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United States Stock* A List of American Sute Stocks (to Jan., 1174) Municipal or Town Debts Loans of the City of New York . Boston City 5 per Cent. Sterling Loan for £Soo,ooo Do. do., i90*« £403,000 Do. do., iS93t £1,000,000 St. Louis City 6 per Cent. Bonds . Canada — City of Quebec 6 per Cent. Sterling Consolidated Fund Loan Do. do., 1873 City of Ottawa 6 per Cent. Sterling Loan for £101,720 Do. do. £iso,ooo City of Toronto 6 per Cent. Sterling Lo^n Financial Statement furnished to the Municipality of Toronto City of Montreal 5 per Cent. Sterling Loan for iS50o,ooo Railways — Atlantic and St. Lawrence . Atlantic and Great Western . Baltimore and Ohio Baltimore and Potomac (Main Line) Boston and Albany Chicago and Alton Cairo and Vincennes Central Pacific Erie .... Gilman, Clinton, and Springfield Illinois Central Illinois and St. Louis Bridge . International Bridge (Grand Trunk) Louisville and Nashville Memphis and Ohio Michigan Central . Milwaukee and St. Paul New York Central Pennsylvania Central Philadelphia and Erie Philadelphia and Reading Union Pacific Indianopolis, Bloomington, and West Railway Railway Bonds Gold and Currency Railway Bonds Railroads Bonds Report of Sales at New York Stock Exchange during Decem ber> 1873 FAOli t I 9 II IS »5 >S »5 3« 18 18 «9 >9 10 »3 *4 3< 37 39 44 45 46 '48 S* 64 «5 71 7* 73 74 7« «3 84 86 S7 88 97 lox 107 113 IXt i»7 17538 BELLAIRS ON AMERICAN AND CANADIAN SECURITIES i AN ANALYSIS FOR THE USE OF ENGLISH INVESTORS. w w There is little doubt that the years 1874-5 ^ill witness some new form of mania for the British Investing Public ; and it is in the belief that more attention will be directed to the securities of America, that this small work has been compiled. English railways have been carried to such a high price that little over four per cent., all round, is yielded to the investor; and public confidence has been so much shaken by the recent repudiation, or admitted inability to pay dividends by such states as Honduras, San Domingo, Spain, &c., that it is doubtful if any but the best form of Foreign Bonds will attract our money. Doubdess many persons who have lived for years past upon the enormous interest paid for loans by such countries as Turkey and Egypt, will still put theiir savings into risky securities ; but the la: e fall in value of their holdings must soon tell, and less interest with less danger will be sought for. Several books on the subject of American Bonds and Stocks have been already written ; but none, I believe, are of much use unless to those who thoroughly understand the nature of such securities, and who, consequently, merely have occasion to watch the incomes and expenditure of their respec- tive stocks, as the English investor watches our own railway receipts when published from week to week. It should be remembered by those who look for investments, that whilst in England our Government stocks yield but some 3^ per cent, per Annum, those of the United States yield nearly 6 per cent. ; and this shows almost more than any- thing else the difference obtaining in the two countries as regards the value of money. Money is, of course, a commodity regulated by the laws of supply and demand ; and whilst there are at this moment millions waiting for mortgages upon land at even 4 per cent, here, almost double that rate would be given upon equally good security in New York, and perhaps quadruple in San Francisco, or towns of equal importance. In fact, so great is the demand for cash in the Far West that undeniable security is often offered, even in San Francisco itself, which yields 30 per cent, per annum. This being the case, it of course follows that there must be many judicious investments to be found which, whilst absolutely safe, will give a far greater interest than can be expected here, where money is so abundant ; and although some few American States have, it is true, failed to fulfil their obligations, most of such defaults have happened only to w \'\ ns, to America herself, and the losses consequently fallen upon the Americans themselves. Much caution should, of course, be exercised by the would-be lender; but, generally speaking, our London - American houses are of too high standing for us to doubt that a few words with any of them will suffice to show what is good and what is not. In all cases, however, an investment should only follow careful investigation. Any American knows how to discriminate between bond fide stocks and the reverse, in the same way that an Englishman knows the difiference between our London and North Western and North British stocks. Many lines, such as Erie and Atlantic and Great Western, are in the hands of speculative cliques, and, of course, are consequently of little use for investments, although dividends may be paid regularly. In the following pages will be found only a limited number of securities, but nearly all are be- lieved to be perfectly sound. In the case of the two lines quoted above, viz. Erie and Atlantic, a brief statement is given, for although for years past the stocks of these two lines have been a vehicle for gambling here and elsewhere, some people imagine that under the new management both may aspire to the high rank they originally held as sound dividend-paying securities. Erie is one of the main arteries of the railway system from New York, embracing nearly 1,000 miles of rail, and must, they say, with proper care some day or other pay large dividends. Whether that period is at hand, time can only show. The " Times" of 4th February, 1874, says : " United States' Railroads. — The whole railroad mileage in the United States is 71,564 miles, with second track and sidings of 13,512 miles, making the total equivalent of single track 85,076 miles. The total number of locomotives is 14,223 ; of passenger train cars, including baggage, express, and smoking cars, 13,725 ; of freight train cars, of all sorts, 338,427. The total capital stock amounts to $2,072,251,954, or about $28,956 per mile ; the total floating and funded debt $1,999,741,597, or $27,957 per mile ; and the total cost of railroads and equip- ment, $3,728,416,958, or about $52,099 per mile. The total gross traffic of railroads for the latest year yet obtainable was $478,885,597, and the total net receipts over and above operating expense were $174,350,913. These earnings are based on 54,454 miles of road, that being the total for which earnings have been reported; and hence the net income of railroads applicable to the payment of interest and dividends amounted to about $3,201 per mile on the 54,454 miles operated." " Poor's Manual," speaking of American railways, says : " It is to be borne in mind that the motive for building railroads in this country is often not so much the direct income to be derived from them as the incidental advantages they secure. " The Pennsylvania Railway, one of our largest and most prosperous enterprises, was undertaken as a means of increasing the trade of Philadelphia, and could not have been constructed without the :he so as ;st en lia, he aid furnished by that city in its corporate capacity. A railroad is now regarded as a necessary high- way for every community, and its construction is to be secured, if it cannot be otherwise, in the same manner as ordinary highways. To this end the State of New York has authorised nearly all its cities and towns to subscribe to the stock of railways. " In the West, land grants have been another power- ful motive to the construction of these works. Many of those that have been constructed for the reasons stated are among the most productive, although for a time the ratio of income to cost is very small, and shows most unfavourably in contrast with those of the Eastern States or of foreign countries. " As will be seen, the earnings from the transporta- tion of freight the past year (1873) were nearly three fourths of the gross amount. The ratio of freight to passenger earnings is constantly increasing — a most favourable feature, as it indicates a very rapid development of the industries of the country. The total number of tons transported the past year will probably exceed 200,000,000 tons. The tonnage for the New England States exceeded 16,633,800 tons, or 3,660 tons to the mile. The tonnage in the middle States equalled 93,400,000, or 8,041 tons per mile. The tonnage for both groups equalled 110,033,800 tons, or 6,790 to the mile. The immense tonnage for the middle States is due largely to the anthracite coal-trade of Pennsylvania," &c. &c. &c. ft-^-' t^'4- m V/ith regard to the future increase of receipts, it is probable that they will double themselves within the next ten years; that is to say, that in 1881 their receipts will reach $1,000,000,000. The total mile- age of the railroads in the United States has more than doubled since 1863. It is fair to presume that the ratio of increase in receipts has been one half greater than in mileage. The earnings, therefore, for 1S63 may be fairly estimated at $190,000,000 against $472,241,055 for 1872, showing an increase of $280,000,000 in ten years, or $28,000,000 annu- ally. An extraordinary impulse has been given to the construction of railroads in New York for the past few years, by the provision of law allowing municipal corporations to subscribe to their capital stock. In comparing the railroads of America with those of Great Britain, Poor shows that for 1871 the state- ment was as follows : Cost per mUe. Earning* per mile. Percentage of earnings to cost. Per cent, of net cost. Earnings per head of population. Miles in U. S. 57i333 „ Gt. Britain 15,376 fSS."6 178,720 • 8,256 15,900 $15 00 849 I5 20 465 f" 76 7 70 This work is necessarily incomplete, but, should the public receive it with favour, a second and greatly improved edition will be issued ; and the compiler solicits his readers to kindly notify any errors, or offer suggestions for improvement, assuring them that their hints shall have his careful attention. ^' f \ ^ t He would also express his wannest acknowledg- ments to those well-known authorities — "Poor's Manual/' the " Financial Register," the " Investor's Manual," &c., &c., of whose information he has frequently availed himself. Some few securities herein quoted are not offered upon the London markets, but these can be easily purchased through any one dealing with America. Coupons can always be sold, after payment is notified here for cash, and dividends at once collected for a small commission. Perfection is not claimed for this work ; but the information is presented in a readable form, and has , been selected from various sources, unattainable to the ordinary public. 5, Crown Court, Old Broad Street, E.C. > 8 i M M M M -^ U^ t#> t^QO 000000000000000000 000000000000000000 mmOmmmmmmOOQOv th 00 ONOO t^ ^"4 NN e e c ^ 5: 5f >^ X >» CO u o H CO CO M H < H CO Q H ! 9 > 9 C r-&^-3 "as 5, 888888888888888888 O O Q O ro «O00 **^ *^ fl "-Too" ci" rf 5p -rf M »o 0\ *o O *" ■^ rToo n fi d" VO 1^"^ "^ O >-> N t-i i-i N CO £} S. Q O ^ w O ONO 00 u^ CO t/% r>, »>. *ooo ■^ On vr>\o ■^ "1 m o bC 0\ Tf rf oo" OO" tC •M* «*ioo OnVO t^ -^ «o m N ^O^O^O^OVO^O^OVOVO*') u^xo c o c 4> c o c »o -3 c o o ►2 ^ ^^ » „oooooooooooo M s" c^-i'i'^ 2S hi 1^ i t-H *n o «4-l c o o o (fl busC c a « rt (4 fli S o o ^ en c 00 o c „ e 8 O (A o o o o 00 eg « f^ S ,*K 5 u^ M Pm-) Ui O Pki CO c Pm Q 88 00 VO m M «<^ to N «-» ir% 1-4 N rn ?J (5 VO ir» IM ^4 •^ c« N «» fO •* txN. 00 00 l-« ^4 f ^* 3 3 C C c« rt 73 a> « 13 Q 2i o.S Hc/3 w A List of American State Stocks {to Jan., 1874.) 8 o M CO to N V^ l> «• l> » tf Tenneuee, Old New Total Debt .... Virginia, Old New Registered Old „ 1866 1867 J Consol. Bonds , Deferred Bonds., Total Debt Georgia 6's „ 7's New Bonds .. „ 7's Endorsed „ 7's Gold Bonds . „ Total Debt North Carolina 6's Old Funding Act, 1866 1868 New Bonds . Special Tax „ Total Debt South Carolina 6's... „ Jan. and July „ April and Oct, ,, Total Debt Missouri 6's „ Hannibal and St Jo. issue ,, Total Debt Ix>uisiana 6's New Bonds New Float. Debt Levee Bonds Amount. 1. 1 California Penitentiary Total'bebt 1875 Connecticut, Total Debt Rhode Island Alabama . Total Debt... Montgomery and Eu^la R. R. Ala. and Chatta- nooga R. R. .., Total Debt, Jan 1st, 1873 1 10,800,000 00 11,000,00000 20.966,383 00 17,091,00000 20,000,000 00 10,000,000 00 47,091,000 00 988,00000 4,700,500 00 3,158,40000 2,598,000 00 11,444,90000 8,378,200 00 2,417,00000 1,721,00000 4,365,000 00 11,407,00000 28,772,00000 6,454,000 00 5,541,000 00 15.85j.327 00 14,886,000 00 3,ooo,coo 00 17,866,00000 3,270,000 00 2,900,000 00 3,000,000 00 4,000,000 00 1,000,000 00 3,000,000 00 500,00000 750,000 00 26,518,00000 1,983,000 00 1.329.500 00 5. 769. 300 00 1,019,000 00 1,619,000 00 2,638,000 00 3,290,80000 2,376,000 00 300,00000 2,000,000 00 23,853,000 00 Int. 6 6 6 6 6 7 7 7 "e 6 6 6 6 6 6 6 Divers 6 6 8 8 7 I 6 6 Payable. I s 8 Jan., July Jan., July Various If Quarterly Various Jan., July April, Oct. Various Jan., July Various Due. Jan., July Various .. May, Nov. .. .. Various May, Nov. Mar., Sept. Various Jan., July .. .. Various Mar., Sept. Various May, Nov. Jan., July Various Various 1901 Various » 1890 Various 1900 1898 Various Various Various 1873-1887 Various .. 1910 1907 1886 1875 1899 1910 1877 1880-1884 1881-1894 1882 1893-1894 1872-1886 1886-1892 1889 1889 lO A List of American State Stocks — continued. It Arkansas Levee Bonds .... Little Rock & Ft S. issue Memphis & Little Rock • • Little Rock P. B. and N. O Miss, and O. and R. River...... Arkansas Cen.R.R. Total Debt Texas lo's of 1876 Ohio, 1875 1881 1886 Total Debt Kentucky , „ Total Debt..., Illinois, 1877 1879 War Loan Total Debt Michigan 1878 Total Debt » New York Reg. Bounty Ix>an Coupon „ Canal Loan, 1874' 1875 1877 1878 1874 187s 1876 J II »$ *> '•I •> •• »i >• II II •I » It II Total Debt Amount. 