,eto. 589,971 1903, of tbe C1001nnati Riohmonrt & Muncie RR. and Cincinnati & Balance••••..........•. $341,155 None. None. sr. $232,424 Indiana Western RR., the through line bein!{ nearly completed in ANNUAL REPORT.-The annual report for 1902 ·03 was in V. 77, p. JUiy, 1903. V. 76, p. 1247. The Cincinnati & Louisville RR. was in• oorporated on Nov. 17, 1902, with $500,000 stock. to build a road 1530. Rate per ton per mile was 0·455 eta. in 1902·03. from .Cincinnati to Louisville. V. 75, p. 1147. Stock autbortzed, (1) OFFICERS.-President, B. F. Yoakum, St. Louis; Vice•Pres., w. H. The Cincinnati Richmond & Muncie 1st 5s, Chicago & Cincinnati, Lyford, Chicago; Secretary, J. S. Ford . .N. Y. offiot', 11 PIDe St. and Cin. & Ind. West. issui>s are all subject to call after 10 years from Directors.-D. G. Reid, B F. Yoakum. W. H Moore. Wm. B. Leeds. J. H. their issue, the Cin. Ri•·h. & Muncie after Oct., 1910. See official st~te- Moore, F. S. Flower, C W. Hlllard, New York: G. H. Ball, Boston: W. H. Lyment, V. 71, p. 1066; V. 74, p. 1195. In Aug., 1903. madd a mortgage ford, H.B. Porter Jr .. Chicago; James Campbell, St. Louis. to the American Loan &Trnst f'o. of Bostou and Union Truit <Jo. of -(V. 76, p. 1299; V. 77, p. 509,950, 1530, 2338.) Indianapolis, as trustees, of which sufficient are reserved to retire, Chicago & Erle BK.-( See Map ErieRR.)-Owna from Marlon, O., $for$, the existing bonds at or be tore maturity; balance for extensions, improvements, etc.; also filed a $300,000 5 per cent equipment to Hammond, Ind., 249 miles, and leases trackage over Chicago & trust, maturing in annual series up to June, 1913. V. 77, p. 349, West. Indiana to Chicago, 20 miles. Erie. RR co. owns entire $100,· 1532. Pres, W. A. Bradford Jr.; Sec. and Treas., Roger N. Allen, 40 000 stock. Water St., Boston.-(V. 77, p. 249,349, 1532.) BoNDs.-The first mortgage (trustees Central Trust Co. and Edward Chicago & Eastern Illlnols KK.-Operates road (double track Daniels) covers 249 miles of road, the contract with the Chicago & to Danville Jot., 106 miles) from Chicago, Ill., to Terre Haute, Ind., Western Indiana $1,000,000 of that company's stock and $240 000 stock of Chicago Belt Ry. Bee abstracts V. 51, p. 911, V. 61, p. 750. and bituminous coal fleldsi also to Thebes and Joppa, m. An extension from the main line at Findley to Pana, Ill., on the Cl. Chicago & Grand Trunk By.-See Grand Trunk Western Ry. Oin. Chic. & B. L., 22 miles, will be bunt, affordmg with trackage over Chlca___go Great Western Ky.-( See Map.J-ROAD.-Operatea the the Big Four a thro11gh line for the 'Frisco to Chicago. V. 75, p. 1087. Extension from Woodla.nd to Villa Grove, 60 miles, is to be com• "Maple Leaf'-' route, radiating from Oelwein, Ia., northerly to St. Paul, easterly to Chicago and southerly to Kansas Citv, and embracing: pleted by July 1, 1904. 341 Jf>~:°.f?Hi~i~r~~ ~i~:t~ri:;!<l-W.t~~~~~:.s1.-,~w~~~~!n ~.KL~nS~1.~h°: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 394 RAILWAY STOCKS AND BONDS. MAP OF THE CHICAGO GREAT WESTERN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY. [VOL. ·LXXVITI. JAN., 1904.] RAILWAY STOCKS AND BONDS. 395 .zwna.--PrlD.Ol• RAILROADS. INTEREST OR DIVIDENDS. Miles Date Slze,or ' -pal,When Due. Amount •or explanation of column headings, &c., see notes of of Par Outstanding Rate rer When Where P~able, and by Btocka-Laat on :flrat page of tables. Road. Bond& Value. Oen Payable om. Dividend. --- ·-- OAiea,go & Gr. Trunk-See GB. TRUNK WE8T. Ry. O'IHc,a,go Gt-eat Western- .... ---· .... .... .... ..... ... ... .... Deb. stock, cum., g., f:0,000,000, div. In cash, g. $100 Debenture scrip (not terest-bea.ring) .....••...•. ··ioo Preferred stock A, $15,000,000, 5 per cent, gold. . Pref. stock B, 4 ~r cent $10,000,000 .••••••..•••• 100 Oommon stock, 0,000,000•..•••••••••...••••.••. 100 Sterllng 5•year notes 5a ot 1899 (no mortlage) .. is90 Various 8terl1ng 5•year notes (no mortgage) red. a 101 .. 1903 Various Gold notes.... •• . • • . • • • •• . •...••.•..•.... ..•••..•. Ohic. Hammond ce Wut'n-See CHIO. JUNCTION RY. OAicago ct Indiana Ooat-See CHIO. & EA8TBRN IL LINOI8 OAic. Ind. ti Eaat.-lst M., g. red. 115 (text).N .o ... 48 ·1902 1,000 Improvement mort., $100, 000, g., red. at 103 .•• 1903 500 O ~ o Ind4anaf}. ~ Lomaril~om. stock. .. .... 100 100 Prete~ 4 per cent, non-cum., $5~,000 ...••• L.N.A.& cjJetMaln Llne.-N.A.. to oh. Cirx•. o* 289 isso 1,000 1st~ o. & Ind. Div., Chio. to Ind., gol .. o* 162 1881 1,000 O. I. & . refund.in~ mort., $10,300,000, gold..Ce 509 1897 1,000 Do f!:,ld 6s, saned for old console ..•...•••• 509 1897 1,000 Con.Stone .lstM.,$25::ooo,g. ,gu.,p.&i.red. text 1900 Indiana Stone RR. 1st ·•f!ar...•. , ...•.••..•••• .... Chic. Ind. ct St Louis Short it'1e-SeeCLEVELA.ND CIN. OHIO. &ST.L. OAkago Junction-Common stock .................. 100 Chio. Ham. & West., 1st M., $2,500,000, g ... o'"&r 21:4.s is91 500,&o. OM• .JJUZ.u,. ~ St. PauZ-Oommon stock (Hee text) 100 Preferred stook7percentyearly, not cumulative. 100 Consol mort., oonv. into pref. stook. ....•. F .o* 1,4-35 is1i> 1,000 I. & D. Ext. 1st~ convert. Into -Bret ...•. F .o* 335 1878 1,000 8. W. Div. 1st mo gage Western nlon RR .. o* 212 1879 1,000 ---· ---· .... ....... .... .... ---· t.888 ··-· ··-· ---· ---· $27,577,000 J. & J. London,R.Benson & Co. JawUS,'04., 29' 3,089 No i!l~t 11,372,400 51nl903 semi-an London, R.Beneon&Oo• AUJi.si;•os,219,468,090 { None! Semi-an do do 29,921,045 pa.ld. 905,303 g. Sem1:an London or New York. Feb::juiiei '04. 3,134,787 Semt•a.n do do Va.rtf~ 908 48,485 5 ..... do do g 500,000 5 g. M. & N. N. Y., N. Y. Seo. & Tr. May 1, 1942 (t) 6 g. J. & D. Met. Tr.& Sa.v.Bk., Chio. Jan. 1, 1909 10,500,000 Bee text. N. Y.,J.1P.Morgan&Co. Deo.29,'03, llii 5,000,000 41n1903 J."&ii:>. do do Dec.29f03, 3,000,000 6 J. & J. do do July , 191 2,300,000 6 g. F. &A. do do Ang. 1, 1911 4.,442,000 5 g. J. & J. do do July 1, 947 4,700,000 6 g. J. & J. do do July 1, 1947 118,000 6 g. M. &N. Am. Tr. & Bav.Bk.,Chio May 1, 19!.I0 In treasury. 5 g. M.& 8. New York. Sept. 1, 1948 2i 2,200,000 All owne d by Oh. J. ~• & Un. Stk. Yds. 6g J. & J. ·N. ., Cent'l Trust Oo. 2,090,000 58,183,900 71nl903 A. & 0. N.Y.Offlce,30 Broad St. 47,864,400 A. & o. do do 7 1,751,000 J. & J. do do 7 1,048,000 do do 7 J. & J. 4,000,000 do do 6 J. & J. v. 68, p. 326. Jan. 1, 1927 Oct. 21/, '03, 319 Oot. 2 io3, 819 July , 1905 July 1, 1908 July 1, 1909 Chicago Indlana & Eastern Ky.--Owns Converse, Ind., to Muncie, 43 miles, ot which Matthews to Muncie, 15 miles, completed ., in Dec., 1900. Stock was increased In Oct., 1902, from $425,000 to $1,000,000, Of B:1n~::~ ~::~~!~ the 1st 5e of 1902 ($1,000,000 authorized) $500,000 are reserved tor Bee Creek to Beverly........... 23 Leavenworth to Kansas City .. 46 future requirements. A. sinking fund, beginning 1907, will retire 5& of 1902 yearly. In Dec., 1903, fl.led a mortgage tor $100,000 to the Operated under agreement,r hiOh Ma.son City & Fort Dodge ..•. ,r263 W see. Metropolitan Trust & Savings Bank Oo. of Chicago, to provide for im• Wisconsin Minn. & Pacific.•.. 1f271 Total operated Jan., 1904. 1,4.64 provements. See V. 78, p. 286. In year ending Mar 31, 1902, gross. earnings, $98,238 ; net over taxes, $36,752. Pree., H. E. Drew, Mat• HISTOBY.-The Chicago St. Pam & Kansas City was organized tn Seo.• J. H. · May, 1886, and in December, 1887t merged with Minnesota & North· thews, Ind.; Vice•Pree., Clarence A. Knig~t, Chioa~o, Miller. Offl.oe,Ma.tthews, Ind.-(V.75,p.848, V.77,p.~279, V.78,p. 286). western. In August, 1892, reorga.ruzed per plan, Vol. 55, p. 856. Oblcago Indlanapoll11 & Louisville Ky.-(See Map.J-Uper· On Sept. 7i...1893, the Great Western aoq111red by deed the title ot the Chicago St. ra.ul & Kansas City Ry. (815·67 miles). In June, 1902, ates the "Monon Route" from Chica.go, m., via Monon, Ind., to Indian• the old inortgages were satts:fled of record. V. 74, p. 726. As to 7•yea.r a.polls, Ind., and Louisville, Ky., with branches. The system Includes: contracts made In 1902 with packing companies, see V. 75, p. 341 •• lAnu ownea,.Miles. Qper. under contractM-iiu, 8EOURITIE8.-The holders ot debenture and preferred .A. stock ap- Indiana.Sta.teLlnetolndia.na.p.162 Chicago to Ind. State Line ..... 20 point the :finance committee which exercises general supervision of New Albany to Michigan City .289 New Albany to Louisville...... 6 flnances. Additional securities ot said issues can be put out, but only Bedford to Switz City.......... 40 Connection In Indianapolls.... 2 withoonsentot a. maJorityotboth sa.ld olaeeee ot stock present at ameet- Orleans to Fr. Lick Springs .••• 18 ClearOreektoHarrodeb'g,Ind. 9 Switz Olty to west ot Linton... 1 0 tng. Securities o:t other issues having a lien prior to preferred A can be created, but only with consent of two-thirds ot both classes. The sev• eral classes In case ot liquidation will have principal paid In gold, ao- Total ot all ..••...•••••..••••.•••••••••••..••..••.•••••.•••••.•••••.••••• 556 oording to their priority right to dividends. A.t extraordinary general A lease tor 999 years with Chicago & Weetern Indiana. (of whose stock meetings ot holders of debenture stock and preferred A stock oolleot- this oo. owns $1,000,000) gives entrance to Chicago on a mileage basis. i vely, holders ot one-tenth of said stocks outstanding, present or rep- Owns one-third Interest in Kentnoky & Indiana Bridge, having bridge resented, constitute a quorum and by a maJority voteha.ve power to at Louisville, Ky. V. 71, p. 599. 1anotion any modifl.oatton of the rights of ea.id stocks. The provisions HISTOBY.-Snooessor July 1, 1897, ot the Louisville New Albany ell of the several classes ot stock were fully set forth In the editorial Chicago Ry., foreclosed per plan in V. 63; p. 922. article ot the SUPPLEMENT tor October, 1897; see also v. 711 p. 441. In 1898 the authorized issue of 4 p. o. debenture stooK was inIn Oct., 1902, the suit attacking the legality of the foreclosure was orea.sed from $15,000,000 to $30,000,000 for future refunding and im- settled. V. 75, p. 1031. In Aug., 1902, the Louisville & Nashville and Southern By. aoprovements. See Finances below. V. 66, p. 133, 663, 1088. In Nov., 1902, $6,500,000 common stock was issued to purchase the quired 93 p. o. of $L0,500,000 common and 77 p. o. of $5,000,000 preoutstandln~ stock of the Mason City & Ft. Dodge RR., Manly Jot. to ferred stock, on the basis of $78 and $90 per $100 aha.re, respectively, Ft. Dodge, Ia.., and branches, 130 miles; Mason City & Ft. Dodge Ry., in their joint 50•year 4 per cent collateral trust gold bonds at par, seHayfield, Minn., to ~a.nly Jot., Ia.; Oelwein, Ia.., to Hampton, Ia., 121 cured by the stock acquired, six-tenths of the purchase price being m.Ues, and balance ot stock of Wisconsin Minnesota & Pa.ciftc RR., 272 payable optionally In cash. Bee description of bonds under Louisville miles. V. 75, p. 1201. The stockholders voted on Feb. 18, 1903, to In· & Nashville. V. 74, p. 1088, 1138; V. 75, p. 28. crease the common stock from $30,000,000 to $50,000,000, a portion DIVIDENDS.-On uret., 1899, 1 p. c.: Oct.. 1900, to Dec., 1903, both of the new stock to be used to complete the purchase ot the above- inclusive, 4 p. o. per annum. First dividend on common, 1 p,c., May named roa.ds.-(V. 75, p. 1201, 1253) 1902; Jan., 1903, 114 p. o.; June, 114 p. c.; Dec., 114 p. o. JJIVIDEND8.-0npref. "A"pa.id Jan.,1899, 2p.o.; in July, 1899 2p. o.; BoNDs.-Refunding mortgag_e oovere road, equipment, etc. (including In 1900 to 1903, both Inclusive, 5 p. o. yearly (F&A). $1,000,000 stock of Ch. & W. Ind and $240,000 stock ot the Belt FINANoEs.-On March 17 1902, $3 437,000 additional debenture Ry. ot Chicago); total authorized issue ts $15,000,000, of which atA>ok was authorized; also the ea.le of two branches from Hayfield, reserved to take up existing divisional bonds at maturity, $5,302k000; Minn., tA> Manly Jot::,}a,, 49 miles, and from Waverly, Ia., to Hamp- to be issued only tor betterments and equipment, not to exceed ~00,· ton. 42 miles, to the ma.son City & Fort Dodge RR. tor $1,386,000 ot 000 In any one year, $2,091,000, ot the latter ot which $1,533,000 had flrstmort. 4 p. o. gold oonds otla.tter; V. 74, p. 726: V. 75,p. 559,665. been issued to Ang. 31, 1903. Of the Consolidated Stone bonda In 1903, $2,000,000 five.year 5 p. o. notes were issued. V. 76, p. 809. ($2501000 authorized issue) $25,000 are subject to call yearly, Jan., Early In 1901 Vermilye & Co. became the :flsoal agents ot the com• 1903 ro 1906, Inclusive, and the balance Jan. 1, 1907. V. 73, p. 41. pany, their Mr. Read entering the directory. See V. 72, p. 580. FINANOEB.-See statement to N. Y. Stock Exchange In July, 1897, In Apr., 1901 a syndicate acquired all the stock and bonds ot the V. 65, p. 194, and "History" above. Ma.son City & Fort Dodge RR., Mason City to Fort Dodge, Ia., 92 miles, EABNINGS.-5 mos., t 1903 •..••••. Grose, $2,424,103; net, $998,912 the purchase including coal fields near Ft. Dodge, and arranged to July 1 to Nov. 30. 51902 ..•••••. Grose, 2,155,942; net, 908,696 extend the road from Manly Junction to Mason City, 12 miles, and Hampton to Clarion, 30 m. (both completed), to connect with ANNUAL REPOBT.-ln v. 77, p. 764, showed: 1899-00. the C. Gt. W., and also southwest from Fort Dodge to Council Bluffs, Year end. June 30- 1903-03. 1901-02. 1900-01. 133 miles, the latter being opened .Dec., 1903, whence trackage over Gross earnings .•••.••• $5,066,131 $4,581,158 $4,150,470 $4,177,888 U. P. to Oma.ha, and westerly to Sioux City, a total ot about 250 miles. Net ea.rnings·.......... 1,949,773 1,728,024 1,496,92'3 1,549,683 In 1902-3 two branches were transferred, the Ma.son City & Ft. Dodge Dividends received... 155,751 109,787 129,448 135,776 Railway (see above) extending the lines of the Mason City & Ft. D. easterly to the C. G. W. main lfue. V. 77, p. 641. Total net lnoome.$2,105,524 $1,857,472 $1,632,704 $1~659,470 ,11761,950 Wisconsin Minnesota & Pa3iflc RR., Red Wing, Minn .• to Mankato, Interest on bonds..... $772,100 $772,100 $771,294 94 miles, In 1901 purchased Duluth Red Wing & Bo. and the Winona & Rentals, etc........... 210,839 224,193 199,197 208,636 Western, making 24.6 miles then owned, and built a 27•mlle connect• Ing link. Both ot the roads are operated for 100 years under agreeTotal.............. $996,293 $971,297 $979,930 $972,789 ments dated Apr. 1, 1901, the Chlo. Gt. West. receivlng their entire Surplus ............... $1,109,231 $886,175 $652,774 $686,681 net ea.rnings above mterest on bonds and owning their entire at,ooks. Div. ot 1 p. o. ($50,000) on vret. was pa.id Mar. 30, 1899, and semi• v. 73, p. 566,722. v. 74, p. 93; v, 75, p. 1201. annual div. of 2 p. o. ($100,000) Oot., 1900, to Oot., 1903, tlli\l • on oom■ EARNINGS.-5 mos., ~ 1903 ....•. Groes, $3,776,6~4; net, $1,111,495 mon, 1 p.o. ($105,000), pa.id May, 1902 and 2¼ p. o. tn 1903 July 1 to Nov. SO. 51902 ...... Grose, 3,309,695; net, 990,704 0FFICERS.-Pres1dent and General Manager, W. H. MoDoel, Ohlca.go; REPOBT.-Report for 1902-03 in v. 77, p. 624,639; editortal, p. 600. Treasurer, W. H. Lewis, 198 Custom House Place, Chioago; Seoretaey J. A. Hilton, 80 Broodway, New York. 1903. 1902. 1901. 1900. Year ending June 30. $ $ $ $ Directors-H. A. 'Hickman. J, R. Emanue_k A. H. GUlard, A. T. French, 8 0 Gross earnings, .••....••••• 7,823,191 7,549,689 7,013,861 6,721,037 ~f~~~~u~: Net Income .... . ............ 2,184,662 2,060,230 1,978,346 2,026,814 ~::~. -(V. 76, p.1146; V. 76, p.157; V. 77, p. 69!, 764,; V. 78, p. 228,) Rentals (incl. equipment). 408,144 390,815 440,604 463,930 Obie. Indlan.&St. Loul11 Short LlneBy.-(V.77,p.768,2279.) Interest pa.ld............... 174,585 147,999 188,973 272,255 Int.In cash on 4% deb. stk.1,025,693 925,207 780,610 568,650 Chicago .Tunctlon Kallway.-Owns and operates a belt llne Div. on pref.stock "A". (5%)568,620 (5)568,620 (5)568,620 (5)568,620 a.round Chica.go from Whiting, Ind., to Franklin Park, ID., from OhapMiscellaneous......... ...... 6,568 8,645 9,574 pell,IIL to U. S.Yards, and In the Union Stock Yards district oonneot& Balance••••.••••••••••. snr.7,620 sur. 21,021 det.9,106sur.143,785 with Industries and all diverging roads. Total mileage operated, 74·93 01l'FIOEBS.-Preetdent, A. B. Stickney; Vice-Pree., A. Oppenheim; m., ot wnioh Chio. Juno. Ry. owns 27·48, the balance being operated Secretary, R. o. Wight; Treasurer, R. o. Barna.rd; Auditor, u. o. Kal- under lease, trackage rights and other agreements. OBGANIZATION.-Formed In March~ 1898, as a ooneolidation of the man, all of St. Paul, Minn. Directors-A. B. Stlclmev, A. Oppenheim, S. C. Stickney, F. Weyerhaeuser, J, Chicago Hammond & Western and Chica.go & Indiana. State Line bl the Interest ot the Chicago Junction Rys. & Union Stooks Yards Oo. for~~Jc!1sf/,t:;~!e;t.'.:.·(¥: il,hp~e1:i: s':'J~Ao~.Ao:::~l.;f BoNDS.-First mortgage ot C. H. & W. ts tor $2,500,000 (trustee, E • . Francis Hyde, N. Y.). V. 64, p. 287. Ohlcago HaDlDlond & w. KK.-Bee OBIOAGO JUNCTION RY. Lima OwnedOhio. St. P. & Kan. City Chicago to St. Paul, Mites. ~~ t?a~~t?i:"eio::::t:i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Trackage, etc. Milu. St. Paul to Minneapolis........ 11 Ohloagoterminale(V.71,p.442) 10 1 I ~:fnais:::::::::: i fl!·: j I ----- J:f~~!: J~M<:~~;:,vt~t~~\~ rn~~nv oiii~i~~J[~~illt V~11.1:· 2alf"" 396 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY S'rOOK MAP OF THE CHICAGO, INDIANAPOLIS -AND- LOUISVILLE RAILWAY. [VOL. LXXVIII. JAN., 1904.J a97 RAILWAY STOCKS AND BONDS. Subscribers will confer a great favor by giving Immediate notice or any error discovered In these Tablel!I. RAILROADS. For explanation of column headings, &o., see notes on first page of tables. Bonds-Prinol• INTEREST OR DIVIDENDS. Miles Date Size, or pa.l,When Due, Amount of of Par Outstanding Rate When Where Payable, and by Stocka-Last Road. Bonds. Value. Dividend. Per cent. Payable Whom. --- - - - OMcago inlwaukee & St. Paul-(Ooncl'd)- Bo. Minnesota.Div. letmortgage........... F.o* 419 Mineral Point Division 1st mortgage ...... F .o* 133 Hast.&D8ik.Div.,ext.,let M. ($990 000 5e).F.o* 395 Lacrosse & Dav. Div. let mortgage ........ F .o* 185 Wieo.Val.RR.Co. lstM., Tomah to Merrill, Wia.o 107 Wis. Val. Div. let M. s. f., not dr'n..... NB.o* 161 Dub. Div. let M., a. f., not dr'n .......... NB.o+ 351 Chio. & Pao. Div. 1st M. (Ch. to Kittredge).F .o* 120 do Weet'n Div. let mort., (see text) gold.F.o* 1,117 Chio. & Lake Superior Div. lat mort., gold.F.o• 68 Wis. & Minn. Div. lat mortgage, gold. F ...•..•. 230 Fargo & Southern let mort., gold, assumed ....... 119 Ch. Mil. & St. P. Terminal mortgaAe, gold ... F. o* Da,kota & Great Southern lat mo ~age, gold . . F i59 Chio & Missouri River Div. lat mo gage ... . F' .o· 77 Gen.. M(for $150,000,000), gold Ser. A .• Us.o*&r 5;722 do do "B" 312s ................... o* 5,722 Milw. & North'n lat mort., Schwarz. to Gr. Bay.. o* 126 Consolidated mortgage ....................... o* 362 01'k. ct N. Weat.-Com. st~ $77,601,045 a.nth.Tr 4,273 Preferred stock (not cum a.tive) see text ..•. Tr 4,273 Ch. & N. W. con. s.f. M. ($1\900,000), not dr. F.o" 788 Cedar Rapids & Missouri iv.-lat mort. 3d Div. 150 M. of 1884, Ced. Rapids to Des Momes River .. 122 Madison ext. let M., g. (s.f. $23,000,not dr'n).P 129 Menominee ext.lat M., g. (s. f. $2~000, not dr, F 114 Northw. Union letM.,g.,Mil.to ond•du•Lao.P 62 Winona & St. Peter ~u illv.l't. (now let) assumed.. 139 let mort. ext., gold, land grant, a. t., aee'd.o.F' 184 -a Including July, 1903, $3,896,000 In treasury ,i Coup on interest J &J; re g1sterect Q-J. ~ and n l)t listed, see text. *Additional $1,08 9,000 additi ona.l in treasury . EARNINGS.-For year ending Dec. 31, 1902, gross, $2,030,817; net, $772,678; other Income, $43,739; charges, $603,589; dividends (6 p. c.), $132,000; surplus, $81,829.-(V. 67, p.1262; V.68,p. 326). tJhlcago Kalamazoo & Saginaw Ky.-Owns 55 miles, Pavilion to Woodbury, Mich. Stock, common, $2,000,000; preferred, $-i50,· 000: outstanding, common, $675,000; pref.. $271,000; par of shares, $100. The fl.rat mortgage is for $225,000 to Union Trust Co. of Detroit, as trnete.e ; Londa all in treasury; current accounts J a.n. 1, 1902, $98,338. In 1901, gross, $84,248; net, $25,715; int. on debt, $9,907; dividends, $6,266. President, James H. Dewing; Treas. and Secy. H. c. Potter, Ka.lama.zoo, Mioh.-(V. 61, p.1063.l t1hlca20 Lake Shore & Eastern Ky.-Embraoes 159·04 miles of track, connecting the various works of the Illinois Steel Company at Chicago, Joliet and Milwaukee with diverging trunk lines, and also with steamship lines, stone quarries, Industrial establishments, etc.· also by trackage rights over 149·54 miles of roads reaches the ooai ft.elds of Illinois and Indiana and Joliet, Ill., handling between South Chicago and these points a large traffic for the Illinois Steel Co. The stock, $600,000, and the bonded debt ($3,230,000) are owned by the Federal Steel Co., and thus controlled by United States Steel Corp. Equipment, Dec. 31, 1899: Locomotives, 54; freight oars, 3,077; cabooses, 11; steam wrecker, 1.-(V. 64, p. 422; V. 67, p. 428, 483). Ohlca,ro Milwaukee & St. Paul Ky.-Operatee Crom Chi· oago westerly to St. Paul, Minneapolis and Lake Superior, Omaha, Neb., and Kansas, City, Mo., with lines, traversin~ Illinois, Iowa., Mieeonri, Michigan, Wieoonetn, Minnesota and the Dakota.a, viz.: Road. Miles. I Road. Mile•. Lines owned (of which 26 2nd & 3rd tracks .............. 386 miles ownedjolntly) ........ 6,682 Trackage (inolud. 2d track) ... 169 HI8TORY, &c.-The Milwaukee & St. Paul RR. Co. was organized May 51 1863, and on Feb. 11, 1874, took its present name. The system has amce been greatly extended by the construction and acquisition of other lines. The sale of the Milwaukee & Northern to the St. Paul was ratlfled in September, 1893. In Mar., 1903, the Wisconsin Western R.R., La. Farge to Wauzeka, Wis., 51 miles, was acquired, and will be operated separately for tbe present. V. 76, p. 541. In Sept., 1903, purchased 20 miles of Ma,tn~tte Tomahawk & Western RR., running to Merrlll. Wis.; a connecting line, 4 miles, being under construction. Branch from Davis Jot.. Ill., to McNabb. 77 miles, of whtoh 40 miles is trackage, is to be opened in spring of 1904. OAPIT.AL BTOCK.-The preferred stock has a. prior right over the oommon stock to a dividend of not over 7 per cent trom net earnings in each year, but if not earned it ha.a no cumulative right. After payment of 7 per cent on preferred and 7 on common, both ofa.sees aha.re pro rata. Common stock raised to $58,183 900, by etooKholders subscribing at par to 10 per cent increase ($8,673,200) in April, 1901, and $2,362,100 additional sold in Jan., 1902. See below. V. 72, p. 437, The stockholders voted on Oct. 4, 1902, to increase the authorized common stock from $58,183,900 to $83,188,900. See V. 75, p. 793. Preferred stock on Dec. 31, 1873, was $12,274,483; it has been increased to present figures almost entirely by exchange of convertible bonds for stock, only about $9,000,000 having been iBSued for other purposes (improvements1 etc.). In July, 1903, $2,953,000 prior lien bonds were exohange11ob1e. DIVs.etnoe'89. '90. '91. '92. '93. '94. '95. '96. '97 to'00.'01.'02. 1903. On common. O O 2 4 4 2 4 5 yearly 6 7 7 On preferred. 7 7 7 7 7 7 7 7 yearly 7 7 7 In 1902, on common, April, 3 p. o.: Oct., 3½1 p. o. and ½a p. c. extra, making 7 p. c. for the year. V. 75, p. 549. BoNDs.-Abstracts of some of the older mortgagee were pub• llshed in the CHRom:cLE, V. 45, pp. 85, 114, 144, 212, and V. 48, p. 830. The following bonds a.re con?Jertible into preferred, •tock a.t any time Within ten days after a dividend shall have been declared and become payable on the vreferred: Iowa & D8ikota. Exf'A:lneion 7s and Chica.go Milwaukee & St. Paul console of 1875. The console of 1874 .also are convertible into preferred within 15 days after dividend day. The convertible bonds were fully described In SUPPLEMENT for Ma.r. '93, p. 2. Ohieago ti PacijU Western .Ditnsion, see SUPPLEMENT of Jan. 1901. Terminat fi,?Je per cent bonds of 1884 cover terminal property of several hundred acres in Chicago and Milwaukee. The general, mortgage of 1889 (see abstract in V. 48, p. 830) is for ,150,000,000, to the United States Trust Co., of New York, as trustee, and covers the entire rail way property and franchises of the company (therein described) subject to prior liens a.a below mentioned. The prior lien bonds cannot be extended, but will be paid off' at maturity. On June 30, 1903, the following amounts of general mortgage bonda had been issued or were reserved for the purpose indicated, viz :Amount in the hands of the p1~blio.. ......... •.•... ••.••• $30,500,000 In treasury of the company (unsold) see below . . • • • . • • • 3,896,000 Tot al reported by the company as outstanding...... $34,396,000 Reserl ed for prior liens................................... $87,65~,500 A.vallable or eventually to become available for im• provements, there being included in this amount the , , 27 948 500 bonds originr:1,lly reserved for prior liens, which nave since been converted into pref. and common stock .••• '.llota.1 authorized....................................... $150,000,000 1 • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis --- 1880 $1,000 $7,432,000 6 J. & J. N.Y.,Offl.oe,30BroadSt. 1880 1,000 2,840,000 do do 5 J. & J. 1880 1,000 6,670,000 5&7 J. & J. do do 1879 1,000 2,500,000 J. & J. 5 B, do do 1879 500 1,106,500 7 J. & J. oston Lee Higginso~. 1880 1,000 2,179,000 J. & J. N. Y. Office, 30Broad St. 6 1880 1,000 6,007,000 do do J. & J. 6 1880 1,000 3,000,000 do do 6 J. & J. 1881 1,000 25,340,000 5 g. J. & J. do do 1881 1,000 1,360,000 5 g. J. & J. do do 1881 1,000 4,755,000 5 g. J. & J. do do 1883 1,000 1,250,000 6 g. J. & J. do do 1884 1,000 4,748,000 5 g. J. & J. do do 1886 1,000 do 2,856,000 5 g. J. & J. do 1886 1,000 3,083,000 do do 5 J. & J. 1889 1,000 a24.000,000 ,r 4 g. do do 1889 1,000 al0,396,000 ,r 319 g. do do 1880 1,000 2,155,000 6 J. &D. N.Y., Ch.Mil.& St.P.Ry. 1884 1,000 j4,003,000 J. & D. do do 6 100 .... 8,33~,200 7in 1903 J. & J . N. Y.,Co.'sOfflce,52Wall 100 22,395,000 8 in 1903 Q.-J. do do i865 12,832,000 Q.-F. do do 7 1866 563~. 2,332,000 M.&N. do do 7 1884, 769,000 J. & D. do do 7 1871 500··&0. b 2,977,500 7 g. A. & O. do do 1871 500 &6. C 2,546,500 7 g. J. & D. do do 1872 500 &o. d 3,365,000 7 g. M.& B. do do 1867 000 1,592,000 M. & N. do do 7 1871 1 63 &o. k4,038,500 7 g. J. &D. do do i Jan. 1, 1910 July 1, 1910 Jan. 1, 1910 July 1, 1919 Jan. 1, 1909 July 1, 1920 July 1, 1920 Jan. 1, 1910 Jan. 1, 1921 July 1, 1921 July 1, 1921 Jan. 1, 1924 July 1, 1914. Jan. 1, 1916 Jilly 1, 1926 May 1, 1989 May 1, 1989 June 1, 1910 June 1, 1918 Jan. 2, '04, 3¼ Jan. 2, '04, 2% Feb. 1, 191~ May 1, 1916 June 1, 1909 Apr. 1, 1911 June 1, 1911 June 1, 1917 Nov. 1, 1907 Deo. 1, 1918 amount s In treasury, see text. The $34,396,000 outstanding include $6,000,000 issued to pay for 178 miles of sundry small branches on whJ.on the general mortgage la a. flret lien, and to retire the $2,500,000 first mortgage bonds or Chicago Evanston & Lake Superior Ry., a Chicago suburban road, $9,326,000 issued to replace prior bonds paid and canceled and $19,070,000 for additions to property. GENERAL b"INANCES, &c.-ca.y1taltzation per tn1le of road June 30, 1903: Stock, $15,848; bonds, $18,519; interest ollat'~e. $942. In Oot., 1902, made flo traffic agreement with the Union Pacific RB., terminable on notice, for through passenger and fret~ht service from Chicago to the Pacific coast. V. 75, p . 848, 1301; V. 76, p. 101. In Apr., 1901, stockholders subscribed to $8,6°13,200 new stock at par the proceeds to reimburse the company tor 301 miles of new road built during the past two years, and pro.Ide tor Kansas City out-off and other necessary new construction, to roet $4,300,000, and In ,fan., 190~, $2,362,100 additional common stock was sold to pay in par for 298 m.uee of new road, equipments and improvements. V. 72, p. 4.37, 935; V. 74, p. 378. In Oct., 1902, the rate of dividend on com• mon was increased to 7 per cent. The funded debt was increased during the year 1902-03 by the issue of $133,000 of genera.I mortgage bonds and was decreased $1,175,· 000 by underlying bonds retired and canceled; of the latter, $1,042 • 000 were qonverted into preferred stock. Of the funded debt there was in the treasury June 30..l 1903, $5,144,000 (a.gainst $5,011,000 June 30.t 1902Jz of which $3,i:,96,000 was general mortgage 312a and $159,00u gen. m.. 4s. During 1900-01 $4,000,000 of the genera.I 3198 and $100,000 ireneral 4s were sold. V. 71, p . 1119; V. 73,.p. 563. Average freight train•load in 1902-03 was 244 tone; rate per ton per mile, 0·8650.; in 1901-2 train•load. 254 tone; rate per ton perm. 0·8400, EARNINos.-5 mos, ? 1903 ...... Groes, $22,035,ij50; net, $8,547,725 July 1 to Nov. 30. ( 1902 •... . Gross, 21,274,164; net, 8,114,571 AN'NUAL REP0RT.-Fiaoa.l year ends June 30. Annual meeting ta held in September. Report for 1902-03 was given in V. 77, p 693. See also editorial, p. 734. In 1902-03, of 21,304,638 tone 01 freight carried, grain furnished 21 p. o.; other a.grioultura.l products, 2 p. o.; coal and coke, 14 p. o.; lumber, 8 p. c.; other forest products, 10 p. o., and miscellaneous, 45 p. o. 1902·03. 1901·02. 1900-01. Aver. miles operated June 30.. 6,647 6,604 6,512 Passenger earnings ............. $9,542,201 $8,918,966 $7,939,216 Freightearnings ................ 3-1,797,045 39,516,812 31,357,992 Mail, express, &o., earns....... 3,323.491 3,177.346 3,071,804 Tota.learnings .............. $47,662,737 $45,613,124 $42,369,012 Maintenance of way .•••••..•••• $7,347,048 $7,219,136 $6,505,864. Ma.int. ca.rs and engines........ 3,893,834. 3,363,596 3,024,725 Tra.neportation, gen. exp., eto.. 16,829,796 14,881,635 13,932,064 Taxes .••••• ...... ......... •.••.• 1,470,187 1,400,161 1,403,643 Renewal account............... 1,105,000 2,~75,000 1,185,000 Additional equipment........... • n. 1,111,256 309 95 "'......,....,""' Miscellaneous •.•••••••••• ·······- ,.......,,....,....,' 857,367 814,951 Total expenses .............. f31,598, l 7 4 $30,196,895 $27,977,508 Net earnings .................... $16,064,563 $15,416,229 $14,391,509 Other income................... 510,031 434,315 174,683 Tota.I net income•••••••••••• $16,574,594 $15,850,:'1 44 $14,566,192 lutereet on debt, etc...... ••• • •• 6,101,335 6,210,086 6,383,035 Ba.lance for dividenda..•••• $10,473,259 $9,640,458 $8,183,167 Div. on common ............. (7)$4,072.873(7)$4,072,873 (6)$3,089,912 Div. on pref .................. (7) 3,349,388 (7) 3,259,403 (7) 2,998,181 Ba.la.nee, surplus......... $3,050,998 $2,308,182 $2,095,064 OFFICERS.-Chairman, Roswell Miller, 30 Broad Street, New York; President.I. Albert J. Earling, Chicago; Treasurt,r, F. G. Ranney, Chicago; :::;eoreta.ry, E.W. Adams, Milwaukee. Dtrectors.-Roswell Miller, New York; A. J. Earling, Cbical(o; Frederick Layton, Milwaukee: J. Ogden Armour, Chlc11oa:o; Frank S. Bond. Joseoh Milbank. Wlllle.m R ocketeller, Peter Geddes, Jobn A. Stewart, Samuel Spencer, James H. Smith, Charles W . Harkness, Henry H. Roi.{ers . New York. Executive Committee.-ttoswell .Mlller, A. J. Earling, Peter Geddes, William Rockefeller. Samuel Spencer. New York Offlce-30 Broa.dCSt.-(V. 76, p. 1191; V. 77, p. 349, 626, 696, 8~3.) Chlca,ro & North. Pacific KK.-chioago Terminal Transfer RB. Chicago & North Western Ky.-(See Map.J-Operatee an im• portant system of roads uniting Chicago Ill., with Omaha., Neb., St. Paul Minn., with the great wheat belts of bakota, Nebraska, eto.:, and with the mining regions of Michigan and the Black Hille, inoluwngRoad owned, in feeMiles. , Milu, Hain lines, eto ................ 7,248 Sundry trackage............. 38 Entire stock owned- Princeton & Western......... St. Paul Eastern Grand Trunk 16 -- Total June 1, 1903 ......... 7,365 2d track...................... 797 60 1 Large interest owned31 Chtoago St. Paul Minneapolis & Omaha. .................... 1,606 HlsTORY, &c.-A Vanderbilt line (V. 75, p. 1086) orga.mzed 1a 1859 • In July, 1884, the capital stock of the Fre .nont Elkhorn & Mo• Valley was a.oquired, and in Feb., 1903, the road was absorbed. (leased)..... . • • •. .. • . .. . . . . De Pue Ladd& East. (leased) 398 RAILWAY STOCKS AND BONDS. RAILROADS. Wor explanation of column headings, &o., see notel!I on first page of tables. Chicago~ North Weatern-(Oontinuea)- [VOL.LXXVIII. . Miles Date Size, or INTEREST OR DIVIDENDS. Bond8-.Prm0l• Amount pat, When Due. of of Par Outstanding Rate per When Where Payable, and by Stocki-Last Road. Bonds Value. Cent. Payable Whom. l>ividend. Pla1nv1ew RR. and Minn. Val. let mortgages.... •••. Rooh. & No. Minn. let mort., guar. (assumed).... 24 Dak. C. lst M., gu. (Watert'n to Redfield, 8. D.)F' 71 Dak.C.lstM.onSo'eastDiv.(toilawarden) gu."Un 125 Menominee River let M., two series (assumed). F' 31 .Mil. & Mad. let M., Mil. to Madison (asl!umed)F'o* 82 Ohioago & Tomah let mort., guar. (as11umed). F' ~ 152 Ohioago Milwaukee & N. W. oonetruo. do .F' 5 DeeMoinee&Minn.letM.,DesM.toJewellJo.F'&o. 57 Ottom.C.F.&St.P.letM.($25,000p.m.),gu."Un.o* 64 No. IlL let M. ($20,000 p. m.1le), assumed. "Un.o* 76 .Mil. L. Sh. & W., Consol. M. (now let) gold.Ce.o* 413 Mioh. Div. let mort. (for $3,000,000), g .. ce.o" 82 Ashland Division let mortgage, gold ..••. Ce.o* 40 Deben. (eee text) eeo. by mort of '89, g •.. ce.o" 693 Ext.&Imp.M.for$5,000,000,g., s.f. notdr.Ce.e* 693 Income bonds (not cum.) ....•..•••...•••....••. r •.•. Marsh.Ex.lstM.$600,000($15,000p.m.)."Un.c* 40 O.&N.W.e.f.bdsof'79($15,000p.m.)r'd.at105.Fc&r 1,041 81nk1ngfunddebentnres, 1933 ."Un •••••••. c*&r •••. 25-year debentures.-Un .............•••.••.. c*&r •••. Chicago & No. "\V. 30-year deb."Un .•....•.. c*&r .••. Exten. 4s, $20,000,000 ($20,000 p. m.). "Un.OM .•.. Gen'l gold bond, mort., $165,000,000."Us .. c*&r .•.. Boyer Val. Ry., let M., ~., $16,000 per m.F'.c*&r 90 Minn. & Ia. Ry., let M., g., $16,000 per m.F.o*&r 119 Mankato & New Ulm, letM., g., $416,000.F'.o'&r 26 Southern Iowa, 1st mort., $1,120,000, g.F' c*&r 56 ,r Coupon interest M. & N.; registered Q. F. Princeton & North., let M., $2,100,000, g.F'.o*&r 105 Peoria & Northw., let M., $2,125,000, g.F .. o*&r 85 Sioux City & Pao., let M., g., $4,000,000.F .. c*&r 125 1878 $...... $250,000 1878 •••••• 200,000 1882 •••••• a 1,007,000 1882 •••••• 2,000,000 '76-'80 • • • • • • 560,000 1880 1,000 1,600,000 51880 •••• •• 1,528,000 ~ 1882 •••••• e 601,000 1882 1,000 600,000 1884 1,000 1,600,000 1885 1,000 1,500,000 1881 1,000 5,000,000 1884 1,000 1,281,000 1885 1,000 1,000,000 1887 1,000 436,000 1889 1,000 4.,148,000 1881 1,000 500,000 1892 1,000 400.000 1879 1,000&c 12,590,000 1891 1,000&c 9,800,000 1884 l,OO0&o f 5,369,000 1891 l,OOO&c g 9,819,000 1886 l,000&c hl 7489,000 1897 1,000&c ml9965000 1898 1,000&o 1,440,000 1899 1,000&o lz904c,000 1899 1,000 416,000 1900 l,000&o N'neDec.'03 7 7 6 6 7 6 6 6 7 5 5 6 g. 6 g. 6 g. 5 g. 5 g. 6 5 5 &6 5 5 5 4 3¼ g. 3¼ g. 3¼ g. 3¼ g. 3¼ g. Seml•an N.Y.,Co.'sOffloe,52Wal1 do do do do do do J. & J. do do M. & 8. do do M. & N. do do M. & N. do do F. & A. do do M. & 8. do do M. & 8. do do M. & N. do do J. & J. do do , M. & s. do do F. & A. do do F. & A. do do M. & N. do do A.. & 0. do do A. & 0. do do M. & N. do do M. & N. do do A15&O do do F 15&A.. do o.o ,r do do J. & D. do do J. & D. do do A. & 0. do do M. & 8. do do 1908 Sept. 1, 1908 Sept. 1, 190'7 Nov. 1, 190'7 July 1, 1906 Sept. 1, 1905 Nov. 1, 1905 Nov. 1, 1905 Feb. 1, 190'7 Moh. 1, 1909 Moh. 1, 1910 May 1, 1921 July 1, 192' Moh. 1, 1925 Feb. 1, 1907 Feb. 1, 1929 May 1, 1911 Oat. 1, 1!}22 Oot. 1, 1929 May 1, 1938 Nov. lJ 1909 Apr. lo, 1921 Aug. 15, 1926 Nov. 1, 1987 Deo. 1, 1923 June 1, 1924. Oct. 1, 1929 Sept. 1, 1925 1901 1,000&o nl,940,000 1901 1,000&o 2,125,000 1901 1,000&o 03,926,000 3111 g. 312 /l. 312 g. J. & J. M. & S. F. & A. Jan, 1. 1926 Moh. 1, 1926 Aug . 1, 1936 Ohlca~o & North Western Ky.-(CON0LUDED.) Its seourities, except those held bv Chio. & N. w., are in table above. v. 75, p. 514, 516 On June 30, 1901, purchased Sioux City & Paciflo RR. V. 72, p. 721, 1236; V. 73, p. 444; V. 75, p. 44'6.) In December, 1891, the Milwaukee Lake Shore & western RR. was bought by an exchange of stock. see v. 57, l). 375; v. 56, p. 792. In 1900 various proprietary roads were purcha@ed andtn 1900 to 1902 others built in the interest of the c. & N. w. were absorbed. V. 71, p. 291,294; V. 73, p. 294, 1010; V. 75, p. 446. CAPITAL ST00K,-Of the common stock $2,333,688, and preferred ,3,835 remained in the oo's treasury in JUIJe, 1903. Pref. stock has a priOI' right to 7 p. o.; then common 7 p. c.; then preterred 3 per cent; lnen common 3 per cent: then both classes share. The etookhoiders voted on February 10, 1903, to increase the authorized common stock from $U,448,366 to $77,601,045 (making the entire stock $100,000,000). See GENERAL FINANCES below. V.75, p. 1085, 1146; V. 77, p. 516. The con,otidated .'linking fund bonds of 1915 have voting power. DIVID.- {'85. '86to'P3. '94. '95. '96to'99. '00. '01. '02. '03. 1904. Common... 6¼ 6yearly. 3 4 5 yearly. 6 6 7 7 Jan.,3¼ Preferred'.• 7¼ ' - - - - 7 yearly -Below.-' Jan .. 2 In 1902, on common, Jan., 3 p. o.; July, 3 p. o. and 1 p. o. extra; in 1903, 7p.o.; 1904,Jan.,3Jsp.o. On pref.,Jan.,lll:& p. o.; April, l¾ ~. c., July, 1~ p. o. and,1 p. o. extra; Oct., 2 p. o.; in 1903, 8 p. c. (paid Q.-J.); 1904, Jan., 2 p. o. The extra dividends of 1 p . o. each on the etooks in July, 1902, increased the rate for the flsoal year 1901-2 to 7 and 8 p. c. on, the common and pref. stocks,respeotively. V. 74, p.1194. BON~S.-Generat Mortgage.-See Abstract in v. 65, p. 1115• The authorized issue is $165,000,000 (United Statee Trust co., trustee) f131,645,000 were reserved to retire underlying bonds, and remainder tor additions and improvements, $4,000,000 at once and $1,000,000 a year thereafter. V.65,p.1070. v. 65, p. 69,111,571; V.75, p.980. The Binking fund bonas of 1879 are secured by deposit In trust of $11'5,000,000 of let mortgage bonds at $15,000 per mile on sub• 1ldiary lines, the most important being described in SUPPLEMENT of May, 1894. Of the sinking fund bonds of 1879 $5,753,000 a.re 6s; lihe e1n.k:1ng fund is at lea.et 1 per oent of outstanding bonds, which are eubJeot to call at 105; and through its operation the amount outstanding has been reduced from $15,000,000 to the figure in table. The Binking fund debenture• ot 1933 have a e1nk1ng fund of $20(!1000 per year, 11 they can be redeemed at 105. See deeoription of &Uthe debentures on page 2, SUPPLEMENT ot April, 1895. The utension bonds of 1886 are secured by deposit in trust ot ttrst mortgage bonds at a rate not exceeding $20,000 per m.1le. Included in iiie collil.teral June 1, 1903, were $10,675,000 Fremont Elk Horn & Mo. Valley lste and $2,560,000 lets Wyoming Central lets [ooneollda.ted With F. E. & M. V.lt etc. see F. E. & M. v. bonds below. The Frt-mont Effcnorn ~ Missouri Valley ooneols have a first lien on ,170 m.1lee (Fremont Neb., to Deadwood, D. T., 551 m.1lee, and ranches to Hastings, .Albion, &c. 613 m.1les), but beetdes the amount of ieeue given as outstanding in the table $13,235,000 are held ae part oolla.terlil for Chica.go & Northwestern extension bonds of 1886. The Boyer Valley Minnesota. & Iowa., Boone co11.nty Mankato & New mm, Minnesota & South Dakota and Iowa Minnesota & Northwestern bonas were assumed 1n June 1900, tbe roads being absorbed upon eompletion; also in 1901 the ~outhern Iowa the Peoria & Northwesternand the Princeton & Northwestern and the Sioux City & Pac1flo (lee description of its bonds V. 73, p. 444, 1159), See v. 71, p. 28, 291,294,340; V. 73, p. 294, 1010. GENERAL FINANCES.-Thefirstissue of ($20,538,000) refunding bonds at 3¼ per cent interest was sold to provide for $18,187,000 old bonds maturing up to Deo. 1, 1902. see "Bonds" above and v. 65, p. 69, lll; V. 76, p . 157. The annual saving of interest on bonds retunded to May 31, 1903, was $602,375. .stockholders in Feb., 1903, subscribed to $9,226,110 new common stock at par to the extent of 15 p. o. of their holdings, raii.ing the amount outstanding to $48,340,000. V. 75, p. l 085, 1146. In 1902-03 the average freight train-load wa.e 2 31 tone, against 249 tone in 1901·02; rate per ton per m.1le, 0·87 of a cent. EA.RNINGs.-For 6 mos. ending Aug. 31: Gross, ,tl29,809,636 ton 7,· 351 miles) in 1903, against $25,723,403 (on 5,876 miles) in H02. ANNUAL REP0RT.-Fisoal year ends May 31. The annual meeting is held the fl.rat Thursday in June. The report for 1902-03 was ~iven at length Inv. 77, p. 449, 508, 514, including Fremont Elkhorn & Mo. Valley, 1,372 miles, from Feb. 16, 1903. Bee also editorial. p. 478. Of the freight carried in 1900·1 (total 25,527,575 tons), ores fur. niehed 23 per cent; lumber and logs, 15 per cent; grain, flour and m111 etufts, 13 per cent; other agricultural and dairy products, 3 per cent; ooal and coke 15 per cent; metals and machinery, 5 per cent: st-0ne, Band, brick, etc., 5 per cent; live etook, 4 per cent; miscel., 17 p. o. Year ending May 31. 1903, 1902. 1901. 1900 Averagem.1les oper.. 6,332 5,760 5,507 5,218 Passenger earns .•... $12,036,277 $10,886,139 $9,718,191 $9,002,688 Freight................ 35,171,064 33,436,892 31,864,945 32,008,684 MaU, express, &o.... 2,635,440 2,321,091 2,015,451 1,939,433 M. & 8. M. & 8. M. & N. do do do do do do 1903. 1902.1 1901. 1900., P. c. exp. to earnings (66·73) (64·33) (63·18) (62·85) Totalnetreceipts.... $17,159,74.8 $17,215,559 $16,445,669 $16,486,58!.l Net int. on debt...... $6,540,170 $6,406,038 $6,324,752 $6,069,384 Sinkmg fund, etc.... 230,316 234,695 299,630 355,640 Div. on oommon•.... (7)3,060,4141(7) 2,737,868 (6) 2,346,744 (6)2,346,744 Div. onpreferred ... (8)1,791,600(8)1,791,598(7)1,567,650(7)1,567,650 Real est., const., &o.. 5,013,418 4,697,055 4,169,526 4,542,041 Ba.lance, surplus.... $523,830 $1,348,305 $1,737,367 $1,605,121 The Fremont Elkhorn & Missouri Valley, included above from Feb. 16, 1903, earned for the year ending May 31, 1902, gross, $-!,589,449; net, $1,377,065; charges, $1,043,009; bal., sur., :S334,056, OFFICERS.-President, Mal'Vin Hughitt, Chicago; Vice-President a.net Secretary, E. E. Osborn, 52 Wall St.• New York; 2d Vioe-Preeident, M. M. Kirkman, Chicago; Tre~s. and Asst. Seo, 8. Howe, New York. Directors.-W. K. Vanderbilt, F. w. Vanderbilt, H. M1JK. Twombly, Samuel" F. Harger, Chauncev M. Depew, James Stillman, James C. Fargo, !!'rank Work, ~;~~ ii~b~~t!:i~k:,~~:s~:iri1:id~~i~a~~~Ii~c.l~i~i~iit:!b~~~P. Kimball, Oliver Ames, Boston; ZenBs Crane, Dalton. Mass. -(V. 76, p. 704, 1245, 1247; V. 77,449,508, 514.) Chicago Peoria & St. Loulll Ky .-RoAD.-Owne from Pekin to Granite City, Ill., 180 m.1les; Madison to Bridge Juno., 3 m.; HavanatoJaokeonville,Ill.,42m.;branoh,LockhaventoGrafton,8m.; total owned, 233 m.; trackage, Pekin to Peoria, 10 m.; Granite City, Ill. to Merchants' Junction, 3 m.; lnSpringfteld, 1¼ m.: Madison, m .• to St. Louis Station, 712 m.1les. Owns majority of stock of and operate& Litchfield & Madison Ry., Litchfield Jot. to Madison, «m.; trackage, J. & St L. Jct. to Litchfield, 1 m.; total 300 miles. Reorganization of Chicago Peoria & St. L. RR. and St. L. Chio. & St. Paul Ry., sold in foreclosure Jan.8.1900, per plan 1n vol. 68, p, 722. BONDS.-Of the $2,000,000 prior lien 412s (City Trust Co. of N. Y., trustee), $500,000 are reserved for future extensions, improvements, etc. Of the Lttohtleld & Madison guaranteed let 5s ($750,000 author•, ized issue), $600,000 will be used at present for improvements. V 77, p. 147. Stock, oom., $3,600,000; pref., $3,750,000. EA.RNINGS.-For 2 months ending Aug. 31, 1903, gross, $266,24~ against $232,767 in 1902. Report for year to June 30, 1902, in v. 76, p. 431. In 1902·03, gross, $1,710,171; net, $393,64'7; total deductions. $308,345; bal• anoe, surplus, $85,302. Pres., Oharles E. Kimball, New York; Seo•y and Asst. Treas.. H. w. Berger, Svringfleld, Ill.: Treas. and Asst. Seo... T C W ll N y k. (V 76 43 l y 77 1 A6 2158 ) · · e man, ew or • ' p. ; · ' p. .. • • Chicago Kock l•land & PacUlc Katfroad.-Incorporated tn Iowa on July 31, 1902, as an operating company, per plan V. 75 p. 239, to take over the Chio. R. I. & Pao. Railway. The entire cap1tal stook ($145,000,000) is owned by the Rook Island (holding) Oompa.ny. but its bonds (see above) are held by the publio. BoNDS.-The collateral trust 4s of 1902 (authorized 1s1me $75,000,· 000) are secured by a pledge with the trustee of an equal a.mount of the stock of the C. R. I. & P. Railway as acquired. In June, 1903,. $69,557,400 of the $74,817,100 Railway stock bad been acquired. In 1903 $16,793,000 of an authorized Issue of $18,500,000 collateral trust 5s of 1913 bad been issued with Rock Island Co. etook in pay• ment for $27_&88,300 of the $30,808,000 St. Louis & San Franoieco com. stock. v. 76, p.1406.-(V. 7d, p. 1084, 1191, 1247. 1406.) Chicago Kock Island & PacUlc By.-(BeeMapRocklsland Oo. f'ages 472 and 473.J-The system extends from Chicago, Ill., via Omaha, Neb., to Denver and Colorado Bvrings, Col., and via Kansas City, Mo., to Santa Rosa., New Mex., there connecting with the lines of the New Mexico Ry. & Coal Co. and forming with them and the Southern Paoiflo a. throu~h line to the Pacific ooast; also from Tuoum. earl, N. M., to Memphis, Tenn .• and to Fort Worth, Tex., on the •south, and on the north to Minneapolis, Minn. and Watertown, S. Dak., with numerous branches, viz. (eee V. 75, p. 1156; v. 76, p. 751 rnfi~~.~~:~cilBlufis,Ia~iJo'o Des Moines & Fort Dodge .. 11 ·1 ~ Davenp'ti,Ia.,toAtch'n,Kan. 341 Burl.Ced.Rap.&Nor ....•. ,rl,373 Elwood to Santa Rosa, N. M. 697 Rook Island & Peoria ..••.. ,r 121 Herington,Kan.,toTerral,I.T. 349 Choctaw Oklahoma & Gulf,rl,080 Horton, Kan., toRoswell,Col. 569 Oontrollea-Oper. SeparatetyGowrie to Sibley, Ia .... .... 109 Trackage to Karreas City, Terral to Ft. Worth, etc ..... 123 No. Topeka, Kan., Denver, Branches ...••...•••..•••.••••. 1,113 Col., Pueblo, Col., etc...... 395 o. ~a}gii!!Pci .rMiff,; --1 Total owned ................ 3,801 Leased,etc.-(,JWhioh see.) -- Total lines July, 1903 ..• 7,123 Under construction• St. Louis Kans. City & Col. .. 1f313 Peoria & Bureau Valley ..•. 1T 47 Keokuk & Des Moines ..••.• ,r 162 Other mileage................ 282 -Total system July, 1903, incl. mileage under construction .••. 7,718In 1902 nearly all the stock of the Choctaw Oklahoma & Gulf RR. was acquired See below; also that oomp:my and V. 74, p. 775, 1354. In 1902, also, most of the outstanding stock of the Burlington Oedar Rapids & Northern and Rock Island & Peoria (which see) were ao• quired, and their roads leased trom June 1. V. 74, p. 1194, 1250. As to Des Moines & Fort Dodge RR., see V. 74, p. 1037. Total earnings ... $49,842, 781 $46,644,122 $43,098,587 $42,950,805 In April, 1902, purchased all the stook and bonds o1 the St. Louis Oper, exp. & taxes.. 33,260,113 30,005,643 27,229,998 26,994,013 Kansas City & Colorado, St. Louis to Belle, Mo., and building westerly to Kansas City, thus forming when completed a line into St. Loui8 294 Netearninge•.•••.••. $16,582 668 $16,638,479 $15,868,589 $15,956,792 , m.1les. v. 75, p. 665. See K. c. & Col., v. 76. p. 158. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE CHICAGO &, NORTHWESTERN RAILWAY SYSTEM. S,846 .MJ~es_. Chicago & North-Wesfer.n Rall\vay St.Paul, Min_neapolis & Om.aha Ry, -IC:::l-=:11w-=::-=::i■Chicago .~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A Akr.on D Yuma 0 BUR, lVOL. RAILWAY STOCKS AND BONDS. 400 RAILROADS. Miles Date Size, or For explanation o:r column headings, &o., see notes o:r o:r Par on first page o:r tables. Road. Bonds Value. ---------------------1·-- --- INTEREST OR DIVIDENDS. LXXVIII. ~ :z.~~-:~ per When Where Payable, and by[ 0 ~~~°0 Rate Cent. Payable Whom. . BiockB-Last Dividend. --- --------- ------ Chl,cago c:t North Western (0oncluded).B1oux Clty & Pao., pre1. stock (lstM.on6m.)... 6 .•• . !i!lOO $96,1500 7 A. & 0 NewYork,S2Wa.11St. Oot.1,'03,319 Minn. & Bo. Dakota, lstM., gold, $528,000.F' .. c* 33 1900 1,000 528,000 3111 g. .J. & .J. do do Jan. 1, 1935 IowaMinnesota.&NorthwesternlstM.,g.F.o'"&r 195 1900 l,OOO&o 3,900,000 3111g. J. & .J. do do .Jan. 1, 1935 Frem.Elk.&M. v.oons.M.$25,000p.m.,assumed 1,170 1883 1,000 7,725,000 6 A. & O. do do Oct. 1, 1938 Chic. Peo. d St.L.-Pr. lienM., g., call at 107:lg.Ol.c* 230 1900 1,000 1,500,000 4111g. M. & S. N. Y. office, 52 William. Moh. 1, 1930 Consol. M., $2,000,000, g., called at 105.0ol .. o* 230 1900 1,000 2,000,000 5 g . .J. & .J. do do .July 1, 1930 Income M., g. (text) non-cum, called at par .EC 230 1900 1,000 2,000,000 Up to 5p er cent when earned. July 1, 1930 L. & M. 1st M., red. 105 a.ft. '07, g., gu•• p. ct i.EC 44 1903 1,000 600,000 5 g. M. & N. N Y. office, 52 Wllliam. May 1, 1933 Ch.B.I.dPac.BB.-Col.t.M.,$75,000.000.Ce.c*&r .••. 1902 l,OOO&c 69,!557,000 4 g. M. & N. N. Y., First Nat. Bk. j Nov. 1, 2002 Col. tr. M., $18,500,000, g., red. 102~.c:e •••... c* ..•. 1903 1,000 17,0~9,000 5 g. M. & "· Int. :from Sept. 1, 1903. Sept. 1, 1913 Chic. Bock Isla. c:t Pac.By.-Stock ($75,000,000). . . . . 100 74,817,100 See text. Quar. New York and Chicago. 1 Jan.6, '04, 114 let M.,Ch1c.,m.,toCounoilBlu1fs &br'ohes.Us.c* 736 iS77 1,000&o 12,500,000 6 J. & .J. N. Y., First Nat. Bk. July 1, 1917 General mortgage, $100,000,000, gold•.. Oe.o*&r 3,128 1898 l,OOO&c 61,581,000 4 g. J. & .J. do do .Jan. 1, 1988 Col. tr. M .• g., Ser.B to P, dueyrly,red.1011t.Ce.o* .... 1902 1,000 22,410,000 4 fE• M. & N. do do May, 1904-18 New ref. M •• $163,000,000, g., red to Apr., 1911 Text. 1904 ...... See text. 4 g. ..... New York. Apr. 1, 1934 Chicago Bt. Lt'YUU d New Orlean•-See ILL. UEN'!'R AL. Ohicaqo St. Paul Minn. c:t Omaha-Com. stock.. .••. •••• 100 18,555,000 6 in 1903 F. & A. N. Y., Office, 52 Wall St. Aug. 20, '03. 8 Pref. stock, non•oum., including scrip (see text). . • •. 100 11,256,800 7 in 1903 F. & A. do do Aug.20 '08,Sls 8t. Paul "tillwater & Taylors' Fall8 1st mort .... o "ii 1878 500 &o. 334,800 7 .J. & .J. do do .Jan. 1, 1908 Bud. &RiverFallsletM.,Hudeon to River Fall8.o 12 1878 500 &c. 125,000 8 .J. & .J. do do .July 1, 1908 Oh.Bt.P.&Minn.lstM.,g. .ElroytoL.Bt.C.ase'd.o'" 177 1878 500 &o. 1,881,000 6 g. M. & N. do do May 1, 1918 St. P. & Sioux City, lst'M., ~.. $10,000p.m .. Oe.c 607 1879 1,000 6,070,000 6 g. A. & O. do do Apr. 1, 1919 No.W18.lstM.LakeSt.C.ton r8poonerass'd.Oe.o• 80 1880 1,000 690,000 6 .J. & J. do do Jan. 1, 1930 Ba.ult 8te. Marie & Bouthwest'n let M., assumed.o 37 1890 1,000 350,000 5 M. & N. do do Nov. 1, 191& O.Bt.P.M.&O.M".,$30,000,000 ($15,000 p.m)Ce.o" •••. 1880 1,000 14,642,000 6 .J. & D. do do June 1, 1930 do do Console., interest reduced....... •••• 1880 1,000 2,159,000 31t J. & D. June 1, USO OAtc. Term'l Tr. BB.-Ch.&Gt. w.,lst M., g.,ass'd.o* •••• 1886 1,000 394,000 5 g. J. & D. N. Y., Mercantile Trust. June 1, 1936 City of Chicago purchase money mort., assumed 650,000 5 M. & N. To City o:r Chica.go. May 1, 1938 Ohfo.Term.Transf.lstM.,g.,$16,500,000Us.o*&r ·0i i897 13,635,000 4 g • .J. & J. N. Y.,MeroantileTiuat. July 1, 1947 071.itago d Wutern Indiana-Stock (see text)...... •••. •••. 100 5,000,000 6 Q.-J. Chicago. . Jan. 1, '04__, 1.lt General M., gold, sink. :fund~ subj. to oall 105 .. o* 48 82-92 1,000 9,6-&7 ,000 6 g. Q.-M. N. Y., J.P.Morgan & Co. Dec. 1, 1.932 Consol. mortgage, $50,000.000, gold IO•..•.. o• •••. 1902 1.000 8,658,000 4. g. J. & J. Ill.Tr.&S.Bk.Ohio.&NY July 1, 1952 In addition the sinking :fund .June 1, 1903, held, a, $58,000; b, $172,500; c, $150,500: «!, $135,000; .. , $149,000; f., $521,000 (and $10,000 on hand): g., $181,000; h, $1,143,000: k, $202,500; m $573,000; n $160,000; o $74,000: ,r Coupon int. M. & N.; reg. Q.-F. * In sinking tunds June 1, 1902. i:00t> Other proposed extensions include one :from Fort Worth to Houston~ Tex., 265 miles; Amarillo, 'l'ex., to Teoumoari. N. M., 125 miles; Ard more, I. T .. to Dallas, Tex., upwards o:r :.ZOO miles in Oklahoma., etc.; V. 75, p, 1156. See also V. 75, p. 1398. · llISTORY.-The present Chicago Rook Island & Pa.oi.flo was a con• 1ol1da.tion .June 2, 1880, with $50,000,000 stock authorized. In July, 1903, $69,557,400 o:r the $74.817,100 oa.-pital stock wa.s deposited per plan V. 75, p. 239, each $100 fltock being exchanged tor the following seourit es: $100 in 100-yei,r 4 p. o. gold bonds o:r the Chio. R. I. & Pao Bailroaa (of Iowa), the new opera.ting company, and $70 -pre:rerred and $100 common stock o:r the "Rook Isl'd Company" (of New Jersey), which owns the entire capitd etooko:f the Baitroad company. See also statements o:r those companies in this SUPPLEMENT. BTOCK.-In July, 1901, stockholders subscribed to $10,000,000 1 additional stock, raising the amount to $60,000,000. See below. In 1902 the stock was increased to $74 817 100 by sale o:r $~ 235 1500 at par to shareholders, the isaue 01$5,884.oto to take up Burl. Ced. Rap. &Nor. and Rook Island & Peoria minority stookana $2,000,000to pur• chase the St. Louis Kan. City & Colorado Ry., and by sale o:r $880,500. v. 74, p. 1194; v. 75, p. 28; v. 77,p. 1742. DIVIDENDS ••••.••• ~ '92&'93 '94 '95 '96 '97 '98 '99 to '02. 1903. 81nce'90, P.ct.•••...•. ~ 4 319 2 2 211141g 5 yearly. Below. In .Jan., 1903, 414 p. o.; Aug., 114: Oct, 2 . In 1904, Jan., 114 p. o. BoN Th tu d' 4 t :r 1904 ($l63 OOO OOO th I d ns.- ere n_ mg p.c.mor .o • , al! or z_e issue) wm be a first nen (eitner: directly or 1 hrough pledge of tne entire issue_s of bonds of 1 be C'Oml?arne'" owning_ the same) on terminal prop• erty m _St. 1-'aul, Minneapolis ~nd St. Lows. new equipment, and shops at Molme, 111., ~osting 1n a;1 $18.5~4,000 .and on railway lines aggre• gating 1,14!:I rolles; also a Juntor lien subJect to existing mortgages on all the other lines of the system of 1he Railway company aggregating exclusive of leased lines and trackage, 5,689 miles. See full statement in V. 78, p. 228, 234. The new bonds are Issuable as follows: Tota.lissue in no case to exceed ...................... $163,000,000 Issuable forthwith ..... . •·····• · .......................... •·· $15,000,000 Reserved to t·etire at or before maturity all bonds of the ra,tway system :falltn~ due within the next 30 years (none o:r such underlying bonds to be ext~nded), also to acquir~ $25,900,000 general 4s of 1898, issuable for improvements, viz.: Chicago Rock Island & P:c~:c°!/~e!.Em:~: after to be issued. viz.: (a) To retire at maturity first 6s of 1917.............. .,12,500,000 (b) At not exceeding '1,uoo,ouo per year for a~dltions 15 900 000 Bur1fndg~Er8:J!i:8G!~iiis& Nortiiern°Ry."co:-C-see·iiiat ' • company) cons. 6s, hereafter to be issued, to retire: (a) B. C.R. & N. Rv. first mortga11e 1511 of lOOtt... . . 6.500,000 (b) Cedar Rapids Iowa Falls & N. 1st mort. 68 of 1921 1,905,000 C~~c::~~f~~~br~i: ~~~~Jt~o ~it1r~bit~:bo'i>1tg~~: & G RR general mort11 a~e 6s of 1919 51500 ooo Chicago Rocklsland & Pac. R . gold 48 of1902 (Choct"a-w ' ' Oklahoma & GuU stock collueral)... .. ...... . . ..... 22,'10,000 Six per cent noteA of 1905 of D.R. Franct11 and Jo.tin Scumn ri2,25o,ooo ea<'h], 11ecured by pledge of all R~g~1:1~~ ~P:o~i~Sk/:c~~~.11~:;i~t~:rfo6~r~di~tr: Choctaw Ok.laba. & Gulf RR. equip. trust cert,ttcates... 2.860,000 , , 82 025 000 Reserved to provide 75 p. c. of purchase price o:r seeurities or other compa.n1et1 hereafter acquired to be pledged as further secunty... . . . . . . . . . . .. . . . . . . . . . . . . . •. • . . ..... 13,500.000 Reserved to be 1s ued at not over $2,1500,000 yearly from .Jan. 1, 1904, for future improvements, be~terments and equipment ....... . .... . ........... . ... . ....... . ............ 27,475,000 Reserved to acquire property, permanent improvements, betterments or equipment, as required.................... 25,000,000 Of the general 4s o:f 1898, the remainder nntssued are available as :follows : $25,900,000 at not over $1,000,000 per annum tor perm.a• nent improvements and additions, inoludln~ equipment, ana. $12,· 500,000 to retire the 1st 6s o:r 1917. Bee Mortgage Abstract in V. 66, p. 522; V. 78, p. 228. The collateral trust gold 4s o:r 1902 ($24,000,000 authorized) are secured by deposit of all except $400 stock o:r the Choctaw Oklahoma & Gul! RR. (see that company). v. 74, p. 775,829,936, 1356. GENERAL FINANCES.-In .July. 1902, stockholders subscribed at par to $8,235.500 new stock, to con truct or purchase new road; ale(\ :for second track, improvements and equipment. V. 72, p. 1135; v. 7"3, p 184; v. 75, p. 28. The etookb.oldere will vote on Mar. 21, 1904, on authorizing a. mort• gage to secure $163,000,0iO 4 per cE>nt bonds for capital reqmrements and re:funding operations for the ensuing 80 years. See BONDS above and V. 78, p. ~28, 234. _ EARNINGB.-For 4. mos. endinp: Oct. 31, 1903, gross, $13,884,195; net, $4,992,878; other incomA, $30fl,103; int., taxes and rentals, $2. 407,570; divfdends (2 p. o.), $1,496,250; bal., sur.. $1.397,161. For· earnings o:r Rook Island system for year ending June 30, 1903, and later monthly earnings, see statement of Rook Island Co. ANNUAL REPORT.-Report :for 1902-03 was in v. 77, p. 1742. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ~!".r 0 4,~:8~ ; 15 mo,. e'l'ld. ,--Yea""• endea Mar. 31.--. June 30, 1903. 1902. 1901. Mlle& operated................ 5,579 3.t910 3,819 Passenger earnings........... $11,614,029 $8,u30,164 $6,400,014 Freight ........................ 29,171,980 19,061,857 17,730,398 Mail, express, rentals, etc.... 1,966,556 1,293,825 1,234,283 - --·Gross earnings ............ $42,752,566 $28,385,846 $25,364,695 Net earnings •••.•..•••••••••.. $14,524,884 $10,131,121 $8,199,602 From land department ••••••• l 2 006 965 S 12,000 7,500 Income :from loans, etc••••••• 5 ' ' i 986,849 693,879 --·-$8,900,981 Total income .............. $16,531,849 $11,079,970 $2,911,980 Interest on debt............... $6,123,840 $2,251,322 747,227 Rent leased roads .••.•••••••• · ~ 1,212,190 S ,56,954. 144,756 Missouri River bridges ....... ( i 150,751 Dlvidends .. -• • • • • •· • •· • • .. (7·34%) 5,805,b57 (4) 2,247,900 (4) 1,999,692 ---Bala.nee ............. •····· $3,890,261 $4,973,043 $3,097,326 N. Y. office, 71 Broadway.-(V. 78, p. 102,228, 235.) (Jhlcago St. Paul lfflnneapolb & Omaha Ky.-(See Map Ohii• cago di North Western.J-ROAD.-Mainline--Elroy, Wis., to Oma.ha.Neb., 593 miles; other lines, 1,064 m.; total, .Jan. l, 1903, 1,657 m., o:r which 1,588 a.re own.ed and 69 miles leased. V. p. 1147. In Apr., 1901, theOhippewa.Valley & Northwestern Ry. 69, was incorporated to con• struot a line :from Rio~ Lake, Wis., northellst a.bout 100 miles. o:r which 36 miles were operated in.Jan.. 1903. or the Eau Claire Chippewa Falls & Northeastern Ry., 45 miles :rrom Chippewa Falls,Wie., to Han• niba.l were operated in Aug 1903 v 76 p 649 ·• • • ' · · HlsTORY.-This was a consolidation July1 1880, o:r the Chica.go Bt. Paul & Minneapolis, the North W18oonsin ana the St. Paul & Sioux City-. In November, 1882, a oontrollinj interest in the stock was puroha.sed · 9 2 ~ra~!: ~~~~o!o~dw::~~ st11:e:y :~::re~irsition o:r a, o.o STOCK -Authorized common $21403 293 · preferred $12 646 833 Held by.the company Dec. 31, 1902, 'common' stock and scrip: $2,844,! 340 preferred stock and scrip, $1,386,921. Preferred stock has a prior right to non•oumulative dividend o:r 7 per cent; but common is never to receive more than 18 paid on preferred DIVS. since '89 } '90 '91 '92 '93 to '96 '97 °'98 '99 '00 '01 '02 1903 Common, p.o. . . . . .. None. 2 2 31t 5 5 Below 6 Pref, P• o.... 4 4 619 .__7 per ann. (319 F&A.)---' In Feb., 1902, annual dividend on common out of 1901 earnings 5 p. o.; Aug., sE1mi-annual dividend, 3 p. o.; in 1903, 6 p. o. (F &A.) BONDS.-There are $75,000 Minneapolis Eastern 1st m. guar. 78 due Jan. 1, 1909; $1,500,000 Superior Short Line Ry. bonds are owned. Ohioago St. Paul & Minnea.polls 1st 68, due 1918, and North Wisconsin 1st 6s, due 1930, are exchangeable at option o:r holder at any time, dollar :for dollar, for oonsol. 68 o:f 1880. due 1930. V. 68, p. 521. In 1!)03, $2,000,000 3111 p. o. console were sold. V. 76, p. 653, 10,; V. 77, p. 2389. LANJ>e.-Sales 1902, 31,035 a.ores, $123,656·, unsold, 205,541 a.ores. LATEST EARNINGs.-From Jan. 1 to Nov. 30 (11 months), gross, $10,999,754 in 1903; $10,934.781 tn 1902. ANNUAL REPORT.-Report for 1902 was 1n V, 7 6 , p. 649. Year ending Dec. 311902, 1901. 1900. Grossea.rn.tngs ................ $11,907,525 $11,196,lOi $10,342,000 Operat'g expenses and taxes. 7,483,253 7,014,270 6,,89,154 Net earnings ................ $4,424,272 $4,182,134 $3,852,846 Net rentals paid................ 111,876 109,785 110,243 Net int. on debt (less other inc.) 1,894,059 1,343,097 1,344,478 Div. on pref. stock ............. (7)787,976 (7)787,976 (7)787,976 Div. on com. stook ............ (6)1,113,300 (5)927,750 (5)927,750 Appropriation :for imp'te...... 600,000 600.000 500,000 Surplus o:r RR. Co .............. $417,061 $413,526 $182,399 Nettrom land sales............. $123,656 $110.906 $71,011 , -(V. 74, p. 62'7, 1250; V. 76, p. 649,653,704; V. 77, p. 2389.) Chicago Terminal Transf'er KK.-PROPERTY.-Coneiste o:r passenger and :freight termiuals in city o:r Chica.go, lines o:r rail· way leading thereto, and a belt line around the city. Company owns 760 acres of land in and adjacent to the city, of which 50 a.ores a.re in the centre o:r the business district; also includes 7,500 feet of dock property on Chicago River. Nearly all land, including that upon which tracks have been built, is owned in :fee. Track owned, 90 miles; leases :from Chicago Ju.notion Ry., 11 miles; trackage, 7 miles; total, 108 miles; 2d track, 54 m.; sidings, 113 m.; total all tracks. 275 miles · HISTORY.-A reorganization in June, 1897, or Chicago & Northern Pa.oiflo and Chio. &Calumet Term., planV. 61, p. ~88_, 898. In Feb., 1901, Harriman syndicate acquired control. v. 72, p. :.1:41, 580. TENANTS.-Balt. & Ohio, Chicago Great Western. Chicago Hammond & Western, Suburban RR. Co. o:r Ohicago, Pere Marquette (the last named since Dec., 1903). As to this and other important changes in 1903, including termina.tionJof St. Louis Peoria & Northern tenancy, see V. 77, p. l:J48, 2158. 8ECURITIEB.-Stock-$13,000,000 common and $17,000,000 4 p. o. non·oumulative pref. Bond•-01 the $16,500,000 1st 4a, $1,305,000 are reserved to retire the assumed bonds; $1,295,000 :for new property (!t 401 RAILWAY STOOKS AND BONDS. J.AN. 1904.] .lron<t8-..tT1Jlo1INTEREST OR DIVIDENDS. RAILROADS. t>al,When Due. Miles Date Size, or Amount For explanation of oolumn hea.dings, &o., see notes of Par Outstanding Rate r,er When Where P--w;._able, and by Btocka-Laet ot Oen . Payable Dividend, om. on first page of tables. Road. Bonds Value. - - - - --- - · 011,icago ce West Michiga~ee PERE MARQ. RR. 01'icago Wi8con8in ti Minnesota-See WISCONSIN C ENTB AL. Zt!;:i~:~!aKt.:s;:b~oo~20~A~~ ffi~X.:.·. Oh,oc, Oklah,ld! ~lf RR.-Gen. (now 1st) M., gold.c.. 125 1899 1,000 • $1,600,000 283 282 1894 1899 1899 1902 1900 1901 1902 1,000 1,000 1,000 1,000 1,000 1,000 1,000 5,500,000 3,525,000 365,000 5,411,000 100,000 6 50,000 1,540,000 1903 1,~gg 100 100 100 1,000 1,150,000 8,000,000 612,100 462,400 6,925,500 927,000 1,668,000 2,000,000 3,000,000 1,200,000 3,500,000 2,229,000 933,000 *2,310,000 125.000 218,000 400,000 200,000 900,()00 1,600,000 Choo. & Mem. 1st M., $3,750,000, ass'd.GP ... o* L.Rook B'ge 1st M., ass'd, g., :red. (text) . .. GP .o* Consol M. (see text), $30,000,000, gold.GP... o* 96i Car trusts, gold, $50,000 Oot. 1, yearly.... GP.o* Ber. B, $70,000s.a..toAuf~~~nthen $7:'i,000.GP Ser. C., Apr., yearly, beg fi:1903.GP ..•••• .... Oin. Dayton d! Ironton--See CIN. AH. & DAYTON. Oi n. Find.di Ft. W. -1st M., g ., gu.,end. red. See text. 92 OJncinnati Hamitton ce Dayton-Common stook..•• Pref. stook, .A & B, 4 p.o. oum., guar. (call at par) do "Eagle" 4 p.o. oum., gua.r. (call at par) New preferred 5 per oent non•oum., $8,000,000•. Consol mort. (now 1st)$&£, sink. fund ... U8.0* ·60 do do $376,000 a.re 5 p. c.o* 60 69 Beoond mo~a.ge, gold....•••..••..•••••.••....•. o* General mo g ~ $7,800,000, gold ....... lffe.o* 60 01n. Dayton & ca.go, 1st mortgage ............ 95 Ctn. Day. & Iron., let M,,1,gu.(assumed) .. Ce.o" 164 Cin. Ind. ce West-Ind. Dec. { not guar.. Ce ........ W. 1st M. g., red. at 110.. guar. p. & 1. (end.)o, I264 C.I.& W. lst& ref.M.,$8,200,000g.,gu.,p.&1.enN o. 361 Car trusts June 30, 1903........................... Equipment notes, maturing yearly···-· .••....... Oi n. IntPr-Terminat RR.-lst pref. stock (see text) Teii. Oinc,,nnati Lebanon d Northern-let mortgage. c 38 lstoon.M.$1,500,000g.gn.p.&i.en.(V. 75, Q.1398) c... 52 Oin.ce Mm. V.-lstM.$2,000,000,g.gu.p. &i.end.Fo~ 148 *$2,190.000addltional tnCin.Ha.m.& Dayton treasury. .... ··-· ---··-· ---· .... ---· .... .... is75 1875 1887 1892 1892 1891 11895 1895 1903 1898 1902 iss6 1902 1898 1.000 1,000 1000 1:000 1,000 1,000 1,000 1,000 1,000 ··ioo 1,000 1,000 1,000 LA.TEST EARNINGS..:. 4 mos.~ 1903 .... Gross, $569,368; net, $236.673 July 1 to Oct. 31. 51902 .. Gross, 588,028; net, 244,598 REPORT.-Report for year ending June 30, 1903, given 1n V. 77, -p. 948, shows, gros9..r $1746.372; net, after deduoting taxes, $610,702; interest, $597,llOU; ba.l., sur., $13.102. Pres. and Gen. Mgr., J. N. Faithorn, Chicago, Ill.; 8eo. and Asst. Treas., W. T. Wisner, 2d, 30 Broad St.. N. Y.-(V. 77, p. 88, 948, 2158.) Ohlcago Union Tran•fer Ky.-V. 72, p. 872; V. 73, p. 1207. Chicago & We•tern Indiana KK.-Owns a valuable terminal system of roads a1fording entranoe into Chloa.go to the roads named below. Its lines extend from Dearborn Statton, Polk Street, Chloago, to Dolton, 17 miles, · also to Indiana State Line, 10 miles, to Ora.gin 16 miles, and to South Chioago, 5 miles ; total, 48 miles; total traolr, in'.oluding 2d, 3d, 4th traoks and sidings, 220 miles; also ownP about 900 aores of real estate, passenger and freight yards, warehouses elevators, eto. The Belt Ry. of Chloa.golea.ses and operates 76 miles 011 the 220 miles owned by the Ch. & W. I., its seourlties being all held by the oompanies lea.sing the Chloago & W. I.; see V. 60, p. 1058. LEASES.-Thls oompany•s road and terminals are leased under per· petua.l oontraots to the Wabash; the Grand Trunk West.ithe Chicago & Eastern Illlnois, the Chicago & Erle and the Chicago ndiana.polls · & Louisville, ea.ch of which five oompanles owns $1,000,000 stook. They are a.lso leased to the Atohison, the Elgin J ollet & Ea.stern and the Belt Railway. The annual rentals must always exoeed by a.t least 20 per oent the interest on the bonds outstanding. DIVIDENDS,-~ '92·94, '95. '96. '97. '98 '99. '00. '01. '02. '03. 1904. Per cent. ~ 6y'rly, 7¼ 6 6 6 6 6 6 6 6 Jan., 119 * Also from accumulated surplus, 825 p, o. Ma.y 1, 1903. BoNns.-The general mortgage bonds beoame subjeot to s1nk1ng fund in 1903, and will be drawn at 105 and interest in such annual a.mounts as will retire the debt by maturity. Of the oonsoL 4s of 1902 (authorized issue $50,000,000) $4,000,000 has been sold on aocount of track elevation and other ilpprovements, $4,355,000 additional to be used to refund bonds oanoeled by opera• t1on of the sinking fund, $10,014,000 were reserved to retire under• lying bonds and $31,631,000 for 1uture additions equal to at least the par value of the bonds issued. V. 75, p. 732, 906. ANNUAL REPORT-Fiscal year ends Dec. 31. Report for 1902 was in V. 76, p. 1297, showin~ gross income, $L,053,340; baterest, eto.. $749,· •79; dividends, $300,000; bal., surplus, $3,861.-(V. 77, p. 2097.) Chicago & W e•t lfflch.-See Pere Marquette RR. Chlcft&'O Wl8. & .Mlno,-Sold 1n 1899 to Wisconsin Central Ry. OhUtuahua & Pacific KK.-Completed Apr., 1900,from Chlhna• hua, Mexico, to Mina.ca., 125 miles. Subsidies by Mexican Govern• ment 1n its 5 /er cent interior sinking fund bonds are: On 125 miles complete (already received), $1,400,000; on seoond and third seottons w1l1 aggregate $4,750,000. The unpaid subsidies were 1n Oct.. 1900, transferred to K. C. M. & 0 ., with portion ot original oon• cession from Mina.ca. to Paciflo Coast, the K. lJ. M & o. haVln.g a 10. year tra.okage agreement over the entire line. See K. C. M. & O. state• ment and V. 71, p. 181. Stock is $2,500,000, all issued; par of shares, $100. Bonds, see table above.-(V. 66, p. 573; V. 71, p. 181.) Choctaw & .Memphl• KK,-SEE Ohootaw Oklahoma & Gulf RR. <lhocta.w Oklahoma & Gnlf'KK.-(See Map of Bock Island.) Road OIDnedMiles. Searoy, Ark. to Des Aro .. :.. 25 Memphi@, Tenn, via Sayre, Leasedr-0.T., to Tex. State line.... 646 White & Black River Valley, Haileyville, I. T., to Ardmore. 1161 Brinkleyto.J'ksonport.Ark. 64 Shawnee, 0. T., to Asher..... 25 Little R. & Hot Spr. West., Geary, 0. T., to Alva and Benton to near Little Rock 23 Anthony. Kan .. . . . •. . . 137 Hot Bprings,A.rk., to Malvern 40 Total July, 1903. . ..... 1,076 Jn Jan., 1904, all exoept $4.00 stock had been acquired by the Ohle. Rook Island & Pacifto Railway Co. at $80 per $50 share for oom mon and $60 for pref. See V. 74, p. 775, and also p.829, 986, 1354. STOCK.- Common stock, authorized, $10,000,000; outstanding, $9,827,500; pref., 5 p. c. oum., $6,000,000, all outstanding; par of fihares, $5u. DIVIDENDS.-On pref.: 1898 to Apr. 1902, 5 p. o. yea.rly. On oommon., 2, Oot., 1899; 1900, 4; 1901, Apr., 2; Oct., 219 p. c. oash, and also a 10 p. o. distribution 1n oom. stock. In 1902, Apr., 3 p. o. No dividends on either stook since to Jan. 1, 1904. V, 75, p. 1398. BoNDs.-Tbe oonsoL mortgage of 1902 ls for the authorized amount of $1,000,000 on the ooal properties and $15,000 per mile for each mile of railroad now owned or hereafter construoted, an amount equal to the outstandmg gen. and C. & M. 5s being reserved to retire the same. Full data in V. 77, p. 23:,6. Chio. R. I & Pac. Ry. ,s ot 1904 are reserved to take up console of 1902 issuable to retire $5. 500,000 general 5s and also car trusts. V. 78, p. 234. Little Rock Bridge -6s are subject to call at 105 for sinking fund of $20,000 yearly. v. 71, p. 602. Car trusts, see table above; V. 73, p. 1312, 1356; V. 7 4, p. 727. REPORT.-Statfment for year endlng June 30, 1903, with balance sheet, was 1n V. 77, p. 2336, showing: Year end. Other Interest, Balance June 30Gross. Net. income. taxes, etc. surplus: 1902-03 ..... $6,251,658 $2,120,951 $19,983 $1,101,659 $1,039.275 Report for 1900-01 tn V. 74, p.149, 203, 212.-(V. 77, p. 2336,) ' https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I 5 g. M.&N. N. Y., Off., SO Br'dway. May 1, 1949 5 5 6 5 5 5 41g g. g. g. g. g. g. g. J. & J. N. Y., First Nat. Bk. do ' do J. & J. J. & J. Philadelphia., Pa. M.&N. do do A. & 0. Phllad:lrard ~~t Co. F. & A. A. & 0. do do 4 g. M. &N. See text. Text. 41nl903 Q.-J. 41n 1903 .-F. 51n 1903 A. & 0. 7 5&6 A. & O. 41.gg. J. & J. g. J. & D. A.-0. 5 g. M.&N. 5 g. J. & J. 5 g. J. & J. ~ g. J. & J. F. & A. 4 M.&N. 4 J ...&.. J. 5 4 g. M,&N. 4 g. F. & A. g--M. i New York. Clno1nnat1. do do do N. Y.,Kessler&Co54Wall do do do do N. Y.,Bla1r&Co.,26Bro'd N. Y.,Kessler&Co54Wall do do N. Y., Central Trust CO. do do N. Y.Kessler&Co54 Wall New York. do do Un. Sav. & Tr. Co., Cin. C1nn., Oen. Tr.&S.D.Oo. do do N.Y., Farm. L. & Tr. Co. Oot. 1, 1919 Jan. l; 1949 July 1, 1919 May 1, 1952 To Oot., 1905 To Aug., 1008 April, 1904·10 Nov. 1, 1923 Dec.24.,'03, 2% Jan. 5, '04, 1! Sept.. 1903, 1 Feb. 8, '04, 1 Oot. 1, 1905 Oot. 1, 1905 Jan. 1, 1937 June 1, 194.i Apr, 1, 19,S May 1, 194.l Jan 1, 1935 Jan. 1, 1935 Jan. 1, 1953 To A.ug., 1905 To 1911 Ja.ti:·1,..i016 Nov. 1, 1942 Aug. 1, 1948 Clnetonatl Findlay & Fort Wayne Ky.-(See Map of f!in.· Ham,. & Daytor,,,J-Owns Findlay, 0., to Fort Wayne, Ind., 80m1les. A conn~ctln" li.JJk with the Ctn. Ham. & D. from Delphos to Cloverdale, J 2 miles, is under co ostruotion. Suooessor to Findlay Fort Wayne,&Western, foreclosed July 6, 1903. V. 77, p. 88,694. Leased to 01nc1nnati Hamilton & Dayton for 99 years from Nov, 1. 1903, with privilege of renewal 1or like periods forevbr. V. 78, p. 286. Stook, $1,250,000; all own~d by the Cin. Ham. & Dayton, which ~uarantees bonds . prlnctpal and interest Mortira11.e is limitfld to $1,15<'1 000 by spe ial ag-reement, or about $12,500 per mile. Bonds are subject to oall at 102-½I and interest. V. 78, p. 286. - (V. 78, p. 286. l Cln. Georget. & .Port8mouth KK.-See STREET RAU.WAY SUP Cincinnati Hamilton & Dayton Ky,-(Bee Ma,p.)-Opera.tes a direot line between C1nc1nnat1 and Toledo, Ohio, with branohes to Springfield, Ill., a.nd Ironton, on the Norfolk & Western, eto. Road owned--(11 Su this Oo.).Miles. Clno1nnati to Dayton, 0 ........ 60 Dayton to Dean, 0 ............. 176 Dayton tit> Delphos, 0.-- ....... 98 Traokage . . .. .. .. .. .. .. .. • . .. .. • 13 Roads leased- Proprietary roads- Milu. 01no1nnati Ilid. & Western ... ,r379 Clno1nnati & Dayton ........ - •• 14. ColumbusFindlav & Northern. 18 Bowling Green RR............. 21 Piqua & Troy Branch.......... 8 Dayton & Michigan .......... ,r142 Clnotn. Find. & Ft. Wayne .... ,r80 Home Avenue RR............... 3 Total of all .............. .. 1,015 Owns Dayton & Union Jointly with Clev. Cln. Ch. & St. L. and Jointly with Southern Ry. controls01n. NewOrL &Tex:. Pao. Ry. V. 75,p. 978. HISTORY, ETO.-ln July 1895, oonsolldated with the Cln. Dayton & Ironton and Ctn. D. & Chloago under the name of Cln. Ham. & Dayton Railway. V. 60, p. 1104; V. 61, p. 68. C1no1nnat1 Indiana & Western Is operated 1n oonneotton with th., O. H. & D. system. The C1ncln• natl Findlay & Fort Wayne, a reorganization ot Findlay Ft. Wayne & Western, is leased for 99 years from Nov. 1, l:903, anrl w111 build a conneot1ng line 1rom Delphos to Cloverdale, 15 miles. The C. H. & D. is also building a 42-m. extension into Ironton, 0. V. 77,p 88,694,768. BTOOK.-Newpreferred is Ant1tled to 5 per oent, then oommon to 6 per oent; then both share eqna.lly. V. 69, p, 1300. DIVIDENDS since consolidationNov., 1895 to Feb. 1904 New prA!erred, issued 1n 1895. .... ... . . .. .••• 5% yearly (Q•ih First dividend on common, 2 p. c., paid Deo. 24, 1903. BoNDs.-General mort. oovers the perpet11al lease of the Dayton & Mlohigan, the profits under whioh are large. V. 54, p. 799; V. 55, p. 373, Refunding mortgage authorized Dec., 1900, but no bonds issued. GUARANTIES.-Guarantees seourtties of Cln. Ind. & West., Dayton & Mloh. and Ctn. Find, & Ft. Wayne; also $933,000 Ind. Dec. & West. fl.rat 5s. V. 69, p. 795. As to oontrol of Cln. N. O. & T. P., see that Co. REPORT.-Fisoal year ends June 30. Report 1n V. 77, p. 1290. Year end. June !JO1903. 1902 1901. Miles operated..................... 1,015 971 652 Gross earntngs ........ - ... - ........ $7,997,223 $7,094,717 $5,837,916 Net earn1ngB .• - .. ·-··--··--··--··-- 2,401,689 2,204,059 1,80f!,002 Deduot 1nt.erest on bonds.......... 1,055,571 1,041,466 86:>.74.7 Div. pref, stook D. &M. RR .... _. 96,900 96,900 96,900 Div. com. stock D. & M. RR..... 84,066 84,066 84.,066 Div. com.stook HomeAve. RR.. 4,000 3,26i 2,924. Div. pref. stock C.H. & D. Ry... 389,229 389,225 389,211 Total ............ ·------· ........ $1--t629,766 $1,614,926 $1,438,848 Surplus.......................... ··-· ,1j771,923 $589,133 $367,154 Pres., M, D. Woodford, Clno1n., 0.-(V. 77, p. 2097; V. 78, p. 286.) Cincinnati Hamilton & Indlanapoll8 Ky.-Merged in Aug., 1902, i1l C1no1nnati Indianapolis & Western RR.-(V. 75, p_ 239.) Olnclnoatl & Indiana We•tern KK.-Meriled 1n June, 1903, in Chicago Cinotnnati & Louisville RR.-(V. 74, p.1195; V. 76, p.1247.) Olnclnnatl Indlanapolls & Western RR.-rsee Map O. H, ~ D.J - HamilLOn, 0., to Sprm~eld, 11., 296 miles; Sidell, ill., to West Liberty, 78 miles; traokage, West Liberty to Olney, 8 miles; total, 382 miles. A con110Udat1on 1n Sept., 1902, of the Cinotnnati Hamilton & Indiana.polls Ry., [ndiana Decatur & We~tern Ry. a.nd 1 Sprinldleld & Decatur RR. V. 75, p. 239, 289, 497, 732. Stook auth,. $8,200,000; issued, $7,115,800; all owned by C.H. & D. BoNDs.-The "first and refuoding'' 48 of 1902 ($8,200,000 authorized issue) are guaranteed, principal and interest, by C. H. & D. by endorsement on ea.ch; $4,500,000 were issued in exchange for exist· Ing bonds, of whioh $2,700,000 in the Cln. Ha.mil. & Dayton treasury; $3,465,000 are reserved to retire Ind. Deo. & West. 5s and remaln1ng $235,000 for general purposes. V. 75, p. 1201, 1353; V. 77, p. 1290. The I. D. & W. bonds are redeemable by lot at 110 at any time on eight weeks' not1c~; $933,000 are guaranteed by Ctn. Ham, & Day. EABNINGS,-Year ending June 30, 1903, of oompanies consoll• dated were $1,97!'i,496; net, $551,:i67; total deductions, $366,031; ba.l., sur., $185,536.- V. 75, p. 239, 289, 497, 732, 84.9, 1202, 1353.) Olnclnnatl Inter•Termlnq.l KR. -Owns a road oonnecting freight and passenger depots and stations of the various steam roads entering the olty of Cincinnati. Common stock, $10,000, in $100 shares, issued for purpose of control There has been lamed $400,000 of let pref. 4 p. o. stock, secured by mortgage to the Union Savings Bank & Trust Co. of «Jiooinnati, as trustee, on land and 1,226 feet of track. The rental for the latter ($16,000 yearly) under perpetual lease to the Louisville & Nashville oovers the interest on the stock. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J.A.N., 1904. ] RAILWAY STOOKS AND BONDS. RAILROADS. l'or explanation of column headings, &o., see notes on first page of tables. INTEREST OR DIVIDENDS. Bon.ds-PrinoiMlles Date Size, or A.mount pal,WhenDne. of of Par Outstanding Rate per When Where Paya.Me, and by 8tocks-Lut Road. Bonds Value. Cent. Payable Whom. Dividend. . -----· . --· Cincinnati. $100 $3,000.000 See text. Text. 100 2,000,000 5 in 1903 Q.-.M. do 1,000,000 4 g. J & J. N. Y., Guaranty Tr. Co. 1,000 1,800,000 7 g. J. & D. N. Y., Winslow, L. & Co. 1,000 750,000 6 J. & J. Checks mailed. 50 650,000 5 g. J. & J. N. Y., 36 Wall Street. 1,000 204,000 5 M. & 8. N. Y., Bowl. Gr'n Tr. Co. 17 1900 1,000 4,000,000 2 ln 1903 M. & s. Checks mailed. 100 5 g. M. & 8. Hamilton Tr., B'klyn. Gen. mortgage (now 1st,) g... . ................ 0 500 &o. 1,800,000 1,023,000 4 g, F . & A. N. Y., Winslow, L.& Co. 1900 1,000 1st consol. M., $4,000,000, { guar., p. & 1.. end.,} 188} 1900 1,000 741,000 4 g. F. & A. do do gold, sinking fund ....•• not guaranteed . . Ol#Jf1eland Clni,wmati CMcago ~ St • .Louis100 27,997,700 4 In 1903 M. & S. N.Y.,J. P. Morgan & Co. common stock ($28,700,000 authorized). . •..••. do do Preferred stock, 5 per cent, non•oumulative....... 100 10,000,000 5 In 1903 Q.-J. 668,000 6 M. & N. do do 1,000 o. I. St. L. & C. con. M ..drawnat105t s.f. l p. o.o" 4 g. Q.-F. do do Gen. lstM.. $10,000,000 g.i s.f. no dr'n.Oe.o&r 1886 l,OOO&o 7,674,000 4.,138,000 '7 or 6 g. J. & D. do do Cleve. Col. 01n. & Ind. Conso . mort. (see text) ... 39i 1874 1,000 3,205,000 6 g. J. & J. do do 1,000 Gen. consol. mort. ($12,000,000) fi°ld .. Ua.o*&r 391 1884 Indian & St. L. 1st M., In 3 ser. of$ 67,000. Us.o 2,000,000 7 Various do do 72 1869 1,000 500,000 6 g. M. & N. do do 72 1882 1,000 2d M.($2 000 000),~ld Indian~. to Terre H o. 650,000 4. g. J. & J. do do 01.Cln.Ch.&St.L., Wh1 Wat. Val. iv, ht, g.Ce.o" 62 1890 1,000 4. g. M. & s. do do Spr. & Col. Div. (Col. &Ctn.), 1st M., g.Ce.o* 45 1890 500 &o. 1,103,730 Cairo Division 1st M., 5,000,000, gold .. Ce.o• 267 1890 1,000 5,000.000. 4. g. J. & J. do do 4. g. M. & N. do do Bt. L. Div., coll, tr.il ($351,000 In s. f,) Ce.o&r 194. 1890 1,000&o 10,000,000 4,000,000 4. g. J. & J. do do Ctn. Wab. & Mich. v. 1st mort., gold .. . Us.o" 203 1891 1,000 Gen. mort. 100 yearfor $50,000,000 g.Me.o•&r 1,021 1893 1,000 17,657,000 4. g. J. & D. do do OBLIGATIONS FOR PROPRIETARY LINES. 428,997 6 M. & N. do do 50 Cincinnati Sandusky & Cleveland-Pref. stook ... 2,571,000 5 ,;:. J . & J. do do COnsol. (now 1st) M. ($3,000,000) gold .. . AB.o 1,000 1,500,000 5 g. M. & N. . .....•••• Oent'l Indiana, 1st M., $4,000 000, §i, goor.Ce .. 12~ 1903 Ch.Ind.& St.L. S.L., 1st .M., $3,000, 00 g ,gu.Oe .... 1903 (1) 4 g. A, & 0. . ••••••••• Springf. Union Depot, 1st M., $300,000, gu&r ..•. .... 1903 (11 •••••• • ••• • • ••••••••• ) Louiev. & Jeffersonv. Bridge 1st M.-See that Co. <Jin. :Y. 0. ti Tex. Pac. Jc.-Com. stock, $3,000,000. Pref. stock, 5 per cent, cum., $3,000,000 . ........ Cincinnati Northern-lat M., $3,000,000, g.G.o"&r Oin. Richmond ti Ft. W.-lst mort., gold, int. gu.o* oiearjuld ti Mahoning-Stock, 6 per cent rental.. 1st mortgage, gold, gnar. B. R. & P ....••• G.o*&r Olearfl,el,d Southern -1st mortgage .....•......• . ••. Ole'Oel'd Akron cl Oolumb.-Stook, $4.,000,000 .••••• i9oi ·s6 1871 26 i893 0 i77 iss1 Mar. 1, '04, 2" Jan.20,'04, 1~ May 1, 1920 Ang. 1, 1936 June 1, 191' Jan. 1, 1934, July 1, 1919 Nov. 1, 1911 July 1, 194.0 Sept. 1, 194.0 Jan. 1, 1939 Nev. 1, 1990 July 1, '1991 June 1, 1993 i10 isss Nov. l, '03, 89' .Jan. 1, 1928 Nov 1, 1958 Apr. 1, 1953 s$. i:ooo ...... Additional oontraots with other roads, including the Southern Ry. were pending, preferred stock to be issued under similar conditions as required to pay for new connections. See V. 77 p. 400, 450, 51 O. President, James H . Woodard; Secretary, J. Gano Wright. Office 14· 16 East 4th St., Clnoinnatt, 0.-(V. 77, p. 450, 510.) ' Cincinnati Lebanon & Northern Ry.-OwnsClnoinnatt,O., to Dodds, 38 miles, including 6 miles from Lebanon to Dodds, leased to the D!iyton Leb. & Ctn RR; Middletown Jot. to Middletown, o., 14. mlles (former Mid. & Cin. RR., taken over Jan. 1, 1903); total. 52 miles. Controlled by Penn. RR. interests. Stock authorized, $1,500,· 000: outstanding, $993,000. V. 75, p. 980. Of the $1,500,000 first oonsol. 4s of 1902, guaranteed principal and Interest by the Pennsyl• vanla Oompany, $200,000 are reserved to retire the 5s dne 1916 and $400,000 to purchase real estatt,. V. 77, p. 86. For 6 moi,. ending June 30, 1903, gross, $14,2,064, against $90.9~0 in 1902; net, $39.246 against $9,9llt Report for 1902, V. 77 p. 86. Year ending Dec. 31, 1902, Including Ml 4. & Ctn. for 7 mos., gro11s, $244,732; net, $45,222; charges, $28,920.-(V. 76, p. 48,157; V. 77, p. 86,) Cincinnati & Licking River KK.-(V. 70, p. 1194..) Cincinnati & Muskingum. Valley KR.-( See map of Pittsburg Oincinnati Ohicago ti St. LouiB.)-OwnsTMorrow, Ohio, to Trinway, O., 148 miles; half interest Zanesville Terminal RR., 5 miles, V. 7L_ p. 86. Successor on Ang. 1 , 1898, to the Cincinnati & Musk1n'gllm val. Ry., foreclosed June 29, 1898, and purchased in the Interest of Penn. RR. V. 67, p. 27. Of the bonds $400,000 are reserved for future needs; sinking fund retires yearly one per cent of those outstanding, if of· tered at l>ar or less. The Pennsylvania. Oompan11 guarantees the bonds, prmoipa.l and Interest. See form of gu 1ranty, V. 76, p, 653. Stock, $2,000,000; par $100 ; all issued. Dividends: 2 p. o., June 25, 1900; Deo. 31, 4 p. o.; 1901, Deo.31, 2p. o.; 1982, 2 p. o. Pennsylvania RR. owns $754, 000 of $1,600,000 bonds. V. 55, p. 1078. Car trusts, $224,000 3¼s, payable $22,400 yearly to June, 1912, E.ARNINGs.-Fisoal year ends Dec. 31. For 6 mos. ending June 30, 1903, gross, $339,617, against $284,123 In 1902; net $66,486, against $36,189. Report for 1902, V. 77 ,.p. 86. Yr.end. Dec.31. Gross. Net. Interest. .Dit,idends, Balance. 1902 .•••••...•.• $645,2:56 $123,374 $60,000 (2%) $40,000 $23,374 1901. ...••...... 574z.032 110,141 60,000 (2%) 40,000 10,141 -(V. 72, p. 984; V. ·16, p 653; V. 77,p. 86.) Cincinnati New Orleans & Texas Pacific Ky.-(See Map of Southern Bg.)-Operates Cincinnati Southern Ry., owned by city of 01nolnna.t1, Cinoimiati to Chattanooga., Tenn., 336 m.; trackage, 2 m . In Jan., 1903, the entire stock of the Harriman & Northeastern Ry., Harriman to Petros, Tenn., 22 miles, was acquired, but the road will be operated separately. v. 77, p. 1743. In 1901 lease was extended 60 years to Oct. 12, 1966; rental until Oct. 12, 1906,was modified beginning July 12, 1902, to $1,050,000 yearly, the remaining $50,000 per quarter to be deferred as it accrues and to be paid quarterly at rate of $4-0,000 yearly, with Interest on deferred payments at 3 per cent; rental cnder renewal to be $1,050,000 yearly for first 20 years, then $1,100,000 for 20 years, thereafter $1,200,000. V. 73, p. 722; V. 74, p. 1251. Pref. stock, 5 p. o. oum., with no voting power, but prior rights on dissolution. v. 74, p. 528, 829. DIVIDEND.-On pref., 114 p. o.,paid quarterly Sept. 1, 1902, to Dec., 1903, both Inclusive. On common, 2 p. o., paid Dec. 1 , 1903, out of accumulated earnings to June, 1903. Car trusts June 30, 1903, $42,088. STOCK.-Common, $3,000,000, controlled in Interest of Southern Ry. and Cin61nnati Hamilton & Dayton Ry. V. 61, p. 26; V. 65, p. 1173. LA.TEST E.ARNS.-5 mos., 51903 ..••••. Gross, $2,900,332; net, $640,964 .July 1 to Nov. 30. ! 1902 ....... Gross, 2,446,349; net, 611,751 ANNUAL REPORT.-Report for 1902-03 w.i.s In V. 77, p.1743, showing gross, $6,155,454; net, $1,506,016 (against $1,420,810 in •1901-02); other Income, $56,817; rentals, $1,099,647; div. on pref. (55 12 p. c.), $108,333; balance, surplus, $354,850, agst. sur. $209,134. in 1901-02. -(V, 76, p.157; V. 77, p. 1294, 1743, 2097.) Cincinnati Northern RR.-(See Map Olet,eland Gin. OAieaao cl St. L .. J-OwnsFranklln, 0., to Jackson, Mich., 208 miles; trackage (0. 0, 0. &St. L.), Franklin to Cincinnati, 38 m.; at Jackson, l m . Successor In June, 1897, of Cincinnati J aokson & Mackinaw, fore• olosed.-V. 65..t.l>• 621; 1; p. 338, 1034, 1135; 73, p. 31. The hold• tngs of Clev. rnn. Ch. & St. L, are valued in balance sheet of June 30, 1903, at $1,105,38!7. V. 75, p. 454,457. STOCK, $3,000,000 In year ending June 30, 1903, gross, $739,396; def. nnder oper. exp, $25,193. Prest., M. E. Ingalls. See report, V. 70, p. 581.-·(V. 74, p. 326, 378.) Olnclnnatl Blchm.ond & Fort Wayne BK.-Owns from Rioh• mond, Ind., to Adams, Ind., 86 miles; leases 5 miles of P. F. w. & c, Now operated (Deo., 1901), by Grand Rapids & Indiana Ry. Rental, net earnings. Interest ts guaranteed by the l>ennsyl vania Co, and Pittsburg Ctn. Chloag9 & St. L. Co. jointly (the P. 0. o. & St. L. taking the place of the Ctn. Hamilton & Dayton in 1888). Stock, $1,· '709,313-par $50, of which Penn. Co. Jan. 1. 1903, owned $1,256,900. bue guarantors Jan. 1, 1903, $1,384,674. For 6 mos, ending June 30, 1903, gross, $286,029, against $283,969 In 190~; net, $22,219, a~ainst $57,565. Year end. Dec.31. Gross. Net. . Interest,tlc, Balance. 1902 .............. $594,515 $124,166 $126,000 def.$1,834 1901........ .. • • .• 560,200 131,005 12d,OOO snr. 5,005 Cincinnati Richmond & MuncleKH.-Merged lnJune,1903 tn Chicago Cincinnati & Louisvllle RR.-(V. 76, p. 810, 1247.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis v. Dec. 1, '03, 2% Dec. 1, '03, 1~ July 1, 1951 June 1, 1921 Jan. 1, 1904. Jan. 1, 1948 Mar. 1. 1930 Sept. 25, '03, 1 Moh. l, 1927 AUj.!'. 1, 1940 Aug. 1, 1940 ---· ---· i75 isso v. 403 Olearfl.eld & Mahoning Ky.-( BeeMapBuf. Boeh.. cl Pitu.J-Own1 road, completed In 1893, from Du Bois Juno, Penn., on Bu1f. R. & P .. to Clearfteld on Beech Creek RR. 26 miles. Leased durtng corporat.e, existence and renewals thereof to Buffa.lo Rochester & Bttsburgwhloh see-at a rental payable In gold and equal to 6 per cent on $7501000 stock, par $50, and 5 per cent on bonds, the latter being gua,r. p. & 1., by lndorsement on eaoh.-(V. 61, p. 710.) Cleveland Akron & Colum.bns Kallway.-Owns from Hudson, O.,_ to Columbus, O., 144 miles; Dresden branch, Kilbuck to Trin-way, 3;-s miles; Apple Creek branch, 9 miles; ooa.l spurs, 11 miles: total owned, 197 miles; traoka~e Trinway to Zanesvllie, 17 miles. Owns a fourth Interest in Akron & Barberton Belt RR., 24 miles. V. 76, p, 435. Penn. Co. took control June 1, 1899, purchasing $2,237,500 of the 114,000,000 stock (par $100). Dividends, 2 p. o. yearly, paid Sept., 1901, to Sept., 1903 (M.-8.). Of the 1st oonsol. gold 4s of 1900 (Commercial Trust Co. of Philadelphia, trustee), $1,023,000 are g11a.ra.nteed principal and interest by the Pennsylvania Oompany, $1,800,000 are reserved to retire the general 5s due 1927; V. 71, p. 390; V. 76, p. 653; V. 77, p. 1746, 2280. For 6 months ending June 30, 1903, gross, $776,043, against $656,141 in 1902; net, $229,280, against $171,353. Report for 1902 in V. 76, p. 1405, showed: Gross, $1,417,574; net, $407,335; other income, $3,935; interest, $161,· 100; div. (2 p. o.) $80,000; baJ., sur., $170,170.-(V. 76, p.1746, 2280.) Cleveland Cincinnati Chicago & St. Louis Ky.-(HeeMap.JRoAD.-0perates a system of roads radiating :trom Indianapolis, Ind., westerly to Chicago, Peori~ Cairo, ill., St. Louis, and easterly to Sandusky, Cleveland, COmmbus and Cincinnati, Ohio, and sontherly to Louisville, with branches. Otoned direcu11Mile,. Lea.Bod au controlled. MUu. Oleveland, 0., to COiumbus, 0 .. 138 Cincinnati & Springfield Ry.Gallon, O., to Indiana.polls .•••. 203 Lud.G've(6m.fr.Cln.)toDay•n 4,8 Delaware to Springfield .••••••• 50 a No debt, or bonds all owned. Cincinnati toLafayette . ..•••... 175 Colum.Hope&Greensb'gRR.- 26 Itldianapolls to Terre Haute .••• 72 Trackage Into Cincinnati, &o. 32 Harrison Branch............... 7 Trackage Into Jeff'enonville. ~ Leased-entire st'k ownedB. & 0. 8. W •••••••.••••••••• ( 53 Clnoln. Lafayette & Chlo. Ry.- 57 Total Included In earns•.• l 891 Oalro Vincennes & Chlo. Ry.Operated; earns. ke1!_t ,eparali,.:. Catro,m., toTllton&branoh.267 Peoria & Ea.st'n Ry. ('If).352 St. Lou. Jllv. T. H. to E. St. L.193 Kankakee & Seneca RR U Columbus !pringfl.eld & Ctn.Mt GU ~"' Sh0 rt Lin ' n Columbus, 0., to Sprtndeld.. 45 · e-.. e........ • Total of systemJune 30,'03,2,287 White Water-Harrison, fnd., to Hagerst.own, Ind.............. 62 Trackage Ill. Cent. Into Chlo .. t Ctn. Wabash & Michigan Ry.On percentage baaie ...•••.. S Benton Harb. to Rnshv. & Br.249 Operates lnde~ndentlyOther llnes (a, ..••....••••.••••• 44 DDaytoblntr& Ukn. R · ('If) •••••••••• Clnotn. Sandusky&Cleve.Ry.on e ao •.•••••.••••••••••• 104. Sand'sky, 0., to Dayt'n, O.eto.170 ,r See this company. A 50•mile cut-off between Hillsboro, ill., and Mltohell, near St. Louis, under the charter of the Chicago Indianapolis & St. Louis Short Line will be completed early in 1904. See GENERA.L FINANCES below. v. 75, p. 1086; V. 77, p. 5 l 7, As to Central Indiana, 137 miles, see that Co, HISTORY, .ETC.-A consolidation of the· Oinoinnati Indiana.polls St. Louis Ii: Chicago Railway Company, the Cleveland COlumbus Ctnoln• ll$Jiti & Indiana.polis Railway Company and the Indianapolis & St. Lou.ii Railway Company, made In July, 1889, per plan in V. 48, p. 4.27. Ot the common stock, ill,225,400 was on Jan. 1, 1903, owned by the Lake Shore & Mich. So. Ry., this amount, together with the private holdings in both stocks by the Vanderbilt family, being, it is under• stood, a majority of the entire share capital. v. 72, p. 86. The company is also one-fourth owner of Peoria & Pekin Union Ry., (through the Peoria & East. Ry.), one-seventh owner In Terminal RR. · Ass'n of St Louis and two-fifths owner of Indianapolis Union Ry. and part owner of Dayton & Union, which is operated Independently. CAPITAL 8TOCK.-On Jan. 1, 1890, the common stook was $20,500,· 000; it has been Increased to prel'lent figure to acquire stocks of 1tne1 absorbed, etc. Dividends on common stock were resumed In 1900, DIV'DS.- '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 1904 Oom ... ~ 4 p. o. 3 3 3 0 O O O O O 3 3~ 4 4 Mar., 2 Pref. .. S 5 n r- fl 5 5 5 2¼ 5 5 5 5 5 5 Jan.,l~ BONDS.-The slnkm~ fund provision of the Ole11eland Oolumbm Qin• cinnati II Indianapolu consol. bo-,ias (stamped) has been canceled. The principal of these bonds ls payable In gold, but the Interest is payable at option of holder either In lawful money at 7 per cent per annum or In British sterling at 6 p. o. Of the Indianapoti, cl St. Loui, first 7s series "A" are J. & J.; series "B," .M. & S.; series "C," M.& N. Bt. Lou1,s .Di'Uision bonds see deed of trust v. 52, p. 42-45. As to the Oincinnati Wabash d Mich. 4 per cents, see V. 52, p. 718. The 100 year mortgage of 1893 ls limited to $50,000 000. In July, 1903, $2~1595,000 general 4s were reserved for prior fiens (exclusive of Cairo ruvision, Peoria division, Michigan division and the St. Lonia division west of Terre Haute), and $9,748,000 for equipmen, con• etruotion and betterments, eto., at the rate of $1,000,000 a year. GENERAL FINANcEs.-Guarantees Interest on Louisville & Jeff'ersonv1lle Bridge bonds Jointly with the Ches. & O. V. 68, p . 822. On June 30, 1903, owned stock In Chesapeake & Ohio representing an outlay of $2,453,569, Cincinnati Northern RR. securities costing $1,105,387 and a half Interest In the Central Indiana 'Ry., costing $782,!165. v. 71, p.,.398; v. 75,p. 455; v. 77, p. 517. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ::d > H r ~ > ~ U1 ~ 0 0 ~ U1 > z tj E R Jackson K Mammoth Cave V MAP OF THE CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RY. to 0 zt:, VJ JAN., 190-!. J 405 RAILWAY STOCKS AND BONDS. Bonas-l'rmol• INTEREST OR DIVIDENDS. RAILROADS. Miles Date Size, or Amount -pal,WhenDue. Par Outstanding Rate Per When Where P~able, and by Btoc/u-Laet For explanation of column headings, &c., see notes of of on first page of tables. Road. Bonds Value. Dividend. Cent. Payable om. Olet,e. Oolumb. Oin. fl Indianap.-See CLEVE. OIN. Cmc. & ST. LOUIS. Olet,e. Indianap. St. LouiJJ fl Ohic.-See CLEV. CIN. CHIC. & ST. Loms. Ok1'etand Lorain fl Wheet.-Pret. stock$5,000,000. $100 Consol. mort. (now 1st) g. See texli. UNm ..• . c• i'ii2 1,000 General mo~age, $1,000,000, gold, red. 105.N .. 192 1896 1,000 · Con.ref. M., $ 0,000,000, g., red. at 102:lg.Col.c* 192 1900 1,000 Ole'O. fl M. V.-Con. M. (now 1st) $3,000,000,g. Ce.c&r 125 1888 l,OOO&c Ole'O. fl Mar.-lst M., s. l., not dr'n, gold. gnar.F.c* 103 1895 1,000 Ow;,e. cl PLttsb.-Btock, 7 p. c. guar. by Penn. RR.Co no 202 1,000 Gen. M., $10,0.00,000,F, ~tld { 202 '98·'00 1,000 Guar. p. & i. (end.) Pa. R. Ser. B, int. red: .. 202 1892 1,000 Ole'Oeland, Terminat ti Valley-See BALT. & Omo. Ooahuila d Pacifte-lst M., gold, $2,500,000 ..•. o• 200 1900 1,000 Ooal tJ Ooke-lat M ,$10,000,000, gold ......•....•. 1903 1.000 Oolebrookd,a,l,e-letM.,~593,400,und. Read.M.of'96c "i"g 1868 100 &o. Ootorado Midta~lst mort., $10,000,000.Ce •.. o• 259 1897 1,000 Ootorad,o <I Northwestern-lat M., gold.Me . . .•••.. 261g 1897 1,000 Oolorado d Southern- Common stock, $31,000,000 . 100 let pref., 4 per oent, non-own., $8,500,000..••••• 100 2d pref., 4 per cent, non-cwn., $8,500,000 ..••••• 100 1st mortgage, gold, $20,000,000.Ce .•.•••.•.••• o• 1,063 1899 1,000 '00-'03 Car trust notes June 30, 1903. due monthly -·•·· Ool. Sp.fl Or. Or.D. Rg,-IetM. f2,000,000,g.s f.Ce ·75 1900 2d mort~age, $1,00 ,000, gol , slnklng fund. . . . 75 1901 1,000 1st oonsol. mortizage, $3,600,000, gold.lffo.c&r . 1902 1,000 <Joloraci,o ~ W11oming Ry.-lst M., $7,500,000, ~l't.le 171 1903 1,000 Ool. Newb. ti Laurens-1st M., $12,000 p. m.SBa. 75 1887 1,000 Oolum~a So1,thern-:-lat M.,iold, $2,100,000.N •.. 75 1898 I Columbia" Greentnlle-See OUTHBRN RY .......•. Columbus Hook. Yal, ct Toledo-See Hocking Valle yRy. Oolumb. dL. Mu:h,-lstM., g, $20,000 p. m.No.*c . . .. 1902 1,000 x Ser.lea "A" J. &. J; ··B" A. & O.; y "0" M. & N.; ·'D" F. & A.. isos ~:~:= t f ~···~: isifa --- . --· ··-· iss2 i:ooo ...... The stockholders voted on Oct. 28, 1903, to guarantee $3,000,000 Chicago Indianapolis & St. Louis Short Line Ry., $2,000,00 > Central Indiana Ry. and $300,000 Springfield Union Depot Co. bonds. V. 77, p.510,517,769,1363,2280. LATEST EARNINGS.-From July 1 to Dec. 31 (partly est lmated)5 mos.- Gross. Net. Int., ~c. J:Sul., sur. 1903 ..•••••••..•... $11,070.132 f2,!'i47,497 $1,42~.~29 $1,118,669 1902....... .. ... 10.~6:3 ,108 2,524,!''139 1,427,975 1,096,564 Div. on pref. (219 p. c.) call for $250,000 and on common (2 p. o.) for $559,786, leaving $aO!:l,~73 surplus 1n 190i$, agst., $286,778 in 1902. A.mWAL REPORT.-Annua.l meettnic la.et Wednesday in OctiOht,r• Report tor 1902-03 1n v. 77, p. 509, 517. See aleo editorial, p, 475. Year end. June 301903. 1902. 1901. 1900. Mlleeoperat.June30 1,891 1,891 1,891 1,891 Passenger eamtngs. $5,77d,490 $5,487,506 $4,979,652 $4,653,22' Freight.............. 13,234,298 11,920,097 11,640,003 10,867,502 Mail, express, eto... 1,377,973 1,309,469 1,267,885 1,286,124 Total earnlngs•.. $20,390,761 $18,717,072 $17,877,490 $16,806,851 Oper'g exp. & taxes. 15,669,431 13,744,920 12,755,638 11,749,264 ---·- Net earnings •••• $4,721,330 $4,972,152 $5,121,852 $5,057,587 Totalnetlncome.•.•• $4,874,041 $5,050,512 $5,249,506 $5,140,520 Interest on bonds .•• $2,683,385 $2,619,520 $2,685,056 $2,661,442 Rentals,eto.......... 160,678 180,131 231,907 224,471 Dividends on pref... (5)499.925 (5)499,944 (5)500,000 (t,)500,000 Dividend on com•..• (4)1,119,612(4)1,119,572 (3lg)979,626 (3)839,840 Freight oars, eto.... 311,261 600,371 567,852 821,567 --·-- Balance••••••.••• snr $99,180 snr.$30,974 sur.$285,065 snr.$93,200 0FFICER8.-President, M. E. Ingalls, Cincinnati O.; Vtoe-Prestdent, J. D. Layng, New York; Secretary, E. F. Osborn. otnolnnati, O.; Treas· nrer, Chae. F. Cox, New York; Auditor, P. A. Hewitt, Cincinnati. O. Dlrectors-WlHiam K. Vanderbllt, Fred'k W.Vanderbilt. Chauncey M. Depew, 1 ~,c!; i~~~tgfex~i:irg:: M~D~~l1~g~:fi 1;1:~m1;· E~1~= !'a~~W~W!r1i~r:n~s.~f a-alls, Cincinnati: James Baroett. Cleveland. o -(V. 77, p. 295, 509, 510, 51 '7, 769, 1533, 2280; V. 78, p. 228.) Oleveland Lorain & Wheeling Ry,-( See Map B. (t O.J-Owns from Lorain, O.i to Bridgeport,O.,opposite Wheeling, W. Va.,158 miles; Lester to Cleve1and, 28 miles, and bra.nob to Bellaire, o., 6 miles; total, 192 miles, and has trackage into Wheeling. HI8TOB.Y.-This is a consolidation ofN ov. 23, 1893. (See V. 57, p.979.) Operated since Feb. 1, 1902, by the Balt. & Ohio, which owns a.bout 75 per oentof the stock. See that company and V. 72, p. 480; V. 73, p. 236. STOCK.-Common, $8,000,000, and pref. non-own., 5 p.c., $5,000,000, par $100. After5 p.o.on each, both stocks share allke.-V. 60, p. 1058. DIVIDEN»s.-On preferred 1n 1896, 3 p. c.; none since. BoNDs.-Of the $10,000,000 consol. refunding gold 41ils $5,000,000 are reserved to retire first bs, $1,000,000 for general 5s due June 1, 1936, remainder for improvements, etc. V. 70, p. 230, 480. About $1,· 000,000 consol. 5s ot 1893 are stamped subject to call at 110. On July 1, 1902, real estate morts., $100,000. liEPORT.-Report for year ending'June 30, 1902, was in V. 76, p. 208. In 1902-03, gross, $3,159,024; net, $1,128,'116; othe r income, $3,477; charges, $4.35,354 ; balance, $696,539 .-(V. 77, p. 1294.) Cleveland & lUahoning Valley Ky,-Owns trom Cleveland, O., to Sharon, Pa.,81 miles [57 double track]; Niles, 0., to New Lisbon, 0., and bra.nones, 44 miles. Leased to Nypa.no RR. (formerly N. Y. Penn. & Ohio) till 1962; rental $525,967 per annum. Coupon Interest is J. & J., registered 1n1Jerest, Q.-J. Stock is $3,259,200, of which $2,758,250 is held by "Atlantic First Leased Lines Rental Trust Co. , Limited," of London. Dividends in 1897, 13~ p. c.; 1898 to 1903, both lnolueive, 1319 p. c. yearly.-(V. 63, p. 968.) Oleveland & Marietta Ry,-Owns from Marietta, 0., to Canal Dover, 103 miles, and branch 7 miles, Zoar, 0 .1 to Canal Dover, leased. Pennsylvania Co. obtained control lnNov., .L893, having purchased about two•thirds of the stock, and took charge Jan. 1, 1900 the net revenue over operating expenses, taxes and interest on bonds being returned to the company.Stook,$2,000,000-par$100. V. 69,p.1345. BoNDs.-Guaranteed prin. and int. by Penn. Oo. Sink. fund 1 p. c. EARNINGS-Report for 1902 in V. 77, P, 87, showed, gross, $696,051; net, $133,417; other income, $1,700; int. on bonds, etc.,$101,683; bal., sur.,$33,434. In 1901, gross, $601,154; net, $139,187.-(V. 77, p. 87.) Oleveland & Pltt11burg RR,-( See Map Pennsyt'Oania Railroad. Cleveland, 0., to Rochester, Pa.., 124 miles; branchee-Baya.r'!! 0., to New Philadelphia, 3lm.; YellowCreekto Bella.ire,43 m.; other,iSm.; track• age, Rochester to Pittsburg (Pitteb. Ft, W.& Chic.), 26 m.; total, 227 m. LE.A8E--:-Leasedfor999yea.rs, Dec.1, 1871, to Penn. RR. Co., and lease transferred to Pennsylvan.ia. Co. Rental, 7 p. o. on $11,226,300 stock, Interest on bonds and organization expenses. BoNDs.-Generals are all equally secured; guaranty. V. 56,p. 604. EARNINGS.-In 1902, gross earns., $6,834,410; net, $2,736,791; proftt to lessee was $1,504,680.-(V, 73, p. 783, 1159; V. 75, p.134, 793.) Cleveland Terminal &; Valley KR,-See Map Battimore cl OAio. Owns from Cleveland, Ohio, to Valley Ju.notion, 75 miles; branches, 7 miles; yard track and sidings, 87 IDJles. Successor, a.s_per plan 1n V. 60~ p. 437 and V. 61, p. 70, to Valley Ry. (of Ohio), sold 1n foreclosure 1:1ept. 10, 1895. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $5,000,000 5,000,000 893,000 950,000 2,935,000 1,250,000 11,226,300 4,561,000 4,933,000 439,000 --···5·g. A...... & 0. 5 g. 4lgg; 5 g. 41g g. 7 4lgg. 31g g. 31.gg New York, 2 Wall St. do J. & D. do J. & J. do See text N. Y.,Wlnslow,Lan.&Co. M.&N. N. Y.,Farm. L. & T. Co. Q.-M. N. Y., Winslow, Lanier. do do X y do do A.& 0. do do 2,500,000 5 g. F, & A. Aug.'02, noli pd. wh. due See text. . 5 g. A. & O, Int. from Apr. 1, 1901 600,000 6 J. & D. Phila.• Read. Co. Office. 9,151,000 4 g. J. & J. N. Y., Central Trust. 500,000 5 g. M. & S. None ever paid. 31,000,000 8,500,000 4 iiti9.03 A.··&--0. N. Y., Ha.llgarten & Co. 8,500,000 F ...&..A. N. Y., Central Trust Co. 18,803,000 1,243,378 J ...&•• J. N.Y., Ch. Bk. & Col. Sp. 1,916,000 24,4 ,000 5 g. A. & 0. Int.Tr.Co.Den.&Col.Sp. 1,156,000 5 g. A. & O, N. Y., M. Tr.,& CoL Sp. 4,500,000 4 g. M. & S. New York. 899,000 3 g. J. & .1. Safe D~.&Tr.Co.,Balt. 700,000 5 g . J. & D. N. Y., .Y. Sec.&Tr.Co. ···~rg. ···5·g. 800,000 5 M.& S. New York. Oct., '96, 1% Oct. 1, 1933 June 1, 1936 Jan. 1, 1930 Jan. 1, 1938 May 1, 1935 Deo. 1, '03, 1 Jan.•Oct.-'42 1948·1950 Oct. 1, 19 ' Feb. 1, Apr. 1, June 1, July 1, Sept. l, 1930 191 9 1898 1947 1947 Oot:i·;;os: 2 9' Feb:·r,--i929 ToMay,1908 Jan. 1, 1930 Apr. 1, 1921 Oct. 1, 1942 Ma.r. 1, 1953 July 1, 1937 Dec. 1, 1948 Sept. l, 1922 STOCK-Of the $5,200,000 common (par $50) B. & O. owns $4,594,300 Gommon and of the $2,200,000 preferred, $949,200; par $100. BoNDs-The first mort. bonds are guaranteed principal and Interest, by theB. & 0., endorsed; Interest is paid regularly from earnings. A majority is stamped as subject to call on 60 days' notice at par and Interest on or before Ma.y ·l 1901.-V. 71, p. 913. Car trust lease war• rants (5s), $192,000, due $27,000 May 1 yearly to 1909, 1nolus1ve. EARNING8.-Yearl902-03, gross, $1,124,755; net Income, $369,681 Interest, eto., $262,849; surplus, $106,832.-(V. 76, p. 209.) Coahul1a & Pacific Ry.-Salt1llo to Torreon,Mextoo, 200 m1le1; completed Aug., 1902. On Aug. 10, 1903, John W. Hardenburg of Jersey City and Lucian T. Ross of New York were appointed receivers. Latter were a.uthorJzed to llorrow $50,000. V. 77, p. 349. Stock, authorized, $1,500,000; all outstanding; par of shares, $100. Mortgage trustee, New Jersey Title Guarantee & Trust Co. See V. 72, p. 872. Pres., A. W . Llillenda.hl; Treae...t H. T . Lilliendahl, 15 Exchange Pl., Jersey City, N.J,-(V. 75, p. 34.l, lu86; V. 77, p. 349.) Colebrookdale KR,-Pottstown to Barto, Pa., 12·84 mile1. Leased to Phila. & Reading Ry. Common stock, $297,215; par$50. Coal & ·coke Ry,-Projected trom Elkins, W. Va., to Charleston, W. Va., about 180 miles, of whtch Charleston to Otter, 64 miles, are in operation; the balance Is to be completed ln the spring of 1905, 15 miles of track having been laid 1n Sept., 1903. About 100,000 acres of ooa.l lands a.re owned a.long the line ot the road. _ A consolidation on Sept. 1, 1903, with the Charleston Clendennin & Sutton RR; V. 77, p . 249,823. Stock authorized, $10,000,0CO The mortgage covers the road and coal lands; int. isp:1.yableatTrustCo. of West Va, Elkins , W. Va., or Baltimore. V. 78, p . 47. Year enlllng June 30, 1903 (64 miles ,, gross, $202,037; net, $87,304; total deductions, $105,299; bal., sur., $17,~95. Pres., H. G. Davis, Elkins, W. Va.; Treas., Arthur Lee, El· kins, W Va.; Sec., 0. M. Hendley, Washington, D. C.-(V.78, p . 47.) Coeur d'Alene & i-pokane Ry.-V. 78, p. 286. Colorado Midland Ky.-Owns trom Colorado Springs to New Castle, Col., through Busk-Ivanhoe tunnel, 234 miles1 Including Snow• den to Leadville, 8 m., not operated; Jerome Park oranch, 15 miles; Aspen branch, 18 m.; total owned, 267 miles. Leases New Castle to Rtile Creek, 14 miles, and Rio Grande Junction RR. Rtile Creek, CoL, to Grand Ju.notion, 63 miles; total owned and leased, 344 miles. ORGANIZ.ATION.-Suocessor Oct., 1897. to the Colorado Midland Rail• r-oad, foreclosed and reorganized per plan In V. 64, p. 1224, 1226. In May, 1900, a majoriliy of stock was purchased in the joint Interest of the Colorado & Southern and Rio Grande Western. V. 70, p. 686, 791, 997, 1290; V. 71, p. 28; V. 73, p. 1111. No stock is held by the pootlo. Pref. $6,000,000; common, $4,000,000. BoNDs.-In June, 1900 the $6,250,000 2, 3, 4s were made full 4 per cent bonds, and the right to issue $500,000 prior lien4s was waived; V. 70, p. 1290; see also V. 71, p. 139.-tV. 72, p. 821.) Y'rs. end. June 30-Gross. Net. Misc. inc. Ohargea. Surp. 1901·2 •.•••••••••. $2,162,286 $492,866 $41,615 $514,458 $20,023 rnoo-1 . .••••... • . 2,385,184 683,215 34,269 515,709 201,175 OFFICERS.-Prestdent, Frank Trumbull; Vice-Pres. Geo. W. Kramer; Treas., H.B. Henson; Sec., Harry Bronner, 74 Broadwa.y,NewYork. Directers.-Grenvtlle M. Dodire. Henry Budlle, Edwin Hawley, E . C. Hen · derson, George J. Go ul d. Edwin Gould, Winsl uw 8. Pierce, Geo. W.Kramer. Ill. T. J effery an d F ran I!. 'l'rum oull. -(V. 75, p. 665; V. 77, p. 2035, 2389.> <Jolorado & Northvvel!ltern Ky,-Boulder to Ward, Col., 26:Jg miles.operated from Oct., 1898. Foreclosure sale and reorg anizat ion p lan deferred unt il about May 1, 1904 . Stock, $500,000; par $100; all issued. Year ending June lSO, 1902. gross, $62,383: net, $64. Pres., w. C. Culbertson, Girard, Pa.-(V. 77, p. 298, 510; V. 78, p. 2 86. ) Colorado & Southern Ry,-(See Map.)-Operates from Orin junction, Wyoming, through Colorado to Fort Worth, Texas, viz. Lin es owned. Miles. Miles. Cheyenne t o Orin Junction .. .. . •• 164 Other lines, br., et c. (106 nar. gan.) 364 · Denve r t o Bessemer Junct ., Col ... 128 Trackage-Pueblo to W a lsenburg Denver t o Lead v. (n arrow gauge) . 151 (Denver & Rio Grande)......... . 58 Com o to Ba ld win Mine ( do ) . 131 Trinidad, Col., t o Texas State line 135 T otal owned and lea sed . ..••••• 1,121 A lso ha8 larue interest -tn Fort Worth & Denver City Ry., 463 miles. Has traffic and trackage agreement with Union PaoiH.c, connecting the Cheyenne & Nor. Division with the system a.t Greeley and Denver; also over Atchison tracks, Denver to Pueblo, Col. V. 69, p. 179. ORG.ANIZ.A.TION.-Succeeded on Jan. 11, 1899, per plan 1n V. 67, p. 748, the Union Pacific Denver & Gulf and Denver Leadville & Gun• nieon. Owns a large majority of the common stock ot Fort Worth & Denver City Ry., which see. Colorado Midland is controlled jointly by Colorado & southern and Rio Grande Western. V. 70, p. 739. In Mar., 1902, Edwin Hawley, President of Minneapolis & St. Louts RR., and associates, acquired control. V. 74, p. 679,727. VOTING TRUST.-All classes of stock are vested 1n the voting trne• tees, Grenville M. Dodge, Frederic P. Olcott Harry Walters, Henry Budge and J. Kennedy Tod nntil Jan. 1, 1904, and then until the first preferred stock shall have received a 4 per oent cash dividend tor three consecutive yea.rs. The voting trustees may, however, deliver the stock at any earlier date. DIVIDENDS.-lst pref., 1900, 2 p. c.; 1901, 319; 1902, 319; 1903, 4 p. c BoNDs.-The new mortgage is a first lien on all the road, equipment and other p1operty, $1,050,000 being reserved for the acqlli8ition of 406 RAILWAY STOOKS A D BONDS L A [VOL. LXXVIII. R G R A N H S A G U A C H MAP OF THE COLORADO & SOUTHERN RY. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I 0 E I JAN., 1904. j RAILWAY STOCKS AND BONDS. 407 R_AILROADB. Miles Date Size, or OR DIVIDENDS. Bonas-.Pr1no1• Amount 1- - -INTEREST - - - - - , - - - - - - - - - - pal,WhenDue. For explanation of column headings, &c., see note ot ot Par Outstanding Rate Per When Where Payable, and by BtockB-Last on :flrst page ot tables. Road. Bonds Value. Cent. Payable Whom. Dividend. Columbus " Toledo-See HOCKING VALLEY RY. Cobumlnu ti Xenia-Stock, 8 per cent rental ...•.... Combination Bridge (Sioux 0ity, Ia.J-lst M ..•... QO'l'UX>rd, ti <Jlaremont (N. H.J-lRt mort~aie ...... c 55 $50 $1,786,200 See text. Q.-M. Columb11S,O.,Treasnrer Dec.10,'08,2% 517,400 5 J. & J; N. Y., Hanover N. Bk. July 1, 1915500&0. 500,000 419 J. & J. Bost., N.Bk.ot Redemp. Jan. 1, 1914. 1,000 100 800,000 7 See text. Jan.1 540,400 7 do 100 Jan.1'04,llli, 459,600 7 .-J. . do 100 Jan.l '04,llli, 5,647,600 7 100 do Jan.l '04,llli. 500,000 6 J. & J. B'ston,FaneullHa.llB'k Jan. 1, 1911 1,000 5,000,000 4 J. & D. Boston Bate D. & Tr.Co. June 1, 1920 1890 1,000 1,050,000 819 & 4 J. & D. Bos. 8.D. & Tr., Boston. June 1, 192<> '97·'99 1,000 462,000 319 J. & D. do do June 1 1920 1900 1,~ 350,000 7 J. & J. , Manchester, N. H. Jan., '04, 319% 2,500,000 6 F. & A. Boston, a. Dep. &Tr. Co. Feb, 1, '04, 39ft 100 1,900,000 4 g. A. & 0. do do 1,000 Apr. 1, 19'8 400,000 6 F. & A. do do 100 Feb., 1904, 39(, 350,000 5 1,000 J. & J. do do Jan. 1, 1911 2,630,000 10 J. & J. Boston, Mass. 100 Jan. 1, '04, 5% 1,000,000 4 g. M. & 8. do do 1,000 Sept. 1, 1943 290,000 31g J. & J. do do Jan. 1, 1921 1901 1,000 969,000 31g J. & J. do do Jan. 1, 1923 1903 1,000 200,000 6 M.15 &8 Phlla.:Broad St. Stat'n. Sept.15, 1904 1864 1,000 1,000,000 419 M. & N. ao 1883 1,000 do May 1, 1913 592,000 31g g. M.15&8 do d..c, Mar. 15, 1932 1902 1,000 200,000 5 M. & N. 1888 May 1, 1918 5 g. A. & o. Boston. Mass. Oct. 1, 1949 1899 500;·&0. 2,025,000 soo,uoo 6 in 1903 F. & A. Co.'s off'., Lebanon, Pa. July 9, '03, 3% 50 766,400 5 A. & O. do 100 &c. do Apr. 1, 1921 2,115,000 4 g. F. & A. New York City. 1898 1,000 Feb. 1, 1998 411,000 6 g. M. & s. N. Y., Knick. Trust Oo. Mar. 1, 1933 1903 1,000 5 g. J. & J. N. Y., Morton Trust Co. July 1, 1951 1902 1,000&c 4,000,000 1,000,000 5 g. M. & N. Guar. Trust Co. of N. Y. May · 1, 1921 1891 1,000 1,292,950 8 in 1903 Q.-J. Phlla. & Chambersburg. Jan. 1, '04, 2'6 50 i895 ·-.;i 1894 Concord ti Montreal-Stock, Class I. (B. . M. pt.) Btook, Class II (B. C. & M. new) .•.••....•••.••...•. Stock, Class III. (B. C. & M. old stock) .........••• 8took, Class IV. (Concord) $6,000,000 auth. Text Bost. Con. & Mon. improvement mortgage ....•. c i66 Concord&Montrealcon. M. tor$5,500,000.BB.o* 262 Debenture bonds, $1,150,000, currency .••..••. o Do do $500,000, int. gua.r •..•....... Coneora ti Ports.-Btook, 7 p.c. rn'l, 99 yrs. Cono'd .. 40~ Oonn. ti Passum.-Pret. stock, 6 p. c. rent'l,99 yrs.c" 1st mortgage $1,900,000, gold................... o" Massawipll st'k, gua.r.same div. as Conn. & Pass. 37 Newport Richford 1st mort. guar. by C. & P .c* 22 Connecticut .Ri1ier-8tock ($2,670,000 authorized) .. 80 Bonds, not mortgage, tor $1,000,000, gold ....•. c Bonds, not mortgage .....••...•..••.•.•..••••••••. do do .......•...•......•.... . ...... Connecting (Phila.J-lst M., gu. p. & 1. Pa. RR. en. c Phil. Germ, & Chest. Hill 1st M., gu. by Pa. R.y.r 319 per eent gold. mortgage, $5,000,000•.•......•. 36 Cooperstown ti Bu,q Val.-lat M., $200,000, int. gu. 1919 Oopper .Range-1st mortgage, gold (see text) ..•••.. 105 OornwaU ti Lebanon.-Btook ••••••••••••••.••.•••••• 26 1st mort., J800,000. red. at par bejlnnln~ 1906.r 26 Oon,alliB ti astern-1st mort. <JU, 50,00 ). Ce.c" Cuba Eastern-1st mortgage,$ ,000,000, g. K . . c* Cuba .R.R.-lst M., gold, $20,000 per mtle 1'J o.c&r 343 Oumberlana t1Penn,yl1iania- lst mort.,g., G.gu .. 57 Oumberlana Valley,-Common stock ................ ffo 6·7} issi '04,1111,i i893 issi is9a is9i coal properties, eto., at not exceeding $300,000 a. year; $147,000 have been retl.r ed and canceled. Statement to the New York Stock Ex· change in V. 68, p. 1027; V. 77, p. 2158. EARNINGS-5 mos., S1903 .......... Gross, $2,803,655; net, $807,051 Julyl to Nov. 30. { 1902 .......... Gross, 2,648,208; net, 674,736 ANNuAL REPORT.-Fiscal year ends June 30. Report for year 1902-03 was in V. 77, p. 1870, showin~: Year ending June 301902-03. 1901-02. 1900.01. Grose earnings ..... . .......... $6,142,989 $5,580,327 $4,794,649 Operating expenses & taxes ... 4,908,111 4,260,425 3,712,300 Netearnings ............... $1,234,878 $1,319,902 $1,082,849 Total net income .............. $1,293, 753 $1,379,362 $1,124,524 Interest on bonds, etc......... 796,800 752,603 718,876 Dividends on 1st pref ........ (4%)340,000 (312)297,500 (312)297,500 Ba.la.nee, surplus.... . ...... $156,953 $371,759 $235,648 OFFICERS.-Chalrma.n, Grenville IM. Dodge, N. Y.; President, Frank Trumbull, Denver, Col.; Vlee-Pres. and Gen. Man., J. M. Herbert, Denver, Col.; Sec. and Treas., Harry Bronner, 74 Broadway, N. Y. Dlrectors.-Grenvtlle M. Dodge Henry Budll'e, Jos. P. Cotton Jr., Frederic P. Olcott, John J. Emery, Edward J. Berwtnd, Edward C. HendersoJ!.,. Adolph Lewisohn, Edwin Hawley, Norman B. Ream and Harry Bronner, .r.ew York Cltn, Harry Walters, Baltimore, Md.; Frank Trnmbul!, Denver, Col. -(V. 76, p. 265;V. 77,p.1746, 1870, 2035, 2097.) Oolorado Sprln~s & Cripple Creek District Ry.-Colorado Springs to Cripple Creek, Col., 46 miles; branch, Cameron to Victor, 5 m.; other branches and snurs, 24 m.; total, 75 miles, ot which 59 m. steam, 11 m. steam and electric and 5 m. purely electric. Electric lines connect principal towns in Cripple Creek diettict. Owned by the owners ot the principal mines of the Cripple Creek District. Stock, all outstanding, common, $1,200,000; preferred, 5 p. c. non• c,u.m., $800,000. Par ot shares, $100 each. Beginning Ja.n. 1, 1901, a einking fund of 5 per cent of gross earnings for preceding year can retire fl.rat mortgage bonds yearly ~t 110 for the :first 15 years, then at 10719 tor 5 years, then 105 tor the next five years,tthen 10219 for three yea.rs, thereafter at par. Of the first consol. 5s of 1902, $2,977,000 were reserved to retire the $1,977 ,ooo first and $1,000,000 second mortgage bonds; In Oct., 1903, $756,000 ot the second mortgage bonds had been retired. V. 76, p. 345. EARNINGs.-For year ending June 30, 1903, gross earnings, $884,• 451; net inc., $469,674; char~es, $200,373; sink. fund, $44,222; bal., 11ur, $225,07~. Pres., Irving Howbert; Sec. and Treas., E • .F. Draper; A.ua., L. F. Linney.-(V.77, p. 34'7 .) Colorado & Wyoming Ry.-Hartvllle to Sunrise Wyo., 18 miles; connections with various lines at Pueblo, Col., maln line and siding•, 95 miles; Trinidad, Col., to Curatro, with spurs to mines, 58 miles; total, 171 miles. The Colorado Fuel & Iron Co. owns the $100,· 000 stock. Bonds, see table above. President, F. J. Hearne. Columbia NewbeT_J'.J: & Laurens BR.-Columbia to Laurene, S. 0~ 75 miles. Stock, $500,000. Bonds were 6~, but re•iasued as 3s in 1~00 under agreement, certtilcates ot interest to amount ot 40 p. c. of bonds bein~ issued bearing interest, it earned. Loans and bills p¥,able June 30, 1903, $63,000. ARNINGS - 5 mos., l 1903 ............. Gross, $94,440; net, $32,933 July 1 to Nov. 30. i 1902 ............. Gross, 77,694; neli, 25,849 Year ending June 80, 1908 gross, $192,923; net, $50 654; cha.rees, $34,457; bal., sur., $16,197. Hesident, W. G. Childs, Columbia, 8. C. Columbia Southern Ry.-See BUPP, tor Jan., 1903. Oolnm.bus Hock. Valley & Tol.-BEE HOCKING VALLEY RY. Columbu8 & Lake Michigan RR.-Owns Lim.a., 0., to Deft· ance, 40 miles. Suocessor, Aug., 1902, to Col. Lima & Milw. RR. foreclosed. V. 75, p. 289, 1147. Stock authorized, per mile, $10,000 each of common and 4. p. o. non-cumulative pref.; par, $100. Bonds, eee table above. President, Geo. A. Garrettson; 'l'reas., E. Hope Norton. 83 Wall St., N.Y.-(V. 76, p. 804). Col. Sand. & Hocking RR.-Foreclosed in 1902.-(V. 75, p.906.) Columbus & Southern Ry.-Lancaster Junction, O., at a con• nection with the Penn. RR., to South Bloomingville, 34 miles. Sue• cessor of the Columbus Wellston a.nd Southern RR., sold in foreclosure to J. G. Reeves and associates ot Lancaster, O.,on Dec. 4, 1901. V. 78, p. 1206; V. 75, p. 184. Stock a.nth., $2,000,000.-(V. 75, p. 239.) Columbus Term. & Tran8fer RR.-V. 75, p. 1202; V. 77, p. 1878; v. ?8, p. 286. Clolumbus & Xenia RR.-Owns from Columb118, O,t to Xenia, O., 65 miles. Operated as a division ot the Little Miami, ana is leased tor 99 yea.rs from December, 1869,in conneotionwith that road, to the Pittsburg Cincinnati Chicago & St. Louis, which pays 8 per cent on stock, but-in March, 1901, the 25 per cent from assets was discontinued Jor the present. The lease ls guaranteed by the Pennsylvania RR. Co. The C. & X. formerly paid 826 per cent dividend (2ft out of assets) per annu.m1 215 per cent March 10 and Sevtember 10 and 2 oer cent June 10 ana Deo. lOz bnt in March, 1901, the 25 per cent from assets was dlscon• tinned ror the presenli.-(V. 72, p. 532.) Combination Bridge (Sioux City, Ia.)-Owne steel bridge 1,940 feet long over Missouri River, with approaches, 1 mile, used by railroads and street ca.rs and as a highway. Stock, $1,500,000, all common and a.11 outstanding. Mort. trustee, Union Trust Co., Indianapolla, Ind. Pres., Jos. O. Head, Latrobe, Pa.; 8ecy.,F. L. Eaton, Sioux City, Ia.-(V. 78,p. 102, 286.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1.-J. .-J. .-J. Concord & ltlontreal RR.-From Nashua, N. H., via Con• oord, Plymouth, etc., to Groveton and the White Mountain8, 450 miles in all, (including Manchester & Keene, 30 miles, owned Jointly, 414 miles; 35 miles double track. A branch from concord to Man• ohester, N. H., 17 miles, robe operated electrically, was completed in Aug., 1903); $500,000 bonds will be issued therefor. V. 71, p. 698,751; V. ~4( p. 727. June 29, 1895, leased to Bos. & Maine tor 91 yea.rs at renli&J of 7 p. c. per annum on all stock. The stockholders voted on April 8, 1903, to purchase the Concord Street Ry., and to issue $500,· 000 stock, of which $250,000 Clase 4 stock haw been sold.-(V. 78, p. 228, 286.) Concord & Portsmouth RR.-Owns Portsmouth, N. H., to Manchester, N. H., 40¼ miles. Leased to Concord RR. in 1862 tor 9b rears; rental, $25,000; 7 p. o. on stock and organization expenses, and so operated by the Boston & Maine. Oonnectlcut & Passumpslc Rivers RR.-Whlte River Juno., Vt., to Canada Line, 110 m.; leases 999 years Massawippi Valley, 37 m. LEASE.-From JannAry 1, 1887, leased to the Boston & Lowell tor 99 yea.rs on a basis to pay Connecticut & Passumpsio stook 5 per cent till January, 1897, inclusive, and 6 per cent thereafter. SECURITIES.-llassaw1pp1 stock receives same dividends as stock of lessee, and $400,000 ot it [not included i'l. the amount outstanding ls pledged as part security for 4s of 1893. Of the $2,500,000 preferred, $500,000, as also $50,000 Maesa.wippi Valley Ry. stock, are represented by Connecticut Trust & Bate Deposit Co. of Hartford 5 per cent trust certiftcates, under which the Vermont Valley 11.as the right tor 45 years from Aug. 1, 1885, to purchase the trust stock at par and interest and in the meantime receives all divldende above 6 per cent per annum on the stock deposited in trust.-(V. 57, p. 1040.) Connecticut River RR.-Owns from Bprlngfl.eld, Mass., to Keene. N. H., 74 miles (double tracked, 36 miles); branohes, 6 mile&. LEA.SE.-Leased tor 99 yea.rs from Jan. 1, 1893 to the Hoston • Maine, annual rental (as amended Oct. 10, 1895) being 10 per cent per annum on capital stock), payable directly to the stockholders in 88Ini• annual instalments Jan. 1 and July 1, and in addition thereto, interest on bonds and scrip and $2,000 tor ora-anization expenses. Lessee pays all taxes, &operating expenses, eto.,1but lessor to issue its stock or bonds tor permanent 1mprovements.-(V. 76, p. 212.) Connecting Ry. (Phlladelphla).-Owns from Mantua.Junction to Frankford Junction, Pa., 7 miles; Germantown Junction to Chestnut Hill, 7 miles; branches, eto., 29 miles; total, a.bout 36 miles. A. consolidation Jan. 1, 1902, with the Philadelphia Germantown & Chestnut Hill and other roads. V. 73, p. 390. Stock authorized, $5 • soo,ooo; outstanding, $3,613,650; all owned by Penn. RR. Dividends pa.ta in 1902,4 p. c. (J'.&D.)-(V. 75, p. 1354.) Ooopersto-wn & Charlotte Valley RB.-(See Map Dei. _. Hud.)-Owns Charlotte Crossing to Davenport Centre, 4·51 miles;. leases tor 99 years from Jan. I, 1889, COoperstown & Busque. Valley RR., Cooperstown to Charlotte Crossing with branch to Cooperstown Jct,, 19·48 m., guaranteeing interest on latter's $200,000 5 l). c. bonds. Stock, $45,000, acquired July, 190a, by Del. & Hud.-V. 77, p. 88. Oopper Range RR.-Calumet, · Mich., to Mass City, with bra.nclies; total, Oct., 1903, 105 miles; side tracks, 15 miles. Stock, $2,605,100, owned by CopperRa.ngeConsolldated (Mining) Co. 'Bond& 11mited to $20,000 per mile of main line and branches and $15,000 per mile ot sidings. Ot the $2,025,000 bonds outstanding, $615,000 were in Ju., 1903, held in the treasury of the Copper Range Consolidated Co. V. 78, p. 228. For 5 mos. ending Nov. 30, 1903, gross, $240,627; net, $111,3~2. Year ending June 30, 1903, gross, $399,504.; net $179,213; int., $70,500; bal., sur., $108,713. President, William A~ Paine; Bee. and Treas., Frederic Stanwood, Boston.-(V. 78, p. 228)• Cornwall KR.-V. 74, p. 1189. Cornwall & Lebanon RR.-Owns Lebanon, Pa., to Conewago, 21 66 miles; branches, 4·78 miles. In June, 1901, the Pennsylvania Steel co. acquired $540,000 stock, nearly a.11 the remainder being owned by the Lackawanna Steel Co. V. 72, p. 1241, 1283. DIVS.- S To 1893 '94 '95. '96 '97 '98 '99 1900 '01 '02 1903 (Per cent) i 4to4lgyrly 2 4 4 3 4 419 5 5¼ 6 6 EARNINGS-5 months S 1903•••.•••••• Gross, $116,834; net, $55,748 July 1 to Nov. 30. { 1902 .......... Gross, 110,664; net 45,869 Surplus over charges, 5 mos., $35,397 in 1903, agst. $26,072 in '02. Year 1902·3, gross, $253,859; net, $104,743; interest and taxes,$38,· 320; dividend (6 p. c.),$48,000; ba.l., surp., $18,423.-(V. 72, p. 675.) Corvallis & Eastern RR.-Ownsfrom Yaquina to Ida.nab Ore., 142 miles. Land grant was 850,000 acres. Organized in Dae., 1897, to purchase and extend the Oregon Central & Eastern, whlch was the successor of Oregon Pa.oiftc, sold in foreclosure Dec. 22, 1894. Stock, $11,250,000; outstanding, $2,1151 QOO, Mortgage provides tor ex• tension eastward to Snake River in .Malheur Co. EARNINGS.-In year ending June 30, 1902, gross, $128,893; nes $34,522; total deductions, $67,220.-(V. 68, p. 474; V. 77, p. 2159.) Cotton Belt.-See St. Louis Southwestern Ry. Oouncll OUy & Solomon River RR,-V. 77, p. 1746. Ouba Eastern BR.-To be completed Mar. 1, 1904, from Granadillo Bay, on south coast of Ouba, northwest via Guantanamo to forest lands owned by the Cuba Hardwood Co., 43 miles; to be extended eventually to Nipe Bay, on the north shore ot Cuba; a.lao branoh to be built from a point near Guantanamo ea.ster],.y to Ba.raoao. Has 5•year 408 RAILWAY STOCKS A D BONDS. MAP OF THE DELAWARE & HUDSON RAILROAD SYSTEM. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis fV OL. LXXVIII, JAN., 1904.] 409 RAILWAY STOCKS AND BONDS. RAILROADS. l'or explanation of column headings, &c., see not.es on first page of tables. Oumb. Val.-(Oon.)-Pref. stock ($243,000 2d pf.) let a.nd 2d me., gold (2d$94,000 due Apr, 1908.) Dayton 4 Mich.-Com. at'k (319 p.o. guar.C.H.&D.).. Preferred (8 p. o. guar. C. H. & D.) endorsed...... lat mortgage, guar. p. & 1. end by C. H. & D ..•. <' Dayton 4 Union RR.-latM., a. f. (not dr'n) ........ o Dayton Union Ry.-lat M., a. f., call at par. F... .. g:1:1:1:i:~e:~~~~~-~t.~::~~~::.:~-~.~?~.~:~ Gen. M., gold.PP............. . .... . .......... o~ Delaware & Chesapeake lat .M., aeeumed, cur . . o Del. fl Bound Br.-Btock-8 p. c. gn. .t'hlla.. & Read. lat mortgage................. .. .. . . • •• • .. . . .. . .. . • . 2d mortgage, extended in 1899................... 0 D~~~~:le~!~a8~ !r;:<$1·0;000,ooc,>1j;."o&r Schenectady & Duanesb'g, lat mort., assumed... Adirondack, lat M.,p;old,gn.. p. &1. end.Us .. o*&r Eqnlpm't M., $150,000 payable May, y'rly. Usm Equtpm't deb.,$2,500,000, $200,000 an'ly, Jan.1 Guaranteed Bonds.- INTEREST OR DIVIDENDS. BalondaWh-PrinD01• Miles D a te Bize, or Amount p , en ne. of of Pa.r Outstanding Rate Per When Where Payable, and by BtockB-La8t Road. Bonds Value. Cent. Payable Whom. Dividend. -•. -. . ..•. 82 - • •. .. .. 142 32 ·:is 224 117 54 •• . . 27 27 .... "14 57 .... .... $50 1856 500 &o. . . -50 1 871 50 1881 1,000 1879 1,000· 1,000 $484,900 8 -[Q.-J. Phlla. & Chambersburg 233,500 8 g. A. & 0. do do 2,401,900 3:lg A. & 0. Clnolnnatt. 1,211,250 8 Q.-J. do 2,728,000 5 J. & J. N.Y.,Kesaler&Co.,Cln. 225,000 7 J. & D. N.Y.,Am. Exoh.Nat.Bk 489,000 4g. J. & J.N.Y.,Farm.L.&Tr.Co. 495,000 6 & 7 J & J. N. Y., Bank of America. 2,987,225 6in 1903 J. & J. Checks mailed. 1·s·o··2 i,o~g 1,000 500,000 4¼ g. J; & J. Phlla..,Broad St.Station 1882 1,000 400,000 4 F. & .A. do .... 100 1,800,000 8 Q.-F. Phila., 240 So. Third St. 1875 1,000 1,500,000 7 F. & A. Phlla.,Guar.T.&S.D.Co. 300,000 4 M. & N. Phila.,240 So. Third St. 1879 100 &o. 34,407,100 7 in 1903 Q-Mch. N.Y.Of.,21 Cortlandt St. is71 1,00120 5,000,000 7 rd:. & B. do do 1874 100 &c. 500,000 6 M. & B. do do 1892 1,000 1,000,000 4:lg g. M. & s. do do 1899 1,000 900,000 3½ g. M.15&N do do 1900 10,000 1,900,000 4 J. & J. do do mi: Hud. Coal Co. deb ., gu., p.& L end.,part due, y'ly. •••. 1901 1,000 3,115,000 4 Bluif PointLandimprove. Co. latM.,gold,guar.o* •••. 1890 1,000 300,000 4 g. Chat. Ore & I ,ref. M., ca.11105.Co. . ..... o*&r ..•. 1902 1,000 1.300,000 4 g. Albany & Busquehan. RR., N. Y. & Canada RR, Chate angay & L. Pla o. RR., Utica Clln.& B Delaware Lackawanna fl Western-Stock........... .... .... 50 26,200,000 7 in 1903 Con. M. now lat on roaa. & equip ($10,000,000) Fo 194 1877 1,000 3,067,000 7 Delaware Md. ~ Va.-Jnnotton & B.-lat mortgage 39 1860 All. 185,000 3 Break. & Frank. lat m. to State, red. aft. Jan.'95. 19 1874 All. 200,000 3 6 ~:_rd~o:;i\!r;:;i~n-:::1aiM~:$2:5c><>,OOO:g:~s."t:~ •••. i903 ...... ,OOO g. Del• .Ri11er .R.R. fl Bridgt:-lat M., g.,gu. p.&1.GP.o• ·10 1896 1,300,000 4 g. i:ooo ~? t M. & N. do do J. & J. do do J. & J. do do Ing.RH., Coop. & Charl. Val Q.-J. N. Y., 26 Exchange Pl. M. & B. do do J. & J. Phlla.t Broad St.Station J. & J. a.o do Jan.1, '04, 2" Apr. 1, 190~8 Oct. 1, '03, 11,& Jan. 5, '04, 2% Jan. 1, 1911 Dec. 1, 1909 July 1,194.9 Jan. 1, 1903 July 1, '03, 8% July 1, 1932 Feb. 1, 1912 Nov.20/03,2% Aug. J., 1905 Aug. 1, 1905 Dec.15, •oa.u, Sept. 1, 1917 Sept. 1, 1924 Dec. 1 • . 194.~ Yearlyto 1909 1905 to 1915 May 1, '04-18 Jan. 1, 1940 Jan. 1, 1942 See those ooe. Jan.20,'04, 11,& Sept. 1, 1907 Jan. 1, 1981 Jan. 1, 1931 J. & J. N. Y.,d:£i.tckerb.d~. Co. M~:.ei~n18g53 F. & A. Philadelphia. Pa. Aug. 1, 1936 contract with Cuba Hardwood Co. V. 76, p. 1355. Stock, $2,000.000, Lines O'IIJnedMiles. , Linesleased--,r See these cos. Mile.. all outstanding. Bonda (see above), $411,000 outstandlnAr Oct., 1903. Lackawanna & Susquehanna .. 22 1TAlbany & Buequehanna ....... 142 Pres., H. W. Bennett. Office, 79-81 Wall St.,N.Y.- (V. 76, p. 1355.) Valley RR. of Pa ............... 17 ,rNew York & Canada .......... 150 Ouba RH.-Operatea from Santa. Clara, Cuba, to Santiago de Honesdale Branch ............. 28 j 1fR.ensselaer & Saratoga. .••••••. 192 Cuba, 355½ miles, of which Santa Clara to San Luis, 335½ milea,is Schenectady & Mechanicville. 10 Ohateaugay RR ............... 83 Cherry Val. Sharon & Albany 21 ,runton HR...................... 21 owned and balance controlled; also owns branches, Zaza Jot. to Sanoti & Duanesburg .. 14 ,rJefferaon RR. (trackage) ...... 35 Sptritus, 9 miles; Alta Cedro to the Bay of Nipe, 10 m.; total owned, USohAneotady ,r Adirondack Ry.............. 57 Other lines .. -................... 8 374:lg miles; controls Ponupo branch, 12 miles, and leases Juoaro to ,r Cooperst'n & Charlotte Val. 24a San Fernando, 42 miles; total operated, 448 miles. See v. 75, p. 1147, Branches and spurs........... 2 Total operated Jan. 1, 1904.824 1347. Road opened Dec.8.1902. Also lea.sea Utica Clinton & Btne:hamton and Rome & Clinton RR., Stock aut;Jiorized, $10,000,000 each of common and 6 per cent non• cum. pref.; outstanding, common. $6,000,000; pref, $8,000,000; par (4 miles, aub•let to New York Ontario & Western. Operates since of shares, $100. Bonda, see table above. President, Franklin B. Jan. 1, 1903, the Chateaugay RR. system, Plattsburg to Saranac Lake Lord; Vice-Pres., Percival Farquhar; Treas., James I. Burke. Office, 83 and Lake Placid, 83 mileA. V. 76, p. 101. In July, 1903, toe entire stock of the Cooperstown & Charlotte V et.Hey RR., "ooperstown to Montgomery St., Jersey City, N. J.-(V. 75, p. 1147, 1307.) Davenport Centre, N. Y •.t with long•term lease ot Cooperstown & SusOuinberland & Pennsylvania RR.-Owns 1'rom Cumberland, quehanna Valley RR., l~½l mil~a, was acquired. V. 77, p. 88. In Au~., Md., to Piedmont, Md., and several branches, 57 miles. Owned and oper· 1903, Schenectady & Duanesburg RR., 14 miles, was merged. V. 77, a.tea. by Consolidation Coal Co., which guarantees by endorsement the p. 298. first mortgage. v. 52, p. 390. Stock. $1,500,000; pa.r, $100. For year HISTORY. ETC.-Thla company was chartered April 23, 1823. It la endin~ June 30, 1901, gross, $812,077; net, $364,1..492; charges, 1Ji93,· 202: dividends, $82,968; bal., aur., $188,322. In li:s99-0, net, $164,102. one of the largest miners and carriers of anthracite coal. DIVIDENDS. 5'83 '84 '85 '86 '87 '88 '89 to'96 '97to '00 '01 '02 1903 Ouinberland ValleyRR.-Owna 1'rom Ha.rrtaburg, Pa., to Potomao Since '82.% { 7 7 6 5 5 6 7 y'rly. 5 y'rly. 7 7 7 R1ver,,!1ld., 82 miles (and with leased lines operat.ee to Winchester, a Dividends for 190i fixed at 7 p. o., payable quarterly. V. 78, p. 47. total ruatance of 116 miles). It leases-Cumberland Valley & Martina• burg Railroad, 34 miles; Dillsburg & Mechanicsburg Railroad, 7 miles; BONDS.-In 1899·00 issued $4,000,000 equipment trust 3~s and de• Southern Pennsylvania Railroad, 21 miles; leases Cumberland Valley benture 4s, of which $1.000,000 bave been paid and the balance ts pay. & Waynesboro RR., 18 miles; total operated, 163 mt lea. V. 61, p. 15:&. able $350,000 yearly. V. 68, p. 670; V. 69, p. 1193; V. 70, p.125. Chat• Merger with Northern Central Ry. reported proposed. V. 77, p. 1873. eaugay Ore & Iron Co. $1,500,000 bonds are guaranteed by D. & H.; $200,000 reserved to retire Chateaugay Ry. 6s. V. 73, p. 1263. STOCK.-Pennsylvanla RR. owns $975,850 com. and $237,200 pref. GENERAL FINANCES.-On May 9, 1899, the stockholders voted to set DIVIDENDS.-In 1880 to 1884, 10 per cent yearly; 1'rom 1885, to aside every year, a.a a sinking fund to retire stock and bonds and Jan., 1904, both inclusive, at rate of 8 per cent yearly. securities, an amount equal to at leabt five cents per ton of EARNINGS.-11 months, ~ 1903 .•..•.• Groaa, $1,833,052; net, $394,R33 guaranteed coal sold or $175,000 to $200,000 per annum, to be charged agalnet Jan. l to Nov. 30. ~ 1902 ...... Groaa, 1,112,648; net, 335,805 .income account each year. (V. 68, p. 926. See ordinance iri full, v. 68, REPORT.-Ea.rntnga entire line 11,a follows: p. 1180. Estimated amount of coal owned and controlled Jan. 1, Year. Gross Net Int., etc. Di:oidends. Bal., surp. 1903, 228,401,765 tons. In 1900 $200,000 stock was retired from pro• ceeda ot the sinking fund; $141,800 in 1901; $151,100 in 1902 and 1902 •... $1,256,501 $378,702 $62,059 (8 p o.)$142,228 $174,415 1901.... 1,131,531 425,482 65,250 (8 p.c.) 142,228 218,004. fl00,000 in 1903. EARNINGs.-Earntngs of leased lines in New York State for 9 months -(V. 70, p. 5 80; V. 72, p. 391, 532; V. 77, p. 1873.) Dallas Cleburne &: Southwestern Ky.-Owna Egan, on Mo. ending Sept. 30 were: ,... .J lbany ct S uaq •leh .-. ,... N. Y. ct Oanaaa.-. ,-Rens.ct Saratooa.-. Kan. & Texas RR., to Cleburne, 10 miles. Operated from Dec. 1, 1902. Q months. mos. HI0.>.. -1903. 1002. 100s. lOOj, E.xtenaion propoEed from Egan to Dallas, 27 n ilea, and from Cle• Gross ......... . fS,783,ftll S2.953,646 Sl,16:3,591 $911,ll67 S2.~IH 685 82.!H0,12ft burne to Glenrose, 50 miles. Leased to Mo. Kansas ~ Texas Ry. V. Net.... . .• • 1,788,-i.116 1,201,tf>2 481,2sl5 s~8,617 'i""S,8,6 685,866 76, p. 48. BondR authorized, $150,0CO flrstmort. so.year gold 5a. Pres· Sur. over chga. 818,~20 282,178 190,584 111,597 df.l'it!,497 dt.-.:80,546 ident, W. D. Myers, Cleburne, Tex.-(V. 76, p. 48; V. 77, p. 88.) ANNUAL REPOBT.-Fisoal year ends Dec. 31. Annual meeting ta held Dayton & lUichlgan BJl..-(Bee Map Oin. Ham. 4 Day.-Owna on the second Tuesday in May. Report for 1902 was in CHRONICLE, Dayton, O .• to Toledo Juno., 0., 141 miles; trackage Into Toledo, 114 m. V. 76, p. 538. Coal (anthracite) carried 1n 1902, 4,640,772 tons; 1n Leased May ·l, 1863, in perpetuity to Clnolnnati Hamilton & Oayton. 1901, 7,571,298 tone; 1n 1900, 6,228,770tons. Rental is interest and sinking fund and 8 p.!c. on pref. stock and 3¼ p. Year ending Dec. 311902. 1901. 1900. c. on common. Guaranty on preferred is aeonred by mortgage of 1871, Earnings of railroads ............. $11,050,690 $12,178,683 $11,485,187 bot the preferred carries no voting power. V. 56, p. 813. Mortgage of Net (railroads).................... 4,361,540 5,801,602 5,455,769 1856 ta. held alive under mortg. of 1881, which is therefore a first lien. Interest, taxes and rentals....... 2,977,120 2,998,672 2,941,873 Dayton 1Jnlon Ry.-Unlon depot at Dayton, 0. Stock, $321,000 Profit 1'rom railroads .•••••... $1,384,420 $2,802,930 $2,513,896 all common, all outstanding. Pres., M. E. Inga.Us; Seo., Rall)h Peters, Net coal dept...................... *1,258,363 *1,801,146 673,494. Treas., C. G.Waldo. Office, C1no1nnat1, 0.-(V. 73, p. 1263, 1312.) Dayton & 1Jnlon RR.-Owna 1'rom Dodson, 0., to Union City, . Total profita:·-- .. ~·······"··· $2,642,783 $4,604,076 $3,187,390 Ind.• d2 miles; lea.sea Dayton to Dodadon, 15 miles; total operated, 47 Deduct-Depreo1at1on of plant. $. .•. .•.••. $1.000,000 •.•••••••••• mllea. Operated by Cleveland Clnn. Chicago & St. Louts, which, jointly 5% sink. fund on coal mined144,907 233,369 • ;;· ........ . with the Clnolnnatt Hamilton & Dayton, owns the $86,300 stock. All Dividends . ................... (7)2,450,000 (7)2,425,850 (5)i;;l,750,000 surplus earnings over interest goes to a s1nk1ng fund for redemption of bonds at not above 100. Year ending Oct. 31, 1902, gross, $148,009; ~lance, surplus.............. $47,876 $944,409 $1,437,390 net, $32,363; other tnoome, $10,125; chargAa, $40,040. *Earnings of the coal department in 1902, $12,320.904:; expen888, Dayton & Western RR.-Owns 1'rom Dayton, O., to State line Ind•• 88 mllea, and leases 4 miles to Richmond, Ind. Leased 1'rom Jan. 1 $11,062,541; net, $1,258,363. In 1901, $17,318,770; net, $1,801,145. 1.865, for 99 years, renewable forever, to Little Miami, and so operated OFFICERS.- President, David Willcox; Treasurer, C. A. Walker: ' by Pitt.ab. Cln. Chlo. & St. Louts. Under tt-rms of the lease, uEon pay• Secretary, F. M. Olyphant, 21 Cortlandt St., New York. ment of the D. & W. bonds the Little Miami will become so e owner Managers-Robert M. Olyphant, Alexander E. Orr. Chauncey M. Depew of the D. & W. Of bonds $32,000 are 7a. Stock, $309,276. James W. Alexander (one vacancy), John Jacob Astor, R. Somera Hayea' Frederic Cromwell, David Willcox, R Suydam Grant, George I. Wilber, C.A. Deepwater Ry.-V. 77, p. 1746. Peabody, EH. Harrlm&n-(V. 76, p. 1300, 1746; V. 77, p. 88, ill8, 1746; V. 78, Delaware RR.-Bhellpot Crossing, Del., to Delmar, Md., 95·22 p. ,7.) mlles; branches, Centreville, Md., to Townsend, Del., 35·15 miles; Clay• Delaware Lackawanna & Western HK.-( Bee Map.)- Operton.t. Del., to Oxford. Md., 54·30 m.: Seaford, Del., to Cambridge, Md., ates main line from Hoboken, N. J., opposite N. Y. City, to Buffalo,N: Y. 32·~7 m.; Maaseya, Del., to Chestertown, Md., 19·63 m.; other branches, 4:10 miles, with brancheato anthracite region, eto., 490 miles, viz.: ' 10·46 m.; total, 247·78 miles. V. 67, p.1356. Lina oumed-Miles. Lines leased-,r See each oo. MU••• Leased till May 1, 1927, to the Philadelphia Bait. & Washington, N. J. State line to N. Y. line .••• 114 ,Wtica Chenango & Sosq ....... 97 which owns $1,664,475 of the stock; rental net earnings-see v. 64, p. 1000. Dividends 1898 to 1903, tnclnstve, 6 p. o. yearly. Fiscal Br'nohee to N'rthumberl'nd,&o. 80 ,rvalley RR. of N. Y ............ 11 Lines leased,rWarren........................ 19 :year now ends Dec. 31. In year ending Oct. 31, 1903, gross, $1,955,· 893; net $464,825; other inoome, $22,458; Interest, taxes, etc., $29,· ,rMorria & Essex and branohee.157 ,rsuaaex, &o.... ....... ••••••• ••• 4.8 ,rN.Y.Laokawanna&Weatern.214 Bangor& Portland Ry., &o. 789; dividends (6 p. o.), $179,233; bal., sur., $18,261.-(V. 68,p. 129.) ,rcayuga & Susquehanna ..•••• 341 (V. 72, p. 435)..... •••••.•••• 47 Delaware & Bound Brook RK.-Owna 1'rom Bound Brook ,roawego & Syracuse........... 35 _ (Central of N. J.) to Delaware River, 27 miles; branches to Trenton, 7; ,rsyraouae Bing. & N. Y... •••• •• 81 Total operated Jan., 1903 •• 947 Beoond track 27 miles; all track 83 miles, In May, 1879, leased for 990 HISTORY, ETo.-Orlglnal company chartered in 1832; present title years to Phlla. & Reading RR. for $267,000, paying interest and 8 p. c. assumed 1n 1853. No anb-oompanlea (coal and mlnln~) are controlled on stock; lease assumed by Phlla. & Rea.d'g Railioay.-(V. 68, p. 722.) the ra.Uroad owning its anthracite mines. In A.pr., 1903 oontrol ot the Delaware & Hudson Co.-1 Bee Map.J-Operatea railroad llnel!I N. Y. & Hoboken Fen:y Co. was purchased. V. 76, p. 918; V. 77, p. 451. from W~esbarre, Pa., via Albany, N: Y., to Ronee'e Point, on In Dec., 1903, the Erie & Central New York, Cortlandt, N. Y., to Ctn• ·Canada line, with branches, 717 mlles in all. 68, p. 871. ctnnatne, 19 miles, was acquired. V. 77, p. 2159. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I -- v. -- ------ 1 i \1,■"' I ---_ ·: "~ ... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis :,:.',"Id -.~~~ ~ 0 - i-'·'i. im· ,, .....t: .:·. :·... . ',.'.\"" 1-11~ , • t , ·--11-•'.:. .: ,:•.!_-~ ,• -· --:--- iii.1~(·_ ·.,,,,·~=·w..~' . ·. ' . I . ,· ''.'• · !~ • • 1:;:. • ,,! ' ;;,.,; ,, , ' ,~ - . OI • .. . •• •r ,_~/\ ' •• •.~f -··-- • ' • : •• MAP OF THE DELAWARE, LACKAWAN~A ~ WESTERN R.R. AND ITS CONNECTIONS. J.A.N., 1904. j 411 RAILWAY STOOKS AND BO DS. RAILROADS. INTEREST OR DIVIDENDS. Bonds-Prmol- - - - - - - - - - - - - - - - - - - - 1 Miles Date Size,or Amount ----------------1val,WhenDue, Por explanation of column headings, &c., see notes of of Par Outstanding Rate per When Where Payable, and by Stocks-Last on ti.rat page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. Delaware Susq. ti S. RR.-Stook (auth. $1,500.000) De..En dGulf-lstM.,$2,600,000,g.,red.103 Matc* Dent,er Lakewood, ti Golden-lat mortgage.F ...... Dent,er Northw. ti Pac.-lst M., $22,500 000, g.Die Den11er ti Rio Grande-Stock, com., (see text) ... Tr. 50 $1,500,000 6 in 1903 M. & N. Drifton, Pa. ..56 1903 1,000 1,120,000 5 g. M. & N. N.Y. orMiss.V.Tr.,St.L. .... 1890 ....•• 627,000 6 •···· •········· .•• 1902 See text. 4 g. •••.. . .......•. .... .... 38,000,000 .....• .. .•. Pref. stock, 5 per cent non•cum., $50,000,000.Tr .... . ... 100 44.,400,000 5 in 1903 J. & J. Office, 195 B'way, N. Y. 1st cons. mort. for $42,000,oooigold U• c•&r 1,667 1886 500 &c. 33,517,000 4 g. J. & J. N.Y.,FourtbNat.Bank. (now 1st mortgage) ............ 5 ·· · 1,667 1886 1,000 6,382,500 4lgg. J, & J. do do Improvement mort. ($5,000 per mile) g .. Us.c*&r 1,667 1888 500 8,335,000 5 g. J. & D. do do Bio Grande South'n 1st mort., guar.Oe........... 180 1890 1,000 :x2,277,000 4 g. J. & J. N. Y., Ma.itl'd, Ooppell. Bio Grande Junction 1st mortgage, guar .. Ce.c* 62 1889 1,000 1,850,000 5 g. J. & D. do do Bio Grande Western, 1st M. g.(V.69,p. 284)Ce.c* 436 1889 1,000&c 15,200,000 4 g. J. & J. N. Y.,Morton Trust Co. lstcons.mort.,red.atpa.r,seete:xt,gold.Mo.c" 606 1899 l,0OO&c 12,676,600 4 g. A. & O. do do Utah Cent.1st M., guar. V. 68, t>, 724, g.Mo.. 33 1898 /1,000 650,000 4 g. A. & 0. do do Utah Fuel Co., 1st M., $2,000,000,red.110,1'Io •••. 1901 1,000 750,000 5 g. M & S. do do Pleasant Valley Coa.l, 1st M., s. f,, red. 115.Dio ..•. 1898 1,000 1,162,00U 5 g. J. & J. do do Den11er ti Southw.-Mid. Term. 1st M., g., s. f. F .c* 41 1895 1,000 -i78,000 5 g. J. & D. N. Y., Farm. L. & T. Co. Gen. M., $5,500,000, e. f., not subj. to call.Oo.c* 127 1899 1,000 1r4,923,000 5 g. J. & D. N. Y., Kessler & Co. NEW SECURITIES TO BE ISSUED UNDER PLAN, Gen. M., $3,000,000, sink. fund $25,000 yearly.. •••• 1903 3,000,000 3 &4 g. See text •••••••••• 2d M., cum. inc., $2,425,000...................... .••. 1903 100 2,425,000 Upto5 p. c .ifearn ••••.•.••. Du Moines cf Fort Dodge-Common stock........... • • • . • • • • 100 4,283,000 . •. • •• . . •. . . . . . ••. ••. Preferred stock, 7 p. o. non-cum................... • • • . . • •. 100 763,500 7 in 1903 August. Chicago, C. R. I. & Pac. lstM. l secures 5 BeriesA,int. guar., eDd..F' t S 1874 1,000 1,200,000 4 J. & J. N. Y., First Nat. Bank. Do. 5both equally! Series B, int. gua.r.,end..F 5 88 ~ 1874 1,000 1,200,000 21- J. & J. do do 1st mort. on exten., Tara to Ruthven, int. gu .. F 55 1881 1,000 672,000 4 J. & J. do do D.Mo.Ia. F.cfNo.-lstM.,$14,000p.m.,g.red.Ool.c* 75 1901 1,000 1,000,000 5 g. J. & J. N.Y.,Colonla.l Trust Co. Du Moinu Union-1st M. for$800,000, gold.Oe.c· 4 1887 l,000 671,000 5 g. M. & N. N. Y., Central Trust. Detroit Grand Raven" Mil.-lst equlp. M. gu .... c* 1 8 9 1 8 7 8 ].zOO&oc. 2,000,000 6 A. & O. 5 Nat. Bk. of Comm'ce l Consol mo~., guar. (option-see text) ..•...•.. c* 1 8 9 1 8 7 8 2 uu 3,200,000 6 A. & O. ~ N. Y. and London. 5 Detroi-t Hillsaau cf s. w.-8t'k,4p.c.rent'l,L.8.&M8. 65 .••• 100 1,350,000 4 J. & J. N. Y.,Farm.L. &Tr. Co. Detroit Grand Rapids cf Western-See PE.RE MA.RQ UBTTE RR. ' ,r Of which $42,000 on Nov. 30, 1903, in treasury and $344.,0 00 in the sinking fund. I Also $2,2 33,000 not guaranteed. ··ioo DIVIDEND&S1881 '82-'84 '85 '86 to Jan., '04. Since 1880, p. o. ~ 611,t. 8 yearly 719 7 yearly FINANCES.-The refunding o:t Morris & Essex bonds maturin~ prior to Nov., 1902, reduced the guar. interest charges of the latter aboul ,200,000 yearly; Warren RR. ref11Dding in 1900 a.nd 1905 will reduce charges about $50,000 annually. V. 70, p. 477; V. 71, p. 1066. EABNINGS.-Earnings of leased Unes in New York State for 9 months: 9 mos. end,, Mar. 81. Gro••· Net. Int., T~es,etc. Bat.,Sur. 1903 .••..••..••. $8,453,744 $4,839.789 $1,836,593 $3,003,196 1902............ 4,544,510 1,300,277 1,846,768 def.546,491 .AmmAL REPO.RT.-Fiscal year ends Dec. 31. Annual meeting is held on the Tuesday preceding the last Friday in .February. The report for 1902, with balanee sheet, was in CHRONICLE, V. 76, p. 477. See a.lso editorial, p. 456. The followin~ includes all lines except Syr. Bingh'ton & N. Y., Sussex RR., Bangor & Portland ana Lack. & Montrose RR.: Year end. Dec. 31. 1902. 1901. 1900. Passenger earnings............ $4,592,036 $4,522,383 $4,186,232 Freight earnings............... 15,159,344 17,418,033 15,195,510 Miscellaneous.................. 1,647,384 1,567,218 1,506,021 $21,398,764 $23,507,634 $20,887,763 Net after taxes................. $6,921,342 $9,122,216 $6,265,-184 Coal department (net)......... *792,477 *l,638,643 *1,200,082 Other miscellaneous income.. 401,519 441,390 641,943 Tota.I net income........... $8,115,338 $11,202,248 $8,107,509 Interest and rentals............ $5,250,213 '5,387,854 $5,36~,012 Bentalet advances, etc......... 153,d27 261,212 12,265 Renewa1s and betterments..... 3,058,149 2,523,127 Dividends (7 p. C) ......... ····-· 1,834,000 1,834,000 1,834,000 Balance after dividends ... def.$2,18(),662 sr.$1,196,054 sur.$896,232 * Earnings of the coal department in 1902, $19,445,950; expenses, $18,6531 473; net, $792,477; in 1901, $28,008,747; expenses, $26,370,· 104; neli, $1,638,643; 1900, $22,261,887; net, $1,200,082, OFPICERS.-President, W. H. Truesdale; Chairman of Board, Samuel Sloan; Sec. and Treas,, Fred F. Chambers, 26 Exchange Place, N. Y. Nov. 2, 1903,3 May 1, 1953 .. . . .• .. 19 52 . ••...•• Jan.15,'04,219 Jan. 1, 1936 Jan. 1, 1936 June 1, 1928 July 1, 1940 Dec. 1, 1939 July 1, 1939 Apr. 1, 1949 Jan. 1, 1917 Mch. 1, 1931 July 1, 1928 Dec. 1, 1925 Dec. 1, 1929 Dec. 1, 1933 Dec. 1, 1933 . .•..••. Aug. l,'03, 7% Jan. 1, 1905 Jan. 1, 1905 Jan. 1, 1905 July 1, 1931 Nov. 1, 1917 Nov. 14, 1918 Nov. 15-' 1918 Jan. 5, 'u4,2% Denver Northwestern & Paclftc Ky,-Building from Denver to Salt Lake, about 500 miles, along a line about 100 miles south of the Union Pacific and 125 miles nortll of the Denver & Bio Grande. By arran'1ement with the Ban Pedro Los Angeles & Paciftc a line w11l be established through Colorado, Utah, Nevada and California. Ex• pecte<1 to be completed in about two years. See V. 75, p. 289 Contracts have been let. See V. 75, p. 906; V. 77, p.146, 349. Incorporated inJoly, 1902, with $20,000,000 authorized stock, of which $10,000,000 preferred 5 per oent non•cumulative, all to be issued for construction. together with $20,00~000 of the $22,500,000 4 per cent bonds. v. 75, p. ll47. President, vavid H. Moffatt; Vice-President, W. G. Evans; Treas., W. E. Boss•Lewin; Sec., F. B. Glbeon.-(V. 77, p. 849.) Denver & Kio Grande KR.-(Su Map)-ROAD-The lines of this company, together with those of the Rio Grande Western Ry., whose stock is eubetantially all owned, are well shown on adJoining map. Miles. I Mile,. Road owned and operated ... 2,398 Of the preceding: Rio Gr. Jc. RB.,ero. (leased). 62 Standard gauge .............. 1,538 - - Narrow gauge only..•••••.••• 921 Total June 30, 1903 ..••••.. 2,460 2d track and 3d rail.......... 405 North Fork branch, 43 miles was completed in Jan., 1903. Crystal River RR, 33 miles, was acquired in Oct. .. 1903. V. 77, p. 695,705. HISTO.RY.-Reorganization of a railway company of same name foreclosed July 12, 1886. The Bio Grande Junction ts leased Jointly by this company and the Colorado Midland, and its bonds guaranteed. The Colorado Midland is controlled by parties interested severally in the D. & R. G. and Colorado & Southern. V. 70, p. 739. The Missouri Pacific early in 1901 acqmred$14,800,000 common and $7,300,000 preferred stock, this, together with the Rockefeller interests, it is understood, constitutin~ a considerable maJority of the entire stock.- V. 72, p. 338, 580, 1238; V. 73, p. 506. Dxvs. since l '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 1904 '91 onpf.,p.c. 5 O 2 O O 2 2 21g 4 4 5 5 5 Jan., 219 ST0CK.-During 1901-2 pref. stock was increased from $23,650,000 to $44,400,000, to acquire the Rio Grande Western stock. Through the Rio Grande Western the Utah Fuel Co. was acquired. v. 72, p. 775. BOARD.-Samuel Sloan (Chairman), Fredk. W. Vanderbilt, Wm. W. Astor, The stockholders voted on October 21, 1903, to increase the pre ferred stock from $44,400,000 to $50,000,000 to acquire the Crystal l~::~le~!.glf:mfii~~1k~·T;:it~tf,.~ River RR., 33 miles, tmd for future requirements. <J. Fahnestock, Frank Work, John D, Rockefeller Jr. -(V. 76, p. 48, 4'7'7, 541,918, 1029; v. 77, p. 541, 2159, 2280.) BONDS.-Consols of 1886 for $6,900,000 originally reserved for extension to Ogden (made unnecessary by acqulsition ot Bio Grande Delaware 1'Ia)."yland & VlrglnlaKK.-0wns from Harrin~on Western) may be used for other capitalrequlrements. V. 73,p. 507, '°Rehoboth, Del. 44 miles; Georgetown to Franklin City, Va., 54mlles; See abstract of mortgage in CHRONICLE, V. 47 p. 228. total, 98 miles. Controlled by Plilla. Balt. & Wash., which owns $326,· The impr<nement mortgage abstract was in CHRONICLE, v. 47, p. 229. 200 of the $526,758 stock (par$25>, and so by Pennsylvania RR. Bee of R. G. W. lst mort. wa!I in V. 49, p. 237, and statement V. 50, p. 498. Loans and bills payable, Oct. 31, 1902, $184,800; other toAbstract New York Stock Exchange in V. 50, n. 73; a.lso V. 69, p. 284. floating debt, $480,024. In year ending Oct. 31 1902, gro11e $263,181; The Bio G. W. first consoi. 4s of 1899 a.re secured by a first mort• net1. $40p86; interest, taxesi etc. 1 $48,718; baianceL«!~ftcit for year, gage, ettherdtrectly or by all their securities, on 173 miles of branch $7,~32, out this does not inc ude mterest on the ftoawng debt. lines, and further by a second lien on 438 miles of main line and other road, and on all new mileage to be constructed and rolling stock purDelaware & Northampton KK.-V. 76, p. 810. chased, including 50 miles of branches to Heber and coa.l uiines built in Delaware River KR. & Bridge Co.-Owns a bridge over the '99; $15,200,000 a.re reserved to retire the 1st 4s, $2,163,000 were exDelaware River near Philadelphia and about 10 miles of connecting changed tor $2,850 000 treasury branch line bonds; $10,000,000 have rallroad. Capita.I stock ($1,300,000) is all owned by the Pennsylvania been sold; $8,000,000 were issuable at not exceeding $500,000 per an• RB., which guarantees the bonds, principal and interest, by endorse- num for equipment and improvements. They are also secured by a ment on ea.ell. Dividend for 6 mos., 2 p. o., paid Dec. 1900; 1901 and first lien on the entire $10,000,000 stock of the Utah Fuel Co. Addi· 1002, 4 p. o. yearly (2 J. & D.); 1903,July, 2 p. c.; Dec., 2 p. c. Sink. fund tiona.l oonsols may a.lso be issued a.ti $20,000 per mile for future ts 1 p. c., but bonds cannot be called. Guaranty in v. 63, p. 1062, 1159. branches and extensions or for underlying liens of acquired road11. Delaware Susquehanna & Schuylkill KK.-Owns main line See application to list in full, V. 72, p. 537. V. 72, p. 775, 1189, List from Drifton, Pa., to Gowen, Pa.:, 31 miles; branches, 17 miles; total of securities deposited as collateral June 30, 1903, v. 77, p. 707. owned 48 miles. Tra.ckag&-Lehigh Valley RR., etc., 133 miles. LATEST EARNINGS.-Froin July 1 to Nov. 30, 5 months: Opened Feb. 151 1892. The road is controlled by Coxe Brothers & Co., 5 mos.Gross. Net. 0th, inc. Onarges. Bai., 1ur. Ilic., the coa.l mmers. DIVIDENDS Oct. 18, 1892, 40 p. c. in cash; Nov. 1903 ..... $7,750,189 $3,032,774 $70,644 $1,665,808 $1,437,610 25, 1893, 20 p. c. in cash and 50 p. c. in stock; Sept. 26, 1894, 262s p. c. 1902. .• .. 7,833,894 3,201,902 57,326 1,617,135 1,642,093 tn cash; 1899 to 1901, 4 yearly, 1902, 5; in 1903, May, 6 p. c. (M. & N.). A.NNUAL REP0RT,-Full report for 1902-03 in v. 77, p. 691, 704, the EARNINGS,-ln year 1902-03 gross, $861,295; net, $139,044; inter• Grande West. being included in two later yea.rs only. See p. 671. est and depreciation, $53,570; dividends (5¼ p. c.), $82,500; bal., Rio Year ending June 30- 1903, 1902. 1901. 1900. sur., $2,974.-(V, 75, p. 666.) Average miles oper'ted 2,378 2,347 1,668 1,674 Delaware Valley Ky.-V. 77, p. 510, 1873; V. 78, p. 286. $ $ $ $ Denl8on Bonham & New Orleans Ky.-Denison to Bonham, Gross earnings .•••••.•• 17,304,55917,036,82811,452,404 10,246,080 Net earnings........... 6,674,709 6,705,286 4.,328,506 3,760,241 Tex., 29 miles. Operated since completion Dec. 1, 1901, by the Mo. 209,717 165,762 111,374 113,684 Kansas & Texas under a ten•year contract. In Sept., 1903, parties in• Other income.......... terested in the road acquired the Velasco Brazos & Northern Ry. Total net income....... 6,884,426 6,871,048 4,439,880 3,873,925 Anchor to Velasco, Tex., 20 miles. V. 77, p. 823. Stock, $480,000. I~ Interest on bonds...... 3,083,404 2,898,093 1,855,122 1,882,106 Feb., 1903, permission was given to issue $325,000 30•year gold bonds. Taxes and insurance.. 662,041 580,016 396,471 357,527 on road between Bonham Jct. and Bonham; V. 76, p. 381. President New equipment........ 500,000 130,161 Ed. D. Stager; Sec., John W. Russell.-(V. 76, p. 381; v. 77, p. 823,) ' Betterments, etc....... 296;420 ......•. 436,797 sio:314 274:864 319,829 Denver Lakewood & Golden KK.-Embraces 27 miles of Miscellaneous.......... 946,000 track, of which 22 steam, Denver to Ralston, and 5 trolley, Denver to Dividend on pf. stk.5% 2.220,000 2,220,000 1,182,500 Barnum. W.W. Borst, receiver. On May 17, 19021!...foreclosure decree Ba.lance, surplus....... 185,764 a62,625 730,923 238,302 was entered. V. 74, p. 1139. Stock, $1,000,000. ~·or 1901-02, gross, OFFICERS-Chairman of Boa.rd, George J. Gould; Presiden~E. T. Jef$68,660; net, $17,489. President, Samuel Newhouse.-(V. 74, p.1139.) fery; Vice-Pree. and Gen. Mgr..: ~ussell Harding;Treas., J. w. Gilluly; Enid & Gu lfKK;::.Projected from Guth:rie;ro . T.; north• Sec. and Comptroller, Stephen Little. Office, 195 Broadway, N. Y. west to the Kansas State line at a point near Alva, O. T., 130 m., of Directors.-George J. Gould, Mortimer L . Schiff, Edward H. Harriman which Guthrie to Enid, 56 m., in operation in Oct., 1903. Stock amhor• Winslow S. Pierce, E.T.Jetfery, Edwin Gould and ArthurCoppell, New York: tzed, $15,000,(;>00; outstandi ng, $1,120,000; par of shares, $100. Russell Harding, St. Louis; Edward 0. Wolcott. Denver, CoL ' Bonde are limited to $20,000 per mile. V. 77, p. 769. President, -(V, 77, p. 145,691, 8V4, 704, 1294, 2097, 2280.) Breckinridge Jones; Secretary _and Treasurer, Henry Semple Ames, Denver & Southwe8tern Ky,-Divide, Col., to Cripple Oreek both of St. Louis.-V. 76, p. 1355, V. 77, p. 88, 769. and Florence, etc., 77 miles; Victor to Isabella, 6 m.; branches and spurs j~f:iuif~!:.~: i:~i!r·e~t~~11:~ -wennr https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .Bushnell NEBRA PAC. A R .. _,. MAP OF THE . . . _, . .: • • • 0 • .·-:.· • ~ ., e : I • • I l 0 ·. • • : DENVER. &, RIO GRANDE SYSTEM D£NV£R & RIO GRAND£ a::::cs::a:cccz::ic:1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RIO GRANDE WESTERN . . ':. ' ...... ; • . e f I I: . . : Claremont JAN., 1904, l RAILWAY STOOKS AND BONDS. RAILROADS. - - - - - - - - - - - - - - - - - - - - - 1 Miles Date Size, or B'or explanation of column headings, &o., see notes of of Par on first page of tables. Roa.d. Bonds Value. Detroit Lansing" Northern-See PERE MARQUETTE RR. Detroit <I Mackinac-Prat. stock. $1,000,000 a,nth. .. . . . . .. "1st lien," $1,500z..OOO, l;(Old.1'10 •....... . . •. .... c· "Mort. bonds" $1;,50,000 gold,red.atpar.Mo.o* Det.So.-lstM.,g.,$4,500,000,rtd.to'06at105.Ce Mortgage, $10,000,000 gold.Co ....... . ...••.•.. o* Ohio South'n, equip. notes, due $6,560 monthly. Detroit So. oar trusts, gold, payable Oot. 1, y'rly.. Det.d!Tot.~lla..L.-lstM $3,000,000,g.gu.p.&1'1e.o"&r D<YDer d! Rockaway-St.ook,6 p. o., renta.1999 years. lstmortga.ge ...••...................•.... ··--··--· Dub. d! 8. Oity-Ill. Cen., W. llnes, 1st M.,g. Us.o*&r Iowa Falls & Sioux City 1st M., Ia. F. to 8. City.. Cher & Dak.,C. R. &O. and Omaha.Div.,etc.,lstM. Duluth ti Iron Range-lat mortgage.Mp ...... o&r 2d mort., currency, red. at 105, $5,000,000.Ce.o* "Duluth. Missabe <I North'n-lat mort., gold, s. f.... 1st consol. M., $3,500,000, g., ca.lla.t105 ....... Ce 2d mort. ($5,000,000) gold, red. at 105 .••... ce.o "Dututh8o.8h.<1Atlantic-Marq.H.&On.gen.M.Ce.o• Duluth Bouth Shore & Atla.n., let M., gold.Ce.o&r First consol. mort., goldi interest guar.Ce.o*&r Ino. certs. ($3,000,000 he d by C. Pao. July, '02) Oar trusts July 1, 1903.......... .•....•....•••.••. Dul. Va. <I Rainy Lake-lat M., $2,000,000, g ... o* Dutchess Oounty-Bee CENTRAL NEW ENGLAND. But Broad Top RR. d! Ooal-lst mortgage ...••... r All 1895 All 1895 263 1901 389 1901 ··-· •••• .... ·· -· 51 1903 ···5 issi 218 184 328 184 184 65 130 130 156 416 572 •.•• .••• .••• 1895 1869 '88-00 1887 1896 1892 1893 1898 1885 1887 1890 1892 . . •. 19 0 2 . ••• 1873 :::: fe':i~™f!a!f!=~::a·p~o·gu:9!ioirs:Pwi~&R~ ·as .... lstM., gold, guar. p.&1. byP.& R. RR. (end.) .•. o,. 36 iSSS Ba•l Tenn. Va. ~ Ga.-Bee SOUTHERN RY. But Tenn.ti W.N. Oar.-lat .M,$250,000.GuP.our.o. 31 ou-tJ:t~~g · INTEREST OR DIVIDENDS. -----------------,pal,WhenDue. Rate Per When [Where Payable, and by Stocks-Last Cent. Payable Whom. Dividend. $100 1,000 1,000 1,000 1,000 .•..•• $950.000 See text. See text N. Y., H. K. MoHa.rg. 1,0150,000 4 g. J. & lJ. tf.Y.,J.P.Morgan~Co. 1,250,000 4 g. J. & D. do do 4,294,000 4 g. M. & 8. N.Y.,C6lon1a.1TrustCo. 3 ,866.000 4 g. J. & D. do do l 54,315 5 & 6 M·nthly New York. 360,000 412g. A. & 0. Mer Tr.& Dep.Co, Balt. 2,000,000 4 g. J. & J. N. Y., Meroa.nt. Tr. Co. 100 140,000 6 A. & O. N_. Y ., 143 Liberty st. 1,000 35,000 6 J. & J. do do 1,000 5,425,000 4 g. F. & A. N. Y., Office, 214 B'way. 500 &o. 2,800,000 7 A. & O. do do •••••• 8,430,000 IllinoisO entraJ bonds or collateral there 1,000&o 6,732,000 5 A. & O. N. Y., Of.,EmpireBldg. 1,000 See text. 6 J. & J. do do •...•• 1,174,000 6 g. J. & J. .•..••..•. 1,000 1,589,000 6 g. J. & J. N. Y., Central Trnst Co. 1,000 4,:!61,000 5 g. J. & J. do do 1,000 1,077,000 6 A. & 0. New York,« Wall Bt. 1,000 3,816,000 5 g. J. & J. do do 1,000 15,107,000 4 g. F. & A. New York or London. •••••• 3,000,000 4 .••.. New York. ••.... 295,111 •••••• .••.. 1,000 Bee text. 5 g. M. & B. Minneapolis, Minn. i:ooo 1,000 gg 1,000 1881 413 B 0nds--Pr1noi• Jan. 2, '04, 219 June 1, 199b June 1, 1995 Moh. 1, 1941 June 1, 1951 To Nov., 1905 To Oot.l, 1912 Jan. 1, 1953 Oct., 1903, 3% Jan. 1, 1906 Aug. 1, 1951 Oct. 1, 1917 for. Oct. l, 1937 Ja.n. 1, 1916 Jan. 1, 1922 Ja.n. 1, 1923 Jan. 1, 1918 Apr. 1, 1925 Jan. 1, 1937 Aug. 1, 1990 Dec. 31, 1912 1903 to 1906 .Moh. 1, 1922 500,000 497,750 1,730,450 495,000 4 5 J. & J. Jan., '85, int'st last pd. July 1, 1903 J.& D.15 Phila.,Pa., Read. Term. Deo.15,'03,21- 250,000 6 M. & .N. Phila. Gu. T. & S. D. Co. Nov. 1, 1905 J. & J. Phil., Phil. & Read. Ry. Jan.16,'04,39', 6 4 g. M. & 8. do do Moh. 1, 19l>8 Detroit & l'flacklnac Ry.-Owns from Bay City, Mich., to Tower 174 miles; Rose City Branch, 32 m . Prescott Branch, 12 m.; Valen• tine Lake Branch, 26 m .; Lincoln Branch, 14 miles; various logging branches, (largely temporllJ."y) 80 miles; total, 337 miles. Extension north from Tower to Cheboy~an. 22 miles, is to be completed about Feb,, 1904. and to be continued to Mackinaw in 1904, 23 mileR further. 69, p. 851, 1011, 1103; v. 72,p. 984; v. 74, 880. In 1902·03 carried 886,316 tons, of which forest products furn1shed STOCK AND BoNDs.-Common stock, $3,000,000; 5 p. o. non-cum. pre· ferred stock, $2,000,000; par of shares, $100; There are $32,000 Mid• 67·51 per cent. HISTORY, ETO.-Formed in December, 1894 to succeed the Detroit land Terminal and $115,000 Flor. & Orip. Creek 5 p. c. equip notes. Bay City & Alpena, sold in foreclosure. In May, 1902, Henry K. Mo• RBORG.A.NJZATION PLAN.-The plan issued in Oct., 1903, and i;riven in full in V 77. p. 1533, 1542, provides for the payment of the :floating Barg and associates a.cQulred control. Bmms.-" Mortgage bonds" tor $500,000 were reserved for betterdebt, about $600,000 in all, the retirement of the general 4s outstandmentR, etc.• at not over $50,000 per year. V. 74, p. 629. In addition ing and the issue of the new bonds shown in the table above. The new ~enera.l mort~age bond-1 bear interest at 3 p. o. tor the first to the amounts shown above as outstanding, $450,000 ••first lien" and year, payable Dec. 1, 1904. thereafter 4 p . o.. payable semi-annually, $50,000 ••mortgage" bonds were on June 30, 1.903,held in the treasury. a.nd have a cumulative yearly sinlling tu11d of $21> .000 (appl•ca.ble to STOCK.-The ca.pita.I stock ts $3,000,000, of which $2,000.000 com· purchase of bonds) payable tf earned to D ec. 1, 1908, and compulsory mon and $1,000,000 5 p, o. non•oum. preferred. Bee V. 74, p. 629, thereafter. The holders of the cumulative income boni's will have a First div. on pref., 2¼ p. o., paid July 1, 1903; in 1904, Jan., 2½ p. c. preponderance of voting power while tntere11t is due and unpaid. L.A.TES'l' EARNINGS ....i 1903 .•.••••. Gross, $407,820; net, $131,222 Both issues will be secured by all the propPrty of the company a11d in addition the equity in Florence and <..;ripple Creek equipment, valued 5 mos., July 1 to Nov. 30, 5 1902 ........ Gross, 347,b24.; net, 103,093 E.A.RNINGS.-Report for year endtng June 30, 1903, was in-V. 77, p. at $3.10,000. The annual fixed charges are reluoed from about $378,000 tlnclud• 1531, showing gross, $953,708; net, $287,496; interest, $92,000: div. ing $108,000 sinking fund) to $142,750 for tbe first year and $172,750 on pref. (2¼ p. o.), $23,750; bal., surplus for year, $171,746.-(V. 75, thereafter, with $25,000 additional for sinkin~ fund after Deo.1, 1908; p . 84~, 1027; v. 76,p.l248; v. 77. p. 1531). net earnings are conservativt-ly estimated at $200,000 yearly. Detroit Southern KK.-Operates from Detroit, Mioh.,to Ironton, The old general 5s Wlll reoei ve 60 p. c. in new general mortgage via Lima, 3Rl mileti, inoludin~ 43 miles of trackage; branohes, Kin~bonds and 50 p. c. in new second mortgage incomes. In Jan. over man to Sed , lia, 0 ., '31 miles and .iaokson to Cornelia, 20 miles; total, 97 p. o. ot bon<ls had been deposited. V. 78, p. 287. 432 mtles; coal mine tracl! s , yard tracks and sidings, 120 miles. Con• EARNINGB.-For 10 mos. ending Sept. 30, 1903, gross . $851 528; net, stttutes a route from the bituminouR coal ttelds in SouthPrn Ohio. In $161,941; interest on bonds, $225,386; sinking fund, $89,704; bal., Aug., 1902. acquired thA Iron Ry., Ironton, O., to Centre, 14 miles, def., $153,149. included above, and built connecting lines. V. 76, p. 1355. REPORT.-Report for yea.rending Nov. 30, 1902, was in V. 76, ORG.ANIZATION.-A consolidation of the Ohio Southern RR. and the p. 702 showing gross, $1,088,701; net, $142,064; interest on bonds, Detroit & Lima Northern Ry. on June 1, 1901, after foreclosure, per $270,363; sinking fund, $108,655: div. on oref. (114 p. o.), $25,000; div. plan V. 72, p. 4.38.-V. 72, p. 626,722, 1034, 1080. on com. (llg p o.). $45,000; bal., deficit, $306,954. In 1900-0t, gross, STOCK.-Common authorized. $16,000,000: preterred 4 p. o, non· $1,849,069; net, $660,651. President, W. K . Gillett; Secretary and cum., $10,000,000, both as increased July, 1903; outstanding common, 1'reasurer, John Gorlow. Office, 54 Wall St., N. Y.-(V, 78, p. 287.) $10,500,000; preferred, $6,500,000. V. 77, p. 1871. Des Moines & Fort Dodge KK.-Owns Des Moines to Ft. Dodge. VOTING TRUBT.-Both classes or stock are vested until June 1, 1906 Ia., 88 m., and Tara to Ruthven.J 55miles; trackage, Illinois Central, Tara to Fort Dodge Junction, inoluaed above. Lea.sad Jan. .1, 1887, to Chio. (unless surrendered earlier at their discretion), in the following_ voting trustees: Frederick J . Lisman, John E. Borne, Evans R. Dick, l,'YrUB J. Rook Isl. & Pao. for 18 years at rental of 30 per cent of gross earns., with a guarantee of 4 per cent interest on the Series A bonds, and 2¼ per Lawrence and Leopold Wallach. BONDS.-The $4,500,000 40-year 4s are secured by a. purchase cent per annum on the Series B bonds, both series being equally secured by the mo~ase of 1874. The series B were originally 6 per cent in- money lien on the Ohio Southern Ry. (Lima to Wellston and branches, comes, but their coupons have been stamped, reducing the interest rate in all 263 milflB) ; upon their retirement. for which ~.500,000 of to the 2¼! p. o. guaranteed. Preferred stock is entitled to 7 p. c. non- the fifty year 4s a.re reserved, the latter will be a fl.rat mortgage on all the consolidated properties. Of the 50-year 4s $2,034,000, to• oumulative, then common 1io 7 p. c., after which both share equally. DIVIDENDS.- I 1893 '94 '95 '96 to '93 1899 to 1903 gather with $500,000 each of preferred and common stock, were re• served for extensions and improvements, and $273,000 of the 40• on pref. (p. o.) 5 2 4 4 6 yearly 7 yearly Rental tor year ending Dec. 31, 1901, $207,573; for 1900 was $189,· year 4s for improvements on, and equipment notes of, the Ohio South• ern RR. See statement, V.72, p.1237; V.73,p.1261; V.75,p.666, 906. 894.-(V. 75, p. 133; V. 76, p. 1248; V. 77, p. 250, 451.) LA.TEST EARNINGB-5 mos.,~ l!l03 ....... Gross, $73~,646; net, 149,RSO Des Moines Iowa Falls & Northern Ry. --Iowa Fa.Us, Ia.. to July l to Nov. 30. 51902 ....... Gross, 62.>,613; net, 136,550 Des Moines, 75 miles; completed Aug., 1903. In Dec., 1903. extension REPORT.-Report for year ending June 30, 1903. was in V. 77, p , north from Iowa. Falls to Mason City was propos~d. St.ook author• 1 871, showin g on 38 1 miles, ~r oss, $1,444,900: net, $354,965; int. and !zed, $1,2()0,0< O. Bonds are subject 1io call at lOf> on and after July 1 , 1906; they are llmited to$14.000 per mile, with !650,000 additional for taxes, S-3 <12,673; bal., rnr ., $12,292. In 190 L-2, 11 ross, $1,239,906; net $244,796. The e a rnings of the Iron Ry., s eparately operated, were Des Moines terminals. Pres't, E. S. Ellsworth, Iowa Falls; Seo., J. H. gross, $ 86,898 : n et. $34,<>40: ~axes, $3 876; interest , $"14.000; bal.• Funk; Treas., W. H. Woods.-(V. 74, p.1038; V. 76, p . 158.) ur., $6, 163. Directors, October, 1902, V. 72, p. 1080; V. 76, p. 1355; s Des Moines Union Ky.-Terminal road in Des Moines; owns 4 miles main track and branches, 14 miles 2d and side tracks, bridge v. 77, p. 176, 1225, 1533, 1871, 2280, 2389. Detroit & TolPdo Shore Line KK.-Extends from Toledo to across Des .Moines River and 25 a.ores of land in Des Moines. See statemeDtto N. Y. Stock Exchange V. 65, p. 1173. Leased to Wabash. (suburbs of) Detroit, 51 mileE!, of whloh 20 double track; l aid with RR., Chicago Great Western, Chio. MU. & St. P. Ry, Chicago Burling- 80 lb. steel rail. Road open ed Sept. 8, 1903. The Toledo Ry. & Ter• ton & Quincy RR. and Des Moines Iowa Falls & Northern Ry. V. 75, min~l's facilities a,ri, used. V. 77, p. 628. The Grand Trunk Western Ry. and the Toledo St. Louis & W estern RR. p. 342. Rental equal to expenses and fixed ohar,qes paid monthly b y lessees on wheelage basis. Stook authorized, $2,000,000; outstand ing . own the entire stock and jointly guarantee the bonds, prin cipal and $400,000; par $100. Bills payable June 30, 1903, $88,171. For year i nterest, by endorsement. Bee form of guaranty, V. 76, p . 653. Of the 1902-03, gross, $240,535; net, $52,910; charges, $52,910.-(V. 75, bonds $1,000,000 are reserved for extenl!!ion:1 and improvements.V. 76, p. 1300; V. 77, p 88, 250, 628.) p. 342.) Dominion Atlantic Ky.-(V. 71, p. 29, 84; V. 72, p. 86, 1279.) Detroit Grand Haven & Milwaukee Ky .-Owns from Detroit to Grand Haven, Mich., 189 miles. A reorganization of Septem• Dominion Securities Co . -Organlzed tn May, 1901, under New ber, 1878. The principal and interest on the bonds are guaranteed by Jersey laws. Owns 90 per cent of the stock of the Oa.p e Breton Ry., the Grand Trunk of Canada. Stock, $1.500,000; par, $50. R1;1al estate (V. 73, p. 183 1 392), 60 per cent of the stooll: of the Nort h American bonds or mortga~es, $226,000. On June 30, 1901, sundry outstanding Lumber & Pwp Co. (V. 74, p. 887,991) , etc. See V. 74, p. 986, 1139. accounts, $356,520. Grand Trunk of Canao.a owned Dec. 31, 1902, In June, 1902, a reorga,nization committee, James G. Cu.nnon, Chairthe $1,500,000 stock. &.a to offer to bondholders in 1900, see V. 71, p. 84. man (Metropolitan Trust Co. , N. Y., depositary), requested deposits. For 6 mos. ending June 30, 1903, gross, $559,852; net, $110 ,135; V. 74, p. 1251, 1308. Stook outstanding, $1,681,800, par $100. Office, charges, $180,044; bal., def., f69,909. 22 Pine St., New York.-(V. 74, p. 13u8; V. 75, p. 29, 441.) EARNINGS.- 5 mos.,~ 1903 ..••••.•••• . Gross, $58g,032; net, $156,702 Dubuque & Sioux City KR •..:(See Map of Rhnois OentralJJuly 1 to Nov. 30._ 5 1902.... . ... . Gross, 530,801; net, lM,269 Owns Dubuque, Iowa., to Iowa Falls. 143 miles; Iowa Falls to Sioux For year ending Dec. 31, 1902, gross. $1,151,361; net, $279,600; City, 184 miles; Manchester to Ced~ Ba.pids, 42 miles; Onawa., Iowa, oha.rges, $361,208; bal., def., $81,608. For 1901, gross, $1,077,220. to Sioux Falls, Dakota, 155 miles; Cedar Falls to Minnesota. State Line Detroit Grand Rapids & Western.-See Pere .Marquette RR. (merged by consolidation in 1896), 76 miles; Tara Station, near Fort Dodge, Ia., to Council Bluft's, 130 miles; iota.I owned, 730 miles. Det.rolt Hillsdale & Southwestern KK.-Owns from Ypsilanti, ORG.ANIZ.A.TION.-Controlled since April, 1887, by the Ill.Central BR., Mioh., to Bankers Mich. 65 miles. Leased in perpetuity from July 1, which owns all except a. few hundred aha.res of the $15,000,000 stock 1881, to the Lake Shore & Michigan Southern Co.; the rental is $54,000 (as increased June, 1900). and has issued tte own bonds on the road; per year--4 per cent on stock. the only D. & 8. 0. bonds held by the publlo are the 7a iasued llllder Detrol11'1acklnac k Marquette KK,-SEE .MISOELL.A.NEOU8C08, Iowa. Falls & Sioux City mortgage, $2,800,000. to mines, etc., 41 miles; total, 125 miles, of which 43 miles standard gauge. Incorporated in Nov., 1899, to acquire Midland Terminal Ry., Florence & Cripple Creek RR., Golden Circle RR., La. Bella. Mill Water. & Power Oo,, Colorado Trading & Transfer Co. and $225,000 bonds of United Sta.tea Reduction & Refining Co. Bee prospectus, V. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOOKS AND BONDS. 414 RAILROADS. l'or explanation of column headings, &o., see notes • on first page of tables. Ea,stern Kentucky Ry.-Stock ($1,779,500 ls pref.) Eastern Ry, of Minnesota-See GREAT NORTHERN. Illgi:n Joliet cf Eastern-1st M. ($10,000,000) g.Ce.o* Illmira Oortland cf Norfhern-See LEHIGH VALLEY Jllmira&Lake Ont.-BodusBay &So.-lstM., ~- Uno Jllmira & William~ort-St'k, com., 5 p. o. ren'l, N .C. Preferred stock, p. o. rental, 999 yrs., No. Cent. 1st mortiage.....••.....••...•••••••••••.••.•..•••• . Income onds, 99 years to run •...•...•.• . ...•.. o* Erie & Pitts.-Stock, 7 p. o. rental,999 yrs .•PennCo. General mort. (now 1st) $4,500,000, g., guar. Un Brie Baih-oad, Oom.pany-Oommon stock. ..••••. 2d pref. stock, 4 p. o. non-cum ·--· ····•--1111' ~- ~ 1st pref. stock, 4 p. o, non-cum.. . . •••. . • ••••. A-Old Bonds ABBUMED-ROADB CONSOLID.A. N.Y. &E. 1st M.,P1erm. to Dun., ext., '97, gold..o" 2d mortgage, (extended in 1879) gold .•••.••. o* 3d mortgage, (extended in 1883) gold .•••.••. o* 4th mortgage, (extended in 1880) gold .•••••. o* 5th mort~~e (extended in 1888), gold ..••••. o* Erle R'y,ls .,Buff. Br., Hornellsv. toAttloa.,g.o* 1st oonsol. mort., $30d.OOO,OOO, gold, $ & £. F ,o* N. Y. L. E. & West. fun ed o~on bond~ld.o* Buff. N. Y. & Erlei 1st M. (B hlo to Co g .. o* Btlff. & Southwy st M., Buff. to Jamestown, ·o* Newburg & N. . 1st M., g., extended in 188 .o* B-Bonds ON PROPERTIES CONTROLLED BY *Bergen Co. RR., 1st M.,Ruth. Jo. to Rld~w. N.J. *Oh.&ErielstM.,gJMarlon,O.,toHam'd, dCe.o" Ohloago & Atlan o Terminal, 1st mort., g,Oe .. tElmira State Line Railroad, 1st mortgage ..•... ,rGosh. & Deok't'n, 1st & 2d M's.,($60,000 a.re 2d) ff 1Jonds-Prlnc1· INTEREST OR DIVIDENDS. Miles Date Size, or Due. Amount Rate Per When Where Payable, and by pal,When of Par Outstanding of Stocks-Last Cent. Payable Whom. Dlvide:ud. Road. Bonds Value. ··-· ---· $100 $3,447,300 181 RR. 100 751.g 751.g 751.g 1891 1,000 8,500,000 1884 500,000 1,000 g. 500,000 50 50 500,000 7 1,000 963,000 6 500 570,000 5 50 2,000,000 7 1,000 31.g g. 4,287,000 100 112,378,900 100 16,0Q0,000 100 47,892,400 See·teit. ---· i860 1863 ·s5 85 isoo .... .. .. . --· ··- .... TED. Gross. Netovertaxes. 0th.inc. --- ..... 5 g. M.&N. g ······ Balance. ........ May 1, 1941 .... ••.• ... . ... ........ F_-·& A . N,Y., J.P. Morgan & Co. Feb. 29:•io<!, 2 ··-· Interest . .... . ..... N. Y., 71 Broadway. J. & J. N. Y., Nat. Bank Com. July 1, .J.924. M.&N. Phlla., Broad St. Sta. Nov., 1903 J. & J. do d.o Jan., 1904 do J. & J. do Jan. 1, 1910 A.. & o. do do Oct. 1, 2862 Q.-M . N. Y.d~nion ~ t Co. Deo.10,'03,llla. J. & J. July 1, 194.0 ···; 1902-3 .. $2,772,134 $813,831 $14,665 $859,700 def. $31,204 1901-2 .. 2,690,569 873,742 6,285 859,700 sur. 20,327 President, W. F. Fitch, Marquette, Mioh.-(V. 75, p. '7'20, 120~; V. 77, p. 769, 1221.) Duluth Virginia & Rainy Lake Ky.-Projeotedfrom Virginia, Minn., northerly to Koochiching, 97 miles, with branches, of which 35 miles of main line with 12 miles spur were completed in Oct., 1903. Stock authorized, $2,000,000. In March, 1902, .filed a mortgage to the Minnesota Loan & Trust Co. of Minneapolis, as tr11Btee, to secure $2,000,000 bonds, of which $1,500,000 are issuable at $15,000 per mile of single track and remainder for rolling stock, etc. President, Wirt H. Cook; Secretary, Frank W. Helmlok.-(V. 74, p. 679, 936.) Dun.kirk Allegheny Valley & Plttsburg.-Owns from Dun· kirk, N. Y., to Titusville, Pa., 91 miles. A consolidation in 1872 Operated since Oct. 1, 1901, by the Lake Shore & Mich. So. Ry. for account of New York Central, to which leased for 500 years from 1873 at 11.g p. o. on stock. Capital stock, $1,300,000, N. Y. Central & Hudson River Co. owning $1,067,600; par $100. For year ending .June 30, 1903, gross, $305,429; net, after deducting taxes ($13,628), $36,621: charges and dividends, the latter, $19,500 (llgp. o.), paid by N. Y. Central.-(V. 70, p . 1290.) East Broad. Top KR. & Coal Co. (Pa.)-Owns trom Mount Union, Pa., to Woodvale, Pa., 31 miles, Shade Gap RR., 11 miles, and branches to mines, 3 miles. The Shade Gap RR. was to vote Aug. lSz..1902, on consolidation. See V. 75, p. 77. A coal road, opened tn 18·14. Stock $815,589 (par $50), of which $247,189 ls 6 p. o. pref.; current lla.bllities June 30, 1902, $365,808. First mortgage 4s ($500,· 000) due July 1, 1903, remain unpaid; no interest paid thereon since 1885. Other bonds, $42,888, int.1 6 p. o., payable M.-N. Year 1901-02, ~ss, $104,290; net, $19,089; mterest, etc., $24,781; bal., deficit, lJi5,692. President, Wm. A. Ingha.m.-(V. 77,p.145), East Louisiana KK.-Pearl River, La., to Covington, 24 milesi branch, Mandeville Jct. to Mandeville, 12 miles; total, 36 miles. In .Jan., 1901, control was changed. V. 72, p. 87. Stock, $1,000,000; issued, $340,300; par, $100. Year to June 30, 1903, gross, $87,311; net, $2z690; total deductions, $3,919; ba.l., sur:t. $1,771. President, F. B . .t:1.ayne, New Orleans, La.; Treas., C. K. Mruungs, Covington, La. -(V. 72, p. 87). https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ·---·· 447 1847 1,000 2,482,000 4 g. M.& N. 2,149,000 5 g. M. & 8. 447 1849 1,000 41.gg. M.& B. 447 1853 1,000 4,617,000 475 1857 2,926,000 5 g. A. & 0. 475 1858 5J6°l~. 709,500 4 g. J. & D. 182,600 4 g. J. & J. 60 1861 200 &o. 526 1870 1,000 16,891,000 7 g. M.& S. 526 1878 500 &o. 3,699,500 ~ g. M. & s. 140 1876 1,000 2,380,000 J. & D. 67 1877 50 &o. 1,500,000 6 g. J. & J. 12 1868 1,000 250,000 5 g. J. & J. OwNE RfiHIP OF ENTI RB(*)ORAM AJORITY (t)OFOA 10 1881 1,000 200,000 A.. & o. 6 5 g. M.& N. 250 1890 1,000 12,000,000 1888 1,000 300,000 5 g. J. & J. 1875 500 &o. 160,000 A.. & 0. 7 Vario118 '68-'69 246,500 6 DIVIDENDS SINCE 189(-1895, Dec., 1; '96, 3; '97, 2; '98,319; '99, 119; 1900, 3; 1901, 11.g; 1902, Jan. 1.-(V. 70, p. 1290.) Duluth & Iron Range KK.-Owns Duluth to Ely, Minn. 119 miles, with branches to Mesaba Range Mines, Fayal, etc., 65 miles. Owns ore docks and yards on Lake Superior costing over $1,500,000. STOCK, ETC.