Moody Manual

MOODY'S ANALYS..
OFINVESTMENT
STEAM RAILROADS
JOHN MOODY
MOODY'S ANALYSES
OF INVESTMENTS
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COPYRIGHT, 1917, BY
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TABLE OF CONTENTS
NOTE: SEE ALPHABETIBAL INDEX (pages 27 to 92 inclusive) to find any particular subject, or the exact location of
the Record and Rating of all Stocks and Bonds listed in the volume.
PAGES
PREFACE . 17-18
KKV TO BOND RATINGS 19-21
KM TO STO< k RATINGS 21-23
DKI IMTIONS OF TERMS 24-26
ALPHABETICAL I\DK\ 27"-92
INTKOIH ( TION 93-117
LOCATION AND CHARACTER OF TONNAGE 93
MANAGEMENT OF THE RAILROAD 94

THE RESULT OF THE DECADE 94
RELATIVE VALUES IN THE RAILROAD 95
THE PHYSICAL FACTORS 96
AVERAGE MILES OPERATED 96
EQUIPMENT 97
PROPORTION OF FREIGHT TO ALL TRAFFIC 98
PASSENGER AND FREIGHT DENSITY 99
AVERAGE FREIGHT TRAIN-LOAD 99
TRAIN-MILE EARNINGS 100
PASSENGER AND FREIGHT RATES 100
KARNINGS AND THEIR DISTRIBUTION 101
THE GENERAL INCOME ACCOUNT 102
OPERATING REVENUES (OR GROSS EARNINGS) 102
THE MAINTENANCE ACCOUNTS 104
CONDUCTING TRANSPORTATION AND OTHER OPERATING EXPENSES 105
NKT OPERATING REVENUES (OR NET EARNINGS) : . 106
OTHER INCOME AND TOTAL NET INCOME 106
FIXED CHARGES AND MARGIN OF SAFETY 108
DISPOSAL OF SURPLUS 109

15
16 TABLE OF CONTENTS.
INTRODUCTION (Continued)
'
PAGES
THE BALANCE SHEET 110
ASSETS AND LIABILITIES 110
THE CAPITAL ASSETS Ill
THE CAPITAL LIABILITIES 112
CAPITALIZATION OF RENTALS 113
STOCKS AND BONDS OUTSTANDING PER MILE 113
NET CAPITALIZATION 115
NET INCOME ON NET CAPITAL 115
THE PRINCIPLE OF AVERAGES 115
THE BOND RECORDS AND RATINGS 116
SECTION I,
. RAILROAD SYSTEMS AND THEIR SUBSIDIARIES IN THE UNITED STATES 119-766
SECTION H,
MINOR RAILROAD COMPANIES IN THE UNITED STATES 767-1132
SUPPLEMENTARY,
RAILROAD SYSTEMS PREPARED Too LATE FOR CLASSIFICATION 1133-1190
SECTION III,
RAILROADS OF CANADA, MEXICO, CUBA AND SOUTH AMERICAN COUNTRIES 1191-1268
TEN- YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS. . .1269-1290

PREFACE
U \ /f OODY'S ANALYSES OF INVESTMENTS" was established as an annual publication in
y/l 1909, in response to the growing demand for an annual financial referencebook which
*- would cover a wider scope of usefulness than supplied by the old line "manuals." Mr.
Moody's former experience in the publication of a successful reference book of the latter type,
especially equipped him for this larger and more important undertaking. At the beginning, how-
ever, the establishment of a book comprising analyses of corporation activities was necessarily an
experiment, and therefore the first issues of the new publication were confined to the Steam Railroad
field alone, and only a part of this ground was covered. In recent years, however, the scope of the
"Analyses" has grown with every issue, until today the entire field of American investments is
covered by our publication. It is now issued annually in three parts or volumes, Part I covering
Steam Railroad issues of every type, whether located in the United States, Dominion of Canada,
Mexico, Central America or South America. The carefully developed plan of RATING SECUR-
ITIES according to their investment quality has been extended to cover the entire field, and in
the present volume it will be found that Ratings are given to all stock and bond issues of known
value.
Part II of the "Analyses" covering Public Utility and Industrial Securities, is now in prepara-
tion, and will be issued on or about June 1st. Part III, a new volume, covering Government and
Municipal Securities, is also in active preparation, and will be ready for delivery on or about
September 1st.
The growth in the use and popularity of "MOODY'S ANALYSES OF INVESTMENTS" dur-
ing the past few years has been little short of phenomenal. Although, when established in 1909, the
book was an immediate success and at once achieved great popularity, its circulation at that time
was very small an compared with what it is today. During the year 1916, the amount of money re-
ceived from sales and subscriptions for the publication was more than ten times as great as in 1909.
Today, the circulation of the book is undoubtedly larger than that of any other financial refer-
ence book published, notwithstanding the fact that some of the other publications have been estab-
lished for nearly half a century-
The pronounced success of "MOODY'S ANALYSES OF INVESTMENTS" is undoubtedly due,
in large measure, to the fact that the publication is issued entirely for the benefit of its users and
not for the purpose of promoting the selling programs of security dealers. This publication con-
sistently declines all advertising patronage. No amount of money can buy advertising space in its
pages consequently there is no danger that its subscribers might be misled by conspicuous featur-
;
ing of any particular securities. This is a factor of very great importance and continuously em-
phasizes the independence and unbiased character of the information and the investment ratings.
A further factor which has added greatly to the usefulness of the publication is the system of
supplying monthly supplements of earnings, in order that the user may be kept abreast of develop-
ments during the year. Both the volume covering Steam Railroad Securities and the volume cov-
ering Public Utility and Industrial Securities are supplemented in this way right throughout the
year without any additional cost to the subscriber.
In these days of rapid change and expansion in the investment field, it is becoming more and
more necessary for investors, bankers and all types of banking institutions to adopt adequate meth-
ods for keeping in touch with all developments relating to investment and financial matters.
Recognizing this situation, we established, at about the same time the first volume of "MOODY'S
ANALYSES OF INVESTMENTS" appeared, a supplementary Investors Service for the purpose
of giving investors special and exhaustive information and advice regarding all matters which
might be of importance or interest to them. This Investors Service has grown in scope and effici-
ency with the years, and at the present time has come to be an institution of the first* importance
in the American financial field. A large majority of the subscribers to "MOODY'S ANALYSES
OF INVESTMENTS" are also subscribers to "MOODY'S INVESTORS SERVICE," a combina-
tion subscription being arranged on an equitable basis. Full details regarding this supplementary
service will be gladly furnished on request.
17
18 PREFACE
An important improvement in this edition of the Steam Railroad "Analyses" is the inclusion
of the statements of the important railroad systems of South America. In the years to come,
larger and larger amounts of American capital will probably go into South American enterprises,
and full details regarding the business and corporate undertakings in the Republics to the South
are steadily becoming more essential.
It will be noted also, that in the presentation of the statements of Steam Railroads in the
United States, closer attention than ever has been given to necessary details, and substantial im-
provements have been made in all the security descriptions. Much new matter has been added,
nearly three hundred railroad company statements being inserted this year that have never been
included before. It can be asserted, without fear of contradiction, that this issue of our Steam
1
Railroad Section is more 'complete with full uniform information than any other financial refer-
ence book in existence. It is the only investor's reference book published which undertakes to
classify and RATE securities according to their investment position.
MOODY'S INVESTORS SERVICE.
NOTE: While the utmost care has been exercised in the compilation of figures, and all facts have been taken
at first hand from official sources, the absolute accuracy of statements cannot be guaranteed. More than six million
figures are embraced in the many tables in the volume, and it is very possible that an occasional error will have
passed unnoticed in the checking of the proofs. It is not likely, however, that any serious inaccuracies will be
found. The editor will appreciate having any such pointed out with a view of correcting in future editions.
KEY TO THE BOND RATINGS
EXPLANATION
As fully explained in the introductory chapters, the ratings given the different bond issues are
based jointly on the and the fyofthe different issues. The security is determined
through the methods of analysis followed uniformly throughout the book, and is based broadly on
the average earning results shown for ten-year periods. Each bond issue is entitled to a certain
m on net in< pendent on the position of the bond as a mortgage, on the character of prop-
erty on which the bond is secured, and on its general position in relation to other security obliga-
tion rnple, if a certain bond hns a prior claim ahead of all other bond issues, or other
security n important section of mileage, it is necessarily in a better position than the
At the same time, if it is simply a first mortgage on a section of line which is apparently
not of great value to the system, or does not make a profitable showing, then the fact of its being a
first mortgage may not heh ing materially.
Ois the larj/ will be found that many of the issues have practically a joint or
equal claim on income. Th. while their technical position may give them priority, yet in
the actual results they do not stand a much better chance than some other issues of a more junior
character. The figures shown in the bond records in relation to the average income available are,
of course, simply the approximate averages of the past decade, reduced to a one-year basis, and are
not the actual figur :iy one year. The idea ready explained, to show the position of
the issue in the results of th- decade, thereby enabling one to arrive at a very conservative judg-
ment of the strength and value iven security. See "The Principles of Averages," and "The
(1 Record^ and Ratings" (pages 115 and 116) in the Introduction, for a full discussion of this
subject.
Aaa.
Bonds which are given this rating are to be regarded as of the highest class, not only in the
matter of actual security of principal and certainty of interest or dividend payments, but of general
marketability. In vpe are almost ideally situated so far as these mat-
icerned, and practically all such issues are directly responsive in their prices to current
interest rates in the financial markets rather than to fluctuations in earning power. Such bonds
and stocks will :ian at other times, but such change in price will not be
due to any change or depreciation in their investment strength or true value. It will be due al-
most wholly to general investment conditions, which of course are at some times more favorable
than at oth> the highest grade government, railroad, public utility or other
bonds during the years 1011 to 1914 underwent substantial declines in prices. These declines were,
for sue 1
in no degree due to any depreciation in their actual security, but came about
wholly as a result of supply and demand in the general investment markets.

While the majority of bonds which are given the "Aaa" rating are either first mortgages or
I
protect rlying mortgages, yet there are some issues of more junior position which also
receive this rating. secure a rating so high as this, the physical property back of the issue
>
must be heavy; the amount of available income for a long period must have been at least several
times the intere rements and there must always be a substantial investment demand for the
issue at reasonably close market prices.
Aa.
This rating is given to those bond issues which, while unquestionably high grade, are not,
broadly speaking, so ideally situated as those which have the first rating. Sometimes the differ-
ence may be in the mart.-r of equity or security, and sometimes it may be simply a matter of sala-
slight difference in the rating is due to the fact that the "Aa" bond
bili' is not so
ther. That is to say, the length of its life or that of the company has been
he current earning results have not been maintained for a long enough period to abso-
lutely insure the permanency or the maintenance of the recent increases. As a whole, however,
looking at it from the; general investment standpoint, there is but slight difference between these
two classes of issues, and both are to be regarded as on a high investment plane.
19
20 MOODY 'S ANALYSES OF INVESTMENTS.
A.
Issues which have this rating are apt to be affected to some degree by changing earning power,
although they are to be regarded as high grade. Any bond which has been given an "A" rating is
to be regarded as being quite secure, with a permanent and substantial future. An "A" rating im-
plies that the price of the bond will be apt to respond to changes in the "margin of safety" shown
by the company much more directly than would the higher grade issues. Furthermore, an "A"
bond is not always a fully seasoned issue. Very often it is an issue which has risen in the past
from a lower investment plane, but has added to its strength because of steady improvement in
the earning power of the company. In a period of tight money an "A" bond would of course de-
cline in price just as the higher grade issues would, but in addition to this, specific influences, such
as rapid growth in surplus and financial strength of the company, would tend to force a more
rapid increase in price to the "A" bond than it would to the higher grade type. In other words, the
"A" bond is an issue which has arrived in the high-grade investment field, but is not altogether as
sure of its future as are the other issues in the same field.
Baa.
Bond issues that are given the "Baa" rating are generally good investments, but are not so sta-
ble in position as are the "A" bonds, and are more apt to be affected to a substantial degree by
changes in the actual earning power of the properties. In brief, they are not treated as in the class
of first-grade bonds, but are considered as the best of the second-grade issues. Many bonds of this
type will in the course of reasonable time reach a higher investment plane, especially if the results
of the company prove as satisfactory in the future as they have in the recent past. But, neverthe-
less, there is an element of uncertainty regarding the permanently strong position of such issues.
Ba.
The bonds rated "Ba" are those which must be considered as in a half-way position between
sound investments and speculations. Such bonds are often well secured so far as equity in property
is concerned, but there is still some uncertainty as to their ultimate position as related to earning
power. Further than this, they stand more directly in danger of declining in value with a falling
off in earnings, although, on the other hand, with rapid improvement in earnings they are apt to
materially advance in price. Many bonds which are not directly secured on the physical proper-
ties, but are secured by deposit of collateral or are simply promises to pay, are given this rating.
One must not assume that a "Ba" rating implies great danger it simply implies a larger percenta-
age of risk than is found in a more substantial well-seasoned investment.
B.
Bond issues which are given this rating are directly responsive in price to fluctuations in earn-
ings, and are regarded as in a speculative position. Many of them have investment elements
to be
back of them of considerable value, but in no case is the actual property worth much more than
their face value, and in many cases it is worth far less. The bonds of this type usually move on
the same principle as stocks of a somewhat speculative tinge, and should not generally be bought
for permanent investment unless there is some special factor either present or pending which is to
give them further strength.
Caa.
Bond
issues which receive the "Caa" rating do not in many cases stand on a sound investment
plane. Usually they are note issues of uncertain value or junior bonds which are not currently
protected by sufficient income to equal much over their interest requirements. Such bonds are in
danger of default, and must be classed as speculations.
Ca.
The bonds having a "Ca" rating are still weaker in position than those mentioned above and
usually are protected by but a small equity or by very moderate income resources. Such issues
often end by defaulting, although there have been many cases where a bond of this type has in
time reached a sound investment position. "Ca" bonds should be treated always as speculative
securities, and if held should be regarded as dependent for their ultimate payment on growth in
possible earning power which has not yet materialized.
KEY TO BOND RATINGS. 21
C.
The "C" rating is for bonds which, regardless of what may be said for them, are clearly in an
uncertain position and on a very speculative plane. Either such bonds have already defaulted,
been scaled down, or no definite knowledge of their value is available. Some note issues which
have no securit., or are protected only by more or less doubtful collateral, are given
this rating. In some cases where the companies have failed to give satisfactory in-
in this book,
formation regarding their assets and earning power this rating has been given certain of their bond
It might turn out, were th< vailable, that this rating would be too low, but it is a
safe principle to avoid the purchase of any securities of this class, either for investment or specu-
:i, when the facts are not available on which a reasonable judgment might be based.
Daa.
"l)aa" and in practically all cases of a purely speculative nature.
re of doubtful value
There are not a very great number of bonds rated in this book which receive so low a rating as
"Daa," but there are a h a bond has already defaulted or stands in great danger
;' ;
of being scaled down to a nominal position as a result of foreclosure or reorganization. Some of