2,850,C 3|l8S,C 2,850,000 00 ,00000 900,00000 i,aoo^ooooo 1,200,000 00 600,00000 1,050,000 00 9,885,000 00 357,000 00 1,600,000 00 4,095,000 00 2,400,000 00 8,059,309 00 281,000 00 2,720,70000 971,884 00 348,00000 416,800 00 2,133,62400 1,617,00000 463,00000 2,159,00000 21,121,00000 11,396,68000 36,574,206 00 Int. 6 7 7 7 7 7 7 10 6 6 6 6 6 6 6 7 Payabte. Jan., July II II April, Oct. II tt II If 11 If II II Mar., Sept. Jan., July II II II II Various Jan., July II If Jan., July May, N( ov. Various Various Due. 1899 1900 1900 1899 1900 1900 1900 i'876 1875 1881 1887 1895 i'877 1879 1881 i873-i'883 1890 1877 Various There are several other State Debts in addition to the above list (which is taken from that of Messrs. Thos. Denny & Co., of New York) ; but they are seldom dealt in from various causes, and are not therefore quoted here. II MUNICIPAL OR TOWN DEBTS. (3 The list of those given here will be found very limited ; almost all of them, indeed, have been brought out :n London. The security generally is of the same description as that given by our Metropolitan 3^ per cent Board of Works Stock, which is quoted at about ;^96, being virtually a mortgage of all real property in each specified area. Corporations having, of course, sufficient powers to increase or diminish taxation at will, and so holding a general mortgage of the properties by whomsoever owned, necessarily give about as good security as can be imagined. This is proved by the quotations these stocks command in the different markets. Local loans cannot often be found, being usually taken up in the district 1 13 Loan of the City op New York, For 15,000,000 Dollars Six per cent. Bonds, interest payable in gold, and redeemable at par in gold the I St July, 1901 ; was issued by Messrs. Rothschild in January, 1872, at the price of $92^, and is da^y dealt in here at (now) about $100 per cent The prospectus states that the issue of these Bonds is authorised by the Legislature of the State of New York, according to and by virtue of the Acts, Chapter 290, passed April 5th, 1871 ; Chapters 322 and 323, passed April 6th, 1871 ; and Chapter 574, passed April i8th, 1 871, for the creation of public funds of the following denominations and amounts, VIZ. : — Dollar*. Consolidated Stocks of the City of New York for 4,252,500 Consolidated Stocks of the County of New York ... „ 8,885,500 Consolidated Dock Bonds of the City of New York ... „ i ,000,000 Consolidated Park Bonds of the City of New York... „ 862,000 15,000,000 « The above-mentioned Bonds are identical in security, and are all issued by authority of, and in accordance with, the enactments of the Legislature of New York, and have all the same lien upon the public and private property, real and personal, of the City and citizens of New York, as stated in the following extract from a statement of the authorities of that city : — " The entire real estate of the City, estimated to be worth more than 200,000,000 dols., is pledged for the payment of this Loan, and the real and personal property of every individual citizen, estimated by the Commissioners of Taxes and Assessments to be worth more than 1,067,000,000 dols., is also liable for this Loan." In the official statement, dated the 21st December, 187 1, of the Comptroller of the City of New York, the Hon. Andrew H. Green, the total ascertained debt and claims against the City are declared to be 94.533.867 dols. These figures have been confirmed by the more recent report of the Commissioner, the Hon. David A. Wells. The Bonds are to bearer in sums of 1,000 dols. and 500 dols. each, with Coupons payable half- yearly on the 1st January and ist July each year, at the office of the Comptroller, in the City of New York, in gold coin, and at the office of Messrs. N. M. Rothschild & Sons, London, at the fixed ex- change of 49 pence per dollar, making the Coupon in London for 1,000 dols. Bond j^6 2s. 6d., and for 500 dols. Bonds ^3 is. 3d. The Coupons will likewise be made payable in Paris with Messrs. de Rothschild Brothers, in Frankfort-on-the- Maine with Messrs. M. A. de Rothschild & Sons, and in Berlin with the direction of the Disconto Gesellschaft, at the approximate rate of exchange of the day for the £ sterling. The Bonds to bearer may be exchanged at the option of the holder for registered Certificates at the office of the Comptroller in New York. 14 The first Coupon or Dividend was payable 1st July, 1872. The Bonds being all the same security, though of different denominations, will be delivered indis- criminately. 15 of is- BosTON City 5 per cent. Sterling Loan FOR ;^8oo,ooo, Was issued here by Messrs. Barings at 87, and is quoted here at about £g^ @ 94. Coupons are payable at the house of the contractors, January and July. The drawing, 1% accumulative, by purchase. Boston City 5 per cent. Sterling Loan, 1902, FOR ^'400,000, Issued by Messrs. Barings at 91^. Coupons due I St April and ist October. Quotation, — 31st December, 1873, ;^90 — 92. Boston City 5 per cent. Sterling Loan, 1893, FOR /" 1, 000,000, Issued by Barings. The prospectus states that the Bonds bear interest from the 17th April, 1873, at the rate of 5 per cent, per annum, payable by half-yearly dividend warrants on the I St April and ist October of each year. The Bonds are in amounts of ;^5oo and ;^ioo ; the principal is to be reimbursed on the ist April, 1893, and both principal and interest are domici- liated at the counting-house of Messrs. Baring Brothers and Co., without any deduction for taxa- tion in the United States. This Loan is issued under authority of an Act of i6 the Government of the City of Boston, for the pur- pose of improving the streets in that part of the City which was destroyed by the recent great fire ; and the value of the property in that district will be materially enhanced by the contemplated improve- ments. The sinking-fund is derived from an annual tax of 3 per cent, on the amount of the Loan, and the betterments of the estates benefited, and is invested in Boston by the " Board of Commissioners on the Sinking-funds." >i n 1871 3S.504.334 The exports for the same period were — 1 OQw ••• ••• ••• ■•• 1 0/O ••• ••• «•• »•• 1 87 1 (inducing Rouse's Point) $16,749,210 19.027.153 24.133.519 The return for the year 1872, it is believed, will exhibit a large increase in both imports and exports. 36 The great increase in its prosperity is shown by the following returns of its aggregate trade in the quinquennial periods from the year 1850 : — 1850 185s i860 1865 1870 $8,919,552 14.283.424 21.500.168 25.204.632 50.040.017 The population of the City proper is 117,000 And of the contiguous suburbs, which practically form a part of it, but are not yet liable to taxation ... 23,000 Total population about ... 140,000 Under the terms of the Acts incorporating the City, the Interest and Sinking Fund on its debt are the first charge on its revenue, and you will per- ceive, by the 9th Section of the Act i6th Victoria, c. 26, that creditors have unusual facilities for the immediate collection, through the Sheriff (an officer wholly unconnected with the City), of their debts, The object of the present Loan being to enlaig*^ the water works, provide the necessary funds for the acquisition of a park, and other public purposes, it is fully anticipated that it will be largely repro- ductive. The revenues from the water works will be increased, while it is confidently expected that the portion of the park land which the Corporation reserve for building lots will yield a Idrge return on the outlay. We are, Geritlemen, Vour obedient Servants^ (Signed) A. BERNAiiD, chairman, Findncie CoMtiiittii, James F. D. Black, City Treasurer. London ; iZth yanuary, 1873. 3< Saint Louis City 6 per cent. Bonds, of jC^oo Sterling, or $ 1,000 Gold each. Redeemable 1893. Interest payable ist May and 1st November; first Coupon payable ist May, 1874. Issued 27th January, 1874, by Messrs. J. S. Morgan & Co. The prospectus states : — "The Bonds are to bearer for ;i'200 or $1,000 each, with Interest Coupons attached. The prin- cipal of the Bonds will be repaid in 1893 at par in sterling, in London at the counting-house of Messrs. J. S. Morgan & Co., or in gold in New York, at the option of the holders. The Interest Coupons are also payable at the option of the holders, either in London, New York, or Frankfort. Both interest and principal of the Bonds afe free of all United States taxes. " The Bonds (of which a Copy is annexed) are issued Under authority of an Act of the Legislature appfoved 4th March, 1870, arid of an Ordinance of the City of St. Louis 27th September, 1873. " The City of Saint Louis is the fourth in magni- tude in the United States, and has now a population of about 450,000, having ihcreased nearly threefold since i860. It is the controlling centre of the trade of the Mississippi Valley, with navigable water 3» communication of more than 1 5,000 miles, and one half of the river tonnage of the United States is owned and registered there. " The Bonded Debt of the City at the opening of the present fiscal year was $14,323,000. It holds property in water works, public parks, &c., of the estimated value of $13,000,000. The City Charter provides for the creation of a fund from various sources, which is to form a perpetual and irrevocable sinking fund, applicable only to the payment of the City debt, and the law provides that it shall be kept separate from the City funds. This Sinking Fund now stands at $805,744 92. " These Bonds are issued to replace Bonds paid off, and consequently will not increase the Bonded Debt of the City, as above stated. The service of the Bonded Debt requires about $860,000 annually, whilst the total annual revenue in fiscal year 1872-3 reached $3,194,000. "It will be seen by the following certificate that by the laws of Missouri the private estates, real and personal, of the citizens of St. Louis are liable to be levied on, for the debts of .the City, in case of default. The value of such property at the date of the last assessment was estimated to exceed $300,000,000. " City Counselor's Office, St. Louis ; ^^ December 1$, \%7Z' " Under the laws of the State of Missouri, in case of judgment against any city or town in said State upon any of their obligations, if there be a failure to obtain payment thereof upon process against such city or town, then the Court rendering such judgment is empowered to enforce its collection by compulsory tax therefor upon all PRIVATK ESTATES, real and personal, within such city or town ; to be levied, collected, and paid under the order and process of such Court. " Kd. p. McCarty. Cify Counselor" " Mayor's Office, St. Louis ; ^* December 15, 1873. " I, Joseph Brown, Mayor of the City of St. Louis, hereby certify that Ed. P. McCarty, who has signed the above-written opinion, is the legally appointed and consti- tuted City Counselor of the City of St. Louis. "Joseph BKOvf^, Mayor.'* [copy bond referred to in ANNiTXBD PROSPECTUS.] No. UNITED STATES OF AMERICA. No. CITY OF SAINT LOUIS. STATE OF MISSOURI. $1000 City of Saint Louis. jC200. Know all Men by these Presents, That The City of Saint Louis acknowledges itself indebted, h;ld and firmly bound unto Samuel Pepper, Comptroller of said City, or Bearer, in the sum of One Thousand Dollars United States Gold Coin or Two Hundred Pounds British Sterling, which sum the said City of Saint Louis promises to pay at the option of the Holder at the National Bank of Commerce in New York One Thousand Dollars United States Gold Coin, or at the Office of J. S. Morgan & Co., London, England, Two Hund-^i Pounds British Sterling, Twenty Years after the date of these p' esents together with interest thereon from the date hereof at the rate of Six per Cent, per annum, which interest shall be payable semi j..nually as specified in the Coupons hereto attached : Thirty Dollars in United States Gold Coin at the National Bank of Commerce in New York, or Six Pounds British Sterling at the Office of J. S. Morgan & Co. in London, England, or One Hundred and Twenty Reichsmarks in Frankfort-on-the-Main, 34 Gennany, at the option of the Holder, upon presentation and sur- render of the Coupons hereto severally subjoined until the payment in full of said principal sum. This bond being issued under and pursuant to Section i, Article 3, of an Act of the Legislature entitled "An Act to revise the Charter of the City of Saint Louis and to extend the limits thereof," approved March 4, 1870, and ordinance of the City of Saint Louis numbered Eighty-six hundred and fifty-four, approved Septembc vj, 1873. In testimony whereof and in pursuance of the said Ordinance No. 8,654, the Mayor of said City hereto sets his hand and causes the corporate seal of said City to be hereto affixed, and the Comptroller and Treasurer of said City to sign the same this first day of Novem- ber, 1873. [Principal and Interest payabh f^'ee of all United St(Ues taxes.] Treasurer. Mayor. Attest. City Register. Comptroller. S30 COUPON. £6. The City of Saint Louis will pay to the bearer, as he may elect, in New York at the National Bank of Commerce, Thirty Dollars in United States Gold Coin, in London, England, at the office of J. S. Morgan & Co., Six Pounds British Sterl- ing, or in Frankfott*on*the-Maun, Germany, One Hundred and Twenty Reichsmarks,on the First day of t8 , being Six iponths* interest on Bond ^Oi Treasurer. CERTIFICATE OF KfiGISTRATION. t, Geo. Bi Clark, State Auditor of the State of Missouri, do hereby certify that all the conditions of the laws i4,38i,725, annual interest at 7 per cent $1,006,720 75. Second General Mortgage Bonds, dated December i6th, 1871. Coupons due ist September and ist March, 1902 12,000,000 00 Issued, $8,705,000, annual interest at 7 per cent. $609,350. $30,000,000 00 Bonds on which the payment of in- terest is contingent on earnings during the year. Third General Mortgage Bonds, dated December i6th, 1871. Couponi due ist November and ist May, 1903 ... $29,000,000 00 Summary i $59,000,000 00 General Mortgage Bonds $59,000,000 00 Shares 50,000,000 00 $109,000,000 00 Owing to incompleteness of accounts of trustees, and non-settlement of receivers, it is not possible to give any accurate statement of cost of road and equipment. The cost of construction and equip- ment up to December 31st, 1867, was $58,8 12,853 59* (See " Poor.") i 39 Baltimore and Ohio Railroad Company, Opened to Point of Rocks, 1832 ; Harper's Ferry, 1834; Cumberland, 1842; Wheeling, January, 1853. Lines leased to this railroad : Winchester and Potomac; Winchester and Strasburg; Parkersburg Branch ; Washington County ; Washington Branch. In all, over 1000 miles. Capital. 6% Mort^T'ige 1895...... £800,000 6% „ 1902 2,000,000 Ordinary Stock 8 1 3. T $ 1,923, or £2,630,392. Coupons payable semi annually in London. Dividends paid on ordinary stock from 1865 to 1872, 8 per cent, per annum. In 1873, 10%. Quotations on London Stock Exchange, ist Jan- uary, 1874 : — 6% 189s ,,£99 ® £101 6% 1902 99^® 100^ Since compilation of above a further issue has been made by Messrs. J. S. Morgan & Co. of ;^2,ooo,ooo sterling 6 per cent. Bonds of £200 each, redeemable 1910. Interest payable ist May and ist November. The Bonds will have a special coupon for three I i 40 months' interest, from ist February to ist May, 1874. The principal of the Bonds is redeemable at par on the ist May, 19 10, and both principal and interest are payable at the counting-house of Messrs. J. S. Morgan and Co. The interest is free from all United States taxes. These Bonds are secured by a mortgage of the railroad of the Baltimore and Ohio Railroad Com- pany from Baltimore to Wheeling (379 miles), and its branch railroad from Washington City to Point of Rocks (42 miles), with all their appurtenances and equipments, including their extensive warehouses, elevators, piers, and docks at their Marine Terminus, Locust Point, Baltimore, and their second, third, and fourth tracts now built, and any that may hereafter be constructed. An accumulative sinking fund of ;^i8,ocx> per annum will be applied half-yearly, in the months of November and May, to buying up the Bonds at the market price if not above par, otherwise the amount will be invested in securities for account of the sinking fund, which can only be applied in the re- demption of the Bonds. This Company stands prominent amongst the railroad corporations of the United States. The exceptionally conservative policy of its management, in applying a portion of its large surplus earnings to the erection of permanent .structures, additional tracks, &c., to meet the constantly increasing business of the road, has resulted (as appears by the annexed letter from J. W, Garrett, Esq., the President of the I 41 Company) in the expenditure on capital account of no less a sum than $29,034,403 out of the net revenue of the Company — ^a sum very little less than the entire amount of its bonded debt, including the pre- sent issue. The President's letter also states that the proceeds of this Loan, with its other resources, will supply the means required for the completion of all the works in which the Baltimore and Ohio Railroad Company is engaged, London ; 15/A January, 1874. Messrs. J. S. Morgan and Co., London, Gentlemen, — I beg to submit the following facts in reference to the Baltimore and Ohio Railroad Company, its traffic, finances, and connections : — The receipts of the road and branches for the year $ ended 30th September, 1873, were I5>695,54i The receipts for the year ended 30th September, 1872, were 13,626,677 V Increase 2,068,864 The Company has (in addition to the reduction of its Sterling Bonds debt by the action of its sinking funds) heretofore paid from its earnings $5,280,769 of Mortgage Bonds which were issued for the con- struction of its line. Of this sum $2,714,103 repre- sents payments in advance on account of loans which will mature in 1875, 1880, 1885, and 189c. The annual appropriations for the sinking funds for the sterling loans of the Company are ;^5 8,000, which, with the interest accruing from accumulations, '''1 i 42 provides for the payment prior to maturity of the whole of those Loans : — The entire mortgage indebtedness of the Com- $ pany (including the present Loan for £2,000,000) the currency and steling is ... 