Hér A“sc | | W: T || N. A no. Wººt (2 + £E, C 73 × 2 °h ( (2 tº UNIVERSITY OF MICHIGAN - - º - --- --- -- -- 0. ºn º - - - - c. * * 2° tº E. - - EpoRD RECORD A MONTHLY JOURNAL OF ECONOMICS EBRUARY 1896 VOLV NO- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - CENTS A NUMBER - THREE DOLLARS PER ANNUM - - - The BOND RECORD PUBLISHINGCOMPANY 24 NASSAUST NEW YOR REDMOND, KERR & Co. United States, DEALERS IN Railway BANKERS, AND 41 Wall Street, New York, Street Railway Securities. 421 Chestnut St., Philadelphia. Cable. Address, | MEMBERS OF THE NEw York AND PHILADELPHIA “MIMOSA, NEW YORK.” 1st February, 1896. STOCK EXCHANGES. - - INTEREST. ------- | -- BOND. º Price. # REMARKS. * Payable. ROME, WATERTOWN & OGDENSBURG R.R.Co. - | Guaranteed in perpetuity, by - - Guaranteed §º 5|Quºr. Fºl. 15 Pir Willº $100115 & ill A31 ººls Hº NEw York, LAck Awan NA & WESTERN Gººd in perpetuity by -- RY. CO. Guaranteed Stock. 5 | ||llár, Jäll. Pºſ Wallſ $100 1174 & Ill. 426, º, ºniº º OSWEGO & SYRACUSE R. R. CO. in , , , , ºº in º. º. -" Garanteed stock. Fºl & Aug. 20 Pit Will: $50 Sºlºlºº & | ||BT Sláſt PITTSBURGH, FORT WAYNE & CHICAGO - - - Guz d i -tuity by Pºrsº Gº.cº. 7 Quat Jil. Pat Walt 3100 154 & it 430 tº " " First Mortgage, Corning to Ge- neva, N. Y., 58 miles, forms part ºf the N. Y. C. & H. R. R. R.S. tem. Has paid dividends of 9% and over for past five years, tº drawn |}}} for sinking fund at par. SYRACUSE, GENEVA & * Nº. | Māy & NOW, 15 NOW, 15, 1905 Jºltºn - - 4] 25 LEGAL INVESTMENT FOR CONN. SAVINGS BANKS. | First Mortgage on the entire road-321 miles—undisturbed by the recent reorganization. The N. Y., N. H. & Hartford owns $5,000,ooo Consolidated Mortgage N. Y., NEW HAVEN & HART FORD R. R. CO. * : "Nº"yº's Nº ºn Riº is \ſige. I Ill & Illſ lil, 14.5 | do. do. do. 6 Jill & July Jäll, 1905 5s and a majority of the stock. CENTRAL R. R. OF NEW J ERSEY. . . | ºnsºlidated Mºrtgage ºn the * S General Mortgage. Registered Gold. 5 ſlaſ, Jäll. Jilly, 1987 || || 4 & ill 435 º º become First &ll & ill | 4. 4. ciNCINNATI, HAMILTON & INDIANAPOLIS - Guaranteed principal and inter- ". . . - - est by the Cin. Ham. & Dayton, R. R. CO. 1st Mortgage Guaranteed. 7 || JAll & July Jäll, 1903 ||13 & ill 480 º ºsº past 5 years. CHICAGO, MILWAUKEE & ST. PAUL RY, CO.' - - - Covers iles of main line. " ºn Kºkº piºisºn E. tº Mºgº. 7 Jal, & July Jill, 1910 124 & ill 455. Alº."" | First Mortgage on 236 miles of º º mortgage on - - | 126 miles... Direct ºbligation of Jult & DBſ. Jill?, 1913 || || 6 & ill 4.68 the Chicº, Milº St. Paul Ry. Cº. | | The road now operated as the Lake Superior Division. CHICAGO, MILWAUKEE & ST. PAUL RY. CO. * + Milwaukee & Northern Consolidated Mtge. 6 | First Mortgage on terminal AMERICAN Dock & IMPROVEMENT co, , , , all f the Central R. R. of * + is Mortgage Guaranteed. 5 Jill & July July, 1921 ||14 & it 410||Nº'º"º principal and interest. MIN NEA POLIS & ST. LOUIS R. R. C.O. . . . . . iles of main line, Merri: " - 1sº, Gold. 7 Jult & Dº!, Jult, 1927 142 & Ill A49 tº Mº", "sº $roooo per mile. ----- - | First and underlying lien on MIN NEA POLIS & ST. LOUIS R. R. C.O. . . . Southwes E. -- * + Southwestern Extension, 1st Mtge, Gold. 7 Jult & Dº!, DEC. 1910 125 & ill. 466 º - line to the South and Southwest. | Guaranteed principal and inter- |est by the Mich. Cent. R. R. Co. 8 Māy & NOW, May, 1903 122 & ill. 450 by endorsement on each bond. | Sufficient of the 5s are reserved to retire these bonds at maturity. General Mortgage covering the MICH IGAN CENTRAL R. R. CO. Detroit & Bay City R. R. Co. LEVELAND, CINCINNATI, CHICAGO & st. | entire property of the company. ( L. in , melº Pº - - * I's Otis Rºco ºne ai'iº Gold. 4 Jult & Dit, Jult, 1993 85 & ill 475 º: º BUFFALO, ROCH. N. PITTSBURG RY, CO. | || || º, ge on * + Rochester & Pittsburg. - - | 36 miles and Secºnd Mortgage Consolidated Mortgage Gold. 6 Jult & DEC, DEC, 1929 119 & ill. 4.75 º º - - º: - ----- - - TERMINAL R. R. ASSOCIATION OF ST. LOUIS, - |º * + 1st Consolidated Mortgage. Gold. 5 Fºll, & Allg, Aug. 1944 100 & ill 500 acilities of the City ºf St. Lºuis. - |Interest guaranteed by six pro- chicago, BurLINgtoN & Quincy R.R. co, - |". lines. iles of road - - - -- - ºnly in a 1- - - wers 1, ---> ---, - * +s Nebraska Extension Sinking Fund. 4 May & NOW, May, 1927 89 & ill. 465 º sº º," " " ": COLUMBUS GAS CO. - |º - - 1st Mortgage. Gold. - real estate valued at ºver $sooooo. Special circular upon application. ssue, ºt-oºoºooo- he company |Special lar up plication.] 5 Jill & July July, 1932 94 & ill 538 issue, sº T. earns over double all interest - - | charges, and has paid sº dividends - - - on its capital stock for five years. * Listed on New York Stock Exchange scan be registered. Principal can be registered : Listed on Boston Stock Exchange. detailed descriptions of Above securities furnished upon Application. United States Bonds and other Securities taken in exchange at market prices, or purchased outright. Orders executed on commission in New York, Boston, Providence, Philadelphia and Chicago. Connected by private wires. Offers are subject to sale and change in price without notice. PRICES SUBJECT TO ADJUSTMENT TO MARKET QUOTATIONS AT TIME OF SALE. - - | First and underlying Mortgage - THE BOND RECORD. - ! (The entire contents of this Magazine are covered by the general coayright, and articles must not be reprinted without special Aermission.) Entered at New York Post-Office as second class mail matter. CONTENTS FOR FEBRUARY, 1896. ANTHRACITE COAL ....................................................... WILLIAM GRiffith................... I With maps, charts and tables prepared for this article. ANNUAL RAILROAD REPORTS, III. ......................... '.......... HAMILTON S. Corwin . . . . . . . . . . . . . . . 11 DEPARTMENTS: RAILROADS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................................................... 14 THE ANTHRACITE COAL GROUP.-Philadelphia & Reading Railroad–Philadelphia & Reading Coal Co.—Lehigh Valley Railroad—Delaware, Lackawanna & Western Railroad-Delaware & Hudson Canal Company. ELGIN, JOLIET & EASTERN RAILWAY. with Map. INDIANA, ILLINOIS & IOWA RAILROAD. With Map. CHOCTAW, OKLAHOMA & GULF RAILROAD. SUNDRY CORPORATIONS. .................................................................................... 18 The H. B. Claflin Co-Edison Electric Illuminating Co. of Brooklyn-Michigan Peninsular-Car Co-American District Telegraph Company. THE SITUATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Review of the Situation in January–The Currency. QUOTATIONS AND STATISTICS. ........................................................................... 23 United States Government Finances—Bond and Stock Record—Preliminary Reports—Earnings—Reorganization Notes —Stock Exchange Listings—Documents. CURRENCY REFORM. . . .............................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Terms:–$3.00 a year in advance, including binder; 25 cents a number. Booksellers, Newsdealers and Postmasters receive subscriptions. Subscribers may remit to us in Post-Office or Express Co. money orders, or in bank checks, drafts or registered letters. Money in letters is at sender's risk. Bound volumes for the year 1895, in full leather, $3.5o. 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Deposit Accounts of American Banks, Bankers, Firms and Individuals, received upon favorable terms. 5O STATE STREET, - BROWN, SHIPLEY & CO., Founders' Court, EOSTON. LOTHBURY E. C., LONDON. The Review of Reviews. EDITED BY ALBERT SHAw. R"O R. F. E. E. R. L. A. RY. JOSEPH CHAMBERLAIN, a Character Sketch. A complete and elaborate account of the career, the methods and the ambitions of the man whose will now dominates the British Empire from Canada to South Africa (with Portraits). CRIPPLE CREEK and the Colorado Gold Miners. By Cy WaRMAN. (Fully illustrated.) “THAT FLOOD OF GOLD.” By Carl Snyder. An account of the recent increase in gold pro- duction, with many pictures. The TWO SideS OF THE MONEY-STANDARD QUESTION. (1) The Case against the Single Gold Standard—by Dr. Orto ARENDT, of Berlin (translated by Pres. E. BeNJAMIN ANDREws). (2) Damaging Facts against Bi-metalism: A Review—by Professor Frank Herriott. THE NEW POET LAUREATE AND HIS POETRY. THE ARMENIAN MASSACRES SINCE LAST OCTOBER. The editorial departments of THE Review of Reviews, as usual, sum up in readable style, in true perspective, and with a comprehensive survey, the entire history of the past thirty days. The opening department, “The Progress of the World,” especially enlarges upon the English newspapers and their treatment of the Venezuela case, the bond call and the financial situation, Cecil Rhodes, President Kruger and South African affairs, while various other topics of extremely timely interest are discussed, and the whole is illustrated with many portraits and maps. 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NEVV YORIX $300,000 REALIZED - rRom An º $ 9 6 O OO IN THE FINANCIAL ADVERTISING COLUMNS - or The Churchman, 47 Lafayette Place, NEW YORK. * } : * KOUNTZE BROS. BANKERS, 120 Broadway, New York. |E|| || |||}|{SS THISHEIB|. LETTERS OF CREDIT issued for the use of Travelers, available in all parts of the world. NEW YORK, AKE FRIE & WESTERN RAILROAD COMPANY COLLATERAL TRUST BONDS. 23 WALL St., New York, Jan. 8th, 1896, Referring to the call for the above bonds by the United States Trust Company as Trustee, which thereby mature on the 18th February next, we hereby give notice that we are now prepared to cash such bonds upon presentation at our office at 11o per cent. and interest to February 18, less a rebate at the rate of 6 per cent. per annum to the maturity of the call. J. P. M.ORGAN & CO. FOR WORTH & DENNER GIY ||WAY REORGANIZATION. Bondholders who have not deposited their bonds are notified that the time for depositing them with the Mercantile Trust Com- pany has been extended until Feb. 10, 1896; after which date an additional charge of $10 per bond will be assessed against each bond thereafter deposited. Nine-tenths of the whole number of outstanding bonds have already been deposited with the Trust Company, under the terms of the agreement. Copies of the agreement under which the deposit is made and of the circular giving in detail the plan of reorganization can be obtained by application to the Mercantile Trust Company, or at the office of the Committee, Room 218, No. 1 Broadway, New York City. G. M. DODGE, Chairman Reorganization Committee. WHANN & SCHLESINGER, $5ankers, No. 2 VVALL STREET, NEvv Yorpº. 45,000 City of New York, - - - 7 % 700,000 City of Allegheny, Pa., - - 4 ſº 100,000 City of Brooklyn, N. * - 5 % Ward No. 30, 100,000 State of Idaho, - - - - 5 % 85,000 City of Ithaca, N.Y., - - 4 % 150,000 Monroe County, N. Y., - - Prices and Particulars on Application. - High-Grade Municipal Bonds Bought and Sold. THE BROUN-GREEN Co., Nos. 38 & 40 Beaver Street, New York, makes a specialty of fine Commercial PRINT- ING, for which it has superior facilities. Every variety of Steel or Copperplate Engraving and Printing, and every description of Lithographic work care- fully and tastefully executed. Special attention paid to the requirements of bankers, brokers and corporations. Books of account and books of record are carried Presses on the premises. in stock and made to order. Salesmen will call at any address upon request and give estimates on any work. AMERICAN SIMON BORG & CO. Bank Note Company, jSamkers, 78 to 86 TRINITY PLACE, 20 Nassau Street, ... New York. NEW YORK. - → Business Founded 1795 e- Investment Securities. JAMES MACDONOUGH, President. AUG. D. SHEPARD, Central of Georgia Railway Co. TOURO ROBERTSON, First Mortgage 5 per cent. Gold Bonds, due 1945. Vice-Presidents. Pittsburgh, Cincinnati, Chicago & St. Louis Rºy Co. THEO. H. FREELAND, Consolidated Mortgage 4% per cent. Guaranteed Gold Sec'y and Treas. Bonds, Series “A,” due 1940. JNO. E. CURRIER, Manhattan Railway Co. - Ass’t Secretary. Consolidated Mortgage 4 per cent. Gold Bonds, due 1990. J. K. wers. New York Central Ass’t Treasurer. Extended 4 per cent. Gold Debt Certificates, due 1905. d. Lorain & heeling R'v Co. ENGRAVING AND PRINTING, Cleveland, Lorain & Wheeling Rºy Co - Consolidated First 5 per cent. Gold Bonds, due 1933. BANK NOTES, SHARE CERTIFICATES, BONDS Fort GOVERNMENTS AND CORPORATIONS, DRAFTS, CHECKs, BILLS OF EXCHANGE, STAMPS, &c., in the finest and most artistic style FROM STEEL PLATES, Minneapolis & St. Louis–Southwestern Extension - First 7 per cent. Gold Bonds, due 191o. Minneapolis & St. Louis-Iowa Extension First 7 per cent. Gold Bonds, due 1909. WITH SPECIAL SAFEGUARDS TO PREVENT CountERFEITING. - - - Minneapolis Street Railway Co. SAFETY COLORs. SAFETY PAPERs. First Consolidated 5 per cent. Gold Bonds, due 1919. Work Executed in Fireproof Buildings. Oswego and Syracuse R. R. Co. L/THOGRAPHIC AND TYPE PRINTING.. " Guaranteed 9 per cent. Stock. RAILwAY TrcKETs or IMPRover, sºry LEs, AND OTHER CHOICE SECURITIES. Show Cards, Labels, Calendars. Our Circular contains Descriptions and Prices. CABLE ADDRESS - A M KO-NEW YORK. A. M. KIDDER & CO. JBankers, No. 18 VVAL L STREET, N E VV Y O R Pº. ESTABLISHED 1865. MEMBERS OF NEW YORK STOCK EXCHANGE. ALLOW INTEREST ON DEPOSITS SUBJECT TO SIGHT CHECK. . BUY AND SELL ON COMMISSION STOCKS AND BONDS, . . . . . . EITHER FOR CASH OF ON MARGIN, AND DEAL IN Invest no ent Securities. A. M. KIDDER H. J. MORSE. CHARLES D. MARVIN. W. M. KIDDER. : -- & -*- THE BOND RECORD. Vol. IV. FEBRUARY, 1896, No. 1. ANTHRACITE COAL. By will IAM GRIFFITH. WHAT IS IT P In the general term “coal,” may be included all carbon- aceous minerals that are used for fuel. These minerals, though known by different names, are all undoubtedly the remains of the luxurious vegetable growth of prehistoric ages, and are, in fact, the same general substance existing under different stages of progress toward the formation of what we might call the highest or ultimate type of mineral coal. --- - The names used to designate these various degrees of progress are: first, peat, which is the partially decomposed vegetation of swamps or peat bogs; second, lignite or brown coal, in which the decomposition has progressed further, but in some varieties of which the vegetable structure or woody fibre is still plainly visible; third, the various quali- ties of bituminous coal, which is so plentifully distributed through all countries of the earth, and forms the great fuel supply of the world. Bituminous coal contains less vola- tile matter and more fixed carbon. w CHEMICAL CoMposition of VARIous Fuels. Volatile Fixed Water, Matter. Carbon. Ash, etc. Total Peat. . . . . . . . . . . . . . . . . . (Cºmb'sble 65.62%)* 34.38 % 100% COALS Lignite. . . . . . . . . . . . . . . . 50 % 35 % 15 % 100% Bituminous. . . . . . . . . . . . 35 % 58 ſº 7 % 100% Semi-Bituminous...... 15 % 77 % 8 % 100% Semi-Anthracite. . . . . . . . 9 % 85 % 6 % 100% Dry Anthracite. . . . . . . . . 24% 90+% 74% 100% Rhode Island Anthracite 3 * 77 % 20 % 100% Coke... . . . . . . . . . . . 14% 914% 7 % 100% *This 65.62% combustible includes both the volatile matter and fixed carbon. One of the properties of bituminous coal is the formation of coke when heated in a closed chamber without access of Copyright, 1896, by The Bond Record Publishing Co. air. By this process the volatile portion, known as “coal gas,” is driven off, leaving a residue of fixed carbon, which is called “coke,” a fuel of great importance in the iron indus- try, and an article of extensive trade at the present day. If now we can imagine this process of distillation as taking place in the coal as it rests in its rocky bed in the earth and under great natural heat, and the immense pressure due to a great weight of overlying strata of rock, we would have a natural coke of great density and hardness. In other words, anthracite coal may be regarded as a natural coke, formed from bituminous coal under the conditions and in the man- ner above described. WHERE IT OCCURS. Anthracite is known to exist in comparatively limited quantities in a number of localities. In the Old World it occurs notably in Wales, France and Switzerland; and in this country in Mexico, New Mexico, Arkansas, Colorado and Canada, where it is mined to some extent, and is, in quantity, of considerable economical value locally. It has not been sufficiently prospected or explored as yet, and on this account comparatively little is known of the extent of the deposits. It also exists in small quantity, and comparatively worth- less quality, in subcarboniferous rocks in certain localities in Virginia and West Virginia. It also occurs in Queen Char- lotte Islands on the Pacific Coast, and in the State of Rhode Island there is a very dense, compact variety, approaching graphite in structural appearance which, although of no great commercial value, is mined to small extent. We have, therefore, to turn to the State of Pennsylvania to find the only extensive and, as yet, extensively mined and commercially valuable beds of anthracite known in the world. And it is from this great reservoir that the world's supply of this valuable fuel is drawn. The aggregate an- nual production of the working mines in the United States outside of Pennsylvania will probably not exceed too, ooo tons. All rights reserved. FOREIGN SUBSCR 1 PTION, $3.75. THE BOND RECORD PUBLISHING CO., No. 24 NASSAU STREET. P. O. BOX 974, NEW YORK. Enclosed please find $3.00 for one year's subscription to THE BOND RECORD, beginning with next number, to be mailed to the following address: Name......... • * - - - - - - - - - - - - - - - - - - - - - - - - - - - - - * * * * * * * * * * - - - - - - - - , s , º, e s • * - - - - - - - - - * * * * * * * * * * * - - - - - - - - * * * * * * * - - - - - - - - - - * * * * * * * * * - - - - - - - - - - 4 - e º ºs e º ºr 4- - HE BOND RECORD 1S intended primarily for persons and cor- porations having money invested or to invest. The investor too often is influenced by prejudice, or sentiment or fashion, and all too rarely by exact knowledge. It is the aim of THE BOND RECORD to reduce to a Science the investment of money. We place at the service of our readers the results of expert work by lawyers, engineers, accountants and by practical men engaged in the actual business of the various transportation, manufacturing, dis- tributing and mining corporations. The services of such experts are obtainable only at large expense, therefore they may be availed of by investors only by mutual co-operation. Frequently a thorough investigation of some one corpora- tion or industry, and an intelligible presentation of the facts disclosed by such examination involves an expenditure of several thousand dollars. Examples in point are THE BOND RECORD’s studies of the Baltimore & Ohio Railroad in the December, 1895, number, of the Erie Railroad in the March, 1896, number, and of the anthracite coal industry begun in the February, 1896, number and concluded in this number. Investors who have carefully noted the information con- tained in THE ROND RECORD from month to month have been enabled to correct errors by disposing of investments injudiciously made, in many instances saving a large amount of their investment. Others have been prevented from sacrificing investments, and still others have been enabled to make investments in securities absolutely good but temporarily discredited which have, since they were first brought to notice by THE BOND RECORD, made marked ad- vances in market value. The high standard which has characterized THE BOND RECORD in the past will be maintained hereafter and no effort will be spared to make THE BOND REcoRD the authority on corporate securities. With this end in view, quotations, Government statistics and all matters recorded from day to day in the newspapers will hereafter be omitted, and our entire energies will be devoted to expert, scientific dissection of the reports of public corporations and to th presentation to our readers, in plain language, of the resul of this work. We do not hesitate to claim that serious mistakes in the investment of money can be absolutely avoided by invari- ably consulting the columns of THE BOND RECORD before investing. To facilitate quick reference an index of all cor- porations whose affairs have been reviewed in the current volume will be published in each number, and at the close of the year there will be published an elaborate analytical index, of every public corporation and of every corporate security. THE BOND RECORD will continue to publish articles from the pens of the ablest thinkers of the age upon currency and banking, Government finances, and corporate problems, and will in the future give considerable attention to municipal finances and government. From time to time we shall publish reviews of important books on economics, also transcripts of papers of value appearing in the journals of learned societies. These papers are frequently of the first importance but they rarely come to the notice of any out- side the circle of the societies' members. It is the intention of the publishers of THE BOND RECORD to spare no effort or expense in making it the leading authority in its field. From THE BOND RECORD For June, 1896. A. Ix E O N T A. If I O N.Fair Haven º Sodus Point run THE RAILROAD OUTLETS OF THE ANTHRACITE COAL REGIONS --------------- ---Tont. Div. of "-- Niagara ---al hoº--> **-------- - ºrine.º. le --- - *- Charlott *** sºlº-Tºss OF PENNSYLVANIA. eye”. - -- 8-al-o-Mile- 0. 10 º -- Fonda -- Amsterdam *N. - *S* º-º: Nº-º º º Pt. Dover". --- | - Schoharie *Middleburg - | L-an- 'Napies - + £he * Dunkirk * Dansvillº'-'º gº en-E - Nº. Stamford-----, º Brocto, - : Fredonia - & Bloomville.” P */º A Ashfº \ W - Delhi. s/ - sº \\ Ashford; º Hornelisſillº, - - ºiſ - Cat - Lit va. * AN Cub *" e ^: ſ º Hunter *y----e. - y - *2 L * NBelmont WNineveh º ---- / º & Zºº **Te s - -"----- & *** §, * º | Deposit /* Phoeniciº ºolean Bolivarº wellsville wº" º ſ 'A Ror Y w º M - - \ - - ~ - *_." º -- - - --- —º- - Ulysses Rort -> *N - o/Coudersport - - Galeton * - 2^\ --- º - ſ - S- ** * wº- -- º - Monticello , --- º - - º Honesdale - - -- Hancocºyºyº" ", N- - Kingston º `s sº º- Wyren $23. Mt.Jewetº Sweden Val Keating ! / Emporium? Johnsonburg; - wº---> - Ridgway ſ: _2^ º amsport/L. - - ~ Shie Nan FSYº - - cksh; * Clarion º Jamison City. - ºny Brookville, - - | o - º a-Yº Karthaus º-º-º: *nge tº º - º º w. " - - bek haven W* § I blº, * - * Dan, , - -- - - º ºil/ ox --- learfie - - -- - Wºr º: k unxsutawney earfield sº Lewisburg, =º º - Krºlina º º --- Fordham w N \! - % 2 º + N27 ----- *. --- - º, Kittanni La Jose + *Pºs Milly--~~~~ºiddleburgº- 2% Chester Kittanning J º - Ben/6re | º º n. ºyſ. - \ 4. - *g --~~ -- º * - º º - pºla - lºve- *S* ....... Lewistown.º, Mifflintown \º º la Bellwood Indiana º : 2– Milroy } yº A / ºss | Fairvi - ,2- - -- "º. - SN Ebersburg st Altoona.' WW :^* * * Ameº - Blairsville º ~ wº urg 2 ºntingdong º c-—º- st. ." ~' - Čºmyº Şy - New Bloomfield* -- Miness, <-3” Latrobe Johnstown >. - & Ore Hill \ º -- - onongahela, 2 - - <\º - City *\ New Holland 7-tº- - - S - -º" -- º, º -- *~~~~ N - sº - - Downſher T TXº * Brownsville. ~J & Mº Pine Grove. D-ºllº Hiladelº - - - -- ºn ** – f fººd \º. º - J ichmond Furnace - •) ~ N-lº- - Berlin "Bard - - * - Wºº-ººſeº Uni Me - \ s/Chambersburg - - Waynesburg - **) / cConnellsburg - G.' \ Y a. - - - * / Gettysburg - - | Fairchance tſ __ - Greencastle ſo ºwazºesburg - - - t- —- T T - _ Morgantownº | | - - º - - ğHagerstown).----' . . A. - ſ MI; - º --> w -- º Vrºns) A º - A. gwoo - - º onto º - Romney." Q Frederick abil- on to - n. 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G.|º quod saepnoo o n n w H = n os n s \ d & o BNG v 8 a|| ||į| ||- ！ ------L >H（HO|×AA sºn 0;：:0301∞ √∞i sanı， ao anaeros "SQT31-a TvOO EHL 9 N1/wOHS VIN VATIAS NIN GHael -¿O dww NO 13Traxis February, 1896.] Anthracite Coal. 3 - - As will be seen by the accompanying map these famous coal fields occupy 484 square miles in the eastern portion of the State, namely, in Lackawanna, Luzerne and Schuylkill Counties, though projecting into Carbon, Columbia, Northum- berland and Dauphin Counties. At the nearest points they are distant 145 miles by rail from New York, 90 miles from Philadelphia, 250 miles from Pittsburg, and 265 miles from Buffalo. They are divided geologically by the several basins in which they are comprised,—as well as geograph- ically by their positions, into: (1) the Northern (2) Eastern Middle; (3) Western Middle; (4) Southern. There is also a small basin in Sullivan County known as the Western Northern or Loyalsock field. The trade names, by which these districts are more famil- arly known, are: Wyoming, for the Northern field; the Le- high region, comprising the Eastern Middle and the eastern end of the Southern field, while the Western Middle and Southern are known as the Schuylkill region. And in the markets the coals from the various fields are classed under the names of the regions from which they are stºposed to have been mined. These commercial names originate from the geographical locality, and partially by the transportation route to market. Thus, the Northern field is in the Wyo- ming and Lackawanna Valleys, drained by the Susquehanna and its tributary, the Lackawanna. The Eastern Middle field is on the watershed of the Lehigh River, and its main outlet to market is over the railroads that follow down this stream. In the same way, the Schuylkill River has its source in the Southern field, and its valley forms the route over which its coals are transported to market. The excellent relief map by Edw. B. Harden, mining engineer, of Phila- delphia—the use of which he has kindly permitted—admira- bly illustrates the location and topography of the district. DISCOVERY AND EARLY USE. When we speak of the Wyoming coal region we have reference to the identical area occupied by the Wyoming and Lackawanna Valleys, far famed for scenes of surpassing beauty, historic incidents of early Indian warfare and set- tlement by the pioneer emigrants from Connecticut. Anthracite coal was probably known to the Indians of the Wyoming Valley before the advent of the white man. But in 1762 Parshall Terry and a company of Connecticut pio- neers settled on the Susquehanna River, at Mill Creek, in the suburbs of the present city of Wilkes-Barre, and there they found anthracite coal, and so reported upon their return to Connecticut in the same year. In 1769 Mr. Obadiah Gore, a blacksmith, came to the Wyoming Valley from Con- necticut, and at once commenced experimenting with the “black stones" of the valley, as anthracite was called. He found that it could be successfully used in his smith forge, and the knowledge of his experiments gradually spread among the settlers until the coal was used in most of the smith shops in the North and West Branch settlements. Thus to the Connecticut Yankee may be ascribed the honor of the first discovery and demonstration of the use of anthracite as a valuable heat producer and fuel. The presence of coal was known in Schuylkill County as early as 1770. “On William Searles' map of Pennsylvania, published in 1770, coal is marked near the headwaters of the Schuylkill.” And in 1795 a smith by the name of Whet- stone successfully used anthracite in his forge in Schuylkill County. In 1791 Phillip Ginter, a hunter, on returning towards evening to his cabin, accidentally kicked from his path on Mauch Chunk mountain a “blackstone," which he brought to the village and exhibited. It proved to be anthracite, and thus was its existence in Carbon County first discovered. The immediate result of this incident was the organization the following year of the Lehigh Coal Mine Company, which secured a large area of land and commenced to mine and ship coal down the Lehigh; but owing to their poor success and difficult navigation the enterprise was soon abandoned. For a number of years immediately following the discovery above noted, anthracite was not used except locally by the blacksmiths. Several shipments were made by means of arks down the Susquehanna, Lehigh, and Schuylkill Rivers. But these ventures were not successful. The people would not be convinced that the “blackstones" would burn, and consequently the trade in anthracite was virtually abandoned until 1807 in the Wyoming region and 1820 and 1825 in Lehigh and Schuylkill regions respectively. The first record we have of the use of a grate for burning anthracite is at Philadelphia, Pa., in 1802 and 1803, by Oliver Evans, and also by Frederick Graff, and in 1808 Judge Jesse Fell made the successful experiment of burning anthracite in a grate, at Wilkes-Barre, Pa. THE COAL TRADE. I.-The Past, The first known shipment of anthracite coal was in the year 1776, when the proprietary governors of Pennsylvania shipped coal from the Wyoming Valley down the Susque- hanna to Harrisburg, and thence by wagons to Carlisle, Pa., where it was used in forges for the manufacture of fire-arms. These shipments were continued during the Revolutionary War. Other single shipments were made from time to time until 1807, when Abijah Smith & Co., the first success- ful coal operators of the Wyoming Valley, shipped fifty-five tons from their mine at Plymouth by water to Columbia, Pa. They continued regularly in the business for twenty years, shipping 4oo or 5oo tons per year to the towns on the lower Susquehanna, and to Baltimore and New York. They received about $10 per ton at river points, and $12 to $15 in New York. It is time now to give to the energetic firm of Abijah Smith & Co. the credit that is surely their due—that of first suc- cessfully introducing and finding a continuous mºrket for anthracite coal. The year 1820 is commonly used in most all anthracite records as the date of the beginning of the anthracite coal trade. While many earlier attempts were made to ship the coal by natural navigation in arks down the Lehigh and Schuylkill, no permanent trade resulted. These streams were small and full of rocks and rapids, and the navigation very precarious, so that many of the ventures were wrecked before reaching Philadelphia, and what coal did reach that market was used to gravel the walks. The idea of using the “black stones" to produce heat was thought to be a good joke, and the honest Quakers would not be humbugged. It was not until after the accidental discovery of the proper method of burning (i.e., letting it alone) by White & Hazard, in 1812, at their wire mills at the Falls of Schuyl- kill, that the people of Philadelphia began to awake to the idea that there might be some virtue in the “black stones" after all, and they then began to improve the navigation of the Lehigh and Schuylkill. In 1818 the Lehigh Navigation Company and the Lehigh Coal Company were organized and combined to form the Lehigh Coal & Navigation Com- pany, and in 1820 this company shipped 365 tons of coal to Philadelphia by artificial navigation of the Lehigh. In 1821 4 The - Bond - Record. and 1822 the quantities were much increased, and the trade from the Lehigh permanently established. Two or three years later the Schuylkill trade began. But while all this was going on, the members of the live Yankee firm of Abijah Smith & Co. were energetically intro- ducing their Plymouth coal. The Susquehanna, a much larger stream, could be much more successfully navigated than the Lehigh or Schuylkill, and by this natural highway arks were shipped to Columbia, Baltimore and other river points. They accompanied their ventures, and took with them tools, grates, and workmen skilled in setting them up. They put these grates in private houses and other places, and taught the people how to burn the coal. They extended the territory by reshipping, at Havre-de-Grace, Md., in coast- ing vessels, so that in 1812, the same year that White & Hazard were experimenting with the coal at their wire mills in Philadelphia, Smith & Co. were making regular shipments to New York City and supplying a permanent trade there. In “Historical Sketches of Plymouth,” by H. B. Wright, from which many of the above facts are gleaned,” we find the following letter and account current of Price & Water- bury, which in this connection is a very interesting paper, illustrating, as it does, not only the indomitable energy of this pioneer firm in the anthracite coal business, but also the condition and amount of the anthracite trade of the great city of New York at that early date: “NEw York, February, 1813. “Messrs. ABIJAH SMITH & Co. “GENTLEMEN:—Having lately taken a view of the business we have been conducting for you this sometime past, we have thought it would be gratifying to have the account forwarded, and there- fore present you with a summary of it up to the 18th of January, 1813, containing first, the quantity of coal sold, and to whom ; second, the amount of cash paid us from time to time; third, the amount of interest cash on the various sums advanced ; the credit of interest on the sums received, and lastly, the quantity of coal remaining on hand unsold. Should you on the receipt of this find any of the items incorrect, we need hardly observe that the knowledge of such an error will be corrected with the greatest pleasure. As it respects our future plan of procedure, we shall expect to see one of your concern in the city sometime in the spring, when a new arrangement may be fixed upon. Our endeavors to establish the character of the coal shall not at any time be wanting, and we calculate shortly to dispose of the re- maining parcels of coal unsold. ** 1812: By cash of Doty & Willets, for 5 chaldrons of coal. . . . . . $100.00 By cash of John Withington, for 5 chaldrons of coal. . . . 100.00 By cash of Coulthaid & Son, for 10 chaldrons of coal... 200.00 By John Benham's note, 90 days, for 10 chald. of coal. 200.00 By cash of G. P. Lorrillard, for 1 chaldron of coal. . . . . . 20.00 By cash º J. Wilson, for 4 chaldrons of coal. . . . . . . . 80.00 ** Iune 13: By Jº of Doty & Willets, for 5 chaldrons of coal... . . . 100.00 By cash of G. P. Lorrillard, for 11+ chaldrons of coal... 230.00 By A. Frazyer's note, 90 days, for 25 chaldrons of coal. 475.00 By cash received of T. Coulthaid, for 5 chaldrons of coal. 100.00 By M. Womas' note, 90 days, for 20 chaldrons of coal. , 380.00 By half measurement received for 9 bushels of coal. . . . . 6.33 By B. Ward and T. Blagge, for 14 chald., at $20 per c. . . 25.00 By Wittingham, for chaldron of coal. . . . . . . . . . . . . . . . . 10.00 une 25, by Pirpont, for # chaldron of coal. . . . . . . . . . . . . 11.00 une 25, by Mr. Landis, for chaldron of coal. . . . . . . . . 12.00 uly 16, by Robert Barney, for 17 chaldrons of coal, at $22 per chaldron. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885.00 Sept. 15, by cash for 1 chaldron of coal. . . . . . . . . . . . . . . . 12.50 Oct. 9, by William Colman, for chaldron of coal. . . . . . 12.50 Oct. 9, by Sexton & Williamson, for 1+ chaldrons of coal. 37.50 Oct. 24, by cash for 1 chaldron of coal. . . . . . . . . . . . . . . . . 25.00 Oct. 29, by cash for # chaldron of coal. . . . . . . . . . . . . . . . . 12.50 Nov. 7, by cash for # chaldron of coal. . . . . . . . . . . . . . . . . 12.50 Nov. 12, by cash for 1 chaldron of coal. . . . . . . . . . . . . . . . 25.00 * We are also indebted for some of these historical notes, to-" Coal: Its Dis- coveryºtº, in Wyºming Valley." Pºughlet by Gº B. Kulp, 1890, fo. His- torical Collections of Pennsylvania." Philadelphia, 1843; and to “A Half Cen- tury in Scranton,” B. H. Troop, M.D., 1 Nov. 16, by Mr. A. Le Briton, for 12 chaldrons of coal, at $25 per chaldron. . . . . . . . . . . . . . . . . . . . . 288.50 Dec. 5, by cash for 4 chaldron of coal. . . . . . . . . . . . . . . . . . 12.50 Dec. 11, by cash A. Dailey, for 4 chaldron of coal. . . . . . 12.50 Dec. 14, by cash for 4 chaldron of coal. . . . . . . . . . . . . . . . 12.00 “1813: Jan. 4, by cash for 1 chaldron of coal. . . . . . . . . . . . . . . . . 25.00 Jan. 18, by J. Curtis, for 9 bushels of coal....... . . . . . . . 6.27 By amount of balance this day. . . . . . . . . . . . . . . . . . . . . . . . 763.12 Total. . . . . . . . . . . . ... . . . . . $3,601.20 “Errors excepted, Price & Waterbury.” A chaldron of coal was about 36 bushels, or 14 net tons. The early coal trade along the Lehigh and Schuylkill un- doubtedly owes much of its success and rapid growth, subsequent to 1820, to the successful efforts of this firm of coal miners and shippers. They were the educators and the first successful firm in the market, and those who followed reaped largely the reward of their energy. As stated above, the Lehigh Coal & Navigation Company in 1820 shipped 365 tons of coal down the Lehigh and Dela- ware to Philadelphia, which sold for $8.40 per ton. In 1821 and 1822 the quantities were much increased, and the pub- lic having finally learned its good qualities the demand, and consequently, the trade, continued to grow rapidly. Most of the coal supplied by this company was taken for years from the famous Summit Mine or Quarry on the mountain top, several miles from Mauch Chunk, where the mammoth bed is about 50 feet thick, with very light cover- 1ng. The trade of the Schuylkill region may be reckoned as having its beginning in 1825, after the completion of the water navigation to Philadelphia by the Schuylkill Naviga- tion Company. Tolls were first taken on this improvement in 1818, amounting to $233, none of it, however, for coal. In 1825 the tolls amounted to $15,775, of which $9,700 was for coal, and during the subsequent years, owing to its prox- imity to Philadelphia, and to the fact that navigation was open to anyone that would pay the tolls, the trade from this region took rapid strides, and soon outstripped the other anthracite fields, so that in 1842 the total shipment to date for the Schuylkill was in excess of the aggregate shipments for all the other fields combined. An idea of the trade at the later date may be gleaned from the statement that “up- wards of four million dollars had been invested in sixty-five miles of incorporated railroads, forty miles of individual railroads; fifty miles of underground railroad, two thousand railroad cars, fifteen hundred mine cars, seventeen collieries below water level, one hundred collieries above water level, eight hundred and fifty canal boats, nine hundred boat horses, etc., etc., in the Schuylkill region.” In 1814 and 1815 Maurice and John Wertz began mining at Carbondale. In 1823 and '25 the Delaware & Hudson Canal Company was incorporated, and in 1829 began shipping coal from Carbondale, in the Upper Lackawanna region, by gravity railroad and canal. The demand for anthracite rap- idly increased, and other canals were built and existing ones extended, and still the demand outstripped the capacity of the canals to transport. After the invention of the locomo- tive, railroads were extended to the anthracite region, and gradually absorbed most of the business of transporting coal; the canals proving too slow and not able to stand the railroad competition, fell into disuse and are being abandoned. 2. –The PRESENT. To-day the anthracite coal trade has increased from 55 tons in 1807, to the enormous annual quantity of over 47,ooo, ooo tons produced, and over 42, ooo, ooo tons shipped from about º Zºº - º - º º * - - - -- - º º º ºſº | - --- º - º - º º - - - - - - . - - - º - - -- - - - . º - - -: - º - º - -- º - - - º - - - - - º - |- º - - --- - º -- - - - - - - - º-Lº- M- º - - - º - - - º - - - --- - |- - --- - - - - - -- --- - - - ºº: º --- - Antºnacºre Coal Firuns - - - - º - - - - - - º º - - º º º - - - - º - - ---- MAN- - * †º ºf ſº º * * *º- - ** -- B. H----- -- º - º - º, º º statiº ºilº tº cº- |- º ºn - º | - - º - º --- - - - - - - - - - - *** * º - - - º - - - - - - - - - - º - º - - - - -- - - - - º - - - - - -- - - º - * > - - - - - - - º - ***** Sºrrº. - ------------ --- ----- February, 1896.] Anthracite Coal. 5 4oo collieries, or nearly one colliery to every one and one- tenth square miles, employing about 140, ooo men. The diagrams, statistical tables and map" of colliery locations, to be found at the end of this article, show the progress of the anthracite trade from its inception, and the present condition and magnitude of the mining industry. I I | | | | comparative VALUES of THE Most | IMPORTANT MINERAL PRODUCTs of | | | | I I I i 2Inc | | PETRo-Eum l coPPER - THE UNITED STATES FOR 1898. BUILD. NG stro Nº. | G. C. L. D. - s L. v E. R. T PT G T R S N T || A N T H R A C : T E Co all coaº sºles B LTU M I N C U S Co All- | coat area ºveºsº | º - - T - * * * * miſºn, ºbºs " " " " By glancing at the accompanying cut of the comparative values of our important mineral products, it will, no doubt, surprise many to notice that the anthracite coal mined from such a limited area ranks second in value, being followed by pig iron, and exceeded in value only by the bituminous coal product of the United States, which is mined from a coal area over four hundred times as large. The coal lands of most of the individual miners of anthracite, and some oper- ated by the railroad companies, are held by lease from another company or individual who owns the fee, and to whom a royalty or rent of a certain number of cents perton is paid for all coal mined. Some of the old leases, made thirty or forty years ago, were at the rate of ten to twenty cents per ton for the large sizes and nothing for chestnut and smaller. The royalty now obtaining for newly leased properties is about fifty cents for all sizes above pea coal, twenty-five cents for pea and twelve cents for buckwheat, etc., and even a higher royalty is now paid for the privilege of rescreening the old culm or waste piles than was de- manded for the best coal lands fifteen or twenty years ago. The anthracite coal fields of Pennsylvania, being of com- paratively small extent, and the coal area definitely known, have, owing to the enormous phenomenal increase of the trade, become of immense value. The management of the various transportation companies having access to this region, evidently appreciated to the fullest extent the future value of this inviting monopoly, and foresaw the importance of controlling it. Accordingly, about 1874, they began to secure the controlling interest in some of the large existing mining corporations, and to pur- chase in fee or by lease all the individual coal lands obtain- able, so that at the present time by far the greatest portion of the anthracite coal land is either owned in fee or under lease by the several carrying interests, or by sub-companies directly controlled by them. There are still many individual operators owning or leasing their own coal, but their output is nearly all tied by contract to the railroads they ship over. These contracts are mostly on a percentage basis, i.e., the railroads take the coal to market and pay the owners 60 per cent of the tidewater price which they receive for it, retaining the 4o per cent, for freight charges and selling expenses. While on its face this arrangement would seem to be em- inently fair to all interests, it is in fact, rather one sided, in *For much of the material for these tables we are indebted to Report of Pennsylvania Coal Waste Commission and the CoalTrade Journal, and the maps are based, by permission, on publications of Pennsylvania Geological Survey. favor of the railroads as against the individuals, for the reason that the tidewater price is always the lowest, and the carriers therefore do not sell the coal all at tide, but ship much of it along their lines and dispose of it at a large in- crease of profit over the tide rates provided in the contracts. This percentage basis (first introduced by A. A. McLeod while President of the Philadelphia & Reading R.R.), having now been a custom and in usage for several years, and some of the contracts covering a number of years in the future, has been generally recognized by nearly all interests to be as equitable an arrangement as perhaps could be made, except possibly in the matter of the line trade prices above men- tioned, and it is probable that it may continue, with slight changes, to be the recognized basis for contracts for some time to come. Many of the mining corporations, known to the trade as “Individual Operators," not only have tonnage contracts with the railroads, but are obligated to them for money advanced for the purpose of constructing or im- proving their mining plants. It has been a common practice in the past with some of the railroads to secure the tonnage of individuals by making loans to them in this manner, securing the loans by mortgage on the plants, and retain- ing, by agreement, about fifteen cents per ton above the usual freight charges until the debt is canceled. From the above it will be seen that the railroad companies have attained their end, and are de facto masters of the an- thracite coal trade, and whether they make it profitable or unprofitable to their stockholders depends on how they handle it. The following is the list of the anthracite coal roads and their principal sub-companies: MINING AND LAND COMPANIES RAILROADS. cont-ROLLED- Delaware, Lackawanna & Western R. R. ... (No sub-companies). Delaware & Hudson Canal Co............. Northern Coal & Iron Co Erie & Wyoming Valley Railroad, owned º Pennsylvania Coal Co. Erie Railroad.............................. illside Coal & Iron Co. New York, Ontario & Western Railway.... New York & Scranton º New York, Susquehanna & western R.R. Nº. Susquehanna & Western Wilkes-Barre & Eastern R. R. New York & Wilkes-Barre Coal Co. Delaware, Susquehanna & Schuylkill R. R., owned by Coxe Bros. & Co., Mineral Railroad & Mining Co. Susquehanna Coal Co. Lykens Valley Coal Co. summit Branch R. R. Co. | Lehigh Coal & Navigation Co. | Lehigh & Wilkes-Barre Coal Co. Lehigh Valley Coal Co. New York Middle Coal Field Railroad & Coal Co. Locust Mountain Coal & Iron Co. Coal Ridge ºvement & Coal Co. Delano Land Co. Phila, & Reading Coal & Iron Co. Philadelphia & Reading Railroad........ } Locust Mountain Coal Co. Little Schuyl. Nav. R.R. & Coal Co. The accompanying railroad map shows the above roads and their various routes from the coal fields to market, and the tonnage table for 1893, which fairly represents the present conditions, shows the railroad shipments for the several regions, and the proportion of this tonnage mined by individual operators, etc. It will be plain to every one that on the above contract basis, when the tidewater price is low, not only the miners lose money, but the freight rates realized by the carriers shrink also. They also lose at their own mines in the same proportion as others; and, as the capacity to produce is far beyond the market demand, which of course regulates the price, good management would dictate such a restriction of the output as would maintain the prices at a profitable point for all concerned, both miners and carriers. Such a price would not be exorbitant, and consumers could well afford to pay it. Such a restriction has been attempted and par- tially maintained, in an indifferent way, for a number of years past, until the winter of 1894-5, when the anthracite trade took a header, so to speak, and through the gross ------------ Pennsylvania Railroad. . . . . . . . . . . . . . . . . . . Central Railroad of New Jersey.......... Lehigh Valley Railroad.................. ANTHRACITE TONNAGE TABLE.-1893. (showing tonnage mined by the railroads and by their individual shippers.) - Lehigh Region - Schuylkill Region. - - - - ------ Wyoming º EASTERN MIL-L-L-E AND P-N- - Total Shipments. Coal area 176% sq. miles. Area ºnes. *º *...º.º. Area ºf square miles." Area. 169 square miles. - Nº.of Agregate Nº.of Agregate Nº.of Agregate Nº.of Agregate - Nº.of Total Total cºlºr Cºity. Tonnage. Cºlºr cº #y. Tonnage. cºlºr cº, Tonnage. cºlºr Ca ºy. Tonnage. cºlºr ºº: Tonnage. Delaware, L. & W. Collieries. . . . . . . . . . . . . . 21 18,802 || 3,449,078 | 21 18,802 3,449,078 Individual Operators. . . . . . . . . . . . . . . . . . . . . 17 11,456 || 2,353,142 | 17 11,456 2,353,143 Delaware & Lack. R. R. total shipments. 38 30,258 || 5,802,220 || || - || | | || 38 || 33,258 || 5,802,220 Delaware & Hudson Canal Co. Collieries...|29 |21,851 || 4,494,354 - - - -- | 29, 21.85, 4,494,354 Individual Operators. . . . . . . . . . . . . . . . . . . . *14 844 124,323 - || 14 824 124,323 Delaware & Hud. Can'l Co..total shipm’ts|30} 22,675 || 4,618,677 || ------ - || 30+ 22,675 || 4,618,677. Pennsylvania Coal Co. Collieries. . . . . . . . . . . T12 || 9,605 || 1,821,374 - - - | 12 | 9,605 1,821,374 Individual Operatºs., … … , ..…..: ** || 45 |_8,778. - - # 45 8,278 Erie & Wyoming Val. R.R. total shipm’ts|12 || 9,650 | 1830,152. - - || 12# 9,650. 1830,152 Hillside Coal & Iron Co. Collieries. . . . . . . . 6 ITB,006 || 978,940 || - - | 6 || 5,006 || 978,940 Individual Operators. . . . . . . . . . . . . . . . . . . . . *7% 4,509 935,621 || 7 || 4,509. 935,621 Erie R. R., total shipments........... . . . *13% 9,515 1,914,561 -- - _|| 13+ 9,515 1,914,561 N.Y.Ont, & Western–Individual Operators "113 || 5,202 || 1,162,571 - 11; 5,232 || 1,162,571 N. Y., Susq. & Western via D. L. & W. ºn - - Received from individual Operators *114 6,244 | 1,063, 183 - - 11+ 6,244 1,063, 183 Individual }}. Bros. & Co. Operators.. | 7. 4,822 | 1,258,954 7. 4,822 1,258,954 * . Pardee operator. . . | 4 || 4,358 || 598,697. - _|| 4 || 2,358 598,697 Delaware S. & S. R.R., total shipments. - 11 7,180 1,857,651 || - ll 7,180 1,857,651 Pennsylvania R. R. Companies............| 4 || 6,455 | 1,431,020 || --- 2 | 1,976 || 499,879 || 2 || 2,003 Tö08,933 TST 10,434 2,539,832 Individual Operators. . . . . . . . . . . . . . . . . . . . _*}__3,881 853,277. 1 1,130 || 333,307 || 10 || 5,025 | 1,081,899 ||_|_|_ 144 10,036 2,267,483 Pennsylvania R. R. Co., total shipments. 74 10,336 2,284,297 || 1 | 1,130 332,307 || 12 7,001 | 1,581,778 || 2 2,003 || 608,933 || 224 20,470 4,807,315 Lehigh & Wilkes-Barre Coal Co. . . . . . . . ... 10 | 12,645 || 2,194,370 || 3 || 2,193 || 607,024 - - - T T 13 14,838 2,801,394 Lehigh Coal & Navigation Co.. . . . . . . . . . . . 10 6,407 1,565,778 10 6,407 1,565,778 Individual Operators. . . . . . . . . . . . . . . . . . . *64 3,526. 657,933 || 5 || 2,560 | 662,820. _* 150 || 48,225 || 134 || 6,236 |_1,368,978 Central R. R. of N.J., total shipments... 16, 16,171 || 2,852,303 |18 || 11,160 || 2,835,622 - - | 2 | 150 48,225 || 364 27,481 || 5,736,150 Lehigh Valley Coal Co. . . . . . . . . . . . . . . . . 8 || 5,177 TS62,347 || 1 |T577 |T110,363 5 || 3,238 T589,114 || 2 || 776 162,216 || 16 || 9,768 || 1,724,040 Individual Qperators. . . . . . . . . . . . . . . . . . . 18 11,377 1,975,057 || 19 |_9,216 1,862,437 || 13 || 7,751 1,194,696 || --- | 50 28,344 || 5,032,100 Lehigh Valley R. R., total shipments. . . . 26 || 16,554 || 2,837,404 || 20 |3,793 || 1972,800 ||18 || 10,989 || 1783,810 || 2 776 | 162,216 || 66 38,112 6,756,230 Philadelphia & Reading Coal & Iron Co....| |T| ---- T 40 |27,269 || 5,545,970 || 16 || 8,564 || 1,609,846 || 56 || 35,833 || 7,155,816 Individual Operators. . . . . . . . . . . . . . . . . . . . 12 || 6,031 || 1,055,365 || 11 |_1,323 263,453 || 23 || 7,354 1,318,818 Philadelphia & Read. R. R. total shipm’ts| 52 || 33,300 || 6,601,335 || 27 || 9,887 | 1873,299 || 79 43,187 || 3,474,634 Total shipments, Railroad Co. Collieries. 30 T3,541 15,281,483 || || || 9,177 || 2:35,165. 47 || 32,483 || 6,634,963 || 20 11,345 2.5S0.995 || 17 132,544 || 25,550,000 Total shipments, Individual Operators. . . . . 77 47,094 || 9,133,885 || 36 20,086 || 4,715,215 || 35 | 18,807 || 3,331,960 || 13 | 1,473 || 311,678 || 161 º 17,492,738 Grand Tºº 167 126,635 24,365,368 50 | 29,263 || 6,938,380 || 82 || 51,290 || 9,966,923 || 33 12,816 || 2,692,673 || 332 220,004 || $44,023,344 Note.—The collieries which were not shipping in 1893, i.e. idle or new collieries, are not included in this table. *Note, Many collieries have shipping arrangements with more than one road; in such cases the parts are credited to the several railroads which take the coal. ote.—The shipments, &c., of R. R. Collieries in plain type ; Individual Operators in Italics; total shipments in bold face. $ About 1,000,000 tons of supply and local sales coal included which was not transported. f February, 1896.] Anthracite Coal. - mismanagement of the companies in control, who in a mad race to establish a high tonnage record as a basis for future business, “flooded the market with coal, which was sold appar- ently without regard to cost, and their stockholders and other ºnzeszors ºn the anthracºte business lost one dollar per fon, or in the neighborhood of $40,000,ooo in the year. The coal price was so low that a great many operators who were able to do so closed their collieries, and those who had to pay - royalties (which, like the waters of a river, never stop) were compelled to keep their collieries running at a loss, in some its looks,” and everyone wants bright coal. cases, of thousands of dollars per week. And the railroads were blocked with coal stocked in cars along their lines. The anthracite market is the most fastidious, perhaps, in the world, particularly when the price is low. “It sells on “No shine, no buy" seems to be the motto of purchasers. There is much good coal of a dull lustre. Consequently at such times the inspection at the mines is exceedingly rigid, causing a large percentage of waste of good coal, both at the breaker and - inside the mines. The importance of the above facts is not fully appreci- ated by the average stockholder. The supply is supposed to be practically inexhaustible, and no matter how wasteful the methods, or how prodigal the management, it is pre- sumed that there will still be plenty of coal for ages to come; whereas, in the case of some of the above corpo- rations and in certain districts, exactly the reverse is asserted by the knowing ones to be true. Their coal supply is being rapidly exhausted by the enormous annual shipments, and their reserve lands are limited or unminable under present prices and conditions, and good properties that are yet re- maining and still held for sale or lease are very scarce indeed. The mining of the past has been at those points where the coal was thickest, best and most accessible, where the min- ing could be done at the greatest profit to the operator, and those parts where the beds were thinner and more expensive to mine were left for the future; and it is the expressed opinion of many who are well posted upon mining matters and conditions, that with some mining interests that future is upon them. Their fine, thick veins of clear coal, either above or not far below water level, are nearly exhausted, and cheap and profitable production at present prices will soon be a matter of history only, and the future dividends and sinking funds (if they ever have any) for retirement of capital invested, bonded and other debts, will have to be dug out at greater cost from these poorer veins, lower in the measures, many of which ten, or even five, years ago were thought to be unworkable; or in other localities, deeper mining, with its attendant expenses, will be required. These are all matters of paramount interest to holders of stock or securities of the mining and carrying companies, who not only control the anthracite industry of the country, but are largely dependent upon this commodity for their future business and financial prospects. We shall, therefore, in- vestigate the above and consider in our following articles, more or less in detail, the location, extent and probable future tonnage of the great properties owned or controlled by the various interests. *Since the writing of this article the anthracite coal carriers have reconciled their differences, and have determined upon a new allotment of tonnage for the year 1896. CHRONOLOGICAL NOTES. 1762. Anthracite discovered in Wyoming by Connecticut settlers. 1769. Obadiah Gore first burned anthracite in his smith-forge. 1775. Coal mined on banks of Susq., near site of Pittston. 1776 to 1780. Coal mined on banks of Susquehanna, near Wilkes- Barre, and shipped to Carlisle, Pa. 1790. Coal known to be plentiful in Schuylkill but not much used. 1791. Coal discovered on Mauch Chunk Mt. by Phillip Ginter. 1792. Lehigh Coal Mine Company organized. 1795. Blacksmith, named Whetstone, used anth. in Schuylkill. 1799. Coal discovered at Carbondale. 1800. Coal shipped to Phila. from Pottsville. 1802–3. Two ark loads sent to Philadelphia by Lehigh Coal Mine Co. Used to gravel the walks. Anthracite first burned in a grate in Philadelphia. Another ark load of coal sent to Phila. and rejected. Abijah Smith & Co. began mining at Plymouth, in Wyoming. Shipped 55 tons. Abijah Smith & Co. shipped several ark loads to Columbia and other points. Anth, first successfully used in an iron furnace at Phila. Coal shipped to New York and sold at $15 per ton. Nine wagonloads of coal sent to Phila. from Pottsville. Number of small mines opened in Schuylkill, and coal sold, locally, at $3.50 per ton. - 1814–15. Coal mined at Carbondale and shipped via Lackawaxen & Delaware to Philadelphia. 1815. Schuylkill Navigation Company organized. 1817. Coal the chief article of export and the local fuel of Wyoming region. 1818. 1820. 1806. 1807. 1808. 1812. 1813. Lehigh Navigation Co. and Lehigh Coal Co. organized and merged into Lehigh Coal & Navigation Co. About 12,000 tons shipped to date from Wyom. Valley. Lehigh Coal & Navigation Co. began mining and ship- ping. Price, Philadelphia, $8.40. 1823-25. Delaware & Hudson Canal Co., organized. 1825. Schuylkill Canal completed Philadelphia to Mt. Carbon. 1828. First railroad built by Delaware & Hudson Canal Co. 1829. Baltimore Coal Co., org. to mine coal at Wilkes-Barre. D. & H. Canal Co. began shipping from Carbondale. North Branch Canal completed to Nanticoke. Morris Canal opened to Newark. Nesquehoning R. R. built. Shamokin Division Northern Central Ry, opened. Little Schuylkill R. R. beganshipping from Tamaqua. 1831. 1832. 1833. Delaware Division Pennsylvania Canal opened. 1834. North Branch Canal completed to Lackawanna River. 1836. Morris Canal opened to Jersey City. 1887. Lehigh navigation to White Haven opened. First shipments of coal from Beaver Meadow region. First shipments of coal from Hazleton region. 1838. 1839. 1840. 1841. 1842. 1843. 1846. Shipments from Shamokin and Lykens Valley regions(west- ward) began. Summit Branch R. R. opened. Quakake Railroad opened. Extended to Mt. Carmel 1862. Reading Railroad carried 850 tons. Phila. & Reading R. R. began carrying coal to Phila. L. C. & Nav. Co.'s R. R. from White Haven completed. Shipments from Wyoming region via Lehigh & Susque- hanna R. R., Planes and Lehigh Canal. 1849. Wash'n Coal Co. org. 1838–merged into Penn. Coal Co. 1850. Penna. Coal Co. began business. 1851. Del., Lack, & W. R. R. built from Scranton to Great Bend. 1852. Central R. R. of N. J. opened to Easton. Del., Lack. & Western R. R. began breaking coal into sizes for market, followed by Del. & Hudson. Lehigh Valley R. R. building. In 1855 transported coal. Del., Lack. & W. R. R. completed to Delaware Water Gap. Shipments began from Treverton. 1854. 1856. 1858. Mining began in McCauley Mountain region. 1866. Lehigh & Susquehanna R. R. opened to Scranton. 1867. Lehigh Valley opened to Pittston Junction. 1868. Pennsylvania Railroad began carrying coal. Lehigh & Susquehanna R. R. completed to Easton. Wilkes-Barre Coal & Iron Co. began business. Penna. & N. Y. Railroad opened to Waverly. Sunbury, Hazleton & Wilkes-Barre Ry, opened. Erie Railway began mining and shipping coal. Lehigh & Susquehanna R. R. leased to Central R. R. of 1869. 1870. 1871. N. J. Strike of miners in Wyoming region. 1872. Lehigh Valley leased Morris Canal. 1873. P. & R. C. & I. Co. began mining and shipping coal. 1874. 1876. Wilkes-Barre Coal & Iron Co. merged into Lehigh & Wilkes-Barre Coal Co. During the past few years the large companies secured control of trade by purchasing collieries, etc. February. Anthracite Board of Control formed to regu- late the trade. - 1878. Sunbury, Hazleton & W.-B. R. R. leased by Penn. R.R. 1878–9. Period of the auction sales of coal 1879. Phila. & Reading R. R. leased Bound Brook Road. L. & W. C. Co. and L. C. & Nav. Co. absorbed by Cen- tral R. R. of N. J. Phila. & Reading leased Central R. R. of N. J. June 1st. Erie & Wyoming Valley R. R. built, and N. & W. branch Penna. R. R. extended to Wilkes-Barre. Penna. Coal Co.'s Gravity R. R. to Hawley abandoned. Feb'y. McLeod Combination formed. Combination broken. Total tonnage, largest on record, 46,545,670 tons. 1883. 1884. 1885. 1892. 1893. 1895. 8 The Bond Record. [Vol. IV. ANNUAL SHIPMENTS FROM THE LEHIGH, SCHUYLKILL, AND WYO- MINg REGIons to 1894, INCLUSIVE. Lehigh Region. Schuylkill Region. Wyoming Region. Total. 1807 Já Per Per | Per |: Years Tonnage, Cent. Tonnage. Cent, Tonnage. Cent. Tons. isio 13 1807. -- - 55 ..T 13 1820. 365 2,500(about) 365 † - - - - - 1821. 1,073|- .. - - +.. 1,073 - AWOZ’A.S.–7%ere is a great lack of uniformity and 1822. 2240 60.21 1,480, 39.79 3,720 - - - - 1823. 5,823. 83.77 1,128 16.23 6.951 - accurate information in the matter of anthracite sta- 1824 . 9,541 85.90 1,567. 14.10 11,108 1815 *istics. 1825.. 28,393 81.40 6,501. 18.60 34,893 º - - - - - 1826. 31,280, 65.10 16,767 34.90 .. 48,047 Z'he tables and diagrams in this article have been 1827. 32,074 50.56 31,360 49.44 | -- 63,434 - - - - - - !,- 1828. 30,232 39.00 47,284 61.00 .. 77,516 | compiled from variºus. sources constituting the best in 1829. . 25,110 22.40 79-973 7135 7,000 625 112,083 formation obtainable, including published records and 1830. 41,750. 23.90 89,984. 51.50 43,000, 24.60 174,734 1820 - - - brained by th th Und 1831. . 40,966 23.17 81,854. 46.29 54,000, 30.54 176,820 A rivate information obtained by the author. //ae/* 1832. . 70,000. 19.27 209,271 57.61 #! 23.12 363,271 conditions, discrepancies in certain items will be 1883 : 123,001. 25.22 252971 51.87 111,777. 22.91 487,749 these conditions, discrepancis - 1834... 106,244, 28.21 226,692, 60.19 43,700 11.60 376,636 found which are unavoidable, owing to lack of exact 1835. 131,250. 23.41 339,508 60.54 §§ 16.05 560,758 - - - !----- 1836. . 148,211. 21.66 432,045 63.16 103,861. 15.18 684,117 1825 information regarding the following. - 1837.. 223,902. 25.75 530,152 60.98 115,337 1327 8°9,441 1.—Amount of retail sales and supply coal included 18. 213,615, 28.92 446,875, 60.49 78,207 10.59 738.697 - 1839. 221,025, 27.01 475,077. 58.05 122,300. 14.94 818,402 in tonnage reports. * 840 . 225,313| 26 07 ; 56.75 ; 17.18 864.379 - - - - 1841. 143,037, 14.90 624,4 65.07 192,270. 20.03 959,773 2. Zºommage ºped to storage points in or near the 1842. 272,540, 24.59 583,273 52.62 232,599. 23.79 1,105,413 1830 || regions and re-shipped to market. 1843. . 267,793. 21.19 710,200 56.21 285,605 33.60 126,595 ! --- Že culm bank Aeri 1844. 377,002 23.12 887,937, 54.45 365,911, 22.43 1,630,850 3. –Zommage from the culm bank washeries. 1845. . 429,453. 21.33 }*::::: 56.22 º: 22.45 2,013,013 ..—7. re inaccurately credited to roads upon 1846. . 517,116 22.07 ,3-8, 55.82 518, | 22.11 2,344,005 H' 4-Zennºe intº º f isº. 633,507 21.9s 1,365,735, 57.79 533,967. 20.23, 2,882.309 sº, ºn which it did not originate, etc., etc. 1848.. 670,321. 21.70 1,733,721 56 12 685,196 22.18 3,089,238 183, | - 1849. 781,556. 24.10 1,728,500 53.30 732,910, 22.60 3,242,966 I - 1850. 690,456. 20.56 *:::::::::: 54.80 º: 24.64 3,358,899 // anthracite tonnage referred to in this and accom- $51. 964,224, 21.68 2,328,5 52 34 1156,167. 25.98 4,448,916 - A - ge reſ. - isº. 1 º'íº ºn 2,635.835. 5.si 1.3s.500 35.73 ºil panying charts and tables, includes only the tonnage 1853. 1054,309| 2029 2,665,110 5130 # 28.41 5, 195,151 - - - - - 1854 . 1,207,186 20.13 3,191.670 53.14, 1,603,478. 26.73 6,002.3 1940 which originated along the lines of the railroads 1855. 1,284,113, 19.43 3,552,943 53.77 1,771,511, 26.80 6,608,567 named, as nearly as can be determined from Anthracite 1858. 1,351,970. 19.52. 3,603,029 22:21, 1972; 28.47 6.927,580 º - - - 1857. 1,318,541, 19.84 3,373,797 50.77 1,952,603; 29.39 6,644,941 statistics. 1858. 1380,030, 20.18 3,273,245, 47.86 2,186,94 31.96 6,839,369 º l 1859. 1,628,311, 20.86 3,448,708, 44.16 2,731,236. 34.98 7,808,255 isis " | 1860 1,821674 21.40. 3,749,632, 44.04] 2,941,817 34.56 8,513,123 - 1861 1,738,877. 21.85 3,160,747 39.74 3,055,119. 38.41 7,954,264 l 1862. 1851,054 17.17 3,372,583 4286 3,145,170 39.97 7.869,407 [...] 1863. 1,894,713, 1980, 3,911,683. 40.90, 3,759,91%. 39.30 9,566,006 T] 1864 2,054,669. 20.19 4,161,970 40.89 3,960,836. 38.92 10,177,475 | 1865. 2,040,913. 21.14 4,356,959. 45.14 3,254.519. 33.72 9,652,391 1850 1866. 2,179,364. 17.15 5,787,902 45.56 4,736,616, 37.29, 12.703,882 1867. 2,502,054, 1927. 5,161,671 39.74 5,325,000, 40.99 12,988,725 - 1868. 2.502,582, 1813. 5.330,737 38.62 5,968,146, 43.25 13,801.465 - - 1869. 1,949,673 14.06, 5,775,138 41.66 6,141,389 +4.28, 13,866.180 DIAGRAM OF 1870 3.239,374 20.02 4,968,157. 30.70 7,974,850. 43.28, 16182,191 I - 1871. 2,235,707 14.24 §§ 41.74 6 #: 44.02 15,669,721 1855 - 1872. 3.873,339 19.70 ----- 34.03 9.191 46.27 19,669,778 - r | ANTHRAcute SHIPMENTS 1873. 3,705,596, 17.46, 7,212,601 33 ºil 10,309,755, 48.57 21,227,952 I 1874. 3773,836, 1873 6,866,877 34.09 9,504,408, 47.18 20,145,121 - BY REGIONS 1875. 2,834,65. 14.38 6,281,712. 31.87 10,596,133 33.75, 19,712,472 1876. 3,854.919, 20.84 6,221,934 33.63 8,424,138 45.53| 18,501 011 1807 To 1894, 1877 4,332,760. 20.80 8,195,042 39.35 8,300.377 3985| 20,828,179 1800 1878. 3,237,449, 1840. 6282,226 35.68 8,085,587. 45.92 17,605,262 1879. 4595567. 1758, 8.9%. 829, 34.28 12586,293 48.14, 26,142,689 1880. 4,463,221 19,05, 7,554,742 82.23 11,419,37° 4872. 23,437,242 1881. 5.294,676. 18.5s 9,253,958. 32.45 13,951 383 48.96 28,500,017 1882. 5,689,437 19:54, 9,459,288 32.48 13,971,311 47.98 29,120,096 I | 1883.. 6,113,809 19.23 10,074,726, 31.69 15,604,494. 49.08 31,793,027 1sº I | issi. 5562,225, 1811 9,478,314 30 85 +15,671,753, 51.04 30,718.293 1885 5,898,634. 1s 65 9,488,426. 30.00 *16,236,470. 51.35| 31623,530 . | l 1886. 5,723,129, 17.81 9,381,407 29.19 +17,031,825 B& 00 32,136,362 | || l iss" || 4,347,061 12.55 10.699,028, 30.63 ±19,884, º 56.82. 34.641.018 l 1888. 5,639,236. 14.7s. 10,654,116 27.93 ±21,852, º 57.29, 38,145.717 1889. . 6,285,421, 17.75 10,474,364. 29.58 ::::::::::: 52.67 35,407,710 1870 I - 1890. 6,329,658 17.65. 10,867,821, 30.31 +18,657,894 52.04 35,855,173 I I 1891... 6,381,838 15.78 12,741,258. 31.50 *21,325,239 52.72 40,448,335 TI I isº. 6,451,076. 15.40 12.625,784 30.14 ºslºº 54.46 41.833,340 I |] 1893. 6,892,332 1599 12,357,443. 28.69 +23 839 741, 55.32 43,089,536 ºn TI | | || isº. 5,705.453 isºl 13,035.005 29.06 °22,650,761 54.95 i.891,199 1875 I | +From 1807 shipments via Susquehanna River, in increased quantity an- - I | | | nually until canal and railroad opened, 1831-34. No record of these shipments. r- I | *Includes Loyalsock field. −1–H– 1880 I - | º- | || - - I I I -- I a. - | I - - I o 1sº ºn I | ] - º º | º I - - - I | - 1sº - - | * | | - | - - | - º - | | | o, - tº Imm-I – | | | | | |º Million Tºns. : o s is is is is is ºo is sº as as so tº sº sº as 40 tº 4. MILLION TONS º February, 1896.] Anthracite Coal. … 707， 7^^ww.aecae ----… · ---- ！！！！！ · ------· …-- .*.*…*..* ------ ……！ ……----- --º--º-：- -………… -º-，…º.º.，------- …！！！！！！ ！！！！！！！ ، |-……*…* renoreno aestº · .…………… •••••••• ·：·º·：· -ºtae…………… …º…-- ……………… ae …-- 1e-7.5 ·º·：· ……………… ….ae …*…* …………* ………… · · · je 94 · re:：* ''， ----|--·- L-ı ılıııııııııııı .…….……….……-- Dı.AGRAM Showing the ANTHRAciTE， SHIPMENTs e^^ “ĪPRANSPORT°īFUQIN ROUTES, 10 The Bond Record. [Vol. IV. Average ~ n º, #: 3 # = |*| ####z * | 3 53 gº : º: ºz ºf - -- - 2. f & Co 3 43 Lum 3.3% Coal. £333 $8.401820 360 5 °3. 1821 1,073 E #5 5 1822 - 2,440, 5 £3 ºc 1823 5,823 & T2 E- - 7.001824 9,541 2 : TONNAGE TABLE OF ANTHRACITE SHIPMENTS #: ; ; gº 1,280 16,767 – - - 1827 27,772 31,360 - BY TRANSPORTATION ROUTES. 1828, 33,150 47,284 1829, 25,110 79,973 7,000 1830, 43,000 80,984 43,000 1831|| 44,500 81,854 54,000 1832 77,292. 209,271 84,600 1833 124,508 252,971. 111,777 4.501834 106,500 226,692 43,700 4.841835. 131,250 339,508 90,000 6.621836, 146,738 432,045 103,861 6.721837, 200,000, 523,152 115,387 5.271838 164,693. 433,875 78,207 5.001839. 142,507. 442,608 122,300 4.91.1840 102,264. 452,291 148,470 5.79.1841 78,164 584,692, 192,270|T. 4.181843. 163,782 Łº 205.253 : 3 = 2. 3.27.1843. 138,806 615,200 227,605 #3 3.20.1844, 219,445 *737,000 251,005 g : 2 = 3.46.1845. 257,740 #710,000 273,435, #5 £3 3.90.1846. 284,813 *870,724, 320,000 : { 5: 3. 801847 351,645 °083,500 386,203 * * 2-3 * 3.50.1848 360,619 +1,290,738 437,500 Fre 3.62.1849, 393,807 *1,300,000. 454,240 * : 3.64|1850. 424,258 1,351,502 432,339 111,014 ºf 3.34|1851. 480,824, 1,650,270 472,478 6,000 316,017| 3: 3.461852, 510,406 1,650,912 497,839 426,164 – 3.70.1853. 406,905 1,582,248 494,327 512,659 - 5.19.1854 544,811 1,987,854 438,406 133,965. 496,648 4.49.1855. 449,812, 2,213,298 565,460, 187,000, 504,803 8,482 4.111856 400,425 2,088,903. 499,650 305,530, 612,500 165,740 3.87,185; 400,751 1,709,892 480,677 A90,033 36,008 #18 º stove 3.43|1858 425,896 1,542,646 348,789 683,411 630,056, 471,029. Coal. 3.25.1859 546,816, 1,632,932 591,000 829,485 688,854 577,651 $5.75 3.40.1860. 517,157. 1,946,195. 499,568 1,080,227, 701,523 780,641 5.10, 3.39.1861. 410,877. 1,639,535 T26,644. 1,104,319 629,657 T43,671 #. 6.37 4.141862. 241,873 2,310,990. 644,100 1,094,315 601,091 882,573 53 9.00. 6.06.1863, 517,359 3,065,261 828,150 1,223,165 662,904. 1,194,154 is º 13.00. S-301864. 517,180 º $52,130, 1,302.45; 159,544 ºf #3 º 11.00 iſsºisés 51.085 ºil isºgº ſº ºf 1687,463 3: # 10.75 5.801866 400,000 3,714,684. 1,391,674, 1,519,538 535,388 2,037,744 º: 7.50, 4.37|1867 370,204 3,446,826, 1,507,487. 1,719,821 861,730, 2,080,156 # 9.00, 3.86.1868 1,058,054 4,574,874 º 1,728,785, 958,855 2,603,102 * 8.50, 5.371869 1,297,825. 4,239,457. 1,626,391 1,563,928 966,637 2,310,170 (From 1868 6.50. 4.39.1870, 1,354,052 4,633,504 2,039,722, 2,348,097. 1,086,008 3,608,586 to ***) 9.00, 4.46.1871. 1,033,587 6,002,573 2,011,338 1,916,486, 802,039 2,889,070 sº 500 3.141573 ºis isºſ ºjºſ ºssºs 1,313.4 is ºil; "ºº" sº 10.75, 4.27 18:3, 3,089,697 tºº,553 2,752,595 3,136,306, 1,339,214. 4,144,339 36,728 3.10 45.1874 ºff 5,848,812 ºil 3.5.043; 1,338,663 ºrrom is a lº 9.45, 4.39.1875. 2,661,635, 5,505,455 2,053,817 3,326,901. 1,368,207 3,277,571 to 1877.) 303,039 4.65 3.871876 2,952,520, 5,595,207 1,997,545 2,300,500 1,086,475 3,951,513 230,709 3. 2.59.1877 2,969,788 7,255,818, 1,929,248 2,320,636 1,064,583 4,362,124 6,382,240. 175,095 3.62. 3.25.1878 2,263,800 5,909,140 2,045,040 2,439,111 955,461 3,398,717. 1,362,673. 378,132 3.70 2.70.1879 4,088,954, 8,147,579 3,098,618 3,867,487. 1,437,150. 4,381,785. 1,682,106 437.59 3.97 4,531880, 3,470,141 7,179,398 2,712,910, 3,550,348. 1,123,585 7,606,415 1,864,032 411,094 4.33 4.501881 4,085,424; 8,072,440, 3,211,496 4,880,969. 1,427,747 º: 2,211,363 465,230 4.50. 4.751882, 4,211,052, 8,429,829, 3,297,826, 4,595,518, 1,438,820 6,257,159 2,332,974, 330,510 T3 & 4:5; 4.501883,1,145,899||13,333.4% ºf 5,011.40; 1,481,683 Gºl: 3,7349 ºf 5; # * 4.25 4.50 issºinciud in 11,163,920 3,863,680 5.304,363 1304,974, 5,935,354 3,169,287| 484,844 5- #22 3.96 4.501885P, & R Rd, 11,680,780 8,301,873 A.987,834, 1,500,685 6,107,444, 3,393,685 tº 45 º:35 | g : 3.74. 4.001886, 4,994,752, 6,695,731, 3,480,297 5,172,022, 1,398,179, 6,184,456, 3,478,885 181,649 : ; ### ãºg 4.56 4.251887 4,852,859, 7,555,252 4,048,340, 6,220,793. 1,603,456, 5,784,450 3,818,143 759,834 -> :== 5& ET 4.66 3.90.1888, 5.742.219 i.175,095 4,486,188 6,996, 1921,834,433 6.593,515, 1,554,440 374,373 - ºf jº #### 4.30 3.51889 Bºlº i.138,694 3,813,780 5,503,046. 1,335,314 ºf 118, 3.884.97, 13.529 = ###5 4.08 3,801890 5,615,638 7,527,646 3,674,857 5,792,767. 1,428,385. 6,768,451, 4,017,654 1,029,777 # 4.14 8.751sºl 5,837.98S $.601,131 3939,918, 6,198,049. 1,883,419 º' 4,994, º 1,343, ºil , 43,882 º 4.12 1892 5,271,131 8,191,581 4,058,526 6,529,649. 1,921,029. 6,944,000, 5,571,320, 1,338,832 707,071. 1,210,187 z. - 4.47 1898 5,503,475, 8,333,801, 4,861,623 B,887,128 1,894,701 6,637,000 5,848,242 1,369,578. 1,160,766 1,088,227 3.84 1894. As47,885 8.289,088 3997.550, 5,997.989 1705,137 ,676 4.737,575 1,669,82. 1,3,3,365. 1,633,338 1726.1% 6.07 1895 5,388,104, 9,905,059 4,347,843 6,129,260. 1,746,882 7,860,454, 5,025,645. 1,820,038 1,424,407 1,905,784, 1,492,244 + Shipments of New York, Susquehanna & Western R. R., prior º * are included in the Delaware, Lackawanna & Western R.R. shipments. stimated. - - ANNUAL RAILROAD REPORTS. THEIR IMPORTANCE, CONSTRUCTION AND INTERPRETATION. BY HAMILTON. S. CORWIN. PART III. PROFIT AND LOSS ACCOUNT. This account is one of the most important features of railroad accounting, as it will, if properly kept, reveal the earning power of the property. Its truthful balance, sur- plus or deficit, is a vital item of a properly prepared balance sheet, and indicates the actual undivided profits, or the net losses plus dividends. That it does not always exhibit either of these results has been shown in the preceding article, in which there is pointed out some of the more prominent causes which lead to discrepancies between facts and figures. Confusion is frequently caused, by showing in a report a number of intermediate ledger subdivisions of the profit and loss account, employed by accounting officers for their own convenience. Some accountants close earning ac- counts, expense accounts and dividends into profit and loss account direct; others make use of income, net income, revenue, general revenue, net revenue and other inter- mediate accounts. These are purely bookkeeping matters and have their uses in the books, but the display of a multiplicity of such accounts in a report is confusing and annoying to the average investor. All these intermediate accounts find their way into profit and loss account eventually. Therefore they should be ignored in a report, and a plain, clear statement of the items making up the balance of surplus or deficit should be presented. There is frequently a great lack of uniformity as to practice, from year to year, on the part of some roads, in reporting the results of profit and loss account. If no large transactions aside from earnings have been injected into this account since the preceding year, the previous balance and all the items contributing to the present result, are usually exhibited with perfect frankness. On the other hand, if large extraneous amounts have been credited to this account, there is frequently no display of confidence, and the causes for the astonishing increase of the “surplus” are left to the imagination of the owners or investors seek- ing information. Under such circumstances it is quite safe to assume that “no news is had news.” In some instances, the report immediately following extra- ordinary transactions affecting results contains no statement of profit and loss account at all; but a “statement of receipts and disbursements," or some other pretentious but meaning- less display of figures, is submitted instead, which gives no key to the “surplus” item of the balance sheet. It goes without saying that this is not fair to the owners who should be kept fully advised of all matters affecting the profit and loss account. In order that this information may be clearly set forth, the report should always contain a complete condensed statement of profit and loss account from the organization of the company, in something like the following form: Net earnings from operation, say, prior to 1885. Net earnings from operation for ten years ending June 30, 1895, per accompanying tabulated statement. . All income from other sources since organization, in detail." Interest on funded debt and all other fixed charges prior to 1885. T- Interest on funded debt and all other fixed charges for the ten years ending June 30, 1895, per accompanying tabu- lated statement. º All adjustments in profit and loss account, either debit or credit, in detail, all bad debts charged off since the organ- ization of company, etc. Dividends paid each year since organization. Balance, surplus or deficit, per balance sheet. A frank statement of this kind is easily made and readily comprehended. By its aid, in connection with a balance sheet prepared on the lines suggested in the preceding articles of this series, reasonably correct conclusions as to the condition of a property may be reached. The condensed results of the business of the year should then be shown as follows: Surplus (if any) from last year. Deductions or additions for adjustment affecting the previous balance, fully detailed and explained. Revised balance. Add or deduct net profit or loss as hereafter shown. Balance available for dividends. Deduct dividends paid or declared. Balance, surplus or deficit, per balance sheet. In this connection it may be noted that some accountants deduct all dividends paid during any year from the profits of that year before stating net profit of the year, treating dividends as expenses. In the opinion of the writer this is an erroneous practice. It is frequently, if not usually, the case that dividends are based on the showing of the preced- ing year after the closing of the books for that year. It is therefore better accounting to carry net results of the year, exclusive of dividends, to the profit and loss account and deduct dividends from the general result. GROSS EARNINGS. This feature should be carefully and correctly detailed. The form now generally employed for reporting gross earn- ings, based upon the Interstate Commerce Commission regulations, is excellent. It is substantially as follows: Gross earnings from operations: From freight. “ passengers. ** mail. “ express. Other items. In reporting earnings to the proprietors, however, the above form should be amplified as follows: Freight earn- ings should be detailed to the extent of showing the gross earnings from the principal commodity or commodities car- ried. For instance, a “grain road" (so called) should show | --~~~ "-- tºw Y * O M - \ # Waverly Scott * IIarvey’s Lake; + º - SJ Lake º *-- 2 * – - *S M O T O U R "stillwaterº - New Covlumbia - - Z ſ l, - New Colºmbus Sweet Walley + * No RTHUM BERLAND *--- º KA Bloomingdale ºr - WANNA & sourº South Pond C. º - - --~ evooº- E*ES-- 0 / - * Clark’s Summit sºlºss-ºº-ºº: --~/ il - - m - Br. º is = -º- - º Nº. . .* # Mordansville * § | Lehman -- *c. Green *sº channa Mºſ \: \ º º ^y - *... Muhl + - - sun Burt Y * AW. * G Orangeville ºſt - Town Hill uhlenberg # & + AW de S. º Dallas Nº. - Green Grove K) º \\ & \ -> - "Milwaukee | reen *y A W -o . º - Rushtown \ p - *SS º ty * - |. a BALD MT. SS- l + \ $3. º º - "sevºº fightstreet º Huntsville tº º + Carverton «» - - »º <> ºs y 5. # Bloomseung <> C º Q - &* N3: Snydertown Nº. sº / Rupert -- *~~ Qst # Fowlerville H|Trucksville Charlestown frºx. * ...º. *N* - s: *º-ſº ºf º- -- §º. Hº- º **, f --- º R--> - - Fºsitiff - - - *...*.*, *.. *..º º “s. .* |- Ş. / ſº G; º >ge. º ===ES-> :-- - º s Creek - º%ºłłorkable. ºgºrº ( ; Seven Points º Cº. §: / / º Sº ſ/ GSS §ss-- Centerville Tºss : Hºs - =SS º wº.% … . % ź --- 3. O-LU)- - º ."g - . - - - & catawissa 5; º T- #. "--ºf (7 Ø E. º 5%; º º'- º - X º Zº º غ º º ^y º º / / V. & Tºšg - r sº - Foundryville. Ž º U º º º º Hºº º º 7 º º: º % - §: - - - - .” ----- * is sº - R. - 5:3.2% 2-0 º ØØ- º/Zºº - Pºłº º -- - ~s º - º- % Žºgº; º **** º - - º …” ~ - £º C. 2. - ~~ r - - º º º E º fººzzº º º Snufftown / / *-K Mainville KS *.* Ş. $. Derwick / º anº º % % - º % º º tº: º: 4.3% % º - *s, *s-sº-S º ſº *- s =sº-S- º % &#%: -, gº -- º - - * -º- º: º --- Elysburg # **) %. Greenville + Pºº- - §§ tº 3 || Newport F. % º: * - % Ž 1%) - *g o - º' Nescopeck º º w *2. $/ y Ha- `- & ºvº š.- % sº / 2. V. º S$s. - - - º - º º % Roaring Creek tº "º --> *H. Hickorytown N O R. T. / ) Wapwallopen - 7 Summerville + .2 O New Media & N º - - ſ - º ^_º $38, C Kernsville º X j Dorrance tº Solomon's Gap", a penoescot knoe º SF; - *> ºgº - ºf Žº-; Rºbscots Ǻ / S= && -- : -- ſ L U tº * A f... Uniontown KS: C, - - |: - // - *_& Millersburg TSg - º \ / "Black Creek ºvesº - wiscº L. -> --- º o C. r. º º - - - + / * Spring Brook Madisonville - A. N ſºutle ºric - - S * Berrysburg Ss 'S S ck Glen °ok Moscow 3. º –- *W X: Daleville * * Stablesville #: - wº-2- - º: slºtſºrºid rº- N &co mise Klingerstºownh. "--- Ø3% Ž º % -- % ... " - Claresville # - %/º Ritat + Yº- º º % %º % º seybertsville" £ceek - - º º - ºfº.ſº p º غ % ºº: º ** A Z Nº. o * 2- NK Ö. ta. ^s \s 2\º McKeansburg Hecla tº º - º Landingviliºs º Engraved by American Bank Note Company N.Y., for The Bond Record. \ - º 12 The Bond - Record. |Vol. IV. earnings from the grain traffic; a “coal road "should dis- close its earnings from carrying coal; “cotton roads,” “lumber roads,” “rice roads,” “sugar roads,” etc., should exhibit their earnings from such special sources, or where a road is so situated as to be the carrier of a number of “specialties,” the earnings from each are interesting feat- ures, which should be displayed. In each instance the tonnage carried of each special com- modity should be stated in connection with the amount earned. Most roads now give a tonnage statement, which would be much more valuable if the gross earnings from the principal commodities were stated in direct connection with it. A supplemental schedule should also be submitted, showing separately the tonnage and earnings of freight originating on the line of the road, and that received from connecting lines. This is a physical feature of great interest and importance. The accounts can be so arranged that the above informa- tion regarding freight may be given with very little extra work in the accounting department. It should be unnecessary to add that no credits that are not collectible should be made to the gross freight earnings. It is to be regretted, however, that accounts receivable and advances that are never collected, are sometimes used as mediums to offset inflation of earnings. A careful dissection of the balance sheet on the lines indicated in the preceding articles should disclose any large items of this character. A schedule should be submitted, showing the details of the caption “other items" of gross earnings from operation, as follows: Car mileage, - balance. Switching - balance. Telegraph. Rents from track yards and terminals, All other sources directly connected with operations, in detazº. Ordinarily the earnings under the last caption above stated, will be a comparatively small amount consisting of unimportant items. If large, an illegitimate inflation of the earnings may be suspected; this caption being some- times employed for this purpose. A notable instance came to the attention of the writer a few years ago. The question was being discussed with the auditor of a railroad, whose track had been relaid with heavy rails, the cost of which had been charged to plant. The auditor had allowed large amounts of the proceeds of the sale of the old light rails to be credited to miscellaneous earnings. His explanation of the matter was, that the “old gentleman wanted earnings;" the “old gentleman" referred to being the president of the road. Notwithstanding the president's urgency, it was certainly an erroneous credit to earnings, and the auditor displayed bad judgment in per- mitting the transaction. OPERATING EXPENSES. These expenses should in all cases be presented under the captions prescribed by the Interstate Commerce Com- mission, viz.: Maintenance of way and structure. Maintenance of equipment. Conducting transportation. General expenses. These captions are the result of years of study and con- sideration by the best railroad brains of the country, and may be safely assumed to be the most practical subdivisions of the accounts. While all the companies reporting to the Interstate Commerce Commission do so under the above captions, many roads submit their reports to the security holders in the old form, of which the caption “motive power" is a feature. This caption should be declared obsolete. It is awkward and inconsistent in itself, and it destroys the value of the caption “transportation,” by ab- sorbing the wages of engineers and firemen, which logically should be associated with the services of the other trainmen in transportation account. Repairs of locomotives con- sistently belong to the caption “maintenance of equip- ment,” along with repairs of cars. It is advisable, however, that a supplemental statement be submitted, subdividing “maintenance of equipment account” into sub-captions, showing the expense of main- taining locomotives, passenger cars, freight cars, etc., with full particulars as to the character of repairs and renewals, in order that the rolling stock feature may be intelligently considered in connection with the additions of equipment to plant as revealed by the balance sheet. Vide remarks relative to plant in the first article of this series. The uniform division of the operating expenses into the four grand divisions employed by the Interstate Commerce Commission, affords opportunity for instructive statistical comparison with all other railroads of the United States. The combined statistics of nearly two hundred thousand miles of railroad for several years show the average relative percentages of the four sub-divisions of operating expenses to be about as follows: Maintenance of way and structures..... . . . 21% Maintenance of equipment. . . . . . . . . . . 16% Conducting transportation. . . . . . . . . ... 52% General expenses. . . . . . . . . . . . . . . . . . . . . . . . 11% Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% A showing radically different from the above would justify inquiry, although of course the figures might legitimately differ from these general percentages under extraordinary circumstances and in isolated instances. The maintenance features, however, should never fall below the above per- centages. As a rule, it would be safe to question the phys- ical condition of a property “ maintained" more cheaply. Deducting the total operating expenses from gross earn- ings, we have net earnings from operations. The percent- age of operating expenses to earnings should be shown. To the net earnings from operation may be added “other income,” i. e., income derived from sources not directly connected with the physical operation of the road, as: Interest and dividends from investments. Rentals received from sections of road owned but not operated, and from other property owned, not directly connected with operations. Other like items, fully detailed and explained. The result of adding these “other income" features to the amount of net earnings from operation will give net income, from which taxes (the first lien) should be separately deducted to show clearly the amount available for FIXED CHARGES. The items making up these charges should be presented in the order of their priority, if practicable, in order that, if desired, it may not be difficult for interested persons to ascertain from the report, the net amounts remaining avail- able after paying each successive item of fixed charges. This information is frequently of value to the investor. The result after deducting all fixed charges is net profit for the year. If the items of fixed charges are numerous, it is advisable that the total amount be deducted from net available in- February, 1896. Annual Railroad Reports. - 13 come at once, and reference made to a schedule giving the details in the order above named. The result after deducting all fixed charges is the net profit or loss for the year. All the above information in regard to gross and net earnings, percentages, taxes and fixed charges should be presented in comparative form covering a series of years. The amounts per mile of road operated should be given in all instances. Following the financial information previously indicated, the report should present full physical statistics in relation to transportation, maintenance, etc. These features need not be detailed here. They are stereotyped in form, all well regulated roads have the infor- mation currently at hand, and most of them give extended tables of this character. The greatest fault of such statistics, however, is that they do not, in all instances, “dovetail" with the financial state- ments. This fault should be corrected. Co-operation between the accounting and the operating department is essential in order to bring about harmony in this respect. The amounts expended for equipment, maintenance, trans- portation, etc., should be fully accounted for in the various physical statements. They would then be valuable as statis- tics to the security holder, who could study them with profit. CONCLUSION. The reader who has carefully followed and digested this series of articles will doubtless realize that there is room for improvement in the prevalent methods of railroad reporting. The plan herein presented is possibly not the best, in all respects, that might be devised. Good points have no doubt been overlooked—others have been passed over as prolix details. It is confidently submitted, however, that a report prepared on the principles outlined in these articles will give a much clearer idea of the condition of a railroad than is conveyed by the average report. It will be noted that the essence of the plan is the proper presentation of the balance sheet; all the schedules and statements being simply explanations and amplifications of it. The profit and loss balance is but an item of the balance sheet, a proper explanation of which demands a de- tailed dissection of earnings, expenses, fixed charges, etc. The schedule plan, as has been previously explained, relieves a report of many otherwise objectionable and con- fusing features. General results can always be clearly and concisely stated. The schedules supplement these results with full details. - An interested person taking up a report presented in good faith in the form suggested, can ascertain general financial condition at a glance by consulting the “condensed balance sheet,” “condensed general profit and loss statement from organization to date," and “statement of available assets and immediate liabilities.” Then, taking up system- atically the fuller balance sheet with its accompanying schedules, he may readily follow out and confirm by de- tails any points suggested by general conclusions, or in which he may feel especially interested. Bottom facts may thus be ascertained at a sitting, and when this result is at- tained the annual railroad report will have performed its proper function. (For Parts I and II of this article, see December and January numbers.) ... ** ... RAILROADS. All matter relating to physical characteristics, physical condition, traffic and the operating details of railroads, is prepared by our Con- sulting Ængineer, Mr. Ærnest S. Cromise. Z'he financial statements of the various railroad reports are analyzed by expert accountants of THE Bond REcoRD staff. Aor latest earnings, reorganization news, dividends and quota- - tions, see the department QUOTA 7/0MS AAWD S7A 7/ST/CS. THE ANTHRACITE COAL GROUP. We are in receipt of the annual reports of four of the principal coal producing and coal carrying companies, viz.: the Philadelphia & Reading Railroad, the Lehigh Valley Railroad, the Delaware, Lackawanna & Western Railroad and the Delaware & Hudson Canal Co. The reports in every instance are very incomplete, much information absolutely essential to an intelligent under- standing of the condition of the properties and finances of the various companies being omitted. The detailed report of the Philadelphia & Reading is promised next month. We defer, therefore, until a later date our usual analysis, and now present simply the income accounts as given in the re- spective reports. The reports bring into prominence the fact that the an- thracite coal business was, in the past fiscal year, again car- ried on at an immense loss. All business judgment seems to have been thrown to the winds in the “mad race for ton- nage.” One of our most valuable mineral resources has been deliberately and criminally wasted and the interests of the proprietors of the companies jeopardized, all because the managers of the producing and carrying companies could not or would not agree upon an intelligent treatment of the business. The solvent companies have only been able to maintain interest and dividend payments by the sale of bonds or treasury assets, or by otherwise adding to their debt or heavily depleting their reserves, while the reorgani- zation of the Reading has been delayed. It is stated on good authority that there was a loss of $1.oo a ton on coal in 1895, as compared with the normal price perton in 1893. As the production in 1895 was 46,500,ooo tons the money difference was $46,500,ooo. Forty per cent. of the tide water price is allowed for carrying, so that the loss to the transportation companies was in round numbers $18,600,ooo, while the loss in mining was $27,900,ooo. In view of these facts the article upon Anthracite Coal by the eminent coal specialist, Mr. William Griffith, the first installment of which appears in this number of THE Bond REcoRD, is peculiarly timely and worthy of the thoughtful perusal of all investors in these properties, as well as of all persons interested in the conservation of this valuable fuel product, which, even with careful use, will hardly suffice to supply the needs of the country to the middle of the twentieth century. Just as we go to press the announcement is made that the anthracite coal presidents have adjusted their differences and agreed upon an allotment of tonnage until January 1st, 1897. The new allotments to the various companies were based upon the business done by each company over a con- siderable period of time, taking into consideration any important circumstances having a bearing upon such busi- ness for the ensuing year; no arbitrary rule was followed. Below are given the figures in detail, and also the changes as compared with the tonnage in 1894 and 1895: New Change Change percentage. from 1894. from 1895. Reading. . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.50 Inc. .484 Dec. .97% Lehigh Valley. . . . . . . . . . . . . . . . . . . . . . 15.65 Inc. .13% Dec. .16% Central R. R. of New º --------- 11.70 Dec. .01% Inc. .14% Delaware, Lackawanna & Western. 13.35 Dec. 1.14% Inc. .19% Delaware & Hudson................ 9.60 Dec. .05% Inc. .26% Pennsylvania R. R. ................. 11.40 Dec. .02 Inc. .61% Pennsylvania Coal Co............... 4.00 Dec. .12% Inc. .25% Erie.................... ............ 4.00 Dec. .03% Inc. .09% N. Y., Ontario & Western........... 3.10 Dec. .21% Inc. .04% D. S. & Schuylkill.................. 3.50 Dec. .44% Dec. .61% N.Y., Susquehanna & Western...... 3.20 Inc. 1.41% Inc. .18% The new percentages must continue until January 1, 1897, but after that date propositions to change them will be considered on thirty days' notice. In addition to the agreement as to allotment of tonnage the following committee was appointed: J. Rogers Max- well, President Central Railroad of New Jersey; E. B. Thomas, President Erie Railroad; E. P. Wilbur, President Lehigh Valley Railroad; Joseph S. Harris, President Philadelphia & Reading Railroad, and A. Walter, Presi- dent Delaware, Susquehanna & Schuylkill Railroad (Coxe Brothers & Co.'s line). This committee is to consider the feasibility of organizing an Anthracite Coal Association, to be based on principles similar to those of the Joint Traffic Association formed by the Trunk lines and their Western connections. The sales agents have decided to restrict production in February to 2,500,ooo tons, against an output in February, 1895, of 3,133,246 tons, and an output in January, 1896, of, approximately, 4,500,ooo. The sales agents have fixed gross prices, free on board, at New York, taking effect from February 1st, as follows: Broken . . . . . . . . . . . . . . . . . . . . . . . . . $3.25 | Stove............................ $3.75 Egg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.50 | Chestnut........................ 3.50 These prices are 35 cents all around above the actual prices which have been prevailing for some time. They are, however, 5o cents a ton on broken, and 4o cents a ton on other sizes, lower than the prices in the last previous circular, which was dated on October 24, 1895. February, 1896.] 5 Railroads. l The sales agents have decided to restore the circular prices at Buffalo and Chicago, which had been cut some- what, but not badly. These prices are Buffalo (gross tons), $4.15 for broken and $4.40 for other sizes. Chicago (net tons), $5.25 for broken and $5.5o for other sizes. Chicago prices apply to Lake Michigan and Lake Superior ports. The actual average New York price in 1895, on the basis of stove coal, was about $3.1o. The average in 1894, during the latter part of which year there was demoralization, was $3.60, and in the normal year, 1893, the average was $4.15. The good effect of this settlement, if faithfully adhered to, cannot be overestimated. One of the necessities of civil- ized life will be preserved from waste, while the coal miners and operators and the coal carriers will be able once more to secure a fair return for services rendered. PHILADELPHIA & READING RAILROAD. COMPARATIVE INCOME ACCOUNT. Year ending November 30, 1898. 1894. 1825. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . $22,828,847 $20,344,775 §21,300,575 Operating expenses and taxes. . . . . . . . . . . . 13,570,108 11,583,186 11,764,016 Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,258,739 $8,761,589 $9,536,529 Add- Additional income. . . . . . . . . . . . . . . . . . . . . . . 609,072 505,633 587,089 Total income. . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,867,811 $9,267,222 $10,123,618 Deduct— Equipment payments. . . . . . . . . . . . . . . . . . . $1,468,390 $1,241,028 $1,013,814 Interest *. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,273,365 5,078,779 5,058,779 Written off to profit and loss............. 243,068 182,299 252,028 Rentals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,907,029 2,888,366 2,884,851 Terminal trackage....................... 356,757 467,945 453,984 Improvements, including Broad and Le- high Avenues, Philadelphia........... 225,896 316,210 122,976 Total expenses other than operating..... $10,474,505 §10,174,627 $9,786,432 Balance. . . . . . . . . . . . . ................. Dr. $606,694 Dr. 907,405 Cr, $337,186 Percentage of operating expenses and taxes to gross earnings............... 59.44 56.94 55.23 * Interest on general mtg. 4 per cent. bonds included but not paid, which interest for year 1895 amounted to $1,788,608. PHILA. & READ. COAL & IRON CO. COMPARATIVE INCOME ACCOUNT. Year ending November 30, 1893. 1894. 1895. Gross earnings.......................... $24,586,868 $22,236,864 $24,080,799 Operating expenses and taxes........... 23,169,708 21,963,187 24,780,608 Net earnings............................ $1,417,160 $273,677 Dr. $699,809 Deduct- - Interest and sinking fund account....... $1,299,845 $1,169,155 $1,176,182 Commission on coal trust loan. . . . . . . . . . . - 125,000 -- Coal taken from stock........------------ 312,964 5,123 Total expenses other than operating..... $1,612,809 $1,299,278 $1,176,182 Deficit................. .. --------------- $195,649 $1,025,601 $1,875,991 Percentage of operating expenses and taxes to gross earnings................ 94.43 98.76 102.91 LEHIGH WALLEY RAILROAD. COMPARATIVE INCOME ACCOUNT. Year ending November 30, 1893. 1894. 1895. Gross earnings.......................... $18,610,777 $17,497,141 $18,687,131 Operating expenses and taxes........... 12,705,360 13,320,829 14,028,453 - - Net * --------------------------- $5,905,417 $4,176,312 $4,658,678 Dividends on stock...................... $116,182 $194,755 Interest on bonds....................... -- 465,889 595,714 Interest on mortgages.................. - - 50,301 49.286 Mine leave.............................. -- 126,675 19,002 Miscellaneous.......................... $363,233 88,712 3,772 Total additional income................ $363,233 $847,759 $852,529 Total income......... - - - - - - - ------------ $6,268,650 $5,024,071 $5,521,297 Deduct- Interest on funded debt...... ... ....... 4,179,860 4,273,740 4,294,780 Balance over fixed charges..... - - - - - - - - $2,088,790 $750,331 slºt Dividends } Preferred...Tº 1.016,343 ‘’’’ Common....21% ſº --- Surplus for year........................ $1.072,447 $750,331 $1,226,427 Surplus in profit and loss acct........... 6,740,989 7,291,059 7,730,160 Total surplus…......................... $7,813,436 $8,041,390 $8,956,587 Percentage of operating expenses and taxes to gross earnings................ 68.27 76.12. 74.00 COMPARATIVE PROFIT AND LOSS ACCOUNT. Surplus income account----------------- $7,813,436 $8,041,390 $8,956,587 wº 178.426 later interest. . . . . . . . . . . . . . . . . . . . . . . . . . ºn, - - Tax adjustments. . . . -- 159,404 89,839 Other items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 23,905 -- Total. . . . . . . . . . . . . . . . . . . . --------------- $7,813,436 $8,403,125 $9,046,426 Deduct- Loss Morris Canal, etc. . . . . . . . . . . . . . . . . . $522,377 $428,698 $491,416 Loss Lehigh Valley Trans. Co.......... -- 194,562 *º Discount of bonds sold. . . . . . . . . . . . . . . . . -- 148,503 Interest on Lehigh Val. Coal Co. bonds. -- - - 596,625 Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . - - 49,705 -- Total charges to profit and loss. . . . . . . . . $522,377 $572,965 $1,374,113 Surplus as per balance sheet. . . . . . . . . . . . $7,291,059 $7,730,160 $7,672,313 DELAWARE, LACKAWANNA & WESTERN. R. R. Year ending December 31, 1893. 1894. 1895. Gross earnings from all sources. . . . . . . . . $48,790,973 $43,058,862 sº,201,000 Operating expenses, railroad mines, etc. 40,537,572 36,009,195 37,441,000 Net earnings....... . . . . . . . . . . . . . . . . . . . . $8,253,401 $7,049,667 $6,760,000 Interest on bonded debt. . . . . . . . . . . . . . . . . $214,690 $214,690 $214,000 Int, on bonds and stocks of leased lines. 3,145,800 5,197,633 5,101,550 Total fixed charges. . . . . . . . . . . . . . . . . . . . . $5,360,400 $5,412,323 $5,405,240 Balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,392,911 $1,637,344 $1,354,660 Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7%)1,834,000 (7%)1,834,000 (7%) 1,834,000 Balance after dividends........ - - - - - - - - $1,058,911. Dr. §106,656 Dr. §479.340 Percentage of operating expenses and taxes to gross earnings. . . . . . . . . . . . . -- 83.08 83.83 84.70. DELAWARE & HUDSON CANAL COMPANY. COMPARATIVE INCOME ACCOUNT. - Year ending December 31, 1893. 1894. 1895. Gross receipts. . . . . . . . . ---------------- $20,672,317 $18,068,271 $18,819,618 Operating expenses. . . . . . . . . . . . ------- 14,050,131 12,529,548 13,376,732 Net earnings.......................... sºis; sº,588,678 sº sº Taxes, interest, rentals. . . . . . . . . . . . . . . . 3,407,627 3,319,960 3,078,402 Net profit....... . . . . . . . . . . . . . . . . . . . . . . sºlº sº.218,718 sºlº Dividends............ - - - - - - - - - - - - - - - (7%)2,100,000 (7%)2,187,500 (7%)2,450,000 Balance.... . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,114,519 $31,213 Dr.S85,600 ELGIN, JOLIET & EASTERN RAILWAY. This road, known as the Chicago Outer Belt line, is doing a steadily increasing business, both in the aggregate and per mile, but it is not yet able to fully earn its fixed charges. The company closed the fiscal year with a gross floating debt of $483, ooo, a decrease of $103, ooo. Current assets in- creased $36,ooo. The net floating debt is, therefore, $139, ooo less than it was one year ago. Equipment notes outstand- ing have decreased $28, ooo, and bonded debt has increased $554, ooo. PHYSICAL CONDITION. Gross earnings increased $60,360, about 6 per cent., and net earnings increased $29,473, about 9 per cent. It would appear, as stated in the report, that the condition of the property is being steadily improved, as shown by the increase in maintenance of way expenses, resulting in an increased efficiency of the service in general. There was charged to capital account to June 30, 1895, the sum of $166,628, covering Indiana stock yard extension and side tracks at various points, and to certain industries. The amounts charged to capital account are those repre- senting new and additional property, in accordance with the policy pursued by the company. The increased effi- ciency of the property is shown by the fact that the net earnings have increased in much greater proportion than the gross earnings, and this result was also probably aided by the extensions of the company's lines. The extension to South Chicago has not yet been given an opportunity to demonstrate its earning ability, owing to the crop and busi- f - ** = - - - w 1 s cº so. N s 1...N_j.“ 5 Yºkº --------- - - ; ~& --- º à - S. T *— --- w - _2---- South Haven Much. Grand Je. ^. *…* * Harvard A. 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Tº ºf ~ Pitts. - - º |. º -- *// sº, g/ ºlº, 4. *** ºº:: Sºgºus ſº * * Milfº Tº Cºl. --!--" - " _º º s sº > :^e lºod - Thomas" orºrº w. ºs-fr.w.. ſº -*** in -- - --- -> ** - * -- * **, T- Plymouth º wo- - - Lu º % - °w ºr * ~ * - La Crosse - Wºº-- * --~~ r o coal- ſ 7" - - ------- º--ºr * º rive sent.” M -- gºº. - - Mo * T; º Wilders º "o, ---, chi. ------ - - --- º º * º Vx. * *-* º º º º ºr...’ ſº c. &. Sºe M5 > - -- - *::ctº ºto - Nos DeLong c T *e "…ºw n *\g \ ºf, MAP OF THE - * INDIANA, ILLINOIS & IOW.A. R.R. y E-ºn-1 Lines owned Trackage rights ----- - AND ELGIN, JOLIET & EASTERN R.W. ness conditions during the previous year, but there can be no doubt that this is one of the most important of the company's branches, and one which will eventually secure to it a large and profitable traffic. COMPARATIVE INCOME ACCOUNT. - Lines owned AND CONNECTIONS. Trackage rights gºd by Am. Bank Note Co.N.Y. for The Bond Record Year ending June 30, 1893. 1894. 1895. Gross earnings . . . . . . . . . . . . . . . . . . . . . . . . $920,032 $1,020,326 $1,080,686 Operating expenses and taxes. . . . . . . . . . 677,674 699,865 30,752 Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . $242,358 $320,461 $349,934 Deduct- - Interest on bonds...... . . . . . . . . . . . . . . . . $289,084 $303,950 $324,478 Interest on current accounts . . . . . . . . . . . - - 17,298 19,061 Wreck at Barrington . . . . . . . . . . . . . . . . . . -- - Rentals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- 10,940 Total other expenses . . . . . . . . . . . . . . . . . . $289,084 $321,248 $379,447 Deficit. . . . . . . . . . . . . . ------- ------------ $46,726 $787 $29,513 Deficit previous year . . . . . . . . . . . . . . . . . . 19,892 66,618 67,405 Deficit as per balance sheet. . . . . . . . . . . . $66,618 $67,405 $96,918 Percentage of operating expenses and taxes to gross earnings. . . . . . . . . . . . . . . 73.65 68.58 67.61 Miles operated. . . . . . . . . . . . . ------------ 185.11 185.11 186.61 -COMPARATIVE GENERAL BALANCE SHEET. Assets. June 30, 1893. 1894. 1895. Cost of road and equipment............ $11,975,995 §11,976,022 $12,381,305 Construction. . . . . . . . . . . . . . . . . . . . . . . . . . 15, 56,691 46,170 New equipment. . . . . . . . . . . . . . . . . . . . . . . 322,836 $26,737 372,568 Porter extension....................... 119,492 188,601 -- South Chicago extension. . . . . . . . . . . . . . . - - 35,486 Indiana Stock Yards extension......... -- 84,973 Materials and supplies. . . . . . . . . . . . . . . . . 34,298 39,120 49,640 Other investments..................... 58,860 80,092 -- Assets ............................. $12,536,920 $12,612,263 slº,970,142 Agents . . . . . . . . . ----------------------- $91,880 $95,905 $114,243 Other railroads.......... -------------- 86,080 49,490 59,563 Individuals and companies. . . . . . . . . . . . . 39,618 56,156 62,694 Insurance…. . . . . . . . . . . . . . . . . . . . . . . . . . . 6,828 -- -- Bills receivable............ ------------ 6,929 551 551 ---------- - - - - - - ------- ------------- 6,438 20,748 21,154 Current assets .......... ........ $238,813 $222,850 $258,205 Debit balance income account.......... 66,518 67,405 96,918 Total assets............................ $12,841,851 $12,902,518 $18,325,265 Liabilities. Common stock......................... $6,000,000 $6,000,000 $6,000,000 Bonded indebtedness .................. 6,079,000 6,079,000 6,633,000 Equipment notes....................... 287,086 236,862 208,583 Liabilities.......................... $12,366,086 $12,315,862 $12,841,583 Other railroads........................ $118,963 $119,300 $90,583 Individuals and companies............. 207,596 30,607 22,280 Audited vouchers and pay-rolls......... 97,181 97,009 115,196 Interest accrued ....................... 52,025 52,219 56,8 Bills and loans payable................. -- 287,521 198,750 Current liabilities.................. $475,765 $586,656 483,682 Total liabilities ........................ $12,841,851 $12,902,518 $13,325,265 BONDED DEBT. - - T D g; Interest. Princi- Aºn 11-1-E. |Date |> 3. Rate Pay- pal ut- *3 %. º * standing. tlst mtg. g . . . . . . . . . . . . . . . . . . . 1891 170 5 |My & s My 1941 * * 1st mtg. on entire road owned. (See mileage statement.) Issue limited to $10,000,ooo, Den. $1,000. The remainder of these bonds can be issued only by consent of a majority in amount of stockholders, and then only for construction or acquisition of extensions or branches. MILEAGE. Miles owned. Waukegan, Ill., to Porter, Ind................ 129.94 Walker, Ill., to Coster, Ill.................... 31.92 Normantown, Ill., to Aurora, Ill.............. 8.40 Total Miles owned................ ----------------- --------- 170.26 Operated under trackage rights: Over Louisville, New Albany & Chicago Ry................. 9.50 Chicago & West Indiana Rd........................... 4.80 Belt Ry, of Chicago................................... 2.05 - 16.35. Total Miles operated........... ----------------------------- 185.51 February, 1896.] Railroads. 17 INDIANA, ILLINOIS & IOWA RAILROAD. The results of the operation of this road during the fiscal year which ended June 30th, 1895, were quite satisfactory. The bonded debt of the company was increased by the issue of $500, ooo first extension mortgage 5 per cent. bonds, to cover the cost of the construction of the South Bend ex- tension. Since the completion of this extension the com- pany has dispensed with the line of road from Wheatfield, Indiana, to New Buffalo, Michigan, which it had been oper- ating under lease. Current assets exceeded current liabilities at the close of the fiscal year to the amount of $50,000. PHYSICAL CONDITION. Operating expenses decreased 74 per cent., $45,335, and absorbed 75.98 of gross earnings as compared with 80.66 for the previous year. There were reduced expenses under all headings, except that of general expenses. The principal work in the maintenance of way department was ballasting and tie renewals. Over 20 miles of the line have now been thoroughly ballasted and the South Bend extension has been brought up to the standard requirements. The amount of tie and rail renewals was greater than for any previous year, in addition to which there was considerable work done on bridges and trestles. The equipment is reported in good condition and all locomotives ready for active service. Maintenance of equipment expenses were heavily reduced, about 29 per cent., the principal items of decrease being freight locomotive and car repairs, too new coal cars will probably be required to meet the increasing business, due to the South Bend extension. It is fair to assume that the property has been considera- bly improved in view of the increased efficiency, as shown by the tables of train and mileage statistics. The average number of loaded cars per train increased from 16.72 to 17.98, although the average number of tons in each loaded car shows a slight decrease. The net earnings per train mile increased from 32.3 cents to 35.2 cents. The average number of cars in passenger trains increased from 1.07 to 2.12; the average number of passengers per train from 32.02 to 66.1o. Net earnings per train mile were practically double, being.o.411 in 1894 and .oS27 in 1895. Capital ac- count was increased $14,976, covering construction and im- provements. COMPARATIVE IN COME ACCOUNT. Year ending June 30, 1893. 1894, 1895. Gross-earnings.......................... $782,880 $752,951 $739,618 Operating expenses and taxes........... 618,227 633,777 587,201 Net ºngº ---------------------------- $164,653 $119,174 $152,417 Excess interest charged in '93........... -- 4,385 Total income............................ $164,653 $123,559 $152,417 Deduct- Interest................................. $74,200 $50,300 $63,842 Rentals. . . . . . . . . . . . . . . . . . ............... -- 26,657 13,334 Construction. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,020 -- - - Equipment. ----------------------------. 32,452 Miscellaneous........................... 7,924 Total expenses other than operating.... $135,596 $76,957 $71,176 Balance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,057 $46,602 $75,241 Percentage of operating expenses and ... taxes to gross earnings............... 78.97 84.17 79.39 Miles operated........................... 200.39 209-02 198.51 COMPARATIVE GENERAL BALANCE SHEET. Assets. June 30, 1893, 1894. 1895. Cost of road and equipment............ $5,210,124 $5,223,967 $5,758,051 Materials and supplies.................. 54,108 51,565 61,091 Indiana, Illinois & Iowa R.R. bonds.... 42,500 ° 42,500 42,500 Phoenix Pkg. Co. stock................. - - 1,576 1,576 Assets.............................. $5,306,732 $5,319,608 $5,863,218 Sundry companies and individuals...... $58,743 $48,397 $104,888 Agents.-------------------------------. 58,831 40.738 30,761 Cash ................................... 77,047 35,800 55,761 Current assets..... --------------- - - $189,821 $124,935 $191,410 Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . sºsºs sº sºoººs Liabilities. 1893. 1894. 1895. Capital stock.................... ------- $3,597,800 $3,597,800 $3,597,800 Bonded indebtedness.................. 1,300,000 1,300,000 1,800,000 Equipment notes. . . . . . . . . . . . . . . . . . . . . . . 121,312 93,713 84,368 Liabilities.......................... solºilº sºlºis sºngs Interest due and accrued............... $11,987 $7,251 $15,575 Other current liabilities................ 155,7 89,683 12-tº-8 Current liabilities.... . . . . . . ....... sigºt soºn siding Balance income account. --------------- 309,494 856,096 431,337 Total liabilities......................... $5,496,353 $5,444,543 sº,054,628 BONDED DEBT. - - - º º Interest. -- # Amount Title. |Date. E: 35, outstand- * > ** Pay- * - ing. _|_|_* * * | ** | - **1st Mtg. g. . . . . . . . . . . . . . . . . 1889 118 || 4 |je & Did 1989 $800,000 *ist Mtg. Inc. Bonds, n, cum. 1889 118 || 4 Ap & OD 1939 250,000 ºf Mº. in. Bºnds, n, cum issº is ºf iºn ºn **1st Ext. Mtg. g............. 1893 152 || 5 |Mr & SMr 1943 500,000 - - Total bonded debt............l......' .....l..... |................. $1,800,000 *1st Mtg. Knox, Ind., to Streator Junc., Ill., 117.92 miles. Issue limited to $800,ooo. Den, $1,000. Bonds may be re- deemed at option of company at par and accrued interest. *2d mtg. on property described by (1). Issue limited to $250, ooo. Den. $5oo. $39,500 of º bonds are held in the treasury of the company. Bonds may be redeemed at option of company at par and accrued interest. *3d mtg. on property described by (1). Issue limited to $250, ooo. Den. $500, $3,000 of these bonds are held in treasury of the company. Bonds may be redeemed at op- tion of company at par and accrued interest. *1st mtg. Knox, Ind., to South Bend, Ind., 34.55 miles. 4th mtg. on property described by (1). Total, 152.47 miles. Issue limited to $500,ooo. Den. º, Bonds may be re- deemed at option of company at 105 and accrued interest. MILEAGE. Streator Junc., Ill., to South Bend, Ind. . . . . . . . . . . . . . . . . . . . . . . . . -------- 152.47 Trackage......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.04 Total miles operated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - - - - - - - - - 1935. CHOCTAW, OKLAHOMA & GULF R. R. This company is a reorganization of the Choctaw Coal & Railway Co., sold under foreclosure on September 9, 1894. The report is very incomplete, containing no balance sheet or information as to the physical condition of the property. COMPARATIVE INCOME ACCOUNT. Railroad Department.- Year ending Sept. 30, 1894. 1895. Gross earnings. . . . . . . . . . . . . . ----------------------------- $264,782 $307.179 Operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,371 181,483 Net earnings........................ . . . . . . . . . . . . . . . . . . . . . $88,411 $125,000 Mining Department.- Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $600,260 5554,079 Operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -------- 518,000 504,020 Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $82,164. $50,053 Total railroad and mining departments. . . . . . . . . . . . . . . . . . $170,575 $175,749 BONDED DEBT. Miles "“ prin. Amount Title. Date. Cov- paw. ...cipal out- ered. Rate ºf º Payable. standing. - - ++Prior lien mtg. g........... sºul ºn 8 Apsolo lºsiºn ++Gen. mtg. g............ ..... 1894 220 || 5 |Ja & J. Q. 1919 | 4,141,000 #Inc. mtgº bonds (n.ºcum) g. 1894 220 5 F O 1944 1,097,000 |- Total bonded debt............ º ------ ---------------------- $6,238,000 MILEAGE. Wister Junc., Indian Ter, to Fort Reno, Oklahoma Ter, and branches. 220,17 SUNDRY CORPORATIONS. THE H. B. CLAFLIN COMPANY. After providing for full dividends on the first and second preferred stocks, this company had a balance for the year, equivalent to 84 per cent, on the common stock; 6 per cent. was paid and the balance, $99,972, was credited to surplus reserve account. The season and the year which ended December 31, 1895, were the most satisfactory which the company has had since 1892. As to the outlook for business, President Claflin says: “The general mercantile situation ought to justify the expectation of a good spring trade, but the immediate future of business is dependent on wisdom at Washington. If the tariff bill passed by the House of Representatives should become a law it would cause a decided increase of profitable trade throughout the country.” Season (six months) ending December 31, 1893. 1894. 1895. Net earnings, after paying all taxes, salaries and expenses of every kind......... ------ $6,523 $245,435 §359,273 Interest on first preferred stock (5% cum.)... 65,008 65,008 65,007 Balance.................................... Dr. $58,485 §180,427 $294,266 Interest on second preferred stock (6% cum.) 77,118 77,118 77,118 Remainder for common stock............... Dr.S135,603 $103,309 $217,148 Two quarterly dividends on common stock.(3%), 114,873 (3%) 114,878 (3%) 114,873 Deficiency on fall business.................. $250,476 $11,564 Criş102,275 Surplus reserve for common stock.......... 552,076 287,480 273,615 Present surplus reserve for common stock.. $301,600 $275,916 $375,890 Year ending December 31, 1893. 1-94. 1895. Net earnings............... . .............. $323,786 $488,313 $613,970 Interest on first preferred stock (5%)........ $130,016 $130,016 $130,016 Interest on second preferred stock (6%)..... 154,236 154, 154,236 Interest on common stock................... (71%) 287,182 (6%).229,746 (6%).229,746 Total payments to stockholders............. $571,434 $513,998 $513,998 Carried to surplus reserve......... ------- , Dr.S247,648 Dr.S25,685 $99,972 COMPARATIVE GENERAL BALANCE SHEET. Assets. - December 31, 1893. 1894. 1895 Merchandise............ ................... $5,108,836 $4,773,779 $5,728,311 Store property............ ------------------ 2,739,182 2,739,182 2,739,182 Stable. . . . . . . . . . . . . . . . . . . . . ................. 27, 197 27, 197 27, 197 Horses, trucks, wagons, etc................ 14-622 14,622 14,622 Qpen accounts receivable.... .............. 3,497,765 4,484,548 4,746,307 Bills receivable.................. ----------- .726,352 1,538,919 1253,435 Cash div. paid on account autumn business. 152,187 152,187 152,187 Cash. -------------.......................... 1,650,016 1,275,421 1,840,744 Total assets........................... ... . . $15,006,157 $15,005,855 $16,501,985 Liabilities. -- 1893. 1894. 1895. First preferred stock 5 × cum............... $2,500,300 $2,500,300 $2,600,300 Second preferred stock 6: cum -- 2.570,600 2,570,600 2,570,600 Common stock........... ------ ------- ------ 8,829,100 3,829,100 3,829,100 Total capital stock.......................... sºooooºo sºoooooo sºoºooºo Qpen accounts payable..................... 4.885,619 4,890,560 6,444,668 Foreign exchange and loan accounts....... 561,939 582,880 º Surplus reserve............................. 552,076 287,480 273,615 Autumn profits........... .................. 6,523 245,435 359,273 Total liabilities............................. sºlº sisoo; sº sºngs Pºol. ZZZ, p. 516. EDISON ELECTRIC ILLUMINATING COMPANY OF BROOKLYN. This company controls by license from the parent Edison Company, the exclusive right in the city of Brooklyn to use the Edison system for the production and distribution of current for electric light and power; it has similar rights as to the patents controlled by the parent company, for isolated business in this territory. The company recently purchased the entire capital stock of the Citizens' Electric Illuminating Company ($500,ooo) for which it paid $875, ooo, or at the rate of $175 for every $1oo share of stock. To provide for this purchase and for other expenses consequent upon it, the capital stock was increased $750, ooo, and additional bonds to the amount of $500,ooo were issued. The Citizens' Company with its high tension system, served the territory adjoining that occupied by this company, in which the low tension system is in operation; by consolidation it is expected not only to effect economies, but to bring about improved facilities by the joint operation of the high and low tension systems. The company's earnings have shown a steady increase since it commenced business in 1889; dividends commenced in 1891, and have since been paid regularly, ranging from 2 per cent. to 6 per cent. The net amount over all charges since 1889 amounted at the close of 1895 to $621, ooo. From this amount $572, ooo has been paid out in dividends, leaving a surplus at the close of the six years' operations of $49,000. It would be well, perhaps, if the balance in sur- plus account were allowed to accumulate more rapidly. COMPARATIVE INCOME ACCOUNT. Year ending December 31, 1893. 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . $325,434 $421,074 $621,149 Operating expenses..................... 136,038 189,327 304,098 Net earnings............................ $189,396 $231,747 $317,051 Add- Income from other sources.............. 22,485 36,530 29,907 Total income. . . . . . . . . . . . . . . . . . . . . . . . . . . . $211,881 $268,277 $346,958 Deduct- General expenses. . . . . . . . . . . . . . . . . . . . . . . $42,822 $44,870 $36,609 Taxes, State and County................ 10,122 15,300 43,000 Interest on bonds....................... 25,000 25,000 33,750 Depreciation reserve fund. . . . ........ 25,000 25,000 25,000 Doubtful accounts written off........... 3,000 4,000 6,000 Total . . . . . . . . . . . . . . . . . . ................. $105,944 $114,170 $144,359 Balance... . . . . . . . . . . . . . . . . . . . . ........... $105,937 $154,107 $202,599 Dividends. . . . . . . . . . . . . . . . . . . . . .......... 5% 98,276 6%. 168,750 6%. 202,500 Balance after paying dividends.......... $7,661 Dr. S14,643 $99 Surplus previous year........ ----------- 56,295 63,956 49,313 Surplus as per balance sheet............ $63,956 $49,313 $49,412 COMPARATIVE GENERAL BALANCE SHEET. Assets. - December 31, 1898. 1894. 1895. License account ........................ $870,000 $945,000 $945,000 Property account....................... 2,110,106 2,594,372 3,797,517 Insurance fund.......................... 5,000 53,800 56,265 Stock subscriptions...................... 72,000 -- -- Stock unsold ---------------------------- 22,000 50,000 Stock in treasury (per contra)........... 48,300 -- -- Materials and supplies.................. 29,611 42,558 42,510 Accounts receivable..................... 71,176 100,445 90,674 ash. . . . . . . . . . . . . . ---------------------- 45,604 33,359 25,158 - Total assets...... ----------------------- $3,273,797 $3,819,534 $4,957,134 Liabilities. Common stock 893. 1894. 1895. o: ! Sººk------------------.......... 2,500,000 3,000,000 3,750,000 Bonded indebtedness s - s - $ ,000 - - 5,000 53,800 56,265 Depreciation reserve.......... ----------- 50,000 75,000 100,000 Special license surplus (per contra)....... 48, -- - - Accounts payable..... -------------------- 100,291 90,171 84,582 Dividends due Jan.15 next.............I. -- 45,000 56'350 Accrued interest......................... 6,250 6.250 10,335 Balance income account.................. 63,956 49313 1941: Total liabilities........................... $3,273,797 53,819,534 $4,957,134 - - º February, 1896.] Sundry Corporations. 1. * Sundry corporations and firms........... 820,019 470,388 778,666 BONDED DEBT. Bills receivable.......................... 246,437 256,947 155,878 - —- Cash..................................... 210,605 37,519 29,556 :-- Title Date Interest. #3 ôº. Total assets............................. $10,995,670 $10,305,872 $10,586,907 Fº Pay- E3 ing. *- able. -- Liabilities. - **1st mtg. g............ -------------- 1890 - 5 Apso O 1940, $850,000 1893. 1894. 1895. $º: ------------------------- sº º sº sº e ck"------------------------- ----- ----- --- *ist mtg. on all property owned by company on Pearl ɺ "... * *º Street, Brooklyn, N. Y., also on electric light plant, appli- ºr º: º *:::::: ances, patents, etc. Issue limited to $2,500, ooo. Den. $1,000. - - ----- — ` _ " - " " . Total liabilities................. ------ ...#10,995,670 $10,305,872 s10,586,907 Remaining bonds may be issued only for the acquisition of new property. The company reserves the right to redeem any or all of these bonds after Oct. 1st, 1900, at 11o and ac- crued interest. Mortgage requires that property shall be kept insured to the satisfaction of bondholders. MICHIGAN-PENINSULAR CAR COMPANY. This company, incorporated on August 3, 1892, commenced business on September 1, 1892, under the laws of the State of Illinois, and acquired the property and assets of the follow- ing corporations: American Car Co., Peninsular Car Co., Detroit Car Wheel Co., American Forge & Iron Co., and the Detroit Pipe & Foundry Co., all of Detroit, Michigan. The business of the company consists of the manufacture and sale of freight cars, car wheels, castings, bar iron and miscellaneous supplies required in the construction of rail- road equipment. The results of the past year show an improvement com- pared with 1894, but the improvement must be much greater before the stockholders get any return in the way of divi- dends. When the preferred stock of the company was placed upon the market in July, 1892, it was estimated that the average yearly profit of the combined companies would exceed $1,000,ooo, thus assuring dividends of at least 8 per cent. upon the preferred stock, 12 per cent. upon the common stock, and a considerable amount to be carried to surplus account. Actual results, however, have fallen far short of these expectations. In the report issued at the close of the year 1894, President Hecker called attention to the fact that the earnings were 90 per cent, less than in the year 1893, due to the unfavorable business conditions which prevailed. The report for 1895 has been issued without comment. It would appear from the tables of income account which follow, that while the company may be able to take care of its obligatory charges without difficulty, results such as would justify dividends in the near future, are improbable. COMPARATIVE INCOME ACCOUNT. Year ending August 31, 1893. 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . $866,691 $36,024 $159,231 Interest on bonds........................ 100,000 100,000 100,000 Balance.................................. $766,691 Dr. §63,976 $59,231 Dividends on preferred stock, 8%......... $400,000 -- -- do. common stock, 84.......... 160,000 Total...................... ------------ $560,000 -- -- Balance after dividends.................. $205,691 Dr. § 63,976 $ 59,231 Surplus previous year.................... -- 206,691 142,715 Surplus per balance sheet................ $205,691 $142,715 $201,946 COMPARATIVE GENERAL BALANCE SHEET. Assets. August 31. 1893 1894. 1895. Plant...................... -------------- $7,720,536 $7,720,536 $7,720,536 Construction............................. 24,479 24,479 24,479 Furniture and fixtures................... 1.298 1,273 1,273 Common stock unissued................. 1,000,000 1,000,000 1,000,000 Materials on hand....................... 972,296 794,730 876,419 *8% cumulative. Both classes of stock have equal voting power. BONDED DEBT. Interest Princi- Amount Title. Date R. Pav pal Out- atc. ... Payable.|standing: º *The Michigan-Pen.CarCo.1st mtg.g. 1892 º Mr & s S 1942 |52,000,000 **1st mtg. on 784 acres of real estate owned, and on leasehold rights in perpetuity in 5 additional acres, all in the city of Detroit, Michigan. 8 acres thereof are on the Detroit River, have ing a system of piers and wharfage. There are 78 buildings on the property, especially constructed for the requirements of the business. Is a lien also on all personal property, including franchises, patents, rights, title and interest, owned or that may be hereafter acquired. Issue limited to $2,000,000. Den. $1,000. THE AMERICAN DISTRICT TELEGRAPH CO. We make the following extract from the report of Presi- dent T. T. Eckert: The depression which began in 1893 has continued, mak- ing it practicable for this company to maintain its profit and show a small increase in the net income for the year only by continuing its policy of the strictest economy. The profits to the stockholders in the coming year will depend entirely upon the condition of general business. The accounts of the company have been examined by an expert accountant, and his report, which is on file in this office, shows them to be in an excellent condition. During the year there has been an increase of 3 district offices, 376 call boxes, 54 miles of wire. The lines and facilities have been maintained in good order and are all in first-class condition. It has not been found practicable to maintain the increase of rates which was inaugurated after the acquisition of the Mutual District Messenger Company, and the old tariff of rates has recently been substituted, from which we hope to recover at least a part of the patronage which was with- drawn on account of the increase. COMPARATIVE INCOME ACCOUNT. Year ending December 31, 1893. 1894 1895. Gross earnings...... . . . . . . . . . . . . . . . . . . . . . $649,794 $538,288 $539,979 Operating expenses........ -------------- 531,308 457,065 451,243 Net earnings............. . . . . . . . . . . . . . . . . $118,486 $81,223 $78,730 Add- Dividends and Interest.................. 15,390 13,808 14,979 Total income.............. . . . . . . . . . . . . . . $133,876 $95,031 $99,715. Deduct- Construction...... ----------------------- 18,697 26,880 13,079 Net income............ ------------------ $115,179 $68,142 $80,636 Dividends............ . . . . . . . . . . . . . . . . . . 51%. 134,065 1z 38,440 tº 115,323 Balance ......................... ------- Dr. 318,886 $29,702 Dr.sº,087 Surplus previous year. . . . . . . . . . . . . . . . . . . . 59,845 40,959 70,661 Surplus balance . . . . . --- ---------------- $40,959 $70,061 $35,974 - THE SITUATION. The first month of the new year, generally speaking, was an unsatisfactory one, chiefly because of unexpected devel- opments concerning the proposed government loan, which resulted in a long period of uncertainty that operated to the detriment of business, not only in financial circles, but else- where. A syndicate was formed under the auspices of J. P. Morgan & Co., and the contract was for a minimum - of $100,ooo, ooo and a maximum of The $200,ooo, ooo, with the important pro- *...* viso that no gold should be withdrawn 11. from the Treasury. The applications for membership were so numerous that the maximum amount was reached in a few days, the participants being insti- tutions and banking firms in Europe who were prepared to ship the total of their commitments in gold to this side; and banks, savings banks, trust companies, bankers and private individuals, who either had the gold or were willing to obtain it outside of the Treasury according to the terms of the contract. Among the foreign subscribers was the Deutsche Bank of Berlin for a large block, with which bank and Morgan, Harjes & Co. of Paris nego- tiations were opened for public issues, in Germany, France, Holland, Belgium and Switzerland with every promise of a heavy amount in bonds of small denomi- nations being placed with permanent investors in those countries. This syndicate was undoubtedly the largest and most important ever formed in the United States; and as soon as its scope became known it started a revival of confi- dence from the extreme depression that followed President Cleveland's message on the Venezuelan question. At the same time public sentiment seemed to be so strongly in favor of offering the loan for general subscription that the administration finally decided to invite public bids for $1oo, ooo, ooo.4 per cent, bonds, to be opened on February 5.” On account of the length of time which must elapse before it could be definitely determined whether the loan would be a success, the improving trend of affairs was brought to a sudden halt, and apprehensions of stringency in the money market caused an uneasy feeling. The syn- dicate was held intact for a time, but the members were finally released from their obligations through a circularlet- ter issued by Mr. J. Pierpont Morgan,t in which he made an elaborate statement of all the circumstances connected with the formation of the syndicate, and closed with the announcement that his firm would gladly assist parties desir- ing to subscribe, and would join with those prepared to take any amount of bonds that might not be desired by smaller investors. This had a tendency to restore confidence again, particularly as Secretary Carlisle extended the time of payments over a longer period, and many of the promi- *8. P. M., Feb. 5th.