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CONTENTS.
Skccrity Investments
Comparison with other
fields
Securities as collateral
Analysis of security market
&
5
8
9
Classes of securities
10
14
Classification of investment>
Speculation in Securities
Compared with investments
Purpose and possibilities
Process of a transaction on margin
Methods of Tbading
Forms of orders
Speculation in Produce Futures
Relation to the producer
Centres of trading
Description of transaction
Table of fluctuations
Factors influencing fluctuations
Manipulation
"Corners."
U
18
20
20
21
23
2
25
23
26
27
29
31
35
3G
37
38
38
39
39
40
40
43
43
Tradinpr options
Speculation in Cotton
44
45
Relation to producer
Description of transaction
Trading options and crop season
Factors influencing fluctuations
47
Manipulation
47
Speculation in Coffee
45
46
46
48
923S78
49
49
Description ok Properties.
Amalgamated Copper
American Car & Foundry
American Cotton Oil
American Ice
American Locomotive
American Sugar Refining
Anaconda Copper Mining
Atch. Topeka & Santa Fe Rj'
Baltimore & Ohio Railroad
Brooklyn Rapid Transit
Canadian Pacific Railway
Central Railroad of
New
55
57
59
61
62
65
69
71
.
& Texas Ry
Jlissouri,
52
68
Jersey ..
Kansas
51
73
129
131
134
74
Chesapeake & Ohio Railway
77
Chicago & Alton Railway
162
Chicago Great Western Railway. .. 79 Reading
168
Chicago, Milwaukee & St. Paul Ry. 82 Republic Iron & Steel
169
Chicago & Northwestern Railway. 84 Rock Island
87 Rubber Goods Manufacturing
173
Chicago Terminal Transfer R. R.
88 St. Louis Southwestern Railway... 175
Colorado Fuel & Iron
91 Seaboard Air Line
178
Corn Products
92 Southern Pacific
181
Colorado & Southern Railway
188
Dela Lackawanna & Western R.R. 94 Southern Railway
97 Standard Rope & Twine
191
Delaware & Hudson
99 Tennessee Coal, Iron & Railroad. .193
Denver & Rio Grande R. R
102 Texas & Pacific Railway
195
Detroit Southern Railroad
197
Duluth, South Shore & Atlantic Ry.l04 Twin City Rapid Transit
105 Union Bag& Paper
199
Erie Rail oad
109 Union Pacific Railroad
200
General Electric
Ill
204
United States Leather
Hocking Valley Railway
,
113
Illinois Central Railroad
International Mercantile Marine. .116
117
International Paper
118
Louisville & Nashville Railroad
.
Manhattan Railway
121
122
Metropolitan Securities
123
Metropolitan Street Railway
125
Mexican Ceniral Ry. Co Ltd
Minn., St. P. & Sault Ste. Marie Ry.l27
,
Wheeling
206
208
217
219
221
& Lake
.211
22:-)
..241
..244
Established
1865.
Jacob Berry,
H. L. Bennet,
A GLIMPSE AT
AND
ITS
By H.
L.
WALL STREET
MARKETS.
bennet.
Issued by
\ N. Y.
Offices
at
FORTY-TWO BROADWAY,
Telephones
6110,6111,6112
Cable Address:
N. Y.
Broad.
Bldg.,
Albany.
Quebec, Quebec.
WE
On
Accounts
may be opened on
forms of remittance
by any of the
this basis
cv^stomarj'
order.
as
interest at
per annum.
We
We
deal in
same
all
quantities.
for
for
Chicago and
is
five cents
The
Chicago contracts
active
in lots of
margin,
one
is
dollar
We
are
three points
pleased
at
all
is
for the
times
to
complete transaction.
receive communications
fully
offices.
SECURITY INVESTMENTS.
career of the average American
The
and, taken
round
all in all, it
table.
of
the effect of this being that such animals outlived their days of
usefulness before those whose work called all the body into play.
The conclusion
fire,
human
which
is
j'ear.
The
An
early proposition
is
is,
under
one and suited to small amounts only but for the active business
man, in touch with the evolutions of trade and finance and
imbued with the American spirit of discontent with meagre results, the return of three to four per cent, linked with the necessity of tieing up the principal until an arbitrary date in order to
obtain its interest, this means of investment is no more suited
than is the horse car of the past when the more modern trolley is
at hand.
With the object of making an investment yielding a fair return
of interest and combining a strong equity for the principal without requiring devotion of time and close attention to its maragement, the two mediums which command most frequent considerIn making a choice there are
ation are real estate and securities.
always to be considered the circumstances which alter cases, for
there are instances to which either one or the other of these
forms are particularly adapted, but these being special cases in
point they cannot be treated in an abstract consideration. The
general class of securities to which reference is now made is that
the negotiation of which is conducted upon the Exchanges a
striking advantage of these as investments over other property in
general being the greater readiness with which the former can be
converted into cash. Persons having for sale a piece of landed
property, for instance, have at best a limited market and one
which can command the very material concession in price which
a buyer naturally seeks, particularly when the sale is forced or in
any way urgent. For obvious reasons it is not always possible to
take the time necessary for making an advantageous sale of such
property, and upon how short notice he ma}- be required to turn
;
an investment into cash one can never know when making the
purchase. On the contrar}-, for securities having an established
market, a sale can always be effected at figures that are practically
known beforehand, such a shading in price as ma}- be necessary
being rarel}- over a fraction of one per cent, from the latest
recorded quotation, while even in times of panic when landed
property may be practically unsalable, security prices, though
they will fall, furnish a constant market. Thus the investor in
stocks or bonds, should his judgment say "sell," has what may
be termed an opportunity of "saving his bacon " by turning his
securities into cash and waiting for the storm to subside, leaving
an opportunity of recovering them at lower figures whereas the
holder of less salable property must bide his time or incur unreasonable loss despite the fact that he may judge the situation
correctly, he being without a market which will furnish the means
of acting upon the dictates of his opinion. In other words it is
possible to run from a stock panic and avert less when the investor elsewhere must stand and take his punishment.
Loans upon bond and mortgage may be said in a broad sense to
hold as debtor an individual only and through his death or such
comparatively trivial business disturbances as may render an
individual insolvent but woul 1 leave the large corporation unscathed, the burden of managing the property in all its detail is
liable to fall upon the lender, requiring the expenditure of much
valuable time and energy which would otherwise have gone to
other uses. This outcome of such an investment is of no uncommon occurrence, for an individual, though his motives and
intentions be the highest, is undeniably subject in a greater
degree to financial disaster than the large corporation with
;
millions of
money
controlled by
fitness,
and
men occupying
its affairs at
all
their positions
public scrutiny.
transfer
them
at
who make
operators
buy
and
disposition to
sell,
down
is
described hereinafter.
stocks,
government
issues,
The
more
which come under this consideration may be separated by a general division into
those representing the transportation business or the railroads on
general classes of investors.
securities, then,
rail-
13
it is
cases
track
14
and $50 to |6o per freight car. These figures being taken from
the averages of the well equipped systems of the country covering
a succession of years may be accepted as pretty accurate, although
the}' are naturally subject to variation according to the nature of
country traversed and the prices of materials, etc. These particulars are given extensive explanation in the reports as now ren-
car,
dered.
drawn
but
it is
comparison cannot be
such companies as they become more complete that special allowances are provided for depreciation of plant etc., in making computations of profits.
The great majority of the large corporations of the country are
products of a process of consolidation. In the cases of railroads
this has
its
valley,
and
upon manufac-
turing companies, and while the process has been quicker the ends
attained are practically the same. It is interesting to note how
the tendency to consolidate practically all of a given industry at
15
The
effect of this
upon mortgage
!tss
complete evolution.
and receiving
profits
own
their obligations
and pay
Such
bonds are classed as divisional bonds, and in cases where the absorbing company agrees 'to pay a fixed rate of interest upon
stock of the minor one, these shares are termed guaranteed stocks.
The process of consolidation is often accomplished by the main
company taking up the other's issues, by giving in exchange
therefor bonds of its own, which being a lien upon collateral, are
collateral bonds.
This process, it ma}- be said, simplifies
called
very appreciably the arrangements of the finances. Another purpose for which such divisional mortgages are issued is for the construction of a branch or extension, bonds being issued covering it
onl}'. but of necessity guaranteed by the company as a whole. The
term extension bonds applies to these.
Divisional and extension bonds as well as all guaranteed securities naturally form a very high class of investment, and being
such are usually held at prices making the rate of interest returns
a small one. In most cases they find lodgment in hands requiring
the very highest class of security only, and, always barring special
circumstances, the ordinary investor can obtain better all around
Such
results in securities of an order not so strictly gilt edged.
elaborate systems of bords are found usually with the railroad
rather than industrial companies, and while interest returns must
necessarily depend upon the general condition of business and
'
'
'
money
'
upon
over four
and one-half
per cent. In a general order the next class of bonds consists of
those usuall}- termed as First Mortgages. Subject to minor issues
sell
a basis of three
such as those just described, they cover as a fir.-t lien pracUnder reasonably prosperous conditions of the company issuing them such bonds are a high class of
investment, and there being a greater volume of them, and sometically the entire property.
i6
two companies will issue securities upon idenoften a bond will represent a first mortgage upon one part of a system, a second upon another, and perhaps a third upon another, depending largely upon the date of
Under the cirissue and previous obligations then outstanding.
cumstances this sequence is about as close a general one as can be
given, and the relative position of any specified bond in a company's finances, whether it be known by one of the above titles or
as a general mortgage or prior lien, can be readily determined by
a cursory review of its securities. Such of this list as may be outstanding comprise the securities upon which interest is compulsory, and in event of default thereof a foreclosure is warranted.
Next in order comes the so called debenture bond, and sometimes those known as income bonds. Certificates for these usually
provide for interest payments at the discretion of the company's
directors, and as may be warranted by surplus profits after the
claims of the senior bonds have been met, interest upon them not
tically
being compulsor3\
Their position
^^ zzOire
ferred stock than a bond, although they are issued in the latter
all classes of
The denominations
rail-
road and industrial bonds are five hundred and one thousand
In some instances they provide for registration in the
dollars.
name of the owner as well as being in the usual coupon form, that
is with principal payable to holder, and detachable coupons representing each interest pa5'ment when due, entitling the bearer
thereto upon presentation. In the case of bonds in coupon form
only the option of registration as to principal is usually given.
Unless there happens to be a particular reason for doing this, how-
17
ever,
it is
bond
them
is
After the debenture and income bonds comes the stock issues,
which may be said to represent the value of the fran-
ar shares
i8
As investments, stocks
as to the dividends paid,
which
is
19
afforded
by
stocks
representing
As a
more
up and
settles
this
the comparatively
before long
commanded
premium
Many
of the
two and three per cent. without even the formality of paying
which was done by those who bought from them.
The term ''popular loan " by which this was described is very fitting, as the approximate two hundred million dollars of bonds issued at par and shortly afterward selling at no, represented a
profit of twenty million dollars to the small investors who took
of
them.
The
and municipalities
as well as those
grow-
Exchange
Undoubtedly the issues of the electrical roads are destined to take a more active part in the markets as these companies
grow in importance, as is indicated by the active interest demonstrated in the securities of such of the larger of these systems as
now have representation upon the Exchanges.
affords.
SPECULATION
The
IN
and
ulation in securities
principal
SECURITIES.
is
the latter
profit as
is
to complete
may be
it
is
to the influences
which
affect
tion.
which
Like any other miarket, that for securities takes its tendency
from predominance of supply or demand, and this
derives its inspiration chiefly from a few fundamental causes
such as the condition of general business as reflected in the
earnings of corporations and the extent to which people have
money for purchases of bonds and stocks political affairs, both
the condition of the crops and the prices
local and world wide
they bring, and the movement of money from one financial centre
to another. Upon the extent to which these factors incline people
to rise or fall
at large to increase or
eral
movement
of prices depends.
if
is
He
described as
could not be
markets
and
tunity of turning
in
came
may be
hundred and
fifty
now
more
merely one of
those factors which cause market movements, and the manner and
cases of this sort than
occur.
This study
is
23
and Europe
at a
24
broker advancing the balance to facilitate earning his commission only, the trader is entitled to the entire profit accruing
from the advance at which it is sold, thus profiting through
an investment of capital many times greater than that by
which he is personally involved. When the transaction shows
as great a profit as the trader deems likely to be made, he
can order it closed, and is credited with the gain, less expenses, of the operation.
These consist of commission for buying
selling, and interest upon money advanced, usually at six
per cent.
It will be seen that these computations are very
simple and easily made.
If, after making purchase, the market weakens and probabilities seem to favor a decline before an
advance, a sale can be ordered at any time, thus limiting the loss,
and whatever that may then amount to is deducted from the deposit, the remainder being free for a new deal.
Stock so bought
with the idea of selling it later at a higher price is termed in
speculative parlance "long stock," the expression being in
contra-distinction of its opposite, or "short stock." When it is
believed that prices will decline and purchases can be made in the
future below existing quotations, the trader or operator can make
what is known as a "short sale." In this case margins are deposited in the same manner and in the same proportion to the
The
size of the transaction as when purchasing for an advance.
broker sells the number of shares ordered, and to provide for their
delivery borrows certificates for a corresponding quantity which
he turns over to the purchaser. There are always more or less of
the shares actively dealt in to be had for such purposes in the vicinity of the Exchanges, called the "floating supply," or that
which has not present lodgment with investors, and by its use in
this way the duration of a short transaction is equally unlimited
as to time as is a long purchase, and like that suoject only to the
marginal protection provided and the views of the operator. As a
short sale is made in anticipation of a fall before an advance in
prices, the profit accriaes when they decline, amounting to a dollar per each share sold every one per cent, fall, the proportion
and in fact all computations corresponding exactly to those of a
and
25
broker from
loss,
he
is
privileged to close
it
out precisely as he
is
a more or less comrid of this, and understands that it is commenced with a sale and closed with a
purchase, it is mastered. It is simply a reversal of a long trade
there is nothing complicated about it.
It must be very clear that with a volume of business aggregating
hundreds of thousands of shares daily the largest day's business
There
is
plicated transaction
as soon as the
is
mind
is
New York
on the
among
banks.
evident that the great quantity of stocks carried by brokers
upon margins amounting to only a small percentage of their actual
cost, require immense sums of money to complete the payment,.
It IS
26
sums
beyond those which the capital of the brokers can furThese funds are obtained from the banks and the trust companies, which take the securities as collateral, and require a greater
margin of difference between the amount advanced and the market
price than the broker usually receives from his client. In this way
the large institutions of deposit are enabled to earn interest upon
the great sums in tteir hands, much of which would otherwise be
idle.
Such loans are usually needed from day to day only, which
explains the great number of " call loans " in Wall Street. Such a
loan is subject to the call of the lender before the close of banking
hours any day, and because of this readiness with which the funds
involved can be recalled and the always known value of the collateral, there is practically no risk attached to making them.
The
bearing of the ability and willingness of the banking institutions
to make loans of this nature upon thefacility with which securities
can be bought and carried is easily understood. When there is a
plentiful supply of such lendable money, rates for it are low and
tend to increase purchases, but when for any reason this supply is
reduced, rates advance correspondingly and loans are called or returned, the result being a diminution of purchases and increased
sales, with the effect of advancing or depressing prices, as the case
may be. The conditions of the money market are published in the
papers daily, as a part of the news affecting securities, aloeig with
the tables of quotations. Every Saturday the Associated Banks of
far
nish.
New York
creasing
its
to brokers
in-
27
When
Of course,
from New York is dependent upon
no fixed rules save the supply and demand, and where it is of
reserves
is
the flow ol
money
to or
moment
there
sets
inter-
toward that
point.
more
in their influence
their purchases
balance of trade is in our favor the price declines until gold can be
shipped here at a saving. The figures at which gold can be imported or exported profitably varies slightly under different
conditions, but may be put at approximately 4. 89 to 4.89X for exports, and 4.S334;' to 4.84X for imports.
A demand for money at
2S
New York
naturally
000,000.
movement
of
money
is
of security prices
is
tions
it
in bearing
29
prices.
As the maker
more employment
it
to
commands
more goods
as labor
better wages
freely
dividends to security holders. When conditions are reversed preearnings diminish and profits upon
cisely opposite is the effect
invested capital contract correspondingly. Obviously, questions
of security values lie chiefly with these conditions of trade and
;
which thus form the primary basis of market movevery important factor in stimulating purchases or sales
This takes its color largely from
of stocks is popular sentiment.
the general business situation when that is viewed in an optimistic light people are naturally disposed to think well of buying
stocks, but when the outlook is for diminishing profits the inclinaagriculture,
ments.
tion is to sell.
The
full
any
under way
the very confidence begotten by a show of strength or tendency
political or monetar}' conditions are required for the basis of
the cause of
is
its
once
fairly
what appears
for,
influence of purchases, instigated mostly by the sentiment of enthusiasm, great lines of stock were accunmlated at prices far above
when money
rates
30
rather than the events of the past. A rise or fall in prices anticipatory of an expected occurrence is described by the expression
''discounting," which is often used in discussions of the market
31
movement
at the
32
of participating in the advance, and increases the volume of purchases, thus giving the instigators of. the movement an opportunity
of selling at a profit the stocks they originally bought.
known
is
to those persons
most
closel}^
informed as to the
trans-
when
it
is
affairs of a
propertv that some particularly favorable or unfavorable development concerning it is about to transpire, and when this actually
occurs the process of completing the distribution of the stock accumulated by the pool is accomplished upon the strength of it.
Of course until this is done the promoters must stand ready to
support the price of their stock with bu3ing orders, and to protect
it against any effort which other interests may make to turn the
course of its price for purposes of their own, but after the holdings of the pool have been closed and its support withdrawn, the
immediate future of the price depends upon the general and more
indiscriminate buying power which has been generated, and unless this exceeds in volume the profit taking sales of persons who
have bought while the rise was in progress, the pressure of the latter will naturally work a reaction. In this connection it is proper to
note the sympathetic tendency to advance or decline which one
stock will exert upon others. The inclination to buy or sell is apt
to spread from one stock to others, particularly if conditions are
propitious to a general market movement, and if a successful
campaign is conducted in one part of the stock list, the chances
are that like efforts will be made elsewhere. Some most remarkable instances of the gusto of public buying, fanned into flame by
manipulation based upon exceptionally sound legitimate conditions, occurred in the bull movement before mentioned which followed the Spanish war and culminated in the spring of 1899.
Particularly noteworthy among these were the shares of many
industrial combinations formed about that time, the common
stocks of which, though unduly watered, were enabled to earn
and pay dividends, owing to the remarkable prosperity of business
throughout the country. Large blocks of these common shares
33
market
at prices
move
was clearly outlined. Repeatupward rush of the rest of the list, a particular
stock would remain quiet and practically stationary- until taken in
hand by its friends then its activity, as measured bj- the volume
of business in it, would increase, and once the rise was initiated it
would join in the prevalent flight, and it was necessary onl}' to
purchase, regardless of price, to share in the profits which for a
time seemed unlimited. Even to a greater extent than was the
to start a
in a particular stock
is
manipulation
es-
any speculative movement of importance, and as it indicates the direction toward which the most powerful interests are
working the advantages of following it are apparent.
In cases where manipulation has for its object a decline in
prices, the effort is made to bring about as great an amount of
liquidation as possible from holders of stocks, thus giving the
operators conducting the movement an opportunitj- of making
purchases to cover their short sales. With this in view it is usual
that news items, based upon conditions detrimental to the value
sential to
make
possible as great an
of short sales as a
campaign
To
of
necessary to borrow corresponding quanof stock to accomplish the delivery until they can be closed,
amount
fall
it is
34
or " covered," as it is termed, by actual purchases, and if the supply of stock available for such loans becomes materially reduced,
a consideration, called a premium, is exacted for its use by the
lenders.
When such a condition of affairs arises the expense of
carrying large lines of short stock is likely to become too heavy
to justify so doing, or should the effort to dislodge long stock not
meet with^the success expected, it very often happens that traders
3b
may
is
the price
are above such investment level, the naturally induced sales of investments and the closing of long stocks, the accumulation of
which has advanced them, will carry the market down, and if below, the covering of short contracts and increased investment
will
advance them.
36
most closely
is
ment
off in
is
tions.
must be evident that stock speculation being a matter of supdemand is subject solely to the opinions of men which are
It is what these opinas free to change as the winds of heaven.
ions are most likely to be, and hence the questions upon which
they are based, that offer the tangible field for study and observaIt
ply and
tion.
Therefore
for determining
it is
when a movement
its turn,
new
conditions arising of a
METHODS OF TRADING.
Reference has been made to following out speculative deals
upon
this basis
it
is
order to close the entire deal should the prices react a certain
specified amount, which should differ according to the degree of
activity of the stock dealt in, thus assuring the safety of at least
37
and
is
in speculation.
Its definition is
given sub-
sequently.
it is
often a
good policy
reached.
A "market
order "
is
for
immediate purchase or
sale at
time of
"limited order''
is
one to be executed
at a specified price or
better only.
A "day
is
stated.
" scale order " is for the purchase or sale of a stock at a number of stated prices, as the market rises or falls thereto. This is
a form of limited order, and is held for day of receipt only, unless
otherwise stated.
In giving orders, it is best to state positively whether they are
intended as being " open " or good for the day only, as while the
38.
the customary method of treating them in this respect,
different brokers are liable to have different rules.
above
is
SPECULATION
The markets
PRODUCE FUTURES.
IN
is,
growing or
distribution,
and
in return for
magnitude of
it
is,
in fact, to the
reasonable scope
is
due.
It is
market
of
whereby the
he
is
likely to
make.
The
planter
who has
a prospective crop
39
commodity deposited
there,
which
is,
of course,
40
ing.
So
far as the
is
customer
when he
is
sells to close
may be
obliged to -wait
but the usual
process is through a system of clearances resembling that for stocks,
and the transactions may be turned from broker to broker many
times during the interval. As in stock transactions, profits accrue
until the contract
months
how
it if
short.
cereal entails
much detail
well as
modity
itself is
of attention
among
traders.
It
ponding one
Minimum
Commodity.
Pork
Lard
Ribs
is
Fluctuation.
..50,ooolbs.
all
Equivalent.
5,000 bushels*
250 barrels.
^50 ti^erces of 340
Grain
As with
Monetary
Contract.
, y.,_
^,,
2j'2'c.
,^, jbs.f
$3-i2],i
6.25
21.25
12.50
the relative amounts of supply and requirements. As a speculawheat commands the most widespread interest, for
tive grain,
* One thousand bushel lots of wheat, and sometimes other grains, are handled
on the Consolidated Exchange of New York.
t Sometimes fluctuations are in one- half of these amounts, when they are
described as " splits," meaning a split between the full quotations.
41
movements of the
markets
in general.
The
the amount
exported. This depends chiefly upon the abundance or the contrary of the foreign crops, through the extent to which they meet
fhe consumption, though this is apt to vary considerably, as in certain countries the use of wheat is very much more a question of
factor of uncertainty in the requirements, however,
is
sumption
is
fair
surplus.
United Kingdom
Germany
France
Remainder of Europe
North American possessions
Central Am. States and British Honduras.
West Indies and Bermuda
British
South America
Asia and Oceanica
Africa
Elsewhere
74,613,304
10,311,450
2,232, igo
41,045,883
8,369.014
39.869
899
259,492
30,112
2,523,219
7,083
1S9S
80,163,805
3,218,401
30,041,289
22,124.014
5,
16.901
41,540
1.384
1,857.433
70.663
5.493,470
102,361
Total
139,432,815
148,231,261
222,694,920
174,089,094
42
Any shrinkage
in the
advances
American mar-
kets not only by the increased demand for our surplus, but also as
there can never exist at different centres for more than a brief
time much more of a difference in price than represented by
freight charges.
times,
Prices
as a special local
discrepancies at
demand
when a given
or an unus-
can be
one place and immediately sold in another at a profit
greater than the cost of transportation, the volume of purchases
and sales made to grasp this profit becomes a means of automatic
adjustment of prices.
The supply depends upon two sources the surplus remaining
with farmers or in the warehouses, and the crop in prospect. The
supply on hand naturally depends upon the size of the preceding
crop and the volume of export business, its best measure being
the weekly statements of statistics bearing upon the visible supply at the principal centres which are printed in the newspaper
The stocks in farmers'
articles treating upon the cereal markets.
hands and where the statistician cannot obtain accurate figures
bought
article
in
are
known
damage from
amount
These reports
give the comparative acreage, the condition of the plant, etc.
These ponits are treated also from day to day in the newspaper
and trade reports from the crop belt, which also state the comparcourse, to
ative
volume
43
crop vriW serve to depress prices, the volume of exports is probably a more potent factor in determining values. An excellent instance of comparison leading to this conclusion is that for the
year 1895, when with a wheat crop of 467 million bushels following
one of 460 million, with exports of 142 and 126 million bushels
per annum respectively, cash wheat at Chicago sold at 4S^{ cents,
while in 1898 when the crop was 675 and that before it 530 million
bushels, exports reached 222 million, and cash prices at the same
The
is probably to be
found in the practically unlimited field the markets for wheat include, and the natural tendency of prices to seek a consistent level
The farmers as a
is too great for other forces to long withstand.
body, themselves, are always pretty well posted as to the situation,
and if, in their combined opinion, prices have fallen unduly, they
will curtail shipments and thus reduce the amount of grain for
sale, while on the other hand if the market advances to figures
that seem unlikely to be maintained, those who control wheat can
be depend i upon to sell in sufficient volume to check the rise.
Thus while prices usually respond readily when urged with good
reason, the breadth of the market makes it too heavy a pendulum
to be swung far from a well defined though changing centre of
of time.
gravitation
The most
is
44
that resulting in a violent advance, called a "corner." Tliis is
to occur, when at all, near the termination of an option,
when the amount of the actual product likely to come upon the
most apt
easily
The options
or future
months
for delivery in
which speculation
conducted chiefly are Ma}', which is just prior to the winter crop
coming upon the market July, which is just after it August and
September, when the spring crop is being received, and December, when the yield is known and the extent of the supply becomes
is
evident.
approaches, until, with its expiration, the contract falls due, and
the wheat becomes the cash or spot article. While these charges
always enter into the determining of future prices, there often
exist other influences which operating one way serve to widen this
gap, or tending otherwise, to modify and perhaps entirely obliter-
45
it,
futures.
freer
SPECULATION
IN
COTTON.
As wheat and corn are the chief speculative commodities produced in the West, so is the position of cotton to the South. In
deeply is this section involved in this crop that its welfare
depends more upon the condition of the market therefor than anything else. It is very gratifying that the Southern States are of
nmch greater importance from a manufacturing standpoint than
only a few years ago even, but it is a pertinent fact that the steady
growth in this direction has been almost entirely in the making of
cotton products. It is noteworthy that despite the development of
cotton manufacturing in this section, there has been no corresponding falling off in fact, statistics say none elsewhere, which is
fact, so
consumed
This condition is present the world over, and the increased requirements enable the Southern planter to raise profitably crops showing a steady increase in their average size. The
year 1900 shows an estimated consumption of eleven million bales
of American cotton, whereas prior to 1S97-98 the largest crop ever
made was nine million eight hundred thousand.
annually.
The
market
is
46
he
is
47
that future.
The
size of
Coming
to the influences
that
operations,
their ebb,
may
usually expect,
is
crop movement.
and grain
it is
particu-
dealt in
and the
distinction
SPECULATION
Business upon the
New York
IN
Coffee
COFFEE.