-Btook authorized, $10,000,000, outstanding $3,000,000; par $100. Land grant from Minnesota about 506,000 acres, of which 201,790 acres had been patented to it prior to April 30, 1895; V. 64., p. 104.1. Federal Steel Co. (see U. 8. Steel Corp.) owns the stock and $3,500,000 of the $4,500,000 2d mo~age bonds. (V. 66, p. 1237.) The first mort. bonds are authorized at tne rate of $25,000 per mile fo oonstruotlon and $7,000 for equipment. Dividends prior to 1900 agir)'eita.ted 100 per cent; in 1901-2, 6 p. o. For year ending June 30, 1903, gross, $6,029,939; net. $3,578,294; other income, $3~_,827; inte~est, $606,600; depreciation funds, $448,· 351; balance, surpius, $2,566,170.-(V. 67, p. '7'1.) Duluth Ifllssabe & Northern Ky .-Owns from Duluth to Moun• -t a.in Iron, Minn., 77 miles; branches and spurs, 76 miles; trackage to Union Depot, Duluth, 2 miles; total, 155 miles. Entire $2,512,500 stock and $2,125,000 of the bonds a.re owned by Lake Superior Consolidated Iron Mines, and so by United States Steel Corporation with $1,100,000,000 of capital stock. V. 72, p. 1038. E.A.RNINGS.-For 6 mos. en.ding June 30, 1903, gross, $1,853,278, against $1,662,680 in 1902; net, $1,114,898, against $1,103,570 in 1902. .For year ending June 30, 1902, gross, $3,755,416; net, $1,202,954; other income, $104,602; charges, $762,630; bal., surplus, $544,926.(V. 72, p . 183; V. 74, p. 205; V. 76, p. 212; V. 78, p. 287.) Duluth Sonth Shore & A.tlantlcKy.-OperatesDuluth to Bault Ste. Marie, 415 miles; "Boo" Junction to St. Ignace, 43 m.; other, 115 m.; total, 573 miles, including 10 miles of trackage. Controlled by Canadian Paolfto. CAPITAL 8TOCK.-Common stock is $12,000,000 ; preferred, $10,000,· 000; par both $100. Preferred stock ls 6 per cent non-cum. Canadian Paolfto Julyl, 1903, owned $6,100,000 com. and $5,100,000 pref. stock, $3,000,000 mootfles and $15,107,000 oonsols. BONDS, &c.-A.bstraotftrst mortgage, V. 45, p. 274. The first consolidated mortgage of 1890 has interest at 4 per cent. guaranteed by Canadian Pacifl.o, which July 1, 1903, held the entire outstanding issue [$15,107 000] in its treasury as security for its 4 p. o. debenture stock; oonsols 'I.or $4,893,000 are reserved for prior bonds and additional amounts may be issued at $20,000 per mile of new lines. GENERAL FIN.A.NCES.-Of the tonnage in 1902-03, ores furnished 50 p. o., lumber, etc., 24 p. o. LATEST EARN's.-5 mos.,) 1903..... Gross, $1,196.611; net, $409,002 July 1 to Nov. 30. \ 1902..... Gross, 1,228,658: net, 473,798 Deftoitunder charges, $30,661 in 1903, agst. sur., $33,636 in 1902. REPORT.-Fisoal year now ends June 30. (Report for year ending June 30, 1903, in V. 77, p.1221.) Year. [VOL. LXXVIII. N. Y.d;l Cortl~~dt St. do do do do do do do do do do do do do do do do do do PITAL STOCK, OR BY (1J') N. Y., 21 Cortlandt Bt. do do do do Elmira,OhemungCo.Bk May Sept. Moh. Oct. June July Sept. Sept. June July Jan. 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1947 1919 1928 1920 1928 1931 1920 1920 1916 1908 1929 LEAaE, tfar. 1, 1911 ay 1, 1982 July 1, 1918 Oct. 1, 1905 1928-29 East Iflahanoy KK.-Owns from East Mahanoy Juno. to Bt. Nicholas and branches, 11 miles. Re·leased Dec. 1, 1896, for 999 yea.rs to Little Sohuylklll Na v. RR. and Coal Co. at 5 per cent on stock, and lease assigned to Phil. & R. Ry •. Of the stock $283,650 ls owned, '280,000 being deposited by Reading Co. under its general mortgage. East Pennsylvania KK.-Owns Reading, Pa., to Allentown, Pa.• 35 miles; second track 18 miles; all track 76·5 miles. Leased for 999 yrs. from May 1, 1869, t<> the Philadelphia & Reading RR. at a rental of 6 per cent per annum on the stock and interest on the bonds. Lease assumed in 1896 by the Phila. & Reading Railway Co. Of the stock $878,850 is owned by the Reading Company, $875,000 of which is de• posited under its general mortgage of 1897. East Shore TerJDlnal Oo.'s KR.-See Charleston Terminal Co. East Tennesaee Virginia & Georgta.-Bee SOUTHERN RY. CO. East Tennes•ee & Western North Carolina KK •. -A na.r• row-gauge road from Johnson City, Tenn., to Cranberry, N.C., 34 miles, including 3 miles leased. Stock June 30, 1900, $501,900. Extension to Lincolnton, N. C., about 75 miles, projected. For year 1901·2, gross, $95,216; net, •37,470; int., taxes, etc., $13,925. Eastern Kentucky Ry.-Road from Riverton to Webbville, Ky., 36 miles. Chartered in 1866 and opened through in 1889. Stock is common $-1,697,800; preferred $1,779'-500. There are n0 bonds. Bill8 and accounts payable June 30, 1902, 11126,688. Earns. for year 1901-2 gross, $56,789; net, $9,381. In 1900·1, gross, $52,241; net,$6,615. Eel River RK.-Bee Logansport & Toledo Ry. Elgin Joliet & Eastern Ky.-Owns from Waukegan, Ill., on Lake Michigan, via. Spaulding and Joliet, to Porter, Ind., 130 miles, and branches Normantown to Aurora, 10 miles-Walker to Cost.er, Ill.-32 miles; Hammond to Whiting, Ind., etc., 9 miles; total main line owned, 181 miles ; spurs to coal mines, etc., 16 miles; trackage (L. N. A. & Chicago 91.g; Chloa~o & West Indiana, 4·8; Belt Ry. of Ohlcago, 2), 16 miles; side tracks and yards owned, 93 miles. total track operated, 320 miles. ORG.ANIZ.A.TION.-An outer l>elt line at Chicago for transfer of freight without breaking bulk. Also reaches coal fields. Entire capital stock owned by Federal Steel Co. and so by United States Steel Corporation. BTOCK.-Btook, $6,000,000, par, $100. Dividend, 4 p. o. yearly (in December) in 1899 to 1903, inclusive. BONDS, ETC.-First mortgage balance unlssued can be dl·s posed of tor extensions, betterments, etc. REPORT-For year ending June 30 earnings were: Year. Gross. Net. Olh. incoMe. Interest, etc. Surplus. 1902-3 ... $2,196,418 $671,295 $13,089 *$468,570 $215,814 1901-2 ... 2,178,484 795,800 19,226 404,544 410,481 *Includes $47,250 for eqmpment funds in 1902-3. President, A. F. Banks.-<V. 74, p. 151,205; V. 75, p. 1399.) Ehn.Ira Cortland. & Northern Ky.-( See M"ap Lehigh Valley.JOwns Elmira, N. Y., to Canastota, N. Y., 118 miles, and leases during corporate existence, Canastota Northern, Canastota to Camden, N. Y., 21 miles. In 1896 the $2,000,000 stock was purchased and 5 per cent bonds were guaranteed by the Lehigh Valley and the road leased in July, 1903, for 999 years to the Lehigh Valley Ry. of New York, a subsidiary company. (V. 63, p. 402.) Ehntra & Lake Ontario KK.-Owns from CanandaJ.gna, N Y., to Chemung Junction, 64 miles; Sodus Point to Stanley, 34 miles; other S -total, lOOmiles. AoonsolldationinDeoember, 1886,oftheSodus Ba7 & Southern and other railroads. Leased at cost of operating to the Northern Central, which owns all the $1,500,000 &took. Lease may be terminated on thirty days' notice. Year ends Dec. 31. Earnings. Gross. Net. Interest,&c. Balanoe. 1902 .•••••••••••• $828,244 $88,790 $68,089 ,ur,$20,701 1901. .••..••. ··-· 785,886 31,607 72,715 def. 41,108 Ehntra & WllltB.Dlsport Ky.-Owns from Williamsport, Pa., to Elmira, N. Y. 751.g miles. Leased to the Northern Central Railway for 999 years from May 1, 1863. The dividends on the common stock a.re 5 p. o. and on the preferred 7 p. o., less taxes, making dividend on common 4·52 per cent and on preferred 6•30 per cent. Year ending Dec. 31, 1902, gross, $1,254,539; net, $249,277; rental $168,340. El Paso & Northeastern KK.-See NEW MEXICO RY, & COAL, Erle&: Central New York KK.-Cortlandt, N. Y., to Cincinnatus, 19 miles. In Dec., 1903, the Dela.ware Lackawanna & Western acquired all the stock and bonds. For year ending June 30, 1903, gross, $32,925; def. under oper. exp., $11,537; interest charges, $12,500.-(V. 77, p. 2035, 2159.) Erle & Pittsburg KK.-Owns New Castle,Pa.., ro Gira.rd, Pa., 81 miles; branch, to Erle Docks, 3 miles; trackage, to Erle, 17 miles; total operated, 101 miles. Leased to the Pennsylvania R&llroad for 999 years from March 1, 1870, at a rental of 7 per cent on stock and interest on the bonds, and the lease transferred to the Pennsylvania Company. Tax smt, see V, 71, p. 135. EA.RNINGB.-Thelease was unprofitable to the lessees in former years, the deficiency being in 1898, $137,967; but in 1899 profit, $32,873; in 1900, profit, $118,216; in 1901, profit, $307,498; in 1902, proff.t, $254,142.-(V. 71,p.135.) Erle Kallroad.-See Map on adj<nning page.-Embra.ces trnnk line from Jersey City, opposite New York City, to Chicago, Ill., 998 JA .. 1904.] 415 RAILWAY STOCKS AND BO.r DS. INTEREST OR DIVIDENDS. Bonas-.t'rlllOl• _ _ _ _ _ _ _R_A_IL_R_O_AD_S_._ _ _ _ _ _ _ 1M1les Date Size, or Amount - - - - - - - - - - - - - - - - pal,when Due. For explanation of column headings, &o., see notes of of Par Outstanding Rate Per When Where Payable, and by Btocu-Laet on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dlvidend. -------- ------1---------1------ Bru Bailroad-( Ooncluded)B-Bonds ON PROPERTIES CONTROLLED BY OWNER SHIP O F ENTIR E(*)ORA MAJ ORITY (t) OF CAPI TAL 8TOCK,OR BY *Jeffers'n,lst&2dM's. ex.in'87&'89(H'daleBr.)o 8 lst mort., Ca.rbondaie to S. depot, gold .. FP.o* 37 •LongDookCo.oons.M.,g.(nowlstM.)(seetext)o* ,rMont. & Erie, 1st & 2d morts. ($40,500 are 2ds) •... ,iN.Y.&Greenw.L..'.IPriorlienM.,$1,500,000.N,g. 52 tNewJersey&N.1:.,lst M. (reorga.ntza.tion) ... o* 34 Gen.M., $.!,200,000 (red.105 after 5 years), .. f .... N.Y.L.E.&w.C.&RR.lstM.,''laWfulmon."l'-lpo *N.Y.L. E.&W.D.&I.Co.ls M.,V.56,p.82.Jl'.o* ..•. *N. Y. Pa. & Ohio, priorlieLi M I gold,$ & £.Jl'.o* 422 Do. Leased lines--aee separ1t.te statements for Clev. ,r N, Y. Susquehanna. & Western-Northern New Jerse c-Er!e RAILROAD COMPANY NEW BONDS. 2d mort. on Blllfalo & Southwest'n, gold .. l'-lo.o* 67 Prior lien bonds..1. $35,000,000cl gold ••..... F' .o*&r •••• Gen. lien, $140,uOO,OOO, g. 3 %to July, '98) .o*&r .••. Pa. coll. tr. M., $36,000,000, g., 8, t., text.Me .. O&l' . .•. lstoonv.M.,$50,000,000, g,,oonv.int.oom.stk.So*&r N.Y,L.E.&W. oar tr.,B. to G. inol., pa.rt pd. an.o* N.Y.Pa. & Ohio eq. trusts, snk. fd. 31,, dr'n at 100 New Erie RR. equtpm't trust, gold! part yearly. . . . .. Avon Geneseo & Mt. Morris ana Roohester & 'lenes Eureka Springs-See St. L. & No. Arkansas RR. Emnnitle fl Indianapolis-T.H.& South. 1st M. Fe* 40 Evansvllle & Indianapolis 1st M., gold, gnar.:F.o* · 55 Con.M.($2,500.000)g.gu,p.&1.(end.)E.&T.H.Fc• 135 EtJam. fl Terre Haute-common stock, Col........ . . . . Preferred stock, non·oumulative. See text.Col Consol. mortgage (1st lien) gold .•••••••••••.•••·•. ff5 let consolidated mortgage, gold.F ...•.•••.•••. o* 144 Mt. Vernon Branch mortgage, gold....... . F.o• 25 '67·'69 1889 1885 '66·'67 1896 1880 1892 1882 1883 1880 &Mah. y-Tto 1895 1,000 1895 1,000 1896 1,000 1901 l,OOO&c 1903 l,OOO&o ..•. 1,000 '88·'90 £100 1900-2 ...... see Va lley Sto 1879 1884 1886 . ... 1,000 1,000 1,000 50 50 1,000 1,000 1,000 isso 1881 1883 miles, and branches 1,320 miles; total, 2,318 miles; second track, 706 miles; 3d and 4th tracks, 24 miles; total, 3,048 miles. Lines ownea in fee. Miles. , Piermont, N . Y., to Dunktrk .... 447 Buff'alo to Jamestown, N. Y •..• 67 Buff'alo to Corning, N. Y ....... 140 Other branches .•••.•••...•...•. 139 Stock ail* or nearly all t owned. ..Chica.go & Erie RR ••••••.•.. '!f250 *Jefferson RR....•••.......•••. '!T45 tN. Y. &Greenwood L. RR .••• ,T52 tNew Jersey& New York RR. ,r38 :Erie & Wyoming Valley RR.. 59 *Nypano RR .................. 1f422 tTioga RR...................... 58 Other lines.................... 140 Leased lines. Miles. Avon Gen. & Mt. Morris ...... Montgomery & Erie.••••..•..• Northern RR. of N. J •..••. •••. {¾)shen & Deckertown ........ Roch. & Genesee Valley ...... Other lines.................... Leased k> Nypano RR. Cleve. &Ma.honing Valley RR. Sharon Railway ....•....•..... Other lines .... ~............... '!Tl5 ,r10 1f26 ,r12 'lfl8 46 ,T81 ,r32 54 Trackage...................... 167 ,r fleE> this oompany. Lines in system .June 30, '03 .. 2,318 N. Y. Susquehanna & West.. 238 HISTORY.-On Deo. l, 1895, succeeded to the property of the old New York Lake Erie & Western RR. Company, sold in foreclosure on Nov. 6 under its second consolidated mortgage. The new company bolds tn fee or through ownership of all or practically all the stock of the inde· pendent companies, the line from New York to Chicago (including the Nypano RR. and Chicago & Erie companies) and also all bra.nob and sul>sidtary lines except a few small properties. The reorganization plan of 1895 was in V. 61, p. 368. In January, 1898, oontrol of the N. Y. Susquehanna & Western was obtained. V. 66, p. 83,335,573, and edttortalp. 53. See STOCK below. In Jan., 1901, entire stook of Pennsylvania. Coal Co. was acquired, the vurohase including valuable ooal mines, Erie & Wyoming Valley RR., Scranton, Pa., to Laoka.waxen 59 miles. See BONDS below. V. 71,p. 1219, 1311; V. 72, p. 136, 241, 532, 627; V. 73, p. 398. In 1901 an interest in the stock of me Lehigh V. RR. was purchased. V. 73, p. 391. In Oot.t._1903, aoqutred control of Bath & Hammondsport RR., 10 mtJes. v. 77, p. 1225. COAL AND STEAMBOAT PROPERTY.-The Erie ooal properties represent an aggregate of 101 500 acres of anthracite1 o:1' which about 9,000 acres are held tn ree ; also 53,000 a.ores or bituminous ooal lands held in fee 14,000 acres of bituminous held under mineral rights. Its coal t.onnage 1n the year 1902-03 aggregated 14,281,4221 out of the 31,645,726 tons hauled. ThejUnionSteamboat Line (mergea in Erie RR. Co. June 30, 1896), has terminal, etc., properties in Blllfalo and 8 lake steamers. Bee V. 63, p. 514. The Penn, coal proper• ties acquired in 1901 are additional. Bee above. STOCK.-The voting trust [J. Pierpont Morgan, Louts Fitzgerald and Charles Tennant, Bart., voting trustees,] will be dissolved on payment of dividend in Feb., 1904., this making 4 per cent oa.sh dividend for year 1903•04. V. 78, p. 287; the prior lien and the general lien bonds of 1896 w1ll thereupon have 10 votes for each $1,000 of principal, their authorized issues aggregating $175,000,000, of which $72.684,• 000 outstanding in Jan., 1904. The oompany reserves the dght to redeem either class of its pref. stook at par in ca.sh. Prov18tona of pref. stook,were in ~UPPLEMENT o:1' April, 1897, page 3. In Mar., 1898, Erie 1st pref. stock was ~ncreased from $30,000,000 to ...,3,00 01~00, and common stock from $100,000000 to $113LOOO,OOO, to acquire~ewYork Susq. &Western stock.-See v. 66, p. 330,573, The 1st pref. stook was further increased in 1901 $5,000,000.in connection wttli the p;urchase of the Pennsylvania Cm\l Co. V. 72, p. 136, 532. DIVIDENDS.-On let pref,, 119 p. o., paid Aug. 30, 1901; in 1902, 3 p. a. (F. & A.); 1n 1903, Feb., l½l p. o.; Aug., 2 p. o.; in 1904, Feb., 2 p. c, BONDS.-The new first consolidated mortgage is for $175,000,000 [Farmers' Loan & Trust Co. trustee)-see abstract of deed V.62, p. 89, and secures $35,000,000 prior lien and $140,000,000 general lien bonds. Both l!ertes have voting power; see "stock" above. Of the $140,000,000 general lien bond•, $92,073,000 are reserved tor ~e ultimate acquisition of bonds and guaranteed stocks left undisturbed on various parts of the system [see list V. 62, p. 89], and $17,· 000,000 were reserved for new oonstruotion, betterments, additions, eto. after 1897, not over $1,000,000 to be used in any one year. The position of the first consolidated mortgage 1s substantially as follows: It ts a :tl.rst lien [mortgage or oollateral, the prior lien bonds, however, preceding the general lien bonds) upon the company's chief coal properties (except Penn. Coal Co.) upon its water transporta• tion llnes, including valuable terminal properties appurtenant thereto, and upon a number of ;profitable local lines in New Jersey and near Buffalo; it is a second lien upon certain minor coal properties and upon the railroads leading to all the coal properties, upon the ter• mtnals at Jersey City upon the Buffalo New York & Erie Railroad (the main line to Bn1falo) and the Buft"alo terminal properties other than those upon which it is first lien and upon the entire line from Salamanca to Chicago; it is a second consolidated mortgage upon the lines between Piermont and Dunkirk (447 miles.) The collateral trust 4s of 1901 are secured by 51 per cent of the entire New "£ork Susquehanna & Western stock ($26,000,000 total Issue), all of the Pennsylvania Coal Co. stook, and the stock of the Erie & Wyoming Valley RR., Scranton, Pa., to Laoka.waxen, 65 miles, and the Delaware VaUey & Kingston RR. or the bonds $32,· 000,000 were issued to acquire these stocks (extlepttng the N. Y., Busq. & Western, already owned), the remaining $4,000 000 being re• served for lmprovementi;i to the properties represented by the stoQks acquired. A sinking fund of 10 cents per ton of ooal sold purchaEe& bonds at not exceeding 105, otherwise to be applied to the drawing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis «:~ ('fl) LE J. & J. Phlla., Fidelity Tr. Co. A. & O. N. Y.~ 21 Cortlandt St. A. & O. N.~J. P.Morgan&Co. Various N. 1:., 21 Cortlandt St. M. & N. do do M. & N. do do J. & J. do do M. & N. do do J. & J. do do M. & 8. do do ASE,-Ootid, July 1, '27-'29Jan. 1, 1909 Oot. 1, 1935 1926•27 May 1, 194.6 May 1, 1910 Jan. 1, 1933May 1, 192Z July 1, 1913 Mar. 1, 1935 J. N. Y., 21 Cortlandt St. J. New York & London. J. N. Y .. 21 Cortlandt St. A. do do A. & 0. do do Various do do Various London. Various New York. July 1, 1908 Jan. 1, 1996 Jan. 1, 1996 Feb, 1, 1951 Apr. 1, 1953 Yearly to 1905 1908 & 1910 Yearly. 251,000 7 M. & 8. N. Y., Farm. L. & Tr, Co. 647,000 6 g. J. & J. do do 1,602,000 6 g. J. & J. do do 3,987,383 llg in '01 M. & N. ...... .•.. 1,282,417 5in 1903 A. & O. Checks malled. 30,000 6 g. J. & J. N. Y., Farm. L. & Tr.Co. 3,000,000 6 g. J. & J. do do 375 000 6 g. A. & 0. do do Sept. 1, 1909 July 1, 192' Jan. 1, 1926 May 1, '01,li. Oct.15,'0S,2i. Jnly 1, 1910 July 1, 1921 Apr. 1, 1923 $500&0. $300,000 419 & 6 1,000 2,800,000 5 g. 1,000 7,500,000 6 g. •••••• 170,500 6 100 &o. 1,600,000 5 g. 500 &o. 400,000 6 500 &o. 629,500 5 1,000 1,100,000 6 our. 1,000 3,396,000 6 500,_&c. 8,000,000 4lgg. Va.uey RR. and Sharon Ry. ga RR. -See ea.oh company. 1,000,000 r, g. 35,000,000 4 g. 37,684,000 4 g. 33,000,000 4 g. 1,000,000 4 g. 357,220 5 96R,776 5 g. 4,633,228 412 & 5 g. cks-SEE TH osE Cos. J. J. J. F. & & & & of bonds by lot, all such bonds to be kept alive and the aoornlng inter"' est thereon to be added to the slnkini;t fund, which, it was estti:nated, V 71, p. 1219, 1311; V. 72, p. 44, and circular, p. 136, 532 257. In 1901·3 $405,000 tncludeda bove as outstanding was purchased by sinking fund. The oonvertlble 4s of 1903 ($50,000,000 authorized issue) wtll be issued from time to time as required and may be ma.de convertible into common stock at a price to be fixed when the bonds are issued,but not less than $41~ per share; they will cover all the company's prop· erty subject to underlying liens. The first $10,000,000 for improvements and equipment ts convertible on. basis of $100 bonds tor $200 stock from April 1, 1905, to April 1, 1915. V. 76, D. 382, 5U. Real estate martgages outstanding June, 30, 1903, $770,850. Old, Bonas-Under the first oonsol. mortgage ot 1895 the oompany oovemmta to pay the interest regul&rly on all the old bonds 1n the table that are marked with a* or at (except N. J. & N. Y. bonds,) and to take tl-iem up and pledge them with the trustee at maturity. Long Dock 6s see March, 1894, SUPPLEMENT under N. Y. L. E. & w. For N. Y. Lake Erie~ W. Goal~ RR.• see SUP. January, 1895. ~INANCES.-In 1901·02 $2,931,000 genera.111.e n bonds were issued for oonstruction, etc. V. 71, p. 754, 1219. In Aug., 1903, the dividend rate on first preferred was increased to 4 p. o. yearly. See above and V. 7:J, J>. 137. As to purchase of one•third interest in majority Hookin~ Valley common stock, see that company. In 1903, $1,000,000 convertible 4 p. o. bonds were issued for tm• provemente and equipment. V. 76, p. 382, 541. EARNINGS.-5 mos., i 1903 .•.•.• Gross, $20,434.,161; net, $6,099,325 Julyl to Nov. 30. 51902 ...... Gross, 18,219,4751; net, 5,980,071 For 5 mo@.to Nov. 30, 1903, net, $6,099,325; other Income, $1118,021; charges, $4,409,590; improvements, $745,912; ba.l., sur., $1,101,844. ANNUAL REPORT.-Ftscal year ends June 30. Report for 1902·3 given tn full in v. 77, p. 946, 954; see also editorial on page 934. Average freight tra.in·load, 432'6/ ~ ~~: aga~tt~~i"761n.1ii~1~· ,.. 1899_ • 00 9 2 Miles operated...... 2,153 2,154 2,156 2,109 Gross earnings...... $45,830,413 $40,894-,434 $39,102,302 $38,293,031 Working expenses .. 29,925,758 27,927,098 28,406,974 28,448,605 Net earnln1,ts .••. $11),904,656 $12,967,336 $10,695,328 $9,844,426 Net coal oomp's .... x2,670,290 x$1,702,491:s::$1,274,830 $236,642 Other income........ 314,995 242,721 221,247 183,466 Total net tno ••.. $18,889,940 $14,912,543 $12,191,405 $10,264,534 Interest.............. $8,461,375 $8,896,891 $7,541,730 $6,921,623 Rentals........... .. 1,142,974 1,112,163 1,139,483 1,158,887 P.o. due l's'd lines... 222,900 215,696 223,409 233,396 Int. oneqntp. tr's.... 339,072 298,590 269,599 245,106 Miscellaneous....... 290,352 265,023 194,027 42,592 Add'ns &Imprv'ts.. 2,377,855 249,GOl ....... . Divs. on 1st pt.... (81 2 )1,676,234 (3)1,436,772 (119)718,386 _ _ _ __ Balance, surplus ... $4,379,178 $2,947,906 $2,104,771 $1,663,430 will be sufficient to retire the whole issue at or before maturity, • The 1902-08 earnings compare wlth those of 1901-0S and those of 1900-01 wlth lb99-G0, but the latter two periods do not compare wlth the former two, owtnir to cban(les tn methods ot accounting. 13 J~:~rrsse:J~~f[g~tgt':ei1!i~!;e~~~~~Wl!s ~~ ~ai:;0 1899, to June 80, 1901. The corresponding item under 1899-00 embraces the Income trom the latter propertle11 tor 1898-9; tn 1901-02 and 11102-0a profits for the year ot all coal properties, lncludlng Pennsylvan1a Coal co., are included OFFICERS-President, F. D. Underwood; ht V.•P. and Gen. Mgr., g~a•t~~· i~1: 1~~nl~ John C. Stuart; Seo. and Asst. to President, G. A. Rtoh&rdaon; Treas., D. W. Bigoney; Aud., M. P. Blauvelt. DIRECTORS.-Chas. Steele, J. J. Goodwin, John G. MoCullough, D. O. Mills, Alexander E. Orr, F. D. Underwood, Ba.muel Spencer, Francis Lynde Stetson, J. Lowber Welsh. J. J. Hill, Norman B. Ream, H. MoK. Twombly, E. H. Harriman. Wtlliam B. Lane and Louts L. Stanton.-(V 77, p. 946, 954, 2280, 2389; V. 78, p. 229, 287.) Evansville & Indianapolis KK.-Owns Evansvllle to Terre Haute. Ind. (via Worthington), 134 m.; leases bra.nob, 12 m. A consolidation in 1885. Of the oonsols $898,000 held to meet prior liens. The oonsols. and the bonds of 1924 are guaranteed by Evans. & Terre Haute, whioh owns oa.pttal stook, $2,000,000. Company owns no equipment. LATEST EA.RNINGS-4, mos., l 1903 ................ .... Gross, $170,046 July 1 to Nov. 21. 51902 .................... Gross, 170,167 In 1902-03, gross, $387,401; net, $131,003; other income, $14,289; ill· terest, taxes, eto.,$179,382; bal.,de:flcit tor year,$34,090.-(V. 75,p.980.) Evansville & Terre Haute KK.-The system inoludes: Roadownedandoperated. Miles. Oontrolled-op. separately. M-UU. Evansville to Terre Haute.. 109 Evansville & Indianapolis Branches to Mt. Vernon, eto. 48 Evansville to Terre Ha.ute Evansville Belt (stock held). 6 via Worthington, etc....... 146 - - Leased to other oo.'s Rook• Total in earnings........... 162 ville extension............. 23 In Ju1y, 1903, Chicago & Eastern Illinois 1nterestl acquired a ma· jority of the common stock. V. 77, p. 250. DIV'DS- } '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 r '03 Com. stock. 7 71 719t .• •. .. .. .. 2% 3 119 None. Pref. stock. .. .. • • • • .. 1 1 2 4¼ 5 5 5 5 ,r Also 5 per cent in bonds. t Also sortp dividend. On preferred 5 p. o. declared in 1903, payable 219 p, o, Oct..,.1903 and 219 p. c. April 15, 1904. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE RAILROAD ... JAN., 1904.j 417 RAILWAY STOOKS AND BONDS. RAILROADS. INTEREST OR DIVIDENDS. Honas-.t'rlllw• 0 .For explanation of column headings, &c., see notes ~es si~ror Amount Rate per When Where Payable and by ndin on first page of tabla.. Road. Bonde Value. Outsta g Cent. Payable Whom.' Dividend. :r pr~~f.::• - - - - - - - - - - - - - - - - - - - - · I - - · - - - - -·1-----•1---- ---- ---------1-----5 g. A. & o. N. Y., Far. L. & Tr. Oo. Apr. 1, 1930 $4'50,000 B"anBfJ.tf '.P.H.( Oon.J-Snlllvan Co.Coal br.M.,g.F c* .. . . 1890 $1,000 2,223,000 Apr. 1, 194S 5 g. A.. & o. let general mortgage for $7,000,000, gold .F' . . c* 1 9 9 1892 1,000 do do 7all Broo~tock ($500,000 le 7 per cent, pref.)... Fitchburg-Pref. 5 per cent rental................... 92 •••. Bonde, not mortgage ..•.....•• . ·...........••.•.• c* •.•. Bonde to State of Maes. 4 p.c. since Feb., 1897.c • .•• Bonde ($1,500,000 due 1907, interest A. & O.).c* •••. Bonde, not mortgage........................... c&r . ••• Bonde, not mortgage............................. o* .••• Bonde, not mortgage............................ c* . • • • · Bonde, not mortgage ($2,750,000 are 4e of 1897) ..•. Bonde, not M. ($1,775,0tO are 319s of 1901) .. c&r •• •• Bonde_, not mortgage, $2,660,000. .......••••••••. .••. Troy &Boston letmort. (V. 53, p. 405)........... 35 Brookline & Pepperell plain bonds, guar. (end).. ~lint" Pere Marquette-See PERE MARQUETTE BTA TE I[ E Florida Central ti Pen.-SEE SEABOARD AIR LINE RY. Florida Wut e>hore-let mortgage, guar .••. ....•. , 60 ;fonda Johnst011Jn ti Gmersv.--Oon.M., $500,000.. o 26 let consoL refunding mort., $700,000, gold.N .c* 26 Gen.refundingM.,$1,500,000,lV.71,p.34).N.o* 26 Johnstown G. & Kingebctro let M., assumed...... 4 CayadnttaElec. letM.,gu.,p.&i.,byF.J.& G.N .. ,g. 14 letoon. gen.ref.M. $7,000,000, g., red.120.N.c*&r •••• Fl. B1nith ~ W.-let M.,$5,000,000,g.,redrl05.Me.c• .• • . Fort Wayne~ Jackson-Pref. stock, 51g p. o. rental 98 7ort Worth ti Den1'. OitY::Pf. etk. "stamp. ctfe." 4% let mort6 age, gold, iti18,000 per mile Me ..... . c* 455 Inmont Etk'li,. ti Mo. Vattfll,-Bee Cmc. & NORTHW. flainuriile ti Gulf-let mort., $150,000, gold... So* 48 .••. . .•. 1888 1887 '84-'87 1890 1894 1895·6 1897·8 1900·1 1902 1874 1891 NT. • • •• 1 881 1897 1900 1893 1892 1902 1902 ..•. 50 100 1,000 5,000,000 Bee text 17,360,000 5 2,000,000 5 5,000,000 4 2,500,000 4 500,000 4 500,000 419 1,859,000 4 4,200,000 4 2,275,000 319 31g See text. 573,000 7 100,000 5 i:ooo 1,000 ...... ...... i:ooo i:ooo ·--· .. uio·&o. issi 1,000 1,000 1,000 1,000 1,000 1,000 100 100 1,000 1899 1,000 Q-F.5 Office, Corning, N. Y. Nov. 5, 1903 Q.-J. Office, Bos. & M., Bos. Jan. 1, '0~ l¼ May 1, 908 Boston, Office. Va.rious Feb. 1, 1937 F. &A. do do 1904.-5·7 Va.rlous do do June 1, 1920 J. & D. do do May 1, 1914. M. & N. do do 1915 & 1916 Semi·an do do 1927·1928 Bemi•an do do Oct. 1,1920·21 A.. &O. do do 1922 July 1, 1924. J. & J. do do Dec, 1, 1911 J. & D. do do ·---- 840,000 4 200,000 6 500,000 4.lgg. 800,000 4 g. 50,000 6 350.000 6 3,750,000 4¼ g. 5,000,000 5 g. 2,291,416 519 2,539,992 4 in 1903 8,176,000 6 g. 150,000 . A:·& ·o. N. Y., Imp."&.Tr. N. Bk. J. & J.N.Y.,N.Y.Beo.&Tr.Co. J. & J. do do J. & J. N. Y., Metropol. Tr. Oo A. & 0. N. Y., Farm. L. & T. Co. M. & N. N.Y.,N.Y.Sec.&Tr.Oo. A. & 0. N. Y., Mero. Trust Co. M. & 8. N. Y., Farm. L. & '.I.T. Co. See text N. Y., Morton Trust Co. J. & D. N. Y., Mercantile Tr. 6 g. J. & J. N. Y., Standard Tr. Co. Apr:·r;·i921 July 1, 1947 July 1, 1950 July 1, 1913 Oct. 1, 1922 Nov. 1, 1952 Apr. 1, 1932 Sept. l, '03,12, Apr. 1, 19u3, 4. Dec. 1, 1921 1929 1 BoNDS, GUARANTIES, ETC.-Certain Evansville & Indianapolis bonde are guaranteed. See that company. General mort. 5e for $3,855,000 are held in trust to retire the prior bonds anel oar trusts at maturity. LA.TEST EARNS.-6lg mos .• S1903 ...•••••• -··········Groee, $994,364 July 1 to Jan. 14. U902 ...•.••••••..••.••.• Gross, 954,774 .ANNUAL REPOB.T.-Report for 1902-03 was given in V. 77, p. 296. Year end. June 301903. 1902. 1901. Grose earnings, ..•.••••••..••• $1,722,314 $1,4~3,660 $1,393,943 Net earnings.................. 826,956 704,475 601,64'0 Other income................. 36,325 39,233 45,917 Total net income............ $863,281 Interest on debt............... $337,950 Taxes andmiecellaneo118..... 88,982 Evansv. & Ind. detlolt. •••• •• . 34,090 Dividends on preferred .....• (5%)64,167 do common....... Depleted equipment .......... _ _ _ _ $743,708 $337,950 77,672 64,054. (5%)64,167 ..•.•••• 189,379 $647,557 $337,950 77,253 86,605 (5%)64,167 (3%)119,585 Balance, surplus.............. $338,092 $10,486 det$38,003 OFFICERS-President, B. F. Yoakum; Treas., C. W. Hillard; Directors Oct., 1903, V. 77, p. 12~4.-(V. 77, p. 250, 296, 1294.) Evansvllie Terre Haute & Chlc.-See Chio. & East. m. Fall Brook Kallway.-(See Map New York Oentrat ti Hudson Ri.,er RR.-Owns from Corning, N. Y., to Antrim, Pa., 52 miles; branch to mysees, Pa., 40 miles; total 92 miles. LEASE.-The railroad and its rolling stock was leased to N. Y. Oen• tral & Hudson River RR. for 999 years from May 1,11899, for $175,000 yearly, payable quarterly tn gold beginning Aug. 1, 1899 also taxes and repairs the leases of tlle Syracuse Geneva & Corning Ry. nd Pine Creek RR., formerly held, being canceled and new leases made to 1'. Y. Central, which also assumed the guaranty of the $3,500,000 Pine Creek bonds. The lease does not include the coal propertj.es of Fall Brook Coal Oo. Prior to the lease dividends had been paid quarterly linoe 1891 at the rate of 7 per cent per annum on preferred and 6 p. o. on common; since the lease, 7 per cent on preferred and 21g per cent on oommon.-(V. 68, p. 379, 573, 773, 872.) Parmvllle & Powhatan KB.-V. 76, p. 653. Payettevllle & Albemarle.-SeeSUP. July,'01, and V. 69, p.743) Plndlay Fort Wayne & Western Ky .-(See Map a. H. & D .JOwns from Findlay, O., to Fort Wayne Ind., 80 miles. Bold at fore• closure July 6, 1903, to Cincinnati Hamilton & Dayton Ry. v. 77, p. 88; V. 75, p. 1202; V. 75, p. 497, 978; V. 76, p. 1300. For year end. June 30, 1902, gross, $111,788; oper., def., $2,200. (V. 77, p. 88, 695.) Fitchburg KK.-Bystem extends from Boston Mass. to Troy, N. Y., 190 miles; branches to Worcester, Bellows Falls, eto:.t 268 miles; 458 miles in all, of which 56 miles (Fitchburg to Greenneld) leased from Vermont & Maes. and 8 m. from other cos.; second track 183 m. LEASE.-Leased for 99 years from July 1 1900, to Boston & Maine tor 5 p.o. on pref. and 1 p. c. on common stock, payable qua~rly [Jan. 1, eta.], organization expenses, interest on bonds, taxes, expenses of maintenance, etc. 1The B. & M. holds about $5,500,000 ot the $7,· 000,000 common stock, purchased with proceeds of its 3 p. o. bonds, at 90, the remMnder being in the treasury V. 70, p. 76, 125, 176, 583, 1291; v. 71, p. 29,543; v. 72, p. 532. BoNDs.-Debentures described in V. 60, p. 967. The stockholders have authorized $2,660,000 31.g p. c. bonCls to provide for various bonds maturing up to Dec. 1. 1903, inclusive, and for add.It.ions and bnproveme11ts; also $500.000 bonds to pay off $500,000 bonds due Mar. 1, 190!1; sale of bonds was deferrt'd in 1903, $1,554,000one-year' notes being issued, and in Sept. to Nov.. 1903, ~1,S78,000 six month@, notes, against whloh were hel11 $772,000 Verm. & Mas•. 31ss of May 1 1903. V. 75, p. 611; V. 73, p. 1112, 1312. ANNUAL REPORT.-La.st report (for 1899·1900) was in V. 71, p. 909. -(V. 75, p. 611, 666; V. 76, p. 653, 810; V. 77, p. 769, 823.) Flint & Pere Marquette KK.-Merged in Pere Marquette RR. F'lortd41 Oentral & Peninsular KK.-SeeSeaboard Air Line Ry. Plorlda East Coast Rl.-Opera.teR from Jacksonville, Fla., via Bt. Augustine, to Miami, 36 miles ; branches to Palatka, San Mateo, Ato., 17 miles; Atlantic & Western, Blue Springs to New Smyrna, Fla., 98 miles; Titusville branch, 48 miles; Jacksonville to Mayport, 25 miles; total, 484 miles. V. 69, p. 591. In Oct., 1903, extension was completed trom Miami south 22 miles; to be extended 56 miles additional to Cape Sable. System owned by Henry M. Flagler. June 30, 1901, stock, $1,000,000; $7,100,000 bonds issued. In Oct., 190~, filed a mortgage to the Colonial Trust Co. of New York, a.a trustee, to secure $8,741,000 thtrty•year 5 per cent bonds, datedJan. l, 1903, aportlonofthelesneto be presnmablyreserved tore• tire $7,10~000 existing bonds at or before maturity; V. 75,p. 906. For year 1901·02 gross earns.,$1,936,948; net,$533,656,aget.$3ti4,241 in 1900·01; charges $383,963.-(V. 61, p. 112,470,591; V. 75,p. 906.) Florida Southern KK.-Merged in Atlantic Coast Line RR. Florida West Shore Ky.-V. 77, p . 695. Fonda Johnstown & Gloversville KK.-Owns Fonda to Northville (steam), 26·2 miies, Hloverevme to Schenectady (electric), 32"7 miles, double track; Johnstown to Fonda, 5 miles, A.msterli am to Hagaman, 3 miles, city lines in Gloversville, Johnstown and Amster. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis dam, 7·2 miles. Operates under lease branch line Broadalbin Ju.notion to Broadalbin, 6·2 miles (steam); also local line Gloversville to Johnstown, 4 miles (electric); total, 91 ·4 m11es of road (124·1 m. of track, of which 71 •7 miles on private right ot,,wa,y and 19·7 miles on streets and highways. A consolidation on Jan. 1, 1903, With the Am• sterd&m Street and Cayadutta Electric railroad companies. V. 73, p . 31,493, 1355; V . 74, p.987; V. 75, p. 1399. 8took$2,500,000; par, $100. Owns entire $105,000 stockofCoalOo. of Fulton Co. andstook of Ed· ison Electric Light & Power Co. (V. 71, p. 1167.) In 1896 parties In· terestedin N. Y. Central entered directory. In Jan., 1903, control of Adirondack Lakes Tra<.'tlon C<>., Gloversville to Mountain Lake, was acquired by or in interest of the F. J. & G. V. 78, p. 229. BoNDs.-Of the consol, 4lgs of 1902 ($7,000,000 authorized) $4,000,· 000 were tssned to retire Amsterdam Street RR. bonds and for construction; of tbe balance $1,850,000 is reserved to retire prior liens. V. 76, p. 265. Guarantees $30,000 Glov. & Broadalbin 5s. EARNINGs.-For 3 mos. endin~ Sept . 30, 1903, gross, $199,776; net, $111,264; other income, $!,804: charges, $72,212; balance, surplus~ $43.856. For 6 mos. ending June 30, 1903, gross, $237,292; net, $97,315; other income, $10,534; interest, taxes, etc., $92,259; bal., snr., $15,590.-(V. 76, p. 212; V. 78, p. 229.) Fort Smith & Western RK.-Operatee Fort Smith, Ark., to Guthrie, 0. T., 216 m., of which Coal Creek, I. T., to Guthrie, 196 m., is owned and Ft. Smith to Coal Creek,20 miles, is Kansas tlity South• em trackage. The road will develop coal properties at MoCurtaln, I. T., 40 m., west of Ft. Smith. Henry C. Frick of Pittsburg, Pa., is understood to be largely interested. Stock. 1!5,000,000, all outstanding; par of shares, $100. Bonds, see table above. In July, 1903, filed an agreement for the purchase of equipment costing $438,000. V. 77, p. 88. Pres. and Treas., A. C. Dustin, Cleveland, 0.-(V. 77, p. 769.) Fort Wayne & Jackson KK.-Owne Jackson Mich., to Fon Wayne, Ind., 98 miles. On August 24, 1882, leased perpetually to Lake Shore & Michigan Southern at a rental of $126,027, equal to 519 per cent on the preferred stock (see V. 56, p. 812), and after 1887 any net earnings over 8 per cent on pref. stock to be paid as dividends on common, but not exceeding 2 p. c. a, year. Common stock, $436,132. Fort Worth & Denver Olty Ky.-Owns Fort Worth, Tex., to Te:xllne, 453 m. Owns stock and bonds of Ft. Worth &Den. Term. Ry. STOCK, ETc.-Colorado & South. Ry. owns a m&i1ority of $6,835,008 common. Pref. stock, "stamped," see V. 63, p.1063. DIVIDENDS.-On pref. 2 p. c. Mar., '98; Mar., '99, 2 p. o.; Apr., 1902, 2 p. c. out of surplus earnings of the years 1899-1901; Apr., 1903, 4 p. c. from surplus earnings of 1902. BoNDs.-Finances readjusted in 1896. Plan V. 63,p. 75. Abstract of mort~age V. 45, p. 440. Equipment :trust notes June 30, 1903, $206,282. EARNINGS.-5 mos., S1903 ••••••... Gross, $1,274,931; net, $473,052 July 1 to Nov. 30. i 1902 ......... Gross, 1,146,117; net, 303,035 ANNUAL REPORT.-Fiscal year now ends June 30. Report for 1902·3 was in V. 77, p. 2032. ,-Years end. June30.-. ,--<Jalen<lar 'I/ear,.----. 1903. 1902. 1901. 1900. Gross earninge ..•.... $2,494,587 $2,262,123 $2,lff3,397 $1,807,089 Net overtaxes........ 464,986 561,373 533,860 346,410 Other income......... 17,534 11,962 16,583 From total net income, as above, in 1903 ($482,520), deduct interest on bonds, $490,560; rentals, $10,000; bal., def., $18.040. Pres., Frank Trumbull, Denver, Col.-(V. 77, p. 1746, 2032.) Fort \Vorth & Rio Grande Ky.-Merged in 1903 in the St• Lonis San Francisco & Texas Ry., a subsidiary of the St. Louis & San Francisco, refunding bonds of the latter being reserved to retire the $2,923,000 outstandlng Ft. W. & R. G. bonds at maturity. Foxbur11: Bridge Oo.-V. 77, p. 1873; V. 78, p. 287. Fulton County Narrow Gange Ky.-See Apr 1900, SUPP. Gainesville & Gulf Ky.-Sampson City to Falrfleld, Fla., 48 miles. Land grant, 480,000 acres. Stock authorized, $1,000 000; par $100; issued July, 1903. $300,000. Loans and bUls payable June 30, 1903, $56,590. YearendingJune 30, 1903, gross, $58,749; net, $13,931. President, J. M. Graham. Ottl.ce, Gainesville, Fla.-(V. 73, p. 616, 783.) Gainesville Jeff"er8on & Southern KK.-(Narrow Gange.l -Road from Gainesville to Social Circle, Ga., 52 miles; Belmont to Jefferson, 13 miles. Stock is $242,687 common; $17,650preferred; par, $fi0; of which the •Jeorgla RR. owns $140,000 common and $8,000 preferred. Of the firsts, $161,500, and of the 2ds, $75,000, are enClorsed by the Georgia. RR., lessee. Interest on endorsed bonds paid regularly but no interest on unendorsed bonds since July 1, 1895. Samuel C. Dunlap ls now receiver. The mortgages have been foreclosed, but case has been appealed to Supreme Court of Georgia. Sale has been set for Deo. 15, 1903. V. 72, p. 823. In 1901·2, gross, $99,810; net~ $15,594.-(V. 76, p. 1406; V. 77, p. 196, 823.) Galveston Harrl8burg & San Antonio Ky.-(See Map South Pacijtc.J-OwnsHouston, Tex., to east bank ot Rio Gr. River, 834mllee; branches, 73 m.; total, 917 miles. ORGANIZATION, STOCK, ETC.-Operated by the 8onthem Paolfl.o Com• pany, which owns $27,054,400 of the $27,084,372 stock (par, $100). BoNDs.-First mort. has a sinking tnnd of 1 p. o., but lt is optional with holders to surrender their bonds if drawn. Western Div. 2de 418 RAILWAY STOOKS AND BONDS. RAILROADS. B'or explanation of oolumn headings, &o., see notes on first page of tables. Bonas-Prino1INTEREST OR DIVIDENDS. Miles Date Size, or Amount l)al,When Due. Par Outstanding Rate of of ·When Where P~able, and by Btock,-Laat Road. Bonds Value. Per oent. Payable om. Dividend. flal'Outon Harrisb. ti 8. A.ntonio-letM.,g.,la.ndgr.o" 256 2d mortga!e, Harrisb. and Houston to Ban Ant.o* 225 Weeli. Div. etM.,g., BanA.toElPaeo,636 m.&br.o* 671 3JUHt 2d mortgage (see remarks) ......••...•••..•••. o* 671 Equipment bond~due $82,000 semi-annually. 6al'Oeston Houston ti end. of 1882-let M., Me.o* 6al'Oeston Houst. ti North.-let M., $800,000, gold. 56 16 fhnuu ti W.voming RR.-lst M., g., $500,000.K .. lleorgia ti Alabama-Ga. Oarolina ti North'11,-See SEAB. Georgia Flor.ti Alab.-lst M.,$550,000, :f> .•• !TI a.o· Text fhorgia, M'idl'd Ry.-lst M., g., $1,650,0 O, int. gu. 98 6eorgia Pacifl,e-See SOUTHERN RY. fleorgia Railroad ti Banking Oo.-Btock ..•...•..... 307 Bonds, refunding, not mortgage, currenoy ...•. c* Bonde, not mortgage, ourrenoy .........•..... o* &r .... Bonds, not mort., our., $200,000 are 5s of '87o•&r .... f/eorgia Southern ti Fla.-COm. stook, $2 000,000 . lat pref., red. aft. June 1, 1905, $684,000, 5 p. o. Te"ii 2d pre~l,084,000, 5 &er oent .....••..•...•..••. lstmo a~ gold, $4, 00,000.MeBa.••••••.. o• 28-5 lat ooneol. ., $10,000,000, gold.N ...•..... o*&r 392 Equipment trusts, $18,000 due semi•a.nnua.lly •. 1,000 . 6ettyslJUrg ti Harrisburg-So. Mt. 1st mortgage ..•• .... Gettysb'g & Harriabl 1st mortga£e, old issue ... Consol. mortgage, $ 65,000, gol , see text ....• ·35 125 6'la VaU~ Globed! North'n-let M., g., te:xt .. 60,hen ti eckert'n,- lat & 2d M. ($60,000 are 2ds 12 6ou1Jerneurtl Oswegatchie--lat M.,g, gu. p.& L Un.c 13 6r. Rap. Belding ti Saginaw-1st mort., text, gold 28 6rand Rapids ti Indiana Ry.-Btook, $6,000,000.o' lstM.,mostlyl. fe.,g., ext. in 1899 ..•••....••.. o• 335 lat mort., eXlien ed, gold, guar. by Pa. RR ..•.. o* 335 211 M .• $5.000,000, g ....... . .•............••...... o* 387 ·so '71-'80 $1,000 $!1.,756,000 1880 1,000 1,000,000 1881 1,000 13,418,000 1881 1,000 6,354,000 1902 1,000 1,558.000 1,000 1883 2,000,000 1900 800,000 1,000 1899 500,000 Am L INE RY. 1901 1,000 550,000 1,000 1896 1,650,000 ...... iso1 ---· 1880 ]Us 1882-7 ·--. . --· is95 1902 1902 100 1,000 1,000 1,000 100 100 100 1,000 1,000 i:ooo 1,000 iss2 1,000 1891 1894 1,000 1888-9 500,&c 1892 1,000 1899 1,000 100 is9i 1,000 1891 1,000 1896 1.000 by Rpecia.l agreement are treated as income bonds. V. 58. p. 71!l. Equipment bonds. $1,558,000 6e, owned by So. Pac., due $02,000 semi-annually, Oot. 1904 to 1922. V. 76, p.1300; V. 77. p 2160. On June 30, 1902, there was due the Texas & New Orleans RR. $1, 464.376. School fund ola.ims, V. 64, p. 1137; V. 66, p. 471; V. 70, p. 686 EARNINGS.-~ mos., l 1903 ••••.•.. Gross, $2,94~,237; net, $279,678 July 1 to Nov. 30. S 1902 ••••..•• Grose, 2,768,324; net, 514,115 Year 1901-02, gross, $7,147,824; net, incl. other inoome, $1,338,· 678; charges, $1,295,838; bal., sur., $42,740.-(V. 77, p. 2280.> 1 ~Galveston Houston & Hend rson KR. ot' 1882.-0wns from Galveston, Texas, to Houston, Texas, 50 miles. ORGANIZATION.-TheM. K. & T. and International & Great North, have had traokage rights sinoe December, 1895, under a. oontraot providing for payment to mortgage trustee of $100,000 yearly to meet interest on G. H. & H. bonds and an additional rental ot $24,000 per annum for dividends or other purposes-see V. 61, p. 1064; V. 63, p. 697. M. K. & T. owns 4,999 shares of G. H. & H. stook -see V. 61, p. 1013. Stock, $1,000,000; par, $100. For year ending Deo. 31, 1902, gross, inoludin~ $124,000 for traoka.ge as a.hove, $375,823; net, $178,629; l)ther inoome, $3,569; interest, $100,000; equip't and imp'ts, $63,732, bala.noe, surplus, $18,466.-(V. 65,p.1114.) Galveston Houston & Northern Ky.-Owns from Magers, suburb of Houston, Texas, to Galveston 53 miles. Suooessor May 1, 1899, of Galveston La Porte & Houston Ry., sold under foreclosure. Capital etook ie $500,000; issued $200,000, of whioh the Southern Pa.oifto owns $199,000, together with all the bonds. V. 72, p. 287. Year ending June 30, 1902, gross earnings were $408,441; defioit under operating, $28,972.-(V. 71, p. 1311; V. 76, p. 542.) Galveston & Western KK.-V. 77, p. 4.00. Genesee & WyoJDlng KK.-Retsof, N. Y., to Pittsburg & Lehigh lot., 11 miles; Retsof Jot. to Greigsvllle, 4 m.; branoh, 2 m,; total, 16 m. Stook, $500,000: par of shares, $100. Dividends from Oct., 1899, to Oct., 1902, inol., 5 p. c, yearly; 1903, 8 p. o. (paid A.-0.) Year 1902·3, gross, $127,246; net, $89,250; int. and taxes, $27,592; dividends (6lg%), $32,500; bal., $i9,158. Pres't and Treas., E. L. Fuller, 8/\ranton, Pa..; Seo., H. D. Fuller, 115 Broadway, N.Y.-(V. 76, p. 1248,) George's Creek & CuD1berland.-See Apr., 1900, SUPP. Georgetown & Western.-See Apr., 1900, SUPP. (V. 75, p. 1354.) ,rGeorgla Florida & Alabama Ky,-Owns Cuthbert, Ga., to Tallahassee, Fla., 107 miles; in Oct., 1903, extension wa.s under con• struotion from Cuthbert northerly to Columbus, 64 miles. An extension ie also to be built :from Tallahassee, south to Tampa, 130 miles, via Perry Old Town and Brooksville, with branoh from Old Town to Aroher, Fla., under the charter of the Florida. Southeastern Ry., incorporated June 15, 1902. V. 75, p. 29. Name ohanged ln 1901 from Georgia. Pine Ry. Btook, $350,000, all outstanding; par, $100. For year ending June 30, 1901, (40 miles mortgage issued later), gross, $68,470; net, $28,223; taxes, $1,138; improvements, $13,573: ba.l., sar., $5,_706. President, J.P. Williams; Sec. and Treas., J. O. Hatoh. Offloe, 1:1a.vannah, Ga.-(V. 74, p. 1089; V. 75, p. 29.) !:,Georgia Midland Ky .-owns road from Columbus to MoDonough, \la., 98 miles. Leased from July 1, 1896, for 99 yea.rs to the Southern Railway Co. for $49,500 annual rental (being interest on the ftret mortgag_e bonds, eto.,) and $2,500 for Uolumbus terminal property. Stook ie fl,000,000, owned by Southern Railway Co.-(V 63, p. 36r.) ,:, Georgia Kallroad.-Under this name are operated the lines leased from .the Georgia RR. & BankingCo.-whiohsee.-(V. 67, p. 1260.) (;lGeorgla Railroad & Banking 0oJDpany .-Owns from Au~ta, Ga., to Atlanta, Ga., 171 miles; branohee to Wa.shin~n and Athens, 58 miles; Maoon & Augusta RR. (proprietary road), Camak, Ga., to Maoon, Ga., 7 4 miles; traokage, 4 miles ; total, 307 miles. "ORGANIZATION.-Owne a.leo one-hall the stock of the Western Railway of Alabama (the Central of Georgia Railway owning the other half>, and a 47 per oent interest in the Atlanta & West Point (whioh see). Guarantees (jointly with Central RR. & B. Co. ot Georgia) the $1,543,000 flret mortgage 4¼ per oents of Western Railway of Alabama. In April, 1881, the rallroad (307 miles) and its in™rest in the other railroad companies were leased for 99 years to W. M. Wadley and aseooiatee, for the Central of Georgia and the Louisvllle & Nashville, at ,600,000 per year, but in April, 1899, the L. & N. was held to have aoqutred all rights under the lease; the Atlantic Coast Co. in July, 1899, acquired a half interest. V. 68, p. 722; V. 69, p. ::185, 591: V. 70, p , 125. Dec. 31, 1892, the banking department was turned over to "Georgia, Railroad Bank," a majority [$198,200] of whose etook is owned. DIVIDENDSi '81. '82. '83 to'87. '88. '89 to Jan., 1904. 8inoe 1880, P. Ct. 5 9:Ig 1014 10 yearly 10% 11 p. o. yearly. EARNINGS.-307 miles, i 1903 ...•. Groee, $1,038,499; net, $311,801 Julyl toNov.30.-5 mos. 51902 ...•• Groee, 981,277; net, 365,719 Railroad earns. for year ending June 30, 1903, gross, $Z,308,299; net, $683,076; dive. received. $116,166; rental to Ga. RR. & B. Co., $600,000; bala.noe, sur., $199,242.-(V. 70, p. 125.) · Georgia Southern & Florida Ky.-(See Map of Southern Ry.JOwns from Macon, Ga.., io Palatka. Fla., 285 miles; on Nov. 1, 1902, purchased Atl. V. & W. Ry., Valdosta, Ga., to Jaoksonvtlle, Fla.., 107 miles; total, 392 miles. Also owns one-eighth of etook of Jaokeon• vllle Terminal Co. V. 77, p. 62tS. HIBTORY.-A reor~anization of the Georgia S. & F. Railroad. sold in foreclosure April 2, 95. (Per plan in V. 60, p. 928; see also V. 59, p. 551. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII. 4,200,000 1,000,000 1,000,000 500,000 2,000,000 684,000 1,084,000 3,801,000 2,000,000 324,000 100,000 250,000 215,000 1,514,000 246,500 300,000 260,000 5,791,700 920,000 4,4f>5,000 8.962,000 ~ 5 6 6 5 5 5 g. F. &A. J. & D. g. M.&N. J. & J. A. &O. A. & o. J. & J. ~. g. A. & 0 N.Y.,Bo.Pao.Co., &Bost. Feb. 1, 1910 June 1, 1905 do do N. Y.,8o.P.Co.,120B'w'y May 1, 1931 July 1, 1931 Owned by So. Pao. Co. Oot., '04 to '22 N. Y., Mero. Trust Co. Apr. 1, 1918 New York, Jan. 1, 1930 N. Y., Knlok. Trust Co. Apr. 1, 1929 5 g. J. & J. New York & Savannah. July 1, 1951 3 g. A. & 0. N.Y.,J.P,Morgan&Co. Apr. 1, 1946 11 in '03 5 6 5&6 Q.-J. J. & J. J. & J. J. & J. Auiueta; mail'd to N.Y. N. ., Am. Ex. Nat. Bk. N.Y.,Am. Ex.Bk.&Aug. All Augusta; 6e in N.Y. Jan.15/04,2'1 Jan. , 1922 Jan. 1, 1910 Jan. 1, 1922 M:·&,-·N. M.&N. J. & J. J. & J. 4:lg M. & S. 5 A. & 0. A. & 0. 6 5 Various • 5 g. M. & N. 6 Various 5 g. J. & D. 0 g. M. & 3 in 1903 A. & O. 31g g. J. & J. 419g. J. & J. 4 g. A & 0. Balt. M. T.& D.Co.&N.Y. do do Balt.M.T.&D.Co.& N.Y. do do Nov.:·;03: 2lt Nov., '03, 22g July 1, 19 5 July 1, 1952 Ma.r.'04, Se,12 Apr. 1, 1 98 Oot. 1, 1912 Oot. 1, 1926 Nov. 1, 102, 1928-29 June 1, 1942 Moh. 1, 192< Oot.26,'03,111 July 1, 1s,1 July 1, 1941 Oct. 1, 1936 5 iii.i903 4inl903 5 g. 4 g. Phlla., Reading offloe. Phlla., P. & R. offloe. do do New York. NBkOrCo,Goshen,N.Y. N.Y., Gd. Cent.Station. nt'l Trust Co., Boston. Gr. Rapids, Mioh. N. ., Winslow, L. & Co. do do Philadelphia. Pa. Sr01y DIVIDENDS.-On lstpref.,'96, 4 p. o.; '97 to Nov., 1903, 5p. o. yearly. On 2d pf. in '97, 2 p. c.; '98, 3; '99, 3; 1900 to Nov., 1903, 4 p. o. yearly. BoNDs.-Abstraot of 1st mortgage of 1895 was in V. 61, p. 429. The mortgage ie for $4,000,000 and covers road from Macon. Ga., to Palatka., Fla., 285 miles. and provides also that the $684,000 first _preferred stock shall be a. lien thereon seoond only to the bonds and ooupone. The unieeued ftrete are reserved for old olaims, improvements, eto. The first oonsol. 4s of 1902 are for the authorized a.mount of $10,· 000,000; of whioh $4,684,000 are issuable to retire the $4,000,000 fives and $684,000 first preferred stook, $2,000.000 were issued to aoquire the Atlantio Valdosta & Western Ry. a.nd $3,316,000 a.re reserved for future requirements. V. 75, p. 980. LATEST EARNINGS.- 5 mos., 51903 ..... Grose, $70i,248; net, $172,4.68 July 1 to Nov. 30. t 1902 ..... Grosa, 624,227; net, 177,680 ANNUAL REPORT.-Fieoal year ends June 30. Report for 1902·03 was in V. 77, p. 626, showing gross, $1,635,191; net, $400,789; other lnoomei. $14,7~2; interest on bonds, etc., $260,683; dlv. on pref. stock, i77,56u. Pree., Samuel Spenoer, N.Y.-(V. 77, p. 510, 626.) Gettysburg & Harrisburg KK.-Carlisle to Gettysburg, Pa.., 31 miles; branch to Round Top, Pa., 3 miles. Tne Reading Company owns $540,700 of the $600,000 capita.I stock, $535,000 of whioh deposited ae part seourity for Jts general mortg-age of 1896. The oonsoL 5e of 1891 were guaranteed by Phila. & Read. RR. (foreoloeed oo.). Gila Valley Globe & Northern Ky.-Bowie, Ariz., to Globe, 125 miles. Stook, $2,000,000, of which Southern Pa.oifto Co. owns $1,10<;1.,000. V. 71.i p. 1314. Par, $100. The bonds, 11mited to $15_,000 per mile ($1,514,0uO outstanding), are guara.nteed, principal ana in· terest, by South Pacitl.o Co. V. 69, p. 27; guaranty in V. 68, p. 232. DIVIDEND.-Dividend, 1901, 4 p. o.; 1902, Jan., 4 p. o.; none einoe. EARNINGS-5 mos., 51903 .••••• •••. Gross, $166,928; net, $100,224 July 1 to Nov. 30. i 1902 .•••••.••• Gross, 121,~20; net, 74,890 Year ending June 30, 1903, in V. 77, p. 449, viz.: Groeet. $3'Z6,825; net, $185,745; interest, $75,700; balance, surplus, $112z04o. Seo. and Treae.,A. O. Laird, Loe Angeles, Cal.-(V. 75, p. 340; v. 77, p. 449.) Gouverneur & Oswegatchie KK.-Owns from Gouverneur to Edwards, N. Y., 13 miles. Btook, $350,000, all owned by N. Y. Cent. -which guarantees the bonds. Bee V. 55, p. 810 and V. 56, p. 501. Grand Rapids Belding & Sae;lnaw KR.-Freeport to Beld· tng,Mioh.,28 mile. Mortgage is for $260,000 on 28 miles and$9,000 per mile for additional oonstruotion. Leased from Jan. 1, 1900, to Pere Marquette RR. (whioh owns all the oapital stock) tor 30 years, rental ooverinp; intereet.-(V. 70, p. 39.) Gr. Rapids Kalk. & ~. E. KK,-See Pere Marquette RR. Grand Rapids & Indiana Ky.-(See Map of Pennsyt-oania RR.) -Owns from Fort Wayne, Ind., to Mackinaw City 367 miles· Manistee Branch, 19; other branches, 44 miles; total owned, 430 miles; operates the following roads but has not assumed tb.e old company's lea.sea thereof: Cincinnati Richmond & Fort Wayne RR., 86 m.; Traverse City RR., 26 m.; Muskegon Grand Rapids& Indiana. RR .• 41 m. The Traverse City Llelenau & Manistique RR., Traverse City to Northport, Mich., 30 miles, oompieted July, 1903; is operated for tte net earnings. See V. 74, p. 777; V. 76, p. 811. HISTORY.-Buooessor Aug. 1, 1896, of Grand Rapids & Indiana Railroad, foreoloeed under second mortgage per plan in V. 63, p.153. DIVIDENDS.-Dividend, 1 p. o., Apr., 1900; in 1901, 2 p. o.; 1902 and 1903, 3 p. o. yearly (A. & 0.) STOCK.-Stock, $6,000,000il of whioh Pennsylvania Company ie supposed to own all or nearly a • V. 74, p. 9~. BoNns.-The flrst mortgage bonds extended at 419 per oent are en• doreed with the guaranty of the Pennsylvania RR. Co. to purchase the coupons ae they mature, and the bond itself at maturity. They have no lien on land grant. Bee guaranty V. 56, p. 649; V. 69, p. 1193. Of the 2ds $3,687,000 were owned Jan. 1, 1903, by Penn. RR. Real estate mortgagee, $150,000. EARNINGS.-For 6 mos. endin"' June 30, 1903, gross, $1,585,068 against $1,436,247 in 1902; net, $293,130, against $325,232. REPORT.-Report for 1~02 was in V. 76, p. 749. In 1~02 qarried 2,147,230 tone freight, of whioh 46 p.o. was lumber, eto.,and 10 p.o. ooal. Year end'g Dec. 31. 1902. 1901. 1900. 1899. Miles operated........ 430 430 430 428 Gross inoome ....••••• $3,196,738 $2,871,782 $2,661,433 $2,464,284 Netoverexp'e&taxes 784.,4.70 700,713 585,316 634,847 Interest oharge for 1902, $390,927; other, $142,363; dividend, (3 p. o.), $173,730; bal., eurp., $77,449.-(V. 76, o. 149, 810.) Grand Trunk Ky. of Oanada.-Quebec, Can., via Montreal. to Chicago, Ill.; also to Portland, Bu1fa.lo, Detiott, Toledo, eto.: SYSTEM PROPER. REPORTED SEP.UUTELY. I I Miles. Majorit11 Stoc1' Ownea. . Mau Lines owned ..............•......... 2,978 Central Vermont"l .•...•..•.•••..••• i'7cl Le.a8ed-1}artl11 o-wnedI Grand Trunk Western f ........... 886 Atlantic & St. Lawrenoe, PortEnUrestock owned. land, Me., to Island Pond, Vt... 150 Detroit Grand Haven & Mllf.. ... 189 Buffalo & Lake Huron. ......••...•. Toi. Sair. & Muskegon.............. 97 Clncin. Sag. & Mackinawf .•. .. . . . . 58 J<rinti11 owned. Other lines.................. . ....... 215 Detroit & Toledo Shore Ltne . . . . • 51 1621 --1 Total in earnings ••.•...••...... 3,568 Total road ........................ 4,'700 fSee separate statement this Co. J.A.r., 1904.] RAILROADS. •or explanation of column headings, &o., see notes onflrst page of tables. 419 RAILWAY STOCKS AND BONDS. INTEREST OR DIVIDENDS. Bmut8'-.t'r1D.&· Mllee Date Size, or Amount pal,When Due. of of Par Outstan~~~ n Rate per When Wh.are Payable, and by Stocks-Last Road. Bonds Value. \.U..UJO') Cent.. Payable Whom. Dividend, - - --- ---- ------1---- ----1---------- flrand Rapids Kalkaska ,I s. E.-See PERE MARQU ETTE. 6Nffld .71rtlnk By.-COnsol. stock, £23,318,309.. • ••. 1882 £100 £22,475,985 .....• ..... .....•.••. None ever pd. 4 p. o. guar. stock, non-cum., £10,000,000....... . ••. 1884 £100 6,014,793 4 in 1903 A. & O. Check :from Co.'s office. Oot.24,'03, 2% 1st preference 5 per cent stock, £3,420,000..... . ••. 1873-4 £100 3,420,000 n in 1903 A. & o. do do Oot.24.'03, 219 2d preference stock, £2,530,000............. .. . • • . .•. 1873-4 £100 2,530,000 5 in 1903 . . . . . do do Oot.24,'03, 219 £100 7,168,055 •....• .... . do do May 1, '03, 1% 3d preference 4 ver cent stock, £7,168,055 .••. } Debenture stock, £4,270,575..... ..•..••..••... 3 512 i874 £100 4,270,375 5 J.&J.14 Irredeemable Consol. debenture stock (col. trust), cum...... • 1874 £100 14..634,731 4 Q.-J. Irredeemable 2d equipment M. (subject to 1st M. in trust) .. o £100 378,000 6 J. & J. July 1, 1919 1869 Great Western perpetual debenture stook ...... c 836½1 Var. 100 2,723,080 5 lF. & A. ~ Glyn, Mllis, Currie J Irredeemable Northern Ry., 3d preference A & B bonds ..... o ~ 490 ~ 1868 15,600 6 A. & O. 1 & Co., London. 1 Irredeemable Debenture stook,4p. o.,perpetual, £425,850.5 1884 347,990 4 F. & A. Irredeemable Midlando:f CanadalstM.,seotional,£525,000.o ~ 455 1878 iioo 426,200 5 M. & N. May 1, 1908 Consol 1st M., £3,164,700..•••............. o 5 1882 £ 100 1,016,500 5 J. & J. J Jan. 1, 1912 Wellington Grev & Bruce 1st M., £532,000..•.. o 16814 1874 £ 100 84,600 Varies. J. & J. July,'92,op.pd.July,'03 Not fl.xed. Brand 1.runk West'n-Northwest Gr. Tr., 1st mort. 66 1880 $500 563,000 6 J. & J. N. Y., Nat. Bk. of Com. Jan. 1, 1910 1st M., $15,000,000, int. guar., g., $ (our,) & £.P 326·5 1900 £100 14,437,000 4 g. J. & J. London or New York. July 1, 1950 2d M., income, g., $1,500,0CO, red. (text) .. .. Col. 326·5 1900 $500 1,500,000 Up to 4% July. 1 p. c. paid 1902-03. July 1, 1950 flt. Northet-n,-Biook, $125,000,000................ . ••• $100 124,001,700 7in 1903 Q.-F. N.Y.Offloe,32Nassau8t. Feh.1,'04, 1~ St. Paul Minn. & Man.-Btooki.o:rig. $20,000,000. . .•. 100 c450.600 6 Q.-F. do do Feb. 1, '04, 119 Bt.P.M.&M.2d(now 1st M.)g.aoeenotcov. l'ds)o* 624 i879 1,000 7,197,000 6 g. A. & 0. New York and London. Oot. 1, 1909 Dakota Extension 1st M., gold.•.•.••.••••• ce.o* 1,221 1880 1,000 5,465,000 6 g. M. & N. N. Y., 32 Nassau St. Nov. 1, 1910 2 1883 1,000 13,344,000 6 g. J. & J. do do July 1, 1933 655 Consol. M. for~ (now 1st M on lands) gold Ce S • $50,000,000 5 • • ~ 2,655 1883 1,000 19,408 000 4¼g. J. & J. do do July 1, 1938 MontanaExten. lstM.($25,000p. m.),g.Ce.o*&r 420 1887 1,000 a 10,185,000 4 g. J. & D. do do June 1, 1987 Paoifl.c Extension M. £6,000,000, gold Ce •. o*&r 819 1890 £100&0 b.3,000,000 4 g. J. & J. N.Y.&Lon.,BaringBros July 1, 19~ O.B.&Q.c'l.tr.M.g.(su.to·cana:f.Ja.'06at105)S.c&r •••• 1901 $1000.!ic 2U,,195,000 4 g. ,r New York, eto. July 1, 19U Sterling ioim \represented by ctts. ot pa;rtioipat.) 5 J. & D. London, Boston & N. Y. Deo. 1, 1905 1903 $ & £ £1,500,000 Minn. Un.RR.1st M.,g.,gu.($650,000 are 5s).t;e.o" ···3 1882 1,000 $2,800,000 5 & 6 g. J. & J. N. Y., 32 :Nassau St. JUly 1, 1922 Easto:fMinn. lstM.{$50,000 p. m.),g.,gu.Ce.c*&r 72 1888 l,OOO&c 4,700,000 5 g. A. & 0, N.Y.32Nas.;Bos.,Lee,H Apr. 1, 1908 No. Div. mort., $15,000,000, gold, guar.:m:e.o*&r 299 1898 l,OOO&o d5,000,000 4 g. A. & O. do do 1928·1948, Mont. Oen. 1st M.,g.($6,000,000 are 6s)gu.Ce.c&r 260 1887 l,OOO&o 10,000,000 5 & 6 g. J. & J. N. Y., 32 Nassau St. July 1, 1937 a $11,502,000 additional pledged for Pao. Extension bnnds. c All except $450,600 owned. b £3,000/>00 additional held by Gt. North'n, of which £2,000,000 deposited as oollat. :for ~•year loan, due Deo., 1905. d Subj. to oall aft. April, 1928. ,i Coupon bonds J. & J.; reg., Q.·J l I A car :ferry from Grand Haven, Mioh., to Milwaukee, Wis., w a opened Sept. 15, 1903. V 77, v. 510. ORGANIZATI0N.-A oonsolldat1on. in Aug., 1882. In Oot., 1903. the Grand Trunk Pacific Ry., controlled by the same inter~sts, w1th!$45,000,000 authorized stook, of whioh tbs $25,000,000 common is to be owned by the Grand Trunk Railway, was proposing to extend the company's line ahout 3,200 miles to the Pacifl.o coast, the Paoiftc terminus to be Port Simpson, 350 miles north of Vancouver. The Canadian Government will construct the portion of the proposed line from Monoton, New Brunswick, on the Intercolonial Ry., to Winnipeg, via Quebec, about 1,475 miles, and lease 1t for fifty years to the Grand Trunk Pacifl.o, guarantee• ing part of the bonds on the remainder of the line :from Winnipeg westerly to be built by the company. V. 77, p. 88, 14.6, 250, 400, 1533. The Toledo St. Louis & Western Ry. and the Grand Trunk Western Ry. Jointly guarantee $2,000,000 4 per cents of Detroit & Toledo Shore Line RR., whioh see above. V. 75, p. 1354; V. 76, p. 653. STOCK, ETc.-The authorized capital on June 30, 1903, was £41,· 656,364 stook (£40,813,834 issued and £842,530 unissued), advances trom the Canadian Government in aid of oonstruotion amount to £3,111,500. Perpetual consolidated 4 per cent debenture stook; authorized by Aot of 1882 and later Aots, has been issued from time to time to acquire securities of companies consolidated and oon• trolled, amounting June 30, 1903, to £8,213,588, and bearing an annual interest of $425,562. V. 71, p. 84. In Aug., 1903, stockholders authorized increase of 4 p. o. ~uaranteed stook :from £5,220,000 t@ £10,000,000; of the new stook, £750,000 was sub1,oribt1d In Oot., 1903; V. 76, p. 382, 972; V. 77, p. 950. Of the guaranteed stock, £1,· 000,000 has been deposited as security for the Grand Trunk Pacific agreement. V. 77, p. 2390. DIVIDENDS since 1893: Guar., 4% stook-1894•97, nil; Oot., '98, 2%; 1899, to Oot,. 1903, 4% yearly. On 1st pref.: In 1899, 4%; in 1900, 5¼1%; '01, 6%; '02, Apr., 212%; Oot., 21ii%; '03, May, 2111%; Oot., 212%, On 2d pref., Apr., 1900, 314 p. o., the 1st div. emce April, 1888; 1901, May, 3 p. c.; 1902, April, 4%; Oot., 212%; '03, May, 2¼1~; Oot., 2¼%: on 3d pref., 1 p. o. :for 1902, the first since May, 1884. V. 76, p. 382. EARNINGs-5 mos., 11903 ...... Gross,$12,':'93,054; net, $4,167,183 July 1 to Nov. 30. 51902 ..... Gross, 11,357,924: net, 3,982,256 For 6 months ending June 30, 1903, gross, £2,778,080, against £2,377,201 in 1902; net, £783,048, ai,rainst £773,589; net charges, £514,1~5; advances, £14,365; dividend (2 per cent) on guaranteed stock, £104,396; div. on 1st pref. stock (212 !). o.), £85,4il; div. on 2d pref. (2¼ p. o.), £63,210; addlng £4,040, balance on hand Deo. 31, 1902, leaves £5,542. · REPORT.-Btatement :for 1902 was in V. 76, p. 916. Years ending Dec. 31 1902. 1901. 1900. Gross earnings ................ £5,189,079 £4,857,599 £4,575,433 Transportation expenses ..... 3,578,433 3,301,765 3,088,077 Net earnings............... £1,610,646 £1,555,830 £1,487,356 Total net inoome.......... £1,811,658 £1,736,651 £1,694,213 Rentals........................ 155,206 155,218 146,348 Interest on b'ds and deb. stk. 1,066,152 1,072,498 1,054,512 Advances to controlled roads 16,768 22,501 35,727 Dividend on gua.r. stook ...• (4%) 208,792 (4%) 208,791 (4%)208,790 Do on 1st pref. stook••. (5%) 170,840 (5%) 170,840 (5%)170,841 Do on 2d pref. stock ... (5%) 126,420 (4%)101,136 (3%)75,852 Do on 3d pref. stook .•. (l <)t) 71,649 Balance...•••.•....••.••..•. def.£4,167 sr. £5,667 sur.£2,143 President, Sir C. Rivers Wilson, London; Second Vice-President and General Manager, Chas. M. Hays.-(V. 77, p. 950, 1533, 2390.) Grand Trunk We8tern Ky.-Owns :from PortHuron, Mioh., to Ohio. & West. Ind. RR., 330 miles, and trackage Chicago & West. In• diana, 5 miles; total, 335 miles. Btook, $6,000,000, all owned by Grand Trunk, A reorganization per plan (V. 69, p. 954; V. 71, p. 28) of the Ohioago & Grand Trunk Ry., sold in :foreclosure Oct. 31, 1900. BONDS,-The Grand Trunk unoonditlonally guarantees the interest on the new 4s. Of the 4s, $563,000 are reserved :for Northw. Grand Trunk 6s. The new incomes are subject to call at 85 and any interest then due, within the first 10 years. Int. on incomes, 1 % paid on July coupons in 1902 and 1903. Jointly with Toledo St. Louis & Western guarantees Detroit & Toledo Shore Line bonds. V. 76, p. 653. E.A.R~Gs-5 mos.,~ 1903 ........... Gross, $2,437,143; net, $283,717 July 1 to Nov. 30. 5 1902 ..•• . . . ... Gross, 1,975,799; net, 218,019 For 6 mos. ending June 30, 1903, gross, $2,696,232; llet, $381,711; charges, $367,13e;baL, snr., $14,573. Year entling Deo. 3½ 1902, grossz.$4,678,308; net, $662,735; charges, $694,004; bal., d~f., $.:sl,269. (V. ·12, _p. 1034; V. 76, p. 635.) Great Northern Ry.-(See 1Uap8.)-In Feb., 1890, le~sed the Bt. Paul Minneapolis & Manitoba for 999 years, assuming its funded · debt and guaranteeing 6 p.o. per annum in gold on its $20,000,000 stook. In 1903 only $450,600 of Manitoba stock bad not been exchanged :for Gt. No. stock.-(V. 68, p. 129; V. 67, p. 1356; V. 67, p. 370,788, 842.) The Northern Securities Co. (whloh see below) :formed in November, 1901, owns a.bout 75 per cent of the stook, havin~ 1?iven in ex• change $180 Sf'curitles Co. Btook per $100 share; it also acquired, nearly allot the stock of the Northern Pacitto. In 1901 stockholders subscribed at par to $25,000,000 new stock, raising total issue to $125,000,000 ($20 per share to be credited on https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (I I account for advances to St. Paul Minn. & Manitoba Ry.), the proceeds to acquire 500 miles of additional road and control of Great Northern Steamship Co.-V. 72, p. 580; V. 73, p. 184, 903. See below. As to earlier stook issues, see SUPPLEMENT of July, 1902. .i'Anes leasea and operated,- Vwned, -unbonded- St. Paul Minn. & Man. Ry., Seattle & Montana RR.St. Paul to Lowell, Wash... 1,790 Seattle to Westminster..... 143 Branches in Minnesota, the Anacortes to Rockport, Dakotas and Montana ...••. 2,012 Wash., etc................. 73 Eastern Ry. of Minnesota-Total operated direotly.. .4,828 Fosston to Cass Lake...... 60 Stock owned-oper. separatelyHinckley to Duluth......... 72 Hinckley to Fridley.. .. . • .. 65 Willmar & Sioux FallsWillmar to Yankton. 8. D .. 205 New Dul. to Cass Lake ...• 140 Garretson, R. D., ro Sioux Missis., Minn., to Hibbing 49 City,Ia.,andO'Neill,Neb. 228 Brook Pk. to Coon Creek Duluth Watertown & Paoifl.cJuno., etc.................. 96 Watertown to Huron, Dak. 70 ParkRap.&LeechLakeRy.Minneapolis Un. Ry., eto... 8 Park Rapids to Cass Lake. 49 Montana CentralDakota & Great Northern Ry.Great Falls to Butte, eto... 260 Lakota to Edmore, N .D. ,e-to. 40 ,rDnluth Terminal Ry..... 2 Spokane Falls & Northern ... 203 Duluth Sup. & West. Term. 5 Washington & Gt. Nor. Ry.Marous,Wa;,h., to Republic, Montana & Great Nor. Ry.{V. 73, p. 904, 184.) eto. (V. 73, p. 904, 184) ---· 69 Vancouver Victoria & EastJennings, Mont., to Gateern Ry. & Navigationway ... . . . ··-············ 51 Rideau, B. C., to Carson, Gt. Falls, Mont., to Sweet · B. C., eto.......... ........ 17 .... .. ......•. 134 · grass. Crows' Nest Southern Ry.Intern. Boundary to Mor• Total road July, 1903 ..•. 5,888 rissey, B. C............ .. 48 2d and 3d traok and sidlngs.1,274 During 1903-04 134 miles of extensions will be completed and on June 30, 1903, 181 miles 11dditional were projected. LANDB.-Bales :for year 1902-03 were 23,856 a.ores :for $241,· 098 and 992 town lots :for $20,002. The net amount due on land con• tracts June 301 1903., was $2,766,473; lands unsold, 793,598 aores, to be reduced aoout 600,000 a.ores by a final adjustment with U.S. Minneapolis & St. Cloud grant was 425,664 aores; unsold July 1, 1903, 19,641 aores; sales in 1902-03 were 3,698 aores, :for $19,883. DIVIDENDS, ~ '92 to '96 (inolus.), '97 '98 '99 '00 '01 '02 '03 1 1904, Gt. North. 5 5 p. c. yearly. fi¼ 614 7 7 7¼ 7 7 Feb.,1, Also in 1898 50 p. o. in Beattle & Mont. stook, which wa.s then ex• changed for 40 p. o. in Gt. Nor. pf. V. 66, p. 1044, 1188; V. 74, p. 829. BOND8.-St. P, Min. & Man. consol. mort. of 1883 is :for $50,000liOOO, ot whiob bonds are reserved to :v.ay prior liens. It is a first en on the land grant and on 670 miles of railway in Minnesota. and a second lien on the remaining 1,873 miles in Minnesota. and the Dako• tas, the prior liens on whiob average only $7,300 per mile. V. 64, p. 518. Montana .ExtenBion mortgage is :for $25,000,000 lor extensions and for second traok. A. bstract. V. 45, p. 342. Pacift,c extension mort.£6,000,000 :v.rovides :for bonds at £6,000 per mile in Montana and £7,000 per mile west of Montana; £3,000,000 of this issue, in addition to those given in the table above, were released upon payment of collateral trust bonds Sept. 1, 1898, V. 66, p. 1044, 1188. See abstract of mortga~e, V. 52, p. 82. In 1901 the Great Northern and Northern Paoiflo acquired $1071• 597,500 ot the Chicago Burlington & Quincy RR. $111,142,800 stoc.s: in exchange for their joint 20-year 4 per oent gold bonds, secured by the deposit of the stook in trust, on basis of $200 in bonds :for ea.oh $100 stock. See oiroular, V. 72, p. 871, 1034, 1135, and application to list. V. 73, p. 294, 903. .Eastern Raiiway of Minnesota.-First mort. covers road, equipment, terminals and elevat,ors. The Northern Div. $15,000,000 mou1::e of 1898 provides :for extension built :from Fosston, , to the bead of lake navigation at Duluth, and also :for :future reqU1rements, including the retirement of the $4,700,0001st 5s at maturity, They are redeemable at 105 on three months' notice after Apr. 1, 1928. -V. 66, p. 471. Montana Oentral bonds cover several roads. (See adv, CHRON. Deo. 12, 1891.) The Manitoba guarantees these issues, and Great Northern assumes guaranty. See :form of latter, V. 74, p. 680. The Willmar ~ Sioux Falls bonds a.re endorsed with joint and several guaranty of the Manitoba and Great Northern .3ompanies. Further fssues may be made at $17,500 p. m. for additional road. V. 56, p. 247. Minneavolis Western first mortgage is for $1.000,000. V. 60, p. 835. The £1,500,000 two-yPal' sterling loan doe Dec. 1, 190!5. ls secured by deposit of £2,000,000 St. Paul 1\:'linn. & Manitoba Pacific extension sterlin~ 48. The certlfl.oates of participatlon issued by the bankers are denomination or £200, or $972 each V. 77, p. 1873. GENERAL FINANCES.- In 1901-02 (10 months) received $8CO,OOO (5 per cent); in 1900-01, $1,920,000 (12 per cent) in dividends on East.ern Ry. of Minn stock; rn 1902-03 on Montana Central stook, $250,000 (5 p. o.), and on Willmar & Sioux Falls stock, $280,000. Total :funded debt per mile of main traok (4,751 miles) in the bands of the public. $20,456. V. 77, p . 978. Train load 1902-03, 446 tone. In Jan., 1903, the Northern ~teamship Co.'s fleet of freight boa.ta and Great Northern elPvator at Buff1ttlo. N. Y., were sold for about $3,000,000. V. 76, p, 330; V.77, p. 974. A s s 0 NORTHERN A STEAMSHIP CO. ..• -, . :~~ .·.~---■■-~ _ , · . . -.. . ~•.,, I-~ .•, •.. . ,. :._.•••- i1-o·•• . ..: ...... MAP OF THE GREAT NORTHERN RAILWAY (EASTERN SECTION) ENTIRE SYSTEM 5.492 MILES. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis : ...,·. :, .-,,. . . . . ··~. ' .. . . ·• · ' . --~'--.. ------.. .. . "'i'".• ~~-,..--, I •■• ■ . o o I ,;,.~ · :■ ~ . . . ,to .. • . - •. .~~..• 111.•,~_ ' I ,. . . ~-.. • • ~ ~ • I . . t .. :~---.:!::.··1' ilat....:. : !!! --- ! - - . ~ ·,,_, ~• ~ H r ~w !'=tj ~ R., 0 Q ~ w ~ ~ a 0 Q td 0 () ~ z0 ff] ~ ~ MAP OF THE GREAT NORTHERN RAILWAY (WESTERN SECTION) ENTIRE SYSTEM 5,492 MILES• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . , .. . , ; ~ •• : ,,,;. . . .. .. . : :. , , , , , , ,· · ~ aiiii" ·~ .. ,:. 422 RAILWAY STOOKS AND BONDS. LVOL. LXXVIII. RAILROADS. INTEREST FOR DIVIDENDS. Bonds-Pr1nc1• - - - - - - - - - - - - - - - - - - - ~ 1 M l l e e Date Size, or Amount -----------------11>a.l,WhenDue. B'or explanation of column headings, &c., see notes of of Par Outstanding Rate Per P When Where Payable, and bY Btocks-Last on fl.rat page of tables. Road. Bonds Value. Cent. aya.ble Whom. Dividend. fwea.t No'l'fhen,,.-(OoncludedJ$ $ Willmar&Bi'xF'lle letM.,g.,gu.p.&t,(end)Oe.c*&r 205 1888 1,000 3,646,000 5 g. J, & D. Minneapolis Western lat mort., gold, guar..••. c* 2 1891 1,000 500,000 5 g, J. & J. DuluthSuperior&West. car trusts, assumed.... ..•. ..•. .....• 88,121 .•..•• .••.. Great Nor. Ry. of Oanada--let M., g., s.f., text.Ce.c" 177 1900 1,000 4,002,000 5 g. J. & J. Quebec Term'l M., $300,000 auth. (V, 71, p. 698) .... 1900 1,000 118,000 5 J. & J. Equipment bonds, due semi•annually ..... ...... ... •• " 1,000 274,000 ·6 J. &- J. Grun Bay cf Western RR.-Stock. See text........ .... 1·8·9··a 100 2,500,000 4 Feb.'04 Feb. Debentures, Class A, incomes, text, non-cum.. c.. . . • • 1,000 600,000 4 Feb.'04 Feb. Olaes B, incomes, after stock, non·CUD'.l....... c* • •• . 1896 1,000 7,000,000 .•. ••• ••. . . Brune RR. (N. Y.J-Stock............................ •••. 1·8·9··9 100 200,000 6 J. & D. 6wa~, cf Q, -lst M. $12,282,000, g,, gu., text. 081n .... 1,000 5,250,000 6 g. J. & J, 6uJ BeaumontcfK.O,-letM.,$10,000p.m.,g.A.B.o 75 1893 500 749,500 6 g. F. & A. 2 mort. $10,000permile($176,000 are 6e)A.B.o 75 1893 500 750,000 5 & 6 g. F, & A. Gnlf B. & Gt. No.,gold, p. & i. gu.,end.AB. text.o Text. 1900 1,000 434,000 5 g. J. & J. tiuiJ cf Ship Island-Stock, $5,000,000 authorized. ..•. ..••.• 100 5,000,000 4 Q.-J. lat ref, and terminal M., g N .................. c*&r 251 1902 l,OOO&o *4,781,000 5 g. J. & J. Baracvc/c cf Oalumel--See MINERAL RANGE RR. Hannibai cf St. Josep/t,-Bee Chicago Burlington & Quine y. 300,000 6 g. J. & J. Ha""man cf Northea.tern-lat M., gold, Oe ..•••.. 22 1895 100 &c. Barrisb, Portsm'th Mt. Joy cl Lanc,--£tock..i..7P, c.gu. 53 . . . • 50 1,182,550 719 in '03 J. & J. 700,000 4 J, & J, lat mort. (ext'd in 1883), guar.p.&t.Pa.. ~R.GP .r 53 1853 500 &c. Hartford cf Connecticut Western-Stock............. 109 . . .. 100 2,712,800 2 F&A.31 lat mortgage, extended in gold in 1903... . . ... • •. 109 1883 1,000 700,000 419g, J. & J. 1,503,000 6 g. M. & s. Htn,<1,erson B'dge Oo.-lst M., g., d'wn at 105.Ce.c* •••. 1881 1,000 Hibernia Mine RR,-Stook...... .••••• .••• ••.••.. .•. 414 .••. 100 200,000 6 A. & O. Bo"kllng Yalley By.-Stook, com., $11,000,000.. •• • . •• •• 100 11,000,000 3 in 1903 J. & J. Stock, pref~ $15,000,000 4 p. o. non-cum . . • . . • • . . • • . .. • . 100 15,000,000 4 in 1903 J. & J. Columbus & Hooking Valley lat mort., gold ... o* 1,401,000 4 g. A. & 0 7 6 1867 500 &c Col & Toledo lat M. (Columbus to Wa.lbrldge).c- 118 1875 1,000 2,500,000 7 F. & A. Ohio &West. Va.. 1st M. (Logan to Pomeroy)c*,. 85 1880 1,000 1,584,000 7 M. & N. lat consol. mort., $20,000,000, gold.Ce.......... 346 1899 l,OOO&o 12,156,000 4.19g. J. & J. * $16,000 old 5s of 1896 remam ontsta.ndine:. EARNINGS.-Grea.t North'n system (incl. St. P. M. & M., Ea.st. of Minn' and Montana Central) July 1 to Dec. 31, 1903, 6 months, $24,033,385' against $23,802,324 in 1902. . ANNUAL REPORT.-Report for 1902·03 was given a.t length in v. 77, p. 821,946,974. See also editorial, p. 930. (1) OPERATIONS GREAT NORTHERN SYSTEM PROPER. Year end. June 30. 1903. 1902. 1901. Av. miles operated........... 5,490 5,249 5,202 Gross ea.min.gs .•••••.•••••... $40,785,647 $36,032,256 $28,350,690 Net earnings ................. $19,234,692 $17,003,398 $11,537,628 P. o. of exp. and taxes....... 52·84 52·81 59·30 (2) GREAT NORTHERN INCOlllE ACCOUNT, Year ending June 30. 1903. 1902. • 1901. Net earns. St. P. M. & Ma.n ... $17,961,874 $13,268,998 $8,026,871 Interest on bonds owned..... 396,871 380,635 395,548 Dividends on stocks owned... 850,267 1,419,960 3,126,504. Profit on Treas. secur. sold .. 74,034 363,177 337,554 Benta.lsofleasedlines........ 114,385 176,484 172,752 Bills receivable................ 1,491 2,059 2,014 Genera.I int. & other income.. 402,424 474,141 212,845 N. Y., ~2 Nassau Street. June 1, 1938 N.Y.&Lon., Ba.ringBros July 1, 1911 To Feo.1,1906 N. Y. Central Trust Co. Jan. 1, 1950 Royal Tr. Co., Mont. 1951 N.Y., Central Trust Co. To 1906 N. Y. of., 40 Wall. Feb. 1, '04, 4% do do Feb. 1, '04, 4% do do .••...•• D.L.&W.off.26Exoh.Pl. Dec., 1903, 3% ~.Y., U.S.M.&Tr.&Lon. 1932 N. Y., 59 Cedar St. Aug. 1, 1913 do do Aug. 1, 1913 do do July 1, 1930 Buffa.lo, N. Y. Jan.15.'04, 1% N. Y., Fisk & Robinson Feb. 1, 1952 N.Y.,Centra.lTrustCo. Phila.i Company's Office ao do Hartford. do N. Y., 120 Broadway, See Central of N. J. N.Y., J.P. Morgan & Co. do do do do do do do do do do Ja.n. 1, 1916 July 10, '03, 4, July 1, 1913 Aug,31,'03,1% July 1, 1928 Sept. 1, 1931 Oct.10,'03,3% Jan. 18,'04,119 Jan. 18,'04,299 Oct. 1, 1948 Aug. 1, 1905 May 1, 1910 July 1, 1999 REPORT for year ending Dec. 31, 1902, in V. 76, p. 702, showed: Freight. Passen'r. Gross. Net. Tazes, etc. Bal.,sur. 1902•..... $374,140 $128,214 $502,354 $165,980 $16,457 $149,523 1901•..... 400,627 126,685 527,312 172,010 39,654 132,35:S From balance in each year was paid, on deb, "A," 4%, $j4,000; · on common stock, 4%, $100,000. DmECTORS.-S.S.Parmer,Pres.;MarkT.Cox,Sec. and Tre;i.s., 40Wall St., N. Y.; C. Ledyard Blair, J. A. Jordan, W. J. Hunt.-(V, 78, p. 102.) Greene KK.-Owns road from Chenango Forks to Greene, N. Y., 8 miles. Leased to Delaware Lack. & W. for term of charter for 6 p. c. on stock. Capital stock, $200,000; par, $100. The $200,000 7 p. c. bonds which matured Dec. 1, 1902, are held in the D.L.& W. treasury. Guayaquil & Q.ulto Ky.-(312•foot gauge.)-ProJeoteli trom Guayaquil to Quito, Ecuador, about 290 miles, with two branches. Of this, 115 miles, from Guayaquil to Gua.mote, are in oneration. Controlled by the Ecuador Company of London, which is building the road, $12,282,000 bonds, $5,250,000 preferrea and $3,586,320 (51 p. o.) of the common stock being deposited as earned a.a security for the £1,000,000 six per cent gold bonds of the Ecuadorian Ass'n (predecessor company) due 1932 (int, J.-J.), but redeemable at 110 after 1905.t See V. 72, p.1283; V. 75, p. 289, 1031; V. 76, p. 593; V. 77, p,1510. Stock authorized, common, $7,032,000; preferred, 7 per cent, cum., Total receipte ............. $19,801,346 $16,085,4.56 $12,274,088 $5,250,000. The bonds are guaranteed, principal and Interest, by the Paid rental St. P. M. & Man. $3,992,737 $3,742,546 $3,687,656 Government of Ecuador, secured by a first lien on all the Customs GreatNorthern dividends .... (7)8,673,973 (7)8,225,920 (7)6,897,369 duties of the latter, it receiving in consideration 49 p. c. of the common Renewal, etc., funds.......... 3,000,000 2,000,000 .......... . stock. Interest in London is payable at Glyn, Mille, Currie & Co. All the bonds a.re subject to a sinking fund of 1 per cent yearlf, for Ba.lance ...................... sr.$4,134,636 sr.$2,116,990 sr.$1,689,063 which they may be purchased a.t the market price, and in adrution (d) OPERATIONS OF WHOLE SYSTEM. $1,014,000 of the Issue (of which $550,000 a.re now outstandYear end. June 30,'03. Gross. Net. 0th. inc. Tot. net inc. ing) are subject to ~all at par for a special sinking fund. Grea.t Northern Ry... $36,960,743 $17,961,874 $1,245,971 $19,207,845 President, Sir Jae. Siverwright, London; Vioe•Preeident, T. H. -Powers Montana. Central Ry. 2,222,457 777,660 35,343 813,003 Farr, New York; Secretary. Benonl Lockwood Jr.; Treasurer, Sa.muel Will. &SiouxFallsRy 1,501,380 462,422 6,4.05 468,827 H. Lever, N. Y. Office, 33 Wall Street.-(V. 77, p. 196,510, 1874..) Dul, Wa.ter.&Pao. By 101,067 32,736 U5 32,882 Gulf Beaumont & K.C.Ky.-See SUP. for0ot,,1902;V.77,p.1225. Gulf' & Tnter•State Ky.-See page 530. Tot. Ry. sys. proper$40,785,647 $19,234,692 $1,287,864 $20,522,557 Spok. Fa.Ile & I'll or. Sys. $985,282 $248,915 $18,048 $266,963 Gulf' & Ship Island KK.-(See .Map.)-Owns trom Gulfport on Minneapolis Union.... 268,180 206,222 9,768 21~,990 Mississippi Sound, Gulf of Mexioo,to Jackson, .Miss., 160·5 miles; Minneapolis Western. 62,439 25,190 5,190 30,380 branches, Maxie to Columbia., 48·75 miles, and Saratoga. to Duluth Terminal...... 36,142 13,500 . • • • • • . • • . 13,500 Laurel, 41 ·75 miles; total, 251 miles. The road was extended as above in 1899 and 1900, the entire line being operated from Sept., Tot. for thesystem.$42,137,690 $19,728,519 $1,320,870 $21,04.9,390 1900. V. 69, p. 1011. Laid with 60, 65 and 75·pound steel rails, for From this la.st result ($21,049,390) were pa.ia. the total interest charge former of which 75-lb. rails are being substituted. Important harbor of all the companies and the guaranteed dividends on St. Paul Minne• improvements have been constructed at Gulfport, includingj an exapolis & Manitoba. stock, not owned, a. tota.l of $4,948,617 a.na. divi· tensive system of docks, piers, etc.; also a channel 7 miles long extenddends of $8,673,973 on the stock of the Great Northern Ry. Co. and ing to deep water. A bran.ch from Mendenhall to Columbia. 60 miles, $3,000,000 for a.ppropria.tion for renewal funds. · is under construction. Charter is perpetual. ~ICERB.-President, James J. Hill, St. Paul; lat Vice-President, STOCK.-Ca.pital stock, $l!zOOO,OOO (par of shares, $100) all outstand· Louis W. Hill, St. Paul; 2d Vice-Pres., B. I. Farrin~on; 3d Vice-Preei• ing and deposited with N. i:. Seo. &Trust Co. under a, voting trust; J. dent and Seo•y, E.T. Nichols, New York; 4th Vioe-J>ree., J. W. Blabon; T. Jones, Harvey E. Fisk a.nd Cha.rles K. Beekman, voting trustees. DIVIDENDS.-Apr,, 1903. to Jan., 1904, both inclusive, 1 p. o. quar. Treas'r and Asst. Sec'y, E. Sawyer, St. Paul; Asst. Sec'y and Asst. Treas., N. Terhune, New York: N. Y. office, 32 Nassau St. BoNDs.-Of the new 1st 5s ($5,000,000 authorized), $2,750,000 were Dlrectors,-J. J. Hill, Frederick Weyerhaeuser, E. Sawyer, M. D. Grover used to refund the old bonds (only $16,000 of the latter being now outR. I. Farrtngton, H. W. Cannon, J. N. Hill, Louts w. Hill, Wm. B. Dean. standing)1 the remainder being issuable as follows: $1,000,000to com-(V. 76, p. 101,330, 1084; V. 77, p, 821,946, 974, 1533, 1873.) plete the rerminals at Gulfport, $500,000.fornewequipment and $750,· 000 for 75-lb. rails and other improvements to roadbed and structGreat Northern Railway lot Canacl.a.--Owns main line between. Riv•a•Pierre, on llne ·of Quebec & Lake St. John Ry., to ures. A sinking fund of one per cent yearly accruing from Ja.n. 2, 1905, may purchase bonds at not exceeding 110, but the latter can::.o1i Hawkesbury, on the Canada-Atlantic Ry., 168 miles, with running rights over Q. & L ., St. John to Quebec, 58 miles; also a branch to be drawn. See V. 74, p. 426, and application to list, V. 74, p. 1257. Shawiniga.n, 419 miles, and one to St. Jerome, 1 ~ miles; leases ChateauEARNINGB.-For 5 months ending Nov. 30. gay & Norther:J?-1 Joliette to Montreal, completed Dec., 1903; total 5 months. G,.os,. Net. 0th. Income. Oharge,. Bal. mr. operated, 268 mues. Owns elevator at l~uebec. car and repair shops rno3 .......... $790,719 $314,484 $i,936 $97,194 $222,226 at Quebec, etc. V. 71, p. 1220. 1902. ... .• . .• . 706,077 258,334 871 71,376 187,929 CONTROL.-ln March, 1903, controlwaeacquired by ihe Northern REPORT.-Report for year ending June 30, 1903 (251 q,verage miles), Consolidated Boldin~ Co., in which Canadian Northern parties a.re was given at length in V. 77, p. 1220, 1237, showing, gross, $1,705,largely interested, V. 76, p. 705. 047; net over taxes, $625,429; other income, $3,719; charges, STOCK AND BONDS.-Stock authorized, common, $4,550,000; deben- $195,431; dividends, $200,000; bal., surplus, $333,717. Pres., ture stock, $3,000,000; preferred stock, $450,000. Of the $6,000,000 J.T.Jones,Buffa.lo,.N.Y.-(V. 77, p, 1220, 1237; V. 78, p. 102, 287,) fl.rat mortgage 5s, series A, issuable at $20,000 per mile of completed Harriman & Northeaster» Ky.-Harriman to Petros, Tenn., road, $3,540,000 are outstanding, and also $500,000, series B, issued 22 miles. In Jan., 1903, entire stook aoquiretl in the interest of the on account of bridge across the Ottawa River at Hawkesbury, Cincinnati, New Orleans & Tex. Pa.o. Ry., but wUl be operated separEARNINGs.-Report for year ending June 30, 1902, first full year of ately. V. 76, p. 157. Stock, $600,000. Year to Mar. 31, 1902, gross, actual operation, was in V. 75, p. 1352, showing gross, $524,764; net, $81,805; net, $39,981; charges, $18,000,-(V. 76, p. 212.) $207,963; total deductions, $157,417; balance, surplus $50,546. Hartford & Connecticut Western Ky,-OwnsfromHartfor4 PresidentJ. D. B. Hanna, Toronto; lat Vice•Prest. James McNa.ught Conn., to Rhineoliff, N. Y., 109 miles, and from Ta.ri:ffville. Conn., to 35 Nassau ::;t., N. Y.-v. 76, p. 705; v. 77, p. 2280; v. 78, p. 287. Agawam Jot., Maes., 14 miles. Leased till August, 1940, to the Cent. Green Bay & Western KK.-Roadowned from Green Bay, Wis., New England Ry., the rentalpaying'. chargee and 2 per cent per annum to Ma.rshland,Wie., 209 miles; branches, 13 m.; trackage to Winona., 4 m, on the stock, ofwh1ch $1,390,100 is owned bylessee.-(V. 76, p. 10S4,) Hawkinsville & :Florida Southern Ky.-V. 77, p.1294. HISTORY,-A reorganization June 5, 1896 (per plan in v. 61, p. 471), of the Green Bay Winona & St. Paul, sold in foreclosure May 12, 1896. Henderson Bridge Co.-Owns bridge across Ohio R. at Hender• BECURITIES.-There are no :fl.xed cha.rges on the property other tha.n son,Ky., and 10 miles of road. Stock is $1,000,000 (par, $100), of which the Louisville & Nashville Co. holds practically a.11. v. 73, p. 444. taxes, nor can any be placed thereon, or the property be sold or leased without consent of 75 per cent of stock. Claes A debentures a.re en- $497,000 bonds in sinking fund in Oct., 1903.-(V, 77, p, 349,) titled to 219 per cent interest, if earned, then common stock to 219 p.c., Hibernia Mine KK.-Owns from Rockaway, N. J., to Hibernia then the two share ratably; but a.fter 5 per cent has been paid on both, Mines. N. J .. 414 m. Leased to Oent. of N. J. in 1890 for $12,000 per an. olass B bonds a.re entitled to all surplus earnings. Bee v. 61,p. 471, Hocking Valley Kallw-ay-(See Map.)-Thia company owna DIVIDENDS{1898, 1899, 1900, 1901, 1902, 1903, 1904. main line from Pomeroy, O., to Wa.lbridge, O., 250 miles, with trackClass "A" deb., p. c. 21.g 219 219 3 4 4 4 age (Penn. BR. System) Walbridge to Toledo, 6 miles; branches t,o Stock, p. c.......... •••• 1111 219 3 4 4 4 Athens, Nelsonville, etc., 73 miles; leasf\s Wellston & Jackson Belt https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis --- ------ ----- ----- 423 RAILWAY STOOKS AND BONDS. J .AN., 1904.] MAP O:E, THE GULF & SHIP ISLAND RAILROAD AND I'l'S CONNECTIONS. LL a: < :i: 3 LO v (T) C\I 'o 0: 0: 0: 0: ;:; w w uJ ; a: o: ~ o: Q: ! ~ ~ :z: "" ~ :, "" "' ~ .... c;;, ~ Q: 0 0 % % :; ~ ~ 0:: ~ 0: w 0: a. w z LL 0: cl: ::c ~ < C '"-I 3 ~ -WIDTH OF BASIN 1320~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C MAP OF THE \TERMINALS, MAIN PIER .... r,and PROPOSED PIERS ,~" ! :h: , at GULFPORT, IQ~: L F 424 lVOL. RAILWAY STOCKS AND BONDS. LXXVIII. RAILROADS. MEREST OR DIVIDENDS. llond8-Prlnc1· - - - - - - - - - - - - - - - - - - - - 1 Mllee Date Size, or Amount - - - - - - - - - - - - - - - - pal.When Due. Por explanation of column headings, &c., eee not.e 8 of o1 Par Outstanding Ra.tie per When Where Payable, and by Stocki-Last on fll'st page of tables. Road. Bo:nds Value. Cent. Payable Whom. Dividend. --------------------1 - - ------ -----•1-------1----------1-----5 g. J. & J. N.Y.,J.P.Morgan&Co. July 1, 1951 1901 $1,000 $3,000,000 1902 1,000 2,750.000 5 g. F. & A. do do Feb .. 1, 19!! Hoek V.(Oon.)K.&H.C.&C.letM.g.,gu.red.llOaf'll CoaCoal 1st M.,$8,500,000,g gu.ef.'06,red.llOat.'12 s Oar trust bon~e and scrip, s. f., red. at p&l', g,llip Equip. notes, payable monthly•.••••••...•••..•••. Oar truete, gold, $80,000 eeml•annually .s...... . Boosac Tunnei cl Wilmington,-Btook•..••••••••••••. 1st mortgage, $250,000, gold.OD ............... . Houst. E. cl W. Te:cas- 5 gu. p. & 1. by Bo. P. Un.. or 1st mortgage, gold .. ! not guaranteed .......••••. Houst.cl Tez. O.BB.-State of Tex. pr. lien 1st 75 m. 1st M.Lgr.g.red.110,1nt.gn. $2,600,000 pd.Ceo*&r Con. M., Lg., g., red. at 110, int. guar.,P.o*ctr .... Gen. M .• gold,tnt.guar.1..~nd.,$8,000 pa1d.1'1po"&r Waco & N.W.Dlv., let m.,g.,$25,000 p.m.ce.o"&r .Austin &Northweet.1 1st M.,g., gu,p.&l.IUp.o*&r Ft. Worth & New Or1., 1st M. (Wax. to Ft. W.) •.. O.Tex.& N.W., 1st M., gu. 8. Pac. (Gar. to Wax.)P Huntingdon cl Broaa Top-Common stock ..••••.••. Preferred stock, 7 per cent, non•oumulative ••••.. 1st M •• extended in 1890 (int. only in gold) .. GP 2d M., old 7s, extended in 1895! p. & 1., g.) .•• GP Sd mortgage, oon.sol. ext. in god in 1895.GP.o* Consol. oar trust, $68,000 due Oct. 1 yearly...•. 14th ser. oar trust, $29,000 yearly Dec. l.PeP.. Iberia cl Vermilion,-let mortgage ...•••••.••••••••• n1'taoia CentraZ-Btook, $95,040,000 .............. . Leased line 4 per cent stock, guar. (see remarks.) 1st mort. of{ Sterling bds. old 6s ext. in 1895} 1 8 7 4 f O r Sterling bonds, due 1905 .•••••• e15 000 000 4e of 1886, due 1951J gold .••. o* all 31,as ofl886: due 19::>l, g •.. c*&r equally 1J• 3s of 1895. aue 195~ gold.c*&r • 319e of 1903, due 19::>l. g ... o*&r seonres' 1894 1,000 1900-1 Various 1902 1.000 100 1,000 1893 1,000 1,000 1893 1870 1890 1,000 1890 1,000 1890 1,000 1900 1,000 1891 1,000 1895 1,000 1881 50 50 500 500 1857 1,000 1865 1.000 1896 1899 1,000 1893 ·25 is92 192 192 75 453 453 453 58 103 41 12 64 64 64 64 64 250,000 250,000 2,199,000 501,000 See t.ext. 5,450,000 2,616,000 4,287,000 1,105,000 1,920,000 709,000 180,000 1,371,750 2,000,000 416,000 367,500 1,497,000 204,000 234,000 322,000 95,040,000 100 10,000,000 2,500,000 •200 1,000,000 •200 1,500,000 1,000 2.499,000 1,000 £500,000 £200 1,000,&o. $3,000,000 i:ooo is54 ··ioo i875 1875 1886 1886 1895 1903 122,000 1,204,406 1 1 360,000 6 ~- Q.-J. 5 & 6 Various 4.lgg M. & N. 21n 1903 Dec. 31. 5 g. M. & S 5 g. M. & N. 5 g. M. & N. 6 •• • . . 5 g. J. & J. 6 g. A. & 0. 4 g. A. & 0. 6 g. M. & N. 5 g. J. & J. 6 J. & J. 6 A. & 0. See text. J. & J. 71n 1903 J. & J. 4 g. A. & O. 4 g. F. & A. 5 g. A. & 0. 5 A. & o. 4 J. & D. 5 F. & A. 6 in 1903 M. & B. 4 J. & J. 4 g. A. & O. 5 g. J. & D. 4 g. J. & J. sis g. J. & J. 3 g. M. & S. 319 g. A. & O. Ry.• McArthur Junction to Jackson, 18 mnee; total, 34.7 m.; 2d track, 25 m. In Oct., 1902, aoqutred au the securities of Zanesville & West· ern Ry .• Columbus to ~hawnee and Zanesville, O., with branches, a total of 126 miles, of which about 40 mllee te held under lease or trackage rlghte. V. 75, p. 906. HISTORY, &c.-Buoceseor on Feb. 25, 1899, per plan in V. 68, p. 281, 110 the Columbus Hook. Valley & Toledo Ry., sold under foreclosure Feb. 24, 1899. V. 68, p. 231, 379. The 001'1 lands, from which the bulk of the company's busineee le derived, aggregate about 20,975 acres, and are covered by the new oonsoL mortgage. In Dec., 1899, acquired oontrol of the Toledo & Ohio Central Ry.• by purchase of entire ieeue of $8,421,000 Middle States Construction Co. collateral Se, which a-re seoured by deposit of the entire stock of the Tol. & Ohio Cent. Ry., except $54,100 common and $11,600 preferred (Bee V.69. p. 1345), but that road le operated 11eparately. Bee STOCK below. STOCK.-The preferred stock le subject to call at par. As to sal~ of block of common stock, see below. SA.LE OF STOCK, ETC.-In June, 1903, $6,924,200 of the outstanding $11,000,000 common stock, which had been deposited with J. P. Morgan {V. 75, p. 13011, was eold to five railroad companies, viz.: The P. Oin. Ohle. & St. L. (two-sixths interest) and Balt. & Ohio, Ches. & Ohio, Lake Sh. & M. South. and Erle teach one-sixth), the owners re · oetving $103 per share above all expenses. There were t11eued by J. P. Morgan & Co. $7,270,410 three-year 5% ~old ''particiratlon oerttfl.. oat.es," due June 28. 1906, int. payable J.&D .28, secured by the stock acquired. The various companies are obligated in the proportions V, 75, p, 1301; V. 77, p. 36, 1225; and form ot cert., V. 77, p. N. Y., Metropol. Tr. Co. Apr. 1, 1 9 .,.. N.Y.,J.P.Morgan&Co,To July.z_1908 M'y'<'4-.m.'Y'l2 Wilmington, Vt. Dec.31 '03,2% Boet.,Old Colony Tr.Co. Sept. 1, 19~i N. Y., 120 Broadway. May 1, 1938 do do May 1, 1933 Houston, Texas. Annually. N. Y., Central Trust Co. July 1, 19S'7 do do Oct. 1, 1911 do do Apr. 1, 1921 N. Y., Cent. Trust Co. May 1, 1930 do do July 1.., 1941 Dec. 31, 1925 N. Y., 120 Broadway. Oct. 1, 1911 Phll.Of.,4th&Walnut8t. Jan. 28. '04., 1 do do Jan. 28,'04.,319 do do Bepi. 30, 1920 do do Feb. li 1925 do do Moh. 3 , 1925 Phlla.,Merohante'TrnetOot.1,'04·1906 Penn. Co. for Ins., &o. To Dec. 1, '11 N. Y.,So.Pao.Co.120 B'y Aug , 1943 N. Y., 214 B'way & Lon. Mar. 1, '04, 3~ do do Jan.,1904, 2 London. Apr. 1, 19 1 London,Morton,C.& Co. Dec. 1, 190li New York, 214 B'dway. Jan. 1, 1951 do do Jan. 1, 1951 London. Mar. 1, 1951 New York & London. A.pr. 1, 1951 oper. exp., $9,679; int., taxes, etc., $118,135. For year 1901·02, gro11s $901,420; net, $188,659; other income, $3,424; charges, $159,878 bal., sur., $32,205.-(V. 76, p. 1084. 1407.) Hou•ton & Texa8 Central H,allroad.-( Setf Map of Southern PaciftcJ-Owne from Houston, Texas, to Denison Texas, 338 miles, Hempst.ead, Tex. to Llano, Texas. via Auetm, 215 miles: Bremond to Rosa. Tex.,55 i;;iiee Garrett to Fort Worth, 55 miles; other branches~ 30 miles, total owned, 692 miles. HISTORY.-Suoceseor April 11, 1893, to a railway oompany fore• closed Sept. 8, 1888. Reorganization plan V. 45, p. 792,820. On Aug. 22, 1901, various controlled lineewere merged, including the Austin & Northwestern, an extension ot which from Burnett to Lampasas, 23 miles, was oomplet.ed Nov., 1902. v. 72, p. 480, 821; V. 73, p. 137, 494. Litigation, eee V. 74, p. 680. In 1903 Rook Island Co. arranged to acquire a half interest in theetook. V. 76,p. 331, 1407; V. 77, p. 823. BoNDs.-The bonds are being gradually reduced with proceeds of land sales. The first mortgage wae for $8,634,000, of which $570,000 reserved against claim ot Btate of Texas upon 75 miles of the road. The Bo. Pao. Co. guarantees interest on alt bonds. Theftr•t mortgag• bonds and the consolidated mortgage bonds may be called for red.emp• tlon at 110 with proceeds of land ea.lee.' Bee full abstracts of all tlie mortgages in v. 52, p. 24.2. Of the $5,068,000ooneo.lldat.ed 6e authorized $1,149,000 (not included 1n the amount outstanding above) are held aa part security for the general 4e. There were also Mar. 31, 1903. $425,· OOOLampasae extension interim 5s. Stock. $10,000,000, of whioh the 86. Pacitto Co. owned $9,596,000; par, $100; one.half of thte being acquired in May, 19031 by the Rook Island Co. V. 76, p. 1084, 1192., 1407. In 1902-3 a dividend of 6 p. c was paid out of accumulatea surplus. V. 76, p. 1407. As to school fund ola.lm for $673,100, see DIVIDENDS.-On pref., 1900, 3.lgp.o.; 1901 to JaTJ., 1904, inol, 4p. o. per annum. On oom. July, 1901, to Jan., 1904, incl.Sp. o. per annum, v. 64, p. 1137; v. 66, p. 471; v. 70, p. 686. LA.NDS.-The lands June 30, 1902, held for cancellation of let and, BONDS.-The console ($20,000,000 authorized) besides a lien on the entire property, subject only to $6,274,000 prior bonds, have a fl.rat oonsol. mortgage bonds, oonsiet.ed of 2,446.84:i acres; land contracts; lien on all the coal lands $6,274,000 console are reserved to retire outetandingwere$1,431,867. V. 65, p. 869. the existing bonds (these existing bonds, however, may be ex• LATEST EARNS.- 5 mos.> 1902·3 .... Grose, $2,513,898; net, $772,016 July 1 to Nov. 30. 51901·2 ..... Groee, 2,416,518; net, 950,929 ~nded at maturity) and $5,645,000 for the acquisition of new property and betterments, of which $3,667,000 eold in 1899·1903. V. 72, p. 338; For 9 moe. ending Mar. 31, 1903, gross, $4,144,018; net, $1,269,100; V. 74, p. 1038; V. 76, p.1192. Substantially all of the bonds and stock other income, $15,444; int., taxes, etc., $698,328; bal., eur., $586,218. of the Ohio Land & Ry. Co. and the Wellston & Jackson Belt Ry., 18 In year 1901·02, gross, $5,156,171; net, $1,~38,291; other income, miles, are deposited under said mortgage. Description of bonds in V. $37,011; total charges, $1,003,074; balance, surplus, $572,228. In 88,p. 823. Guarantees Kanawha & Hooking Coal & Ooke Co. bonds. 1900-01, groes, $4,958,392; net, $2,004,821.-(V. 77, p. 823, 1533, 2390.) Bee V. 74, p. 271; V. 77, p. 2393; also Continental Coal Co. bonds. v. Hudson & 1'1anhnttan RR.-To construct a double·tube tunnel 75,p. 497,987. The oar trllBte of 1902 cover 3,020 forty•ton gondola to be used by trolleyE1,under the Hudsnn River from the l'enneylvanla care. v. 74, p. 1196; v. 75, p. 741. RR. station, Jersey City, to terminal station covering two blocks west LATEST EARNINGS.-For 5 months ending Nov. 30: side of Church St., between Cortlandt and Fulton Sta., New York. 5 mos.Gross. Net. 0th. inc. Oharges. Balance. Franrhises in New York have been granted. Terminal facilities in 1903 ..•.•.. $2,771,0U $1,047,898 $66,183 $388,178 $725,903 Jersey City will be afforded by Penn. RR., whose trattto for down•town 1902 ....... 2,560,936 971,361 37,744 378,717 630,388 section or New York will he handled. Official statement, V. 78, p. 102. A.Nlro.AL REPORT.-Traffic ie mostly freight, and over 60 p. o. of this ls Incorporated in March, 1903. V. 76, p. 705, 7f>2. Stock authorized, $3,000,(00. Directors, Jan., 1904, V. 78, p. 102. President. W. G. bltnmlnoue coal. Average train•load le large-tn 1903, 622 tone. Report for year ending June 30, 1903, was given at length in V. McAdoo; Vice-President. W. G Oakman; Treasurer, H. A. Murray; Secretary, C. W. King .-(V. 77, p. 2338; V, 78, p. 102.) 77, p. 764,777; eee also editorial, p. 732. 1902-03. 1901·02. 1900-01. Huntingdon & Broad Top Mt. KR. & Coal Co.-Owne from Gross earnlnge ....••..••.•••.••. $6,049,698 $5,316,523 $4,653,258 Huntingdon, Pa., to Mount Dallas, Pa., 45 miles; branches, 19 mllee. Operating expenses and taxes 3,838,526 3,229,331 2/785,286 DIV.- '92. '93. '94. '95. '96. '97. '98. '99 '00. '01. '02. '03. 1904 5 5 419 4 l O 0 0 0 •••• 5 Jan., 1 Net earnings from oper'n.. $2,211,172 $2,087,192 $1,867,972 - On com. 4. On pref. 7 7 7 7 7 6 5 519 7 5 6 7 Jan., 319 Other income........... .••••••. 686,861 504,549 474,084 A.NNuAL REPORT.-Report for1901 wae given in V. 76, p. 916. Total available income .•.. $2,898,033 $2,591,741 $2,842,056 Gross. Net. Interest. Dimd'nds. Balance. Fixed charges................... 1,093,935 $989,368 $987,879 1902 ..•...•.. $860,246 $345,606 $106,190 $120,000 sur.$119,416 Dividends on pieferred ..•.•••.. (4)560,000 (4)560,000 (4)560,000 1901. ....... . 754,633 324,964 106,rno 100,000 eur. 117,77~ li>1v1dends on common ..••••.••. (3)321,324 (3)312,648 (llg)l56,324 -(V. 76, p. 158,.,331, 916; V. 77, p. 146; V. 78, p. 229 .) Iberia & VermlUon RR.-Salt Mine Jct. to Abbeville, La., 16 Bala.nee, year's surplus.... $922,774 $729,725 $637,853 miles. Stock. $300 000, of which $298,500 owned by Morgan's Louie• OFFICERs.-Presldent, N. Monsarrat, Columbus; Seo. and Treas., W. lana & Texas RR. & Steamship Co. (So. Pao. system). Year 1901-02, N, Cott, Columbus; Ass't Seo. and Treas., A.H. Gillard, New York. gross, $70,506; net, $43,347; int., taxes, etc., $17,032; bal., eur., $26,315. DmEOTORS-Charles B. Alexander, Robert Bacon, R. M. Gallaway, Thomas F• Illinois Central RR.-(SeeMap.)-RoAD.-Operat.ee from Chicago, Ryan and (Charles Steele, New York; Ralph VV. Hickox, Charles G. Hickox and James H. Hoyt, Cleveland; P. W. Huntin11ton N. Monsarrat, w. F. Good- Ill., southerly to New Orleans, La., 912 miles, and westerly to Sioux Olty, Ia., 509 miles, with numerous branches. viz. <,fwhich see): speed, R. S. Warner ano William N. Cott, Columbns, O. Road owned in fee, Miles. Milu. -(V. 77, p. 36, 250, '764, '1'11, 1225, 1874, 2390; V. 78, p. 102.) Evansv. Line (Ohio Va.I. RR. 139 Hoosac Tunnel & '1- llinlngton RR.-.NA.RROW GAUGE.- Chicago to Cairo, ill .. { Main Centralia, ill., to East et.em 706 Mem., Ten. to Grenada,Mtee. 100 . 1 Owns road from Hoosao Tunnel, Mass., to Wllmingt-0n, Vt., 25 miles. Dubuque, Ia........ · Yazoo & Mieeieslppl Val. RR. Bills payable June 30, 1903, $24,986. Earnings for year 1902·03, Dubuque & Sioux City 1f... •. 730 Memphle to N. O. and brs •. . 1,162 gross, $66,281; net, $19,264; charges, $13,474; dividends (2 p. o.), City to E.ffl.ngh'm, Ill.. 88 St. Louie Alton & Terre H... 239$5,000. Dive. in 1896, 1 p. c.; in 1897 to 1903, inclusive, 2 p. o. yearly. Switz Springfl.eld to E. St. Louie, Entire stock owned. lll. ,v. 71, p. 547) . ..•••.. 98 Branches...................... 709 Houston East & West Texas Ry .-Owns from Houston, Texas Acquired-Oct., 1901, Leased,, to Babine River at Logansport, 191 miles, where it connects with the Chicago & Texas (Bept.'97) • • 80 Houston & Shreveport RR., Logansport to Shreveport, 39 miles. Re- Peoria, DI., to Evansville, Ind., with 6 m. branch (V. organized in 1896 without foreclosure. Bond issue limited to $3,000,· 73, p. 391, 665)......... •..• 251 Total syst.em June 30,1903 5,463 000. Stock $1,920,000, of which $1,905,000 wae owned by So. Pao. Co. Leased,.-Oontrol ounied,. Of,which earns. kelt separateIn 1903 the Rock Island Co. arra,nged to acquire a halfintereet in the stock. V. 76, 1). 1084, 1407; V. 77, p. 823. In 1902·:i a dividend of 16 %rre!ns. Yazoo & Mies. Vall. B ...... 1,162 547 p. o. was paid from moneys received from the reor~antza.tion com• Line to Louisville, etc•... i 614 Total included in earns. mlttee in adjustment of accounts. The Southern PaoUic Company hae (C. O. & B. W. & br'ohes) .. ~ July 1, 1903 ..••••••• .4,801 guaranteed $2,199.000 of the bonds, :,rlnoipa.l and interest. by endorse• ment, reserving the right to redeem the bonds at 105 and int.erest at Branch Paducah, Ky., to Catro, 35 miles, was epened in Aug., 1903. any time on elx months' notice; guaranty, V. 70, p. 841; see also V. The stockholders voted on Oct. 16, 1901, to acquire the former 71, p. 236. For 9 moe. ending Mar. 31, 1903, gross, $685,861; def. under Peoria Decatur & Evansville Ry., Peoria, ID., to Evansville, Ind., 244 ~:rid. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l mg~i~ fil:,1ot:-w JAX., 1904.] RAILWAY STOCKS AND BONDS. OF THE !'HOCKING VALLEY iI RAILWAY i i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 425 426 RAIL\Y-AY STOCKS AND BO DS. [VOL. LX.X.VllI. Bonda··Prlnot• RAILROADS. INTEREST OR DIVIDENDS. pal, When Due. Miles Date Size, or Amount For explanation of column headings, &e., see notes of of Par Outstanding Rate Per When Where P~able, and by Stocks-Last on first page of tables. Road. Bonds Value. Cent. Payable om. Dividends. ---- ~ Illinois Oentral-( Ooncluded)- Trustbondssterl.(seo. byCh.Bt.L.&N.O.cons.).lJs 1st M.,\¥iDlv. re!. m., (V.66ifo. 1237) g,11s.xo*&r i"ii 1st M., ddle Dtv.,Otto to orma.n Juno. & brs.r 131 Collateral trust bonds, ~old,$ . .••..••..••. lJsc*&r 857 Cairo Bridge bonds, §iol see remarks) .. 1Js.c*&r Col. trust, $25,000,0 O,g.,onL. N.O.& T.lJs.c*&r 798 Western lines, 1st M.i{:. lJs ... ....••........•. o*&r 218 St. L. Div. & Term 1 V. $10,000,000,g.11s.xo~&r Do $5,000,000(See . 65r,:i. 1173),g., Us.:x.o~&r !239 Loutsv.Div.&Term. M.,$2 ,000,000,g.Vs.xc•&r 553 Chloe.go Bt. Louis & New Orleans, 2d morti;i:a.ge .. 567 567 g:,ns~:.· ?l8i~~~•-~~?!:.~~~~:_1~~: ~.~~--~•.~~ 567 Memphis Div.1st M., g.,gu. p. & 1. (end.). lJs.o• 100 Oma.ha Dlv. 1st M·;J·• $5,000,000. Us .....•..... 130 Litoh:fleld D 1v., 1st ., g. $4,000,000.F ..•..... o• 98 1 Underlying 8t. Louis DitJ. ~ Te1·minat oonds. 1886 •200 1897 $1,000 1881 1,000 1888 500 &o. 1)000 1892 1892 500 &o. 1,000 1894 11897 500 &o. ·1897 1,000 1897 500 &o. 1877 1881 1897 1,000 1889 1,000 1900 l,COO&o 1900 1,000 r,ooo St. Louis Alton & T. H.Bellev.& Carondelet, 1st M. ,Belle. to E.C.,gold.o• 17 1883 1,000 Bellev. & El Dor., 1st M. (I.C.owns $100,000)o* 51 1880 1,000 Bt. Louis Southern., 1st mort., fiold ..••.. ll.le.o* 30 1886 . 1,000 Carbondale & Shawneetown st M., {old ... o.. 17 1887 1,000 Iowa Fa.Ile & Sioux City-See sta.temen of Dub uque & Siou n linoiB Southern-lat mort., gold, $2,000,000.EC. 89 1901 xC~ 1, l ncUana Illinois ~ Iowa-Stook. $6,000,000 ....•. 100 · -·· 1st mortgage. gold, $12,000,000, gold.IC ..... o* 203 1900 1,000 $5,266,000 2,000,000 968,000 ·1 5,000,000 3,000,000 25,000,000 5,425,000 8,377,000 4,997,525 21,788,000 80,000 all,289,000 1,359,000 3,500,000 5,000.000 3,148,000 470,000 88,000 538,000 241,000 3¼ g. J. & J. London, Barini Bros. g¼g. J. & J. New York, 214 'dway. F. & A. do do 4 g. A. & O. do do 4 g. J. & D. do do 4 g. M.&N. do do 4 g. F. & A. do do 312g. J. & J. do do 3 g. J. & J. do do do do 31 g. J. & J. do do J. & D. 5 g. Jrf&Dr.5 do do 312g. Jr.5&Dr.5 do do 4 g. J. & D. do do 3 g. F. & A. do no 3 g. J. & J. do do 6 g. J. & J. & 7 4 g. M.& 4 g. M.& D. J. 8. 8. do do do do do do do do July 1, 1950 Jan. 1, 1951 Ang. 1, 1921 Apr. 1, 1952 Deo. 1, 1950 Nov. 1, 1958 Ang. 1, 1951 July 1, 1951 July 1, 1951 July 1, 1953 Deo. 1, 1907 June 15, 1951 June 15, 1951 Deo. 1, 1951 Ang. 1, 1951 Jan. 1, 1951 June July Be~. Mo • 1, 1, 1, 1, 1928 1910 1931 1931 1,025,000 4 g. A. & 0. Equitable Tr. Co.,Chio. Oot. 1, 1951 5,()00,000 4. ln 1903 See text Treas • Gr. Cent. Stat'n. Feb. 1, '04, ~ 4,850,000 4 g. J. & J. do do July 1, 19 0 a In addition $5,266,000 oonsol. 5s are pled~ed to seor re n y nois Ce ntral oolla.te ra.l trust bonds of 1886. - -- -- -- - - - - - - - - -- - - - - - - - - ~- ----,--------- - -- - - -- - -- - - - - - - - - - - IIDnol• Central RH.-(CONCLUDED) J miles, previously operated by Illinois Cent. as a.gent, with 6•mile branch, the oost to be represented by a, new bond issue. V. 73, p. 391, 665 In Jan., 1902, obtained control of the Omaha B. & Terminal Ry. v: 74, p. 151. In Feb., 1902, purchased the Cecilia. branch, 46 miles, formerly leased. V. 74. p. 326. The stockholders voted on Nov. 14, 1903, to puroha.se certain roads in Illinois. V. 77, p. 1746. • HISTORY, LEASES, &c.-Cha.rtered 1n December, 1850. Thfl company pays to the State of Illinois 7 per oent (In 1903 $1,026,650) of gro11, of the 706 miles owned 1n fee yearly 1n lieu of taxes. The Chica.go Bt. L & N. O. is leased for 400 yea.rs from July 1, 1882, at 4per oent per a.1rnmr on its $10,000,000 stook deposited to seoure the leased line stock. The stockholders of St. Louis Alton & Terre Haute and other subsidiary compa,ntes were to vote on Oct. 13, 1903, to sell the roads to the llll· nots Central RR. V. 77, p. 401,838. CAPITAL STOCK.-The leased tine stock ls secured by deposit of $10,000,000 Chica.go St. Louis & New Orleans stook, and in oase ol defaultfor sixty days on any seml•annua.l dividend of 2 per oent, the stockholder is entit1ed to his share ofthestock_J)ledged. (V. 6'>, p .1071.) Early In 1901 the stock was Increased from $60,000,000 to $66,000,· 000, 1n Nov., 1901, to $79,200,000, and In Aug., 1902, was further in· creased to $95,04.0,000. to provide additional equipment and facilt• ties. See V. 71, p 1066; V. 72, p. 241,282; V. 73, p. 82,138,666; v. 74, p. 1308; V. 75, p. 77, 498. The new stock was subscribed for at par pro rata by shareholders of reoord. Of the etook, 78 p. o. was in Oct., 1903, held 1n .Amerloa, $8,000,000 of tbi11 being owned by the Ra.1lroa.d Beonrities Co. See that oompa,nyin this SECTION. V. 71, p. 698, 779. DIVIS. i 1886. '87. '88. '89. '90. '91 to'99. 1900. 1901 to ¥ar ., 1904• Oom. stk. f 7¼% 7 7 5¼ 6 5 y'rly. 519 6 yearly BoNDs.-Matn Line $15,000,000 mortgage of 1874 oovers property described 1n V. 63, p. 76. The $3,100,000 tirst. mortga,~e sterling 5s, whioh matured April 1, 1903, were refunded into 3-¼s, the latter retalnlng their first mortgage lien on the ma.In line V. 76, p 654. Oairo bridge bonds a.re secured by deposit of like amount or Chicago St. Louis & New Orleans 1st M. Cairo Bridge 5s. The ranta.l for the bridge ls $180,000 1n gold annually, of whioh $30,000 goes to a, oontlngent and sin1dng fund till 1902, then $20,000 to regular slnklng fund. See adv. in CHRONICLE, May 7, 1892. The trust bonds of 1886 a.re secured by deposit of $5,266,000 Chica.go Bt. L. & N. 0. oonsols of '81, and a.re to be lnoluded in any new mortg. The collateral trust bonds of 1952 a.re secured by pledge with the U. S Trust Co. of New York of $16,350,000 5 per oent 1st mortgage gold bonds of subsidiary rallroa.ds ooverlng 854 miles. Bee list, V. 55, p. 550. The $25,000,000 collateral tru•t bonds of 1953 are secured by pledge of the securities of the Louisv. N. 0. & Texas (now Ya.zoo & Mississippi Valley RE.), inoludin!l all the $16,900,000 1st mortgage bonds, except $68,000, ,JI the $9,104,000 mortgage Incomes and all but $96,000 of the $10,000,000 land grant Income bonds. Bee adv. In CHRON ccLE, June 11, 1892, and V. 54, p. 964; V. 61, p. 112. For the Chicago St. Louis <f 11/ew Orleans the lessee guarantees the prlnoipal and Interest of all the outsta.n<W?-g bonds prior to the 5s of 1881, and by an endorsement on the latter bonds guarantees the payme:.1.t of the interest on the same until the prlnoipsl is paid. Of these oonsol. 5s $5,266,000 a.dditiona.l to the a.mount outstanding above a.re pleged as security for the Ill.Central trust bonds of 1886. The 312s of 1897 aregua.r.,p. &i., by endorsement-seegua.r11onty, V. 65, p. 1071. The Western Lines loan of 1894 is for $10,000,000, but $4,575,000 bonds can be issued only when the road from Iowa Falls to Sioux City 184 miles, now subject to $2,800,000 of Iowa, Fa.lls & Sioux City bonds (see Dubuque & Stoux City RR.) due in 1917, sha.11 be transferred to the trustee without encumbrance. See SUPPLEMENT of Jan., 1899. The St. Louis DitJision ~ Terminal bonds a.re for $15,000,000 authorized, of which $5,000,000 are three per cents; $3,500,000 were lssua_ble for improvements, equipment, eto., and $1,499,000 are held to retire $1,400,000 underlying bonds still outstanding on the St. Louis Alton & T. H. system; see table above. See abstract of mortgage 1n V. 66, p. 138. See also V. 66, p. 133; V. 71, p. 546. LouistJilte DitJision ct Terminal mort. is for $25,000,000; of the bonds $1.112,000 a.re reserved to purchase the 46 miles (Cecilla. branch) from Louisville & Nashville and to retire the L. & N. bonds thereon; $2. 500,000 for new additions or extensions. Chica.go St. Louis & New Orleans took title to the Louisville Division and 1olns In ma.king mortgage. See V. 66, p. 136, tor ab!!ltract; also SUPP. of Jan., 1899. V. 65, p. 367,516: V. 66, p. 133; V. 67 p. 581; V. 75, p. 671. The Omaha DitJision mortgage covers the former Ft. Dodge & Oma.ha RR., Tara to Council Bluffs, Ia., 131 miles. V. 71, p 547. Ot the $4,000,000 Lttohtield Divit1ion bonds, $1,000,000 were reserved for improvemflnts, eto. V. 71, p. 547, 646. The stockhol<iers on Oct. 21, 1903, authorized a mortgage to secure $20,000,000 of 4 p. c. gold bonds ro repla,oe the @eou•ittes or 13 minor companies purchased during the la.st two yea.rs, the bonds so far a,s issued at present to remain in the trea.snry. V. 77, p. 1294. GENER.AL FINANCEs.-In 1902 the stook was lnorea.sed to $95,040,· 000. Bee paragraph headed "Capital Stock" above. During 1903·4 the remainder (88 miles) of ma.In line between New Orleans and Chioa.go wlll be double-tracked. V. 76, p. 48; v. 77, p. 839. EARNINos.-5 mos., 51903 •••••. Gross, $20,226,232; net, $5,234,411 .July 1 to Nov.130. ~ 1902 .•...•. Gross, 18,269,883; net, 5,089,in 3 A.WNUA.L REPORT.-Ftsoa.l year ends June 30. Annual meeting is held (Jhlcago the third Wednesday 1n October. RA>,port for 1902-03 wa.e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a , ablished at length in V. 77 t p. 820, 838. See also editorial, p. 800. l'be following does not lnoluae Ya.zoo & Mississippi Va.lley. Year ending Jwne 301903. 1902. 1901. Miles operated. . • • . . •• • . . . .• • •• 4.301 4,284 4,265 Passenger earnings.... . .•... $8,977,228 $!3,020,649 $7,327,742 Frelgnt earnln_gs. . .....••. . .... 30,592,094 27,710,782 24.,876,339 Mail, express & miscellaneous. 5,61(-;, 754. 5,089,599 4,696,379 Total earnings ....•......••. $45,186,077 $40,821,030 $36,900,460 Opera.ting expenses............ 31,697,!l56 28,014,340 25,841,792 Net earnings .....•..••.......... $13,488,121 $12,806,690 $11,058,668 Net reo'pts from Interest, &o... 3,445,318 3,535,109 2,476,575 Misoella.neous. ...• •• . • ....... •• 15,830 16,679 28,608 Total receipts ............... $16,949,269 $16,358,496 $13,563,851 DeductCnteresti on ill. centra.l b'ds .... $2,999,740 $3,015,365 $2,930,925 Cnt.onChi.Bt.L.&N.0.b'ds.... 2,416,653 2,413,251 2,421,090 Rental Dub. & Sioux C. RR..... 96,366 505,161 533,913 Net rental St. L.A. & T. H.. . . 507,525 507,525 507,525 ~hmella.neous. ....•.•..•. ...... 199,593 126,732 *452,738 Divid'ds on Ill.Centra.lstook •• (6)5,702,400 (6)4,752,000 (6)3,780,000 Sala.nee, surplus............... $5,076,992 1T$5,038,462 1T$2,937,660 *Includes $250,000 pension fund, $145,238 rent of Peoria div .. eto. ,r Includes $4,881,253 betterments In 1902-3 (against $4,340,172 1n 1901-2), and $654,329 a,oorued Interest on bonds payable after July 1. YA.ZOO & MI8Sl88IPPI VA.LLEY.-Results on 1,162 miles 1n 1902-3; _l,095 miles 1n 1901·2. See report at length, V. 77, p. 691,712; edit., p. 667. In Jan., 1903, $569,574 wa.s paid for back taxes. V. 77, p. 713 Fear- Gross. Net. Otker inc. Interest, etc. Bat., nir. 1902-03 .••. $7,330,085 $1,656,925 $39,792 $1,136,111 $560,606 1901-02 .••. 6,587,355 1,882,419 47,752 1,064,417 865,754. Surplus 1n 1901-02 as above, $865, 754., all pa.id Sept. 1, 1902, to Ill. Cent. as owner of entire $9,104,COO Louisv . New Orl. & Tex. 2d mo-rt. lnooane bonds on a,ooount of arrears of interest ($4,685,235) on July 1, 1903; $1,016,079 pa.id from earnings of 1900-01. 0FFICER8.-President, Stuyvesant Fish; Treas., E. T. H. Gibson; 3d Vioe Pres. and Seo., A.G. Ha.oksta1f. 214 Broadway, N. Y. Directors.-Waltber Luttgen, JobnW. Auchincloss, J. T.Barahan Charles M. Beach, Cornelius Vanderbilt. Stuyvesant l<~ish, .Edward H. Harr1man. John Jacob Astor. Charles A. Peabody, Jobn C. WelllnJZ. W. Morron Grinnell, R. w. Goelet, A.Dd ex officio, Hon. l:Uchard Yatei,, Gov. of lllino1s. -(V. 77, p. 820, 838, 1225, 1294, 1746, 2098, 2i80.) Illinois Southern By.-Owns Chester Ill., to Salem, Ill., 84 m., and Sparta to Rosborough, 5 m.; Little Rock L andin£ to Bismarck, 43 miles, completed Aug., 1903; tra,oka.ge, Centralia. to Branch Jct., 3 m.; total, 135 m. Suooessor June 1 1900, of the Centralia. & Chester RR., foreclosed. V. 70, p. 1048; V. 71, p 29. stock authorized, S5,• 000,000, including $1,000,000 6 p. c. cumulative preferred . The stock• holders in 1903 authorized a. mortgage to seoure $5,000,000 flO-yea,r 4 p. c. bond~ to pa.y for the Southern Missouri R y ., 43 miles, and provide for extensions, improvement11, funrung, eto V. 77, p 4lH. Year endini;i: June 30, 1903, $148,S23. For year ending June 30, 1902, gross, $135,133: n~t, $28,409; int. and taxes, $38,141; ba.l., def._, $9,732. President, J. W. Walsh; Treasurer. A. F. Williams: Seo. a.na. Auditor, C. F. Weinland, 204 Dearborn St., Chica.go, lll.-(V. 75, p. 549; V. 77, p. 451.) , Indiana Decatur &Western By.-Bee Cin. Cnd. & West. Indiana Illinois & Iow-a BK.-Owns from South Bend, Ind., to Seatonville, Ill., 192 miles, with bra.nohes, 13 miles; trackage 8eaton• ville to Zearing, 9 miles; leased for 50 yeari; from Feb. 23, 1900, the St. Joseph South Bend & Southern RR., South Bend, Ind., to St. Joseph, Mich., 39 miles; total, 253 miles. The Lake Shore & Mioh1,11a,n 8outhem Ry. in l.leo, 1903, owned $4,870,500 of the $5,000,000 stook. V. 73, p. 1356; v. 74, p. 41. DIVIDENDS.-Oot., 1899, to Jan., 1902, inclusive, 1 p. c. quarterly; July (seml•annua.l), 2 p. o.; 1903, 4 p. o. (J & J ); 1904, Feb., 2 p. o. BoNDs.-Of the $12,000,000 lst4s of 1901, $7,500,000 were issuable only for n~w property a.nn Improvements; ot these, $350,000 were issued 1n 1902 for new equipment, side tracks, eto. V. 71, p. 1269; v. 72, p. 87,722; v. 74, p. 1251. EARNll(GS.-5 months, i 1903 .....••. Gross, $617,153; net, $112,581 July 1 to Nov. 30. 5 1902 ........ Gross, 690,153; net. 188,376 Surplus over oha.rges, $23,4.14, against sur., $99,2101n 1902. EARNINGS,-Report for year end. June 30.1903, was 1n V. 77,p. 2034, showln~ gross. $1,747,802; net, $-182,133: lnterest, rentals, eto., $U4,134; dividends (4 p. o.),$200,000; ba.Ianoe, surplus for yea.r,$67,• 999. In 1901·2, gross, $1,700,817; net, $475,399.-(V. 77, p. 2034.) Iodtanapolls Southern BR.-Projected from Indiana.polls. Ind .• 11outh via Bloomington, through ooal. iron and stone lands, to Bnllivan on the Evansville & Terre Haute, 110 miles, with branches, 4 O miles . Contracts have been let, the first section from Indiana.polls to Bloomington, ~3 miles, to be completed 1n the summer of 1904.. V.,77, p. 510. Stook, $6,000.000, all of one kind. Bonds, see table above. President, David M. Parry; Seoreta,ry and Treasurer, W. E. Stevenson, both of Indianapolls.-(V. 77, p. 610) . lndlanapoll• Vnlon By.-Owns 3 miles of tra.ok, ·93 of a mne of road, with terminals at Indianapolis, Ind.1 ~nd leases for 999 yeare the Belt Rn. or India.na.polls-121.g miles (wruch see). JAN.. 1904.] https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOOKS AND BONDS. 427 CENTRAL ILLINOIS 0 0 SYSTEM. RAILWAY STOCKS AND BONDS. RAILROADS. ---------====-=--==-=-:..__------1Miles Date Size, or For explanation of column tu,adings, &c., see notes of of Par on first page of tables. Road. Bonds Value. 0 INTEREST OR DIVIDENDS. Bon.<.ts-..t'ruu,l· ,~ - - - - - - - - - - - - - - - - pal,WhenDut, When Where Payable, and by .Stocks-La.et "' Cent. Payable Whom. Dividend. ~~~\i_.,. Rate per . ---· Indianapolis Fouthern-latM.,$5,000,000,g. U I'm ~ianapotiB Un.-lat M., g., a. f. not callable. F Pox 93 Indianapolis cf Vincennes-lat M., & 1.(end.)o. 133 .rr1terborough Ra~ ?lranri'-Stoo , $ 5,000,000 .. lt1ternationat fl eat Northern-lat mort., gold •••. 1,ios f.1i i• 1,108 ft;~W,~ciff~1if!mi;i:vino.>:g:inoi:aoi-ii,ne:~: 1,108 Colorado Bri ge bonds1 a ~ tund.F .... ....... fn.teroceanic Ry. of Mwico--0 • aha., £1 700,000. Preferred shares, 7 per cent, cum., £1,000,000 . Pr. lien deb., sub1, to call at '!b_ar aft. Moh. 1, '97. Four p. o. deb. stock, sub. ca !;Jar, £1,150,000. Deb. stock, 7l,"B," subj. to o ., 120, non-cum .. Second deb. ck, red. at 105 after 1911, te:,-t . Mex. E. deb. stk., .2450,000,l{'jar.,red.105 beg.'14 Zosoa Oent.--Oommon stock, 11,000,000 auth .•••• .... Preferred stock, $7,400,000, 5 o., non-cum .•.. lat M. for $7,650,000, (abstr., .49,p.582)1'.le.o,.. 503 Refund'fieM., $25.000, 00, g. See text .1'.lo.. o*&r l'.>41 ~ack•onm cf St. Louis-Stock Trust Certlfloates. Jaoksonv. Southeast. 1st M., Jack. to Litohfteld .. 54 1st oonsol. mortgage, $650,000 Q;Old . . ..PePo* 112 lnoome .M, iold, non-oum$5 $1, 650,000 .. PeP ...• 112 21 .JacksontrUte er.-lst M., 00,000, ~• ~1'.lp .. o -Jamut-01on Ohaut. cf L. E.-lstM.,$7 O, .co.o," 37 -le(serson-ist & 2dMe,ext.1n '87&'89 (H'daleBr.)o 8 ~t M. Carbondale to B. depot,,., gu. p. & 1.FP .o* 37 ,lol,iet ti Northern Indian0r-lst . gu. p. & 1. M. 0. o 45 .Junction (Philad,el,phwJ-lat m.,guar.p.&i.(ext'd). 3·62 General mortgageAf:01<1, coupon, $750,000 ...... 3·62 &an.aw.cf Mich.-lat .$15,000 p.m.g.gu. p.&Ule.o* 164 1903 1886 $1:000 1867 1,000 100 i879 500 &o. 1881 500 &o. 1892 500 &o. 1880 1,000 £10 £10 ... £50 &o. ---· --·. ---· ---· ---· ---· ---· ---· .... f .... ··-· .... i· isss 1901 0 1880 1896 1896 1894 1901 1867 1889 1877 1882 t900 1890 £100 .noo £100 100 100 1,000 1,000 100 1,000 ...... i:ooo 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Formoo m 1850 an<t rurntsnes terminal faoillties to the several ra.llroads enterin,z Indianapolis. CAPITAL-The Cleveland Cinoinnatt Chicago & Bt. Louis the Pittsburg Cincinnati Chicago & St. Louis a.net the Terre Haute & Indianapolis are virtual proprietors, they having in· vested in it $861,817 to June, 30, 1902. No stock outstanding. EARNINGS 1901-02, gross, $660,207; net, $161,147; other income, ,121 843; charges, $98,132; balance, surplus, $75,858. Indlanapoll8 & Vlncenne8 KK.-Owns from Indianapolis Ind. to Vincennes, 117 miles; branohes,Bushrod to Dugger, etc., 16 mlles. BECURITIES.-Stook, $1,402,000; par, $50; of which Pennsylvania <Jompany on Jan. 1, 1903, owned $1,401,900. The $1,400,000 guaran• pteed 2d 6s were purchased by Penn. RR. V. 72. p. 490. Y'rend.Dec-3r: Gross. Net. Interest,etc.' Balance. Joint trackage- Miles. ,1902 •••..•.•• . . $770,214 $83,514 $201,564 def. $118,050 1901. •..•...... 709,434 123,245 168,000 def, 44,755 -(V. 70, p. 739.) Interborough Rapid Transit Oo.-lnoorporated on May 6, ,1 902, in New York, and acquired the stock of the Rapid Transit Sub• way Construotton Co. Will operate tne rapid transit tunnel rail· :road in New York City. This road is expected to be opened about Ma.y, :1904, as a four-track line trom the City Hall (with the two-track loop at that point), under new ~lm St., Fourth and Park avenues, to 42d St., thence under 42d St. and Broadway to 103d St.; also as twotra.ok lines, vartly viaduct, (a) from 103d St., on the West Side, to ·Kings bridge Station, (b) from: 103d St. to the East Side and Bronx Park: extension south from City Hall under Broadway to the Battery and under the Ea.At River via Fulton & Flatbush avenues to Atlantic Avenue, Brooklyn, there connecting with the Long Island RR., is under con, truotton, to be completed by 1906: total to be a.bout 65 miles of track on 25 miles of road. V. 77, p. 827. Leases Manhattan Ry. for 999 years from Apr. 1, 1903. See that oo. 911'. CONTRACTS.-C'ontraot with city calls for the construction of the road from City Hall north for $35,000,000 and its lea se/to the company for 50 years from completion, renewable for another 25 yea.rs, the rental to be equal to the interest on the city's bonds issued 'tor construction (but not for eai,,ements, etc.) and a, sinking fund of 1 p. o. yearly to retir6 the bonds, beginning 5 years after the road is placed in operation, provided not less than 5 p. o. per annum is then .-earned on the stock. The company must also at itRown expense pro• vide the electrical equipment. contracts for which will aggre~ate -$16,000,000. For contract see V. 69, p. 1063. The extension from City Hall, Manhattan, to BrooklYJl, is to be built without aid from city ex• oept about $3,000,000, and leased for 35 years with prtvile~e of re,,n ewal for 25 years. V. 75, p. 30, 184, 1086, 1202. See V. 76, p. 101. As t-0 possible further ex.tensions, see V. 77, p. 2338. STOCK.-Stook a.ut,,, $35,000,000; par of 11hares, $100. V. 75, p 1301 VOTING TRUST.-The stock is neld in a votin&r trnst tor 5 years trom May 12, 1902, E. Mora Davison, B. Hamburger and Charles B. Ludlow being the voting trustees. EARNINGS.-Ei.timated Y"arly earnings from operations of tunnel >'l'Oad at the outsta1t are, gross, $7 500,000; net, $4,125,000; interest on N. Y. City bonds, $1,295,000; hai., sur.• $2,830,000, or over 8 p. o. on the &took. Balance sheet of June 39, 1903, V. 77, p. 398. Earnings of Manhattan Ry., see that company, DmECTORS.-Altred Skitt, Morton F. Plant, August Belmont, Andrew Freedman, James .rourdan, J. B. McDonald, W. G. Oakman, .Tohn •P eirce, Geo. W. Young, Wm. A. Read, Cornelius Vanderbilt, New York; 1E. P . Bryan, N. J ., and Haroiner M. Lane Boston. 1 PrPeldent. August Belmont; Vice President, E . P. Bryan; Secretary, 'H. M. Fisher: Treasurer ..John F. Buck Offices, 5 Park Row Bldg,, West. Union Bldg. and 23 Nassau St., N.Y. \V, 77, p. 823, 1874, 2 ~38,) International & GJ."eat Northern RR. (.See Map Missouri Pa~ific).-Longview on Tex.& Pao. (near Shreveport, La.,) southwesterly to Houston and Galveston, also to Laredo, Tex.,on Mex. National RR. and from Spring northerly to Ft. Worth. Lines owned- Miles. , Longview, Tex., to Laredo, .•• .494 Galveston Houston & Hen. Palestine to Houston, T~x .•... 150 (jointly with M. K.. & T).. ••. 50 Mineola, Columbia, etc., Other lines ..................... 26 t- branches., .................... 1021 Fort Worth to Spring•• . .•••.... 261 Navasota to Madisonville..... 47 Total system Oct., 1903 .... 1,130 ORGANIZATION.-Reorganized without foreclosure in 1892 under plan in V. 54, p. 203,366. Stock authorized is $25,000,000; outstanding, $9,755,000; t1ar, $100; controlled in interest of Mo. Pao. On May 1, iJ.901, the Calvert Waco & Brazos V. Ry., in operation from Marlin to ·B ryan, 66 miles, was merged, and was extended in 1901·02 from MarUn north to Ft. Worth and from Bryan south to Sprin~., 22 miles north of Houston, making through line Houston to Ft. Wortn 280 miles . V. 172, p. 872. As to projected extensiona to New Orleans, etc., see V. 75, p. 1354; V. 76, p. 480; V . 74, tJ . 1038. Ot these, branch from Navasota to Madisonville, 47 m. , was completed Oct., 1903. The Houston Oak• lawn & Magnolia Park Ry. was acquired in Dec., 1903; V. 78,p. 48,287. BONDS. -'l'he 1econ<1, mortgage interest, scaled to 41s per oent, until and lnoludin g Sept. 1, 1897, ts now 5 per cent; but in case of default the rate reverts to 6 p. o. as formerly. V. 73, p. 445. In Dec,, 1903, equip• ment lease warrants, inolud. tnt., $172,698, payable monthlv to 1906. E.ARNINGS.-Jan. 1 to Deo. 31, gross, ij,5,805,ti67 in 1903; in 1902, ,1115,248 911. Report for the year ending Deo. 31 was in V. 76, p . 650. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I [VOL. LX:XYUI. 1953 See text. 5 g. J. & J. 4lgg. M.&N. Phlla., Fidelity Trust. May 1, 1926 $940,000 1,700,000 F. &A. N. Y.,Farm. L. &Tr.Co. Feb. 1, 1908 7 See text. None. 11,291,000 6 g. M:·&··N. N. Y., offloe; ·i95' B'way. Nov.·1;·i919 Sept. 1, 1909 do do 10,391,000 5 g. M.& S. Sept. 1, 1921 See remarks. 2,986,052 ~ g. M.& s. M. & N. N.Y., office, 195 B'way. ~ay lJ 1920 198,000 .£1,700,000 . £1,000,000 ···5·· J ......J. Moii."sr;fauz .uoo,ooo Sept. 15, 1950 M&B 15 £699,886 London. 4 Sept. 15, 1950 •4.69,,tm 3718in'OO ...... 1950 44ir, for 1902·3. £1,150,000 419 J&o'i5 Jan. 1, 1984. London. £400,000 5 8,521,983 5,674,226 1i;·in·•oo M:·&·s• N. Y'. offlce,'25·:iiroad St. Mar: ;00, 111 7,64.9,544 5 g. J. & D. N. Y.,MeroantileTr. Co. June 1, 1938 Mar. 1, 1951 4,611,000 4 g . M.& S, 1,500,000 ...6.. . .... Juiy • ·i910 See text. 300,000 J. & J. 350,000 : g. A. & O. Phlla.,Penn.Co.for Ins. Oct. 1, 1925 Jan. 1, 1935 None paid. 1,582,000 J. & J. 500,000 5 g. J. & J • N .Y., Guaranty Tr. Co. July 1, 1939 J, ' & J. N. Y., Contin. Trust Co. .Jan. 1, 1951 600,000 300,000 41s iga J. & J. Phlla., F1d.ellty Tr. Co. July 1, 1927 N.Y., Erie RR. 2,800,000 Jan. 1909 ; g. A. & 0. 800,000 J.lO&J. N. Y., Farm. L. & Tr. Co. July 1 , 1907 425,000 41s J. & J. Phlla., Bl'Clad St. Bta. July 1, 1907 Apr. 1, 1930 do do 300,000 31s g. A. & 0. 4 g. A. & O. N. Y., Central Tr. Co. Apr. 1, 1990 2,469,000 ...... ---· ·-·· -----· .......... i: 1; 1a Year. Gross. Net. Other inc. Ohargu. Batanu. t902 •••••. $5,248,913 $1,383,988 $10,092 *$1,379,569 eur. $14,511 1901. ..... 5,148,092 1,327,438 11,956 *1,221,249 sur. 118,145 * Charges in 1902 above include a.bout $101,471 for new equipment; In 1901, $85,130 - (V. 76, p.1030; V. 77,p.1874; V. 78, p. 48, 229,287,} Interoceanlc Ky. oC Mexico, Llm..-See page t,30. Iowa Oentral Ky.-(See Map)-Operates Peoria, lll., west to Oska• loosa, Ia .. thence northerly to Albert Lea, Minn., forming a through line via Minn. & St. Louis RR. from Peoria, Ill, to St. Paul, Minn. owns- Mites. , I Leases-(stock owned.) Mila. rowa Juno., ID., to Manly Jo., Ia. C. & W.,Belmond to AlgoDA. 37 Iowa .......................... 340 Track, Iowa Junot'n to Peoria. 3 Branches to Belmond, eto.. ., .•. 151 Manly Jot., Ia., to Albert Lea, Minn. (ownedJointly)...... 14 Total in 'earnings July 1, 1903 ................................... . . 558 HISTORY.-Reorganization (bl plan in V. 44, p. 653) of the Central. rowa sold in foreoiosure in 1887-88. In June, 1900, Minneapolis & St. Louis interests obtained control through purchase of the common stock; the two properties are operated in close connection. V. 70, p. 1249. CAPITAL BTOCK.-The preferred is entitled to 5 per cent (non-oumu• lative), then common to 5, then both share pro rata. (V. 62, p. 548.) DIVIDENDS.~n preferred stock in 1892 1 p. o.; in 1899, 3 p. o.; in 1900, lls p. o., none since. V. 71, p. 258,342. BoNDs.-The refunding 4B of 1901 are secured by a mortgage on the entire property now owned or hereafter acquired, subject to the $7,· 650,000 first 5s, for which an equal amount ts reserved. The balance are issuable for future extensions at not exceeding $25,000 per mile, improvements and equipment. V. 73, p. 899. EARNINGS.-5 months, 11903 ...... Gross, $1,025,297; net, $169,239 July 1 to Nov. 30. S190t ...... Gross, 1,051,697; net, 143,471 ANNUAL REPORT.-Fisoal year ends June 30; report for 1902-03 was .In V. 77, p. 2277. Soft coal tonnage in year 1902·03 was 795.373 (47 p.o. of total tonnage). Ton-mile rate in 1902-03 was 0·667 cents, against 0·668 cents in 1901-02; train-load 1902-03, 200 tone. Year ending June 30. 1903. 1902. 1901. 1900. Miles oper. June 30...... 558 558 506 510 arose earnings ........... $2,405,543 $2,543,350 $2,284,128 $2,325,919 Net earnings (over taxes) 438,553 437,549 387,514 551,459 'l'ot. net reo'ts (incl.rents) n55,968 506,929 438,757 566,780 Interest, rentals, &o...... 554,324 504,014 431,709 390,806 Dividends on preferred.. ... . .... _... _... (3) 170,024 Balance, surplus...... 1,644 *$2.915 $7,049 $5,950 *Adding profit on Iowa Central ~ Western stocks and bonds in excess of cost ($201,623) mall:es surplus for year $204,538. President (July, 1903), Edwin Hawley.-(V. 77, p. 628, 227'2',t .:Jacksonville & ~ t. Loni• Ky.-V. 74, p. 1308. Jack•onvllle & SoutbWe8tern RK.-.Taoksonville to Newberry Fla., 88 miles, operated July, 1900; extension, Newberry to Manatee Springe, Suwanee River, 20 miles, under construction Jan., 1903. V. 69, p. 80. Bonds reported to be outstanding, $300,000 ttrst and $200,000 second 6s, due July 1, 1911, Michigan Trust Co. of Grand Rapids, Mich., Trustee. In July, 1903, ohan~e of control took place. V. 77, p. 89. Year endln~ June 30, 1902 (86 miles), ~as, $182,481; net, $62,973; taxes. $6,576; int, on bonds, $30,000; bal., sur., $26.397. PresidAnt, C. W. Chase, Gainesville, Fla.; Seo. and Gen. Mgr., E, B. Spencer, Jacksonville, Fla.-(V. 77, p. 89). Jacksonville Terminal Ky.-Owns union passenger depot [the latter opened Feb. 1, 1895,) and terminal properties a.t Jackson• ville, Fla., including 20 miles of track, used by Atlantic Coast Line RR., Seaboard Air Line, Jacksonville St. Augustine & Indian River (now Florida East Coast Ry.) and Soutbern Ry. which companies guarantee by endorsement the principal and interest ot above bonds, and own the entire stock. Georgia Southem & Florida Ry. also uses depot. V.71,p.135. For year 1901-02, gross, $112,653; net, $10,375; other inoome,$29,813; dednoti.,ns, $34,621. (V. 71, p, 135.) Jamestown Ohautanqua & Lake Erle Ry.-.Jameetown, to Westfield, 31 miles; branches, 6 mtles; trackage. 1 mile; total, 38 miles. Incorporated in Sept., 1900, and purchased the stock and about 95 per cent of the $250,000 bonds (5B) of the Jamestown & Chautauqua Ry. and entire stock of Chautauqua SteaD'boat Co., opera.ting 11 steamers on Chautauqua. Lake. Stock, $600,000, all common. For year ending June 30, 1903, railroad earnings were: p:ross, $89,846; net, $14,113; othe r income, $640; charges, $20,161; bal., def., $5,408. Pres• ident, F. L. Chaae.-(V. 'i6, p. 212.) Jefferson KK.-Owne Lanesboro, Pa., to Carbondale, Pa.., 37 miles double track; branch. Hawley, Pa., to Honesdale, Pa., 8 miles. Leased in perpetuity to the Erie RR. Oo. for $140,000 per annum for ma.in llneand$14,940 forbranoh. Used by Delaware & Hud• sou to reach Carbondale. Stock, $2,095,450; all owned by Erie RR. Joliet & Northern Indiana -KK.-Owns Joliet, Ill., to Lake Station, Ind.,.45 miles. Operated as part of the Michigan Central system. Road opened in 1854 and leased to the Michigan Central. Stock ($300,000), ali owned by the Mich. Cent., carries dividends of 219 per cent per annum. (V. 76, p. 752). Junction RR. (Phlladelphla).-Owns Belmont, Pa., to Gray•e Ferry, Pa., about 4 miles. Leased lor 50 years from MarohJ t .=..~ JAN., 1904: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 429 RAILWAY STOOKS AND BONDS. M.APOFTHE IOWA CENTRAL R.AILW.A.Y & CONNECTIONS. VADA I I I r·---i. 0 0 0 ~ KANSAS MEXICO & 0 F RAILWAY & CONNECTIONS. Shortest Line from Kansas City to Pacific Ocean. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -u 0 1; j1 0 0 ~ t-t ~ ~ ~ ~ MA..P OF THE KANSAS CITY OUTER BELT & ELECTRIC RAILROAD AND CONNECTIONS. w. 0 z 0 ~ 0 z ~ V.J .rn ~ 0 0 8 rn ~ ~H H ~ ~ ,...,.CH1s /\/ O 8ou.,. .,.0 P1:k,.. Hi:Rf\/ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis <l k;,N8,q8 8;,IV-,. -4--...;::~,fl:-== ==-=--=--= 432 RAILWAY STOOKS AND BONDS. [VOL. L:ll:VIII. .Honu-PrlnmINTEREST OR DIVIDENDS. RAILROADS. pal,WhenDp.e, Amount Mlles Date Size, or Outstandino Rate per When Where Payable, a.nd by Stocka-La.at Pa.r of J'or expla.na.tton of oolumn headings, &o., see notes of 0 Dh1dend. Whom. Cent. Payable Road. Bonds Value. on fl.rat page of tables. ~------------------1 -- - - ---1------1---- ---- ----------1------- 6 K,n..O.Belf--:18t($53~,000gu.K.C.F.8.&M.).NB.o: 11602 1886 $1,000 $2,050,000 5 g. 3,192,000 1885 1,000 Ka.n. Oity Olin. cf Spr,,ng.-lst M., g., guar.NB .. o 7 g. 58,000 500 34 1877 Pleasant H1ll & De Soto 1st mortgage, gold.NB 6 g. 2,000,000 1,000 85 .••. K. J. Ft. 8. & Mero RR. 1st M., g., assumed.NB Kansaa City Fu'l't Scott~ Mem,ph,is By.4 g. Bet. M., $60,000.000, g., gu.p.cti.end.x.Me.o"'&r.. *767 1901 1,000&o 14,983,000 UNDERLYING BONDS 7 2,103,600 &o. 100 1879 160 110.o* K. C. F. 8. & G. let M., l'd. gr.,s. f.t ~n at 7 a571,000 Ft. Boott Bo'eastern & M .. 1st M., Ql"WD at 105.o* 100 1880 1,000 7 492,000 50 1884 1,000 Memphis K. & Col. lstM.....•.....•.•••••••••••. o* 5 390,000 26 1882 1,000 Kansas & Mieeourl RR. 1st mortgage ..••. ..•••. "* 6 K. 0. F. S. & M. RR. oon. M • ...... •••••••• NB.. o" 719 1888 1,000 yl3,786,000 5 1,606,000 82 1887 1,000 Onrrent Riv. RR. 1st M., $20,000 p. m., guar.N B 5 g. 3 1889 1,000 b3,000,000 Ka.n. C.&M.R'y&B'dge1stM.g.,s.f:.,dr'na.t110.o"' 5 c761,000 Kansas Equip. Co. 1st~. gua.r.J s. x., red. at 110. •••. 1889 1,000 6 200,000 Ft. Scott Equ.1~. Oo., 1st M., oa.11 at pa.r .......... . ••. 1899 1,000 5 7'30,000 .... -1.looo&o. OsarkEqu.lp.UO.lstM.,gu.,$1,000,000,oalla.tpar •••. 1198009 4 3,823,390 .. .,uv K. O. Mem. & Bir. gen.M.,$4,500,000,our.OB.o* 285 5 Ino., non-oum. To be stamped-see text.OB.o* 285 1894 500 &o. x6,822, 780 4 g. 1,000,000 16 1902 1,000 Blrm. Belt 1st M., ~., red. 10212, gu.p.ctl.end.OB 6 dl89,000 Memphis Equipment Co., guar., red. a.t 110 ..•.. o* •••• 1890 1,000 4 g. ct) 1901 1,000 Kan. Oity M~. cf Orient-1st M., g., l!ee text...... 4 g. 1,500,000 1,000 Kan. Oity uuter Belt cl .Elee.-lst M., $3,000,000, g. ···1 1903 ••• ••• 30,000,000 ! To be h • ••. • • • . Kamas Oily So-uthern-Btook, oom., $30,000,000. .•••.• 21,000,000 5 Pref. atock,4 per oent, non-oum., $21,000,000... .••. 3 g. lat mortgage, gold, $30,000,0oO•••••••.•• Me .. o• .••. iOOO 1,000 29,999,500 J. & J. Boaton,Of.i508ta.te8t. July 1, 1916 A. & 0. Boston, Ola Colony Tr. Oot. 1, 1925 do do Oot., 1907 A. & O. St. Lou.le, Mo. May 1, 1928 M. & N. A. & O. N.Y., MeroantileTr. Co. Oot. 1, 1986 J. & D. Boston, Old Colony Tr. June 1, 1908 Sept. 1, 1910 do do Sept. 1, 1910 do do Ang. 1, 1922 do do F. & A. M. & N. N. Y., Mero. Tr. & Bost. May 1, 1928 A. & 0. Bostop.J Old Colony Tr. Oot. 1, 1927 A. & O. N.Y.,.m.er.Tr.Co.&Bos. Oot. 1, 1929 J. & J. Boston, Old Col. Tr. Oo. Jan. 1, 190& July 1, 1909 do do J. & J. Ma.y•Nov.1 10 do do M. & N. Moh. 1, 1934. do do M. & 8. Moh. 1, 1934. do do x Oot. 1, 1922 New York. A. & 0. F. & A. Boston. Old Col. Tr. Co• .Aug. 1, 190& Feb. 1, 19~1 New York. F. & A. Apr. 1, 1953 New York. A. & 0. elel 1n v ottng trust for 5 years. M. & B. M. & S. , A. & O. N. Y., Mere. Trust Co. Apr. 1, 1950 Inoludee (a) $56-0,000, (b) $154,000, (c) $216,00 O, (d) $73,000,helda live 1n stnld ng fund. y Inolud es $2,00 0,000 assumed by K. O. CL & Bp. x All e.xoept $4ri3,780 a.re fixed-Interest bonds; ooupo ns M& B. v. 7 4, p. 829 . * Also oovers maJority of stook of Kan. City M. & Birnlh ., 285 miles, a.(d provides for retire ment of its bonds. 1899, to Phlla. Wilm. & Balt.; lessee to pay fl.xed oha.rges, keep road in repair and P!'Y bond interest and 6 per oent on stock. Bteok $250 000; (par ~O), •ow all held by Phil. Balt. & Wash. and the Penn., '\". 68, p. 428. DIVIDENDS-in 1891, 40 p. o., 1n 1892, 35 p. o .• 1n 1893, 80; 1894, 15; in 1895i none; 1896, 15 p. c.; 1897, 10 p.c.; 1898, 20 p. c.; 11noe 6 per cent year y underlease.-(V. 68, p. 428.) Kanawha & Michigan Ky.-( See Map Toledo ti Ohio Oentral.)Owns Corning, O., to Gauley on the Ches. & Ohio, 177 miles, less 18 miles, Pomeroy to GaJllpolls, and 1 mile, Athene to Armitage, where Hook. Val. Ry. tra.oks a.re used. Also owns branoh of 11 miles leased to Toledo & Ohio Central and Ool. Sandusky & Hooking Ry. oompa.nies. HI.8TORY, ETC.-Reorga.nlza.tton 1n April, 1890, of the Ka.na.wha. & Ohio Ra.llwa.y sold 1n foreclosure. (V. 501 p. 451:.,_ 483.) In Oot., 1890, Interest 1n the stook was a.oqu.tred oy the ·i.·oledo & Ohio Central. large a whioh ha.a guaranteed the bonds, prtnolpal a.nd Interest. (Bee V. 52, p. 165. 351.) Capita.I stook $10,000,000 ($1,000,000 in treaslll'J' July, 1903). The first mortgage bonds a.re llm1ted only to $15,000 per mile of road oonstruoted. Deo. 31, 1903, oar trust 5 p. c. notes, pa.ya.ble montbly,$1,832,021; speolal equip, and betterment loan, $925,000. LATEST EARNS.-5 mos., i 1903 ...... Grose, $747,1~1; net, $129,153 6,074 ~ 1902 .•. - .. Groee, 407,571; net. July 1 to Nov. 30. Sur. over 5 mos. charges., $29,2~1 tn 1903,a.gst. def. $63,158 1n 1902. ANNUAL 8TATEMENT.-Reportfor year 1902-3,ln v. 77, p.1290, sbowing gross, $1,285,170; net, $175,287; other ino., $7,112; int., taxes, eto., •241,752; balance, surp., $59,353.-(V.75, p .• 728; v. 77, p.828,I 290.) Kanl!lal!I C'lty Belt Ky.-FromArgentlne to Valley of Blue River, 10 miles. Btook authorized $2,500,000. (par, $100); out.standing 1500,000 (par, $100); owned one-half by Atchison Topeka & Banta. Fe and three-tenths by Kansas Olty Fort Scott & Mero• phis a.nd two-tenths by Chica.go Milwaukee & Bt. Paul. Double-tracked and used for a. terminal road a.t Kansas City, being leased for 99 years from 1888 to 0. M. & St. Paul and Atchison Top. & s. Fe Ootntly with other companies) for payment 1n ea.oh case of 8 p. o. per annum of cost of property used with equal proportion of cost of oonduottng transportation and maintenance a.ooording to wheelage. The mort• gage is for $2,500,000. For year ending June 30, 1903, groN, $376,· 926; net, $167,959; Interest, ta.xee, eto., ,159,322; bal., 1ur., $8,637. Kanl!lal!I OUy AJllnton & Springfield Ry.-Owns from Ola.the, Ka.n., to Ash Grove Mo., 154 nilles; Raymore Jct. to Pleasant Hill, Mo., 8 m.; Aroa.dta, Ka11;z to Bvrtngff.eld, Mo., 85 miles (acquired Sept., 1901, from Kansas City .1rnrt Scott & Memphis RR.); tota.l, 247 miles. Stook, $1,775,400. Bonds were guaranteed by the K. C. Ft. Soott & Mem. RR. (old co.) Under pure base from K. C. Ft. 8~ M.; $2,000,000 etx p. o. bonds of that company, were assumed. .1rnr year ending June 30, 1903, gross, $356.656: net, $149,772; other lnoome. $46,212; Interest and taxes, $293,018; bal., det., $97,034.-(V.173, p. 236, 723.): Kanl!lal!I City Fort Scott & Mempbll!I Hy. (See Map of Ht. Lo-ui8 fl San Francisco Railroad Oompany.)-Opera.tes road extending from Kansas City, Mo., to Memphis, Tenn., and branches, 854 miles, lnoludtng trackage 85 miles from Arcadia. to Springfield, Mo., owned by K. u. Clinton & Bprtngfl.eld Ry.(whiohseea.bove). Also has a, controlling interest in stook of the K. O. Mem. & Blrm. RR., owning line from Memphls, Tenn., to BirmJngham, Ala.., with bra.nob, 286 m.t. f!~d of K a.nsas City & Memphifl Ry. & Bridge Co., owning bridge across .M.lsslsstppi River a.t Memphis, 3 miles. Tota.I, 1,142 miles. 0:aGANIZATION.-Incorpora.ted on June 14, 1901, and is vest.ed with the property of the former Kansas City Ft. S. & Mem. Railroad other than t.he 85 mtles from Arcadia t-0 Springfield, sold to the Kansas City Clinton & Springfield; also controls other mileage. V. 71, p.1237. See V. 72, p.438, 532, 67ri, 988. The St. Lou.ts tt Sa.n Fra.nolsco RR. owns the entire stock and leases the road, guaranteeing the bonds of 1901, prlnolpa.l and interest, and 4 p o. on preferred stock trust oerttfl.oates. BTocx.-Common autho;r1zed, $45,00-0,000; outstanding, $15,000,000, all owned by St. Louts & San Francisco RR. The pref. stock, ($15,000 000 authorized, of which $13,510,000 ts outstanding, par $100) ts depoetted in escrow, and against it are issued truet certifloates of the St. L. & San F. RR., the latter having the option to retire the certlfloates a.t any time at par, and obltgating ttseU to pay off the whole issue in 20 yeare from date. meanwhlle ob:Uga.ttng itself to pay qnar• terly divs. of 1 p. 10. thereon, beginning Jan., 1902. See V. 72, p.1238. ~ONDS.-Tbe refunrung t>onds or 1901 (:Umttea to $60,000,000) are to be secured by all property now owned, or hereafter acquired with the proc.,eeds of the refunding issue. Of the bonds, $11,650,000 were eubsortbed for In June, 1901, about $31,025,770 were reserved tor exchange against the faoe amount of underlying bonds, $3,000.000 tor refunding purposes, $5,000,000 for Improvements, betterments and new equfpment at the cumulative rate of $600,000 per annum, and t-h e resldue, as well as any bonds not used or required tor refund• Ing pnr})oeee, will be reserved for issue for additional lines and e:rtenatons, at not exoeedtng $22,500 per mtle thereof. .As to guaranty on bonds of UOl, see•• or,ranlzatlon" above. V. 75, p. 853. In 1902 the K. C. Ft. Scott & Mem. Ry. guaranteed the interest on all except lf 538,t' OO of the $31 923,280 Kansas City Mem. & Birm. inoome bonds, beginning Mar 1, the bonds eo guaranteed being stampFd with a pro-vteton mali1n1t tbem snbJect to call at any time within HJ yeara from Sept. 1, 1902, at 95 and interest. V .74, p. 477,577. Equ1pmt>nt notes, $t>5,5l O thu, due quattnly, July J, 1904, to Oct. 1, J 90b. Birmingllom Bilt b'lllds are guarantt>ed, prm. and int., Jointly by ty Mt>m}lbJs & Bhm. and St. L. & fan Fran. V. 76, p.1147. Kansas https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis REPORT.-The ea.rn1ngs of thf\ oomblned properties (1nolud1ng also 247 miles of the K. O. Olin. & Bprlngtleld Ry., were (la.'6r earnings a.re tnoluded with those of St. L.& 8. F.): Bal., sur. oth. tnc. Okrge,. Net. Groll. Year1900-01. •. $8,840,857 $3,427,913 11177,087 $2,054,983 $1,450,017 From surplus a.s above were pa.id 1n 1900.01 div. on Kan. 0. Ft. 8. & Mem. pref. (8 p. o.), $219,984; div. on common (4 p. o.), $395,920; int. on K. o. M. & B. moomee (5 v.o.)-t-$316,868; charged off', -t 68,082; 1eavl.ng final surplus of $454,218.-(v. 77, p. 196,769, 1874, 2280.) Kanl!lal!IOlty Mem.phll!I & Blrm.lngham.KK.-seeKans&B City Fort Scott & Memphis Ry. above.-(V. 7::,, p. 1147.) &anl!lal!I City_ Mexico & Orient KK.-(SeeMaJ).)-Projeoted to extend from Kansas City, Mo., to Port Stilwell, M.ex., on the Gull of Ca.llfornla., a.bout 1 500 miles. In Oot., 1903, work was in prog• ress &10ng the entire distance from Ka.nsa.s Olty, .Mo., to Sweetwater, Tex., about 650 miles, of whioh 100 miles from Milton, Kan., south, were completed, and a.bout 200 miles in Mexioo were comp1eted or under oonstrnotlon (see below); much tra.ok-laY1nJI: wa.s in progreea,and lt was expected the entire road would be completed within 3 yeara. See v. 75, p. 1253. The Chihuahua & Pa.o.,completed from Chihuahua. to Minaoa, 125 m., used a.e the southern portion of the line, under a ten-year trackage agreement, the oonceeslons for building the uncompleted portions of the line (see V. 71, p. 181) having been transferred to this company. V. 73, p. 662. See proepeotus 1n V. 76, p. 1263. Hu trafflo oontraot with Hamburg-American Steamship Co. for monthly aervioe from Port Stilwell to llawatl, eto. V. 77, p. 401. In Jan., 1904, road was operated between Wiohita.,Kan., and Fairview, O. T., 128 miles, of whioh Wichita. to Milton, 31 miles. is Missouri Pacifl.o tra.okage, under temporary arrangement; also Paclfl.o Coast division, to Topolobampo to Fuerte, 62 miles, and Ohihuahua. to Las Tranoas, 36 miles. The Kansas City Outer Belt & Electric RR. (see that company be• low) wlll, when completed, afford terminal fa.oilltles and an entra.noe · into Kansas City. V. 76, p. 331. SECORITIE&.-Btook authorized, $20,000 per mile ea.ch in common and non•oumulative 4 per cent preferred stock. Stook ls held in a voting trust for 10 years or more. Bonds (U. S. & Mexican Trust Co. trustee) are issuable a.t $22,riOO per mile, single main traok, $15,000 per mile of yard and terminal track, and $12,000 per mtle of double traok, oonstruoted or acquired; also, $2,500,000 tor extra. work in Sierra Madre Mountains, $5,000,000 for terminal faclllt1es at Kansas City or Topolobampo, or both. snd $10,000,000 for future require• ments and additional rolltng stock at not over $1,000,000 yearly, beginning Feb. 1, 1906. V. 78, p. 102. ~ws. 8I)~';.!~~r~~~ar.~c~:i': R~rt ~e:!ffveE~:~~l~~~ P.: lJ~~ef!:;:• Martin (Chatrman), Edward D1cktneon. W. S. Woods, W . .A. Rule, A. ·ill. 8t1101!'1!'ICEB8.-Presldent, A. E. Stilwell: 1st Vice Pres .• h.rtque C. Creel; 2d 8 0 well. Wllllam A. Harris and W. W. Sylvester. Other directors Include George J. Goold, Warren G. Purdy and J. T. Odell. -(V. 77, p. 250. 401, 510, 2098, 2339; V. 78, p. 102, 287.) Kanl!lal!I City Nortbwel!ltern BK.-Entire stook, $4,016,00o (par $100), a.nd $2,983,000 "B" bonds were purchased in Nov., 1900, by Mo. Pao. Ry., whloh see; also BUPP. of Jan. 1-903. For year 1900-1 {on 174 miles) gross $426,877; net, $109,591; other tnoome, $1,441; deduot1on11, $78,686; bala.noe, surplus, $32,396. Kan11al!I City Outer BeU (~team) & Electric HK.-(Hee Map J-This company ls constructing a belt line road a.t Kansas Olty, the main line, double track, being 7 miles in length, extending from No. Kansas City to the Kaw Valley on the west, wlth bridge aoross the Missouri River. Will afford an entrance into Kansas City for the Kansas City Mexico & Orient Ry., and connect with the various eteam roads entering that olty. Arrangements are also proposed with certa.tnprojected suburban electric roads. Inoorpora.ted in 1902 by interests friendly to Kansas City Mexico & Orient Ry. V. 75, p.184; V. 76, p. 331. BECURITIES.-Stock authorized, $2,250,000 each of common and 4per eent preferred. The stock w111 be held in a voting trust of ten members until the full dividend shall have been paid on the preferred for five consecutive yea.rs. iee V. 76, p. 331. Of the $3,000,000 a.utborized 1st gold 4s (see table above) $1,500,000 have been !,Old; the entire cost of construction and equipment was estimated at not over $2,00Q,· 000 in bonds, leavln~ balance for extensions and improvements.-( v. 75, p. 184; v. 76, p. 331.) Kanl!lal!I City Southern Ry.-(See Map.)-Operates a. line ex• tenatng from Kansas City, Mo., to Port Arthur1 _Tex., (thence by itl ship oanal 7 miles to deep water on the Gulf of .m.exico), with bra.nohe1 and extenslTe terminals uaed by various roads entering Ka.naas Olty. .16Wll. Linu oumwMilu. Lim• ou,nwKansas City, Mo., to Belt Jot •. 12 Bra.nohea to Fort Smith, De Qntnoy, La.., eto- .•••.•••.•••• 51 Grand View, Mo., to Port Ar· !trackage-To Gr'd Vlew,Mo. 11 thur, Tex••••••.••••••.•••.•••. 765 Total. ••••••••••••••••••••••••••••••••••••••••••.••••••••••• • • • • • • •~ OBGANiunoN.-.A rPorganizatton of tbe Kansas City Plttl!bUrl[ & Gulf RR., forecloBed Mar. 19, 1900, per plan V. 69, p. 1012 1062. V. 73. p.1356; V. 74., p. 94. In Oot., l 900, control became vested In the Harriman syndicate. V. 71, p. 918,963. Geo. J. Gould ts Vice-Pres. eEct BITJES.- Of 1he amounts EbCl'WD es outftandil 1 tn 1he table above 1~ere wne in thetruEury on Ju,.,nf 30, 19( 3,U.449.7{0 co~mo:n .h 1toek, $619,200rrtterred i,tock a:rd ltd14,0(0'tond8. I I JAN., 1904.] RAILWAY STOOKS AND BONDS. MAP OF THE KANSAS CITY SOUTHERN RAILWAY. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 433 434 RAILWAY S'I100KS AND BONDS. RAILROAJ>i"' ,..ur t,,q1la.nat1on of uu1lJ.W.ll .lio:,c1,UllJ.6 0, <l/,ll,, do:,ti 11uws on first page of tables. 1.N '1'~K~8'1' UK UlVlU.K NI> ~ Daw 01ze, ur of of Par Road. Bonda Value. t rlDOl · ~•al.\\· 1,..,,. 1,11e. ~,,.,·k.,. La"t" ---------------out~;:,;::t.:n_g Raw ve1· When Where Payable, ~11tt b) Cent. .Payable Whom. M1let< Ka/Mas Oity St. Jo~eph" Oouncil Bluffs.-See CHIC. BURL. & QUINCY. Kan. Oity Suburban Belt-See KANSAS CITY SOUTHERN RY. Ken. ti I. Br. ti RR. -K. & I. B. 1st M., g.t assumed.. 1881 $250&c, let oonsol. mortgage, $2,500,000, gola ....... s.o.. . •• 1900 1,000 Jleokuk ti Du Moines-Preferred stock, 8 per cent 162 100 let mortgage, mteres~guar. C.R. I. & P ...••.•.. o* 162 i878 100 &o. Keokuk ti Hamilton B1•1,dge-lstmortgage ........ o 1869 1,000 Kewaunee Green Bay ti Western--lstmortgage.:F.o 1891 1,000 Kingston .f Pembroke--lst M., gold.................. ffg 1882 1,000 Knon. ti Ohio-1st M., gold, guar. by rent.Ce.o*&:r 69 1885 1,000 Lake Erie ti Detroit River-See PERE MARQUETTE RR. Lake Erie ce We•tern--Com. stock, $20,000 p. m. 725 100 Pref. stock, 6 per cent lnot cum.) ($20,000 p. m.). 725 100 let mortgage, ($10,000 per mlle) gold ...•.. Ce.o* 725 i887 1,000 2d mort., for $3,625,000 ($5,000 p. m,) gold.Ce.o 725 1891 1,000 La"ke Shore ce Michigwn Southern-Stock •••••. 100 Gua.r. 10 per cent stock (Mich. So. & No. Ind.) . .. . . . . . . 100 1st mortgage, $50,000,000. gold. U11 ... ...... c*&r 1,000 i897 1,000&c Debentures, $50,000,000, gold.G ............ o*&r ··- 1903 l,OOO&o J.>etroit Monroe & Toledo 1st mortgage, guar... c 55 1876 1,000 Kalamazo & White Pigeon 1st mort. guar. Un .. o 37 1890 1,000 Bat. Cr. & Btur. lstM_,g.,guar. p.& l.(see M.Cen.) 41 1889 1,000 Sturgis Goshen & St. L. 1st mort., g., p. & 1. gna.r. 36 1889 Kai. Allegan & Gr. Rapids stock, rental guar..... 58 let mortgage, guaranteed. Un ................. c 58 iSSS 1,000 Erle & Kalama.zoo U'sed) st'k, Toledo to Palmyra 26 50 Lake Bhore By•t,em,-Mahoning Ooal RR.-Stock.... 47 50 Pref. stock, see text................................ 47 ..•. 50 lstM.,Youngs. toAnd.,eto.,guar. v.&1.(end).Uno 47 1884 1,000 ··ioo [VOL. ~XXVIII. $1,000,000 5 g. M. & 8, 1,069,000 4 g. A. & O. 1,524,600 See text. Bee text 2,750,000 5 A. & 0. 1,000,000 8 A. & O. 378,000 5 J. & D. 572,000 3 g. J. & J. 2,000,000 6 g. J. & J. Louisv1lle. N.Y.,BtandardTrustOo. N . Y.,Offloe, 13 Wm. St. do do 62 Cedar St. As earned. N. Y., Office 40 Wall St. N. Y., 45 Broadway. N.Y.,J.P.Morgan&Co. I .u1 v1t11:lll11. March, 1911 Apr. 1 1950, Nov.16, 103,2%. Oct. 1, 1928 April 1, 1899 June 1, 1921. Jan. 1, 1912July 1, 1925 11,840,000 11;840,000 4inl903 J. & J. N.Y.Offlce,Gr.Cen.Sta. Jan.15,'04,2% , 7,250,000 5 g. J. & J. N. Y., Chase Nat. Bank. Jan. 1, 193'1 3,625,000 5 g. J. & J. do do July 1, 1941 z49,466,500 See text. J. & J. N.Y.,GrandCent.Stat'n Jan . 29, '04,4.533,500 10 J.&J.28 do do Ja.n. 29_,'04,5% 50,000,000 31g g. J. & D. June J., 1997 40,000,000 4. g. M. & S Coupons at Grand Sept. 1, 1928 , 924,000 7 F. & A. Cent. Bta'n, N. Y. Ang. 1, 1906 400,000 5 J. & J. Registered int'st on I Jan. 1, 1940 79,000 3 g. J. & D. 2as by Un. Trust; Dec. 1, 1989 322,000 3 g. J. & D. OD new 3128 by Dec. 1, 1989 610,000 5·95 A. & O. U. 8. Trust, N. Y. Oct., 1903 840,000 5 J. & J. I July 1, 1938 300,000 10 F. & A. N.Y.,Trea.s.,24Thomas. eb., 1904,5% 1,500,000 10 in '03 F. & A. N. Y..:., Gr'd Cent. Bta.t'n. Feb. 1, '04, 661,850 5 J. & J. N. ~-t Union Trust Co. Feb., '04, 2:ls 1,500,000 5 J. & J. ao do July 1, 19 . r 1 i z N, Y. Oentra,l bolds $45,289,200 of this. VOTING TRUST.-By mod11ledpla.n both classes ot stock will be vestell J&r :fl.ve years in the following voting trustees: E. H. Harriman, Geo. • Gould, Otto H. Kahn, John W. Gates, Herman Bietcken, Louis Fits· .1era.ld and James 8t1llman. The voting trustees may, in their dis· uretion, deliver the stock at an earlier date. LATEST EABNINGS.- 5 l 1903 ..... Gross, $2,f;83,884; net, $6q9,705 mos.,Julyl to N"ov. 30. S1902 .... Gross, 2,549,528; net. 722,226 Report for year ending June 30, 1903, a.ti length, in V. 77, p. 2276, 2284; see also editorial, p. 2252. . 1902-03. 1901·02. 1900-01. Gross earnings ..•.•.••••••••••••.•. $6,010,458 $5,450,871 $4.753,066 Operating expenses............... fr,858,809 3,616,126 3,399,222 Net earnings .............. ...... $1,651,649 $1,834,745 $1,353,845 Total net income .••••• .•.. . ..•••.. 1,731,452 $1,950.120 $1,384,186 Taxes .... . . ...................... _ 151,416 128,850 114,600 Interest on bonds.................. 899,985 821,263 762,903 MisoellaneoUB.. .. .............. .••. 27,681 83,673 28,000 --- Ba.lance, surplus................. $652,370 $916,334 $478,683 DIRECT0RS,-Pres., Stuart R. Knott: Vice-Pres., G. J. Gould; ,T. W. Gates, John Lambert, of Chicago; Edward H. Harriman, Otto H. Kahn, Edwin Gould Lawrence Greer, H. P. Wertheim and Herman Bieloken of New York; John J. Mitchell, of Chicago; Julius S. Walsh, H. C. Pierce, of St. Louis.-(V. 77, p. 2276, 2284.) Kan11a11 City Pltt11burg & Gulf" KK.-See K. C. Southern Ry. Kentucky & Indiana Bridge & Railroad Co.-Owns steel cantilever bridge over the Ohio River at Louisville and 5 mlles of railroad between Louisv1lle, Ky., and New Albany, Ind., and 5 miles of belt line in Louisville ; also owns Louis. & New Albany Ferry Co. Successor Jan. 31, 1900, to Kentucky & Indiana Bridge Co., sold in foreclosure subject to the $1,000,000 first mortgage. The Southern Ry., Ba.It. & Ohio Southwestern (B. & 0.) and Chicago Indianapolis & Louisville OWi! the $75,000 capital stock, and pay monthly, in proportion to cars handled, any de:fl.cit in operations. Of the $2,500,000 first consol. 4s, $1,000,000 were reserved to retire the old 5s at ma· turity and $500,000 for improvements and betterments. V. 71. p. 492. EARNINGS.-For year ending June 30, 1903, gross, $232,931; def. under int. charges, etc., $171,297. President, W. M. Greene; Seo. and Treas .• H. W. Heazlitt. Gen. Mgr., W. M. Mitchell.-(V. 71,p. 287, 342.) Keokuk& De111'Iolne11 Ky.-Owns from Keokuk, Ia., to Dee Moines, Ia., 162 miles. Leased for 45 years from October 1, 1878, to the Chicago Rock Island & Paci:fl.o Railway, thEl lessee to pay 25 per oe:nt of the gross earnings, but guarantees the interest (not the J)rinc,tpal) on the bonds. Stock ts $1,524,600 8 per cent preferred and $2,· 600,400 common (par $100), a. maJority of which is held by the lessee. DIVID'DS.- t 1893. 1894. 1895, '96 to '98, 18~9. 1900. '01. '02, '03. On pt. p. c. 5 2·4 95 ots. 90 eta. None. 50 ots. 50 cts. 1 1 2 .Rental: In 1899·00, $159,068; in 1900-01, $148,178.-(V. 68, p. 772.) Keokuk & Hamilton Bridge Co.-Owne bridge across Mis ei8s1ppi R1 v-er at Keokuk, Ia., for railroads and foot passengers. The property was originally leased to four companies, but only two com• panies now use it, these being the Toledo Peoria & Western and the Wabash . Re~arding guaranty see V. 59, p. 969. On JudgtnE1nt of 1889 $203,000 bas been collected; on .1udgment of 1894, $142,000; 1n Apr., 1901, $142,000 was a.warded. V. 72, p. 821. Stock, $1,000,· 000; par, $100. Coupons are in default, but mortgage bas DEiver been foreclosed, and part of overdue interest is pa.id as earnings permit. Last coupon paid was No.4ll(due Oct., 1889), in Mar., 1903. EARNINGs.-Year ending June 30, 1903, gross. $39,968; net, $21,· 917; other income, $16,765; total deductions, $34,901; bal., sur., $3,780. In 1901·2, gross, $34 116; net, $14,949. President, Andrew Carnegie; Treas., Theodore Gilman, 62 Cedar St., N. Y.-(V. 72, p. 821.) Kingston & Pembroke Ky.-Owns fromKingston,Ont.,Can., to Renfrew on the Can. Pao., 104 mlles; branches, 9 mlles Reorgautzed in 1899 per plan V. 67, p. 274. Stock, $1,000.000 :fl.rat pref. 5 p. c. non•oum., $150,000 second pref. 3 p. o. and $2,500,000 common. The Canadian Pac. leases tbe road and owned on June 30, 1903, $1,130,100 pref. and $1,759,100 common stock. V. 77,p, 636, 1221. First div. on let pref., 1 p. c., pa.id April 2, '01; none since to May, '03. Year end• ing Dec. 31, '02, gross, $171,795; net, $19,595; int., $17,160; balance, eurplus, $2,43~.-(V. 73, p. 1160.) Knoxvfile & Brl11tol KK.-See Southern Ry.-V. 77, p. 298, 1225. Knoxville & Ohio KK.-Owns Knoxville, Tenn., to Jellioo,·1'enn. , and branch, 69 mlles. In 1903 acquired the Tennessee Northern RR., La Follette to La Follette Jot., 10 miles. Stock, $1,122,200. Merged in Oct, 1903, in Southern Ry, which owned $1,118,300 of the stock, $1,111,300 being pledged under its consolidated mortgage of 1894. The stockboldflrs Oct. 7~ 1903, authorized a :fl.rat oonsol. mortgage to secure $3,000,000 bonas, of which $2,000,000 to be reserved to retir"' the :fl.rat mortgage bonas at maturity, balance for new acquisitions and future requirements. The bonds when issued to be held in the lreasury of Southern Ry. V. 77, p. 298, 1225.-(V. 77, p. 451, 1225.) Kona & Kan Ky., Hawall.-V. 75, p. 289; V. 76, p. 542. Lake Erle & We11tern Kallroad.-RoAD-Owns Sandusky, O., to Peo11a,Ill., 420 mlles, and branch to Minster, 10 mlles; Indianapolis to Michigan City, 162 mlles; Fort Wayne to Connersville and branch to Rushv1lle, 133 mlles; total owned, 725 mlles; leases Northern Ohio RR., Akron to Delphos, 162 mlles; total operated, 887 mlles. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis HISTORY, ETc.-Formed in 1887 after foreclosure of the Lake Erie , & Western Railway. (Bee V. 50, p. 590.) In 1899, control passed to the Vanderbilts, and on Jan. 1, 1903, the Lake Shore & Michigan Southern owned $5,940,000 common and $5,930,000 pref. stock. v. 71, p. 1269• DIVID. SINCE 1890 5 '91 '92 '93 to '98 '99 1900 '01 to '03. 1904, on pref.! 4 4lli 5 yearly O 2 4 yearly Jan., 2 · BoNDs.-Abstraot of first mortgage in V. 46, p. 45; of 2d mortgage ill V. 54, p. 444. Guarantees $2,500,000 5sNorthern Ohio, which see. EARNINGS.-For 9 mos. ending Sept. 30, 1903, /ll'OBB, $3,891,362 in 1903, a.garnst $3,469,222 in 1902. For year ending Dec. 31, 1908 : (partly estimated): YearGross. Net. Oharoes. Difl,nnPref. Bal.,Sur. 1~03 ..••. $5,199,239 $1,167,437 $668,750 $473,600 $25,087 1902 ..... 4,704,280 1,152,915 668,750 473,600 10,565 · ANNUAL REPORT.-Annnal report for 1902 was in V. 76, p. 916. Year en,d. Dec. 31. 1902. 1901. 1900. Gross earnings.....•.•••••••.•••.••. $4,699,340 $4,533,204 $4,475,712 . Net (incl. other income) ............ 1,357,437 1,380,929 1,591,734. Deduot - ta.xes.. ...... .•..••.••.•••• 204,522 206,983 197,335 Interest on bonds................ 543,750 543,750 543,750 No. Ohio int. guar. ...••. ..•. .... •• 125,000 125,000 125,000 Dividends on pref. stock .....•••. (4)473,600 (4)473,600 (4)473,600 · ---- Balance, surplus . .............. $10.!'i65 $31,596 $252,049 · -(V.75, p. 139'7; V.76,p. 864,916,1355; V.77,p.2387.) Lake & River BR,-V. 77, p. 510. Lake Shore & Michigan Southern Kallway.-(Bee Map N. Y. Oentral.J-O_pera.tes from Bu:tf-d,lo to Chicago with branches. Tlie main line (540 mlles) includes 26 mlles between Toledo and Palmyra, Mich .. under lease from the Erie & Kalamazoo. Road, owned directly, Miles. Leased, [,rsee thi• Oo,] M,iu Bu:tfalo, N. Y., to Chicago, Ill .. 540 Kalamazoo A. & G. R........ 58 Sundry branches ...•••.•••.••.. 320 Jamestown & Franklin...... 51 Entire •tock owned. Mahoning Coal RR........... 4..7 Detroit & Chicago (see below). a6 Erie & Kalamazoo (26 m.) •••• Text. Detroit Monroe & Toledo ••.••• 55 Detroit Hlllsdale & 8. W .•• 11 65 Kalamazoo & White Pigeon ... 37 Fort Wayne & Jackson .•••• ,r 98 Northern Central Michigan .••. 61 Sturgis G. & St. L... .. .. . . . . . . . . 361 Central Trunk ....•..•.••.. _.. 5 Elkhart & Western........... 11 j Total of above ..•...••••.• 1,092 Grand tot. oper. Jan. l,'03.1,4.11 0f the main line 519 mlles bas double track. By control of "Nickel Plate" the Lake Shore has still another line from Bu:tfalo to Chicago. Operates Dunkirk Allegheny Valley & Pittsbur~, Dunkirk, N. Y'., to Titusville, Pa.., 91 mlles, since Oct. 1, 1901, for account of New York Centra.1.-(V. 73, p 663 ) In Feb., 1902, the L. s. & Mich. So., togetherwith the Michigan Central, took over the operation of the Detroit · Toledo & Milwaukee RR., Allegan to Dundee, Mich., 133 miles. V. 74, p. 379; v. 76, p. 1026. ORGANIZATION, &o.- A consolidation on August 16 1869. In , February, 1898, a majority of the capital stock was purchased by the N. Y. C. & H. RR.twhloh gave in exchange its 319 p. o. bonds at the rate of $200 in oonds for $100 in stock. V. 66, p. 288. In 1903, $45,289,200 stock had been exchanged. V. 69, p. 1237. N. Y. Ubioa.~o & St. Lou18 road ha.s been controlled by ownerehip ot stock since 1882, Lake Shore now owning $6,240,000 of its common. $6,2'15,000 of its 2d preferred and $2,503,000 of its 1st preferred stool[, The company also controls and leases the Ma.honing Coal RR./see Lake Shore "System" below] and owns (besides the entire stock o the proprietacy lines) $5,050,000 Pittsburg & Lake Erie stock. N. Y. 0. & B. R. RR. in 1899 had acquired over nine-tenths of the capital stock ot the Lake Shore, aa etated above. In 1900 the company puroha.sed $11,224,000 of the $27,997 700 · CJeveland C1n Chic. & St. Louts common stock ; also $~,.940,000 of the $11,840,000 common and $5.930,000 of the $11 840,0uu Lake Erie & Western pr.e terred, the whole at a cost of $12,958,08~, of which $8,, 958,082 paid from surplus earnings. V. 71, p. 1269; V. 72, p. 870. In 1902 purchased $4,870,500 of the $5,000,000 stock of the Indiana Illinois & Iowa RR., operating line from Seatonville Ill. to St Joseph, Mich., 2~2 miles. V. 73, p. 1356; V. 74, p. 41. In 1901 purchased from surplus earnings $3,200.000 Lehigh Valley RR. stock at a cost of $1,920,000; total Lehigh stock owned, $5,700,000. V. 74, p. 87S. In Jan., l 903, the one•half share in $55,110,000 of the $140,· 000,000 Reading Co. stock acquired by the Vanderbilt interests, con• slating largely of preferred stock, the other half bemg held by the Baltlmort1 & Ohio, was turned over to the Lake Sho1e. Bee "General Finances" below. As to purchase of one-sixth interest in majority Bockin~ Valley Ry. common stock, see that Company. V. 76, p. 10~, 158; v. 77. p. 451. • In Jan., 1903, the entire stock of the Lake Erie Alliance & Wheel• ing RR., Phalanx, 0., to Dlllo11vllle, 88 mlles was purchased, together with all the stock of the L. E. A. & W. Coal Co. and 51 p. o. of that of the Jefferson Coal Co.; also other-properties and lands. V. 76, p. 265. Lbt of stocks of other companies acq11-ired durlng 1900 to 1903, both • inclusive, see V. 78, p. 48. 0IVIDElil>8.- ~ '90 '91 '92 '93•97 '98 '99 '00 '01 '02 '03 1904. . 8inoe'89.P.ot.~ 5 6lg6¼J6y'r1y6Je .. 7 · 7 7 7 7 Jan.,4 • JAN., 1904.[ 435 RAILWAY STOOKS AND BONDS. H.AILROADS. INTEREST OR l>JVIDENJJ~. isou.a.3 -.t'.1. .....u.l· Miles Date Size, or Amount pal,WhenDne.. For expla.nai;10n of column headings,&c., see notes of of Par Outstandin., Rate per When Where Payable, and by BtockB-L&st 0 on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. L.8up.dishpem. Ry.-lst M.,$1,200,000, g.,s.f.F .c L.Tahoe Ry ti Tr. Oo.-lstM.,g.,$500,000 s.!.. beg.'05 Leavenworth Terminal Ry. ti Bridge-let M., g.Ce. l,ehighdHud.River-lstM.,g.,int.red'c'dto5p.c.Oe 2d mort aa;i,ge gold Warwick Valley lstmort.:·extended·1n·io'oo~::~: 20 16 3 42 63 15 L~g ~~ ... . North'ton,lstM.,g.,$300,000, gu.,red.105.:FPc* 15 Consol. mort., $3,000,000, g., call 105 . .......... All £ehigh Yalley-Stook ($106,300 is 10 p. c. pf.)GP 1st mortgage, o. a.nd r .• ext. in gold in 1898 .. GP ioi 2d mortgage ..•.•........•••.....•...............•. r 101 Consol. mort., { coup. & reg., $4,762,000 4¼s.o&r 461 5 $40,000,0001_5 annuity, $2,538,000 a.re 4¼s.FP { M'.tge. and CoJl. Trust, g., call at 107¼ .•. G P.c*&r .••. Gen. consol. mort., $150,000,000,gold GP.. c*&r. ..•. Co$! purchase bond, 3 series, $245,000 due y'rly . ••. National Storage Co. trust oertlflca.tes. . ......... .. • . Lehigh & N. Y., 1st I\!:., g., guar. p. & 1. Mp... o*&r 1 1 7 Leh.Va.lofN.Y.,lstm.,g.,gu.p.&1.(end.)GPo*&r 283 Leh. Val Ter.,lstM.,gold,gu.p.&t.,end.Ce.c*&r 31 Ea,ston & Amboy,lst M.Easton to P.Amboy, gu... 60 Ea.ston&No.,lstM.,gold,guar.byL.Va.l.GPo*&r 12 "MlddlesexValley,lstmort.,$600,000,gold.Oe.c* 22 Penn. & N. Y. Can. & RR.-lst m., endors ... o*&r. •••. Console (see text) guaranteed p.& 1.(end.) .GPr .. .. Elmlra Cortl'd & No. lstf.ref. mort., gold..Ce.o* 119 ;... 1st M., gold, gua.r. p. & . (end.). Oe... .. . . . .. . . . 119 uan.No,lstM.,g.,gu.p.&i.byE.C&N.(V.76,p.1406) •••• Morris Canal stock, 4% guaranteed 999 ye&n1.... . .•. Preferred 11tock, 10 p. c .. a'll&r. 999 yea.r11.. ... . . ~~~~~Jeii.M:·$3:ooo;ooo;g:(see·ie:rtice:o; Lehigh ti New Engl'd-lst M.,$1,000,000, gold. PP -------------1896 $1,000 $310,000 6 g. J. 1901 1,000 1893 1,000 1881 1,000 1887 1 000 1879 500 &c. 5 rn~~ 1895 1902 1903 iS68 1870 1873 1873 1897 1903 1901 1899 1895 1890 1891 1880 1895 1892 1866 1888 1884 1884 1886 . .•. ... ~o~· 1,000 1,000 1,00 0 50 1,000 1,000 1,000 1,000 1,000 1,000&o .... .• ••••.. 1,000 1,000 1,000 1,000 500 &o. 1,000 1,000 1,000 1,000 1,~ 100 100 The consol. mortgage of 1897 (United States Trust Co., N. Y., and J'ohn T. Dye of Indianapolis, Illd., trustees,) is for $50,000,000 of 3¼ l)er cent gold bonds, tax tree, used to retire the several issues of 7s maturing from 1898 t.o 1903 (see abstract 1n V. 64. p. I 182) amounting to $43,192,000, and the balance, $6,808,000 in re· funding said bonds and for general purposes of the company. The mortgage covers 829·54 miles of main line and branches-a. oonsld· era.ble portion being double tracked-and 181·11 miles of leased lines. V. 66. p.1140: V. 68. -p.1182; V. 73,p.1264; V. 75, p.290; V. 77,p.!2035. or the $50,000,000 authorized debenture 4s or 1903, $40,000,000 were sold to pay o1f the $25,000,000 loan made for the purchase of Reading stock, which matured in Jan., 1904, and :floating debt incurred for other acquisitions. They are to be seoure<l by any new mortgage. V. 77, p. 1747, 2035; V. 78, p. 48. GUARANTIES.-As to guaranties additional to those shown in table above see Detroit Hillsdale & S. W. and Fort Wa..vne & Jackson. GENERAL FINA.NCE8.-Not.tung nae been charged. to oonstruotton or equipment account since 1883, the outlays charged to operating ex• pensesfornewequipmentamountlng in 1902 to $1,423,67:, andb11901 to $3,589,079, and for construction to $2,971,9~2 1n 1902, against :$747,257, these items being exclusive of expenditures for renewals. Profit and loss surplus Jan. 1, 1903, $18,035,138. Low grades permit large train loads : average for 1902, 576 tons, against 530 in 1901. In Jan., 1904, the dividend rate was increased to 8 p. c. V. 77, p. '2390. ANNTTA.L REPORT for 1902 was in V. 76, p.1026; see edit. page 1003. Preliminary statement for 1903, partly est1mated, was in V. 77, p. 2387. Operating expenses include $4,395,000 for construction and renewals in 1903, against $Z,768,i88 in 1902 and $597,063 in 1901. Year end. Dec. 311903. 1902. 1901. Total gross earnings .••••••. $34,612,000 $30,419,292 $29,272,675 20,210,229 -Oper. exp. & taxes........ 27,640,000 21,9~9,064 Net earnings •••..•••••• $6.972,000 $8,460,~29 $9,062,446 Net, incl. oth. income.... . $9,302,000 $10,128,793 $10,391,736 916,605 Rentals pa.id ................. } { 1,042,667 Cnterest on debt............ 4,840,000 2,297,252 2,266,656 Divid's on guar. stock...... 53,350 53,3f>O Dividends................. (712)3,709,987 (7)3,462,655 (7) 3,462,655 l!urvlus over divs. ........... $752,013 $3,272,869 $3,692,470 -(V. 77, p. 2098, 2280, 238'2', 23 d0; V. 78, p. 48.) Lake Shore ~yetem.-1'1:ahonlng Ooal KK.-Owns from Youn~stown to Andover, 0., and branches, 47 mlles. Branch (prao• tioally second track) from Doue:hton to Plymouth, on the Lake Shore, 47 miles, of which 18 miles built by the Lake Shore, was completed in Sept., l 903. Leased in perpetuity tor 40 per cent of p-oss earnings to Lake Shore, which Jan. 1, 1903, owned $865,900 common and $399,· -500 preferred stock. DIVIDENDS.- { 1889. '90. '91. '92. '93. '94. '95 to A~i·• 1903. •On common. 5 4¼% 5 4¼ 8¼ 8 8 10 (Feb. 7%,A.ug. 3%) The preferred stock certiftoates are 5 p. o. guaranteed and contain ,a clause making them redeemable at par at option of company. For year ending Dec. 31, 1 902, rental, $668 207; surplus over int. '8.nd 10 p. o. on com. and tip. o. on prer., $408,354.-(V. 66, p. 89'2' .) 'Lake Superior & Ishpemlnt{ Ky.-Ma.rquette to Ishpeming, Mtoh., 20 miles; leases, 1 mile; total, 21 miles. The Munlsmg Ry., Little Lake to Munising, 38 miles, and the Marquette & Southeastern Ry., Scandia to Marquette, 17 miles, a.re operated as one system, all being controlled by tbe Cleveland Cliffs Iron Co. Stock, $1,000,000; par of shares, $100. Bonds are subject to call for the sinking fund by lot at 105 and interest. Year ending Dec. 31, 1902, gross, $186,584; net, $43,940; other income, $11!, 726; taxes, $19,270. President, Wm. G. Mather, Oleveland, 0.-(V. ·,5, p. 1207; V. 76, p. 1248; v. 78, p. 229.) Lake Tahoe Ky . & Transportation Oo.-Truokee to Ta.hoe, Oa.l., 15 miles, narrow gauge, operated dur.mg tourist sea.son from May 15 to Oot.15 ln connection with steamers and hotels, also owned. Stock $500,000, all outsta.ndin! Mortga.f:J~vers also steamers, wharf and hotel property costing 250,000; s g fund becomes operative 1n 1905; Mercantile Trust ., San Francisco, trustee. V. 74, p. 479. For 1902,net earnings ovn interest and other charges were $20,130. For year ~901, gross, $39,368; net, $16,469. President, D. L. Bliss, San Frano1soo, Cal.-(V. 74, p. 478.) Laramie Hahn'• Peak & Pacific Ky.-In Oct., 1903, grading completed from La.ramie, Wyoming, via Centennial, 30 miles, to be operated 1n summer of 1904; contra.ct also let from Centennial to Grand Encampment, being bale.nee of lOOmiles; entlreprojeoted line, 600 miles. 81iook authorized, $9,000,000, a.II com., to be issued at rate of $90,000per mtle; par of shares.$10. No bonds. (See V. 77, p. 824), President, Isaac Van Hom, 7 Congress St., Boston.-(V. 77, p. 824.) Leaven-w-orth Terminal Kall-w-ay & Brldge.-Owns high• way and railroad bridge (opened Jan. 1, 1894), 1,110 feet long, over Missouri River at Leavenworth, Kan., and valuable terminal property 1n that city. The mortgage contains a sinking fund provision. Ka.n8&8 City St. Joseph & C. B. (Chica.go B. & Q.) and Chica.go R. I. & P. use the bridge at an annual rental of $16,000 each, under a, 30•yea.r contract from 1894, and Chica.go Gt. Western from Sept. 1, 1895, for 30 yea.rs; rental $14,250. For year 1902·03, gross, $51,080; net, $35,765; int. on bds., $30,000· bal. sur., $5,765. Stook,$600 000.- V.69,p. 494. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 300~000 600,000 800,000 164 000 145:ooo 5 g. 5 g. 5 g. 5 44· A. J. J J. & & & & & & N.Y.. Farm. L. & Tr.Co. Sa.n Fran. Mere. Tr. Co. N. Y.,Central Trust Co. ) J I N. Y., Nat'l Exch. ~ :~:io!1:.~ J. O. J. J J Jan. Oct. Jan. July Jul.., July 1, 1, 1, l, 1 1: 1926 1931 1928 1911 1917 1911 o: la~: gg. t: t 1 J Warwick, N. Y. l f£~ ½: ½~i~ 5 g. JJ.· && JJ.· Phila":1 927 Chesdtnut St. July 1, 1945 A. 0 1,i~~:888 431,000 300,000 5 g. 600,000 5 g. A. & O. 40,441,100 o,000,000 ···4·g. J:·&· D. 6,000,000 7 M. & 8. 10,400,000 4¼ & 6 J. & D. 12,600.000 4¼ & 6 J. & D. 7,900,000 5 ~. M. & N. See tert. •...•. M. & N. 925,000 4 g. Various 5,000,000 4 g. A. & 0. 2,000,000 4 g. M. & 8. 15,000,000 4lgg. J. & J. 10,000,000 5 g. A. & 0. 6,000,000 5 M. & N. 51.000 4lgg. M. & N. 211,000 5 g. M. & N. 1,500,000 7 J. & D. 8,500,000 4, 4¼, 5 A. & O. 750,000 6 g. A. & O. 1,250,000 5 g. A. & O. 300,000 6 g. J. & J. 706,700 4 F. & A.. 903,000 10 F . & A. a0 do Jan. 1, 1952 Oct. 1,. 1953 18~3 Phil&. Of., 228 So. 3d St. June 1, 1948 do do Sept. 1, 1910 do do Deo. 1, 1928 do do Irredeemable. Phlla.delphia.. May 1, 1997 •••••••••• May 1, 2003 •••••• . . . To Apr., 1908 ...... ... Dec., '04or'09 Phll.,Leh.Va.l.Of.&N.Y. Sept. 1, 1946 N.Y.,Meroh.N.Bk.&Ph. July 1, 1940 do do Oct. 1, 1941 Phlla..z Of., 228 Bo. 3d St. May 1, 1920 ao do Nov. 1, 1935 Philadelphia. Nov. 1, 1942 d9 June 1, 1906 Phila.~ Lehigh Val. RR. Apr. 1, 1939 no do Apr. 1, 191, do do Apr. 1, 191, do do July 1, 1906 Phil. office, 228 8.3d St. Feb., 1904., 29' do do Feb., 1904, 59' 0 do Lehigh & Hudson River Ky.-Owns from Greycourt, on Erle RR., to Belvidere, N. J.,onthePennsylvanla.RR., 63 miles, Proprietary llnes: Orange County RR. (entire stock owned-no bonds issued), Hucf• eon Junction to Maybrook, N. Y.,on Cent.N.E.Ry. (Poughkeepsie Bridge), including trackage, a total of 13 miles; s. E. & P. RR., Ph1111psburg to Easton, 1 mile; trackage, Penn RR., Belvidere to Ph1111psburg, 13 miles; total oper., 90 miles. The Central RR. of N. J. and Lehigh Coal & Nav. Co. control the road. V. 68, p. 568. Stock, $1,340,000; par, $100. BoNDs.-Of the $1,124,000 general mortgage bonds out, $1,062,· 000 a.re guaranteed jointly, prin. and interest, by the Cent. RR. of N. J and Leh. Coal & Na.v. Co. An additional $1,535;000 are reserved to take up prior liens and $330,000 for extensions or aoqutst • tions of connecting roads. See form of ~a.ranty, eto., 1n V. 67, p. 788. Bills payable for [equipment, $100,000, bearing 5 p. c. interest, due Apr. 15 and 16, 1904. E.ABNINGS .-12 mos., l 1902-03•..•.••. Gross, $434,777; net, $181,303 July 1 to June 30. 51901·02•. ...•. Gross, 378,315; net, 166,642 Surplus over charges, $38,187, against $18,992 ln 1901·02. ANNUAL REPORT.-Including Orange County RR.:....v. 77, p. 'l277. Year end. June 30. Gross. Net. Int., ta:r:, etc. Bal., sur. 1903....................... $443,678 $180,748 $166,062 $14,686 1902 ........................ 386,876 166,663 157,24.7 9,t.416 Lewis A. Riley, President, Philadelphia., Pa..-(V. 75, p.1250, 1~54. V. 77, p. 22'2''2'.) Lehigh & N e-w- England. KK.-Opera.tes road from Slatington, Pa., to Campbell Hall, N. Y., 96 miles, and Martin's Creek to Bath, 15 miles, the latter completed 1n July, 1903, of which two sections, ag• grega.ting 32 miles, belong to other companies, leaving 79 miles owned. HISTORY.-A reorganization July 1, 1895, of the Pennsylva.nta Poughkeepsie & Boston, sold 1n foreolosure Dec. 14, 1894. •In Jan. 1904, the Lehigh Coal & Navigation Co., it was understood, acquired an interest. V. 78, p. 229. SECURITIES.-Stook ls $1,500,000, par $50. Mortgage of 1895 is for $1,000,000, of which $569,000 for improvements and exten's.-(V. 62, p.134.) Current liabilities June 30, 1902, $262,493. There were also $75,000 collateral trust bonds and $20,000 equipment 6s. Of the console or 1903 ($3,000,000 authorized issue), $1,300,000 are issuable to retire the existing bonds, the remainder being available for exten• slons and improvements; trustee, City Trust, Safe Deposit & Surety Co. ot Philadelphia.. V. 77, p. 951. E.ABNINGB.-For year ending June 30, 1902, gross, $124,685; net, $32,433; cha.rges, $47,178; balance, deficit, $14,746.-(V. 78, p. 229.) Lehigh Valley KK,-(See Map.J-Embraces main line from Jersey t;'ity, N. J., opposite N. Y. rncy, to Bu1t·a.10, N. Y., 450 miles, with branches, viz. : Fee or Entire Stock OwneaJlaj . Stock Oirned-Oont. Milu Miles. Lehigh & N. Y,, Pa. State Bu1falo. N. Y., to Sayre, Pa .. 181 LinetoNo.l<'atrHaven,N.Y. 115 Wilke-sbarre, Pa., to Jersey Other .. . .......•...•.. ;........ 70 City . ..... . ............... 174 Le ,,edElmlra Cortland & Nor. ,r .•. . 139 State Line & Sulllvan. .•. •• .. ,r24 502 i:!:kaue·io:suep:sr1ilge;eio: Pa. & N. Y., Wllksb're to Pa. -State Ltne (with 45 miles Total June 30, 1903.. .•••• 1,399 branches) ................... 141 Second Track ................. 573 HISTORY, ETC.-In March, 1897, J. P. Morgan & Co. acquired, the voting power for a, large block of the stock, see V. 64, p. 517, 754; V. 68, p. 474, and In June, 1899, purchased a.bout 75,000 shares of stock, being one-half of the holdings of the Asa Packer estate, and 1n Jan., 1901, the remaining half, these, together with other aoquisltlons, pl&o• Ing them 1n practical control. V. 68, p. 1226; V. 70, p. 1049; V. 72, p. 87. In 1901 representatives of the Erie, La,okawanna, Central of New Jersey, Reading and Vanderbilt interests entered the directory. V, 72, p. 137, 391. The Lake Shore & Mich. So. 1n 1901 purchased $3,200,· 000 of the stock. V. 74, p. 883. For list of securities owned, see V. 66, p. 187. As to mer~er in 1903 of certain subsidiary companies under names of Lehigh Valley Ry. of New York and New Jersey, aee v. 77, p. 972. COAL PROPERTY.-The Lehigh Valley RR. Co. owns 3,619 a.ores of coal lands and all the ($650,000) stock of the Lehigh Valley Coal Co., which 1n December, 1893, owned a.ntbra,olte coal and surface lands: I I B~~J:,.%,se~~,;,·awneti:.::··· 4t I I Total acru. Ooat acres. E1t'd. yield,, Owned in fee ...•.••••••••.•••.•.. 15,217 7,242 124,000,000 Perpetuallyleased..•••••.•••..•. 8,123 5,741 111,000,000 Term leases ...•.•...••••.••••.••. 1,708 1,708 47,00V,OOO Controls through stock owned .. 9,229 4,519 50,000.000 Collleries 54 dally capacity a.bout 30,000 tons. (V. 62, p. 364.) The Hazelton Coai Co. (chartered 1n 1896) stock ls owned and ita $2.tOOO,· 000 first mortgage 5s also owned are guaranteed-see V. 64, p. 1.:s7, In 1900 Delano Land Co. was merged 1n Leh. Val. Coal Co.-V. 71, p. 287. The Coal Co. shipped from colllerles owned 3,531,677 tons 1n 1902·03, against 3,040,755 tons in 1901·02; total coal tonnage 1n 1902-03, was 5,936,016. DIVIDENDS.- ~ '86. '87. '88. '89. '90. '91. '92 '93. none Since '85. P. ct. 5 4 4¼ 5 5 5 5 514 4 since. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis oWatertowu 0 0amden ~ ~ ~ ~ P> ~ U). ~ 0 0 ~ U). P> ~ 0 to 0 z 0 VJ ~ LEHIGH VALLEY RAILROAD JAN., 1904.] RAILWAY STOCKS A D BONDS. RAILROADS. 437 ror explanation of column headings, &o., see notes INTEREST OR DIVIDENDS. ..6oruta-J:'1'1Jh,.. Miles Date Blze, or Amount - - - - - - - - - - - - - - - - - pa.l,When Due. of of Par Outstandlng Rate per Wheu Where Payable, and by stocka-Laei Road. Bonds Value. Cent. Payable Whom. Dividend. Lehiah Yal.-( Oon.)