-Just as we are closing our forms word comes from Wash- ington that the new loan has been a grand success. The bona fide bids º re- te over $550,000,000. The º single bid was for $100,000,000 at 110.6877 y J. P. Mºrgan & Cº., Harvey Fisk & Sºns, the National City Bank of New York and the Deutsche Bank of Berlin. The next largest bid was by the John A. Stewart group fºr about $80,000,000 at 110 075. The market price at the close of business is 115 to 116. + For copy of this circular and the Treasury circulars, see "Documents.” nent members of the syndicate announced their intention of subscribing freely. The movements of gold and sterling exchange attracted widespread attention in connection with the loan, and the anomalous spectacle was presented of gold departing for and arriving from Europe by almost every steamer. The heavy selling of stocks by London on the Venezuelan busi- ness; the excitement arising from the stirring events in South Africa, which brought out the famous message of − congratulation from the Emperor of Germany to the President of the Transvaal Republic, and the restric- —l tion of foreign credits kept sterling exchange up to the specie exporting point during the greater part of the month, while the premiums paid for gold by in- tending subscribers to government bonds were sufficient to bring coin and bars from the other side. Thus the flow each way was maintained. At the outset the premiums paid to the bullion dealers for gold were 1(a)1+ per cent., but these gradually decreased after the loan was made a popular one, and at the close were 4(2)} of one per cent. buying, and #(ºg per cent, selling. At one time legal tenders com- manded the same premiums as gold, but in the late dealings very little was done in them. As January drew to an end there was a much better feeling abroad in regard to the political situation, securities generally improved, London turned buyer of American stocks, and the foreigners were once more disposed to extend credits, particularly as money became very easy at London and fell to 1 per cent. and under for discounts. This caused a decline in sterling exchange below the shipping point and exports ceased, but the imports were kept up. The posted rates for sterling were reduced from 4.88% for long and 4.90 for sight to 4.87% and 4.89, but raised at the close to 4.88 and 4.894. The highest, lowest and closing quotations for actual business in sterling, francs and reichsmarks were as follows: Gold and |Foreign Exchange. Highest. Lowest. Closing. Bankers' sterling 60-days. 4.87;(3)4.88 4.87+@4.87+ 4.87+@4.87% do. do. sight. . . 4.894(a)4.89% 4.88+@4.88; 4.88+@4.884 do. do. cables. . 4.90 (3)4.904 4.884(a)4.88; 4.884(a)4.88% Bankers' Paris francs long 5.17% 5.1840).5.17+ 5.184(a) 5.17+ do. do. checks. , 5.15; 5.16+@5.15; 5.16+@5.15% Bankers' reichsmarks long 95 (a) 05: 95 95 º '95; do. do, sight... 953(a) 95; 954(3) 958 954(3) 958 The exports of gold for January were $11,000,ooo and the imports $7,300,ooo. The free gold held by the Treasury on January 2 was $63,262,269, but on January 31 it was down to $49,926,oo3. During the month the deposits of gold in exchange for greenbacks were $1,000,ooo by the National City Bank, $500,000 by the Mercantile National Bank, and $250, ooo by Kuhn, Loeb & Co. The production of gold in the United States in 1895 was estimated at $53,026,349 by the agents of the Mint, but these figures were reduced some- what by the director. Wells, Fargo & Co. placed the output at $48,667,383. This places the country in the front rank in the matter of gold production. The total output of precious February, 1896.] The Situation. 21 least to Europe, while imports continue in progress. and base metals in 1895 was given by Wells, Fargo & Co. as follows: Bullion values. Gold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $48,667,383 Silver. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,274,777 Copper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,052,115 Lead. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,170,367 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,164,642 There was a material relaxation in the money market from the stringency that prevailed at the close of December. At the opening call loans were made at 4(a)io per cent., but subsequently there was a gradual decline in rates to 3(3)4 per cent., at which figures most of the daily business was transacted until the last day of the month, when an ad- – vance to 5(26 per cent took place on the calling in of funds preparatory to the February disburse- ments for interest and dividends. These disbursements, counting the government interest on the public debt, will reach a total of about $27,ooo, ooo. The easing up in money was due to a combination of causes, such as a more liberal disposition on the part of foreign bankers to lend their bal- ances, large receipts of currency from the interior for the purpose of subscribing for the new bonds, and a large liquidation of obligations following the panic growing out of the Venezuelan matter. This liquidation is strikingly illus- trated in the loans of the New York city banks, which be- tween December 14 and February I decreased $45,848,200. In the same time the deposits ran off $32,608,300, but these were affected by the heavy influx of currency from the country. Time money was difficult to obtain for quite a period after the opening of the year, but like call loans, finally became easier and was accessible in fair amounts at 54(36 per cent, on good stock collaterals. The foreign bankers were in the market with money after the middle of the month. The country banks sent silver certificates to this center in considerable quantities, and for a time bullion dealers quoted these notes at a slight discount. This gave rise to much discussion as to discrimination, but the whole thing quickly died out. In partial explanation of the sud- den increase in the supply of silver certificates, it may be stated that the volume of Treasury notes outstanding has been decreased from $156,ooo, ooo to $137,ooo, ooo by re- demption in silver. The discount market ruled close during the greater part of the time, and 6 per cent. was the mini- mum rate for the highest grade of commercial paper, but latterly there has been a little more disposition to buy on the part of banks. Other grades of paper were quoted from 7 to 12 per cent., with a very light business. Preparations for the new loan have operated against discounts. As a matter of interest in connection with the money market, we annex a table showing the condition of the New York city banks this year and last: The Money Market. Feb. 1, 1896. Feb. 2, 1895. Loans. . . . . . . ... . . . . . . . . . . . . $447,142,700 $490,345,400 Specie. . . . . . . . . . . . . . . . . . . . . 76,845,900 81,555,500 Legal tenders. . . . . . . . . . . . . . 85,389,300 91,937,300 Net deposits. . . . . . . . 490,447,200 546,965,200 Circulation........... 13,799,000 11,371,900 Excess of reserve........... 39,623,400 36,751,500 Last year gold was going out of the country in large volume, and this year the exports have recently ceased, at The reserve is somewhat greater than in 1895. The usefulness of the figures is found in the fact that in both years an issue of bonds by the government was impending. The most important feature of the industrial situation was the agreement reached by the presidents of the anthracite coal roads. The differences that have long existed have re- sulted in great losses to the companies engaged in mining and carrying coal, hence the agreement was hailed with great satisfaction and may be set down as a matter of vital and widespread importance. The ramifications of the trade |- are so extensive that the benefits to be derived by lifting it from its rut of depression to a profitable basis can hardly be overestimated. Already the output has been brought within reasonable limits and prices have been advanced. The effect on the securities of the various companies was electric, and did much to increase reviving confidence. The iron and steel trade has shown signs of improvement, and there has been some recovery, in Bessemer pig and steel billets, from the late reaction. South- ern pig iron has lagged somewhat, but production has fallen off from the high point of last year. Increased orders have been booked for steel rails, structural iron and other finished material, and, taken altogether, a hopeful feeling prevails as to the future. The cotton industry of New England has been accumulating stock and there is some talk of running on short time. The woolen machinery has been only par- tially employed and domestic mills are suffering more or less from foreign competition. The movements in securities were controlled by home events previously mentioned, and also by the shifting course of affairs in Europe. In the early days of January the an- nouncement of the popular loan and selling by London on the unsettled political situation abroad, brought about a general decline, and for a spell dullness prevailed. This |-| condition of affairs, however, subse- The Course quently gave place to a more confi- of Securities. dent feeling and a general advance in prices. The improvement was started by the easier state of the money market, and received a stimulus from the settlement of the coal troubles and a pre- vailing belief that the government loan would be taken. The railroad situation also attracted more attention, par- ticularly the favorable traffic statements and the successful working of the new Joint Traffic Association. This associ- ation, as has already been demonstrated, will result in great good to the Trunk Line roads. Some of these will save from $100,ooo to $150,000 per annum in the small item of switching charges alone, to say nothing of the benefits of the maintenance of rates and the reduction of expenses through joint agencies. The association is actually helping to carry out the principles of the Interstate Commerce Commission. While that body has brought suit to test the legality of the plan, it is thought that its action is merely formal and that the decision of the courts will be favorable to the association. The anthracite coal stocks rose during the month anywhere from 24 to 74, and many other shares improved from 1 to 6 points. The Reading securities were very active in the late trading, and aside from the Presidents' agreement their upward movement was assisted by the great success of the reorganization plan. The progress made in the reconstruction scheme of the Union Pacific and the court decision in the Northern Pacific receivership case, which was looked upon as likely to lead to important devel- opments, also had a good influence on the market. Railroad bonds declined at first, but subsequently improved and met with a better investment demand. The feeling in regard to these securities was quite cheerful at the close of the month, when London turned from seller to buyer. Industrial Interests. 22 The Bond Record. - The great feature of the produce markets was the contin- ued rise in wheat, which carried the price of No. 2 red in elevator, at New York, from 68 to 774 cents. This rise was followed by a smaller improvement in corn and other grains, and also by a material advance in provisions. This enhance- ment of values means many millions of dollars to the agri- - cultural interests of the West, and the influence of it will be felt in various directions. The sharp upward move- ment in wheat attracted much atten- tion, and the causes that led thereto were freely discussed. The primary factor was the great shortage in Australia, re- sulting from drought, but the falling off in the crop of India and Argentine also exerted an influence, to say nothing of a decrease in the production of cereals in Russia. Large pur- chases were made on the Pacific Coast for shipment to Aus- tralia and South Africa. Prices advanced rapidly at San Francisco, Portland and Tacoma, and wheat in the first named city is selling at ten cents over the Chicago price against a discount of three cents a year ago. There is con- siderable wheat held in Oregon and Washington, and farmers there are benefiting greatly by the rise. "The holdings of gold by the leading banks of Europe pre- sent some important changes as compared with last year. For instance, the Bank of England at the close of January held $241,500,ooo against $179,700,ooo in 1895, and the Bank of Austro-Hungary raised its hoard of the precious metal to $124,8oo, ooo from $77,500,ooo. On the other hand the Bank of France showed a reduc- tion to $386,8oo, ooo from $424, 1oo, ooo, and the holdings of the Bank of Germany fell off to $232,600,ooo from $271,300,- ooo. The causes for these changes, however, are obvious. The Bank of England drew gold from the Bank of France on account of the Japanese indemnity, and also received a large part of the gold shipped from the United States, as well as the product of the mines of her various colonies. The Bank of France and the Bank of Germany have both lost through shipments to Russia and also to Vienna to assist the Austrian currency reform scheme. The insurrection in the Transvaal Republic, under the leadership of Dr. Jameson, and the message of Emperor William to the President of the Republic caused a greatsen- sation in Europe during the month, and for a time created a war feeling in England that operated to the great detri- ment of the market for securities at London. All other questions were relegated to second place, but the excite- ment subsided with a better understanding between Eng- land and Germany. Fortunately the Transvaal matter afforded ample time for the Venezuelan question to cool off, and when it was again taken up for discussion sober second thought prevailed, and there was an entire absence of the previous acrimony. The speeches delivered by Mr. Goschen, Mr. Chamberlain and Lord Salisbury, on different occasions, were all in a pacific vein, and did much to restore good feeling on both sides of the Atlantic. The reported alliance between Russia and Turkey created a little stir on the bourses of Europe, but the influence proved to be slight and only temporary in character. The Produce Markets. Affairs Abroad. HOW TO SETTLE IT PERMANENTLY. Believing that the proper settlement of the currency question is fundamental to the prosperity of the country, THE BOND RECoRD has determined to publish under the above caption, articles from the pens of the foremost students of the subject, in this and other countries. Mr. Raphael, head of the old banking house of Raphael & Sons, London, is reported by the correspondent of the New York Herald, to have answered the query “Why are British investors selling their American bonds? What is the source of their distrust?” by asking “What is a dollar?' and then adding “If your Congress would only declare in explicit terms that a dollar shall consist of so many grains of gold, and of that alone, the financial crisis in the United States would be over in twenty-four hours.” Believing thoroughly in the truth of this statement, we shall ask only those to contribute to this series of articles who take the same view, and the endeavor will be made to show the correctness of this position by unanswerable arguments. Taking it for granted, therefore, that gold coin of the present weight and fineness should be adopted, without quali- fication, as the standard, each writer will be asked, after giving his reasons for this assumption, to state his views as to whether the credit currency, the paper money of the Nation, should be issued by the government alone, by the banks alone, by both, as at present; or, under some entirely new arrangement, as, for example by a great bank of the United States, corresponding in its features to the Bank of England, the Bank of France and the Bank of Germany. An endeavor will be made to discover what form of currency can be devised which shall be absolutely safe, always readily convertible into gold coin on demand, and which shall best meet the trade requirements of the great commercial cen- ters, as well as of the remote country districts, and of the fluctuating needs of business. - It is intended not merely to bring out theories but to dis- cover, if possible, by a historical and comparative study of the currencies of this and other countries, what method or methods, as the result of actual experience, would be best adapted to our present and future requirements. While THE BOND RECORD will not hesitate to advance its own views as occasion may require, the contributors of this series of articles will be entirely unrestricted in the present- ation of their views as to the best method of permanently settling this important question, and of forever taking it out of politics. It is hoped, as a result of the discussion of the question in our columns, that a valuable consensus of opinion may be finally arrived at which may be made a basis for legislation. As a guarantee of the ability and standing of the contrib- utors to the discussion, we need only state that it will be opened in our March number by Prof. William G. Sumner of Yale University. The names of other contributors will be announced from time to time. They will all be men quali- fied by special study of the question, to speak with authority. QUOTATIONS AND STATISTICS. United States Government Finances. . . . . . . . . . Bond and Stock Record. Government Bonds. . . . . . . . . . . . . . . . . . . Bank Stocks. . . . . . . . . . . . . . . . . . . . . . . .. Railroad Bonds and Stocks. . . . . . . . . . . . Miscellaneous Bonds and Stocks. . . . . . . INDEX. Page 24 Preliminary Reports. . . . . . . . . . . . . . . . . . . . . . . . Page Earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- “ 26 Reorganization Notes. . . . . . . . . . . . . . . . . . . . . . . -- “ 27 Stock Exchange Listings. . . . . . . . . . . . . . . . . . . . -- ‘‘ 31 Documents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -- “ 59 Currency Reform. . . . . . . . . . . . . . . . . . . . . . . . . . -- UNITED STATES GOVERNMENT FINANCES. ASSETS, LIABILITIES, RECEIPTS AND EXPENDITURES FOR THE MONTH OF JANUARY, 1896. Cash in the United States Treasury January 31, 1896. Gold- Cash Assets. Coin.............................. .......... ----------- $84,225,418 Bars........................ --------------------------. 15,467,938 – $99,693,356 Silver- Dollars................................................. $366,659,953 Subsidiary coin.................... . . . . . . . . . . . . . . . . . . . . 14,186,737 Bars......................... . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,575,129 –$505,421,819 Paper- United States notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,935,176 Treasury notes of 1890. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,103,095 Gold certificates....... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,140 Silver certificates ............ -------------------------- 14,380,165 Certificates of deposit, Act June 8, 1872. . . . . . . . . . . . . . . 320,000 National Bank notes................................... 10,409,649 $153,279,225 Other- Bonds, interest and coupons paid, awaiting reimburse- ment----. ----------------------------------- -------- $273,750 Minor coin and fractional currency ................... 1,081,771 Deposits in National Bank depositaries- eneral account....................... -------------- 10,815,371 Disbursing officers' balances. . . . . . . . . . . . . . . . . . . . . . . . 3,988,433 – $16,159,325 Aggregate....................------------------------------------. $774,553,725 Demand Liabilities. Gold certificates................ . . . . . . . . . . . . . . . . . . . . . . . $49,978,989 Silver certificates... ....................... . . . . . . . . . . 345,994,504 Certificates of deposit, Act June 8, 1872............... 29,245,000 Treasury notes of 1890..................... . . . . . . . . . . . . 137,324,280 $562,542,773 Fund for redemption of uncurrent National Bank notes $7,598,024 Outstanding checks and drafts...... . . . . . . . . . . . . . . . . . . 2,683,827 Disbursing officers' balances.............. . . . . . . . . . . . 25,180,028 Agency accounts, etc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,957,295 $40,419,174 Gold reserve (for previous years, see table below)...... $49,845,507 Net cash balance...................................... 121,746,271 —$171,591,778 Aggregate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $774,553,725 - Cash balance in the Treasury December 31, 1895....... $178,027,200 Cash balance in the Treasury January 31, 1896......... 171,591,778 Decrease during the month........ -------............. $6,435,422 Gold Coin and Bullion in the Treasury at Close of Month. In Treasury, Gold Gold Gold Date. coin and y ctfs. in Reserve in in January. bullion. circulation. Treasury. circulation. 1890.................... $316,043,454 $138,657,169 $177,386,285 §374,937,316 1891.................... ------ 155,839,449 141,728,097 409,441,336 1892.................... 282,753,863. 163,178,959 119,574,904 407,833,022 1893.............. ..... 228,827,532 120,645,819 108,181,713 411,688,068 1894.................... 142,665,594 77,015,419 65,650,175 527,357,916 1895.................... 97,353,776 52,647,809 44,705,967 506,189,411 1896. . . . . . . . . . . . . . . . . . . . 99,693,356 49,847,849 49,845,507 499,262,686 Money in Circulation February 1, 1896. Gen'l Stock, In Amount in Amount in Coined or Treasur Circulation Circulation Issued. y Feb. i. 1896. Feb. 1, 1895. Gold Coin............. $583,488,105 SS4,225,419 $499,262,686 $506,189,411 Standard Silver dollars. 423,289,629 366,659,953 56,629,676 55,873,630 Subsidiary Silver ...... 78,573,872 14,186,737 64,387,135 61,710,429 Gold Certificates....... 49,978,989 131,140 49,847,849 52,647,809 Silver Certificates...... 345,994,504 14,380,165 331,614,339 326,467,272 Treasury Notes, Act July 14, 1890......... 137,324,280 27,103,095 110,221,185 117,180,225 U. S. Notes............ 346,681,016 100,935,176 245,745,840 256,999,343 Currency Certificates, Act June 8, 1872..... 29,245,000 320,000 28,925,000 37,625,000 National Bank Notes... 213,496,547 10,409,650 203,086,897 198,964,396 Totals.................. $2,208,071,942 $618,351,335 §1,589,720,607 $1,613,657,515 - Population of the United States February 1, 1896 estimated at 70,756,000 circulation per capita, $22.47. Comparative Statement of the Receipts and Expenditures. Fis, yr. end. June 30,1895. Fis yr end. June 30,1896. Since Since Jan. 1895. July 1, 1894. Jan. 1896. July 1, 1895. Receipts— Customs........... ..... $17,361,916 $87,026,247 $16,380,796 $98,722,070 Internal revenue 9,034,964 91,195,747 11,041,401 87,925,866 Miscellaneous........... 1,407,519 8,971,863 1,815,473 10,157,788 Total receipts.... ...... $27,804,399 $187,193,857 $29,237,670 $196,805,724 Expenditures— Civil and miscellaneous. $10,217,953 $59,638,132 $8,643,636 $53,577,073 War............. ....... ,647,892 33,024,372 3,607,816 34,104,838 Navy. . . . . . . . . . . . . . .-- ... 2,531,103 19,098,740 2,488,229 16,029,720 Indians................. 983,719 5,852,378 841,126 6,531,310 Pensions........ ....... 10,054,299 82,296,159 9,965,237 81,223,365 Interest........ .... ... , 7,088,481 21,566,146 6,983,296 24,025,795 Total expenditures..... $34,523,447 $221,475,927 $32,529,340 $215,492,101 Excess of expenditures over receipts.......... 6,719,048 34,282,070 3,291,670 18,686,377 National Bank Fund– Deposits under Act July 14, 1890............... $1,099,562 ---- $432,645 $2,905,218 Redemptions under Act July 14, 1890.......... 1,413,734 ---- 1,118,726 6,291,054 NATIONAL BANK NOTES. Comparative Statement of the Comptroller of the Currency concerning National Bank Notes and the kinds and amounts of U. S. Bonds on deposit to secure circulation and public deposits on January 31, 1896. National Bank Notes, total circulation. Jan. 31, 1895. Dec. 31, 1895. Total amount outstanding at the dates named...... $205,205,944 $213,627,821 Addit'l circulation issued during the intervals— To new banks....................................... 878,740 110,250 To banks increasing circulation..................... 19,878,491 633,857 Aggregate ------------------------........ --------- $ºsits sºlºs Surrendered and destroyed during the intervals..... 12,550,590 964,343 *Total amount outstanding January 31, 1896........ $213,407,585 §213,407,585 Increase in total circulation since Jan. 31, 1895....... 8,201,641 -- Decrease in total circulation since Dec. 31, 1895...... -- 220,236 Circulation based on U. S. Bonds. Jan. 31, 1895. Dec. 31, 1895. Amount outstanding at the dates named....... ------ $175,674,249 $190,616,160 Additional issued during the intervals as above..... 20,752,231 744,107 Aggregate ---------------------------------......... slºtso sigisº Retired during the intervals- By insolvent banks................................... $446,513 -- By liquidating banks.-----------------.............. 364,893 $17,860 By reducing banks.................................. 4,025,987 $52,770 Total retired during the intervals.................... $5,436,848 $370,680 Outstanding against bonds January 31, 1895......... $190,989,637 3190,989,637 Increase in circulation since Jan. 31, 1895............ $15,315,388 -- Increase in circulation since Dec. 31, 1895............ $373,477 * Circulation of National Gold Banks ($88,962) not included in the above. Circulation Secured by Laºyuz Money. Jan. 31, 1895. Jan. 31, 1896 Amount of outstanding circulation repre- sented by lawful money on deposit with the Treasurer U. S. to redeem notes— Of insolvent national banks......................... $1,149,263 $899,269 Of liquidating national banks....................... 5,188,830 4,751,652 Of national banks reducing circulation under sec- tion 4 of the Act of June 20, 1874.................. 11,156,933 5,522,355 Of national banks retiring circulation under section 6 of the Act of July 12, 1882........................ 12,036,669 11,244,672 Total lawful money on deposit....................... $29,531,695 §22,417,948 Lawful money deposited in January, 1896......... -- -- $496.32, National bank notes redeemed in Jan., 1896.......... -- 1,090,033 Decrease in aggregate deposit since Jan. 31, 1895..... $7,113,747 ** = Decrease in aggregate deposit since Dec. 31, 1895.... -- 593,713 To secure To secure U. S. Registered Bonds on Deposit. circulating public notes. dºpºsº, Four percents of 1895 .............................. $14,849,500 $775,000 Pacific railroad bonds, ºper cents..................: 10,792, 1,125,000 Funded loan of 1891, 4% per cents, continued at 2 per cent-----------------------------------......... 22,505,000 1,083,000 Funded loan of 1907, 4 per cents................ .... 150,033,450 11,893,000 Five percents of 1894................................ 14,475,350 532,000 Total on deposit January 31, 1896................... $212,655,300 $15,408,000 - - 25 February, 1896.] United States Government Finances. -- STATEMENT OF THE PUBLIC DEBT. Interest-bearing Debt. - Outstanding Jan. 31, 1896. Outstand- Outstand- - - - - When Interest Amount º: - - Title of Loan. Authorizing Act. Rate. Redeemable. Payable. Issued. - * * ing Feb. Registered Coupon. Total. - - - Funded Loan of 1891. Jul.14,”70 & Jazo, 11% co * * | Option us, M.I. S.D.(4%s)$250,000,000, $25,364,500 - $25,364,500 $25,364,500, $25,364,500 Funded Loan of 1907. Jul.14, '70 & Ja. 20,71 4% aft. J1. 1, 1907.J. A. J. O. 740,895,850, 400,228,100 sº,405,900 559,684,000 559,505,900 550,534,000 Refunding Ctfs.......Feb. 26, 1879,......... 4 × -- J. A. J. O. 40,012,750 -- -- 48,920 73,860 48,920 Loan of 1904. ........ Jan. 14, 1875.......... 5% aft. Fe. 1, 1904|F.M.A.N. 100,000,000 S1,677,700. 42,322,300 100,000,000 -- 100,000,000 Loan of 1925......... Jan. 14, 1875.......... 4 × aft. Fe. 1, 1925F.M.A.N. 62,315,400 36,273,000 26,042,400 62,315,400 62,315,400 Aggregate of interest-bearing debt, exclusive of United States bonds issued to Pacific Railroads, as stated below. silºsºsºsºsºlsºsºsºsº Debt on which Interest has ceased since Maturity. Funded loan of 1891, matured Sept. 2, 1891. . . . . . . . . . . . . . . . . . . . . . . $409,000 old debt matured at various dates prior to Jan. 1, 1861, and other items of debt matured at various dates subsequent to Jan. 1, 1861 1,264,190 Aggregate of debt on which interest has ceased since maturity.... $1,673,190 Debt Bearing no Interest. United States notes, Feb. 25, 1862, July 11, 1862, March 3, 1863...... $346,681,016 Qld demand notes, July 17, 1861, February 12, 1862................. 54,847 National bank notes– Redemption account, July 14, 1890................................ 21,973,653 Fractional currency, July 17, 1862, March 3, 1863, June 30, 1864, less $8,375,934 estimated as lost or destroyed, Act of June 21, 1879.... 6,892,489 Aggregate of debt bearing no interest............................. $375,602,005 Recapitulation for Month of January, 1896. Classification. Dec. 31, 1895, Jan. 31, 1896. Decrease. Increase. Interest-bearing debt....... ... $747,361,960 ST47,362,820 - - $800 Debt on which interest has ceased since maturity........ 1,674,510 1,673,190 *:::::: Debt bearing no interest...... 376,288,992 375,602,005 ,986 Aggregate of int. and non-int- bearing debt................. 1,125,325,46251,124,638,015 $688,306 $850 Ctfs. and treas, notes offset by an equal amount of cash in - the treasury................. tº º ºsºvo Aggregate of debt, including ctfs, and treas, notes........ $1,693,349,13551,687,180,788 55,169,206 $800 PACIFIC is AILito AIDS.-bonds issued in aid of the Certificates and Notes Issued on Deposits of Coin and Legal Construction. - Tender Notes and Purchases of Silver Bullion. Princip: *aid sºlºing Fund - pal Bal. Int. Paid Sking Funds Name of Railway. Outstanding. by U. S.* Totals. - - In the In circu- || Amount - Classification. Treasury. lation. Issued. Central Pacific............... ...... $25,885,120 $34,566,151 $6,262,102 Kansas Pacific........... - - - 6,303,000 6,415,550 -- Gold ctfs., Mar. 3, '63, July 12, 82........ $131,140 $49,847,849 $49,978,989 Union Pacific.…..... 27,236,512 29,808,397 15,347,929 Silver ctfs., Feb. 28, '78, Aug. 4, '86, Central Branch, U.P.... 1,600,000 2,110,989 -- Mar. 3, '87............................. 14,380,165 331,614,339, 345,994,504 || Western Pacific.…................ 1,970,560 3,136,802 Ctfs of deposit, June 8, '72............... 320,000 28,925,000 29,245,000 || Sioux City & Pacific................ 1,628,320 2,446,743 Treasury notes of 1890, July 14, '90....... 27,103,095, 110,221,185. 137,324,280 ---- A. ------ – Totals.............................. $64,623,512 $78,485,732 $21,610,031 ggregate of cºfs. and treas, notes, off- + The total interest paid amounts to $107,547,572, which has been reduced by set by cash in Treasury................ $41,984,400, $520,608,8735562,542,778 transportation service and 5% of net profits to amount here indicated. IMPORTS AND EXPORTS. From latest Government figures, published January 10, 1896. MERCHANDISE. GROUPS. Novº-Mººr. | eleven Mont-lis ending now-Mºº-º- _1894. 1895. 1894. 1895. IMPORTs. - Free of duty—Articles of food and live animals...... $6,924,984 28.93% $10,084,919 30.97% $205,699,626 58.33% $124,422,270 35.02% Articlesin a crude condition for domesticindustry. 13,681,986 57.12% 17,185,219 52.79% 116,282,959 32.97% 179,223,633 50.44% Articles manufactured 2,504,456 10.54% 4,517,910 || 13.87% 25,369,904 7.18% 44,288,726 12.46% Articles of voluntary use, luxuries, etc 823,240 || 3.41: 71,923 2.37% 5,273.726 1.52% 7,387,599 |_2.08% Total free of duty................................ $23,934,665 100.003 || $32,359,57T 100.003 || $352,825.215 || 100.003 || $355.323,228 || 100.00: Dutiable-Articles of food and live animals.......... $7,482,325 28.09: $5,005,655 T26.01% $40,041,361 15.31; Tsºi,015,805 23.69% Articles in a crude condition for domestic industry. 1,904,983 7.11% 2,084,869 6.77% 26,213,397 10.02% 22,360,500 5.82% Articles manufactured........................... 9,697,754 36.48% 14,198,255 46.12% 118,725,397 45.49% 180,430.012 49.34% Articles of voluntary use, luxuries, etc 7,547,753 28.32% 6,496,214 21.10% 70,571,140 29.18% 81,288,876 |_21.1% Total dutiable................................... $25,632,816 || 100.003 || Sºisſºl 100.003 || $261.551.395T 100.002 || $384,095.103 || 100.00: Total imports of merchandise, free and dutiable..... $50,557,182 100.003 || Sº,514,552 10000: $614,177,510 || 100,00: $750,417.4%| 100.00: Remaining in warehouse at the end of the month.... $53,590,313 || T $40,926,689 IT. T.I.T -- Exports. -- - Domestic-Products of Agriculture $59,481,948 75.41% $62,615,140 73.53% $508,752,745 70.20% $479,078,616 66.84% Manufactures 14,786,949 18.75% 17,329,596 20.35% 163,526,650 22.58% 181,901,844 25.36% - Mining 1,559,055 1.98% 1,867,424 2.19% || 16,110,487 2.23% 17,930,164 2.50% Forest. 2,283,570 2.88% 2,282,804 2.68% 26,750,928 3.70% 28,124,981 3.98% Fisheries 476,635 .62% 785,605 .93% 4,747,827 .66% 5,897,455. .80% Miscellaneous 289,227 .36% 269,310 .32% 3,750,426 54% 3,730,384 .52% Total............................................ $78,877,384 || 100.003 |ssº.149,879 || 100.003 || $123,648,063 Tºº Tsilº I 100.00: Foreign-Free of duty $583.899 54.23% $686,596 || 32.07% || $6,836,428 || 41.25% $7,819,901 50.12% Dutiable......................................... _492,722 |_45.77% 1,410,464 67.93% 9,740,911 58.75% 7,781,972 49.88% Total............................................. $1,076,621 100.00% $2,097,060 100.00% $16,577.3% | 100.00% $15,601,933 100.00% GOLD AND SILVER. IMMIGRATION. -- November. 11 Mos. Ending Nov. November. | 11 Mos. Ending Nov. LD AND silver. - ----------Tº- - _1894. 1895. 1894. | 1895. 1894. 1895. 1894. 1895. Gold–Imports.......... $1,935,601 || $591,309 || $20,229,611 $31,228,288 |- - |- - Exports......... 428,213 14,059,497 92,017,535 89,123,676 ||Arrived-Male.......... 8,216 13,646 132,753 175,220 Silver-Imports........ 727,050 | 1,030,023 9,036,398 10,402,518 Female....... 7,295 10,510 101,452 131,158 Exports....... J_3,608,778 5,414,559 43,352,917 48,678,616 - WHETHER YoU wish TO BUY OR SELL WRITE OR TELEGRAPH FOR RATES. UNITED STATES BONDS. DEPOSITS AND WITHDRAW ALS MADE IN THE BANKING DEPARTMENT AT was HINGTON, AND IN THE INSURANCE DEPARTMENTS OF THE WARIOUS STATES. HARVEY FISK & SONS, New York, Boston, PHILADELPHIA. BOND AND STOCK RECORD. The Bond and Stock Record is intended not only to enable one to quickly determine to what system a given road belongs, to discover the terms of its securities, and whether the company is or is not solvent; but also, by the use of the index, to turn at once to a critical analysis of the last annual report, giving a full statement of the company's financial condition, with a detailed description of the mileage, the physical condition and bonded debt, accompanied by a map showing the location of the road and of its competitors. QUOTATIONS.–Unless otherwise indicated, these are the official sales and quotations made on the New York Stock Ex- change. If not listed in New York, the quotations are those of the Exchange indicated by the small figure attached, “indicating Boston; "Baltimore ; “Philadelphia; unlisted securities; the figure * indicates that the security is also listed on the London Stock Exchange. New York, Philadelphia and Baltimore bond quotations are flat, i.e., they include the accrued interest. Boston bond quotations are so much and accrued interest. New York quotations are on a percentage basis for both bonds and stocks. Boston, Baltimore and Philadelphia quotations are so much per share for stocks, but are on the percentage basis for bonds. Bank Stock quotations are, whenever possible, based on actual Stock Exchange transactions or auction sales. In the absence of such dealings the best quotations obtainable from outside sources are given. All quotations are flat, i.e., they include the accrued dividend. State banks are printed in italics. The shares of all banks are listed, except when preceded by *. Sinking Funds: For full par- ticulars, see review of last annual report. Dividends: Where only one rate per cent. is given, it is that paid during last five years, unless maturity column indicates payments have ceased. Registration : + Principal can be registered ; ; can be fully registered ; Ścan be fully registered in amounts of $5,000. ** Registered bonds smallest denomination, $5,000. # Checks mailed for fully registered interest. All bonds are coupon unless stated to be registered. If a security is partly listed, the amount listed is printed in Roman, and the amount outstanding in Italic. INDEX.-“r” refers to page of THE Bond REcoRD where complete statistics concerning the company may be found; “A” to the page where the official description furnished to the Stock Exchange at time of listing may be found; “6” to the page where reorganization plan may be found; “B,” “R” or “L” without page number indicates that reorganization plan, annual report or Stock Exchange listing, will be found in the current number. - ABBREVIATIONS. aft. After. d. Caution. Interest payments assd. Assumed. deferred, consult news col- ind. Indebtedness. 1. c. pſi. Last coupon orint.pd. g. int. Interest only payable in gold. col. Collateral. con. Consolidated. umns. Does not indicate a per- manent default. gen. General. gtºl. Guaranteed. 11. Curn. Interest non-cumu- lative. conv. Convertible. deb. Debenture. inc. Income bond, interest pfd. Preferred. cuin. Dividends or interest div. Dividend. payable when earned, if priv. Privilege. cumulative—e.g. “cum, 8% " dr11. Drawn. cumulative “cum.” will be | red. Redeemable. means that the stock is enti- tled to dividends at the rate of 8% per annum cumulative. D. Indicates a default for six months or more. eng. Engraved. ext. Extended. f See foot note. g. Principal and interest paya- ble in gold. added, if non-cumulative “n. cum.” will be added. imp. Improvement. s. f. Sinking Fund. x. Ex-dividend or interest. Q. Quarterly. Ja., January. F.; February. Mr., March. Ap., April, My., May. Je., June. Ji., July. Ag., August. S., September. O., October. N., November. D., December. Index. Nº. *º Last Sale. Highest. Lowest. oś. se vol pg. - Pºe n pºrce Date Price Date º Asked. U. S.2s registered Gov. Bonds... Q Mr optional 25,364,500 97 951 – – — — . x.95% Do. 4s registered Gov. Bonds. .. Q-Ja after | }}}} 559,595,900 108 Ja 96110 2 108 24 || 1073 1084 42 Do. 4s coupon Gov. Bonds. . . . . July 1 1907 , obo, 109; Ja 96110 14 109 20 1084 110 19 Do. 4s registered Gov. Bonds. Q F | after | 1925 31,157,700 114; Ja 96114; 25 114; 25 1134 115 65 Do. 4s coupon Gov. Bonds. . . . . F 1 1925 ſ -*** - - 1154 Ja 96.117 16 115+ 28 115 1154 243 II 24 Do. 5s registered Gov. Bonds. Q F after | 1904 . 100,000,000 112 Ja 961134 13 112 27 111 112 15 HI 2 || Do. 5s coupon Gov. Bonds. . . . . Q F F 1 1904 | -vvv- 1133 Ja 96.114 10 |113 23 113 1134 50 Do. 6s currency Gov. Bonds ... Ja & J1 F 1 1896 4,320,000 108; O 95 – – – – 100 | - Do. 6s currency Gov. Bonds... Ja & J1 Ja 1 1897 9,712,000 - — — – – 102 | – Do. 6s currency Gov. Bonds... Ja & J1 Ja 1 1898 29,904,952 109 My 95 – – – – || 104 | - Do. 6s currency Gov. Bonds... Ja & J1 F 1 1899 14,004,560 109 Ag 95 – – — — . 107 - - Total during January, 1896. . . . . . . . . . . . . . . . . . . . . . . . . 434 The books for the transfer of registered bonds close in Washington one month, and one day previous to the date on which interest is payable, except on the 4s of 1925 and on the 5s, which close on 15th of month previous to date on which interest is payable. Registered bonds are quoted ex interest during this period. + In thousands. BANK STOCKS. - NEW YORK CITY. SALES. - - - - -- L. NAME. PARVALUE. Divipend PERIops. Capital. Net Profits. Loans. Specie. Legals. Deposits. biºd. T1896. T - |- - High Low Last. *: º,000,000 $2,344,300, $24,244,000 $1,886,000 $3,054,000 $18,468,000 34% N 95.174 169 1734 Ja 96 ɺl. § {} 1,500,000, 2,389,400 13,973,200 3,076,200 3,449,800 17,874,900 $8%. Ja 96.325 325 325 Ja 96 Bank of N. Y. . . . . $100 ja & J1 2,000,000 1,965,400 11,910,000 1,590,000 1,190,000 10,970,000 5% Ja 96230 230 230 Ja 96 10% '91, 10% '92, 10% '93, 10% '94, 10% '95 *Aozvery . . . . . . . . . . $100 Ja & J1 250,000. 571,100 2,861,000 457,000 310,000 2,965,000 6% Ja 96 291 S 94 12: '91, 12% '92, 12% '93, 12% '94, 12% '95 Broadway. . . . . . . . . $25 Ja & J1 1,000,000 1,634,600, 5,383,000 948,700 459,200. 4,709,400 6% Ja 96.235 230 235 Ja 96 16% '91, 16% '92, 12% '93, 12% '94, 12% '95 Butch. & Drovers...S25 Ja & J1 300,000 229,500 1,472,500 209,700 174,200 1,480,500 4 Ja 96 145 D 95 8% '91, 8% '92, 8% '93, 8% '94, 8% '95 Central. . . . . . . . . . . $100 Ja & J1 2,000,000 479,400 7,998,000 1,438,000 1,924,000. 9,740,000 34% Ja 96 120 D. 95. 7; '91, 7% '92, 7% '93, 7% '94, 7% '95 Chase . . . . . . . . . . . . 100 Ja & J1 500,000 1,307,400 13,250,900 1,980,400. 4,905,300 18,259,100 5% Ja 96 10% '91, 10% '92, 10% '93, 10% '94, 10% '95 Chatham... . . . . . . . . . 25 al 450,000. 988,100 5,825,500 713,600 796,200 5,879,900, 4% Ja 96 825 D. 95. 16% '91, 16% '92, 16% '93, 16% '94, 16% '95 Chemical... . . . $100 Bi-Mo Ja 300,000 7,382,500 22,135,700 3,351,900 5,486,100 23,566,600 25% Ja 96 4400 D. 95 1504'91, 150% 92, 150%'93, 150%'94, 150%'95 City. . . . . . . . . . . . . . $100 My & N. 1,000,000 3,207,700 20,031,700 12,712,300 3,128,900 31,324,300 5% N 95 462 D 94 15% '91, 15% '92, 15% '93, 15% '94, 15% '95 Citizens. . . . . . . . . . . . $25 Ja & | 600,000 400,600 2,795,800 595,600 225,000 3,169,300 34%. Ja 96 135 Ap 95 7% '91, 7% '92, 7% '93, 7% '94, 7% '95 Commerce . . . . . . . . $100 Ja & J1 5,000,000 3,570,100 20,356,100 686,100 5,220,900 16,287,800, 4% Ja 96.212 200 |2004 Ja 96. 8% '91, 8% '92, 8% '93, 8% '94, 8% '95 Continental.......#100 Ja & J1 1,000,000, 201,500 4,620,500 1,227,200 431,700 5,813,300 34 Ja 96 1324 D 95 7% '91, 7% '92, 7% '93, 6% '94, 6% '95 Corn Exchange....S100 F & Ag| 1,000,000 1,181,000 7,598,600 1,541,700 856,000, 8,671,100 6% F 96.295 290 .290 Ja 96 12% '91, 12% '92, 12× '93, 12% '94, 12% '95 East River.........S25 Ja & J1 250,000. 144,500 1,104,000 115,300 324,000 1,142,500 4% Ja 96 135 My 95 8% '91, 8% '92, 8% '93, 8% '94, 8% '95 Fifth Avenue...... 8100 al 100,000 1,054,400 6,393,700 879,700 1,468,500 7,552,400+25% Ja 96 3230 Apº 100% '91, 100%'92, 100% '93, 100%'94, 100%'95 *Fifth . . . . . . . . . . . . 00 Ja & J1 200,000, 312,100 1,501,000. 209,100 417,300 1,735,400 +8% Ja 96.255 255 255 Ja 96 6% '91, *394% '92, 11% '93, 16% '94, 16% '95 First.............S100 al 500,000, 7,131,000 20,713,100 1,269,500 3,566,000 18,521,200 25% Ja 96 100% '91, 100% '92, 100%'93, 100%'94, 100%'9" º: *32. Tº sº § | 3,200,000 2,105,300 16,304,100 2,081,700 3,511,700 17,094,900 34% Ja 96.182 171 [182 Ja 96 % '91, 7% '92, 7% '93, 7% '94, ’95 - Gallatin. . . . . . . . . . . . $50 Ap & O 1,000,000 1,620,500 6,226,700 546,300 1,466,100 5,364,300 "[6% O 95.306 298 |306 Ja 96 12% '91, 12% '92, 12% '93, 12% '94, 12% '95 º -- - - - d. $100 200,000 635,800 4,117,500 824,700 477,100 5,013,200 None one declared. German American. . .875 F & Ag 750,000 276,200 2,659,000 302,500 515,200 2,657,600 3% F 96 113 Mr 95 63' 91, 7% '92, 7% '93, 64% '94, 6% '95 *German Exch'ge...S100 An. My 200,000. 606,000 2,684,400 294,500 613,000 3,265,300 16% My95360 360 360 Ja 96 12% '91, 16% '92, 16% '93, 16% '94, 16% '95 - Germania. . . . . . . . . $100 My & N 200,000. 642,000, 3,001,400 555,400 392,900 3,851,600 5% N 95 3874 J1 95 10% '91, 10% '92, 10% '93, 10% '94, 10% '95 Greenwich..........S25 My & N. 200,000 172,300 985,000 134,500 254,400 1,015,000, 3% N 95 1754 Ap 95 6% '91, 6% '92, 6% '93, 6% '94, 6% '95 Hanover. . . . . . . . . . $100 Ja & ! 1,000,000 1,967,600 11,853,300. 4,188,500 3,007,700 17,315,000 5% Ja 96 311 Ag 95 7; '91, 7% '92, 10% '93, 10% '94, 10% '95 Import, & Traders. $100 Ja & J1 1,500,000, 5,627,000 18,534,000 3,823,000 3,270,000. 19,935,000 10% Ja 96 520.4 S 95 14% '91, 20% '92, 20% '93, 20% '94, 20% ºf º sº -- - - - - - - - - $50 Ja & J1 500,000 342,500 2,919,000 384,200 391,000 2,782,000, 4% Ja 96140 137 140 Ja 96 '91, '92, 8% '93, 8% '94, 8% '95 Leather Manf... . . $100 Ja & J1 600,000. 478,600 30,278,000 282,300 817,300 2,945,200 5% Ja 96.179, 1794/1794 Ja 96 10% '91, 10% '92, 10% '93, 10% '94, 10% ºf "...º.º.º. $100 500,000 154,500 1,882,900 43,500 430,100 1,797,500. None 130 S 95 one declared. Lincoln...........S100 F 300,000 573,000 6,241,100 751,500 1,083,200 7,019,200 24% F 96 670 S 95 6% '91, 8% '92, 10% '93, 10% '94, Io; '95 * - - - - - - - - - $50 F & Ag 2,050,000 2,078,500 13,215,000 1,355,000 3,964,000 15,453,000 4 F 96.210 210 210 Ja 96 % '91, 7% '92, 7% '93, 7% '94, 7% '95 Market & º: J1 750,000 848,700 3,797,700 502,200 783,500. 4,123,300 5% Ja 96. 2204 D 95 8% '91, 8% '92, 10% '93, 10% '94, 10% ºf Mºniº, . . . . . . . $25 Ja & ! 2,000,000, 2,161,600 - 7,973,000 1,021,000 1,496,000 7,088,000, 4% Ja * 1924.1924 Ja 96 * '91, 8% '92, 8% '93, 8% '94, 8% '95 - *:::: &- º & J. 400,000 330,200 2,610,000 190,000 305,000 2,560,000 5% Ja 96140 140 140 Ja 96 * '91, 8% '92, 9% '93, 6% '94, 8% ºf Mºnile -------- $100 Ja & ! 1,000,000. 964,000 6,644,400 1,249,600 914,500 7,018,500 3% Ja 96 185 D. 95 : '91, 6% '92, 64% '93, 7% '94, 7% ºf - Mºhaºs. - º ----- $50 Ja & J1. 2,000,000. 983,700 8,220,600 1,834,100 1,204,700 9,596,300 34% Ja 96.136 131 136 Ja 96 : '91, 7% '92, 7% '93, 7% '94, 7% '95. Yºhaiºs Exch....S50 Ja & J1 600,000 164,500 3,813,900 872,600 600,300. 4,546,400 3% Ja º 115 D. 95 : '91, 6% '92, 6% '93, 6% '94, 6% '95 Metropolis. . . . . . . . . $100 Je & D 300,000 787,000. 4,870,900 868,300 922,000 6,277,500 6% D 95 410 F 95 10% '91, 12% '92, 12% '93, 12% '94, 124 '95 - *:::::: - - - - - - - - - - - - $50 My & N * 265,500 2,430,900 141,500 614,500 3,114,800, 4% N 95,156 156 (156 Ja 96 * '91, 8% '92, 8% '93, 8% '94, 8% '95 Nº. Exchange. . . .3100 F & Ag 300,000 72,700 1,423,900 145,200 266,500 1,388,500 3% F 96 100 S. 95 '91, 6% '92, 6% '93, 6% '94, 64 g5 N. Y. County... . . . $100 Ja & ji ºw 437,900, 2,853,900 710,100 152,000, 3,430,900.14% Ja 96 580 Je 95 * '91, 8; 92, & 98, 8% G, 38% ºf * 64 cash, 33% stock. $2% extra. +5% extra. *1+ extra. |10x extra. 28 The Bond Record. |Vol. IV. Name. Par Value. Divinexp Periods. Capital. Net Profits. Loans. Specie. Legals. Deposits. pºla. 1896 SALES. High Low Last. Ninth..….….sto0 Ja & JT STS0,000 $384,700 $3,640,600 $408,500 $358,700 $3,716,200 34 Ja 96 121 Ag 95 Nº." $70 Ja & II wº 567,800. 4,958,700 621,200. 849,700 5,055,100 3% Ja º 140 D 95 ğ. ºft's ſ º 413,200 1,847,000, 193,300 420,600 1,803,100 5% Ja 96.200 200 |200 Ja 96 º & º 422,700 479,200 2,786,400. 446,200 660,200 3,423,600 24 F 96 187 D 95 łº, º!"º: | 2000,000 3.214.8% º ºsº 44*, *.*.* * * * * * * * º: º ! * 251,800 1,992,100 254,900 400,800 2,805,800 5% Ja 96 249 Je 95 º: º,”!" ...], 1,000,000. 422,000, 3,907,000 236,000 1,212,000. 4,001,000, 3% Ja 96,105 104 104 Ja 96 *Arº. Arºangº...slº Ap & O 1,000,000 295,500 3,809,100 504,600 278,700 2,819,600 % o 95 120 D 95 º, sº si wº 963,700 10,807,100 1,663,200 * 11,536,900, 4% Ja 96.15 50.150 Ja º º º!"). : ! w 235,600 4,953,000. 967,000 º 6,151,000 $5% Ja 96 168 Mr 95 jº". º*: 4. www. 620,500 4,955,000 * º 6,241,000 5% Ja 96 425 D 94 *º 3, 6. |*.* ! w 105,300 1,699,700 º 196,500 1,969,700 3% Ja 96 1134 O 95 sº º!"J" & J 1,000,000 tº 2.841,000 ºn 200 517,000 2000,000 & J 94 90 s. 90 a wº º,***68, *"º: ! ww. 339,500 1,772,000 199,000 215,000 1,515,000 6% Ja º Southern.........sºja & J 500,000 580,400 2,201,200 52,200 740,300 2.245,000 4 J 94101 101 101 Ja 96 ºss ºw 489,400 3,174,300 269,800, 481,100 2,514,400 3% N 95111; 111}|1114 Ja 96 "ºº"Ja º J 1,000,000 262,100 7,032,600 1,558,000 789,300 8,120,200 24% J1 90 105 D 95 º, sº Jº & J1 Twº 72,400 1,807,900 192,200, 319,500 1785,800 24 Ja 93 95 O 95 "ºr 100 1,200,000. 439,900 7,903,000 1,786,200 856,900, 8,712,000. None 1924 N 95 º Sººs" Q Ja 500,000 559,500 4,339,100 1,050,900, 814,700 º 23 J1 98 175 S 95 Yº, yº" a & J 2,100,000 282,200 8.585,700 1,218,500 1,310,400 s.709,800 & Ja 9411° 109:110 a wº #º. 13. º!". 4. 200,000, 311,000 2,273,000. 292,000 326,000 2,309,000 6% Ja 96 300 AgQ6 Totals. . . . . . . . . . . . . . . . . . . . . . sº | COMPARISONS: " Loans. Specie. Legals. Deposits. January 27, 1894. . . . . . . . . . . . . . . . . $418,771,600 $126,895,600 $119,070,800 $547,694,400 January 26, 1895................. 490,158,600 81,175,600 104,583,000 559,512,600 January 25, 1896. ... . . . . . . 442,688,900 75,333,300 83,459,200 484,447,800 1894, 1895. 1896. Per cent. of Reserve to Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.90 33.20 32.78 BOSTON. - - - - - - Last SALES. NAME. PARVALUE. Divipend Periops. Capital. Net Profits. Loans. Specie. Legals. Deposits. Diºnd. 1895. Last. - - High. Low. º “.9, sº sºlº seise,000 slow,000 sº,000 sus5,000 sº o 05:120 119,120 a 96 Atlas . . . . … slº A & 9. 1,500,000 561,108; 3,682,000 295,000 129,000 2,126,000 24 O 95.122; 1224|1224 Ja 96 jº..." sº §§ 1,000,000 QS1,351 2,718,000 162,000 67,000 1,722,000 24 O 95.100 100 100 Ja 96 º:*...* º º 1,000,000 346,120, 3,095,000 174,000 155,000 2,333,000 24 O 95.100 100 100 Ja 96 º ... ." º º 700,000 421,890, 2,347,000 190,000 79,000 1,508,000 & O 95. 128 D. 95 º * * * ºk ºf 900,000 sus, lºw tºo lºooo 1,50sooo ſº o os. ºn "... . 100A & 9. 500,000 362,386 2,048,000. 131,000 78,000 1,576,000 & o 95 ... ... 130 s 95 & ". º "..." º 6- 3. 1,000,000. 134,180 2,045,000. 139,000 55,000. 1,340,000 24 O 95 82 80 80 Ja 96 dº.”.” "sº § 3. 1,000,000, 193,418, 3,144,000 180,000 16,000 1,847,000 24 O 95 .. 97 O 95 é.”.” "sº sº 1,500,000 511,388 4,270,000. 511,000 140,000, 2,830,000 24 O 95111 111 111 Ja 96 Čºf * lºsiº sº 250,000 29,682 890,000 70,000 25,000 723,000 24 O 95 . . . . 80 Ap 95 tº sº; s º 1,000,000. 549,451, 5,257,000. 425,000. 133,000. 4,711,000, 3% O 95138+ 138+138+ Ja 96 Continental . . . . . . . $100 A & O | 1,000,000, 369,738 2,093,000 127,000 52,000 1,056,000 24 O 95.104; 1034103; Ja 96 tº '91, tº '92, tº '98, 5'-'94, 4: '95 February, 1896.] Bank Stocks-Boston. 29 - -------------------- NAME. PAR VALUE. Divipend PERIops. Capital. Net Profits. Loans. Specie. Legal. Deposits. pº SALES. - - 1896. High. tow. Last. Eagle . . . . . . . . . . . . $100 A & Q |$1,000,000 $129,100 $2,136,000 $139,000 $31,000 $1,303,000 2 & O 95 83 82+ 821 Ja 96 4: '91, 4% '92, 2% '93, 2% '94, 4% '95 - Eliot . . . . . . . . . . . . . $100 A & O | 1,000,000. 571,556. 2,665,000 162,000 26,000 1,414,000 3 & O 95130 130 130 Ja 96 6% '91, 6% '92, 6% '93, 6% '94, 6% '95 Everett . . . . . . . . . . . $100 A & O 400,000 62,220, 1,300,000 47,000 40,000 760,000 2 % O 95 88+ 87 87 Ja 96 5% '91, 5% '92, 21% '93, 4% '94, 4% '95 Exchange......…S100A & Q | 1,000,000 434,608 4,818,000 698,000. 117,000. 4,816,000 3 × O 95.128 128 123 Ja 96 6% '91, 6% '92, 6% '93, 6% '94, 6% '95 Faneuil Hall. . . . . . $100 A & O | 1,000,000. 445,504 2,902,000, 198,000 140,000 1,858,000 3 × O 95 . . 134; D 95 6% '91, 6% '92, 6% '93, 6% '94, 6% '95 First . . . . . . . . . . . . . $100A & Q | 1,000,000 1,194,159 4,032,000. 417,000 153,000 2,533,000, 6 × o 95239; 289.239, Ja 96 12% '91, 12% '92, 12% '93, 12% '94, 12% '95 Fourth . . . . . . . . . . . $100 A & O 750,000 750,000 2,191,000 97,000 95,000 1,666,000, 3 & O 95 120 D 95 6% '91, 6% '92, 6% '93, 6% '94, 6% '95 Freemans . . . . . . . . $100 A & O 800,000 154,100 1,941,000 148,000 18,000 1,311,000 2 % O 95 88 88 88 Ja 96 4% '91, 4% '92, 4% '93, 2% '94, 4% '95 - - - Globe. . . . . . . . . . . . . $100 A & O | 1,000,000 116,787 4,145,000 246,000 261,000 3,085,000 2 % O 95 85; D 95 4% '91, 4% '92, 4% '93, 4% '94, 4% '95 Hanº. declared. .S100 A & O 400,000 23,197. 1,395,000 23,000 90,000. 934,000. None. None declared. Hamilton . . . . . . . . . $100 A & O 750,000 290,302, 2,005,000 104,000. 116,000. 1,366,000 2 % O 95 . . . . 107+ o 95 5% '91, 44% '92, 5% '93, 44% '94, 4% '95 Hide & Leather...S100A & Q. 1,500,000 388,699 3,909,000 157,000. 147,000 1,879,000 2 % o 95.105: 105,105, Ja 96 6% '91, 6% '92, 54% '93, 5% '94, 4% '95 Howard , º, ..….S100A & Q | 1,000,000 239,725 2,603,000 247,000 108,000 1,839,000 2 % O 95 91 904, 904 Ja 96 5% '91, 5% '92, 5% '93, 4% '94, 4% '95 ºº:: ‘gº º º!!". & O 500,000 22,086 1,478,000 109,000 53,000 1,175,000 2 % O 95 80 794. 794 Ja 96 Manufacturers'. 'sſoo A & O 500,000 78,974 2,279,000 121,000. 134,000 2,088,000 2 g o 95 100 D 95 4% '91, 4% '92, 4% '93, 4% '94, 4% '95 Market ... . . . . . . . . . $100 A & O 800,000 170,807 2,622,000 173,000, 182,000 2,154,000 2 % O 95 80 80 80 Ja 96 4% '91, 4% '92, 4% '93, 4% '94, 4% '95 Massachusetts. . . . . $100 A & O 800,000 86,479| 2,135,000. 137,000 36,000 1,255,000 2 % O 95 84 My 95 4% '91, 2% '92, 4% '93, 2% '94, 4% '95 Mechanics . . . . . . . . $100 A & O 250,000 110,604. 1,251,000 100,000 47,000 1,080,000, 3 & O 95 1294 N 95 6% '91, 6% '92, 3% '93, 6% '94, 6% '95 Merchants . . . . . . . . $100 A & O 3,000,000 1,637,932, 8,319,000 853,000 75,000, 5,565,000 3 4 O 951534 15341534 Ja 96 6% '91, 6% '92, 7% '93, 64% '94, 6% '95 Metropolitan . . . . . . $100 A & O 500,000 101,760, 1,210,000 70,000 22,000 775,000 2 % O 95 95 D. 95 4% '91, 4% '92, 4% '93, 4% '94, 4% '95 Mt. Vernon . . . . . . . 100 A. & O 200,000 48,139, 959,000 84,000 80,000 891,000 2 % O 95 110 O 95 6% '91, 6% '92, 6% '93, 5% '94, 4% '95 New England. ....S100A & O | 1,000,000 713,529, 3,180,000. 158,000. 131,000 1,886,000 3 4 O 95.155 155 155 Ja 96 7% '91, 7% '92, 7% '93, 7% '94, 6% '95 North . . . . . . . . . . . . $100A & O | 1,000,000 239,917 3,147,000 199,000 126,000 2,389,000 2 % O 95 107; D 95 6% '91, 6% '92, 6% '93, 5% '94, 4% '95 North America....S100A & O | 1,000,000 264,739| 2,629,000 127,000 14,000 1,358,000 2 % O 95.1014 1018/1014 Ja 96 6% '91, 6% '92, 6% '93, 5% '94, 4% '95 Old Boston . . . . . . . $100 A & O 900,000 269,444, 2,225,000 127,000 34,000 1,270,000, 24% O 95110+ 110+110+ Ja 96 6% '91, 54% '92, 44% '93, 5% '94, 5% '95 Redemption. . . . . . . $100 A & O | 1,000,000. 437,110 5,430,000 572,000 76,000. 4,701,000 3 4 O 95 . . . . 121 O 95 6% '91, 6% '92, 6% '93, 6% '94, 6% '95 - Republic . . . . . . . . . $100 A & O 1,500,000 1,237,391 6,340,000 390,000, 293,000 6,150,000 34% O 95152 15141514 Ja 96 7% '91, 7% '92, 7% '93, 7% '94, 7% '95 Revere . . . . . . . . . . . $100 A & O | 1,500,000 186,905, 4,117,000 252,000 200,000, 3,173,000 14% O 95 87%. 804, 874 Ja 96 3% '91, 4% '92, 4% '93, 4% '94, 3% '95 Security . . . . . . . . . . $100 a 250,000. 456,178 2,045,000 100,000 97,000 1,490,000 3 4 Ja 96 . . . . 124 '91, 12% '92, 12% '93, 12% '94, 1% '95 Second . . . . . . . . . . . 100 A & O 1,600,000 1,123,837 5,883,000 505,000 234,000. 4,581,000 34% O 95.180 180 180 Ja 96 8% '91, 8% '92, 8% '93, 7% '94, 7% '95 - Shawmut .........S100 A & O | 1,000,000 256,547 6,842,000 393,000. 476,000 6,180,000 2 % O 95.1074 1074/107; Ja 96 6% '91, 6% '92, 6% '93, 6% '94, 4% 95 Shoe & Leather . . . $100 A & O | 1,000,000 169,728 3,494,000 157,000 98,000 2,580,000 2 % O 95, 90 90 90 Ja 96 2% '91, 4% '92, 44% '93, 4% '94, 4% '95 State . . . . . . . . . . . . . $100 A & O 2,000,000. 533,017| 4,710,000. 527,000 53,000, 2,922,000 2 % O 95110+ 110+110+ Ja 96 6% '91, 6× '92, 6% '93, 6% '94, 4% '95 - Suffolk . . . . . . . . . . $100 A. & O 1,500,000 488,720, 2,917,000 164,000 67,000 1,461,000 2 % O 95.105 105 (105 Ja 96 44 '91.4 #4 '92, 4% '93, 4% '94, 4% '95 Third . . . . . . . . . . . .S100 A & O 2,000,000 86,242 7,106,000 334,000 233,000, 5,207,000 2 % O 95, 96+ 89 894 Ja 96 5% '91, 5% '92, 24% '93, 4% '94, 4% '95 - Tremont. . . . . . . . . A & O 2,000,000 341,311| 3,391,000 162,000 113,000 1,174,000 2 % O 95, 964 964 964 Ja 96 5% '91, 5% '92, 24% '93, 4% '94, 4% '95 Union . . . . . . . . . . . . $100 A. & O | 1,000,000 633,879| 2,956,000. 133,000 70,000 1,567,000 3 4 O 951334 1324|1334 Ja 96 tº '91, 6× '92, 6% '93, 6% '94, 6% '95 Washington. . . . . . . $100 A & O 750,000 287,866 1,582,000 82,000 24,000 695,000 2 % O 95 1074 D 95 5% ºl, 5% '92, 5% '93, 5% '94, 4% '95 Webster . . . . . . *"sº º 1,000,000 giocco 2,240,000. 134,000 39,000 1,263,000 2 g o 05102 102 102 a 96 4% '91, 4% '92, 4% '93, 4% '94, 4% '95 Winthrop . . . . . . . . . 100 A. & O 300,000 160,504. 1,605,000 223,000 66,000 1,604,000, 24% O 95 131 D 95, 4× '91, 4% '92, 4% '93, 4% '94, 5% '95 Totals... . . . . . . . . . . . . . . . . 162,778,000 snºw $5,552,000115,608,000 comparisons. Loans. Specie. Legals Deposits. January 27, 1894. . . . . . . . . ... . . . . . . $167,720,000 $13,661,000 $11,483,000 $143,018,000 January 26, 1895.................. 173,463,000 12,421,000 7,510,000 141,547,000 January 25, 1896.................. 162,778,000 11,655,000 5,552,000 115,608,000 1894. 1895. 1896. Per cent. of Reserve to Deposits 39.33 32.51 29.11 30 The Bond Record. [Vol. IV PHILADELPHIA. - Last SALES Name, Par Value, Div. Periods. Capital. Net Profits. Loans. Reserve. Deposits. Dividend. 1896 High Low. Last. Centennial . . . . . . . . $100 Ja & J1 $300,000 $218,146 $1,851,000 $566,000 $1,900,000 5% Ja 96 170 My 95 8% '91, 10% '92, 10% '93, 10% '94, 10% ºf Central . . . . . . . . . . . $100 My & N 750,000 1,786,807 5,385,000 1,473,000. 4,291,000, 6% N 95 360 D. 95 12% ºl, 12% '92, 12% '93, 12% '94, 12% '95 Chestnut St. . . . . . . $100 My & N 500,000 185,761. 2,485,000 463,000 2,102,000, 3% N 95 113 113 113 Ja 96 64' 01, 6% '92' 6% '93, 6% '94, 6% '95 City . . . . . . . - - - - - - - - 50 My & N 400,000 515,216, 1,446,000 379,000 1,016,000 5% N 95 115 S 95 10% '91, 10% '92, 10% '93, 10% '94, 10% '95 Commerce . . . . . . . . . $50 My & N 250,000 87,397 591,000 126,000 385,000, 2% N 95 - 453 S 95 6% '91, 54% '92, 4% '93, 4% '94, 4%'95 Commercial . . . . . . . . $50 My & N 810,000 250,526. 2,007,000 382,000 1,330,000, 24% N 95 42+ 424 424 Ja 96 24% '91, 6% '92, 6% '93, 6% '94, 44% '95 - Consolidation . . . . . . $30 My & N 300,000 268,394, 1,374,000 252,000 894,000 5% N 95 624 D 95 6% gl, 12% '92, 10% '93, 10% '94 10% '95 Corn Exchange... . . . $50 My & N 500,000. 446,604 3,219,000 1,089,000 2,022,000 34% N 95 80 D 95 1% '91, 7% '92, 7% '93, 7% '94, 74°95 - Eighth. . . . . . . . . . . . $100 Ja & J1 275,000 566,473 1,971,000. 470,000 1,739,000 6% Ja 96 300 S 94 7% '91, 12% '92, 12% '93, 12% '94, 12% ºf Farmers' & Mechs. §100 My & N 2,000,000 741,940, 6,199,000 1,991,000 5,143,000, 3% N 95 110, 110 || 110] Ja 96 22 × 91, 7% '92, 6% '93, 6% '94, 6% '95 First... . . . . . . . . . . . . $100 Ja & ! 1,000,000 698,865, 6,947,000 2,654,000 6,763,000 6% Ja 96, 2004 2004 || 2004 Ja 96 25°91, 12% '92, 12% '93, 12% '94, 12% ºf Fourth Street.....S100 Ja & J1 1,500,000 1,151,405 8,132,000, 2,875,000. 4,358,000, 4% N 95 146 146 146 Ja 96 4% '94, 8% '95 Girard. . . . . . . ------ $40 My & N. 1,000,000 1,269,857, 6,452,000 1,582,000. 4,535,000, 6% N 95 85 85 85 Ja 96 1% '91, 12% '92, 12% '93, 12% '94, 12% '95 Independence. . . . . $100 My & N 500,000 253,624, 2,831,000 941,000 2,444,000, 24% N 95 123 My 96 5% '91, 5% '92, 5x '93, 5% '94, 5% '95 Kensington . . . . . . . . $50 My & N 250,000 282,688 1,253,000 363,000 1,061,000 5% N 95 86 Je 95 1% '91, 10% '92, 10% '93, 10% '94, 10% '95 Manufacturers'. . . . $100 My & N 750,000 227,299| 2,126,000 460,000 1,229,000 24% N 95 96 N 95 9% '91, 5% '92, 5% '93, 5% '94, 5% '95 - *Market St. . . . . . . . $100 My & N 600,000 234,613 2,940,000 910,000 3,204,000, 3% N 95 137 D. 96 6% '92, 6% '93, 6% '94, 6% '95 Mechanics'. . . . . . . . $100 My & N 500,000. 139,999 2,018,000 347,000 1,235,000, 3% N 95 111 1104 || 111 Ja 96 Tº '91, 6% '92, 54% '93, 24% '94, 3% '95 - Merchants’........S100 My & N 600,000 183,067 3,386,000 676,000 1,886,000 24% N º 100 O 95 24% '95 *Ninth. . . . . . . . . . . $100 My & N 300,000 192,337. 1,378,000 310,000 1,310,000, 3% N 95 140 S 94 6%, ’91, tº '92, 6% '93, 6% '94, 6% '95 North America....S100 Ja & J1 1,000,000 1,656,924 6,026,000 1,560,000. 4,849,000, 6% Ja 96 250 245 250 Ja 96 12% '91, 12% '92, 12% '93, 124 '94, 12% ºf Northern . . . . . . . . . $100 My & N 200,000 70,757 851,000 183,000 764,000, 24% N º 117 D 95 5, '03, 5% '94, 5% 95 Northern Liberties...S50 My & N 500,000 740,133 3,094,000 1,031,000 2,808,000 6% N 95 136 1314||1314 Ja 96 16% '91, 16% '92, 16% '93, 16% '94, 12% '95 - *Northwestern....S100 My & N 200,000 161,744, 1,293,000 404,000 1,541,000, 3% N 95 160 O 95 6% '91, 6× '92, 6% '93, 6% '94, 6% '95 - Penn. . . . . . . . . . . . . . $50 My & N 500,000 528,520, 2,912,000 805,000 2,738,000, 3% N 95 86 O 95 tº '91, 6× '92, 6% '93, 6* 94, 6% '95 Philadelphia . . . . . . $100 My & N. 1,500,000 1,179,581. 9,039,000 3,018,000 7,317,000 5% N 95, 190 190 190 Ja 95 12% '91, 10% '92, 10% '93, 10% '94, 10x '95 *Quaker City......S100 Ja & J1 500,000 147,239. 1,860,000 266,000 1,064,000 23 Ja º 984 N 95 4×'95 Republic. . . . . . . . . . $100 My & N 500,000 308,867 2,067,000 379,000 778,000 24% N 95 110 110 || 110 Ja 95 7; '91, 7% '92, 6x '93, 5x '94, 5x '95 - Security . . . . . . . . . . $100 Ja & ! 250,000 191,251 1,281,000 291,000 1,215,000, 4% Ja 96 200 Ap 94 8. '91, 8% '92, 8% '93, 8: '94, 8% ºf - Seventh. . . . . . . . . . . $100 My & N 250,000 58,647 950,000 173,000 692,000, 4% My 91 75 O 94 2x '91 Sixth . . . . . . . . . . . . . $100 My & N 150,000 202,358. 824,000 230,000 796,000, 4% N 95 169 N 95 tº '91, 7% "º, 8×'93, 8: '94, 8% '95 - Southwark. . . . . . . . . $50 My & N 250,000 - 146,209 1,215,000 265,000 1,136,000, 5% N 95 100 O 95 124 '91, 12× '92, 12: '93, 12× '94, 10x '95 *Southwestern....S100 Ja & J1 200,000 55,025 766,000 179,000 742,000, 24% Ja 96 105 Ag 94 5: '91, 5x '92, 5x '93, 5x '94, 5x '95 - Tenth . . . . . . . . . . . . $100 My & N 200,000 74,035 866,000 187,000 793,000, 3% N 95 122 Ja 95 Bº '91, 6× '92, 6x '93, 6x '94, 6x '95 Third. . . . . . . . . . . . . $100 My & N 600,000 75,696 2,279,000 487,000 2,020,000 2% N 95 113 113 |113 Ja 96 sº ºl, 4% '95 Tradesmen's . . . . . . . $50 My & N 400,000, 444,977 2,842,000. 462,000 1,747,000, 3% N 95 99 Ja 94 tº '91, Gº '92, tº '93, 6x '94, 6x '95 - - Union. . . . . . . . . . . . . $50 My & N 500,000 438,109 2,491,000 514,000 1,406,000 34% N 95 75 S 95 7; '91, 7x '92, 7x'93, 7x '94, 74°95 Western . . . . . . . . . . . $50 My & N 400,000 262,318, 2,296,000 704,000 1,855,000 5% N 95 85 85 85 Ja 96 toº ºl, 10x '92, 10x '93, 10× ºr 10x '95 Totals. . . . . . . . . . . . . . . . . . $106,943,000 $29,447,000, $88,108,000 COMPARISONS: Loans. Reserve. Deposits. January 30, 1894. . . . . . . . . . . . . . . . . $95,400,000 $36,164,000 $80,880,000 January 29, 1895. . . . . . . . . . . . . . . . . 109,151,000 2,445,000 87,389,000 January 27, 1896. . . . . . . . . . . . . . . . . 106,943,000 29,447,000 83,108,000 1894, 1895. 1896. Percent of Reserve to Deposits. . . . . . . . . . . . . . . . 44.71 37.1.2 35.43 - - RAILROAD BONDS AND STOCKS. Railroads, whether operated by steam, electricity or otherwise: Urban Lines arranged under the name of the city where located, and by systems. alphabetically. Inter-Urban Lines arranged Index. Vol. pg. Title of Bond or Stock. kron labama Central. Alabama Midland. Albany & Susquehanna. See B. & O. See Southern Railway. See Sav. Fla. & Western. See Del. & Hudson. & Chicago Junction. Allegheny Valley. See Penna. Rd. Allentown Terminal. See Central of N. J. Am. Dock and Imp. See Cent. Rd. of N. J. III 1731Ann Arbor common stock. . . . . . . . . . . . $100 Ashtabula & Pittsburg. Atchison, Colorado & Pacific. Atchison, Jewell Co. & West. do. f{do. pfd. 5% non-cum. . . . . . . . . . $100 1st g. 4s. . . . . . . . . . . . . . . . . . . . . See Penna. Co. See Union Pac. See Union Pac. Atchison & Nebraska, see C. B. & 3. III rºſé Atch. Top. & S. Fe Ry. III 1304 ſ "do. do. Rd. stock. . . . . . . . $100 III 5148 | do. Trust Co. ctfs. all install, paid. . . . . . . . . II r254 *do. guarantee fund notes 6s g. . . . . My & N II r298D ºfdo. gen, g. 4s (1. c. pd. J1 '93) . . . . Ja & J1 Dl-, do. do. reg. (1. c. pd. J1 '93). Ja & J. "do. do. Trust Co. ctfs. . . . . . . do. do. registered . . . . . . . . . . . D|*|†do. 2d g. 4s C1. A (1. c. pd. O'93). , Ap & O do. do. Trust Co. ctfs. 1st instal. pd. do. do. registered... . . . . . . . . . D||*|†do. 2d g. 4s C1. B (l. c. pd. O'93). Ap & O *do. do. Trust Co. ctfs. 1st instal, pd.. - do. do. registered . . . . . . . . . . . D|| #do. inc. g. 5s n. cum. (l.c. pd. S '93). Sept D do. do. registered (l.c. pd. S '93). Sept *do. equipment tr. ser. A g. 5s. . . . . Ja & J1 Chicago & St. Louis 1st 6s. . . . . . . . . . . . . . Mr & S | *Southern Cal. Ry. pfd, stock. . . . $100 F & Ag |Atlanta & Charlotte. See Southern Railway. III 2314|Atlan & Pa. Ră stock (Receiver). .3100 D D |Atlantic City. |Austin & Northwestern. do. do. gtd. 1st g. 4s (I. c. pd. J1 '93)...Ja & J. W. Div. 3d gtd. g. 6s s. f. drs. $100,000 bonds at 105 & int. on any interest date from Mr. '90 if unable to purchase in mar- ket (l. c. pd. S '98) . . . . . . . . . . . . . . Mr & S +do. łdo. E. III ré83|Eaſt; - III /113 West. Div. income 6 % n. cum... Ap & O Cent. Div. income 6% n. cum....Je & D See Phila. & Reading. See Southern Pacific. Belt. See Balto. & Ohio. & Harrisburg. See Western Maryland. more & Ohio Rd. Stock..... . . . $100 My & N None '90, 20% in stk'91, 34% '92, 5% '93, 4} %'94 *do. do. 1st pfd, 6% cum. $100 Ja & J1 *do. do. 2d pfd, 6% cum. $100 Ja & J1 *do. do. Wash. Br.10% stkš100 My & do. 1st 6s Parkersb. Br........... Ap & O *#do. g. 5s 1885. . . . . . . . . . . . . . . . . . . F & Ag do. do. reg---------------- F & Ag *#do. con. g. 5s. . . . . . . . . . . . . . . . . . . . F & Ag do. do. reg - - - - - - - - - - - - - - - - F & Ag *do. extended g. 4s. . . . . . . . . . . . . . . Ap & O *do. car trust 44s. . . . . . . . . . . . . . . . . Ja & J1 +Akr, & Chi. Junc.. Rd. 1stint. gtd. g. 5s. My & *Balto. Belt Rd. 1st int. gºd. g. 5s...... My & sº yr Maturity or Last Dividend. Ji i895 \ l 1898 1989 J1 }} . Ji i889 Ji i889 Ji 1989 Hº! Mr 1915 Ja 1937 S 1907 O 1910 Je 1922 2% M1894 3% Ja 1896 3% Ja 1896 5% N 1895 Ap 1919 1925) 1925 ſ : 1988 | 1988 || O 1935 10% yearly N 1930 N 1990 sales sº. *º For the Most of January. Last Sale. Year. Highest. Lowest a Total. High Low Pr. Date Pr. Date Price Date 3,250,000 10, 9} 10 6, 9, 29 950 10 Ja 31 96 4,000,000 27# 25 27+ 29, 25 29, 1873 26 Ja 31 96 7,000,000 70 66 70 14 66 4, 131 694 Ja 31 96 1,133,600 102,000,000 – - - – 25 N 26 95 100,866,400 15; 124, 158 &1 12# 7, 88921, 154 Ja 31 96 9,000,000 – - - - - - 1,024,776 – - – | – || 774 N 27 95 130,321,500 – - – 764 N 20 95 128,296,000 76 694 76 31 694 600, 76 Ja 31 96 - - - - – | – || 794 O 22 95 - - - - – – 253 Je 15 95 79,191,107 24, 194 24; 31, 194 1717 24 Ja 31 96 14,000 – - – – 174 Ja 24 95 10,000,000 9,986,000 – - - - - - 505,700 – - – – 24 je 5 95 - - - - – – 56; J1 993 1,500,000 – - - - - - 1,500,000 – - – – 110 D 30 93 6,074,000 – - – – 84 Je 10 95 25,000,000 + 4 || 4 13 g 2544 g Ja 30 96 78,317,600 18,794,000 – - – || – || 45 N. 20 95 5,500,000 – - – - 92 || 23 90 10,500,000 2 2 || 2 31, 2 4| 2 ||a 31 96 12,000,000 1,811,000 – - – – 4+ Ag 5 95 1,823,000 25,000,000. 