Exchange
is
in contracts
49
directed to coffee as a speculative
commodity
is
steadily increas-
and
tions are
this \vill
shown
in this table
Amount of Contract.
250
"
"
"
'
"
"
"
"
Equivalent
ofMonej-.
$16.25
3250
162.50
325.00
50
When
a cargo
enabled to
is
sell
51
DESCRIPTION OF PROPERTIES.
AMALGAMATED COPPER COMPANY.
This company was incorporated on April 27, 1899, in New
Jersey. It is in the nature of a holding company, and according
to a statement filed with the New York Stock Exchange in June,
1901, owns a majority of the following stocks
:
And
all of
the following
2,500,000
1,500,000
700,000
New
amounted
to
York.
some
It
total
applications
$412,000,000.
&
Companies.
&
&
Holders of Boston
1900.
1901.
1902.
S3,-63.700
S5,a65,.520
3,701,510
$5,069,071
7,042.303
472,795
336,180
$1,289,610
1,630,695
166,136
577,617
152,495
1200 900
2,882,955
$3,816,553
$5,896,546
1899.
Anaconda
Boston & Montana....
Butte & Boston
Parrott
...
Colorado Mining Co
Total
....
86,819,450
$9,403,210
586,05:3
510,196
303,619
$13,511,242
1903
4 053'465
'202408
4.39773
52
Dividends on constituent companies (shown per cent.)
Par value.
Anaconda Copper
Boston & Montana
Butte
&
Boston
Parrott
1808.
1899.
10
64
13
144
10
..
..
10
18
39
$25
25
1900.
10
172
50
60
1901.
1903.
13
140
4
24
35
1903.
4
32
The only bonds are Boston & Montana 7's, $400,000 due, $100,November i yearly to 1907, and Butte & Boston 6's, $1,500,000 due April i, 1917. Dividends on Amalgamated Copper Company were 2% quarterly (O J) October, 1899, to July, 1901, both
inclusive; in October, 1901, i)4%; in January, 1902, 1% May.
1902, to May, 1904, both inclusive, )4% quarterly.
The Anaconda is the principal company controlled by the
Amalgamated Company and owns one of the largest mines in the
000
country,
its
amounts
of gold
and
silver as well
as copper.
During the first three years of its existence the aggregate production was 1,068,000,000 pounds of copper, 40,650,000 ounces of
The company has an extensive
silver and 135,000 ounces of gold.
reduction and smelting works at Anacorda, Mont., reported to
have cost about $7,000,000. It also owns a controlling interest in
the Butte, Anaconda & Pacific Railway Company, which road
connects the mines and smelters.
Litigation is pending with F. A. Heinze concerning mining
rights.
Officers of the
Amalgamated
are as follows
President,
Henry
etc.
Incorporated
in
53
Business consists of manufacturing freight and passenger cars,
wheels and various parts of cars.
The
130,000,000
common
company
7%
consists of $30,000,000
value $100.
The preferred stock has prior rights as to both assets and dividends. Both classes have equal voting power.
The company began the payment of regular quarterly dividends
of i^/o o" the preferred stock July i, 1899. The dividend period
is
to quarterly, F.
M.
A.
and
D.,
and such
}i%
February,
Earnings.
/2% May.
same period
1902-03, $5,900,971.
54
Comparative income and
ended April 30
profit
and
loss
Net earnings
New
construction charged
oflf
Net income
Dividends (7^) on preferred
Dividends on common
Balance, surplus
Previous surplus
Total surplus
1903.
1902.
1901.
$8,447,030
1,044,399
$5,503,928
817,275
$5,015,394
633,926
$7,402,6.31
342,729
$4,686,653
391,051
$4,381,468
325,642
$7,059,902
2,100,000
(3^) 900,000
$4,295,602
2,100,000
(2%) 600,000
$4,055,826
2,084,075
(2%) 595,450
$4,059,902
6,670,551
$1,595,602
5,074,949
$1,376,.301
$10,730,4.53
$6,670,551
$5,074,948
3,698,648
1903.
Cost of property
Blaterialon hand
Amounts receivable
in
banks
Total
$59,118,183
$84,085,076
$80,066,721
Liabilities.
Preferred stock
Common stock
Audited vouchers
Payrolls
Surplus
Total
of
1902.
$58,874,629
13,133,803
9,613,588
2,463,056
11,91.5,129
7,461,951
1,571,458
1903.
1902.
$30,000,000
30.000,000
12,930,406
424,216
10,730,454
$30,000,000
30,000,000
12,925,793
470,376
6.670,552
$84,085,076
$80,066,721
its certificate
to the
report.
55
receivable are no doubt due from railroads and
concerns of like standing. Of the $4,000,000 added to surplus in
the fiscal year ended April 30, 1903, $1,000,000 is in cash.
Annual meeting of the company is held the last Thursday in June.
The accounts
New
ment
The company has acquired all the stock of the Consolidated Ice
Company of Maine and of the Knickerbocker Ice Co. of Maine.
It has plants for manufacturing artificial ice in New York,
Brooklyn, Washington, Baltimore and Philadelphia, at which
it owns valuable docks.
The company also controls the American Coal Company which
places
was formed
in 190 1 to carry
31,
Assets.
Property account
Treasury stock
Investment securities
Cash and notes
Loans
and coal
Accounts receivable
Profit and loss (dtficit
Ice
Tota's
Liabilities.
Preferred stoclc
Common
payable
Underlying bonds
Bills
Accounts payable
Insurance fund
Totals
1902.
$34,886,1.'S1
$45,238,725
$45,032,147
1,616,700
6,.541,751
17,067
69.300
4,107
9,918
760,029
964,627
162,492
1903.
1902.
$15,000,000
870,757
1,176,050
2,266,000
512.737
404,962
3,219
$15,000,000
25,000,000
441.409
1.183,000
2,508,000
354,626
520,419
24,693
$45,238,725
$45 032,147
25.000,(XK)
Steele
1903.
336,827,110
1,436,700
5,150,279
365,544
43,425
3,957
9,665
472,805
758,316
170,924
56
Income account is not available at this moment, but it is observed from the above that the last year's operations added about
$8,000 to the deficit.
is all
On
the
common 1% was
The
collateral trust
were created
They
com-
pany, the amount issued having been used to retire floating debt.
in New York.
It has been
received valuable concessions from the former
stated that
it
dislast
way,
New
York.
Annual meeting
in February.
.
.
57
The company also owns all the stock of the Richmond Locomotive & Machine Works, Richmond, Va., the Manchester Loco,
motive Works, Manchester, N. H., the American Locomotive
Company of New Jersey, and the Cook Locomotive & Machine
Company, Paterson, N. J., and in March, 1904, the entire capital
stock of the Locomotive & Machine Company of Montreal was
acquired.
is
1903.
Cost of property
American Locomotive Company preferred stock.
Richmond Locomotive & Machine Works consols
$45,482,29.3
900,i)00
118,000
900,000
118,000
.'
Totals
Liabilities.
Totals
6,48-3
,37,526
1,048,1.32
5,.593,409
1 153,855
3,108,497
3.677,107
200,000
2,187.566
2,874,167
200,000
$60,324,488
{57,209,128
1903.
Couimon stock
Accounts payable
Bills payable
Unclaimed interest
Dividends payable in July
Profit and loss
1902.
$45,672,860
.
Sundry securities
Cash
Accounts receivable
Material and supplies
Contract work
American Locomotive Company stock
Preferred stock
Bonds, constituent companies
$25,000,000
25,000,000
1,512,500
2,822,112
3,415,000
820
4,2.55,721
1902.
$25,0(X),000
25,000,000
1.512,500
3,324,908
1,700,000
9,985
4.37,500
4-37,500
2.136,556
224,235
S60,.324,488
$57,209,128
58
Comparative income account
1902-03.
(12
1901-02.
(121^ mos.)
mos.)
Gross earnings
J33,105,725
Manufacturing, naaintenance and admin, expenses. 28,052,315
Net earnings
Interest on bonds of constitmnt
$26,398,394
23,291,217
$5,053,410
248,157
$3,107,177
105,865
Net income
Dividend on preferred stock at 7^
4.805,253
1,750,000
$3,001,312
1 ,750.000
Surplus
Additions to property
3,055,2.53
1,142,932
$1,251,312
1,027,077
Balance
$1,912,321
$234,235
The
months
only
20.4^*0"
increase in expenses.
of patterns
charged
and the
On
rate has
is
7%" cumulative,
1901, to April,
1904, inclusive.
The stock
of the
at
company
one
The
This
59
was due to the latter stock being one of ihe securities promoted
by the so-called Webb-Meyer Syndicate that fell of its own weight
The credit of the American Locomotive Company
at that time.
however was in no way involved.
Officers.
President,
Pitkin; 2d Vice-President, R.
Treasurer's
office,
10, 1891, to
was $50,000,000.
its certificates
The
$25,-
On
the
common
stock the
quarterly.
July 1900,
1^4''% or
7%
6o
Comparative balance sheet, December
Assets.
31:
1903.
12,:338,662
$34,669,191
30,046,750
45,270,776
15,842,924
$134,187,868
$125,829,641
Liabilities.
Capital stock
Debts
Reserves
Totals
The company
1902.
$35,180,057
34,683,022
51,986,127
1903.
1902.
$90,000,000
31.922,032
12,265,836
$90,000,000
24.958,321
10,871,320
$134,187,868
$125,829,641
refinery.
1S98-99 were
1898,
resulting in loss of
profits.
monopol}\
Directors.
H. O. Havemeyer, Chas. H. Senff, Arthur Donner,
Lowell M. Palmer, John Mayer, W. B. Thomas, John E. Parsons.
Treasurer, Arthur Donner. Transfer ofl&ce, 117 Wall Street, N. Y.
6i
8,
The stock
is
of the Butte,
controlled by the
stock in 1899.
Stock authorized and issued ($25 par), 130,000,000,
and non
is full
paid
assessable.
Dividends.
Up to 1900,
During
in dividends.
the
1900,
and
below
Gross.
1896
1897
1898
1899
1900
$12,057,677
17,419,361
18,334,3.33
profits
Profits.
S-1-258,514
5,136,048
3,551,346
.3,483,700
18,730,131
18 128,558
1901
1903
Reference
and
is
made
5,365,519
5,57J.816
1,289 610
company, under the head of "Amalgamated Copper Company," elsewhere in this publication.
this
62
6,174
20
1.203
478
129
8,004
to the Pacific
and
loss
account to June
30, 1903
Dr.
9-'
"
4" common
S2,854,.345
"
"
2,854,345
2,039,110
" 5 '
"
"
Appropriation for fuel reserve fund
Amount %vritten off for construction account in respect to betterments, improvements and equipment, etc
2,0.39,110
285, 174
3,000,000
16,853,660
$29,925,744
Cr.
$16,027,415
13,898,329
$29,925,744
63
The funded debt per mile of road, with interest obligations for
the past two j^ears, was
:
July
of road
Interest charges per mile of road
1, 190:i.
S:fe,501.20
1,152.1"
shown
July
1,
1902.
$3^.882.27
1,167.85
to be as
under
New equipment
deduction of grades, chauges cf
line,
and construction
of
$6,998,002
3,496,717
permanent
way
1,356,767
1,056,819
318,783
J}40,189
878,681
979,893
Total
to special betterment fund
Heduction in value, S. F.. P. & P. Ry. securities
Less Charged
'
'
"
Petroleum Development Co
Proceeds sale of lands
Credit by charge to profit and loss
$15,325,851
$367,079
182,764
400,000
579,683
3,000,000
4,529,526
XiCaving a net
amount
of
$10,796,325
30, 1903,
and June
30,
1902
Assets.
1903.
$431,226 691
7,006,741
13,205,075
1902.
$418,982,696
10,606,721
10,321,618
Company's
Other
Other investments
Material and supplies
Prepaid insurance
Union Trust Co. of N. Y.:
Cash deposit required by mtge
Guar. Trust Co. of N. Y.
Cash deposit for fuel reserve fund
Accounts receivable, traffic balances, etc
2,583,896
475.817
2,851,550
2,895,896
357,067
4,-532,847
3,403,027
32,020
43,192
252,976
in
banks
10,960, 78.'i
Total
$479,581,145
Liabilities.
Capital stock
Preferred, less
,
1903.
548,a33
6,764,8S4
20.544,406
$474,709,344
1902
Common
etc
439,450
6.255.098
amount
$102,000,000
$102,000,000
114,199,530
114,199,530
138,797,500
51,728,000
27.500,000
5,615,000
138,728.500
51,728,000
30,000,000
$17.286,470
Funded debt
General mtge. 4% bonds
Adjustment mtge. bonds
Serial debenture 4^ bonds
Kastern Oklahoma 4% bonds
64
Liabilities (.continued).
Funded debt
1903.
1902.
$1,500,000
6,000,000
759,750
$1,500,000
6,000,000
828,810
556,7.31
1,325,932
211,688
366.781
227,742
439,450
866,049
3,734,575
7,457,226
16,853,660
548,033
953,104
3,713,435
7,536 968
16,027,415
479,581,145
$474,709,344
Chic.
San
5% bonds
Miscellaneous bonds
Special betterment fund
Rolling stock replacement
Rail renewal fund
.367,080
Income account
for year
ended June
30, 1903
Dr.
Operating expenses
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
Taxes
Rental of tracks and terminals
Balance carried down
$9,304,892
8,510,543
19,023,145
1,598,530
1,758,120
361,204
21,793,962
$62,350,396
Advances
to sub. companies
Depreciation of securities
$7,080,645
2,053,840
73,345
4,190
1,605
13,898,329
$23,111,955
Cr.
Earnings
Passenger
Freight
:
'.
$13,469,985
44,622,439
4,257,972
$62,350,396
$21 ,793,962
and discount
Income from investments
Sundry adjustments
Interest
478,553
827,313
12,127
$23,111,955
65
consent of a majority of all the preferred stock and all the common stock represented at a meeting. Stock issues may be seen in
the balance sheet above.
Dividends. Preferred
yearly (F.
A.).
5%
1S99, 2X/0
&
1902,
4%;
1903.
4%;
1904. June,
2%.
66
General balance sheet, June
30, 1903
Assets.
Company
Material on hand
S26,837.021
12,920,659
665,847
32,242,220
11,830,958
271,437
14.730,294
28,777,637
9,997,553
4,836,202
Current assets
Cash
in
hand and
in
banks
15,8.58,691
Agents' balances
Traffic balances
Bills and accounts receivable
TDeferred and miscellaneous
Interest paid in advance
Cash deposit for coupons
4,609,924
],!M2,587
6,580,114
2,253
15,684
695,038
3,246,765
250,000
for
purchase
8.510,799
$444,221,690
Liabilities.
Capital stock
Preferred
859,374 289
124,262,062
Common
Funded Debt:
Prior Lien 3)4% Bonds
First Mortgage i% Bonds
Pittsburgh Junction, Middle Division, 3^% Bonds
Southwestern Division Z}4% Bonds
Ten-j'ear Gold Converti'ife Debenture 4% Bonds
Pittslnirgh, Lake Erie & West Virginia 4% Bonds
Ground Rent Liens (capitalized at 0^)
Real estate mortgages
Old bonds and stocks not dep sited
Car Trust Bonds and Lease Warrants not matured
72,000,000
69,000,000
13,810,530
43,600,000
592,000
22,884,000
802.308
414,396
147,963
9,487
315,000
700,000
4,000,000
4,500.000
477,749
Dividends declared
Individuals and companies, taxes, etc
Miscellaneous liabilities
Profit
and
loss
6,441,094
3.480,926
3,825,689
4,477,270
3,600,280
5,506,647
$444,221,690
67
Comparative income accounts
Earnings
for years
ended June 30
Freight
Passenger
Express
Mail
Miscellaneous
Gross earnings
Expenses
Maintenance of waj- and structures
Maintenance of equipment
Conducting transportation
General expenses
1903.
1902.
$47,756,251
12,520.988
1,189.&43
1,353,871
628,680
$43,779,786
11,238,537
1.069,206
1,346,994
457,972
$63,449,6.33
$57,892,495
$6,175,115
8,270.156
23,653.780
1,470,912
20.946.896
1,440,368
'.
Operating expenses
tem earmngs
".
.
Taxes
Bliscellaneous improvements, etc
Discount and commission on securities sold
Total deductions
Net income
Profit
and
30, 1902
loss account,
June
$39,569,963
$37,006,984
$23,879,670
1,609.850
$20,885,511
1,235,220
$25,480,520
$22,120,731
$386,858
8,934,919
1,239.725
590,259
513,595
305,125
10,102,832
1.175,061
205.194
1,038,743
$11,671,356
$12,946,955
$13,818,164
$9,173,756
in Sys-
June
30, 1903
Dr.
June
30,
$7,235,.389
7.384,.331
3. .500,000
1,200,000
1.200,000
2.485,241
2,485,241
66,255
1903
5,.500,647
$16,443,384
Cr.
Juue
June
30,
30,
1902 Balance
1903 Net income for year
$2,025,221
13,818,163
$16.443,:J84
The percentage
was
67.03, as
68
Stock Common,
Funded Debt
Dividends
4%
per cent.:
March,
Preferred
1902.
1901.
1900.
4
4
1903.
1904.
"2
Common
S.
31, 1903:
^A-Sscts.
'
'
$1-3,433,123
1.280.493
2,348,099
3,571.247
16,576,763
Cash
and accounts receivable
Products, raw material, etc
Bills
Good
will,
patents, etc
836,209,724
Total
Liabilities.
Common stock
Preferred stock
$20,2-37,100
198,600
3,000,000
1,050,000
597,332
11,250
1,115,442
10,
Debenture bonds
Bills payable
Commercial accounts
Acciued interest
Dividends
Total
The
S36,209.724
surplus for the year ended August 31, 1903, after paying 4%"
common stock and 6% on the preferred, was
dividend on the
$108,681.
Dividends,
6%
per
Preferred June,
3%;
1892, to
December,
1903, inclusive,
4%;
first
2%;
1902,
4%
in
common
December and
69
2%
2%
in June, making
declared for June
6%
i,
December,
1903,
2^'^,
and
1904.
Edmond
in
December.
Urquhart, Robert F. Munro, William Barbour, J. Kennedy Tod, Charles F. Clark, J. R. Maxwell, Richard
T. Wilson, George Austin Morrison, Edward D. Adams, Charles
Lanier, Harris C. Fahuestock, Joseph Larocque, Bradish Johnson,
William Nelson Cromwell and J. F. Chamberlin.
Directors.
the
all
Railroad for 999 ^-ears, guaranteeing all fixed charges, etc., and 10
per cent, dividend on $12,000,000 of stock. In acquiring the firstnamed property the Brooklyn Rapid Transit took over this lease
with
its
obligations.
is
lines
70
Consolidated general balance sheet, Brooklyn Rapid Transit
System, June 30, 1903:
Assets.
Cost of properties
$92,488,400
5,479.787
1,948,929
214,574
1,681,267
1 087,018
4,005,755
1,842,621
16,187
Total
S108,714,540
Liabilities.
$'45,000,000
985,655
12.000.000
250.000
65U,000
6,624,000
15.000,000
23,000,000
Bonded
...
3.37,140
3,119,905
1,747,839
$108,714,540
Income account
of
Gross earnings
Operating expenses
Total income
Fixed charges, net
1903.
$1^^.557.814
8,688,8(38
30:
1902.
1901.
$li,788.168
8,952.214
$12,135,559
7,970,634
$4,868,946
3 904,068
$3,835,9.54
3,732,633
$4,164,925
3,587,122
$964,878
$103,321
$577,803
From
the surplus for the year 1902-03 |i6S,095 was deducted for
betterments, etc.
Stock. Issued as authorized.
In March, 1902, a new general consolidated mortgage of $150,000,000 was authorized to retire outstanding liens and provide for
to time.
None paid.
71
3242.769,210
11,771.133
43,470,868
2.266,635
13,914.480
Securities held
Hotels, buildings, etc
3.ij73,262
.5,498,788
1,606,902
4,918,698
236,688
12,172.612
8:341,699,276
Note. In addition to the above assets, the company owns 12,081,776 acres of
land in Manitoba and the Territories (average sales past year, 3.67 per acre),
and 3,759,418 acres in British Columbia.
Liabilities.
Capital stock
$84,500,000
32.500.000
4% preferred stock
67,2.52,253
Ifc
Algoma branch
1st mtge
1st mtge.
.34.998,6.33
973,.33:i
&
O.
7.000,000
3,650,000
616,120
rolls, etc
."
14,500,000
7.153,478
1.772.070
.588,.543
30,229.109
37,119, .562
18,846,175
$341,699,276
Cash
of
will
common
72
Income account
for year
ended June
30, 1903
Gross earnings
Working expenses
J43,95",3~3
28,130.5'^7
Net earnings
$15 836,846
>
],886.81",J
$17,1^8,658
Deductions:
Fixed charges
7,053.197
Surplus
10.071,460
Deductions:
Amount applied
1,
1903
whicli
1903, has
Dividends.
S~il58.9'J0
2%
From
ber
I.
150.000
650,000
2,112.500
on preferred and 3% on common, paj-able Octobeen declared, but evidently not yet charged out.
Common 1890
to 1894,
$%
1896 and 1897, 2y2%\ 1898, 4;-<''o; 1899, 4%; 1900, ^YzX; 1901 and
1902, 5/0 1903. 5>^%; half year, 1904, 2)%;
Preferred
4% j^early since
is
4%
is
common.
in 1903, as
Annual meeting.
Main
office.
Lord
Clarence Mackay.
73
jointly.
30,
1903
Assets.
360.187.295
owned
21,94'<J,070
Advances
for construction
Insurance fund, bonds in hands of treasurer
600.810
100,000
1.184,766
Current assets
Cash
2,167,939
Due from
traffic
3,179,81.3
2,555,408
46,932
S91, 965,023
Liabilities.
Capital stock
Funded debt:
$27,415,800
Current liabilities
Vouchers, pav rolls and temporary loans
Interest due July I, 1903
Other interest and rentals
45,091,000
3,270.000
50,000
179,100
Due
Due
other railroads
individuals and companies
1, 1903
Interest, taxes, etc., accrued, not
2,590,218
996,775
32,874
478.402
507.586
548..316
due
1,479,297
128,773
8,840,882
3.50.000
91,965,023
74
Income account
for i8
30, 1903:
Gross earnings
Operating expenses
36,063.831
16.649,742
Net earnings
Income from investments (not including surplus earnings
W. Coal Co., $345,851.77)
Deduct
taxes, interest
$9,414,089
of L.
&
1,729.926
$11,144,015
8,320,336
and rentals
Balance surplus
Dividends 6 quarterly, including Aug.
1,
$2,823,679
3,289,816
'03
The authorized
is
capital stock
$466,137
is
$30,000,00, of
which $27,415,800
outstanding.
Of the $50,000,000 general mortgage bonds authorized, $4,909,000 are still unissued.
The company reports heavy losses in tonnage and revenue for
the period under review, owing to strikes in the anthracite
region.
Dividends.
1S91, ()%%
5%;
^%%
1896,
1897,
1892 to 1894,
]%
4%
yearly
yearly
189^,
yearly
1902, S%
1903, 8%; 1904, May, 4%.
Main office. 143 Liberty Street, New York.
Annual Meeting. Friday following the third Monday
5%
5^%
in
Sep-
tember.
President,
Geo. F. Baer
Secretary
and Treasurer,
G.
O.
Waterman.
Was
30, 1903:
Assets.
$112,705,521
21.248,14"
1,6:^.769
28.1 93
2.31,222
4.59,772
495.529
407,161
776.375
1,264,517
197,307
Miscellaneous
S139,452.513
Liabilities.
Common
stock
$60,529,900
9,600
1939
Current
25.858,000
34,8*3.000
2,000,000
13.354
2,000,000
142,000
6.000.000
1.000.000
650,000
400.000
555,000
200 000
liabilities:
due July
Unpaid dividends
Vouchers, pay rolls and traffic balances
Due individuals and companies
Loans and bills payable
Taxes accrued not due
Profit and loss
1,
1903
909.318
227,207
*-?^'^
1,847,712
44. .337
1.000 000
157,904
1,071,106
$139,452,513
Income account
Earnings
for year
ended June
30, 1903:
$12,510,006
3.474.905
720,C91
Gross earnings
$16,711,602
Fre-ght traffic
Passenger
traffic
Expenses
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
Operating expenses
$2,178,835
2.679.021
5,839,230
355,036
$11,052,723
76
"Net earnings
$5,658,879
190,374
5.849,253
is
owned
Taxes
Miscellaneous. Loss on
C.
&
447, 1 15
O.
S. S.
Line, etc
Total deductions
210,122
S4,.579,649
Net income
Profit
$3,472,449
87,500
273,094
89,369
81,209.604
and
loss,
June
30,
1903
Dr.
X>iscount on equipment trust certificates sold
Sundry old accounts written off
$120,000
27,013
605,299
591,012
1,071,106
$2,411,430
Cr.
$1,062,325
82..500
1,269,604
$2,414,430
and
--'1,
and
j/3
and
j'3
second preferred.
Bonds. The general mortgage created in 1892 is for $70,000,000
and from the unsold balance $2,000,000 are to be used each year for
~i for the
1%
at
yearly.
//
Statist:
78
Liabilities.
Common
stock
Preferred stock
$19,542,800
19,544,000
22,000,000
Authorized
Unsold
5,000,000
1 365,000
3,635,000
Current
liabilities:
bills
Loans and
payable
Interest payable. July ]. 1903
Dividend payable, July 1, 1903
Interest and dividends accrued
2,510,000
457.700
390.880
267,095
1,307.894
114,547
3.360
11,674
8,648
606.599
569,439
rolls
Unadjusted accounts
Renewal fund
Material and supplies, under provisions of lease
Profit and loss
$70,969,6:36
Income and
30. 1903
profit
and
loss
Earnings:
Freig-ht
$6,610,637
2,908,5a3
241.112
218,039
Passenger
Mail
Express
Miscellaneous
9 2.721
Gross earnings
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
$10,071,092
$1,213,365
1.190.832
3,983,068
237,931
$6,625,196
Net earnings
$3,445,896
Additions to income:
Dividends on stock owned*
Interest on bonds, etc
1,525,622
244,449
Total income
$5,215,967
Taxes
Net earnings of leased property*
Miscellaneous
Interest on 1st lien bonds of railway company
Interest on 4% collateral trust notes
Discount on 4^ collateral trust notes sold
Interest on loans, etc
Miscellaneous.
$1,200,000
245.021
345.000
1,544.462
7.105
770.000
97,004
29,728
123.943
2,663
$4,364,936
*The disbursement above marked represents a payment of 7% on the outstanding stock of the railroad company, of which the greater part is held by the
railway company, as indicated by the large proportion shown above as a receipt.
79
Net income
Dividend on preferred stock,
4fc
30, 1903
69,281
500,158
June
30, 1903
$509,439
loss
$a51,041
781,700
3% refunding bonds of
be increased to $45,000,000
by vote of two- thirds of the stockholders to provide for extensions, etc., and issued at the rate of not over $1,000,000 per
annum, to the extent of $20,000 per mile.
Dividends.
Paid on preferred, January, 1901, to January, 1904,
both inclusive, at 4% per annum (J. & J.).
Directors.
Edward H. Harriman, James Stilhnan, George J.
The
railroad
may
Omaha.