-Bnow Sh. let M.not gu.GP.r L. V.Coal Co.let M.$12,000,000,g.e.f.,not drn.c"&r Dela.no L'd let M., g., gu... 8. f. $30,000y'ly.GP L. V. Coal tr. ctfs .• $3,000,000, call. (text). GP. Oar trusts,~ $50,000 due each F. & A .•.•••..••. c" gold.GP } $25,000 due each F. & .a •••••••••••• . Equtp. trusts, gold, due $200,000 yearly. PeP .. Do gold, eer. "D" to "G," due $.562,000 y'rly. Mar1tloie mortgage bonds, $120,000 due yearly. Lemngt. cl East'n-letM., g.,ext.in'Ol,red.102Ce.o* General mort.,gold.Co ........................... r Little Falls cl Dotgevit~let M., $250,000, gold .. . Little Miami--Bt'k,oom.,gu.8 p.c.,99 yre.,P.0.&St.L. Renewal mort~age ................................ o New M. ($3,000,000)-V. 72, p.184, 241, 1090.. . L. Rock cl Hot Sp. West.-let M. g., $1140,000.11f8t LittleSchuylkillNa'O.RR. cl Ooa~Stook (rentalgu.) Long Ialand-2d(now ls' ) mortgage............ o* Consol. mortgagei gold, $5,000,000.Ce .......... . do oo do ••..••....•.. General mortgage, gold Ce .................... c .. L. I. RR. M. on ferry for $2,750,000, ,rold.Ce .. o* Stewart Line M. of 1932 for $500,000, gold.Ce .. Debenture ($1i5~1000) gold, not subject to call.. New York & F usnmg let mortgage, assumed .... B'klyn & Montauk let M., $250,000 are 6e.Ce.o* 2d M.ig., a.ss'd, Bus. Sta. to Eaetv. & bre.Ce.o' Long Is and City & Flushing let l\f.", assumed .. o~ Consol. mortgage gold, assumed.Ce........... c" N. Y. Bay Extension, $200,000, 1st M., assumed. Montauk Extens'n, $600.000, 1st M., assumed ..• . Unitled M .• $9,828,000, g. call 110 Ol!lna ..... o&r Refand. M, $45,000,000, g., guar., p. & 1.... . 1880 $367,000 5 J. & J. Philadelphla.. Jan. 1, 1910 $500 5 g. J. & J. do do Jan. 1, 1938 1893 1,000&0 11,514,000 1,089,000 5 g. J. & J. do do Jan. 1, 198~ 1892 1,000 2,000,000 5 g. J. & D. Phila.., Girard Trust Co. Dec. 1, ;J..9191902 1,000 200,000 5 g. F. & A. Phil., Girard Trust. To Feb., 1900. 1895 1,000 126,000 5 g. F. & A. do do To Aug., 1908 1896 1.000 1,200,000 419 g. J. & D. Phila., Penn.Co.for Ins. To June 1, '09 1899 1,000 3,690,000 4¼ f!, Various Philadelphia.. 1904 to 1910'99-'02 1,000 485,000 5 g. M. & N. •••• •• .. • • To May 1,1907 850,000 5 g. J. & J. N. Y.,J. K. Tod & Co. July 1, 19U i895 See Text Feb. 1. 1935 1895 1,000&o 1,500,000 See text. F. & A. 250,000 3 g. J. & J. N. Y., Am. Ex. Nat. Bk. 1933 1903 100 &o• 4,943,100 820 Q.-M.ro Cinn.,Offloe, let Nat.Bk. Dec.10f03, 21r,. 50 1,500,000 5 M. & N. N. Y., Bank of America. Nov. ~, 19h 1,000 1901 1,000 1,417,000 319 F. & A. do do Feb. 1, 1951 1,140,000 4 g. J. & J. St. Louts and Phlla.. July 1, 1929 1899 1,000 2,487,850 5 g. J. & J. Phila., Of., 410 Walnut Ja.n.15,'04,219, 50 268,703 7 F. & A. N.Y.,U.S.Mort.&Tr.Co. Aug. 1, 1918 i878 100 &o. 8,610,000 5 g. Q.-J. do do July 1, 1931 1881 1,000 1,121,000 4 g. Q.-J. do do July 1, 1981' 1881 1,000 3,000,000 4 g. J. & D. do do June 1, 1938 1888 1,000 1,494,000 419g. M. & 8. do do Moh. 1, 192:it 1,000 1892 332,000 4 g. J. & D. do do June 1, 1982: 1892 1,000 5 g. J. & D. do do June 1 1934 1894 1,000 a 1,135,000 125,000 6 M. & 8. do do Moh. 1, 192<.\, 1880 1,000 1,000,000 5 & 6 g. M. & 8. do do Moh. 1, 1911 1,000 1881 600,000 5 g. J. & D. do do June 1, 1988, 1888 1,000 600,000 6 M. & N. do do May 1, 1911 1881 1,000 650,000 5 g. M. & N. do do May 1, 19~" 1887 1,000 al00,000 5 J. & J. do do Jan. 1, 1948 1893 .. a 315,000 5 J. & J. do do Jan. 1, 1945 1895 4 ,r. M. & s. do do Mar. 1. 194\J 1899 l,OOO&o 9,q2s,ooo 4 g. M. & S New York. Mar. 1, 1949 1903 :iOO &c. 10.000.000 on first page of tables. - - - -- --- ---- ----1----------1------ :::: 92 ..•. i:ooo ·si iss2 84 53 32 155 156 156 163 ·1s ···2 76 76 12 19 6 21 B'lNDS-Thegeneral consolidated mortgage or 1903 will secure i150, · 000.,000 bonds, bearmg not ti.1 exceed 5 per cent interest, covering the entire road, the stock of the Lehii,1h Valley Coal Co. and other stock.ti owned. A sufficient amount will be res('lrved to retire at or bef, •re maturity the outstanding fixed obligations (exclusive ot oar trusts and some minor matters) amountin~ to about $94,204,000, (including the oolla.teral trust bonds, which wrn be called when convenient), on payment of which the general consols will be ,.. first lien on all the property of the system, except as to $12,600,000 annuity bands, whtoh are a perpetual oha.rge; old bonds may, however, be extended lf nee• essary. Provision may be made at the time of issue of bonds there• under for the right to convert tnto stock at tbe pleasure of tbe holdn not over $25,000,000 at any one time. lt ts Intended to issue $10,· 000,000, as requir.,d, on account of advances made and to be made in payment of oar trusts matured, etc. Additional amounts to be issued for improvements are limited to $2,000,000 yearly, or such larger amounts as may be authorJzed by stockholders. V. 77, p . 82t; 'V. 78, p. 287. The mort. and colt. trust5s of r897 are subject to call at 107lg. GU.AlU.NTIES-Elmira Oortland cl Northern RR.-This road, with the Canastota Northern, runs from Elmira to Canastota and Cam. den, N. Y .. 140 miles. Stock. $2,000,000, is owned. v. 62, p. 364, 1177. Lehigh. Valley Railway Oo. of New York.-Owned Buifa.lo,N. Y., to near Sayre, Penn., 175 m. double track. a:cd branches to Ithaca, Auburn, etc., 110 m.; in all 285 m., covered by $15,000,000 mo1t~age or 1890, but 1n Aug., 1903, consolidated with other subsidiary companies; total mileage naw is 359 miles. Stock, $7,720,000, all owned by Lehigh Val. RR. Mortgage abstract V. 51, p. 114. V. 65, p. 412, 1071; V. 77, p.1-17, 972. Lehigh Valley Terminal Railway. -Owned double·traok road from South c>lalntield, N. J., to Jersey City, with about 125 acres at .JerAAY City and • iarge water front the.re, etc. Merg d in Aug., 1903 with other subeioiary companies in L. V. Ry. of N. J ·t having total i;J1e,.ge of 110 m ., its $16,4/H.t?OO stock being all ownea by Leh. V .J. BK. V. 77, p. 972. V. 53, p. ~O, 880. Car trusts, $900,000. Morris Oanai. - Leased tor 999 years and dividends guaranteed. Bonds all owned by Lehigh Valley. Bee V. 50, p. 137. Pennsylvania cl New York Oanal cl Railroad.-Leased for 99 years from December 1, 1888, to Lehigh Valley, which has assumed its del>t and owns all its stock. Consol. mortgage bonds of 1888 are reserved to take up prior bonds when due. The consols include $4,000,000 of 5 per cents, $3,000,000 of 4s, $1,500,000 of 4¼s. V. 62, p. 950. Lehigh cl New York RR.-Near East Waverly to Fairhaven, on Lake Ontario, 115 miles. V. 61, p. 558, 750; v. 62, p. 134; v. 71, p. 1311. Lehigh Valley Ooal Oo.-Bee" Coal Property" above. The Coal Co. trust certificates of 1902 ($3,000,000 authorized) will be secured by $4,000,000 in value of " anthracite coal and the pro• eeeds thereof:" they are subject to call In whole or in part by lot at any Ume at 10219 and Int. or at par on Dec. 1, l907. V. 75, p. 1254 . LATEST EARNINGS. - From July 1 to Nov. 30 (5 months), charges as shown bAlow include $288,333 for additions and improvements, againt1t $585,000 1n 1902: 5 mo•. (;Jro•"· Net. 0th. tnc. Oharges. Bal., sur. 1903 ...•. $13,004,315 $5,230,147 $221,49 •1 $2,733,192 $2,718,445 1902..... 8,493,873 870,558 166,203 3,034,645 dt.l,91:17,884 Net Income or coal companies additional to above, $199,645 1n 1903, against deficit $750,134 in 1902. ANNUAL Rl!lPORT.-Fiscal year enils June 30. The report for 1902·03 was given 1n V. 77, p. 822,946,969. Bee also edJtortal, p. 931. 1902-03. h ' OI ·02. 1900 01. Earnings from coal ...•...••. $10,10.J,764 $9,828,959 $9,636,803 :Miscellaneous freight .......... 11,609,706 9,627,287 9,272,317 Passengers...... . ... . . ...... •. . 3,191,639 3,664,820 2,989,004 Mail, express, etc.............. 1,748,394 1,298,902 1,584,443 Total gross ............. : .. $26,654,503 $23:919:968 $23,482;567 O_perating expenses ........... 18,980,180 17,981,199 18,668,024 Netearnings ... : ............ $7,674,324 Other Income................... 604,924 $5,938,769 533,230 Total income ..••. ... ....•• $8,279,24.8 $6,471,999 $1,43~.676 5,090,317 615.467 105,449 Additions and improvements. $1,266,182 Interest and rentals........... 5,111,398 613,405 Miscellaneous.................. 176,673 Taxes........................... ----- ----$4,814,542 890,796 $5,705,338 $5,094-:329 622,805 260,817 -·--- Total deductions........... $7,167,659 $7 249.909 $5..\977,951 Net Income .................... $1,111,589 def.$777,910 def.;i,272,613 Net income coal properties... 895,919 dl.1,098,798 ..•. . .•. ---- ------ ----- Total net income ..••••..•• $2,007,508 df.$1,876,708 Pres. (Dec, 1902), E, B. Thomae; 2d V. P., J. A. Middleton; Treas., W. C. Alderson; Sec., D. G. Baird. 228 80. Third St., Phila. Executive Com.: Chairman, Eben B. Thomas; Geo. F. Baker, E. T Btotesoury, Charles Steele, H. MoK. Twombly and Geo F. Baer. Br:e~~~i=i°e1!'{t!~1e:·~~}:b:~~~~~~1?r~a~~~:1tf~ii.htf!i~•::~~~r:. Bben B. Thomas, George F. Baker, E. B. Smith, George It'. Baer- and .Robt. C. Lipplncett. -Ni- 'Tl, p. 196, 25'\ 626,822,824,946,951, 969, 2159, 2280.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • Lexington & Eastern Ky .-Owns from Lexington, Ky., to Jack~•.m, Ky., about 92 miles. Operates Ohio & Kentucky Ry., Jackson. Ky., to oannel coal tields in Morgan Co., 26 miles. Stock, $500,000; par, $100. Reorg. without foreclosure In 1901 per plan V. 73, p. 663. BONDS.-The ti.rat mortgage 5s were extended at same rate of interesi to Julj 1, 1911, the company having the right to call and redeem al1 Ol" any 01 them at 102 and interest. All interest on the i;reneral mortgage> bonds was waived to Aug 1, 1901, Interest therea.tter to be paid m cash Feb. and Aug 1, as follows: 2 p. o. yearly for 5 yearst...then 3 p. o. for 5 years and 5 p. c. yearly thereafter to maturity. veferred debentures will be Issued from time to time for balance of the interes1M not paid 1n ca.sh on the genera.I mortgage bonds acorulng after Aug. 1. 1901, such debentures ($375,000 eventually) being payable Withou1t Interest whenever the company shall decide, either 1n cash or genera} mortgage bonds, but to become payable immediately in case any divi· dend ir, declared on the stock. Loans payable June 30, 1902. $27.850. EARNINGs.--5 months, } 1903 .•••••.•. <¾ross, $29J,n33; net, $75,450July 1 to Nov. 30. l 1902 ......... Gross. 232,798; net, 91,861 Year end.Ing June 30, 1903 (119 mile~). gross $574,788; net. $225,• 058; Interest, $117,'iOO; ~xes, $12,900; rentiie, etc., $37,~61; bal.l' su.r., $56,797. President, Arthur Cary, Lexington, Ky. (V. 76, p. 542,J Lime Rock U.K.-Owns road 1n and around Rockland, Me. ll miles; trackage, 1 mile; total, 12 miles Stock, $450,000; oontrohed by the Roekland•Rookport Lime Co. of Maine. Bonds. $400,000 oonsol. ref 3-0•year gold 4s, due July 1, 1929 ($1,uOO each), int Jan and July. at Portland, Me. Year ending June 30, 1903, gross, $79,479; net; $37,~:ffi; other income, $2,8H8; charges, $18,622; dividends (3 p. c.), $13,500; bal. sur.. $8,711 Pres.,Fred. E. Richards; Treasurer, JosepbRemick, Boston, Mass. Offroe, Rockland, Me. Lilt.le Falls & Dolgeville KR.-Llttle Falls, N. Y., t-0 Dolgeville, 10 miles. Successor in Dec., 190; to foreclosed road of same;~ name. V. 75; p. 48. Stock, $250,000. "onds, see table. For 6 mos. ending June 30, 1903, gross. $22,126; net, $7,263; charges, $2,325... President. Dumont Clarke; Treasurer, E. R. Wauokel. (V. 75, p. 48.) _ Litt.le Kanawha KK.-Parkersburg, W. Va., to Palestine, 30 muee, thence by steamer, 20 miles, liO Creston; total, 52 miles. Stock, $3,000,000 authorized; issued $509,500. In April, 1902, & , syndicate representing the Gould interests aoqulred the road. See W. Va. & Pitts item, V. 74, p. 777. From Nov. 22, 1901, to June 30, 1902, gross, $34,575; net. $8,840. J. T. Blair, Prest., Parkersburg, W. Va.-(V. 75, p. 442, 666, 1302; V. 76, p. 1030.) Little 1'.llaml RR.-Owns Cincinnati, O., to Bpringfleld, o., 84 miles branch, Xenia, 0., t-0 Dayton, 0., 16 miles; leases, Columbus&· XeniaRR., Xenia, 0., to Columbus, 0 .. 55 miles: Dayton & West. RR. 2• Dayton, 0., to Ind. 8ta.te Line, 38 m.; Ctn. St. Con.RR., 2 m.; tot. 195 m . LEASE.-011 Dec. 1, 1869, leased to Pittsburg Cincinnati & St. LoJlt& (now Pittsburg Cincinnati Chicago & St. Louts) for ninety-nine years renewable forever. The Penn. RR. Co. ls a party to the contract andi guarantees its faithful execution. Rental is 8 per cent on $4,943,100 stock and Interest on debt. Lessee's report showe net loss to lessee:In 1897, $230,645. In; 1898, $222,225; 1899, profit, $54,725; 1900;. $65,989; In 1901 profit, $67,151; 1n 1902, loss, $92,069. Stock au• thorized, $8,000,000. Be,rinning Dec., 1899, 1 6 per cent extra has been paid each Dec. and Junt hom the surplus invested fund, mak:in_g divi· dE1nd 820 per cent yearly Of the 3½1s. $1,358,000 were, on Jan. 1, 1903, owned by the Penn. RR.-(V. 72, p. 241, 1080; V. 74, p. 427.) Ltt.tle Schuylkl]] Navlgat.lon KR. & Ooal.-Owns from Port Clinton to Tamanend and Beevesda.le, 32 miles. Re·leased on Dec. 1, 1896, to Phila. & Read. Ry. for 999 years, and rental reduced from 7 p. c. on stock to 5 p. o., gold from Jan. 1, 1897; in 1898, 512 p. o.: 1n 1899,~51.g; 1n 1900, 5; in '01, 512; 1902, 519 p. o; 1903, 5 p. o.; 1904,. Jan., 212 p. c. Lesseepays taxes and organ. expenses -(V. 73, p. 554,), Logansport. & Toledo Ky.-Logansport, Ind. to Butler. Ind.,. 94 miles. Successor on Sept. 12, 1901, to Eel River RR., sold under · order of Court and purchased 1n the interest of the Pennsylvania RR.. and Pperated from Jan. 1, J 902,as a part of the Vandalia system Stock, $4,900. Obligations due Pennl'ylvania Co Dec. 31, 1902, bearing 4 p. · c. interest, $1,350,000; advances by Penn. Co. at 4 p. o,yearly, $225,· 000; Int. doe on advan·cea, $78,941. For 6 mos endlng June 30, 1903. ~ross, $98,241, against $83,368 in 1902; def. under oper. exp., $10t• 174, against def. $ l 2,9a4 in 1902. For 1902, g-ross, $192,023; deI• under op. exp., $25,951; int., etc., $62,197.-(V. 74, p. 41.) Long Island RR.-Operates the steam surface roads of Lon,r Isl~ OwnsMiles. Leasu-· m Which see.) Mite,. Long Island City to Greenport. 95 N. Y. & Rockaway Bea.ch Ry. ,r 12 Long Island City to Mo11tauk, .11;; Jamaica & South Shore........ o Sundry branohes ............... 106 (V. 78,p. 102.) N. Y. B'klyn & Man. Bea.eh ,r.. 18. Total owned . ................ 316 Leasu(V. 77, p. 209&.) Brooklyn & Jama.tea KR .•••••• 10 Total June 30, 1903 .•••.••• 391• North Shore Branch RR........ 30 Double track ..••••.•••••.••••• 10~ · STOCK -$12,000,000; par, $50; of whtoh Penn.RR. owns $6,797,900. DIVIDENDS.- 51882. '83 to '90. '91. '92. '93. '94. '95. '96. None Per cent. l 1 4 yearly 419 5 5 414 4 4 since. BoNns.-The refunding 4s or 1903 ($45,000.0 00 authorized issue} . will provide for the retirement of all the underlying bonds ot the sys•. tem, including the outstanding unltied bonds, for which about $25 • 000,0001• r&erved; of the bonds. $10,000,000, guaranteed as to r,rib•, cipal and interest, have been sold, the proceeds to be used for vltll'tous .. LOUISIANA & ARKANSA.s· 'RY. AND CONNECTIONS. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' ' ' . ' : : . · , . : " . ' . ■-·: . ·-··■····-·. -,·-,·11■~- ~ ■ - • I f: • • ~t~?.: ke range Charles Iowa sou. p.i.c. New Iberia RAILWAY STOCKR A~ TD BONDS. JAN., 1904.] i Pr1nc• B u-. ·.1°..t.Kl!.o.l v.n. u1 ~ LUJ.:.J., vD L\..d..U.~vavo. t 1 - - - - - - - - - - - - - - - - Onu,RAm - - - - - - - - - - - - - - - - - - - -1M1lee Date 81ze,or Outst~g Rate per When Where Payable, and by pal, When Due. Par of of 8t'k8-LaatDiv. Whom. Cent. Payable Road. Bonds Value. onttrst page of tables. _,J For explanation of column headings, &o., see noteM IA>ng I.tland-( Ooneluded)LEASED LINES, PRINCIPAL OR INTEREST GU.AB!ANTEE 30 L.I.RR.N.Sh.Br.oons.M.$1,425,000,gu.p.&1.0eo* 19 N. Y.B.&Man.B.lstcon. M.$1,1726,000 g.1 gu.Oe N. Y. & Rook. B., let M. $984,uuO, gu. p. &l.Oe. •••. 1O P. P. & C. I.. 1st and 2d. ($96.000 2ds) n. v. & 1. .Lou.tfArk.-lstM.,$7,000,000,g.. S o•&r. Text. 148 36 Louisiana ti North:west RR.-First mort., gold..... Loui,iana Rf/. cf Na1'.-lst M., g. Bee text. F .. o&r 154 45 La. 8outh'n-lat M., g.1 red. at 105 after 1902 Oe.o Louisiana Western--lali mortgage, gold•..•••.. Oeo• 106 Loui81'. cf Atlantic-1st mort., gold, $1,000,000.K 101 Louinille Bridge Oo.-Btook...... •••• •• •••• .. ••. . . . .. • . Louis. H. ti 8l. L.-let mort., $2,500,000, gold.Mo 1 6 5 Louis1'.tlJeff.Br.Oo.-$5,000,000,g.gu.p.&1.,end.c~ •••. I.oui.ttnlle ct Na.thtnl~took, $60,000,000...... .... 46 Ceoil.Br.lstM.,Ceoil.toLoUU1.,e.f.,dr.atlOO.Uno~ E.H.&N.lstM.,Hend.toNash.,g,dr'natllO.Oe.o* 151 Louis. & Nash. gen'l M., gold, drawn at 110.0e.o* 802 L. C. & Lex. 2d m. s. f. not dr'n,Louts. to N ewp't.o• 175 Gen. mort. L. c. & L., gold(V.63, p.1010),lttO.O" 175 L.&N.bae.,8.&N.Ala.RR.,2dM.asool.g.Un.o* 189 45 Pensacola Div., let M., gold (dr'n at 105).F .. o* N. 0. & Mob. Div. lat M., N.O. to Mobile, g.F.o* 141 2d mortgage, gold..•.•........•....•...•.•••. "'c 141 8outheast'n & St. Louis Div. lat mort., gold. ... o* 208 2d M., gold, East St. L. to Evansville & br .... o" 208 let M. (50-year 5s), $15,000 p. m., gold. lJ• .•. o" 118 lat mort., collateral trust ($7,000,000) gold.. Fo" . . . . Untiled mortgage for $75,000,000, gold.ce.o*&r Text. Ool.tr.M.,oall par aft. 1908, $30,000,000, g. lJso• ..•• Bt. Louis property, lat M., gold, $650,000.SSt o . .•. a In hands of public; total issued shown in left hand D. 1892 $1,000 1885 1,000 1887 1,000 '86-'91 1,000 1902 1,000 1,000 i895 1903 1,000 500 1897 1881 1,000 1901 1,000 100 • . .. 1 89 6 500 1895 1,000 100 .... 1877 $1,000 1879 1,000 1880 1,000 1877 100 &o. 1881 1,000 1880 1,000 1880 1,000 1880 1,000 1880 1,000 1881 1,000 1881 1,000 1887 1,000 1888 1,000 1890 l,OOO&o 1903 1,000 1891 1,000 column; balan improvements and additions in connection with the Pennsylvania tunnels to and through New York City, principally for additional ter• minal facilities at Ba.y R idge and Long Island City and for a double• track oonneotlon with the New Haven Roaa; the remainder will be held for future requirements. V. 77, p. l 533. The ferry mortgage for $2,750,00u covers all the real and per• &ona.l property perta1n1ng to the company's ferries (34th Street and James Blip). As to debentures see page 2 of SUP. of April, 1895. The unified. mortgage ts limited to the a.mount now outstanding. Bonds are subject to call at 110 in whole or in part on a.ny intere1:1t day. V. 68, p. 618. Morta. on real estate, $458,737. V. 7~p. 266. GUARANTIES.-.ln addition to guaranteed bol'ds in table above gua.r· antees 5 p. o. on $650,000 New York Brooklyn & Manhattan Beach preferred stock as part rental; also 412 p. o. on $50,000 P. P. & So. Br. stock, and 419 p. o. on $82,500 of the N. Y. & Coney Island stock. FINANCEB.-In 1903 Atlantic Ave. (Brooklyn) improvement was well advanced, the total cost being estimated as about $2,500,000, of which one.half will be borne by the city. See V. 72, p 722; V. 64, p. 469; V. 65, p. 512; V. 66. p. 471; V. 73, p. 613, 1011, 1207; V. 75J p. 135, 342, 1145; V. 76, p. 435. m July, 1902, contracts were let for the extension of Rapid Transit tunnel [being consuuoted by city) from Manhattan under the East River and thence to Flatbush Ave Staliion, Brooklyn. V. 75, p. 30, Also in 1902 the Penn. N. Y. & Long Island RR. was in• 185. oorporated with $.W,000,000 stock, to construct and operate by elec• trioity an underground tunnel railroad as an extension of the Pennsyl• vania RR. system from Jersey City, and thence under the Hudson River to a central passenger station at 33d Street and ';'th to 10th ave• nues, and also under the Ea.st River to a connection with the Long Island RR. New York Connecting RR., seeV. 74, p. 830; V. 75,p.1203 LATEST EARNINGB.-July 1 to Sept. 30, 3 months: 3 mos.- GroBR. fJther inc. Net. Oharges, Balance. $486,221 $539,243 $97,187 $928,277· 1903...... $2,442,166 507,739 489,409 93,938 903,210 1902...... 2,184,854 ANNUAL REPORT.-Report for 1901·02 was in v. 75. p. 1145. 1900. 1901. 1902. YearendinpJime30- 1903. Gross earnings .....•.• $6,440,990 $5,883,607 '4,862,347 $4,557,259 4,111,550 3,516,705 3,276,073 Operating expenses .. 4,787,968 Net earnings .... . . $1,653,023 $1,772,056 $1,345,642 $1,281,186 Total net•..••..... ... . $1,990,087 $2,104,744 $1,631,552 $1,557,098 837,21sO 837,280 860,613 967,068 Interest on bonds.... 232,084 258,701 210,832 239 515 Taxes . . . . . .••... .. .. . . 322,800 484,295 322,800 442.85 t Rentals............. . . 16,962 4,749 5,440 3,381 M18oellaneoue ••.... .. 195,809 541,255 100,000 84,127 Reserve fund..... ... 253,14l'> Extraord. exp., etc.. None. sur.$59,494 None None. Balance....... . ... President, W. H. Baldwin Jr. Treasurer ls Robert W. Sm.1th, Broad St. Station, Philadelphia.-(V. 77, p. 298. 824, 238'7. V. 78, p. 48.) Lou18lana & Arkansas Ky.-rSee Map.J-Hope, Ark., to Winn• fl.eld, La., 148 miles. Under construction from Wfnntleld easterly to Jena, 39 miles, and proposed Jena easterly to Natchez, Mies., 47 m., and Paci.ton southerly to Alexandria, 36 wiles. V. 75, p. 135, 1306. STOCK.-Stock (authorized, $7,000,000, outstanding, $2,625,000, shares par $100), deposited with the Standard Trust Co. of New York. Voting trustees 10 year": William Buchanan, Edward E. Porter, BeDJ. F. Yoakum, Harvey E. Ff.8k and Charles L. Paok. BoNDs.-Former bonded debt $600,000 at 6 p. o. bas been paid off New issue of 5 p. o. 25•year bonds Is for refunding, betterments, equipment and extensions; total authorized,$7,000,000, of whioh$1,000,· 000 reserved for bridgt>s across Black and Red river!!I. and the balance limited to $20,000 per mile of completed rauroad. The entire amount outstanding, but no part, will be subject to redemption at 110 after Sept. 1, 1907 Beginning with 1907 a sinking fund of $55,000 ner an• num to buy bonds at 110 or under. EARNINGS-5 months. i 1903.....•....• GrOl!l8, $264,849; net, $57,355 July 1 to Nov. 30. 51902 •••....•..•. Gross, 202,516; net, 60,049 REPORT.-Report for year ending June 30, 1903, was given at length 1n V. 77, p. 2032, 2044, showing; Year- Mite8. Gross. Net. Otlier in ... Oharges. Balan,e. 1903 ..••. . .... 127 $532,534 $160.827 $17,843 $70,027 $108,.643 38,001 149,956 .... ..•. 1902 .••..•.... 97 478,532 182,957 Pres., Wm. Buchanan, Texarkana, Ark.-(V. 78, p. 102.) Louisiana & Northwest KK.-Owns Magnolia, Ark., to a point 719 miles south of Bienville. 79·60m.1lea; trackage, Magnolia, to MoNiel, 6·40 miles. Extension to Natchitoches La., 36 miles, to be completed Feb., 1904; further extension proposed to Crowley, 110 miles. Stock, $3,000,000 authorized; issued in Oct., 1903, $700,000, par, $100. Loans and bills payable June 30, 1903, $24!.,144; oar trusts, $71!1,387. Trustee of first mort1Cage bonas, People's ·.1 Tust Co., Brook• lyn, N. Y. There are also 50-year gold console at $7,500 per mile, all owned by company. Year ending June 30, 1903 (86 miles), gross, $164,200; net, $74,501; int., taxes, etc., $19,199; bal •• surplus, $55,. 302. Gen. Man., J. D. Beardsley, Gibsland, La.-(V. 73, p. 957.) Louisiana Railway & Navigation Oo.-Owns Shreveport to Baton Rouge, 222 miles; aJeo branch from Colfax to Winnfield, 28 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 g. Q.-J. N.Y.,U.S.Mort.&Tr.Co. Oct. 1, 1932 a$1,262,000 5 g. A. & O. N.Y.,CorbinBank'gCo. Oct. 1, 1935 al,601,000 5 g. M. & 8. N.Y.,U.B.Mort.&Tr.Co. Sept. 1, 1927 a883,000 1926·1931 do • do 419 Bemi•an 436,000 5 g. M. & B. N.Y.,Ff.8k&Rob1nson. 8 ~ 1, 1927 2,449,000 5 g. J. & J. N.Y., Boody, MoL.& uo. J& 1, 1945 100,000 4½3g. J. & J. N. Y., Farmers' Tr. Co. July 1, 19118 3,842,000 5 g. M. & 8. N. Y.,R.Winthrop&Vo. Mar. 1, 1950 250,000 6 g. J. & J. N.Y., B. Pao.Co., 23 B'rd July 1, 1921 2,240,000 5 g. M. & N. N. Y., Knick. Trust Co. May 1, 1941 1,000,000 See text. Louisville, Ky. 1,500,000 Bee text. F. & A. 5 g. J. & J. N.Y.,Bk.ofAm.&Loui8. Jan., 1946 2,200,000 4 g. M. & 8. N.Y.,J.P.Morgan&Co. Moh. 1, 1945 3,500,000 60,000,000 51n 1903 F. & A N.Y.1 120 Broadway. Feb.ll0'04,2i. Moh. 1, 1907 do ao M. & 8. 7 195.000 Doo. 1, 1919 do do 6 g. J. & D. 1,730,000 June 1, 1930 do do 6 g. J. & D. 8,584,000 Oct. 1, 1907 do do A. & O. 7 892,000 Nov. 1, 1931 do do 419 g. M. & N. 3,258,000 Apr. 1, 1910 do do 6 g. A. & 0. dl,926,000 Moh. 1, 1920 do do 6 g. M. & 8. e544,000 Jan. 1, 1930 do do 6 g. J. & J. 5,000,000 Ja.n. 1, 1930 do do 6 g. J. & J. 1,000,000 Moh. 1, 1921 do do 6 g. M. & B. 3,500,000 Moh. 1, 1980 do do 3 g. M. & B. 3,000,000 May 1, 1937 do do 5 g. M. & N. f'l,749,000 Nov. 1, 1931 do do 5 g. M. & N. g4,940,000 July 1, 1940 do do 4 g. J. & J. b28,224,000 Apr. 1, 1923 New York. 4 g. A. & O. 23,000,000 5 g. M. & 8. St. Louis, St. L. Tr. Co. Moh. 1, 1918 617,000 b , d, e, f', ~. see foot note on nen page oe under uni fled mort . mllee. Branch is under construction from Campti to Chestnut. La., 14 miles. Also authorized to build to New urlea.ne and Gulf of Mexico. Successor on June 22 1903, of the Shreveport & Red River Valley Ry , the oharter providing also for the ownership and operation of a line of ocean steamships in oonneotion with the road. v. 77, p. 36; Stock authorized, $12,000,000; outstanding July, 1903, $3,842,000, par or shares. $100. Bonds (see table below) 1tre limited to $1? ,500,· 000 total tssue and $23,000 per mile; .t300,000 has also been 18sued for a bridge over the Red River at Alexandria.; $4,000,000 is reserved tor New Orleans terminals. See official statement, V. 77. p. 36; V. 77, p. 769. President, William Edenborn, 71 Broadway. N. Y.; Seo. and Treas., Clarence Ellerbe, Shreveport, La. (V. 77, p . 36, 769.) Louisiana Southern Ry.-Operateefrom New Orleans to Bela.tr anel Shell Beach, 45 miles. See V. 64, p. 83. In Jan., 1901, the United Ry. & 'l'rading Co. of England acquired over 91> p o. ol tbe stock and bonds. that company also owning the Kenilsworth Sugar Estates, 10,000 acres. V. 76, p. 706. Btook, $300,000, par $100. Dividends in 1900·01, 7 p. o.; in 1901·02, 712 p. o. Year 1901·02, gross, $98,289; net, $50,961; int. and tax., $18,029; bal., sur., $32,932. -(V.76, p. ,o5.) Louisiana We.tern KK.-(8eeMap of Southern Pacijtc.)-Owns from Lafayette, La., to Sabine River, 106 miles; Midland to Eunice; 24 miles; Midland to Abbeville, 34 miles; total, 164 miles. Operated independentlf1 but 1n oonneotion . with Southern Paotllo Co. system, which owns au the $3,360,000 stock. • EARNINGS.-5 months, i 1903 .••...•. Gross, $812,276; net, $249,420 51902 ....••. Gross, 835,972; net, 367,079 July 1 to Nov. 30. In year ending June 30, 1902, gross, $1,969,888; net, inoludinp: other income, $942,131; surp. over charges, $769~91; amount of net profit due this company as per lease, $812,182.-( v. 74, p. 268.) Louisville & At. KK.-Versailles, Ky., to Beattyville Jot, 101 m., of which Miller's (,'reek to Beattyville, 28 miles, opened in Dec., 1902. Incorporated 1n July, 1899, atter foreclosure. V. 71, p. 236. Stock, $1,000,000; par $100. Year endinp: June 30, 1903, gross. $179,379; net, $32,650; interest, $62,143; taxes, ~7_,653; balance, def., $37,146. President, James P. Amsden; Seo., E. m. Wallace. Office, Versailles, Ky.-(V 71, p.236.) Louisville Bridge Oo.-Owns bridge 5,294 feet long over Ohio River at Louisville, Ky., and about 2 miles track additional in Loms• ville. Used by several railroads, P. C. C. & St. L. Ry. 1 Louis. & Nash• ville, eto. Surplus earnings are paid back to roads usmg bridge. STOCK ls $1,500,000; Penn. Co. owned Jan. 1, 1903, $900,000. Div• idends, 1896, 619 p. o.; 1897, 7 p. o.; in 1898, 6 p. o.; 1n 1899, Feb., 3 p. o; in Dec., 1903, 10 p. o. In Dec., 1903, the suit or the minority stockholders was settled, $150,000 of the $248,376 recovered being distributed as a 10 p. o. div.; balance held pending lotigation witli Louisville & Nashvllle. Bee V. 78, p. 102. In July, 1900, paid 8 p. o. dividend tor the first half ot 1900 and last half of 1899; May, 1901, 3 p. c.; Oot , 3 p. o.; Oot., 1902, 5 p. o ; Mar 25, 1903, 3 p. o. In 1902, gross, $306,252; net over taxes, $154,391.- (V. 78, p . 102.) Louisville Henderson & St. Louis Ky.-RoA.D.-Louisvllle to Henderson Ky., 142 miles, of which West Point to Loui8ville, Ky.• 21 miles, is trackage; owns also Irvtngton to Fordsville, Ky., 44 miles. HlsTORY.-A reorganization .Tune 1, 1896 (per plan in V. 62, p.138) SECURITIES.-Btook, common1 $2,000,000; preferred, 5 p.o. non•oum.~ .$2,000,000. The stock is to oe held by John J. MoOook, Brayton Ives and Oscar Fenley, for ten yea.rs, 1n a voting trust, unless earlier terminated by unanimous vote ot trustees. See terms V. 62, p. 138. Of the bonds $300,000 are reserved to build to Louisville. REPORT tor year ending June 30, 1903, was in V. 77, p. 2033, showing: Grose, $808,548; net, $231,694; improvements, $42,371; inter· est, $110,000; taxes, $17 500; balance, surplus, $61,823. In 1901·2, gross, $696,064; net, $180,294.-(V. 75, p. 1199; V. 77, p. 769, 2083.) Louisville & Jefl"ersonvllle Bridge Oo.-One•half mile long and the a.pproaohes one mile; opened Jan. 1, 1896. Also owns about 40 a.ores of land in Louisville and 100 aorea in Jeffersonville. Stock, $1,425,000; mortgage is for $5,000,000 (trustee U. B. '.l'rusi Oo. of N. Y. and Union Trust Co. of Indianapolis); bonds for $1,500 000 are reserved for future oonstruotion, etc.; the bonds are guaranteed by the Chesapeake & Ohio and Cleveland C. C. & St. L. roads, in whose in• terest the enth'e stock is owned. See V. 61, p. 559.-(V. 62, p. 84.) Louisville & N ••hvtlle KK.-(HU Map.)-ROAD.-Operatee main line from Cincinnati. 0., to New Orleans, La., 921 miles, with branohee to Bt. Louis, Mo.,Memphis, Tenn.• eto., 2,518 miles, making total 8J'8· tem proper June 30, 1903, 3,439 miles. The system includes: MUu. Reported separately. Lines owned absolutely or through capital stock .••••. Milu. 1]Nashville Chatt. & St. Lon.ts .• 942 Louisville to Nashville....... 185 1TGeorgia Railroad system . .••• 614 Sundry other lines .••••.••••• 3,045 1TAtlanta Kno:z. & Northern •• 228 1TUhio. Ind. & Louisville .•••••• 556 Lines leased1.<k. 1TBouth & Nonn Ala. RR..... 189 Operated for other oo's •••••••• ~2 20 Owned but leased to other 00'1. 21 Other lines.................... Do. Paducah & Mem. Div .•• ••• 254. Binn. South (haU et'k owned). 27 -1T Bee this oompa.ny. -Total of all June 30, '03•. 6,133 Total system proper .••••• 3,439 In Feb., 1902, sold Cecilla Br., 46 m., for $1,000,000. V. 74, p. 326. In Apr., 1902, acquired control of the Atlanta Knoxville & Northern Ry., Knoxville, Tenn., to Marietta, Ga., 205 miles, with 25·m.1le branoh and trackage to Atlanta Ga. 20 miles and 1n Jan. 1904 had almost I I 440 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOOKS AND BONDS. RAILROAD SYSTEM. Y·M 38UA [VOL, LX.XVITI. JAN. ' 1904.] 441 RAILWAY STOOKS AND BONDS. f'~~:: RAILROADS. INTEREST OR DIVIDENDS. Miles Dat;e Bize,or p or explanation of column headings, &c., see not.es of of Pai o~t!n~g Ra.tie r,er When Where Payable lmd by Btocka-Last on ilrst page of tables. Cen . Payable Whom. Dividend. Road. Bonds Value. I,mdatnlui ~ Nash1,ille-(Oonelu.ded)L. & N. and Mob. & Montioint bds.,lst M., g.Ce.c• 179 1895 $1,000 $4,000,000 Pens.&At. 1st M .. gold,s .. ,dr'n at ll0assumed.c* 160 1881 1,000 U,525,000 Kentucky Central-Maysville & Lex. RR. mort... 49 1876 1,000 400,000 New mortga\e ($7,000,000) gold.Mp ..•...•.• c* 220 1887 1,000 J6,700,000 Nashv. Flor.& heff., 1st M., rr,assu.1nl900.Ce.o 105 1887 1,000 kl,996,000 So. & No. AlabloIDa., 2d Mooffo d, s. f., $2,000,000, 189 1880 1,000 Own.L.&N. ConsoL mort. (for $10, ,000), g., ~uar.Ce.c* 189 1886 1,000 8,000,000 1902 l,OOO&c 11,827,000 L. & N.-so. Joint M., $15,5001000, red. af.'07.o*&r Loui81'itte Neu, .A.lb,.inv ti Ohuago.- - See CHICAGO INDI A.NA.PO LIS& L OUISVILLE, 20 20 600,000 VaUey-;Btock. Rental pays 5 per cent. .••. ae<n1 cf Birming.-lst M., $500,000, gold.OB .. . c 97 i896 1,000 500,000 JCaeon.Dub.tl8a1'.-latM.,$1,500,000.g.,red.a.tll0 94 1901 1,000 1,410,000 4,977,000 Jlf"crifl,e Centrai-Stock and scr~ \$12,000,000) ... 100 4,193,500 1st consol. mort., ($269,500 s) •...•..•••••.. o&r !1872 100 &c. $9,000,000..... t$3,265,500 4s) ....•....... o&r !304 1872 100 &o. 4,790,500 41 1883 1,000 Collat.eral trust bonds for Mt. Desert Branch A Bo 669,000 1885 1,000 Sinking fd. 10-20s, gold, old 6s~ ext. Feb. l. '95 •. c 600,000 1886 1,000 200,000 Improvementbonds,"A.j.' gold, notmort., s. !.NB 1887 1,000 250,000 Do do " "cur.,notmort.,s.f.BB 1893 1,000 1,000,000 Me. cent. Eu. & No. Am. refundins mort., gold... 48 1890 1,000 1st M. Penobscot Shore Line RR. o., assumed . . 1,300,000 K. & L. 2d mortgage (for $400,000) assum.BB 48 1891 1,000 400,000 European & N. Am. stock, 5 p. o. rental 999 years 120 100 2,494,100 Portland & Ogdens. stock (2 p. c. renta 999 ye&l's) 109 100 4,392,538 Con. M., ($800,000 a.re 319s) f!l· p. & .end.BB.c 109 isss 1,000 2,119,000 1887-9 1,000 Portland Un. BtationM.,ser.' A" & "B" texts. f. 300.000 100 122,000 Dext.er &Piscatai uis stock 5 e;o. rental 999 years. ·17 let M., Dexter o Dovex, e ., guar. by end.BB 17 iss9 1,000 175,000 ---· iZkenB l ---· . --· ·sa .... 1 -b Also $16,659,000 are pledged to secure collat'l • $34,000, e $36,000, C$15,000, g $122,000, Gross. Net. 0th. inc. Charges. Balante 1903 •••. $18,816,765 $6,010,488 $665,617 $8,3t•5,538 $3,370,417 190 •••. 17,4~8,195 5,855.829 581 ,'\49 3,159,045 3,277,833 Dividends of 219 per cent call for $1,500,000 yearly, leaving surplus of $1,870,417 in 1903, against $1,777,833 in 1902. REPORT.-Report for 1902·03 in V. 77, p. 947, 960; see also p. 932. Year end. June 30. 1903. 1902. 1901. 1900. Average mileage.... 3 .439 3z.327 3,169 3,007 Freight earnings •••. $26,578,621 $22,172,176 f20,419,162 $20,699,779 Passengers........... 7,044,087 6,217,803 6,742,681 5,238,314 Mail, express, etip... 1,826,671 1,722,278 1,860,464 1,804,286 Gross earnings •••. $35,449,878 $30,712,257 $28,022,207127,74.2,379 Oper. expenses••• _.. 23,970,813 20,902,438 18,233,038 18,603,486 Net aarn1ngs ..••...• 11,478,565 9,809,819 9,789,176 9,138,973 Net, incl. invs'ts., &o 12,1601,058 10,810,841 10,498,861 9,789,018 .Deduct-Taxes.... 11!844,474 $882,074 $813,538 $785,568 Int.erest and rent... 5,184,076 4,987,018 6,llH,786 4,996,612 Adv'sto S.&N.A.,eto 217,060 125,342 118,674 257,331 Sinking f'd paym'ts. 1'4,400 141,100 128 900 130,270 Dividends .•.....••. (5)8,000,000 (5)2,875,000(5)2,695,000(4)2,112,000 Burp. over divid'ds. $3,211,048 $1,850,307 $1,586,113 $1,507,237 OFFICERS.-Chairman,Henry Walters, N. Y.; President, M. H.Bmith, Louisville; 2d Vice-Pres., A. W. Morriss, 120 Broadway, N. Y. Direo• ~:ra, Dee., 1992, V. 75, p, 1354.-(V. 78, p. 103, 229, 288.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis g. M. & s. g. F. &A. J. & J. g. J. & J. g. F. & A. G g. A. & 0. 5 g. F. & A. 4 g. J. & J. 5in 1903 Q.-J. 5 g. J. & J. 5 g, J. & J. See text. Q.-J. 5&7 A. & O. 4&4¼ A. & 0. J. & D. 5 4¼ g, F. & A. 419 g. J. & J. J. & J. 419 4 g. J. & J. F. & A. 4 F. & A. 5 5 A. & o. 2 i-F.28 • & N. 319&5 J. & J. 4 J. & J. 5 J. & J. 4 Sept. Aug. Jan. July Aug. 0 N. Y., Offloe, 120 B'way. Apr. N.Y.,Offlce, 120B'way. Aug. ~f.Y., ,l.P. Morgan & Co. July N. Y al20 Bro~way. do do N. Yd. 120 Broitoway. 1, 1, 1, 1, 1, 1, 1, 1, 194.5 1921 1906 1987 1937 1910 1936 1952 «. Y., Office, 13 Wm. St. A/t• '04, 114~ Boston, Old Colony Tr. uly 1, 194 N.Y., lstN. Bk.& Chlo. July 1, 1951 Portand, M~ Office. Jan. l, '04, 1~ Boston, 2d at.tonal { Apr. 1, 191'2 Bank & Portland Apr. 1, 1912 ost., Am.L.&Tr.; Port. June 1, 1923 Portland Tr. Co., Port. Feb. 1, 1905 Bos.,2d Nat'l Bk.; Port. July, 1916 do do July, 1917 Boston and Portland. Jan. 1, 1933 Boston, Seo. Nat. Bk. Aug. 1, 1920 do do Fel>. 1, 1921 Bango~ Treas. Office. Oot.15,'03,21 PortlanN Me. Cent. Of. Nov. 30, '03,-. Bos.,2d at'lBk. &Port Nov. 1, 1908 Portl'd, Me., & Boston. J'ne27,Jan.29 Dover, Me., Office. Jan., '04, 21-9' Bos.,_2d.Nat'lBk.,Port. July 1, 1929 j trust bonds of 1903. Additional amounts were o Jwned by the Co. on July 1, 1908, viz.: j $42, 000, k$10 0,000• 1$8019,000, oomplet.ed connecting line from Jellico, Tenn., to Knoxville, 65 miles, giving Erect line, Cincinnati to Atlanta. V. 74, p. 775; V. 75, p. 1038. ORGANIZA.TION.-Line opened between Louisville and Nashville Nov., 1859. .For securities owned and in sinking fund see V. 77, p. 967,968. Oontrol by Atlantk Ooa,t Line.-Lat.e in 1902 the Atlantic Coast Line RR. acquired a majority of the stock (viz., $30,600,000 of the $60,000,000outstanding). but the roads w1ll be operated independently. T.74,p.830,1038;V.75,p.733,}399. STOCK.-lnorea.se from $">5,000,000 to $60,000,000 authorized ir 1893.-V. 57, p. 596, 809. In April, 1902, the $5,000,000 stock Wat Issued for Atlanta. Knoxville & Nor. Ry. and extension. Bee above. DIV.-) '83-'87 '88 '89 '90 '91 '92 '93 '94-'98 '99 '00 '01 '02 '03 '04 P. e. ( No»-. 6atk.5stk. 5 4 4 None. 319 4 5 5 5 Feb.21t In 1890, of the 6 p. c. paid, 49to p. e. was in stock. BONDS.-The Evan8'0. Hender. ti Na,hv. bonds a.re drawn at ll0bylot annually in October, for payment Dec. 1 in amounta increasing each ftve yea.rs until $150,000 per year is finally reached ; in 1903, $55,000. The Pensacola Division bonds are subject to a drawing sin.k1ng fund '5,000 till 1900, inclusive, then $10,000, and so increasing. The general mortgage bonds of 1880 &1'6 called at 110 in increasing amounts each year; ~327,000 -were paid June 1, 1903. V. 76, p. 705. In June, 1890, the "uni fled" mortgage (trustee, central Trust Com• pany) for $75,000,000 was authorize~t $41,917,660 bonds being reserved to retire all prior liens (none of me prior liens can be ext.ended), the balance for improvements, ext.ensions (at the rat.e of $32,000 per mile. including equipment), and for other purposes. The mortgage covers (besides 1,292 miles of road and its equipment) $26,083,606 stock of companies controlled, and $3,150,000 bonds free trom any lien. Bee abstract of mortgage in V. 51, p. 613; also V. 72, p. 1084, 1188; V. 77, p. 988. In July, 1903, company reported $i7,659,000 issued,ofwhich $18,697,000 in treasury or deposited to secure the coll. trust 4s of 1903 and $382,000 in sinking funds. Bee V. 74, p. 577. . Mobile fl Montgomery-Loutsvilie ti Nashmlte _;oint mortgage is for $5,000,000, a first lien on 17819 miles Mobile to Montgomery; $1,000,· 000 reserved for improvements. V. 61, p. 196,750. Kentucky Central mortgage abstract V. 45, p. 372. The colltaerat tru11t 48 of 1903 ($30,000,000 authorized issue) are aecured by deposit of $24,000,000 L. & N. unitled 4s, $4,779,000 L. & N. Paducah & Memphis division bonds, the latter cover.tog the road from Paducah, Ky., to Memphis, Tenn., 254 miles; $2,500,000 L. & N. Terminal Co. 4s tV. 75, p. 1354), $4,221,000 South & North Alabama, 5s and $500,000 Pensacola & Atlantic 61; tota.l $36,640,000 bonds. A proportionate amount of the collateral may be withdrawn at any time on delivery to the trustee of not less than $1,000, 000 of the bonds. The proceeds of the $23,000,000 to be issued in 1903 will be used to take up the $7,500,000 collateral trust 4s paid off April 1. 1903, and the £645,400 South & North Alabama lat 6s due May 1, 1903, and for other corporate purposes. V. 76, p. 542; V. 78, p. 287. Of the $15,500,000 Louisville & Na.shvUle•Southem Ry. joint bonds of 1902, $1,563,000 are reserved to acquire the remaining "Monon" atock and $2,110,000 for improvements and enlargements of the "Monon" at not over $500,000 yearly. FIN ANCES.-Btnoe July 1, 1894, the " construction aocount'' Aas been closed. Amount of permanent improvements cha.rired in operating expenses in 1902·3 was $2,000,203; 1901-2, $1,487,277. In Feb., 1904, dividends on .Nashville Chat. & Bt. Louts stook were re· sumed. v. 78, p. 229. In 1902 the Louisville & Nashville and the Southern Railway acC(Uired $9,796,900 of the $10,500,000 Chicago Indianapolis & Louis• T.ille common and $3,873,400 of the $5,0u0,000 preferred stock in ex• change for their joint 50-year 4 per cent bonds on the basis of 78 , for the common and 90 for the preferred stnck or optionally 60 per cent of the purchase price in cash. V. 74. p. 1138; V. 76, p. 593. EARNINGS-For half•year ending Dec. 31, partly estimated: 6 mos. 4¼ 6 7 4 5 Lykens Valley KR. & Coal Co.-Owns from Millersburg, Pa., 1iO W1111a.IB8town, Pa., 20 miles. Lease to Northern central is t.ermlnable on 60 days' notice. Rental $35,000 per a.nnum.-(V. ~. p. 330.) Macon & Birmingham Ky .-Owns Sofkee Junction to La Grange, Ga., 97 miles; trackage Sofkee to Macon, Ga., 8 m. EARNINGS.-4 mos., ~ 1903 .......... Gross, $48,204; op. def•• $6,536 July 1 to Oct. 31. ~ 1902 ••••...••. Gross. 54,906; op. def., 779 In year 1902-03 gross, $148,853; def. under oper. exp., $20,949; int. on bonds, $25,000, not pa.id.-(V. 62, p. 1040.) Macon Dublin & Savannah KK.-Owns road completed from Macon to Dublin, 54 miles; projected to Savannah, 99 miles addition~, of which 7 miles east from .Dublin, together with branoh from easten t.erminll8 of line to Vida.lia, 83 m., completed in Jan., 1902; total, 94 m. Owned by the ill. & Ga. Improvement OJ. of Ohicago. V. 60, _p. 711,794,873. In July, 1901, made a $1,500,000 mortgage to the Amer. T. & Ba.v. Bk. of Chicago as trustee. V. 73, p. 184. Bills payable June 30, 1900, $22 963. In year ending June 30, 1902, gross, $117,9~; uet $20,705. Stock $1,250,000; par,$100.-(V. 78, p. 184; V. 75 p. 3'2:) Maine Central KK.-Line of road, Portland to Vanceboro, Me., via Augusta., 251 miles; branches. Cumberland Junction to Skowhei;ran, via u-wiston, 91 miles; Bath to Lewiston and Farmingt,on 76 miles; branches- Belfast, Dexter, Bucksport and Mt. Desert, irioludlng ferry, (7·7 miles), 132 miles; Portland & Ogdensburg Ry., Portland, Me., t.o Lunenberg, 110 miles; small branches, 7 miles; Upper Coos and Hereford railways, Quebec Jot., N. H., to Lime Ridge, Quebec, 108 miles; Bath to Rockland (including st.earn ferry, 6-10 miles,) 49 miles; t.otaJ. June 30, 1903, 824 miles, of which 395 owned, 388 operat.ed under 999-year leases, and practically owned; 33 miles opera.tied .u nder 50yea., leases and 8 miles ferry lines. Boston & Maine owns $2,516,000 stock. In Jan., 1904, the entire stock ot the Washington County RR., 137 miles, was purchased, its $3,500,000 312 p. c. bonds being ~uaranteed, principal and inttirest, by endorsement. V. 77, p. 2390; V. 78, p. 103. ST0CK.-Btock for$2,516,000 owned by Boston & Maine. V. 72, p. 988. DIVIDENDS.-1884 to July, 1903, 6 p. c. yearly; Oct., 1903, ll\ p. o.; 1904, Jan., l¾ p. o. BoNDs.-There are also $81,000 Maine Shore Line 6s due 1922; also $110,000 Belfast & Moosehead Lake mortgage bonds, due 1920_, not guarant.eed, int.erest and sinking fund pa.id out of rental; Alla & Ken. stock and bonds, $11,000, exchangeable for M. o. stock. Joint ly with B. & M. guarant.ees $300,000 Port. Union Station bonds. ANNUAL REPORT.-Report for 1902-3 was in v. 77. p. 821. Yearsena.Ju.ne30: 1903. 1902. 1901. 1900. Gross ea.rnings.$6.541,160 $6,194,305 $5,826,401 $5,612,923 Net earnings .... 1,432,305 1,425,166 1,666,717 1,711,248 Other income.. 198,824. 153,857 134,535 85,744 Net income.$1,625,629 $1,579,023 $1,801,253 $1,796,99..2 Int.erest......... $643,110 $643,110 $604,222 $584,870 Rents....... . . • . 545,876 545,876 592,922 646,5~ Dividends...... . 298,575 298,566 298,554 298,544. Sinking fund... 29,440 29,440 29,440 29,440 Charged off.••• ·__,,~-=-cc--~~200·.ooo 158,467 Ba.L, surp. .• $108,62d $62,031 $76,115 $84,146 -(V. 75, p. 609, 1028; V. 77, p. 695, 'f6o, 821, 2390; V. 78, p.103.) Manche ■ter& Lawrence KK.-Owns fromManoheat.er,N. H. to Meth11en (State Line), 2i14 miles. Leased for 50 years from Bept.ember 1, 1887, to Boston & M':Line at rental paying 10 p. o. div. In 1895 a div. of 50 p. o. paid from proceeds O. & M. suit.-(V. 73, p. 1264.) Manhattan Ky. (Elevated).-RoAD-Owns all the elevated railroads in borou,ths of Manhattan and the Bronx, N.Y. City, main line and branches. 3719 miles, doubled-tracked, with 14 miles additional third track, stdings, eto. V. 70, p.176, 633. La.tie in 1902 began uing electric third-rail on entire syst.em. V. 76, p. 783. · LEASE.-The lnterborough Rapid Tranllit Co. leasses the road for999 years from April 1, 1903, the rental from April 1, 1903, to Jan. 1, 1906. to be 6 per oent per annum on the stock and 1 P.el' cent additional it earned, and aft.er Jan. 1, 1906, 7 per cent; also $10,000 yearly for expenses of organization. Of the $12,000,000 new stock authorized in Jan., 1903, $7,200,000 was subscribed for at par by stockholders; the remainhur $4,800,000 is not to be issued prior to Jan., 1906. V. 75, p. 1202, 1254, 1302; V. 76, p. 212; also Interurban Rapid Transit Co., T. 76, p. 101. Form of guaranty, V. 76, p. 480. ST0CK.-ln Jan., 1903,authorized tobe increased from $4.8 000,000 to $60,000,000. See also ''lea.86" above. V. 68, p. 282, 282, 380,~8, 617 B0NDB.-Oonsolidated m,ortgage (trustee, central Trust Co.) is ltm1t.ed on present mileage to $40,000,000, and w1ll provide for prior bonds when due. Amounts beyond $40,000,000 may be issued for ext.ensiona at the rate of $300,000 per mile of single and $600,000 per mile of double track. (Bee abstract of mortgage in V. 51, p. 248, and applloation to New York Stock Exchange in V. 52, p. 353.) To May, 1898, clalllul aggregating $8,847,854 had been paid as damages to abutting property and other cases were before the courts. See CIIR0NICLE, v. 66, p. 954, and V. 67, p. 789. Personal property tax assessment, see V. 66, p. 954; V. 67, p. 222; V. 68, p. 1282, and V. 71, p. 1120, Taxes in litigation Oct., 1903, per balance sheet, $303~000. 76, p. 212. v. 442 RAILWAY STOCKS A DS. [VOL. LXXVIII. Jjonat1--Prm01RAILRO.All~. INTERE~T UK 1>1Vlli~.Nl>b. pal, When Due. Miles Date 81ze, or Amount Rate per When Where Payable, and by StockB-Laat l'or explanation of oolumn hea,dings, &o., see notes of Par of Dividend. on tlrst page of tables. Whom. Road Bondi, , Value. Outstandtnrz ('Ant. Payahlf' I Maine Oent. (Oonel.J-qeref. Ry. stk.(rent. 999 yrs.) 1st mortgage, guar. p. & 1. (endorsed) ........... U~per Coos RR. stook, 6 p. o. rental 999 years. st mort., ~ar· & 1. (endorsed) .........•.••••• Extension ., $ 1,000 p. m., guar.1j& 1.(end.). Dexter & Newport stook, 5 p.o. from ov. 25, '98 let M. (old 6s reflm.d. in 1897) gu. p. & 1. end,* Ea.stem Maine, stook, 4¼ p. ot., rental 999 years Wash. co., l st M., $3,500,000, g., guar., end.,red. Hanchu. d Law.-Stook,10 p.o.ren'l till 1937,B.&M. Real estate bonds (not mort.) int. gu. by B.& M·o .Manhattan Ele1'ated.-Consol. stook, $60,000,000 .. Metrorf.L El. 1st M., $600,000 p. m., ass'd.g.Ce.o• N. Y. 1. deb. secured by con.sol. mort. of 1890 .. Manhattan E 1evated con.sol. mort., p:old. Oe.o*&r. Mani•. Marq. d North'n-let M., $1,500,000, gold. Man. d Pikes' Peak Ry.- lstM.,$500,000, g.1'.lli o Marietta Ool. _d Ole1'el'ft-lst M, $250,000, ~l .K Mar. d Pham~ d S. R·n,. V. RR.-M.&P. 1st . g .. o M.& P.& S.R. V.M.,~, $750,000 (V.67,p.1357). F.o Maryland d Penn.- ork & Peach Bot. M. (text) .. 1st mort., $1,200,000, gold, oall at 105.MeBa.o., Ino. M., $900,000, 4% oum., oall at par.MBa ... Ma•sawippi-Stook guar. same div. as Conn.&Pass. l· Mead11illt Oonneaut Lake cf LineB11ille-lst M .... .. Mezica,n Ctmt'ral-lst M. (unassented) inolu. scrip Con.sol. mo~ge, $32,000 per m., gold.BB.o*&r 1st con.s. ino. sorip,n.-oum. ($9,6~.m.),g,ABo* 2d con.µ10.$6,400p.m.red.at50% to ug.'29ABo* Registered income bonds and scrip, unassented.r Eauipment bonds, $50,000 oalled yearl~ at par .. 0$50,000y'lyOot.1); red 102'¼beg.100B.o* Coll.tr. bonds, 1t•• sec. by oons. 4s, oall par.MSto* 53 53 1890 55 22 isgo 33 1890 14 14. 19 137 22 ·s, 18 32 32 53 9 49 34 43 40 84 84 37 23 ..•. 2,689 2,689 2,689 i897 i903 i892 is1s 1886 1890 1902 1891 1900 1886 1895 1882 1901 1901 is9i 1881 1889 1889 1889 1881 1897 1899 1902 -$100 1,000 100 1,000 1,000 100 "ioo "ioo 1,000 tiross. ~Vet. i:ooo ··ioo Otaer inc. Int., tax, ,tc. Bal., sur. 1903 ....... $2,938,753 $1,631,132 $80,287 $668,475 $1,042,944 1902 ....... 2,4~5,112 1,156,172 81A287 644,769 592,690 Dividends paid 1n 1903 call for $828,00u; in 1902 $480,000 was paid. ANNUAL REPORT-Report for year 1902·03 was given in V. 77, p• 348, and report for year ending Sept. 30, 1903, in V. 77, p. 1872. Year ending June 301903. 1902. 1901. Gross earnings .................. $12,208,337 $10,665,911 $9,416,887 Net over operating exp......... 6,747,540 5,147,326 4,163,658 -Other income................... 346,859 625,800 836,383 Interest, rentals and taxes.... 2,820,859 2,699,671 2,677,706 Dividends................ . . C6~ )3,546,000 (4) 1,920,000 (4) 1,920,000 Balance after dividends .. '!ur.a;727,5448nr.$1,153,455 eur.$402,335 Yr.Sep.30.Pa.ssengers. Yr.Sep.30:Passengers., Yr.Rep.30. Passengers· 1897·98 .. 179,728,356 1899·00 .. 183,788,851 1901·02 .. 223,427,283 1898·99 .. 177,204.558 1900-01..194,152.316 1902--03 .. 255,!'i65,390 -(V. 76, p. 752,919, 1249; V. 77, p. 147, 348, 1533, 18'7'2, 2157.) m anhattan (Elevated) Ry.-See preceding page. Manhltlque Marquette & Northern RR.-Manistlque, Mioh., on Lake Michigan, northerly to Shingleton, on the Duluth So. Shore & Atlantic, 40 miles, with branch to McNeil's, 13 miles; V. 75, p. 185. Opera.tea a, oar terry between Manistique and Northport, on the Trav• erse City Leelanau & Manlst1que RR. V. 74. p. 776; V. 76, p. 810. STOCKS, B01'1D8, ETC.- Stock, $2,000,000, aJl outstanding. The Un• ssnea 5s of 1902 (authorized issue of $1,500,000; Union Trust Co. of Detroit, mortga11e trustee) are applioable to an additional oar ferry, equipment, improvements, etc. V. 75, p.185. For year ending Dec. 31, 1902, ee.rn1ngs inoluoing operations for 4 mos. to May 1 by Man. & Northw.Ry. were: Gross earns., $112,871; net, $37,222. President, R. R. Metheany; Sec'y, B. B. Metheany.-(V. 75, p. 810, 864,) Manitou & Pike's Peak Ky.-Manitou, Col., to summit of Pike's Peak, 8·9 miles, standard gauge. In Oot., 1903, an extension (to be electric) trom Pike's Peak to Cripple creek, 9 miles, was under consideration. Operated from April to November, yearly. Stock, $500,000: par of shares, $100. In oot., 1903, all coupons due had been paid. For year endinir Nov. 30, 1901, gross, $88,142; net, $37,550; interest on bonds, $25,000; taxes, $1,689; bal., sur., $10,861. President, C W. Bells; V.·P. and Treas., Z. G. Simmons; Seo., J. B. Glasser. Offloe, Manitou, CoL-(V. 71, p. 646.) Maricopa & Phoenix & Salt River Valley RR.-Marioopa to Phomi.x, Ariz, 36 miles : Tempe to Mesa, 7 miles; total, 43 miles. A oonsoUda.tion in Dec., 1895, of the Maricopa & Phrentx: RR. and Phrenix Tempe & Mesa Ry. Stook, $1,000,000; par, $100; of which Southern Paoitl.o Co. owns $510,000. Bonds of 1895 have a, sinking tnnd of $6,000 annually after 1900. V. 67, p. 1357. Year ending June 30, 1902, gross. $158,l!:!5; net, $46,08~; int. on bonds, $36,300; taxes, $5,650; bal., sur., $4,138.-(V. 67, p. 1:i57; V. 77, p. 2280.) Marietta Columbus & Cleveland RB.-Owns from Moore's Junction to Palos, Ohio, 42·08 miles; branches, 7·42 miles; trackage to Mariette., 3·20 miles. Successor on Nov. 1, 1900, to the Toledo & Ohio Central Extension RR., foreclosed. V. 71, p. 810, 1012. Stock e.uthorized and outstanding $250,000. For year ending June 30, 1902,gross,$74,175; def. underoper.,$33,484. Pres.,D. I.Roberts,New York; Treas., James T. Blair, Greenville, Pa.-(V. 75, p. 666, 7~3.) IUaryland & Pennsylvania RR.-Be.ltimore, Md., to York, Pa, 80 miles, with bran.oh, Delta to Peaoh Bott.om, 4 m. V. 72, p. 339. 8Tocx ..um Bo:fijDS.-~took authorized, $a,600,000, of which lJl1,997,500 reserved for future requirements. In 1902 the authorized issue of the first 4s was reduced from $2,700,000 to $1,200,000, of whioh $250,000 are reserved to retire the York and Pea.oh .Bottom 5s and $400,000 additional for future purposes. V. 74, p. 94,427. York and Pea.oh Bottomt..~A," bonds are for $47,500, interest A. & O.; ''B" bonds $202,450, int. J.U. & N. In 1901 3 p. o. pa.id on incomes; in 1902, 4 p. o. EARNINGS-9 mos. S 1903 .............. Gross, $21.i0,129; net, $79,972 Mar. 1 to Nov. 30 . ~ 1902 .............. Gross, 226,545; net, 67,485 Surplus over charges, :t,54,098, against $41,611 in 1902. REPORT.-Report for year ending Dec. 31, 1902, in V. 76, p. 477, showed: p:ross, $280,093; net, $76,640; int. on bonds, $70,498; bal., sur., $6,142. Pres., John Wilson Brown.-lV, 76, p. 4'7'7'.) mason City & Ft. Dodge RR.-, See Map Ohi<"ago 0-,,,eat Wutet-n.)-Owns roaa from Mason City, Ia., ~o Lebigh, Ia.., 88 miles, e.nd bra.nob, 4 miles. In Ma.r., 1901_., Chicago Great Western interests e.oqnired all the stock and bonas, and extended the line north• erly from Mason City to Manly Junction, 10 miles. a.nd from Hampton to Clarion, 30 miles, e.t oonneotions with the Chicago Great West.; e.n extension from Ft. Dodge to Council Blu1fs, 133 miles, was oJ,ened Nov., 1903, e.nd one is to be built to Sioux City; the two O. G. W. branches from Hayfield, Minn •• to Manly J ot.tla., 49 miles, and from Waverley to Hampton, Ia., 42 miles, tran.sferrea in Mar., 1902, to the M. O. & Ft. D. Rai,ioaw w1ll extend the road as thus proposed east- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I 800,000 350,000 350,000 693,000 122,000 175,000 200.000 1,000,000 274,000 100 55,200,000 •&$ 10,818,000 1,000,000 1,000 l,OOO&o 28,065,000 1,100,000 1,000 500,000 1,000 250,000 1,000 540,000 1,000 78,000 1,000 249,950 550,000 900,000 800,000 200,000 1,000 287,000 1,000 1,000 66,678,000 1,000 20,563,400 .1,000 11,282,000 367,200 1,000 700,000 1,000 800,000 1,000 1,000 10,000,000 Manhattan Ry .-(Concluded.) DIVIDENDS.-~ '87 '88 '89 '90·96 '97 '98 '99 1900 '01 '02 1903 8inoe '86. P.ct. 5 6 5 5¾:i 6 yrly. 4¾:i 4 4 4 4 4 Below, In 1903,Jan. 1¼ p. o.; Apr., 12'1 p. o. for 3 mos. ending Maroh 31, 1903, and 1 p. o e.dditional tor the 9 mos. to the.t de.ta; July, 112 p.q.; Oot., 112 p. o.; 1904, Jan., 1¼ p. o. See V. 76, p. 1249. As to dividends payable under lease, see above. EARNINGS- For 3 mos. ending Sept. 30: 3 mos. ------M. & N. Portland, Me. Cent. Of. Nov.,1903,2% $~00,000 4 M. & N. Boston, 2d Nat'l Bank. Nov. 1, 1930 M. & N. Portland, Me., Ottioe. Nov., 1903, ~ M. & N. Bost.,2d.Nat.Bk.;Port. May 1, 19 0 4 419 M. & N. Portland, Me., Offloe. May 1, 1930 J. & J. Treas'rsOffloe,Portland Jan.. '04, 2¾:1% 5 M. & 8. Seo.N.Bk.,Bos.&Portl. Sept 1, 1917 4 419 M. & N. Rooklan,t, Me., Offloe. Nov., '1>3,214% 3¼ ..... ······ ... • 1953 10 M. & N. ManohesterandBoston. Nov. l, '03, 5% 4 J. & J. Boston, B. & M. RR. Jan. 1, 1922 See text. Q.-J. N. Y.J95 Broadway. Jao. 1, '04, 119 6 g. J. & J. N. Y., eroa.ntlleTr.Co. July 1, 190~ 5 M. & 8. N. Y.,Meroa.ntlleTr.Co. Moh. l, 1916 4 g. A. & 0. do do Apr. 1, 1990 5 g. M. & N. Union Tr. Co., Detroit. May 1, 1952 5 A. & O. See text. Oct. 1, 1909 5 g. M. & N. N. Y., Knick. Trust Co Nov. 1, 1940 6 g. M. & N . .All owned by So. P. Co. Nov. 1, 1916 5 g. M. & N. do do Deo. 23 . 1925 5 Text. . . • .. . .. .. Apr. 1, 1932 4 g. M. & 8. N.Y.,BrownBros.&Balt Moh. 1, 1951 4 in 1902 A. & O. do do Apr. 1, 1951 6 F. & A. Boston, s. D. & Tr. Co. Feb. 1, '04, 3% 5 J. & J. Mer.Nt. Bk., Meadv.Pa. July 1, 1921 (7) 4 J. & J. Boston,SateDep.&Tr.Co July 1, 1911 4 g. J. & J. do do July 1, 1911 3 g. July 10 St. Louis, when ea.med. Jan, 10, 1939 3 . . ••• .. • • •• . • • • Jan. 10, 1939 3 July 1 . • . .. . . . . . July 1, 1911 5 g. A. & 0. 01.Col.T.Co.,Bos.&Lon, Apr. 1, 1017, 5 g. A. & 0. do do Oct. 1, 1919 4¼g. F. & A. St. Louis & New York. FeE_,_ 1, _1907 4 6 erly to the O. G. W. ~atn line. The road is operated a.a a part of the 0 G. W. system under an agreement dated Apr. 1. 1901, running for 100 years, providing that all net earnings e.bove 4 per cent interest on new bonds 1:-0 be issued shall go to the latter, the stock to be exoha.nged tor Chio. Gt. Western oommon stook, dollar for dollar. V. 73, p. 566,616, 722; V. 77, p. 640. In LOot., 1903.t new stock and bonds had not been issued. In year ending J"une 30, 1~03 (121 average miles), gross, $450,835; net, $234,241; te.xes, $12,000.-(V. 73,p. 616.) Ma•sawlppl Valley Ry.-Provtnoe Line to Lenoxville, Que., 34 miles, with bra.nob, 3m.; trackage to Sherbrooke, Que., 3m.; total.t 40 miles. Leased for 999 years from July 1, '70, to the Conneotiout & t:'e.esumpsio Rivers RR. Stock, $800,000; par of shares $100; dividends payable Feb. and Aug. 1. Dividends formerly 5 p. o.; 6 p. o. sinoe Jan. 1, 1897. Of the stook. $400,000 owned by the Conn. & Pass. River is deposited under its mortgage and $50,000 is represented by Connectiout Trust & Sate Deposft Co. of Hartford 5 per oent trust oertifloa.tea. (See SUPPLEMENT of October, 1901.) 1'.leadvfile Conneaut Lake & LI nesville.-Meadville to Linesville, Pa., ~1 miles, and bra.nohes, 2 miles; total, 23 miles. Leased to June 8, 1989, to Pittsburg Bessemer & Lake Erie RR.; rental, 25 per oent of gross eamtngs. Stock, $200,000; par, $50. Mexican Central Ry. Limited (Mexlco).-Operates e. standard•ga.uge[road, the main line ext• nding from Mexico City north to Juarez City, with numerous branches, etc., viz.: OtonedMiles. 1 Owned Miles. Mexico City to Juarez City .. 1,2241 Other branches............... 361 Mexico to Rto Balsas • •• .. • • . 181 Le<UtdChioalote to Tampico........ 4071 Mexico Union Ry .. •. . . .... •. 11 Tampico to Trevino.......... 388 Bar extension (Tampico to Branch, Irapua. to Ameoa ... 217 La Barra) ......... _......... 6 Branch, Guadalajara to Tux• pan. .... .... . ..•......... 120 Tota.I Jan, 1, 1903 ........ 2,915 In June, 1901, the Monterey & Mexican Gulf RR., Tampico to Gen• era.I Trevino, 388 miles, we.a acquired, and in Dec., 1903, e$nslon was completed from Pa.radon to the Ban Pedro branch, about 137 m., by which 1s reached tbe main line at Torreon. Extension is building from Leoherla, near City of Mexico, to Velasco, near Tampico, 225 m., to be completed by end of 1904, this including the Paohuoa Zaoaultipan & Tampico Ry. (purchased), extending from Se.ndoval to .Apulco, etc., about 62 miles, the unoonstruoted portion carrying e. subsidy in 5 p. o. Mexican Government silver bonds at $10,000 per mile 'lhe Mexioo Cuemavaoa& Paoiflo, Mexioo to Balsas River, 181 miles, was acquired by deed on Nov. 12, 1902, and extension is projeoted to Aoa.puloo.(V. 73, p. 337, 957; V: 74, t>, 729, 1035, 1196; V. 75, l'• 981, 1203.) ORGANIZATION.-InoorporatedFebrnary 25, 1880, under the general law of Massachusetts~ and also holds a, charter from the Mexican Government. Debt readjusted in 1889-see V. 48, p. 191, 292, 327. See also Mexican Cent. Ry. Securities Co., Limited, below. In Mar., 1901, a. syndicate headed by H. Olav Pieroe of St. Louis acquired a m~ority of the stook. V. 72, p. 627,873; V. 76, p. 29; V, 77, p. 299,401. SUBSIDY.-Jan. 1, 1903, there was left of the subsidy in trust $ I t812,· 794, to be used whenever neoessary tor the payment of vrinoipa.t and interest of the oonsolidated mortgage bonds. Under Tampico Harbor concession for a depth of 20 feet, has received $2,934,600 of 5 p. o. Government bonds. STocx.-Stook authorized, $25,600 per mlle; outstanding, $47,962,100, in $100 shares. BoNDs.-Of the priority bonds $1,403,000 were paid off with proceeds of subsidy collections, interest ceasing April 10, 1891; the balance, $5,597,000, is held as a.n investment by the trustee of the oonsoll<iated mortgage; See V. 52, p. 390. The consol. mort., 4 p. o., coven the entire property, all old firsts deposited, and the subsidy ea.med and io be ea.med. (See abstract of mortga~e in CHRONICLE, V. 49, p. 177.) Both series of incomes are non•oum. and secured by one indenture to the Amerl,:ian L. & T. Co. of Boston. . First incomes received 3 1), o. interest in 1890, 1801 a.nd 1892; none sinoe. V. 72, p. 627, 880. In 1908, in addition to the $66,678,000 consol. 4s shown e.bove. $33,lrno,ooo had been certified by the trustee, ofwhloh $1,775,000 are held as collateral tor equipment bonds, $16,129,000 were held as oollatrt:ra.l for 4¼ per oentbonds (see below), $276,000 were held by trustee for exchange for 1st 7s and a.srnnted 4s and ;t;15,380,000 were owned by the company. In February, 1902, the oompa,ny issued $10,000.000 collateral trust 5-year 419 per oent bonds, secured by $16,129,000 consolidated 4s, held in the treasury, the proceeds of which were used to retire the $6,000,000 notes issued in pe.yment of Monterey & Mexican Gulf RR., the balance to be applied to 137•mlle extension of tba.t road to main line'-pa.yment of a.bout $2,000,000 floating debt, improvements, eto. See v. 73, p. 957; v. 74, p. 205, 728; v. 75, p. 29. PLAN TO RETIRE lNCOHES.-ln Jan., 1904, the l)la.n (V. 77, p. 350' 401, 511,) issued through La.denburg, Thalmann & Co., proposing to exchange 23 p. o. in oollat. trust 5•year debentures for 1st incomes and 14 p. c. :tor 2d and registered incomes was abandoned. Opposition Oommittees.-A oommitte~ CE. Rollins Morda, Chairman; Manhattan Trust Co., N. Y., e.nd Adams Trust Oo., Boston, depositary,) requested deposits with a view to obta.1n1ng a. better offer for the bondholders. V. 77, p. 769, 951,2159. Aoommittee (Benj. F. Tra<'y, Chair man; Continental Trust Co., N. Y., depositary,) also:requested deposits. v. 77, p. 824, 1225, 2159. I -- JAN., 1904.] 443 RAILWAY STOCKS A D BONDS. RAILROADS. For explanation of column headings, &c., see notes on first page of tables. INTEREST OR DIVIDENDS. Boruts-.t'rlllo1· Miles Date Size,or Amount pal,WhenDue. of of Par Outstanding Rate per When Where Payable, and by StockB-Last Road. Bonds Value. Cent. Payable Whom. Dividend. ------------------------ ---1----1-----1--------1---------•1-----Mu. Oent. Ry.Securities Oo.,Lim.-Adeb.stock4% •.•. 1899 £100 £3,841,830 4 J & J 15 London. • ••••••• B deb. stock, 4%, cum............................. Me:,,, Minera£-lst. M., $600,000,'g., red.110,s .f.1'.lo Mu. Int.-Pr. lien,£1,200,000,red.atpar. Un.xc*&r lat con. M., $16,000,000, g., not guar.Mp.xc*&r Do g., gu. stp., sub. to call 95 to Mch., '07. Income 4% bonds (no mort.), non·cumulative.... . •• . 16 615 866 866 Meztcan Nationai--Bee NATIONAL RR. OF MEXI co. Mut.canNorthern--Btock .•••..••...•....•........•.. let mort., U.S. gold coin., s.f. not called.Mo.c*&r Jlezican Railway, Limitea--Ordinary shares....... let preference stock, 8 per cent................... i,~~~!ric;e~~~!iiJI~!n~!stoc:ii.:::::::::::: 83 83 .••. ..•. 1899 £100 £3,841,830 4 J & J 15 1899 .....• 350,000 · 6 g. F'. & A. 1897 £100&c $5,850,000 4~ g. M. & S. 1897 $500&c. 1,664,000 4 g. M. & S. 1897 500 &c. 5,839,000 4 g. M. & S. . .•. ..•• •• 4,499,000 4 for '03 Sept. 1 . . .. 1890 ••.• .... 32i :::: 100 1,000 £10 £10 London, when earned. N. Y., Morton '!'rust Co. London, Speyer Bros. N. Y., 30 Pine St. do do Own'd byNa.RR.ofMex. ..•..••. Aug. 1, 1919 Mept. 1, 1947 Sept. 1, 1977 Sept. 1, 1977 •••.•••. 3,000,000 See text. Q.-M. N.Y.,offlce,27Wm.St.Sept.2,'03,1t% al,039,000 6 g. J. & D. do do Dec. 1, 1910 £2,254,720 .•• .. ..... . ....••. £2,554,100 See text. M. & N. Glyn, M. C. & Co., Lon. Nov.,'03,1•5 16% :1g :k8M:~8 21...ii"903 • ..r:·&··J. Glyn,M. C. &Co., Lon. Perpetual• . 296 £i~8:888 n! F.NrA. Ch~~~~.~~~ed. No~-.~::?~: .....• £592,160 4 F. & A. . .•...•. ICfatc~ ffdJ',d't,~k,~;i~iVo~~!ii.1fa~~:i) 228 iS96 :::::: 2d M.4% deb. stock, £600,000 red. at pa.r, 90 y'rs .IC4eMgan Oentrai--stock.......................... let mortgage, $18,000,000, gold.G ...•....... o*&r M. C. Michigan Air Line, 1st mortgage. Un .. c&r M.C.lst M. on Det. & Bay City ($4,000,000). Un.c do do bonds without coupons.r M. C. 1st mort on Grand River Val. RR. Un... . c* M. C. 1st mort. on Kalamazoo & 8. Haven. Un .. r M. C. lst M. Term. $l_i500,000 (V. 64, p. 886).&tr Mich. Cent. 1st M. on Jack. Lana. Saginaw, g.,c•&r Jaok.Lans.& Sag. stock, 3¼ p.c. y'rly, guar.byend. Grand River Valley stock, rental in perpetuity... Bay City & Bat. C. 1st M., g., gu.p.& 1. end.Mp .. o" Bat. C. & Sturgis 1st M.., g., gu. p. &1. end.1'.1.p.c• Joliet & North.Indiana lst'M., guar. p.&1. (end.).c a Exclusive of $599,000 held by sinking fund. 228 1896 .... .... 100 cl8,738,000 270 1902 1,000&c 12,000,000 115 1890 1:000&c 2,600,000 152 1881 1,000 ~ 152 1881 l,OOO&c ~ 3 ' 850•000 84 '79·'86 1,000 1,500,000 39 1889 1,000&c 700,000 ..•. 1896 l,OOO&c 725,000 350 1901 1,000 1,800,000 .••. . .•. 100 2,000,000 84 100 491,200 18 iSS9 1,000 250,000 41 1889 1,000 421,000 45 1877 1,000 800,000 c Of which $16,814 ,300 held by EARNINGS.-Mexican cur.. l 1903.Grose, $22,897,~92; net, $5,i'i40,972 Jan. 1 to Nov.30 (11 mos.) ~ 1902.Grose, 19,050,898; net, 5,393,186 ANNUAL REPORT-Fiscal year ends Deo. 31. Report for 1902 was ~ven in V. 76, p. 1082, 1140. The gross earnings oelow are Mut.can currency; all other figures U. 8 curi·ency. Mexican dollars averagfd 42·16 cents in 1902, 4 7·82 cents in 1901 and 48·92 cents 1n 1900. INCOME ACCOUNT-(U. 8. CURRENCY EXCEPT AS INDICATED). Year end-mg Dec. 31- 1902. 1901. 1900. 1899. A.v'ge miles operated. 2,621 2,135 2,054 2,016 Gross earns.Mex.cur$21,132,227 $17,493,673 $17,223,878 $15,602,065 Net earns. Mex cur.. 5,961,606 $4,986,663 $5,373,683 $5,199,095 Do do in U.S. cur. 2,513,384 2,384,598 2,628,577 2,516,961 M:lecel. in U. 8. cur.. 279,234 182,517 115,720 187,110 - - - ---- Net income ....•• $2,792,618 $2,567,115 $2,744,297 $2,704,871 Fixed charges....... 3,289,021 2,937,276 2,738,204 2,604,873 Balance... . ...• . . .. df.$496,403 df.$370,161 Subs'y ao'tin U.8.cur 500,000 545,000 sur.$6,093 sur.$99,198 None. 49,2'23 Result, sur . • • • . . $3,597 174,839 $6,093 $148,421 Chairman of Boa.rd, H. Clay Pierce; Pres•t, A.. A. Robinson ; Vice• President and Comptroller, Gabriel Morton. Executive Committee: H. Clay Pierce (Chairman ot Board) , Breckenridge Jo11e1, A. A. Robinson, Gabriel Morton, F. H. Prince, C. D. Simpson, Bban Richards, E. N. Foss and J.C. Van Blarcom. Office, 422 Olive St., St. Louis, Mo. Directors, 1\fay, 1903, V. 74, p. 988; V. 76, p. 1030.-(V. 77, p.1225, 1746, 1874, 2159.) 1'.le:xtcan Central Ky. Securities Co •• LlmUed.-This depoe· itary company was formed in 1899,perplan in V. 68,p. 331, to acquire the 4 per centconsols of the Mexican Central Ry." and to issue in their place two classes of securities." The share capital was raised by a pay• mentor £2 for each $1,000 bond deposited, tor expenses, etc. Each $1,000 bond deposited will receive £102 "A." and £102 "B" debenture stock, constituting a first and second charge respectively upon the deposited securit1~1.~oth secured by the same deed of mortgage to Right Hon. Lord .1::1.wmgdon, Right Hon. Lord Reveletoke and H. W. Sm.lthers, trustees. Frederick M. Spankie, Secretary, 3 Gracechurcb Street, London, E. C.-(V. 68, p. 331, 524.) Mexican Great Eastern Ky.-V. 77, p. 2091'. Mexican International RK.-(See Map, page 93).-0wns in Mexico a standard gauge road from Eagle Pass, Tex. (where connec• tionis made with the Southern Paciilc>, and CiudadPorflrio Diaz, via Torreon, on Mexican Central, to Durango, 540 m., with branches, 90 m.; Reata. to Monterey, 72 m.; branch to Tlahualilo, 43 m .; new branch, extension Durango to Tepehuanes via Santiago Papaequiaro, 135 miles, completed in 1902; total, 880 miles. Extension proposed to Mazatlan, on the Pacific Coast. Organized under laws of Connecticut. In April, 1902, control of the road ($15,786,100 of the stock and all of the $4,499.000 income bonds) was taken over by the National RR. of Mexico as per plan V. 73, p. 784. See V. 76, p. 1192, STOCK.-Authorized $25,000,000; issued Jan., 1903, $20,708,200, BoNDs.-In 1897 reorganized, reducing fixed charges on 659 miles from $605,360 to a.bout $448,650. Of consol. 4s $2,497,000 were' bl Mar., 1903, reserved for extensions at $10,000 per mile and improvements. The total issue of oonsols is limited to $16,000,000. The National RR. ot Mexico under agreement of June 30, 1902, has ■tamped $5,839,000 of the console as guaranteed, principal and interest, these being also subject to call at 95 and interest on or before Mar. 1, 1907. T. 75, p, 185. Of the console, $3,000,000 are deposited ae col• lateral for the National RR. of Mexico 5 p. c. notes. V. 77, p. 769. Prior lien 4¼s, see V. 65, p. 151, 1071. Consol. 4s of 1897 listed on N. Y. Stock Exchange Feb., 1898. See application in V. 66, p. 341. Dividend on incomes, 4 p. c., was paid for 1902 and 1903. EARNINGS-Mex. cur'cy. ! 1903 . . •• Gross,$6,494,460; net, $2,609,454. Jan. 1 to Nov. 30,11 mos. S 1902 .... GrosEI, 5,853,214; net, 2,231,364 ANNUAL REPORT.-Report foryea.r end1ng Dec. 31, 1902, was given at length in V.76, p.1189, 1198; see also editorial, p.1166. In 1902, gross on average of 869 miles, $6,496,491 (Mexican currency); net, $2,426,283; in U.S. money, net.includingotherincome, $1,0lfl,613; charg;es, $639,420; interest on incomes, $179,960; discount on bonds , $5,977; bal., surplus,$191,255. PrP:-1.,J. G. Metcalfe. N. Y. office, 30 Pine St.(T. 75, p. 185; V. 76, p.1189, 1192, 1198; V. 77, p. 769.) 1'.Ie:xtcan National KK.-See National RR. of Mexico. Mexican Northern Ry.-Owns from Escalon, Mexico, on the Mexican Central Ry., to Sierra Mojada, 83 miles, all steel. STOCK.-Capltal stock is $3.i!)00,000; see application for listing on N. Y . Stock Exchange in full, v. 64, l), 619. DIVIDENDS . . ~ 1892, 1893. 1894. 1895·99. '00. '01. 1902. 1903. Per cent ... S 6¼ 6¼ 6 4 yearly. 5 4½ 2 1¼ . In D ec., 1903, dividends suspended for the present ; V. 77, p. 2098. BoNDs.-The mortgage is for $1,660,000, of which $621,000 held by the sinking fund in Dec., 1903. See V. 60, p. 482. ANNUAL REPORT.-Earnings as follows in U. S, cnrrency: Year. (h•oss. Net. Other inc. Oharges. Di'Vid. Surplus. 1902-03•.•. $200,888 $107,347 $30,849 $110,056 $ 60,0 0 0 def.$31,860 1901·02. . •. 262,149 124,753 34,597 112,707 105,000 def. 58,357 1900-01. ..• 642,132 262,720 39,262 137,285 142,500 22,197 -(V. 70, p. 280; v. 72, p. 581, 1011; v. 74, p. 1089; v. 77, p. 2098,) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4.inl903 J. & J. 319 g. ..M. & N 4 J. & J. S 5 M. & 8. ! 5 Q.-M. 6 M. & 8. 5 M. & N. 4 g. J. & J. 319g. M. & 8. 3¼ M. & 8. 5 J. & J. 3 g. J. & D. 3 g. J. & D. 7 J.ro-J,ro N. Y. Central & N. Y. Gr. Cent. Station. Reg.at G.C.S; cp.atG.T. ~.atG.O.S.; op.atU.Tr. N: Y., Uuion Trust Co. N.Y.,Gr'dCent. Station. N. Y., Union Trust Co. N. Y., Gr. Cent. Stat'n. Rg.atG.C.S.;cp.atU.Tr. Rg.atG.C.S.; cp.atG.Tr. N. Y., Gr. Cent. Station. Jackson, Mich. ti. Y., Union Trust Co. do do N. Y., Farm. L.&Tr. Co. H. R. RR. Co:--- Jan.'29.'04,2% May 1, 1952 Jan. 1, 194.0 Mch. 1, 1931 Mch. 1, 1931 Sept. 1, 1909 Nov. 1, 1939 July 1, 1941 Sept. 1, 1951 Sep. 1, '01. Jan., '04, 2¼% Deo. 1. 1989 Deo. 1, 1989 July 10, 1907 1, Mexican Railway• Lhnlted.-See page 531. Mexican Southern Ry .• Llm.-See oage 531. llilchlgan Oentral KR,-( See Map adjoining New York Oentrai page.J-LINE OF ROAD.-Main line-Kensington to Detroit, 270 miles. and Windsor to Suspension Bridge (Canada Southern), 226 miles; total main line, 496 miles. Branches owned and leased 1,148 miles; trackage (lli. Cent.) into Chicago under perpetual lease, 14 miles; total, January 1, 1903, 1,653 miles. There are 357 miles of second track• and 1,057 miles of side tracks. In Feb., 1902, jointly wtth Lake Shore & Mich. So. took over Detroit Toledo & Milwaukee RR., Allegan to Dundee, Mich., 133 miles. V. 74, p. 379; V. 76, p. 1026. ORGANIZATION, LEASES, &c.-Re·incorporated lunder general law 1n Dea., 1901, v. 78, p. 1208. Control Wa.8 acquired by the N. Y. c. & H . R. RR. Co. in April, 1898, a.s stated below. N. Y. 0. & H. R. RR. Co. in '98 gave in exchange its 3¼ per cent tOO•year gold bonds at the rate of $115 in bonds for $100 in stock. V. 66, p. 759. In 1903-t-:f,16,814,300 of the $18,738,000 stock had been acquired by the. N. x. C. & H. R. RR. V. 66, p. 1238. CANAD.A. SOUTHERN NEW CONTR.A.CT.-See that company. DIVIDENDS, l '83 '84 '85·86 '87·89 '90 '91 '92·94 '95to Jan.,'04. Per cent- S 5 3 nil. 4 yearly 5 5 5¼ y'rly 4 yearly BoNDs.-Battle Greek cl Sturgi, bonds for $500,000, but of this $79,000 was sub-guaranteed by the Lake Shore & Michigan S0uthern, 7 miles of the B. C. & 8. oeing operated by thali company. The $1,• 800 000 31-Js of 1901 are a tlrst mortgag-e on the Jackson Lansing & Salrl;;aw RR., 350 miles (V, 73, p. 1061; V. 76, p. 1027.J In April, 1902, $1§~00,000 of 3¼s were authorized, dated May 1, 1902, of which $10,000,000 were sold to retire the first t>s and 7e, maturing on that date, and $2,000,000 additton!l-1 have been sold. the remaining $6,000£ 000 being reserved for additions, etc. V. 74, p. 728; v. 76, p.102; v. 77, p 1874. ANNUAL REPORT.-Report for 1902 was in V. 76, p. 1027. Prelimin• ary statement for 1903, partly estimated, wae in V. 77, p. 2387. Year ending Dec. 31. 1903. 1902. 1901. Grose earnings......••.....•....•. $22,230,iOO $19,045,083 $18,490,273 Op. exp. and taxes...•..•......... 18,489,000 15,467,504 14,745,964 Net earnings••.••••.•••......•..••. $3,741,000 $3,577,579 $3,744,309 Net,incl'g other inc............... 3,795,000 3,631,692 3,814,048 Bental.e paid ..••.....•...•••••.••• c 2 145 OOO 5 184,310 1~4,310 Interest on debt . ......•..•..••... ( ' ' i 2,026,468 2,271,250 Can. Southern share............... 375,500 310,168 375,238 New eeoond track................ . ..• .... . . •. . •• • 210,000 Miscellaneous..................... ..•.. .•• .. . . . • . . •....•. Dlvidends. •.••• ...•.•• .•• .••. •.•••• (4)749,520 (4)749,520 (4.)749,520 Surplus........................ $524,980 $361,126 $23,776 -(V. 76, p . 102'7, 1085, 1140, 1356; V. 77, p.147, 1874, 2387.) Middletown Unionville & Water Gap RK.-(See Map N. Y. Bmguehanna cl Western.J-Owns from Middlet.own, N. Y., to Unionville, N. Y., 13·65 miles. Stock, $149,850; par, $50. Controlled through ownership of stock by New York Susquehanna & Western, which pays interest on bonds. In year ending June 30, 1903, gross, $46, ?31; net, $10,647; charges $22,147; bal., deficit, $11,500.-(V. 64, p. 664.) 1'.lldland Pacific Ky .-see SUPPLEMENT for July, 1903. MIii Oreek & Mine HIii Navigation & RR.-Mill OreekJc. to Broad Min., Pa., 6·3 miles; branch 3·3; 2d track 3·8 m.; total track 34·6 miles. Leased in 1861 for 999 yea.rs to Phlla. & Read. RR., lease assumed in 1896 by Phlla.. & Read. Railway; rental ll!D3,000 and taxes. 1'.llllen & Southwestern R:v.-See SUPP. for Ju)F, 1903. Milwaukee & Lake Winnebago KR.-(Bee Wisconsin Central.) Mine HIii & Schuylkill Haven RK.-From Schuylkill Haven t,o Ashland and Enterprise Jct., 69 miles; 2d track, 21 m.; total track 136 miles. In 1897 rental reduced to 6 p. c. on stock under new lease for 999 years from Jan. 1, 1897, to Phlla. & Read. Ry. Co. Dividends paid stockholders are 2¼ p. c. m Jan. and 3 p. c. in July,¼ p. c. being deducrud for taxes.-(V. 63, p. 1011.) Mineral RangeRR.-Seepage 531. Mlnneapoll8 & St. Louis RR.-(Bee Map.J-Owns main line Minneapolis t,o Angus, Ia., 260 miles; Western Div., Hopkins to Water• town..t..S. D., 2151!11les; Ka.lo Branch, 1¼ miles; Lake Park Branch, 119 m. ; win~£•nMinn., to Storm Lake, Minn., 154 miles. Leases track• age from eapolls to St. Paul over St. Paul & North. Pac. RR., 10 miles; total operated, 642 miles. Aleo owns, but leases to Bur. c. R. & Nor.,Albert Lea.to Iowa State Line, 13 m. On July 1, 1901, branch to White Bear Lake, 13 m., was sold to Northern Pacitic. v. 75, p. 985. H1s~RY,-A reorganization in Oct., 1894, per plan tn V. 59, p. 371, of Railway foreclosed ander improvement and equipment mortgage. In Feb., 1899, purchased (V. 68, p. 672,) from the Rock Island 123 miles, Morton to Watertown, So. Oak., part of the 217 miles of the unbonded Wts. lrlin.n. & Pao. The New Ulm branch through rich grain and live-stock country to m. Central RR. a t Storm Lake, Ia., 135 miles, w•s completed a.bout July 1, 1900. V. 68, p. 130. In June 1900 pereons tdentlfied with Minn. & Bt. L. obtained control of the' Iowa Central Ry. V. 70, p. 1249. STOCK.-The ca_J>ttal stock ls, common, $6 000,000; preferred,5 p. c., , non•oumulative, $4,000,000. The preferred ts entitled to dividends at https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE MINNEAPO.LIS & ST. LOUIS RAILROAD & CONNECTIONS. J All.-, 1904.] 4-1.- RAILWAY STOOKS AND BONDS. h07U£S-.t'ruu:l· RAlLROADB. INTEREST OR DIVIDENDS. Miles Date Size,or pal,When Due. Amount Par Outstanding F ,r explanation of oolumn ht,ad.tngs, &c., see notes ot ot Rate rer When Where P~ble, and by BtockB-Laet on first page ot tables. · Road. Bonde Value. Cen Payable om. Dividend. Middletown Un. ti W. Gap-lstM., ext. in'86 ...... o* - - --- 13 1866 $100&0. 1871 500 &o. 2d mo"J,age, int. eit. in 1896 <see text) .. c+ Midland R.IJf N • •-See N. Y. SOSQUEHANNA & WEsT. Mill Oreek cl Mine Hill Nav. ti RR.-Stook ...•...•. .... 25 Millen ti 8outhweslern--1st mort., $800,000, gold .. 1902 1,000 Milwaukee Lake 8/iore ti Western-Bee CHICAGO & NORT H-WES TERN, Milwaukee ti Lake Winnebago-See WISCONSIN CE NTR.A.L RT. Milwaukee ti Norfhern-See Chicago Milwaukee & St. Pa ul. Mine Hill ti &huytkill Ha11.-8took (6 p. ot. rental). 52 50 Mi.neral Range-Cons. mort., text, t.,red. at 105. . c 66 500 &o. 66 1901 100,()10 General mort!age, intJua.r. ba, an. Pacific F. Ha.noook & Ca ., cons., . gC re . at 105, a.ss'd ... 20 1891 1,000 ,nneapolis ~ St. Louis- ommon stock.Ce .••. 100 Pl'et. stock (V. 70, p. 1150), 5 p. c., non•oum.Ce •• 100 1st M., Minn. to Merriam Jnuc., gold. FP ..... . c* ·27 1st M., Merriam Junction to Albert Lea,gold.F.o* 81 1877 566°~. Iowa ext. 1st M., g.(Al. Lea to Ft. Dodge)g.Ce.o* 102 1879 1,000 Mort.on Southw. exten., g. ($12,000 p. m.)Ce .. o* 53 1880 1,000 Paolfl.o extension 1st mortgage, gold.Ce ...••.. o* 92 1881 1,000 First oonsollda.ted M., $5,282,000, gold.Ce. c*&r 1894 1,000 1st & ref., M., $25,000,000, g. ($18.000 p. m.).Ce . 283 1899 1,000 ,nn. St. P ti 8. Ste. M.-Com. stock, $14,000,000 100 . Preferred stock, 7 per cent, non•oum ..••...•..•. . 100 Minn. Sault Ste. Marie & Atlantic 1st M.g.Ce .. o .. 495 1,000 Minnea~lls & Pacific. 1st M., $15,000 p. m.ue.o" 286 1886 1,000 Consol. ., iold, int. gua.r. (end.)-See text Ce.c* 1,452 1888 1,000 2d 'M., $5,0 0,000, gold, int. guar .. Ce ...•....••. 1,452 1899 1,000 innesota Transfer-1st mort.-($535,000 are 4s\c 1886 1,000 inn. ti No. Wiscon61,n - 1st mnrt.. $200,000, g .. c* ·50 1902 1,000 iasunppi Arkansa8 ti Wutern-lst M., gold.AC. 22 1902 1,000 isaouri K01nsas ~ T~-Common stock ...•.. . ...... 100 Preferred stock. 4 ~r cent non•cumulattve...... :::: 100 a or which $2R2.0 held 1n treasury June 30, 1903, -.:;$1 160,000 J.~~f .... is0i ---· ·--· is77 ---- --· iss6 $150,000 250,000 323,375 Bee text. gg. 10 ...... M.&N. N. Y., N. Y. Stl.8a, & W. Nov. 1, 1911 J. & D. . June 1, 1910 do o J. & J. ..... Philadelphia.. .......... tJan. . 1904, 5% , 1932 ·, ) I 4,210,200 593,000 1,000,000 325,000 e6,000,000 d4,000,000 455,000 950,000 1,015,000 636,000 1,382,000 a5,282,000 b8,760,000 14,000,000 7,000,000 8,209.000 336,000 25,058,000 3,500,000 1,439,000 140,000 220,000 56100,300 13.000.000 c$174.10 519 J & J. 4g.-5 g. J. & J. 4 g. J. & J. 5 g. J. & J. 51nl903 J. & J. 5in 1903 J. & J. 7 g. J. & J. 7 g. J. &D. 7 g. J. &D. 7 ~- J. & D. 6 g. A. & 0. 5 g. M.&N. 4. g. M. & 8. See text. See text See text. See text 4.g.&l'5 J. & J. 4 (5) J. & J. 4 g. J. & J. 4g. J. & J 4. & 5 F. & A. 5 g. J. & J 5 g. J. & J. ...... . --· ... 0. .....d $ 39.600. Phila..,Offlce, 119 8. 4th. ~an. 15,'04,219 New York. 44 Wall St. Jan. 1, 1931 All owned by Can. Pao. Jan. 1, 1951 New York, 44 Wall St. Jan. 1, 1931 N. Y. Central Tr. Co. ~an 15,'04,219 do do .Jan.15,'04,219 do do Ja:a. 1, 1907 do do June 1, 1927 do do June 1, 1909 do do : Deo. 1, 1910 . Apr. 1, 1921 do do do do Nov. I, 1934 do do Moh. 1. 1949 Minn.office; ohks malled Apr-.15,'04, 2% do do Apr.16,'04.,S1s% N. Y., B'k of Montreal. Jan. 1, 192tl do do Jan. 1, 1936 July 1, 1938 do do do do Jan. 1, 1949 lstN .B'k,Bt. Paul.Minn. Aug. 1, sl916 Minn. L. & Tr., Minn. Jan. 1, '05-'08 Am. Tr. & ~av.Bk.,Chto. Jan. 1, 1922 ......... ·-· ·-·-·-- --- ; . ···---· --- ·---- 6 per cent, and then oommon to I> per cent, then both share pro rata.. 1Uinne1.ota Transfer Ky.-Union road, owning 13·5 miles, exThe $2,500,000 first pref. was pa.id oft" at par on June 1, 1899. tending fromjunctionwith Chio. Mil. & St. Paul at Merriam Park to 1/'ridley (with stock yards, etc.); side tracks 36·23 miles; total 49·73 DIVIDENDS (p.c.)!1896.1897.1898.1899. 1900. '01. '02. '03. 190l. 67, p. 956) . Stock, $70,000, ey_ually owned by: Preferred...... 3 3 319 4½1 5 5 5 5 Jan., 21g mlles.-<V. Chicago Milwaukee & St. Paul, Northern Pacific, Chica/lo St. Paul Minn. & Common....... None. 11g 4 5 5 Jan.,2lg BONDS, ETc.-Bonds issued under the mortgage due June, 1927, num• bered from 1 101 to 1,400, tor $500 each, additional to those above Chic. Rock Island & Pim. Additional bonds can be issued tor property and improvements 8.8 were assumeo1 by the Burl. Cedar·Ra.pids & Northern RR. As to first oonenl. mortgage see abstract V. 59, p. 1145. '.l'he re- required. Prin01pal onlv is payable in gold. Mortgage trustee, St. Paul Trust Co .• St. Paul, Minn.-(V. 66, v. 1238; V. 67. p. 956.) funding mortgage of 1899 11m1ts the first consol!! to $5,282,000. First refunding mortgage ot 1899 ts for $25,000 ooo, ot whion lllh,slstdppl Arkansas & Western Ky.-Owns from a point $10,000.000 reserved to retire underlyin~ bonds and q;6,240,00C tor in Drew County, Ark., to Gaines Landing on the Mississippi RivE'r in future extensions, improvement~J etc., under severe restrictions. The Chicot County. Ark., 22 miles. Stock authorized 1220,000. President, mortgage is a first lien on 277 IDlles of road. etc., and a blanket lten on Geo. H Martin, Fort Dearborn Building, Chicago, Ill. (V. 75, p. 442.) rest of property.-V. 68, p. 187, 332. See application to 11st, V. 69, p. 32. llllsl!lourl Kansas & Texas Ky .-RoAD.-Operates a line with .EARNINGS-!> mos., l 1903 ..•.•.••.. Gross, $1,338,374; net, $560,691 northern termint at St. Louis, Kansas City and Hannibal, Mo., extend• July 1 to Nov. 30. ) 1902 .••...•••. Gross, 1,623,464; net, 658,220 ing southerly across the Indian Territory and the Texas oott,on belt to ANNUAL REPOR'l.-A.nnua.l meeting 1st Tuesday in Oct. Report tor tidewater at Galveston, on the Gulf of Mexico, and to San Antonio, Tex., and Shreveport, La., with branches. ('IT See this company.) 1902-03 was in V. 77, p. 2336; see also edit., p. 2306. Road owned. Miles. <>Perated--not oomed. Mitu. Year Ending June 30, 1902·03. 1901·02. 1900 01. Missouri Kan, & Tex. Ry.Wichita. Falls Ry ..•.. · ·-· . ... 18 Average miles operated............ 642 642 633 St. Louis to Red River, Tex 629 Denison & Washita Val. Ry . Passengers •• •• . . . . • . . •••• •• . • • . . • • . $901,939 $876,486 $703,826 Hannibal to Franklin Jc... 104 (V. 76, p. 1249)....... ....•• 20 Freight ............................. 2,224,:>20 . 2,526,763 2,US,134 Branohf' sto Paola and Par• Denison Bonham & N. Or.RR. 24 Mall, express, &o................... 139,013 137,591 158,544 sons, Kan., and Stevens, Dal. Cleb. & Southwestern. _. 10 Grose earnings .••...••.•••..•. $3,265,472 $3,540,840 $3,271'>,504 I. T., &o . . . .. .. •• . . • . • 4.90 Dewey, I. T., to B11,rtlesville. 4 Net over taxes . ..••.•••.•••••..••... $1,237,530 $1,446,120 $1,318,887 Mo. Kan. & T. Ry. of Tex.Operated jointly. Other income ..• - . ··-····--·-······· 217,415 185,036 188,954 Red River to Houston, Tex. 548 Bt. Louis to Texas Junction.. 24. Totalnet tnoome .•••••••••.. _. $1,454,945 $1,631,156 $1.507,841 Denison to Henrietta...... 112 Kansas City to Paola..•••• -.. 43 Interest paid .......•.•••••••••. ··-· 886,980 886,980 897,220 Other branches .•••..•.••••• 446 Whitesboro to Ft. Worth·--·· 71 Iola to Piqua., Kansas ..... _.. 7 Dividend on prefstook ·········- (5)200,000 (5)200,000 (5)200,000 Dividend on oommon stook ........ (5)300,000 (5)300,000 (4.)240,000 Total owned . ••.....•••.••. 2,329 Galveston Hons. & Heud ..•• ,rso Oontrolled-Lea,ed. Rentals, etc......................... 56,050 47.451 56,711 Total operated July, 1003.2,713 Bal. surplus tor year ........ . _ $11,915 $196,725 $113,909 Mo. Kan. & Okla............. 113 The Denison Bonham & New Orleans Ry., Denison to Bonham, TeL, OFFICERS.-Pres., Edwin Hawley, New York; Vice-Pres., L. F. Day; 24 miles, has been operated under a ten•year oontraot since Dec., 1901, Sec., Joseph Gaskell. Minneapolts; Treas, F. B Davis, 25 Broad St.,NY. Dlrectors-E. Haw1ey, H. it. Hunt.tngton, E. Lane don, F. E. Palmer, F. H. Davis and the Dallas <Jleburne & Southwestern Ry., Cleburne, Tex. to Egan, 10 m. (to be extended to Dallas, Tex., 27 miles) under lease since Dec. John l!l. Searles, New York: L. C. Weir, New York; George Crocker, New York, 20. 1902. v. 76, p. 48. L. F. Day, Minneaoolls. Extension, Georgetown to Austin, Tex., 50 miles, under construction. -(V. 74, p.94, 1089; V. 75,p. 549,977,985; V. 77, p. 2280; 2336.) ORGANIZATION, &c.-Reorg. in 1890, without foreclosure. V.49,p. 719 l'-Ilnneapolb St. Paul & Sault Ste. Marie Ky.-Owns main The $12,890,000 stook ot the "M. K. & T. Railway Co. ot Texas" ltne from Sault Ste. Marie, Mich., via Minneapolis to Porta.I, North Dak., at the International boundary line there connecting with the ts deposited with Central Trust Co. as trustee tor the M. K. & T. seen• Canadian Pacific, 1,031;} miles; branches, Hankinson. No. Dak., to BtEI· rtty holders. (V. 54, p. 1047; V. 55, p. 298.) M. K. & Ea.stern was ab . marck. 214 mlles; Wishek, North Dak., to Pollock 70 miles; ot)ler Mlrbed in 1897, K. C. & Pao. in 1899 and Sher. Sh. & 8o. in 1901. V. branches, l 05 miles: spurs, 23 miles; total July 1903, 1.453 miles; 63. p. 30: V. 73, p. 609. The Mii.sourl Kansas & Oklahoma RR., with $8,500.000 stock. all also has terminal trackage 1n Minneapolis, St. Paul and Sa.ult Ste Marie aggre~ating 19 miles. owned, which absorbed the Te.xas & Oklahoma RR. in Deo.. 1903. is In .,an., 1904, extenston was buUding from Glenwood, Minn., north bulldiniz from Stevens, I. T .. near Coffeeville, Kan, to Oklahoma City, via Alexan<lria to Wliite Earth, Indian reservation, 125 miles, of which an • Guthrie. with branch to Wybark, about 275 miles, anti rrom Coal• 59 miles were operated. Branch was unner construction from Birch· gate. I. T., to Okl •homa City, 125 miles. Of these 292 miles were wood to Reserve Villa~e,Wis., 20 miles. V. 77, p. 765. completed in Dec., 1903. See BONDS below. V. 74, p. 1038, 1140; HISTORY.-Formed June, 1888, by consolldatton of the Minneapolis V.75,p.608, 1086;V.76,p.480, 1249. LAND GRANT.-Land grant in Indian Territory 3,110,400 a.ores, sub. Ba.ult Ste. Ma.rte & Atlantic, the Minneapoli~ & Pa.olfl.o, etc. and fur• ther merged in Sept., 1903, with constituent cos. (See V. &6, pp. 538, leotto Indian title. For status in 1897 and 1898, 866 V. 67, p. 222'; V. 65, p. 542, 594. (V. 55, p. 937; V. 61, p. 1155; V. 77, p. 2339.) 609. V. 77, p. 628,) Controlled by Canadian Pac., which July I, 1903, owned $7,066,600 common and $3,533,400 pref. stock, etc. BoNDs.-M. K. &. T. 1st and 2d mortgages of 1890 [abstracts in V. 8T0CK.-Authodzed, common, $14,000,000; preferred, $7,000,000, 51, p. 495] cover line from Hanniba1 Mo., to a point 80 miles trom of which the Canadian Pacific on July 1. 19\13, owned $7,066,600 Houston, Tex., 941 miles [except 71. miles of trackage] and sundry common and $3,533,400 preferred. Preferred stock has a pr1or right branches, the total mileage mortgaged being 1,601 miles, including the to 7 p. c. (non cum.); then common to 7 p. o.: then sha.:re pro rata. v. Sherman Shreveport & So., but see below. These mortgages also cover the right to the land grant in the Indian Territory. , 75, p. 549. Car trusts. $93,765; oue, $13,395 semi-an., 1904·07. The Missouri Kansas ti Eastern bonds originally guaranteed were DIVIDENDS.-On preferred, 7 p. o. a.l' d on common 2 p . c., both paid assumed 1n June, 1896, the road forming the St. Louis extension from O ct. 15, 1903t from earnings ot calendar year 1902; on Apr 15, 1904, Franklin, Mo., to Texas Junction, Mo., 162 miles. Bee V. 63, p. 30. semi·an. dlviaends, 2% on common and ~Jg% on pref V. 77, o. 451. or the St. Louls division let refunding bonds; $4,666,000 were re.80NDS.-Can. Pao. guarantees by endorsement 4 per cent interest on erved tor the retirement of both issues, the balance being for extenall the bonds assenting to a redµction of interest to 4 per cent. (See sions and improvements on the division. V. 72, p. 1034; V. 75, p. 608. V. 50, p. 784; V. 51, p. 239. About one•half the Minn. & Pac. bonds The Sherman Shreveport ti Southern mortgage ts tor $6,000,000 at and vraotically all of the other issues assented; on A.pr. 15, 1 -. 03, semi- $20,000 per mile; issued, $3,689,000, of which $2,000,000 pledged annual dividends, 2 p . c. on common and 3lg p. o. on »referred. under M. K. & T. mort. ot 1890. The bonds, formerly guaranteed, were Abstract of Minneapolis Sault Ste Marie rl .A.ttanticmortgage in V. 45, assumed upon consolidation in May, 1901. V. 72, p . 1034, 1115. p. 243. The consol. mortgage of1888 (trtl.Btee, Central Trust Co., mort GUARANTIES.-Dallas & Waoo bonds a.re guaranteed, prlnotpal and ingage abstract CHRONICLE, V. 47, p. 142), was tor $21,000,000 on 800 terest (issue 11m1ted ~ $1,340,0001 miles (sufficient of this amount being reserved to retire the prior The Bridge 4s a.re guaranteed, principal and interest, and bonds) and tor $20,000 per mile on all additional mileage. V. 73, p. 185. also asBoonville to sinking fund beginning 1911. V. 73, p. 494. Of the $5,000,000 2d 4s of 1899 $3,500 000 wer~ issued to ta.ke The M. K. ti T. in Texas mortgage seouru $10,000,000 of bonds at up certain maturing interest-bearinf obllgatlons a.nd current capital per mile tor extensions 1n Texas. They ara guaranteed prin• expenditures and for equipping o terminals and additions, the re• $20,000 and interest. Bee above, and guaranty V. 56, p. 604. ma.intng $1,50~000 to be issued hereafter from time to time only as oipal 'l'he Southwestern Ooal cl Improvement Oo.'• bonds are guaranteed. required. V. 6~, p. 669, 771, 977; v. 71, p. 645. Mortgage ($1,000,000) oovers ·the coal on 51,000 acres 1n Indian Ter• LATEST EARNS.-5 mos. ! 1903.. Gross, $3,5~2,836; net, $1,900,738 rttory, and the oompany also owns 2,350 acres additional, the Deni• Julyl toNov.30. S1902.... Gross, 3,4!:'!2,111; net, 1,885,874 son & Washita Ry., 20 miles. mines in active operation, etc. W The Missouri Kansas & Oklahoma bonds are guaranteed, prtnotpal REP0RT.-Report for year ending June 30, 1903, was in V. 77, p. 765, a.nd interest; the bonds are issuable at $20,000 per mile on new mileYear. Gros,, !Vet. Int., taxes,etc. Eq1dp., etc. Bal., mr. age to be constructed in Oklahoma.. The Texas & Oklahoma. bontls 1902-03 . .. $7,237,264 $3,517,342 $1,852,844 $:l00,000 $1,464,498 are also gua.ra.ntf.P,d. Form of JrUaranty, V. 75, p. 185. V. 74, p. 1038: 1901-02... 6,222,387 3,280,760 1,694,259 300,000 1,286,501 • 75, p. 733; v. 77, p. 252; V. 78, p. 48. In Jan., 1904, a$5,.000,000 M. -(V. 77, p. 4.51, 628,695,765; V. 78, p. 288.) K. & o. first extension Mortgage was filed. to provide fol' additional BJ111ileao1a & North Wlaeonsln KK.--see page 531. extensions, etc., none or the bonds to be issued i m m ~~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8::k~;: ~~~i'i:g~t thi~~-G~ia'i1~!t~::;-:i~i::;~tl• P~!1i°.t\~Jtlll~~:. 446 RAILWAY STOCKS AND BONDS. [VOL. LXXVIII. RAILROADS. INTEREST OR DIVIDENDH. ..11onas-.t'rlD.01· Miles Date Size, or Amount - - - - , - - - - - , - - - - - - - - - - - pal,Whe11. Due. Por explanation of oolwnn headings, &c., see notes of of Par Outstanding Rate per When Where Payable, and by Btock8-L&Bt on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend, Missouri Kansas ti Texas-(Ooncluded)- M. K. & T. 1st mortgage, gold, Oe ................. 1,601 2d M. (formerly incomes), see text, gold.Me ... 1,601 1st M. exten. bonds, gold, $20,000 p. m. f ' e .. c• 143 St. Louis Div., 1st, ref'g M., $6,000.000 . .F •.. c* .... Mo. K. &East. lstM., $4,000,000g., assum.Oe. 162 2d mortgage, guaranteed, being retired...... 162 Sh. Sh. & So. Jst M.,$20,000 p. m., fl., assu.Oe.c... 202 Kan.City&PaciflclstM.,gold,assumed.Oe.,.c, 130 Guaranteed tJonds- 1890 $500&c. $40,000,000 1890 500 &c. 20,000,000 1894 1,000 2,868,000 1901 1,000 1,852,000 1892 1,000 4,000,000 1892 1,000 111,000 1893 1,000 1,689,000 1890 1,000 2,500,000 ;; 4 g. J. 4 g, F. 5 g. M. 4. g. A. 5 g. A. 5 g. A. 5 g. J. 4 g. F. & & & & & & & & D. N. Y. Office, 49 Wall St. A. do do N. do do O. do do O. do do O. do do D. do do A. do do Dallas &Waco lst M.,$20,000p.m. g.p.& 1.gu.Ce c* 67 1890 1,000 1,340,000 5 g. M. & N. do do M.K.&OI•·.,lstM.,$20,000p.m.,g.,gu.p&t.Ce.c* •••. 1902 1,000 Seetflxt. 5g. M.&N. do do Tex.& Okla.,lst M., $2,500,000, g., gu. p. & 1., e.c* .... 1903 1,000 337,000 5 g. M. & S. do do M.K. &O., lstext.M.,$5,000,00lJ,g.Oe.seetext .... .... ...... See text. 5 g. •••.. •••••••• M.K.&T.ofTexaslstM.,$20,000p.m.,g.,gu.cec* 195 1892 1,000 3,907,000 5 g. M. & S. do do Boonv. Br., 1st M., g., gu. p. ,ti., end, s. f.Oe ... o* •••. 1901 1,000 1,000,000 4 g. M. & N. do do 8.W.C.&Imp.lstM.gu.p.&1.,s.f.,oallat125 . .P .... 1889 1,000 968,000 6 J. & J, do do acusoun Pactfto-Btock ($100..,000,000 auth.) ..•. .• • . . . .. 100 77,802,875 5 in 1903 J. & J. N. Y,.z.195 Broadway. Pao. RR. of Mo.1st M., extenn. in 1888, gold.ltle 2 8 3 1 8 6 8 1,000 7,000,000 4 g. F. & A. N. Y., mercantile Tr. co. 2d mort. ext. in 1891 in gold, St. L. to K. 0 .. o* 283 1871 1,000 2,573,000 5 g. J. &. J. do do 1st M., St. Louis real estate, ext. in 1892, gold. •. . . 1872 500 &o. 800,000 5 g. M. & N. do do let M. Carondelet Br., g., gu. p.& L(end.)ext.'93 13 1873 500 237,500 419 g. A. & O. tlo do 3dM.(oover'gallprope.ofJ>acifioRR.ofMo.)Oe 296 1876 1,000 3,828,000 7 M. & N. do do Mo. Pacific lst M., Lexington to Sedalla,Mo gold 55 1880 500&c. 650,000 5 g. F. & A do do Consolidated mortgage, $30,000,000, gold ... ~• 1,076 1880 1,000 14,904,000 6 g. M. & N. do do Gold collateral trUBt.lJn ...................... o*&r 1,120 1887 1,000 14,376,000 5 g. M. & B. do do 1st collat. mort. bonds for $10,000,000 g.1'.le ... o* 671 1890 1,000 9,636,000 5 g. F. & A. do do Ler. & Caney Val.1st M., g., gu. (V. 70, p.1095).o* 52 1886 1,000 520,000 5 g. J. & J. do do Verdigris Val. Independence & W. 1st M.,g.,guar. 81 1886 1,000 806.000 5 g. M. & 8. do do K.O.& N. W.,lst M.pf. "A"g..tnt.rent.,red 105,1'.le . • • . 1894 500 &c. 1,024,500 5 g. J. & J. do do Equip. Ass'n obli~at'ns, $203,000pay.Sept.1 y'ly •••. 1902 1,000 1,827,000 5 g. Q.-M. do do do do Ser. B., g., $97.0uO due Mar. l yearly . ... Hl03 1,000 873,000 5 g. Q.-M. do do do do E'er. C, !l.,$282,000June 1 y'rly. Tie . - · . 1903 1,000 2,820,000 5 g. Q.-M do do 1'.IIHourl Kansas & Texas Ry.-(Concluded.) Equipment Notes.-On June 30, 1903, these aggregated $3,798,219, payable part yearly till 1910. V. 73, p. 608. LA.TEST EARNINGS.-5 months ending Nov. 30: Gross. Net. Oharges. Surplus. 1903 .............. $8,093,613 $2,406,466 $1,627,380 $779,086 1902 .......... --· 7,895,330 2,637,~02 1,657,291 1,080,511 ANNUAL REPORT.-Annual meetingfl.rst Thursday after fl.rat Monday m April. Report 1902-03, V. 77, p. 692. See also editorial, p. 736. Year end. June 30.- 1903. 1902. 1901. 1900. Aver.miles operated. 2,601 2,500 2,265 2,218 Passenger earntngs. $3,160,455 $3,040,842 $2,658,245 $2,152,768 Freight .............. 13,256,90012,632,692 12,097,618 9,886,995 Mail, express, etc... 790,838 717,865 647,220 586,749 Gross earntngs .... $17,108,193 $16,391,399 $15,403,083 $li,626,512 Ope. exp.and taxes. 12,449,083 11,871,564 11,134,147 8,765,470 Netearn.,inc.oth.in. 1T4,858,675'IT$4,553,6481T$4,307,0731f$3,904,251 Interest on bonds.. 3,291,396 3,226,844 3,118,015 3,082,093 Rentals., &c......... 467,363 417,865 389,142 371,292 Ba.lance ........ er.$1,099,916 sr.$908,939 sr $799,916 sr.$450,866 'IT$99,565 in 1903, $33,813 ln 1902, $38,137 in 1901, $43,209 in 1900. 0FFICER8.-Chairman and President, Henry O. Rouse, New York; Vioe-Pres. and Gen. Manager~A. A. Allen, St. Louis, Mo.; Vice-Pres. and Tre818, O. G. Hedge, .New rork; Secretary, B. Halllne, 49 Wall St. ;t!rNJ~r~ii~:~ ~: ~~~~eJ~~rrF~1Wl~~a~~cg::!~e&. lf::Ft 5·a~°e~ ~r~~~ 8 Jc,tter and Herbert L. Satterlee, New York; .Myron T. Herrl~, C1evela11d, O.; A. A. Allen and James Hagerm •n, St Louis, Mo.; B. P . .McDonald, Alfred J. Poor and '1'. N. Sedl!"wick, of Ka ,. sas; H. J. De Marez Oyens, Amsteraam, Holland,-(V. 77, p. titJ:l, 187-l, 2008, 283Q; V. 78. p. 48.) June June Nov. A.pr. A.pr. Apr. June Aug. 1, 1, 1, 1, 1, 1, 1, 1, 1990 1998 1944 2001 1942 1942 1948 1990 Nov. 1, 1940 Ma.yl, 1942 Sept. 1, 1943 . ••.•••. Sept. 1, 194.2 Nov. 1, 19~1 July 1. 1929 Jan. 20!04,219 Aug. 1, 1938 July 1, 1938 May 1, 1938 Oct. 1, 1938 Nov. 1, 1906 Aug. 1, 1920 .Nev. 1, 1820 Jan. 1, 1917 Aug. 1, 1920 July 1, 1926 Moh. 1, 1926 Jan. 1, 1933 Sept., 1904·'12 To Mar.1,1912 To June, uns L. & I. M. bond. (V. 68, p. 283, 619, 725, 774,) In July, 19011. divl• dends on stock were resumed. V. 72, p. 1238. The $11,218,00u con• vertible deben't ot 1900 were exchanged in 1901 for stock. Bee above. EARNINGS-11 months, 11903 .. Gross, $39,403,416; net, $12,358,835 Jan. 1 to Nov. 30. 51902 .. Grose, 34,112,177; net, 111 165,036 ANNUAL REPORT.-Ftscal year ends Dec. 31. Annual meeting is held 11,t St. Louis in March. Report tor 1902 was in V. 76, p. 589, 599. Earnings of Missouri Pacific system have been as below. "Other income" in 1902 includes: Interest on Tex. & Pao. 2d mort. incomes, $1,113,800; Pacific Express Co., $216,000; Denver & Rto Grande RR., $365,000; coal companies, $150,0001 etc. Year ending Dec. 31. l!-<02. 1901. 1900. \flies operated.............. 5,613 5,570 4,936 Total earnings. .............. $37.495,688 $36,661,093 $30,511,313 Net earnings................. 12,452,497 13,04!'>,579 10,653,146 Other income, &c.. ... . . ••. 2,422,139 2,473,431 2,709,619 . Total netincome...•.... $14,874,636 $15,519,010 $13,362,765 Interest and rentals ........ ljs6,64fi,672 $6,615,889 $6,699,107 Taxes. . . . . . . . .•• ...... .... . 1,123,374 1,082,916 946,394 .. undry accounts............. 560,968 341,683 783,261 Dividends . . •• ..•.. . (5%)3,855,110 (5%)3,563,802 1,547,242 Bala.nee, surplus............ 2,689,512 3,914,720 3,386,760 OFFICERS.-President, George J. Gould; Secretary and Treasurer,A, H . Calef, 195 Broadway, New York. 8/{lflo~k~~W:r r:.~~~~::t-o~tfl H~ii;~~~rlon~ i~fa~~:~:t!r~~t~!;/:,~~~ T. 011tes an<l Frank J. Gould, New York: C. G. Warner, Russell Hardlnir, W, K. Bixby, St. Louis, Mo.-(V. 7tl, p. 3S9. 6tl4, ;)99, 1301; V. 77, p, 769, 1583, 17i6,) Mlssonrl Pacific System-st. Louis Iron Mountain a: Southern Ky.-( See Map,J-Owns St. Louis to Texarkana, Tex. Line. m.; l>ranches to Belmont,Mo., Bird's Ft., Mo. (Ca.iro), Camden, Ark,, 1'.llstJourl Pacific Ky.-(See Map.)-Operates an important sys• 490 Elelena., Ark.1 Cushman,_ Ark., Arkansas City, Ark., Warren, Ark., Mem• tern extendin~ westerly and southwesterly from St. Louis, Mo., tn· phis, &c., 7 4 7 mues; HoUBton Central Arkansas & N ol'thern Rail• eluding main lines from St. Louis to Omaha., Neb., 495 miles, and from way, Tenn., McGehee, Ark., to Alexandria, La., 190 miles; White Rtver Kansas City to Denver, Col., 758 miles, with ma.ny branches in Kan· branch, 94 Illinois Division, 121 mtles; Memphis Helena & sas, etc. Through the St. Louis Iron Mt. & Southern,which it contro!s, Lou1siana., 54miles: miles: East & West lll. Ry., 26 mtles; total owned Dec. -connection is had with Texas and the lines of the Texas & Pacific, 1, 1903, 1,723 miles. Leases Little Rock & Fort Smith and Little International & Great Northern a.nd tne St. Louis Southwestern, the l{ock Jun<'tton railroade, 176 miles: Kansas & Arkansas Vall~y RR., whole fo:rming what is known as the "Gould System," in which the t 70 rnile11; St. Louis Southw. Ry., 51 miles. Total operated Deo. 1, heirs of Jay Gould are largely interested (see list of Mr. Jay Gould's 1903, 2,120 miles. holdings, v. 60, p. 83.) The Mo. Pao. property includes· ln Dec., 1901, holders of $22,276,000 of the $23,172,588 Texas & Lines owned and controlled. Mites. Leased lines, etc-(Oon.) Milu. Pacific seconds exchan~ed their bonds for 65 per cent in new Iron St. Louis to Omaha........... 495 Leroy & Caney Valley......... 5~ Mtn. gold 4s hearing mterest from July 1, 1899. Bee BONDS below, Othermainllne .. ."- .....•• . .. 838 KansasCity&B. W••••...•.... 48 a.lso V-: 68, p . 329, 380, 474, 520,572, 619, 725, 774. In Dec., 1902, 25 branches owned .........•. 1,713 Other lines, .................... 192 the New Orleans & Northwestern RR., Vidalia, La., northwesterly to Leased lines, etc. Trackage to St. Joseph, etc.... 35 Arkansas Sr ate line, 115 miles, was bought. V. 75, p. 1400. Boonville St. L. & Southern... 44 -A new short system from St. Louis to New Orleans was Verd. Valley Ind. & West...... 81 Tot. Mo. Pac.and br'nch ilnes.3,498 proposed via I the WPBt side of the river, and a connection Also owns all ca.pita! stock of Central Branch Union Pac.,etc,, 388 m.; with tne Texa.s & Pacific at Clayton, La., and a diagonal line St. Louis Iron Mountain & Southern and leased lines, 2,020 miles . from the last-named line to a connection with the Mo. Pac. at Cartb• age, Mo., completing a 480-mllelow.grade line from Kansas City to Grand total Missouri Pacific mileage Dec. 1, 1903, 6,006 milt)s. Early in 1901 a large interest was acqmred in the Denver & Rio Memphis. or these lines, West MemClhis to Clayton, L&., 278 miles Grande RR. and so in the Rio Grande Western Rv., extending the was under construction, and Batesville, Ark., to Oartha~e, Mo., 254 system as fa.,. west as O~den, Utah. The Gould and Rockefeller bold• miles, 93 miles of the latter beiug completed. V. 76, p. 543, 600, 1031 ings in the Denver & Rio Grande are together understood to constitute BTOCK.-Btock was $25,788,435, of which $25,788,435 June 1, 1903, a large majority of the entire capital stock. was owned by Missouri Paoiflc-mostily acquired in 1881. Authorized In 1901 the Little Rook & Hot Springs Western RR., Little Rock to llmit increased in 1903 to $130,000,000. See below. V. 69, p. 27. Hot Springs, Ark., 57 miles, was acquired. As to St. Louis Iron Mt. & DIVIDEND-In 1899 2 p. c.; in. 1900, 6; in 1901, 6; 1902, 10. -Southern acquisitions, see statement for that company following. BoNDs.-General consol. mart. is for $45,000,000, Nos. 11~01 to 18{· 0:BGANIZATION, LEASES, &c.-The Pao111o RR. of Missouri was BOld iB foreclosure September 6, 1876. The present company was a oonsolida• 000 inclusive are endorsed with the Missouri Pac11ic's guaran11y of prino • tion in August, 1880, embracing the Missouri Pacific and minor roads. pal and interest; form of guaranty was in V. 56, p. 650; they are a fl.rat The bonds of the proprietary lines are practically all pledged to secure lien on 1,538 m1lee. (V. 68, p. 95,233, 520.) The gold 4s of 1899 (fl.rat issue $30,000,000) may be increased Mo. Pa.cifl.c loans. The Iron Mountain stock ts mostly owned by the Missouri Paciflo. Control of the International & Great Nortbern not over $10,000,000, at $12,000 per mile, for construction or was secured in 1892 and of Central Br. U. P. in 1898-99.-See V. 68, acquisition and eqmpment of branches an<l extensions. They are secured by a Hen (sub Ject only to the general oonsols on all the rail• p. 329,520. As to Texas & Pac., see below. SrocK.-ln July ,1901, the authorized capital stock wasinoreaeed from roads, terminals and equipment of the company: and ~o a fl.rat and J70,000,000 to $100,000,000. The amount outstanding on Deo. 31, only lien on all stocks and bonds now embracen in the trust of the 1900, was $50,432,150; this was increased to $76.402,875 in gold funding note indenture upon satisfaction thereof, all leased and 1901 by the conversion of $11,218,000 collateral trust bonds and branch lines, or their bonds and stocks acquired by the loan, and all by issue of $2,98~..,500 for purchase of entire stock,and$2,983,500"B'' Texas & Paoifio seconds acquired, and all future extensions and Of the $30,000,000 at pres• bonds of K. O. ..Northwestern, and by further issue of $14,422,000 branches constructed or acquired. (partly at par to stookholdershto purchase $14,800,000 common and ent authorized $16,250,000 were issuable to retire the entire $7,300.000 preferred stock of enver & Rio Grande and for other pur- issue or Texas & Pa.oiflo seconds, and $12,114,000 to retire at once poses; in 1902 $1,400,000 was sold to pay for new construotion, 56 $3,952,000 gold funding notes and $3,412,000 Kansas & Arkansas Valley 1st 5s, and also eventually $2,596,000 Little Rock & Ft. Smith miles. V. 72, p. 1188, 1238, 1280; V. 73, p.185, 1356; V. 75, p. 549. bonds, $435,000 Little Rook Junction 1st 6s, $683,000 oar trusts, and DIVS.-! '82 '83 to '87 '88 '89 '90 '91 '92 to '00 '01 '02 '03 1904 $200,000 Baring Cross Bridge bonds and the bala.noe, $1,636 000 Per cent. 5 614 7 yearly. 514 4 4 3 None 219 5 5 Jan., 212 available for improvements. (V. 68, p. 619; V. 70, p. 997; V. 74, p. 206). From July, 1901, to Jan., 1904, both incl., 5 p. o. yearly (J. & J.) The River & Gulf Divisions '1 s of 1903 (present issue $20,000,000) BONDS.-Th6 consolidated mortgage is for $30,000,000-trustees .John will be secured by a first lien on 677 miles of road built or under oon• F. Dillon and Edward D. Adams-the balance unissued ls in trust to struction ,see a-bove) and on terminal property at St. Lonie, East St. redeem prior bonds due 11 deemed best. Abstract in V. 47, p. 287. Louis, Cairo and Thebes, and 8,000 acres of coal lands in IllThe cotiateral trust bonds due 1917 (Union TrUBt Company of New inois, and deposit of the bonds of the Union Ry. of Mem• York, trustee) are secured by mortgage bonds of new roads at $1 ? .ooo phis. Additional bonds may be il'sued up to a total of $50,000,000 or $15,000 per mile; tbese embracing the line from Fort Scott, Kan. a t not over $30,000 per mile of ma.in line for new construction, and to Pueblo.Col. etc. For securities pledged, etc., see V. 46 .p.678. $15,000 per mile of second track and branch lines, but not exceeding Oollateral trust bonds due in 1920, see V. 50, p. 669,874. the actual cost, and for additional terminals, equipment, double GENERAL FINANCES.-ln Mar., 1903, $23,668.000 of the $25,000,000 tracks, etc. 8ee also above. V. 76 p. 543, 600, 1085; V. 77, p. 1875, Texas & Paciflc 2ds had been exchanged for 65 per cent in a new St. and application to list, V. 77, p. 2036, 20491 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Demiu g . o Tomllsl1 me Benson co_ r••-•• !Cr·mbd Jn cz _____ :,...LI __ _, E 1 ~ I MAP OF THE MISSOURI PACIFIC RAILWAY ST. LOUIS, IRON MT. & SOUTHERN RY. AND LEASED, OPERATED & INDEPENDENT LINES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 F M E X I (j 448 tVoL. LXX·v rn. RAILWAY STOCKS AND BONDS. BA,Y 1400 AOREB 8HAL/,0W8 MA P OF THE i;,"'e,_ / 7 r,"1\# ~MOBILE, JACKSON & KANSAS CITY R.R. •,#• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis •••• TERMINAL PROPERTY AT MOBILE, a: ~ ~· ·• MOBILE, JACKSON ~ KANSAS CITY R. R. A.r D CO EOTIONS. - JAN., 1904. J RAILWAY STOCKS AND BONDS. 449 RAILROADS. INTEREST OR DIVIDENDS. Boncts-Prtn.01 - - - - - - - - - - - - - - - - - - - - , Miles Dat.e Size, or A.mount - - - - - - - - - - - - - - - - pal,When Due For explanation of column headings, &o., see notes of of Par Outstanding Rat.e per When Where Payable, and by .8tocka-Last on first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. ---------------------1--- ------ ----- ---- ----1---------·------ .MlHouri Pariftc System,-( Ooncluded)Bt. Louts Iron Muuntain d! 8outhernGen. consol. 8r 1. gr. M. ($45,000~000) g.Me .... o* 1,538 Do do gold, stp,mpea, guar. p. & Lo* 1,538 Unifying & ref. M., gold, $40,000,000.Jnp .... . o* 1,538 River&G Div'ns lstM.,$50,000,000,g.Jne.o•&r 330 Ca.rtrustsMar.31,1903,dueJune,~ept.& C>eo.,yrly ..•. Car trusts, ser. N, due$196,000or$197,000y'rly •••. Baring Cross Bridge Co., 1st M.,gold, red. to 6p.o. .... Little Rook & Ft. Smith 1st M ..land gr. sink.fund.. 165 Little Rook Juno. 1st M., gu. p.& i. by Ir. Mt.Me.o" 2 ~eBl'tt:&West. lstM., gu. p . &c.,red. lOyrs.105 42 Jfobile d! birmingh. RR.-Pret. stock ($900,000).. .. .... Prior lien, gold, $600,000.Ce ..•.•.....•....••••.. o 149 1st M., $1,200,000. ...... . .................... tne.o 149 .!Cob. Jack. d! K. 0.-lst con. M., $4,000,000, g.Ce.o* 140 Glf.&C.,lstM.,$5 OOO.OOO,g.• gu.re1. 110.<'ol.o* .. . . Jlobile d! Ohio-1st M., Mob. toCol.(prin. gold).F.o* 472 1st M., exten.,Colum. to Cairo & branoh,gold. F' . . o 55 General mort. for$10,500,000, (now golcl) s. f. Fo~ 506 Montgomery Div.,lstM., $4,000,000, gold .Ce.o* 189 Oollat. trnst,,_gold, ($2,500,000) call at par .G.o* .... Bt. Louis & uairo 1st mort., gold, interest guar.o 161 Mobile & B. Sh. 1st M., $200,090, assum., g.,F.o* 38 Equipment bonds {$373,000 are 6s)............... . .•. Equipment trusts "A" & ''B" (V. 71, p. 749), s. f. ..•. Equipment trusts, series A C F..... ...... ••• .. .. Joint equipment notes ($19,000 due semt-ann.). JfoA.cfMal.-letM., $15,000p.m.,g.,gu.p.&1,(en.) tt. o.. 182 Consol. mortgage, $10,0••0,000, gold . G ..•.. o* &r. . • • Jlo,wngahetc llit1er RR.-Bonds-See B. & 0. RR. JCot1tana BR.-lst M., g., $~~00.z.<!OO··········ce.o• 163 .llontgom'yBeltL.-lstM.• '!12uu,Ouu,lawfnlmoney.o .•.. '8lto'7 $1,000 $36,927,000 .... 1,000 6,886,000 1899 1,000 27,036,000 1903 1,000&o 13,016,000 '80-'02 ... . . . 3,419,000 1903 1,000 2,768,000 1873 200,000 1875 500. 2,342,500 1891 1,000 435,000 1903 1,000 850,000 ..•. 100 900,000 1895 aoo, 1,000 600,000 1895 aoo, 1,000 1,200,000 1903 1,000 2,202,000 1903 1,000 See text 1879 500 &o. 7,000,000 1883 1 000 1,000,000 1888 500 &o. 9,472,000 1897 1,000 4,000,000 1900 11 0 oo&o. 2,496,000 4,000,000 1 8 86 5 u0 1899 500 &o. 200,000 '94·'98 1,000 388,000 1899 1,000 1,000,000 1901 .• • . . . a51 ,829 1902 1,000 323,000 1892 1,000 2,500,000 1902 1000 &o 3,900,000 ·&o. 1900 1890 1,000 1.000 Pine Bluff & Western guar. 5s of 1903 (American Central Trust' Co. of 8t. Louis, trustee) , see V. 78, p. 103. EA.RNINGs.-For the 8 mos. ending Aug. 31, 1903, gross, $12,642,· 889; net, $4.402.208; other income, $1,172,891; charges, $3,159,980; bal., sur., $2,414,619. ~ A L REPORT.-Report for 1902 in V. 74, p. 590, showed: Year ending Dec. 311902. 1901. 1900. Gross earnings ................. $17,6(0,578 $16,961,021 $U,581,037 Net earnings................... 6,634,320 6,944,947 6,033,022 Other receipts.................. 1,274,607 1,062,572 399,235 Total net income............... 7,908,g27 8,007,519 6,432,257 Interest on bonds.............. 3,170,531 8,118,403 3,070,598 'I'axes, bridge exp., rent'ls, &o. 936 591 757,468 1,205,547 Diviaends ••••••.•••.••... ,10%12,578,831(6%)1,547,283 (6%)1,547,2,2 Balance for year ......... sur.$1,222,974 $2,584,365 sur.$608,870 -(V. 76, p. 1086; V. 77, p. 2049, 2281; V. 78, p. 49, 104, 229.) . Mobile & Blrmln:;r;ham .RK.-Mobile to Marion Junction, Ala., 149 miles; opened in July, 1888. Leased to Southern Ry. from Mar. 1, 1899, for 99 years, the latter agreeing to meet the interest on bonds, and to guarantee a dividend on the $900,000 preferred stock of 1 per cent for first year, 2 per cent for second year and 3 per cent for third year, and 4 per cent for the fourth year and thereafter. The $900,000 common stock is owned ·by Southern Ry., and the voting power Oil the preferred irrevocably assigned to the Boothern Ry. during the term of the lease. V. 68, p. 429, 1134; V. 69, p. 391; V. 71, p.1013. Foreclosed in 1895 per plan V. 60,p. 657.-(V. 72, p. 137.) Mobile Jackson & Kansas City KR.-(See .Map.J-Mobile to Hattiesburg, Miss.• 96 miles. Extension wlll be built north from Beaumont, 80 mlles southeast of Hattiesburg, to Jackson, Tenn., 354 miles: of th1s, Beaumont to Decatur, Miss.. 98 miles, wm bf\ completed inlFebruary,1904, a.ndlthe balance, from Decatur north to Jack• son, 256 miles. will be leased from the Gulf &Ohioago RR. for 99 years from July 1, 1903. The <¾ulf & Chicago is partly completed from Mid· dleton to Pontotoc, 62 miles, and is to be standard-gauged and ex• tended, its bonds being guaranteed, principal and int.ereat. See form of guaranty, V. 77, p. 36. Stock, $4,000,000; issued Oct. 1, 1903, $1,· 918,000; par of shares, $100. Both tssue.9 of bonds shown in table above an limited to $20,000 per mile of staJ,1.dard·gauge road, The let console are subject to call at 110. There is also 13tl,000 of 1st 5s outstanding, due June 1, 1946, for which an equal amount of 1st ooneols id reserved. V. 77, p. 822; V. 70, p. 687; V. 78, p. 48. EARNINGS,-For 5 mos. ending Nov. 30, 1903 (96 miles), gross,$162,· 620; net, $61,083. Report for year ending June 30, 1903, in V. 77, _p. 822, showed, gross, $273,980; net, $103,517; charges, taxes, etc., $97,524; bal.. sur., $1),993. In 1901-2, gross, $167,229; net, $79,497. President, W. D. Stratton, New Yorir; Secy. and Treas., Pierce C. Butler. Directors, Dec., 1903, V, 78, p. 48.-(V. 77, p, 1225; V. 78, p. 4.8.) Jlloblle & Ohio KK.-(See Map Bo. By.J-Owns from Mobile, Ala., ro Columbus, Ky., 472 miles proprietary line, Kentucky & Ten• nessee RR. to E. Cairo, 21 .mlles; branches to Columbus, Miss.L~o., 34 miles; Columbus, Miss., to Montgomery, Ala., 167 miles; with warrior Branch, 9 miles, and Blocton Branch, 12 miles; total owned, 715 miles; Bt. Lou111 & Cairo (leased), Cairo to Bt. Louis, 152 miles, with branch to Mill8tadt, 7 miles; total included in earnings June 30, 1903, 874 miles. The Mobile & Bay Shore Ry., 38 miles, was ta.ken over ae of April 1, 1903; its operations are included from July 1, 1903. V. 69, p. 856; V. 76, p. 11~8; V. 77, p. 766. Extension of Warrior Branch, 15 m., com• pleted Sept., 1903. Nashville & Miss.Delta RR., V. 75, p. 666. HlsTORY, ETc.-Opened in 1861; securities readjust.ad in 1979: Lands June 30, 1903, were 262,05lfaoree, valued at $144,3 ~6. In 1903 the Southern Ry. had acquired $7,999,000 of the $9,472,000 gen. 4s and $5,632,600 of the $6,070,600 stock, issuing, dollar for dollar, its oonateral trust 4 per cent gold bonds in exchange for the M. & 0. gen 4s, secured by a pledge of the latter and also stock trust oertiftoates for stock, dividends being payable (A.. & 0.) at 2 per oent for one yea.rt 3 p. c. for the second year and 4 p. o. in perpetuity thereafter. Roa.a operated independently. V. 72, p. 241,483. DIVIDENDS.-First div. (1 p. o.) paid Feb. 28, 1898; on June 24, 1903, 2 p. o. from accumulated surplus. V. 76, p. 1408. A.s to dividends on stock trust certificates see paragraph above. 8TOCK.-8took authorized, $10 000,000 ; outstanding, $6,070,600; par, $100. The voting power on $4,984,200 of the stock fs exercised by the general mortgage bondholders by virtue of the deposit in trust under the general mortgage of the old debentures of 1879. BoNDs.-Under the general mortgage of 1888 there can be no foreclosure till four coupons are in detault. Mortgage abstract, v. 47, p. 88. V. 60, p. 967. Interest on $4,000,000 St. Lou1s & Cairo 4s is guaranteed. As to Mont. Div.1st 5s. see application V. 66, p. 1045. Of the $2,500,000 collateral trust 4s of 1900, $2..z..167,000 were is• suable in exchange for the $6,500,000 St. Lenis & uairo stock. See V. 70, p. 532. In July, 1902, $6,489,000 stock had been exchanged. EARNINGS.-5 mos., i 1903 .••.. Gross, $3,260,388; net, $1,048,908 July- 1 tio Nov. 30. S 1902 .••••. Gross, 3,006,423; net, 956,075 REPORT.-Report for 1902-03, V. 77, p 765. ~sults of the Mobile • Bay Bhore By. were, gross, $58,340; net $18,002; charges, $10,000. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Bee text. 200,000 5 g. 5 g. 4 g. 4 g 5 · 5 6 7 6 5 g. 4 5 g. 4 5 g. 5 g. 6 6 g. 4 g. 5 g. 4 g. 4 g. 5 g. 5·6 5 •• • • • • 4 4 g. 3½ig. A.. & 0. N. Y., Mercantile Tr. Co. Apr. 1, 1981 A.. & o. do do Apr. 1, 1981 J. & J. do do July 1. 1929 M. & N. do do May 1, 1933 Quar'ly. do do To Sept, 1911 Q.-M. TownsendWhelen&Co. To 8ept., 1912 ..... N. Y. Mercantile Tr.Co. A.pr. 19, 1898 J. & J. do do Jan. 1, 1906 A. & O. do do A-pr. 1, 1916 A. & 0. N. Y. and St. Louis. Oct. 1 1 1923 J. & J. N,Y.,J.P.M.&Co. ,&Lon. Jan. 1, '04, 29', J. & J. N. Y.,J.P.Morgan&Oo. July 1, 1946 J. & J. do do July 1, 1945 J. & J. New York. Jan. 1, 1958 J. & J. New York. July 1, 1958 J. & D. N. Y., Farm. L. & Tr. Co. Dee. 1, 1927 Q.-Jan. do do July 1, 1927 M. & S. N. Y., Gallatin Nat. Bk. Bept.1, 1988 F. & A. do do Feb. 1, 194.7 Q.-F. N. Y.t..Guar. Trust Co. May 1, 1930 J. & J. N. Y.,.1rarm. L. &Tr.Co. Jan. 1, 1931 M. & N. lstNat.Bk.,Mobile,Ala Mar 1, 194.9 Various. N. Y., Farm. L. & Tr. Co. To 1908 Various. do do 1919 Vartous. . • • • •• •• • . To 1908 ..... To J'ne 16, '12 M. & B. N. Y., Kniokerb. Tr. Co. Bept. 1, 1991 M. & S. N. Y., Gr. Cent. Station Mar. 1, 2002 5 g. J. & J. N. Y:z_Central Tr. Co. July 1, 1980 6 J. & J. N.Y.,metropol'nTr.Co. Jan. 1, 1910 Year end'g June 30- 1903, 1902. 1901. 190&. Miles operated .••••. 874 874 874 876 Total gross earnings.$7,486,980 $6,509,488 $6,189,912 $5,996,781 Net earnings . . .•••••. 2,275,809 2,020,302 1,807,061 1,663,105 Net,inol.oth.inoome. 2,377,939 2,130,667 1,922,012 1,756,273 lnterest a.nd rentals. 1,630,663 1,589.107 1,555,810 1,418,646 Balance, surplus*.. $747,276 $541,560 $366,702 $337,629 ~quipment and new construction (additio,n&l to opera.ting expen• see) cost $314,990 in 1899-0, $389,416 in 1900-1, $417,510 in 1901-2 and $834.,650 in 1902•3; in 1902·3 dividends on stock, $107,412 (2 per cent) were also patd.-(V. 76, p. 48, 158, 1408; V. 77, p. '765, 2281.) l'fJ o blle Ry. Terminal Oo.-V. 75, p. 1203. ff'.lo.ba-wk & Malone KK.-(Bee Map N. Y. Oentral.J-Owns from Herkimer, N. Y., to Malone with branches, 182 miles in all. HISTORY, LEASE, ETC.-In 1893 N. Y. Central leaaed the road and guaranteed its first mortgage bonds. New York Central owns the $5,000,000 stock. In 1902 a new lease in perpetu1ty was made and $10,000.000 312 per cent oonsols authorized, of which $2,500,000 reserved to retire at maturity the first mortgage bonds and $3,600,000 for improvements and enlare:ements. V. 74, p. 830; V. 56, p. 782.-(V. 74, p. 630,830, 937.) "1'.lonon."-See CHICAGO l:NDUNAPOLIS & LoUISVILLE ltY. Monongahela River KK.-Road from Fairmont to Clarksburg, w. Va., 31 miles. Road opened in 1890. B.&O.owns all of the$1,300,· 000 stock (par $100), the coal bonds being reduced te $1,000,000. Car tmet 68, principal Apr. 1, 1902, $377,000. For year 1901·02, gross, $526,958; net, $195,660; int., taxes, etc., $40,585. Earnings now included in B. & 0. syst.em.-(V. 70, p. I 092.) Montana KR.-Lombard, Mont.1to Lewistown, 157miles,1no}uding extension trom Harlowton to Lewistown, 63 milea, opened Nov. l, 1903, and from Summit to Leadboro, 6 miles; total, 163 miles. Stock authorized, $3,500ii000; issued, $2,500,000; par of shares, $100. Of the $2,000,000 bonds, a outstanding, $999,000 are stamped redeem• able at 105 and int. on 6 months' notice, the remaining $1,001,000 being held June 30, 1901, by the Northern Pa.oifto Ry. as collateral for 1303,670 notes. Year ending June 80, 1903, gross, $U,6,182; net, $49,802. President, H. D. ~oore, Philadelphia,Pa.; Vioe•Pres., Rich• a.rd A. Harlow, .ilelena., Mont.-(V. 71, p. 1167.) Monterey & Mexican Gulf KK.-Pnrohased in June, 1901, by the Mexican Central Ry ..-(V. 74, p. 937; V. 75, p. 290.) Montgomery Belt Line Ky.-Owns real estate and a belt line in Montgomery, Ala., about one mile of track on Tallapoosa, Bell, Perry and Columbus streets. Alabama Midland Ry. pays an annual rental of $15,525. The Atlantic Coast Line RR. owns 90 per cent of the stock. Capital stock is $200,000; par, $100. Montgomery & Erle Ky .-(See Map Erie Raitroad.)-Owns Montgomery to Goshen, N. Y., 10 m. Leased in 1872 to ERIE RR.-whioh see.) Rental ls $15,531 per annum. Stock, $150,000. Dividends (4¼1 p. o. per annum) are paid May 10 and Nov.10. Sinking fund $6,500 per annum. There a.re $40,500 2d 11'.lOrt, 5s due Oct. 1, 1927. j Moore Co. & Western KK.-See V.74,p. 776. l 111.er_gan's Lonl11lana & TexaaKK. & Steamship Company. -(Bu Map of Southern Pa.ciftc,J-ROAD--Owns AlgJ.ers to Cheneyville, 205 miles; branches, 95 miles; trackage to Alexandria 24 miles; total railroad lines, 324 miles; steamship lines and ferriea, 3,176 miles. / OJI.GANIZATION.-The BouthernPaotfl.o Company owns all of the $15,· 1 000,000 etook. Operated independently since Jan. 1, 1902, but in connection with eo. Pao. syst.em. Company hi¥! 8 iron steamships and 6 ferry and river steamers and 6 tugs plying between New York and New Orleans and between Gulf ports; also wharves and warehouses. I EARNINGS.-5 mos., ~ 1903 ........ Gross, $2,<'03,663; net, $728,490 July 1 to Nov. ao. ~ 1902 ....... Gross, 1,984.,_352; net, 885,208 In year ending June 30, 1902, gross, $7,191,6:.1:0; net, including ' other moome, $3,007,483; surplus over charges, $1,897,286; net due I 00. under lease to Bo. Pao.. $1,731,224.-(V, 75, p. 290; V. 76, p . f,43.) Morris & Esse:x KR.-( SU Map OJ lJ&aware Lackawanna ,. Wutern.J-Owns from Hoboken, N. J., to Phillipsburg, N. J., 85 miles; branch, Denville, N. J., via Morris & Essex Tunnel, to Hoboken, N. J., S5miles; leases 37 miles; total operat.ed, 157 miles. LEASE,-Leased in perpetuity to Delaware Laokawanna & West.,which assumed all liabilities and pays 7 p. o. per annum on the oapit.al stock: whenever 30 p. o. ot groes earnings are sufficient to cover int.erest on bonds and 10 p. o. on stock, 1 p. o. additional must be paid. BoNos.-Of the $35,000,000 1st refona.mg 3-½ls, $23,968,000 were reserved to retire existing bonds, and $11,032,000 were applicable to addition~ and improvements. V. 70, p. 480, 4.77; T. 71, p.1167. Bee form of guaranty, V. 74, p 1308. EARNINos.-The road is important to the Delaware Lackawanna & Western as a route with terminal faoillties on New York Harbor, but the earnings show a. deficit attar payment ot rental (including $1,050,000 dividends), viz.: In 1902, $595,976; in 1901, $1,416,179-. -(V. 74., p.1308.) l11orrlstown & Erle KR.-Owns Morristown, N. J., to Whippany, 4 mlles; branches, 9~ miles, including branch from Whippany to Es-I sex Fells, 7 mUes, completed January, 1904. A consolidation in August, 1903. Stock, $400,000, all outstanding; par ot sha-res, $100. The bouds (present issue, $250,000) are subjeot to call for a sinking fond at any time. President, R. W. Me Ewan; Treas., R. B. MoE wa», 11 Broadway, N. Y.-(V. 77, p. !Bl.) 450 RAILWAY STOOKS AND BONDS. RAILROADS. Por explanation of column headings, &c., see notes _ on tlrst page of tables. Jfonlg<>mef'1/ ti Erie By.-lst M. (old 7s ext. in '86) Moore Oo. ti Wut.-lst mort.nfold $1,000,000. ID Jforfan'1La. ti Tea:u-lstM. Or.to Mor~- C.).Jl'o• ls mortgage, Alexandria Extension, go a.JI' ..... General mortgate. F . .............................. .l(orn, "EBB~ ok, 7 p. o. guar. D. L. & W .••••• .Bona.-.PrlllclINTEREST OR DIVIDENDS. 1>al,When Due. Miles Date Stze,or A.mount Par of of Rate f.8r When Where P-wiiable, and by Btoclu-Last Outstanding om. cen Payable Dividend, '6. Road. Bonds Value. ·--· io2 157 204. ·ss ,...... 1866 1897 100 &o. 1,000 1878 1880 1,000 1893 1,ogg is&i 500 &o. 1,000 o*&r 120 1875 ~~-~7o~g:25:ooo:oooi "gnai-: "-L: & lit ref.mort.,g.,$35,000,000,gu.,p.&end.F .o"'&r 120 1900 1,000 Var'us real estate bonds .•.•...•••••..•..•..•••••• ··ioo rr1s & Essex Extension stook, ~ar. 4 per oent. ···2 i903 1,000 Korriltoum d Brie-lat M., $300,0 o, g., sink. fd .. 60 Mt. Oarbon d Port Oarbon BB.-Stook (rent'l guar.) '3g i900 1,000 .Muniring-lst mortgage, gold ..••••..•.•••.•...•.. 28 1898 300 &o. M1"catine No. d So.-lst M., $450,000iJ.old.N ..••. M1"kegon Gr. Rapitu If Indiana--lat ., gold.Oe. 37 1886 1,000 Narragamett Pier RB.-lst mort., $100,000 .•••..• 8·5 1896 1,000 100 15 Nashua ti Lowell-Stock, 9 p.o. rental, 92 yrs.B.&M. 100 lfuh'Oille Ohattanoola ti St. LouiB-Btook .•••••.•••. 1,000 1st mortgage (for 6,800,000) .••...•...•..••. o*&r 340 isfa 1st M. on Fayette. and MoM. bra. ($6,000 p.m.)o*&r 125 1877 1,000 29 1877 1,000 1st mortgage on Lebanon Branoh ..••.•...•..••. o* 1st M. on Jasper Br. ($90,000 are 8s, due '06) Oe.e* 43 '77·'83 1,000 1,000 gold.Ce.o*&r Branoh, 1st mortgage on Centreville 46 1883 20 1887 1,000 1st mortiage on Traoy City Branoh.••...•... o*&r 48 1881 Duok R. R., 2d m~aje, now 1st mort!a.~e, g. s.o* 803 1888 ). 20,000p.m.,'tol OonsoLM.($20,000, 25 ITuhtJitte ti Decatur-Stock,~- 7:Jg p. o. y L. & N. 119 . Na,shtJille Florence <A Sheffie d-See LOUISVILLE & NASH VILLE. 1,000 1902 Nash1J. Te~m•t-lst M., g., int. rent., red.101,beg.'07 :fo:ial ·n: ·w:v; .... ---· --- i:ooo .... National RR. of Jlezico- Prior lien M., $23,000,000, g., call at 105. Un.o*. 1,405 First CODBOL M., $60 000,000, g. (see text) Ce.o* l 405 1901 500 &c. rno1 500 &o. Mount Carbon & Port Carbon RR.-Owns Mt. CMbon to Pon Carbon, Pa., 3 miles; second track, 21i! miles; total track 16 miles. Leased Ma.rob 5, 1860, for i'iO years to Phils. & Reading RR. and lease assumed in 1896 by Phil,a. & Reading Railway. Rental $36,250 yearly Muscatine North & South RR.-Bee page 531. Muskegon . Grand Rapids & Indiana RR.-Owns road, Grand Rapids to Muskegon, Mioh., 37 miles; trackage, G. R. & Ind. at Grand Rapids, 4 miles. Operated by Grand Rapids & Indiana. BR., which was foreclosed in 1896; oonsidera.tlon, net earnings Stook, authorized, $350.000; par, $100; issued, $1,000. Coupon of July, 1902, pa.id in Oct., 1903. For 6 mos. ending June 30, 1903, gross, $71,282, against $78,507 in 190'7; net, $13,301, against $25,912. Earnings for year ending Deo. 31, 1902. gros11 $164,491; net, $43,101; interest on bonds, eto., $38,100.-(V. 77, p. 89, 1747.) Nashville Chattanooga & St. Louis Ry.-(Bee Map.J-Owns from Chattanooga, Tenn., to Hickman, Ky., 320 miles; branches to Lebanon, &o., 485 miles; leases Western & Atlantic, Chattanooga. Tenn .. to .Atlanta, Ga., 137 miles, and Memphis & Paducah Dlvtson of the Louis. & Nash.'- 255 miles. Bee V. 71, p. 544, 664c, 864. Total op• erated July 1, 190.:f, 1,195 mile,. ORGANIZATION.-A majority of the stock ($7,177,600) 18 owned by thfl Louisville & Nashville, ot which $5,501,500 is pledged under its unifled mortgage, eto., so that the two systems are operated in olose harmony. West'n '1i Atlantto ts leased from State of Georgia till Dec. 27, 1919, at $420,012 per annum. DIVIDENDS i 1888 1889 to 1892 1893 '94 '95 '98 '99 to '03 1904 None Feb., 2 3l\l 31i! 4 y'rlv 5 yearly ainoe 1887 ... ~ 414 fn Feb., 1904, seml•annual dividends at 4 p. o., will be resumed. BONDS.-The Tra.oy City branch 6s fall due $20,000 yearly on Jan. l to 1916 inolustve, and $100,000 on Jan. 1, 1917. Consolidated mort. of 1888 provides that all prior bonds shall be paid off' at maturity; su.ffloient 01 the $20,000 p. m. are reserved for them. Jointly with Louisville & Na@hville guarantees $2,500,000 L. & N. Terminal Co. bonds. See L. & N. V. 75. p. 1354. Guaranty ot $100,· -000 Aetna Iron, Mfg., Mining & on 6s, v. 77, p. 2390. LATEST EARNINGS.-July 1 to Nov. 30 (5 months): Interest.etc. Bal.,sur Net. Gross. 5 nios. $1,138,601 $748,707 $389,897 1903 ................... $4,H,7,899 407,099 1,160,635 753,536 1902.. .... .. ..... ... . ... 3,822,466 .A.NNUAL REPORT.-Report for 1902·03 in V. 77, p. 766, 949, includ• tng Paducah & Memphis division, 254 miles, in three later years. 1900. 1901. 1902. 1903. Year ends June 30. 935 1,195 1,195 1, t95 Mileage end of year... Gross earnings ...••••• $9,606,370 $7,992,530 $7,620,128 $6,<i87,318 2,246,734 2,370,416 2,509,002 Net earnings .•.•••.•.. 2,610,766 26,178 22,253 18,130 22,065 Investments, eto...... Net income........ $2,632,83 l $2,'38!:l,546 $2,531,255 $2,272,912 Int. on debt and ta.x:... $1,183,473 $1,156,768 $1,231,484 $1,262,005 422,268 625,877 625,878 625,878 Rentals . . • . . . . . • . •• • . • 42,731 54,514 81,189 26,000 Miscellaneous........ Ba.lance •..•..•.. sur.$797,480 sr. $524.,711 sr.$619,380 sr.$525,908 -(V. 77, p 296, '766, 949, 2390; V. 78, p. 103, 229.) Nashvllle & Decatur KR.-(See Map LouiB'lJilte <A Nash'lJilte.)Owna trom Nashville, Tenn., to Decatur, Ala., 119 miles. Re·leased to Louisville &Nashville in 1900 for 999 years, the rental being 7¼ per cent on stock. The L & N. July 1, 1903, owned $1,971,600 of the stock.-(V. 68, p. 928; V. 69, p. 1012; V. 70, p. 1195.) NaahvUle Terminal BK.-Under construction, including hrtdge .aoross the Cumberland River and 18 miles of traok. Leased for 99 years from May 1, 1902, to Tennessee Cent'l RR. (V. 74, p. 577. 830.) National KR. of lllextco.-(See Map.) -Opera.tea a road ex• tending from Corpus Christi, Tex , on Gulf of MeXIco, to City of Mex• ioo, with branch to Uruapan, and various other branphe1.1, as followe: NARKOW GAUGE-Owr1•d Mites STANDARDGAUGE-Ownea Mites Laredo to City of Mexico ....•. 802 ColoniatoTacuba (3·ra11 track) 3 Colonia to Tacuba(3 rail track) 3 .A.oa.mba,ro to Gonzales•..•...•. 55 Ointura line (3 rail traok).. .••. s 1·•Rincon to Pozos ......•••••.••. 37 Sa.la.ma.noa. to Jara.I ......... ... 22 *Vanegas to Ma.tehuala ......•• 37 *Matamoros to San Miguel..... 75 Uontrotted-Secur. owned. Lease<tTexas Mexican Ry., Corpus Mtchoacan &- Paciflo Ry., MaChristi to La.redo, Tex., and ravatio to Zltacuaro.......... 57 branoh...... . ••• •• . •• • •• . • • . 162 I I Total standard gauge ...... -9921 Total of all (11ee below) ... . l,!'177 Under construct'n (stan.dgau.1 · NARROW GAUGE-Uwned City of Mexico to Uruapan .• 321 Montere v to San Mlguel. .•.••• 148 San Juan to Salamanca........ 28 -* Being changed to standard gauge. Also eont:o-ols by ownerRhip o:t a. majority of stock the Mexican In• t.ernationa.l RR., extending from connection with the Southern Pactilo at Eagle Pass, Tex., to Durango, Mex., and to the National RR. of Mexioo at Monterey, with branches, 8PO miles in all. Interocea.nic Ry. of Mexioo (oontrolled-see below), 580 miles. Grand total system to be a.bout :-.,200 miles. The standard-gauging of the main line from La.redo to Gonzales and the construction of the El Saito out-off were completedduringOotober, 1903, and standa.rd•gauge train service inaugurated between Corpus -Ohristi and City of Mexico on Nov. 8, 1903. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I [VOL. LXXVIII. 5 $130,000 438,000 ~ g. 5,000,000 1,494,000 g. 1,000,000 15,000,000 7 5,000,000 7 11,677,000 7 g. 31g 9,600,000 1,800,000 419 221,000 4 250,000 5 g. 12 282,350 4 g. 160,000 5 g. 398,000 5 g. 750,000 70,000 4 9 800,000 10,000,000 See text. 7· 6,300,000 6 750,goo 300, 00 6 461,000 6g. &8 376,000 6 g. 327,000 6 22,000 6 g. 7,566,000 5 g. 71g 3,567,382 g 1,000,000 20,000,000 22,000,000 Goshen, N. Y. M. & .N. Mal_ 1, 1926 M. & s. Inter. Trust Co., Boston. Mo 1, 1917 A. & o. N. Y.,S.Pao.Co.,23Broad Apr. 1, 1918 Jtily 1, 1920 do do J. & J. July 1, 1913 do do J. & J. J. & J. N. Y., Del. Laok. & West. Jan. 1, '04i Sit May 1, 91, do do M.&N. J. & D. June 1, 1915 do do 1, 2000 Deo. do do J. & D. 1912 do do Nov., 1903, 2% M.&N. do do M.& S. Brooklyn Tr. Co., N. Y. Sept. 1, 1923 J.&J.15 Phtla., Read'g Term'l. Jan.15,'04,69' A. & 0. Am. Trust Co., Clevel'd Oot. 1, 1925 J. & J. N.Y.,N.Y. Seo. & Tr. Co. Jan. 1, 1929 J. & J. July,'02, pd. Oct., 190~. July 1, 1926 F. & .A.. &.I.Hosp.Tr. Oo., Prov. Aug. l, 1916 M.&N. Nashua, Indian Hd. Bk. Nov., 1903, 4¼1 F. & A.. N. Y. and Nashville. Feb., '04, 2,t, J. & J. N.Y.. Hanover Nat. Bk. July 1, 1913 Jan. 1, 1917 do do J. & J. Jan. 1, 1917 do do J. & J. Jan.,1906&'23 J. & J. do do Jan. 1, 1923 J. & J. do do an.1905 to'l 7 J. & J. do do Nov. 1, 1909 M.&N. do do .A.pr. 1, 1928 A. & 0. do do ·Jan., 1904, SI\ J. & J. Nashville. ---·. n g. J. & J. Mero. Tr. Co, St. Louis. Jan. 1, 1922 41i! g. J. '& J'. 4 g. A. & 0. N. Y., Speyer & Co. do do Oct. 1, 1926 Oot. 1 1951 ORGANIZATION.-Incorpora.ted in Utah on Feb. 24, 1902. as suooessor without foreolosureof Mexican Nat.RR., per plan in V. '73, p. '784. MKXTCAN GOVERNMENT, ETC.-In June, 1903, the Mexican Govern· ment purchased for $9,000,000 about 47 per cent of the entire out· standing stock. See V. 76, p.1301; V. 77, p. 451.Nearly all of the $33,350,000 common stock consented to the conversion of that stook tnto new 5 p. o. non•cum. "second preferred·• and "deferred" stock, to be issued at the rate of two shares of second preferred and one share of deferred for every three shal'es of oommon stock, per plan V . 76, p. 1192. The Government holds $10,000,000 fl.rat prererrei, $9,343,900 second pref. and $10,628,800 deferred sto~k. V. 77, p. 1225, 2159. The National Company acquired the £1,000,0oO Interoceanic Ry. of Mexico second debenture stock, the latter. with preference and common shares owned and since acqured, gtvlng pra.otloa.l control. thns securing for the Natior.al a I.me from Mexico to Vera uruz and an outlet to the Gulf of Mexloo. (See "General Finances" below.) The Government also consented to the oonsol1dation of the National, Mexican International and Interooeanio n.ys., and grant an exclusive concession for 20 years from October 31, 1903t t-o construct a road ln a zone 50 kilometers wide witll the Rio Granae River as the northern boundary, and extending from the Gulf of Mexioo to a point 100 kilometers northwest of Uiuda.d Porfirio Diaz. (V. 77, p. 2159.) STOCK - Cominon stock was $33,350,000, and pref. (now ht pref.), 4 p. o non-cum., $32,000,000, all outstanding. In Oot., 1903, the common sto• k wa'I mostly exchanged for new 2d pref. stook (tota.1 iRsue to be $22,233,:333) and deferred stock (total issue to be $11,116,666). See above Outstanding, 1st pref., $30,063,1100: 2d prer., $21.702,400; deferred, $10,851,200; oommon, $796,400; par of shares, $100 eaoh. The first preferred has a prior right to 4 p. c., then seoond preferred 5 p. c.; then 2d pref. and deferred share pro rata. Resef'fJed. BoNDs.-The new bonds are reserved as follows: Prior tien bonds. Total issue rexcept to refund, $for$, Mexioa.n International RR. prior lien bonds, now 815,850,000] not to exoeed $23,000,000,of which are reserved for general purposes under proper restrictions but not to be sold before Jan. 1, 1904, exoopt to meet any unexpected increase in expenses of $3,000,000 changing the gauge and building El Salto extension. First oo,.sotidated mortgage 4 per cent gold bonds. Total issue rexcept to refund, $for$, Mexican Internation• al RR. 1st console, now $7,503,000] not to exceed $60,000,000, of which there are reserved: 23,000,000 Reserved to retire new prior lien bonds wnen due........ Reserved for improvements and new equipment, at 6,000,000 . . . • •• not exceeding $500,000 a year..... . . . . . • • . Reserved tor acquisitions of new property and for ex• tensions at not exceeding $10,000 per mile or stand• a.rd·gauge line, or $7,500 per mile of narrow•gaup:e 9,000,000 line, on which the oonsol. mortgage will be a first lien The new issues of bonds are seoured by a .first and second lien, respectively, on all the property of the Company now owned or provided ror under the readjustment and the El Salto exten• sion when constructed, and also upon the securities of the Texas Mex• lean Ry., and the consol mortgage has also a fl.rat lien on $15,786,100 of the $20,708,200 capital stock and all of the $4 499,000 incomes of Mexican International. Of the $22,000,000 console issued, $756,500 were on .Jan, 1, 1904. tn the treasury. or the Mexican International consol. 4B, $5,611,000 are guaranteed, principal and interest. See that company's statement; also V. 75, p. 77. GENERAL FINANCEB.-In 1903, $~,300.000 two•year 5 p. o. notes (authorized iElsue, $10,000,000), were sold to pay for control of Inter• oceanto Ry., dated Oct. 1, 1903. They are subject to call at par on 60 days notlce; denominations, $1,000 and $5 000 Pach. '£hey are secured by deposit of £1,038,400 Interoceanio Ry. of Mexfoo second debenture, £1,251,830 ordinary and .£102,000 seven p. c . cum. pref. stock, $3,000,000 Mexican Internattonal 1st oonsol (stamped guaranteed) and $747,500 Nat. RR. of Mexico 1st oonsols. The remaining $1,500,000 notes may be lssued on deposit of additional seourlty. EA.RNINGS.-11 months t 1903 ...•. Gross, $10,'277,t29; net,$3,339,182 8,346,157; net, 2,,-93,249 Jan. 1 to Nov. 30. S1902.... . Gross, Above fl.go.res are in Mexican currency. Bee also V. 77, p, 1225. ANNUAL REPORT.-Fisca.l year ends Deo. 31. Report for 1902, with the balance sheet, eto., wa.i given in v. 76, p. 749,761; see also editorial p. 726. Gross and net earnings below are given in Mezican our• ronoy, the income aooount in U.S. currenc11. For earnings of the Mexican International (operated separately) see statement of that oo. EARNINGS-(U. S. CURRENCY EXCEPT GROSS EARNINGS.) 1901. 1902. Year endin17 Dec. 311,323 1.349 Average miles operated ••• •• . • . . . . ••••.. •. $7,724,526 Uro,s earnings (Mexican currency) ........ $9,262,860 2,923,193 Net earnings (Mexican omrenoy)..... .••.• 3,214,176 1,410,198 Net earnings (United ~ta.tea ourrenoy).... 1,329,429 INCOME ACCOUNT 1902. DeductNet earnings .•••.•.••.. $1,3 29,4.29 $18,481 Taxes and rentals...... Interest, discount and 15,627 Interest on bonds .••••• 1,557,299 exchange............. 383,597 Loss on Mex.money assets 119,927 Interest on bonds, eto. Total .•••••.•••••••• . $1,675,707 $32,9 46 Total ••••••••••••••• $1,728,653 Surplus for year....... ~zt Z?!'~ ~ - .. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE 0 ·NASHVILLE, CHATTANOOGA ~ST.LOUIS RAILWAY RAILWAY STOOKS AND BONDS. 45~ LLANO ! 0 __ _j i i M AP O F C '.NATIONAL RAILROAD OF MEXICO -■• ■ ••••ii MEXICAN INTERNATIONAL R.R. •••••••PROJECTED LINES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 ,v OL. Lxxym. JAN,., 1904 j RAILWAY STOCKS A D BONDS. RAILROADS. Miles Date Size, or Am t INTEREST OR DIVIDENDS. Por explanation of column hea.dinge, &o., see notes of of Par Outet!n~g Rate per When Where Payable, and bl on tlret page of tables. Road. Bonde Value. Cent. Payable Whom. , 463 :~w'i;°!1°:81:t Btocb-Laet Dividend. Nat.of Mez.-(Oon.)-Col.notee, $LO,OOO,OOO,g.red. •••. 1903 l.OOO&o $8,500,000 Oct. 1, 1905 5 g. A. & 0. Naugatuck-See N. Y. NEW El.A.VEN & HARTFORD. Nuquehoning Vat.-Stook subj. to oa.ll Sep. 1, 1904 M. & 8. Phlla., 108 So. 4th St. Sept.,'03, 219c,(, 1,418,600 18 5 50 May 1, 1919 NtoadG-Oalif.-Oregon.-let I'd:. $1,500,000, gold... 144 iS99 1,000 526,000 N. Y., Moran Broe. 5 g. M. & N. July 2, 1938 Ne'Oada Oentrai-let M.,g., non oum,. ino. (e. f.).Ce 5 g. J. & J. 750,000 94 1888 See text. 1,000 To 1924 Ne'Dada Oo. Na,rrou, Gauge-let mortgage.......... 22.&s J. & J . Welle,F.&Co.,S.Fran, 214,000 7 226,000 New/Jurg I>utchess ,f Oonnecticut-Col. trust bds.Ce M. & N. N. Y., Central Trust Co. May 1, 1921 59 islh 500°.&o. 5 June 1, 1977 Inoome mortgage for $1,625,000 .••..••..••..... r ..... None ever paid. 1,164,500 59 1877 1,000 6 NewEnglandRR.-N. Y.&N.E.lstM.,our.BU,o" 321 1876 .J. & J. Boston, 8. Dep.& Tr.Co. Jan. 1, 1905 1,000 6,000,000 7 Jan 1, 1905 J. & J. do Do do 4,000,000 do let mort. our.. o* 321 1876 1,000 6 July 1, 194.5 let oons.M., $17,500,000, g.,gu.,p.&1., end.IUa.o* 359 1895 1,000 5 g. J. & J. 5,000,000 do , do N.Y.&N.E.Boe.Term.letM.,li;l,500,000.A.H .o&r .••. 1889 1,000 A. & O. Coup.,offloe;reg.,matled Apr. 1, 1939 1,500,000 4 NEW HAVEN & NORTHAMPTON. See NEW YORK NEW HAVEN & HART FORD. 1,000 1,700,000 New JersetJ Junction-let. M., guar., $4,000,000.o&r 4 F. & A. N. Y. Cent. & Rud. Riv. Feb. 1, 1986 5 1886 Nev, Jersey ,f New York-BEE ERIE RR. CO. 250,000 Neu, Je,wy ll,rminal-lst mort., $250,000.Col.... 5 g. A. & 0 . N. Y., Colonial Tr. Co. Oct. 1. 1981 7 1901 1,000 100 1,500,000 9 Q.-J. New London, Office. .Tan., 1904, 2~ New London.North.em-Stock........................ 121 .••. 1,500,000 4 & 5 .J. & .J. N. Y., Bk. of No. Amer. .July 1, 1910 Consolidated M., now let M. ($~88,000 a.re 4s).o* 121 1880 1,000 l,79Z,OOO N. Mu. Ry. ti Ooat-lst & con. & col tr. M. g.Col 5 g. A. & O. N. Y., Colonial Tr. Co. Oct. 1, 1951 1901 8,000,000 5 g. A. & O. N. Y.,N. Y. Seo.& Trll8t. Oct. 1, 194.7 Collat. trust, gc•ld ($3,000,000) red. at 105.N .• •. i65 1897 322,000 Alam. & Sao. Mt. let M., $900,000, g., guar ... N 5 g. A. & o. do do Apr. 1, 1928 36 1898 El Paso & Rock [., let M., $2,500,000,g., gu.Oo).O" • •• . 1901 2,600,000 5 t(, .J. & J. N. Y.t Colonial Tr. Co. .Jan. 1, 1951 8,000,000 5 g. J. & .J. ao Dawson Ry. & Coa.!t Coll. tr., g., gu. p. & 1.0ol.o* 130 1901 1,000 do July 1. 19tsl 100 6,000,000 3 in 1903 Yearly. New Orleans ,f North l!iastern-Stook, $6,000,000... 196 New Orleans, La. Nov. 2,'03, 3% 1,820,000 6 fl(. A. & O. N. Y., Central Trueli Co. Nov. 1, 1916 PriorllenM., g. Oe ..... ....................... .. O" 196 i885 1,000 100,000 6 g. .J. & .J. N.Y.,Muller,Sohall&Co .Jan., 1911 let mortgage, gold . .F •••..••..•••.••••••••••••••. o* 196 1881 1,000 5,260,000 4-½lg. J. & J. N.Y.,Fa.rm.L.&Tr.Co. Jan. 1, 1952 General mortgage, $8,000,000, gold • ., ......... o* 196 1902 1,000 1,500,000 Income mort. (non-oum.), $1,500,000, gold.N .. r 196 1902 1,000 Up to 4-½l p. o. g. (11 earned) on Deo. l. July 1, 195!1 New Ort. Term.-lst M., $15,000,000, g .. gu.text.S. 1903 1,000 3,000,000 4 I,!. J. & J. ·····--·· · July 1. 1958 100 1,500,000 3 in 1903 A. & O. Pittsburg Pa. Newport ,f Oincin. Bndge.-Btook, $1,500,000. .... • ••. . ... Oot.l,'03,119% 1,4.00,000 4.lg IC, J. & .J. N.Y.. FarmereL.&T.Co. July 1, 194.fi let M., $1,500,000, fl(., s. f. gu. p. & 1. end by Pa..F Co.o* 1895 1,000 1,000 2,270,000 Nev,t'n ti Nortnw.-lstM.,$2,500,000.il ..red. textuH 5 g. A. & O. Old Col. Tr. Co., Boe ton, OOt. 1, 1932 1902 . . . .• 8t'A text. fi fl . J. & D. Funding mort.., $300,000, redeemable at oar . . . . . .. 1903 •••••• . .. Deo. 1, 1913 i:ooo DIRECTOR~leveland H. Dodl{e, E. C. Henderaon. Adrlan H. helin Jr., Juan N. NaTarro, Z. N. Wallace, Geo. w. Wicti:er■ oam, Charles H. Tweed, Wm. Raoul, Ml of New York; L. F. Loree, B1tltlmore, Md.: Ernesto Madero. Monterey; 6ulllermo de Landa J Escandon, Jose de Landa y Escandon, Emillo Velasco, E. N. Bnnvn and Miguel de Iturbe, all ot City of Me:z:tco. 0FFIC&R8.-Pree., w. G. Raoul; 2d Vloe-Pres. and Gen. Mgr., E. N. Brown; Comptroller, M.M. Reynolds; Seo. and A.sst.Trea.s., Wm.Burckel; Treasurer, J . M. Frazer. New York office, 30 Pine St. - (V. 78, p. 288.) Ne•quehontng Valley KK.-Owns from Nesquehoning Junotion, Pa., to Tamenend, Pa., 17 miles; Tunnel Branch to Lansford, Pa., 1 mile. Leased for 999 years to thei..ehigh Coal & Navigation Co., which has the rifht to retire Che etook at par land int.erest ou Sept. 1, 1904; see item 'Delaware Division Canal" in V. 66, p. 1139. · Nevada•Callf'ornla•Ore,:onKy.-Reno Nev., to Madeline, Cal., 144 miles; extension proposed to Lake View, Ore., 95 miles. The Sierra. Valleys RR., Plumas to Clairville, Cal., le operated independently. V. 74. p. 776. Stock, common, $1,450,000; preferred, $750,000, all outstandins, During 1901-2 6 p. o. b_o nde were all exchanged for 5e. EARNINGS-5 months, l 1903 ..• _ ...... Grose, _$98,038; net, $45,315 July 1 to ~v. 30. ( 1902 ..... - .... Gross, 97,489; net, 48,128 Surplus over charges. $3f,357 in 1903, against i38,752 in 1902. Report ror year 1902-3 was in V. 77, p. 2157, showing, gross. $196,· -297; net, $9 ! ,248; int., taxes, etc., '37,855; balance, eur., $53,393, Pres., D. 0. Moran,68 Wm. St., N.Y.-(V. '16, p. 262; V. 77, p. 215T.) Nevada Oentral KK.-Battle Mtn., Nev., to Austin, Nev., 94 miles, narrow gauge. Stock, $750,000. Earnings for 1902-03, groee, $40,076; net, $13,962; no interest paid by railroad. Pree., J. G. Phelps Stokes. (V. 7 .\, p . 379.) Nevatla County Narrow•Gantr;e RR -Colla.:x to Nevada City, -Ca.I., 22¼ mile&. Stock, $250,200; pa, of aha.res, $100 each. Dividend of 5 p. o. (said t. be fourth since organization) was paid Dec., L903. Bonds, $284,000 tlr6t 7P-, payable in annual instalments in1·reasing from U,ooo in 1902 to $20,0<JO in 1924. Year 1901-02. gross. $114,· 511; net, $40,058; interest, taxes, eto., $27,607; bal., surplus, $12,451. Presld nt, Mrs. S. A. Kidder, Grass Valley, Cal. (V. 77, p. 2339, 2390.) Newark Somerset & Stralt8.-8old to B. & O. See V. 70,p. 792, New-burg Dnichess & Oonnectlcut KB,-Ownsfrom Dutchess lunotion, NOY., to Millerton, N. Y., 59 miles. A reorganization in 1877. BTOCK, .ETC.-COmmon, $500,000; pref., $600,000; par $50. There were June 30, 1908, $~26,000 coll. trust 5e; $1,164,500 income 6e and S25,000 of 5 p. o. real estate M. notes. In year ending .June 30, 1903, groea, $181,916; net, $47,618; other income, $569; interest, taxes, ~to., $19,516; ba.L, surplus, $28,671.-(V. 65, p. 568.) New England KK.-N. Y,New Haven & Hart.. leaeedthe road, ,rhioh includes: Lines owned, Boston to Hopewell Junotion..t N. Y., 215 miles, and branches to 8pringfleld, Maes., Providence, R 1., etc., 144 miles. Lines leased (see ea.oh company), Norwich & Worcester RR., 72 miles; Providence & ~prindeld RR., 28 m.; Woonsocket & Pa.sooa,g RR., 9 Jll.; other lines, 38 miles; tra.oka.ge, 29 mllee; total, 535 miles. Through N &. W. RR. controls Norwich& New York steamers, J 25 m. HISTORT.-A. reorganization of the New York & New England (sold in foreclosure July 9, 1695) per plan V. 58, p. 762. In June, 1902, there had bee.n exchanged or was held by the lessee all except $53,500 of the $20,000,000 common and $74,200 of the $5,000,000 pre.t. stock. Preferrea. atook not exchanged re~ivee dividends of 3 per cent pe:r annum under 99-year lease.-V. 66, p. 384, 617, 1002; v. 69, p. 1012. BoNDs.-See guaranty of console by N. Y. New Haven & Hartford RR. V. 64, p. 611; $10,000,000 reserved to retire lete.-cv. 77, p. 1226,) New J~raey Junction KK.-Terminal road through .Jersey City, Hoboken -.1<1 Weehawken, a.bout 5 miles. Leased for 100 years from June 30, lh6o, to New York Central which guarantees the bonds absolutely and OWlUI $100,000 stock. Connects with National Docks Ry. New J eraey & New York KK.-Owne from Erie Junction, N . .J., to Garnerville,N. Y., 29 miles: branches to New City, eto., 5 miles ; operates to Haverstraw, etc., 14 mlles; total operated, 48 miles. Erie RR. in April, 1896, purchased control. Stock, $1,440,800 oommon: $787,· 800 preferred; par, $100. Control le with preferred stock and tlrst mortgage till 6 per cent has been paid on preferred tor three years. EARNINGS-Year ending .June 30, 1903, gross, $367,164; net, '51,858; interest, eto., $54,012; bal., def., $2,154.-(V. 65, p. 822.) New Jeraey Terminal Ky,..;..V, 76, 1l, 865, 1144. New London Northern KK.-Owne from New London, Conn., to Brattleboro, Vt., 121 miles, and lea.see Brattleboro & Whitehall RR. Brattleboro to South Londonderry, Vt., 37miles. ' LEASED for 99 years from Dec. 1, 1891, to Central Vermont. The rental is $213,552 per annum, which leaves a small surplus after providing for inter., eto., and 9 per cent dividends. Taxes a.nd improve-mente met by lessee, without claim on New London Northern. As to snit to break Brattleboro & Wh1tehall RR. lease, see V. 76, p. 1301. DIVIDENDS.-1888 to Apr., 1892, 7% yearly, then 8% yearly to 1893 and since to Oct., 1903 (incl.), 214 p. o. quar. (9 p. a.n.)-V. 76,p, 1301. ' New Mexico Ky. & Ooal.-(See .Map).-Owne El Paso & Northeastern Ry., from El Paso, Texas, northeast 164 miles, to the Salado Coal fields: oontrole and opera.tee El Paso & Rock Island Ry., Carrizosa to Banta Rosa, 130 miles, opened 1902; Alamogordo & Sacramento Mt. Ry., Alamogordo, N. M., to Russia, 32 m.; Dawson Ry. &.Oo&l Co. Liberty, N. M., to Dawson, 135 miles, opened in 1903; total, 561 m. ' G. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In Feb., 1902, the El Paso & Rook Isla.nd Ry., with $2,500,000 stock. of whicll 60 per cent owned by the N. M. Ry. & Coal. and $2,500,000 5 per eent guaranteed 50-year bond11, has close tra.fflo agreement with Chio. Rook Island & Pao. for 9~9 years. V. 71, p. 1219. The Dawson Kall way & Coal Company, stock $3,000 000, has Issued $3,000,000 collateral trust bonds which a.re guaranteed. principal and tnterest, and are secured by the stock and bonds ($3,000,000 ea.oh) of the Dawson Ry. and those of the Dawson Fuel Co. ($lt000,000 ea.oh) the latter owning about 25,000 a.ores of coal, minf'lral ana timber lands, v. 73, p. 900; v. 74, p. 776. STOCK,- Stock, common, IJ3,000,000, all outeta.ndlng; let 6 p. o. cum. pref., $2,000,000, authorized Jan .• 1903, of which $500,000 Is• sued: 2d pref., 5 p. o. non-cum., $1,000,000. The coll. trust 5s of 1897 are secured by deposit of all the stock and bonds of El Paso & Northeastern Ry. of NewMex.($2,700,000ofeaoh), the stock of the El Paso & N. E. RR. of Texas, $300,000 (no bonds iesue«!t, and all the etook ($2,500,000) a.nd all the bonds ($1,500,000) of the.New Mexico Fuel Co. the latter ooverinfl( 3,500 a.ores of ooal lands. Of the tlret and ooneolldated and collateral trust 5s of 1901, $3,000.000 are reserved to retire the oollateral trust 5s of 1897 and $2,000 000 are applicable for improvements and new equipment. V, 74, 776. The bonds of the Alamogordo & Sacramento M't'n Ry., o the El Paso & Rock Island a.nd those of the Dawson Ry, & Coal Co. are guaranteed. See above. For 18 moa. ending Dec. 31, 1902, gross, $1,0i8,644; net, $U6,659; interest, $249,150; taxes, $5,300; bal., eur., $162,209. Report for year ending June 30, 1901, in V. 74, p. 827. N. Y. office, 68 William Bt.-(V. 76, p. 158.) New Orlean8 & North Ea•tern BK.-New Orleall.8, La., to Meri~i.~es., 196 miles. Etoolr, , $6,C.00,000 (par, $100), of which $5,320,uuu and $4,900,000 l(en. 41i!s and $1,500,000 inoomeewere held in June, 1903, by Ala. New OrleaIIB Texas & Pao. Juno. Ry. Reorfl(anized in 1902 per plan in V. 7 4, p. 681. Dividead on st.ook, 3 p. c., paid No,.-. 2, 1903. v. 77, p. 2281. Of the gen. 419,, $4,900,000 were tseued in exohan~e for let 6s, $1,4..20,000 are r$erved to retire the rema.1ning prior lien bonds a.nd $1,320,000 fo:r tutu.re requirements. Car true· e Jun~ 30, 1903, $45,237. EARNINGB.-For 6 months ending Dec 31, 1903, groBB, $1 253,534., against $1,109,093 in 1902. Report for 1902-03, V. 77, p. 2095. Yr. end. June 30. Gross. Net. Otherinc. Int., etc, Balanu. 1902·03.......... $2,285,036 $627,4.72 $11,461 $385,124 $253,809 1901-02.......... 2,030,262 532,035 3,460 342,450 193,04.5 -(V. 74, p. 268, 681; V. 75, p. 185, 290, 904; V. 77, p. 2095, 2281.) New Orleans· & Northweatern KK.-Owns from Vidalia, La., northwesterly 1iol Arkansas State line, 115 miles. Stock, $1,499,100, all acquired by Iron Mtn. (Mo. Pa.o. system). V. 75, p. 1400. New orJean• Terminal Oo.-Owneextenelvetermin&lproperty at New Orlea.na and a belt railroad around the oity, lea.sea by the St. Louie & San Franoieoo anel ~outhern Ry. Formerly the New Or• leans & Bao Franoieoo, but name changed, the oompany acquiring a.ll the t.erminals and rights ownt,d by Southern Railway a.nd St. Loula & Ban Francisco interests tn New Orleans a.nd the property of the New Orleans Belt & Terminal Co. Stock, $5,000.000; par of eba.res, $100, The bonds, $3,000,000, first iso1ue (st}e table above( a.re JZuaranteed, jointly by the St. Louis & San Francisco and Southern. Ry, See otl'ering in OBRONICLE of Jan. 31, U;04.-(V. 78, p. 49, 103,) Newport & Olnclnnatl Bridge Oo.-owns bridge from Newport, Ky., to Cincinnati, O. Louisville & Nash. is under oontraot to use bridge; annual rental, $115,000. Penn. Co.• owns $1,340.000 atook. Dividends Oct., 1899, llg p. o.; 1900 to 1903, both inoL, 3 p. o.eaoh. EARNINGS.-For year 1902 gross, $154,710; net. $107,173; intereei. etc., $63,859; di~idends, $45,000; bal., def., $1,685.-(V. 63, p. 1159.) Ne-w-ton & Northwestern BK.-Projeoted from Newton to Rockwell City, Ia., 102 miles; in operation, Gowrie to Fraser, Ia.., 22 mile •, balance being mostly oomp1eted in .Jan., 1904. Consolidation in 1902 of Boone Rockwell City & Northwestern Ry., Boone Valley Coal & Ry. and Boone Coal Mi1ting com• panit:s. Stock, $2,500,000,·or which $500,oOO is 6 p. c. non cumulative pref.; all outstanding. First mortgage bonds are subject to call on any inte1 est day at 110 a.nd interest. V. 75, p. 794. Both mortgages cover road and 3,218 a.ores bituminous coal lands; itotal output ol latter to be 1,500 tons daily. v . 78, p, 49. President, Hamilton Browne, Fraser, Ia.; Secretary, William A. Kelley.-(V. 78, p. 49,) N e-w York Brooklyn & .Manhattan Beach Ky.-owns from Fresh Pond Junction to Manhattan Bea.oh (Coney Island), and branches to Bay Ridge and Greenpoint, 20 miles, of which 16 miles double tra.ok. LEASE, ETC.-A oonsolidatlon Auguet 27, 1885. Leased tor 99 years from May 1, 1882, to the Long Island RR. Co. at 35 per cent of groaa earnings, but not lees than 5 p o. on pref. stock. Com.stock is $350,000. .Bo:NI>s.-The L. I. RR. has attached to the bonds its unconditional guaranty of prin. and int. in addition to facte:as to lease.-(V. 73; p. 32.) New York & Oanada KK.-Whitehall, N. Y., to Bouse's Point, N. Y., 113 miles; branches, 38 miles. Stock, $4,000,000, par $100. LEASE, ETc.-Lea.sed tor long term by The Delaware & Hudson Co.; which guarantees the bonds, and has $3,768,642 tnTested in the prop• erty. See debenture guaranty, V. 64, p. 181. Gross. Net. Oharges. Batanu. Year to S 1902·~······$1,371,032 $559,814. $332,333 s~ur. $227,iSl June30. l 1901-2 ...... 1,184,761 481,624 333,714 ~ur. 14.7,910 -(V. 73, p. 337; V. 74, p. 1088; V. 75, p. 342, 1147.) .Y-11 3:JU!!B ,1 :.J"1.l~llj f· 45.( RAILWAY STOCKS AND BONDS. [VOL. LXXVIII. Q:: ~ Q., Q., ,_% 0 0 tr 0 z ~ 0 ~ N i I 0 iI Mai;_~n~? DESERT \ \ ··:::, ,,.._ f-.•F ishA~ 0 '!:i ~ HUECO T.~ ,;-i!,.; . ,.-i,., 4j tll'!i. LONGHORN . At° HUEC&.,MTS.CORNUD} MTi~ ,.,, · ~ ""'"-':.,>i ~ ; "'.._ J- ------------------ 3 • Las Co' nuda1J•t'••~\.~ (.~ . ...,;•·-. :~ -~.. .~--., 1, ~a._: ~v~,. --~ ,. "1.: ' NEW MEXICO RAILWAY ~ COAL COMPANY. PROPERTIES. M. EX https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis £l PASO & NORTHEASTERN RY._ EL PASO & ROCK ISLAND RY. ___ _ COAL LANDS SHADED - -- ---- ---- . _J JAN. 1904.] 455 RAILWAY 'iTOCKS Ar D BO DS. RAILROADS. l'or explanation of oolumn he&dinge, &o., see notes on first page of tables. N. Y. B'klyn 11 Man. Beach-Pref. stock, non•oum.. lat oon. M. (now lat M.) gold, guar. oy L. I.Ce.o* •· Y. ct Oanaaa.-lst M., sterlingd ~- D. & H. Un.o* Debentures, g., guar,1_, &1.en . el. & H. Co .••• 1'eu, YOt'k Central ~ udson .Rwer-Stook.'l'r. _ Debt oerttfs., (N.Y.Central), ~ld, $6,450,000.o&r Debenturea, 188<, $10,000,0 1 All Debentures, 1889, 1,000,000. eeoure ..... r Debent's, g., s. f., $f3,194,000. ~by mort. . o*&r Refnnd.M.., $100,000,000, tof 1897. o*&r. Oolla.t. trust, g. ($100,000, 00) . Bh. stk.G.o*&r do do ($21,550,000l Mich. Cent. etk .. G Debentures (V. 69, p. 1102; V. 7L, p. 502, 964) . . N. Y. Ohicago<ESt.Louif-Common stock ........ . ... 2d nreferred (5l,er cent, non·oumulative) ........ lat Kfeferred ( per cent non•oumulative) . .•. _. .. lat ., gold, fund not drawn ..... Oe.o*&r Equip. tr. "B" g. $2 ,000 due yrly Feb.15.,Ce.o&r EJuipment notes, $20,000 due semi•annually .. N. . d Greento.L.-PriorllenM.,gu.p.&1...N.gxo• N . Y. if Harum--Common, 14 p. o., 10% guar....... Preferred stock, 14 per cent, 10% gnar ..... . ..... Retnn<l!n~ M. (now 1st), $12,000,000, ~ . .. Go ..&r N. Y. if Jersey-latM.1'-7,000,000, red. at 110 .G.o* N. Y. Lackawan:na if eslern-Btook, fv:r. 5 p. ct. 1Bt mortga1Ce, guar. by Del. Lack. & est . .. . F.o"" Constr. mort., guar. by Del. Lack. & West. F .. . o* eq'i{.. °"' i,ce B1nkini lf:i ~le~k~~r·l~\t~i~:~i~e Ei& fii:•. F. l N. Y. 11 L. Br.-Gen. M. (now 1st) $ 2 500 ooo g 0 .. do do Ce • · • · Borut.9-.Prmot• Miles Date Bize,or TNTEREBT OR DIVIDEND8. pal,WhenDue. of of I Par ~ounJn Rate per When Where Pa.ya.ble, a.nil. by Stocka-Laat Road. Bonds Va.Iue. O u a.n g Cent. Pa.ya.ble Whom. Dividend. 20 20 151 .... }~~~ 523 523 523 505 53 145 145 136 2·i4 214 214 214 38 38 $LOO l,000 1874 £100&0 1896 1,000 100 i853 500 &o. 1884 l,OOO&o 1889 l,OOO&o 1890 1,000&o 1897 l,OOO&o 1898 l,OOO&o 1898 l,OOO&o 1900 100 100 100 1,000 1896 1,000 1900 20,000 lOO&o 1896 50 50 i897 l,OOO&o 1902 1,000 100 1,000 1883 1,000 1890 1,000_ iss5 iss, isso 1891 1891 1,000, 1,000 $650,000 1,726,000 4,000,000 1,000,000 132,250.000 a3,582,500 a4,507,000 639,000 a5,094,000 70,857,000 90,578,400 19,336,445 5,500,000 14,000,000 11,000,000 5,000,000 19,425,000 166,000 280,000 1,500,000 8,656,050 1,343,950 12,000,000 4,500,000 10,000,000 12,000,000 5,000,000 5,000,000 5 5 g. 6 g. 4¼ g. 5 in 1903 4 g. 5 5 4 g. 3¼ g. 3¼g. 3¼g. 3¼g 31n·i903 5 in 1903 4 g, 5 412 5 g. See text. ~ee text 3¼ g. 5 g. 5 6 5 192,000 1,553,000 4 A. & O. A. & 0. M. & N. M. & N. Q.-J. M. & N. M. & B. M. & B. J. & D. J. & J. F. & A. F. & A . J. & J. Checks malled. N.Y.,CorbinBank'gCo. London, Ba.rlng Bros. N. Y., D. & H. Ca.nal Oo. N. Y .• Gr. Cent'l Btat'n. N. Y., Gr. Cent. Statton. · do do do do do do do do do do do do do do Oct., '03, 219% Oct. 1, 1985 Ma.y 1, 1904. Ma.y 1, 19<K Jan. u,,•o,, 114 Ma.y 1, 190f> Sept. 1, 1904 Sept. 1, 1904. June 1, 1905 July 1, 1997 Feb. 1, 1998 Feb. 1, 1998 July 1, 2000 Ma~ch. N. Y., Gr."Cent:·statton. March. do do A. & o. N. Y., Union Trust Co. .F .&A 15 N. Y., Oentral Trust Co. j_ & D. N. Y., Na.t. Oity Ba.nk. M. & N. N. Y., 21 Cortlandt St. See text N. Y., Gr. Cent. Bta.tton. Bee text do do M. & N. do do F. & A. N. Y., Guaranty Tr. Co. Q.-J. N. Y., by Del. La.ck.& W. J. & J. do do F. & A. do do M. & N. do do Moli:2·,;i,:i, 89' Moh. 2,'03, 5% Oct. 1, 19a7 Yearly to 1911 To Deo.31,'10 May 1, 1946 Jan. 2, '04, 5% Jau. 2, '04, 5% Ma.y 1, 2000 Feb. 1, 1932 Jan., '04, 114~ Ja.n. 1, 1921 Aug. 1, 1923 May 1, 1923 5 g. M. & 8. N. Y., Liberty Nat. Bk. Sept. 1, 194.1 4 g. M. & S. do do Sept. 1, 194.1 ,. As reported July, 1903: the amount out standJ n£ when refu nrling began is given in first left hand column. Na8hua & Lowell KK,-Owns double traok road from Lowell, Mass., to Nashua, N. H., 15 miles. On Oct. 1, 1880, leased for 99 yea.r,a to Boston & Lowell. In 1887 lease was transferred to Boston & Maine, which pays a rental of $73,000 (9 per cent on stock). New York Central&Hnd8onKlver KH.• -(See Map.)Lines owned. Miles. Operated under coniract.Bew York to Butl'alo ......... 441 Terminal Ry. of Buffalo ... ,r 11 Branches...................... 369 PittRburg & Eastern . ........ 13 Lines leased. ,r See this co. Other. . .. .. .. . .. . . . . .. .. .. . . 3 Weet Shore .................. ,r 479 Trackage.....................~ Troy & Greenbush ...... . .. ,r 6 j TQtal in earnings .........•. 3,422 Bpuyten Duyvtl & Pt. M ... ,r 6 Oontroltedr-Operated separately. New York & Harlem ........ ,r 1371 Lake Shore & Ml.oh So .••... ,i 1,411 llrew Jersey Junction....... ,r 5 Michigan Central ........... ,rl,653 Rome Watertown & Og..... ,r 624 N. Y . Chio. & St. Louts RR.. ,r 523 lloha.wk & Malone.... . ... ,r 1821 Lake Erie & Western ...... ,r 725 Oarthage & Adirondack.... ,r 46 Northern Ohio ............. ,r 162 Gouverneur & Oswegatchie,i 13 j "Big Four" System . . ....... ,1"2,235 New York & Putnam ....... ,r 59 Indiana Illinois & Iowa .... ,r 252 Boston & Albany .......... ,r 393 j Cincinnati Northern . . .... ,r 208 FallBrookRy.,etc ...... _. _ ,r 231 DetrottTol.&Mllwaukee .. ,r 155 Beech Creek RR............ ,r 160 Dunkirk All. V. & Pitts .... ,r 91 Beech Creek Exten. RR ... ,r 59 Pitts. & Lake Erie svstem __,r 185 Wa.llklll Valley............... 33 St. Lawrence & Adtronda.ok,r 56 Tota.I owned and controlled July 1, 1903 (319 miles 4-tra.oked) 11,178 HISTORY, &c.-Controlof the Lake Shore and Michigan Central roads wae acquired in 1898, as stated below. Their earnings are reported eepa.rately, but the dividends on theirsha.ree held by the Central are tnoluded in the item ·• other income," offset in part by mtereRt on the col• lateral bondR issued tor their :purchase. V. 71, p. 502; V. 78, p. 48. In Jan., 1900, control of the Lake Erie & Western was aoqntred, aleo a large interest in the Cleve. Cin. Chio. & st. Louis, inorea.sing the Va.nderbllt interest in the latter to an absolute majority. The Central has since transferred its holdings in these compantes to the Lake Shore, which see; also see V. 78, p. 48. In l 900 an understa.nding was reached between th .. Vanderbilt and the Pennsylvania interests, by which the latter beoawe jointly interested in CheR. & Ohio Ry. V. 70, p. 76, 125, 1049 Holdings of Vanderbilt estate, V. 71, p. 1221. STOCK.-D1 v1dend s on stock registered in London are payable in gold at 491.gd to dollar. As to new issues, see" General Fina.noes" below. DIVID~JNOS since S '92. '93. '94.. '95. '96·98. '99. 1900·'03. 1904. 1891. Per cent.~ 514 5 5 414 4 yrly, 4 5 yly. Jan., 114 BoNus.-Descriptton or debentures was on page 3 or SUPPLEMENT of April, 1895. They are all secured by the refunding mortgage of 1897 eqPa.lly with the 3¼is. Ref. mortgage is for $100,000,000, or which $59,495,391:i had baen issued in A.ug., 1903, t;n retire $56,527,· 017 old h ondsand $11,362,179 tor t he general purposes of tb.e com• pany; of the balance, $14,142,425 was reserved to retire$ l3,>l50,317 exisfilni,r bonds still outstandln~; the remainder ($15,000,000) is re• served for new construction after 1903. V. 77, p . 452. Collateral trust 3¼s of 1898 are seclll.'ed by deposit of stock of the Lake Shore & Miehigan Southern and Michigan Central RRe. at the ra.te of $100 of L. S. & M. 8. stock for each $200 of bonds and $100 of Mich. Cent. stock for each $115 of bonds outstanding. The tote.I authorized issues of 311,s are $100,000,000 for Lake Shore a.nd $21,550,000 for Michigan Central. The loans a.re secured by separate deeds of trust. eee v. 66, p. 288, 336, 760, 811. GUARA.NT£ES.-Tl.te company guarantees the securities of its leased lines to a considerable aggregate-see separate statement for each com• pany marked with a ,r in the table of mileage preceding. It also guar• antees Western Transit Co. 4¼s for $1,000.000 due FebrL1ary, 1903. GENERAL FINANCES.-To Aug., 1903, a.bout $56,527,000 old bondlil had been refunded; annual t1av1ng- in interest charges abou $1,325.000. V. 75, p. l 14!:!; V. 76, p. 159. In June, 1903, various ro ads controlled by the Van,ierbilt, Morgan and P~nnsylvanla iflterests purchased $6,9?.4,200 of the $11.000,000 Hooking Valley Ry. common stock. See that companv, V. 77, p . 1225 In July, 1901, the company had acquired $45,289,200 of the capital stock of the Lake Shore road in exchange for3¼ p.o. bonds (see above), leaving $-1,177,300 a.fl.oat. including $533,500 guaranteed 10 per cent dividends (see V. 66, p. 288, 336, 1238), anu also $16,814,300 of Mich. Central stock, leaving $1,88:l,600 still outstanding. In Jan., 1904, dividenfl rate on Lake Shore stock was raised "from 7 to 8 p. c., equal to an increase of $450,000 annually in the other income'' or the N. Y. Central. V. 77, p. 2390. In April, 1900, $15,000,000 stock was issued at par to provide new rolling stock, and on Apr. 16, 190l, the stockholders voted to increase the stookfrom $115,000,000 to $150.ooo,ooo, $16,912,900 of the new etook being subscribed for by stockholders pro rate. at $125 per aha.re. V. 74, f· 151. A portion of the proceeds will be used for the substitution o electricity for steam on New York suburban division and New York terminal improvements, estimated to cost $20,000,000, to be oomplete,1 ab ,ut 1900. rhese improvements are expected to be largely sel!-supportin,r. (V. 74, p. 151,776; V. 75, p. 240,290, 550, 1203, 1254; V. 76, p. 266,331, 1083, 1408; V. ?7,p. 350, 2159.) In 1902·03 control or ~lrtual control of the Reading Co. w&R ac· quired by the Baltimore & Ohio (Pennsylvania interests, and the Lake Shore. V. 76, p. 101; V. 78. p . 4Q As to contract ot 1903 with PPnnsy,lvania Coal& Coke Co. for at leas_t 1,000,000.tons annually, Pee V. 77 p. 2098. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I Average traln•loa.d for entire system, including company's freight, wa.s 421 tons in 1902-03. ae:a.inst 387 tons in 1901·02. EARNINGS.-For 6 _mos. ending Dec. 31 (par~ly eetimated): 6 mos. Gross. Net. 0th. inc. Oharnes. Bal., sur. 1903 .. $U,240,800 $12,540,400 $2,697,400 $10,263,500 $4,974,300 1902 .. 38,905,782 12,870,392 2,704,906 10,514.984 5,060,314 Dividends of 2¼ p. o. called tor $3,306,200, against $3,297,907 in '02 ANNUAL REPORT.-Reportfor 1902·03 was dven at length in v. 77, p. 819, 828. Bee also editorial p. 798. Of the freight (38,081,380 tons) carried in 1902·03, about 37 p. o. wae ooal and coke. Years end. June 30. 1903. 1902. 1901. Miles June 30 . .. ..... .••••• 3,422 3,320 3,323 "'reight earnin~s ..... ..... . $46,858,713 $40,659,779 $39,5n0,399 Passenger earnings........ 23,fl!:!l,576 23,807,085 20,866,357 'l(a.Jl, express. etc.. ..... ... 7,16~,t89 6,4:l7,004 5,916,355 Total gross earnings . $77,60!\.778 $70.903,868 ltltio,3:i3,lll Net earnings. . .............. $24,146.464 '24,040,379 $21,744,895 Other income............... 5,272 744 4,876,023 4,530,294 Net income... .......... its:.m,4rn. 208 $28.916,402 11!~8.22:>,189 Deduot--Renta.ls paid...... $9.421,474 $9,174,239 $9,204,619 Interest on debt.......... 7,299,968 7,688,333 7,624,934 Taxes onstook. . ....... 794.292 869,73ft 748,285 Taxes on real estate..... 2,687,737 2,595,728 2,339,094 Miscellaneous............ 191,433 271,648 316,074. Reserved for deb'tures... 800,000 300,000 300,000 Dividends ................. (~)6,604,158 (5)5,961,411 (5)5,7!'>0,000 Speoia.l impr'ment fund.. 1,750,000 1,750,000 1,500,000 Balance from operat'n ... 370,146 $305,307 $492,183 President, Wm. H. Newman; Chairman, Chauncey M . Depew; Treas• urer, E. L. Rossiter. Directors (July, 1903): W. K. Vanderbilt, F. W. Vanderbilt, Chauncey M. Depew, Samuel F. Barger, J. Pierpont Mor• gan, William Rockefeller, Hamilton MoK. rwombly, William H. New· man, Oharles O. Clarke, D. O. Mills, William Bliss, George S. Bowdoin and James St11lman.-(V. 77,p.769, 819,828, lb75,2098, 2159, 2390. N e-w York Chicago & St. Loul8 KR,-( See Map of Netc York Oen tral cl Hudson River.)-Owns from Buffalo, N. Y., to Illlnois State Line, except 8 miles leased between Dunkirk and Silver Creek, leaving 494 miles; leases the proprietary line, Chicago & State Line RR.i Ill., State Line to Grand Crossing, 10 miles; also leases Dunkirk to 81 ver Creek_. 8 miles; total, 512 miles; trackage in Buffalo, N. Y., l¼ miles, a.no Grand Crossing Chioago, Ill. (Lake Shore RR.). 9 miles. HISTORY.-"Niokel Plate" road, foreclosed and reorganized tn 1887. BTOCK.-Lake Shore & Michigan Southern owns $6,240,000 common $6,275,000 2d preferred and $2,503,000 1st preferred etook. DIVIDENDS.-} '92. '93. '94. '95. '96. '97. '98. '99. '00. '01. '02 '03 1st pf. in Mar. 3% 3 4 0 5% 0 2% 0 5 5 5 5 2dpref........ .. .. .. . .. .. .. .. .. 2 3 3 BONDS.-A stnking fund of $100,000 per year is provided when net. earnings are $900,000 or upwards, if bonds oa.n be bought at or below 102; if not, the sin.king fund lapses for that year, thus leaving $100,000 more for dividends. The Issue of bonds, $20,000,000, has been reduced by stnking fund. See mortgage a.bstraoti, V. 45, p. 541. LA.TEST EA.RNINGS.-For 9 mos. ending Sept. 30: 9 mos. Gross. ll{et. Other ino I,it, tax, etc. Bal., s1ir. 1903 ..•. $6, ?4],100 $1,451,228 $31,332 $966,761 $515,799 1902 .... 5,006,987 1,452,369 25,172 976,4.42 501,099 ANNUAL REPORT.-Report for 1902, v. 76, p. 1027. .Principally a. freight line, freight tn 1902 contributing $5,791,033 out of $7,138,899. Year ending Dec. 311902. 1901. 1900. Gross earnings ................ . .... $7,138,899 $7,485,484 $7,023,359 Operat,lng expenses ............... 5,034,2fl3 n,211.626 5,293,678 Netearnings .................... $2,104,t>'-l-f> $2,273,85~ $1,729.6i:, l Other income....................... 40,125 32,291 26,721 Net,inoludingother income ........ $2,144,770 :i;2,306,149 $1,756, ~02 Additions and betterments........ 58!'i,OOO 756,000 398,587 Interest on bonds .. .... . .••••.••. 777,000 777,000 777,000 Equipment trust charges... .•• . ... 185,649 154,217 104,092 Dividend on 1st pref.* .............. (5) 250,000 (5) 250,000 (5) 250,000 Dividend on 2d pref.* .• ·-· •••••••. (3) 330,000 18) 330,000 (2) 220,000 Ba.Ia.nee, surplus................ $17,121 $38,927 $6,723 * NoTE.-Dividends from earnings of year given are paid, 1n !'la.rob of following year. Pres., Wm H. Cann1ff.-(V. 76, p. 1085, 13... 6.) Ne-w York & Green-wood Lake Ky .-(See Map of ErieRR.)Owna from Jersey Olty, N. J., to Greenwood Lake, 39 miles, a.nd branches to Ringwood, etc., 8 miles; Watchung Ry. Forest Hill tn Orange, N. J., 4 m.; total owned, 51 m. Stock, $100,000; par, $50. LE.A.SE.--OnMa.yl, 1896,waslea.sed to the Erie RR. for999yea.rs from May 11 1896. Prior lien bonds a.re guaranteed, principal and intereet, by Ene. See V. 63, p. 513; form of guaranty V. 65, p. 463. Ne-w York & Harlem KK.-Owns New York City to Chatham N. Y., 13d miles tfour•traeked 7 miles north of Harlem River). Alee owns Fourth Ave. street railroad. LE.A.SE.-The property (except the horse rallroad) was leased April 1, 1873, for 401 yea.rs, to the N. Y. Cent. & Hudson River RR. for intereet on bonde and dividends at rate of 8 p. o. yearly, since increased to 10 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis between NEW YOJ3K a nd CHICAGO. :z :,j >H r ~ P> ~ Im r-3 0 0 ~ m zP>tj td 0 ztj VJ MAP OF THE NEW YORK CENTRAL & HUDSON RIVER R. R. LAKE SHORE -&MICHIGAN SOUTHERN R'Y NEW YORK, CHICAGO & ST. LOUIS R. R. MIC.HIGAN CENTRAL RAILROAD. JAN., 1904.] 457 RAILWAY STOCKS A D BONDS. RAILROADS. Miles Date Size, or A.n;lount INTEREST OR DIVIDENDS. ~~l'or explanation o:t column headings, &o., see notes o:t o:t Par Outstanding Rate per When Where Payable, and by Btocka-Laet. on first page o:t tables. Road. Bonds Value. $ Cent. Payable Whom. Dividend. ---· ---· ---- 'lret111 Y&rk Neu, Hm,en d: Ha1't.-8took. Bee text $100 77,149,100 Sin 1903 Q.-M,C. New Haven, Co.'s Office. Deo. 31, '03, 2 Debentures, mostly exchanged :tor stock 1903 o* A. & . N. Y., Lincoln Nat. Bk. tfer. 1, 1908 4 100 &o. 185,300 Deben. ($5,000.000 ea.oh), our., non-convert .. o&r 10,000,000 3¼1&4g. M.& 8. New York. '97·'01 oh. 1, 194.7 1,000,000 N. Y. Prov. & Bos.len. M. (now 1st), g., ass'dc&r 4 g. A. & O. 62 1892 do ~r. 1, 1942 8hore Line 1st M., . Hav. to N. London, assumed 200,000 49 1880 l,OOO&o oh. 1, 1910 419 M.& 8. N. H., Nat. N. H. Bank. Housatonio old consolidated mort. (assumed) ... A. & 0. 100,000 4 Apr. 1, 1910 New Haven, Conn. 90 1880 500 &o. 5 g. M.&N. N. Y.,Fa.rm. L. &Tr.Co. Nov. 1, 1937 New consol. M. ($3,000,000) ff: (assumed).F.o* 2,839,000 90 1887 1,000 New Haven Steamb. M., g., ass d, oall aft. 1904 .. 5 g. A. & 0. N. Y., Lincoln Nat. Bk. June 1, 1919 225,000 1899 500 &o. BONDS OF PROPRIETARY ETC. LINES: Bos. &N.Y. AirL. lstM.,N. if. to W1111man.,ct.o* F. & A. N.Y.,LtncolnNat. Bank Aug. 1, 19~ 500,000 51 1880 1,000 5 Colchester RR. 1st mortgage .......•..•.•......•. 25,000 7 J. & J. July 1, 1907 New Haven ,Conn. 3¼ 1877 500,000 5&6 J. & J. do Danb~& Norwalk con. M. ($100,000 are 6s).o* do July 1, 1920 36 1880 Genl. .,Danbury,Conn.,to Wilson Point, &c.c* 100 A. & 0. Apr. 1, 1925 150,000 do 5 do 36 1883 Har. R. & Port. 2d M., gu. (V. 56, p. 813).F.c&r 4 J. & D. N. Y.,Chemioal Nat. Bk. June 1, 1911 1,000,000 12 1881 1,000 150,000 Nan§_atuck 1st M., Nauga. Juno. to Winsted, Ct.r 4 J. & D. New Haven, Ct., Treas. June 1, 1918 55 1883 1,000&o 314,000 1902 l}~..,entnres ....................................... 3¼1 M:·&·N. May·1;·i01s 575,000 New Haven, Conn. New Haven & Derby, oonsol. mort. (Nov. lst) .. o* ·13 1888 5 1,200,000 A. & O. Apr. 1, 1909 do N.H.&No., oon. s. f.$15,000p. yr.,notdrn.1Jn.o* 6 do 98 1879 1,000 Apr. 1, 1911 700,000 28 1881 1,000 do Northern Extension bonds .................... o• 5 do A. & o. July 1, 1904, 700,000 J. & J. do 1886 1,000 Deb'tures ext. in '96 non•conv.,V. 62,p. 548.o* 5 do A. & 0. Apr. 1, 1911 200,000 do Holyoke & W., leased, mtge. $200,000, guar.. o.. ·10 1891 -_1,000 do New England and Old Colony-See those cos. A. & 0. Prov.,R.I. Hosp. &T.Co Oot. 1, 1947 4 1,500,000 51 1897 1,000 Providence & Worcester 1st mortiafe• currency 250,000 2¼ A. & o. Treas.,Old Col., Boston. V.72,p,675 Nan. B'oh, 1st M. ($240,000 own. . .N.H.& H.) 7 1880 4 g. M.& B. N. Y. Offloo,56 Beaver. June 1, 19951 N.Y.O.~ W.-Re:t. (lst)-M. $20,000,000, g .. 1'.Ie.o*&r Text. 1892 J 000&0 16,937,000 5 g. F, & A. N.Y.,N. Y.Seo.&Tr.Oo. Feb.'OI. Feb.'11 1,950,000 Gold notes, sec. by lit M. on Scranton Coal Co .. 1899 1,000 5 g. J. & D. N. 3,050,000 Do g., seo. by let. M. on ElkH. C . &l.,due a-a..o* Mort.on Trust Co. J'ne.'04J'ne'll5 1900 1,000 285,000 41iag. J. & D. N. ., Ma.nba.t. Tr. Co. To Mar., 1906 Oar trusts, ser. A, $57,000 payable semt•ann.Ma 1902 1,000 To June 1907 New York. 259,000 4.½!g. M.& B, Car trusts, ser. B, $37,000, payable semi•a.nn. lff e 1902 1,000 Ma.y'04.May '08 New York. 5 g. M.&N. 198,000 Oar trusts, ser. Cl, $22,000, payable semi an De 1903 1,000 J. & J. o.r.reo.,M, Wm.St.,N.Y. Jan.15,1905 565,000 6 II. Y. ti Ottawa.-Reo. oertif., red. aft. June 15, '0t. 1900 4 g. M. &N. N ov.,'98,ooup.last paid. Nov, 1, 1917 lat M., $3,500,000...................... Mo.x.o•&r 128 1897 1,000&0 1,728,000 is93 i:ooo .... i:ooo i:ooo ' ---· Y, ---· .... ·--- '-- iis StocksTotal issue. p. c. through re:tundtng o:t bonds. V. 70, p. 740, 1049, V. 71, p. 29, Uneuh. Di-r,id'd. Period. $152,925 5 p. c. J. & J. 1220. The street ra.llway wa.s leased in July, 1896, to Metropolitan Danbury & Norwalk .•.......•. $600,000 Street Ry. Co. :tor 999 years at $350,000 yearly (3½3 p. c. on stock) :tor lllauga.tuok ..................... 2,000,000 1,006,400 10 p. c. J. & J. N. H. & Derby.................. 447,000 21,600 4 J. & J 5 years and $400,000 (4 p. o.) thereafter. V. 62, p. 1088. New England, common ...... 20,000,000 52,500 Pays no divid'd. REGULAR ANNUAL DIVIDENDS 1903. do do preferred ...... 5,000,000 74,100 3 p.o. Oot.31,&o. Guaranteed by N. Y. Central ..................... 10% (Jan. 5%, Jull 5%) Old Colony .................... 16,608,900 11,089,900 7 Q.-J. l!'rom Metropolitan Street Ry. rental. ........... 4.% (April 2%, Oo . 2%) Pawtuxet Valley ·(par,$ (I))... 100,900 100,900 7 p. o. J. & J. Also in Oot., 1899, a surplus distribution of 25-p. o.-(V. 76, p. 1144.) Stockbridge & Ptttsfleld. ....... 448,700 437,700 6 Q.-J. EARNINGS-For 3 months ending Sept. 30: New- York & .Tertiey KR.-Owns two partially oonstruoted tun• 3 mos.G1·oss. Net. 0th. inc. Int. tases, etc. Bal., ,ur. nels under the Hudson River, between New York City <Manhattan Borough) and Jersey City, about 5,000 feet of the north tunnel having 1903 .••••. $13,285,568 $4,559,255 $36,249 $1,968,865 $2,626,639' been completed and 800 remaining to be built; o:t the south tunnel 1902. .•• •• 12,072,403 3,833,495 44,366 2,036,451 1,841,410· 600 feet has been constructed. Terminals in New York will be in the ANNUAL REPORT.-Annua.l meeting 18 held third Wednesday in Oot neighborhood of Christopher and Hudson streets. To be operated by Report for 1902·1903 was in V. 77, p. 949. electricity. The North Jersey and Jersey City Hoboken & Paterson Yr. ena. June 30. 1903. 1902. 1901. 1900. Street Rys. will use the tunnel when oomplett,d. The entire tunnel Miles operated.. 2,037 2,038 2,038 2,038 is expected to be completed in 1904. V. 76, p. 436. Franchise, Pa.ssengerearns.$22,953,017 $21,223,631 $19,853,093 $19,764,755 oharges to be readjusted every 25 yea.rs. See V. 75, p. 77, 1354. The Freight ea.ms ... 23,926,150 21,871,642 19,864,701 20,164,753Hoboken & Manhattan RR., incorporated in Oct, 1903, with $500,000 416,910 425,814 414,517 395,643 authorlzed stock, will own the New Jersey end. V. 77, p. 1875. The Misoella.neous... Hudson & Manhattan RR, to tunnel from Jersey City to Cortlandt St., Gross ea.mings .. $47,296,077 $43,521,087 $40,132,311 $40,325,151 Net ea.mings ..•. $12,341,054 $12,247,213 $12,083,332 $12,100,311 Manhattan, ts controlled by lriendly interests. V. 76, p. 705, 1249. 565,818 613,060 562,560 546,1?.. Incorporated in New York on Feb. 11, 1902, as successor o:t the Hud• Otherinoome.... eon Tunnel Ry., sold in :toreclosure per plan V. 73, p. 1313 (see also V. Tot. netinoome$12,906,872 $12,860,273 $12,646,391 :a $12,646,432 70, p. 996 and 1149).