44 364; 44 27 364 7997 40, Ja 31 96 3,000,000116 116 116 10116 10 3116 Ja 10 96 2,000,000 – - – – 106 D 11 95 1,650,000 – - - - - 3,000,000 - – – 1234 S. 27 95 99 99 3 944 35' 95 Ja 22-96 10,000,0001. 104° 16' 2.10% 17107 Ja 27 96 - 11,988,000 - * N_2 * 1,710,000.103 102} 103 14102; 29, 161024 Ja 29 96 2,250,000 – - – | – || 99.4 F 94 1,500,000 – - – – 102} N 21 95 6,000,000. 99 94 || 99 13 94 15, 98 Ja 30 90 For abbreviations see page 26. y Ann Arºor–First interest payment due April, '97. a Bonds in thousands, stocks in shares. 32 The Bond Record. [Vol. IV. SALES 1896. Maturit - Index. Title of Boxid or Stock. . * For the Month of January. Last Sale. ear. Highest Lowest..a total. vol. Pº. High Low Pr. Date Pr. Date Price Date Baltimore & Ohio Rd.-Continued. III r"07|| B. & O. Southwn. Ry. 7% pfd, stk n. cum.8100 -- 19,262,150 - - - - 5+ D 11 95 III 1311|| 4tdo. 1st con, gta. g. 44s. . . . . . . . . . Ja & J1 J1 1993 9,783,000 - - - – 100 S 27 95 *{{do. 1st inc. g. 5s series. A n. cum. Nov. J1 2043 8,651,000 - - - — 49;s N 30 95 1% '94, 24% '95. '#do. do. series B n cum. Dec. J. 2043 9,665,000 - - - – 16 D 6 95 1% '94. III /312|| *{do. Terminal Co. gtd. g. 5s. . . . . . . My & N My 1942 1,200,000 - - - - - do. Cincinnati & Baltimore 7s. . . . . Ja & Ji Ja 1900 333,000 - - – 110+ Jaz6 95 *do. Rd. 1st gtd. g. 44s. . . . . . . . . . . . Ja & J1 Ja 1990 10,667,000 – - - – 108 D 13 95 do. O. & M. Ry. 1st con. 7s s. f. [for Nos. 3096–6688]$36,000 p.a. drs, at par. Bonds need not be presented, but in such case excluded from benefit of s. f. . . . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1898 3,435,000.1034 103 |1033 8103 14 7|1034 Ja 14 96 !. do. 1st con. 7s. . . . . . . . . . . . . . . . Ja & J1 Ja 1898 3,066,000.1034 103 |103] 24103 22 3,1034 Ja 24 96 do. do. 2d con. 7s s. f. not drin. to pur. at market pr. if below par, otherwise inv. Ap & O Ap 1911 2,952,000 - - - – 119 D 2 95 łdo. do. 1st Springfield Div. 7s ....My & N N 1905 1,984,000 - - - – 110 O 25 94 łdo. do. 1st gen. 5s. . . . . . . . . . . . . . . . Je & D. Je 1932 415,000 - - - — 98 Ap 2 92 *Central Ohio Rd. 6% stock........ $50 Je & D 3% Ja 31 96 2,448,548 49%. 494 49; 20 49; 20 50 494 Ja 20 96 "do. pfd, 6% stock. . . . . . . . . . . . $50 Je & D 3% Ja 31.96 411,550 - - - – 55 My 3 95 do. Reorg. con. (now 1st) g. 44s... Mr & S S 1930 2,850,000 - - - – 104 Je 4 95 Cleveland Term. & Valley Rd. D +Valley Ry, of Ohio con. g. gtd. 6s sink. f. not drn., 1% p.a., used in pur. of bonds at not above par and int., otherwise inv. (1, c. pd. Mr. 1892) (Receiver). . . . . . . . . . . . . . . . . . . . . . . . . . , Mr & S S 1921 1,499,000 - - - – 105 F. 29 92 Col. & Cin. Midland Rd. 1st ext, gta. 44s. Ja & J1 Ja 1939 2,000,000 - - - – 92; Je 4 95 Monongahela River Rd. 1st gºd. g. 5s...F & Ag| F 1919 700,000 - - - - - +Pitts. Clev. & Tol. Rd. 1st int. gtd.g. 6s. Ap & O O 1922 2,400,000 - - - – 1084 Ap 5 93 "Pitts. & Connelsv. Rd. 1st mtg. 7s......Ja & J1 J1 1899 4,000,000.104 1024104 281024 14 42104 Ja 31 96 #: Junction Rd. 1st mtg. g. 6s. . . . . . Ja & J1 J1 1922 1,440,000 - - - – 118 O 15 90 Pitts. Painsv. & FPt. Rd. 1stint.gtd.g.5s.Ja & J1 J1 1916 1,000,000 - - - – 95% Ap 2 95 III r102|| Pitts. & Western Ry, stock. . . . . . . $50 Mr & S -- 8,500,000 - - - - - do. pfd, stock 5% n, cum. . . . . $50 Mr & S - - 5,000,000, 20g 17 20g 31 17 15, 300 204 Ja 31 96 +do. 1st con. g. 4s. . . . . . . . . . . . . . . . Ja & J1 J1 1917 9,700,000 77 74 77 29, 74 14 108 76 Ja 31 96 do. 2d g. 5s. . . . . . . . . . . . . . . . . . . . . . My & N My 1941 3,500,000 - - - — 79; S 9 95 Sand. Man. & Newark Rd. int. gºd 7s..Ja & J1 Ja 1909 2,300,000 - - - - - ‘Schuyl. Riv. East Side Rd. 1stgtd. g. 5s. Je & D. D. 1935 4,500,000110 108}|110 31.108} 13 9|110 Ja 31 96 *Staten Island Rd. 2d 5s gtd........... Ja & J1 Ja 1926 2,500,000 - - - — 88 Mr 4 95 III 1631|| Staten Island Ry. 1st gtd. g. 44s. . . . . . . Je & D. Je 1943 500,000 - - - - - III r"O8|| || W. Virginia & Pitts. Rd. 1st gtd. g. 5s. Ap & O Ap 1990 4,000,000 - - 111. D 12 95 Balto & Ohio Southwestern. See Balto. & Ohio. Baltimore & Potomac. See Penna. Rd. - "Barclay Rd. stock. . . . . . . . . . . . . . . . . . $50 Mr & S 4%. 1890 1,000,000 - - - — 10 Mr 93 Battle Creek & Sturgis. See Mich. Cent. Beech Creek. See N. Y. Cent. & H. R. *Bellefonte Cent. Rd. stock . . . . . . . . . $50 None. 500,000 - - - - - Belleville & Carondelet. See St. L. A. & T. H. Belleville & So, Illinois. See St. L. A. & T. H. Belvidere Delaware. See Penna. Rd. Bell's Gap. See Penna. & N. W. - Booneville Bridge Co. See Mo. Kan. & Tex. - - III rq33°Boston & Alb. Rd. 8% stock....... $100 Q Mr 2%. D 3095 25,000,000217 204 1217 28.204 7, 1448,213 Ja 31 96 tº do. 6s bonds not mtg. . . . . . . . . . . . . Ja & J1 J1 1895 46,000 - - - – 1004 Ap 6 95 Boston, Clin. F. & N. B. See N. Y. N. H. & H. Bos. Con. & Mont. See Conc. & Montreal. Boston & Lowell. See B. & M. III rā85*Boston & Maine Rd. stock......... $100 Q F | 13% /a 96 || 18,738,425,170 162 170 2162 30, 473.162 Ja 31 96 94% '90, 9% '91, 8% '92, '93, 6% '94, '95, 14%, ’96. 18,739,200 *do. pfd, 6% stock n, cum. . . $100 Mr & S 3% S 1895 3,149,800,156 155 156 14155 20 45155 Ja 20 96 *do. imp. 4s. . . . . . . . . . . . . . . . . . . . . . F & Ag| F 1937 1,919,000 - - - – 104 J1 30 95 *do.imp.4ss1,000,000due F.1905s.f.n.dr. F & Ag| F. 1905-7 1,500,000 - - - - - *†do. bonds not mtg. g. 4Bs. . . . . . . . . Ja & J1 Ja 1944 6,000,000 - - - – 113; Ja 12 95 **Boston & Low. Rd. stock gºd. until 1986 | 5,829,400.203; 202 1203; 2.202 29, 229/2024 Ja 31 96 slº, Ja & J1 34%. Ja 96 || 6,329,400 - º 7% till '97, thereafter gºd, to be 8 º'. *do. bonds not mtg. 6s. . . . . . . . . . . . Ja & J1 J1 1896 || 750,000 - - - – 102; Mr 30-95 1,176,900 *do. do. 5s. . . . . . . . . . . . Ja & § J1 1899 620,000 - - - – 104; J1 24 95 *do. do. 4s. . . . . . . . . . . My & N My 1903 250,000 - - - – 104; J1 24 95 *do. do. 4s. ... . . . . . . . . . . . . . Var 1905–15 || 5,200,000 - - - - - 6,175,000 *Central Mass. Rd. stock. . . . . . . . . . . $100 None. 3,471,100. 11; 11; 11; 31 11+ 31 100 114 Ja 31 96 - * º º: non-cum-------. . . . . . $100 14% /a 96 3,933,200 - - - — 55 D 6 95 ** '96. ( *Con, & Montreal Rd. classigtd. 7% stk. Q. Ja | 1.1% Ja 96 800,000.165. 165 165 27165 27 2165 Ja 27 96 For abbreviations, seepage 26. s: Seller 20 fat. a Bonds in thousands, stocks in shares. February, 1896.] Railroad Bonds and Stocks. 33 º - SALES 1896. - Maturity Index. Title of Bond or Stock. º º For the Month of January. Last Sale. - Year. Highest. Lowest. Total. Vol. pg. High Low Pr. Date Pr. Date price Date |Boston & Maine Rd.—Continued. *Con & Montreal Rd. class 2gtd. 7%. . . Q Ja 14% /a 96 540,400 - - - 2% '91, 3% '92, 6% '93–94, 6+% '95, 1% '96. *do. - class 3 gtd. 73... Q Ja 14% /a 96 459,600 - - - 14% '93, 6% '94, 64% '95, 13% '96. *do. class 4 gtd. 7%. .. Q Ja 14% /a 96 3,000,000170 168 170 21.168 3 170 Ja 23 96 6%, ’90–'94, 64% '95, 14% '96. *Bost. Con. Mont. imp. 6s . . . . . . . . . . . Ja & J1 Ja 1911 500,000 - - - - | **Conn. & Passumpsic Rd. stock gtd. until 1986. . . . . . . . . . . . . . . . . . . $100 F & Ag 24% A* 96 2,500,0001424 140 142; 10x140 13 140 Ja 31 96 5% till '97, 6% thereafter. | #do. " "is .4s. .......... Ap & O Ap 1943 1,900,000 – - - - - || "Connecticut River Rd. 10% stock, gta. until 1992. . . . . . . . . . . . . . . . . . $100 Ja & J1 5% Ja 1896 2,580,000247 247 247 247 6 247 Ja 896 || 8% '90-'92, 74% '93, 10% '94, div. per changed in '93 *do. 4s bonds not mtg.... . . . . . . . . . Mr & S S 1943 1,000,000 - - - - *do. scrip 4s. . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1903 1,290,000 - - - 99 O 21 95 *E. New Hampshire Rd. 3% stock.S100 Je & D 1.4% D 95 188.700 - - - 90 D 11 95 44% '90, 34% and stock div. '91, 3% since then. | *East. Rd. ctfs. ind, 1st m. g. sf.not drin. 6s Mr & S S 1906 9,041,875,117 117 117 117 6 117 Ja 6 96 rā87||*Maine Central Rd. 6% stock. . . . . . . $100 Q Ja 14% /a 96 4,983,300.1364 134 136+ 3134 24 134 Ja 29 96 | ++*do. con, 1st 7s. . . . . . . . . . . . . -- - - - - Ap & O Ap 1912 3,907,200 - - - 1371. D 12 95 3,934,000 |*Manchester & Law. Ry. 10% stock gtd. until 1937. . . . . . . . . . . . . . . . . . . . . My & N 5% N 1895 1,000,000 - - - 255 My 17 95 |*Massawippi Valley Ry, stock. . . . $100 F & Ag 24% A* 96 800,000 - - 1374 O 8 95 5% till '97, 6% thereafter. - || "Nashua & Lowell Rd. 9% stock...S100 My & N 44% N 95 800,000 - - - 215 F 25 95 r138||*Nor. N. H. Rd. 6% stock........ $100 Q Ja 14% /a 96 3,068,400 – - - 158 D 4 95 *Port. Saco & Ports. Rd. 6% stock gtd. in perpetuity. . . . . . . . . . . . . . . . $100 Ja & J13%. Ja 1596 1,500,0001464. 1424,1464 6-142420 1424 Ja 29 96 *Ports. Great Falls & Conway 44s. . . . . . . Je & D. Je 1937 998,000 - - - - .T *Worcester, Nash. & Roch. Rd., S100 Ja & J1 24% /a 96 3,099,800115 115 115 115 8 3.115 Ja 896 |- 6% '90 to '93, 5% '94–95, 24% '96, Boston & N. Y. Air Line. See N. Y. N. H. & H. Boston & Providence. See N. Y. N. H. & H. rī88*Boston, Revere B. & Lynn Rd. stk... 8100 Ja & J1 24 Ja 1896 850,000 - - - 84 D 28 95. 7% '90–91, 54% '92, 5% '93, 44% '94, 4% '95, 2% '96. - | *do. 1st mtg. 6s... . . . . . . . . . . . . . . . . . Ja & J1 J1 1897 350,000 - - - 1034 Ap 6 95 *Boston. West º St. Ry, stock. . . . $50 Ap & O.34% 0 1895 º 64 30,641 7 69 Ja 31 96 74% '94, 64% '95. *do. pfd. 8% stock. . . . . . . . . . . . . . $50 Ja & J14% / 1896 6,400,000 904 88 90% 7 90 Ja 31 96 *do. coupon 5% notes. . . . . . . . . . . . . . . My & N N 1902 3,000,000105 1044105 15104 13 4,105 Ja 30 6 | *do. bonds 44s. . . . . . . . . . . . . . . . . . . . . Mr & S. Mr 1914 2,000,000 104 104 1041 18104 2 104 Ja 31 96 |Brigantine Beach. See P. & R. |Brooklyn & Montauk. See Long Island. rö00|Brooklyn Elevated Rd. stock. . . . . . . . $100 13,283,600 - - - 214 Ag 17 95 +do. 1st g. 6s s. f. to pur. at 105 and int., otherwise reverts to s. f. . . . Ap & O O 1924 3,500,000 102 99 |102 8 100 Ja 31 96 +do. 2d g. 5s s. f. to pur. at 90 and int., other- wise reverts to s. f. . . . . . . . . Ja & J1 J1 1915 1,250,000 - - - 75 D 26 95 1310|| Seaside & Bklyn Bdg: Elev. 1stgtd. g. 5s. Ja & J1 J1 1942 1,365,000 - - - 86 D. 27 95 +Union Elev. Rd. Bklyn, 1st g. 6s. ..... My & N My 1937 6,148,000 100; 9741004 1497; 29 98 Ja 31 96 +do. income, n. cum. 5s. ... . . . . . . . Ja & J1 Ja 1927 2,068,000 - - - - Brooklyn Street Railways. Brooklyn Traction Co. 788 Atlantic Ave. Rd. imp. g. 5s. . . . . . . . . . Ja & J1 Ja 1934 1,500,000 - - - - | Long Island Traction Co. 1377 Brooklyn City Rd. 1st con. 5s. . . . . . . . Ja & J1 J1 1941 4,373,000 - - - - Buffalo & Erie. See Lake S. & Mich. So. |Bruns. & Westn. See Sav. Fla. & Westn. |Buffalo, N. Y. & Erie. See Erie Rd. rö75 Buffalo, Roch. & Pitts. Ry. stock..... $100 -- 6,000,000 - - - 204 Ag 24 95 1524 ſ do. 6% pfd, stock n, cum...... $100 14% F 1893 || 6,000,000 - - - 60 My 25 95 5% '92, 1+% '93. | ++do. 1st gen. g. 5s. . . . . . . . . . . . . . . . . Mr & S S 1937 4,407,000.98 95 11 95 Ja 11 96 | Clearfield & Mahon. Ry. 1st grø. g. 5s..ja & J1 Ja 1943 650,000 - - - - * & Pittsburg Rd. 1st g. 6s. ...F & Ag| F. 1921 1,300,000.125+ 123 1253 22,123 29 4123 Ja 29 96 łdo. con. 1st g. 6s. . . . . . . . . . . . . . . . Je & D. Je 1922 3,920,000 - - - 1194. D 13 95 | Buffalo & Southwestern. See Erie Rd. rö00++Buffalo & Susquehanna Rd. 1st g. 5s s. f. 1796 if not bot. below par drs, at par in O. highest numbers drin, first.............. Ap & O O 1913 1,367,000 - - - 100, O 22 95 For abbreviations, see page 26. * Seller 20 flat. - 34 The Bond Record. [Vol. IV M - SALES 1896. aturity Amoun - Index. Title of Bond or Stock. Bºi. }." Fº the Month of January. Last Sale car. Highest. Lowest..a Total. Vol. pg. |High Low Pr. Date Pr. Date Price Date III , ºf: Burl. Cedar Rap. & Nor. Ry, stock...8100 F & Ag|2% P1896 5,500,000 — — - - 54 S 21 95 º - ſ 'falo. 1st mtg. 5s. . . . . . . . . . . . . . . . . . Je & D. Je 1906 6,500,0001054 103 105; 25103 2 601054 Ja 31 96 | #do. con. 1st mtg. and col. tr. g. 5s. Ap & O Ap 1934 5,841,000.100 99 100 27 99 17 11100 Ja 27 96 *C. R. I.F. & N.W.g. gºd.1st 6s, drin.at 105. Ap & O O 1920 825,000.1064. 10641064. 171064. 17 3.1064 Ja 17 96 †do. con. 1st g. gtd. 5s. . . . . . . . . . . . Ap. & O O 1921 1,905,000 - - - — 98 Ag 31 95 #Io. City & W. int.gtd.1stg. 7s, red, at 105. Mr & S S 1909 584,000 - - - – 105 O 22 95 Minn. & St. Louis Rd. g. assd, 1st 7s, $500 bonds, Nos. 1,101 to 1,400. . . . . . . Je & D. Je 1927 150,000 - - - – 140 Ag 24 95 Bur. & Mo. River. See Chic. Bur. & Q. C: Ark. & Tex. See Missouri Pacific. airo Bridge. See Illinois Central. Cambria & Clearfield. See Penna. Rd. - Camden & Atlantic. See Penna. Rd. Camden & Burlington Co. See Penna. Rd. *Canada Atlantic Ry. 1st g. 5s... . . . . . . . . . Ja & J1 Ja 1909 3,450,000 - - - - - III r157 Canadian º; 94. $100 F & Ag|24% Ag 94 65,000,000 56+ 52 56} 29, 52 4 930, 564 Ja 29 96 5% '90, - - - - - - '94. #Du. South. Sh. & Atl. Ry. 1st mtg. g. 5s. Ja & J1 Ja 1937 4,000,000 95 95 95 7 95 7 10, 95 Ja 7 96 Manitoba Sw. Col. Ry. int. gtd. g. 5s. Je & D. Je 1934 2,544,000 - - - - - *Marq. Ho. & Ont. com. stock. . . . ..S100 - - 2,378,600 - - - - - *do. pfd, stock. . . . . . $100 - - 3,278,500 - - - - - *do. gen. 6s. . . . . . . . . . . . . Ap & O Ap 1925 1,400,000 - - - – 108 Ag 14 95 *Minn. & Pacific 1st 5s. . . . . . . . . . . . . . . . Ja & J1 Ja #}} 3,208,000 - - - – 102 Mr 26 87 | do. stamped 4s, int. gtd. . . . . . . . . Ja & J1 Ja 1936 --~~~ - - - - - *Minn. S. S. M. & Atl. 1st. g. 4s int. gtd. Ja & J1 J1 1926 8,280,000 - - - — 94 Ap 2 88 Minn. S. P. & Ste. Marie stock..S100 Ja & J1 - - 14,000,000 - - - - - do. pfd, 7% n. cum . . . . . . . $100 Ja & J. - - 7,000,000 - - - - - +do. 1st con. g. 4s int. gtd.. . . . . . . Ja & J1 J1 1938 6,710,000 - - - - - Canada Southern. See Michigan Central. 16,857,000 III 67791)/#!"Cape F.&Yad.V. Ry.(Rcvr)1st g.6ss AJe & D. Je 1916 1,500,000 74 74 74 6, 74 6 23| 74 Ja 30 96 D +/*do. 1st mtg. g. 6s series B. Je & D. Je 1916 750,000 50 50 50 6, 50 6 10, 50 Ja 1496 D +/"do. 1st mtg. g. 6s series C. . [e & D. Je 1916 820,000 - - - – 63; S 5 95 Carb. & Shawneeton. See St. L. A. & T. H. Carolina Central. See Seab. & Roanoke. Carthage & Adiron. See N. Y. C. & H. R. Catawissa. See Philadelphia & Reading. Cedar Falls & Minn. See Ill. Central. Cedar Rapids & Mo. River. See Chic. & Norwn. Cedar Rapids, Ia. F. & N. See Bur. C. R. & N. Central Mass. See Boston & Maine. Central of Ga. Ry. III r12 ſºdo. Cen. Rd. & B. Co. Ga. col. tr. g. - 5s red. at 110. . . . . . . . . . . . . . My & N My 1937 4,880,000 - - - — 95 N 11 95 D|| +C. R. & Col. (Rcvr) 1st gtd. g. 5s (1.c. pd. º Mr'92). . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mr & S S 1937 2,090,000 - - - — 38& N 25 95 III /235) +Savannah & West. Ry. 1st con, gta.g. 5s.Mr & S. Mr 1929 2,012,000 - - - — 57 J1 1 95 7,755,000 falo. Trust Co. ctfs.. . . . . . . . . . . . . . . . -- 3,688,000 - - - – 60; D 30 95 III rā1' Central Rd. of N. Jersey stock. . . . . $100 Q F | 1+% A*.96 22,497,000108; 9.44108; 31. 94; 7 38279108+ Ja 31 96 6% '90, 64% '91, 7% '92, '93, '94, 54% '95, 1+ 2. '96. |- +do. con. (now 1st) 7s. . . . . . . . . . . Q Ja J1 1899 3,836,000 - - - – 111+ O 22 95 III /445 do. 1st conv. 7s. . . . . . . . . . . . . . . . My & N N 1902 1,167,000 - - - – 115; N 7 95 do. deb.6s conv.into stk.till 1907. My & N My 1908 466,000 - - - – 114 Ap 2 95 "do. gen. g. 5s. . . . . . . . . . . . . . . . . . Ja & J1 J1 1987 41,604,000 115; 112#115; 29, 112# 9, 1891153 Ja 30 96 do. do. reg. . . . . . . . . . . . . Q Ja J1 1987 ”|114; 113 |114; 29, 113 16 46114 Ja 31 96 *Allentown Terminal 1st mtg. gtd. g. 4s. Ja & J1 J1 1919 450,000 - - - - - º Am. Dock & Imp. Co. 1st gtd. 5s s. f. to buy at market rates beginning with lowest bids, if not bought drs, at 110 & int. . . . . . . . . . . . . Ja & J1 J1 1921 4,987,000.112 1113112 101114 18 17112 Ja 20 96 Lehigh & Wilkes. Coal con, assd. 7s ... Q Mr Je 1900 5,500,000105 1044105 7104; 28 20104; Ja 28 96 O. O.S. . . . . . . . . . . . . . . . . . . . . . . . . . y & N N 1912 2,887,000 - - - – 92; N 25 95 “Nesq.Val. Rd.(5%gtd. till 1904) stock$50. Mr & S 24% S 95 1,400,000 55 55 55 10 55 10 5 55 Ja 1396 1,418,600 +New Jersey Southern assumed 6s. . . . . . Ja & J1 J1 1899 411,000 - - - — 105 N. 15 95 Central Ohio. See B. & O Central Pacific. See S. Pacific. Central Washington. See Northern Pacific. +Charleston & Sav. Ry, gen, (now 1st)g.7s. Ja & J1 Ja 1936 1,500,000 - - - - - Charlotte, Col. & Augusta. See So. Ry. Chartiers Ry. See Penna. Co. Chat. Rome & Col. See Central of Ga. Cheshire. See Fitchburg. Chestnut Hill. See Philadelphia & Reading. For abbreviations, see page 26, Fear & Padº-D., 1898, coupons purchased by Farmers' Loan & Trust Co., agents; June, 1894, coupons not paid. y Ca s Seller 20 flat. a Bonds in thousands, stocks in shares. y Sav. & West—For each $1,000 bond dep, holders will receive $3501st pſ, inc. bonds and $250 à pſ, inc. bonds of Cent of Ga. Ry. February, 1896.] Railroad Bonds and Stocks. 35 - * M - SALES 1896. - -- Index. Title of Bond or Stock. ..º. º For the Most or Jastasy. Last Sale. Dividend. isted. §. c --- |Highest. Lowest. |a Total. vol. pg. T- High Low Pr. Date Pr. Date |Price Date III ra:34, Chesapeake & Ohio Ry Stock. . . . . . $100 } 60,533,400 164 13 16+ 30 13 7. * 16+ Ja 31 96 60,578,900 r do. purchase money funding g. 6s. Ja & J1 J1 1898 §ºol, 104 104+ 8104 3 5104 Ja 1496 do. g. 6s series A. . . . . . . . . . . . . . . . Ap & O J1 1908 2,000,000 - - - – 118; D 5 95 do. g. 6s. . . . . . . . . . . . . . . . . . . . . . . Ap & O Ja 1911 2,000,000 – iiji i , º, *#do. 1st con. g. 5s. . . . . . . . . . . . . . . My & N My 1939 23,452,000.109 104,109 30104; 8, 209.1084 Ja 31 96 do. do. Teg . . . . . . . . . . . . My & N My 1939 23,503,000 – – – – 108 o 16 95 *#do. gen. g. 44s. . . . . . . . . . . . . . . . . Mr & S. Mr 1992 21,791,000 76 68+ 76 15 68+ 6, 285 75+ Ja 31 96 º do. do. Teg . . . . . . . . . . . . . . . Mr & S. Mr 1992 22,542,000 do. R. & A. Div. 1st con. g. 4s... Ja & J1 Ja 1989 6,000,000 94; 314|944 28 91+ 9, 167 944 Ja 28 96 do. do. 2d con. g. 4s . . . . Ja & J1 Ja 1989 1,000,000 83 83 83 3 83 3 8, 83 Ja 28 96 do. Craig Valley 1st g. 5s. . . . . . . . Ja & J1 J1 1940 650,000 - - - – 95 S 13 05 do. Warm Springs Val., 1st g. 5s. Mr & S. Mr 1941 400,000 - - - - - #Eliz. Lex. & Big Sandy 1st gtd. g. 5s U s. f. $25,000 p.a. . . . . . . . . . . . . . . . . . . Mr & S. Mr 1902 3,007,000.100. 98 100+ 8, 98 4 37100 Ja 30 96 III ré40+Ches. Ohio & Swest. Rd. (Rcvrs) 1st m. g. 6s (Ag. c. pd. Ja '96). . . . . . . . F & Ag Ag 1911 6,176,600 - - - – 105; F 15 95 D +do. 2d m. 6s (l. c. pd. Ag. '93). . . . . . . F & Ag Ag 1911 2,895,000 - - - – || 484 S 10 95 D +do. O. V. gn. 1st co. g. gtd. 5s (1. c. pd. J1. '93) (Receiver). . . . . . . Ja & J1 J1 1938 1,984,000 - - - - - III rā0 Chicago & Alton Rd. 8% stock. . . . . . . . $100 Q Mr 3%. D 1895 18,761,800160 150 160 18:150 27 63158 Ja 31 96 ſ do. 8% pfd, n. cum. stock. . . . . $100 Q Mr 2%. D 1895 3,479,500 - - - – 180 O 9 95 *#do. s. f. g. 6s not drn. to pur. at not exceed- ing 105, otherwise inv. . . . . . . My & N My 1903 1,853,000 - - - – 116+ D 4 95 do. Joliet & Chic. stock 7 % gtd. in perpetuity. . . . . . . . . . . . . . $100 Q Ja | 1.4% /a 96 1,500,000 - - - – 155 O 93 - *do La. & Mo. Riv. com. stk. . $100 None. 2,272,700 - - - - - *do. do. pfd, stk. gtd...S100 34% A* 96 1,010,000 - - - - - do. do. 1st gtd. 7s. . . . . . . . . F & Ag Ag 1900 1,785,000 - - - – 114 N 7 95 do. La. & Mo. 2d 7s, assd. . . . . . . . . My & N N 1900 300,000 - - - – 111+ N 25 95 do. Miss. Riv. Bridge 1st g. 6s s. f. drn. at 100. . . . . . . . . . . . . . . . Ap & O O 1912 } 555,000 - - - – 1054 O 30 95 - 563,000 Chicago, Bur. & Nor. See Chic. B & º III ºlº Chicago, Bur. & Quincy Rd. stock....S100 Q Mr 1% / 1895 82,262,700 78; 7.1478; 30,714 7/196040, 784 Ja 31 96 III /302 5% '90, 4+% '91, 5% '92, '93, 44% '94, 4% '95. |- f do. con. (now 1st) 7s. . . . . . . . . . . . . . Ja & J1 J1 1903 26,677,000116; 11541164. 281154 6 95/1164 Ja 28 96 do. 7s plain bonds, sec. by con. mtg. Ja & J1 Ja 1896 547,500.117+ 1154117+ 21154. 27 201154 Ja 28 96 *†do. s. f. 5s not drin. s. f. to pur. at not above par & int., otherwise inv. ... Ap & O O 1901 2,315,000 - - - – 105 D 17 95 łdo. debenture 5s. . . . . . . . . . . . . . . . . . My & N My 1913 9,000,000.101 100 101 15100 10 15100. Ja 27 96 do. deb. conv. into stk. till D. 1902. . Mr & S S 1903 15,263,900.1034 101 1034 28101 6 511034 Ja 28 96 fdo. 4s s. f. drawn at 100.......... Mr & S S 1921 3,400,000 - - - - N 6 95 do. Chic. & Iowa div. 5s. . . . . . . . . . F & Ag| F 1905 2,320,0001074 1074/107+ 18107: 18 10.1074 Ja 1896 do. Iowa Div. 5s s. f. drn, at 105...Ap & O O 1919 2,860,000 - - - – 1074 Ja 10 95 †do. do. 4s s. f. 1 ſº of bonds issued used in pur. of bonds at or below par, otherwise drawn at par & int... Ap & O O 1919 7,753,000. 984 984 98+ 23 98+ 23 3. 984 Ja 23 96 +do. Den. Div. col. tr. 4s s. f. 1% used to pur. at not above par & int. Ja 15 & J1 15, or } 6,290,000. 95 95 95 24, 95 24 1 95 Ja 24 90 drs. at par. . . . . . . ------------ F & Ag| F. 1922 7,908,000 "Słdo. Nebraska Ext. 4s s. f. not drin. 1% (up to & inc. 1926) per an used to pur. at not over 110 & int. not later than je 5 each year, otherwise amount returns to general fund º and obligation to purchase ceases. My & N My #! 27,053,000 90 874. 90 31, 87+ 6 44, 90 Ja do. do. reg. . . . . . . . . . . . . My & N My 1927 +*Atch. & Neb. 1st gtd. 7s. . . . . . . . . . . . . . Mr & S. Mr 1908 1,125,000 - - - – 123 O 29 *Bur. & M. Riv. (Neb.) con. (now 1st) li. gr. 6s s. f. drs. at 100 Ja 1 & J11, unless can buy at or below 100 & int. in Je or D... Ja & J1 J1 1918 7,894,000105 104 105 24,104 16. 1600105 Ja 24 96 *do. 6s [Nos. $1,000s 1 to 4,400, $600s 1 to 1,000] exempt. s. f. drawings till J1 1908..Ja & J1 J1 1918 5,000,000116 112 |116 23112 18, 8600115 Ja 29 96 *do. plain 4s. . . . . . . . . . . . . . . . . . . . . a & J1 Ja 1910 3,347,000 - - - – 99 N. 25 95 +Chic. Bur. & Nor. 1sts. f. 5s, red. at 105. Ap & O Ap 1926 8,241,000.103+ 1024103+ 91024 8 411024 Ja 31 96 ſ: 2d 6s red. aft. My 31, 1898....Je & D. Je 1918 2,215,000. 97 97 || 97 24, 97 24 2 97 Ja 24-96 do. deb. 6s. . . . . . . . . . . . . . . . . . . . . . Je & D. D 1896 935,000 - - I - 98 D 395 *do. equip. 7s. . . . . . . . . . . . . . . . . . . . F & Ag| F. 1903 908,000 - – 1 – – - Hannibal & St. Jo. con. (now 1st) 6s...Mr & S. Mr 1911 8,000,000118+ 116 118+ 3116 14 28,117, Ja 30 96 *Kas. City, St. Jo. & Coun. Bluffs 1st 7s Ja & Ji Ja 1907 5,000,000.122 122 122 7122 7 5122 Ja 896 Linc. & Northw. 1st gtd. 7s s. ſ. not drn.ja & J1 Ja 1910 600,000 - - - - - *Nebraska cons, gta. 7s................ Ap & O O 1896 349,000 - - - - - *Nod. & Tark. Val. s. ſ. 7s drn. at 100..Je & D. Je 1920 248,000 – || – || – || – - Omaha & S. W. 1st gtd. 8s. . . . . . . . . . . . . Je & D, Je 1896 669,000 - I - - - - *Ott., Oswego & Fox River 1st mtg. 8s.ja & J1 J1 1900 1,076,000 – — - – 1194. Mr 28 95 "Repub. Val. 1st mtg. g. s. f. 6s drn. at 100. Ja & J1 J1 1919 1,078,000 - - - – 1074 J1 31 95 For abbreviations, see page 26. a Bonds in thousands, stocks in shares. 36 The Bond Record. [Vol. IV. - SALES 1896. | Maturity Amount - Index. Title of Bond or Stock. º Listed. Fº the | Moºrn or Jasvarv. Last Sale. ear. Highest. Lowest..a Total. vol. - - High Low Pr. Date Pr. Date |Price. Date III rº Chicago & E. Ill. Rd, com. stock...... $100 - - 6,197,800. 424 42 42+ 6. 42 18, 400, 42 Ja 1896 do. pfd, 6% stock. . . . . . . . . . . . . . . $100 Q Ja | 1.4% /a 96, 4,830,700 98 98 98 23 98 23, 150, 98 Ja 23.96 6% in pfd, stock'90, 44% 91,6%’92 to '95, 14%'96. łdo. 1st cur. 6ss. f. $20,000 p.a. to pur, at par and int. not drn ...Je & R D 1907 2,989,000114 112 |114 21112 11 3114 Ja 21 96 +do. 1st con. g. 6s s. ſ. not drn. . . . Ap & º O 1934 2,653,000128 123123 9123 9 5.1% Ja 996 2,788,000 +do. gen, con. 1st 5s. . . . . . . . . . . . . . My & N N 1937 | 7,393 ºw. 99; 101 6 99; 11 91100 Ja 29 96 do. do. registered ....My & N N 1937 1, ovº), - - - – 103 O 8 95 +Chic. & Ind. Coal Ry. 1st assumed 5s. . Ja & J1 Ja 1936 4,587,000 - - - – 103 N 18 95 Chicago & Erie. See Erie Rd. 4,626,000 III rô98 f"Chic. Gt. West. Ry. 4%deb.gtd. stk.8100 Ja & J1 2 4 Ja 1896, 13,287,500 - - - - - 4% J1'94, 2% '96. III /808 'do. 5% pfd, A. . . . . . . . . . . . . . $100 Je & D 11,145,000 - - - - - Chicago & Mil. See Chic. & N. W. III rq93*Chic., Mil. & St. Paul Ry, stock. . . . . $100 Ap & O 1% 0.1895 46,027,261 72+ 634 72; 29, 631 7577332, 724 Ja 31 96 III /378 (24%'88, none'89, '90, '91, 2%'92, 4% '93, '94, 24'95. ‘do. pref. 7% stock n. cum. . . . . . $100 Ap & O 34% O 95 26,594,9001:27+ 125 127+ 2125 7. 5626,127 Ja 30 96 1. con. 7s conv. int. pfd, stk. . . . . Ja & J1 J1 1905 11,299,000.1254. 123 1254 20123 7 10.1253 Ja 20 96 do. conv. 5s sink. fund drn. at 105. Ja & J1 Ja 1916 1,520,000. 96 96 96 7. 96 7 5, 96 Ja 7 96 *{{do. gen. g. 4s, series A. . . . . . . . . . . Ja & J1 My 1989 } 19,010,000 94 93 94 6, 93 6 44. 93 Ja 1796 do. do. registered. . . . . . . Q Ja My 1989 21,411,000 *#do. C. & L. Sup. Div. 1st g. 5s ... Ja & J1 J1 1921 1,360,0001074 1074/1074 27,1074 27 31074 Ja 27 96 *#do. Chic. & Mo. Riv. Div. 1st 5s..ja & J1 J1 1926 3,083,000.1064 10341064. 29.103; 6 651064 Ja 30 96 do. Chic. & Pac. Div. 1st 6s. . . . . . Ja & J1 Ja 1910 3,000,000 - - – || – 118+ O 25 95 *4do. C. & Pac. W. Div. 1st g. 5s. . . Ja & J1 Ja 1921 25,340,000111+ 110 111+ 28,110 13 53111+ Ja 28 96 do. Dakota & Gt. So. 1st g. 5s. . . . Ja & J1 Ja 1916 2,856,000105+ 105+105+ 24|105+ 15 81054 Ja 24 96 +*do. Dub. Div. 1st 6ss. f. not drn. Ja & J1 J1 1920 6,565,000 - - - — 121 D 9 95 do. Fargo & Southn, assd. g. 6s... Ja & J1 Ja 1924 1,250,000 - - - – 118 S 20 94 *#do. Hast. & Dak. Div. exten, 1st 7s. Ja & J1 Ja 1910 5,680,000.124 124 124 16.124 16 10.124 Ja 16 96 do. do. 1st 5s. . . . . . . . . . . . . a & J1 Ja 1910 990,000 – —"" " — iod; p 30 ſº do. I.&D.Ex. 1st 7s conv.int.pfd.stkja & J1 J1 1908 3,505,000128 126 (128 24,126 23 51274 Ja 31 96 { *do. La Crosse & Dav. Div. 5s. . . . . Ja & J1 J1 1919 2,500,000 – _`_” — ii) is is do. Mil. & Nor, 1st main line 6s. Je & D. Je 1910 2,155,000114 114 114 28,114 28 1114 Ja 28 96 do. do. 1st con. 6s. ...... Je & D. Je 1913 5,092,000116 1154,116 271154. 27 51154 Ja 27 96 do. Mineral Point Div. 1st 5s.....Ja & J1 J1 1910 2,840,000.1034 1034103; 8,103; 8 2103, Ja 896 do. Southw. Minn. Div. 1st 6s....Ja & J1 Ja 1910 7,432,000114; 1124|114; 21.12; 11 50,114 Ja 31 96 *#do. Southwestern Div. 1st 6s......Ja & J1 J1 1909 4,000,000115 114 115 31||114 24 5115 Ja 31 96 *#do. Terminal g. 5s. . . . . . . . . . . . . . . Ja & J1 J1 1914 4,748,000.112 108 112 28.108 9 33,111 Ja 30 96 *Holo. Wis. & Min. Div. 1st g. 5s....Ja & J1 J1 1921 4,755,000110 1064110 30.106, 20 33110 Ja 30 96 +*do. W. V. Div. 1st 6s s. ſ. not drin. Ja & Ill J1 1920 2,291,000 - - - – 118 D 9 95 +*do. do. Rd. 1st 7s.........Ja & J1 Ja 1909 1,106,500.122 122 122 18122 18 3,122 Ja 21 96 Milwaukee & St. Paul. łdo. C. & M. 1st 7s conv, into pfd, stk. Ja & J1 Ja 1903 2,393,000.123 1224|123. 21122; 14 8,123 Ja 21 96 +do. Iowa & D, 1st 7s do. a & J1 J1 1899 465,000 – - - — 125 N 18 95 do Iowa & M. 1st 7s do. Ja & J1 J1 1897 2,361,000.121 121 121 10121 10 20121 Ja 17 96 do. Prairie du C. 1st 8s. . . . . . . . . . . . . F & Ag| F 1898 8,674,000 - - - – 110 D 23 95 do. do. 2d 7.3 conv. into pfd, stk. F & Ag| F 1898 1,140,000 - - - — 122 D 24 95 do. Riv. Div. 1st g. 7s do. Ja & Ji Ja 1902 3,796,500 - - - – 1264 D 295 do. do. 1st 7s A. . . . . . . . . . . . Ja & J1 Ja 1902 Chicago & No. Mich. See Chic. & W. Mich. DHC. & N. P. Rd. 1stg.5s (Revr)(l.c. pd. Apg8.)...Ap & O Ap 1940 do. U. S. Trust Co. eng. ctfs. . . . . | 25,523,000, 41 37 || 41 31, 37 S 349, 41 Ja 31 96 III ºs Chicago & Northw. Ry.com, stock....S100 Ja & Ji ??? /a 96 || 39,060,383,100; 945100; 2 94; 7 317.121004 Ja 31 96 III /301 ſº 6% yearly 1886-'93, 54% '94, 4% '95, 24% '96. } 41,387,866 do. pref, 7% stk.m. cum. . . . . . . . $100 Q Ja 1; 4 Ja 96 22,340,600,145 142 145 4142 8, 1180145 Ja 17 96 łdo. cons. 7s s. ſ. not drin. . . . . . . . . . . F F 1915 | 12,771,000141 141 141 28141 28 4141 Ja 29 96 - 12,774,000 #do, genl. cons, gold 7s s. ſ. not drin...Je & D. D. 1902 12,336,000 118; 116 1184 10116 13 4116 Ja 13.96 *do. do. registered. . . . . . . . . . . Je & D. D. 1902 || ”118; 1174118; 10.117+ 23 51174 Ja 23.96 #do. sinking fund 6s, red, at 105.....Ap & O O 1929 6,011.000118 118 118 17112 17 4112 a 30 96 *do. registered. . . . . . . . . . . . . . . . . Ap & O O 1929 ------ - - - – 1164. 10 95 ºdo, sinking fund 5s, red, at 105. . . . . Ap & O O 1929 7,301,000 108 108 108 24.108 24 1108 Ja 24 96 "do. registered. . . . . . . . . . . . . . . . . Ap & O O 1929 """10s, 108 10s 1710s 17 20108 Ja 28 96 13,663,000 **do. sink, fund deb. 5s s. f. not drin...My & N N 1933 l 9,800,000 110+ 107*110+ 31107; 27 9|110] Ja 31 96 *do. do. registered... . . . . . . ... My & N N 1933 --~~~- 106 106 106 16106 16 30,106 Ja 16 96 ºdo, debenture 5s. . . . . . . . . . . . . . . . My & N N 1909 | 6,000,000 ºf 1% ºf 1:19: § 18106 Ja 29 96 *do. do. registered. . . . . . . . . . . . My & N N 1909 - - - - - 103 103 103 29.103 29 1103 a 29 96 *#do. debenture 5s. . . . . . . . . . . . . . . . Ap & O 15 Ap 1921 9,819,000.108 107 108 8.107 10 82107+ Ja 29 96 do. do. registered. . . . . . . . . Ap & O 15 Ap 1921 ; 10,000,000 - - - — 107 N 29 95 do. 1st mtg. 44s Iowa Div. . . . . . . . . . Ap & O Ap 1902 1,411,000 - - - – 126+ D 9 95 For abbreviations, seepage 26. *::: Gt. - - - - a Bonds in thousands, stocks in shares. Western-Cash paid to subscribers to new debenture stock; debenture scrip to non-subscribers. - -- February, 1896.] Railroad Bonds and Stocks. 37 * - SALES 1896. Index. Title of Bond or Stock. º º: For the Month of January. Last Sale. Year. Highest. Lowest, a Total. Vol. pg. High Low Pr. Date Pr. Date Price Date Chicago & Northw. Ry-–Continued. #do. extension 4s. . . . . . . . . . . . . . . . F & Ag 15 Ag 1926 | 18,632 000101 100 101 30.100 15 2101 Ja 30 96 *do. do. registered . . . . . . . . . . . F & Ag 15 Ag 1926 º - - - – 99 My 11 95 *Cedar Rap. & Mo. Riv. Rd. 1st assd, 7s. My & N. My 1916 2,332,000 - - - – 1364 N 8 95 * do. do. 2d assd. 7s. . . . . . . Je & D. Je 1909 769,000 - - - - -- Chicago & Milwaukee Ry. 1st 7s. . . . . . . Ja & J1 J1 1898 1,700,000105 105 105 30,105 30 3,105 Ja 30 96 |- Chic. Mil. & N.W. Ry, construction 6s. My & N N 1905 } 601,000 - - - - - 750,000 III r131 Chic. St.P.Minn. & Om. Ry.com.stk..S100 -- 21,403,293 37 313 37 15, 31; 7, 6215. 354 Ja 31 96 do. pref: 7% stock n, cum. $100 F & Ag|3} : A 96 ſ 11,646,833,121 117121 15117 7. 639,121 Ja 20 96 4% '90-91, 64% '92, 7% '93-'95, 34% '96. 12,646,834 +do. con. 6s. . . . . . . . . . . . . . . . . . . . . . . Je & D. Je 1930 || 13,413,000.125 124 125 8124 6 58,124 Ja 30 96 14,006,327. Chic. St. P. & Minn. 1st assumed g. 6s. My & N My 1918 3,000,000128 122 128 31122 8 1128s Ja 31 96 *Chicago & Tomah Rd. 1st mtg. 6s.....My & N N 1905 1,528,000 - - - - Dakota Central Ry. 1st mtg. 6s (W. & | 1,007,000 - - - - º St. P. Rd. connection). . . . . . . . . . . . . Mr & S S 1907 || 1,065,000 Dak. Cent. Ry. 1st mtg. 6s (So. E. Div.)My & N N 1907 2,000,000 - - - - - Des Moines & Minneapolis Rd. 1st 7s., F & Ag| F. 1907 600,000 - - - – 1274 Ap 8 94 Escanaba & L. Superior Ry. 1st assd.6s. Ja & J1 J1 1901 720,000 - - - – 110} N 21 95 III raş1|| *Frem. Elk, & Mo. Val. Rd. 1st mtg.gtd.6s. Áp & O O 1933 7,725,000 - - - – 1294 D 27 95 *do. 1st mtg. gtd. 6s unstamped. Ap & O O 1933 } 3,600,000.126 126 126 27.126 27 27,126 Ja 28 96 10,625,000 +Iowa Midland Ry. 1st 8s. . . . . . . . . . . . . . Ap & O O 1900 1,350,000117 117 117 4117 4 1117 Ja 496 +Madison Exten, 1st 7s s. ſ. not drn....Ap & O Ap 1911 || 2,977,500 - - - - - 3,150,000 +Menominee Exten, 1st 7s s. ſ. not drin... Je & D. Je 1911 } 2,546,500 - - - - - 2,697,000 III 1311|| +Mil. L. Shore & W.cons. (now 1st) g. 6s. My & N My 1921 5,000,000||130; 12931304 2.2129, 11 5.31304 Ja 31 96 ſ !. conv. deb. g. 5s. . . . . . . . . . . . . . F & Ag| F 1907 436,000 - - - – 105+ D 1 94 | +do. ext. and imp.g. 5s s.f.not drn. 1% p.a. used to pur. bonds at not over 110 & int., otherwise inv. . . . . . . . . . . . . . . . . . . . F & Ag| F 1929 4,148,000113 113 113 8113 8 2113 Ja 29 96 £do. income 6s n. cum. . . . . . . . . . . . My & N My 1911 500,000 - - – 110 O 16 95 do. Ashland Div. 1st g. 6s. . . . . . . . Mr & S. Mr 1925 1,000,000 - - - – 126 May 7 95 do. Michigan Div. 1st g. 6s. . . . . . . Ja & J1 J1 1924 1,281,000 - - - – 126+ 1 95 Milwaukee & Madison 1st 6s. . . . . . . . . . . Mr & S S 1905 1,600,000.108 108 108 7108 7 4108 Ja 7 96 Northern Illinois 1st gtd. 5s. . . . . . . . . . . Mr & S. Mr 1910 1,500,000105 105 105 20105 20 1105 Ja 20 96 Northwestern Union Ry. 1st mtg. 7s...Mr & S. Je 1917 } 3,365,000 - - - - - 3,500,000 ſº Wisconsin 1st 6s. . . . . . . . . . . . . . . . Ja & J1 Ja 1930 800,000 - - - – 125 M 88 Ottumwa, C. F. & St. Paul 1st gtd. 5s...Mr & S. Mr 1909 1,600,000 - - - – 108+ 12 95 Peninsula 1st conv. 7s. . . . . . . . . . . . . . . . Mr & S S 1898 117,000 - - - – 1314. My 92 *Sioux City & Pac. 1st 6s. . . . . . . . . . . . . . . Ja & J1 Ja 1898 1,628,000 - - - – 104 Il 25 95 St. Paul & Sioux City 1st g. 6s. . . . . . . . Ap & O Ap 1919 6,070,000128 128 128 15128 15 7|128 a 22 96 +Winona & St. Pet. Rd.2d (now 1st)gtd.'s. My & N N 1907 1,592,000 - - - – 128: Ag 8 95 do. 1st mtg. 7s (Exten. West. Div.). Je & D. D. 1916 || 4,038,500 - - - - - º | 4,241,000 III r?94 Chicago, R. I. & Pac. Ry. stock. . . . . $100 Q F || 4 F 1896 || 46,156,000 69g 62 698 31 62 7 70848, 694 Ja 31 96 [4% '89-'90, 3%'91,4% '92,-'93, 34% '94,2% '95, 3%'96. Šdo. 1st 6s. . . . . . . . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1917 12,100,000 - - - – 1324. D 13 95 **do. do. registered. . . . . . . . . . . . . . . . . . Ja & J1 J1 1917 12,500,000 - - - – 130 N 21 95 *†do. ext. and col. 5s, red. at 105. . . . . . Ja & J1 J1 1934 40,430,000.103 100 103 27100 7 785,1024 Ja 31 96 do. do. registered. . . . . . . . . . . . . . . a & J1 J1 1934 || 40,712,000.1014 100 101; 25.100 10, 125,1014 Ja 25 96 łłdo. debenture 5s, red. at 105. . . . . . . . Mr & S S 1921 4,500,000 94- 92 94 24 02 1 97 94 a 31 96 do. do. registered. . . . . . . . . . . . . . . . Mr & S S 1921 -------- - - - - Des Moines & Ft. Dodge stock.......S100 - - 4,283,100 6 54 6 654 7| 400, 54 Ja 7 96 { do. pref. stock, n. cum. . . . . . . . . . $100 4% Ag 1895 763,000 – – - – 50 N. 12 95 2% '93, 4% '94, '95. do. 1st series A int. gtd. 4s. . . . . . . . . Ja & J1 Ja 1905 1,200,000 – – - – 85 D 11 95 do. 1st series B inc. int. gºd. 24s...Ja & J1 Je 1905 1,200,000 – – - – 594 N 27 95 do. exten. 4s int. gtd. . . . . . . . . . . . . . Ja & JJ Je 1905 672,000 - - - – 84 O 14 95 Keokuk & Des Moines stock...... $100 Ap & O -- 3,600,400. 2 22 102 10 100 2 Ja 10 96 do. pfd. 8% stk. cum. . . . . . . . . $100 Ap & O ſº, ſº Ja 95 1,524,600 - - - – 174 J1 11 95 21% º '93, ºn 4 '94, ºn 4 '95. do. ºf 5. º * ***. Ap & O O 1923 2,750,000 – || – || – || – 107 D 5 95 Chicago & St. Louis. See Atch. Top. & S. Fe. Chicago, St. L. & N. O. See Ill. Central. Chicago, St. L. & Pitts. See Penna. Co. - Chicago, St. L. & Pad. See St. L. A. & T. H. Chicago, St. Paul & Minn. See Chicago & N. W. Chicago, St Paul, Minn. & O. See Chic. & N. W. III r292|{Chic. & Wn. Ind. Rd. 1st s.f.g.6s, drin.at 105. My & N N 1919 } 1,395,000 - - - – 1064 My 1595 /*#do. gen. g. 6s s. f. to pur. at or below par 1,548,000 and int., otherwise drin. at 105. . . . . . . . . Q Mr D 1932 9,652,666 - - - – 1184 N 0 95 For abbreviations, see page 26 * Seller 20 flat. ychic. & W. Indº-Can be drawn at 105 and interest after the 6s of 191 a Bonds in thousands, stocks in shares. 9 are all drawn. 38 The Bond Record. [Vol. IV. SALES 1896. Maturity Amount Index. Title of Bond or Stock. º, Listed. Fº Month of JANuary. - Last Sale. - Highest. Lowest..a Total vol. - High Low Pr. Date Pr. Date Price Date III , ſº *Chicago & W. Mich. Ry, stock.....S100 F & Ag| 1.4% F 93 } 6,796,800 – – – — 23 Ag 20 95 7,448,200 3% '90, 34% '91, '92, 14% '93. ſłdo. gen. 5s. . . . . . . . . . . . . . . . . . . . . . . . Je & D. D. 1921 5,753,000 - - - — 98; Mr 13 19 5,758,000 - /*Chic."& N. Michigan Rd. 1st gºd. 5s...My & N N 1931 1,622,000 – || – - – 74 Je 7 95 1,667,000 R"Choctaw, Okl. & Gulf Rd. stk. voting tst, ctfs. $50 3,743,250 12# 84 12# 8 8; 11 30621, 9; Ja 31 96 *do. rior lien g. 6s, redeemable at III /732 05 after Oct. 1, 1899.........Ap & O O 1919 1,000,0001073 10641074 221064 3 26.1074 Ja 22 96 ‘do, gen, g. 5s. . . . . . . . . . . . . . . . . . Ja & J1 O 1919 4,141,000 684 664 684 24 66%. 20 22 683 Ja 24 96 ſł"do, income mtg. g. 5s non-cum. . . . . . . F O 1944 1,097,000 - - - - - Cin. & Balto. See B. & O. S. W. #Cin. H. & D. Rd. con. (now 1st)7ss. f.n.drn. Ap & O O 1905 996,000 - - - – 118 J1 395 łdo. 2d g. 44s. . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1937 2,000,000 - - - – 107; D 7 95 do. Cin. Day & Iron. 1st gtd. g. 5s.. My & N My 1941 3,500,000.109 1053109 3105; 29 7|1054 Ja 29 96 Cin. Ind. St. L. & C. See C. C. C. & St. L. Cin. La F. & Chic. See Clev. Cin. Chic. & St. L. III r?81|Cin. N. Orl. & Tex. Pac. Ry, stock (Rcvr) S100 Irreg|2 º O 1892 3,000,000 - - - - - - 6% '90, 4% '91, 2% '92. Cin. San. & Cleve. See C. C. C. & St. L. Cin. & Springfield. See Clev. Cin. Chic. & St. L. Also Lake Shore & Mich. Southern. Clearfield & Jefferson. See Penn. & Northwestern. Clearfield & Mahoning. See Buff. Roch. & Pitts. III r"10+Cleve. Akr, & Col. Ry, equip. and 2d g. 6s. F & Ag Ap 1930 730,000 - - - - - Cleve. Canton & So. Rd. stock (R'c'r) $100 -- 4,151,209, 25c 25cl 25c 9, 25c 9 100, 25c Ja 996 *do. pfd, stock, n, cum. . . . . . $100 -- 8,645,274. 1 75c 1 29, 75c 23 62 50c Ja 29 96 D | Cl. & Can. 1st m, 5s (Ja: 95 c. pd. Je. 95) Ja & J1 J1 1917 2,000,000 80, 79 80; 16 79 17 3| 79 Ja 17 96 D | *do, equip. tr.g. 5s (1.c.pd. Ap.93) Ap & O J1 1917 | 1,065,000 - - - – 30 Ap 1 95 2,000,000 D *Way, & Can, 1st m.g.5s (l.c.pd. Je. 93) Je & D. Je 1928 200,000 - - - - - III ré02 *º & St. L. Ry, stock. . . . $100 14% Ag 1893. 28,000,000 36; 31 || 36|| 14 31 7 14289, 363 Ja 31 96 % '90, 3% '91-'93. ſ do. pfd, 5% stock n, c. . . . . . . . . . . $100 Q Ja 14% /a 1896 10,000,000 90 90 90 30 90 30 361 90 Ja 30 96 '#do, gen. g. 4s. . . . . . . . . . . . . . . . . . . . . . Je & D. Je 1993 5,000,000 - - - — 88 N 18 95 *#do. Cairo Div. 1st g. 4s. . . . . . . . . . . . Ja & J1 Ja 1939 4,763,000 - - - — 93 O 2 95 5,000,000 |. C. Wab. & Mich. Div. 1st g. 4s. . Ja & J1 J1 1991 4,000,000 - - - – 94; D 27 95 *#do St. Louis Div. 1st col. trig. 4s, red, at 105 & int. . . . . . . . . . . . . . ... My & N N 1990 \ |\ 9,750,000 93 924. 93 3 92%. 13 53 92; Ja 23.96 do. do. registered. . . . . . . . . . . My & N N 1990 || || 10,000,000 - - - - - do. Springfield & C. Div. 1st g. 4s. . Mr & S S 1940 1,035,000 - - - — 87 O 22 95 1,250,000 łdo. White W. Val. Div. 1st g. 4s....Ja & J1 J1 1940 650,000 - - - — 83 D 16 95 Cin. La F. & Chic. 1st g. 7s int. gtd. . . . Mr & S S 1901 792,000 - - - - #Cin. I. St. L. & C.gen. 1st g. 4ss.f.not drin. Q F | Ag 1936 7,755,000 98 95 98 7 95 8 18, 954 Ja 24 96 } do. do. registered. . . . . . . . . . . Q F | Ag 1936 | ------- - - - — 95 N 15 94 º łdo. con. s. f. 6s drawn at 105. . . . . My & N My 1920 724,000 - - - – 104 Mr 29 93 Cin. San. & Cleve. pfd, n, cum 6% stk. $50 % AW 1895 428,500 - - - - - do. con. (now 1st) g. 5s. . . . . . . . . . . . . Ja & J1 Ja 1928 2,571,000.106 106 106 31106 31 2106 Ja 31 96 Cleve. C. C. & Ind: 1st 7s s, f, not drin...My & N My 1899 3,000,0001073 106 1074 27,106 13 41073 Ja 27 96 do. con. 7s drin, at 100 if unstamp'd Je & D. Je 1914 y 3,991,000120 119 120 9,119 9 11120 Ja 22 96 do. con. s. f. 7s do. drs, at par Je & D. Je 1914 || || 4,158,000 - - - – 1195 N 1989 +do. gen, con. g. 6s. . . . . . . . . . . . . . . . Ja & J1 Ja 1934 3,205,000 - - - – 1264 D 295 | do. do. registered. . . . . . . . . Ja & J1 Ja 1934 | ------- - - - - - Ci. & Sp. 1st mtg. 7s,gtd. by C.C.C. & I. Ap & O Ap 1901 || | 1,000,000 - - - - - | 2,000,000 Peoria & Eastern stock............... $100 -- 10,000,000 5 3 || 5 25, 3 20 205 5 Ja 25 96 +do. 1st con. 4s int. gtd. . . . . . . . . . . . Ap & O Ap 1940 8,103,000 80 794 80 14 79; 21 38 80 Ja 30 96 do. 2d con, income 4s n, cum. . . . . . . . April Ap 1990 4,000,000 23 20 || 23 27 20 24 7| 23 Ja 27 96 1. I. B. & W. 1st pſd. 7s int. gtd.. Ja & J1 Ja 1909 1,000,000 - - - – 113 D 16 95 U+do. Ohio, Ind., & W. 1st g. int.gtd. 5s Q Jal Ap 1938 500,000 - - - - - III 1808 Cleve. Lorain & Wheeling Ry, stock....S100 -- 8,000,000 - - - - do. 5% pfd, stock n, cum . . . . . . $100 - - 5,000,000. 53 14 53 1441; 7, 1975 48 Ja 31 96 *{do. con. g. 5s. . . . . . . . . . . . . . . . . . . . Ap & O O 1933 4,300,000 - - - – 109+ N 29 95 Cleve. & Mahoning Valley. See Erie Rd. Cleve, & Marietta. See Penn. Co. Cleve, & Pittsburg. See Penn. Co. Clev. Term. & Valley Rd. See Balto, & O. Coeur d'Alene Ry. See Nor. Pac. IIIrS4D ['icol. Mid. Rd. 1st g.6s (l.c.pd. D98) (Revr). Je S. D. Je 1936 429,000 — - — | – || 774 J1 995 III 1808 } 6,350,000 | 'do. do. eng. Tr. Co. ctfs, of deposit. 5,821,000 74 69 74 30, 69 15 86 74 Ja 31 96 For abbreviations, see page foºie, & W. Mich.-Coupon due been paid. Chic. & M. Michi-Coupon due N., paid same as foregoing. 25. - D. ºn paid one-half in cash and one-half inscrip, payable in 10 years option to prepay º a; any time ºn tº days notice, or to buy the same in open market at any time. No dividend to be a Bonds in thousands, stocks in shares. from date with interest at 5% p.a., the Co. reserving the paid on stock until all scrip shall have ºf Choc., Oºº & Gulf–First int. payment due F, 97. February, 1896.] Railroad Bonds and Stocks. 39 * SALES 1896. Index. Title of Bond or Stock. º * For the Month of January. Last Sale. - Year. Highest. Lowest a Total. vol. pg. - - T High Low Prº Date Pr. Date Price Date Colorado Midland Rd.-Continued. D|| +do. con. g. 4sgtd. stpd.(l.c. pd. Ag'93), F & Ag| F 1940 } 993,000 - - - – 254 D 3 95 4,886,000 | do. do. Trust Co. ctfs. . . . . . . . . . . 3,893,000 23 20 || 23 29, 20 14, 160 23 Ja 29 96 Columbia & Greenville. See So. Ry. III r101 Col., Hock. Val. & Tol. Ry, com. stk....S100 - - 11,696,300 18; 15 18; 27 15 7 4880 18+ Ja 30 96 ſ do. pfd, 5% stock n, cum...S100 Ja & Ji 2+ ſº ya 96 || 2,000,000 - - - – 56 D 31 95. { 2+ 4 '92, 5% '93-'95, 24% '96. 2,500,000 do. con. g. 5s. . . . . . . . . . . . . . . . . . . Mr & S S 1931 8,000,000 884 83 88; 23. 83 9 24 854 Ja 29 96 do. gen. g. 6s. . . . . . . . . . . . . . . . . . . . Je & D. Je 1904 1,618,000 88 80 88 16, 80 10 16, 88 Ja 16 96 Col. & Cin. Midland. See Balto. & Ohio. Col. Connect. & Term. See Norfolk & Western. *Columbus (Ohio) Street Ry, stock. . . . . . $100 1 % F 1896 3,000,000. 454 45}|45; 31, 45; 31 113 451 Ja 31 96 *do. 1st con. g. 5s. . . . . . . . . . . . . . . . . . . Ja & J1 J1 1932 2,220,000 - - - - - ‘Columbus Pass. Crs. Town 1st mtg. g. 5s.Jes. D. Jelø22 385,000 - - - - - Concord & Montreal. See Boston & Me. Connecticut & Passumpsic. See Boston & Me. Connecticut River. See Boston & Maine. Connecting Ry. See Penn. Rd. *Consolidated of Vt. pfd, stock, n. cum. $100 - - 750,000 - - - – 20 S 5 95 f*do. 1st 5s. . . . . . . . . . . . . . . . . . . . ... Ja & Jl Je 1913 7,000,000 874 87 871 9 87 2 8 87 Ja 24 96 *Corning, Cowanesque & Antrim 6s. . . . . . . My & N My 1898 1,250,000 - - - - - Current River. See Kan. City, Ft. S. & Mem. Iº & Great Southern. See C. M. & St. P. allas & Waco. See Mo. Kan. & Tex. Danbury & Nor. See N. Y. N. H. & H. Delaware. See Penna. Rd. Delaware & Bound Brook. See Phil. & Read. III rô4|Del. & Hud. Canal Co. 7% stock. . . $100 Q Mr 14%. D 1895, 35,000,000.129, 1194.129, 311194 m 202721294 Ja 31 96 ſ do. 1st mtg. 7s Penn. Div. . . . . . . . . Mr & S S 1917 5,000,000 - - - – 143 7 95 do. do. reg . . . . . . Mr & S S 1917 -** **** - - - - – 140 S 13 95 *Alb. & Sus. stk. 7%gtd until 2001. $100 Ja & J1 34% /a 96 3,500,000 - - - – 170 J1 24 95 *#do. 1st con. gtd. 7s.. . . . . . . . . . . . . . Ap & O Ap 1906 3,000,000 - - - – 129 D 2 95 do. do. registered . . . . Ap & O Ap 1906 - - - - - - - - – 128.4 F 12 94 * +do. 1st con. gtd. 6s g. int. . . . . . . . . Ap & O Ap 1906 7,000,000 - - - – 118 O 14 95 do. do. registered . . . . Ap & O Ap 1906 ”|117 117 117 6117 6 5117 Ja 6 96 *Rensselaer & S. stock 8% gtd. charter and renewals. . . . . . . . . . . . . . $100 Ja & J1 4% /a 1896 || 10,000,000 - - - — 189 D 9 95 łdo. 1st con. 7s. . . . . . . . . . . . . . . . . . . My & N My 1921 | 2,000,000 - - - – 141 My 14 95 do. do. registered . . . . . . . . . . My & N My 1921 -------- - - - – 14.4 F 20 94 III r14|Del. Lack. & W. Rd. 7% stock........ $50 Q Ja | 1.4 % 20 26,200,0001644 155#164, 811554. 7 6410,1644 Ja 31 96 1896 ſ do. con. (now 1st)7s. . . . . . . . . . . . . . Mr & S S 1907 3,067,000 - - - – 132 Ag 12 95 "Mor. & E.Rd.7% stk.gtd.char.&ren. $50 Ja & J1 34% /a 96 15,000,000164. 1624|164. 281624 10 768|1624 Ja 31 96 do. 1st gtd. 7s. . . . . . . . . . . . . . . . . . . My & N My 1914 5,000,000142 1.41+|142 16141+ 21 3.142 Ja 28 96 do. gtd. 7s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1900 281,000114 114 114 17|114 17 2114 a 17 96 do. gen. mtg. 7s (1st on Boon. Br.). Ap & O O 1901 4,991,000 - - - – 118 9 95 łdo. 1st con. gtd. 7s. . . . . . . . . . . . e & D. Je 1915 | 12,151,000 141+ 1394.141+ 10,139; 15 25,140 Ja 23 96 do. do. Teg. . . . . . . . . . . . . . e & D. Je 1915 ------ - - - – 136 Je 4 92 { "N. Y. L. & W. 5% stk.gtd. in perp...S100 Q Ja | 1.4% /a 96 10,000,0001164. 116#116; 17116; 17 1311164 Ja 17 96 do. 1st gtd. 6s. . . . . . . . . . . . . . . . . . . Ja J1 Ja 1921 12,000,000|129 129 |129 16129 16 4|129 Ja 16 96 do. Construction gtd. 5s. . . . . . . . . . F & Ag Ag 1923 5,000,000 - - - – 1174 S 24 95 *Oswego & Syrac. stock 9% gtd. charter (1899) and renewals........... $50 F & Ag|44% A* 96 1,320,400 - - - - - #Syr. Bing. & N. Y. con. (now 1st) 7s. Ap & O O 1906 1,966,000 - - - – 130 Ja 495 *War. N. J. stk. 7% gºd. charter.. $50 Ap & O 34% O 95 1,800, - - - - - do. 2d (now 1st) 7s. . . . . . . . . . . Ap 15 & O 15 O 15 1900 , 750,000 - - - – 113+ N 6 95 III ré96*Denver & Rio Grande Rd. stock...... $100 - - 38,000,000 12# 12# 12# 16 12# 14 240 124 Ja 16 96 II 265 ſ "do. fd. 5% stock n, cum. . . . . $100 1% /a 15, 96 23,650,000. 454 40 45+ 30, 40 7, 14341|454 Ja 31 96 24% '90, 24% '91, none '92, 2% '93, 1% '96. º *†do. 1st con. g. 4s. . . . . . . . . . . . . . . . Ja & Ji Ja 1936 || 28,465,000 90 83 90 27 83 7, 259 891 Ja 31 96 28,650,000 fdo. 1st g. 7s... . . . . . . . . . . . . . . . . . . My & N N 1900 6,382,500.112 1104,112 161101: 6 101.12 Ja 20 96 "fio. imp. g. 5s. . . . . . . . . . . . . . . . . . . Je & D. Je 1928 8,103,500 874 83 874 31 83 15 13|874 Ja 31 96 Des Moines & Fort Dodge. See C. R. I. & Pac. Des Moines & Minn. See Chic. & N. W. Detroit, Hills. & S. W. See L. S. & Mich. So. III r169*Detroit, Lansing & Nn. Rd. stock..S100 F & Ag 1,825,600 - - - – 25c N 30 95 *do. pfd, stock. . . . . . . . . . . . . $100 F & Ag -- 2,510,000, 5 5 || 5 17 5 17 25, 5 Ja 1796 D||+/*do. mtg. 7s. . . . . . . . . . . . . . . . . . . ... Ja & J1 Ja 1907 2,672,000 - - - – 72 3 º D 1 ºf "Grand Rap. L. & Detroit 1st mtg. 5s. Mr & S S 1927 1,108,000 - - - - - Detroit & Bay City. See Mich. Cent. III 1521'4Letroit & Mackinac 1st lien g. 4s. . . . . . . . e & D. Je 1995 900,000 - - - – 65 D 9 95 +do. mtg. g. 4s. . . . . . . . . . . . . . . . . . . . }: & D. Je 1995 1,250,000 - - - - - f Detroit, Mack. & M. land gºt 3+ss. A....Ap & O 1911 3,112,000 20 19 20 30, 19 9 28, 20 Ja 30 96 For abbreviations, seepage 2 f Def. L. 6. & W. Gr. R. L. & D.—J1. & S., 1893, coupons purchased; all since, defaulted. a Bonds in thousands, stocks in shares. ºf Det., Mack, & Mar.-14 int. pd. O. 15 for 6 mos, ended S. 30, '95. 40 The Bond Record. [Vol. IV. SALES 1896. Maturity Index. Title of Bond or Stock. or º º For the Month of January. Last Sale. Dividend. - - Year. ſº. T. T., . . e Highest. Lowest a total. vol. pg. |High Low Pr. Date Pr. Date Price Date petroit, Monroe & Toledo. See L. S. & M. So. - III /732|Duluth & Iron Range Rd. 1st 5s. . . . . . . . . . Ap & O O 1937 | 6,332,000 101 101 101 29,101 29 1101 Ja 29 96 do. do. Teg. . . . . . . . . Ap & O O 1937 --~~ - – – – - Duluth & Manitoba. See Northern Pacific. - #Duluth, Red Wing & So. Rd. 1st g. 5s....Ja & Ji Ja 1928 500,000 - – – – Duluth Short Line. See St. Paul & Duluth. Duluth, South Sh, & Atl. See Canadian Pac. D+*Duluth & Winnipeg Rd. (Rec.) 1st g. 5s (1. c. - pd. Ja '93). . . . . . . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1929 2,000,000 - - || – "Dutchess Co. Rd. com. stock....... $100 | _ " : 00,000 – – – – - +"do. 1st g. 6s. . . . . . . . . . . . . . . . Je & D, Je 1940 350,000 – – – — E. Rd. See Boston & Maine. - astern New Hampshire. See Boston & Maine. Eastern of Minn. See Great Northern. Easton & Amboy. See Lehigh Valley. East Pennsylvania. See Philadelphia & Reading. East Tennessee. See Southern Railway. East Tenn., Virginia & Ga. See Southern Ry. - Elizabeth, Lex. & Big Sandy. See Ches. & Ohio. #!" & Williamsport. See Pennsylvania Rd. 19 L*Erie Railroad 1st cons. g. 4s. . . . . . . . . . . . . a & J1 Ja 1996 - - - – - do. do. Teſ: . . . . . . . . . . . . . 3. & } Ja 1996 | 15,600,000 II 7-261 "do. N. Y. L. E. & W. stock. . . . . $100 - - - - - - - - 8g S 2095 III /423 ſ do. J. P.M. & Co.'s eng. ctfs. allins, pd. - - 78,000,000 164 134 16, 30 134 7| 101.55 16; Ja 31 96 'do. pfd, stock n, cum. . . . . . . . . . . $100 Q Ja 3% /a 1892 -- - - - — 22 S 19 95 III /521 6% '82, '84, 3% '92. 'do. do. J. P. M. & Co.'s eng. ctfs. all int. pi. . . . - - 8,536,900 25 25 25 22 25 22, 200 25 Ja 27 96 III /523|D +do. new 2d con. g. 6s (l.c. pd. Je’93). Je & D. D. 1969 326,400 - - - 754 O 24 95 do. do. J. P. M. & Co.'s or D. M. & Co.'s stamped ctfs. of dep. . . . 33,271,000, 73 66; 73 28 664 13, 199| 73 Ja 28 96 D|| *do. fund. coupons g. 5s, red. at 105 (l.c. pd. D'94). . . . . . . . . . . . . . . . Je & D. D. 1969 75,000 - - - — 79 S 26 95 'do. do. J.P.M. & Co.'s or D.M.& Co.'s stamped ctfs. of dep... . . . . . . . - - 3,956,000 724 694. 724 .30 69] 15 21 724 Ja 30 96 ſłdo. col. trusts. f. g. 6s drin, at 110... My & N N 1922 ,345,000 - - - – 100 Ap 23 95 +Buffalo, New York & Erie 1st 7s. . . . . . . Je & D. Je 1916 2,380,000 - - - – 134; D 11 95 Buffalo & Southwestern stock . . . $100 F & Ag|2% Ag 1892 471,900 - - - - - 1% '90–91, 2% '92. do. pref, stock 7% n, cum... $100 F & Ag|34% Ag 92 471,900 - - - - - { }do. 1st int. gtd. g. 6s. . . . . . . . . . . . . Ja & J1 J1 1908 1,500,000 - - - - - II r262|{Chicago & Erie 1st int. gtd. g. 5s . . . . . . My & N My 1982 12,000,000.108+ 105+108+ 31105: 10 93.1084 Ja 31 96 do. income 5s n. cum. . . . . . . . . . . . . Oct O 1982 278,000 - - - – 31# S 30 95 III 173 º i. * J. P. M. & Co.'s eng. ctfs. of dep. - - 9,722,000 28 234 28 29, 234 24 9. 28 Ja 29 96 I 2|| Cleveland & Mahoning Valley con. g. 5s. Ja & J1 Ja 1938 - - i -- do. do. registered. . . . . . . J Q j," Ja 1938 2,481,000 - — 120 D 7 95 Erie Ry. 1st extended 7s. . . . . . . . . My & N My 1897 2,482,000.104; 103 104; 18103 2 18104 Ja 1496 do. 2d extended g. 5s. . . . . . . . . . . Mr & S S 1919 2,149,000114+ 1144|114; 2114, 2 1114 ja 2 96 do. 3d extended int. g. 4s....... Mr & S. Mr 1923 4,618,000105 105 105 3105 3 11054 Ja 3.96 do. 4th extended g. 5s. . . . . . . . . . . . Ap & O O 1920 2,926,000 - - - – 114; N 495 do. 5th extended g. 4s. . . . . . . . . . . Je & D. Je 1928 709,500.101; 101*101; 24.101; 24 1101; Ja 24-96 do. 1st con. g. 7s. . . . . . . . . . . . . . . . Mr & S S 1920 16,890,000.138; 135 138; 31135 9 521384 Ja 31 96 do. 1st con. g. funding 7s . . . . . . . . Mr & S S 1920 3,705,977 - - - — 142 N, 8 95 Hº Rd. 1st gtd. g. 5s . . . . . . . . . . . . Ap & O Ja 1909 2,800,000 - - - – 105 Q 33 95 Long Dock Co. con. (now ist) g. 6s ...Ap & O O 1935 7,500,000 - - - — 135 S 30 95 N. Y. L. E. & W. Coal Rd. 1st gtd 6s. My & N My 1922 1,100,000 – - – – - | N. Y. L. E. & W. Dock & imp. Co. 1st 6s. Ja & J1 J1 1913 3,396,000 - - - - - Erie & Pittsburg. See Penna. Co. Escanaba & Lake Superior. See Chic. & N. Wn. Eureka Springs Ry, 1st g. 6s. . . . . . . . . . . . F & Ag| F. 1933 500,000 - - - – - Evans. Hend. & Nash. See Louisville & Nash. Evans. & Indianapolis. See Evans. & T. Haute. III rā92|Evansville & Terre Haute Rd. stock...S50 24% Ag 93 4,000,000, 31; 27 || 31|| 30, 27 13 816, 314 Ja 30 96 III '810, 5'90, 7% '91, 7% and 5%ingen. mtg. bās, '92, 74% '93. ſ do. 5% pfd, stock, non-cum...S50 Ap & O - - 1,284,000, 46 46 || 46 28 46 28 20 46 Ja 28.96 do. 1st con. g. 6s. . . . . . . . . . . . . . . . . Ja & J1 J1 1921 3,000,000.1084 1074.108; 241073, 18 6.1084 Ja 24.96 o. 1st gen, g. 5s. . . . . . . . . . . . . . . . . Ap & O Ap 1942 2,096,000 — 1 – - - - 2,123,000 * +do. Mount Vernon Br. 1st g. 6s, ...Ap & O Ap 1923 375,000 - - - – 110 My 193 o, Sullivan Co. Branch 1st g. 5s . Ap & O Ap 1930 450,000 – - — | – || 95 S 15 91 III rºº * & India. Rd. 1st con, gtd. g. 6s. Ja & Jil Ja 1926 } 1,591,000 — - - — 90 D 11 95 1,596,000 Fº & Southern. See Chic. Mil. & St. Paul. III r198° itchburg Rd. stock. . . . . . . . . . . . . $100 -- 7,000,000 15, 154 15, 18 15, 18 130 154 Ja 25 96 *do. pfd, 43 n, cum stock.....sloo Ja & J12% /a 15, 96 17,000,000 93 89 93 30 89 20 1681 93 Ja 31 96 2% '90, 34% '91, 4% '92–93, 34'94, 44-95, 2: 96. 17,360,000 For abbreviations, see page 26, - - a Bonds in thousands, stocks in shares. ºf N. P. Lake E. & Jºº-Called at par with 10% prem. and accrued int., F. 18, -96. February, 1896.] Railroad Bonds and Stocks. 41 SALES 1896. Index. Title of Bond or Stock. º º For the Month of January. Last sale. 1-1-1-noi. Year. Highest. Lowest a total. vol. pg. High Low Pr. Date Pr. Date Price Date Fitchburg Rd.—Continued. - *do. 6s bonds not mtg. . . . . . . . Ap & O. O. 1897 500,000 – – – - +*do. 5s do. do. do. . . . . . . Mr & S. Mr 1899 750,000 - – – – +*do. 5s do. do. do. . . . . . . . Ap & O O 1900 500,000 - - - I - - +*do. 5s do. do. do. . . . . . . Ap & O Ap 1903 2,500,000 - - - I - - 1. 5s do. do. do. . . . . . . . My & N My 1908 2,000,000 - - - - - º *do. 44s do. do. do. . . . . . . . Mr & S S 1897 2,250,000 - - – – - *do. 4s do. do. do. . . . . . . . Mr & S. Mr 1904 500,000 - - – – 100 Mr 9 95 *do. 4s do. do, do. . . . . . . . Je & D. Je 1905 500,000 - – – – - *do. 4s do. do. do. . . . . . . . Ap & O Ap 1907 1,500,000 - - I - - - *do. 4s do. do. do. . . . . . . . Je & D. Je 1920 500,000 – – - || – - +*do. Cheshire 6s, plain bonds. . . . . . Ja & J1 J1 | : - - - I - - *do. do. do. . . . . . . a & J1 J1 8 000, - - - - - - *Ver. & Mass.stkóżgtd. until 2873.S100 A. & O 3% O 1895 3,193,000151. 149 151 21149 9, 222151 Ja 21 96 +do. 5s bonds not mtg. gºd. . . . . . . . My & N My 1903 1,000,000 - - - - - III r167|Flint & Pere Marquette Rd. stock.....S100 - - 3.298,200 14 14 || 14 30, 14 30, 150 14 Ja 30 ºf III /523 do. pfd, 7% stock n, cum. . . . . . $100 2% F 1893 6,500,000, 40 40 40 28|40 28, 100, 40 Ja 28 96 a.” ". .”.” A, so o mºn 3,999,000 118; N 30 95 O. mtg. g. 6s. . . . . . . . . . . . . . . . . . . . p N -------- - - - - do. 1st con. g. 5s. . . . . . . . . . . . . . . ... My & N My 1939 2,100,000 92+ 92+ 924 10 92+ 10 5 924 Ja 10 96 do. Port Huron Div. 1st g. 5s. . . . . Ap & O Ap 1939 3,083,000 - - - – 91; D 5 95 III /40 Flor. Cen. & Pen. Rd. 4%pfd, stk. cum...S100 - - 4,500,000 - - - - - do. 1st g. 5s. . . . . . . . . . . . . . . . .....Ja & J1 J1 1918 3,000,000.106 106 106 17106 17 10.106 Ja 1796 do. 2d (1st on ext. 92 m.) g. 5s....Ja & J1 Ja 1930 423,000 - - - - do. con. g. 5s. . . . . . . . . . . . . . . . . . . . a & J1 Ja 1943 4,370,000 - - - – 954 J1 23 95 Ft. Scott, S. E. & M. See K. City, Ft. S. & Mem. Ft. Smith & Van. B. Bdge. See St. L. & San Fran. Ft. Worth & Denver City. See Union Pac. +Ft. Worth & Rio Grande Ry, 1st g. 5s....Ja & J1 J1 1928 2,888,000, 57 57 57 10. 57 10 3 57 Ja 1496 Fremont, Elk. & Mo. V. See Chic. & N. W. - Fulton Elev. See Kings Co. Elev. Gº. Harris. & San An. See So. Pac. al. Hous. & Hen. See Int. & Gt. Nor. Ga. Car. & Northern. See Seaboard & Roanoke. Georgia Pacific. See Southern Rd. Gettysburg & Hºburg. See Phil. & Reading. Gouverneur & Osweg. See New York Cent. Grand Rapids & Indiana. See Penn. Rd. Grand Rapids, L. & D. See Det. Lan. & Nor. Grand River Valley. See Mich. Cent. III riā Gt. North. Ry. ºfa. stk. m. cum...S100 Q F 14% A*96 25,000,000113 113 113 22113 22 10.113 Ja 22 96 1% '90, 44% '91, 5% '92–95, 1+% '96. ſłłEastern Ry, of Minn, 1st g. gºd. 5s. ...Ap & O Ap 1908) 4,700,000 - - - – 105+ O. 15 95 do do. registered. . . . . . . . . . . Ap & O Ap 1908) ſ 3.150,000 - - - - - *Minneapolis Union 1st g. gtd. 6s...... Ja & J1 J1 1922 l º - - - – 125 O 3 95 Moºn cº º - - - - - - - - - - - }. § } } }: 6,000,000 T T 117 P. 9 95 *{{Mont. Cent. 1st gtd. g. 5s............. Ja º } #; | } }% 102 101 102 7101 22 1101 Ja 22 96 do. do. registered. . . . . . . . . [a ,200,000 - - - - III riſ'ſ *St.P., M.& Mºkºšič Q º 14 º Aº 96 20,000,000115 110 115 11110 22. 516,110 Ja 24-96 III /523 do. 1st Id-grant g.7s,s.f.drn.at º § º !, #. 8 tº nº 116, 28 116, 28 - º, }. º ; do. 2d g. 6s. . . . . . . . . . . . . . . . . . . . . p & ,000,000 º 11 a - { {{do. 1st con. land grant g. 6s. . . º º } } }. 19.344,000 120 117 120 21117 4 ": }. ; ; do. do. do. registered....Ja ------ - - - - 11° º 1. *#do. do. do. reduced to 4sg... Ja & } } #: 20,166 000.10% 101*102 20101; 29 *}} { * : do. do. do. do. reg. . . Ja & “” - - - - 10. 5 +do. Dakota Extension 1st g. 6s.. º; & N. ! 1910 5,676,000.1194 1194,1194 30,1194 30 41194 Ja 30 % ++do. Montana Exten, 1st g. 4s. . . . . Je & D. Je 1937 7,805 000 88 86+ 88 7 86+ 29 15, 864 Ja 29 96 do. do. registered. . . . . . . . . . . . Je & D. Je 1937 -------- - - - – 89 Ag 1995 *{Willmar & Sioux Falls 1st gtd. g. 5s...Je & D. Je 1938 3,625,000 - - - - - - do. do. registered... . . . . . . . . . . Je & D. Je 1938 ------- - - - - - III & 488. G.B.W.&S. P. Rd. eng. tr. rec. for com. stk....S100 - - 8,000,000 - - I - – D 495 do. eng. tr. rec. for pfd, stk. . . $100 -- 2,000,000 - - - – D 495 D do. 1st con. g. 5s (1.c. pd. F. 94), F & Ag| F 1911 2,500,000 - - – – 48 Mr 1995 do. 2d income 4s n. cum. . . . . . . . . F & Ag Ag 1906 3,781,000 - - – – 14 N 20 95 }={ annibal & St. Joseph. See C. B. & Q. arrisb’gh, Ports. Mt. Joy &L. See Penn. Rd. Helena & Red Mount. See Nor. Pacific. Housatonic Railroad. See N. Y. N. H. & H. Houston & Texas Central. See So. Pacific. “Huntington & Broad Top Rd. itºkº Ja & J1 2 % /l 95 1,371,750, 31 28 31 15, 28 8, 631 31 Ja 1596 2% '91, 4% '92, 5% '93, '94, 44% '95. *do. 7% pfd, stock n, cum...... $50 Ja & J1 34% /l 95 || º 534 31 534 17. 51 28, 235, 514 Ja 31 96 | 2,000,000 . *do. 1st mtg. g. int. 4s ext. . . . . . . . . . Ap & O Ap 1920 416,000 - - - - * Ag 6 95 For abbreviation seepage 26. a Bonds in thousands, stocks in shares. 42 The Bond Record. [Vol. IV. - SALES 1896. aturi Index. Title of Bond or Stock. * º º For the Month of January. Last Sale. Dividend. ------ Y ... - ear. Highest. Lowest a Total vol. pg. |High Low Pr. Date Pr. Date Price Date Huntington & Broad Top Rd.-Continued. "do. 2d mtg. g. int. 4s ext. . . . . . . . . . . F & Ag| F. 1925 367,500 - – – - - *do. 3d mtg. con. 5s ext. . . . . . . . . . . . Ap & O Ap 1925 1,497,000.107 1064107 151064 9 8.107 Ja 1596 Hunt. Tell City & Can. See Louis, Ev. & St. Louis. III rā95/* - Ilinois Central Rd. 5% stock....S100 Mr & S 24 Ag 319.5 50,000,000. 98 31 98 31, 89+ 8, 2630, 98 Ja 31 96 III /378 6%, ’90, 5% '91-'95. r 'do leased line 4% gtd. stock. $100 Ja & J1 2% /a 96 10,000,000, 85 85 85 16, 85 16 36, 85 Ja 16 96 *#do, 1st g. 4s . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1951 1,500,000 - – – 112 D 10 95 do. do. registered. . . . . . . . . . . . . Ja & J1 Ja 1951 | * – - – – 102 N. 28 95 #do. 1st g. 34s. . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1951 2,499,000 99; 994, 99; 15 99; 25 18|99, Ja 28 96 do. do. registered. . . . . . . . . . . . . Ja & J1 Ja 1951 | “” - – – — 97. D 17 94 *##do. col, tr. g. 4s. . . . . . . . . . . . . . . . . Ap & O Ap 1952 ) 15,000 000 104 104 104 3104 3 2104 Ja 3 96 do. do. registered. . . . . . . . . . . . Ap & O Ap 1952 ~~ - - - – 101*. Ag 15 95 *{{do col. tr. g. 4s on L. N. O. & T. My & N N 1953 24,679,000.100 99 100 14, 99 6 12100 Ja 30 96 do. do. registered... . . . . . . . . . My & N N 1953 25,000,000 - - - - - '#do. Cairo Bridge g. 4s. . . . . . . . . . . . Je & D. D. 1950 | 3,000,000 - - - – 1014 S 10 95 do. do. registered. . . . . . . . . . . . . Je & D. D. 1950 - * ~ * * - - - - - *##do. Memphis Div. 1st gtd. g. 4s... Je & D. D. 1951 3,500,000 - - - – 1024 S 17 95 º do. do. registered... ... Je & D. D 1931 | ~~~~~ - - - – 99 N 94 do. Middle Div. 1st registered 5s. F & Ag Ag 1921 || º - - - – 116 Ag 16 95 968,000 "do. Springfield Div. 1st 6s. . . . . . . . Ja & J1 Ja 1898 1,600,000.- - - – 105+ O 23 95 ++do. Western lines, 1st g. 4s....... F & Ag Ag 1951 3,550 000.10% 103 |103+ 29.103 17 7|1034 Ja 29 95 do. do. registered. . . . . . . . . . F & Ag Ag 1951 º - - - - - Cedar F. & M. stock. . . . . . . . . . . . . . . . . $100 -- 1,586,500 9 9 || 9 20, 9 20, 100, 9 Ja 20 96 f{do. 1st 7s s.f, not drin. . . . . . . . . . . . . . . . Ja & J1 Ja 1907 1,334,000 - - - – 120 Ap 26 95 Chicago, St. L. & N. O.Tenn. lien 1st 7s.. My & N N 1897 539,000 - - - – 108} N 21 94 do 1st con. 7s. . . . . . . . . . . . . . . . . . . . My & N N 1897 826,000 - - - – 105 D 13 95 *#do con. g. 5s. . . . . . . . . . . . . . . . . . Je & D 15 Je 1951 16,526,000118 115 118 11115 20 11118 Ja 31 96 do. do. registered. . . . . . . . . . . . Je & D 15 Je 1951 ------> - - - – 117 J1 24 95 *Iowa Falls & Sioux City 1st 7s. . . . . . . . . . Ap & O O 1917 2,339,500 - - - – 129 Ag 8 95 Ind., Bloom. & Wn. See C. C. C. & St. L. Ind., Dec. & Western Ry. . . . . . . . . . . . . . . . . . . . . $100 850,000 - - - - - D|f Ind. Dec. & Spring. 1st 7s (1.c.pd. Ap 89)...Ap & O Ap 1906 1,800,000 - - - – 124+ Mr 7 93 do. do. trust receipts...Ap & O Ap 1906 --~~~ - - - – 125 D 14. 95 RIndiana, Illinois & Ia. Rd. stock. . . . . . . . $100 -- 3,597,800 25 25 25 3, 25 3 100 25 Ja 3.96 III 1173 +do. 1st g. 4s (red, at par). . . . . . . . . . . . . Je & D. D 1939 800,000 85 83 85 17 83 18 10. 844 Ja 20 96 +do. 1st ext, g. 5s. . . . . . . . . . . . . . . . . . . . Mr & S. Mr 1943 500,000 - - - — 94+ N 21 95 +do. 1st S. Bend ext, g. 5s, red, at 105. Mr & S S 1943 500,000 - - - - - III 1801 International & Gt. Nn. Rd. 1st g. 6s......My & N N 1919 7,954,000116 115 116 17115 3 19116 Ja 29 96 | do. 2d g. 44s till Sept. '97, then 5s. Mr & S S 1909 6,593,000 72 70 || 72 13 70 11 10 714 Ja 29 96 do. 3d g.4s (inc. till Sept.'97n. cum)Mr & S S 1921 2,701,000 - - - — 254 N. 26 95 Gal. Hous. & Hend. (1882) 1st gtd. 5s. Ap & O Ap 1913 2,000,000 - - - – 80 D 10 95 III rö12|Iowa Central Ry, stock. . . . . . . . . . . . . . . . $100 -- | 8,203,900 8, 7+ 8; 31 7+ 7. 2383, 8; Ja 31 96 8,217,356 - do. pfd, 5% stock n, cum... . . . . . $100 1% AA 1892 | 5,538,200 31+ 25 31+ 31, 25 6, 1742, 31 Ja 31 96 1% '92. | 5,545,352 +do. 1st g. 5s. . . . . . . . . . . . . . . . . . . . . Je & D. Je 1938 || 6,322,000 92+ 90} 92+ 10 904 10 52 92 Ja 30 96 | 6,327,370 Iowa City & West. See Bur. C. R. & Nor. Iowa Falls & Sioux City. See Ills. Cent. Iowa Midland. See Chic, & Northwest. *"...[ acks. & S.E.(Rcvr.)1st m.6s.(last c.J1.93) Ja &J1 J1 1910 300,000 - - - – 95 S 21 88 ames River Valley. See Nor. Pacific. Jefferson Rd. See Erie Rd. Joliet & Chicago. See Chicago & Alton. Junction (Phila.). See Penn Rd. Kº All, & G. R. See L. S. & M. S. anawha & Mich. See Tol. & O. C. Kansas City, Clin, & Spring. See K. C., Ft. S. & M. Kan. City, F. Scott & Gulf. See K. C., Ft. S & M. ** º º jº & Memphis Rd. stock $100, 1% F1891 9,898,000 11 11 11 27, 11 27 10, 11 Ja 27 96 # * '90, 1 %'91. - III r"IS *do. pfd, 8% stock n, cum.... . . . . . . . . . 5% F 1893 2,750,000 - - - — 65 S 18 95 8% '90, 4% '91, 8% '92, 5% '93. +*do. con. m. 6s. . . . . . . . . . . . . . . . . My & N My 1928 11,974,000. 97+ 90 97+ 30 90 7 29, 974 Ja 30 96 +*Fort Scott, S. E. & M. 1st 7s, s. f. buys at 110 if ſ 511,000 - - - - - offered, otherwise drs. at 105. . . . . . Mr & S S 1910 || 571,000 - - - - - III rººſ) || "Current River stock... . . . . . . . . . . . . . . . . . . - - 1,457,000 - - - - - +*do. 1st gtd. 5s. . . . . . . . . . . . . . . . . . Ap & O O 1927 1,606,000 - - - – 72+ D 11 95 III rºo *Kansas City, Clinton & S. stock...... $100 - - 1,775,400 - - - – 61 Ap 6 95 +*do. 1st g. 'gtd. 5s. . . . . . . . . . . . . . . Ap & O O 1925 3,192,000 67; 67+ 675 30 67+ 30 3, 674 Ja 30 96 +*Kans, C.Ft. Scott & Gulf Rd. 1st là. gr. 7s, s.f.dr.s. at 110 from procds, of là, sales. Je & D. Je 1908 2,197,000 - - - – 115 N. 22 95 For abbreviations, see page 26. a Bonds in thousands, stocks in shares. y Cedar Falls & Minn-Coupons due from Ja, '88, to Ji, º, paid with int. on same at 6% to Ja, '96, at 214 Broadway, N.Y., together with part payment on Ja, ’95, c., viz.: $15 on each $35 cº, and $7.50 on each $17.50 c. Int, on c. due prior to 95 ceased after Ja... '96. ºf And Dec. & *—º due º 1, 1889, with int. at 6% to F. 23, '93, amounting to $43,16 paid. ºf Ilº, Cent-2′ dividend declared, payable Mr '96. º * ----- - - February, 1896.] Railroad Bonds and Stocks. 43 SALES 1896. Box S Maºrity Amount M or January. Index. Title of Bond or Stock. º Listed. Fº the * * * Last Sale. * Highest Lowest a Total. Vol. pg. - - High Low Pr. Date Pr. Date Price Date Kansas City, Ft. Scott & Mem. Rd.-Continued. III rºº) | *Kansas City, Mem. & Birm, stock..S100 - - 5,956,000 - - - – 57. My 27 95 */+do. gen. mtg. 8s. . . . . . . . . . . . . . . . . . Mr & S. Mr 1934 4,500,000 63 60 63 10 60 15 14| 63 Ja 31 96 | *{do. income n, cum. 5s. . . . . . . . . . . . . . . S Mr 1934 7,000,000 21+ 19 21+ 27, 19 28 18, 19 Ja 28 96 | +K.C.,M.R. & B.1stgtd.g.s.f.5s drn at 110. Ap & O O 1929 3,000,00 - - - - - | *#Rich. Hill 1st 7s s. f. drs, at 105 if bonds not |U purchasable at 110. . . . . . . . . . . . . . . . . . Mr & S S 1910 57,000 - - - - - *Kansas City, Pittsburg & Gulf Rd. stock - - ( 8,275,000 - - - 13 N 18 95 | 20,000,000 - *do. 1st g. 5s. . . . . . . . . . . . . . . . . . . . . Ap & O 1923 8,275,000 50 50 50 20, 50 20 10, 50 Ja 20 96 Kansas City, St. Jos. & C. B. See C. B. & Q. Kan. City & Indep. Air Line. See K. C. Sub. Belt |Kansas City & Omaha. See Union Pacific, |Kansas City & Pacific. See Mo., Kan. & Texas. |Kansas City & Southw. See St. L. & San Fran. |/*Kansas º º Rd. stock. . . . . . $100 2%. My 1894 4,750,000. 51 45 51 3, 45 14, 206 51 Ja 31 96 *do 1st g. 6s. . . . . . . . . . . . . . . . . . . . . . Je & D. Je 1920 | 1,000,000 - - - – 100 D 17 95 || Kan. City & Ind. Air Line stock....S100 - - 500,000 – – – – - I 237 *do. 1st g. 5s. . . . . . . . . . . . . . . . . . . . Mr & S. Mr 1922 300,000 - - - - - DKan. City, Wyan. & Northwestern 1st 5s (1. c. pd. Ja. '90). . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1938 2,871,000 - - - – 108 J1 28 89 |Kansas Midland. See St. Louis & San Fran. |Kansas Pacific. See Union Pacific. Kentucky Central. See Louisville & Nash. Keokuk & Des Moines. See C., R. I. & P. Keokuk & Western 2 % stock. . . . . . . . . $100. Ap & O 14 O 1895 4,000,000 - - - - - III ré26|Kings County Elev. Rd. 1st g. 5-6s, ser. A. Ja & J1 Ja 1925 3,177,000 71 70 || 71 18 70 28 10 70 a 29 96 Fulton Elev. 1st gtd. gold 5s, ser. A....Mr & S. Mr 1929 1,979,000 62 62 62 9 62 9 2 62 a 22 96 Kingston & Pembroke Ry. stock (Rcvr.), $50 -- 4,500,000 - - - - 3 N 29 95 Knoxville & Ohio. See So. Ry. III rºº:3 º ake Erie & Western Rd stock. . . . . $100 - - 11,840,000 21; 18 21; 30, 18 6 4233 21 Ja 31 96 II 1286 flo. 6% n. cum. pfd, stock $100. Q F | 1+% N95 11,840,000 74 64; 74 30, 64; 7 6307| 74 Ja 30 96 ſ 4% '90, '91, 4} ſº '92, 5% '93,-'95. +do. 1st mtg. g. 5s. . . . . . . . . . . . . . . . Ja & J1 Ja 1937 7,250,000114 113 |114 3.113 16 28,114 Ja 29 96 do. 2d mtg. g. 5s. . . . . . . . . . . . . . . . Ja & J1 J1 1941 2,100,000101; 101 101; 28101 9 51014 Ja 28 96 L|U++Northern Ohio Ry. 1st mtg. gtd. g. 5s. Ap A. O. O. 1945 2,500,000105 102 105 25,102 28 24102 Ja 31 96 III r217"Lake Shore & Mich. Southern Ry. . . . $100 F & Ag| 3 ſº F 96 49,466,500146+ 1344146+ 31134+ 7. 15813,146+ Ja 31 96 5% '90, 64% '91, '92, 6% '93,-'95, 3% '96. ſ fºlo. con. 1st s. f. m. drin. 7s. . . . . . . . Ja & J1 J1 1900 14.800.000118 11.11: 3112, 24 38||113 Ja 31 96 do. do. registered. . . . . . . . . . . Q Ja J1 1900 ”|112 1101112 22110, 6 32112 Ja 22 96 do con. 2d 7s. . . . . . . . . . . . . . . . . . . Je & D. D. 1903 24.692,000.11%. 11; 11%. 2011: 18 181194 Ja 20 96 do. do. registered. . . . . . . . . . . Je & D. D. 1903 ºvºv, 1194 118 1194 20118 4 31|1194 Ja 20 96. Lake Shore dividend 7s. . . . . . . . . . . . . . . Ap & O Ap 1899 1,355,000 - - - – 110 D 14 05 Buffalo & Erie new b. 7s. . . . . . . . . . . . . . Ap & O Ap 1898 2,755,000.106 105:106 2010.5g 6 101106 Ia 20 96 Cin. & Spring. 1st gtd. L. S. & M. S. 7s. Ap & O Ap 1901 1,000,000.112 11141.12 23.1114 24 21111 }: 24 96 *D., H. & S.W.stk.4% gtd. in perp. 8100 Ja & J1 2 4 /a 96 1,350,000 - - " – - - - Detroit Monroe & Toledo 1st gºd. 7s...F & Ag Ag 1906 924,000.125%. 1254.125; 16125: 16 21254 Ja 16 96 Kal., Allegan & G. R. 1st gtd. 5s. . . . . . Ia & J1 J1 1938 840,000 - - - - - Mahoning Coal Rd. stock. . . . . . . . . . $50 F & Ag|7% A* 1896, 1,500,000 - - - - - 5% '90, 44% '91, 8% '92,-'93, 10% '94, '95, 7% '96. | "do.pfd.stkred.at par,5%gtd. in perp.850 Ja & J & Aſºº 400,000 - - – 106 O 26 94 do. 1st gtd. 5s. . . . . . . . . . . . . . . . . . . Ja & J1 J1 1984 1,500,000 - - - – 1184. D 12 95 III r221 N. Y. Chic. & St. Louis stock. . . . . . . $100 - - 14,000,000 15 11 15 22, 11 2 1187, 15 Ja 22 96 do. 1st pfd. 5% n. cum, stock. . $100 4%. Mr 1893 5,000,000 80 713 80 22 71817, 739 798 Ja 29 96 3% '91, '92, 4% '93. do. 2d pfd, 5% n. cum. stock. . $100 - - 11,000,000 294 (25 294 27, 25 15ſ 1000 29 Ja 30 96 łłdo. 1st mtg. g. 4s s. f. not drin. . . . Ap & O O 1937 | 19,425,000 104 102 104 81102 2. 154104 Ja 31 96 do. do. registered. . . . . . . . Ap & O O 1937 '**''''"T02 102 102 14102 14 5102 Ja 1496 Pitts. & L. E. 2d g.5s, ser. A & B. . . ...Ap & O Ía 1928 2,000,000 - - - – 112 Mr 25 96 ºf Pts., McK. & Y.stkgtd.6% until 2880.850 Ja & J1 3% /a 1896 4,000,000 - - - – 117 My 31 86 do. 1st gtd. 6s. . . . . . . . . . . . . . . . . . . Ja & J1 J1 1932 2,250,000 - - - - do. 2d gtd 6s. . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1934 900,000 - - - - - - do. McK. & Belle Ver, 1st g.assd.6s. Ja & J1 J1 1918 600,000 - - - - - Lehigh & N. Y. See Lehigh Valley. R“Lehigh Valley Rd. stock............ .850 Q Ja 14 ſº ſl 93 40,334,800 38; 34%. 384 30 34; 7 7838, 38 Ja 31 96 5% '90, '91, 5+% '92, 4% '93. º *do. 10% stock. . . . . . . . . . . . . . $50 Q Ja 24% O 93 106,300 - - - - 77 Mr 95 *do. 1st mtg. 6s registered.........Je & D. Je 1898 3,350,000.106 1054,106 20105+ 13 12106 Ja 20 96 f"do. 1st mtg. 6s coupon. . . . . . . . . . . Je & D. Je 1898 1,650,000105+ 105+105+ 13105+ 13 41054 Ja 1396 *do. 2d mtg. reg. 7s. . . . . . . . . . . . . Mr & S S 1910 6,000,000.136 134 136 13194 18 8134+ Ja 23 96 | * *do. con. g. 6s s. f. 2% drin, at 100. Je & D. D 1897 923,000.104; 104 1044 17104 8 7104 Ja 1796 #"do. con. mtg. 6s coupon. . . . . . . . . . Je & D. D. 1923 1,319,000 - - - – 126 D 13 95 *do. do. registered. . . . . . . . . . . Je & D. D. 1923 4,319,000 - - - – 123 N. 22 95 *do. con. 4}s registered............Je & D D, 1923 | 4,762,000 102+ 101.4102+ 21014 23 3.1914 Ja 23.96 ‘do do. Coupon. . . . . . . . . . . . . . Je & D. D. 1923 ”1014 101.41014 91014 18 151014 Ja 22-96 For abbreviations, seepage 26. - a Bonds in thousands, stocks in shares. f Lake Shore. 1st s. ſ. 7s. S. F. $200,000 when bonds purchasable below par. f Pitts. McA. & Poug.-Redeemable at par J1-, 1934. / Kansas City Suð. Belt.—Stock dividends. y Aansas City, Mem. & Birm 3% March '96, 4% thereafter. y Lake Erie & Western.-1% º dividend declared, payable F. 15, 96. * The Bond Record. Vol. IV. SALES 1896. - Maturi - Index. Title of Bond or Stock. º º º For the Mosth of Jasvary. Last Sale. Dividend. 1sted. $.” lº car. Highest. Lowest..a Total. vol. pg. - High Lower. Date Pr. Date Price. Date: Lehigh Valley Rd.-Continued. "do. con. annuity 6s reg. . . . . . . Je & D. Irredeem. } 8,362,000 1264. 125 1264. 2125 5 86.126 Ja 28.96 - 9,312,000 - "do. do. 4s. . . . . . . . . . . . . . . . Je & D. Irredeem. 2,538,0001024 1024102; 221024 22 21024 Ja 24 96 # º ++do. Coal Co.1st gtd.g.5ss.f.not drin. Ja & J1 Ja 1933 { 10.125 000 - - - - º Ag 27 95 2-1 ------ - - - - - *#do. Terminal Railway 1st gtd. g. 5s. Ap & O O 1941 10,000,000118 113 113 28,113 28 4113 Ja 28.96 +"Easton & Amboy gtd. 5s . . . . . . . . . . . . . My & N My 1920 6,000,000 - - - – 108; D 24 95 III '7631|| #Lehigh & N.Y. Rd. 1st gºd. g. 4s......Mr & S S 1945 2,000,000 - - - — 93 N 6 95 do. do. registered. . . . . . . . . . . . . Mr & S S 1945 ſ -------- - - - - - *Lehigh Valley N.Y. 1st gtd. g. 44s... Ja & J1 J1 1940 15,000,000102; 994.102; 20. 994 8 721024 Ja 30 96 #"Penna. & N.Y. Canal 1st gtd. 7s ....Je & D. Je 1896 1,500,000.1014 1014101; 24.1014 24 21014 Ja 24 96 ++"do. 1st gºd. 7s . . . . . . . . . . . . . . . . . . . Je & D. Je 1906 1,500,000.122; 1224,1224 61223 6 51224 Ja (; 96 ‘do. gen, gta. reg. 4s . . . . . . . . . . . . Ap & O Ap 1939 3,000,000 -- - - — 94 S 26 95 “do. do. reg. 5s . . . . . . . . . . . . Ap & O Ap 1939 4,000,000 — — - – 110+ D 17 95 *State Line & Sullivan stock. . . . . . . . . $50 -- 1,000,000 - - - — 15 Mr 20 93 | +"do. 1st 6s. . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1899 300,000 - - - – 100 Mr 21 95 Lehigh & Wilkesbarre. See Cent. of N. J. Leroy & Caney Valley. See Mo. Pac. Lincoln & Northw. See Chic. Bur. & Quin. - - D|Lit. C. &W. Rd. 1stg.6s (Rcvr) (1.c.pd.J193). Ja & J1 Ja 1916 400,000 - - - — 95 F 25 93 Little Rock & Fort Smith. See Mo Pac. - D-Lit. R. & Mem.1stg.5s(Rcvr) (1.c.pd.S'92). Mr & S S 1937 105,000 - - - – 105 N 30 95 II /251 do. Cent. Trust Co. ctfs. . . . . . . Mr & S S 1937 3,145,000 - - - - 35 D 2 95 Little Schuylkill. Sea Phil. & Read. - Long Dock Co. See Erie Rd. III r"12|Long Island Rd. Stock. . . . . . . . . . . . . . . . $50 Q F | 1 % F 1896 12,000,000. 84 82 | 84 7 82 18, 516 82 Ja 25 95 III /40 4% '90, 44% '91, 5% '92, '93, 4+%'94, 4% '95, 1% '96. - ſ do. 1st 7s. . . . . . . . . . . . . . . . . . . . . . My & N My 1898 1,121,000105+ 1053105+ 31105+ 31 710.5% Ja 31 95 *do. 1st con. g. 5s. . . . . . . . . . . . . . . . Q Ja J1 1931 3,610,000.119 117+119 22117+ 29 341174 Ja 29 96 do. gen. g. 4s. . . . . . . . . . . . . . . . . . . Je & D. Je 1938 3,000,000. 98 97 98 14, 97 17 5 97 Ja 17 96 do. ferry 1st (con.) g. 44s. . . . . . . . Mr & S. Mr 1922 1,500,000 - - - — 96 D 17 95 do. g. 4s. . . . . . . . . . . . . . . . . . . . . . . . Je & D. Je 1932 325,000 - - - - - "do. deb. g. 5s. . . . . . . . . . . . . . . . . . . Je & D. Je 1934 1,500,000 - - - - - +Brooklyn & Montauk 1st 6s. . . . . . . . . . . . Mr & S. Mr 1911 250,000 - - - - - +do. 1st 5s. . . . . . . . . . . . . . . . . . . . . . . Mr & S. Mr 1911 750,000 - - - – 1053 Ap 30 95 III 1310| A do. Montauk exten, gta. g. 5s. . . . Ja & J1 Ja 1945 300,000 - - - - - - +L. I. Rd. N. Sh. Breh. 1st. con. gºd. g. 5s. Q Ja O 1932 1,075,000 - - - – 104 Je 1495 +N.Y. & Manhattan Beach 1st is....... Ja & J1 Ja 1897 500,000.100 100 100 8100 8 10100 Ja 896 N.Y. & Rockaway Beh, stock . . . . . . . . . . . . . . . . . . - - 1,000,000 - - - — 99 Mr 26 95 III 1797 !. 1st gtd. g. 5s. . . . . . . . . . . . . . . . Mr & S S 1927 984,000 - - - — 106 D 31 95 do. 2d income n, cum. 5s. . . . . . . . . S S 1927 1,000,000 - - - — 43 O 31 95 N.Y. Bay Extension 1st gtd. g. 5s. . . . . . . Ja & J1 Ja 1943 200,000 - - - - - N.Y. B. & M. B. pfd, stk.m. cum. 5%gtd... Ap & O 34% O 95 650,000 - - - - - | *do. 1st con. g. gtd. 5s. . . . . . . . . . . . Ap & O O 1935 1,178,000105 105 105 16105 16 1105 Ja 16 96 Louisiana & Missouri River. See Chic. & Alton. Louisiana Western. See So, Pacific. III ré9|Louis., Evans, & St. L. stock (Receivers). . . . . . $100 - - 3,790,747 – - – | – || 6′ F 94 do. pfd, stock, 5% n, cum. . . . . . . . . . . . . $100 -- 457,162 - - - — 47 F 93 łdo. 1st con. g. 5s (l.c. pd. J1 '93). Ja & J1 J1 1939 607,500 - - - — 40 N 4 95 III /523 do. do. Trust Co. ctfs, of deposit. -- 3,190,000 39 34 39 27 34 2 12 39 Ja 27 96 D tdo. gen. g. 4s (l.c. pd. S '93). . . . . . Mr & S. Mr 1943 2,256,000 - - - – 14 My 8 95 d +*do. 1st mtg. 6s (Ap '95 pd. S '95). Ap & O O 1926 2,000,000.107; 10, 107; 22107 6. 21107 Ja 2496 d *do. 2d mtg. 6s (Ap'95 pd. S '95), Ap & O O 1936 670,000 - - - – 88+ N 27 95 d *do. F.R.S.E.Div. 1stºs(J195pd. Ag35)]as Ji Ja 1921 900,000 - - - - - D|| +*do. Hunt. Tell City & Can. 1st gºd. g. 6s (l, c. pd. Ap '94). . . . . . Ap & O O 1927 300,000 - - - - - III 1523 HLouisv. & Jeffersonv. Bdg, Co.gtd. g. 4s... Mr & S. Mr 1945 3,000,000 - - - - - III rº18"Louisville & Nashville Rd. stock....S100 F & Aggº Ag 1893 52,800,000. 471 39; 47+ 30 39; 7.183843, 39; Ja 31 96 5% '91, 4 º'92, 4% '93. 55,000,000 kio. con. (now 1st) 7s. . . . . . . . . . . . . Ap & O Ap 1898 7,070,0001073 105:107; 29.105; 8 241074 Ja 29 96 III /630 *#do. gen. g. 6s (drin, at 110). . . . . . . Je & D. Je 1930 || 10,711,000114 114 114 15114 15 2114 Ja 1596 f*do. ten-forty adjt. g. 6s (subj. to call \ 10,836,000 - at par). . . . . . . . . . . . . . . . . . . . My & N N 1924 4,531,000 - - - – 100+ N 4 95 1. 1st g. 5s. . . . . . . . . . . . . . . . . . . . . My & N My 1937 1,764,000 - - - — 98 D 6 95 "Słdo. unified g. 4s. . . . . . . . . . . . . . . . . º & J1 J1 1940 14,994,000 773 tº 774 28, 71; 7, 595 77 Ja 30 96 do. do. registered. . . . . . . Ja & J1 J1 1940 15,334,000 - - - — 83 F 27 93 ſº collateral trust g. 5s. . . . . . . . . . My & N N 1931 5,129,000 – - — — 104 N 26 95 do. Cecilian B. 7s s. f. drin. at par. Mr & S. Mr 1907 } 640,000 – - – – 1084 J1 395 680,000 +do. E. H. & Nas, 1stg.6s (drin, at 110). Je & D. D. 1919 } 2,110,000 - - - — 114 D 10 95 3,157,000 do. N. & D, 1stgtd. 7s s, f, not drin. Ja & J1 J1 1900 1,900,000 - - - — 114 D 2 95 *#do. N. O. & Mobile 1st g. 6s. . . . º: & J1 Ja 1930 5,000,000118 118 118 16,118 16 16118 Ja 1796 do. do. 2d g. 6s......Ja & Jil Ja 1930 1,000,000. 97 97 97 1497 14 3 97 Ja 1496 For abbreviations, see page 25. a Bonds in thousands, stocks in shares. ºf Lewis & Nash-Bonds will be pd. on pres, at 120 Broadway, after F. 1, '96, at par and ac.int. - - * February, 1896.] - - Railroad Bonds and Stocks. 45 III 301 III III ré21 III III III III III III III 5 For abbreviations, see page 26. - f Memph. & Charles.—Ja. '94 c. pd. F. '96 with 6% int. thereon from date of maturity. s Seller 20 flat. y Mer. Mat.-46% accumulated April, 1895, after paying 1%. M - SALES 1896, Vla - - Title of Bond or Stock. º º For the Most" or Jasvarv. Last Sale. Year. Highest. Lowest a Total. - - High Low Pr. Date pr. --- Pg |Louisville & Nashville Rd.—Continued. gh Low Pr. Date Pr. Date Price Date +do. Pens. & Atl. 1st assd. 6ss. f. 1 1-10 per an. of total out- - standing bas, drs, at 110. F & Ag Ag 1921 2,870,000.100. 100 100, 20100 2100+ Ja 20 96 łdo. Pensaco.Div. 1stg.6s drin.at 105Mr & S. Mr 1920 580,000 - - - - 112 Ap 14 95 +do. Southeast & St.L. Div. 1st g. 6s. Mr & S. Mr 1921 3,500,000 - - - – 125 N 27 95 +do. do. 2d g. 3s. Mr & S. Mr 1980 3,000,000 - - - - – 67. My 25 95 +Kentucky Central Ry, com. stock $100. 7,000,000 - – – - - do. new g. 4s. . . . . . . a & J1 J1 1987 6,742,000 90 x83 90 1583 - *Louisv. & Nash. & Mob. & Montg. º Jil J 88 Ja 24 96 g. 44s. . . . . . . . . . . . . . . . . . . . . . . . . . Mr & S S 1945 4,000,000 - - 1051s D 20 95 *Nashv. C. & St. L. Ry. stock. . $100 Q F | 1 : A' 1896 10,000,000 – 76 d 1995 5% '89 to '92, 34% '93, 34% '94, 4% '95, 1% '96. #. 1st 7s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1913 6,300,000.1274 127+1274 11127; 11 21274 Ja 21 96 łdo. 2d 6s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1901 1,000,000 – '''''' '' – Hºi Aº *#do. 1st con. g. 5s. . . . . . . . . . . . . . . . Ap & O Ap 1928 4,978,000101 100 101 28100 10 101 Ja 23 96 +do. 1st 6s Jasper Br. . . . . . . . . . . . Ja & J1 Ja 1923 371,000 - – – - łłdo. 1st 6s McMinnville Br. . . . . . . Ja & J1 Ja 1917 750,000 – | | | | || - łdo. 1st 6s Tenn. & Pac. Br. . . . . . . Ja & J1 O 1917 300,000 - – – - "Nash. Flor. & Shef. Ry. 1st gtd. g. 5s. F & Ag Ag 1937 2,096,000 - - I - – 90 S 5 95 *South & North Ala. Rd. con, gtti. g. 5s...F & Ag Ag 1936 3,678,000 - – – - 99 S 24 95 3,958,000 *do. 2d g. 6s s. f. not drin. . . . . . . . . . Ap & O Ap 1910 1,942,000 - - - - - º 2,000,000 Louisville, New Alb. & Chic. Ry. stock.S100 -- 8,986,800. 9, 73 0, 17| 7; 8 94 Ja 31 96 ſ do. º,"** 11. Culin. . . . . $100 1} ſº F 1894 6,245,600 20, 164. 20; 31, 164 6 204 Ja 31 96 do. 1st Lou. Div. 6s. . . . . . . . . . ... Ja & J1 J1 1910 3,000,000.112, 111,112, 10111; 13 112 Ja 22 96 *#do. con. g. 6s. . . . . . . . . . . . . . . . . . . . Ap & O Ap 1916 4,700,000.100; 99.4|100] 2 99; 25 100 Ja 30 96 do. gen. g. 5s. . . . . . . . . . . . . . . . . . . My & N My 1940 2,800,000 71%. 664 71* 29 661 18 71 Ja 30 96 Louisville, St. L. & T. Ry. stock (Rcvr) $100 -- 3,000,000 - - - 14 Ap 10 95 do. 1st g. 6s (1, c. pd. F '93). . . . . . F & Ag| F 1917 2,800,000, 57 50+ 57 14 50+ 28 51 Ja 31 96 do. 1st con. g. 5s (1, c. pd. Mr '93)Mr & S S 1942 1,613,000 - - - 15 Mr 17 94. Y( ahoning Coal Rd. See L. S. & M. So, aine Central. See Boston & Maine. Manchester & Lawrence. See Boston & Maine. +*Manchester & Aug. 1st g. 5s. . . . . . . . . . . . Ja & J1 Ja 1943 964,000 - - - 107* D 28 95 Man. Elev. Ry, cons. 6% stock . . . . . . . $100 Q Ja I ſº ſa 96 || 30,000,000.107 96.4107 31, 96; 9 1064 Ja 31 96 *#do. cons. g. 4s. . . . . . . . . . . . . . . . . . Ap & O Ap 1990 14,048,000. 98+ 974. 984 24, 974 10 98 Ja 30 96 22,599,000 *do. 4s Nos. 14,166 to 23,090. . . . . . Ap & o Ap 1990 8,925,000 - - 98 D 11 95 +do. Met. Elev. 1st assd. g. 6s. . . . . Ja & J. { 1908 10,818,000118 1164118 2116, 15 1164 Ja 16 96 ++do. do. 2d. assd. 6s. . . . . . My & N. 1899 4,000,000.1064 106 1064 3.106 1064 Ja 28 96 Manitoba Southwestern. See Can. Pac. Marquette, Houghton & Onton. See Can. Pac. McKeesport & B. Vernon. See L. S. & M. So. Massawippi. See Boston & Maine. Memphis & Charleston Rd. stock (Receiver) $25 - - 5,312,725 - - - ++do. gen, gold 6s (1, c. pd. J1 '92). Ja & J1 Ja 1924 1,000,000 - - - 58 Ia 7 95 f{do. 1st Tenn. lien g. 7s... . . . . . . . . Ja & J1 Ja 1915 1,400,000 - - - 111 D 20 05 Metropolitan Elev. See Manhattan. *Mexican Central Rd. stock. . . . . . . . . . $100 -- 47,841,100. 9 9 9 3 9 9 Ja 23 96 ***do. con. g. 4s. . . . . . . . . . . . . . . . . . . Ja & J1 J1 1911 57,865,000 671 64 674 29. 64 674 Ja 31 96 ++*do. 1st con, income g. 3s n. cum.. July Ja 1939 17,072,000 19 164 19 17, 16, 13 Ja 20 96 ºf "do. 2d con income g. 3s n. cum.. July Ja 1939 11,724,000. 9 8 || 9 30, 8 13 9 Ja 30 96 *Mexican International Rd. 1st g. 4s. . . . . . Mr & S S 1942 14,000,000 75 74 75 7| 74 18 744 Ja 29 96 Mexican National Rd. trust ctfs. . . . . . $100 -- 33,350,000. 1, 1 14 30, 1 14 }: 30 96 |. 1st sub'y g. 6s subj. to callat parſe & D. Je 1927 11,532,000 - - - 90 Mr 6 95 f*do. 2d inc. g. 6s. A cum.1%pd. Apºſr & S. J1 1917 12,265,000 354 B14 B54 28, 314 18 354 Ja 28 96 do. do. coupon stamped... Mr & S. J1 1917 ------- - - - - U +do. 2d income 6s B. g. m. cum... . . April 1 1917 12,265,000 7 6+ 7 30, 6+ 27 7 Ja 31 96 Mexican Northern Ry. 1st g. 6s s. ſ. not drinje & D. D 1910 | 1,435,000 - - - do. registered. . . . . . . . . . . . . Je & D. D 1910 -------- - - - Mich. Air Line. See Mich. Cent. Michigan Central Rd. stock . . . . . . . . $100 F & Ag|2% F 1896, 18,738,000. 96 944. 96 31. 94; 8 96 Ja 31 96 5% '90, '91, 54% '92, '93, 4% '94, '95, 2% '96. +do. con. (now 1st) 7s . . . . . . . . . . . . My & N My 1902 8,000,000.119 117 119 +41.17 28 117 Ja 28.96 ſ do. con. (now 1st) 5s . . . . . . . . . . . . My & N My 1902 2,000,000 - - - 1094 O 17 95 do. 1st 6s (Grand Riv. Valley)....Mr & S S 1909 1,500,000 - - - 1194 My 15 95 falo. 1st 5s (Det. & Bay City). . . . . . Mr & S. Mr 1931 | 3,576,000 - - - 119 O 12 95 do. do. do. reg... Q Mr Mr 1931 -** * ~ * - – – 118 O 3 95 do 1st 4s (Mich. Air Line). . . . . . . Ja & J1 Ja 1940 | - – – 98 Mr. 2 93 do. do. do. reg. . . Ja & J1 Ja 1940 2,600,000102 102 102 17102 102 Ja 20 96 |{ *Battle Creek & Sturgis 1st gtd. g. 3s..Je & D 1989 476,000 - - - - a Bonds in thousands, stocks in shares. y Meir. Cent-Redeemable at 504 until August, 1929. 46 The Bond Record. Ivol. IV. - SALES 1896. Index. Title of Bond or Stock. º º For the | Month of January. Last Sale. ividend. Year. Highest. Lowest..a Total. Vol. pg. High Low Pr. Date Pr. Date Price Date Michigan Central Rd.-Continued. III r296 || Canada Southern Ry, stock . . . . . . . . . . . . F & Ag 14% A* 96 15,000,000 49, 454 49, 30, 45; 7, 8452 49+ Ja 31 96 34%'90, 24%'91, 3%'92, '93, 4%'94, 24%'95, 14%'96. - 'do. 1st mtg. 5s, int. gtd. by N. Y. C. & H. R. till '98. . . . . . . . Ja & J1 Ja 1908 } 13,920,000.108 106 108 3106 22, 142107; Ja 31 96 14,000,000 do. 2d mtg. 5s. . . . . . . . . . . . . . . . . . Mr & S. Mr 1913 || || 5,100,000.106 104 106 3104 8 50.105 Ja 31 96 do. do. registered. . . . . . . . . Mr & S. Mr 1913 | 6,000,000 - - - – 105 J1 2 95 Midland of N. J. See N. Y. Sus. & W. Mil. & Lake Win. See Wis. Central. Milwa, L. Shore & Western. See Chic. & N. W. Milwaukee & Madison. See Chic. & N. W. Mil. & Nor. See Chic. Mil. & St. Paul. Milwaukee & St. Paul. See Chic. Mil. & St. P. Mine Hill & Schuylkill. See Phil. & Read. |Minn. & St. L. Rd. new common stock. . . . - - - 6,000,000 20 17 20 13, 17 8, 1000 20 Ja 29 96 III /236 do. 1st pfd, 5% cum, redeem, at par and III rſ323 accr'd div. at pleasure of Co. Ja & J12.4% /a 1596 2,500,000 77 72 77 29, 72 10, 905 77 Ja 29 96 do. 2d pfd, 5% stock n, cum. . . . . . Ja 15 J1|1}% /a 1596 4,000,000, 46 40 46 340 7, 2125 46 Ja 31 96 f{do. 1st g. 7s. . . . . . . . . . . . . . . . . . . . . Je & D. Je 1927 950,000 - - - – 145 O 3 95 I !. Iowa Ext. 1st g. 7s. . . . . . . . . . . Je & D. Je 1909 1,015,000 - - - – 127+ O. 10 95 do. Southw. Ext. 1st g. 7s. . . . . . . . Je & D. D 1910 636,000.124; 122#124; 251.22+ 21 9124; Ja 25 96 i. Pacific Ext. 1st g. 6s. . . . . . . . . Ap & O Ap 1921 1,382,000 - - - – 120 N. 14 95 "tdo. 1st con. g. 5s. . . . . . . . . . . . . . . . My & N N 1934 | 5,000,000. 99 964 99 16, 96; 8 96. 984 Ja 29 96 5,383,000 Minn. & Pacific. See Canadian Pac. Minn. S. S. M. & Atlantic. See Canadian Pac. Minn. St. Paul & S. S. M. See Canadian Pac. +Minn. Street Ry. Co. 1st con. g. 5s. . . . . . . Ja & J1 Ja 1919 4,050,000 - - - - - Minn. Union. See Great Northern. Mo. Kas. & Eastern. See Mo. Kas. & Tex. III rºot;"|Missouri, Kansas & Texas Ry, stock. $100 47,000,000 12# 104. 12; 30 104 5211 124 Ja 31 96 6 | 63,012,500 III / 782 'do. preferred stock n, cum... $100 -- 13,000,000 26; 22 26; 30 22 7 37748. 264 Ja 31 96 '#do. 1st g. 4s. . . . . . . . . . . . . . . . . . . . . Je & D. Je 1990 } 39,774,000, 85 80 85 15 80 7 769 84 Ja 31 96 39,813,000 *+do. 2d g. 4s. . . . . . . . . . . . . . . . . . . . . F & Ag Je 1990 20,000,000 604 53+ 604 14, 534 7 766 604 Ja 30 96 do. 1st ext. g. 5s . . . . . . . . . . . . . . . . My & N N 1944 998,000 80 72# 80 30 72+ 7. 135, 80 Ja 30 96 * ++Boonev. B. Co. 1st g.gtd.7s, drn, at par My & N My 1906 } 599,000 - - - - - 1,000,000 Dallas & Waco 1st gtd. g. 5s. . . . . . . . . My & N N 1940 1,340,000 80 80 80 31, 80 31 5, 80 Ja 31 96 Kansas City & Pac. 1st g. 4s int.gtd.. F & Ag Ag 1990 2,500,000 72+ 71 || 72+ 30 71 29 4. 724 Ja 30 96 Mo. Kan. & Eastern 1st gtd. g. 5s. . . . Ap & O Ap 1942 4,000,000 90 86 90 4, 86 7, 135 90 Ja 30 96 Mo. K. & Tex, in Tex, 1st gtd. g. 5s. . Mr & S S 1942 2,685,000 - - - – 78; D 27 95 Tebo & Neosho 1st g. s. f. 7s red. at 100. Je & D. Je 1903 187,000 - - - - - III rºSMissouri º; Ry, stock. . . . . . . . . . . . . $100 Q Ja 1% // 1891 47,507,000 26+ 22# 26+ 2, 22; 7, 73220 253 Ja 31 96 4% '90, 3% '91. ſ do. con. g. 6s. . . . . . . . . . . . . . . . . . . My & N N 1920 14,904,000. 97 95 97 29, 95 2 26 97 Ja 29 96 do. 3d 7s. . . . . . . . . . . . . . . . . . . . . . . My & N N 1906 3,828,000.112 108 112 28.108 21 13112 Ja 28 96 łdo. col. trust g. 5s. . . . . . . . . . . . . . . Mr & S. Ja 1917 14,376,000 70 70 || 70 29, 70 29 2 70 Ja 29 96 do." do. registered. . . . . . . . . . Mr & S. Ja 1917 -** * * * - - - – | 73}. D 18 95 +do. 1st collateral g. 5s. . . . . . . . . . . F & Ag Ag 1920 7,000,000 - - - - - do. do. registered. . . . ...F & Ag Ag 1920 | - * ~ *- - - - - - D łLer.& Can. Val. 1st gtd.g.5s(l.c.pd. Ja.05),Ja & J1 J1 1926 520,000 - - - - - Little R. & Ft. Smith 1st land grant 7s. Ja & J1 Ja 1905 3,000,000 - - - – 93 My 24 95 Pacific Rd. of Mo. 1st ext, g. 4s. . . . . . . F & Ag Ag 1938 7,000,000102} 102 102; 7,102 8 6102 Ja 996 tdo. 2d ext, g. 5s. . . . . . . . . . . . . . . . . Ja & Jil J1 1938 2,573,000 - - - – 1074. D 30 95 III rºll St. L. Iron Mt. & S. Ry. 1st ext, 5s. . . . F & Ag My 1897 4,000,000102+ 102 102} 29,102 24 21024 Ja 29 96 III 1802 do. 2d g. 7s. . . . . . . . . . . . . . . . . . . . My & N My 1897 6,000,000101; 100 101; 28.100 7 - 22101; Ja 28.96 do. gen, con, and land gr. g. 5s. Ap & O Ap 1931 18,345,000 80 79 80 es 79 6 69 80 Ja 29 96 do. gen, con. stamped gtd. g. 5s. , Ap & O Ap 1981 6,945,000 - - I - – 834 O 23 95 do. Arkansas Br. ext, 5s. . . . . . . . . Je & D. Je 1935 2,500,0001024 100 1024 6100 6 14102 Ja 27 96 tdo. Cairo, Ark, & T. 1st g. 7s.....Je & D. Je 1897 1,450,000.101 101 101 16101 16 2101 Ja 16 96 Verdigris Val. Ind. & W. 1st g. gtd. 5s. Mr & S. Mr 1926 750,000 - - - - - Mississippi River Bridge. See Chic. & Alt. III rºſ)0|Mobile & Ohio Rd. assented stock. . . . . . $100 - - } 5,320,600 25 21 25 11 21 9, 1994, 23# Ja 31 96 7,680,000 III 1802 ++do. new 6s (int.1'wful mon'y pring,)]e & D. D. 1927 7,000,000117 117 117 14117 14 1117 Ja 1496 +do. 1st ext, g. 6s. . . . . . . . . . . . . . . . Q Ja J1 1927 || 974,000113 113 113 17113 17 1113 Ja 17 96 1,000,000 +do gen, land gr. g. 4s s, f, not drin, Mr & S S 1938 | 9,489,500. 665 624 66; 31 62; 6: 146 66 Ja 31 96 9,737,500 U +St. Louis & Cairo 1st g. 4s, intº gtd...Ja & J1 Ja 1931 4,000,000 - - - — 86 D. 17 95 |Mohawk & Malone. See N. Y. C. & H. R. Monongahela River. See Balt. & Ohio. Montana Central. See Gt. Northern. For abbreviations, see page 26. a Bonds in thousands, stocks in shares. ºf Mººn. & St. L.-See also Bur., Cedar Rapids & Nor. * February, 1896.] Railroad Bonds and Stocks. 47 º - SALES 1896. Index. Title of Bond or Stock. . * For the Month of January. Last Sale. Year. Highest. Lowest. *Total. Vol. pg. High Low Pr. Date Pr. Date Price Date Montauk Ext. See Long Island. Morgan's La. & Texas. See So. Pacific. Morris & Essex. See Del. Lack & Wn. N ashua & Lowell. See Boston & Maine. ashv.Chat, & St. Louis. See Louisville & Nash. Nashville & Decatur. See Louisville & Nash. Nashv. Flor. & Shef. See Louisville & Nashv. Nebraska. See Chicago, Bur & Q. Nesquehoning Valley. See Cent, of N. J. III 1731|New England Rd. stock. . . . . . . . . . . . . . . . $100 - - 19,162,500 5.11 454 51+ 28, 45; 8 715 514 Ja 28 96 *do. N.Y. & N.E. pfd, stock. . . . . $100 -- 5,000,000 85 80 85 28 80 23: 344 84 Ia 29 96 III rº, do. do. Trust Co. ctfs, all inst. pi. . . . . . - - 837,500 - - - - 55+ D 7 95 +do. do. 1st 7s (J1. '95, & Ja. '96c. pd. D. '95). . . . . . . . Ja & J1 Ja 1905 6,000,000 - - - – 1224 O 5 95 +do. do. 1st 6s (JI.'95 & Ja. 96 c. pd. D. '95). . . . . . . . . . Ja & J1 Ja 1905 4,000,000 - - - – 1085. Ja 30 95 *Nor.&Wor...8% stk.gtd. until 1969.8100 Ja & J1 ſº ya 1896 2,640,300 - - - – 198 18 95 New Haven & Derby. See N. Y. N. H. & H. New Jersey & N. Y. stock. . . . . . . . . . . . . $100 - - 1,500,000 - - - - - do. 6% pfd, stock n, cum. . . . . . . $100 - - 800,000 - - - - - New Jersey Junction Rd. See N. Y. Cent. New Jersey Southern. See Cent. of N. J. *New London Nor. Rd. stock. . . . . . . . . . $100 Q Ja 2+ O 1895 1,500,000 - - - - - 7% '90, '92, 8% '93, 9% '94, 64% '95. New Or. & Mobile. See Louisville & Nash. III rºS3+N.Orleans & N. Eastern Ry, prior lieng. 6s. Ap & O N 1915 1,320,000 - - - – 1084. Ag 13 94 |New York B. & Man. Beach. See Long Island. |Nº. York Bay Extension Rd. See Long Island. III rā02°N. Y. C. & H. R. Rd. stock........ . . .3100 Q Ja 1% Ja 15 96 100,000,000. 98 934, 98 14 934 7 7210 974 Ja 31 96 III 1236 ** ’90, '91, 5+ 4 '92, 5% '93, '94, 4+4'95, 1% '96. O. - ſ ' 1st 7s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1903 30,000,000!?! 11: 12, 211; 11 75.119 Ja 29 96 do. registered. . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1903 ”II19. 119 119 28,119 28 101.19 Ja 28 96 *†do. deb. 5s of '84, mtg. priv. . . . . . Mr & S S 1904 10,000.0001073 1064107+ 21064 31 131064 Ja 31 96 *do. do. do. reg. . . . . . . Mr & S S 1904 - - - - - - - - – 107* D 1895 falo. reg. deb. 5s of '89 mtg. priv. . Mr & S S 1904 1,000,000 - - - – 105 Ap 1 95 "do. deb. g. 4s 1890s. f. not drn...Je & D. Je 1905 15,000,000 1004 100*1004 10100+ 10 51004 Ja 10 96 do. do. registered. . . . . . . . Je & D. Je 1905 | º, vvv, - - - – 103.4 S 11 95 do. debt certificates ext. g. 4s. ... My & N My 1905 6,450,000101; 101,104 °1101, 14 17|1014 Ja 21 96 do. do. do. reg. My & N My 1905 ”|1014 1014|1014. 4101; 4 51014 Ja 4 96 III rºsó "Beech Ck. Rd.stk.4%gtd. until 28S9.850 QJa | 1 % /a 96 5,500,000 - - - - - - "do. 1st gtd. g. 4s. . . . . . . . . . . . . . Ja & J1 J1 1986 5 000 000 104 104 104 22 104 22 4 104 Ja 29 96 do. do. registered. . . . . . Ja & J1 J1 1936 -** * * * * - - - – 104+ O 25 94 *do. 2d gtd. g. 5s. . . . . . . . . . . . . . . . Ja & J1 J1 1936 | 500,000 - - - - - do. do. registered. . . . . . . . . . . . Ja & | J1 1936 - - - - - - *Cart'ge & Adirondack Ry, 1stgtd. g. 4sje & D 1981 1,100,000 - - - - - Clearfield Bituminous Coal Corp'n } 770,000 1st s. f. gtd. g. 4s, series A. . . . . . . . Ja & J1 Ja 1940 803,100 - - - - - Gouv.& Oswegatchie 1st gtd. g. 5s.....Je & D. Je 1942 300,000 - - - - - **Mohawk & Malone 1st gtd. g. 4s.....Mr & S S 1991 2,500,000 - - - - – 100 My 14 94 N. Jersey Junction Rd. gºd. 1st 4s. . . . . F & Ag| F. 1986 || 1,650,000 - - – 102 O 3 95 º do. do. registered ctfs. F & Ag| F 1986 || 1,700,000 - - - - - "N. Y. & Haristk.8%gtd. until 2274 $50. Ja & J1 4% /a 1896 8,638,650 - - - - – 263 My 1495 10+ 4 '90–'93, 11% '94, '95, 4% '96. do. preferred gtd. 8.4 stock...S50 Ja & J1 4% /a 1896 1,361,350 - - - - - 10+ £ '90–'93, 11% '94, '95, 4% '96. - łdo. con. (now 1st) 7s. . . . . . . . . . . . My & N My 1900 12,000.000114 114 114 2.114 2 2114 Ja 9 96 do. do. registered. . . . . . . My & N My 1900 - www. - - - – 114 N 21 95 - N. Y. & Northern 1st mtg. g. 5s. . . . . . Ap & O O 1927 1,200,000 - - - – 120 S 23 95 *#N. Y. & Putnam 1st con, gta. g. 4s...Ap & O O 1993 4,000,000 - - - – 104 O 16 95 Norwood & Montreal 1st g. 5s. . . . . . . . . Ap & O Ap 1916 130,000 - - - - - +Oswego & Rome 2d gtd. g. 5s. . . . . . . . F & Ag| F 1915 400,000 - - - – 110 O 16 95 III rº10 Pine Creek 1st gtd. registered 6s. . . . . . . Je & D. D. 1932 3,500,000 - - - – 1234 O 26 93 f"Rome, Wat & O 5% stk, gta.corp. exist. §100 Q F 14 Ž N 95 10,000,000117 117 117 14117 14: 420,117 Ja 16 96 do. con, assd. 5s g. int. . . . . . . . . . Ap & O J1 1922 9,081,000118; 1164118; 61164. 20 52,117 Ja 28 96 +do. Terminal 1st gtd. g. 5s. . . . . . My & N N 1918 375,000 - - - - - III rº10. “Syracuse, Gen. & Corning 1st m. 7s...My & N N 1905 897,200 - - - - I 195 || "Utica & Black Rr. stk. 7% gºd. in perpet. Mr & S 3% º S 95 1,103,000 - - - – 151 J1 1795 do. gtd. g. 4s. . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1922 1,800,000 - - - – 108 D 495 *West Shore 1st 4s gtd. . . . . . . . . . . . . . . . . Ja & J1 Ja 2361 | 50,000,000 º 20104+ 2 320,105+ Ja 31 96 - do. do. registered. . . . . . . . . . Ja & J1 Ja 2361 ''''''''''''''105 104 105 13104 0 207105 a 30 96 N. Y. Chicago & St. Louis. See L. S. & M. So. New York City Street Railroads. |Metropolitan Traction stock. . . . . . . . $100 Q Ja 14% /a 1596 30,000,000105 92-105 14, 92 6, 13111105 Ja 31 96 - For abbreviations, see page 26. a Bonds in thousands, stocks in shares. f M. P. cent. & Hudson River.—Exchangeable for cash or stock at par if º issues stock at any time in exchange for the 1st 7s of 1903. ºf Rome, W. & O.-14% div. declared, payable F.15, 96. 48 The Bond Record. [Vol. IV. Maturi SALES 1896. Index. Title of Bond or Stock. . * For the Month of JANUARy. Last Sale. - * Highest. Lowest. |a Total. vol. pg. High Low Pr. Date Pr. Date Price Date New York City Street Railroads.-Continued. II /88||{Broadw. &7th Ave. Rd. 1stcon.mtg.g. 5s. Je & D. D. 1943 || 7,650 000114 1114114 31.111+ 7 64|114 Ja 31 96 do. do. reg. . . . . . . . . . . . . . . Je & D. D. 1943 || '''" - - - - - III 1308|| Columb. & Ninth Av. Rd. 1st gtd. g. 5s. Mr & S S 1993 3,000,000114 111}|114 2111+ 9 71112 Ja 30 96 III /309|| +Lex. Ave. & Pav. Ferry Rd. 1st gtd. g. 5s. Mr & S S 1993 5,000,000113; 111 |1134 3111 22 489|111; Ja 31 96 fSixth Ave. Rd. stock . . . . . . . . . . . . $100 a 20% M1895 1,500,000 - - - - - III ~723 º Ave. Rd. stock. . . . . . . . . . . . . . $100 My & N24 & M 1895 9,000,000 - - - - - do. 1st mtg. g. 5s. . . . . . . . . . . . . . . . Ja & J1 J1 1937 5,000,000.119 1154119 151154 6 35||118; Ja 15 96 New York & Harlem. See N. Y. Cent. N. Y. Lack. & Western. See Del. L. & W. N. Y. Lake Erie & Western. See Erie. N. Y. & Manhattan Beach. See Long Island. New York & New England. See New Eng. III rā79. "N. Y. N. H. & Hart. Rd. 8 º' stock. $100 Q {" 2% /a 96 47,500,000184 175 184 31.175 7 755184 Ja 31 96 |- 10% '90 to '93, inc. 9% '94, 8% '95, 2% '96. III. 1524 do. 1st registered 4s. . . . . . . . . . . . Je & D. Je 1903 2,000,000 - - - – 106 D 5 94 +fdo. conv. deb. ctfs 4s. . . . . . . . . . . Ap & O Ap 1908 16,437,500.136 135 |136 4135 6 30|136 Ja 31 96 *Bost. & N.Y.A.L. pfd, stock gtd 4% until 1981. . . . . . . . . . . . . . . . . . . . $100Ap & O 2 % O 1895. 1,426,000 - - - – 103; O 11 95 *Boston, Clinton F. & N. B., int. gtd. 5s. Ja & J1 Ja 1910 1,912,000 - - - — 261 Mr 21 95 *Bos. & Prov. 10% stock gºd...un.1987 $100 Q Ja 24 & /a 96 4,000,000264. 2634,264 15263+ 7 21.264 Ja 16 96 +*do. 4s bonds not mtg. . . . . . . . . . . Ja & J1 J1 1918 2,170,000.1034 10341034 24|103] 24 21034 Ja 24 96 Dan & Nor. 5% stock. . . . . . . . . . . . . $50Ja & J1 24% // 95 307,200 - - - - - 5 % since 1886. *Hous. Rypfd, (1%gtd.) n, cum. 4% $100 July 1% // 1894 2,867,800 - - - - - 1% '93, 1 %'94. | ſº con. g. 5s. . . . . . . . . . . . . . . . My & N N 1937 2,838,000 - - - — 124 S 26 95 New Haven & Derby con. 5s. . . . . My & N My 1918 575,000 - - - – 115 O 15 93 III rô83|| *Old Colony Rd. 7 % stock. . . . . . . . 100 Q Ja | 1.4% /a 96 14,178,600,178 1754,178 161754 6 515177 Ja 30 96 **do. 6s bonds not mtg. . . . . . . . . . . Je & D. Je 1895 500,000 - - - – 100 My 13 95 **do. 6s. do. . . . . . . . . . . . . Mr & S S 1896 1,100,000 - - - - - **do. 6s. do. . . . . . . . . . . . . F & Ag Ag 1897 2,000,000.100 100 100 7100 7 1100 Ja 7 96 *do. 4s do. reg . . . . . . . . Je & D. D 1897 200,000 - - - - - *do. 4s. . . . . . . . . . . . . . . . . . . Ap & O Ap 1904 498,000 - - - - - *do. 4s bonds not mtg. reg. . . . . . . Ja & J1 Ja 1938 2,900,000 - - 107 J1 17 95 4,000,000 +*Providence & Worcester 1st 6s. . . . . . . Ap & O O 1897 1,500,000 - - - - - N. Y. & Northern. See N. Y. C. & H. R. Rd. III rā05 N. Y. Ontario & Western Ry, stock. $100 58,113,983. 15, 128 15, 31. 12; 7, 25906 155 Ja 31 96 *#do. con.(now 1st) g.5s red.at 105 in '99, III 1284 orthereafter at option of Co. Je & D. Je 1939 5,600,000.109 107 109 3107 10 20108 Ja 21 96 *#do. refunding 1st g. 4s. . . . . . . . . . . . Mr & S. Je 1992) s, 195,000 90 884 90 3 SSł 20, 118 tº a #1 * | Sdo, registered. . . . . . . . . . . . . . . . . . . . Mr & S. Je 1992 ) --~~~~ - - – | – || 83; Ag 25 92 *N. Y. Philadelphia & Norfolk Rd....S100 -- 1,715,000 - - - - - +"do. 1st mtg. g. 6s. . . . . . . . . . . . . . . . . . Ja & J1 Ja 1923 1,848,000.103 103 103 8103 8 1103 Ja 8 96 *do. inc. g. 6s n, cum. reg. . . . . . . . . . Ap & O O 1933 1,000,000 - – 1 - - - New York & Putnam. See N. Y. Cent. & Hud. New York & Rockaway Beach. See Long Island. III ºSS|New York, Susq. & West. Rd. new. . . . $100 - - 11,828,300. 11; SH 11; 31 8+ 8 7674 113 Ja 31 96 III 1630 “s, % º stock n, cum....S100My & N1+ 4 N 1893 12,842,800 31, 21; 31 31, 21+ 7. 30758, 30; Ja 31 96 łdo, 1st refunding g. 5s. . . . . . . . . . Ja & J1 Ja 1937 3,750,000.100 99 100 7. 99 24 7. 99 Ja 24 98 tdo. 2d 4+s. . . . . . . . . . . . . . . . . . . . .F & Ag| F 1937 636,000 – - – | – || 75 Ag 28 95 +do. gen. g. 5s. . . . . . . . . . . . . . . . . . F & Ag Ag 1940 2,300,000 80 75+ 80 17 75+ 17 13| 79 Ja 31 96 +do. terminal 1st g. 5s. . . . . . . . . . . My & N My 1943 2,000.0001084 103 108} 10 103 11 43,103 Ja 13 96 Sdo. do. registered . . . . . . . . . . My & N My 1943 -** * * v- - - - - - ſº Rd. of N. J. 1st g. 6s. . . . . . . . Ap & O Ap 1910 3,500,000115; 115 115; 31115 6 - 271153 Ja 31 96 III 1114, twilkesbarre & East Rd, 1st gtd. g. 5s. Jé & D. Je 1942 3,000,000 – - — | – || 93 O 28 95 N. Y. Texas & Mexican. See So. Pac. - Nodaway & Tark. Valley. See C. B. & Q. |Norfolk & Petersburg. See Norfolk & W. III 183|Norfolk & Southern Rd. stock... . . . $100 Q Ja 1% Ja 10 96 2,000,000 – - – | – || 70 Ag 1995 2% '92, 4% '93–95, 1% '96. - |...tdo. 1st g. 5s. . . . . . . . . . . . . . . . . . . . . My & N My 1941 750,000 - - - — 107 D. 20 95 III r?20" Norfolk & Western Rd. stk. (Revrs). S100 - - 9,500,000 2, 2 2; 31, 2 29, 990 24 Ja 31 96 |ſ "do. pfd, stock, n, cum. . . . . . 00 1% o 1892 || 48,000,000. 9 6, 9 31 6, 7 1500 9. Ja 31 96 8 * '90-91, 1+3 cash and 1% scrip '92. } 50,000,000 ++do. gen. g. 6s. . . . . . . . . . . . . . . . . . My & N My 1931 7,283,000 - - - — 121. D 3 35 do. New River Div. 1st g. 6s, , , , Ap & O Ap 1932 2,000,000 – — — – 114 Ag 21 95 d 14 do. imp. Stext.g.6s (l.c. pd. F95), F & Ag| F. 1934 5,000,000 - - - — 97 F 1994 D 1+do. adjustment g.7s (l.c. pd. D'94) red, at 110. . . . . . . . . . . . . . . . Mr. D 1924 1,500,000 – - – | – || 984 N 1995 D do, equip.g.5sdrniat 100 aft. My '98 3,960,000 - - - — 65 F 11 95 (l.c. pd. D '94). . . . . . . . . . . . e & D. Je 1908 4,190,000 - D ++do. 100 year gº 5s (l.c. pd.Ja'85).ja & Jil Ja 1990 8,937,000 60 60 60 30 60 30 1|60 Ja 30 96 D do. do. Nos. above 10,000 - - 3,328,000 - - - - - | (l.c. pd. Ja '95) 16,336,000 – - - - - - For abbreviations, see page 26, a Bonds in thousands, stocks in shares. ºf M.K., M. H. & H.-Exchangeable April 1 to May 30, 1908, for stock at par. ºf Sºrth Ave.-Part of this 20 dividend on account of real estate sales. February, 1896.] 49 Railroad Bonds and Stocks. Index. vol. D D D III /83 - D D II 250 D II 1250 D III 1172 III 2311 D Northn. Pac. & Mont. "Norfolk & Western Rd.-Continued. |North & West Branch. Northern Central. |Northern Illinois. Northern & Montreal. Northern New Hampshire. Northern Ohio. III rā07*Northern Pacific Rd. (Rcvr.) stock....S100 Title of Bond or Stock. 1 +do. C1.V.Div. 1st g.5s (l.c.pd. S'94) Mr & S |: Maryld. & Wash.Div. 1st g.5s... Ja & J1 (1, c. pd. Ja '95) 1Sol. Connecting & Term. 1st gtd.g. 5s Ja & J1 Norfolk & Petersburg 2d (now 1st) 5s. Ja & J1 +*Roanoke & S. 1st gtd.g. 5s (1.c. pd. S '94)Mr & S isioto Valley & N. E. 1st gtd. g. 4s. . . . My & N Virginia & Tenn. enlarged 5s & J1 *do. - - - - - - - - - - | 4th (now 2d) mtg. 8s See Penn. Rd. See Penn. Rd. See Chic. & Northwestern. See N. Y. Cent. See Boston & M. See Lake Erie & Western. ſ "do. pfd, 8% stock n, cum. . . . . $100 4% '90, '91, 2% '92. f*do. Pend d'Oreille Div. s. f. 1st and land gr. 6s drawn at par....Mr & S *do. gen. 1st Rd. & land gr. s. f. g. 6s drawn at 110...Ja & J. do. do. registered. . . . . . . . . Ja & J1 *do. gen. 2d Rd. & land gr. s. f. g. 6s (1.c.pd. Ap'93) drin.at 110. Ap & O do. do. registered. . . . . . . . . . . . . Ap & O *do.gen.3d g.6ss.f.not drin.(1.c.pdje'93).Je & D do. do. registered. . . . . . . . . . . . Je & D do do. Trust Co. ctfs. . . . . . . . *#do con. g. 5s (l. c. pd. Je '93)....Je & D do do. registered. . . . . . . . . . . . Je & D do do. Trust Co. ctfs. . . . . . . . do. div.scrip l.c.pd.J1'93) red.at 30 days' notice. . . . . . . . . . . Ja & J| do. do. ext, (1. c. pd. J1'93) red. at 30 days' notice. . . . . . Ja & J1 do., col. tr. 6s g. notes red, par and accrued int. aft. My '96. My & N do. do. registered. . . . . . . . . . . . . My & N do. do. Recy, ctfs. 6s g. . . . . . . . Q Ja !Cent. Wash. Rd. 1stint, gta. g. 6ss.f.drn. at 105 aft. S1,'98 (1.c.pd. Mr'93). Mr & S do. Trust Co. eng. ctfs. . . . . . . . . . * +Coeur d'A. Ry. & Nav. Co. 1st int.gtd. g. 6s drn at 105 (1.c.pd. S'93). . . . . . gen. int. gºd. g. 6s drin, at 105 (l. c. pd. Ap '93) . . . . . . . . . . . . . +/Duluth & Man. Rd. 1st intº gtd. g. 6s, s. f. drin. at 105 aft. J1 1, ’96. . . . do. stamped coupons do. Trust Co. ctfs, of dep, stamped. ſdo. Dakota Ext, int. gºd. Istg. 6s, s. f. d drin, at 105 aft. Je 1, '97......Je & D. O. do. stamped coupons. . . . . do. do... Trust Co. ctfs of dep, stimp. +Hel. & R. +do. Mt. Rd. 1st int. gtd. g. 6s red at 105 aft. Mr 1, 97 (1.c.pd. Mr'93). Mr & S. *James R. Val. Rd. 1st int. gtd. g. 6ss. f. drn, at 105 aft. Ja 1, '96 (1.cpd. J1 '93) Trust Co. ctfs do. Trust Co. ctfs. of deposit . . . . tº ºr Pac. Term. Co.1st g.6s, red, at 110. Ja & J. DºłN. Pac. & Mont. Rd. istint.gtd. g. 6s, s.f.not drin.(1.c.pd. Mr 1,93)... Mr & S. do. eng. Tr. Co. ctfs. of deposit. . +St. P. & N. Pac. gen, gta, land gr. g. 6s, F & Ag do. registered certificates........ F +Seattle, Lake Shore & Eastn. (Receiver) 1st g. 6s (1. c. pd. F '93) ------ - - - - - - - - - - - - - - - - do. trust receipts łºf Spokane & Palouse ctfs. 1st int.gtd.g. - 6s, sºf.dr.m. at 105 aft. My 1,’96. My & N See Northn. Pacific. For abbreviations, seepage 26. / Duºuth & Man. *º at 54 until July, 1896, inclus | Ag 1931 Maturity or Last Dividend. 1957 1941 Ja 1922 J1 1900 Mr 1922 N 1989 Je 1900 My 1900 Je Ja 144, 1892 1919 Mr 1937 Ja 1936 Ja 1938 S 1938 f 1923 F 1923 | | My 1936 f Sºok. & Paz—Interest payable at 54 until May, 1897, inclusive. ive. ſ | A mount Listed. ,000,000 35,269,546 º 41,877,000 19,216,000 11,461,000 45,676,000 48,867,000 513,500 10,275,000 4,900,000 1,750,000 360,000 878,000 1,238,000 440,000 1,650,000 1,188,000 93,000 1,451,000 1,958,000 400,000 921,000 852,000 3,993,000 874,000 4,507,000 7,985,000 8,003,000 5,450,000 º 1,766,000 Daº. Eart.-Interest N. c. sales sº, rººm. - Most of January. - Last Sale. Year. Highest. Lowest. |a Total. High Low Pr. Date Pr. Date IPrice Date - - – | – || 60 My 27 95 64 64 64 9, 64 9 1 64 Ja 9 96 - – – || – || 87 o 30 93 - – – – 101*. Ag 94 40+ 40+ 40+ 22, 40+ 22, 2 40+ Ja 23 96 86 84 86 25, 84 29 3. 84 Ja 29 96 - - – – 102 Mr 94 - – – – 116 D 3 95 5 24 5 30 24 8, 12651' 48 Ja 31 96 16; 10, 16, 31 10, 8, 17811 15 Ja 31 96 - – | – || 964 Ap 16 95 115; 1134,115+ 30,113, 8, 81,115+ Ja 30 96 115+ 1154.115+ 301.15} 30, 100115+ Ja 30 96 106 100 106 30.100 6 220,106 Ja 30 96 - - – – 103 D 16 95 70 64 || 70 29, 64 7 30, 70 Ja 30 96 - - – – 60 0 1 94 - - – | – | 73 Ag 7 95 38+ 314|| 38+ 30 314 W 395, 384 Ja 31 96 sº alsº – || – || 25 F 23 94 -37; 314 37; 31 314 8, 105 37+ Ja 31 96 - – | – || – || 61 Je 22 95 - – || – || – || 50 D 16 95 83 764 83 30, 764. 22, 114 83 Ja 30 95 79 77* 79 25 77+ 13 6, 79 Ja 25 96 - | | | | 99 My 2, 99 - – | – || 374 O 16 95 - - – – 104 My 14 92 | | | | | | – 102 ja 2 92 I | | | | | | 17, Ja 16 95 72 is 12 24 tº 24, 172 ja 2, 96 I | | | | 85 d 5 94 so so 80 13 80 13, 180 ja tº 96 - - – – 100 D 30 91 - – – || – || 97 O 25 91 101, 100,101, 22100, 30 to 100, a 90 % 30 28 30 2. 28 29 3, 28 Ja 29 96 30 26 || 30 2, 26 8, 21 30 Ja 29 96 1244. 128 1244 17128 13 7|124 Ja 20 96 - - - - 124 p * * - - – || – || 46 je 2" 95 41 40 || 41 17 40 2. 85 40 Ja 22-96 - – || – || – || 74 N 1495 a Bonds in thousands, stocks in shares. payable at 54 until June, 1896, inclusive. º Ja. º. 50 The Bond Record. [Vol. IV. SALES 1896. Maturity Amoun - … Index. Title of Bond or Stock. tº. }º Fº the Month of JANUARY. Last Sale. * |Highest Lowest...Total. Vol. pg. High Low Pr. Date Pr. Date Price Date Northn. Pac. Terminal. See Northn. Pacific. North Penna. See Phila. & Read. Northern Railway of Cal. See So. Pacific. North Missouri. See Wabash. North Wisconsin. See Chic. & Northwn. Norwich & Worcester. See N. Eng. - gdensburgh & L. Champ. Rd. stock $100 - - 3,077,000 – – - — - do. con. (now 1st) 6s. . . . . . . Ap & O Ap 1920 3,500,000.106 106 106 2.106 2 3,106 Ja 29 96 do. income 6s, n. cum. . . . . Ap & O Ap 1920 800,000 - - - - do. small . . . . . . . . . . . . . . . . . Ap & O 200,000 - - - - - *Ogdensburgh Transit Co. 1st 6s. . . . . . . . . . . F & Ag Ag 1909 725,000 – - Ohio, Indiana & Western. See C.C.C. & St. L. Ohio & Mississippi. See Balt. & Ohio S.W. +Ohio River Railroad 1st g. 5s. . . . . . . . . . . . Je & D. Je 1936 2,000,000 - - - — 101 D 7 95 d #do. gen. g. 5s (1, c. pd. My '95). . . Ap & O Ap 1937 } 2,428,000 - - - — 80 N. 26 94. 2,598,000 II r175 Ohio Southern Rd. stock (Receivers) $100 - - 3,840,000 - - - — 10 S 9 95 do. 1st g. 6s. . . . . . . . . . . . . . . . . . . . . . . Je & D. Je 1921 3,924,000 90 87# 90 15 8.7; 9 20 90 Ja 31 96 III /630 +do. gen. g. 4s. . . . . . . . . . . . . . . . . . . . . My & N My 1921 || 2,511,000 29 25 29 21 25 9 5, 29 Ja 21 96 . 2,542,000 Ohio Valley. See Chesapeake, Ohio & Southwn. Old Colony. See New York, New Haven & Hart'd. BOmaha & St. L. Rd. 6% pfd, n. cum, stock (Rcvr.) $100 - - 2,220,500 - - - - 7 F 93 D +/ do. 1st 4s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1937 50 50 50 10 50 10 2 50 Ja 10 96 do. Trust Co. ctfs. . . . . . . . . . . . . . . - - 2,717,000 50 50, 50 17 50 17 3 50 Ja 1796 D|| f do. ex, funded coupons . . . . . . . . . . - - - - - Omaha & South Western. See C. B. & Quincy. Oregon & California. See Southern Pacific. - º Improvement Co. stock (Rcvr.) $100 3,283,000 4+ 2; 4+ 4, 2; 11 1750, 31 Ja 29-96 III 1797 do. Man. Trust Co. ctfs. . . . . . . . . . - - 3,717,000 - - - - - * fold. 1st g. s. f. 6s. . . . . . . . . . . . . . . . Je & D. D 1910 4,146,000. 913 90 91; 30 90 9 27 91; Ja 31 96 d ſtdo. con. g. 5s (1. c. pd. Ap '95). . . . Ap & O O 1939 2,502,000 35, 30 35 3 30 17, 1170 33 Ja 30 96 III 1797 do. do. eng. Trust Co. ctfs. -- 4,047,000 - - - - - Oregon Ry. & Navigation. See Union Pacific. Oregon Short Line. See Union Pacific. Oregon Short Line & Utah Nor. See Union Pac. Oswego & Rome. See N.Y. Cen. & H. R. Qswego & sº See Del. Lack. & Westn. º: O. & F. R. V. See Chic. B. & Q. Ottumwa, C. F. & St. Paul. See Chic. & N. W. Rºº of Missouri. See Mo. Pac. D ad., Tenn. & Ala. Rd. (Rcvr.) 1st 5s issue '90 (l. c. pd. Ja '94). . . . . . Ja & J1 J1 1920 1,815,000 - - D do. do. (issue '92) (1.c.pd. Ja’94Ja & J1 J1 1920 617,000 - - - II r107 Panama Rd. stock . . . . . . . . . . . . . . . . . . . $100 24 Ja 1893 7,000,000 - - - - - 5% '90, 91, 2% '92, '93. 'do. sink. fund subsidy g. 6s. ... My & N N 1910 1,953,000 - - - – 101. D 21 91 Peninsular Rd. See Chic. & N.W... . . . . . - III rº’ “Pennsylvania Rd. Co. stock. . . . . . . $50 My & N. 24% W 1895 129,289,000. 53; B0, 53; 28 50; 6, 20882 524 Ja 31 96 6%'91, 92, 5% cash 2% stock '93, 5% '94, '95. ſ do. con, sterling g. 6s. . . . . . . . . . . . Ja & J1 1905 22,762,000 - - - - - "do. con, cur. 6s reg. . . . . . . . . . . . . . Q Mr Je 1905 4,718,000 - - - - - do. con, g, 5s, coupon. . . . . . . . . . . Mr & S S 1919 | 4,998,000 - I - - - - do. do. registered . . . . . . . . Q Mr S 1919 | -** ** -- – — - - - * “do, gen. m. 6s, coupon . . . . . . . . . . Ja & J1 J1 1910 2,000,000120 120 120 9,120 9 1120 Ja 996 ‘do. do. registered . . . . . . . . Ap & O J1 1910 4,509,000131; 131 |1314 S131 23 5131 Ja 23 96 * *do. con. m. 6s, coupon. . . . . . . . . . . Je & D. Je 1905 2,757,000 – - - - - *do. do. registered . . . . . . . . Q Mr Je 1905 1,961,000 — 1 – - - - *do. do. g. 4s s.f, not drn...My & N My 1943 3,000,000 - - - - - "H"do. Trust Loan g. 44s. . . . . . . . . . . . Je & D. Je 1913 9,900,000 - - - — 106 D 3 95 *do. do. registered . . . . . . . . Je & D. Je 1913 { -** v-v- - - - – 108; My 94 **do. Equip, tr. g. s. f. 4s. . . . . . . . . . Mr & S S 1914 2,932,000 - - - – 100 Ap 10 95 ido. Real Est. 1st g. 4s. . . . . . . . . . . My & N My 1923 1,675,000 - - - – 110 My 25 93 III rº, +"Allegheny Valley Ry, 7–30s, Riv. Div. Ja & J1 Mr 1896 || 4,000,000 - I - - – 103 S 1995 ºdo. East Ext: 1st gtd. is . . . . . . . Ap & O Ap 1910 10,000,000 – – – , – ſº 9 1: . ***do. gen. g. gtd. 4s. . . . . . . . . . . . . . . Mr & S. Mr 1942 || 1,380,000.104 104 104 3104 3 1104 Ja 3.96 1,391,982 - '#'Balt. & P. 1st mºgtd. g. 6ss, f, not drn. Ap & O Ap 1911 l 3,000,000 - I - - - 12. O 22 95. *do. Tun, 1st migtd.g.6ssf.not drn. Ja & J1 J1 1911 1,500,000 – – - - - || "Belvidere Del, 1st ext, conv.gtd. 6s. ...Je & D, Je 1902 1,000,000110; 109 110; 27.109 10 5110, Ja 27 96 *do. do, con-reg.4ss.f.n.drn F & Ag| F 1927 150,000 - || – - – 105 D 94 *Cambria & Clearfield 1st m. g. 5s. . . . . . Ja & J1 Ja 1941 1,279,000 – - - – 104 D 17, 95. *Cam & Bur.Co.6% stk.gtd. in perp. $25 Ja & II 3% Jº 1896 381,925 - - - – 33 F 23 95 || "do. 1st gtd, 6s. . . . . . . . . . . . . . . . . . . F & Ag| F 1897 - - – – 1074 Ji ? 94 For abbreviations, seepage 26, - foregon Imº-Subj, to call at parif not purchasable at 106. 350,000 a Bonds in thousands, stocks in shares. Cons.g. ss.-Deposits under prelim, agint, rec'd upon payment of $10 per - bond and $1 per share of common stock. Oºtaka & St. Lº-Five coupons to Jan., 1893, were funded, July, 1893, interest not paid. Road sold Jan. 27. February, 1896.] Railroad Bonds and Stocks. 51 - SALES 1896. Index. Title of Bond or Stock. * º For th Month of January. Last Sale. Dividend. isted. §. * – car. Highest. Lowest. |a Total. Vol. pg. High Low Pr. Date Pr. Date Price Date Pennsylvania Rd. Co.—Continued. º III r216|| "Camden & Atlantic Rd. stock . . . . . . . $50 -- 327,400 - -- – 22 Ja 93 *do. pfd, stock, n, cum. . . . . . . . $50 24 S16 95 880,650 - - - – 33 D 94 64% '94, 5% '95. +"do. 2d (now 1st) 6s. . . . . . . . . . . . . . Ap & O O 1899 497,000 - - - – 110 F 95 *do. con. 6s. . . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1911 350,000 - - - – 1184 Ja 94 *Connecting Rd. 1st mtg. gtd. 6s . . . . . . . Mr & S. 1900–1904 991,000 - - - – 111+ N 1495 +"Delaware Rd. gen. g. 44s, series A....Ja & J1 J1 1932 500,000 -- - - - - *El &Wmsport 5% stk.gtd.un.9862. S50 My & N. 24% N 95 500,000 - - – 46 Je 12 95 ‘do. pfd.n.c.74%stk.gtd.un.2862.850 Ja & J1 34% /a 96 500,000 - - – 67 N 14 95 ‘do. 1st reg. 6s (conv. into com. stock at par). . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1910 1,000,000 - - - – 120 D 10 95 +"do. inc. n. cum. 5s. . . . . . . . . . . . . . Ap & O O 2862 570,000 - - - – 105 N. 23 95 III r163||*Gr. Rap. & I.Rd.(Rcvr.)1stgtd.ext.g.4}s. Ja & J1 J1 1941 3,886,000 - - - – 111; D 4 95 +do. 1st là.gr.gtd.g. 7s s.f, not drn....Ja & J1 O 1899 | 1,489,000 - - - - - D !. 1st g. 7s s.f.not drn.(1.c.pd. Ap'94)Ap & O O 1899 | - * ~ *- D do, gen. 5s (l.c. pd. Mr '92). . . . . . . . Mr & S S 1924 3,746,000 - - - – 80 Mr 30 92 *Har. Port. M. Joy & Law, stock 7% gra. until 2860. . . . . . . . . . . . . $50 Ja & J1 34% /a 96 1,482,550 - - – 87.4 S 16 95 "do. 1st mtg. gtd. reg. 4s. . . . . . . . . Ja & J1 J1 1913 700,000 - - - – 107* Il 25 95 "Junction (Phila.) 1st gtd. ext, 4}s. . . . . . Ja & J1 J1 1907 425,000 - - – 103 17 91 *do. 2d gtd. 6s. . . . . . . . . . . . . . . . . . . . Ap & O Ap 1900 300,000 - - – 1111 F 2 91 *North West Branch 8 % stock . . . . . . $50 My & N 4% M1895 1,500,000 - - - - - III rā5|{ *Northern Central Ry. stock . . . . . . . $50 Ja & J14% /a 1096 7,150,000 - - - 70 D 13 95 8% '90, 7% '91, '92, 9% '93, 7% '94, '95, 4% '96. +"do. 2d 6s. . . . . . . . . . . . . . . . . . . . . . . . Ap & O Ap 1900 1,126,000 - I - - – 113; Mr 25 95 *do. con. g. 6s coupon. . . . . . . . . . . . Ja & J1 J1 1900 2,599,000.108 108 108 6.108 6 1108 Ja 6 96 *do. do. reg . . . . . . . . . . . . . . . . Ap & O J1 1900 205,000 - - - – 113+ My 21 95 **do. congen.g.6ss.f ser.A, dr.at 100 Ja & J1 J1 1904 2,027,000 - - - - - *do. do. g.6s s.f.ser. B, dr. at 100]a & J1 J1 1904) ------ - - - – 114; My 21 95 *do. do. g.s.f, not drin.6s, ser, C.Ja & J1 J1 1904 1,000,000 - - - – 117; D 17 95 *do. do. g. 6s, series D. . . . Ja & J1 J1 1904 1,000,000 - - - - - *do. do. g. 44s, series E. . . . Ap & O Ap 1925 1,220,000 - - - – 1064 O 8 95 *Nor. Cent. 2d series A. . . . . . . . . . . . . . . . Ja & J1 Ja 1926 2,703,000113 113 113 23113 23 2113 Ja 23 96 *do. 2d series B. . . . . . . . . . . . . . . . . Ja & J1 Ja 1926 1,000,000 - - - – 114; My 22 95 *Phil. & Erie stock... . . . . . . . . . .S50 2%. Mr 1894 7,975,000 20 20 20 18 20 18 100 20 Ja 1896 2% '92, 2% '94. **do. gen. g. gtd. 6s. . . . . . . . . . . . . . . Ja & J1 J1 1920 8,680,000 - - - – 127 Ja 94 *do. do. g. gtd. reg. 5s . . . . . . . . . . Ap & O J1 1920 5,263,000117 1164117 141164. 14 3.117 Ja 14 96 "do. do. g. gtd. reg. 4s . . . . . . . . . . Ap & O J1 1920 4,555,000105 104 105 14104 4 16105 Ja 25 96 ‘Phila. & Trenton 10% stock.......S100 Q Ja 24% /a 1896 1,259,100 - - - 237+ My 29 95 III r214|| “Phila. Wilmington & Balto. stock. . $50 Ja & J1 4% Ja 1896 || 11,818,350 - - – 61% N 15 95 6% '90, '91, 7% '92, 74% '93, 7% '94, 64% '95, 4% '96. *do. 4s, plain bond, reg. . . . . . . . . . . Ap & O Ap 1917 1,000,000.104 102 104 31.102 2 58/104 Ja 31 96 *do. 4s, plain bond, reg. . . . . . . . . . . My & N N 1922 1,000,0 - - - – 104 Je 8 95 *do. g. 4s, plain bond, reg. . . . . . . . . Ap & O O 1932 1,000,000 - - - - - Shamokin Valley & Pottsv. 1st g. 7s....Ja & J1 J1 1901 2,000,000 - - - – 115 N. 13 95 *Sodus Bay & Southern 1st mtg. g. 5s...Ja & J1 J1 1924 500,000 - - - - - *Summit Branch stock . . . . . . . . . . . . $5 -- 4,125,000. 4 3 || 4 3 3 8 515, 3 Ja 1896 *Sunbury & Erie 1st s. ſ. 7s . . . . . . . . . . . . Ap & O O 1897 976,000 - - – 1054 N. 13 95 *Sunb. Haz. & Wilk. 1st 5s drn. at par..My & N My 1928 1,000,000 - - - – 1044. D 18 95 +"do. do. 2d inc. n. cum. 6s...My & N My 1938 1,350,000 - - - – 108 D 10 95 ‘Sunb.& Lewist.stk.8%gtd. un.1975.850 Ap & O / º O 1895 600,000 - - - – 80 D 13 95 +"do. 1st mtg. 7s. . . . . . . . . . . . . . . . . . . Ja & J1 J1 1896 600,000.100 100 100 10100 10 5100 Ja 11 96 *Un. N. J. Rd. & Can. Co. stk. 10% gtd. until 2870. . . . . . . . . . . . . . . . . . . 100 Q Ja 24% ſº 96 21,240,400239 238 239 7.238 10 94.239 Ja 31 96 * *do. do. g. 6s. ... Mr & S. Mr 1901 5,669,000 - - - – 114 O. 11 95 ‘do. do. g. 6s reg. . . . . . . . . . Mr & S S 1908 841,000 - - – 115 J1 2993 *do. do. g. 4s reg. . . . . . . . . . F & Ag| F. 1923 1,824,000 - - – 111 S. 16 95 *do. do. g. 4s. . . . . . . . . . . . . Mr & S. Mr 1944 5,646,000 - - - – 114, Je 24 95 *Union Rd. 2d (now 1st) assd. g. 6s. . . . . My & N My 1900 600,000 - - - - tº Western Penn. con. g.gtd. 4s.........Je & D. Je 1928 4,000,000 - - - – 102 F 95 *West Jersey & Atlantic stock . . . . . $50 Mr & Sº Mr 1595 904,850 - - - – 20 D 10 95 44% '90, 3% '95. III r161|| +"do. 1st 6s . . . . . . . . . . . . . . . . . . . . . . . Mr & S S 1910 156,000 - - - – 103 Ap 13 95 *West Jersey Rd. 7% stock. . . . . . . . $50 Mr & S.3% Mr 1895 2,622,800 58 54 58 28 54 10 490. 58 Ja 28 96 f"do. 6% special gtd. stock . . . . $50 Je & D 34%. Mr 95 104,300 - - - - - +"do. 1st con. 7s. . . . . . . . . . . . . . . . . . . Ap & O Ap 1899 1,000,000110, 110 110+ 4110 28 4110 Ja 28.96 ‘do. con. 6s reg . . . . . . . . . . . . . . . . . . My & N N 1909 748,500 - - - 1164. Ag 18 94 III rºº'+Pennsylvania Co. gºd. 1st g. 4}s s. ſ. not drn., 1% per annum for redemption. . . . Ja & J1 J1 1921 { 19,467,000 110+ 108+110, 15108+ 7 63110 Ja 27 96 ſ do. do. registered . . . . . . . . . Ja & J1 J1 1921 || -*** * * - - - – 112. D 12 95 *Ashtabula & Pittsb. 1st mtg. 6s. . . . . . . . F & Ag Ag 1908 666,000 - - - – 110 S.11 93 *do. do. registered . . . . . . . . F & Ag Ag 1908 | 834,000 – - - - - 911,000 – - - - - - . For abbreviations, see page 26. A West Jersey.-3, 4 scrippd. S. '95. a Bonds in thousands, stocks in shares. 52 [Vol. IV. The Bond Record, Index. vol. pg. III rººm III rººs III, 1302 - III rººf, I 1 - 366 III r222 III 1796 III rº15 III rºſ;6 III + rj4 III., rö4 III rº,09 III r102 R III 1310 III ºn 80 Title of Bond or Stock. Pennsylvania Co.—Continued. *Chartiers Ry. 1st gtd 7s. . . . . . . . . . . . . . . Ap & O +Chic. St. L. & Pitts. 1st con. g. 5s. . . . . . Ap & O do. do. registered . . . . . . . . . Ap & O *Cleveland & Marietta Ry. 1st gtd. g. 44s, s. f. on and after J1 '96, 1% of outstand- ing bonds to pur. at par or less, other- wise lapses . . . . . . . . . . . . . . . . . . . . . . . . . My & N *Civ. & Pitts. Rd. 7% stk.gtd.un.2870.850. Q Mr do. con. 7s s. ſ. not drin. buys specified amt. each year at or below 103. . . . My & N 'do. gen, gta. g. 44s, series A, s. f. pur, an 1% of outstanding issue at or below par. . . . . . . . . . . . . . Ja & J1 "do. gen. gta. g. 44s, series B, s. f. pur, an 1% of outstanding issue at or below par. . . . . . . . . . . . . . Ap & O "Erie & Pitts. Rd. stk, 7%gtd. un, 2869, $50 Q Mr do. con. 7s (free of State tax). . . . . . Ja & J. Pitts. Cin. & St. L. 1st con. 7s. . . . . . . . . . F & Ag do. do. registered . . . . . . . . . F & Ag Pitts. Cin. Chic. & St. L. Ry. stk. . $10 do. pfd, stock, n. cum. . . . . . $100 3% '91, 4% '92, '93, 2% '94. **do, con, gta. g. 44s, series A. . . . . . Ap & O *#do. do. series B. . . . . . . . . . . Ap & O +do. do. series C. . . . . . . . . . . My & N do. do. 4s, series D. . . . . . . . My & N *"Pitts. Ft. Wayne & Chic. Ry. stk. 7% gtd. until 2868. . . . . . . . . . . . . . . $100 Q Ja do. stock 7% gtd. spl. . . . . . . $100 Q Ja +do. 1st mtg. 7s, sink. fa., cum. . Ja & J1 +do. 2d mtg. }} not drawn . Ja & J1 do. 3d mtg. 7s. . . . . . . . . . . . . . . . . . . p & O Pitts. Y. & Asht. Rd. com. stock. . . $50 Mr & S 24% '90, 3% '91, 6% '94, 3% '95. do. pfd, stock 7% non-cum. . . $50 Mr & S +"do. con. 5s s. ſ. not drin. . . . . . . . . . . My & N *Steuben, & Ind. 1st ext, 5s reg. . . . . . . . . Ja & J1 +St. L. V. & T. H. 1st gtd. 7s s, f, not drn. Ja & J1 do. 2d 7s s. f. not drin. . . . . . . . . . . . My & N do. 2d gtd. 7s s, f, not drin. . . . . . . . My & N Toledo, Peoria & West. Ry. 8% stk.S100 f{do. 1st g. 4s. . . . . . . . . . . . . . . . . . . . . Ja & J1 Penna. & N. Y. See Lehigh Valley. *Penna. & Northwestern. . . . . . . . . . . . 0 Ja & J1 5% '90, '91, 54% '92, 6% '93, 2% '94, 2% '95. "do. gen. 5s . . . . . . . . . . . . . . . . . . . . . . Ja & J1 (tºlls Gap is sº..… F & Ag +"do. con. 6s. . . . . . . . . . . . . . . . . . . . . . Ap & O l +"Clearfield & Jefferson 1st 6s. . . . . . . . . . . Ja & J1 Pensacola. See Louisville & Nash. Pensacola & Atl. See Louisv. & Nashv. Perkiomen. See Phila. & Reading. Peoria, Dec. & Evansville Ry, stk. (Receiver). . $100 +do, Peo.div. 1st g.6s (J195, c. pd. D 95).Ja & II !. Ev.Div. 1st g.6s(Mr 95, c.pd. Ag 95)Mr & S do. 2d g. 5s (1, c. pd. N 98). . . . . . . . . . My & N do. do. eng. Trust Co. ctfs. Peoria & Eastern. See C. C. C. & St. L. Peoria & Pekin Union 1st g. 6s. . . . . . . . . . . Q F do. 2d g. 44s. . . . . . . . . . . ... My & N *Petersburg 5s, class A. . . . . . . . . . Ja & J. *do. 6s, class B. . . . . . . . . . . . . . . . . . . Ap & O Phila. & Erie. See Penna, Rd Phila, Germ. & Norristown. See Phila. & Read. Phila, Newtown & N. Y. See Phila, & Read. Phila. & Reading Rd. stk. (Receivers).S50 do. Trust Co. ctfs, 1st inst. pi. . . . *do. 1st ext. 6s. . . . . . . . . . . . . . . . . . . Ja & J1 "do, conv. 41s. . . . . . . . . . . . . . . . . . . . Ja & J1 ‘do. 2d ext, g. 5s. . . . . . . . . . . . . . . . . Ap & O ido, con. 7s. . . . . . . . . . . . . . . . . . . . . . e & D *†"do. con, g. 6s. . . . . . . . . . . . . . . . . . . . Je & D *do. improve. g. s. f. 6s drin. at 100. Ap & O Maturity or Last Dividend. O 1901 O 1932 O 1932 My 1935 1.4% D 95 N 1900 Ja 1942 O 1942 1; ; D 95 J1 1898 Ag 1900 Ag 1900 | 244; 1894 O 1940 Ap 1942 N 1942 N 1945 14% /a 96 14% /a 96 Ja 1912 J1 1912 J1 1912 3% S 1895 3.4% S 95 N 1927 Ja 1914 Ja 1897 My 1898 My 1898 Ji iglº 2% /a 1895 Ja 1930 Ag 1905 Ag 1913 Ja 1927 1920 1920 1926 J 1921 1921 1926 192 J1 1910 J1 1910 1983 1911 1911 1897 ſ l } sales 806. º r the Month of January. Last Sale. - Year. Highest. Lowest. |a Total. High Low Pr. Date Pr. Date Price Date 500,000 - - - - 9 # Je 14 95 116 115 116 29,115 22 1 Ja 29 96 1,506,000” – | – || – 110 My 3 92 1,250,000 - - - - - 11,243,736 - - - – 169 N 21 95 11,247,528 1,505,000117 117 117 7.117 7 1117 Ja 7 96 1,576,000 3,000,000 - - - - 1,245,000 - - - - 1,998,400 - - - - - 2,000,000 – - - - - 2,485,000 - - - - - - 6,863,000 I – – – 14 N 19 º 25,315,500 173 14; 174 31 14; 7 3437. 174 Ja 31 96 22,630,400 56 52 56 29, 52 8, 3455 56 Ja 31 96 10,000,0001054 10541054 11105+ 11 51054 Ja 1196 10,000,000.108 1054108 25.105+ 9 16108 Ja 25 96 2,000,000 - - - - - 3,000,000 - - - - 19,714,285.158 158 158 27,158 27 7158 Ja 27 96 18,877,403 - - - – 150 Ag 30 95 2,917,000140 140 140 8/140 8 2140 Ja 8 2,546,000 - - – 139 D 3 95 2,000,000 - - I - – 131 J1 16 95 1,333,300 - – – – 1323 D 94 1,700,000 – – – – 105, Je 2 93 1,562,000 – - - - 3,000,000 - — — – 111 Ag 15 95 1,899,000 - - - – 106 D 11 95 1,000,000 - - - – 105+ N 26 95 1,600,0001054 10531054, 231054 23 11054 Ja 23 96 4,076,900 - - - — 10 O 18 95 4,800,000 773 & 77+14. 73 7 12, 764 Ja 28.96 4,895,000 - — - - 2,250,000 25 25 25 2s 25 28, 300 25 Ja 28 96 1,021,000 - - - – 101; N 21 95 81,000115 114 115 4114 7 1114 a 7 96 148,000 - - – 116 Mr 22 95 1,000,000 - - — 117 O 3 95 8,400,000 34 24 34 29, 2; 9, 1145|| 3 Ja 29 25 1,287,000 - - - - – 103 D. 17 95 1,470,000 - - - — 103 D 10-95 510,000 - - — 34 N 26 95 1,578,000 28 28 28 7 28 7 1 28 Ja 7 95 1,500,000 – - – – 109, Je 1294 1,499,000 - - - – 69. D 1395 560,000.108 107 108 14107 3 5108 Ja 24 95 900,000 - - – 115 D 16 95 5,831,650, 8 2s. 8 28, 28 7 54865, 8 Ja 28 95 35,542,000 15; 7; 155 31 7; 11.207866 14; Ja 31 25 2,467,700 - - - – 127+ Je 25 95 79,000 - - - - - 2,700,000120 118 120 30,118 11 9,120 Ja 30 96 10,649,000 – - — – 127 Ap 25 95 8,162,000 - - - – 117 Ap 22 95 9,364,000 - - - – 102; Ap 27 95 - | For abbreviations, see page 25 a Bonds in thousands, stocks in shares. fToºl, Peer & ºst-Int, due July, '94, and Ja, and July, '95, paid O. 94 at $5 cash and $15 deb., 5% scrip for each coupon. r - - February, 1896.] Railroad Bonds and Stocks. 55 M SALES 1896. - - Maturity amount | \, ... . . . . Index. Title of Bond or Stock. tº. Listed. Fº Most or Asvarv. Last Sale. - - Highest. Lowest a Total. Vol. pg. - - High Low Pr. Datelpr. Date IPrice Date Philadelphia & Reading Rd.—Continued. *do. con. 5s stamped... My & N My 1922 5,717,325, 99 96 99 29 96 8, 103 99 Ja 31 96 - 'do. deferred inc. n. cum. 6s. . . . . . . Irredeem. 20,487,983 2 + 2 31 + 2 784 2 Ja 31 96 +*do. ten years. f. g. 5s red, at 100. F & Ag| F 1902 2,000,000 - - - – 95 Mr 95 D|| 4 fao. gen. g. 4s (1.c. pd. Ja '93). . . . . Ja & J1 - - l ( 6,744,000 87+ 83 874 14 83 8 76, 854 Ja 22 96 44,615, 188 ſqo. do. registered . . . . . . . . . . . . . . . . . . Ja 1958) - - - – | – || – || 75 Je 20 95 - "do. do. Trust Co. receipts. . . . . . . . . . . -- l 33,284,000 794 7th 79; 30 714 iſ 2268, 79 Ja 31 96 do. do. do. assented. . . . . . . . . . \ do. do. eng. Tr. Co. cer, unstamped. l 4,635,000 904 81 90] 20, 81 7 237 90 Ja 31 96 do. do. do. assented. . . . . . . . . . \ f**do, 1st pref, inc. g. m. cum. . . . . . . . . F Ja 1958 1,612,981 23, 18+ 234 2, 18+ 7. 697 21 Ja 10 96 do. do. Trust Co. ctfs. 1st inst, pd. 22,336,754 36' 254 363. 31 25; 13, 2683 &6 Ja 31 96 *do. 2d pref. inc. g. m. cum. . . . . . . . . F Ja 1958 1,997,635 104 5* 10; 2 5; 7, 1258 10 Ja 22 96 do. do. Trust Co. ctfs. 1st inst. pi. 14,178,437 22, 13+ 22; 31, 13+ 13, 1750 22 Ja 31 96 *do. 3d pref, inc. g. m. cum . . . . . . . . . F Ja 1958 11+ 3}| 11+ 28, 34 8, 1412, 11+ Ja 28 96 do. 3d pref, inc. conv.g. n. cum. . . . F Ja 1958 21,634,462 5+ 34 5+ 10 34 6 29, 34 Ja 10 96 do. do. Trust Co. ctfs. 1st inst. pg. 20 114 20 31||114 18 2258. 20 Ja 31 96 +"Atlantic City Rd. 1st g. 5s gtd. . . . . . . . My & N My 1919 2,200,000 - - - – 100 Mr 13 95 *Brigantine Beach Rd. 1st mtg. 5s. . . . . . My & N My 1919 350,000 - - - – 25 My 15 91 *Catawissa Rd. common stock. . . . . $50 - - 1,199,500 100 100 100 22100 22 1100 Ja 22 96 º “do. 1st pfd, 7% stk.gtd. un. 2871. $50 My & N 34% N95 2,200,000 49+ 484. 494 15 48+ 11 52 494 Ja 16 96 ‘do. 2d pfd. 7% stk, gta, un, 2871. $50 My & N 34% N 95 1,000,000 48 47 || 48 13 47 20 56 47 Ja 24 96 "do. 1st 7s. . . . . . . . . . . . . . . . . . . . . . . F & Ag| F 1900 1,300,000.112} 11241.12; 131121 13 31124 Ja 1896 ‘do. 1st assd, reg. 6s. . . . . . . . . . . . . . . F & Ag Ag 1902 230,500 - - - – 1114 Ja 4 95 *Chestnut Hill Rd. stock. . . . . . . . . . $50 Q Mr - - 120,650 - - - – 122 D 4 95 *Del. & Bd. Brook Rd. stock 8%gtd. un- til 2869. . . . . . . . . . . . . . . $100 Q F |2% N2095 1,800,000.165 165 165 7165 7 12.165 Ja 7 96 "do 1st 7s. . . . . . . . . . . . . . . . . . . . . . . . F & Ag Ag 1905 1,500,000.126 126 126 7|126 7 7|126 Ja 1396 **E. Pennsylvania Rd. stock, 6% gtd. -- until 2868. . . . . . . . . . . . . . . . . . . . $50 Ja & J1|3% /l 1895 1,714,900 - - - – 51 N 21 95 +"Gettysb. & Harrisb. Ry. con. g. gld. 5s. Ap & O O 1926 215,000 - - - – 514 Je 1395 | "Little Schuylkill Rd. stock 7% gld. until 1961. . . . . . . . . . . . . . . . . . . . $50 Ja & J13% /a 1096 2,487,850, 65 624 65 27. 624 14, 139 65 Ja 30 96 - *Mine Hill & S. Haven Rd. 7+% stock gtd. until 2863. . . . . . . . . . . . . . . . $50 Ja & J1 34% /a 96 4,081,900, 68 674 68 14 674 30, 114 674 Ja 31 96 *N. Pennsylvania Rd. stock, 8% gtd. until 2869. . . . . . . . . . . . . . . . . . . . $50 Q F |2% N25 95 4,556,550 85 85 85 3 85 3 52 85 Ja 28.96 *do. 2d (now 1st) 7s. . . . . . . . . . . . . . My & N My 1896 1,500,0001024 101*102; 17101; 13 161024 Ja 1796 tºo. gen. 7s. . . . . . . . . . . . . . . . . . . . . Ja & J1 Ja 1903 4,410,500||121 121 121 15121 15 1121 Ja 15-96 do. do. reg. . . . . . . . . . . . . . . . . - - *do. reg. 6% bonds secured by stk...Mr & S S 1905 1,143,000116 116 116 17116 17 - 6116 Ja 21 96 +*Perkiomen Rd. 1st series g. gºd. 5s. . . . Q Ja Ja 1918 800,000.1014 101.41014 3.1014 3 11014 Ja 23.96 **do. 2d series g. gtd. 5s. . . . . . . . . . . Q Ja Ja 1918 1,450,000 - - - - - f*Phila. Germ. & Norristown Rd. 12 stock . . . . . . . . . . . . . . . . . . . . . . . . $50 Q Mr 3%. D 1895 2,246,900 - - – 128 D 13 95 ſº Newtown & N. Y. Rd. 1st m.g.gta.6s. Ap & O O 1897 700,000 - - - - - *Port Reading Rd. Co. 1st mtg. g. gtd.. Ja & J1 Ja 1941 1,500,000 - - - – 100 Je 6 94 f"Shamokin, Sun. & Lewisb. Rd. 1st 5s. . My & N My 1912 1,000,000 - - - - **do. 2d g. 6s. . . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1925 1,000,000 68 68 68 2 68 2 2 68 Ja 2.96 “Stony Creek Rd. 1st 7s. . . . . . . . . . . . . . . . Ap & O O 1907 350,000 - - - – 124 D. 12 94 Phila. Street Railways. Union Traction System. III 1401 *Electric Traction stock. . . . . . . . . . $50 -- 7,618,900 - - - - - ſº Pass. Ry. stock. . . . . . $50 Q Ja 5% 0 1895 500,000 - - - - - - *Frankfö.& Southwk. Pas. Ry.stkºğ0 Q Ja 5% 0 1895 1,875,000325 324 825 20324 31 23,324 Ja 31 96 “Lehigh Avenue stock ($30 pd.).350 -- - - 1,000,000 - - - - - U“2d & 3d Streets Pass. Ry, stock. $50 Q Ja 44% O 1895 1,060,200,225 225 225 11.225 11 12|225 Ja 28 96 “Peoples Traction stock ($30 pd.). £50 -- -- 10,000,000 - - - - - ſ do. col. trust mtg. 4s. . . . . . . . F & Ag| F 1943 5,753,000 - - - - - |*Germantown Pass. Ry, stock$50. Q Ja 24% 0 1895 1,500,000|121 120 121 10,120 24 15121 Ja 24 96 | “do. 2d mtg. 5s . . . . . . . . . . . . . Ap & O O 1899 160,000 - - - - - U“G’n & Co.'tes Ps. Ry.stk.($15pd.) $50 9 Jº 3% 0 1895 500,000|127 127 127 7127 7 1127 Ja 7 96 *Philadelphia Traction stock. . . . . . $50 Je D4% /e 1895 20,000,000 70%. 62 704 24 62 8, 20329. 694 Ja 31 96 *Continental Pass. Ry. stock. . . . $50 Ja & J16 % // 1895 1,000,000||129 129 |129 20129. 20 8|129 Ja 20 96 ‘do. 1st mtg. 6s... . . . . . . . . . . . . . . Ja & J1 J1 1909 350,000 - - - - - *Phila. City Pas. Ry.stk.($23#pd.)$50 Ja & J1 74% // 1895 1,000,000 - - - - - Ridge Avenue stock ($28 pa.). . $50 Q Ja 5% 0 1895 750,000245 245 245 11245 11 9,245 Ja 1196 “13th & Fifte’th Sts. Pass. Ry.stk.850 Ja & J1.10% // 1895 1,000,000 220 220 220 6220 6 6220 Ja 1096 *Union Pass. Ry. stock. . . . . . . . . . . . Ja & J1 94 Ja 1896 1,500,000200 200 200 2200 2 2200 Ja 296 U“West Phila. Pass. Ry. stock . . .350 Ja & J1.10% // 1895 750,000 - - - - *Hestonville com. stock. . . . . . . . . . . . $50 - - -- 1,966,100 50 46 50 2 46 7. 1225 48%. Ja 29 96 do. pfd, 6% stock. . . . . . . . . . . $50 Ja & !” % // 1895 533,900 60 60 60 24 60 24 80 60 Ja 25 96 do. con. mtg. g. 5s. . . . . . . . . . . . . . My & My 1924 1,050,500 - - - Phila. & Trenton. See Penna. Rd. Phila. Wilmington & Balto. See Penna. Rd. For abbreviations, see page 26. a Bonds in thousands, stocks in shares. ºf Phila. & Reading.—Coupons due to and including Ja..., 1896 on bonds deposited to D. 31, 1894, purchased by the Olcott-Earle Committee. po º f Phila. & Reading.—rst, 2d, 3-34 Aref, inc. Bonds.-Int, up to 5% when earned. f Phil., Ger. & Nor-10% paid in 1893. * 54 The Bond Record. [Vol. IV. SALES 1896. - Maturit Index. Title of Bond or Stock. . º For the | Month of January. - Last Sale. - Year. Highest. Lowest.atotal. Vol. pg. High Low|Pr. Date Pr. Date Price Date Pied. & Cumberland. See W. Va. C. & Pitts. Pine Creek. See N. Y. C. & H. R. Pitts. & Connelsville. See Baltimore & Ohio. Pitts. Cin. & St. Louis. See Penna. Co. Pitts. Cin. Chic. & St. L. See Penna. Co. Pitts. Cleve. & Toledo. See Baltimore & Ohio. Pitts. Fort W. & Chic. See Penna Co. Pitts. Junction. See Baltimore & Ohio. Pitts. & Lake Erie. See L. S. & M. So. Pitts. McKeesp. & Yough. See L. S. & M. S. Pittsburg, Painesville & Fairport. See B. & O. III r162|+Pitts., Shenango & L. Erie Rd. 1st g. 5s. Ap & O O 1940 3,000,000. 824 823, 82; 9, 82; 9 1| 824 Ja 996 II 1324 +do. con. 1st g. 5s. . . . . . . . . . . . . . . . . . Ja & J1 J1 1943 786,000 - - - — | 84; D 13 95 Pittsburg & Western. See Balto. & Ohio. - Pittsburg, Y'gstown & Ashtabula. See Penn. Co. Port Reading. See Phila. & Reading. Portsmouth, G. F. & Con. See B. & Maine. Providence & Worcester. See N. Y., N. H. & Hfq. Portland, Saco & Portsmouth. See B. & Maine. D|Prescott & Arizona Cent. (Receiver) (1.c. pd. Ja '98) 1st g. 6s s. ſ. not drn... . . . . . . . . . Ja & J1 Ja 1916 775,000 - - - - 14 J1 27 95 do. 2d income 6s. . . . . . . . . . . . . . . . . Ja & J1 Ja 1916 775,000 - - - – 45 Ja 7 91 R. & Gaston. See Seaboard & R. ensselaer & Saratoga. See Del. & Hud, Canal. Republican Valley. See C. B. & Q. Rich. Hill. See Kas. City, Ft. Scott & Memphis. Richmond & Danville. See Southern Ry. *Rio Grande Junction 1st gtd. g. 5s . . . . . Je & D. D 1939 1,850,000 - - - – 98 My 1393 III 17971 Rio Grande Southern Rd. 1st g. 3–4s. . . . . Ja & J1 J1 1940 4,510,000 66 66 66 18, 66 18 10 66 Ja 1896 3% till Ja '98, 4% thereafter. III rā93|Rio Grande Western Ry. stock. . . . . . . . $100 -- 10,000,000 - - - — 22 D 23 95 do. pfd, stock 5% n. cum. . . . . . . $100 Q F | 1.4% Ag 93 6,250,000, 40 39 40 27 39 27, 200, 40 Ja 27 96 34% cash and 24% pfd.stk.’91, 5% 92, 3%'93. *#do. 1st trust g. 4s . . . . . . . . . . . . . . . . . Ja & J1 J1 1939 15,200,000 75; 70 75+ 28 70 7. 