The company owns all the stock and bonds of the Mason City
& F't. Dodge road, and operates the W. M. & P. under a lease of
to
100 years from April i, 1901, the Chicago Great Western Ry. Co.
receiving the entire net earnings above interest on bonds. The
issue.
8o
General balance sheet, June
30, 1903
Asuets.
Cash
Cash
in
in
New York
London
Cash Current
Accounts receivable
Due from agents and conductors
Individuals and companies
Miscellaneous accounts
Material and supplies
S7.595,165
62.057,230
10,671.753
293,694
222,005
190
35,764
119,018
352.856
179..532
318,374
887,308
129.463
1,1^8.700
84,051 052
Liabilities.
Common
stock
$26,117,089
11,336.900
9.468,090
29,921 ,045
905,303
48,485
2,.558,788
Accounts payable
Vouchers and pay rolls
Interest and taxes accrued, etc
Interest payable July 15 on 4% debenture stock
Dividend payable Aug. 31 on 5% preferred A
Surplus
335,000
73 994
2,185.971
131,875
520,880
284,310
163,322
$84,051,0.52
Income and
30,
1903
profit
and
loss
at
June
Earnings
Freight
Passenger
:
$5,633,437
1,782,218
111.980
Express
Miscellaneous
Rentals
Surplus earnings proprietary lines
103,.'574
65,258
5,519
:
66.848
54.355
Total
S~,823,191
Expenses:
Maintenance of way and renewals
Maintenance of equipment
Fuel for locomotives
Conducting transportation
S916,.559
934 718
840,536
2.067,624
218,237
General expenses
456 954
Total
85,434,630
lines
$2,388,561
8i
Deductions from income:
Taxes
Terminal rental
203,897
2;i8.334
Dubuque bridge
rental
Leased Imes rental
Interest on company's proportion
& M. Tfr. Ry
Interest on loans
30,000
139,819
bonds of
St. P.,
Union Depot
13,995
'.
I(i0,589
Total
8786,624
51,601,934
1.025.693
568,620
Balance to surplus
Balance surplus June
30, 1902
7,621
155,701
30, 1903
$163,322
the
Mason City
The
4%
&
debenture
is
(J.
and
).
The
5^0 preferred
stock
is
class.
the
fiscal
Dividends. On preferred A
yearly (J. and J.).
1S99,
4%
S%
A. Oppenheim, S. C.
Directors. A. B. Stickney, President
Stickney, F. Weyerhaeur^er, W. Lusk, H. E. Fletcher, T. H.
Wheeler, William A. Read, R. C. Wight.
;
Annual meeting.
First
Thursday
tember.
Main
office, St.
Paul, Minn.
after first
Tuesday
in Sep-
82
present
30,
1903
Assets.
335,010,737
3.91
,435
5.144.000
4, .5.53,723
Cash
Agents and conductors
8,600.598
Traffic balances
1,754,663
368,005
6,015,545
'JilS.iies
States Government
and sinking funds
S266.906,961
Liabilities.
Common
$58,183,900
47,734,400
stock
Preferred stock
Funded debt
Pay x-oll vouchers and trafflc balances
Reserves and sinking funds
Interest accrued, not due
Profit and loss surplus
133.7.54.500
4,895,fi54
6.043,707
3,805,148
23.499,652
$266,906,961
Total
Income and
profit
and
loss
at
June
30, 1903:
Earnings:
Passenger
Freight
Mail, express, etc
$9,542,201
34,797,045
3,333,491
Total earnings
$47,662,737
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conduct ing transportation
General expenses
Taxes
Renewal and improvement account
Total expenses
"..347,048
3,893,8:^4
16,829,796
953,309
1
,470, 187
1,105,000
$31,598,174
83
Net earnings
Other income
$16,064,503
510,031
Total income
Interest on funded debt
$16,574,594
6.101,335
Net income
$10,473,259
Dividends
Common,
7}^%
Preferred, 7%
$4,363,792
3,291,883
and
Bonds.
new
loss balance
In
June
S3.817,.584
30,
1902
20,683,068
30,
1903
$28,499,652
up
all out-
Amount
$30,500,000
3.836,000
$34,396,000
$87,655,500
liens
27,948,.500
$150,000,000
equally with the common after 7%" has been paid on each class.
Dividends. (A & O). Preferred From 1891 to 1903, both in-
clusive,
7%,
Common
1S97 to 1900,
April, 1904,
1892,
5%
3/2%.
2%; 1893 and
yearly; 1901,
1S94, 4%;
6%; 1902 and
1895,
2%;
1S96,
4%;
3/2%-
The net earnings for the year ended June 30, 1903, sliowed an
increase of 1648,333 over the previous year, and the freight tonnage increased 7.14%.
shows a
slight decrease
84
in percentage of agricultural products, whilst other
commodities
increased 9.55%".
The more
higher average class of traffic, since the revenue per ton per mile
shows an increase of 3%.
Over 40,000 tons of new rail was laid and charged to expenses,
which is slightly less than in the previous year, and the cost of
1,284,000 new ties was charged to expenses in the year against
the cost of 1,854,600.
Roswell
J,
Ogden Armour, Frank. S. Bond, Joseph Milbank, William Rockefeller, Peter Geddes, John A. Stewart, Samuel Spencer, James H.
Smith, Charles W. Harkness, Henry H. Rogers.
Various persons
$220,376,196
19,949,488
3,678,920
7,647,714
8,411,102
182,357
2,205,872
283,838
166,689
Total
$262,902,1 75
Cash on hand
Bills receivable
85
Liabilities.
Common
stock
Preferred stock
Bonded debt
Sinking funds
Current bills, pay rolls, etc
Miscellaneous accounts
$50,674,470
22.398.954
102,310.500
7.047,715
3,994,020
38,000
143,302
2,139,380
1.605,095
1,989.574
9,901,098
Coupons unpaid
Dividends declared
Accrued interest
Land income account
Railroad income account (surplus)
Total
262,902.175
Income and
30, 1903
profit
and
loss
Earnings:
Passenger
Freight
$12,030,277
35,171 064
2,035,440
Gross earnings
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses.
$49,842,781
6,247,400
5,031,795
19,199,174
973,900
1,807,845
Taxes
Total operating expenses and taxes
$33,260,113
Net earnings
Other income:
$10,582,668
Investments
577.080
Total income
$17,159,748
$6,540,170
5,316
225,000
5,013,418
Total
$11,783,904
$5,375,814
$5,060,414
1 .791,600
Balance to surplus
Profit and loss balance, June
30, 1902
523.830
9.377.268
June
30. 1903
$9,901,098
Profit
and
Bonds.
loss surplus,
to secure an issue of
5%
interest
86
Of
this
may
to retire underlying
be used to provide funds for exten-
and improvements.
Stock.
The
$77,601,045 preferred
is
many
when an
extra
Common
1%
&
(J.
4%; 1896
superstructure.
The
Proceeds from land sales are not included in the earnings, but
credited to the land income account, the surplus of which account
at
June
30, 1903,
may
be seen
in
-$1,989,574-
in June.
87
Directors.W. K. Vanderbilt, F. W. Vanderbilt, H. McK.
Twombly, Samuel E. Barger, Chauncey M. Depew, James Stillman, James C. Fargo, Frank Work, Albert Keep, Marvin Hughitt
(president), Byron L. Smith, P. Kimball, Oliver Ames, Zenas
Crane.
The company has leases for use of its tracks and depot facilities
with the Baltimore & Ohio and a number of other lines entering
Chicago.
General balance sheet, June
30, 1903
Assets.
45,402.364
359,592
271,468
136.187
174.912
600,995
114,720
Total
$17,060,239
Liabilities.
Common
stock
Preferred stock
Funded debt
Total
$13,000,000
17,000.000
15,444,000
350,.592
283,083
81 ,334
312,000
228,7-34
360,495
S47,060,2:i9
88
Income and
June
profit
and
loss
account for
3'ear
ended and
at
1903
30,
Earnings:
From
railroad tenants
$629,077
123,376
921,543
72,376
$1,746,372
$198,195
Equipment
153.177
569,934
Conducting transportioii
General expenses
Taxes
.'
102,:B63
112,000
$1,135,670
$610,702
597,600
Net income
Interest on funded debt
Balance, surplus for year
Profit and loss balance, June
30, 1902
13,102
347,393
June
30, 1903
$:360,495
Profit
and
loss balance,
first
is
Colorado Coal
&
Iron
Company
600,000 tons.
89
Real estate
Mines development
$17,128,642
131.025
68.741
27,490,753
168,000
advance
Equipment all departments
Roj-alties in
Customers' accounts
l,iJ74.t524
271.842
& Wyoming
Colorado
Railroad
322.8.38
._.
Company
3.400.941
989. 12S
3,398.701
3-^7,299
Minn. Ld & W. Co
Miscellaneous
666.049
151,73;i
Total
$55,790,316
Liabilities.
Capital stock
Common
823,932.000
2,000,000
20,063,000
4.994,922
1,471.045
92.535
675.965
203,818
977.005
Preferred
Bonds
Bills
payable
Unjjaid vouchers
Unpaid freight
Unpaid pay checks
The Colorado Supply Company
Sinking funds
6O.OO1)
424,891
203.70S
105,314
583,113
Miscellaneous
Profit
and
loss surplus
Total
S55,790.316
Income and
30, 1903
profit
and
loss
Earnings
Fuel department
Iron department
Denver retail department
Miscellaneous
$9,304,427
6,981.828
364,664
3,044
Gross earnings
$16,653,963
Expenses
14.003,981
Net earnings
Taxes
Interest on bonds, less miscellaneous income
Sinking funds, etc
Dividend on preferred stock, (i%)
Total
$1,990,9^2
$11 5,477
978,785
013.112
80.000
$1,787,374
go
Surplus for year
Profit and loss balance June
1203,608
30.
1902
528,6-10
^
Deduct:
$732,246
and
loss balance
June
30.
1-16,135
1903
$-586,113
previous year
the
;
200,000.
20^0''
in
common
stock, such
new
bonds to be
$1,000 in bonds
Some
91
Assets.
Cost of securities
Bills receivable
Cash
in
banks
....
Total
72.258,745
115,000
3,212,511
75,586,256
Liabilities.
Preferred stock
Common stock
Surplus
$27,376,990
44,881.755
3.327,511
Total
$75,586,256
Stock authorized.
$30,000,000
Preferred,
7%
$50,000,000
cumulative, and
common.
The Corn Products Company has no funded debt, and has not
assumed those of the controlled companies.
Dividends.
Preferred
7% yearly in
declared out of the
Common 4%
:
March i, 1904, had not been comwas estimated that the earnings of subsidiary
companies amounted to about $5,000,000, from which there was to
be deducted $420,000 for interest on underlying bonds and $r,audit for the fiscal year ended
pleted, but that
it
good markets
Main office,
New
York.
Officers. President,
Seeretary, C.
L,.
Glass.
C.
H. Matthiessen
Vice-President
and
92
December
$63,466,751
998,506
2,895,530
437,178
27!>,37G
Colorado warrants
Advance insurance
Materials and supplies
P U. D. and railway stock
P. U. D. and railway stock
U. D. sinking fund
Other securities
Discount on bonds and miscellaneous
P.
Total
144,222
19,791
574
10,611
512,141
80,000
8,120
10,400
1,176.200
23,189
$70,058,589
Liabilities.
Common
stock
stock
1st preferred
Pay
rolls
Coupons
Accrued taxes
due
Equipment renewal fund
Interest accrued, not
Rails released
Miscellaneous
Total
and
8,.500,000
8,.500,000
18.803.000
1,243,379
370,9.38
269,627
Foreign road^
Profit
331,000,000
loss
89,8.57
11,620
215,555
313,383
02,740
1,887
12,445
664.158
$70,058,589
93
Income and
30, 1903
Earnings
profit
and
loss
Freight
Passenger
Express, mail and miscellaneous
4.790,420
1,083.390
269,179
Gross earnings
0,1-12,939
Expenses
Maintenance of way, etc
Maintenance of equipment
Conducting transportation
:
994,900
913.979
2,573,364
General expenses
192.23-8
Taxes
233,030
Net earnings
Income from investments
4,908,111
1,234,878
58,875
Total income
1,293.753
Deduct Interest
772,568
24.232
Miscellaneous
496,953
340,000
(456)
and
loss balance
Stocks.
June
156,953
507,205
30, 1903
664,158
preferred
is
4%
non-cumulative.
and then
i,
have paid 4%
The arrangement, however, may be
Funded
1929,
ment and
1903.
4%;
1904- April,
2%.
same period.
94
The
increase in expenses
is
Trum-
maximum
is
figures.
further cause
resulting in
The
pound
steel
53.5 miles,
Denver, Colorado.
Third Thursday in November.
Directors. Grenville M. Dodge, Henry Budge, Jos. P.
Main
and
office.
Annual meeting.
Cotton,
present system
95
General balance sheet, December
Cost of road
Cost of equipment
Other permanent investments
31, 1903
Stocks in treasury
Bonds in treasury
Advance to leased and controlled roads
Coal on hand
Material, fuel, etc
Cash
Bills receivable
Suspense account
$17,401,195
8,019,301
0,671,504
7,900,114
4,390,206
1,169,439
3,159,319
1,444,781
1,453,108
46,000
830,839
2,901,878
73,438
54.466,921
Liabilities.
$26,200,000
3,067,000
Capital stock
,529,.573
71,377
125,328
458,.500
Audited vouchers
Audited pav rolls
Taxes, not due
Blortgage on real estate
1,949,128
1,151,183
490,113
62,074
572,432
18.790,313
854,466.931
Passenger
Mail, express, etc
Total
Expenses:
loss
813,826.844
8,454.908
5,083.142
1,9)6,069
829,180,963
83,647,959
3,793,086
8,264,894
464,603
872,862
Total
816,043,403
Net earnings
813,137,500
Additions to income:
Interest on investments
Dividends on stock
Coal department earnings*
Miscellaneous interest, etc
Total income
115.163
3:J5,916
3,036.194
13,664
$16,038,496
96
Deductions from income:
Interest on bonds
Rentals leased lines
Accounts charfjed off
Rentals New York terminals
Renewa' s and betterments
Total
805,236
143,198
4,319,16(3
810,553,258
Net income
Dividend
$214,409
5,071 ,849
$6,085,338
$1,834,000
(7%)
and
loss
June
Profit
and
loss
June
30, 1902
$4.851 ,238
14,538,974
30, 1903
S18,<'90,812
$:36,736,325
Expenses
33,700.131
Profit
$3,036,194
The gross earnings of the railroad show about 35% increase ov,er
the previous year, which in turn averaged those of 1900 and 1901.
Gross coal earnings increased about 90%, and net earnings nearly
400%.
Comparing
is
97
its
The company
one of the largest miners and carriers of anbeing for several past years
about 5,000,000 tons per annum. The tonnage carried however is
much in excess of its own product, being 8,657,966 tons in 1903,
is
by the
coal strike.
31, 1903
Atsets.
Real estate
Unmined
coal
Railroad construction
Adirondack Railway
Chat. & Lake Placid Railway construction
Railroad equipment
Schenectady & Duane Railroad
Marine equipment
Coal department equipment
Mining plant, breakers, etc
Coal handling and storage plants
Supplies on hand
Shop machinery, tools, etc
Stocks and bonds owned
Advances on unmined coal
Cash
Due from paymasters, etc
Bills and accounts receivable
._
.'
5,146,357
12,607,634
10,830,950
1,000,000
286,299
8,374.293
500.000
10,000
820,944
2,.300,000
190,032
2,160,082
544,610
5,451 ,488
876,298
900,520
1,772,205
1,705.678
Total
$55,467,389
Liabilities.
Capital Stock
Bonds
,
.34,407,100
9,.'500,000
and
Total
loss
575,050
125,461
313,585
1.59.321
1,134,681
2,469,184
189,853
6,593,154
$55,467,389
98
Income account
for year
ended December
31, 1903
$19,589,034
054,197
12,979
347,207
Miscellaneous profits
Interest on investments
Total
$20,543,417
$11,528,821
4,703,997
399,788
$16,632,006
Income from
Earnings-
$3,910,811
railroads
Lines in Pennsylvania
$4,045,206
4,773,526
3,303,148
1,521,074
Albany
Rensselaer
Adirondack
Total earnings
$13,642,954
Operating expenses
Lines in Pennsylvania
$2,123,383
2,565,541
2,485,467
994,805
Albany
Rensselaer
Adirondack
$8,169,196
$5,473,758
2,994,800
$2,478,898
Total income
Charged
$6,389,709
off
$2,290,363
184,552
mined
(7^)
$3,914,794
2,450,000
$1,404,794
Note. The surplus at December 31, 1902, is stated to have been $6,670,528,
which added to the surplus for the year as above would make $8,135,322. This
has been reduced to the figure shown at December 31, 1903, viz., $6,593,154, chiefly
by charging off values shown in equipment, new railroad construction, mining
plant, washeries, etc., aggregating $1,472,878.
Betterments charged against income for the year
Stock.
amounted
to $1,831,000.
March 7, 1904. The proceeds are to be used to retire $5,000,000 New York & Canada Railroad bonds maturing May i, 1904,
$344,000 for retirement of C. & Lake Placid bonds, and about
ized
99
against income,
to said
companies is fully
of.
1885,
6%;
1886,
5%;
18S7,
5%;
1888.
6%;
The road
which
narrow gauge, and 62 miles operated underlease.
It also owns the entire capital stock and has assumed the funded
debt of the Rio Grande Western, a line extending from Grand
921
miles
is
lOO
traffic.
Assets.
3114,968,863
20,750,000
10,343.420
Equipment
Material and supplies
Agents and conductors
Individuals and companies
1,2.'53,060
282.925
978,130
3,218,044
9,568,064
2.800,900
451,797
158,376
1,730,530
Miscellaneous accounts
Cash
Total
166,504,111
Capital stock
Liabilities.
Common
$38,000 000
44,400,000
75,896,100
451,797
Preferred
Bonds
Renewal fund
Vouchers
Pay rolls
490,.584
763,496
Interest on bonds
1,321,717
171 ,761
242,593
123,606
300.341
74,688
1,110,450
3,156,975
Insurance fund
Accrued taxes
Miscellaneous
Dividends
Profit
and
loss
Total
Income account
$166,504,1
for year
ended June
30, 1903
Earnings
Freight
Passenger
Miscellaneous
Expenses:
Maintenance of way
Maintenance of structures
Maintenance of equipment
Conducting transportation
Express expenses
General expenses
$12,281,492
3,827.924
1.195,143
$17,304,559
$1,897,253
,
.^96,211
1,942.914
5.770,018
46.5.604
157,849
$10,629,850
Net earnings
Other income
$6,674,709
209,717
Total income
$6,884,426
lOI
Deductions from income
Interest on bonds
Taxes and insurance
Renewal fund
Betterments, etc
$3,083,404
062,041
120,000
436,797
Miscellaneous rentals
176,4,'0
Total
4,478,662
$2,405,764
2,220.000
Profit
and
$185 704
loss account:
Dr.
$85,000
330,000
3,156,975
$3,571,975
Cr.
$3,377,643
185,764
3,836
4,733
$3,571,975
Stock.
Issued as authorized
R. G.
R. G.
W. Ry.
W. Ry.
15,200,000
12.676,600
Total
$75,896,100
and
2%;
1897,
1903, 5"o
1898,
and January
1904,
4%
1893,
;
1901,
2%;
1902
1896
and
2;^%.
Whilst the net earnings for 1903 were slightly less than during the previous year, due entirely to increased expenses, both
such years show a marked advance over earnings for 1900 and 1S99,
being about 60 and 70% respectively.
Percentage of expenses to earnings for past years has been as
follows: 1903,61.42; 1902,60.64; 1901,62.20; 1900,63.30.
Annual meeting. Third Tuesday in October.
Main
office.
Directors.
etc.i etc.
Denver, Colorado.
George
J.
::
I02
The road operates from Detroit to Ironton, via Lima, and including 43 miles of trackage, comprises 432 miles of track, of which
362 miles are owned.
It has also about 120 miles of yard tracks, sidings and mine
The line reaches into the bituminous fields of southern
tracks.
Ohio.
General balance sheet, June 30, 1903:
Assets.
$25,634,600
47,677
140,992
52,060
36,466
45,834
28,000
Total
$25,985,620
Liabilities.
Common stock
$10,500,000
6,500,000
8,700,233
102,920
57,391
91,597
11,008
1,624
20,ai6
Preferred stock
Bonds and car trust notes
Accounts payable
Pay
rolls
Miscellaneous accounts
Profit
and
loss
--
Total
Income and
profit
for j^ear
ended and
S35,985,620
at
1903:
Earnings
Freight
Passenger
Mail...
Express
Miscellaneous
-Gross earnings
Expenses
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
Total expenses
Net earnings
June
30,
81.116,231
180,302
23,-333
15,402
109,631
$1,444,899
$204,588
231,339
^'^'|)n
42,620
$1 .089,934
$354,965
I03
Deduct
Taxes
54.000
2ci8,673
Total
$343,673
Net income
Profit
and
S12.'2ni
loss balance
June
30. 1903
9,245
Total
and
loss
June
Capital stock.
sheet,
$21,536
690
1901
30, 1903
In
3^0,846
addition
full
1903,
an increase of $16,000,000
common
Cost of road and equipment has been increased during the year
sum of $2,273,573, for cost of Iron Railway and additions to
in the
equipment.
stock,
to
41^
shown above
No
dividends paid.
Bonded debt.
in addition to
Authorized, $14,500,000;
which there
is
annum.
Main
office.
in October.
Detroit.
I04
RAILWAY COMPANY.
in the
&
purchased in 1S90.
The road operates 573 miles between Duluth and Sault Ste.
Marie, all of which, with the exception of about 10 miles, it owns.
General balance sheet, June 30, 1903
:
Astets.
45,484,115
237,372
28,242
7,662
474,795
56,018
25,000
4.35,409
Materials
Profit
and
225,197
1,970,417
loss
Total
$48,878,227
Liabilities.
Common stock
Preferred stock
$12,000,000
10,000,000
23.000,000
295,111
Bonds
Contracts
advance
2,.383,.'555
198.0(3
115,994
13,374
16,000
Bills payable
Current accounts
Accrued interest and taxes
Total
4.32,682
423,497
848,878,227
....
Income and
30, 1903
profit
and
loss
at
June
Earnings
Merchandise freight
:
Passenger
Mail, express, etc
Gross earnings
1.3.39.560
2.59.549
993,879
179,146
S-.~''2 135
I05
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
Total expenses
Sl,~58,090
Net earnings
Other income
1 014,045
14.665
Total income
$1.0^8,710
Interest on bonds
$859,700
200.214
Taxes
Total
81,0.59.914
Deficit
31,204
1,939,213
Balance forward
Profit
433.516
236.440
1,001.693
86,435
and
loss deficit
June
30,
1908
Sl,970,417
A New York
&
New
Western.
io6
Assets.
$350,548,002
7,630,710
:
6,263,400
5.748,900
2,724,080
500,000
13,034
1,005
378,789
53,968
Common
Materials and supplies
Securities in trust for insurance fund
Chicago & Western Ind. sinking fund
Cash with trustees of sinking fund
Pennsylvania collateral trust bonds, redeemed
Line traffic association and agency
Due from subsidiary companies
Insurance and expenses paid in advance
1,271, .554
35 745
8,305,643
805,583
119,348
1,252,156
$385,650,920
Liabilities.
Capital stock:
1st preferred
2nd preferred
$47,892,400
16,000,000
112,378,900
Common
Bonded debt:
Erie Railroad Co
Leased lines
Chicago & Erie
145,4r0,600
23,960,500
12,300,000
Construcvion obligations
Mortgage on
.566,701
real estate
Equipment trusts
Interest and rentals accrued, not due
Dividend on 1st preferred payable August
770,850
5,959,224
31
Reserve funds
Accrued Pennsylvania Coal Co. sinking fund
Interest and rentals due
Pay
roll
Audited vouchers
Due connecting lines
Profit
Total
and
loss
1,654,-347
0.57,848
1,829,668
550,:336
1,962,121
1,750,399
1,451,232
550,650
9,645,142
$385,650,920
I07
Income and
June
profit
and
loss
30, 1903:
Earnings
Freight
Coal
$21 .G90.503
11 .384.421
Passenger
8,021.893
472,479
811,015
130,178
998,630
Express
Rents
Miscellaneous
Earnings R. R
Other operations
S43,.509,139
*
Gross earnings
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
Taxes
Expenses R. R
Other operations
$3.6.52,914
5,728,761
16.291,666
952,397
971,770
$27,597,508
2 328,250
Total
Net earnings
Income from
2,321,274
$45,830,413
$29,925,758
$15,904,654
securities
owned
1,4.30,230
Total income
Deduct Interest and rentals
17,.334,8S5
8,901,618-
Net income
Deduct
$8,433,266
$808,451
,676,234
$2,484,685
Surplus
Deduct
for
amount
$5,948,580
1,569,404
$4,379,170
5,265,966
June
$9,645,142-
Profit
Profit
and
loss
.30,
1903
25%
io8
was closed during the first four months of the
operating year, only 1.59%" less was transported.
stock.
ist
standing, $47,892,400,
preferred,
is
4%
authorized,
148,000,000
out-
non-cumulative.
is
4%
non-
cumulative.
Common,
May
Prior to
trust,
ist preferred,
and A); in
February, 2%.
(F.
1903,
New York.
Directors. Chas. Steele,
Main
in 1902,
2%;
in
3%,
1904,
in October.
office.
I09
New York
a.
facturing plants.
It owms the Edison and other patents for electric lighting in the
United States and abroad also United States rights to manufacture Curtis steam turbines.
The business consists of granting rights, under its patents, for
lighting and heating to local companies, and manufacturing electrical supplies, the Schenectady plant being one of the largest of
its kind in the world.
The Westinghouse Electric Manufacting Company uses a number of its patents in fact, it is understood that the patents of the
two companies are pooled for joint use.
;
A controlling interest in the British Thomson-Houston Company, Ltd., of London, England, was acquired in 1901, and in
February, 1903, all but a small amount of the capital stock of
the Stanley Electric Manufacturing Company was secured.
General balance sheet, January 31, 1903
:
Factory plants
$5,000,000
2,000,000
]0.297,.'595
1,165,921
offices
Consignments
Cash
Stocks and bonds
Real estate
Notes and accounts receivable
Work
in
97,700
.3,6.32..556
l;i,C82,214
431.450
12,816.607
1.769,456
progress
Total
349,893,507
Liabilities.
Capital stock
5% gold coupon debentures
S-S80,733
99,0(X)
2.049,400
Unclaimed dividends
Surplus
1,886
4,482,702
Total
825
l,-378,960
$49,893,507
"
no
Income and
January
profit
and
loss
31, 1903
Sales
Royalties
836,085.598
814,959
Gross income
Cost of sales
$37,500,557
Net earnings
S''^-G55,676
;i8.844,881
Additions to income:
Dividends and interest on securities owned
Interest and discount
Profit on sale of stocks and bonds
893.961
253,883
973,650
Total income
Interest on debentures
$10,277,170
44,531
$10,232,639
Deduct:
Dividends
Deduction from patent account, chiefly account Sprague patents.
Total
$4,291,144
31,
$5,941 ,495
15,287,141
1902
Total
Stock issued
in restoring
Surplus January
Stock.