-V. 74, p. 380. Stock, a.11 issued, $8,500,000, of Int. on bond& ... $1,137,052 $1,305,838 $1,166,967 $1,062,!85' which $3,500,000 is 6 per cent non•cumula.tive pre:terred; par o:t Other interest... 52,912 486 1,858 .,2 1 aha.res, $100. Of the $7t000,000 bonds, $2,500,000 a.re reserved :tor the Rentals.......... 4,ri04,546 4,464,711 4,451,634 4,476,2lSS c,onstruction of the soutn tunnel. V. 74, p. 380, 577. Taxes............ 2,385,389 2,410,380 2,367,636 2,484,605 OFFICERS.-Prestdent. Wm. G. McAdoo; Vice-Presidents, Walter G. Dividends .•.•... (8)4,618,438 (8)4,296,568 (8)4,294,738 (8)4,231,278. Oakman and Edmund C. Converse; Secretary, Chas. W. King; Treas• Ba.lance ......... sur.$208,5:i4 sur.$382,290(sur.$363,548 sur.$391,335 urer, Henry A. Murray; directors, V. 74, p. 577; V. 76, p. 436. Of• OFFICEB8.-Pres1dent, Chas. B. Melle!'-t New Haven; Secretary, w. aoe, 15 Wall Street, New York.-(V. 76, p. 1249; v. 77, p, 1875.) D . Bishop Jr.; Treasurer, Augustus S. m.ay,New Haven, Conn. N e-w York Laeka-wanna & Western Ry .-Binghamton to Bnf• talo and lnternat'l Bridge and branches, 214 miles of which the main 0 0 line, 213 miles, ts double tra.ok; Dela.ware L. & W. has a lease for duraBi~ o!te ~~!~~; tion of charter from October, 1882, giving a guaranty of the bonds and Boston; Royal C. Taft, Providence; C. E. Brooker, Ansonia., Conn.; I. De V. 5 per cent yearly on the stock, bonds and stock bein~ endorsed. See form 1 0 0 of guanmty o.r terminal bonds in V. 67, p. 1357; see also V. 68, p. 283. i?J':r~Jhn<!~?Mios!~:~~n:. w New York Lake Erle & Western RR.-SEE ERIE RR. Co. -(V.77,p. 949,1294, 1747, 2036, 2390; v. 78, p. 103.) New York New- Haven & Hartford RR.-Covers Southern N e-w York & Long BranchRR.-PerthAmboyto Bay Head.z..N.J. •ew England and the only direct routes between New York and Boston. 38 miles. Leased in 1888 :tor 99 years to Penn. RR. and Cent. R& of .tAtlU Ounud. in FuMilu. Leased, (part Ounud..) Mile,. N. -!:t~hiohjotntly and severally guarantee interest and 7 per cent on lunotion near N. Y. City to New Eng. RR. (which see) ...... 536 $2,uvu,000 stock, all owned by Oen. RR. of N. J.-(V. 72, p. 438.) Springfield, Maas ............. 122 Old Colony RR. (which see) .. 616 Lbies to Providence, Pittsfield, Line, LeasedtNew- York Ontario & Western Ky.-(Bee Map.J-Opera.tee from Weehawken, opposite N. Y. City, to Oswego, on Lake Ontario: Road Owned,Miles. Road Oontrotted,llc. Miiu. Lines to Turner's Falls, eto.... 268 Trackage to N. Y. City, etc .••• 30 Oswego to Cornwall, N.Y•••••• 272 Pecksport Conn. (leased)...... 4. Otherllnes ...................... 43 - - Branch to New Berlin......... 22 Ontario Oar~ & 8. (leaaed.) Total oper. July, 1903(88 miles bas four and 667 two traoka) .. 2,037 do to Delhi................ 17 Ca.dosta,,_~.1:., toSoranton,Pa. 5~ do to Ellenville...... • • • . 8 Rome & uunton (leased) ...... 1Tl3 Controls Fall River, Prov. & Bton., New Haven, New London &Nor. Utica Clinton & Bing. (leased).1T31 wtoh and Bridgeport BB. lines. V. 70, p. 842; V. 71, p. 643; V. 73, p. Total owned .................. 319 Wharton Valley (owned)....... 7 721; V. 76, p. 480. European oonneotlons see V. 75, p. 794,981. Trackage (till 2079) W. Shore RR.: Ellenville & Kingston (leased) 27 HlSTORY.-Aoonsolldationin 1872 o:t the New York & New Haven C'nwalltoW'h'ken(V.61,p.425) 53 Port Jervis Mont. & SummitT. and the Hart:tord & New Haven. In years 1892 and 1893 a.oquired (leaaed) •.•..•••.•••••. ,........ 41 control o:t several companies whose bonds a.re given in table above. -,rBee this Co. TheHoueatonio, Shore Line, N. Y. Prov. & Boston and the Shepaug Total operated July 1,1903 .................... .......... ......... 549 Litchfield & Northern have been absorbed by oonsolldation. V. 69, The Port Jervis Monttoello & Summitville RR. is owned by the N. Y. p. 74.2. See also Old Colony. Four•traoking, eto.,at Bridgeport, Conn., to cost perhaps $3,000,000, will be ·completed in 1904. V. 69, p. 955; Ontario & Western Ry. and its line, in oonneotion with the Ellenville bra.nob and the Ellenvfile & Kingston RR., :torms a Une,put in operaV, 71, p. 644; V. 73, p. 138; V. 75, p. 729; V. 77, p. 2390. '"ectrie Railways..:...Oontrols Sta.m:tord ~t. Ry., Meriden Electno Ry., tion Deo 22, 1902, from Port Jervis to Kingston. V. 75, p. 1400; V. eleotrto ra.llwa.y between Hartrord and New Britain, 10 m., 14 miles 77,p. 650. between Providence and Bristol, eto. v. 67, p. 732; v. 69, p. 742; O:aGANIZATION.-Sucoessor in 1879 of N. Y. & Oswego Mid., foreclosed. V. 71, p. 644; V. 72, p. 137; Wor. & Conn. East. Ry., V. 75, p. 1203. BT0CK.-Btook 18 $58,113,982, (par, $100), of which $&,000 is old pret. OAPITAL STOCK.-Btook authorized, $100,000,000. In 1903 $16,· VOTING T:aus•.r.-The pre:terred was originally $2,000,000, but all ex• 211,900 was issued in exchange, $for$, tor convertible debentures. oept $4,000 has been exchanged for bonus under aot o:t June 8, 1885. Btookbolders in 1903 subaoribed to $6,753, 'ZOO new a took at $176 The exchanged preferred stool[ ts held a.live under a voting trust and per share, the proceeds to be used to pay :tor maturing bonds, new eleots eight o:t the thirteen directors under a provision of the "Articles equipment, rolling stock and floating debt. This increased the out- o:t Assoolation," until a dividend shall have been earned and paid upon standing stock to $77,149,100. v. 76, p. 865, 1301. the common stock. The voting trustees elect directors in the interest DIVIDENDS.-} 1873·1893. 1894. 1895 to Deo., '03, (inolJ o:t the common stock. See V. 61, p.425, 426,andeditoria.l, V. 65, p.4.95. Per cent. ~ 10 yearly. 9 8 (2 per cent quar.) BONDS, ETc.-RefurnUng morcgage ror $20,000,000 coven 319 mile& BONDS.-The com,ertible debenturu of 1893 for $16,397,200 were of road owned, a.If the securities of the Ontario Oarb. & Scranton Ry., mostlyexchanged in 1903 for stock a.t par. The remaining $185,300 54 miles, and all other property herea:tter acquired. The balan0& will be pa.id in cash April 1, 1908. Under the lease New Elaven road unissued is available for additions, improvements, etc. V. 72, p. 87. "assumed" the debt of Old Colony. In Mar., 1901, $10,000,000 non• GENERAL FINANCES.-ln 1902 surplus earnings were being applied t.o c,onverttble debentures were authorized, $5,000,000 of which were double·traoking 107 miles of main line, to extend over three or four sold, the vroceeds to be used in pa.rt for improvements at Bridgeport, years, to oost about$1,500,000. V. 74, p. 830; V. 75, p. 505; V.77,p. 650. Conn. V. 72, p. 627; V. 73, p. 721; V. 75, p. 729. Early in the calendar year 1899 the coal properties at Scranton, LEASED LINE BTOCKS.-The stocks o:t the leased lines unexohanged Pa., o:t the Lack. Iron & Steel Co., (the oapaoity o:t the oolllerlea on June 30, 1901, or later, and the dividends payable thereon are shown then open being a.bout 700,000 tons per annum) were purchased by below, the shares being all $100 ea.oh excepting Danbury & Norwalk, the Floranton OoalCo.,aided byloans:trom the N. Y. 0. & W., the latter whioh a.re $50 each. The lea.see a.re for 99 years. issuing its $2,500,000 5 p. o. notes (reduced to $1,950,006 Ooi. Btock8Totat u,ue. U'M:UA. Dimd'a. Period. 1903), extending over a period of years secured by first mortgage on Berkshire•••••••••.•••.••.•••••• $600,000 $599,000 6 p. o. Q.-J. the coal property, and loaning $1,4.75,000 (o:t whloh $305,000 has B, & N. Y. Air Line pref .•••••• 2,998,500 1,396,000 4 p. o. A. & O. been repaid) aeoured by a aeoond mortgage thereon, the O. & W. ob• do do common .. 898 500 154 700 Pays no divid'd. taining a contract for the entire tonnage. V. 68, p. 4.1 429. The ciR~~~~~~11e':."J:: il.~i:::,r,~~~~kl·M::~in'i;,Por~~~~Wi~!g~1efe>tfe~: le:ti:-· e~ bia~i::. c1t~; ~i~:1·e!ii?"cf ~~c:r:!li!~ret l::~:~-F~:~t1rW. 6i;eJey~So~it M!:°!~~:te~· I ~~e~~~oniroiiui-:: .... .al6 ~~id~::.~.~~~~.~~~~:::::: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t~ .MAP OF THE NEW YORK, ONT ARIO & WESTERN CONNECTIONS. pj ~ r ~ P> ~ w. ~ 0 0 ~ w. P> :Montrose z 0 cc 0 z 0 rn .i HI Loiansport o ~ 0 Lar yette i I I ., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Pittaburg 1 f h,eli ng THROUGH ROUTE NEW YORK to CHICAGO RAILROADS. Miles Date Blze, or Por explanation of column hea,dmgs, &o., see notes of of Par on first page of table. Road. Bo11.ds Value N. Y. Ph:Ua. Ii Norfotk,-Stook, $2,000,000 ..•••••.... 1st M., $3,000,000, gold.. FP .... . .............. o* Income mort., g.Nnon-oum., ~,($1,000,000) FP If. Y. Ii Putnam.- .Y. & No., ls mortgag~ gold.c N. Y. &P; con.;,,$6,200~00, g., gn. p.&i. en . Un.o: if. Y. Ii .Rock. B' .-let ., $1,000,000, g., gu.ce.o 2d M. income bonds, non-oomulative.Ce ......•. r N. Y. Smq. ii Western-Midland RR. 1st M., g.Ce.c.. Patersoa Ex.ten. RR. 1st M., real estate, s. f., g. o* N. Y. Susquehanna. & W ee1iern, 1flt mortgage...•. 1st mortgafe, refnndino'i, gold.Ce .........••• o* 2d mort. ($ ,000,000 d) 3d M. on 72 m.Ce.o* General mortg~ for 3,000,000, gold .... Ce.o~ Collateral trust onds, ~act to call, our.Co. Terminal 1st mort. for $2, ,000, gold.. Us.o*&r Allied co~aniuWtlkesb. & ast'1¾l let M., gold, gna,r·cf:· & 1.G •. o* Bus~Connect. R . 1st M. g.,red. at 1 5, gn.1'.lp o Mid etown ·Un. & W. ff.-See that company. Passaic & N. Y., 1st mort., (999 years, rental) ... Ma.cogin RR., 1st mort. (br'oh to Macopin Lake) N. Y. . & W. Coal Co., let M. (1;050 acres, s.f.).o~ N. Y. & Wllkesbarre Ooal Co. let mortga:ffee ... Co :N. Y. Te::e. Ii Me::e.-lst. M.,~.,$ or£,~ by So. ac.P o,. -Norfolk Ii PorlfflWUth Bet Lin~ st mort.GP .... Norfolk Ii OaroHna -See ATLANTIC COAST LINE RR. Norfolk Ii Southern-Capita.I stock .••..•.•••.....••. •l et mo~e, $10,000 per mile, gold.A •....••.. o* Nori,olk~ e11t. By.-Oom. stock, ~6,000,000.A .. A. justment p:ref. 4 p. o. non.cum. $23,000,000.A a There are also $53;000 not guaranteed. i Gross. Net. ::i~~N1n':: INTEREST OR DIVIDENDS. Rate per When Where payable, and by Stqcka-Laat Cent. Payable Whom. Dividend. --- $50 $2,'600,000 6in 1003 J. & D. 2,600,000 1899 1,000 4 g. J. & J. 1,000,000 112 1899 1,000 4 M.& N. 1,200,000 5 g. A. & O. 57 1887 1,000 4,025,000 4 g. A. & O. 57 1894 1,000 984,000 12 1887 1,000 5 g. M.& B. 1,000,000 12 1R87 1,000 A:·&··o. 500 &o. 3,500,000 72 1880 250,000 1 1881 1,000 6 g. J. & D. 5,000 6 g. J. & J. 3,745,000 5 g. J. & J. i21 447,000 127 1887 1,000 419g. F. & A. 2,551,000 127 1890 1,000 ~ g. F. &A. 244,000 M.&N. 1895 1,000 5 g. M. & N. 1893 l,OOO&o 2,000,000 ...6.g. iss7 i:ooo 65 1892 10 1897 1,000 1,000 500 1,000 6 1885 1896 1887 1893 1882 1902 15'1. 151 is9i 100 1,000 100 100 ---· ··-· 3 2 ·--· ·gi ---· ---· ---· ··-· Oharges. 3,000,000 175,000 70,000 44,000 398,000 ··500 450,000 • &$ al,465,000 250,000 ...... Bal.,sur. •1 903 .••••••••••••••••. $2,999,254 $798,648 $285,919 lfl->12,729 1902 ..•.••••••••••.••• 2,992,533 427,490 .3()8,168 119,322 ANNuAL REPORT.-Fisoal year ends June 30. Annual meeting last Wednesday in September. Report for 1902-(13 was given at length in V. 77, p. 625,650; see also editorial, p. 601. Ooal traffic in 1902· 08, 2,521.179 tons (out of 3,972,561 ton.s), against 2,4.55,305 in '00-01. Year ending June 30. 1903 1902. 1901. G:ross earnings . . ...........••. $6,176,518 $5,456,696 $5,322,884 ·Operat'g expenses and taxes. 4,557,087 4,107,754 3,777,137 Balance, net earnings .... ~l,619,431 $1,2~!:l,94~ ,1,Mo,747 Tot. net inoome,inol. "other." $2,021,368 $1,810,917 $1,962,991 lntel'eston mortgage bonds.. 677,480 677,480 654,133 :Miscell.interest e.nd discount 280,047 277,032 232,092 Bents.ls paid . . .. . . .. . . .. .. .. .. 202,870, 197,446 197,533 Balance, surplus.............. ,!1860,971 $658,959 $879,233 Pres.,Thos.P.Fowler.-(V. 76,p.1085; V.77,p. 398,625, 650.) New Yo,r k & Ottawa RR.-TupperLake,N. Y.,to Ottawa., Can., il.28 miles. Stock, $2,540,000. In Apr. 1900, Henry W. Gays was Qpomted receiver. V. 70, p. 842. In Jiiiy, 1900. $585,000 receiver's -0ertitl.oates were authorized. v. 71, p. 135; V. 77, p. 37. Fore -0Ios1Ee sate under .fl.rat mortgage postponed to .June 22, 1904; all the fust and nearly all the second mortgap;e bonds have been de• posited with Spencer Trask & Co, under a bondholders' agreement, but no reorg81lllza.tion plan had heen fonnnlated to Oct., 1903. V. 75, p. 894, 794. Thel'e are $63~,000 second mortgage incomes outstanding. Year ending June 30, 1903, gross, $216,118. Coupons of May, 18'99, and since in default.-(V. 77, p. 37, 2036; V. 78, p. 49, 288.) New York & Pennsylvania RK.-Shingle Ho11se, Pa., to Canisteo, N. Y., 52 miles; leases Sharon & Ceres RR .• Shingle House to Ceres. 5 m.; total, 67 m. Sold in foreclosure on May U, 1902, to F. A. & Howard Cobb. V. 74, p. 1139. In Oet., 1903, plan or reorganization had not been an-an~ed. For year 1902-03, gross, $112,766; net, $26,153; charges, $4,317; balance, sur., $21,836.-(V.74, p. 1139.) New York Pennsylvania & Ob.lo KR.-See ERIE RR. New York Philadelphia & Nort'olk KK.-Delmar, Del., to Oape Charles, Va., 95 m., and King's Creek, Md., to Crisfield, 17 miles. ReorganJzed in 1898-99 without foreoloanre, per pl\ID in V. 66, p. 760. tiECURITIE8.-8took, $2,000,000 all m1tsta.nding, par $50; repreaented by negotiable trwlt oertllioates issued by Ftdeilty Insurance Trust & Safe Deposit Co. of Phlla. Of the $3,000,000 1st 4s, $400,000 are reserved for improvements. V. 68, p. 773, 978. As to inoomes, see V. 68, p. 978. Interest on incomes, 2 p. o., semi-annually paid Nov. 1, 1899, to May, 1903, both inclusive. First div.on stock, 2 p. o., paid Jan. 3, 1901; June, 2 p. c.; Dec., 2 p. e.; 1902, 5 p. o.; 1903, 6 p. o. (J.&D.) EA.RNINGS.-Year ending June 30, 1902, gross, $1,492,117; net, $370,364; other income, $1,042; interest, $144,000; div. (41t p. o.), $77,147; bal., snr., $150,259. -(V. 74, p. 988; v. 76, p. 159, 436, 1030.) New York & Putnam RR.-Owns 155th Street and 8th Ave., llf. Y. City (terminus Manhattan Elevated), to Brewstere, N. Y., 54 miles; clonble-traek branch to Yonkers, 3 m.; operates 2 m.: total, 59 miles. HlsTORY.-Buooessor to the N. Y. & Northern sold under foreclosure of 2d mort. Dec. 28, 1893, and purchased for N. Y. Central & Hudson River RR., which operates it under lease-see V. 63, p. 754, 820, 1159. Deolsion, V. 74, p. 380; V. 77, p. 2339. Capital stock is $6,500,000; par,$100. B01ms.-The New York Central guarantees the new consolidated mort. bonds, of which $1,000,000 were reserved forlmprovementR: also 11 .200.000 to retire at maturity the ti.rat 5s.-(V. 74, p, 380; V. 77, p. 2239.) • · New York & Kocka-way Beach Ky.-( See Map Long Island RR.) Owns from Glendale Junction to Rockaway Park, 1o·a1 miles, with branch. l ·43 miles; total, 11·74 miles double track, mostly 80-lb. steel. Stock, $1,000,000; par $100. Leased in perpetuity in 1903 by Long Island Ratiroad Co., whose endorsement ts printed on ttrst mortgage bonds, ol which, June 30, 1903, $101,000 owned by L. I. RR. and deposited under its unified mortgap;e, together with $905,333 of the incomes. Year ending June 30, 1903, gross, $384,491; net, $163,069; other income, $3,366; baL over charges expended for im• J)XO:Ve,ffle,1;1ts.- V. 66, p. 1046· V. 77, p. 2098. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 ~~~g ii"2 aoal companies are expeeted ultimately to take ca.re of all the obllg&tions created. V. 69, p. 604,646. In November, 1900, eight independent anthracite properties with a maximum output of 2,000,000 tone annually were merge<' as the Elk :Hlll coal & Iron Co., ·the N. Y. 0. & W. issuinp- its $3,500,000 5 per oent sinking fund first lien gold notes secured by the Coal & Iron Com• .pany's first mortgage, these notes maturing $751~00 each 6 mos., begln·m.ng June 1 1901, to June 1, 1911, and therealli6r $200,000 semi-an• nually to Dec. 1., '1 915. In the event of any additional mortgagee being placed on tne railroad properties besides the refunding mortgage, the notes are to be secured pa.rt passu with 1mch new obllga• gatlons. The Elk Hill Co. also made a second mortgage to the N. Y 0. & W. for $2,400,000 at 5 per cent. V. 71, p.1270; V. 73, p. 501. The company's coal tonnage is derived as follows: Scranton and Elk tHfil companies (as above stated), total maximum capacity, 2,700,000 tons; other companies, 300,000; washerlee, 800,000 tona. ·E ARNINGS.-For 5 monUls-ending Nov. 30: 5 mos. -159 TOCKS AND BONDS. RAILWAY JAN., 1904.J Checks malled. Phlla., 26 So. 15th Bt. Checks ma.lled(eee text) New York City. N.Y., Gr. Cent. Station. N. Y., U. B. M. & Tr. Co. '03 S; 19391989' 1927 1993: 192'7· N.Y.,Of.21 Cortlandt St. Apr:·1;·i910, June 1, 1910 do do July 1, 1911 Jan. 1, 1937 do do Feb. 1, 1937 do do Aug. 1, 1940 do do May 1, 1905 do do May 1, 19.a, do do 5 g. J. & D. 6 g. M. & 8. --· ... do do do do do do J. & D. 6 do J. & D. do 5 do M.& 8. do 6 M.&N. Nov., '02, n't pd. wh.due 6 4 g. A. & 0. N. Y•• B.Pac.Co.: London. F. & A.. Phlla., Fidel. Trust Co. 5 2,000,000 4in 1903 1,453,000 5 g. 64.,469,200 Sin 1903 22,988,100 4inl903 Dec. 15, Jan. 1, Jan. 1, Oct. 1, Oct. 1, Sept. 1, Q.-J. N. Y., Metrop. Tr. Co. do do M &N. J. & D . Office, Philadelphia. do do F. &A. June 1, 1942 Moh. 1, 1907 Deo. 1, 1910• Deo. 1, 1918 Moh.1, 1912· Nov. 1, 1933 Apr. 1, 1912 Feb. 1, 193~· lllM·iit J a.11. May , 19 1 Deo.18,'03, 119Feb.19, '04,2~ New York Susquehanna & Weatern RK.-(8u Erie .Map. ► HIBTORY.-Oonsolldation in June, 1881, of the Midland of New J. In, 1898 nearly all of the capital stock was exchanged for stock ot the Erie R~:., which operates the line as an independent outlet to New York. Bee v. 66, p. 53, 83 a,nd 759. <>umed(infee)orentire l!Jtk. Milu. , Busq. Connecting RR .•••••••••• 10 Jersey City to Gravel Pl.~ Pa .. 101 Other branches .•••••••••.•••••• 25 [Double track 19 mlles.J Line• leued etc. Miles. TwoBridgee,N.J.,toUnionvfile 21 j Middletown Un.&WaterGap,r 14. Wilkesbarre & Eastern......... 65 Trackage........................ 2 Total road operated (,rsee this co.) June 30, 1903 .•••••••••••.••• 238 STOCK.-Pref., $13,000 000; com., $13,000 000, ot whleh the Erie owned June 30, 1903, $12,378,900 common and $12,892,4.00 preferred. of whieh $6,630,000 common and $6,630,000 preferred are deposited nnder its Pennsylvania collateral trust mortgage. DIVIDENDS.- ~ Nov., 1891, to 1892. None On pref., p. ct. 5 21t yearly. since. BoNDs.-General mortgage 5e, bonds are reserved to retire the second mortgage 4¼s. t!ee mortgage abstract, V. 52, p. 84. The 1econds a.re exchangeable tor generaes on payment of an assessment. AB to terminal bonds listed in Sept. 1893 see SUPPLEMENT of Jan., 1898, a.111l abstract of mort. V. 57, p. 512. The Wilkubarre ii Ba.tern 1st 5e are nnoonditionally guaranteed. V. 60, p. 481. • Susquehanna Connecting 6s are called, $25,000 each M&S. EARNINGB.-5 mos., ~ 1903 .•..•.••••. Gross, $1,040,659; net, $396,018 July 1 to Nov. 30. ~ 1902 ..• . .•••••• Gross, 740,551; net, 227,lU, RE.PORT.-.Report for 1902-03 ln V. 77, p. 1291, showed on 238 mllee. Yea... Gro••· Year- Gross ( RR.) Net. 0th. Int. OAargu. Bal., Bur. 1902-03•.•••••• $2,683,027 $1,213,782 $33,957 $942,075 $305,664. 1901-02....... 2,583,928 1,113,345 3t,622 924,608 2d,3~9. -IV. 75, p. 849, 10l8, 1032, 1302, 1400; V, 77, p. 951; 1291.) New 'l'ork Texas & 1'.lexlcan Ky.-(Bee Map of BoutMrn P~i~.J-Owns from Rosenberg to Victoria., Texas, 91 miles; branch from Wharton, Tex., to Hawkinsville, 48 miles. Completed Jan., 1903. Stock, $6301 040, of which Southern Pa.olfio Company owns $615,000. There are a.1so $53,000 old sixes outstanding e.nd 30-year Matagorda division bonds Issued at $15,000 per mile, due Jan. 1, 1931, int. J.&J., on the branch from Wharton to Van Vleok. 31 miles. The stookhold· ers Jan. 16, 1904, authorized bonds at not over $20,000 per mile upon branch lines to be built V. 78 p. 268. Operated by 80. Pao. Co., which guarantees the 4s,and to whfoh is owing $823,236. EARNING8.-5 month&, ~ 1903 ..•••••. Gross, $215,698; net, $60,603 July 1 to Nov. 30 ~ 1902 ........ Gross, 205,856; net, 92,686 In yea,r ending June 30, 1902, gross. $383.671; net, $149,167; balance over charges, $27,612 .-(V. 76, p. 543; V. 77, p. 401; V. 78, p. ·288.) Norfolk & Portsmouth Belt Line HR.-Owns Port Norfolk to Berkley, Va.., 6 miles. Stock,1649,600, in $100 shares. Bonds see ta.ble. Year endlnll Dec.31.1902, gross, $80.248; net, $30,007; int. on bonds, $12,500; other int., $1,000; taxes, $8,841; ba.l.,snr.,$15,666. Norf'olk & Southern KK.-Owns Norfolk, Va., to Edenton, N. o., 74 miles; (ferry across Albemarle Sound to Ma.okay's Ferry, 9 mlles;) thence road to Benhaven, 30 miles; Norfolk to Virginia, Beach, lS m.; Kampsville to Munden's Point, 22 m.; Virginia lieaoh to Cape Henry, 7 mlles; total ma.in line, 151 miles. DIVIDENDS.-July, 1892, to Jan., 190..l, incl., at 4l. c. per annum, and in July, 1901, 1 p. o. extra was also paid.-(V. 7 , p. 206.) REPORT for 1902-03 was in V. 77, p. 627, with balance sheet: Net. Other Inc. Int.<R taz Bur. ford,'" 1902·3 .. _•.•••• $792,712 $194,164 $7,910 $Pl,3l'l8 $110,736 1901-2 . . ....•••• 709,389 174,736 13,317 92,408 95,64.5 Dividends paid yearly (4 per cent), $80,000-(V. 77, p. 62'2' .) Nort'olk & We11tern Ky.-Bu Map.-Syet.em extends from Norfolk, Va., westward to Columbus,Ohiot and northward to Hagerstown, Md., with branches to the various 00&1 fields 1n Virginia and West VL Road <noned. Milu. MUu. · Norfolk, Va, to Columbus, 0 •.. 704 Roanoke to Winston.......... 121 Radford, Va.,to Brlstol,Tenn.111 Sundry branches .•••••••••••. 179 Roanoke, Va.. to Ha.gerstown.238 -Graham to Norton . .....••..••• 100 Tota.I owned June 30, 1903.1,718 Nor. Car. Juno. to Fries .•.•••• 44 Columbus Oonn.& Term. BR. 4. Lynchburg to Durha.m,N. C.. . 115 -Portsmouth Jct. to CinoinTotal . .••••••••••••••••••••• • 1,722 natia.nd Ivorydale . .••.....• . 106 Double track ••••••.•••••.•••• .- 125 ORGANIZATION-This Railway company in 1896 succeeded to the property and franchise of the Norfolk & Western RR., eto.,foreolosed per_J>lan, was in V. 62, p. 641. The old stock paid an assessment of $12 50 per share, common receiving 75 p. o. and the old pref. 11219 p. o. in new common. In 1900-01 the Penn. RR., together with con• trolled companies, acquired control through purchase of over$32 000 000 of the stock. See V. 74, p. 503; alsoV. 70, p. 687, 1150, 1195; 71, p. 809; V. 72, p. 1134, 480; V. 73, p. 957. The shareholders voted on Oct. 8, 1903, to acquire varioua branch lines; V. 77. p. 299. Branches buildin, June 30, 1903, Ree V. 77, p, 643,644. In Jan., 1904, the Columbus Terminal & Transfer Co. was about to be leased witli option of purchase. V. 75, p. 1202; V. 78, p. 288. STOCK.-Provisions of preferred stock oertifl.oates were given in BUP• PLEMENT of April, 1897, page 4, said stock being 4 p. o. non•onmulativ&, with preference as to assets and dividends. v. , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 r~ ~k1 00 ~ 0 0 ~ 00 z0>to 0 z0 OF THE & WESTERN RAILWAY CONNECTIONS. ~ VJ I JAN., 1904.] RAILWAY STOCKS AND BONDS. RAILROADS , Miles Date Size, or For explanation of column headings, &o., see notes of of Par on first page of tables. Road. Bonds Value. Norfolk & Western By.-(OoncludedtB. &W. Gen. (nowlst) M.Norf.toBris.,eto.g.FPo* 428 1881 $1,000 New River division 1st mortgage, gold.FP.o* 165 1882 1,000 Improvement & Extension Mort., gold .PP . . o* 588 1883 1,000 Boioto Valley & New Eng., lstM., assum.,g.Oe.o* 129 1889 1,000 N. & W. lst oonsol. M., $62,500,000, g.1'1e ..• o*&r 1,579 1896 500 &o. PooahJt. M.,$20,000,000, g., oalll05,s.f.GP.c*&r .••. 1901. 1,000 Col. Con. & Term. 1st M., g., gu. p. & 1. (end.) Ao* 4 1892 500 Equip. trusts, g., $500,o00 y'rly, beg.1905.FP.c* .••. 1902 1,000 Norrist. <I Main L. Oon.-lstM., g., gu.p.&lend.GP . •.. 1902 1,000 North Oarolina-Stock, 7 per cent rental........... 223 .. • . 100 No. Penn.-Stk., 8 p. c. gu.990 yrs.,$61000,000 auth. 86 . . . . 50 56 1866 500 &o. OJll 2d M., now 1st M.( 7s extendea. in 1896) .... o Gen'lmort., extendedingoldin1903 ......... o&r 86 1873 •••••• Consol. bonds seoored by $1,200,000 stock...... r •••• 1881 ..... . Funding loan bonds, $109,000....... ...... ...... .... 1898 ..... . Real estate morts. and ground rents Deo., 1903 ... No. EastPenn.-lstM.,g.,gu.P.&R. (end.) GuPo* .. North'n Ala.-lst M ($350,000 a.re prior lien).K.o 107 1896 1,000 North.em, (N. H.J-Stook, 6 p. o. rental.............. 83 .... 100 Northern Oentral-(Stook $20,000,000 authorized) 50 1st mort., State of Marylancl loan-V. 74, p. 1197 Consol. gen. mort. { gold, s.f...t drn. at 100, A&B.o 145 1874-5 $&:'.a· of 1874ilgold, se· gold,$, u & D.P.P ..... .... o 145 1876-7 $1,000 ouresa equally. irold, E ...................... 0 145 1885 1,000 2d gen. M., series "A..,,, & "B" (A $2,565,000).PP 145 76&82 1,000 North'n of New Jersey-Btook, gua.r. (see V.69,p.81) .• . . . . -100 3d mortgage, now 1st, interest fmar ............. c 2 1 1 8 8 7 100 &o. Gen. M., $1,000,000, g., int. gu. by lease. U sm.o~ . . . . 1900 1,000 26 i890 i:ooo i¥5 i855 l 1897. 1898, 1899, 1900, 1901. 1902. 1903, 1904. Preferred..... 1% 3¼ 4¼ 4% 4% 4% 4% Feb_., 2% Common...... .. .. .. .. 2961 2¼199 3 ...... In 190:.l, on common, June, 1 p. c.; Dec., l¼I p. c.; in 1903,3 p. c. BONDS.-The first oonsolidated mortgage of 1896 ts limited to $62,500,000, the balance untssued being reserved to retire the underlying ·b onds. The right to issue prior lien bonds has been annulled. V. 73, p. 502; V. 74, p. 151; V. 75, p, 505; V. 77, p. 1785; V. 78, p. 229, The 4 !er cent first consots are a ttrst mortgage on a large part of he system, viz., a.bout 853 miles 01 railroad; upon important rmina.ls a.t Norfolk and Lamberts Point; upon the Ohio River Bridge and the Roanoke Maohine Works; ·besides being a consolidated mortgage upon the remainder of the system, sub jeot to the undisturbed liens. They are further seoured by the sqntpment (oost ove1 $11,000,000), oovered by the car trusts and equip· ment bonds ta.ken up under the plan. See abctract tn V. 64, l), 3 '7 6. v. 72, p. 137,438,532, 723, 1080; v. 75, p. 505; v. 76, p. 1408. The N. & W.•Pocahontas joint bonds a.re seoured by a.bout 295,000 acres of coal lands owned and held by the Pocahontas Coal &Coke Co., whose stock is owned, of whioh 11obout 50,000 a.ores have been leased to companies whose stock is all owned by the United States Steel Corporation a.nd 39,797 to other concerns, the royalties under suoh leases alone being shortly expected to be sufficient to almost meet the fixed -c,harges. They are subjeot to call at 105, beginning 1906, for a sinking fund of 21il oents per ton mined. V. 73, p. 845, 902; V. 74, p. 41, 380, 1197; V. 75, p 502. These bonds a.re the joint and several obligations of the Railway f'ompany and of the Coal & Coke Co. The equipment trusts of 1902 ($3,500,000} were issued on new -equipment oosttng $5,000,000. V. 74, p. 681; V. 75, p. 502, For description of funded debt, see V. 75, p. 504. GENERAL FINANCES.-The reorganization reduoea. the fixed oha.rgea from $3,214,037 to $2,218,450, a reduotion of $995,587, making the annual oha.rges a.head of the new oommon stook smaller than those ahead of the old preferred stock. Of the tra.fflo in 1902-1903 56 per cent (7,894,636 tons) was bituminous coal and ooke. As to Pooa.hontas bonds of 1901, see above. EARNINGS-For 5 months ending Nov. 30: !DIVIDENDS, p. C. Gross. Net. Int., ta:ees, <le. Bal., sur. 1903 ................... $9,557,176 $3,777,774. $1,120,954 $2,656,820 1902..... ... ........... 8,390,018 3,383 .087 1,060,033 2,323,054 .ANNUAL REP0RT.-Fisoa.l year ends June 30. Annual meeting is held at Roanoke, Va., on second Thursday in Ootober. Average rate >!)er ton mile 0·4.86 oent in 1902-1903, against 0·463 in 1901-02; average load of revenue freight, 486 tons, against 476. Report for 1902-1903, V, 77, p.625, 642 (see editorial p. 607) showed : 1902. 1901. 1900. 1899. Years end. June 30:S $ $ $ Miles June 30........... 1,722 1,685 1,567 1,555 Pa8senger earnings...... 2,841,491 2,379,476 2,046,455 1,857,305 Freight ea.rnings ......... 17,676,34914,594.,28113,214,16411,753,062 Mall, express, &o........ 642,836 578,449 524,824 480,638 Total gross ea.rntngs.21,160,675 17,1$52,20615,785,442 14,091,005 Oper.1ttting exp. & ta.xes .. 12,697,430 10,136,227 9.445,459 R.501,096 Total net earnings. . . 8,463,241'> 7,415,979 6,339,983 l'>,5119,909 Total net inoome. . • • . 8,611,504 7,490,873 6,408,600 5,663,471 Interest on funded debt. 2,435,690 2,352,402 2,238,480 2,257,239 Interest onoar trusts .. .. 625 5,375 11,238 16,400 IDef.int.Poo.O.&C. bonds 159,176 161,230 .••• ... . ....... Dividends on pref ........ (4)914,818 (4)910,014 (4)909,924 (4)909,748 Dividends on com ...... (3)1,934.,076(2)1,289,384 (1}64~692 ........ Mtsoella.neous............ 1,135,000 10,000 .1,051 1,520 •Betterment fund......... 2,500,000 2,500,000 1,500,000 1,500,000 Flood fund ·. .............. . .. . . . .. .. .. . . .. 250,000 .... Disco 1ut,eto............. 347,078 80,392 31,185 470,266 Be lance ............... sr.185,041 sr.182,076 sr.$822,030 sr.$507,938 Oll'FICERS.-President, L. E. Johnson; Chairman of the Boa.rd of Di• recto, s, Henry Fink,._27 William ~t., N. Y.; Seo., A. J. Hemphill. General omce, Aroade Bla.g., Market & 15th streets, Philadelphia, Pa. Dlrectora.-Henrv Fink and Victor Morawetz, New York; L. E. Johnson, Roenoke, Va.; S. M. Prevost, Samuel Rea, N. Parker Shortrldlle, W. H. Barnes, .Joseph I, Doran and John P. ~reen, Philadelphla;IJames McCrea, Pittsburg; Walter B, l'aylor, Norfolk, Va. (V. 77, p. 625,642,824, 1534, 1875; v. 78, p. 49,229, 288.) Norristown & 1'1aln Line Connecting RK.-Owns road 8,401> feet long, including bridge over Sohuyllilll River, extending from Norristown to a conneotion with the main line of the Philadelphia & Rea.ding at a point above Bridgeport, Pa. The Reading Co. -owns all the $50,000 stook a.nd guarantees the bonds, principal and interest, by endorsement.-V. 75, p.1148. North Carolina RR.-Owns from Goldsboro to Charlotte, No. Carolina., 221·65 miles; Caroletgh Jot., N. C., to Caroleigh Mills, 1·90 m.; total, 223·55 m. Leased from Ja.n.1, 1896, to theSouthern Ry. Co. for 99 yea.rs at $266,000 (6¼ p. o. on stook) per yea,r till Deo. 31, 1901, ..and $286,000 (equal to 7 p. o. on stock} balanoe of lease; also taxes, V. 63, p. 361. State of Nor, Car. holds $3,000,000 stooks. (V.66,p. 665). ~orth Pennsylvania RR.-Owns rrom .t'hlla.delphia, Pa.., to Bethlehem, Pa.. 56 miles: branohes to Delaware River, &o., 31 miles; ,eecond traok, 54¼ miles; total track, 227 miles. Ground rents ..July 1, 1901, $47,854. Leased for 990 years from May 1, 1879 to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 461 IN':rEREST OR DIVIDENDS. Bonas-Prtnoi· - - - - - - - - - - - - - - - - 1 p a l , W h e n Due. per When Where Payable, a.n4i. by 0~~~g Rate Cent. Payable Whom. BtockB-Laet Dividend. $7,283,000 6 g. M. & N. N. Y., Meroa.nt. Tr. Co. May 1, 1931 2,000,000 6 g. A. & 0. do do Apr. 1, 1932 5,000,000 , 6 g. F. & A. See text. Feb. 1, 1934. 5,000,000 4 g. M. & N. N.Y.,Meroantlle Tr. Oo. Nov. 1, 1989 38,710,500 4 g. A. & 0. do do Oot. 1, 1996 20,000,000 4 g. J. & D. do do Deo. 1, 1941 600,000 5 g. J. & J. N.Y.,Metr'p'lit'nTr.Co. Jan. 1, 1921 8,500,000 4 g. .M. & 8. Phila., FideUty Tr. Co. Sept. 1, '05-11 250,000 4 g. M. & S. Phila., Read'g Termin'l Sept. l, 1952 7 4,000,000 F. & A. Burlington, N. C. Feb. l, '04, 319 4,721,250 8 Q.-F. Phila.Of.,2408o.3d8t.Nov.25_,'03,2% 1,500,000 4 M. & N. do do May .1, 1936 4,500,000 3310 g. J. & J. do do Jan. 1, 1958 1,200,000 6 M. & 8. do do Sept. 1, 1905 390,000 4 M. & N. do do Nov. 1, 1928 19,895 ...... ..... .......... .. .... .. . 400,000 5 ~. A. & 0. Phlla., Phila. & Read'g. Apr. 1, ;1.920 1,650,000 See text. J. & J. N.Y., J.P. Morgan&Co. July 1, 1928 3,068,400 Bee text. Q.-J. Boston, 19 Milk Rt. Jan. 1, '04, 119 11,462,300 8 in 1909 J. & J. Baltimore, Treas. Office J an.15,'04,4% 1,500,000 6 Q.-J. Annapolis. Irredeemable, 198,000 6. g. J. & J. London ancLBaltimore. July 1, 1904 2,000,000 6 g. J. & J. Baltimore, Treas. Offloe. July 1, 1904 1,757,000 4lgg. A. & 0. do do Apr. 1, 1925 3,565,000 5 J. & J. Baltimore,Treas. Offloe. Jan. 1, 1926 1,000,000 4 Q.-M. N. Y., 21 Cortlandt St. Deo,, 1903, 1% 654,000 6 J. & J. do do July 1, 1917 154,000 4¼g. J, & J. do do Jan. 1, 2000 Phila.. & Reading RR. at 8 per cent on stock, and lease assumed in 1896 by Phila. & Reading Railway. The $4,500,000 genera.l 7s, due Jan. 1, 1903, were extended at maturity in gold for 50 years at 3s10 per oent. V. 73, p. 1160; V. 75, p. 13M. Current liabilities June 30, 1901, $217,024.-(V. 73, p. 1160; V. 75, p. 1354.) North•East Pennsylvania KR.-Owns road from Glenside to New Hope, Pa., 26 miles. Controlled by Reading Company. Capital stook,$400,000, of whioh $318,950 owned by Reading Co. par, $50. Northern A.labama Ky .-Sheffield to Parrish, Ala., and branohes, 119 miles. In April, 1899, a majority of stook and bonds pnrohased by the Southern Ry. V. 68, p. 824, 873. See also V. 69, p. 391. Stook is $2,000,000. Under supplemental mortgage of 1898 $400,000 of the outstanding $1,700,000 1st 5s were ma.de prior liens. Remaining $1,300,000 general lien bonds bear interest for two years from July 1, 1898, at 2 per oent, then 3 per oent for two years; thereafter 5 per oent. V. 67. p. 1208. In year ending June 30, 1902, gross, $408,161; net, $57,689. In 1900·1 net, $54,898.-(V, 69, p. 28. Northern (New Hampshire) RK.-Owns Conoord, N, H., to White River Jct ..z.Vt., 70 miles; branch to Bristol, N. H., 13 m; total, 83 miles. Subsicuary lines, Conoord & Clarflmont RR., 71 miles; Pe terborough & Hillsborough RR., 19 miles. Lease to Boston & Lowell tor 99 yea.rs froin Jan. 1, 1890t.was asst,m.ed to Boston & Maine; rental was 5 per oent on stook t1ll July 1, 1897, and now 6 per oent, payable in gold. Until July, 1897, 1 p. o. extra was paid regularly from oonttngent fund. Also in 1894, Jan., 5 p. o. extra was paid; tn.1896, July, 2 p. o. extra; in 1897 5 p. c. extra.-(V. 65, p. 463). Northern California Ry.-See Southern Pa.oifl.o RR. Northern Central Ry.-Owns Baltimore, Md., to Sunbury, Pa. 137 miles, of whioh 132 miles double traok-branoh, 9 miles; leasesShamokin Valley & Pottsville RR., 38 miles; Elmira & Williamsport RR.,76 m.; operates at oost-Elmira & Lake Ontario RR., 100 miles; Lykens Valley RR., 19 miles: also since June l.J.. 1902, York Hanover & Frederiok RR., 56 m .; York branoh Penn. R~., Yo.rk, Pa., to Columbia., 13 m.; total, 450 miles. Also uses N. Y. L. E & W. tracks, 7 m., and Phila. & Erie, Sunbury to Williamsport, 40 miles. ORGA.NIZATI0N.-A oonsollda.tion of several roads in 1854 Controlled by the Pennsylvania. RR., whiob owns a majority lof the stook. The stookholders in Nov., 1903, authorized perpetuail lease to or merger with tbe Pennsylvania RR. Merger with the Cumberland Valley Ry. was also reported to be proposed. -(V. 77, p. 1875 SECURITIES OWNED-On Jan. 1 1903, among the assets held were Phila. Balt. & Wash. stook (par> of $352,200; Elmira & Lake Ontario stook (all), $1,500,000; Shamokin Valley & Pottsville stock $619,650; Union RR. stock, $1,225,000 (~e bal. of $875,000 being held by Phlla. Wilm. & Balto.), eto. Also the following,mostlla.oqutredin 1900; Ches. & Ohio stook. $1,500,000; Balt. & Ohio pre . stook, $1,000,000, and common, $781,500; Norr. & West. pref. stook, $500,000, and oommon, $1,000,000; Erie & West. Transportation Co. stook, $500,000. ST0CK,-Authorized issue was increased in Feb., 1900, from $8,000,· 000 to $12,000,000; Penn. RR. on Jan. 1, 1903, owned $6,267,950. The stookholders In Nov.. 1903, voted to increase the authorized stock from$12,000,000 to $20,000,000, the new stock to be issued from time to time for improvements and to retire maturing bonds. V. 77, p. 1875. DIVID'DS.-? 1888. '89. '90. '91. '92. '93. '94 to 1900. 1901 to Jan.'04) Per oent ... S 7 8 7 7 8 8 7 yearly 8 yearly (J&J, EARNINGS.-11 mos., S1903 . ;..... Gross, $9,486,008; net, $2,195,139 Jan.1 to Nov. 30. i 1902, ...... Gross, 7,652,908; net, 2,146,939 ANNuAL REPORT.-Fisoal year ends Deo. 31. President's report for 1902, given at length in V. 76, p. 476,491, showe~ the following: Year end. Dec. 311902. 1901. 1900. 1899, Miles of road......... 450 381 381 380 Gross earnings ........ $8,456,685 $8,266,958 $7,845,412 t7,233,417 Net earnings.......... 2,351,590 2,511,969 2,347,874. 1,950,523 Otherreoeipts......... 575,608 594,306 632,194 533,109 Total netinoome .... $2,927,198 $3,106,275 ,2,980,069 $2,483,631 Rentals, &o............ 507,777 464,912 535,619 480,844. Interest on debt....... 535,905 530,187 651,116 775,420 Dividends ............. (8) 916,980 (8)916,980 (7) 684,033 (7)526,267 Taxes and misoel..... 136,969 93,157 *495,775 153,291 Extraordinary........ 700,000 1,101,039 613,525 300,000 Balanoe, surplus.... !J;l29,567 None. None. $247,810 ~ludes $397,926 "extra.ordinary expenditures not properl7 0 ha.rgeable to oa.pital aooount." - (V. 76, p. 865; V. 77, p. 628, 1875.) Northern RR. of New .Tersey.-Owns from Bergen, N. J., to Bparkill, N. Y. 21 miles; leases Sparkill to Nya.ok, 5 miles. Leased to the Erie RR. from June 1, 1899, for the term of its oorporate existenoe, for interest on bonds, 4 per oent on $1,000,000 stook, payable quarterly, taxes, and all oorporate expenses. Of the $1,000,000 new 4¼ per oent genera 1 mortgagE>••bonds, guaranteed by the Erie, $654,· 000 are reserved to retire the 6s due July 1, 1917, and the remainder for improvements and betterments or equipment for operation byeleotrloity of the leased properties. See V. 69, p. 81.-(V. 71, p. 30.) N orih. Ky. Costa Rlca.-See V.71, p.1067, a.nd United Fm.it Oo.; 75, p. 849; 78, p. 288. Northern Ohio Rallway.-(See Map Lake Erie cf Western.)Owns Akron to Delphos, O., 165 miles; branohes, 2 miles. Leased n perpetuity to L. E. & W. which guarantees the bonds. V, 62, p. 826 v. v. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE NORTHERN PACIFIC RAILWAY (EASTERN SECTION) ENTIRE SYSTEM 5,117 MILES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - ---- --- <:...j B ► R ,.;~ 1--- ~ 0 to- 0 .. __ ,,_ ,._; ··..~~·-~:·:·.:,.. ,, ', I - - ---- ------ - -- --- .,..____ _ · . ·:· ' .··- (WESTERN SECTION) ·, , uut ENTIRE SYSTEM • .• •: '--- 5.117 MILES \ lVOL. LXXVIII. RAILWAY STOCKS A D BO DS. 464 RAILROADS. Miles Date Size,or Par of •or explanation of column headings, &c., see notes of Road. Bonds Value. on first page of tables. - - --- - - - .lfo.O71.io-lst M., g. ($15,000 p. m.) ~·• p.& 1. Ce.c* lrM'thern Pacific .Ry.-Stock, $15 ,000,000 ..•... Western RR. Minn. 1st M., gold, assumed ......•. St. Paul & N. P. Gen. M., l'd ~an~ ass'd.Ce.c*&r New mortgajes of Northern aci c Ry.Prior lien . $130,000,000 gold, ld.gr.ltte.o*&r Gen. lien M. $190,000,000i/..,land gr ... F o*&r St. P.•Dnl. Div. pnr. money ., $20,000,000.G.o* C.B.&~. tr.M., 2. (red.att.Jan.'06 a.t 105) So&r 1st M. .& Dul.,Minn.toW .B.Lake,g,ass'd F p• BONDS UNDERLYING ST. PAUL & DULUTH DIV, St. Paul & Duluth let mortgage, assumed ..•.. o* 2d mortgage, a.ssumed.Ce ..•••••.••......••••• o* T':illor's F. & L. Sup., 1st M., s. t. not dr'n.Ce.o* D uth 8. L. lstM, p. & 1., s. t. not dr'n.Ce ... c~ Oonsolidated mort., ass'd, $5,000,000, g.lttp.c* Car trusts, including interest, Joly, 1903 .•.....•. lforth'n P~. Ter.Oo.-latM., gold, red., atll0.P.c~ lforthern Railway (Oat.J-SEE SOUTHERN PACIFIC Northern Becuri u11-Btook, $!00,000,000 .....••••• No. Shore RR.-N. Pao. OoastMen. M. (now lst),g.o New No. Shore M., $6,000, 0, g., s. !. bAg.'12.o* Northwestern Ooat Ry.-lat M., guar. end., g .P .o* Northwestern RR. of So. Oar.-lat M., $375,000 ... Norwich~ Worcester-Pref. stock, 8 p. o. rental ..•. Bonds (not M.),int. gu. under lease, ourr'cy... o&r 167 1895 60¼ i877 182 1883 INTEREST OR DIVIDENDS. O~~~g Rate r,er When Where Payable, and by Oen . 1896 500 &o. 101,892,500 4 g. 1896 500 &o. 60,000,000 3 g. 1900 1,000 *7,925,000 4 g. 1901 1,000&o 215,196,000 4 g. ·15 1877 1,000 280,000 7 g. MORT GAGE, 167 1881 1,000 1,000,000 5 167 1887 1,000 2,000,000 5 21 1884 1,000 210,000 6 25 1886 1,000 500,000 5 1,000,000 238 1898 1,000 4t 177,677 419& '98·'99 3,679,000 6 g. 1883 90:5 ,r Coupon bonds F. & A.; registered bonds Q.-F. ---· 1902 1893 1900 ·a5 72 -... is01 Stocks-La.st Dividend. Oct. 1, 1945 Feb. 1, '04., 1 May 1, 1907 Feb. 1, 1923 Q.-J. N.Y.,J.P.Morgan&Bert Jan. 1, Q.-F. do do t Jan. 1, J. & D. New York. Dec. 1, do July 1, M.1N. do Jan. 1, F. & A. & J. & M.& J. & 1997 2047 199& 1921 1907 A. N. Y., J.P. Morgan& Co. O. do do J. do do 8. do do D. do do J. ..&.. J. N.Y.Winsl'w,La.n'r&Co. Aug, 1, 1931 Oct. 1, 1917 Jan. 1, 1914,, Sept. 1, 1916 June 1, 1968 To 1909 Jan. 1. 1933 100 361,867,849 4191n '03 Q,-F. Checks mailed. 1,000 5 g. J. & J. Ban Fran., Co.'s Office. 1,498,000 1,000 850,000 5 g. M.&N. N. Y. & San .Francisco. 5 g. M.&N. N.Y.,Farm'B L.&T.Co. 1,000 794,000 1,000 285,000 4. A. & O. Balt., s. Dep. & Tr. Co 3,000,000 Q.-J. Mech. Nat. Bk., Woro. 100 8 1,200,000 M.& 8. Boston, Co.'s office. 1,000 4 Feb. 2, •o,, 119 Jan. 1, 1912 May 1, 19U May 1, 1928 1949 Jan.1,'04., 2~ Moh. 1, 192 i:ooo is92 Whom. 5 g. A. & 0. N. Y •• Chase Nat. Bank. $1,000 $2,500,000 New York. 100 155,000,000 7m 1903 Q.-F. M.3%&N4 1,000 352,000 7 do ,i 1,000 6 g. 8,021,000 do See t See t 226 Iii:· Payable Bonas-.Prmct pal,When Due. § Coupon bonds J. & J.; regiRtered bonds Q.·J. t Berlin a.t 4·20 marks per dollar. t 5,130 miles, including 40 miles not operated; spurs, 261 miles. * jf331,000 a.dd'l in treasury June 30, 1903 GENERAL FINANCES.-The fixed annual charges of the property &8 then constituted were reduced $4,770,206 by reorganization of 1896. 1n 1901 the Northern Paci.tic andGreatNorthernaoqnired$107,577,• 200 of the $111,142,800 stock of the Chicago Burlington & Quincy RR. in exchange for their joint 20.year 4 per cent gold bonds secured by the .:leposit of the stock in trns.t, on the basis of $200 in bonds for each $100 stock. See circular, V. 72, p. 871, 1034, 113~; application to list, V. 73, p. 294; V. 73, p. 610. On Jan. 1, 1901, voting trust was dissolved. V. 71, p.1013, 1016. E ARNINGS-Year ending June 30, 1903: Gross, $47,142,581, against $42,339,972 in 190L·02. ANNUAL REPORT.-Report for 1902·03 in V. 77, p. 1222, edit.p.1198, Yrs.endingJune30. 1902·3. 1901·2. 1900·1. 1899·0. • Main tine. Mites. Leased to others. Mites. 5,111 5,019 5,100 4,714 Ashland, Wis., to Portland, To other companies.......... 9 Aver. miles operat. Ore. (incl. 5 m. terminals) . 2,171 To Province of Manitoba..... 354 Passengerearnings. $10,595,447 $9,177,509 $7,247,000 $6,219,996 Brainerd and Staples to St. Not operated................. 26 Freight earnings . . .. 33,301,958 30,227,013 23,481,713 22,140,180 Paul . . ..................... 181 Mail, express, &o.. •• 2,244,700 1,982,853 1,832,270 1,661,142 Other lines.................... 412 Total owned . .......•••••. 5,505 Grossearnings .. $46,142,105 $41,387,380 $32,560,984 $30,021,318 Oontrolled properties. Net ea.rnings ...•••••• $22,110,012 $20,098,966 $15..l920,840 $15,626,690 Total main line ...•.......•. 2,764 Wash. & Col. River, ....•..... 1fl63 Taxes ......•..••••••• $1,421,434 $1,149,890 . ;i,920,352 $850,590 Various branches•........•... 2,352 Minn. & Intern. (V.77, n.451) 137 Rentals, etc...... . ... 150,543 120,742 134,690 112,852 Other companies.............. 17,l Add'n.s and imp'ts.. 3,000,000 3,000,000 2,011,285 3,000,()()(), Total owned (operated directly) ..••......••••••. 5,116 Total system July 1, 1903.... 5,976 Netoperat'ginoome.$17,538,035 $15,828,333 $12,854,513 $11,663,247 843,765 743,787 685,521 ,r See this company. Second track................. 78 Miscel.,exol.la.ndsales 1,112,551 The Manitoba l>ranches, aggregating 354 miles, were leased tor 999 Bal. tor interest ..••. $18,650,586 $16,672,098 $13,598,300 $12,348,768 years from May 31, 1901. to the Provincial Government and sub-let by Interest............. 6,904,696 $6,624,866 $6,395,681 $5,864,95(), . •......•. (2il,500,000 (4)3,000,000 (4)3,000,()()(), the latter to the Canadian Northern Ry. a.t a rental of $210,000 Div. on pref. stock.. annually for the first 10 years, then $225,000 for 10 yea.rs, then $275,· Div. on com. stck(6¼)10,074,9441(5)6,999,946 (4)::J,200,000 (3)2,49(),000 000 tor 10 years and thereafter $300,000, with the option of purBal.,snr.toryear $1,670,946 $1,547,286 $1,002,619 $1,083,819 chase at any time tor $7,000,000. V. 73, p. fH0. In Jan., 1902, pnr• OFFICEBS.-President, Howard Elliott, St. Paul. Minn.; V1ce•Presi• chased branch from Minneapolis to White Bear Lake, Minn., 15 miles, dent, Dan. S. Lamont, New York; Seo., George H. Earl. New York;. formerly leased, assuming $280,000 bonds. v. 74, p. 94. Treas., C. A. Clark, St. Paul. New York office. 49 Wall St.-(V. 76, p. On July 1, 1900, the St. Paul & Duluth RR., St. Paul to Duluth, 331; v. 77, p. 147,193,452, '2'6'2', 951, 122~, 1294, 1875.) etc., 238 mlles, was merged, its bonded debt being assumed. V. 70, p. Northern .Pacific Termlnal Oom.~any, oC Oregon.-owne 1250; v. 71, p. 648. On June 30, 1903, 291 miles of branches and extensions were under terminals on the Willamette River, Ore., at Portland Ea.st Portland and Albina., comprising lands 270 acres, trackage 32 -;;;Jies, dock frontage construction. V. 77,p.1222; V. 75, p. 849, 1355. 7,904 feet. Station at Portland, Ore., opened 1896. V. 69, p. 230, 441.. HISTORY.-This Wisconsin company on Sept. 1, 1896, succeeded to the LEASE.-Lea.sed. tor fifty years from Jan. l, 1883 Jointly and severally -railroads, land grant and other property of the Northe;rn Pacific RR., foreclosed in July, 1896, and reorgani-,;ed per plan in V. 62, p. 550. to Northern Paoifl.o, Oregon Ry. & Navigation and Oregon & Calilornia., with guaranteed rental to pay interest, sinking fund and taxes; leasea The original Northern Paoifto Company was chartered by Congress assumed in 1899 by new Nor. Pa.o. and Or. RR. & Nav. V. 69, p. 230. July 6, 1864; 450 miles to Bismarck were foreclosed in 1875. STocx.-Stook ($3,000,000) owned by said three companies (40 p.o. ► STOCK.-The $75,000,000 preferred stock was patd off' at par on Jan. 1, 190; the common being increased from $80,000,000 to $155,000,· by Oregon Ry. & Nav. Co., 40 per cent by No. Pacifl.o and 20 per cent b7 Oregon & Cal. RR.), and held by Central Trust Co. of New York1 to be 000. v. 73, p. 1062, 1160; v. 74, p. 41. In October, 1902, 99 per cent of the capital stock had been a.cqu.tred delivered after payments to the sink. fund. which is to ca.noel the oonds, by the Northern Securities Oo. (which see below). V. 72, p. 1081; V. BoNDs.-The first mortgage is tor $5,000 000; in 1904 $4 135;• 73, p. 138, 185, 1011, 1062, 1161, 1357; v. 74, p. 681. 000 had been issued, of which ,!!456,000 retired by sinking fund, dnw• Inge at 110 and interest. V. 76, p.159; V. 77, p. 193; V. 78, p. 288. DIVIDENDS (p. o.)1898 1899 1900 1901 1902 1903 1904 On common............ o 2 4 4 512 7 Feb.,112 Northern Securities Oo.-Inoorpora.ted on Nov. 13, 1901, per On pref. (now retired) 5 4 4(Q.·M.) 4 (Final) . .. . . •.. plan for harmonizing the interests of the Northwestern roads. See V. In 1902 and 1903, 6 p. o. yearly (pa.id Q.·F.), and in Feb. and Nov., 73, p. 1011, 1062 and 1357. In April, 1903, the U. s. Circuit Court ot Appeals declared the company to be a combination in violation of the 1903, 19 p . c. each extra. Anti•Trust Act, and thererore illegal; an appeal has been taken to the· BONDS.-Abstracts o! the new Prior Lien and General Lien mort- U. 8. Supreme J onrt, argument being set down tor Dec. 14, 1903. V. gages of 1896 were in V.63, p. 1012·1019, and the statement to New 76, p. 811, 919, 1249. The Umted States Circuit Court in Aug., 1903, York Stock Exchange, was in V. 63, p. 1072, showing: decided in favor of the company the snit brought by the State of MinPrior lien 4%s _l)nroha.sable with land sales at not ex• nesota. V. 77, p. 299. oeeding 110 tout not subject to call], not over Stock authorized, $400,000,000; par of shares, $100. About 99 per $500,000 cash yearly to be so applied. Total issue .•••. $130,000,000 cent of the $155,000,000 stock of the Northern Pacific and a.bout 75Issued and outstanding...................................... ror,&;2,500 per cent of the stock [$124,001,700] of the Great Northern are owned Reserved. to retire St. Paul & N. P. and West. RR. bonds.. 8,373,000 by the Securities Company, having been mostly exchanged on the For new construction, betterments, equipment, etc., under basts of $100 for $115 and $180, respectively, in Northern Secnritie& oaretnlly guarded provisions, but not exceeding $11 500,· Co. stock; to retire the entire stocks of both companies would require 000 per annum. Originally $25,000,000-Still hela... •• r6,ooo,ooo $403,250,000 of Securities Oo. stock. (See V. 76, p. 102.> Of the $190,000,000 general lien bonds, $130,000,000 a.re reserved DIVIDENDS.-Dividends 1902, 4p. o.; 1903, 412 p. o.; 1904, Feb., 118t,o retire the prior lien bonds at maturity and $4,000,000 tor new con• p. c. 11truotion, betterments, equipment, etc. REPORT-Report for 1312 months endin~ Dec. 31, 1902, with balance The Bl. Paut ~ Duluth Di1'ision mortgage secures $20,000.000 ourchase money bonds on the former St. Paul & Duluth, of which $9,215,• @heet, was in V. 76, p .. 1028, showing: Dividends on stocks owned, 000 were issued to acquire the road, $5,283,000 a.re resarved to retire $15,364,262; expenses, interest and taxes pa.id, $542,510; dividendeexistlng St. P. & D. bonds and the balance for improvements to the (4 p. o.), $14,063,645; balance, surplus, $758,107. property. V. 7-_Q, p.1250; V. 71, p. 1167. The lands included in the E,.uunNGs.-For the year ending Jnne 30, 1903, as follows: grant of the former St. Paul & Duluth are estimated to be worth Gr. North'n ...Vorth'n Pao. Ohi. B . ~ Q. Total. about $4,000i000, and were not covered by the old mortgages. They A var.miles oper't'd 5,489·90 5,111 ·56 8 318·64 18,920•12 are to be so d and proceeds applied to purchase of the bonds at not Gross ea.rntngs.•... $42,137,690 $46,142,105 $62,638,379 $150,918,174 over 105 and interest, or it not purchasable at that price, then to bet• ,Oper. exp. & taxes 22,409,171 25,453,527 40,542,473 88,405,171 terments, improvements or additions to the mortgaged premises or Net earnings•. .•. $UJ,728,519 $20,6':!8,578 $22,095,906 $62,513,003 equipment therefor. To July, 1903, $1,930,000 had been thus pur- Misoellan's income 1,320,871 1,112,550 346,540 2,779,961 chased and 08,Dceled. V. 71, p. 1167; V. 72, p. 339. Total net income$21,049,390 $21,801,128 $22,442,446 $65,292,964 LAND GRANT.-The land grant was 12,800 acres to the mile in the Fixed char. & ren. *4,94R,617 *7,055,24~ 9,116,338 21,120,195 States of Minnesota and Oregon and 25,600 acres per mile in the (then> Bala.noe .••••••••. $16,100,771 $14,745,888 $13,326,108 $44,172,76~ intermediate territories. The acres on June 30, 1903, not yet sold were: Minnesota............... 147,7761 Washington •••••••••••• 3,093,113 *Interest ($8,606,752) on Gt. Nor.•Nor. Pac. joint bonds not in• 1'orth Dakota............ 35,290 Oregon.................. 76,342 eluded. Montana. .••••••••• •••••• 10,758,414 - -- OFFicEBs.-President, James J. Hill; Vice-President, John S. Ken• Ida.ho .......•..•••••..•• 1,493,719 Total west of Mo. Riv.15,616,911 nedy; Second Vice-President, George F. Baker; Third Vice•Presii.dent, Land sales in year 1902·03 aggregated 2,309,141 a.ores; net amoun, D. W1ll1s James; Fourth Vice-President, W. P Clough; Secretary and' received from sales and land contracts, $5,393,895. Treasurer, E. T. Nichols; General Counsel, W. P. Clough. Srocx.-Common stock (all owned by L. E. &W.) $3,580,000; nreferred non•cumulative 5 p. c. stock, $650,000; par of each $100. BoNDs.-The first mortgage is tor $4,000,000 of which $1,500,000 unissued are limited to $15,000 per mile of completed road hereafter oonstruotedor purchased. Operated as part of L.E.& W. V.66, p. 337 Northern Pacific Hallway.-( See Maps.J-Operates one of the lea.ding lines to the Pacific having its eastern termini at Bt. Paul, Minn.. and Duluth, Wis. (the head of Lake navigation) and run• Ding thence we~terly, traversing the great wheat belt of Minnesota and North Dakota., the mining filstriot of Montana. and the tanning country of Washington to Tacoma and Seattle, and to Portland, Oregon, with branches to Winnipeg, etc. The system comprises: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I l -- JAN., 1904.j 465 RAILWAY STOOKS Ai: D BO DS. Honas-.1:"rlnol• RAILROADS. INTEREST OR DIVIDENDS. Miles Dat,e Btze,or pal,When Due Amount of Par Outstanding •or explanation of oolumn hea.<lings, &o., see notes of Ra.tie f.er When Where P~a.ble, and by Btod:s-Laa11 Road. Bonds Value. on first page of tables. Cen . Pa.ya.ble om. Dividend. -- - ---- Nor.cfSt.L.-lstM.,$300,000,g.red.ll0inlOyrsTa 71g 10 OldenMineRR.-Btook (5 p.o.rent.Cen. ofN. J.) ... 26 O io cf xv.,-lst M., g., e. f., oall at 110.0e........ o'" OAio cf Little Kanawha Ry.-lat M., $250,000, g. K 80 0/t,io cf Mississippi-SeeBALT. & Omo SOUTHWEST. OAio Bi11er-lst mortgage ($2,000,000),gold.FP.c* 172 Gen. M.($3 000,000), gold, 1st on 39 miles.FP.o* 209 33 Rav.Sp. & Glen.lstM.,$400,000,g~u.,p.&i.FPo* 11 Huntin~n&Bif 8. lstM. ($400, 0),gold,gu.o* 13 Ripley&MillCr. stM.g.,gu. p.&i.,end.FP.o*&r Oh. Bi11. ~ W.- lst M., $2,750,000, g. s.f. red.Oo.o* &r 111 Oki, Oolony-Stook, 7 p. o., guaranteed by renta.l.o* . Bonds for Framingham & Lowell bonds .•••.•.•. o Bonde not mor;fage............................... r Bonde, not mo gage............................. . r Bonde, not mort. (authorized $3,000,000), g ... o*r Bonde, not mort&le ..•..•••...••..•...••••..•. o&r Boston Clin. F. . B. mortga.ge.NB ........... o i'25 Bonds, not mortgage .......................... o&r Omaha B":[e cf Terminal By.-let M. ($5,000,oooi "2i Oregon cf O .-latM., g.,dr'na.t100gu.p.&i.1Jn.o 667 Oregon BB. & Navigation--Common stook ..... . Preferred etook, 4 per oent, non-oumulative ..... Consol. M. (now 1st) $24,500,000, gold.N ...... o* 1,063 Oregon Short Line BB.-Common stook .••..•.. or. Sh.L. let M., p. & i.if.old-see V.63, p.602... o* 600 Utah & North'n 1st mo ., $12,000 ~er inlle .... o• 477 Con. M .. gu., $15,000 p. m., s. f. no dr'n,g. ABo* 477 Con. letM.,$36,500,000,f (lstM. on400m) .G.c* 1,479 Four p.o. and partio. gol bonds, drn. 102¼.o*&r Inoome bonds, Series A. 5 p. o., non-oum.OB .... do Series B. non-cum.Mo .............. Oreg. cf So. E.-lst M., $300,000, g., red, 110, s.f.N o .••• --· ---· ---· ---· ---· 1901 $500&0. 100 isifo 1,000 1900 1,000 1886 1887 1890 1892 1888 1903 i884 1884 1888 1894 1895 1880 1902 1893 1887 --· ---· is96 iss2 1878 1886 1897 1902 1897 1897 1902 1,000 2,000,000 1,000 2,94.1,000 1,000 376,000 1,000 303,000 1,000 50,000 (!) 1,000 100 17,408,900 1,000 498,000 1,000 750,000 1,000 4,000,000 1,000&o 3,000,000 1,000.to 5,100,000 1,000 1,912,000 1,000,000 1,277,000 1,000 18,831,000 100 24,000,000 100 11,000,000 1,000 21,475,800 100 27,460,100 1,000 14,931,000 1,000 4,993,000 1,000 1,802,000 500 &o. 12,328,000 l,OOO&o 41,000,000 500 &o. 7,185,000 500 &o. 14,841,000 500 &o. 300,000 i:ooo Dlrectors.-D. Willis James, Samuel Thorne, James J. Hill, E. T, Nichols, George F. Baker, R obert Bacon. Geori?e W. Perkins. Daniel ~- Lamont, E. H. Harriman, Jacob H. ::icblfl:. James Stillman, W. P. Clough, George C, Clark, John S. Kennedv and N. Terhune. 76, p. 919, 1028, 1249, 1301, 1356; v. 77, p. 147,299, 1294.) North Shore KR. (Narrow Gauge)-Owns San .lfra.ncisoo to Caza.dero, 87 miles; branohes to Sau Rafael and Mill Valley, 4 miles; leases to San Quentin, 3 miles; total operated, 94 miles, includ ing ferry to San Franoisco, 6 miles. Of the road, Bausollto to Mill Valley, Fa.lrfa.x and San Rafael, 251g miles, was opened as a. third-rail standardgauge eleotrlo line in Aug., 1903. V. 74, p. 1252. Sucoessor May, 1902, of North PaoUlo Coast RR., purohased by syndioate composed of R. R. Oolgate, .R. M. Hotaling, William M. Pierson, c. A. Grow, E. J. De Sa.bl& Jr. and John Martin. V. 74, p. 94,152,327. As to possible sale, See V. 77, p 2339; V. 78, p. 103. Stook issued, $6,000,000, -par $100. An assessment of $5 per share was levied July 23, 1903, payable within 30 days, to pay for improvements, electrtoal equipment. etc., and one of $5 per share, payable Nov. 15, 1903.' V. ?7, p. 250, 1534 . Of the $6,000,000 5B of 1902 (Meroantlle Trust Co. of San Franmsco, trustee), the present issue ts $3,500,000, of whioh $1,500,000 were reserved to retire the North Pir oUlo Coast 5s at or before maturity, the ba.lanoe being issuable as required for extensions and improvements. V. 74, p. 1252. LA.TEST EA.RNI'os.-9 mos.,? 1903 .... Gross, $528,598; net, $213,705 Mar. 1 to Nov. 30. ( 1902 .... Gross, 443,649; net, 182,526 Burp. over 9 mos. ohargeR, $89,608 'in 1903, agst. :1'86,407 in 1902. For year ending Deo. 3 1, 1902, gross, $524,223; net, $183,986; interest and taxes, $124,320; bal., sur. for year, $59,666. In 1901, gross, $474,401; net, $102,636. President,JohnMartin, San Franoisco.-(V. 76, p. 332, 865; V. 77, p. 251, 1534, 2159, 2339; V, 78, p. 103.) Northweatern Ooal a,.-.-Allouez Bay, Wisconsin, to Allouez Junotion, Wis., 2·53 miles, with ooal wharf oovering about 80 acres of land. V. 71, p. 698. Owned by the Pittsburg Coal Co., whioh guarantees the bonds. See official statement, V. 71, p. 698. Capital stook, $1,000,000. For year ending June 30, 1902, ~oss, $25 615; net, $8,371; int. and taxes, $11,839; ba.l., def. foryea.r,$3,468.-(V. 71, p. 698.) Northwest.-See Chloa.go & North Western. Northwestern KR. of South Oarollna.-Wlleon Mill, S. C., via Sumter, to Camden, 61 miles, of whioh Sumter to Camden oompleted 1900; hra.noh, Milla.rd to St. Paul, 4 m.; trackage, 4 m.; total, 69 miles. Stook, $100,000. Uividend 6 per oent paid Deo., 1900 and 1901. Year ending June 30, 1902. gross, $82,453; net, $41,839; taxes, $3,950; charges, $11,400; dividends,$6,000; bal., sur., $20,490. Norwich & Worcester KR.-Owns from Norwioh, Conn. to Woroeeter, Mass.,. 59 miles; bra.nob, Norwioh to Groton, 13 mhes; total, 72 miles. AIBO owns entire oapital stook ($500,000) of the Nor• wioh & New York Tra.nsp. Co., operating boat line to N. Y. City. Leased to New England RR. for 99 years from Feb. 1, 1869, and aooepted by N. Y. N. H. & H. RR. sinoe July 1, 1898; rental is 8 per oent on preferred stook.-(V. 69, p. 1194; v. 70, p. 76, 125.) Norwood&St. LawrenC!eKK.-Norwood to Raymondville, N. Y., 71g m.; opened Nov., 1901. Stook, $100,000; par of shares, $100. Bonde are subleot to call at 110 Apr. 1, 1912. Year ending June 30, 1903, gross, $27,276; net, $9,429; int. and taxes, $5,317; baL, sur., $4,112. Pres .. Chas. H. Remington, Treas., Warren F. Howe, Watertown, N. Y.-(V. 74, p. 1090.) Nypano KK.-V. 63, p. aaq; V. 67, p. 223. Ogden Mine KK.-Owns Nolan's Point (Lake Hopatoong) to .Sparta (or Ogden Mine), N. J., 10 miles. Leased for 999 yea.rs from Jan. 1, 1882, to Central RR. of N. J. for 5 p . o. per annum on oapita.l 4took and $500 yearly for organization expenses. Ogdensburg & Lake Oham.plaln Ky .-Bee Rutland BR. Ohio Connecting KK.-V. 75, p. 981, 1400; V. 76, p. Jl9. Ohio & Kentucky Ky.-Owns from Lex. & East. Ry. at Jaokeon,KY:,. tooannelooal fields in Morgan Co.,Ky., 26 m. Operated by Lex. & ~a.st. Ry. for 5 years ending June 1, 1904. Com. stook, $200,000; pref. stook, $100,000; bonds as above, $250,000; junior eeourities to be taken by etookholders, $175,000. The bonds are guaranteed by the Kentuoky Blook Ca.nnel Coal Co. Year ending June 30, 1903, net earnings were $32,820. Pree., W. de L. Walbridge, 1 B'way, N. Y. Ohio & Little KanawhaR7.-Zaneevi'1e, 0., to Marietta, eto., 80 miles. V. 69, p. 907. A.oqu1r1~d by Balt. & Ohio, which has pledged under its Pittsburg Lake Erle oz; West Virginia mortgage $585,000 oommon and $824,000 pref. stook. V.73, p. 1264. Stook, outstanding, oommon.z. $918,000; preferred, $1,167,500. In year 1901-02, gross, $188,71!:s; net, $43,191.-(V. 73, p, 1161, 1264.) Ohio River RK.-(See B. cf O. Map.J-In July, 1901, puroha.eed by the Balt. & Ohio RR., whioh has pledged $5,884,400 of the $5,915,4.30 oap11lal t1took as part seourlty for its own Pitts. L. E. & W. Va. 4s. REPORT.-Year ending June 30 1902, gross, $1,559,152; net, $585,942; Int, $252,536; ba.l., BClr., $333,406. Earnin~s sinoe July 1, 1902, ·a re inoluded in those of B. & 0. Report for 19001n V. 72, p. 985. -(V. 72, p. 985; V. 73, p. 83,237,287.) Ohio River & Western Ky.-Bee page 581. Old Colony RR. (1'.laH.)-Owne road from Boston to Provinoetown, Mase., Newport, R. I., eto., 508 miles; leases, 108 miles. LEASE,-In 1893 leased to the New York New Haven & Hartford tor 99 :veare. About $5,500,000 of the etook, inolnded in _table above, -(V. 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $100,000 450,000 250,000 228,000 gg. - -· A.& J. & 5 g. J. & 5 g. M. & O. City N.Bk,Wat'rt'n,N.Y J. Phila., 608 Chestnut St. J. N. Y~Broa.dway. 8. N. Y., ok. Trust Co. Apr. 1 1932 Jan. '0 4, 2lg% Jul{ 1, 1926 Mo • 1, 1950 J. & D. N. Y., Central Tr. Co. A. & O. do do F. & A. do do New York or Phila.. J. & J. F. &A. Phila., E. W.Cla.rk & Co. F. & A. N. Y., Contin. Trust Co. Q.-J. Boston, Offloe. A. & O. do do J. & J. J. & J. do F. & A. do g. do J. &D. & J. Boston, N. E. Trust Co. 5 31g J. & J. Treas. offloe, Boston. 5 J. & J. Prov. L. & T. Co., Phila.. 5 g. J. & J. N. Y., South Paoitlo Co. N. Y. Offloe, 120 B'way. ...... 4% in '03 J."'ir."J • do do 4 g. J. & D. New York & Germany mostly o wnedby Union Paoitlo. 6 g. F. & A. N. Yd.o120 Broi~wa.y 7 J. & J. do do 5 g. J. & J. do do 5 g. J. & J. do do See text. F. & A. do do 5 p. o. in segi.•03 do do 41n 1903 ot. 5 g. A. & 0. N. Y., No. Amer. Tr. Co. June 1, 1936 Apr. 1, 1937 Aug. 1, 1920 July 1, 1922 Aug. 1, 190A Feb. 1, 1933 Jan. 1, '04, lllla. Apr. 1, 1904 July 1, 1904 Jan. 1, 1938 Feb. 1, 1924. Deo. 1, 1925 Jan. 1, 1910 July 1, 1932 Feb. 1, 1943 July 1, 1927 July 2, '98, 1% Jan. 2, '04, 2~ June 1, 194 5 g. 5 g. 6 g. 6 g. 6 g. 5 g. 7 41g 4 4 i ~- Feb:·1;·i922 July 1, 1908 July 1, 1926 July 1, 1946 Aug. 1, 1927 July 1, 1946 July 1, 1946 Apr. 1, 1922 is held by the lessee. The lease provides for dividends of 7 p. o. per annum on stook not exoha.nged. V. 56, p. 247, 374. Stook author• ized, $20,000,000. In Feb., 1903, $650,000 additional stook was authorlzed raising a.mount to $17,408,900. V. 76, p. 480; V. 78, p. 103. In June, 1902, issued $1,000,000 of 31!3 per oent bonds. The etookholders on Sept. 29, 1903, authorized the issue of $1,248,000 bonds to refund bonds maturing Apr. 1 and July 1, 1904. V, 77, p. 824.-(V. 75, p. 78, 135; V. 76, p. 480, 594, 654; V. 77, p . 824; V. 78, p. 103.) Orange & North we8tern RK.-Buna to Orange, Texas, 30 miles. Extensions are proposed, making 385 miles in all, including one from Buna to Shreveport, 150 miles. Stook authorized, $400,000; outstanding Jan., 1903, $200,000. In April, 1 902, the Railroad Comm.1eeionere of Texas approved the issue or $23,000 bonds per mile on30 miles. President, L. Miller; Seo. and Treas., W. W. Reid; Gen. Mgr., o. W. Hole. Offloe, Orange, Tex.-(V. 76, p. 1144.) Oregon & OaliCornia BK.-( See Map southern Pac.J-Portlan~ Ore., to California. Stat.a line, 367 miles; Albany Juno. to Lebanon, 1~ miles; Portland to Corvallis, 97miles; Woodburn to Natron, 93 miles; Portland, Ore., to Airlee, Ore., and branch, 85 miles. Total,654 miles. LEASE, _t;ro,-Leased to Southern Paoitlo Co. for 34 yearfl from August 1, 1893, the lessee guaranteeing interest on the bondsi and the lessor reoeiving any net profit and being oharged with any aetioit after payment of oha.rges. Betterments are payable by lessor. Southern Paoltio owns the bulk of the $19,000,000 stook, $12,000,000 of whiob Is 7 p. o, pref. V. 72, p. 287. Due So. Pao. Co. June 30, 1902, $4,985,790. BoNDs.-Land grant was about 4,000,000 aores, part of whioh le oovered by the mortgage, prooeeds of land sales going to redeem bonds (suoJeot to oa.ll at par). The Southern Paoitlo guaranty of prinotpal and interest is printed on eaoh of the 5 per oents. In 1901-02 net land sales sub1eot to mort. were $1,484,299. See V. 63, p. 754. LATEST EARNINGB.-5 mos.,~ 1903.•• Gross,$1,896,512; net,$728,957 July 1 to Nov. 30. 51902 •. . Gross, 1,711,419; net, 508,303 EABlfINGS.-Year ending June 30, 1902, gross. $3,1504,911; net,$1,046,095; int., taxes, eto., $1,260,574.-(V. 76, p . 1144; V. 77, p. 2098,) Oregon Ilnprovement.-Bee PACIFIC CO.A.ST Co. (Misoell. Co's). Oregon Railroad & N avlgatlon.-( See Map Union Pac.)-East Portland, Ore., to Huntington, Ore., 403 m. ; Umatilla., Ore., to Spokane, Wash., 245 m.; branohee owned, 1,083; leases snake River Val• ley RR., Wallula to Grange Ctty, Wash., 66 m.; other, 2 m.; total, 1,151 m., ot whioh 19 narrow ~auge; river division water lines, 375 miles. Ooean line to San Franoieoo, 660 miles. 0RG.A.NIZ.A.TION.-Organ1zed in July, 1896, per plan in v. 61, p. 325 and V. 62, p. 41. Controlled by Union Paoitlo Ry., direotly and through Or. Sh. Line. Owns $700,000 first 5s (entire issue) of Columbia Southern Ry., Biggs, Ore., to Shaniko, 71 miles. V. 73, p. 1363. STOCK,-ln Ootober, 1899, the U. P. issued its _oommon etook to retire, $ for $, the $7,718,600 Or. RR. & Na.v oommon stook not owned by the Short Line Co. and its preferred stook to retire the $11,000,000 Or. RR. & Na.v. pref. stock.-V. 69, p. 492,597. In July, 1903, all except $2<!t.21C oommon and $14,676 preferred etook was owned by the Union raolflo system. V. 70, p. 177. DIVIDENDB.-On preferred: 1897, 2 p. o.; 1898 to Jan., 1904, both inclusive, 4p. o. yearly. On common paid 1%.Tuly 2, 1898. BoNDs.-The oonsolldated mortgage of 1896 (abstract v. 63, p, 928; trustee, New York Seourity & Trust Co.) oovers all the propert:v. Of the $24,500,000 authorized the bonds unlssued are mostly reserved ror the construotion of additional road at the rate of not more than $20,000 per mile 01 oonstruoted road. V. 74, p. 206. REPORT.-Report for 1899-1900 in v. 71, p. 960. Year end. June aO1901. 1900. 1899. Rail lines...................... $7,542,954 $6,683,115 $6,258,282 Water lines................... 849,346 839,277 747,697 Gross earnings............. $8,392,300 $7,522,392 $7,005,979 Net earnings over taxes..... $3,688,543 $8,522,003 $3, 14.8,790 -(V. 72, p. 415,184; V. 74, p. 206, 380, 830, 884; V. 75, p. 290.) Oregon Short Line KR.-(SeeMap Un.Pac.J-Gra.nger, Wyo., to Hun1s1ngton, Ore., 542 m.; bra.noh to Ketohum Idaho, 70 m.; Ogden to MoCamm.on, Ida.ho, 111 miles; Pooa.tello to Sliver Bow, Montana, 256 miles ; Lehi Junotion to Tintio, Utah, 43 miles; Ogden, Utah, to Frieoo, 276 miles; sundry branohes, eto., 468 miles; Butte to Garrison, Mont., 57 m., owned, but operated by Northern Paoitlo; total June 30, 1903, 1,823 miles. . On June 30, 1903, t he portion of the main line from Salt Lake City, Utah, to Calientes, Nev., 340 miles, inoluded above, with some branoh mileage and additional oompleted road south o r Callentes, about 550 miles 1n all, was taken over under purchase by San Pedro Los Angeles & Salt Lake Ry. v. 76, p. 919, 1356; v. 77, p. 38. HISTORY.-Sucoeesor Maroh 16, 1897, of the Oregon Short Line & Utah Northern Ry., foreolosed :per plan in V. 62, p. 504,505. Controlled by Unlon Paciflo, whioh holds nearly the entire oa.pital stook and the greater part of the Inoome A and B bonds. V. 75, p. 1032. CAPITAL 8TOCK.-Author1zed $27,460,100, of whioh new Union Paolflo Ry.Co.has acquired $27,450,100. V.68,p.188,381,474. BONDS.-Of the $36,500,000 new first consols, $22,029,000 are reserved to retire at maturity the loans not disturbed Series A, inoomes non-oumnla.tive 5 per oents, have reoeived: In Sept'l 1897.z_4 p. o.; Sept. yearly sinoe.z..the full 5 per oent, at Guaranty Trll8li Co., ~.Y. or Old Oolony Trust, .Hoston. V. 69, p. 492. 466 RAILWAY STOCKS AND BONDS. [VOL. LXXVIII. BonctB-Pl1nOl RAILROADS. INTEREST OR DIVIDENDS. Miles Date 81ze,or p&l,When Due. Amount of Par F or explanation of column headings, &o., see note& of Rate f.er When Where Payable, and by Stock.t-Last Outstanding Cen. Payable on fl.rat pa.ge of tables. Road. Bonds Value. Whom. Dividend. 01teego ti Syracuse- Stock, 9 p. c. guar., D. L. & W. 35 Consolldated mortgage (guar. D. L. & W.) P .... 35 35 Construction M.~ar. p. & i. (for $1,000,000) .. P Owemboro ti Nash le-lat mortgage, gold ... Ce.c* 88 0,ark ti Oher. Oent.-lst M., g ., red. 10719.SSt . . o+ 144 Panama-Bt()ok .. ..•..•••.•.•..••.•.••..•••••..•..•.. 48 48 1st Md$4,000,000, s.f.,g,red. a.t105(text).Ce ... c" Bubsi ybonds.,g.,drawna.tlOO.SeeV.64,£'705.o* 14 Paterson ti Hud.Riv.-Btk., 8 p.c. rent. N.Y. .E.&W. 14 Pater•on ti Ramafo-Stook (rental guarantee) ..... Pemigewasset Vat ey RR.-Stook (rental rsaarantee1 ... . Pewnsywama .R.R.-Stock, $400,000,0 . Tr..... General mort. bonds, '!li{OO0 and £200 each .. o&r 85" !" ~ { CUrrenoyre st.ored bonds •••••••••• •r 857 i:,:. Currency oo~on bonds .•••••••.•.... c ::::= Sterling bon s ......................... c 857 t-- :l ~ Gold registered bonds ................. r 857 -~~Cl' Gold coupon bonds . .••••••.•.•........ c 857 o <ll Gold sink. fund, 1 o., not drawn .. c* 857 0 Sterling (s. f. 1n 19 ) not drawn.o *&r 857 Bonds (P. W. & B. stock as collateral) ........... r Collateral trust loan, ~old, not drawn .....•.. _. .c• Gold l;)onds, redeemable, text, convertible.GP.o* 8unb. Ha.z. & Wilk., 1st, Ser. A, drawn at 100 .. . c ·43 2d mortgage, income ......••..•.....••...••.. c&r 43 Sun. & Lewis .• 1st M . . $600,000, p.& 1., g.GuPc* 56 Westchester, 1st mortgage. assumed ..••••• .. .. 5 West. Pa., consol. mort., gold, a.ssumed .• PIP.o• 138 River Front, 1st mortga.ize, assumed .•. . ••..•.•. . 4·62 Equip. Tr. gold bonds (s. f. 5 p.o.) not drawn .... o' ··-· Penn. Rolling t!ltock Trust, $600,000 paid yearly Penn Car Trust. $300,000 paid , early....... . .. . . . . x On coupon bonds J. & J.; on registered bc:,n ds A. is16 1883 1881 1908 is91 1880 .... .... .... $50 1,000 1,000 1,000 1,000 100 1 ,000 1,000 50 ··ioo 50 $or£ 1875 1,000 1875 1,000 1873·4 £200 1879 1,000 1879 1,000 1893 1,000 £200 1895 1881 1.000 1883 1,000 1902 500 &c. 1878 100 &c. 1878 100 &o. 1896 1,000 1879 100 &o. 1888 1,000 1,000 1882 1,000 1889 1898-9 1,000 1899 1,000 &O. a Incl 857 is67 'C~m=; Q 8. . . & ---· ---· .... Oregon RR. & Navigation stock viz., $16,281,400 common and $976,900 preferred, is owned ana1 pledged a.s specW security tor the Serie• B incomes, but dividends thereon are to go to the Short Line company except as needed to pay to Series B their full interest. In Oct., 1898, 3 per cent and in Oflt., 1899 to 1903, inclusive, 4 per cent yearly was paid on the Series B incomes. V. 65, p. 572: V. 66, p. 1141, The Union Pacifl.o owns $6,672,000 of the $7,185,000 Income "A" bonds a.nd $14,781,000 of the $14,841,000 "B" bon i11. V. 70, p. 176. In 1900-1901 $78,108,000 Northern Pacifl.c stook wa.s purchased and excha.n~ed for $82,491,871 Northern Securities Co. stock a.nd $~.900,007 cash (V. 75, p. 1196). All of the Northern Securities stock has been deposited as collateral for an equal amount of "participating'' bonds (see bf'hw), the latter1.-..to1rether with the cash mentioned, being given to the Union Pacific R1'. tor advances. The ''4 per ceot and part.icipi1.ting 25- , ear gold bonds" of 1902 Equitable Trust Oo. of New York, trustee), are Ilmlted to the amount of collateral, viz., North'n Securities Co. stock, pledged with the trus• tee. In addition to the fixed tnterut at the rate of 4 per cent (gold) per annum, the holders are entitled on Feb . 1 of each year, begin ning 1904, to any ca.sh dividend paid during the preceding ca.lendlll' year upon the deposited collateral in excess of 4 per cent on the outstandiI1g bonds. The entire issue or any part (when drawn by lot) is subject to oa.11 at 102 ½I. Amount sold $ :-;6,000,000, the $46,491,000 addlt.ional bonds Issued be ,ng held by the Union Pacific. See &lso Union Pacitlo RR, V. 75, p. 186, and abs1ract of mortg1tge. V . 75, p. 243; V 76, p. 383. On Feb. 1, 1904, one half per cent extra will be paid, making 419 p. c. int. tor the calendar year hl03. T. 77, p. 2098. LATEST EARNINGS. - For 5 months ending Nov 30, 1902, gross, $5,244,530; net, $3,0cll 504; other income, $1,394,023; charges, $2,573,417; balance, surplus. $1,842,110. For 11 mos endtng May 81, 1902 (1,438 aver!W{e miles), ~rose earnings, $10,12:l 259; net, $5,260,214; otber income, $3,284,304; fixed cha.races, $4,910,375; int. on open accou.nts, 1:-to., $993,454; bal., sur., $2,640,688. Year encted June 301901. 1900. l ll 99. Gross earnin~s. .•....••..••.•••. $9,673,279 $8,578,398 $7,577,108 Net earnings over exp. and taxes 5,012,274 4,473.464 3,778,280 Financial Office, 120 B'way, N. Y. City.-(V. 77, p. 2098; V. 78, p.288. 1 Oregon & !llloutheastern RK.-To extend from Cottage Grove, Ore., to th., Bohemia. Mining Distri,,t, 36 miles, of which Oortage Grove to H ,mt's Dam, 17 miles, completed in Jan., .1 904. Branch from Waldron to Robinson 6 miles. is also proposed. Stock authorized, common, $500,000; preferred 7 per cent cum., $500,000; outstandingil $400,000 of each; par of shares, $100. Preferrtid is subject to ca at par and aocrutd divioendo1 after 3 years from t1ate of Issue. Bonds, see table above. President, Geo. W. Crosby, Atlantic City, N. J.-(V. 75,p. 135.) Oswego & Syracuse RR.-OwnsfromOswego,N. Y., to Syracuse, N. Y., 35 miles. Leased 1n 1869 during length of charter and renew&.1 thereof to the Delaware Lackawanna & Western Railroad Company for 9 per cent per year on $1,320.400 stock and interest on bonds. Ottawa Northern & Western Ry.-See Canadian Pa.oitlc Ry. Otis "y. -Otis Jct. to Otts Summit, N'. Y., 1·35 miles. Successor June, 1899, to Otis Elevating Ry., foreclosed. V. 69, p. ~1. Stock, $651000. Bonds, $71,000 1st M. 40-yr. t>s, dated July 15, 1899 all out.stana• Ing. Year 1902·03, gross, i-9,868;1 net, $2,82a; int. and taxes, $3,596; b&l., def., $1, 33. Pres., Oha.s. L. Rickerson, N. Y-(V.69, p . 81.) Owensboro & Nashville Ry.-Owns from Owensboro, Ky., to Adairville, Ky., 84 miles; Mud River Branch, 4 miles. Overated by Louisville & Nashville Railroad, which owns the $1.156,518 stock (par $100) and $1,200,000 of the first mortgage bonds-all these bonds and moat of the stock being pledged under its trust deeds. Ozark .tc Chrrokee OPntral Ry.-Owns Fayetteville, Ark., to Okmulgee, I. T., 144 miles, including steel bridge over Arkansas Rher near Fort Gib11on, I. T.; exten1110ns are under construction rrom Fay• etteville, Ark., to J1t11per, .Ark., Okmulgee, I. T., to Oklahoma City, O. T., and Muskogee.I. T., to Fort8mitll,Ark.; t otal to be alJout 400 m . Stock, $9,000,000, all owned by the St. Loui.s & San Francisco, whioh operates the r oad a s vart of its Cent ral division. Of tb t-1 $9,000.000 bonds, balance unissu ... d is ret1erved for new construction. See V. 76, p. 865, 919. President, H. W. Seaman, St. Louis, Mo. (V. 76, p. 102, 865, 919, 1408.) Panama RR.-Colon to Panama and La. Boca, 50 miles, 5-toot gauge. The Panama Canal Co., &bout to be purcba11ed by the U . S. Government in J a n., 19C4, owns a m ajority ($6,850.000) of captta.l stock. V. 7 6 , p. 33 "· In June, 1902, mad e a new traffic agrAement for three years with the P ..ciflo Milli Steamship Co. v. 74, p 1252. DIVIDENDS. 5 '85 ' 86-7 ' 88 '89 '90 '91 '92 '93 '94-00 '01 '02 1903 Since ' 84 p.ct. {10 nil. 23 9 5 5 2 2 NoneMar.2 4 4 In 1903,Apr., 2 p. c.; Oct., 2 p. c.; 1904, Jan., 4 p. c. V. 77, p. 2281. B0NDS.-The mortgage of 1897 is for $4,000,000; sm king fund ls $150,000 yearly and bonds may be drawn for s. f. at 105; the entire issue may be called for payment on and after April 1, 1903, at 105. v. 65, p. 516. See also description 1n V. 66 ,p. 1043. The suosidly bonds are secured by an assignment and pledge made by the IJ. S. of Colombia to the trustees of $225,000 aimu&lly, ot the annual subsidy or rental to that extent payable to said go,rernment by tbe company, and are drawn and paid off' on November 1 yearly wtth any surplus or the subsidy not needed for interest; $180,000 bond& now 1n treasury. Bee statement as to subsidy bonds 1n V. 64, n. 705. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 9 F.-A.,20 N. Y., Del. L. & W. RR, Feb. 20, 1904 $1,320,400 438,000 M.& 8. 7 do do Moh. 1. 1907 5 668,000 M. & N. do do May, 1923 2,000,000 6 g. M. & N. N. Y., 120 Broadway. Nov. 1, 1931 3,030,000 5 g . A. & 0 . N. Y., Chlo. & St. Louis. Apr. 1, 1943 7,000,000 See text. . ••. . N. Y., 24 State St. Jan. 1, '04, 4% 2,224,000 419 g. A.. & O. do do Oct. 1, 1917 784.000 6 g. M. & N. do do Nov. 1, 1910 630,000 8 J. & J. Paterson, N. J. W-an, 1901., 4~ 298,000 8 J. & J. do do ,Ian., 1904, 4 541,500 6 F. & A . Tre's.o1f.,Concor~N.H. Feb. 1904. 3% 296,695,S50 61n 1903 M.&N,31 Philadelphia, 0 ce. cNov. 30, '03, 3 19,997,820 6 Bee x Phlla. Office & London. July 1 1910 1,961,000 6 ~.-M. rs Philadelphia, Office. June 1 5, 1905 2,757,000 6 .&D. ¥, do do June 15, 1905 22,762,020 6 J. & . Phila.offioeandLondon July 1, 1905 3,498,000 5 g. Philadelphia, Office. Sept. 1, 1919 1,500.000 5 g, . & 8. do do Sept. 1, 1919 2,821\,000 4 g. M. & N. N. Y., Farm's L. & T . Co. May 1, 194.3 4,850,000 319g. J. & J. N.Y., Far.L.& T. & Lon July 1, 194.5 7,702,000 4 J. & J. Phila.,Pa.Co.forlns.&c. .July 1, 1921 9,900,000 4lgg, .J. & D. Phila.,Provid'tL.&T.Co. June 1, 1913 20 697 tsoo 319 g. M. & .N Ph. & Am. Ex Bt ,N.Y. Nov. 1, 1912 al,000,000 5 M. & N. Phila.., Broad St. 8tat'n May 1, 1928 1,350,000 6 M. & N. do do May 1, 1938 500,000 4 g. J . & J. N.Y.,Am.Ex.N.Bk.&Ph July 1, 1936 75,000 5 M. & 8 .P blla.., Broad Bt. Stat'n. Sept., 1919 4,000,000 4 g. J. & D. do do June 1, 1928 212,000 419 M. & N. Phlla., Co.'s Office. May 1, 1912 2,728,000 4 ~- M. & B. Philad Girard Trust Co. Sept. 1, 19H 3,000,0 o 319 g. Q.-J. o do Oct., 1904-08 1,800,000 3111 g. Q.-F. do do ~ov., 1904-09 nding $15:i, 900 bond s held a llve 1n sink. fund. -:t_.-M. A.NNUAL REPORT.-The report for 1902 in Year Gros• RR. Net RR. Net of v. 76, p . 807, showed: 8urpim, to Du.31. Earning•. Earning•. SteamBhi'1JB. Oharae•. Incl. OtMr Inc. 1902 ..•.. $1,239.34'1 $644,6'~5 $23,122 $830,409 $295,384 1901. .••. 1,365,171 739,909 loss 143,374 835,809 259.590 The charges above 1n 1902 include: Subsidy payment $25,000; 1n. terest on bonds, $172,002; redemption of t>on<1s. $302,880, eto.-(V. 75, p. 500; v. ~ 6 , p. 332, 807; v. 77, p. 512, 2281.) Paterson & Hudson Rlver.-Owns from Marton, Jersey City, N. J. (south of Bergen Junction), to Paterson, N. J., 14 miles, double track. LeR.sed 1n perpetuity, at $48,400 per year for road, $5,000 for land 1n Jersey City and taxes, to Erie RR., forming pa.rt. ot ma.in line. Pater•on & Ramapo RR.-Owns from Paterson, N. J., to New York State Line, 14 miles,double track, part of main line of Erie RR., to which leased Sept., 1852, during legal existence, at $26,500. Pecos VaJley & Northeastern Ky.-RoAD.-Owns from Pecos City, Texas, to Amarillo, Texas, 370 miles. In Dec., 1900, the A.tohi11011 Topeka & Santa Fe acquired over 97 per cent of the $2,916,· 000 bonds (f>O-Year gold 5s of 194 8) a.nd 97 per cent of the common and preferred stocks ($3,.162,000 each), but the road will be operated independently for the present. V. 7'1., p. 88, 137: V. 73, p. 736. REPORT.-Year 1~01·02: gross, $617,779; net, $187,137: otherincome, $2,367; int. on bonds, $145,800; surplus, $43,703.-(V. 73, p. 900.) Pemlgewa11set Valley RR.-Plymonth, N. H., to Ltncoln,N. B .• 23 miles. Leased to Concord & Montreal for 6 p. c. on stock, a.nd 1a operated by the Boston & Maine. Pennsylvania RR.-rsee Map).-The system as shown on the ad• Joining map, extends from New York City, westeriy via Philadelphia to Pittsburg, Erie, Cleveland, Toledo, Chicago and Burlington on the north, and to Washington, Cincinnati, Louisvtlle and St. Lout& or.. the south. The total system on Jan. 1, 1903, aggregated le,556 miles, of which 3,661 miles represent the mileage operated direl'tty under the caption "the lines ea.st of Pittsburg and Erie" and 2,983 miles the mileage operated directly under the caption "the lines west of Pittaburg and Erie," the latter being more fully described under the title Pennsylvania Oompany and Pittsburg Cincinnati. Chicago & St. Louis. The balance of the system is operated independently. Ea8t nt Pltr8burir & Erle. . MQu. Main Line and BranchesMiles. Other Imes (tncl_u d. D. &R.Canal. Philadelph ia to Columbia, Pa. . ... 81 66 m .. and ferne11, 2a) . ..... .. ~ Ph1ladelpbia, Pa... to New Boston, etc . ... .. .. . .. . . .• • • ... • • .. • •.• . .. 210 Harrisburll, Pa.. to Pittsburg, Pa. 248 Branches and spurs . .... .. .. •. . . 2~5 Total ma.in line and branches... 8:i4 Lines operat ed by lease or contract-Bar. Port'I. Mt. Joy & Lan. H.R.1 D11lersville to Tiarrisb Pa etc 68 Tyrone & Clearfield Hy:•. . .. .': ... _': 142 Western Pennsylvania RR.'f ...... 131:! United New Jersey H.R.f Tr.. nton t o J er s ey City, etc . .... . 14,; Philadelphia. & T renton RR.1 .. . •• 26 Alle1Cheny Vall ey Ry.'f ..... •...••• 261 West. New York & Penn1 .......... 649 0 ~n:r:t~~ cont;act:.:: 36 Ba.Id Eall~e Valley RR.'f. . ......... 98 TI~:f ~~~i~~: ~~Jei-' ~~8u~el~a ~1!l;:,-:::: Pitts bur,z Va. & a a rleston Ry.1. Belvidere Delaware R L-t. 'f . ... .• Pblladel ,,bia ..t Lon,z Branch RR. ~~lfa1!~:~:iv:r~~·:t.e~~~:::: Total tn Penn. RR. atatl11ties,3,66l Tra-ckage.... •• . . • ••••. .. . ... • . • • 84 REPORTED 8EPARATELYPhil. Baltimore & Washl11,:ton1 ... 712 Northern Central Ry.'I..... . .... . .. 460 WeS t ~er. & Sea.shore ll.R.1 tlnel. . fernes, 2 m l · ... • .. • "• . . ...... 8~2 Cum1>erla.nd Valley il.R.'f ......... , 163 Long Isl a nd 'f .. .. · · · .... , • · ·•••• S98 Bait. Chea. & Atlantle Ry ...... ~ Grand total east of P. & E ....... o,812 West ot Pitt sbt,J ra- & Erle. ('f See eacll (lo) M~, REPORTED DrRECTLY • P itts. Cin. Chicago & St. Louls'f ... 1,646 Pennsyl Vania Oo-mpan'II lines, .... ~ Tota.I reported directl:r ... ..... 2,983 ½gg REPORT~D SEPARATE1'.Y821 Grand Rapids & Indiana liDee1 .... 81 T erre ~ a ute & Indtanapoh 11'11".. . .. 682 673 49 Other Imes (see Pa. Oo.stat ement) 506 si)~ Total system Jan. l, 1903........ 1 ~ ORGANIZATION, LEASES, &c.-The charter of the Pennsy lvania. Rall· road was dated April 13, 1846. The Pennsylvania Oornp any controls all the lines west of Pittsburg and Erie, the Pennsylvania. RR Co holdllilg all its stock . In 1900-1 the Penn. RR. purchased a large 1n: terest in the stock of Baltimore & Ohio RR., Chesa peake & Ohio Ry ..,net Norfolk & Western Ry. V. 70, p. 7 6, 231, b8 7 ; T . 72, p. 481, 581; V. 76, p. 484 In 1900 acquired most of the stock and income bonds of the Wetitern N. Y. & Penn. Ry. V. 72, p . 4 81. The Baltimore & Ohto, together with the Vanderbilt interests in 1901·02 came int,, vlrt nal control of the R ea.dtng Co. V. 76, p. 102. The Western New York & Pennsylvania Ry. and the Alle~heny Val• ,ey Ry. w ere ·taken over under l ease August 1, 1900, adding about 829 miles to the system proper. V. 72, p, 49 1. In Ma y, 1900 urohae~ a majority of the Long Island RR. stock. V. 7~ p . 481'. n April 1, 1902, ,Schuylkill & Junta.ta was merged. V. 6. p. 4 84 ~he Western Pennsylvania. and ot her roads connecting with the main line were m erged Apr. 1, 1903. V . 76, p . 486, 594. MECURITIEB OWNED.-The total cost of these to January 1 1903 wall $225,948,825, many of which are pled g~d to secure Pennsylvania lssuee. Revenue derived from these securities m 1902, $8,118,860. CAPITAL 8TOCK.-Stook authorized, $400,000,000; the amount outstanding has been increased from time to time, chiefly by sale to stockholders for new aoquis1t1ons,etc. See Gen. Finances below. DIVS. S'83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93-99 '00 '01 '02 '03 p. c. ~ 8 lg 7 5 5 5 lg 5 5 5 lg 6 6 5 y'ly. 6 6 6 6 In 1893 paid also 2 per cent 1n scrip. BONDS.-Oomolidatedmort. of 1873, see SUPPLEMENT of October, 1901. Tb e 4. per unt loan of 1881 ts secured by Phila.. Wilm. & B<. stock. g https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE PENNSYLVANIA R. R. SYSTEM. lVOL. RAILWAY STOCKS AND BO DS. 468 LXXVIIl. Miles Date Size, or INTEREST DIVIDENDS. :~~:~~ o:t o1 Par 0 ~~:tln_g Rate per When Where Payaole, and by Stocka-Laet _ _ _ _ _ _o_n_flr_s_t_p_a_g_e_o_:r_t_ab_l_e_s_._ _ _ _ _ ,_R_o_ad_. B_on_d_e _V_al_u_e_. _ _ _ _ _ _c_en_t_._ Payable Whom. Dividend. 1 Pe-n.naylt1a.ia BB. -( OoncludedJPenn. Oar Trust, $700,000 paid yearly........... Penn. Equipment Trust, $200,000 paid yearly... do do $400,000 paid yearly . do do $400,000·paid yearly... Penn. Steel Car Trust, $700,000 paid yearly..... do do $300,000 paid yearly..... Del. Ave. Market 1st mortgage.....••.••...•.•••. r Delaware Ave. Bloodgood property.............. r Penn. RR. real estate purch. money g. M.PP .c*&r Pennsyl'fJania Oompany-Btock...................... Bonds, gold, sec. by pl'ge & guar. by Pa. RR.c*& Gu. tr. ct:te., $20,000,000,g., gn.Pa. RR., ser.A r} do do do aer. B.GP. .. c* do do do ser. C ........ o* do $1.334,000 dr. y'rly, g., gu. Pa. RR.GP Car trusts (Dec., 1903L.. . ...••• ...•.. ..•.•• .... .... PennB1Jl?Jania tl North Western-See CAMBRIA & CL EARFl Peoria tl Bureau Val.-Btk., 8 p. c. rent'l C. R.I.&P 47 Peoria ti Easterw-- Ind. Bloom. & W. 1st M. ,pf.Ceo&r 202 Ohio Indiana& Weet. lstM.,pre:t.,g.,int.gu.Cec* 342 P. & E. consol. M., $10,000,000, int. guar.ce.o* 342 2d consol. mort., income, non•oumulativece .... o 342 Peoria ti Pekin Union-1st mortgage, gold .••. Oe.o 20 2d mortgage, gold.Oe•.....•.....•...••....•...••. c 20 Pwe .Marquette-Common stock, $16,000,000•... Preferred, 4 per cent, non•oum., $12,000,000.... • • • . Grand Rapids Newaygo & Lake Sh.1st M.2d Div. 10 Chlo.&WestMioh. gen. M. ($12,000p. m.).NB.o* 480 D.Gr.R. &W., 1st con.(now 1st) M.,law.m.OB.o" 380 1900 $1,000 1900 1,000 1901 1,000 1902 1,000 1902 1,000 1902 1,000 1889 5,000 1892 1,000 1893 1,000 . . •. 50 1 8 8 1 1,000 1897 1,000 1,000 1901 1,000 1902 1901 1,000 . .•. ELD 1 1.-M. $4,200,000 319 g. Q.-F. 1,400,000 319 g. 3,200,000 319 g. .-M. 3,600.000 319 g. .-M. 6,300,000 319 .-J. 2,700,000 319 Q.-J. 300,000 4310 M. & 8. 200,000 4410 M. & 8. 2,000,000 4 g. M. & N. 40,000,000 4. in 1903 Dec. 19,467,000 419 g. J. & J. 4,~95,000 312 g. M. & 8. 9,794,000 319 g. F. & A. 5,000.000 312 g. J. & D. 17.332,000 319 g . M. & N. 5,720,408 Varioll8 Various Phlla., Girard Trust Co. Feb., 1905•10 Comm'l Trust Co., Phil. Dec., 1904-10 do do June, 1904-11 do do Moh., 1904·12 do do July, 1904·12 do do Oct., 1904•12 Philadelphia. Moh. 1, 1909 Philadelphia. Sept. 1, 1912 N. Y., Farmers' L. & Tr. May 1, 1923 Pittsburg, Co.'s Office. Dec.31,'03, 49', N. Y.bNat'l City Bank. July 1, 1921 N.Y., Dion Tr. & Phila. Sept. 1, 1937 do do Feb. 1, 1941 do do Dec. 1, 1942 N. Y. and Philadelphia. Nov. 1, 1916 Phila., Gu. Tr. Co., etc. Various date&. Y. 100 1,500,000 8 F. & A. 1879 100 &c. 985,100 4 A. & 0. 1888 500 &c. 500,000 5 g. Q.-J. 1890 1,000 8,500,000 4 A. & O. 1890 1,000 4,000,000 4 Bee text 1881 1,000 1,495,000 6 g. Q.-F. 1,499,000 4lgg. M.. & N. 1885 1,000 100 14,145,500 See text. Quar. .•.. 100 10,512,200 41n 1903 F. & A. 1875 500 &o. 7 J. & D. - 19,000 1881 1.000 5,758,000 5 J. & D. 1897 500&0. 5,379,102 4 A. & O. Pennsylvania RR. Co.-Concluded. l'or gold 3½s o:t 1902 see "General Fina.nC'es." Mort~ages and ground rents payable June 1, 1903, $5,335,016. Pittsburg purchase of 1903, v. 77, p. 1875; v. 78, p. 103. GENERAL FINANCES.-ln 1901 the authorized capital stock was in• ereaeed by $100,000,000 to $251,700.:.000; $50,1,.500,800 thereof being subscribed :tor by stockholders at :i,60 per ;i;50 share, raising the amt. outstanding to $202,200,800. V. 7 2, p. 392, 533, 627, 1238, 1280. The stockholders voted on March 10 1903, to authorize an increase in the stock from $251,700,000 to $400 000.000, to be made :trom time to time in the discretion of the directors, $50,000,000 of the increase, 11 dMmed advisable, to be issued in convertible bonds. Of the stock, $20,980,350 was issued April, 1903, in exchange for convertible debentures. (See below.> Stockholders subscrioed in 1903 10 $75,· 094,7r;0 new stock at $60 per $50 share, nearly all of which was pa1d :tor in full in Oct., the remainder being three-quarters paid in and balance payable June, 1904. V. 76, tp. 383, 488, 594, 706, 1193; V. 77, p. 37, 770. In 1902 were issued $50,000,000 10-year 319% gold bonds, dated Nov. 1, 1902. of which $29,302,500 were converted in April 1903, into stock at $70 per share, and balance are convertible at option o:t holder into stock at $70 per share on May l, 1904, or any subse· quent interest day, on 30 days' notice; they m8.¥"'be called :tor redemp• ti.on at 10219 and interest on a.ny interest day beginning l\lay 1, 1904, but 11 called may be converted on basis above stated. See V. 74, p. 577. In June, 1901, obtained control o:t the Pennsylvania and Cambria. Steel cos. See "Industrial cos.'' and V. 72, p. 1280; V. 73, p. 843,957. In 1903 the company was proceeding- to construct an under•ground electric tunnel :i-ailroad from New Jereey under the North River to a central passenger station at 33d St. and 7th Ave., :N'ew Yo1k City. and thence undt11r the East River to a connection with the Lon~ Island RR. in Long Island City. Completion o:t the work, estimated to cost about $40,000,000, will take several years. The tunnel will a.1· ford entrance into New York City :tor the Pennsylvania Railroad and Long Island RR. and permit the sen din~ of through trains by rail direct from the South and West to all points m New England via the bridge from Mott Haven to LollJ{ Island, which 19 to be bu.Ht by the New York Connecting RR.; see V. 71. p. 913; V. 72, p. 1280: V. 73, p. 1264: V. 74, p. 380,478,831,884, 1308; V. 75, p. 1203, 1302, 1355. New bond issues of subsidiary companies in 1903, see V. 77, p. 1534. The loan o:t $40,000 000 at 412 p . c. due luly, 1903, was paid from the proceeds of the new stoolr. V. 76, p. 811. In Junt11, 1903. allied interests purchased $6,924,200 of tbe $11,· 000,000 Hocking Valley Ry. common stock; seethatCo. V. 77, p 1225. Extensions and improvements, see V. 76, p. 487, 488, 594; V. 77, p.1294. LATESTEAR~Gs.-Jan. l to Nov.30, (11 months) directly operated: Lines east of P1tts•J 1903 ........ Gross, $113,398,219; net, $35,646,915 burg & Erie. 1902 .••.... . Gross, 103,133,919; net, 35,313,815 Lines west o1 P. & ., inc. or det'••. Gross+$5,517,200; net, -$312,000 .ARNUAL REPORT.-Fiscal year ends Dec. 31. Annua.l meeting ls held at Philadelphia on second Tuesday in March. The report :tor 1902 was given at length in V. 76, p. 484, 539; see a.lso editoria.l p. 511, REPORT OF PENNSYLVANIA RAILROAD OOHPANY. Year ending nu. 311902. 1901. 1900. Miles operated............... 3,706 3,739 3,650 Grose earnings•..••••••••••. .$112,663,330 $101,329,795 $88,539,828 Net earnings ................... $37,612,259 $36,070,252 $30,440,622 Int. on Pa. RR. investments... 8,118,861 7,781,720 5,781,297 Int. on United N. J. securities 253,543 255,170 245,188 Int. for useo:t eqnlpment...... 394,700 444,489 390,732 M18cellaneons.. .......... •••• •• 272,773 103,535 73,928 Grose income •••••••••.•••. $46,652,136 $44,655,166 $36,931,766 Deduct-Rentals .............. $11,605,948 $14,643,144 $12,224,520 Interest on funded debt..... 5,095,883 4,254,585 4,267,539 Interest on stock a.llotment. 172,503 Int. on morts. & gr'drents.. i12,ai·9 i62:637 149,367 Car trll8t payments.. .. ..••. 2,050,480 1,503,173 939,901 Interest, genera.I &recount... 74,168 200,678 566.779 Eqnlp.truatloan sink. fund. 136,400 136,400 136,400 State taxes and misoellan.. l,6t$6,974 1,560,219 1,197,227 Total.......... •••••• •••• ' $20,802,172 $22,460,836 ~19,ti54,236 Balance..•...••.••••••.••••••••• $25,849,964 ~22,194,330 '1>17,277,530 Payments-To trust fund..... $129,428 $109,673 $103,341 Consol mortgage redeemed.... 402,100 402,390 402,690 Extraordinary expenses•.••••. 12,505.000 10,824,595 6,540,785 $13,036,528 $11,336,658 $7,046,816 Ba.Ince to credito:t 1noome ••. $12,813,4i'6.J $10,857,672 .1$10,230,714 Dividends..................... (6) 12,262,491{6)10,857,672 (6) 8,781,171 Extra Betterment Fund....... ... ... .. . . . . . . •. 1,449,544 To credit-0:t profit and loss..... $550,945 None None Bal.profl.t and loss Dec. 31. ..•• $24,742,226 $24,310,476 $22,485,305 JIARNINGS ON ALL LINES BOTH EAST AND WEST OF PI'lT8BURG AND ERIE. Year ending Dec. 311902. 1901. 1900. Gross earnings .••••••••••.. $219,849,865 $198,626,878 $175,236,353 Net earnings............... 67,629,593 64.,913,492 54,738,077 OFFICERS-President A. J. Cassatt; let V. P., John P. Green, 2d V. P., Charles E. Pngh; 3d V. P., 8. M. Prevost; 4.th V. P., Samuel https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OR I RAILROADS. For explanation o:t column headings, &c., see notes N.Y.,Ch.R.I.&Pao.RR. N.Y.,J.P.Morgan&Co. do do do1 do 4 p.c. paid Apr. 1, 190S N. Y., Centra.l Trll8t Co. do do N.Y.R.Winthrop&Bos. do do N. Y., Un. Tr. & Boston. do do 2d Nat. Bank, Boston. Feb.,190~,4% Apr. 1, 1940 Apr. 1, 1938 Apr. 1, 1940 Apr. 1, 1990 Feb. 1, 1921 Feb. 1, 1921 Deo.10,'03.1% Aug.15,'03,2'}b June 1, 190~ Dec. 1, 1921 Apr. 1, 1946 Rea; Secret&"-, Lewis Neilson; Treas .. Robert W. Smith. N. Y. headquarters, 85 Cedar St.-(V. 77, p. 2159, 2340; V. 78, p.103.) Directors-Alexander M. Fox, N. Parker Sbortridge, Rodolph Ellis, Alexander J. Cassatt, Clement A. Griscom, Amos R. Little, Willlam H. Barnes, Geo. :~r~•a~L~~~~f! ~~~tt1;;';,nj ot~/.~~e~: ~g~\~sTJ>:o~~ h~3Jr~t~1~iJ1:{.• J::: vost, Samuel Rea. 8 Pennsylvania Oompany .-(See Map Pennsyt?Jania RR.J-Owne no road in fee but has charge o:t ail the system o:t the Pennsylvania. Raitr9ad Co. west of Pittsburg, viz.: m See this company). Lea11ed by transfer from Pa. ~R.: Oontrolled by •lock, etc.: Milu. Mites. Pitts, Cin. Chic. & St. L. ,U ,356·39 Pittsb. Ft. W. & Chicago .• fi469·89 Cin. & Muskingum Val. .. 11148·45 New Castte&Beaver Val•. 1!'14·981 Waynesburg & Washing.. 28·15 Massillon & Cleveland.... 12:23 Cin. Leb. & Nor....••_...... 45·71 Erie & Pittsburg .••.•••••• 11'84 47 Grand Rapids & Indiana.. 430·21 Cleveland & Pittsburg .... f,201·74 Musk, Gr. Rap.&. Ind.. 40·68 Leased directly by Pa. Oo.: Traverse City RR....... 26·00 Pitts. Younge. & Ashta .... 11125·09 Cin. Rich. & Fort Wayne 1!'85·60 Toledo Wal. Val. &Ohio ... 11234·41 St. L. Vand. & Terre H .... ,rl58·30 India.nap. & Vincen. RR ... 11133·11 Lo~ansport & Toledo Ry.. 93·03 Oontrotled by stock or otherwise: Terre Baute &Logansport 159·36 C1eveland & Marietta .•••. ,rl03·13 Terre Haute & Ind'lis RR. 123·22 Pitts. Ohio Val. & Cin...... 15·27 Terre Haute & Peoria RR. 145·12 Roch. Beaver Falls & W... ·55 Cleve.Akron & Columbus. 196·97 Marginal RR.,Beav.F.•Pa. 2·96 Wheeling Tt-rm1na.l Ry.... 9·65 Rolling MillRR.,Toledo,O. ·71 Newport & Cincin. Bdge.. ·73 South Chio. & Southern... 21 ·31 Louisville Bridge......... 2•4[) Branches W.N.Y.&Pa.Ry. 50·93 Oontrotled jointly: Pitts. Chartiers & Yough.. ,r18·32 Total Penn. co. lines ... 1,470·78 Tol. Peoria. & Weetern .••. ,r230·70 Trackage...... . •.••• •••••• 161 ·59 "Operated by P. C. C. & St. L. Ry, Tota.I o:t all llnes ...•••• 4,931 ·41 ORGANIZATION-Chartered in Pennsylvania April 7, 1870. Its stock ts owned by the Pennsylvania Railroad. On Dec. 31, 1902, the Penn . sylvania Co. owned sundry bonds having a par value of ill 1,937,502 and stocks of par value o:t $145,572,16'.3, valued at $99,892,165...t and yielding from Jan. 1 to Dec. 31, 1902, an income o:t $5,413,98;:s. BTOOK.-Stock, $40,000,000 as increased Dec. 5, 1901, from $21,· 000,000 in return for stocks of ooutcolled cos. Bee V. 74.p. 41, 95. Drvs. S'83 '84 to '91 '92 '93 '94 '95 to 1900 '01 '02 1903 p. o. ! 4 O 4 Mar. 4 June 4 none 3 3 4 BoNDs.-The gold bonda of 1921 are secured by leases of P. Fort W. & C., the Cleve. & Pittsb. and Erie & Pittsb. railroads, and of bonds and stocks having a par value in 1881 of $24,171,630, as well as real estate. The guaranteed trust certijuates, "A," "B" and "C" were issued by Girard Trust Co., Philadelphia, as trustee, under a deed o:t trust made by the Pennsylvania Company and the Pennsylvania RR. Co., whereby the Pennsylvania Company has pledged an equal amount at par of the 7 p . o. guaranteed specta.l stock o:t the Pittsburg Ft. Wayne & Chicago Railway Co. The total authorized issue of tlie trust oertlflcates l8 $20,000,000, . each series to be secured by deposit of shares of the specia.l guaranteed stock to an amount equal to the par va.lne of the series, the sinking :tund having retired $202,1000 to Jan. 1, 1903. See v. 65, p. 368,572, 1116; v. 67, p. 122; v. 7",(,, p. 339. 490. The $20,000,000 gold 3 '9 p . o. trust certs. of 1901 were issued to pay for ao%uisltion o:t stocks o:t the Pennsylvania & Cambria Steel com• panies. T ey are guaranteed, principal and interest, by Penna. RR., and secured by deposit o:t $15,000,000 Pitts. Cinoin. Chicago & St. Louis preferred, $5,000.000 Norfolk & Western preferred and $5 000,· 000 Ba.It. & Ohio preferred stocks, and are subject to call :tor redemption Nov. 1 annually by lot at par in 15 equal drawings. V. 73,p.843,957. R.EPORT.-Report ror year 1902 was in V. 76, p. 650, showing gross on 1,519 miles, $33,025,648; net, $9,717,219; other income, $5,413,· 983; interest, rentals, etc., $9,347,217; transferred to extraordinary expend. fund, $2,000,000; e1nk.1und.t $1,627,960; dividend (3 p. c.), $1,• 200,000; bal., sur., $956,025. In lt10l, gross, $29,054,544; net, $SJ· 742.506; other income, $3,505,366. In year 1902, profit, $5,783,980; in 1901,profit, $3,681,260. (V. 76, p . 650; V. 77, p. 1294.). Pennsylvania & North Western RR.-Merged in July, 1903, in Cambria & Clearfield Ry, (V. 77, p. 37.) Peoria & Bureau Valley RR.-Peoria to Bureau Jun..!:J.. 4.7 miles. Leased in 1854. to Chicago Rock Island & Paclflc .H.H. :tor $125,000 yearly; dividends, usually 8 p c. yearly, occasionally more. Peoria & Eastern Ky.-( Bee Map Ole'fJ. Oin. Ohic. ii Bt. Louu.JOwns from Pekin, to Indianapolis, Ind., 202 miles, and has a lien of $5,000,000 on Bprin.gfleld Division, Ilidia.napolls to Bpringtleld, Ohio, 141 miles; traokage,"l>ekin to Peoria, 9; total operated, 352 miles. LEASE, ETO.-Formerly Ohio Indiana & Western, sold in foreclosure In 1890, reorganized per V. 49, p. 616. · Leased till Apr. 1, 1940 to Cleveland Cincinnati Ch. & St. L., which guarantees interest, 1out not principa.l, o:t the :first console and the underlying bonds, and owns one-hal:t the $10,000,000 stock, par $100. See SUPPLEMENT o:t Jan., 1894. as to provisions respecting any surplus over charges. Company owns $125,000 sto1·k of the Peo. & Pekin Union Ry., on which 6 p. c. yearly was paid 1895-1903. V. 74, p.152. BoNDs.-See abstra.,te o:t mortgagee o:t 1890 in V. 51, p. 246 and of O. Ind. & Western mort~agA, V. 47, p. 201. INCOMES.-Dividend on incomes 4 p . o. paid April 1, 1902, from earn• Inge of calendar year 1901; Apr. 1, 1903, 4 p. c. V. 76, p, 480. I I I I m., m., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis {!ERE M_AR.QUETTE SYSTEM. 470 RAILWAY STOCKS AND BONDS. RAILROADS. For explanation of column headings, &o., see notes on first page of tables. M11es Date Size, or of of Pa.r Road. Bonds Value. Pere 1'Iarqnette-(Concluded.)Fllnt& PereMarq. M. ($1,000,000a.re 4s) gold.. o 280 1880 $1,000 Consol. mortgage, p;.Ce . .. ..••.•..••••.•••••... o* 400 1889 1,000 Ft. H. Div.1st M. ($3,500,000), g., Ce .•••... o* 235 1889 1,000 Toledo Division, 1st mort., gold, ID . . .... . o* 19 1897 1,000 Ch.& N.Mi.lstM.,gu.p.&1.end by Ch. & W.M.OBo* 1,000 89 1891 Gr. Rap Ka.I. & 8. E., 1st mort., sinking .fund.JD 33 1897 1,000 Western Equipment Co., call a.t par...... . . • . . . • . . ••. 1,000 Marquette equip't 1st M., guar., s. f. call at par 1,000 ..•. East.equip.lstM.,g,~.p &t.,oallpa!'.text.... ,t.o* .••. 1903 1,000 Pere Marquette oonsol. M., $50,000,000. . .F' o&r .. • • 1901 lOOO&o. Lake Erie & Detroit River Div., 1st M., g Mo .. 2 0 2 1902 1,000 Pere Marquette coll. tr. M., g., call pa.r. . .. . .. . ••. 1903 Pere Marq. Transportat'n Co., gold, & 1. guar. . .•. 1897 Saginaw Tus. & Huron, 1st M., p. & . ~ar.Co.. 66 1900 1,000 Gr. Rap. Beld. & Sag., Lst M., gold, int st rental. 28 1899 1,000 Pere Marq. of Ind., gua.r. p. & i, call atl05.Eao* Text. 1903 1,000 Ma.rq. & B. D. & N., gu. p.&1. oa.11105,s f .. Ea o • •••. 1903 1,000 Buft. & Nia.g. RR. & Ter., gu. p.&1. (V.76,p.1031) •••• 1903 Per/Ciomen-lstM., ser.I (lstl'n)g., gu.p.&1. .,.., P.o· 38·3 1888 100 &o. 1st M., ser. 2 (2d l'n) g., gu. p. & L (end.) PeP.o* 38·3 1888 1,000 Pleterborough RR.-Stoolc (rental 4 per cent) ... .••. .••. 100 . ••. Peur,burg RR.-See ATLANTIC COAST LINE RR. Phil.~Batt. Cent.-lstM.$2,500,000,$1,200,0004:lgs 73 1881 1,000 PAila. Baltimore ~ Wash.-Stook a.nth. $25,350,400 .••. 50 P.W.&B.(oldCo.),pla.inbas.l 1,000 ( . . r •••• Pla.in bonds ...•••...•.•..•• _. All secured I .. r .••. 1887 1,000 Pla.in bonds ...........•.•.••. ~ by 1903 ~ r .... 1887 1,000 Pla.in bonds, gold............ I morligage. 1 • r .••. 1891 1,000 Pla.in bonds, gold .•••••.••... J I •. r .... 1892 1,000 Balt. & Potomac, lsti M.(tun.) g.,s. t., not dr'n x.o' llg 1871 1,000 •st M., road, i;('uar., irold, s. fd., not drawn ... xo· 1,000 92 1871 P.B.&W.M.,(lston117m.)$~o.ooo,00ll,~.Moo•&r 210 1903 lOOO&c. Phita.d Ohes. V.-lstM.,pf.,old 5s,red.'96,g. PePo* ··-· 1888 500 1st m ., old 4s, not pf., int. reduo' in '96, p;.PePo* .... 188R !'>00 iooo i:ooo f.· isso EARNING8.-5 months, i 1903 ..... Gross, $1,282,048; net, $256,437 July 1 to Nov. 30, 51902...•.• Gross, 1,156,122; net, 2tJ2,007 Sur. over 5 mos. oha.rges, $87,996 in 1903, agst. $113,566 in 1902. A.mro.AL REPORT.-For 1902·03 see lessee's report v. 77, p. 296, 520. Year end.June 30. Gross. Net. *Interest. Balance. 1902·3 .••.••••••••• . $2,947,237 $641,367 $564,260 $77,107 1901·2 .••••.•.•..•.. 2,518,751 654,113 564,260 89,853 • Includes s1eo,ooo (4 p. o.) int. on incomes. -(V. 75, p. 439; V. 76, p. 480, 811, 1031; V. 77, p. 296, 824.) Peoria & Pekin Terminal By.-See STREET RAILWAY SUPP'T. Peoria a: .Pekin Union By.-Owns Pekin to Peoria, on both sides of Illinois River, and yards at and opposite Peori&. Mileage ma.in traok, 18·14; second ma,in tra.ok, 8·80; total main track, 26·94 miles Mlleage of side a.nd yard tracks, 53·71. Capital stock, $1,000,000. OWDed by Peoria & Eastern <Cleveland Cin. Chio. & St. Louis system) Chicago & Northwestern, Chio. Peoria. & St. Louis, Illinois Central system, Lake Erie & Western and Toledo Peoria & Western oompa.nies. Dividends 1895-1902, 6 p o. per annum; 1903, 4 p. c. Earnings for year 1902-03, ,(l'Oss, $833,459; net over ta.xes, $225,172; oharp;es, $171,3 2; dividends, $40,000; balance, sur., $13,850.-(V. 70, p. 584; v. 74, p. 152.) Peoria & Sprlne;. Ky.-See SUP. of July,1902, and V. 76, p. 1085. Pere Marquette RK.-(See Map.)--System includes: Lines owned in fee. Miles. , / Alexis (near Toledo) to Lud- La~;~~;.~!.~~~~f!~~: ::: I Trackage, Miles . etc................ 276 Tml~!~~ci~~-~~~~-g?:~!~ 200 Detreit to G'nd Rapids_, Mich. 152 Porter to Clark Jot., Ind.... 18 Port Huron to Howara City.. ' 172 Leased 1G. R. Kai. & S. E.)pt, Huron to Grindstone City. 111 Rapid City to Stratford.... 33 Grand Rapids to Big Ledge.. 94 Saginaw Tuscola.& HuronAllegan to Pentwater........ 102 (See this company.) Walken-., Ont., to St. Thomas 128 Saginaw to Ba<l Axe, • • . • • • 66 Sa~n1~:s:i~!.tePor~.~m:~~,' London & Port Stanley.•••••• ~ 781 Other lines, branches, etc.... 249 Total. ••.•••..••..•••••.••. 2 ,351 The Pere Marquette Steamship Co. (owned) operates oa.r ferries Milwaukee to Muskegon, and. Ludington and &fa.nistiee to Milwaukee, eto.; a.lso on Lake Erie, between Rondege and Conneaut. V. •i6, p. 383; v. 78, p. 103. OBOANIZATION.-Inoorporated Nov. lJ. 1899, as a. consolidation of Chicago & West Michigan Ry., Detroit urand Rapids & Western RR. and Fllnt & Pere Marquette RR., per plan in V. 68, p. 1024. 1181. The Lake Erie & Detroit River Ry., 230 miles miles. including lea sed line, 24 miles, was tia.ken over Jan. 1, 1903. In 1903 the Grand Rapids Kalkaska & Southeastern, 40 m. ,leased), was purchased. V. 77, p.U51. In Dec., 1902 a syndicate consisting of Thos. H. West a.nd John F. Shepley of the St. Louls•Union Trust Co., F. H. Prince, G. H. Norman, Newma.n Erb, Natha.ntel Thayer, T . F. Ryan, Mark T. Cox a.nd others, acquired $9,27L,700ol the$14,145,500 common stock, which, together witih $2,800,000 additional stock (about equally divided between oom• mon and preferred stock) have been pla.oed in a 5 -year votin'1' trust, thus ensurmg oontroL The purchase of the Lake Erie & Detroit Rtver By. and an agreement for trackage with the Miobhran Central and Canada Southern from Courtri~ht Jl·t. to Internatlona.l Bridge and Niagara, 200 miles, extends the line easterly to Buffalo. V. 77, p. 2097. On Mar. 6, 1903, the Pere Marquette International Bridge Co. was organized to bridge Detroit River. Marquette & Bessemer Dock & Navigation Co , including docks at Conneaut and Fort Dover, on Lake Erie, is controlled by the Pere Marauette and the Bessemer & Lake Erle see "Bonds" below. V, 76, p. 480,594,706,922, 1034. The Pere Marquette RR. or Indiana, line from New Buffalo to Port er, 22 n. iles, has been operated since Deo. 1, 1903; whence 18 miles of tracka'1'e to Chica.i,:o; the Chica.go Terminal Transtel' facilities are 11sed. V. 76, p. 383, 594, · 52; V. 77, p. 948, 1534, 2098. Srocx..-Authorized $16,000,000 common and $12 000,000 4 p. o. non-oum. pref.; outstanding common $14,145,500, preferred a.sin table. DIVIDEND.-On pref., 1901 to 1903, both incl., 4 p. o. yearly (F.&A.) Div. on common, lp. o., paid Aug. 1903; Dec., 1 p. c. BONDS-The oonsol. 4s of 1901 (total issue $50,000,000) are limited to $20,000 per mile of completed single track line, including underly• ing bonds, or $25,000 per mile double·traok. Of the bonds, $26,656,· 000 were reserved to retire the sa.me amount o.t old bonds. V. 72, p. 675, Of the Marquette Equipment bonds one-tenth will be retired yearly by the sinking fund at par, and the entire issue ma.y be called at that price on 60 days' notice. V, 72, p. 1184. The collateral trust gold bonds of 1902 (limited to $2_:870,000) are secured by the entire capital stock ($1,400,000) of the Lake Erie & Detroit River Ry., the National Trust Co., L1m1t.ed, of Toronto, being trustee . and a.re subject to call on a.ny interest day on 60 da.ys' notice. They bear interest at 3 per cent to Dec. 1, 1905, and thereafter 4 per cent to maturity. V. 75, p. 1302; V. 76, p. 213. Lake Erie &Detroit River Divillion mort., V. 76. p. 1356; V. 77, p . 89. The Pere Marquette RR, of Indiana 1st 4s of 1903 (authorized issue, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII. I INTEREST OR DIVIDENDS. per When Where P_ayable, and by 0 ~~~g Ra.te Cent. Payable Whom. Bonds-Pr1n01oa.l,Wben Due. Btocka-La.st Dividend. $5,000,000 4 g.&6 g. A. & o. N.Y., R.Winthrop & Co. 2,850,000 5 g. M. & N. do do 3,500,000 5 g. A. & o. do do 400,000 5 g. J. & J. Intern'l Tr.Co., Boston. 1,667,000 5 M. & N. Bos., Nat. Webster Bk. 142,000 5 g. A. & O. Int'l Trust Co., Boston. 80,000 6 A. & O. Boston. 694,000 5 A.. & o. do 3,500,000 5 g. M. & S. N. Y .• R. Winthrop&Co. 7,882,000 4 g. J. & J. do do 3,000,000 412 g. F. & A. N. Y., Mor .on TrustCo 2,870,000 3 to 4 g J. & D. St. L.-Union Trust Co. 80,000 6 g. J. & J. do do 1,000,000 4 g. F. & A. N. Y., Cont'l Trust Co 260,000 5 g. M. & 8. rnt'l Trust Co .. Boston. 675,000 4 g. M. & N. N. Y., East'n Trust Co. 400,000 4:lg g. A. & 0 N. Y., Ea.st'n Trust Co. N'neDeo. '03 Q:.:..:j. Phila..Rea.dingTer.Bld. 799,600 5 g. Q.-J. 1,125,000 do do 4 A. & o. 385,000 Nashua,, N. H. Ja.a·1;·i91s Jan. 1, 1918 Oct., 1903, 2% 2.200,000 4:lg & 5 M. & N. Phila., Penn. RR. Co. 23,489,150 4 in 1904 J. & J. Phila., Broad St. Bta.t'n. 1,000,000 5 J. & D. Phil.Of.;Bost.,Kid.Pea.b 1,000,000 4 A. & O. do do 1,000,000 4 M. & N. Phil&.! Broad St. Sta.t'n 930,000 4 g. J. & J. ao do 1,000,000 4 g. A. & 0. do do 6 g. J. & J. Balt. Office and London. 1,500,000 3,000,000 6 g. A.. & 0. do do 4 g. M. & N . 10,000,000 New York. 4 g. A. & 0. 280,510 Philadelphia. 3 p;, A. & 0. 100.000 do do Nov. 1, 1911 Deo.30,'03, 2% June 1, 1910 Apr. 1, 1917 Nov. 1, 1922 Jan. 1, 1926 Oct. 1, 1932 July 1, 1911 Apr. 1, 1911 Nov. 1, 1943 Apr. 1, 1938 A.pr. 1, 1938 ...5.g. Oct. 1, May 1, Apr. 1, July 1, May 1, Oct. 1, Apr. 1, Oct. 1, Mar. 2, Jan. 1, Aug. 1, Jan. 1, $20,000 A.ug. 1, Moh. 1, May 1, Apr. 1, 1920 1939 1939 1937 1981 1907 1909 rn10 1908 1951 1932 1923 y'rly 1931 192, 1943 1933 $3,000,00n, Eastern Trust Co. or N. Y ., trustee,) will cover the road to be built .from New Buffalo, Mich., to Hammond, near Chicago, 46 miles, and be issuable at $2~.ooo per mile tor single and $LO,OOO additional tor double track, $500,000 heing reserved for Chica.~o liermin• als. The first iRsue ($575,01101 will be for 23 miles from New Buffalo to Porter, Ind. V. 76, p. 919, 1193. Bee fol'm of J?Uaranty, p . 1356. The Marquette & Bessemer Dock & Navi1,ratlon bonds (Eastern Trust Co. of N. Y., trustee,) are gua.ranteea jointly, principal and interest, by the Pere Marquette and Bessemer & Lake J<.:r1e. They are subjeoli to call tn whole or part at 105, and 1 p. o. must be called yearly for the slnkinlo\' tund at tbe ea.me prioe, if not purchasable a.t a lower figure. V 76, p . 706, 922 Form o.t guaranty, p. 1358. The Buffa.lo & Niagara. RR. & Term. Co. mortgage for $1,000,090 will be secured by Buffalo terminals and 45 miles ot road. V. 76, p. 1031. The Ea.stern Equipment 5s of 1903 are in two series - A for $1,500,000 and B for $2,0 0,000; the entire Issue may be called on 6 months' notice a.nd ~75,000 of the As and !1!100,000 or the Bs are redeemable Mar. l yearly. V. 76, p . 866. Form of guaranty V. 77, p. 90. FINA.NCES.-See letter o.t President in July, 1903. V. 77, p. 89. LATEST EARNI'GS.-12 mos., l 1903 Gross, $11,431,901; net, $3,467,188 Jan. l to Dec. 31. 51902.Gross, 10,~!J0,415; net, 2,581,951 SurplnR over charges, $1,008,826 in 1903, against $608,006 in 1902. The Lake Erie & Detroit ts included 1n both years. REPORT.-Report for 1902 at length was 1n V. 76, p. 1034. Year ending Dec. 311902. 1901. 1900. Gross earnings . . .......•...•.••. $9,955,375 $9,201,175 $8,296,112 Operating expenses a.nd taxes .••• 7,510,534 7,110,212 6,330,593 --- ---- ---- Net earnings •.•••..••••.••••••. $2,444,841 $2,090,963 $1,965,519 Add net land receipts.............. . . ••. ••. 50,519 ..•..••• Total net income .••..••••••• -·. $2,444,841 $2,141,482 llll ,965,519 Deduct-Interest .......•••••••.... 1,451,705 1,356;389 1,319,331 Dtvtdend on pref. stock . ..•••..•. . . (4) 420,416 (4) 420,446 (4.) 420,000 Equip sink. fund payments....... 159.244 152,500 .••..••• Transferred to improvem't fund.. 200,0oO . . •. . . •. • ••••••• Ba.lance, surplus ...••• . . ..•. . $213,4.76 $212,147 $226,189 OFFICERe.-Chairman, Geor~e H. Norman; President;, F. H. Prince; Vioe•Pr esidents, Mar,k T. Cox, Newman Erb, New York; Vioe•Pres. and Gen. Mgr., Myron j, Carpenter; Seo. and Treas., Charles Merriam; AudJtor, J. E. Howar<I: Direotor11, Oct.. 1903, V. 76, p. 48, 1031; V. 77, p. lt'>34.-(V. 77, p. 2098, 2159, 22tJl; V. 78, p. 103. Perkiomen KK.-Owns from Perkiomen Junction, Pa.., to Emam Jnnotion, Pa., 38·3 miles. Btook, $1,500,000 1pa.r value of shares, $50); owned. by the Reading Co. and mostly deposited under its Jers ey Central oollatera.l 4. per cent mortgage of 1901. V. 72, p. 283. Re• · organized in 1887. Cn year 1902-03, gross, $452,476; net. $236,681; interest and taxes, $102,307.-(V. 71, p. 1013; V. 72, p. 283.) Peterborough KK.-Wllton to Greenfield, N. H., 10:lg miles. Leased April 1, 1893, to Boston & Lowell for 93 years at 4 p. o. on stock a.nd expenses. Capital stock $385.000; par,$100; div., A. o. Philadelphia & Baltimore Central BK.-West .f'Dlla. to Ootoraro Jo.,Md., 63 miles; Wa.wa to West Chester, P~!t 9 m. (double tra.ok, 13 m.); branch, 2 m.; leased, Chester Creek .l:U(., 7 m.; Phila. Ba.ltimore & Washington holds $2,497,150 of the $2,499,189 stock; For 1901·02 gross ea.rntngs, $968,718; net, incl otherinoome $rn9,736; charges, $173,578; bal., sur., $26,158. Fiscal year now ends Dec. 31. Philadelphia Baltimore & Washington KK.-(Bee Map Penn. RR.J-Operates from Philadelphia to W a.shlngto!l-1 D. 0., and trom Wilmington, Del, to Delmar, Del., with branches as fouows: Lines oUJnedMiles, Lines controlled, leaie<l, ete.Phila.delpbia. to Bowie, Md., via Philadelphia. & Balt. Central1f. 80 Baltimore (all double track\ .119 Delaware RR. ,r ....•.•..••••. ••• 258 Bowie to Pope's Creek...!..Md.... 49 Dela.ware Md. & Va. ,r.. ••. ••••• 98 Branches to Delawar€H.11.ty, e~. 42 uther lines (5) .• •• •• •••••• •••••• 58 I Total (1f see this oompa.ny) ••••••••••••••••••••••••••••••••••••••••• 704. ORGANIZATION.-A consolidation Nov. 1, 1902, of the Philadelphia Wilmington & Baltimore RR. and Baltimore & Potomac RR. V. 75, p. 395, 1032. As to proposed new termmals at Wa.shington, D. c., see v. 76, p. 594, 812. STOCK.-Stook authorized, $25,350,450; outstanding Deo. 15, 1903, $23,489.150, of which $23,13:l.200 owned by Penn. RR. and $352,200 by Northern Centra.l Ry.; ot the stock, $3,00U,000 was exchanged in 1903 tor Ba.It. & Pot. console. and $5,425 ts reserved for the stocks of the old companies not yeti exchanged; par of shares, $50. DIVIDENDS. 5 '88 '89 '90 '91 '92 '93 '94 '95 '96 to '02. Since, (P. W. & B.) ~ 7% 7 6 6 7 712 7 612 7 see below. In 1902, ~an., 4 p. o.; July 3 p. o. First dividend (semi-annual) since oonsolldation, 2 p. o., paid Dec. 31, 1902; l903, 4 p. o. (J&D). BONDS.-The fir<1t mortgage ot 1903 1$20,000,000 authorized) la a first lien on the Philadelphia-Baltimore division, l 17 miles, all double tracked, and also secures pari_passu the $4,930,000 debentures o.t the former P. W. & B. (seep. 4 of SUPP, of April, 1895). and is a second lien on the line !rom Baltimore to Washington. Of the bonds $10,· JAN., 1904.] RAILROADS. For ex:plana.t1on of column headings, &o., see notes '.ln ttrst page of tables. ,Bonas-PrlnOl· INTEREST OR DIVIDENDS. MHt,s l>ate Size, or pal, When Due. Amount of Par outstanding Ra.it, perl When Where Payable, and by 8tockB-Laet 9f Road. Bonds Value. Dividend. Whom. Cent. Payable Phil-a. fl Erie-Common stock :$10,000,000 author.) 307 -·-· Speota.l stock, 7 per cent..................... . .• . . . 307 Gen. M. (now ls~old, ~a.r. p. & 1. by Pa. RR..o 307 ( ,263 00 are 5s) .••..•..... . ... r 307 1869 do do 1st M., $500,000, ~.GuP .o* .... 1892 Ph.ila. fl Frank;or 30 Phila. Germ.~ orriBt'n-Stook rental., . & R. Ry. 47 Phila. Harrisburg ti Pittsburg-lat mort., gold.o*&r 22 1892 Phil. Newt'nflN. Y.-lst M., gold (see text) ....... o+ Phtkuu1f.,hia cl' Beading .Ry.-SEE READING 0 OMP.A NY. 27 PMta. fl renton-Stook 10 p. o. rental, Penn RR .. Piedmont fl Oumbertan.d-Stook, 5 iSer cent rental. 1st mortgage, ~Id, interest rent .1'.Ie ........ o* ·2·9 75 1885 Pine Oreek-lat ·itf.1ar. prin. and interest (end.)r 8 1900 ~ua ti Troy-lat ., $2:i0,000, g., gu. p. & 1.. ... o tsburg Bessemer ti L. E.-Com., 3 p. o. rental. ••. Pref. stock, 6 jer cent cum., ~ar. by rental. .••. Ptttsb. Shen. Lake Erie, 18 mort., gold.Ce .. o.. i34 Consol. 1st mort., for $4,800,000, gold.Ce .. o* 151 1893 Pitts. B. & L.E., conaol. M., $10,000,000, g. Us.o* 193 1897 Debentures, gold, $2,000,000. See text.1JPI. . . 193 1899 1897 Bessembr eq. trust, $75,000, g., ea. July 1. UPI. t89q Conneaut equip. trust, pa.rt due yearly. g. F'Pl . . 1899 ShenanM equip. trust, pa.rt due yearly, g. l PI .. 1900 Greenv e eqmp. trust $100,000 due y'ly, g. UPI 1901 Butler equipment trust $2,050,000 U Pl .. ..... Pittsbuu_Ohartiers ti Yough'y-Stoolr, $1.000.000 .. Gen. .$1,000,00~f,gu.p.&1.(end.)F'PI Seetext "19 1,095 ic. fl St. Louis-Com. stock Pmsb'g Oincinnati Preferred stock .. . . . . . . . • . . • .. . . ............ . .... 1,095 208 M.) 1st are ($2.335.000 morts. { Col. &Ind. Cent. 93 1865 Union & Loja.nsp'tlstM.(U'nCitytoLogane.)o* n.o&r U ($22,000,000)g. 580 1883 Chio. St. L. & Itta oon.M. i869 isso issB .... ---· isso ---· ---· .... i892 ··-· i864 $7,985,000 2,400,000 8,680,000 11,143,000 500,000 2,246,900 2,000,000 1,417,000 100 50 1,000 1,000 1,000 50 50 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 50 1,000 100 100 1,000 1,000 1,000 Q.-J. Phila., Company's Office Jan.,'04, 2¼~ 10 Bee text. 650,000 F. & A. Oheok from Co.'s office. Feb. 1, '04, 2 5 650,000 5 g. F. & A. Baltim.,Hambleton&Co Aug. 1, 1911 3,500,000 J. & D . .N. Y. Gd. Cent. Station. Dec. 1, 1932 6 4 g. M.& N. Un. Sav. Bk. & Tr., Ctn. Nov. 1, 1939 225,000 10,000,000 A.. & o. Check from Oo. 's office. Oct. 1, '03, 1 ¼ 3 do do 2,000000 J. & D. 6 Dec. 1, '03i 3~ 5 g. A. & 0. N. Y. Central Trust Co. Oct. 1, 94 3,000,000 July 1, 1943 do 5 g. J. & J. do 658,000 6,342,000 5 g. J. & J. N. Y., U. 8. Trust Co. Jan. 1, 1947 5 g. J. & D. Un. Trust Co., Pittsb'g. June 1, 1919 2,000,000 J'ly 1, 1904-06 do do 225,000 J. & J. 6 300,000 M. & 8. Fid. Tit. & Tr., Ptttsb'g. Moh. 1, 1904-8 6 5 g . A. & Union Tr. Co., Pittsb'g. Apr. 1, '04·'13 725,000 May 1, '11-'20 do 5 g. M. & N. do 1,000 000 5 g. A. & 2,0:'\0,000 .do do Apr. 11. 1921 Jan.15, 00,4,t, Pittsburg, Office. 700,000 4Jan.'OO . • .. . do do 4 g. A. & 316.000 A~r. 1, 193i 24,780,000 3 in 1903 See text N. Y.FFarm. L. & T. Co. Fe .15.'0,,119 27,452,000 4in 1903 J. & J. 1N.Y., armers' L'n&Tr. Ja.n.16,'04,2% 7 2,996,000 Variou•r· Y., Union Truot o,. Nov., 1904 Deo., 1905 do do A. & o. 7 715,000 Oct. 1, 193i do 5 g. A. & o. do 1,506,000 Ba.lance........ .. ........ . sr.$15, 766 sr$176,168sr.$141,369 sr$101,221 -(V. 74, p 380,526; V. 75, p. 30; V.176, p. 383, 539.) Philadelphia & F'ran.kf'ord RR.-Owns from Cresoentville to Frankford, Pa., 2·6 miles. The $500,000 stock ts owned by Reading Company ot which $498t950 is deposited under its mortgage of 1897. In 1898 interest on bonas reduced from 5 to 4 per oent, principal and intereet being guaranteed by Rea.ding Co.-(V. 67, p. 1358, 1357.) Phlla. Germ. & Che8tnut Hill RR.-See Connecting Ry. Philadelphia Germantown & Norrl8town KR.-Phlla.., Pa., to Norristown and Germantown, Pa., 20·66 miles; second track, 20 miles; 3d track, 2·59 miles; total track, 99 m.; leases Plymouth RR .. 9 miles. Leased Nov. 10, 1870, toPhila.. & Reading for 999 yen.rs; rental, $277,623, inoluding$8,000 yearly tor organization expenses. Pbllade]pbla Harrisburg & Pittsburg KK.-Harrtsburg, Pa.., to Shippensburg, on the Western Maryland RR .. 47 m.; 2d tra.oli:, 8·38 m.; sidings and laterals 17·47 miles. Leased October 15, 1890, tor 999 years at 5 p. o. on stock, interest on bonds, taxes and expenses to the Philadelphia. & Rea.ding RR., which by endorsement on each guaranteed the bonds, principal a.-nd interest. Lease assn.med in 1896 by Philadelphia & Rea.ding Railway. Stock, $2 000,000 (par $50),ownfld by Reading Co., of which $1,995,000, a.long with $1,472,000 ot the bonds also owned by the Reading Company a.re deposited under its general mortgage of 1897. Mortgage ls tor $2,000,000. PbUadeJphla Newtown & New York RR.-Philadelphia.to Newtown, Pa., 22 miles; sidings and laterals, 3·4::.l miles. Stookcommon, $1,225,000; preferred, $400,000; par, $50 Of the bonds, $849,100 (with coupons only :vart1y paid-see V. 64, p. 331); are owned by the Reading Co. and deposited under its general mortgage of 1897. In October, 1898, interest on $507,000 bonds was reduced to 3 per cent, from April 1, 1897, and made a first charge, that on remainder of issue being left at 5 per cent subject to said a.irreement. V. 68, p. 773. Current liabilities June 30, 1901, $272,589. Year ending Ja.ne 30, 1903, gross, $119,060; net, $16,151; cl.larges, $17,635. Philadelphia & Read.In,: RR.-See READING C01'IPANY. Philadelphia & Trenton RK.-Phila.. (Kensington), Pa., to Morrisville, Pa., 24 miles, mostly tour-tracked, and branoh 3 miles. On June 30, 1871, leased, with the United Cos. otN. J., for 999 yea.rs to the Penn. RR. at 10 p. o. on $494,100 stock, the total issue being $1,259,· 100, the balance being owned by the United RR. of N. J. Piedmont & Cumberland Ry.-Road from W.V. C. Junction, W. Va., to Cumberland, Md., 29 m. Under the new lease of '99 the W. Va.. Oo. & Pitts Ry. receives all revenues and pays all expenses, 5 p. o. int. on bonds and 5 p. o .. F.&A. on stock, of whtch it owns 92 per cent. V. 73, p. 785. Previous dividends: 1894, 5p. o.; 1895, 69, p. 590, 5~2; 6; 1896, 6; 1897, 5; 1898, 4; 1899, 4.-(V. 69, p 492; V. 73, p. 785.) Pine Bluff' & We8tern Ry.-See St Louts &Iron Mtn. Ry. Pine Creek Ry.-Owns Stokesdale Junot1on, on the Fall flr(}()k Road, to Newberry Junction, Pa., 75 miles. ORGANIZ.A.TION.-N. Y. Central controls the capital stock and leases the road lor 999 years, v. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Phila.., Broad St. Sta.t'n. Dec. 30,'03,2! Phila..,Broad St. Sta.t'n. Deo.31£03,7 and London. July , 19 do Phila..• Broad St. Stat'n. July 1, 1920 Phila.. Comp'y's office. Ang. 1, 1922 Phila..,,Mar.&Mer Bldg Dec. 4, '03, 3% Philad Comp'y's office. Oct. 15, 1925 Oct. 1, 1942 do · o $50 50 1,000 1,000 1,000 50 1,000 1,000 000.000 we1 e sold, the proceeds to be used chiefly in connection with the new termin11ls a11d approaches in Washington, $9,4:10 000 of the balance tiemg rest>rved to retire the debentures and Baltimore & Po· tomao boBdo. V. 78, p . 49. Mortgages and ground rents 1903, $11:!5,• 765. EARNINGS-1 mo., } 1903 ........... Grose, $1,14.0,059; net, $338,349 Nov. 1 to Nov. 30. ( 1902 ........... Grose, 1,044,159; net, 328,649 ANNUAL REP()RT.-Year ends October 31. Report tor 1900-01 was in V. 74, p. 526, In 1902·3, gross, $13,494,')49; net, $3,852,8-o; other Income. $581,996; int., taxes, rentals, eto., $1,799,371; divs. (4 p. o.) $579,198; bal., sur. $2,056,298-(V. 77, p. 2340; V. 78, p. 49,103. Phlladelphla & Obe8ter Valley RR.-Road from BrldgeI)ort to Downtngton, Pa. 23·9 miles. Chartered in 1888. Capital stock (par $50) ts, common, $550,000; preferred, $205,100; total, $755,100, of which Reading Company owns $454,450 common and $205,100 preferred, of which $4/'iO,OOO common and $205,l oO preferred a.re depos• lted under its general mortgage of 1897. The Reading Company guarantees the bonds, with interest reduced. See V. 63, p. 1064. Philadelphia & Erle RR.-( See Map Penn. RR.)- Owns Sunbury to Erie, Pa.. 288 miles: branches, 19 m.; double track. 123 miles ORG.A.NIZATION, LE.A.SE, &c.-Formerly Sunbury & Erie. Leased to Pennsylva.nta. RR. Co. tor 999 years, and actual net receipts pa.id at rental. Pennsylvania RR. owned Dec. 31 1902 . $3,499,800 common and $2,400~00 special stock and $3,944,000 general mortgage bond11, and city of rhtladelphta. (sinking fund) $2,250,000 common Atook. DIVIDENDS.-On OO'JllDOn in 1892, 2 p. o.; 1894, 2 p. o.; 1901, 2 p. o.: 1902 aod 1903, 4 p. o. yearly (paid July and Dec.) On "special," 18R8 to 1893, 7 p . o. yly.; '94 to '96, none; '97, 2 p. o.; '98 and '99, 4%; 1900 to 1903, both incl., 7%. E..A.RNINGS.-11 months, 11903 ...••• Gross, $?,215,~28; net,$2,299,8°9 ~ 1902..••• Gross, ::>,835,622; net, 1.979,475 Jan. 1 to Nov, 30 Amro.A.L REPORT.-Report tor 1902 was given tn V. i6, p. 539 1899. 1900. 1901. 1902. Year end. Dec. 31Gross earnings ........... $6,423,192 $6,789,689 $5,824,626 $5,348,029 1,664,235 2,086.010 2,725,740 2,110.335 ......... Income net Total Intereston debt .......... 1,019,150 1,019,150 1,019,150 1,019,150 96,000 168,000 168,000 l 68,000 Div. on special stock ..... Div. on com. stoek .••. (4%) 319,400 (2) 159,700 447,864 757,491 588,018 1,202,722 Interest on equtpm't, &o. • 471 RAILWAY STOOKS AND BONDS. 4 in 1903 Semi an 7in 1903 Yea.rl). J. & . 6 4 g. & g. A. & O. 4 g. F. & A Q.-M. 12 5 g. A & 015 See text. A. & 0. !,· 0. 0., 0. from May 1, 1899, tor $35,000 yearly, payable quarterly, Q.-F., l)ond Interest and taxes.-V. 68, p. 379,573,773, 872. The 1st mortgage 1.8 guaranteed by the Reading and the New York Central, Jointly e.nd severally. See form of guaranty, V. 56, p. 650. Stock, $1,000,000 (par, $50); July 1, 1903, N: Y . Central owned i999,000.-(V. 68,p. 573.) Pittsburg BeHemer & Lake Erle RR.-Owns line oom• pleted in An1,rust, 1897, from Bessemer, near Pittsbur~, Pa., to Conneaut Harbor on Lake Erle, and Wallace Junction, Pa. 155 miles; terminal In Erie1 etc~ Pa., 2 miles; branches, 11 miles; lea.see Meadville Conneaut LSiKe & Linesville RR., Linesville to Meadville, 22 miles; trackage to Cascade, near Erie, eto., 13 miles; total. 203 miles. Most of road owned was to be double-tracked in 1903. v. 75, p. 1203. ORGANIZATION, ETC.-A consollda.tton Jan. 14, 1897..lotthe Pittsburg ◄ hena.ngo & Lake Erie and the Butler & Pittsburg. ua.rries iron ore 11outh and coal north. See V. 63, p. 1159; V. 65, p. 152. Boat Unee to Canada.. See V. 77, p. 1228; V. 76, p. 1358, 922; V. 61, p. 24.1, 795. Of the stock $5_,500,500 com. and $500,100 pref. are owned by the Oarnepie Co. ana devosited under tts collateral mortgage. Leased for 999 years from Apr. 1, 1901 to the new Bessemer & Lake Erie RR .. a subsidiary organization of the , :arnegte Co. tor 6 per cent on pref. and 3 p. o. on common stock, Interest on bonds and organization expenses, eto., the lease being guaranteed by the Carnegie Co. V, 72, p. 137. Through Carnegie Co. ts controlled by U. s. Steel Corpo'n. DIVIDENDS.-On pref., 3 p. o. 1899. In 1900, 6 p. o.; since under lease, 6 per cent, yearly on pref. and 3 p. o. on common. BoNDs.-Debentnres of 1899 may be called 1'tter June 1, 1909, upon company paying ¼ per cent for each year of unexpired term. The P. B. & L. E. mortgage of 1897 is tor $10,000,000 (trustee United Sta.tea Tru t Co., N. Y.), covering all the ra.tlroad, property, rights and tra.nohlses of the consolidated company, including the 8,£1'e8ment with the Carnegie Steel Co., Llmtted, and the Union RR. Co. Of the 5s ol 1897 $4,800,000 reserved to retire Pittsb. Shenango & Lake Erie bonde. EARNINGS.-Report of lessee company for year ending Deo.31, 1902 was in V. 76, p. 749, showing Bessemer & Lake Erle gross, $3,843,367, against $3.021,215 tn 1901; net,, $1,668,514, against $1,543,864. (V. 7b, p. 18:'I, 1203.) Pltt8burg CarnPgle & Western Rv.-Und0r oonstruotlon ae extension of Wheel. & L. Erie from near Jewett, O., to Pittsburg, Pa., 60 miles; to be completed by April, 1904. See V. 76, p. 543. To be merged with the Wb.eeltnl( & Lake Erie, forming in connection wtth Waba.Rh, an independent route to Pittsburg tor the Mts11ouri Pacitto and a.ssooia.ted lines. A oontraot providing a large tonnage was mn.de with thA Carnegie Co. (now controlled by the U. 8. Steel Corp.) Btook, $2,000,000, all outstanding. A syndicate 18 sup• plying the funds for construotion.-lV. 77, p. 951.) Pltt8bur~ Chartiers & Yooe:hlogheoy Ry.-See page 531. Pltt8burg Cincinnati Chicago & St. Louis Ry.-( /:Jee Map.)Miles. Lin es leased-Con.Miles. Lines owned. 3 Pittsburg,Pa.., to Chtoago,Ill. 509 Ohio Connecting Ry ••••• •••• 28 RendoombJo. to Anoka Jo ... 166 Pitts. Wheeling & Ky........ 2 Bradford Jo. to Indianapolis. 104 Eng. Connecting Ry. in Chio. 5 Indianapolis to Jeffersonville 108 Other lines.................... Operated, under their own Branches ............ ·. ........ 216 organizationTotal owned .•••••.••••••••• 1,1oa Pittsburg Chartiers & Yough• Trackage19 iogheny Ry.................. 55 Indianapolis to Kokomo. •••• 5 Ctnoin. & Musk. Val. RR..... 14.9 Louisville Bridge, eto......... 28 Linesleas'd(iTSeetheseco's.) Miles Waynesburg & Wash. RR.... 23 ,r Chartiers . . .. . .. • . . • • • • • • • • • • Total o1 all Jan. 1, 1903 ... 1,612 ,rLittle Miami................ 192 ORGANIZATION, &c.-FormeJ in 1890 by consolidation (per terms in v. 50, p. 875) of Chica.go St. Louis & Pittsburg, Jeffersonvll.le Mad1.8on dr Indianapolis, Cincinnati & Richmond and Pittsburg Ctn. & St. L. Con• trolled by Pennsylvania. Company through ownershtp of stock. As to interest in majority of Hocking Val. common stock, see that company. CAPITAL 8TOCK..-The sto<.k authorized ts: Common, $45,000.000: preferred, $30,000,000; par, $100. Outstanding Jan., 1904, common, $24,780.017; preferred, $2~!,452,08>. Stockholders in Dea., 1903, subscribed to 4'4,750,000 preferred stock, increasing the amount out• standing.to $27,45~,uoo v. 77, p. 1747; v. 781 p . .:~9. Suit v. 68, p. 3~l: \ t:>9, p. 1248, V. 70, p. 12U Of the prer. stock, $15,000,000 le pledged as collateral under Penn. Co.certlflca.tes of 1901. V. 73,p. 957. The pre1errea stock ls " non-cumulative and entitled to a, dJ.vidend of 4 per cent per annum out of the net earnings as declared by the Board, with the right after 3 per cent has been deola.red on the common to an additional 1 per cent, making 5 per cent in all.'' After 5 per cent on both oommon and preferred, the two share pro ra.ta. DIVS.- i 1882-93. '94. '95. '96. '97-'98. '99. '00. '01. '02, '03. 1904 4 Jan.,2 4 4 4 3 0 2 O On pt. %.-5 4 yearly. 2 On com., 1%, Aug. 15, '01; since to Jan., '04, incl., 3% yearly (F&A). STOCK OF OLD UOMPANIES unexoha.nged Nov. 1, 1903: Pittsb. Ctn. & St. L. common, $26,750, Chio. St. Louis & Pittsb., common, $442,· 267, and preterrec!, $5J352; Steubenville & Indiana, common, $78,771, and preferred, $7o0: Jeff. M. & I., $5,000. BO.NDS.-1'he consolidated mortgage tor $75,000,000 (Farmers' Loa.u & Trust Co. of N. Y. and W. N. Jackson, trustees,> covers the entire nrop erty. Suffiotent oonsols are reserved torthe purpose of retiring all eeo tiona.l bonds a.t maturity, at which time theYf must be pa.id off. The remainder are issuable f?r improvements, additions eto. They are 472 RAILWAY STOCKS A D BONDS: [VOL. LXXVm. JAN., 1904.] RAILWAY STOCKS AND BONDS. ].\(AP O F THE ROCK ISLAND COM:PA.NY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SY·S.,TEM. Monticello a -Verdure 0 < A.lpine o i oChinapa . Ram.,o·r Ten'Mll$ E X. 1 Puerto Za.ruora, Jj) X r 0 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R MAP OF THJ!l PITTSBURGH, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY. JAN., 1904.] RAILROADS. ---------------------1 For explanation of column headings, &c., see notea on first page of tables. 475 RAILWAY STOCKS AND BONDS. INTEREST OR DIVIDENDS. Boruts-.t'rmci• - - - - - - - - - - - - - - - - pal,WhenDue. Miles Date 81ze,or of of Par Road. Bonds Value. 0~~~g Rate per When Where Payable, and by StockB-LasTi Cent. Payable - - - - - - - - - - - - - - - - - - - - · I - - - · - - ----1------1•---- ---- Pitts. Oin. Ohic. & St.L.-(Oon.)-Bt. & Ind. 1st M.r i 116 Jeft'nville, Mad. & In. 1st M. (s. f. drawn at 110).c 222 1864 $1,000 1866 1,000 1870 1,000 } 1890 1,000 1892 1 000 1892 1'000 1895 1:000 1899 1,000 RR. . . .. · 100 1871 100 1862 500 &o. 1862 500 &o. 1862 500 &o. 2d mort., Jetfersonv., Ky., to Indianap. & br'h.c 222 "" A," g.c.. B " g c* Con. M., $75,000,000, gol~ guar. p.&1.1f "c'" g·c* 1 095 (end.) by Pennsylvania. uompany .P "iJ," g:o* ' "E,'' g.o~ Pittsburg OlefJeland & Toledo-See BALTIMORE & OHIO P,ttsb.Ft. Wayne& 0.-Gen. stk., 7 p. o. guar. Pa. RR. 470 Guaranteed special imp. stock, 7 p. c. guar. by end 470 lstmortgage,seriesA toF t Sink. fund, oumula.- t 468 2d do seriesGtoM 5 ttve, not dra.wn.o* 5 468 3d mortgage........................................ 468 Pittsburg Junction-See BALTIMORE & OHIO. Pittsburg & Lake Erie-Stock, a.nth. $10,000,000... 1st mortgage, gold ..•...•. -----· ......••••.....••. 0 ·;;i i878 2d mortgage, gold, Series A. & B.N .............. c 71 1889 Pitts. Lisbon & Wed-New mort., g.,see text.u.c•&r 1902 P. L . & W. Ry., 1st M., subject to call at 105..... ·25 1896 Pittsburg McK. & l'ough.-Stock, gua.r., see text ... _ •... 1884 1st mortgage, guar. by P. & L. E. and L. 8. & M. 8.c 57 1882 2dM.,gu.p.&i. (end.)byP.&L. E.andL.S.&M.8.o 57 1884 MoKeesport&BelleVernon, lstM., g., ass'd. FPI 40 1888 Pitts. Ohio Val.& Oin.-lst M. g., s.f. notdrn.PP.o* 15 1890 Pittsburg PainBeB'IJ. & Fairport- See BALTIMORE & OHIO RR. Pittsb. Shawmut &No.-lstM. g.,$12,000,000Colo* .... 1899 Newmortga.ge,gold,$15,000,000 .....••.... .. .... .. . . 1902 Pittsburg Virginia& nharleston-Stock ($6,000,000) 1 0 1 1st mortgage, S:6.000,000, gold, ~uar. p & i. . . . . .... i903 Pitts. Te1"m RR. cf Ooal-W.1::1ide Belt, lstM., g.OPI Text. 1897 Pittsb. 'ferm'l, 1st M., $7,000,< 00, gold.CPL.o* Text. 1902 a Sinking fund Nov., 1, 1903held $2,244,000 additional. 50 1,000 1,000 1,000 500 50 1,000 1,000 1,000 1,000 5 7 7 41i? g. 41sl g. 41slg. 4 g. 31slg. Whom. Bividend. ----------1-----Jan. 1, 1914, J. & J. N. Y., Nat'l City Bank. A. & o. N.Y.,Fa.rmers'L'n&Tr. J. & J. do do A. & o. do do A. & 0. do do M. & N. do do M. & N. do do F. & A. do do Oct. July Oct. Apr. Nov. Nov. Aug. 1, 1, 1, 1, 1. 1, 1, 1908 1910 1940 1942 1942 1945 1949 19,714,286 See text. Q.-J. N. Y., Winslow,L.&Co. 26,043,700 Bee text. Q.-J. do do 5,250,000 7 Various do do 5,160,000 7 Various do do 2,000,000 7 A. & O. do do Jan. 5,'04, u, Jan. 1, '04_., 1~ July 1, .1912 July 1, 1912 July 1, 1912 10,000,000 10 in '03 F. & A. Pittsburg, Co.'s Office. 2,000,000 6 g. J. & J. do do 2,000,000 5 g. A. & 0. N. Y., Security & Tr. Co. 600,000 4 g. J. & D. N.Y.,Bowl.GreenTr.Co. 150,000 5 J. & J. N.Y.,Bowl.GreenTr.Co 3,959,650 6 J. & J. :jj. Y., Union Trust Co. 2,250,000 6 J. & J. do do 1,000,000 6 J. & J. do do 600,000 6 g. J. & J. Pittsb'g,Fidelity Tr.Co. 290,000 5 g. A. & o. Phila., Broad St. Stat'n Aug. 1, '03, 5% Jan. 1, 1928 Jan. 1, 1928 Dec. 1, 1952 July 1, 1926 Jan., 1904, 3% July 1, 1932 July 1, 1934 July 1, 1918 Oct. 1, 1920 F. & A. F. & A. Central Trust Co. M. & N. Philadelphia Office. . . .. . M. & S. Colonial Tr. Co., Pittsb. J. & J. do do / Feb, 1, 1949 Feb. 1, 1952 Nov. 1, '03, 319 1943 Sept. 1, 1937 July 1; 1942 .1,000 164,000 5 g. • •• . . . 6,419,600 4 g. 50 6,000,000 7 in 1903 ..•. .• 6,000.000 4 g. 1,000 380,000 5 i{, 1,000 See text. 5 g. b $738,000. guaranteed unconditionally as to principal and interest by the Penn• sylvania Company. The five series are all equally secured. See adv. tn CHRONICLE May 21,,1892, and guaranty on bonds, V. 56; p. 604. LATEST EARNS.-11 mos., t 1903.Gross, $22,727,666; net, $5,679,!''>04 Jan. l to Nov. 30 . . ... 51902.Gross, 20,607,983; net, 5,493,518 ANNUAL REPORT.-Report for 1902 at length in V. 76, p. 748, 757, Year ending Dec. 31. 1902. 1901. 1900. Miles operated (system proper) 1,164 1,156 1,156 Gross earnings•.......•••..••••• $22,610,557 $20,683,174 $19,012,677 Netearning8.................... 5,705,687 5,996,621 4,948,651 Miscellaneous.................. 71,042 x 220,815 141 ,351 Totalnetearnings .••••••••• $5,776,729 $6,217,436 $5,090,002 Interest on bonds.............. $2,202,!'>05 $2,161,601 $2,260,180 Rentals pa.id.................... 131,687 132,239 131,193 Oar trusts (including interest). 254,878 224,355 205,830 Miscellaneous.................. *1,398,357 *1,800,990 *1,037,386 Dividends on preferred ........ (4%) ,907926 (4%)907,870 (4%)907,670 Dividend on common .. -~·· .. (3%) 743296 (212%)618,832 . .... Bala.nee, surplus................ $138,080 $371,549 $547,743 ~ludes extraordinary expenditures in revising grades, alignment, etc., etc. x Includes profit in opera.ting Little Mia.mi RR. and St. L. V. & T. H. BR.-(V. 76, p. '748, '2'5'1; V. 77, p. 1747; V. 78, p. 229.) Plttsb. Oleve. & Toi. KK.-See Balt. & Ohio RB.-(V. 76, p, 49.) Pittsburg Fort Wayne & Chicago Ky.-(SeeMapPenn.RR.)RoAD.-Owns from Pittsburg, Pa., to Chicago, m., and br., 470 miles. Double track, 271 miles, of which part was built in 1893. In July, 1900. 66 miles of additional second track was under construotton. LEASE, &c.-Foreolosed Oct. 24, 1861, and reorganized. From July 1, 1869 leased in perpetuity to the Penn. RR.; rental pays interest, sinklng fund of debt and 7 per cent on stock, pa.ya.ble(.l.-J. The lessee keeps road in repair and pays taxes and expenses. In July, 1901, an extra dividend of 2 per cent was declared on both etocks, but it will be pa.id on the guaranteed special stock only in case the courts hold that etook entitled to it. V. 72, p. 821, 1,188. CAPITAL BTOCK.-The special improvement stock is issued to Penn• aylvania RR. for improvements, &o., under article 16 of lease, which provides that the lessor may issue special bonds or stock. Bee V. 50, p. 139, and wording of endorsement in V. 56, -p. 774. The special stock 18 in all respects subject to the general or prior stock and "to the rights o.t holders of said general or prior stock to have distributed to them in quarterly instalments an annual dividend fund of $1,380,000 free of all taxes.'' This special stock is issued .trom time to time for betterments; in 1898, $335,300; in '99, $824,907; in 1900, $1,002.700; in 1900, $1,291,200; in 1902, $1,418.200; in 1903, $2.010,400. Of the $24,033,300 .guaranteed special stock outstanding Nov., 1902, $20,· 925,IJOO is pfodged to ;,secure bonds of the Pennsylvania Company. v. 75, p. 1087. BoNDs.-The first mortgage is in series of $875,000 each and second mortgage of $860,000. Of the above 1st mortgage bonds, $3,044,000 and of the second mortgage $3,257,500, and$2,450,480 cash, were held in the sinking funds June 1, 1903. REPORT.-Reportfor1898 in V. 69, p. 127. In1902 profit to lei:i<1ee was $781,049; in 1901, $831,230.-(V. 75, p. 1087; v. 76, p. 1356, 1408.) Pltt8b. Johnsto-wn Ebensb. & Ea•tern KK.-V. 77,p. 628. Pittsburg .Tunctlon KK.-Bee V. 67, p. 688,788,954, 1056. B. & 0.1s in control, owning all of the securities except $14,950 com. mon stock, $909,000 first 6s. $270,000 second 5s and $219,000 Termi-' nal Co. 5s. See B. & O. and V. 69, p. 1063, Ll92 and V. 70, p. 77. Pittsburg & Lake Erle KK.-Owns from Pittsburg, Pa.., to Youngstown, 0., 68 miles., to befoor-tracked; branch lines to Newcastle, Pa..,4miles; total ownea, 72 miles (of which 70 double track); leases Pitts. McKeesport & Yough. (which see), 11'.J miles: Mahoning State Line BB., 3 miles, and Beaver & Ellwood RR., 3 miles; other, 4 m.; total operated, 194 miles. Owns $139,850 stock of Pitts. Chartiers & Yough. P. & L. E. is operated in interest of L. 8. & Mich. So., which owns a.bout $5,050,· 000 of stock. The stockholders voted on June 29, 1903, to increase the ,took to $10,000,0001 to provide for improvementskinoluding the tour-tracking of the lme from Youngstown to Mc eesport, etc., the new stock being offered to stockholders at par; payment to be made July 31, 1903. V. 77, p. 37. DIVIDENDS.- 51884 to 1891. 1892. 1893 to Aug., 1903. Per cent. i 6 yearly. 8 10 yearly. ANNUAL REPORT.-For year ending Dec. 31, 1902, gross, $10,098; 706; net, $2,236,471; taxes, $143,430; interest, f227,408; rental, $479,· 736; other, $13,728; div., (10 p. o.), $500,000; ba.l., sur., 1t172,169. In 1901, gross, $8,047,167.-(V. 76, p. 973, 140--l;V. 77, p. 37.) Pittsburg Lisbon & Western KR.-New Galilee,Pa., to Lisbon, O., 25 miles; Salem to Wa.@hlngtonvllle, 0., 7 m., coal road, 3 miles, A consolidation ln Nov., 1902. V. 75, p. 794. Stock, all outstanding, $5,000,000, all common. The 4s of 1902 a.re limited tQ $40,000 per mile of single main track road now owned or hereafter acquired, including provision for underlying bonds, $162,000 bonds being reli!erved to ret!re the $150,000"fl.ves of 1896. See V. 76, p. 383. For ""12 mos. end• ing June 30, 1903 132 miles). gross, $54,448; net, $16,013; <sther in• come, $1,303; charges, $20,423; ba.l., def., $3,107. President, N. B, B1111ngsley, Lisbon, 0,-(V. 75, p, 794, 907, 1032; V. 76, p. 49, 383.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $3,000,000 a699,000 1,970,000 10,000,000 8,786,000 1,379,000 4,983,000 bl0,838,000 Pittsburg .McKeesport & Youghlogheny KK.-Owns from Pitts. to N. Haven, Pa., 57 m.; McKeesport to Brownsville, Pa., 40 m,; branches, 13 m.; leases 2m.; total, 112 m., of whloh50m.doubletrack. LEASE.-Leased to Pittsburg & Lake Erie RR. for 91J9 years. Rental is 6 per .c ent on the stock, principal and interest of the Pittsburg MoK. & Yough. bonds being guaranteed by Pittsburg & Lake Erie ana Lake Shore & Michigan Southern companies, the 'guaranties being endorsed on the share oertifioa.tes and bonds. The guaranty of the stock is on the express condition that the holder shall accept par for the same on July 1, 1934. Bee wording of guaranty in V. l')6, p. 774. Stock authorized, $4,000,000 ; first mtge. bonds authorized, $2,250,000 : 2d mtge. bonds authorized, $1,750,000. Profit to lessee in 1902 $2,373, of which one-half was payable to the Lake Shore & Michigan Southern. Pittsburg Ohio Valley & Olnclnnatl KK.-Owns road Bell• aire, O., to Powhatan, O., 15 miles. Operated for cost by Pennsylvania. Oompa:ay in connection with Cleveland & Pittsburg since Dec. 1, 1892. Stock, authorized $1 500,000; outstanding, $200,050; par, $50. Trus· tee of mortgage (for $1,500,000), Fidelity Ins., etc., Co. of Phila. Year ending Dec. 31, 1902, gross, $22,766; net, $4,785. Pittsburg Painesville & Fairport KK.-Bee Balt. & Ohio RR. Pittsburg Sba-wmut & Northern KK.-RoAD-Projected a.a a short route from the bituminous coal fields in Elk and Jefferson counties, Pa., northerly to Macedon (on the N. Y. Central & Hudson River RR.), includin/,? branches, 350 miles. The first division, Wayland to Shawmut, Pa., with branches, is in operation, viz.:· Owned- Miles. I Leased-(Ooncl.) Mau. Hydes to Clermont, Pa .............. 46 Hornells. Jct. to Hornellsville ..... 10 M.t. Jewett to Uorryvllle, Pa . . ... 7'rackagerOlean to Wayland ................ 76 Hydes to Shawmut, Pa.... . . . ...... 6 Paines Jct. to Cardiff. Pa .. . ........ 12 Brockport to Brockwarville, Pa.... 4 Clermont, Pa., to Kasson........... 7 Corryville, Pa., to Larabee.......... 2 LeasedCroy land to Halton, Pa ............. 13 Total operated .................... 175 ORGANIZATION -Re-organized without foreclosure in 1901, under plan in V. 74, p. 327, only $164,000 or old $6,000,000 5 per cent bonds not ha.vtn..- assented. The Kersey RR., 12 miles, formerly leased, and about 150,000 additional a.ores of coal land~ and mineral rights were placed under the new mortgage. V. 74, p. 327, and Circular, p. 578. The non•assenting bonds have received Interest to Aug., 1903. The old lsts exchanged for the new bonds have not been canceled. V. 75, p. 291. Car trusts July, 1903, $268,HOti. STOCK.-All oom.,auth., $15,000,000; issued, $11,700,000; par $100 LATEST EARNINGS. - For 4 mos. ending Oct 31, 1903 (on 168 miles), gross, $313,408; net, $119,932; net of coal properties, $50,042; total neli, $\.69,974. EARNINGS.-For the year endin~ June 30, 1903, railroad earnings (on 168 miles) were: Gross, $680,967; net. $247,35~; other income, $19,754; interest, taxes, etc., $351,118; ba.l., def., $84,00t-i. 0FFICER8.-President, .ron.nByrne; 45 Wall St.-(V. 78, p. 49.) · Pltt8. Shenango & Lake Erie.-SEE Pn-rs. BESSEMER & L. ERIE. PlttNbnrg Terminal RR. & Coal Co.-Owns $1,06~,000 ot tile $1,080,000 stock of the West Side Belt RR., having a belt line extending from Pittsburgh to Clairton, Pa , 20'6 miles. and Banksvllie Jct. to BanhSVille, 2 m., with 13 miles of sidi ngs. a total of 35·6 miles, connecting with the various roads enterinll Pittsburgh; also several projected lines, includini{ one to Youngstown. 0., 68 miles, e-n d from Plttl:lburgh wester,y to Wel1aburie and Wheeling, W. Va, 82 miles, and to the Connellsville coking district. Owns in fee about 1~,uoo a.ores ot coal and 700 acres of surfact- lands adjotning in Allegheny uo., Pa.; daily capacity to be about 14,000 tons by April, UlOt. Inoorporated in Pennsylvania '\ pril 23, 1902. Stock, $14 000,000 all of one kind; par ot shal'es, $100 each. Bonds are secured on coa.i lands and by mortgage of West Side Belt R~, which guarantees the bonds. principal and inter.. st, and by pledge of Wel:lt i--ide Helt stock owned. Sinking fund for bonds .. 8 cents per ton of coal mined. Ot the bonds, :til,000,000 a.re reserved tor the West Side Belt bonds, the $620,000 treaeury bonds not to be sold, but converted at once into Pitts. Term. 58. President, Charles Donnelly; Treasurer, Joshua Rhodes; Secretary, J. G. Patterson; Asat. Treasurer, W . G. Rock. Office, Farmers' Bank Building, Plttsburgh.-(V. 76,p. 1408.) Pittsburg Virginia & Charleston Ky.-South Pittsburg, Pa., to Brownsville, &o., Pa .. 101 miles. Oper. by Penn. RR.. which owns practically all tbA $6,000,000 stock. V. 76, p. 1306. The guaranteed 4s or U:103 ($6,000,000 authorizen issue) were used to retire the $3,48!:J· 000 4 ½!s and oertulcates of indebtedness owned by the Penn. RR. v. 77, p. 1747, lo75. DIVIDENDS,- { '92, '93. '94, '95 '96. '97. '98. '99. '00, '01, '02. 1903. Per cent ... 5 5 5 3 5 5 5 5 ti 7 7 7 7 EARNINGS.-Year end .Dec. 31, 1902, gross, $3,650,290; net, $1,128,· 841; otherinoome, $6,614; fixed charges,_ etc., $871,837; dividends (7 p. o.).-(V, 76, p. 1302; v_. 77, P, 1747, 1870; V. 78, p. 103.) Pittsburg & Western KR.-( See Map of Balt. <I Ohio.J-ROADOwns Allegheny, Pa., to New Castle, Pa., 59 miles; sta.ndard•ga.uge branches to Foxburg, 59 miles; 3·ft. gauge lines to Mt. Jewett, etc., 101 miles; total owned, 219 m. Status.-Roa.d sold on Oct. 9, 1901, under the 2d mortgage and re• organized as P. & W. R]b B. & 0. pledging as pa.rt security for its own Pittsburg Lake Erie & west Virgtnia. system 4s the entire $13,500,· 000 of new stock, $6,884,000 of the $9,700,000 first mortgage 48 ot 281 476 lVOL. RAILWAY STOCKS AXD .BOXDS. LXXVIII • ., RAILROADS. [NTEREST OR DIVIDENlJ8. Bonas-.t'rln.01- - - - - - - - - - - - - - - - - - - - , Mtles Date 81ze,or Amount - - - - - - - - - - - - - - - - pal,WhenDne. 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. Cent. Payable Whom. Dividend. ---------------------1--- --- ----1------1---- ----1---------·1------ PittslJurg d Western-See BALTIMORE & Omo RR. Pittsb. Youngst. ti Ashtat>.-Com. stock, $2,000,000 125 Preferred stock, $2,000,000....................... 125 Ashta. & Pittsb. 1st M., Y'ngst'n to Asht.c*&FPr. 62 Consol. M . (for $4,000,000) s. f. 1 p.o., not dr.F .nx 125 Plym_outh d Middleboro, 1st M. ,int. ~-by Old 001.0: 10150 Pontiac Oxford fl North.-lst M.,g.,$4°Z'.?2,?·JJ.le.c Porlland ti Rochester-See BOSTON & E RR. Port"land d Rumford Falls.-Stock...... . . . . . • . . . • . . . . . . 64 Consol., now 1 ~k:1~ort., $1,000~000, gold .. OB.c* Plain bonds, s 1 g fund, gola, $350,000 ...... c .... PorUand Union Ry. Sta.-lst M., ser. "A&B,"gu.s.1 PortReading.-lstM.,g.,gu.byoldP.&R.PeP.c*&r ·2i PotomacValley-lstM.~2,000,000, o-,gulJ.leBac*&r 31 Potosi ti Rio Verde-1st M., $15,000 p. m.,s.f.JJ.lo.c* 40 Pro1ndence d Springfield-lat M. gold•............ c' 28 Prot,idence ti Worcester---Stock (10 per cent rental). 51 1st M.(refund'g),cur., $1,500,000. V.63,p.1064.c" 51 Quakertown ti Easteni-lst mort., 11:old .GuP .. o* 15 Qt!_een A.nne's RR.-lst mort., $12,000 per mile. . . 60 Prior lien M., rf'ld. at 103 to 1906, then par....... • . • . Consol. mort., $1,400,000 (4 p. o. for 3 years).... .... Income mort., $600,000 ........ . . ... ...... ...•. . ..•. Railroad Securities - Stock, com., $10,000,000..... ..•. Pref. stock, 4 per cent cum., $10,000,000 · - .... .... ID. Cent. stk. int. certs. cum., g.,ser. A,red.105 Us . . • . BaJe1,gh, ,I Augusta-Raleigh ,I Gaston-See SEABO A.RD .A Raleigh ti Oape Fear-1st M., $310,000, goid.K . o* .. .. Baritan'Ri1'er RB. -1st mortgage, gold ....•....... c 20 Beading cl Oolumbia-lst mo:rt. (ext. in 1882) ... o* 40 2d mortgage, coupon (extended in 1884> ........ o 40 Debentures... . .......•........................... o . . • . Bead'g Belt-lPtM.g.. $750,000, gu.p.&1.end.GP.o* 7·4 .••• • • •• 1 878 1887 1892 1896 $50 50 1,000 1,000 1··,o··o·o· .... 100 1896 1.000 1897 500 &c. 1887·9 1,000 1891 1,000 1891 1,000 1898 1,000 1892 1,000 100 iS97 1,000 1897 500 1895 1,000 1901 ..... . 1901 ....•. 1901 ..... . ..•• 100 .... 100 1902 1,000 IR LINE RY. 1903 1,000 1889 1,000 1862 100 &o. 1864 1,000 1877 1,000 1900 1,000 $1,333,342 7 in 1903 l\[. & 1,700,000 7 in 1903 M.. & 1,500,000 6 F. & 1,562,000 5 M. & 225,000 5 J. & 400,000 6 g. J. & S. 8. A. N. J. J. 2,000,000 6 in 1903 g.-M. 992,000 4 g. M. & N . 350,000 4 g. F. & A. 300,000 4 J. & J. 1,500,000 5 g. J. & J. 1,300,000 5 g. J. & J. 400,000 6 g. A. & 0. 750,000 5 g. J. & J. 3,500,000 10 Q.-M. 1,500,000 4 A. & 0. 180,000 5 g. J. & J. (0 5 J. & D. 330,000 5 M. & S. (!) 4 to 5 ..... (1) 4 ••••• N. Y., Farm. L. & Tr. Co. Sep.25,'03, 319 N. Y., Far. L. & Tr. Co. Sep.25,'03, 319 Phila., Fidelity Tr. Co. Aug. 1, 1908 N. Y., Farm. L. & Tr. Co. Nov. 1, 1927 Boston. Jan. 1, 1912 N. Y. Mero'le _Trust Co. July 1, 1916 Portland, Me. Boston, Old Colony Tr. Boston and Portland. Portl'd. Me. & Boston. Philadelphia. Baltimore, Hillen St'n. N. Y., Co.'s of., 27 Wm. Prov., R. I Hospital Tr Providence, Otll.oe. Prov., R.I. Hosp. Tr. Co. Quakertown, Pa. · Baltimore. .......... Dec.15,'03,119 Nov. 2, 1926 Aug. 1, 1927 Jly'27,Jan.'29 Jan. 1, 1941 Jan. 1, 1941 Oct. 1, 1918 July 1, 1922 Dec. 31,'03,219 Oct. 1, 1947 Jan. 1, 1927 1945 Moh. 1, 1951 . ...... . •••••• .••• • ••••••• 4,750,000 ..•..•.•.. Oct:°i,";oa·,2% 2,575,000 4 in.iifoa A:·&··o. 8,000,000 4 g. J. & J. N. Y., office, 120 B'way. Jan. 1, 195i See text. 400,000 650,000 350,000 1,000,000 750,000 5 g. M. & S. N. Y., Knick. Trust Co. 5 g . J. & J. N. J. Tit. Guar. & Tr. 5 M. & S. Phila., Phil.&Read. RR. 5 J. & D. do do 6 J. & D. do do 4 g, M. & S. Phila., Read. Ter. Bld~. Mar. Jan. Moh. June Dec. Sept. 1, 1, 1, 1, 1, 1. 1943 1939 1911 1904, 1917 1950 (luebec Southern Ky,-Owns Sorel, Province of Quebec, to Noyan, 89 miles; St. Lambert to St. Francois, with branch, 55 miles, (former South Shore Ry.); total, 144 miles. Extension east, 85 miles was proposed in 1902, making short line between Montreal and Quebec. See V. 74, p. 95. A consolidation was also voted Jan 14, 1902, with the South Shore Ry. V. 74, p. 152; V. 76, p. 1249. Stock to be increased to $4,000.000, all common. In 1903 negotiations for a settlement and possibly a sale of the road were pendin~. V. 75, p. 240, 550, 612, 1032, 1255. President, H. A. Hodge, Montreal, Can.-(V. 75, p. 612, 1032, 1254; V. 76, p. 12'19.) · (l.uebec Terminal & Rall-way Co.-See V. 71,lp. 603; V. 77, p. 38. Q.ueeu Anne's RR.-Queenstown, Md. to Lewes, Del., and Relioboth Beach on Atlantic Ocean, 60 miles. Pennsylvania tracks used between Lewes and Rehoboth, 6 miles; branch, Queenstown to Cen.t erville, 6 miles; branch, Queenstown to Love Point, 12 m., completed Apr. , 1902: total, 84 miles. All tl.nanotal information refused. In 1902 o btatned authority to increase the stock <reoentt y $720,000) to $3,000,000, consolidate by lease or otherwise with connecting railroads and issue $30,000 bonds per mile on its entire line; also to extend from a ~oint east of Denton southerly via Federalsburg, Salisbury and Snow Hill to the Vtrgtnta State line and thence to Cape Charles, Va. V . 74, p. 206,728, The console beM interest at 4 per cent for three years and 5 per cent thereafter, of whleh $732,000 to retire the old 5s, balance to retire prior lien bonds and for improvements. V . 72, p. 283. Year ending June 30, 1902, ~oss. $161,709; net, $19,434; total deductions, $33,496; bal., def., $14,062; 1900-01, def., $10,784. Pres .• William H. Bosley, Baltimore; Vioe•Pres. and Gen. Mgr., Charles Neilson; Seo., A. H. Taylor.-(V. 70, p. 532; V. 72, p. 283; V. 74, p. 206, 728.) "Q,u e en & Crescent "-System includes Cincin. N. 0. & Texas Pac., Al a . Gt. So., Ne w Orl. & N. E., Ala. & Vicksburg and Vicksburg Shreveport & Pacitio. Q,ulney Oarrollton & St. Louis Ry.-See SUPP. of Jan.,1903; v. 77, p. 401. . (lulncyOmaha & Kansas City RR.-ln 1902sold to C.B. &Q. Year- Gross. Net. 0th. inc. Int., tax.,etc. Divid'ds. Bal., sur. Quincy RR. Bridge Co.-Owns bridge 1·43 miles long over the 1902-3 •• $618,983 $271,828 $21,611 $86,716 (6)$120,000 $86,723 1901•2 . . 528.821 218,648 27,865 80,656 (6) 90,000 75,857 Mississippi River at Quincy, Ill. See Chicago Burlington & Qutnoy.(V 75, p. 1355; V . 77, p. 629.) -(V. 72, p. 1188; v. 73, p. 1008; v. 75, p. 612; v. 77, p. 770.) Ra.llroad Securities Co.-Organized by interests tdenti:fled with Portland Union Rall-way Statlon.-Stook, $50,000. Bonda the Illinois Central to acquire and hold securities of railroads, Stock, guaranteed jointly by Boston & Maine and Maine Central. common, $10,000.000; pref., 4 per cent cum., $10,000,000; outstandPort Reading RR.-Owns 21 ·21 m. o:t road, completed in Sept., ing, common, $4,750,000; pref., $2,575,000. The $8,000,000 present issue or the int. certificates ($20,000,000 authorized) are secured by a 1892, rrom Port Reading Jot., N. J., to Staten Island Sound; sidings amount of Illinois Central stock, interest at a 4 per cent cumu• and lateral~., 32 m.; total, 53 ·2 m. Capital stock authorized $2,000,000- like lative rate being pay able if received from dividends on the shares par $100, au owned by Reading Company, $1,555,000 being deposited under its general mortgage of 1897and $440,000underJerseyCentral pledged, the stock itself being deliverable to the holde;rs of the cer• ti:flcates at maturity unless the option to oall at 105 is meantime excollateral mortgage.-(V. 55, p. 544. 639. 680.) · ercised. V. 74, p. 937, 1039. Dividends in 1902 and 1903, 4 p. o. Potomac Valley RR.-Opened in Sept, 1892, Potomac Valley y'rly (paid A. & 0.) on pf; Oct., 2 p. o.-(V, 74, p. 428, 937, 989, 1039.> June., Md., to Cherry Run, W. Va., on the B. & O., 14 miles, and Raleigh & Augusta Air Line RR. ~ See Seaboard Air Line Rv from Porters, Pa., to York, Pa., 17 miles; total, 31 miles. Leased to Raleigh & Gaston RR. 5 ., • Western Marylana, which owns the $500,000 i-tock, the earnings over Ralelt;th & Cape Fear RR.-Operates from Raleigh, N. C., to charges being declared and paid yearly as dividends. The bonds of 3 i miles, including 2 miles of trackage; extension proposed 1941 have prmoipal and interest guaranteed,Uointlyl an.d severally, Lilllngton, by the Western Maryland RR. Co. and the Balt1Illore & -:Harrisburg Ry. to Fayetteville, 28 miles ; total to be 62 mileR. Incorporated in 1898; road ove11ed Jan., 1899. Stock authorized, $10,0 ' 0 per mile. Bonds co., being so endorsed. The bonds have a sinking_ fund of 7 -10 of one per cent. For year ending Sept. 30, 1903, gross, $366,526 ; net over (see table above) are limited to $5,000 per mile. V. 76, p. 752. For 6 mos. ending Dec. 31, 1903, gross, $27,288; net, $12,613. Year ending taxes, $199,421 ; interest on bonds, $65,000; bal., sur., $134,421. In 30, 1903 (20 miles), gross, $36,687, against $25,140 in 1901-02; 1901·2, gross, $481,354; net, $296,179.- (V. 76, p.1144; V. 77, p. 2160.) June net, $18,464, against $12,050. President, John A. Mills; Secy. and Potosi & Rio Verde Ry.-Owns a narrow•gauge road from City Treas., F. T. Ricks. Office, Raleigh, N. c.-(V. 76, p. 752.) of San Luis Potosi, Mexico, to Hacienda Alvarez, 40 miles. Has con. Raritan River Rallroad.-South Amboy to New Brunswick, N. cessions for 99 years, exptrtng Nov. 4, 1985, when railroad becomes J., 13 miles ; branches, 7 miles; total, 20 miles. 8took authorized, the property of the Mexican Government. Company ta exempt from $1,000,000; issued, $400,000; par, $100. Dividends pa.id in 1902-3, taxes and import duties for 15 years. Bonds are subject to call at 110 4 p . o. Year ending June _30, 1903, gross, $122,99 ' ; net, $44,826; int,, and interest on any interest day. Pres., Robert S. Towne; Seo., O. J, taxes, etc., $22,110; dividends (4 p. o.), $lo,OOO; surp., $6,716.-(V. Nourse Jr., 27 W1111am Street, New York. 77, p. 38, 2340.) Providence & Springfield RR.-Providence R. I., to Douglas, Reading Belt RR.-Belt railroad, 7·4 miles 1n length, around Mass., on the New England main line, 28 miles. Stock ts $517,450 (par Reading, Pa., opened May, 1902. V. 71, p. 751. Stock, $750,000, $100)1 mostly owned by the N. Y. New H. & Hart. V. 61, p. 1014. Roa.a1 all owned by Reading Company. Road leased to Phila. & Reading Ry. lea.sea (terms modified in July, 1896,) to New England RR. till July for 999 years from July 1, 1902, at 4 per cent on the stook, interest on 1, 1989, at 4 per oent on stock. See V. 63, p. 30, and New England bonds, and taxes.- (V. 71, p. 751; V. 74, p. 1090.} RR. report v. 63, p. 698. The bonds were guaranteed by the N. Y •.cll Reacllng & Columbia RR.-Owns from Columbia to Stnktng New England (since foreolosed).-(V. 63, p. 30.) Springs Pa., 40 miles; branches, 14 miles; operates Marietta Jllll.otion to Providence & Worcester RR.-Owns from Providence, R. I., to Ch1oktes, 6 miles; total operated, 60 miles. Stock, $958,373 (par, $50>, of Worcester, Mass., 44 miles, of which 5 miles are owned Jointly with which $788,200, together with $9,500 1st mtge., $35,000 2d mtge. and Boston & Providence; branches, 7 miles; total owned, 51 miles; $1,000,000 debentures, are owned by Reading Co., all except $3,200 From July 1.z.)892, leased for 99 years at 10 per cent per annum on the stock being deposited under its general mortgage. Year 1902-03, atookto the~. Y. N. H. & Hartford.-(V. 63, p. 1064.) gross, $309,809; net, $82,802; charges. $116,348. quak.erto-wn & Eastern RR.-Quakertown to Riegelsvtlle, Reading Company-Philadelphia & Reading Ry.-(Su Pa., 15 miles. Stock, $180,000, all outstanding; par of shares, $50. Map.)-The Philadelphia& Reading Ry. operates in connection with the Year ending June 30, 1902, gross, $25,198; net, $6,785; charges, $11,- great anthr~cite coal properties of the Philadelphia & Reading Coal & 970. President, John Jameson; Seo., Henry S. Funk; Treas.,James Iron Co. m the 8ohuylk1ll region, Pennsylvania, a system of H. Shelly; Gen. Mgr., A. F . Baker. Office, Quakertown. Pa. roads centering at Philadelphia, extending to Hazleton and W11llamsport on the north, and westerly to Harrisburg, Shippensburg and Gettysquebec lirldge Co.-V. 77, p. 1534. 1n Pennsylvania and Wilm1ngton, Del., on the south; also eastquebec C'entral Ry.-V. 75,p. 30; V.76, p. 594,920, 1249, 1408. burg erly in New Jersey t,o Atlantic City and Cape May, on the Atlantic quebec & Lake St. John Ry.-V. 72,p. p. 989; V. 73, p.1208, Ocean, and to tidewater at Port Reading on New York harbor viz.: 1887, $81,000 old 6s (all), $136,000 of the $219,000 Pittsburg New Castle & Lake Erie 4s due 1917 and $3,500,000 new mortgage bonds of Pittsburg & Western RR.-V. 73, p. 445,785. REPORT,-Last report (V. 73, p. 1109). Earnings since July 1, 1902, are included ln those of B. & 0. For year 1900·01, gross, $4,080,687; net, $1,534,029• . -(V. 73, p. 33, 445, 785, 1011, 1109; V. 74, p, 268.) Pittsburg Youngstown & Ashtabula RR.-Owns Kenwood, Pa., to Ashtabula Harbor, 0., 99 miles; Niles to Alliance Junction?. o., 15 miles; Canfield Branch, 1 mile: trackage, 3 miles. Total, 128 Illlles. ORGANIZATION.-Leased .,August 1, 1887, to Pennsylvania Oom• pany, which Jan.1, 1903, owned $375,000 common and $1,550,000 pre• ferred stock; rental net earnings. Lease terminable at either's option DIVIDENDS. ! 1890. 1891. 1892·95. '96, '97 to 1900 '01. '02. 1903, Common, n.o. 5 212 3 6 yearly. 6¼ 6 yearly. 6i. 7 7 On preferred, 1888 to Sept., 1903, 7 per cent yearly (M. & 8.) BoNDs.-Bonds of 1887 are reserved to retire 6s. EARNINGS.-ln year 1902 gross, $2,713,130; net, $912,326; other tnoome, $20,082; int.. improvements, etc., $861,163; dividends, $212,· 044; bal., def., $140,799.-(V. 73, p. 616.) Pontiac Oxford & Northern RR. -Operates road from Pontiac Mtoh., to Caseville, Mich., 100 miles. In year 1902, gross, $1~7,897; net, $68,474; interest, $24,000; dividends, $50,000; Stock, $1,000,000. Dividends: In 1890, 1 p. o.; 1891, 3; 1892, 4; 1893, 6; '94, 4; '95, 312; 1900, 4; 1901, (1); HI02, 5, Litigation, see V. 77, p. 299. President, Hugh Porter, N. Y.-(V 77 p. 299.) Portland &'RumCord Falls Ry.-Owns Rumford Jot. to Rum• ford Falls1 54 miles; branch to Otis Falls, 10 m.; trackage (Me. Cent.) Rumford w Lewiston, 4 m.; total operated 68 miles. Controls Rum· ford Falls & Rangely Lakes RR., 41 miles of traok.-V. 69, p. 954. DIVIDENDS~ 1896· 1897 1898 1899 1900 1901 19.0 2 1903 Per cent .••.•••.... 5 5 4 4 6 4 6 6 6 ANNUAL REPORT.-Report for 1900·1 was in V. 73, p. 1008. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAN., 1904.] 477~ RAILWAY STOCKS AND BONDS. RAILROADS. l'or explanation of column headings, &o., see notes on first page of tables. ...,.,es Date Size, or INTEREST OR DIVIDENDS. Bonds-Prmo.• .w...u. Amount pal, When Due. of of Pa.r Outstanding Rate per When Where Payable, and by Stocks-Last Road. Bonds Value. · Cent. Payable Whom. Dividend. Co~any-Common stook............... • ••. 1st pref. stooK, 4 per cent, non-cum .••••••••.•••• 2d pref. stook, 4 per cent, non cum....... . • • .. • • . . .•. Gen. M.,$135i000,000,g., s.f.not sub.oa.11.Ce.c"&r. Text. Jere.Cent.co. tr. M.g.,red 105aft. '06.PePo*&r Wilm. & North'n stk. tr. ct.fa., g., red. at 105.GPr •••. Car trusts, $3,600,000, $252,000 semi annually. • ••. Car. & mar. trusts, $200,000 aemi•annua.lly.GP •••• Equipment trust, aer. C, gold, $87,000 a. a....... . ... do do ser. D, ~old, $156,000 a. a ..... Old Phlla. & Read. KR. BONDS UNDER LYING Delaware River Terminal Pur. Money M., gold.o* .••. Delaware River Term. Ext. Pur. Mon. M., gold.o* •••. tBonds and mortgages on real estate............. .• ... tlst M.,ext.in '60,Philadelphia.to Pottav. $&£.c 9 .. 1Mortga,ge loans of 1844, 1848 and 1849 .•••.•••. o 94 tMortgage loan of 1857 oonvertible .•••.•......•. o tMortgage loan of 1868, gold, extended in 1893.o 148 tCOnsol. mortgage ($8,162,000 are gold 6a).FP .o 254 timpr'tM.,g.,ext. in'97.PeP Bee V. 65, p. 870, g. 325 1COnsol. M.of 1882, g., 5s, ext. '97 (V. 65, p.278)0* 327 tTerminal mort, gold. See V. 64, p. 85 ...... o*&r •••. Phila.delphiaCitySubwayLoa.n,guar.,$3,000,000 .••• t P. & K.Coal & I. morta. Bee list V. 64, p. 619. •••. COal trust oert11l a.tea, gold. Bee V. 65, p. 278. •••• fCol. a. f. gold loan (RR.) gu. p & i., ext. in '02 . • • . Rensselaer ti 8ara.-Btoo~.o.gu.Del.&Hud.(end.) 192 ---· 'Beadl,ng $50 $70,000,000 All stock in vot'g trust for 5 yea.rs or mo re; 50 50 l0OO&o. 1901 1,000 1,000 1900 1899 1901 1,000 i902 1,000 G&N. MORT. 1892 1,000 1,000 1892 $··&···..; . ·;,• i1li, 1 8 ..3 1 8 44-9 1.i00&0o. 1 8 57 50u 1868 1,000 1871 200 &o. 1873 1882 500&0. 1891 1,000 1894·8 ..•••• '72-'92 500 &o. 1894 1,000 1892 1,000 100 28,000,000 4in 1903 M.. & S. N.Y.,J. P.Morgan&Co. 42,000,000 See text. Text. do do 66,026,000 4 g. J. & J. N. Y.,J.P. Morgan&Co. 23,000,000 4 g. A. & 0. 1,291'1,000 4 g. Q.-M. Phila., Girard Trust Co. 1,836,000 4 g. J. & J. Drexel & Co., Phila..,Pa. 2,400,000 41.gg. M. & S. Phila•• Read. Ter. Bldg. 1,044,000 419g M. & N. do do 2,184.000 41.gg. F. & A. do do OJI' 1897. 500,000 5 g. M. & N. Phila.., Gua.r. Trust. 809,000 5 g. J. & J. do do 1,390.040 ••• • • • . •• . . 1,512,700 6 J. & J. Philadelphia & London. 9~t;8gg Phila.dfead. TeaoBldg. 2,696,000 5 g. A. & 0. do do 18,811,000 6 g. & 7 J. & D. Phila.., do & London. P,363,000 4 g. A. & O. Phila.., Read. Ter. Bldg. 5,766,717 4 g. M. & S. do do 8,500,000 5 g. Q.-F. Phila.., Prov. Life & Tr. 2,741,000 ,r 3 & 319 .•••. City Treasury. 206,000 5,6&7 Various Phila.~Penn.Co.forins. 3,600,000 6 g. Q.-J. QO do 1,380,000 4 g. F. & A. Phlla.., Read. Ter. Bldg. 10,000,000 8 J. & J. N.Y.,Del.&HudsonCo. 2,000,000 7 M. & N. do do 1,316,900 8 in 1903 J. & J. Phila. and Richmond. Dividend obligations (same div. as com. stock).. .••• .••. 100 1,072,000 8 in 1903 J. & J. do do Stock, gua.r. 7 p. o., except $19,300 guar. 6 p. o.. . • • . . ••. 100 500,400 6 & 7 M. & N. do do N ote.-General mortgage of 1897 requires th at the Rea.di ng Co. and Reading Coal & Iron Co. shall be responsible fo marked t ahove. 'IT Only $16.000 are 3s. ··-· is91 i:ooo :lg ~: t ~: Bi1~m~~~e~1¼'~f, Pot~!~8~oii"a'~ .~~ ~~!~ l,~gg Lines owned in fee. Miles. I Leased lines-(Oon.) Mites. Phil. to Mt. Carbon, etc. & Phila. Har. & Pitts. RR ..•••. ,r47·2 branuhes ................. 125·19 Wilmington & North. RR .. ,r 88·4 Lebanon Valley branch..••. 59·44 Phila. & Rea.din~ Term. RR. l ·3 Lebanon & Tremont branch 65·28 Reading Belt RR............ 7·4 Mahanoy & Shamokin bra'h 59·86 Schuylldll & Susq. branch •• 53·37 Tot.leased (2dtraok257·3).645·1 West Reading branch....... 1 ·861 Ent,w e stock oumedChester & Delaware RR..... 5·3 Total (2 tracks 182 m) .. 365·00 Rupert & BloomsbUJ."g....... l ·6 Linu leased- (Bee each Co.) 6·3 1 Middlet'n & Hummelst'nRR. Oolebrookdale RR ........... 12·8 Tama.qua.Hazleton&N. RR. 9·9 Pickering Valley RR......... 11 ·2 Oontrolled, Ea.st Pennsylvania RR .••.•. ,r35•4 Central RR. of New Jersey. 676 ·8 Allentown RR ,r4·5 Reading & Columbia RR ..•. ,r39·6 Little Bohuylkill Nav. &RR. ,r31•5 Lebanon & other branches 13·8 Mine Hill & Sohuy. Haven .. 1T42·0 Read. Marietta. & Han. RR. 6·4 Mt. Carbon& pt, Carbon RR. ,r 2·5 North East Penn. RR. ....... ,r25·7 MID Creek & Mine H. RR .... ,r 3·8 Phila. & Chester Valley RR . ,r23·9 Schuylkill Valley Nav.&RR. ,r11 ·o AtlantloCityRR.& branohes,rl67·4 Ea.st Mahanoy RR ........... ,r10·9 Catasauqua & Foge~sv. RR.. 29·5 Shamokin Sunbury & L. RR. ,r31 ·3 Gettysburg & Harnsb Ry ... 1T34·1 Phila. German. & Nor. RR ... ,r29·6 Perkiomen RR .......•.•...•. ,r38·3 Chestnut Hill RR .••.•••..••. ,r 4,0 Phil. Newt~wn & N. Y. RR .. 1T21·7 Oatawtssa RR.- ............. ,r103•0 Port Reading RR .•••••..•••• ,r21·2 Norristown Juno. RR....... 0•4 St,ony Creek RR.............. 10·1 North Pennsylvania RR ..•.. 1T86·2 Phil. & Fr~nkford RR ..••••• ,r 2·6 Delaware & Bound B. RR ... ,r33·8 m See this company.) -Sohnylkill & Lehigh RR . .•... ,r46·9 Total controlled ..........1,134·5 Total system July, 1903 (2d track, 759 miles) .................. 2,144·6 (1T See this company.) From the company's docks at the extensive terminal at Port Richmond it operates a line of steamers and barges ln ooastwise coal traffic and provides berths with elevators and ample accommodations for several trans•Atlantic steamship lines. In Jan., 1901, control of the Central RR. of New Jersey was acquired. V. 72, p. 86,340,392,676; v. 73, p. 847. STOCK OWNERSHIP. -The Baltimore & Ohio and the Lake Shore & MlohijZan Southern are jointly in virtual control, having acquired in 1902·03 over $60,000,000 of the $140,000,000 voting trust certificates, consisting largely of preferred stuck. V. 76, p. 102; V. 77, p. 350. VOTING TRUST, ETc.-All classes of stock of the new company are to be held by voting trustees (J. Pierpont Morgan, Frederic P. Olcott and C. 8. W. Packard) for five yea.rs, a.nd thereafter until 4 p. o. ca.sh divi· dend per annum shall be paid on the first preferred stock for two con· seoutive yea.rs, though the trustees may in their discretion sv.rrender the stock at an earlier date. The company may, afterdividenijs of 4% have been paid on the first preferred for two consecutive years, convert.the second preferred stock into one•ha.lf first preferred and one-hail common stock. As to rights, see V. 64, p. 709. Voting trn ■t, v. 64, p. 95 5, and SUP. of April, 1897, page 5. OBGANIZATION.-The Philadelphia.& Reading RR. (chartered April 4, 1833) and the P. & R. Coal & Iron Co. were sold in foreoloslll."e Sept. 2=!,'96, and reorganized per plan in V. 61, p. 1109. See V. 64, p. 709. J.n the reorganization the 41 millions of old stock and the 56~ m.lllions of old preference income bonds were a.ssessed 20 per cent, the stock then receiving 100 per cent in new common and the prefer• ence incomes, common and preferred stock in certain proportions. The "Rea.ding Company" in the reorga.ntza.tion acquired the seen• rity holdings, real estate, equipment, eto. , of the old Phila. & Reading RR. Co.; also the $20,000,000 stock and $20z000,000 bonds of the Phila.. & Rea.ding Ry. and the $8,000,000 stock ox the Coal & Iron Co. a.nd allainst all this property issues its own securities. Bee V. 64, p. 709. The property of the "Reading Company" consists of the following: Railway equip.leased to Ry. Co.for 8p.o. yearly...•..•.•••.. $19,792,119 Real estate not appurt. to RR. (ann. revenue a.b't $175,000). 17,351,936 Colliers and barges leased to Ry. Co. for $115,000 yearly... 2,107,650 Leased and new equipment....................... ··-···...... 9,424,i65 Phila. & Rea.ding Ry. stook $20,000,000 and bonds, $20,· 000,000 par (annual int. to Reading CO., $1,200,000).... 40,000,000 Phila. & Read. Coal & Iron stock at par. . • • . • • • • •. . • • . .. • • • • 8,000,000 Miscellaneous securities at par (in 1896 yielded $765,000). 70,414.656 Morta. and ground rents at par (not under '96-'97 mort.). 262,415 Int. in Phila.. & Read'g Coal & Ir. above securities owned .. 79,116,721 Claims against other oompantes, eto...... •••••• ••••••• ••• ••• . 3,f>92,0l2 Total July 1, 1903 (See V. 77, p. 835) •••••••••••••••••••• $250,061,774 SINKING FUND.-Whenever, in any year, a dividend is paid on the Rt.ook, an amount must be paid simultaneously to the trustee equal to 5 cents per ton on all coal mined by the Coal & Iron Company during the preceding year, H the aggregate of dividends so declared exceeds that sum; otherwise such lesser sum as shall equal the dividends so de· ola.red. Under this provision general mortgage 4s (not callable) were P!ll"Obase<I and canceled as follows: In Mar., 1900, $433,000; in 1901, $391,000; in Mar., 1902, $443,000; in Mar., 1903, $253,000. V. 73, p.848. DIVIDENDS.-On 1st pref., 1900, 3 p. o.; 1901, 4 p. o.: in 1902, Mar., 2 p. o.; Oot., 1 p. o.; in 1903, 4 p. o., and 2 p. o. set aside,.pa.yableMar. 10, 1904, making 4 p. o. for fiscal year 1902·03. First ruvideud on 2d pref., l"s p. c., paid .Nov. 10, 1903. V. 76, p. 33.!; V. 77, p. 38, 1226. BONDS.-The General Mortgage 48 (abstract V. 64, p 612) are secured by mortgage ancf pledge of all properties and seouri• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I ! I I II I -- Bept.10'03,2% Nov.10,'03,119 Jan. 1, 1997 Apr. 1, 1951 When drawn. J'ly'04-J'ly'07 Mar '04·8ep '09 May'04•Nv.'09 Aug., 1910 May 20, 1942 July 1, 1942 • ••••••• July 1, 1910 JJ!ry,lfaiilO Oct. 1, 1933 June 1, 1911 Apr. 1, 1947 Moh. 1, 1937 May 1. 194.l 1904-1921 1903·1904 Apr. 1, 1904 Feb. 1, 1932 Jan., 1904,4% May 1, 1921 Jan. 2, 1904, 4. Jan. 2, 1904, 4, Nov.,1903 r all 01<1 bonds ties embraced in the reorganization, and also all other property acquired thereafter by uMe of the new bonds. They have above sinking fund out of the revenues from the Coal & Iron Company, but are not subject to compulsory redemption prior to maturity. The newmort• gage is also, 11ubjeot only to the bonds for which reservation ls made, based upon properties or securities of all the lines of railroad owned, including the Philadelphia. & Rea.ding Railway Company proper, 365 miles; various lease!lold lines, 635 miles; all the property of the Coal & Iron Company, or the securities thereof, representing nearly 200,000 a.ores of coal an<1 timber lana: equipment valued a.t about $18,· 000,000, also marine equip. See application to list in V. 64, p. 709~ Furthermore, it has a first lien upon a majority of the capital stock of various companies in the system owning 453 miles of rail• roa<I, and also on various bonds of system-list in V. 64, p. 613. Of the $135,000,000 fours of 1897 $51,960,000 were in .Nov., 1903, re• served to takf' up undisturbed bonds and $12,500,000 for construction, equipment, etc., at not over $1,500,000 per annum. V. 77, p 2099. Impro-,,ement mortgage 6 p. o. bonds or 1873 due Oct. 1, 1897, were extended at 4 p. o. for 50 yea.rs from April 1, 1897, payable in U. B. gold and guaranteed p. & i. by the Reading Co. V. 64, p. 470; V. 65 p. 516. The consol 5s of 1882 for $5..t673,042 were also extended at 4 p. o. till Mar. 1, 1937, the Reading uo. and Coal & Iron Oo. becoming responsible. Bee V. 65, p. 870, for contract. V. 65, p. 152, 870. Terminal mortgage bonds, see V. 64, p. 85 and V. 60, p. 732. For ten-year sinking fund loan see January, 1895, SUPPLEMENT. The bonds were in 1902 extended to Feb. 1, 1932, at 4 per cent, prin• cipal and interest being guaranteed by the Rea.ding Co., and sinking fund reduced to$30,000 yearly. V. 72, p. 242; V. 74, p. 206. The coat trust certificates under agreement of May, 1895 are not redeemable until April, 1904-see V. 63, p. 838 and Jan., 1895, BUPP. '.rhe Philadelphia Subway Loan is payable after ten yea.rs from date in 20 annual instalments, to secure which $'>00,000, bearing interest, has been deposited, and $100,000 yearly is being set aside in monthly instalments. See V. 58, p. 1110; V. 62, p. 950; V. 63, p. 881; V. 71, p. 758. The Jersey Oentral collateral trust bonds ($23,000,000 present issue) · are secured by deposit of $14,500,000 Cent. RR. of N. J. (cost $23,· 200.000) of the $27,213,800 stock outstanding, $1,495,000 Perkiomen l!took and $440,000 Port Reading RR. stock, the remainder of the $45,000,000 authorized being reserved to acquire the minority stock of the Central Company. They are subject to call on April 1, 190f:>1 or any interest day thereafter, at 105 and interest, on 60 days' nouae. See ab11tract of mortgage. V. 72, p. 487; V. 73, p. 847. The tfilmington ti Northern stock trust oertitioa.tes a.re seoUJ."ed by deposit of il,495,000 out of $1,500,000 W. & N. stock. V. 72, p . 34.0. Oa.r trusts of 1899 see V. 69, p. 1346; V. 71, p. 759. The $3,200 ,000 oar trusts of 1901 cover 10 passenger and 38 freight locomotives, 1,000 steel coal and 500 gondola ca.rs, 500 box oars. They a.re a.ddi· tiona.lly secured by $833,000 of the general mortgage 4s, whioh may be withdrawn as the "a.r trusts are pa.id off'. V. 72, p. 822. COAL PROPERTIES.-These aggregate a.bout 194,000 acres. as follows: Ooal lands owned (aores) ... . 95,1441 Timberlandsowned(a.ores) 70,489' Ooal lands leased (acres).... 7,429 Iron ore lands (acres)...... 21,000 LA.TEST EARNINGS.-From July 1 to Nov. 30 (5 months) results were: 6 mos. to ,--P. de R. R1J.•--. ,--Coal de Ir<rn.--, Read. Co. .AU Cos. Nov. 80. Gross. Net . Gross Net. Net. totaJnet. UIV3 .. •-•fl 4, - 76,437 f5,883,ll9! fl2,814,156 ·11, 182.8~8 f5 1,466 f7,65",341.'I 10011 •. ·-· 10,984,~26 8,269.748 8,515,640 det.511,8.!0 5,1,5.16 s,a40,02S. Charges all Cos. II mos. 1903 •.••..•..•...••.•. ,4,410,000; balance, aur., ,s,218,~8 do do lOOi . . • • • • • • • • • • • • • • • • 4,47c,,605; balance, def.. l,lSo,582 ANNUAL REPOBT.-Report for 1902·3 was given at length in V. 77, p . 819,832. Bee also editorial, p. 799. Years Ending June 30. 1903. 1902. 1901. Railway company-Receipts ••. $32,42\J,791 $29,515,534 $28,344,168 Expenses (inol.renewals,eto.). 20,593,263 18,769,998 18,566,351 Net earnings ............... $11,836,528 $10,745,536 $9,777,818 Coal & Iron Co.-Reoeipts •.••. $23,279,241 $26,519,530 $28,917,858 Expenses ..•••••.••••••••••••••• 22,131,248 26,283,203 27,993,149 Net earnings ............... $1,147,993 $236,327 $924,709 Reading Co.-Net income...... 6,431,711 5,312,129 4,881,4.44. Net earnings all Cos ••••.•. $19,416,232 $16,293.992 $15,583,971 Fixed charges and taxes....... 14,-165,222 14,359,099 13,287,255 Surplus .•••..•••.....•••.••• $4,951,010 $1,934,893 $2,296,717 Accumulated surplus .•••••.••. $9,357,623 $4,439,840 $4,806,459 Dividends on 1st pref .••. ··- . (4)1,120,000 (3)!i40,000 (3~) 934,735 Surp. end of year (a.11 cos.) .. $8,237,623 $3,599,840 $3,871,724 OFFICERS.-Pres., George F. Ba.er; Vice-Pres, and Seo., w. R. Ta.ylOl'i Treas., W.A.Chlll."on;Comptroller. D.Jones. Directors-Joseph S. Harris, George F. Baer, Jolin Lowber Welah, George C. Thomas. Henry A. Dupont, Henrv P. McKean, Samuel Dickson, Charles Steele and H. McK. Twomblv. I Office-Rea.ding Terminal Building, Phila.-(V.77, p.1226, 2099.) Ren11selaer & Saratoga KK.-RoAD.-Embraoes 192 miles. viJI: Road, ownedMiles. Leaaed r Oontinued)Milu. Troy to Lake Champlain....... 79 Ft. Edward to Caldwell .••...•• 15Lea.sedVermont line to Castleton, Vt. 7 Troy to Waterford Juno., eto .• 14 Eagle Bridge, N. Y., to RutSchenectady to Ballston........ 15 land, Vt....................... 62 LEASE.-Leaaed in perpetuity March 1, 1871, to the Delaware & Hud• son, which, June, 1901, owned $800,000 of etook; rental, 8 per cent on the stook: and interest on bonds. Guaranty on stock, V. 56, p. 773. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE 0 "' ~ t,~EADING SYSTEM "i,").:,,~~ ?' tv "c. MAUCH HUNK ~. ~ tr ~ P> ~ ~ 00 r--3 0 1-.t 0 ~ 00 P> tz 0 ~ td ~ 0 z 0 VJ ~ y t ~ r,. 