Is at times have a wide and active market, but their position in the financial field
irely a speculative one. l'nl-.- om in/ a pure speculation, it is always wise to leave
bonds of this type severely alone.
Da.
Th*-"l> sues than those mentioned above. Bonds with this
rating are T illative standpoint.
I). K, and F.
The "D.
K. u "
rating has been given to a few defaulted issues which are either rapidly
i I
ting into worthleMness or appear to have an entirely future. defaulted bond i A

with a "D" rating, if it lives in the future at all, i-; likely to be exchanged for a speculative stock
h might or might not have some value.
ki;V TO THE STOCK RATINGS

EXPLANATION
Aaa.
The stocks which have been accorded this rating are regarded as in the highest class, not only
as r <iuity in assets, and claim on surplus income, but al to surety of income. Thus,
some of the guaranteed ues of the large railroad (and there are many such) are ac-
ied this ratinK, or the n- it. .Many mature preferred stock issues are also in this high
investment class, as are some common stocks which have long and favorable dividend records back
( f them.
Aa.
The stocks given this rating are also very high grade, but either because of a less extensive
-
equity, shoi lend record, or less attractive claim on assets, are slightly inferidr to those
n the best rating. All issues of this class, however, are on a high and assured investment
jila i in the case of the first rating, when stocks are given an "Aa" rating, it is based relative-
ly i' marketability than a bond rating would be. There are but few stocks, unless they are
guaranteed issues, or t ockfl of limited amount, that receive the "Aaa" rating. A large
number of seasoned preferred issues, and some common stocks, however, are clearly entitled to the
-Aa" rating.
22 MOODY'S ANALYSES OF INVESTMENTS.
A.
These are good dividend-paying stock issues, either with excellent dividend records back of
them, or rapidly growing equities, which have assured their future position* While inferior in-
vestments, as compared with the two higher classes, they are removed from the uncertain specula-
tive plane of many issues, and to be regarded as selling on an investment basis. This rating is
given, for example, to certain preferred stock issues, which have begun full dividend payments
within the past few years only, but which seem assured of permanency in this regard in the future.
It is also given to many of the standard dividend-paying common stock issues, which, while assured
dividend-payers, may not have fully demonstrated their ability to retain a given dividend disburse-
ment through good times and bad.
Baa.
In stocks the "Baa" rating is given to those issues which have a favorable dividend record and
on which there seems to be little present doubt of a maintenance of current dividend rates. Such
stocks are, however, necessarily on a more uncertain investment plane than the stock issues which
receive the "A" rating.
Ba.
The stocks which are given the "Ba" rating are usually unseasoned issues, sometimes preferred
and sometimes common, which are paying dividends, but regarding which there is no certainty of
permanent maintenance of such dividends. In some cases a "Ba" stock may have been paying a mod-
erate dividend for some years, but it will quite often be found that either too large a proportion of
the surplus of the company has been consumed in the payment of these dividends, or prior obliga-
tions, such as increases in bond issues, have tended to expand out of proportion to the increases in
the available surplus.
B.
Stocks given this rating have a strong speculative tinge. While some of them may be paying
dividends, it is usually the case that the rate being disbursed is more than the results conservative-
ly justify, or factors may be present which make the maintenance of the rate extremely doubtful.
Many of these issues have, however, excellent prospects for future increase in strength. Stock is-
sues having the "B" rating are generally receiving some dividend, but the certainty of this dividend
is usually very speculative. It may often prove wise to purchase a "B" stock, but the purchaser
should recognize that he has more of a speculation than an investment.
Caa.
Stocks with the "Caa" rating have very good prospective value and are not speculations in
the same sense that many bond issues are which have this rating. A stock with a "Caa" rating
usually sells at a heavy depreciation, and either pays no dividends or has only recently begun pay-
ments of dividends. Bought for possible appreciation such a stock may in time turn out to be a
satisfactory investment, but the purchaser should always realize that he is taking a considerable
chance in buying issues of this class.
Ca.
Stocks having a "Ca" rating are usually non-dividend payers, but issues on which a reasonable
percentage is being shown in earnings. Generally, if a stock is given this rating it is approaching
the time when it may begin moderate dividend payments.
C.
The stock issues which are given the "C" ratings are the large number of common stocks which
are in the generally speculative class. They usually sell for much less than their face value, and
while the records indicate that many such stocks may be headed for a better position, yet they
have not yet reached a .point where they are entitled to any rating beyond that of speculations.
KEY TO STOCK RATINGS. 23
Daa, Da, and D.

Stocks having these ratings are also on a purely speculative plane. Sometimes from this spec-
ulative standpoint such stocks might prove bargains to buy, as they usually sell at low prices. But
purchas. uch securities are, of course, speculating on the future and run a substantial risk of
ultimately either getting no profit or losing a considerable amount of their money.
E or F.
attempt has been made to show differences between such issues as are not entitled even
to a A few such have been marked either "E" or "F," which, of course, implies practical
"D" rating.
worthlessness. For example, such common stocks as those which sell for only a few dollars a share,
and which could not increase in value even with a great growth in earnings of the company because
of the prior claims ahead. They are given an "ET or even lower rating.
NOTE.
In rating the stocks, the question of "equity" is an important one, and the changing equities
during the decade of the different railroad stocks have been steadily borne in mind in determining
the different ratings. As in the bond ratings, the purpose has been to show the position of the
different stock issues in the results of the decade, thereby maintaining a tendency to lean to con-
servatism in the rat r-n, rather than the reverse. See "The Principle of Averages" (page
1 1">) further dirsussion of this sul>
f<>r
;
-
It must not be forgotten that arbitrary judgment is used to a large degree in making all these
ratings. T: of safety, etc., serve as a general guide, but the

rating ;- in many cases, affected by other considerations not shown in figures, such as char-
management and of ti neral position of the railroad system, policy of the company
in mail: and other expenses, and in other ways. The ratings are, therefore, to be looked
upon r than as definite or final opinions.
In order to make the best possible use of the book, every subscriber should read with care the
entire Introduction, which will be found on pages 93 to 117. In this Introduction, the entire sub-
jects o! .lion, management, accounting, and financing are fully discussed and ex-
plained, and the principles on which the classification and rating of the stock and bond issues are
based are made
The proper principles for studying railroad security values, however, cover a very broad field,
and ho wish to go into this subject more extensively than is done in our Introduction, we
have publisr 'ext-book, entitled "How to Analyze Railroad Reports." This is a handy
little volume of about 230 pages, bound in flexible leather, and sells for $2 per copy. It has been
adopted as the standard text-book on the subject by many universities and colleges, while railroad
officials are making practical use of it in many ways.
DEFINITIONS OF TERMS
NOTE: While most of the terms employed in the Analyses of the different railroad systems are self-explana-
tory, a full explanation is presented below of the meaning of them all. The user of the book is referred to the
general Introduction for a detailed elaboration of the entire subject.
Average Miles Operated. This indicates the average length of track operated by the railroad in a given year,
and does not include the trackage of controlled or leased lines, except where the latter are directly operated. In
many cases such lines are directly operated and, therefore, included in the figures given. Where a system owns
other important controlled lines, which are separately operated, as, for instance, in the case of the New York Cen-
tral and Michigan Central, a complete analysis is furnished of the separately operated lines. See "Average Miles
Operated" in Introduction.
Extra Main Track. This item includes second, third, and fourth tracks which the railroad may own and oper-
ate, but, as in the case of the average mileage, extra main track belonging to separately operated, leased and con-
trolled lines is not included. The switches and sidings are also not included in extra main track. A separate state-
ment is given of switches, sidings, etc., for nearly all the systems for the closing year of the decade.
Equipment Owned. This includes all locomotives, passenger and freight cars, and other equipment of like nature
owned by the company or embraced in equipment trusts. In many instances, large amounts of equipment are held
under equipment trusts, and where possible this fact has been indicated in the analysis. See "Equipment," in
Introduction, for discussion of the subject.
Passenger Density. This is a term indicating the number of passengers carried one mile per mile of road.
These figures are not usually given in the railroad reports, but the number of passengers carried one mile is usu-
ally stated, and the passenger density can be ascertained by dividing the figures showing passengers carried one
mile by the average mileage operated for the year. The density figures are of great value as showing the volume
of business done. See Introduction on "Passenger and Freight Density," for full discussion of the subject.
Freight Density. This indicates the number of tons of freight carried one mile per mile of road, and can be
worked out from the annual reports of the railroads, in the same manner as can the passenger density; that is, the
number of tons carried one mile, which is stated in the report, should be divided by the average miles operated. It
is important that thorough knowledge should be had by the user of the book as to the significance of the
freight
density, and Introduction on "Passenger and Freight Density" should be carefully read.
Average Freight Train Load. This indicates the number of tons of revenue freight carried on each train per
train mile. Some
railroad reports furnish these figures, but many do not. The can be ascertained by dividing the
number of tons carried one mile by the revenue freight train mileage. The latter figure, showing the number of
miles run within the year by revenue freight trains, is given in practically all reports. As will be seen by examin-
ing the Analyses, the freight train load varies greatly on roads of different type and characteristics. See Intro-
duction on "Average Freight Train Load" for complete explanation of the variation of the train load.
Train Mile Earnings. These figures indicate, in dollars and cents, the amount of money earned on the average
per mile by each train operated for both passengers and freight. The figures can be worked out in the annual
reports by dividing the total gross business reported by the numebr of miles run by all trains, both passenger and
freight. If desired, the same figures can be ascertained in relation to passenger business alone, or freight business
alone, and also in relation to operating expenses and net operating earnings. See Introduction on "Train Mile
Earnings," for full discussion of this important subject.
Average Passenger and Freight Rates. These figures show the average rate received per passenger per mile and
per ton per mile during the year by the railroad. Many reports state these rates, but where they do not they can in
all cases be ascertained by
dividing, in the case of passenger business, the passenger gross earnings by the passen-
gers carried one mile, and in the case of freight, the freight gross earnings by the tons carried one mile. The sub-
ject of "Passenger and Freight Rates" is fully discussed in the Introduction.
Gross Revenues. This item includes all operating revenues, and also now includes income from "non-operating"
sources, but not income from outside investments or other sources. Under the present accounting requirements of
the Interstate Commerce Commission, the gross earnings of the railroads are now reported as gross operating
revenue, and include only receipts from sources derived from operation of the property. In the Analyses in this
book, the requirements of the commission have been closely followed since 1908. The Gross Revenues are presented
in Table B on a mileage basis, and also in full in the
comparative income accounts. See "The Gross Revenues," in
Introduction.
2-1
'S ANALYSES OF INVESTMENTS. 25
Maintenance of Way. Indicates the amount spent by the railroad during the year for maintaining its tracks
and buildings. These figures are presented in Table B on the mileage basis, and also in the full income accounts.
See Introduction on "The Maintenance Accounts." It is important that this discussion be carefully read, as the
maintenance figures are among the most important in the entire railroad report.
^ -T-
Maintenance of Equipment. This item shows what amount the railroad is spending during the year for main-
taining its engines and cars. These figures are presented in Table B on the mileage basis, and also in the full
e accounts. See Introduction on "The Maintenance Accounts."
All Other Operating Expenses This item includes all traffic, transportation, and general expenses which relate
to the operation of the railroad. It does not include taxes or other special charges. See Introduction on "Trans-
portation and Other Operating Expenses."
nues. These figures represent the operating profit shown by the railroad through the operating of
and do not include any items from outside sources. See Introduction on "The Net Revenues," for a full
mation of this subject. It is especially recommended that the Introduction be read as a preliminary to exam-
ining the Analyses themselves.
Total Net Income. This is the sum