$2,677,264
1,613,880
31, 1903,
percentage of reduction
made
in 1898
$21.228,63&
16,746,134
$4,482,502
1903, 142,031,600
outstanding,
At January 31, 1902, the stock outstanding was $24,During the year $223,900 was issued in exchange for
910,900.
debentures, and 116,745,933.33 was issued to restore the 40%
141,880,733.
reduction
made
in 1898.
Orders.
Net earnings.
1899
$11,170,319
14,382,342
17.431.327
$2,120,441
2,148,520
4.166,325
5.832,464
6.244,4:
8.598,241
8,655,070
1897
189H
31.
1900
26.:323,626
1901
27,969.541
1902
1903
.34,.350.840
39,914,454
reported,
and
after the
fullest
tests
Transit
tric
Eleccars.
Dividends.
July
15, 1899,
to July, 1900,
S%
6% per annum
in quarterly
Octo-
payments
&
Railway.
30, 1903
Assets.
332,3-5,229
1,331,329
notes
14,575,201
Cash
Other accounts
479,258
242,143
770,945
1,590,000
887,071
337,130
$52,538,212
112
Liabilities.
Common
stock
Preferred stock
Mortsrase bonds
Car Trust obligations
Deferred payments for securities
Roads, individuals and companies
Interest and dividends due
Bills receivable, discounted
$11,000,000
15,000,000
17,042,000
2,931.16-.J
870,404
401,480
737,109
270,000
116,207
333,549
3,330,300
Accrued interest
Miscellaneous
Profit
and
loss
$52,538,212
Income and
3, 1903
profit
and
loss
Earnings:
Coal
Freight
Passenger
-.
3Iaii
Express
2,778,248
1,973.343
786,300
40,653
41, 8:^6
Miscellaneous
439.317
Gross earnings
Expenses
Maintenance of way, etc
Maintenance of equipment
Conducting transportation
$6,049,699
General
Taxes
Operating expenses and taxes
Net earnings
006,364
1,120.778
1.812.514
1 17 709
181,161
$3,838,526
$3,211,173
Additions to income:
$307,614
430.5:30
58,717
Total
$686,861
Total income
$2,898,033
1.804,098
and
103,763
24.699
72,797
30.100
$1,003 935
Profit
$872..576
loss
June
30,
1903
331 .;334
560.000
$932,774
2,:307,536
$3,2:^0,300
113
Capital stock.
The preferred
4%
is
4% in
stock receive
&
(J.
alike.
J.).
Preferred 1900,
2))4%
',
1901 to January,
4% yearly.
Common July,
The
deposited with
past,
was sold
J.
P.
above
all
J.
yearly.
3%
common
to sell for
expenses.
P.
Morgan
&
gold participation certificates, due June 28, 1906, interest payable J. & D., secured by the stock acquired.
5%
Net earnings show a steady increase during the past few years,
those of 1903 being 10% increase over 1902, in spite of the fact
that large expenditures were made and charged to operating expenses for maintenance of equipment, and average charges made
for
maintenance of way.
Main
office.
ILLINOIS
This line was chartered in 1S51, and pays the State of Illinois
7^^ of the gross earnings of the 706 miles of line owned..
The system operated reaches from Chicago to New Orleans,
114
General balance sheet, June
30, 1903
Assets.
175,320.981
Real estate
31:^,136
2,808.097
6,601,388
42,63-1,300
etc.
payable
6.563,602
Advances
6,786,.514
Insurance fund
Surplus dividend fund
Pension fund
1,480,540
1,178,187
250,000
Total
S243..325,744
Liabilities.
Capital stock
Leased
Bonds
Bonds
895,040,000
10,000,000
line stock
C. R. R.)
(C. S &L. &N. O. R. R.)
H2,9S9,525
(I.
16,234,000
161,332
1,480,540
2,851,200
1,178,187
250,000
3,160,960
Betterment fund
Insurance fund
Set apart for dividend
and
loss
Total
$243,325,744
Income and
30, 1903
profit
and
loss
account for
^-ear
ended and
at
June
Earnings
Passenger
:
Freiglit
Mail, express, etc
Gross earnings
$45,186,077
Expenses:
Maintenance of way and structures
3Iaintenance of equipment
Conducting transportation
General expenses
Taxes
Total expenses and taxes
Net earnings
Additions to income
Interest, etc
Land
office
$8,977,228
30.592,094
5,616,754
$5-90949*5
6 274,587
16,676,332
9. 5,769
1,862,072
$31,697,956
$13,488,121
:
3,445,318
15,8:30
$16,949,269
115
Deductions from income
$6,319,877
4,881,^53
Total
Sn,20I,130
$5,748,139
5,702,400
and
loss
Stocks.
The
June
30,
$45,739
3,115,221
1903
$3,160,%0
Issued as authorized.
is entitled to 4%.
7)4%; 1887,7%; 1888, 7%;
1889, 5'A%; 1890, 6%; 1891 to 1899, 5% yearly; 1900, 5/2%; 1901
to March, 1904, 6% yearly. Payable semi-annually March and
1886,
September.
Statistics:
Betterments
Surplus charged against
Net earnings, for year.
income.
Dividends.
Year.
1899-00
$9,742,571
S40.600
$2,416,674
$.3,300,000
1900-01
11,058,668
42,260
2,895,400
.3.780.000
1901-93
12,806 690
43,961
4,340,172
4,752,000
1902-03
13,48S,121
45,739
4 881,253
5,702,400
The change
amounts paid
for dividends
is due to increase in
above reviewed. It will be noted
that after providing for dividends, every dollar available was
expended for betterments, a policy which should strengthen the
value of the property and greatly increase its earning capacity.
in
Chicago.
Directors. Walter Luttgen,
Main
in October.
office.
ii6
A New
name
title
was adopted
in 1902.
old
creased capital absorbed the principal lines engaged in the transatlantic traffic.
Harland
Lines owned
White
Ley land,
Star,
American,
Atlantic Transport,
Red
Dominion,
Star,
is
Holland-American Line.
Capitalization.
The capital stock authorized is |6o, 000, 000 6%
cumulative preferred and $60,000,000 common, limited to 10%
dividends as long as there are outstanding any debentures.
Bonded debt. Authorized, $75,000,000 4^% collateral trust debenture bonds, due October i, 1922; amount outstanding, $50,000,000; interest, A.
&
O.
interest.
Of the
common and
$5,400,000 pre-
Dividends.
the
None
New York
Main
office.
New York.
The stock
B.
dealt in
on
Wideuer, E.
J.
is
in
trj\
It also
owns about
1,000,000 acres of
woodland contiguous
to the mills.
S4I.92.5.44(>
4.015,044
5.6:il,487
Cash
Accounts and notes receivable
Inventory merchandise on hand, etc
Total
104.727
12.000
37,003
848.605
4.492.611
3.696,955
00.753.878
Liabilities.
Common
stock
Preferred stock
$17,442,800
22.40i),700
9.><66,0OO
3.023.000
2.405.637
3.50,568
5.2.59,173
Total
Income and
30. 1903
$60,753,878
profit
and
loss
Gross income
Cost of raw materials, manufacturing, etc
Net earnings
Taxes, insurance, etc
Net income
Dividends on preferred
and
loss surplus
16,.529
310
3,613.461
I,0b2,927
$2 530,5.34
1.344,402
(6%)
$20,142,771
$1,186,132
4,073,041
June
30, 1903
$5,259,173
Ii8
Surplus from operations of the past four years are as under
1890-00
1900-01
inoi-02
1902-03
$939,172
1,709,988
.553,053
1,186,152
Common
Preferred
Authorized.
Issued.
S'^0,000.000
$17,442,800
22,406,700
25,000,000
The preferred
may be
Dividends.
Preferred July,
&%
yearly.
Common
1%
Dividends on
in
December, 1898
common were
2^^ in 1899
none
since.
capital.
Annual meeting.
Main
office.
ist Vice-President, F.
Officers.
President, Hugh J. Chisholm
H. Parks; 2d Vice-President, T. T. Waller; Treasurer, A. N. Burbank Secretary, E. W. Hyde.
;
lines.
Of
panies.
separately,
The
&
operated
and 275
119
Chattanooga & St. Louis, the Georgia Railroad and the Atlanta,
Knoxville & Northern.
Control of the property was acquired in November, 1902, by
the Atlantic Coast Line.
General balance sheet, June
30, 1903
Assets.
S123,3i5.'5,252
1,079,566
7.800,269
5,02:3,426
25,012,612
2,830,47.3
4,311,065
1,911.724
4,728,816
2,638.665
2,515,406
Cash
Advances to sub companies
Improvements and betterments
Miscellaneous
Total
Sll,a07,274
Liabilities.
Stock
$60,000,000
104.287,321
Bonded debt
Interest and rents
1.954,.577
1,.563.582
Dividends
Individuals and companies
Pay rolls, vouchers, etc
529,296
3,613.741
39.304
Re.serve fund
Miscellaneous
Profit
and
926,743
8.292,710
loss
Total
$181,207,274
Income and
30. 1903
Earnings
profit
and
loss
Freight
J;26..578,620
Passenger
7,044.087
791,991
Express
703,595
331,084
Miscellaneous
Gross earnings
Expenses
$35,449,378
Transportation
Maintenance o waj-. etc
Maintenance of equipment
General
812,449,169
Total expenses
$23,970,812
5,344.161
Net earnings
.5,320,072
8.57,410
.478.565
1,122,493
1
$12,601,058
I20
Deductions
Taxes
$844,474
4.845,033
73,112
205,931
144,400
89,905
127,155
Interest on bonds
Other interest
Rents
SinkiDK fund
To
S.
&
N.
Miscellaneous
Total
SI3.390,OiO
Net income
Dividends (5%)
$6,21 1 ,048
$3.211 .048
Profit
and
loss
3,000,000
June
30,
1903
5,081,6d2
$8,292,710
The profit and loss balance at June 30, 1902, was S7,723,C8i. against which has
been charged for discount on various bond issues accumulated since 1894,
and sundry adjustments reducing same as above.
$2,701,472.60,
Stock.
121
New York
Owns and
in 1875.
New York
City,
having a
total
mileage of 37
miles.
In January, 1903, the road was leased for 999 years to the Interborough Rapid Transit Company upon the terms of a guaranteed
dividend of 6%, and i^^ extra if earned, until January i, 1906,
after which 7% is guaranteed.
The capital stock authorized is |6o,ooo,ooo, of which $55,200,000
has been issued.
The Interborough Rapid Transit Company was organized principally to maintain and operate the Rapid Transit Railroad, a
subway now being constructed by the City of New York the entire
length of the Island of Manhattan, which has been leased for
a term of 50 years, with the privilege of a renewal for a further
term of 25 years, and which it will shortlj' commence to operate.
The income
lows
as fol-
1902-3.
12,208,337
5,460,794
1901-2.
$10,665,911
5,518,585
1900-1.
S9.41G,aS8
5,253,230
Net earnings
Other income
$6,747,543
346,859
$5,147,326
625,800
S4,1G3.6.')8
Total income
S5J'3.126
Fixed eliarges
$7,094,402
2.820,859
$5,000,042
2,6:7,706
Balance
Dividends
$4,273,544
3,546,000
$3,073.4.55
Gross earnings
Operating expenses
(Oi,^)
2,699,671
Payable
1897,
Annual meeting.
Main
office.
1,920,000
(4)
$727,544
',
(4)
$2,322,335
1,920,000
$1,153,455
is
quarterly, January
4}4%
836,384
1S9S to 1902,
4%
New York.
$402,335
122
George
J.
It has acquired all the stock of the New York City Railway
the successor to the Interurban Street Railway Company so far
which company
issued,
Railway.
is
made the
Street
subject of a special
report herein.
The stock
and
of Metropolitan Securities
Company
is
authorized
issued, $30,000,000.
Securities
People's Traction
Main
New York.
Herbert H. Vreeland, William H.
office.
123
borough of Manhattan,
New York
City,
amounting
to a total of
way Company
Assets.
Investments
3Iaterials and supplies
Current assets
Metropolitan Securilies Co. subscription to Interurban Street Rail-
way Company's
securities
$141,2:^9,201
21,376,239
4,K'5.369
1,034. 144
3,873.755
10,202,000
13,894^
286,153
$182,150,754
Liabilities.
Capital stock
Funded debt
Interurban Street Railway Company, 10 year notes
Real estate mortgages
Metropolitan Securities Company, securities due under subscription
"
Current liabilities
.\ccrued interest, taxes, etc
Profit
and
loss
Total liabilities
$67,582, 100
88,097,000
3,465,000
950,000
12,133.500
3,.519,490
1,981,161
4.423.503
$182,150.7.54
124
Income
accotint
Street Railway
Gross earnings
for
30,
1903,
Interurban
Company:
Metropolitan lines
Third Avenue lines
$16,178,563
5,370,982
$ai, 549,545
Operating expenses
Metropolitan lines
Third Avenue lines
$7,806,318
3.582,791
11,389,109
Net earnings
Income from other sources
$10,100,436
:
Metropolitan lines
Third Avenue lines
248,599
324,809
Total
5-573.408
Total income
10.733,844
Taxes
Third Avenue lines
Interest on funded debt
Taxes
$3,715,964
431,444
11,305
952,791
$2,027,000
227 684
Total deductions
$7,366,188
Balance
Guaranteed dividend 7% on Metropolitan stock, (net)
Deficit for year
The
upon
ended June
30, 1903
3,367,656
3,639,791
$272,135
Railway bonds
which will more than account for the deficit above.
The improvements made possible by this additional fund should
|i 1,000,000 increase in Metropolitan Street
issued,
First Monday in
New York.
Annual meeting.
Main
oflSce.
December.
125
is
is
a Massachusetts
The
at
January
i,
1903,
was
2,898
miles.
in the
matter
its
Assets.
SI64.01-.i,747
2,014..529
714,018
31,11.5
1.9'.d,28.5
780,429
1.609,489
8,041,146
SI 9,794,761
Liabilities.
Capital stock
Hriority bonds, 5%
Consolidated mortgage 4% bonds
1st mortgage bonds not converted
$47,902,100
5.597,000
Oi, 0^8,000
275,000
11.053
1st
700
20,.527,000
30,400
11.282,000
3G7,!J00
5%
1st series
2d series
Notes payable
Accounts payable
Mexican Government subsidy proceeds
Equipment renewal fund
750,000
MO.OOO
10,OtK).000
9,000
28 030
1..5t)8.2l9
2,215,000
3,504,()33
8,041,146
88,683
3, .597
8179,794,761
I2b
Income account
for year
ended December
31,
1902 (Mexican
Currency):
Earnings:
Passenger
$3 854,995
Freigar
Express, etc
l(i,151.9r,'
1^5,320
],
Gross earnings
Expenses:
Maintenance of way, etc
Maintenance of equipment
Transportation of traffic
General
21,133,2:3?
Total expenses
$15,170 621
$2,800,329
3.171.159
7,888,983
1,310.150
Net earnings
Equivalent
$5,961,606
in U. S.
Currency
Income account
rency)
j;2,51
for year
ended December
3,384
Cur-
Net earnings
Miscellaneous income
f2,513,384
2~9,234
Total income
Deductions:
Interest on bonds
Rentals, etc
3,125,382
163,639
Total
S^-^S9,C21
Balance
$2,792,618
$496,403
deficit
subsidy
.500.000
Balance
The
3,597
show an increase
of
12.31% over
ist
non-cumulative.
i,
1939.
Interest
127
2d consolidated income 2>'*o non-cumulative, due July lo, 1939.
These bonds stand next to the ist incomes and ahead of the stock.
A proposition was put forward to exchange the income bonds
for debentures on the basis of $230 and $140 respectively for each
$1,000 of the 1st and 2d, but appears to have been abandoned.
Some new
pany
Main
office.
St.
Louis.
& SAULT
Cash
Other accounts
Total
Si7,190,961
1,388,369
308,191
423,432
1,222,377
384,265
388,618
,50,138
776,0:^7
1,964,199
7.502
$64,104,089
128
Lidbilitic'.i.
Common
stock
Preferred stock
Funded debt
Car trust notes
West. Express Company
Inierest due July
Taxes, not due
$14,000,000
7,000,000
37,103,000
175,059
14,000
670,800
286,918
589,053
314,530
210,978
3,739,753
Vouchers
Pay
rolls
and
loss
Total
$64,104,089
Income and
June
profit
and
loss
30, 1903
Earninjrs
Freight
$5,354,7'^5
Passenger
1.524 378
200,928
Mails
251.223
Gross earnings
.'
Expenses
Maintenance of way
Maintenance of equipment
$r,237,264
$800,793
661,058
2,098,027
160,045
Transportation
General expenses
Total
$3,719,922
Net earnings
$3,517,343
56.479
Other income
Total income
$3,573,821
Miscellaneous
Additions, improvements, etc
$1,428,115
84,066
394,939
2,203
200,000
Total
$2,109,323
Taxes
$1,464,49'3
Profit
and
loss.
June
30. 1902
2,275,250
Profit
and
loss,
June
30. 1903
$3,739,752
65%'.
129
wheat
which
is fertile
prairie in the
belt.
Stock
Bonds.
interest
rate.
Dividends.
4%
to that
was declared and paid j% on the preferred and 2% on the common. On April 15, 1904, semi-annual dividends of 2^;^ on the
common and 3>^% on preferred w^ere paid.
in
September.
MISSOURI, KANSAS
Rail-
&
Eastern Railway Company, the Southwestern Mineral Railway Company, and the St.
Louis & Kansas City Railway Company, since which several
small branches have been acquired.
The line extends from St. Louis, Kansas City and Hannibal,
Missouri, Kansas
30, 1903
Assets.
S1.5C.!taO,632
483.231
1,114,090
70.3,472
1.316.4RS
85T,8'34
$101,401,737
I30
Liabilities.
ommon
stock, M. K. <& T. Ry
Preferred stock. M. K. & T. Ry
Capital stock, M. K. & T. of Texas
Capital stock. Boon R. R. Br. Co
Funded debt outstanding
$56 100,300
13,000,000
2,623,900
1,000.000
79,3(39,000
871,81.5
Improvement fund
Deferred payments
Accrued
interest
3.798,220
878,483
16,038
and axes
1
Sundry accounts
Current liabilities
Surplus income
2,644.56:^
1,199,417
Total
Income and
30, 1903
$161,401,737
profit
and
loss
Earnings
Passenger
:
$3,160,455
Freight
13,2.56,900
790,838
Gross earnings
$17,208,193
Expenses
Conducting transportation
Maintenance of way
Maintenance of equipment
General expenses
Taxes
:
$6,913,309
2,779,995
1,651,077
778,750
325,952
$12,449,083
Net earnings
Other income
$4,759,1 10
Total income
$4,858,675
Deductions
99,565
Interest on bonds
$3,291,396
467,363
Rentals
Total
$3,758,759
$1,099,916
$1,26J,348
1,160,847
Balance forward
Balance surplus .June
$99,501
30, 1903
$1,199,417
1902,
3,110,-
131
The road
is
Parsons, Kansas.
Directors. John D. Rockefeller,
Main
office.
W.
Wm.
Rockefeller,
Henry
C.
Myron
T.
&
friendly interests.
The Missouri
Pacific
Railway
has- a total
Southern road.
Missouri Pacific Railway Company's general balance sheet,
December
31, 1903
'
Miscellaneous accounts
Equipment not delivered
Total
&
Southern Railway
$67,012,350
72,005.620
2,429,153
1,872,402
3,967,954
8,092,073
1,674,873
459,208
$158,113,033
132
Liabilities.
Capital stock
$77,802,875
54,012,000
5,776,800
956,005
1,121,733
4,716,981
5,111.209
1,945,057
Bonds
Equipment obligations
Interest due and accrued
Notes payable
Accounts .payable
Loans payable
Dividend
Special fund
1,557,021
Improvement fund
21,389
340,003
4,751,960
Miscellaneous
$158,113,633
Earnings
Passenger
Freight
:
$4,019,097
14,788.907
3,142,740
Gross earnings
$21,950,744
Expenses
Transportation
Motive power
Maintenance of way
Maintenance of cars
General
Total expenses
$5,651,540
5,084,704
3,057,074
1,397,180
456,532
$15,647,030
$6,303,716
Net earnings
Additions
Dividends, interest and rents
Dividends on St. Louis, Iron Mountain
:
&
Southern stock
Total income
Deductions
2.340,927
2,573,379
$11,218,021
Interest on bonds
$2,854,637
Taxes
778,-382
Rentals
174,736
321,128
680,339
29,325
Equipment association
Interest and exchange
Other charges
Total
$4,838,547
$6,379,474
3,890,115
Net income
Dividend (5%)
Surplus for year
Balance, December
Balance, December
31, 1903
$2,489,359
2,262,601
$4,751,960
The Missouri Pacific Railway annual report shows both individual and combined figures with the St. Louis, Iron Mountain &
133
Southern, and since the revenues of the latter so materially affect
the former the following figures are given.
St. Louis, Iron Mountain & Southern Railway Company's
general balance sheet, December 31, 1903
:
Assets.
S",704,S45
9.33,876
35,813,612
307,124
276,5J60
3.598,264
3,306,919
1 ,065.297
2,052,156
30,045
135,087,798
Liabilities.
Capital stock
$25,795,710
Bonds
Car trusts
Interest due and accrued
Due Missouri Pacific Railway
Loans payable
c'4.601,675
5,983,000
1,216.760
8.092,073
2,904,500
94,627
483,258
5,916, 194
$135,087,798
St. Louis,
come and
Iron Mountain
profit
and
loss
&
Earnings
Passenger
:
$2.8.57,883
1.5,310,673
Freight
Mail, express, etc
1.406,794
Gross earnings
$19,575,350
Expenses
Transportation
Motive power
$5,289,615
3.899,879
2,292,961
876,233
496,377
Maintenance of way
Maintenance of cars
General
Total
$12,855,065
$6,720,285
1,428,572
Netearuiugs
Additions, dividends, etc
Total income
Deductions
$8,148,857
Interest on bonds
Taxes
Rentals
Premium, adjustment
Total
interest, etc
$3,624,601
339,657
215,017
501 ,831
$4,681,106
134
Net Income
$3,467,751
2,578,831
Dividends
Surplus at December
From
31, 1903
1888,920
5,027,274
$5,916,194
Net earnings for the year 1902 were over 14^^ in the case of the
Missouri Pacific and 1.11% in the case of the Iron Mountain over
the previous year.
Dividends. Missouri
to 1887,
^%
Pacific
yearly; 1888,
Railway (J
1889 and
S%%;
3%;
Main
office, St.
Louis,
in
& J):
1890,
is-
4%
yearly; 1891,
5%
March.
Mo.
Directors.
George J. Gould, Russell Sage, Fred T. Gates, Edwin Gould, E. Parmalee Prentice, Samuel Sloan, John D. Rockefeller, Jr., James H. Hyde, Howard Gould, Frank J. Gould, W. K.
Bixby, Charles G. Warner, Russell Harding.
New
At one time a plan was on foot to combine with the Union Lead
Company, a plant controlling patents for improved methods
of manufacture the scheme was said also to contemplate taking
& Oil
135
General balance sheet, December
31, 1903
Assets.
Plant investment
Other investments
Stock on hand
Treasury stocks
Cash in banks
Notes receivable
Accounts receivable
$34,143,299
G18,150
5,910,486
190,600
150,105
174,088
1.519,423
Total
$:K,706,151
Liabilities.
Common
stock
Preferred stock
$15,000,000
15,000,000
12,603
130,717
600,000
Mortgages
Accounts paj'able
Notes payable
Surplus
1,962,831
Total
S32.706,151
Income account
for years
ended December
31:
1903.
1902.
1901.
1,569,069
$1,202,514
$1,112,140
Dividend 7^ preferred...
1,043,280
1,043,280
1,043,380
$525,789
$159,2:34
$68,860
1,437,042
1,277,808
1,208,948
$1 ,962,831
$1 ,437,042
$1 ,277,808
Net earnings
Surplus to date
Stock.
The
preferred
is
7%
Bonds.
at the re-
Preferred,
7%" yearly to
March
1904, inclu-
sive.
Common,
1S92,
Annual meeting.
Main
office,
Directors
nothing; 1S93,
1S9S to 1900,
1%
2%;
yearly
none
i,''^;
1S96
since.
New York.
C. Gorham, F. W. Rockwell,
Thompson and seven others.
\V. H. Thompson, E.
L. A. Cole, R. R. Colgate, A. P.
136
The company
all
Mexican
combined mileage
of
which
is
1,460 miles.
Porfirio Diaz.
30,
Assets.
Advances
Advances
purchase railroads
Texas Mexican Railway
Construction of El Salto extension
Change of gauge
Cash deposited for coupons
Individuals and companies
to
to
Cash
75,342,434
20,700,622
.5,839,000
8,764,740
.33.3,544
251.382
3.294,090
7,061,936
461,775
88,983
37^-^3'^
1,796,731
$124,295,572
Liabilities.
Common
stock
Deferred stock
Preferred stock
2d preferred stoc^
Bonds and notes
Accrued interest
Coupons accrued, not due
796,400
10,851,200
32,000 000
21,702,400
50,500,000
326,250
450,000
::
v-i/
Liabilities (continued).
11 ,775
349,205
33,190
5,839,000
258,775
170,782
864,860
141,675
$124,295,572
}-ear
ended June
30, 1903
(Mexican
currency)
Earnings
Freight
$8,713,540
1,677,307
493.300
459,872
Passenger
Express
Telegraph and miscellaneous
Gross earnings
$11,344,019
Expenses
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
930.788
1,157,096
5,054,869
492,336
General
Total expenses
S~.634,589
Net earnings
Net earnings
$;5,709.430
(U. S. currency)
Income account
for year
$1,503,086
ended June
30,
Net earnings
$l,f.6.3,086
Interest, discount
and exchange
23,3,58
.335,236
155,998
Total income
Deduct:
$2,077,678
Taxes
$21
Rentals
Interest on bonds and notes
Texas Mexican Railway, net earnings
Total deduction
.2.37
7,587
1,867.801
72,202
$1,968,947
30, 1902
.32,914
30, 1903
$141,075
$108,731
4.%''
non-
138
Dividends.
None paid.
First Monday in April.
New York.
Annual meeting.
Main
ofl&ce.
New York
Railroad.
The
total
mileage operated
is
3,422 miles, of
are owned, 2,374 leased, and the balance being operated under
controlled by the
New
^39
Jointly with the Pennsylvania, the
also the C.
& O.
The system
is
known
Central controls
as a Vanderbilt property.
sheet,
June
Cost of road
Leased
New York
lines construction
Equipment
Railroad stocks owned, proprietary interest
Railroad bonds owned
Miscellaneous stocks owned
Real estate not used in operating road
Bridges at Albany
Advances to New York & Harlem Railroad
Advances to other companies
,
30, 1903
$143,405,427
3,671,109
48,808.739
115,267,134
4,314,495
8,587,700
3,081,069
2,256,363
5,891,155
2,672,.358
Cash
9,383,557
4,641 880
7,312,038
5,592,783
1,919,521
3,036,813
Traffic balances
Sundry collectible accounts
369,841,143
Liabilities.