39,502,032 The surplus fund of the Company, 30th Septem- ber, 1873, was 29,034,403 After liquidation of the mortgage of 1875, for $863,250, which will be paid on the ist January next, the existing surplus fund will exceed the whole amount of the mortgage indebtedness. This surplus fund represents capital derived from net earnings, invested in its various branch and con- necting roads, and in the great improvements that have been continuously constructed on the main stem, and is not represented by either stock or Bonds. The surplus fund, after payment by the Company of cash dividends on its stock of 9 per cent, for the fiscal year of 1872, showed a gain for that year of $2,995,537, and after the payment of cash dividends of 10 per cent for the year ended 30th September, 1873, showed a gain of $2,882,134. During the past four years the Company has ex* pended for additional plant, structures, kiad needed facilities for its largely increased business, and the construction of the Metropolitan Branch Road, and of the great bridges over the Ohio River at Benwood and Parkersburg, connecting its main stem with its central Ohio division, and its Parkersburg Branch with the Marietta and Cincinnati Road respectively, $15,434,214, a large amount of which has been invested during the past year. 43 The capital consists of $13,143,300 common, and of $3,567,900 preferred stock, on the latter of which the dividends are limited to 6 per cent, per annum. The market price of the common stock is $158 per share, being 58 per cent, above its par value. The Company is engaged in constructing an ex- tension of its line from Centreton, on its Lake Eric division, in Ohio, through Ohio, Indiana, and Illinois, to Chicago, 269 miles, by which it will secure a superior and independent line entirely under its own control, from Washington City and Baltimore to Chicago, embracing a distance from Baltimore to Chicago of 795 miles. Sixty-three miles of this ex- tension have already been opened for traffic, and the line is being built for cash, without the disposal of either stock or Bonds thereof. The work is being rapidly prosecuted, and it is expected that the entire line will be completed and in operation within twelve months. The proceeds of this Loan, with its other resources, will supply the means required for the completion of all the works in which the Baltimore and Ohio Railway Company is engaged. I am, with great respect, your obedient Servant, (Signed) John W. Garrett, President. 11 44 Baltimore and Potomac (Main Line), (In progress.) Statement of Funded Debt — ist Mortgage Main Line Sinking Fund, Coupons 6% ...$3,000,000 ist » Tunnel n •• I|5<)P|000 Quotations on London Stock Exchange, 31st December, 1873 — ist Mortgage 6%, 191 1 ••• ••• 1st ... $90® $92 •<• .,, 9' ® 94 „ Tunnel Introduced by Messrs. Speyer Bros. & Co. Coupons due in London, January and July. 45 Boston and Albany Railroad Company. Incorporated 1832. Length of line, 250 miles. Capital issued. 7 per cent Currency Bonds Dollars Albany Bonds Stock • • • • •« «■• ••• •■• ••• $1,500,000 692,500 129,000 19,664,100 Dividends paid on ordinary Capital Stock — 186:, 8% ; 1863, 9% ; 1864 to 1872, 10%. 46 Chicago and Alton Railroad. lit Mortgagj Preference Sinking Fund ... $256,000 lit I, 7^ ••• ••• ••• ••• 2^^00fiOO Other Mortgage indebtedneii 4,377,400 Ordinary Stock 8,939,900 $15,863,300 Dividends paid on ordinary Stock— 1M3, 3i% ) 1864, 6% { 1865, m I 1866 to 1873, 10%. Quotation on New York Stock Exchange^ De« eember 3i8t, 1873, 100 ® lost i\ 47 Cairo and Vincennes Railroad Company. (Recently opened.) Total length of Line, 207 miles. 1st Mortgage 7% gold Bonds, 1909 Capital Stock ... ... ••> .1. ••. S3,5oo>ooo $7,500,000 Issued by Messrs. J. S. Morgan & Co. ® S/f Quotation on London Stock Exchange, 31st December, i875^For Bonds, 60 ® 62« 4ft Central Pacific Railroad. (San Francisco to Ogden, Utah, and Branches.) This line is the consolidation {1870) of the Cen- tral Pacific Railway of California, Western Pacific, San Francisco, Oakland, and Alameda Company, San Joaquin Valley Company, and California and Oregon Companies. The bonded debt outstanding, and the interest thereon for 1872, were as follows, viz. — Amount of Bonds. Rate of Interest Amount of Inteieit in Gold. Central Pacific, first mortgage „ „ 7 per cent, of 1883 . „ „ land grant bonds... Western Pacific, first mortage California and Oregon, first m'ge ... Cent. Pac, first m'ge on Cal. and Oreg. branch, since consol. ... Cen. Pac, first mortgage on San Joaquin Valley Branch San Francisco, Oakland, and Ala- meda, issued prior to consol. ... $25,883,000 1,483,000 9,153,000 2,735,000 6,000,000 750,000 6,080,000 500,000 6 I 6 6 6 6 8 $1,552,98000 103,81000 549,18000 164,10000 360,00000 22,50000 364,80000 40,00000 $52,584,000 $3,157,37000 Financial Statement.- — The following table shows the fiscal condition of the Company as of December 1st, 1872 : — The amount of authorised capital stock is ... ... $100,000,000 00 In shatcs of $100 each. The amount of capital stock subscribed is 59,644,000 00 The amount of capital stock issued is 54,275,50000 TotsU cost of road and branches, including equipment 135,346,964 68 49 (Cost of road from Red Bluffs to Redding, on Cali- fornia and Oregon branch, not yet adjusted and not included in above figures.) The Government of the United States, by Act of Congress approved July ist, 1862, and other Acts amendatory thereof, granted to the Central Pacific Railroad Company of California, and other companies, certain subsioies of bonds and lands " to aid in the construction of a railroad and telegraph line from the Missouri River to the Pacific Ocean, and to secure to the Government the use of the same for postal, military, and other purposes." The subsidies to the Central Pacific Railroad Company (including the Western Pacific) were as follows : — Bonds of the United States. — Payable thirty years from date, bearing interest at 6 per cent, per annum, payable semi-annually in any lawful money of the United States, to the amount of $i6,oc.o per mile for the line west of the Sierra Nevada Moun- tains, $48,000 for 150 miles over said mountains, and $32,000 per mile for its line east of said moun- tains to the point of junction with the Union Pacific Railroad, to be issued as each section of twenty miles was completed. By section 10 of the Act of 1864, the lien of these bonds was made subordinate to the lien of the first .mortgage bonds. The whole amount is as follows : — • Issued to C. P. R. R. Co. of Cal., 011 main line from Ogden to Sacramento $25,885,120 Issued to W. P. P. R. Co. from Sacramento to S. Jos 1,970,560 Total $27,855,680 4 •50 One half of the compensation for services rendered to the Government is paid in cash, and the other half is applied in reduction of this indebtedness. Lands. — Every alternate section of public land designated by odd numbers, to the amount of ten alternate sections per mile, on each side of said rail- road, on the line thereof, and within the limit of twenty miles on each side of said railroad, not sold, reserved, or otherwise disposed of by the United States, and to which a pre-emption or homestead claim may not have attached; the company being entitled to patents for the lands as each section of twenty miles of the road was constructed. The U. S. Government also, by Act of Congress approved July 25th, 1866, granted to the California and Oregon Railroad Company every alternate section of public land, not mineral, designated by odd numbers, to the amount of twenty alternate sections per mile, ten on each side of its said road on the line thereof ; and when any of said sections are found to have been granted, reserved, &c., other odd-numbered sections of land to be selected in lieu thereof, under direction of the Secretary of the Interior. Total number of acres of land granted, upward of thirteen millions (i3,ooo,cx)o). The location and character of these lands differ so much,iit is difficult to estimate their value. They are subject to mortgage of $io,ocx),c>oo. The ist Mortgage Bonds (6%) 1896 of this rail- way are dealt in both here and in New York. 51 The quotation 31st December, 1873, here was £^1 @ jC^9' The I St Mortgage Gold Bonds (6%) California and Oregon section, issued here by Messrs. Speyer Bros, at £i'j^i per $1,000, were quoted on London Stock Exchange, 31st December, 1873, ;^85 @ £<^. 52 Erie. Chartered 24/^ April, 1832. Opened from Pier- mont to Goshen 1841 ; to Middletown 1843 ; to Port y.rvis 1848; to Binghamton 1848 ; to Elmira 1849; to Corning 1850; to Lake Erie 1851. Length of lines owned, leased, or operated by the Company, 1,032 miles. Double track 348 miles. Sidings 157*5. Total length of track 1537*5. Gauge 6 feet, and on 64*5 miles by extra rail 4 feet 8^ inches. Rail 64 to 70 miles. Probably no railway in the world has been sub- jected to such fluctuations and diverse fortunes, nor has anything tended to throw such discredit on American railways with the British public, as the Erie Railway. For many years the ordinary stock stood at over par, and paid large annual dividends ; then, during the notorious Jay Gould administration, it fell to under $20, — up again, on the Bischoffshein era, to $60, — and has since fluctuated from $30 to $40. The stock has been for years past, both in our own markets and that of New York, a veritable shuttlecock ; and many a fortune has been made, or lost, through operations in its shares within the last thirty months. Whether President Watson's san- guine expectations will be realised, time^ only can 53 show ; meanwhile opinions on the " bull or bear " tack are about evenly balanced, and any fall in price one day is quickly surmounted by a rise the next For a full summary of accounts, read " Poor's Manual," though the following extract from a recent statement of President Watson will show pretty well what the present administration propose ; — " Statement " Showing distances on Erie Railway and estimated cost of necessary improvements and extension of the road and of its equipment. Miles. Single track. 846 164 46 New York to Buffalo, 423 miles, or . Hornellsville to Salamanca, 82 miles, or Salamanca to Dunkirk Third track, Jersey City to Port Jervis, for light passenger traffic to be laid with steel top rail, taken from present track . Total . . Total single rail . 2,112 miles steel rail, 60 pounds per yard (equal to 47,143 tons per mile), equals 99,566 tons, which, at $120 per ton, equals $1 1,947,920. Less the value of 1,421 miles iron rail, 70 pounds per yard ; 78, 1 5 $ tons at $55 per ton, equals . 4,298,525 Laying track, spike, ties, and stone ballast on 1,056 miles . . . 88 1,144 2,288 $7,649,395 3,210,240 54 Widening roadway, ties, and laying down 88 miles, third track ; Jersey City to Port Jervis ..... Additional sidings at various points along line ..... Grading and masonry Iron bridges . . . ' . New shops, grain elevators, dep6ts, engine- houses, and improvements of stations 400 new locomotives @ $12,500 10,000 new freight cars @ $750 Changing 11,000 cars from broad to narrow gauge @, $100 each Extending road to Scranton coal-field, in- cluding purchase of coal-rights, contracts, &c., so as to secure for transportation 1,000,000 tons annually . Completing Hudson and Newark Railway, and dep6ts and lands for same, or branch Purchasing Car Company's interest in cars now in use under contract , Total . . . Amount of common stock, preferred stock, amount of funded debt, and amount of rentals funded . . . $ 2,061,000 2,000,000 3,000,000 1,200,000 2,000,000 5,000,000 7,500,000 1,100,000 Amount of annual interest @ 7 per cent. 3,000,000 1,000,000 1,000,000 39.720,635 145,000,000 184,720,635 12,930444 "The road, completed and equipped as pro- posed, within five years would earn at the very least $40,000,000 per year, of which 35 per cent, would be net. " But the earnings would probably far exceed forty millions, and the net receipts might reach $16,000,000 or $18,000,000 per year before the five years roll round. " From this it is plain that, notwithstanding the 55 recklessness and prodigality with which, for so many years, her resources have been squandered, a great and prosperous future is still possible to Erie, if she can command the large sum of money required pro- perly to develop her great estate yet remaining, and can be administered under a comprehensive policy, with systematic economy, integrity, and fair business ability. " The necessary funds being secured, such are the natural and acquired and readily attainable advan- tages of her position as a great channel of commerce, that it will become a comparatively easy task to render Erie as prosperous and profitable as any rail- way in America." The present Board of Directors comprises some of the best and most honorable names amongst the mercantile community of the United States. Annexed list shows the different description of stocks dealt in here, with quotations on 31st Decem- ber, 1873 : PI Quotations ] Dividends paid London Stock - per annum. Exchange, 31 Dec, 1873. i. Ordinary Stock' $78,000,000 J i872,$3)4 1 1873, 2 ) $42ji 43 7 per cent, preferred 8,536,000 7 65;^ 66;^ 1st M'ge 7%, redeemable 1897 3,000,000 7 2 „ „ 1879 4,000,000 7 3 n » 1883 6,000,000 7 4 „ „ 1880 4441,000 7 5 if » 1888 926,500 7 Sterling Debentures 6% issued at 75 1875 1,000,000 6 94 96 ' Consolidated Mortgage 1,289,200 to absorb other m'ges 192c 7 93 95 Consol. convertible Gold 1903 ct ft Bonds issued at 82 ... 10,000,000 82 84 ! i 56 Note (from " Investor's Monthly Manual," Decem- ber, 1873). — "This line runs north-west from New York 415 miles to Salamanca, and thence to Dunkirk on Lake Erie 46 miles. There are besides 400 miles of branches. This is the highway towards Chicago and St. Louis. This Company paid no dividends from 1865 tb 1872, the operations of the late "Erie clique" having well-nigh ruined a once valuable property. That disgraceful body increased the ordinary capital from $16,500,000 to $78,000,000 in about two years. Under the new management the payment of small dividends has been resumed. More capital is required." Officers: Board of Directors (May ist, 1873), Peter H. Watson; John A. Dix ; S. D. Babcock ; £. D. Morgan ; J. J. Cisco ; W. B. Duncan ; J. J. Johnson ; W. R. Travers ; S. L. M. Barlow ; and C. Day. New York : H. Ramsdell ; J. V. L. Pr. Albany : A. S. Diven ; H. L. Lansing ; F. Schuchardt, New York ; and W. H. Shippen, New Jersey. Executive Council : P. H. Watson ; A. S. Diven ; £. D. Morgan ; W. B. Duncan ; S. L. Barlow. The following letter of President Watson ap- peared in the London papers of 9th March, 1874 : " To the Bond and Share Holders of the Erie Railway Company. "Gentlemen, — The Erie Company was organised in the year 1833 — more than forty years ago. Its administra- tions have frequently been changed, but the company has never failed, under any administration, to pay the interest on its bonded debt, which is now ;^7,983,428; while its gross revenue has increased t0;^4,002,52i — that is to say, the debt is less than two years' gross income. 