203 75 Ja 31 96 Roanoke & Southern. See Norfolk & West. Rochester & Pitts. See Buff., Roch. & Pitts. “Rochester Street Railway stock....S100 - - 5,000,000 - - - - - *do. 1st con. mtg. g. 5s... . . . . . . . Ap & O Ap 1930 2,000,000.104 102 104 4102 14 2102 Ja 1496 Rome, Watertown & Ogdens. See N. Y. Cent. *Rutland Rd. stock. . . . . . . . . . . . . . . . . . $100 - - 2,480,600 - - - - 1; O 12 95 *do. pfd, 7% stock, cum.....S100 Ja & J1|2% /a 1896 4,239,100 - - - - 70 N. 22 95 3%, ’90, 2% '91, 4% '92–'95, 2% '96. *do. 1st reduced to 6s. . . . . . . . . . . . My & N N 1902 1,500,000||109 109 ||109 28,109 28 1109 Ja 28.96 *do. 2d 5s (first on rolling stock). F & Ag Ag 1898 1,500,000|100; 100 100: 27100 14 4100 Ja 31 96 S; Joseph & Grand Island. See Union Pacific. III 1113 t. Louis, Alton & Terre H. Rd. stock...S100 3,470,800. 604 57 60; 3. 57 29 600, 57 Ja 29 96 III r(511 łłdo. 1st and term. g. 5s, red, at 105 and int. on 1 yr's notice. .... Je & D. Je 1914 || || 2,200,000.103}-99 |103; 24 99 8 58,103; Ja 24 96 do. registered. . . . . . . . . . . . . . . . . . . - - { 2,500,000 - ſłBelleville & So, Illinois pfd, stock.S100 My & N 3; 3 AW 95 1,275,000131, 1313||1313 3||1314 3 150.1314 Ja 3.96 83%'90, 8.53%'91, 8% '92–94, 74% '95. +do. 1st int. gtd. 8s s. f. not drin. ...Ap & O O 1896 1,000,000 - - - — 103 N 1 95 fº & Carondelet 1st 6s int. gtd.. Je & D. Je 1923 485,000 - - - — 103 S 23 95 Carbond. & Shawneet. 1st g. 4s int. gtd...Mr & S. Mr 1932 250,000 - - - - - {{C.St.L. & Pad, 1stgtd.g.5s red.at 105&in. Mr & S S 1917 1,000,000 - - — 102 O 2 95 Ill /115|| St. Louis Southern Rd. stock. . . . . . . $100 -- 500,000 - - - 96; Mr 21 95 +do. 1st int. gtd. g. 4s. . . . . . . . . . . . . Mr & S S 1931 550,000 87 86 8, 28 86 18 8 87 Ja 28.96 łdo. 2d income 5s n, cum. . . . . . . . . . Mr & S S 1931 || 126,000 - - - — 724 N 25 91 179,000 +do. 1st con. g. 5s. . . . . . . . . . . . . . . . Mr & S S 1939 399,000 - - - - - St. Louis & Cairo. See Mobile & Ohio. III rºTA|St. Louis & San Francisco Ry, 1st pfd, stock - (Receiver) $100. . . . . . . . . . . . F & Ag 4,500,000 - - - - - d +do. 2d (now 1st)g, 6s Cl, A (My '95, c. pd. S '95). . . . . . . . . . . . . . . My & N N 1906 500,000114 112 |114 16112 29 6112 Ja 30 96 d] | #do. 2d (now 1st) g. 6s Cl, B(My '95. c. pd. S '95). . . . . . . . . . . . . . . ſy & N N 1906 2,766,500.112 111 #112 15111; 27. 7112 Ja 30 96 d +do. 2d (now 1st) g. 6s Cl, C(My '95, c. pd. S '95). . . . . . . . . . . . . . . My & N N 1906 2,400,000.112 112 112 3112 3 12112 Ja 30 96 d 1. gen. g. 6s (J195, c. pd. D'95). Ja & J1 J1 1931 7,807,000102 101,102 2s1014 14 8102 Ja 38 95 d do. gen. g. 5s (JI '95, c. pd. D'95).Ja & J1 J1 1931 12,293,000 - - - — 95 D. 19 95 d do. 1st trustg.5s (Ap'95, c.pd. O'95). Ap & O O 1987 1,099,000 – - — — S1 O 22 95 D Ido. con, gta.g. 4s (l.c. pd. O'93). , Ap & O O 1990 14,294,500 - - - — 47 D. 1995 do. Mo. & W. Div. 1st g. 6s. . . . . . F & Ag Ag 1919 || 1,047,000 – – — – 100, Ja 894 | 1,053,000 For abbreviations, see page 26. a Bonds in thousands, stocks in shares. February, 1896.] Railroad Bonds and Stocks. Index. Title of Bond or Stock. vol. D 5 III rā72 III ºt;17 III rā09 II 1251 III ré26 D D III /39 III rºº III rºma III rººf; Pº- St. Louis & San Francisco Ry.-Continued. +Fort Smith &V. Buren Bridge Co. 1stgtd. g. 6s s.f. equals 5% an of bonds outst., drs, at 105 & int., red. at 110 & int. at any time before maturity . . . . . . . . . . . . . Ap & O +Kansas City & Southw. Rd. 1st g. 6s int. gtd. red. at 110 & int. (l.c. pd. Ja’94)... Ja & J1 Kans. Midland Ry. 1stg.4s. (l.c.pd. D'93). Je & D St. Louis, Kansas & Southw. Rd. 1st 6s red. at 110 & int. (l.c. pd. Mr '94)Mr & S St. Louis, Iron Mountain & So. See Mo. Pac. St. L., Kas. & Sthw. See St. L. & San Fran. St. Louis, K. C. & Nor. See Wabash. St.L. Mer. Bdg. Ter. Ry. See Ter. R. R. Assn.of St. L. St. Louis Southern. See St. L., Alt. & T. Haute. *St. Louis Southwestern Ry, stock . . . . $100 do. pfd, 5% n, cum, stock. . . . $100 |. 1st. g. 4s bond ctfs.. . . . . . . . . . My & N *#do. 2d g. 4% inc. bond ctfs. n. cum. Ja & J1 St. Louis, Vandalia & T. Haute. See Penn. Co. St. Paul & Duluth Ry, stock. . . . . . . . . . 100 ſ do. pfd. 7 % stock n, cum. subj, to call at par. . . . . . . . . . $100 Mr & S 64% '90, 7% '92, '93, 6% '94, 5% '95. | +do. 1st 5s. . . . . . . . . . . . . . . . . . . . . . . F & Ag łdo. 2d 5s. . . . . . . . . . . . . . . . . . . . . . . Ap & O +Duluth Short Line 1st gtd. 5s. . . . . . . . . . Mr & S +St. Paul City Ry. Co. con, gta. g. 5s. . . . . Ja & J1 St. Paul, Minn. & Man. See Gt. Northern. St. Paul & Nor. Pacific. See Nor. Pacific. St. Paul & Sioux City. See Chicago & Northwn. Sand., Man. & New. See Balto. & Ohio. San Ant. & Aran. Pass. See So. Pacific. #San F. & No. Pac. Ry. 1sts.f.g. 5s, red. at 110. Ja & J. #Sav. Florida & West. Ry. 1st con. g. 6s... *do. Alabama Midl. 1st gtd. g. 5s. do. Bruns. & West. 1st gtd. g. 4s. Savannah & Western. See C. of Ga. Ry. Schuylkill River. See Balt. & Ohio. Scioto Val, & N. E. See. Nor. & West. *Seaboard & Roanoke stock. . . . . . . . $100 7% 90, '91, 64% '92, 2% '93. *do. *do. Ap & O ..My & N . Ja & J1 My & N Mr & S 1st preferred 7% stock. . $100 Je & D *do. F & Ag 2d preferred 7% stock. .3100 deb. 6s reg. . . . . . . . . . . . . . . . . . | #do. 1st 5s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1 |ftcarolina Cent, 1st g. 6s (1.c. pd. Ja’94).ja & J. *Ga. Car. & Northern 1st. mtg. gtd. g. 5s. Ja & J1 *Raleigh & Gaston stock. . . . . . . . . $100 Ap & O *do. 1st 8s. . . . . . . . . . . . . . . . . . . . . . . Ja & J. Seaside & Bºklyn Bridge Elev. See Bºklyn Elev. Seattle, L. Shore & Eastern. See Nor. Pac. Shamokin, Sunb. & Lewisb. See Phila. & Read. Shamokin Val. & Pottsville. See Penna Rd. Łfºsioux C.&N.(Rcvr.) (1.c.pd.J1'93)1stg.5s Ja & J. Sioux City & Pac. See Chic. & N. W. Sodus Bay & Southern. See Penna. Rd. Southern California. See Atch. Top. & Santa Fe. *So, Carolina & Ga. Rd. 1st. g. 5s. . . . . . . . & N. So. East & St. Louis. See Louisville & Nash. Southern Pacific Co. stock. . . . . . . . . . . $100 ſfaustin & Northw. Rd. 1st gtd. g. 5s. . . Ja & J. Central Pacific Rd. . . . . . . . . . . . . . $100 F & Ag 2% '90–93, 4% '95, 4% '96. *do. 1st g. 6s. . . . . . . . . . . . . . . . . . . . . a & J1 'do. 1st g. 6s... Ja & J1 *do. 1st g. 6s. . . . . . . . . . . . . . . . . . . . . Ja & J1 do. S. Joaq. Br. 1stg.6ss.f.not drn. Ap & O do. C. & O. Div. 1st ext, gta.g. 5s s. f. not drin. $10,000 p.a. to pur. bas. at 110 and int. . . . Ja & J1 *do. land grant 1st ext, gta. g. 5s. Ap & O sales sº Maturity A - tºº. łº Fº the Most -- Jasvarv. ca- Highest. Lowest a Total. - High Low Pr. Date Pr. Date Ap 1910 369,000. 98 98 || 98 31 98 31 Ja 1916 744,000 - - - Je 1937 1,608,000 – - - S 1916 732,000 - - 16,500,000 4. 5& 28 4 7 - - 20,000,000. 11; 9 11+ 30 9 6 N 1989 20,000,000 73+ 70 | 731 31 70 6 N 1989 8,000,000 29, 24+ 29, 30, 24+ 7. 4,660,200 - - - 24% S 1895 4,793,123. 88 85 SS 22 85 23 Ag 1931 1,000,000 - - - O 1917 2,000,000.1034 1031034 4103 29 S 1916 500,000 - - - Ja 1937 3,618,000 - - - Ja 1919 3,872,000 - - - 4,136,000 Ap 1934 4,056,000 N 1928 2,800,000 - - Ja 1938 3,000,000 - - - 2 % My 93 1,058,700 - - 34% A/r. 95 200,000. - - 34% /e 95 44,200 - - Aft.J11916 690,000 - - - J1 1926 2,500,000 - - J1 1920 2,000,000 - - J1 1929 5,360,000 - - - - - 1,500,000 - - Ja 1898 1,000,000 - - - - Ja 1920 1,920,000 - - - My 1919 5,250,000 94 98 || 94 15 93 18 -- 108,232,270 224 194 2.2+ 14, 19423 J1 1941 1.920,000 89 88 89 25, 88 16 * * /a 90 68,000,000 15 14+ 15 27 14+ 9 J1 1896 3,383,000.100+ 100 100+ 14100 2 Ja 1897 3,997,000.100+ 100+100+ 241004 24 Ja 1898 15,508,000.100+ 99.4|100+ 20, 99; 2 O 1900 6,080,000.107 107 107 30.107 30 Ja 1918 4,358,000 – - - O 1900 2,598,000 - - - - - 2,723,000 1 8896 7059 156 119 35 7 Last Sale. 98 Ja 31 96 85 F (; 91 100 My 14 94 5+ Ja 29 96 11+ Ja 31 96 73+ Ja 31 96 294 Ja 30 96 254 D 3 95 87 Ja 31 96 114 Ag 4 94 103 Ja 29 96 1024; D 9 95 114 J1 25 95 90 F 18 95 53 O 22 95 82, Agº, as 984 S 6 95 824. Mr 29 95 105+ J 8 95 93 Ja 1896 214 Ja 31 96 88 Ja 29 96 15 Ja 2 7 For abbreviations, seepage 26. fºarolina Cent—4%gtd. by Seaboard Air Line Ag. 1894, for five years; 5% nº-cum, inc. scr y Sioux City.—Jal ºf coupons purchased by Manhattan Trust a Bonds in thousands, stocks in shares. * given for the remaining 24. - 56 The Bond Record. [Vol. IV. Maturity or Last Dividend. Index. Title of Bond or Stock. Vol. pg. Southern Pacific Rd.-Continued. Central Pacific Rd. gtd. g. 5s s. ſ. not drin. $50,000 p. a. to pur. at 105 and int. other- wise inv. . . . . . . . . . . . . . . . . . . . . . . . . . . Ap & O III r298||*Gal. Harrisb. & S. A. 1st land gr. g. 6s, F & Ag ſ: 2d g. 7s. . . . . . . . . . . . . . . . . . . . . Je & D do. Mexican & Pac. Div. 1st. g. 5s. My & N III rºTA| f Houston & Texas Central stock. . . $100 D do. 1st Waco & N.7s (1.c.pd.J1'85). Ja & J1 fdo. 1stg.ld.gr. 5s int.gtd. red.at.110. Ja & J1 { {do. con.g.ld.gr.6s int.gtd. red.at 110Ap & O †do. gen. g. 4s int. gtd. . . . . . . . . . . . Ap & O †do. deb. 6s gtd . . . . . . . . . . . . . . . . . . Ap & O †do deb. 4s gtd . . . . . . . . . . . . . . . . . . Ap & O III rºº #Louisiana Western 1st g. 6s. . . . . . . . . . . . Ja & J1 III rº1|| Morgan's La. & Tex. 1st g. 6s Alex. Ext. Ja & J1 łdo. 1st 7s. . . . . . . . . . . . . . . . . . . . . . . Ap & O III r298 || ||N.Y.Tex. & Mex. Ry. 1st. mtg. gºd. g. 4s. Ap & O III rºº | Northern Ry. of Cal, 1st int. gtd. g. 6s...Ja & J1 †do. cons. g. 5s. . . . . . . . . . . . . . . . . . Ap & O III rºº '40regon & Cal. 1st gtd. g. 5s. drin. at 100. Ja & J1 III /304 #San Ant & Aran. Pass. 1st gtd. g. 4s. . Ja & J1 III rºTº | So. Pacific Coast 1st gtd. g. 4s. . . . . . . . . . Ja & J1 III rº1|| So. Pac. of Arizona 1st gtd. g. 6s. ser. A. Ja & J. †do. do. ser. B. . . . . . . . . . . . . . a & J1 III ra" () T. of Cal. 1st gld.gr. 6ss.f.n.drn. Ap & O do. do. gen. g. 5s. . . . . . . . . . . Ap & O †do. do. 1st con.g.5ss.f.n.drin. My & N III rººt +do. of New Mexico 1st g. 6s. . . . . . Ja & J1 III r298 || Texas & N. O. 1st land gr. 7s . . . . . . . . . F & Ag fdo. Sabine Div. 1st g. 6s. . . . . . . . . Mr & S †do. con. g. 5s . . . . . . . . . . . . . . . . . . . Ja & J. III 1797.| Western Pac. 1st g. 6s s. f. $25,000 p.a. Ja & J1 III rā76*Southern Ry. voting trusteectfs. . . . . . $100 III / 522 - II 285 ſ "do. preferred 5% n. cum. . . . . $100 II 256|| 4fdo. 1st con. g. 5s. . . . . . . . . . . . . . . . Ja & J. do. do. registered. . . . . . . . Ja & J1 +Alabama Central Rd. 1st g. 6s. . . . . . . . . Ja & J1 *Atlanta & Char. Air Line Ry, stk. $100.. Mr & S 6% '90 to '94, 3% '95. +do. 1st pfd.7ss.f.dr.s.at par and int. Ap & O *#do. 1st 7s reg. . . . . . . . . . . . . . . . . . . . Ja & J1 do. 6% income, n. cum. reg. . . . . . . Ap & O º *Char. Col. & Augusta Rd. 1st ext. g. 5s. Ja & J1 *do. 2d 7s. . . . . . . . . . . . . . . . . . . . . . . . Ap & O II 1287|| #Col. & G. Rd. 1st g. 5s (6s aft. Ja '98). Ja & J1 ++E.Tenn. reorg. lieng.4s (5s aft. Mr'98). Mr & S do. do. Teº . . . . . . . . . . Mr & S II 97||+E. Tenn.V. & Ga. Ry. 1st 7ss.f, not drin. 1% per an. to pur.at 110 and int, otherwise inv. Ja & J1 !. divisional g. 5s. . . . . . . . . . . . . . . Ja & J. *tdo. con, 1st g. 5s. . . . . . . . . . . . . . . . My & N II 1287 ſº Pac. Ry. 1st g. 5s (6s aft. Ja '98). Ja & J1 Knoxville & Ohio Rd. 1st g. 6s. . . . . . . . Ja & Ji Il 97" | Rich. & Dan. Rd. con. (now 1st) g. 6s. Ja & J. II / 287 *do. equip.s.f.g. 5s, drin.at par & intMr & S do. deb. 5s stamped. . . . . . . . . . . . Ap & O II /287|| Virginia Mid Ry, stock. . . . . . . . . . . $100 do. do. serial ser. A 6s. Mr & S do. do. ser. B 6s. . . . . . . Mr & S do. do. ser. C 6s. . . . . . . Mr & S y do. do. ser. D 4s-5s. . . . Mr & S do. do. ser. E. 5s. . . . . . . Mr & S do. do. ser, F 5s. . . . . . . Mr & S +do. do. gen. 5s. . . . . . . . . My & N do. do. do, gud. stamped. My & N II /287|| +Wash. Ohio & Wn. Rd. 1st gtd. 4s. ...F. & Ag | +W. N. Car. Rd. 1st con. (now 1st) g. 6s. Ja & J. South & North Alabama. See Louis. & Nash. L|+*Southw’n, Ark. & Ind. Ter. Rd. & Smithton Lumber Co, 1st mtg. g. 6s. s. f. drin, at 105 and int. . . . . . . . . . . . . . . . . . . . . . . . . Ap & O Spokane & Palouse. See Northern Pacific. State Line & Sullivan. See Lehigh Valley. Ap 1939 F 1910 Je 1905 My 1931 1903 J1 1937 O 1912 Ap 1921 Ap 1897 Ap 1897 J1 1921 Je 1920 Ap 1918 Ap 1912 Ja 1907 O 1938 Je 1927 Ja 1943 Je 1937 Mr 1909 Mr 1910 1905–6–12 O 1938 N 1937 Ja 1911 Ag 1905 Mr 1912 J1 1943 J1 1899 J1 1994 1 1994 J1 1918 3 ſº S 1895 Ap 1897 Ja 1907 Ap 1900 J1 1909 O 1902 Ja 1916 S #: Mr 1938 J1 1900 J1 1930 N 1956 Ja 1922 J1 1925 Ja 1915 S 1909 Ap 1927 Mr 1906 Mr 1911 Mr 1916 Mr 1921 Mr 1926 Mr 1931 My 1936 My 1936 F 1924 J1 1914 O 1915 Amount Listed. | 11,000,000 12,283,000 4,756,000 1,000,000 13,418,000 7,725,300 1,140,000 7,383,000 3,466,000 4,298,000 705,000 411,000 2,240,000 1,494,000 5,000,000 1,442,500 3,964,000 4,800,000 18,842,000 18,886,000 5,500,000 6,000,000 4,000,000 30,677,500 706,000 16,834,000 4,180,000 1,620,000 2,575,000 1,620,000 2,735,000 | 119,900,000 | 120,000,000 54,300,000 24,011,000 1,000,000 1,700,000 500,000 4,250,000 750,000 2,000,000 500,000 2,000,000 4,500,000 3,123,000 3,106,000 12,770,000 5,660,000 2,000,000 5,597,000 5,997,000 1,328,000 3,368,000 6,000,000 ,025,000 ,531,000 200,000 High Low sales sº. – 93 914 10s on 104 104 694 69 93; 92+ 56; 51, 94. 94a Month of January. Highest. Lowest. |a Total. Pr. Date = 93 13 108 23 104 6 69; 24 93, 18 56+ 28 94; 22 109 1084 924 º 104 1014 107: 107, 94+ 92 10, is 30, 28. 91, 873. 913. 91 108; 107 111; 111+ 107 105 114 110 114 114 118 115 984 98 99 99 99 97 98 98 118 118 109 27 92, 18 104 31 107, 28 94+ 31 104 31 30, 31 914 - 3 96 - t 107 17 914 11 108; 29 1114 14 107 13 114 6 114 11 11S 6 98; 23 99 28 99 6 98 S 113 to Pr. Date 91 31 107 21 104 6 69 23 - º 1 0s. 2 91+ 29 1014 2 1074 23 92 31 7; 8 23+ 87; ſ 96 7 105 - 9, 80 107 7 111+ 17 105 9 110 9 114 11 115 3 98 17 99 28 97 20 98 8 113 10 6 2 - 1 1. 50520 sº 594 10 5 54 - * Price -2 7; 11 36 1 19 10 24 1 5 Last Sale. Date 107 S 10 95 100 D 30 95 914 Ja 31 96 3.5 S 5 95 108 Ja 23 96 104 Ja 6 96 694 Ja 30 96 94 85 113 128 101 564 Ja 29 96 94; Ja 25 96 109 Ja 27 96 914 Ap 16 94 91+ Ja 29 96 104 Ja 31 96 110} N 27 95 1074 Ja 23 96 944 Ja 31 96 106 N 23 95 10+ Ja 31 96 30+ Ja 31 96 914 Ja 31 96 110.4 S 6 95 96 Ja 7 96 122; N 1995 104 My 24 95 1064 Ja 27 96 115 D 6 95 114 N 13 95 91 Ja 30 96 29 96 17. 96 28 96 29 96 11 96 30 96 23 96 28 96 108; Ja 111+ Ja 105; Ja 112 Ja 114 Ja 117 Ja 98 99 } For abbreviations, see page 26. a Bonds in thousands, stocks in shares. y Houston & 7ºr. Cº-Under reorganization the So, Pacific Co. guarantee the principal and interest on all the bonds of this company, except the Waco & Northwestern. Application has been made for decree of foreclosure for the sale of the latter road. For information as to the bonds of main line and subsidiary roads, see Bosn fºrginia Midland.-Interest 4% till March, 1901, 5% thereafter. Recorp, vol. ii., p. 285, Dec., 1894. February, 1896. Railroad Bonds and Stocks. º III -721 Index. vol. pg. III rºt; III /305 III /311 III '795 III r105 III rºoq III 1806 III r168 III / 569 L D D D § D D III -100 III ºs() D III /377 D D II /325 III A19 Maturity Title of Boxid or Stock. or Last Dividend. Staten Island Rd. and S. I. Ry. See Balt. & Ohio. Steub. & Ind. See Penna. Co. Stony Creek. See Phila. & Reading. Summit Branch. See Penna Rd. Sunbury & Erie. See Penna. Rd. Sunb. Haz. & Wilk. See Penna. Rd. Sunb. & Lewiston. See Penna. Rd. Syracuse, Binghamp. & N. Y. See D. L. & Wn. Syracuse, Gen. & Cor. See N. Y. Central. Tº & Neosho. See Mo. Kan. & Tex. ++ erminal Rd. Assoc. St. L, 1stg. 4. Ap & O O 1939 *do. 1st con. g.: 5s, 1894-1944. . . . F & Ag Ag 1944 } 'St.L. Merch. Bridge Term. Ry, gta.g. 5s. Ap & O O 1930 Terre Haute Electric Ry. gen. g. 6s. . . . . . Q Ja O 1914 Texas & N. O. See Southern Pacific. Texas & Pacific Ry. stock. . . . . . . . . . . . $100 łdo. East Div. 1st g.s. f. 6s red.at 100Mr & S. Mr 1905 º 1st con. g. 5s. . . . . . . . . . . . . . . . Je & D. Je 2000 *do. 2d con. g. income, n. cum. 5s (no int. pg.). . . . . . . . . . . . . . . Mr D 2000 l Toledo & Ohio Central Ry, stock. . . . $100 1 %. M. 1893 2% '91, 4% '92, 2% '93. do. pfd. 5% stock, n. cum. . . . $100 Q Ja 14% /a25.96 i. 1st g. 5s. . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1935 *+do. Western Div. 1st g. 5s. . . . . . . Ap & O O 1935 Kanawha & Mich. Ry. stock. . . . . . . . $100 -- +do. 1st gtd. g. 4s. . . . . . . . . . . . . . . . Ap & O Ap 1990 l Tol. Peoria & Western. See Penna. Co. D–4T.St.L. &K.C.(R'c'r)1stg.6s (l.c.pd. D'92) red. at 105. . . . . . . . . . . . . . . . . . . . Je & D. Je 1916 | do. do. trust receipts. . . . . . - - Twin City Rapid Transit Co. stock...S100 -- do. pfd, 7% cum. . . . . . . . . . . . . . $100 Q Ap 14% // 1895 lster & Delaware stock. . . . . . . . $100 -- t do. 1st con. g. 5s. . . . . . . . . . . . . Je & D. Je 1928 Union Elev. See Brooklyn Elev. *Union Pacific Ry. stock (Receivers)...S100 - - D ºf do. 1st g. 6s (Ja '95 c. pd. Ja '96).ja & J1 J1 1896) do. do. eng. Tr. Co.ctfs.ex mat. c. *do. 1st g. 6s (Ja '95 c. pd. Ja '96).Ja & J1 J1 1897 'do. do. eng. Tr. Co.ctfs.ex mat. c. - 'do. 1st g. 6s (Ja’95 c. pd. Ja '96). Ja & J1 J1 1898 do. do. eng. Tr. Co.ctfs.ex mat. c. 'do. 1st g. 6s (Ja’95 c. pd. Ja '96). Ja & J1 J1 1899 do. do. eng. Tr. Co.ctfs.ex mat. c. J +do. col. trust g. 6s, drin. at 105. Ja & J1 J1 1908 *do. do.5ss.f.not dr. (Jec. pdD'95)]e & D. D 1907 +do. do. g. 44s (1, c. pd. My '93). My & N N 1918 do. do. eng. tr. co, ctfs. . . . . . . . - - fao. do. gold note 6s. . . . . . . . . . . F & Ag Ag 1894 | do. do. stamped. . . . . . . . . . . . . . . - - †do. 3d ext. g. 8ss. f. drawn at par. Mr & S S 1899 +Atch. C. & P. 1st gtd. 6s (1. c. pd. Ag '93.) (Receivers). . . . . . . . . . . . . . . . . F My 1905 A. Jewell Co. & W. 1st gtd. 6s (l. c. pd. Ag '93) (Receivers). . . . . . . . . . . . . . Q F My 1905 D-C.Br. U.P. funded g. 7s (1. c.pd. N'93). My & N My 1895 D fºrt.W.& D.C.(R'c'r) 1stg.6s (1.c.pdje.93). Je & D D, 1921 do. eng. trust co. ctfs. . . . . . . . . . . . - - Kans. Pac. E. Div. 1st g.6s (1.c.pd. Fº)F & Ag Ag 1895 do. eng, Tr. Co. ctfs. ex mat. c.. D do. Mid.Div. 1stg.6s (1.c.pd. D'93).Je & D. Je 1896 do. do.eng. Tr. Co.ctfs.ex mat.c. fdo. Den. Ext. g. 6s (l.c.pd. N'93). My & N My 1899 do. do.eng. Tr. Co.ctfs.ex mat.c. łdo. con.landgr. g.6s(1.c.pd. N'93). My & N My 1919 l do. Trust Co. ctfs. . . . . . . . . . . . . . . - - Oregon Railway & Nav. Co. stock (Re- ceiver)... . . . . . . . . . . . . . . . . . . . $100 Q Ja -- For abbreviations, see page 26. Union Pac. ºf ºs.-Called for red. F. ºf º- ºrth & Denver City–Bonds not dep, wifi not be entitled to int. | | l A mount Listed. 38,706,700 38,710,900 3,784,000 21,049,000 23,227,000 23,237,000 6,500,000 3,705,000 3,000,000 2,500,000 9,000,000 10,000,000 2,340,000 2,477,000 9,000,000 15,010,000 1,135,200 1,794,600 1,852,000 60,868,500 27,292,000 3,983,000 5,029,000 2,058,000 9,321,000 3,461,000 4,070,000 542,000 630,000 2,079,000 6,007,000 1,461,000 779,000 2,169,000 1,894,000 2,973,000 2,914,000 1,313,000 10,412,000 24,000,000 For the Year. High Low 8. - 71 sº si 21; 18 10, 105, 8 8 80 79 71 71 74 71 100 100 5 34 105 101 964 95 104 101 1054 toº 98+ 97 1054 102 95 93 98 931 ºn 64 67+ 64 105+ 102 106 108 107 106 98 94 70 70 74 70 164 16 sales soº. Month on January. H ighest. Lowest. atotal. Pr. Date 8+ 2 864 &0 21: 31 ºn 2 674 2 105+ 31 106 90 23 17 14 15 16+ 30 a bonds in thou '96. Ja 35 c. ($30) on 1st mtg. bonds with ac, int. ($1.90 pd. Ja. 30, 196 pr. date 3} 101 21 95 18 101 21 102 20 97. 16 102 21 95 ge 93 1 º 64 8 64 20 102 13 103 15 100 11 94 24 70 14 70 7 27 16 -93 422 10 54 13 55 sº 369 23 37 35 16 109 425 4. sands, stocks in shares. 5 74 Ja Last Sale. Price 100 p 24 103: O 9 105; D 31 84 Ja 31 104 Je 86 Ja 21: Ja 35 D 72 106 110 8 80 31 31 21 10 24 26 -> - D Ja N Ja Ja ---> -- 71 Ia 711 D 11 30 30 100 ja 30 5 a 28 103 Ja 31 95 Ja 18 1024 Ja 31 1024 Ja 31 984 Ja 29 105+ Ja 18 Ja 23 D 7 N 27. D 26 Ja 30 97 O 29 94. D 31 40+ D 16 40 N 9 964 Je 22 67 Ja 31 67 Ja 31 1054 Ja 31 106 Ja 20 107 Ja 28 94 Ja 24 70 Ja 14 734 Ja 28 16 Ja 28 95 80 50 45 97 date 95 95. 95 9t, 19 94 ºt, ºt, 95. 95. 96. 95 96. 9t, Øt; 95. Øt, 90 ºt, 96. 96. 96. غ 90 96. Øſ, 95. º, 95. Øt, 95. 95. 95 95 98. 96. 96. 96. 96. 96. 96. 9t, 9t, 96. or 5 years and will be deprived of the bonus pa. on each bondſ of $275 in pfd, div-stk. -- 58 The Bond Record. [Vol. IV. SALES 1896. Maturit |- Index. Title of Bond or Stock. º, º | For the * of JANuary. Last Sale. Year. Highest. Lowest. atotal. Vol. pg. High Low Pr. Date Pr. Date Price Date Union Pacific Railway—Continued. - | ſ Oregon Ry. & Nav. Co. 1st s. f. g. 6s | drawn at$100.... . . . . . . . . . . . . Ja & J1 J1 1909 5,078,000.109 105 109 15105 7. 28.108 Ja 29 96 D fao, con. g. 5s (1. c. pd. Je '93)... Je & D. Je 1925 7,844,000 - - – – 96 O 22 95 do. do. trust co, receipts. . . - - 5,139,000. 96 90 96 31, 90 6 11, 96 Ja 31 96 D | '#do.col, tr.g.5s (1.c.pd.S'93)red. at 105. Mr & S S 1919 - - - — – 70 N 6 95 - - | 5,175,000 - do. do. trust co, receipts. . . . . -- - - - – 70 N 6 95 III /115 Ore. St.L. & U.Nor, stock (Recwr.) $100 - | 26,242,600 6 5 6 16, 5 15, 134, 6 Ja 16 96 D|| ſ 4do.com.gtd.g.5s(1.c.pd. O'93)red.at 105Ap & O Ap 1919 5,997,000 554 55 554 6 55 13 11 55 Ja 14 96 do. do. trust co, ctfs. . . . . . . - - 5,237,000 60 51 60 31, 51 7, 314|| 60 Ja 31 96 D *#do. col. tr. gtd. g. 5s (l. c. pd. S '93) red. at 105. . . . . . . . . . . . Mr & S S 1919 13,000,000 - - - – 29 D 9 95 II /286d ſłOre. Short L. (Rcvr) 1st 6s int.lawful money prin. g. (1. c. pd. F '95). F & Ag| F 1922 4,171,000.1064 101*1064. 30.1014 7, 169,106 Ja 31 96 do. trust co, ctfs, of dep. . . . . . - - 10,760,0001054 100 105; 29.100 7 3911054 Ja 31 96 ſłUtah & Northn. 1st 7s................Ja & J1 J1 1908 689,000 – – - – 104 Ap 1 93 D łdo. con, gta. g. 5ss. f. not drawn - (J1 '94 pa. Ja '95). . . . . . . . . . Ja & J1 J1 1926 1,877,000 - --- - – 92 O 25 95 D Utah Southern gen. 7s (1.c.pd. Ja '94). Ja & J1 J1 1909 1,950,000 - - - – 64 J1 17 95 D do. ext. 1st 7s do. Ja & J1 J1 1909 | 1,526,000 - - - – 61. D 16 95 I 213|| St. Joseph & Grand Island stock. . . $100 - | 4,500,000 - - - - 2 Je 7 95 D *do. 1stint.gtd. g.6s (1.c. pd. N'93)My & N My 1925 2,870,000 - - - – 63% Ag 9 95 ſ do. Trust Co. ctfs. . . . . . . . . . . . -- 4,130,000 - - - – 52 D 18 95 łdo. 2d mtg.g.5% income n, cum. Ja & J1 J1 1925 - - - – 10 Ag 2 95 º, do. do. coupons off. . . . . . . . - - 1,680,000 - - - – 37 Ap 12 92 D lik.cºom.1st int.gtd.g.5s(l.c.pd.J1'93).Ja & J1 Ja 1927 2,940,000 - - – 374 O 16 95 U. P. Den. & Gulf stock (Receiver). $100 - - 31,151,700. 4; 34. 4; 30 3+ 8, 2430 48 Ja 30 96 D łdo. con.g5s, drn.at 105 (1.c.pd. Je'93).Je & D. D 1939 15,801,000 36; 314 363 30 31, 7 147| 363 Ja 31 96 D|| *U.P. L. & Col. 1st gtd. g.5s (1.c.pd. O'93)Ap & O Ap 1918 4,480,000 - - - – 45 O 26 95 * Union Terminal 1st g. 5s. . . . . . . . . . . . . . . F & Ag 1923 1,300,000. 97 97 97 30 97 30 3 97 Ja 30 96 United N. J. Rd. & C. Co. See Penn. Rd. Utah & Northern. See Union Pacific. Utah Southern. See Union Pacific. Utica & Black River. See N. Y. Cent. & H. R. Y. Rd. of Ohio. See Balto. & Ohio. erdigris Valley, Ind. & W. See Mo. Pac. Vermont & Mass. See Fitchburg. Virginia Midland. See Southern Ry. Virginia & Tenn. See Norfolk & Western. III |YYaº Rd. stock. . . . . . . . . . . $100 28,000,000 7; 6, 7; 30 6, 7, 11521 74 Ja 31 96 II /287 'do.pfd, 7% stock n, cum.8100 -- 24,000,000 17: 144 174 30, 14, 7 43172 174 Ja 31 96 º 1st g. 5s. . . . . . . . . . . . . . . . . . . My & N My 1939 31,664,000.104; 1024104; 30.1024 6 444,104; Ja 31 96 do. 2d g. 5s. . . . . . . . . . . . . . . . . . . . F & Ag| F 1939 14,000,000 77 69 77 29, 69 7" 431 763 Ja 31 96 fdo. deb.6s,ser. A.n.cum.red.at par. Ja & J1 J1 1939 3,500,000 - - - - - y do. do. ser. B. n.cum.red. at par. Ja & J1 J1 1939 } 25,740,000 24; 20 24; 30, 20 7 509 24 Ja 30 96 26,500,000 łdo. 1stg.5s Det. & Chi. Extred.at 110. Ja & J1 J1 1940 §º 101, 964.1014 16, 96; 11 18100+ Ja 16 96 | |St. L. K.C. & N. St. Chas. Bdg. 1st g. 6s Ap & O O 1908 1,000,000 - - - – 107 O 14 95 Warren & Frank. See W. N. Y. & Penn. Warren Rd. See D., L. & West. *Wash. & Col. Riv. 1st mtg. g. 4s, cou, 1935Ja & J. 2,000,000 884 884, 884 14 884 14 4, 884 Ja 14 96 Wash., Ohio & West. See So. Ry. Waynesburg & Canton. See Clev., Cant. & So. III ré26*Western Maryland Rd. stock. . . . . . . . . $50 -- 682,250 - - - - 5; O 31 95 *do. 3d6s gtd. by City of Balto.....Ja & J1 Ja 1900 875,000 - - - – 1094 O 1 95 *do. Balto, & Har. 1st g. 5s. . . . . . . . My & N N 1936 } 528,000 - - - – 1084 F 95 570,000 +"do. do. West. Ex. 1st g. gld. 5s. My & N My 1938 240,000 - - - - - III ré14|Western N. Y. & Penn. Ry, stk, tr. cts, $50 -- 5,000,000 - - - - 4; O 29 95 III 2630 +do. 1st Rd. g. 5s. . . . . . . . . . . . . . . . . Ja & JJ Ja 1937 9,789,0001073 10541074 23105; 11 35107 Ja 29 96 f{do. gen, g. 2-3-4s. . . . . . . . . . . . . . . . Ap & O Ap 1943 10,000,000, 46 44 46 30, 44 7 20 46 Ja 30 96 +do. inc. mtg. g. 5s, n. cum. . . . . . . . N Ap 1943 10,000,000 16 13; 16 29, 18; 8 52 15; Ja 30 96 folo. Warren & Frank. 1st 7s. . . . . . F & Ag| F 1896 773,000 - - - – 115 My 11 88 Western North Carolina. See Southern Ry. Western Pacific. See Southern Pac. Western Penn, & Pitts. Br. See Penn. Rd. . West }. See Penn. Rd. West Jersey & Atlantic. See Penn. Rd. West Shore. See N. Y. Cent. West Va., & Pitts. See Balto. & Ohio. III rô88°West Va. Cent. & Pitts. Ry, stock...S100 Yrly 14 ſº Mr 95 6,000,000 – – - — 3.5 D 19 95 - 1% '90-'94, 1}; '95. +*do. 1st g. 6s. . . . . . . . . . . . . . . . . . . Ja & J1 J1 1911 3,000,000.106 105}106 2.3105; 16 5106 Ja 23.96 *Pied. & Cumb, 1st 5s. . . . . . . . . . . . . . . . F & Ag Ag 1911 650,0001024 102102; 6 11024 Ja 6 96 - 1024 6 For abbreviations, see page 25. Utah & Morº-C. due Ja. N. J., '95 º: with int. D, 6, '95. - estern v. a Bonds in thousands, stocks in shares. Oregon Short Lºne-1st 6s, int. due F., '95, and accrued int. ($31.50) and intº on Ag: '94 c. (.63) paid D. 2, '95. Hº & Pa-º, to April, '97 inc., 3 October, '97 to April, 1901 inc. 4% thereafter. * Warren & Frank-Principal called for payment at maturity at Mercantile Trust Co., N. Y. City. fºabash-Series A 6x pd. 1890-93, none since; series B no interest pd- to date. February, 1896.] 59 Miscellaneous Bonds and Stocks. Maturity Index. Title of Bond or Stock. or Last Dividend. Vol. pg.T-T- III rig0Wheeling & Lake Erie Ry, stock. . . . . $100 - - III /523 do. pfd. 6% stk. n. cum. . . . . $100 F 1 % My 1894 4% '90, 44% '91-'92, 4% '93, 2% '94. +do. 1st g. 5s Lake Erie Div. . . . . . . . . . Ap & O O 1926 *+do. Wheeling Div. 1st g. 5s. . . . . Ja & J1 Je 1928 *#do. ext. & imp. g. 5s. . . . . . . . . . . . F & Ag| F 1930 U +do. con. g. 4s. . . . . . . . . . . . . . . . . . Ja & J1 J1 1992 *Williams Valley 1st 6s. . . . . . . . . . . . . . . . . . . Je & D. D 1911 Wilkesbarre & Eastern. See N. Y. Sus. & West. Wilmar & Sioux F. See Great Northern. Wil. Col. & Aug. See Wil. & Weldon. *Wil. & Nor, 1st 5s reg. subj, to call in 1907Je & D. D 1927 *do. gen. g. 5s. . . . . . . . . . . . . . . . . . . . F Ag 1932 *Wilmington & Weldon stock. . . . . . . . . $100 1} % 0 1895 (8% '90-91,4% '92, 3% '93, 3% '94, 14% '95. *do. con.(now 1st) g.int. 7ss.f.not drn. Ja & J1 My 1897 +*do. do. gen. 5s. . . . . . . . . . . . . . . . . Ja & J1 J1 1935 *Wil.Col.&Aug.stk.6%gtd.un. 1984 $100]a & J1 3% // 95 *do. 1st mtg. 6s. . . . . . . . . . . . . . . . . . . . Je & D. Je 1910 Winona & St P. See Chic. & N. W. III /172 Wis. Cent. Co. (Receivers) stock vot. tr. ctfs...S100 do do. pfd. . . . . . . . . . . . . . . . . . . $100 - - D łdo 1st g. 5s (1. c. pd. Ja '94) . . . . . Ja & J1 J1 1937 do eng. trust ctfs. . . . . . . . . . . . . . . -- { +do. inc. g. 5s n. cum, no int. pd. . . Ap & O J1 1937 Milwaukee & L. Winnebago stock. . $100 - - falo. pfd, stock 6% cum. . . . . . . . . . . . F & Ag|3% As 1895 do. 1st g. 6s. . . . . . . . . . . . . . . . . . . . . Ja & J1 J1 1912 do. inc. g. 5s cum. . . . . . . . . . . . . . . Ap & O Ap 1912 Wisconsin Valley. See Chic., M. & S. P. Wor.., Nash. & Roch. See Boston & Maine. sales sº, - º' ºn Moºr ſº Last sale. Year. Highest. Lowest atotal. High Low Pr. Date Pr. Date Price date 10,000,000 12+ 10 | 12+ 30, 10 6 61437. 12 Jaś1 96 4,500,000, 38 34; 38 30, 34+ 7. 3680 88 Jaś0 96 3,000,000.100+ 100+100+ 18100+ 18 1100+ Ja 1896 1,500,000 90 90 90 15, 90 15 5 90 a 27 96 1,608,000 - - - 92 N. 22 95 1,600,000 - - - 72; Je:24 95 87,000 - - - 354,000 – - 105* Ja 95 396,000 - - - - - 1,456,200 - 100 O 18 95 1,619,000102 1011102 281011 7 3102 Jaz896 1,000,000 - - - – 114 N 15 95 960,000105 105 105 14105 14 15105 Ja 14 96 1,600,000 - - - – 119 N. 14 95 12,000,000 3+ 2} 3+ 8 24 18, 420, 24 Ja 1896 3,000,000 - - - - - 3,449,000 - - - – 41+D 24 95 8,022,000. 41' 374. 41' 31, 37; 7 227 414 Jaśl 96 7,775,000 6 6 || 6 9 (; 9 5, 6 Ja 9 96 520,000 - - - - 780,000 - - - - 1,430,000 - - - - - 520,000 - - a Bonds in thousands, stocks in shares. y Mil. & L. Win.-3% addl, pd. for a number of years on account of accrued back div.; in F.1893 pd. 10% extra account back div. TOTAL SALES DURING JANUARY. For abbreviations, see page 26. New York, - - Bonds, S39,179,300; Stocks, 4,436,174 Boston, - - - Bonds, $2,213,450; Stocks, 488.919 Philadelphia, - Bonds, $3,864,903; Stocks, 545,825 Baltimore, - - Bonds, S730,600; Stocks, 8,913 - A. SALES. Index. - Title of Bond or Stock. º }''." - - Last Sale. 1895. 1800. pg | High Date Low Date Hh Date Lw. Dateſ dams Express 8% stock. . . . . . . . $100 Q Mr 2%. D 1895 $12,000,000.153 O 140 Ja 1494 Ja 146 Jaſłº Ja 31.96 - f*Amer. Bell Teleph. 12% stk. .3100 Q Ja 44% /a 1896 21,500,000210 My 175 Ap 200 Ja 197 Jaz00 Ja 31.96 18% '91, 15% '92, 18% '93, 16.4% '94, 16% '95, 44% '96. *do. deb. 7s subj, to call at 110 . . . . . . . . F & Ag Ag 1898 2,000,0001094 F 105 O 1064 Ja 1064 Ja1064 Ja 21.96 American Coal Co. stock . . . . . . . . . . . . . $25 Mr & S 34% S 1895 1,500,000.100 S 95 F 110 Ja 105 Jaſłº, Ja 22.96 rö04Am. Cot. Oil com. stock..... . . . . . . . . $100 - - 20,237,100 304 My 14 D 19 Ja 16 Ja 18 Ja 2996 do. pf.6% n. cum. sub. to call at 105.3100 Je & D, 3% D 1895 10,198,600 794 My 59 D 66 Ja 634 Jal 634 Ja 2096 3% '92, 6% '93–94, 3% '95. - | +do. deb. g. 8s subj, to call at 110. . . . . . Q F | N 1900 2,810,000114 Ag 106 D 111 Ja 110 Jaſło, Ja 31.96 Amer. Dist. Tel. (N. Y.) stock....... $100 1% D 31.95 3,845,000 . . . . . . . . . . . . . . . . . . . . . . . . . | *do. (Phila.) stock. . . . . . . . $25 Q F 1% Ag 1895 400,000 . . . . . . . . . . . . . . . . . . . . . . . . . American Express 6% stock. . . . . . . . . . $100 Ja & J13% /a 1896 18,000,000118 O 109 F 115 Ja 110 Jail?4 Ja 2996 American Spirits Mfg. Co *60 Distilling & Cattle Feeding stock, Trust - - /115 Co. ctfs. all installments paid . . . . . . . . . Q Ja 14% /a 1896 34,171,500 25% S 8 D 174 Ja 14+ Ja 164 Ja 31.90 3% '90, 5% '91, 34% '92, 14% '93, 14% '96. “American Steamship 1st gºd. 6s. . . . . . . . . . Ap & O, O, 1896 1,500,000 1034 S 1014 Je 1024 Ja 1024 Jaſo?4 Ja 896 |American Sugar Refin, com. stock. . . $100 º: & 4 /a 1896, 37,500,000 1214 Je 864 Ja 1084 Ja 97 Jaſon: Ja 31.96 4% '91, 104% '92, 21.4% '93 (10% extra), 12% '94, '95,3% '96. . do. 7% pref. cum. stock. . . . . . . . . $100 Q Ja 14% /a 1890 37,500,000107 Ag 904 Ja 994 Ja 95 Ja 984 Ja 31.96 Am. Tel. & Cable gtd. 5% stock. . . . . . $100 Q Mr 14%. D 1895, 14,000,000. 99 Ag 90 93, ja 91 ja 934 ja 31.96 r170 American Tobacco com. stock. . . . . . . . . $50 Q F & % N 1895, 17,900,000117. My 63 D | 844 Ja 744 Jal 78 Ja 31.96 12% '91-'94, 9% '95. - /234 do. pref. 8% n. cum. stock . . . . . $100 Q F º % F 1896, 11,935,000116 Ag 90 D 1024 Ja 100% Jaſºn Ja 31.96 ºf American bear 7 el-Dividends over 12 - are extra. 60 [Vol. IV. The Bond Record. Index. Vol. pg. III III III III III III III II III II 1250"Erie Tel. & Telephone 4x stock. . . . $100 QF /235 /780 W630 7-377. R 1630 1378 1211 R- 164 " For abbreviations, see page 26. Title of Buxt, or Stock. altimore Belt Rd. See Balt. & O. Rd. |Bay State Gas Co. stock. . . . . . . $50 do. inc. 7s n. cum... . . . . . . . . . . . . . . . . . . . . . . *Bergner & Engel Brew. com. stock. . $100 My & N *do. pfd, 8% cum. stock. . . . . . . . $100 My & N "do. 1st g. 6s. . . . . . . . . . . . . . . . . . . . . . . Ja & J1. *Boston Electric Light Co. stock. . . . . . $100 Q Ja 6% '90-91, 8% '92-’95, 2% '96. *do. 1st 6s. . . . . . . . . . . . . . . . . . . . . . . . . Mr & S. *do. con. 5s. . . . . . . . . . . . . . . . . . . . . . . . . Mr & S. *Boston United Gas 1st mtg. g. 5 lº f. 1% Ja & II *do. Trust ctfs. s. f. g. 5s. . . drin. Ja & J1. *do. 2d mtg. g. 5s . . . . . . . . a ſon Ja & JJ Brooklyn Wharf & Wareh. Co. stock. $100 do. pfd, 6% cum. series A. . . . $100 do. pfd, 6% cum. series B. . . . . $100 do. 1st g. 5s. . . . . . . . . . . . . . . . . . . . . . F & Ag Cº. g.s.f.gtd.6s, red.at 110. Je & D *Cambria Iron Co. stock. . . . . . . . $50 Ap & O 10% '90-'92, 8% '93, none '94, 16.4% '95. Cen. & S. Am. Telegraph 7% stock. . . $100 Q Ja *Central Transportation Co. stock. . . . . $38 Q Ja *do. trust ctfs. . . . . . . . . . . . . . . . . . . . . *Ches. & Del. Canal 1st mtg. 5s. . . . . . . . . . . Ja & J. Chic. Gas Fidelity Trust Co. receipts. . $100 Q Ja 3% '90, '91, 54% '92, 44% '93, 6% '94, 34% '95. do. Central Trust Co.'s Receipts . . . . Chic. Gas Light & Coke 1st gtd. g. 5s . . . . . Ja & J1 *Chic. Junc. Ry. & Stk. Yas, com. stk..S100 Ja & J. 10% '91, 8% '92,-'95, 4% '96. do. col. g. 5s. . . . . . . . . . . . . . . . . . . . . . . Ja & J. Claflin (H. B. Co.) common stock....S100 Q Ja 7+% '93, 6 % since. do. 1st pfd, stock. . . . . . . . . . . . . . $100 Q F 5% '93-'95, 1+ 4 '96. do. 2d pfd, stock. . . . . . . . . . . . . . . $100 Q F 6% '93-'95, 1} , 96. {{Col. Coal & Iron 1st con. g. s. f. 6s. . . . . . F & Ag Col. C. & I. Devel. common stk. . . . . . $100 do. pref, stock. . . . . . . . . . . $100 do. 1st gtd. g. 5s. . . . . . . . . . . . . . Ja & J1 Col. Fuel & Iron common stock. . . . . . $100 do. pref. 8% stock cum. . . . . F & Ag Col. & Hock. C. & I. Co. stock(Revri) sió0. 100 do. pfd, n. cum, stock. . . . . . . . . . do. g. 6s (J1. '95 c. pd. F.'96). . . . . . . . Ja & J1 Commercial Cable Co. stock. . . . . . . . . . $100 Q Ja Consumers Gas Co. (Chicago) 1st gtd. g. 5s. Je & D Consolidated Gas, N. Y. stock . . . . . . . $100 Q Mr Iº. Bardeleben C. & I.Co.gtd.s.f.g.6s. F & Ag - elaware Division Canal, 6s. . . . . . . . Ja & J1 Detroit Gas Co. stock. . . . . . . . . . . . . . . . $50 do. con. 1st mtg. g. 5s (l.c. pd. Fºº). F & Ag *Dominion Coal Co. stock. . . . . . . . . . . . $100 *do. preferred 8% cum, stock. . . . $100 Ja & Ji - *do. 1st mortgage 6s red. at 110. . . . . . . . Mr & S dison Elec. Illum. Boston, stk.S100 Q F - 6% '91, 8% '92, '93, 6% '94, 444'95, 1łż '96. f*do. cons, deb. 6s. . . . . . . . . . . . . . . . . . My & N Edison Elec. Ill. of Brooklyn, stock. S100 Q F 2% '91, 4% '92, 5% '93, 6% '94, '95, 14%, ’96. do. 1st mtg. 5s, subj, to call after Sept. 1900, at 110. . . . . . . . . . . . . . . . . . . . . . . . Ap & O Edison Elec, Ill., New York, stock....S100 F 4% '90, '91, 5 º'92, 5* * '93, 6% '94, '95, 14 ºb. ſº 1st mtg.g. 5s convered.at 110 aft.S 1900. Mr & S do: 1st con: g: 5s. . . . . . . . . . . . . . . . . . . . . . . Ja & J. "Edison Electric Light stock (Phila), S100 Q Mr Equitable Gas Light of N. Y. stock. . . $100 Q Ja do. cons. mtg. gold 5s. . . . . . . . . . . . . . . Mr & S Equit. Gas & Fuel (Chic.) 1st gtd. g. 6s. . . . Ja & J1 *do. coll, tr. g. 6s. . . . . . . . . . . . . . . . . . . Ja & J1 ſºdo. coll. tr. g. 6s. . . . . . . . . . . . . . . . . . . Ap & O "Erie & Western Transportation 5s. . . . . . . . F & Ag eneral Electric common stock. S100 Q F do. preferred 7% cum, stock.S100 Ja & J. y do, deb, conv, gold 5s. . . . . . . . . . . Je & N 1899 ºf Edison Elec, Boston.-Convertible into stock May 1, 1897, and every interest period thereafter. Maturity or Last Dividend 1 % Mr 1893 4 º' N 1895 4 º' N 1895 J1 1921 2% /a 15 96 Mr 1908 S 1924 Ja 1939 Ja 1939 Ja 1939 Ag 1945 D 1922 124% N 1895 14% /a (; 96 J1 1916 1 % / 1895 Ji 1937 4 º' Ja 96 Ja 1915 1} % O 1895 14% A* 1896 14% A* 1896 F 1900 1909 14% My 1893 4 ſº F 1896 5%. 1891 Ja 1917 14% /a 1896 D 1936 2 * D 1895 F 1910 J1 1898 F ig1s 4 & /a 1896 Mr 1913 13% A* 1896 My 1901 1% Ja 1596 O 1940 13% A* 1896 Mr 1910 J1 1995 3 * D 31 95 3% Ja 15 96 Mr 1932 J1 1905 1% F 1896 Ja 1903 Ap 1909 F 1895 2 : Ag 1893 34% ſl 1893 Je 1922 Amount Listed. 1895. º Date Low Date Hh Date Lw. Date 5,000,000 26; D 000,000 36 ja 650,000. 95 N 650,000.100 Ja 1,500,0001114 N 1,700,000115 S 300,000.1093 Mr 360,000102 Je 9,000,000, 824 Je 7,000,000 81; S 3,000,000, 61; Je 5,000,000.1234. O 2,500,0001023 My 5,000,000 . . . . 16,000,000.1084 J 1ſº 84 My º 63+ Ag 7,917,600,122 Ag l º 25 Ja 2,602,950, 53 F * 784 Ja 23,697,400 713 D 10,000,000. 964 Je 6,500,000.106 J. 10,000,000.108 My 3,829,100,104 Ji * I 2,570,600 100 JI 2,954,000.101; O 5,500,000 103 My 500,000 . . . . 700,000 . . . . 9,250,000 41. Ag 2,000,000.100 Ag 4,700,000, 94 Je 200,000 15 Mr 960,000, 75 Ap 10,000,000.175 D 4,346,000 89, O 35,430,0001613 D 2,056,500 92 D 494,000 95 N 4,000,000, 31 Ag 2,000,000 784 D 15,000,000 18: My 3,000,000101 Ag 3,000,000101 Ag 2,075,800.150 Ag ºw -- - - 3,750,0001094 S 850,000.112+ Ag 7,938,0001024 Je 4,312,000110 J1 2,114,000.104 J1 2,000,000141 O 4,000,000.1973 Je 2,300,0001134 Ja 3,000,000 9s je 4,800,000, 65. S 300,000 100+ Ap 500,000102 Ja 3,000,000, 46 Mr 30,460,000, 41 S 4,252,000 70 Mr 10,000,000. 934 Ja - - - y General Electric.—Convertible into common stock at 120. - y Erie ſet & Tel-Company reserves option to purchase at 108 and interest, after Ap. 1, 1899, 10% of bonds outstanding. 1895. Last Sale. 12 Mr 107% Ag 1043 Mr 109]. Mr 102 Ji 71; Mr 80+ Ja 44 Ap 1234. Ag 102+ My 98 D 84 My 44 D 1194 F 20 Mr. 50 N. 49; J1 57; D. 90 Je 95 Ja 108 My 95 Ag 97; Ag 97% Ag 92 My 3 D 20 D 50 F 2 D 15 Mr. 75 Ap 146 Mr 804 J1 126 Ja 85 Ap 92 F 28 D 64 Je 84 D 85 D 99 Je 122 Ja 106 Ag 1043 Mr 94 Mr. 1043 Mr 102; S 113 Ag S5 224 Ja 214 Ja 100 ja 100 ja 1074 Ja 1074 Ja in ja 50, ja ja ja 97, ja 40 ja 16 ja 49 Ja Ja 62 Ja 108 Ja 108 Ja 100 Ja 4 Ja 2+ gº ja 28, ja a fija 3, ja 11+ Ja 94 Ja 90 Ja 83 Ja 99 Ja 98 Ja 140 Ja 135 Ja ja 89 ja 18i ja 110 jã 53 ja 59, jº 100 Ja 9 39s ja si ja sº jà 224 Ja 16.96 100 Jag öö 1074 Ja 2996 iſ Jasſ 36 54 Jago 96 - - - - º Jašić | 48 Ja 30 96 30 49 65 Ja 31.96 10s Ja 23.96 |.. 288 Ja 31.96 24 Ja 27 96 . . . . . . . . . . . 1573 Ja 143 Jº 154 Jagi 36 ºf Jaś | 90 Ja 2996 99. Ja 2996 140 Ja 2996 ---- - - - - 95 Jagº 96 ---- 130 Jagi 36 . . . . iſ gºija ºf 96 sº Jagº 96 º º - February, *] Miscellaneous Bonds and Stocks. - * Maturity or Amount Index. Title of Boxin or Stock. Last Dividend Listed. - SALES. - Last Sale. 1805. 1896. vol. pg. - - - ... . . - º Date Low Date Hin Date Lw. Date - 188 f Yllinois Steel Co. stock. . . . . . . . . . . . $100 5% AA 1893 lsº 82+ O 40 Mr 65 Ja 60 Ja 65 Ja 28.96 f do. deb, conv. 5s, subj, to call at 105 Ja & Ja 1910 6,200,000 - - - - - - - - - - - - - ---- Ji 97 O 95 O do. deb. A. & B. non-conv. 5s. . . . Ap & O Ap 1913 7,000,000. 924 O 90 S Interior Conduit & Insul. Co. stock... $100Ap & O 14% // 1895. 1,000,000. 414 Mr 30, F 5% scrip '94, 14% '95. do. deb. g. 6s. . . . . . . . . . . . . . . . . . . . . . . . . Ap & O aclede Gas Light com, stock...S100 D Ap 1925 500,000, 81+ Je 80 Je 7,500,000, #31 je iſ, b 30, ja is ja|30; Jago 96 79 f do. pfd, cum. 5% stock...S100 Je & D34% / 1895 2,500,000. 92 Mr 79 N Ja 79 Ja 79 }: 96 do. 1st mtg. gold 5s. . . . . . . . . F My 1919 10,000,000. 984 Je 90 D 96 Ja 93 Ja 95% Ja 31.96 *Lamson Con. Store Service Co. stock. . $25 4 & / 1895 2,000,000 25 Ap 17 D 19 Ja 18 Ja 19 Ja 2996 “Lehigh Nav. mtg. 44s. . . . . . . . . . . . . . . . . . . Q Ja J1 1914 5,000,000113 O 1104 Ja 1094 Ja 1094 Jatū94 Ja 1196 "do. Rd. mtg. 6s. . . . . . . . . . . . . . . . . . . . Q F | F 1897 }º F 102; D . . . . . . . . . . . . . - - - - *do. mtg. g. 6s. . . . . . . . . . . . . . . . . . . . . Je & D. D. 1897 4,652,500.109 Je 105* Je *do. con. mtg. 7s. . . . . . . . . . . . . . . . . . . Je & D. Je 1911 2,466,000135, O 1324 D 133 Ja 132 Ja132 Ja 1596 "do. C. & N. Co. mtg. g. 44s. . . . . . . . . Q F | My 1924 3,686,000.106 J1 104 D . . . . . . . . . . . . ---- III ré1“Lehigh Coal & Navigation stock. . . . . $50 My & N2% AW 1895. 14,366,650 498 S 404 Mr 46 Ja 42 Jal 46 Ja 2996 III 1378 5% '90, '91, 54% '92, 6% '93, 4} % '94, 2% '95. +"do. gold 4+s. . . . . . . . . . . . . . . . . . . . . . . Mr & S S 1905 1,000,000 . . . . . . . . 1024 Ja 1024 Ja1024 Ja 22.96 Lehigh V. Coal Co. See Lehigh Val. Rd. Lehigh & W’barre Coal Co. See Cen. Rd. of N. J. Long Dock Co. See Erie Rd. Lorillard Tobacco pref.8% cum, stock. S100 Q Ja 2% /a 1896 2,000,000.1194 Ap 1074 O . . . . . . . . . . . . Y(º". 1st 5s. . . . . . ....S100 F & Ag| F 1922 2,000,000 . . . . - - - - - - - - - - - - - - - - | exican Telegraph stock....... $100 Q Ja 24% /a 1396 2,000,0001908 O 186 F RMich. Penin. Car Co. pref. 8% cum.... $100 Q Mr 1% M20 95 5,000,000 63 N 52 Ja +do. 1st gold 5s. . . . . . . . . . . . . . . . . . . . Mr & S S 1942 2,000,000 . . . . - - - - Mutual Gas Lt. Co. N. Y. stock. ..... $100 Ja & J14% /a 1896 3,500,000255 D 1504 F Mutual Union Tel. sinking fund 6s. . . . . . . . My & N My 1911 1,957,000115 Ap 1104 Mr . . . . . . . . . . . . - - - III r169|| N ational Lead stock. . . . . . . . . . . $100 1% o 17 95 14,905,400 38 Ja 174 D 27, Ja 23 Jal 27 Ja 31.96 2% '93, 3% '94, 1 %'95. |do. pfd. 7 % stock, cum. . . . . . . . . . $100 Q Mr 1; 4 / 1895. 14,904,000 94% Ag 73 D 87 Ja 824 Ja 87 Ja 31.96 III ré1|National Linseed Oil stock. . . . . . . . . . . . $100 Q F 1 % S 1895. 18,000,000, 31; Je 15 D 20 Ja 18 Ja 18+ Ja 31.96 Nat. Starch Mfg. com. stock. . . . . . . . . . $100 -- 5,000,000 12 My 5 F 5 Ja 44 Jal 5 Ja 2096 do. 1st pfd, 8% stock cum. . . . . . $100 My & NZ Z My 1893 3,000,000, 59 O 34 Mr 52} Ja 45 Ja 524 Ja 2996 do. 2d pfd. 12% stock cum. . . . . . $100 Ja & J16 % /a 1893 2,500,000 32 My 15 Mr . . . . . . . . . . . . - - - - do. 1st mtg. gold 6s. . . . . . . . . . . . . . . . . My & N My 1920 3,837,000 100 S 90, Ja 95 Ja 92 Ja 95 Ja 27 96 |New Central Coal Co. stock. . . . . . . . . . $100 1 % /a 1894 5,000,000, 9 Je 6 Ja . . . . . . . . . . . . - - - - III rà00°New England Teleph. & Tel. stock...S100 Q F 14%. A 1596. 10,394,600. 91 J1 ſ6 F 34% '90–'93, 4% '94, 2% '95, 1+ 2. '96. f "do. 1st issue. . . . . - - - - - - - - - - - - - - - - Ap & O Ap 1899 500,000.1038. Mr 103 Mr . . f *do. 2d issue 6s. . . . . . . . ----------- Ap & O Ap 1900 500,000.104 S 104 F f *do. 3d issue 6s. . . . . . . . . . . . . . . . . . . Ap & O Ap 1906 500,000.107.4 F 1074 F f "do. 4th issue 6s. . . . . . . . . . . . . . . . . . Ap & O Ap 1907 500,000110 O 1084. My f *do. 5th issue 6s. . . . . . . . . . . . . . . . . . Ap & O Ap 1908 500,000110 Je 1084 Ap III 1115||N.Y. & N.J. Tel & Tel.gen. (now 1sts).g.s.f.5s.My & N My 1920 1,280,000.107 Ag 102 Ja . . . . . . . . . . . . - - - - North American Co. stock. . . . . . . . . . . . $100 -- 39,733,100 7 My 24 F 54 Ja 4 Ja 5+ Ja 31.96 *Northern Liberties Gas stock. . . . . . . . . . $25Mr & S4 ſº S 1895 475,000, 38 Ap 37 J1 - - - - - - - - - - - - - - - - - regon Imp. Co. See Rd. tables. + P. Mail Steamship stock. . . . . $100 20,000,000 34}. S 20 Ja 294 Ja 22 Ja 29 Ja 31.96 III rºit; ennsylvania Canal mtg. 6s. . . . . . . . . Ja & J1 J1 1910 3,000,000, 56.4 F 50 Je 504 Ja 50 Ja 501 Ja 27 96 |Pennsylvania Coal Co. stock. . . . . . . . . . . $50 Q F 14% A* 1896 5,000,000 340 J1 310 Je . . . . . . . . . . . - - - - "Pennsylvania Co. secured 6s. . . . . . . . . . . . . Q Ja J1 1907 1,499,000.106 Je 106 Je . . . . . . . . . . . . -- - - “Pennsylvania Salt Mfg. stock. . . . . . . . $50 Ap & O 6% o 1895 2,000,000.1014 Je 94 Ap 101 Ja 101 Jatoi Ja 1596 "Pennsylvania Steel 1st reg. 5s. . . . . . . . . . . . My & N N 1917 1,000,000102} N 93 Ja . . . . . . . . . . . . - - - - III 1118 Peoples Gas L. & Coke, 1st gtd. g. 6s. . . . . My & N N 1904 2,100,000.112 O 112 O 112 Ja 110 Jaito Ja 296 - do. 2d gtd. g. 6s. . . . . . . . . . . . . . . . . . Je & D. D 1904 2,500,000107* My 103 Ja 1024 Ja 101 Jalſº Jasſ 96 do. 1st con. g. 6s. . . . . . . . . . . . . . . . . Ap & O Ap 1943 3,400,000.104 S 89 Ja 994 Ja 954 Ja 99 Ja 2996 Philadelphia Co. . . . . . . . . . . . . . . . . . . . . . $50 Q Ja 1 % // 1895, 7,500,000 B2 N 164 Ap . . . . . . . . . . . . --- 4+% '92–'93, 5% '94, 2% '95. f*Philadelphia & Gray's Ferry stock. .350 Ja & J13 Ž J/ 1895 617,500 85 D 81 Ja |Phila. & Reading terminal g. 5s. . . . . . . . . . Q F My 1941 8,500,000.1064 Ja 100 *Philadelphia Warehousing Co. stock.8100 My & N2+ 4 AV 1895. 1,000,000 80 Je 80 Je Pleasant valley Coal is g. 6s. .......My & N My 1920 555,000.1064 O 101* Je . . . . . . . . . . . . . . . . |Postal Telegraph-Cable stock. . . . . . . . $100 | ". 15,000,000. 82 N 69 Ap 84 Ja 84 Jal 84 Ja 2996 Procter & Gamble com. stock. . . . . . . . . $100F & Ag|6% / 1596 || 1,250,0001604 Ja 1604 Ja . . . . . . . . . . . . - - - 12% '92-’95, 6% '96. do. pfd, 8% stock cum. . . . . . . . $100 Q Ja 24 Ja 1896 2,250,000143 Ja 143 Ja do. 1st mtg. g. 6s subject to call at - 110 after July, 1900. . . . . . Ja & J1 J1 1940 2,000,000 . . . . . . . . . . . . . . . . . . . . . . . - - - - III ré24 Pullman Palace Car 84 stock......... $100 Q F 12% P 15 06 36,000,0001784 Je 146 D. 156 Ja 148 Ja154 Ja 319ſ, uicksilver Min. Co. stock. . . . . . $100 --- 5,708,700. 44 My 2 Ja 2 Ja 2 Jal 2 Ja 6.96 - do. 7% pfd n. cum. . . . . . . . $100 14% /e 1891, 4,291,300 20 Ap 124 Ja . . . . . . . . . . . . --- º an Diego Ld. Co.deb.7s.cu.red.at 102}F & Ag F 1900 500,000, 85 F. 85 F II 1250 S. outh Yuba Water con. mtg. g. 6s... Ja & Jil J1 1923 ſº ſo; b. 101 Ag 100, Ja 100 jaiºi Jagiº For abbreviations, see page 26, - - - - ºf Illinois Steel Co.—Stock paid in scrip. Bonds convertible into stock at par. J. Laclède Gaº Light.-14 on account ºf accumulated ºxidºl. ºf New England Teleph. & Tel-s30,000 red. annually at 102 on proposals by holders, 3d, 4th and 5th issue 6s, subject to call after April 1, 1901, 1902 and 1903 respectively, at 102. ºf Phila. & Gray's Ferry.-After 1896, dividends to be 8 per annum. 62 The Bond Record. [Vol. IV - SALES. Index. Title on Boxin or Stock. º º Last Sale. 1895. 1896. voi. pg. - High Date Low Date Hh Date Lw Date - Spring Valley Waterworks 1st 6s. . . . . . . . . . Mr & S S 1906 4,975,000 . . . . . . . . - - - - - - - - Standard Qil Stock... . . . . . . . . . . . . . . $100 Q Mr 8% / 1895, 97,250,0001924 Je 1554 Ja . . . . . . . . . . . . - - - - Street Ry, & Illum. Property stock...S100 - - 4,500,000 34 S 213 F | 29 Ja 27 Ja 29 Ja 3096 *do. pfd.6% cum, red, at 110& int. §100 F & Agº º Aº 1896 2,915,600110 Ag 109 My 107 Ja 107 Jatoi Ja 16.96 “Susquehanna Coal 1st 6s. . . . . . . . . . . . . . . . . Ja & J1 Ja 1911 2,000,0001184 Ja 118 Ja . . . . . . . . . . . . ---- enn. Coal & Iron Rd. com, stock.8100 -- 19,850,800, 46; S 13+ F 30 Ja 23 Ja 29; Ja 31.96 do. pfd, 8% stock cum. . . . . . $100 Ja & J1 4% // 1893 1,000,0001024 S 74 Ap . . . . . . . . . . . . - - - - do. Birm. Div. con. g. s. f. 6s. . . . Ja & J1 Ja 1917 3,490,000. 99 Je 78 Mr 91 Ja 89 Ja 91 Ja 3096 do. Tenn. Div. g. s. f. 6s. . . . . . . . Ap & O Ja 1917 1,299,000. 964 O 77 Ja 89 Ja 89 Jal 89 Ja 6.96 Terminal Rd. Asso. of St. L. See Rd. tables. Texas Pacific Land Trust stock. . . . . . $100 - - 10,370,000 124 My 7 Mr 6 Ja 5 Ja 6 Ja 3096 - ntd.E.Secur. Co.pfd.7% cum.stk.8100. F & Ag|34% A*1896 1,000,000206 O 2024 S - - - - - - - - - - - - - ---- III r16 U. S. Cordage com. stock. . . . . $100 - - --- 9 O 3 J1 5g Ja 4 Ja 5+ Ja 31.96 - 18,858,500 do, eng. Trust Co's ctfs.. . . . . . . . . . . . - - - - - - - - - - - - - - - - - - - - - ---- III / 521 do. gtd. 6% stock cum. . . . . . . . . $100 126,200 333 O 3# J1 223 Ja 17 Jal 22, Ja 31.96 III / 524 do. pfd, 8% stk. cum. . . . . . . . . . . $100 7,637,480, 17 O 14 J1 114 Ja 9 Ja 104 Ja 28.96 Dl do. 1st mtg. and col. trust g. s. f. 6s $100,000 pd.an.aft. Ja’97(1.c.pd. Ja’95).Ja & J1 O 1924 298,400. 64 Ja 22; D . . . . . . . - - - - ---- do. eng. Man. Trust Co's ctfs. of dep. - - 6,245,100 . . . . . . . . 32 Ja 30 Jal 31 Ja 3096 U. S. Express stock. . . . . . . . . . . . . . . . . $100 My & N2% My 1894 10,000,000 50 S 36 My 424 Ja 38 Ja 384 Ja 2496 III ré0 ||U. S. Leather com. stock. . . . . . . . . . . $100 My & N - - 52,961,500 24; My 7 F 10; Ja 9 Ja 9; Ja 31.96 do. pfd. 8% cum, stock. . . . . . . . . $100 My & N 2 % N 1895 52,361,500. 974. My 58 F 64; Ja 564 Jal 634 Ja 31.96 do. deb. g. s. f. 6s 4% sub. to call at 110 My & N My 1913 6,000,000115 Ap 110 Ja 1114 Ja 1094 Ja111 Ja 2996 III rº" U. S. Rubber com. stock. . . . . . . . . . . . . $100 Mr & S.24% Aſr 1895 20,166,600 48 Je 21 D 29 Ja 24 Ja 27 Ja 31.96 do. pfd, 8% stock n, cum. . . . . . . $100 Ja & J14% /a 15 96 19,400,500. 984 Je 75 D | 89 Ja 83 Jal 85, Ja 31.96 YY}} D. C. Gas Light stock.820 Q F 24% A* 1896 - 2,000,000, 53 Je 51 J1 - - - - - - - - - - - - - - - - - 4. elsbach Light stock. . . . . . . . . . $5 Q Mr 20% / 1895 500,000. 98 O 86 Mr. 574 Ja 46 Ja 57 Ja 31.96 II 116 Wells, Fargo Express stock. . . . . . . . . . $100 Ja & J1% /a 1596 6,250,000115 Ag 90 N 100 Ja 97 Ja 97 Ja 23.96 III ré25Western Union Telegraph stock. . . . . . $100 Q Ja 14% ſa 15 96 95,370,000, 958 S 82 D 853 Ja 813 Jal 84+ Ja 31.96 5% '93, '94, '95. II /163 +do. col. trust bonds 5s. . . . . . . . . . . . . . Ja & J1 Ja 1938 8,399,000 . . . . . . . . 1064 Ja 1054 Ja1064 Ja 2996 Westinghouse Elect. & Mfg. assg.stk. . $50 Q Ja - - 5,333,940. 55; O 48# Ja . . . . . . . . . . . . - - - - do. 1st pfd, 7% cum, stock. . . . . . $50 Q Ja 1% /a 1896 3,996,100. 994 Ja 994 Ja . . . . . . . . . . . . - - - - *Westmoreland Coal stock. . . . . . . . . . . . $50 Ap & o 3% O 1895 2,401,850, 54 Ag 49 Ap 52 Ja 50% Ja 52 Ja 2996 PRELIMINARY REPORTS. Central Vermont. Colorado Midland. Year ending June 30, 1893. 1894. 1895. Year ending June 30, 1893. 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . sº,574,398 sº,245,058 $5,108,979 Gross earnings… . . . . . . . . . . $3,140,000 $1,463,356 $1, $24. Operating expenses............ 3,985,607 3,658,994 3,561,919 Operating expenses. . . . . . . . . . . . 1,798,377 1,341,588 1,329,260 Net earnings. . . . . . . . . . . . . . . . . . 1,588,791 sl,586,059 $1,547,060 Net earnings. . . . . . . . . . . . . . . . . $341,629 $121,668 $263,197. Fixed §. ------- - - - - - - - - - º º º Interest, rent and taxes. . . . . . . . 235,972 290,930 67,718 Surplus for year. . . . . . . . . . . . . . . $16,262 $5,514 $18,880 *Surplus - - - - ------------------- $105,657 Ayr.S169,262 $195,479 *Includes no interest on bonds. Edison Elec. Illum. Co. of N. Y. Col., Hock. Val. & Toledo. Year ending December 31, 1893. 1894. 1895. Year ending December 31, 1893. 1894. 1895. 3. ... neral expense S1,221,561 $1,402,011 $1,563,778 Gross earnings. . . . . . . . . . . . . . . . . $3,270,362 $2,688,700 $2,656,162 perating and general expenses, Operating expenses. . . . . . . . . . . . 1,808,736 1,442,774 1,477,535 including taxes. . . . . . . . . . . . . . . 639,882 674,870 759,473 Net ings. . . . . . . . . . . . . . . . . . 1,461,62 245,92 78,627 Net earnings. . . . . . . . . . . . . . . . $581,679 $727,141 $804,305 * $ " *** *** f.º.º. º. º. º. Rental K. & M. Rv. . . . . . . . . . . . . 10,000 10,000 - - - y $ $ *"" Net income.................... $605,643 $789,467 $915,758 Total income. . . . . . . . . . . . . . . . . . $1,471,626 $1,255,926 $1,188,697 Interest. . . . . . . . . . . . . . . . . 144,821 207,267 268,550 Fixed chº - - - -- . . . . . . . . . 1,108, ,147, - 1xed charges * * * Balance.....…... slooses sºon sºns Balance -- - - - - - - - - - - - - - - - ---- - - - $362,989 $108,572 $56,832 Dividend. - - - - - - - - - - - - - - - - - - ...5% 451,175 6% 476,196 6% 476,280 Dividend on preferred. . . . . . . . . . 100,000 100,000 p - """ surplus........................ sºft slogoo, stºogºs Surplus. . . . . . . . . * $8,578 Dr.sº, 168 N. Y., chic. & St. Louis. Year ending December 31, 1893. 1894. 1895. - - Gross earnings. . . . . . . . . . . . . . . . $6,794,068 $5,636,229 $6,326,534 Cin., Hamilton & Dayton. Operating expenses and taxes. , 5,571,466 4,763,903 5,185,226 Year ending June 30, 1893. 1894. 1895. - Gross earnings---------------- $5,412,912 $5,094,812 $5,039,136 Net earnings. . . . . . . . . . . . . . . . . . $1,222,602 S872,326 $1,141,308 Operating expenses. . . . . . . . . . . . 3,588,632 3,370,408 3,411,150 Fixed charges. . . . . . . . . . . . . . . . . . 68,460 863,000 860,000 Net earnings. . . . . . . . . . . . . . . . . . $1,844,280 $1,724,404 $1,627,986 Surplus. . . . . . . . . . . . . . . . . . . . . . . $254,142 $9,326 $281,308 Fixed charges. . . . . . . . . --------- 1,245,805 1,294,776 1,297,100 Dividend. . . . . . . . . . . . . . . . . . . . (4%) 200,000 ... (5%).250,000 Surplus. . . . . . . . . . . ... $598,475 §429,628 $330,886 surplus....... - $54,142 $9,326 $31,308 s February, 1896.] Earnings. º Philadelphia, Wilmington & Balto. Year ending October 31, 1893. 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . $9,868,000 $8,695,959 $9,142,532 Operating expenses and taxes .. 7,273,482 6,408,771 6,647,407 Net earnings. . . . . . . . . . . . . . . . . . $2,594,518 $2,287,188 $2,495,125 Add- Profit from lease of Del. R. R... . $156,397 $73,705 S107,065 Rents from branch roads . . . . . . . 831 1,077 -- Interest and sundry accounts.... 145,726 232,548 292,937 Interest for use of equipment.... 103,039 113,607 109,173 Total additional income. . . . . . . . $405,993 $420,937 $509,169 Total income . . . . . . . . . . . . . . . . . $3,000,511 $2,708,125 $3,004,294 Deduct— Interest. . . . . . . . . . . . . . . . . ... . . . . $351,641 $345,173 $324,029 Rentals. . . . . . . . . . . . . . . . . . . . . . . . 1,179,712 1,157,162 1,330,060 Sinking fund appropriations. . . . . 36,000 36,000 36,007 Advanced to Del. & Ches. Ry. . . 16,300 16,080 15,960 Extraordinary expenses. . . . . . . . . 86,219 36,102 29,854 Total exp, other than operating. $1,669,872 $1,590,397. $1,735,530 Balance . . . . . . . . . . . . . . . . . . . . . . . $1,330,639 $1,117,728 S1,268,764 Dividends . . . . . . . . . . . . . . . . . . . . 74%. 886,451.64% 768,257 7. 827,354 Balance after paying dividends. . $444,188 $349,471 $441,410 Surplus previous year. . . . . . . . . . 1,511,489 1,762,668 2,112,218 Surplus balance. . . . . . . . . . . . . . . . $1,955,677 $2,112,139 $2,553,628 Account of profit and loss. . . . . Dr. 193,000 Cº. 79 Dr. 167,711 Surplus as per balance sheet. . . . $1,762,668 $2,112,218 $2,385,917 Percentage of operating expenses and taxes to gross earnings... Miles operated. . . . . . . . . . . . . . . . 70.20 79,07 79.84 - 655.00 --- 655.00 655.00 EARNINGS. Alabama Gt. So. --Month Dec.— …-July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . $172,360 $176,551 $841,455 §931,830 Exp. and taxes. . . . 88,003 98,886 505,810 556,811 Net earnings. . . . . . $84,357 $77,665 §335,645 §375,019 Allegheny Valley. —Month Dec.— —Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $186,133 $213,445 §2,176,707 $2,569,082 Operating expenses 124,856 164,551 1,317,408 1,569,655 Net earnings... . . . . $61,277 $48,894 $859,299 $999,427 Atchison System. –Month Nov.-- ~July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $3,860,158 $3,709,630 $16,743,745 §17,048,020 Operating expenses 2,496,933 2,585,525 11,918,405 12,900,202 Net earnings... . . . . $1,363,225 $1,124,105 §4,825,340 $4,147,818 Balto. & Ohio. –Month Dec.— —July 1 to Dec. 31.- All lines E. of O. Riv. *1894. +1895. * 1894. +1895. Gross earnings. . . . . $1,440,596 $1,527,713 $9,408,061 $9,601,307 Operating expenses. 938,398 1,011,669 5,930,995 6,304,478 Net earnings.... . . . $502,198 $516,044 $3,477,066 $3,296,829 All lines west of the Ohio River. Gross earnings... . . $434,280 $509,543 $2,671,635 §3,107,926 Operating expenses 364,654 396,759 2,122,768 2,288,535 Net earnings... . . . . $69,626 $112,784 $548,867 $819,391 Summary of entire System east and west of the Ohio River. Gross earnings... . . $1,874,876 $2,037,256 $12,079,696 $12,709,233 Operating expenses 1,303,052 1,408,428 8,053,763 8,593,013 $571,824 $628,828 $4,025,933 $4,116,220 Net earnings... . . . . * Audited. + Approximated. Bºklyn Elev. –Month Dec.— —Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . $145,435 §168,300 $1,730,848 $2,082,684 Operating expenses 87,807 99,519 1,055,462 1,170,949 Net earnings. . . . . . $57,628 $68,781 $675,386 $911,735 Buf., Roch & Pitts —Month Dec.— —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.... $253,511 $264,600 $1,650,324 $1,638,025 Operating expenses 170,726 274,072 1,088,016 1,139,092 Net earnings. . . . . . sºns; spoºs sºos sigsº - Pºol. Z//, /, 193. Buffalo & Susq. -ºº: Je. 30.--6 m. endg. Dec. 31.- 894. 1895. 1894. 1895. Gross earnings. . . . . $78,411 $130,594 $179,854 $257,338 Operating expenses 48, 67,913 104,665 130,555 Net earnings. . . . . . $30,067 $62,681 $75,189 $126,783 Deduct- Sinking fund. . . . . . $14,255 $19,580 $28,500 $38,936 Interest on bonds. . 12,157 14,425 24,316 30,040 Total charges. . . . . . $26,412 $34,005 $52,825 $68,976 Balance over op. ex. and fixed ch'ges. . $3,655 §28,676 $22,364 $57,807 Canadian Pacific. —Month Dec.– 2 Jan. 1 to Dec. 31– 1894. 1895. 1894. 1895. Gross earnings. . . . . $1,554,859 $1,924,616 $18,752,173 $18,941,037 Operating expenses 966,416 1,050,151 12,328,864 11,460,086 $588,443 $874,465 §6,423,309 $7,480,951 Net earnings. . . . . . . C., C., C. & St. L. --Month Dec.— . July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $1,194,574 $1,159,424 $7,030,819 $7,382,495 Operating expenses 865,549 860,024 5,254,194 5,425,188 Net earnings... . . . . $329,025 $299,400 $1,776,625 $1,957,312 Fixed charges... . . . 243,578 242,475 1,422,191 1,424,149 Surplus . . . . . . . . . . . $85,447 $56,925 $354,434 $533,163 Central Pacific. —Month Nov.– 2 Jan. 1 to Nov. 30– 1894, 1895. 1894. 1895. Gross earnings. . . . $1,149,337 $1,133,789 $12,106,051812,025,246 Operating expenses 687,670 681,259 7,509,208 7,574,593 $461,667 $452,530 $4,596,843 $4,450,653 Net earnings. . . . . . Ches. & Ohio. --Month Dec.- 2 July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings... . . $800,246 $929,617 $5,002,173 $5,204,467 Oper. exp. and taxes 547,569 624,938 3,301,200 3,478,447 Net earnings. . . . . . . $252,677 $304,679 $1,700,973 ºil,726,020 Ches. & Ohio —Month Nov.– –July 1 to Nov. 30.- Southwestern. 1894. 1895. 1894. 1895. Gross earnings.. . . . $219,432 $234,697 $1,017,961 $1,112,178 - Operating expenses 138,696 145,777 552,933 646,503 Net earnings. . . . . . . $80,736 $88,920 $465,028 $465.675 64 - The Bond Record. [Vol. IV. Chi., Bur & Q. –Month Dec.— —Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.... $2,460,356 $2,724,718 $31,514,878 $31,652,363 Operating expenses 1,391,414 1,533,802 19,114,306 19,528,024 Net earnings. . . . . . $1,068,942 $1,190,916 $12,400,572 $12,124,339 Fixed charges..... 797,248 815,000 9,566,972 9,780,000 $271,694 $375,916 $2,833,600 $2,344,339 Surplus. . . . . . . . . . . Chic. & Wn, Mich. 2–Month Nov.– 2 Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings... . . $136,171 $139,047 $1,475,874 $1,597,820 Operating expenses. 103,166 113,295 1,178,774 1,302,238 Net earnings. . . . . . . $33,005 $25,752 $297,100 $295,582 Cin., Jackson & Mac. --Month Dec.-- ~Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . . . $56,259 $60,985 $637,007 $637,391 Operating expenses.. 47,169 49,686 524,798 547,291 Net earnings. . . . . ... $9,090 $11,299 $112,209 $90,100 CI., Can, & So. –Month Dec.—— —July 1 to Dec. 31.- 1 1894. 1895. 894. 1895. Gross earnings. . . . . $47,683 $54,898 $375,960 $379,384 Operating expenses 55,961 43,056 307,673 285,771 Net earnings... . . . . //r. S8,278 $11,842 $68,287 $93,613 Coney Island & Brooklyn. —Quar, end. Dec. 31.- 1894. 1895. Gross earnings. . . . . . . . - - - - - - - - - - - - - - - $61,768 $70,544 Operating expenses. . . . . . . . . . . . . . . . . . . . . . 44,948 54,118 Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . $16,820 $16,426 Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 615 1,018 Total income. . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,435 $17,444 Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,308 13,913 Surplus. . . . . . . . . . . . . . . . . . $5,127 $3,531 C., M. & St. Paul. ~-Month Dec.— . July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $2,203,523 $2,764,652 $14,795,090 $18,067,721 Operating expenses 1,302,275 1,527,793 9,461,027 10,165,127 $901,248 $1,236,859 $5,334,063 $7,902,594 Net earnings... . . . Den. & Rio Grande. --Month Nov.-- -Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $652,113 $706,653 $3,115,579 $3,459,565 Operating expenses 367,039 382,774 1,759,685 1,903,894 Net earnings... . . . . $285,074 $323,879 $1,355,894 $1,555,671 Fixed charges, etc., 201,140 198,874 1,012,341 984,242 Surplus . . . . . . . . $88,934 $125,005 §343,553 $571,429 Det. & Mackinac. --Month Nov.--> -July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $14,310 $26,469 $86,632 S149,294 Oper, exp. and taxes 9,584 18,794 55,811 109,023 Net earnings... . . . . $4,776 $7,675 $30,821 $40,271 Detroit, Lans. & No. --Month Nov.-- -Jan. 1 to Nov. 30.- - 1894. 1895. 1894. 1895. Gross earnings. . . . . $97,299 $89,403 $1,007,403 $1,058,964 Operating expenses. 71,906 70,035 818,904 824,871 Net earnings. . . . . . . 25,898 S19,368 $188,499 $234,093 - Dry Dock, E. B'way & Battery. Gross earnings... . . . . . . . . . . . . . . . . . Operating expenses. . . . . . . . . . . . . . . . . . . . . Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . Other income... . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Edison Elec. III'm. Brooklyn. Gross earnings. . . . . . . . . . . . . . . . . . . . Oper. exp. and taxes. . . . . . . . . . . . . . . Net earnings. . . . . . .. . . . . . . . . . . . . . . Edison Elec. I11’m. New York. Gross earnings. . . . . . . . . Oper. exp. and taxes. . . . . . . . . . . . . . . Net earnings. . . . . . . . . . . . . . . . . . . . . . Elmira, Cortland & Northern. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . Operating expenses. . . . . . . . . . . . . . . Net earnings. . . . . . Other income. . . . . . . . . . . . . . . . . . . . Total income. . . . . . . . . . . . . . . . . . . . . Fixed charges.... . . . . . . . . . . . . . . . . . . . . . . . Surplus. . . . . . . . . . . Evansville & Terre Haute. Gross earnings. Evansville & Terre Haute. . . . . . . . . . . Evansville & Indianapolis. . . . . . . . . * Estimated. Fall Brook. Gross earnings. . . . . . . . . . . . . . . . . . . . Operating expenses. . . . . . . . . . . . . . . . Net earnings. . . . . . . . . . . . . . . . . . . . . . Income from other sources. . . . . . . . Gross income. . . . . . . . . . . . . . . . . . . . . . Interest. . . . . . . . . . . . . . . . . . . . . . . . . Net income. . . . . . . . . . . . . . . . . . . . . . . Fall Bºk, lessee Syr., Gen. & Cor. Gross earnings. . . . . . . . . . . . . . . . . . . . Operating expenses. . . . . . . . . . . . . . . Net earnings. . . . . . . . . . . . . . . . . . . . . . Interest. . . . . . . . . . . . . . . . . . . . . . . . . . Rentals. . . . . . . . . . . . . . . . . . . . . . . . . . Total charges. . . . . . . . . . . . . . . . . . . . . Net income. . . . . . . . . . . . . . . . . . . . . . . - - - - - - -- - - - - ------ ------ ------ -Quar. end. Dec. 31.- 1894. 1895. $182,528 $186,914 135,948 137,718 $46,580 $49,196 3,538 1,832 $50,118 $51,028 32,846 34,432 $17,272 $16,596 2–Month Dec.— 1894. 1895. $50,260 $80,637 27,258 42,215 $23,002 $38,422 --Month Dec.— 1894. 1895. $165,994 $168,447 84,636 75,708 $81,358 $92,739 —Quar. end. Dec. 31.- 1894. 1895. $112,041 $109,708 70,876 68,246 $41,165 $41,462 127 270 $41,292 $41,732 36,173 36,794 $5,119 $4,938 —July 1 to Jan. 21- 1895. *1896. $608,745.46 $653,632.92 171,174.79 181,236.60 779,920.25 $834,869.52 -Qr. endg. Dec. 31.- 1894. 1895. $185,433 $211,008 83,555 81,434 $101,878 $129,574 84,496 93,958 $186,374 $223,532 15,053 11,522 $171,321 $212,010 —Qr, endg. Dec. 31- 1894. 1895. $207,075 §218,667 127,640 123,585 $79,435 $95,082 $5,902 $6,864 69,025 72,889 $74,927 $79,753 $4,508 $15,329 * - º º - February, 1896.] 65 Earnings. - Fitchburg Railroad. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . Operating expenses. . . . . . . . . . . . . . . . . . . . . Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -Quar, end. Dec. 31.- 1894. 1895. $1,895,312 $2,074,268 1,287,875 1,443,933 $607,437 $630,335 386,742 379,747 $220,695 $250,588 Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Flint & Pere Marq. —Month Nov.– —Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings... . . $192,270 $208,554 $2,201,253 $2,296,513 Operating expenses 143,200 - 153,772 1,599,937 1,704,911 Net earnings. . . . . . $49,070 $49,782 $601,316 $591,602 Georgia Rd. -Month Dec.— —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $134,028 $157,759 $734,384 $784,504 Operating expenses 98,725 105,820 478,750 510,974 Net earnings.... . . . $35,303 $51,939 $255,604 $273,530 Illinois Central. --Month Nov.– ~July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $1,842,031 $2,043,398 Operating expenses 1,231,462 1,256,201 $8,076,520 $9,170,058 5,845,505 5,961,052 $610,569 $787,197. Net earnings... . . . . Iowa Central. -—Month Dec.— $2,231,015 $3,209,006 —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings..... $139,607 $160,260 $851,405 §947,202 Operating expenses 87,740 97,883 554,285 575,365 Net earnings.. . . . . . $51,867 $62,377 $297,120 $371,837 Ia., Decatur & Wn. —Month Nov.– -July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $46,448 $47,878 $216,266 $215,985 Operating expenses 26,925 33,991 137,393 145,124 Net earnings... . . . . $19,523 $13,887 $78,873 $70,861 K. C. Mem. & Birm. –Month Nov.– ~!". to Nov. 30.- 1894. 1895. 94. 1895. Gross earnings. . . . . $109,258 $136,270 $442,477 $518,443 Operating expenses. 73,437 90,149 365,719 418,271 Net earnings. ...... $35,821 $46,121 $76,758 $100,172 K.C., F.Scott & M. –Month Nov.– 2–July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $426,309 $395,793 $2,014,164 $2,019,606 Operating expenses. 287,054 273,330 1,375,722 1,377,394 Net earnings....... $139,255 §122,463 $638,442 $642,212 L. Erie & Western. --Month Nov.– -Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $292,610 $307,156 $3,039,213 $3,208,383 Operating expenses 147,998 164,316 1,710,883 1,754,778 Net earnings.... . . . $144,612 $142,840 $1,328,330 $1,453,605 Fixed charges... . . . 