Capital stock
Consolidation certificates
Bonded debt
$1.32,245,100
4,900
194,780,546
1.50,000
6,702,619
3,822,887
5,.544,451
1,65.3,125
77.517
1,590,197
1,967,920
3,036,813
and
15,890,580
Total
$309,841,143
Income and
30, 1903
Earnings
2,.374,486
loss
profit
and
loss
at
June
Freight
Passenger
Rentals
Miscellaneous
$46,858,713
23,581,576
2,387,939
2,398,285
2.175,077
204,189
Gross earnings
$77,605,778
Express
Mail
140
Gross earnings
77,605,778
Expenses
Maintenance of way. etc
Maintenance of equipment
:
$10,469,570
] 0,882,375
30,317,130
1,790,239
Transportation
General
Total expenses
S5;3. 459,314
Net earnings
Additions to income:
Dividend on L S. & M. So. stock
Dividend on Mich. Cent, stock
Dividend and interest on other stocks, etc
Interest on loans, etc
Sundry
"
83,170,244
672..572
1,069,387
327.94(5
32,505
Total income
$29,419,208
*.
7,299,968
9,421,474
2.687,737
794.292
191,433
Miscellaneous
Total
$20,394,908
Net income
9,024,304
Deduct:
Reserve to redeem bonds
Special improvement fund
Dividends (5)
Surplus for year
Miscellaneous profits and expenses
$300,000
1,750,000
6,604 158
$-370,146
814,233
(,net)
$24,146,404
and
loss
June
$55,913
15,834,667
15,890,580
30, 1903
June
30, 1903,
Bonds.
On
1903, $194,780,546.
mortgage 7% bonds,
amounting to $18,327,000, and $5,724,094 6%" sterling bonds
matured and were exchanged for 2>}4% gold mortgage bonds.
January
i,
141
spite of the fact that the percentage of expenses to earnings increased 2.80%", due to higher cost of materials and labor.
The percentage of expenses to earnings was in 1902-03, 68. 89
1901-02,66.09; 1900-01,64.20; 1899-1900,62.41.
;
Dividends
(Q. J.)
1S92, 5^%
4X%;
1899, 4^^;
yearly.
Directors. W. K. Vanderbilt,
in April.
F. W. Vanderbilt, Chauncey MDepew, Samuel F. Barger, J. Pierpont Morgan, William Rockefeller, Hamilton McK. Twombly, William H. Newman, Charles
C. Clarke, D. O. Mills, William Bliss, Geo. h. Bowdoin and Jas.
Stillman.
The
being a
re-
wanna
region.
leries in the
It
owns considerable
Scranton
col-
district.
30, 1903
Assets.
72,131, i?72
13,180.344
31",2&1
505,920
1, 025,248
553,141
116.589
256,790
4,000
858,000
588,938,558
142
Liabilities.
Common
stock
Preferred stock
$58,113,983
4^000
] 6,937*000
229'407
8861368
Refunding 4% bonds
Interest due and accrued
Sundry accounts
Traffic accounts
paya>)lf
payable
laxJ^SOS
5,644^560
and
858^000
6,142'935
loss
Total
$88,938,558
Income and
June
30,
profit
and
loss account
for year
ended and
at
1903
Earnings:
Passenger
$981,288
Freight
Mail, express, etc
Miscellaneous
4,964.601
133,218
97.415
Gross earnings
Expenses:
Conducting transportation
Maintenance of equipment
Maintenance of way
General expenses
$6,176,517
Taxes
$2,493,682
831,358
925,699
156,761
149,587
Total expenses
$4,557,087
Net earnings
$1,619,430
401,937
Interest, etc
Total income
Deductions:
Interest on bonds
Interest and discount
Rentals
$2,021,367
Total
Surplus for year
$1,160,397
$860,970
Less Appropriated
$677,480
280.047
202,870
Cornwall
423,214
Balance
$437,7.56
Profit
and
loss balance,
Profit
and
loss,
June
forward
5,705,179
30, 1903
$6,142,935
Statistics:
1902-03.
Netearninss
Percentage of expenses and
taxes to earnings
Surplus
T.3.78
$860,970
3,972,561
Stock.
Common:
ferred to the
$1,619,430
1901-03.
$1,298,942
1900-01.
1999-00.
$1,545,747
$1,548,566
76.19
$658,959
3,612,487
70.96
$879,233
3,508,508
68.80
$859,024
3,416,606
Issued as authorized (see balance sheet); pre$2,000,000 was issued in the reorganization,
amount of
ist
mortgage bonds.
143
is
common
have
stock.
Dividends. None paid. The surplus for the past two years has
been appropriated for double tracking improvements.
Annual meeting, last Wednesday in September.
Main office, New York.
C. Ledyard Blair, Henry W. Cannon, Francis R. CulDirectors.
bert, Thomas P. Fowler, Gerald L. Hoyt, Grant B. Schley, John
B. Kerr, Chauncey M. Depew, Albert S. Roe, O. D. Ashley, Chas.
S. Whelen, Joseph Price, H. Pearson.
West Virginia.
The mileage operated
is
is
1,722 miles of
which
all
owned.
Coal
trolled
interests.
30, 1903
Aasets.
130.816,100
12,363,521
2.292,782
.5a, 655
1,349!340
482!oOO
1,560,450
Rolling stock
Cost of Cinti P. & V. R. R
lager & Southern Raih-oad
Kenova & Big Sandy Railroad
Equipment
trust certiflcates
Companies' securities
Investments in other companies
Due from agents, U. S. Gov't and other railroads and companies.
Insurance paid in advance
Material and supplies
Pocahontas Coal & Coke Co., advances
Cash
Total
'
1.1431.390
.
I,0(;2l819
26,432
1,618360
249 000
1,451,234
$155,068,577
144
Capital stock
Liabilities.
Adjustment preferred
$23,000,000
66,000.000
56,099,500
Common
Funded debt
Equipment mortgage bond,
1888
1,000
705,869
2,378,225
249.687
2,697,996
935,710
8,000,587
Taxes accrued
Betterment fund
Reserve funds, equipment, etc
Profit and loss
$155,068,577
Income and
30. 1903
Eai'nings
profit
and
loss
Freight
$17,676,348
Passenger
Express
2,841,491
247,026
217,694
178,116
Mails
Miscellaneous
Gross earnings
$21,160,675
887,348
2,754,199
3,041 ,415
6.014,468
Total
$12,697,430
Net earnings
Other income
$8,463,245
148,259
Total income
$8,611,504
Deductions
Interest on bonds
interest on car trusts
Deferred interest on P.
Discount on bonds, etc
Rent of equipment
&
C.
bonds
Total
$2,435,690
625
159,176
347,078
135,000
$3,077,569
$5,533,935
Deduct
Betterment fund
Dividend on preferred (4%)
Dividend on common (B%)
$2,500,000
914,818
1,934,076
Total
$5,348,894
and
Profit
and
loss
June
30, 1902
loss
June
30, 1903
$185,041
2,815,546
83,000,587
145
Bonds.
Besides
Company
is
hontas Coal
&
Coke
4%
Co.
Dividends. Preferred
February,
4%
(F.
Company
of the Poca-
bonds.
&A.)-i897,
i^; 1898,
3%;
1899 to
yearly.
Common (J. & D.) 1901, 2%; 1902, 2)4%; 1903. ?>%
Of the freight traffic for 1902-03, 565^0 was bituminous coal and
coke. Net earnings for the year showed an increase of 14. 1%
over that of 1901-02, resulting from large increase in all branches
of the service.
The percentage
to 60%', but is
from 57.75%
than the average of the two preceding
still less
years.
Taylor.
NORTHERN
PACIFIC
RAILWAY COMPANY.
This is one of the roads whose stocks are affected by the famous
" Merger Decision," the outcome of the purchase of control by
the Northern Securities Company, now in the process of dissolution, after the exciting times on May 9, 1901, upon which date
the stock sold at $1,000 per share.
The company succeeded the Northern Pacific Railroad, sold
under foreclosure in 1896. The original company operated under
a charter from Congress, July 6, 1864.
The mileage owned and controlled at July i, 1903, was 5,976
miles, of which 5,587 was operated directly, and of the total mileage all but about 470 miles is owned or controlled absolutely.
146
Jointly with the Great Northern this
lington property.
company
made by Congress
which
30, I903
At
Assets.
S2'/9,041,836
Equipment
28,496,038
Collateral with trustee for Nor. Pac.-Gt. Nor. joint bonds issued to
Sinking fund
Cash
Accounts receivable
Bills receivable
Material on hand
Treasury securities
Betterments, etc., fund
Leased to governmeut of Manitoba
Collateral with trustee, St. Paul-D. division bonds
Insurance fund
Land department
109,091,310
2.6a5,912
8,023,620
5,509,887
33.347
3,460,461
13,828,047
1,403,629
7,000,000
2,047,140
596,804
5,531,554
$466,729,585
Liabilities.
Common
stock
Mortgage debt
Bonds of other companies assumed
Pay rolls, vouchers, etc
Takes accrued
Interest on bonds
and
652,0.36
1,655,616
2,327,014
1,232,119
596,804
113,963
9,725,656
Dividends
Reserve funds
Insurance fund
Liquidation fund
Profit
8155,000.000
277,738,500
13,540,678
4,147,200
loss
$466,729,585
Income and
June 30, 1903
profit
and
loss
Earnings:
Freight
Passenger
Mail, express and miscellaneous
$33,301,958
10,595,447
2,244,700
Gross earnings
Expenses:
Maintenance of way
Maintenance of equipment
Transportation
General
$46,142,105
Total expenses
$24,032,093
$7,117,335
3,887,807
11,384,780
1,642,171
147
Net earnings
Miscellaneous income, not including land sales.
|22,110,012
1,112,550
Total income
$23,822,563
Deductions:
Taxes
Sl.421,4a4
150,543
6,904,697
'
Rentals, etc
Interest
3,000,00)
Total
Sn,'ir6,6r4
$11,745,888
10,074,942
Dividend, 6}^%
and
loss,
June
$1,670,946
8,054,710
30, 1903
$9,725,656
Stock. Issued as authorized, viz.: $155,000,000. Under the reorganization there was $So,ooo,uoo common and $75,000,000 pre-
In November, 1901, the Northern Securities Company announced that their stock would be exchanged at the rate of 115
for each share of Northern Pacific, and under this plan acquired
nearly
all
Bonds.
the stock.
Prior
lien
4%
1130,000,000 authorized
outstanding,
General lien bonds issued for the present $60,000,000, with $130,000,000 to be issued to retire the prior lien bonds at
$101,892,500.
maturity.
148
amount, viz., $3,000,000, being somewhat in excess of the average
annual amounts previously provided, has been charged out to
provide for extraordinary improvements.
The net earnings show an increase of over 10% above the
previous year, which in turn was 26% above the year 1900-1901, on
a slightly decreased mileage.
Dividends, Preferred (now retired): 1898, 5%; 1899, 4%; 1900,
(Q M) 4%; 1901. 4%.
Common: 1898, none; 1899, 2%; 1900,4%; 1901,4%"; 1902, 5>^%';
1903. 7%; 1904. February, 1^2%; payable quarterly, February,
May, August and November.
Annual meeting, third Thursday in October.
Main oflBce. Executive office, St. Paul; administration office,
New York.
Vice-President, Dan. S.
Officers. President, Howard Elliott
Laniont
Treasurer, C. A. Clark.
in process of dissolution
Supreme Court
in
March,
Law "
of 1892.
in
other companies.
Its object
was considered
to be the
harmonizing of interests
Large interests
Pacific Railways
shown below.
General balance sheet, December
31, 1902:
Assets.
Charter account
Investments, railroad stocks
Other investments
Accounts receivable
Cash
Total
l^o'Stt
r'oT^'o?i
sii
ii
32. '9<
$365,676,940
149
Liabilities.
Capital stock
$364,867,849
Vouchers
Accrued rental
Profit and loss
Total
50,461
523
758,107
$365,676,940
Income account
for 13I2
31, 1902
15,364,262
Less:
Expenses of administration
Interest and exchange
Taxes
93,578
258,418
190,514
Total
$542,510
Net income
Dividends paid
$14,821,752
14,063,645
{4%)
$758,107
Since the 1902 dividend above there has been paid for 1903,
^"d February, 1904, i}i%. The plan of dissolution was
first the reduction of the capital stock to $3,954,000, and in return
for each 100 shares of Northern Securities stock owned the
holders will receive 99 times $39.27 stock of Northern Pacific,
and 99 times $30.17 stock of the Great Northern, and a stub for
1% of the original Northern Securities stock owned to represent
the interest in the assets still remaining, pending completion of
4/^"o.
dissolution.
THE
PACIFIC
COAST COMPANY.
New
Jersey,
under foreclosure.
its line in
I50
lo.ooo acres of agricultural and timber land in the States of
Oregon and Washington.
The company owns all the securities and stock of the Pacific
Coast Railway and the Columbia & Puget Sound Railroad, also
all the stock of the Pacific Coast Steamship Company, besides
owning a large interest in the stocks of the Alaska Southern
Wharf Company, the Cumberland Coal Association, Sacramento
Coal Company, Anthracite Coal Company, Alaska Railway &
Transportation Company, and Franklin Coal Company.
Revenues are chiefly derived from the shipping interests, its
lines operating between San Francisco, Portland, Victoria, Sitka,
etc.
30, 1903:
Assets.
Cash
Accounts receivable
Agency accounts
Materials and supplies
Miscellaneous accounts
Depreciation and renewal fund
Total
$16,476,106
389,200
1,550,720
247,339
294,293
177,886
20,761
264,720
$19,421,025
Liabilities.
Stock
ComDQon
1st preferred
2d preferred
mortgage bonds
Accounts payable
Unpaid vouchers
Unpaid pay rolls
Interest on bonds
Taxes accrued
S. S. improvement and exhaustion fund
1st
Miscellaneous
Surplus fund of
Profit
and
Total
loss
$7,000,000
1,525,000
4,000,000
4,446,000
37,898
137,411
109,828
18,525
18,443
264,720
16,410
482,638
1,364,153
$19,421,025
151
Income and
30, 1903
Earninps
profit
and
loss
at
June
Steamship Company
Railway Company
Columbia & Puget S. R. R Co
Pacific Coast
Pacific Coast
Lumber, grain,
3,598,959
116,307
521,251
12.389
1,251,060
106,787
R Co
rentals, etc
Gross earnings
$5,606,753
$4,394,775
Net earnings
$1,211,978
44,378
Interest, discount
and miscellaneous
Total income
$1,256,356
$222,.30O
18,115
21,504
Total
$261,919
$994,43?
1st preferred
$76,250
200.000
350.000
2nd preferred
Common
Total dividends
Balance June
.30,
$626,250
loss
$368,18r
1,478,604
1903
$1,846,791
Divides
and
$482,638
1,364,153
loss
Total
$1,846,791
Net earnings for the year show an increase of ii.3"o over the
year ended June 30, 1902. The coal department net earnings increased $62 440.54, in spite of the fact that competition from
British Columbia had to be met from January 7, 1903, owing to
suspension for one year from that date of the duty of 67 cents
per ton.
Stock.
The
ist pre-
preference to the amount of 5^^, then the 2d preferred to the amount of 4"^, after which the common is entitled
to 45*0.
Further dividends divide between the 2d preferred and
ferred has
common.
first
152
preferred 1898, 5%', 1899, 4l%
1900 to
August, 1902, to May, 1904, i^X
Dividends. ist
5%
August, 1902,
yearly;
quarterly.
Common 1898, 2%
1899,
2%
4%
4% yearly;
Main
office, Seattle,
Wash.
Traffic balances
Deferred assets
Contingent assets
Profit
Total
and
loss
.'
Steamers
Other floating equipment
Real estate, etc
Cash
Agents and pursers
30, 1903
$9,950,874
311,985
673,525
73,970
23,709
180,756
48,087
228,817
111,597
43,549
5,461
79,905
11,091,533
$22,763,773
153
Liabilities.
Capital stock
Advanced by Southern
Pacific
Accounts payable
Unclaimed dividends
Unadjusted accounts
Fund
Total
822,763,773
and
Profit
Add:
Adjustment
$11,046,83
39,014
13,965
in
off
Total
Deduct:
Surplus income for year ended April
and
30, 1902
accounts
Uncollectible accounts charged
Profit
$20,000,000
1,728,408
104,317
8,910
159
921,979
Sll>099,813
8,280
30, 1903
Stock.
Issued as authorized.
There
is
$11,091,533
Dividends.
After
company paid 1%
in 1896,
2%
in 1897,
2)4%
in 1898,
3%
in 1899,
Main
office,
Directors.
New
York.
J. Gould, E.
George
II.
Harrimau, E. Hawley,
etc.
13, 1846.
The
Company, chartered
of the "
Company
"
is
under direct control with a mileage of 2,129 report separThese latter include the Philadelphia, Baltimore & Washington, the Northern Central and the Long Island Railroads.
Lines west of Pittsburg are operated as follows Operated directly: Pennsylvania Company, 1,651 miles, and Pittsburg, Cincinnati
lines
ately.
154
&
miles
&
apolis lines.
The system extends from New York via Philadelphia to Pittsburg, Erie, Cleveland, Toledo, Chicago and Burlington, and to
Washington, Cincinnati and St. Louis.
In 1901 large interests in the Baltimore & Ohio, the Chesapeake
the Norfolk & Western were acquired, and the same
year control of the Pennsylvania & Cambria Steel Company was
In turn the Baltimore & Ohio, jointly with the Vanderhas virtual control of the Reading.
Tunnels under the East and North Rivers are under process of
construction, the estimated cost at completion being $40,000,000.
This will afford through service via New York City between the
South and the New England States.
A vast terminal passenger station at New York City is also proobtained.
bilt interests,
jected.
31, 1903
Assets.
$181,248,013
33,486,698
192,330,396
5,275,748
6,360,630
125,000
10,000
108,038
3,283,462
10,492,416
44,577,363
Insurance fund
Mortgages and ground rents
Securities of U. N. J. Cos
Materials on hand
Advances to other companies for construction, etc
Bills receivable
1,299,81
5,986,817
17,191,156
4,103,927
Cash
Miscellaneous assets
Total
$504,879,475
Liabilities.
Capital stock
Funded debt
$299,991,812
110,315,240
6,400,945
1,182,550
700,000
1,818,876
1,127,000
15,486,413
155
Liabilities (continued).
interest
traffic
laO.SQT
13,500 468
balances
1%,708
359,230
92,582
Fund
(^
3,283,462
9,
Miscellaneous
1878).
5,425,17'?
59,506'
8.307,610'
125,000
1,779,852
9,854,138-
24,742,225
Total
$504,879,475
ended and
at
Earnings
Freight
Passenger
Express
Mails
Miscellaneous
^9,895,723
26,391,382
2,581.946
2,044.424
1,712.944
.'
Gross earnings
Expenses:
Maintenance of way, etc
Maintenance of equipment
Transportation
General
D. & R. Canal
8122,626,41*
$M,586,420
19.803,161
47.633.384
2,343.815
406,276
Total
$84,773,056
Net earnings
$37,853,363
Additions to income:
Interest on investments
Interest on X. J. R. R. and Canal securities
Interest for use of equipment
General interest and miscellaneous
Total income
Miscellaneous
Total
Net income
$9,462,569
221,482
42l|^,537
637,373
$48,596,324
$7,3^1.462
4.715.771
5,.'S70,974
100,210
197,059
896,4.34
1.36,400
I,931,a33
160,473
$21,089,816
$27,506,508
156
Net income
$27,506,508
Deductions:
149,424
401,810
9,472,728
2,684,615
5,000
Extraordinary expenses
Principal of car trusts paid
Miscellaneous
$12,713,577
Total
Profit
Add
profit
from
S14,792,931
14,792,931
im
31,'
".'.'...'.'.'.'.'.'.'.'.'.'...
824.742,225
..\
securities
$17,362,551
17,362,551
and
loss balance
December
$24,742,225
31, 1903
December
31, 1903
Gross earnings
Expenses
$242,517,"58
1 75,379,438
Net earnings
Other income
$67,13^,320
18,795,337
Total income
$85,933,657
Deduct
Interest, rent, dividends
and extraordinary
This surplus,
82,866,409
'
all
shown by
$3,067,248
its
interests in said
lines.
The premium on sale of securities amounting to $17,362,551 contributed largely to this liberal appropriation.
Expenditures for maintenance indicate that the property was
maintained up to as high a standard as in previous years, the increase of 2.51 in the percentage of expenses to earnings of the
" Railroad " being probably sufiBcient to cover higher wages and
cost of material. The same is true in general of the western lines.
157
The
is
felt in
the trans-
cost of labor
many
Capital
991,812.
in-
creased over $75,000,000 to provide for the important improvements now in progress, $20,980,350, however, having been used to
exchange for $29,302,500 of the convertible gold bonds.
Funded
debt.
This was
funds for the tunnel under the City of New York and the new
passenger station, but was reduced during the year 1903 by the
above mentioned conversion.
Other smaller changes leave the amount outstanding at January I, 1904, $110,315,340. (See balance sheet.)
1888, 1889,
1893 to 1899,
5%
1884,
1%;
1885, 1886,
5%
yearly; 1887,
5%
also
2%
in scrip, payable
Rea.
158
An
and amended
in 1865.
At the end of the year 1903, the company had 1,872 miles of
mains, 347,750 meters and 25,000 public lamps.
Differences with the city were settled on the basis of acceptance
by the city of gas for 25,000 street lamps, with Welsbach burners*
free, on account of its percentage of gross earnings. Such service
to be credited as at $375,000, and any balance to be paid in cash.
The city agrees not to attack the company's franchise, but
reserves the right to continue the Ogden 75 cent gas suits, which,
however, has already been declared by the Court of first instance
to be illegal.
General balance sheet, December
31, 1903
Assets.
Cash
$71,145,318
1.000.476
2,243.682
444,505
346,630
899.306
99,227
686,915
Total
$76,866,059
Materials
Securities
Accounts receivable
Bond coupon deposits
Gas
bills
receivable
City of Chicago
Liabilities.
Surplus
$35,000,000
34,496,000
102,238
351,635
348,540
217,858
6,349,78S
Total
$76,866,059
Capital stock
Mortgage bonds
Gas bill deposits
Accounts payable
Coupons past due
Bond interest accrued
159
loss
Gross receipts
Operating expenses
account
for
$11,854,800
6,440,368
Net earnings
S'5,414,438
Interest on bonds
1,857,300
656,431
Depreciation
Total
$2 513,731
Net income
Dividends
$2,900,707
1.978,146
(6^)
31
S923,561
5,427,227
1902.
31, 1903
$6,349,788
Gross earnings for 1900 were 19,090,337, and have shown a steady
increase up to 1903. During the same period the relative increase
in expenses has been larger, with result that the percentage of
net earnings, although increased iS^, is not so large as that of
gross earnings.
years,
Stock.
Authorized,
amount authorized
is
shown
in the
The
full
In 1895 and
3%;
1891.
3%;
issued
1S96
1892,
5X%;
1893,
6%;
1894, 6o-;
1895.
2>^%';i896,
i6o
12, 1S99,
for the
31, 1903
Assets.
Cash
in
$26,063,190
2,110,646
'S'^~*^
857,670
1,536,407
3,527,165
banks
477,200
$34,588,898
Total
Liabilities.
Capital stock:
Common
Preferred
Five per cent,
mortgage gold
Purchase money mortgages (4?)
Accounts payable
Accrued salaries and wages
Accrued interest
Accrued preferred dividends
Surplus.
Total
first
$12,500,000
12,500,000
3,500,000
310,000
797,.570
120,606
o^q'2^^
218,750
4,568,984
$34,588,898
i6i
Profit
and
loss account,
December
31, 1903
Dr.
$875,000
500,000
125,000
1 '21
,392
650,000
260,000
4,568,984
Total
$7,100,376
Cr.
Balance. January
$4,331,479
2,768,897
Total
$7,100,376
1903
The gross sales for the year 1903 are reported as $26,273,910, a
decrease of over |57,ooo,ooo compared with the previous year, but
an increase of $3,250,000 over the sales of 1901. The falling off in
the last year w&s entirely in the second half, the first six months
showing a very substantial increase over previous comparative
periods.
for repairs, and renewals and as
be seen above, $260,000 has been charged out for depreciation,
besides readjustment of inventory to current values, involving
may
a
charg^o
profit
and
loss of $650,000.
1904.
Common, (Q
F)
1900,
6%;
1901,
ruary, \%.
l62
READING COMPANY.
A Pennsylvania corporation chartered in 1871. Assumed present name in 1896 for the purpose of carrying out the reorganization of the Philadelphia & Reading Railroad Company, the
securities of which company, with its coal companies and other
properties,
it
The Philadelphia
&
mines and
collieries.
Jersey.
and conhas a total mileage of 2,145 miles, and centering at Philadelphia extends to Jersey City and other points on New York
harbor, to Atlantic City and Cape May, and westward throughout
the Pennsylvania coal regions to Williamsport, Harrisburg and
Gettysburg.
The mileage operated is 1,010 miles, embracing 365 miles owned
and 645 miles leased line.
The
trolled,
30, 1903
Assets.
Railroad equipment
Floating equipment
Equipment accounts
Keal estate
Philadelphia & Reading Railway purchase money mortgage
Philadelphia & Reading Railway bonds owned
Bonds of sundry companies
Philadelphia & Reading stock owned
Philadelphia & Reading Coal and Iron stock owned
$19,792,119
2,107,650
9,424,265
17,351,936
400,000
20,000,000
18,745,318
20.000,000
8,000,000
51,269,338
i63
Assets (continued).
Philadelphia
79,116,721
1,009,985
1,200,000
592,089
320,623
731,729
shops
Cash
Accrued income
Miscellaneous
Total
S250,061,774
Liabilities.
Capital stock:
1st preferred
2d preferred
$28,000,000
42,000.000
70,000,000
Common
Bonds:
General mortgage loan, 1897-1997
Reading Company, Jersey Central collateral gold bonds
69,020,000
23,000,000
11,284.040
1,050,663
929,865
922,982
1,520,000
752
70,311
Surplus
2,263, 159
Total
$250,061,774
Income and
3. 1903
profit
and
ended and
at
June
Income:
Interest on purchase money mortgage
Interest account leased lines, wharves and equipment
Real estate rented
Interest on debt of P. & R. C. & I. Co
Interest and dividend receipts
1,200,000
2,178,844
126,145
1,.582,334
1
Total income
,344,388
$6,4-31,711
Expenses
90,950
Net earnings
Fixed charges aud taxes
Surplus for year
Surplus June 30, 1902
Less dividend on 1st preferred, October 1. 1902
Less dividend on 1st preferred. March 9, 1903
Less general mortgage sinking fund
$6,-340,761
4,230,7:}9
$2,110,022
$1,239,912
.
$280,000
500,000
246,775
1,086,775
153,137
Surplus June
30, 1903
$2,263,159
164
The surplus
June
30, 1903,
companies
of the three
was as under
ended and
at
Philadelphia
Philadelphia
Total
30, 1903
1902
2,110,022
2,317,515
770,245
$153,137
2,794,587
652,116
$5,197,782
$3,599,840
$8,797,622
Railroad
Philadelphia terminal
Philadelphia subway
Real estate
Subway
subway loan
loan securities
shops
Total
$79,851,857
8,500,000
2,741,000
28,087
346,640
75,000
1,200,000
2,276,147
700,890
1,940,251
3,468,650
1,787,707
1,120,953
490,595
75,459
828,298
93,151
268,406
1,600,000
$106,393,092
Liabilities.