57 ** Business Resources. " The resources of the Erie Railway Company may be summarised as follows : " 1st In the aade of an industrious and growing; local population, yielding a progressive traffic and revenue. " 2nd. In being one of the principal channels of com- merce between New York and the Western States. When the Erie Railway reached Lake Erie it made the fourth trunk line, since which there has been no increase in the number, while the population of the West and its produc- tions have increased many fold, and more than 20,000 miles of railway, with numerous steamers and sailing vessels on the rivers and lakes, have been constructed to accommodate traffic, and bring it to the trunk lines. Last year the Erie Company was compelled to refuse large amounts of tonnage for want of sufficient transportation capacity, which it is now proposed to supply. "3rd. In the vast coalfields of the districts through which the road runs, containing coal of high quality and easily mined — a source of large and permanent traffic. "4th. The company owns the capital stock of sundry coal and mineral railway companies, part of which was reclaimed from the late administration. These companies are the proprietors of nearly 40,000 acres of anthracite and bituminous coal lands, mostly held in fee, and which, after being carefully tested, are estimated to contain not less than from 600,000,000 to 1,000,000,000 tons of available marketable coal, and about the same quantity of iron ore. These interests are considered to be intrinsically worth more than enough to cover the entire debt of the company. Within four years the out -put of coal is expected to reach 4,000,000 tons a year, and thereafter steadily to increase. The profit on that quantity would be 58 lufficient to pay the Interest on the present funded debt of the company. " 5th. The company owns landed properties at various points on and near the line of its road, available for storage and other purposes useful and profitable to the company, " Comparative Business. ** The business and capacity of the Erie Railway in its present imperfect condition contrasts favourably with that of the principal English railways, as appears from the following comparative statistics, compiled from the Farlia- liamentary Returns of English Railways for 1873, and the Annual Report of the Erie Company for the year com- mencing 30th September, 1872, viz. : Length in Miles. Great Eastern 759 , Great Northern 578 , Great Western 1,402 Lancashire and Yorkshire 446 London and North- Western ... 1,539 London and South- Western ... 648 Midland 1,024 North-Eastern 1,337 , Erie *8i3 Erie, at the present market prices of its its capital would only be Annual Gro»B Total Ca< Earnings per pital per Mifc. Mile. • £3i244 £36,792 • 4,424 36,543 • 3,555 34,363 • 7,202 54,381 • 5,276 39,413 . 3,187 27,974 41,548 33,461 30,616 18,000 5,014 4,065 4,923 shares and bonds, "This tabular statement demonstrates that the Erie Railway only requires its track to be doubled throughout, and to be supplied with the necessary equipment and facilities for economical working to enable it at once to take high rank among the most productive railways of this country and America. • This is exclusive of 146 miles of leased branches, which are incomplete, and little worked as yet. 59 " Proposed Application of New Capital. "In the year 1874 there should be expended approxU mately about the following sums, viz, : For land where alignment is to be changed, and for additional stations £55,000 For excavation and masonry 135,000 For new iron bridges 100,000 For mineral railways and interests 610,000 For steel rails 700,000 For new rolling stock, and narrowing gauge of old 52!,ooo For narrowing gauge of track, including cross-tics, track laying, and ballasting 200,000 For grain elevators, warehouses, and docks 200,000 For steamboat service on the lakes, in addition to the com* pany's present fleet of seventeen steamers 75i00o £2,590,000 "This expenditure will effect a great improvement of the alignment, and a reduction of gradients from 45 feet to about 16 feet per mile on long sections of the road, will complete the doubling of the track, increase the rolling stock, give to the line greater capacity for transportation, and render it less expensive to work and maintain. " Indebtedness. "According to the last annual report the bonded debt of the company, on the 30th September, 1873 (stated in the order of priority of lien), was as follows : Loan payable 1887 £497,000 „ „ 1879 434,800 • „ , 1883 970,400 „ „ 1880 587,400 , „ 1888 141,900 „ Consolidated issued „ 1920 2,415,200 „ Buffalo Branch and Long Dock . . „ various dates 42,234 „ Sterling 6 per cent. „ 1875 887,494 „ Convertibles ... „ 1903 1,600,000 £7,583,428 To this is to be added the balance of convertible bonds 400,000 Total bonded debt £7,983,428 1:' I 6o " The floating debt is nearly constant, and about two- thirds of it docs not bear interest. It consists of monthly accounts, bills payable, and call-loans, and on 30th Sep- tember, 1873, amounted to £$42,821. " Share Capital The par or nominal value of the shares of this company, both common and preferred, is >Sioo, equal to ;C20 sterling each. The whole issue of common shares is 780,000 of the aggregate par value of £15,600,000 And the whole value of preferred shares l« 85,369 „ „ „ 1,707,380 Total number of common and pre- fcrrse shares 865,460 „ „ „ £17,307,380 t " Exceptional Expenditure in 1873 and 1874. "The net earnings of 1873 were subject to some charges arising from the transition state of the affairs of the com- pany ; they will either not recur again, or else be greatly reduced in amount, as will more clearly appear by the following comparative statement, viz. : 1873. 1874. Loss in operating Pavonia Ferry £8,402 In 1874 the ferry, as improved by new steamer and docks, will be a source of revenue. Rents of leased lines and sundry other properties... 178,667 by discontinuance and purchase these rents will be reduced in 1874 to £92,133 Rents to car companies 106,709 This item will probably be reduced to 25,000 Taxes on sundry properties not within the line of railway 9,252 These properties of 1874 will be a source of revenue. Rebuilding New Jersey freight and passenger and x Pavonia depots 16,040 This expenditure will not have to be repeated in 1874. Miscellaneous payments, including £53,952 interest 60,570 This item will be reduced in 1874 by nearly the ■* whole amount of the interest, and will not exceed 7, 500 £380,340 £124,633 6i "The diminution of expenditure in 1874 under these heads may therefore be estimated at j6 2 $5,707. In other respects also the proportional expenses of working will be much diminished in 1874. ** Revenue for 1873. The gross earnings of the year ending 30th September, 1873, were £4,002,521 The working expenses proper of the year, in- eluding repairs and renewals, were £2,728,128 The exceptional expenditures above stated 380,340 Interest on the bonded debt 506,388 £3»f 1,856 Leaving as surplus earnings for the year £387,665 From which deduct dividends paid 3i?iS87 And there remains a balance to carry over of £73,778 ^* Estimated Revenue for 1874. " The gross earnings for 1874, it may safely be assumed, will not be less than they were in 1873, while it is almost certain that they will be more ; but, taking them as the same, the account will stand as follows, viz. : The gross earnings £4,002,521 The working expenses proper of the year, in- cluding repairs and renewals as the road is now improved, will not exceed £2,798,128 The exceptional expenditures above stated will be 124,633 Interest on loans previously issued, and on the new loan of £2,000,000 for six months 6/1,388 3,492,149 Leaving as surplus earnings for the year £510,372 This surplus is sufficient to pay a dividend of 7 per cent, on the preference shares and 2 per cent, on the common shares, and leave a balance to carry over of. 73,856 I 111 62 ''Assess. The assets of the company, including per- manent way, rolling stock, telegraph lines, workshops, station grounds, warehouses, and wharves, and the bonds and shares of other railways and of steamboat companies, on the 30th day of September, 1873, amounted in sterling (reckoning five dol- lars to the pound, as is done throughout this statement in converting dollars into sterling, or vice versa), to the sum of. £27,496,289 This does not include : 1st. Lands and right of way given to the com- pany, nor large amounts of earnings ex- pended from time to time, during nearly forty years, on construction, which has never been charged to capital account, and for which a low estimate would be 3,000,000 and. The value of its interest in Mineral Railway and Coal Companies' properties, comprising, among other things, 40,000 acres of coal and iron lands (much of this land was bought from small holders at a # less price, but its value to the Erie Railway as now aggregated can be fairly estimated at £100 per acre, the pfice at which the Philadelphia and Reading Railway Com- pany recently estimated their coal landS) which contain about the same quantity of coal per acre,) amounts to 4,000,000 3rd. Numerous smaller properties of an ag- gregate value, not less than ..> 1,000,000 Total assets being more than four times the amount of the pi^esent bonded debt ..4 -_.«-. £35496,281 ^' Estimaied Results firont New Capital, , "the proposed expenditure of new capital in 1874, and in 1875, will so improve the road and develop its resoui^ces> that its gross earningsj now £4,ooo,oooj will be increased in 1877 to not less than i 6,090,000 63 From the annual reports of the Baltimore and Ohio, the Pennsylvania, and the New York Central Railways, it appears that their working expenses average about 60 per cent, of their gross earnings, leaving as net earn- ings 40 per cent. The Erie Railway, when completed, will be worked at as low a rate as the other railways ; it will have cheap fuel, easy grades, and be the shortest line from Lake Erie to New York, with an immense tonnage of local traffic in coal and other commodities. The increased business and improved facili- ties, with steel rails, more substantial equipment, and easier gradients, will re- duce the working expenses to a rate not exceeding 62 per cent, of the gross earn- ings, or 3,720,000 Making the net earnings £2,280,000 Interest on entire debt, including new loans for I874 and 1875 954>388 Leaving a surplus to pay dividends on shares of £1,325,612 On £1,707,380 Preferred Stock, at 7 per cent. 1 19,516 On £15,600,000 Common Stock at 7 per cent. 1,092,000 i,2ii,5t6 And a balance to carry over of « £114,096 " But the increase of net revenue cannot stop here ; it must be progressive, and by the end of five years yield a dividend on the common shares of at least 8 per cent, after providing an ample reserve for repairs and renewal of both road and rolling stock. " Commending these statements to your consideration^ I am, very respectfully, " f . H. Watson, "President. " EAik O^^icfc, 12) Cbptliall Cburt, Lbhdonj E.C^ MARCH 2nd, 1874.'' 64 Oilman, Clinton, and Springfield Railway. Opened September, 1 8 7 1 . Length of road, includ- ing sidings, 1 16 miles. Net earnings for ten months ending June, 1872, $33,525- Capital Stock $2,000,000 I St Mortgage 7% Bonds 2,000,000 Total ... • • • •• • ■ 4,000,000 The ist Mortgage 7% were issued by Messrs. Morton, Rose, and Co., on nth January, 1872. Coupons, due March and September. Quotation on London Stock Exchange, 31st December, 1873, 81 ©83. . ^ #". ■ .- 1 » * J > % ■V'V 65 Illinois Central. Incorporated 1850. Length of all roads, second track and sidings, 126377. "A contract entered into with the Mississippi Central, and New Orleans, Jackson, and Great Northern Railways, which are operated under one ma'iagement, ratified at the shareholders' meeting in May last, provides for the extension of the former railway to Cairo, and mutual interchange of traffic with this road, on satisfactory terms. In considera- tion of the performance of the contract by those Com- panies, this Company is to invest annually one eighth of its earnings from traffic to and from these lines in the consolidated mortgage bonds of each railway, if they can be purchased at not exceeding par, in currency, the minimum amount of bonds of each road so to be purchased being fixed at $100,000 annually for ten years. , , *' Land Department " An Act of Congress approved September 20th, 1850, granted to the State of Illinois six sections of land per mile of road in aid of the construction of a railroad from Cairo to Chicago and Dunleith^ This grant was transferred by the State to the Illinois Central Company, in consideration of which, and in lieu of all other taxes, the Company agreed to pay to 5 il 66 the State an amount equal to 7 per cent of the gross earnings from freight and passengers moved over their lines. The extent of the land-grant was about 2,595iOOO acres. Of this amount 2,000,000 acres were set apart for construction, 250,000 acres to pay interest on bonds, and 345,000 acres were left free from incumbrance." S*atemmt of Lands sold and unsold up to the \st January, 1873. Toul. Sold. On hand. Construction lands Free lands Interest lands 2,000,000 345,000 250,000 i,67i,92r59 339,076-47 239,633'9S 328,078-41 5.923*53 10,366-05 Total (acres) 2,595,000 2,250,632-01 344.367*99 After the fire in Chicago, in which the land^ofifice was destroyed, the office was removed to Centralia* Of the 344,367*99 acres unsold, 239,532*57 acres are situated south of the Ohio and Mississippi Railroad. So far the average rate per acre sold ha^l been J for construction lands, $1039 ; for free lands, $1 1 94^ and for interest lands, $7 90. Capital. Ordinary Stock in $100 shares 7% Construction Bonds I, ,» 6% Redemption 6% Steding Redemption Bonds $25,280,510 3,062,500 332,000 2,500,000 2,500,000 67 Dividends upon the ordinary Shares, and the highest and lowest prices of the ordinary Shares and the 7% Construction Bonds, from 1865 to 1873 : — < Dividends Ordiaary Shares. 