58,477 60,637 623,891 642,284 Surplus . . . . . . . . . . . $86,135 $82,203 $704,439 $811,321 Louis., Evans. &S.L.--Month Nov.– 2–Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $111,629 $135,772 $1,292,894 $1,375,693 Operating expenses 94,477 96,008 1,024,578 1,032,272 Net earnings.... . . . $17,152 $39,764 $268,316 $343,421 Louisville & Nash. — Month Dec.— —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $1,716,404 $1,757,856 $10,186,879 $10,720,081 Operating expenses 986,016 1,095,217 6,109,095 6,835,640 $730,388 $662,639 $4,077,784 $3,884,441 Net earnings.... . . . Louis. N. Alb. & C. —Month Nov.– ~July 1 to Nov.30,- 1894. 1895. 1894. 1895. Gross earnings..... $259,737 $273,574 $1,350,886 $1,499,366 Oper. exp. and taxes 181,650 192,229 865,359 918,078 Net earnings.... . . . $78,087 $81,345 §485,527 $581,288 Fixed charges... . . . 82,350 82,520 415,682 421,122 Surplus . . . . . . . . . . . Dr. 4,263 Dr. 1,175 69,845 160,166 Mem. & Charleston.-Month Nov.--, -July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $140,501 $150,068 $553,064 $604,052 Operating expenses 90,041 98,526 423,741 445,469 Net earnings.... . . . $50,460 $51,542 $129,323 $158,583 - Mexican Central. --Month Nov.– ~Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $682,950 $806,640 $7,669,578 $8,594,271 Operating expenses 385,389 516,396 5,020,068 5,109,592 Net earnings . . . . . . $297,561 $290,244 $2,649,510 $3,484,679 Mexican Interna'ſ 2–Month Nov.– 2 Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $187,426 $231,610 $1,959,839 $2,378,699 Operating expenses 109,213 145,722 1,170,632 1,453,927 Net earnings... . . . . $78,213 $85,888 $789,207 $924,772 --Month Nov.– Mexican National. -Jan. 1 to Nov. 30.- (*Mex, currency.) 1894. 1895. 1894. 1895. Gross earnings.. . . . $371,669 $392,432 $3,900,855 §4,067,773 Operating expenses 197,779 206,496 2,238,341 2,208,064 Net earnings.... . . . $173,890 $185,936 $1,662,514 $1,859,709 Other expenditures. $8,398 $18,777 $85,380 $101,464 Int., disc, and exch. 79,299 66,106 736,106 778,495 Total deductions. . . $87,697 $84,883 $821,486 $879,959 Net earnings.... . . . $86,193 $101,053 $841,028 $979,750 Add earn. Fed. Gov. collected. . . . . . . . 123,887 Netap. to int. on bas $86,193 $101,053 $964,915 $979,750 * The Mexican dollars in this return are equivalent to 80 cents in U. S. dollars (that being adopted as an arbitrary rate of ex- change for bookkeeping purposes) and all depreciation beyond 20 per cent, is charged under the head of “Interest, Discount and Exchange.” Mexican Northern. --Month Nov.– 2–Jan. 1 to Nov. 30.-, 1894. 1895. 1894. 1895. Gross earnings.. . . . $51,874 $54,103 $574,403 $624,829 Operating expenses 22,034 24,595 262,207 291,125 Net earnings... . . . . $29,840 $29,508 $312,100 $333,704 Minn. & St. Louis. --Month Dec.— —July 1 to Dec. 31.- 1 - - 1895. 1894. 1895. Gross earnings. . . . . $135,465 §149,449 $994,048 $1,131,022 Operating expenses 78,700 85,694 534,656 615,986 Net earnings. . . . . . . $56,765 $63,755 §459,392 SB15,036 66 The Bond Record. |Vol. IV. Mobile & Ohio. . . . . . Month Dec.— —July 1 to Dec. 31.- Pacific Mail S.S. –Month Dec.— —May 1 to Dec. 31.- 1894. 1895. 1894. 1895. 1894. 1895. 1894. 1895. Gross earnings... . . $330,883 $371,858 $1,671,501 $1,893,838 Gross earnings..... $325,269 $378,651 $2,630,999 $2,893,129 Operating expenses 173,251 197,497 1,008,195 1,101,399 Operating expenses 293,951 296,796 2,123,258 2,300,709 Net earnings.... . . . $157,632 $174,361 $663,306 $792,439 Net earnings....... $31,318 $81,855 §507,741 $592,420 Norfolk & Western –Month Nov.– ~Jan. 1 to Nov. 30.- Inc. Leased Lines. 1894. 1895. 1894. 1895. Gross earnings.. . . . $916,270 $953,100 $9,468,780 $8,781,833 Oper. exp. and taxes 677,486 726,685 7,013,287 6,847,370 $238,784 $226,415 $2,455,493 $1,934,463 Net earnings... . . . Nor. Central —Month Dec.— —Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. $517,783 $559,184 $6,031,260 $6,506,027 405,895 408,398 4,234,116 4,593,165 $111,888 $150,786 $1,797,144 $1,912,862 Gross earnings.. . . . Operating expenses Net earnings. . . . . . Northern Pacific. —Month Dec.— July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $1,315,780 $1,496,399$10,335,616 $11,989,282 Oper. exp. and taxes 945,574 919,654 6,152,923 6,136,090 $370,206 $576,745 §4,182,693 $5,853,192 Net earnings.... . . . N. Y. Cent. & H. R. -Quar. end. Dec. 31.--July 1 to Dec. 31.- and Leased Lines. 1894. 1895. 1894. 1895. Gross earnings....#11,318,228$12,407,896 $22,159,050 $24,008,401 Operat’g expenses 7,378,958 8,443,635 14,493,716 16,189,159 Net earnings. . . . . $3,939,270 $3,964,261 $7,665,334 $7,819,242 First charges. . . . . 2,627,462 2,647,952 5,257,615 5,278,502 - Profit. . . . . . . . . . . . $1,311,808 $1,316,309 $2,407,719 $2,540,740 Dividend. . . . . ... 14% 1,192,854.1%1,000,000 24%2,385,7082%2,000,000 Surplus. . . . . . . . . . $22,011 $540,740 $118,954 $316,309 N., Chat. & St. L. --Month Dec.— …-Jan. 1 to Dec. 31.- 894. 1895. 1894. 1895. Gross earnings.. . . . $415,915 $458,290 $2,372,369 $2,635,730 Operating expenses 245,849 281,139 1,373,347 1,551,862 Net earnings.... . . . $170,066 $177,151 $999,022 $1,083,868 Deduct— Interest.......... . . $79,285 $80,985 $470,710 $480,705 Taxes . . . . . . . . . . . . 10,210 10,280 60,960 61,683 Rental W. & Atlan. 35,001 35,001 210,006 210,006 Improvements... . . . 743 - - 21,653 -- Total deductions... $125,239 $126,266 $763,329 $752,394 Surplus . . . . . . . . . . . $44,827 $50,885 §235,693 $331,474 N.Y., Ontario & W. --Month Dec.— —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.... $262,838 $298,211 $1,990,157 $2,047,227 Exp. and taxes. ... 203,998 223,637 1,369,869 1,390,182 Net earnings. . . . . . $58,845 $74,574 $620,288 $657,045 N.Y. Sus. & West. —Month Dec.— —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings... . . $198,574 $192,500 $1,073,265 §1,185,229 Operating expenses 118,758 105,258 714,567 675,295 Net earnings... . . . $74,816 $87,242 $358,698 $509,934 Oregon Imp. Co. —Month Nov.– 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . $315,289 $271,979 Operating expenses. . . . . . . . 208,280 233,692 Net earnings.. . . . . . . . . . . . . . . . . . . . . . . . . . . $107,059 $38,287 Ohio River. —Month Nov.- …-Jan. 1 to Nov. 30.-- 1894. 1895. 1894. 1895. Gross earnings... . . $61,124 $91,397 $657,084 $806,567 Operating expenses 39,805 63,360 400,478 519,504 Net earnings....... $21,319 $28,037 $256,606 $287,063 Pennsylvania R.R. 2–Month Dec.— . Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings... . . $5,153,789 $5,639,604 $58,704,284 $64,627,178 Operating expenses 3,604,871 3,939,906 40,363,744 44,944,309 Net earnings.... . . . $1,548,918 $1,699,698 $18,340,540 $19,682,869 Peo., Dec. & Ev. --Month Nov.– ~Jan. 1 to Nov. 30.— 1894. 1895. 1894. 1895. Gross earnings. . . . . $74,472 $75,499 $780,687 $833,978 Operating expenses 65,005 52,957 581,441 563,732 Net earnings... . . . . $9,467 $22,542 $199,246 $270,246 Peoria & Eastern. —Month Nov.– ~July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $141,495 §168,971 $732,129 $881,100 Operating expenses. 104,202 131,384 547,836 659,470 Net earnings. . . . . . . $37,293 $37,587 $184,293 $221,630 Phila. & Erie. —Month Nov.– ~Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings... . . $383,642 $450,972 - - -- Operating expenses 272,416 299,235 Net earnings. ... . . . $111,226 $151,737 $990,682 $1,177,098 Phila. & Reading. -—Month Dec.— 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . $1,551,928 $1,833,256 Operating expenses. . . . . . . . . . . . . . . . . . . . . . 947,066 1,017,518 Net earnings. . . . . ----------------------- $604,862 $815,738 Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,942 75,339 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $677,804 $891,077 Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 866,387 853,167 Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Z».S188,583 $37,910 Phila. & Reading Coal & Iron Co. -—Month Dec.— 1894. 1895. Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . $1,588,255 $2,216,357 Operating expenses. . . . . . . . . . . . . . . . . ... ... 1,775,683 2,298,777 Deficit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $187,428 $82,420 Charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106,000 95,000 Deficit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $293,428 $177,420 Pitts., Y’t’n & Ash. --Month Dec.— a Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $99,899 $92,189 $1,224,126 $1,727,992 Operating expenses 79,247 89,067 736,885 1,046,031 Net earnings.... . . . $20,652 $3,122 $487,241 $681,961 P., C., C. & St. L. --Month Dec.— —Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $1,243,191 $1,378,198 $14,263,878 $15,482,286 Operating expenses 969,633 1,030,056 10,765,520 11,256,110 Net earnings... . . . . $273,558 $348,142 $3,498,858 $4,226,176 Fixed charges...... 272,534 346,821 2,862,867 3,199,864 Surplus . . . . . . . . . . . $1,024 $1,321 $635,491 $1,026,312 Pitts. & Western. --Month Nov.– 2 July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings..... $244,634 $241,776 $1,269,020 $1,424,114 Operating expenses 170,545 163,756 824,810 961,184 Net earnings... . . . . $74,089 $78,020 $444,210 $462,930 February, 1896, Earnings. 67 - Rio Grande Wn. —Month Dec.— —July 1 to Dec. 31.- Third A N. Y. City). endº. Dec. 31. :1 1894. 1895. 1894. 1895. ird Avenue ( ity) -ººººº- Gross earnings. . . . $159,683 $184,936 $1,145,290 $1,349,022 Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . $596,752 $616,429 Operating expenses 109,700 113,383 749,860 774,418 operating expenses...................... 351,439 367,284 Net earnings. . . . . . $49,983 $71,553 $395,430 $574,609 Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . $245,313 $249,145 Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,524 8,912 San A. & Aransas --Month Deº . Jº, 1 to Deºl. Total income............................ $250,837 $258,057 Pass. . ºn sº, sº ...as s, lºss fixed ºn rºs........................... 85,502 84,198 Gross earnings..... $250,630 $177,759 $1,996,905 §1,971,828 - - Operating expenses 132,120 115,011 1374,518 1411,548 surplus................................. $165,335 stºº,859 ings . . . . . . 51 62,148 622,387 560,280 Net earnings $118,510 $ $ $ Ulster & Delaware. -Quar, end. Dec. 31.- San F. & N. P Month D Jan. 1 to Dec. 31 º 1895. an F". ... rac. -Ivion eº- ~Jºº, to Deºl-- Gross earnings ......................... 91,881 $97,397 - 1894. 1895. 1894. 1895. Operating expenses. . . . . . . . . . . . . . . . . . . . . 75,015 79,597 Gross earnings.. . . . $49,119 $52,623 $462,745 §448,752 - Operating expenses 41,572 46,920 270,369 288,574 Net earnings........................... $16,366 $17,800 Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . 218 8,350 Net earnings.... . . . $7,547 $5,703 $192,376 $160,178 - So. Pacific System. Entire System: 2-Month Nov.– ~Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.....S5,062,033 $4,924,466 $46,368,507 $47,884,501 Operating expenses 2,979,821 2,979,383 30,449,428 31,961,426 Net earnings.......S2,082,212 $1,945,083 $15,919,079 $15,923,075 -Month Nov.– 2–Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . .32,787,926 $2,916,000 $28,842,257 $29,898,607 Operating expenses 1,715,214 1,787,000 18,332,890 19,647,003 Pacific System: Net earnings.... . . .31,072,712 $1,129,000 $10,509,367 $10,251,604 Atlantic System. –Month Nov.– ~Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.....S1,491,936 $1,468,791 $11,952,691 $12,653,077 Operating expenses 899,232 871,903 8,462,406 8,740,708 $592,704 $596,888 $3,490,285 1233,9,369 —Month Nov.– ~Jan. 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $782,171 $539,675 §5,573,559 $5,332,817 Operating expenses 365,375 320,480 3,654,132 3,573,715 Net earnings... . . . . $416,796 $219,195 §1,919,427 $1,759,102 - Net earnings... . . . . Affiliated Co.'s Southern Ry. -Month Dec.— …-July 1 to Dec. 31.- 1894. 1895, 1894. 1895. Gross earnings.. . . . $1,677,181 $1,820,871 $9,640,606 $10,325,495 Oper. exp. and taxes 1,086,357 1,187,642 6,428,541 6,820,966 $590,824 $633,229 $3,212,065 §3,504,529 -Month Oct.— …-July 1 to Oct. 31.- Net earnings... . . . . St. L., A. & T. H. 1894. 1895. 1894. 1895. Gross earnings... . . $139,109 $138,596 $487,291 $467,974 Operating expenses 69,024 67,544 246,369 242,708 Net earnings....... $70,085 $71,052 $240,922 $225,266 Tenn. C'l, I’n & R. --Month Dec.— …-Jan. 1 to Dec. 31.- 1894. 1895. 1894. 1895. Net earnings.... . . . $81,000 $96,739 $661,200 $1,008,118 Fixed charges... . . . 59,700 48,735 717,000 595,785 Surplus . . . . . . . . . . . $21,300 $48,004 Dr.S56,200 $412,333 Tol., Pºria & Wºn. —Month Dec.— —July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings. . . . . $74,852 $85,399 $493,230 $531,289 Operating expenses 60,982 65,429 366,479 392,107 Net earnings... . . . . $13,870 $19,970 $126,751 $139,182 Tol. & Ohio Cent. —Month Nov.– 2–July 1 to Nov. 30.- 1894. 1895. 1894. 1895. Gross earnings.. . . . $166,592 $179,303 $1,000,053 $911,491 Operating expenses 110,954 118,172 610,881 603,784 Net earnings....... $55,638 $61,131 $389,172 $307,707 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . stºp sºlo 27,950 27,950 $11,871 $1,800 Union Pac. System. --Month Nov.– ~Jan. 1 to Nov. 30.- Union Pacific: 1894. 1895. 1894. 1895. Gross earnings. . . . . $1,333,110 $1,362,813 $13,707,161 $13,193,859 Exp., exclud'g taxes 974,895 800,596 9,366,867 8,062,647 Surplus . . . . . . . . . . . $358,215 $562,217 $4,340,294 $5,131,212 Average miles oper. 1,822 1,822 1,822 1,822 Oregon Short Line & Utah N. : Gross earnings.. . . . $467,773 $500,749 $4,626,643 $4,923,120 Exp., exclud'g taxes 358,196 235,250 3,322,737 2,740,861 Surplus . . . . . . . . . . . $100,577 sº,499 slºog sº, sº Average miles oper. 1,427 1,427 1,427 1,427 St. Jos. & G. Isl'd: Gross earnings. . . . . $55,852 $55,916 $724,462 $564,925 Exp., exclud'g taxes 42,313 40,724 547,726 459,181 Surplus . . . . . . . . . . . $13,539 $15,192 $176,786 $105,744 Average miles oper. 251 251 251 251 Kan. City & Om.: Gross earnings. . . . . $7,355 $6,985 §104,251 $64,472 Exp., exclud'g taxes 9,288 8,725 129,403 95,103 Deficit............. $1,933 $1,740 $25,152 $30,631 Average miles oper. 193 193 193 198 Cen. Branch U.P.: Gross earnings. . . . . $24,118 $43,913 $354,025 $298,914 Exp., exclud'g taxes 18,955 19,014 232,402 206,958 Surplus . . . . . . . . . . . $5,163 $24,899 $121,623 $91,956 Average miles oper. 100 100 100 100 A "jº. | Leased to Cent. Branch U. Pac. Gross earnings.. . . . $24,554 $27,524 $383,962 $249,000 Exp., exclud'g taxes 27,956 30,411 323,519 299,785 Deficit............. $8,402 s?,887 crºsſo,445 sºons; Average miles oper. 288 288 288 288 Grand total U. P. Sys, incl. Cent. Br. and leased lines: Gross earnings. . . . . $2,049,280 $2,134,204 $21,462,222 $20,477,600 Exp., exclud'g taxes 1,559,057 1,232,413 15,469,127 12,847,247 Surplus ........... $400,223 sºot,791 sº,998.095 sº Average miles oper. 5,291 5,291 5,291 5,291 Wabash. --Month Dec.— July 1 to Dec. 31.- 1894. 1895. 1894. 1895. Gross earnings.... .81,017,680 $1,070,154 $6,286,828 $6,977,892 Operating expenses 769,650 781,072 4,609,373 4,850,327 Net earnings....... $248,030 $289,082 $1,677,456 sºlº West. N.Y. & Pa. --Month Nov.– uly 1 to Nov. 30. - 1894. 1895. ~! º ſº." Gross earnings. . . . . $288,025 $314,053 $1,556,501 $1,578,979 Operating expenses 193,594 219,915 973,282 1,122,978 Net earnings.... . . . $583,219 $456,001 $94,431 $94,138 REORGANIZATION NOTES. An official copy of any current plan of reorganization may be obtained by application to THE Bond Record. Ten cents in Aostage stamps to cover incidental expenses must accompany the request. Vol. Z//, p. 770. FOLLOWING IS A SUMMARY OF THE PRESENT STATUS OF REORGANIZATIONS: Name of Company. Reorganization or Protective Committee. Remarks. Atchison, Topeka & Santa Fe Atlantic & Pacific Brigantine Transit Cape Fear & Yadkin Valley. . . . Carolina, Knoxville & Western . Chattanooga, Rome & Columbus. Chattanooga Southern Chesapeake, Ohio & Southw’n. Chester & Lenoir Chicago & Northern Pacific ----- Chicago, Peoria & St. Louis. . . . Cincinnati, Jackson & Mackinaw. R. Somers Hayes, 32 Nassau street, chair- man general reorganization committee. Edward King, 80 Broadway, chairman jointexecutive reorganization committee. Francis S. Bangs, chairman of reorganiza- tion committee for 1st mtg. 4 p. c. guar- anteed trust bonds (acting in concert with Amsterdam and Frankfort committees). C. V. D. Joline, receiver. W. H. Blackford, chairman of the Balti- more committee of reorganization. C. Adolphe Low, George F. Baker and W. E. Strong, New York committee, repre- senting series A bonds. H. C. Beattie, receiver. . . . . . . . . . . . . . . . . . Simon Borg & Co., 20 Nassau street, acting for bondholders. H. A. V. Post, 71 Broadway, chairman reorganization committee. John Echols and St. John Boyle, receivers, Louisville, Ky. G. W. F. Harper, receiver. . . . . . . . . . . . . . . Louis Fitzgerald, 120 Broadway, chairman of bondholders' committee. | F. P. Olcott, reorganization trustee, 54 Wall street. - - The new company (the Atchison, Topeka & Santa Fe A’ailway Co.) took charge of the property on January 1, 1896, and organized by the election of the officers and directors published in December issue. For plan under which the company was reorganized see page 148, Vol. III, THE Bond REcoRD. In the Kansas Circuit Court an order has been filed giving the costs and allowances of the receivership. The allowances were: Union Trust Co., $50,000; John B. Johnson as master, $15,000; Wheeler H. Peckham, counsel, $55,000; Mercantile Trust Co., $10,000; Alexander & Green, counsel, $10,000; receivers at the rate of $25,000 per annum; Geo. R. Peck, $45,000; Edward Kenna, counsel, $15,000. Judge Collier at Albuquerque, N. M., has appointed Charles W. Smith receiver, to succeed Aldace F. Walker and John J. McCook, resigned, the appoint- ment to take effect February 1. This action has been ratified by the United States Circuit Court at Los Angeles, Cal. No plan of reorganization has been agreed upon. C. V. D. Joline has been appointed receiver of this com- pany, whose line extends about six miles on Brigan- tine Beach, N. J. - Baltimore plan of reorganization, which did not go through, is on page 676, Vol. III, THE Bond Record. New York plan of reorganization given on page 779, Vol. III, THE Bond REcoRD. The New York com- mittee claims to control a majority of the “A” bonds through purchase and deposit under their plan. They have also bought considerable amounts of the “B” and “C” bonds. All parties are now waiting for Judge Simonton to hear arguments on the final decree of sale. For amendments to Baltimore plan, see re- marks following this table. This road is to be sold under foreclosure March 2 at Greenville, S. C. The price has been fixed at $25,000. Bonds may be deposited with the Central Trust Co. upon payment of a penalty of 1 p. c. Modified plan of reorganization on page 677, Vol. III, THE BoxD REcoRD. Plan declared operative. The suit of the Commonwealth of Kentucky against the Louisville & Nashville Railroad Company to pre- vent the purchase of this road will shortly be argued before the Supreme Court of the United States. This road, which runs from Chester, S. C., to Lenoir, N. C., has been placed in the hands of President G. W. F. Harper as receiver for the purpose of reorgani- zation. The road was leased to the Richmond & Danville, but was surrendered to its owners by re- ceivers of that company in 1893. The total stock and bonds are given at $610,500. Reorganization plan not yet completed. Foreclosure proceedings are expected in the near future. Property sold under foreclosure September 21 to bond- holders' committee for $2,100,000 and sale since con- firmed by the court. Modified plan of reorganization on page 487, Vol. III, THE Bond Record. Plan of reorganization on page 779, Vol. III, THE Bond REcoRD. The time for depositing bonds and stock has been extended up to and including Febru- ary 15, 1896. º: February, 1896.] Reorganization Notes. 69 - - NAME of Company. Reorganization or Protective Committee. Remarks. Cleveland, Canton & Southern. . Colorado Midland. . . . . . . . . . . . . . Denver, Texas & Gulf and Den- ver, Texas & Fort Worth. Duluth & Winnipeg... . . . . . . . . . Fort Worth & Denver City. . . . . Galveston, La Porte & Houston. Georgia Midland & Gulf....... Grand Rapids & Indiana....... Green Bay, Winona & St. Paul. Indianapolis, Decatur & Spring- field Austin Corbin, 196 Broadway, chairman 1st mtg. 5 p. c. Clarence H. Wildes, 33 Wall street, chair- man of a new 1st mtg. 5 p. c. bond com- mittee. Morgan Rotch, New Bedford, Mass., chair- man of the equipment trustand improve- ment bondholders' committee. Robert Maclay, New York, chairman of the consolidated bondholders' committee. J. R. Busk, 41 Wall street, chairman of re- organization committee for 1st mtg. 6 p.c. bonds and cons. mtg. 4 p.c. bonds. Henry B. Ely, chairman bondholders' pro- tective committee, 46 Wall street. W. F. Fitch, receiver. G. M. Dodge, 1 Broadway, chairman 1st mortgage bondholders' reorganization committee. T. W. House and H. T. Jones, receivers. R. A. Lancaster, 10 Wall street, W. H. Palmer, Richmond, Va., and G. G. Jor- dan, Columbus, S. C., bondholders' com- mittee. James Brown Potter, 59 Wall street, chair- man of the 5 percent. general mortgage bonds. - C. Ledyard Blair, chairman 1st mtg. bond- holders' committee. John I. Waterbury, president Manhattan Trust Company, chairman stock and in- come bondholders' committee. Henry W. Smith, 67 Wall street, chairman reorganization committee. This company defaulted on the January 1, 1896, cou- pons of the Cleveland & Canton 1st mtg. bonds, mak- ing two defaults, as the July, 1895, coupon was not paid. The Corbin Committee claims to have on de- posit more bonds than necessary to take the prelimi- nary steps for foreclosure. The Wildes Committee states that its agreement has been signed by repre- sentatives of over $240,000 bonds, with additional amounts within reach. Holders of $400,000, or 20 per cent. of the entire issue can require the trustee to foreclose. The International Trust Company of Boston has begun foreclosure proceedings, and the suit will be filed at the expiration of the usual thirty days' notice. Some of the preferred stockholders of the Cleveland, Canton & Southern have raised a question as to the validity of the junior mortgage bonds, and have retained counsel to press suit. No plan of reorganization yet perfected. A bondholders' protective committee, consisting of Henry B. Ely, R. H. Thomas, W. B. Dickerman and M. L. Scudder has been chosen by holders of a large amount of the bonds of both companies. Bondholders' agreements have been prepared and bonds may be deposited with the New York Security & Trust Com- pany. Carter & Ledyard, 54 Wall street, are counsel to the committee. Judge Nelson, of St. Paul, has made the final decree for the sale of this road. For plan of rehabilitation without foreclosure see page 780, Vol. III, THE Bond Record. The committee announces that nine-tenths of the outstanding bonds have been deposited with the Mercantile Trust Com- pany. The time for depositing bonds has been extended to February 10, after which date an addi- tional charge of $10 per bond will be assessed ; also that under a clause of the mortgage, all bonds not deposited cannot collect any interest for five years, and will also be deprived of the bonus paid on each bond of $275 in preferential dividend stock. T. W. House and H. T. Jones were appointed receivers of this property January 8. The receivership is said to be a friendly proceeding, and will enable the road to be completed by the use of receivers' certifi- cates. The company authorized an issue of $1,000,- 000 bonds, but it is said that these have not been sold. The receivers have made application to the court for authority to put out $250, three-years' certificates. This road was sold February 1 for $500,000 at Colum- bus, Ga., to the bondholders' committee. Application was recently made to the U. S. Court at Grand Rapids on behalf of the minority holders of the 5 per cent, bonds to intervene in the foreclosure suit brought by the Pennsylvania Railroad Company. The argument was adjourned, and counsel are to file briefs. Reorganization plan on page 488, Vol. III, THE Bond Record, has been declared operative. The road or- dered sold under foreclosure on February 18, at Green Bay, Wis. The Green Bay, Stevens Point & Northern road will be sold at the same time. The distribution of 100 per cent. in Indiana, Decatur & Western Railway 5 per cent, first mortgage bonds, ex-January, 1896, coupon, to holders of the Central Trust Company receipts for first mortgage bonds of the Indianapolis, Decatur & Springfield Railway has been going on during January. These trust re- ceipts are quoted on the Stock Exchange, ex the bonds of the Indiana, Decatur & Western, at 25(2)35. These figures represent the residuary yet to be dis- tributed. The Bond Record. - [Vol. IV. Name of Company. Jacksonville,Tampa & Key West Kentucky Midland. . . . . . . . . . . . . Litchfield, Carrollton & Western. Little Rock & Memphis . . . . . . . . Long Island Traction. . . . . . . . . . Louisville, Evansville & St. Louis Louisville, St. Louis & Texas... Macon & Birmingham. . . . . . . . . . Marietta & North Georgia...... Memphis & Charleston. . . . . . . . . Milwaukee Street Railway... . . . New York & Greenwood Lake.. Norfolk & Western.... . . . . . . Reorganization or Protective Committee. Remarks. Winthrop Smith, 517 Chestnut street, Phila- delphia, chairman of the reorganization committee. George B. Harper, receiver. Louis Fitzgerald, 120 Broadway, chairman of the reorganization committee. F. P. Olcott, 54 Wall street, chairman re- organization committee. F. P. Olcott, 54 Wall street, chairman re- organization committee. Charles S. Fairchild, 46 Wall street, chair- man reorganization committee. John J. McCook, 40 Wall street, chairman of the bondholders' reorganization com- mittee, Christian Devries, Baltimore, chairman reorganization committee. H. A. V. Post, 45 Wall street, chairman reorganization committee. Simon Borg, 20 Nassau street, chairman of general mtg. bondholders' committee. Francis P. Scott, chairman reorganization Committee. Cooper & Hewitt, acting for reorganization of the property. Louis Fitzgerald, 120 Broadway, chairman bondholders' committee. Judge Locke has ordered the foreclosure sale of this road under the consolidated mortgage of 1890, de- claring bonds to the extent $1,376,500 and $512,388 interest to be due. The Circuit Court at Frankfort, Ky., has ordered the property to be sold under foreclosure at the upset price of $240,000. The notice to withdraw bonds deposited under the agree- ment of April 1, 1894, was referred to on page 777, Vol. III, THE Bond REcoRD. The United States Circuit Court at Springfield, Ill., has appointed Stuart Brown Master in Chancery to take testimony as to the bonds outstanding and the claims against the property, pre- liminary to foreclosure. The court also authorized the sale of receiver's certificates at 90 to pay pre- ferred claims for taxes and right of way and to put the road in better condition for traffic. No official plan. Property now being reorganized under plan given on page 288, Vol. III, THE Bond Record, the road and franchises having previously been sold under foreclosure. No plan of reorganization has yet been publicly an- nounced, although one is expected as soon as the ex- pert accountant makes his report. The plan of reorganization will be found in the remarks following this table. The purchasers of this property at the late foreclosure sale are said to be allied with the Kansas City, Mem- phis & Birmingham, and the Macon & Birmingham may possibly become a part of that system by the con- struction of a short connecting link. The court has confirmed the sale, but has declined to disclose the name of the purchaser. Particulars in regard to the recent foreclosure sale, and also as to the terms offered to the old bondhold- ers by the purchasers of the property will be found in the remarks following this table. No official plan. Under the direction of the Court the receivers are paying at the Chase National Bank, New York, the coupons that matured January 1, 1894, on the following bonds, with interest thereon at the rate of 6 per cent. per annum from the date of maturity: First and second extension 7 per cent. bonds, dated 1854, extended 1880; second mortgage 7 per cent. bonds due January 1, 1885, renewed ; first mortgage Tennessee division 7 per cent, bonds and consolidated mortgage 40-year 7 per cent. bonds. Plan of reorganization on page 289, Vol. III, THE Bond Record. The road was sold under foreclosure January 29 for $5,000,000. A reorganization will be at once perfected under the name of the Milwaukee Electric Railway & Light Company, with a capital stock of $8,000,000, of which $4,500,000 shall be pre- ferred and $3,500,000 common stock. The following officers have been elected : President, Wm. Nelson Cromwell; Vice-President, Henry C. Payne; Secre- tary, C. A. Spoffard ; Treasurer, Edward Edes. Ex- ecutive Committee: C. W. Wetmore, George R. Shel- don, C. A. Spoffard and Wm. Nelson Cromwell. For plan, see remarks following this table. A bill has been introduced in the Virginia Legislature authorizing the purchasers of the property and fran- chises of this company under foreclosure of a deed of trust or mortgage, to become a corporation. The bill provides “that the new corporation shall not be lim- ited as to the amount or classification of its stock or bonds except that the total amount of stock issued at the time of its organization shall not exceed $100,- 000,000, and shall have no immunity from any lawful State, county or municipal taxation by reason of its former charter, or any law heretofore exempting it from taxation. The reorganization plan has not yet been brought out. February, 1896.] 71 Reorganization Notes. NAME of Company. Northern Pacific proper . . . . . . . . Lines in the No. Pac. System: Central Washington... . . . . . . . Coeur d'Alene - - - - - - - - - - - - - - - Duluth & Manitoba. . . . . . . . . . James River Valley. . . . . . . . . . Northern Pacific & Montana.. Ohio Southern... . . . . . . . . . . . . . Omaha & St. Louis Oregon Improvement Company. Oregon Railway & Navigation. . Pennsylvania Midland. ........ Peoria, Decatur & Evansville... Philadelphia & Reading........ Philadelphia, Reading & New England St. Johns & Lake Eustis........ Reorganization or Protective Committee. Edward D. Adams, Mills Building, chair- man reorganization committee for de- posits of the 2d, 3d and cons. mtgs. Johnston Livingston, 120 Broadway, chair- man 24 mtg. bondholders' committee. Evans R. Dick, 40 Wall street, chairman 3d mtg. bondholders' committee. A. M. Hoyt, 1 Broadway, chairman bond- holders' committee. W. J. Quinlan, Jr., 270 Broadway, chair- man gen, mtg. bondholders' committee. Chester W. Chapin, 1 Broadway, chairman 1st mtg. bondholders' committee. Frederic Cromwell, 32 Nassau street, chair- man bondholders' committee. James Timpson, 32 Nassau street, chair- man bondholders' committee. George R. Sheldon, 4 Wall street, chair- man bondholders' committee. John I. Waterbury, I Nassau street, chair- man reorganization committee for 2d mtg. 4 p. c. bonds and stock. W. A. Read, 20 Nassau street, chairman protective committee for 1st mtg. bonds. W. E. Roosevelt, C. B. Gold and Francis Smith, reorganization committee. J. I. Waterbury, 1 Nassau street, chairman reorganization committee for 1st and cons. mtgs, and stock. Henry Hentz, Cotton Exchange, chairman committee for protective plan for cons. mtg. bonds and stock. Alfred S. Heidelbach, 50 Wall street, chairman of the general reorganization committee and also of the consolidated bondholders' committee. J. Crosby Brown, 59 Wall street, chairman collateral trust bondholders' committee. J. W. Rutherford, New York, receiver. M. L. Scudder, chairman 24 mtg. bond- holders' committee. Robert Maclay, president of the Knicker- bocker Trust Company, chairman of stockholders' protective committee. W. E. Strong, chairman of stockholders from board of directors. F. P. Olcott, 54 Wall street, chairman re- organization committee. John S. Wilson, Philadelphia, chairman of the bondholders' committee. C. P. Lovell, receiver. Remarks. The plan of reorganization on page 210, Vol. III, THE Bond Record, is still in abeyance. The novel and remarkable court proceedings during January in regard to the receivership will be found in a state- ment following this table. The chairman of the bondholders' committee gives notice that all bonds must be deposited at the Knick- erbocker Trust Company by February 15, after which date a penalty will be imposed. The reorganization plan will follow. No official plan. The Guaranty Trust Company is paying to the holders of their certificates of deposit, for the first mortgage bonds of the Minnesota Division, the sum of $25 on each $1,000 bond represented by such certificates. No official plan. No official plan. No official plan. The time for depositing securities with the Waterbury committee at the Manhattan Trust Company under the preliminary agreement expired January 17, since which date no new notice has been issued. Par- ticulars of a meeting of stock and second mortgage bondholders will be found in remarks following this table. The road was sold under foreclosure January 27, for $1,560,000. For plan of reorganization, see remarks following this table. See remarks following this table. The sale of securities pledged for the collateral trust bonds has been adjourned until February 6. Plan of reorganization on page 419, Vol. III, THE Bond REcoRD. For modification of this plan see remarks following this table. The court has authorized an issue of $200,000 receiver's certificates for the purpose of paying preferred claims and completing the road through Bedford County, Pa. The United States Court at Springfield, Ill., has made an order of reference to the Master in Chancery to take testimony as to bonds outstanding and other matters. This is preliminary to a foreclosure pro- ceeding and sale of the road, which will probably be bought by the second mortgage bondholders. Re- organization schemes are at a standstill at present. The plan of reorganization on page 780, Vol. III, The BoxD REcoRD. The plan was a great success; par- ticulars will be found below. The bondholders' committee has issued a circular stating that in consequence of the probable severance of re- lations with the Philadelphia & Reading, and also be- cause of other unsatisfactory developments, it is de- sirable that holders should deposit their bonds with the Girard Life Insurance and Trust Company of Philadelphia. This road has been sold under foreclosure to ºw". president of the Florida Southern, for $105,000. The Bond Record. [Vol. IV. Name of Company. St. Louis & San Francisco. . . . . . Savannah & Western...... . . . . . Seattle, Lake Shore & Eastern.. Spokane & Palouse . . . . . . . . . . . . Toledo, St. Louis & Kansas City. Union Pacific, including Kansas Pacific Lines... . . . . . . Other lines in the system: Atchison, Colorado & Pacific. . Atchison, Jewell County & West Central Branch. . . . . . . . . . . . . . Denver, Leadville & Gunnison Kansas City & Omaha. . . . . . . Oregon Short L. & Utah North. St. Joseph & Grand Island. . . Union Pacific, Denver & Gulf. Utah Southern. . . . . . . . . . . . . . Reorganization or Protective Committee. Remarks. Louis Fitzgerald, 120 Broadway, chairman of reorganization committee for gen. mtg. Francis Peabody, Jr., chairman of reorgan- ization committee for cons. mtg. William T. Hart, Boston, chairman of re- organization committee for con.mtg. bonds. Simon Borg, chairman reorganization com- mittee. M. S. Paton, 80 Broadway, chairman re- organization committee. George R. Sheldon, 4 Wall street, chair- man bondholders' committee. John C. Havemeyer, chairman bond- holders' committee. Louis Fitzgerald, 120 Broadway, chairman reoganization committee. F. D. Tappen, 36 Wall street, chairman Kansas Pacific cons. mtg. committee. J. A. Stewart, 45 Wall street, chairman Kansas Pacific Denver Extension com- mittee. Receivers, S. H. H. Clark, O. W. Mink and E. Ellery Anderson. Receivers, S. H. H. Clark, O. W. Mink and E. Ellery Anderson. No protective committee. Henry Budge, 28 Broad street, chairman of reorganization committee. F. P. Olcott, 54 Wall street, chairman re- organization committee. R. C. Martin, 50 Broadway, chairman Ore- gon Short L. first mortgage bondholders' committee. S. E. Peabody, chairman cons. 5 p. c. and collateral trust bondholders' committee. Samuel Carr, chairman new reorganiza- tion committee. F. P. Olcott, 54 Wall street, chairman first mortgage bondholders' committee. G. M. Dodge, 1 Broadway, chairman bond- holders' reorganization committee. Alexander H. Stevens, 195 Broadway, chairman 1st gen, mtg. and extension mtg. bondholders' committee. No progress has been made in the formulation of a plan. Particulars of a court decision preserving the system intact will be found below. Holders of the certificates of the Central Trust Com- pany for 5 per cent. bonds are receiving, in final set- tlement for each $1,000 bonds deposited, $350 first preference income bonds and $250 second preference income bonds of the Central of Georgia Railway Company. Decree of foreclosure entered, but no specific agreement has yet been reached in regard to reorganization. Considerable amounts of money have been spent within the past two years in improving the property and adding to the equipment. It has been proposed to issue 4 per cent. bonds in place of the present 6 per cent bonds, but some of the committee are in favor of waiting until foreclosure before promulgating any plan. No official plan. Interest due November 1, at the rate of 5 p. c., was paid on the trust receipts for the 1st mortgage bonds at the New York Security & Trust Company. No plan of reorganization officially given out. Plan of reorganization on page 569, Vol. III, THE Bond REcoRD. For progress made under the plan see remarks following this table. No official plan. No official plan. Foreclosure suits filed in United States Circuit Court, Topeka, November 20, 1895, by Samuel Carr, supposed to be acting in concert with United States Government. The United States Court at Denver has declined to grant the application for the foreclosure sale of the road asked for by Receiver Trumbull. The Court took the ground that the matter set forth in the cross bill of the Union Pacific, and the question in regard to the ownership of the Union Depot stock should first be settled. The Union Pacific receivers are seeking to recover from earnings the losses which the Union Pacific sustained in operating the road. No official plan. Reorganization matters were very quiet during January and the various reorganization committees have not yet reached an understanding. Efforts are being made, on the statement of earnings, to induce the Court to order the payment of back interest. A decree of foreclosure was granted at Omaha, De- cember 6, 1895, to the Central Trust Co. The upset price has been reduced from $4,000,000 to $3,000,000. The committee has not yet agreed on any plan of reorganization. Deposits now being received on pay- ment of a penalty of 3 per cent. No official plan. Particulars of action of the committee will be found on page 571, Vol. III, THE Bond Record. February, 1896.] Reorganization Notes. Name of Company. Reorganization or Protective Committee. Remarks. Wisconsin Central. . . . . . . . . . . . . George Coppell, 18 Exchange place, chair- man reorganization committee. The depositing bondholders met on January 14 and unanimously adopted the preliminary plan of reor- ganization given on page 779, Vol. III, THE Bond Record. The coupons due January 1 on the Wis- consin Central Railroad, first series 5 per cent. of 1879, were paid at the Merchants National Bank, Boston. A dividend of $30 per share has been declared on the $1,560,000 6 per cent. cumulative preferred stock of the Chicago, Wisconsin & Minnesota Railroad, paya- ble in Wisconsin Central improvement 6 per cent. debenture bonds. This dividend is to cover the ac- cumulations from March 1, 1886, to March 1, 1891. OTHER REORGANIZATIONS. Name of Company. Reorganization or Protective Committee. Remarks. Chicago “Alley Elevated "...... Byron L. Smith, president Northern Trust Company, chairman of the first mortgage bondholders' committee. George E. Adams, The Temple, Chicago, Holders of $5,500,000 out of a total of $7,500,000 first mortgage bonds have deposited their securities with the Northern Trust Company, and the receipts issued therefor have been listed on the Chicago Stock Ex- bondholders' committee. holders' committee. Chicago Gas Companies. . . . . . . . Columbus & Hocking Coal & Iron Company............... committee. committee. Omaha Water Works ganization committee. chairman of the extension 5 per cent. John J. Mitchell, president of the Illinois Trust Company, chairman of the stock- F. P. Olcott, 54 Wall street, chairman of the reorganization committee. M. L. Scudder, chairman bondholders' John Bloodgood, chairman stockholders' Ernest Thalmann, chairman of the reor- change. Several plans have been proposed and dis- cussed, but no plan has yet been brought forward that is satisfactory to all interests or that can be en- forced. It is expected that the three committees will eventually get together and negotiate a compromise. The four principal gas companies voted to consolidate, and sent the papers to the Secretary of State of Illi- nois, who refused to receive them on the plea of illegality. The companies will institute mandamus proceedings at the March term of the Supreme Court. The Reorganization Committee, of which M. L. Scudder is chairman, gives notice that funds having been deposited with the Court sufficient for the pay- ment of the coupons on the bonds due July 1, 1895, with interest to January 24, 1896, holders of the cer- tificates of the Central Trust Company are requested to present the same and receive the amounts of said coupons due to the bondholders and have the pay- ments endorsed on the certificates. The committee of the bondholders of the Omaha Water Works gives notice to the holders of the fifty Ameri- can Water Works Company bonds not deposited with the company, that the property is to be sold on Feb. 19, and that the Farmers' Loan and Trust Company will receive deposit of such bonds until Feb. 10 upon payment of 2 per cent, penalty. The principal feature in railway reorganization in January was the remarkable success of the Reading plan, the deposit of securities having been both prompt and large. Next in importance was the assent of a majority of the first mortgage bonds and stock of the Union Pacific Railway to the scheme of the general reorganization committee. The action of four of the Justices of the Supreme Court of the United States in settling the question of primary jurisdic- tion in the Northern Pacific receivership case was scarcely of less importance, as it paved the way for the reorgan- ization of this large system which has suffered through a multiplicity of receivers. The figures of receiverships and foreclosures for 1895 have been made up and the statistics are certainly encouraging. Receivers were appointed dur- ing the year for thirty-one roads representing 4,100 miles and $370, oooooo bonds and stock. To this total, how- ever, the Norfolk & Western contributed 1,575 miles and $114,500,ooo bonds and stock, and the New York, Pennsyl- vania & Ohio 6oo miles and $170, ooo, ooo bonds and stock, ºr more than one-half of the grand aggregate. Again, the receivership of the New York, Pennsylvania & Ohio was merely a pro-forma affair to facilitate the reorganization of - the Erie. The receiver was quickly discharged and the road ordered sold under foreclosure. Fifty-two roads, with. over 12,800 miles and $762, ooo, ooo bonds and stock, were foreclosed, and in a great majority of instances promptly reorganized. A number of important lines, including the Erie, Atchison, Georgia Central and New York & New England were embraced in the work of reconstruction, which in 1895 was of far greater importance than for any previous year in the history of American railways. CAPE FEAR & YADKIN WALLEY RAILWAY. The Baltimore committee has modified its plan some- what. The amount of prior lien bonds is reduced from $500,ooo to $400,ooo, and can be redeemed by the reorgan- ized company at the end of four years at Io; and accrued in- terest. The holders of the first mortgage bonds of the Cape Fear & Yadkin Valley Railway are to have the right to sub- scribe to their pro rata share of said prior lien bonds at par within thirty days after the issue thereof. The $531,500 of the general mortgage bonds provided for in said plan to be issued after January 1, 1900, for betterments, extensions, equipments or improvements, may be applied in whole or 74 The Bond Record. in part after January 1, 1900, to the retirement of the prior lien bonds. CHICAGO, PEORIA & ST. LOUIS RAILWAY. The old company has been reorganized under the title of the Chicago, Peoria & St. Louis Railroad and will be operated as an independent company. The cash has been provided to pay off $500,ooo receiver's certificates. The following directors have been elected: H. W. Putnam, Jr., Daniel B. Hatch, J. W. Houston and Charles F. Dean, of New York; C. H. Bosworth, of Springfield, Ill. ; Charles E. Jackson, of Middletown, Conn.; James Miles, Silas H. Strawn, Edward S. Whitney, William M. Raymond, and Charles D. Moyer, of Chicago. Stockholders are to receive one share of new stock for every two shares of old, upon the payment of an assessment of $5.oo per share, for which new preferred stock will be issued at 40. This is the only change from the plan previously given. LOUISVILLE, ST. LOUIS & TEXAS RAILWAY. After repeated conferences between the committees repre- senting the first mortgage and the consolidated mortgage bonds, John J. McCook and Charles B. Van Nostrand of New York, and Harry Weissinger and Oscar Fenley of Louisville, have been appointed a committee to carry through a reorganization on the following plan: Existing mortgages to be foreclosed, the roads and franchises pur- chased by this committee and a new company to be incor- porated under the laws of the State of Kentucky, which is to create $2, 1oo, ooo first mortgage fifty-year 5 per cent. coupon gold bonds, interest payable semi-annually, secured by a first mortgage on 165% miles instead of 121*, m is as heretofore, and covering all of the property of the new company, including equipment. Coupon No. 1 to be pay- able the first day of July, 1896. Provision has also been made for the issue of $400, ooo additional bonds (making a total possible issue of $2,500,ooo of first mortgage bonds), for the extension of the main line to Louisville, or for such other absolutely necessary improvements. In addition cer- tificates will be issued representing the beneficial interest in $2,000,ooo of 5 per cent. non-cumulative preferred stock, and $2,000,ooo of common stock. Of the new securities, $1,400,- ooo of first mortgage bonds, bearing interest from January 1, 1896, are to be given to the holders of the present Louis- ville, St. Louis & Texas Railway first mortgage bonds at the rate of fifty cents of new first mortgage bonds for one dollar of old first mortgage bonds, and $700,ooo of the first mortgage bonds to be placed at the disposal of the reorganization committee, to be used by them in paying off underlying liens, car trusts and expenses, as may seem to them to be best for the consummation of this plan of re- organization. The balance of said bonds not required for the adjustment of the above claims, may be used in the improvement of the property and to provide cash assets for the treasury of the new company. Preferred stock to the extent of $1,600,ooo is to go to the holders of the present first mortgage bonds, to represent the balance of their principal and all matured and unpaid coupons. The balance of the preferred stock, $400,ooo, and all of the $2, ooo, ooo of common stock, are to be exchanged for the outstanding $1,629, ooo of consolidated mortgage bonds and all matured and unpaid coupons thereon. The first board of directors of the new company is to be named by the reorganization committee. It is also proposed that all of the preferred and common stock in the new company shall be issued to a board of three trustees, to be held by them for ten years, or until the trust shall be terminated by an instrument in writing signed by each of the trustees. The said trustees to issue negotiable trustee certificates, entitling the holders to all dividends or other distributions which may be made on the preferred and common stock of the company, and no sale of said stock is to be made without the unanimous vote of the trustees who are to be as follows: John J. McCook, Brayton Ives and Oscar Fenley. In case of a va- cancy the successor of the first named trustee to be elected by the holders of trust certificates representing preferred stock, and the successors of either of the two last named trustees to be elected by the holders of certificates representing common stock. The annual interest charge on the $2, Ioo, ooo new bonds will be $105,ooo, and accompanying the plan is a statement showing that the company earned net $107,916 during the first year and $120,588 during the second year of the receivership. The engineer estimates that with the ex- penditure of $100,ooo upon the property operating expenses can be reduced at least $25,000 per annum. Holders of the first mortgage bonds who have deposited the same with the Atlantic Trust Company of New York or the Columbia Finance and Trust Company of Louisville, under the provis- ion of the protective agreement, are notified that in accord- ance with the provisions of that agreement, if the new plan proposed is not satisfactory to them, they may withdraw their bonds upon payment of their proportionate share of expenses to date, amounting to five dollars ($5) per bond. If the said bonds are not withdrawn by the 31st day of January, 1896, they will be considered as having assented to this plan of reorganization, and the holders of receipts for such deposited bonds should promptly exchange them at the depositary for receipts issued under this plan. Holders of bonds not already deposited with any committee are requested to deposit them under this plan on or before the 31st day of January, 1896, after which date they will only be received subject to such assessments and conditions as the committee may determine. Advices from Louisville state that the bondholders are consenting to the plan quite freely. An informal meeting of some of the bondholders was held at the office of the Home Insurance Company, New York, on January 29th. After the meeting it was stated that the situation had been discussed, but no definite action was de- termined upon. Vol. Z//, p. 777. MARIETTA & NORTH GEORGIA RAILWAY. H. A. V. Post, chairman of the reorganization committee, has notified bondholders that the plan prepared in Novem- ber last was not supported to an extent to enable the com- mittee to purchase the property at the foreclosure sale, and the same was bid in by the Car Trust Investment Company of New York for $956,5oo, and subsequently assigned to the Atlanta, Knoxville & Northern Railway and Construction Company. The price realized for the road may possibly result in a small dividend to bondholders, but much de- pends on the amount of money allowed for legal expenses. Whatever sum may be collected will be disbursed by the committee. The construction company has made a prop- osition to the Marietta & North Georgia bondholders that entitles them to subscribe to the second mortgage bonds of the Atlanta, Knoxville & Northern Railway to the extent of to per cent of their present holdings. For each $100 paid they will receive a similar amount in second mortgage bonds and a bonus of $1,000 in 5 per cent, non-cumulative income w February, 1896.] Reorganization Notes. 75. bonds. Payments are to be made in five equal instalments, bi-monthly, beginning February 1, 1896. The Marietta & North Georgia committee recommends the acceptance of this proposition. The Atlanta, Knoxville & Northern Rail- way will issue $2,000,ooo first mortgage 5 per cent, gold bonds, of which $1,000,ooo will be issued immediately, $500,ooo reserved for construction and equipment for At- lanta extension, $300,ooo for terminals at Atlanta and Knox- ville, and $200, ooo for improvements and contingencies. Other securities issued will be $500,ooo second mortgage 5 per cent, gold bonds, $4,200,ooo 5 per cent. non-cumulative income bonds and $6,000,ooo capital stock. Vol. Z//, p. 679. NORTHERN PACIFIC RAILROAD. The prolonged and now famous litigation in the matter of the Northern Pacific receivership assumed an entirely new phase in January, through the action of Judge Jenkins and Judge Hanford, both of whom claimed to have primary jurisdiction and neither of whom would give way to the other. The matter was further complicated in consequence of the absence of law compelling the recognition of the principle of comity between courts in different circuits. In this condition of affairs the controversy was brought before the associate justices of the United States Supreme Court assigned to preside over the circuits through which the Northern Pacific Railroad runs, and Messrs. Field, Harlan, Brown and Brewer gave a hearing to the attorneys repre- senting the various interests. Messrs. Spooner, Turner, Pettit, Choate and Cardozo made arguments for their re- spective clients, the Farmers' Loan & Trust Company, the railroad company and the Livingston committee of second mortgage bondholders. All the counsel were agreed as to the necessity for the unification or consolidation of the re- ceivership, but there was a wide difference of opinion as to which court should have jurisdiction. This whole affair is a very unusual proceeding in our jurisprudence, and the de- cision of the Supreme Court Justices, which came sooner than expected, was that all the courts along the line of the road are auxiliary to Judge Jenkins' court. This practically gives the Milwaukee court jurisdiction over the Northern Pacific system on the question of the receivership. With the consent of all concerned, Judge Gilbert, at Helena, Mont., has appointed Andrew F. Burleigh receiver for the district of Montana, replacing James H. Mills and E. H. Bonner, previously appointed by Judge Knowles. This makes Mr. Burleigh sole receiver for that portion of the road lying between North Dakota and the Pacific Coast. The time for filing answers to the petition of the second mortgage bondholders for payment of interest on their bonds was extended to February 3. Vol. Z//, p. 679. NEW YORK & GREENWOOD LAKE RAILWAY. The Erie R. R. Co. and Cooper, Hewitt & Co. who own a large portion of the New York & Greenwood Lake Railway Company's first and second mortgage bonds, have agreed to convert the former into 5 per cent. prior lien bonds at 50 per cent. of par value, and the latter into the same security at to per cent. This provides for $1,500,ooo of the first and second mortgage bonds, they being exchanged into $390, ooo prior lien bonds. It is stated that the public has $300,ooo and $900, ooo respectively of the first and second mortgage bonds, which may be converted into $240, ooo prior lien bonds. This calls for $630, ooo prior lien bonds, and there are $326,ooo already outstanding, thus leaving available, of the authorized issue of $1,500,ooo, the sum of $542, ooo for double tracking and equipping the road. Bondholders as- senting to this proposition are requested to deposit their holdings on or before February 15. If the plan be accepted, Erie will guarantee interest on the prior lien bonds after May 1, 1896, and will make all the needed improvements, taking its pay in prior lien bonds. OHIO SOUTHERN RAILROAD. A meeting of stock and second mortgage bondholders was held January 16th to take into consideration the condition of the company. A statement was submitted, giving the floating debt at $370, ooo, not including $56,ooo interest due on the general mortgage four per cent, bonds, and it was announced that the property might be restored to the com- pany if $200,ooo could be raised to satisfy pressing claims. Among the propositions made was one to assess the stock six per cent., giving therefor assessment scrip, and to fund three years' coupons on the second mortgage bonds into scrip. This, it was claimed, would obviate the necessity of foreclosure. The Waterbury committee was requested to add to its number R. C. Hawkins, W. G. Wiley and E. L. Oppenheim. There was talk of the Erie buying or leasing part of the road to get into Springfield. Pºol. Z//, p. 680. OREGON RAILWAY & NAVIGATION COMPANY. The general reorganization committee, with the approval of the consolidated mortgage committee and the col- lateral trust committee, has prepared an amendment which provides that the trust agreement mentioned in the original plan shall terminate absolutely on May 1, 1906, or at least ten years from the sale and convey- ance of the property of the Oregon Railway & Navigation Company under decree of foreclosure, unless the same be sooner terminated by the consent of the holders of two- thirds of each class of certificates, given at meetings of the holders of such certificates, or unless dividends equal to 20 per cent. of the par value of the preferred stock shall have been paid or their payment fully guaranteed. Holders of certificates of deposit who do not assent to the proposed modification may withdraw their securities on or before February 4 by paying their pro rata share of the expenses, and all those who do not withdraw will be deemed to have assented to the proposed alteration, and the general reor- ganization committee will thereupon proceed to carry the amended plan into effect. The change in the plan seems to have reconciled all conflicting interests, and reorganization will now probably go through. Judge McArthur, referee in the case of the Union Pacific receivers against Receiver McNeil, after several months of examination, has filed his report, which is almost wholly in favor of the Oregon Rail- way & Navigation Company. Pºol. Z//, p. 680. OMAHA & ST. LOUIS RAILWAY. The bondholders of this company have authorized the reorganization committee to proceed with a contract re- cently made by Drexel & Co. of Philadelphia; Gilman, Son & Co. of New York, and the Missouri, Kansas and Texas Trust of Kansas City. Under the terms of the contract the Omaha & St. Louis Railway was bought at foreclosure sale January 27th by C. B. Gold of New York, representing the bondholders, for $1,500, coo. The property is to be turned over to a new company, which will issue first mortgage four º - The Bond Record. [Vol. IV. per cent, five-year bonds. The old Omaha & St. Louis first mortgage bonds will receive 75 per cent. in new bonds and 25 per cent. in income bonds or stock. There are $51, ooo second mortgage bonds outstanding which will receive the same treatment as the firsts. The new bonds can be redeemed at par on sixty days' notice. The scheme includes the organization of a finance company with a capi- tal of $240, ooo to guarantee the interest on the new bonds for three years. The new company is to exist only until consolidation is perfected with other corporations. One of these is the Quincy, Omaha & Kansas City, the non-pre- ferred bondholders of which will receive 70 per cent in cash or 80 per cent, in new first mortgages and 40 per cent, in new second incomes. Several pieces of new road are to be constructed and the consolidated company is to be brought into close affiliation with the Kansas City, Pittsburg & Gulf Railroad. The holders of $2,400,ooo Omaha & St. Louis first mortgage bonds, out of a total of $2,700,ooo, have as- sented to this plan, which, however, may be changed, as the reorganization committee has power to make altera- tions. Pºol. Z//, p. 567. OREGON IMPROVEMENT COMPANY. The Farmers' Loan & Trust Company has begun fore- closure proceedings at Seattle under the consolidated mort- gage. Of the $6,200,ooo bonds outstanding under this mortgage, $5,200,ooo have been deposited with the Manhat- tan Trust Company of New York and the Old Colony Trust Company of Boston, and foreign holders of $700,ooo have asked for an extension of time for deposit. Some of the bonds turned in to the Hentz committee have been trans- ferred to the Waterbury committee, which also has on deposit 45, ooo out of the 73, ooo shares of capital stock. Thomas L. Greene has been sent to the Pacific Coast to make an exhaustive report on the property for the purpose of reorganization. Vol. 1/7, p. 680. PHILADELPHIA & READING RAILROAD. The reorganization plan met with a favorable response beyond all expectations, and the latest official statement given out showed deposits of $22,336,754 first preference in- comes out of $23,949,735; $14,178,437 second preference incomes out of $16,176,072; $13,895,832 third preference in- comes out of $16,634,462, and $35,542, ooo stock out of $41,373,650. At the request of many holders of the differ- ent securities Messrs. J. P. Morgan & Co. and their asso- ciates gave notice that those who deposited their stock and income bonds on or before January 1oth could, at their option, pay the first installment of the assessment at any time within sixty days from that date, with interest at the rate of six per cent, per annum. This notice was re- ceived with much favor and stimulated deposits under the plan. The receipts of J. P. Morgan & Co. were promptly listed on the stock exchange. Judge Dallas, in the United States Court at Philadelphia, after hearing arguments on the petitions of various dissenting stockholders to intervene in the general mortgage foreclosure case, dismissed their petitions, so that they will not be able in this way to ob- struct the progress of the reorganization. Pºol. Z//, p. 780. ST. LOUIS & SAN FRANCISCO RAILWAY. Judge Adams, of the United States Circuit Court at St. Louis, has rendered a decision overruling all exceptions filed by the Mercantile Trust Company in the case of the branch line bonds, and directs the receivers to pay interest on the same. The bonds involved are those of the St. Louis, Salem & Arkansas, the Kansas Midland, the Kansas City and Southwestern and St. Louis, Kansas & Southwestern Companies. The Judge took the ground that these roads were valuable as feeders and should be retained in the sys- tem. The total amount of bonds on which interest is to be paid is a little over $4,000,ooo. A new protective committee for the 4 per cent. guaranteed consolidated bonds has been formed in Boston. The members are Wm. T. Hart, E. Pierson Beebe, William Minot, David P. Kimball and Samuel C. Eastman. This committee invites the immediate deposit of bonds to be made with the American Loan & Trust Co. as a decree, for the foreclosure sale is likely to be made within 30 days. Pºol. Z//, p. 681. UNION PACIFIC RAILWAY. The reorganization committee announces that a large majority of the first mortgage bonds, inclusive of the amount held in the United States sinking fund, have assent- ed to the reorganization agreement, also that a majority of the stock has been deposited under the plan. The Tappen committee, representing $10,400,ooo Kansas Pacific consoli- dated first mortgage bonds out of a total of $11,700, ooo, de- cided, during January, to accept the terms offered by the re- organization committee, and called a meeting of bondholders to take action in the premises. At this meeting $6,500,ooo bonds were represented in person or by proxy, and the action of their committee was unanimously ratified. The House Committee on Pacific Railroads gave a hearing to Winslow S. Pierce, counsel to the general reorganization committee, who explained the plan for the reconstruction of the com- pany. The receivers, under the direction of the court, are paying the coupons due January 1, 1895 ($30 each), from the first mortgage bonds, together with interest accrued thereon, while payment has been in default, making in all $31.90. J. P. Morgan & Co. are paying the February 1 interest on the six per cent. collateral trust notes. Pºol. III, p. 681. º 7. - * º STOCK EXCHANGE LISTINGS. NEW YORK STOCK EXCHANGE. A—1779. Third Avenue Railroad Company, $400,ooo ad- ditional Capital Stock, making total amount listed to date, $9,000,ooo. The Capital Stock of the company was increased on December 26, 1894, from $7,000,000 to $9,000,000, and on or about January 29, 1895, $1,600,000 of said stock was listed. The $400,000 stock, which is hereby listed, is the final issue of this increase of $2,000,000. The stock is proposed to be sold to the stockholders of the company at par, and the proceeds thereof will be applied to the liquidation of the indebtedness of the company incurred in the acquirement by purchase from the City of New York of the right to construct and operate extensions of its line upon the Kings- bridge road and other streets and highways in said city. Statement of Operation, Year ending October 31, 1895. Received from car passengers. . . . . . . . . . . . . . . . . . . $2,583,011.17 Operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,528,468.60 Net earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,054,542.57 Received from other sources. . . . . . . . . . . . . . . . . . . . . 67,052.12 Gross income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,121,594.69 Taxes and bond interest. . . . . . . . . . . . . . . . . . . . . . . . . 330,589.81 Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $791,004.88 Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559,000.00 Surplus. . . . . . . . . . . $232,004.88 Balance Sheet, October 31, 1895. Assets. LIABILITIEs. Cost of road. . . . $7,896,634.15 Capitºl st’k pd. in $8,600,000.00 Cost of equip... . 2,081,971.79 Coupon bonds .. 5,000,000.00 Cost of real estate 3,678,742.16 Mortgages... . . . 71,000.00 Bonds. . . . . . . . . . 15,000.00 Open accounts. . 33,074.54 Cash. 355,515.81 Surplus. . . . . . . 