Capital stock
Prior mortgage loans
$20,000,000
5,241,700
18,811,000
9,363.000
5,766,717
1.535
8,500,000
20,000,000
2,741,000
1,027,405
2,887,809
946,81
453,703
274,547
165
Liabilities {continued)
Interest
matured
$108,717
etc.,
accrued
1,.513.678
Reading Company
Sundry funds
W. & N. R. R. equipment lease
Reading Company bonds and mortgages retired
Reading Company, account new locomotive and machine shops
Surplus
Total
64.094
I,n8."),132
346,640
47,500
1,200,000
5,112,103
106,393,092
and
Earnings
Freight coal
$13,134,624
12 564,293
5.235,897
773,709
Freight mdse
Passenger
Miscellaneous
Gross earnings
Operating expenses
Maintenance of way and structures
Maintenance of equipment
Conductkig transportation
General expenses
$31,708,523
3,019,881
4,901,011
10 526.643
644,549
Total expenses
$19,092,084
Net earnings
Other earnings
$12,616,439
721,267
Total earnings
$13..337,700
Fixed charges
9.519,01
1,501,180
$2,317,515
2.794.587
Surplus June
$5,112,102
30,
1903
The Philadelphia
&
Reading Coal
&
Assets.
Coal lands
Timber lands
New York and Eastern depots
Western yards and depots
Miners' and other houses
Pottsville shops, real estate, and improvements
Storage yards and washeries
Other real estate
Improvements at collieries.
Equipment at collieries
Deadwork at collieries
Stocks and bonds of companies controlled
Cash
..
$60,014,897
659.965
707,002
618,012
548.035
309.667
389,124
121.288
7,078.690
2.302,468
3,711,477
9,746.073
961,944
i66
Assets (continued).
Bills receivable
and loans
$1,000,000
2,839,194
39,477
423,296
1,014,943
676,186
Coal accounts
Rent accounts
Securities
2,018,472
12,285
2,033,556
Cash deposited
Stocks, bonds and mortgages
Total
89',2~6,054
Liabilities.
Capital stock
$8,000,000
5,186,000
79.116,721
1,182,307
290,457
129,746
81,428
65,205
22,842
Bonds
Reading Company
Pay rolls and vouchers
.07,404
Total
153,450
800,000
1,118,133
1,422,361
S9".276,054
profit
and
loss
&
The Philadelphia
and
^.
Receipts:
$22,088,146
705,666
241,460
91,426
46,430
106,111
Total
$23,279,240
Expenses:
Expenses of production and repairs
Colliery improvements, etc
Depletion of coal lands fund
Total
19,341,138
867,330
340,446
$20,548,914
$2,730,326
377,748
Profit
Total income
2% interest on Reading
Company
loans
$2,352,578
1,582,334
Protlt
and
loss,
June
30,
1902
$770,244
652,116
Profit
and
loss,
June
30,
1903
$1,422,360
167
estate, extensions
balance.
Coal Compau}' earnings were to be expected to show a reducThe production and purchases, however, was only 9.5%'
Gross earnings
less than the year 1901-02, and sales ii.i^q'' less.
fell off rather more, being about 14% less than the previous year,
chiefly explained in the higher cost of purchases.
Expenses during the year decreased 20%, but the amount
charged for colliery improvement and depletion of coal lands was,
based upon production, quite equal to the charge for 1901-02.
Capital stock. Reading Company Issued as authorized.
The ist and 2d preferred are both 4% non-cumulative. After
4% has been paid on the ist preferred for two consecutive years,
the company may convert the 2d preferred into one-half common and one-half ist preferred.
Pending such a consummation, the stock is held in a voting
tion.
trust.
Dividends.
1903.
On
4% March
;
ist preferred,
10, 1904,
2d preferred, i)4%,
1900,
3%;
1901,
4%;
1902, 2>%
2%.
November
10,
1903
2% May
10, 1904.
'1
i68
Annual meeting.
&
P.
Reading
&
Company,
R. C.
&
I.
first
Tuesday
Co., second
in
June.
Monday
in
October.
Main
Philadelphia.
Joseph S. Harris,
ofiSce.
Organized
Jersey,
and
May
is
and rolling
mills.
quirements.
30,
1903
'
Plants, etc
New oonsti uctiou
Cash
Total
$40,708,981
6,066,603
486,318
144,360
301,957
4,614,739
3,379,616
857,495
$-56,559,569
Liabilities.
Common
Accounts and
bills
payable
30,416.900
27,191,000
4,931.556
357,i!9e
201,331
144.379
68.901
3,248.206
56.559,569
169
Income and
profit
and
and
at
Depreciation, etc
Net
June
30, 1903:
$4.ia3.500
1.382,600
Profits
$2,740,900
1,427,082
profits
Dividend 7% on preferred
and
loss,
June
30, 1902
$1,313,818
1,934,388
Profit
and
loss,
June
30, 1903
$3,248,206
Net
1899-1900 (14
1900-1901
months)
19011902
1902-1903
Dividends.
Profits.
$3,643,729
309.099
2,248,832
2,740,900
$2,222,050
(deficit) 1,112,384
824,725
1,313,818
debt.
7%
i^%
New
and acquired all the stock of the Chicago, Rock Island & Pacific
Railroad Company, which company owned nearly all of the stock
of the Chicago, Rock Island & Pacific Railway Company. Subsequently about
90%
of the issue of
common
I70
Louis
&
Rock
Island
Railroad
Territory.
&
San Francisco,
It is
miles.
Total over
all,
13,888 miles.
The lines of the company on the above basis will reach northward from Chicago, to Minneapolis, Sioux Falls and Watertown
;
30, 1903:
Assets.
Stocks
owned
$118,350,707
90,594
1,018,840
Cash
individuals
$119,360,141
Total
Liabilities.
Capital stock;
Common
$69,558,775
48,690,232
121,096
486,902
Preferred
Total
.'
503,1.36
*. .$119,360,141
Income and profit and loss account, The Rock Island Company,
ended and at June 30, 1903
for year
$2,166,000
8,290
Gross income
$8,174,390
216,299
$1,957,991
1,454,856
$503,135
lines,
$150,268,988
32,328,270
34,911,054
580,038
14,677,542
1,641.361
2,388,598
668,485-
367,934
57,025
8.522,258
4,235,855
195,558
$244,825 900
Total
Liabilities.
Capital stock
$90,796,345
112,098,000
Funded debt
Collateral trust notes
4.,500,000
4,589,138
1,912.748
264 320
1,901,935
935.156
20,012
1,137.723
1,222,941
Insurance fund
Hospital fund
Replacement fund
Improvement fimd
Contingent account
Profit
and
350.000
83.659
46.871
1,104,545
5,355 3.57
18,667,150'
loss
Total
Not including Burlington & Cedar Rapids or Rock Island
ated during the year under lease.
$244,825,900
&
Peoria, oper-
172
lines,
year ended
Earnings:
Freight
Passenger
Mail and express
Miscellaneous
$30,917,231
II ,490,544
1,845.777
123,018
Gross earning.^
Operating expenses:
Maintenance of waj' and structures
Maintenance of equipment
Conducting transportation
General and traffic expenses
Other expenses
S44,376,620
$6,822,552
4,176,321
14,293,284
2,767.008
244,152
Total
$28,303,317
Net earnings
Additions to income
$16,073,303
1,690,873
Total income
17,764,170
Taxes
Hentals
$1,319,300
1,040,544
7,909,740
Interest
Total deductions
$10,269,584
Net income
Dividends
$7,494,592
3,050.200
$4,444,392
its
to the
holding company
in
propor-
miles, of
The financial results of the Chicago, Rock Island & Pacific are
shown for 15 months to June 30, 1903, due to a change in fiscal
year.
During this period the gross earnings are reported to have
been 142,752,566. Statistics have been reduced to an annual basis,
and the following are noteworthy:
Earnings
Percentage No of
Passengers
of
Year. Mileage. Expenses. Carried.
1899-1900..
1900-1901..
1901-1902..
1902-1903..
3,617
3,819
:1910
5,579
66.15
67.67
04.31
06.02
6,420,623
7,406,909
8,228.579
9,548,940
per
Passenger
per Mile.
'
173
System, including Burlington & Cedar Rapids and Rock Island &
Peoria Companies, was at June 30, 1903, $137,925,000. A new
plan proposes an issue of $163,000,000 to take care of maturing
obligations and to provide funds for new acquisitions from time
to time.
Dividends.
1%
quarterly (Q F).
slight exception
owns the
tou Rubber Company; Morgan & Wright Peerless Rubber Manufacturing Company; India Rubber Companj', Akron, C; Sawyer
Belting Company; Hartford Rubber Works Indianapolis Rubber
;
174
In 1902 the company acquired the rubber manufacturing interAmerican Bicycle Company.
General balance sheet, March 31, 1903
ests of the
Assets.
Cash
Mortgage notes (for property
Accounts and bills receivable
sold).
Total
$24,808,280
120,000
1,027
56,619
31,000
205,537
$25,322,463
Liabilities.
Preferred stock
stock
Surplus
$S 051,400
Common
16,941,700
229,363
Total
$25,222,463
Income and
profit
and
loss
31, 1903:
Income
Dividends received from subsidiary companies
$1,570,403
Expenses
Interest
Expenses
Loss and depreciation
$47,483
142.675
650,426
Total
$840,584
Net income
$729,819
704,49?
Dividends paid
March
1,
$2.5,322
1902
31, 1903
204,041
$229,363
175
Stock. Common Authorized, $25,000,000; issued, $16,941,700.
Preferred: Authorized, $25,000,000; issued, $8,051,400.
:
The preferred
is 7% cumulative.
debt can be incurred without the consent of twothirds of the preferred and a majority of the common stock-
No bonded
holders.
Dividends.
Preferred
i^"o
quarterl}-
(Q M) paid regularly
to
date.
Common
Directors.
1%
none since.
Hopkinson, Harry Keene,
ST.
River, 35 miles
the Dallas, Fort
known as the Dallas Terminal
;
Worth
&
owns 50%
&
now
::
sheet,
June
30, 1903
Assets.
S'67.346,050
Advances
Cash
Accounts collectible
Supplies and materials
Trust equipment
380,000
1,862,883
1,255,386
716,430
631,280
1,.397,494
3,519,731
51,365
Miscellaneous
Total
$87,160,619
Liabilities.
Preferred stock
Common stock
520.000,000
16,500,000
Funded
debt:
1st gold 4s certificates
$87,160,619
Income and
1903
20,000,000
10,000,000
13,205,750
68,434
3 519,731
455,046
1,720,373
14.187
1,677,098
profit
and
loss
30,
Earnings
Passenger
$1,337,732
Freight
5,5:38,014
402,828
Gross earnings
$7,278,575
Expenses
Transportation
Maintenance of equipment
Maintenance of way, etc
General
Total expenses
$2,560,940
828,015
1,424,686
442,523
$5,256,164
177
Net earnings
Other income
$2,022,411
1S2.603
Total income
$8,205,013
'.
Total
$161,751
l,29r,20O
51,228
81,510,179
S694,8:B5
$564,375
199,472
Total
763,847
544,765
130,460
Surplus June
$219,081
1,458,017
30, 1903
$1,677,098
Gross earniugs per mile in 1898-9 were $4,690 per mile, and in
During the same period the percentage of oper
ating expenses to gross earnings has increased from 71.80 to 72. 21
During 1896-1898 this figure averaged about 80%.
Compared with the previous year, it is found that the net earn
rngs for 1902-3 show an increase of $21,800. The recent increase
in operating expenses is attributed generally by President Gould,
to heavy rains during the year, labor replacing 272 miles of
light with heavier steel, and higher prevailing wages.
After all deductions, including full interest on the income bonds
and an appropriation of $544,765 for additional property, the surplus for the year above reported on is seen to be $219,081. This
would amount to a little above 1% on the preferred stock.
1902-3, $5,636.
Stock.
debt.
The
issued, $20,000,000.
$16,500,000.
are
4%
178
Directors.
Winslow
S.
Edwin
Gould, R. M. Gallaway,
Pierce, William
H. Taylor, E. T.
Howard Gould,
Jeffery,
Murray
SEABOARD
Condensed balance
sheet,
June
30, 1903
Assets.
Due from
individuals
and companies
$105,039,887
631,803
2,369,278
.5,600,000
8,500,000
108,500
866,775
274,745
877,650
179
Assets (continued J.
$75,005
33,814
85.827
Notes receivable
1.3.640
16,970
752.628
141,285
217.172
54.004
95,357
Sundry accounts
Due from proprietary companies
Sundry accounts
Total
$125,753,734
Liabilitii's.
25,(100,000
Common
37.500,000
12,775,000
10.000,000
29.720.000
mortgage bonds
Refunding collateral trust bonds
Mortgage bonds proprietary companies
Wilmmgton Railway Bridge bonds (per contra)
Equipment trust obligations
1st
108,.50O
2.652,701
35,356
27,143
65.307
1,347,318
.'
Traffic balances
Claims authorized
Agents' drafts in transit
Audited vouchers
Pay
rolls
462,904
145,183
268,166
700,328
645,594
2,147,318
306,188
199.239
1,647,487
$125,753,734
Income and
30, 1903
profit
and
loss
Earnings
Passenger
:
$2,364,561
8,599,280
Freight
Mail and express
Miscellaneous
.559,797
643,290
Gross earnings
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
$12,156,928
$1 .483.017
1.449.297
5,014,801
493.980
Total expenses
$8,441,095
Net earnings
Other income
Total income
$3,715.a33
110,031
.
$3,825,864
So
Total income
$3,825,864
SS-'lSl.'lOO
Taxes
Rentals
Dividends on guaranteed stock of proprietary companies
Other deductions
Total
83,075,432
104,068
434,133
43,600
6,307
5,324
and
loss,
750,432
897,055
June
30, 1903
$1,647,487
for the
figure in
its
history.
The annual
reached $4,663.
The
30, 1902,
show
was
.46 mills.
Freight earnings show an increase of 8.8%, the increase in tonnage being 4.3%. Not only has the volume of business been
advanced, but the grade of commodities transported are such as
will stand higher rates, a fairly good sign of local development.
Passenger earnings increased 15.4%, but the average rate per
passenger per mile declined from 2.357 cents to 2.286 cents. The
number of passengers carried one mile increased 17.6%.
Stocks. Preferred: Authorized, |25,ooo,ooo; issued, $19,400,000.
Common: Authorized, $37,500,000; issued, $29,000,000.
The preferred is 4% non-cumulative.
Both classes of stock are held under a voting trust, until or
before 1910.
Bonds. 1st mortgage bonds, authorized in no case to exceed
$75,000,000; outstanding, $12,775,000; deposited to secure $10,reserved to retire
000,000 collateral trust bonds, $20,000,000
underlying bonds, $29,725,000, and the balance for additional
iSi
SOUTHERN
PACIFIC
COMPANY.
of the State of
lines extending
from New Orleans to San Francisco, Cal., Portland, Ore., and
Ogden, Utah.
A strong working control of the capital stock is owned by the
Union Pacific Railway.
The total mileage at June 30, 1903, was 9,176 miles, of which
351 miles are leased and the balance controlled through ownership
The
amount
under leases to
it,
are as under
&S.F.)
3,047
loi
South
Oregon
&
1,363
California
672
,!s:
324
164
433
917
54
191
39
151
: :
X82
690
300
10
16
iii
...
Company under
lease
Arizona Railroad
88
263
Sonora Railway
Total
8,934
&
S.
to A., T.
242
Total as above
The Southern
Pacific
9.176
Company during
Sinking funds
Steamship Company
Lands
Other property
Real estate
Steamships and tugs
Rolling stock
preserving plant
Due from proprietary companies
Contingent assets
Wood
San Antonio
Total
&
Si54,946,349
3,659,762
1,044
Current assets
Bonds and stocks owned, not deposited
Agents and conductors
Loans and bills receivable
Cash
Individuals and companies
Pacific Mail
30, 1903:
Assets.
2,321,886
1,774,721
493,691
3,917,588
437,905
7,500,913
1,791.765
5,213.119
1,620,353
239,489
219,345
799, 135
4.033,686
3,513,224
9,936,814
135,954
15,773,604
2,280,000
320,610,347
i83
Capital liabilities
Capital stock
Liabilities.
S19~.849,25
Current
liabilities
2,144,000-
99,418.500
20,000,000
Unpaid dividends
10,099
175,839
1,403,76S
2,570.590
23.409,721
Loans and
Traflflc
bills
payable
balances
764.7.59
6,090,953
rolls
Deferred liabilities
Taxes, estimated to -Tune 30
Wells Fargo & Company's express contract
Due to proprietary companies
Contingent liabilities
:
226,000
368,000
22,589,412
and
385,541
1,149,925
81,419
318,880
585,702
121,842
1.603,686
69,909
9,272,548
loss
Total
$320,610,347
30, 1903
Pacific
Company,
for year
ended
S21.121.672
3.991.347
972,550
30.974,266
242,309
479,195
$57,781,339
Other receipts
Gross receipts from steamship
:
lines
operated
S-1. 900,604
1.692,582
Total
Gross income
Disbut sements.
S6,.593,
Operating expenses
$21,121,671
3.991.347
1,763,512
263,694
186
$54,374,525
Company
629,786
,
30,398,897
iS4
Total
58,488,997
Other expenses
Expenses, steamship
Interest and rentals.
lines
operated
$3,831,724
3,056, !57
508,805
75,000
352,888
318.880
8,143,455
Total disbursements
S6G,C32,452
$2,957,925
30, 1903
Assets.
Capital assets:
$648,2.56,893
6,716,466
15.486,436
5,057.774
237,704
416,465
44,498
416,980
1,059,575
3.752,945
215,988
162,718
Bonds owned
1,.309.736
satisfied of
Total
mortgage.
808,504
95,438
633.049
798,462
104,143
7,471,188
22,589,412
415.972
6.468
143,762
$716,200,576
Liabilities.
Capital liabilities:
Capital stock
Preferred stock
Funded and other fixed interest-bearing debt
Equipment trust obligations
3fo notes favor U. S. A
Current
$278,408,572
24.600 000
268,8:M,6.36
2,863.054
35,287,629
liabilities:
225,365
417.070
263,613
422,445
656,062
185
Liabilities (continuedj.
So73,000
2,657,161
7,159
645,000
liabilities:
77,034
215,284
86.493
7,198,337
15,773,607
Replacement funds
and loss
Profit
76,385
331.893
5,057,774
439,511
Principal of deferred
$82,435,755
11,352.862
deficit
Total
71,082.893
716,200.576
for }-ear
ended June
Receipts:
bonds
Income from
securities
Total receipts
Expenditures:
Operating expenses
Taxes
trackage
other property and facilities
on funded debt
on C. P. R. R. Zi notes to U. S. A
on open accounts
Land department expenses
Taxes on granted lauds
Miscellaneous expenses
Sinking fund contributions and income from sinking fund investRentals,
Rentals,
Interest
Interest
Interest
ments
Construction, improvements and real estate
Surveys
Total expenditures
Balance surplus
$85,211,116
$.55,888,608
2.094,721
11.678
781.(544
12,841,989
1,112,.387
596,629
135,248
102.902
55,356
720,465
107,145
75.668
874,524.440
$10,686,675
678,612
280.465
1,133,226
44,885
loss
$790,960
5r5.:i68
$10,902,267
i86
Pacific
Company
30, 1903
Dr.
$232,187
163,818
sale of
steamships and
other property
Miscellaneous expenses
Balance of unfunded discount on bonds sold, charged
Loss in sale of bonds and securities exchanged
Premium on bonds purchased and cancelled
Dividends proprietary companies)
401,215
35,929
off
839,471
2,741
75,595
1.059,200
173,333
9,272,548
71,082.893
Total
83,328,930
Cr.
S10-l~6.30
58,707,857
$10,902,267
2,257,925
to income,
330,090
8,964,432
515,000
280,465
1,381,641
15,601
175,220
200,000
27,385
173,214
301 ,000
1,057,920
1,000,000
352.886
$S3.:i2S,930
i87
Stock.
Southern
Pacific
Companj-
Authorized,
$200,000,000
$278,408,572
issued, $197,849,259.
companies
Proprietary
Outstanding
common,
preferred, $24,600,000.
$36,819,000,
steamship bonds outstanding, $2,144,000 outstanding fixed interest bearing debt of proprietary^ companies, $306,985,919.
Dividends. None paid b}- Southern Pacific Company. Of the
proprietary lines, dividends aggregating $1,059,200 were paid by
Houston, E. & W.Texas, the Houston & Shreveport and the Houston & Texas Central R. R. Co., the returns on all but a few shares
accruing to the parent company.
Annual meeting. Wednesday following first Monday in April.
Main office, San Francisco New York office, 120 Broadway.
Directors.
T. Jefferson Coolidge, Jr., William D. Cornish,.
George J. Gould, Edward H. Harriman. Edwin Hawley, H. E.
Huntington, James H. Hyde, Otto H. Kahn, D. O. Mills, Winslow S. Pierce, Jacob H. Schiff, James Speyer, James Stillman.
;
lines
of
Con-
proprietary
companies
Non-proprietary lines
Southern Pacific Company from steamship lines dividends on
stocks owned, rentals, etc
Total receipts
$85,211,116
721,504
6,593,186
$92,.525,806
Disbursements
Operating expenses and taxes proprietary lines, interest on
funded debt and all other e.\penses of proprietary companies.
Operating expenses, taxes and all other expenses incurred in
connection with operation of non-proprietary lines
Expenses of steamship lines operated
Net interest due proprietary companies on advances and on
loans and open accounts
Charter of steamers, insurance, taxes, and miscellaneous and
general expenses
:
$74,524,440
893 480
3,831,723
969,948
528,13ft
i8S
Sinking fund contribution
Fixed rentals
Depreciation on Soutliern Pacific Company rolling stock
Interest on S. A. & A. P. bonds
Advances
to S. A.
&
A. P.
Ry
Miscellaneous
S~5,000
25,000
318,879
27,120
352,888
11,499
Total
$81,558,115
Balance
$10,967,691
Deduct
Interest on Southern Pacific Company 6% steamship bonds
Interest on Southern Pacific Company 4% (Central Pacific stock
collateral)
Interest on Southern Pacific Company 4^^ 2-5 year bonds
Total
profit
693,750
$2,003,260
The
$130,770
1,178.740
and
loss
$8,904,431
351,608
$9,316,039
This does not include surplus from sale of lands pledged for redemption of
bonds, amounting to $1,381,610 for the year, and contained in the profit and loss
credits above referred to.
the C, N. O. & T. P., the North Alabama and Ga. So. & Fla.
lines also has one-sixth interest in the Richmond- Washington
Company, owning a line between Richmond and Washington.
The line operated extends, with numerous important branches,
from Washington, D. C, to Jacksonville, Fla., via Charleston,
;
i89
30, 1903
Assets.
Cost of road
Leasehold estates
Cost of equipment
.Cost of securities pledged or held for control
$26.5,694,938
39,627,563
24,840,049
54,3.39,339
2,496,144
175.704
3,448,863
434,979
1S3.108
Insurance prepaid
Sinking funds
Insurance fund
Sundry accounts
Advance to sub. companies
5,2;^5
66,178
275,000
133.099
349,258
106,613
2,994,818
937.705
988,893
419,103
776,2i2
542,017
8388,834,816
Liabilities.
Capital stock
Common
Preferred
O. stock trust certificates
Funded debt
Securities of leasehold estates
M.
&
Equipment obligations
Certificates of indebtedness
Balance purchase, N. E. R. R.,
Balance on real estate
Ga
Sundry account.s
Interest and rentals accrued
Taxes accrued
Dividends payable, October 1, 1903
Interest and rental due and unpaid
Vouchei's, wages and claims
Due other transportation companies
.Due individuals and companies
Profit
Total
and
loss
$130,000,000
60,000,000
4,932,600
138,870.321
31,149,500
7.021,810
8,800,000
107,000
75,000
14,021
1,4.58,088
129,:i30
847,617
493,141
1,500,000
2,299,999
4,040,068
722,089
411,070
5,902,562
$888,834,816
igo
Income and
June
30, 1903
profit
and
loss
Earnings:
Freight
Passenger
Mail
$28,081,034
0,804,542
1,688,118
990,576
789,791
1
Express
Miscellaneous
Gross earnings
Expenses:
Conducting transportation
Maintenance of way and structures
Maintenance of equipment
General expenses
Taxes
Total expenses and taxes
Net earnings
Income from investments
$42,354,061
$15,759,973
5,733,997
6,916,823
1,:WI.088
1,187,259
$30,989,140
$11,364,921
1,164,011
Miscellaneous
47,250
Total income
Deductions from income
Fixed charges and rentals
Miscellaneous
$12,576,182
Total
$3,707,478
3,000,000
$707,478
5,255,084
Profit
and
422,663
$8,868,704
Profit
J8, 446.041
loss,
June
$5,962,562
30, 1903
Comparing the above figures with those published for the year
immediately preceding, it is found that the gross earnings increased 12.3%, operating expenses increased 15.,5%, and net earnings increased 4.6%. The percentage of operating expenses to
earnings increased from 71.19 to 73.16 during the same period;
during the two preceding years this averaged about 70%.
The increased revenues were about evenly distributed. The
largest increase in expenses is found to be in maintenance of
President Spencer
equipment and conducting transportation.
in his annual report calls attention to the marked industrial
growth throughout the territory reached by the lines, and states
that "the
number
of
new
191
completed during the year was 735, and the number under construction at close of the year was 146.
Previously existing plants
to the number of 208 were materially enlarged during the
year.
last
reported.
12%"
Freight tonnage is widely diversified, 3o,*'o' being coal
from mining industries other than coal 13%' agricultural 4%
;
Edmund
D. Randolph.
Wm.
Wall
&
Sons.
192
General balance sheet, July
31,
1903:
Assets.
$20,308,948
794,313
211,9.i7
049,859
Cash
Profit
52,14,5
and
726,955
loss (deficit)
833,744,177
Total
Liabilities.
Common
stock
Consolidated mortgage bonds
mortgage bonds, less amount cancelled
Accounts and bills payable
$12,010,000
0,805,330
2,740,000
1,198,847
Total
$22,744,177
First
Details of income account are not published in the report for the
year ended July 31, 1903, but President Russell says in part:
fiscal
We
And charged
off to
Interest on borrowed
Leaving a
Restated,
first
mortgage bonds
$164,400
depreciation
52,844
money
57>553
deficit of
it
141, 164
earnings amounted to
And the net earnings
$4i5)96i
$141,164
was
274,797
585,79
.$726,954
make no provision for the sinking fund conmortgage bonds, requiring payment of 1% on
the amount outstanding July 30, 1897. This payment is not due,
however, until February i, 1904.
President Russell attributes the poor showing of the company
The above
figures
193
for a larger
volume
this could be
Stock.
handled
and
it is
reported that
Authorized, $12,000,000;
None paid.
Dividends.
name
acquired.
and
its
and lime-
The company owns all the capital stock of the Alabama Steel
Shipbuilding Company, which concern has a daily capacity
1,000 tons of steel billets
the Coal
&
bonds and
Iron
6%
and
slabs.
Company under
&
of
lease
31, 1903
Assets.
and other
Plants and equipment
real estate
Investments
Treasury securities
Cash
Total
$26,047,005
9,188,63:i
273,971
609.000
329,094
1,479,984
2,0S7,74a
46.706
$40,062,135
194
Liabilities.