7 % Construction Bonds. Yean. percent. Highest. Lowest. Highest Lowest 1865 10 90^ 49X 73 65>i 1866 10 82 73X 75 64 1867 10 90'A 72 80 70 1868 10 95 84 84^ 73li 1869 10 100J4 92 S7/2 25 1870 10 118^ 95 92 85 1871 10 114;^ 106 93 84J^ 1872 10 114 96 92 76 1873 In 1873 the Coupons were paid in currency. London Agents, Messrs. R. Benson & Co. Extract from London Papers^ dated Feb. loth, 1874. "The annual report of the Illinois Central Railway for 1873 has been issued. The net earnings amounted to $2,503,891, which shows an increase of $427,784 over 1872. The net revenue from other sources, including the Iowa lines, amounted to $329,851, and the total net revenue to $2,860,742. " Further issue by Morton, Rose, & Co., on loth February, 1874, of ";^1,cxk),000 5 per cent. sterling sinking fund Bonds of the Illinois Central Railroad Company, of ;^20o each. " Payable 1st April, 1903, if not previously redeemed by 68 the action of the Sinking Fund. Interest and principal payable in London. Interest payable 1st April and ist October in each year, at the counting-house of Messrs. Morton, Rose, & Co. The first Coupon payable October 1st, 1874. Redeemable in London by a Sinking Fund of at least 2 per cent, per annum — viz. i per cent, by drawings at par, and i per cent, by purchases by tender in London, at not exceeding par. The first drawing will take place in August next, and the Bonds drawn will be paid at par in London on the 1st October following; the first purchase will be in March, 1875. Price of issue, 84 'per cent, or £168 per £ 200 Bond. " These Bonds were issued under the provisions of an Act of the Legislature of the State of Illinois, dated February 12th, 1855, entitled 'An Act to enable Railroad Companies to enter into operative contracts, and to borrow money.' "This loan was raised for the purchase of an equal amount of New Orleans, Jackson, and Great Northern Railroad, and Mississippi Central Railroad, 7 per cent. Bonds, by which means the Illinois Company will gain 2 per cent, annually, thereby providing a Sinking Fund sufficient to redeem the whole of this issue in about twenty- six years. The Bonds of the above railroads so purchased are to be held by the Illinois Company as security for the payment of this loan. "•The Illinois Company covenant to apply the whole of the interest received from the Southern Bonds, after providing for the interest on the present issue, to the Sinking Fund, thus making it accumulative. The surplus beyond the sum required for the Interest and the Sinking Fund above pro- vided will be applied to purchases or drawings, at the option of the Company, the numbers of the Bonds so pur- chased or drawn will be advertised, and the Bonds cancelled. "The arrangements with the above-named Companies afford the Illinois Company direct through communication 69 between Chio^o and New Orleans, which, it is expected, will add lai|;ely to its traffic. Through trains are now running over a distance of 1,650 miles. "The net receipts from the local traffic only on the Southern lines, according to the returns for 1871 and 1872 (before the connection was made) showed even then more than sufficient to pay the interest on their Bonds. The Illinois Company covenant that this Issue shall be included in any further mortgage which hereafter may be created, and that such mortgage shall be made secure no more than $i5,cxx>,ooo, which sum shall include all prior liens on the mortgaged property, and without preference. "The following is an extract from the last published Report of the Illinois Company, for the year 1872, showing its position : — " ' During this period ' {last ten years) " dividends have , regularly been paid amounting, in the aggregate, to $22,582,407'07, and the debt has been reduced to the amount of $8,390,500. Of the debt outstand- ing* $3>390>500 of the Construction Bonds, and $2,500,000 of the Redemption Bonds, will become payable April ist, 1875. You have set apart a Trust or Sinking Fund of $2,761,500, which, with its interest, will nearly provide for the Construc- tion Bonds, leaving $2,500,000 Redemption Bonds to be provided for. The residue of the debt will then consist of $2,500,000 of Bonds, payable 1890.* ' The entire cost of the property has been $34,061, 196*56. It is now represented by a Share Capital of $25,500,000, and a debt, which, after deducting the existing Sinking Fund, leaves $5,629,000, making the aggregate $2,932, 19656 less than the actual cost of the whole.' '' Marf^ 2ofh, iSjy "John Newell, <' President,'' - '• ■«»■'»•» ■> «J»y*^' 70 " Since the above report new Shares were authorized to be created, to the extent of $5,100,000. The net earnings for 1873 are stated to be $2,530,891. The revenue from other sources is stated at $329,851, making the Total In- come for the year $2,860,742." horized to t earnings enue from< Total In- 7» Illinois and St. Louis Bridge. I St mortgage 7 per cent. Bonds, issued by Messrs. J. S. Morgan & Co., for /8oo,ooo. Quotation on London Stock Exchange, 31st Pecember, 1873, £gS @ ;^ioo. 7a International Bridge (Grand Trunk). 6% Mortgage Bonds for ^205,000, issued at 93^. Coupons due January and July. Quotation on London Stock Exchange, 31st December, 1873, £^00 @ ;f 102. Ditto, ditto, Six per cent. Preference, Issued at 91^. Quotation on London [Stock Exchange, 31st December, 1873, ;^ioo @ ;^io2. \. 73 Ji Louisville and Nashville Railroad Company. Incorporated 1856. 6% Sterling Bonds, issued by Baring Brothers for ^500,000, redeemable 1902. Quotation on London Stock Exchange, 31st December, 1873 : £90 @ ;^92. i'i . f J . . i,' .'* 74 Memphis and Ohio Railroad. Opened i860. Owned and operated by the Louis- ville and Nashville Railroad Company. Line of Road. — Paris (247 miles south-west of Louisville) Tenn., to Memphis, Tenn., 130*3 miles, Sidings and other tracks, 1 1 '88 miles ; gauge 5 feet. Rail, 56 lbs. to yard. The Memphis and Ohio Railroad Company hav« ing failed to pay the interest on the bonds of the State of Tennessee, due ist July 1867, the Louis* ville and Nashville Railroad Company took a lease of the property, under cond«>«'^ns : To pay the interest on the State Bonds then past due; to assume all debts incurred in the recon- struction and operation of the road, and to reimburse themselves from the future earnings of the road, any surplus accruing to be paid over to the lessors. This lease was in operation from ist September, 1867, to the close of the fiscal year 1870-71, when the lessees obtained full possession, by purchase, of a majority of the stock ; and the issue of ist mortgage 7 per cent, gold bonds to the extent of ;^ 700,000, or $3,500,000 — a sum sufficient to reim- burse themselves for all advances and other outlays. The cost of the road, to the Louisville and Nash- ville Railroad Company, was $3,162,667,81. 75 Rolling Stock. — Locomotive engines, i6; cars: passenger, 5 ; and freight, 123. Total, 128. Operations for the fiscal year, ending 30th June, 1872: Trains run — passenger, 231,596; freight, 267,388; and other, 49,117. Total, 548,101 miles. Passengers carried, 209,696 ; carried one mile, 9»333454. Gross earnings — passenger, $4 1 2, 1 58, 1 8 ; and freight, $526,366,45. Total, $938,524.63. Operating expenses — passenger, $291,564,81 ; and freight, $406,256,54. -Total, $697,821,35. Earnings in ex- cess of expenses, $240,713,28. Interest paid, State of Tennessee, $143,766,60. Interest on advances, $36,834,27 ; old indebtedness paid, $17,34972 ; leav- ing balances, $42,804,74. I I I • •> \ ' to 0< o z o u Pk o O H U 76 »4 00 00 «0 ^ <& S S 1^ z ? S, "I 5 8 «f) ^ \o 1^ tC 3. ^ « 00 A. 5 VO N •* »* #« ii 00 t>. ON « Ov »« ^s \6 I 1^ 1« in vO 00 1^ ^ 8 CS N rs o\ oo" CO 1 a I vn ov »0 ro ^ i^ '^ en 00 N 00 to NO" ^ I ^ od" CO t>. 00 «o 00 ON u% u% t^ m i-t X' 'Si ** VO o\ >-■ <0 to r^ vrt 00 CO 00 N «n o ON no" oJ o" >* N « t^ ■><■ N NO O •* NO ON NO '^ 2* 8* 00 rs \0 VO i-i «^ ^ o 00 NO •» ^•» •* «\ t^ rx 00 in ON Tt 5h ^ 11% («•> » 00 S -^ 00 O ►- NO t^ IN. 00 00 00 « •r a o a S H N\ 11 Financial Siaiemmi. — Capital stock $1,074,288,73 ; 1st mortgage 7 per cent, gold bonds, interest June and December, and principal ist June, 1901 : ;^ 700,000, or $3,500,000. The bonds were issued for - the purpose of paying the Company's liabilities to the Louisville and Nashville Railroad Company, and redeeming the loan from the State of Tennessee. They are guaranteed by the Louisville and Nash- ville Railroad Company, which have now full posses- sion of the property. According to the " financial statement" of that Company, the liabilities out- standing against the Memphis and Ohio Railroad on ist July, 1872, amounted to $3,162,667,80. Messrs. Baring Brothers and Co. issued above ;f 700,000 in 7% ist Mortgage Sterling Bonds. t! I Quotation on London Stock Exchange, 31st December, 1873, ^99 @ ;^ioi. ' I 78 Michigan Central Railroad. Incorporated 1851. Length of line in operation 714 miles. Has paid dividends on ordinary stock since 1866 at rate of 10% per annum. Ordinary capital stock quoted here $14,665,848 Ditto 8% (Sinking Fund) re- deemable 1882 4 . . 5,224,988 The company has acquired the control and as- sumed the management of the Jackson, Lansing and Saginaw Railroad under an agreement to pay interest Upon and guarantee the debt of that company, not to exceed in any event $18,000 per mile of completed road, and also to pay a rent of $50,000 the first year, $60,000 the second, and $70,000 per annum there- fciften It has also become the owner of more than one third of the capital stock of that company, which how stands at about the sum of $2,000,000* One third of the rent above named k therefore to be deducted from the semi-annual payments. On the ist May, the company made a trust deed on its main line from Detroit to Chicago, for an amount not to exceed $10,000,000; of this amount there has been issued and sold $4,000,000. In addition to the debt on the main line, there are dutstahding bonds on the branches as follows : 79 Air- Line from Jackson to Nites „ Niles to South Bend Kalamazoo and South Haven Road Joliet Branch Grand River Valley Road Jackson, Lansing, and Saginaw Road $1,900,000 200,000 710^000 800,000 1,500,000 2,935,000 n Total $8,045,000 The trustees report that there was at the close of the fiscal year standing to the credit of the first Sinking Fund the sum of $1,183711 91, and to the credit of the second Sinking Fund $376,503 91. •«■ 8o ' Pi O H Q Q M Q U4 O H en 00 00 I 00 I 00 5* I O tt 00 VO I o o N I §, 8" 2 6 v'* i 8*^ ^ lO O 8 & 8 R O vn fo i-T ON ro 0\ \ if* ? 8 lO 8^ ■«*■ M 8 vri M bc B c 1 00 00 ■" 00 •> 00 CO S8 nT 8 9 n3 O4 V 8 I I '^00 WOO 0\ ^ -- « § •Si I I 3 73 4> 4) 3 3 T3 -O i- 4> 9 So _yi ^ _tfi 00 00 00 k 8i These bonds, except those of the Air- Line Rail road, are convertible into the company's capital stock. The bonds of the Michigan Air-line Railroad Company are assumed and guaranteed under the provisions of the lease to the Michigan Central Rail- road Company. The following is a list of other bonds guaranteed by the Michigan Central Railroad Co. : Grand River Valley Railroad, ist mortgage 8's due ist July, 1886 $1,000,000 Do. do. 2nd mortgage 8's ... 500,000 Kalamazoo and South Haven Railroad, ist mortgage 8's, tax free, due November ist, 1889 640,000 Do. do. 2nd mortgage 8's Besides the above, mortgage bonds of the follow- ing named roads, are issued, under traffic agreements (by which 40 per cent of the gross earnings derived from business to and from said roads is reserved for the purchase of their bonds) with the Michigan Central Company : Fort Wayne, Jackson and Saginaw,, ist mortgage 8's, due July ist 1889 1,500,000 Chicago and Michigan Lake Shore, ist mortgage 8's, due July ist 1890 2,500,000 Detroit, Hillsdale, and Indiana, ist mortgage 8's, due June 1st 1890 1,080,000 Ionia and Lansing (portion of D., L., & L. M.,) ist mort- gage 8's, tax free, due July ist. 1889 770,000 Fort Wayne, Muncie, and Cincinnati, ist mortgage 7's, gold 1,800,000 The first mortgage 8 per cent bonds of the Jack- son, Lansing, and Saginaw Company, due July 1st 1855, $1,495,000, and all other issues are exchange- able for consolidated mortgage bonds of that com- (i 89 pany. These are 8 per cent, tax-free bonds, dated . November ist, 187 1, and have twenty-five years to run. The Jackson, Lansing, and Sanginaw Railroad is now virtually owned by the Michigan Central Company. Since the close of the fiscal year, the Detroit and Bay City Railroad has been leased by the Michigan Central Railroad Company. The terms of the lease are not stated. Quotation for 8% Bonds on London Stock Ex- change, 3sst December, 1873, £qo @ ;^ioo. I «3 Milwaukee and Saint Paul Railroad Company. Incorporated, 1858 ; length of line, 1,018 miles; ordinary Stock, $1 1,823,496. No dividends paid on ordinary Stock. Messrs. Morton, Rose, and Co., issued at the price of 93, ;^8oo,ooo in 7 per cent, ist Mortgage Bonds ; redeemable, 1902. Coupons due January and July. Quotation on London Stock Exchange, 31st December, 1873, ;^88 @ ;^90. u I'; It i 84 New York Central Railway Company. This Railway, probably one of the most prosperous in the United States, runs from New Yotk to Boston, and thence through New York State to Albany, Buffalo, Syracuse, and Niagara, where it joins the Great Western of Canada Railway. Its date of incorporation was 1850 ; of consoli- dation, 1869. The length of line in operation, including 1 10 miles leased, 850 miles. The total ordinary Capital Stock is $45,000,000 ; and this Stock has lately commanded a pretty active market in London, being daily quoted in the New York Cablegrams. The greater part of the Stock and Bonds is held by the wealthy Vanderbilt family. The Bonds are not dealt in here, being difficult to purchase even on the other side of the At- lantic. It has regularly paid dividends on its ordinary Stock; in 1863, 7%; in 1864,81%; in 1865, 7%; 1866, 7i%; in 1867, 7%; 1868, 7i%; in 1869, 8% ; 1870 and 1872, 7^% per annum. In 1873, 8%. There are 447 locomotive, and 8 dummy engines, and 11,522 cars, belonging to this Company. The operations {^ide Poor) for the fiscal year end- ing 30th September, 1872, show : i Trains run — Passengers and Freight Total 4,076,800 7,911,257 11,988,057 miles. 85 Passengers carried Moved one mile Net earnings Payment from net earnings,— Interest Dividends (2 of 4% eack) Roadway, Bridges, &c Rent of leased lines Balance Surplus 4,393.965. i/>3o,9o8,885 tons. J9.«34,339.55. $1,030,371,63 7,244,831,78 712,336,84 131,996,66 I4,8q?,64 President of the Line \ Cornelius Vanderbilt. Vice President : William H. Vanderbilt Quotation on London Stock Exchange, 31st December, 1873 : $91^® 92^. i iles. 86 Pennsylvax4Ia Central Railroad. Incorporated 185 1. Length of line in operation, 699 miles. Stocks quoted here as per " Investor's Manual." 1st Mortgage 6%, 1880, pa)rable in U.S. and „ 6%, 1875, „ £, sterling General Mortgage 6% sterling, 1910 ... 6% Consolidated Sinking Fund Mortg^e .. Ordinary Stock in $50 Shares , $5,000,000 5,ooo/xx> 18,604,500 3,000,000 53,750^000 Dividends on ordinary shares : 1865, 10 % ; 1866, 9% ; 1867, 6% ; i'868, 8% ; 1869 to 1873, 10%. Quotations on London Stock Exchange, 31st December, 1873, £^\. ist Mortgage, 1S80, $50 Shares 3nd „ 1875, $100 Shares General „ 6% 1910 Ordinary Stock, $50 Shares $87 89 98 100 98>i 99>i London Agents: London, Asiatic, & American Co. (Limited). 87 Philadelphia and Erie Company. (Guaranteed by Pennsylvania Railroad.) Incorporated, 1836. Length of line, 287 miles. Opened, 1864, leased, ist February, 1862, to the Pennsylvania Railroad Company. !l; Capital Stock i Ordinary (12 i/xx> shares) ... $6,050,000 Preferred (48,000 shares) 3,400,000 6>i per cent Sunbury and Erie Bonds ... ... 