0 C ~ 0 r t-1 ~ ~ ~ JAN., 1904.] 479 RAILWAY ·STOCKS AND BONDS. RAILROADS INTEREST OR DIVIDENDS. .Honds-.Prm, l· Miles Date Size, or Amount ------,--------------1pal,When Dne. R~~d. Bg!ds Vil~e. Outstanding R'c1:nf.er p!;1::ie Where P-M.~1::i~• a.nd by 8 - - - - - - - - - - - - - - - - - - - - · I --- ---- - - - · 1 - - - - - - 1 - - - - - - - - 1 - - - - - - - - - - • I - -I, - - - - 4lgg. A.. & 0. N.Y., Phlla. orRiohm'd. Apr. 1, 1940 Ric.Fr.ti Pl)t . (Oon.J-Con. M., $500,000, g.Oe.o*&r 82 1890 $1,000 $500,000 New mort., $4,000.000, st-e text . . ••. Oe 82 1903 ....• See text. 3½,g. A. & 0. Apr. 1, 1943 B-u;h.. ti Meck.-lst M., $3U'>,000, g. (V. 69, p. 391). o 31 1 RYR 1.000 315,000 4 g. M.& N. J.P. Mor2an & Co. Nov. l, 1948 Rich.- Wash. Oo.-Coll. Tr., g., g11., red. 105,N .o*&r •••. 1903 lOOO&c. 6 ,000,000 J. & D. New York. June 1, 1943 'g. Bio Grande Junction-Stock . ....................... •••. . •• . 100 ~.000,000 3•9in '03 Yearly. IN. Y., Ma.it., Copwn Feb. 5,'03, 3910 1,850,000 1st morygage, gol'!t guaranteed.Ce •.•••••..••. ,:,* 621 1889 1,000 5 g. J. & D. Dec. 1, 19311 &N~~. t4a,;~~oe~· 2,000,000 Bio Gr. Sierra M. ti rac.-lst M. g.,$20,000 p.m.Oe 1561 1897 1,000 6 g. J. & J. July 1, 1917 2,233,000 Bio Gr. Southern-1st M.,g.,$25,000 ( not guar... 5 180 1890 1,000 4 g. J. & J. N. Y.,Ma.it.,Coppell& Co July 1, 1940 2,277,000 per mile.Ce........ . .• . •• • ••. 5 guaranteej ( 180. 1890 1,000 July 1, 1940 4 g. J. & J. do do Rio Grande Western-Bee DENVER & RIO GJUN,E 555,200 Roch. ti Genesee Vat.-Stook,6% rental Erie RR . .... 18 .••• 100 J. & J. N. Y., by Erie RR. Co. .fan., 1904, 3% 6 Rock llland Oo.-Common stock, $96,000,000..... .••. .••. 100 88,749,800 Ch~oks mailed Feb~·i;;o4~ 1% Pret. stock, (see text) non•oum., $54,000,000.... •••• .••• 100 51,190,200 4iii.ioo3 Q."..:..:F. do do ONDS OF SYSTEM. ig. M.& N. N'. Y ., First Nat. Bank liov : 1, 2002 Ch. R. I . & P. RR col, tr .. M., $75,000,0000e.o*&r . ••. 1902 l,OOO&o 69,557,000 5 g. M. & S. Int. from Sept. 1. 1903 Sept. 1, 1913 Ch. R. I. & P . RR. col. tr. M., red. at 102.t.s.Oe . o* .••. 1903 1,000 17,059,000 C.R.l.& P .Ry.lst M.,Ch.,Ill.,to Coun.Bl.&br. Utm* 736 1877 l,OOO&o 12,501·,000 6 J. & .J. N. Y., First Nat. Bank.. July 1, 1917 General mort, $100.000,000, gold,.f'e . ... o*&r 3,128 1898 l,OOO&o 61,581,000 4 g. J. & J. do do Jan. 1, 1988 Col.tr M .f! .Rer B to P.due y'ly,red.101¼.Ce o• .••. 1902 1,000 22,410,000 4 f!. M.&N. do do May, 1904·18 4,500,000 6 g. Feb. 1, 1905 Coll. trust"not es, g old (St.L. K.C. & Col. colla.t.) Te°it. 1902 See text. I New York. Apr. 1, 1H34 Refund. M. :S L63,UOO,OOO, g., red. to Apr. '11. . .., 1901 4 ~. 6,fl00,000 J. ..&..D. N. Y., Ventral Trust Co, June 1, 1906 Burl. C. R & No. 1st M., lawrul money 11 . .. o' &r " 69 1876 100·&0. 5 1,000 1,905,000 5 g. A. & O. do C. Rat> I. F. & N W., cons. 1st M., g., guar.Ce.. o 1881 do Oct. 1, 1921 5 g. A. & O. B.C.R.& No. con.btM. &col.trust, go1d F'.o*&r ·iii 1884 1,000.Jto 11,000,000 do Apr. 1, 1934 do Minnt,ap. & St. L., 1st M., i,;old (assumed) Ce 12 1877 500 150,000 7 g. J. & D. N. Y., HanoverNat Bk. June 1, 1927 6 J. & J. N. Y., Company's Office July 1, 1925 Rook Is~and & Peoria. oonsol. 1st mortgageltlpr 113 1885 5,000 450.000 Choo. 0. & G., gen.(now lBt) M., $5,500,000. g.o* 283 1894 1,000 5,500,000 5 g. J. & J. N. Y., First Nat. Bank.. Oot, 1, 1919 do do 5 g. J. & J. Jan. 1, 1949 Choo: & Mem 1st M., $3,750,000, ass'd.GPc&r 282 1899 1,000 3,525,000 do do July 1, 1919 L. Rollk Bridge 1st M.,ass'd,g.,red.(text1GP.o* 1899 1,000 355,000 6 g. J. & J. 1,000 do do May 1, 1952 Consol. M. (see text), $30,000.000, gold GP.c* 962 1902 5,.Ul,000 5 g. M.&N. 5 g. Car trusts, gold. $50,000, Oct. 1, yearly . GPo.. .... 1900 1,000 100,000 Ph1l&ra!1irard T~~st Co. To uct., 1905 To Aug., 1908 1,000 Ser.B, $70,000 s.a. to Aug.'06, th.$75,000 GP . . . . 1901 5 g. 650.000 4lrrt. ,\ k 0 1 .0 10 l.!'\40.000 do do Ser.C. $1.7:'l0,800. Ar,ril.y'rly,b~irtn. l~MlGP 1902 April. 1904-10 For explana.tlo~noL,°~1=1! !1~~f:: &o., see notes S~.:ti--;!-rt i .... -----·--· l t i: Bal., d.ef. Year. Gross. 1'et (o1'er ta.zeB). &ntals. $284.744 1902·3..••.•••. $3,299,118 $791.233 $1,07!'- ,977 ~83,601 1901·2. .. •. .. . 2.75tS, .. 20 751,104 1,034,705 -(V. 73, p. 337; V. 74, p. 1088; V. 75, o. 342, 1147.) Richmond Fredericksburg & Potomac KR.-Owns trom Riohmond, Va.., to Quantico, 79 miles; James River branch, 3 m.; leases Quantico to Junction, eto., 3 miles, total 85 miles; to be double ·traoked. The dividend obli,{ations carry no voting power. Rich. & Petersb. Con• neotton RR. sto<'k ot $140,000 receives 8 p. o. dividends under lease. The R. F . & P. RR. guaranteed stock is secured by mort2'age. The Rtohmond-Wai:1hington Co . (see below1 in 1901 took over $947,• 200 or the $1,316,900 common stock, and ' 'union" line of tba.toompany has been opera.ted by Rioh. Fred. & l'ot. ofttoia.ls since Nov. 1, 1901 . v. 74, p. 149. DIVS. on stock & <'94. '95 '9R. '97. '9ij. '99. '00. '01. '02. 1903. 1904. div. oblhz. p. c. 5 6¼ 7 7 6¼ 7 7 8 8 8 8 Jan, 4. BONDS Of the gen. 3!.,.s of 1903 ($i,OOO,OOO authorized) to be isi,ued for douhle-trao1ting aod improvements, $ ,500,000 have heen or a.re to be acquired and placed under the Richmond•Washington Co. mortgage, the ri:,mainin!! $l'J• 0,000 beiug reserved to retire tho consol. 4¼s at maturity. See V. 77, p. 2388, i391. EARNINGS.- ll months, S1903 ••..•.. Gros@, $558,249; net, $16fl,640 July 1 to Nov. 30. ~ 1902 . •....•. Gross, 4 68,5 -t l; net, 130,588 REPORT.-Report for year ending June 30, 1903, was in V. 77, p. 2388, showing: Gross, $1,338,901; net, $398,379; other income, $10,968; interest, $22,500; rlividends, $231,144; new equtpmf'nt, etc., $46,460; bal., s•1r., $109,243. In 1901·2, irross, $1,168.054; net, $441,483; othertnoome, $16,105.-(V. 77, p. 629, 2388, 2391.) Richmond & Mecklenburg KK.-Keysvtlle, Va.., to Clarkes• vllle, Va.., 31 miles. Road is leased by South. Ry. Co. for 50 yt'lars from Nov. 1, l 898, for interest on bonds. (V. 69, p. 391.) Stock, $357,· 900 (par $100), of which $300,000 owned by So. Ry. Co.-(V. 71, v. 1121.) Richmond & Peter.burg KK.-See A.tla.ntioCoa.st Line RR.Co Klchmond• Wa•hlogton Company.-Controls a ..union" line Washington, D. C., to Richmond, Va., 115 miles, in tht\ Joint interest of the following roads, viz., the Pennsylvania RR.. Balttmore & Ohio RR., A.tla.ntio Coast Line Co., Southern Ry., Seaboard Air Line Ry. a.nd Ohesa.pea.ke & Ohio Ry., ea.oh of which owns one-sixth of the $2,670.· 000 capital stock; opera.tton began Nov . 1, 1901. The entire road ts to be double•tracked. V. 75, p. 78. Dividends in 1902. 3 p. o. In oorporated on Sept. 5, 1901, and acquired $~47,200 of the voting capital stock of the Richmond Fredericksburg & Potomac RR. and the en· tire stock of the Washington Southern Ry . extendinll from the south end of Long Bridge &Cross the Potoma.o River to Quantico. 36 miles. The collat trust 4.s of 1903 ($11,000,000 authorized issue), are guaranteed, jointly and severally, prinolpal and interest, by the six roads named abov e; of the bonds $6,000.000 have been sold for double•tracking and improvement s. V. 77, p 629, 695. See list of collateral and form of rruaranty, v. 77, p 2391. Ca.I. year 190t, int. ~n Investments and depo!lits. $li6,795; taxes, etc. $2,77~; divs. (3 p . o.), $80,100; ba.l., sur., $113,923.-(V. 77, p. :.!391.) Kio Grande .Junction Ky.-Owns road Rlfl.e Creek, Col., to a connection with the D enver & Rio Grande at Grana Junotion, 62 miles. This ts a. connecting link. in the standard-gauge route between Ogaen and Denver and Colorado Springs. Leased by Colorado Midland R ,i1.iroad (since toreolosed and reorganized as Colorado M1dla.nd Railway/ and Denver & Rio Grande at 30 per oent of gross earnings, whioh com• panies jointly and severally 211.aranteed the bonds, prin. and int. First dlv.,1898, soots.; 1899, $1 20; 1900, $1 96; 1901, ;:3 75; 1902, $4; 1903, $3 90. Year 1901·02, groRs, $573,119; rental, $171,936.-(V.66, p.237.) Kio Grande Sierra .IJ.ladre & Pacltlc RK.-Organtzed in Mex• too in 1896;inoorporated in N. Y. State in June, 1897, beingoompleted from Ciudad Juarez via San Blas Mountains, Lake Guzman, Sabinal and Sa.n Pedro mining region, to Ca.sas Grandea, 156 miles. Extension proposed to G11errero, 156 miles, to meet the Chihuahua & Pacific. and a projected line to Paoiflo Coast. Ca.pita! stock is $3,120,000 ($20,000 per mile) and bonds are authorized &rt $20,000 per mile, of which $2,000,000 issued for construction to July, 1898. DIRECTORS.-Pres1<1.ent, A. Foster Hi~gin s; Vioe ·President, Edwin D. Morgan; 2d Vioe•President, A. Gtil'ordAgnew; Secretary, George Row• land; Sidell Tilghman, John B. Lawrence Jr., W. Morton Grinnell, John T. Terry. Seo., Geo. Rowland, 40 Wall St., N. Y.-(V 64, p. 1138.) Kio Grande Southern RK.-(See Map D enver II Rw Grande.JOwns narrow•gauge road, Ridgeway , Col., southerly to Durango, 162 miles, and bran o be, , 18 miles. Stock, $ 4,510,000; June 30, 1903, $2,255,600 owned by Denver & Rio Grande. See V. 63, p. 404. Mort • ga!?e abstract V. 54, p. 163, and a11 plioa.tion to N . Y. Stock Exchange fu V. 54, p. 446. Of the bonds, $2,277,000 are guara.nteed by D. & R. G. V. 70, p. 791. See guaranty, V. 70, p. 1 95. EARNINGS-For 5 months ending Nov. 30: 5 mon ths. G,·oss. Net. 0 th. i nc. Ohar ges. JJat., sur, 1903 ... . •• . .•• . $20 2,051 $88,108 $ 3,217 $91,241 $84 1902 . . .. •..•••• 263,861 139,111 4,8 38 96,838 47,111 For year ending June ?O, 1903, gross, $553,554 ; net, $278,157; othe! income, $9, tH2; tnteres~ taxes, eto., $214,(!12; surplus for year $73,357. In 1901-02,gross, $:>75,675; net, $262,:>-CoO.-(V. 71, p. 389.) Kio Grande Wes&ern KR.-See Denver & Rio Grande RR https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RocbeNter & Genel!lee Valley KK.-.A.vontoRoohester, N. Y., 18 miles. Leased July 1, 1871, in perpetuity to ErJe Ry. Rental, $34,012. Kock J ,. Jand Co.-(See Maps,paues .1432, 1433.)-Inoorporated in New Jersey on July 30, 1902, ano acquired, per plan V. 75, p. 240, the entire stook ($145,000,000) of the Chio. R. I. & f' Rai1road, (new co.), whose bonds, together with the ..tooks of the Rook Island Com• pany, wereisRued in exchange for (1) $ t 9 557,400 of tbe$74,817,100 Chloago R. I & Paolilo Railway-which see, and (2) {>er plan (V. 76, p. 1408, 1406), tor over 90 p. o. of the $30,809,000 St Louis & San Fran. common stock; aJso fn 1903 arran ~ed to acqn1re one•half of the stock of th~ Houston & Texa!'I Central RR, Houston East & West Texa.s Ry. and Houston & Shreveport RR. for $1,5 ·10 .000 ca.sh, $t,500,000 pre• terred stock 1md $3.500 000 five year 4 per cent notes, due April 1, 1908, bnt see STOCK below. RoAD.-Roail , olearly shown on aooompanyingmaps, includes : CHtCAGO ROCK ISLAND & PACIFIC ltAILWAY SYSTRK. Miles Mlle•. Chlo R. I . & Pac. Railway .... 3.801 Le,,•edStock all* ,,r nearly allt ownea. Des Moines & Ft. Dodge..... 144 Choot. Okla. & Gult .••..••. t 1,055 Keok. & Des Moines (maj. s~a.roy & Des Aro .. . 25 stock owned) . . . .•• . . . • . 162 B11rL Ced. Rap. & Nor. (also Peoria. & Bur. Valley (also lea.sed) . . •. . . . . . ..•...... ; 1,373 controlled by stock).. . ..... 47 Rook Island & Peoria. (also leased) ...................... t 121 Tota.I July 1, 1903 ....... 7,123 l:':leoond tra.ok.. . ... . . • . . ••• 283 OTHER LINES,-CONTROL ACQUIRED OR ARRANGED FOR IN 1903: Oor1trnlled. Mite,. Hatfint-,restpr<Ypr,Mt1 Miles. St. L & San Fran.S.11rte ?1,tnol. Houston & Texas Cent. (V. 151 miles trackage (Jan., 77, p . 823 . ••...•.... 692 1904). ... ....•• . ...••. 5,5121 Houston Ea!lt & West Texas 191 Evansville & Terre Haute. .. 331 Houston & Shreveport....... 39 I Tota.I other lines Jan, 1904 .•••••••••••••••••••••••••••••••••••• . 6,765 The following lines ot the Chioa~o Roclr Island & Paclfl.o Railway system w ~re under construction June 30, 1903, aggregating 595 wiles: St. Louis Kansas Ctty & Colorado RR. Co.-St. Loul11 to Kansas Clt.y •.•.•••• SlS Chicago Rock Island ck Gult Rv Co.-Fr. Worth to o.11as, l'ex . .. .•. . S4 Cblc. H. I. & Par. Ky. - Paul's Val. branch . Chickasha, I.T., to Llnduy, LT. \!5 Choe Okl. & West.-Guthrie. o. T .• to I bandier. . . .. . . . . ...... .... . ..••• 88 Cnoc. Oki. & T .. x.-Ya•nall, Tex.. to West Teims line . .. . ... .... 90 Chic. R. I. & l'hoc.-We~t Texas llne to Tncumcar , N. M . . •• .. . . .. . .. 40 Deval l's Bluff, to Des Arc., Ark., ::l8 m •• Wilburton. l.T., to Halley-yllle, 17m. 55 STOCK.-Common stock authorized $9.6 ,000,000; preferred $54,000, 000. The stock of the controlled companies issued a.nd aoqntred, and the amounts or R uck Isla.nd. Co. stock therefor, follow: V. 'i 6, p . 1408. 7otal Total -Rock Isl. Co. u,uu.-. issued.. lVqtwred. c,m,mon. Preferred. Chicairo Rock Island& Pac. Ry.$76,· 00,000 '69,657,,oo 169,6 7,400 ,,s,690,200 St. Loui11&: San F.RY. con,.atock. ~0.808,000 :a!,431,6 0 19,192,400 ....... . 'l 'exas lines (as aoove) ..•• •.••.• 16,3.!0,000 x " ,160.000 2,500,000 -- -- -- - - - - ---- Total ........................ ll92,li 8,000 .105,705.700 188,749,800 151.190,200 Reserv tod !or 'Frieco stock not deposited and com• s::1~~~~~-:·.·. ·. :·.·.·. :·. ·. ·. ·.·. ·.·.:·.·. ·. ·.·.·. ·. ·. ·.: ·.: ·.·.·.:: ·. ·.: ·. ·.·.·.:·. ·. ·. ::·. ·.·. ·. ·. 'l·~1?£ 2,soD,soo Total..... . .. .............................. .. .. .. . . . . . .• 100,000,000 f{;t,ooo.boo to Jan., 190'1 The preferred stook is preferred as to capital and also as t o non• cumulative d ivide uds at the rate or 4 p. o. yearly for 1903 and thereafter to a nd inoluding 1909, then 5 p. c. for 1910 and t h ere ,fter to 1916, inclusive. and thereafter 6 p. o. The preferred stockholders are entitleq to elect a majori t y of the directors. The author ized amount can only be increased with the consent o! two-thirds of each ola.ss. DIVIDENDS.-DividendR on pref., Feb., 1903 to Feb., 1904, both in• elusive. 1 p . o. qua r. (Q. -F .) BONDS.- A!\ to Chif' . R. I. & P. Ra i lwa y refunding mortgage Of 1904 see that compa ny and V. 7 8 , p. 228, 2a4. OFFICUL STATEME NT.-As to 11eouritle11, rights of shareh old ers , road built and building, etc., see V. 75, p. 1157. LATESTEARNI NGS.-5 mos. i 1903.Gross, $21,08 6,344; n et, $6,7q7,806 J uly 1 to Nov. 30. 5 1902.Gross, 19,739,540; n et, 8,13 1,961 See also statem1mt of Chicago Rook Island & Pacilio R •i lway on a, preceding page; also statements ot other subsidiary companies. R&PORl' -Report for the yea r ending June 30, 1903, "'t len~th, w a s in V. 77, p. t 742, l 7 l'l 1 (see al1:,o p age 509 and edit or ial, page 1716), showing results for the sy stem, 6,978 avera ge mi1es (nol inr,udmg the St. Lonis & Sa.n Fran., which was acquired in June, l903) as follows: RESULTS OF SYSTEM FOR YEAR ENDING JUNE 30, 19 03. 1. Operated lines and a ,,:iiliary compani es. Gross earn1ngs ..•.... . $44,3 i 6,620 Interest and taxes .••. . $ 7,909,740 Net earnings.. .•••... lt>,O 3,303 Rentals ..•••. ••• . . . . . . 2,3:i9,844 Other income...... . .. 1,690,873 Dividends .•••••.....••. 3,0.., 0,201 x Sale was not consummated I Total net fncome .$17,764,1761 Balanoe, surplus ... $t ,4,4-,~91 480 RAILWAY STOOKS AND BONDS. [VOL. LXXVIII. .Bonds-.Prtnot• I RAILROADS. INTEREST OR DIVIDENDS. pal,When Due. Miles Date Size, or p or explanation of column headings, &o., see notes of Par of o ~ : g Rate per When Where Payable, and by StockB-Last Road. Bonds Value. Cent. Payable Whom. Dividend. . on first page of tables. · ck Island ti Peoria Bonds-See ROCK ISLAND Co. ti Olinton-Stook (rental guaranteed) ...•.••• Watertown ti Ogdensburg-Stock, guar. (end.) 1st M.iWat. & R.,Rome toCa~e Vin.,s.f.,not dr'n.o* Conso • M. (int, only infold,$500,000 a.re 31ts) F .o. Oswego Bridge Co. ls m.>rtfa.ge .................. Syracuse Phenix & Oswego st mortfaff e.lUe ..•. Norw'd&Mont.lstM.,g.,$360,000; 1 ,000p.m. R. W.&Og.Term.RR. lstM.,gold, a.ssumed . .•. o* Oew. & Rome{ 1st M. 7s ($350,000) and 2d M.5s,gu. Utioa&Bl. R v. st'kf p.o.perpet. gu. byR.W.&O. U. & B. R. lst M., 2,000,000, g., gu. p.&1..Ce.o B utland-Btook, preferred (for com. see text) ...•.. First consol. mort. for $3 500,000, gold.U11 .o*&r Ogd. & L. Ch. 1st M., $4, 400,000, ~-• assn. Ce.• c* Rut.-Can.-lst M,,1-,, a.ssum., $1,3 0,000.OB .. c~ Benning & Rutlan -1st ref. M. a.ssomed.N .o*r 2dM.,~d,assumt subj. to ca. aft.1901 .Oo.o* b. Val. ls M., $500,000, g., p.& i.,gu.S Cha.th. & Equipment trusts, ff·, maturing $33,000 yearly .. Equip. tr. $1~,o o,i,$100,oooy•1y.A.B.c&r. Ogdensb~. arm.Co. .,int.~.,s.f.$10,000 y'rly itehalt RR.-Btoc (no bonds, ....••. B uUand cl Bag.'l'uscolatlHuron--lstM.,g.,~.,8:&i.,end.Oo.o* 114.O.Mad.cl8t.L.Bezt.-lstM.,g., 80 ,000,r'd.SSt.c* Bt• Johnsb. ti L. Ohampt.-lstM.($1,328,000 gu.)g.c" 8t• Johns RitJer Term.-lst M. $2,000fOO N ........ lit• Jo•. d! Gr. Isl. Ry.-lst pf. stock, %, non·oum. 1st mortgage, gold ...••••.•••.•••••••... Cec*&r Bt. Lawrence d! Adirondack Rfc.-Stock, $1,615,000 1st mortga.ge, $800,000, go d.Co ••••.••..••.... c• 2d mortgage, $400,000, gold.Co .••..••..••.•••••• fi' ---..... --- above. .... ·97 All ·17 13 7 28 150 150 120 120 127 43¼ 59 59 58 $100 100 i855 100 &o. 1874 1,000 1885 1885 1886 1888 '65·91 1,000 100 '68·71 1890 1,000 100 is9i 1,000 1898 1,000 1899 1,000 1897 1,000 1900 1,000 1901 1,000 1901 1,000 1902 1,000 ...... ...... i:ooo ..... ---· ···;, .... 66 i900 isi .... 1901 1894 1902 25i is01 ·4j i896 43 1896 ··ioo 1,000 1,000 1,000 ··ioo 1,000 100 1,000 1,000 2. Rock Island Oompany. lno.from·stocks owned $2, l66,000 j Expenses and taxes..... $216,299 Other income........... 8 290 Divid's on pref. stock.(2)1,454,856 I Total ...•••••....•. $2,174,290 Balance, surplus ... $503,135 Total surplus of system for the year .•..•. .•••••.•••••.•• . $4,947,526 OFFICERS.- Chairman of Boa.rd, W. B. Leeds; President, L. F. Loree; Treasurer and Secreta.ry, D. G. Reid; Assistant Treasurer and Assistant Secreta.ty, George T. Boggs. Dtrectors-W. B. Leeds, Wm. li. Moore. D. G. Reid, F. L. Hine, Geo. G. Mc• ~::voit:RR. 1Il?c:t\e?S~m~s rr~e&l~~~e ~n«?"M1!~~'ii':11a~1ef3.d~1~~:g; i~1~: Yoakum, St. Louts; H. C. Frick, Pittsburg, Pa.; Geo. 'I.'. Boggs, East Orange, N. J. Finance Committee-Wm. EI. Moore. Chairman; W. .B. Leeds, D, (:}. Reid, .J.H. Moore, F. L, Hine and Marshall Field. N. Y. office, 71 B'dwa.y.-(V. 77, p. l '2' 42, l '2' 51; V. 78,p. 49,104, 229.) Kock I■Jand &: Peoria Ky.-See pa.ge 531. Rome &: Clinton KK.-Owns road from Rome to Clinton, N. Y., 13 miles. Organized in 1869. Leased in perpetuity in 1891 to Delaware & Hudson Canal Co. and operated by N. Y. Ontario & Western. Rome Wate:rtown· &: Ogden11burg KK.-(Bee Map Ntw York Oentrat ti Hudson River Railroad.)-Owns from near Niagara. Falls to Massena. Springs, N. Y., 301 miles, less 27 miles, Richland to East Oswego, leased from the Oswego & Rome RR. and Suspension Bridge to Lewiston Jct., 9 miles; and trackage to Suspension Bridge, 2 miles; Richland to Rome, 41 miles: branches to Cape Vincent, Ogdensburg, Pulaski, Fulton, etc., 110 miles; total owned, 414 miles. Leases Utica & Black River Railroad ($1,120,000 of $2,223,000 stock owned), Utica to Ogdensburg, and Clayton branch, 150 miles ; Oswego & Rome Rail· road ($202,200 of $2141!)00 stock owned), 27 miles, and Niagara. Falls Branch RR., 9 m.; Cann. Watert. & Sack. Harbor, 29 m.; total, 629 m. LEA.SE.-ln 1891 leased during corporate existence and renewals to N. Y. Central, which assumes the debt and guarantees 5 p. c. on stock; guaranty, see V. 52, p. 463 Utica ti BlackRi11erisleased in perpetuity, 7 per cent on stock gua.ranteed..-(V. 72, p. 1238.) KutJand KK.-Controls Rutland TransitCo.,and operating steam· ers between Ogdensburg and Chicago, Duluth, etc. Operates pa.ssen· ger trains into Montreal from Noyan Jct. over Quebec Southern a.nd Canadian Pa.otiic, and to Troy a.nd Albany over Boston & Maine and N. Y. Central & Hudson River RR. V. 75, p. 1029. RR. Lines Owned. Miles. , Leased. etc.Miles. Bellow's Falls, Vt., to Og• Lines to Ticonderoga., etc.... 18 densburg, N. Y ........... - . 283 Rutla.nd,Vt. toChatham,N.Y.114 Total operated .............. 415 Owns entire $100,000 stock and $100,000 4 p. o. bonds of Rutland & Noyan RR., entire $1,000,000 stock of Rutland Transit Co. and entire $300,000 stock of Ogdt'lnsburg Terminal Co. V. 75, p . 1029. (V. 73, p. 437; V. 72, p. 88, 822.) In 1901 W. Seward Webb obtained control. BTOCK,-InDec.,1903, all but $199,400 common stock had been ex• -0ha.nged for pref. ten of common for one of pref. V. 72, p. 439. Dividends ! Year '92 to '95. '96. '97. '98. '99. '00. '01. '02. 1903. on pref.... 5 P. C. 4 yearly. 2 1 2 2 3 4 3 Jan., 1 In 1903, Jan., 1 p. c.; the July, 1903, dividend was passed, surplus earnings to be appJied to improvements. V. 77, p. 38. Accumulated rt1vidends on preferred said to a.~irregate 130 per cent. BoNDs.-Rutland-Ca.na.dian mortgage ls for $1,350,000 (see a.dvt. in CHRONICLE of July 15, 1899). There are also $11,900 first 6s, due 1902, .and $900 second 5s, due 1898. In 1902 $1,000,000.4111 per cent equipment bonds were sold. V. 74, p. 728. 01 the amounts shown in the table above as outstanding there were in the Rutland treasury June !30, 1903, $500,000 Chatham & Leb. 4s, $50,000 Ogdensburg Term. 4s. EARNINGS.-For 3 mos. euding Sept, 30: 3 moll.Gross. Net. 0th. inc. Oharge,. Bal., sur 1903 .... .... $709,223 $282,468 $11,104 $155,291 $138,281 1902 ........ 664,923 232,230 35,185 171,04.5 96,370 REPORT.-Report for year 1902·3, in V. 77, p. 2033. l'ears Ending June 30. 1902·03. 1901·02. 1900·01. Miles operated June 30.... •• . . . 415 416 360 Gross earnings .................... $2,376,563 $2,134,382 $1,933,136 Net earninp;s ...................... 717,767 763,090 674,3!-19 Total net income....... . .......... 824,249 923,016 770,947 Deduct-Taxes and rentals....... 90,845 86,548 83,000 Interest on bonds....... 534,468 491,0H 394,943 Interest on loans . • . . . . 1,229 49,012 91,635 Sink.fundforequip. b'ds. 100,000 33,000 . . . ... .. Div. on pref. stock ..•••• (1%)90,576 (3%)261,728 (4%)169,564 I -- ---- Balance, surplus............... $7,131 $1,686 $31,805 Pres., w. Seward Webb; Treas., Clarence Morgan, Burlington, Vt. Directors.-Percival W. Clement, Geo. T. Jarvis. Rutland, Vt.; Geo. H. Ball, Boston. Mas~.; John W. Stewart, Middlebury, Vt.: W. Seward Webb, m. I:<'. Gebhardt, Shelburne, Vt.; H . Henry!P owers . .Morrisville. Vt.; J a.rnes Lawrence, Groton. Mass; Fletcher D. Proctor , Proctor, Vt.: Olm Merrill, Enns barg Falls, Vt.; Chauncey M.Depew, E. V. W. Rossiter, J. A.Burden Jr,S. R. Callaway,N .Y. Executive Uommittee: W. Seward Webb, E. V. W.Ros~tter J., A. Burden Jr. .and B. R. Callaway. -(V. 75,p. 240,907, I 028; V. 76, p. 4'2'; V.77, p. 38, 90, 512, 2033,) Rutland&: Whitehall KK.-Owns N.Y. Stateline to Castleton, Vt., 7 m. Leased Feb. 1, 1870, in perpetuity to Rensselaer & Saratoga. RR. (rental $15,342-6%-on stock) and so operated by Del. & Hudson https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $345,360 10,000,000 417,800 9,576,000 100,000 175,000 130,000 375,000 750,000 1,103,000 1,950,000 9,057,600 3,487,200 4,400,000 1,350,000 500,000 500,000 500,000 379,000 900,000 150,000 255,700 1,000,000 768,000 2,500,000 1,000,000 5,500,000 3,500,000 1,615,000 800,000 400,(100 614 5 6 5&3¼ 6 6 5 g. 5 fl. 5g&7 7 lin 419 3 41i)g. 4 g. 4 g. 4¼g. 5 g. 4 g. 412g, l12g. t· J. & J . Clinton, N.Y., by check. Jan., '04, 318% Q.-F. N. Y., Gr. Cent. Station. Nov.16,'03,114 M.& 8. do do S~t. l, 1910 A. & 0. do do J y 1, 1922 F. & A. do do Fe~. 1, 1915 F. & A. Feb. 1, 1915 do do A. & O. do do ~r. 1, 1916 M.&N. ay 1, 1918 do do Various Ma.y 1, 1915 do do M.& 1:t do do Sept.30 '03,319 July 1, 1922 J. & J. do do Company's office. J. & J. Jan.15,'03, 1% J. & J. N. Y., Flrst Nat'l Bank. July 1, 1941 J. & J. do do July 1, 1948 J. & J. Boston, City Trust C'o. July 1, 1~49 M.&N. N. Y., First Nat'l Bank, l.'fov. 1, 1927 M.& 8. do do Moh. 1, 1920 J. & J. do do July 1, 1951 M.&N. Nov. 1 '04-'12 do do A. & 0. do do Oct., 1904-17 6 j.-F.15 Troy, United Nat. B'nk. 4 g. • &A. N. Y., Contin. Tr. Co. 4 g. J. & J. M. & 8. Boston, Co~•ys Office. ~ g. New ork. J. & J. 5 in 1902 J. & J. N. Y., Centr'IJ. Trust Co. 4 g. J. & J. N. Y,, Central Tr. Co. Bee text. Bee text 5 g. J. &- J. N. Y., Cont'l Trust Co. 6 g. A. & O. N.Y.,ColonialTrustCo. Nov.lG,'03,1• Feb. 1, 1931 Jan. 1, 1951 Moh. 1, 1944 July 1 1952 Julyl5/02, 219 Jan. 1, 1947 JnJy 1, '03, 3 July 1, 1996 Oct. 1, 1996 Saginaw Tuscola&: Huron.-Owns Saginaw, Mich., to Bad Axe, 66 miles. Stock, $600,000; par, $100. In year 1898·9, gross, $147,• 448; net, $45,644; other income, $5,495. Leased to Pere Marquette RR. for 999 years from Feb. 1, 1900, for gua.ra.nty of principal and interest of bonds (form v. 71, p. 30) and maintenance.-(V. 72, p. 88.) St. Clair Madison &: St. Louis Belt KK.-See page 1490. St • .Johnsbury &: Lake Champlain KK.-Owns Lunenberg, Vt., to Magnan Bay, on Lake Cha.mplaln 120 miles, and branch from North Concord, Vt., to East Haven, 11 ;;Jies; total, 131 miles. The road is operated independently although a majority of the stock is owned by the Boston & Lowell, leased to Boston & Maine. Notes payable June 30, 1903, $296,':'20, Stock, common, $2,550,000; pref., $1,298,500; par of shares, $50. In year 1902-03, grose, $358,767; net, $58,403; def. under charges, $19,866 . St • .Joseph&: Grand Island Ky.-Ln(E OF ROAD-St. Joseph, Mo., to Grand Island,Neb., 251 miles. Trackage, St. Joseph to Gower, Mo.,20 miles, and Gower to Kansas City, 41 miles. HISTORY.-A reorganization Feb. 23, 1897 (per plan in V, 62, p. 784,950), of the St. J. & Grand Island Railroad, sold in foreclosure. Union Pacific interests a.re understood to be in control. V. 75, p. 907. STOOK.-Common $4,600,oeo; 2nd pref. 4 p. o., non•oumula.tive, $3,500,000; 1st pref., $5,500,000 (see table above); par $100. DIVIDENDS 0.) •• ~ 1898. 1899. 1900. 1901. 1902. None On 1st pre . ...... .S 5 3 3 5 5 since. BoNDs.-The 1st mort. interest was 2 p. c. till Jan.1, 1899; then 3 p. o. till Jan. 1, 1902 and thereafter 4 p. c. Bonds for $500,000 reserved for uses of new company cannot be issued to exceed $1001000 ·yearly, and $1,000,000 can be sold only for new mileage at noli exceeding $6,000 per mile. Mortga.geisforf5,000,000. See listing in V. 64,p.1138 LATEST E.ARNINGS.-5 months ending Nov. 30: 5 monthsGross. Net. Int.,tax.,etc. Bal.,sur. 1903 .. . .•...••.••••.•......• $5R3,066 $104,994 $97,741 $7,523 1902..... . . . • • . ••••... .• •••• 533,115 190,220 94,590 96,630 ANNUAL REPORT.-Fisoal year ends June 30. Report for 1901-02 with balance sheet, was in V. 75, p. 1029. rn 1902-03, gross, $1, 388,162; net, $451,761; interest, taxes, etc., $227,092; balance, surplus, $224,669. President, W. T. Van Brunli Treas., Gra.ha.m G. La.oy, Sec'y, FranC\is W. Russell, St. Joseph. Mo. Directors Oct., 1902, V. 75, p. 907-(V. 76, p. 159; V. 77, p. 398, 2036.) St • .Joseph South Bend&: Southern KK.-Owns South Bend, Ind., to St. Joseph, Mich., 39 miles. A reorganization of the Indiana & Lake Michigan Ry., foreclosed and sold Dec. 8, 1898. V. 67, p. 1263. Stock, $500,000 common and $250,000 5 p. c. pref., to be held for five years in voting trust. Leased to Indiana Illinois & Iowa. RR. for 50 yea.rs from Feb. 23, 1900; 5 p. c. per annum on pref. and 2 p. o. on common a.re pa.id Ma.r. 15 and Sept. 15. No bonds.-(V. 73, p. 554.) St. Lawrence & .Adirondack By,-From Malone, N. Y. (on Mohawk & Malone) to Adirondack Jct., 56 miles, connecting there with he Canadian Paciflo at its St. Lawrence River bridge, Montreal. Dividends, 212 p. o., paid Sept. l, 1901; in 1902, Ma.roh, 2¼ p. o.; in 1903, July, 3 p. o. Current liabilities June 30, 1903, $83,194; equipment trusts, $79,843. EARNINGS.-For 3 months ending Sept. 30: 3 mos. Gross. Net. 0th. income. Oharges. Bal., sur, 1903 .•••••.••. $76,133 $36,540 $64 $25,531 $11,073 1902 ....•..••. 62,752 36,103 281 20,492 15,892 In 1902·3, gross, $269,697; net, $153,607; other income, $612; charges, $81,892; bal., sur., $72,327. In 1901-2, gross, $241,782; net, $87,987. President, W. Seward Webb.-(V, 75, p. 794.) St. Louts &: Cairo KK.-See Mobile & Ohio RR.-(V. 70, p. 532.) St. Louis El Keno"&: Western Ky.-(V. 77,p. 350. St. Louis & Gulf Ky.-Extends from Cape Girardeau, Mo., south· erly to Leachville, Ark. 120 miles, with branch from Ca.ligoa via Campbell to Caruthers~lle, 55 miles; other branches, 90 miles; total of all, 220 miles. Consolidation May 1, 1902. V. 74, p. 938, 1039. In Nov., 1902, the St. Louts & San Francisco acquired the entire $6,000,· 000 stock. V. 75, p. 114.8. Debt, $1,155,000.-(V. 75, p. 1148, 1355.) St. Loni• Iron ltlt. &: South. Ky.-See Mo. PAO. RY. SYSTEJI. St. Louis Kansas City &: Colorado KK.-Forest Park (St. Louis) to Riverview, Mo., 172 m.; branch, 3 m.; tra.ckage,ForestPa.rk to Union Sta.tion, St. Louis, 4 m.; contract let thence west to Kansas City, 117 miles. In May, 1902, the Chica.go Rock Island & Pacific Ry. acquired the road and is extending it to Kansas City under charter of Kansas City & Rock Island. V. 76,1 p. 159; V. 74, p. 938; V. 75, p. 136, 794. Stock authorized, $20,000,00u; outstanding Apr., 1902, $1,939,· 800: par, $100. Bonds a.re issuable at $30,000 per mile of main line. President, Wm.B. Leeds, Chicago, m.-(V. 75, p. 78,136, 794.) St. Louis lUempbll!I &: Southea8tern KK.-Extends from st. Lows, at a. connection with St. Louis & San Fran. RR., to Luxora, Ark., 249 miles, with branches, 1n all a.bout 416 miles, forming in con· neotion with the St. L. & S. F. RR., the shortest line between Birming· ham Memphis and St. Louts. V. 75, p. 291• ORGANIZATION.-In Nov., 1902, the St. Louis & San Francisco acquired the entire $10,000,000 outstanding stock. V. 75, p. 1088, 1148. BONDS.- Of the 4s of 1902 (present issue limited to $8,530t000) $5,· 000,000 were underwritten by New York, St. Louis a.nu Boston <r.· JAN. 1904.] 481 RAILWAY STOOKS AND BONDS. RAILROADS. INTEREST OR DIVIDENDS. Bonds-Prtnol• - - - - - - - - - - - - - - - - - - - - - 1Miles Date Size,or Am t - - - ~ - - - ----------,t>al,WhenDue. of of Par Outs~~g Rate per When Where Payable and by Stocks-Last on first page of tables. Road. Bonds Value. Cent. Pa.ya.ble Whom. Dividend. l'or explanation of column headings, &c., see notes --------------------- - --- ---- ------1---- ----1----------·1-----Bt. Loui• Bridge - See TERK. RR. AsS'N OF ST LoUIS . St. Louis " Oairo-See MOBILE & OHIO. 8t. Louis ti lhtlf-St. L. Ken. & So.t 1st M., gold•. c* Pemiscot Div.1st mort~age, gola..SSt ...•..... o* Kennett & Osc. RR.1st M., g., int. renta.l.SSt .. c* St. Francois Valley, 1st mort., gold, int. rental.. Other bonds, etc., assumed (V. 74, p. 1039).. ..•. St. Louis Kansas ti Northern-See WABASH RY. St. L, Kan. Oity ti Oot.-lst M ., $20,000,000, g Sst. Bt.L. M.tlS.-lstM.• $13,000,000, g.red.1050B.c* 8t.LouisMerch.Br.Term.-lstM.,gu.p.&1.,g.SSt.c 20 25 20 10 . .•. 1891 $1,000 1894 1,000 1897 1,000 1899 1,000 105 .••. 1901 1,000 3,030,000 4 g. J. & J. 1902 1,000&c *3,834,000 4 g. J. & J. 1890 500 &c. 3,500,000 5 g. A. & 0. 1889 1,000 2,000,000 6 F. & A. 1900 .. .. .. (t) 5 g. .••.. . •• . 1 00 30,808,000 .. . . • • . .•.. .••• 100 5,000,000 4. Q.-J. . -·· 100 16,000,000 4 in 1903 Q.-M. .... 100 13,510,000 4 g. ~.-J. .•.. 100 7,070,000 10 g. J. & J. •••• 100 4,143,500 6 g. Q.-J. 1901 1,000&o a54, 713,000 4 g. J. & J. 1902 1,000 4,000,000 4 g. M. & N. 1903 1,000 See text. 4¼1 g. J. & D. •••• Merch.B'gelstM.,red.aft.Feb.1,1909,a.tJ.lO.SSt •••• Bt, L. ti No. Ark.-lst M., g., $25,000 p. m.text. Us .... ~ San .Fran.--COm. stock, $64,000,000 1,691 1st pref. stock, 4 per oenti. non-own., $5,000,000 1,691 2d pt. stk. 4% n.·CU. $31,0uO,OOO ...••• -··· .. ·-·· .. 1,691 K.O.F.8.&M.pret.stooktr.ctfs.,$15,000,000,gu. O.&E.Loom.stk.tr.ofs.,$7,2l7,EOO,g.gu.re.p'rCol do pref. do $6,830,700,g.,gu.,red.par.Ool --· Refunding mort., gold, $85,000,000. lUo •.... o*&r 2,589 Coll. tr. notes secured by St. L M. & S. E.stk. Ea _.. OoL tr. notes (St. L. S. F. &N. 0.), g. red.par.No 222 BONDS UNDERLYING REFUNDING 48. 2d mortgage (now 1st), Serles A, B & 0, gold.... 294 Mo.&W.Div.lstM.,g.1$5iOOOyea.rlydr.a.t105 .. c* 82 8t.L.&SanF.col.trusligod,s.f.notdrawn.1Js.o• 101 Gen.M.,g.(lston365m.)$3,681,000are6s.Uso* 986 Colla.t. Trust mort. on branches.I gold - Un... . o* 64 Consol mort., $50,000,000, gola, no option.Me 2,393 southwest Div. M.$1.500,000red.a.tpar,g.Ceo,. 112 Oent.Div.lstM., g,$3,462,000,red.at 162¼1.Co.o* 103 * In Sept., 1902, $87,000 Southern Missouri & Arkan a Exolusive of $3,4.69,000 a.dditiona.l in trea.su ry or d St. Loms 0FFICERS.-President1• B. F. Yoakum; Vioe•~esident a.nd General Manager, B. L. 'flnoheu.-(V. 75, p. 291, 1088, 1.148.) st. Louts Merchants' Bridge Terminal Ky.-ORGA.NIZATION.-Double-traok road from near Union Depot, via. Main Street, Hall Street, &c., to Ferry Street, opposite the Meroha.nts' Bridge, 7 miles. It owns and controls the Madison Ill. & St. L. Ry., connecting the town of Madison and East St. Louis, 8 miles ; total, 15 miles. Leases Mer• chants' Bridge for interest on the Bridge Company's $2,000,000 bonds. In Aug., 1903, the U. S. Government claimed tha.t the charter of the Merchants' Bridge Ry. was forfeited on the ground of unlawful com• bination. V. 77, p. 299. Stock authorized, $3,5001 000; issued to July 1, 1899, $2,939,500; ar $100. On Dec. 31, 19u0, there was due to Terminal RR. of St. L. !.t_008,489 for a.dvanoes under its guaranty. In Noy., 1893, Terminal ~. Assooia.tion of St. Louis acquired control of tms company a.nd guaranteed by endorsement the prinoipal and interest ot its $3,500,000 first mort. bonds and the interest ,on $2,000,000 Merchants' Bridge 6s. The 611 are subject to oa.11 after 20 yea.rs at 110 a.nd interest. EARNINGS.-Yea.r 1900, gross, $762,510; net over taxes a.nd renta.ls, e188,344; interest, $193,270; deficit, $4,926.-(V. 77, p. 299.) St. Lonl8 & North Arkansas RK.-Sellgma.n, Mo., connecting with the St. Louis & San Francisco Ry., to Harrison. Ark., 6819 miles; extension from Harrison to Leslle,60miles, was completed in Oct., 1903. In Dec,, 1902, the Leslie & Southern Ry. was incorporated with $3,000,000 capital stock, by the same interests, to build an extension from Leslie south to Little Rook, Ark., 120 miles. Successor by purchase Feb. 1, 1900, to Eureka Springs Railway. The first mortgage of 1900 was to secure $3,212,500 5 p. o. gold bonds on entire proposed line of 12819 miles, a.t $25,000 per mile, per plan V. 69, p. 645. Stock, $1,712 500; par, $100. For calendar year 1902 (82 aver. miles), gross, $218,132; net, $85,906; interest, $85,625; taxes, $6t743; bal., def., $6,462. Preeident, John Soullin, St. Louis; Bee. and m.gr., Geo. West, Eureka Springs, Ark.-(V. 73, p, 900). St. Loul8 & O'F"allon KR.-V. 77, p. 1747. St. Louis & San Francisco KR.-( See Map.J-RoAD.-Aa 1hown by the map, the system embraces: ,rsee this Co. Linu owned.Mites. Operated, independently- Miles. St. Louis,Mo.,toOkla.., 0. T .. 543 Kan. City Mem. & Birm•..••. 286 Springfield, Mo., to Knoche Fort Worth & Rio Grande.•.. ,rl96 Jot. (Kan. City), Mo........ 189 Red Riv. Tex. & South. (incl Monett, Mo., to Red River... 286 31 m. track to Fort Worth. 87 Oklahoma., O. T., to Red Riv. 1751 Paris & Great Northe1n RR. 17 Bapulpa,1.1:·ttoDenison,Tex. 193 St. L. San. Fra.n. & Tex, Ry.. 16 PeiroeOity,Mo,,toEllsw'h,K. 323 Okla. City &Texas Ry....... 9 Ashdown, Ark., west........ 166 Blackwell Enid & Texas .• 13 Beaumont,Kan.,to Red River 3 l8 Chica.go & Eastern Illlnois . .. 11'751 Branches in Missouri, Ka.nTotal June 30, '03, (inolud--sas and Arkansas, etc..... 263 Ing 151 miles trackage). .4,689 Trackage,rst. Louis Memphis & s E., ~ooh~t. to Kansas City.. 4 since acquired ...•.......•. 416 ,r ,rst. Louis & Gulf, to be..... 265 K . OeaFst. 8 • & M , andtra-~ . UAage. 854 Birmingham Belt RR .... 16 -Ozark & Cher. Central....... 144 ,r Also owns jointly with the Atoh. Top. & Santa Fe the Ka.n. Southwestern Ry., Arka.nsa.s City to Anthony, Kan., 59 m. In Jan., 1903, a. union of oerta1n of the oontrolled companies was proposed. V. 76, p lf>9. In Apr., 1903, the Oklahoma City & Western Ry,, a.n extension from Okla.home. City southwesterly to Quanah, Texas, 184 miles, was com• pleted. The Birmingham Belt RR., owning 16 miles of tra.ok a.round Birmingham, Aia.., we.a puroha.sed; a.lso the St. Louis San Fran. & New Orleans Ry., Hope . Ark., to Ardmore, Ind. Ter., 222 miles, completed in Nov., 1903. V. 74, p. 1197; V. 75,p, 75,343. An extension is pro• posed from St. Louis to Shelbyville, Ill., 95 miles, a,t a. connection with the Chlo. & Ea.st. Illinois. V. 75, p. 291. The entire stook of the St. Louts Memohis & Southeastern RR. was aoquiredinNov., 1902. See separate sta.tementand V.75,p 1087,1148. In Joly, 1903, a.oquired the Ozark & Cherokee Central Ry., Fayetteville, Ark., to Okmulgee, 1- T., 144 miles, with extensions under con· str11otion from Fayetteville to Jasper, Ark.; Okmulgee, I. T., to Okla, homa, O. T., and Muskogee, I. T., to Ft Smith, Ark.; total to be 400 m. See that company. The Arkansas Valley & Western RR., Red Fork to Enid, Okla., 119¼ miles, haR been operated from Dec. 28, 1~03. V. 78, p. 49. St. Louis Brownsville & Mexico, V. 77, p. 350, 770; Houston Beaumont & Northern, V. 78, p. 4U, The new north•and·south trunk ltne to New Orleans to be completed about June, 1904, will inolude Chicago & Ea.stern Illinois, St. Louis Memphis & Southeastern, St. Louis & Gulf and St Louis San Fra.noisoo & New Orleans, and 125 miles to be constructed from Memphis south to T11pelo, Miss ., thence reaching New Orleans by Mobile & Ohio and New Orleans & N, E. trackage, 340 miles. V. 77, p. 38, 148; V. 76, p. 1144; V. 77, p. 239 l; V. 78, p. 49, ORGANIZATION-Organlzed June 30, 1896, to succeed to the property and franchises of the Railway company sold in foreclosure a.nd reor. per plan in V. 62, p. 829 and 1140-see also p. 742. Central Division of Atl. & Pa.o., 112 miles was purchased in July, 1897. V. 65, p. 150. In May, 1903, the Rook Island Co. acquired $27,988,300 of the $30,· https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I I 6 g. F. & A. 6 g. A. & 0. St. Louis, Mo. do do Chica.go, Ill. 6 g. J. & D. 5 g. J. & J. N.Y., Morton Tr.& St.L. N. Y., Comp'y's office. N.Y.,F'rsL.&Tr.&St.L. N. Y.,Farm.L.&Tr.Co. ••••••.••• Feb. 1, Apr. 1, June 1, Jan. 1, 1921 1914 191'7 1919 July Jan. Oct. Feb. 1951 195~ 1930 1929 1, 1, 1, 1, • ••••••• Checks ma.iled. Jan:2·;;0,: 1% do Dec. 1, '03, 1 % N. Y.Mero.TrustOo. Jan.l,'04,19' Cheoksma.iled. July 1, 194i do do July 1, 1942 N. Y .• Morton Tr. Co. July 1, 1951 New York. Nov. 1, 194.2 New York. Dec. 1, 1908 1876 100 &o. 2,050,300 6 g. M. & N. N. Y., Mercantile Trust. 1879 1,000 130,000 6 g. F. & A. do do 1880 1,000 196,000 6g. F. &A.N.Y.,UnitedSta.tesTr, 1881 1,000 9,484,000 5 & 6 g. J. & J. N.Y.,Meroa.ntileTrust. 1887 1,000 439,000 5 g. A. & O. N. Y., Union Trust Co. 1896 1,000 1,558,000 4 g. J. & J. N. Y., Mercantile Trust. 1897 1,000 , 829,000 5 g. A. &O. N.Y.,MeroantlleTr.Co. 1899 1,000 145,000 4 g. A. & 0. do do sas bonds wer e outstanding, eposit ed in sp eoial trusts. For unde rlylng b onds deposited a.a seour capitalists. In Sept , 1902, only $87i.OOO South Mo. & Arka.nsa.s bonds remained outstanding, V. 74, p. ~07, 268. t $135,000 150,000 80,000 50,000 740,000 Nov. Aug. Aug. July Oct. July Oct. Apr. 1, 1, l, 1, 1, 1, 1, 1, 1906 1919 1920 1931 198'7 1998 1947 1929 ity, see text. 808,000 common stock, the latter receiving (per $100) $60 in common stock of the Rook Island Co. and $60 in 5 per cent gold bonds of 1913, of the Chica.go Rook Island & Pa.oifto RR. See those companies, V. 76 p. 1086, 1249. Tbe New Orleans Terminal Co. was organized jointly by the St. Louis & San Franoisoo and Southern Ry. systems, and issued 4 p, o. gold bonds (present amount $3,000,000), which are guaranteed jointly by the St. L. & S. F. and the Southern Ry. V. 77, p, 38; V. 76, p. 1144, The Kansas City Fort Scott & Memphis Ry., extending from Kansa.s Oity to Memphis, Tenn., with branches, a. total of 854 mile1, was acquired in 1901; its entire stock is owned and road leased tol' interest on bonds a.nd 4 p. o. on pref. stock trust oertifloates (see above table), the new refunding bonds being guaranteed, prin. and interest. See K. o. Fort Scott & Mem. in this SUPPLEMENT and v. 72 p. 438, 5321 581, 1238. In May, 1901, acquired over 90 per cent of the atooll: of tne Ft. Worth & Rio Grande Ry., Fort Worth to Brownwood, Tex., 146 miles. Control o:t Chicago & Eastern Illlnois, 747 miles, was acquired in Aug., 1902; see below. Srocx.-The company reserves the rittht a.t a.ny time to redeem either or both classes of its preferred stock a.t pa.r in ca.sh. Provision• o:t the pref. oertiftoa.tes were in SUPPLEMENT of April. 1897, page 6. DIVIDENDS.1897 1898. 1899. 1900. 1901, 1902. 1903. First pref .. •..••. 2 p. ct. ..._ ~ per oent per annum. Second pref...... .••. 1 p. ct. 2 p. ct. 2 p. ct. 319 4 4 In latter half o:t 1901 dividends on both preferred stocks were changed from seml•a.nilual to quarterly. BONDS-Consol. mortgage o:t 1896, see abstract in V. 64,p. 186. REFUNDING 4 PER CENTS OF 1901, $85,000,000 AUTHORIZED. The refunding 4s are issuable and issued as follows (V. 77, p. 2391) d. uthorized Issued. 1. To retire underlying bonds ................ $62,500,000 *$42,601,100 2. Forimprovements, betterm'ts,newequip• ment, etc., a.t $1,000,000 per year....... 6,000,000 3,000,000 l$. Adctitiona.l lines, extens'ns, etc., at cost . . x16,500,000 12,580,900 Total ....................................... $85,000,000 f$58,182,000 • To retire 136.624,950 underlying bonds mentioned below, all deposited under the mortgal,!'e. x At not exceeding $32.0001>er mile (tncl, underlying llens) $i,500,000; at not exceeding $22.Mo per mile (Incl. underlying liens) e12,ooo,ooo. +Includes: Hypothecated as collateral 17t0,000; deposited as security for deferred paymentl! Ok. City & Western RR .• 12,529.000; in trust for Northwestern Division improvement fund, ,2110.000; total, 18,461#,000; leaving In the hands of public, 154,713,000, as ab.own in table abcve. The underlying bonds which ha.ve been deposited a.s security under the refunding mortgage, and which a.re therefore kept alive, are: A. B. & C. 6s of 1906•.••• ..•••• $3,589,700 Mo. & W. Div. 61!........... ... 874'.000 St. L. Wich. & West. 61! ..•.••• 1.696,000 Trll8t 61 of 1880 . ..... . . .....• 7!!6,000 Ft. Smith & Van Bur. Br. 611.. 202,000 Gen. mort. 6a of 1881. •..•..••• ,,126,000 do 5s .................. 6,48-,,000 Trust 5s ot 1887 • .. • .. .. • . • • •• • 660,000 ISouthwest. Div. 5s............ e671,000 Cent. Div. 4s ................... 1,817,000 ISt. L. Okla. & So. 4s (all) ...... 4,650,000 Kansas City Div. 4s (all)...... l,SH,000 l do do 3s (all)...... 976,000 Northwest. Div. 4s .. .......... 1,260,500 ConsoL 4.8 ........ . ............. 6.626.760 There have also been acquired and deposited under the refunding mortgage the following stocks and 4 p. o. bonds, representing new extensions (being the entlre Issues on a.ooount thereor), the latter aggregating 551 ·13 miles. (As to location, see V. 77, p. 1538, 1537). Name of road- Miles Stock. Oklahoma City & Western RR ........ 174·85 $5,000,000 Oklahoma. City & Texas RR . . ..... • • 8°68 50,000 Ft. Worth & Rio Grande Ry .•••••.••• 49·72 ,r4,001,600 Sulphur Springs Ry ...... __.•......• _ 8·72 200,000 Blackwell Enid & ~outhwestern Ry .. 238·67 500,000 Blaokwell Enid & Texa.R Ry ....••. .•. 12·75 20,000 Red River Texas & Southern Ry ..... 57·74 -100,000 Bonds. $4,023,000 ......•. J994,00O 174,000 4,500,000 ....... . 815,000 'If Substantially the entire issue. § Issued tor extension from Brownwood to Brady, Tex. (entire amount): total length of road, 19~·88 miles, balance of issue, t2.ll23,000, being In hands of public. COLLATERAL TRUST GOLD NOTES, Of the $9,160,000 of 5•year 41g per cent gold notes of Deo., 1903, $7,125,000 are used, per plan V. 77, p, 2281, to acquire the entire ($1,060,000) outstanding prererred stook of the St. Louis San Francisco & New Orleans RR., extending from Hope, Ark., to Ardmore, I. T ., 222 mile~. with proposed Platte out off',~ miles, a.nd the St. Louis & San Fra.notsoo New Orleans extension colla.tera.l trust 4s, the latter belng secured by all the issued first mortgage bonds ($6,487,· 000) and all the $6,0,n,ooo outstanding common stock of the St. L. S F. & N. 0. RR. The gold notes isrned a.re thus virtually secured by a first lien on the St. L S. F . & N. O. RR. The remaining $2,035,000 notes are reserved agatnst deposit of additional extension bonds here• after issued in proportion of $900 notes to $1,000 extension bonds. Tbe subscribers to the gold notes were to loan the company $700,000 for one year from Dec. 1, 1903, a.t 6 per cent, payable semi-annually,. secured by $1,000,000 of the gold notes. The $4,000,000 forty-year 4 per cent colla.tera.l trust notes o:t 1902 (Eastern Trust Co. of N Y., trustee) are secured by deposit of the entire ($12,500,000) St. Louis Memphis & Southeastern stock. They are subject to oa.ll at 82 ¼I to July 1, 1904, and thereafter at par at any time on 30 days' notice. V. 75, p. 1148. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rv OL. LXXVIII. DS. f'Aap of sr. 19v1s AND s~ F AN~~~:g~ LINES. RANCISCO RAILWAY STOCKS AND BONDS. JAN., 1904.] 483 RAILROADS. INTEREST OR DIVIDENDS. Bonds-Pr1n61• - - - - - - - - - - - - - - - - - - - - , Miles Date Size, or Amount - - - - - - - - - - - - - - - - r p a . l ,When Due. Por explanation of column headings, &c., see notes of of Par Outstanding Rate per When Where Payable, and ~Y BtockB-Last onfirstpageoftables. Road. Bonds Value. Cent. Payable Whom. Dividend. Bt • .Louia ct Ban Fr.-(Oon.)- N. W. Div. M.Co.c* 106 8t.L.W1ch. &W. lstM.,red.atl05,gold ......... c* 145 F.Worth & R. Gr.1st M .• g., old 5s, Int. red.Ce.c* 146 Bir. Belt l st M., g., red.102¼, gu.p.&i.end,OB.c* 16 Ft. 8. &V.B.Bridge 1st M.,g.,dr.at 105,guar.p.&1.c* .••. Chicago & Eastern Illinois and Kan. City Fort Scott Equipment notes, payables. a. (V. 73, p. 1314.) •••• Equip. notes, g., ser. B.,red. par.,$62,000 dues.a ... . do do g., ser. C. due $50,000 semi-ann'ly ... . do do g,,due$58 .000 quarterly . Co .......... . Bt. Lou. 801tthw.-lstM. ctfs.,$16,500 p. m., g.Ce.c~ 1,223 2d M. 4% Inc., $10,000,000,non-oum., gold.If.le.c• 1,223 1st oonsol. mort~age, $25,000,000, gold. R.o*&r. 1,233 Gray's pt, Term 1, let M., gu., p.&1.e.g.SSt.c·&r 16 Bt.L.Troy tlE. -letM.,$600,000,g. ,red. textltlSt c&r 13 Bl. L. Walk. cl Gulf- 1st M., $1,225,000, g. & .£. F. 101 Bt. Paul ti Duluth-See NORTHERN PACIFIC. 81, Paul Eastern Gr.jTrunk-lst M., g ., int. guar.o" 56 Bt. Paul Minn. cl Manitoba-See Great NorthernSt. Paul ti No. Pacittc-See NORTH'N PACIFIC RR. St. Paul Union D epot-lat M., g., Int. as rental.... .. •• Consol M., gold ($100,000 are 4s), int. as rental .. • . Balt Lake ti Los Anqelu-lst mort.• gold.Do . c 15 Salt Lake cl Mercur-lst mort. ; $300,000, gold.B. 12¼ Ban Antonio cl Aransas Pass-Stock...... .. .. . .. . .. . ... 1st M., $21,600,000 g., guar. p. & 1. (end.).Ce.o*&r 687 Ba,n I>ieqo Ouyamaca ti East. By.-lst mort., g.1'Ie 25 Ban .Fran. cl No. Paciftc-lst M., gold, s. f.1'Ie.c*&r 165 Ca.I. Northw., 1st M., $2,000,000, g., gu.p.&L,s.f. 60 Ban Fran. cl. Ban Joaquin Val.-Bee ATCH. TOP, & 8. FE. Ban Ped. Lo• An. ti 8 Lake-1st M .• $50.000,000,g. .. •. Banta Ft. Oentrat-lst M., $2,500,000,g.PPI...... . 1··9·s· Ba,nta Ft. Pru.ti Phren~1st M.• $5,000,000.li(.If.le.o* 1900 $500&0. $49,500 4 g. 1879 1,000 304,000 6 g. 1888 1,000 2,923,000 4 g. 1902 1,000 1,000,000 4 g. 1885 1,000 48,000 6 g. & Memphis, s ee those com panies 1901 5,000&o 1,048.000 4 1902 4,000&c 1,054,000 4 g. 1902 ...... 85li,000 4 g. 1903 1,508,000 5 g. 1890 20,000,000 4 g. 1891 500 &c. 3,261,500 4 1902 1,000 12,545,750 4 g. 1897 1 000 380,000 5 g. 1899 500 &o. 600,000 6 g. 1902 $ & .£ 983,360 5 i:ooo 1883 , Dallas Branch........... ... ...... 12 l Sherman Branch................. 109·9 Hl1l11boro Branch...... . ........ .. 40·0 1Lufkin Branch . . . .. . .. .. . . . . . .. . . ~8·6 .. • • • .. • .. .. . .. .. .. . N. Y_:., Central Trust Co. N. :r:., Mero. Trust Co. N. Y., Bowl. Gr Tr. Co. N. Y.,B. Gr. Tr. & St. L. Miss. Val. Tr. Co., St. L . New York and London. Apr. Sept. July Oct. Apr. 1, 1, 1, 1, 1, 1930 191 9 1928 1922 1910 J'ne, 1904-'ll Aug.04.-Ang.'12 To May l, '12 Apr'°' Oct.'10 lSov. 1, 1989 Nov. 1 1989 June 1, 193Z Dec. 1, 1947 Dec. 1, 1919· Jan. 1, 1930 6g. J. & J. Offioe,C.&N. w.,52Wall. lan. 1, 1913, ...4.g. ...... ---· May May Jan. May 1, 1, 1, 2, 1930 1944 1913 1918 Jaii:·1,--is.s July 1, 1918 Jan. 1, 1919 Apr. 1, 1928 4 g. J. & J. New York. July 1, 1953 5 Ii(, 194.2 5 Ii(. M:·&··s. N. Y. Mero1m.ilie Tr. Co. Sept. 1, 194.2 EARNINGS.-5 mos., ~ 1903 ....... Gross, $3,296,077; net, $1,095,945 Julyl to Nov. 30. 51902....... Gross, 3,194,311; net, 1,044,,299 AmiUAL REPORT.-Annual meeting is held at St. Louie, Mo., on the ftrst Tuesday in October. Report for 1902-03 was in v. 77, p. 1222; see also edit., p. 1262. .Year ending June 301903. 1902. 1901. 1900, Gross earnings . . ....... $7,27ti,575 $7,267,260 $7,387,174 $5,908,284 Operating expenses ... 5,256,164' 5,173,066 4,632,892 4,156,073_ Net earnings ....... $2,022,411 $2,094,194 $2,754.282 $1,752,2U Tot. net,incl.other.inc.$2,205,014 $2,183,213 $2,836,478 $1,847,896 Taxes................... 161,750 195,619 155,771 151,567 Cnt.onlst&con.morts. 1,297,200 814,848 800,000 800,000 Int. on 2d mort. bonds 130,460 400,000 380,000 360,000· Equipment payments.. . _... _.. 385,413 258,825 204,889 Rentals, etc............ 51,228 59,143 66,907 61,148. Bal. over all paym'ts $564,375 $328,190 $1,174,974. $270,292 OFFICERS.-President, Edwin Gould; Vice-President and Genera.I Manager, F. H.Britton; Treasurer, \:I-. K. Warner; Sec., Geo. Erbeldlng. w?~rg~~~-~et~~? l8fl~~ ½i.d~':;io~·a~J l-l!je~:::~~"We.,,Hi';r°i;d3:;:;:; Carleton, F. H. Britton and Charles Parsons, St. Louts. Office, 195 Broadway, N. Y.-(V. 77, p. 90. 299, 951, 2160. St. Louis Tror & Eastern RR.-East St. Louis, ID., to Troy ru., with branch, mile, to Colllnsvllle, ID.; total, 13 miles of road (27¼ miles of track) . Stock, $350,000, all outstanding; par ot shares, $100 Bonds are subject to ca.11 at p~r after 1904. Pres., Edwin H. Conrades; Sec. and Treas., Julius L . Winkelmeyer. Office, 314 North 4th Street. St. Louis, Mo.-(V. 70, p. 126; V. 77, p. 251.) St. Louis Vandalia & Terre Haute KR.-See July, 1902, SUPPLEMENT and V. 75, p. 667, 734, 1303. St. Louis Watkins & GulfRv.-Lake Charles to Alexandria, La., 98 miles, with two branches aggregating 3 miles; total, 101 miles. Successor on May 24, 1902, of Kan. Oity Watkins & Gulf RR .• sold In foreclosure on March 24, 1902. V. 74, p. 630 681. Stock author ized, $1 225,000; present issue1$993,360; par of shares, $20. Bonds au• thorized, $1,225,000; present 1~sue, $983,360, consisting ot $500,000, in $500 uonds and £100,700 in .£100 bonds, valued at $4 87 per •· Year ending- June 30, 1903, gross. $237,108; net, $ ,;i 3,029 ; charges, $49,16~; bal.• sur.• $33,861. President, J. B. Watkins; Seo. and Treas., J. S. Thomson, Lake Charles, La. Dlreotors, V. 74, p. 680. -(V. 75, p.291.)· st. Paul.-See Chicago Milwaukee & St. Paul. St. Paul Eastern Grand Trunk Ry.-(See Map Ohicago ct N. W.J-OWJ18 from Ocont.o to Olintonvllle, Wis., 56 miles. Leased Oct. 30, 1884, for 99 years to Milwaukee Lake Shore & Western. Rental 30 per cent of gross earnings, Interest on bonds being guaran«ied. Lease acquired Aug. 16, 1893, by Chicago & North Western through purchase of Milwaukee Lake Shore & Western. (The) St. Paul Union DepotCo.-OwnsUnionPassengerSta.tion with 8·76 m. of track (additional tracks being put in July, 1902), th~ stock being increased from $350,000 to about $1,000,000 for improvements in progress; owned equally by the following: Great Northern Nort11 ern Ptt.ciflc, Chic. St. Paul Minn. & Omaha. Chtc. Mil. & St . Paul, Cbic. Great Western, Chic. Bur. & Quincy, Minn. St. Paul & S. Ste. Marie, Minn. & St. L ou is ano. tbe Chic. H.. I. & Pac. Authorized stock, $1 ,000,000. Rental covers tnteres ton bonds and- so. 1903 ......... . . . .. .. .............. 1,279"9 4 per cent on stock Rlnce May 1, 1902; from 1890 to May, 1902, 6- Also ha.~ St. Louis Iron Mountain & Southern trackage, not included in operating accoun· s, viz.: St. Lome to Bismarck. Mo.. 75 4 miles; Bismarck, Mo, to Delta., 74 miles; Memphis, Tenn., to Fair Oaks. Ark,, 60 miles, maktnt the totral lines J ,489·3 miles. Also the right to run passt:nger trrains bet • een Ft. Worth and Dallas over T exas & Paciftc, 32 miles. V. 77, p . 90. Of the 1,280 miles, 487 Al'e laid with 75-lb., 30 with 70-lb., 713 with 56-lb. and rest with 35, 55 and 60-lb. steel rails. ORGANIZATION.-Reorganiza.tionper plan 1n V. 70, p. 141, 561, of Bt. Louis Arkansas & Texas, sold 1.n foreclosure In October, 1890. The St. Lou.1.8 Southwestern Ry. of Texas on July 1, 1903, purchased the Texas & Lomslana RR.. extending from Lufkin, Tex., to Monterey, 22 miles, and will extend to a p oint at or near Newton, a distance of 70 miles V. 76, p. 1086; V. 77, p. 1223. STOCK.-Stock issued, common, $16,500,000; authorized amount increased in 1902 to $35,000,000; pref., 5 p. o. non-cum., \120,000,000, of which in treasury June 30, 1903, common, $143,900; preferred, $106,350. Par ot sharea., $100. BoNDs.-The jtrst mortgage oertiftcates are issued against a like amount of first mortgage bonds secured upon the constituent lines at a rate not exceeding $16,500 per mile. and the second mortgage certift• ca.tee against second mortgage bonds at $8,250 per mile. The first console of 1902 (authorized issue $25,000.000), are secured by all the propE>rty of the company, subject to the prior outstanding bonds. Of the a.mount $6.000.000 were issued to retire $1,700,000 equipment bonds and other capital requirements; $9,000,000 were reserved to retire by exchange the $10,000,000 second mortgage income bonda (of which $6,739.500 had been acquired in June, 1903). and the rema1ning $10.000,(1 00 for the acquisition of branch lines at not over $20,000 per mile, acquisitions and improvements. (V. 75. p. 136.) See V . 74. p. 328, 578, 630, 831; V. 75, p. 790; V. 77, p 2160. Gray's Point Terminal ~na.ranty in V. 69, p. 1062. St. L. ~o. W. owns all stock and leases road :tor 11.fty years. (V. 65, p. 413.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N. Y., Blair & Co. See text. See text. 4.940,000 i:ooo 1.000 n~:~ I : 0~~ ~~~TJ~~::~~.~~ .~.~~~~-v ·3~~:g Total of all operated mileage June D. A. N. J. N. J. D. D. D. J. 1903 1902 1892 / Balance, surplus $634,975 $1,472,197 $1,997,159 OFFICERS-President, B. F. Yoakum; Vice-Pres, and Gen. Mgr.• B. L. Winchell; Vice-President a.nd General Auditor, Alexander Douglas; Vice-Pres. and Asst. Gen. Mgr., C. H. Beggs; SeoretaTy and Treas., Frank H. Hamllton; Comptroller. Asst. Bee. and Asst. Treas. at New York, 0. W. Hillard. N. Y. office. 5 Nassau St. DmECTORS-(Oct,. 1903) J. A. Blair, D. G. Reid, c. w. Hillard, F. L Hine and J. T. Fulton of New York; W. H. Moore, W. B. Leeds and J. H. Moore of Chica.go; Nathaniel Thaver, Benj. P. Cheney of Boston, Mass.; H. C. Pierce, B. F. Yoakum, James Campbell and W. K. Bixby, St. Louis. Executive Committee, James A . B1atr, James Campbell, William H. Moore, William B. Leeds, Nathaniel Thayer. H. Clay Pierce and B. F. Yoakum.-(V. 77, p.22,n, 23H; v. 78, p. 49.) St. Louis San Francisco & Texas Ry,-(V. 76, p. 159, 752.) St. Louis Southwestern Ry. - (See Map.)-Embraces: ST, LOUIS SOUTHWESTERN RY. CO. ! ST. LOUIS S0UTHW. RY. CO. OF TEX, 1\7·8 84·8 41·7 59·5 J. & F. & M. & J. & M. & J. & J. & J. & J. & J. & O. N. Y., Meroantlle Trust. 8. do do J. N. Y., H.B.Hollins & Co. o. do do 0. do do 6 Ii(, M. & N. N. Y., Central Trust Co. 250,000 250,000 4 g.&5g. M. & N. St. Paul Trust Co. Salt Lake City. 300,000 6 g. J. & J. , 2eo,ooo 5 g. M.&N. 1,000,000 J . .&.. J. N. Y., Cent. Trust Co. See text. 550.000 6 g. J. & J. 1 per cent pd. in 1901·2 5 g. J. & J. N. Y.,25 Broad, &Fr'k'ft 3,926,000 748,000 5 g. A. & 0. Ban Fran. & New York. $9,156,836 $8,345,572 $8,101,200 Tota.I net income.......... Deduct-Interest on b'nds 3,!'>30,437 3,191.720 2,586,658 Rentals of leased lines. 2,780,865 2,434,069 1,887,672 Taxes . ............ .••••• 382,820 360,759 338,074 Miscellaneous........... 98,774 81,546 295,716 Div.C.&E.I.stk. tr.ctfs.. 8R9,222 ... . .... ·-·· · --· Dividend on 1st pref.... (4'lf) 199,742 (4%) 199,742 (4%) 200,000 Dividend on 2d pref..... (-l%) 640.000 (4%) 605,539 (2.19%) 400,000 Div. K. c. F. s.&M. com. stk. ........ .... •••••• (4%) 395,920 Stutt1rart Branch..... .. . . ... .. .. . Little Rock Branch.......... . ... Shreveport Branch............... & & & & & 1,000 1.000 1,000 1,000 100 i893 1,000 1888 500 &o. 1889 1,000 1898 1,000 1880 1894 1893 1898 GENERAL FI'N.ANCES.-B1rm1ngham Belt RR.bonds, see v. 75, p. 1148. In Jan., 1903, il7,070,000 ot the $7,217,800 common and $4,143,500 of the $6,830,700 preferred Chicago & Eastern Illinois RR. stock was acquired, the St. L. &8. F. giving In exchange tti- stocktrustcertiftoates at the rate ot $250 for each $100 share of common stock and $150 for ea.oh $100 share of preferred stock, upon which 10 and 6 p. c. dividends, respectively. are paid. See Chicago & Ea.stem Illlnois on a preceding page and V. 75, p. 291, 393, 1031. EilNINGS.-For 5 months, July 1 to Nov. 30: Gro•s. Net. Otner Oharqe• Balance, 5 mo•.earning•. earnings. income. ti ta:ees. surplus. 1903......$15,723,4.i- 8 $'),835,247 $156.246 $!,241,165 $1,750,328 1902...... 13,466 021 5,349,705 182,155 3,834,523 1,697.338 Road operated 4,873 average miles in 1903, against 4,315 In 1902. AN'NUALREPORT.-Report for the year ending June 30, 1902, show• Ing operations of system, comparison being ma.de with same lines for preceding year, was given at length in V. 77, p. 1529, 1587; see also edit., p. lb04. Year ended Ju,u SO1903. 1902. 1901. Average miles............ 3,675 3.252 2.928 Gross earnings............ $24,289,ino $21,620,882 $19,324,279 Net earnings.............. 8,4.13,532 8,148.410 7,914,392 Other Income. ............ 136,170 197,162 186,808 Div. on o. & E. m. stock. 607,132 ........ .. ..... . f!~ k~~~:!~~~i.~~-~~-~~~~: Gran Point B ranch.............. 1,120,000 1,000 A. M. J. A. A. per cent dJvidenrls were pa.id. Year ending Dec. 31, 1902, li(ross, $163,· 0~2; net. $22,600; other income, $26,105; int. on bonds. $26,500; construction advances, etc., $7.837; dividends, $14,368. Pre11. , deoeased; Vice-Pres., Thomas Cooper; Seo., W. G. Johnson.-(V. 74, p. 1090.) Salt Lake & Los Angeles KR.-Road from Salt Lake to Saltair Beach, Utah, 15 miles, standard gauge-see V. 65 , p. 824. Stock 1300,000. In 1901 $300,000 first 6s were outstanding. For yeM ending June 30, 1902. gross, $62,073; net, $24,529; other income, $6,023; i nt on bonds, $18,000; taxes. $2.252; dividends (2 p. o.), $6,000; balance, surplus, $4,200.-(V. 65, p. 824.) Salt Lake & 1UeTcnr KR.-Fair:fleld to Mercur. 12¼ miles. Stock, $300,000; par of shares $100. Bonds, see table. Calendar yea:r1902, ~oss, $79,053; net over taxes, $27,231. President, L. L. Nunn, Telluride, Col. (V. 77, p. 770.) San Antonio & Aran•as Pass Ry.-Owns from Kerrville to Houston, 308 miles; Kenedy to Corpus Christi, Tex., 90 miles; Yoak• um to. Waco, 171 miles; Skidmore to Allee, 43 miles, Shiner to Look• hart, 54 m.; branch, 21 m.: total, 687 m ., all 50-lb. steel. In Jan., 1904, was building from Alice to Brownsville, about 150 miles. HISTORY.-Reorganized without foreclosure sale In 1893, manage, ment passing to So. Pao., which owns $1,000,000 stock. BoNDs.-Mortgage is for $21,600,000 (trustee, Central Trust Co.) and the So. Pacifto Co. by endorsement on each bond guarantees un• conditionally "the punctual payment of the principal and interest.'' Bonds for $2,700,000 reserved for extensions, llmited to 100 miles at $27,000 per mile, equipped. Bee full abstract of mort. in V. 56, p. 540. Due South. Paoifto Co. June 30. 1902, $1,927,113. In 1903 the Texas Rallroad Commission ordered the company tocancel $1,356,000 of tile outstanding $18.900,000 bonds alleged to be issued illegally. to rt>duce the stock to $1.000,000, and separate the manaaement from the Southam .Pacific. The oancella.tion of such I 484 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOCKS AND BO DS. [VOL. LXXVIII. ( 0 d 0 F F E M MAP OF THE 1 ST. LOUIS SOUTHWESTERN RAILWAY. JAN., 1904.] 485 RAILWAY STOCKS A D BONDS. RAILROADS. INTEREST OR DIVIDENDS. Bonlts--.l'rmot· Miles Date Size.or Amount ----,-----,-----------1l)a,l.WhenDu.e. or explana.tion of column hea.dings, &c., see not.es of of Par Outstanding Rate per When Where Payable, and by 8tock1-Last on flrst page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. ------------------- -198 - ------1------1·--5 g. J. Banta Fe Pre•~ ti Phoen~(Oon.)-2d M., 'old.Ce 1893 $1,000 $2,964,000 375 A. 98 5 8~~:~ tai~SFlic~~Be~~:1~~Jofy &~A~: i~c J,~ l,OOO .ooo Bauitste.MamBridge---lstM., g.,s.f.,dr'na.tno.o 114 1887 1,000 8a.T1annah Florida ti West'n-See A.TI.ANTIC COA.ST LINE RR . .Sa'flan. ti Statesboro-lst M., $500,000, gu. p. & 1.. 34 1902 BaT1an'h UnionBtat. Oo.-lstM.,$600,000,g.Mo.r . ... 1902 1,000&o &henectady ti Duanesburg-See DEL. & HUDSO N Co. BcAuytkiJl ti Juniata-See PENNSYLVANIA. RR. Bchluylkilt ti Lehigh-1st M., guar. by Read'g Co... Bchuyl'kill Valley Na'fligation ti RR.-Stock........ -Seaboard Air LineRy.-Stock, com., $37,500,000.. Preferred stock, 4 p. o., non•oum., $25,000,000.. 44 •. . . ..•. .... 1st M., $75,000,000, g. (see text).CoBa ...... o&r A.11 Col. tr. ref. M., g., $10,000,000, red. a.t 105.Ce.o* ..•• Atlanta-Birm. division 1st M., $10,000,000. Ko* ·Col. tr. & gen. lienM., $5,000,000, g., red. par. Co. . . •• Equipment trust, due quarterly................... . . .. do do (V. 74, p. 380).... . ... Equipm't mort., gold. ser. C, due quarterly G o* .... OLD Loilis,exoludlnga.mounts('" )pledged under oons Carolina. Central old bonds, non•assented. . ...... . .. . 1st consol. M., $3,000,000, gold,1. gu. p.& 1. end. F 267 Durham & Northern, 1st mort., ;i,150,000.MeBa 42 ·Roanoke & Tar River, $260,000. ltleBa. .. . . . .. . . 32 Flor. Oen. & Pen. lat M. $5,226 p. m., gold Ce.o* 575 2d M. (1st on ext., 92 m.) $5,226 p. m., gold.A..c"" 666 ConsoLM.,$7,800,000 ($10,000 p.m.), gold.G.o· 780 South Bound 1st M.,gold, int. rental.Me Ba.o* 136 Ga.. & A.la..• 1st M., oon.. $10,000,000, g.BBa.. o" 400 Ga..&A.la.Term.Co.,lst M.(ca.lla.tllO),~ar. p.&1. ..•. Ga.. Carolina. & Nor., lsti M., g., guar.Me Bao*.. 268 a Including $140,200 bonds lleld a.live in sink ing fa N. Y., 44 Wall St. July 1, 1937 900,000 5 g. J. & J. 185,000 600,000 1952 5 4 g. A_-·&··o. N. Y, Standard Tr. Co. Apr. 1, 1951 1898 1,000 600,000 4 M. & N. Phila.,Phll.&Rea.d.RR. . . •. 50 576,050 5 J. & J. Phlla., Read'g Term'l. .••. 100 See text. In votln g trust. .... 100 See text. In votin g trust. 4 g. A.. & 0. , N. Y., 15 Wall Street. 1900 1,000&o 12,775,000 5 g. M. & N. New York. 1901 1,000 10,000,000 1903 1,000 6,000,000 4 g. M. & 8. N. Y., 15 Wall Street. 5 g. M. & 8 . l!ltooup. dueBept.1,'04. HIO<i 1,000 See text. 1900 5,000 600,900 5 J. & J. N. Y., 15 Wall -ltreet. 1902 1,000 595,000 4¼ F. & A.. do do 1903 1,000 1,563,000 4¼ g. J. & J . do do olida.t ed mortgage. '81-'94 1,000 abt . 25,000 6 J. & J. Ba.It., Mer. Tr. & D. Co. 1898 1,000 3,000,000 4 g. J. & J. N. Y., Fa.rm. L. & T. Co. 1888 .•.. .. *100,000 6 M. & N. Ba.It., Mer. Tr. & D. Co. 1887 ... • . • *55,000 6 A.. & 0. do do 1888 1,000 3,000,000 5 g. J. & J. New York, 15 Wall St. 1890 1,000 410,000 5 g. J. & J. do do 1893 1,000 4,372,000 5 g. J. & J. do do 1891 1,000 2,033,000 5 g. A.. & 0. N.Y.,15 Wa.llSt.,orBa.lt. 1895 1,000 5,405,000 5 g. J. & J. New York, 15 Wa.11 St. 1898 •....• 1,000,000 5 g. J. & D. New York. 1889 1,000 5,360,000 5 g. J. & J. Ba.It., Mer. Tr. & D. Co. nd. bonds has been deferred pending the completion within two years of a.n extension from A.lice t-0 Brownsville, on the Gulf of Mexico, a.bout 150 miles, when new bonds on the extension may be issued in exchange therefor, V. 76, p. 1302, 1409; V. 77, p. 90,148, 401,452, 2310. EARNINGS.-10 mos,, t 1902·3 ..•. .. Gross, $2,141,276; net, $446,940 July 1 to Apr. 30. 5 1901·2 .••••• Gross, 2,172,830; neli, 575,474 ANNUAL REPORT.-Fisca.l year changed in 1897 to end June 30. Re · ~rt for yea.r to June 30, 1900, was in V. 72 p. 627. In 1901·2, gross. $2,547,166; net, $644,669; oth. income, $1,745; interest on bonds, etc., $1,022,995; balance, defloitfor year, $876,581. Directors, V. 77, 1>. 629. President (Sept., 1903), Charles R. Hudson.-(V. 77, p. 90, 'l.48,351, 401,~452, 629, 2340.) San Antonio & Gulf' KK.-San Antonio to Stockdale, 37 miles Stock authorized, $1 000,000, issued A.pr., 1902, $32,000. Bonds a.u• thorized, $250,000. In March, 1903, foreclosure was pending. V. 76, ,p. 543; V. 78, p. 288, Year ending June 30, 1902, gross, $69,548; net, $31,361; deductions, $20,583; ba.l., sur., $10,778. President, George W. Bra.oklnrldge; Sec'y and Treas.• John A.. Fraser, San Antonio, Tex. -(V. 64, p. 708; v. 69, p. 591; v. 76, p. 543; v. 78, p. 288.) Sant'ord & st. Petersburg Ky .-See A.tla.ntio Coast Line RR. San Francisco & North Pacific Ky,-Point Tiburon, Cal., to Oldah, Cal., 106 miles, and branches, 59 miles. Consolidation of March 19, 1889. Has steamer connection (6 miles) with San Francisco. Leased to the Ca.lifornia. & Northwestern Ry. lnoorpora.ted in Ma.roh 1898. The 8. F. & N. P. guarantees $2,000,000 Cal. & Nor. 5 per oent bonds, to be issued a.t $25,000 per mile. V. 67, p. 370, 688, 788. Stock issued, $6,000.000; par of shares, $100. BoNDs.-Issued a.t $25,000 per mile; sinking fund, $25,000 yearly bonds drawn at 110 and interest. [Mortgage abstract V. 49, p. 241.i ~TEST EARNINGS.-For 5 months ending Nov. 30: 5 mo•. GroBB. Net. Oh.arges. Bal.,sur. 1903•.••....•••••.•.•••••.. $660,333 $194,008 $112,917 $81,091 1902.. •• • • • . . . • • • . • • • . . • . . . 625,726 234,943 113,375 121,568 .ANNUAL REPORT.-Report for 1902·03 in V. 77, p. 449, showed, gross, ,1,299,279; net, $350,277; charges, $263,64.7; ba.l" surplus, $86,630, In 1901·02 gross, $1,132,579; net, $308,265.-(V. 77, p. 197, 449,) San Pedro Lo8 A.nereJe8 & Salt Lake By .-Projected from Salt Lake Oity, Utah, to San Pedro, on the Paolflc coast, a.bout 850 miles of ma.in Une, with branches, ma.king an aggregate of about 1,100 miles, the Los Angeles Terminal Ry., 51 miles, being acquired and formally merged a.bout A.pr. 1, 1901, a.a a part of the new line. in Deo., 1903, 4n operation at the western end of the line rrom Pa3adena, Cal., to San Pedro, 37 miles, Los an,:eles to Ontario, 38 miles, and Los Angeles to Verdugo Park, 9 miles; total, 84 miles, On June 30, 1903, purchased portion of Oregon Short Line (Union Pacific system) extending from Salt Lake City to Ca.lientes, Nev., 340 miles, with some bra-nch mileage and additional completed mileage south of Calientes, 550 miles in all. This leaves about 400 miles to be aonstruoted westwardly from Calientes to complete the through line, of whloh Calientee to Daggett, 130 miles, is being bullt by company and 90 miles from Daggelit to Riverside to be (temporarily) A.toh. Top. ..& Santa Fe tra.okage. The Salt Lake Oity terminals are leased for 99 years from July, 1903. V. 76, p. 920, 1193, 1356; V. 77, p. 38, 148, '695. President W. A.. Clark owns control. V, 75, p. 907; see V. 74, p. 269; v. 75. p. 1148, 1204 Stock authorized. $25,000,000; all issued. BONDS.-Of the 4s of 1903 ($50,000,000 authorized issue; Equitable Trust Co. of New York, trustee,) $40,000,000 may be used for the following purposes (bala.noe reserved for future requirements), viz.: To pay for the 550 miles of Oregon Short Line acquired, for whleh $7,800,000 ca.sh was pa.id, the road already completed and acquired and Los Angeles and San Pedro terminals (costing tn all $10,200,000) and to complete the system. V. 77, p. 38, 90. For year endin,: June 30, 1902 (49 miles), gross, $268,374; net, $89,913, President, W. A. Clark; Seoreta.ry.Ross W. Smith; Treas., W. H. Leete.-(V. 76, p. 1356; V. 77, p. 3S, 90, 148, 695; V. 78, p. 288.) San Pete Valley Ky,-Nephl, Utah, to Morrison, 51 miles; Quarry Branch (opened A.u,:., 1899), Nephi to Cooper, Utah, 5 miles; total, 56 miles. Sto~k, $510,000; par of shares, $100. Bonds, $565,000 1st gold 4.(b dali6Q 1894, due 1923, interest J.J, and $25(!,000 2d mort. 4s, dated June 1, 1895, due 1921, interest J .J, Farmers' LO&n & Trust Oo., New York, Trustee. Year ending June 30, 1902, gross, $20,091; def, under oper.exp.,$5,326. Theo. Brubaok,Gen. Mgr., Sa.ltLakeOity,Utah. Santa Pe Oeotral Ky.-Owns from Banta Fe, N. M., south to Torrance, 117 miles, opened Aug., 1903, Branch from Moriarity Jot. to Albuquerque, N. M., 47 miles, ls reported to be proposed. Incor• pora.ted in July, 1901. Stock authorized, $2,225,000. Of the bonds, e2,ooo,ooo are issuable a.t once, and the rema.lning $500,000 after Jan. 1, 1904, for improvements and extensions. President. W. H. A.ndrews; Secretary, W. C. Hagan; Treasurer, T. Lee Clark, Arrott Bldg., Pitts• burgh, Pa.-(V. 75, p. 186.) Santa Fe Prescott & Phoenix Ky,-(See Map Atchison To . 9"4 cf .Santa Fe.)-Owns Ash Fork, via Prescott, to Phoenix, Arizona 195 miles; opened in March, 1895. P. & E. Jot. to Mayer, Ariz., 26·4 m. bnllt under charter of Prescott & Eastern, was completed in Oot., 1898, and ts leased for 99 yea.rs and its $375,000 bonds guaranteed. Branch from Huron, Ariz., to Big Bug mines, 8 miles, completed Apr•.1 1902; extension under way from Mayer to Crowned Khur mine, 2'/ miles, of whloh 16 miles completed A.pr., 1903; tota.l. ~45 miles. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & J. N. Y., 5 Na.ssa.l_l. Street. July 1, 1948 & 0. N. Y •• Centra.l Trust Co. Apr. 1, 1928 May 11. 1948 Ja.n.13, 04,219 • .•.•••• Apr:·1;·i950 May 1, 1911 May 1, 1933 Mar. 1, 1907 ToJulyl,1918 N'v. '03-F~j'll Jan.'O'-A-lf.'13 1920 Jan. 1, 1949 Nov. 1, 1928 1917 July 1, 1918 Jan. 1, 1930 Jan. 1, 1943 A.pr. 1, 1941 Oot. 1, 1945 Dec. 1, 19'8 July 1, 1929 The Phamix & Eastern Ry., completed from Phrenix to Mesa, 15 miles, and under construction to Benflon, 165 miles additional, has been operated since June 7, 1903. V. 77, p. 90. Stock, $7,903,000. The road ls tax exempt by legislative enactment; for 20 years from 1891. The Atoh. Top. & S. Fe took possession Nov. 81 1901, having acquired $2,963,000 ot the second mortgage bonds a.na a.11 of the stock. Dividend, 3 p. o., paid Apr. 30, 1903. Bee offloia.l statements, V. 73, p. 898; v. 74, p. 150; V. 68, p. 326; V. 75, p. 680. Report for 19d0-l was in v. 73, p. 954, showing: Years. Gross. Net. Ren,tat. Tnterest. Bat., Bur. 1902-3, •••..••• $1,045,232 $571,125 $17,960 $395,228 l$157,947 1901·2......... 1,050,035 617,950 171.912 395,523 204,515 -(V. 73, p. '2'81, 844,900,954; V. 75, p. 6u7; V. 77, p. 90.) Saranac & Lake Placid KK,-See CHAT. & LA.KE PLACID RR. Saratoga & Schenectady KK,-Sa.ratoga. to i:schenecta.dy, 21 miles. Leased in perpetuity in 1861 to Rensselaer & Sara.toga. and lease assigned to DeL & Hudson Canal, by which it is operated. Bente I, $31,750 per year. Stock, $450,000. Dividends, 7 p. c. yearly. Sa1, lt Ste. Marie Brldge,-Own Sa.ult Ste, Ma.rle Bridg~1 inclnd• ing 6 421 feet of ma.in track. The Cana.dla.n Pa.cifte, Dulum Sou.th Shore & Atlantic and Minneapolis St. Paul & Sa.ult Ste. Marie RR. oos. agree to pay for use of bridge a.n a.mount equal to opera.ting expenses, and interest and sinking fund of debt. Mortgage, fl,000,000; slnking fund, $5,500 yearly. Stock, $1,000,000. Savannah Florida & We8tern Ky.-Oonsolidated on July 1, 1902, with the Atlantic Coast Line RR.-(V. 75, p. 31.) Savannah -Union Statton Co .-Owns union passenger station and terminal a.t i,a.va.nnah, Ga., with 8 miles of tra.ok. Leased by the Southern Ry., Savannah Florida. & Western (now Atlantic JCoast Line RR.) and Sea.boa.rd Air Line Ry., whtoh own the $300,00u stock, the rental providing for interest and s1nk:ing fund on bonds, maintenance, etc. President, W.W. Mackall; Treas., Savannah Trust Co.; Secretary, W. V. Davis.-(V. 71, p. 343. V. 74, p. 1039, 1253.) Savannah & Statesboro Ry,-Owns Cuyler to Statesboro, Ga., 34 miles; trackage, Cuyler to Savannah, 21 miles. Extension was pro• posed from Statesboro to Swa.lnsboro, 120 miles. Stock authorized, $300,000. Has traffic contra.ct with Sea.boa.rd Air Line, which guarantees $185,000 50-yea.r 5s ($500,000 authorized issue); Savannah Trust Co., trustee. V. 75, p.1303; V. 77, p. 69.3. Year ending Dec. 31, 1902, gross, $38,204; net, $14,889. President, Cecil Gabbett. Ba.van• nab; Treas. and Seo., W. T. Dante, Washington, D. C. Office, States• boro, Ga. (V. 76, p. 213; V. 77, p. 695.) Schenectady & Duanesburg,-Merged in Del. &. Hudson Oo. on A.ug. 5, 1903, SchuylklJl & L4'hlgh KK,-Owns trom H1gh's Fa.rm, near Read• Ing, Pa.., to Slattn'gton, Pa.., 46•9 miles. In 1883 leased to Phlla. & Read• Ing RR. for 999 years and in 1896 lease assumed by Phlla.. & Rea.ding Ry. Rental, $27,000 yearly. Reading Company owns stock ($600,000), of which $598,000 ls deposited under its general mortgage of 1897. Schuylkill Valley Navigation &KK,-PortOa.rbon to Reeves• dale,Pa., 11 miles; 2d tra.ok, 5m; branches, eto., 11·41 m.; totaltraok, 28 mlles. Leased July 25, 1861, for 999 yea.rs to Phlla.. & Rea.ding RR. Lease assumed in 1896 by Phlla.. & Rea.ding Ra.llwa.y Oo. Rental $29,450, whtoh pays 5 p. c. on stock and State taxes. Seaboard A.Ir Line Ky,-(See llCap.)-Thls company owns a line from Rlohmond, Va.., to Atlanta., Ga.., and Tampa., Fla., et.c., viz.: Lines owned in fee . .MUe•. .Miles. Rlohmo'd,Va..,to Savannah, Ga..502 Other lines .•••••.•••••••••••.••• 358 Wilmington, N. C., to A.tlanta, Proprie.ary Linu. Ga .·- · ················ · ······· ·437 Portsm'th,Va..,toWeldon,N.O. 81 Bava.nnah,Ga., to Montgomery, Starke to-Suwanee Riv., Fla.. 58 A.la. (t,8 miles trackage deState line to Lewiston, N C.. 32 ducted) .•....••. ••••....••.••• 280 Trackage. .......... ............ 63 Savannah, Ga.., to Tampa, Cedar Keys, Chattahoochee River, etc................... 806 Tota.I sys. (see V. 7 4, p. 773) ,2,617 The proprietary lines include: Roanoke & Tar River RR. stock all owned), 32 miles; Sea.boa.rd & Roanoke RR. (nearly all of stock owned). 81 miles; Atlantic Suwanee River & Gulf RR., 58 miles (stock a.11 owned.) In addition owns entire stock of the Georgia & Alabama. Terminal Co., opera.ting 8 miles of track. Of the road owned, 6 miles are leased to other companies. A.lso owns a. one-sixth interest in theRiohmond•Washington Oo. con• trolling the road from R!chmond, Va., to Washington, D. C. (V. 78, p. 843,) and under traffic agreement with the Pennsylvania. RR. mlilil• ta.ins through oar service between New York, Philadelphia., Washing• ton and the South. Also controls the Baltimore Steam Packet Co. (un.,bonded) and a substantial interest in the Old Dominion Steamship Co. '.l'he Atlanta-Birmingham division. to be completed in rn04, wlll extend from Atla.nta, Ga.., to Birmingham, Ala., 174 miles, with branches 30 miles. V. 76, JJ. 489, 706;V. 77, p. 647. ORGANIZATION.-An amalgamation in 1900 of various "Sea.boa.rd" lines, including those whose securities a.re shown in the table above, these lines were subsequently (except 171 miles) merged. In 1903 new interest@, inoludm" Blair & ( ·o., Thos. F. Ryan, La.denburg, Thal· mann & Co., of New York, Old Colony Trnst Co., Boston, and St. Louis & San Francisco RR. interests entered the directory. V. 77, p. 2036, 2340; v. 78, p. 104. I -- / RAILWAY STOOKS AND BONDS. 486 MAP OF THE SEABOARD AIR LINE https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SYSTEM. [VOL. LXXVIII. JAN., 1904.] 487 RAILWAY STOUKS AND BONDS. Bonds-PrinCi• INTEREST OR DIVIDENDS. RAILROAl>l:I. pal, When Due. Miles Date Size,or Amount of Par Outstanding For explanation or oolnmn headings, &c., see notes of Rate r,er When Where Payable, and by Stocks-Last Whom. Dividend. Road. Bonds Value. Cen. Payable on first page of tables. Seaboard Air Line Ry.-( OoncludedJ Raleigh & Augusta, lstM., guar. p. & 1.. R. & G .o* - - - - - · - - - ----- - - - 107 1886 $1,000 $1,000,000 1897 1,000 1,200,000 Raleigh & Gaston, 1st M., $\500,000, g.lll.eDa.o 1886 1,000 Seab. & Roanoke-1st M. $2, 00,000.lll.eDa.o*&r 2l500,000 1886 100 &o. 285,000 Debent. $690,000, to be secured by any 2d M.r -· Car and equipment trusts ..•.•.•.••...•....•.•.. 528.709 1882 1,000,000 Bhamolein Sunburrc d! Lewisburg-lat mort .••. c*&r 31 1890 1,000 1,000,000 2d mortg~e, go d ..••••.••••..••••..•••••.••..•. . o* 869,450 Bhamokin ai. d Pott81rille-Stook, guar. by No. C.• 38 50 1st M., $2,000,000. g., sink. fund (not drawn).o* 38 i9()1 1,000 2,000,000 33 657,550 Bharon-Stook ($800,000) 6 guar. by rental.F 50 16 i889 1,000 164,000 Sharon, 1st M. g. (Sharon Pymat.M.etc.). F .... 17 1887 1,000 250,000 New Castle & 8lienan~o Valley-1st ., int. ~n .. 811,re,,eport d Red River alley-See LOUISIANA RY. &NA VIG.A.T IvN CO. 77 1897 1,000 1,248,000 Sierra~- rot Oat.J-lst M., gold..••... . ...... . .. Sierra alleys-1st M. (Cal. Safe Dep. Co. trustee) 37 1895 1,000 300,000 ERR. 8dtrer Spr. Ocala if Gulf-See ATLANTIC COAST LIN 100,000 Bkaneatelu RR.-lst mort., $100,000, gold. Usm. 5 1898 1,000 42 1887 500 &o. Somerset Ji,ailway -1st mortgage ...••...••..••...• . o 225,000 42 1900 500 &o. 172,500 Consol. m~rtg,e,_$420,000, gold .....••••.••..••. 10 1884 South Oarotina aciftc-lst M., our.• int. rental. .. 104,600 1903 217,000 Bo. Georgia tt We,-t Ooaat-Mor1iJiage, $250,00°Ji:l-2,000,000 I/IO. d No.A.ta.-2d M. g.,$2,000, 00 (own.by L. .) 1880 1,000 Consol. mort (for $10,000,000), lald, anar.Ce .. o* 189 1886 1,000 *8,000,000 Bo. lllinois ff Mo.Bridae-lstM.. ,00 ,000,g Me 1901 1,000 1,400,000 &>uth'n Indiana-1st M., gold-See text . . EC .. .. o* ie2 1901 3,760,000 1.000 1,000 5,500,000 8outh Pac. Ooast-lstM:1Jtgu. (s. f. 1912).F ••... o 104 1887 Southern Pacittc OOMP -8took($200,000,000) .... 100 197,849,~27 i899 500 &o. 28,818,500 Col. trµst mort.,gold,sub.to call at Jar. Un .. c*&r 1891 2,215,000 SteamshiJ> 1st mort. bonds, Ser. A . 3,000,000 ... . Coll. tr. ., g., sec. by Pao. Mail, etc. red. '02.0.o* . 1900 28,090,000 ·si -- "si i:ooo roe., is9 i:ooo ---·--· J. Balt., Mero. Tr. & D. Co. do do J. do J. do A. do do Jan. 1, 1926 Jan. 1, 194.7 July 1 1926 Aft. July,1916 M.& N. Phllad:hil. & R~:1.RR. 6 g. J. & J. F. & A. Phlla., Broad St. Stat'n 6 do do 3619 g. J. & J . Sharon Pa. M. & 8. 419 g. J. & D. N. Y., Farm. L. & Tr. Co. 6 g. J. & J. N. Y., Farm. L. & Tr. Co. May 1, 1912 July 1, 1925 Feb., '04., 3% July 1, 1931 Sept. l,'03i 3'?(, June 1, 919 July 1, 1917 6 J. & 5 g. J. & J. & 5 F. & 6 ···s·· ·::as~f https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 'f;i~~~~\?f."; -......... . ... --· 6 g. A,12&0. Crocker• Woolworth Bk. Apr. 12, 1937 1915 In default. F. & A. 6 F. & J. & J. & g. A. & g. J. & g. A. & g. F. & 4 g. M.& 4 g. F . & 4 g. J. & 5 5 ~ 5 6 5 ...4.g. N. Y., U. S. M. & Tr. f'o. Boston & Oakland, Me. Boston, Nat. Shaw. Bk. Fayetteville, N. 0. N. Y. & Quitman, Ga. N. Y. Or., 120 Broadw'y N. Y., Office, 120B'way. N. N. Y., Mercantile Tr.Co. A N. Y., Phenix Nat. Bk. J. N. Y., S.Pao.• 120 B'way A. J. J. 0. J. 0. A. --·. Aug. July July Oct. Jan. Apr. Aug. Nov. Feb. July 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1918 1917 1950 19U 1928 1910 1986 1951 1951 1937 . ······---· J. &D. 1st coup. paidDeo.1899 Aug:·i;,·i949 J. & J. N. Y., 120 Broadway. Jan. 1, 1911 6 Dec. 1, 1905 do do 419 g . J. & D. i:ooo - -* Ot 1he console shown as outstanding.$4,753, 000--·was on June 30 , 1903, owne d by tbe STOCK.-Authorlzed $62,500,000, or which $25,000,000 pref.; out stanlling July, 1903, common, $29,000,000. and prl'>f. $19,400,000. Additional stock, $ l,500,000 preferred and $8,000,000 common, is to be issued. in connection with rollarnral trust 5s of 1904. Pre,erred ls entitled to 4 p. o. non•oumulative, then 00JJ.1mon to 4 p. o., then pref. 2 p. o. additional, any surplus to common. VOTING TRUST. -Roth classes or stock are deposited with voting trustees until April 1, 1910, although the latter may in their discretion deliver the stock at an earlier date Stock trustees: John Skelton Williamfl, Tbom11,s F. Ryan, James A. Blair, T. Jefferson Coolidge, S. Davies Warfield, John 8. Dennis, B. F. Yoakum and H. C. Pierce. V.77,p. ~51,2099. BONDS.-Tbe 4s of 1900 are a first lien on about 350 miles of road. including 102 miles of main line from Richmond to Ridgeway and 106 miles from Hamlet to Columbia (subject only to $155,000 prior lien bonds on two branches); also a direct mortgage on the whole 2,383 miles of consolidated road, subject only to $1~,098,000 l)rior lien outstanding bonds thereon (or an average of about $11,500 per mile) and a consolidated collateral lien on the remainder. The 4s or 1900 have been issued, pledged or reserved as follows: Total authorized issue in no case to exceed ............. $ 75,000,000 Of which outstandlnll" ... . . .. .. . . ...... . . .. ....... .......... . ... 12,776,000 20,000,000 Deposited to secure tne 110,000,000 coll. tr. ref, 6s.. ... . . .• . . . . . . . . Reserved to retire at maturity, dollar for dolla-r, all the underlying bonds on the various divisions of the system........... . . 29,725,000 Issuable only after July 1, 1903, for additional properties, rmprovements, exte11.sions, etc., at not exceeding $1,600,ooo for four vea-rs and t1,ooo,ooo per annum tt erea!ter. . . . .. ... .. . . . .. 12.~00 000 The collateral trust rerundtng gold 5s or 1901 are secured by de• vos1t with the trustee of $20,000,000 4s of 1900 and were applied to fund the $3,400,000 6 per cent oertifioates (V. 70, ll· 842), called for payment on Aug. 28, 1901, to purchase a one•flfth 1DJ;erest in the road trom Richmond, Va., to Washington, D. C., and minority stocks ofsub• s1d1ary lines, and to provide for retirement of maturing car trusts, fl.oating debt, future betterments, etc., and to retire the collateral trust 5s, due Oct., 1902, (V. 71, p. 699), for which an equal amount or col• lateral trust 5s are reserved. V. 72, p. 1280. The $2.483,000 Ga. & Ala. 5% preference bonds were paid Oct. 1, 1901, and the $1,323,000 coll. tr. 5s on Oct. 1, 1902. The At anta & Birmingham division 4s of 1903 ($10,000,000 author• ized issue, will be secured on the line to be built from Atlanta, Ga., to Birmln,zham, A.la.., 174 miles, with branches 30 miles, a total of 204 miles. In Apr., 1903, $6,000,000 bonds were sold. V. 76, p. 1302; \'. 77, p. 647. . As to collat. trast and gen. Uen 5s of 1904, see below. The series C equipment trusts mature $42 000 quarterly fro:in July 1, 1903, to Apr. 1, 1908, thereafter quarterly $39,000 each July and $38,000 each Jan., Apr. and Oct. to Apr., 1913. V.76, p. 866,920. GUARANTIES.-The Savannah & StateFboro and Florida West Sb.ore bonds 1$185 000 and $840,000, respectively) a.re guaranteed as to principal and interest, and. also the Riohmond• Washington Co. bond11, jointh and severally with five other pp>prteta.ry companies. V. 77, p. 647,648. GENERAL FINANCES.-Eltookholders are given the right to subscribe pro rata at par to :+5,000,000 of 5 p. o collateral trust and ~eneral lion bonds. to be dated May 1, 1904, -whloh have been underwritten, payable 30 p. c. Feo. 27, 20 p. o . .Mar. 28, 20 p. c. April 28 and 30 p. o. May 28, 1904, each $1,000 bond to receive as bonui- $900 of ;preferred and $1,600 oomn ,on stock. The bonds will be secured by a lien on the $20,'100,00Q of first mor~age bonds (subject tto.existtng liens), and on various 8eourities, and will be a general mort~age on all property now owned or hereafter acquired other than secur1tit1s specialh tsxoepted. The proceeds will be u1<ed to complete the Btrmtngham extension, for current obligations, including the $2.500,000 <'ollateral notes due June 1, 1904 tV. 77, p. 2036, 2340), and general purposes. V. 78, p. 104, 22 . LATEST EARN.-5 mos., t 1903 ..... Gross. $!'\,298,775; net, $1,312,790 Julyl to Nov. 30. 51902 ..... Gross, 5, 157,34.9; net, 1,407,108 REl>ORT.-Fiscal year ends June 30. Report for the year ending June 30, 1903, was in V. 77, p. 625, 646, 706. 190.i. 1902. 1901. Gross earnings from railways .... $12,156,928 $11,068,478 $10,426,279 Gross earnings from water lines. 549,600 511,337 502.772 Total gross earnings... . ..•. $12,706,528 $11,579,Rl5 $10,929,051 Net earnings, incl. other income. 3,473,iSl $3,471,553 $2,820,073 Deduct-mterest on bonds ..•... $2,481,400 $2,481,400 $2,254,889 Other interest ..... . . • . .. 104,668 110,901 177,117 Rentals and miscellaneous.... 55,232 58,995 58,408 Balance, surplus................. $832,481 ~0,257 ~ 9 ~ 5 9 OFFICERS.-Chairman or Board, John Skelton Williams; President and Gen. Mgr.. J . M.Barr; Vioe-PreRident and Treas., N. 8. Meldrlm; Secretary, D. C. Porteous; Comptroller, T W. Roby. Dlrectors.-John Skelton Willia.ms. Richmond, Va.; Jas. M. Barr.Portsmouth, Va.: H. CJ..,y Pierce. SL Louis; J. W. Midrtendorf, R. D.ivies Warfield, Ba.111more, Md.: James H . Dooley, Richmond, Va.; B F. Yoakum. Ernst Thalmann, Oaklet~h Thorne, Thomas t,', Ryan, James A. Bia.tr, New York: 0. Sidney Shep• t :i~mi::v.:_nR~a!:;, CJ~~~dJ~ #atfs~t~~~~~~hJ_Y6~' BoS on, EJCecutive Comm1ttee.-Thos. F.Ryan, T.Jefferson Coolld~e Jr., Jas.A. Blair, John Skelton Williams, John B . Dennis, B. F. Yoakum and S. Davies Warfield. Main offlce,Riohmond; N. Y. office, 15 Wall St.-(V.78, p.49, 104., 229,) ...... .Loutsvil le & NashvlJlP. Seaboard&Koanok.eKK.-See Seaboard Air Line Ry. above. Beattle & San Francisco Ky. & Navlgatlon.-(V. 76, p. 752.) Sebal!ltlcook & lll.ool!lehead KR.-V. 68, p. 1078. On June 24., 1899, A. B. Thompson, of Pittsfield, Me., was appointed receiver. Shamokin Sunbury & Lewisburg KK.-Carbon Run Jot. to West Milto~ 1 Pa., with iron bridge over Susquehanna, 31 miles; second track 15 m.ues; total of a.ll track, 57 miles. Leased to Phlladelphla & Re~g RR. July 2, 1883, for 999 years at 6 per cent on the stock, and lease assumed in 1896 by Philadelphia & Reading Ry. Used for ooa.l traffic northward. Stock, $2,000,000 (par, $50) owned by Reading Co., of which $1,995,000 is deposited under mort. of'97.-(V. 51,p.21.) Shamokin Valley & Pottsville Ky.-(~eeMap Pa. RR.)-Bun• bury, Pa.• to Mt. Carmel, Pa., and branches, 38 miles. Leased Feb. 27, 1863, for 999 years to the Northern Central Railway Co., with a gua.r• antee of taxes, interest on the bonds and 6 per cent on the stool!:, of whloh $619,650 is owned by the Northern Centrai. The $2,000,000 ffrst 3-'il (of which Penn. RR. Jan., 1903,owned$1,544,000), were issued to retire the 7s at maturity July 1, 1901.-(V. 73, p. 139. 1062, 1314.) Sharon Ky.-Owns from Newcastle. Pa., via Sharon, to Pymatun· lng, Pa., with oranohes. 33·07 miles 1n all. Consolidated with New• castle & Shenango Valley RR. and then leased to the Erie RR. tor 900 years from Dec. 1, 1900, for interest on bonds and 6 per cent on stock, the old leases being oanoeled.-(V. 73, p. 399; V. 78, p. 288.) Sierra Railway (of CallfoTnla).-Owns road lrom Oakdale, on llne of Southern Paoiflo, to Carters, Tuolumne County, 58 miles Branch, Jamestown to Angels, 19 miles. was ovened Sept. 15, 190i. Stock authorized, $5,000,000; lssned, $2,780,000. Second mortgage Income bonds, $1,266,000. !<'or year ending June 30, 1903, gross, $373,413; net, $206,385; Int., taxes, etc., $85,830; bal • sur ,'f;l20,555. Prest., T. 8. Bullock; Sec'y, S. D. Freshman, Jamestown, Oal.-(V. 77, p. 512, 1875.) Sierra Valleys KK.-Plumas to Mohawk, Cal., 37 miles. Stock, $945,000; par, $100. Pres., E. R. Dodge, Amedee,Cal.-(V, 74, p. 776.) Sliver Springs Ocala & Gul1' RR.-See Atlantic Coast Line RR. Silverton KK.-Owns Silverton, Col., to Ironton, 22 miles. In July, 18991 Alexander Anderson was appointed reoelver.-V. 69, p. 132. StooK, $350,000; par, $100. Bonds. $425,000 1st gold 20•year 6s, due Oct. 1, 1908. In Apr., 1903. no reorganization plan had been agreed npon. Year 1898·99, gross, $10,885.-(V. 69, p. 132.) Somerset Ky.-Owns road from Oakland to Bingham, Me., and branoh1 42 miles. Road opened 1n 1890. Capital stock is $736.,_64.9 (pa.r, $1.00). Of the 4s of 1900 Maine Trust & Banking Co., \7&r• diner, Me., tn1stee, the balance are reserved to retire the old 5s at or before maturity. V. 70, p. 1096. Bills payable June 30, 1903, $37,0US. EARNING8.-For year 1902-03: Gross, $118,957; net, $31,977; charges, $20,418; balance, surplus tor year, $11,559.-(V. 73, p. 900, 1008,) South Carolina& GeorglaKK.-SeeSouth•n Ry., Carolina Div. South Carolina Pacific Ky.-North qarolina State line to Ben nettsville, 8. c .• 10·5 miles. Leased till Dec., 1924, to Atlantic Coast Line RR. for interest on bonds. Stock, $100,000. Bonds, see table. South Georgia & West Coast Hy -Heartptne to Sirmans Ga., 61 miles; extension ts proposed from Greenville to the Gulf, 50 miles. Stock. (f). The bonds ($250,000 authorized issue) are to be used to pay off' present debt; balance for improvements. F. J. Spain, of Quitman Ga is mortgage trustee. V. 76, p. 706. For year ending June 30, 1902 (51 miles(, gross, $53,409; net, $24.216. President, J. W. Oglesby; Treasurer, C. T. Tillman. (V. 76, p. 706, 866.) Southern Illlnol• & lll.lHourl Bridge Co.-Haa under con• structlon a bridge across the Mississippi River between Thebes, and Gray's Point, Mo., to be completed Jan. 1904, forming a direo oonneotton between the Chicago & Eastern Illinois and the 8t. Louis Southwestern Ry. Length to be 2,750 feet of steel truss and 1100 feet or concrete arches. Stock, $50,000, all outstanding. In Nov., 1901, made a $3,000,000 mortgage. V. 75. p 78.-(V. 75, p. 78.) Southern Indiana Ry.-(See Map) -Owns from Main Street, Terre Haute. to Ewing Street, Seymour. 121 ·42 m.; Westport B1·anch, Seymour to Westport. 26·29 m.: Sullivan liranoh, Latta to CJlendora, 10·37 m.; Hymera Branch, Sullivan Junot. to Hymera Mine, 3·79 m.; total owned. 161 ·87 miles. Lea~es: Vandalta Line. Main 8treet to Union Station, Terre Haute, ·30 m.; Bedford Belt RaUwa.y, Ber1ford to Oo litic, 3·~3 m ; total leas~d, 4·23 m.; total mileage, 166·10. The belt line around Terre Haut" iR about comp eted and ready to be put into operation. Extension from Elnora to Evansville is also proposed. V, 76, p. 377. A reorganization of Evans. & Rich. RR., foreclosedMar.,'97. STOCK.-Common, $3,000,000; pref., $500,000; par. $100; all issued. DIVIDENDS.-Divldends on prer., Dec., 1901, 219 p. o.; 1902, 5 p. o. (J.&D.); 1903, June. 2¼1 p. o.; 1904, Jan., 219 1). o. BONDS.- First mortgage 4s of 1901 may be issued at $20,000 per mile for single track and $10,000 per mile fol" second track constructed or acquired. Equip't notes, 1nol.1nt., June 30, 1903, $951,779, bonds to retire which are available under the mortgage. See V. 74, p. 776, 1197. LATEST EARNINGS.-5 mos., 51903•.. Gross, $565,212; net, $276,910 July 1 to Nov. 30. i 1902•.. Gross, 376,289; net, 197,799 ANNUAL REPORT.-Report for the year ending June 30, 1903, was in V.77,p.296,1743,showtng: m., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ~ r ~ > ~ U1 8 0 0 ~ U1 z>tj cd 0 ztj rn C, 489 RAILWAY STOCKS AND BONDS. JAN., 1904.l RAILROADS. Por explanation of column headings, &o., see notes onflrstpageoftables. Bout/a.em Paci;ftc RR.-Btook, $159,445.zOO0 auth. .. IB.f.E.Rl!:ST OB DIVIDENDS. BondB--PrmOl· Miles Date Size, or A.mount - - - - - - - - - - - - - - - - - pal,WhenDue. of of Par Outstanding Rate per Wnen Where Payable, and by Btocu-Laet Road. Bonds Value. Oent Payable Whom. Dividend. - - -----------1---- ----1:------ ___ ,______ .••. $100 128,307,960 • ••. All { 1st M.,series A,gold1· lana grant.. o*} equally Beriesl}_,gold ..•.... sink'gfund.o* 1045 seen.red. Series u & D, gold.. not sub.1eot.o* • • Series E & F,,g__old.. to call.... o* 8. Pao. Br.1st M., g., s.t., $50,00 In 1897, not dr'n 187 Bo. Pao. gen. mort. ($38,000,000), gold.Ce ... o*&r 1,587 Stockton & Copper. 1st M., g. (guar. by C.P.)...... 26 1st cons. M., guar., gold,.s. f. not drn,Oe ....•. o*&r 2,020 do g.,gn.,st p. subj.to oall 10711.l a.ft. 1905•. o* &r .. . Bo. Pao. ot Arizona, 1st M., ser. A, gold, guar .e&r 392 Series B, gold, gua.r .•••.•••••••.••••••••.•••. o&r 392 So. Pao11lo of New Mexico, 1st mort., gold ... o&r. 167 BONDS ASSUMED IN CONSOLIDATION OF 1898. Oalitornia Paot:flo 1st mort., gold (ext'd In 1887) 79 2d M., gold, gu.p.&l., end. by Cen. Pao., ext. in '91 114 Sd M •• gold, guar. by Cent. Pao. ($1,000,000 are 3s) 114 Northern Ry. (Cal.), 1st mort., lnt'st guar., gold. 149 Con. M. ($21,000,000), g., 1st on 225 m. lJn.o*&r 373 Northern California, 1st mortgage, gold.......... 54 Boutkern Bmw,ay-Com. stock, $120,000,000... . • •. Preferred, 5 per cent, non-oumu., $60,000,000... ..•. M. & O. stock trust certitioates. . . . . . . . . . . . . . . . . ••. 1st oon.M., lston 900m.g.($120,000,000)0e.o*&r i,502 Ooll. tr. bonds~~-• red par af. 2 yrs. (V.75,p «~)r So.-L. & N.j't ro..,$15,500,000.red.105 af.'07.o*&r ..•. Equtp. trust, ser Agold,due May andNov.PlP.c* . .•. do do ser. B., g., due Mar. and Sep.PIP.. . .. . do do ser. c., g., due J. & D................ .... do do g., $177,000 ll.ue semt-aunually..... A,-PROPERTIES MERGED IN SOUTHERN RAILWAY Atlantic Tennessee & Ohio 1st mortgage. Ce..... 44 Oh. Col.&Aug.lstM.(int. tngold); V.59,p.1006 Ce 191 1875 500 &o. 12,637,500 1875 500 &o. 4,525,000 { 1876 500 &o. 7,931,000 1882 500 &o. 5,124,000 1887 1,000 3,533,000 1888 1,000 1,000 1875 500 &o. 500,000 1893 500 &o. 6,809,000 1893 500 &o. 21,546,000 1879 1,000 6,000,000 1880 1,000 4,000,000 1881 1,000 4,180,000 I CONTROLLED (ALSO LEASED BY) So. Houston & Shreveport RR....... 39 PAO. Co. Miles. 8) CONTROLLED BY MORGAN'S LA. & Central Pacific RR ............... 1,8591 TEX.-OPERA.TED INDEPENDENTLY. South Pacific Coast Ry............ 101 Gulf Western Tex. & Pac. Ry.... 111 Beuthern ~aclfic RR............... 3,268 Iberia & Vermilion RR......... . . 1R &,ii~~uo~f:11;:\o:··pAo.' T1ta1 Proprietary Lines ......... l:l,7V1 OPERATED INDEPBNDENTLY. Tot l,deduc.242 m. leas. toAtch.~,4~9 Galv. Harrisb'g & San Anton. Ry. 917 (4) LEASED AND .OPERA.TED. New York Texas & Mexican Ry.. 122 New Mexico & Arizona RR...... 88 Ho•ston & Texas Central RR.... 669 Sonora Ry ................_.......... 263 cJ.7.!. ~:~s.~~ 0 TWt~~: u~: ~~~~::~~ SteamsbipLines.................. 5,365 58 Al!'l!'ILIATEI> LINES, ETCl. 300 Ban Antonio & Aransas Pass Ry. 687 191 Gila Valley Globe & North'n Ry.. 124 :t··ss·.:.: !t 396 6 Grand total of owned, leased and affiliated lines June 80, 1903 ...... 9.ti21 ORGANIZATION.-Organized under laws of Kentucky. On June 30, 1902, the Union Paciflc owned $90,000,000 of the capital stock, a strong working control, but the road will continue to be operated independently. V. 72, p. 242, 248; V. 75, p. 136. Under l)lan for readlustment of Central Paot:flo securities the Southern Paoifl.o In 1899 acquired the entire capital stock of the Central Pa.oiflo. See that company; also see below. V. 73, p. 33; V. 75, p. 1407; V. 76, p. 753. In 1903 the Rook Island Co. arranged to purchase (for $1,500,000 cash, $3,500,000 tn its 5-year 4 p. o. notes, dated Apr. 1, 1903, and $2,a00,000 of its preferred stock) one-half of the stock of the Houston & Texas Central, the Houston East & West Texas and the Houston & Shreveport railroads. V. 76, p.1084, 1409. The Ogden & Luoin RR., out-off from Ogden •to Luoin, 102 miles, saving 46 miles. waA completed in Nov. 1903. V. 74; p. 380, 1197; v. 71, p. 85; V. 77, p. 2099; V. 75, p . 288. iii Nov., 1900, a majority of Pao11lo Mall 88. stock ($10,005,000) was acquired .. V. 71, p. 1013, 1312. PROPRIETARY LINEs.-These, with a total mortgage indebtedness June 30,1902, of $305,976,670,are mostly owned-only $11,156,1900 out ot their total stock of $303,924,572 not being held on July 1, .1902, by the Southern Pacific Co. "OMNmus LE.A.SE," see BuP'T ot Jan., 1899. STOCK, Ero.-Total stock authorized, $200,000,000, Including $67,• 275,500 exchanged in 1899 for Central Pam.fie stock-see Central Paoifio and V. 68, p. 378,725; v. 69,p.132; V.70, p.740. BoNDs.-The 4 per cent collateral trust gold bonds of 1899 are limited to $36,819,000, and are subject to call at par on six months' notice. The first issue of $28,818,5001 secured by the $67,274,200 oommon and $12,000,000 preferred stooK of the Central Paot:flo, was Issuable forthwith. The remalning $8,000,000 can be issuea trom time to time only as an equal amount of Central Pacific preferred is received and added to the collateral, $5,000,000 of this stock being reserved for improvements and additions on the Cent. Pao. at not exceeding $200,000 yearly-see Cent. Pao. and •V. 68, p. 378. Bee Mortgage Abstract, V. 69 p. 859. The o-five-yea.r oollatAral trust 419s of 1900, limited to $30,000,000, are secured by deposit of $11,208,000 par value ot various bonds and $61,624,300 stocks of companies controlled, including Paci.fie Mall etc., and $1,530,000 Wells, Fargo & Co. stook; they also cover 4 ooean steamshtpsof4,572 gross tons each and various equipment. see Mortgage .A.bstrac~. V. 71, p. 1314; V. 77, p. 2160; V. 78, p. 229, 288. The first refunding 4s and 30-yea.r gold 319s issued by the Central Paot:flo are unconditionally guaranteed, principal and interest. GENERAL FINANCES.-ln Oct., 1903, a plan for the issuance of longterm low-rate r~fnndlng bonds was in abeyance. V. 74, p. 269; v. 75, p.395. During three years ending June 30, 1903, $42,980.353 were expended for improvements and equipment, besides $4,400,162 tor Oden & Luoin out-off across Great Salt Lake. V. 77, p. 1226. EAllNING&-For 5 months ending Nov••30:1 GroBB. Net. 0th. inc. Oharges. Bal., ,ur. 5 1903 .......!1141,135,788 $13,802,613 $188,816 $14,615,10, df.$623 677 1902 .. ·--· 38,011,226 12,815,439 .•• : .••. Charges in 1903 tnolude $7,094,500 expended for betterment.a. Houston & Texas Central and its subsidiary lines are lnoluded 1n mo,. both years. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 6 6 6 5 5 5 5 6 6 6 g. g. g. g. g. g. g. g. g. g. g. A.""Jr."'o. N. Y.,8.Pao.,120B'way A. & 0. A. & 0. A. & o. A. & o. A. & 0. J. & J. M. & N. M. & N. J. & J. J. & J. J. & J. 2,232,000 41.gg. J. & J. 1867 1,000 1871 1,595,000 41.gg. J. & J. 1,000 1875 2,998,500 3 g. & 6 g. J. & J. 500 5,156,000 6 g. J. &. J. 1877 1,000 4,751,000 5 g. A. & O. 1,000 1888 1,074,000 5 g. J. & D. 1,000 1889 ... . . . •. . . .•. 100 120,000,000 . .. . 100 60,000,000 5inl903 A. & 0. 5,632,6 .01 4 A. & 0. . .... . 100 5 g. J. & J. 1894 1,000&o 39,208,000 4,000,000 4 g. J. & D. 1901 4 g. J. & J. 1902 1,000&o 11,827,000 1,700,000 4 g. M. & N. 1900 1,000 1,700,000 4 g. M. & S. 1901 1,000 2,748,000 4 g. J. & D. 1902 1,000 1903 2,397,000 4 g. M. & N. 1,000 CO. 150,000 6 A. & O. 1883 5 g. J .. & J. 1869 l s"oci&c. n.sso,500 Year. Gross. Net. Int., taus, etc. Di1'. onpref. Bal., sur. 1902-3 .. $942,572 $4'82,026 $199,600 (5)$25,000 $257,426 1901-2 - 630,195 277,852 158,153 (5)25,000 94,699 President John R. Walsh; Secretary, C. F. Weinland, 204 Dearborn St., Chioago,111.-(V. 75, p. 237; V. 76, p. 213; V. 77, p. 296, 1743.) So. Mo. & Ark. KK.-See St. Louis Memphis & Boutheast'n RR. South Pacific (Joas& Ry.-NARROW G.A.UGE.-Alameda to Banta Cruz, 77 miles; branches, 27 miles; ferry. 3 m.; total 104 miles. Leased for 55 years from July 1, 1887, to Southern Paot:flc Company, which guarantees the bonds and owns all the $6,000,000 stock. Year 1901-02, gross,$924,488; op. det., $11,775; def. under oh'ges, $435,761. Southern Pacific Clompany.-(See Maps.J-BOAD.-This company owns no track in fee, but p:rilioipally through ownership of stock, partly by lease it operates a great system of roads extending from Ban Francisco to New Orleans (thence by company's steamers to New York.etc.), and to Portland, Ore~on, to Ogden, Utah, with branches. System comprises the following, fully desoribedjunder their own titles. (1) PROPRIETARY LINES. Maes• ~~~~~aL'!.e!~e~.\\: Texas & New Orleans RR......... Galveston Houston & Northern.. Carson & Colorado Rv...... .. .• ••• Houston E. & w. Texas Ry...... ···a·g. • 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 .. . . . . . . •. N.Y.,J.P.Morgan&Co. N.Y.,J.P.Morgan&Oo. N.Y.,J.P.Mor,ran&Co. do "O do do Prov.Li.&Tr,Co.,Phlla. do do .••. .....• ... . ... . .. Apr:·1,""i905 Oct. 1, 1965 Oct. 1, 1906 Apr. 1, lDlS Apr. 1, 1987 Oct. 1, 1938 Jan. 1, 1905 Nov. 1, 1937 Nov. 1, 1937 Moh.,1909 Moh. 1, 1910 Jan. 1, 1911 Jan. 1, 19H Jan. 1, 1911 JulY' 1, 1905 Jan. 1, 1907 Oct. 1, 1938 June 1, 1929 . .•..••. Oct.19,'03, 2'9 Oot.1, '03.., 2% July 1, .1994 Dec. 1, 1906 July 1, 1952 ToNov.~1907 To Sept. .10.'08 To Dec., 1909 To May 1, '10 N. Y.,J.P.Morgan&Co. Apr •.11913 do do July .1, 1909 ANNUAL BEPORT.-FisoalyearnowendsJune 30. Report for 1901-2 e.t length in V. 75, p. 1404' to 1414. Report for 1902-3 not issued to Jan.15, 1904. For t1 mos.ending May 31, not including Houston & T~xas Central earnings (charges in 1902· 3 including $19,505,428 for betterments) were: 11 mos. Gross Net. Othe .. inc. Charges. Bai., sur. 1902-3.$80,067,782 $23,479,850 $906,891 $34,954,070 df.$10,~67,329 1901-2 76,686,656 25,170,191 Receipts1001.2. HIO~l. Aver. miles-Proprietary and non proprietary........... 8,767·48 8,654·97 Gross receipts from proprietary and non-proprietary lines and miscel. receipt& of prop. companies: Transportation receipts . ... . . . .................... .... . isS,548,821 a77,244,898 Tracka11:e and other rentals..................... . ..... . .... 2U,H!6 G19,04.6 Income from 11iok. funds piedged for redempt'nof llonds : 872.510 f16,067 Income trom investments. . ........ . .. ......... J 86,7'10 92,866 Income from lands and securities not pledged for re• 529,862 demption ot bonds . . .. . .. . . . . . . . .. . . . . .. . • .. . . . . . .. . 644,425 637,18' Interest on open accounts . . . . . • • • . .. . . . • • . .. . . . . .. . . . . . . . . 923,66• Miscellaneous rer·elpts. . . . .. .. . . ..... ........ ....... 27,198 5,f61 Gross receipts South. Pac. Co. from sources other than operations of leased lines................................ . 1,818.707 1.663.8158 Total receiots. . .. . . . . . . . . . . ... . ... . .......... $87,161,205 ·'81,107,67ll l!lxpende1 for account of proprietary companies, viz.: Operating e.xpenses ... . .................... ...... .. ......... $64,898,700 $l9,098,027 Taxes ....... .. ... ..... . ........................ ............. 1,886 802 1,780,987 Trackage and other rentals .. _............................... 704,680 1,321,668 Interest on funded debt................. . ............ ..... 12,794.607 12,795.fSO Interest on Central Paclflc RR. notes..................... 1,180,104, 1,276,909 Interest on open accounts...................... ..... ....... 626,826 4'79,77t Miscellaneous expense ■........... . .. ..... .. ................ 7',t38 f6,619 Land department expenses and taxes.... . . . . . . . . . . . . . . . . . 208,172 182,611 Sinking fund coostructton and eal'1lin,ts . ... . ..••.. .. . . •.. 812,509 856,067 Betterments, additions and ne,r eqoipmeats ............. 11,778,6711 6,870,9'8 ln~~::tc::1u~d~a~~t\ ~~UJ~:f~e~°l»!~:i::;C~~::....... 1,972,770 1,619,810 Sinking fund contributions . . • • • . • . . . . . . .. . . . • . • .. . . . . . . 76,000 '16,000 Insurance, taxes and all other aecounts except for deficits tn operations of leased lines, etc... . .......... ..... 696,992 tOl,660 Discount on Southern Paclflc Co.~ percent }loads..... 165,000 166,000 Advances to San Antonio & Aransas Pass Ry. Co........ 896.SOO f65,609 §=uesxg.::rd!U1~1!i>urse~enis::::::::::::::::::::·:::d~iiM·.i~~ '\~~k~ President, E. H. Harrlman.-(V. 77, p. 2160; V. 78,p. 229, 288.) Southern Pacific RK.-(See Maps.J-RoAD.-Owns all the California lines of the Southern Pao11lo system except the Central Paot:flo and the South Pacific Coast. The road owned aggregates about 3,260 miles, embracing a through line from east bank of Rio Grande River through New Mexico and Arizona, via Los Angeles, t!an Francisco and Oakland, to Tehama in No. Califernia, with numerous branches. Of the lines owned and leased in 1902 (7 miles are leased), 3,018 were operated in the Southern Pacific system, 242 miles (Mojave to The Needles) being held under long lease by Atchison in exchange for leases of 350 miles of roads in New Mexico and Arizona. V. 65, p. 931, and Atch. T. & 8. F. item, p. 1113; see v. 64, p. 609. ORGANIZATION.-lnoorporated on March 7, 1902, as a consolidation of the So. Pao. RR. companies of Cal, Ariz. and New Mexico. V.74, p. 578. The Southern Pao. RR. of Cal. was leased to Southern Pao. Co. for fixed charges, betterments and additions and a, certain percentage of the surplus income under the "omnibus leaee." . BTOCK.-80. Pao. Oo. June 30, 1902, held $100,640,133 ot the stock. BoNDs.-Oon,olidated Mortgape of Sept., 1893, (see full abstract V. 57, p. 1041), provides for all pnor liens and new oonstruotion. Bonds may be issued not exceeding $30,000 per mile of which $7,500 a mile is reserved for additions and betterments. See V. 57, p. 469. Th11I mortgage in January, 1899, covered 1,982 miles, of which it is au absolute 1st lien on 841 miles. The supplemental mortgage issued in 1898 limits this loan to $30,000,000, (exclusive of bonds to be issued against underlying securities). Most of the oonsols are stamped subjeot to call at 107~ after 1905 as shown in table above. V. 67, p.1111, LAND GRANT.-The land grant was 12,840 acres per mile, &ll,d proceedl of sales go to retire bonds, but a large proportion of the land& barren and useless for agricultural purposes without irrigation. In 1901-t sales were 171,360 acres for $699,395 and 20,862 a.ores were surrendered: int.on deferred payments, $21,144; land notes June 30, 1902, $2,036,250. Lands unsold June 30, 1902, 4,866,396 acres, including 453,280 in litigation. V. 75, p. 1407. See So. Pao. item v. 65, p. 778. ;EARNINGS- 5 mos., t 1903...... Gross, $14,~09,066; net, $5,942,793 July 1 to Nov. 30. 51902••.... Gross, 12,tsl0,888; net, 5,141,862 ANNUAL REPORT.-For year ending June 30, 1902, earnings were: Gross, $28,587,467; net, $12,054,078; other Income, $893,831; charges, $6,767,461; surplus, $6,180,448; amount of net profit due this company as per leas~ $5,369,742. Annual report of the former Southern Paot:flo BR. (2, 7.12 miles) for year ending June 30, 1898, was given at length in V.67,p. 1052, 1062.-(V, 74, p.152, 269; V, 77, p'.1226. Southern Railway Oompany.-(See Map, pages•t456 and 145'7.J-Oompany operates 7,139 miles, extending from. Washington, D. c., and West Point and Richmond, Va., to Danvme, Va., Greensboro, N. 0., Norfolk, Va., Charlo% N. C., Oolumbia, N. O., and Atlanta, Ga., thence northerly to Bristol, ·.1·enn., southeasterly to the coast at Brunswick, Ga., and westerly across the States of Alabama and Mississippi to the Mississippi River at Greenvllle. Water lines-Bait. Ches. • Richmond S. B. Oo., 200 miles. ,r See-this company. · 490 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY STOCKS AND BONDS. lVOL. LXXVIII. p I I IC ·n I I i A D I .-\Ifl-ese ~lt l'sev,er Lake, . A I • <o I _¼ ! f Frisco I I Pioche o I I I I PACIFIC SYSTEM. .,,, MAP OF THE SOUTHERN PACIFIC COMPANY ATLANTIC SYSTEM , M E https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 0 , ,Big Spring _J Midland Stanton --"'1~'1-• l rJ L F 0 492 RAILWAY STOCKS AND BONDS. (VOL. LXXTilI. INTEREST OR DIVIDENDS .tsonaa-rrlllw RAILROADS. Miles Date Size, or Amount ;;al, When Due ,or explanation of oolumn headlnge, &o., eee notes of of Par Outstanding Rate per When Where Payable, and by Btocks-Laat on flret page of tables. Road. Bonds Value. Cent. Payable Whom. Dividend. - - --- Bouthen,, By.-(Oon.)-Ch.Col.&Aug.,2dM Oe ____,______ ,____ 7 A. & O.N.Y.,J.P.Morgan&Co. Oot. 1, 1910 Columbia & Greenvtlle let mort., gold.Oe ..... o* 6 J. & J. do do Jan. 1, 1916 Georgia Pa.clflc 1st mortgage.Ce ............... o* 6 g. J. & J. do do Jan. 1, 192i Blohmond & Danville cone. mortgage, gold.Oe.o 6 g. J. & J. do do Jan. 1, 1915 5 Deben. mort., old 6s (no longer incomes) .Oe... A. & O. do do Apr. 1, 1927 Equip. Truetbonde, gold, s.f.,subj to oa.11.0e.o* 5 g. M. & B. do do Sept. 1, 1909 .Rlohmond York River & Chesapeake 1st mort.G 5 J. & J. do do Jan., 1910 2d M., extended from 1900...••.••••.....••... G 4¼ M. & N. do do Nov., 1910 Virginia Midland-Serial mortgagee.............. 51. 6 M. & S. Safe D. & Tr. Co., Balt. Va.r.1906-31 Genera.lmortgage.Oe............................ o M. & N. N.Y.,J.P.Morgan&Co. May, 1936 Washington Ohio & Western 1st mortgage.Ce... 4 F. & A. do do Feb. 1, 1924 Western No. Carolina, let con. mort., gold.Oe.o* 6 g. J. & J. do do July 1, 1914 East Tennessee Virginia & GeorgiaDiv. M., g., (Bristo1, Tenn. to Selma, Ala.).Oe.o* 552 1880 1,000 3,106,000 5 g. J. & J. do do July 1, 1930 E.T.Va.& Ga. cone. M., g.($20,000,000).o&r.Oe 1,020 1886 1,000 12,770,000 5 g. M. & N. do do N6v. 1, 1958 Ala. Cent. let M., Selma to Meridian, gold.o.-.. .. 95 1879 1,000 1,000,000 6 g. J. & J. do do July 1, 1918 B.-BOUTBERN RAILWAY DIVISIONAL SECURITIES.• East Tennessee lien, gold.Ce .••.••....••..•.. o'&r 1,020 1894 1,000 4,500,000 M. & S. do do Sept., 1988 let mort. on Memp. & Ch., $8,000,000, g. G.o* 292 1898 1,000 5,183,000 J. & J. do do July 1, 1996 Charlottesv. &Rap.lstM., sf.,red. par Jan.1 y'ly' 28 1879 lOO&o. 259,100 6 J. & J. Phll.,Tr.SafeD.&Ins.Co. July 1, 1918 Aiken Branch, 1st M., gold A (V. 68. p. 826)..... 24 1898 500 150,000 4 g. J. & J. N.Y.,J.P.Morgan&Co. July 1, 1998 4 g. J. & J. St. Louis div. 1st m., $15,500,000, g.IO •.•••• o*&r 365 1901 1,000 11,250.000 do do Jan. 1, 1951 4 g. M. & 8. Col.M.,g.,$9,500,000, s.f., seo.M.&O.gen.4sGo*&r . ... 1901 1,000&o 7,999,000 do do Bevt. 1, 1938 Mobile & Ohio bonds-See MOBILE & OHIO RR. Co. 0.-0N PROPERTIES PRACTICALLY OWNED BY (*) OB LE.A.SE D rom ) SOUTH ERN RY. *Atlantio & Yadkin 1st M., g., guar......••. Ce.o• 166 1899 1,000 1,500,000 4 g. A. & 0. N.Y.,J.P. Morgan&Co. Apr. 1, 1949 ,rRtohm. & Meoklenb., 1st M., $315,000, gold•.. o 31 1899 1,000 315,000 4 g. M. & N. do do Nov. 1, 1948 ,rAtlanta & Charlotte-Stock...................... . • .;_ . . .. 100 1,700,000 7in 1903 M. & s. N. Y., Central Trust Co.aept.6, '03, 319 .Pref. M. (old 7s ext. in 1897, V.64, p.286) our.er 2 6 5 ~ 1 8 7 7 1,000 500,000 4 o. A. & 0. do do Jan. 1, 1907 let mortgage .................................... r 265¼ 1877 1,000 4,250,000 7 J. & J . do do Jan. 1, 1907 Income bonds (not cum.) 6e, interest at 4 p. c.r .... 1880 500 750,000 4 A. & 0. do do Jan. 1, 1907 kQeorgta Midland 1st mort., interest guar. Ce... 98 1896 1,000 1,650,000 3 g. A. & 0. N. Y.,J. P. Morgan & Co. 1946 Also additional amounts pledgedJune30, 1903, under flrsto onsolida ted mortgage: a $22 5,000: b $1,325,000. 191 164 566 •••. •••. .• • . 38 38 .... 347 50 309 1872 $1,000 $500,000 1881 1,000 2,000,000 1882 1,000 5,660,000 1874 1,000 5,997,000 1882 1,000 3,368,000 1889 1,000 316,000 1873 1,000 400,000 1880 1,000 500,000 1881 1,000 7,635,000 1886 lOO&c. 4,859,000 1884 1,000 al,025,000 1884 1,000 b2,531,000 4i;_f I I 1903 and $1,000,000 reserved for improvements. St. Louis DifJision mortgage covers the former Louisville Evansville & St. Louis RR., consisting of 374 miles of main line and branches, the balance un• issued, $4,200,000, being reserved for extensions, improvements or additional equipment. V. 72, p. 138. The collateral trust 4s of 1901 have been issued dollar for dollar in exchange for the Mobile & Ohio general 4s as acquired, by a pledge of which they are secured. Stock trust certificates tor M. & Ohio stock have also been issued, upon which dividends are payable at 2 per Operated under agreementcent for one year, 3 per cent for the second year and 4 per cent in Roswell RR. . . . . . . • . . . . . . • . . 12 perpetuity thereafter. V. 72. p. 242, 822. In 1903, $7,999,000 of the Oontrolled by securities$9,472,000 bonds and $/'i,632.600 of the $6,070,600 stock had Atlantic & Yadk1n. ........... 165 been deposited. V. 72, p. 439; V. 78, p. 664. State University RR......... 10 Jointly with St. Louis & San Francisco RR. gua.ra.nteee bonds of ElbertonAirLineRR........ 51 New Orleans Term. Co. V. 77, p. 38, 699. ,rKnoxv.&Ohio(V.77,p.1226) 69 Equipment trusts mature as follows: Series A, $225,000 each North Carolina Midland..... 54 in Mav and November, 1901, and $213 000 May 1 and $212,000 Other roads ................... 117 November 1 in each year thereafter; Series B, $180,000 each, -Trackage RightsMar. 31 and Sept. 30, 1902, and $170\000 each M.&S. thereafter; Series Total owned ............ .. 4,379 Hardeev'e, S. C., to Sav., Ga. 23 C, $228.000 on June 1, 1903, and $229,000 each J. & D. thereafter; Lease~ Washlngt'n,D.C.,toAlex.,Va. 7 series D, $177,000 each M. & N. beginning NoT. 1, 1903 In 11Atlanta & Charlotte Air L. BtevensontoChattanooga,&c 38 Oct., 1903, console were being issued in exchange, dollar for dollar, Charl.• N.O.. to Atlanta, Ga. 268 York, Ala., to Meridian,Miss. 27 for the $2,000,000 Charlotte Columbia & Augusta 1st 5e; $603,000 ,rGeorirta Midland Ry........ 98 Birmingham toMobileJo.,&o 18 had then been exchanged. V. 73, p. 1265. GENERAL FIN.A.NCEs.-Certlfloates of indebtedness inourred for plll'• Franklin & Pittsylvania..... 30 Kentucky & Indiana Bridge. 10 fM:obile & Birmingham RR.Belma,N .C.,to Pinnere Ft., Va. 155 chase of properties June 30, 1903, $8,800,000; oollat. trust bonds, $4,000,000, see taole above. V. 77, p. 701. During 1902-03, $4,272,· ~~:8r/~t.. 150j ~~=~.~~~.~~·:.~.~~.~!~~~~: 1~: 000 oonsols were issued. Misoel equipment obligations June 30, 1908, additional to those above, $262,809. The acquisition of the Mobile It Charlest'n, B.C., to Augusta, Ga., with branches to Co· Total mileage op.July,'03.7,137 Ohio in 1901 affords a line to Mobile and Montgomery, Ala., eto. See lnmbia.z. S. C., etc.......... 252 Oontrolledr-operated, separatet,y. BONDS above. V 72, p. 242; v. 73, p. 343. In Apr., 1902, the dividend. Oamd'n,1::1.C.,toMar'n,N.C. ,rMobile & Ohio .............. 874 was increased to the full 5 per cent rate. V. 74, p. 578. In July, 1908, the Southern Ry. and Lo111syille & Nashville had aoAshev.,N.0.,toAlston,S,O. 134 ,rAugustaSouthern .......... 82 quired $13,670,300 of the $15 500,000 Ohio. Indianapolis & Louisville Other branches............. 157 St. Johns R. Ter. (V. 75, 982) Also has one-sixth interest in Rlohm'd•WalilhingtonCo., ownlngunlon stock ln exchange for their joint 50-year 4 per cent bonds on the basis of 78 for the common and 90 for the preferred stock, or optionally six• Une between Richmond and Washington, 115 miles. V. 75, p. 449. Has perpetual trackage rights over Atlantic Coast Line RR. tenths of the purchase price in cash. V. 74, p. 1029, 1090. between Savannah, Ga., Jesup and Jacksonville, Fla., 152 miles, beLA.TEST E.A.RN'Gs-5 51903 •.••. Gross, $19,100,767; net, $5,72o,~02 ginning July 1, 1902. v. 75, p. 31; v. 77, p. 698. mos., July 1 to Nov. 30. i 1902 ..... Gross, 17,788,126; net, 5,846,9M AFFILIATED BUT OPERATED SEPARATELY (See each Co.) .ANNUAL REPORT.-Flsoal year ends June 30. Annual meeting 18 held Alabama Great Southern.... 3571 Northern Alabama ........... 119 the second Tuesday in October. The report for 1902-03 wae given at Olncin. N. o. & Tex. Paolflo.. 336 Georgia Southern & Fla...... 397 length in V. 77, p. 690, 696. Bee also editorial p. 670. ORG.A.NIZATION, ETC.-A reorganization in 1894 of the old Richmond Traffec.-The freight tonnage is widely diverslfled.i which ls an ele• & West Ft. Ter. system per plan in V. 58, p. 363, 385. See also v. 56, ment of strength. Agricultural products in 1902-u3 furnished only p. 858,874, 1016, 1058, andV. 57, p. 61, Numerous lines have since about 13 per cent (ootton about 4 per oent), while over 42 per oent been acaulred by lease and purohase. The stockholders voted on Oct. was from mining industries (30 per cent being coal) and about 26 per 18, 190:f, to mlirge the Knoxville & Ohio and Knoxvtlle & Bristol rail• cent was product of manufaotories. Ton rate, 0·950 cents per m.; traln• roads, 1he latter extendin11; from Morristown, Tenn., to Corryton, 40 load, 224 tons. Earnings, etc.• (inoluding in three later years the St. miles, and the Villa Rica Branch Ry. v. 77, p. 452, 1226. Louis division, 374 miles, for the entire year, but in income account bl In J 902 Atlantic Valdosta & Western Ry., 112 miles, was merged in 1901 only for 6 months actually operated), have been ae follows: Ga. Bo. & Fla. V. 74, p. 1309; V. 75, p. 982; V. 77, p. 699. Years end. June 30. 1903. 1902. 1901. 1900. 7,129 6,743 6,799 6,308 STOCK.-Authorized $120,000,000 common and $60,000,000 ft'De per Average miles oper. $ $ $ $ oent non•cumulati'De preferred stock. No additional mortgage can be put upon the property, nor can the amount of the preferred stock be Freight............. 28,081,034 24,942,460 28,617,452 21,006,730 9,065,805 7,737,455 Increased without the oonsent of holders of a majority of the preferred. Passengers......... 10,804,542 9,601,360 Mail, express, etc. 3,468,485 3,168,428 3,014,615 2,456,685 As to question whether the pref. le subject to call, see V. 72, p. 1136. VOTING 'lRUST.-A majority of both classes of stock is deposited with Grose earnings.... 42,354.0t:il 37,712,248 35,697,772 31,200,870 three stock trustees under an extension consented to in 1902. The stock Netearnlngs....... 11,364,921 10,865,411 10,316,857 9,369,423 shall be held by the stock trustees and their successors, Jointly, until Otherinoome....... 1,211,261 824,509 498,706 318.805 Oct. 15, 1907, and thereafter until terminated by a vote of a majority Total net income 12,576,182 11,689.920 10,815,563 9,688.~28 of the stock ae.senting thereto, although the stock trustees may, in their Interest andrentale 8,446,041 7,833,614 7,181,296 6,755,442 discretion, deliver the stock at an earlier date. Stock trustees: J. Other deductions.. 422,663 255,409 93,767 15,535 Piel'l)ont Morgan. Charles Lanter and Geore:e F. Baker. Provisions Bal.,sur.foryear.. 3,707,478 3,600,897 3,540,500 2,917,252 of voting trust and pref. stock cert. in BUPP. of April. 1897, page 6. Divid. on pref ...... (5)3,000,000(5)3,000,000 (4)2,400,000 (3)1,800,000 As to extension, see V. 75, p. 442, 612, 1033. OFFICERS.-President, Samuel Spencer, 80 Broadway, New York; DIVIDENDS (p. 0,) i 1897 1898 1899 1900 1901 1902 1903 Sec'y, R. D. Lankford, 80 B'dway, N. Y.; Treas'r, H. O. Arulley, 1800 on preferred. 5 1 1 2 3 4 5 5 Pennsylvania A venue, Washington, D. c. BoNDs.-The new first consolidated mortgage, Central Trust Co., N. Y., trustee (see abstract in V. 59, p. 783), is secured by mortgage and pledge of all the property of the company. The total authorized Samuel Spencer Charles Steele, James T. Wooctwa.ra. Harris C. l'ah11estoc.k, Robert M. Galla.way, Charles Lanier and Edmund D R11ndolph et New Yerk. ssae is $120,000,000 gold bonds. V 77, p. 230), as follows: -(V. 77, p. 452,690,696,770, 1226, 2281, 2340; V. 78, p. 229.) Issued to June 30, 1903 (of which $5,489,000 in treas.) ... $40,737,000 Southern Railway, Carolina Dlvhlon.-Charleston, s. C., Issuable only to {" prior bonds" (see V. 59, p. 785) .•••••.. 65,265,000 retire certain stocks (see V. 59, p. 786)................. 5,700,000 to Augusta, Ga., with branches to Columbia, S. C., etc., 252 miles; equipmentobligations (see V. 59 p. 786) 355,700 Oamden, 8. O., toMarlon,N. C., 171 miles; Aehevfile, N. o., to Alston, S. C., 134 miles; other branches, 138 miles; total, 695 miles. Leased To be issued hereafter only for extensions and additions • to the Southern Ry. A consolidation o! the Ashevtlle & Spartanburg at not exceeding $2,000,000 yearly, with a single ·e xcep• Carolina Midland, South Carolina & Georgia and South Carolina & tlon as to $4,000,000 (see V. 59, p. 786).................. 7,942,300 Georgia Extension railroads. Stock authorized. $7,798,700. or the Prior bonds must be paid by maturity. Dhnsio11al First Mortgage bonds, issued in 1898 on aooount of pur• console of 1902 ($18,000,000 authorized), $6,260.000 are reserved to chase of Memphis & Charleston Ry•• bear 4 per cent interest from Jan. retire at or before maturity the underlying divisional bonds, $51000.000 1, 1898, to July 1, 1901 ; then 4¼ per cent to July 1, 1906, and 5 per have been used to reimburse the Southern Ry. for the preV1ous p1ll'cent thereafter. The total authorized issue is $8,000,000, but $1,500,· ohase of the several properties, and the remainder are available for 000 can be used only to build a line replacing trackage between Steven• improvements, equipment and extensions, $4,000,000 being reserved son and Chattanooga, 88 miles. Of the remainder ot the loan, $5,083,· for a northwestern extension into and through the States of t!outh 000 were issued to retire old mortgage indebtedness and $100,000 for Oarolina, North Carolina, Virginia, Tennessee and Kentucky. V. 75, improvements. The bonds cover the 292 miles of main line and p. 136. President, A. B. Andrews.-(V. 75, p. 31, 186.) South Shore By,--Bee Quebec Southern Ry,; V. 75, p. 1255; V. branohes at $17,408 per mile. The balance ($1,417,000) is held for 76, p 1250.) betterments at not exceeding $100,000 yearly. Bee V. 67, p. 179. Second mortgage on former Memphis & Charleston secures ~s2,500.1· South & Western RR.-Owns and operates Johnson Olty, T enn., 000 of 5 per cents, of which $1,500,000 owned by So. Ry. J'une 3o to Spruce Pine N. O. 64 miles; also graded from Spruce Pine, 'l'enn., to Owned in fee- Miles. Alexandria (nearWashing'n) to Greensboro, N. C ........ 280 Charlotte,N.C.,toAug'sta,Ga. 190 Ool'mbia,B.C.,to Greenv.,S.O. 145 w. Point, Va., to Neapolis ... 179 Sallsbury,N.C.,toMorrieto'n, Tenn........................ 231 Memphis to Stevenson, Ala... t272 Bristol to Chatt•ga, Tenn.... 242 Knoxvllle to Cumb'd Gap,Ky 64 Ooltewah Ju.notion, Tenn., to Bru.nswick, Ga.............. 409 A.ustell,Ga., to State L., Miss. 261 A.tlantaJo.,Ga.,toYork,Ala. 271 A.tlanta,Ga.,t0Ft.Valley,Ga. 102 E. St. L., Ill., to N. Alb., Ind. 265 Branohes, etc................. 1,468 Leased-Oontinued. Miles. ,rRiohmond & Meoklenb. RR. 31 ,rNorth Carolina RR.Goldeb., N. C., to Greensb .. 130 Greensb. to Charlotte, etc.. 94 Atlantic & Danvme Ry. Norfolk to Danville, Va., and branches ............ 282 Lookhart RR.................. 14 I ,:::ri::;~~;.~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 171, w~~~~~·w:SJn~~~:e~sc~~~t~i:rn~~. Ji~T!~J.ryJ:~ Kf~':in1itX1~: E: JAN., 1904.] RAILWAY STOCKS AND BONDS. 493 INTEREST OR DIVIDENDS. bcnUU-.t'rlD.Ol· RAILROADS. Miles Date Size,or Amount ----=----,-------------1pal,WhenDue. Por explanation of oolu.mn headings, &o., see notes of of Par Outstanding Rate per When Where Payable, and by Btocb-LMt on flrst page of tables. Road. Bondi' Value. Cent. Payable Whom. Dividend. a...thtwfl, By.-(Oon.J-1fNo. Car.-Stook, 7%, gu.. - - -----1-----1 - - - ..•. ..•. 7 $100 $4.,000,000 F. & A. Burlington, N. 0. Feb., 1904..., 3~ *Knoxville & Ohio, 1st mort., gold.Ce•...••. o ..&r 6 g. J. & J. N.Y.,J.F.Morgan&Co. July 1, 1.925 66 1885 1,000 2,000,000 ,rMobile & Birmingham RR., prior llen, g.Ce •.. o 149 1895 200, r ,ooo 5 g. J. & J. do, do July 1, 194.5 600,000 1st mort~age, $1,200,000.1'-le •••..•...•.••••••• o 149 1895 200, r,ooo 1,200,000 4. J. & J. do do July 1, 194.5 ~terred stock .••••••.•..•....••...•••...••••.•• .••• •••• 100 4 J. & J. 900,000 do do Jan 1, '04:, 2" Northern Alabama Ry.-See that Coml)any. 1TAtlantio & Danvtlle 1st mort~age.ltle.......... 278 1900 1,000 3,925,000 4. g. J. & J. N. Y.,Meroant. Trust. July 1, 194.8 Southern Bailtoay, Oarotina Dimrion,rSo. Carol. & Ga., 1st M., g., $5.t250,000.Ce •. . o* 245 1894 1,000 5,250,000 5 g. M. & N. N.Y.,J.P. Morgan&Co. May 1, 1919 1,000,000 *Spart. Union & Col., $1,000,000, gu. Ash. & Sp.g. • ·1·a· 1895 1,000 4. g. J. & J. do do Jan., 1995 Sumter & Wateree River RR. 1st mortirage~Oe. 100,000 5 g A. & 0. do 1899 1,000 do Apr. 1, 1919 New oonsol. mortgage, $18,000,000, gold N..... . . . . 1902 1,000 5,000,000 4 g. J. & J. do do July 1, 1952 Bouth. ~ We,tern-lst M., $600,000, g., red. (text).o 600,000 8 to 5 g. J. & J. Invest. Tr. Co., Phila. Jan. 1, 1952 3 8 1902 1,000 BoutAiout PenmyZ11ania-Btook ($3,000,000 a.nth.). 126 1,499,900 10 in '03 A. & o. Phila.l Broad Sti. Btat'n Oot. 1, '03, 5% 50 1st M., sink. fund $5,000 yearly, ~ot drawn ..•• •r 126 iS77 1,000 900,000 7 F. & A. ao do Feb. 1, 1917 Bouth,outern r Ga.J-Stook (see text)............ . . • . 333 5,191,100 5 J. & J. Sav., Ga. & Macon, Ga. Ja.n.5,'04:,2¼% . ••• 100 r,anb'g U~ion " Ootumbus-See SoUTH'N RY., CARO LIN.A.D IVI8ION. i,ten .Duyt,iZ<IP'tMor.-Btook,8p.o.gu.,N.Y.Centi. 6 .... 100 989,000 8 J. & J. N. Y., Gr'd Cent.Station Jan., 1904:, 4.% ate Line fl SulZi11an-lst mort., $300,000, g. Unc* 24 1898 1,800 275,000 4.19 g. J. & J. N. Y., Union Tru.sti Co. Jan. 1, 1929 Staten Island By. and itaten Is1411,d, Rap. Tranait- Bee BA. L TIH ORE & Omo. lluffolk ~ 1arolina-lst mortgage.................. .• . • 1886 6 A. & 0. Apr. 1, 1911 •.••.. 90,000 1st oonsol. mort., $1,000,000, gold, red. 110 •.. o* 5 g. J. & J. lnt'n'l Tr. Co., Balt'me. July 1, 1952 500,000 7 5 1902 1,000 lltockbridgeflPittsfteld-6p.o.rentalN.Y.N.H.&H. 6 Q.-J.15 Stockbridge, Mass. Jan., '04:, 119% 2a .••• 100 448,700 lluliit,an Oounty BB.-lstmortgage,$400,000.••• o •••. 1894 4 A. & O. Bos. Bate Dep. & Tr. Co. Apr. 1, 1924. 1,000 357,000 Bunrm,,, HMle. " Wilkub.-Bunb'ry ~ Lewistown- See p &NNSY LVAlUA. RR. llumook Valley-Stock, 6 p. o. rental Con. & Mon.. .••. .••• 100 240,000 6 J. & J M'noh'st'r,N.H.,Nat.Bk Jan., 1904., 3% Busq. B,ooms. ~ Berw.-lst M., $700,000, gold.FP 42 1902 1,000 ':'00,000 5 g. A. & O. Phila., Fidelity Tr. Co. Oct. 1, 1952 a,,,,ac,ue Binghamton~ New York-stock...... . .•. 81 .••. 100 2,500,000 8 in 1903 Q.-F. N. Y., D. L. & W. RR. Co. Nov. l,'03, 2% Oonsol. M.(p,andt. gu. (end.) byD.L.&W.).F.c*&r 81 1876 1,000 1,966,000 7 A. & O. do do Oot. 1, 1906 Br,racuse Gene1'a fl Oorning-Stook (3½1p. o.rental) .... ..•. 100 1,325,000 3¼ Q.-F. N.Y., Gr. Oent. Station. Feb.1,'04., 7e% let mort~age, sinking fund, drawn at par.F . .. o 64 1875 100 &o. 366,800 7 M15&N. N. Y., Farm. L. &Tr. Co. Nov. 15, 1905 2d mongage.F•........•....•...•..•..•..•........ o 64 1879 1,000 600,000 5 M. & 8. N. Y., Gr. Cent. Station. Moh. 1, 1909 .fac,East.-lstM.$1,500,000,g.r'd.110,beg'0S,ICop 28 1903 1,000 364,000 5 SE . J. & J.•N.W.Harris&Co. Chio. Jan. 1. 1923 E Gate City, Va., 32 miles, and from Clinchport, Va.., to Minneapolis, Va.., 40 D11les. In October, 1903, a syndicate ha.d control and wae proposing to extend the line through coal fields from Johnson City to St Paul, 90 Iniles, and from Spruce Pine to Marton, 40 miles. V. 76, p. 213. A consolidation in June, 1902, of the Ohio River & Charleston Ry. with other properties. V. 74, p. 1091. Stock authorized, $10,000,000; outstanding, $100,000; par of ehares, $100. The bonds are subject to call in whole or part (by lot) at par and accrued interest on or before Jan. 1, 1907, on 90 days' notice, coupons_ to Jan. 1, 1905, inolustve, being at the rate of 3 per cent yearly, those of July, 1905, and Jan., 1906, at 312 per cent and thereatter at 5 per cent per annum. V. 76, p. 436. For o mos. ending Deo 31, 1902, gross, :t,27,640, netovertaxes,$1,987. Prestdent,George :L. Carter.-(V. 76, p. 213, 436, 1250; v. 77, p. 1534.) Southwest Pennsylvania Ky.-Greensburg, Pa., to Fairobanoe, Pa., 45 miles, and branches, 90 m. Leased to Penn. RR., which pays net earnlngs as rental and owns $1,057,250 stook and $600,000 bonds. DIVIDENDS.- ? 1892. '93. '94, '95. '96. 1897 to Oct., 1903. Per oent ..•• ( 10 10 10 11 11 10 per cent yearly. Yr.Dec.31. Gross. Net. Int,,tazu,<fc. Divid'ds. *Balance. 1902 . ..... $2,047,515 $531.893 §$370,995 $149,990 sur. $10,908 1901.. . . . 1,691,921 253,904 127,250 149,990 def. 23,336 * Includes $3,985 other inoome in 1901, $2,926 in 1902. § Includes improvement-a. . South"restern HH.(Ga.)-Owns Macon, Ga., to Eufaula; Fort Valley to Columbus, Ga., etc., with branches; total, 333 miles Leased for 101 years trom Nov. 1, 1895, to Oentral of Georgia Ry. at a rental of 5 p. o. on stock. As to suit, see V. 71, p. 809; V. 73, p. 1062. Springfield Union Depot Co.-V. 77, p. 770. Spuyten Duyvll & Port Morris KK.-Owns 6 m. double track and connects the N. Y. Central & Hudson with the N. Y. & Harlem. Leased to New York Central till Dec. 31. 1970. at 8 per cent on stock. State Line & Sullivan KH.-Owns Monroeton, Pa., to Berenice, Pa.i24 miles. Stock, $980,250 (par $50.) Mortgage covers 5,000 acres ooa lands. The new 1st 419s are subject to call tor sinking fund requiremenli8 at 105 until Jan. 1, 1914, and thereafter at par. V. 67, p. 1209. Road leased till 1934 to Penn. & N. Y. Canal & RR. (rental, $40,000 per ann.), and so oper. by Lehigh Valley.-(V. 74, p. 479; v. 76, p. 332.) Staten Island Hy.-Cllfton to Tottenv1lle, 12·64 miles. ST0CK.il,050,000, of which 18569,850 owned llY Baltimore & Ohio; par, $75. Year ending June 30, 1903, gross, $206,778; net, $33,020; int. and taxes, $32,923; balanoe, sur., $97.-(V. 61, p. 737,) Staten I111land Rapid Transit Hy.-Purchased at foreclosure Apr., 1899, subject to fl.rat mort. by B. & o. V,69, p.284. (V.77, p.251.) Stockbridge & Pltt111fteld HH.-Vandeusenvtlle to Pittsfield, Mass., 23 m. Leased tor 99 years April .1, 1893,_to N. Y. ~. H. & H., at 6 p. o. ol!:ts took. Lessee pays taxes. Lease to .Housatonio suspended. Suff'olK & Carolina Ky.-(8 ft. 6 in. gange.)-Su1folk, Va., to Edenton N. C., on .Albemarle Bound, 50 miles, inolndin~ extension from Ryiand to Edenton, 17 miles, opened Aug., 1902. rt is proposed to standard-guage the roail; branch from Beck:tord to EUzabeth ctcy N. C., 25 miles, 1s to be opened about Feb., 1904. Controlled by Bal ti· more oa.pitali!\ts, Stock authorized, $1,000,000, of which $800,000 is outstanding, a stock dividend of 1'00 p. o. having been declared Jan., 1903; par of shares, $100. Of the 1st oonsol. 6s or 1902 {$1,000,000 authorized issue) $500,000 were issued to retire $70,000 of the old 6s, build ex• tensions to Edenton and Elizabeth City, 42 miles, standard-gauge the road and lay 60-lb. steel rail, the balance being reserved to retlre $90,000 old 6s due April 1, 1911 and for future requirements. There are also $100,000 (authorized issue $300,000) 4 p. o. non-cum. income bonds. V . 76, p. 103. Year ending Oct. 31, 1902, gross, $87,618: net, $45,470; annual interest charge now is $30,400; bal., sur.J.. $15,070. President, Wm. H. Hosley, Baltimore, Md.-(V. 76, p. 49, 10.:J.) Sullivan County KK.-Road from Bellows Falls to Windsor, Vt., 26 miles. Road opened 1849; operated slnoe April, 1893, by Boston & Maine. Net earnings, less taxes and interest on bonds, paid lessor. Stook, $500,000, owned by Vermont Valley RR. For year 1902-031 gross, $353,149; net, $67,831; interest, taxes, etc., $27,721; dividenas (8 p. o.), $40,000; bal., sur., $110.-(V. 65, p. 867.) Sunbury Hazleton & Wllkesb. Hy. 1 Bee Pennsylvania Sunbury & Le"'1sto-wn Ky. S Railroad. Suneook Valley KK.-OwnsroadSunoooktoPittsfleld, N. H., 17 miles. Leased till 1912 to Concord & Montreal for 6 p. o. on $240,000 of capital stock; total stock issued is $341,7~(?1 of which $101,700 ls non•dividend paying. President, Hiram A. Tume, Pittsfield, N. H. Susquehanna Bloomsburg & Ber-wick KK.-Watsontown t,o Berwick, Pa., 42 mi es. Successor in Aug., 1902, ot the Centiral Penn• sylvania & Western RR., foreclosed. V. 75, p. 343. Stock, $1,000,000, all -0ntstandtng; par or shares, $50. Bonds, see table. V. 75, p 1303. Year ending June 30, 1902 (old Co .• :n miles), gross, $25,364; net, $9,840. Pres., J. Henry Cochran, Willlamsport. Pa.-(V. 75, p. 1303.) Susquehanna & New York RR.-Owns Towanda, N. Y., to Ralston, 43 miles; Gray's Run Branch, 25 miles; other branches, 31+ miles: tram road hr,mohes and sidings, 14 m.; trackage (including 7 miles of stding<1k 131i! m.; total SPpt., 1903, 99 m. Extension from Towanda.east to Hinghamton was proposed. A consolidation in 1902: v. 7 5, p. 291. Stock, $2,000,000; par of shares, $100; outstanding, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Sept., 1903, $1,224,500. Bonds ($2,000,000 authorized) are 4121, dated Deo. 1, 1902, and due Dec. 1, 1932, but subject to call in ten years; none issued Sept., 1903. For 2 mos. ending Aug. 31, 1903, irross, $28.780; net, $12,502. For year ending June 30, 1903, gross, $07,002; net over taxes, $21,561. President, C. S. Horton; Treas., F. E. Bradley, Willlamsport, Pa.-(V. 75, p. 291, 395,) Sul!l8e:x KK.-Owns road from Stanhope to Franklin, N. J., and branch 30 miles. Road opened 1854. Since 1881 operated by DeL Lack. & W., which owns a majority of the $1,638,600 stock. Dividends paid from earrungs of 1899, 3 p. c.; 1900, 4 p. o.; 1901, Aug., 2 p. o.: 1901, 2 p. o. The $235,500 7 p. o. bonds due Apr. 1, 1903, were paid off at maturity. For year ending Dec. 31, 1902, irross, $16~,457; net, $58,591; oharges,$16,485; dividends (2 p.o.), $32,772; bal., sur•• $9,384. Syracuse Binghamton & N. Y. KH.-Geddes, N. Y., to Bing• hamton, N. Y ., 81 miles. Controlled since 1869 by Delaware Lack. & W., whioh, June 30, 1903, owned $1,903,900 stock and guar. the bond.a. DIVIDENDS ...•• 1 '88 '89 '90 '91 '92 to Nov., 1903, inolus. Per cent ........ f 12 8 8 13 8 yearly (2 p. o. quar.) For nine mos. ending Sept. 30, 1Q03, gross, $94.9,875, agst. $662,296 in 1902; net, $48t,464, against,97,187. RKP0RT. Gross. Net. Int. Di11idends. Balante. 1902..... .. $943,963 $Ul9,488 $137,620 $200,000 def. $178,132 1901 .....•. 1,070,917 476,217 137,620 200,000 sur.138,597 -(V 65,p. 568.) Syracu111e Geneva & Cornlncr Ky.-Corn1ng, N. Y., to Geneva N. Y., 58 miles; Penn Yan to Dresden, 6 m. Formerly leased to Fall Brook Ry., but lease canceled and new lease made from May 1, 1899, tor lierm of corporate existence to N. Y. Central, tor $46,375 per annum, payable quarterly, interest on bonds and other obligations,taxes and repairs, the N. Y. C. ownin11: $821,800 of the $1,325,000 stock, par $100. This rental is equivalent to a 31i! per cent dividend on the srook. (V. 68, p. 573; V. 73, p. 1063; V. 74, p. 328; V. 75, p. 1038.) Tacoma Eastern KK.-Owns Tacoma, Wash .. to Eatonville, 34 miles; extension under construction to Ashfords, 21 miles, t bltummous coal fields; branch also projected from Eatonville easterly 1312 miles to Nisqually Ooal Co. fields. Stock, common, $7,500,000; pref., 6 p. c.; non-cum, $750,000; all issued; par of shares, $100. Of the bonds (see table above) additional amounts up to $1 000,000 can be issued only at the rate of $13,000 per addt ·ional mile of traoJC. V. 76, p . 655. President. Edward Cookingham, Portland, Ore.; Secretary, E. M. Hayden, Tacoma, Ore.-(V. 76. p. 655.) Tallulah Falls Ky .-Owns Oornella to Wylie, via Tallulah Falls, Ga 28 miles; extension from Wylie to North Carolina line, 17 miles, wn{ be completed early in 1904. Successor in 1898 of the Blue Ridge & Atlantic RR., foreclosed. V. 66, p . 810. Stock authorized, $500,000, of which $250,00t) is 5 p o. non-cum preferred; par of shares, $100. Bonds are limited to $15,000 per mile. Yea.r ending June 30, 1903 (21 miles), gross, $23,730; net, $7,060. President, Geo L. Prentiss, 31 Nassau St., N. Y.-(V. 75, p. 241.) Tehuantepec National Hy.-V. 74, p. 94; V. 75, p, 794, 'l'emll!lkamlnlng & Northern Ontario Ky-V.77,p.251,1749 Tennessee Central RK.-Harriman, Tenn., ~csterly to Hopkins• vUle, 252 miles: branches, 48 miles; total, 300 miles. Extension from Nashville northwesterly, via Clarksvtlle, to Hopkinsville, Ky., 73 miles, was oompletied in Deo , 1903. The Nashvtlle Terminal Co.•s fa7 cillties, to be built, including terminals and bridge and 18 miles of liraok, are leased tor 99 years from May 1, 1902. V. 73, p. 337,392; V. 74, p. 577, 831; V. 75, p. 499. SECURITIES.-Stook authorized, $8,000,000, all common (par of shares, $100), issuable at ,S25,000 per mile. The citizens of Nashvtlle on Aug. 30, 19u l, voted to subscribe to $1,000,U00 stock, the subsoriptton price to be paid on oompletton of the road from Nashvtlle to Clarksvtlle. Suit, V. 74, p. 1309; V, 76, p. 1409: V 77. p. 2::J40. The new Tennessee Central RR. bonds, dated July 1, 1902, are issuable at $25,ooo per mile; of the present issue (about $5,1100,000) $3,306,000 are reserved to retire the •rennessee Central Railway and Nashville & Knoxville RR. bonds. The Nashville Terminal mortgage is for $1,000,000; 1,1ee th,1,t company. The Mercantile Tr<1st Co. of St. Louis is trustee of both o:f the new mortgages. President, J._0. Van Blarcom; Stic'y, 0. M. Laing.-(V. 77, p. 2160, 23i0; V. 78, p. 288.) Terminal RR. A.ssoclatlon of" St. Louls.-PROPERTY.Owns and operates extensive terminals at St. Louis, with belt lines and bridges, and a tunnel 4,800 feet in length; operates Ea.st St. Louis 6 Carondelet Ry., 12 miles, sin~eMar.1, 1902. V. 74,p.479. In .Jan., 1903, $950,000 of tihe $1,000,000 stock of the Wiggins Ferry Co. was acquired. V. 75, p. 1355; V. 76, p. 103. In Dec., 1903, the bridge across the Mtssissi ppi River at Alton, owned by St. Clair Madison & St. Lou •s Belt RR., giving complete control of entrance to St. Louts from the East, was purchased by 10 of the 14 proprietor companies. V. 77, p. 2341). ORG.A.NIZA.TION.-Organized in 1889. The :following companies are sole owners: Cleveland Cincinnati Chica.go & St. Louis, Louisvtlle & Nashvtlle, St. Louts Iron Mountain & Southern, Balt. & 0. Southwesterni.... Missouri Paoiflo, Wabash, St. Louis Vandalia & Terre Haute (.renn. RR. system) Uhio. Rock Island & Paotflo, St. Louis & Sau Franoisoo, Chicago & Alton, Chio. Burl. & Quincy, Illinos Central, Southern Ry. and the Missouri Kansas & Texas, the seven la.et named having acquired their interests in Dec., 1902, and Jan., 1903. v. 75, p, 135~; V. 76, p. 103. These oompanies agree under oontraot to 494 RAILWAY STOOKS AND BONDS. [VOL. LXXVIII. 1 RAILROADS. MU D te Biz INTEREST OR DIVIDENDS. ~Wh-.1:TlD.Duwee a e, or Amount p .., en e. •or explanation of column headings, &o., see notes of of Par Outstanding Rate per When Where Payable. and by Btocb-Laat on first page of tables. Road. Bonde Value. Cent. Payable Whom. Dividend. ------ TaUulala.FalZ.-let mort., gold.IB--··············· Tal. Fa,ta-(OOft..J-let oon. M., g., red. 105.S.o*&r .2'mnes1ee Oentral RR.-T. 0. Ry_ let M_JIISt .. . o* Nash. & Knox. let mort. for $2,000,000.1'.le•. _o* T. 0. RR., M. $15,000,000, g., red.105 at. July,'07. Term'l Railroad Association-latmort., ~old.Ce.o" lat consoL mo~a.ge, $12,000,000, ~ d.Ce .. o* Gen.M. ref., $50, 00,000, g.,s.f.,red., xt.Ce.o*&r St. Louis Bridge Co. let pref. stook, ~a.ranteed. 2d vreferred stook, guaranteed, en orsed ..•••. lat mo~ged gold. .••..•...••.••••••.••....... o* Tunnel R oa of Bt. Louis, stook, guar. (end.). l'erminal Ry. (~aloJ-letM.,$1,000,000i·• N.o* l'erre Haute ti! I-. ianai>.-Con. M., now let .,F' .g. 2d ~ oon. g.L red. a.ft. July 1, 1902, at 105. F' . . o Terre aute d! ogan:l'(;it RR.-let mort\age ...••• Obli,latione oonve ible Into mortgage onds .... f'erre aute ti! Peoria.-Firat mortia.ge, gold. Un .. lat oon. M., $2,500,000, g., ~- p. 1. (end.). U n.o* Te:uu Oentral-Oommon stoo ...•••••••.•..•....... Preferred stook, non·oum•...•.••......•.....•. __ .. 1st~ $2,000,000 g., red. 110 ($150,000 4s). Po* .2'~ id-land RR.-Mort. ($750,000 is 2d mort.). ,~. d! N. O. of'74-L'd gr. e.f.notdrnd.letM,A..o*&T Sabine Division 1st mortfa.ge, gol ..•••..••. o*&r Consol. mort~~e for $4, 95,000_G ....••.... o*&r Dalla.sDiv.ls .,g.,$20 000perm. (text)Un .. o* J'em., ti! Paciftc-Btook, $5 i°00,000 ................. lat M. (Eastern Div.),~.• d, a. f. red. at 100.••. 0• 1st consol. mort. for $ 5,000,000, gold.FP ... . o• 2d oons.1no. M. ($25,000,000),g. (see rem.).1'.le.o* Louis. Div. Br. Linea, let M., g. $12,500 perm. Me • $605,000 additional 5s and $45,000 4s in tre 0 ·'I --- .... ---· .... ---· ---· ---· ---- is19 i:ooo g i:ooo .... . --· 227 -----· i:ooo use the property forever and pay as tolls the Interest, taxes, renta1e and other ohargee, and ea.oh line w1ll oontribute its proportion to the extent of one•fourteenth of $1,000,000 to make up any defl.oienoy from unforeseen oiroumsta.noes. See also Bt. L. Merohante' Bridge Term. RR. LEASEs.-The leases of the Bridge and the Tunnel a.re for their corporate existence, and were ma.de July 1, 1881. In Oot., 1903, pro· oeedin~s were pending against the Merchants' Bridge on the ground of unlawful combination. V. 77, p. 299, 512. STOCK.-Ca.pital stook, authorized amount, $50,000,000, as in· oreased 1n Deo., 1902; outstanding June 1, 1903, $2,882,000. BONDS, ETc.-The mortqage of 1889 (trustee Central Trust Company, was deeoribed 1n advertisement in CHROMICLE of February 13, 1892. Of the general mort. refunding 4% sinking fund gold bonds of 1953 ($50,000,000 authorized) $18,000,000 have been Issued for new oon• struotlon, improvements and additions, $17,500,000 are reserved to retire existing bonds and $14,500,000 for issue after Jan. 1, 1906, at not over $1,000,000 yearly for improvements and acquisitions. A sinking fund oocnmeno1ng July 1, 1906 will retire $100,000 of these bonds yearly by Jot at 110 and Interest 'fl not purchasable for less. The entire tseue is subjeot to oall at 110 and interest on and after Jan. 1, 1910. For property mortgaged, see V. 76, p. 267, 383, 481, 807. Guarantees $3,500,uuu St. L. Merchants' Bridge Term1nal let 5s. and interest on $2,000,000 let 6s of Merchants' Bridge. Bee those Co's. ANNUAL REPORT.-Yea.r ends Deo. 31. Report 1n v. 76, p. 807, showed: YearGros, Net. Otherinc. Oharges, Balance. 1902 .••. $2,615,360 $1,494,369 $335,894 $1,462,919 $367,345 1901.... 2,385,309 1,489,813 350,143 1,402,642 437,314 Chairman ot Boa.rd, Julius S. Walsh; Pres., W. 8. MoCheeney Jr.; Seo.• C. A. Vinnedge; Treas., F. 0. Da.ab.-(V. 77, p. 2394,> Terminal Ky. ot Buff"alo.-Blasdell, N. Y., to Depew, Erle Co., N. Y., 11 miles. Opened Sept. 15, 1898. V. 67, p. 530. Btook is $1,000,000; all owned by Lake Shore & Mlohie:an Southern. Dividend on stook, 6 p. o.. paid in 1903. Lake Shore & Mioh. South. and N. Y. C. & H. R. RR. ea.oh own 5,000 shares ot the stook. Year to June 30, 1903, gross, $64,230; n~t, $48,853; Interest and taxes, $46,458; bal., aur., $2,395. Seoretary, E. V. W. Rossiter, N.Y.-(V. 67,p. 530.) Terre Haute & Indianapolls KR.-( See Map Pa. RR.J-Owns Indianapolis to Illinois State line, 80 miles, with ooa.l branches, 43 miles. Leases Bt. Louis Vand. & Terre Haute, 158 mlles; Terre Haute & Peoria (less traokage 28 miles and half ownership 1n 8 m.), 174 m.; total, 455 m. Pa. Co. owns a blook of the $1,988,150 stook. RECEIVERSHIP.-On Nov. 13, 1896, Volney T. Malott, of India.napo• 11&, Ind., was appointed receiver. See statement 1n V. 63, p. 1011. DeoiBton 1nDeo., 1902. V. 71, p. 810; V. 75, p. 1204, 1303. DIVIDENDS: 1878 to 1884, 8; 1885 to Feb .. 1894, 6 p. o.; none sinoe. GuA.JUNTIEs-IDterest on T. H. & Peoria bonds went to default, but Interest on Terre H. & India.nap. oonsol. 5s of 1885 and 1892 has been paid when due. V. 67, p. 30; V. 70, p. 992, 1049. For 6 mos. ending June 30, 1903, gross, $959,955, against, $852,257; net, $200,572, against $301,668. ANNuAL REPORT.-ln 1901-2, on 123 miles owned, gross, $1,770,· 433; net, $669,168; oth. 1noome, $13,000; Interest, $125,000; loss 1n operating leased lines, $110,709; bal., eur.,$446,449.-(V. 77, p. 2281.) Terre Haute & Logansport Ky.-Owne from South Bend, Ind.• to Rockville, Ind., 159 miles; trackage, Rookville to Terre Haute, 23 miles; steel, 60 and 701b. Buooessor on Deo. 1, 1898, to the T. H. & L. Railroad, sold Nov. 18, 1898, to Pennsylvania Co. Capital stook, $2,000,000. Due Penn. Co. for advanoes Deo. 31, 1902, $271,500, bearing 4 p. o. Int. For 6 mos. ending June 30, 1903, gross, $565,338, against $492,543 in 1902: net, $72,998, agatnsti $61,497. In 1902, gross, $1,093,745; net, $183,960; int. and rental, $90,990; betterments, $76,397; sur., $16,573.-(V. 72, p. 985.) Terre Haute & Peoria KR.-( Bee Map of Pennsyl'Cania RR.JRoa.d operated from Terre Haute, Ind.., via Deoatur, to Peoria, rn., 174 miles, of whioh 138 miles a.re ownea and half Interest owned in 8 miles and 28 miles is by trackage over other roads, From Oot. 1, 1892 leased for 99 years to the Terre Haute & Indiana.polis at rental of 30 per oent of gross ea.rnings, with a minimum sufficient to pay Interest on debt. Bee V. 55, p. 766. Lessee owns $544,200 of the $1,837,400 preferred and $1,338,000 of the $1,926,800 oommon. COMMl'ITEE. - Interest due Sept. 1, 1896, was pa.id May 1, 1901, by order of oourt; ooupons of Mar., 1897 to Bept., 1901,jfnolusive, in May, l 903; March, 1902 coupon in Sept., 1903, and Sept., 1902, oou. pon in Deo., 1903; later coupons unpaid V. 72, p . 937; V. 76, p. 974; V. 77, p. 2160. Bondholders• Committee: Chairman, Mark T. Cox, James A. Blair, James W. Paul Jr. Deposita.ries, N. Y. Security & Trust Co. N. Y., and Drexel & Co., Phila. A majority of bonds has been deposited. The console fUnion Trust Co. N. Y., trnstee), oa.rry the guaranty of the T. H. & Indiamipolis. In May, 1900, the U. S. Cirouit Court of Appeals affirmed the valldity of the guaranty. V. 72, p. 4.81, 873. EARNINGS.-Fisoa.l year ends Oct. 31. For 6 months ending June 30, 1903, gross, $303,059, against ~253,759 in 1902; net,$8,877, against $4,380. In 1901·02, gross, $559,086; net. $40,987; rental from lessee, $167,726; ba.1., loss to lessee, $126,738.-(V. 77, p. 512, 2160.) Texas Central KK,-RoAD-Runs from Waoo, 1n McLennan Co., to Albany and Stamford, Tex., eto., 227 miles, and extension Albany to Stamford, 40 miles, was completed Feb., 1900. DIVIDENDS.-On preferred: In 1896, 3 p. o.; 1897, 3; 1898, 3; 1899, 4; 1900, 4; 1901, 719; 1902 5 p. o.; 1903, 5 p. o.· 1904 Jan., 219 p. o. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I 5 g. .t. & J. Intern. Tr. Co., Boston. 1901 $1,000 $374,000 360,000 5 g. J. & J. N.Y., Standard Tr'et Co. 1903 1,000&0 1,000 5 g. J. & J. Bt. L.MMiee.Val. Tr. Oo. 1898 1,550,000 1,000 1,756,000 M.&N. N.Y., eroantileTr. Co. 1888 6 1902 1,000 5,000,000 5 g. J. & J. Mero. Tr. Co., St. Louie. 1889 1,000 7,000,000 419g. A. & O. N.Y.,J.P. Morgan&Co. 5 g. F. & A. 1894. 1,000 5,000,000 do do 1903 l,OOO&o 18,000,000 do do ~g• J. & J. 100 2,490,000 J. & J. do do 100 3,000,000 3 J. & J. do do 5,000,000 7 g. A. & O. New York and London. 500 &o. 1,250,000 J. & J. N.Y.,J.P.Morgan&Co. 6 "i"i iMia 1,000,000 4 g. A. & 0. N. Y.,GrandCent.Bta'n 116 1885 1,000 1,900,000 5 g. J. & J. N. Y., Fa.rm. L. & Tr. Co. 116 1892 1,000 600,000 do do g. J. & J. 93 1879 1,000 500,000 J. & J. N.Y.,Fa.rmers'L.&T.Oo. 4 g. J. & D. 159 1898 1,060,000 33,000 5 g. M. & 8. In default. 138 1887 2,197,000 5 g. M. & 8. Bel)t., '02, ooup. la.et pd. 138 1892 1,000 i,€49,300 2¼1n'03 Yearly. N. Y.,Farm.L'n & Tr.Co. 1,324,500 51n 1903 J. & J . do do *650,000 4g. t5g. A. & o. do do is0a 111 1893 1,000 J. & 'if. None 1n 1902·03 900.000 862,000 F. & A. N.Y.,8.Pa.o.,120B'way 105 1875 1,000 7 1,000 6 g. M. & 8. 2,575,000 do do 104 1882 1,620,000 5 g. .J. & J. N. Y., Central Trust Co. 209 1893 1,000 4 g. F. & A. New York. .... 1900 1,000 2,455,000 1,652 . . . . 100 38,763,810 M:·&··s. N. Y., Mero. Trust Co. 2,741,000 51311875 1,000 5 g. J. & D. N. Y., Mer. Trust Co. 1,387 1888 1,000 22,259,000 5 g. Moh. 1. 5 p. o. pd. Moh. 1, 1903 1,387 1888 1,000 24,676,125 5 g. J. & J. N. Y., Mer. Trust Co. 317 1901 1,000 3,972,000 asury June 3 0, 1902; total of $l, 300,000 Issued. 43 43 55 87 205 July 1, 1921 Jan. 1, 1933 Jan. 1, 1948 May 1, 1918 July 1, 1952 Oct. 1, 1939 Aug. 1, 1944. Jan. 1, 1953 Jan., 1904l 3'9 Jan., '04, 19~ Apr. 1, 1929 Jan,. 1904, ~ Apr. 1, 19 8 July 1, 1925 July 1, 1925 Jan. 1, 1910 ---····· Mar. 1, 1937 Sept. 1, 194.I July 15,'03,219 Jan.15,'04, 21Aprig1 1923 ...6.g. 93 Aug. 1, B~t. l, J y 1, Aug. 1, 1905 1912 1943 1930 Moii:1;·i9o5 June 1, 2000 Deo. 1, 2000 Jan. 1, 1931 On common, 2½1 p. o., July 15, 1901; in 1902, Jan., 219 p. o.; in 1903. July, 219 p. o. LATEST EARNS.-6 mos., S 1903 .•• ,-.Gross, $431,200; net, $127,717 .July 1 to Deo. 31. l 1902---··-Gross, 335,985; net, 86,273 Surplus over 6 months' ohargea, $112,215, a.get $70,834 In 1902. Report for year ending June 30, 1903, was in V. 77, p.2034, showing: Grose, $601,615; net, $163,733; other inoome, $1,108; lntiereet, $30,· 939; dividends, $132,457; bal., $1,444.-(V. 77, p. 770, 2034,) Texas Midland KK.-Road from Ennis on Ho11Bton & Texas Oentral Ry. to Paris, Texas, 125 mtlea, of whioh 14 traoka11:e over St. Louis Southwestern. In 1893 purchased by Mrs. Hetty Green. Btook, $500,000; par, $100. TotalourrentllabilitieaJuly 1, 1902, i2,055,228. For year 1902-03, gro~ $520,957; net, $46,057; int. on bonds, $45,000; sur., $1,057. Pres., E • .1:1.. R. Green, Terrell, Tex.-(V. 63, p. 839.) Texas ck New Orlean• RK.-(Bee Map Bo. Pac.)-Houeton, Tex., to Orange cBa.bine River), 112 miles; and Babine Pase to Dallas, 301 miles,oompleted May, 1903; Houston to Clinton, 8 miles; Nome to Sour Lake, 8 miles; total 429 miles. A line from Dallas, Tex., to Sabine Pase was completed in Apr., 1903. SECURITIES ETC.-The etook 18 $5,000,000, all of it b1:?1Ju owned by the Southern Paoifio. First 7s are purchased by the e g fund at not over 110. There were also June 30, 1902, $342,232 Texas sohool fund 6e, Int. M.&N., prinotpa.1 payable 2 p. o. per annum. Lands un • sold June 30, 1902, 491,650 aores. The first mortgage of 1900 secures bonds &ti $20,000 per mile on the road extending from Rockland to Dallas, Tex., about 218 miles, a part of whioh was vuroha.sed In 1899, and extensions hereafter aoquired or constructed up to 40 miles. V. 70, p. 997; V. 71, p. 183. Equ1pment. bonds, $1,2i4,000 6s, due $6~000 eemi-aunuallv Aprtl, 1904, to 0ot., 1912, all owned by So. Pao. v. 76,p. 1302; V. 77, p. 2160. EARNINGS.-5 mos., ? 1903_ ....... Gross, $1,63l,23Q; net, $368,154 July 1 to Nov. 30. ( 1902........ Gross, 1,363,437; net, 255,098 ID year end1ng June 30, 1902, gross, $2,970,724; net, 1noluding other 1noome, $546,728: surpl118 over charges and taxes, $97,800. In 1900-1, gross, $2,709,185; net, $151,581.-(V. 77, p. 2281.) Texas & Pacific Ky.-(Bu Map Mo. Pae.)-New Orleans, La. west to El Paso, Te~t 1,150 miles; Marshall via Texarkana Juno. and Whitesboro to Fort worth, 316 m.; branohes, 328 miles; total, 1,794, of whioh 93 miles, Sierra Blanco to El Paso, is trackage, leaving 1,701 m. owned. In Sept., 1902, branch under oonstruotion from Ba.ton Rouge, La., to Conoordia, 109 m •• at a oonneotion with the New Or· leans & Northwestern, mostly completed 1n Jan., 1903 (75 miles operated Feb. 1, 1903); also branoh from Natohltoohes to Shreveport, 70 miles, completed July, 1903. V. 74, p. 626, 1253. ORGANIZATION.-ln 1888 reorganized by the plan 1n v. 43, p. 164, and V. 45, p. 401, without having the foreclosure sale oonflrmed, thus pre• serving the original Federal oharter. Land assets .Jan. 1, 1903, were 67,444 aore~, land notes $36,910 and $8,200 oa.sh. 8TOCK.-Mo. Paoifio Deo. 31, 1902, owned $6,525,000 etook. BoNDs.-See 1888 mortgage abstracts, V. 47, p. 82. • The Louisiana Branoh Lines mortgage w1ll cover all branohes oon• struoted or acquired 1n Louisiana at $12,500 per mile, but not to eIoeed 1n the aggregate $7,000.000. V. 72, p. 577, 1189. Interest eorip, 1noome and land grant bonds (a &took liability, retira.ble under reorganization agreement), $13~'-802; other s0rtp, $8,169; $438,000 Eastern Division let 6e were oallea for redemptton on Mar. 1, 1899, $105,000 on Mar.I, 1900, $118,000 on Mar. 1, 1901, $123,000 on Mar. 1, 1902, $126,000 on Mar. 1, 1903, and $133,000 on Mar. 1, 1904. Equipment obligations Deo., 1903, $2,284,859. FINA.NCES.-On seoond 5s there is no right to foreclose unless default ts made on first mortgage. The oompany has been spending its earn• Inge in needed improvements; in 1900-02 ma.de let payment on 1noomes, vtz., 1¼ p. o.; in 1901, 4 p. o., and in Mar., 1902 and 1903, 5 p.o. ea.oh. In Deo., 1901, all exoept $896,588 of the Texas & Pa.otiio seconda had been exohanged for 65 per oent 1n new St. Louis Iron Mountain & Southern gold 4s. See Iron Mountain statement following MiA· souri Paoifio. V. 68, p. 525, 619, 725, 774.; V. 70, p. 533. In Mar.,1903, $1,438,125 seoond mortgage incomes were subsoribed for, raising the amount outstanding to $24,676,125. EARNINGS.-Ja.n. 1 to Deo. 31, 1903, gross, $12,002,336; 1902, $11, 236,601. ANNUAL REPORT.-Report lor 1902 was Inv. 76, p. 650. Year ending Dec. 311902. 1901. 1900. Miles operated............. .. 1,697 1,684 1,527 Grose earnlnge ...•••..••....•. $11,23~,601 $11,769,942 $9,751,122 Net earnings .................. $3,484,311 $3,735,491 $3,169,490 Other Income.................. 147,830 363,135 189,178 Total net income ...•••.• - $3,632,141 $4,098,626 $3,358,668 Interest on fir11li mortgage... $1,428,459 $1,393,814 $1,2~9,756 Interest on 2d Incomes ..•• (5%~1,161,900 (5%)1,161,900 (4%)929,520 Fire olaims (year 1894)... .• • 163,642 Taxes............. ··-···....... 284,514 Misoellaneoue....... ....••..•. 37.424 Bala.noe, surplus•.•••••.. x$556,202 x$1,251,428 x$842,799 x From accumu lated surplus was paid for betterments, equipment, etc., f2.207,858 In 190t; in 1001, $926,866; in 1000, f636,64.2, -(V.76, p.1086, 1302; V. 77, p. 90, 8~5.) JAN., 1904.] RAILWAY STOCKS AND BONDS. RAILROADS. Miles Dat.e Size, or ~r explanation of column headings, &o., see notes of of Par on first page oftables. Road. Bondi. Value. = INTEREST OR DIVI;r>ENDS. per When Where Payable, and by 0~~~"., Rat.e Cent. Payable Whom. 495 ~ir~~ Btoclu-Laat Dividend. --------------------1-----------------------1 ---------1-----9 i~1t'ita~\lfs~~l·!~fe~~oid··· 41 1852 iio~. $~~g:ggg g7 :: it. 1 i. JiliJe~~~~B~~feo t~ l· l~l Extension bon~ ..•.•••..•••...••••.•..... : •.... ::: 46 187 5 1,iOO&Oc. 265,000 AA •• && o. Elmirda,ChemungC-0.Bk. Oct.' 1: 1905 Elmira State Line Ra.llroa.d 1st mortgage, guar.. 7 1 8 7 5 50u 160,000 7 d0 Oct. 1, 1905 0 0 l'oltdo ti Ohio Oentral--lst M., g. (V. 53, p. 436) .Ce 196 1885 1,000 3,000,000 5 g. J. & J. N. Y., Central Trust Co. July 1, 1935 Western Div. lstmort. for $2,500,000, gold.N.c* Text. 1892 1,000 2,500,000 5 g. A. & O. do do Oct. 1, 1935 General M. (V. 62, p. 594) ($2,000,000), g. Ce•. c* 335 1894 1,000 2,000,000 5 g. J. & D. do do June 1, 1935 St. Mary's Div. let M., g., $500,000.Mo ....... c* 61 1901 1,000 425,000 4 g. F. & A. do do Feb. 1, 1951 do lstpref.inc.,$500,000,non cum.4%.Sr 61 1901 1,000 500,000 Oct. 1, if earned. do do Feb. 1, 1951 Car trusts, Dec. 31, 1903 (principal due monthly) 981,315 5 & 6 M'nthly T•> Aug. 1, '08 G'Uarantud BondB. K.&B.O.&C.M.g.$3,500,000s.f.red.llOaf.'lUio 1901 1,000 3,000,000 5 g, J. & J. N.Y. , J. P.Morgan&Co. July 1, 1951 Cont. Coal, let M., g.t.. s. f., red. 110 af. '12. S 1902 1,000 2,750,000 5 g. F. & A . do do Feb. 1, 1952 Kanawha & Michigan Hy.-See that company. 300,000 ToL & O. O. Ext., lstM. (foreclosed), int. only gu. 1888 1,000 5 g. M. & N, ..•••••••• Nov. 1, 1938 loledoPeorlatl Wut.-letM.,(for$5,000,000),g.c* 230 1887 1,000 4,895,000 4 g. J. & J. N. Y., Am. Ex. Nat. Bk. July 1, 1917 Deben. scrip (secured by let M. coups. in trust). 220,275 5 Jan. N. Y., Fa.rm. L. & T. Co. Jan. 1, 1905 f'okdo Ry. ti Terminal - let mort., $3,500,000, gold 3,000,000 412 g. F. & A. Commonw. Tr.Co.,St.L. Feb. 1, 1942 f'oledo 8t. LouiB ti Wutern--Com. stocs:,$10,000,000 100 9,995,000 To be in 1'oting tr mt for jt-oe years. Preferred stock, 4 p. c., non-cum., $10,000,000.. . . .. . ... 100 10,000,000 To be in voting tr uBt for jtfle year,. 312 g. J. & J. N. Y., Cent. Trust Co. Juiy·i·,--i925 Prior lien mort., $10,000,000,gold ........ F .c&r 451 1900 1,000&0 9,000,000 4 g. A. & O. do · do Apr. 1, 1950 1st M., g.• $6,500,000, red. aft. July ,1925.Col.o&r 451 1900 1,000&0 6,500,000 ~oledo Saginaw ti MUB1'eg011r-lst mortgage......... 96 1888 1,000 1,662,000 5 J . & J. All owned by Gr.l'runk July 1, 1918 100 roledo Wathonding Val. ti Ohio-Stock, $4-,000,000 234 3,000,000 ..•• •• ..... All owned by Penn. Co. Dec. 31,'03,499 4lg g. J. & J. N.Y.,Fa.rmers'L'n&•.rr. July 1, 1931 1st mortgage ($20,000 A, gu. p. & 1. end. Po* } is9i 1,000 1,500,000 412 g. J. & J. do do July 1, 1933 per mile), $4,000,000, B, do ...... o" 234 1893 1,000 978,000 1,492,000 4 g. M. & S. do do Sept. 1, 194.1' gold . . . . • • . . . • . . . . . • • . C, do ...... o• 1902 4 g. J. & D N. Y., Bost. & London. Jtme 1, 1N6 f'or. Ham. tlBuff,-lstM.,g •.t$40,000p.m. A.B.c* 88 1896 1,000 3,280,000 f'ra,uyl1'ania-lst M., g., $1t>0,0OO, gu. p.& i.end.c 32 1899 1,000 160,000 5·4 g. M. & N. Mere. Trust Co.i.Pittsb. May 1, 1919 fra1'. Oit11 Lul. ti Man.-1st M., $300,000, g ... c&r 30 1902 1,000 300,000 5 g. A. & 0. Union Tr. Co., vetrott. Apr. 1, 1952 3 g. J. & J. N.Y.,Wlnslow,La.n.&Co Jan. 1, 1933 f'rat1erBe Oity RR.-First mortgage, gold.. . ..... . ... 26 1883 1,000 250,000 50 7 J.&D.r.5 Troy,N. Y. Dec. 15'03,319 275,000 f'roy ti GreenbUBh-Stock, 7 per cent rental, N.Y.C. 6 u,oo I l Texa• Sabine Valley & Northwe•tern By.-V. 73, p. 139. Texas Short Line RK.-Gra.nd Saline, Tex., to Hoyt, 912 miles; extensions are proposed, these being as reported one southeast via Canton and Maybana. to Corstcana, 65 miles, and northeast via Quit• man to Pittsburg, about 45 miles. Stock, $10;000. In Mar., 1902, Texas RR. Commission authorized $185,785 bonds. Pres., Fred'k R. Blount 26 Broadway, N. Y.; Asst. Treas., John Mulholland, 38 Park Row. Texa• Southern Ky.-Marsha.ll, Tex., on Tex. & Pac., to WillnB• boro, on the M. K. & T., 72 miles. Stock, $79,980, Bonds outstanding, $225,000 first 30-year gold 5s, dated July 1, 1902, int. J. & J. In July, 1903, the Texas RR. commissioners authorized $199,000 additional bonds. V. 77, p. 148. Collateral trust 3 vea.r 712 p. c. gold certificates ($375,000 authorized issue) dated July 1, 1902 ($1,000 each) subject to call at par, each certtftcate being secured by deposit of $2,000 of the let 5s; outstanding, $160,000; U. 8. & Mexican Tru~t Co., trustee. See V. 76, p. 159. For year·ending June 30, 1902, gross, $54,804; net, $7,194. President, L. E. Walker, Kansas City, Mo. Offloe, Marshall, Tex. · (V. 77, p. 148.) Tifton Thomasvllle & Gulf'Ry.-Merg ed on D ec.3.1903, with Atlantic & Birmingham RR. · Ttoga RR.-See SUPP. of July, 1894. Stock, common, $391,200, and $189,700 preferred; par $50. Toledo & Ohio Central Ky.-(See MapJ-This road includes: Lines owned. Milu. , Trackage (37 mileB.J JfileB, Toledo toBremen .............. 173 In Toledo (L. 8. & M. 8.)....... 1 Alum Creek to Truro June.... 4 Bremen to New Lexington .••• 11 New Lexington to Corning.... 13 To Chauncej & to Carrington 28 Whitmore to Thurston .••..••. 145 Peo, to St. Mary's,V. 73, p. 660. 61 Total operated ............. 436 Kanawha &Mich. (which see) •. 177 Total owned •••.•.••.•..•.. 396 In June, 1901, the Hocking Valley Ry. had acquired all except $54,100 of the $6,500,000 common and $11,600 preferred stock of the $3,708,000 in exchange for 70 per cent of Hocking Va.lley stock of the ea.me class. V. 69, p. 1347; V. 71, p. 810. Bee also Hocking Valley item, V. 69, p.1345; v. 71, p. 865. Operated separately. DIVIDENDS.-On common: In 1891, 2 p. c.; 1892, 4; 1893, 2. On pref. April, 1890, to July, 1896, inclUBive, 5 p. c. yearly. BONDS.- Wutern Di'Dirion mortgage covers the road from Toledo to Truro Junction, 139 miles, and also (subject to the first mortgage of 1885) therestoftheproperty. See V. 55, p.322, 545,590,625. - The Toledo & Ohio Central guarantees the principal and interest of the Kanawha & Michigan first mortgage bonds (st:e that company) and Jointly with Hockin~ Valley Ry. the K. & Hock. Coal & Coke bonds (see V. 7.J., p. 271; V. 77, p. 2393) and IContlnental LCoal Co. bonds (V. 75, p. 499); aJso gnar. int. only on $300,000 T. & 0. Cent. Ext. 5s (foreclosed). Special equipment and betterment loan June 30, 1903, $572,304. The Bt. Mar'!I'• DifliBion bonds cover the line from Peoria, 0. to St. Mary's, 61 miles, acquired in March, 1901. v. 72, p. 284, 628. Gross. Net. Fi:»ed Bal., ind. EABNINGS.-5 m.-01. earnings. earnings. charge•. otherincome. July 1 to 51903 ..•. $1,705,323 $470,952 il98.445 Bur.$320,162 Nov. 30 .. ~ 1902. .••. 1,345,014 272,449 194,167 sur. 80,685 ANNU.A.LREPORT.-Report for 1902·3 wa.sin V. 77, p. 1290. Of total tonnage, 68 p. c. in 1903 was bituminous coal. Year• end. June 301003. 1902. 1901. 1900. G1oss oarntngs .•••. $3,446,747 $2,877,659 $2,571,722 $2,368,912 Net earntn~s....... 907,063 705,556 720,582 832,902 Other income....... 31,937 17,589 7,424 13,189 j I Toledo & Ohio Central, Toledo Angola & Western and Detroit & Toledo Shore Line, oars being also interchanged and handled for all the steam lines entering the city and various electric lines. V. 73,p. 617; V. 77, u. 770. In Ang., 1902, the Toledo Angola & Western Ry. was incorporated with $300,000 stock to build trom Toledo to the Indiana State line. V. 75, p. 291. Stock authorized, $5,000,000; outstanding, $2,· 500,000. In Feb., 1902, made a mortgage to the Commonwealth. Trust Co. of St. Louis to secure $3,500,000 bonds. v. 74, p. 1140• .President, H. E. King.-(V. 75, p, 1355; V. 77, p. 452,629, 770.) · Toledo st. Loul8 & K. c.-see ToJedo St. Louis & West.em below. Toledo Saginaw & Muskegon Ky.-From Muskegon, Mich., io Ashley, Mich., 96 miles. The Grand Trunk of Canada owns t...te $1,600,000 steok; bonds have a traffic guaranty. V. 71, p. 85; v. 72, p. 338. aai. Year. Gross. Net. Interut. Deficit. Traf. {l'Uar. 1902 ........ $133,895 op. def.$10,599 $83,100 $93,699 $13,342 1901... .. • • • 145J855 30,868 83,100 52,237 18,342 -(V. 71, p. 31, So.) Toledo St. Louis & We•tern KR.-RoAD-Owns from Toledo to East St. Louis, 4-51 miles (611g and 70 lbs. steel); sidings, etc.. 107 miles; also has trackage to St. Louis and Toledo Union depots. Owns jointly with the Grand Trunk Western Ry. a.11 the stock of the Detroit & Toledo Shore Line Ry., Detroit to Toledo, 51 miles. ORGANIZATION .-Successor or the Toledo St. Louis & Kansas City RR. foreclosed per plan V. 70, p. 1196. Took possession in August, 1900. VOTING TRUST.-Both classes of new stock will be vested for five years in the following votin!l trustees: Frederic P. Olcott, Thomas H, Hubbard and WHliam A. Read, who may sell the stock at any time, subject to the approval.of a majority of each class. BoNDs.-Of the prior lien 3lgs $1,000,000 1B reserved to be issued after J anuaryl 1902, at not over $250 000 per annum. Additional first mortgage bonds, not to exceed $10,000,000, may be issued at any time to retire the prior lien bonds. The Detroit & Toledo Shore L!ne 4s /present issue, $2,000,000) are guaranteed, principal and interest, jointly with the Grand Trunk Western Ry. V. 76, p. 655. REPORT.-For year ended June 30, 1903, waB in v. 77, p. 1530. Fi,cal Gross Net Other Bond Balance, Year. earninga. earning, income. interest. Tti:eeB. BurpluB. 1902·03.. $3,111,358 $854,382 $9,266 $575,000 $117,000 $171,638 1901-02.• 2,640,880 725,447 9,643 575,000 104,400 55,690 0FFICER8.-Chairma.n of the Board, Wm. A. Read; President, T. P. Shonts: Sec. and Treas., .Joseph H. Sea.man. Directors-William A- Head (Chairman), F. P. Olcott, HenTy Budge, Tbo11. H . Hubbard, Chas. H . Tweed, J Crosby Rrown. J. J. Emery, C. S. W. Packard, Benj. Norton, Edwin Hawley and H. 8. Huntington. Offloe,44Pine8t.,N.Y.-(V.7'i,p.1295, 1530; V. 78,p. 49, 230.) Toledo Walhondlng Valley & Ohio KK.-Owns road ill operation from Toledo Junction to Toledo, 0., 80 miles, and from Lo-ii.don.ville to Coshocton, 0., 45 m.; Sandusky to Columbus, 109milea, purchased Oct., 1902, (V. 75, p. 907, 982, 1088). Total owned, 234 miles; trackage (Pitts. Ft. W. & C.) to Mansfield, o., 7 m.; total, 241 m. LEASE, ETC.-Leased for net earns. to the Penn. Co., which guaran· tees the bonds and owns all the capital stock. EARNINGs.-For year ending Dec 31, 1902, gross, $1,490,598; net, $263,144; other income, $729; interest, etc.• $157,509; dividends, $105,000; .bal., sur., $1,3d4.-(V. 75, p. 907,982, 1088,) Toronto Hamilton & Buff"alo KK.-Ha.milton to Waterford, Ont., 43 miles; Hamilton to Welland, 38 m.; branches, 7 m. (See V. 62, p. 319.) Under traffic agreement with N. Y. Central, Miohigau Central, Canada Southern ana Canadian Pacifl.c, interest is practically guaranteed. See V. 68, p. 475 and advertisement in CHRONICLE of Total net income.. $939,000 $723,145 $728,006 $846,091 March 11, 1899. Of the stock, $2,500,000, 19 p. c. is held by Canadian Interest,taxes,etc... 613,575 583,540 517,651 484,536 Pacific and 51 p. c by N. Y. Central. V. 61, p. 753; V. 63. p 359; V. 68, p. 475, 1134: V. 69,p. 29. In 1903 the company was authorized to Bal. for year. ..sur.$325,425 sur.$139.605 sr.$210,355 sr.$361,555 issue $1,000,000 bonds, debentures or dAhentnre stock. V . 77, p. 351. Pres., N. Monsarrat.-(V. 75, p. '731; V. 77, p. 825, 1290.) For calendar year 1901 gross, $491,181; net. $190,879; int. on bonds, Toledo Peoria & We•tern Ky.-(SeeMap of Pennryl-oaniaRR.J $131,200; baL, surp.,$59,679. V. 69,p. 29; V. 77, p. 351. -Owns from Effner, Indiana State line, to Warsaw, Ill., 220 miles; La Trans•A.laskan.-V.73, p. 786. Tran••Canada,-V. 76,p.1193. Harpe to Iowa, Ill., 10 m.; jointly with Wabash, 1 mile; trackage to Tran•ylvanla RK,-Hendersonville to Ea.eta.toe Ford, N. O., 33 Peoria and Burlington, Ia., 17 m.; total, 248 miles. miles; Toxaway to Lake Toxaway, 10 miles, completed July, 1903. ORGANIZATION.-ln 1894 joint ownership and management by Pa. Stock authorized, $320,000; par $100; all outstanding. V. 68. BR. and C. B. & Q. was arranged. Stock $4,500,000 (par $100), of p. 926. Mortgage trustee is Mercantile Trust Co., Pittsburg. Bonds which $423,100 in treasury in 1-903. Mort. abstract, V. 45, p. 242. are g11,aranteed, principal and interest: by Toxawa,y (land) Co. of North In October, 1894 (3 coupons), were paid $5 in cash and $15 in deben• V. 69, p. 182. Year end. June 30, 1902, gross, $24,420; net, $9,· ture scrip. (Bee V. 61, p. 514.) Equipment trnst Oct.• 1903, $289,· Car. 339; charges, $9,720; ba.l., def., $381. Pres., E. B. AlsQp, Pittsburgh 534; bills payable, $331,191. Vice-President and General Mgr.,J. F. Hays, Brevard,N.O. EARNINGS.- 6 mos.~ 1903 ......••.••. Gross, $656,435: net, 146,629 Traver•e City Leelenan & 1'Ianl8tlqne RK.-Owns Traverse July 1 to Dec. 31. 51902 ..•... . ..•• Gross. 616,705; net, 156,179 City, Mich., to Northport, 30 miles, completed June, 1903. An Surp. over 6 mos. charges, $8,4.19 in 1903, against f 20,952 in 1902. extE>nsion of Grand Rapids & Indiana Ry., which owns one-fourth or ANNUAL REPORT.-Report for 1902-03 in V. 78, p. 45: stook and bonds and operates the road, the rental being the net earnYear. GroBB Earn'gB, Net Re-oenue. Int. ti Tazu, Balance ings. V. 76, p . 812. At Northport connection will be made by car \902-03 ......... $1,239,973 $273,149 $270,305 $2,844 ferry with Manistique, on the Manistique Marquette & Northern 1901-02 ...... ••. 1,152,034 274,078 271,823 2,255 RR., owned by the eame interests. V. 74, p. 777. Stock authorized, -(V. 74, p. 91; V. 75, p. 612; V. 77, -p. 770; V . 78, p . 45 .) $500,000; -par of shares, itilOO. The Uuton Trust Co. of Detroit Is Tolt>do Ky. & Terminal Co,-Owns a single-traok belt road, mortgage trustee. President, R.R. Metheany; TreasUfer, D. W. Kauf. 28·5 miles in length, opened Oct., 1, 1903, around the city and suburbs man; Secretary, B. B. Metheany.-1V. 74, p. 777; V. 76, p. 812.) (including two bridges across the Maumee River), connecting with 16 Traver•e City KK.-Owns road from Walton to Traverse City roadsenteringtheclty, with 2lg•mlle branch to terminal station; total, Mich., 26 miles; opened in 1872. Leased in 1883 to Grand Rapids & 31 miles; to lie double•tracked later. Facilities will be ueed by the Indiana RR., but not included in the reorganization of that company https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / 496 RAILWAY STOCKS AND BONDS. [VOL. LXXVIII. J.A.N., 1904.] RAILWAY STOCKS AND BONDS, MAP OF THE SOUTHERN RAILWAY CO. SYSTEM. Southern Railway- owned or leased -=-=--=- Operated separately- Majority Stock Owned. G https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [T L F M E X I a 0 _,...,..=-= Other lines in which tb.e Southern. Railway is interested. _____ Principal Connections. Trackage Rights ==== 407 MAP OF THE TOLEDO & OH10 ·cENTRAL R'Y AND OF THE KANAWHA & MICHIGAN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY. JAN., 1904.] RAILWAY STOCKS AND ~ONDS. RAILROADS. l'or explan,ation of oolllMll headings, &c., see notes on :first page of tables. BorntB-..1:TlDCl INTEREST OR DIVIDENDS. Miles Date Size, or Amount Rate per When Where p-wi!'ble, and by pa.l,WhenDue ·ot Par of Btock•-Laat Road. Bonds Value. Outstanding Cent. Payable om. Dividend. 6lg rtueawo,a Belt-lat mortgage, $100,000, gold.Kc .f'uBearora Valley-1st mortgage,$150,000, gold ... 27 31 Tuscarora RR., 1st M. (on ext.), $310,000, g.MJr.c utsterti!Delaware Stock ($3,000 000 authorize ) .. Consol. M. tor $2,000,000, gold.Oe ••••.•••••••. c• Refunding mol'tja~ $3,200,000... • ......•..•••. Umon Paciftc B . ·oinmon stock,$196,178,700 • Pref. stock, 4 ~er cent, non-cum., $100,000,000 .. lat M. Ry and a.nd ~ant, $100,000,000 g.llle ... 1,835 ll!t L con!', M,,$87,2 7,000, red. text.Jlle.o· &r 1,300 Union Springs <I ..Vo.-lst M., 1,000,000, g., red . tlnited N. J. RR. ti! Oanat Oo.-Stock, 10 p. o. guar.. io2 .... .... i·• General mortgage ot} loan ot 1908, gold ..•••.•, r~ 1893 $1,000 1897 1898 100 1,000 1902 isss ·•• · i897 s. ,r ·--· i903 isso ·----- 100 100 1,000 100 1,000 1,000 100 1,000 50 1,000 in 1896. Coupons 1st mort. all paid to July, 1903, incl. There are $190,000 of 5 p. c. incomes outstanding. Capital stock is $205,000; par $100. For 6 mos. ending June 30, 1903, gross, $35,033, against :ti27,373 in 1902; net, $8,157, against $5,043. For calendar year 1902, gross, $59,031; net, $7,708; Int. on bonds, $7,500.-(V. 67, p. 75, 1310.) Troy & Greenbush RR.-Owns from Troy to Albany, 6 miles double track; leased to N. Y. Central in 1851 at 7 p.c. on $275,000 stock. Tuscaloosa Belt Ry .-Owns about 612 miles of Belt road in Tuscaloosa, Ala., and suburbs. Capital stock authorized, $100:9()0; issued, $26,000 ($100 shares.) General Manager, J. W. Woouolk, Tuscaloosa, Ala., or 35 Nassau Street, New York. Tu ■carora Valley RR.-Owns narrow-gauge road (3 ft.) from Port Royal to Blair's Mills, Pa. 27 miles, proposed to be changed to standard gauge during 1903. Stock. $300,000: par, $50; outstanding, $150,000. Year endiJig June 30, 1902, gross $25,259; net, $12,629; int.erest and taxes, $13,719; bal, def., $1,091. Pres., T. 8. Moorhead. -(V. 67, p. 1162.) (The) Ulster & Delaware RR.-Owns from Kin~ston Point (Hudson River), N. Y., to Oneonta, 109 miles, with branches, a total of 130 miles. V. 74, p. 42. Of refunding 4s ot 1902 ($3,200,000 authorized $600,000 have been issued, the $500,000 second 5s of 1899 beinp: retired. V. 75, p. 667. There are also $1,400 7 p. c. 2d mort. income bonds (int F. & A.) due July 1, 1905. Loans and bills payable June 30, 1903, $54,000. EARNINGS. - For 6 mos. ending June 30, 1902, gross, $273,131; net, $76,055; other income, $1,733; charges, $80,805; bal., def., $3,017. Yrs.end.June 30. Gross. Net. Other inc. Int., taus,ere. Bal.,aur. 1902·03 ......... $699,132 $216,460 $3,363 $159,332 $60,491 -(V. 71, p.136; V. 72, p. 628; V. 74, p. 42; V. 75, p. 78, 667.) (The) Unadilla Valley Ry.-Owns road from Brldp:ewater to New Berlin, N. Y., 20 miles. Extension from New Berlin to Oneonta, 33 miles, was proposed. V. 75, p. 1401. Successor to Unadilla ValRy., sold in toreolosnre Jan 4, 190•. Stock, $200.000; par of shares, $100. V. 78, p. 104. Year 1902-3, ~oss, $4 t,258; net income, $14,· 338; interest not paid. Office, 27 William St., N. Y.-(V. 78, p. 104.) Undere:round Electric Railways of London, Lim. ted.T 76, p 920, 97-1, 1031, 1250. Union Depot Br. & Ter. KR. of Kan■ as Clty.-V. 72, p. 989; v. 75, p. 1255, 1304, 1401. Union Pacific Rallroad.-(Bee Map.)-The system embraces: Linu owned directlyMiles. Oontrotled-Praelicazty OwnedCouncil Bluffs to Ogden .•... 1,012 OregonShortLineRR.,GranKanaas City to Denver . •..••• 640 ger, Wy., to Huntington, Denver to Cheyenne......... 106 Ore., Helena., Mon., to FrisLasalle, Co., to Julesburg.... 149 co, Utah, etc . .••....... ,r 1,824 Other branches etc••••••.•••• 1,221 Oregon RR. & Navigation .. ,r 1,084 - - Leased . • • • • . • • • • •• ••• • • • ••• • • • 68 Tot. mainline and br'nchs.3,128 • -'IT See these companies. I Tota.I all lines Julyl,1903.6,105 HIBTORY.-lncorporated in Utah July 1, 1897, to succeed per plan of Oct. 15, 1895 (V. 61, p. 704,705, and V. 64, p. 424), the Union Pacific Ry., as stated to N. Y. Stock Ex. 1n V. 66, p. 618; see also V. 67, p. 790. In 1901-2 purchased $90,000,000 stock of the ~outhern Pacific Co., a strong working control. V 72, p. 243,284; V. 73, p. 446; V. 75. p.136. Du.ring the fl.seal year 1900-1, $41,085,000 preferred and $37,023,000 Northern Pacific common stock was purchased, the title oeing vested In the Oregon Short Line RR. On Jan, 1, 1902, the Northern Pacific preferred stock was paid otr at par and the common stock was increased and exchanged for $82,491,871 stock of the .Northern Seourities Oo. and $8,900,007 cash. V. 75, p. 1096. See Northern Securities Co., v. 73, p 1010, 1062, 1358; v. 74. p . 681, and G.BNERAL FINANCES below regarding "pantcipating" 4s of 1902. BTOCK.-The preferred stock is entitled to preferential 4 per cent non-cumulative dividends, as declared by the directors, and to no other or further share of the profits. In 1899 the stockholders authorized the increase of the common stock from $61,000,000 to $96,178,700, and of the preferred stock from $7o,000,000 to $100,000.tQ00 in order to complete the company's control of the Oregon RR. & .riiavigation and Oregon Short Line RR. On Mar. 24, 1901, the common stock was further authorized to be Increased by $100.000,0Cl0 to provide tor the conversion at the option of the holders of the 1st lien 4s of 1901. V. 72, p. 392, 628. In July, 1903, $12,743,000 had been exchanged. V. 73, p.1360. DIVIDENDS ,p. 0.)1898. 1899. 1900. 1901. 1902. 1903. On common....... • • •• . . ;.: 3¼ 4 4 4 On preferred...... Ilg 4 4 4 4' 3, BONDS.-The first mortgage (Mercantile Trust Co., trustee), covers the 1,854 miles composing the tormer Union 1-'tt.otho ana. Kansas Pacific lines, including the telegraph, terminals, equipment, and, directly or indirectly, land grants. Statement to N. Y. Stock Exch., V. 66, p. 618. The :first lien contiertible 4 per cent gold bonds of 1901, llmited to amount shown above,is secured by(collateral formerly in the treasury, including $27,334.700 Oregon Sh. Line stos and $><,476,000 income B bonds and $23,944,900 Or. RR. & Nav. common and $9,876,200 preferred stock, etc., and by first mortgage on about 1,025 miles of branches. They are convertible at the optioR of the holder at any time before May 1, 1906, into common stock at par, and redeemable after that date in whole or in part by the company st 10219 per cent (in the latter case to be chosen by lot). To July, 1903, $12,743,000 of the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I I 5 g. J. & D. N. Y., Knickerb, Trnst. June 1, 1918 5 g. J. & J. N. Y., Metropol. Tr. Co. July 1, 1917 5 g. J. & J. do do July 1, 1928 ---· ·-·-··--·· 1,900,000 2,000,000 J. & -D. N. Y., Central Trust Co. 700,000 4 F. & A. 108,772,900 4in 1903 A. & o. N. Y. Office, 120 B'way. 99,560,100· 4inl903 A. & 0. do do 100,000,000 4 g. J. & J. do do 87,257,000 4 g. M.&N. do do 75,000 5 g. M,lO&N. Ba.It., Intern'! Trust Co. 21,240,400 10 Q.-J. Phila. and N.Y., Offices. 841,000 6 g. M.& 8. Philadelphia Office. 1,824,000 4 g. F. & A. do do 4 g. M.& 8. 6,020,000 do do 5,646,000 4 g. M. & 8. N. Y.,N. Bk.Com. & Phil. 5,669,000 do do 31 g. M. &S. 300,000 J. & J. N. Y., Morton Tr. Co. ···5·g. ··ioo 100 i878 issil issi I (!) 1901 1,000&c 1901 1,000 100 1,000 1,000 1883 ~ di 1889 1,000 00 0 1894 1,000 ~~ 1901 1,000 26 1896 '71 tor $20,000,000, loan of 1923, gold ..