Common
stock
Preferred stock
Funded debt
Current liabilities
Profit and loss, surplus
$32,552,800
248,300
11,858,000
1,100,000
440,000
240,301
1,888,572
1,734,162
Total
$40,062,135
Alabama
Alabama
Alabama
Steel
Steel
Steel
loss account
for
Net earnings after deducting all operating expenses, repairs, renewals, taxes, insurance, bad debts, etc
$2,889,957
Miscellaneous income
15,020
Interest on bonds
TSTet
$2,904,977
739,521
securities
$2,165,456
411,422
profits
Royaltj'
$1,754,034
19.864
The
surplus at
"written
oflf
December
31,
1903
31, 1903,
$1,734,170
amounting
to $1,409,785,
was
During the j'ears 1901, 1902 and 1903, expenditures for property
was $4,645,153 for the period, all of which was paid for out of
earnings. During the same period the net debt decreased $564,The
409, and there was charged off for depreciation 14,351,077.
1902, $1,409,785
all
1903. $1,734,170-
The net profits of 1902 were more than double those of 1901, and
1903 shows an increase of 17%" over 1902.
Stock. Common: Authorized, $23,000,000 issued, $22,552,800.
Preferred: Authorized, $1,000,000; issued, $248,300.
195
Common
Preferred
1%
S%
(see above).
6%
none since.
Main office, Birmingham, Ala.; New York office,
Annual meeting in May, at Tracy City, Tenn.
:
1887,
1900,
100 Broadway.
Directors.
Don H. Bacon, William Barbour, Albert B. Boardman, Henry R. Sloat, Joseph Dickson, Charles McCrery, Walker
Percy, James Henry Smith, Frank S. Witherbee, Cord Meyer,
S. L. Schoonmaker, Benjamin F. Tracy, James T. Woodward.
Mileage operated at June 30, 1903, was 1,827 tniles, of which 1,735
1*5 owned, the balance being operated under trackage rights.
The line extends from New Orleans, La., via Dallas and Fort
Worth, to El Paso, Texas, with parallel line between Texarkana
and Ft. Worth in northern Texas, and branches.
miles
30, 1903
Assets.
Elevator property
New equipment
coal mine
Materials, fuel, etc
Gordon
Cash on hand
Accounts collectible
-Land notes receivable
Miscellaneous
Total
500,390
2.140.116
1-11.541
.52'v!.8T6
351.13.3
1,126,0.50
31,930
231 ,662
99.854,168
ig5
Liabilities.
Capital stock
S:58."63.B10
54,279,003
2,250,010
053.438
319,702
1,625.000
etc
316, .501
1.346, \0t>
Total
$99,8.54,168
Income and
June
30, 1903
profit
and
loss
Earnings
Freight
8,504,462
2,494,545
269,683
223,008
603,046
Passenger
Mail
Express
Miscellaneous
Gross income
Transportation expenses
JIaintenauce of way and structures
$12,094,744
'.
$1,518,098
Maintenance of equipment
1.395 265
Couductmg transportation
5,011,66.3
General expenses
361,080
Total expenses
$8,286,106
Net earnings
Other receipts.
$3,808,638
171,485
Total income
$3,980,123
Taxes
Interest and discount
Improvement account
Equipment account
Miscellaneous
Total
$1,473,354
296,053
408.949
273,264
568,121
21.660
$3,041,401
$938,722
1,161,900
1,569,284
Surplus. June
The
30, 1903
$223,178
$1,346, 106
as follows
197
The per
and 67.50
in 1900.
Stock.
is
mortgSRG 5% income bonds, non-cumulative. No foreclosure can be
had under this mortgage unless default is made on the first mortgage. As above stated, nearly all of this issue is held by the Gould
interests.
The balance
and
is
',
&
31, 1903
Assets.
in treasury
$.31,820,072
19,201
1.310,250
125,973
$33,275,496
::
Liabilities.
Common
stock
Preferred stock
$16,511,000
3,000,000
12,637,000
115,493
229,831
559,284
200,888
16,500
Funded debt
Unpaid vouchers
Interest accrued not due
payable
Dividends payable
Miscellaneous
Bills
Total
S33,2;5,496
Income account
for year
ended December
31, 1903
Earnings
Passenger
Other
4,042.230
Gross earnings
$4,003,939
21 ,709
Expenses
General
Maintenance of equipment
Maintenance of way and structures
Operating power plants
Insurance.!
$165,675
21
,298
Car service
117,536
331,281
41,104
162,695
2i,999
825,462
Total expenses
$1,878,050
Net earnings
Deduct, interest and taxes
$2,185,889
731,041
$1,454,848
Preferred, 7i
Common, b%
$210,000
Injuries
and damages
Legal expenses
825,5.50
Total
$1,035,550
December 31,
$419,298
2,991,346
1902
President
shown
$3,410,644
hereafter will
balance sheet item. The gross earnings for the year show an increase over 1902 of 12.51%, and the percentage of expenses to
earnings during the same period increased 1.06%.
Stock.
Common: Authorized, $17,300,000; issued, $16,511,000.
Preferred: Authorized, $3,000,000 issued, $3,000,000.
199
The- preferred stock is 7J*q cumulative.
Dividends. Regular dividends (Q-J) have been paid on the
preferred.
The
first
dividend of
1899; in 1900,
3%;
i%
in 1901,
on the
3^%;
common was
paid in August,
2%; May,
5%; in 1904,
in 1902, February,
i}{%;
in 1903,
mated
States.
31, 1904
Assets.
Cost of properties
Insurance, etc
Logs
$20,911,085
30.367
481,936
a'14,789
Investments
Cash
102.0(10
924,455
314,628
43,141
Total
$29 052,401
Liabilities.
Preferred stock
Common stock
$11 ,000,000
16,000.000
Ol.'j.OOO
163,113
95.359
878.929
$29,052,401
Income account
for 12
31, 1904:
$812,498
Dividend on preferred
Depreciation, etc
770,000
38,013
Total
8808,013
(7^)
$4,485
a summary of the profits earned and dividends distributed since the formation of the company:
The following
is
Profits earned.
Dividends paid.
.577,500
Sl.063,461
813,570
932.228
952,686
774,484
770,000
770,000
770,000
770,000
debt,
all
the proper-
on common stock.
Annual meeting.
Corporate
New York.
office,
Exchange
Place,
New
Jersey
main
office,
S.
11.
Derby.
way Company.
The company owns
20I
000,000 stock of the Southern Pacific Company, the company exerworking control over the operation of that com-
cises a strong
lines,
Ogden.
sheet,
June
30, 1903,
Union
Pacific
Assets.
$358,659,788
910.000
139,896,217
124,228
014,445
1.908.559
444,841
4.680,182
1S4.4H8
974. S31
15.390.119
550.000
618.089
53,196
7,360,565
181.951
3,799.896
Cash
Individuals and companies
Material, fuel and supplies
Traffic balances
U. S. Government transportation
Loans to Southern Pacific Company
Bills receivable
Dividends accrued to June 30 on Northern Securities stock
Miscellaneous
Advances for construction of new lines
Due from sundry proprietary companies
Advances for ocean steamships
Rolling stock
Unadjusted claims and accounts
Land contracts prior April 1, 1898
Land contracts subsequent
707..381
462.879
372.248
2,482,233
Total
S5'10,.388.745
Liabilities.
Union
Union
rolls
$108,770,900
99.551,900
44,886
279,272.000
184.718
2,.528.0()5
1.511, .570
14.2.50.000
3.330,931
202
Liabilities (con tinned]
and
$4,386,660
22,436
T19 847
247,349
275.711
500,000
500.000
191,300
113 b09
2,854,481
21,132,240
loss
Total
S540,.388,745
Cotidensed income and profit and loss account for year ended
and
at
June
30, 1903
Earnings:
Passenger
Mail, express,
$-9,760,552
baggage
3.015,731
36,261,679
1, 178,287
Freight
All other sources
Total
$50,216,248
858,940
rail lines
Water
lines
Gross earnings
Expenses:
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
General expenses
Total
$51,075,188
$5,293,475
6,025,640
13,827,533
1,256,356
$26,403,003
936,881
rail lines
Water
lines
Taxes
$37,3.39,884
1,407,332
.....:.
$28,747,216
$22,327,972
Net earnings
Additions to income:
Interest on bonds of companies other than O, S. L.
and O. R. R.
&N.CO
and O. R. R. & N. Co
Rentals and other income
L.
Total income
322,283
S.
3,687,645
4:57,916
$26,975,816
$1 1,551 ,124
^o'?*q
.
'2
22.7S2
23,470
203
Surplus for year
S15.276,642
$4,350,612
3,982.064
492
2,000,000
Total
S10,3:33,168
and
The
loss
June
$'1.9^3.474
16,188,766
$21,132,240
30, 1903
balance shown last year was S21,:i61,692, which has been reduced by
amount of unfunded discount and premium on capital issues.
Compared with the precedmg year, average miles of road operated increased .89%; gross earnings increased 7.53% operating
expenses increased 13.02%; taxes increased 2.74% net earnings
;
1.76%'
surplus applicable for dividends after all
charges increased 5.33%. Surplus after payment of dividends increased 9-94/0. Percentage of operating expenses to earnings
Tn 1901 this percentage was
increased from 50.92 to 53.53%".
This is chiefly found to be due to large charges for main53.61.
tenance of equipment and cost of conducting transportation.
The cost of maintenance of way was less than in the two preceding years. Such increased cost is said to be due to higher cost
of both labor and material, and congestion due to increased
increased
traffic.
Stocks. Common
Authorized,
900.
Preferred
Authorized, $100,000,000;
The preferred
is
Dividends on common.
1901 to April, 1904,
issued, $99,551,900.
4% non-cumulative.
4%
1898, none
1899,
none
1900,
3^2%;
yearly.
4%
yearly.
204
Funded
debt.
This
liability
j-ear
Company 4%
up Northern Pacific
purchase money certificates.
The funds obtained, however,
having been used to repay loans and open accounts, resulted in a
ganization, and originally issued to take
31, 1903
Asxefs.
Cash
2,049,9.52
Due by customers
6.048,313
140,897
5,956
144,548
10,328,686
1,915,974
401,355
1,117,553
Bills receivable
Bark at tanneries
Sundry personal property, etc
Advances to other companies
Drawbacks
Railroad mortgage
Tannery plants, etc
Stock of other companies
4,57.713
100,000
6,313,295
49,142,022
10,000,000
100,000
Good
62.832,.300
will,
etc
Unexpired insurance
Total
67,260
S151, 165,739
'
205
Liabilities.
Common stock
Preferred stock
Bonds, less in treasury
Accrued interest, etc
Current accounts
For exchange, not due
Bills payable
Miscellaneous
Surplus
$62,882,300
62,282,300
5,280,000
17,549
334,394
1 ,075.224
1,450,000
309,587
17,534,:385
Total
$151,165,739
1900
$4,540,870
1901
1902
.5,400,880
6,486,326
17,534,385
1903
The
shown
Common
Stock.
Preferred
The
Funded debt outstanding,
$5,280,000
6%
206
Coupons,
1913.
being 1316,800.
Annual
Dividends. Preferred
1895,6%; 1896,1%';
4^%"; 1899. 5%'< 1900 to May, 1904, 6% yearly.
:
None
paid on tte
interest
1897,
charge
4%;
189S,
common.
amounted
to 39/0
The excess
would
indi-
plans for the relief of the obligations to the preferred stockholders have been under consideration.
No
liability is
amount
to
some
shown
Main
office,
Directors.
which would
$24,000,000.
26 Ferry Street,
James
New
in February.
York.
Samuel
C.
P.
Sumner Horton,
207
Consolidated balance sheet
(all
companies), June
30, 1903:
Assets.
S3r,041,006
less
underlying mortgageb
SS. 038.304
8,515.527
under
Loans on mortgage
Stocks and bonds at market value, June 30. 1903
Building plant, office furniture and materials, less depreciation
Expenditure on building contracts in progress, less payments
ceived on account thereof
Proportion of estimated profit on contracts in progress
Accounts receivable
Cash
Total
2,483,393
4,183,500
1,873,985
159,470
re-
1,617.185
862.147
6TS,865
4.824,676
862,239.7.53
Liabilities".
Preferred stock
Common stock
Outstanding stock of sub. companies
Current accounts payable
Accrued
$27,011,100
33,198,000
41,000
1,240,651
145,089
405,167
198.797
1,
1903
'.
Total
62,239.753
Income
Interest receivable
30, 1903
$310,057
98,423
74,548
75,910
".
2.30,071
576.77;}
228.800
106,9.52
$1,702,134
Deduct:
Interest payable
Expenses of management
g207.210
564,863
Total expenses
$772,073
20S
Net earnings
Profit from estimated Increase
in
value of investments
still
$930,061
487,625
held
Total income
Sl,417,686
$1,215,499
3,390
Total
$1,218,889
Stock.
$198,797
Preferred
Authorized, $30,000,000;
issued, $33,198,000.
issued, $27,011,100.
1^2%
sive,
and future
On
preferred
quarterly.
profits
January,
The October,
from construction
inclu-
1903,
will
be determined only on
work completed.
Henry Morgeiithau.
Directors include Charles M. vSchwab, John
Francis Adams, Cornelius Vanderbilt, etc.
W.
Gates, Charles
209
& Company.
Goodyear Metallic Riibber Shoe Company.
Goodyear India Rubber Glove Manufacturing Company.
Lycoming Rubber Company.
Myer Rubber Company
National India Rubber Company.
New Brunswick Rubber Company.
New Jersey Rubber Shoe Company.
Para Rubber Shoe Company.
Woonsocket Rubber Company.
L. Candee
The company
is
75%
of the rubber
Company and
ber
its subsidiar}-
31, 1904,
companies
Assets.
Miscellaneous assets
147.716,005
16.801,876
1,660,853
2,072,313
6.489,129
2,681,649
783,523
Total
178,205,347
Inventories,
Cash
Bills and loans receivable
Accounts receivable
Securities
owned
Liabilities.
Capital stock:
Preferred
Common
Boston Rubber Shoe Company debentures
United States Rubber Company funding notes
Fixed surpluses subsidiary cornpanies)
Loan accounts payable
Merchandise accounts payable
Deferred liabilities
Reserve for depreciation of securities
Reserve for dividend
Surplus
(
Total
23,525,500
23,666,000
4,800,000
10,000,000
8,134,849
1,622,000
3,060.233
430.664
500,000
.352,882
2,107,219
S~8,205,347
210
Consolidated Income and profit and loss account for year ended
at March 31, 1904, United States Rubber Company and sub-
and
sidiary
Gross
Net
companies
sales, boots
sales,
64,553,337
;:i3.396,919
28,987,863
Manufacturing profits
$4,409,050
1,766,179
Operating profits
Other income
S'', 642.877
Total income
Less
Interest and commission on funding notes and borrowed money.
Interest on Boston Rubber Shoe Company debentures
Interest allowed customers for prepayments
$2,830,207
Total
81,185,271
Net income
187,330
to surplus
$802,174
240.000
1
13,097
$1,644,936
$69,295
500,000
352,882
Total
$922,177
$722,759
Surplus March
1,384,460
31, 1004
$2, 107,219
Compared with the preceding year the operations for the year
above reported on shows the following results
:
The books
15, 1904.
who append
&
their certificate.
211
panics other than capital stock, reserve and surplus accounts on
March 31, 1904, to the extent of $9,290,329.34.
From
5%
notes.
Common
1S95, 2)4%
1S96, none
1894, none
2%; 1900, 2%; 1901, 1902, 1903 and 1904, none.
Preferred: 1S94, 8%; 1895, S% 1896, S%; 1897, 6%; 1899, S%;
1900, S%; 1901, 1%; 1902 and 1903, none; June, 1904, i>2%.
Dividends.
',
in
May.
Corporate oiSce, New Brunswick, N. J.; main office, 42 Broadway, New York.
Directors. Walter S. Ballon, E. C. Benedict, Samuel P. Colt,
E. S. Converse, H. E. Converse, Costello C. Converse, James B.
Ford, J. Howard Ford, Francis L. Hine, Henry L. Hotclikiss,
Lester Leland, Frederick M. Shephard, Francis Lynde Stetson
John D. Vermeule.
American Steel
of
New
Jersey.
The
properties
owned
at various plants
December
31, 1903,
were
86 blast furnaces.
14 open hearth steel plants.
over
Besides extensive iron ore mines in Lake Superior region
20,000 coke
160,000 acres of coking, steam and gas coal lands
ovens; railroads; 112 lake vessels, ore docks, etc.
The output of the combined properties in 1903 was
;
Gross tons.
Output.
Iron ore
Pig iron, Spiegel, etc
]5,.S63,355
7,379,241
6,191,660
Bessemer steel
Open hearth steel
Coke manufactured
2,9r6,.S00
8,658,.391
Bessemer
1,120,733
steel rails
Finished structural
Plates and sheets
1,934,315
469,692
1,374,928
1,126,605
493,292
2,236,758
work
sheet,
December
31, 1903
Assets.
Property accounts
$1,.357,394,469
Deferred charges to operations, explorations, stripping and developing, etc
Accounts
receivaVile
Bills receivable
Agents' balances
Sundrj- marketable stocks and bonds
(payable on demand)
Cash on baud subject to check
Total
4,820.343
497,051
5,522,546
107,976,523
34,457,369
3,139.457
1 ,029,470
5,985,509
12,822,900
50,199,661
$1,583,845,298
213
Liabilities.
Comraon
S-'>08,302,500
Preferred
Capital stock of sub companies not held
360.281,100
by United States
Steel
Corporation
Bonded and debenture debt:
United States Steel Corporation 30-year 5% bonds
United States Steel Corporation 10-60-year 5% bonds
Union Steel Company guaranteed bonds and other sub companies' bonds
United States Steel Corporation 10-60-year 6% bonds, issued and
sold, but not delivered
Mortgage and purchase money obligations
Current liabilities:
Current accounts payable and pay rolls
Bills and loans paj-able (sub companies)
Special deposits, due employees and others
Reserve for expenses, convertible preferred stock
Accrued taxes, not yet due
Accrued interest and coupons
Preferred stock dividend No. 11, payable February 15, 1904
Sinking and reserve funds:
Sinking, depreciation, improvement and replacement funds
Contingent operating funds
Insurance funds
Bond sinking funds and accretions
Undivided surplus of United States Steel Corporation, etc
Total
109,114
298.319.000
152,902,500
99,819,535
17.097,500
5,882,864
15,729.791
4 429,484
3,941,795
783,560
1,408,697
6,942,393
6,304,919
20,584,281
3,707,163
2,524, 3()8
8,678,051
66,096,682
SI. 583,845,298
Income and
December 31
profit
1903,
companies.
Gross receipts
Manufacturing and operating expenses
S536.,572.876
Balance
S127,304,272
Income
Other income
409.268 599
.720,043
$129,024,315
$1,327,731
2,220,820
3,548,551
Total income
General expenses
Administering, selling and general
Sl32,.'^72,866
Taxes
Miscellaneous
Commercial discounts and interest
11,942.916
2.972,600
393,917
1 ,538,419
$16,847,852
Balance
$1 15,725,013
214
Balance
Interest charges
Interest on bonds and mortgages sub, companies
Interest on bills payable, etc., sub. companies
$115,725,013
$5,756,483
797,373
Total
$6.55.3.861
$109,171,152
$1,598,013
4,1599,822
9.297,531
10,000.000
Total
$25,495,366
$83,675,786
Deduct
Interest on United States Steel Corporation 50-year 5^ bonds
Interest on United States Steel Corporation 10-60 year bonds.
Sinking fund on United States Steel Corporation 50-year bonds.
Sinking fund on United States Steel Corporation 10-60 year
.
bonds
gl.5,195,850
3,886,946
3,040,000
757,500
Total
$22,880,296
Balance
Less Charged off for depreciation in inventory valuations, etc
$60,795,490
Balance
Dividends on United States Corporation stock
$55,416,652
5,.378,838
Preferred. 7%
Common,
2i^$S
$30,404,173
12,707,563
Total
.$43,111,736
$12 .304,916
Total
$90,179,513
77,874.597
Less
Total
$6,800,000
17,234,129
$24,034,129
31, 1903,
$66,096,682
I,
901.
From August
to
fell off
215
supposed to correspond in figures in which
its
own
operations so
largely contribute.
1902,
it
is
iS^''^,
With such marked contraction in the volume of business, combined with the sharp decline in the selling values, it is something
to be wondered at that the showing for the year was so favorable,
as to leave an undivided surplus equal to about an additional 2^2/0
on the common stock.
That this result has not been reached through economies at the
expense of the property is seen in the fact that $34,785,191 was
expended for repairs and replacements, $21,845,413 being included in operating expenses and $12,939,778 charged against funds
provided for the purpose.
This total amount exceeds similar
expenditures for 1902 by $5,628,180.
It should be observed that the surplus for the year is arrived at
after providing for sinking funds, depreciation, etc., in the
amount $33,179,812. Further a charge of ?5, 378,838 was charged
There is every
off for depreciation in inventory valuations, etc.
indication that the accounts are prepared and stated in the most
exact and conservative manner, in fact, the books are examined
and passed upon by most eminent independent auditors.
The excess of current assets over current requirements, as seen
in the balance sheet, shows the company to possess almost unlimited working capital, and places it in a very strong position
financially.
An interesting notice is included in the annual
report to the employees, some 10,000 in number, who accepted
the company's offer in 1902 to subscribe for the preferred stock,
which is given below in full
The
offer to the emplo3-ees of this corporation and of the subcompanies to subscribe for the preferred stock of this corporation was renewed at the end of the ypar 1903 for the succeed-
sidiary
2l6
ing year, and resulted in subscription by 10,248 emploj-ees for
32,519 shares.
" In view of the decline in the
market of the
selling price of
committee of
this corporation
follows
its
opinion
suant to the said circular, but of course it recognizes that the decline in the market or selling price naturally may occasion anxiety
Accordingl3in the minds of the subscribers under the circular.
it deems it proper now to dispel apprehension of loss by the fol-
Stock.
"
302,500,
May,
1904.
217
On common
New
Jersey,
September
15, 1903:
Assets.
Cash
Accounts receivable
S) .913,556
3,918,b35
Bills receivable
4,513,97.5
Merchandise inventory
Undivided earnings sub companies
Investments
Steamer, steam tuas, barges and lighters
Plants, pyrites and phosphate mines and lands
Brands, trade marks, good will, etc
Unearned insurance
Total
5,637,456
3,383,475
S7,689,879
20,250
11,099,468
3,348,900
75,034
S(51
,600.827
Liabilities.
Capital stock
Preferred
S12,000,0<>0
Common
CoUatnral trust loan
Bills payable
Accounts payable
Due
subsidiarj'
companies
27,984.400
7,000,000
4,794,860
296,462
4,587,254
200,000
72,1)17
4,665.534
S61 ,600,827
2l8
Income and
15,
1903
profit
and
loss
Gross profits
Repairs and depreciation charged
Net
$3,231,377
635,060
off
profits
$3,596,317
209,401
Net income
2,386 916
Dividends
Preferred, 8^
4%
960.000
Common,
Total
.399,320
$2,359,220
1902
4.6.37,838
1903
34,665,5.34
15,
S27.696
The capacity of the plants during the past few years is said to
have been increased some 33%", and with a view to utilizing the
property to
its fullest
tonnage was striven for during the year 1902-03, rather than
profits.
It was unfortunate that higher proportionate prices for
raw material prevailed presumably in the cost of cotton seed
but nearly 30% increase in tonnage is reported. The gross profits
show a reduction of over 2^%. However, full dividend was paid
on the preferred stock, the usual 4% on the common, after which
$27,696 was left to carry to undivided profits.
Stock.
Common Authorized,
984,400.
The shareholders
will
vote on
May
18, 1904,
on authorizing
On common,
1896,
December \%
J.),
to April, 1904.
4%
219
In September, 1903, the common dividends were suspended to
provide for additional working capital.
Annual meeting. First Wednesday after June 15.
Corporate office, Jersey City; executive, office, Richmond, Va.
Directors.
Samuel T. Morgan, E. B. Addison, S. W. Travers,
S. Dabney Crenshaw, A. R. -Ellerson, \V. B. Chisholm, L,. A.
Cat*r, Henry Walters, J. William Middendorf, Samuel Spencer,
James B. Duke, Fortesque Whittle and F. B. Dancy.
St.
Louis
&
Pacific,
which was
from
Detroit and Toledo to Chicago, St. Louis, Kansas City, Des Moines
Company
which point
to carry about
30, 1903
Assets.
$1^3,882.500
1.244.803
987.035
1..553.020
1,375,980
53,239
1,152,588
583,030
Sl.50,832,203
220
Liabilities.
Common
stock
Preferred ssock
S28.000,00(>
24,000,000
91,949,000
883,389
2,738,406
466,607
886,337
5,18S
23,287
Bonds
Interest
5^,030
105,000
369,237
311 960
40,872
969,994
B"
and
Profit
loss
Total
$150,832,203
Income and
1903
profit
and
loss
at
Jnne
30,
Earnings:
Passenger
Freight
$6,135,501
13.327.479
1,677, S51
Gross earnings
$21,140,831
Expenses
Maintenance of way, etc
Maintenance of equipment
:
$3,700,962
3,114,664
8,511,278
488,759
Transportation
General
Total expenses
15,815,663
Net earnings
Investments, rentals, etc
$5,325,167
531,428
Total income
$5,856,595
Deduct
Tares
Track and bridge rentals
Additions and miscellaneous
Interest on bonds
$664,703
898,518
852,711
3.034,513
Total
$5,450,445
Net income
Dividend on preferred debenture "A"
$406,150
210,000
$196,150
773,844
Profit
and
Profit
and
loss balance,
loss,
June
30,
forward
$969,994
1903
Statistics of operations
from
1899- 1900
in gross earnings of
"
221
lo.g^, and in net earnings of 2.3%". Expenses, however, showing
percentage to earnings of 72.67, 72.64 and 72.68 for the three preceding years, were 74. 81%" for the year ended June 30, 1903. Transportation expenses increased slightly less proportionately to the
increased business, and the net increase is found to result from
heavy charges for maintenance of way and maintenance of equipment. Had the track and equipment been in a badly run-down
condition transportation expenses would have a tendency to increase; it would therefore appear that repair service charged out
was somewhat in the nature of improvements, which, in, view of
prospective increase in traflfic, is a very conservative policy.
Better rates for both passenger and freight business was obtained during the year and the revenue train load increased from
269 tons in 1899-1900 to 302 tons in 1902-1903.
Stock.
"A" and
pulsory.
Dividends.
None
paid.
Interest on debentures.
On
1896,
(J
1%
" B.
series
"A": 1S90
6%
& J).
222
General balance sheet, June
30, 1903:
Assets.
Telegraph
8,504,000
11,459,416
4,765 131
498,011
2,156,265
2,678.015
S142,134,744
Liabilities.
Capital stock
Funded debt
Gold and Stock Telegraph Company tur stocks of other companies
held through lease of that company until 1981
.-.
Total
$97,370,000
24,504,000
1,946, .592
3,698,344
1,598,184
13,019,724
$1-12,134,744
for year
ended and
at
$29,167,687
20,953,215
Net revenue
Interest on bonds
$8,214,472
1,077,700
$7,136,772
4.868,050
$2,268,722
10,751,003
Profits
Surplus June
-.
30,
1903
$13,019,725
223
The revenues for the year increased $1,094,591.70, at a net increase in expenses of only $172,448.86. After all payments and
dividends, $2,268,721.73 was added to surplus account.
This
amounts to over 2% additional on the stock above the 5^0 paid.
In
to $100,000,000,
Bonded debt
at July
i,
1903
Funding and
1S90,
5U%;
.since
1891, s.V;
&
The Wheeling
&
224
pany, which
is
1901.
published)
Assets.