of the operating income and the receipts from investments and all other
't from operation. such special sources of income are dividends and interest on bonds and
Among
.-.a owned, in many cases rentals of tracks and terminals, profit from rental of equipment, etc., as well as other
Haneous items. See Introduction on "Other Income and Total Net Income."
Balance for Chance*. This is the amount of available income left over after deducting all taxes, and also any
Haneous items properly chargeable in operating expenses.
Fixed ("harces. The fixed charges include all interest on bends, or rentals, whether in the shape of guarantees
on bond issues or stock r otherwise;
special cha' as interest or principal of equipment trusts and
:\
other items which must be paid. See Introduction on "Fixed Charges and the Margin of Safety."
'i-ty. This is a percentage figure indicating the proportion of the surplus remaining over after
payment has been made of all fixed eh,T example, if the "balance for charges" in a given year is $5,000
per mile, and fixed charges consume $2,000 per mile (or he "margin of safety" is $3,000 per mile, or 60%.
It is an important item and should be closely watched. See Introduction on "Margin of Safety" for a full explana-
tion of this subject. The Margin of such an important key to the condition of the property that it is
especially urged that the chapter on this subject be carefully read.
Surplus OMT ( h.irgrt. This is the amount of money left over after payment of the fixed charges and is the
sum total of the proportion of net income in hand, as reflected by the margin of safety. This surplus is not neces-
sarily the amount available for <!
Dividend.As shown in the indicates the amount paid out in dividends during each year, per mile
t.-;
ad.Actual dividend payments are shown in the full income statement. It is supposed to include all dividend
payments made before carrying any remaining balance into the profit and loss account. See Introduction on "Dis-
posal of Surplus" for elaboration of this subject.
> nt. of \\hole.--This term, in Table C, indicates the amount of capital stock, both
(lutMandinK and IVr ( .
common and preferred, per mile, which is outstanding, and also the percentage it bears to the aggregate amount of
stocks and bonds, disregarding such items as rentals, etc.
-
;m<l I'.r i .nt ..f u h,,v This is the same figure relating to the bond issues of the company,
and the percentage proportion of the whole capital which is represented. See Introduction on "Stocks
and Bonds Outstanding per M
Rentals Capitalized at lumn includes all guarantees and fixed obligations in connection with leased
which the ci' Me for. the same being capitalized on a basis of 6% per annum. The capitali-
zation figure is an ar but is employed to harmonize the capitalization figures with the income results,
,
as already explained in preceding chapters. See Introduction on "The Capitalization of Rentals." This is a very
important chapter.
Total i.rovi C'apital. '! '
is the sum total of the stock and bonds outstanding, and the capitalized rentals as
Oned hy ( Sheet. This represents the securities or investments which the railroad owns
ompany a* per Balance
and carries balance sheet, the figures given being based on the valuations as shown by the company itself in
in its
its own balance sheets. Read Introduction entitled "The Capital Assets," for full explanation.
<
apilali/aiion. This the mileage figure showing the net value of the property, including the capitaliza-
is
ntals and after the deduction from the total of the investments owned by the property. It is an approxi-
mate figure* _ true capitalization. This subject is discussed in detail under the head of "Net Capitaliza-
26 DEFINITIONS OF TERMS.
Net Income on Net Capital. This is a percentage figure showing the relationship between the total net income of
the road before deducting taxes and fixed charges and the net capital, as before shown. It is a valuable figure and
should be closely scrutinized, as already explained. Chapter on "Net Income on Net Capital" discusses this impor-
tant factor in detail.
Dividend Records. In Table C, the rates and amounts of dividends paid per mile for each year are uniformly
furnished, and a special margin of safety is worked out to show the proportion of surplus left over each year
after the payment of the dividend. For example, if the surplus available for dividends (per mile) is $3,000 (as
shown in Table B), and the dividend paid amounts to $2,000 per mile, this means that 66 2/3% has been consumed
for dividends, and the balance ($1,000) 33 1/3%, is the "margin of safety" for the particular stock issue in ques-
tion. If there are two classes of stock, the margin of safety for the common stock is of course based on the sur-
plus shown after deducting preferred dividends.
Bond Record and Ratings. Where a railroad company has but one or two bond issues outstanding, it is com-
paratively simple to classify and rate the issues. The margin of safety of the company as a whole fully reflects the
position of the issue in cases of this kind. But where there are a large number of liens outstanding, some secured
by direct first mortgage on the main lines, others by second or third mortgages, still others by a first lien on branches,
or by a partial lien on branches and on main line, and futrher issues secured by joint mortgage or protected by
guarantees, etc., it will be seen that the problem of correctly classifying and rating the bonds at once becomes far
more complex.
The principle which has been followed in this volume in the matter of rating the bonds is briefly this: The
issues which, as viewed from the practical standpoints of earning power, have the first claim on income are given
the preference and rated highest; those of a more junior grade are classified and grouped, and in many cases give
a joint position, as they have, in practice, a joint claim on income. Junior liens, debentures, etc., of course, are nat-
urally rated lower than the underlying issues.
For a complete discussion of this matter, the user of the book is referred to pages 115 and 116, in the Intro-
duction, under the headings "The Principle of Averages" and "The Bond Records and Ratings."
Stock Record and Ratings. The same principle is followed in classifying and rating the various stock issues as
is done in the case of the bond obligations.
It must be remembered, however, that stock issues, as a class, do not stand in as strong an investment position
as bonds, even when they have a heavy margin of safety to protect them. The fluctuations in income available
for dividends are naturally wider in this field than the fluctuations in surplus available for charges. And the char-
acter of the stock itself also in many cases tends to qualify a rating. A
guaranteed stock is often fully as strong
and in some cases stronger than a bond, and practically, its claim on income may have preference over the claim on
certain bonds of the guaranteeing company. Due regard to such facts as this have been given in according the
ratings to the stock issues. Preferred stocks also, as a class, have a better investment position than common stocks,
although this does not always hold true.
Thus, the determination of a proper rating for the stock issues does not always depend as much on actual stat-
istical exhibits as is the case with practically all bonds.
ALPHABETICAL INDEX
EXPLANATION. This alphabetically arranged general index covers every title in the volume.
All the Stock and Bond issues, as well as subject titles, are indexed in alphabetical order, regard-
of their location in the volume, etc. It is therefore not necessary to know the title of any
particular controlling road to find the description or rating of the underlying or controlled bond
or stock issues. The plan is followed, as closely as possible, of arranging the titles in proper alpha-
betical order, disregarding "&" where the latter is part of the title.
For Key to Hond Ratings see Page 19.

For Key to Stock Ratings see Page 21.
For Definitions of all Technical Terms see Pages 24-26.
For Ten War Price Range of Stocks and Bonds see Page 1270.
RATING PAGE
Aberdeen & ;ln>ad fii :
1)40 (7) Baa 524
Aberdeen & Rockfish Railroad 769
rdeen & Rockfish Railroad first Us. l'.:52 B 769
Abilene & Southern Railway 769
&
Southern Raii . 1941 F.a 770
lehanna Railroad 805
Adirondack Railway first mortâjr-- 1
'
-s 1942 (2) Aaa 304
Adirondack <1 770
Ahnapee & Western Railway 1145
Ahnapee&V B 1145
Akron & Barberton loint Control) 771
Akr -.12 A 771
Ak i 772
Akr 1980(1) Ba 772
Akron.' :.iil\vay
: i B 772
Depot Company 772
Akron I
any first tis. 1 H22 Aa 773
iama Central Railroad 773
amaC. .
ilroad t
018(1) Aaa 687
Alabama, Florida <S ri Railroad '
774
AI.AI'.A.M A UKKN RAILROAD COMPANY (Analysis) 697
j.s, Series D1917-19 (5)
Aaa 700
:>any equipment trust 4 Us, Series E 1917-26 (6) Aa 700
Company
ilroad 1927(1) Aaa 700
Company
ilroad
first consolidated r.s, 1943 (3) Aa 700
ilroad Company general 5s, 1927 (2) Aaa 700
Railroad Company preferred stock (1)
i
A 700
Southern Railroad Company common stock (2) Baa 700
mortgage 5s, 1928 (5) Aaa 146
>ama & .' !
ppi Railroad 773
I Pacific Junction Railways Company, Ltd
'nnessee & Northern Railroad first gold 5s, 1956 (1) Ba 775
nnessee & Northern Railway 775
27
28 ALPHABETICAL INDEX.
RATING PAGE
ALABAMA & VICKSBURG RAILWAY COMPANY (Analysis) 121
Alabama & Vicksburg Railway first consolidated mortgage 5s, 1921 (2) Aa 123
Alabama & Vicksburg Railway second mortgage 5s, 1921 (3) Aa 123
Alabama & Vicksburg Railway stock Baa 124
Alamogordo & Sacramento Mountain Railway 876
Alamogordo & Sacramento Mountain Railway first 5s, 1928 (3) Aa 876
Albany & Northern Railway first 5s, 1946 (2) Ba 898
Albany Passenger Terminal Company 776
Albany & Susquehanna Railroad 306
Albany & Susquehanna Railroad first consolidated mortgage 3V&s, 1946 (9) Aaa 304
Albany & Susquehanna Railroad guaranteed stock (1) Aaa 305
Albany & Vermont Railroad 307
Albany & Vermont Railroad guaranteed stock (2) Aa 305
Alberta Railway & Irrigation Company 1224
Albuquerque Eastern Railroad first 5s, 1944 1000
Alcolu Railroad . 776
Algoma Central & Hudson Bay Railway 1193
Algoma Central & Hudson Bay Railway equipment trust 6s, 1917-22 (4) 1193
Algoma Central & Hudson Bay Railway first 5s, 1960 (1) 1193
Algoma Central & Hudson Bay Railway second 6s, 1964 (2) 1193
Algoma Central Terminal Company, Ltd., first guaranteed 5s, 1962 (3) 1193
Algoma Eastern Railway 1194
Allegheny Valley Railway general 4s, 1942 (18) Aaa 547
Allegheny & Western Railway first mortgage 4s, 1998 (4) Aaa 211
Allegheny & Western Railway guaranteed stock (1) Aaa 212
Allentown Terminal Railroad first 4s, 1919 (11) Aaa 616
Allentown Terminal Railroad guaranteed stock (1) Aaa 619
Alquippa & Southern Railroad 777
Amador Central Railroad 778
Amador Central Railroad first 5s, 1938 Ba 778
American Dock & Improvement Company first 5s, 1921 (2) Aaa 624
Angelina & Neches River Railroad 778
ANN ARBOR RAILROAD COMPANY (Analysis) 1133
Ann Arbor Railroad equpiment 5s, 1917-21 (4) , A 1135
Ann Arbor Railroad first mortgage 4s, 1995 (1) Baa 1135
Ann Arbor Railroad improvement 5s, 1941 (2) B 1135
Ann Arbor Railroad 6 per cent, notes, 1919 (3) B 1135
Ann Arbor Railroad preferred stock (1) C 1136
Ann Arbor Railroad common stock (2) D 1136
Antofagasta (Chili) & Bolivia Railway Company, Ltd 1194
Apalachicola Northern Railroad 779
Aransas Harbor Terminal Company 780
Arcadia & Betsey River Railway 780
Arcata & Mad River Railroad 781
Argentine Great Western Railway Company, Ltd 1199
Argentine North Eastern Railway Company, Ltd 1196
Argentine Railway Company 1196
Argentine Transandine Railway Company, Ltd 1199
Arizona Eastern Railroad ; 669
Arizona Eastern Railroad first and refunding 5s, 1950 (36) A 665
Arizona & New Mexico Railway
'
. . . 781
Arizona & New Mexico Railway first 6s, 1928 Baa 782
Arizona Southern Railroad 782
Arkansas & Louisiana Midland Railway 783
Arkansas & Memphis Railway Bridge & Terminal Company 783
ALPHABETICAL INDEX. 29
RATING PAGE
Arkansas & Memphis Railway Bridge & Terminal Company first 5s, 1964 (1) A 783
Arkansas & Memphis Railway Bridge & Terminal Company 6 per cent, notes 1918 (2) ... 783
Arkansas, Oklahoma & Western Railroad first 6s, 1947 (2) 925
Arkansas Western Railway Company 398
Aroostook Construction Company 193
Aroostook Construction Company five-year collateral 5s, 1917 Baa 193
Aroostook Northern Railroad first mortgage 5s, 1947 (5) Baa 192
land Coal & Iron Railway 784
Ashley. Dre%v & Northern Railway first 6s, 1922 B 783
Ashland Coal & Iron Railway first refunding 4s, 1925 Baa 784
Atchison & Eastern Bridge Company (Joint Control) 784
'ison & Ku-U'rn Hridge Company first 4s, 1928 Baa 785
ATCHISON, TOPEKA I'A FE RAILWAY COMPANY (Analysis) 128
a, Topeka & Santa Ft- Railway adjustment mortgage 4s, 1995 (3) Aa 130
Atchison, Topeka & Santa Fe Railway Cal.-Ariz. Lines first 4V2 s, 1962 (6) Aa 130
lison, Topeka & Santa Fi> Railway convertible 5s of 1917 (8) Aa 130
Atchison, Topeka & Santa Fe Railway convertible 4s of 1955 (7) Aa 130
Topeka & Santa Fe Railway Convertible 4s of 1960 (9)
ri, Aa 130
lison, Topeka & Santa Fe Railway Fast Oklahoma first mortgage 4s, 1928 (4) .... Aaa 130
lison, Topeka & e Railw. mortgage 4s, 1995 (2)
,il Aaa 130
Topeka & Santa Ft- Railway Rocky Mountain Division 4s, 1965 (14)
ri, Aa 130
Topeka &
lison, Railway Tran :ital Short Line 4s, l!t.~>8 (">) Aa 130
Atchison, Topeka & Santa Fe Railway preferred stock (1) Aa 132
Railway common stock (2) A 132
Atl ilnal Company (Joint Control) .... 785
Ath- Paa 785
ATLANTA. IlIKMI.V IHA.M ^ ATLANTIC RAILWAY COMPANY (Ana ysis) 136
Atlanta. Birmingham & Atlantic Railway income 5s. 19:10 (2) B 138
Atlanta, Birmingham & Atlantic Railway stock 138
Atlanta & Birmingham B mortgage
'
."is. 1934 (1) Baa 138