••••. r (now 1st mortga~ loan.of 1929, gold..••. c&r FP, e e cures loan of 1944, gold. .... c&r equally. loan of 1951, g. p. & 1.gu. United Verde ti! Paci.fie-1st M., $300,000.Jllo ... c Utah OentraZ-See DENVER & RIO GRANDE Utica" Btaek Ritier-See RoME w ATER. & OGDENS BURG. 97 Uttca Ohen. ti! SusjJ Vat.-Stocks6 p.c.gu. by D.L.&W Utica Olinron ti! ingltamton- tock ...•••.••....... 1st mort~g~ar. p. & 1. by D. & HD end.Ne •.. ·gi Valley (N. .J tock, 5 p. c. guar. by . L. & W ... 11 let mo~ga~~ (for $500,000) .F .................... 11 Yalley (VirftiniaJ-lst mortgage, $1,000,000...... c 62 1881 Vermont ti! asa.-Stock, 6 p. c. guar. by Fitchburg 59 New bonds (see text) guar. by Fitchburg RR .••. 'Vermont Valle$-Stock .•• • . ..•..••.••.•••••.•••••.••. ·24 1st M., with 500,000 Sul. Co. RR. stock ascol.. c* 24 -,r-$500 and $1,000. $100,000 150,000 i:ooo ·a 4,000,000 849,285 See text. 800,000 5 750,000 5 400,000 5 750,000 6 3,193,000 6 31g See text. 1,000,000 6 800,000 5 M.&N. N. Y., D. L. & W. RR. F&Al0 Utica, N. Y., On. N. Bk. J. & J. N. Y., Security &Tr. Co. J. & J. N. Y.,Del.Lack.&West. do do F &A. A. & 0. All owned by B. & 0. A. & 0. Bost., 53 Devonshire Bt. «lo do M.&N. Bellows Falla. J. & J. A. & 0. Boston, s. Dep. & Tr.Co. ---···-· June 1, 192 8 1952 111111111 Oct. 1, '03, 2% Oct. 1, '03, 20 July 1, 19~ May 1, 1911 May 1, 193l Jan.10,'04, 2 lg Sept. 1, 1908 Feb. 1, 1923 Sept. 1, 1929 Moh. 1, 19 Moh. 1, 1951 Jan. 1, 1920 " Feb.,1904, 3% A.~. 3, '03, 2° J y 1, 1939 Jan., '04, 2¼ Aug. 1, 1911 Oct. 1, 1921 Oct., 1903, S% May 1, 1923 Jan. 1, '04, 3 % Oct. 1, 1910- $100,000,000 originally issued had been exchanged and canceled. V. 73, p . 1360. See abstract of mortgage V. 72, p. 1084. V. 72, p. 392,776. LANDs.-The lst4sot 1897 covered June 30,1902, directly or throup:h beneficial ownership 5,241,777 acres of land, situated in Nebraska, Wyoming, Colorado, Utah and Kansas, the value of which was estimated June 30, 1902, at $4,101,506; also further notes or contracts· tor lands sold aggregating $6,688,227, and the lands tor which, if not paid tor, revert to the company. See V. 67, p. 791. Total estimated value of lands and land assets June 30, 1903, $10,148,152. During 1902·3, 843,230 a.ores were sold ror $1,491,682. GENERAL FINANCES.-To provide tor the purchase of Southern Pa• ciftc stock and other properties, stockholders in 1901 subscribed at pa.r. to $100,000,000 first lien convert. 4 p. c. gold bonds. v. 72, p. 392, 340. Stockholders of record Aug. 1, 1902, subscribed at 90 and interest to $31,000,000 Oregon Short Line RR. 4 per cent and participating 25-year gold bonds, secured by a like amount of Northern Securities Co. stock; $5,000,000 addttional bonds were sold in Jan., 1903, $13,500,000 are held as collateral for U. P. 5 p. c. notes (see below) and the remaining $32,991,000 issued being held in the U. P. Treasury, See description of bonds under Oregon Short Line RR., and; abstract of mortgage, V. 75, p. 243. V 75, p. 136, 395; V. 76, p. 384. In June, 1903, about 550 miles of the Oregon Short Line south of Salt Lake City, including branches, was sold to the San Pedro LosAngeles & Salt Lake Ry. tor $7,800,000 ca.sh. V.76, p.920; V. 77, p .38. In 1903, $10,000,000 5 p. c. notes ($5,000 each) secured by $13,500,· 000 Oregon Sbort Line 4 p. c. and participating bonds were sold, dated Aug. 1, 1903, due Feb. 1, 1905, chiefly, it was understood, for Southern Pacific requirements for acquisitions and improvements. The underwriting syndicate of the loan have an option to purchase the bonds. V. 77, p. 148. Expenditures on U. P. system tor improvements and equipment during 3 yearM ending June 30, 1903, aggregating $39,223,423, see v. 77,. p. 1226. 2109. LATEST EARNINGS-For 5 months ending Nov. 30 on 5,364 average miles, against 5,328 in 1902, after deducting taxes: --Gros, Earnings.--. ,---Net Earnings.---.. July 1 to Nov. 30. 1903 1902. 1903. 1902. UnionPac.System.$25,035,048 $22,493,331 $11,755,592 $ll,112.,191 ANNUAL REPORT.-Fiscal year ends June 30. Report tor 1902-3 In V. 77, p. 2093, 2104 (see also editorial, p. 2068). Average train-load, 402 tons in 1902-3 against 418 in 1901-2. 1902-03. 1901·02. 1900-01. Average miles.................. 5,762 5,710 5,686 Gross earnings ...•..•....••••.. $51,075,189 $47,500,279 $43,538,181 Operating expen. and taxes ... 28,747,216 25,559,226 24,587,145 Net receipts .• : .••..•.•••.. . $22,327,973 $21,941,053 $18,951,036 Income from investments..... 4,647,843 4,580,602 1,059,243 ----- Total income .••••.....••••. $26,975,816 Fixed cha.rges ....••...••••.••• . $11,675.703 Int. on Or. ShortL. incomes.... $23,470 Dividends on-Ore. :RR.& Nav.pt.held bypub. 492 Union Pacific pref........... (4%)3,982,064 do do common ••••.. (4%)4,350,612 - $26,521,655 $20,010,279 $11,989,480 $7,442,188 $28,926 $33,034 654 1,376 (4)3,981,552 (4)3,979,580 (4)4,205,082 (4)4,000,014, ·---- ----- - · - - - Ba.lance, surplus .....•...•. $6,943,474 $6,315,961 $4,554,087 OFFICERS,£TC.-(July, 1902.)-President, E . H. Harriman; V·Pres.,. Wm. D. Cornish; Gen. Mgr., W. H . Bancrott; Sec., Alexander Millar; Treasurer. F V. S. Crosby; Directors, H. G,I Burt, Winslow 8. Pierce, James Stillman Marvin Hughitt, E. H. Harriman, Thoe. T. Eckert James H. Hyde. Otto H. Kahn, T. Jefferson Coolidge Jr., George .J. Gould, Oliver Amee, J. H. Schiff, Louis Fitzgerald, Chas. A. Peabody and H. H. Ro~ers. OFFICE, 120 Broadway, N. Y.-(V. 77, p. 2093, 2104. 2160; v. 78, p. 104, 230.) Union Sprln!rs & Northern Ky.-Owns Union Springs to Fort Davis, Ala., 712 miles. Bonds are subject to call on and after May 1, 1906, at 105; International Trust Co. of Baltimore is mortgage trustee. V. 76, p. 753. President, W. M. Blount; Treasurer, J. M. Elly. Office, Union Springs, Ala. - (V. 76, p. 753.) Union Term.Ina! Ry. of Sioux Olty.-Owns t.erminal road at Sioux City, Ia.; total track, 13 miles. Incorporated June, 1900, as successor of the Sioux City Terminal Ry. & Warehouse, sold in foreclosure Aug. 22, 1899. V. 70, p.1292. Operated by the company itself, charges being made tor switching on a wheela.ge basis. Stock $2,500,000, of which $1,870,250 outstanding, all fssued to the old bondholders. Over two·thirds of the stock has been deposited in a voting trust tor five years. V. 71, p. 31. No bonds. Pres., Sydney L. Wright; Sec. , Walter T. Bilyeu, 514 Walnut St., Philadelphla; Treas. , Adam A. Stull, 505 Chestnut St., Philadelphia.-(V. 71, p. 31.) United New Jersey Railroad & Canal Co.-(See map Pen• 111Lvania R. R.) With other properties operated in connection therewith torms an important system of roads in Northern New Jersey, extending from Camden to Amboy and from Philadelphia to Jersey City~ with branches and connections, a distance of 467·31 miles; Hudson River ferries to New York. 1 mile, and Del. & Raritan Canal from Bordentown to New Brunswick and feeder, 66 miles. Phil. & Trenton and Belvidere Del.--which see-are principal leased lines. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H.A.P OF THE UNION PACIFIC SYSTEM Union Pacific Railroad Oregon Short Line Oregon Railroad & Navigation Co, Southern. Pacific Co, Kansas & Weste'l'n Ry, e. .JtA.~., 1904.] RAILWAY STOCKS AND BONDS. RAILROADS. -- - Miles Date Size, or of of Par Road. Bonde Value. Wor explanation of oolumn headings, &c., see notes on first page of tables. -- -- Viek8b'Urg cf Meridian-See ALA. & VICKSBURG. Vick. 8h. cf P~. Ry.-Com. stock, $3,000,000 ...••• 188 Pref. stock, 5% non·cum.., $2,200,000•.••...•..... General mortl!age. $3,500,000 .:F •....•••.••... xo• iffr~ V. 8. & Pao. RR. prior lien mort., Aold.Ce . ••.. o .. 188 Virftlnia Midla~SEE SOUTHERN AILWAY. Va. cf Bouthw.-lst M .. $2,000,000, gold, gu . .Mo .. 136 52 V'irainia cf Trucke&-Btook . ..•...•..•...•.•..•••• . .•. Wabash R.-ot.L. ,K &N.on St. Charles Br'ge, g. <Jen~ Wabash 1st mortg1.e, gold, \$34,000,0001 .. Ce.c.. 1,542 2d mortgage, gol .np ........................ o 1,009 Deb. M.,ino.,non-cum.,ser.A,red.par to'09.Me 1,542 Do do ino. non-oum., series B, not red. IDe 1,542 Det. & Chlo. Exten. lst M.,f ,s.f.,red. 110.Ce.c* 150 DesMoinesDb. lstM., gol , $1,800,000.Co .. c• 97 Tol. & Ch. Div. M , gold, $3,000i000.K ... . c&r Oma.ha Division, $3,500,000, go d .......... c&r 1st lien terminal mort., $10,000,000, gold.B . .. . Equt&ment bonds, $3,000,000 s. f.Co ....• . c&r Ka.us. ty Excels. Sp. & Nor. M., g., gua,r........ ···9 22 Oolumbia. & St. Lonie, $300,000, g., gu. p .& LSSt LEASED LINE BONDS8t. L. Conn. Bl. & o. 1st M. (Option, V.75,p.1033) 41 42 Walxuh Ohuter cf Wutern-lst mortga!e, gold . . o* 1st oonsol. mo~ge, $1,000,000, gol .SSt .••. o* 65 JVa.Ukill Valley-S ck, 3¼ per.cent, gnara.nteed ... let M. (formerly 7s) guaranteed..•....••...•...••. 2d mortgage income, 3¼ per cent, guaranteed •.. 33 i44 ·--· ---· i9oi 1885 $100 100 1,000 1,000 ·sa is11 1877 1,000 1,000 1,000 100 1,000 1,000 LEA.sE.-Leased in June, 1871, to the Pennsylvania RR. for 999 yea.rs; rental equal to 10 p. c. on etook, interett on bonds, taxes, eto. EARNINos.-For year ending Deo. 31, 1902, gross, $26,582,639; net, $7,742,367; other inc., $253,543; int., rentals, improvements, eto., $5,81.-i,209; dividends, $2.tl24,040; balance, surplus for year, $58,661. In 1901, gross, $24,330,5t,8; net, $7,025,359,-(V. 74, p. 682.) Utica Ch.,nango & Susquehanna Valley By.-Owns Utioa, N.Y., to Greene, N. Y., 75 miles; branch to Rioh1leld Springs, 22 miles; total, 97 miles. Road opened October, 1872. Leased to Dela.ware Lackawanna. & Westem at 6 per cent on stock. Has no bonded debt. lJtlca Ollnton & Binghamton BB.-Owns Utioa, N. Y., to Randallvtlle, N. Y., 31 miles. Leased during continuance of charter and renewals thereof to Delaware & Hudson Company, whioh pays rental of $61,500 per annum. Operated by New York Ont.arto & Weetem. The street lines owned are leased to Utioa & Mohawk Valley Ry. for $15,000 per annum. Capital stook, $849,285 (par $100), dividends on $200,000 of whtoh a.re guaranteed by Del. & Hudson at 5% per an.; balance variable, 3~ p. c. paid in 1898 to 1903, incl. Valley (N • Y .) BB.-Bingha.mton, N. Y., to State Line of Penn., 11 miles. Leased to Delaware Lackawanna. & Westem at 5 per oem per annum on stook, the lessee assuming the interest on bonds. Velasco Brazos & Northern By.-See page 531. Vera Or•z & Pacflc BB.-V. 77, p. 1534, 2391; V. 78, p. 230. Vermont & .Massachusetts HB.-Road, Fitchburg to Green fteld Mase., 56 miles of double tra:ok; branch, 3 miles. Leased to Fitchburg RR. for 999 years at 6 p. o. on stock New bonds for $772,000 may be i88ued to refund the 5s due May 1, 1903, eto.-tV. 76, p. 812.) Vel'lllont Valley BB.-Owns Bellows Falls to Bra.ttleooro, Vt., 24 miles. Controls the Sullivan County RR., Bellows Falls to Windsor, Vt., 26 miles. Operated by Boston & Maine. In October, 1903, merger in the Connecticut River RR., the latter to assume the $800,000 bonds, wa.s proposed. V. 76, p. 214-. Earnings of Vermont Valley for year ending June 30, 1903, gross S305,1.821; net, $57.860; div. on Sullivan Co. RR., eto., $4.9,180; total nei, ~107,040; interest, taxes, eto., $4.7,008; dividends pa.id, $60,000; balance, surplus for year, $32.-(V. 65, p. 86'2'; V. 76, p. 214,) Vlck ■burg Shreveport & Pacific By.-Delta, La., on Miss• teaippi River, via Shreveport, to Texas line1 188 miles. Of this, 17 miles, Shreveport to Texas State lln~ is lea.sea to Sherman Shreveport & Southern (Missouri Kansas & 'J:exas system) for 25 yea.rs from July 28, 1900. Successor on May 1, 1901, to V. S. & P. Railroad, fore• closed, per plan v. 72, p. 628, 676; V. 77, p. 3a. STOCK, ETc.-Of the $3,500,000 general 5s, $1,323,000 a.re reserved to take np at maturity the prior lien 6s and $605,000 for future re• quirements. On pref. stock, 1902 and 1903 5 p. c. yearly; on common, 211 p. c., paid Nov. 30, 1903. V. 77, p. 2282. EARNINGB,-From July 1 to Deo. 31, gross, $727,010 in 1903; $628,· 099 in 1902. Report for 1902-03 in V. 77, p. 2095. Year. Gross. Net. Other , -,c. Interest. Bat., Bur. 1902 3 .. $1,268,522 $370,988 $11,633 $157,980 $224,641 1901-2 .. 1,080,252 315,668 6,252 155,822 *166,098 •Div.of 5 p. c. ($107,140) on pref., was paid Sept. 1, 1902. -(V. 73, p. 1157; v. 75, p. 1199; v. 77, p. 38, 2095, 2282.) Virginia & South-western By.-Owns from Bristol, Va., northerly to Btg Stone Gap and southerly to Mountain City, Tenn., 134 miles. Stook, $2,000,000, a.11 common, of which half owned by Virginia Iron Coal & Coke Co. \See miscellaneous companies in this SUPPLEMENT), whioh guarantees the bonds unconditionally, principal and interest, -oer plan V. 75, p. 348,398, 736. See V. 76, p . 273. E.ABNINGB-5 mos.) 1903 .••••••.••.•••. Gross, $299,825; net, $92,004 July 1 to Nov. 30 ~ 1902 ..•••.•.••...•. Gross, 249,170; net, 109,744 Year ending June 30, 1903, gross, $614,747; net, $236,388; interest, $100,000; taxes, $12,000; bal., sur., $124,388.-(V. 76, p, 2'73.) Wabash Railroad.-( See .Map,J-Embra.cee linea as follows, viz. Or.om East of Mus. Ri'Der. Miles. Oulns Wut of Mias. Ri'Der. Toledo, O., to East Hannibal, Moberly to ottnmwa., Ia..... 131 Camp pt. and Elvaston, m. 536 Salisbury to Glasgow, Ia. eto 15 Deoatur, m., to E. St. Louis.. 110 Dea Moines to Moulton, i:'a... 95 Juno. near Chicago to Efflng• Hrunswiok, .Mo., to Connell ham andAltamont,m .••••• 216 Bluff'a, Ia . ••..••.•.••.•.••.•.• 225 Streator to Fairbury.......... 31 Excelsior Spr. to Mllw.Juno. 9 Edwardevtlle Branch......... 8 -Delrey,near Detrot~, to Butler 110 Total owned and leased •••. 2,046 Montpelier, 0., on nne to DeTr~kage, eu. troit, to Clarke Junction, Chicago to Clarke Junction.. 26 near Chicago................ 150 Moberly to Hannibal (V. 69, Attica to Covington.......... 15 p. 650) ••..••.•••••.•••••.••. _ 70 Ohampaign to Efldney .••••• _. 12 East Hannibal to Quincy.... 17 Toledo to Mo:ntpelier, 0...... 50 7 short lines to Qftinoy, DeNew Haven to 13utler, Ind... 26 troitt.&o. •••• •• .••• •• . • •• . ••. 36 awn.. Wut of Mias. Rit1er. Other nnee.... •• ••• ••• . ••. •••• 18 8t. Louis to near Kansas City. 275 Windsor, Ont., to Buffalo •••• 270 Oentralta. to Columbia, Mo... 21 -8t. L. Levee to Ferguson, Mo. 11 Grand total July, 1903 .••• 2,483 Aleo· 7 mile& ewned, but leased, not included above. Omaha & ~t. Lou18 RR., 145 miles, was ta.ken over Nov. 1, 1901. V. 73, p.1012. HlsTOBY, &o.-Suooessor in 1889 to the Wabash St. Louis & Pactilo, which waa sold in foreclosure. Bee SUPPLEMENT up to January, 1889· https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis INTEREST OR DIVIDENDS. per When Where Payable, and by 0~~~g Rate Cent. Payable Whom. . ~~UC:: Btoe/u-Laet Dividend. $2,856,500 21g in'03 Yearly. N. Y., Cent'l Trust Co. Nov. 30 '03, 211,t 2,142,800 5in 1903 Yearly. do do S:/!t.30,03, 591,572,000 5 M . & N. N. Y.,Fa.rm.L. &Tr.Co. ay 1, 194.J 1,32a,ooo 6 g. M.& N. N. Y., Central Trust Co. Nov. 1, 191~ 2,000,000 1902 1,000 100 5,000,000 1878 1,000 463,000 1889 1,000 33,011,000 1889 1,000 14,000,000 1889 1,000 3,500,000 1889 1,000 26,500,000 1891 1,000 3,349,000 1,600,000 1899 1,000 3,000,000 1901 1.000 1901 500 &c. 3,000,000 1904 l000&c 1,500,000 1901 1,000 2,755,000 1901 1,000 100,000 1902 1,000 200,000 1878 1888 1893 501 421,000 300,000 3PO,000 330,000 250,000 330,000 5 g. J. & J. N.Y.,Bk.ofMan.40Wa.ll Jan. 1, 2003 (I) \!) 6 g. 5 g. ~ g. 6 5 g. 4 g. 4 g. 31gg. 4 g. 5 g. 4 ~. 4 g. A." &..0. M.&N. F. & A. J. & J. J. & J. J. & J. J. & J. M. & S A.. & 0 . J. & J. M. & 8. J. & J. M.&N. N. Y., Office 195 B'way. N. Y. Central Trust Co. do do In Jan., '04 paid 6 p. o. None ever~d. N. Y., Central st Co. N.Y. , Oontin'l Trust Co. N. Y., Knicker.TrustCo. N.Y.,BowlingGr.Tr.Co. New York . N:Ys'Continental Tr.Co. t. Louts, Office. N. Y., Office, 195 B'way Oot. 1, 1908 May 1, 1939 Feb. 1, 1939 July 1, 1939 See ten. July 1, 1941 Jan. 1, 1939 Mar. 1, 194.1 Oot. 1, 1941 Jan. 1, 1954 Ma.r. 1, 1921 Jan. · 1, lt~28 May 1, 194!1 6 5 g. 5 g. 31g 3lg 31g J. & J. N. Y., Offloe, 195 B'way J. & J. N. Y., Nat. Bk. Com. J. & J. Jull '94, pd. July 1, '96 Q.-F. N. ., Gr. Cent. Statton. J. & J. do do do do M. &S. July 1, 1908 July 1, 1918 Jan. 1, 1928 Feb., '04, Aug. 1, 1917 Aug. 1, 1917 0 "a,. LEABE.-Entrance to Chloa.go is secured over the Chicago & West Indiana, of whol!!e etook this company owns $1,000,000, CAPITAL BTOCK.-The stock is $24,000,000 preferred 7 p. o. nOD•Onm., and $28,000,000 common; par, $100. Holders of the •• A" and "B" debenture mortgag_e bonds are entitled to one vote at stookboldere' meeting for every $100 of principal, and to nominate one-half of th& highest even nnmber of the boa.rd of directors. BoNDs.-Abstracts of the mortgagee of 1889 were in V. 49 pp. 270-273. The .ttr,t mortgage oovere all the lines owned both easli1 and west of the Miestsstppi at time of reorganization (1,542 milea); bu• the ,econa mortgage oovere only lines east of the river at time of or• ganization in 1889, 1,009 miles. Debenture mortgage bonds, $3,500,000 are series A (pref. in reepeot to interest payments only) and $26,500,000 series B. It series B bonda are not presentea at maturity, July 1, 1939, interest will oonttnue to be payable if eamed. See etook above as to voting power. INTEREST on t 1890to 1893. '94. '95, '96. '97 to '99. '00 ~ Ja.n., '04.. "A"bonde%5 6yea.rly. 0 0 1 0 6yearly(J. &J.) The ~roit ce Ohieago Extension bonds cover 150 miles, complet.e(l 1n May, 1893, from Montpelier, Ind., to Clarke Junction 26 in.ilea, from Ohioago. Mortgage ts for $3,500,000; abstract in V. 54, p. 1049. The Du Moines Di'!Mion bonds of 1899 ($1,800,000 authorued) oover 96 miles, equipment costing $250 000, eto. Bee V. 68, p. 574. and advertisement til CHBoN. March 18, 1899: also V. 69, p. 335, 796, 124.8. The Toledo ti Ohieago DitnBion 48 of 1901 are eeoured by a fl.rat lien on extensions oonetructed in 1901 from Maumee, O., toMontpelter,.50 miles, and from New Haven, Ind., to Butler, 26 miles, and 6y a uen eubJeot to the Detroit & Chicago ext. 5s on the present line from Montpelier to Chicago, 150 miles. In Jan., 1901, also sold $3,000,000 equipment bonds. A sinking fund may retire $100,000 equipment bonds annually at 108 for 5 years, then $150,000 for 10 years an• thereafter $200,000. V. 72, p. 185, 582, 822; v. 73, p. 567. Omaha Division 3:lse (Bowling Green Trust Co. of N. Y., trustee.,) cover Council Bluffs, Ia , to Pattonsburg, Mo,z.144 milea; of the i11aue, $500,000 a.re reserved for improvements. V. ·,5 p. 686. Columbia & St. Louie RR., guaranteed bonds, V. 73, p. 338, '786, 1012: V.74,p.1040; V.75,l),686. Holrlers of St.Charles Bridge 1st mortgage bonds and Bt. Louts Co. Bluffs & Om. 6s were offered right ot exchange to April 1. 1903, for lat 5s of 1939. V. 75, p.1033,1204; v. 76, p. 214. The $10,000,000 terminal gold bonds of 1904 will be issued to aoqutre from time to time additional terminals at Bt. Louis and Kansas City, Mo., Chicago and Quincy, Ill., Toledo, 0., Detroit, Mich., and other places. In Jan, 1904., $1,500,000, coverinJ;? freight term1nal8 in Bt. Louie, were sold. V. 76, p. 436, 753, 1032; V. 77, p. 512; V. 78, p. 288. GENERAL FINANCES.-In 1902 the Gould interests acquired control of the Wheelln~ & Lake Erie, and wlll complete by Apr., 1904, the Pitts. Ca.rnegte & Western Ry., from Steubenvtlle, O., to Pittsburg, 60 miles, formfug in oonneotion with the Wabash an independent route to Pittsburg for the Missouri Pacific and associated lines. The two roads, with others, will be merged and the ooneolidated properties probably leaRed to the Wabash. V. 72, p. 776, 874, 1189; V. 73, p. 186; V. 74, p. 1091; V. 77, p. 951. Gould syndicate has a.oquired the West Va. Central & Pittsburg and the Western Maryland RR. to obtain access to tidewater at Baltimore. See the two last-named oos. In May, 1902, a Gould syndicate acquired control ot Ann Arbor RR. v. 74, p.1091, 1141; V.76, p. 544, 1032; V. 77,p. 148. In March, 1898, began runnmg trains into Buffalo, N. Y., using 246 miles of Grand Trunk Ry. under Joint trackage agreement. The Wabash Co . will pay the Grand Trunk a rental oommenoing at $275,000 per annum, to be increased at tne end of every five yea.re by $25,000 a year, until it reaches $350,000 per annum. Wabash alao pay its quota ol cost of operation and maintenance. V. 66, p. 812. TrajJtc.-In 1902·3 oarrted 9,691,514 tons; grain furnished 15·49 p. c., bituminous coal 26·33 p. c,; lumber 5·65 p. c., and live stook 3 63 p. o. EARNINGS,-5 mos. l 1903•.•••.. Groes, $10,385,636; net, $2,902,063 July 1 to Nov. 30. 5 1902•.••... Gross, 9,151,240; net, 2,812,822 ANNUAL REPORT.-Fisoal year ends June 30. Annual meeting at St. Louts second Tuesday in September. Report for 1902-03 was given bl v. 77, p. 1223, 1289, 1305; editorial, p. 1196, Year ending June 301903. 1902. 1901. A vera.ge mileage . • • • • • . •• • • • • 2,486 2,483 2,367 Gross earnings •.•••••.•••••.. $21,140,831 $19,053,493 $17,554,464 Maintenance of way, &o..... 3,700,962 2,918.415 Maintenance of equip........ 3,114.,664. 2,656,118 12' 752•045 Transportation. •••..•••.•... 8,511,278 7,829,959 General....................... . 488,759 442,944. J ----Total oper. expensee .•••• l$15,815,662 $13,847,436 $12,752,045 Net earnings.................. $5,325,167 $5,206,057 ~,802,419 Per ct. oper. exp. to earn'ge.. (74·81) (72·68) (72·64.) From rent of tracks, &o.. ••• • 531,4.28 418,155 34.8,836_ Total net income......... $5,856,595 $5,624,212 '6,146,255 Taxes......................... $664.,703 $627,930 $686,199 Traok, bridge rent., &o ••••••• 1,751,229 1,620,066 1,496,84.9 Interest on bonds............ 3,034,513 2,964,757 2,760,571 Div. on "A" deb............. 210,000 210,000 210,000 Balance•....•...••••.••••••••• aur.$196 150 sur.$201 4.59 sur.$93 136 t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MAP OF THE WABASH RAILROAD AND CONNECTIONS JAN.~ 503 RAILWAY STOCKS AND BONDS. 1904.] Bonda-Pr1no1• INTEREST OR DIVIDENDS. RAILROADS. Miles Date Blze,or Due. A.mount Rate per When Where P~t.ble, and by 1>al,When of Par Btockl-Laat For explanation ot column headings, &o., see notes of Outstanding Dividend. Cent. Payable om. Road. Bonds Value. on first page of tables. - - --- - - - Wt:irren ( B • .T.J-Stook, 7 p. o. perp., gua.r. D. L. & W 1st consolidated (now 1st) mortgage. P ........... lstref.M.,$2,000,000il:old; p. &l.F .... o*&r Washington Oent'l-lst ., ~ 15,000 per mile.K Wuh.." OoLumb. River-lat .,$2,500,000,g.F.o* Income bonds, non•oum., $2,500,000 .F .... ...... 1VasA. "Prank.-lst M., $475 000, g., int. rental.r Wculiington Ohio" Western- 8ee SOUTHERN RY. We«th Min. WeUadNorthw.-lstM.,$1,354,000.0o Wut Ohuter-See PE!\NSYLVANIA RR. Wut Jersey" Sea Shore RR.-Common stock, •••••• Special guaranteed stock (West Jersey RR.) ..... Camd.&Atl. con. M. ($650,0005s; bal.6sooup.) West J erse& Consol. mort. ($1,500 ts scrip) .•. r Woodstown Swedesboro 1st mo~age .....•. o" W. Jersey & 8. B., 1st consol. M., se es "A," g.o* Gold, Series "B," $1,500,000, iold ............ o* WutBAore---lstM.,gu.t&t.,end. yN.Y.C.Un.o&r Wut Virginia Oentral d .ttsb.-Stook, $25,000,000. 1st M., gold, $3,600,000 (V. 52, ~ 204) .1'Ip .. . o* Piedmont & Cumberl'd, 1st M., t. rental, g.Me Coal~ lro_n Ry.,_lst M. V.7i{'.p.116~gu.,g 1'IeB~ Wut Virgmia ti Pittsb.-lst ., g, re .1'Ie.Ba .o West'n (.A.la.J-lstM.,g.~u. byC. Ga. andGa.RR.o* West. Maryl'd-New let .,$50,000,000, g.Me.o*&r Gen.ltenandconv. M .• $10,000,000,tno. 3 yrs.B. LEASED LINES-See sta.tementof each company. fi· 65 18 18 108 163 "i9 23 $50 $1,800,000 1,000 483,000 911,000 1900 1,000 1,538,000 1898 500 &o. 1895 1,000 2,500,000 2,245,000 1895 1,000 1899 1,000 378,000 is1r; 1902 ---· ---· . -·· ·79 128 11 310 310 479 1881 1879 1882 1896 1896 1885 ia2 issi 29 1886 45 1900 159 1890 132 1888 1902 .... 1902 ·--· 1,000 ..... Dtrectors.-Messrs. o. D. ASbley, Thomas H. Hubbard, Edgar T. Welles, .James H. Hyde, Joseph Ramsey Jr .• George J. Gould, S. C. Reynold•. John T. ;:ftyr~~~:.e~~!~ce~inslow S. Pierce, Edwin Gould, Henry K. McHarii 0lttoe.-195B'way,N. Y.-(V.77,p.1289, 1295, 1305, 1875; V. 78, p. 50. 288.) Wabash Ohester & Western KK.--<Tu.ester, Ill,, to Mt. Ver• non, Ill., 65 miles. Stock $1,250,000; par, $100. Coupons due July, 1894., paid July, 1896. For year ending June SO, 1903, gross, $125,936; net, $51,053; interest on bonds, $34,500; taxes, etc., $6,186. Warren & Oorsleana Pacific Ky.-see page 531. Warren KR., N. J .-New Hampton June. to Dela. Bridge, N. J,, 18·8 m. Leased in perpetuity to Dela. L. & W. at 7% on stock and interest: -on bonds In July, 1900, $2,000,000 3¼1s were authorized to retire the $750 000 first 7s due Oct., 1900, and to provide for the $600,000 con• -eols due Mar. 1, 1905, balance bemg for improvements. Bee form ot .guaranty.-(V, 72, p. 628; V. 72, p. 45, 428.) Washington Oentral Ky.-Owna road. Cheney to Coulee City, Wash., 108 miles; branch from Conlee City.to Adrian, 20 miles, was under construction 1n December, 1902. Reorganization in Jan, 1898. Leased in 1898 to Northern Paotflc tor 999 years at rental sufficient to pay interest on new 50-year gold 4s, to be issued at $15,000 per mile. (Bee full partloulan V. 66, p. 953). The Nor. Paotflo owns the entire $1,000,000 of oapttalat.ock and $286,000 bonda.-(V. 67, p.127, 691.) Washln£ton & Columbia River Ky.-Owns road from Dayton, Wash., to Pendleton, Ore., 128 miles; branches, 35 miles; total, 163 miles. Stock ls $3,000,000; par, $100. Additional first 4s may be issued for extensions at $20,000 per mile. (V. ~1, p. 70,) In Feb., 1898, the Nor. Pao. Ry, purchased the entire oapluu. stock and all of the income bonds. Interest paid on incomes: In 1898·9, $55,000. EARNINGS.-Year ending June 30, 1903, gross, '462,640; net (over taxes), $103,969; int. on lat mort., $99,926; surplus for year, $4,043. -<V. 66, p. 426.) Washington Oonnty KK.-Bee Maine Central RR. Washington & Franklin Ky.-Seepa.ge531. Washington Terminal Oo.-V. 74, p. 529; V. 76, p. 594, 812; ,(V. 77, p. 252.) Wellington Grey & Bruce Ky.-V. 75, p.1356; V. 77, p, 38. WeatherCord Mineral Wells & Northwestern Ry.-Owns Weatherford to Mineral Wells, Tex., 23 mlles. Extension is con• templated from Mineral Wells to Jacksboro and Graham, 70 miles. Controlled by Missouri Pacific interests. Stock, $100,000. In Nov., 1902, made a mortgage to eecnre $1,354,000:0ve per cent bonds, $500,000 being issued to retire the old 6s; balance tor extensions. v. 75, p. 908, 1356. For year ending June 30, 1903, gross, $77..t.785; net, $36,453; annual interest charge ts $25,000. President, \:ieorge J. -Gould; Secretary and Treasurer, J. W. Boot.-(V. 75, p. 612, 908, 1356, 1401; V. 76, p. 160; V. 78, p. 50.) West Ohester KK.-Bee Pennsylvania RR. West .Jersey & Sea Shore KK.-(See Map Pennsylt,ania RR.) -Owns all the lines ot the Pennsylvania System in SonthernNew Jersey, including line from Cam.den, opp.Philadelphia, to Atlantic City (59 m.), Camden to Cape May, 81 m., etc.; total owned 330 miles. ORGANIZATION.-A consolidation in 1896 per plan v. 62, p. 366, 871. STOCK.-Common stock authorized, $8,076,000, of which the Penn. RR. held Jan. 1, 1903, $1,692,950. V, 67, p. 188. DIVIDENDs.-On common in 1896, 219 p.c.; in 1897, 5 p. c.; 1898, 6 p. c.; in 1899, 5; 1900, 5; 1901, 5; 1902, 5 p. c.; in 1903, 5 p. c. BONDS.-First oon110J1dated mortgage ts for $7,000 000 of which in Jan., 1903, $1,840,000 were reserved for prior lien bonds when due, and $2,060,000 for improvements, etc., V. 62, p. 1179. Mortgage trustee, Commonwealth Title Insur. & Trust Co. Philadelphia. EABNINGS.-11 mos., S1903 .•••••. .. Gross, $,,016,484; net, $979,805 Jan. l to Nov. 30. i 1902 ......... Gross, 3,670,484; net, 1,012,605 REPORT.-Report for 1902 was in v. 76 p. 1140. Year, end. Dec. 31. 1902. 1901. 1900. 1899. Gross ea.rntngs ....... $3,893,799 $3,678,693 $3,490,4.57 $3,114,192 N-etea.rntngs .•••...••• 1,002,891 918,943 934,276 872,240 In 1902 other income $23,190• interest on funded debt, rentals, taxes, etc., $452,867; balance for dividends, $572,714. Dividends at 5 p. c. on common (and 6 p. o. on special guaranteed) call for $253,· 843, leaving $318,871, all of which was transferred to the extraordlnary expenditure fund.-(V. 74,p. 328, 1136; v. 76, p, 1140.) West Shore KK.-(SeeMt:i_p N. Y. Central tlHudsonRiver.J-Wee• hawken,N. s.,oppostteNew York City, to Buffalo, N. Y., with branches, 436 miles; 8yr. Ont. & N. Y. RR. (owned), ByracusetoEarlvtlle, 43 m.; total, 479 m. Successor of N. Y. West Shore & Buffalo, foreclosed. LEA.SE.-Leased in 1885 for 475 years to the New York Central & Hudson and all earnings, &o., included 1n that company's report. The ,10,000,000 of stock ts owned by the New York Central Company. BoNDs.-The bonds cover479 miles of road, and also the term1nals at Weehawken. Abstract of mort. in V. 42, p. 176,-(V. 68, p. 332.) A.15&0 M.& S. F. & A . Q.-M. J. & J. Payable J. & J. N. Y., Del. L. & W. RR. do do do do N. Y., Knick. Trust Co. N.Y.,Farmers'L.&T.Co. as earned. Bee text. Philadelphia, Pa. Oot.15,'03,319 Inch. 1, 1905 Au(. 1, 2000 Mo . 1, 1948 July 1, 1935 July 1, 1935 Jan. 1, 1939 5 g. F. & A. N. Y., Meroant. Tr. Co. Aug. 1, 1930 4,952,050 5 inl903 50 104,000 6 1,000 999,000 5&6 500 &.c. 750,000 6 1,000 90,000 6 1,600,000 4 g. 1,000 1,000 1,500,000 3¼1 g. 1,000&o 50,000,000 4 100 10,564,100 3¼1 in'Ol 1,000 3.250,000 6 g. 1,000 650,000 5 g. 1,000 1,000,000 5 g. 1,000 4,000,000 (5) 4 g. 4lgg. 1,000 1.543,000 4 g. l,OOO&o 25,000,000 . 10,000,000 4 50 OFFICERS.-Chalrman ot Board, Geo. J. Gould; Pres. and Gen. Man• ager, Joseph Ramsey Jr.; Vfoe·Prestdents, o. D. Ashley, Ed~ar T. Welles. A. c. Bir~ Wm. H. Knight, Wells H. Blodgett; Treas.• F. L. O'Leary; Seo•• J. u. Otteson. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 500,000 7 7 3¼1g. 4 g. 4 g. 4 5 g. M,& S. J. & D. J. & J. M.&N. M.&N. J. & J. J. & J. J. & J. See text J. & J. F. &A. F. & A. A. & O. A. & 0. A. & o. Philad~road Btd~tat'n. Sep. 15,'03, 219 Dec. 1, '03, 3% do do July 1, 1911 do do Nov. 1, 1909 May 1, 1912 do do July 1, 1936 do do July 1 1936 do do N. Y., Gr. Cent. Station. Jan. 1, 2361 Mar. 25, 02, 2 Check from Co.'s office. N, Y., FtrstN.Bk. &Balt. July 1, 1911 Balt., Hambleton & Co. Aug. 1, 1911 Ba.lt Mer.Tr.& Dep. Co. Aug. 1, 1920 N.Y.11.&O.Ot.,2Wa11St. Apr. 1, 1990 N.Y. Guaran~stCo. Oct. 1, 1918 N. Y., Mero. rust Co. Oot. 1, 1952 do do Oct. 1, 1952 We•t Vlrdnla Oentral & Pltt ■bnrg Ry.-A railroad and ooal oompany tn West Virginia in the u.pper Potomac region-the Elk Garden Coal Field. Owns road in operation from junction near Piedmont, W. Va., to Belington, W. Va., 102 miles; Elkins Junction to Huttonsvtlle, 17 miles; Elklns to Durbin, 45 miles; branches to Elk Garden, &c., 13 miles; total owned 177 m. Leases Pied. & Cumb. RR., 29 miles; 92 p. o. of its stock ts owned; lease ot 1899 provides for interest on f650,000 5 p. o. bonds, 5 p. o. on $650,000 stock, etc. V. 69, 1>. 4.90. EXTENSIONS.-The Coal & Iron Railway co., whose entire stock ls owned and !J!.11000,000 bonds are guaranteed, was completed 1n Aug. 1903, from Eunns, W. Va., to Dnrbin, at the Forks of the Greenbrier River, in Pocahontas Co., W. Va., 45 miles, to a connection with a branch of the Ches. & Ohio from Caldwell, completed in July, 1901. Bee V. 71, p. 860 and form of guaranty p. 1166. As to Coal & Coke Ry., see that company. In 1903 a 110-mile line was about to be built from Belington to a point near Pittsburg on the Pittsburg Carnegie" Western Ry. V. 76, p, 1032. IIIsTORY.-Maln line completed in 1889: By aoqulsitlon of $2,700,· 000 capital stock of Davis Coal & Ooke Co., the Railway Co. has acquired about 50,000 acres of excellent steaming and coking coal and nearly 700 coke ovens; 107,095 acres ot coal, iron and timber lands are now owned and 1.764 leased1 the mines producing about 5,000 tons of coal and 1,000 tons of coke aaily. In 1902 control of the road was aoq ulred by the Gould interests, 98 per cent of the stock being deposited as security under the Western Maryland RR. mortgage of 1902. DIVIDENDS~ 1889 to '94, '95 to '96. '97. '98. '99. '00. '01. '02 None (Per cent.) 5 1 yearly. l¼I yearly. 1 ¼I 1 2¼1 3¼1 Mar.,2 since REPORT.-Report for 1900-1 in V. 73, p. 661, showing: Gros, of Net over OMer Interest " Bal. for Year. Railroad. taus. income. rentals. div.J. etc. 1901·02 .••••• $1,311,531 $445,133 $665,080 $241,846 $861:f,367 1900·01. •.••• 1,182,181 433,924 604,398 150,750 867,572 From surplus above shown in 1901·02 were paid dividends (4 p. o,), $411,282: bal., sur., $457,085. Later earning a.re included in those ot the Western Maryland. "Other income" includes profits of Davis Coal & Coke Co. ($553,950) and real estate department ($111,130 ) Total coal and coke shipments for year 1900-01, 1,628,714 tons; in 1899-00, 1,775,250 tons; 1,492,238 tons in 1898·99. Pres., Joseph Ramsey Jr., New York.-(V. 76, p. 384, 544,) West Vlrdnla & Pittsburg KK.-rsee Map Batt. ti Ohio.)Clarksburg, West Va., to Richwood, W. Va., 120 miles, with branch,_ 6 miles; also from Weston via Buckhannon to Pickens, 50 miles; rotal, 176 miles. Leased to reorganized B. & O. for 999 years from Bept. 1, 1899, per plan in V. 67, p. 1310, for four per cent on the mortgage, all except $10,000 bonds being stamped with an agreement reducing the interest from 5 to 4 peroenta.nd the B.&O.havtngoptlon to purchase bonds at par within 5 yea.rs on 60 d&J!S' notice. V. 69, _p. 439. 646. Com., $2,500,000, and pref., $900,000, all deposited' by Balt. & Ohio under its own Pitts. L. E. & West Va. system mortgage. BoNDs.-Ftrst mortgage covers road and its equipment and 134.842 acres of timber, coal and mineral lands 1n West Virglnla.-(V. 71, p. 810,) Western (The) Ky. oC A.labama.-Belma to West Point, 132 m, Georgia RR. and Cent. RR. of Ga, each owns half the $3,000,000 stock. DIVIDENDS} 1894 to 1896. 1897, 1898. 1899. 1900. 1901. 1902. 1903. (Per cent.) S 2 yearly. 3 0 5 4 2 4 4 For year ending June 30, 1903, gross, $933,862; net, $36,,716; other income, $5,503; charges, etc., $263,876; dividends, $120,000. Western 1'Iaryland KK.-RoAD-Baltlmore toWllllamsport,Md. etc., 92 miles. Leases-Baltimore & Cumberland Valley Railroad and extension, Edgemont to Shippensburg, Pa., 34 miles ; Baltimore & Harrisburg Railroad, Emory Grove, Md., to Orrtanna, Pa.., 59 miles, and branches, 6 miles; western extension, 15 miles; Potomac Valley RR., Wllllamsport to Cherry Run on the B. & o .. 14 miles, and Porters to York, 17 miles; Washington & Franklin Ry., Hagerstown, Md.. to Zumbro, Pa., 19 miles; total, 258 miles main llne. HISTORY.-ln June, 1902, the Gould interests acquired from otty of Baltimore and others nearly all the stock. Extension to tidewater at Baltimore ts under construction and in time the road will be extended to the coal fields in Western Maryland, West Va. or Pennsyl• vania. An extension ts being built from Cherry Run W. Va., to Cumberland, Md. 65 miles, at a connection with the West Va. Oent. & Pittsburg. Of the latter's stock, 98 per cent has been deposited under mortgage of 1902. See BONDS below and V. 75, p 186, 79, 31; V. 74, p. 938, 989, 1091; V. 75, p.t1304; V. 76, p, 544; V. 77, p, 197, 2340. BTOCK.-Common stock, $60,000,000; outstanding June, 1903, oom~ mon. $15,685,400; preferred, $324,000. BoNDs.-The new 1st 4s of 1902 (authorized issue $50,000,000) cover the entire property and the stock of the proprietary and leased lines; also 98 p. c. of the [$11,000,000] stock of the West Virginia Central & Pittsburg and through the stock or the latter's subsidiary com• pany, the Davis Coke & Coal Co., 100,094 acres of coal land, 7,000 acres of iron ore lands and coal mines producing a.bout 2,000,000 tons of coal and coke yearly. Of $25,000,000 present issue, $21,500,000 will be used tor purchase of the propertlea and equipment tor the Western Maryland and provide for improvements, and $3,500,000 ts provided to build the 65-mile extension from Cherry Run, West Va. to Ctunberland, Md., to connect the West Virginia Cent'l and the West• RAILWAY STOCKS AND BONDS. 504 RAILROADS. l'ar explanation of oolnmn headings, &o., see notes on first page of tables. ll<maa-Yru. ..... INTEREST OR DIVIDENDS. Miles Date Bize,or pal,When Due. Amount Par Outstanding of of Rate r.r When Where P~able, and by Stoc~Laat om. Road. Bonas Value. Cen . Payable Dividend. WesternN. Y. <I Pen~'IJania-Btook tsee text) .•••. 586 West. N. Y. & P. lst <>06$10,000,000), gold. ltle.o* 586 , gold, see t,ext. l.'n .... o* 586 General M., $10,000, Inoome bonds, $10,000,000, gold, non•oum.FPo* Mortg~es and ground rents payable ......•..•••. Wutern orth, Oarotina-See SOU'PIEBN RY. Wutern J>ennsyi'liania-Seb PENNSYLVANIA RR. Wheeling <I Lake Erie-Com. stock, $20,000,000 ... .... 1st pref. stock, 4 p. o., non•oum ., $5,000,000 .•••. 2d ~f. stock, 4 ~- o., non-cum., $12,000,000 .••. 1st ,LakeE.D v.,BowerstontoL.E.,g JJie •• o* isi 50 1st M. Wheel'g Div.,$ & £ (2d on 187 m.)g.Oe.o* Exten. and Imnr.mort. ($1,900,000),ftold Oe .. o"' 260 1st oonsol. mortgage, gold, $15,000,0 O.llie ... o• 451 Car trusts, June, 1903,<fcay'ble m'thly, qr. & ann. .... Equipmentbon~$2,5 0,000, g., s. f., see text.Me WMet. Term.-1st ,$2,000,000,g., s.t.gu.p.&1 c&r 67 lVhite<IBl'k Ri1'. Vat. lstM.$800,000,g.,int.gu.P.c* White Pass <I Yukon-Stock £1,700.000 ..........•. ii"2 Consol. 1st mort. deben. stock, red. after 1920. Mortga~e debentures (navigation bonds) red ..•. Wich-ita Fails-lat mort., g., red. at lt 5, s. f.SSt.o . 51 WicA. vai.-lstM.,in. red.to3% toJuly,'02f llieo"&r lVitkubarre "EtJBtern-See N. Y. SUBQ. WEST. 5 Witkesbarre <I Scranton-Stock, 5 ter oent rental .. 5 First mo~age gold, guar. :fi&i. y L. C. & N. Co. 47 Willia~or <I No. Br.-lst ., $750,000 g.FP.o* Wilm. Oo um. (J Aug.-See ATLANTIC COAST LINE CO.OF Willmar <I 8iou:x: Falls-Bee GREAT NORTHERN. .... .... i887 1895 1895 ---· .... $/'SO $20,000,000 1,000 9,990,000 1,000 10,000,000 1,000 10,000,000 317,199 i g. ...... ...... ·-·-·· ...... ···s·g. i902 i:ooo ·ro 1900 1900 iooo ·rs 1901 1895 1890 g. i886 1888 1889 1899 isss 1901 8.0. ·······--· 50 1,000 1,000 em Maryland. The remaining $25,000,000 ts reserved as follows, viz.: $7 481,300 to take up at maturity all the existrng bonds of the West· Maryland and the West Va. Oen. & Pitts. and $17,518,700, under careful restrictions for additions and development ot property of the two railroadJco's, and providing terminals in Balto. V. 75, p. 550,850. The general lien and convertible mortgage secures $10,000,000 of 4 per oent 50-year bonds, interest for the first three years being pay• able only if earned. V. 75, p. 850; V. 76, p. 49. EARNINGS.-For 3 mos. ending Sept. 30, 1903, total net income, inolud· Ing weet va. Cent. & Pitts., was $652,t-29, against $602,732 in 1902; fixed charges $364 2 71• bal. sur $288 358. ' ·• ' ' ' ' REPORT.-For yea.r ending June 30, 19n3, syst,m earnings, inolud• Ing Weet Va. Cent. & Pitts., were (see V. 77, P:. 2340): Gross railroad earntnge, $3,712,833; net (over taxes), $1,3,.,4,199; net profits coat and other departments $:J83 963· miscellaneous receipts after paying timber royalty notes ($22n;72l) and char~ing off' numerous debits {$107 507) 11;181 098· total net inoome $2 519 t60 against $2 152 015 ' ' in 1902; flied charges, .~l,303,878; bai., s{ir,, $1,2fo,382. Pres. (Feb., 1908), Joseph Hamsey Jr.; Vice-Pres. F. S. Landstreet. Di..eotor■, V. 75, p. 850. -(V. 77, p. 197, 2340: V. 78, p. 104, 284.) We•te~n New York & Pennsyl,ranla RI -Owns Bu.ff'alo to Emporium, Pa.,118 miles; Bu.ff'alotoOil City,Pa. 36miles; 011 City to Olean 110 miles· Rochester to Hinsdale 99 iiill'.es· Stoneboro to Mahoningtown 38 miles; branches, includh{g proprietary lines, 99 miles; total owned 600 miles· leases 45 miles. • ' ' OBGANIZATION.-Reorganization ~aroh 18, 1895 (per plan in SUPPLE· llENT of January, 1895), of the Railroad, foreclosea Feb. 5, 1895. In 1900, the Pennsylvania RR. purchased $19,402,650 of the atook at $9 per share, $9,134.000 income bonds at $300 per bond, and on Aug 1, 1900, took the road over under lease, together with the Allegheny Valley Ry. V. 71, p. 31, 85. V. 70, p. 843, 1096,.1150. A new lease, dated Oct. 22, 1902, was made for 20 years from Aug. 1, 1903, to continue thereafter from year to year, subJect to termination at any time on 60 days' notice. V. 75, p. 1255. Boims.-Abstract of Western N. Y. & Pa. 1st mortgage in V. 47, p. 109. The generat mortgage carried interest till April 1, 1897, at 2 per cent, then till 1901 at 3 per cent and now at 4 per oent. On June 30, 1908, $395,000 inoome bonds were in the treasury. ANNUAL REPORT.-Report for 1902-03 was given in V. 78, p. 284. 1901. 1902 1903 Year, ending June 30 mA 764 331 mA 075 089 $5 116 343 · · q,,a., • 'I"", Gross earnings.·················· • 38' 289 932 429•' 122 7 o4, , Netearntngs..... •····· · · ···••· · · ·· _ _ 925 _ _7~091 Other inoome. •··· • • •· ·· •· · · · · · · · · _ _ _ _ $436,213 $705,857 $33,289 Netinoome•.••. ·······-······· $499,500 $499,500 Interest charges on 1st mortgage $499,500 323,807 400,000 400,000 Int. on gen. mtg. (see above).... 90,336 119,183 Taxes.. . ........................... 105,276 22,069 16,150 119,91'\3 Int. on real est. and equip. notes 88 497 281121 434,029 Mtsoellaneo\18 & extraordinary • - - - _,__ ._ _ _ _ df.$587,995 $610,097 def def.$1,525,470 ...•.......•. Balance, surpl\18 -(V. 75, p. 550, 1088, 1255; V. 76, p. 160, 209; V. 77, P• 825.) Western PacUlc Ry .-Projected from San Francisco, Cal., via Oakland, Stockton, Sacramento, Oroville and Beckwith Pass, Cal., to Salt Lake <.,'ity. Utah, 810 miles, with 440 miles of branches. Inoorpo• rated on Mar. 3, 1903, and took over tl,e San Francisco Terminal Railway & r'erry, Stockton & Beckwith Pass Rv. and Sacramento & Oak• land Ry. Bee V. 76, p. 655, 867, 1194. _In July, 1903, the Westflrn Pacific Construction Co. was organized with $80,000,000 authorized stock to build the roao • V. 77, p. 38 · Stock authorize_d, $50,000,000; par of shares, IBlOO. Stockholders on July 27 authorized a mortga~e to secure $50,000,000 thirty-year 5 p. o. gold bonds. The Gould interests, it is rumored, are behind the enterprise. Directors, v. 76, p. 866. President, Walter J. Bartnett; Vice-Presideuts, A. 0. Ka.Ins andHenryF. Fortmann; Treas.,J. Dalzell Brown; Seo., B. M. Bradford.-(V. 76, p. 1194; V. 77, p. 252, 1875.) w e■tern Pennsylvania RR.--See Pennsylvania I-.. Wheellncr Terminal Rall-way -Owns a railway bridge at rm1n • d "" al Wheeling, W. Va., oompleted in 189l, an about lO miles of te track, oonneoting various RRs. A reorganization of the Wheeling 2 Bridge & Terminal Ry., foreclosed 1n 1900. STOCK.-$ ,000,000, an outstanding; par $100. uf the bonds, guaranteed principal and mterest by the Pennsylvania Oompany, :+-500,000 are reserved for additions and improvements; mortgage trustee, Commercial Trust Co. of Phlla. Form of guaranty, V. 76, p. 655. For 6 months endtng June 30, 1903, gross, $98,611, against $86,574 in 1902; net, $56,906, against $55,216. For year ending Dec. 31, 1902, gross, $183,192; net, $115,264; int., $60,000; improvements, $42,174; bal., sur., $13,090. Pres., Edward B. Taylor; Seo., B. B. Liggett.-(V. 76, p. 655.) Wheeling & Lake Erle ~R.-( See M,ap of Wabaah RR.) Inolu~es: Milu. Miles. Linea ou:med.Toledo, O .• to Martin's Ferry ..• 218 Cleveland Belt.................. 6 Cleveland to Zanesville, 0 ..•.• 144 Branches owned. .••••••••.•..•. 44 Oanton to Sherrodsv1lle .• -··· •· 45 Branch leased .. •··············· 8 Toledo Belt Line .••• ••·••···•••• 4 'l'o1al. ••••••••••••••••••.••••••••••••••••••••.•••••••••••• ·••••••••· 4 69 Hl8TORY.-8uooessor May 1, 1899, per plan in V. 66, p. 1142, of W.& L. & BaUt0ay, sold in Feb., under foreclosure of oonaol. mortgage, 1: ---·------· .... -------· Oct.·. i."," .i926 J."·&-·J. N. Yd~ontlnen~ Tr. Jan:· ·i9s? A. & 0. Apr. 1, 194.S Nov. l. Fid. Tr.-When earned. Apr. 1, 194.S -. - . 20,000,000 4,986,900 ..... .··-· 11,993,500 A."·&--0. 2,000,000 5 g. J. & J. 894,000 5 g. F. & A. 409,000 11,618,000 4 g. M. & S. 306,953 ···1f J.""&"J. 2,500,000 1,000 4 g. F. & A. 1,500,000 · 600,000 1,000 5 g. J. & J. £10 £1,375.000 Bee text. Bee text J. & J. £10, &o .2746,702 5 J. & J. £100 £255,555 6 $500 6 g. J. & J. $230,000 1,000 3 (5) J. & J. 769,000 * Of which $266,000 in treasury June 30, 1901. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ···s·g. 100 100 100 1,000 1,000 1,000 1,000 ··-· .... ern [VOL. LXX.TIII. . ......... . ·-· ------ I ·········· N. Y., Mercantile Trust N. Y., Central Trust. July 1, 1928 do do Feb. 1, 1930 N. Y., Mercantile Trust Sept. 1, 1949 To April, 1911 . . . . . •. . . . N. Yffl Mero. Trust Co. Jan. 1, 1922 Aug 1, 1940 0 ce, Pittsburg. N. Y., First Na.t'l Bank. June 30, 19RO Off'.,7Moorga.teSt.,Lon. Jan.10,'04, 219 Deo.31, 1980 do do Lon., Glyn,M., C.&Co. Jan. 1, 1911 Jan. 1, 1925 St. Louis, Mo. N.Y. Mercantile Trust. July 1, 1940 Dec. 31 Phila., 108 Bo. 4th St. Deo.31,'08, 5J3 5 4lgg. M.&N. do do May 1, 19 8 4,lgg. J. & J. Phila., Fidelity Tr. Co. July 1, 1931 500,000 500,000 530,000 I to underlying 1st mortgages. V. 68, p. 830. In April, 1901 j subject a syndicate controlled by the Gould interests acquired oontrol,througb purchase of the common stock in the open market, and the road allied with the Wabash, although operated as a separate property. V. '72, p 723, 776, 874. The Pittsourg Carnegie & Western Ry., to be completed by Apr. 1, Ul04, from Mingo Junction, to Pittsburg, 60 miles, will be merged and the combined vroperties probably leased to the Wabash RR. v. 77, p. 951. In Feb., 1903, it was proposed to double-track the road eaRt from Toledo and south from Cleveland. V. 76, p. 384. The Zanesville Belt & Terminal Ry. has been operatf>d stnoe Jan. 1 1902, under a temporary agrflement. V. 74, p. 207. The W. & L. E. RR. owne majority of the stock of the Pitts. Wbeeling & Lake Erie Coal Co., leased in 1901 for ten years to other parties. v. 70 p. 799 741. ' ' BTOOK..-ln March, 1901, $400,000 second preferred issued on account of purchase of Coshocton & Southern RR. and $600,000, together with $1,000,000 common stock, was used in oonstruoting extension from Adena, O., to Bellaire and Martin's Ferry.J 26 miles; in Mar., 1902, $847,500 ftrst pref. and $423,800 seoond prer. for additions, eto. Boims.-The mortgage of 1899 secures $15,000,000 gold 4s, of which 13,328,000 are reserved to retire at maturity all underlying bonds. V. 68, p, 1027; V. 69, p. 29. They are a first lien on 20219 miles and cover 248¼ miles additional, subject to the outstanding divisional bonds. V. 74, p. 1040. Under the oonsoL mortgage, all 1;1llderly• ing bonds, as exchanged, must be canceled. (V. 71, p. 391, v. 70, p. 896, 998.) See application to list new securities V. 71, p. 34., 542. Early in 1901 $1,529,000 first aonsols were issued, mostly for inle provements; in 1902 $900,000, and in 1903 $4d8,000. v. 72 p. 584 ' ' 628; v. 74, p.1040; v. 71, p. 2392. Equipment bonds of 1902 maybe purchased at not exoeeding105 and interest or drawn by lot at 108 and interest 1or the sinking fimd may be applied to the purchase of additional equipment) to tlie following amounts: $75,000 for 4 years, beginning Jan. 1, 1908, then $100,000 $125,000, $150,000 and $175,000 yearly for each successive period of 4 years to date of maturity. V. 74, p. 578. LAT.l!lST EARN's.-6 mos. ~ 1903 .••. Gross, $2,3~6,8971; net, $718,235 S1902 .••• Gross, 2,110,622; net, 497,978 July 1 to Dec. 31. REPORT.-Report for the year ending June 80, 1902, was in v. 76, p. 209. In 1901·2, of 5,258,274 tons of freight carried, products of mines furnished 64·93 per oent (bituminous coal, 43·4.7 per cent); manufactures, 20·32 per cent; products of atsrioulture, 4•40 per oent; lumber, 2·75 per oent; balance, miscellaneous. 0th. inc. Int., tax., etc. Bai., aur. Net. Gross. Year1902-1903 $4 234 771 $1 001 710 $72,123 $8ff,0·97 943,220 1901·1902_- a,'537 ,'022 146,952 774,697 877,591 $44,058 1900-1901. 2,954,105 OFFIOERS.-(.,'hairman of Board,Myron T. Herrick; President, Joseph Ramsey Jr.; V.•P., A. W. Krech; Treasurer, H. B. Henson, New York; Sec'y, J. H. Dowland, Uleveland. Offices, Oleveland, O. DIRRCTORS.-George J. Goutd. Edwtn Gould. Cyrua J. Lawrence, Wt.slow 8. P1erce'f!1T1n W. Krech and W. E. Connor of New York; Joseph Ramser Jr. ~0~!iosb~Wob~fti~1~{e!!~~~f:r. i:i~~.1ia~~~~nw~it~ ~!.1t!{it~· Cleveland, and c. M, Spitzer of Toledo, o.-(V. 76, p. 884, M4; v. 77, p. 2a9l!.) · White & Black River Valley KR.-Brinkley to Jacksonport, Ark., 67 miles. Leased for 80 years from July 1, 1900, to the Choctaw Oklahoma & Gulf RR. for guaranty of interest, indorsed on bonds. Stock authorized, $1,875,000; paid in, $323,000. Of the $600,000 bonds outstanding, $100,000 have coupons out off' tor the fl.rat ten years and$200,000a.rereserved for extension to Batesvllle.-(V. 72, p. 189,) White PaH & Yukon Ry.-Owns a narrow•gaugellne 114miles in length, extending from Skaguay Harbor, Ala.ska, to White Horse. (V. 69, p. 335; V. 67, p. 1162, 1138); also controls the Canadian Devel• opment Co operating steamers between White Horse and Dawson 1300 443· v 75 392· v 73 City v 72' · • • • p. 'p. • · · • p. · 0:RGANIZATION.-lnoorporated under English Companies Aot. SECURITIEs.-Capital stock authorized, £1,700,000 as increased in Mar., 1901. Of the £700'-000 new stock, £255,555 will be reserved to retire a like amount of aebentures issued to the Canadian Development Co. in payment of their fleet, good-will, eto. V. 72, p. 582. These debentures are described in V. 74, p. 4.79. The consolidated 1st mortgage 5 p. o. debenture stock of 1900 ta a £750,000 issue, secured by a first mortgage on the £752,223 bonds and the entire stock of the local companies owning the railway A& • to sinking fund see v 75 p 1800 • • · · ' DIVIDENDS.-First cash dividend of 5 per cent paid Apr. 22, 1901, and also in August a 25fer oent stock dividend, the two together rep• resenting the profits o the first three years to June 30, 1901; Deo., 1901, 5 p. o.; in 1903, July, 2¼ p. c.; in 1904, Jan., 219 p. o. REPORT for year ending June 30, 1903, was in v. 77,p. 2156, showing net profit above interest on debentures and debenture stock, £61J,410j. brought forward_ from last ye~ £66,128; total, £126,538; dividena (5 p. c.), £68,750, bal., sur., .&57,·188. Pres., S. H. Graves, 1016 Chamber of Commerce Bulldbtg, Ohioago, m.; Seo., F. o. Elllott.-(V. 75 p. 1300; v. 77, p. 2156.) Wichita Pall■ By.-Henrietta, Tex:., to Wichita Falls, 18 miles. Operated by Missouri Kansas & Texas Ry. under oontraot extending to Jan. 1, 1930, providing for division of rates. Stock, $20,000. Year ending June so, 1903 gross, $~6,883; net, $34., 769; int. ancl Binking fund, .$16,890; diva., $18,360.-(V. 73, p.1161; v. 71, p._865.) :i M.AP OF THE WISCONSIN https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RAILWAY SYSTEM 506 I VOL. RAILWAY STOCKS AND BONDS. LXXYIIl. RAILROADS. INTEREST OR DIVIDENDS. BondB-J::>rtnolMlles Date Size, or A.mount pal, When Due. For explanation of column headings, &o.,seenotes of of Par Outstanding Rate Per When Where Payable, and by StoekB--La.st on :first page of tables. Road. Bonds Value. Cent. Payable Whom. Dividends. • J. & D. Phlla.., Rea.d'g Term'l. $354,000 88 1887 WUming. d North.-lstM.,ca.11 in 1907, int. guar .. r 5 $500 5 g. Q.-F. 406,000 88 1892 1,000 do do General M., $1,000,000, fl, p.& 1. gu.Vend. PeP.r Car trust certs., due $8,000 yearly. . 66, p. 950 1897 1,000 Q.-F. FtrstN. Bk., Wilm.,Del. 30,000 5 Wilmington d Weldon-SEE ATLANTIC COA~T LIN ERR. 5g M.& S. N. Y., J. Walker & Son. 384,000 WinonaBrutge-lstM.,gold, s.f., r'd. atll0.11' ..... 1·03 1890 1,000 1V'8cas. Waten,. d Farm.-lst M., $1,000,000, redeema.ble arter lOyea.rs at 105 •••..••••.••••.. o• .... 1901 100 &o. 637,300 5 g. J. & J. Phlla.., Rea.I Estate Tr. WiseonBin Oentral RailwayCommon stock, $17,500,000 ................•. . . . 100 16,147,876 . .... ·-·- I ··-· ·········· 100 11,'267,104 Pref. stock, 4 per cent non•oum., $12,500,000 ... 4 g. J:·&·J. 1,000 23,74 ,000 1st gen. M.'.llold, $27,000,000 U8 ...... ........ o• .ii:i Minn. Ter. ., g., subj. to call at 105 after 1910. 1900 1,000 31i)g. J. & J. 500,000 1901 4 g. M. &N. 1,000 439,000 New York, Mareh.&8 E.div. lstM.,1.,subj.to oalla.t 105. T 18 1902 Eiuipment trusts, gold, ue $60,000 yearly .1'1p 5 g. J. & J. ...... 535,000 Maitland, Coppe]] NDEBLYING SECURITIES NOT EXCHANGED. & Co. Chic. Wisconsin & Minn. 1st M., gold, a.ssumed.o• 122 1885 1,000 776,000 6 M.& S. 604,000 66 1882 1,000 .Mllw. & Lake Win. 1st mort., ~old, assumed •.. o* 6 g. J. & J. Wis. Cent. RR. con. M., 1st ser es, gold, ass'd.o&r 416 1879 500 &o. 5 g. J. & J. 658,500 do do 54 1895 1,000 WiaconBin d Mich.,-lstM.~., $15,000 p.m.•.•... A. 951,000 See Text. 5 g. J. & J. Wuc . .Jlinn. d Pacific-1st • (see text), gold.1'1e.o* 271 1900 1,000 5,524,000 4 g. A. & 0. 0. G.W.off'., N.Y.& St.P. 9 1890 1,000 100,000 W'oomocket cf Pasc.-lst M., int. gu. A. & 0. R. I. Hos. Tr. Co., Prov. 5 of Woon.o 94 •Ot"CUter Nashua d Rochuter- Stock($ 600 000) •. 100 3,099,800 4141n'03 J. & J. Bos., Am.Loan &Tr.Co. 47 1,000 150,000 do J. & J. do Wor.&Nas. JWor.Nashua& Roch. RR. bonda ... o* 4 4.7 1893 1,000 p1st M. of do 511,000 do do ..... do 4 do J. & J. 79 860111'68, do 47 1890 1,000 do do ... o* 735,000 do 4. do J. & J. 4.7 1895 1,000 allequa.uy. l do do do do ...•. 380,000 do 4 A.& 0. ·a·s ...... ...... isoo } ---- 018 iss6 Wichita Valley.-Owns from Wtohita Fa.Us to Seymour, Tex., 51 miles; completed 1n Bept., 1890. In Nov., 1903, the Wichita. Falls & Oklahoma Ry. wa~ incorporated wi1h $~00,000 authorized stock to build from Wichita Falls northeast to a point on the Red Rtver, 30 miles. Stock, $6,000,000; outstand.1ng. $1,020,000; par, $100. In 1897 interest was soa1e<1 to 3 per cent to July 1, 1902, inclusive, and a.gain in 1902 for 5 years to July l, 1907, tnolustve. Land and income notes (6s), $123,617; tnoome notes (5s) $68,249. V. 67, p. 224; V. 76, p.160. Year 1902, ~ss, S:68,899; net, $23,609; interest on bonds, 23,070; ba.l., sur., $539.-(V. 76, p. ltiO .) Wll.ke8barre & Scranton Ky.-( See Map Oentral RR. of N. J.JOwns from Scranton to Minooka. Junction, Pa., 5 miles, of which 119 miles 1B double track. Leased from May 1, 1888, to Lehigh Coal. & Nav, Co. (see "Miscellaneous Companies") during corporate existence less one year, at $47,500 per annum and taxes. Lease assigned to Central of N. J. at 6 per cent on cost of road ($1,089,532) and taxes. Lehigh Coal & Na.v. Co. holds all the stock. WUllamsport & North Branch KK,-Ha.ll's to Satterfeld, Pa, and br., 45 miles; leases Eagles Mere RR., 8 miles; total, 53 miles. Btook (authorized, $2,000,000) common, $925,362; preferred, $400,· 000; par $50. The 41ts of 1901 cover the road and 3,000 acres of ooa.l lands in Sullivan Co., Pa., $250,000 being reserved for exten sions. The old 5s were canceled. V. 72, p. 990, 1280. Equipment tr11Bts June 30, 1903, $75,000. EARNINOS.-5 mos.• ~ 1903 ..........••••. Gross,$77,284; net, $19,714 July 1 to Nov. 30. ~ 1902 ........ . ..•••• Gross. 81,628; net, 34,815 , Surplus over 5 mos. charges, $5,824. in 1903, a.g'st $22,692 in 1902· Year ending June JO, 1903, gross, $181,000; net, $47,300; charges, $34,923; balance, surplus $12,377. In 1901-02 gross, $132,437; net, $49-1279. President, B. H. Welch, Hughesville, Pa.; Seo. and Treas., H. C. Ana.ms, N. Y.-(V. 71, p. 603; V. 72, p. 676, 990, 1281.) WU. Col. & Ang. KK.-See Atlantic Coast Line RR. of S. C. Wllinlngton & Northern KK.-Owns Wilmington, Del., to Highs Junction, Pa., 71 miles; branches, 17 miles; total owned, 88 miles; trackage to Rea.ding, Pa., etc., 4miles. General mort. bonds are reserved torettrefl.rstmort. at maturity. STOCK authorized, $1,500,000; outstanding, $1,500,000; par, $50. The Reading Company owns praotioa.lly the entire capital stock, which ts deposited under its collateral trust mortgage. The road ts leased to the Phlla. & Read. Ry. for 999 years from Feb. 1 1900, for interest on $760,000 bonds and 31ii p. o. div. on stock, payable quarterly (Q-F·15). V. 70, p. 127, 998; V. 71, p. 758. No report since 1898-in V. 68, p. 1021. (V. 72, p. 340.) Wilmington & Weldon KK.-See Atlantic Coast Line RR. Winona Brldae Kallway.-Owns bridge between Winona, Minn., and Bu.flalo, 'wts., 1·03 miles: opened Bept. 1, 1891. Leased for 30yea.rs to Cb1cap;o Burlington & Quincy and Green Bay & Western, the former, it was reported in July, 1903, acq11tring a.bout two-thirds and the latter the balance of the $400,00C, stock. V. 77, p. 252. STOCK.-$400,000; par, $100. Year ending June 30, 1902, ~oss, $21,223; 11.et $14,562; charges, $19.594; bal.. def., $5,032. In 1900-01, gross, $20,152; net, $16,550. (V. 77, p, 252.) Wlsc'ls8et Waterville & Farmington KK.-Wisoasset, Me., to Albion, 43¼ miles (2·foot gauge); also partially constructed .from Weeks Mills west to Fa.rnungton, etc., Me., a.bout 50 miles. of which 14. miles to Wing}ow a.re in operation. A consolidation in 1901 (see V. 73, p. 392; V. 71, p. 603: V. 69, p. 233; V. 66, p. 185. Stock autllorized, $1,000,000; outstandin~ June 30, 1902, $194,300: par of shares, *100. Real Estate Trust Co. or Philadelphia. ts mqrtga.ge trustee. Presldent,LeonardAtwood, BulllttBldg., Phlla., Pa..-(V. 73, p . 392.) Wisconsin Central Kailway.-(See .Hap)-1:ffSTEM extends from Chicago to Ashland, Wis., and Lake Superior iron mines, also to St.Paul and Minneapolis. By the extension to Manitowoc and the oar ferry a.cross Lake Michigan, connects with the Pere Marquette and has a short line to the Ea.st. V. 63, p. 117. The system includes: Lines owned.- I 341 Miles. Linu owned.- Miles. Chio. to Trout Brook Jot•• Wis.452 Other branches ..........•...... 49 Abbottsford to Ashland, Wis••. 133 trackage to Chio., Minn., etc .. 32 Branch t,o Bessemer............ Rugby to Mllwa.ukee-l etc.... 28 Stevens Point to Portage City. 71 Spurs to industries (u5 miles Neenah toManitowoo(14 jntly) 441 unoperated) ........ _....••• 167 lla.rsh:fleld to Nekoosa....... . 33 Grand total (incl. spm s operated 102 miles and unop. 65 m> ... 1,043 OBGA.NIZATION.-Sucoessor July 18, 1899, of Wisconsin Central Co. after foreclosure per plan V. 68, p. 725; has acquired by deed all the leased lines. V. 69, p. 29, 83,133,182. See application in full to list eeourtties. v. 70, p. 433. STOCK-VOTING TRUST.-Both classes of Bt-Ookare Vf'Sted in the voting trustees, Uera.ld L. Hoyt, John Crosby Brown, William L. Bull, Fred. T. Gates and Francis R. Ha.rt, for five years. The voting trustees may however, deliver the stock at any earlier date. After 4 per cent dividends on both common and preferred shall have been paid in any year both shall participate equa.lly in any further dividends for such year. After the termination of the voting trust the preferred is to have the right to elect a. majority of the directors whenever for two euocessive years dividends upon the preferred at the rate of4 per cent per annum shall not have betin pa.id in cash. BoNne--The new 1st gen. gold 4s ($27,000.000 authorized) are secured by a. mortgage upon all the lmes of railway, terminals, equip- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .......... lr 1907-1927 Aug. 1, 1931 To Nov., 1906 Sept. 1, 1916 July 1, 1931 ........ Juiy. i·,--i949 Jan. 1, 1950 May 1, 1961 July 1, '04·12 Moh. 1, 1916 July 1, 1912 Jan. 1, 1909 Jan. 1, 1945 Oct. 1, 1950 Oct. 1, 1910 Ja.n. l,'04,2, July 1, 1908 Jan. 1, 1918 Jan. 1, 1930 06'. 1, 1934. ment and other property a.<'qu.ired thereby, and also by deposit of all securities owned or acquired under the plan; in July, 1903, $2,242,800 were reserved to retire underlying bonds sttll outsta.ndtng, and about 1117,~00 remained available for betterments, vurohase of eqwp• ment, etc. or the generals, up to July, 1903,$892,000 were purchased in the open market and canceled, V. 77, p. 1236. In May, 1900, ma.de a. purchase money mortgage ·on Minne• a.poll& terminals to Mlnnea.polls Trust Co., as trustee, to secure $600,000 of 31ii per cent bonds, and in May, 1901, on the Marsh:fleld & Southeastern Ry., Marshfteld to Nekoosa, 33 miles. V. 70. p . .S96; V. 72, p. 937, 1035; V. 73, p. 851. The three aeries of underlying bonds 1see table above) were assumed in Apr., 1902. V. 75, p. 734, 1204. GENERAL Fni.ANCE8.-The reorganization provided $5,060,257 for new equipment, improvements, expens~ of the reorganization, etc. In M.ar., 1901, $908,000 additional first const>ls, issued tor lmprovement.s, were llste<l. V. 72, p. 628. EARNINGS.-For 5 months ending Nov. 30: 5 mo,.Gro88. Net. 0th. inc. Intere,t, etc. Bal., ,ur. 1903....••. $2,943,614. $1,066,511 $21,119 $728,728 $j58,902 1902. ····• 2,926,596 1,161,352 17,594 731,359 44.7,587 REPORT.-Report for year ending June 30, 1903, at length, was tn V. 77, p. 1221, 1235; see also edit., p.1193 Of the total frei,l(ht traffic in 1900·1 (3,437,902 tons) 27·07 p. o. was iron ore and 26·83 per cent lumber and forest products. Iron ore contributed 9·67 per cent of the ton miles hauled and 8·57 per cent of the freight earnings. Average rate per ton mile in 1902·3, 6·82 mllls, against 9·71 mills in 1893-4. 1902·03. 1901-02. 1900-01. Gross earnJngs .......•••••.•...••••• $6,651,862 f6,041,470 $5,324,274 Operating expenses................. 4,205,993 3,883,374 3,446,463 ----·---- Net earnings ........•••..••..••. $2,445,869 $2,158,096 $1,857,811 Tota.I net income ........•......•.••. $2,484,299 $2,195,173 $1,882,574 Fixed char., taxes, etc.............. 1,760,227 1,715,068 1,636,455 -------- Sur. for the 12 mos. of. ............. $724,072 $480,105 $246,119 DIBECTORS.-John t'rosby Brown, Willla.mL. Bull, James 0. Colgate, Fred T. Gates, Gerald L. Hoyt, E.W. Sheldon and Joseph S. Dale, New York; Francis R. Ha.rt, Boston; Henry F.Whltoomb and Howard Morris of Milwaukee; William F. Vilas, Madison, Wis OFPICERS. -Chairman of the Board, Wm. L. Hull; PrPsiden!z Henry F. Whitcomb, Milwaukee; Comptroller and Auditor, Robert Toombs, Milwaukee; Treasurer, Wllllam R. Hancock, Milwaukee; Secretary, Chas. M. Morris, Milwaukee; Asst. Secy .. Joseph 8. Dale, New York. N. Y. Offloe,52 William Street-(V.77, p 951, 1221, 1235.) Wl8consln & Michigan Ky.-Owns from Qulnneseo, Mich., to Peshtigo, Wisc., 73 miles; tr a.ck age, 8 miles. Extension from Faithorn Jot. to Quineseo, 16 miles, mcluded above, was opened August, 1903. From Peshtigo oars are taken by Lake Michigan Car Ferry Transportation Co. to Chicago. Stock authorized and issued, $951,500; par value, $100; current lla.billties June 30, 1902, $696,471. La.et coupon paid was that maturing July 1, 1898. A plan to scale the rate of interest was proposed, but no result hart been reached in Jan., 1903. In 1901-02, gross, $100,34.7; net, $4,703; charges, $55,642. .t'res., J.P. Hopkins, Chicago.-(V. 66, p. 185.) Wisconsin Mlnne8ota & PacUlc RR.-Red Wing, Minn., to Mankato, 95·7 miles; Red Wing to Osage, Ia., 118·2 m.; branch to Clay Banks, 2·9 m.; Winona, to Simpson, Minn., 54·2 m,; total, 271 milee. The above mileage includes the Duluth Red Wing & Southern Ry., 28 miles, purohasert July 1, 1901, and the Winona. & Western Ry., 115 miles, acquired Sept. 12, 1901, a 30-mile oonnect1ng line from Zurn• brota. to Rochester being built in 1902. ~took, $4,060,000, a.llowned by the Chicago Great Western Ry., which company operates the road a,s a pa.rt of its system under an agreement dated Apr. 1, 1901, running for 100 years, providing that all net earnings above interest on bonds shall go to the Great Western, the accounts of this road being kept separately. V. 73, p. 566. REPORT.-For the year ending June 30, 1903 (253 average miles), in V. 77, p. 640, shows: Gross, $625,452; net, $225,246; interest, $168,· 400; bal., sur., $66,846.-(V. 73, p. 844.) Worce8ter Na11Jhna & Koche8ter KK.-Ownsfrom Worcester via Nashua. to Rochester, 94 miles. Leased for 50 years from Jan. 1, 1886, to the Boston & Maine; rental $250,000 and taxes. DIV'D8- i 1887·93 '94 '95 '96 '97 '98 '99 '00 'Ol '02. '03. 1904. Per cent . . 5 6 yearly 5 5 5 5 514 4¼ 4 5~ 5 414 Jan., 2~ The Jan., 1903, dividend was reduced to 114 p. o., and balance of floating debt paid off'; in July 3 p. o. was pa.id. V. 76, p. 104.. Total profit and loss defl.oit June 30, 1903, $280,122. Current lia.blli· ties July 1, 1903, $28,000.-(V. 76, p. 104, 1409 ) Wrightsville & Tennille KK.-Tennllle, Ga.• to Ha.wklnsvtlle 76 miles, of which Dublin to Hawkinsville, Ga., 40 miles, was former Oconee & Western RR., merged Feb. 1, 1899. V. 69, p. 189. Stook, common, $230,000; preferred, $70,000. Par of shares $25. Cent. of Ga. Ry. owns a.11 the preferred and $104,300 of the common stock. Dividends (J.&J.) were paid on bothstooks at rate of 7%; 1900, Jan., 3 p. o.; June, 1900, 4 p o.; Dec.• 3111 p. o.; 1901, June, 3 p. o.: Dec., 3 p.o.; 1902, July, 3 p. o.; 1903, Jan. 1, 3 p. o.; July, 5 p. o., tnoL 2 extra; 1904. Jan. 1, 4 p. o. For year to June 30, 1903, gross, $1691_414.; net, $59,714; other income, $8,063; ta.xeis and tmprovement.s, $14,·14.0; div., $24,000; ba.L, $29,037. Pres., A. F. Daly, Tennllle, Ga..-(V. 77, p. 69:>, 1534.,J Zanesville & Ohio River Ry.-See Ohio & Little Kan11wha Ry. INDUSTRIAL AND MISCELLANEOUS COMPANIES. The following pages (Nos. 507 to 524 contain the le.a.ding industrial companies. Some additional statements will be found on pages 525 to 531, while various gas companies are on page 532, and an index to still other industrials is on p. 531. Bonds-PrlnoiMISCELLANEOUS. INTEREST OR DIVIDENDS. Date Size, or When Due. Amount Rate Per When Where Payable, and by -pal, WC>r explanation of column h~a.dings, &o., see notes on of Par Outstanding Stocks-Last first page of tables. Bonds Value. Dividend. Cent. Payable Whom. - ---· Adams Ezpress-Stook ... : ...••.....•...••••..•..••..••..••. $100 $12,000,000 Collateral trnst mortgage, gold.Me ..................... 500 &o. 12,000,000 Allis•Ohalmers-Common stock, $25,000,000 .••••......•. . 100 20,000,000 Pref., 7%, cum. (as to assets & div.l, $25,000,000, text. ··-· 100 16,250,000 Amalgama~ Oo~er;-Stook, $155,000,000 .......•....... 100 153,888,000 Amer. Agricul. 0 muat Oo.-Stook, com., $20,000,000. 100 17,215,600 ··-· Pref. 6 p. ct. cum. (as to assets and div.) $20,000,000 .. ··-· 100 18,153,000 American Alkali-Stock, common, $24,000,000 .....•..•. ..... 50 24,000,000 Pref., 6 p. o., cum. See text. (mostly $10 paid in) .. . • ...... 2,400,000 ·50 3,600,000 American Bank Note--Stock ................................ .. . Debentures, gold ..•• ...............••• . .......••....••••. 1902 1,000 833,000 American But Sugar-Common stock, $15,000,000 .••.•. ··-· 100 15,000,000 Prererred stock, 6 per cent, non-cum., $5,000,000 ....••. ·-·. 100 4,000,000 A mer. Betl Telephone-See Amer. Teleph. & Telegraph Co. American Oan-Pref. stock, 7 per cent, cum ••••.••••..•.. 100 41,233,300 American Oar if Foundry-Common stock, $30,000,000. .... 100 30,000,000 Preferred stock, 7 per cent, non-cum., $30,000,000 .••. ..... 100 30,000,000 American Ohicle-Stook, common, $6,000,000 ....•.•••••• .... 100 6,000,000 100 Pre~erre'a 6 p. o. cum., $3,000,00o ..••••••..•••.••..••••. .... 3,000,000 American otton-Stook, common, $4,000,000 .•..•• .• .•. 100 4,000,000 ·-·· Preferred stock. 8 ner cent, cum., $3,000,000 ..••..•••. 100 3,000,000 Debentures, $2,000,000, gold, red. at 105 . Ce ...•..••. o 1902 1,000 2,000.000 American Ootton Oil-Common stock, $20,237,100 ....•.. ...... 100 20,237,100 Pref. stock 6% non•cum., sub. call at 105, $14,562,300. 100 10,198,600 Debentures, extended in 1900 (V. 71, p. 237, 1010) . . o~ 3,000,000 1,000 American Dist,·ict Telegraph-Stock, $4,000,000 ..... . .... .... 3,844,';00 100 is9s --· ---· ---· isoo Acetylene.-See Electro Gilts, V. 61, p.1107; N. Y. Carbide & Acet., V. 61, p. 1155; Un. Carbide, V. 78, p. 233. A.dams Expres!!I.-ORG..ANIZATION.-An association formed in 1854 but not incorporated, operating on about 351.~00 miles of railroad, in· eluding Penn., C. B. & Q., Ches. & Ohio, N. l'.. N. H. & H., etc. BoNDs.-In 1898 treasury securities were pledged with Mercantile Tr. Co. to secure tsubject to prior indemnification of shareholders from any loss by reason of personal liability) $12,000,000 of 4 p. o. bonds. These la.st were then distributed as a 100-p. o. dividend. V. 66, p. 470. DIVIDENDS.-Long 8 p. o. yearly, but reduced in 1898, on payment of 100 p. o. div. tn bondR. to 4 p.o.; in Dec., 1900, to Dec., 1903, 8 p. o. yearly, and in Mar. 1903, 2 p. c. extra from the sale of certain real estate. V. 76, p. 436., See V. 66, p. 470; V. 73, p. 1265; V. 77, p. 90. A.lbeJDarle & Ohes. Oanal.-See page 525. A.llls-Ohahners Oo.-ORGANIZA.TION.-Inoorpora.ted in N. J. on May 7, 1901, to manufacture heavy engines, mining and other machinery, combining Edward P. Allis Co. of ·Milwaukee, Fraser & Chalmen• of Chicago.. V. 74, p. 1144; $2,500,000 was to be expended in doubling the Allis plant Properties taken over as of April l, 1901, rights or stock, etc., see V. 74, p. 1144. Vermilye & Co. of New York were interested. V. 72, p. 874,937, 990. FREFERRED DIVIDENDS.-July, 1901, to Feb., 1904, 7 p. o. yearly. STOCK, ETc.-Preferred entitled to 7 p. o. cumulative dividends and a further preference of 1 p. o. non•cum. after 7 p. o. on common, into which it ts convertible, $ tor $. on May ttll 1921; no bonds. REPORT.-Second report for the yAar ending Apr. 30, 1903, was given at len~h in V. 76, p. 1352, showing: Net profits over depreciation, etc., $1,658,l'i76; dividends on pref (7 p. o.), $1,137,500; ba.l., sur., $516.076. Chairman of boa.rd, Elbert H. Ga,cy; Prefl., Charles Allls; First Vice-Pres. and Treas., W. J. Chalmers; 4th Vioe.-P. and Seo., Jos. H. Sea.man. OJlice, 71, Broadway, N. Y.-(V. 76, v. 1194, 1352,) Amalgamated Oopper Oo.-ORGANJZA.TION, ETC.-Incorporated on April 27, 1899. in New Jersey, and purchased control as followe: --- - See text. J. & D. New York, 59 Broadw'y Dec. 1, '03, 4.% 4. g. M. & 8. N. Y., Mero. Trust Co. Moh. 1, 19'8 1 iii.iiio3 See text. 6in.i903 ...... ~:.::F. uar. N. Y., 71 Broadway. Checks ma.iled. A:·&:·o. N. Y., Office, 26 B'wa,y. --- . ---······· . Q.:::M Feb:·i,";04°, ll\ Feb. 29, '04, 19 Oot:i";;o3: 3% .. -·. --· . ......... ···s·· Byoheck. Dec.31.'03, 2~ 412 g. A.. & 0. N. Y., BowL Gr. Tr. Co. Apr. 1, 19 2 ···s·· 4:.::j, Checks mailed. Jan: ·2; ;04: 119 See text. See text Checks mailed. See text. Q.-F. N. Yd~ua.r. Trd~t Co . Q.-F. 7 12 in '03 M'nthly N. Y., Park Row Bldg. 6in 1903 Q.-J. do do Sep.30,'03, 219 I'" eb. 1, '04, ¼ · Feb. I, '04, llli Jan.20,'04, 1~ Jan. 2, '04, 1 8 iii"iooo 6 g. See text. 6in 1903 4lgg. 2 in 1903 Nov:2;;00: M:·&·N. 01f., 25 Broad :,t., N. Y. 4% Apr. 1, 1905 A. & 0. do do Seetext N. Y., Winslow, L. & Co. Dec, 1, '03, 2;t .T. & D. do do Dec. 1, '03i 3 Q.-F. Nov. 1, 915 do do M.&N . Treas.o1f.,6Dey St.,N.Y. 'Nov.15,'03,1% bal., sur.. $77,733. Pres .• Henry T. Oxnard: TrAa.s.• John E. Tucker, 32 Nassau St.,N. Y.-(V. 74, p. 8~5; V. 76, p. 812; V. 78, p. 230.) American Bicycle Oo.-ORGANIZATION.-See Pope Mfg. Co. A.mer1can Can Oo.-ORGANIZATION.-Inoorporated in New Jer• sey on Mar. 19, 1901, as a consolidation embra.omg, it is said, a.bout 85 per cent of the tin can busine11s of the country, including about 100 concerns. See partial list, V. 72, p. 582, ln 1903 operated 31 can fa.otorte11. one or two machine shops andJtwo detinning plants V. 76, p. 969. Morts. a.ssumt>d, $113,000. Moore Brothers a.re interested. Stock outstanding. $41,233,300 ea.oh of common and 7 p, o. cum. pref. First dlv. on pref., 212 p. o., pa.id Sept. 30, 1903. V, 77, p. 512. Report for year ending March 31, 1903, in V. 76, p. 969. showed net from operation. $886.711. Bal. sheet Aug. 31, 1903, V. 77, p. 822. Chairman of Board, D. G, Reid; Pres., F. A.. Assmann; Treas. & Aud., F. S. Wheeler; Seo. & Asst.Treas., R.H. Ismon, 11 B'way. Directors, Apr., 1902, V. 74, p. 885.-(V, 76, p. 974; V. 77, p. 512, 822.) American Oar & Foundry.-ORGANIZATION, ETC.-lncorpora.ted in New Jersey on Feb. 20, 1899, as a. consolidation of the MichiganPeninsular Car, Onio Falls Car Mfg. etc., mfg. freight and pa,ssenger oars. V. 68, p. 280, 377, 1029; V. 71. p. 86,54,; V. 73. p. 958. DIVIDENDS on com•? 1900. 1901·1902. 1903. 1904.. mon ..•••.•.••.... ~ 1 p. o. 2 yearly 1 p. o.q11ar.(Q.-F.) Feb,,¼% In 1904, ¼ p. c. was declared payaole Feb. 1 and 111 p. o. on May 2. EARNINGS.-Net earnings for 7 mos endin~ Nov. 30, $3,640,323 m 1903, against $4,474,862 in 1902. V. 78, p. 104. Report for year endin~ April 30, 190::1, was in V. 76, p 1405, show· ing net earnings $7,059,902; dividends on prer stock (7 p. o.), $2,· 100,000; on common (3 o. o.), $900,000; surplus, $4,059,902. OFFICERS.-Pres., Fred'k H Eaton; Chair. of Exec. Com., W. K. Bixby; Treas., 8. 8. De Lano; Seo., D. A. Bixby, St. LouiR, Mo. Directors, V. 72, p. 1239; V. 74, p. 1357. N. Y., 25 Broad Bt.-(V. 78, p. 104, 230,) American Oement Co.-See page 525. American Oblcle Oo.-ORGANIZATION.-lncorp. m N . .r. on June 2, 1899, and consolidated the leading chewing gum interests.-V.68, p. 871, 1130; V. 77, p. 197. See V. 71, p.545. Div.: On pref., Oct., '99, to Capital Par ~-IX'IJidenas (p. c.)-. Jan., 1904, llg p. o. qu. (6 p. o. per an.). Common llg p. o. Oct., 1899; 9 0 0 1900, 9 p. o.; 1901, 8 p. o.; 1902, .Tan.. 2 p. o.; Apr.. '1902, to .Tan.. 1904., ; ' ~~~~~i~- (V. p. 95S) . .i~i~~:ooo 'l),J;, •~~ Boston & Montana Con. ~op. & Silv. Min. 8,700.000 25 o, 144 172 140 2, ·s2 both incl., 1 p. o. monthly. Total undivided profits June 30, 1903, as Bv.tte & Boston Con. Min .. .. . • • .. .. .. .. . .. 2,0 0,000 10 . .. 110 .. .. .. per balance sheet, after p::tying dividends in 1902-03 ($900,000), were Parrot Silver & Copper Co................. 2,~88 5 •O JO 18 89 00 85 5 .. $776,000. Pres., W. J. White, Cleveland; Seo. anl1 Treas .. a. Rowley. Henness, Mercantl'e Co . . . . . . . . . . . . . . 1,51 0,000 (?) (?) (?l (?) <?) (?) (?) Office, Park Row Bld~ .• N. Y.-(V. 74, p. 1141; V. 77, p. 197.) Also acquired all the following stocks: Washoe Copper Co •• $5,000.000; Colo rado Smelting & Mining Co.• $2,600.oOO; Diamond Coal & Coke Co., $1,500,000; American Coal-See p. 525. Big Black Foot Milling Co., $700,000. American Cigar Oo.-Bee American Tobacco Co. Statement to N. Y. Stock Exchange, V. 72, p. 1281. Stock was A m.erlcan Ootton Oo.-ORGANIZATION.-Makes and leases a pat• authorized June, 1901, to be inorea11ed from $75,000,000 to $15l'i,OOO,· 000, to purchase the stocks of BoRton & Montana and Butte & Boston ented machine for producing cylindrical balfls of cotton. V. 68, p. 821. In handled 520,000 round and 60,000 square bales. Subsid• companies, per terms V. 72Lp. 10~2; balance unissued reserved to iary1902·03 companies also buy square bales and buy and sell cotton seed. acquire remaininl{ shares. itifZ'ation with F. A . Heinze is pending; In Jan., 1902. over a majority of ea.ch class of stock had been deposited "· 77, p. 512, 1295, 1875, 2340, In Dec., 1901, and January, 1902, the price of copper was reduced from 17 to 111@ "ents per pound. V. 73, with a protective committee (Cornelius N. Bliss, Chairman, and Thoe. E. Win!l, 20 Nassau St., Seo.>, under an agreement oontinuin~ for three p 1265, 1314. See also V. 73, p. 1283. See V. 73, p. 664, 723, 844, 1161, years. See V. 73. p. 1266. All accum,divs. on pref. stock pa.id May,'99; 1209, 1265. As to United Metals Selling Co.. see V. 76, p. 332. Nov., 4 p. o.; 1900, 8 p. o. Action on dividends was deterred in 1901. The only bonds are Bos. & Mont. 7s, $400,000, due $100,000 Nov. 1, yearly to 1907, and Butte & Bos. 6s, itil,500,000, due Apr. 1, 1917. V. 72, p. 1240. As to $2,000,000 debentures of 1902, see V. 75, p. 31. Year 1899-00, l?l'OBB, $522,142; net, $259.294. Chairman, .Tames G. V. 72, p. 1281. See V. 71, p. 54;. See V. 72, p. 777. DIVIDENDB.-2 p. o. quarterly (Q.-J.), Oct., 1899, to July, 1901, both Cannon, New York; Pres., J. P. Cooper, Boston, Mass. Directors, V. 72, p. 1240; V. 75, p. 734.-(V. 75, p. 734.) inolu. In Oot., Ht0l, llg p. c.; in 1902,.Jan., 1 p. c.; May, 1902, to Feb., American Cotton on.-Inoorp. Oct.14, 1889, inN. J ., to succeed ll-l04, both inclusive,¼ p. o. quarterly. Earnings ot oonstit. cos. year ending .Tune 1, 1903, (V. 77, p. 90, 252.) Amer. Cotton Oil Trust. Has works in various southern cities, eto.,for OFFICERs.-President, Henry H. Rogers: Seo. and Treas, William G. manufacture of crude and refined cotton oil, lard, soap, fertilizers. etc. · Rockefeller, Directors, H. H. Ro,gers, Wm. Rockefeller, Wm. G. Rocke• Ltst ot subsidiary companies, V. 77, p. 1872. STOCK, ETc.-In Nov., 1901, over a majority or the stocks had been feller, A. R. Flower, F. P. Olcott, Robert Bacon, Jae. Stillman and A. depostted with a committee (Geo. A. Morrison, Chairman), wlth a. view O. Burrage. Office, 52 B'wa.y, New York.-(V. 77, p. 1875, 2340.) A.merican Agricultural Chemical Oo.-ORG.A.NIZATION.-In· to united _Protective action. power being given for three yea.rs to sell oorpora.ted in May, 1899, in Connecticut, under special charter, and the deposited stock at 105 for the preferred and 60 for the common. acquired control of fertilizer companies (includin~ Listers' of New V. 73, p. 288,724, 901; but see V. 74., p. 938. Dividends on preferred ark) named in V. 68, p. 974, and V. 72, p 672; V. 73, p. 664; V. 75, p. stock June, 1892, to Dec., 1903, inclusive. 6 p. o. per annum. On com241,292,440; V. 76, p. 867; V. 77, p. 3!i9. See V. 71, p. 545. Divi· mon, 1898. 3 p. o.; 1899, 4 p. o.; 1900, 319 p. o.; 1901, 2 p. o.; 1902. dends on prer. to Oct., 1903, 6 p. o. yea.rly (A. & 0.). BondR. $25,000, Dec., 4 p. o.; an addltiona.l 2 p. c. being paid June 1, 1903; Dec., 1903, 2 REPOBT.-Report for year ending June 30, 1903, in V. 77, p. 399, p. c .• an additional 2 p . o. being payable .Tune l . 1904. V. 77, p. 1747. REPO.RT.-Report for 1902-03 at length !n V.77, p.1872, 1878,showed showed: Total net income, $2,057,327; improvements, betterments. etc., $687,322; div. on pref., 6 per cent. $1,078,800 ;Iba.lance, $291,205, profits $1,665,081, after meeting expenses of a.dminist., interest. &c.; int. on deb. bonds, $135,000; balance, net income, $1,530,08 l; divi· Pres., John F. Gibbons, New York; Seo., Alhert French; Treas.• Thomas A. Doe. New directors Sept., 1903, V. 77, p. 695. N. Y. office dends on pref. (6 p.o.), $611,916; div. on common (4 p. o.), $1,421,400; ba.l., surplus for year, $108,6~1. against $412,064 in 1901·2. Profits: 26 Broadway.-(V. 77, p. 399, 695.) year 1900-'01, $1,244.357; '01-'02, $2,373,206; '02·'03, $1,665,081. American Bank Note Co.-Founded 1795; incorporated inN. Y. OFFICERS-President, George A. Morrison; Vice·President, Robert ·n 1858; re-incorporated in 1879. F. Munro; Seo. and Trea&i., Justus E. Ralph. 27·29 Beaver St., N. Y. DIVS,- t 1892 to '94 1895 to '98. 1899. 1900. 1901. 1902. 1903. Tranfer a.gts., Winslow, Lanier & Co.- (V, 77, p. 18 '7'2, 18 7 8, 2160.) Per cent. 5 8 yearly 6 yearly 7 6 6 6 6 American Dbtrtct Telegraph Oo.-See page 525. Payable (500.] 1 p. o. ea.oh 1n M. & S. and [$11 2 p. o. each in J. & D. American Express.-An "Association" formed under the laws Chairman, E. C. Converse, 78-86 Trinity Pl., N. Y.-(V. 78, p . 289.) of New York State 1n 1859 and 1868. Not an incorporated company. .&.merlcan Beet Sugar <lo.-Incorpora.ted on March 24, 1899, Operated in Dec. 1900. on a.bout 45,000 miles of railroad in the Dividends paid from Oct., 1899, to .Tan., 1904, both inclusive, United States.z.includmg Boston & Maine, nearly all the Vanderbilt 6 p. o. yearly (1 ¼~ Q.-J.) Bee prospectus in V. 68, p. 280, 616; "Bet1t lines. Illinois vent., eto. In Apr , 1903, purchased control of the WestSu~ar" item, V. 69, p. 1249. Report for calendar year 1901 in V. 74, cott Express Co. V.76, p.,658, 974; V. 77, p. 1466. In Apr., 1901, Presip. 723, showed:Totalincome, $3,521,048; profit from operation, $854,~ dent.I. C. Fargo was elected a director of the Uni~d States Express 019; cost of maintenance, $362,711; profit of campaign. $491,307. Es• Co. V. 72, p. 777. Dividends. 6% per annum sinee 1882; from July, tima.ted earnings for year ending June 30, 1903, in V. 76, p, 812, 1901, to Jan .• 1904, 1 p. o. extra was _paid .semi-annually from Investshowed: Profits of oa.mpatgn, $725.671; expenses and interest, $344.- ments. V. 73, p. 1063. Presl<lent,J. C. Fargo; Treas .• James F. Fargo, 000; depreciation allowance, $63,~38; div. on pref. (6 p. c.), $240,000; 65 Broa.dwa.y.-(V. 77, p. 2036.) A~:~!! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e1. •~i- ' /s '1~- ' ! 508 INDUSTRIAL STOOKS AND BONDS. MISCELLANEOUS. For explanation of column headings, &o., see notes on first page of tables. American Express-Stock.................................. . Amer. Hide cf Leather-Common stook, $17.500,000 ...... Pref. stook, 7% oum., $17,500,000. (See V . 76, p. 104). lat M., $10,000,000, g., a. t subj. to call at 115.Col.o* Amer. Ice-Com. stock, $25,000,000 (V. 72, p. 392, 534) .. Bonds-Pr1no1INTEREST OR DIVIDENDS. Due. Date Size,or Amount Rate Per When Where Payable, and by pal,When Par Outstanding Btock8-Laat of Cent. Payable Whom. Dividend. Bonds Value. ·--· . --· -$100 - - $18,000,000 11,274,100 12,548,300 i899 7,863,000 25,000,000 15,000,000 Pref. stock, 6%, cum., $15,000,000 (V. 72, p. 392,534) . 2,326 .000 Collateral trust bonds, $4,346,000, gold, Ce ............. ioo2 1,183,000 Underlylng bonds, incl. Knickb. 5s due Feb. 1, 1905... 16,750,000 Amer. Linseed--Pt. stock, 7 p. c., non-oum., $16,750,000. 100 25,000,000 American Locomoti11e- uommon stock, $25,000,000 . . ..•. .... 100 24,100,000 Pref. stock, 7%, cum., $25,000,000. (Bonds, see text). American .lfalting.-Preferred stock (7 p. c. pref., cum.) .. 100 14,440,000 3,810,000 lat M., $5,000,000, g., sink. fund, subj. ~ call at 105.c* i899 1,000 5,380,400 American Pneumat1c 8er11ice-Btock, com., $10,000,000 .. 50 4,312,500 50 Pre~erred, 6 per cent, non-cum., $5,000,000 ............. . 3,000,000 100 American Radiator-Prat. stock, 7 p. c cum., $5i?OO,OOO --- · American Sewer Ptpe-lst M., $2,500,000, a. f., ca 105.K 1900 500 &c. 1,587,000 100 7,600,000 American Bh!fibui lding-Btock, common, $15,000,000•... .. 7,900,000 Preferred, per cent, non-cum., $15,000,000 ............ 100 Amer. Smelt. cf R etining-Common stock, $50,000,000 ... . 100 50,000,000 Pref. stock, 7 per cent, cum., $50,000,000. .............. .... 100 50,000,000 American Snuff-Stock, common, $12,500,000 ............ 100 11,001,700 Preferred, 6 per cent, non-cum., $12,500,000......... ... ..... 100 12,000,000 American Steel Foimdriu-Stock, common, $20,000,000. .... 100 15,500,000 Preferred stock, 6 per cent, cumulative $20,000,000 .. . . .. . 100 15,500,000 American Steel Castings 1st mortgage, gold.G ......... 1897 471,000 ·--· ---· ··-· ---· 100 100 1,000 100 100 1,000 .. ioo ··-· --- -· --· .... . --· ---- .. American GraH Twine Oo.-See page 525. American Hide & Leather Oo.-ORGANIZATION.-Organlzed In New Jersey in 1899. V 69, p. 493. In Jan., 1901, said to control abOQ.t 75 per cent of the upper leather output of the country, including companies mentioned in V. 68. p. 925 except Wehster & Co. and R. Suhm L. Co. See V. 70, p. 77, and application to list V. 72, P• 673. BONDS, ETc.-Sinktng fund of $172,500ret1res bonds Sept. 1 yearly, If purchasable at 115 or less, or it not will be invested in other securities. J. & W. Sellgm~n & Co. financed the consolidation. Status Sept, 1903, V. 77, P• 7 , 1. Report for year ending June 30, 1903, in V. 77, p. 509, showing earnings, including those of subsidiary companles, $886,114; int. on bonds, $511,500; renewals, repairs, sinking funds, eto., $454,248; bal., def., $79,634: Pres., Thomas w. Hall; Directors, Be-pt., 1903, v. 71,p.493; v. 73,p.495; v. 77, p. 771, Office, 96 CllifSt., N. Y.-(V. 77,p.509, 771.) American Ice Oo.-ORGANIZATION.-Incorporated in New Jersey on March 11, 1899. and 1n October, 1899, had acquired most of the $10,000,000 stock of tbe Consolidated Ice Co. of New York (see V. 65, p. 461) and the $10,000,000 stock of the Knickerbocker lee Co. of Maine. For list of plants, eto.. see official statement, V. 69, p. 793; v. 70, p. 585; V. 71. p. 1014, 1121, 1168, 1271; V. '/2, p. 1036. Transacts a wholesale and r~tail business in New_York City; Phlladelphia~-Pa; Boston, Mass.; Baltimore, Md.; Washington, D. C.; Camden . .l'j, J.; Lakewood, N.J., and Atlantic City, N. J. Litigation, V. 73, p. 724: V. 71, p. 1068; V. 73, p . 958; V. 75, p. 395. Proxies, 1904, V. 78, p. 230. DIVIDENDS.-On pref'd Oct. '99, to Apr., 1902, 6 p. c. yearly (Q.-J); In July, HI02, dividends on pref. were deferred to accumulate workIng capital V. 74, p. 1357. On com., Nov., '99. to Feb., 1902, inclu1tve, 4 p, c. yearly (Q.-F); none since V. 74, p. 885. BONDS. - Of the 5 per cent collateral trust bonds, $2,50q,ooo were used to reduce the floating debt, $300,000 were in April, 1903, owned by'thE) company, and $1,783 000 were issuable to retire $1,568,000 underlying bonds and real estate mort~ages, of which $391,950 wt1re owned by the uompany. etc. Underlying securities, etc., V. 75, p . 242. As to Maryland I ce bonds ($250,000), see V. 78, p . 230. REPORT.-Report for 1902 (V. 76, p. 591) shows profit and loss deftcit Dec. 31, 1902. $162,482. Report of stookholder~• committee, with balance sheet of Nov. 1, 1903, was given at length in V. 77, p. 2337. DmECTORS, ETC.-J. D. Schoonmaker (Pres't and Chairman), C. W.Morse ot New York : D. W. Hunt (Vlce-Pres't) of Pbllaitelpbta; Wesley 1\1. Oler ( VlcePres't) or Balti more; Oren Dennett, John R . Bennett. R. W. Hopkins (VicePres't), I. O. Blake, E.D. Haley. (Treas.) Henry H . Head and Robert A. Scott, Secretary, Offlcd, 133 East 2 tt d St. New York.-(V, 77, p. :1337; V. 78, p. 230.) A.merlcan Iron & Steel 1'.lf'g.-See p. 525. American Light & TracUon.-Bee page 525. American Lln•eed.-ORGANIZATION, ETc.-Incorporated on Dec. 6, 1898, under the laws of New Jersey, as a consolidation of the National Linseed 011 Co., etc. V. 67, p. 1161; V. 69, p. 697. Bee v. 71 p. ;,1.5. For list of plants, etc., see V. 70, p, 631. Com. stock author: bed, $16,750,000, all outstanding; pref. stock as in table. In June, 1901, Standard OU interests acquired a majority of stock. v. 76, p. 216. DIVIDENDS,-On pref., June 15, '99, to Sept., 1900, 1012%; none since. REPORT.-Report for year ending July 31, 1901, was 1n v. 73, p . 662. 955, showin~ loss from operations of $1,402,491. Pres., John A. McGean; Sec., W. A. Jones. Directors Sept., 1902, V. 73, p. 555; v. 75 p. 550. Main office, 100 William St., N. Y.-v. 76, p. 214; , v. 77, p. 512.) American Locomotive Oo.-ORGANIZATION.-Incorporated in 1'. Y. on June 10, 1901, as a consolidation of the Pittsburg (Pa.) Locomotive & Car Works; Brooks Locomotive Works, Dunkirk, N. Y .; Cooke Locomotive & Maohme Works, Paterson, N. J.: Schenectady (N Y.) Locomotive Works; Richmond Locomotive & Mach. Works; Rhode Island Loe. Wks.; Dickson Mfg. Co., Scranton, Pa.; Manchester (N. H.) Loe. Wks. (Bee list, v. 73, p. 801. V. 72, p. 1189; V. 73, p. 84,186,724. DIVIDEND, ETC.-Dividend on pref•. llli p. c., quarterly, Oct., 1901, to Jan. 1904, both inclusive. Bonded debt of constituent companies: Dickson Mtg. Co, lat 6s, «6611.500 (assumed), maturing Nov, 1, 1927; Rlcr,mond LocOJ?Otive lTa.nner & Delaney Engine) Co. 1st 7s, $l!I 0,000 <lue July 1, 1904, and •o:i0,000 golo consol. 68, <1ue Apr 1, 1929 (both a~11umed), of w h 1ch 1118,00>1 owned by Amer. • oc. Co.; lntemattona.l Air Power (Roode Island Loe. W 'ks) 1st is •not a11sume<1 ), due Feb. 1 11H9, but subject to call at any time· to ensure the eventual retirement of the last-named $llf>0,00u ea.ch of common and pref. Amer. Loe. stock ttre bel<I in truat. · REPORT.-Fir11t report for year ending June 30, 1903, was tn v. 77, p. 449, showing net earnings, $5,053,410; interest and discount, $248,157 dividends on pref. stock (7 p. c.), $1,750,000; additions to property (bala.noe after charging $4134,370 to current expenses), $1 . 142,932; balance to credit of'profit and loss, $1,912,321 (V. 74, p. 270'.) 0FFICER8.-President, s. R. Calla.way; lat v. P., A. J. Pitkin; 2d v. P., R. J. Gross; 8Pc., Leigh Best; Treas., C. B. Denny; Comptroller, c E. Patterson. Office, 25 Broad St., N. Y. Directors, June, 1901, V.72, p.1240.-V. 76, p 104,707, 1409; V . 77, p. 449. American Malting Oo.-A consolidation incorporated Sept. 27, 1897,inN. J.-V. 65, p. 619; V. 70, p. 478. REORGANIZA.TION.-The plan [V. 76, p. 595, v. 77, p . 38], of the oomm1ttee, Frederick Uhlmann, Chairman (Standard Trust Co. of New Y ••rk depository). provides for authorization of $10,000,0•·0 common and $10 000,000 4 to 7 p. c. pref. stock (present issue of eaoh not to exceed $6,139,000.) The old pref. stock to receive 35 p. c. in new preferred and the old common 25 p. c. in new common stock each class of the old stoc,k to receiye in addition an amount In the new stock of the same class equal •o the present 6 p c. bonds, to be issued from time to time as they are retired through the sinkin1C fund as enlarged by the plan or otherwise. Until 4 p. c. in any one year has been pa.id on the common stock, the nolders of the new preferred to elect a. major- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII. j ity - - - --- 8in 1903 .J. & J, N.Y.,Co.'s0f.,65B'way Jan . 2, '04, 4% ...... ..... ·--s·g. ------. --- M:·&,-·s. N . Y Colonial Tr. Bee text. Q.-F.15 133 E . 23d St., bl cheok See text Q.-J. 15 do o 5 g. A.&O. New York. 1hi"i900 ·1hi"i903 Q.::.M. 4~.:.:j_ ---------· ·-·-···--· Sept_- "i," "i919 Feb. 15, '02, 1 Apr.15,'02, 119 Apr, 1, 1920 Sepi: i5'00,1 I.& Checks malled. Jan.2i}o4: 18' ..... Check from Co.'s office. Oct.15,'99, 18' ...... 6 g. J. & D. N. Y., Guaranty Tr. Co. Dec. 1, 1914. Bee "text. 7in 1903 6 g. See text. 7in 1903 See text. 7in 1903 10 in '03 6in 1903 J:·&-·J. Jan: 20,;02, 119 By check. Q.-F.15 Off.,Lake&Dearb.Bt.Ch. ' OV.14.'03,l lli M.& S. N. Y . .Kruc,.K. Tr. Co. Moh. 1, 1920 Q.-M. Sept.I, '03, 1~ Q.-J. Cleveland, Ohio. Jan.15,'04, 1 Q.-J. N. Y., 71 Broadway. Jan.14,'04,114 Q.-J. do do Jan.5, •o~. 1111 Q.-J. N. Y., Morton Trust Co. Jan. 2, '0-1, 219 Q. - J. do do Jan. 2, '04, 119 6t.ti"i9"03 (VM. 5 g. M.& N . N. Y., 74 Broadway do do Dec: "i," ;03: 119 Nov. 1. 1912 of the directors. The existing bonds to be al'!sumed, Opposition to plan, V. 76, p. 1409; V. 77, P- 38. STOCK8.-Authorized, $15,000,000 each common and preferred tssued, common, $14,500,000; pref., as in table. Di1Jidends-On pref., Jan., 1898, to Oct., 1899, incl., 7 p. c. per an. (llli Q. -J.); none since. BONDS. - Wa.lterG. Oakman and Geo. R. Turnbull are trustees. V. 69, p. 956, 1013, 1195. Of lat 6s shown in table above, $152,000 were on Oct. 31, 1903, in treasury. Underlying mortgages, $56,000 REPORT tor year en.ding Aug. 31, 1903, v. 77, p. 1292, showed: Profits above interest and $168 176 for improvements etc. $410 491 , ' , ' ' ' • OFFICERS.-Pres t, Chas. A. Stadler; Secy, F. D . B. Bethune Treas., _Louis L. Stanton. Directors, Nov., 1903, V. 77, p. 1876. N. Y. office, 63d St. & E . R.-(V. 77, p, 1876.) American Pneumatic Service Co.-ORGANIZATION.-Incorporated in June, 1899, under laws of Delaware.-(V. 68 p. 1130, 1179.) I s the owner of the whole, or nearly all, stock of the Lamson Consol. Store-Service Co. (V. 68 ,p. 1073). the Intern. Pneum. Service Co., eto. Dividends on pref. stock to Jan 20, 1902, incl., 6 v. c. per an.; since passed to increase working capital. V. 74 . p. 1309, 1357, Underlying bonds Oct., 1903, $388,000 Lamson sinking fund gnld 5s, In Jan., 1904, requirements for construction had been arranged tor, to be met later by an issue of $1,600,0 J O 5 p . c bonds . V. 78, p. 104, 289. Report for cal. year, 190i, with uala.nce a beet, was in V. 77, p. 39, 771, showing net earnings $256,869; dividend oo. pref. (119 p. c.) $61,156, bal. snr., $195,713. Arthur s. Temple. Treas., 115 Chauncy St., Boston.-(V. 77, p. 252,771; V. 78, p. 104, 289.) A.merlcan Kadlator.-Incorp. in N. J. on Feb. 14, 1899. Bee V. 68, p. 329. Proposed new plant near Litchfield, Ill., V. 78, p. 104. Oommon stock, $5,000,000; outstanding, $4,893,000; par. $100. Dividends on pret., May, 1899, to Nov., 1903, inclusive, llli p. c quarter].y (Q-F 15). Report for year ending Jan. 31, 1903. with bal. sheet, v. 76, p. 651, showed: Net proftts, $701,094; 7 p. c. on preferred. $210,000; balance, $491,094. Pres., C. M. Woolley.-(V. 76, p. 651; V. 78,p. 104.,) American Sewer Pipe Co.-See page 525. American Shipbuilding Oo.-ORGANIZATION. - Incorporated in New Jersey on March 16, 1899, to unlte the shipbuilding and kin• dred interests of the Great Lakes. v. 68, p. 770; V. 70, p. 896; V. 71, p. 344, 1014; V. 73, p. 390. Div. on pref., July, 1899, to Jan. 15, 1904, mclu., 7 v. c. per an. (llli Q-J.) On common, 4 p. c. for yea.x:, paid quarterly Dec., 1902, Mar., June and Sept, 1903; in Nov., l 903. dividends on common were passed f or the present. V. 77, p. 2036. Report for year ending June 30, 1903, in V. 77, p. 1224, showed: Net earnings, $2,212,841; div. on pref., $553,000; div. on common (4 p. c.) $2~8,000; deprecia.tion, maintenance, reserve, etc., $791,086; bal., sur., $640,754 Pres., W. L. Brown, Chicago; Sec. and Treas., R. C. Wetmore. Directors, V. 73, p. 390; V. 77, p. 1466. Offices, Cleveland, 0.-(V. 77, p. I2i4, 1535, 2036.) American Smelting & Refining Co -ORGANIZATION, ETC.Incorporated April 4, 1899, under laws of New Jersey, V. 68, p, 668. Owns and opera.tea plants for the smelting of ores and the treatment of lead bullion, copper bullion and copper matte in Utah, Montana, Colorado, Kansas, Nebraska., Illinois, New Jer.-ey, Me:x:100 and elsewhere. The principal merchantable products are bar gold and , silver, ptg lead. electrolytio copper and blue vitriol. Controls the Kansas City Smelting & Reflnlng Co., the Omaha & Grant Smelting Co., etc. List of plants, rights of stock, elic., see v 68, p. 975: v. 68, p. 471, 523; V. 70, p. 232,281. Bee V. 76., p. 974; v. 77, p. 2340. Cn Apr., 1901, the property of M. Guggenheim's Bona was acquired, the stock bAing increased from $27,400,000 each of common and preferred to $50,000,000 each. The output of lead and silver, it is stated, is now a.bout 85 per cent.of the production in the U. S. v. 7li p. 1271; V. 72, p. 138,724: see circular in V. 72, p. 185. V. 71. p. 271. Omaha & Grant Smelt. lat 6s, due March 1, 1911, $774,000, retirable about $70,000 annually by sinking fund, and $191,000 Pneblo Smelt. & Ref. 6s, due 1913, are the only bonds DIVIDENDS on pref. to Jan., 1904, inclusive, 7 p, c. per an. (llli Q-J) On common, first quarterly, 114 p. c., paid Jan., 11J04. v. 77, p. 2340. REPORT.-Report for year ending April 30, 1903, at length in V. 77, p. 627, 651, showed: Gross, $9,403,711; net, $7,576,786; dividend, on ~ref. (7 p. c.), $3,500,000; bal., sur., $4,076,786. DmECTORS.-E. w. Na.sh (Pres . and Ch'man of Boa.rd), Daniel Guggenheim (Ch'ma.n Ex. Cam.), Isaac Guggenheim (Treas.), Solomon R. Guggenheim, Morris Guggenheim, Simon Gugllenheim, H. L. Higginson, Grant B. Schley, A. R. Meyer, D. H. Moffat, M. D. Thatcher, J.B. Grant, Guy C. Barton, Dennis Sheedy, N: Witherell, A. Ellers, H. L. Terrell, Barton Sewell, Vice-Pres., Edgar I. Newhouse and Edward Brush, 71 B'wa,y.-(V, 77, v. 1535, 2340; V. 78, p. 104.) American Snuff' Co.-ORGANIZATION.-Incorporated 1n N. J, on M-t.r.12, 1900. Amel'.Toba.cco and Continental Tobaccoown$7,500,000 common and $2,500,000 preferred stock and have 8 of the 17 directors. For list of properties merged, claimed to have an output in 1899 of about 15,000,000 pounds of snuff yearly, see V. 70, p. 533, 634; statement to N. Y. Stock Exchange, V, 72 p . 625, 672; V. 74, p, 428. First div. on pref.. 3 p. o., pa.id Jan. 2, 1901; July, 119 p. c.; Oct. 1 ¼ p. c.; 1902 to Jan.. 1904, 6 p. c. yearly (llg p . c Q.-J.) Div. on common, Jan.• 1903, to Jan., 1904, incl., 2¼ p. c. quar REPORT.-Report for year ending Dec. 31, 1902 (in V. 76, p. 540►• showed: Net earnings, $1,739,617; div. on pref. (6 p. c.), $720,000; div. on common (219 p. c.), $275,043; bal .. su.r., $741,574. Pres., Geo. A .. Helme; Sec., Otis Smith; Treas., E. D. Christian, 111 Fifth Ave., N .Y.-(V. 75, p. 1255;V. 76, p. 540.) American Soda Fountaln.-See page 525. American Spirits Mfg.-See DISTILLING. Co. I • JAN., 1904.] MISCELLANEOUS. For explanation of column headings, &o., see notes on :first page of tables. -.Amer. Straw Board-lat M., g., s. f., sub. to call.ID ...... American Sugar Refining-Common stock, $45,000,000. Prer. stookle7 p.o. oum. (not pf. as to ass't), $45,000,000 American Te graph <I Oable-Stook, 5 per oent rental. ••. .American Telephone <I Telegraph--Stoo1vi $250,000,000 .. Collateral trust mortgage, our.OB ( . 70, p . 40L ... o* Am. Bell deben.OB. V. 67, p. 72, 1355; V. 70, p. 40.o• Amer. Thread,-Pref. stock. $6,000,000 5 p.o., oum.,g.or £ 1st mortgage, $6,000,000, gold or £.. . .. . .. . ... . G.o .American Tin Plaie Oo.-See UNITED STATES STEEL CORP American Tobacco Oo.-Com. stock, $56,000,000 auth .•.. PrAf. stock, 8 p.o. non-oum.; pref. as to assets and divs .. Am.Cigar, gold notes, $10,000,000, gu.p.&1., red.102"¼!.o 7 .American Type Founders-Stock . .•••...••••..•..•••••.••. Pref. stock, 7 per oent, cumulative, $2,000,000 ........ Deb., g., $1,000~00, s. f., $20,000 yrl.v., beg. Sep., '001'1:e A.mer. Waltham atch Oo.-Stook, $4.000,000 . ...•••..•• A mer Windou, Glass Mach.-Btock, oom., $13,000,000 .. Preferred stock, 7 p. o. cumulative, $7,000,000 .....•. .American Woolen-Pref. stock, 7 p. o., cum., $25,000,000 A mer. Writing Paper-Pref. stock, 7% cum., $12 500,000 let M., s.f.. g,,$17,000,000,oall. aft. July,'09,105.0B.o* .A BBociated Merchants-Common stock, $5,000,000 ....•.. 1st pref., 5 p. o. oum., $10,000,000, convert. at par .. text 2d pref., 6 p. o. cum., $5,000,000............. .... . ... . B ethlehem Steel and Beth. Iro,t-See u. s. SHIPBUILDING B r~klyn Ferry-Stock, $7,500,000 ..•.••.•••...••••• ..... Bonc.ts-.Prmo1INTEREST OR DIVIDENDS. Date Size, or Amount pal,When Due. Par Outstanding Rate f.er When Where payable, and by Stocks-Last of Bonds Value. Dividend. Cen . Payable Whom. -- . 1891 $1,000 100 100 ··-· 100 .. . 100 1899 1,000 1898 1,000 5 i899 500 &o. OR.AT! ON. 50 -· 100 1901-2 1,000 100 100 100 i896 100 -... 100 .... 100 .... 100 100 i899 1,000 100 . ... 100 ··-· 100 ---· ··-· ·- ·-· co:·· .... .... American Steel :Foundries Co,-See page 525. Am. Stra-w Board.-See UnitedBoxBoard&Pap. Co.;V.76, p.3'79. American Sugar Kefinlng.-A N. J. corporation, successor in Jan., 1891, of the Sugar Refineries Co.organized in 1887; plan, V. 51, p. 609. Capital stock, originally $50,000,000, was increased In Jan., 1892, to $75,000,000 (half pref.) to acquire the capital, stock of the four Philadelphia refineries and a oontil'olling interest in the Baltim.qre refinery. Spreckels's refinery in California has been held under lease to the "Western Sugar Refining Co.," of which the" trust" owns one-half tihe stock. Beet-su~ar interest acquired, V. 64, p. 841; V. 77, p. 771; coffee plants, V. 63, p. 1157; V. 64, p. 40; V. 70, p. 688, 1051; V. 71, p. 914; V. 72, p . 1137. Beet sugar refineries in U. 8., V. 66, p.132; V. 68, p. 280; V. 69, p. 1249; V. 76, p. 867, 1194. 1n J"une, 1900, three independent rettueries were consolidated as the Nat. Sup;ar Refining Oo. (see V. 70, p. 1096; V. 71, p. 31). See V. 70, p. 482,634,998, 1051; V. 71, p.136, 237,699. Independents,V. 73,p. 238. Estimated to have supplied in 1902 about 65 per cent of the output of refined sugar in the U. 8., as against 90 p. o. formerly. V. 64, p. 328; v. 71, p. 31; v. 67, p. 632; v. 69, p. 1104; v. 74, p . 96; v. 76, p. 160. BTOCK.-In 1901 each class of stock was increased from $37 .. 600,000 to $45,000,000 by sale at par to sha1 t,holders. V. 73, p. 617. DIV.-P. ct.11892. 1893. 1894 to 1899. '00. '01. '02. '03 1904. Common..... 1012 2112 12y'ly(3 Q.·J.l 7:\ 7 7 7 Jan.,ll\i Preferred .. 7p. o. yearly to date; nearly all Q.-J. V. 71, p. 1168. REPORT.-No reoentreport. Annual meeting in l~O!, 11ee V. 78, p. 230. BALANCE SHEETDec. 31, t902. Dec. 31, '01, Dec. 31, '00. Real estate and machinery. $34,669,191 $34,328,664 $36,891,221 Ca.sh and debts receivahle. 30,046.750 36,862,702 15,737,388 Investm'ts in other comp's. 45,270,776 39,l ll,8ij3 35,054,171 Sugar, raw and refined..... 15,842,924 12,248.640 22,488,799 Total assets ..•••••.•.•.• $125.829,641 $122,551,888 $110,171,579 Capital stock............... $90,000,000 $88,280,370 $73,936,000 Debts........................ 24,958,321 24,364,027 27,443,372 Reserves.................... 10,871.320 9,907.491 8,792,207 Total liabilities .••..••.• $125,829,641 $122,551,888 $110,171,579 DmECTORS.-H. 0. Havemeyer, Chas. H. Senff, Arthur Donner, Lowell M. Palmer, John Mayer, W. B. Thomas, John E. Parsons; Treasurer, Arthur Donner. Transfer office, 117 Wall St., N. Y.-(V. 78, p. 230.) American Telegraph & Cable.-Owns two cables between Nova Sooth~ and England. Leased uutil 1932 to Western Union-which see. American Telephone & Telegraph Co.-ORGANIZATION.Formerly owned the long•dtstance lines of the American Bell Telephone Company; in 1900 took over the other assets, including the seourities owned in local companies (see V. 69, p. 826, 907, 1149), also circular, V. 70, p. 585. See series of telephone articles, V. 69, p. 674, 826, 1034. 1222; V. 70, p. 817. Capitalization of licensee companies, see V. 73, p. 446,555, 7~4; V. 76, p. 596; V. 77, p. 2036. On Nov. 20, 1903, 3,730,248 instruments were in use, against 3,099.346 on Nov. 20, 1902. Decision as to Berllner pa.tent, V. 72·, p. 439; V. 73, p. 186; V. 76, p. 214. Pupin patents, V. 72, p. 677; V. 76, p. 332, 596; V. 77, p. 39. Controls West. Telep. &Tel. Co., the suooessor to the Erie Tel. & Telep. Oo. V. 73, p. 1267; V. 74, p. 42,271. Decision as to claim of Western Ullion, see V. 77, p. 951, 2160. BTOCK.-On June 3. 1901, the authorized stock was increased from fl00,000,000 to $150,000,000 and on Ma.r. l, 1903, to $250,000,000. Of the new stock, $21,943,200 was subscribed tor by stockholders at par in 1903 to the a.mount of one share for every five held, payable In five equal instalments on Sept. 22, Nov. 21, 190~, and Jan. 22, Mar. 22 and May 6, 1904, or optionally in full on any of <!aid dates. This w1ll tnorease the outstanding stock to $131,709,300. V. 76, p. 1356; V. 77, p. 39, 771. In addition $27,117,400 is held by Amer. Bell Telephone Co. and is virtually unissued. DIVIDENos.-July. 1900, to Jan., 1904, inclusive, 71g per ,1ent per annum, viz.: July 16, 214; Oot. 15, l"¼a; Jan. 15, 214; Apr. 15, 112. BoNDs.-The collateral trust mortgage of 1899 provides for the immediate needs of the company and for future extensions as required and ~eoures equally the coll. trust bonds and the $10,000,000 Bell debentures. V. 70, p. 40; V. 72, p. 874. On deposit of additional collateral further bonds may be issued, but to an amount not exceeding 75 per cent of the estimated value of the collateral; and the issue at any time outstanding must not exceed the amount of the company's oaptta.l etook then paid up. V. 69, p. 1195, 1249; V. 70, p. 40. REPORT,-Reportfor 1902 in v. 76, p. 703, 750,showed: Year ending Dec. 31. 1902. 1901. 1900. Total gross earnings ............... $13,277,457 $11,606,817 $9,534,499 Surplus over interest charges.... 7,835,272 7,398,286 5,486,058 Paid dividends (7¼ p. c.)...... .. 6,584,404 5,050,024 4,078,601 Pres.,FrederlokP. Fish. Directors (Mar., 1903). V. 74, p. 682; V 76, p, 655.-(V. 76, p,1356; V. 77, p. 1535, 1748, 2036, 2160, 23U.) American Thread Co.-Bee page 525. American Tobacco Company.-Organtzed in 1890 under la.we of New Jersey to manufacture and sell tobaooo.-8ee V. 64, p. 515. In Deo., 1898, sold its plug tobaoeo interests to the new Continental Tobacco Co., receiving therefor $30,274,200 pref. and com. stock of the latter. V. 6~, p. 820. See below. (V. 68, p. 128, 1138.) In Feb.,1899, acquired Umon Tobacco Co.-V. 69. p. 128;V. 70, p. 533,896. In June, 1901, most 0f the common stock was acquired by Consolidated Tobacco, which ft1sned its collateral trust 4 per cent bonds on basis of $200 bonds for $100 stock. See V. 72, p . 1137; V. 73, p. 1113 . Together with the Cominental Tobacco Co. owns $10,000,000 of the capital stock of the American Snuff Co. and $7,000,000 of the $10,000,· 000 stock of Hil.e American Cigar Co. V. 72, p. 531. ThA American OtgarCo. 4 p. o. gold notes are guaranteed by the American aad Conti· m.enta.l T-Obaooooo.mpanies. See V n, p 1113; v. 72, p. 1037. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 509 INDUSTRIAL STOCKS AND BO DS. $456,000 45,000,000 45,000,UOO 14,000,000 121,061,900 28,000,000 10,000,000 4,890,475 6,000,000 6 g. 7 in 1903 7 inl903 5 712 4 4 5 in 1903 4g.pr £ F. & A Q.-J. See text Q.-M. Q.-J. J. & J. J. & J. J. & J. J. & J . 54,500,000 14,000,000 10,000,000 4,000,000 1,648,800 900,000 4,000,000 See text. See text. 20,000,000 12,500,000 16,233,000 5,014,000 4,927,500 5,058,500 See text. 8 inl90a 4 g, 4in 1903 7in 1903 6 g. 12 in '03 Q.-F. N. Y., Farm. L. & Tr. Co. Q.-F. do do New York. M.&S.15 Checks mailed. Q.-J. do do <.l,-J. M.& N, N. Y., Mero. Trust Co. J. & D. By company's check. 6,500,000 7 Feb. 1, 1911 Jan. 2, '04, l l\ Jan. 2, '04, 1~ Dec., '03, 114% Ja.n.15,'04, 214 N.Y.,Manh.Tr.,& Bost'n July 1, 1929 Bost.. Nat. Bk. of Com. July 1, 1908 Guar Trust Co., N. Y. J an.l, '04, 219 do do Jan. 1, 1919 Bos., Inter. Trust Co. Checks matled. do do N. Y., West. Union Tel. Feb. 1, '04, 3 Feb. 1, '04, 2% Moh . 15,'11·12 Jan.15,'04, 19' Jan.15,'04,ll\ May 1, 1926 Deo. l, '03, 6% ...... . -... ·-· . --- ------ ---· ii;i!io3 Q.:.:J.i5 N. Y., Guaranty Tr. Co. Jan:ii,"/o4, 1~ ...5.g. J.""&""J. Boston, Old Col. Tr. Co. Juiy·1;·i919 7in 1903 8.-M . Rud. Tr., Hoboken,N.J • Deo 1, '03, 1, 5 in 1903 do do Jan.15,'04, 114 .-J. do do 6 in 1903 Q.-J. Jan.15,'04, 119 ..... ,. ...... ·-- ..... -· ......... BTOCK.-See pref. certificate in editorial of May, 1893, SUP. In 1899 authorized $35,000,000 new common stock, making total $56,000,000, of which $21,000,000 wc1s paid May 11, 1899, as a 100-per-oent stock dividend, $12,500,000 was isimed to aoauire Union Tobacco Co. and $1,500,000 balance is issuable for other purposes. V. 68, p. 426, 471, 617, 669,925; V. 69, p. 25. Pre:terred authorized, $14,000,000. .. DIVS,-'93 to '95. 1896. '97. '98, '99. '00, '01. '02. '03, 1904. Common 12% yrly. 6 & 20% scrip. 9 8 *7 6 6 9 ll 1il Fe b.,3 Prererred •. 8% yearly (2% quar,) to Feb., '04, inclusive. (V. 69, p. 2f>.) *Also 100 p. o. in common stock paid on common May 11, 1899. ANNUAL REPORT for year ending Deo. 31, 1902, was in V. 76, p. 591: 12 Mos. Net Earns. Div.onPref. Div. on Oom. Int.on Scrip. .Surplus. 1902 .. $7,450,575 $1,120,000 (10%)$5,4;')0,000 $60,283 $820,292 1901.. 6,647,114 1,120,000 (6%) 3,270,000 180,890 2,076,224. OFFICERS.-Pres., James B. Duke; Seo., C. N. Strotz; Treas.. B. N. Dulce. N. Y. office, 111 Fifth Avenue.-(V. 76, p. 691, 707.) American Type Founders<'o.-lnoor'd ln1892 under laws of N • J. V. 55, p. 625 and adv. In 1896 thP capital stock was readjusted• V. 62, p. 682. The remaining $1,000,000 of $2,000,000 new preferred stock was offered at $12 scrip and $88 cash to pay floating debt, eto., payable all at once or $l3 on May 1 and $25 on July 10 and Oot. 10, 1903, and Jan. 10, 1904. V. 76. p. 656; V. 73, p. 955, 1358. Bills payable Aug.31,'03,$394,092. New plant In Jersey City. V. 77,p. 1292. Dividends on com.: Oot., 1898, to Jan ,1904, inol., 4 p.c. per an. In addition in Jan., 1902, 6 p. o, scrip and in Apr., 1903, 3 p . o. scrip was paid. Div. on pref., paid July, 1904, to .Tan., l904, incl., Illa p.o. quar. ANNUAL REPORT..:....Report for year ending August 31, 1903, in V. 77, p. 1292, sllowea gross profits after deauctmg expenses, $434,974: interest charges, $97,587; net, $337,387; div. on common !4 p. o. l $160,000; div. on pref., $75,551; bal., sur., $101,836. Pres.,R. W. Nelson,300Comm.unipaw Ave.,JerseyCity.-(V.78, p.289.) American Waltham Watch.-Incorporated in Massachusetts in 1854; manufactures "Waltham" watches; factory situated at Waltham, Mass. Dally output of watch movements, 3,000. V. 76, p. 161. DIVIDENDS.-~ 1879-95. '96. '97. '98, '99. '00. '01 '02. 1903, Per cent. 5 8 yearly. 6 6 6 25:t3 10 10 10 Below 1903, Mar.• 4. p. o.; July, 2 p. o., in1erim dividend for period from Mar. 15 to June 1, 1903; Dec., 6 p. o., incl 2 extra. V. 77, p. 1876. Ba.lance sheet Mar. 31, 1903, V. 76, p. 1353.-(V. 77, p. 1876.) Amerlean Window GlaH Machine Co.-ORGA.NIZATION.Incorpora.ted 1n New Jersey on Mar. 6, 1903 V. 76, p, 596, Owns exclusive rights to certain window-glass machine patents in the U. 8. Bee V. 76, p. 596, 707. In Mar., 1903, purchased nearly all of the common stock of the Amer. Window Glas11 Co (see SUPP. uf Jan., 1903), and leased patent ri,zhts to latter on royalty. V. 76, p, 707, 867. The Window Glass Co. in Deo.• 1903, sold all its oil and Jeas property for $1,500,000 and a contract for gas for a term of year.•. V. 77, p. 2282. STOCK.-Btook authorized, common, $13,000,000; pref., 7 p. c. cum. $7,000,000; par of shares, $100; ot this, $6,449,000 common and $500,000 pref. were Issued to acquire patent ri~hts and $6,500,000 of eaoh were available for purchase of $13,000,000 Am. Window Glass common stock. The latter company's $4,0(10.000 cumulative pref. stock (in shares of $100) is protected In its right to divs. or 7% per annum as paid Mar., 1900, to Mar., '03, semi-annually. V. 76, p. 707. President, Adrian H. Larkin, Secretary, S. Lawrence Bodine, Pittsburgh, Pa.-<V. 76, p. 596, 707, 867; V. 77, p. 2282.) American WoolenCo.-ORGANIZATION.-Incorporated Mar. 29, 1899, under laws of New Jersey as a consolidation of the Washington Mills, Lawrence, Mass.; National Providence Mills, Providence, R I., etc., see V. 68, p. 472; see also p. 617; V. 69, p. 77; V 73, p . 446; V. 73, p.446; V. 71, p •.545. Statement to Stock Excllange, V. 71, p. 1316. STOCK.-Authorlzed by stockholders, $20,000,000 preferred and $30,000,000 common. Outstandin~ preferred, as in table; common, $29,501,100. Dividends on preferred, July, 1899, to Jan., 1904, both in· elusive, 7 p. o. per annum (Q.-.J. 15). Only lieu is $65,000 bonds of Chase Mills, already provided for. V. 71, p. 1316 EARNINGS.-Report for year ending Deo. 31, 1902, in V. 76, p. 540., showed: Net profits, $3,227,667; previous surplus and adjustment of aoots., $2,783,409; dividends at 7 per oent per annum, $1,400,000; net surplus, $4,611,076. Pres., Fredk. Ayer; Vioe Pres and Treas.. W. M Wood; Asst. Treas., W. H. Dwelly Jr.; Seo., Jos. T. Shaw. Office, Am.es Building, Boston, Mass.-(V. 74, p. 939, 1198; V. 76, p. 640.) American Writing Pa.per Co.-ORGANIZATION.-Incorporated in New Jersey on June 25, 1899, as a consolidation of fine writing pa.per mills, producing, it was Bliated, over 84 per cent of the output of New England States and over 76 per cent of that of the U. S. V. 69, p, 25,128. See prospectus, V. 69, p. 128,227. Common stock, $11,. 500,000, all issued; par of shares. $100; preferred stock and bonds as in table. See V. 70, p. 998. Of the $17,000.000 bondR $367,000 were in the sinking fund in Deo•• 1903, and $400,000 in the tr.-asury uncanceled. V. 76, p. 540. Report for oa.l, year 1902, with balance sheet, in V. 76, p. 540,,showing: Net income, $1,827,360: int. ou bonds, construction, depreciation, eto., $1,072,178; be.I., sur., $755,182. OFFICERS.-President, W. N. Caldwt,ll; Treas'r, George B. Holbrook Secretary, E. H. Hall, Holyoke, Mass -(V. 76, p. 437, 540.) Anaeooda Copper 1'Ilnlog.-(V. 74, p. 832; V. 75, p. 136, 850.) A8phalt co. of Am.-Bee Nat. Asph. Co. and v. 74, p. 42. A880Clated .,1erchant8' Co.-ORGANIZATION.-Incorpora.ted in A.pr., 1901, in Connecticut, under special charter. and acquired · $1,500,100 of the $9,000,000 stock of the H. B. Claflin Co.; 12,000 or the 18,000shares of preferred and 6.0i>O of the 18.000 shares of common stock of the Adams Dr1 Goods Co. and the business of James McCreary & Co. of 23d St. In Deo., 1901, purchased the busi- 510 INDUSTRIAL STOCKS AND BONDS. IVOL. LXXVID. Bond8-Pr1n01· INTEREST OR DIVIDENDS. MISCELLANEOUS. When Due. Date Size, or Amount Rate Per When Where P-wiiable, and by pal, Stocka-Last Par Outstanding of For explanation of oolumn hea.dinfe, &o., see notioe on Divide:cd. Bonds Value. Cent. Payable om. ti.rat page of tab es. B'lclyn Ferry (Oonct.J-B'klyn&N, Y, Ferry, let M. o*&r COnsol mortgage, $7,500,000.K .. • ...••.••...••••.... o• Brooklyn Union 6as-Stook, $20,000,000 .••..••.......•.. lat oon.,$15,000,000 g. G Cforunderlyingbde.eee text) Debentures, convertible after 3 years •...... . ...••••.. . Buffalo Gas-let M., $5,900,000, red. at gold.N .._.c* Buff, cf Sm. Iron-1st M., $3,000,(JOO, g., r . text.No &r Bud,. Terminal Oo.-lst M., $3,!'>00,000, oonv. text Ko* Oambria Iron-Stook (4 p. o. ~aranteed) ..•........ -· ..•. Oambria 8teel-8took, $50,00 ,000............. ... . ...••. OeUul<nd Oo.-tltook, $6,000,000 authorized ........•..... Central Foundt'Jf-Deben., $4,000,000, gold, red. 105 . . . Oentrat cf 8<YUth .American Telegraphr-Btook$8,000,000 •. (Jh,icag_o Junction Railways cl Union Stock Yards-Stook .. Pre erred 6 per cent cumulative, pref. also as to assets. Collaterai trust, gold, $ or 11. .Ce ...... ................. c" Mort. and coll. trust ref. gold bonds, $14,000,000.S.c ..&r Ohicago Pneumatic Toot Oo.-Stock, $7,500,000 ..••....... Ql,a,ftin (H.B.) Oompany-Common stock .................• let pref. 5 per cent, gold, cum ..•. { pref. as to ~rinci· 2d pref. 6 per cent, cumulative.... pal and divi ends. Oowrado Fuel ti lron-Conv. deben., red. at 105 . IC.c*&r Colorado Fuel Co's gen. mort., gold, s. f., red. 110.A. .. c~ CoLF. & T. gen. M. ($6,000,000) g.,s.fd., red.105.Ce.o"&r NEW BONDS TO BE !"'SUED UNDER PLA1'. Consol. 1st mortgage, $45,000,000, convertible Co •••• ll;J i 1886 $500&0. 1898 ·--· 1895 1904 1897 1902 1902 ·--. --· is09 .... .... isoo 1900 --· ..... ·--· i9()1 1889 1893 1904 J. & J. $1,000,000 6 5 g. F. & A. 1,000 6,500,000 100 15,000,000 8inl903 1,000 14,528,000 5 g. .& N. M. & 8. 6 500 -&o. See text. 1,000 5,805,000 5 g. A,&O. 5 g. J. & D. 1,000 2,250,000 4 g. A.& 0. 2,600,000 1,000 8,468,000 4in 1903 A. & 0. 50 50 45,000,000 3in 1903 F. & A. 100 5,925,000 Sin 1903 Q.-J. 6 g. M.&N. 3,863,000 7,725,600 6in 190S Q.-J. 6,500,000 8inl903 a.-J. 100 .-J. 100 6,500,000 6inl903 1,000 10,000,000 5 g. J. & J. 4 g. A. & o. 1,000&c 4,000,000 6,013,600 See text. Q.-J. 100 100 3,829,100 8 inl903 ~.-J. .-F. 100 2,600,300 5in 1903 .-F. 100 2,570,600 6in 1903 5 g. F. & A 1,000 14,068,000 6 g. M.&N. 1,000 640,000 5 g. F. & A. 1,000 5,355,000 J -M, ioo ·-----· ness of Posner Bros. of Baltimore and in 1903, 2,000 of the $1,000.000 common stock of o. G. Gunther's Sons. V. 77, p. 449. V. 73, p. 1358. The business ot H. O'Neill & Co., (now Stewart & Co.) purchased by President Claflin, will probably be taken over early in 1904. y. 76, p. 540. The let pref. is exchangeable at par, at holder's option, into either com. or Zd pref. stock. DIVIDENDS-On preferred stocks, in full to Jan., 1904 (Q-J.) On oommon, Dec., 1902 to Dec., 1903, both incl., ll\i p. c. quarterly. REPORT.-Report for 6 mos. ending Aug 1, 1903, with balance sheet, was in V. 77, p. 4~9. President, John Clafiln.-(V. 77, p . 525.) ea.,- state Gas co -stock $250 000 000· par $50. seep. 525. • ' ' ' ' ' Barney & Sm.Ith Car Co.-See page 525. Bethlehem. Steel Co.-See United Sta.tee Bhip!milding Co. Borden's Condensed Milk Co.-See page 525. Brooklyn F'erry.-ORGANIZATION.-Owns ferries from Roosevelt Bt., Grand St., 23d St. and 42dSt., New York, to Broadway, Brooklyn, and trom Grand St., New York, to Grand St., Brooklyn; also leases Tenth & Twenty•third St. Ferry for99years from Deo., 1898, at5 p. c. on $550.000 bonds and 5 per cent on $1,000,000istock. V 67, p.1206. Statement to N. Y. Stock Exchange (V. 69, p. 1102). Mortgage oovers real estate in Brooklyn and N. Y. and 16 steel boats. Report tor year ending Dec. 31, 1902, in v. 76, p. 86ij, showed: Gross, $1,· 351,908; net, $522,255; int. on bonds,$31l5,000; rentals,$77,500; bal· anoe, sur., $59,755-(V. 74, p. 1250; V. 76, p, 868.) Brooklyn Union Ga ■ .-Incorporated in New York State Sept. 9, 1895. See plan V. 61, p. 831, and V. 62, p. 1141. OontrMct.-Under five-year contraot in 1897, city now receives ~as at 90 eta. per 1,000 cubic feet; private consumers at $1. V. 64, p. 887 STOCK, ETc.- Stock was authorized Dec. 30, 1903, to be increased from $15,000,000 to $20,000,000 for extensions and improvements. Pending issue of stock, $3,00ll,000 fl.ve•year 6 p. c. debentures are of• fered to stockholders pro rata at par to March 1, 1904. convertible into stock st par after 3 years. V. 77, p. 2341; V. 78, p. 289. DIVIDENDS.-1896 to June, 1900, 6 p. o. yearly, paid sem1·an, (J·D); Dec., 1900, 4 p. c.; 1901 to Dec., 1903, incl .. 8 p. c. BONDS.-Mortgage of 1895 is for $15,000,000 of bonds, subject to: Bonds. Interest. Outstanding. Maturity. Oitizens: Gas 1st M .... .......... 526 A. & 0. $43,000 Apr. 1, 1905 Citizens Gas, con. M ....•.....•. 5%F.&A. 253,000 Feb. 1, 1940 Union Gas let M ........•....... 6% J. & J. 140,000 July I, 1905 Union Gas L. con. M •••••••••• 5% J. & J. 36,000 Jan. 1, 1920 Pree. James Jourdan· Treas. E. R Chapman.-(V. 78 p. 50 289.) • ' ' ' ' ' Brooklyn Wharf' & Warehouse.-See New York Dock Co. Brunswick Dock & Irnproveinent Co.-See page 525. Buff'alo Gat!I.-Orgamzed in oct., 1899, ana. oonsolldated the Bu1falo City Gas Co. and Bu1falo Gas Light Co. Owns entire Eitock and bonds of the Mutual Gas Light Co .. all the stock of the Citizen's Gas Co. of Buffa.lo, and about 27,000 of 30,000 shares of stock and $2,043,000 ~f ~2,100,000 bonds of People's GasL. & Coke Co. (V. 67,p, 1262). See listm~, V. 77, p. 34. !3tock common, $7,000,000; l)ref., 6 p. c. non. cum., $2,000,000, of whtoh $1.713,000 outsta:Qdmg; par $100. October 1 to Dec. 31, 1903, 3 months, net, $99,603. Report !or year ending Sept. 30, 1903, in v. 77, p 2337, showed net, $341,212; int on bonds, $290,250; bal., surplus, $50,9tl2. A. C. Humohreya, 31 Nas· sau St., Pres.-(V. 76, p. 707,920; v. 77, p. 34,299, 233'2'.) Buff'alo& ~usqnehannalron Co.-ORGA.NIZA.TION.-(See Map,) -Incorporated in New York May 14, 1902, and owns 50 acres on Bu1falo Ha.rbor, Soutb Buifalo. N. Y., on which is being built a plant with two blast turnaces having a capacity of 600 to 700 tons of pig iron dally. Thls plant ts to be in operation early in 1904.. Leases for 50 years ore lands in MePaoa range, Lake Superior region, near Hibbing, Minn., and 1n Menominee range at Iron Mountain, Mich., and coal lands at Sykes· ville, Pa., in the well•known Reynoldsville basin. Controlled by Wm. A. Rogers or Rogers, Brown & <Jo., Ho~h Kennedy of Pittsburgh and F. H. & 0. W. Goodyear or the Buffalo & Susquehanna Ry., which is building an extension to Buffalo. Be~ that company under railroads; also V 74, p. 1040, 1092; V. 75, p. 79.>; V. 76, p. 596. Stock, $600,000. BoNos.-The $3,000,000 first mortgage gold 5s of 1902, (N.Y. S<1cur· ity & Trust Co., trustee), are due June 1, 1932, but are RUbjeot to call as an entire issue at 107111 and interest on any interest day after June 1, 1907; they are a.lso redeemable at par for the sinking fund in the order of their numbers, beginning at the lowest number at the rate of $100,000 yearly from June I, 1907, to June 1, 1931, hoth inclusive. President, Wm. A . Rogers.-(V. 76, p. 596; V. 77, p. 453.) Bn•h Terminal Oo.-ORGANTZATION, ETC. Incorporated in New York on Feb. 14, 1902 (V. 74., p. 477), to own extem1ive terminals on the water front, 43rd to 5bt streets, Brooklyn, warehouaes, etc. Bee full statement in V. 76, p. 974, 1032: V. 77, p. 1227. SECURITIES -Stock authorized, $7,000,000, all of one kind (par of shares $100 each), of which$3,500,000 ()Utsta.ndtng, the balance being reserved for the conversion of the bonds at the option of the holders $for$. on or before Jan. 1, 1910. Of the first (convertible) 4s (:i-3,500,· 000 authorized issue) $1,000.000 ls reserved for future requirements. See V. 76, p. 974. Preeident,IrvingT. Bush; Vice -Pres., C. T. Lawrence; Treas., R. Gould Simonds; Sec., Frank Gallagher.-(V. 77, p. 1227.) Butterlck co. See page 525. Calum.et & Hecla 1'Ilnlng.-Stock, $2,500,000; par $25. Div!• dends 1895-96, 100 p. o.; 1896·97, 120 p. o.; in 1897·98, 160 p. c.; in 1898-9, 280 p. c.; 1899-00, 320 p. c.; 1900·1, 260 p. c.; Dec., 1900, 80 p. c ;1901,Anr.,60 p. c.; July. 60 p, c.; Oct., 60; 1902, Jan., 40; May, 20; Aug., 20; Dec., 20 p. c.; 1903, Mar. 20 p.o.; June, 40 p. c.: Bept.,40 p.c.; Dec., 40 p. c. As to dividend policy in 1901, V. 73, p, 393. In 1901· https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31,000,000 5 g. . --·. B'klyn, First Nat. Bank Jan. 1, 1911 N. Y., H.B. Hollins & Co. Aug. 1, 1948 By oheok from Co.'s off. ~to. 1, '03, N. Y., Chase Nat. Bank. May 1, 19 n Mar. 1, 1909 N.Y.,Contirienta.l Tr.Co. Oot. 1,· 1947 N. Y., Fisk & Robinaon. June 1, 1932 N. Y .• Kniok. Trust Co. Apr. 1, 1952 Oot. 1, '03, 2% Checks malled. Feb .15,'04,750 do do N. Y. Of., 30 Wash. Pl. Deo. 1, '03. 319 NY. Bar'j,Ma5ioun&Co. May 1, 1919 N. Y., O oe, 6 B'way. Js.n. 7, '04, lls N. Y.,Offlce,25 Broad St. Jan. 2, '04, 2% Jan. 2, '04, 1¼ do do N.Y.,Cent. Tr.; London. July 1, 1915 N. Y., Standard Tr. Co Apr. 1, 1940 Jan. 25, '04, % Checks maUed. Cb eeks mailed. Oot.15.'03, 2t: Feb.l, '04,1 do do Feb. I, '04, 119 do do Aug. 1, 1911 New York. N. Y., Metrop. Trust Co. May 1, 1919 N.Y., Chase Natl. Bank Feb. 1, 1943 2J 1934. New York. I 02Report produced 39,982 tons of refined copper, against 36,327 in 1900-01. for year ending Apr. 30, 1903, V. 77, p. 197.-(V, 77, p. 2099.) · Cambria steel co.-lnoorporated in Penn. in Nov., 1898, per plan in v. 67, p. 688, leasing the Cambria Iron Oo. for 999 years at 4 p. c. on its $8,468,000 stock. 1V. 68, 1>. 128.) V. 75 ,p. 443, V. 76, p, 862. In June, 1901, a controlling interest was acquired bv the Pennsylvania RR. and affiliated roads. V, 72, p. 1282, 1190. V. 73, p. 84,393, DIVIDENDs.-Since reorg.: In 1902 and 1903, 3 p. c. vearly (F. & A.); in 1904, Feb., 112 p. c. Report for 14 mos. ena.ing Dec. 31, 1902, with balance sheet was in V. 76, p. 862, showin~ net, $5,084,260: other income, $~75,944; charges, $603,241: three semi·annual div's (4'11 p. c.) $2.025,000; depreciation, $800,000; imp·t fund. $1,500.00 ,, bal., sur., $731,963. Direotors, v. 73, p. 339, 844.-(V. 75, p. 1149; V. 76, p. 656, 86~.) Celluloid Com.pany .-ORGANIZATION.-Incorporated Nov. 28, 1890, in N. J. Stock, $6,000,000; issued $5,925,000; par, $100. DIVIDENDS, .......•. i '93. '94. '95. '96. '97. '98. '99. '00. '01. '02. '03. Per oent............ ~ 519 4 4 4¼ 4 4:lg 6 7 7 8 8 Factories at Newark,N. J.: office, 30 to 36 Washington Place, N. Y. President M. c. Lefferts; Vice•Preaident, J. A. Bartow; Treasurer, F. R Lefferts· secretary J. R. Halsey.-(V. 71 p 1168· v. 75 p. 1304..) · ' ' ' ' ' ' Central Flrewo1k• Co.-Bee page 525. Central Foundry Co.-See page 525. central & south A.m.ertcan Telegraph.-Owns oable line from Vera Cruz, Mexico, to Valparaiso, Chlli, 4_,750 miles, and land lines 850 miles, eto. Also the Trans·AndinA te1egraph lines, 1,200 miles. Connects at Vera Cruz with Mexican Telegraph Co., and owns an interest in oable between Galveston and Coatzacoalcos, 825 miles. eto. DIVIDENDS, i 1885. '86. '87. '88·'96. '97. 1898 to Jan., 1904 Per cent. ~ 4 4 6 7 y'rly 6% 6 yearly (Q,-J.). In 1890 20 per cent in stock. Report tor year ending Dec. 31, 1902, was in V. 76, p. 1028, showing grossi $1,002,571; net, $614,540; div. (6 p. c.). $463,536; renewals or cab es, $94,192: bal., sur., $56,812. Year 1901, gross, $982,053; net, $549,718; dividends, $463,536. Office, 66 B'way.-(V. 75, p. l304; V. 76, p. 1028.) Central U olon Telephone Co.-See page 526. Chesapeake & Del. Canal.-Bee page 525. Ch61!1apeake & Ohio Canal-SUP. 1890; V. 72, p. 875; V. 7 4,p,329, Chi Edi V 119 4 l303 cago ■on.- • 76, P• 1083 , , , Chicago Junction Railways & Union Stock Yards.-0:aGANIZATION.-Incorporated in 1890 in New Jersey, and purchased 98 per cent of the stock of Union Stock Yarde & Transit Co. of Chicago. Thus controls over 450 aores of land (with one mile of water front) containing warehouses, sheds and pens to accommodate 75 000 1 cattle, 300,000 hogs, etc. See ChicagoJunctionRy.,in"Rallroads.' DIVIDENDS.-On pref., 6 p. c. yearly (Q.-J.). On oommon 1891, 10; 1892 to Jan., Ul04, incl., 8 p. c. yearly (Q·J). V. 70, p. 328. BONDS -The collateral trust bonds are secured by pledge of over 90 p. c. of the stock of Union Stock Yard Transit Co. Of the $14,000,· 000 4 per cent bonds, $10,000,000 a.re reserved to take up the col• lateral trust 5 8 , See v. 70 p. 1251 · v. 72 p. 389. ' ' ' REPORT.-Advance statement for 1903! partly estimated, was in V. 78yp. 286d. ReiortJ r l902 in V. 76,f9cfa~o. 03~8 $1 01.J~r ~-y C & $1849 175 $1 Balan~1! ;r~vious' year~:~ .. ~::::::: '522:922 '366:929 '236:911 General expenses, rents, &c........ 65,412 71,395 62,608 Interest on bonds 660 000 660 ooo 706 000 Di ' d ds ······· ·····•·····• 910'000 910'000 910'000 VI e~ · · · · •• · · · · · · · · · · · · · · · · · • · · · ' ' 55 ',ooo 55 ,ooo 55 ,000 Depreciation.······················· Balance, surplus................ $68l,6ij5 $522,922 $366,928 Un StockYds,tlTr.Oo.- 1903. 1902. 1901. 1900. Gross earnings ....•.. $\139,999 $4,547,197 $4,401,216 $4,154,481 Net earnings .......... 2.062,824 2,075,360 2,117,851 2,085,005 DIRECTORS.-Chauncey M. Depew (Chairman), E N. Foss, Boston; National Thayer, Boston; John Kean Jr., N. J.; F. H. Prince, Boston; Albert' H. Veeder and P. A. Valentine, of Chicae:o: Wm. D. Guthrie and Wllllam C. Lane, of NewYork; Geori:t;ePeabody Gardner, Boston. .Li. Y. office, 40 Wall.-(V. 76, p. 21 O, 707; V. 78, p. 286.) Chicago Pneumatic •rool -see page 525. • ~ Chicago Telephone Co.-(V. 76,p. '703,975, 1140; V. 78, p. 289.) Claflin (H.B.) Com.pany.-Incorporated under the laws o.fNew Jersey in May, 1890, and deals in dry goods. Frontage 3;5 feet on Worth St., N. Y. City. V. 71, p. 83. Associated Merchants Co. owns $4,500,100 of the $9,000,000 stock. See that co. above. V. 72, p. 724. DIVID'DS.- '93. '94to Apr.,'99, J'y.&0.,'99. '00. '01 '02. 1903. Com., p. c .. 719 6 (119 Q,·J.) 2 each. 8 8 8 8 Preferred stocks.-In full to Feb., 1904. REPORT.-Report for half•year ending Dec. 31, 19031 (V. 78, p. 226). Net for dividends, $311'),852, against $312,185 in 1902; interest on let and 2d pref., $142,125; dividend on common (4 p. c.), $153,164; bru.· ance, sur., $20,563. Reserve for com. stock Dec. 31, 1903, $1,261,324. Profits for calendar years before deducting any dividends: In 1903, $619,847; in 1902, $629,563; in 1901, $650,554.-(V. 78, p. 226,) Colonial Su2ars Co.-V. 77, p. 1224. 1227, 1239. Colorado Fuel · & Iron Co.-A Colorado corporation formed in October, 1892, by consolidation [V. 55, p. 373, 639,] of Colorado Fuel and Colorado Coal & Iron companies. ~ee V.62,p.4.61. In June, 1903, the Rockefeller•Gould interests al!lsumed control. V. 76, p. 1410, The annual oapacity of finished steel products els to be 550,000 d 1,rt 1 gg~ lf,n25 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Heron Ba,y White River CAN, Windermer e MAP SHOWING PROPERTIES OF THE BUFFALO & SUSQUEHANNA IRON COMPANY. FURNACES 1 ORE 1 COAL & COKE. LACKAWANNA STEEL CO, 512 INDUSTRIAL STOOKS AND BONDS. MISCELLANEUU1:"I l'or explanation of column heading1:1, &o., 1:1ee uu~e1:1 on first page of tables. lJate i:11z.,, u1 1 Amount [VOL. LXXVIII. INTEREST OR DIVIUENl>t;. Bou.as-.Prmcl• - - - - - - - - - - - - - - - - - pal When Due. Stocks-L&&t of P ar Outstanding Rate per When Where Payable, and by Bonda Value. Cent. Payable Whom. Dividend. --- ____ ,______ ,____ ---- ----------- 1------- Ool.Fueld Iron-(Ooncl)-BONDS OF PROPERTIES f'ONTR OLLED. Gr. Riv. Coal & Coke 1st M .• g. ($125,000 guar.) .Ce . . c* 1889 $1,000 Col. Coal & Ir. Devel., 1st M., g., gu., red. 105 . Ce.. c*&r 1889 1,000 Rocky Mountain Coal & Iron, 1st mort, gold, guar..... 1901 Ool.d Hock. Ooal d Iron-lstM., g., (old 6s lnt. red.)t ·e.c• 1887 Commercial Oable-Stock to be $25,000,000 see text...... 100 First M. (incl. deben. (£ sto<·k), $20,000,000. gold.F.c&r iS97 $ & £ Commercial Union Teleg , .-Stk., gu., 6 p. c ., Post. Tel. Cab. . • • . 25 Oonsol. Gas of Baltimore-Stock auth., $11,000,000...... .... 100 1st mortgage bonds ...... ····· · ······- · ·-···············c 1880 500 &c. Consol. 1st M., gold, $7,000,000. lffeBa.......... c* 1~88 1,000 Certtilcates of lndeutedness, gold, red. after 5 years .c* 1902-3 1,000 Consolidated Gas ( N. Y.)- Stock-$80,000,000............ . . . . 100 Debentures .••................ . ...... . . . .. . .............. r 1888 1,000 BONDS OF COMPANIES CONTROLLlsD. N.Y.Ed.-N.Y.G.&E.L.H.&P.lstM.$15000000,g.Ittoc*&r · 1898 1,000 Pur.mon.M.,$21,000,000,g.• sub.w call to Feb'02Ce.c* 1899 1,0uO Edison Elec. lll., N. Y., 1st M., gold, red. at 110 Ce .. c~ 1890 1,000 First consol. mortgage, $15,000,000, gold.Itto .... . c* 1895 1,000 Mt. Morris Elec. Lt., 1st M., g., red. at 105 Oct. 1, 1900 1890 1,000 United Elec. Lt. & Power, 1st mort., $5,370,000. lJn.. 1894 1,000 Brush Electric Illuminating, 1st mortgage. . ........ . .. .... . . . .. Eqnitable Gas L. cons. (now .1st) M.Ce iAssumed by{ . . .. l,0 00 10 0 Debentures, subject to call. . ..... . . .. . New 1896 N.Y.&EastRiverGaslstmort.. g.G c*, Amsterdam 1894 1,000 1st con. M., ($5,000,000),gold.K . . c* I Gas Co. l 1895 1,000 New Ams'itam l11t <1onR. M . . £Old. $20,000.000. CP-.<l*&r 1898 l.OOO&o i:ooo t.ons. V. 73, p. 561; V. 75, p 1149. Owns entire stock of Colorado & Wyoming Ry., 170 miles, which in Mar., 19113, made a mortgage to secure $7,500,000 4 p. c. bonds (pre.s ent issue $4,500,000). See RRs. 8TOCK.-Preferred is $2,000,000 8 per cent cumulative (par $100). Stock increases, see v. 69, p 494, 540, 697; see a,180 circular 1n full, p. 652,653,794, and circulars V. 72, p.,1284. BoNDs.-See application for listing gen. mort. bonds, v. 62, p. 461. The 5 p. c. debentures of 1901 are convertible at the option of the holder into common stock at par from Feb. 1, 1902, to Aug. 1, 1906, inclusive, and redeemable at the option of the company at 105 after Aug. 1, 190o. See V. 72, p. 990; V. 73, p. 561; V. 74, P• 731; V 77, p. 2037. In July, 1903, $932,000 had been converted. V. 74, p. 939. DIVIDENDS.- '94, '95. '96. '97. '98 '99. 1900. '01. 1902. 1903. Oommon .•••..••• 0 0 O O O O O 312 None since. Preferred . ....... 4 so. 0 8 4 0 O 40 8 8 Feb., 4% REORGANIZATION PLAN.-The plan (V. 77, p. !i037, 2282, 2341) pro· posed in Dec., 1903, by the committee (James A. Blair, Chairman, Continental Trust l ·o., N. Y., depoeltoryl provides tbat the Fuel Com· pany or a new corporation to be organtzed shall create an issue of $45,000.000 convertib' e consolidated first mortgage bonds covering the entire property as reunited under the plan, directly or by pledge of debenture1>, subject to the existing divisional liens. About $lo,60o,000 cash will be provided to repurchase properties sold, pay for enlargements and improvements! complete additions in progress and enable the company to operate with reasonable economy. The common rs~~~i:a0~e:0 ::rov~1;i as shown below. The new Issuable in exchange $ for $ for present debentures (whJch also reoeive 20 p.c., $2,800,000, 1n common stock) $14,000,000 To provide :i pproximately $13,f 00,000 for repurchase of properties Pold and for additional capital, together with about $~,400,000 rommon stock, about......... . ....... 17,000,000 Reserved to re, ire$ for$ the existing fir t mort, bonds... 6,000,000 Reserved for additional capltal and turure requirements. 8,000,000 The bonds issued in exchange for debentures will be likewise con-vertible Into stock at par A syndicate bas agreed to underwrJte the $13,600,000 cash payment, receiving $1,00u In bonds and $200 1n stock for each $800 pa.id, the stockholders and then the debenture holders to be ~iven the ri~ht to subscribe on this basiP. In January, 1904, about $1 L,500,000 of tile ~14,068,000 old bonds had assented. REPORT.-Reportfor 1902·03 m V. 77, p. 693. r---Year end'g June 30 ,_. 1903 G r o s s ~ 1908 . Ne 1902 . Fuel department ..... $9.304,427 $6,683,952 $1,305,022 $960,100 Iron and steel depts .. 6,981,828 6,873,052 926,781 1,014,955 Retail dept., etc...... 367,708 303,591 26,046 28,033 _____ _____ _____ _ _ _ _ Total. .•.......•. $16.653,963 $13,860,595 $2,257,849 S:2,003,088 Bal.to Inc. acct. aft. deduct'g gen. expenses.. $1,990,9e3 $1,801,925 Oth~r income 1n 1902-3, $66,35_9; interest, $1,045,143; taxes, $115,4:76; sink. fund, etc., $613,111; div. on pref., $80,000; bal., $203,612. $934,000 6 g. A., & 0. 673,000 5 g. J. & J. 750,000 5 ~. M. & N. 830,000 5 g. J. & J. 15,000,000 8 Q.-J. 20,000,000 4 g. Q.-J. 5 00,000 6 J. & J. 10,770,968 3 ln 1903 J. & D. 3,584,500 6 J. & J. 3 ,253,000 5 g. J. & J. 1,500,000 4lgg. J. & J. 80,000,000 8 ln1903 Q..-M.15 1,461,000 5 M. & N. 15,000,000 20,929,391 4,312,000 2,188,000 988,000 4,838,000 275,000 3,500,000 500,000 3,500,000 1,500,000 10,635,000 N.Y.,KnickerbockerTr. N. Y., Ladenb'g, 'l'.& Co. N.Y.,KnlckerbockerTr N. Y., Central Trust Co. N. Y., 253 Broadway. N. Y., F.L.& T.Co. & Off New York. Baltimore. Farm. & Mer.Bk., Balt. Nat. Bank of Balt. Colonial Tr. Co., Balt. N. Y.,Office,4IrvingPl. do do Apr. 1, 1919' Apr. 1, 1909 May 11 1951 Jan. 1, 1917 Jan.2, 1904,2'. Jan. 1. 2397 J'an., 1904, 3%, Dec. 1, '03, lls July 1, 1910 July l, 1989 J'ly' l2-J'ly'13; Dec. 15, '03, 2 May 1, 1908 5 g. J. & D. N. Y., Morton Trust Co. Dec. I, 1948 4 g. F. & A. N. Y., Central Trust Co I 5 5 5 5 5 5 5 5 5 5 g. M. & g. J. & e:. M. & - J. & J. & g. M. & M. & g. J. & g. g. S. J. 8, J. J. S. N. J. N. Y., Guaranty Tr. Co. N. Y., :Morton Trust Co. N. Y., Cent. Trust Co. N. Y., Union Trust Co. New York. N. Y., Central Trust Co. do do N.Y.GuarantyTrustCo. f : f lN. Feb. Mch. July t!ept. July 1, 1, 1, 1, 1, 19491910 1995 19401924- Mcii."1,--i982 May 1, 190&Jan. 1, 1944. Jan. 1, 1945 °&e:n~~~:6~e.co. Jan. 1, 1948- I including Posta l Co. has alEao working arrangements with 75,273 miles of wire, a. 15-year contract from July 1, 1902, to operate over Pennsylvapia RR. lines east o1 Pittsburg, including about 1,000 commercial offices; further arranR;eme~ts over remainder o1 system are expected when present contracts expire. V. 74, p. 1357; V. 75, p. 79. 1 STOCK.-lncrease of stock from $15,000,000 to $25,000,000 wa& authorized in 1903, but none of t~e new stock had been issued to· January, 1904. V. 69, p . 1195; V. 76, P, 215. / DIVIDENDS.-~ 1889. 1890. 1891 to 1896. 1897 to 1903. 1904•. Per cent ...•.•• 5 llg 6 7 yearly. 8 yearly. Jan., 2 •. REPORT.-FiscalyearendsDec. 31. Report for 190Zln V. 76,p. 541. I Years. Gross. Net. Int., etc. Div'ds. Reserve. 1902 ..•. $10,208,293 $2,383,589 $800,000 $1,066,664 $500,000, 1901. .... 9.629,794 2,259,896 783.694 1,066,664 500,000Office, -253 Broadway, N.Y.-(V. 76, p. 544; V. 77, p. 39, 91, 198.) Colll.lllonwealth Electric Co. oC Ohlcago.-(V 76 p 1083 ► · d ' · • Compresse A. 1r Co. of Dor. oC Manh_aitan.-See page 526. C'onsolldated Car Heating Co.-Supplles steam and hot water apparatus for heating railway trains and electric hf'aters for street cars, etc.-V. 70, p. 232. Stock, $1,250,000; outstanding, $1,130,400; par $100. Dividends F. & A. DIV'S- l '93 '94 '95 '96 '97 '98 '99 1900 'Ot '02 '08 '04 Per cent. 5 3 6 1 3lg Ilg 3 4 7lg 5lg 6 7 Feb.,3 Officers and directors June 1900 v 70 p 1252· v 76 p 1357 Office, 413·423 North Pearl St., Albany:N. f ....'.(V. 76: p. i357.) . • Consolidated Ga8 of Baltimore City .-Incorporated May 5, 1888, under the laws of Maryland. Cn July, 1902, new management was elected. See CHRONICLE July 26, 1902. Price of gas was reduced on June 1, 1900, from $1 25 to $1 10 per 1,000 cubic feet: V. 70, p. 431,685,794, 1097. In1902·3 $1,500,000 certi.ftcates of mdebtedness were sold for improvements, maturlnf $500,000 each on July 1, 1912, and Jan. and July, 1913, but subjec to ca.11 a.fter5 years from their date. V. 74, p. 1310, 1358; V. 75. p. 32,. 137; V. 76, p. 50; V. 77, p. 39. Official statement, V. 74, p. 1358. DIVIDENDS.-~ '92. '93 to '96. '97. '98. '99. '00. '01. '02 1903.. Per cent ... 5 4¼ 5 yearly. 414 414 4 e~ 314 3 3 EARNINGS -Statement for year ending .rune 30 1902 was in v 75 p. 13 i, showing, gross, $1,757,763; net earnings, $749,353; fixed charges, $377,720; bal., sur., for dlv. $371,633, 0FFICER8.-President, Ferdinand C. La.tro~e; Sec., N. T. Meginneee;. Treas., Jos. W. Clarke; Gen. Mgr., A . S. Miller. Office, 19 South St. Ba.It. Directors, July, 1902, V. 75, p. 187.-(V. 77, p. 39, 952. Consolidated Gas of New York.-This company was organized, Nov. 11, 1884, as a. consolidation, and in 1899·00 secured control of all the other gas companies and of a.11 the electric lighting properties 1n Manhattan, New York City. In Dec., 1903, work was begun on new plant at Astoria, Long Island, to be completed within two years. V. 78, p, 105. See seuarate statements following. DIVIDENDS-Formerly 6 per cent; trom June, 1893, to 1898, & OFFICERS.-President and Chairman or Board, F. J. Hearne; Vice- p. c. yearly; 1n 1899, 5¼ p. c.; 1900, March, 1 p. c.; June, 1 p. o.; Pres., E. Parmalee Prentice; Secretary, D. C. Beaman. Sept., 1900, to Dec., 1903, both inclusive, s p. c. yearly (2 Q.-J,). Office Denver, Col. New York office, 35 Wa.U St. Sin 1897 th i f h $ DIRECTORS:-F. T Gates J. D. Rockefeller Jr .• E. Parmalee Prentice, J . A. oe e pr ce O gas as been reduced from 1 2 0 to $L(t>eglnKebler. Geo. J. Gould, B1,njamln Nicoll, J. a. McClement, John C. Osgood, ~'. ning 1n 1901) as required by la.w. V. 64, p. 1000. J. Hearne. E W t 1glebay. 1£dwin Hawley, E. H. Harriman and James H. Hyde. STOCK.-In Mar., 1900, stock increased from $39,078,000 to $54,595,• Executive Committee F. J. Hearne <Cbalrmanl, J. D. Rockefeller , r .. Geo. J. 200, and in July, 1900, to $80,000,000 to complete the control of the Gould, Jj'. T. Gates John C. 0Pgood.-( V. 77, p. 6113, 2t8,, 2841; V. 78, p. 60, 281.) gas and electric light business in Manhattan, to provide for improve-Columbus & Hocking Coal & Iron Company .-Organized at ments,etc. Of the last issue, the final $6,562,598 was issued at 150 Columbus, 0., Jan. 26, 1883, and owns large coal and iron properties on Sept. 15, 1903. V 77, p. 300. The controlled properties acquJ,red (13,250 acres of land) 1n Ohio. Bee V. 44, p. 278; v. 63, p. 559. in 1899-00 are described below. Bee also V. 70, p. 1293 (see also p. ORGANIZATION.-Reorganlzed 1n 1898 without foreclosu,.e per plan 1051, 1097, 1197; V. 71, p. 184, 544) . Office, 4 Irving Place. ln V. 65 p. 976, Interest being reduced from 6 to 5 per cent.-V. 65, p. Bal. sheet June 30, 1903, V. 77, p. 628; President's statement,. 367,976; V. 67, p. 28-see end't on bond v. 66, p . 81. stock author• CHRONICLE of Jan. 30; net l)roflts of cal. year 1903, above dividends, I.zed, common, $7,000,000 war $100), Increased Apr., 1901; outstand- about $2,500,000; against $2,100,000 in 19t 2. ing, $6,~24,400; balance reserved to retire $18,900 remaining 5 per OFFICERS-President, Harrison E. Gawtry; Vice•Presidents, Walter oent preferrert stock. V. 72, p. 1185. Options on stock are asked by R. Addicks. Samuel Sloan and Lewis B. Uawtry; Sec., R. A. Carter; Currie Bros. of New York, runntng 30 d .. ys from Feb 15, 1904. Bee Treas., Ja.s. A. Bennett. TRUSTEES-Wm. C. Whitney, H. E. Gawtry,. CHRONICLE o~ Ian. 30, 1904. Dividends on common stock, lg p. c. Samuel Sloan, John W. Sterling, W. Rockefeller, M. Taylor Pyne,Geo. Dec. 1, 1902; m 1903, Mar., le p. o.; July, 12 p. c.; 1 p, c. payable quar- F Baker, Jas. Stillman, S. Palmer, Frank Tilford, F. A. Schermerhorn,. terly 1n instalments of 14 p. c. each, beginning Nov. 14, 1903; pa.id at A. N. Brady, T. F. Ryan.-(V. 77, p. 300,628,629; V. 78, p. 105.l Farmers' Loan & Trun Co., N. Y. (1) NEW AMSTERDAM GAS. EARNINGS- 6 months, 11903. ·••······Gross, $116,421; net, $96,108 Incorporated Nov. 1, 1897, and consolidated N. Y. & East River ancJ Apr. I to Sep. 30. 51902 .•••••.... GrosA, 83,597; net, 63,868 Eq. GaP Li ~h1].i_per plan v. 66, p. 133. Owns entire $7,000,000 stock REPORT.-Report for year ending Mar. 31, 1903, v. 76, p. 1246: of New York uarbide & Acetylen6 Co. l'r. to Mar. 31. Gross. Net. Other me. Oharges. Bal., sur. SECURITIES.-The stock authorized is $13,000,0001 of common 1902-03......... $6 18,872 $179,087 $80,504. ~f98,583 stock, $10,000,000 of 5 p. c. preferred cumulative after Nov. 1, 1900, 1901-02.. .• . . . . . 601,153 90,673 *18,424 55,512 50,027 New con sol. 5s for $1.t365,000, preferred stock $1,000,000 and common * Bonus on exchange of stock, etc. § From surplus as above in $835,000 1D June, h,oo, were 1n treasury available for future needs. 1902·3 was paid 1 p c. (t68,986) on common, leaving net surplus for Par of shares $100. Over80 per cent of the outstanding Atock Is held year$29,597. Diret tors, May,1903, V. 76, p.1145-(V. 77, p. 1535.) by the Consolidated Gas Co. V. 70, p. 897,948, 1052, 1197, 1252. Commercial Cable Co.-Owns three cables from Nova Scotia (2) NEW YORK EDISON COMPANY, t.o Ireland; one from Ireland to Havre, France; two from Ireland to Organized May 23 1901 as a consolidation of the N y Gas & Eleo Bristol,England; two Nova Scotiato NewYork and one to Rockport, Light Heat&PowerCo a.iidtheEdisonElec Illum Co ofN y Own& Mass., &c.; and one from Fayal (Azores), to Canso (Nova Scotia), one large power plant located on 1st Ave., between 38th and 39th ·streets. from Fayal (Azores) to Ireland; to~alcables 13,000 miles. Also controls v. 69, p. 704; V. 68, p. 1025; V. 70, p. 283,482. Stock, $45,200,000 Comm~rctal Pacitlc Oable C~., wnose lines f rom Ban Francisco via practically all owned by Consol. Gae co. v. 72,·p. 1038. ' Ha.wallan Islllnds to the Phtllipme Islands were opened on July 25, BoNDs.-The first 5s of 1898 ($15,000,000) are secured oy a first 5 1903. V. 76 . p. 41; V. 77, p. 39, 198. lien on the company's new power plant and otherprop~rty and pledge Jan. I, 18~7, Postal Teleg. Cable Co. was purchased and its stock o1 of various securities; list see V. 68, p. 773, 824, 1025; v. 76, p. 268. $15,000,00' mostly exchanged,$ for$, for 4 p. c. bonds. The 1st mort. The 4s of 1899 are secured by a purchase·money lien on the former covers all property and leases and also the stocks owned of the various Ed. Elec. Illum. property, subject to bonds of 1890 and 1895 and by a companies controlled-see V. 64, p. ~51; V. 72? p. 535. Postal Co. D~o. second mortgai,re lien on the remaining property of the consolidated 31, 1902, .had 192,181 miles of wire (land lines), 2,900 offices. The company. v. 72, p. 939, 1038. t~:t':_~ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis !~•;g&.,°-2~':• I JAN., 1904.] MISCELLANEOUS. ror explanation of column headings, &c., see notes on first page of tables. -con. Gas-(Oon.J -Oen. U.Gas,gu.p.& i.,N.Y.& E.R.Ce.o* Standard Gas Light, lat mortgage, $1,500,000, gold .. c No. Union Gas, lat M., $1,500,000, g., not guar.K .. . ow Con,ot. Lake Superior-Stock ($28,45i,400 is pref.). Mich. Lake Sup. Pow.lstM.,g.(V. 69,p. 336; V 76,p.754) ~Con11olidatea Tubacco-Stook, $40,000,000 ---··- .•••••.. . Coll. trust M., gold, $!.58,000,000 (see text).llio ... o*&r ·-Consolidation Ooat-Stook...•.•...••••..••..•...• _•.. _..••. lat M., $750,000, g.,sink. fd., red. each Jan. at 105.G ... Continental Tobacco-Stock, common, $50,000,000 .. _•••. -Stock, pf. (as to assets and div.) non-cum., $50,000,000 Gold debentures, $2,000,000 (V. ?O, p. 331) ........... . ..(Jorn Products-Common stock, $50.000,000 ............ . Pref. stock, 7 per oent, cum., $30,000,000 ........... .. UN.ASSUMED BONDS OF ALLIED COMPANIES. Nat. Starch, deben, g., a. f., $8,000JOOO, oall 105. Usm. United States Sugar Refinery, gola, 1st mortgage .... Nat'l Starch Mfg. Co., .lat M. .. , gold (sinking fund) .llia N. Y. Glucose Oo. lat M., $2,500,000, g., s. f. See text. --Crucible Steel Oo. of Amer.-Pref. at, 7 p. c. cum CPL .. St. Clair Furnace, lat M., g., p & 1. guar. (end.).PPl.c* St. Clair Steel, lat M., ~old, gnar., $2,250,000. UPl·.. o* Clairton Steel, M., g., p. & 1. gu., due $500,000 y'rly UPI -·Cumberland Telephone d: Telegraph,-Stook, $20,000,000.. 1st mort., $1,000,000, gold., a. f. (other bon1s see text). ~n1'er Union Water Oo.-lat mortgage, $8,000,000, ~old South Platte Oan.& Res. lat M.g.,gu.end.,l'ed.text.Mo CNTEREST OR DIVIDENDS. ' :Bontts-..t'rmoiDate Size, or A.mount pal, When Due of Par Outstanding Rate Per When Where Payable, and by Stocks-Last Bonds Value. Cent. Payable Whom. Dividend. 1897 1890 1897 .. .. 1899 ... 190i ... . 1897 .... .... 1900 .... •••. $L.OOO 1,000 1,000 100 500 &o 100 50 &o. 100 1,000 100 100 100 &o 100 100 1900 .... 1890 1901 1,000 1,000 1,000 Text. 100 1,000 1,000 1,000 100 1,000 100 &o. 500 &o 190i 1901 1902 iS98 1894 1903 (3) NEW YORK MUTUAL GAS LIGHT CO, Inoor~rated in New York A.pr. 17, 1866, under special charter. Stock, $3,500,000. of which over a majority, it is understood.t. is held ·1n the interest of the Consolidated Gas Co. Par of shares, $lu0. DIVIDENDS- ~ 1894 to 1897. 1898, 1899. '00. '01. '02. '03, 1904. :-Since 1893, p o. S 9 yearly. 8 7 3 9 9 9 Jan., 4 1901 to 1903, inclusive, Jan., 4; July, 5 p. o.; in 1904, Jan., 4 p . c. (4) ST.A.ND.A.RD G.A.8 LIGHT CO. Organized in 1886. Owns 160 miles of e;as pipes north of 13th St., "New York. The Consolidated Gas Co., it is understood, owns twothirds of the stock, whioh is $5,000,000 common and $3,721,100 pref. DIVS- '91. '92. '93. '94. '95. '96. '97. '98. '99. '00. '01. '02. 1903. Oom. OJ... .. .. •• 1 4 5 8 5 0 2 6 6 Pref. %.. 3~ llg 4 4 5¼ 41g 6 8 6 21g 6 6 6 -Office. Third A.ve. and 49th St., N. Y. V. 71, p.1273; V. 72, p.1241. <lonsol. Gal!!I oC Plttsburg,-eee Pittsburg 1n ST. RY. SUPP. <Jonl!!lol. Lake Super.-Seep. 526.-Consol.Ice.-See Am.Ice Co. Oonsolldated Railway Llahthtg &: KeCrle;el'atlng Co. -Inoorporatelt in New Jersey in liar., 1901, to take over, per plan, 'V. 72, p. 677, the Consol. Ry. Elec. Lighting & Equipment Co. .{see SUPP. Jan., •01,. and bal. sheet, V. 72, p. 578; V. 74, p. 328), Safety · Third Rail Co. and m .. European Ry. Refrigerll.ting Oo., and control in additJon the chloride of ethyl system of car refrigeration. Stock ..authorized, $22,0011,000: outstanding, $17,500,000; par of shares, $100; $1,400,000 was to remain in the treasury for future reqaire· ments. Factory at Derby, Conn. No bonds. Directors, V. 74, p. 632. Pres., Isaac E. Rice; Vice-Pres. and Gen. Mgr., S. Marsh Young. Bal· tanoe sheet of Dec. 31, 1900, V.72, p.578-(V. 74, p.632; V. 76, p. 481.) Con•olldated Rubber Tire Co-SUP. Jnly, 1903; V. 77, p. 2160. Consolidated Tobacco Co.-ORG.A.NIZATIOr.-Incorporated in ·New Jersey on .June 5, 1901, and acquired the greater part of the com• . mon stocks ot the American and Continental Tobacco companies and through them control of the American Cigar Company, V. 72, p. 1138, 1190. V. 72,p.1282 See BONDS below. The Havana Co., formed in May, 1902, as a consolidation of the Cuban tobacco companies, is •-preferred increased to a 6 per cent rate. V. 72, p. 1241. Office, Third oontrolled in the same interest. V. 74, p. 1141. A uxillary companies, ·.v. 75, p. 1256. In Dec., 1902, the Continental Tobacco Co. acquired all or nearly all the $3,000,000 stock of tbe Harry Weissinger Tobacco ..Co. of Louisville, Ky. V. 75, p. 1402; V. 76, p. 50. In June, 1903, re• . handling tobacco plants were acquired. V. 77, p. 39. 300. In Sept., 1902, an agreement was made with the Imperial Tobacco · Co. of England by wbioh the two companies are left undisturbed in their own countries, respectively, the export business of both bl'ing turned over to the British-American Tobacco Co., of whose $30,000,· 000 stock the Consolidated owns $20,000,000 and the Imperial $10,--000,000. v. 75, p. 735; v. 73, p. 618, 7:.!4, 1359; v. 76, p. 868,921. .3TOCK & BONDS.-Stook, $40,000,000; all paid in; $10,000,000 having been subscribed for by stockholders at par in Jan .• 1903; par of shares, $100. Tbe bonds are issuable only to acquire common stocks of American and Continental Tohaooo companies at the rate of $200 in bonds for -- $100 of American Tobacco stoo:i and $100 in bonds for $100 of Conti· nental Tobacco, and are secured by stocks of those companies ao• quired, and other property. V. 73, p . 339. DIVIDEND.-D1vidend of 20 per cent paid Jan. 20, 1903. V. 76, p. 50. REPORT.-For year ending Dec. 31, 1902, in V. 76, p. 591, showed: net earnings, $ : 3,291,460; int. on bonds. $6,376,254; dividend (20 Jil>• o.). $6,600,000; adding $35,010 surplus on Dec. 31, 1901, leaves balance, surplus, on Deo. 31, 1902, of $950,216. OFFICERS.-.James B. Duke, President; Thomas F. Ryan, First Vice. President; J. B. Cobb, Second Vice-President; C. K. Faucette, Third Vice-President; William R. Harris, Treasurer; C. S. Keene, Secretary. . Directors, V. 72, p. 1138.-(V 77, p. 39,149,300, 772, 2100,) Consolidated Water Co. of Utica, N. Y.-Incorporatell in Nov.1 _1899, and by purchase of existing;properties acquired control of praoTiioally all the water available for city of Utica, N. Y. v. 69, p. 956, 1064. Stock, oo nmon, $1,500,000; pref., 5 p. o. non-cum., $1,000,· 000; par of shares, $100. First mortgage, $2,500,000 thirty-year gold 58, $2,100,000 outstanding, due Jan. 1, 1930, int. J.&J, at Rerlmond, Kerr & Oo .. New York, trustee; improvement and extension (2nd) 6s, · .$250,000, dated July 1, 1903. due Jan. 1, 1913, subject to call after 1904; Trust Co. ot America, N. Y., trustee. Pres., John V. Bacot.(V. 77, p. 198, 1876.) Consolidation Coal Co.-lnoorporated in 1864. Baltimore & Ohio RR. owns $5,353,200 stock. Coal mined in 1902, 1,746,069 tons; in 1901, 1,685,384 tons. Owns $1,500,000 stock of Cumberland & Penn. RR. (which see) and guarantees its $1,000,000 bonds. In Jan. 1903, purchased large interest in the Somerset and Fairmont coai companies and in Nov, 1903, about 60 I>, c. of the $1,400,000 Metro. po1itan Coal Co. of Boston stock and control or New England coal dis· tributing companies. V. 77,p. 2037: V. 76, p. 105,333; V. 77, p. 1748. DIVIDENDS since 1883: for 1884 and 1885, l; for 1886, ~; for 1887. 1¼; for 1888, 214; from 1889 to Feb., 1903, inclusive, 2 p. o. yearly; 1n 1904, 4 p. c., including 2 extra. v. 78, p. 289, REPORT.-For 191 2 in V . 76, p. 478. showed: Gross, $3,659,146; net · 11,072,271; charges. $491,552; dividends, $205,000; depreciation, etc.: · 197,280; ba.1, sur.,$178,439. Pres., 0. W. Watson. Office, Cont. Tr. , ldg., Balt., Md. Directors, Jan., 1903, V. 76, p.105.-(V. 78, p. 289.) Oontinental Tobacco Co.-Inoorporated Dec. 10, 1898, under $he laws of New Jersey. Acquired by purchase the entire business and assets of the leading manufacturers ot plug chewing tobacco, in· ~luding with others Drummond Tobacco Co., St. Louis, Mo.; Liggett & ••,Myers Tobacco Co., St. Louis, Mo.; plug business of Amer. Tob. Co. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 513 INDUSTRIAL STOCKS AND BONDS. $3,450,000 1,362,000 1,250,000 102,522,400 3,500.000 40,000,000 157,378,200 J 0,250,000 481,000 48,846,100 48,844,600 1,581,100 45,215,500 27,380,700 5 g. 5 g. 5 g. .. .. .. 5 g. See text. 4 g. 4 in 1904 4:lg g. See text. 7in 1903 7 g. See text. 7 J. & J. N.Y.. H.B.-Hollins&Oo. July 1, 1927 M.. & N. N. Y .• Mero. Trust Co. May, 1930 M. & N. N. Y.,H.B.Hollins & Co. Nov. 1, 1927 . .. .. M. & N. ... . F. & A . Feb. 1 J. & J. Q.-J. Q.-J. A. & 0. Q.-F. Q -J. 4,137,000 5 g. J. & J. 778,000 6 g. ,J. & D. 2,924,000 6 g. M. & N. 2.4°0,000 6 g. M. & S. 2fi,OOO,OOO See text. Q.-M. 3,000.000 5 g. F. & A 2,250,000 5 g. J. & J. 5,000,000 5 g. J. & J. 11,360,200 7 in 190.i Q.-J. 880.000 5 g. J. & J. 8,000,000 5 g. .J. & J. See text. 5 g. J. & J. . .. . .. .. .. . ...... . Phtla.,Prov.L. &Tr.Co. May 1, 1949 Jan. 20,'03, 20 N. Y., Morton Trust Co. Aug. 1, 1951 N. Y., Guaranty Tr. Co. Feb. l, '04., 4% do do . Jan. 1, J.92i N. Y., 111 Fifth Ave. .Jan. 2, '04, 4% N. Y., Central Trut1tCo. Jan. 2, '04, 1~ Baring, Magoun & Co. Apr. 1, 1905 N. Y., Cuyler, M . & Co. Fob.10,'04,1% do do Ja.n.11,'04, 1:\ N.Y.J.T.Weed,25Broad Deo.,'03,int.pd.wh.due N.Y.J.T.Weed,25Broad . . . .. .. . Oheoks mailed. N. Y., Colon. Tr.& Pitts. Union Tr. Co., Pittsb'g do do Checks mailed. N. Y., Washington Tr. N.Y. Fourth Nat. Bank. New Y01ir. July 1, 1925 Dec. 1, 1921 May 1, 1920 Sept. 1, 1926 Sept.29 '03,l~ Aug., 1910-39 Jan., 1904-25 July, 1904-'13 Jan. 1, '04 1:\ Jan. 1, 1918 July 1, 1914 .July 1, 1923 and $3,000,000 P. Lorillard Co. common stock. See V. 69, p. 745; V. 71, p . .54.5i 1168. Also has acquired $1,581,100 of $2,000,000 Lorillard preferrea stock at par in exohan~e for its 7 per cent gold deben• tnres. V. 70, p. 331, 1051; V. 71, 646. Jointly with American To· baoco Co. oontrols the American Snuff Co.-Pee statement of latter, of whose capital stock the two oos own $10,000,000, together with $7,· 000,000 of $10,000,000 stock of American Cigar Co. V. 70, p. 533. The $5,000.000 American Cigar Co. 4 p. o. gold notes are guaranteed Jointly and severally by the Continental and American ·robaooo companies. See V. 73, o. lll 3; V. 72, p. 1037. In Dec., 1902, all or nearly all the $3,000,000 Harry Weissinger Tohaooo Co. stock of Loniavtlle, Ky., and in May, 1903, the T. C. WUlhms Co., Richmond, Va. V. 78, p. 1359; V. 76, p. 50. American Stogie Co., see V. 77. p. 148. STOCK..-Apr. 21, 1899, increased the common and preferred stooke trom $37,500,000 to $50,000,000 each. V. 68, p. 670, 77l. In June lQOl, 99 percent in interest of the common stockholders &l{l'.eed to exchange tneir holdings tor a like amount of collateral trust oO-year 4. p. o. gold bonds of the Consolidated Tobacco Co., which see above. DIVIDENDS.-On pref., Oot..t. 1899, to Oct., 1903, at 7 p. c. per annum. On common, 2 p. o., Jan., 19u2; April. 1902, to Jan., 1903, ooth inolu• sive, 21g p. o. quar. (Q.-J.1; since to Jan., 1904, 4 p. c. quar. REPORT.-For oalendar year 1902 in V. 76, p. 591, showing: Yeari'Yet ea1n's. DifJ. on pref. DtfJ. on com 8urplm. 1902 ....... $11,77ri,934 (7%)$3,419,122 (13%)$6,341-J,993 $2,007,819 1901....... 7,600,740 (7%) 3,419,122 (2%) 976,l122 3,204,696 OFFICims.-President, .James B. Duke; lat Vloe•Pres .. Cha11. E. Halli· well; 2d Vice-Pres., Frank H. Ray; 3d Vice-Pres. and Secretary, O. o. Dula; Treas., H D. Kingsbury. N. Y. office, 111 Fifth Ave.- (V. 74. p. 530, 5'75; v. 76, p. 50,481,591, 1251; v. 77, p. 300.) Corn Produc•• Co.-ORGANIZATION.-Inoorporated In New Jersey on Feb. 6, 1902, and acquired, ver plan, v. 74, p. 329,381, 1086: Capital !!Jew co. ,---Dt'V'ld,ernls.--.. Companystock. owns. '97 '98 'i19 '00 'Ol '02 Glucose Sugar ReOnlng Co., com.$24,027,300 $21,80.. ,000 O l½ 6 6 5½ 1 7 pflr cent cumulative, pref .... 13,6a8,300 13,168.ttOO 1~ 7 7 7 7 lM ~ational Starch Mfg.Co., com... 2,595,000 2,445,800 S Incorp'd I .... 6 per cent cumulative. pref ... , 4,028,300 8,651,llOO l May, '00. r l½ 6 ·? Illinois Su11ar Refining Co........ 750,000 760,000 S Not known ChKrles Pooe GJucose Co ........ 120,000 120,00U l • N.Y.Glucose Co. ($:&,000,000 pf.) . • 2,500,000 1,225,00 , .. .. . . . . . . . . For Glm1ose Co. see V. 65, p. 327; V. 67, p. 1263, and V. 73, p. 960); for National Starch Co., V. 70, p. 742); Illinois Sugar Refining Co., V • 73, p. 496; New York Glucose Co., V. 72, p. 393. The allied interests rflport a capacity of 203,000 bushels of corn daily. Cuyler, Morgan & Co. are interested. STOCK authorized. common, $50,000,000; pref., 7 peroent' oum., $30,· 000,000; about $2,000,000 of each class to remain in the treasury, to• gether witn any amounts not used in exchange. DIVIDENDS.-Onpref., July, 1902, to Jan, 1904, incl., 1¾ p. o. quar. Diviaend ot 4 p. o. on the common stock is payable 1 p. o. on May 11, Aug. 10 and Nov. 10, 1903, and Feb. 10, 190,. V. 76, p. 657. BoNDs.-The bonds of controlled oompanies have not been assumed, but the interest and sinking fuud charges are payable from their ea.min.gs before any dividends can be paid on their stocks. Of the National Starch d bentures, $3,778,000 are reserved to retire bonds of Nat. Starch Mfg. and U. S. Sugar Refinery companies. Of the New York Glucose 6s, 4 per cent of each bond ($40> is retirable Sept. 1 yearly, beginning 1902, but the bonds are not subject to call. V. 74, p. 1086. The interest due June 1, 1902, on U.8.Sugar Refinery bonds was patd in July; since to Dec., 1903, when due. V. 74, p. 1310; V . 75, p. 79. REPORT.-Report for the year ending Feb. 28, 11103, was in V. 76, p. 1083, showln~; Net profit for year, $!,013,841; div. on pref. (514 p.o.), $1,426,066; bal., sur., $2,587,775 . OFFICERS.-Pres., C.H. Matthiessen; Vioe•Pres., S. T. Butler; Seo., O. L. Glass; rreas .• Benjamin Graham. Directors, V. 74, -p. 530; V. 76, p. 703. Headqual'ters, Chicago, Ill.; N. Y. office, 25 Broad St.-(V. 76, p 50,656, '703, 1083.) (Wm.) Cramp&: Sons' Ship&: Engine Building Co.-Inoor. tn Penn. Mar 26, 1872. In Apr., 19C3, $5,000,000 5 p. o. serial note'!, maturing part Jan and July 1, eemi-annually, viz.: $80,000 for o years, tht-n $110,000 for 5 years, then $140,000 for 5 years, then $170,000 for 5 years, but aubjeot to call at 102.,, were issued, secured by $5,000,000 con.sol. 5s of an authorized issue of $7,500,000: of the latter, $2,000,0CO are reser ed to retire prior liens and its500,000 for future purposes. See V. 76, p. 921, 975. First M. ~old 5s of 1899, $1,· 375,ooo (int. M. & S.), due Mar. 1, 1929, but subJect to call $25,000 yearly Jan. 31 at 110 for a sinking fund. Real e~tate mortgages and ground rents Nov. 1, 1903, $556,522. V. 67, p.1310; V. 68, p. 383; V. 78, l). 46. Official statement Nov. 1, 1903, showing properties owned, balance ebeet, etc., V. 78, p. 46. STOCK.-Stook, as increased June, 1903, $6,250,000; outstanding $6,098,000; par of shares, $100. Of this $4,572,500 has been rtepostted with the following votin~ trustees: E. T. Stotesbury and Rtchard H. Rushton. Philadelphia, and Geo. F. Baker, New York. V. 76, p. 921. 975, 1087; v. 78, p. 46. DIVIDENDS,-~ '92. '93. '94. '95. '96. '97. '98, '99, '00. '01. '02. Percent. 5 8&20so. 10 18 7 None•.. 114 5 5 5 3¾ No dividends since to .January, 1904.. V. 75, p 1256. REPORT -Reportfor 1902·3 ln V. 76, p.1246, 129i;1, showed $8,519,169 gross, over 6 p.er cent ($300,398, against $385.236 in 1900-01) earned on stock; $24,730,874 orders on hand. Dividends paid, $121,200, 2 p. o.; surplus, $179,198. Ohairman of Boa.rd, Charles H. Cramp; President, Henry S. ~rove; Vioe•Pres., Edwin 8. Cramp; Gen. Mgr., R. W. Davenport Dll'eotors 1903, V. 78, p. 46-(V.78,p. 46.) 514 INDUSTRIAL STOCKS AND BONDS. [VOL. LXXTIII. i.Bonda-Prhlol• MISCELLANEOUS. INTERE.'3'.I. OR DIVIDENDS. Date Size,or ~a.I, When Due. Amount For explanation of column headings, &o., see notes on of Par Outstanding Rate r,er Whun Where P~able, and by Stocks-Last Bonds Va.lu~ first page of tables. Cen . Payable om. Dividend. Detroit Oity Gas-Stock, $5,000,000. . ...................... $50 $4.,825,500 1,000 Prior llen mortga~e, $6,000,000, gold.Co. • ••..••• o* isiis 5,603,000 Detroit Gas oonso. mortgage for $4,000,000, g.G .. o&r 1893 1,000 381,000 500,000 Detroit City Gas gn, mort.(Jl0,000,000, g. See text. 1903 1,000 Diamond Match.-S ck, $15, 0,000, list. in Chio &N.Y. 100 15,000,000 Distillers' .Securitus Oorp.-Stook, one class, $32,500,000 100 29,475,8!54 Col.tr.M.,$16,000,000, g., oonv.oall 105 af.1908(text)o* i9()2 1,000 13,401,785 Am. Spirits Mfg., 1st M. call at 105, s.f., 5%.Ma oK 1895 1,000 1,749.960 Dist. Co. of Am., coll. tr. ., g., 1 1fepay. y'lv. call.Me o* 1901 1,000 719,000 Dominion Ooal-Pref., 8 p. o. (see xt, p. 526). red 115.100 3,000000 isoa 500 &o. 2,571.000 1st mortgage, sinking fund-see text.NB, red. 110 Dominion Iron dJ Rtul-letM., g., $8,000,000, s.f.,see text 1899 7,876,000 .... 2d M., $2,500,000, $250,000 due yearly beg. Oot., 1905 1903 500 1,500,000 Edison Elutric Ill. Oo., Boston-Stock (bonds, see text) .. 100 9,499,100 Edison Electric Illuminating-See KINGS Co. ELEC. LIG HT.& POWER. ANDC0""80L 100 16,249,425 Electric Stor"&,t Battery-Stock ($453,700 is pref.) text .. .... Elec. Vehicle o.-Pref. stock, S p.c., non-cum., $9,000,000 100 8,145,000 Ref. 1st mortp:age, $2,250,000 (V. 74, p 98) .Mo ....... i902 1,000 1,766,000 Empire Stttl d! Iron-Stock, common, $5,000,000......... 100 2,281,400 Preferred stock, 6 per cent, cumulative.................. 100 2,500,000 Equitable Ill. Gas L.Oo. of Phila.-lst M.,g.,red.at 105,N 1,000 6,819,000 100 10,000,000 General Asphalt-Common stock, $17,000,000 . . •••. .... 100 14,000,000 Pref. stock, 5 p. o., oum. after 2 years, $14,000,000 ..•. . 100 General Ohemical Oo.-Common stock, $12,500,000..••. . 7,410,300 Preferred stock, 6 per cent, cum., $12,500,000 ..•..••.. . 100 10,000.000 (leneral Electric-Common stock, $45,000,000......•••.••. 100 43,944,700 Debentures for Sprai;rue st-0ck, $2,500,000, g., red. text.o i902 100 &o. 2,049,400 -·-· .&/. , -- --· isos ---.. --· See text. 5 g. 5 g. 5 g. 10 in '03 4in 1903 5 g. 6 g. ~ g. 6 g. See text Checks malled. 5so. in 1903 J. & J. N. Y., Emerson, MoM. Jan. 1, 1923 F. & A. N. Y., Guaranty Tr. Co. Feb. 1, 1918 See text. J. & J N. Y., Emerson MoM. Q.-M. By check fr. ?ii'. Y. office. !Deo.12,'03, 21tl Q.-J. Byoheok ~an.26,'04, 1% A. & 0. N. Y., Mero. Trust Co. Oct. 1, 1927 M.& S. N. Y., Manhatt. Tr. Oo. Sept. 1, 1915 J. & J. N. Y., Mero. Trust Co. .ran. 1, 1911 J & J. Bost., Am. L. & Tr. Co. ~an. 1, '04, 4% M.& B. New En¾3nd Trust Co. Moh. 1, 1918 J. & J. Bank of ontreal, Can. July 1, 1929 A. & 0 . Montreal, Canada. !l'o Oct .• 1914 Q.-F. By check. 10 Feb. 1, '04, 2¼ , GASCO. OFN.Y. Checks mailed. 5in 1903 Q.-J. [an. 2, '04, 114 2in.A.p rll, 1900 N. Y., 100 Broadway. ft-16,'00,2% ov., 1905 M.& N. N. Y., Mor1j,on Tr. Co. 6 g ...... ·--·· ....... ··-· . . ... ---· Checks malled. 3¼in '03 J. & J. liJan. 1, '04, 1% 5 g. J. & J. N. Y. Security & Tr. Co. Jan.. 1, 1928 ---· ...... York; . ------· 51n"fao3 ~--.::M. New 25 Broad St. neo:·i; ;03·, 114 6 .-J. do do Jan. 2, '04, 119 8 in 1903 Q,-J.,15 Check from Co.'s office. Jan 15,'04 2% 3¼ g. F. & A. N.Y.,Gu.Tr. Oo.,&Bost. Aug. 1, 1 942 Crucible ~teel Co. of' A.merlca.-ORGANIZATION.-Inoorporated forl900 in V. 72, p. 578. President, Herbert Lloyd: Sec. and Trea"., on July 21 1900, under the laws of New Jersey to consolidate 13 propel'- Walter G. Henderson, Phila. Directors, May, 1903, V. 77, p. 34. ties, including the Park Steel Co., etc., named in the prospectus, V. 71, Office, Allegheny Ave. and 19th St., Phila., Pl'- -(V. 71, p. 34, 91.) p. 32. See also V, 73, p. 842. Stock authorized. common. $25,000,000; Electric Vehicle Co.-ORGANUATION.-lnoorporated in 1897 pref., 7 per cent cum., $25,000,000; par, $100. No bonds under the laws of New Jersey. V. 70,.p. 1197, 1252; V. 71, p.1169. Owned entire stock and guarantees bond• of Clairton Steel Co., which See V. 69, p . 850. As to status in Sept.• 1901, see V. 72, p. 495. De tn June, 1902, absorbed the St. Clair Steel and St. Clair Furnace com- oieion upholding Belden patent, Pee V. 76, p. 754: V. 77, p. 253. pantes. On Jan. 4, 1904, Wm. G. Park and the Union Trust Co. of BECURITIES.-Common stock authorized$11,000,000: iesued$10,450,· Pittsburgh were appointed receivers of the Clairton Company, the 000; pref., see table. After 8 p. c. on common, dividends are to be :floating debt being about $4,500,000, in order that the Crnc-lble Com- div1deiJ pro rata between the common stock and the preferred stock. pany may be -protected in making further advances. V. 78, p. 105. Electric Storage Battery Co. in May, 1903, owned $3,152,300 pref. and Tb.e Clairton Company, it was stated, in July, 11-lOa, made a mort. of $3,212,300 common stock, and $ ' 44,000 bonds $1,133,000 in connection with purchase of coal lands. See V. 72, p DIVIDENDs.-On pref., April, 1899, 8 per cent: April, 1900, 2 p. o. On 824, 1285; v. 73, p. 394, 447, 618, 841; v. 75, p. 32, 90~; v. 76. p. 437; common, in 1899. 8 p. c. None since. Last report in V. 69, p. 850. V. 77, p. 149. Dividends on pref., Dec., 1900, to Sept., 1903. 7 p. c . Pres., .M:. J. Budlong. Advisory committee: Herbert Lloyd, Anyearly cQ.-M.) In Dec., 1903, dividends were suspended for the pres thony N. Bradv, Thomas F Ryan and Grant B . Schley. Fa.otoryand ent. V. 77, p. 1227, 2342. office, Hartford, Conn.- (V. 76, p. 754; V. 77, p. 253.) REPORT.-Report for year ending Aug. 31, 1903, was in V. 77, p Empire Steel and Iron Co.-See page 527. 1292, showing: Net earninp;s, $1:.,522,MO; div. on pref. stock (7 p. o ), Equitable Gas Light (oCN. Y.)-SEE 00N80L. GAS CO. $1,750,000; balance, def., $227,4::>0 Chairman, Wm. G. Park; President and Gen. Mgr., Frank B. Smith; Equitable Ill. Ga• Light ot' Phlla.-See page 527. Treas., Julius Bieler. Office, Frick Bldg., Pittsburgh, Pa. Directors, Erle Telegraph & Telepb..-See West'n Teleph. & Telegraph Oo. Oct., 1903, V. 77, p.1473.-(V. 77, p. 1292, 234.2; V. 78, p. 105.) Fairmont Coal Co.- ORGANIZATION.-Tncorporated in West VirCumberland Telephone & Telegraph.-See page 526. ginia June 19, 1901, as a oonsolidatton of 11 of the learfing coal comDenver Gas & Electrlc.-Se~ page 526. panies in the Fairmont, W Va., ranges along Monongahela. River, on B. & O. RR. Owns 30,280 acres of coal lands and nl(bts and about Denver Union Water Co.-See p. 526. 4,030 acres of sur!ac~; also 24,986 acres under perpetual lease, makDetroit City Ga1J.-See p. 526. ing a total of 55,166 acres of coal lands. See official etatement, V 74 Detroit Mack. & Marquette Land Grant.-See p. 526. p. 98, 431. Controlled by the same interests as the Consolldation Coai and Somerset Coal companies. V. 76, p. 105, 333. Tonnage about Detroit Union KK. Depot.-Bee SUPPLEMENT, Oct., 1S97. 4,f>00,000 yearly. , Diamond Match.-ORGANIZATION, ETC.-Organized in 1889 Seruritits, Date. Int. Outsta'lid'g. La,t dit1., tu. under laws of Illinois. Owns factories at Barberton, O., Detroit. Stock (par of shares, $100) ...••.•.• · Feb. $12,000,000 Feb.1,'04,2% Mich., Oshkosh, Wis., Oswego, N. Y., etc.; also store proper· Amer. ..Joa.I & Coke M .... ..... 1901 •••••• 200,000 ....•••••• ties at Baltimore and Philadelphia, and saw mills at Green Bay, Wis.; Briar Hill Coal & Coke M.. •• 1900 . • • • •• 275,000 ..••••.••. Athol, Mass.; Keene, N. H., etc., with extensive pine stumpai;re. V. 73, Fairm. lat M., $6,000,000, ~ 1901 5g J-J 5,525,000 July 1, 1931 -p. 135. V. 76, p. 380, 1087 As to California. lumber purchase and .g , s. f. ($1,000 ea) .. Go* 5Int. at Guaranty Trust Co., trustee. Chico & Northern RR., building from Ohico to Sterlini;t, Oal., ::,2 miles, Of the 5s of 1901, $475,000 are reserved to ret re thf'I nnderlying see V. 76, p; 380; Br & May, V. 76, p. 656; V. 77, p. 351, 629; V. 78, p. bonds. Sinking fund ot bonds, 2 cents rer ton or coal mined . 289. . Di'Dirtends.-A c:Hvldend of 2 p. o. from earnings of calendar year DIVIDENDS.~ 1893. 1894. 1895. 1896 to Dec., '03. 1903 is payable Feb. 1, 1904. Since 1892, p. ct. S 20 10 2119 10 (2¼ quar.) EA.RNINGS.-For 11 mos. ending Nov. 30: STOCK.-Inoreased in 1895 to $11,000,000; in 1899 to $15,000,000. 11 mos. Net Intt-r,st. Sink.fund. Bal., BUr. $282,214 $70,0-18 $1,433,582 ANNUAL REPORT.-For 1902 in v. 76, p. 380, showed net, $1,957,· 1903 .••...•••. ·-·-·· .. $1,785.~44. 1902 ...•••.•.... --··• 1,292,564 266,362 73,567 9~2,635 674; jn 1901, $2,021,072; in 1900, $2,014,839. President, 0. C. BarPrfsident, C. W. Watson. (V. 76, p. 1033, 1251; V. 78, p . 290.) ber; Treasurer, J. K. Robinson; Sec'y, R. E. Wirt; Aud., H. C. Cranz. General office, 56 Michigan Avenue, Chlcatzo. N. Y. otttoe. 27 William Fisheries Oo.-Seepage 527. St.,N.Y.-(V.76, p.333, 380,656, 1087; V.77, p.351,629; V.78,p. 28~.) General Asphalt Co.-ORGANIZATION - [noorporated in New JerDl•tlllers' Securities Corporatlon.-ORGANIZATION.-Inoor- sey on May 19. 1903, as successor of the National Aspha .t Co., per porated 1D New Jersey on Sept. 18, 1902, as successor, per plan V. 71, plan V. 75, p.188; V 76, p. ll4"i. Properties controlled v. 71, p. 545, p. 1310, 1,358, of the Distillintz Co. of America, the latter having con- 700; V. 72, p. 244, 286; see also V. 73, p. 290; V. 70, p. 530, 993. trol of the American Spirits Mfg. Co., Kentucky Distilleries & WareSTOCK.-The preferred stock has preference as to assets in case of house Co., Spirits Distributing t:o. (dissolved in l.S02) and Standard liquldatton and is limited to dividends of 5 per cent per annum (cumuDistilling & Distributin~ Co.; eee V. 68, p. 1224; also severa.l rye lative after 2 years) ; it is convertible at any time, at tb.e option whiskey concerns, includmg Hannis Distilling Co. V. 69, p. 179, 494, of the holder, into common stock, on the basts of $150 common for 745. List of properties, V. 73, p. 136; V. 71, p. Rl5; V. 69, p. 957. In- $100 preferred, but will be suoject to call at any time after 3 denendent distilleries, V. 74, p. 157; official statement, V. 76, p. 100. years at 110 on 90 days' notice. Practically the entire issue of the Owns nearly 90 per cent of the stocks of the Distilling Co. of preferred and $10,000,000 of the common was issuable at once, the America. The new bonds are secured by the deposit of the stocks and remainder ($7,000,000) of the common being reserved toward converbonds acquired, and are redeemable at 105 after 1908 and convertible sion or the preferred. Of the immediate issue of common stock $4,· at option of holder into stock at par at any time within 10 years. 500.000 was purchased at 50 by a syndicate .turnishlng .$2,250,000 for working capital. DIVIDENDS.-Jan., 1903, to Jan., 1904, both incl., 1 p. c. quarterly. REPORT.-Report for year ending June 30, 1903, in full in V. 77, p. VOTING TausT.-Stock is vested for ten years in ftve voting trustees 767, r 8, showed gross sales of constituent companies and all otber viz., Rudulpb. Ellis, WUliam F. Harrity, Alvin W. Krech, Henry Tatincome, '92,730,706; gross profits, $3,966,631; int., taxes, additions, nall and George R. Turnbull, but the trust may be dissolved in whole etc., $1,781,840; net profits, $2,184,791,against $1,734,355 in 1901·2; or in part at any time by unanimous consent, or atter seven years as a dividends (2 p. c.), $604,0661; bal., sur., $1,580,725 See also V. 75, p. whole, in the discretion of a maJority. 904, and balance sheets of proprietary cos., V. 73, p. 898. BONDS of subsidiary companies, $889,100. Barber Asp. Pav. deb. 6s, DIRECTORS.-E. J. Curley (President), Lawrence L. Gillespie (Chairman 1,f due April 1, 1916; £338,000 New Trinidad Lake Asphalt debenture Board): w. P. Ward ( Vice-.Prestdent), Amory G. Hodges, Russell Murray, W. 6s, due Jan. 1, 1930. V. 70, p. 993; V. 71, p. 545; see a.lso securities Brentwood Smith, J.E. Hulsh1zer, Executive comm1ttee-E. J. Curley, W, P. owned, V. 73, p. 290. Ward, Amory G. Hodges. Secretary and Treasurer. B. W. Jones. Orflce, 12\J Broadway, N. Y.-(V. 76, p. 9d, 1175, lQi-7: V. 77, p, IH, 695, 1 ,~. 15SJ, 1748.) REPORT. - Report (ot receivers) tor oalena.ar year 1902 in V. 76, p. 808, showed: Total gross income, $13,388,000; net earnings, $55i,756;Dominion Coal Co.-Domlnlon Iron & Steel.-See p. 526. add losses of previous years charged to 1902, $222,653 ; actual net. Edison Electric Ill. oC Boston,-See page 526. earnings for year, $775,409. Edison El. Ill. oC Brooklyn.-See KINGS Co. EL. L. & POWER. OFFICERS.-Presldent, Jobn M. Mack; Vice-Presta .• Avery D. AnEdison Electric Illuminating Co. of'New York,-See N. Y. drews and Arthur W. S8Wail: Secretary and Treasurer, Olyde Brown. EDISON co. under Consol. Gas of N. Y.; also April, 1899, SUP. Office, Land Title Bldg., Phila.-(V. 76, p. 1145, 1251; 'v. 77, p. 513.) Electric Boa& Co.-See page 526. General Chemical Co.-ORGANIZATION, ETC -Incorporated in New York on Feb. 15, 1899, as a consolidation of the Nichols Chemioa.l Electric Co. of A.merlca.-See page 526. Co., N. Y., James L. Morgan & Co., N. Y., and others. V. 68, p. 571. Electric Storage Battery .-Incorporated in 1888 under laws of New Jersey. Owns basic patents for storage batteries. (V. 69, p. 76, Offiota.l statement, V. 7 4., p. 1093; V. 73, p. 724. REPORT.-Report for yea.l' ending Dec. 31, 1902, wlth balance sheet, 850.) Acquired in 1899 $6,364,600 stock of Electric Vehicle Co, and in Oct., 1902, the Chloride Electric Storage Co , Ltd., of Manchester[ in V. 76, p. 330, showed: Net profits, $1,507,551; cb.arged off, $269,143; div., 6 p. o. on preferred, $564,960; div., 4 p. o. on common, England. V. 75, p. 908; V. 76, p. 657,921; V. 77, p. 34, 91. Offioia $296,412; bal., sur., $377,036. On pref., Oct., '99, to Jan., '04, both statf'ment showing properties, etc., V. 77, p. 34; V. 76. p 868. STOCK, ETC.-Stook authorized, $18,000,000; outstanding, pref., incl., 6p. c per an. (l¼ Q.-J.) On common, 1900, 4p. o.; 1901 to 1902, 1 p. c. cum., $453,700, convertible into common stock share for both incl., 4 v. o. yearly (paid Q.. -M.); in 1903, 5 p o paid quarterly In share; common, $16,795,725; par of shares, $100. After 1 p. o. Mar., June, Sept. and Dec. out of earnings of 1902. V. 76, p. 437. OFFICERS.-Pres., William H. Nichols; Treasurer, James L. Morgan; on preferred. common and preferred share equally. On common, Apr. Beo.• J. Herbert Bairll.N. Y. 25 Broadst.-(V. 76, o. 330,384,437,657. 1, 1901, to Jan. 1, 1904, both incl.• 114 p. c. qua.r. (Q,....-.T.). EARNINGS.-Statement for calendar year 1902 in V. 77, p. 34, General Electrlc.-ORGANIZATION.-OrganJze<1 under a special showed total net earnings, $1,113,199; dividends paid, $812,427; baL, charter of New York, Apr, 15, 1892, and mauutaotures outfits :for elecsurplus, $300,772; total sur. Dec. 31, 1902, $2,323,354. See also report tric railways and all kinds of electrical supplies. In 1896 pooled pat• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ,.,n·, INDUSTRIAL STOCKS AND BONDS. JAN .• 1904.J 515 MISCELLANEOUS. INTEREST OR DIVIDENDS. Bond8-.Prlnol• - - - - - - - - - - - - - - - - - - - - - - - 1 Date Size,or Amount - - - - - - - - - - - - - - - - -1pal,WhenDu~. For explanation of column headings, &o., see notes on of Par Outstanding Rate Per When Where Payable, and by BtockB-Laet. first page of tables. Bonds. Value. Cent. Payable Whom. Dividend. ------------- ----------1--·- --- fUrard Point Storage-lat M., gu. p. &i. Pa. RR ......••••• r 1890 $1,000 $2,214,000 312 Grand, Rapul• Gas Light-1st mort., gold, call at 110.Cel 1895 1,000 1,225,000 5 g. Ha11ana 0-o.-Bonds, $10..1.000,000, gold.......... .......... 1902 1,000 7,500,000 5 g. Hoboken.Ferry-Bee N. I:. & HOBOKEN FERRY. Hud•on Oounty Gas-See Public Service Corporation in STREE TRAILW AY SUPPLEMENT. lllinois Bteet-See UNITED STATES STEEL CORPORATION. International Haroester-Stook, $120,000,0000 . ... .• ...• 100 120,000,000 see text. Internat•t Mercantile Marine-Stock, com., $60,000,000. •••• 100 48,000,000 ...... Preferred stock, 6 per cent, cumulative, $60,000,000.. 100 Int'lNav.lBtM.,g.,$20,000,000,sub.oalltext.FP.o" iS99 1,000 I.M.M.col.tr.deo.,$75,000,000,red.105af.5yrs.N.o*&r 1902 .•.••• Fred. Leyland & c o. 1st mortgage debentures . . ....... r .••. •. .. • • International Paper-Stock, common, $20,000,000...... .••. 100 Pref. 6%, cum., $25,000,000 (underlying bonds, text>. 100 lstoon.M.,$10,000,000,g.-U8.red. af.'07atl05.oonv.o* iS98 1,000 International Salt-Stock, $30,000,000....... .... •• ...••• . ..• 100 M., g., $12,000,000, u 8m,red. at 105, s.f.,$200,000 yrly. 1901 .. .• . . International Sil1'er-Stook, common, $11,000,000..... •• . •• • 10 0 Stock, preferred, 7 per cent, cumulative, $9,000,000... .... 100 Dividend scrip (V. , 6, p 106). ...... .•••.••..•. .•• ..•••. . .•• .••••• 1st M., $4,500,000; s. f., called at 110, beg. 1901.Co.o• 1898 1,000 Debentures, $2,000,000, ~old, redeemable at par •. 1903 1,000 lnternat'l Stea1n Pump Oo.::...Com. stock, $18,:SOO,OOO.... ..•. 100 Preferred stock, 6 per cent, cumulative, $12,500,000 .. , ..•. 100 Deben.,$3,500,000(oonv.intocom.s'tk)red 105beg.'08 1903 1,000 Worthington, pref. stock, 7 p. o. cum. (see also text)... 100 HollyMfg.,lstM.,$700,000,g.,gu.p.