1,000,000 6>i „ 1st Mortgage Bo&ds 5,000,000 7 » *wl It i» ... "^^SOOfXO 6 f^ yA . „ Gold 5,730,000 The Pennsylvania Company, as lessees, operate the road at cost, any profits over working ex- penses going to stockholders. No dividends have been paid on ordinary stock since 1866. Quotation on London Stock Exchange, 31st December, 1873 : 6% ist mortgage, 1881. ^^96 @ IMAGE EVALUATION TEST TARGET (MT-S) 1.0 1.1 1^121 US ■tt lii 122 ■4.0 la I'-'^r-^ ii4 ^ 6" > HiotDgraphic Sciences Corporation \ 30 DO 00 00 OO OO OO OO will iire oad 58 ced oad : of end one ints the end h. and on 13th oi May, 1872, was merged into, and became part of, the main line of the Philadelphia and Reading Railroad. The first through trains between Philadelphia and Pottsville, 93 miles, were run in January, 1842, although local ti^ins were run in 1838. The branch from the falls of the Schuylkill to Port RichmcMid, from which the shipments of coal are made, was completed in 1842 ; since then, over forty-six millions of tons of coal have been shipped from that point, principally for consumption in the Eastern and Middle States. In 1850, the company bought that portion of the commonwealth's improvements extending from Broad and Vine Streets in Philadelphia, to, and including, the inclined plane on the west of the Schuylkill, and the Columbia bridge over the river. In 1858 the Lebanon Valley Railroad, 54 miles long, extending from Reading to Harrisburg, was merged into the main line. Within the past two years, the following rail- roads and branches have been merged into the company's railroad proper. The length of these roads is given in the tabular statement below. The Mahanoy and Broad Mountain Railroad, wholly in the coal region. The Lebanon and Tremont Railroad, partly in Lebanon and Schuylkill Counties. The Northern Libierties and Penn Township Railroad (commonly called the Willow Street Rail- road,) from Broad Street to the Delaware River, Philadelphia. i;l J i 90 Port Kennedy Railroad, Montgomery County, Schuylkill and Susquehanna Railro:id, extending from Rockhill, on the Susquehanna River, five miles above Harrisburg, to Auburn^ on the Schuylkill River. Shamokin and Trevorton Railroad wholly in the coal region. Zerbe Valley Railroad, from Port Trevorton, Snyder County, on the Susquehanna river, to a point near Shamokin. The Mount Carbon Railroad, from Mount Carbon to a point above Pottsville. The following roads are leased to the Company generally in perpetuity : Catawissa Railroad to Williamsport ; Chester Valley Railroad, Bridgeport to Downingtown ; Perkionren Railroad, Mon^omery County ; East Pennsylvania Railroad, Reading to AUentown ; Little Schuylkill Railroad, from Port Clinton to Junction with Catawissa Railroad. Mount Carbon and Port Carbon Raiboad, wholly in Coal regioiif MUl Creek „ n n Schuylkill VaUey „ n n Mine HiU and Schuylkill Haven „ n » East Mahanoy „ » n Philadelphia, Germantown, & Norristown n »» In addition to the above, the company controls and operates the Reading and Columbia Railroad, and the AUentown Railroad, from Topton to Port^ Clinton, completed to Kutztown. The company has also leased in perpetuity the canal of the Schuylkill Navigation Company, 91 extending from Port Carbon, Schuylkill Co., to Philadelphia, a distance of io8 miles; also the Susquehanna and tide-water canals, extending from Columbia to Havre-de-Gr&ce, on the Susquehanna River. The chief business of the Philadelphia and Reading Railroad Company is the transportation of coal from the first and second anthracite coal- fields of Pennsylvania to tide-water in the Delaware River, at Port Richmond, Philadelphia. At this eastern terminus, extensive wharves, 23 in number, and extending from 300 to 800 feet into the river Delaware, have been erected with trestlework and chutes, allowing a direct discharge of coal from the cars into vessels. To accommodate this immense shipping-business, 35 miles of track are distributed on the wharves or their immediate neighbourhood. The mainline of the road winds through the Schuylkill valley, extending its numerous branches east and west, draining completely the two southern coal-fields and making them tributaries to the main stem. The heavy freight of this road, being generally in one direction, that is, from the coal region to the seaboard, the grades of the road have been adapted to its economical working, by establishing exclusively down grades and levels in the direction of the main traffic ; and the heaviest grades admit of a locomotive taking back the same numbers of empty cars she is able to move downwards loaded. At Lebanon, 28 miles west of Reading, a con- nection is made with the Cornwall Railroad, con- tributing the products of the immense magnetic iron ! m i i 9« ore deposits of Cornwall, the largest unbroken mass of ore known, to the business of this branch. The Broad mountain, dividing the two coal-fields, is crossed by the different branches at four different points, three of which lead directly into Mahanoy coal-field, and one into the Wiconisco basin. The ascent from the southern side is by steep but practicable gradients; but the descent of the above points is by means of inclined planes, the steepest of which, the Mahanoy plane, has a gradient of 22 feet per lOO feet, and is f mile in length. On the ist January, 1872, a formal lease and contract was entered into by which the possession of the Susquehanna Canal, extending from Columbia to the tidq-water on Chesapeke Bay, passed to this company, at an annual rent equal to the interest upon the debt of the Canal Company, and one half of the net profits of operating the canal, after deducting rents and the cost of all improvements ; providing that during and after the year 1880 the annual rent to be paid in addition tp the amount of interest shall not be less than a sum equal to 3 per cent, upon the present capital of the Canal Company. On the loth October, 1872, the Philadelphia and Reading Railway Company entered into a lease with the Catawissa Railroad Company for its entire line from the junction with the little Schuylkill Railroad to Williamsport, including the contracts of the latter company with the Sunbury and Erie and the Lehigh and Mahanoy Railroads, the Empire Transportation Company, and the Lehigh Coal and 93 Navigation Company for 999 years, from November I St, 1872 ; the Philadelphia and Reading Railroad Company agreeing to pay the interest on the bonds, and such other STim as shall equal 30 per cent of the gross earnings, being not less than $77,000, on the I St days of May and November, 1873 ; $89,000, on the same days of 1874; 101,000, on the same days of 1875 ; and $113,000, on the same days in 1876, and thereafter. Provision is also made for preserving the separate organisation of the Catawissa Railroad Company. Notwithstanding the largely increased production of coal, and its transportation over this road, the receipts per ton were less than for the previous year, having been $1*54*4 per ton, against $1.80.8 for 1 87 1, and $1*94 for the average of the previous ten years. The following table shows the product of anthra- cite coal in Pennsylvania for ten years : Tons of Coal. Over previous ^ ITears. Year. Inoreaie. Decrease. Increase Decrease per cent. per cent. 1863 9,566,066 1,696,599 21,56 1864 10,177475 611469 6,39 1865. 9,652,391 525,084 5,1*6 1866 12,703,882 3,051491 31,61 1867 12,988,725 284,843 2,24 1868 13,834,132 845407 6,51 1869 13,723,030 111,102 80 1870 15,849,899 2,126,869 1549 •••••• 1871 15,113407 736492 4,64 1872 18,929,263 3,815,856 25,25 It will be seen by the above that the increase in the production of anthracite coal in Pennsylvania in I 94 ten years has been a fraction less than loo per cent, and that one third of the entire production of last year has been transported over the roads of this company. The business of the canals has involved a loss of $467,755.60; but in view of the annual increase of the production, it is believed that it will not be long before both roads and canals will be taxed to their utmost limits. During the year, various connecting lines hereto- fore controlled by this company have become merged in it. The Mount Carbon Railroad, of which this company own 3,202 shares, was absorbed by exchanging share for share, the investment amounting to $178,229.25; the Schuylkill and Susquehanna Railroad, of which this company owed 21,702 shares was merged by the issue of one share for three, representing a cost of $404.388.34 ; and the stock of the Port Kennedy Railroad, all the stock of which, amouhting to $26,893.98, was owned by this company, transferred to the item of railroad in the balance sheet. Stock of the company, to the amount of 536 shares, was also issued and exchanged for stock in the following named leased companies : Mount Carbon and Port Carbon Railroad 195 shares for 163 Schuylkill Valley Navigation Railroad 177 „ 354 Mill Creek and Mine Hill Navigation and Railroad 164 „ 328 The basis of the exhange was such as to secure to stockholders the same income as was derived from their stock in the above-named companies. There were also created and issued, 50,190 shares of stock, in exchange for a similar amount of con- vertible bonds, as follows : 95 Loan of 18S7-86 Loan of 1870-90 Total amount converted a.509,5«> There remain outstanding only $124,000 of con- vertible bonds, of which $96,000 are of the 6 per cent loan of 1886, and $28,000 of the 7 per cent loan of 189a The sterling loan of 1872, amounting to $110^400, was retired, and $110,000 consolidated mor^fage bonds of 191 1 issued. The company took the express business of its lines into its own hands on the ist of September, 1872 ; and the results for the three months show that, while in September the receipts were 36.8 per cent, less than the amount received from the express company during the same month of the previous year, in October they were only one half of i per cent less, and in November, 58*87 per cent more than for the corresponding month of 187 1. The Philadelphia and Reading Coal and Iron Company, of which the Philadelphia and Reading Railroad Company is th^ sole stockholder, and a full account of whose organic ation is given in (Poor's) Manual for 1872-73, now controls 80,000 acres of land, on which are 98 collieries, 27 of the largest of which will be worked by the company, and the remainder leased. The tonnage of these lands amounted for the year to 3,030,881 tons, and the rents were $946,774 69. Almost the entire issue of $19,000,000 of the consolidated loan, was applied to the purchase and development of these lands, in addition to which the Coal and Iron Company have 'i 96 issued beds amounting to $ 1 1 , 1 3 1 ,000 guaranteed by the Philadelphia and Reading Railroad Company. It is believed that the entire production of coal on its estates during the current year will reach 4,100,000 tons, of which the company will mine over 2,000,000. For the still further development of this industry a new debenture loan of $10,500,000 has been placed upon the market, consisting of 7 per cent, coupon bonds, payable in 1893, convertible after July ist, 1876, and before January ist, 1892, each stockholder having the right to subscribe, at par, in proportion to his stock ; payments to be made in instalments up . to April 15th, 1875, with the privilege of anticipating any or all instalments. The subscriptions, up to Jan. 13th, reached $12,857,400, of which $8,543,000 were pro ratd, and $2,305,630 has been paid in. The company have determined to construct a fleet of additional steam colliers, some of 600, and some of 1 200 tons capacity, the machinery to be built at the company's shops. A contract has been made for the hulls and boilers for two vessels for a trial. If they are successful, a large fleet will be at once completed. This line has paid dividends on its ordinary stock at the rate of 10 per cent, per annum,, from r865 to 1873. Quotation on London Stock Exchange, 31st De- cember, 1873 : — Ordinary Stock per $50 share, $50 @ $52 ; 6% General Mortgage, $100^ @ $101^. The London agents are Messrs. McCalmont, Brothers, & Co. . 97 Union Pacific Railroad. Line of Road: Omaha, Neb., to Ogden, Utah (Junction Central Pacific Railroad). 1,032 miles. The Acts of Congress (approved ist July, 1862, and 2nd July, 1864), incorporating the Company, provided for a government subsidy, equal to $16,000 per mile, for that portion of the line between the Missouri Riv^r and the base of the Rocky Moun- tains ; $48,000 per mile for a distance of 1 50 miles through the mountain range ; $j 2,000 per mile for the distance intermediate between the Rocky and the Sierra Nevada ranges ; $48,000 per mile for a dis- tance of 1 50 miles through the Sierra Neveda. The whole distance, as estimated by Government, from Omaha to the navigable waters of the Pacific, at Sacramento California, is 1,800 miles. The Com- pany have also a landgrant calling for 1 2,800 acres to the mile. The original Act provided that the government subsidy should be a ist mortgage on the road ; but by a subsequent amendment it was made a 2nd mortgage — the company being author- ised to issue its own bonds to an amount equal to the government as a first mortgage on the line. The original Act provided that the charge for govern- ment transportation should be credited to it in liquidation of its bonds ; and that in addition, after the road should be completed, 5 per cent, of the net 7 ii I 98 earnings should also be applied to the same purpose* The Act was subsequently modified so as to allow the Company to retain one half of the charge of transportation on government service, as the cost of the same, and also relieves the Company from pay- ing the 5 per cent, of net earnings. (A claim having been made by the Secretary of the Treasury of the United States, that the Company were bound to pay the interest on the Bonds issued by the Government, to aid in the construction of the road, and that the whole charge for Government transportation was to be held to be applied to such interest, Congress, by an amendment to the Army Approbation Bill, which passed 3rd March, 1871, provided. Section 9, "that (Sec. 9) in accordance with the fifth section of the Act approved July 2nd, eighteen hundred and sixty-four, entitled, ' An Act to amend an act entitled, an act to aid in the con- struction of a railroad and telegraph line from the Missouri River to the Pacific Ocean, and to secure to the Government the use of the same for postal, military, and other purposes,' approved July ist, eighteen hundred and sixty-two, the Secretary of the Treasury is hereby directed to pay over in money to the Pacific Railroad Companies ' mentioned in said Act, and performing services for the United States, one half of the compensation, at the rate pro- vided by law for such services heretofore or here^ after to be rendered ; provided, that this section shall not be construed to afifect the legal rights of the Government, or the obligations of the Com- panies, except as herein specially provided.' ") The construction of the road was commenced in December, 1863 ; but no considerable amount of graduation was done till the commencement of 1865. In that year over 100 miles were graded and bridged, and rails laid upon 40 miles. In 1866, 265 miles of road were completed ; in 1867, 245 miles; in 1868, 350 miles. The road was completed to a junction with the Central Pacific of California, on the loth May, 1869, when a continuous line across the Continent was formed. The route for the eastern portion of the line is up the Valley of the Platte, which has a course nearly due east from the base of the mountains. Till these are reached, this valley presents, probably, the finest line ever adopted for such a work for an equal distance. It is not only straight, but its slope is very nearly uniform toward the Missouri, at the rate of about ten feet to the mile. The soil on the greater part of the line forms an admirable road-bed. The river, after leaving the mountains, has very few affluents, the only constructed bridges for the dis- tance being one over the Loup Fork and the North Platte. The base of the mountains is assumed to be, at Cheyenne, 517 miles from the Missouri River. This point is elevated 6,062 feet from the sea, and 5,095 feet above Omaha. From Cheyenne, to the summit of the mountains, which is elevated 8,242 feet above the sea, the distance is 32 miles. The grades for reaching the summit do not exceed 80 feet to the mile. After crossing the eastern crest of the mountains, U ll I 100 the line traverses an elevated table-land for about 400 miles to the western crest of the mountains, which forms the eastern rim of the Salt Lake basin, and which has an elevation of 7,550 feet above the sea. Upon this elevated table is a succession of extensive plains, which present great facilities for the construction of the road. The whole line is a veiy favorable one, when its immense length is considered. More than one half of it is practically level ; while the mountain ranges are surrounded by grades not in any case exceedirig those now worked upon some of our most successful roads. To connect the Union Pacific Railroad with the Iowa lines, the Company have constructed a bridge from Omaha to Council Bluffs. This bridge is of eleven spans of 250 feet each, 50 feet above high water, resting on one stone abutment and eleven iron piers, sunk from 60 to 72 feet, and all resting on solid rock. The west approach to the bridge is 7,000 feet long ; the east approach, one mile and a half long, rising from the table-land in Council Bluffs to the level of the bridge, at a grade of 35 feet to the mile. The eastern approach required 468,000 cubic yards of filling. It is constructed for a common highway on the same level with the track of the rail- road. For this work, the Company have issued Sterling Bonds, bearing 8 per cent, interest and run- lOI ning 20 years, to the amount of ;^500,ooo, or $2,500,000. Ordinary Capital Stock ... ... $36,745,000 6% Currency (U.S.) Bonds... 