Atlanta &
Charlotte Air Line Railway .
691
Atlanta &
Charlotte Air Line Railway fii I'.i 11
C',1) Aa 687
Atlanta &
Charlotte Air Line Railway guaranteed stock (1) A 690
nta, Knoxville <S rn Railv consolidated mortgage 4s, 2002 (19) Aa 161
Atlanta. Knoxvill-& Northern Railway first mortgage 5s, 1946 (18) Aaa 161
Atlanta & St. Andn Railway 785
Atlanta & S 1
Railway first 6s, 1938 (1) Baa 786

Atlanta Terminal Company (Joint Control) 786
Atlanta Terminal C,,nip;mv ftrsi 18 Baa 786
ATLANTA & WKST POINT RAILROAD COMPANY (An 138
k A 141
Atlanti '.ilroad 620
Railroad : !
(2) Aa 621
Atlanti. , ilroad :
Aa 620
Atlanti' 'inecticut 141
Connecticut certificates of indebtedness (1) Aa 142
Atlanti. '>necticut 4r, debenture certificates, 19215 (2) Aa 142
Atlanti. ine Companyof Connecticut stock '. A 142
.ANTIC n >AST LINE RAILROAD COMPANY (Analysis) 143
Atlanti Railroad L. & N. collateral 4s, 1952 (24) Aa 146
Atlanti. Railroad ,ine consolidated 4s, 1952 (21) Aaa 146
Atlanti. Railroad convertible debenture 4s, 1939 (25) Aa 146
ine Railroad equipment trust 4s and 4 '/>. 1917-21 (26) Aaa 146
Atlanti ,ine Railroad general unified 4s and 4Vs, Series A and B, 1964 (23) . . . Aa 146
Atlantic Coast Line Railroad unified 4s, 1959 (22) . . Aa 146
BATING PAGE
Atlantic Coast Line Railroad common stock A 149
Atlantic Coast Line Railroad of South Carolina general first mortgage 4s, 1948 (18) .. Aaa 146
Atlantic & Danville Railway 691
Atlantic & Danville Railway first 4s, 1948 (21) Aa 687
Atlantic & Danville Railway second 4s, 1948 (22) i. A 687
Atlantic & North Carolina Railroad ;.
". 525
Atlantic & North Carolina Railroad first 6s, 1917 Ba 526
Atlantic & North West Railroad first mortgage 5s, 1937 (3) Aaa 1212
Atlantic, Quebec & Western Railway 1197
Atlantic & St. Lawrence Railroad 1239
Atlantic & St. Lawrence Railroad 6 per cent, guaranteed stock (5) A 1239
Atlantic & Western Railroad 787
Atlantic & Western Railroad first 5s, 1952 B 787
Atlantic & Yadkin Railway first 4s, 1949 (2) Aaa 687
Augusta & Savannah Railroad 389
Augusta & Savannah Railroad stock (1) A 389
Augusta Southern Railroad 692
Augusta Southern Railroad first 5s, 1924 B 692
Augusta & Summerville Railroad 787
Augusta Terminal Railway first mortgage 6s, 1947 (2) A 151
Augusta Union Station Company (Joint Control) 788
Augusta Union Station Company first 4s, 1953 A 788
Austin & Northwestern Railroad first 5s, 1941 (9) Aaa 665
Avon, Geneseo & Mt. Morris Railroad stock (8) Aa 346
B
Bachman Valley Railroad of Maryland 788
Bahia-Blanca & Northwestern Railway Company, Ltd 1199
Baltimore, Chesapeake & Atlantic Railway 555
Baltimore, Chesapeake & Atlantic Railway first 5s, 1934 Ba 556
Baltimore & Cumberland Valley Railroad first 6s, 1929 (4) Aa 1174
Baltimore & Cumberland Valley Railroad Extension first 6s, 1931 (5) Aa 1174
Baltimore & Cumberland Valley Railway first 6s, 1929 (3) Aa 1174
Baltimore & Harrisburg Railroad first 5s, 1936 (6) Aa 1174
Baltimore & Harrisburg Railroad Western Extension 5s, 1938 (7) Aa 1174
Baltimore & Ohio Chicago Terminal Railroad 181
BALTIMORE & OHIO RAILROAD COMPANY (Analysis) 173
Baltimore & Ohio Railroad convertible 41/28, 1933 (25) Aa 177
Baltimore& Ohio Railroad equipment 4i/2 s, 1917-26 (27) Aaa 177
Baltimore& Ohio Railroad first mortgage 4s, 1948 (15) Aaa 177
Baltimore& Ohio Railroad Pitts. June. & Middle West. Div. first coll. 3i/2 s, 1925 (16) .. Aa 177
Baltimore& Ohio Railroad Pitts., Lake Erie & W. Virg. refunding 4s, 1941 (18) Aa 177
Baltimore& Ohio Railroad prior lien mortgage Si/js, 1925 (14) Aaa 177
Baltimore& Ohio Railroad refunding and general 5s, Series A, 1995 (26) Aa 177
Baltimore& Ohio Railroad South Western Division first mortgage 3^s, 1925 (17) Aa 177
Baltimore& Ohio Railroad Toledo & Cincinnati division 4s 184
Baltimore& Ohio Railroad preferred stock (1) A 180
Baltimore& Ohio Railroad common stock (2) Baa 180
Baltimore& Sparrow's Point Railroad 574
BANGOR & AROOSTOOK RAILROAD COMPANY (Analysis) 189
Bangor & Aroostook Railroad car trusts, Series D, E and F, 1917-25 (11, 12 and 13) ... A 192
Bangor & Aroostook Railroad first mortgage 5s, 1943 (1) Aa 192
Bangor & Aroostook Railroad Medford Extension first mortgage 5s, 1937 (8) Baa 192
RATING PAGE
Bangor & Aroostook Railroad Piscataquis Division first mortgage 5s, 1943 (3) A 192
Bangor & Aroostook Railroad refunding mortgage 4s, 1951 (6) Ba 192
Bangor & Aroostook Railroad second mortgage 5s, 1945 (2) , Aa 192
Bangor & Aroostook Railroad St. John River Extension first 5s, 1939 (10) Ba 192
Bangor & Aroostook Railroad two-year notes, 1918 (14) Ba 192
Bangor & Aroostook Railroad Van Buren Extension 5s, 1943 (4) Baa 192
Bangor & Aroostook Railroad Washburn Extension first 5s, 1939 (9) Ba 192
Bangor & Aroostook Railroad stock B 193
Bangor & Portland Railroad first mortgage 6s, 1930-36 (7) Aaa 314
Bare Rock Railroad 789
Barre & Chelsea Railroad Company 205
Bath & Hammondsport Railroad 347
Bath & Hammondport Railroad first 5s. 1919 (1) B 348
Bath & Hammondsport Railroad second 5s, 1923 (2) Ca 348
Battle Creek & Sturgis Railway first mortgage 3s, 1989 (7) Aaa 480
Bay City & Battle Creek Railroad first mortgage 3s, 1989 (8) Aaa 480
Bay of Quinte Railway first "s, 1927 (18) Baa 1205
Bayfield Transfer Railway 789
Beaumont & Great North.- first 5s. 1939 (24) B 1150
Beaumont, Sour Lake & Q Railway 1161
Beaumont Wharf & Terminal Company 132
Beaver Dam Railroad (of Ya.) 789
Bedfonl I!.-!t Railway fij :38 (1) A 286
Bedford Stone Railr 790
Beech Cree- i
456
Beech Creek ion Railroad consolidated mortgage 4s, 1955 (16) Aaa 449
Beech Creel Railroad first mortgage 3'/>s, 1951 (15) Aaa 449
Beech Creek Railroad Company 456
h Creek Railroad first mortga^ (17) .( Aaa 449
Beech Creek Railroad guaranteed stock (1) Aaa 455
mortgage 5s, 1936 (18)
! Aaa 449
Belfast & Moosehead Lake Railroad 1920 (21) Aa 420
preferred stock (1) A 422
:-al Railroad 790
Bel! -.-il Railr A 791
'
Bel! Valli-y Railv.. 266

Belleville & <
:
mortgage (20) Aaa 378
'ingham >luml>ia Railroad first sinking fund 5s, 1932 B 257
Bellingham & Northern Railway Company 257
Bel' 'a.) 155
Belt Company 916
Belt Railroad & Stoc-kyard< Company first refunding 4s, 1989 Aa 916
I
way of Chattanooga 701
Bel: 1
tanoogn first 5s. 1 '.' r. ( h Aa 700
Belvidere Delav mad 551
', <*!-> (19) Aaa 547
933 (21 ) 1 Aaa 547
.-e Delaware Railroad consolidated 4s of 1927 (20) Aaa 547
iroad consolidated 31/28 of 1943 (22) Aaa 547
'aw Railroad 791
-villo & '
Railroad first 5s, 1941 Baa 791
nington & Rutland Railway first fa 1027 (4) -I
1
Baa 494
& Rutland Railway second 5s, 1920 (5) Ba 494
\Vh"f.]jng Connecting Railway 792
nty Railroad extension 5s, 1921 (11) Aaa 342
ALPHABETICAL INDEX.
RATING PAGE
BESSEMER & LAKE ERIE RAILROAD (Analysis) ................................ 194
Bessemer & Lake Erie Railroad equipment 5s (6) ................................ Aaa 196
Bessemer & Lake Erie Railroad stock (3) ........................................ Aa 197
Bevier & Southern Railroad ....................................................... 792
Big Blackfoot Railway Company ................................................... 256
Big Sandy Railway first mortgage 4s, 1944 (10) .................................. Aa 219
Billings & Central Montana Railway ................................................ 793
Bingham Central Railway ......................................................... 794
Bingham & Garfield Railway ....................................................... 793
Birmingham & Atlantic Railroad Company .......................................... 794
Birmingham Belt Railroad first 4s, 1922 (10) ............. ........... .......... Baa
. 1170
Birmingham, Columbus & St. Andrews Railroad ...................................... 797
Birmingham & Northwestern Company ............................................. 795
Birmingham & Northwestern Railway .............................................. 795
Birmingham & Southeastern Railway ............................................... 796
Birmingham Southern Railroad ......................... ........................... 797
Birmingham Terminal Company (Joint Control) ..................................... 798
Birmingham Terminal Company first 4s, 1957 ..... .............................. Aa
: 798
Black Mountain Railway first 5s, 1917-36 (7) ..................................... Ba 215
Bloomsburg & Sullivan Railroad ................................................. 798
Bloomsburg & Sullivan Railroad first 5s, 1928 (1) ................... . ............. B
. 799
Bloomsburg & Sullivan Railroad second income 5s, 1928 (2) ....................... Caa 799
Blue Ridge Railway Company ...................................................... 692
Bluff Point Land Improvement Company first mortgage 4s, 1940 (5) ................ Aa 304
Blytheville, Burdette & Mississippi River Railway .................................... 799
Blytheville, Leachville & Arkansas Southern Railroad ................................. 799
Bolivia Railway Company ......................................................... 1195
Bonlee & Western Railway ........................................................ 800
Booneville Railroad Bridge Company first mortgage 4s, 1951 (10) .................. Baa 1150
Booneville, St. Louis & Southern Railroad first mortgage 5s, 1951 (11) .................. 1156
Boston & Albany Railroad ........................................................ 457
Boston & Albany Railroad 3i/2 s, 1952 (19) ............................ .......... Aaa 449
Boston & Albany Railroad currency 3i/2 s, 1951 (21) .......................... .Aaa . . . 449
Boston & Albany Railroad guaranteed stock (2) .................................. Aa 455
Boston & Albany Railroad 25-year guaranteed 4s and 5s, 1933-63 (22) ____ ........... Aaa 449
Boston & Lowell Railroad debenture 3l/2 s, 4s and 4l/2 s, 1917-33 (11) .................. A 202
Boston & Lowell Railroad 8 per cent guaranteed stock (1) ............... ........... Ba 204
BOSTON & MAINE RAILROAD COMPANY (Analysis) ............................ 199
Boston & Maine Railroad leased line notes (27) .................................... B 202
Boston & Maine Railroad notes (25 and 26) .................................... ..... 202
Boston & Maine Railroad plain 3s of 1950 (4) .
................................. Ba
. . 202
Boston & Maine Railroad plain 4l/2 s of 1929 (9) ...................................... 202
Boston & Maine Railroad plain 4s of 1926 (8) ........................................ 202
Boston & Maine Railroad plain 3i/2 s of 1925 (7) ......................... Ba 202
Boston & Maine Railroad plain 3i/2 s of 1923 (6) ................................... Ba 202
Boston & Maine Railroad plain 3i/2 s of 1921 (5) ................................... Ba 202
Boston & Maine Railroad plain 4s of 1942 (2) ........................... ......... Ba 202
Boston & Maine Railroad plain 41/28 of 1944 (3) ............ ............ .. ,Ba 202
Boston & Maine Railroad sinking fund improvement 4s, 1937
(1) ......... ........... Ba 202
Boston & Maine Railroad preferred stock (20) ................................... Caa 204
Boston & Maine Railroad common stock (21) .......................... C 204
Boston & New York Air Line Railroad first 4s, 1955 (11) ............... ........... Aa 504
Boston & Providence Railroad Corporation ............................. 515
Boston & Providence Railroad Corporation plain 4s, 1918 ................ ........ Aaa
'.'. 515
Boston & Providence Railroad stock (4) ................. Aa . 507
RATING PAGE
Boston Railroad Holding Company ; 198
Boston, Revere Beach & Lynn Railroad 800
Boston, Revere Beach & Lynn Railroad first 4 i/2 s, 1927 A 801
Boston, Revere Beach & Lynn Railroad stock B 801
Boston Terminal Company (Joint Control) 801
ton Terminal Company first fa 1947 :',' Aa 801
Boston Terminal Railway first 4s, 1939 (25) Aa 504
Boyer Valley Railway first mortgage fa 1923 (13) .'.
'
Aa 263
Boyne City, Gaylord & Alpena Railroad 801
Branford Electric Company first 5s, 1937 (22) Aa 504
Brazil Great Southern Railway Company, Ltd 1197
Brazil North Eastern Railways, Ltd 1198
Breakwater & Frankford Railroad first :'-s, 1932 (6) Aa 573
Bridgton & Saco River Railroad 423
n & Sac. 1
) Baa 423
Bridgton & >-r Kail: ml Is. 1928 (2) Ba 423
:
Company 802
and refunding
;lway first '>>. 10 -1:', 1062
i
Railway equipment tru rial (4) 1062
ilway first .">>. 1 '.i:::, < 1 ) 1062
Railroad . . .
1183
klyn & Montauk Railroad second (now first) iis, 1938 (9) Aa 566
.vnsville & Matanioras Bridge Company 803
Brunswick J i:',8 (12) Aaa 146
Bui 803
:.iil\vay 1200
Buenos nany. Ltd : Railv. 1200
nd Railway v, Ltd 1201
Bu< ific Railway Company. Ltd 1198
Buenos Ayres Western Railway. Ltd 1201
Buffalo. Attica & A.' ilroad 805
Buffalo Creek A mad . .
806
806
'
Buffalo ("reek Railr >
lidated 60, 1 '. t 1 (1 ) Aa 806