&Lend (V.73,p.1117) 1 1901 100 &o. ents with Westinghouse Electric & Mfg. Co. V. 62, p. 502,635, 1040; V. 65,p.151; V.68,p.1024. (See V. 68, p. 9271. V. 70, p. 6 9. Contraoli for power, v. 72, p. 583. In June, 1901, obtained controlling interest, in British Thomson-Houston Co .. Ltd .. of London. V. 72, p. 1283. In Feb, 1903, about $2,900,000 of the $3,000,000 stock of the Stanley Electric Mfg. Co. was purchased. V. 76, P· 437. Owns the rights for the United States under patents covering Curtis steam turbine engines. V. 76, p. 1195; V. 77, p. 2l6l. STOCK.-On J~y 15, 1902, a stock dlstrlbution of 6 698 P o. was made, thus restonng ~he 40 per cent surrendered in 1898. See V. 7 4 , p. 729,777, 1199, 1252; V. 75, p. 32. DIVIDENDS.-Divldtm<l.s on common stock JUly u,, 1!:!~9, to July, 1900, 119 p. o., quar. (6 p.o. per annum); Oct., 1900, to Jan., 190,, incl., 2 p. o. quar., and in Jan., 1901, 1 p. o. extra. V. 71. v. 604,. 1222. DEBENTUBES.-In 1902 $2,049,400 31g per cent ~O•year debenture bonds were issued, redeemable on or before Aug. 1, 1912, at par and thereafter at 105 in exchange for the greater part of the Sprague Electric Co. stock, per 1>lan V. 75,p.139. ANNUAL REPORT.-Fisoal year ends January 31. Annual meeting is held-the second Tuesday in May. Business Oct., 1903, V. 77, p. 826. Report for 1902-03 was given at length in V. 76, p. 917, ~24. Yearm.11.JML.Sl- 1908. 1902. lJed.uct1908. 1002. lnoome-Sale11 .. $86,68b,09~ $82,838.087 Op. exp.& taxes..$28,81 4 ,,.,81 $25,2M,122 Royaltle1, etc . 8U,9fi8 UL,891 Int. on debent... 44.881 42,810 Int. and div ... • 6t7,84' 4S4,SIIO Baleofsecur.,&o. 978,660 988,686 ____ ____ Tot&l . . ....... $89,122,050 $38,852,868 Bal.for div .• &c.$10,232,888 $8,555,931 Balance 1902-03, as above, $10,232,8!18; oash div. on stock, $ 2 ,677 ,· 263; total surplus Jan. 31, 1902, $15,287,141; deducting $16,746,l3 3 stock dividend and $1,613,880 rrom patent account, leaves total surplus Jan. 31, 1903, $4,482,702. Cash Ja.n. 31, 1903, $3,632,556; accounts receivable and work in progress, $14,586,063; stocks, bonds, real estate, etc., $13,113,669; accounts payable, etc., $1,381,671. . ffln. l1n • OFFICERS.-Pres1dent, 0. A. Co , Treasurer, Henry W. Da.r ~. Seo.. M. F. Westover; N. Y. office, 44 Broad St. New directors May, 1903, V. 76, p, 1088.-(V. 76, r,. 1195; V. 77, P, 826, 2100, 2161.) Gluco8e Sugar Refining Co -see Corn Products Co. Gold & Stock. Telegraph Co -see WESTERN UNION TELEGRAPH • • Grand Rapids Ga8•Llght Co.-See AMEIL LIGHT & TRACTION. Great Lake8 Towtn~ Co.-See page 527. Hacken8 ack Water co.-V. 75, p. 1089, 1205. Havana Tobacco 00 -see page 527 • · Hawaiian Com.m.erclal & Sugar Co,-(V. 76, p. 755.) Herrlng•Hall•1'.larvtn Oo.-See p. 527. Hnd80n Oonnty Ga8.-See index STREET RA.ILWAY SUPPLEMENT. Intern. Automobile & Vehicle Tire-See page 527. International Harve 8ter Co -Incorporated in Ne Je Aug 12, 1902, and purchased the p;oper~y and bueiness ot°'rh~ tng1eading concerns manufacturing al{l'1oultural machines, viz:: Deering Harvester Co. (see V. 7 5, P, 29 2 ), Milwaukee Harvef!Uni;r Co. MoCormlok Harvesting Machine Co. Plano Manutaoturmg Co. Warder, Bushnell & Glessner Co .. (Champion). Also plant under construction in Canada, also t~ber lands, coal, ore, blast furnace and steel properties •. V. 7f>, P · 345, V. 77, P, 454. As to concentration ~f offices, &nd eoo1Jom1es, see V. 77, p. 1877. BTOCK.-Authorized, $120,000,000, all one class, to be 6 per cent cumulative preferred in the event of an increase in stock; the new stock can only be authorized by vote of two-thirds of stockholders. DIVIDEND.-First dividend, 3 p. o., paid Nov. 10, 1903. OFFICERS. · Oytus H. McOormtok, President; OharlesDeering,Chairman Executive Committee; George W. Perkins, Ohl!>irman Fina.nee Committee; Harold F. McCormick, James Deering, William H. Jones a.nd John J Glessner, Vice-Presidents; Richard F. Howe, Secretary and Treasurer. Office, 7 Monroe St., Chicago.-(V. 77, p. 1749, 1876,) International Mercantile 1'.larlue Co,-ORGANIZATION, ETC. -Formerly the Interna~ona! Navigation Co., the name being changed as above and oapitaltzat10n mcreased to provide, per plan v. 74, p, 888, 94.1, 1093; V. 75, p. 1089, 1305, for the amal~amation of Atlantic shipping intereRts, which was financed ~.v a syndicate headed by J.P. Morgan & Co. The constituent properttes were taken over on Dec. 1, 1902. V. 75, p. 1257. The following lines are included: 54,600,000 13,686,000 52,000,000 £500,000 17,442,800 22,406,700 9,700,000 See text. See text. Bee text. Boo text. 1,085,343 3,776,000 2,000,000 12,262,500 8,850,000 2,500,000 2,000,000 700,000 Tonnage. I Tonnage https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis See text .......... Nov.10,'03,3% . ...... . ...... . .... 5 g. F. & A.. N'.Y.,Company•sofflce. Feb:·i",..i929 412g A. & O. N.Y.,J.P.Morgan&Co. Oct. l, 1922 4 J. & D. Checks mailed. July·i:;9ii, 1% ...6.. Q:.:.:j. do do Deo.31,'03, llg 6 g. F. & A. N. Y,, Met. Tr. Oo. Feb. 1, 1918 ...••• . . .•. ...••... .. . ....... 5 g. A. & 0. April, '03, coup. puroh. Oct. 1, 1951 . .. . •• . .... 4 in 1903 Q.-J. Checks mailed. Jan:1;;04, 1% None. . .••. .... .• . ..• At will. 6 g. J. & D. N. Y., T.& T., 71 B'way. Dec. 1, l 9!8 6 g J. & J. New York. Jan 1, 1933 4in 1903 Q. - J. Checks mailed. Jan. 2, '04, 1% 6 in 1903 Q.-F. N. Y., Of., 26 B'dway. Feb.1, '04, llg 6 g. J. & J . N. Y.<JolonialTrustCo. Jan. 1, 1913 7 per an. M. & N. N. Y., Guaranty Tr. Co. Nov. 2,'03,319 5 ~ - J. & J. N.Y.,Ct.Real.B.&T.Co. Jan. 1, 1921 1 Executive Oommittee.-C. A. Grlacom, P.A. B. Widener, E. J.Berwlnd, Charles Ij Steele. George W. Perkins. N. Y. office, 71 Broadway. Phila. ottloe to be at Broad and Sansom sts. {V. 76, p. 1411; V. 77, p. 92,199,301,826, 2101.) · International Nickel Co.-See page 527. International Paper.-Inoorporated Jan. 31, 1898, and took over by purchase twenty five of the principal pulp and paper mills of the U.S., see V. 67, p. 428 and V. 69, p. ~94; also applications to list in V. 67, p. 1359, and V. 68, p. 726. Daily output of finished paper about 1,500 tons. see prospectus in v. 66 p. 288 and V. 67, p. 177, also official statement V. 69, p. 281. The Continental Paper Bag Co., a majority of whose $5 000 OOv stock is owned hae built a factory at Rumford Falls, Me.; its capacity was being increased in Oct., 1901, from 5,000,000 to 10,000,000 bags daily.-V. 70, p. 742; V. 69, p. 494, 908; V. 73, p. 786. The American Realty Co. took over some 250,000 acres of land in Maine from International and made a mortgage for $500,000; outstanding, $460,000. V. 73, p. 392; V. 75, p. 1205. DIVIDENDs.--Onprel.,July,1898, toJan.,1904., 1nolusive,6p.o. yearly (112 qua.r.) On Dec. 31, 1898, paid on common, 1 p. o.; in 1899, 2 p. o.; none since to Jan.. 1904. V. 69, p. 593, 957; V. 72, p. 1037. BoNDs.-The console are convertible at holder's option on any Feb 1 or Aug. 1 before 1910 into preferred stock at par. Of the underlying bonds mentioned below, console are reserved to take up the Otis Falls issue viz. $1,000,0uO Hudson River Pulp & Paper Co. 6s, assumed. subject to call at 105, In whole or in part. Jan. 1 or July l, of any year after 1907. Otis Falls Pulp ~~mt~~~ei,roc:/t}g:, fi6~o~if~fcolf~~to~ig~~s~WA:.8&. s1s9.ooo; c. R. The ttrst mortgage purchase money gold bonds issued by the Inter• national Co. since its formation for properties acquired a.re: BondsIr,,tereat. Wnere paia. Ourst'ina. Mat1.1,Mtv. Ammonoosuc Lumber ls~ M. i 4 M-S Ny M T C • 260,000 8ept. l , ,13 s. t ............................ f g. • •, et. r. o. Ontario Paper, 1st M.. . .. .. . 6g. F-A do do 150,000 Feb. 1, '18 R~mf'rd Falls Sulphite 1st. M. 6g, J-J do do 850,000 July 1, '18 Piscataquis Falls Paper, 1st i 4 F·A d0 d0 l49 500 A , M., s. f.... .... .... s g. "• ug. 1• 18 REPORT.-Report for year end.mg June 30, 1903, in V. 77, p. 4:SO: Sta~us Nov., 1903, V. 77, p. 1297, 2101, .. /<1,SCal . Gross O<!st r w ma- Intere st • Dividend•. Balance, year. income. terwta,mfg.etc. taxes, etc. (6%)onpref. surplUB. 1902-3 .$20,142,771 $16,529;310 $1,082,927 $L,34.4,402 $1,18ff,132 1901-2. 19,7U,,421 16,818,225 1,003,740 1,344,402 553,054 1900-1. 20,711,902 16,750,245 907,267 1,34i,402 1,709,988 OFFICERS.-President, Hugh · J. Chisholm; First Vice-President, F. H. Parks; Second Vice-President, T. T. Waller; Treasurer, A. N. Bur• bank; Sec'y, E.W. Hyde. 30 Broad St., N. Y.-{V. 77, p. 1749, 2101.) International Power Oo.-See page 527. International Salt Co.-ORGANIZATION.-Incorp. in N. J. in Aug. 1901, and acquired a majority of the stock of the National Salt Co. (in 1903 purchased its plants at receiver's sale; see page 1487) and Retsof per plan V. 73, p, 724; V. 75, p. 551, 736; V. 76, p, 755; V. 2 DEFA.ULT,-No funds having been provided for April or Oct., 1903, interest, the coupons were purohased by friends of the management through the Kniokeroooker Trust co. f:See v. 76, p. 755. STOCK, ETc.-Of the $30,000,000 stock, $11,350,000 was to be used with $7,500,000 bonds to acquire the stock o:f the National and the stock and bonds of the Retsof companies; $7,400,000 stock was to be issued for expenses of organization $1,000.000 working capital, etc. Underlying bonds $220,000(Hutohi'nson-Kansas Salt Co. due Jan. 1, 1912, and Retsof Mining Co., $1,000 l(Old 5s, due Oct., 1925, $2.500,000 (int., J .&J., at KnlokerbockerTrustOo., N.Y., trustee). Pres., E. L. Fullert; Seo. and Treas., l\I. M. Beldln,i Jr. Office, Scranton, Pa.-(V. 76, p. 437,544,755,976, 1146, 1228, 1297, 2342.) · Internatlon~l Sllver.-ORGANIZATION, Ero.-Inoorporated 1n Nov., 1898, under the laws of New Jersey and acquired control of silver-plating properties-see list in v. 67, p. 1160; also v. 68, p. 232, 334, 1024; V. 76,p.106. In 1899 estimated output about 55 or 60 p. o. of the total silver-plating output in the U. 8. Also has a large ster• Un~ silver output. See application to list in V. 68, p. 334, as to rights of stock. plants, etc. V. 67, p. 1160; v. 68, p. 1024; v. 71, p. 54-5. STOCKS, ETC.-In Jan., 1903, a settlement was ma.de with tntereat. which had acquired $9,068,400 of the $9,944,700 common and $515,800 of the $5,107,500 preferred stock, such stock so acq uired and all the stock or 0. Rogers & Bro. being now owned by the International oo. The latter issued in payment therefor $1,500,000 pref. stock and $2,000,000 6 p, o. debentures. V. 76, p. 106. A majority of the pre• ferred stock is held in a voting trust. Underlying bonds, $127,600 Holmes & Edwards 1st 6s; Rogers & Hamilton, Waterbury, $30,000. DIVIDENDS on prefetTed, 1% percent,paidApril, 1900; in 1901 none; .Tan., 1902, to Jan., l ~04.1 both incl,~ per cent yearly (1 p. o. Q.-J.); a.lso in Jan., 1903, scrip ror unpaid dividends (2114 p. o.) to date, $1,· 085,343. V'. 75, p. 13~7; V. 76, p. 106. Report for year endmg Deo.31 1 1902, with bal. sheet, in V. 76, p.703, Rhowed net earnings, $881,197; ~t: on bonds, $220,022; dlv. on pref. stock (4 p. o.), $204,300; depre01ation, $l~2,657; bal., sur., '21~218. Pres., Samuel Dodd; Treas., Geo. M. Curtis; Office, 11 Maiden Lane, N. Y. Directors, V. 76, p.1033.-(V. 76, p. 597, '703, 1083.) International Steam Pnm.p Co.-ORGANIZ.A.TION.-Inoorporated on Mar. 24, 1899, under the laws of New Jersey as a oonsolldation of five companies estimated to do 90 per cent of the steam pump business of the country, exclusive of high duty engines. Official state• ment in V. 68, p. 723; V. 72, P, 673; V. 71, p . .54.5; report V. 7:S, p. 82; V. 76, p. 1146. New subsidiary companies, 1903, V. 76, p 1146. In Apr., 1903, was building a new factory at Harrison, N. J., to cost over $1,000,000. V. 74, p. 1311; V. 75, p. 82,215; T, 76, p. 215, 1146. f~flo:1: ~~~ ~°s. White Star. . .............. 266,000 Leyland....... . .. . . . .... •• 293,000 American............... 1 179, 000 Atlant~o Transport . ••••• 195,000 Red Star..••••••..•...•. 5 Dominion................. 74,000 As to agreement with German lines, see v. 74, p. 1255; relations with Eni;rlish Government, V. 75, p. 735; v. 76, p, 975; v. 77, p. 301. The Harland & WolffShlpt>uildlng Oo. of BeHast with which a strong working alliance has been made (see v. 74, p. 1093) has acquired, tt is understood, a large interest in tbe Holland-America line. STOCK AND BoNDS.-Stock authorized, $60 000,000 each of common (limited to 10 per cent per annum, while the debentures are outstanding), and 6 per cent oum. pref.: par of shares, $100; of the stock, $12,000,000 common and $5,400,000 preferred,:ematnin the treasury. The new 412 per cent debentures are subject to call at 105 after 5 years. The International Navi~atlon 5s are subject to call at par after 1909 and a sinking fund of $250,000 to $500,000 will retire them annually, beginning May 1, 1905. President, 0. A. Grisoom. Directors: Amel'icana.-C. A. Grtscom, P.A. e. Widener. B. N. Baker,Jobn I. WaterbUJ'y, E. J. Berwind. George w. Perkins, James H. Hyde, Charles Steele. Brt~h vommittte.-Slr Chnton E. Dawkins, Rt. Hon. w. J. Pirie, Henry Wtldmg, Charles F. Torrey, J. Bruce Ismay. A.. & 0. Philadelphia. Oot. 1, 1940 F. & A. s. Y., E. MoMillln &Co. Feb. 1, 1915 J. & D. N. Y., Morton Trust Oo, June 1, 19.22 516 INDUSTRIAL STOCKS AND BONDS. [VOL. LXXVIII. l'or expl&natiim of column headings, &c., see notes on INTEREST OR DIVIDENDS. Bonds-Prinot• Date Size, or ~ - - - - - - - - - - - - - - - - val,When Due. of Par Ou~~g R&te .Per When Where Payable, and by Stocks-La.at Bonds Value. Cent. P&y&ble Whom. Dividend• • King, OO'Unty Electric Light cl Power-Stock, $5,000,000. 1st mortgage, gold, $2,500,000.Col .••...............•. c Purch. mon. M.,g.,sec. by Ed. stk, &c.(V.76,p.47)Ce.cK Edison El. Ill., cons. M., now 1st, $10,000,000, g.Mo,c~ Lockawan'h.a Steel-Stock (see text)...... . ••. . • • . . . . . . . . 1st M., $20,000,000, gold, redeem., convert., text. F .c* I.,ac~de Gas Light-lat mortgage, gold.Ce .............. c· Coupon notes, gold ....................................... Lehigh Ooat cl Namgation-Stock, $15,801,300.. .. . .. .. ••. 1st M., canal, 61030 oores coal and 76 m. L. & 8. RR ... r lstM.,g.,Leh. '1!;8U8. RR.(V. 64, p. 41,)gold . .FP ....... r 2dM,LletM.Nant.RR.](V.65,p.367,)gold.......... c* Con.3dM.Ca.nal,Coal&l22m.RR.;2dM.26m.RR.FPr General mortgage for $15,000,000, gold.FP .......... r Collateral trust for $1.500,000, gold .................. c" Fd. &im.M.,$7,500,000, g.(ser."A,"$2,085,000)PIPc* 'Jlanuf. Lt. cl Ht-Stock, $25,000,000 (bonds, see text)... •aryu,,nd, Ooat--Stock, preferred (no bonds).............. Jla,,. Ga, Oompaniu-Pref. 4% cum., $25,000,000.0B. Mergenthaler Linotype-Stock............................. .. .. 1897 1898 1898 . . •. 1903 1889 1901 . .. . 1864 1867 1867 1871 1884 1895 1898 .... . ••. .••. .... MISCELLANEOUS. first page of tables. i~:itr;:~~~~g:;$io:ooo:ooo,"i-eii:atti°io:c;: Jlonong.Ri-o. Oor.1. Ooat & Ooke-Com. stock, $20,000,000. i902 .••. Preferred, 7 per cent, non•cumnlative, $10,000,000..... . . . . let mortgage, $10,000,000, gold, s. f., Fee text. lJPl. c* 1899 Certificates of indebtedness, due $200,000 yearly ...... 1902 Jla.tlonat As11halt-'°'flf'I O'li'"ERAT. A~PHAT.T. $100 1,000 1,000 1,000 100 1,000 100 &c. 1,000 50 Various Various 500 &c. 1,000 1,000 1,000 1,000 50 100 100 100 See text. 5 g. 6 g. 4 g. ••. . .. 5 g. 5 g. 5 g, 61n 1903 419 4 f!., 4g. 7 419 g. 4¼ g. 4 g. See teAt 819 1n '03 4 in 1903 15 in '03 12g. 1,izg ~:i55:3gg ...... 50 19,9'"5.000 50 1,000 5,000 STOCK.-Div. on pref. Aug. 1, 1899, to Ft-b. l, 1904, botb Incl., 6 p. c. per &nnum, 119 Q. J.; on common, July, 1901, to Jan., 1904, incl. 1 p. c. quarterly; also 4 p. c. from y~ar 1902-3, payable quarterly, beginning J'nly 1. The stock u.russued 1s set apart to retire the _$2,000,000 7 p. o. cumulative preference shares of Henry R. Worthington Co. and &188,300 6 p. c, debentures and $485,000 8 p. c. pref.shares of Blake & Knowles co. Holly Mfg co. bonds, see v. 73, p. 1117. DEBENTURES.-The stockholders on Dec. 22, 1902, authorized the laeue of $3,500,000 debentures and a like amount of common stock into which they are c~nvertiple at the option of the holder, for lmprovements and workmg capital, $2,500.000 to be issued at present. V. 75, p. 1305, 1357; V. 76, p. 106. 215; V. 77, p. 2393. REPORT.-Report for year ending March. 31, 1903, given in V. '17, p. 14!'>, showed net profits, $2,113,36~, dividend on vreferred (6 p. c.), $531,000; interest, etc., $!>85,709, div. on colll1;11on (4 P• c.), IB490,500; bal., eur., $506,156. rres1dent, John W. Dunn, Treasurer, Max Nathan. Office, 114•118 Liberty St., N. Y. New directors, June, 1902, V. 74, p. 1255; V. 76, p. 1304.-V. 77, p. 14 5, 454, 2101, 2393. Iron Steamboat.-Seepage 527. .Teff'erson &; Clearfield Coal &; Iron.-Bee SUPP., Apr., 1903. Kansas City, Mo., Gas co.-Organlzed in April, 1897, 1n Mis aouri and acquired all the Nroperty, franchisee. eto .• of the Kansas City Gae and Mil'souri Gas Co s. Capacity of 4,000,000 ruble feet a day. Capital stock, $5 000,000: par, $100. Bonds outstanding, $4,087,000 gold 5s, due April 1, 1922, subject to call at 105. Interest is payable A. & O. at N. Y. office of Guaranty Trust Co. or M. & N. in London. Report for year ending Aprll 30, 1903, V. 76,p.1405. Net, $386,943; 1nt.,,197,114;bal.,$189,829. Pres.,HughMcGowan.-(V.76,p. 14('5,) Kings county Electric Light&; Power.-Thie company, own• tng a new power station on the water front in Brooklyn, and other property 1n that borough, acquired in 1898, per plan 1n v. 67, p. 482, Ille entire $5,000,000 capital stock of the Edison Electric Illumin&ting Oo. of Brooklyn, thus unitin~ all the eleotrio-llghting business in Brooklyn-See V. 69, p.177, 957; V. 'iO, p: 483. SECURITIES.-The $5,176,000 purchase money bonds a.re secured by deposit of $5,000,000 Edison stock in trust, by a second mortgage lien on the Kings County plant . as now owned or hereafwr acquired, and by $1,0001 000 cash guaranty fund to be invested in 1eourities approved by tne committe&-see V. 67,p. 482, 1309. AR to Edison Co.'s consol. mort'ge. see V. 67. p. 482,842; V. 71, p. 493, 868. The stockholders voted on Mar. 18, 1903, to increase the stock from $2,500,000 to $5,000.000, $1,250,000of the new stock being subscrioed by stockholders at pl),r. one·half payable May 1 and the balance Nov. 1, 1903.makingtheamountoutstanding$3,750,000. V.76 p.657,7oq DIVs.-June, 1900, to Mar.,1903, 1¼% quar.; '03, June, 2%; Sept., 2%; Dec., 2%. E.A.RNINGS.-Statementfor cal year 1902 in V. 76, p. 108P, showed: Net earnings of Edison Co. under lease,$338,498; interest from i • vest• ments, ..tc.,$47,046; div. on stock (6 p. c.),$150,001); bal., sur., $235,• 44. Pres., A. N. Brady; Treas., A. N. Nielsen. (V. 77, p. 122i;.) Knickerbocker Ice Co. ofChlcago.-V. 76, p.3 80; V. 77, p. 254. Lackawanna Steel Co.-ORG.A.NIZATION.-lncorporated in .N ew York on Feb. 15, 1902, as successor of Lackawanna Iron & Steel 1 :o., to extend the field of its operationR. V. 74, p. 382, 429; V. 77, p. 2037, The properties (see V. 74, p. 1142; V. 76, p. l 61, 437; official statement, V. 77, p. 34) are: (1) Plant unaer construction at West Seneca, near Buffalo. N. Y., to manufacture plate and all classes of structural steel and other materia•s In add!· tion to steel rails and billets, to have a capacity of not less than 1,:.:50,00 , tons or finished product per annum; (2) ore properties In Minnesota. M ichl1rnn, Wi8consin and New York, stated to have 5tJ,OOO,OOO tons or orA in ~igbt; (3) 21,720 acres or blrnminous coal lands (owned in •ee) In Penasylvania. blast furnaces at Colebrook, Pa.• and coke ovens at Lebanon. Pa.. an interest In the Cornwall RR. and C, ,rnwall Iron Co .. the last•namFd beir11: leased, a.net about one third of the stock of the Cornwall • Leb1tnon RR A rail mill with capacity of 350,000 tons yearly was placed in operation Oct. 21, 1903. V. 77, p. 1297. STOCK.-Stock authorized, all common, $60,000 000; par or Rhares $100; of this, $19,971,400 is outstandlng, full paid, and $28,600 is held for exchange, share for share, for Lack. I. & 8 stock; $15,000,000 subscribed for by stockholdel."s in Feb., 1902, is 80 p. c. p aid in, and f20,000,000 is reserved to retire convertible bonds. V. 76, p. 869. BONDS.-The first mortgage gold 5s of 1903 ($20,000.000 authorized issue) are secured by a first lien on the West Seneca plant and the stocks of other corporations owned. They are redeemable at the company's option at 10719 and interest to Apr. 1, 1906, on 60 days' notice. and convertible into stock, dollar for dollar, at par, tf not so redeeme 1, at the holder's option at any time between Apr. 1, 1906, and Apr. 1, 1~15. V. 76, p. 437. Of the bonds, $l5,000,ouo has been subscribed, the remaining $5,000,000 being issuable after Jan. 1, 1904, for not over two·thirds of cost of additions. V. 77, p. 34. There are also outstanding $1,775,• 00 Lackawanna Iron & Steel 30-year 5s due Feb. 1. 1926, Farmers' Loan & Trust Co., trustee, cov• ering property in Pennsylvania.. V. 76,p. 385. OFFICERs.-Cbairman of Board, Walter Scranton; Pres., - - - - ; Treasurer, J. P. Higginson; Secretary, John W. Farquhar. New York office, 100 Broadway. DIRECTORS.-J. J. Albright, C Ledyard B 111.ir, B. H. Buckingham, Warren Delano Jr., G. R. Fearing Jr., B. IS. Gutnness, Edm uct l:inves, Adrian lsE>lin Jr., Samue1 Mather, J . G. McCullough, D . o. Mills, Moses TM lor Pyne. Walter Scrar t on, James Speyer H. A. C. Tayl"r, Most>s Taylor. H. McK Twombly, Cornelius Vanderbilt, Robert B. Van Cortlandt, Henry Walters.CV. 76, p. 1411: V. 77, p. a4. 1119, 122l:!, 1297, 203i ; V. 78, p. 50, 1, 6.) Laclede Gas Llght.-ORGANIZATION.-lncorporatedin 1857, and 1n 1889 secured control of all the other gas companies in at. Louie. In 1896 the price of gas was reduced from $118 to $1 per 1,000 feet for filuminating and 80 cents for fuel gas. Suit.a V. 66,p. 760; V. 70, p. 534. In 1903 North Amer. Co. acquired control. V. 76, p. 482, 545, 922. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $3, 750,()()0 2,500,000 5,176,000 4,275,000 35,000,000 15,000,000 10,000,000 1,000,000 15,801,300 5,000,000 1,992,833 1,842,500 2,470,750 3,686,000 1,500.000 1,758,000 21,000,000 1,885,005 25,000,000 10,000,000 I Q.-M. A. & O. A. & 0. J. & J. .. . .. A. & 0. Q.-F. F. & A. M. & N. Q.-J. Q.-F. J.l5&D. J. & D. Q.-F. M. & S. J. & J. Q.-J. J .30&D. J. & D. Q.-M. J·&JN. Checks malled. N. Y., Colonial Tr. Co. N. Y.,Central Trust Co. N. Y., Morton Trust Co. Dec. 1, '03, 2%,. Oct. 1, 1937 Oct. 1, 1997 Jan. 1, 1939 . ••..••. New York. .!.pr. 1, 1923; New York. May 1, 1919 do do Feb. 1, 1911 .Philadelphia., Office. Nov.27i'03 ,3% do do July , 1914, do do Apr. 1, 1914, do do Junel5,1914 do do June 1, 1911 do do M&y 1, 192' do do Sept. 1, 1905 do do July 1, 1948 Checks malled. Jan.20, '04,119New York, 1 B'dway. Dec.31,'03, 5% ....... .•. Dec. 1, '03, 2% N.Y.,114Tr1buneBld'g Dec.31,'03,719 N. ion?~-;:.:~:~:.ay. Jii1!J4{?t0~~ ..... .••..•••.. . •...••. 9,995,000 71n 1903 J. & J. Checks malled. Ja.n.26,'04, 319,350.000 6 g. A. & 0. UniouTr.Co.,Pitts.,Pa.. Oct. 1, 1949 2,060,00 5 J. & J. do do · July 1, 1917 8ToCK.-Preferred, 5 p. c. cum .. $2,500 000; common, $9,500,000 authorized; outstanding, $8,500,000; par of aha.res $100. Drvs.'90. '91. '92. '93. '94. •95 to Dec., '97. '98. '99. '00. '01. '02.'03Pt.5• cum. 2-½.? o 5 5 6 7 (312 semi-an.) 8 5 5 5 5 5 com p O o o o o o o 3 3 4 4 4 4 ·• · · BONDS.-See application to Stock Exchange 1n V. 49, p. 657. ANNUAL REPORT.-For year 1902 net earnings were $1,153,578; 1n 1901, $1,054,870; N. Y. office,30 Broad St.-(V. 76, p. 544, 922.) Lehigh coal &; Navlgatlon.-Owns canal lrom Coalport to Ea.eton, Penn., 48 miles, and leases Delaware Division Canal, 60 miles. Also owns Lehigh & Susquehanna Railroad, Phillipsburg, N. J., to Union Junction, Pa., 105 miles, with branches, 60 miles, and leases for 999 years Nesquehoning Valley Railroad, 17 miles; Treskow Railroad, 7 miles; other lines, l 7miles; total, 206miles, of which 115 miles double tracks; but all these roads are leased for 999 years from 1871 to Central of New Jersey RR., rental being 3313 per cent of gross earrnings, with a minimum rentalof$1,414,400. Delaware Di-v. Oanalis leased for 99yeare trom1866 at interest on the bonds and4 D. C. on stock, paid as rent&l. STOCK.-ln Nov., 1902, $1,486,665 new stock was sold to providelor improvements and working capital. V. 75, p. 1034. BONDS. -General M. of 1884 covers, subj. to prtor bands, 7,460 acres ooal land, 48 miles canal and 161 miles railroad; bonds are reserved to retire all prior issues. Ground rents and mortgages, $119,622. As to collateral trust bonds of 1895, see full statement in V. 61, p. 154, For mortgage of 1898, see V. 66, p, 1139 (under "Del. Div. Canal"), also V. 67, p.125; $2,085,000were issued July I. 1898, by the trustee to retire $480,000 Del. Div. Canal 6e andforoth~r purposes, an& $200,000 additional in July, 1902, tor prope~ acqmred; of the total issued $506,0001n Jan., 1903, were reserved m the treasury to provide for floating debt and _w orking capital. V. 70, p. 428. Jointly &ud severally with Cent. RR. of N. J. guarantees $1,062,000 Leh & Rud. River Ry. gen. 5s, prin. &nd int. V. 67, p. 788. . Drvs. stnce 1889 { '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 1903 Per cent ......... S 5 519 6 419 4 4 4 4 4 519 6 5 6 ANNUAL REPORT.-As to earnings ln 1903, see V. 76, p. 1304. Re• port for 1902 was in v. 76, p. 540. Coal orodnoed 1n 1902, 1,112,127 tons· 1901.1 go5 495 tons· 1900 2 098 890 tons. ' . ' ' ' ' ' ' Year ending Dec. 31. 1902. l90l. 1900. 1899. From railroads ........._.$1,81~276 $2,157,088 $1,926,175 $1,878,224. C&nals................. ... de!.7·, ,036 def.9,077 10,734 7, 4 03 !liet profit on Leh.Coal.. 393,849 201,096 500,462 139,060Miscellaneous........... 217,510 ~ , 8 2 2 186,339 179,435 J Total receipts ..••... $2.353,098 $2,574,929 $2,623,709 $2,204,123 lnt.,rentals, taxes, &c... $1.354,595 $1,325,365 $1,317,799 $1,299,610Dividende ......•..•...•.. (5)717,232 (6)860,799(519)789,066 (4) 573,866Balance .................. sr.281,172 sr.388,764 sr. 516,843 sr. 330,647 Sinking fund............ 48,636 87,077 97,576 83,802 Depre'n and damage... 222,558 100,000 100,000 -<V. 75, p. 1034; V. 76, p. 161, 438, 5 40, 1304.) Lehigh &; Wllkesbarre Coal.-See Central RR. of New Jersey. Madlson Square Garden.-See page 527. Manhattan Beach Hotel & Land Oo.-See page 527. lllanuf'acturer•' Light&; Heat Co.-See page 527. Marsden Co.-See page 527. Maryland Coal Oo.-Controle 6,000 acres of land in Alleghany e.nd Garrett counties, Md. STOCK.-Preferred as 1n table, and 1n addf• tton old comm.on, $11,100, and treasury stock, $103,895. Produced 373,398 tons in 1902; 415,304 tons in !901. Surplus earnlnp:e in 1902 over interest, eto., were $288,797; in 1901,$253,672; in 1900, $140,335; dividends m 1901 (519 p.c.) $103,653; sur. for year, $150,019. DIVIDENDS- l '93. '94. '95. '96. '97. '98. '99. '00. '01. '02. 1903. New pf., p. c. 5 2111 31g 4111 5 4 4 7111 5 5111 7 8111 In 1903, July, 312, incl. 1 extra.; Dec. 31, 5, inclu. 212 extra; V. 77, p . 228a.-(V. 75, p. 1305; V. 77, p. 2283.} Itiassachnsetts Gas Colllpames.-ORGANIZATION-A voluntary association formed in,October, 1902, as successor of the New England: Gas & Coke Co., reorganized without foreclosure per plan 1n V. 74, p, 1311. Operates 400 by•product coke ovens at Everett, Mass., &nd 200 additional ovens are to be completed by 1905. (V 70p. 463; V. 77,p. 199.). The gas there produced (over 8,000,ClOO cubic feet daily) is enriched and distributed for consumption in Boston, throu'(h the following co's, of whose etock, etc., tbe amounts named are owned: Totat 11 me. Owned, New England Gas & Coke (new co.) stock.$17,500,000 $17,500,000 do do bonds . ... .. . .•. 8,000,000 8,000,000 • Brookline Gae Light stock.................. 2,000, 100 1,998,600 " certificates of indel)tedness.. ... 1,615,000 *1,615,000 DorchesterGaeLight stock (V.74,p.887).. 519,600 517,600 Jamaica Plain Gas Light Co. stock......... 250,0uu say 225,000 Massachusetts Pipe Line Co.(V.67, p. 275) 1,000,000 1,000,000 :xSonth Boston Gas Light stock............ 440,000 x438,300 xRoxbury Gas Light stock............. .... 600,000 x99,300 xBoston Gas Light stock...... . ........ ..•. 2,500,000 x2,497,000 xBay Staoo Gas of Massachusetts stock.. 2,000 000 xl,999,300 • Brooklme Gas Light Co. has $1,000,000 5 p. c. bonds held by the public. V. 76, p. 161. x Involved 1n Bay State Gas Co. lltJgation. In 1903 (per V. 76, p. 50, 106, 161. 386) purchased at foreclosure the stock deposited as security for the Boston United Gas bonds, of the Bay State Gas Co. of New Jerl'ey, and so controls all the p:as companies opera.tin~ in Boston. On Dec. 10, 1903, the Boston Con•olldated G&B Co. was incorporated with $10,000 capital stock as a consolidation o-:f J.A.N .. 1904.] .MIBUELLANEOUS. ~r explanation of column headingsi &c., see notes on first page of tab es. National Biscuit-Oommon stock~0,000,000 ....•...... Pref. stock, 7%, com., $25,000, O. For bonds see text National OarbQn-Common stock, $5,500,000..••.•••• Preferred stock, 7 per cent, non-cum., $4,500,000 .•..•.. Nat'l Enameling~ iftampi.ng-Oom. stock, $20,000,000 .. Pref. stock (as to assets), 7 p. cy cum., $10,000,000 ..• . 1st mort., g., $2,500,000 a.uth., to~ayable y'rly .SSt .. National Ji'ire,,roofing-Com. stock, ·5,500,000 ..•••.••••. Pref. stock, 7 per cent, non-cum., $10,000,000 .•..•••••. National Glass--Stock,'$4,000,000....•...•..••.••••••.••••. Preferred stock, 7 per cent, non-cumulative .••••. _...•. let mort., gold, $200,000, payable Nov., yearly. UPl.o* General mort., $2,500,000, g., s. f., d'rn at 105 UPI o• National Lead Oo.-Btook, common, 15,000,000 auth'd .. Preferred stock (7 per oent, oum.) 15,000,000 auth .••. Newark Oonttol. Gaa-Newark Gas lstM., $4,000,000..••. Consolidated mortgage, $10,000,000 ...•• . ..••...•••.. o* N. Enli. Ootton Yarn - Pf. st'k, ($2,000,000, 6% non-oum.) let ., $6,500,000, gold, s. f. subJ. to oall at 110.NB,o* NewEnaland Gaa ti Ooke-See M.Ass. GAS CoMPillES. New England Telephone ti Tet~-St.ook, $30,000,000••••. Bonds, Ber. 3, 4 & 5, $500,0 ea., oallaft.10 yrs. ali 102 Bonds, Series 6, 7, & 8, $500,000 each, not subj. to oall Bonds, $1,000,000 (text)_ ..••.... _.... _•• _••..••..••.•••. New York Air Brak~tock, $10,000,000 •.•••••.•••••.••• nmUU;-rrmoipal,When Due. INTEREST OR DIVIDENDS . Date Size,or Amount of Pa.r Outstanding Rate fer When Where Payable, and by Stocks-Laat Bonds Value. Whom. Cen. Payable Div1dend. 96 --- -$100 - -· $29,236,000 ·--· . --· . --· ··-· .... i9()1 .... ..... ·-· iss0 1901 f .... issr; 1898 iss9 1891-3 1895-9 1900 . -· 100 100 100 100 100 1,000 50 50 50 50 1,000 1,000 100 100 1,000 100 1,000 100 1,000 1,000 1,000 100 21,616,700 6 in 1903 1,500,000 6 1,500,000 5 1,000.000 4 8,012,500 8 in 1903 Robert Clarence Pruyn. Jost-ph Ballister Russell. Frederick Elmer .-.now, <'has. Au,zustus dtone, Albert Strauss, Cbri~topher Minot Weld. Robert Winsor.- (V. 76, p. o, 4, 1088, 1304, 185"1; v. 77. p. 39, um. 254, 1228. 21111. 2342; v. 78, p. 106.) Mergenthaler Llnotype,-L1Bted in 1898, Report for 1902-03 In V. 77, p. 1744, showed total net profits, $:?,323,633; dividends (15 p. o.), $1,500,000. Statement as to rival co's, V. 67. p. 371. DIVIDENDS.~ 1894. '95. '96. '97. 1898 to 1900. 1901. 1902. 1903. Per cent. { 3 10½1 16 16½1 20 y'rly. 13½1 15 15 In 1902 and 1903, 2½1 p. c. quarterly (Q.-M..), and in Dec., 5 p. c. extra.-(V. 77, p. 1297. 1144, 22~3.) 1'Iexlcan Telegraph.-Company organized in 1878 under laws of New York State. Has a cable from Galveston t,o Tampico and Vera Cruz, 788 miles ; land line, Vera Cruz to Mexico City, 267 miles. Also direct oable from Galveston, Texas, to Coatzaooaloos, Mexico, 825 miles, dup• Hoa.ting the Mex. Tel. and Cen. & So. Am. Co.'s Gulf cable system. OwnP 2,125 shares of the Central & So. Am. Telegraph "'"·• which see. DIVIDENDS-In 1882 to 1886, inclusive, 8 per oent yearly; from 1887 to Jan., 1904, both inclusive, at rate of 10 p. c. per annUill (219 Q ·J.) EARNINGS.-Report for year ending Deo. 31. 1902, was in V. 76, p . 970, showing gross earningP, $456,006; net, $349,194: divs., $191,260. J. A. Scrymser, Pres., 66 B'way, N. Y.-(V. 76, p. 9'70, 1358 .• Monoogahf'la River Consol. Coal & Coke (Jo,-See p. 527. Montreal Light Heat & Pow-er C@.-See page 527. l'flount Vernon-Woodberry Cotton Duck Co,-See United States Cotton Duok Corporation. National Asphalt. Co.-See GENERAL AsPHA.LT co. National Bl8cult.-Organized in 1898 and purohasedN Y. Bis.Co., Am.Bis. & Mfg. Co., eto.-V. 66. p. 288, 9~1; V. 71, p . .5<5; v. 77, p. 92• DIVIDENDS.-On pref., in 1898, 514 p. o., 1899, to Nov., 1903,17 p. o (111.l Q-F). On oom., Jan., '99, to Jan., 1904., inol., 4 p. o. (1 p o. Q-J) BoNDs.-These inoluoe N. Y. Biscuit first 6s (M&S.), due Mar., 1911, $804,000; Am. Biscuit & Man. 1st 6s (F&A.), due Aug., 1910, $545,• 000, and $35,000 5s due $5,000 yearly in October. V. 67, p. 274. ANNUAL REPORT.-Report lor year ending Jan. 31 1903, was in V. 76, p. 432, showing: Sales for year, $40,221,925; net profit, $3,689,· 338; dividends, 7 _p. o. on pref. and 4 p. c. on common, $2,84ll,951: bal., sur., $839,387. President, Benjamin F . Crawford; Seo., F. E. Bugbee; Asst. Treas., .J. A. Lewis.-(V. 77, p. 92, 352, 952.) National Carbon Co.-ORGANIZATION.-lnoorporated 1n New Jersey on Jan. 16, 1899. V. 68, p. 85, 130. Dividends on pref. July 15, 1899., 111.l p o.; Oct., 111.l p. o.; 1900,Jan~lll.l p. o.; Mar.15, 111.l p. o. Dividenaperiodohanged in Feb., '00, to Q.-.1r. 15; May '00 to Feb., '04, p. o. quar. Report for year ending Jan. 31, 1903, with bal. sheet, 1n V. 76, p. 479, showed: Net earnings, $594,371; dividends (7 p. c.) on preferred, $31!'1 ,000; depreota.tion, eto., $256,637; bal., sur., $22,734. Pres.,James Parmelee; Treas., H. E. Hackenberg; Seo., H.J. Davies. Main office, Cleveland.-(V. 74, p. 4'76; V. 76,p. 4'79.) National Enameling & Stamplng.-See page 528. National Ffrepro.,fiog Co.-Inoorporated in 1889; name changed in 1899 from Pittsburgh Terra Cotta Lumber Co. Controls 29 plants adjacent to various cities between Boston a.nd Chicago, over 4,000 aoras ol ooal and clay lands, patent rights, etc. Manufactures porous terra ootta., fl.reproofing, hollow tile, building blocks, eto. Properties ownad, see V. 72, p. 296, 1191; V. 76, p 651, Product10n 1n 1U02 750,000 tons, to be increased in 1903 to about 1,000,000 tons. STOCK, ETC.-< ommon stock $5,500,000; prer., 7 p. c. non-oum., $10,00u,OOU; amounts outstanding, see table above; par of shares, $50. ln May, 1903, authorized stock was increased by $2,000,000 preferred and $1,000,000 common, the new stock to be allotted as required. V. 76, p. 482. 651. Mortgages, $44,4.69. DIVIDENDS.-On preferred, Oot., 1900, to Jan., 1904., both inclusive, 7 p. o. yearly (pa.id Q.-J.). On common, May, 1901, to Nov., 1 P02, 5 p. o. yearly (Q.-F.); in 1903, Feb., l.Lo;i p.o; May, 119 p. c .; Aug., 1¼%; 1n Nov .• 190J , dividends were passed for the present; V. 7 7, p. 2038. REPORT -Report for year ending Deo. 31, 1902, in V 76, p. 651, shewed: Net earnings, $1,126,908; dividends (5 p. o. on common and 7 p. o. on pref), ~554,784; balance, surplus, $572,184. OFFICERS -Chatrman, D. F. Henry; President, W D. Henry; Treas., Wm H. Graham; Secretary, C. G. Jones. Directors (Feb, 1903), v. 76, p. 482 Office, Frick Bldg., Pittsburg, Pa.-(V. 77, p. 254, 2038.) National Gla8s Co,-ORGANIZATION.-lnoorporated in Penney! vania on July 5, 1899, a.a a. consolidation of tableware manufacturing interests. V. 69, p. 61, 1015. Present capacity, 678 pots. For 8 outside concerns, oapaoity 280 pots, see V. 69, p.1015. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ~in 1903 Q.-J. 15 Chica.go & New York. Jan.15,'04, 196 7in 1903 Q.-F. do do Nov.30,'03,111& 24,304,5vO 5,500,000 4,500,000 15,591,800 8,546,600 · 2,000,000 4,500,000 8,000,000 2,250,000 1,650,000 1,200.000 1,300,000 14,905,400 14,904,000 4,000,000 5,832,000 2,000,000 5,263,000 the controlled properties, but it has been agreed not to merge without ,rtving six days notice to the reoei ve:- of the Bay State Gas Co. or to dividetheea.rnin~sof the four Addicks companies (marked with a.n "x" in preo~dinir table) without fl.Un~ a. bond to protect his interests. V. 76, p. 1304; V. 77, p. 199, 2342; V. 78, p. 106. STOCK.-Oommon stock authorized, $25,000,000, all outstanding; pref., 4 p. o. cum., $25,000,000, bein~inoreased from $15,000,000 ea.oh In Jan., 1903, to acquire stocks of additional gas cos. See above. DIVIDENDS. - On pref. in 1903, 4 p. o.; J. & D. CONTRACT.-Contraot with the Dominion Coal Co. V. 75, p. 1257. REPORT. RP.port for 9 mos. ending June 30, 1903, with balance sheet, was in V. 77, p. 1228, showing: Dividends and Interest received, $755,117; one semi-an. div. on pref. stock (2 p. c.), $500,000; expem~es, $10,721; ba.l., sur, $244.396; total undivided earnings of all constituent companies, $734,764. OFFICERS.-President, C. Minot Weld; Treasurer, Wallace S. Draper; Secretary, John C. Rice. The Old Colony Trust Co. is transfer a.gent and the M .. ssaohusetts Trust Co. registrar. TRUSTEES -Charles Francis Adams, 2d; Walter Cabot Bayltes. Samuel Carr, 1, 517 . INDUSTRIAL STOCKS AND BONDS. .......... ... ··--· ---- ...... . ....... 7in!~03 4in 1903 7in1903 5 g. See text. 7 in1903 Q.-F.15 Company's office. Feb.15,'04,lll& ~.-J. N. Y.d~olonia.l [;· Co. Jan. 1, •o,, 1%, .-J. Jan. 1, '04, 121.t M.& 8. St. L. Tr. Co., St. Louis. Sept. 1, '04, 11 Q.-F. Aug,25,'03,119 Checks mailt d. Q.-J. do do Jan. 25,'04,lll& 6 g. lin 619~-0 7 inl903 6 g. 5 g. ·-··· M.&N. M.&N. Ma.rob. Q.-M. Q.-J. J. & D. F." &..A. - to 1909 Mellon & Sons Bk, Pitts. 1904. do do Nov. 1, 1921 N. Y W1ll1d~ St. Moh.1, '00, 196 Deo.15 '03, 1-. Newark. Apr. 1, 1944 N.Y.,41 Wall&Newark. Deo. 1, 1948 Q.-F. A. & 0. A. & 0. J. & J. Q.-J. Boston, 119 Milk St. Nov.14,'03,119 Boston.Bank of Rer.ub. A~r~ 1906 7-8 Bost., Nat. Bk. Oom rce. 1 1 ,'16&'19 Bost., Nat. Bk. Com'rce. Jan. 1, 1930 Office, 66 B'way, N. Y. Jan.15,'04, 296 ...... ...... ···5·g. ---· . ·---····--·--· --····· a;OO 0 Bost., ;N. Shawmut Bk. Aug."1,""fa29 STOCK.-In 1903 $1,650,000 seven per oent non-cumulative pref. stock was subPoribedfor at par, $875,000 beiog paid in oash and the balance by surrender of $775,000 ol old (common) stock. V. 75, p. 1357; v. 76, p. 438. BoNDs.-F1rst mortgage i:>onas of 1899 a.re payable $200,000 yearlr Nov. 1, in numerioa.l order beginnini;r with number one, at Pittsburg. Ot the general mortgage bonos dated Nov. 1, 1901, $1,800,000 were reserved to replace the first mor~ai;re bonds (including the $200,000 retired Nov. 1, 1901), the remamder for improvements. They may be called at 105on30 days'notice fora finking funrl, whiob lstoreoetve 5 p. o. of the earnings yearly. V. 73, p. 239, 348,618; V. 75, p . 1357. OFFICERs.-Presldent, Frank L. Stephenson; Vtoe-Pres., A. W. Herron. Pittsburg; Secreta.r, Addison Thompsony; Treas., Myron L. Case. Office, Pittsburg, Pa.-(V. 75, p. 1357; V. 76, p. 438.) N atlonal Lead Com.pany .-ORGANIZATION.-Urganized under che laws of New Jersey on Dec. 7, 1891. It controls extensive plant& In different States for manufacture of white lead and other products. In Aug.. 19< O, the St. Louis Smelting & Refining Co., whose stock ts owned, fl.led a mortgage to secure $1,000,000 five per cent bonds, du& 1. 19 ... o. but subject to call in 1905; int. payable J. & D .; Mercantile Trust Co, N. Y., trustee; or these, $50,000. which are guaranteed, are outstanding; v. 72, p. 390. In Apr.• 1903, the 8terlitig White Lead Co. of Pittsburgh was acquired. V. 76, p . 1088. BECURITIES.-Tbe preferred stock is entitled to 7 p. o. per annum cumulative. Seeeditonalof May,1893,SUPPLEMENT, and V. 60, p . 349. DIVIDENDS.- ( 1892. '93. '94. '95. '96. '97. 1898 to 1900. Since. Common, p. o•• .S O 2 3 1 O O 1% yearly. None. Preferred, p. o. 7 per oent yearly (111.l Q-M to Dec., 1903, tnolll81ve). ANNUAL REPORT.-The annual report for 1902 in V. 76, p. 432, showed: Net earnings, $1,202,514; divhtends on preferred, $r,043,280; balance for yea.r, surplus. $159,234. In 1901, net, $1,112,140. 1JIRECTORS.-W. H. Thompson, E. c. Goshorn, F. w. Rockwell, L. A. Cole, R R. Colgate, A. P. Thompson, Wm. W Lawrence. J. A. StevAns George 0. Carpenter, Edward F. Bea.le, R. P. Rowe, Walter Tufts ana1 Charles F. Wells. Pres., L. A. Cole; Charles Davison, Seo.; Wm. W. Lawrence, Treas. N. Y. office, No. 100 W1ll1am St.-(V. 76, p. 1088.) National Salt. Co.-See page 528. Nat. Starch Co.-See Corn Products vo.; V. 74, p. ~71, 330, 382. National Sugar Refinlng,-See page 528. Newark Consolidated Ga8.-See STREET RAILWAY SUPP. N e-w Central Coal (lDd.).-Owns ooal lands in Allegheny County, Maryland. Tons mined in 1898, 203,677; 206,262 1n 1897, 188,453 in 1896, 201,826 in 1895, and 151,002 tons in 1894; net pro1lts, in 1898, $37...!397; in 1897, $32,006; in 1896, $23,018. N. Y. office, 1 Broadway. m 1898 reduced the stock from $5,000,000 t,o $1,000,000 and aha.res from $100 to $20. V. 66, p. 901, 1140; V. 64, p. 516. DIVID'DS.- ~ '87.'88.'89.'90. '91-'94. '95-'97. '98. '99.'00.'01.'02 '03 Binoe '86 p. o. ~ 1 1 o O 1 o 2 4 2 o o Mar.,2 -(V. 67, p. 29; V. 71, p. 700; V. 76, p. 334, 1196.) New England Cotton Yarn.-A oonsolldatlon of 9 yarn mllis of New Bedford. Fall River and Taunton.-V. 69, p. 28, 81, 181; V. 70, p. 587, 1294. Total, 620,000 spindles. V 71, p. 345; V. 73, p. 443. In oorporated in Massachusetts Nov. 27, 1903, as successor, per plan in v. 77, p. 4.0, 149, 200, of the New Jeriley company of the same name; v. 77, p. 2161. SECURITIES.-Stook authorized, oommou, $3,900,000; pref. (as to assets and a.corned div. and subJeot t,o redemption after Jan. 1, 1904-, at $140 per share,;ind accrued dividends), 6 p. o. non-cum., $2 000 000. As to sinking fund for bonds, !!ee V . 77, p. 2161. ' ' The net earnings of predecessor company over all charges for four yea.rs avera~ed over $700,000 yearly, wbtc,h on the basis of fl.xed ohar~es of the new co. would, it is stated, mean surplus earnings (over charges) of $840,000 per annum, ap , licable to sinking fund and renewal payments and dividends on stocks. REPORT.-Balanoe sheet of June 27, 1903, of old co. was in V. 77, p. 348. Pres., C. Minot Weld. Dlreotors, Dec., 1903, V. 77, p. 2162.-(V. 77, p. 348, 352, 513, 2161; v. 78, p. 102.) New England Telephone & TeJegraph.-This company does a -telephone business in Maine, New Hampshire, Vermont and Massaohu1etts under license from The American Bell Telephone Co. On January 1, 1903, it had 107,608 stations in all, against 91,281 in 1902. Of oap• Ital stock $12,587,500 is owneJ by American Telephone & Telegraph (Bell) Co. V. 70, p. 40. The bonds are debentures. but are to be secured by any mortgage placed on the property. The stockholden in 1902 subscribed to $3,593,200 new stock l\t par, raising amount outstanding to $21,616,700. V. 74, p. 833, 1312. DIVIDENDS.-? 1886-93. 1894. 1895. '96. '97. 1898 to Nov., 1903, Per Cent. 5 3¼ yearly. 4 4¼ 5 5¼ 6 yearly (l 19 Q.-11'. ANNUAL REPORT.-Fiscal year ends Deo. 31. Report for 1902 was in V. 76, p.1141, showing gross earnings $6,024,609; net over interest, maintenance, taxes, etc., $1,168,769; dividends (6 p.o.) $1,108 726· ba.lanoe, sur. for year, $60,043.-(V. 74, p. 1312; V. 76, p. 334., Ii4I.) N e-wport & Cincinnati Bridge Co.-See RA ILROA.D Cos. New- York Air Brak.e.-Incorporated under laws of New Jersey Works at Watertown, N. Y.; oapaoity. 500 sets of oar brakes a day. April, 1902, Rut!sian plant was placed in operation. V 74, p. 887. In 1896 dividend 6 p. o.; in 1897 and 1898 none; Oot., 1899, to Jan., 1904, incl., 2 p. o. quar. (8 p. o. per an.). New stock, $1,250 000 was issued in 1899 for extensions and $1,562,.5 00 additional in 1901. V. 69, p. 181,388; V. 72, p. 876. As to patent litigation with Westinghouse Air-Brake Co., see V. i9, p. 181, 44.2; V. 70, p, 636; V. 73, p. 1359; v. 75, p. 1358. In 518 INDUSTRIAL STOCKS AND BONDS. MISOELLANEOUS --- N. Y. Dock-Pf. etook, $10,000,000, 5%, non-oum. (text) let mort., $13,000,000, gold.J. oall at 105~1J8Dl.•.... o&r N. Y. Gas Etec. Light Btat d .rower-Bee CONSOL. GAS. N. Y. dHoboken Ferry Oo.-St-0ck ($4,000,000) . •......... Hob. Fer., let cone. M., red. 110 ($4,500,000) .1JsD1.<r N. Y. & N. J. Ferry, two morte. ($600,000 are let 4e) .. N. Y. & Hoboken Ferry, gen. mort., gold, $4,000,000.. N. l". Mutual Gas Light-Stock (bonds, see Cone. Gae)... N.Y.MutualTet.-Mut. Un.Tel. lstM.,g.,gu..,notdr'n.Cec l!ftM York d New Jersey Telephone-Stock, $15,000,000.. M. (now let) $1,500,000, g.,e.f.$20,000y'rly,notdr.A..c* N'iles•Bement-Ptmd Oo.-Stock, common, $5,000,000..... Pref. stock, 6 %, cum., $3,000,000, call in 1911 a.t 105.. Pratt,& Whitney, 6 p. c. cum. pf. stock, gu., red., text.. XorthAm.flnean--Stock,$17,000,000........ ........ .... Northw. Gas-L. ti Ooke-Consol. (now 1st) mort., gold.... Mortgage, $2,000,000, p:old.EC. .... .. . . .. ........... .. . Cicero Gae, letmortga.p:e.1'.IC •••.. . ..•.••... . .......... Do Gen.&rer.M ..1.$5,000,000,g.,gu.p.&i.EC.c* Ohio d Ind. Nat't d nlum. (;las-Stock, (1:Sonds see text).. Oti, Elevator-Stock, common, $6,500,000. .. . ... . . . .•••. Stock, preferred, 6 per cent, non-cum, $6,500,000...... Gold notes, due Jan. 1, yearly (see text)........... ..• . Pacific Ooast Oo.-Stock, common,$7,000,000 (see text). l8t preferred stock, $1,525,000, 5 p.c. non-cumulative. 2d pref. stock, $4,000,000, 4 p. c. non•cum. (see text).. let mortgage, $5,000,000, gold.1'Ia •.••....•••..•...•. c* iooi 1·s·9··6 1896 1898 issi i890 .••. ..•. .... .... 1895 1898 1892 1902 .... . ••. .... .•.. .••. . .•. i897 $100 $10,000,000 2 in 1903 A. & O. Oct.15,'03, 1% 500 &o. 11,580,000 4 g. F. & A. N. Y., U.S. M. & Tr. Co. Aug. 1, 1951 .••••• 1,000 Par. lntert.Bt. 1,000 100 1,000 100 100 •. .. .. 1 00 1,000 500 1,000 1,000 100 •.• • . . 10 0 •••••• 100 100 100 1,000 Outstand'g. Maturity, etc. Stock............. . . $100 . .•• .•••.• . $3,331,000 .•.••••..•.• ls:ro~JSt~Neo~~!·} 500, &c. 5g-Varioue. 10,000,000 Jan. 1, 1932 Debent'e, g , conv., t 1 000 6.g ·.-A,&O · $3,000,000 . .I.tip . 5 , 2,755,000 Apr, 1, 1910 Debentures, conv ., l & 6 $3,000,000. . .. ". 5 •••· •••• A. 0. 300,000 Oct. 1, 1911 Stock authorized by stockholders $9,500,000. Issued, $3,331.000, $6,000,000 being reserved for conversion of an equal amount of debenture11. The stockholders are to vote Oct. 24, 1903., on increasing the authorized stock from $9,500,000 to $10,500,tiOL>; or the new stock $900,000 ts to be issued to acquire the $140,000 Nta.~a.ra Junction Ry. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3,300,000 4,100,000 1.000,000 3,300,000 3,500,000 5,000,000 12,665,600 1,304,000 5,000.000 2,000,000 1,225,000 16,800000 250,000 1,202,000 500,000 1,770,000 9,000,000 6,~ 50,300 5,489,500 1,000,000 6,738,800 1,502,800 3,904,200 4,446,000 i:ooo 100 DIRECTORS.-Preeident, C. A. Starbuck, 66 Broadway; Vice-Prest., Daniel Magone; Secy. and Treas.. John C. Thompson; Aeet.-Treae., O. H. Chaffee, Fred. Flower, H. A. Ro~ere, J. C. Youn1t, Anthony N. Brady, Thomas C.Purdy and George B.Maeeey.-(V. 75, p.1358.) New York DockCo.-ORGANIZATION,-lncorporatedinN. Y.State on July 18 1901 as successor of the Brooklyn Wharf & Warehouse Co. lorecloeed' and' reor~anized per plan V. 72, p. 937. Possession taken Aug. 1, 1901. v. 73, p. 239. owns water frontage in Brooklyn ..fl'ontage of more than 214 miles," of which 157 feet leased. Official statement v. 73 p. 1355. Projected tunnel to N. Y, see v. 76 p. 483. ' ' _ ' STOCK AND Bmms.-Com. stock, $ •,000,r,.OOO; pref. 5 per oent non• cumulative, $10,000,000, all in shares of ;i;lOO each, .A.1ter 5 p. c. OD both stocks the two srocke to share equally. Of the bonds, $1,500,· 000 were 1n the treasury June 30, 1903. DIVIDBND8.-Dlv. on pref., 1 p.c., paid Oct.,1902; in '03, 2 p.c.(A&O). REPoBT,-Beport for year ending July 31, 1903, with balance sheet, 1n v. 771 p. 8221 showed: Grol!e earnings, $1,821,618; net over repairs, etc., $8u2,985; interest on bonds, $460,000; dividends (2 p. o.), $200,000; balance, surplus, $202,985. OFPICEBS.-Pree. David H. King Jr.; Vice-Pree., Columbus O'D. lee• lln; Seo., Edwin Thorne; Treas., George E. Spencer. Offloo, 8 & 10 Bridge St. (Manhattan). N. Y. Directors, V. 73, p. 141, 1114; V. 75, p. 1358.-(V. 75, p. 610, 1358; V. 76, p.483; V. 77, p. 773, 822.) New York & Ea11t River Ferry.-Ownsthe"Aetoria" Ferrybetween .Aetori&i L. I., and foot of 92d St., New York,andhaethree ferry boats. Oapita.1 stock, $750,000; dividends are payable Q.-M. DIVIDENDS.- l '95. '96. '97. '98. '99. '00. '01. '02. 1903. (Q·M) P. o. S 3 4 419 5 5 51t 6 6 Incl. Sep.,4¼ Bonde, $750,000 let 30-year gold 5s due Nov. lz.]922, int.ereet M.-N., at Kings Co. Trust Co. Directors-William .A. .l'lash. Theo. F. Jackson, H.K. Knapp, E. Lehman and Roswell Eldrldge.-(V. 71, p. 392.) New York & Ea11t River Gas Co.-SeeNEW .AM8TERDAMGA8 Co. New York & Hoboken Ferry Co.-lncorporated Nov. 10, 1898, under the laws of New Jersey as successor of the Hoboken Ferry Co .. o-perating from Barclay Street, Christopher St. and West 22d St. to Hoboken. V. 77, p. 454. In Apr., 1903, a controllin~ interest 1n the stock was acquired by the Del. Lack. & West. RR. V. 76, p. 923. BONDS-Of the $4,000,000 gen. 5s of 1898,. $700,000 were reserved for improvements; all are redeemable at llu on any interest day. DIVIDENDS-1 1899. 1900. 1901. 1902, 1903. Per cent .. . 5 1 4 4% 5 (1) June, 1901, to Dec., 1902, 114 p. c. quarterly.-(V. 77, p. 454.) N.Y.Mnw;.Ga• Llght.-SeeCon.Gas.N. Y.Mnt.Tel.-See p. 528· :New York & New Jersey Telephone.-Operatee telephone lines under pt1rpetual license from the Bell Company in Staten Island, Long Island (including Brooklyn), in New Jersey in counties of Bergen, Essex, Hudson, Mid cllesex, Monmouth, Morns,Paeeaic,Somerset, Sussex and Union. Total sti ti one on Jan. 1, '03, were 53,184 (of which 25,026 1D Lonp:JeJand), 42,130 in 1902,35.176in 1901 and 28,073in 1900. STOCK -Stockholders are otfered the right to subscribe at par for $1,252.000 stock, payable 50 p. c. Mar. 1, 25 p. c. June 30 and 25 p. c. Sept 30, 1904, raising the amount outstanding to $13,917,600. Real estate mortgages Jan. 1, 1903, $111,500. DIVIDENDS.- t 1892. 1893. 1894 to Jan., 1904, inclusive, Per Cent. 5 6 6 7% yearly (incl. 1% extra in Jan.) EARNINGB.-Report for year ending Dec. 31, 1902, was in V. 76, p. 592, ehowin~ gross'- $3,962,597; net, $1,139,14-0; interest, taxes, etc., ll166,3t O; dividena~ $707,628; balance, surplus, $265,162. In 1901, gross, $3,376,433.-( v. 75, p. 669; V. 76, p. 592,) N. Y. & Q.. Elec. Light & Power Co.-See page 628. New York Suburban Ga11.-8ee V. 68, p. 474; V. 70, p. 844. New York Telephone Co.-See page 528. New York & TeJi'.a• Land co.-See page 528. N. Y, Transportatlon~-See page 528. Niagara Falls Pow-er Company, The.-Organizedin 1886and Jlae authority by special acts of New York State to use the water of Niagara River and also to transmit any power, heat or light developed from such water to practically any point in New York State. It has 1,071 acres of land devoted to manufacturing sites for uee.r11 of itB electrical power. Tunnel first opened January 1, 1894. The 50,000 horse-power is now in use from wheel-pit and power-house No. 1. Wheel-pit aud power-house No. 2 are completed, and machinery is Ming tnetalle~ for a further developmen~ of 55,000 horse power, of whwh 30,000 lBDOW in use. Upon completion of installation of power• house No. 2 the company's capacity will be 105,000 electrical horse power and 8,000 hydraulic horse power on the American side. A plant on the Canadian side of 100,000 horse power is under con• struction first installation of 30,000 horse power is to tie completed in July, 190~. V. 72, p. 939; V. 73, p. 35. Customers, April, 1901, in V.72,p.678. . Securities. lll<>nas-.1:"rmui I INTEREST OR DIVIDENDS Date Size, or Am t · pal,When Due of Par Oute~~g Rate per When Where Payable, and by BtockB-La.si _ _ _ _ Bonde Value. Cent. Payable Whom. Dividend. lor explanation of oolnmn headings, &o., see notes on fll'et page of tables. [VOL. LXXVIII. 5in 1902 Q.-M. 5 M. & N. 4 & 5 .J. & J. 5 ~. J. & D. 9 in 1903 J. & J. 6 g. M. & N. 7in 1903 Q.-J.15 5 g. M:. & N . 8 in 1903 Q.-M. 6 in 1903 Q.-F. 6in 1903 Q.-F. 5in1904 Q.-M. 6 g. Q.-J. 5 g. Q.-M. 6 Q.-J. 5 g. J. & J. 2 in 1902 Q.-M See text. See text 6 Q.-J. 4 g. .•. . 5 in 1903 Q-F. 5 in 1903 Q.-F. 5in 1903 Q.-F. 5 g. J. & D. ....••.... Deo.1, '02.114 N. Y., Office D. L. & W. May 1, 1946 d.o do Jan. 1, 1946 do do May 1, 1946 Checks malled. Jan. 9, '04, 4% N. Y., West. Union Tel. May 1, 1911 Bklyn,81WfiloughbySt. Jan.15,'04, 2¼ N. Y., Atlantic Tr. Co. May 1, 1920 Checks ma.1led. Dec.19,'03,2% do do Nov.14,'03,1~ do do Nov 14,'03,l¼ N. Y., 30BroadStreet. Mar.1,'04, 1% Equtt. Tr. Co .• Chicago. Jan. 1, 1915 do do Deo. 1, 1928 Merch.L.&Tr.,Chicago July l, · 1922 Equit. Tr. Co., Chica.go. July 1, 1932 N. Y., Corn Exe. Bank. June 1, '02. 1% N. Y. Off., 17 Batty Pl. Apr 15, '03, 2 do do Jain.15,'04, 119 do do To 1908 N.Y.,Manhat. Trust Co. Feb. l, '04, 114 do do Feb. 1, '04, 114 do do Feb. l, '04, ii. do do June 1, 1946 preferred stock, the $421,200 Niagara Development Co. preferred and $113,498 non-intereet-bea.rin~ stock. · The first mortgage of 1891, $10,000,000, covers 1,071 !iCree in city of Nia.gara J!'alls, tunnels, franchisee, etc.; also the majority etook of the Cataract Power & Conduit Co;z. Buffalo, and the Tonawanda Power Co., North T(!nawanda, N. Y. uo11pon mort. bonds are $1,000 each; int. J & J; registered; $500 or multiples of $500; int. Q.·J, For the construction of power house and wheel-pit No. 2 with connecting tunnel ~ere authorized $3,000,000 deb,enturee, dated April 1, 1900, convertible into stock.$ for$, at holders option on or before April 1, 1908; of these, $2 755,000 were outstanding June 30, 1903. Stock• holders in July, 1001, subscribed at par to $2,700,000 new debentures, payable in instalments, to build plant on Canadian side, convertible at holder's option after Oct. 1, 1903, and before Oct. 1, 1908, into stock, $ for$. They will be secured by an equal amount of debentures of Canadian Niagara Power Co.-V. 73, p. 35. See V. 70, p. 689. EARNrNos.-Yea.r Pnding June 30, 1903, gross, $979,826; net, $804,· 781; other income, $42,581; fixed charges, taxes. etc., $698,255; tm· provemente and betterments, $33,528; bal., eur., $125,5', 9. President, D. O. Mille; let Vice-t>ree .• Edward A. Wickes; 2d V.-P. and Treas., William B. Rankine; Sec., Frederick L. Lovelace; Asst. Sec. and Asst. Treas.. W. Paxton Little. N. Y. office. 15 Broad St.-(V. 74., p. 1143, V. 75, p. 1034; V. 76, p. 1146; V. 77, p. 1229.) NUes•BeDlent•Pond Co.--OBGANIZATION.-lncorporated in New Jersey on Aug. 11, 1899, as a consolidation of the Ntles Tool Works Co. ,etc. Does much of the heavy machine trade of the country. V. 69, p. 388. In January, 1901, took over entire eommon stock ($1,525,000) of the Pratt & Whitney Co., guaranteeing 6 per cent on the latter's $1,225,000 preferred srock (subject to call in 1911 at par) provided that the guarantor earns same on its own stock. V. 71. p. 139; v. 70. p. 1253; v. 72, p 143. Stock, common, $(>,000,000; pref., 6 per cent cum. (subject to call in 1911 at 105), $3,000,000, of the latter $1,000,000 being uniesued. Div. on pref., Nov., 1899, to Nov., 1903, 119 p. c. quarterly, (Q.-F.) On common, Sept., 1901. 119 p. c.; Dec., 1¼ p. o.; 1901, 6 p. o. (Q.-M.); 1902, Mar., 119 p, c. and 1 p. c. extra, pa.id May 15; Sept., 2 p. o., Dec., 2 p. c.; in 1903, 8 p.c.(Q.-M.) Statement for year endiil.g Dec. 31, 1902, in V. 76, p. M4, showed: Net, $1,627,965; reserve for a.epreciation, $200,000; div. on pref. (6 p. c.), $253,500; on common (8 p. c.), $400,000; balance, sur., $774,465. Pree., R . C. McKinney; Treas., Chae. L. Cornell; Sec., E. M.C. Davie, 136 Liberty St., N. Y.-(V. 76, p. 544.) North American CoDlpany .-OBGANIZA.TION.--Organizedin 1890 under laws of New Jersey as successor to the Oregon & Trane-Conti• nental Co. Is interested in street railway and electric enterprises. In 1901 the stock was decreased from $40,000,000 to $12,000,000 by the issue of one share for each 313 shares. V. 73, p. 30; V. 76, p. 106. The stockholders voted on Mar. 23, 1903, to increase the stock from $12,000,000 ro $17,000,000 to pay for stock of the Laclede Gae Light Co. of St. Louis and increase the company's holdings tn the gas and elec. light business in St. Louie and elsewhere. V. 76, p. 545, 814, 923. DIVIDENDS.-ln 1903, 4 p. c; in 1904, 5 p . c., derived from interest and dividends received from permanent investment.a, 1B payable quarterly on March 1, June 1, Bepti. 1 and Dec. 1, 1904. REPORT, ETC.-Fiecal year ends May 31. Report for year 1902·03 at lengttl was in V. 76, p. 1361; V. 77, p. 35. Controls Milwaukee Electric Ra1lway & Light Co. (8Pe STREET RY. SUPP.); also the Cincinnati Newport & Covin~n Light & Traction Co. V. 72, v. 922, V. 74, p. 584, 1306 Union Electric Light & Power Oo., of St. Louie, V. 74, l>, 1256, 1306, v. 75, p. 345, 506, 1258, V. 77, p. 40, 774, and De· troit Erltson Co., V. 75, p. 983 . .Laclede Gae Light Co. of St. Louts. See V. 76, p. 1360, 1361. On May 31. 1903, owntid: Stocke, $14,563,· 688; bonds, $900,866; and its balance sheet showed loans payable, $847,121; accounts receivable, $861,59tl; cash, $718,168. In Oct., 1902, a syndicate, of which the North American Co. is a member, p~ chased the stock and bonds of the United States Shipbuilding Co., deposited as collateral for loans contracted by the underwriting syndicate. V. 75, p. 1090. DmEcro:aA.-Edwa.rdQ.KeaebeyiJohnI.Begge, C.W. Wetmore,M. W. Burt, Edwin M. Bulkley, Wm. Ne eon Cromwell, G. R. Sheldon, Edmund C. Converse, Henry C. Payne. Robert Bacon, Chae. F. Ptieter, Cha11• .A. Spotford. President, C. W. Wetmore; Vice-Pree., Charles .A. Spofford; 2nd Vice Pres., Wm F.White; Sec., Silas W.Burt; Treas .. (ieo. R. Sheldon, 30 Broad St.-(V. 76, p. 1352, 1360; V. 77, p. 35, 30J.) Northern Union Gas Co. (Ne·w York Clty.)-V. 65, p . 621. Northwestern Gas Ll~ht & Coke Co.-See page 528. North-western Telegraph.-Owne 8,000 miles of wire and le leased to Western Union for 99 years, which guarantees dividends at 6 per cent on $2,5001000 stock (par $50) and interest on let mol't. 7s, due Jan. 1, 1904, interest J. & J.-(V. 72, p. 143, 630,) Ohio & IndlanaConsol. Nat, & IllnDl. Gas.-8ee page 528. Omaha Water Co.-See page 528. Otl11 Elevator Co,-tncorporated Nov. 28, 1898. under the laws of New Jersey and took over about 13 plants comprising about 85 per cenli of the business. See V. 71, p. 545; V. 74,.p. 271; V, 75, p. 552. Stock $6,500,000 oommon; outstanding, $6,;:s50,300. Preferred outstanding (11ee table above), $4,499,800. The etooliholdere voted on Sep. 8, 1902, to increase the a11thortzed preferred stock from $-t,500,000 to $6,500,000; of the new stock $989,500wae sold to stock• holders pro rata at par for Improvements and working capital, the balance to remain for future purposes. V. 75, p. 345, 552, Dividends OD pref., July 15, 1899, to Jan., 1904, both inclW!lve, l¼p. c. quar. (6% per annum). First div. on common, 2 p. o., paid Apr., 15, 1903, from earnings of l 902; in Oct., 1903, a further dividend was de• ferred. V. 77, p. 953. Gold notes, $1.250.000, due $150,000 Jan, 1, 1n 1903 to 1905, $400,000 in 1906 and $200,000 in 1907 and 1908. I I 519 l.r DUSTRIAL STOCKS AND BONDS. JAN., 1904.] Bonds-Pr1no1· INTEREST OR DIVIDENDS. MISCELLANEOUS. pal, When Due. Dat.e Size, or Amount Par Outstanding Rat,e per When Where Payable, and by Btoclu-Li,i,~ For explanation of column headings, &o., see not.es on of Dividend. Whom. Cent. Payable Bonds Value. first page of tables. $100 $20,000,000 1902 500 &o. 1,500,000 3,805,000 1899 1,000 2,282,000 1870 1,000 100 16,500,000 i887 1,000 1,000,000 1,915,000 1892 1,000 1895 500 &o. 3,482,000 7,350,000 1902 1,000 540,000 1902 1,000 100 32,969,100 . . 2,100,000 500 i874 2,500,000 500 1874 4,900,000 1893 1,000 2,000,000 1885 1,000 1887 1,000 10,000,000 4,246,000 1886 1,000 500,000 1885 1,000 300,000 1885 1,000 2,500,000 1897 1.000 5,000,000 1897 1,000 200,000 1884 500 &o 250,000 1,000 .... 25 24,987,750 iS99 ...... 14,982,200 1896 100 &o. 1,994,300 1.000 11,266.700 1R98 Pacific Mail Steams/tip-Stock ............................ _ . .•. Pac. Pack tt Na11.-Deb. (V.74,p. 1143) g., s. f., red text.. _ Paterson cl Pas,aic GaB tt Elee.-Cons. M., $5,000,000, g. Pennsyl-,,ania Oanat-Gen. M., $5,000,000, int. guar... o* PenntfYt11. Steel Oo.-Pf. stock, 7%. non·onm., $25,000,000 Old Penna. St.eel 1st M., our .GP ............ -····· ...... r Maryland Steel 1st mortgage, currency.GP ........... r Penn. Steel Co., Consol. mort., $7,000,000, gold.GP o* Collat. trust loan Cornwall propertie, s. f., red text. .... Ma.ryl'd Steeloartr. bonds,g ,$60,000dneyrly,oall105 People's Gas Light tt Ooke (OhicagoJ-Stook, $35,000,000 People's Gas Light & Coke 1st mortgage, gold,$ & £ .. c . .. _.....................•............ c 2d mortgage.. 1st oonsol. mort. for $10,000,000gold.Ce. -••·········*c Equitable Gas Light & Fuel let mortgage Ce ........ . ow Chicago Gas Light & Coke 1st mortgage, g.(FP) ...... o Oon1umers' Gas 1st mort., gold. See V. 66, p. 472.Ceo Illinois L. H. & Power let mortgage ...•.•.............. o Lake Gas & Light 1st m~rtgage1. gold ........•.....•• *IC P. G. L. & C.-RefundingM, $40,000,000tg.F •.. o &r Hutu al Fuel Gas 1st mort., $:>,000,000, gola., assume.I. Hyde Pa.rk Gas, 1st mortgage, assumed.Ce ..•......••. Calumet Gas Co.let mortgage, assumed ................ . PAila. Electrie-Stook, $7 50 per share paid in (see t.ext) Phlla. Eleo. Trust Ctfs., gofd, $17,500,000 (see text) .. . Edison Eleo. Trust Ctfs., gold (Ed. stk. as coll.) ......... . Old Phila. :Eleo. Tr. Ctfs. (Penn. H. L. & P. fltol'lk afl ool.) II 3 in 1899 J. & D. 5 g. A. & 0. 5 g. M. & 8. .J. & J. 6 7 in 1903 M. & N. M. & N. 5 F. & A. 5 6 g. M. & S. 5 g. A. & 0. 5 g. J. & J. 6in 1903 Q.-F. 6 g. M. & N. 6 g. J. & D. 6 g. A. & 0. 6 g. J. & J. 5 g. J. & J. 5 g. J. & D. M. & N, 7 6 g. J. & J. 5 g. M. & 8. 5 g. M. & N. M. & 8. 6 6 fl. .T. & .T. 5 ln 1903 J. & D. 4 g. J. & .J. 5 g. A. & O. 5 fl. A. & 0. N. Y. Mercantile Trust. . . . . . . . .. N.Y., First N. Bk.& Pat. Phlla.,BroadSt. Station Checks malled. Philadelphia Office. · do do Girard Trust Co., Phlla. Philadelphia. Girard Trust uo., Phila N. Y., Central Tr. Co. N. Y., Cent. Tr. & Chic. N. Y., Cent. Tr. & Chic. N. Y., Central Trust Co. N. Y., Cent'l Tr. & Chio. do do N. Y., Central Tr. & ChChicago, Chic. Nat. Bk. Ill. Tr. & Sav. Bk., Chio. New York. N. Y., Cent. Tr. & Chic. First Nat. Bk. Chica.go. Chicago Eq. Trust Co. Checks ma.Ued. Land Title & Tr., PMla. CityTr.,8.D.&8.Co.,Ph. LandTit.&Tr.Co .. Phlla. Dec. I, '99, lls Aug. 1, 1922 Moh. 1, 'U~4'9 July 1, 1910 Nov. 1, '03, 319 Nov. 1, 1917 Feb. 1, 1922 Sept. 1, 1925 Oct. 1, 1932 July 1, '04·'12 Nov.25/03,119 Nov. J., 1904. Deo. 1; 1904 Apr. 1, 1943 July 1, 1905 July 1, 193'Z Dec. 1, 1936 Nov. 1, 1915 July 1, 1915 Sept. 1, 1947 Nov. 1, 1947 Sept. 1, 1904. Jnly 1, 1917 Deo.15.'0S, 219 Oct., 1P49 Aft. Apr.,1946 Aor. 1. 1948 Of the coll. trm,t 5 ,P o. bonds trust 5s of 1902, not lee~ than $100,000 Report for year ending Deo. 31,1902, with balance sheet, in V. 76, p. 6511 showed net earnings over interest and renewals, $978,41 0; div. on nor more than $500,000 may be \)ailed, at 105, at any interest period; prer. (6 p. o,), $284,829; div. on common (2 p. "·) $127,006; charged in addition a sinking fund of 50 cents l)er ton of ore mined ls to be off' for depreciation, $266,575; bal., surplus, added to working capital, similarly applied; if the sink. fund ls not sufficient to redeem $150,000 the company must meet deficiency. V. 74, p. 1312. $300,000. Office, 17 Battery Place, N. Y.-(V. 77, p. 953.) REPORT for calendar year 1902, in V. 76, P - 917, showed: Earnings Pacl:flc Coa8t Oom.pany.-This company controls the Pacific of operating companies over charges and depreofatton, $2,473,532, and stock) capital Coast St.eamship Company (owning its entire operat.es five st.eamship lines running between San Francisco, against $2,161,507 in 1901; dividends (paid to Penn. Co), $1,177,500, Portland, Victoria, Sitka, Fort Bragg, San Diego, &o. Also owns all the bal., $1,296,032; total receipts of Penn. Co., $1,212,336; bal., deficit, seourities of the Columbia & Puget Bound RR. (now standard gauge), under expenses ($28,937) and 7 per cent div. on pref. (including 319% Seattle to Franklin, etc., with sidings, 57 miles, and its New Castle paid May, 1903), $ L8,531; combined surplus of operatinfl and holding mine; the Paoitlo Coast Ry. (narrow gauge), Port Harford, Cal., to Los oompames, $1,2':' 7,501. Business Sept., 1903. V. 77, p. 773 . Directors, Olivos, 80 miles. Operates Franklin Coal Co. owning Franklin mine, Oct. 1901, V. 73, p. 1355.-(V. 75, p . 345, 397, 552; V. 76, p. 91 '7, with 3,050 a.ores ooa.llands at Franklin a.nd2,083 acres at New Castle. 923; V. 77,p. 773, 1229, 2038.) People'8 Gas Ll:?,'ht & Coke (Ohlcago).-An absolute oonsoll• HISTORY.-Sucoessor on Dec. 1, 1897, to the Oregon Improvement Co., sold in foreclosure and reorganized p. plan in V. 65, p. 412, 463. dation on Aug. 2, 1897, of the companies forming the old Chica.go Gu 64.i.p.1088; V. 65,p. 235. Mu~al Fuel was purchased in Trust.-V. 1900toAug., 1902. Since. 1899. 1898. DIVIDENDS-1 1 ~-F (4% per an.) l¼ quar. November, li:s97, and ea.rlf in 1898 oonsolidat.ed, as was also the Hyde 2 2 Com., peT ct.. the Peoples Gas•Light & Coke Co. The, Universal Ga.e with Co.t Park 114 -F (5% per an.) 114 quar. 41., 5 let pref., p. o. 1 . -F (4% per an.) 114 quar, Co. (stoox, $1,500,000) is controlled in the company s interest.-V. 313 4 2d pref., p. o.. 67, p.179; V. 68, p. 474. On Nov. I, 1900, made a contract to purAft.er4p o ou2ndpreferredandoommon thesestooksshareequally · chase tbe property of the Ogden Gas Co. for $7,000,000, at the ex• ' • • LA.TEST EARNS.-5 mos . l 1903.... . Gross, $2,666,543; net, $556,521 viration of the latt.er's franchise on Mar. 4, 1945. - V. 72, p. 91, 2U, 51P02.... _Gross, 2,508,477; net, 506,043 630, 779; V. 74, p, g9, 155. As to Indiana. Oil & Gas Co.• see V. 67, p. July 1 to Nov. 30. REPORT.-Report for year ending June 30, 1903, at lenp:th in V. 77, 690; V. 68, p. 825, 1182; V . 71, p, 33, 1123. As to Northwest.ern Gas p. 1291, 1306, showed gross of steamships and colliers, $3,598,959; net Light & Coke Co., see that co. above. PROPERTY.-ln service January, 1902: Street mains 1,796 mlle1; $517,345; rail lines, gross, $649,947; net, $J15,388; coal department, meters, 323,089; public lamps, 24,IHl. See V. 66, p. 382. eto., gross, $1,357,846; net, $379,244. Detailed results were: In June, 1901, a settlement was reached with the city on the baste Gross earnings ...•.... . $5,606,7541' Interest on bonds ..•..••. $222,300 Op.expenses and taxes. 4,394,775 Depreciation, etc. . ....... 39,610 of the latter receiving on account of its percentage of the gross reDiv. on 1st pref. (5%).. .. 76,250 oelpts (viz., 3¼? p. o. from llluminatmg aud 5 p. o. from fuel gas) free Net earnings .....•.... $1,211,977 Div. on 2d pref. (5%g) .•... 200,000 gas for 25,000 street lamps (this service to be valued at $350,000) and 44,378 Div. on common (5!v) .... 350,000 for these lamps Welsbach burners (v11,lued at $25,000), these to be lnt.erest and discount.. · - - - maintained by the city; any surplus in the percentage above $375,· ---Balance, surplus ..••••. $368,187 000 to be paid in ca.sh. The contract forbids the city to attack theoom• Total net Income ...•. $1,256,356 pany's franchise, but reserves to it the right to continue the Ogden For year 1901·02 gross $5 074 207· net $1 088 692 gas and 75-oent-gas suits. See V. 72, p. 1283, 1087; V. 74, p. 155; V. · ' ' ' ' ' ' ' ' OFFICERS, ETo.--Chairman of the board and Pres., H. W. Cannon; 75, p. 246,669. In Oct., 1903, the oonstitutfanaltty of the Oonsolidalst Vtoe•Pres.. J.C. Ford_; Treas.,John Kean; 2d V.· P. and Seo., W. M. tton Aot ot 1897 was upheld. v. 73, p. 349; V. 77, p. 1536, 2343. Barnum; Asst. Treas., Clifford C. Fay. Executive Committee: H~nry In Jan., 1904, the lower court deoidea. that the 75•oen~gas ordinance W. Cannon, E. H. Harriman, Daniel 8. Lamont, T. Jetferson Coohdge was illegal Broox.-In Sept., 1901 , stookholders.subsoribed to $4,300,300 stock, Jr.,and GrantB. Bohley. N.Y.ottioe 10 Wall St.-(V.77,p. 1291,1306.) Pacific Mall Steam8hlp.-In Nov., 1900, the Southern Pao1tlo raising the amount outstanding to $32,969,100. V. 73, p. ~96. •os •1}3 •94 •95 '96 '97 to N DIVS _} , 89 , 90 , 91 , 92 Co. acquired $10,005,000 of the stock. V. 71, p. 1015. In June, 1902, ov., , • · · · · · · · marte three year a.e;reelllent with Panama, RR V. 74, p.125.'.>. In Mar., 2½3 1½3 6 Y rly(l ¼Q·F> 3 514 4¼l(l¼lso.) 6 3 1903 purchased two steamships for abont $3,000,o00. v. 76, p. 708. Per cent. 4 BONDS, Erc.--Of the $40,000,000 issue of 1897 $26,546,000 bond1 DIVIDENIJS.-No dividends from 1887 until Deo., 1896, when 1 p. o. wa.s paid; in '97. 2p.o.; in '98,2½p.o.; in '99,June,l½p.o.; Deo.,l½p.o. were reserved to retire prior bonds. The balance may be issued tor property, improvements or betterments. V. 65, p. 572. additional 331. p. 70, V. etc. vessels, new in invested being surplus none since, REPORT-Report for year ending Dec. 31, 1902, in V. 76, p. 380. REPOBT.-Report tor 1902-03 in V. 'i7, p. 248. 1900. 1901. 1902 YEARS ENDING DEC. 31 1900. 1901. 190~. Year ending Apr. 30. 1903. $9,090,337 $9,663,476 81ieamships . ..•....... $2,677,913 $1,883,413 $2,868,969 $3,509,840 Gross income ... _......... $11,058,413 $4,642,550 $4,871,305 12,282 Net over oper exp . ...... $5,145,202 13,878 8,640 14,510 Subsidies.............. 1,857,300 1,857,300 1,857,300 195,498 Interest on bonds........ 188,319 137,293 135,083 Miscellaneous........ 584,175 611,836 630,586 Depreciation............. Total earnings ••. ,$2,827,506 $2.l029,346 $3,071,166 $3,817,620 $2,201,075 $2,402,169 $2,657,316 Balance for stock.... $830,189 $167,821 $8,280 d.t.ipa07,935 Net ea.rnings.......... $1,720,128 $1,784,633 $1,978,146 Dividends, 6p. o........ Dtvidends (3 p. o.) 1n 1899-00, $600,000; ba.L, sur.• $230,189. OFFICERS.-Chatrmanof Board, C. K. G. Billings; President, Geo. o. E. H .Ha.rriman, President; Alex. Milla.r, Seo., 120 Broadway, N. Y. Knapp; V.·P., A. N . Brady, 2d V.·P., Walton ~erguson; 3d V.·~ C. K., V. 76, p. 708, 1190; V. 77, p. p. 248.} Wooster; Treas., W. s. MoOrea.: Seo., L.A. Wilev. Otfloe. 54 wall Bt. c -s ti I •· N kl P N. Y.-(V. 75, p. 246, 669; v. 76, p. aso, 1089; V. 77, p. 1536, 2343.) ee page 528 • a-v ~a on ac1ft c P ac ng Philadelphia Oom.pany .-See Pittsburg, in STREET RY. SUP. Paterson & Pa88alc Ga8 & Electric Oo.-8ee8TBEET RY. SUPP. Philadelphia Electric Oo.-Bee page 528 Penn8ylvanla MCg. Light & t>ower.-See PHILADELPHIA. ELE0. Pennsylvania Steel Co.-Chartered in New Jersey on Apr. 29, Pittsbur~ Coal Co.-See page 528. $6,500,· entire almost 91, 46, 1901, and acquired per plan in V. 72, p. Planter8' Com.pre88 Co.-See page 529. 000 stock of Penn. company of same name and entire stock of Mary• Pocahonta 8 Coal & Coke.-See Norfolk & West.em Ry. land Steel Co. Thus controls plants at St.eelton, Pa:.z a.nd Sparrows Point. Md., including blast furnaces, annual capacity ·150,000 tons pig Pope ltiannf'act.urlo~ Co.-ORGANIZATION.- ln~orporated in iron: two Bessemer plants, capacity 800,000 tons, and one open•hearth plant, capacity 250,000 tons of tnp;ots; two rail mills, capacity 640,000 New .Jersey tu Feb., 1903, as successor per plan in V. 75, p. 1401, and 76, p. 267, of the American Bicycle Co., which acquired concerns V. p. , v. plant (new plant bridge-building a and tons, a, shipbuilding 77 773), a oomplet.e frOfl and switch building plant, etc., etc. Owns entire mentioned in V. 69. p. 177, 493, including Pope Mfg. Co. (Columbia. BlcyolP), Craw.ford Mlg. Co.. West'n Wheel Works, Automobile & Cycle $150,000 stock of Balt. & Sparrows Point RR. Owns the entire $2,400,000 stock o.t the Spanlsh•Amerioan Iron Co., Parts Co. IV. 72, p. 284, 537), etc. See application to list, v. 72, p. !!hipping from 400,000 to 500,000 tons of ore annually. and owning 536, and V. 73, p. 782, 1358, plan V. 75, p. 1401. In Oct.. 1903, com• a.bont 5,000 a.ores or land near Santiago, Cuba (V. 62 , p. 776 ; v. 71 , p. plete possessh1n was about to be taken. V. 77, p. 352,454. SrooK.-Common atook, $10,000,000); 1st pref, 6 p. c. cum. (subject 393; V 76. p. 917; V. 77, p. 1229). In 1901-02, purchased a 4096 interest in the Cornwall Ore Banks Co., to call at 110). $2,500,000; 2d 5 p. o. pref. cum. after Feb. 1, 1905, Lebanon Co., Pa., the Lebanon Furnaces, Lebanon, Pa., and $540,000 of $10,000,000; par of shares, $100 each. Stock is to be held in a voting the $800,000 stock of the Cornwall & Lebanon RR., and issued $7,500,· trust for 5 years. OFFICERS. - President, Albert A. Pope; 1st Vice PrAsident, Albert L. 000 30-year 5 per cent collateral trust bond11 of The Penn. ::it.eel Co. (of Penn.). V. 75, p. 345, 397; V. 72, p. 1241, 1283; V. 73, p. 1364; Pope; Treasurer, Georee Pope; Secretary, Paul Walton. Office, 21 V. 74, p. 1312. Olflclal statement or securities owned, properties, Park Row, N. Y. (V. 77, p. 150, 3 52, 454.) 8 h O bl al T 1 P r,t~., V. 73, p . 13 ~5 • a e.- ee COMMERCIAL CABLE Co. e egrap Ol!lt In 1902 Maryl&nd Steel Co. issued $600,000 oar trusts. v. 7 4, p. 1812. PreHed St,,el Car Co.-OBGANIZATION.-Inoorporated in N. J. In June, 1901, control was acquired by the Pennsylvania RR. and affiliated roads by purchase of $10,000,000 each of common and pre• on Jan. 13, 1899; a. consolidation of plants at Joliet, Ill., and Pittsburg, Pa.. Prospectus in V. 68, p. 188, 131. Capacity of the works · ferred stock. V. 72, p. 678. STO0K.-Commou stock authorized, $25,000,000; outstanding, $10·, about 120 oars a day of largest size. Competition, V. 73, p. 1316· V. 74, p. 580. Leases plant at Hegewisoh, Ill.; oapaoity 50 wooden 750.000 (par $100). Preferred, see table aoove. V. 72, p. 1241. DIVIDENDS.-Dividends on pref. stock sinoerecapttallzation, 8¼ p. o., oars dally. V. 74, p. 991,835,729. BoNDs.-The first mortgage gold bonds are subject to call in whole or pa.id Nov. 1. 1901; in 1902 and 1903, 7 p. o. yearly (paid M. & N.) BoNDs.-Oonsolidated join& mortgageooverstheplautsatSteelton,Pa.., part at par and Interest on any interest day. v. 72, p. 343; v. 74, p. Series due Feb. 1, 1904, was called for and payment mMle on 203. Ma,rythe of stock $1,000,000 the of all and Md., Point, and Sparrows land 8teel Co.; $3,000,000 a.re reserved to retire the prior liens. Car Feb. 1, 1908. v. 75, p. 1305. There are also $75,000 purchase iuoney of 1902, Int. at 4 p. o., payable J. & D. bonds 579. p. 72, V. $175,000. truat not.es Dec. 31, 1903, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ____ I °• 520 INDUSTRIAL STOCKS AND BONDS. MISCELLANEOUS. For explanation of oolumn hea.dings, &o., see notes on first page of tables. Pittsburg Ooai--Common stook, $32,000,000 .••••.....•. [VOL. LXXVIII. INTEREST OR DIVIDENDS. Bonas-Pr1nc1• Date Size, or Amount pal, When Due. of Par Outstanding Rate per When Where Payable, and by Stocks-La.st Bonds Value. Cent. Payable Whom. Dividend. --· ,r.:.:j_ ·--· $100 $30,308,200 Preferred stock, 7 per cent, oumula.tive, $32,000,000 .. 100 29,701,200 se·e·te~t Checks mailed. Mort11;a.ge, gold, payable pa.rt yearly ...•••. ..••••.••.... . i902 25,000 5,400,000 5 g. Q.-F. Pittsburg, Pa.. (!I 1st & coll.tr.M.,$25,000,000,g.,red.110 Jan.,s.f.UPi 1904. J. & J. do do 12,500,000 5 in ~9f;3 Q.-F. Pressed steei Oar Oo.-Stock, common, $12,500,000 ..•••. . Farmers' Bk. Build·} 100 12,500,000 7 Q.-F. Pref. stock (as to assets), 7 p.o., non•cum., $12,500,000 1n~, Pittsburg, Pa. 235,000 4 do do M0Kee'9 Rocks purchase money mortga~e- ............ 5 g. F.····· 3,500,000 & A. N. Y., Morton Trust Co. 1st M., gold notes, red., due $500,000 y'r y, Feb.1'Io.c* i9oi 100 5,250,000 See text. Q.-F.IJ Oinctnna.ti,O.,Co. Office. !Procter fl Gambie.-Common stook, $6,000,000 ...•....... do do · 100 2,250,000 8 in 1903 Q.-J.r.5 Pref. stock (8 p.o., cum.). See terms in ed.May,'93,SuP. 100 74,000,000 8 in 1903 Q.-M. N. Y., Farm. L. & Tr. Co. Pul,_~ma,n Oomp~ny-Stock, $74,000,000 ..•••••.••••..•.••. 100 4,291,300 N. Y., Of., 20 Nassau St. i:icksilver Mining-Preferred stock, 7 c., not cum •.••. ··-··· ailtcdy Steel Spring Oo.- Common, $1 ,500,000 ......... .... 100 13,500,000 Preferred, 7 per cent, cum., $13,500,000 ................ 100 13,500,000 1 in.i9o3 Q:.:M. N. Y.,Metrop."TrustCo. 100 27,191,000 B~blic Iron fl Steel-Common stock, $30,000,000 ...... 100 20,416,900 7iii.ioo3 Q~·'.j_ General Office, Chicago. eferred, 7 per cent, ~•.nnulative, $25,000,000 ......... /loyal Bak'g Powder-Pref. stock, $10,000,000, 6<1t, cum. .... 100 10,000,000 Q.-M. Checks malled. 6 Rubber Goods Manufactvring-Oom. stock, $25,000 000. . 100 16,941,700 See text. Q.-J.15 Checks malled. Pref. stock, 7 p. o. cum., $25,000,000 (bonds, see text). .... 100 8,051,4.00 7 inl903 Q.-M.15 do do Safety Oar Heating fl Lighting-Stock ($'i,000,000) .• ·••• 4,849,600 See text. Q.-.J. By check. 100 Binger ,sewing Machine) Manufac'g-Stock, $30,000,000 . 30,000,000 7 in 1901 Q-M. -Sloas-Sheffield Steel fl Iron-Common stock, $10,000,000. 7,500,000 100 N. Y. GuaranVi Tr. Co. Preferred stock, 7 per cent, non•cum., $10,000,000 .... 100 6,700,000 7in.i903 2,000,000 6 g. F. & A. N. Y., Central rust Co. Sloss Iron & Steel Oo. 1st mortgage, gold.00 ............ 2,000,000 General mortgage, p:old, subject to call a.t par.Co .••. 1899 do do 412g. A. & 0. Standard, MtUing-Stook (preferred, 5% non-cum.) ....••. 6,900,000 .•... .......... First mortgage, gold. $6,250,000 Mp .... . ............ c* i900 3,492,000 5 ~- M. & N. N. Y., Metropol. Tr. C<• -- . ··ioo ·--· i· ---· ·--· ! i:ooo ·--· ---· ----· --.... ---· --· --· .... .......... --- . iss, ----------i:ooo DIVIDENDS.-On pref.: to Nov.. 1903, 12'& p. o. quarterly. On com• mon, 1900, 6 p. c.; 1901, 4 p. c .; 1902 (Q.·F.), 4 p. o.; in 1903, 5 p. c., including 1 p. c. extra (paid Q.-F.). ' LA.TEST EABNINGS.-For 9 mos. ending Sept. so, 1903, net, $2,644,· 167, agst. $3,304,738 1n 1902: int., $14.2,3t14; depreciation, $225,000; div. on pref. (514 p. o.,) $6513,250; bal. for oommon stock, $1,620,523. REPORT.-Report for year ending Deo, 31, 1902, with be.I. sheet, was In V. 76, p. 264,433, showing net earnings, $4,758,114; depreciation, $300,000; div. on pref. (7 p. o.), $875,000; div. on common (4 p. o.), $600,000; balance, sur., $2,903,114. ln 1901 net earns., $1,927,925. President, F. N. Hoffstot. N. Y. Office, 24 Broad St. New directors, ~an., 1903, V. 74, p. 215; V. 76, p. 269.-(V. 77, p. 206, 301, 153e.) Procter & G.unble Co.-Formed in 1890 under laws of New Jersey to oarry on soap, oandle, oils and glycerine business. In 1900-1 Rtook was increa.11ed and bond!!! pa.id off: V.71, p. 713. 817. 915. Voted May 28, 1902, to increase the common stock from $4,500,000 to $6,000,000; of the new stock $750.000 was subscribed f(lr in 1902 and the remaining $750,000 by stockholders pro rata at $150 per share, the latter being issuable Feb. 15, 1904, but not entitled to dividends until April 30, 1904. V. 74. p. 991, 1200; V. 77, p. 2038. In 1903 'Was building a new plant in Kansas City to cost about ltJl,000,000. V. 76, p.1196. DlVIDENDS-} 1891. 1892 to 1897 incl. '98to '00. 1901 to Feb.,'04.. -On oommon ... { 8 12 per oent. 20 y'rly. *12 yearly (Q. ·F.) "Also extra dividend of 14.27 p. c paid Jan. 2, 1904. V. 77, p. 2038. Onpf. in foll to Jan., '04,inol. Office, Cincinnati. (V. ?7, p. 2038.) (The) Pnllm.an Co.-On Jan. 1, 1900, the Wagner Pa.lace Car Co. sold its assets to The Pullman Company, representatives of the Van• derbllts entering the board of directors of the latter oompa.ny, the stook being increased from $54,000.000 to $74,000,000, to retire the Wagner Company's $20,000,000 stock. See V. 69, p. 854; V. 70, p. 40. Real estate not used in ma.nufactur.ing business must be sold on or ·before Feb. 18, 1904. V. 77, p. 12 ,.3 . · CASH DIVIDENDS, - ? 1877·80. '81·83, '84·98, 199. 1900-03. 1904 Sinoe 1877-P. ot. ( 8 yrly. 919 y'ly. 8 yrly. 619 8 yrly. Feb., 2 In 1898 pa.tu an extra cash dividend of 20 per oent and stock dtvi· ,dend of 50p. o. to distribute surplus assets. V. 67, p. 75,789,840,902. REPORT.-Report for 1902-03 was in V. 77, p. 1293. Years ending July 31. 1903. 1902. UlOl. Earns. from cars, mfg. profits, &o .$23,120, 713 $20,597,903 $17,996,782 Operating expenses ........••..••. $10,389 .460 $9,317,584 $7,378,199 Depreciation on oars. eto.. . . . .•.• 2,739,314 1,908,903 1,485,602 Paid other sleeping oar ass'ns.... 574,252 435,742 346,760 Dividends on capital stoo)[....... 5 ,919,968 5,919,924 5,919,886 ,,r.:.:j, se·e·teit. Feb., 1904-'08' Jan. 1 1954 Nov.30,103,114 Nov.25,'03,ll\,. 1909 1905to 1911 Feb. 15, '04, 3 Jan.15,'0!l, 29. Feb.15,'04, 2~ Ma.y8,'03,19 Dec· 21,ios, ll\,. Oct: i·: ;oa: 1-., uec.31,'03, 119 July 15,'0l,1% Deo.15;'03, Deo.23.'03, 4% June30,'02,1-., 1-., ;o4: Jan. 2, 12'& Feb. 1, 1920 Apr. 1, 1918 Apr.10.'03,1% Npv. 1, 1930 Rubber Goods Manufacturing Co.-ORGANIZATION.-Inoorpora.ted in New Jersey on Jan. 26, 1899, and acquired 99~ per oent of the stock of the Mechanical Rubber Co., 75 per cent of the stook ot Morgan & Wright, Chioago, Ill.; the entire capita.I stocks of the Peerless Rubber Mfg. Co. of N. Y. and of the India Rubbt>-r Co.of Akron, o., and the entire stocks of Sawyer Belting Co., Hartford Rubber Works Co., Indiana.polis Rubber Co. and Peoria Rubber & Mfg. Co. V. 68, p. 189. See official statement in V. 68, p. 872. V. 68, p. 774; V. 71, p.,s1r5. In Feb., 1900, acquired capital stock of Am. Dunlon Tire Co. D1vmENDS.-On pref., June, 1899, to Dec., 1903, 7 p. o. per annum (12'&% Q.-M.) On common, 1900, 2 p. c.; 1901, 2 p. c. BoNDs.-The bonded debt o:f oompantes oontrolled consists of: $8H,500 Mechanical Rubber Co. 1st sinkinll' fund gold 6s, due Jan.1, 1918; f.t36 .1 fo N Y. Belting & Packing 1st mort. sink. fund deb. 6s, due Jan.1, 1918, to call at 110. REPORT.-Net earnings for calendar year 1903 were "at least $2,000,000," equal to 7 p. c. on pref. 1md 8 p. o. on common stock. Report for lf> mos. ~nding Mar. 31, 1903, 1n V. 76. p !:!63, showed: Net income, $933,860; pref. <tlv'ds (8¾ p. o.) $704,497; ba.l. sur., $229,363. OFFICERS.-President, Charles H. Dale; Vice-Pres., Talbot J. Taylor; 2d Vloe•Pres., Ernest Hoi,kinson; Treas., James B. Taylor; Seoy., Harry Keene. Gen. office, 15 Exchange Plar•e, Jersey City, N. J. Di. rectors,April, 1903, V. 76, p. 8H.-(V. 76, p. 8ff3, 869 V. 77,p. 2283.) Sat'ety Car Heating & Llo-htlng.-ORGANIZATION.-Incorporated in 1887 in New Jersey. Manufactures "Pintsch" light apparatus, which Mar. 1, 1903, was in use on 20,326 cars in the United Sta.tea. DIVID'DS-? 1893-97, 189~·00, '01. '02. 1903. 190(. Oa.sh·(p. c.) .. S 6 yrly. 8 yrly. 11 9 12 & lOstk Ja.n,,4 (pd. Dec.) RgPoRT-Yea.r ending Dec,31, 1902,comhined netearnings of Safety and Pintscb cos.wers $9 !+3,901:!; divs. on Safety Co. stock 110 per cent), $491,7~4; dividends on Pintsch Co. stock, &c., $98,100; bal., sur., $40!,024. Pres. twbert Andrews. Directors include: Robert Andrews, R. M. Dixon, Wm. Barbour, A. C. Soper, Wm. A. Read, J, E. Fren:oh,. 0. C. Gayley, P. B. Wyckoff", E. M. Bulkley and Geo. F. Bakor Jr Ma.in Ottlf'e, 160 B'way, N .Y.-(V. 74, p. 10n, 108'7; v. 76, p. 48,J. Singer (Sewlno- Machine) Mfg. Co.-ORGANIZATION.-[noor · poratea 1n 1873 in New Jersey under special aot. Plants are located a.t Elizabeth, N. J., and Kilbowie, near Glasgow, In Deo., 1902, the Mue· conetco 11g Iron Works at Netcong, N. J., were purchasAd and a, mod· ern furnace, and foundry will be erected. V. 75, p. 1308. Stock, $30,000,000, having been increased in Dec., 1900, by 200 per cent stook dividend, capitalizing surplus. V. 71,_p. 1224, 1273. Cash dividendll.l as reported, were: In 1898, 30 p. o.; m 1899, 100 p. c.; in 1900, 2u p. o. Dividends on stock as increased 1901 to Jun, , 1S02, inoL, 7 p. o. yearly (pald Q.-M.) Offloe, 149 Broadway, New York. -<V. 75, p.1308.) Bet surplus for year ....... . ... . . $3,497,720 $3,015,750 $2,866,335 Total surplus July 31, 1903, $14,275,749. Sloss•She:ffleld Steel & Iron Co.-ORG.A.NIZATION.-Incorpor• Pres., Robert T_. Lincoln. Chic. N. Y .• 15 Broad St.-(V. 77. p. 2038.) ated in New Jersey and in Nov., 1899, acquired several prop(l,ulcksllver Mlnlng.-See SUPP. of Oot.• 1897; V, 72, p. 1241. erties or stock representing the same. See prospectus, V. 69, p. 286; V. 70, p. 1099; V. 71, p. 185,.5~; V. 72, p 779; V . 76. p. 659 Stock,$2,· quincy lUlnlng.-V. 74, p. 376; V. 76, p. 216, 592. 500,000common and $3,300,000 pref. was reserved for a steel plant Railway Steel !lliprlng Oo.-Incorporated in New Jersey on Feb. and ~ture requlrements. f3ee listing, V. 70, p 1200, showing proper• '25, 1902, as a. oonsolidation. V. 74, p. 382, 482. Official statement, ties, rights of preferred shares, bala.noe sheet, etc.; also V. 72, p. 774. V. 74, p. 984. In June, 1902, purchased the Steel•Ttred Wheel Co . Dividends on preferred, April, 1900, to Jan. 1904, 7 p . c. yearly iBSuing $3,500,0ClO each of common and preferred stook therefor. (Q. -J.) Earnin11;s for 12 mos., ending Nov. 30, 1903 (partly estimated), V. 66, p. 185; V. 72, p. 444; V. 74, p. 1041, 1200; V. 75, p. 80. Total net, $1,8 ... 7,722, agst. $1,33i-,391; Int. and taxes, $240.000; ruv. on pref., oa.pa.otty of all plants acquired, 135,750 tons annually. $ 456,000: bal., sur., $1,191,722. Report for year ending Nov. 30, 1902, Dividends on pref., l¾ p. o. quarterly, pa.id June, 1902, to Dec., given at 1 n~th in V. 76, p. 6 .'52, 659, showed net !above depecia\l.on, 1903. both inct. No bonds. Aggregate net earnin~s in 1901 of prop- etc., $1.338,391: bond interest, $210,000; dtv. on vret., 7 p. c., $<t69,· erties oonsoltdated, $1,762,081; in 1900, $1,556,967. Ba.la.nee shett 000; sur. for year, $659,391. Total surplus Nov. 30, 1903, $2,326,112. Dec. 31, l902, V. 76. p. 651. President, J.E. French; Seo., M. B. Par• Pres., J. C. Maben; Sec. and Treasurer, E L. Morris, Birmingham, ker; Treas., James C B• a.ch. Directors, V. 74, p, 1200; V. 75, p, 1208. Ala. New directors, Mar., 1903, V. 76, p. 658 -(V 77, p. 2287.) -(V. 75, p.1208; V. 76, p. 651, 1033.) S~mersPt Coal Co.-ORGAN.IZATION_.-Incornorated in PennsylRepublic Iron & Steel Co.-ORGANIZATION.-lnoorpora.ted in varua a.bout Jan 1, 1902, and acq mred various properties on B. & o. RR. New Jersey on May 3, 1899, to consolidate 29 plants making bar and in Somerset Co., Pa., havir g aggregate tonnage ot about 1 f\00 000 forge iron, being practically all the plants in theCentra.l and Southern yearly. Controlled by same interests 11,s Fairmont and Cohsolidation States west and south of Pittsburg. V. 68, p. 872. Also owns 7 blast Coal 1:ompani!3B. V. 76, p. ~05, 383. Rtock, $4,000,000, a.11 of one furnaces, mining properties in the Mesaba. range, in the Lake Supe- class. First dividend, 2 p . c, 1s payable Feb. l, 1904, out or earnings rior region, extensive iron ancl ooal lands including those belonging of calendar year 1903. Bonds, $4,0 0,00 > thirty rear sinking fund to Pioneer Mining & Mfg. Co. of Birmingham, Ala., and the ooke plant gold 5s, ($1,000 each), due Feb. 1, 1932, subject to call at 110, of of the Connellsville Coke Co. (See V. 71, p. 545.) For properties merged which '63,00" ,0i:lO were ontstanding. V. 74, p. a82. President, c. w. see V. 68, p. 674; V. 68, p. 1227; V. 69, p. 339. 850, 1151 : statement, Watson. (V. 76, p . 105; V. 78, p. 291.) v. 70, p. 228; v. 71, p. 454; v. 76, p. aao, 386; v. 77, p. 34.8, 455. Southern & Atlantic Telegraph.-Leased to Western Union STOCK. -Common, $30,000,000; pref. (as to assets and dividends), 7 (which owns $390,475 of stock) and stock guaranteed by rental 5 p. o. per oent oum., $25,000,000; of which $2,809,000 common and $4,583,· Southern New Eng. Teleph.-(V. 76, p.1298; V. 78, p. 291.) 100 preferred, reserved to purchase additional properties. Annual South Yuba ,W ater Co.-See page 529. oapaoity of finished material over 1,250.000 tons. V. 71, p. 453. DIVIDENDS.-On pret.. Oct. 1,'99, to Oot.,'03,7 p.o. yearly (l~Q.·J.); Standard ,n·l lllng Co.-See page 529. -the Jan, 1904, iltvidend was deferred. V. ?7, p. 216!.!. Standard Oll.-ORG.A.NIZATION,-This New Jersey corporation sucREPORT. - Results f ,r year ending June 30, 1903 were in V. 77. p . 348. Net profits, $4 123,500; improvements, renewals, etc., $1,382,600; div. ceeded in June, 1899, to the Standard Oil properties, held by liquidatlng trustees. Bee SUPPLEMENT for April 18~9, and v. 68, on pref (7 per cent\, iil,427,082: bal.. sur., il,313,818. OFFICERS.-President, Alexis W. Thompson; Secretary, H. L Rownd; p. 1227; V. 69, p. 28. Controls petroleum oil refineries in all the prin• oipal Northern cities of the United States, and p•1·oduces about 65 per Trea.8urer, John F. Taylor. Main office. Stock Exchan~e Building, cent of the country's t otal output of retlned oil; also controls oil wells Chio. Directors, Sept., 1902, V. 75, p. 613,984; (V. 77, p. 2103, 2162.) IJ?- Penn., Ohio and W. Va., and has pipe lines for transmitting its oil to Rhode I1dand•P.,rklns Horse•"iboe Co.-See page 529. tidewater. V: 66,p.1239; V.69,p. 745; V.71,p.1273; V. 76, p.387, 870; Royal Baking Poader Co -ORG.A.NIZ.A.TION.-Incorporated in V . 77, p. 1536. STOCK.-Common, $100,000,000; $10,000,000 preferred canceled. 1Feb., 1899. under the laws of New jersey, and merged Cleveland Bak• •ing Powder uo., Royal Baking Powder Co., New York Tartar Co. DIVIDENDS-~ 1891-95. 1996. 1897. '98. '99. 1900. '01. 1902. 1903, Tartar Chemical Co. and Price Bakinll' Powder Co. See V. 71 . p. 54-5. Per cent........ 5 12 a yr. 31 33 30 33 48 48 45 44, Common sto<;k, $10,000,000, all outstanding; par, $100; preferred, see In 190!l. Mar 20 p. o; 1903, June. 7 p c; Sept., 5 p. o.; Deo., 12 p. o. table abo ve. OFFICERS.-President, J. D. Rockefeller; Treasurer, W. H. Tilford; DIVIDENDS.- On p1•ef., to Dec., 1903, incl., 6 p. c. per a.n.-1¼ qn&.l'. Secretary, C. M. Pratt. Office, 26 Broadway, N. Y. Dividends at the rate of 8 per cent yearly, it is understood, have DIRECTORS.-J. D. Rockefeller, William Rockefeller, H. M. Flagler, been paid on the common stock. J. D. Archbold, H. H. Rogers, W. H. Tilford, C. M. Pratt, O. H. Payne, Pres., Chas. O. Gates; Vioe-P., A.H. Porter Jr.; Treas., John Morris; E.T. Bedford, C. W. Harkness, J. A. Moffett, F. Q. Barstow and Walter ,Seo., W. L. Garey. Office, 100 William St•• New York.-(V. 72, p. 679.) Jennings.-(V, 76, p. 870; V. 77, p. 1536, 2038, 2287.) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - - · - ----- Sllbject INDUSTRIAL STOCKS AND BO DS. JAN., 1904.] MISCELLANEOUS. l'or explanation of column headings, &o., see notes on fl.rat page of tables. -8landard Milling,Oo. ( ton. }-Underlying M's. undisturbed Btandara Oii-S ck, $100,000,000........ . .•••...•..••. /ltand. ~ cl Twine-lat M., g., a. :f., to call at 105.l-'Ia .o* Oonsol 1Jonds-Pr1no1• INTEREST OR DIVIDENDS. pal,When Due. Date Size, or Amount Par Outstanding Rate per When Where p-wii_able and by Swcks-La.st of om. Cent. Payable Bonds Value. Dividend. --.... i896 .,non•cum., incomes, g., to call at par... Ce.o* 1896 -Stmft cl Oo.-Stock, $35,000,000 .................••..••.••. lat M., $5,000,000, gold, call after JulifE, 1910.• AC .... ee text . . ••..••. Mort.&ooll. tr. bonds,$15,000,0 0, g.,gu.,s.:f., text.G.o* renn. Ooal, I. cl RR. Oo.-Stook ($248,300 ls 8% cum. pref.) Btrm'gh'm, Ala., Dtv.,con.M.. a. :f, 1%,notd'rn.C'e.o* Tennessee Div. bds, g., s.:f. llg 6◄early, notdr'n Ce . . o· De Bard. M., g., ass., a. :f., $30, 00 y'ly, not dr'n.F .. o~ Tenn. Coal ITon & RR. gen. M., g., $15,000,000. Un.. . o .. Ala. Steel & Shipbuilding, pref. 6 p. o. cum., guar .. .... lat M., g.,ff·• a. :f., reg., red. 110 begin. Jan., '07. Ma Cahaba 1st ., $1,100,000 g., gu., a. :f., red. at 110.Ce.c• ,union Bag cl Paper-Stock, common, $16,000,000 ...... Pret. stock (as toas.anddiv.),7 p.o.,~um.,$11,000,000. ,Union Fe~-Stook......................................... lat M., go d, red. e,t 110 after Nov. 1. 1895 .............. Union Steel-let & coll.M.. $45,000,000, g., gu., a. f.N .o· &r Union Typewriter-Common etook ......................... let 7 per cent preferred stock, cumulative...•••••••.••. 2d preferred stock, 8 per cent, cumulative ............. -United Box Board ti: Paper-Prat 11took, 7 per cent cum. let mort., $3,500,000, g., pa.rt due yearly, red.ltlo.o*. .V-niUd Oopper-Stook, is 6% cum., pref.. .................. "!'empte Iron-Stock, $5,000,000, iuar. fi, iooo is90 iss1 1887 1890 1901 is9s 1892 .... . --· i890 1902 . --· ---· .... 1903 .... Semi-an ....... - $i,2~3,000 6 $100 97,500,000 44 in '03 Q.-M. 2,740,000 1,000 g. F. & A. 6,805,330 1,000 100 35,000,000 7in 1903 Q::·j, 500 &('. 5,000,000 g. J. & J. 2,500,000 J. & J. 100 4 g. J. & J. 2,826,000 1,000 Q.-F. 100 22,801,960 4,050,000 J. & J. 1,000 6 g. A.. & o. 1,187,000 1,000 6 g. F. & A. 500 &c. 2.729,!'iOO 5 g. J. & J. 3,000,000 1,000 440,000 J. & J. 6 6 g. J. & J. 1;100,000 6 g. J. & D. 892,000 1,000 ...... 100 16,000,000 Q:.:.:j, 7 100 11,000,000 3,000,000 2 in1903 Q.-J. 100 5 g. M.&N. 100 &c. 2,200,000 5 g. J. & D. 1,000&0 See text. 100 10,000,000 6in 1903 4,000,000 7 ln!903 A.'·&--0 . 100 4,01:'i,OOO 8 in 1903 A. & 0. 100 1,,771,459 ...... 5 g. J. & J. 1,650.000 5 .000,000 6 in 1903 M. & N, 100 g i ---6-g. i:ooo -----· i:ooo Standard Rope & Twine Co.-See page 529. Swift & Co.-ORG.A.NIZ.A.TION.-Incorporated in Illinois April 1, 1885. Has packing plants at Union Stock Yards, Chicago; at 8011+,h • Omaha, Kansas City, Ea.st St. Louis, South St.Joseph, South St. Paul and Fort Worth. The National Packing Co., with $15,000,000 author• ·lzed st-0ck, was incoroorated in N. J. in Apr., 1903, to take over com• panies acquired by Swift and others. V. 76, p. 'j 09, 755, 135R. In .January, 1904, about :l'our-ttfths 01' the stock of Squire (John P. & Co.) wae a.oqulred by or ln the interest of the company. V. 78, p. 291. STOCK AND BoNDs.-The etockboldere voted Jan. 7, 1904, to increase -the stock from $25,000,000 to $35,000,000 to purchase the wholeRale distributing markets in New England Statec1, New York and Great ' Britain, and refrigerator and other carR used ln the business, and :l'or working capital. The new stock is offered to stockholders at par; V, 77, p 2~87; V. 78, p 233. Dividends since 1888: '89 to '94, incl., 8 p. -0.; 'IJ5 to July,'98, incl., 6 p. o.; Oct., '98, to Jan., 190-1, 7 p. c. Bonds, -see table above. REPORT.-Report for year ending Dec. 31, 1903, with bal. sheet, was m V. 78, p. 226. In 1902 ea.lea were over $200,000,000, against $200,· 000,000 in 1901 and $170,000,000 in 1900. Net earnings in 1903 above depreciation, repairs, et_o., about $3,000,000. Cha.trman, E . C. -Swift; Pres., Louis F. Swift; Vice Pre@., Edwr.rd .F. Swift; Treas., I.. A. Carton: Seo., D. E. Hartwell; Asst. Treas .• L . A. Vant. Directors, Jan., 1904, v. 78. p. 233; v. 78, p. 50, 226, 233, 291. Syracuse Llg-htlng Oo.-V. 77, p. 248, 302, 399: 1299. Tamarack Mining Co.-V. 76, p. 9'71; V. 78, p. 50,233. Temple ~ron Oo.-ORGANIZATION.-Inoorporated 1873 in Pennsylvania, and m March, 1899, purchased anthacite coal properties 01' Simpson& Watkins around Scranton, Pa.-v. 69, p. 231. controlled In the interest of anthr.acite coal roadst... Del. Lack. & West., Cent RR. -0t N. J., Reading Co , Lehigh Valley, J<,rie and N. Y. Susq. & West., which guarantee both stock and bonds. See V. 71, p. 1124, 1170. STOCK .A.ND BONDS.-Stock authorized, $5,000,000, guaranteed 6 per ·cent, subject to call at par and accrued interest on Jan. 1, 1904, on 6 months notice, but absolutely payable by the RR oo's Dec. 3 I, 1906; present issue $2,500,000; par of shares, :noo. Held in voting trust by GuarantyTrusteo., which issues its certificates of beneficial inter· -est against same. Bonds are secured by stocks of properties owned and are subject to call by sin.king fund ot 15 cents per ton on coal mined at 110 and interest; they are guaranteed, but severally in di:f. terent proportions, l?Y the r,p.ilways above named. Of the bonds the $11,000,000 remammg unissued are reserved for additional properties. V. 71, p 1124, 1170; V. 75, v. 926. OFFICERS.-President, Geo. F. Baer, PhHadelphia, Pa.; Vioe-Pres't .and Treasurer, A. F. Law, Scranton, Pa.; Secretary, Geo. L. House. Directors, V. 74, p. 732.-(V. 74, p. 634, 732; V. 75, p. 926, 1403.) Tennessee Coal Iron & Railroad Company .-ORGANIZATION. -Owns blast furnaces, coal mines, iron mines, :foundries, &c.• in Ten• nessee and Alabama.-V. 55, p. 60,463. v. 63, p. 31;V. 69, p. 82; V. 68, p. 1227; V. 70, p. 588; V. 75, p. 621. On Nov. 30, 1899, the Alabama Steel & Shipbuilding Co. plant was opened at Ensley City. The plant hae ten open-hearth furnaces of 50 tons each and a capacity of 1,000 tons o:I' steel billets and slabs -claily, and is leased to the Tenn. Coal Iron & RR. Co., which guarantees ite $1,100,000 6 per cent bonds, and $440,000 6 per cent preferred stock. V. 70, p. 591. The common stock, all owned by the 'Tenn. C. I. & RR. Co., carries control of stock. V. 66, p. 1002, 1235; V. 67, p. 127,801; V. 70, p. 1196; V. 72, p. 584. DIVIDENDS.-On common in 1887, 1 per cent: in 1900, 6 p. o.; none -since to Jan., 1903. Preferred paid in full to Feb., 1904; see below. STOCK. -The authorized common stock was increased in 1900 :from $20,000,000 to $23,0001.000. V. 70, p. 382,483,589. BONDS. Of the $151 uoo,ooo ,reneral gold 5s of 1901, $3,000,000 were sold to complete Tihe steel mill at Ensley, having an annual o&paoity of 100.tOO tons of rails and 200,000 tons of steel and other torms; $10,653,500 re~erved for existing bonds bearing 6 and 7 per cent interest, and the balance for improvements. The making of rails wae be~ in January, 1902. V. 72, p. 876,940,989; V. 73, p.86, 554, 1117; v. 77, p. 93, 2162 LATEST EABNINGS,-Earnings for the 6 mos. ending June 30, 1903, were: Total inco!Ile, $2,135,475; :fl.x:ed charges, $399,833; deprecia· t lon, $230,796; div. on pref. (4 p. o.), $9,932; bal, surp., $1,494,914. REPORT.-Report for 1902 in V. 76, p. 434. In 1901 output was: Ooal, 4,085,080 tons; coke, 1,179,855 tons; iron ore, 1,415,723 tons. 1899. 1900. 1901. 1902. .Year end. Dec. 31Tot. net profits .••. ~2,656,747 $1,725,638 $2,347,027 $1,865,705 577,832 705.282 862,189 804,251 Int. on bonds, &c.. 76,962 (7) 359,234 419,537 Depreciation, &o.. 1,497,876 19,864 23,175 Dividends......... Bal. for year.... sr.$1,4.09, 784 er.$484,351 er.$143,869 sr.$1,210,911 JJIRECTORS(May, '03)-CordMeyer, JamesT. Woodward,D. H. Bacon, B. F. Tracy, H. R. Sloat, James · H. Smith, WUliam Barbour, A. B. Boardman. F. S. Witherbee, Joseph B. Dickson and 8. L. Schoonmaker, o:l'New York; Walker Percy and Oharles MoOrery 01' Birmingham, Ala. -Ohatrman of Board and President, Don H. Bacon; Seoret'y and Treas'r; L. T. Beecher, 100 Broadway, N. Y.-cv. 77, p. 40i, 952, 2162.) Texas & Pac. Coal Co.-See page 529. Texas Pacific Land Trnst.-V. 74, p.1256; V. 76, p. 652. Tidewater Steel Co.-V. 76, p. 162, 870; V. 78, p. 50. Trenton Potteries Co.-Stook, $3,000,000, 01' which $1,250,000 18 8 p.o. non-cum. preferred; SUPPLEMENT April, 1897. DIVIDBNDS.-On pre:l'erred from April, 1900, to January, 1904 both ' inclusive, 2 per cent quarterly. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 521 New York. 1911 &1922 N. Y., 26 Broadway. Dec. 15, '03 12 N.Y.,Manhattan Trust. Aug. 1, 1 94e Aug. 1, 1948 New York and Chioa.~o. Jan. 4, '04, ll\ N.Y.,N.Bk.o:fRep.& h. July 1, 1914. N. Y. Guaranty Tr. Co. Jan. 1, '04, 3~ N. Y., Guar. Trust Co. Jan. 1, 192~ N. Y., Hanover Bank. See text. do do Jan. 1, 1917 do do Jan. 1, 1917 do do Feb. 1, 1910 do do July 1, 1951 N, Y., Hanover Bank. Jan. 1, '04, 3% do ao July 1, 1930 do do Dec. 1, 1922 S. Y., First Nat'l Bank. Co. office, Brooklyn. N. Y., Corn Exch. Bank. N.Y.,N.Y.Sec. &Tr. Co. ··-····--· ·-----·-·· Jan.i5/04, Ht. Jan. 2,'04, lg~ Nov. 1, 19 0 Dec. 1, 1952 Oct. 1, '03. 3~ Oct. 1, '03, 3 Oot. 1, '03, 496 ····--- N. Y., Morton Trost Co. ,Tan., 1905-13 N. Y., 31 Nassau St. Nov.2,'03, 3% In July, 1902, $550,000 4 p. o. income cert. (interest payable J. & J. 10), were issued to fund the 44 p. o. accumulated dividends on pref ,latter being made 8 p. o. non-cum., per plan V. 7 4, p . 1256 The oertifloates are subject to call for a non-cumulative sinlting fund of $25,000 yearly, beginning Jan., 1903, pa_yableout of net profits, if any. over interest on oertiflcatee and dividends on pre:l'erred; iu Jan., 1903, $35,021 were pnrohased and canceled. Int on certs. paid to Jan., 1904, inolueive. V. 75, p. 81, 1208, 1258 -(V. 76, p. 483.) Trow Direct. Print. & B'kblnd.-V. 69, p.1060; V. 71, v. 962. Union Bag & Paper Oo.-See page 529. Union Depot Co~ oC Columbus, o.-The P. C. C. & St. L. own1 a halt interest in this property.-(V. 63, p. 117; V. 64, p. 804.) Union Ferry.-Operates five ferry lines between ~ewYork and Brooklyn. Capital stock is $3,000,000; par $100. The mortgage oovere 19 :ferryboats, real estate, etc. Dividends: In 1894, 4 p.o.; 1895, 4; tn 1896, 4.; in 1897, 4; in 1898. 31g; in 1899, 3; 1900, to Jan ., 1904, 2 p. o. ( .If p. c. O.. - J.) As to proposed new ten-year lease, see V. 72 p. 940, 1038, 1140; V. 73, p.86. 187; V. 77, p. 455. Pres., J . D. Falrohlld.-(V. 73, p.1064; v. 77, p 455.) 1 1nlon Steel Co.-The United States Stee1Corpora.t1on, which took oossession as 01' Jan. 1, 1903, owns the entire $20,000,000 stock, and in ounsideration therffor, and the :furnishing of $10,000,000 cash for Improvements, extensions, etc., guarantees $4f>,OOOiiOOO of new 5 p. o. bonds, 01' wluoh about $5,000,000 will remain ava. able for future requiremen-m. See v. 75, p. 1359; V 75, p. 1150; v. 74, p. 100. PROPERTIES OWNED.-The l)lants, located at Donora, Pa , near P1ttsourg, on the Monongahela River and Sharon, Pa.., were . when completed in every branch by July, 1903 (eee V. 76, p. 546), to include: Plants at Onnora and Sharon, Pa.. with daily capacity as follows: 5 bla.at 0 2 riif1~~.a~,t~!':/ ~o;?}e a!13~r:1\n~·1Tl:,b7~~ ~~n:h:!•t21>~ kegs l skelo ?'"Orll:s, -00 tons; 1 tube works, 300 ton~; 1 plate mill, 40" tons; 1 tln-plRte plant, 3,6 10 boxes; 1 sheet plant, 100 tons; 1 by-product coke plant (~l\! ovens), 1,000 tons. Coking coal property in lc,wer Connellsville district, 4,740 acres of coal and 810 acres of surface. ~team coal property on the Mononllahela River, 1,624 acres of coal and 179 acres of ,urface. Two modern steel -ore steamers. The Sharon and Penobscot mines (in fee) and Donora and Sweeny mines (Ie11,ses) on the Mesaba range, estimated to contain 40,000,000 tons of iron ore. Bmms.-The first and collateral 5s of 1902 ($4!>,000,000 authorized issue) a.re gnarauteed, principal and interest, by the United States Steel Corporation, and are secured by all the property or the oompan~, including the Sharon Steel etook acquired. They are subject to oa.u after Dec. 1, 1907, at 110 and interest. Of the bonds $29,114.000 were outstanrltng when the stock was turned over to the Swel Corporation, $8, !'>12,000 were issuable from time to time during 1903 for Improvements and working capital, $3,500,000 are to be used to retire underlying bonds and $3,874,000 are reserved :for future purposes An annual sinking :fund payment of 2 per cent .J:f the amo 1mt 01' bonds outstandinl( may be used to purchase bonds at not exceeding l 10 and interest, or arter Dec. 1, 1907, to call bonds a.t the same price. A.II bonds purchased or redeemed are to bear interest for slnkin~ fund purposes, thus retiring the entire issue in about 27 years. V. 75, p. 11511; V. 76, p. 107,546. Guaranty V. 76, p. 709. '£he bonds issued prior to the combination were: m~~~Woo tig;;hi~~~ Date. Interest Outstanding. Maturity. $750,000 Oot. 1, 1940 Sharon Steel lat M . g. sink.~ 1900 5g. A & 0 fund .•..• . • .. .••..••••.. 5 Subj. to call at par after Oct. 1, lUlO. t!) 1,000,000 t3haron Steel M. (lat onl 1901 5g. J & D tube mill, 2nd on other Subj. to oa.11 at 105 to June 1, 1911, thereafter at par. property) . .. . . .. ..•..• 500,000 .....• . .. Sharon Sheet Steel lat M.. 1,250.000 51901 5g. J & D C k 1 t M Sh • · • • • • • .. ~ Subject to call after 5 years. e s aron -(V. 75, p. 1359; V. 76, p.107, 334,545, 709.) Union Switch & Slgnal.-V. 76, p. <1'79; V. 77, p 827. Union Type Wrlter.-Orga.nized ln 1893 in New Jersey. A combination including Wyckoff, Seamans & Benedict (Remington) Yost Writing M.aohine, American Writing Machine (Callgraph), Smith Premier Typewriter and Densmore Typewriter companies. 1903. '93. '94. '95. '96. '97, '98. '99. '00. '01. '02, DIVIDENDS. 7 ? 7 7 7 7 7 7 7 1st pre:ferred,p.o.319 7 s 8 8 16 16 8 6 8 6 O '2d preferred, p. o.O 6 6 . . .. . . .. .. .. .. Com. stock, p. c.. . . . . Pres., Clarence W. Seamans; Seo., Geo. K. Gilluly. Office, Jersey Olty, N. J.-(V. 72, p. 584; V. 74, p. 634; V. 76, p. 2t-9, 658.) United Box Board & Paper Oo.-See page !'129. United Copper Co. of Monta.na.-ORGANIZ.A.TION.-Inoorporated in New Jersey on Apr. 28 and owns about 95 11e ctmt ot the stock and all tne b 11nds of the M!)nt1ma copper properties developed by F. AugnstuB Heinze and associates, producing about 42 000.000 pounda annually, viz.: Montana Ore Purchasing Co., Nipper Consolidated Copper Co., Minnie Healey Copper Minmg Co., Corra Rook Island Copper Minjng Oo. and Belmont Copper Mining Co. V. 74, p. 942. In oalen• dar year 1902 output was 3'>,374,696 lbs., against 30.3llot,328 lbs. in 1901; first half of 1903 was 12,t O 000 lbs. (V. 77, p. 455; v. 76, p. 870. Stock authorized, common, $75,000.0uO; present issne, $45,000,000, balance bein~ re,erved for new properties: pref. 6 p. o. cum.; $5,000,· 000. Par of shares. $100. V. 75, p. 139. Div. on pref., 3 p. o., paid Nov 1, 1902; in 1903, 6 p . c, No bonds. Decision, V. 77, p. 513, V. 78, p. 50. St11.tus Dec., 1903, V. 78, p. 50. OFF~CERS.-President. F: A1:1gustus Heinze; Vioe•Presidents, A.rthur P. Hemze and John McGmrus; Treas., Stanley Gifford; sec., Stanley Gifford. Directors, V. 7!, p.1146.-(V. 77, p 45~, 513; V.78, p. 50.) United Electric Co. of New Jersey.-See STREET RY. SUP, ° 522 I DUSTRIAL STOCKS A D BONDS. I I INTEREST OR DIVIDENDS. Bonas-Pr1not- - - - - - - - - - - -- - ---•l>a.l,WhenDue. MISCELLANEOUS. Date Size, or For explanation of column headings, &c., see notes on of Par first page of tables. Bonds Value. per When Where payable and by Stocks-Last 0 ~~~g Rate Cent. Payable Whom. Dividend. - - - -----------, - ----in S~REET RAIL WAY SUPPLEMENT. United E~ctric Oo. of New .fersey-Bee Public Service 0-o rporation United .Fru•t-Stock, $20,000,000... .. . .. .. .• .. ..•. .. . . $100 $12,575,500 Deben.,$5,000,000,g.• OR.conv ,red.atll0a.ft.Ja.n ,'03 1901 1,000 3,lM<l,000 No.Ry.of Costa Rica, LstM.,g.red.105,s.f.&int.gu.OB.c"' 1900 1,000 1,424,000 Unit,ed, Gas lmpro-r,ement Go-Stock, $36,725.000 ......... ... . 50 36,725,000 Un•ted ,,,ad-Debenturell, $12,000,000, gdd.lJio .••..••. 1903 (1 ► United Shoe lfachinery-Common stock $12,500,000 ... . .•. 25 10,720,350 Preferred srock, 6 per cent, cumulative, $12,500,000 .. . .•. 25 9.936,500 U.S. OastironPiped 1''oun Oo.-Pref.stk.,7p.c.,non-cum. .... 100 12,500,000 U.S. Ootton Duck.-Pref. stock, 6 per cent. cum . . .....• 100 2,750,000 Mt, Vernon Woodberry 1st M., ~old, $➔ ,000,000 ... . c .. 1S9!l 1,000 7,000,000 do do income M., $6,000,000....... . . .... 1899 1,000 6,000,000 U. S. Envelope-Pref. stock, 7 p. c., cum., $4,000,000. ... . . •. 100 3,750,000 1st Mort., g., red. after 1908 at 104, s. f. . .. . .. . ....• 1 8 9 8 1,000 2,000,000 Deben., gold, $25,000 due yearly, red. at 101, beg. 1907 1902 1,000 200,000 United States Express-Stock.......................... .. . ... . ... 100 10,000,000 United States Leather-Common stock, $64,000.000.Ce.. ..•• 100 62,882,300 Preferred stock, cumulative, 8 p. c., $64,000,000 . . . •. . ••. 100 62,282,300 Deb. $10,000,000, g., s. f., 4 p. c., sub. to ca.llat 110.Ce. 1893 1,000 5,280,000 United States Mortgafe ct Trust-Stock................. . ... ..•. 100 2,000,00<J 1st mort. trust "E" & "F" g., red. after 10 yrs.c~&r 1897-8 1,000 J,000,000 bonds. "G" to "N" g., red. after 5 years.c* '98-'02100 &c. 8,000,000 U. 8. &alty d Oonstruction- Com. stock. $36,000,000.. . ... 100 33,198,000 Preferred stock, 6 per cent, cum., $30,000,000 . .... .••. .... 100 27,011,100 United i!ltates Reduction ti Refining Oo. - See text. United States Rubber-Common ($25,000,000 authorized) .••• 100 23,666,000 Preferred ($25,000,000 authorized) 8 p. c. non-cum . . . . . ... 100 23,525,500 United Fruit Co.-ORGA.NIZATION.-lncorporated in New Jersey onMa.rch30,1A99,tocontrolthetropicalfruitbusiness. V.68,p.620, 979, 1134; V. 69, p. 909. 1016. Official statement, v. 69, p. 854. PropertieR owned, see reports V. 71, p. 1011, 1020, V. 73, p. 1060, and V. 77, p. 2096. V. 74, p. 1095; V . 75, p. 621. Northern Ry. of Costa Rica, see V. 71, p. 1067; V. 75, p. 851. DIVIDENDS.-October. 1899, to April, 1901. 10 per cent per annum; July, 1901, to Jan., 1904, 6 p. c. yearly (Q.-J.), and in Oct., 1902, and Oct., 1903, 1 p. c. extra. BONDS -Debentures for $3 000 000 were issued in 1901 and $l _ . • · • 000,000 in June, 1902; they are convertible into stock at the option of the bolder after Jan. 1, 1903, and a.re subject to call in whole or in part after Jan. 1, 1903. V• 73, P• 240,295.496; V. 75, P, 803. As to $1,000,000 bonds of Elder & Fyft'es Shipping Co., see V, 77, P, 41 • REPOR'l',-1.<"'iscal year now ends Sept 30. Fourth report for yea.r ending Sep~. 30, 1903, with balance sheet and remarks, compared with 13months m preco,Hng ye_ar, in V. 77, P, 2_0 96, 2112_ . . Ne~ Earnings Other Mi,ceL. Di1'idend Balance, Fi.Beal Earnings. Sub. Ou•. Income. Oharges, on Stock. Surptus. $ $ $ $ $ Yt.ar $ 1902-3.1,852,544net225,204 ...... 229,595 (7) 0 77,150 971,003 1901-2.2,215,936 net 230,581 . ....• 260,69 4(912) 1,051,408 1, l34,410 1900-1.1,304,027 def. 52,051 68,161 221,580 (9)1,084,767 13,790 Andrew W. Preston. Prest.; Vice ?rest., Minor C. Keith; Treas'r, Oha.rles A. Hubbard; sec'y, Bradley w. Palmer; Asst. Treas. James F. Tilden Directors Oct.• 1901, V. 73, P 794. Gen'l offices, 131 State St.. Boston, Mass.-(V. 77, p. 2039, 2t>96, 2112; V. 78, p. 291.) (The) United Gas llllproveJDent Co.-Organized 1882 in Pennsylvania; reorganized in 1885. Charter is perpetual and business is the building, leasing and o pera.tin~ of gas works. In 1900 operated in over 30 leading cities in the U. S. See list V. 70, p. 1000, 944, In 1900 increasedstockfrom$15,000,000to$22,500,000. V.70,..P, 87,592,944. Owns control ot the Connecticut Ry. & Ltghting Co. d: consolidation in 1900; also of United Lighting & Heating Co. V. 70, p. 944; V. 71. p. 609, 1273; V. 72, p. 679; V. 74, p. 430. In Mar., 1902, consolidated the Ha.rrlsburg, Pa.., Gas Co., and 1n May, 1902, the str~et railway, gas and electric properties in Providence and vicinity. V. 74, p. 684,892, 1090, 1140, 1358; V. 76, p. 756, J 253. 8TOCK.-The stockholders voted May 4, 1903, to increase the stock from $28,250,000 to $36,725 000. Stockholders were offered the right to subscribe to the new stock at par, payable $15pershare on June 15, 1903 (or optionally all at once), $10 on Aug. 1, $10 on Oct. 1, $10 on Deo. 1, 1903, and $5 o n. Jan. 1, 1904. v. 76, p. 334, 1038. DIVIDENDS-Since 1889, 8 p. c. per annum, payable quarterly. In Jan., 1896, paid extra dividend of 15 p. c. in convertible scrip. Estimateo earntngs for 1903 are about $4,400,000, or 12 p. c. on the stock v 77 p 1229 REPORT for i902, in v. 76, p. 1029, showed profits of $3,473,643. Pres., Thomas Dolan; Bee and Treas., Lewis Llllie, Broad & Arch Sts Phlla Directors V. 76 p. 1038.-(V. 77 p. 150 1299 1546 ) ·• • ' ' ' ' ' United I ead Co.-ORGANIZATION.-Incorporat ed in New Jersey in Jan., 1903, by interests identltied with the American S~elting & Refining Co., as an amalgamation of various lead pr~ducmg plants mPntioned in V. 77, p. 827; V. 76, p, 216. Stock authorized, common, $15,000,000; pref.op. c. cumulative, $10,000,000; par of Aha.res, $100. Debentures, see table above. Tl_le $281,000 Chadwick-Boston Lead 1st gold 5s, int. A & 0., due April 1, 1921, are understood to be the only UTJ.derlying bonds. V. 72, p. 677. Pres., Barton Sewell; VicePre",, E. R. Hoyt; Sec., F. W. Hills; Treas., Thomas J. Phillips, Offl.oe, 71 Broadway, N. Y ,-(V. 77, p. 827.) United Shoe lUachJnery Co.-See page 529. United States Cast Iron Pipe & Foundrf Co.-ORG.ANIZATION.-Incorp. in N. J. on Mar, 13, 1899, per plan m V. 68, p. 233; V. 69, p. 757; V. 71, p. 1124. Dividend on vreferred, Dec., 1899, to June 1, 1900, inclusive, 1~ p . c. quarterly (7 _per cent per annum); since to Mar., 1904, incl., 1 p. c, quarterlf. Com. and pref. stocks authorized, $15,000,000 each; outstanding, $12,500,000 each. BoND~.-Underlying bonds, American Pipe & Foundry Co., $1,194, 000 6s (mt. J . & J.) V. 70, p. 8~; V. 74, p.1359. . REPORT.-Report for year endmg May 31, 1903, with balance sheet, V. 76, p. 1406, showed: Total net income over int. and improvemflnts, $1,22H,724, agst. $711,184 in 1901-02; reserve for working capital, '546,718; div. on pref. (4 p. c.), $500,000; I?al., su.r.,$182,006. OFFICERS.-Pres., George B. Hayes; let Vice-Pres., Geo J. LOnf; ~d A. F. Callahan; Sec. a nd Treas., B. F. Haughton. 80 B way, DmECTORS.-SamuPl Thomas, Geo. B. Hayes, Colgate Hoyt, A. C. Overholt, B. JI'. unrholt, c . .E. Burke, E. c. Foller Anthony N. Brady, GPorge J. Long. A. Ir. Call11nan, P. J. Goodhart, David Giles, W. T. C. Carpenter and .Ill. R. 0 8 Th(Vm7s4. p 1359· V 75 p n ""· V 76 p 1406 1412· V 77 p 2163) • ' • ' • ' • • •' • ' · ' ' · ' · · United States Coal & 011 Oo.-See page 5 2 9, United State11 Cotton Duck Corporatlon.-See page 529. J United States Envelope.-See page 530. United State8 Expres•.-An "association" organized under the laws of New York State in 1854; not incorporated. Operated Dec., 1900, on about 30,000 miles of railroad in the United States. In 1887 the stock was increased $3,000,000, to $10,000,000, and the Baltimore & Ohio Exp. was purchased. Metropolitan Exp. V. 72, p 92. DIVIDENDS. i '90. '91. '92. '93. '94. '95. '96 to '00. '01. '02. 1903. Bince '90,p.o. ~ 4 2 2 4 2 0 3 yearly. 312 4 4 -v. 73, p. 794. United States Flou:r Mllling.-See Standard Milling Co. United State• Leather.-Incorp. Feb. 25, 1893, in N. J.-V. 56,p. 757; V. 57, p. 23; V. 61; p. 114; V. 71, p. 557, 817. Ontput, sole leather. BTOCK.-Wordingof pref. certiiicate is in editorial in May 1, '93,SUPP. ~~<;:-~~~'. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIU. I 7 in 1903 5 g. 5 g. 8 5 g. 8 in 1903 6 4 in 1903 ···1,·,~. 212 in 02 :; in 1903 6 g, 5 g. 4 in 1903 .•.••• 6 ln 1903 6 g. 16 in '04 4 g. 4 g. see"teit. Q.-J. r. Boston, Co.'s office. M. & S. Boston, Old Col. Tr. Co. M. & B. do do Q.-J.15 Philadelphia, Office. J. & J. . •••••.••. Q.-J. rs Check from Co.'s office. Q.-J. 15 do do Q. -M. N. Y., Thomas & Post. . ... ..•••...•. M. & S. Cont'l Trust Co., Ba~t. J. & J. 212 p. o. pd. Aug. 15, 02 M. & S. Boston, Old Col. Tr. Co. J. & J.I do do F. & A, do do M. & N. N. Y., Office, 49 B'way. ..... 1 •••••••••• Q.-J. Office, 26 Ferry St, N.Y. M. & N. N. Y.,ParkBk.; Boston. J. & J. N.Y.,Otflce, 55CedarSt. Va.nous do do Various do do . .. . ....••••. Q.-J. .••..••••• 2 in 1900 8 in 1900 Jan 15,'04, 119 Sept. 1, 1911 Sept. 1, 1915 Ja.n.15,'04, 2% July 1, 1943 Ja.n.15,'04, 2% Jan.15,'04, 11.g Mar 1, '04, 1% Sep.15,'02, 3% S~pt. 1, 1949 Jan. 1, 1950 Sept. 1, '03, 212 Aug. 1, 1918 Feb., 1905-12 Nov.16,'03,2% None patd. Jan. 2, ·04, Llg May 1, 1918 Deo,31,'03, 8% 1917-1918 1918-1922 July·i;;o?:i, 119 . ••. . Office, 9 Murray St.N.Y. Apr.30,'00, 1% Q.-J. do do J an.31.'01, 1 % DIVIDENDS. 1895. '96. '97. '98. '99. '00. '01. '02. '03. 1904. Preterred,p,c . 6 l 4 4~ 5 6 6 6 6 Jan.,119 Overdue on preferred: May 1, 1893, to Jan., 1~04, 391 12 p. c. BONDS.-dinking fund 4 p c. of issue yearly, the debentures to oe pUl'or drawn at 110. Debentures for$9,653,000 have been cert!· 1 chased fled by the trustee, but on Dec. 3 l, 1902, only $5,280," f o outstandin2 a.nd $1,400.00' in the treasury; or the latter about$400,000 retired by sinking fund and canceled Aug. 1, 1902. V. 74, p. 732. 86A adv. in CHRONICLE of May 6, 1893, and itpppcatio~ V. 57, p. 23. The plan proposed by the preferred stockholders committee in 1903 was a.bandoned; V. 78, p. 5u. ANNUAL .REPORT.-Fiscal year ends Dec. 31. Report for 1902 was In V 76, p. 479, with balance sheet, showing profit and loss surplus of $6,486,326 on Dec. 31, 1902. In 1901 surplus was $5,460,880. The profits for 1902 as deduced from the balance sheet were $4 762 384 against $4 656 94.7 in 1901 ' ' ' ' OFFICERS-President, E. Hoyt, New York City, N. Y.; Sec'y. Josiah T. Tubby, Brooklyn, N. Y.; Treasurer, James R. Plum. N. Y . City; N. Y. Office, 26 Ferrv Street.-(V. 77, p. 2039, 2163; V. 78, p . 50.) Unit d St t ,... t & T t c s e a es na.or ga::-e rns o.- ee pa~e 530 . United States Realty & Constructlonco.-ORG.ANIZATION.lncorporated in New Jersey on Aug. 4, 1!1 02, and c;ook ovt'r per plan V. 75, p. 247,294,398,736, all real estate, contracts and other property of George A. Fuller Co. (see V. 74, P, 1087); and the New York: Realty Corporation (see V. 73, p. 1359); also the real estate mteresta of the Central Realty Bond & Trust Co. Statement to N. Y. Stock Exgfange, V. 75, p. 1200. See V. 77, p. 297,953, :2103, 2396; V. 78, p. · DIVIDENDS.-On pref.. Jan., 1903, to July, 1903, Incl., l½l p. o. qnar. ~e O~t., 1903, dividend was passPd, and future profits lrom construetion will be determined only on wor~ completed. V. 77, p. 717. REPORT.-Btatement for 9 months ending June 30, 1903, with balance sheet, was in V. 77, p. 297, showing: Total prllftts, in(\luding share of estimated profits, $1,702,134; net over charges, $930,061; profit from estimated increase in value of investments held, $487,625; divi end on prer. stoc•k (412 p. c.), $1,'l15,499; div. on outstanding stock of subfiolary cos., $3,390; bal., sur., $198,797. OFFICERS. -In Jan, 1904, Harry 8. Black an<l associates, having acqulred rontrol, -were about to reorganize the managem ...nt. See v. 78, p. 233. (V. 77, p. 717,953, 2039, 2103, 2163, 2343, 2 396; V. 78, p . 51, 107, 233.) United States Reduction & Keftnlnr,; co.-See page 530. U It d St t K bb o n e a es u er.- RGANIZ.ATION AND PR0PERTl'.-Organized under laws of New Jersey 1n April, 1892, for the ma.nnfaoture of rubber boots and shoes.etc. Application to N. Y. Stock Exch. in 1892, V. 55, p. 1039; see V. 56, p. 539; v. 71, p. 545. In 1893 aoquired five additional concerns. In Sept., 1898, purchased the stock of tbe Boston Shoe Co. see V. 67, p. 905. V. 67, p. 691,. 738, 802, 905. Owns three-fourths of the _rubber boot and shoe output of the U. S. V. 74 p. 733. Compames outside "trust" June 1900 see v 68 p 574 675 725· v 71 p 37 1317· v 72 p 9'>-• v' 73, p: 13l8; V. 74: p. 100. Iii 1899 sold riibbe:r tire business to Rub: ber Goods Mfg. Co -V 69, p, 1106. t:STOCK.-Pref. stock has preference as to assets and earntngf• bonded debt can be created only with consent of three-fourths of each class of stock. See editorial May, 1893, SUPPLEMENT. D t , , - , , , , 1893· 94 · 9 :>. 96 • 97• 98 • 99 • l 900 . 1901. IVS., p. c · Common ..... · i 0 O 212 0 2 0 2 2 None ~one _ Preferred .... • 5 '-8 p. c. yearly-' ,r6 8 8 8 Jan., 1 SIDce 1T In 1897 l)aidon preferred in Jan., 4%; July, 2%, FUNDING NOTES.-The fundin~ notes of 1902 are secured by deposit of notes of the subsidiary companies aagregating $12,000,000, and were issued to discharge the entire tloattng debt, including that of the subsidiary companies. Under the trust instrument the net quick assets of all the companies, excluding real and :ff.x:ed properties, shall never be less than $15,000,000; in addition the value of the 16 plants, all unencumbered, was estimated at $12,500,000. V. 74, p. 684, 733. REPORT.-Report for year ending Mar. 31, 1903, in v. 76,p. 1141. Gros, 01nrating Other All Bad Balance Fiscat sales. profits. income. interest. debts, etc. surptu,: ,, ear$ $ $ $ $ $ 1902-3 .... 51,888,757 2,53l,681 242,717 *1,179,490 252,460 1342 448 1901-2 ... .45,917,537 474,469 708,126 1,063 ,099 ---····· '119:495 * Includes interest on loans, $785,143; int. on B. R. Shoe debentnre.e, $240,000; int. allowed custom1-1rs, $154,346. Tota.I surplus Mar. 3 L, 1903, $1,384.460. · The earlier reports show for the company itself : 1902· 19 ro. Year End,. Mar,3r l90l. l899. Gross income..... $58,380 $265,622 $3,233,773 $3,416,381 Rent, exp'ses, etc. 476,489 203,016 225,886 189,867 c. 0 Balance .•••••... def.$418,l0fl $62,606 $3,007,887 $3,226,514 DIREOTORS.-Samuel P. Colt, H. E. Converse, James B. Ford, .1. Howard Ford, J. D. Vermeule, Henry L. Hotcnkiss, Lester l,elaod, Fred 'k. M. Sllepard, E. S. Conver11e, Costello C. Converse, Walter S. Ballou. Francis Lynde Stetllon, l!'ranc1s L. Hine, Ephr11,lm L. Corning, E. C. Benedict; President, Samuel P . l.Jolt; Vice-Pres .. Costello C. Converse: 2d Vice-Pres., Lester Leland, Sec.. Samuel Norris; TreaL, James B. Ford. N. Y. Office, 11 Murray Street. - ( V. 76, p. 216, 26Y, 114 I ) United States Shipbuilding Co.-ORG.A.NIZ.ATION.-lncol'l_)orated in New Jersey on June 17, UI02, and acquired entire ca.pita.I stocks of the 1ollowmg shipbuilding concerns, tree from all liens: Unton Iron Works, San lt'ranc1sco; Hyde Windlass Co. of Bath. Me.; Bath Iron Works, Bath, Me,; Crescent Shipyard and the Samuel L. Moore & Sona Co., Ellzabethport, N. J.; E'\stern Shipbuilding Co., New London, Conn.; Harlan & Hollingsworth Co., Wilmington, Del.; Canda Mtg. Co., Carteret, N. ;J. J..u., 1904.] 523 INDUSTRIAL STOCKS AND BONDS. Ml8CELLANEOU::s. £NTER.J!J8T OR DCVIDEND8. Bmuts-.t'rmoi- -- - - - - - -- - - - - - - -- - - - - -1 Date Bize,or Amount 1----,----------,--- - - - - - - - - 1-pal,WhenDue. For explanation of column headings, &o., see note on of Par Outstanding Rate per When Where Payable, and by Stocks-La.st first page of tb.bles. Bonds Value. Cent. Payable Whom. Dividend. Tl. 8. Rubber--(Oon.)-Coll. fd. gold notes, red. pa.r.1'.lo.c -1-90_2_ -$-5-,00-0- $11,000,000 Boston Rubber Shoe Co., gold, bonds... . .......... 1898 Tl. 8. 8hipbuildin,1 Oo.-Com. stock, $25,000.000 auth... 5 g. M.&S.15 N. Y., M~rton Trust Co. 1,000 4,800,000 5 g. F. & A. EllotN.Bk.,Bos.&Prov. 100 25,000,0uO ...... 100 20,00 1l,OOO 1,000 14,500,000 ...5.g. J. &· ·J. Jan., •oiCirii:iast pa.id. 1,000&o 10,000,000 5 g. F. & A. Feb., '03, int'st last pd. 1,000 7,1100,000 6 g. Q.-F. 1,000 1,351,000 5 I". & A. Phila. Fidelity Trust. 100 508.302,500 APe' text Q .-M. N. Y., Oif, Empire Bldg. 100 360, · 14 100 71n 1903 Q.-F. do do l,OOO&o ~ 298378000 5 5 g Various N.Y.,J.P. !'dorgan&Co. l,OOO&c , c 5 g. do do do 500 &c. 1152,902,000 5 g. M. & N. do do Pref. stk (also as to assets), o'}t, noi::-oum., $20,000,000 1st M., $16,000,000, ~ .• Ber.A, red llOanyJuly 1'.le .o* 1902 Collat. and trust M., $10,000,000, ~., red. text.N .. o•&r 1902 Beth. Steel purch. mon. M. for Betb. Iron, g .GP.c*&r.. 1901 Beth. Iron, 1st mort.. assumed by Beth. Steel Co.F'P.c* 1886 Unit,A Stales Steel Oorporation-Com . stk . ~550,000.000 Preferred stock, 7 per cent cumulative, $400,000,000 Collat tr M $ 304 000 000 5red.atl15,s.f.(text)Oso"&r 1901 · · ·• ' • t not red., s. f. (text) ... o*&r 1901 Coll. tr. 2d M., $250,000,000, g., s. f., red. text, Us.o*&r 1903 BONDS OF COMPANIES CONTROLLEDllllnois Steel debentures, (no longer convertible) ..... c* 1890 1,000 2,872,000 5 Non-oonvertibledebentures,A&B... ............... c* 1893 500 &c. 6,900,000 5 Elg. Jol. & E. 1st M. ($10,000,000) ~ .. oe............ o.. 1891 1,000 8,500,000 5 g. Duluth & Iron Range, 1st mortgage.Mp ............ o&r 18~7 l,OOO&c 6,732,000 5 2d mortgage, currency, red. at lOf>, $5,000,000.Ce.o* 1896 1,000 1,000,000 6 Union RR, 1st mortgage................................. . . •. 2,000,000 5 Johnson Co.of Pa.lstM.,red.$100,000 Sep 1,y'ly. Us .. o 1 8 9 4 1,000 1,100,000 6 Amer. Steamship 1st M., g., gu., p. & 1. end., s. f .IS o&r 1900 1,000 4,882,000 5 g. Pittsburg Steamship mortgage. sink. fund., red. par .. 1901 2,21'0,000 5 CarnegieCo.col.tr.M.,$or£,s.f..t.red.at105af.'Of>.Oso' 1900 1,000&o 83,000 5 H. C. Frick Co. M., s. f., red.105, ;i,100,000 yearly July 1 1,000 1,500,000 5 g. do do purchase money mort~a.ge......... •••••• .••. . . 150,000 5 & 6 P1ttsbnr~ BessemAr & Lake Erie RR. and Duluth Missa. be& No. Ry.- See those oo mpanies Mch.15, 1905 Aug. 1, 1908 July.i,'.'i932 Aug. 1, 1922 Aug. 1, 1998 Feb., 1907 Do. 30,'93, 129' Feb.15, Ot, Ill,. Apr. 1, 1951 Apr. 1, 1951 Apr. 1. 1963 J. & J. do do Jan. 1, 1910 A. & O.N.Y.,Oft.,EmpireBldg. Apr. 1, 1913 M. & N. do do May 1, 1941 A. & 0. do do Oct. 1, 1937 J. & J. do do Jan. 1, 1916 M. & 8. Sept. 1, 1946 M. & s. N. Y., U. 8. Trust Co. To 1914 M. & N. .... .••••• Nov. 1, 1920 J. & J. ..- . ... Jan. 1, 191& A. & 0. N.Y.,U.S.Tr.Co.,orLon. Apr. 1, 2000 J. & J. July 1, 1919 ..... .••. . . . Jan .. 1905 under R Rs.-For other bonds, see text. The Bethlehem Steel Co. wa,s also purchased. V. 74, p. 1313; V. 75. Rubscrtpttons byemployes in Jan.,1903. V. 76,p. 51,334; V. 77, p.827; p. 347; V. 77, p. 1227, See that company, SUPPLEMENT, Oct.,1902,and v. 78. p. 108,233. 7 2 res~rlJ'y i8,•fi:i3,':rames Smith Jr. was appointed receiver, on appll· DIVIDENDS-On pref., lll,. p. c., quarterly, paid Au.~. l90l, to Feb., 1904. lnol. On oom.. l .p. c., quarterly, Sevt., 1901, to Sept.. 1903, incl.; cation of Conklin Committee, Samuel Untermyer, counsel, V. 77. P• Dec., 111 p. c.; in Jan., 1904, the dividend was passed. V. 78, p. 108. 150), and against protest of Sheldon Committee. V. 77• p. 41 • See BONDS.-The collateral trust 5 per cent bonds or 1901 were secured 7 6, p. l30S, 1359, 1412; V. 77 • p. lf>O, 953 • 2163• 2343• In by all the securities owned; $154,000,000 only (series A, C and E) also V.1903 Oct., , suits were in progreRs to for+-close th e first and collateral a.re subject to call in whole or part at 115 per cent after Apr. 1, 1911; trust mortgages V. 77, p. 206, 404; V. 7d, p. 233. Contracts April 1, a sinking fund of $3,040,000 yearly' beginning June 1, 1902, can 1903, $14,675, 449, purchat1e bonds if obtainable at not exceeding 115 and interest, and REORGANIZATION PLAN.-The plan, in V. 76, p. 1197, Issued in May, a.fter April 1, 1911, may be applied to the redemption or series A. C 1903, by the committee (Geo. R. Sheldon, Chairman, City Trust Cc,. and E bonds to be drawn by lot. In Dec .. 1903, $5,1>39,000, not !not N. Y., depositary), provided for the formation of a new company, eluded tn amount shown in tablf' above, had neen @o purchased and which would be authorized to !s!me $15,000,000common and$16,000, wne held alive in the sinking fond. Carne,zie holdings V. 77, p. 2039. 000 non-cumulative preferred stock (preferred also as to assets) and In 1902 was promulizated a plan 1see v. 74, p. 733, 892,991, 1359; $12,000,000 fl.rat mortgage 5 p. o. 30-yea.r gold bonds. Over two· v. 76, p.545,) for issuing $250,000,000 5 per cent second mortgage thirds of the first mortgage bonds were deposited with the Sheldon collateral trust bonds !or the retirement of $200,000,000 pref. stock Committee. In January, 1904, efforts were belng made to noite the and raising $50,000,000 additional capital for use as follows; opposing interests on a compromise plan. Offlcia.1 statement showing Harm.onlzirig and in some oases modernizing the plants, $25.000,000; properties, eto., V. 76, p. 493 · to pay for additions made during the preceding year, $15,000,000, and Receh er's report was in V. 77, p. 1744, showing status or constitu• for purchase money obligations Incurred tor properties acquired ent companies on July 31, 1903, and earnings for year ending Aug. 1, shortly after or,ranizatlon (in 1901), $10,000,000. Compare v. 76, p. 1903. Earnings of Bethlehem Steel Co., V. '78, p. 227. 545. v. 76, p. 334,439. BONDS.-The 1st mortgage bonds ($16,000,000 series A, of which rn 1903 $150,000,000 preferred stock wa" exchanged,$ for$, for seo$1,500,000 1n the treasury) are secured by " ti.rat Uen on the plants ond mortgage bonds, $20,000,000 or the bonds being also sold at par in named a.bove (ex11ept the Bethlehem Steel Co.) The "collateral and cash to a syndicate headed by J.P. Morga.n & Co. The arrangement trust mortgage" is secured by the deposit of 299,910 of the 300,000 with, the syndicate was thereupon terminated, the syndtcate commis• shares ($15,000,000 stock) of $50 each (2 p.o. pa.id tn) and by $10,C.,00.· sion being 4 p. o. in cash on all the bonds issued, viz.: $6,800,000, leav• 000 Bethlehem Steel Co. bonds and by a second mort~age lien on all ing $13,200,000 net for improvement11. The remaining $30,000,000 the remaining properties of the Shipbuilding company. The latter bonds available for sale for cash wiU be placed 1n the treasury as an issue has voting rights. V. 75, p. 347,398,565; V. 76, p. 494. asset and t he $50,000,000 appltcable for exchange for r refe •red stock OFFICERS.-Exeoutlve Committee, Henry T. Scottt.!>f San Francisco wtll not be issued at present. See V. 76, p. 1147, 1200; V. 77, p. 717, 8 (Chairman), Max Pam, E. M. Mcllvain a nd Lewts !'iixon. Office, 43 1iil~!11~£e~!f·trust second mortgage 5s of 1903tobe issued as above Cedar St ., N. Y.-(V. 77 , p. 2343 ; V. 78 , p. 51 • 233, Z!H.) (V. 74, p. 584, 733, 892; V. 76, p. 54.5,) will be next in rank and siJnl· United States Steel Co. of Everett, 1'.laH.-See SUPPLEMENT lar in form to the 5s of 1901. They wlll be subject to call after ten of April, 1903, and V. 77, p. 41, 2396; V. 78, p. Z86. years from date at 110 and interest in whole or part (if the latter to United States Steel Corporatlon.-ORGANIZ.ATION.-Incorpor- be designated by lot and coupon bonds to be redeemed first). An anated 1n New Jersey on Feb. 25, 1901, and acquired per plan 1n V. 72, nual sinking fund of $1,010.000 will provide for retirement of the p. 441,679 (see also V. 73J pta.13 t_9ck>,.praotioally all the stookof'l'i-ota' ... Ack. bonds. No foreclosure proceedings can be brought for default [lnpa.y-.i,0 • 8 .., oov ment of principal or interest oontinuing)lfor less than two years Federal Steel, com ........... 1{6,4&,800 Amer. Tin Plate, com ........ $2(!,000,000 Amer. SS. bonds, V. 74, p. 1146; Pittsburg S. S. bonds, V. 75, p. 1305. 7 p.c. pref. 18,825,000 ~0 6 p. c. pref ... 6S,260.900 do. Hlstory of the principal properties, as given in CHRONICLE, may be National ... ..... 4o,ooo,ooo Amer. St. · · .. J 9 ,ooo,ooo ascertained through index on page 166 o.r INV, SUP. for April, 1902. do Tube, com 7 p. c. pref.. f0,000,000 do. Hoop, com. 7 p. c. pref.. a,000,000 National Steel, com ......... 82,000,000 Am.er. Sheet St., com ... ... .. 2f,600,000 Bonds of companies controlled not mentioned 1n table above: do 7 p. c. pref... 27,000,000 do. 7 p. c. pref. 2t,600,000 Jnierest. OMtstanding. Maturity Amer. Bridge, com .......... 80.527,800 1 L. Sup'orCon. I.Mines ...... 29,4ll5,940 Nat.SteelMs.($250,000are 58) 5&6 $1,696,000 To Dec., 1912 do. 7 p.c.:pref ... :S0,627,800 Shelby Steel Tube, com .. . 8,175.000 A T . Pl te tg 5 &6v 75 000 M Amer. St. & Wire, com.. . 50,000,000 do do 7 p. c. pf. 6,000,000 m. m. a mor ages • • • • ar. , ar. 1 , 1906 do. do. 7 p.c.pref. ~.000,000 Union steel co . ......... .... 20,000,000 Allegh. Furnace mortgage... . 5 F. & A. 78,000 Aug. 1, 1911 Carnegie ................. ... .$106,800,0UO I Amer. Sheet Bteel.-Dewees ~ 5 F M & N Z,OOO,OOO May 1 1918 Compare V. 76, p . 709; V. 72, p. 483; V. 74, p. 273, 434, 991, 1042; Wood lstmortgage .... •· S • • • ' I • I I v.P~:P~R~~!!; ov~:~~~~~!·properties owned, exclusive of those ao• quired through the Union Steel Co. and Troy Steel Products Co., are: 1-4 blast furnaces, 14 open-hearth and 16 Bessemer steel plants, 6 steel rail mills, 60 bar, billet; etc., mills In SL plants; 11 structural shape mUls, in 8 plants; ~ir!~t~m~~~~~dt~l~:tt;/ rr~ag.t:i:~~ft~1.~1i~g1io:1~1~f~~'i>f~~saci~hi6~~i~r; «6 hot mills, producloir tin plate, etc.; 27 rod miJls, in Hi plants; 24 wire olants, ¥4 (welded and seamless) tube plants, 27 brldite and structural plants, 22 com· 1 1 ~i~~:,nn~~~~~: ;~~:~ftn~::::,~rt 0~ 0~t;ie!~i~~:kf;~ and 17,000 beehive coke ovens. etc., in Westmoreland and Fayette counties, Pa.: 8b7 bl product coke ovens at Benwooo, W. Va., and Sharon and South Sharon, Pa. 80,t:!7o acres of steam and iras coal lands, etc .. rallro>1.ds. lake v~ssels, etc. Purchased Ohemunlit lron Co.'s M~s!\ba properties In 11103. V.77,o.4.05. The output of the company in 1902 (see v. 76, p. 808) is shown below. The ptg iron vroduoed was about 45 p. o. of that of the country; Bes• semer steel ingots and steel rails, about 70 p. c . each; open-hearth steel, 52 p. o. Gross tons., FIN. PROD.-(Ooncl.) Gross tons. OUTPUT. Iron ore ............... . . 16,063,179 Fini shed structural Pig iron, spiegeJ, etc ... 7,975,530 work .................. 481,029 Bessemer steel. ....... _ u,759,210 Plates and sheets ....... 1,433,117 Open•hearth steel...... 2,984,708 Wire and wire products 1,132,139 Coke, manufactured ... 9,521,5671 Bl'ms,slabs, billets, etc. 782,637 Coal mined (not used All other finished prod• in making coke>...... 709,367 uots ................... 2,466,524 FINISHED PRODUCTSTotal of all finished Bessemer steelrails ..•. 1,920,786 products ............. . 8,197,232 In June, 1901, a majority ot the capital stock oe the Shelby Tube Co. was purchased on terms V, 73, p . 349; V. 72, p. 1285; V. 73, p. 86. Coke properties, V. 76, p. 815. In Jan,, 1902, 50,000 acres of coal lands were leased on a royalty basis by oonstttuent companies from the Pocahontas Coal & Coke Co.; on these will be erected at least 3,000 modern coke ovens, wtth a capacity of at least 1,500,000 tons of coke. V. 74, p. 52, 274. Alliance with Allis·Ohalmers Co., V. 74, p. 271; also American Steel Foundries Co., Internatlona.l Ntct.el cJo. and United States Realty and Construction. See statements of those com• pa.ntes in this SUPP. Estimate of value of property, V. 75, p. 139. On Jan. 1, 1903, took over the entire capital stock of the new Union Steel Co., $45,000,000 of new 5 per cent bonds being guaranteed, princinal and interest. See that compa.ny on a precedmg page. V. 75, p. 131>9; V. 76, p. 107, 546. The proposed purchase of one-half of the Clairton Steel Co. capital stock was abandoned 1n October, 1903 V.77,p. 150,1229. BTOCK.-As to retirement of $150,000 000 of $510,314,100 pref. stock, see BONDS below. Large atookholders May, 1902, V. 75, p. 81. f~:~i~'fr1 i:e https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ~tg~~ I I :<f.i~, :i:Ftttis~~~::;g::It~~} :!: ! !: 5ii:iii F::~~~:~1: F &A Host. Coke mortgage, due ? 75 ,000 $12,500 yearly...... . . .... { 5 · · Aug. 1, 1909 Contin. Coke purch. mon. M., t F &A 5 due $100,000yearJy .... . 700,000 Feb.'04·'18 Contln. Coke puroh. mon. M., t 41ia, Apr. 27 592,000 Apr.'04J19 due $37,000 yearly . ... ~ .... { REPORT.-Advance statement for 1903 was in V. 78, p. 101. Report for year enrung Dec. 31, 1902, in V. 76, P• 808: -Year e - r i d e d - - , Dee. 31, 1903. Dec. 31, 1902• .Jlar.31, 1902 Gross sales and earnings .. . . . . ........... $560,510,479 ••••..•.•••• Repairs, etc., and1 charges of subsidiary companies....... •••. . ..•. 426,901,715 ..... . ..... . s . . Net earnings .................. $108,979,012 $133;308,764 $111,503,054 Ded-uct Sink. f. of subsid. cos' bonds .. $1,590,352 $624,064' $546,607 do of U S. Corp. bonds.. 3,797,500 3,0t0,000 2,533,333 Dep'n & ext1. f'd'! (rtig. prov'n) 4,485,120 4,834,710 t Extr'y. repl't f'de(reg.prov'n) 9,194,715 9,315,615 S 12, 1 8 9 ,996 Spec.fund for depr'n& imp'ts. 10,000,000 10,000,000 2,500,000 Interest on U. S. Steel bonds.. 19,086,945 15,187,850 15,200,000 Deprec'nininvent. & adj'ts.. 5,750,000 ..... . ...... . .. ·... ... Dividend on pref. stock ..... . (7)30,404,173 (7)35,720,178 (7)35,682,962 <10 com. stock .... (2¼)12,707,562 (4)20,332,690 (4)20,309,641 Div. outst'g stocks of sub. cos. .. ............ 25,282 - -·- - Bal., undivided earnings .. $11,962,615 $34,253,657 $22,515,233 DIRECTORS. - The directors are as follows: To Feb., 1904. To F eb .. 1906. To Feb., 1905. J.P. Mor11ran, Francis H. Peabody, Marshall Field, John D. Rockefeller, Charles Steele, J)amel G. Reid, Henry H. Roirere, William H. Moore, J. D. Rockefeller Jr., Charles M. Schwab. Norman B. Ream, Alfred Clifford, Elbert.H. Gary (Chrman), Peter A. 8. Widener, Robert Bacon, George W . Perkins, James H. Reed, Nathaniel Thayer, Henry C. Frick, .John F. Dryden. Edmund G. ConTerse, Jam es Gayley, William Eden born. Olement A. Grlscom. an~F~~e~~~·R~e:;~¥i.\m~~~;~~!:~if~~~\vii~f;J:i~8i;.hi!~.es Gayley: Sec'y FIN ANOE COMMITTEE.-Geo. w. Perkin,. Chairman: .Henry H. Roirers. Norman B. Ream, P.A. B. Widener, ChasM. Schwab, Henry C. Frick and Robert Bacon. Office, 71 B'way, N. Y.-(V. 77, p. 1877, 2037, 2103, 2163, 2343; v. 7~~51,101,10~2a3) 524 I DUSTRIAL STOCKS AND BONDS. [VOL. LXXVIIL J;JO'fW,S-.Prtn.61MlSOELLANEOUS. INTE&E ST OR DIVIDENDa. Da.te Size, or Amount p al, WhenDue, For explanation of column headings, &o., see note on of Par. Outstanding Rate per When Where Payable, and by Stock s-La.et first page of t able s. Bonds Value. Oent. Payable D ividend. Whom. ---· ..... Vir{fin i a-Oarolina Ohemical-,Stook, oom., $38,000,000. $100 $27,984,400 Pref. (also as to assets) 8 p. o., oum .• $12,000,000..••... 100 12,000,000 Col. tr. M., g., red. 10 5, s1nlr1n ~ fun d , se e text Oe .••. o* i902 1,000 7,000,000 Ylrginia Iron Ooat ti Ook e-Underlyini bonds (see text) 685,000 Va. Iron Coal & Coke, 1st M ., g ., $10, 00,000 1'.la . .. o* i899 6,993,000 Va. & Bouthw. Ry., 1st M. , $2,0 00,000, gold, gu.1'.lo.o* 1902 1,000 2,000,000 Wells, Fargo ti Oo.-Btock .................. . ................ 8.000,000 100 Welsbach Oo.-Ooll. trust mort., gold , $76°00,000, s. t ..... 100 &o. 6,026,400 5,360,000 'Wutchuter Ltghti~-lst M., $10,000,0 o, Jold.Ool ... c* 1900 1,000 West. Telephone ti eleara<fh----Com. stock,$ 6,000,000 .. . . 100 16,000,000 100 16,000,000 Pref. stock , $ 16,000,00 , 6 p . o., oum. after 2 yea.rs •. •• 9,853,000 Collateral trust gold bonds, $ 10,000 ,000 .0B ....••• . • c• i902 1,000 Wutern Transit Oo,-Bonds, gu. by N. Y. C. ext. In 1903. 1884 1,000 1,500,000 Western Union Telegr~h-Btook ..... ... ................... 100 97,340,504 8,504,000 Collateral Trust bon s.1'.le ...... . ...................... o* isss 1,000 Fnnd'g a n d real esta te m ort., $20,000,000, gold.F .o&r 1900 1,000&o 15,250,000 Wutingkom e Air Brake-Stock, $11,000,000 ..•••.••..••. 50 10,990,450 Westi nghouse Elec. ti ~g.-A.ssent. stock (V, 71, p. 1274) . 50 18,526,800 First pref. ($4,000,0 ) stock, 7 p.o., oum. (see remarks) . 3,998,700 50 Debenture certifloates, $3,500,000, gold (see text) .1'.le 1898 1,000 2,787,000 850,000 1,000 Walker Co. 1st mortga/:e (see rextl........ . . • • • 1898 . •• . 'Wutinghouse Mac"-ine- 5,000,000 (to be all one kind), . . .... 50 See text. 350,000 Mortgage, subject to call In 1905 .• •. ••••.•...•••.••..••. Debentures, $1,500,000, gold, redeem by lot at 105 .•. 1·g99 See ren.. Westingh F'ndry, 1st M., gu., due $50,000 y'ly, beg.'07 1902 ...... 1,000,000 i:ooo iooo --· .·-· --· . ...... ...... Virginia-Carolina f'hein.lcal Co.-ORGANIZATION.-lncorporated on Sept. 12, 1895, and has acquired most of the successful ma.nufactories of commercial fertilizers from Bait. to Atlanta and Savannah. v. 68, p. 431; V. 69, p. 232,964; adv. tn OBRON. Mar. 4, '99; V. 72, p.444. Bee application showing properties owned, etc., v. 72, p. 1186; v. 72, p. 1191, 1285; V . 73, p . 137,240; V. 74, p 942, 1095; V. 75, p. 81, 140, 496. The So. Cotton OU Co., $9,881,300 of whose $11,000.000 stock is owned, operates the cotton oil properties. See V. 73, p. 240, 137, 1365. In Aug., 1903, ~rranp;ements were made with a s-y-ndicate to advanoe not exceedmg $6 000,0(lO, as required from time to time for workin~ capital. V. 77, p. 355,405. STOCK.-The stockholders voted on July 17, 1901, to authorize an in· crease in the common stock from $12,000,000 to $38,000,000, the new stock to be issued for cotton oil, eto., propet ties, recently purchased, and from time to time a.fl required; outstanding D ec., 1903, $27,984,400. V. 73, p. 36, 137; V. 75, p. 496. DIVIDENDs-(P.o.) 1896, '97 to Mar., '02, incl. June, '02 to J une,'03 Common . ...... . Dec.. 1 4 yearly. 114 qr Preferred, 8 p.c. In full to Jan., 1904, inclusive (paid Q.-J. 15). In Bept., 1903, common stock dividends were suspended pending arrangements tor ad 1t1ona.l working capital. V. 77, p. 405. CoLL.ATERAL TRUST BONDS,-The bonds are secured by the $9,881,· 300 Southern Cotton Oil stock owned and $2,209,200 of $2,219,200 stock of the Charleston M1n1ng & Manufact'g Co. The proceeds were used to restore over $3,300.0UO cash taken from working capital on aooount of recent acquisitions and to provide about $3,500,000 stm due tor the properties acquired. They a.re subject to call as a whole o:e. any Interest day at 105 or tor sinking fund $500,000 annually , be• ginnin~ 1904, at 102¼ and interest. V. 75, p . 140, 687, 1102. REPORT tor year ending June 15, 1903, in V. 77, p. 194, showed net earnings. $2,596,317; int. on bonds, $209,401; div. on pref. (8 p . o.), $960.000; div. on oom. (5 p. 0.1, $1,399,220; bal., sur., $27,696. OFFICERS. President, S. T. Morgan; Secretary, 8. D. Orenshaw: Treas., S. W. Travers, Richmond, Va. New directors Aug., 1903, V. 77, p. 405-(V. 77, p. 802,355, 4.05.) Virginia Iron Coal & Coke Co.-See page 530. Wells Fargo & Co. (Express).-Incorpora.ted under the la.we of Colorado February 5, 1866. On August 1, 1903, operated nn 39,359 miles of railroad, 1,398 miles of stage and 5,552 miles ot steamer routes; total, 46,309 miles. Dividends of 8 per cent yearly were pa.id for many yea.rs, but the semi-annual dividend pa.id In July, 18 94, was reduced to 3 p. o.; 1895, to Jan., 1904., 6 p. o. yearlv(3 J.&J) a nd in Jan., 1902, 2 p, o. extra; in July, 1902, and Jan. and July, 1903, and Ja.1!:., 1904. ea.oh 1 p. o. extra.. Chairman of Executive Committee, E. H. Harriman, Directors Oct., 1902, V. 75, p. 621, 803.-(V, 75, p. 621,803.) Wel8bach Oo.-Bee page 530. Westchester Llghtlng.-See page 530. Western Gas Co. ( lUlhvauk.ee).-(V. 74, p. 482; V. 76,p. 658.) Western Transit Co.-Owns piers, etc., 1n Buffalo, N. Y., fleet ot 14 steamers and also barges used on the Great Lakes. The N. Y. Central owns its $1,000,000 capital stook-(V. 76, p. 216.) Western Telephone & Tele,:raph Co.-See page 530. Western Union Telegraph.-Orgaruzed under the laws or New York State on April 2, 1851, and present name adopted 1n 1856. As to favorable decision in Oct., 1903, in claim against Amer. Telephone & Telegraph Co., see V. 77, p, 953, 2160. STOCK.-ln 1892 increased stock trom tl86,200,000 to $100,000,000, ot which $8,620,148 was thenpaid as 11crip div, to represent surplus earnings expended on the property and $2,630,000 still unlssued. DIVIDENDS.t '87. '88. '89. '90. '91. '92. '93toJa.n.,'04,inol. Since '86, p. o •• 5 2 5 5 5%. 5 15 (lOso.) 5% (114 Q-J.) BoNDs.-On June 30, 1903, the following stocks (par value) were pledged for the collateral trust bonds: Gold & Stock Telegraph, $1,· 111,800; Interna.t. Ocean Tel., $1,961,500; N. Y. Mutual Tel., $2,387,700; and bonds, Mutual Un. Tel., 6s, $3,043,000. The funding and real estate 41ss of 1900 are secured upon rea l estate 1n New York and Chicago and provide for the $6,800,000 of 6s and 7s due in 1900 and 1902, construction, eto. In the event of a mortgage being placed upon any part of the system, they wtll be g1 ven a prior lien thereunder. V.70,p. 384, 1203; V. 71, p.750; V.74,p.785. LEASED COMPANIES.-Under leases the company aside from other rentals pays interest and dividends as below. On June 30, 1903, the company owned the following stocks or the several issues included below as outstanding: Franklin Tel., $632,900; Gold & Stock Tel. $1,443,800; Int. Ocean Tel., $23,100; Ill. & Mississippi Tel., $100,350: i:-acifto & At. Tel., $1,458,125; Southern & At., $390,475. i Oompany, tic. Lease expires. Amou~t. Am. Tel. & Cable stock. 1932 $14,000,000 Ch. & Northw. Tel. stk. 1904 100,000 1st mort., Int. 1ma.r ... 1100,000 Empire& Bay State, st'k 300,000 Franklin Tel. stock..... a267,100 1975 Gold & Stock Tel. stook.Jan.,1981 b2,444,400 Bonds $500, notmort. 500,000 Illinois & M1ss. Tel perpetual. cl,830,145 Intern.Ocean Tel.stook. Jan.,1981 dl,015,400 N. Y.Mut. Tel.stock($25)'Feb.,1982 ell4,300 Mutuw Un. Tel. 1st .. f"l,957,000 Nortbw. Tel. stk. ($50).My7,1980 2,500,000 1,180,000 1st mort. int. ~ar .••• Pac. & Atl. stock ($25). 99 years g541,875 Sou. & Atl. stock ($25) .999 yea.rs h558,400 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I n t. or div. % Period. 5· 4 6 4 2¼ 6 4¼ 4 6 6 6g. 6 7 4 5 Bonds mature. Q-M No bonds. 0 M&S Sept:i;i904 Q-M No bonds. M&N No bonds. il&:J May·i;i905 J&J None. Q-J No bonds. M&N Ma.y; °i9i'i J &J ........... . J &J Jan., 1904 J & J No bonds. A &O No bonds. 1 I - ·- --- See text. Q.--M. 81n 1903 Q~. 15 5 g. A. & 0 . ---5-g. ..... Richmond, Va. . do do Checks m ailed. . ..... --· J une l ' 03, 13' Ja.n .15,'04 , 2% Oct. 1, 1912 . ---. --· M.& 8. N. Y., Bk. of Ma.nha.t.Co. Moh, 1, 1949 5 g. J. & J. Int' st from Jan. 1, '03 Jan. 1, 2003 Sin 1903 J . & J. N . Y .. Office, 6 3 B'wa.y. J a.n.15 ,'0 4, 4% 5 g. J. & D. Phil. Prov. L . & Tr. Co. J une 1 , 19305 g. J. & D. N, Y., Colonia l Tr. Co. Deo. 1, 1950 41n1903 5 g, 3¼ 5in 19 03 5 4¼ f; 24in ' 3 See text. See text. 5 g. 6 g. See text. 6 g. g F: ·& A, J. & J. F. & A. Q.-J. .J. & J . M.&N. Q,-J. Q.-J. Q.-J. J. & J. J. & J. Q.-J. J. & D. J. & D. M.& N. Feb: i",';04°, ~ J an. 1 , 19 2 Feb. 1 , 1923 Jan .15,'04, 13' Jan. 1 , 1938 Ma y 1 , 1950Jan.11,'04 , 6% Ja,n.11,'0 4, 2 ~ Jtm.11,'04, 21, July 1, 19 13 Jan. 2, 1916 Jan.11,'04, 219 Fid.Tit.& Tr.Co. Pittsb. 1914 1Ul9 do do May, 1907-27 . ...... Boston, 119 Milk St. Old Cot Tr. Co. , B oston. N. Y., Grand Cent.Bta.t'n N. Y., Office, 195 B'way. do do do do Pittsburg, Pa. N. Y., Office, 120 B'way do do N Y. Mero. Trust Co N. Y., Central Tr. Co. --- Also owns directly or through "ollateral trust, viz.: a $632,900; b $2,555,600; c $100,350; 4 $Uls:J4.600; e $2,387,700; f"$3,043,000; ,: ~1,458,125; h $390,475; l $40,000. L E R t .A.TEST .ARNINOS. · evenue or 6 mos. endin~ ~ec., 31, 1903: 6 moR. Net ri1venu e. Interest. Du,ul,, nd,s. Bal, su,-. 1903 (est.) ...••• . $4,497,196 $572,600 $2,434,035 $1,490,561 1902 (actual). 4,364,504 505,100 2,434,021 1,425,383Total surplus (estimated) Deo 31 1903 $14 510 285 ' ' ' ' ' • ANNUAL REPORT.-Report tor 1902-03 was in V. 77, p. 1223. 1902-03. 1901-02. 1900-01. 1899-00. Year endin g June 30. $ $ $ $ Revenues for the year ..•. 29 ,167,686 28,073,095 26,354:151 24,758,570Oper.exp's,rent ..t'xes.&o.20,953 ,215 20,780,700 19,668,903 18,593,206 Remainder ........... 8,214,471 7,292,329 6,685,248 6,165,364. Dividends i,a.id ........... 4,868,050 4,800,031 4,868,007 4,867,984 Interest on bonds .. •..•. 1,077,700 992,580 956,160 896,306 Surplus ...••• ·· - _..... 2,268,721 1,431,717 861,080 391,277 Miles ot Miles of No. or Year. Poles&C'bl's. Wire. Offices. Messages. Receipts. Profft& 1866-67 . .• 46,270 85,291 2,565 5,879,282 $6,568,925 $2,624,919 1892-93 ..• 189,936 769,20121,078 66,591,858 24,978,443 7,496,037 1901-0 2 .. . 196,115 l,029,984 23,567 69,374,883 28,073.095 7,292,329 1902·03 ... 196,5171,089,212 2 {,120 69,790,866 29,167,686 8,214,471 Office, 195 Broadway, New York City.-(V. 77, p. 1223, 2163, 2288.) Westinghouse A.Ir Brake.-ORGA.NIZATION, ETO.-A Pennsylvan1a. corporation. v. 67, p. 843, 1065. Owns $~5o,ono of the $2,500,000stock ot the C a nadian Westinghouse Co., Lim V. 77, p.1307, Stockformerty Ui,000,000 (par $50) was Increased to $11,000,oOO 1n July, 1898, $5,000,~00 being distributed among st •ckholders a-< a 100 per cent stock dividend (V. 67, p. 128; see also V. 66, p. 9511; V. 67, p. 1044), Up to 1898 dividends of 20 per cent per annum had been pa.id tor some yea.rs. In 1899, Jan., 5 p. o.; A.pr., 5 p. o.; July, 5 p. c.; Jan., 10 p. o., tn 1900, 7¼ p. o. ea.oh, quarterly (Q.-J .) Incl. 5 extra.; since to Jan., 1904, 6 p. o. quarterly, Incl. 3.lg extra.. As to litigation with N. Y. Atr Brake Co., see V. 69, p, 181, 442; V. 70, p 636: V. 73, p. 1365; V. 75, p. 1359. Report for year ending July 31, 1903, was in V 77, p. 768, showing: Gross, $9,179,588; net profits, $3,3~3.474'; div. (24%), $2,636,748; bal., sur., $756,825,-(V. 75, p.1359; v. 77, p. 718, 7qs, 1307, 2039.) Westln:?;house Electric & 1'.lanuf"acturlng Oo.-ORG.A.NIZA• TION.-A Pennsylvania corporation manufacturing appliances u seti . tor electric lighting and power purposes. Statement to N. Y. Btook .E xchange was in V. 54, p. 763. The company owns exclusive rights to the Tesla pa.tents on alternating currents.-V. 61, p.25, 153, In March, 1896, an agreement was made with the General Electric Co. for pooling pa.tents. See V. 62, p. 502,635, 1040; V 68, p. 1024. In Sept., 1898, purchased substantially entire capital stock and all bu~ $%0,000ot the$2.500,00020-yr. bondsotWa.lker<Jo. V.68,p.87, BritishCo.,V.69,p 232,802; V.73,p. 1114; V.7f'i,p.1414; V .76.p.1089. Canadian Westinp;house Co., of whose $2,500,00 J stock, $950,000 is owned, V. 77, p. 302, 1307. CAPITAL 8TOCK, ETC.-Stock authorized is $ ~5,000,000, increased from $15,000,000 in Feb , 1901, $3,000,000 of the new stock being. sold to stockholders at $55 per $50 share. V 72, p. 631. In 1903 stockholders subscribed to $4,500,000 assenting stock at $8 (• per f50 share, the proceeds to be used tor extenston-1 and working ca.pita.I, increasing the outstanding a.mount to $18,526,800. V. 76, p. 1089; V. 77, p. 27. The first preference stock oarrtefl cumulative dividends ot 7 per cent per annum, with right to participate equally with other stock after the same shall have received 7 per cent, and preferential as to principal. Bee wording of preferred certificate in edit.orial of May, 1893, SUPPLEMENT. As to, the aebentnre certiftca.tes of 189R see V. 67, p. 324, 691. Si1!king fund of $150,000 yearly tro}Il 1900 to pay off debentures at 10.:1, to be drawn by lot. No llen is to be placed on property without providing tor debentures. V. 67, p. 1112. In Deo , 1903, $2,000,000 two-year 6 per cent notes, subject to payment atter 6 months, w ere sold to pay m pa.rt for purchase of control of Lacka.wann 1. & Wyoming Valley Transit Ry., 4~ miles. See Scranton, P a,.. in STREET RAILWAY SECTION The objt'Ct ls t ,1 demonstratethe utility of electric railroads 1n transportation of frei~ht, the road, when fully equipped, it is understood, to be re-sold. V 78, p.51. DIVIDENDS.-On pref. Feb., 1892, to May HI03. incl., 7 p. c. per an. 1nterim May 15 to July 1, 1903, 114 p. o.; Oct. 20, 2¼ p. c.; 1904, Jan., 2½1 p. c . V. 76, p, 1089, 1361. On a ssenting stock, Ff'b,, 1900, 114 p. o.; May , 1900, to May, 1901, 6 p. o. per an.; Au~.• 1901, to May, 1903, 1ncl., 7 p. c.; July, 1903, 114 p. o. (May to July 1); Oot., 2¼ p. o.; 1904, J a n., 2¼ p. o. A NNUAL R EPORT.- Fiscal year ends March 31. For 3 mos. ending June 30, 1903, net earnings we1·e $1,137.734. Balan ·e sheet June 30, 1903, V. 77, p. 628. Sales in 1902-3, $23,899,492, against fl9,976,958 in 1 901-2; net ea.rn1ngs, inoludtng subsldia.ry companies (approximate ), :S4,650,000. V. 76, p. 1089. DmECTORS.-Bra.yton Ives (Chairman of the Boa.rd), Oha.rlee Francia Adam s, Pb. Ferd Kobbe, August Belmont, A. N. Brady, N. W. Bum.stead, Fra. ,, k H. Taylor, H. H. Weetin~house, G. W . Hebard. James H. Hyde. Brayton Ives, Geo. C. Smith and Geor~e Westinghouse. Pres. , George Westinghouse; Vice-Pres. , Frank H Taylor, Ph Ferd. Kobbe and L. A . Osborne; Treas., T. W. Siemon; Secy., Oharles A. Terry. N. Y. office 1s at 120 Broad.way.-(V. 77, p. 1307; V. 78,p. 51.) Westinghouse Machine Oo.-See page 530, JAN., 1904.] INDUSTRIAL STOCKS A D BONDS. AJbenaarJe & Che8. CanaJ.-Owns canal between Chesapeake Bay and Albemarle Sound, 14 miles. Stock is $558,200 <$100 shares). Dividends in 1893-96 each 112 p. o. yearly; in 1897, none; in Feb., 1898, l½l p. o.; none since. Bonds, $500,0oO 1st M. 4s (formerly 7s), due Julv, 1909 Non-oum. income 3 p. o. dt1bentures (Central Tru•t Co., N. Y., trUftee), $ll5,000 due July 1, 1903, issued per plan, V. 77, p. 351. for the funded portion of interest on 1st mongage bonds to date of maturity, and July, 1902, coupon, oanceltd. (V. 77, p. 351,) See reportiV. 74, p, 92; v. 72, p. 1035. In 1901-2, gross, $39,476; net, $19,896. n 1900-1, gross, $51,905; net, $33,417. Pres., Warren G. l!:lllott. Office, Norfolk, va.-(V, 75, p. 795; V. 77, p. 351.) Amer,<'an AlkaU,-SeeSUP. for July, 1902,and V. 76,p. 214, 1194; v. 77, p. 770, 1875. American Cement.-A consolidation in 1899; lncorp. in N. J. Prospectus, V. 69, p. 1249. Stock, $2,000,000. Dividends 1900 to JaD., 1904, both incl., 8 per cent yearly (2 extra). Report for 1903, V. 781 p. 285. Bonds, $860,000 1st mort. and_ coll. tr. gold 5s, d~e Oct. 1, 19.14, s. f. $30.000 yearly ; int. A. & O. at Girard Trust Co .• Philadelphia, trustee. The plan to incorporate a company to manufacture cement at Nortolk, Va., was in Jan., 1904, temporarily deferred. See V. 77, p. 252; V. 78, p. 28~. Pres., Robt. W. Lesley; Treas., Fred'k J. Jiggens, 24 So. 15th St., Phila. Seaboard Cemt1nt Co., see V. 77, p. 252, 23tJ2. -(V. 76, p, 690,655; V. 77, p. 252; V. 78, p. 285.) A.merlcan Coal.-Mines at Barton and Lonaconing, Md. Stock, $1,500,000; par, $25. Dividends <M. & S.) 1894, 612 p. o.; 1895. 7; '96, 8; '97, 8; '98, 9; '99, 10 p. o.; 1900, 9 p. c.; 1901, 10 p. c.; 1902, 10 p. o.; 1903, 10 p. o. Office, No. 1 Broadway.- (V. 72, p . 340.) American Dl8trlct Telegraph.-AAe SUPPLEMENT of .Ta.n., 1893. Annual report for year ending Deo. 31, 1902, was in V. 76, p. 263, showing gross, $610,042; net, $96,866; dividends (2 p. o.), $76,886. DIVIDENDS,-~ '93. '94. '95. '96. '97. '98. '99. 1900. '01, 1902. 1903. 2 5 3¼ 1 3 1 2 2 214 214 2¼ 2 Per cent. Office, 6 Dey St.• N. Y. City. Directors and officers, Apr., 1902, V. 74, p. 207, 885.-(V. 74, p. 203,207, 885; V. 76,p. 214, 263.) American Gras• Twine Co.-ORGANIZATJON.-lncorporated in Delaware on June 8, 1899. Official statement showing properties owned, V.73.p.1262;V 74.p.96;V.75,p.31,187,1305;V.77,p.1295. Stock, $15,000 000; par, $100. Dividends, 1902. 3¾ p. o.; 1903, Jan., 214 p. o.: none sinoe. Underlying bonds, $36,000. Wieoonsin Grass Twine 6s, due Jan. 1. 1907. Pres., Thomas K. Ottis; Vioe•Pres., F. J. Ottis; Seo., Chas. P. Howland, 15 Broad St., N. Y,-(V .77,p. 1876.) American Iron & Steel Manufacturlng.-In Aug., 1899, absorbed properties at Reading and Lebanon, Pa. See list in statement of April 30 1900. V. 71, !).180. In 1901 the North Reading Works were so~d. V. 74, p. 576. Stock, common, $17,000,000, $5 per share paid m; pref., 5 p. o. oum., $3,000,000, full p aid; par of shares, $50. Dividends onpref.,Jan., 1900, 12s p.o.; A pr., 1900, to Jan., '04, 114 p. c., Q.-J. Oncom.,1900, $1 per share; 1901,55ots.; 1902. Jan. 29, 15 ots.; May 28, 15 ots. No bonds. Report for year Pnding Deo. 31, 1902, in v. 76, p. 651. ·omce, Lebanon, Pa.-(V. 76, p. 651, 655.) American Light & Traction Co.-ORGANIZATION.-Incorpora.ted in New Jersey May 13, 1901, by Emerson McMillin and associates, and acquired the following lighting and traction companies per terms in V. 72, p. 724,871,987; V. 73, p. ~35, and V. 75, p. 343. All of the stock of the , rand Rapids, Madison, St. Joseph, ~t. Paul and Binghamton (N. Y.) Gas Works is owned, and at least 97 p. c. or the stook of each of the remaining properties named below. Tot. stock tBBuea. OutBrand'a bonds. Western G!is Co ............ . ....... .. ...........14.0t:0,•11 0 $6,000.000 V. 74, p. 482. Grand Rapids (Mlcb.) Gas Light Co .... .. . . . .. 1,000,000 1,225,000 V. 64, p. 682 460,100) S e e paire .Mad is n l Wis. l Gas & Electric Co.... . . . . . . . 400,000 ~f: i~~~~~I~~:)1f!s0 f i: coTv. 77,·i>: ":t2a2Y::. l·.m·.°rf'oi s:3,ig~:888 }i1: <lf B ~~e~f:~JMfe~a.eJu~~~i i~~gi &:a!~~~kJlfi. ~l· ~ O i~~ 528,000J SUPPLEM'T. BinJZbamton tN. Y.)Gas Woras . ... ........ 460,000 971,000 V. 75, p. llH. Consol. G11s ro of N. J. (Loniz Branch, N.J.). 1,000,000 Southern (San Antonio, Tex.) Light & t 1805 000 19811000 5 ~ee ST. RY. l SUP., p. 80. • • Traction t.,o.... . . . ........ ............ . S • • s: See also $7f0.000 St. Croix Power Co. guaranteed bonds, V. ,;3, p. lOU. BTOCK.- Authorlzed, common, $15,000,000; pref.6 p.o. cum., $25,000. 000, of whioh $9,396,200 pref. and $4,678,700 common outstanding. Fust dividend on pref., 11t p. o., paid Deo. 2, 1901; 1902 to Feb., 1904,6 p. o. yearly (p..td Q.-J.) EARNINGS.- For 3 mos. ending Sept. 30, 1903, net earnings were $234,532, div on pref., $140,953; bal., sur., $$93,579. REPORT.-For yea.rs ending Jone 30 earnings were: Balance Preferred Othtr Dividend• Fi1cal surplus: d,vidend. recuvtd. income. Expenses. year. 1902-03 .••. -· $1,006,593 $85,470 $25,078 (6%)$528,337 $538,647 310,247 769,093 24,24.0 20,070 (6%) 457,016 1901-02..... Pres., Emerson MoMillin; Seo., and Treas., 8. J. Glass. N. Y. office, 40 Wall Street. Directors, V. 73, p. 235.-(V. 77, p. 148, 2282.) Amerl<:an St>Wer Pipe Co.-ORGANIZA.TION.-Inoorporated in New Jersey on Feb. 17, 19001 as American Clay Mfg. Co. as a -consolidation of 27 vitrtiled drain-pipe plants said to contro1 from 80 to 85 per oent of the industry, and name changed, Feb. 1, 1901. For list, etc., see V. 70, p. 482,688, 874. The bonds are subject to call at 105 and interest up to $100,000 yearly after Mar. 1, 1901. See V. 70, p 688. Stock, $8,00• ,000, as reduced Maroh, 1903; outstanding, $7,805,700; par, $1•10. Balance sheet Sept. 30, 1903. V. 77, p. 1532. OFFICERS.-President, Frank N. Kondolf, Pittsburgh, Pa.; Secretary· Thomas D. Brown, New Brighton, Pa.; Treasurer, W. B. Goucher' ' Pittsburg Ottioe, Pittsburg, Pa.-(V. 77, p. 1532, 1535.) American Soda Poontain.-Formedin '91 in N.J.-V.66,p.382. Stook outstanding: Common, $1,250,000; 1st pref., 6 per cent, cum., $1,250,000; 2nd pref., 8 per cent, cum., $1,250,000; par, $100. DIVIDE.ND8.-0n preferred in full toNov.,1896,inol.; in 1897 to 1899 ino.,none; Nov., 1900, 3 p. o. on 1st pref.; 1901 to 1903, both inoluslve, 6 p. c. yt1arly on 1st pref., leaving accumulated dividends unpaid of 21 p. o. on 1st vref. and 56 p. o. on 2d pref. On com., none since 1896. GENERAL F!NANCES.-On Aug. 31, 1903, notes paya ble, $866,968. Al'iNllAL Rl!.PORT.-Report for year ending .Au~. 31, 1903, V. 77, p. 2035, showed profit, $125,274, a~ainst $108,589 for 1902. Pres., James N . North. N. Y. office, 449 Fll'st Ave.-(V. 77, p . 2035.) American Steel :Foundries Co.-ORGANIZ.A.TION.-Incorporated in New Jersey on June 26. 1902, and acquired. An erican Steel Casting Co. (See SUPPLEM ENT of April, 11'02), Reliance Steel Cas1lngs Co. of Pittsburg, Pa .. Leighton & Howard Steel Co. E St. Louts 1 a~~~~r9gan For properties acquired, rl~hts of stock, eto., see V. 7 5, p. 1300; v. 77, p. 767. Of the $40,000,000 stock (half p ref.) $3,000,000 common and $4,500,000 preferred are to remain in treasury and be issued only for cash or property of the aotual oai;ah value at p ar. V. 74, p . 1141 1357. Div. on pf., Deo. 1, 1902, to De a., 1903, 1¼ p. o. quar. ,Q. M.) REPORT.-Report for year ending July 13, 1903, in V. 77, p . 767, showed: Net income of eonstituent companies, $1,566,953; int, on bonds, $23,550; div. on outstanding stock of constituent companies, $70<·; div. on pl'ef. stock (4¼ p . o.), $697,500; bal., sur., $835,203 . OFFICEBS.-President, Joeeph E. Schwab; 1st Vice President, Danie. Eagan; 2d Vice-President, 0. H. Howard; Treasurer and Secretary, F. E. Patterson. 1>1rectors, V. 75, p. 1301; V. 76, p. 1145; v. 77, p. 695, Offioe, 74 Broadway,N. Y.-(V. 76, p.1145; V. 77,p. 695,767, 2099.) American Thread Co.-Incorporated in N. J. March 10, 1898. (V. 67, p . 1158.) Stock, $6,000,000 common ($3 50 per $5 share paid in, understood to be entirely owned by the English Sewing Cotton Co.); $6,000,000 five l)er cent cum. pref. (gold or £); issued $4,• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis °Ior~~c:~: m.: 525 890, 475, par of shares, $5. Dividend on pref. July, 1899, to Jan., 1904, inclusive, 5 p. o. per annum (2¼ p. c. semi-an). First div. on oommon, 30 eta. per share (or 10 per cent on amount :paid in) paid out of earnings or 1899-0; 1n 1900-01, 35 ots. (10 p. o.); m 1901-2, none; 1n July, 1904, 14 ots. (4 p. o.) Bmws.- Bee applioation to l111t in full, V. 70, p. 179; also V. 76, p. 267. In 1901 puroha.sed , control of Wool Exchange Co., owning lbuildlng 260 West B'way, subject to first mort. of $500,000. V. 73, p.289, 393, 446-. REPORT. - Report for year ending Mar. 31, 1903, with balance sheet, in V. 77, p. 193, showed: Gross profits, $1,147,245; depreciation,. $300,000: bond interest, $242,740; dividend on pref. etook (5 p. o.), $244,52i; div. on oom. stock (4 p. o.), $168,000; baJ., sur., $191,981. President, T. C. Waterhouse, 8eo. and Treas., Theo. M. Ives, 260 W. Broadway, N. Y.-(V. 75, p. 665; v. 76, p. 267; v. 77, p . u,3.) Barney & Smith Car.-Incorporated in 1892 in West Virginia. Stock outstanding, common, $1,000,000; pref. 8 per oent, cumulative,. $21 500,000; par, $100. Fonds, $1,000,000,t 1st 50-year gold 6s tJ.&J.> suojeot to oall at 110 on or after JuJy 1, 11102; Guaranty Trust Co., N. Y., trustee. Divs. on com. in '93, 5 p. o.; on pref. 8 p. o. t1ll Mar., '9!5;. dividends resumed Deo. 1, 1899, then 2 p. c. quar. to Dec., 1903, incl. REPOBT.-Report for year ending Mar. 31, 1903, v. 76, p. 1298. 0th. inc, Bad. debts. Intert.st. Pref. dit,. Bat., sur. Net. Year. $60,000 $200,000 $302,511 ·----- $3,750 1902-03 .. $566,261 139,967 60,000 200,000 26 ·--1901-02 .. 399.993 -(V. 74, p.1198, 1250; V. 76, p. l!l98 .) Bay ~tate Ga8 Co.-Stook outstanding stated to be $250.000,000, in $50 @bares. Its equity (see SUPP. of July, 1902,) in certain Boston gas companies was sold atforeolosme In 1902 and the stooks bought in tor the Massachusetts Gas Companies, per plan in V. 76, p. 104, 161. Cn July, 1903. Receiver Geo. W Pepper waA endeavoring to prove the sale fraudulent. As to otfer to stockholders by other parties in July, 1903, see V. 'i7, p . 695,771. See v. 76, p, 334,437,812, 974-, 1145, 1194.1357; V.f77,p.39,149,299,402,453; V. 78,p. 289.-(V. 78, p. 289.) Borden's Condensed 1'1ilk Co.-ORGANIZATION-Inoorpora.ted in New Jersey on Apr. 24, 1899. V. 68, p. 821. Suooessor to New York Condensed .l\'J ilk Co., also absorbin~ v a.rious other properties In th& U. El. V. 69, p. ll 95; V. 74, p. 97,579; V. 76, p. 656. Stoolr, all ouis tanding, common, $17,500,UOO; pref., 6 p o. cum., &-7,5t.,Oi000, subject to call at 110 after 3 years from issue (if lees than the who e to be paid, the number of shares to be drawn by loti; pa of shares, $100 ea.oh. Dividends on pr~f. to D eo., 1903, tncluslve, 6 p. c. yeHly (Q.-M.) On oommon, in 1902, 8 p. <'.; 1903, Feb., 4 p. o.; Aug., 6-¼l p. o., including l¼ p. o. extra. No bond!l. Prefl ldent, William Ro11:ers; Treasurer, A. Jo Milbank; Sec., S.S. Taylor, 71 Hudson St., New Yor11. (V. 76, p. 656.) Brunswick (Ga.) Dock & Itnprovement Co.-Bucoessor to Brunswick Co.reorg. per plan in V. 65, p. 326; see also V. 66, p. 1034. Stock, $ 5,000,000. President, Henry E. Howland, 35 Wall St.: Seo. & Treas., G. A.. Kraetzer Jr., 142 Pearl St., N. Y. V. 76. p. 812, 1367. Botterlck Co.-ORGANIZA.TION. -I ooorporated in New York on Jan. 15, 1902. Owns stooks of various cos. publishing fashion magazines, manufacturing paper p atterns, etc. See otholal statement, V. 7fl, p. 237. Stook, $12,000,000, all outstanding. Div., 1 p. o. quar. paid Sept., 1902, to Deo., 1903, both inol. Underlying bonds. $1,200,000 Federal Pub. Co. collat. 6s, due 1920, payable 10 p. o. yearly, beginning 1910. Report for 6 mos. ending June 30, 1903, in V. 77, p. 777,ehowed: Earntng11 or operating companies, $540,084; Butteriok Oo. dtvidenr1 s, $240,000; bal., sur., $300,08i Report for cal. year 1902, in V. 76. p 541, showed: Earnings of operating cos, $726,898; dividend s , $300,000; b al., sur.,$426,898. President, G. W. WUder; Treas.,. C. D. Wilder; Secretary, R. S. O'Loughlin.-(V. 77, p. 767 .) Canton Company.-See SUPP. of Apr., 1897, and V. 75, p.292. Ceun·aJ Fireworks <'o.-ORGANIZATION.-Incorporated in New Jersey June, 1896. Properties controLed, see V . 72, p. 341. Stook authorized $1,750,000 each of common and ' p. o. oum. preferred; outstandin~ oummon, $1,406,150; preferred, $1,267,200. No bonds. Dividends on oommon: 2 p o. yearly paid Aug., 1900, to Aug., 1903, both inol (F. & A.); on pref., 7 -l!· o. yearly to Aug., 1903 (F. & A.) Checks are mai ed. President, vhas. G. Street; Seo. and Treas., Geo. T. Egbert. Office, 9 & 11 Park Place, N. Y. - (V. 74, p. 939.) Central Fonndry.-Inoorporated in ..New Jersey on July 11, 1899, and acquired manuractories of soil pipe said to control 95 per oent of trade in the U. 8 .; V. 69, p. 178; ·V. 71, p. 1222 Stook,$7,000,· 000 eaoh of com. and 7 p. o. cum. pref., of .w hich $350,000 of eaoh is tn treasurs; par of shares $100. Report for year ending June 30, 1903, wa.11 in V. 77, p . 247, showing: Protlts, $665,449; bond interest, $231,780; equipment, eto., $89,779; depreolatton, $843,891; balance, none. President. Alfred Fowle Jr.; Seo. and Treas., W.L. Rogers.-(V. 71, p. 1222; v. 75, p. 292,340; v. 77, p. 198, 2-1'7.) Central Union Telephone (Ch1cago).-Thiscompany control& the Bell Telephone business in Indiana, in Ohio with the exception of Cleveland and Cincinnati, and in Illinois excepting Cook and fom other counties. A majority of the stock ls held by Amer. (Bell) Telephone & Teleg. Co. t:1ubscr1bers Jan. 1, 1903, 114,400. Stook outstanding Apr.,. 1903, $3,587,100. V. 73, p. 901. See oiroular, V. 72, p. 1190; V. 73, p. 618. Of the $6,000,000 l 0-20-year gold consol. 5s due Jan. 1, 1919 (Olcl Colony Trust Co. of Boston, trustee), $2,500,000 are reserved for let 6s subject to oall at 105 after July 1, 1906 (Ill. Trust & Savings Bank, trustee). V 73, p. 446; V. 68, p. 379, 472, 570; V. 71, p. 86. See also advertisement in CHRONICLE of Mar. 25, 1899. In Mar., 1902,purohased New Harrison Telephone Co. of Toledo, 0., assumin~ $100,000 bonds. V. 74, p. 682. Report for 1902 in V. 76, p. 1190. In 1903 (Deo. estimated): Gross earnings, $3,181,120; net, $754,948; interest. $438,7!i6; bal., sur.. $316,152. Pres., L. G. Richardson, Offloe to be at Indianapolis.-(V. 76, p. 268, 975, 1087, 1190, 1194, 1251.) Ohe8apeake & Delaware Oanal.-Owns oanal from Delaware City to Chesapeake City, Md. In June, 1893, bondholders were asked to accept 4 per cent interest (in place of 5 per cent) until contingent fund, reduced to $49,613, should again amount to $100,000. Bonds $2,602,950 (extended in 1886); due July 1, 1916; int. J & J. Interest ts payable at the office in PhiladelpWa. For year ending May 31 1903, gross receipts wel'e $136,308; maintenance of canal $47 310! net, $88,998; interest charges, $104,118; detioit, taken from oontin: gen~ fund, $15,120. StockJl,903,238; par, $50. President, Joseph E. Gillingham. Offioe, 528 walnut St., Philadelphia.- \V. 77, p. 39.) C'hlca~o Pneumatic Tool Co.-ORGANIZATION.-lncorporated in New Jersey on Deo. 28, 1901, and took over the Chicago Pneumatic Tool Co., Boyer Machine Co. of Detroit, Taite-Howard Pneumatic Tool Co., Eng~and, Standard Pneumatto Tool of Aurora, Ill., etc. The properties acqnµ-ed are supposed to control about 90 p. o. of the output or pneumat10 machinery in the United States. Owns entire £300,000 stooli_ Coni;aol. Pneumatic Tool Co. of London; V. 76, p. 379. Stock a ut horized , $7,500,000, all of one kind; outstanding $6 013 600. Divs. 2 p. o. quar., paid Apr., 1902, to Jan., 1903, both inclusive; in June, 1903, 1 :\i p. o.-the defer,:ed Ap ril dividend; July, 1 ¾ p. o.; Oct., 1:\i p. o.; 1904, Jan.,¾ p. c., makin g 6 p. c. for the year. V. 78, p.104. Bonds, $ 2,500.900 first 20-year gold 5s, ($1,000 each) due Dec. 31, 192~; outstanding, $2,24.0,000, $60,000 having been redeemfd by the slnkrng fund; int. J. & J ., at Nat. City Bank. N.Y. Central Realty Bond & Trust <'o. of N. Y , trustee. They are suhject to call at 105 from Jan 1., 1907, or beginning Jan. 1, 1903, they may be drawn by lot at the same price for a yearly sink:in~ fund of $50,000. v. 74, p 208. EARNINGS_ "!3'or the 9 m onth11 ending Sep t. 30, 19<13, net profits were $513.224; dividends at present rate (1~ p. o. quar.) call for $3U,714. J R EPO I- T.-Report for year endrng Deo 31, l U02, with bal11nce sheet was in V. 76. p . 379. showing: Net profi tR, $897 059; int. on bond&: $115,00~; sink. fund, *500,00; depreciation, eto .. written off $165,089; dividends (8 p. o.), $453,264; bal., eur., $113,706. v. 77, p. 771. 526 INDUSTRIAL STOCKS AND BONDS. OFFICERS.-President, J. W. Duntley; Vice-President, W. 0. Duntley; Secretary and Treasurer, S. W. Prince. Executive Committ(>e, J. W. Duntley, Chas. M. Schwab, J. R. McGinley. Directors (Sept., 1903), V. 77, p. 771: V 78, p. 50. General office, Fisher Building, Chica.go; N. Y. office, 95 Liberty St. -tV. 78, p 50, 104.) Oomprel!l8ed Air Co.-See SUPP. for July, 1902; V. 76, p. 105, 161,268, 1145, 1303, 1357, 1410; v. 77, p. 2342. Consolidated Lake Snpel"lor Oo.-Cha.rtered in Connecticut., under special Act May 18, lb97. V. 72, p. 938; V. 68, p. 1075: V. 75, p. 685. Owns directly or through its ownert!hip of the Ontario Lake Superior Co., all the capital stock of the !ollow1Dg corporations centering a.bout Sault Ste. Marie, Canada: Lake Superior Power Co., ~ault Ste. Marie Pulp & Pa.per Co., Algoma. Steel Co .• Lim. \V. 72, p. 874, gs,, 91H, 1h36. 1082; V. 74, p. ~oo. 886,): Algoma. Commercial Co., Lim .. Algom" Central & Hudson Bay Railway Co.. <V. 69, p. 90lJ; Y-. 70, p. 40, 1252; V. 72, p. 4!:!S.) Tagona Water & Light Co .. Brltt~h-Amerloa Express Co., ;v anitoulln & North Shore Ry. Co., Interna.tiona.l Transit Co .. Micbil!'&n Lake Superior Power Co. and Trans-St. Marys Traction Co. Mortgages ot 1008, see V. 76, p. 754. The plants include: Bessemer steel works and rall mill with capacity for producing about 500 tons of rails per day; two blast furnaces of about 400 tons daily capacity; by-product charcoal plant of 20 retort.a and 56 bee-hive kilns: Belen iron ore mine; 106 miles of railroad completed and in 01>eratlon; 9 ore, freight and passenger steamships, nickel and copper mines and smelters, ferro-nickel roasting plant, sulphurous acid works; ma.chine shops, forge, iron and brass foundry, oarbuilding shops, two saw-mills of 160,000 feet dally capacity, veneer mill; ground wood pulp mill or dally capacity of 100 tons; sulphite pulp mill of 60 tons daily capacity, water works and electric light plant; two electric street railways; two water-power canals of 60,000 and 20,000 horse-power. See aleo V. 76, p. 656, 1410; V. 77, p. 193. On Sept. 28. 1903, John G. Carruth of Philadelphia was appointed receiver. Benj. F. Frankenthalis receiver of the Canadian properties and Michigan Lake 8uperior Power Co. V 77,p. 771, 82!'). The plan propo1,1ed by the Moffly Committee (V. 77, p. 771, 825.) failed, i;he necessary nnderwrit1Dg not having been obtained. The securities pled~ea for theJ $5,050,000 loan were sold by Speyer & Co. who in Jan., lfl04, expected shortly to present a plan of reorganiza: tion under which stockholders would bi, offered rights or parti01pation SrocK.-Stock authortzea, common, $82,000,000; outstanding April; li103, $74,070,600.; pref., 7 p. c . non-cum, $35,000,000; outstanding, $281!52,400, most of the remainder of the issue being subscribed for. See v. 76, p. 50; V. 77, p,629. DIVIDENDS.-On preferred in full to Sept., 1902 (payable (Q.-M.); the Dec., 1902, dividend was deferred. V. 75, p. 1356. BONDS.-Underlying '.bonds, IH,013.572, additional to $3,500,000 Mich. Lake Superior Power 1st 5s, shown in table on a preceding page, see v. 77, p. 771, 193, and V. 76, p. 682. REPORT.-Report for the year ending June 30, 1902, was given at length in V. 75 p. 682, showing: Net 1Dcome, including subsidiary companies, $1,428,136; general expenses, $20.104; prefEirred stock dividend, $1,115,103; bal., sur. for year, $\&92,629; adding subRidy received on account Algoma Central & Hudson Bay Ry , $380,424, and profit and loss balance brought forword, $423,755, leaves total credit to profit and loss June 30, 1902, $1,096,808. Estimated earnings tor year ending June 30, 1904, are $1,170,000; interest charges, $2.!7,023: estimated net earnings, $942,974. See V. 77, p. 193, 1:,32. President, Cornelius Shields; Vice-Pres., Edward H. Sanborn; Treas., A. H. Chitty. New directors, Jan., 1903, V. 76, p. 50,1215. Ottiue, Sault Ste. Marie, Ontario.-(V. 77, p. 2037, 2282, 2a42; V. 78, p . 105.) Cumberland Telephone & Telegraph.-Organized in Kentqcky in 1883. and operates under perpetual and exclusive license from American Bell Telephone Co. through the entire States of Mississippi and Louisiana, the greater parts of Tennessee and Kentucky, and a few counties in Indiana and Illinois- Am. (Bell) Telep. & Teleg. Co. owns $5,176,500 of the stock. Subscribers Mtt,y 3 l, '03, 98,5 b0. The stockholders in Jan., 1903, increased the authorized stock from $10,000,000 to $20,000,000, to provide for extensions and improvemeots, $2,339,075 of the new stock being subscribed for at par by stockholde-rs, payable on Feb. 2, July 1 and Oct. 1, 1903, and Jan. 2, 1904, making outstanding $11,695,375. V. 76, p. 50. DIVIDENDS.-From 1892 to 1897, both inclusive, 4 pc; 1898, 5; 1899, 6; 1900, 6; 1901 to Jan., 1904, 7 per an. (1~ p. c. quar.) BONDS. · These consist of $880.JOOO first 5s (see table above); $239,000 20-year deb. 5s (int. F&A), aue Feb. 1, 1920, but redeemable at par, issued for purchase of People's Telephone Oo. of New Orleans; $150,000 East Tennesi;,ee Telephone gold 6s (int. J &J), due July 1, 1918, and $16,000 Ohio Valley Tel. gold 68 (int. J &J), dueJan. l, 1908. EARNINGS.- Report for year 1902, in V. 76, p. 379, showed: Gross, $3,070,163; net above :fl.xed charges, $782,165; dividends (7 p. c.,. $623,203; balance, surplus, $158,962. General offices, Nashville, Tenn.-(V. 76, p. 50, 161, 3'79.) Denver Gas & Electric Oo.-ORG.A.NIZATION.-lncorporated in Apr.. 1899, as a consolidation of the Denver Consolidated Gas a nd Denver Oonsolidated Electric Companies. Stock, $3,500,000. Reorganized in 1903 per plan, V. 76, p . 812. BONDS.- Prior lien 15-year {!Old 6s, due April 1, 1918, $1,000,000 ($1,000 ea.oh), all outstanding, subject to call at par after 5 years, tnt. A.&O.; Bankers' Trust; Co., N. Y., trustee. General mortgage gold 5s, $8,000.000 authorized, of which $2,580.000 outstanding ($1,000 each) dated May 1, 1903', due May 1, 1P49, but subject to call on May 1, 1908, at par, May, 1909, at 101, May, 1910, at 102, May, 1911, at 103, May, 1912, at 104, and May, 1913, or any intere,.t day thereafter, at 105; int. M .&N.; Trust Co. of America, trustee. Ol the general 5s, $3,260,000 are reserved te retire underlying bonds (including the f 1,000,000 new prior liensi. • Uaderl.Jing bond11. viz.: $1,600,000 Denver Consol. Gas 20 year gold 6s. due No't'. 16, lPU, int. J.-J, at Atlantic Trust Co., N. Y.. subject to c11oll a.t 105; Uf>.oou Denver Consol. gold deb. 6s. due Oct. 1, 911; $6110,0 O Denyer Conso1 Elec. lat gold 6s, dae Jan. 1. 19 "', subject to call; Atlantic 'Prust Co, ot New York. as trustee, Int. J .-J •• at Chemical Bank, N. Y.; $l'i0.1·00 Western Electrical Construction Company 1st gold lls, due October 4, llll5. Int. A.- o., at Mass. Loan & Trust Co., ot Boston. subject t ,>call at 10a after 1895. Chamnan, Emerson McMillin, 40 Wall St., N. Y.-(V. 77, p . 198.) Denver Union Water.