27,236,512 7% ist Mortgage Bonds ... 27,237,000 7% Land Grant Bonds 9,193,000 Income Bonds 10,000,000 Of these it appears $10,400,000 7% Land Grant First Mortgage Bonds are dealt in on the London Stock Exchange, Quotation 31st December, 1873. jCrsi @ jC7^' Agents : Messrs. Morton, Rose, and Co. Union Pacific Railroad Omaha Bridge. 8 per cent. Bonds. $2,500,000, Issued by London and San Francisco Bank, 1872, for the purpose of providing funds for the construction of a bridge to connect the Union Pacific Railroad with the Iowa lines. (See above.) Quotation on London Stock Exchange, 31st December, 1873, ^914 @ £9^- if H 102 Indianapolis, Bloomington, and Western • Railway. Line of Road. — Indianapolis, Indiana, to Pekin, 202.5 miles, leased line, Pekin, Illinois, to Peoria, Illinois, 1 0.0 miles. Sidings and others tracks, 38 miles. Gauge, 4 feet 8^ inches. Rail, 56 pounds to yard. Total length of extension in progress, 217 miles. Of the extension, icx> miles are completed, and the remainder is expected to be put in operation during the present year. The total length of line when completed will be 419,5 miles. Rolling Stock. — Locomotive engines, 65. Cars, passenger, 23 ; baggage, mail, and express, 9 ; freight, box, 1,295; stock, 122; platform and coal, 286. Total, 1,735 ; also 38 caboose and 50 service cars. The total earnings on the 212.5 rf^iles, completed and in operation for the year ending December 31st, 1872, were $i,359.^90'55- Financial Statement, December 31st, 1872. — Capital Stock paid in $7,000,000; funded debt, $8,500,000. Total, $15,500,000, representing the cost of road and equipment. The extension of the Indianapolis, Bloomington, and Western Railway, in the State of Illinois, com- I03 mences at Champaign, and taking a west course, passes through the thriving towns of Clinton, Lin- coln, Mason City, Havana, Vermont, and Plymouth, to the Mississippi River at a point nearly opposite Keokuk — a distance of 185 miles. It has a branch from Whiteheath to Decatur in Macon County, of 32 miles, making a line of 217 miles. The entire distance from Champaign to Havana, on the Illinois River, 100 miles, is completed. That part of the line (85 miles) between Havana and the Mississippi River will be finished in ample season for the business of 1873. The Decatur branch of 32 miles is all graded, and a portion of the track is down. Construction of the entire line is in the hands of thoroughly competent contractors, who have great financial strength, and are pushing the work with the greatest vigour and energy. The following named counties are on the line of the Extension : Champaign, Macon, Piatt, De Witt, Logan, Mason, Fulton, Macdonough, Schuyler, and Hancock. The United States census report, and other authentic sources of information, show that in 1870 these counties had a population of 242,330 ; a total valuation $181,333,806; produced 26,779,184 bushels of grain; $25,509,925 in all farm products, and had in all live stock a value of $18,349,313. These totals, though large, are being greatly ex- ceeded annually — 15 per cent being a moderate estimate for increase — and give a total production that will require a continually increasing amount of rolling stock to transport. The local business on the line of a railroad is an t I i I04 important element in its prosperity. It will be clearly seen from the foregoing that the Extension has an immense business at its command of this character at once, and as the soil in this part of Illinois is exceedingly rich, and crops are so easily raised, it is difficult to estimate the extent of future productions, and consequent demand upon the road for transportation. Miscellaneous business will add largely to this, and the whole will be still further increased by through freights and passenger traffic from its own western connections, viz. : the Missouri, Iowa, and Nebraska Railway, 300 miles in length, and the Midland Pacific, 150 miles, which, unitedly, extend from the Mississippi River to Grand Island, on the Union Pacific Railroad, in Nebraska. These two roads, with others intersecting the Extension, counting those only coming from the south which will give business to it, would make, if continuous, a line of over 1,300 miles. The effect of opening this East and West route will be quickly felt, and seen in rapid expansion of the larger towns, heretofore dependent upon North and South routes only, and in large accessions of popu- lation to the smaller places. Productions and busi- ness generally will be so stimulated as to afford one more illustration of the rapid growth of western towns in wealth and population. That part of the Indianapolis, Bloomington, and Western Railway, a distance of 202J miles, which connects the large city of Indianapolis with Pekin and Peoria was opened for business October ist, 1870, and has already attained the position of a 105 wealthy and prosperous corporation, though yet far from bei;- -rcveloped to its full capabilities. Official returns ol earnings, commencing with date of open- ing, show following results : First six months from Oct. i, 1870, to April i, 1871 Second „ April i, 1 871, to Oct. i, 1871 Third „ Oct. i, 1871, to April, i, 1872 Fourth „ April i, 1872, to Oct. i, 1872 Oct. I, 1872, to Jan. I, 1873 Rate of per MUa per Annum. $3,401.00 4,83549 5.872.93 6,767.02 7,227.18 Recent returns show a large and gratifying increaes in the receipts of the road for the past year, resulting in a gain of $395,497*62 over 1871. The ability of this older part of the road to provide for the interest on all obligations of the Company is fully substan- tiated, and justifies the assertion that no default in its securities can take place. The large increase of business offered during the past few months exceeded the anticipations of the managers, and the demand upon the road for trans- portation was far beyond its ability to meet. In- creased equipment now being provided for, and the large elevator accommodations under construction expressly for the convenience of this road at Indiana- polis, will greatly enlarge its facilities and enable it to take large offered business, which it has been obliged to decline. Large bodies of excellent coal, easily accessible, lie on the line of the road, from which it receives a supply for locomotives, shops, &c., at one half the cost paid by average of roads. Manufacturing and household uses make continually increasing demands io6 upon these coal deposits, giving large and profitable business from that source. As the Extension passes through a country that offers as good facilities for business as that on the line of the older part of the road, it must soon have an income equal to that named above, and the re- venue of the entire road will be at least $10,000 per mile per annum, while the sum required to meet all annual interest will be only about $2,000 per mile. All the counties on the entire line of the road have a population of about three-quarters of a million, have a valuation of real and personal estate of more than $400,000,000, produced in 1870 in wheat, corn and other grains 48,014,921 bushels, farm products $51,218,704, and had in live stock a value of $36,837,403. These facts demonstrate what the immediate future of this road must be from its own resources alone, and also fully establish the great value of the convertible clause in the Bonds. But there are other roads closely identified in interest with this, being practically under the same manage- ment, which will throw a large volume of business over it, and swell its receipts to an amount in the aggregate far exceeding the results given above. The system or combination referred to is com- posed of the Miles !n length. Indianapolis, Bloomington and Western Missouri, Iowa, and Nebraska .. Midland Pacific Peoria and Rock Island Davenport and St. Paul ( Consoli- i Extension ( dated. \ 202.5 217 300 150 300 1260.5 107 The 2nd Mortgage Bonds of which $1,500,000 or abouc /"soo.ooo are outstanding, pay 8% interest in currency, and can be purchased at 82. The I St Mortgage Bonds, $7,000,000, bear interest 7% gold, price about 97. Extension, ist Mortgage Bonds, $5,000,000, 7% interest, gold, price about 90. The following extracts are taken from Denny's Circular : Railway Bonds. Indianapolis, Bloomington, and Western Railway Company, First Mortgage 7 per cent. Convertible Extension Bonds ; principal and interest payable in gold ; coupons January and July; bonds due in 191 2 ; amount of mortgage, $5,500,000. "The extension commences at Champaign, on the main line, and extenJs westward to the Mississippi River, nearly opposite to Keokuk, a distance of 185 miles, with a branch from Whiteheath to Decatur, a distance of 32 miles." At present, more than one half the extension is completed, and the whole line will be ready for the business of 1873. The earnings of the main line averaged over ^loo.oco per month during 1872. The President of the road is confident that the extension will earn at least as much when in full working order. This road of 420 miles — main line and extension — when completed, will form the trunk of a system of roads of nearly 1,300 miles, built and building, and practically under the same management. The Bonds are issued only on com- pleted road. io8 Indianapolis^ Bloomington^ and Western. First Mortgage on main line. Length of road 202^ miles from Indianapolis, by way of Danville, Urbana, Bloomington, to Pekin. The mortgage is a general mortgage over this part of the line — in operation over two years. Amount of mortgage, $5,cxx>,(XX); bonds due in gold in 1910 ; interest, 7 per cent, gold ; coupons April 1st and October ist. The main line earned over $1,200,000 in 1872, an increase of nearly $400,000 over 1 87 1. Indianapolis^ Bloomington^ and Western, Second Mortgage Convertible Bonds. Mortgage over the main line subject to the first mortgage. Amount of mortgage, $1,500,000 ; bonds due 1890 : coupons, January and July : interest 8 per cent currency. Earnings of the main line have been more than enough to pay interest on all mortgages upon it. Pacific of Missouri. First Mortgage Bonds on road from St. Louis, Missouri, to Kansas City, Missouri, distance of 283 J miles. Amount of mortgage, $7,000,000. Bonds due in 1888; interest 6 per cent, in gold : coupons payable February ist and August 1st Road leased, and bonds guaranteed by Atlantic and Pacific Railroad. Pacific of Missouri. Second Mortgage Sinking Fund Bonds. Bonds, a second mortgage, on road from St. Louis to Kansas City, 283 ^ t09 miles. Amount of mortgage, 4ll3,ocx>,ooo ; bonds due in 1891 ; interest 7 per cent. ; coupons payable January ist and July ist The Bonds have a sinking fund of $50,000 per annum. Interest and sinking fund are guaranteed under lease by Atlantic and Pacific Railroad. For years 1871 and 1872, the road earned, after allowing 60 per cent, for running expenses, more than twice the interest on first and second mortgage bonds. ! Pacific of Missouri. Income Sinking Fund Bonds. Amount of bonds, $1,500,000; bonds due in 1892: coupons, March and September. The Atlantic and Pacific Railroad guarantee the interest on these bonds, and a sinking fund of $50,000 per annum. Pacific of Missouri. Real Estate 8 per cent. Mortgage Bonds, due in 1892 ; coupons May and November. Amount of Bonds, $800,000. This mortgage covers four City Blocks in St. Louis, from Seventh to Eleventh Streets. The property is valued at nearly double the mortgage, and is rapidly increasing in value. Belleville and Southern Illinois. First Mortgage 8 per cent. Bonds. Amount of mortgage, $1,100,000. Length of road, fifty-six miles from Belleville, Illinois, to Duquoin, Illinois; bonds due in 1896; coupons, April 1st and October 1st. Road leased perpetually. The St. Louis, Alton, and Terre Haute R. R. pay for its use 40 per cent, of gross receipts, and guarantee in any event i ltd the payment of interest on the Bonds. A sinking fund is also provided, before the stockholders receive any dividends. •SV. LouiSf Alton, and Terre Haute. Ten per cent. Mortgage Equipment Bonds. Amount of mortgage, ^300,000 ; bonds due in 1 880 ; coupons payable March ist and September ist. Mortgage covers its value, with a margin, of rolling stock, and is a specific mortgage on that as well as a general claim against the Company before Stock. Rome, JVatertown, and Ogdensburgh. First Mortgage Sinking Fund Bonds. Amount of mort- gage, .82,000,000 ; bonds due in 1891 ; interest 7 per cent, currency; coupons June ist and December ist. Over one quarter of the mortgage has been cancelled by the Sinking Fund, which is calculated to retire all the Bonds at or before maturity. The mortgage covers the road from Rome vid Watertown to Ogdensburgh, with branch to Fottsdam, in all 190 miles, with twenty-four miles sidings and other tracks, or less than <8i8,ooo per mile at present writing. Rome, Watertown, and Ogdensburgh, Second Mortgage Bonds. Interest 7 per cent. ; coupons January ist and July ist; bonds due 1892; amount of mortgage, Si, 000,000. The first and second mortgages combined would average less than : bonds due in 1892. These bonds are now subject to the Second Mortgage due this year, and Third Mortgage due in 1875. After 1875 they become a Fir^t Mortgage of ^5,000 per mile on the whole road, and are now guaranteed, principal and interest, by the Pennsylvania R. K. Cleveland and Pittsburgh. Consolidated Mortgage Bonds. Interest 7 per cent. ; coupons May 1st and November ist : bonds due 1900 ; amount of mortgage, ^5,000,000. Of this mortgage, bonds have been reserved to take up all prior mortgages at or before maturity. The mortgage has attached to it a Cumulative Sinking Fund, increasing in amount every six months. The principal, interest, and Sinking Fund are guaranteed by the Pennsylvania R. R. International Railroad of Texas^ First Mortgage Sinking Fund Bonds. 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OOOtV'-'i-'ixwN M MM MM ; ^ ; : • : ^ir\ : M N M : : : ox»o :oots.co : • umj^ • .MM ..MM t>.0 ts t^ tx t^ t^ tx tx t^ tx tx N. tx rxO tx tx tX tXNO tx A w « o J a .2 : • - • • W ^ PQ '^ a - . <2 i« ••> o c • tn -tt •" •* •* <« 2 O ■ r: ^wcflwjC.os' ^5 o *" sT &" i^'B^ •^iSge 2 iSe^S- 2 l-O^^^^^ rt g 5* 2 ,5 "O -d 'd-'O "O 5 ^ 2o2rt(3Bfwrt S*^ •-s^Sooooo bco pQ'O'^iuuvVVOC p o* o'"d'd"o''ood wo u'0'0'0'T3'0'0"a c"© w'0'0'0'0'0'0^ wHHhHhHHH ^ . o i : : : : i :t^(^ § "I P^»; ;« .0 -jd*^' • • • -^^ T'S oKS ly^ ••> W 5-43 X o So .^ _g ^to rfs S o o Sato c S rt 9^.2.2 S S* S«3«^ Su'J-a c fl o o I^U-o-o ^JS|§§^^§gss .H!i:-i'a|8SiGS|.S.S ! ! 123 RAILROAD BONDS. Albany and Susquehanna R. R. : lit mortgage 2d mortage American Dock & improvem't B'ds Boston, Hartford, ana Erie R.R. : 1st General Mortgage ists Guaranteed by Erie R. R.... Burl'n Cedar Rap's & Min. ist m'ge Cedar Falls and Min. ist m'ge ... Central Pacific R. R. : ist mortgage California State Aid Bonds Convertible Bonds 1st mortgage (Western Pacific) . Chicago and Alton R. R. : ist m'ge Pref. Sinking Fund 1st do :. Income Bonds Chicago, Burlington, & Quincy ists Chic, and Milwaukee ist m'ge Chicago and North Western R. R. : ist m'ge Pref'd Sinking Fund ... 1st do. Appleton Extension ... 