Buffalo' refund!: \\ C2) A 806
1240
ko Huron Raihvav stock (6) A 1239
Bl & PITTSBURGH RAILWAY COMPANY (Analysis) 209
er&
Pittsburgh Railway consolidated mortgage 4i/>s, 1957 (7) Aaa 211
Buffalo lipments "A" to "E" 4^8, 1919-22 (8-12) Aaa 211
Buffalo rgh equipments "F" to "H" 4s, . 1917-30 (13 to 15) Aa 1 111
Buffalo r^h Railway first general mortgage 5s, 1937 (6) Aaa 211
Buffalo. !way preferred stock (3) Aa
Buffalo, Rochester & Pittsburgh Railway common stock (4) Baa
Buffalo & South Railroad first mortgage 5s, 1918 (9) Aa
Buffalo & S nna Railroad Corporation
,
Buffalo & Susquehanna Railroad Corporation equipment 5s, 1917 (2) Aa 804
Buffalo i ma Railroad Corporation first 4s, 1963 (1) A 804
id Railroad 945
!d Railroad first 6s, 1922 (1) B : 946
Burlington. ;apids & Northern Railway consolidated first 5s, 1934 (3) Aaa 279
Burlington & Missouri River Railroad in Nebraska sinking fund 6s, 1918 (8) Aaa
But ;ty Railroad
807
Butte, Anaconda & Pacific Railway
Bur ,nda & Pacific Railway first 5s, 1944 (1) Aa 808
c
BATING PAGE
Cache Valley Railroad 809
Cadiz Railroad 809
Cairo Bridge Company first mortgage 4s, 1950 (11) Aaa 378
Cairo & Kanawha Railway 809
Cairo Railroad first 6s, 1925 (2) ....; Ba 818
Cairo, Truman & Southern Railroad 810
Caldwell & Northern Railroad first 5s, 1957 (2) i
B 816
Calgary & Edmonton Railroad debenture stock 4 per cent., 2002 (9) :
Aa 1212
California-Arizona Lines (Atchison System) first 4V&S, 1962 (6) Aa 130
California Central Railroad 811
California Northwestern Railway first 5s, 1928 (1) i
Aa 540
California-Western Railroad & Navigation Company 811
California-Western Railroad & Navigation Company first 6s, 1934 Ba 811
Calumet, Hammond & Southeastern Railroad 812
Calumet Western Railway 812
Camas Prairie Railroad 813
Cambria & Clearfield Railway first 5s, 1941 (23) Aaa 547
Cambria & Clearfield Railway general 4s, 1955 (26) Aa 547
Cambria & Indiana Railroad 813
Cambria & Indiana Railroad equipment 5s, 1917-20 A 814
Cambria & Indiana Railroad first 5s, 1936 Baa 814
Camden & Burlington County Railroad first 4s, 1927 (27) Aaa 547
Camden & Burlington County Railway , 552
Camden & Burlington County Railway guaranteed stock (1) Aaa 550
Camino, Placerville & Lake Tahoe Railroad 814
Campbell's Creek Railroad 814
Campbell's Creek Railroad first 5s, 1924 Ba 814
Campbell Hall Connecting Railroad 406
Canada Atlantic Railway first 4s, 1955 (7) ,
A 1237
Canada Southern Railway 482
Canada Southern Railway consolidated 5s, 1962 (9) Aaa 480
Canada Southern Railway stock (1) Aa 482
Canadian Northern Alberta Ry. first 3l/2 % debenture stock, 1960 (4) A .' 1205
Canadian Northern Ontario Railway first 3i/2 % debenture stock, 1961 (5) . A 1205
Canadian Northern Ontario Railway first 3y2 % debenture stock, 1936 and 1938 (6) A 1205
Canadian Northern Ontario Railway perpetual consolidated 4% debenture stock (30) Ba . 1205
Canadian Northern Pacific Railway first 4% debenture stock, 1950 (15) A 1205
Canadian Northern Pacific Railway first terminal 4i/2 % debenture stock, 1950 (16) A 1205
Canadian Northern Quebec Railway 4% perpetual debenture stock (28) Ba 1205
CANADIAN NORTHERN RAILWAY SYSTEM (Analysis) 1202
Canadian Northern Railway, Alberta guaranteed 4% debenture stock, 1939 (12) A 1205
Canadian Northern Railway equipment trusts (36) Ba 1205
Canadian Northern Railway first consolidated debenture 4s, 1930 (7) A 1205
Canadian Northern Railway first 3% debenture stock, 1953 (1) A 1205
Canadian Northern Railway first 31/2% debenture stock, 1958 (2) A 1205
Canadian Northern Railway first 4% debenture stock, 1934 (3) A 1205
Canadian Northern Railway first land grant 4s, 1919 (23) :
Baa 1205
Canadian Northern Railway first land grant 4s, 1938 (24) Baa 1205
Canadian Northern Railway 5% collateral notes, 1917 (33) Baa 1205
Canadian Northern Railway 5% and 6% secured gold notes, 1916-19 (34) Baa 1205
Canadian Northern Railway 5% sterling notes, 1918-19 (32) Ba 1205
Canadian Northern Railway income convertible debenture stock, 1930 (37) B 1205
Canadian Northern Railway land debenture 5s, 1923 (25) , .Baa 1205
RATING PAGE
Canadian Northern Railway, Manitoba guaranteed 4% debenture stock, 1930 (10) A 1205
Canadian Northern Railway Ontario Division first debenture 4s, 1930 (8) A 1205
Canadian Northern Railway perpetual consolidated 4% debenture stock (31) Ba 1205
Canadian Northern Railway, Saskatchewan guaranteed 4% debenture stock, 1939 (11) . . A 1205
Canadian Northern Western Railway fit debenture stock, 1942 (13) A 1205
Canadian Northern Western Railway first -1' debenture stock, 1943 (14).. , A 1205
CANADIAN PACIFIC RAILWAY COMPANY (Analysis) 1209
Canadian Pacific Railway Algoma Branch first mortgage 5s, 1937 (1) . . . . Aaa 1212
adian Pacific Railway perpetual 4
e
consolidated debenture stock
;'c Aa 1212
;ti Pacific Railway equipment -1' -s. 1917-28 (14) Aa 1212.
Canadian Pacific Railway note certificate 6s, 1924 (13) Aa 1212
Railway preferred stock (1) Aaa 1213
Canadian Pacific Railway common stock (2) A 1213
Cape Breton Railway, Ltd 1228
Carbon^ iiawneetown Railroad first mortgage 4s, 1932 (21) Aaa 378
Iton & ( ilroad 815
ritral fir '
1!> < 7 i Aa 652
CAROLINA, CLINCH FI F.I. I> & <>Hln RAILWAY (Analysis) 213
Carolina. Clinci Iway Elkhorn Extension first 5s, 1917 (4) Baa 215
Carolina, Clinchfield & Ohio Railway equipment 5s, 1917-:M (-",) A 215
& Ohio Railwa :
1938 (2) ,
Baa 215
& Ohio Railway ten-year percent, notes, 1919 (3)
i "> . Ba 215
Carolina, Clinchfield & Ohio Railway preferred stock (1) B 216
& Ohio Railway common -tu,-k C2)
! Caa 216
Carolina. Clinc! South Carolina 216
rn Railv 815
>lina & North Western Railway first : ( 1 ) B 816
Carolina Railroad 526
..Una & Western Railroad 816
Carolina & Vadkin Uivr Railway 816
'road first mortr . Aaa 449
hagn & Copenhagen Railroad 817
Carthage & Pin 526
1 !i> Ba 526
.rlMir Railr... lidatcd .Is. l!i:;i (L'4) Aaa 449
ilroad 621
ilroad tir-f gold 4s. 1f)2S Aa 622
Cat. l-.t-l* M'J) Aaa 616
ranteed preferred stock (2) Aaa 619
intain Railway 818
intain Railv B 818
Catskill& Tannersvill.' Railway 818
guaranteed 5s, 1922 (5) Ba 356
Cayuga & S -ma Railroad guaranteed stock (8) Aaa 316
n Railway first 5s, 1921 (4) Aaa 279
! 1229
Tal Art Railroad fir >40 (6) Ba 645
ich Railway lir-t mortgage 4s, 1919 (14) '. 1156
n Pacific Railway first mortgage 4s, 1948 (22) 1156
VTRAI ,L\ RAILWAY COMPANY (Analysis) 385
Division purchase money 4s, 1951 (8) Aa 387
:
mortgage 5s, 1945 (10) Aa 387

Katonton P.ranch first mortgage 5s, 1926 (5) Aa 387
pment 4 js and 5s. 1 7-26 (15)
i
<
1 Aaa 387
mortg;.
'
1 ". H ) Aaa 387
ALPHABETICAL INDEX.
RATING PAGE
Central of Georgia Railway general and refunding 5s, 1962 (16) ..................... A 387
Central of Georgia Railway Macon & Northern Division first mortgage 5s, 1946 (3) Aaa . . 387
Central of Georgia Railway Middle Georgia & Atlantic Division first 5s, 1947 (4) .... Aaa 387
Central of Georgia Railway Mobile Division first mortgage 5s, 1946 (2) ............. Aaa 387
Central of Georgia Railway preference incomes .......................................
Central of Georgia Railway Oconee Division first mortgage 5s, 1945 (6) .............. Aa 387
Central of Georgia Railway Upper Cahaba Branch first mortgage 4s, 1925 (9) ........ Aa
Central of Georgia Railway preferred stock (4) .................................. Baa
Central of Georgia Railway common stock (5) ......................... ........... Ba 389
Central Indiana Railway (Joint Control) ............................................
Central Indiana Railway first 4s, 1953 ................... ........................ A
. 819
CENTRAL NEW ENGLAND RAILWAY (Analysis) ............................... 508
Central New England Railway first 4s, 1961 (3) ................................. Baa 511
Central New England Railway income 5s, 1949 (1) ............................... Aaa 511
Central New York Southern Railroad Corporation .................................... 819
Central New York Southern Railroad Corporation first collateral 5s, 1964 .............. B 820
Central Ohio Railroad first consolidated mortgage 4i/2 s, 1930 (4) .................. Aaa 177
Central Ontario Railway first 5s, 1934 (17) ..................................... Baa 1205
Central Pacific Railroad fifty-year 5s, 1939 (1) ........................ .......... Aaa 665
Central Pacific Railroad fifty-year 6s, 1936 (2) ....................... .......... Aaa 665
Central Pacific Railroad California& Oregon Division Series A & B 5s, !Pl8(3and4) Aaa 665
Central Railway ..........................................................
Pacific 670
Central Pacific Railway European loan 4s, 1946 (8) .............................. Aaa 665
Central Pacific Railway first refunding 4s, 1949 (5) .............................. Aaa 665
Central Pacific Railway 30-year 3i/2 s, 1929 (6) .................................. Aaa 665
Central Pacific Railway Through Short Line first 4s, 1954 (7) ..................... Aaa 665
Central Railroad & Banking Company collateral trust 5s, 1937 (11) .................. Aa 387
CENTRAL RAILROAD COMPANY OF NEW
JERSEY (Analysis) ................... 622
Central Railroad Company of New Jersey general 5s, 1987 (1) ..................... Aaa 624
Central Railroad Company of New Jersey stock (4) .................... .......... Aaa 625
Central Railroad of Haiti ......................................................... 1229
Central Railroad of Oregon . ............ ........................................
. . 820
Central Railroad of Pennsylvania ......................................... ......... 821
Central Railroad of Pennyslvania first 3s, 1923 ......................... ........... Ca 821
Central Railroad of South Carolina first mortgage 6s, 1921 (20) ......... ---- ....... Aa
:
146
Central Railway Company of Arkansas ............................................. 822
Central Terminal Railway ........................................................ 1220
Central Terminal Railway Minneapolis, St. Paul & Sault Ste. Marie joint first 4s, 1941 Aa 1220
Central Union Depot & Railway Company of Cincinnati ............................... 822
Central Union Depot & Railway Company of Cincinnati first 4i/2 s, 1940 .......... ... Baa 823
CENTRAL VERMONT RAILWAY COMPANY (Analysis) .......................... 1245
Central Vermont Railway equipment 5s, 1917-22 (7) ............................... A 1247
Central Vermont Railway first mortgage 4s, 1920 (1) ............................. Baa 1247
Central Vermont Transportation Company first mortgage 5s, 1917-21 (3) ............. Ba 1247
Central Vermont Transportation Company 5s, 1917-22 (4) ......................... Ba 1247
Central West Virginia & Southern Railroad Company ............ .................... 823
Central West Virginia & Southern Railroad Company first 5s, 1933 ................... B 823
Centralia Eastern Railroad ................ ........... .............. ...... ....... . 824
Charleston & Savannah Railroad general mortgage 7s, 1936 (11) ......... .......... Aaa 146
Charleston Terminal Company (Joint Control) ........................ .............. 824
Charleston Terminal Company first 4s, 1953 ........................... ............ A 825
Charleston Union Station Company (Joint Control) .................... .............. 825
Charleston Union Station Company first 4s, 1937 ....................... ........... Aa 825
CHARLESTON & WESTERN CAROLINA RAILWAY COMPANY (Aralysis) ....... 149
Charleston & Western Carolina Railway first mortgage 5s, 1946 (1) ....... , ____ A 151
RATING PAGE
Charleston & Western Carolina Railway first consolidated mortgage, 1964 (3) Ba 151
Charlotte Harbor & Northern Railway 826
Charlotte, Monroe & Columbia Railroad 826
Charlotte, Monroe & Columbia Railroad first 5s, 1932 B 827
Chartiers Railway first ^s, 1931 (2) V Aaa 602
Chateaugay & Lake Placid Railway 307
Chateaugay Ore & Iron Company refunding mortgage 4s, 1942 (6) Aa' 304
Chatham Railroad 516
Chattahoochee & Gulf Railroad 389
Chattahoochee & Gulf Railroad first mortgage 5s, 1930 (14) A 387
Chattahoochee & Gulf Railroad stock (2) A 389
Chattahoochee Valley Railway 827
hee Valley Railu 'lidated 5s, 1920 Ba 827
.'>oga, Rome & Southern Railway
mortgage 5s, first 1947 (7) Aa 387
Chattanooga Station 'ompany (Joint Control)
(
828
Chattanooga Station Company 7 :
Aa 828
Cherry Tree & Dixonville Railroad 828
Chesapeake Beach Railway 829
Chesapeake & Ohio '
pany first mortgage 4s, 1938 (13) Ba 219