-A consolidation Oct., '94. Franchises run until 1910. vwns the water supply of the city of Denver, Col., and vicinity. Capital stock ts $5,000,000 common and $2,500,000 of 5 per cent non-cumulative preferred. Bonds, $8,000,000. The South Platte <Jana,1 & Reservoir Co ., whose stock is all owned, completed a new reservoir in 190!, its $4,000,000 five per cent bonds to be guaranteed; the latter are subject to call at 105, between April 10. uno, and Aprll 9, 1911. V. 78, p. 231, 289. Litle:ation, v. 77, p. 198. President, W. S. Cheesman; Treasurer. D. H. Moffat.-(V. 7'7, ll. 198; v. 78, p. 105, 231, 289.) Detroit Olty Ga8.-0rganized in March, 11899, and owns all the gas properties in Detroit, Mich. Has a contract till 1923 with the city. Oity ordinance of Dec., 1901, rAoucing the price of gaR to 70 eents, was neYer enforced. V. 73, p. 1266. In June, 1903, Detroit City Gas interests pm chased three-quarters of the $100,000 Wyanaotte Light & Fuel Co. stock. V. 76, p. 1303. STOCK. Authorized, $5,000,000, $4,825,500 outstandmg; par, $50, Dividends, 2¼ p. c. Nov,'99; 1900, 5 p. c.; 1901, May, 219 p. c.; in 1903, 5 p. c . ($241,~75> in 6 p. c. ctfs. of indebtedness, due June 15, 1906; int. J.&D.1° at Emerson McMillin & Co. BoNDS.-The pl'i.or lien mortgage is for $6,000,000, of which $397,000 to retire the $381,000 Det. Gas 5s, not yet exchanged, and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII. $16,000 income 5s. Prior lien bonds are subject to call at 110. Of the gen. 5e of 1903 (ill0,000,000 authorized issue, Equitable Trust Co. of .N, Y., trustee.) $6 000.000 are reserved to retire i;he prior liens; pres• ent tame, $500,000; Nos. 1 to 1,000 mature $100,000 yearly from July 1, 1913; balance July 1, 1923. V. 77, p, 253. EA.RNINGS.-Net tor cal. year, '02, $605,211, agst. $527,018 in '01. OFFICERS.-President, Emerson McMillin, New York;. Gan. Man, Irvin Butterworth, Detroit, Mich.-(V. 76, p. 1303; V, 77, p. 253,) Detroit Mackinac & 1'1ar9.uette KR. Land (lrant.-Under the reorganization of the Det. lh.a ck. & Marquette R.R., roreolosed Oct., 1886, the holders of the lanl\ grant income bonds retained their lien on the lands aloogthe line of the road in Northern Michigan. See v. 76, p. 751. The bonds are due Oct. 1, 1911, int. payable Apr. and Oct. as earned, at not exceedine: 7 p,c yearly; outstanding, $1,845,000; of the bonds $926,000 having been purchased in 1903, and it is pro ~~Sb~ to purchase $75,000 on Apr. 1, 1901. V. 77, p.173, 1871, 2035, From Oct., 1892, to Apr., 1902, 2 ner cent interest was pa.id (1 p. o. each in A & 0) at Central Trust Co., N. Y.; in Oct., 1902, 11il p. o; 1n 1903, 7% IA. & O.) Bee report Feb., 1879, to Jan., 1900, V. 70, p. 684. In Aug., 1902, sale was arranged for $1,250,000 of 1,000,000 acres [reservine: for the bonds mineral rights in Marquette County], of which $750,uOO has been paid and $500,000 balance is payable in equal amounts cin June 1. 1901.. and June 1, 1905, with 1Dterest at 5 p. o. Th1s le!t unsold Oct., 1903, 188,857 acres, besides min1:,ral rights on 89,747 acres. V. 75, p. 137,443, 13 ~9: V. 77, p . 91. In Mar., li:,03, a protective committee, Jefl:erson M. Levy, 20 Broad St., Chairman, requested deposits. V. 76, p. 707,751; V 77, p. 253, 1873. Statement for period from Jan. 1, 1902, to Oct. 1, 1903 (in V. 77, p. 1871), showed: Grose receipts, $1,098,926; int. on bont1s, expenses and taxes, $.!78,573; bills receivable on hand Oct. 1, 1903, $7t>e,560; add credit Jan. 1, 1902, $17,917; bal., cash on hand, $69,710.-(V. 77, p. 18'71, 1873, 2035, 22a0.) Dominion Ooal Oo., Llotlted,-ORG.A.NJZ.A.TION.-Incorporated in 1893. Common stock, $15,000,000; pref. l'ltock and bonds, see table p. 157. Loans a11d btlls p11yable Mar. 1, 1902, $840.000 In Dec., 1903, the lease to the Dominion Iron & Steel Co. made in 1902 was annulled, the Coal comp~nv to pay $2,635,000 oash to tbe Steel company for advances, etc. To providA the money a two years' loan was arranged, prior to the maturii;y of which it ts expected to re-arrange the finances of the company by retlring the present bond issue and preferred stock through a new bond issue. V. 77, p. 2342. As to new contract for supply or coal to the Steel Company, expiring 1992, see V. 77, p. 772, 826; contract with Mass. Gas Companies, v. 75, p. 1257. Output year ending Dec. 31, 1903, 3,147,770 tons; in 1902, 3,300,334 tons. Divs. on pref. paid in full to Jan., 1904, incl. (4% J. & J.) On eommon stock 4 p.c. Oct. 1, 1902; Jan. 1903, 2 p.c.; Apr., 2 p.c.; July 2p. o.; in Oct., 119 p. c.; 1904, Jan., 3 p. c. V. 77, p. 1296, 2392. President, James Ross, Montreal.-(V. 78, p. 105.) Dominion Iron & Steel Co.-ORGANIZATION.-Or~anized under the laws of Nova Scotia on June 17, 1899; is building iron and steel works at Sydney, Cape Breton, to have, it is said, a daily capacity ol 1,000 tons of steel. In June, 1902, six of tha ten steel furnaces we,e in operation. V. 74. p. 98; V. 70, p. 1051; V. 73, p. 661,959. See prospectus V. 72, p. 583. A rall mill, 400 tons dally capacity. and three other mills were under construction during 1903. V. 76, p. 215. Tile plant will have 800 coke ovens. V. 76, p. 544. Pl'oposed new bounties July, 1903, V. 77, p. 149. In Dec., 1903, the lease of the Dominion Coal Co. was canceled and the floating debt largely reduced by cash received from the latter. The proceeds of the $1,500,000 second mortgage bonds subscribed for at p ar will be used to complete the mills under construction and other improvements. V. 77, p. 772, 826, 2342. 8TOCK,-Common, $20,000,000, all idsued; $5,000,000 being sold May, 1902, at f60 per share; par $100. Seven per cent cumulative preferred stock, ($5,000,000) subject to call a.t $115 per share or convertible 1Dto common stock, at holder's option. v. 72, p. 778; V. 74, p 530. Bounty decision, v. 75, p. 1402. Div. on pf., 3¼ p. o., Oct 1, 1901; in 1902, 7 p. c. (A.& O.); 1903, Apr., 312 p. c.; the Oct., 1903, dividend was passed. V. 77, p. 826. BoNos.-Trustee of lat mort., Nat'l Tr. Co. of Ontario, Montreal, Can. Bonds may be purchased or called (drawn by lot) at 110 and in• · erest for sinking fund or in such amounts as may be desired on July 1 yearly. V. 71, p. 1122. The $2,500,000 second mortgage 6 per ceut bonds (of which $1,500,000 were sold at par) mature $250,000 yearly on Oct. 1, beginning 1905. V. 76, p. 1241, 1357, 1410; v. 77, p.149. 630,826. REPORT.-Fisilal year now ends Dec. 31. Report for 8 months ending Dec. 31, 1902, in V. 76, p. 1140. President, (vacant), Montreal; Vice• Presidents, J. H. Plummer and Frederic Nicholls, Montreal, Directors, May, 1903, V. 74, p. 832; V. 76, p. 1087; V. 78, p. 105.-(V. 78, p. 105.) Edison Electric IllnDllnatlng Oo. of Hoston.-ORGANIZ.A.TION.- Incorporated in 1881. In 1903 controlled entire electric llght business of 01ty. V. 75, p. 1251; V. 76, p. 1251, 1303 STOCK.-Stockholders subscribed to $863,600 new stock pro rata at $200 per $100 share, payable Aug. 3, 1903, raising amount outstanding to $9 499,100. V. 76, p. 1251. In July, 1903, the company was authorized to issue $2,000,000 new stock at $200 per share tor knpro verut>nts and acquisition of suburban properties. Of the latter, $950,000 was offered pro rata to Jan. 15, 1904, payable 25 per cent on F eb. 1 and 75 p. c. on May 3, 1904. V. 77, p. 149, 1743, 23112. DIVIDENDS.-In Feh., 1901, - 3 p. c., including 1 p c. extra; May, 1901 to Feb., 1.904, both inclusive, 10 p. c. yearly (paid Q.-F.) BoNDs.-Bonds are $293,000 B oston Electric Light lat 6s (int. M.&S.) due Sept. 1, 1908, aiid $957,000 first consol. gold 5s (authorized issue $1,250,000) due Sept. 1, 1924. 1!,~~0RT.-Report for the year ending June 30, 1903, was in V. 77, p. 17 Year. Gross. Net. Other inc. Interest. D£vid'ds. Bal.,sur. 1902-03•. . $2,667,809 $984,724 $32,502 $151,303 $804,668 $61,255 1901-02 ... 2,460,158 949,731 25,981 132,269 727,345 116,098 OFFICERB.-President, Charles L. Edgar; Treaeurer, Henry B. <Jabot. Office, 3 Head Place, Boston, Mass. (V. 77, p. l '743, 2283, 2392.) Electric Boat Co.-ORGANIZATION.-Incorporatedin New Jersey on Feb. 25, 1899, and acquired all of the capital stock of the Electric Launch Co., the Holland Torpedo Boat Co. and the ElectroDynamic Co., etc. V. 69, p. 697, Par, $100. Issued, common, $4,999,1100; pref. 8 p. c. non cum., $2,577,500. V. 69, p. 697. First quarter div. on pref., 2 p. c .. paid Oct. 1, 190.i; in 1904, Jan., 2 p, c. President, I. L. Rice, 100 broadway.-(V. 71, p. 32, 1271; V. 77, p. 513.) Electric Co. oC Amerlca.-ORG.A.NIZ.A.TION.-Incorporated in Jan. 1899, in New Jel"Sey. V. 68, p. 85. In 1899-00 purchased control o'J. electric light plants in several cities See 11st, V. 70, p 9-!3; V. 74, p. 3i5; V. 73, p. 238, 289, 495. Stock, $5,000,000, of whtcb $4,078,780 issued; par of shares, $10 each, to be changed to $50. V. 77, p. 1296. On July 2 l, 1902, the remaining $2 50 per share was paid in, • making the stock full paid, an extra dividend of $1 50 per share being paid at the same time. V. 74, p. 777, $32. 1310. The only bonds are $84,000 Canton (0.) Light, Heat & Power Co. 6e, $308,000 Auburn tN. Y.) gold 5s and $100,oOO Scranton Illuminating, Heat & Power 5e, due Mar. 1, 1923, but subject to call after 1913. V 73 p. 238, 495, l 088. Dividends, 50 cents per share, each paid July, 1899, to Jan. 21, 1901 inclusive (J.-J); July 31, 1901, 25 cts.; Jan. 31, 1902, 25 ots.; JulJ' 15: Jill., 1904. J INDUSTRIAL STOCKS AND BONDS. 1902, (extra dividend) $1 50 (see above); Aug. 1~, 1902, 25 ots.; Jan. 31, 1903, 30 ots.; Jan. 211, 1904, 30 ct11. Status Apr., 1903, V. 76, p, 921. Net earnings for 6 mos. end1ng June 30, 1903, were reported as $180.699, aizainst $148,189 in 1902. Report for 1902 was ln v. 76, p.1190, showing total net inoome, $352,479, against $480,186 in 1901; dividend~ paid. $203,979; bal., sur.. $148,500. 0FFICER8.-President, A. Loudon Snowden; Vice-Prest., John H. Catherwood; 2nd Vice-Prest.• H. T. Hartman;_ Beo.J.. & Treas., Frank B. Ball. Direotors, V. 74, p 886. Offloe, Land Title .tsldiz., Pbila.-(V. 75, p. 293; v. 76, p, 161, 921, 1088, 1190; v. 77, p. 198, 300, 1296.) Empire Steel & Iron Co.-Inoorporated in New Jersey on Ma.rob 14, 1899. V. 68, p. 524. Alleghany Ore & Iron Co., orizanked in Jan., 1902, ts oontrolled. V. 74, p. 208; V. 76, p. 1353, 1409. The entire stock oftbe Crane Iron Works ts owned. DIVIDENDS at rate of 6 p. o. per annum pa.id July 1, 1899, to July 1, 1900; 1901 to Jan., 1903, 3 p. o. yearly (J.&J,); July, 1903, 2 p. tJ.; 1904. Jan., 1 p. o. EARNINGS.-For 11 months ending Dec. 1, 1903, net earnings were about $320,000. V. 78, p. 50. REPORT.-Report for year ending Dec. 31, 1902, wasiwV.76, p.1353 showing net earnings (over $46,575 ohargf'd off' for de preciation), $203.087; imp't8 charged off', $170,148; dividend t3 p. o.) on pref.,, $75,000; bal:, def., $4 2,061; total surplus Deo. 31, 1902, $128,639. President, Leona.rd Peckitt, Catasauqua, Pa.; Seo., J.M. Fitzizerald, Catasauqua, Pa. Ne,r direot,ors. Feb., 1903, V. 76, p. 482. - (V. 76, p. 136 3, 1357. 1410; v. 78, p. 00.) Equitable llium.lnatlng Gas Light Co. of Phlladelphla.Or~anized in 1898 by United Gas Improvement Co., whioh owns a m ority of the stook, to operate the gas works leased from oity of P adelphia. Bee full particulars in V. 66, p. 426. Common stock issued, $3,125,000; preferred stock, 4 per cent for first year and 6 per ' oent thereafter, $3,125,000. Sinking fund ol $124,000 yearly is to re tire bonds a.t 105; and beginning in 1908 the Improvement Co. agrees to create a sinking fund. to retire the stock in 1928, when the property ls to revert to the city. Lease may be terminated by city in 1908 on making certain payment. DIVIDENDS. }1898. 1899. 1900. 1901. 1902. 1903. Common, per cent. 4 6 6 6 • 6 Preferred, per cent 4 6 6 6 6 6 (;f&i>.) -< v. 74, p. 210; v. 75. p. 1256; v. 77. p. 253, urn!'i , 216u Fh,heries Co.-ORGANIZATION. - Incorporated in New Jersey on May 25 as a reorganization of the American Fisheries Co. (see V. 66, p. 132J per plan in V. 70, p. 1050; V. 70, p. 1052. Stock, authorized, oommon, $1,000,000; outstanding, $532,~68; pref., 7 p . o. non-cum. $2,000,000, all outstanding; par of shares, $100. Annual dividend on preferred, 7 p. o., paid Jan. 10, 1903. V. 75, p.1149. Bonds, $500,· 000 first mort. 5-year 6s, subject to redemption by annual drawings from profits above interest, div. on pref. and 5 p. c. on common stock. Report for year ending Deo. 31, 1901, in V. 74, p. 984, showed: Gross. inoluding other income, $777,408; total net 1noome, $27,770; interest on bonds, $30,000; loss moving Port Arthur plant, $35,967; bal .. d i,f., $38,196. In 1900, gro11s, $747,727; net. $143,379. Direotors: Nathaniel B. Churoh, Thomas P. Gooabody, L. E. Warren, Thomas F. Prioe, Thomas F. Woodloch and Robert Goodbody. First div., 319p, o. on pref.,Ja.n., 1901.-(V.74, p. 984; V. 75, n. 1149.) Fori St. Union Depot (Detrolt)-See SUPPLEM'T of April, 1897, Great Lakes Towing Oo.-ORGANIZ.A.TJON.-IncorporatedinNew Jersey on July 6, 1899, as a consolidation of towboat companies along the Great Lakes. See V. 69, p. 79, 593; V. 72, p. 778. Stook authorized oommon, $2,500,000; pref., 7 per cent non-cum. $2,500,000. Is· sued Apr., 1901, $1,675,000 common and $1,852,850 preferred. Par of t1hares $100. In 19007% div. on pref. was paid; in 1901, Feb. and May, none; Aug., 1901, to May, 1902, 7 p. o. yearly IQ.-F. 20); none slnoe to Jan., 1904. Pres. and Treas., H. Coulby, Cleveland, 0,-(V. 78, p.187.) Havana Tobacco Co.-ORGANIZ.A.TION.-Inoorporated in New Jersey on May 28, 1902, and aoquired per plan V. 74, p . 1142 oontrol of the Havana Commercial Co., the entire stook or the H. de Cabanas y Carbajal and control of "Henry Clay and Book & Co .. " thus combining over nine-tenths of the high-grade tobacco produots of Cuba. Con• trolled by the same interests as the American and Continental Toboooo comp,mies. Stool!:, oommon, $30,000,000; pref. 5 per oent non-cum., $5,000,000, all outstanding; par of shares. $100. Bonds, $10,000,C ou twenty-year gold 58, of whfoh $2,500,000 to remain in treasury-(V. 76, p. 1249.) Herrlng•Hall•lffarvln Safe Oo.-ORGANIZATION.-Incorporated In New Jersey on Aug. 3, 1900, as successor Dec. 20, 1900,per plan in V. 68.,_p. 232, and V. 70, p. 689, of Herring•Ha.ll•Ma.rvin co. V. 71, p. 231:1. Stock, common. $1,650,000; 7 per cent non-cum. 1st pref., $6PO,OOO and 7 per cent non-cum. 2d pref., $1,050,000; par or shares, $100. Report for year ending Dec. 31, 1902, in V. 76. p. 432, showed net ea.rnin!?B above interest charges of $70,840. Pres .• H. A. Tenney. Jirectors, Feb .• 1903, V. 7ti, p. 432.-(V. 76, p. 1316; V. 76, p. 432,) Inte rnational Automobile & Vehicle Tire Co.-ORGANIZATION.-lncorporated in New Jersey in April, 1899; factories a.re at Chelsea and Newton, Mass. (see V. 68, p. 772). Stock authorized, com• mon, $1,500.000; pref., 7 p. c. cum., $1,500,000; par of shares, $ 100 ea.oh . On Mar 1, 1900.t $2,368,000 stock had been issued. Bal. sheet Mar. 1, 1900, v. 70, p. ~99.-(V. 68, p. 772; V. 70, p. 999.) International Nickel Oo.-Incornorated in New Jersey Mar. 29. 1902, and acquired control of Canadian Copper (& Nickel) Co., with plant at Copper Cliff, Ont. (new plant, V. 77, p 9 521; Nickel Corporatlon of London, with mines at New Caledonia, and the Orford Cop.J?er Co. of riayonne, N. J., American Nickel Co. of Camden, N. J. with thetr subs1di1t.ry companies. In Deo , 1902, 93 p o of t he 1-tockhold·ers (.£750,000) of the Nickel Corporation of London h a d a.greed to accept for ea.ch £5 Rhare $6 25 each of common and preferred stook of the Intt'rnational Nickel Co. V. 75, p. 1205. 1257. Charles M. Schwab. President of the U. S. Steel Corporation, was instrumental in formation of company. V. 74, p. 730, 832. STOCK & BoNDs.-Stock authorized, $12.000,000 ea.ch of common and 6 per cent non-cum. preferred; outstanding, $8, 741,5\J5 of each. Bonds, $12,000,000; 1st gold 5s, due Apr. 1, l93i; subject to call at 110; int. A .&O at N Y. Security & Trust Co., trustee; outstanding, $9 903,440; present issue to be $10,000.000. REPORT.-Report for year entiing Mar. 31, 1903, in V. 76, p. 1190, showed total net income of ooostltuent cos. (excluding two 1n New Caledonia), $1,009,393; int. on bonds, $450,244; ba.l., sur, $559,149. OFFICERS-Ohairman of boa.rd, Robert M. Thompson; President, Ambrose Monell; Seo., Stephen H. P. Pell; Treas .• James L . Ashley. Directors in 1902. V.i4,p.730. Office. 43 Exchange Pl, N.1'.-(V. 75, p, 257; v. 76, p. 1190; v. 77, p. 952, 1297.) International Power Co.-ORGA.NIZ.A.TION.-Inoorporated in New Jersey on Jan.14, 1899. Owns American Wheelock Engine Works of Woroester, Mass., and Corliss Steam Engine Works of Providenoe, R. I. V. 68, p. 671: also on April 30, 1902, $3,211,300 preferred and $661,· 300 Amerioan Locomotive Co. common stock and $75,425 each of oommon and preferred American Diesel Engine Co. STOCK, ETc.-Common stook a.nth• rized, $7,400,000; outstanding, $5,047,000; pref.,6p. o. cum.,$600,000; parofshares,$100. Firstmort. bonds,l4B,l$200,000, were issued in 1899 on property since sold (see Am. Looomoti ve Co.), and $140,000 mortga.~e on Corliss plant. Dividend on pref., 6 p. o. for 1899, was paid March 15, 1900; on May 15, 1901, 6 p. o. for 1900 and l¼ p. o. for first quarter of 1901; 1902, May, 6 p. o. and12¼ p. c. for first quarter of 1902. First dividend on common 219 p. o., pa.id May 20, 1902. See statement, V. 70, p. 432. REPORT.-For year ending Dec. 31, 1901, with bala.noe sheet· of April 30, in V. 74, p. 1132, showed total net income (including interest https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5!7 on Amer. Locomotive stook owned. etc.). $292,796; interest, $47,828 div. on pref. stock (6 p. o.): $36,000; bal., sur., $209,46~. Pres., ~oseph H . Hoadley, 78Broaawa.y, N. Y. Directors, June, 1901, V. 72,p. 1240.-(V. 74, p. 832,940, 113'1; V. 75, p. 1305; V, 76, p. 333, 385, Iron Steamboat Co. of New .TeJ'8ey.-Property consists of seven iron steamboats. Incorporated in New Jersey in Aug., 1902, as successor, per plan V. 74, p. 778, 887, to the New Jersey company of the same name, :foreclosed An,z. 6, 1°02. V. 75, p. 293,397. For year ending Oct. 31, 1908, gross receipts were $3.t 1,523; opera.tr Ing expenses, $156,432; conetruotton and repairs, :,.9:i,986; terminal charges, $16,218; interest on bonds, etc., $27,815; ba.l.. sur., $45,072. Stook.$400,000; par of shares, $10 eaoh: outstandin._., $ ·2 92,790. Bonds are $100,000 prior lien so.year 5s (given for assessment of same amount on the old bonds) and $500,000 gen. c r 2nd 30-yPar 4s, all redeemable at par. Bonds may be called yearly for sinking fund. See v. 74. p . 778. President, Allan C. Washington.-(V. 75, p. 397; V. 77, p. 2101.) .Journeay & Bnrnha.m..-See plan. V. 70, p. 1293; V. 74, p. 580. Madison Square Garden.-Owns in fee a blook of land in New York City and building thereon. Stock, $2,000,000 (par, $100). BoNDs.-$1,250,000 tirst 20-year gold 5s, due Nov. 1, 1919, and $750,000 :.!d gold 6s; last ooupon paid on latter being that of Nov., 1896, in Feb., 1897. Mero. Tr,1st Co. of N . Y., trustee. Beoond mongage bondholders' committee: F. K. Sturgis and W. 0. Gulliver; depoeltory, J.P. Morgan & Co.-V. 65, p. 620. DmECTORS (Oct., 1902): F. K. Sturgis, J. Pierpont Morgan, D. O. Mills, Charles Lanier, H. H. Hollister, W. F. Wharton, Stanford White, W. C. Gulliver, James T. Woodward, Frank W. Sanger and James 0. Youn~.-(V. 67, p. 690; v. 68, p. 85; V. 71, p. 137.) Manhattan Beach Hotel & Land (Llm.lted).-Owns the real estate and premises known as Manhattan Beach, with the Manhattan Beach and Oriental hotels, musio amphitheatre, fireworks enclosure, bicycle trac.k and other buildln~s, 446 acres of land, &o. Stock, $2,000,000, of wlu.oh $500,000 ts preferred 5 per cent non-oumulative; preferred outstanding, $500,000. Bonds, $1,500,· 000 genera.I gold 4s, due Nov. 1, 1940; i.Iit. M. & N; Central Trust Co. of N. Y .. trustee. Commencing with May, 1894, four yea.rs' coupons were funded into 10-year scrip. A few of the coupons have not yet been funded. N. Y. office, 192 Broadway.-(V. 62, p. 869.) 1'1anofactu.rer8' Light & Heat Company Pltt111b11reh.O:aGANIZATION. - (ncorporated In Penn. on Nov. ~8, !899, as a consolidation of various natural gas companies operating in Western Pennsylvania.; in Apr.,._1903, the Fort Pitt and other properties were m erged (V 76, p. 708; v. 70, p. 33 t; V. 69, p. 1105); a.I.so owns practically all stock of Wbet'>ling (W.Va.) Gas Co. (V. 76, p. 385,438, 48ii 922) and all stock of Tri-State Gas and Wetzel Gas oompanies (Y. 75, p. 138, 457, 909), In Dec., 1903, new trunk pipe line extension into West Virginia. was to be completed. V.76, p. 1252. STOCK. Stock authorized $25,000,000, as inorea.sed June, 1903; outstanding, $21,000,000; par of sharf}s, $50. Dimdends.-First quarterly dividend, 1i. p. o., paid J ,u ly 20, 1903, oo ~. 20, 119 p. c.; 1904, Jan. 20, 11.g p. c. BONDS.D u te. lntere,t. Outatan<l'g. Maturity. Ft. Pitt Gas let M,) g., due $100,000 l 1900 6 fl J 30 &D $600.000 ToJune30 • 11 vea.rly ($1,000 ea.) ( Int. at T. Mtllon & Sons' Bank, Pittsburgh. U.P1 ............... J ~!!:f:v i~~ 5( M~ko.to~· ~$5 1900 6 ft . ;J &J $600,000 To Jan., J 915 &o., each) ..... . ..... . .. Int. at Umon Trust Co., Pittsburgh, Pa. Wheel. 1st col. tr. M$200 .• $2.-}1903 6 f!.-F&A $1857000 T o F eb.,l 9 16 500 000 g due , , OOOyearly.{$1," 00 ea.'h) Int. at Colonial Tr. Co., Pittsbu;rgh., Pa. New mortgage, $$6,500,- t 1903 5 g.-M&N $3,750,000 To May, 1918 000, gold . . 5 Int. at Union Trust C., Pittsburgh. Of the $6,500,000 bonds authorized on June 23, 1903. $3,750,000 wtire issued to pay for Fort P1tt Gas Co. and balance is reserved for extensions and improvements, includmg pipe line to West Va. v. 76, p. 1252. The Wheeling coll. gas bonds (several series) are subjeot to call from l 02 to 105. EARNING8.- 3 mos. to Mar.31.1903, ftrO!IS, $1,354 589; net, $979 337. OFFICERS President. H B. Beatty; Secretary, H . E. Seibert; Treas• urer, E. H. Myers. Office, Farmers' Bank Bldg.t.F1fth Ave. a.nd Wood St., Pittsburgh, Pa..--(V. 76, p. 708,922,976, 12:>2, 1411.) Marsden Company.-Incorporated in February, 1897, to manufacture products from cornstalks-see V. 65, p. 235, for uses of produoi. Common swok authorized, $35,000,000; outstanding, $33, 962,2 O. Pref. stock. 6 p. o. cum., authorized, $15,000,000; issued, -Sl,546,200. Report 1902 in CHRON., May., HW3. Io Dec., 1903, sold majority tn. t erest In Internat ional Smokeless Powder & Cnemtoal Co., receiving in exchange :t-2,565,000 Dupont International Powder Co. 8 p. o. preferred stock awl fl20,000 collateral trust 5 p. o b onds: of the pre• ferred st ock, it500,000 was sold for d!400,000. In Jan a.bout $1,400,000_ or Mar· d en pre_f had agref'd to ex<'ban~e :for Dupont pref. on basis of two-thirds m amount of Dupont stock. V. 77 z._P• 239ii; v. 7'f', p. 290. In July., 190 1, obtained control of American .miiling Co., with plant at Riveraale, Ch10ago. V. 74, p. 35, 1354. President, E. G. Buckner.-(V. 77, p. 2393; V. 78, p. 290.) l.Uonon~ahela River Consolldated Coal & Coke Co.(" River Coal Consolidation.")-lncorporatedin Penn. in June, 1899, to oonsolidate ooal interests along the Monongahela. River and coal traffio to New Orleans, etc., including 200 steamers aiid 4,000 coal boats and barges, and coal elevators, etc. Owns between 36 000 and 3 7,000 aores of ooal,exolusive of surface. See constituent concerns t aken over Oct. 2, 1899, V. 69, p. 1065; Pee also v. 72, p. 876, 939; V. 74, p. 99. In May, 1901, purchased eleven-twelfths of stock of Corona Coal & Iron Co., owning about 20,000 acres of ooaJ lands in Walker Co., Ala. V. 76. p . 264. In Sept., 1903, the Ptttsbur~h Coal Co. a.greed to pur cha.110 not exceeding $ 15,000,000 of the $20,000,000 common and $2,500,000 of the $10,000,000 preferred i;1 tock at $15 and ., 45 per $50 share respect-· 1vely. The two properties will be operated under their own ~barters. v. 77, p. 630,774, 1297, 1750. . Dividends on pref., 7 p. o . .yearly, July, 1900, to Jan., 190~ (J.-J). A sink\ng fund of 5 cents per ton of 1¼ inch coal mined and shipped wlli retire bonds a.nnua.lly about Dec. 1 if purchasable in the open market at a reas,;mable price; to Nov. 1, 1903, $650,000 were canceled. REPORT for period ending Oct. 31, 1903, with balance sheet was m V. 78, p. 285, showing undivided profits over all <"harges and divl• dend.s on pref. of $9~1,572; total sur:plm1 Oct. 31, 1903, $1,958,669. President, F. L . Robbm"; Treas.• Geo. I. Whitney, Pittsburg, Pa. Directors,1903, V.76,p. 269; V.77, p.1750.-(V. 77, p.li50; V.78,p.285.) Montreal Llg~u, Heat & Power Co.-0.RGANIZATION.-Incorporated by spe01al Act ot Quebec Legielature Mar. 2 .1 , 1901. Controls the gas, eleotrlo light and power business of Montreal and suburbs; also two hydra.ulto stations for generation or electrioity, tn operation in the fall of 1903, to have a capacity of 28,000 horse power. Properties owned, see V. 74, p. 580; V. 75, p. 238; v. 76, p. 923. Dividends on stock, 4 p. o. yearly to Nov., 1903, inclusive (pa.id Q-F). SECURITIES.Date. Interest. (>ut,tand'o. La,t di11., ete. Stock, $17,000,000 (par $100) .••• Q-F $L 7,ooo 000 Nov.• '03, 1 1st & ooll. tr. M, $7,500,000, i 1902 419 g.J &J 3,500,000 Jan. 1, 1932 g. ($1,000 ea.oh ·- · .. . .. . o* 5 8ubject to call at 10~ after Jan, 1, 1912. Lachlne s. f. M., $i,OOO,OOO* i 1903 5 g. A&O 3,414,000 Apr. 1, 1933 g. ($1,000 each) ..... . .... o 5 Subjeot to call at 105 after Apr. 1, 1913. Underlying bonds-See below. INDUSTRIAL STOCKS AND BONDS. 528 [VOL. LXXVIII. SECURITIESDate. lnter-1.t. Ou.t•tand'g. Last Di"·• ete. Royal Trust Co. or Montreal is trustee of both mortgages, interest Q.·J. $5,000,000 Jan., 1904, 1 being payable in Montreal at the Bank of Montreal or at its agenoy to Stock, $5,000,000 (par $100) .... Consol. (now 1st) Mort, g. { 1895 6~.• Q.-J. 250,000 Jan. 1, 1915 New York. ($1,000 each) . -..... 5Int R-t Equitable Tr. Co.. Chic .• trustee. Of the 4:lcs of 1902, $1 124,000 are reserved to retire an equal amount of underlying bonds and $2.876,000 for improvements. The Mort., $2,000,000, g., EC, t 1898 5g., Q.· M. $1,20 ',000 Dec. 1, 1928 ($500 each)........... . _. 5Int. at Equitable Tr Co • Chio., trustee. nntssued Laolline bonas are reserved, viz., to pay for ba.lanoe or sub$500,000 July 1, 1922 ,oompa.ny stock!', $7,000, and to retire sub-oompany bonds, $279,000. Cicero <:ias 1st Mort., JJIC, t 1992 6, Q.-J. ($1,000 each) ......•. . _.. 5 Int. at Merch. Loan & Tr. Co., Chicago. List or underlying bonds and deFcription of mortgages, V. 74, p. 580; v. 75, p. 238; v. 76, p. 923. Cice~o Gas ,;ten &ref. M .• ( 1902 5p:., J&J $1,770,000 July 1, 1932 REPORT.-Report for the year end. A.pr. 30, 1903, was in V. 77, p.194, : pnt. at Equi;able Tr. Co., Chio., trustee. Ytar. Gross. ~et. Interest. Dimdends Bal., s-u.r. 0,ogp($??Jo~·ef!tt~!~ D1vtdends Apr., 1903, to Jan, 1904, 1 p. c. quarterly. Nelson A. McCleary, Presid't; T . M. Jackson, Treas. (V. 75,p. 669,) O::;den Gas (Chlcage).-SUPP. of Jan., 1898.-V. 74, p. 99, 155. Ohio & Indiana Consolidated Natural & Illumlna'1ncr Gas.-An amalgamation incorporated in N. J. on Dec. 29, 1899, per plan V. 69, p. 1251. Stock $10,000,000, of which $1,000,000 to a.o• quire new gas fields, See statement to N. Y. Stock Exchange, V. 70, p. 994. Dividends Mar., 1900, to June, 1902, 1 p. c. quarterly: none since. Underlying bonds, $820,000 Ind. Nat. & Ill Gas 6s (int. M•N), due 1908; $1,690,000 Logansport & Wabash 6s, J·D, due 1925; $1,940,000 Fort Wayne, 6s,J J, due 1925; $960,000 Lafayette tis, M·N due 1924.; iSl,940,000 Ohio & Ind. 6s (J-D), due 1926 RE-port for calendar year 1903 in V 78, p. 227, showed net deficit after interest on bonds and construction ($44,002) of $7,654. Prest.,Chas. F. Dieterich; Treas., A. B. Proa.I, 45 B'way, N. Y.-(V. 78, p. 221.) Omaha Water Co.-ORGANIZATION.-Suooessorin 1896 of Amerloan Water•Works Co. of Illinois, per plan in V. 62, p. 1085. In 1903 the 01ty of Omaha. proposed to purchase property. V. 76, p. 1411 . Stock, common, $2,500,000, not tssuE>.d; outstanding,t 1st pref., 5 p. c. non•cum., $750,000; second pref., 5 p. c. non-cum., ;i,1,000,000. Pa.r of shares, $50. Preferred stocks are subject to call at par, dividend! being pa.id at Farmers' Loan & Trust Co., New York. Decision. see v. 71, p . 915; V n, p.1211. Divid'ds pa.id on 1st prer.,~ p. c. y'rlyto Feb., 1904. inclusive. On 2d pref. 1 p. o. 1899; 1900, ~ p. c.; 1901, 2 p. c .; 1902, 2 p. o.; 1903, 2 p. o. 1902·3- ..... -$1,937,560 $900,873 $182,205 (4%)$679,334 $39,334 1901-2- ..•.. 1,760,285 821,217 91,495 (4%) 587,969 141,753 Combined results with presen t interest charge are as follows: 1902-3 .•••• $2,324,942 $1,136,748 $106,931 (4%)$679,112 $50,705 OF.FICERS.-President. Herbnt S. Holt; First Vice President, James Ross; Second Vice Presidt\nt, Rudolph Forget; Secretary-Treas., H. H. Henshaw. Directors, V. 74, p. 580.-(V. 77, p. 194; V.78, p. 106.) National Enameling & Stamping Co.-ORGANIZATION.-Inoorporated in New Jersey on January 21, 1899. See prospectus in V. 68, p. 187, and official statement in V. 76, p. 1405; V. 77, p. 403. Div. on pref., 1900. 7 p. c.; 1901, Apr., ll\ p. c.: June :◄ o, ll\t. p. c.; Uct. 1, 1¾ p. c.; 1902 and 1903, 7 p. c. yearly (Q·J.); 1904, Jao., J ¾ p. c. On common, 1902 and 1903, 4 p c. yearly (Q·J.); 1904, Jan., 1 p. c. Report for year ending June 30, 1903, was 1n V. 77, p. 399,showing, net, $1,519,857; dividends on pref. (7 p. c.), $587,762; div. on com. (4 ,p. c.), $617,672; leaving a. surpl:ns of $313,923; total surplus, $1,593,· 630; President, Fred'k G. Niedringhaus; Seo., Wm. H. Matthai: Treas., .J•s. E. Ingram. N. Y. office, 88 Fulton St.-tV. 77, p. 399, 403.) National Rice lUIIJln&r;.-See full statement V. 55, p. 49; V. 71, p. 1123, 1223; V. 72, p. 91, 135, V. 73, p. 1163. National Salt Co.-ORGANIZATION.-Incorporated in New Jer• eey on March 18, 1899. V. 69, p. 853. Official statement to New York Stock Exchange was in V. 71, p. 1118; V. 68, p. 524. In Oct., 1901, a majority of stockholders accepted for $1,000 preferred one Securities. • Par. Interest. Ou.tstand.'g. Last di1'., eto, $1,000 five ver oent gold bond of the Inoornational Salt Co. and one Common stock.......... $50 ·x&-·A· None. t1hare ($100) of its capital stook, and for common stock au equal 1st pref,, 5 p. o.... ••• 50 .r· $606,100 Feb. 10, '04, 219 amount of International Salt Co. stock. See that Co. and V. 73, 2d pref., 5 p. c. .••••• 50 F&A 867,045 Aug. 10, '03,1 p.725. Prior lien gold 5s, i 1,000 5 J &J 1,093,000 July 1, 1916 On Sept. 29, 1902, Frank P. McDermott of Jersey City and Nathan $1,500,000 .......... 5 Subject to call at 105 p. c, S. Beardslee of Warsaw, N. Y., were appointed receivers On Sept. 15, Consolidated go 1 d, t 1,000 5 J &.r 3,543,000 1946 1903, various parcels of real estate were sold at auction to 8. D. Holli$6,000,000 ......... 5 SubJect to call at 105 p. c. day, of Ithaca. repre11ent1Dg it was supposed, the International Salt President, Theodore C. Woodbury, New York; Bee., Eoen Stevens, Co. V. 77, p. 773. The "tocks of subsidiary companies owned were New York; Treas., Stockton Heth, Omaha, Neb.-(V. 76, p. 1411.) mostly sold on A.ug. 20, 1902, being pledged as collateral for debt. Pacific Packing & Navigation Oo.-ORGANIZATION.-Incor• r:8fctive committees for minority stockholders, V. 77, p. 1228, porated in New Jersey in July, 1901, and acquired 16 of the leading sa.lmon•canning concerns in Puget Bound and Alaska, including PaoiftoSTOCK, ETc.-Common stock is $7,000,000; preferred 7 p. c. non· Amerioan Fisheries Co (V. 70, p. 999), etc. V. 73, p 142 394. Official. cumulative, $5,000,000; of these $1,241,750 each of common and pre- statement, V. 74, p. 1138. Inl902readjustedperplanin V.74, p, 1143. ferred was deposited in escrow on account of purchase of United Pacitto Selling Co., $1,000,000 stook, is selling agent. V. 73, p. 960. Salt Co., and a.n equal amount of 7 per cent preferred and 10 per In March, 1903, owing to t,be small run of 1902 and the depletion of -0ent common trust certificates issued against same. working capital for the payment of bonds under rea.dJustmentof 1902, In Dec., 1903, the United Salt Co. a.gain became independent. See the company became emharrassed, and -rno ,na.s 0 . McGovt-rn of New v. 77,p. 2342 and this SECTION for Oct., 1903, York and George B. Hallock of New Jersey and James A. Kerr of DIVIDENDS.-On pref. in full to Nov., 1901, on common, l½i p. o. and Seattle and J. R. Wlnn or Ala.ska. were appointed receivers. A oom• mittee, with George F. Crane, Chairman, and Colonial Trust Co., N. extra lg p. c. Aug., 1900; Nov., llg p. c.; 1901, 6 p. o. (Q.·F.) Y, depository (Philip S. Babcock. Secretary), requests deposit11 of BONDS.-$220,000 Hutchinson-Kansas Salt Co., due Jan. 1, 1!}12. the debentures and stock. V. 76, p. 545. Opposition (Havemeyer) REPORT for 1901, with balance sheet, in V. 74, p. 678 (see also p. 730 committee. VaD Norden Trust Oo., depositary, see V. 76, p.1033. As and editorial_, p. 701), shows net profits, $38,915 Directors, V. 74. to sale of steamers, Dec., 1903, see V. 77, p. 2183. p. 683. President, N. 8. Beardslee; Asst. Seo .. - - - Hunter, 115 On March 23, 1903, $1,250.000 receivers' certitloates were author• Broadway. New York. omce, Scranton, Pa.-(V. 75, p. 1146, 1196: lzed. of which $750,00 bearing; not over 6 per cent interest, due one v. 77, p. 301,774, 1228, 1297, 2101, 2342.) year from date, but payable on 30 days• notice, were issued at one e balance later. v. 76, p. 703, 976. National Sugar Refinlns;.-ORGA:l!l"'JZATION. -Incorporated in and Stock authorized, $12,500,000 each of common and 7 per Mnt cum. New Jersey on June 2, 1900, and took over the New York Su~ar Refin- preferred; outstanding, common, $6,150.000; preferred, $7,100,000; ing 1'o.'s (Doscher) refinery, Loop: Island City, the Mollenhauer retin- 2~year 5 per cent debentures, $1,500,000. ery, Brooklyn, 11l. Y .. and the National retinery, Yonkers, N. Y. The OFFICERS.-Pres., Charles Counselman; Vice•Pres., Thomas B. Mo. capacity of the new company ts 10,000 barrels daily. V. 70, p. 1098; v. 71, p. 31; V. 77, p. 1877. Stock, $10,000,000 6 p. c. cumulative pre· Govern; Treas., Frederick F. Carey; Seo., Roland Onffroy; Directors. ferred and $10,000 000 common stock; all outstanding; par of shares, V 73, J> 618. N . Y. office. 95 Hudson St.-(V. 77, p. 2283.) $100. Div. on pref., l½i p. o. (Q.-J.) , paid Oct. 2, 1900, to Oct 2, 1903, Pennsylvania Electric Vehlcle.-See BUPP. for Oot., 1902. incl. No bonds. President, James H. Po8t.-(V. 77,p. 1877.) Philadelphia Electric Co.-ORGANlZATION.-Inoorporated in New York lffutuaJ Telegraph.-Successor to the Mutual Union New Jersey on Oct. 6, 1899, Controls nearly all of the electric-light properties of the city; also in West Philadelphia and Chester. V. 73, p. Telegraph Company. The stock carries dividends of 6 per cent per annum under a lease for 99 years from February 15, 1883, to Western 496, 680; v. 74, p. 1249. Union Telegraph, which owns $2,385,700 of the $2,500,000 stock. STOCK.-Authorized, $25,000,000, of which $12,250 in treasury; 30 cent paid in; 10 per cent having been called, one•half payable Ne-w York Telephone.-In 1896 this company took over the per Mar. 1 and remainder Sept.!, 1902. V. 74, p 156, and circular, p. 215. business of the Metropolitan T. & T. Co, with exclusive rights under a Dividends: 15 cents paid June, 1902, and 18¾ cents Dec, 1902, and perpetual license from the American Bell Telephone Co. to the tele- June and Dec., 1903, oeing 2½1 p. c . each on amounts paid in. phone business in city of New York a.nd suburbs.-V. 63, p. 229. BoNDs.-Collateral trust 4 per cent gold tifty-year certiftoates, dated Controls Empire City l!!ubway Co. V. 76, p. 50. In 1901 stock was Ocli. 16, 1899. amounting to $17,500,000 ba.ve been authorized, of increased from $16,000,000 to $30,000,000 (par, $100) of which which $14,982,200wereusedtopurchase$14,994,100ofthe$l5,000,000 American Telephone & Telegraph Co. owned $19,329,400 and Western Penn M'f'g. L. & P. stock ($1,500.000 paid in) and all the $17,· Union Telegraph Co. on July 1 1902, $6,164,300; in Dec. , 1902, au- 500,000 Nat. Elec. stock ($4,375,000 pa.id in), the balance to be thorized issue was increased to $50,000,000. V. 71, p . 139, 290. Divi retained to acquire other properties in Philadelphia and ad· dends paidin1899and1900,6 p. o. yearly. V.71,p.139,290;V. 76,p. 51· lacent counties. 8ee V.electric 69, p. 797, and official circular, p. 853; a.nd Ne-w York Tran8portatlon Co.-ORGANIZATION.-Incorporated official statement, V. 74, p. 1249. Under agreement of Oct. 12, 1899, old Phila. Electric oertitloates were purchased, reducing m New Jersey on Feb. 21, 1899, and operates under lli>ense from the $2,000.000 Electric Vehicle Co. Name changed as above Jan., 1902. Stock au- the amount outstandinp: to $11,266,700. V. 70, p. 331. In Aug., 1900, purchased $2,000,000 fours, mostly in the open market1 the same thortzei:l, $5,000,000; par $20, as reduced in Jan. , 1902; outstanding, $4,700 .000. V. 74; p. 99, 215. Owns entire capital stocks of Fifth beini;t placed in the treasury U11canceled and held availabJe as collateral for loans. V. 74, p. 215. Avenue Coach, Metropolitan and Century Express and Park Carriage oompanies. In June, 1901, purchased Newport plant and control of REPORT.-Year ending Dec. 31, 1902, with balance sheet, was 1n the Metropolitan and Century Express companies. V. 72, p. 1139, V. 76, p. 863, 1141. Total gross income. $3,422, J 11; expenses, taxes, 1191; V. 73, p. 35. V. 70, p. 844; V. 71, p. 290; V. 73, p. 35. State- eto., $1,718,0J8; interest, $1,601.148; balance, surplus, $116,890. ment for year 1899, with balance sheet, was in V. 70, p . 840. PresiPresident, Josevh B. McCall; Vioe-Pres., William F. Harrity; 8eo•y dent, Henry Sanderson: ARst. Sec. and A.•st. Treas., Wm. H . Palmer A. V. R. Coe; Treas., Wm. P. Conover, Jr. 01:Hce, N. E. oor. 10th a.na1 · .Jr. Office, 8th Ave. and 49th St., N. Y.-(V. 74, p. 99,215, 482.) Sansom Sta., Phiia., Pa.-(V. 76, p. 808, 863, 1141; V. 77, p . 2162.) Pittsburg Coal Co.-(" Rail Coal Consolidation.")- ORGANIZA· New York & Queens Electric Light & Power Co.-ORGANIZATION.-A consolidation. Incorporated in July, 1900; supplies en TION.-Incorporated in N. J. in Sept., 1899, and in Oct., 1899, acquired practically all the large coal mines tributary to railroads in the Pitts• tire borough of Queens outside of Rockaway. See official statement burg district, together with coal and ore docks, loading and unloading to New York Stock Exchange. V. 72. p. 1039. plants at Duluth, Chicago, Milwaukee, Cleveland, Ashtabula and other STOCK AND .BONDS.-Stock, common and pref. 5. c. non-oum., $1,· lake ports. Owns about 150 coal mines, with equipment, and about 250,000 ea.ell, all issued. Par of shares, $100. Bondii, $2,500,000 l60,000 a.ores of coal lands in, or within a radius of 40 miles of Pitts30-year ~old 5s, dated Aug. 1, 1900; int. F&A; Union Trust Co., N. ourg, together with some 5,( 00 coal cars operatin~ over railroads radiY., trustee. Of the bonds $2,272,000 are outstanding, $78,000 are re- ating from Pittsburg, Owns Northwestern Coal Ry., whose 5 per cent -served to retire the i7~,000 N . Y. & Queens Ga.s & Eleo. gold 5s, due bonds it guarantees. Bee that company under "Railroads.'' -V. 71, p. Jan. 1, 1949, and $150,000 for extensions. 713. Late in 1901 lea.sed Shaw Coal Co. properties (1> bout 4,200 acres), EARNINGS.-For year ending Aug. 31, 1902, gross, $307,669; net, 15 mtlt1s west of Pitts bur~ ,for 40 years1. and in Jan., 1902, about 5,000 $137,027; interest. $116,775; bal., sur., $20,252. acres in the Hocking Valley. V. 74, p ;:s76. In June 1902, purchased DIRECTORS. Frank Tillord, H. E. Ga.wtry, T. w. Stephens, Henry R control of the Pittsburg & Oastle Shannon RR. and mines, and later an Wu.son, James T. Pyle, Julian D. Falrohlld, A.bra.m M. Hyatt and L . interestinthe Milwaukee Western Fuel Co. V 74, p. 1312; V.75,p. 669. In Ja.nuarv, HW3, purchased entire swoir of Midland Coal Co, own'B. Gawtry, of New York, and John Day ,Jackson, New Haven, Conn. Frank Tilford, President; Henry R. Wilson, 1st Vice·President; EI. L. ing · ,000 acres, subject to $480,000 bonded debt. and or National Dock & Fuel Co. of Cleveland, o .. and control of Colonial Coal & Ooke Snyder, Sec. and Treas. N.Y.otfloe, 208 Fifth~Ave.-(V. 76, p. 1252.) Co. V. 76, p. 216,433,977. In Oct., 1903, acquired Manstteld & Ne-w York & Texas Land.-This company took the lands granted Coke Co., owning 1::125 acres coal lands, $400.000 first mort. Coal 6 p. c. to the International and Houston & Great Northern RRs., about 5,000,; lionds being issued, guaranteed prinoipa.l and interest, maturing -000 acres . .June 301,..1903, had l,880,::l05 acres unsold. 8tock. $1,200,000. $40,000 yearly to Oct. 15, 1913. V. 77, p 203~, 2343. pa.r$40. Treas., J.B. Wetmore, 100 Broadway, N. Y.-(V. 06, p. 83 .) The directors voted on Sept 7, 1903, to purC11laf'f' not exceeding $15,· Northwestern Gas Light & Coke Co.-ORGANIZATION. Acon- 000,00u of the $20,000,000 common and $2,500,000 of the $1 Of000,000 .aollda.tion in Sept., 1902. V. 75, p. 397, 665. Controll~d by interests preferred stock or the Monongahela River Consolidated Coa & Coke triendly to the People'd Gas Light & Coke Co. or Chicago. Co. at $11> and $45 per $50 share, respeotlvely. Payment is to be https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAN., 1904.J I DUSTRIAL STOCKS A D BONDS. made for the common in non-interest bearing notPs due one-third yearly for three years. and for the preferred in semi-annual instal ments, beginning Jan. 20, 1904, equal to 6 cents per ton of coal miLed from the Monongahela properties. The deal with the Pennsylvania and possibly other railroads was postponed in Nov., 1903. V. 77, p. 513,630,774,1225,1297,li50,1877. BoNDs.-The $25,000.000 first and colla.t. 5s of 1904 will be secured by a first lien on •H60,000 a.ores of coal lands and deposit of a.11 secmities owned. The proceeds will be med to fund the floating deht and for working capital and retirement of $5,400,000 bonds due In 1904-0~. The issue ls subject to call a1ter one year at 110 on any Jan. 1, and will have a sinktn~ fond of 5 cents a ton on run-of-mine coal, with~a yearly minimum of $6c 0.000, V. 78, p. 232, 291. In 1902 issued $6,000,000 5 per cent gold bonds, secured by pledge of the stocks of some of the subsidiary corporations. See table on a preceding pai;te and V. 74, p. 833. Bonds of suosidiary companies llec. 31, 1902~ $1,565,223; mortgages, $2,237,900. EABNINGS.-For 11 months ending Nov., net, $6,507,645 in 1903, against $4,124,070 in 1902. DIVIDENDS-On pref., 1900, to Oct., 1903, 7 p. c. yearly in ca~h: on Jan. 25, 1904, ll!il p. c. in 6 y. c. interest-bearing scrip, payable withm a year at company's option. V. 78, p.232. REPORT.-Report for year ending Deo. 31, 1902, in V. 76, p. 433, showed net profits after deducting expenses and all lossee., $5,753,913; royalty and depreciation, $1,047,326; interest on bonds, $3'18,281; dividend (7 p. o) on pref.. $2,078,865; undivided profits, appropriated for preferred stock dividends and working capital, $2,279,441. OFFICERS.-Franois L. Robbins, Chairman of the Board and Pres•t: Treas'r, John D. Nicholson; Secretary. F. J. Le Moyne, 232 5th Ave., Pittsburg Direotors,Jan., 1902, V. 74, p . 100.-(V. ,8, p. 232, 2~1.) Planters' Co DI press Co,-ORGANIZATION.-Incorporated ln Maine on May 24, 1902, as suoCAssor of a We11t Virginia company of the same name. and the Indo-Egyptian Compress Co. unaer plan of consolida,. tion, V. 74, p. 833,888. Also purchased !58 gmning plants, having a capacity of 350.000 Lowry bales. V. 74, p. 1200. Manuraotures Lowry presses and markets cotton and bay when compressed into cylindrical baleR. Owns entire stock of Canadian (Hay) Baling Co. and patents in U.S. and Mexico and 46 other countries (and colonies). The new company had about $2,000,000 working capital. Stock, $6,750,000 common and $3,250,000 7 per cent non-cumulative pi-eferred, all issued, full paid. All the common t1tock has b11en depoeited with five trustees, who ha.Ye issued trust shares therefor; $476,700 pref. stock and $266,600 common trust shares are owned by the company. President, Arthur R. Marsh; Chairman of Board, Stephen M. Weld; Vice-President, T. Jefferson Coolidge .Jr.; 2d Vice-President, G. T . Francis; Treas., F. M. Wakefield; Sec., F. S. Goodwin; Directors, V. 76, p. 814. Office, 131 State St., Boston, Mass.--(V. 76, p. 658, 814.) Rhode Island-Perkins Horse Shoe CoJDpany .-ORGANIZA'l'lON.-Manufactures horse shoes and toe cal.ks at Valley Falls, R. I., 6 miles from Providence. V. 61, p. 1014. Stock-Common (or general) stock, $1,000,000; pref., 7 per cent cum., Q J, $1,750,000: par, $100 The reduction In the !!took from $2,750,000 to $1,000,000, oroposed In Dec., 1902, had not been consummated in Oct., 1903. V. 75, p. 1403. DIVS.-} 1892. '93-'95. '96. '97. '98. 1899 to 1901. Since Com. p.o. 12¼ 10 yrly. 4¼1 . . . . . . •• . . . . . . ... . Pref. p.o. .._7 p. o. yrly.--' 6% 5 4 per ann. 5 yrly. (Q J) -(V. 75, p. 1403.) South Yuba Water Co.-Owns 20 storage lakes and reservoirs in Placer and Nevada counties, California, 12 distributin~ reservoirs and 500 miles of canal and pipe lines. Incorporated in California in 1854 and in New York in 1880. Supplies water for household and municipal purposes, power and irrigation, electric power and li~ht. Area supplied about 2,000 square miles. Controls Central California Electric Oo., with $100,000 stock, whose bonds are gnllranteed. See below and V. 77, p. 1307, 2099. Securitte,. Par. Interul. OuMan.d'g. Maturit11, etc. Stock, $2,000,000 .. } $50 ·-·· .... $2,ooo,ouo ··---· . . . ... . lstmortgage .• ---·· 1,000 6 A.&O. 436,000 Apr. 1, 1910 Interest at an Van Norden Trust Co., N. Y. Consol. mtge., gold, l 1,000 6g.-J.&J. 564,000 July l, 1923 $1,500,000 .. .. 5 Interest at Farmers' Loan & Trust Co., N. Y. Central Cal. Elec.,} 1,000 5g.-M&N. 773,000 :May 1, 1933 · $5,000,000, g.,gu. Van Norden Trust Co., trustee. p. & int, red. 110. Balance of consols are reserved to retire the flr11t 6s. Application to N. Y. Stock Exchange for listing console of 1893 in V. 59, p. 700. For year 1902 gross, $220,042; net, $11 ~,092: int. on bonds, $ti0,000; bal., sur., $58,082. In 1901, gross, $203,968; net, $120,120. OFFICERS.-President, Warner Van Norden; Secretary, Warner M. Van Norden. Offices, 751 Fifth Ave., N. Y.; Nevada City, Cal., and Auburn, Cal.-(V. 59, p. 6sr, 697,700; V. 77, p. 1307.) Standard lUUlln~ Co,-ORGANIZATION.-Incorporated in New Jersey on Oot 31, 1900, as successor of the United States Flour Milling Co., per plan in V. 70, p. 284, V. 71, p. 185, and owns directly or through subsidiary companies mills in Minneapolis, Duluth, West Superior, Milwaukee, Buffalo, Syracuse and New York; total datly capacity 47,000 barrels or fl.our. See v. 75, p. 1252; V. 68, p. 873,929; V. 69, p. 29, 1010; V. 71, p. 817. Properties taken over May 11, 1902. STOCK AND Bmms.-Stook, all outstanding, common, $4,600,000; pref., 5 per cent non-cumulative, $6,900t000. Of the new l st 5s, $2,213,000 is reserved to retire at par tne $1,448.000 Heoker-JonesJewell 1st 6sand $765,000 Northwestern Consolidated Milling 1st 6s (see V. 70, p. 283). The plan :1.mits the new mort~age to $5,750,000, bnt permits increase of this by $500,000 for working capital, the bonds to be sold at not less than 95. DIVIDENDS. First dJv. on pref., 1 %, paid A.pr. l 0, 19( 3. v. 76, p. 658. CBARGES,ETC.-lnt. ch'ges, $305,130; sink. fund for bondR. $45,000. REPORT.-Report for year ending Sept. 30, 1903, tn V. 77,p. 1872, showed: Income !or Jear, $204,210; int. on bonds, $172,588; div. on pref. stock \1 p. c.), $68,860; bal., def. for year. $37,238; bal. to c rt>dit of surplus acct. Elept. 30, 1902, was $656,444; dectuot organizittion and other extraordinary expen•eR not chargeable against year's in• oome, t81,731; oal., sur., Sept. 30, 1903, $537,475. Ol!'FICERS.-Pres., Brayton Ives; 1st Vice-Pres., Wm. L. Bull; 2d Vice-Pres., J. C. Klinck; Seu. and Treas., J. A. Knox. Office, 37 Wall St., N. Y.-(V. 77, p. 1872; V. 78, p. 107.) Standard Rope&: T~ne co.-IncorporatedNov. 8, 1896, underlaws of New Jersey. Suo<1essor after foreclsosure of the United States Cordage Co., reorganized, V. 60, p. 1012; V. 63, p. 1064. Union Selling Co. acts as selling agent. V. 75, p. 397,613. Owns 3 mills in operation, viz., Sewall & Day mill at Boston (Alston), Mass., and the Waterbury and Morgan Ave. mills at Brooklyn, N. Y, besides two idle and partly dismantled; also entire stock of f'annabis Mfg. Co., owning 3 mills-the Chelsea and Boston mills in Boston, Wm. Wall & Sons of Brooklyn; see V. 73, p. 614. Reports of committees in V. 72, p. 987, 1140. As to competition in June, 1902, see V. 74, p. 1255. In Jan •• 1904, plan for raisin~ addUonal working oapital was proposed. V. 77, p . 694; V. 78, p. 233. STOCK AND BONDS.-Capital stock is $12,000,000 (par $100); utsta.nding, $11,960,860, Th~ lirst mortgage is for $3,00u,ooo, yearly sinking fund 1 per cent of bonds outstanding; firsts purchased for sinking fund and canceled to Oot. 31, 1903, $260,000. The oonsols are non-cumulative incomes and entitled to one vote for each $100. REPORT.-Year ends July 31. Report for 1902-03, in V. 77, p. 694, showed: Loss on the year's operations after paying interest on bonds and borrowed money, $141,163; <1ebit bnl. Aug. 1, 1902, $585,790; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 529 balance, deficit to profit and loss Aul?. 1, 1903, $726,953. Gross sales 1n 1899-00, $4,255,342; in 1898-99, $4,999,275. President, Thomas Russell; Vice Prest., Alfred R. Turner, Jr.; Treas. and Sec., Joseph G. Taylor, 14-20 State St .• N. Y. Directors: Thomas Rnssell, W. R. Potts, James B. Clews, G. W. Mont~omery, A. R. Turner Jr., Jeseph G. Taylor;Jos C. ReUf, E. Le B. Gardiner, D. T. Ramsay. Office, 17 StateSt.,N. Y.-(V. 77, p. 2394; V. 78, p. 233.) Texa8 & Pacific Coal.-Owns 50,000 acres of coal lands in Texas. Business consit>ts of mining coal and manufacturing coke, brick, etc. ~tock $2,500,000; outstanding, $2,250,000. Dividends:. 1896, 4 p. c.; 1897, 4 p. c.; 1898, 414 p. o.; 1899, 5~ p. o.; 1899 to Jan., 1904. 6 p. o. yearly \Q.-J.) Mort. is for $500,000 of 6 p. c. bonds,.. due 1908; bonds for $278,000 in sinking fund (in Hee>-. , 1902), leaving $222,000 outstanding; interest A. & O. at Central Trust Co., N. Y., trustee. Pres., E. L. Marston, 33 Wall St., N. Y,-\V. 71, p. 1175.) Union Bag&: Papet' Co.-ORGANIZATION.-Incorporated in New Jersey on Feb. 27, 1899, as a consolidation of over 90p. c. of the paper bag business of the country. V. 68, p. 430; V. 69, p. 182. See V. '71, p. ,;4-5. Assets and list of properties see prospectus, V. 68, p . 333; rights of stock, etc., V. 68, p. 675. Statement for year ending Feb;. 1, 1903, with balance sheet, was in V. 76, p. i;l64, showing net earnin~sl> il:961,037; dividend on pref. l7 p. o.), $770,000; balance, $191,037. Bills payable Jan. 31, 1903, $680,000. Status July, 1903, V. 77, p. 254. DIVIDENDS.-On pref., July, 1899, to Jan., '04,7% per an. (l l\i% quar.) OFFICERS.-President, L. G. Fisher; lstV.-P. and Sec., Edgar G. Barratt; 2d V.-P., John H . Derby; Treasurer, Geo. R. Sheldon. Office, 1 Broadway, N. Y.-(V. 76, p. 864; V. 77, p. 254) United Box BoaY-d & Paper Co,-ORGANIZATION.-Incorporated in New Jersey on May 28, 1902, and took over as of Jan. J. l!J02,. per plan V. 74, p. 375, tbe leading straw-board and box-board companies (including Traders' Paper Co., Lockport, N. Y., etc., 26 plants)~ In the country, havin1r a theoretical capacity of 1,359 tons daily·. also acquired $5,800,000 of the $6,000,000 American Strawboard Co. stock, and owns entire stock or Kntokerbooker Pulp & Paper Co... with a daily capacity of 40 tons of pulp. V.74, p. 1041; V. 75, p. 1358. Has purchased entire 2~00 sbares of Uncas PaperCo.,Norwich, Conn. On Deo 10, 1903, the t'aper Products Co., with $200,000 stock, began. business as a selling company for the leading box-board manufaoturera. V. 77, p. 827, 1879. ~tock authorized, $28,967,400, of which $14,018,500 common and $14,948,900 seven per cent cumulative preferred; outstanding, common, $13,896,433; prererred, see table. Over a majority ha1-1 been deposited in a stock pool for one year from Aug. 14, 1902. V. 75, p 398. First dividend on pref., 1~ p o., paid Dec. 15, 1902. In March, 1903, divi~ends were deferred to accumulate surplus for working capital. V. 76, p. 658, 1038. Net earnings for Oot., 1903, were $109,UOO, against $93,000 in Sept., 1903. V. 'i7, p. 2394. Forcalendar year 1903. (also fl.seal year) earnings "ere expected to be· about 5 p. c. on preferred stock. V. 77, p. 2394; V. 77, p. ~52. Balance sheet Feb. 1, 1903, V. 76. p. 434. Financial statement March, 1903, V 76, p. 756. In Deo., 1903, PreFident 0. C. Barber and associates loaned $1,000,000 on collateral. V. 77, p. 2394.. BONDS.-The 1st 5s of 1903 are due $350,ooo yearly from Jan. 1 1904 to 1908, both inclusive. $250,000 Jan. 1, 1909 and $1,500,000Jan 1, 1913. They a.re sunjeot to call (when drawn by lot) for payment at na.r and interest on any interest day. Of the authorized amount $2,000,000 bonds are issu-i.ble forthwith, the remaining $1 • 500,000 being reserved to retire from time to time a like amount of underlying bonds on 15 of the plants (see llst V. 75,p. 1304), viz.: Traders' Pa.per Co. N. Y.. 6s, $200,000, due by Nov., 1919. 'l'hompson Pulp & Paper Co.. N. V ., t<s, S200,000. Somerset & Kennebec Co., Me., S338,00<'; Tytus Pa1.1er, etc, o .. $122,!'i00: Wa.ba.shPaperCo.,Indiana, $<'00,000; Peoria Strawboard Co., Jll., 6s. S100,110u; Wilson, et a.Iii. Conn., '58,300; Oswego Falls Pulp & Paper Co., $75,f00, etc. . Amer. Strawboard Co. has outstanding $465,000 1st sink. fund gold 6s, due Feb. 1, 1911, int. paid F . & A at Internat. Trust Co., Boston, Report of American Strawboard Co. for 1902, V. 76, p. 378. Chairman of Board, Jae. A. Roberts'; President, O. 0. Barber; 1st Vice-Pres., R. F. Newcomb; 2nd Vice-Pres., Chas. I>. Brown; 3d VicePres , R. B. MoEwan; Seo. and Treas .• Stephen B. Fleming. Directors,. V. 75, p. 247; V. 76, p. 483; V. 77, p. 1879. Office, 11 Broadway, N.Y. -(V. 77, p 455, 827, 1879, 2394.) United Shoe 1'.lachlneryCo.-IncorporatedinFeb.,1899,inN.J. V. 68, p. 333,430; V. 74,p. 430; V. 75, p. 851; V. 77, p. 255. Stock, common, $12,500,000; outstanding, $10,720,350; p_referred cumula· tive, 6 per cent $12,500,000; par, $25; outstanding, $9,936,500. Balance sheet Mar. 1, 1902, V. 74. p. 935. Underlying bonds, $202,500. International Goodyear 6s, mort~age assumed, $60,000. . DIVIDENDS.-First dividend, 19 per cent on preferred and 28 per cent on common, paid April 15, 1899. V. 68, p. 525. On common, July, 1899, to Jan., 1904, mclm~ive, 8 p. o. yearly (2 Q-J). On preferred, July,. 1899, to Jan., 1904. inclusive, at 6 p. c. per annum, payable quarterly. Annual statement March, 1903, V. 76. p. 971, 1359, 1902; V. 75, p. 81. PreRident, Sidney W. Winslow of Boston: Treas. and Gen. Man., Geo. W.Brown; Secretary, Meylert Bruner,of Boston • .Albany Bl'dg.,Boston, Mal!!s.-V. 76, p. 709, 814,971, 1359(V. 77, p. 255.) United State8 Coal & on Co.-ORGANIZATION.-Name was changed from United States Oil Co. on June 2, 1902, and the Island Creek Coal Co. of West Va. absorbed, per plan, V. 74, p. 1146. Owns in fee 30.000 acres of bituminous coal lands in Logan, and Mingo counties, West Va., and ls building a 10-mile rail road. In ueo., 1903, sale of oil properties was pPUdlng. V. 77, p. 2163. Stock increased June, 1902, from $2,500,000, to $6,250,0l•O; outstanding, $6,000,000; par $25. Dividend of $1 (of which 50 cents. extra) per share paid April 1, July 1 and Oot. 1, 1899; 1900, Jan. 1, $1 25 (of which 500. extra); Apr. 2, 500.; July 2, 50 cts.; Oot. 1, 50ots. None since to Oct., 1903, V. 71, p. 1273. Report for 1902-03, V. 77, p. 2158. Pr~sident, Albert F. Holden, Cleveland. O.; Seo':r and Treasurer, F. W. Batchelder, State Mutual Bldg., Boston. New directors June 1902, V. 74, p. 1200.-(V. 77, p. 2168, 2163.) United States Cotton Duck Corporatlon.-ORGANTZATION. -Incorporated in New Jersey on June 4, 1901, per plan in V. 72, p. 992, 1038, 1241, to control the Mount Vernon-Woodberrv Cotton Duck. Co. (see list 14 mills. V. 69, p. 129), etc. V. 72, p. lHO; V. 76, p . 1038. READJUSTMENT PLAN.-The plan announced by the re .. dJustment managers. S. Davies Warfield. J. Wm. Mirtdendorf, H. A. Orrick and Tbo11. M Turner, in July, 1903, provides for the merger of the United States and Mount Vernon-Woodberry companies. In Oct., 1903, th& carrying out of the plan was deferred. V. 77, p. 1750. The consolidated company will be autbortze ,t to issue $14,000,000 first mortgHge 5 p. c. 50-y ear gold bonds, $7,850,000 fl.rat prer. 5 p. o. cumulative. $6,000,000 second pref. 5 p. c. non-cumulative and $4,000,0 ,o common stock. The new bonds will be a first lien on the properties of the United States company, subject to $175,010 underlying bonds, and will cover all tnterests ownt' d or hereafter acquired in the Mount Vernon Company. Uf the bonds, $8,000,000 is to be reserved to. retire the Mount Vernon bonds ($8,o00,000) at maturity (of which $1,uoo,OOO in treasury) and $425.000 for underlying bonds, and $825,000, 1 o~ether with $1,850,000 first preferred stock, will remain in the treasur.v. Pays ,----And receitJes---Holder• of each $1,000 ofcash B 111d11. lilt pref. 2dpref. Oom. Mt Vernon incomes (~6.000,000) .. $250 $2 ' 0 $1,000 U.S. pref. stock ($2-t750.000) ... . N,rne 1,000 U. S. common ($10,u00,000).. .. . . . 50 50 $600 $400 POSITION OF CONSOL. CO:MPANY.-Combined earnings for the year 1902 were $970,338; int. on bank loans should not exceed $50,000 pe:rt I 530 IKDUSTRIAL STOCKS AND BONDS. annum; int. on underlytn11; honds, $26,750; int. "n Mount Vernon Woodberry 1st 5s ($7,000,000 outstanding) $350,000; tnt. on new bonos, $237,500; div. on new 1st pref. stock, $300,000; bal., sur., $6,088. (See V. 77, p.1750.) OPPOSITION TO PLAN.-The income bondholders' committee object to the above plan. V. 77, p. 93,150. • 8TOCK.-Authorized, $15,000,000 ea.oh of common and 6 per cent oumulatiive preferred. as reduced Feb .• 1902. V. 74, p. 331. Common stock outstanding, $10,000,000. The Jan., 1902, and Jan . and July, 1903, cumulative int. on the Mt. Vernon-Woodberry incomes wa.s passed; iD A.ug. 1902, 219 p. o. pa.id. V. 75, p. 247,347; V. 76, p. 439; v. 77, p. 404. DIVIDENDS-On pref., 3 p. o., paid Sept. 15, 1902. V. 75, p. 247. EARNINGS.-Report tor the 6 months ending June 30, 1903, in V. 77 p. 404, showed net earnings of. U . S. Cotton Duck Corp. $14.1, 19 " ; int and gen. expenses, $50,3:l8; ba.l .. surp., $90,862. Surplus earnings of Mt. Vernon IJo. over repatrs, etc., were $73,381. Vol. 77, p. 404. Report ror the calendar year 1902 in V. 76, v. 434, showed net earnings of U. 8. Cotton Duck Corp., $245,266; Int. and gen. expenses, $101,277; bal., sur., $143,989. Surplus ea.rnJngs of Mt. Vernon Company over depreciation, etc., and 21il p. o. (1,150,000) on Incomes, were $16,470 (but see V. 77, p. 1750). Chairman ol Boa.rd, S. Davies Wa.rtield; Pres't, Chas. K. 0 1 tver; Continental Trust Building, Baltimore, Md. Directors and officers. V. 74, p. 331; V. 76, p. 216.-(V. 77, p. 302,404, 1750.) 1Jnlted States Envelope.-Inoorporated 1n 1898 under the laws of Maine. Absorbed ten companies named 1n V. 66, p. 1003 producing over 90 per cent of the commercial envelopes 1n the United Stat.es. Output 17,000,000 da.lly; capacity over 20,000,000 dally. Stook,t $1,000,000 com., issued $750,000; par, $100; pref.,$3,750,000; par, ~100. Mortgage bonds, $2,000,000. See V. 66, p. 1003; V. 67, p. 179. Debentures, $225,000, due $251..000 yearly. V. 74, p. 385. Deo., 1898, pa.id 2 p. o. on pref.; June, 18~9. to Sept., 1901,lnol., 7p. o. per ann. (Q·M.); 1902 and 1903, 5 p . o. yearly (M & 8). Report for year ending June 30, 1903 with balance sheet, 1n V. 77, p. 399, showed: Net profit, $559,063; int. on bonds, $132,396; div. on pref. stock (5 p.o.), $187,500; sink. fund and depreciation, $125,044,; 'Ital., sur. $114.,123. OFFICERs.-President, C.H. Hntohins; Treas.t._Wm. 0. Day, Spring• Ael<1. Mass.; Seo., W. M. Wharfl.eld, 8pr1n,dleld. Mass. Directors Sept.. 1903, V. 77, p. 774.-(V. 75, p. 496; V. 77, p. 354,399, 774.) 1Jnlted States ltlortgage & Trn8t Oo.-Chartered tn 1871. Formerly U. s. Mortgage Oo.; present name assumed Feb. 23, 1895. STocK.-Capital stock is $2,000,000; par, $100. Surplus, $3,000,008; undivided profits July 1, 1903, $609,439. DIVIDENDS.-ln 1894. 6 p.c.: '95. 6; '96, 6; '97, 6; '98, 619.; •~9, 10; 1900, 10; 1901, 12; 1902, 15; 1903, 16. BONDS.-The series of mortgage trust bonds, $1,000,000 each., are eeoured by deposit with trustee of fl.rat mortgages on improvea oitr, real estate '' in amounts at lea.st eaual to the bonds outstanding. ' See application to list $5,000,000 bonds 1n V. 67, p. 487. OFFICERB.-President, George W. Young; Vice-Pres., Clark Willia.me; Treas., Ed ward T.Perine; Sec., Calvert Brewer. -(V. 75, p. 81, 347 .) 1Jnlted States Reduction & Refining Oo.-Incorporated in New Jersey on May 31, 1901. Extracts gold and other precious metals trom ore obtained chiefly from Cripple Creek District, Col. Official statement showing properties owned, etc.• V. 74, p. 882. STOC~ authorized , common, $6,000,000: pref. (also as to assets) 6 p.c. non-cum., $4,000,000; par of shares, $100; outstanding, common, $5,918,800; preferred, $3,945,800. Bonds (all outsta ndinfr),$3,000.000 first 30-year gold 6s, due July 1, 1931, int. J. & J ., ~ubjeot to call at 110 as a whole or for a sinking fund of $50,000 annually; Continental Trust Co., N.Y., trustee; tnt. paid at Kessler & Co., 54 Wall St., N. Y . DIVIDENDS on pref., lliap. o.,paidDeo. 20, 1901,Anr.1 to Oct, 1, 1903 both Inclusive, 1½ p. o. quarterly; the Jan., 1904, dividend was passed V. 77, p. 2396. On common, Apr. 1 to July 1, 1903. both Inclusiv e 1 p. o. quarterly; none since to Jan., 1J04. Uheoks a.re mailed. REPORT tor year ending Aug. 1, 1903, ~ven in V. ?7, p. 2388, showed net e a rnings (over improvements, etc.) $837,604; int. on bonrt,. $180,000; div . on prPf. stock (op. c.1 ij:2:i6,748; oi v. on common stock (4 p. c.), $236,z.?5~; hal., sur., $184,104. P1esident, vnas. L. Tutt: Vice-Pres and Mgr., Cha.a. M. Mao. Neill; Sec. and Treas., Spencer Penrose. Transfer office, 54 Wall St., N. Y. -V. 75, p. 687,790,802; (V. 77, p. 774, 2388, 2396.} Virginia Iron Ooal & f'oke Oo.-ORGANIZATION.-Owns furnaces at Roanoke, Pulaski, Buena. Vista, Radford, Graham, Max Meadows and Reed Island, Va.; Ilristol, Embreeville and Johnson City, Tenn., and Middlesborough, Ky.; Radford Pipe Works, Radford, Va.; Crescent Horseshoe Works, Max Meadows, Va.; steel works at Middlesborough, Ky., and certain toundry and machine works. Also owns about 132,000 a.ores of coal lands, and owns and controls about 209,000 acres iron ore and timber lands, together with half of the e2,ooo,ooo capital stock of the Virginia. & SouthwARtern Ry., Inman, Va...t coal mines to Mountain City, Tenn., etc., 134 miles. V. 68, p. 675; V. t>9, p. '388. See application to l1st, V. 76, p. 272. Stock authorized, $10,000,000, all common; outst anding, $8,641,600; par $100. Rea.dju~tt>d per plan, V. 75, p. 348, 3~8, 736. The scrip 1·eooived tor Sept., 1903, coupons was paid on May 1, 1903. Of the 1st 5s, $2,178,000 have heen canoAled, the $829,000 unissued being held to retire prior lien b nnds, viz.: $585,000 Carter Coal & Iron s 1nking fund gold 5s,due Oct. 1, 11-138. subject to ca.llat 105 (Contin. Truer Co., N. Y., trustee,, ~100,000 Va. & Tenn. Coal & Iron 6fl, due Mar 1. 1904. and $69,000 Toms Creek Coal & Iron bonds. President, Henry K. 'McHarg, N. Y. Office, Bristol, Tenn. - (V. 77, p. 145.) Welsbacb Co.-ORGANIZATION.-lnoorporated tn New Jersey Apr. 28, 1900, as a consolidation per plan (V. 70, p. 898) of the Welsbaoh Light and W elsbach Commercial Comi,anies. The United Gas Improvement, it is understood, owns control. Stock, $3,500,000, par $100. DIVIDENDS.-2 p. o. pa.id June, 1901; 1n 1902, June, 2 p. o.; in 1903, Sept. 2, 2 p. o. BONDS.-Of the $7,000,000 gold 5s (Provident Life & Trust Co., Philadelphia, trustee) $409.000 reserved for working capital, etc. REPORT.-For year ending May 31, 1903, profits were $555,~42; in· terest and sinking fund, $431,660; charged off, $13,121; dividend, 2 p. o., $70,000; bal., sur.. $40,761. In 1900.01, profits, $538,537. Pres., tHdney Mason; Seo. and Treas., Lewis Llllle. Office, N. W. cor. Broad and Arch Sta., Philadelphia.-V. 75,p. 565; (V. 77, p. 628.) Westchester Llghtln,:.-ORGA.NIZATION.-lncorporated on Nov. 6, 1900, and absorbed various gas and electrlo-light <.-ompanies supplying t.erritory in Westchester County north of New York City. Bee v. 71, p.1023, 1175. Stock (of which a oontrolllng interest is owned by the United Gas Improvement Co. of Pbila.), common, $10,000,000; preferred, 5 per cent (cumulative after Jan. 1, 1904), $2,500,000; par of shares, $100. Of the gen. 50-year 5s, $4,180,000 are to be used from time to time tor additional extensions and new properties and $460,000 to redeem an equal amo,unt of underlying bonds outstand· ing, v1z .. $22,000 Municipal Gas Co. of Yonkers 6s, due Jan. 1, 190l. $343,000 N. Y. Suburban Gas Gas Co. 5s, due Mar. 1, 1949 and $95,000 New Rochelle Gas & Fuel C·). 6s, due Jan, 1, 1908. There a.re a.lso $250 000 Hudson River Gas & Electric 5s, due May 1, 1929, and $335_,000 White Plains Lighting fl.s, due Jan. 1, 1938, for which no generals are reserved. For year eliding Dec. 31, 1902, gross. $1,037,799; net,, '875,338: int. on bonds, $252,920: bal., sur., $122,418. In 1901, gross, $849,153; net, $251,040. .President, Wm. W. Sorugham; Seo., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis fVOL. LXXTIII. B . W. Stilwell; Treas., Lewis Lillte. Directors, V. 71, t>• 1175; V. 71, p 1175, 1224; V. 76, p. 1412. Weetern Telephone & Telegraph Oo.-Ow.o.s 77 per cent of the Cleveland Telephone Co., 82 per cent of the Northwestern Telephone Exchange Co. and 83 per cent of the Southwestern Telegraph & Telephone Co., also controlling interest in the Michigan Tel. Co., 81 per cent of the Wisconsin. Telephone Co. and all the $1,200,000 stock or the Postal Telegraph Cable Co. of Texas. These companies operate In Ohio, Minnet1ota, North and South Dakota, Texas, Arkansas, l'tl.iohig an and Wisconsin,under licenses from Am. Bell Co., wntch owns the balance of the stock of the three fl.rat named. ORGANIZATION-Incorporated in N . J. on Jan. 22, 1902, and purchased, per plan in V. 73, t>• 1359, and V. 74. p. 42, all the assets of the Erie Telegraph & Telephone Co. V. 74, p. 271, bankrupt but not foreclosed. l'he Amer. (Bell) Telephone & Teleg. Co. owns control. V. 76, p, 596. Tbe Michigan Telephone Co., formerly controlled, was sol.i in foreclosure to other parties on Nov. 4, 1903. V. 77, p. 1750. DIVIDENDS.-Div. on pref. Aug., 1902, to Feb., 1904, 4.% yrly. (F&A). BoNDs.-All the old bonus except $138,000 were retired. The new bonds a.re secured by stock and bonds owned. See list, V. 74, p. 898. Oo.tstanding bonds of proprietary company: Postal Telegraph-Cable Co. of Texas SO-year ii-old 6s, due Jan. l, 1928, ,:auantY" of Interest and sinking tun<1 {sufflo1ent to retire bonds at maturltr) a1Bume11 oa purchase Mar. 15, 1902. V. 76, p. SSS. • REPORT.-Report tor year ending Jan. 31, 1903, with balance sheet, tn v. 76, p. 652, showed: total income, $1,304,210; net revenue above $86,479 depreciation, $673,849; div. on prer. (4 p.o.) $640,000; bal, sur., $33,849. Office, 125 Milk St., Boston, Maes.-{V. 77, p . 1750.) W e8tlnghouse Machine Oo.-ORGANIZATION, ETo.-Inoorpor• ated in Penn.in 1881; manufaotures l gas engines etc., under Westinghouse patents. Stock authorized to be increased from $3,0 00,000 to $5,000,000 in Jan., 1902, formerly part preferred, bnt to be all ot one kind. V. 74, p . 101. Par value of shares, $50. Stockholders were offered the ri~ht to April 25, 1903, to subscribe to $2,000,000 new stock at $.100 per $50 share, raising the amount outstanding to $5,000,000. V. 76, p. 750. Dividends have been paid since aboui 1895. Dividends on common and preferred. July, 1900. to Oct., 1902, both Inclusive, 6 p. o yearly (Q.-J.); 1903, 10 p. o. (paid Q.-J.1; 1904, Jan , 212 p . c. The Westinghouse Foundry Co. ts building 25 mfiee south of Pittsburg. V. 75, p. 398. BoNDs.-Of the $1,500,000 5 p. o. gold debentures, $350i000 reserved to retire 6 per cents due 1914, and balance to build astee foundry and forging plant at East Pittsburg having a daily capacity of 80 tons of steel castings and forgings. V. 69, p. 854. (See also V. 69, p. 802,) V. 69, p.1252. President, George Westinghouse; Secy., T. J. Brown. Office, 25th St. and Liberty Ave., East Pittsburg, Pa.-(V. 76, p. 756.) RAILROAD COMPANIES. SUPPLEMENTARY-See also Tables Paves 1327 to 1464. .&rkansal!I Midland KK.-Owns from Helena., Ark., to Clarendon, 50 miles; Pine City to Brinkley, Ark., 24 Illiles. Capital stock. $1,490,700 (par $100.) l>ividends paid: In 1895-6J.. 1·348 per cent; in 1896-7, ·74 p. c.; in 1897-8, 1·92 p. c.; in 189~-9 (t); in 1899-0, 0·61 p. o. In 1901 entire stock was acquired by Mo. Pao. (St. Louis lron Mountain & 80. Ry.) V. 74, p. 206, 574. Bonds, $176,000 fl.rat gold 6s. due July 1, mu, subject to call at 110; int. J.&J. Year l 901-02, gros~. $105,132; net, $48,602; interest and taxes, $15,689; dividends, $26,070. President, George J. Gould.-(V. 72, p. 935.) Oalgary & Edmonton Ry.-Owns Calgary, Canada., to Edmon on, Can., 191 m., and to Fort McLeod, Can., 104 m. In Feb., 1903, a new lease to the Canadian Paotflo (which owns entire $1,000,000 stock) tor 99 years was ratified, under which the 6 p. o. bonds (£1,121,700) were exchan~ed for an equal amount. of debenture stock, on whloh interest is guaranteed at 4 _p. o. At the termination of the lease the principal of the bonds will be paid at par or a further lease entered into. V .76 p.434; V. 77, p . 1224. Government subsidy is £16,000 per annum till July, 1911. Land ~ant 1,888,448 acres, of which 407,402 acres unsold held by Governm ent as security for cash ]subsidy. In 1902·03, gross, $687,720; net, $ 2 61,1~0.-(V. 77, p. 509, 1224.) Central Ky. ot: Ne-w Brunswtck.-Norton Station (on Inter · colonJal Ry.) N. B., toChipman,N.B., 46miles, opened In 1888 . Stock, $900,000. all outstanding. Bonds issued, $540,000 fifty-year coupon 6s 1$1,000 each) , due Nov. 1, 1937, int.. M.-N., payable in New York, N. Y., London, EnglRnd. and St. John, N. B.; Central Trust Co., N. Y., 'l'rustee. Year ending June 30, 1902, gross, $7,332; def. under opera~ ing, $29,394. Pres., C. N. Skiuner, St. John, N. B.-(V. 63, p. 116.) GulC & Inter-State Kall-way ot: Texas.-Port Bolivar, on Galveston Bay, to Beaumont, Texas, 70 miles, was owned, of which 27 miles from Port Bolivar to High island was wa1:1hed a.way by :flood in Sept.. 1900, but was rebuilt and reopened in Oct., 1903. lmpt. & Loan Co•• Galveston, is trustee under 1st mtge,, which secures $829,000 5s of 1895 in default. Capital stock, $71,000. Year end, June ;, O, '02, gross, $15,760; nef. under oper., $2,342. V 70, p.1249;V. 71,p.182, 698. In Sept.• 1900, receiver was appointed; Jos. P. O'Donnell is now receiver. In June, 1902, $5,000 receiver's oertl:flcates were authorized for repairs. V. 74, p. 1308. In 1902 John H. Broocks, of Beaumont, Tex., purchased control and in Sept., 19 02. reorganization wa,;, eipeoted shortly. - (V. 72, p. 1237; v. 74, p. 728, 1308; V. 7o, p. 342; v. 77, p. 823.) Interoceanlc Railway of Mexico, Llmlted.-Vera Cruz to Mexico City, Mex., 342 Illiles; Los Reyes to Puente de Ixtla., 123 m.: Los Arcos to Tlaoualptoan, 72 m,; San Lorenzo to Orie ta.I, 73 m. and Cua.ntle to Atencingo. 42 m., opened June, 1903, oth1:1r, 18 Illiles; total. 670 miles. 1n Nov., 190L, the Mexican Eastern Ry •• Limited. was formed, with £10,000 share oa.piti.l, all owned by the Interoceanio, and purchased the narrow-gauge line from San Marcos to Tezuttlan 79 Illiles, and built from Virreyes to San Nicolas, 61 miles, the whole being leased tor 80 years for do rental sufficient to meet the general expenses and interest on the d ebenture capital, of which £400,000 has been issued tor purchase and extension of the road, and in addition, after 1920, a fund toward the redemption of the debenture stock. The company will have the right after June 1, 1914, to purchase the Mexican East.era Ry. by redemption of debenture stock. V. 73, p. 1263. ORGANIZATION.-In 1896 reorganized per plan 1n V. 62, p. 364. In Sept., 1902, Mexican Gov't secured control. V. 75, p. 793, 907, 981. The Nat. RR. or Mexico in 1903 acquired practical control, owning £1,038,400 of tbe second debento.res, £907,500 ordinary and £102,· 000 cumulative preferredstock. V. 76, p. ll92; V. 77, p. 769. Con· solidation with tbe National Company was authorized in 1903. BECURITIES.-On Dec. 14, 1900, £1,300,000 of 4 ¼1 p. o. 2d debenture stock was authorized. See otrcnlar, V. 71, p. 1120, as to rights, etc. Of the second debenture stock £150,000 was sold to the shareholders and £1.000,000 to the Government,of Mexico at 901sper cent, to retire the £735,391 seven per cent •'A" debenture stock called for payment on Mar. 31, 1903. V. 75, p. 907,981; V. 76, p. 382. ~NINGs.-July 1 to Dec. 12, 1903 (51il months) gross, $2,t59,600, against $2,265,970 in 1902. Year ende<t June 30: Gross. Net. Net in £. 1902-03 ..•.•••..••. (Mex.) $5,224,396 (Mex.) $949,609 £65,439 1901-02--·-·· .. --··<Mex.) 4,312,461 (Mex.) 883,953 73,320 Net revenue account for 1902·03 showed £14,933, aoplled to Interest on 419 p. o. debenture stock. Seo., C. E. Boruby: Trfias. H. Friederiohsen. 9 New Broad St., London.- (V, 77, p._2035; V. 78, p.287.) JAll., 1904. J ltlextcan Railway, LlmUed.-City of Mexico to Vera Cruz' 264 miles; Puebla branch, A pizaco to Puebla, 29 miles; Pachuca branch' Ometusco to Pa.chuoa., 28 mUes; total, 321 miles. ORGANIZATION.-lnoorporated Aug. 20, 1864, as Imperial Mex. Ry. DIVIDENDS on 5 1897. 1898. 1899. 1900. 1901: 1902. 1903. 2 13a 27 • 33s 318 214 lat pref. (p. o.) i 21> . EA..RNINGs.-Jan.1 to Deo. 19, 1903, 11½ months (Mextoan currency> gross, $5,222,800; in 190l, $4,888,700. For 6 mos. endtn~ June 30. 1903, gross, $2,727,503; net, $1,000,940; total net revenue, .£84.603; deb. interest, .£60,000: dividend, lii6 p. o., £23,944. For J ear 1902, gross, $5,145,791,'against $4,402,298 in 1901; net above opera.ting expenses, $1,954,100; total net revenue, £175,852; deb. interest, £120,000; div., 23L p. o., .£55,870. Secretary, John T. Denniston, London, Eng. London offices, 45 New Broad St., E. c.-(V. 66, p. 1001.) Mexican Southern Railway, LIJ:nlted.-Puebla to Oax· aoa, Mex., 228 m.; sidings, 11 m.; all narrow-gauge; branch, 32 m., Tehuaoan to Esperanza; other, 3 m.; total, 262 m. ORGANIZATION.-Chartered in 1889. Concessions commuted by payment in 1892 by Mexican Government of $8,000,000 6 per cent 50year silver Mex. Govt. bonds. These bonds are subject to sinking fund of lg per cent per annum, and expire June 8, 1990, when the road passes to the State without payment, except for stations, rolling stock, etc. In 1896 reorganized per plan in V. 63, p. 229. SECURITIES.-Principal of 1st debenture stock is redeemable at 110 per cent out of sinking fund from redemption of $8,000,000 Mexican sliver bonds, deposited under trust deed. Interest on 2d debentures ls payable only out of profits on Feb. 1 and August 1. On ordinary share 1 p. o. was paid for year ending March 31, 1897; year 1Fl97-8, 114 p. o.: 1898-9, l ½l p. o.; 1899-0, 2 p. o.; 1900-1, 212 p. o.; '01-2, 212 p. o; '02-3, 2 p. o. EA.RNINGS.-Yearending March 31, 1903, gross, £81,024; net, £27,372; total net income, including interest on $8,000,000 Mex. Govt. subventioil bonds, etc., .£67,634; charges .£51,918; div. (212 p. o.), .£20,000; bal., forward, £14,750; bal .. .£10,466. In 1901-2, ~ross, .£83,236; net, £31,805. April 1 to Dec. 21 in '03, 8¾ , mos. 1Mex. cur.), gross, $760,368; in '02, $701,001. OFFICER@.- Chairman, G. E. Paget; Seo. Thos. Linton, 53 New Broad St., London, E. C.-(V. 63, p. 229, 1112.) Mineral Range KK.-Houghton, Mich., to Calumet, Mich., 14 mlles; Hancock to end of track, 27 miles; branches, 27 miles; South Range extension. Keweenaw Bay to Riddlet Junction. 36 miles, opened Dec. 24, 1900; traokage, 24 miles; Mohawk RR. operates 14 milee; to1ial, 142 miles, all standard gauge. HISTORY, ETc.-Reorganlzed in 1891. On June 1 ,.. 1901 the Hancock & Calumet RR. was merged (V. 78, p. 785). In year 1895 paid dividends l0¼i p. o.;in 1896,7 p.o.; 1897, 7p. o.; 1898, 31il p. o.; none since to 1903. In Mar, 1903, authorized stock was increased to $1,200,000; outstanding, $923,400, par $100. BoNDs.-Consols for $7,000 are reserved for $11,100 old bonds. Of the $593,000 outstanding, $339,000 are 5s; the Canadian Pacific on June 30, 1902, owned the remaining $254,000 (which are 4s), and the $1,000,000 general mortgage 4s, both of which it guarantees as to lnteres!i. V. 75, p. 554. Bee V. 73, p. 556, 616; V. 73, p. 785. Of tonnage in 1901 73 p. o. was oreR and mining products. EARNINGS.-For 5 months ending Nov. 30. Balance, Ohargess Otlu1· inc. Net. Gross 5 mo•. def.$12,315 $49,05~ $279 $36,464 1903 -----··$243,435 sur. a,800 48,733 767 50,766 1902 ·--· . 235,775 REPORT.-For year ending June 30, 1903, gross, $560.468; net over taxes, $71,835: other income, f2,637; interest, $83,360; deficit, $8,887.-(V. 73, p. 785.) ltllnne•ota & North Wlscomllln RR.-Soanlon, Minn., northeast 38 miles to timber lands in St. Lou1s County; extension proposed to Duluth & Iron Range RR., 12 miles. Stock authorized, ij:350,000 Bonds mature $30,00u yearly on Jan.1 to 1907, inclusive, and balance on Jan. 1, 1908, and are guaranteed, principal and interest, by the Messrs. Brooks Brothers and M. J. Scanlon, and cover in addition to road 20,000 acres of land in Beltrami and Hubbard Counties, Minn.; the Minnesota Loan & Trust Co., of Minneapolis, is mortgage trustee. V. 74, p. 379 For year 1901-'02. gross, $43,612; net,$ ,,00:i. President, D. F. Brooks; Secretary, H, E. Gipson; Treas., P.R. Brooks. D.uscatlne North & ~outh RR.-Muscatlne, Iowa, to Elrtolr, on Iowa Central, 28 miles, with which has traflio contract. In March, 1903, Charles Howard was appointed receiver. V. 76, p. 654. Foreolosure sale set for Oct. 1, 1903. Stock, $450,000; par. $100. Year 1901-2, gross, 1$4:8,522; net, $2,974: charges, $25,148. Pres., Walter M. Gorham. Phila. (V. 76, p. 654; V. 77, p. 196, 695.) Nortbern0on•olldated Holdl_.g Oo.ORGANCZA.TION.-Inoorporated tn Ontario, Canada, late in 1903. Holds a majority or the stock ot the Great Northern Railway or Canada (whtch see below); also of the Montfort & Gatlneau Colonization Ry .• Montfort Jot. to Arundel, 33 miles, a bran h or whtoh iR to be huilt from St. Jerome to St. Sauveur, 1319 miles, and or the Chateaugay & Northern Ry., Jollette to Montreal, 36 miles. Control will be held by the Ca.nadlan Northern and Great Northern Ry, of Canada interests. ensuring the operation of the two systems praotioa.lly as one property. V. 76, p 704 Stock authorized, $8,000,000, all of one olase. President, JaILes 8. Lovell; Secretary, William Bain. (V. 76, p. 704.) Pittsburg ()hartlers & Youghlogheny Ky.-Owns from Char· tiers to Beeohmont, 19 m,: trackage (Chartiers Ry.), 2 m.; 21 miles in all. STOCK outstanding, $700,000,owned jointly t>y guarantors mentioned below. DIVIDENDS-In 1895, 4 p. o.; 1896, 11 p. o.; 1897,none; 1898, 7 p. o.; 1899, 1 p. o.; moo, 4. p. o.; none since. Of the 4s nalt are guaranteed (endorsed) oy Pitts. Ctn. Chio. & St Louis, the other half by the Pittsburg & Lake Erle. See guaranty, V. 56, p. 650. The $309,000 first 6s were paid at maturity on Feb. 1, 1902, in cash bor• rowed at 4 per cent per annum. For R mos. ending June 30, 1903, gross, $183,342. against $164,670 in 1902. net, $90.262, a~atnst $67,730. In year enrtin,r Dec. 31, 1902, gross, $343,316; net, $134,656; int., etc., $42,243; bal., sur., $92,413. Ohio River & Western Ry .-Owns Bellaire, 0., to Mill Run, O., 111 miles, three-foot guaize; trackage to Zanesv•lle, 1 mlle. Also owns maJorlty stock of International Coal Co., holding 25,000 acres adjoining road. 811,.cessor Jan. 1, 1903, to Bellaire Zanesvme & Cincinnati RR. To be standard•gauged and operated by steam tor freight bond electricity for passenger business. Stock, common, $3,000,000; pref., 6 p. o. non-cum., $2,000,000; par or shares, $100. Bonds are subject to call, in whole or in p1.1,rt, in or after 1908 at 110. V. 76, p. 48, 102. LATEST EA.RNINGS.-5 mos.,~ 1903 ...... Gross, $93,6~6; net, $23,694 51902 ....•. Gross, 84,778; net, 25,899 July 1 to Nov. 30. In year ending June SO, 1903, gross, $197,674; net, $67,151 Pres., Arthur E. Appleyard, Boston; Seo., W.R. Pomerene, Coshoo~on, O.; Treas., W.R. Mitchell, Bost.-(V.75,p.1148; V. 76, p. 48, 102, 159.) Kock Island&; Peoria Ky.-Owns from Rook Island, Ill., to Peoria, Ill., 91 miles; R. I. & Mercer County RR., 22 miles; branch, 5 miles total 118 miles. Leased by the Chica,ro R. 1. & Paoiflo for 999 yea.rs from June 1, 1902, for fixed charges and 6 per cent on the stock. In Sept., 1902, the Chio. R. I. & Pao. had acquired by exchange, share for share, for its own stock all except $31,500 stock not already owned. V. 74, p. 1197, 1253; V. 75, p. 30. In year ending June 30, 1901, gross, $783,:,99; net, $61,446 ; other income, $7,303; interest on bonds, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 531 INDUSTRIAL STOCKS A D BONDS. $27,000; taxes, $41,777; div. (5 p, c.), $75,000; bal., detioit for year, $75.030. Dividends at 5 p. o. per annum have been paid; in 1892 an extra 10 p. o. was paid; in 1896 an extra 5 per cent. For bontt11 BH Ro<:k Island O{). on apruedino page. Chio. R. I. & P. Ry. l4s of 1904 a · e reserved to retire these when due.-(V. 75, p. 30.) St. 0lalr 1'.ladl8on &; St. Louis Belt RK.-0wns bridge completed across the Mississippi River at Alton, ill., in 1894; also 2 miles of road. The bridge is 2,100 feet long and laid for double-track. In Apr., 1901, reorganized without foreclosure, per plan V. 72, p. 288, the old 5A receiving 125 per cent in the new 4s. which are subjeot to call at 105 after:, yearl!. In Dec., 1903, ten of the roads interested in the Terminal RR. Ass,,oiatton or St. Louis purch~ed the property. V. 77, p. 2340. In 1900 gross earnings were $80,894; net overtaxes and extraordinary expenses, $32,321. V. 72, p 676 Stook.$500,000; par $100. Treasurer, E. J. Oostiizan, No. 800 Fourth St., St. Loll18, Mo.-(V.76, p. 811; V. 77, p. 38, 23!l0.) Velasco Brazos & N ortbern Ry .-Road from Anchor to Velasco, Tex., 20 mlles. ln Sept., 1903, representat1ves of the Denison Bonham & New Orleans acquired control. V. 77, p 825. Stock authorized, $200,000. rn Feb., 1902, obtatnetl authority to issue $200,000 bonds. V. 74, p. 207. For year 1902-03, gross, $17,080; deficit under oper. exp., $4,537-(V. 73, p. 1113; V. 74, p. 207; v. 75, p. 343; V. 77, p. 825) Warren & Corsicana Pacific Rv.-WarrentoCampwood,Tex. 20 miles; extension projected from Warren to Corsicana, about 150 miles Stock, $100,000: par of shares, $100. In Nov, 1901, application was made for authority to issue bonds at $15,000 per mtle President, J. T. Campbell of Houston, Tex.; Treas. and Gen Man., I. L. Campbell; Secretary, Y. W. McNeil For year ending June 30, 1902, gross, $24,258; def. under oper. ~xp., $14,346.-(V. 77, p. 1226) Washington & FrankllnRy.-Hagerstown,Md., to Qutnsonta, Pa., 14·37 miles; was built in 1898 and . extended from Qufnsonla to Zumbro, 5 miles. The line is leased to Western Md. at 5 p. o. on cost. Stock, $150,000, was increased for improvem~nts authorized in Apr, 1901 . estimated to cost $78 ,750 In Aug., 1901, made a mortgage to the Reading Trust Co., as trustee, to secure $475,000 first mortgage 5 per cent gold bonds, covering the Altenwald out-o1f of the Western Marylan<1.-(V. 72, p. 676; V. 70, p. 478; V. 73, p. 392.) INDEX TO ADDITIONAL COMPANIES. VoZ,Paae. 226 Ala. Consol. Coal & Iron ...... 78 007 A•abama & Georgia Iron ...... 69 118B Alabama Steel & Wil'e Corp .. 75 Amt-ric,m Hrake Shoe & Foundry .................... 77 2892 Am erlcan Caram Al. ........... 76 1028 672 American Cement... .......... 72 American ConfecLionery ..•.• 71 · IOU 59t American Cereal. ...... ... ..... 76 Amer . Elec. Heating .. SUP. July, 1898 226 American Gra1:h-o-phone .... 78 American Grass Twine ....... 77 11-76 2l:iO Amer. Hawaiian Steamshlp .. 78 617 American Lime & Stone. ...... 73 9ft . .• .. 74 American Lumber 431 Awer.M11toscope &Biograpb.70 585 . ....... 70 American Rice.. .. American School Furntture .. 76 lt•28 American ~crew...... . . . . . 75 1402 885 . .. 7-l Amertcan SparJtlets Amer. Woodwontng Macn .. 78 lS.58 898 Ames !"hovel.. ................. 73 Armour & Co.. . ............ .... 76 ll<!M Associated 011 Co .............. 77 1748 llSJ Atlas Tack ..................... 78 Atlantic Transport ....... ..... n, 1088 901< Raltimore Brick ................ 76 Berlin Paper Mills ............ ~5 1083 481 Borax Consol. Limited ...... .. 76 666 Borden's Condensed Mllk .. 'i6 686 Boston Quicksilver ........ .... 70 f>•4 British co1un. bia Pnck. As'n.76 5811 Brooklyn Borough Ga!I .. . .. . . 70 618 Brooklyn Gas & Elec. Llght .. 73 79 Buffalo & Susquehanna lron.76 139 Butte Electric & Power ...... 73 'ifi8 Calif. Gas & Elec. Corp ........ 76 482 Canada Furniture ............. 72 .......... 71 1117 Carter-Crume Co 883 <'asein Co. of America ........ 76 84 . ... 77 Central float & Cc,ke. 238 Central Hudson !Steamboat .. 71 186 Cent.rat Oil. . ... ................ 73 764 Chicago Pack. & Provision ....76 187 Chica .. o Rail way Equipment.75 729 Cincinnati F.dison Electric .... 74 !81 Cincinnati Gas & Electric .... 78 City of Chic. Brew. & Malt .... 7'i 2282 Cleveland & Sandusky Brew .. 77 2282 178 Columbian Elec.CnrL.&B,ke.70 Columbus (0 .J Edison ....... . 76 1146 468 Computing <'ale of Amerlca.77 Consol. Telephone of Penn ... 78 1018 688 f"ontmental Cotton Oil .. . ..... 70 Continental Rv. Equipment .. 77 18i6 Contra Costa Water Co.....•.. 77 129tJ 106 .. . . . . ......7~ r.ramp SV•el Dan ville Bessemer Co ........ 77 22~11 Diamond State Sreel. ......... 76 1405 ,i81 Jleere .s. Co, M oli ne, 111 ....•. 76 49!1. Denver Union Depot.......... 69 290 Dupont (E I.) De Nemours .. 78 Eastern Milline & Export .... 76 11'1"> 3 1JO Ea><tman Kudak . ..... . ..... . 77 46 F.lectric Corporation .. ....... 78 298 W.lectro- Pneumatlc 'J'rsmstt .. 76 Federal Sruel1ln1t & Reflnlng.~7 2842 551 b~eder11I Sugar Reflning ....... 75 231 Federal Telephone....... ..... 78 7211 Flemmgton Coal & Coke ...... 74 Forward Reduction. .......... 75 h5R 79 Fowler Bros .. Lim ........ . .... 76 Gottlleb-Bauern. Straus Br'w.77 1876 852 Great Northern Papar ...... ,.77 60 Great Western Cereal ... .... 78 <}uff.. y (J. 1\-1.) Petroleum ....77 129' l!P3 Hammond <G. H.) Co ......... 7:'i Harbison· Walker Refract's . . 77 2838 Harper & Bros ................. 75 1089 . .... ... . . .• , .. . 77 21• O Houston Oil Hudson River Telephone ..... 77 2037 JOii Hudson River Water Power.7~ 281 . .. ......... 78 Illinois Rrick. H,O llllnois Tunnel ................. 78 271 International Car Wheel. .... 74 Intern. 11:mery & Corundum .. 71 1015 231 International Fire Engine .. .78 Inter.Smoke.Powder &Chem.?7 2:31-8 187 Inter S1ate Telepb. of N. J ... 73 7HO Jersey Ctty Water Suoply .... 74 Jones & Lau11blln Steel Co .. . r:6 1088 46 Kanawha &Hock.Coal &Coke.78 301 Kansas City Stock Yards ..... 77 63!1. Kern Incandescent Gas· L •••• 70 . .......... ':7 21, 1 Kirby l,umber La Belle Iron Works ....... 77 1749 13!! Lanstoo Monotype Machine.76 ~5 Lincoln Gas & Electric ...•.• 78 92 Louisville Llithting ........... 77 186 Manhattan OU .....•........... 72 Manhattan Transit .. . . ...... 77 2101 ::~!1!~t:rlllt'V~l~~:::::::?l :ig VoL Paoe. Manville Co .................... 72 Marconi Wireless Telegraph.77 Massillon Coal Mintng .... . ... 78 Mexican Coal &Coke ......... HJ Michigan T1>lepbone .......... 77 ~?1e1;.aai.o~r:r:tJ~ Mohawk Valley Steel .t. Wire,76 i\fononllahela Li,zht & Power. 78 Montreal Lillht, H . & t' ...... 76 Mosler Safe Co. of Boston .... 70 National Oar Wheel. .......... 77 National Cash Register........76 National li'ireprootlna: . . . . . 76 :t~:i::iejd~ 1087 1748 141 Hll 2898 l2~~ 1868 1168 1038 840 826 1262 4161 ~:~~~~ir:~o&~:atlng: :~~ ~1 488 National Sul!arReflntng ...... 72 National Typewriter .......... 6"l New EnJrland Brlck ........... 77 New Eogl"nd Consol. Ice ..••. 77 New Haven Iron & Steel.. ... 77 NewJerseyZfnc .. ............. 74 879 248 1750 '178 99 ~:: 8~~::~: !~!'t%if.~.sT· ·i~. sJ:. Newport News "llip Buildinll & Dry Dock, ....•.......•••.• 78 lll«i irlfa\~·J:~:e!:htt;.~:::::::}~ 2~~ New York Auto-Truck ...... .. e9 1196 N. Y. & Ontario Land .. SUP Jan.,:1000 N. Y. & Penn. Tei. & Tel..... 71 1128 New York Shipbulldinll ....... 76 1306 99 New York Suburban Water .. 74 242 North. Ala. Coal, Iron & Ry .. 72 500 Nor•h Amer. Lumber& Pulp.•ff 97ff 76 Nova. Scotia. Ste~l & Coal D':'6 Oceanic Steamsbip ............. 76 156 7t Oirden Gas Co. of C'hica,w. 301 Omaha Elec. Lillht. & Power .77 Q76 Passaic Steel Co., Paterson .. 76 ~6 Pearsons.Taft Land Credit ... r,7 Penn~ylvania Coal & Coke ... 77 2102 4114 Pennsylvania Furnace ........ 77 f!M Pittsourj(" Plate Glass ......... 77 780 Ptttsbur,z Stove & Ranlle ..... 74 ..... 71 1016 Pitts. Valve & Constr 876 Pure OU •.•.••••••••••••••••.••• 72 naker Oats ... . . ....... .... 'i7 2394 tfl4 ua•er Portland C'ement ... . 76 86 ~ ailroad Equipment . . ... .. 78 88 Railway Automatic Sales .... 76 Rapid 1'ranslt Ferry-. . ... . . . ff8 11s, 977 Reece Buttonhole Macbine .. 76 R hode Island PerkinsHorseSboe July, 'OS, SUP. 866 St. Joseph Stock Yards........ 78 76? St. Louis Consol. Elevator .... 69 St. Louis Nat. Stock Yards .• 74 1096 St.L.Term.Cup. Stst. & Prop.74 1148 78 ~38 San Francisco Gas & Elec Schoenhofen(Peter) Brew.Co.77 827 76fl Seacoast Packing........ .. .. .. ?ff Sharon Steel .. ............... 7i,. lt6 229 Shillito (John) Co of Clncin.611 Snoqu. Fal111 & Wb. RIT. Puw.75 1048 Sprague Electric ............... 74 .llf8 107 Spring Vall ey Water .......... 78 488 Standard Cbain ......... ... .... 7rt Slandard Shoe Macbinery ... .73 1268 107 t-tandard Steel Car ............ o;s 444 Standard Typewriter.... .. .. . .72 884 ~t!fsdo~?J~~~e~~rC~n~ 269 150 Storage Power . . . . . . . . . . . . . . . . 77 Street'sWest Stable CarLlne.76 1257 61S Street Ry. & Ilium. Prop .... .. 77 Susquehanna Iron &. Rtf'el•. .. 77 2162 87 Tacoma Land & Improvem't.77 9S Tennessee Copper ... . . ...... ... 77 Torringti,n Co... . . . . . . . . . . .... 78 1206 ~5 ............. Air Tripler Liquid 606 Union Brick Co. of New Eng.70 86 Union ElectricL 1ght&. Power, 774 $t. Louie . ... .... ... .. . .. .. .•. 77 296 Union lron & Steel. . . ... .. .... 77 CJ. S. Bobbin & Shuttle . . . .. . .. 75 1209 U.S. Coal & Oil.. . ...... SUP. Jan., l QOS 466 United States Finishtng .... ... 77 United States Glass .......... . 77 1646 926 Umted States Gypsum . .. .. .75 SU United States Pacl11ng . · ... 76 Si U. S. Pneum. Horse Collar•..•78 584 United States Printina: ....... 74 160 Universal Tobacco .. . .. ..... 77 ?79 . ........... 72 Utah Fuel... . . . 46 Utica Gas & Electric .......... 78 Vulcan Detinoing ...... . ..... 77 1229 Washburn Wire ................ 77 I ~ Whitebreast Fuel ............. 69 1252 191 White Mountain Paper .......78 Youn11stown Iron Sheet & 4.Si Tube ..... .. .. . ............... 74 .~~~1.~;; BANKS, TRUST COS., INSURANCE COS., ETC. -532 NEW YORK AND BROOKLYN BANKS. CAPITAL. (* State banks.) Surplus & DIVIDENDS. 00HPANCES. 1 - - - - - u n d i v 1 d ' d 1 - - - - - - - - - - - - Par Amount. profits. t Period. 1902. 1903. Latel:!t. % _N_e_-w_Y_o_r_k_ 1 $ - - $ - - - -$ - - - - - - - - - - America* .... 100 1,500,000 3,!'188,700 J. & J. 17 19 Jan. '04.10 A.m.Exch .•. 100 5,000,000 3,837,400 M. & N. 8 8 Nov.'03. 4 A.st.or ....... 100 350,000 540,200 Q.-F. 20 20 Feb. '04. 5 Bowery"' .... 100 250,000 774,700 Q.-F. 13 13 Feb. '04. 3 Broa.dwa.y t . 25 1,000,000 (tJ J. & J. 12 6 Jan. '03. 6 BronxBoro* 100 50,000 67,500 .•.•.•.. .. . ...•.• ....•.••. .. Butoh's'&Dr 25 300,000 123,700 J. & J. None None Jan. '04. 3 Central •..•. 100 1,000,000 ti00,300 .J. & J. 8 8 Jan. '04. 4 Oentury* ... 100 100,000 53,700 Org. Ap r.'01. V. 72, p. 755. Ohase..••.•. 100 1,000,000 3,880,800 J. & J. 12 20 Jan. '04.10 Ohatha.m ... 25 450,000 1,080,000 Q.-J. 16 16 Jan. '04. 4 -OhelseaEx.* 100 100,000 50,4 ·· 0 Beg. bus. Ap r.'03. V.76.p.1006 Chemical.... 100 300,000 7,584,500 Bi-m'ly. 150 150 .Jan. '04.25 01ttzens'. •• 100 1,550,000 6~5.400 J. & J. 6 6 Jan. •o,. 3 City ...••.•.. 100 25,000,000 16,1•71,600 M. & N. 6 8 Nov.'03. 4 Colonial* ... 100 100,000 225,4.00 ..•.•.• .. None None I an. '04. 5 Columbia* .. 100 300,000 279,700 J. & J. 8 8 Jan '04. 4 Commerce p 100 25000000 11.1::!2 80 Q.-J. 8 661..>p Jan. '04. 2 Cons'lidated 100 1,000,000 1,110,300 Org.Jul y,'02; V. 75 , p. 588,643. Cooper Ex.* 00 100,000 52,200 V. 76, p 1170, 1277. CornExch .* 100 2,000,000 3,361,000 F. & A. 12 14 Feb. '04. 7 Discount* .. 100 100,000 41,200 Beg. bus. Jul y,190 3 V.77,n.121 Ea.et River.. 25 250,000 145,700 .J. & .J. 8 8 Jan. '04. 4 Equitable... 100 x200,000 3 ,400 Org.Ma y,190 2; V 74, p. 1119. Federal* .... 100 250,000 65,200 .J. & .J. . .. Jan '0t. 5 Fidelity* .... tOO 200,000 ll7,800 See v. 71, p. 735. ll47. Fifth .•...•.. 100 250,000 384,900 .J. & J. 12 12 Jan. '0 l. 6 FiftkAve* .. 100 100,000 1,714,100 Q.-.J. 100 200c Jan ·•04.25 First ...•••.. 1.00 10,000,000 13,501,,00 Q.-.l. 25 20 Jan. '04. 5 Fourth ....•. 100 3,000,000 2,994,700 .J. & .J. 7 7 Jan. '04. 319 14th Street• 100 100,000 105,000 M. & N. 6 6 Nov.'03. 3 Ga.llatin . • •. 50 1,000,000 2,197 ,:WO A... & 0. 12 12 Oot. '03. 6 Gansevoort* 50 200,000 73,400 F. & A. None None Feb.'96. 219 Garfield.... . 100 1,000,000 1,312,300 Q.-M. 20 20 Dec. '03.11 Germ'nAm.* 75 750,000 511,900 F. & A. 6 6 Feb. '04. 3 Germ'nEx. * LOO 200,000 668,200 J. & J. 13 14 Jan.•oi. 7 Germania* .. 100 200,000 872,200 M. & N. 20 20 Nov.'03.10 Greenwich*. 25 500,000 520,600 M. & N. 6 6 Nov.'03. 3 Hamilton* .. 100 200,000 12 1 ,OuO J. & J. 6 6 Jan. '04. 3 Hanover .. 1.00 3,000,000 6,523,500 J. & .J. 10 10 Jan. '04. 5 lmp.& Trad. 1.00 1,500,000 6,659,900 .T. & .J. 20 20 Jan. '04.10 lnternat'l *. 1.00 100,000 5,800 Be~. bu s, Ma y,'03 V. 76 p. U77 Irving .•..•. 50 1,000,000 l,065,500 J. & J. 8 8 .Jan '04. 4 Jefferson* .. 100 400,000 270,800 .... .. .. .•.•. . .•.. Jan. '0-!. 2½a Lea.therMfr. 1.00 600,000 541,100 J. & .J. 10 11 Jan. '04. 6 Liberty ..••. 1.00 gl,000,000 t,<-11:-J,600 Q.-J. 20 16 Jan . '04. 4 Lincoln ..••. 1.00 300,000 1,322,900 Q.-F. 18 18 Nov.'03. 9 Manhattan* 50 2,050,000 2,505,900 J. & .J. 10 12 Jan. '0<!. 6 Mkt & Fult. too 1,000,000 L,274,100 .J. & J. 10 10 Ja.n. ·0-1. 5 Mechanics'. 25 2,000,000 2,787,900 .J. & .J. 8 8 .Jan. '04. 4 Mech. &Tr * 25 700,000 381,300 .J. & .J. 3 8 Jan.'04. 4 Meroa.ntllet. 100 t3,000000 -!,558,200 J. & .J. 7 8 Jan. '04. 4 Merchants'. 50 2,000,000 1.,401,000 J. & .J. 7 7 Jan. '04. 319 Meroh. Ex.. 50 600,000 H63,600 .J. & .J. 6 6 Jan. '04. 3 Metropolis*. 1.00 t,000,000 1,367,900 J. & D. 12 12 Deo. '03. 6 Monroe* . .. . 100 200,000 53,000 Beg. bus. Aug., '0 3.V.77,p.229 :f\!1o~ris". 100 250,000 113,400 M. & N. None 8 Nov. '03. 4 u al .••. 100 200,000 156,500 .•••....••.. SeeV.74,p.706 Nassau* .... 50 500,000 316,500 M. & N. 8 8 Nov.'03. 4 N. Amst'm . . 100 500,000 f>Sl,900 Q.-.J. 24 32 Ja.u. '04, 8 lfew York .. 100 2,000,000 2,524,000 J. & J. 10 10 Jan. '04. 5 N. Y.County 100 200,000 664,100 J. & .J. 50 75 Jan. '04.50 N. Y. N. Ex. 1.00 1,000,000 884,000 Q.-F. 6 8 Nov.'03. 2 Nine'th W'd* 100 200,000 206,800 .J. & J. None None Jan. '97. 3 N. America LOO 2,000,000 t,056,400 .J. & J. 8 8 Jan. '04. 4 Northern ... LOO 300,000 207,600 Org. in Apr.' 02, V. 74, p. 1065. Oriental* ... 25 750,000 I.,05'-,500 .J. & .J. 10 10 .Jan. '04. 5 Paoiflc" .... 50 422,700 607,800 Q.-F. 8 8 Feb '04. 2 Park ........ 100 3,000,000 6,927,000 Q.-.J. 15 19¼ Jan. '04. 4 People's*... 25 200,000 397,100 J. & J. 10 10 Jan. '04. 5 Phe~ ...•. 20 1.,000,000 326,300 J. & J. None None July'• 0. 3 Pla.za .•.... 100 100,000 24 ,000 J, & .J. Jan. 01.10 Prod.Exoh.' 100 1.,000,000 492, 00 A.. & O. 7 7 Oot. '03. 319 Riverside*. 1.00 100,000 106,400 Q.-J. 8 8 Jan. '04.. 2 Royal .. ...... LOO 100,00t• 10,100 .•.. .. . ..... ...... V. 75, p. 162. Seaboard ... 100 500,000 1,364,200 J. & .J. 6 · 6 .Jan '04. 3 Second ...... 100 300,000 L,356,400 J. & .J. 12 12 Jan. '04. 6 Seventht.. 100 2,500,000 (t, .J. & .J. Jan.'01. 319 Shoe~ L'thr 100 l,000,000 327,900 Q.-J. 3 None July'02, 1 State ..••... 100 100,000 577,400 J. & J. 20 20 Jan. '04.10 84th Street. 100 200,000 206,600 Beg bu s. Oot .1902 ; V. 75, p. 771. l'we'!.Ward*lOO 200,000 108,300J. & J. 6 6 Jan.'04. 3 23d Ward* .. 1.0() 100,000 96,ioo F. & A. 5 5 Feb. '04. 219 U~on Ex.*. tOO 750,0001 4~7,'iOO Beg. bus.Jun e,'03. V.76,p.liS32 United ••••. 100 1.,000,000 1 105,800 Beganb usine ss Nov. 'Ol. Va.rick* ...• . 100 100,000I 65,500 Beganb 11sine ss Jan. 2, '01. Wa.sh.H'ts.* 100 100,000 124,500 Beg. bus.Sep t.'01; V 73,p.422. Westernp... 100 t0,000 .000 {p) .••••.••. None ...• Jan. '94. 3 West Bide* .. 100 200,000 538,f>OO .J. & J. 12 12 Ja.n. '04 6 Yorkville* .. 100· 100,000 283,300 J. & J. 11 Jan. '04: 5 Brooklyn A.tlantio'b. 100 100,000 {b) Beganb us. M ay'03. V.76,p.951 Borough* a . 100 200,000 84,~00 Org. in Apr., 1902; V. 74. p. 863. Broadw'y* •. 100 1-.0,000 331,600 J. & J. 10 16 Jan. '04. 6 Brooklyn*.. 50 300,000 168,100 .J. & J. 7 7 Jan '04. 319 City ...•.... 50 300,0001 59!l,611 0 J. & .T 14 14 Jan. '04. 7 Con.L& B B 100 100,000 35.860 M. & S 219 Sep '03. 219 8th Wa.rd*a. 100 100,000 (a) .••••.•...•.•••.••••• SeeV.76,p.13~ First ..•.... . 100 301),000 574.700 Q.-J. 20 16 Dea. '03. 4 Manu!a.c'rs' 30 252,000 533,200 J. & J. 11 12 Jan. '04. 6 Mechanics'• 50 500,000 391,500 Jan M'y 10 10 ,Jan. '04. 5 Merchants' 1.00 100,000 56,300 . . • . . • . . . . .• .• . . . •. Estab. 1895. Nassau . .... 100 300,000 662,300 .J. & J. 16 16 Jan. '04. 8 North Side.* 100 100,000 172,100 J. & J. 6 6 Jan. '04. ;-( Peoples'*... 50 100,000 171,300 M. & N. 8 8 Nov '03. 4 17th Ward*. 100 100,000 83,900 F. & A. 6 6 Feb. '04. 3 Sprague .... 100 200,000 273,600 .J. & J. 6 6 Jan. '04. 3 8t'yv'S:tH.b 50 200,000 141,S89V.75,p.1331;V.74, p.607. Union .•.•. 100 200,000 123,800 .J. & J. 5 5 Deo. '03 219 Wa.llabout*. 100 100.000 80,000 J. & .J. 5 5 Jan. '04. 219 t Nov.17, 1903, for National, and Dec. 8, 1008, for State banks. a Boroul{b. Bank consolldated in September, 1908, with Eighth Ward Bank; v. 77, p. 6og, -926. b Capital of Stuyvesant Heights Bank Increased from aioo,ooo and .Atlantic Ba-nk merged in same; V. 77, p. 174,277, c Special <i'ivtdend 100 per cent paid July 1, 1903 p Western National Bank consolldated lfith tb.e National Bank of Commerce in June, 1908, and capital of latter increased to S25,000,000; also on completion of merger paid (September, 1908) a dtvidend of 67~ per cent to National Bank of Commerce stockholders; v. 76, p.1169, 1277, 1881, 1388; V. 77, p. 27':'. 740 93:5. t The Nat. Broadway and Sev enth Nat. banks merged with the Mercantile Nat.tonal under name of the latter and capital of ,.the Mercaptlle Increased to $8 o,, ..,uoo: see V. 76, p. 81, 1&,: 63l!, 587,684. x .Apptica.tlon made to increase capital ~2j]~oiit; .;_-76~, &: t:.2, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII• . NEW YORK AND BROOKLYN TRUST COMPANIES. (For detailed statements see CHRONICLE F~h ti, 1904,) APITAL. C Surplus & DIVIDENDS paid in '02 and '03, Undiv'ed and also last dividend. f!OM:P ANTES: - - - - - - 1 Profits _ _ _ _ _ _ Par Amount. Deo 31'03 Period. _•0_2_. '03. La.st Pa.id. % 1 Bankers' ...•. 100 1,000,000 557,061 Be~an \msi ness April, 1903.g BowlingGr'n . 100 2,500,0002,790,811 J. & J. . . 3 Jan ,'04. 3 Broadway .... 100 700,000 419,143 Beg. bu s .M' y '02 V 74, p.757,966 Cent. R.B.&T. 100 2,000,0007,350,150 J. & J. 6 20 Jan.,'04. 6 C~ntral .....•. 100 1,000,00013332919 Q.-J. 60 80 Jan, '04.15 City .... .•.... 100 1,000,0001,769,796 F. & A. 8 8 Feb, '04. 4 Colonial .....• 100 1,000,000 1,468,871 J. & J. 10 10 Jan .. '04. 5 Com'nwealtha 100 500,000 14,40cl Beg bus A pr.1 '02, V.74,p.661 Continental.. .. 100 1,000,000 3,400,045 Q.-M. 6 6 Dec., '03. 119 Easteru . ..... 100 1,000,000 972,282 Beg. bu s.Ju ly '0 2. V. 15,p.9, 12 Eml!ire State. 100 500,000 504,143 Org. 1n 190 2;V. 75, p. 1231. Eqmtable ..... 100 3,000,000 9,037,764 J & D 6 9 Dec., '03. 5 F~rm. L. & Tr. 25 l,000,0007,015,404 Q.-F. 40 40 t<'eb, '04.10 Fifth.Avenue .. 1001,000,0001,300,702 Q.-M 17 12 Deo,'03. 3 Guar. Tr.,N. Y • 100 2,000,000 5,102,577 Q.-M. 12 25 Deo., '03 5 Gu~rdlan ..•. 100 500,000 530,260 Beg bu s.A.g '02,; V. 75, p. 422. Kmckerbock'r 100 1,000,000 2,356,141 J. & .J. 7 20½ Jan., '04.17 Lincoln ...••• 100 500,000 500,000 Org. M ar'O 2 V. 75, p. 114. Manhattan . .. 301,000,0001,845,650 J. & J 6 10 Jan., '04. 5 MoVioar R'lty 100 500,00:> 505,948 . ....••. ..... . ... . ......•...••• Mercantile .... 100 2,000,0006,190,900 Q.-.J. 30 30 Deo.,'03.10 Merchants ..•. 100 500,0001,239,753 Bee V. 69, p. I l::H, 1227. Metropolitan. 100 2,000,000 5,958,064 .J. & .J. 10 13 Jan., '04. 8 Morton ........ 100 2,000,0006,086,789 Q.-M. 15 20 Dec.,'03. 5 Mut. Alliance. 100 500,000 518,227 Beg. bu s.J'l y,'02 V.7',p.917,1888 N.Y.Lf.l.&Tr. 100 1,000,0003,927,744 J. & D. 40 40 Do ,'03.20 N. Y. Seo. & Tr. tOO 1,000,000 4,278,424 Q.-F. 29 32 Fel>., '04. 8 No.American. 100 2,000,0003,143,607 .J. & D. 10¼ 7 1Dao.,'03. 319 Real Estate... 100 500,000 655,823 J & J. 9 10 Jan., '04. 5 S~andard ..... 100 1,000,000 906,724 J. & D. 6 6 Deo., '03. 8 TitleGu.&Tr.. 100 4,375,000 t.405,03~ Q.-M. 15 l'l Dec ,'03. 8 Tr._Co.ofAm.1002,500,0003,074,850 Q.-J. 7 9-¼Jan.,'04. 2 Umon ........ 100 1,000,0007,961,f>31 Q.-J. 40 50 Jan ,'04.1219 U.~.Mort.&Tr. 100 2,000,0003,415,3!'.f, See Mi soel lane ous Cos. Umted States. 1002,000,000124\1 6905 .J. & J. 50 50 Jan., '04.25 Van ~orden .. 1001,000,0001, 101,224 Beg. bus. M ar.'O 2. V. 74,p. 76'1 W~shington .. 100 500,000 952,51~ Q-J. 14 l2 Ja.n.,'04 3 Wmdsor ..•• 100 1,000,000 475,042 V. 75, p .9, 7 11, 1378, 1331. Brooklyn. Brooklyn ...•. 100 l,000,0001,903,621 1 Q.-.J. 16 16 Jan.,'04. 4 Flatbu~h .•••• 100 200,000 14'1,000 .J. & J. 5 6 .Jan., '04. 3 Franklm ....•. 100 1,000,000 1,514,3941 Q.-M. 12 12 Deo , '03. 3 H~milton .... 100 500,000 874,745 Q.-F. 8 8 Feb., '04 2 Kings County. 100 500,000 1,302,207 Q.-F. 10 10 Feb., '04. 219 Longl.L.&Tr.. 1001,000,0001,488,218 Q.-J. 10 10 Jan., '04. 219 NaRsau ..•. ..•. 100 500,000 506,108 1F. & A. 6 6 Feb., '04 . 3 Peo~les........ 1001,000,0001,573,102 M'thly. 12 12 Jan., '04. 1 W1lhamsburg 100 700,000 535,470 Q.-J. 9 8 Jan., '04 2 a Trusr Co. or Republlc reorJ1:aolzed and name chan11:ed as above V 76 p 11711, 1882; V. 77, p. 174, 6u9. 11 See V. 76. p. 214,685,731. • • ' • NEW YORK AND BROOKLYN FIRE INSURANCE COMPANIES CAPITAL. Netsurp., DIVIDENDS. COMPANIES. Deo. 31, Par. Amount. 1902.* 1901. 1902. 1903. 1Last Pa.id. 96 -- -- ---- Com'nw'lth. 100 500,000 349,188 6 7 .Jan.,'04. 5 6 Continental. 100 1,000,000 5,718,962 25 25 30 Jan., '04.18 Empire City. 100 200,000 9,272 None 3 None Jan.,'03. 3 GermanA:m. 100 1,500,000 4,695,ti81 30 30 30 Jan.,'04.15 Ger.Alliance 100 400,000 463,564 10 Jan.,'04, 5 6 6 Germania ... 50 1,000,000 2,542,884 15 16 16 Jan.,'04.10 Greenwich .. 25 200,000 185,720 10 10 10 Jan., '04. 5 Hamilton ... 15 150,000 39,009 6 6 .Jan.,'04. 3 6 Hanover ..•. 50 1,000,000 646,653 8 10 Jan ,'01. 5 8 Home ....••• 100 3,000,000 6,436,039 13 14 14 Jan., '04. 7 20 200,000 105,192 Kings Co .••. 5 Dec.,'03. 5 5 5 Nassau .... .. 50 200,000 242,063 10 10 Jan.,'04. 5 10 New York ... H'O 200,000 66,346 6 6 Feb., '04, 319 6 50 500,000 1,104,937 10 14 20 Jan.,'04.10 Ni~ara ..• .. No hRiver. 25 350,000 210,294 8 8 Oct.,'03. 4 8 Pacific ..•... 90,668 25 200,000 5 10 ~None Nov. '02.10 Peter Cooper 93,304 10 20 150,000 10 10 Feb.,'04. 5 Phenix ...••. 50 1,000,0001, 758,155 10 10 Jan.,'04. 5 10 Stuyvesant . 16,786 25 200,000 3 3 None Ja.n.,'02. 3 Unit'd States 86,405 25 250,000 4 Jan.,'04. 3 7 5 Westohest'r. 10 300,0001,215,219 16 16 16 Feb.,'04.10 W'msb. City 24 50 2fi0.0001,'l61,137 24 30 Jan.,'04.15 Over all liabilities, 1no111dlng rtHnsuranoe, capital a.nd sor1p. GAB COMPANIEB.-SEE ALSO MISCELLANEOUS. COMPA.NIES. Par. Securities Period. Dividends and Interest. afloat. '02. '03. *Date. ¼ ---------!-------- --------- :Btngh.(N. Y.) 1st M.$1,000 $658,000 A. & 0. 5 5 Apr. 1, 1938 Col'mb's(O.)G.L.&H. 100 1,700;000 ,Jan Mar 7 7 Feb. 5, '04, 4 Pref., non-oum.... 100 3,600,000 J & u. 6 s Dec. 1 fi , 103, 8 Col. Ga-., lstM., ll:, l,000 1,500,000 J. & J. 5 5 193 2 icon. Gas (N.J.) Stk. l 100 1,000,000 ..•...••. Con. M., gold .... o* jl,000 971,000 J, & J. s·· .ji.ii."Cioa·•r L. Br. L'g 1st M.6s. 1,000 15,000 J. & J 6 6 J a.n. 15, 1914 Indiana.polis Gas.... 50 2,000,000 ~-J. n'ne n'ne July 3,1900,2 1st mortga.ge .•.••. 11,000 2,750,000 M. & N. 6 6 May 1, 1920 M. $7,500,000 5%g 1,000 333,000 A. &- 0. 5 5 Apr. 1, 1953 J aok. (Mich.) Gas Stk 50 250,000 J. & D, 4 4 Deo. 31, '03, 2 1st M. 5s. g ..•..... 1,000 310,000 A. & O. 5 5 Mar. 1 1937 tMadison (Wis.)G&E 100 400,000 J. & .J. 212 n'ne July20'02,219 1st M. 6s, g ..•...•. 1,000 350,000 A. & 0. 6 6 Apr. 1, 1926 Deb., sorip,g.,6p.o. 25 &o 100,000 A&O 10 6 6 v. 71, p. 392. Minneap. G. L., Stk. 50 800,000 J. & J. 8 8 Je.n. 1, '0t, 4 1st oon. gold .••... 1,000 3,000,000 M. & 8. 6 6 1910-1930 Mun'l Ga.s (Alb, N.Y) 100 2,000,000 Q.-F. LO 10 Nov.1,'03, 219 1st mortgage, g .•.. 1,000 500,000 J. & J. 6 6 July 1, 1906 Rooh'st'rG.&El.oom 100 2,150,000 A. & O. 6 3 Ap.15,'03,119 Preferred.......... 100 2,360,000 F. & A. 6 6 Aug.1,'03, 3 1st cons. mort ..••. 1,000 2,000,000 M. & N. 5 5 Nov. 1, 1912 2d M., opt., 1910 1,000 1,000,000 M. & 8. 41s 41s Ma.r.15, 1920 Impt.M.,419p.c. t,000 700,000J. & J ,19 4¼July 1, 1921 Mun.G.&E.lst4½s 1,000 1,500,000 A. & 0. 419 4111 Apr. 1, 194.i :st. Jos. (Mo.) 1st M. 1,000 762,000 J. & J. 5 5 Jtily 1, 1937 tSt.P.(Minn.)G.L.S'k 100 1,500,000 Q.-F. n'ne n'ne Ang.15,'0l,l 1st M.i currency ... 1,000 650,000 J. & J. 6 6 July 1, 1915 Comm . M ..••....•. 1,000 600,000 J. & J. 6 6 July 1, 1918 Gen. mort. gold.... 1,000 2,714,000 M. & S. 5 5 Mar. 1, 1944. Wash'n (D. C.) G. L.. 20 2,600,000 Q.-F. 15 1011 Novl,'03,219 Reg., 6, Series .A, g Var's 300,000 J. & J. 6 6 J'ne30,'02-27 Reg., 6, ~eries B. i Va.r's 300,000 J. & J. 6 6 Dec.31,'04-29 tCr,fq ofm•~f'lht 6% .. .. ?.sno,0, 10 . . op ..Junel,'08 ~ ·1 u1t1 column snows la.st div111eud on stocks • ..n,1 maturity on bona,. t Now <1ontrolled by American Light & Traction. See pa11:e 170. t Iss11ed as 100 p. o. dividenn ,n stock. See V. 76, p. 1200. II Also 100 per cent in certtfloates of indebtedness. ·ir· JAN., 1904.] 533 RAILWAY EARNINGS. MONTHLY A.la. Gt. Southern- 1900.......... .... (310 m.). 1901 ... ............ (310 m.) 1902 ............ ... (310 m.). 1908 ..... , ....... .. (310 m.). A.t. Top. & S. Fe Sye.- · 1900•••• (7.784 to 7.808 m.). 1901 .... (7,R08 to 7,860 m.). 1902 .• -(7,860 to 7,952 m.) . 1903 .... (7,1166 to 8,047 m.). ·Baltimore & Ohio1900 ... (3,180 to 3.200 m.). 1901, ... (3,l!OO to 3,220 m.J. 1902 •....... . .. .. (8,b84 m.). 1903 •• . (8,884 to 8,985 m.). Buff. Roch. & .Plttsb.1900 . ............. (472 m.,. 1901. .. ..... . .... (472 m.). 190i ............... <4':'2 m.). 190S ....... (472 to 600 m.i. Canadian Pacific1900 . . •(7.001 to 7.!l67 m.). 1001 •••• (7.467 to 7.1'>90 m.). 1902............. (7,500 m.). 1908•.•• (7,690 to !:!,04i m.). -Central of Georaia1900•... (1.540 to 1,670 m.) 1901 .... (1,680 to 1 ...45 m.). 1902 . . . •• . . . (1,845 m.). 1008 .••• (1,846 to 1.1,77 m.). Cent. of New J ereey100()a .............. \688 m.). 190lg.............. (638 m.). l00-2g .............. (638 m.). 1908g. .... . ...... l688 m.). Oentral Pacific1900 .......... . .. (1,369 m.). 1001 ... . ......... (1.359 m.). 1902 ......... , ••• (1,869 m.) . 1908 ......... .... (1,859 m.). Oheeapeak-, & Ohio1900.... (1,445 to 1,176 m.). 1901 .••• (1,582 to 1,607 m.}. 1002 .••• (1,607 to 1,686 m.). , , 1908, ·-<1,636 to 1,641 m.). GROSS EA.RNJNG~ OF PRINClPAL Jan. Feb, 182,804 2('6,012 230,874 223,568 163,646 183.917 8,721,254 4,416.886 4.878.15i 6,376,929 April, March, ---- -I I I May, I June. - -I - --I July. ' AD&', I 'l'otal. Dec. Sept. Oct. Nov. --------------t I I I I 196,8'79 239,683 239,431 274,820 201,'40 220,951 2::Sl,820 .i56,&00 4,258.840 4,0U,070 4,858,285 5,604,738 4,889,555 5,012,230 6.141,070 5,870,!:!18 5,070,447 6,390,022 51H0,930 6 ,576,026 4,779,096 6,439,679 6.64~.1 .. 2 ll,843,8j!:I 3,5'8,606 M,688,868 b6,l76,625 b5,86l!,580 4,085,831 b5.070,080 b6.549,767 b5,987.7S.; 8,92'7.258 M,997,888 b6,430,434 06,025,195 4,246,393 b5,3~,676 b6,633,67l! b6,0~2,316 3,8A6,241 b4,s1,q,s,,o b5,020 95L b6,8111,663 4,076,026 M,690,0U b4 g51 818 b5, 189,:'711 46,318,209 03,057,818 b60,071,409 tti6,llltl,643 491,145 532,721 612,41:n 707,720 475,686 007,488 612.087 717,385 500,937 696,750 642,063 762,274 494,648 564,818 643,552 707,S,i,2 685,967 643,997 704,618 710,Hl6 488,898 623,106 5114.810 643,?U 489,911 475,0H 5l!8.97o •5. 0,004 5,669,600 6,265,731 6,076,594 7,,67,736 2,002,898 2,654,847 3,237,082 8,g()2,962 2,617,760 2,702,177 8,1711,9'71 4,152,610 2,471,170 2,851,456 3,2!l6,620 3,997,St4 2,637,11"8 3,118,55l 3,664,184 4,076,154 2,663,492 3,2fl4,024 8,651,482 8,987,00j 2,774,826 3,582,403 4,127,402 4,4!:!8,lSd4 2.748.66f 3,683,883 1<,1<', 6,0dw 4 ,142,1109 2,988,911 3,497 783 8,1160,14/i .,.1121,000 ll0,457,841 34,467,709 40.120,406 46,806,141 '°0.783 470.048 556.716 63S.ol6 (07,600 477,100 558,86i 669,168 523,0S! 570,016 677,871 714,975 4.97,276 598,089 68:.?,161) 61:!6,687 648,606 589,843 820.262 782,6~3 782,724 796,703 879,9>19 9511,110~ 617,863 751,406 7111 .9;!2 l:!Ml,765 634.777 760,992 816.881 *,H9.4lt, 6,678,275 7,:•23,29.3 8,86~,277 9,411,407 1,236,991 1,840,189 1,5811. :{77 1,748,610 1,262,185 1,353,217 1,809,234 1,579,490 1,247,128 1,316,044 1,608,780 1,40!,f87 1,674.597 1,443,846 9117.652 l,lDd,124 990,!:!74 1,161,911 1,819,875 1,886,5~7 l,9,j3,260 1,770,863 l,7!8,007 1.028,815 1,543,881 1,087,381 1,048,011 l,SP0.266 1,613,047 1.209,7.78 1,,., 0,69 1.629,72i 16,8411,481 1,801,074 1,764,830 1,436,466 1.647,380 1,655,633 1,736,088 1,420,707 1,597,138 1,793,655 1,886,607 1.805,864 1,872,688 1,764,871 1,607,763 1,849,806 2,02",285 l,8i8, o82 1,939,967 1,712.012 1,680,28:.! 1,939.670 1,858.768 2.0 '8,724 1,912.046 1,970,0.>7 2,054,803 ll,207,658 2,1119,669 1,8::8,001 1,627,697 1,458,656 18,660.195 1,724,443 1.509,1116 19,920,4!52 1.935.917 l,706,7U8 20,779,lj08 1,974,16 7 164,070 170.H5 195365 249,46'1 149,685 181,876 202,UO 243,t;4;) l'ilU84 200.720 227.421 268.522 8,846,867 4,A74,746 4,958,238 5,4,9,109 4,051.036 4,887,478 4.911,8811 6,215,137 8,946,956 4,617.435 ~H.4.282 4,48i,606 8,697,051 4 768,W2 4,696,708 6,886,5118 3,7'1,762 4.,18.43,517 M,631,304 b5,4011,216 8,681.752 8,879,745 M.748,,.29 b6,52a,ritH 3.735,010 4,007,106 b5.118,4M bf>,720,6113 8,794,3011 4,023,127 b5,081i,21l6 b5,885,l:l60 886,257 403,807 352,326 536,085 488,243 48tJ,9&! 6111,540 682.~72 461,101 489.3112 408,597 t124 ,992 571,478 518,987 6~4,185 652,128 2.152.071 2,054,016 2,62l,792 3,U!'!,456 1,954,087 1,977,180 2,349,039 2,827,295 2.294,787 2,500,619 2,9'1:!,770 3,615,752 2,491,194 ll,681,312 8,1!63, ..49 S,795·,804 550,895 6?1,2a, 71'2.443 850,053 569,039 626,701 655,089 843,147 582,822 572,ftOi 681,70!:S 826,474 408,287 448,700 628,1;78 673,289 1,303,410 l.40fl.018 1,309,512 l,752,ti85 1,080,955 t,164,482 1.217,280 1,516,292 1,143,823 1,868.101 1,139,670 1,566,lOt 1.266.200 1,2114,797 1,492,~ 1,349,578 1,169,715 l,2U,698 1,324,946 1,170,t,86 1,444,794 1,57':5,'-10 1,466,185 1,686,919 ~.566 140,0R9 1711,536 205.204 239,951 S.556,689 &,142,989 4,277,497 4,b29.~8 8,909,406 4,688,7~ 4,794,270 5,257,318 3,660,011 3,997.226 M,750,905 M,811,361 8,201,114 3,617.381 b4.,057,06S bi,!l80,297 885,749 468,736 478,514 573,686 ........ ........ 1,368,602 1,456,053 l,UH,,-46 1,672,707 l,46f,714 1,667,164 1,8 t 5,627 1,714,7118 833,R71 1900....... (855to 1118 m.). A69.077 606,1110 751,596 865,104 595,266 646,754 595,784 625,852 SOl!,694 1901. ....... ...... (1120 m .). 748,838 6d6,6t7 1461.637 767,728 827,658 850,618 716.081 747,1611 1902 ........ ... .. (920 m.). 7h0,002 ~117,714 1'190,286 878,115!:l 806.474 601,757 766,9!56 662,058 708.826 1003 .. ...... (920 to 015 m.). t,02,009 M6,890 7,5,6dl 874,007 747,957 9 ~2,907 1,047,1"6 l,U78,::i84 687,708 Ohle. Burl. & Quincy1900.... (7,638 to 7,967 m.). 3.510,248 3,887,865 3,952,050 3,607,920 8,571,256 3,994,910 8,907,297 4,545,718 4,772,004 1901 ... . (7,967 to 8,171 m.). 3,'.34,661 3,614,68"; 8,940,067 8 .b6&,313 4,345.887 4,088,957 4,4.80,790 4,979,672 !l,970,334 1002.... (8,171 to 8,a58 m.). 4,214,017 8,758,189 4,168,0H 4,225,481 4,477,263 !l,476,746 4,620,888 5,171,800 5,614,2:i::l 1903 . ............ (8,85:J m.). 800,493 847,800 925,8b7 1,121,227 Chlcall'o & Alton- 1,10\,25(1 888,788 1,046,099 1,100,080 1.228,200 l,126,19i 1,264,873 1,171,199 l.R:ill,846 1,225,2:12 1,434,081 1,40~.857 1,5)0,667 1,340,929 l,6u3,769 1,599,38~ 1,124,646 1,310,902 1.442,678 1,502,160 1,273,061 1,813,710 1,194,028 l,5.a6,060 1,198,633 1,346,706 l,OU,652 1,671,376 1,364,179 l,i00,278 1,167.0~t l,6HS,291 ········ ... .... ........ ........ ........ ........ ........ . ...... .... .. ~ Ohtcaso Gt. Weet.- 2,088,US 2,854,802 2,576,468 2,971,086 173,869 1P6,820 225.619 :.:59.653 167,919 174.492 210,600 l/60,491 181,755 190,782 188,458 23~,853 008,6j4 ltA1Ll-tuA .Uts. 204,008 218,879 216,208 272,557 4,756.629 6,3.!8.953 l\1'>39.8fl? 6,036,716 , 49,977,819 68,404,463 611,1158,880 6tl,467,610 u,,;a·s,ilis ........ ........ ........ 1,253,706 1,327,130 14,490,788 l.3n7,288 1,268,lllR 16,8114,293 l,428.u8 1,446,167 15,63t,528 1,666,ol/3 ········ 721.036 813.56i 842.:.170 9;!!,376 ........ 8,567,871 9,201,488 1:1,609,166 1!4!;,505 10,061,951 768.488 '161,092 848,778 6,164,286 3,965,786 4,110.875 48,l89,159 6,196,603 4,59d,266 4,266,924 62,0tl7.159 6,060,686 5,241,787 5,241:1,tli!l 67,262,674 ........ ....... ........ ........ 698,539 789,82..> 758,616 l:!311,569 567.017 652.185 M6,6M 7711,SUS 556,666 610,•37 617,823 •tlU,108 6,882,018 7,420,323 7,477,256 l:!,~86,967 358,233 822,968 1900 ... ........... (547 m.). 882,619 28'i,164 344,937 849,949 363,997 878,479 353,857 868,806 316,612 398.661 420,141 366,692 887,693 88 ➔.012 366,H0 4~.618 1901 ........... .... ~547 m.). 275.348 374.573 444,812 , 1902 ....... ........ 547 m.). 334,0S!l 886,327 443,107 41'1,102 301,151 267,820 394,170 406,410 420,629 503,281} 521,84\1 190J .. . .... (547 to 566 m.;. 367,388 436,408 4411,178 482,018 492,608 467,063 356,675 480,524 C)hlc. Mllw, & et. P.1900•. .• (6,876 to 6,571 m.). 3,210,813 2,867,741 8.427,822 3,264,104 3,108,658 8,419,204 8,220,827 3,694.,690 3,728,462 4,278,837 1001 •••• (6.671 to 6,746 m.l. 3.318,669 3,003,905 8.580,905 3,244,196 S,232,194 3,556.990 3,582,041 8,964,056 4,160,19;1 4",621,267 1902 .. ,<6,746 to 6,,M m.). 3,598,939 8,091,541 3,U,0,369 3,437.903 R,484,3119 8,873,717 3,tl61,803 3,964,072 4,443,216 4,814,701 3,!lllo,148 8,801,856 S,1t05,7ti9 8,846,1,11 8,70~,8.;2 4,050,923 ~169,063 4,178,54t 4,~ld,733 4,!:18!:l,fl38 o~~~~- &<~~;t~ 1900-.. (5,827 to 5,5611 m.). 2.991,824 8,104,002 8,440,061 8,874,641 8,458.257 3,688,178 3,681,564 3,028,360 4,002,116 U84,2l!5 1901 ....(5,662 to 5,688 m.). 3,160,794 3,104,787 3,531,118 8,478,060 3,663,232 3,913.102 4,546,104 1902 •• ,(5,688 to 5,»21 m.). 3,565,525 3,287,942 S,47:l.204 8,772,224 8,960,122 (, OV,868 4,81U!ll 1903d .. (5,921 to 7,805 m.). 3,546,016 c&S,497,899 d4,449,369 dl,501,715 d4,386,855 dU'96,'120 d4,'16c!,402 d4,!:!4S.746 d6,183,831 d5,6,8,178 Ohle, 15t, P, M. & 0,1900 •. -(1,519 to 1,557 m.). 791,825 074,307 1,080,907 1.236,483 67~.688 671.055 802,069 733,425 771.230 788.465 1\101 ....(1,657 to 1,6\11 m.). 778,3~6 755,1MB 850,149 805,455 837,047 8'7,236 1,119,320 1,083,681 1,261,630 707.269 956,360 1902. ·-<1,591 to 1,667 m.}. 816,SiO 876,877 1182,0d:& 904,81:ll:I SQ6.~60 1,0l9,t126 l,:tOll.210 l,327,25~ 8tl8.642 1903 .. . .. . ..... (l,db7 m.). 1159,864 836,511 119J,626 112i,008 996,086 890,422 951,872 1,015,677 1,1L0,6ll l,2i3,40J 388,068 381,869 400,611 4:.li,601 351.462 854,407 803,958 *89:l,101 4,189,929 4,404,251 4,764,076 6,884,440 1900 .......... .... {930 m.). 1901• .... . ....... . <930 m.}. 1902 ........ • ... (930 m.). 1Q03 . .••..•• . •...• (931) ::::..) • Chic. Ind. & Loulev.- 522,987 631,733 629,088 618,126 521,543 524,862 654,679 6!:19,879 599,926 5!:18,100 6:U,575 677,566 501.036 660.Slj 683.796 639,62t 528,491 593,189 68.,,4~0 tsa3,162 653,602 607,120 682,6:iO 707,!:!15 541,050 605,2118 648,7118 680.682 621,834 789,820 6:13,7811 780,741 629,420 664,1120 676.9U 749,3119 We!::~· i:=:~g !:~~::ig1!::li:m Oln. N. 0, & Tex. P.1900 ....... . ....... (886 m.). 1901 ... . .......... (336 m.) . 1902 ............... (336 m.). 1903 . .......... . (386 m.) . Ol. Clu. Chic. & St. L.- 1900•.. . Cl,88!:I to L,81:11 m.). 1901. ........... . (1,891 m.). 1002.............. (1,891 m.). 1908.......... ...• (1,891 m.) . Colorado & Sou tbern1900.... . .... . .. tl,14:! m.). 1901. __ (l,U2 to l,U.5 m.{ 1002. ,_(1,140 to 1,121 m •• 1903 ..... . ...... Cl,121 m.). Denv. & Rio Grandt"1900/ •. (2,~8 to 2,11111 m.). 1901/ .. (2,819 to 2,378 m.). 1002 f •• (2,878 to 2,31l8 m.). 1908/.. . ........ c2,a110 m.). 480,541 U0.'732 458.5~9 4i!0,792 892,194 -102.001 428,005 458,588 444,3U 445,672 477,519 526,8911 397,863 419,449 !l80,<J81 567,808 "2.'79 469,609 547.887 610,323 411,576 440,679 510,60:.l 598,160 421,786 462,9'6 '78,080 684,888 '15,767 466,287 503,477 642,628 391,227 460,80u o uo,33!:I C>80,~77 ,s2,211 473,529 50.t,1173 t,06,760 1,801,189 1,350,841 1,4211,596 1,651,4811 1,229,380 1,278,431 1,229,706 1,871,470 1,417,532 l,38i'.l,863 l,4tl0,436 l,7~.376 1,856,098 1,367.364 1,40::1,697 l,t 3S,62i 1,366,488 1,626,495 1,632,042 l,8Jtl,!lb0 1,469,504 1,706,956 1,651-l,OIIO l!,039,013 1,362,646 1,596,195 l,5ttll,087 1,860,254 1,449,980 1,7.19,193 1,745,UH 2,00l,2g6 1,623,837 1,662,628 1,746,928 l,9do,ui; 1.668,703 1,782,097 l,7117,5l0 1,818,617 360,:188 876.786 462,4f>7 619,807 820,232 380,834 417,1146 461,735 888.658 :itltl.8Jl 452,600 460,8,H 287,809 843,262 483,066 481,243 328,672 8'.18,664 472,652 613,6112 ,875,611 498,0H 6S!l.404 5511,717 391,084 464,572 514,200 540,72!:! 40'-986 471,lH 587,941 653,7111 391,463 446,487 506,472 fl50,727 467,618 f97,245 066,773 683,681 1,204,772 1,1115,037 l,367,L91 l,;J71,158 J,040.456 1,075,886 1,121.263 1,140,6118 1,160,156 1,240,632 1,310,41-1() 1,367,671 1,227,778 l,Sll:i.476 1,8811,1118 l,362,1185 1,830,t,06 1,416,88L 1,872,418 1.437,777 1,469,182 1,402,546 1,348,526 l,403,a74 1,516,784 l,61V,8112 1,467,421 l,6S4,6a9 1,670.{9' 1,609,202 1,600,224 1,615,6110 1,646,704 l,tl4~,487 1,631.137 1,597,914 l,689,17ti l,6~•,687 ½:~~::::~1 S,7F8,005 3.782,930 41,601,593 4,177,139 8,991.254 44,362,007 4,8110,701 8,903,808 4tl,404.839 4,U0.775 8,483,189 4,046,828 4,174.0112 d4,,21 ,250 ........ ........ 3,293,034 8,618,773 3,7'17,P\.ll dt,Ut,8:H ,2,588,435 4.5,522,029 !l7,571,!lll M,855,401 925,404 ts69,768 10,842,001 9b0,260 11,196,408 l,079,8i8 1,081,243 1172,740 11.907,521 l,OiJl,171 1,055,514 lll,◄'55,l!68 394.193 474.107 !l6ti.4o2 cs5,abo 412,868 4~,893 46:.l,J.011 C,211,51:17 4.,986,522 5,385,104 6,811,790 6,tl76,9SO 1,603,368 1,664,058 17,402,692 1,618,749 l,6H,84a 18.608,515 1,7U2,5vv 1,701,948 18,976,576 1,60 7,7011 ·••····· 423,416 49!:S,5611 682,817 5 , :>,850 ........ 887,906 489,i26 600,!H *486,836 4,486,686 6,U6,5!0 6,£20,469 t!,~5t,6Stl l,389,868 1 1,327,789 l,~11,630 l,U?,1611 1,511,737 1,4411,503 1,343,4 .0 • t, 19ll,8v0 15.6:17,895 16,848,fi21 17.168,801 17,1176,161 Erle1900 . ... (2,271 to 2,318 m.J. 2,928,710 2.582,586 2,998,670 2,946,682 8,161,117 8,382,268 3,215,008 3,484,272 3,118,901 3,168,337 3,169,525 8,187,696 87,278,167 1901- ......... ... (2,318 m.). 3,189,8114 2,731,102 3,8911,634 3,247,665 3.641,472 3,662,tl07 8,522,693 8,880,tl6S 3,561,644 3,767,162 3,640,220 3,105,17:d 41,U9U,908 1902 ............. (2,31!:! m.). 3,298,490 2,752,800 8,MW.923 3,61-16,888 8,321,228 3,247,1169 8,108,8~ 3,61JO,S66 8.511,4\14 3,818,162 4.04 ·•,l:16 8,867.873 41,669,237 1908 ....... ...... (2,818 m.). 8,t161,624 3,353,2,U 3,966,9)tl 4,101,22& 4,:.:64,190 48118,9211 4,,2e,~2 4,455,tSOl 4,lli4,!:lU 3,~a5,611 3 48\J,t,5.i ••••• 4 •• ....... G&. North'n Syetem1900•-·........ (5,209 m.). 1,984,998 1,827.~0 2,470,680 2,153,05!l 2,299,059 2,413,882 2,263,847 2,413,555 2,876,850 S.023,326 2,714.~17 2,467,872 28,909.•74 1901 * ,_(5,209 to 5,246 m.). 1.1127,11411 1,7{0,608 2,355,347 2,271:1,000 2,S07.5t5 2,tl85.02l 2,679,568 3,117,297 S,5116,962 4,lRS,408 8,770,416 3,232,272 SS.855,263 1902* •• <6,246 to 6,61a m.). 2,f>86,UO 2,223,376 2,72.1.17!:! 2,8011.001 2,1:117,243 3,105.400 3,4611,!:!45 8,67CS,276 4,112.72.1 4,>-77,20~ 4,277."8tl li,llllo,~ 40,206,t:ll!2 1908• .. (6,613 tO 5,61i9 m.). 2,7:.:ll:!,436 2,311\1,087 2,890,566 8,0111,010 8,211,0l!O 8,M7,647 S,686,0..>.4 3 ,7111,471 4,1911,144 6,0,6,117)! 4,179,2v6 8,z7o,o68 41,910,161 Bocktnar Valley- 1900,- ........ . (846 m,). 1901 .............. (346 m.). 1U02 ....... ....... ,341S m.). 1908 .. . .•••.•••...• (846 m.). llllnote Cenrral.1000-•• <S.996 to 4,266 m.). 1901. .•• (!l,265 to 4,2~ m.). lg()2... . (t,281 to 4,l:100 m.) . 1808 ... <4,800 to 4,3~8 m.). lntern'I & Gt. NorLh,-· 1900....... (775 to 8:.:0 m.). 1901 ....... (820 to &5 m.). 1902 ..... (F86 to 1,068 m.). 1908 . ..• (1,05:J to l,U9 m.). 361,393 sso.~o 407,522 480,!:155 325,170 334,lmJ · 317,901 873,(77 866,568 345,7113 4.00,821 476,277 823.978 4.50,0'llJ 5t2,098 38i,sos ¼03,195 399,364 5u8,613 607,677 487,881 485,824 624,tOS 668!730 880,923 429,936 525,ltS!i 569,8!:18 398,400 468,008 652,074 684,167 391,056 -!63,744 498,8:.!U 06.l,8El8 461,740 600.517 607,070 669,927 407,776 469,920 5.77.80, 4!!8,ool 898,883 SStl,067 425,053 Ut<,O.:.CS 4.709,797 4.917,663 6,60i,821 6,282,778 2,912,879 3,220,473 8,4113,55f 3,777,861 2.634,416 2,969,356 l:1,114,1107 8,,66,285 2,875,745 3,22tl,484 8,509,116 3,l/68,657 2,4U,206 2,953,'168 3,8uo.236 8,790,981 2,625,499 3,178,806 3,462,SiO 4,048,70:l 2,771,759 2,910,4:J4 8,BOU,318 4,007,560 2,686,890 3,176,752 ll,84-l,770 8,~,tOS 2,881,721 3,383,178 8,400,469 8,971,102 3,112,621 8,4i5.271c1 3,734.466 4,oos,ooa 8,414,926 3,762,331 4,04',808 4,867,893 3,142,!'18, 8,485,864 3,741,81:lO 4,071,tSSl S,267,706 3,418,126 3,787,10~ •3,tU4,0~4 M.687,708 39,078,789 42,242,9811 47,1611,387 378,544 453,1:140 482,018 513,000 839,749 366,646 Stil,983 393,011 806,629 4lt!,ll!l3 368,843 88tS,6117 261.041 31:!7.775 81:18,041 4ltJ,884 261,625 387,190 379,ld2 4lll,:t64 266,078 350,014 341,8~ 4lU,067 291,4179 828,2116 a,n,156 412,697 807,180 858,048 81J8,611i 418,818 385,216 485,11!6 63:1,tj711 6di,8,l6 591,478 62t!,022 665,966 6;7,487 535.Rl6 b07,4'.12 50d,79tj tj.)6,7tj9 612,392 5t7,327 644,84.i *5tu,~:,H 4,437,115 6,l!l8,093 6,240,911 5,861,697 1900........ ...... (610 m.j. 1901 ........ (510 to 543 m.J. 1902 ...... ,cM3 to 568 m.;. 1908...... . ....... . 1658 m.). 177,838 226,605 2H.li77 :t.20,294 170,708 199,697 207,772 180,764 200,467 192.86;, 222,021 213,i;78 167.888 161,267 l77,ff64 188,119<1 160,269 163.008 208,746 ltS0,656 186,453 177,n90 207,838 176,071 166,Sd9 177,177 208.478 194, 7611 194.167 200.ou 201.618 202,dl5 205,820 206.3&1 107,02!:S 210,079 218.248 255,521 227,736 21&,~28 178.891 217,964 20-1,937 HIS a21 200,780 213,0110 198,592 *11;6,:166 2,225.892 2,397,383 2,51><,,0l 2 .366,9u7 1900. --!S,033 to 8,154 m.). 1901 . ... (8,164 to 3,318 m.) 1902 . ... (3,818 to 8,441 m.J. 1903 .... (S,4U to 3,5711 m.). Mexican VeiurallOOOe ... (2,017 to 2,0o4 m.). 1901t ... (2,054 to :.:,l&s m.). 1902t... (2,l!:16 to 2,685 m.J. 1903t•. ,(l!,0l6 to2,8117 m.). Mexican Internat'l190011 .. ... (·, 46 to t:!48 m.). 190111 ....... . .. (1;48 m.). 190211 .••.• (848 to 880 m.;. 1908e. . .......... (rho m.J. 2,892,803 2.501,637 2,724,75ti 3,060,768 2,183,978 2,2tl8,0S7 2,401,6,Ul 2,'i77,663 2,4.52,227 2,,08~ 2,60tl,l:J76 S,Oei,!:!74 2,UB,371 ll,248,620 2,020,650 2,96i,620 l!,260,768 2,:186,8,,8 :.!,6:t5,aoo 8,024,385 1,177,312 2,:.!71,l!:ll 11.6112,200 8,058,IICSS B,058,721 2,8ll,89v 1!,7G9,:.:l44 8,0t4,-32 2,190,706 2,4d6,H40 2,771,89a 3,0,7,98.i 2,215,729 2,552,864 2,418.682 l!,446,418 2,1'&',1111 3,126,8,4 a,413,gosl s,085,34S ::m:t~1N~~:~~ 2,425,023 2,4116,009 .<,OIJ:'>,904 •3,llll,806 27,471,773 29,886,819 83.029.025 Sd.777,764 1,588,297 1,460,977 1,6..:9,970 k2,020.6tl0 1,339,291 J..S7t1,&:ll 1,450,5:)7 tcl,929.1187 1,641,677 l,63!1,856 kl,808,25!:S k~ltlS,101 1,462,fOO l,Utl,529 kl,764,664 2,213,K7 1,501,614 1,614,41'!3 kl,b~,681 2,181),076 1,511,795 1,839,020 l,ll00,430 1,832,402 1,481,059, 1,428,707 l,43tS,762 l,876,St.i6 1,801.~-...2 l,32cl,1190 1,456,159 1,4114.673 lcl,691,7811 kl,546,803 kl,699,137 kl,6711,02!:I 1'1,995,171 kl,885,00ll 2,019,144 2,U20.8t6 1,872,225 l.t172,il87 k2.0il,8i9 •2,112,.:11Si 17,223,877 17,493,674. k21,182,22'7 .-.5,010,356 lewa Central- Lout•vllle & Naebv .- '·°"'·"'·1··""'"" ,........12,,,.,,.. 426,882 503,482 484,091 410,056 416,~23 461,680 439,468 409,042 436,428 483,923 493,670 474,832 6,878,977 47tl,lli!7 612,201 4t!5,6011 486.~46 614,011 466,lH 41U,~24 498,549 466,222 b6tl,683 601,070 5!7.03!:I 6,0tSU,!:12' 4!:!7,672 640,a78 635,887 547,7M li42,512 6t!4,358 f\6l,057 518,936 4t!6,583 527.770 533,!SOJ 609,11!7 6,643,ldl 68~,628 644,393 690.674 b~,<l.SJ 5 .:111,7116 l>W,723 54-&.S~M C>Sd,MOl 5111,421'1 6;6,0211 69~.~118 • Approximate fi'"1l"e11. t Figures here gtvea involve correctons for some of the months. b Includes Pittsburg & Western, &c. d Includes trsns-Miseouri lines in 1110a, be,l[inning b'eo. 16. ~ .!figures are given iu Mexican currency. f hlcludes J:Uo Grande Western mall years. a Monthly tbrures do not inclnd11 Ne"' Vork & Lonll Branch Dlvts,uu. k These figures inclucte results on Monterey & Mexican Gulf from M.ch. l, 1902. ,and also Mexico Cuernavaca & Pacific and Rio Verde Branch, etc., from Jan. 1, 1903. P• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ........ 53.( RAILWAY EARNINGS. [VOL. LXXTill. MONTHLY GROSS BARNINO-S OF PRINOIPAL RAILROADS-{Concl11ded) dlnnea•• & St. Loultt-· 1000.•••••• (508 to 648 m.). 1901 •••••••••.••••• (648 m.). llK>9... •• • • • . ..... (648 m.). lSIOS ••••••••••••.•• (648 m.). Minn. St. P. & 8 S.M..1900 ..•• (l.2•2 to 1,27!:! m.). 1901 .• -Cl,:1178 to 1,855 m.}. 1902 •••• \1.856 to 1,452 m.). ttl!?3:K'.;.~;.4!! ~ ¼r4:!:l: 1900•••• (2,208 to 2,222 m.). 1901a. "(2,222 to 2,480 m.). UIO~a . .• (2,480 to 2,602 m.). 190Sa ••• (2,602 to 2,863 m.>. Jan. Feb. ' I 197,552 260,77:.& 262,976 222,210 181,169 259,630 222,569 199,64.3 March. I ~1.05t 282,t.99 298,169 235,868 April. I 2la,044 267,988 274,148 284,100 May. June. -------; I 22-l,lSn 26{1,001 289,?00 227,948 258,049 800,348 840,2115 256,608 July. .Au,i. I 251,200 297,401 317,613 ' 1146,22!:i 837,569 448,00f 44.0,604 442,864 398,490 358.867 880.692 416,231 4S0.73i 445,li19 801.41H 405,681 864.106 290.616 400. 715 5!15,0ff/ol 5112,978 627,984 588,750 450,847 876,1149 56:l,786 676,910 579,1125 628,816 681>,7:W 438,187 465,576 1,012,019 8qo,oo◄ 851,691 894,1115 944,9fk> 986,876 929,894 1,363,850 1,188,099 1,259,701 l,1511.i61 1,251,999 1,201,617 1,255,044 1,811,028 1.111,690 l,2t0,ll87 1,266,7111 1,887,Sl>d l,172.7F4 1,271,5511 1,403,386 1,298,032 1,832,679 l,411,i'a6 l,8~5.286 l,09;,056 1.827,102 Sept. I Oct. Nov. Dec. I I I :rn:~, 2'it.,449 805,793 851,282 269,853 886,411 840,312 841.V96 2\19,164 806, 700 25i,07t 8i8,lll 4~2.5811 579,989 60:1,660 882,984 li66,7lH 728,294 786,Gt>S 424,654 692,109 844,4fl8 802.1150 7'2,101 77U,891 518,154 •6e4,1Si 1,141,515 1,882,626 1,435,140 l,48tl,oo8 1,825,661 1,463,101 1,663.460 1,618,580 1,690,776 l,SIU,466 l,8"4,867 1,117,,416 1,528 8R8 1,574,751 l,1\80,:-ns l,'18S,952 ~~:~ _!o!a.!:,_ m:~i 166,627 246,888 807,717 807,0.28 966,067 I ::m~ •26S,982 8,071,948 · 2,977,887 m::~: i:igg:m 6,825,877 1,868,86!1 1,888,1194 l,87<l,14~ 1,646,911 18,495,806 16.368,908 lf\,709,895 17,5711,288 7,828,669 Mo. Pac. & Iron Mt.1900 .••• (5,826 to 6,548 m.). 2,522,850 2,200,715 2,650,299 2,218,296 2,451\3r5 2,i69,658 2,575,967 8,087,618 2,986,720 8,185,791 2,914,875 8,084,898 82,292,287 1901. ••• (5,518 to 5,570 m.). 2,929,477 2.688,974 2.1!31,848 2. 716,899 2,82',180 2.68~,012 8,218,014 8,500,450 8,197.483 8,693,888 8,314,738 8,013,786 S6,t!61,098 1902 ..• (5,5':0 to 6,651 m.). 2,9l8,85h 2,620,390 l:1,060,2116 2,991,, · t1 2,955,8?9 2,757,380 8,078,782 8,312.541\ 8,223.006 8,764,600 8,518,462 ~.800,050 37.4gli,687 1903••.. (5,651 to 6,00i m.). 3,698,987 8,090,146 3,Ml,808 8,605,471 3,824,802 2,997,8.17 3,!lOl,150 4,020,881 8,971,048 4,067,'77 8,619,929 •8,820,000 48,2~8,416 lllobtle & Ob10566.764 a100a ............. (8'M m.). 4.71,047 542,9!1 477,470 475,922 466,288 468,239 481,227 510,019 428,00i 672,024 474,001 41-49,133 599,800 481,400 502,600 443,517 4.81,026 1901a ........ . ... (874 m.). 50W,567 506,688 689,676 580,616 614,224 561,B58 644,880 620.683 6,976,170 605,252 1902a •.••••..•.... (874 111..). 599,SM 55':l,948 557,622 53~.3116 5M,262 6::111,728 716,878 1903a .•••.• (874 to 912 m.). 674,207 676,68!. 6'32,2Wl •656,175 7,7'10,687 598,148 519,l:s84 685,146 628,858 729,020 725,086 lfluhv. Chatt.& ~t. L.720,791 1000c ........ . .. (l,lll5 m.). 680,235 608,234 686,496 7.S90,'66 5 ~6.885 609,858 535,666 633,239 648.667 675,889 644,838 580,278 fl25.4?4 706,298 fl60,lal 190lc ..••.••••..• (1,195 m.). 685,714 626,392 '7,681,885 664,6t!S 640.l'il'> 710,076 595.1<S5 622,974 582.263 628,040 '<22,2)(7 746,ll8i 785,(108 777,768 776,886 8,676,852 661,986 6'l4,967 707,486 676.610 619,()41 789,819 726,610 813,080 •8l7,6bl 9,9811,829 873,!:!58 8.19,615 881,876 85¥,641 877,676 815,209 849,181 828,797 809,475 776,896 m:t:~ ~:1A: ::Yll:= 681.858 1,866,700 732,834. 7,724,526 916,70~ 9,262,859 •ii81,10~ 11,168,288 ½=:::,i:i05.io<~-~~t ::~· !(at'l RR. of Mexlco- 624,476 579,601 808,073 880,578 617,976 687,822 1-06.161 857,526 fl08,593 6215,629 866,143 866,605 4,614.,751 5,391,896 5.980,876 5,874,849 5,R9S,85t1 5,940,000 6,795,467 6,686,672 5,907,780 6,0311,838 6.737,247 6.701,679 6,721,770 6,8!9,,64 7,092,6:.19 7,066,152 5,911,210 6,915,8L9 6,7911,355 7,186,763 5,704,612 5.837,015 6,42T,9'77 6,600,886 6,601,881 5,690,120 6,202, ii-IA 6,443,525 60,58i,094 69,783,~5 71,9",9'Jl 79,901','15 878,611 490,768 850.061 602,800 282,022 521,701 384.149 4ll8484 460,865 501,422 612.268 688.8~8 460,84!) 46s.202 600,163 ••••.••. 4,886,150 r,,e114,026 5,007,168 • ••••••• UIOOe . .. (1.l:l66 to 1,3:a3 m.). 1901e.. . ...•.... (1,823 m.J. 1902e. • (1,828 to 1,396 m.). 1903e..• (l.3li6 to 1660 m.) . 5. Y. C. & Hud. Rlv.1900d .•• (2,821:1 to s.22a m.>. lllOlci.-(8.223 to 8.820 m.). 190211 .. ... •. .. . . (8,320 m.) . UIOSa. •• (8,820 to 3,422 m.). 4,250,810 5,182.9 i8 5,401,007 6,239,Ul 4,010,870 4,490,269 4,499,418 11,810,521 4,340,593 6,829,556 G,488,620 6,646,920 4,263,8fll 5,188,746 6,788,7113 6,565,86b 4,650,877 5,788.869 5,968,616 6,7ll!,i79 1900..••...•....... (481 m.L 1901. ....... . ..... (481 m.). 1902 ............... (481 m.). 1903 . . .... . . .... .. \481 m.). 391,985 483,020 466,408 5611,063 854,836 885,041 883,855 588,925 8A5,980 446,21-14 462.428 557,i27 363,181 460.~ 46i,88S 668,1150 888,85Q 49ll.522 370.758 t\21,962 425,277 503,()70 2ljll.045 642,70! 462,655 54.8.528 887,845 683,1W7 1900 •••• (l,551 to 1,554 m.) . l.201,365 1,060,015 1,172,187 HJOl .• _(l.660 to 1,675 m.). 1,866,927 U59,f\5A 1,421,086 1002••. . (1.675 to 1,710 m.). 1,516,620 l,2o2,779 l,486.A65 1908.... (1,710 to l,7l:li m.). 1,776,202 1.602,290 1,910,995 1,128,614 1,280,729 1,571.81._ 1,956,406 1,281,591 1,878,688 l,IS47,236 1,902.558 1,810,888 1,245.829 1,374,?3, l,9&!,558 1,242,986 1,887,607 1,562,887 l,1!43,624 5. Y. Ont. & We8t'n- Norfolk & We8tern- !( orthern Central- 634,380 6U,345 6H6,::S84 809,243 599,050 i25,185 6A8,581 675,816 667,4115 589,824 677.110 717,921 741,580 823,646 1,007,&18 l,Mt,988 650,785 58Q.77!i 700,030 9311,819 622,842 7856,78 682,454 1159.1159 632,388 689,5611 799,817 742.184 '718.904 996,640 1,065,971 1,035,826 526,589 571,618 408,215 680,890 1,868,<»7 1,827,877 1,414,829 1,291,SAS 1,866,929 16,165,593 1,487,511 1.713,•03 1,927,290 1,888,661 S,0Sl0110 1,771,602 . •••.••. • ...... ~:*~:~M Mil:~~~ ½:~~:rz½ 1:~g::? ~::8ftni 1900 ............... (880 m.). 1901 ............... (880 m.). 1902•••. . ....••.... (880 m.). 1gos.. ..... . . .. .. (880 m.). 657,286 684.436 '788,736 858,136 552,279 Ml,779 601,479 716,879 624,710 64.6,~10 671,810 8"9,210 661,7112 692,202 758,902 8t12,60lil 681.006 11'79,9fl6 710,665 861,ltffi 652,102 l:!67,202 611,602 872,702 598,615 6511,616 f\28,416 9:aa,015 673,086 692,93rl 681,,;s6 1119,036 626,619 761,019 705,019 87V.S19 618,107 819,?0'i 768,907 8811,707 772,587 742,937 776,087 884,887 756,840 643,040 803,940 ....... . '7,845,548 1900b . •(6,167 to 6,494 m.) . lOOlb ••• (5.560 to 6.302 m.). 1002b .• (0,8U2 to 6,394 m.). 1908b •. (5,304 to 5,610 m.). 2,018,189 2,376.4811 3,082,877 3,293,482 1,964,757 2,182,183 2,872,663 8,015,719 2,495,212 2.685,004 8.162,616 8,517,490 2,409,271 2,7S~.715 3,302,1156 S,632,0,8 2,627,030 2,919,509 8,406.276 S.742,609 2,685,887 2,915.277 8,605,1!25 •t,180,»79 2,788,172 8,190,066 8,850,870 4,114,6!!8 8,087,848 t-1,623,434 S.8611,278 ',182,738 8,181,505 8,852.037 4,682,5-;0 A 611,,US 8,534,684 4,642,685 5.8111'1,1~6 5,244,0liti 8,023,522 4,161,675 4,379.49,J 4,551,098 2,652,084 8,416,527 S,759,IIS5 •3,782,625 82,257,561 88,781,461 45.201.578 i7,848,482 (All lines east of P. & E.) moo+ .(2,808 to 2,000 m.L 10011'.(il,769 to 8,678 m.>. 1002t1.(8,673 to 8,640 m.). l903t,- ......... c8,640 m.). 6,'24,271 8,0lll.474 8,582,774 9,567,174 6,158.884 7,144.92& 7,568.821 8,229,524 7.0U,982 8.28~.90-l R,o86,105 10,188,604 6,909,372 8,142.877 lf,099,777 10.767,677 7,126,567 8,402,088 9,901,988 10,624,t!SS 7,192,885 R,482,759 9.596,059 10,827,!:!ti9 6,'790,095 8,351,108 9,771,503 10,996,408 1900.... . . .•. . (1,7116 m.) . 1901 .•.• <l,766 to 1,770 m.J. 1902 . ••....••••.. (1;, 711 m.). 19081 ............ (2,0~4 m.). 500,882 683,aoo 771,91!6 §808,108 577,492 595,842 676.026 1797,757 682,116 695,215 882,855 §1176,l:f48 67l.641 798.o:n 809,697 1988,586 648,810 759,oua 774,798 §020,050 667,94~ 782,670 78!'1,881 19.U,877 1000 .... (916 to l,OUO m.). 2,297.044 !(orthern Paclflc- Penn8Ylvanta- Pere Marqaette- Pblla. & ILeadln,i- '7,401,961 7,288,539 7,718,57A 7,788,524 7,816.904 85.576,919 9,214,590 8,701,950 9,580,275 R.774.826 8,806,075 101,829,794 10,106,990 9,822,760 10,546.1175 9,466,825 9,529.875 112,668,895 11,0U,!IIHI 10,tiS0,750 10,726,575 9,79\1,926 ••••.••• . ...... . 670,088 788,517 780.681 759,459 776.815 901,285 8S4,784 857,0al 808,108 907,45~ 985,1611 939.161 §Y63,681 ll,055,7i8 11,084,902 §1,051,18:i 1,811,710 2,091,412 2,170,MS 2,829,242 2,461.469 2,139,748 i.667,647 2,8112,124 2,485,658 1,9:,9,444 8,lSl,t.lll 8,072,1:82 l:l,9lll5,121 . t~L::::::·::.H:~:t ::~:~i ~:~:i~ ::!!~:r~ ~:m:~ ;:~gti r:~,:rag ~~;i·&lf~!!oJt.~ m.). s.o~93o 2,794,984 ~,105,7,Jl 2,978,185 S,295,110 3,alil4,lm si~~~~7!!.'1~3t;~ ~!~~~.>. 712,771 791.067 84,,118 §929,749 740.750 8,296,110 77',126 9,201,176 HIJS,5ff9 9,950,8?'6 §968,918 Sll,4S1,001 2,476,476 2,552,424 27,187,810 2,6i0,612 2,411,700 29,473,970 2.887,469 2,861,ll9 27,912,369 ........ • ...... . S,'759,211 9,712,911'1 1,021,046 2,680,148 8,096.058 25,150,107 2,304,214 S,166.lSi 3,034,M6 2,488,857 80,300,69\J 516,996 2,844.718 2,901,859 17,681,192 165,316 ........ • ..... .. 2,1111,0ll! li,l2l,628 2,:S95,U6!1 2,465,231 2,424,9&'! 242,818 2,b00,11!111 5.082,77~ 4,006,15·i 2,234,508 11,928,":S~l 6,075,042 4,789,767 2,0114.760 5,0!8,188 2,899,827 6,010,888 2,761.6!18 0,412,88.t 5,006,62,l 5,64.8,477 52,287,917 5,675,157 4,805,567 69,774,615 5,232,18'7 5,762,478 '115,MS.561 6,15i,279 ........ .. .... .. 2,600.977 9,900,672 r3,i>l0,\ltj .. r4,468,4 14 2,460,515 2,703,387 r4,278,680 r4,.15i,t07 2,615.889 2,9U.i91 r4,46J,146 r4.509,488 2,136,266 2,194,951 26,302,209 2.~.188 2,291,205 29,741,882 rS.873,01~ rS,976,790 ....... . r8,977,50i • •• • • .. .. •••..• T~~:n;oi'li•co:;~.:..:···· · 1900 . . -(1,402 to 1,697 1001 .... (2,924 to 3,201 1902. .. . (3,1!02 to 3,5"14 1903 . . .. (4,330 to :l,867 l,878,9Al 2,tS45,25t 2,24',542 2,9II0,80l ?:~r:m ~:~g:m 1900.... .. ••..• .. . . . . .. . 2,225,162 1,696,294 1,718,604 1,450,097 1,817.801 2,810.752 2,097.001 1901.... ... • • ... • . • . . . . . .. . 2,826,354 2,387,611 2,043,820 2,845.039 2,1'140,616 2,602.520 l.81f~,506 1902.............. •. .. . .. . 2,658,001 2,198,820 l.7i 2,28tl 2,282,050 1,166,818 191,763 266,197 8,192,587 2,977,886 1,698,0il 2,861,155 i.\152,888 8,lt:0,885 S,0~:)6"8 1900...... .......... .. . .•. 4,522,206 8,508,004 3,810,016 8,629,440 4,147,0,&8 4,7?2,211 4,236,749 1901................ .... . .. 5,SL7,171 4,877,777 4,450,072 4.567,804 6.411:i,850 5.226,865 4,005,1125 1002............... . .. .. .. . 5,2fl2,110 4,341,215 ,,212,4.16 6,998,S~ S,418.C>28 2,0t8,10ll 2,177,872 1908 ... ..................... 6,277,522 5,772,3i0 4,eOS,772 5i:S9,8i0 6,247,948 ll.005,245 6,lb7,017 RocH. Island Sy1t1em190Up .. (3,619 to a,819 m.J. 1,822,536 1,712,474 1.902,446 1,760,157 1,795,680 2,001,400 2,298.928 1901p .... .. .... (8,810 m.). 2,194,490 1,941,88 • 2,064.950 1,991,110 2,:205,&!o 2,127,325 2,790,868 1902p . (3,819 to 7,1 ,3a m.). 2,297,518 2,288,156 2,214,010 ........ . •.....• rS.323.466 r3,776,807 r4,041,248 r3,812,976 ,-S,794,293 rS,62:;.StO rS,3 26,887 rS,615,538 r(,006,019 S.267,048 8,456,748 m.). 651,141 607.765 A77,326 5115,617 655,002 641.9-U 712,483 857,808 867.897 977,895 871.468 910,922 9,02'7,210 m.). U,7o10.547 n.490,431 ;l,608.105 *1,645,273 U,664,8 10 *1,623,870 U,681,5112 U,764,511 U .811,489 ;2,177,812 ;2,081,048 *1,689.519 ; ·?0,774.007 m.). ;L791f,f>7 ; U,51f8,671 U,817,117 *1,691,297 U .7411,970 U,702,tl97 *1,818,660 ;2,037,1135 ;2,137,75i ;2,848,520 ;2,068,116 U,987,004 ;22,764,815 m.) . ;2,7511,480 ;2,466,711 ;c!,693,261 ;2,61:12,4111 ;t,595,811, •2,512,960 ill,8~5,llZ7 ;:f,197,032 ;S,191,717 ;8,8:)7,892 ;3,09u,720 St. 1,eul• l!!iouthwei,it.J,g()C),.,. .•••... • (1,268 m.) . 502,832 677,712 64U,5ti8 591,651:1 i~::· :~~:~ l~ ;:~i :t ~:m:~~~ lllUl •••. (1,268 to l/t93 m.). 1902..... . .. (l,2U3m.) . 1903 .... (l,298to 1,303 m.). Southern .,aclftc Co.- 449,697 Al6,6l7 550,857 572,604 471,580 821,436 608.827 5i2,809 427,868 57,,7311 586,744 613,836 413,091 &31,668 678.857 634,6611 ~:~~:m ~:~~U!t g:~:~i: g:ii~:~~ 420,289 494,900 518,074 626,9211 467,836 507,865 526,8#18 C>o8,637 481,368 661.062 5 29,50d 08::l,4110 6,285.247 ~:~~ti~ u~:~~ 651,418 609,Ul6 649,027 6111,13~ 771,708 774,7i3 7i9.750 788,600 800,965 737,968 709,163 771,413 7911,'708 658,007 6611,l,.0 768,'87 6,655,SM 7,f66,0M 7,281.998 7,l79,1151 ~:~i:m :;:m:m ;:m:m ~:i!~:~~t 82.fa~i,s5 1902.... (8,7Hto8.8111m.). 7.li7.71l5 6.0P9,00a 6.628,220 6,8L0.181 t!,83:.!,~56 6,464,818 tt,926,i9t 6,853,884 8,007,0L6 8.l:l79.2U 7.045,320 7,972,286 85,8i6,878 1908.... (b,l:S.'l6 to 8.978 m.>. 7,002,0iO G,918,438 6,881,51" 7,307.000 l6 975,280 Z7,245,&211 Z7,3!:!6,ll6 8,218,028 8,1113,845 8,3114.958 ••• . .. . • ••••••• ~011thern Railway- re&tr: ~g:~~~ fg i:~~~ ::{: 13,284,688 1~:~!:~J~ ,~:g~Mt ,i:rJ:S~~ 1~•~g::m ,~:~i~:~ ,~~:~~i 1~:m:~~ 1ir,~m ii:&g~::~ Jt:t~:~r~ 1~:g~g:m ig:m:~1 ~ ig:~g:;g~~ J 2,~1?9,355 J :i,242,088 j8,148,u64. 1,U73,870 13,034 883 18 291,416 S,t9~.256 f .-1,620,848 18,872,8~91R,506,72213.581,9n8 40,177,482 1902j•.. (6,731 to 7,114 :n.) . 1908j . .. (7,114 to 7,1811 m.) . 'l.'ell:a■ 4' Paclflc1900 .. ,.(l,492 to 1,570 m.}. HIOl..-(1,570 to 1,6t15 m.). 1902. ·-<l,r 6~ to 1,710 m.). j j 8,503,040 j 8,380,568 f 3,810,tiOO f 8,618,440 18,'14.l,008 f 3,3~3,469 j 8,508,064 j 8,746.812 f 8,869.04.514,ltl6,553 j 3,740,7118 •j38~:.l,876 ,o.-, 1900 . . ...... (S71to 430 m.) . 1901 ........ .... ... (430 m.). 1002 . ... - •. C480to436m.). 1908... . .. ... . . .. .. (486 m.) . Union Paci Oc Sy8tem1900 . ·-<6,009 to 5,5119 m.J. 11101 ...• {5,i:.99 to 5, , 4l) m.) . 1902••.. (5,74'1 to 5,7dl m.). HlOS. ·-<5,7tl8 to 5,3'4 m., . 202,120 200,418 220,580 273,197 176.328 170,064 181.217 280,408 179,407 202,002 2::12,825 29 1,0ld 206,616 193,017 227,101! 291,228 235,662 235,915 247,07d 378,02::l 222,197 250,i-211 253,251 863,915 211,251 250,718 278,679 3t9,845 225,442 265,630 262.lf6ll 868,4C)~ 2ll',H3 !147,770 !60,584 362,7ltl 238,249 258,898 2~1.1111 349,9~ 2,916,292 3,211,591 8.942,llOS S.900,261 2.628,523 2,886,t88 3,825,156 3,210,829 3,12S,7la 8,21H,813 3,476,1''5il 1,099,188 8,062,564 8,418,78~ 8,740,874 4,175,206 3,230,382 3,6lll,a4 l 8,710,057 4,162,!IBl 3,860,4U 8,759,141 3,860.440 &,1101.17ll 8,693,108 8,948,692 4,19tS,lH n4'58:1,15:, 3,891,161 4,12 i ,5115 4,::129,598 1Uf>Si,68 , 4,()54,81~ 4,240,814 4.6117.571 n518,,8H 4,64.2,867 4,797,260 4,965.961 n06 i 5,b76 1900 .... (2,326 to 2,868 m.). 1901. ...(2,858 to 2,867 m.) . 1002 .... (2,867 to 2,484 m.). 1903 ...•(2,484 to 2,4116 m.). 1,814,683 1,518,685 1,660.209 1,672,454 1,20~,155 1,270,496 1,8\16,171 1,516,612 1,364,261 1,467,SOt, 1,651,5:'>fl 1,706,631 1,310,885 l,!l54,5R5 1,481,651 l,7tS0,961 1.292,860 l .Hl,1188 1.610,':'60 l,92~,674 1,309,577 l ,42'7,938 1,515,621 1,694,805 1,860,106 J ,662,3!0 1,721,531 2,000,16tl 1,527,818 l.686,871l l.90S.7a. 2,121,t.t, 1,615,560 l,6tll,284 1,840.909 ll,.ilW,687 1,648,001 1,805,700 1,970,096 2,~06,296 1,481,584 1.689,572 l,7H,WP l,8ltf,07& l,5.'16,236 1,592,Sil 1,694.844 1,881,092 16,895,141 18.~88,261 19.001,461 2:!,516,865 1900............... (950 m.) . 1001 ••• ••••• (060 to 917 m.). 1002. ,. ......... .,(977 m.). 1908.... .. . . .. ... (077 m.). Yazoo & M.188. Va1.1900.. -{l,001 to 1,a.7 m.). 1901 •. -<l,047 to 1,0911 m.). 1902 •• _(1.099 to 1,162 m.). 1003 . .• (1.162 to l, t7 l m.) . 888,321< 410,"°8 458,862 470,785 840,lM 366.927 418,274 440,887 481,583 4!i2,106 50i,8ti4 66!:!,4U 445,777 419,5tll 521,2211 559,4ti0 488,803 43\l,264 586,626 680,100 505,463 621,W7 061,074 606,530 450,205 528,259 547,920 6l!b,41l 4.90,918 549,3i0 594,016 6ltM89 470,931 '192,819 6W2,966 593,010 489,688 556.975 642,482 609,!:!56 480,398 482,308 649,2d~ t96,708 412,292 441.076 490.8.n •t.!:!o,000 5,Si4,4.B1 6,681,056 6,4<YU86 6,llffll,260 600,652 6411,101 6'IB,8U 6411.95d 424.884 M2,530 588, l 19 580.?fl2 4.05,180 5U6,000 555,855 528,704 880,854 42i ,9!ll 584,5211 568 802 834,758 440.8 15 f 6l!,904 62 ~.941 817.162 862,8:lH 446,1-60 666,7"° S16,711 410,3u5 4'11.06U 618.969 356,612 42\l,063 505.217 550 1'114 432,670 464,710 1 568,167 5R.!, LIO 658,857 666,48:l 768,9M 7l:IO,ll80 6811,018 775,493 786,201 806.273 787,959 665,0!:!3 759,961 •821,'188 5.500,161 6,Si2,808 6,995,908 7,514,1:!29 Waba8h- Wt,-con•ln· Central- 780,UJ 688.3115 959,700 986,80~ 875,817 8119.1:!39 900,901 1,001,654 581,891 9u8,100 90t!,883 927,916 663,808 884.128 804,072 910,348 608,188 735,353 76~•..Q5lll 685,403 847,0i-9 7tl9.95R 881,170 844,805 919,360 lf56,l 22 9U,SS7 1,118,808 1.16 7,44.2 l.16M,1104 1,184,8.ii 1,175,8911 1,195,802 l.136.51li 1,2118,8 70 217,900 250,252 •2fl6,077 3U,a69 .S,1157,l18 593,118 743,764 6117,615 788,i 81 T!!'iO:ci«/Al~~;"b~n~;~ 786,62!.' 1,u73,5l6 1,064.,749 1,057,060 ~ 1.284,119 9,751,121 1,849.023 11,770,072 1.269,094 11,286.601 •1,364,590 12,042,612 207,811 21" ,488 -..ao,06~ •287,SIH 2,628,246 2,758,896 2,977,141 8,8l!6,448 8,829,518 3,622,475 41,855,856 4,438,497 3,896,226 46,1134,891 4.744,427 4,158,067 49,086,840 n6052,7dll .... . . .. * • Approximate figures. + And 66 miles of canai. 'I[ Includes Bu.tfalo & Allegheny Valley Division begi.nniIU{ with 1901. After Jan. 1, 1901, the Kan. City Fort Scott & Mem., K. C. Mam. & Btrm. and Fort Worth & Rio tlrande are included in addlrton to the St. L. & San Fran. prover, and after Jan. 1, 1908, Includes Ohio. & E. Ill. a Includes Montgomery Division in all the years. b Results on St. Paul & Dul. are added In after July 1, 1900. e After Jan. 1, 1900. includes Paducah & Memp. Div. d Includes for all periods the Beecll Creek RR. and the lt, all Brook Sy~tem, and after July l, 1000, the Boston & A.lbany RB.. e Figures are '°ven in Mexican currency. 1J Includes results on 3herman Shrev. & South'n, Missouri Midland and S11n Antonio extension since M.ay 15. 190L 1 St. Louis Division Included. § Include!! Lake .lllrie & Detroit River Ry. Z Does not include Houston & T~xas Central. Houston East & West Texas and Houston & Shreveport,. n Len1Zth of road was recluced in July, mos, by 56'~ miles on account of sale of part of the Oregon l'lhort Line System. r These t1gures are on a new basis, covering- Choctaw Road, .8ur,ington Cedar Rapids & .Norther•, &c., &c. i, These tia-ures inc!ude other Inco me. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis JAN., 1904.j INDEX TO Co-mpanies not given in the NAME. &dirondaok . ... . .•.•.. . SUPPLEMENT COMPANI-ES-COlySOLIDATED, &c. tables in their alphabl3tical order may be found by reference to the Index below, WILL BE FOUND UNDER- .......... Delaware & Hudson. t:i::! 2~!:!~_·_-::: ::·:::··::::::it~!ti~c!:~;vl;~~iR. American Bell Telepbone........... American Telephone & Telegraph. American Biscuit & Mfg ............ National Biscuit American Bridge .....•.... . ..•.•..•. United States Steel Corporation. American Cigar........•...•...•...•. American Tobacco. American Dock & improvement Co .. Central of New Jersey. American Sheet Steel .•........ . . . United States Steel Corporation. American Spirits Manufacturing ... Distilling Co. of America. American Steel Casting .......•..... American Steel Foundries. American Steel Hoop ...... . ....... United States Steel Corporation. American steel & Wire ...•......... United States Steel Corporation. American Ttn Plate .. •......••...... United States Steel Corporation. Aroostook County .......•....••.... Bangor & Aroostook. Ashtabula & Pittsburg...•..•....... Pittsburg Youngstown & Ashtabula Atchison & Nebraska .....•.......... Chicago Burlington & Quincy. Atlantic & Northwest. ••••.......... Canadian Pacific. Austin & Northwestern. .••......•.. Houston & Texas Central. Battle Creek & Sturgis ......•...•. Lake Shore & Michigan Southern. Bay City & Battle Creek....•••....•• Michigan Central. Bell's Gap .........••..••...•.....•••• Cambria & Clearfield. Bennington & Rutland .............. Rutland RR. Bethlehem Steel •....• . .•...••••.... United States Shipbuilding Bethlehem Iron ...•...•••••....••.. United States ShipbuUding. Big Sandy ..•..•.•....•..•••••.••.•••• Chesapeake & Ohio Bingha~ton Gas Works ..••.•• . . •• A.meri<'an Light & 'fraction. Birmtngham Belt..... . ...• . •••••. 8 t. Louis & San Francisco Birm.hutham Equipment ..•..•....•. Kansas City Memo. & Birmingham. Boonvffie Bridge ..••...•......••..... Missouri Kansas & Texas. Boston. Cltn. Fitch. & New Bed .••.. Old Colony. Boston & N. Y. Air Line ..•..••...•. N. Y. New Haven & Hartford. Boston Rubber Shoe .••.....••.••••• United States Rubber (Miscel, Co's) Boston Winthrop & Shore..••....••. Boston Revere Beach & Lynn. Boyer Valley •....•.•.•.••......... Cntcago & North Western. Brooklyn & Monta.uk ..•..•...••..••. Long Island. Brush Eleotrio Illuminating • ..• •••. Consol. Gas otNew York. Bru-nswiok & Western .••..•......... Atlantio Coast Line RR. Buff'. & Niagara RR. & Terminal. .Pere Marquette. Buffalo & Southwestern ...•...•...••. Erie RR. Burllngt,on & Missouri River ..•...•. Chicago Burlington & Quincy. California & Oregon........•........ Central Paoiflo. California Pacific .•.....•..•......... Southern Paciflo RR. Calumet Gas ........•..••....•.•...•. People's Gas Light & Coke. Camden & Atlantio .....•.........••. West Jersey & Sea Shore. Canada Central ...................... Canadian Pacific. Carnegie Co .......•......•..•..•... . . United States Steel Corporation. Carolina Central. .• . .....••...••... . Seaboard Air Line. Cedar Falls & Minnesota ............ Dubuque & Sioux City. Cedar Rapids Iowa Falls & N. W ... Burlington Cedar Rapids & North'n. Cedar Rapids & Missouri River ..... Chicago & North Western. Central Branch Union Paoiflo ...... Central Bran<>h. Central California Electric ....•.•.. South Yuha Water. Oentral Massachusetts... . . ..... Boston & Maine. Central of Ga. RR. & Banking .••••• Central of Ga. Ry. Central OWo .............. . ........•. Baltimore & Ohio. Central Texas & Northwestern ...•. Houston & Texas CeJ'. 11f'al. Central Union Gas.... . . ....••.••. .New Amsterdam Gas. Charleston & Savannah.......... - •. Atlanttc Co&% Line RR. Charlotte Columbia & Augusta.' .•. Southern Railway. Charlottesville & Rapidan ..•....... Southern Railwari. Chateaugay Ore & Lro •. ··-· .••. . Delaware & Hud,mn. Chatham & Lebanon Valley .. . .••.. Rutland RR. Chattanooga Rome & Southern .... :::iouthern Railway. Chicago & Atlantic ...........•...... Chicago & Erie. Ohioago Burlington & Northern ..•. Chicago Burlington & Quincy. Chtoairo & Oinotnnati.... . .. ....•.. Cnicago Cincinnati & Louts ville. Chicago Gas ........................•. Peoples Gas L. & Coke. Chicago Gas Light & Coke .......... Peoples' Gas L. & C. (Miscel. Co's. l Chicago & Grand Trunk .•••. ..Grand Trunk Western. Chicago & Great Western ........•.• Chicago Terminal Transfer RR. Chicago Hammond. & Western ...•. Chicago Junction. Chioap;o & Indiana Coal. ..........•. Chicago & Eastern Illinois. Chicago Inrt & .➔ t, Louis Short Line,Cleveland Oin, Chic. & St. Louis. Chicago Milwaukee & N. W ......... Chicago & North Western. Chicago & North Michigan. .......•. Pere Marquette. Chicago & Northern Paci11o ......... Chicago Terminal Transfer. Chicago & OWo River ••••••.•••..••• Cinomnati. lndianapolls &Western. Chicago & Pacliio ...•...•.....•••... Chicago Milwaukee & St. Paul. 0h1oago Santa Fe & California ...... Bee Atchison System, Apr.,'96,SUP. Cll.ioago & St. Louis ..•.•.•.... : ....•. At-chison Topeka & Santa Fe. Chicago St. Louis & New Orleans ... Illinois Central. Ohioago St. Louis & Pittsburg ....... Pittsb'rg Cincinnati Chicago & St. L. . Chicago St. Paul & Minneapolis .•• . Chicago St. Paul Minn. & Omaha. Chicago & Tomah .................•.. Chicago & North Western. Chicago WiElconsin & Minnesota ..•. Wisconsin Central. Choctaw & Memphis . . •..••.•. Choctaw Oklahoma & Gulf. rnooinnati Hamilton & Indlanap .. Cinclnnati Indianapolis &Western. Ctnomnati Ind. St. Louis & Chicago.Cleveland Cin. Chio. & St. Louts. Cincinnati & Indiana Western .••.. Chicago Cincinnati & Louisville. Cincinnati Richmond & Manole .... Chicago Cincinnati & Louisville. Cincinnati Sandusky & Cleveland .. Cleveland Cin. f'hio. & St. Louis. Cincinnati Southern .............••.. Cincinnati New Orleans & Tex. Pao. Cinotnnati Wabash & Miohigan .••.. Cleveland Ctn. Chic. & St. Louis. Ol&lrton Steel •••... . .•••..•.••••.. Crucible Steel Co. of America.. Clearfield Bituminous Coal ..•....... Beech Creek. Clearfield & Jefferson .••.......••.• Cambria & Clearfield. Cleveland Columbus Cin. & Ind .•.. Cleveland Cin. Chio. & St. Louis. Cleveland Lorain & Wheeling ...... Baltimore & Ohio. Cleveland Terminal & Valley ...... Baltimore & Ohio. Coal & Iron Ry .•••.. . .....•..••... West Va. Central & Pittsburg. Colorado Bridge .••...•...•.......... International & Great Northern. Columbia & Greenville ..••••••.....• Southern Railway. Columbian El. Car Light. & Hrake .. Consol. Ry. El. Lighting & Equip. Columbia & St. Louis...... .. . . .Wa.bash. Columbus Connecting & Terminal. .Norfolk & Western. Columbus & Hocking Valley ......•. HockingVallt1y. Columbus & Indianapolis Central... Pittsb. Cincinnati Chio. & St. Louis. Columbus & Toledo ....•. . .....•. .•• . Hocking Valley. Commercial Union Telegraph ..•••• Commercial Cable. consolidated Ice·..•....••.••..•....•. American Ice. Consol.Kan. City Smelt'g & Refln'g.American Smelting & Refining. Consolidated Stone .•••.•...•.•..•. Chio., Indian. & Louis~ille. consumers' Gas ...••.....•..••.•••••• Peoples' Gas L. & C. (Misoel Co's,) Continental Coal.............. . . .Hooking Valley. Current Rtver .•• ..••...•...•..••.•••• Kansas City Fort Scott & Memphis. Dakota Central.. ••.•..••.•.••.••...• Chioago & North Western. Dakotia & Great Southern ..•••••..•. Chicago Milwaukee & St. Paul. Dallas & Waoo . ..••••.•.•••.•••••.••• Missouri Kansas & Texas. Danbury & Norwalk ....•..••••••••. New York New Haven & Hartford, Danville & Grape Cr~k ...•.••.•••.• f!llioR.p-o & East Illinois. De Bardeleoen Coal & lron..•••.••. Tennessee Coal & Iron (Misoel.) Delano Land .....••.....•...•.•....•• Lehigh Valley. Denver Consolidated Gas . .•..• ••••. Denver Gas & Eleotrlo. Dee Moines & Mlnnesota ...••...•••• Chioago & North Westerµ. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 535 INDEX. WILL BE FOUND UNDER- NAME. Detroit Grand Rapids & Western... Pere Marquette. Detroit & Lima Northern. . ..... Detroit Southern. Detroit Mackinac & Marquette ••••. See Miscellaneous Companies. Detroit Monroe & Toledo .•..••••.... Lake Shore & Michigan Southern. Duluth Short Line ..............•.... Northern Pacitlo. Durham & Northern ..... . . .. Seaboard Air Line. Dutchess Count:v.·..•...••...•.•••••• Central New England Railway. East River Gas •.. . .....•.•.....• ~ ... New Amsterdam Gas. East Tenn. Va. & Ga .........•..... Southern Railway. E11.1;1tern Equipment ..... . ... . . •. . Pere Marquette. Easternof Mass.(also East.ofN. H.)Boston & Maine. Eastern of Minnesota ......•......... Great Northern. Easton & Amboy-Easton & North.Lehigh Valley. Edison Elec. Ill. of Brooklyn .....•• Kings Co. EJeo. Li~ht & Power. Edison Eleo. Ill. of N. Y ...•••..•••• Consolidated Gas Co. of New York. Electric Axle Liizht & Power ..••... Consol. Ry. Eleo. Light'g & Equip. Ellwood Short Line....•.......• . . . Baltimore & Ohio. Ehnira State Line ...•.•............. Tioga RR. El Paso & Northeastern RR .•....•. New Mexico Railway & Coal Equitable Gag Light & Fuel. .•...••. Peoples' Gas L. & C. (MisoeL Co's.) Eqyutable Gas Light Co. (N. Y.) ..•. New Amsterdam Gas. Erie & Kalamazoo ..••.•.....•....... Lake Shore & MichiJ;tan Sout.heru. Erie & Western Transportation Co.Pennsylvania RR Eureka Springs ......... ...••..••.. St. Louis & North Arkansas. European & North American ....•.• Maine Central Evansville Henderson & Nashville.. Loutsville & Nashville. Evaasville Terre Haute & Chicago. Chicago & Eastern Illinois. Fargo & Southern .•.•.•....••..••.•. Chicago Milwaukee & St. Paal. Federal Steel.. ...................... Uniter\ States 8teel Corporatroa. Flint & Pere Marquete . ........•.••. Pere Marquette. Florida Central & Peninsular ...•.. Bea board Air Line Ry. Florida Southern .....•....••.•....... Savannah Florida & Westen!. Fort Scott Equipment ...........••. Kansas City Ft. Boott & Meotpllils. Fort Bmtth & Van Buren Bridge ..•. St. Louis & San Frai,oisoo. Fort Worth & New Orlearis .••..••.. Houston & Texas Central. Fort Worth & Rio Gra.ncte ......• . At.Louis & Ban Francisco. Fremont Elkhorn & Missouri Val. .. Chlcago & North Western. Georgia & Alabama. · ·······-·······Seaboard Air Line Ry. Georgia Carolina & Northern .• . •. Seaboard Air Line Ry. Georgia Paciflo ....•.....•.......•. Southern Railway. Grand Rapids Gas Light.••..•..•••. American Light & Traction. Grand Rap. Kalk . & Southeastern .. Pere Marquette. Grand River Valley.....••...•••.••.. Michigan Central. Green Bay Winona & St. Paul ...••• Green Bay & Western. Gulf & Chicago .••....•• . ........... Mobile Jackson & Kansas Oitf'. Hancock & Calumet . .•..........•.. Minera.l Ran~e. Hannibal & St. Joseph ...........•.. Chioago Burlington & QuiJ>cy. Harlem River & Portollester .....•. New York New Haven do Hartford. Hastings & Dakota ..•...•...•...•... Chicago Milwaukee & St. Paul. Hereford .......•.•......•........•... Maine Central. Hoboken Ferry ..•...•. ...•••..•...•. N. Y. &Hobok. Ferry(Misoel. Co's) Holly Manufacturing Co...... . •• • International Steam Pump Co. Hoosier Equipment .....••..••...•. Cincinnati Richmond & M11ncie. ffousatonio ..•.•••.....••.....••...••• NewYork New Haven & Hartford, Hudson Coal ..•....... . ...........•. Delaware & Hudson Co. Huntington & Big Sandy .•.•.•...••• Ohio River. Hutchinson & Southern ..••. . .....•• Atchison Topeka & Santa Fe. Hyde Park Gas . .•.••...•••..•..•.••. People's Gas L. & C. ( Misoel. Co's.) Imperial Rolling Stock . ......... Canadian Northern. Indiana Bloomingtou az: Western .. . Peoria & Eastern. Indianapolis Cin. & Lafayette ....... Cleveland Cin. Chlo. & St. Louis. Indianapolis Decatur & Western ... Cinclnnatilndianapolis&Western. Indianapolis & Louisville .....•..... Chicago Indianap. & Louisville. Indiana1>olis & St. Louis .......•..... Cleveland Cin. Chio. & St. Louis. Tnternational Navigation.- •..•.... International Meroanttle Marine. Iowa & Dakota .••.......•...•..•.... Chicago Milwaukee & St. Paul. Iowa Falls & Sioux City ..•.......... Dubuque & Sioux City. Iowa Minnesota & Northwestern .. Chicago & North Wastern. .Jackson Lansing & Saginaw ..•..••• Michigan Central. · Jefferson Clearfield Coal & Iron ..•. Ruffalo Rochester & Pittsburg. Jefferson Madison & Indianapolis .. Pittsburg Cincinnati Chio. & 8t. L. Johnson Co. of Pennsylvania ....•• United States Steel Corporation. Joliet & Chicago ...•.•...•••.....•... Chicago & Alton. Junction & Breakwater .•••..•...•.. Delaware Maryland & Virginia. Kalamazoo Allegan & Gr. Rapids .. Lake Shore & Michigan Southern. Kalamazoo & White Pigeon .....••. . Lake Shore & Michigan Southern. Kanawha & Hocking Coal & Coke.Hooking Valley. Kansas City Fort Scott & GUif ..••.. Kansas City Fort Scott & Memphis. Kansas City & Memphis Ry. Bridge.Kansas City Fort Scott & Memphis . Kansas City & Paoitio ...•••.•••..••. Missouri Kansas & Texas. Kansas City Pitts. & Gulf .•••...••• Kansas City & Southern. Kansas City St. J. & Co. Blu1fs ..••. Chioago Burlington & Quincy • Kansas City St. Louts & Chicago .••. Chicago & Alton. KaDl.~as City & Missouri. ••..••...•. Kansas City Ft. Scott & Memphl& Kansas Pacific ......•..••..••..••.... Uni<JD. Pacific. Kentucky Central. ..•...•..•••..••.•. Louisville & Nashville. Kentucky Distilleries & Warehouse. Distilling Co. of Amerio&. Knox & Lincoln ...•...•...•..••..••. Maine Central. Lake Erie & Detroit River .••. . ·-· .Pere Marquette. Lake Superior Consol. Iron Mines. Uniten st ..te'l Steel Corporation. Lamson Consol. Store Servtce ...••• American Pneumatic 8erv1oe. Leamington & St. Clair....••....•••. Canada Southern. Lehigh & New York ...•...•.•• ..••.. Lehigh Valley. Lehigh & Susquehanna. ..••••..•....• Lehigh Coal & NaVigation (MisoeL) Lehigh & Wilkesbarre Coal•.••..••. Centra.l RR of New Jersey. Leroy & Caney Valley....•••.•••..•• Missouri Paoliic. Lexington & Frankfort ...•••..••••. Louisville & Nashv'le (L, C. & Lex.) Leyland Line .....•.....••.•••. International Mercantile Marine. Lincoln &Northwesrern ...•.•..••••. Chicago Burlington & Quincy. Lincoln Park & Charlotte ..•••....•• Buffalo Rochester & Pittsburg. Lttchfl.el<1 & Madison..••..••..••.... Chicago Peoria & St. Lonie. Little Rock Bridge. . .••..•..•••. Choctaw Oklahoma & Gulf. LtttleRookJct.-LittleR.&Ft.SmithMissourtPacific. Long Dook Company ..•..••...••.••• Erie RR. Long Island City & Flushing ..••••.. Long Island. Louisiana & Missouri Rtver ..•••..•• Chioago & Alton. r -011isvtlle Cinotnnati & Lex:in~n .. Louisville & N~hvtlle, Louisville & Frankfort ....•..•.•..•. Louisville & Nashv.-L. C. & Lex. L•mievtlle & Nashville Terminal. .. Louisville & Nashville. Louisville New Albany & Chioago .. Chioago Indianapolis & LouisVille. Louisville New Orleans & Texas.... Illinois Central (Yazoo & M. v., Louisville Southern ...•••.•••••.•••. Bouthern Railway. Madison Gas & Electr:l:o .••..•• . •••. American Light & Traction. · Mahoning Coal •...•.......•.....•.••. Lake Shore & Michigan Bo. Syst,em. ManitobaSouthwest'n Colonization. Canadian Paoliio. Mankato & New Ulm ..•••••.••...•.. Chicago & North Western. Maricopa & Phrenix...••••.•..•...•. Marioopa& Phamix & ~alt Riv. Val. Marietta & North Geor,rta ...••• .••. Atlanta Knoxville & Northern. Marq11 stte & Bessemer Dock & Nav.Pere Marquette. Marquette Houghton & Ontonagon.Duluth South Shore & Atlantic. Massawtppi .••..••..•••.•••.•••.•••.. Conneotiout & Passumpsio. Maysville & Lexinllton .••..•••.•••.. Kentuoky Central.-Louis. & Na.eh. McKeesport & Belle Vernon. ..••... !1$&Youghiog1;ieny. Pi,.~~ /4('~ 1'ti.,r~ e ~, ,. ('~_.._'I:>"-· ~- 1 . ---.... .., ...._~ t~~m;. ?."< 6 536 NAM~.. WILL BE FOUND UNDER- Memphis & Oharleston .•••••.••...•. Southern Railway. MemphiR Equipment................ Kansas City Memphis & htrminir'm Merchants' Bridge ...•••..••••..••••• St. Louts Meroh'ts' Bridge '.rer. RR Menominee River ..•...••..••••.•••.. Chioag-o & North Western. Metropolitan Elevated .•.•.....•.... Manhattan Elevated. Mexican EaRtern .......••..••.••••. . Interooeanio of Mexico. Midland of New Jersey .•••.••..••... New York Susquehanna & Western Midland Terminal .....•......•..••. Denver & Southwestern. Milwaukee & Lake Winnebago ..•. Wisconsin Central. Milwaukee Lake Shore & Western .. Chioago & North Western. Milwaukee & Madison .••.••••••.••.. Chicago & North Western. Milwaukee & Northern .•••...•...•.. Chioago Milwaukee & St. Paul. Minneapolis &Duluth .••.••••...•... Northern Paoitlo. Minneapolis & Paoiflo ..•...•........ Mrnneap. St. P. & Sault Ste. Marie Minneap. SaultSte. Marie & Atl'tio.Minneap. St. P. & Sault Ste. Marie. Minneapolis Union, Minn. Western.Great Northern. Minnesota & Iowa........•.••....•.. Chioago & North Western. Minnesota & South Dakota .••..••.. Chioago & North Western. Mississll)pi River Bridge ..•..••...•. Chicago & Alton. Missoun Kansas & Eastern ....••.•• ..Missouri .Kansas & Texas. Missouri Kansas &\Oklahoma .••... Missouri Kansas &Texas. Missouri & Western ..••••••.••..•.•.. St. Louts&. Ban Francisco Mobile & Bay Shore ......•...••...•. .Mobile & Ohio. Monongahela. River RR .•......•••. Baltimore &Ohio. "Monon Route" .......•..•..•••.•.... Chicago Indianapolis & Louisville. Montana Central ..•......••..••...•.. Great Northern. Montauk Extension RR. ..•.••...... Lon~ Island Morris Canal .............•.....••.... Lehigh Valley. Mount Morris Electric L1ght...•.••• Conso1idated Gas of New York. Mt. Vernon WoodberryCot.Duok .• United States Cotton Duck. Mutual Fuel Gas ........•.•....•..••. People's Gas Light & Coke. Nantasket Beach RR ...•...••..••••• New York New Haven & Hartford Nashville Florence & Sheffield .••.. Louisville & Nashville. N ashvtlle & Knoxville .••••...•..••. Tennessee Central. National Cordage ...•..•••..••••..•.. Standard Rope & Twine. National Electric....•...•........... Philadelphia Electric. National Linseed Oil ..••...•••••.••. American Linseed. National Starch..••••.•.•..••.•...••. Corn Products. National 8teel. .......••..••••..••••. United Statf>s Ste"el Corporation. National Storage .•••••.•••.•.•...••. Lehtgh Valley. National Tube .••..•••.••..••.••••••• United States Steel Corporation. Nebraska .•...••.....•..••...••.••••.. Ch10aA'o Burlington & Quincy. New Amsterdam Gas ..••.•... . .••.. Consolidated Gas of New York. Newark Somerset & Straitsville .••. Baltimore & Ohio. New Brunswick ...........•.•..••.•• Canadian Pacific. Newburg & New York .•......••..••. Erie RR. New Haven & Derby •••.••..•••••... New York New Haven & Hartford. New Haven Steamboat .•••••••••••. New York New Haven & Hartford. New Jersey Midland .••...••...•.•••. New York Susquehanna & Western. New Jersey Southern .......••.•••••. Central of New Jersey. New Orleans Mobile & Texas .••.•••. Louis. & Nash. (N.O.&MobileDiv.) Newport & Riohford .......••.••••... Connectiout & Passumpsio. NewYork Bay Extension. .••••••••. Lon~ Island. New York Biscuit ..•....••••..••.•.. National Biscuit. New York & Brooklyn Ferry ..•.•.. Brooklyn Ferry (Miscall. Co's.). New York Elevated .....••..••.••••.. Manhattan Elevated. New York & Erie ........•..••..••.... Erie RR. N. Y. Gas Eleo. Lt. Heat &Power.. Consolldated Gas of New York. New York Glucose . . .•••...•••..•••. Corn Products. New York Lake Erie & Western .•.•. Erie RR. New York Mutual Gas ..•..••.••.. a.Consolidated Gas of New York. New York & New England .••..•••.. New England RR. .Ne..w York & Northern .•.•.•.•..•... New York & Putnam. New York Pennsylvania & Ohio .... Erie RR. New York Providence & Boston .••.. New York New Haven & Hartford. N. Y. & Queens Gas & Eleotrio .••.. N. Y & Queens Eleo. Lt. & Power. New York & Rockaway ...•..••••••.. Long lsland. New York & Wilkesbarre Coal.. .••. New York Su!!quehanna & West. Nodaway Valley ...•.•••••••.••..••• Chicago Burlington & Quincy. Norfolk & Carolina ..•..••..••.•••.. A tlantio Coast Line RR. Norfolk Terminal & Transportat'n.Chesapeake & Ohio. Northampton .••..•••....•....•. Lehigh & New England. Northeastern RR. of So. Carolina .. Atllantlo Coast Line RR. Northern Alabama .••..••.•••.•••... Southern Ry. Northern lllinois ...•••..•••..••..••.. Chioago & North Western. North Paoiflo coast. •.......••••..••. North Shore. North Shore .•......•..•..•..••.•••••. Canadian Paoiflo. North Wisoonsin .••.....•••.••.•••••. Chio. St. Paul Minn, & Omaha. Northern California ..•..•....•..••.. Southern Pacific RR. Northern Ry. of Costa Rica..•••.••. United Fru.tt (Misoel. Companies.) Northwestern Grand Trun.k .••...••. Grand Trunk Western. Northwestern Union. .•••.•••.•••.••. Ch1oago & North Western. Ocean Steamship .••......••..••..••. Central of Georgia Ry. Ogden Gas ..............•..•...•.•. People's Gas Llght & Coke. Ogdensburg & Lake Champlain .••. Rutland RR. J!1;~a:1 8fi<1«,e¥!~~aTC:W~t!~: :: :: ::: ::: : ~!;tern. Ohio & Little Kanawha ..••••.•••••. Baltimore & Ohio. Ohio River ..•.•....••••.•••••.••.•••. Baltimore & Ohio. Ohio Southern .......•..••.•••..••••• Detroit Southern. Ohio & West Virginia ..•...•.•••.•••. Hooking Valley. Omaha & Grant Smelting .••.•••••. American Smelting & Refining. Ontario & Quebec ......•..•••••..•••. Canadian Paoiflo. Oregon Improvement .••..••.••••... Paolfio Coast Co. (Misoel Comp'es.) Oregon ShortLine & Utah Northern.Oregon Short Line. Oswego & Rome ..................••. Rome Watertown & Ogdensburg. Ottumwa Cedar Falls & St.Paul.••. Chioago & North Western. Ozark Equipment . ....••...••..... Kansas C'ity Ft. Soott & Memphis. Pennsylvania Mfg. Light& Power.Philadelphia Eleotrio. PenMylvania & N. Y. Canal. .•..••. Lehigh Valley. Pennsylvania & Nor hwestern .••. . Cambria & Clearfield. Penobscot Shore Line..•.•••.••.•••.. Mame Central. Pensacola & Atlantio ...•••••••••••.. Louisville & Nashville. Peoria & Northwestern...... . . ••. Chicago & ~orth Western. Petersburg ..••••..••..••.••...••• Atlantic Coast Line RR. Phila. Germant'n & Chestnut Hill.Connecting Ry Philadelphia & Reading ..•...•..••• Reading Company. Phil. Reading & New England •••.. Central New England Railway. Pine Bluff & Western .••••.•••••••••. St. Louis Iron Mount. & Southern. Pittsburg Cleveland & Toledo .•••.. Baltimore & Ohio. Pittsburg & Connellsville...••••••••. Baltunore & Ohio. Pittsburg Junction . ..•••.•••••...... Baltimore & Ohio. Pittsburg N ewoastle & Lake Erie .. Baltimore & Ohio. Pittsburg Shenango & La.ke Erie... Pittsburg Bes11emer & Lake Erie. Pittsburg & Western ... . .••••...•. Baltimore & Ohio. Pleasant Hill & De Soto .••..••..••.. Kansas City Clinton & Springfield. Pleasant Valley Coal. .•••••••...... Denver & Rio Grande. Portland & Ogdensburg ..••.•••.•••. Maine Central. Portland & Roohester...•..••.•••••• Boston & Maine. Portland Saco & Portsmouth .•••••. Boston & Maine. Portsmouth Great Falls & Conway .Boston & Maine. Postal Telegraph Cable .•••••..•••.•. Commercial CEble. Pratt & Whitney .•••••••.•••.•.. Nlles·Bement·Pond Co Prescott & Eastern .....••••••••••. Banta Fe Preseott & Phrenu. Princeton & Northwestern .•••••••• Chioago & North Western. Raleigh &Augusta-Ral.&Gaston Seaboard Air Line. Ravenswood ~penoer & Glenville .. Ohio .Ktver. Republican Valley .••..••..•••.••.... Chicago Burlington & Quincy Richmond & Danville•...•.•••••.••.. Southern Railway. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis [VOL. LXXVIII. l DEX. NAM.I!; WILL BE FOUND UNDER- Richmond & PetPrsllurg ........... Atlantic Coast Line RR. Richmond York River & Cnes ....... Southern Railway. Rio Grande Western ..••..••••••••... Denver & Rio Grande. River Front .. . ..••..••.....•. Pennsylvania. Roanoke & Tar Rivn .....•••••..•.. Seaboard Air Llne Rochester & Pittsburg ............... Buffalo Rochester & Pittsbur~ Rochester & Pittsburg Coal & Iron . Buffalo Rochester & Pittsburg. Rutland•Canadian..........•........ Rutland. St. Charles Bridge ...•.•..•..••..••.. WabaRh. St. Joseph ~as . •......•••••.••..••.. American Light & Traction. St. Lawrence & Ottawa ....•...•...•. Canadian Paoitlc. St. Louis Alton & Terre Haute .••.. Illinois Central System. St. Louis Arkansas & Texas..••..••. St. Louis Southwestern. St. Louts Bridge & Tunnel........... Terminal Association of St. LouiB.. St. L. Cape Girardeau & Ft. Smith .. Southern Missouri & ArKansas. Peoria & St. Louis. St. Louis T.ron Mount'n & Southern.. Missouri Paciflo System. St. Louis Jacksonville & Chicago .••. Chicago & Alton. St. Louis Kansas City & Northern... Wabash. ~t. Louis Kansas & Southwestern Kansas Southwestern. St Louis Oklahoma & Southern .... St Louis & San Francisco. St. Louis Southern. .•.........••..••. Illinois Central System. St. Louis Wichita & Western ..•...•. St. Louts & San Francisco. "St . .Paul" ......•...•..•••••..••.•.••. Chicago Milwaukee & St. Paul. St. Paul & Duluth ..•..•••••••.•••••. Northern Paottio St. Paul Gaslight . . _. . .•...•... American Light & Traction. ~t t~: 2~u'ii~lffJfij;~ :a~aha::.wi~~::i. ~ti:~ ~~~~~~.~~~~~~.~::·.i~::i ~~:~:~: St. Paul & Sioux City bonds ..•...... Chio. St. Paul Minn. & Omaha. St. Paul Stillwater & T. F .......•... Chio. St. Paul Minn. & Omaha. Bandusky Mansfield & Newark ..••. Baltimore & Ohio. San Francisco & San Joaquin Val..Atohison Topeka & S'anta. Fe. ~aranao & Lake .l'lacid ..•. . .... Chateaugay & L1.ke Placid. Sault St. Marie & Southwestern...•. Chio. St. Paul Minneap. & Omaha.. SavaLn&h Florida & Western ..•••.. Atlantic Coe.Rt Line RR. Schenectady & Duanesburg .••..••. Dehware & Hudson. Schuylkill River East Side...•...••.. Baltlmore & Oh1o. Scioto Valley & New England ....••• Norfolk & Western. Seahoard & Roanoke ••••••••.••..••. Seaboard Air Line. Sea Coast . . . . . .•..••••••.•••••. Atlantic City. Seattle & Northern...... • •..••••..•. Paoifl.<' Coast (Misoel Companies. Sherman Denison & Dallas ..••...•. Missouri Kansas & Texas. Sherman Shreveport & Southern ... Missouri Kansas & Texas. Shore Line ...........••....••.•....•.. N. Y. New Haven & Hartford. Silver Sorings Ocala & Gulf ..•..... Atlantic Coast Line RR. Sioux City & Nor. and S. City & W. Great.Northern. Sioux City & Paoiflo .........•••..•. Chioago & North Western. 8mithtown & Port Jetferson..•••.••. Long Island. Sodus Bay & Southern •.•••.•.••..••. Elmira & Lake Ontario. South Carolina & Geor~ia •.••..•.... Southern Ry., Carolina Division. South Platte Canal & Reservoir .... DenverUnion Water. Southeastern & St. Louts .• ..•.•••••. Louisville & Nashville. Southern Iowa, .....•...••.••.••. Chioa~o & North Western. Southern Minnesota ................. Chicago Milwaukee & St. Paul. Southern Paoiflo Branch ....•..•..•.. Southern Paoiflo of California. eouthwestern Ark. & Indian Ter... Arkansas Southwestern. Spartanburg Union & Columbia .... Southern Ry., Carolina Divisien.. t-1pir1ts Distributing ..•...•..••.••••• Distilling Co. of America. Snokane Falls & Nortbern .••••••••• Great Northern. Sprin~field Union Depot...... . • • . . Olen land Cin. Chio. & St. Louts. Rtandard Distilling & Distributing .Distillin~ Co. of America. Standard Gas .......•••••.••••..••... Consolidated Gas . Steubenville & Indiana .••..••..••••• Pittsburg Cin. Chio. & si. Louts. Stillwater & St Paul ....••.••..••••. Northern Pacific. Stockton & Copperopolis ...••••••.•. ,Southern Paoiflo of Ualifornia. Sturgis Goshen & St. Louie ..••.•.••. Lake Shore & Michigan Southem. Sugar Trust ...•.•..•.••..•.••.••••••. American Sugar Retinin~. Sumter & Wateree .••.•••..•••••.•• . Southern Ry., Carolina Division. Sunbury & Erie...•.••...•••..•••••••. Philadelphia & Erie. Sunbury Hazleton & Wilkesbarre .. Pennsylvania. Sunbury & Lewistown ••••••..•••••. Pennsylvania. Superior Short Line ...•...•..••..••. Chioago St. Paul Minn. & Omaha. Taylor's Falls & LakeSupertor .••.. Northern Pacific. Tarkio Vallay .....•....•...•..•••.... Chioago Burlington & Quincy. Terre Haute & Southeastern ..•..... Evansville & Indianapolis. Texas Mexioan .•.•••..••.•..••.•..•. Mexioan National. Texas & Oklahoma .....••..••... Mh!souri Kansas & Texas. Toledo St. Louis & Kansa11 City ..••. Toledo St. Louis & Western. Toronto Grey & Bruce ..•...•..••.•. Canadian Paoiflo. Troy & Boston .....•.•........•.•••. Fitchburg. Tunnel Railroad of St. Louis .•••••. Terminal Ass'n of St. Louis. Tyrone & Clearfield ..•.••..•••.•.••. Cambria & Clearfield. Union ..........•...•...•..•••..••.••. Northern Central. Union Pacific Denver & Guif ••••... Colorado & Southern. Union & Logansport ....•.......•... Pittsburg Cinoin. Chicago & Bt. L. Union Tobacco ......•••••••••....•.. Am.eriean Tobacco. Untted Eleo. Lt. & Power of N. Y .. Consolil1ated Gas. United States Cordage ........••.... Standard Rope & Twine(Miso.Co'1.). United States Sugar Refinery..•.••• National Starch. Upper Coos ..••••...•••.•••.••...••••. Maine Central. Utah Central...•..•••••..••••••••.••• Denver & Rio Grande. Utah Fuel ...•.•••••••••.•••.•.••.... Denver & Rio Grande. Utah Nev. & Cal ..•••..•..••...•..••. Oregon Short Line. Utah & Northern .••...•••.••.•••.... Oregon Short Line. Utah & Pacific....•...••..••..••..••. Oregon Short Line. Utica & Black River .••••••..•••.•••. Rome Watertown & Ogdensburg. Valley Ry. of Ohio .•••..••.••..•.••. Cleveland Terminal & Valley. Verdigris Val. Independ'oe & West .. Missouri Pacitto. Vicksburg & Meridian ......•.••.••.. Alabama & Vicksburg. Virginia & Southwestern Ry •••.•.. Virginia Iron Coal & Coke. Waco &Northwestern ................ Houston & Texas Central Ra.llway. Walker Co .....••...••••••••••.•••.•• . West'ghouseEl.& Man.(Miso.Co'a.). Ware River .......•....•••••..•...•••. Boston & Albany. Warwick Valley .••..•.•.•••..••.•••.• Lehigh & Hudson River. Wai-hlnflton County ..••......••..••. Maine Central. Washington Ohio & Western .•••.••. Southern Ry. Wellm~ton Grey & Bruce .•••••..•.. Canadian Pacific. Wear. Chester .•.....••..••..••.•••••. Pennsylvaria. We11tern & Atlantic ..••.•••.•••..••. Nashville Chattanooga & St. Louts. Western Equipment.••••••••••••••• Pere Marquette. Western Minnesota ...•••.•••••.•.... Northern Pacific. Western North Carolina ..••....•.•.. Southern Railway. Western Pennsylvania .••..••••••••. Pennsylvii.nia. West Jersey ........•.......••••••.••. West Jersey & Seashore. West Virginia & Pittsburg•.•.•..••. Baltimore & Ohio. West Wisconsin .....•..•.••••.•••••.. Chio. St. Paul Minneap.& OmahL Wilkesbarre & Eastern •••••••••...•. N. Y. Susquehanna & Western. Willmar & Sioux Falls ..••••.••...•. Great Northern. Wilmington Columbia & Augusta... Atlantio Coast Line RR. Wilen &Weldon-Wilm &Newbern.Atlantic Coast Line RR. Winona & St. Peter ..•..••.•••..•••.. Chicago & North W~tern. Wisconsin _\: Minnesota ..•...•..••... Wisconsin Central Companf. Wisconsin l\finnesota & Paoiflo ..•... Minneapolis & St. Louts. Wb,oonsin Valley ........•..••...•.... Chicago Milwaukee & St Paul.. Worthington, Henry R. Co ...••.•• . International Steam Pwnp Co. York & Peach Bottom •••••••.•••••. Maryland & Pennsylvania. Zanesville & Ohio Rtver •••••••••••• Ohio & Little Kanawha. --W-. T. STEPHENS & Co .. BANKERS, 2 WALL STREET, NEW YORK. Investment Bonds. 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