323,789.37 $14,027,863.91 $14,027,863.91 A-1780. Union Pacific Railway Company Reorganiza- tion Committee, $11,155, ooo Mercantile Trust Company En- graved Certificates of Deposit for Union Pacific Railway Company First Mortgage Six per Cent. Bonds of 1896-97- 98-99. Also $733, ooo of the Engraved Certificates of De- posit for Kansas Pacific Railway Company First Mortgage Six per Cent. Bonds of 1895; $1,627,ooo Kansas Pacific Railway Company First Mortgage Six per Cent. Bonds of 1896; and $2,578, ooo Kansas Pacific Railway Company (Denver Division) Assented Six per Cent. Bonds of 1899, admitted to the list, and amount of bonds on list reduced accordingly. Also that the Committee on Listing be em- powered to add to the list from time to time additional Certificates of Deposit as officially notified that further amounts have been issued. The past due coupons from the above bonds have been pur- chased for account of the syndicate mentioned in the reorganiza- tion agreement, and the others as they mature are to be purchased, the certificates of the trust company being stamped as coupons are so purchased. Poſ. 1//, p. 795. A–1781. Philadelphia & Reading Railroad Company. J. P. Morgan & Co. Engraved Certificates of Deposit, registered by the Central Trust Company, for Philadel- phia & Reading Railroad Company First Preference Income Mortgage Bonds, Second Preference Income Mortgage Bonds, Third Preference Income Mortgage Bonds, and Capital Stock, all certificates stamped “first assessment paid,” and the amount of securities on list reduced accord- ingly. The Committee on Stock List will add to the list from time to time additional Certificates of Deposit for the above-mentioned securities when issued, and officially noti- fied that they have been issued. The first installment of the assessment under said plan, viz.: $50 on each bond of $1,000, and $2.50 on each share of stock of $50, was payable on January 10, 1896, but in the case of security holders who deposited their securities before that date, such pay- ment may be deferred for not exceeding sixty days, with in- terest at six per cent, per annum. J. P. Morgan & Co. have advised the Committee on Stock List under date of January 13, 1896, that as closely as can be esti- mated, about eighty-five per cent. of Philadelphia & Reading First, Second and Third Preference Income Bonds and Stock have accepted the plan of reorganization, but that the count has not yet been completed, and that they are therefore unable now to give exact figures. A–1782. Northern Ohio Railway Company $2,500,ooo First Mortgage Five per Cent. Gold Guaranteed Bonds of 1945, Nos. 1 to 2,500 inclusive. Ap, & O. Due O. 1945. The Northern Ohio Railway Company, incorporated under the laws of the State of Ohio, owns and operates a line of railroad extending from the city of Akron, O., to Delphos, O., 1664 miles. This line was constructed and operated by the Pittsburg, Akron & Western Railroad Company, and was purchased on August 10, 1895, by the Northern Ohio Railway Company, under an order of sale issued against said Pittsburg, Akron & Western Railroad Company by the Court of Common Pleas of Summit County, O., under proceedings of foreclosure pending therein. As to the regularity of said proceedings, the sufficiency of the title in the purchaser, and the validity of all subsequent proceed- ings, reference is made to the opinion of counsel, Messrs. S. P. & J. McL. Nash. By deed of trust dated October 1, 1895, the Northern Ohio Railway Company conveyed to the Central Trust Company of New York, trustee, its railroad, property and franchises of every kind and nature now owned or constructed, and not to exceed 100 miles of railroad to be hereafter constructed or acquired, to se- cure an issue of 4,000 50-year 5 per cent, gold bonds of $1,000 each, numbered from 1 to 4,000, both inclusive, maturing October 1, 1945, interest and coupons payable April 1 and October 1, to be issued at the rate of $15,000 per mile of completed railroad. Of this amount there have been issued 2,500 bonds covering the 1664 miles of railroad now constructed and owned, in accordance with the provisions of said deed of trust. - By indenture of lease dated October 1, 1895, the Northern Ohio Railway Company leased to the Lake Erie & Western Railroad Company, for a term of 999 years from said first day of October, 1895, its line of railroad now constructed or to be hereafter con- structed, not to exceed 100 miles, together with all its property and franchises, in consideration of which the Lake Erie & West- ern Railroad Company, by resolution of its stockholders and board of directors, has guaranteed the payment of the principal and interest of said bonds by endorsement thereon. Under the terms of said lease the sum of $1,000,000, derived from the proceeds of the $2,500,000 bonds issued and sold, is to be expended in the improvement and equipment of said road under the direction of the officers of the Lake Erie & Western Railroad Company. 78 The Bond Record. [Vol. IV. The capital stock of the Northern Ohio Railway Company is $4,230,000, of which $650,000 is a non-cumulative 5 per cent. pre- ferred stock, and the remainder, $3,580,000, common stock. The Lake Erie & Western Railroad Company owns the entire common capital stock of the Northern Ohio Railway Company. The Northern Ohio Railway Company owns the following equipment, free from car trusts: 10 locomotives, 4 coaches, 2 combination mail and baggage, 1 combination passenger and baggage, 114 box cars, 104 flat cars, 25 coal cars. The earnings of the Lake Erie & Western Railroad Company for the interstate year ending June 30, 1895, are as follows: Gross earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,517,780.09 Operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933,327.64 Net earnings. . . . . $1,584,452.45 Interest on bonds, taxes and rentais. $661,909.28 Dividend 5 per cent, on preferred stock. 592,000.00 1,283,909.28 Surplus. . . . . . . . . . . $300,543.17 Balance Sheet, October 1, 1895. Assets. Cost of road and equipment. . . . . . . ... . $5,746,367.50 Construction and betterment. . . . . . . . . . . . . . . . . . . . . 398,408.72 Improvement and betterment fund in N.Y.. . . . . . . . 681,701.65 Material and supplies. . . . . . . . . . . . . . . . . . . . . . . . . . . . 522.50 Due from agents and conductors. . . . . . . . . . . . . . . . . . 4,027.29 Due from individuals and corporations. . . . . . . . . . . . . 23.72 Due from U. S. P. O. Department. . . . . . . . . . . . . . . . 2,469.05 Due from U. S. Express Co.. . . . . . . . . . . . . . . . . . . . . . 550.00 Bonds and stock in treasury. . . . . . . . . . . . . . . . . . . . . . . 2,100.00 Cash on hand. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,481.04 $6,842,651.47 LIABILITIEs. Preferred stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $650,000.00 Common stock. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,580,000.00 First mortgage bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000.00 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,656.96 Unpaid wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,188.87 Due other companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,805.64 $6,842,651.47 Officers of the Northern Ohio Railway Company: Herbert L. Brice, Lima, O., president; A. L. Conger, Akron, O., vice-pres ident: S. S. Wheeler, Lima, O., vice-president; W. E. Hacke- dorn, Indianapolis, Ind., secretary and treasurer; E. S. Fleming, New York City, N. Y., assistant secretary. Officers of the Lake Erie & Western Railroad Company: Hon. Calvin S. Brice, Lima, O., president; L. M. Schwan, New York City, N. Y., vice-president, secretary and treasurer; G. L. Brad- bury, Indianapolis, Ind., vice-president and general manager; S. Shortridge, New York City, N. Y., assistant secretary. A–1783. Erie Railroad Company, $15,600,ooo First Con- solidated Mortgage Four per Cent. Gold Coupon Prior Lien Bonds of 1996, Nos. I to 15,600 inclusive, for $1,000 each, and Registered Bonds for $500, $1, ooo, $5,000 and $10,000, into which said Coupon Bonds may be converted, Ja, & J1. Due Ja. 1996. Referring to the plan and agreement for the reorganization of the Erie System, viz.: New York, Lake Erie & Western Railroad Co., New York, Pennsylvania & Ohio Railroad Co., and Chicago & Erie Railroad Co., dated August 20, 1895, the Erie Railroad Company was incorporated on Nov. 14, 1895, under the general laws of the State of New York, and pursuant to the terms of its certificate of incorporation, dated November 13, 1895, and of va- rious deeds of conveyance and merger, has succeeded to the rail- ways and franchises formerly of the New York, Lake Erie & Western Railroad Company, and of various other property, ex- cepting certain leases and contracts which were disclaimed under the terms of the decree of foreclosure and sale under which the property and franchises of said last mentioned company were sold. Summarized briefly, the property owned, controlled or leased by the new company embraces about 2,000 miles of railway, extend- ing from Jersey City (with ferry to New York) to Buffalo and Chicago, also a steamboat line (for “lake and rail” traffic) be- tween Buffalo & Chicago; 9,000 acres of anthracite and about 50,000 acres of bituminous coal lands in Pennsylvania, with nu- merous lines of railway traversing portions of the coal regions in said State. Of the through line between Jersey City and Chicago, about 300 miles represented by the New York, Pennsylvania & Ohio Rail- road and about 300 miles of branches, have not yet been perma- nently brought into the system, but the foreclosure sale necessary for this purpose has been ordered by the court, and, pending its consummation, the road is operated under a contract which serves all necessary purposes. In accordance with the provisions of the plan of reorganization, the Erie Railroad Company has executed a first consolidated mortgage deed to the Farmers' Loan & Trust Company, dated December 10, 1895, to secure $175,000,000 bonds of the same date, maturing January 1, 1996, principal and interest payable in gold coin of the United States of the present standard of weight and fineness. The bonds are in coupon form for $1,000 each (with right of registration of principal), and in registered form for $500, $1,000, $5,000 and $10,000. Interest is payable at the office or agency of the company in the city of New York. This mortgage is secured by lien on various properties including : (1) All railroad owned by the Erie Railroad Company. (2) The N. Y., P. & O. R. R., or securities thereof, when acquired. (3) All property and securities acquired with the bonds reserved for new construction, etc., and with the bonds reserved to acquire all outstanding stocks and bonds, as hereinafter set forth. (4) Stocks and bonds pledged as indicated below, viz.: $12,722,- 700 stocks and $13,306,200 bonds: stocks. Name of Company. Total Capital. Am’t Pledged. Arnot & Pine Creek R. R. . . . . . . . . $255,000 $255,000 Bergen County R. R. . . . . . . . . . . . . . . . . 200,000 200,000 Bergen & Dundee R. R. . . . . . . . . . . . . . 40,000 40,000 Blossburg Coal Co. . . . . . . . . . . . . . . . . . . 1,000,000 1,000,000 Buffalo, Bradford & Pittsburg R. R. . 2,286,400 2,189,900 Buffalo Creek R. R. . . . . . . . . . . . . . . . . . 250,000 125,000 Buffalo, N. Y. & Erie R. R. . . . . . . . . . . 950,000 823,800 Chicago & Erie R. R. . . . . . . . . . . . . . . . . 100,000 100,000 Cleveland & Mahoning Valley R. R... 3,000,000 -- Elmira State Line R. R. . . . . . . . . . . . . . 90,200 61,000 Goshen & Deckertown... . . . . . . . . . . . . . 96,190 -- Hillside Coal & Iron Co.. . . . . . . . . . . . . 1,000,000 1,000,000 Jefferson R. R. . . . . . . . . . . . . . . . . . . . . . . 2,095,450 2,095,450 Long Dock Co. . . . . . . . . . . . . . . . . . . . . . 800,000 800,000 Middletown & Crawford R. R. . . . . . . . 122,200 80,000 Montgomery & Erie R. R. . . . . . . . . . . . 150,000 -- Newark & Hudson R. R. . . . . . . . . . . . . 250,000 250,000 Newcastle & Shenango Valley R. R. . . 145,750 - - N.Y., L. E. & W. Dock & Imp. Co. . . . . 604,000 604,000 Northwestern Mining & Ex. Co. . . . . . 500,000 500,000 Paterson, Newark & N. Y. R. R. . . . . . 250,000 250,000 Pavonia Ferry Co. . . . . . . . . . . . . . . . . . . 100,000 100,000 Rochester & Genesee Valley R. R... . . 405,800 - - Sharon R. R. . . . . . . . . . . . . . . . . . . . . . . . 453,350 - - Suspension Bridge & Erie Junc. R. R. 500,000 499,200 Tioga R. R. preferred . . . . . . . . . . . . . . . 189,700 189,700 do. Common . . . . . . . . . . . . . . . . 391,200 390,900 Union Steamboat Co.. . . . . . . . . . . . . . . . 1,000,000 1,000,000 Union Dry Dock Co. . . . . . . . . . . . . . . . . 150,000 150,000 Conesus Lake R. R. . . . . . . . . . . . . . . . . 19,100 18,750 Total. . . . . . . . . . . . . . . . . . . . . . . . $17,394,340 $12,722,700 BONDS Int., Principal Total Amount Title. Date. Ratex. Payable. Issue. Pledged. Buffalo, Brad. & Pitts. R. R. . . . . 1865 7 Ja 1896 $580,000 $185,000 Chic. & Erie R. R. inc. bonds... 1890 5 O 1982 10,000,000 9,776,000 Middletown & Crawford R. R... 1871 4 Ap 1921 66,000 57,200 Newark & Hudson R. R......... 1871 7 S 1901 250,000 250,000 N.Y., L. E. & W. D. & Imp. Co., 1883 6 J1 1913 4,000,000 604,000 N. Y. L. E. & W. Coal & R. R. Co. 1882 6 My 1922 3,000,000 1,900,000 Paterson & Newark R. R....... 1868 7 -- 500,000 499,000 Susp, Bridge & Erie Junc. R. R., 1870 7 J1 1900 1,000,000 35,000 Total................................................... $13,306,200 In respect to these stocks and bonds, it may not be amiss to ex- plain that they represent railroad lines which are an integral part of the Erie system, and also coal lands and other properties of the greatest value and essential to the Erie Company. All of the companies named above whose stocks have not been pledged as collateral under this mortgage, are secured to the Erie (mostly through the N. Y., P. & O.), by long leases. Zºhere are now outstanding on various parts of the Erie system, divisional and other mortgage liens, aggregating $79,918,000, which of course have liens superior to that of the new prior lien and general lien bonds on the properties covered by such old issues, but provision º * º February, 1896.] 70 Stock Exchange Listings. Žas been made for their retirement at maturity by the use of new gen- eraſ ſten bonds as explained below. Z'here are also outstanding $1,000,000 second lien bonds, made by this company on the branch Aetween Buffalo and Jamestown, A. Y., which are not intended to We retired by the use of general lien bonds, but will continue as a sep- arate lien on that particular line. The following is a complete list of the $79,918,000 bonds now outstanding, and of these bonds the AErie Company agrees to pay at maturity, or to acquire and pledge under the new mortgage, all of those mentioned below in Sections I., II. and IV., as per terms of the mortgage, Article 2, Section I. 1. –ON PARTS OF PRESENT ERIE RAILROAD COMPANY : Bonds. Principal. Date of Mat'y. New York & Erie first mortgage....7s, $2,482,000 May 1, 1897 do. second do. . . . .5s, 2,149,000 Sept. 1, 1919 do. third do. . . .45s, 4,617,000 Mar. 1, 1923 do. fourth do. ... . .5s, 2,926,000 Oct. 1, 1920 do. fifth do. . . . .4s, 709,500 June 1, 1928 do. Buff. Branch mtg.4s, 182,600 July 1, 1921 Erie Railway first consolidated do. 7s, 16,891,000 Sept. 1, 1920 do. do. fund. coup. bas. 7s, 3,705,977 Sept. 1, 1920 Newburg & N. Y. first mortgage. . .5s, 250,000 Jan. 1, 1929 Buffalo & Southwestern do. ..6s, 1,500,000 July 1, 1908 Lockport & Buffalo do . .7s, 140,000 Oct. 1, 1897 II.-ON LINES OF WHICH SUBSTANTIALLY ALL THE STOCK IS OWNED : Bonds. Principal. Date of Matly. Long Dock Co. . . . . . . . . . . . . . . . . . . . 6s, $7,500,000 April 1, 1935 Buffalo, New York & Erie R. R. . . .7s, º June }. #! ſ S, 204,000 July 1, 19: Honesdale Branch R. R. . . . . . . . 6s, 96,000 }; 1, 1927 Jefferson Branch R. R. . . . . . . . . . . .5s, 2,800,000 Jan. 1, 1909 Buffalo, Bradford & Pittsburg R. R.7s, 395,000 Jan. 1, '96* Bergen County R. R. . . . . . . . . . . . . . 6s, 200,000 April 1, 1911 N.Y., L. E. & W. Docks & Imp. Co..6s, 3,396,000 July 1, 1913 N.Y., L. E. & W. Coal & R. R. Co. . .6s, 1,100,000 May 1, 1922 Suspension Bridge & Erie Junc. R. R.7s, 965,000 July 1, 1900 Blossburg Coal Co. . . . . . . . . . . . . . . . 5s, 400,000 Nov. 1, 1915 Tioga R. R. first mortgage. . . . . . . . . 5s, 239,500 Nov. 1, 1915 do. Tioga Extension. . . . . . 7s, 265,000 Oct. 1, 1905 do. third rail. . . . . . . . . . . . .7s, 125,000 Nov. 1, 1896 do. Elmira State Line. . . . . 7s, 160,000 Oct. 1, 1905 Chicago & Erie R.R. Co. first mtg..5s, 12,000,000 May 1, 1982 Terminal Bonds C. & A. R. R. Co.. 3s, 300,000 July 1, 1918 * Paid, but new General Lien Bonds not yet issued in place thereof. III.-on LEAsed LINEs or LINEs PARTly controlled BY STOCK : Bonds. Principal. Date of Mat'y. Montgomery & Erie R. R. . . . . . . . . 5s, $130,000 May 1, 1926 do. do. . . . . . . . . . 5s, 40,500 Oct. 1, 1927 Goshen & Deckertown R. R. . . . . . . 6s, 186,500 July 1, 1928 do. do. . . . . . . . 6s, 60,000 Nov. 1, 1929 Middletown & Crawford R. R. . . . .44s, 8,800 April 1, 1921 IV.-ON N. Y., P. & O. Bonds. Principal. Date of Maturity. New York, Pennsylvania & Ohio. 43s, $8,000,000 Mr. 1, 1935. (This is in addition to the mortgage now being foreclosed and those junior thereto.) V.-ON LEASED LINES OF N. Y., P. & O. Bonds. Principal. Date of Maturity. . Clev. & Mah'g Val. first con. mtg. 5s, $3,000,000 Jan. 1, 1938 Sharon first mortgage. . . . . . . . . . . .44s, 164,000 June 1, 1919 Newcastle & Shenango Val. 1st mtg. 6s, 250,000 July 1, 1917 It may be stated with substantial correctness that the first con- solidated mortgage deed of the Erie Railroad Company is, either by. mortgage or by collateral trust, a first lien upon the company's principal coal properties, upon its water transportation lines, including valuable terminal properties appurtenant thereto, and upon a number of profitable local lines in New Jersey and near Buffalo ; a second Wien (subject only to some of the divisional mortgages mentioned under the heading II.) upon the remaining coal properties and upon the railroads leading to all the coal properties, upon the terminals at Jersey City, upon the Buffalo, New York & Erie Railroad (the main line to Buffalo) and the Buffalo terminal properties other than those upon which it is a first lien, and upon the entire line from Salamanca to Chicago; and a consolidated mortgage upon the lines of the original Erie Railway, between Piermont and Dunkirk. It may not be generally known that no part of the Erie proper is located in New Jersey. What is now the main line to Jersey City connects with the old main line at Suffern, N.Y., and thence reaches Jersey City, Weehawken and New York by the following controlled companies, viz.: Paterson & Ramapo, | Two small lines Paterson and Hudson River, leased in perpetuity. Paterson, Newark and New York, Newark and Hudson, Bergen County, Long Dock Company, N. Y., L. E. & W. Docks & Impt. Co., By a reservation of bonds, as explained below, for the retire- ment of the $79,918,000 outstanding bonds, the new mortgage is intended ultimately to become a first mortgage on the entire prop- erty of the company, except as to $1,000,000 bonds on the Buffalo and Southwestern Branch. Of the bonds secured by the new mortgage- $35,000,000 are Prior Lien Bonds, and bear interest from Jan- uary 1, 1896, at 4 per cent. per annum (interest pay- able January and July). 140,000,000 are General Lien Bonds, subordinate and subject in lien to the Prior Lien Bonds, and bear interest from July 1, 1896, at 3 per cent, for two years, and 4 per cent, thereafter (interest payable January and July). The earnings from 1889 to 1895 have been approximately as All of whose stocks are pledged under the new mortgage. follows: Year ending. . . . . . Sept. 30, 1887. Sept. 30, 1888. Sept. 30, 1889. Earnings. . . . . . . . . $27,957,909.12 $28,330,073.74 $28,345,498.67 Expenses......... 19,026,214.69 19,351,363.93 19,206,292.54 $8,931,694.43 $8,978,709,81 $9,189,201.13 Year ending. . . . . . Sept. 30, 1890. Sept. 30, 1891. Sept. 30, 1892. Earnings. . . . . . . . . $30,428,768.46 $33,877,954.71 $35,239,692.67 Expenses. . . . . . . . . 20,986,893.51 23,837,754.42 25,556,820.94 $9,441,874.95 §10,040,200.29 $9,682,871.73 Year ending. . . . . . Sept. 30, 1893. Sept. 30, 1894. Sept. 30, 1895. Earnings. . . . . . . . . $34,194,853.98 $28,813,513.02 S29,207,044.00 Expenses. . . . . . . . . 23,899,233.06 21,430,399.43 22,207,987.00 $10,295,620.92 $7,383,113.59 $6,999,056.00 These figures must be varied each year according to the re- sults of the operations of the coal companies operated by the Erie, and also according to revenue derived from one or two other sources. The ascertainment of exact results is therefore very difficult; but, making all such allowances (and also assum- ing $400,000 per annum as the net revenue of the Chicago & Erie during the years when it was not operated for the Erie), it is be- lieved that the following statement of real net earnings, from all sources, is conservative, viz.: 1887.... .39,350,000 | 1890..... $9,650,000 1888. . . . . 9,350,000 | 1891. . . . . 9,850,000 | 1894..... 7,400,000 1889. . . . . 9,550,000 | 1892..... 9,450,000 | 1895..... 7,100,000 The company's first balance sheet is now in course of prepara- tion, and a copy will be furnished in the course of a few weeks. The net earnings for 1895 might properly be stated at a larger sum, but owing to the lack of other funds the receivers have had to treat certain payments for new equipment and other like items as a part of operating expenses. The net earnings from 1887– 1892, inclusive, include an average of perhaps $750,000, derived from Lehigh Valley trackage and other sources now discontinued, but the growth of business in other directions is now largely, if not entirely, offsetting this item. - The fixed charges of the Erie Railroad for the next two years will be approximately, in all, $7,560,000. Thereafter, the interest on the General Lien Bonds will be increased $300,000, to which, of course, must be added interest on such moderate expenditures for capital account as may be made from year to year, for which bonds are reserved as stated below. Included in the new fixed charges is interest on some $5,000,000 intended to be spent in im- proving and adding to the property. This expenditure is ex- pected to enable the company to increase its business and also to transact it with greater economy than heretofore. Of the Prior Lien Bonds– $15,600,000 have been issued for the purposes of the reorgani- zation, viz.: About one-half to pay off Receiver's and other preferential debts on the property of the old company, and about one-half to provide for car trusts of early maturity and to supply the company with a cash fund, estimated at $5,000,000, for use in adding to and improving its property, $687,500 of this fund having already been spent for 1,000 new cars. The cash from which this construction fund is expected to come is now in the hands of the Re- organization Committee, and they will account for same according to the provisions of the plan of re- organization. 1893. . . . .310,050,000 80 The Bond Record. - [Vol. IV. 14,400,000 are reserved for use in acquiring the N. Y., P. & O. through the forthcoming foreclosure sale. 5,000,000 are reserved 1st, for enlargement and improvement of terminal facilities, including elevation of tracks or other improvement of crossings at Jersey City, Buffalo and elsewhere; 2d, additional wharf facilities of New York or Jersey City; 3rd, purchasing addi- tional equipment; 4th, reducing grades and construct- ing double track. This reservation is in addition to the $5,000,000 cash mentioned above. $35,000,000 Of the General Lien Bonds– $30,927,000 have been or will be issued for the purposes of the reorganization, mainly in exchange for old securities. 79,918,000 are reserved to take up all existing bonds on the en- tire system. 8,063,000 are reserved to acquire all outstanding stocks of pro- prietary and leased lines. 4,092,000 are reserved to provide for all equipment obligations of the N. Y., P. & O. R. R., and those of the Erie maturing after November 1, 1898 (those of earlier maturity being provided out of the cash fund). 17,000,000 are reserved for new construction, etc., to be issued at the rate of not over $1,000,000 per annum. The provisions for the use of these bonds are guarded with especial care. If necessary, in connection with the reorganization, $2,000,000 of these bonds may be called for by the Reorganization Committee at any time prior to January 1, 1898, but it is not now anticipated that any such call will be necessary. $140,000,000 The capital stock of the company is: $30,000,000 in 4 per cent. non-cumulative first preferred shares of $100 each. 16,000,000 in 4 per cent. non-cumulative second preferred shares of $100 each. 100,000,000 in common shares of $100 each. All the stock, both preferred and common, except 100 shares of common, is deposited with and held by J. Pierpont Morgan, Louis Fitzgerald and Sir Charles Tennant, Bart., as Voting Trus- tees, under an agreement dated January 1, 1896, which provides that “no stock certificates shall be due or deliverable hereunder before December 1, 1900, nor until the expiration of such further period, if any, as shall elapse before the Erie Railroad Company, in one year, shall have paid 4 per cent. cash dividends on its first preferred stock; but the Voting Trustees, in their discretion, may make earlier delivery.” Until the time for delivery of stock certificates, the Voting Trustees issue “Voting Trust Certificates" as usual. The Officers of the Erie Railroad Company are: President, Eben B. Thomas, New York; Second Vice-President, W. F. Mer- rill, New York; Third Vice-President, A. Donaldson, New York, Fourth Vice-President, G. G. Cochran, New York; Secretary, J. A. Middleton, New York; Treasurer, Edward White, New York. The Directors are: Temple Bowdoin, New York; C. H. Coster, New York; J. H. Emanuel, Jr., Brooklyn; A. H. Gillard, Brook- lyn; A. B. Hopper, New York; T. W. Joyce, Brooklyn; W. S. Kemeys, New York; J. P. Morgan, Jr., New York; Francis Lynde Stetson, New York; Mortimer F. Smith, Brooklyn; W. S. Townsend, Brooklyn; J. H. Tierney, Jamaica, N. Y.; Eben B. Thomas, New York. Changes in this board are contemplated at an early date. Application will be made later for the listing of General Lien Bonds, and of Voting Trust Certificates for stock. A-1784. Union Pacific Railway Company Reorganiza- tion Committee Mercantile Trust Company Engraved Cer- tificates of Deposit for $1,391, ooo Union Pacific Railway Company Extended Sinking Fund Eight per Cent. Gold Bonds, and $31,964, ooo Capital Stock, admitted to the list, and amount of securities on list reduced accordingly. Also that the Committee on Listing be empowered to add to the list from time to time additional Certificates of Deposit as officially notified that further amounts have been issued. There are now deposited with the different depositaries desig- nated by the agreement $1,391,000 of the Sinking Fund Eight per Cent. Bonds and 319,640 shares of the Stock. “No call has been made under the proposed assessment of $15.00 per share, and is not likely to be made until the plan is declared operative.” PHILADELPHIA STOCK EXCHANGE. The Southwestern Arkansas & Indian Territory Railroad Company and Smithton Lumber Company, $200,ooo First Mortgage 6 per Cent. Gold Bonds. Coupon, with privilege of registration of principal, Nos. I to 200, both inclusive, for $1,000 each; both principal and interest payable in gold, free of tax, at the office of the Farmers' Loan and Trust Company, New York City, the Trustees under the mortgage. Ap. & O. Due October, 1915. The Southwestern Arkansas & Indian Territory Railroad Com- pany was incorporated June 10th, 1884, under the laws of the State of Arkansas, being organized for the purpose of building and operating a railroad in the State of Arkansas and Indian Territory. - The property of the company consists of a standard gauge rail- road, located in Pike and Clark Counties, Arkansas. The road completed and in operation extends from Hebron, Clark County, to Antoine, Pike County, a distance of thirty-four miles, crossing the St. Louis & Iron Mountain Railroad at Smithton, Arkansas. An extension is now being built from Antoine, west, to Murfrees- boro, of which there is now graded five miles. Construction: Standard gauge with 40, 48 and 56-pound steel rails. Equipment: 2 locomotives; 1 passenger coach; 1 baggage . car; 2 box cars; 5 platform cars; 1 pile-driver and engine; four hand cars; 3 push cars and 20 log cars. The Smithton Lumber Company was incorporated March 20th, 1888, under the laws of the State of Arkansas, organized for the purpose of buying, owning and selling real estate; manufactur- ing, buying and selling lumber and carrying on a general mercan- tile business. The property consists of about 20,000 acres of agricultural and timber lands, which contains over 40,000,000 feet of pine timber; also stores, mills, and other improvements. The authorized issue of the First Mortgage Bonds, issued jointly by both companies for the purpose of funding the debts of the railroad company, amounting to $41,960, and debts of the lumber company amounting to $60,968, balance issued for the purpose of extension of railroad, new equipment, stations, etc., and improving and increasing capacity of mills and developing the timberlands, etc., of the lumber company. The payment of the principal and interest is secured by a Mortgage or Deed of Trust dated October 1st, 1895, executed and delivered by the Southwestern Arkansas & Indian Territory Railroad Company and the Smithton Lumber Company, jointly, to the Farmers' Loan and Trust Company, Trustees under the Mortgage, con- veying to the said Trustees all the property, rights, privileges, franchises, etc., of both companies, as described in said Mortgage or Deed of Trust. Sinking Fund : Commencing October 1st, 1897, the companies shall set aside annually the sum of $10,000, which amount the Trustees shall apply to the purchase of said First Mortgage Bonds at 105 and accrued interest, bonds to be drawn by lot, provided none are offered or cannot be purchased in the market at a less price. Capital stock, Railroad Company, authorized, $1,400,000; amount issued, $359,950; par value $25; full paid. Lumber Company, authorized, $100,000; par value $100; full paid ; all issued. Funded debt, above described $200,000 First Mortgage Bonds, issued jointly on both properties. Floating debt, Railroad Company, $40,000; Lumber Company, $10,000 Principal offices, Smithton, Arkansas. Germantown Real Estate Deposit and Trust Company, $3oo, ooo Capital Stock—3ooo shares; par value $100, full paid; registered with the Land Title and Trust Company. Authorized capital $300,ooo, full paid; all issued. Divi- dend periods May and November; last dividend, $2.oo per share, November 1, 1895. No funded or floating debt. This company was incorporated July 22, 1889, under the laws of the State of Pennsylvania, and was organized for the purpose of insuring titles to real estate; to receive and hold on deposit and in trust and as security, estate, real and personal; to make insurance for fidelity of persons holding places of responsibility and trust; to receive and hold on deposit jewelry, plate, stocks, bonds, etc.; to act as assignees, receivers, guardians, executors, administrators, registrars, etc., etc. º ". • * º DOCUMENTS. NEW GOVERNMENT LOAN. 23 WALL STREET, New York City, Jan. 14, 1896. GENTLEMEN:—In sending you formal notice of the dissolution of the United States Bond Syndicate in which you have co- operated, it is proper that I should make some statement showing why the Syndicate was formed, what action has been taken on its behalf, and why it is now dissolved. On the 23d of December last, I was invited to Washington for a conference. During my visit there, as I have verbally stated to everyone who has conferred with me on the subject, no negotia- tions for a loan were commenced or even suggested, nor was there then or since any agreement or request that I should take any steps preparatory to making a contract. The result of my visit was that I came to the following con- clusions: Aïrst.—That the President and Secretary of the Treasury were determined to use every power at their command to restore and maintain the gold reserve. Second-That no steps would be taken or even any preparatory negotiations commenced until it was ascertained what action, if any, Congress would be likely to take in response to the appeal of the President for adequate and improved means for making such restoration. Zºhira.-That the Executive Department would prefer, if possi- ble, to secure $200,000,000 of gold in order to avoid any probable necessity for a similar negotiation before the meeting of the new Congress in 1897. Aourth-That it was absolutely certain that no adequate relief could be obtained from Congress, and that no Bill could be passed through the Senate for the improvement of the mone- tary system of the country. Upon my return, appreciating to the full the gravity of the situation, and keenly alive to the fact that early action was essen- tial, and in order that I might be prepared, if called upon, to act promptly, I took steps to ascertain to what extent it would be possible to secure the co-operation of capitalists, institutions and others in forming a Syndicate which would agree to sell to the United States Government $200,000,000 of gold coin. In my efforts, while far from sanguine as to the result, the ready acquiescence of James Stillman, Esq., President of the National City Bank, New York; Edward D. Adams, Esq., with full power representing the Deutsche Bank of Berlin, Germany; John A. Stewart, Esq., President United States Trust Company; Pliny Fisk, Esq., of Messrs. Harvey Fisk & Sons, and others, to all of whom I am deeply grateful, encouraged me to proceed. The contract, as prepared and signed by the participants, did not stipulate whether the purchase should be by private contract or by public offer. The only proviso (in addition to the important one that no gold should be withdrawn from the Treasury) was that the minimum amount of the contract should be $100,000,000 and the maximum the full amount of participations which might be secured before it became necessary to act, not exceeding $200,000,000. The applications for participation far exceeded my expecta- tions. At the end of three or four days the total of $200,000,000 was reached, and I had in my hands full authority which would enable me, whenever and however the Executive might decide to act, to secure that amount of gold for the Treasury reserve in exchange for United States bonds. The participants may be divided into four classes: First.-Institutions, banking firms and others, in Europe, who were prepared, if necessary, to ship the amount of their par- ticipation in gold to this side. Second-Banks, saving banks, trust companies and private indi- viduals throughout the United States in possession of the actual gold coin who desired to secure bonds, either for investment or as a basis for national bank circulation. Zºhird-Banks in New York, Chicago, Boston, Philadelphia, Cincinnati and other cities in possession of gold, who, with- out necessarily desiring bonds for investment, were willing to aid in the movement to sustain the Treasury reserve, and exchange their gold for United States bonds, expecting afterwards to sell the same in the market. Fourth.-Institutions, banking firms and others, who, without being in possession of the actual gold, were willing and able to obtain that gold at whatever cost, for deposit with the Treasury in payment for bonds, provided the movement con- templated could be carried out. I may add for your information that the $200,000,000 participa- tions were about equally divided between the four classes indicated. - The formation of the Syndicate being completed, I commenced negotiations for the permanent placing of a portion of the loan by public issue in Europe, should a contract with the Government be made. - The London market was unfortunately closed to us, owing to causes to which I need not refer. I therefore, through the Deutsche Bank, Berlin, and Messrs. Morgan, Harjes & Co., Paris, opened negotiations for public issues in Germany, France, Hol- land, Belgium and Switzerland, which negotiations were practi- cally concluded, and, had it been possible to proceed further, doubtless a very large amount in bonds of small denominations would have found a permanent place in those countries, to the great advantage of every interest. After waiting a few days for some announcement or invitation from Washington, and realizing that every day's delay was serious in the face of the growing tension in financial affairs, on Saturday, January 4th, I sent by messenger the following letter to the President: 219 MADison Ave., New York, January 4, 1896. To the President, Washington, D. C. SIR:—It is with great hesitation that I venture to address you in relation to the present financial situation. As you are doubtless well aware, financial affairs are ap- proaching a serious crisis, and the tension to-day is extreme; and, whilst no outward evidences have developed, we are likely at any moment to reach the point and consequences which it will then be too late to remedy. The gravity of the situation must be my excuse. The most important step at the moment is the restoration of Government credit by replacing the gold reserve in the Treasury beyond question. This once accomplished, confidence both at home and abroad in the stability of our currency will be restored. After my recent visit to Washington I became convinced that any legislative action to improve the methods at the disposal of the Executive was unlikely ; in fact, impossible. I therefore took steps to ascertain whether it would be possible to obtain the co- operation of parties at home and abroad to an extent that would enable me to negotiate a contract with the Government for the sale of 11,500,000 ounces of gold, approximating 200,000,000 of dollars, on about the basis of the contract of February 8, 1895. In this effort I have been successful, and am now in a position to make such a contract for the full amount. I do not hesitate to affirm, in fact to urge, that such a contract would in every way be for the best interests of the Government and the people, and would be followed by less derangement of the money market, of trade, in fact of all interests, including foreign exchanges, all of which, until recently were in such an increas- ingly prosperous condition, and I urge your serious consideration of such a contract. At the same time I recognize the effect of legislation which has been proposed, and the discussions there- upon in both Houses of Congress, all of which might lead you to hesitate to make a private contract, and, consequently, in view of the gravity of the situation, I feel bound to say that, if, after a 82 The Bond Record. [Vol. IV. conference, in which I can more fully lay the matter before you, and without expressing any confidence in such a mode of proced- ure in face of previous failures of similar attempts, but recog- nizing as I do that the responsibility of decision lies with you, I pledge to you every influence and effort in my power to assist the Government in its endeavor to make successful a negotiation by public advertisement which shall result in the sale to the Treasury of 11,500,000 ounces United States Gold coin ($200,000,000), and further, I will, so far as I possibly can, take such steps as will en- able the Syndicate which I represent to join in making the nego- tiation successful to its full amount. Awaiting the indications of your pleasure, I remain, respectfully yours, J. PIERpoNT MoRGAN. On Monday, January 6th, the call for public bids for bonds to the extent of $100,000,000 was issued by the Secretary of the Treasury. The amount of bonds thus offered made the Syndicate contract (owing to the minimum therein fixed) available only to bid “for all or none.” I should be unwilling to make such a bid under present circumstances, as I might thus seem to present for con- sideration by the Secretary of the Treasury the throwing out of smaller bids made in good faith under a public call. The only emergency which would justify such a course would be the fail- ure of the public to respond to the call of the Government. Under these circumstances I at once decided to dissolve the Syndicate. It has, however, been necessary to delay this action up to the present time, as every financial interest required the protection afforded by the knowledge that the Syndicate was in existence prepared to make the loan a success under all circumstances; but happily this necessity does not exist any longer. The subscriptions by individuals and others, including many of the Syndicate whom I have encouraged to subscribe, from present indications, will ensure the complete success of the issue. I therefore feel that the time for announcing the dissolution of the Syndicate has arrived, and an official notice to that effect has been issued. I feel perfectly satisfied that there is no question as to the success of the loan. I desire to sustain the Executive to the fullest extent in his en- deavors to maintain sound currency and the credit of the country, for which every loyal citizen should hold him in honor. My firm will gladly assist any party desiring to subscribe under the present call, and will join with those prepared to take any amount that may not be desired by smaller investors. I feel sure, should it hereafter appear desirable to make such a bid, that you will gladly co-operate with them in such action, either individually or otherwise. Thanking you for the confidence reposed in me, for which I shall ever be grateful, I am, very truly yours, J. PIERpoNT MoRGAN. INVITING PROPOSALS FOR FOUR PER CENT. BONDS. TREASURY DEPARTMENT, OFFICE of THE SECRETARY, 1896. Department Circular No. 3. Division of Loans and Currency. WASHINGToN, D. C., January 6, 1896. Notice is hereby given that sealed proposals will be received at the office of the Secretary of the Treasury, at Washington, D.C., until 12 o'clock M., on Wednesday, the 5th day of February, 1896, for the purchase of one hundred million dollars ($100,000,000) of United States four per cent, coupon or registered bonds, in denominations of fifty dollars ($50) and multiples of that sum, as may be desired by bidders. The right to reject any or all bids is reserved. The bonds will be dated on the first day of February, 1895, and be payable in coin thirty years after that date, and will bear interest at four per centum per annum, payable quarterly, in coin, but all coupons maturing on and before the first day of February, 1896, will be detached, and purchasers will be required to pay in United States gold coin, or gold certificates, for the bonds awarded to them, and all interest accrued thereon after the first day of February, 1896, up to the time of payment for the bonds. Payments for the bonds must be made at the Treasury of the United States at Washington, D. C., or at the United States sub-treasuries at New York, Boston, Philadelphia, Baltimore, Cincinnati, Chicago, St. Louis and New Orleans, and they may be made at San Francisco with exchange on New York, and all bids must state what denominations of bonds are desired, and whether coupon or registered and at what place they will be paid for. Payments may be made by installments, as follows: twenty per cent. (20 per cent.) and accrued interest upon receipt of notice of acceptance of bids, and twenty per cent. (20 per cent.) and accrued interest at the end of each ten days thereafter; but all accepted bidders may pay the whole amount at the date of the first installment, and those who have paid all installments pre- viously maturing may pay the whole amount of their bids at any time, not later than the maturity of the last installment. The bonds will be ready for delivery on or before the fifteenth day of February, 1896. Notice is further hereby given that if the issue and sale of an additional or different form of bond for the maintenance of the gold reserve shall be authorized by law before the fifth day of February, 1896, sealed proposals for the purchase of such bonds will also be received at the same time and place, and up to the same date, and upon the same terms and conditions herein set forth, and such bids will be considered as well as the bids for the four per cent bonds herein mentioned. J. G. CARLISLE, Secretary of the Zºreasury. SUBSCRIPTION TO FOUR PER CENT. BONDS. TREASURY DEPARTMENT, OFFICE of THE SECRETARY, 1896. Department Circular No. 6. Division of Loans and Currency. WASHINGTON, D. C., January 9, 1896. In subscribing for the new four per cent. bonds under the circular of January 6, 1896, the annexed form should be fol- lowed. The blank may be detached, filled up, and addressed to the Secretary of the Treasury. The subscriber should state plainly the amount of bonds desired, the price which he proposes to pay, and the place where the bonds should be delivered, which may be the subscriber's home or any other more convenient place. He should at the same time state whether he desires to deposit the amount of his subscription at the Treasury Department in the city of Washington, or at one of the following sub-treasuries, viz.: New York, Boston, Philadelphia, Baltimore, Cincinnati, Chicago, St. Louis, New Orleans or San Francisco. Deposits at San Francisco must be with exchange on New York. The bonds will be issued in the following denominations, viz.: Coupon bonds, $50, $100, $500, and $1,000; registered bonds, $50, $100, $500, $1,000, $5,000, and $10,000. Subscribers should, if practicable, state in their proposals the denominations of the bonds desired and whether they should be coupon or registered ; but if at the time of offering the subscription the kind and denomination of the bonds desired can not be stated, the subscriber may defer giving that information until he is notified that his proposal is accepted. Gold certificates will be received the same as gold coin in payment of subscriptions, but no payment should be made by any subscriber until he has been notified by the Secretary that his subscription has been accepted. February, 1896.] 83 Currency Reform. Additional copies of the annexed form of proposal may be had upon application to the Secretary of the Treasury. J. G. CARLISLE, Secretary of the Zºreasury. Envelopes should be plainly marked: “Proposals for four per cent. bonds.” I hereby propose, under the terms of your Circular of Janu- ary 6, 1896, to purchase U. S. four per cent, thirty-year bonds described in said Circular, of the face value of.…. --- dollars, and I agree to pay therefor at the rate of ---------------------- and accrued interest per $100. I further agree upon due notice of the acceptance of this subscrip- tion to deposit the amount thereof in gold coin or gold certificates with the U. S. Assistant Treasurer at - in accordance with the terms of said Circular. I desire (registered or coupon) bonds, in denominations as stated below, and I wish them to be delivered to me at To the SECRETARY of the TREAsury. COUPONS. REGISTERED. 50 $ _ || 50 s 100 $ 100 $ 500 $. | 500 $ 1,000 $ 1,000 $ __ - 5,000 $. 10,000 $ ADDITIONAL CIRCULAR. SUBSCRIPTION TO FOUR PER CENT. BONDs. TREASURY DEPARTMENT, 1890. - - - - -- - Department Circular No. 12. OFFICE or the Secretary, Division of Loans and Currency, WASHINotox, D.C., January 15, 1896. Treasury Circular (No. 3, 1896), dated January 6, 1896, in viting proposals for the purchase of one hundred million dollars ($100,000,000) of United States Four Per Cent. Bonds, is hereby so modified that, after the payment of the first installment of twenty per cent. with accrued interest, as required in said circu- lar, the remainder of the amounts bid may be paid in install- ments of ten per cent. (10 percent.) each and accrued interest, at the end of each fifteen days thereafter ; but all accepted bidders may pay the whole amount of their bids at the time of the first installment, and all accepted bidders who have paid all install- ments previously maturing may pay the whole amount of their bids at any time not later than the maturity of the last install- ment. Accepted bidders who pay the whole amount at the time of the first installment, or at any date thereafter, as above provided, will be entitled to receive, at the date of the payment, the whole amount of bonds awarded to them, and accepted bidders who pay by installments will be entitled to receive, at the dates of such payments, the amount of bonds paid for. J. G. CARLISLE, Secretary of the 7"reasury. CURRENCY REFORM. * * * * It is not difficult to indicate the necessary remedial measures which the public have a right to expect from Con- gress at the present session. There stands out, as of first and paramount importance, the necessity of preserving, without possibility of future disturbances, the existing stand- ard of prices and contracts. All tampering with the stand- ard should be as much dreaded as Asiatic cholera. It is high time we quarantined ourselves against this form of monetary disease. The problem reduces itself simply to one of redemption. The task of maintaining the parity of our various kinds of money-greenbacks, silver coin, silver certificates, Treasury notes of 1890—is not impossible, if we wish to undertake it. The trouble is that the silver group in the Senate and House do not really wish parity maintained. They may hope to accomplish all the results of a free-coinage measure and bring us to a silver standard without further legislation, by preventing the replenishment of the gold reserve in emer- gencies like the present. But the Secretary is still provided with the powers of the original Resumption Act of 1875, and can sell bonds for gold. If Congress, by new legislation, will not give more salable bonds, then the old methods will still remain. A bold and aggressive policy, however, is needed to restore our shattered confidence in the fixity of the standard. A few millions more or less of gold will not suffice; a reserve large enough to drive doubt out of the most sceptical mind should be procured, and that without delay. If I might be permitted to indicate the necessary monetary measures, they would be the following:— I. Provision for full and sufficient gold reserve of at least $200,oooooo, by sale of bonds. 2. Notice of the redemption on demand, in gold, of any and all kinds of government paper and silver money at nu- merous cities in different parts of the United States. 3. The cancellation of all notes redeemed. The repeal of the Act of May 31, 1878, forbidding the retirement of United States notes. 4. If notes are called for, the issue of new notes only on deposit of gold, dollar for dollar, in the Treasury. Under such a system, whenever the currency is redun- dant, it will automatically contract itself. If there is any possible doubt of redemption, and of the value of the cur- rency in circulation, continuous and prompt redemption will remove it. Then, according to a familiar principle of human nature, when every one can get gold, no one will call for it. And such a scheme would, so long as redemp- tion was unquestioned, ensure the fixity of our standard. It should be noticed, also, that the depression of trade in- cident to the panic of 1893, and a part of the consequences of our insane silver agitation, has made opportunities of investment less favorable in the United States and lowered the rate of interest. Consequently, floating capital will not remain in New York when it can be more profitably em- ployed (risk being considered) elsewhere. So the movement of capital away from our country, and the consequent dim- inution of means to hire labor, shows itself behind the ten- dency of gold to leave us; for such capital must go in the form of gold. Could we have certainty as to our standard and growing prosperity for industry, the rate of interest would rise, and there would be less pressure to send capital out of the country. Then it would be easier to maintain 84 - The Bond Record. [Vol. IV. intact our gold reserves.—J. Laurence Laughlin, Head Pro- fessor of Political Economy, Chicago University, in The Porum, February, 1896. * * * * The average life of a note of the Bank of England, from the date of its issue, newly engraved and signed, to that of its return to be burned, is said to be only four days, though a definite portion of all the notes remains out many months. During that brief average life it far more than pays for its cost of production. Indeed, its cost of produc- tion bears no proportion whatever to its utility. But it is said the Bank of England note is finally redeemed. Fortunately for the British Empire, this is exactly what does not occur. The Bank of England note (to the extent of the first A 17,oooooo or so of the issue of notes) is only redeemed by being circulated and taken at par from all the holders thereof except the last, viz., the Bank itself, In the Bank's hands it represents the perpetual unredeemed and irredeemable debt owed by the kingdom of England to the Bank, on which the principal will probably never be paid until the Bank itself is wound up and retired from business. Indeed, for the government to pay off this debt would destroy the very basis on which the Bank issues the note. But the note is the typical currency of the kingdom, the initial source of the deposits, including the deposits of gold, and the pivot of all the Bank's utilities and powers. Without it the Bank could not be the fiscal agent of the government, the impe- rial treasury of the kingdom, the source and regulator of the currency, the central magnet which draws to itself the world's gold, the governor of rates of interest and of produc- tion and the mediator and averter of panics, the source of coin redemption for all the banks in the kingdom, the clear- ing-house of the world's exchanges, or the throne-room of the world's finances. The Bank of England note, therefore, stands as truly for a perpetually unpaid debt as the notes of the American Col- onies, but it represents a debt made perpetually useful by adapting it through the alchemy of a government bank to the daily recurring wants of a new set of lenders, each of whom finds it to his interest to rush forward at an average of every four days and relieve the government of the debt it owes the bank by buying the bank notes with which to effect exchanges. Thus the government's debt to the bank is, through this utilization of the note as cur- rency, at once never paid and always paid. * * * * * * * * Cleveland and Carlisle, in proposing a retirement by funding into bonds of $500,ooo, ooo of currency, do not propose a currency measure, but only a financial crisis ten- fold worse than the crisis of 1893 to 1895. A sane currency measure would be one which proposed to convert the greenback debt from a menace to the sol- vency of the treasury into an instrument of the commerce of the people daily redeemed in coin by the banks themselves, as England has done with the bank loan of £17, ooo, ooo. Few of the Senators or Congressmen in either party are yet alive to the value of this issue, or rise to the height of this great argument. * Mr. Horace White purports to be pushing his craft along the icy borderland of financial exploration. He imagines that the ultima thºſe of navigable waters is reached when he puts up gravestones at the points where fiat money has gone down, and imposes a Mirjacet over the bones of those who gave it birth. In the world of finance, as in that of physics and of morals, shipwrecks result not from rottenness in the - - cargo but bad steering; curses are mismanaged blessings; sins and failures are misdirected energies and ignorantly handled virtues. If we, with a century more of light to disregard, decline to bank on the greenback debt so as to make it useful in- stead of pernicious, why denounce our fathers for failing to bank on the Colonial debt or the continental debt? A financial writer like Mr. White should teach the people something more than they already know. He says, “retire your greenbacks.” Congress answers by the acts of 1868 and 1878: “That cannot be done without a financial crisis a hundredfold more costly than even the greenbacks are,” It would not be very far from the point Mr. White has reached to the next step in the logic of the situation, namely, “then bank on them.” The banks, collectively or separately, could better afford to assume the issue and re- demption of the $346, ooo, ooo of notes necessary to fill the gap left by the withdrawal of the greenbacks, if not com- pelled to invest their capital in government bonds at 3 per cent., than if compelled to do so. Hence the issue of gov- ernment bonds in exchange for the greenbacks would be to the banks an incubus and not a privilege. But the issue of the notes by them would be a privilege and not an incubus, provided there were either an aliquot distribution of the privilege among the banks in proportion to their capital and solvency, or a concentration and pooling of the banks into a branch system, such as exists in Canada, Scotland and Eng- land, and an assumption of the substituted note issue by the whole banking system; or provided a government bank of $1oo, ooo, ooo of capital should be so formed as to associate with itself from twenty to fifty of the leading banks of the country in an American syndicate to take charge of the issue. * * * *.—Review of Horace White's “Money and Banking” in Gunton's Magazine, February, 1896. While the immediate cause of our financial troubles is the deficiency of revenue which compels the reissue of the legal tenders as fast as they are redeemed, and thus maintains in existence an excessive volume of paper currency, there still lies behind it the uncertainty as to the future standard of values which the continued agitation in favor of silver serves to keep alive, and which, so long as it exists, will render all measures for restoring soundness to our financial system in- sufficient. Even if the impossible feat of funding into bonds the entire $500,ooo, ooo of outstanding legal tender notes were successfully performed, there would still remain the $423, ooo, ooo of silver dollars and silver certificates to be kept at par with gold, with the possibility of having added to them at any time, by coining the bullion in the Treasury purchased under the Sherman act, $200,ooo, ooo or more. In fact, $15,000,ooo additional of these dollars are at this moment in process of coining by order of Secretary Carlisle. How embarrassing they and the certificates representing them have become already is seen in the experience which the banks are having with them since they foolishly created an artificial scarcity of legal tenders and thus put a premium on them. Their depositors, finding that they cannot get legal tenders by checking against their deposits, very natu- rally retain in their own possession all that come into their hands in the course of business, and deposit only national bank notes and silver certificates. By sending the national bank notes to Washington for redemption, legal tenders can be obtained in their place, but the silver certificates, being redeemable only in silver dollars, are not thus available. º | February, 1806.] Currency Reform. S5 The banks refuse to take them on deposit, and consequently they are gradually displacing in active circulation both legal tender notes and bank notes. What will happen when $200,oooooo more of them are issued it is easy to foresee. The money in daily use will be at a discount in gold, and gold will be, as it has been the last few weeks, nothing but merchandise. With all these dangers confronting us, with a currency already virtually irredeemable in gold and a small premium on the metal, with the possibility that the proceeds of the new loan may be dissipated as speedily as those of its predecessors have been, in paying government expenses, and with the advocates of free silver in control of the Senate and threat- ening to control one if not both of the great political par- ties of the country, it is childish for those who profess to be advocates of sound money to waste their energies in the pursuit of superficial reforms like the reconstruction of the national bank system, the retirement of the legal tender notes, and the enlargement of national bank circulation. That the volume of our paper currency is too great is plain, and it ought to be reduced, as it is being somewhat re- duced by the redemption of the government notes, but, as we see, this redemption is rendered ineffectual by the con- stant reissue of the notes compelled by the want of sufficient revenue. To add to our national bank circulation would merely increase the evil we have to contend with, since we already have more paper money than we can keep at par with gold. The only thorough and radical reform possible demands the establishment, beyond doubt or guestion, of gold as the standard of monetary values, and unfº////s is attained a// other measures will be of merely temporary utility. MATTHEW MARSHALL, In New York Sun, Jan. 3, 1896. Estabrook & Co. BANKERS, And dealers in INVESTMENT SECURITIES. 35 CONGRESS STREET, BOSTON. ERNEST S. CRONISE, M.E.M. A. M. S.O.C. M. E. CONSULTING ENGINEER. Confidential Reports on Physical Condition or RAIlway PR operties For SecuRity Holders AND INvestors. 37 BROAD STREET, NEW YORK. George Barclay Moffat. ALExasper M. White, Jr. MOFFAT & WHITE, BANKERS, 3O PINE STREET. NEw York. INVEST MENT SECURITIES. TRAVELLERS Bearing CHEQUES of the CHEQUE BANK of LONDON, have the advantage of their OWN BANK ACCOUNT, in Cheques of AI and upward, that are cashed EVERYWHERE by Agents, Hotels, Shops, Steamships and Railroads. Send * * FREDERICK w PERRY, General Agent 2. WALL STREET, NEW YORK. |NWHISS|\|| Note and Stock Brokers, Investment Securities. LOANS NEGOTIATED ON APPROVED COLLATERAL. II3 SOUTH FIFTH STREET, PHILADELPHIA. C. H. W H ITE & CO., Bankers, 72 & 74 BROADWAY, NEW YORK. LONC DISTANCE TELEPHONE, 2113 CORTLANDT. State of North Dakota 4s. . . . . . . . . . . . . . . . . . . . . 1915 Denver, Col. 6s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1901 2 St. Paul, Minn, 4%s. . . . . . . . . . . . . . . . . . . . . . . . . 1917 Staten Island Railway 4%s. . . . . . . . . . . . . . . . . . . . 1943 St. Paul, Minn. 7s. . . . . . . . . . . . . . . . . . . . . . . . . ... 1898 St. Paul & Northern Pac. 6s. . . . . . . . . . . . . . . . . . 1923 i Pittsburg, Pa., S. D. 4%s . . . . . . . . . . . . . . . . . . . . . 1924 Rapid Transit Ferry 5s, 1897 . . . . . . . . . . . . . . . . . . 1904 Columbus, Ohio 4s. . . . . . . . . . . . . . . . . . . . . . . . . . - 1910 Hereford Railway (Maine Central) 4s. . . . . . . . . . . I93o *RICES AND PARTICULARs on A-Prº. ICATION. A. S. PATTERSON. H. S. CORWIN. E. D. SHEPARD & CO. PATTERSON & CORWIN, 3 BROAD STREET, Žlccountants, NEw York, UNION TRUST BUILDING, 8o BROADWAY, NEW YORK. Offer to Investors carefully selected, well-issued C. W. HASKINS. E. W. SELLS. Municipal Bonds, bearing 4 to 6 per cent interest. HASKINS & SELLS, - - J Consulting Accountants and Auditors, º No. 2 NASSAU ST., NEW YORK. ºt Business EstablishED IN 1871. By Aug. T. Post. ExPERTS U. S. GOVERNMENT DURING THE 53D CONGRESS. - James N. Brown. HENRY R. Wilson. Ch JAMES N. BROWN & CO. ames H. Chapman, BANKERS, Bo N. D. D. E. A. H. E. R.S., - 62 CEDAR STREET, NEVV YORPC. REPRESENTING - G. S. ELLIS. CHAS. M. ELLIS EDWIN, H. ELLIS. Notary Public. - G. S. ELLIS & SON, Harvey Fisk & Sons, 56 Wall Street, New York, - |Sublic Elccountants amo Elubitors, º New York. Audit and examine Accounts of Individuals, Receivers, Committees, Assignees, - Executors and Corporations. Negotiate Unlisted Securities, Loans, etc. | - JAMES WHITELY. H. CRUGER OAKLEY. | - THOS. H. BOLMER. MAYNARD C. EYRE. United States Bond PRINCE & WHITELY, jSankers amo JSrokers, A specialty. Nos. 44 & 46 BRoadway, New York, No. 15 CENTER STREET, New Haven, CoNN. ALL CLASSES OF RAILWAY STOCKS, also GRAIN, 421 CHESTNUT STREET, PROVISIONS, PETROLEUM and COTTON, Bought and Sold on Commission. PHILADELPHIA. Special attention given to INVESTMENTS. : EDWARD C. JONES CO. UNION TRUST BUILDING, No. 8 O B ROADVVAY, ſ NEW YORK, Buy and Sell Municipal Bonds and Investment Securities. JACOB RUBINO, No. 3 BROAD STREET, N E VV Y O R K, ºrcher ane Feater in Railway Bonds, Guaranteed Stocks and other Investment Securities : : Tri-AT ano. Not NEED --or-GANIZATION. BEN WELL & EVER ITT, No. 6 WALL STREET. Schermerhorn Building, - - - MUNICIPAL ISSUES IN THE STATES OF NEVV Y ORIX and N E VV J.E. R.S.E.Y. A SPECIALTY. HOME Insurante Company of New York, Office. No. 119 BROADWAY. Eighty-fifth Semi-Annual Statement, January, 1896, Summary of Assets. Cash in Banks. . . . . . ----------------------------------- --- $469.914 59 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,705,895 91 United States Stocks (market value). . . . . . . . . . . . . . . . . . . . . . . . . . 1,418,425 00 Bank, Trust Co. and Railroad Stocksand Bonds (market value) 3.946,493 00 State and City Bonds (market value). -- 855,927 93 Bonds and Mortgages, being first lien on Real Estate. . . . . . . . 463,009 13 Loans on Stocks, payable on demand- 426,550 00 Premiums uncollected and in hands of Agents. . . . . . . . . . . . . . . . 515,227 06 Interest due and accrued on 1st January, 1896- 52.185 ºz $9,853,628 54 Liabilities. Cash Capital- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,000,000 00 Reserve Premium Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,395,659 00 Reserve for Unpaid Losses and Claims. . . . . . . . . . . . . . . . 752,514 13 Net Surplus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,705.455-41 $9,853,628 54 D-Recton- Cornelius N. Bliss, Edmund F. Holbrook, John H. Washburn, John H. Inman, Walter H. Lewis, Francis H. Leggett, Benjamin Perkins, Elbridge G. Snow, Levi P. Morton, Henry A. Hurlbut, John R. Ford, Oliver S. Carter, Henry M. Taber, Daniel A. Heald, David H. McAlpin, Andrew C. Armstrong, George H. Hartford, Henry F. Noyes, Lucien C. Warner, Warner Van Norden, Alfred F. Cross, Dumont Clarke, James H. Van Woert. DANIEL A. HEALD, President. John H. wash BURN, ELBRIDGE. G. S.Now, Assºr Secretanies. WILLIAM L. BIGELow, Fºx's E. Gºtent. secºnes. HENRY J. FERRIS, AREUNAH M. BURTIs, New York, /anuary 7, 1896. virt-Pat-ºut--- We Offer: Chicago & Northwestern Debentures, due 1921. Int, 5%. April and Oct. 15. Yielding about 4%% Knoxville & Ohio 1st Gold, due 1925. Int. 6%. January and July. Yielding about 5% St. Louis & San Francisco General Mortgage, Gold, due 1931. Int. 6%. Jan. and July. Yielding over 6% Canada Southern 2d Mortgage, due 1913. Int. 5%, Mar. - and Sept. Yielding about 47% Baltimore & Ohio, Gold, due 1925. Int. 5%. February and August. Yielding over 5% Chicago, Milwaukee & St. Paul, Chicago & Missouri River Division, due 1926. Int, 5%. Yielding 45% January and July. CORRESPONDENCE SOLICITED. RUSSAK BROS. & HERZOG, JBankers amo JStokers, MEMBERs of the New York Sºrock Exchange, 46 Exchang E PLACE, NEw York. Cable Appress: UN MASK, NEVV York. Telephone : No. 332 BROAD. JAMES W. NOYES, successor to W. C. Novºs), No. 96 B. R O A. D. VVAY, N E VV Y O R. P. ----------- 3.11u eatment ºf ecurities. NEW YORK AND BROOKLYN FINANCIAL TRUST CO'S STOCKS, Specialties for 25 Years. Established 1832. Telephoº No. 2014 Conti annºn CA HOON E & W E SCOTT, ------------ Nºw Yºrk sº Ex-Hº, 18 Wall Street, New York, ------------ UNITED STATES BONDS. STOCKS AND BONDS DEALT IN FOR CASH OR ON MARG- Gover NAAENT Bonds RAILRoAD Bonns STATE Borºups M\UNIcipal Bonds BANK: Stocks S E N ID) FOR OUR LIST OR OF FIE RINGS Bonuns Ann Stocks Bouchir Ann Soln ON THE DIFFERENT EXCHANGES OF THE COUNTRY ON CONANAISSION Foº Cash HAR vey Fisk AND SoNs New York Bosºnors Pºy Lane Lipºma -- º