Chesapeake & Ohio Northern Railway 1)45(19) (; A 219
CHKSAPKAKK & OHIO RAILWAY COMPANY (Analysis) 216
Chesapeake & Ohio Railway convertible P.i:;o (20) t
1
_.-.
Baa 219
Chesapeake & Ohio Rail ul.- r>>. in li 1_>2) 1 Baa 219
Chesapeake & Ohio Rail ,:g Valley Hranrh first mortgage 5s, 1940 f.5) Aa 219
Chesapeake & Ohio Railway equipment trusts, 1917-26 (23) A 219
-apeake & Ohio Railway first CM: 2) < Aaa 219
Chesapeake & Ohio Rail lien and improvement 5s, 1930 (21)
t Baa 219
Chesapeake & Ohio Railway general funding and improvement 5s, 1929 (12) A 219
Chesapeake & Ohio Railway general mortgage 4\<>s, 1992 (7) Aa 219
Chesapeake & Ohio Railway Putts Creek Branch first mortgage 4s, 19-ir, (il) A 219
Chesapeake & Ohio Rail hmond & Allegheny Division first 4s, 1989 '3) Aaa 219
Chesapeake & Ohio Railway Ri.-hmond & Allegheny Division second 4s, 19;-9 (4) Aaa 219
Chesapeake & Ohio Rail minal F. first mortgage 6s, 1922 p) Aaa 219
sapeake & Ohio Railway Warm Springs Valley Branch first 5s, 1941 (6) Aa 219
& Ohio Railway stock B 221
-apeake & Western Railroad first 5s, 1945 (2) Ba 830
Railway i 830
.(.-> 1 n ) B 830
: & I>ancaster Railroad 655
Iroad fi r :*.">.-> B 655
-tnut Hill Railroad guaranteed stock (3) Aaa 619
Railway 830
niP'.V RAILROAD
I.TON COMPANY
(Analysis) 734
Chicago & Alton Railroad debenture 5s, 1922 (3) Ca 737
Chicago & Alton Railroad equipment trust 4'/jS and 5s, 1917-19 (5) Baa 737
Chicago & Alton Railroad general 6s, 1932 (4)" C 737
Chicago & Alton Kailp.a refunding 3s, 1949 (1)
1 Aa 737
a Railroad prior lien preferred stock (4) C 738
Chir-ago & Alton Railroad preferred stock (5) C 738
Chicago & Alton Railroad common stock (6) D 738
&
Chii-ag.) Alton Railway first lien 3</2 s, 1950 (2) B 737
Chicago & Atlantic Terminal f'ompany first mortgage 5s, 1918 (21) Aa 342
HUPJJNr; TON' & QUINCY RAILROAD COMPANY (Anahsis) 226
& Quincy Railroad
rlington Denver Extension 4s, 1922 (6) Aaa 228
Chicago. Burlington & Quincy Railroad general mortgage 4s, 1958 (12) Aaa 228
RATING PAGE
Chicago, Burlington & Quincy Railroad Illinois Division first 3 l/2S, 1949 (1) Aaa 228
Chicago, Burlington & Quincy Railroad Illinois Division first 4s, 1949 (2) Aaa 228
Chicago, Burlington & Quincy Railroad Iowa Division sinking fund 4s, 1919 (3) Aaa 228
Chicago, Burlington & Quincy Railroad Iowa Division sinking fund 5s, 1919 (4) Aaa 228
Chicago, Burlington & Quincy Railroad (Joint) collateral 4s (10) Aaa 362
Chicago, Burlington & Quincy Railroad Nebraska Extension 4s, 1927 (7) Aaa 228
Chicago, Burlington & Quincy Railroad South Western Division 4s, 1921 (5) Aaa 228
Chicago, Burlington & Quincy Railroad stock Aaa 230
Chicago & Calumet River Railroad 831
Chicago, Detroit& Canada Grand Trunk Junction Railroad 1240
Chicago, Detroit& Canada Grand Trunk Junction Railroad stock (7) A 1239
CHICAGO & EASTERN ILLINOIS RAILROAD COMPANY (Analysis) 236
Chicago & Eastern Illinois Railroad equipment trust 5Vfcs, 1918 (18) Baa 239
Chicago & Eastern Illinois Railroad first consolidated 6s, 1934 (4) Baa 239
Chicago & Eastern Illinois Railroad first extension 6s, 1931 (3) Baa 239
Chicago & Eastern Illinois Railroad general consolidated and first 5s, 1937 (6) Ba 239
Chicago & Eastern Illinois Railroad purchase money coal 5s, 1942 (15) Caa 239
Chicago & Eastern Illinois Railroad receivers' certificates 6s, 1917 (17) A 239
Chicago & Eastern Illinois Railroad refunding and improvement 4s, 1955 (7) Ca 239
Chicago & Eastern Illinois Railroad preferred stock (1) Ca 241
Chicago & Eastern Illinois Railroad common stock (2) C 241
Chicago & Erie Railroad first mortgage 5s, 1982 (20) Aa 342
Chicago & Great Western Railroad first 5s, 1936 (1) Aaa 181
CHICAGO GREAT WESTERN RAILROAD COMPANY (Analysis) 241
Chicago Great Western Railroad first mortgage 4s, 1959 (1) Ba 244
Chicago Great Western Railroad preferred stock (1) Caa 244
Chicago Great Western Railroad common stock (2) C 244
Chicago, Hammond & Western Railroad first 6s, 1927 (1) Aaa 470
Chicago Heights Terminal Transfer Railroad 834
Chicago & Illinois Midland Railway 832
Chicago & Illinois Western Railroad 833
Chicago & Indiana Coal Railway first 5s, 1936 (5) C 239
Chicago, Indiana & Eastern Railway 585
Chicago, Indiana & Southern Railroad first mortgage 4s, 1956 (41) Aa 449
CHICAGO, INDIANAPOLIS & LOUISVILLE RAILWAY COMPANY (Aialysis) 246
Chicago, Indianapolis & Louisville Railway equipment 4^s, 1917-23 (7, 8 aid 9) A 249
Chicago, Indianapolis & Louisville Railway first
and general 5s, 1966 (4) Baa 249
Chicago, Indianapolis & Louisville Railway refunding mortgage 4s, 1947 (3) A 249
Chicago, Indianapolis & Louisville Railway preferred stock (1) Ba 250
Chicago, Indianapolis & Louisville Railway common stock (2) Caa 250
Chicago, Indianapolis & St. Louis Shore Line Railway first guaranteed 4s, 1953 (12) A 466
Chicago Junction Railway 835
Chicago, Lake Shore & Eastern Railway first 4V2 s, 1969 (2) Aaa 338
Chicago, Memphis & Gulf Railroad Company 382
Chicago, Memphis & Gulf Railroad equipment 5s, 1917-21 (2) Baa 382
Chicago, Memphis & Gulf Railroad first 5s, 1940 (1) Ba 382
Chicago, Milwaukee & Gary Railway 835
Chicago, Milwaukee & Puget Sound first 4s, 1949 (17) Aa 254
CHICAGO, MILWAUKEE & ST. PAUL RAILWAY COMPANY (Analysis) 251
Chicago, Milwaukee & St. Paul Chicago & Lake Superior Division first 5s, 1921 (1) ... Aaa 254
Chicago, Milwaukee & St. Paul Chicago & Missouri River Division first 5s, 1926 (2) . Aaa . 254
Chicago, Milwaukee & St. Paul Chicago & Pacific Western Division first 5s, 1921 (3) Aaa
. 254
Chicago, Milwaukee & St.. Paul Railway convertible 4i/os, 1932 (16) Aa 254
RATING PAGE
Chicago, Milwaukee & St. Paul Railway debenture 4s, 1934 (13) Aa 254
Chicago, Milwaukee & St. Paul Railway Dubuque Division first 6s, 1920 (4) Aaa 254
Chicago, Milwaukee & St. Paul Railway European loan 4s, 1925 (14) Aa 254
Chicago, Milwaukee & St. Paul Railway general mortgage 3^s, 1989 (10) Aaa 254
Chicago, Milwaukee & St. Paul Railway general mortgage 4s and 4i/2 s, 1989 (9) Aaa 254
Chicago, Milwaukee & St. Paul Railway general and refunding Series A 4i/>s, 2014 (18) Aa 254
Chicago, Milwaukee & St. Paul general and refund, convert. 5s, Series B, 2014 (19) ... Aa 254
Chicago, Milwaukee & St. Paul Railway gold 4s, 1925 (15) Aa 254
Chicago, Milwaukee & St. Paul La Crosse & Davenport Division first 5s, 1919 (5) .... Aaa 254
Chicago, Milwaukee & St. Paul Wisconsin & Minnesota Division first 5s, 1921 (6) .... Aaa 254
Chicago. Milwaukee & St. Paul Wisconsin Valley Division first 6s, 1920 (7) Aaa 254
Chicago, Milwaukee & St. Paul Railway preferred stock (1) Aa 256
Chicago, Milwaukee & St. Paul Railway common stock (2) Baa 256
Chicago & North Michigan Railway first mortgage 5s, 1931 (1) 1165
ClfH 'ACIO & NORTH WKSTKRN RAILWAY COMPANY (Analysis) 260
Chicago & North Western Railway equipment 4l/os, 1917-23 (27) Aa 263
Chicago & North Western Railway extension 4s, 1926 (6) Aaa 263
Chicago & North Western Railway general mortgag. t.s and 5s, 1987 (12) Aaa 263
Chicago & North Western Railway sinking fund debenture 5s, 1933 (2) Aaa 263
Chicago & North Western Railway sinking fund 5s, 1929 (4) Aaa 263
Chicago & North Western Railway sinking fund 5s. 1929 (5) Aaa 263
Chicago & Norti Iway :;0-year debenture 5s. 1921 (3) Aaa 263
Chicago & North Western Railway preferred stock (1) Aa 266
Chicago & North Western Railway common stock (2) A 266
ICAGO, PEORIA & ST. LOUIS RAILROAD COMPANY
(Analysis) 273
Chicago. I'eoria I >iis Railroad equipment 6s, 1917-23 (3) Ba 275
Chicag- iis Railroad general and refunding 4'/js, 1939 (2) C 275
Chicago, lV..ria uis Railway prior Ii- 1930 (1) Ca 275
ago River & Indiana Railroad 836
Chicago River & Indiana Railroad first refunding ~>s. 1>25 Ba 837
Chicago & Rock Island Elevator first r,s. 1924 (13) Ba 279
&
Chicago. Rock Island .1917(1)
i Aaa 279
rHK'ACn. ROCK ISLANDS PACIFIC RAILWAY (Analysis) 276
Chicago, Rock- Island & Pacific
Railway debenture 5s,1932 (17) 279
Chi k Islan Railway ;ic equipment trusts, 1917-27 (18) A 279
Chi land & Pacific Railway first and refunding 4s, 1934 (12) Baa 279
Chicago, Rock Island & Pacific Railway general 4s, 1988 (2) Aa 279
R..ck Island & Pacific Railway
.
gold Is. Series to P, 1917-18 (11) Aa 279
lie Railway receivers' certificates, 1917 (19) Aa 279
Rock Island & Pacific Railway
.
two-year notes, 1917 (20) 279
Ch; railway stock 282
Chicag. leans Railway consolidated 3>/2 s, 1951 (24) Aaa 378
Chi Orleans Railway consolidated 5s, 1951 (23) Aaa 378
Chi .
Orleans Railway equipment 5s, Series A, 1917-24 (34) Aaa 378
leans Railway Memphis Division first 4s, 1951 (25) Aa 378
Chi Louis & Pittsburgh Railway consolidated 5s, 1932 (1) Aaa 602
CHI MINNEAPOLIS & OMAHA RAILWAY COMPANY (Analysis). 269
Chirag' ,1. Mmn.-apoli- & Omaha Railway consolidated 6s, 1930 (4) Aaa 272
Chi ,1, Minneapolis & Omaha Railway consolidated 3 /%s, 1930 Aaa 272
l
(6)
f'hi I. Minneapolis & Omaha Railway debenture 5s, 1930 (7) Aa 272
<"hi- :I, Minneapolis & Omaha Railway preferred stock (1) Aa
Chicago. St. Paul. Minneapolis & Omaha Railway common stock (2) A 273
,1 & Minneapolis Railway first mortgage 6s, 1918 (1) Aaa 272
nta Fe & 'alifomia Railway first mortgage 5s, 1937 (1)
' Aaa 130
Chi ,.-d F'lirchas.- Money 5s (B. & O. Chic. Term. R.R.), 1938 (3) Aaa 181
40 ALPHABETICAL IXDEX.
RATING PAGE
Chicago Short Line Railway 837
CHICAGO, TERRE HAUTE & SOUTHEASTERN RAILWAY (Analysis) 284
Chicago, Terre Haute & Southeastern Railway equipment 5s, 1917-23 (4) Baa 286
Chicago, Terre Haute & Southeastern Railway first and refunding 5s, 1960 (3) B 286
Chicago, Terre Haute & Southeastern Railway income 4-5s, 1960 (5) C 286
Chicago Union Station Company 838
Chicago Union Station Company first 4i/2 s, 1963 Aaa 838
Chicago & Wabash Valley Railway Company 250
Chicago & Western Indiana Railroad (Joint Control) 833
Chicago & Western Indiana Railroad consolidated 4s, 1952 (2) Aa 834
Chicago & Western Indiana Railroad first and refunding 5s, 1962 (4) 834
Chicago & Western Indiana Railroad general 6s, 1932 (1) Aaa 834
Chicago & Western Indiana Railroad 2-year 5 per cent, notes, 1917 (3) Baa 834
Chicago & West Michigan Railway consolidated 5s, 1921 (2) 1165
Chicago, West Pullman & Southern Railroad
'
838
Chilian Transandine Railway Company, Ltd 1230
Chippewa Valley & Northern Railway 838
Choctaw & Memphis Railway first 5s, 1949 (8) Aa 279
Choctaw, Oklahoma & Gulf Railroad consolidated 5s, 1952 (10) A 279
Choctaw, Oklahoma & Gulf Railroad first 5s, 1919 (7) Aa 279
Cincinnati, Bluffton & Chicago Railroad 839
Cincinnati, Burnside & Cumberland River Railway 290
Cincinnati, Dayton& Chicago Railway first mortgage 4s, 1942 (3) 187
Cincinnati, Dayton& Ironton Railway first mortgage 5s, 1941 (4) 187
Cincinnati, Findlay & Fort Wayne Railway Company 188
Cincinanti, Findlay & Fort Wayne Railway first mortgage 4s, 1923 Caa 188
Cincinnati, Flemingsburg & Southeastern Railroad 840
CINCINNATI, HAMILTON & DAYTON RAILWAY COMPANY (Analysis) 184
Cincinnati, Hamilton & Dayton Railway equipment 5s, 1917-20 (9) A 187
Cincinnati, Hamilton & Dayton Railway first and refunding mortgage 4s, 1959 (7) 187
Cincinnati Hamilton & Dayton Railway general gold bonds, 1939 (8) 187
Cincinnati, Hamilton & Dayton Railway general mortgage 5s, 1942 (2) Baa 187
Cincinnati, Hamilton & Dayton Railway second (now first) mortgage 4V^s 1937 (1) ... A 187
Cincinnati, Hamilton & Dayton Railway stock 188
Cincinnati, Indianapolis, St. Louis & Chicago Railway first consolidated 6s, 3 920 (1). Aaa 466
Cincinnati, Indianapolis, St. Louis & Chicago Railway general first 4s, 1936 (2) Aaa 466
Cincinnati, Indianapolis & Western Railroad Company 840
Cincinnati, Indianapolis & Western Railroad equipment 5s, 1917-26 (2 and 3) Baa 841
Cincinnati, Indianapolis & Western Railroad first 5s, 1965 (1) Ba 841
Cincinnati Inter-Terminal Railroad 221
Cincinnati, Lebanon & Northern Railway 585
Cincinnati, Lebanon & Northern Railway first consolidated 4s, 1942 (2) Aa 586
Cincinnati & Muskingum Valley Railroad first sinking funds 4s, 1948 (24) Aaa 582
Cincinnati-Nashville Southern Railway first 5s, 1937 B 1086
CINCINNATI, NEW ORLEANS & TEXAS PACIFIC RAILWAY (Analysis) 287
Cincinnati, New Orleans & Texas Pacific Railway equipment trust 4V&S, 1917-26 Aaa 289
Cincinnati, New Orleans & Texas Pacific Railway preferred stock (1) Aaa 290
Cincinnati, New Orleans & Texas Pacific Railway common stock (2) Aa 290
CINCINNATI NORTHERN RAILROAD COMPANY (Analysis) 459
Cincinnati Northern Railroad equipment 5s, 1917-25 (2) A 462
Cincinnati Northern Railroad first mortgage 4s, 1951 (1) Baa 462
Cincinnati Northern Railroad stock Caa 462
Cincinnati, Richmond & Fort Wayne Railroad first 7s, 1921 (4) Baa 591
Cincinnati, Saginaw & Mackinaw Railroad 1240