1st do. Green Bay do. 1st do. Interest Bonds ist do. General Mortgage 1st do. (Galena and Chic. R.R.) 2d do. do. do. Consolidated Mortgage 1st m'ge (Peninsula R. R.) ist do. (Winona and St Peters) 1st do. (Madison Extension) ... 1st do. (Iowa Midland) Chic, Rock Island, & Pacific R.R. : 1st General Mortgage Cine, Hamilton, and Dayton R.R. : 1st mortgage 2d do 3d do Dayton and Michigan R. R. : ists (Int. gt'd by C. H. & D. R.) 2ds Prini and Int. do. do. 3ds do. do. do. Cine, Richmond, & Chicago R.R. : ists (Int. gfd by C. H. & D. R.) Cincinnati and Springfield R.R. : ists (g'td by C.,C., C. & I. R. R.) ists (gt'd by L. S. & M. S. R. R.) Int. Amount. Payable. Due. 7 7 7 $1,000,000 00 2,000,000 00 2,000,000 00 Jan., July April, Oct. Jan., July 1888 1885 1886 7 7 7G 7 15,000,000 00 5,000,000 00 5,400,000 00 1,377,000 00 Jan., July Jan., July May, Nov. Jan., July 1899 1899 I919 1907 6G 7G 6G 25,883,000 00 1,500,000 00 1,500,000 00 2,735,000 00 Jan., July , an., July Jan., July Jan., July 1895-99 1884 1883 1899 7 7 7 8 7 256,000 00 2,400,000 00 1,100,000 00 2,592,000 00 1,135,000 00 May, Nov. Jan., July April, Oct. Jan., July Jan., July 1877 1883 1883 1898 7 7 7 7 7 7 7 7 7 7 1,245,500 00 148,000 00 289,000 00 755,000 00 3,588,000 00 1,785,000 00 948,000 00 2,686,000 00 767,000 00 3,000,000 00 3,150,000 00 1,350,000 00 Feb., Aug. Feb., Aug. Feb., Aug. May, Nov. Feb., Aug. Feb., Aug. May, Nov. Quarterly Mar., Sept. Jan., July April, Oct. Af)ril, Oct. 1885 1885 1885 1883 1885 1882 1875 I915 1898 1887 19II 1900 7 8,698,000 00 Jan., July 1896 7 7 8 1,250,000 00 500,000 00 282,000 00 May, Nov. Jan. 20 & July 20 June, Dec. 1880 1885 1877 7 7 7 2,232,000 00 467,000 00 622,000 00 Jan., July Mar., Sent. April, Oct. 188I 1887 1888 7 560,000 00 Jan., July 1895 7 7 1,000,000 00 1,000,000 00 April, Oct. April, Oct. I90I I9OI 133 Railroad Bonds — continued. \ Due. 1888 1885 1886 1899 1899 I919 1907 1895-99 1884 1883 1899 1877 1893 1883 1883 1898 1885 1885 1885 1883 1885 1882 187s 1915 1898 1887 I9II 1900 1896 1880 1885 1877 1881 1887 1888 1895 I90I I9OI Cine, Lafayette, and Chic, ist m'ge Cleve., Columbus, Cine, & Ind'lis : ist General Mortgage Cleveland and Pittsburg R. R. : Consolidated Mortgage 2ds 3ds Aths Columbus, Chic, & Ind. Cent. R.R. : 1st Consolidated Mortgage 2d do. do. Del. and Hudson Canal m'ge Bonds 2d Series 3d do Del, Lackawanna,& Western R.R.: ists Eastern Extension 2ds Dubuque and Sioux City R. R. : ist mortgage, ist Section 1st do. 2d do East Ten., Virginia, & Georgia R.R. : 1st mortgage Galv., Houst'n, & Hend'n ists, 1871 Hannibal and St. Joseph R. R. : Missouri State Bonds, ist Lien ... Land Grant Bonds General M'ge, convertible after 1 87 1 Quincy and Palmyra R. R., i st m'ge Kansas City & Cameron R. R., ists Hartf'd, Prov., & Fishkill, ist m'ge Illinois Central R. R. : Construction Bonds, lands pledged do. do. do. Redemption Bonds Redemption Bonds^ Sterling Jefferson, Mad., & Ihd'apolis R.R. : ist mortgage 2d do. Ind'apolis and St. Louis, ist m'ge . do. do. 2d do. . Ind'apolis, Cine, & Lafayette R.R. : ist mortgage (Cine. and Indiana) 2d do. do. do. I sts do. Ind'polis and Cin . . . ists do. Ind'lis, Cin., & Laf. General M'ge do. do. Jefferson R. R., 1st mortgage Joliet and Chicago, ist mortgage... Joliet and Nor. Ind., ist mortgage. Kansas Pacific, ist mortgage Long Dock Mortgage Bonds Int. Amount. 7G 7 7 7 6 7 7 7 7 7 7 7 7 7 7 7G 6 7 8 8 10 7 7 6G 6 6G 7 7 7 7 7 7 7 7 7 7 8 8 6G 7 900,000 00 2,125,000 00 983,000 00 511,500 00 1,252,000 00 1,096,000 00 15,000,000 00 5,000,000 00 1,500,000 00 3,500,000 00 3,500,000 00 1,111,000 00 1,633,000 00 300,000 00 600,000 00 3470,000 00 1,500,000 00 3,000,000 00 700,000 00 4,000,000 00 500,000 00 988,000 00 2,100,000 00 3,062,500 00 332,000 00 2,500,000 00 2,500,000 00 2,089,000 00 2,000,000 00 2,000,000 00 1,000,000 00 500,000 00 1,500,000 00 1,600,000 00 2,800,000 00 2,000,000 00 2,000,000 00 387,000 00 800,000 00 4,063,000 00 3,000,000 00 Payable. Due. Mar., Sept. May, Nov. May, Nov. Mar., Sept. May, Nov. Jan., July April, Oct. Feb., Aug. May, Nov. Mar., Sept. Jan., July April, Oct. Mar., Sept Jan., July Jan., July Jan., July Jan., July Jan., July April, Oct. Mar., Sept. Feb., Aug. Jan., July Jan., July April, Oct. April, Oct. April, Oct. April, Oct. April, Oct. Jan., July Various April, Oct. June, Dec Jan., July April, Oct. Feb., Aug. June, Dec. Jan., July Jan., July Jan., July June, Dec. June, Dec. 1891 1899 1900 1873 1875 1892 1908 1909 1877 1884 1891 1875 1881 1883 1894 1900 1902 1873-87 1888 1885 1892 1892 1876 1875 1875 1890 1875 1906 1910 1919 1900 1893 1877-87 1888 1897 1899 1889 1883 1874 1896 1893 134 Railroad Bonds — continued. Lake Shore and Mich. South R. R. : Buffalo and State Line Bonds do. do. do. do. do. do Buffalo and Erie do Cleve., Painsv'le,& Ashtabula (Old) do. do. do. (Old) da do. do. (New) Cleveland & Toledo Sinking Funds do. do. 2ds Mich. South. & N. Ind. Sink. Fund do. do. 2ds Detroit, Monroe, and Toledo ists . Lake Shore and M. S. New Bonds do. Dividend Bonds L. Shore and Mich. Sou. consol.... do. do. - do. Reg. do. do. lo year Bonds Long Island : ist mortgage Louisville and Nashville K. R. : ists Main Stem ists Lebanon Branch Consolidated Loan of 1898 Louisiana and Missouri, ist m'ge... Marietta and Cincinnati R. R. : ist mortgage ist do. Sterling Memphis and Charleston : ist m'ge Michigan Central R. R. : ist mortgage Convertible General Mortgage Milwaukee and St. Paul R. R. : ist m'ge, Prairie Du Chien Div... 2d do. do. do. 1st do. River Division 1st do. La Crosse Division ... 1st do. Iowa and Min. Division 1st do. Iowa and Dakota Div. 1st do. Illinois and Iowa Div... 1st do. Hastings &DakotaDiv. 1st do. Chic. & Milwaukee Div. 2ds do. Iowa and Min. Div. ... Morris and Essex R. R. : 1st mortgage 2d do Convertible Bonds Construction Bonds Bonds of 1 87 1, General M'ge ... Nashville and Decatur R. R. : 1st m'ge gt'd by Ls'vUe and Nash. New Jersey Central 2d mortgage... do, New B'ds, conv. from 1875-77 Int. Amount. Payable. Due. 100,000 00 May, Nov. 1873 200,000 00 Jan., July Mar., Sept. 1882 300,000 00 1886 3,000,000 00 April, Oct. 1898 500,000 00 Jan., July Jan., July 1874 1,000,000 00 1880 1,000,000 00 April, Oct. 1892 2,014,000 00 Jan., July 1885 864,000 00 April, Oct. 1886 5,256,000 00 May, Nov. 1885 2,693,000 00 May, Nov. 1877 934,000 00 Feb., Aug. 1876 1,800,000 00 April, Oct. 1879 i,5oo,(H.o 00 April, Oct. 1899 i,334,o<.x> 00 Jan., July 1900 3,699,000 00 Quarterly 1900 6,000,000 00 April, Oct. 1882 775,000 00 May, Nov. 1899 554,000 00 Jan., July 1873-76 8,800 00 May, Nov. 1880-85 6,647,000 00 April, Oct. 1898 1,216,000 00 Feb., Aug. 1900 2,449,500 00 Feb., Aug. 1891 1,000,000 00 Feb., Aug. 1 891 1,293,000 00 May, Nov. 1880 8 2,762,500 00 April, Oct. 1882 7 4,500,000 00 May, Nov. 1902 8 3,674,000 00 Feb., Aug. 1898 '? 1,315,000 00 •"eb., Aug. 1898 4,000,000 00 , an, July 1902 5,502,000 00 an., July 1893 3,793,000 00 [an., July 1897 1,008,000 00 , an., July 1899 1,485,000 00 '. an., July 1903 1,350,000 00 , an., July 1903 2,500,000 00 an., July 1903 1,191,000 00 April, Oct. 1886 5,000,000 00 May, Nov. 1914 3,000,000 00 Feb., Aug. 1891 1,610,000 00 Jan., July 1900 2,000,000 00 Feb., Aug. 1889 5,000,000 00 April, Oct. 1901 2,100,000 00 Jan., July 1900 4,824,000 00 Feb., Aug. 1890 3,000,000 00 May, Nov. 1892 taS Railroad Bonds — continued. Due. •873 1883 1886 1898 1874 1880 1892 1885 1886 1885 1877 1876 1879 1899 1900 1900 1882 1899 1873-76 1880-85 1898 1900 I89I 1 891 1880 1882 1902 1898 1898 1902 1893 1897 1899 1903 1903 1903 1886 I9I4 I89I 1900 1889 I90I 1900 1890 1892 New Jersey Southern : istmort.... N. Y. Cent, and Hudson Riv. R. R. : Debt Certificates do. do. New Bonds Detenture Bonds of 187 1 Hudson River 2ds Erie Railway R. R. : 1st mortgage 2d do 3d do. 4th do 5th do. Buffalo Branch Sterling Bonds Convertible Consolidated Mortgage Buffalo, N. Y., and Erie R. R. : 1st mortgage N. Y. and Harlem R. R. : 1st mortgage Consolidated N.Y. and New Haven R.R. istm'ge North Missouri : ist mortgage ... Ohio and Mississippi R. R. : Consolidated Sinkmg Funds do. Mortgage 2d Consolidated Mortgage 2d General Mortgage Pacific of Missouri R. R. : 1st mortgage 2d do Income Bonds Pacific, guaranteed by Missouri ... Pittsb., Ft. Wayne, and Chic. R. R. : ist mortgage 2d do 3d do Equipment Bonds Pittsb. Cincinnati,andSt. Louis, ists South Side R. R., ist mortgage ... do. do. Sinking Funds . St. Louis & Iron Mt'n R. R. ist m'ge St. Louis,Jacks'lle,& Chic, istm'ge St.Louis,Alton,& Terre Haute R.R. : 1st mortgage, series A ist do. do. B 3d do.Pref.do. C 2d do. do. do. D 2d Income Belleville & Southern Illinois R. R. : ist m'ge (gt'd by St. L, A.,&T. H.) Int. Amount, 7 6 7 7 7 7 7 7 7 7 6G 7 7 7 6 7 7 7 7 7 60 7 7 7 7 7 7 8 7 7 7 7 7 7 7 7 7 7 5,936,626 1,514,000 2,900,000 2,000,000 1,894,000 3,000,000 4,000,000 6,000,000 4,441,000 926,500 186,000 4,844,414 6,500,000 Payable. Due. 2,000,00000 May, Nov. 1889 00 May, Nov. oo| Feb., Aug. 00 June 1 5& Dec. 15 oo| April, Oct. ooJunei6&Dec.i6 00 00' 00 00 ool 00 OO; 00 2,000,000 00 3,000,000 00 2,000,000 00 1,059,500 00 6,000,000 00 2,900,000 00 3,049,850 00 433,000 00 3,555,000 00 7,000,000 00 3,000,000 00 1,500,000 00 1,589,000 00 5,250,000 00 5,160,000 00 2,000,000 00 1,000,000 00 6,212,000 00 750,000 00 2,500,000 00 4,000,000 00 2,365,000 00 1,100,000 00 1,100,000 00 1,400,000 00 1,400,000 00 1,700,000 00 1,100,000 00 May, Nov. Mar., Sept. Mar., Sept. April, Oct. June, Dec. Jan., July Mar., Sept. Mar., Sept. June, Dec. May, Nov. May, Nov. April, Oct. Jan., July Jan., July Jan., July Jan., July April, Oct. Feb., Aug. Jan., July Mar., Sept. Mar., Sept. Various Various April, Oct. Mar., Sept. Feb., Aug. Mar., Sept. May, Nov. P'eb., Aug. April, Oct. Jan., July April, Oct. Feb., Aug. May, Nov. May, Nov. April, Oct. 1883 1876 1887 1891 1885 1897 1879 1883 1880 1888 1891 1875 1920 1877 1873 1900 1875 1895 1898 1898 1874 191 1 1888 1891 1892 1876 1912 1912 1912 1874 1900 1887 1900 1892 1894 1894 1894 1894 1894 1894 1896 126 Railroad Bonds — continued. Toledo, Peoria, and Warsaw R.R.: 1st mortgage. Eastern Division . 1st do. Western do. ... 2d do. do. do. ... 1st do. Burlington do. ... Consolidated Mortgage Kquipment Honds Toledo, Wabash,and Western R.R. : ists mortgage (Toledo and Ill's). 1st do. (LakeE.,Wab.,&St.L.) 1st do. (Great Western) 1st do. (Quinr.y and Toledo)... 1st do. (ill's and S. Iowa) 1st do. (St. Louis Division) ... 1st do. (Hannibal and Naples) 1st do. (Hanib'l & Cent. Mis.) 1st do. (Laf.,Blg'n,andMis'pi) 1st do. ^Pekin, Lin'ln, & Dec.) 2d do. (Toledo and Wabash). 3d do. ^Wabash and Western) 3d do. (Great Western) Consolidated Mortgage Equipment Bonds Union Pacific R. R. : 1st mortgage Bonds Land Grants Incomes Warren R. R. : 1st mortgage 3d » Rome, Watert'n & Ogdensb'g R.R. : Waterton and Rome ists Rome, Watert'n, & Ogdensb'g ists do. do. do. 2ds Oswego & Rome ist, g'td R. W.O.R. Western Union Telegraph Bonds . Inl. 7 7 7 7 7 8 7 7 7 7 7 7 7 7 7G 7 7 7 7 7 7 6G 7 lo 7 7 7 7 7 7 7 Amount. Payable. 1,600,000 00 1,800,000 00 1,300,000 00 250,000 00 1,500,000 00 600,000 00 900,000 00 2,500,000 00 2,500,000 00. 500,000 00! 300,000 00 3,700,000 ool 675,000 oo{ 1,100,000 00 1,300,000 00 1,076,000 00 1,000,000 00 1,500,000 00 2,500,000 00 2,700,000 00 600,000 00 27,337,000 00 9,048,000 00 10,000,000 00 511,400 00 750,000 00 1,530,000 00 300,000 00 350,000 00 4,000,000 00 June, Dec. Feb., Aug. April 2 & Oct. June, Dec. May, Nov. April, Oct. Feb., Aug. Feb., Aug. Feb., Aug. Feb., Aug. Feb.. Aug. Feb., Aug. May, Nov. Feb., Aug. May, Nov. May, Nov. May, Nov. Quarterly April, Oct. Jan., July April, Oct. Mar., Sept. Feb., Aug. Feb., Aug. Mar., Sept. June, Dec. Jan., July May, Nov. May, Nov. Due 1891 1896 1886 1901 1910 1883 1894 1894 1888 1890 1882 ;889 1888 1901 1878 1878 1893 1907 1883 188s 1887 1874 1875 1900 1880 1891 1892 1916 1875 i2f Due 1894 1896 1886 I90I I9IO 1883 1894 1894 1888 1890 1883 1889 1888 I9OI 1878 1878 1893 1907 1883 188$ 1887 1874 1875 1900 1880 1 891 1892 1916 1875 Report of Sales at the New York Stock Exchange during December ^ 1873. STOCKS. U. S. 6's of 188 i, coupons „ 5-20's of 1863 „ n ft '864 » n » >865 „ i> I* '865 „ » >• »867 „ » » '868 „ ,f 10-40 coupons „ 5'sofi88i „ o's Currency American Gold Old. New. III III>H II4X u6'A idS'A 109^ 108 >^ 108^ Tennessee 6's Old i 73 LowMl. Highest. » M New Virginia o's Old n n New „ „ Consol North Carolina 6's Old I) n New „ „ Special Tax South Carolina 6's January and July . . . „ „ April and October ... Missouri 6's Canton Company of Baltimore Delaware and Hudson Canal Company Consol. Coal of Maryland QuicVsilver Mining Company , Quicksilver Preferred Mariposa Land and Mining Company.., Western Union Telegr? . '1 Company ... Pacific Mail Steamship Company , Adams Express Company , Wells, Fargo, & Co American Express United States Express N. Y. Cent, and Hudson River R Erie Railroad Company, Common „ „ Preferred Harlem R. R. Common „ Preferred N. Y., New Haven and Hartford Michigan Central R. R. Company ..... Lake Shore and Mich. Southern Panama R. R. Company Union Pacific R. R. Illinois Central R. R. Company Cleveland and Pittsburg R. R. Gtd Cleve., Col., Cin., and Indianapolis Chicago, Rock Island, and Pacific Chicago, Burlington, and Quincy .....im 73^ 49X 24 15 131 116 n7V 119^ 120 n8J< M3;4 113^ 8i'A 81 60 47 33 , 31^ 85 65 55 62 90?^ A^H 68 "5 121 121 72 7o?i 88 24^ 98 79H 7^% 92 94Ji 50^ 26 15 94 70 116 50^ 29>i 34 10 75 42 , 7%'A 62 70 100 47 122;^ 121 127 77% 77% III 32?^ 86 75 , 100^ 96 \ i. 128 STOCKS. /i Chicago and Alton, Common „ „ Preferred Chicago and North Western, Common „ „ Preferred Delaware, Lack., and Western R. R. Co Pitt., Ft. W., and Chic. Guaranteed „ „ Special Toledo, Wabash and Western R. R. Common ,, „ ., Preferred St. Louis, Alton, and Terre Haute „ „ „ Preferred... Ohio and Miss. R. R St. Louis and Iron Mountain Hannibal and St. Joseph R. R. Common ,, „ „ Preferred Milwaukee and St. Paul R. R „ „ „ Preferred Boston, Hartford, and Erie Col, Chic, and Ind. Central R. R Dubuque and Sioux City R. R New Jersey Central Morris and Essex New York Central 6's, 1883 Erie ist Mortgage, 1868 Long Dock Bonds Mich. Southern 7% S. F. Bonds „ 7 per cent 2nd Mortgage Central Pacific ist Union Pacific, ist Mortgage „ Land Grants , , „ Income Alton and Terre Haute, ist „ „ 2nd Preferred „ „ 2nd Incomes Belleville and Southern 111., ist Chicago and N. West. Consol. S. F , Chicago and N. West, ist , Cleveland and Toledo S. F. Bonds Cleve. and Pitts. Consol. .Sinking Fund Cleveland and Pittsburg 2nd Mortgage M »» 3rd „ >» »> 4th „ Chic, Rock I., and Pacific, ist Milwaukee and St. Paul, ist Mortgage , St L. and Iron Mountain, ist Bonds Col., Chic, and Ind. Cent, rtt Mortgage » » 2nd „ Tol, Peoria, and Warsaw, ist E. D „ „ 1st W. D „ „ and Mortgage Cedar Falls and Minn., ist Mortgage . Boston, Hartford, and Erie, ist Lowest. Highest. 99 104 47 67X 95^ 88>^ 8 24>^ 49^ 34 34>^ 58X 22% 94^ 88 90 100 90 99 94>^ 91;^ 79% 99'A 87 70 90 88 96 102 91 92 96 87 103 94 80^ 6i 69 65 75 24X Total Debt, i Jan., 1873 $2,162,252,33800 Since reduced, i Jan., 1874, to 2,159,315,326 00 102^ 104 S7H 73H 90 45^ 55 16 34^ 3^H S7'4 28)4 37 42^ 66^ 3H 28 102 93 92 100 93 , 100^ 95 96^ 86 77 75/2 99^ 90 73 90 89 100 102 92 92 98 88 10; «/ 96 85 66 69 70 75 3i'A at is m b< L >2 )2 >5X \u f CATALOGUE OF OuIuM; ;CIAL AND OTHER WOBKS FUBLTSHBD AirS SOLD BT EFFINGHAM WILSON, 11, ROYAL EXCHANGE, LONDON. TO WHICH 18 ADDED A LIST Ot TALUABLE BOOKS of K£F£SEVCE enential to COl^XSSCIAL ESTABUtH- ' MEHTS and FUBUC COMPANIES. \ QUIBE BOOKS fbr T1ATBLLIB8, fce., fte. In addition to the Works enumerated in this Catalogrue, Thb Books of all othbb PuBLiSBBBs may be had at this Estabiistunent immediately on. their Publication. . Tate's Modem CambiiSt. A MANUAL OF FOREIGN EXCHANGES. 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