$49,671,0-10
2-ii ,367
"ICrJ.Sai
1
,969,297
685,476
375,994
866 000
859,418
108,488
8,697
331.846
1,894
7,726
Miscellaneous
Total
S54,920,166
Liabilities.
Common
stocii
$20,000,000
4 986,900
11,993.500
13,867,000
266,000
1,969,297
450,524
560.694
100,310
28,780
184,796
67,113
19,624
425,627
Equipment
Bills
trust obligations
payable
and
loss
Total
$54,920,166
Income and
30, 1902
Earnings
profit
and
at
June
Freight
Passenger
Mail and express
Other sources
Gross earnings
Operating expenses
Conducting transportation
Maintenance of equipment
Maintenance of way and structures
General expenses
Total expenses
-Net earnings
S'2,927,874
446,304
61,290
101,555
$3,537,023
1,432,708
533,520
522,973
104,602
$2,593,803
$943,220
225
Net earnings
Deduct
Interest on bonds
Taxes
Rentals and miscellaneous
$943,220
$572,296
129.562
169,238
Total
8871 .096
and
loss
June
1,
30,
S72,Vii
353,503
1901
1902
3425,627
The above report for 1901-02 is the last issued in annual form,
but from periodical reports of earnings, it is found that the gross
earnings for the year 1902-03 was $4,234,771, and net earnings
$1,001,710, also that the net earnings for the nine months to
March 31, 1903, was 19% in excess of the same period in 1902.
During the year above bituminous coal furnished 65%" of the
freight carried.
in the
about 10%.
ments having
in
ted by the average revenue train load, which in 1900 was 355 tons
in 1901, 388 tons, and in 1902, 430 tons.
Stock. Common Authorized, $20,000,000 issued, 20,000,000.
Authorized, $5,000,000 issued, $4,986,900.
1st preferred
are
4",(
issued, $11,993,500.,
non -cumulative
in
the order of
their preference.
Dividends,
None paid.
First Wednesday in May.
Annual meeting.
Main
office,
Directors.
Winslow
S.
George
J.
C.
M.
Spitzer.
226
from Chicago
and St. Paul, with branches
and spurs reaching the Lake Michigan and Lake Superior iron
line operated, in total 1,043 miles, extends
The
and
to Ashland, Wis.,
to Minneapolis
mines.
The stock has been held in a voting trust under an arrangement for five years, expiring July i, 1904.
General balance sheet, June
30, 1903
Assets.
S4<J,18r.8fil
4,112.736
126,827
2,5S5,020
2 '*^?'*
78.038
81.987
29.070
721,018
428.570
31,318
194,007
1,S76.912
592,057
Casb
Trust equipment and miscellaneous
'
Total
859,005,466
L-iabilities.
$12,500,000
17,500.000
Preferred siock
Common stock
Bonds
Vouchers and pay rolls
Interest on funded debt, accrued
Equipment renewal account
Sinking fund trustees
Accounts payable and miscellaneous
Profit
and
loss
27.320,.'500
503.849
551,614
160,646
29,029
322.205
717,622
s59,605,466
Total
loss
Freight
Passenger
Mail, express and miscellaneous
35,024,477
Gross earnings
$6,651,862
Income and
30. 1903
Earnings
profit
and
'
1,359,.570
267,815
227
Gross earnings
S6,651,86a
Expenses
Maintenance of way and structures
Maintenance of equipment
Conducting transportation
S?63,057
721.615
2.459.098
2b2. 183
'
General expenses
Total expenses
4.205.993
Net earnings
Other income
$-'145,869
$2,4*4,299
38,430
Deduct:
Taxes accrued
Interest on bonds
$2.34,291
1,132,390
392^434
1,111
Rentals accrued
Miscellaneous
Total
$1,760,226
$724,073
632,049
$1,356,122
Deduct:
Appropriated by board for
Improvements
Xew equipment
& S. E. Div. bonds sinking fund
Reserve to retire series "A" equipment trust bonds, maturing
$424,638
138.459
10,543
July 1, 1903
Appropriated for purchase of series "J," equipment trust
bonds
60,000
M.
Total
ing facts
4.S60
$638,500
loss,
June
Whitcomb
$717,622
30, 1903
Tons.
Products of agriculture
Products of animals
Products of mines
Products of forest
Manufactures
Other commodities
.\n increase in all
And
is
6,179
U.179
81,918
9,423
76.104
tonnage of
planted.
Decrease.
Tons.
161,307
311,394 tons.
company's
lines
228
Increase in gross earnings over the preceeding year was 10.10%';
increase in expenses, 8.31%; increase in net earnings, 13. SS^.
The per cent, of expenses to earnings was 63.23, against 64.28,
65.11, 63.52, for the three respective preceeding 3'ears.
Stock. Common
Authorized, $17,500,000;
issued, 116,147,876.
Funded
W.
W.
&
&M
&
Dividends.
$23,748,000
6.58,500
776,000
604.000
500.000
439,000
595,000
$27,000,000
None paid.
William F.
Vilas.
Henry
F.
C. Col-
W. Sheldon, Joseph S.
Whitcomb, Howard Morris, and
Street.
229
20
"
Abating
Abbess
30
40
"
"
Abbot
Abhor
50
"
10 shares
60
'
70
'>
80
90
100
150
..Abide
Ability
Able
"
Abode
"
Abolish
"
"
Abound
"
Abrade
400
"
500
"
Abridge
Abridgment
Abroad
Abrogate
"
Abrogation
200
300
1,000
"
SELL STOCK.
Acceding
Accent
Acclaim
Accord
Accost
Sell 10 shares
20
30
40
50
CO
70
80
90
100
150
200
"
"
"
"
"
"
"
"
"
"
"
300
"
400
"
500
1,000
Vccrue
Accurate
Accuse
Ace
..
.Access
Achieve
Acid
\cidify
'
Acidulate
Acidulous
"
Acme
BOUGHT STOCK.
Bought
10 shares
20
Abrupt
230
COMMODITIES.
Wheat
Ally
Com
Almoner
Oats
Pork
Aloft
Aloud
Alpha
Lard
Alpine
Ribs
Cotton
Buy
Sell
Buy
Sell
Amass
bushels
"
"
Buy
ggll
Buy
ggU
Buy
Ambition
"
Amble
barrels
"
pork
Amboy
tierces
"
lard
lbs.
ribs
Amherst
cotton
Amiable
Amidst
'
Buy
bales
"
Bought
'
"
Bought
'
Bought
Ambush
Amends
'
Ammou
Sold
Sold
Ambrosia
'
corn
Amnesty
Amorous
Amply
Amplify
wheat
bushels
"
Bought
gQlj
Bought
Amber
'
'
gold
com
oats
geli
Sell
Amatory
Amazon
'
'
Buy
Sell
Amative
wheat
'
oats
"
barrels
pork
'
'
tierces
lard
Sold
Bought
Sold
Bought
Sold
lbs.
'
bales
ribs
cotton
'
Amsdeu
Amuse
Anacosta
Anagram
Analect
Andes
Anecdote
Angel
Angola
Anger
2.^1
LIST OF SECURITIES.
Amal. Copper
Am. Car & Foundry
"
'
"
'
Ontario
Babe
Baboon
Badge
Pacific Mail
Cotton Oil
Sugar Refining
pref... .Badger
Atchison, T. &
"
"
S.
Baker
Balcony
pref
Baltimore & Ohio
Bald
Brook) jn Rapid Transit.. Ballad
Chesapeake & Ohio
Ballot
Cleveland, C. C.
&
St. L...
Bamboo
& St.
& Western
Babbler
Paul. ..Banner
.
"
Beauty
1st pref
2d pref
Republic Steel
"
"
pref
Beaver
Becalm
Rock Island
Bedding
Standard Rope & Twine.. .Bedew
Southern Pacific
Beech
'
Railway
Beef
Baptist
Tennessee Coal
Baronet
Barracks
Union Pacific
Barrow
U.
Manhattan
Metropolitan St. Ry
Mexican Central
National
Missouri, Kans. & Texas.
"
"
Missouri Pacific
National Lead
New Jersey Central
New York Central
Norfolk
& Western
Northern Pacific
pref
"
"
"
'
S.
pref
Iron
Beetle
&
Beeves
Behave
Behavior
Beget
Behalf
Behest
Behind
Before
Behold
Beholden
pref....
Leather
Earshot
Barrel
.Barter
pref.. Base
Beautiful
Beautify
"
Erie
Louisville
Reading
Bannock
Banquet
Nashville
Beacon
B^ar
Pennsylvania Railroad
&
Bay
pref
"
"
Rubber
Steel
"
"
common
pref
Basin
Basket
Wabash
Bath
Western Union
Bells
Blather
Wisconsin Central
Wheeling & Lake Erie
Bestir
Battle
Bawl
Bawling
"
'
pref
"
Bellman
2d pref
Bestiring
232
NUMERALS.
1-16.. Cab
..Canopy
10
..Cartridge
15
..Centrally
J^.. Cabbage
514.. Canon
10}^.. Cascade
15%.. Century
M.. Cabin
%.. Cabal
1^.. Caboose
^..Cackle
514 ..Canvas
5%.. Capable
10}4..Casmate
1514.. Chafe
15%.. Chafing
51^.. Caper
10>^.. Casing
15}4.. Chagrin
5 j^.. Capital
103^.. Castigate
1.5-%..
94,. Cackling
5?^.. Capsize
10^.. Castle
10%.. Castor
11
..Casual
llj^.. Casually
15%.. Chained
15%. .Chaining
IIJ4.. Catacomb
16^..Clialked
16%.. Challenge
16%.. Chamber
16%. .Champagne
16%. .Champion
16%.. Chance
..Chancing
17
17%.. Chandler
17^4- -Changeful
J^.
1
.Cactus
..Cadence
11^.. Cadet
IM- -Cajole
1?^.. Calabash
11^.. Caldron
1%.. Caleb
1%.. Caliber
1%.. Calico
2
..Caliph
5j^.. Capstan
..Capsular
Capsule
6J4- .Captain
6%.. Captivate
Ci^.. Captivity
6
61^..
6% Capor
.
6%.. Captured
6%.. Carat
7
Caravan
21^.. Calm
7}^.. Carbon
Calmly
2%.. Calmness
21^.. Calomel
2%.. Calumet
714.
214..
2^ Cambric
2%.. Cameo
.
.Carbonate
7%.. Carboy
714.. Carbuncle
7%.. Carcass
7%.. Carding
7%.. Cardinal
11%.. Catalogue
llj^.. Catcher
11%.. Catchup
11?4.. Catgut
11?^.. Cathartic
12 ..Cathedral
12}^.. Catholic
12^. -Catheter
12%.. Catnip
1214..
Caucus
12%. .Caustic
12;^
Caution
12%.. Cautious
13 ..Cavalry
.
31^..
Camped
..Careful
8}^.. Careless
.314..
Cam ping
8}^.. Caress
13!4.
.Carmine
8}^.. Carnal
8%.. Carnally
8>%.. Car nival
8%.. Carousal
Carouse
9
9}.^.. Carousing
13-%.. Cayenne
.Carpenter
9%.. Car pet
91^.. Carpeting
S5^.. Carriage
9^.. Carry
9%.. Car toon
1434.. Censure
..Camp
3%..Camphene
3V^.. Camphor
3|g.. Canary
4V^..Canebrake
4%.. Canine
Canker
^..Cannibal
454..
8^^.
91^4.
13V<.. Cavern
-Cavity
131/5..
Cedar
13%.. Celebrate
13M.. Celestial
13%.. Cement
14
..Cemented
14%.. Cementing
Censuring
Census
14%.. Center
14%.. Centipede
14-%..
14V^..
14%.. Centralize
16
Chain
Chairman
16!^.. Chaise
17%.. Chanting
17%.. Chaos
17%.. Chapel
17%.. Chaplain
17%..Chaplet
18 ..Chapter
18%.. Character
ISM- -Charade
18%.. Charcoal
18%.. Charlotte
18%.. Charity
18%.. Chastise
18%.. Chastity
19
..Chat
19%..Cliatting
19 (^..Chatty
19%.. Chattel
19%.. Cheapen
19%. .Chr-apness
19?4.. Checkmate
19%.. Cheek
233
20
..Cheerful
234
4^14
Committee
235
65
..Cram
236
.Debauch
87% ..Debtor
93%.. Deformity
9314.. Defraud
..Debility
93%.. Defunct
..Decade
Degrade
93%.. Degree
Decamp
..Decant
.Decanter
..Decent
..Decently
..Declare
88M ..Decoct
9314..
93%.. Delayer
93%.. Delegate
94 ..Delegation
94%.. Delight
94J4.. Delighted
94%.. Delightful
98% Detest
98%. Develop
.
99
.Development
99%, .Device
.
99M. .Devil
99%, .Devilish
991^ .Devote
99%. .Devotion
99%, .Devour
99%, .Devoured
00
.Devoted
00%. .Dexter
00^. .Dexterity
00%, .Dexterous
,
Decoction
..Decorate
891^...Decorator
89^. Decorum
89%. Decorus
89^. Decreed
89%. .Decrepid
94^.. Dell
94%.. Delphic
94%.. Delta
94%.. Deluge
95 ..Delusion
95%.. Delusive
9514.. Delve
00%, .Dials
00%, .Dialogue
00%, .Diameter
89-M...Dedicate
95%.. Demand
01
89%...Deed
9514.. Democrat
.01%, .Dictate
OlM. .Dictation
01%, .Dictator
9014...Deepened
95%.. Demolish
95%.. Demon
95%.. Demur
90%...Deface
96
90
Deeded
901/^...Deepen
..Dentist
9094. .Defaulted
96%.. Dentistry
9614.. Denial
96%.. Departed
90 J^. .Defeat
96}^.. Depot
9014.
Defame
90%. .Default
91
.Deference
9IJ^. .Deferential
91^. .Defect
91%. .Defection
9114. .Defective
91%. .Defense
91M- .Defensive
91%. .Deficient
92
.Defile
92%. .Deflect
92^. .Deflected
92%. .Define
921^. .Defining
92%. .Definition
92-M. .Defy
92%. .Defiant
93
.Deform
9G%.. Deprive
96%.. Deputation
96%.. Deputy
Desert
97
97%.. Deserter
. .
9714. .Desertion
97%.. Design
97^.. Designer
97%.. Desk
97%.. Desolate
97%.. Despot
98 ..Despotism
98%.. Destiny
9314.. Destination
98%.. Destroy
981^. Detailed
98%.. Detective
001^.
Diadem
.Diamond
oiy^. .Dictatorial
01%. Dictionary
01%, Digest
01%. .Digestion
.
02
.Dignify
02%. .Dignified
0214. .Dikes
02%. .Dim
023^. .Dimly
02%. .Dimension
02%. .Diminished
02%, .Dimple
03
.Dingy
03^. .Dinner
031.4. .Diploma
03%, .Dipsas
.
0314. .Diptote
03%, .Direct
03%, .Direction
03%, .Director
04
.Directrix
04%, .Dire
0414. .Direful
.Dirempt
104%. .Direness
104%. .Dirge
104%. .Dirgelike
104%. .Dirk
105
.Disbody
105%. Disbowel
,
105^4. .Discipline
105%.
105%.
105%.
105%.
105%.
100
106%.
IO614.
106%.
IO614.
.Discord
.Discorded
Discourse
.Discover
.Disdain
Disfigure
.Disfiguring
Disgrace
.Disguise
.Disgust
.Disgusting
.
106%.
106%. .Dislike
106%. .Dislocate
107
.Dismal
107%. .Dismayed
107M- .Dismiss
107%. Disorder
107%. .Dispel
107%. .Display
107%; .Displayed
107%. Dispute
.
108
.Dissipate
108%. .Dissolved
108J4. .Disteuiper
108%. .Distend
108%. .Distill
108%. .Distillery
108%. .Distinct
108%. .Distinction
109
.Distinguish
109%. .Distress
10914.
109%.
109%,
109%.
109%,
109%,
Distressing
.Distribute
.Distribution
.District
.Disturb
.Ditch
..
237
..Divan
110
11014.
Division
Divorce
110%.. Divorcing
1101^.. Divulge
110?^.. Divulged
110%.. Divulging
llOJ^.. Doctor
111 ..Doctored
1101.4..
115% ..Dreadful
115% .Dream
115% .Dreamer
.Dreaming
116
116% .Dreampt
.
II614 .Dress
,
.Dressed
II6I4 .Dresser
.Dressing
,
121^ .Duck
121% .Duckling
121% .Duel
121% .Dueling
121% .Duelist
121% ..Dug
122 ..Dugout
.
111%.. Dogma
117J4. .Drifted
122%. .Dulcet
12214. .Ducify
122%. .Dumb
122%. .Dummy
122%. .Dump
122%. .Dumpish
122%. Dumpling
111%.. Dogmatic
111%.. Dolphin
in%. .Drifting
123
117%. .Drill
iir%. .Drilled
12:3%.
117M. .Drilling
123%. .Duplex:
123%. Durable
123%. .Duration
123%. .Dusk
123%. .DuSky
124
.Dutiful
llli^.-Doctoress
-Document
111?^.. Dodge
11114.. Dodging
111^4-
..Domain
112}^.. Domestic
II214.. Dominion
112
112%.. Domino
11214..
Donate
112%.. Donated
1125(4.. Donkey
11 2%..
113
Doom
116%, .Drew
116%. Dribble
.Dribbling
117
.
117%. .Drift
117%. .Drink
.Drinking
118
118%. .Drive
118^. .Driven
.Driving
.
118%. .Dromedary
..Donor
1131^.. Dough
11 314.. Doughty
113%.. Dowel
Dowager
113%.. Dower
lirii^..
113?:t..
Downed
113J4.. Downy
.Drop
116%. .Dropped
118%. .Dropping
.Dropsy
119
119%. Dropsical
119J,4. .Drove
.
119%. .Drown
114%.. Dragged
.Drowned
.Drowning
119-%. .Drudge
119%. .Drudgery
120
.Drug
11414..
Dragging
114%.. Drake
120%. Druggist
12014. .Druid
IH-M-.Dram
120%. Drum
120%. .Drunk
120%. Drunkard
120%. Dry
120%. Dryness
114
..Drab
114%.. Drafted
11414.. Drag
1]4J^.. Drama
115
..Dramatic
11.5%.. Drank
11514.. Dray
11 5%..
1151. 3..
Dread
Dreaded
Ilfli4.
1193.^.
121
Ducal
12!%. Duchess
140. .Eclipse
141.
142.
143.
'
Economy
Economist
.Eddy
144. .Eddying
145. .Eden
146.
147.
Edge
Edged
.Edging
148.
149. .Edict
.Dunce
Dungeon
.Dued
123J4.
124%. .Duty
laiM- .Dwarf
.Dwarfed
12-1%.
124%. .Dwell
124%. Dwelled
124-%.,.Dwelling
124%. Dynasty
125
.Eagle
126 ...Earnest
127 ...Earnestly
128 .,.Earth
129
...Earthly
.
.Easterly
1.30
131
...
Eastward
.Eat
132
1*3
..
134
...Eating
Eaten
.Edify
1.50.
151.
.Edifying
152. .Edit
153.
.Editing
154. .Editor
155. .Editress
156.
157.
158.
.Educate
.Educating
Education
.
159. .Effecting
160. .Effectual
161. .Effigy
162.
163.
164.
165.
Egg
.Eggshaped
.Eggshell
.Eject
166. .Ejection
167.
168.
.Elaborate
.Elapse
169.
.Elapsed
170.
.Elapsing
171. .Elastrc
172. .Elasticity
173. .Elate
174. .Elating
175. .Elation
176.
177.
.Elbow
.Elbowed
.Elder
Elderly
180. .Elect
181. .Electoral
178.
179
135
.Eaves
136
1.37
Ebony
Echo
1.S8
.Echoed
183. .Electrical
Echoing
184. .Electricity
139
182. .Electing
238
7,000.
.Enchant
.Endure
Energy
.Engage
S,000.000. .Erection
8,000.
.Engine
3,000.000.
9,000.
.Engrave
4.000.000.
185.. Elegant
450.
.Embellish
4.000.
18C.. Elegantly
500.
5.000.
187.. Elephant
600.
.Emblem
Embrace
19".. Emanate
.Embrocate
800. .Emerald
900. .Emerge
1,000. .Emerging
1,100. .Emetic
i.aoo. .Eminent
1.2,50. .Emissary
],300. .Emit
1,400. .Emotion
1,500. .Emotional
198.. Emanating
1,600.
188.. Elevate
189.. Elevation
190.. Elixir
Elocution
192.. Elope
193. .Eloping
]94..Elopmeut
191..
195.. Elude
196.. Eluding
199..
Embalm
2uO.. Embalming
2.50.
.Embargo
3U0.. Embark
350.
.Embarking
400..Embass}'
roo.
Emperor
.Emphasis
.Emphatic
1,900. .Empire
3,000. .Empress
2,500. .Emulate
3,000. .Enamel
1,700.
1,800.
6,000.
400,000.
600,000.
1,000.000.
Equinox
Equip
.Erect
.Ermine
20,000. .Enlist
.Eruption
Escort
6,000,000. .Esquire
7,000.000. .Essence
25,000. .Enlighten
8,000,000. .Establish
Enjoy
10,000.
15,000.
.Enlarge
30,000.
.Ensue
.Enter
50,000. .Enterprise
60,000. .Entertain
70,000. .Entrance
80.000. .Entreat
90,000. .Environs
100,000. .Epicure
40,000.
200,000.
300,000.
Epigram
Epsom
5,000.000.
9,000,000.
.Estimation
10,000,000.
Esteem
20,000,000.
Eternal
30.000,000. .Eternity
50,000.000.
60,000.000.
Evacuate
.Evade
.Eventful
.Exalt
90.000,000. .E.^cavate
100,000 000. Excel
70.000.000.
80.000,000.
39
REGARDING ORDERS.
Buy
Fact
market
at
Factory-
"
Stop loss at
Keep order good until cancelled
"
for day only
Cancel all orders
"
"
" in
"
"
"
"
Faculty
Fade
Fagot
Faith
Falcon
.'
Fame
Family
Famous
"
"
"
"
"
for buying
- selling
Fan
Fancy
'
in letter of
Farce
'
"
'
Farcial
telegram of
Refer to letter of
telegram of
Order too late for market, will keep for next day
'
"
"
will await further advices regarding
Mistake in your telegram
our
Please repeat
Farm
Farming
Fashion
it.
.Fawn
Feast
Feasting
Feathers
Fed
Reduce limit to
Advance ''
Feeble
Fellow
Buy in short
Your letter of
Fence
Ferns
Fervent
received
Sell long
Stock
Cotton
Impossible to execute at your limit
Festival
Fetch
Fiddle
Wire instructions
Fifer
Figs
Filbert
Gable
Gaff
(iainer
Wire opinion of
"
opening price of
closing
"
price of
Do you
'
advise
"
What do you
buymg
selling
advise
Gallery
Gallant
Gallop
Galvanic
Galvanize
Gamest
240
Gangway
JIarket steady
"
"
and
Gaping
Garden
Garland
dull
strong
"
and indications favor higher prices
Appears safe to buy
"
"
hold
'
Would buy on
Garlic
Garment
Garret
Garter
reaction
JMarlcet
"
Gate
Gather
weak
Gaudy
,....,
Gauntlet
Gay
Gem
Gentle
Ginger
REGARDING TELEGRAMS.
Wire
"
"
fully as possible
Hall
in cipher
" plain language
Ham
Hallway
Hamlet
Hamper
Will wire soon as practicable
Handsome
Please repeat
Should this be too late for to-day's markel, give attention tomorrow. Hanks
Expressing
dollars
dollars to your credit with
Deposited
dollars
Require
Unless you remit further margin at once, must close
holdings
dollars to our credit with
Deposit
per cent, margin
Require
Margin insufficient
Draw on me through
Have drawn on you for
Cannot act without margin
What is amount of
credit
Keenly
Keg
Kennel
all
or part of
Kersey
Kettle
Kidney
Kindle
King
Kingdom
first in
hand
Kinglike
Kingly
Kinsman
is
Kitchen
Koran
241
:i!
fc
:s:
<
5) t>
3o
1-5
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^J2
be
fat,
fa-)
^ s
^ S
1-5
1^
;z;
hi
tf
tf
.9
242
Following is a list of carefully selected bond investments. They include, in our opinion, the issues best suited to the private investor, all
being high class as to the securitj' offered and having an active market
upon the New York Stock Exchange. This enables the holder to at all
times determine the value of his investment and realize quickly upon
the same. Description of the properties securing these bonds may be
found elsewhere in this book. Persons who wish a more detailed description of any individual bond than is here shown can receive same by
request at any of our offices.
...
243
BOND.
Date.
turity
nations
''Coupon
Cx-Coup. but
may
be registered as to
^P^r?r:Yield
mate
per
Price
June
1
!
Cent.
19U4.
principgj.
Atch T
&
adjustment 4s
Ches
Chic
Cnic
Chic
RI&PRRCTos
inc 4s
Colo So 1st g 4s
Consol Tob g 4s
Erie 1st con genl 4s
Erie Penn Col Trust 4s
Paper 1st en Os
Kansas City So 3s
Lack Steel 1st con os
Mex Cent con g 4s
Int
Mex Cent
1st inc 3s
MK&T2d
84s
Mo
L&S
St
St
St
L & S F. K C F S &
L & So W 1st g 4s
L & So W con g 4s
ref 4s.
1911
1949
1943
S Steel.
C T 2d
.5s
4s.
1911
1939
1990
1929
1951
1941
1951
1951
1930
1989
1932
1950
1995
1952
1992
1950
2002
1913
1990
1911
1929
1951
1996
1951
1918
1950
1923
1950
1963
1939
1949
A & O
M & S
M & S
J & J
M& N
M & S
April 1
F & A
F & A
F & A
J & J
F & A
F & A
A & O
A & O
J & J
July 10
F & A
J & J
A & O
J & D
A & O
J & J
A & O
JI & N
J & D
A & O
M& N
J & D
J & J
A & O
M at N
J & J
J
&
500 etc,
1,000
1,000
1,000
1,000
1.000
1,000
1,000
1,000
50
1,000
1.000
1,000
1.000
1.000
1,000
1,000
500
Cx&R
'
Cx
"
"
Cx&R
95
1C4>4
79H
69
Cx
C
Cx
S3
Cx& R
60
8514
Cx
108
70
98
64}^
121^
sm
"
"
Cx&R
Cx
Cx &
Cx
"
1,000
1,000
1,000
1 ,000
1.000
1,000
1,000
1,000
"
Cx&R
"
"
"
Cx
"
"
Cx& R
Redeemable at 1021^.
i Redeemable at 105.
t Income.
Redeemable at 105 after 1907.
Redeemable at 1071^ and convertable into stock after 1906.
Redeemable at par after 1925.
tf Redeemable in 1913 at 110.
it Interest
payable
if
earned.
4T0O
90,'4
81!^i
II
Cx
*
i
90>^
93
65?i
70Ka
9S
500
1,000
1,000
change according
70!^
79%
Cx& R
500
4.55
14.10
4.80
5.60
4.59
4.40
5.13
5.30
4.26
7.90
5.85
5.30
4.57
5.10
*
74
91J^
93i^
82
Cx
1.000
1,000
5.05
8.07
4.80
4.65
5.:B8
1,000
500
4.68
5.05
SO
581^
73
Cx&R
"
4.52
4.14
4.-35
to market.
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