Cincinnati, Saginaw & Mackinaw guaranteed stock (8) A 1239
ALP II. UETICAL INDEX.
i 41
RATING PAGE
Cincinnati, Sandusky & Cleveland Railroad 468,
Cincinnati, Sandusky & Cleveland Railroad consolidated 5s, 1928 (5) Aaa 466
Cincinnati Union Depot & Terminal Company 841
Clarendon & Pittsford Railroad 842
Clarksburg Northern Railroad 842
Clear-field & Jefferson Railroad first 6s, 1927 (24) Aa . 547
Clearfield & Mahoning Railway first
Clearfield & Mahoning Railway guaranteed stock (2) Aaa 212
Cleveland, Akron & Cincinnati Railway Company 586.
Cleveland. Akron & Columbus Railway first consolidated guaranteed 4s, 1S40 (23)... Aaa 582
\kron & Columbus Railway general (now first) 5s, 1927 (22) Aaa 582
CLEVELAND, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY COMPANY (Analysis) 462
.eland, Cincinnati. Chicago & St. Louis Railway, Cairo Division first 4s 1939 (6) Aa . . 466
Louis Railway, Cincinnati, Wabash & Michigan Divi-
:i first niort;' 'J'.M (10) Aa 466
;d. Cincinn:/ lailway European loan 4s, 1930 (13) Baa 466
quipments (15) A 466
Cle nnati, Chicago A is Railway general 4s and 5s, 1993 (11) A 466
:.-tilway new 4Vfa 1031 (14) Baa 466
:d. Cincinna' 3k Louis Division collateral 4s, 1990 (9) Aa 466
:y.. Springfield & Columbus Div first mtg.
Aa 466
hicago&St ':.v.. White Water Valley Div. first mtg. 4a
10 (8) Aa 466
nnati, Chicago & St. Louis Railway preferred stock (1) A 468
hie-ago & St. Louis Railway common stock (2) B 468
'ilumbus, Cincinnati & Indianapolis Railway general 6s, 1934 (3) Aaa 466
in & Wheeling Railway consolidated (now first) mortgage 5s, 1933 (20) Aaa 177
'.
.orain & W) :.iihvay general mortgage 5s, 1936 (21) Aaa 177
eland. Ixjrain & WL i.iilway consolidated 4i/^s, 1930 (22) Aaa 177
..I & Mahoning \ lidated mortgage 5s, 1938 (23) Aa 342
Cleveland & Mahoning Valley Railway stock (1) Aaa 346
.1 Railway first 4' js. l'.)35 (10) Aaa 582
rgh Railroad Company 587
general sinking fund 4'/>s Series A,
! 1942 (11) Aaa 582
Cleveland &Pittsburgh Railroad general sinking fund 4>/2 s Series B, 1942 (12) Aaa 582
id &Pittsburgh Railroad general sinking fund 3i/2 s Series B, 1942 (13) Aaa 582
id &Pittsburgh Railroad general sinking fund 31/28 Series C, 1948 (14) Aaa 582
Cleveland & Pittsburgh Railroad general sinking fund 3ys Series D, 1950 (15) Aaa 582
Cleveland & rgh Railroad betterment stock (2) Aaa 584
Cleveland & rgh Railroad guaranteed stock (1) Aaa 584
iiort Lii.. 1961 (10) Aaa 449
alley Railroad first mortgage 4s, 1995 (19) Aaa 177
Clinton & '
>k!.-l,. ma V. I -n Railway 842
Clinton & Oklahoma W.-4-rn Railway first 5s, 1930 B 843
>KK RAILWAY COMPANY (Analysis) 291
Coal & '
19(1) . . . Ba 293
Coal & Coke Railway equipment trust 5s, 1917 (2) A 293
Railwa;. . 1920 (1) Aaa' 1174
first mortgage 4s,1945 (14) A 219
Colorado Bridge Company first la, 1920 (5) Ba 394
Colorado-Kan -as Railway 845
COLORADO .MIDLAND RAILWAY COMPANY (Analysis)
Midland Railway first 4s 1947
.
(1 )
296
Colorado & South-Eastern Railroad 843
RATING PAGE
Colorado & South-Eastern Railway first 5s, 1955 Ba 844
COLORADO & SOUTHERN RAILWAY COMPANY (Analysis) , . . 231
Colorado & Southern Railway equipment 5s, 1917 (7) Aa 233
Colorado & Southern Railway first mortgage 4s, 1929 (1) Aaa 233
Colorado & Southern Railway refunding and extension 4i/2 s, 1935 (2) p A 233
Colorado & Southern Railway first and second preferred stock (1 and 2) B 234
Colorado & Southern Railway common stock (3) Caa 234
Colorado Springs & Cripple Creek District Railway consolidated 5s, 1942 (4) Ba 233
Colorado Springs & Cripple Creek District Railway first mortgage 5s, 1930 (3) Aa 233
Colorado, Texas & Mexico Railroad 845
Colorado, Wyoming & Eastern Railway Company 845
Colorado & Wyoming Railway 844
Colorado & Wyoming Railway first 4s, 1953 Ba 844
Columbia, Newberry & Laurens Railroad 846
Columbia, Newberry & Laurens Railroad first 3s, 1937 Ba 847
Columbia & Port Deposit Railway first 4s, 1940 (3) Aaa 573
Columbia & St. Louis Railway first 4s, 1942 (9) Baa 762
Columbia Union Station Company
Columbus Connecting and Terminal Railroad first 5s, 1922 (5) Aaa 529
Columbus & Hocking Valley Railway first mortgage 4s, 1948 (1) Aaa 224
Columbus & Toledo Railway first mortgage 4s, 1955 (2) Aaa 224
Columbus & Xenia Railroad 603
Columbus & Xenia Railroad stock (3) Aaa 603
Concord & Claremont Railroad first 5s, 1944 (12) Aa 202
Concord & Montreal Railroad consolidated 4s, 1920 (14) A 202
Concord & Montreal Railroad debenture 3i/2 s and 4s, 1920 (15) , A 202
Concord & Montreal Railroad 7 per cent, guaranteed stock (9) Ba 204
Concord & Portsmouth Railroad 7 per cent, guaranteed stock (10) Ba 204
Connecticut & Passumpsic Rivers Railroad first 4s, 1943 (13) Aa 202
Connecticut & Passumpsic Rivers Railroad 6 per cent, guaranteed stock (2) Ba 204
Connecticut River Railroad 10 per cent, guaranteed stock (13) Ba 204
Connecticut River Railroad plain 3 V2 s of 1923 (16) A 202
Connecticut River Railroad plain 4s, 1943 (17) A 202
Connecticut River Railroad plain 3i/2 s of 1921 (18) A 202
Connecting Railway first 4s, 1951 (28) Aaa 547
Connecting Terminal Railroad 847
Consolidated Indiana Coal Company first sinking fund 5s, 1935 (14) Ba 279
Consolidated Railway debenture 4s, 1930-56 (40) Ba 504
Cooperstown & Charlotte Valley Railroad 308
Cooperstown & Susquehanna Valley Railroad 308
Cooperstown & Susquehanna Valley Railroad first 5s, 1918 Ba 308
Copper Range Railroad 848
Copper Range Railroad first 5s, 1949 Ba 848
Copper River & Northwestern Railway 849
Cordoba Central Railway Company, Ltd 1230
CORNWALL & LEBANON RAILROAD COMPANY (Analysis) 556
Cornwall & Lebanon Railroad 1921 (1)
first 4s, Baa 558
CORNWALL RAILROAD COMPANY (Analysis) 296
Cornwall Railroad stock Baa 298
COUDERSPORT & PORT ALLEGANY RAILROAD (Analysis) 299
Coudersport & Port Allegany Railroad first 5s, 1936 (1) Ba 300
Cripple Creek Central Railway Company 849
Cripple Creek Central Railway Company preferred stock Baa 850
Cripple Creek & Colorado Springs Railroad Company 850
Crosbyton-Southplains Railroad . 133
ALPHABETICAL INDEX, 43
RATING PAGE
Crystal River Railroad g52
Cuba Company 1231
Cuba Company debenture 6s, 1955 Aa 1231
Cuba Company preferred stock (1) A 1232
Cuba Company common stock (2) Baa 1232
Cuban Central Railways, Ltd 1264
CUBA RAILROAD COMPANY (Analysis) : . 1232
Cuba Railroad Company first 5s, 1952 (1) Aa 1233
Cuba Railroad Company improvement and equipment 5s, 1960 (2) Aa 1233
Cuba Railroad Company equipment trusts 5s, 1917-25 (4) Aa 1233
Cuba Railroad Company notes, 1918 (3) '>'", A 1233
Cumberland & Pennsylvania Railroad 852
Cumberland & Pennsylvania Railroad first 5s, 1921 Aa 853
Cumberland Railroad 853
Cumberland Valley & Martinsburg Railroad 559
Cumberland Valley Railroad Company 558
Current River Railroad first 5s, 1927 (5) . Aa 1170
D
Dakota & C,r 'hern Railway first mortgage 5s, 1927 (5) Aa 1170
Dallas Terminal Railway & Union Depot Company 646
Dallas & \\'ac., Railroad first mortgage -Is, 1940 (9) B 1150
bury & Norwalk Railroad .-..nsolidated 1920 (4)
5s. Aaa 504
.bury & Norwalk Kailn... lidated 6s, 1920 (5) Aaa 504
I
(anbury & Nonvalk Railroad first refunding 4s, 1955 (7) Aaa 504
Danhury & Norwalk Railroad general H'J."i ."is. (6) Aaa 504
Dansville & Mt. Morris Railroad Company 854
Danville & Grape 'reek Railroad first 6s. 1920
<
(1) Ba 239
ville & V Railway Company 693
ilville Railroad 855
Iville Railroad t 'H20 Caa 855
land & Northwestern Railway 855
Dnwson Railway Company 877
Dawson Railway & Coal Company 877
way & Coal Company
I first collateral 5s, 1951 (5) Aa 876
Dayton, Lebanon & Cim-innati Railroad & Terminal Company first 6s, 1934 (1) Aaa 586
Dayton & Michigan Railroad Company 188
Dayton & Michigan Railroad first mortgage >:\l (5) A 187
Dayton & Michigan Railroad preferred stock ( 1 ) Ba 188
Dayton & Michigan Railroad common stock (2) Ba 188
Dayton & Union Railroad Company (Joint Control) 855
Dayton Union Railway (Joint Control) 856
on Union Railv. ; A 857
war- & Hound Brook Railroad fi: 1955 (13) .
Aaa 616
Delaware & Bound Brook Railroad guaranteed stock (4) Aaa 619
DKLAWARE & HUDSON COMPANY (Analysis) 301
iware & Hii.: .nvertibl 15 (13) Aa 304
re & Hudson Company equipment trust 4'/2 s, 1922 (12) Aaa 304
ipany first and refunding mortgage 4s, 1943 (4) Aaa 304
aware &Hu. pany Pennsylvania Division first mortgage 7s, 1917 (1) Aaa 304
re & Hudson Company stock (6) A 305
DI ,.\( KAWANNA & WESTERN RAILROAD COMPANY (Analysis) .... 312
re, Lackawanna & Western Rail; k (15) Aaa 316
RATING PAGE
Delaware & Northern Railroad 857
Delaware Railroad general 4t/2 s, 1932 (4) Aaa 573
Delaware Railroad guaranteed stock (1) Aaa 574
Delaware River Railroad & Bridge Company 553
Delaware River Railroad & Bridge Company first 4s, 1936 (29) Aaa 547
Delaware River Terminal extension purchase money 5s, 1942 (2) Aaa 616
Delaware River Terminal purchase money 5s (extended), 1942 (1) Aaa 616
Delaware River & Union Railroad 858
Delaware Valley Railway Company 858
Denison & Pacific Suburban Railway 727
Denver, Boulder & Western Railroad 859
Denver, Laramie & Northwestern Railroad 860
DENVER & RIO GRANDE RAILROAD COMPANY (Analysis) 318
Denver & Rio Grande Railroad accumulative adjustment 7s, 1932 (7) B 321
Denver & Rio Grande Railroad equipment trust Series B 5s, 1917 (8) Aa 321
Denver & Rio Grande Railroad first consolidated 4s, 1936 (1) A 321
Denver & Rio Grande Railroad first consolidated 4i/2 s, 1936 (2) A 321
Denver & Rio Grande Railroad first refunding 5s, 1955 (6) Ba 321
Denver & Rio Grande Railroad improvement 5s, 1928 (3) Baa 321
Denver & Rio Grande Railroad preferred stock (1) Caa 322
Denver & Rio Grande Railroad common stock (2) Ca 322
DENVER & SALT LAKE RAILROAD (Analysis) 1137
Denver & Salt Lake Railroad adjustment 5s, 1943 (3) C 1139
Denver & Salt Lake Railroad equipment trust 5s, 1917-23 (2) B 1139
Denver & Salt Lake Railroad first mortgage bonds, 1943 (1) Ca 1139
Denver Union Terminal Railway 860
Denver Union Terminal Railway first 4i/s, 1964 A 861
De Queen & Eastern Railroad 861
Des Moines & Fort Dodge Railroad first mortgage 4s, 1935 (5) Ba 434
Des Moines Terminal Company 1183
Des Moines Union Railway (Joint Control) 862
Des Moines Union Railway first 5s, 1917 A 863
Des Moines Western Railway 863
Des Plaines Valley first 4V2 s, 1947 (25) ,
Aa 263
Detroit & Bay City Railway first mortgage 5s, 1931 (2) Aaa 480
Detroit, Bay City & Western Railway 1183
Detroit, Bay City & Western Railroad first sinking fund 5s, 1932 Ba 1183
Detroit, Grand Haven & Milwaukee Railway 1241
Detroit, Grand Rapids & Western Railroad consolidated (now first) 4s, 1946 (3) 1165
Detroit, Hillsdale & South Western Railway guaranteed stock (8) Aaa 455
DETROIT & MACKINAC RAILWAY COMPANY (Analysis) 324
Detroit & Mackinac Railway first lien 4s, 1995 (1) Aa 326
Detroit & Mackinac Railway mortgage 4s, 1995 (2) Baa 326
Detroit & Mackinac Railway preferred stock (1) Baa 326
Detroit & Mackinac Railway common stock (2) Ba 326
Detroit River Tunnel Company 483
Detroit Terminal Railroad 863
Detroit Terminal & Tunnel first 41/os, 1961 (14) Aa 480
DETROIT, TOLEDO & IRONTON RAILROAD COMPANY (Analysis) . 326
Detroit, Toledo & Ironton Railroad adjustment mortgage 5s, 1954 (2) Caa 329
Detroit, Toledo & Ironton Railroad equipment trust 6s, 1917-25 (3) A 329
Detroit, Toledo & Ironton Railroad first 5s, 1964 (1) Baa 329
DETROIT & TOLEDO SHORE LINE RAILROAD (Analysis) 329
Detroit & Toledo Shore Line Railroad first 4s, 1953 Aa 331
(1)
Detroit Union Railroad Depot & Station
Company 864
. / LPII . 1 UETICAL IXDEX. 45
RATING PAGE
Detroit Union Railroad Depot & Station Company stock B 864
Dexter & Newport Railroad first 4s, 1917 (7) Aa 420
Dexter & Newport Railroad guaranteed stock (2) A 422
Dexter & Piscataquis Railroad first 4s. 1H29 (8) Aa 420
Dexter & Piscataquis Railroad guaranteed stock (3) A 422
Diamond & Caldor Railway 864
*
Dominion Atlantic Railway Company 1224
Dominion Atlantic Railway extension debenture 4s, 1965 (3) 1224
Dominion Atlantic Railway first debenture 4s, 1944 (1) 1224
Dominion Atlantic Railway second debenture 4s, 1956 (2) 1224
Dover & Rockaway Railroad guaranteed stock (1) Aaa 625
WI.ITH \- IRON RANCH RAII.ROAD COMPANY (Analysis) 332
Duluth A: Iron Range- Railroad t i
1 ) Aaa 334
nri.lTH. MISSAMK & NORTHERN RAILWAY COMPANY (Analysis) 334
Duluth, Missal). hern Railway first 6s. 1<> (1) Aaa 336
Duluth. Mi hern Railway fir lidated 6s. I'.fj:; (2) ,
Aaa 336
Duluth. hern Railway general ~>s. 1941 (3) Aaa 336
Duluth & Northeastern Railroad 864
Duluth & Northern Minnesota Railway 865
Duluth. Rainy I,ake & Winnipeg Railway fir '_M (19) Baa 1205
DUI.I'TH. SMITH Slloki TIC RAILWAY COMPANY (Analysis) 1213
Duluth. iiore& Atlantic -
and 4' js. 1917-23 (4) Baa 1215

Duluth, South Shon- & Atlantic Railway first mortgage 5s, 1937(1) Ba 1215
Duluth, Sou & Atlantic Railway first consolidated mortgage 4s, 1990 (30) Ca 1215
Duluth. hon-& Atlantic i income 4s, 1912 (5) E 1215
Duluth. hore & Atlantic Railway preferred stock (1) :
1216
Duluth, South Short- & Atlantic Railway common stock (2) F 1216
Duluth, Winnipeg & Pacific Raii lx>nture stock, 1939 (26) Ba 1205
Duntiar aukee Railw.. 866
Dunleith & Dubuque Bridge Company 382
Durban ')28 (5) Aaa 652
Durha! h Carolina Railr 866
Durbar: 194 1 Ba 867
Durban 867
Durham Union Station Company 867
Durham Union Station Conipan A 868
Dut ,ilroad first 1' ,-s, 1940 (2) A 511
E
Iroad Bx Baa 1123
& <1 Coal Company 868
& .1 Coal Company first 4s. !r>S 1 ( 1 ) A 869
Iroad & Coal Company second income 4s, 1958 (2) Ba 869
: nil way 869
t Carolina Railway fir<t gold 4s, 1936 Caa 869
i & Terminal Company 869
nlan & Southern Railroad 871
Mahanoy Railroad guaranteed stock (5) Aaa 619
Railroad first 4s, 1958 (14)
iia Aaa 616
nnsylvania Railroad guaranteed stock (6) Aaa 619
-iff, Virginia & Georgia Railway consolidated V. l'.56 (4)
Eas Aaa 687
East Tennessee Virginia & Georgia Railway first 5s, 1930 (3)
,
Aaa 687
.see & Western North Carolina Railroad 870
RATING PAGE
East Tennessee & Western North Carolina Railroad first 5s, 1935 A 871
Eastern British Columbia Railway 1234
Eastern Kentucky Railway 871
Eastern Maine Railroad guaranteed stock (4) A 422
Eastern Railway of Minnesota Northern Division first mortgage 4s, 1948 (4) Aaa 362
Easton & Amboy Railroad first mortgage 5s, 1920, (7) Aaa 409
Easton & Northern Railroad first 4i/2 s, 1935 (12) Aaa 409
Eddystone & Delaware River Railroad 872
Elberton & Eastern Railway 873
El Dorado & Wesson Railway 873
Elgin & Havelock Railway 1234
ELGIN, JOLIET & EASTERN RAILWAY COMPANY (Analysis) 336
Elgin, Joliet & Eastern Railway first 5s, 1941 (1) Aaa 338
Elizabeth River Railroad first 4s, 1935 (2) Baa 1005
Elk & Little Kanawha Railroad 874
Elkin & Alleghany Railway 874
Elkton & Guthrie Railroad 164
Ellwood Short Line Railroad first mortgage 5s, 1922 (10) Aaa 177
Elmira & Williamsport Railroad first 4s, 1950 (41) Aa 547
Elmira & Williamsport Railroad income 5s, 2862 (42) Aa 547
Elmira & Williamsport Railroad preferred and common stock (6 and 7) Aaa 550
El Oro Mining & Railway Company, Ltd 1235
El Paso & Northeastern Company 876
El Paso & Northeastern Railroad 878
El Paso & Northeastern Railway 878
El Paso & Rock Island Railway 879
El Paso & Rock Island first 5s, 1951 (4) Aa 876
El Paso & Southwestern Company 875
El Paso & Southwestern Railroad Company 879
El Paso & Southwestern Railroad of Texas 880
El Paso Union Passenger Depot Company (Joint Control) 881
El Paso Union Passenger Depot Company first 5s, 1934 Aa 882
Entre Rios Railways Company, Ltd 1235
Erie & Jersey Railroad first 6s, 1955 (34) A 342
Erie & Kalamazoo Railroad guaranteed stock (13) Aaa 455
Erie & Michigan Railway & Navigation Company 882
Erie & Pittsburgh Railroad Company 588
Erie & Pittsburgh Railroad general (now first) 31/28, 1940 (16) Aaa 582
Erie & Pittsburgh Railroad common guaranteed stock (3) Aaa 584
Erie & Pittsburgh Railroad special guaranteed stock (4) Aaa 584
ERIE RAILROAD COMPANY (Analysis) 339
Erie Railroad Buffalo & South Western Division second mortgage 5s, 1918 (33) A 342
Erie Railroad 1917 (41)
collateral trust 5i/2 s, Aa 342
Erie Railroad consolidated general lien 4s, 1996 (37) Baa 342
Erie Railroad Series A 4s, 1953 (38) Ba 342
Erie Railroad convertible Series B 4s, 1953 (39) Ba 342
Erie Railroad convertible Series D 4s, 1953 (40) Ba 342
Erie Railroad equipment trust 4i/2 s and 5s, 1917-26 (42) Aa 342
Erie Railroad first consolidated prior lien 4s, 1996 (36) A 342
Erie Railroad Pennyslvania Coal collateral 4s, 1951 (19) Aa 342
Erie Railroad first preferred stock (10) B 346
Erie Railroad second preferred stock (11) Caa 346
Erie Railroad commonstock (12) C 346
Erie RailroadBuffalo Branch first mortgage 4s, 1931 (6) Aaa 342
Erie Railway consolidated 7s, 1920 (7) . Aaa 342
ALPHABETICAL IXDEX. 47
BATING PAGE
anaba & Lake Superior Railroad 883
Esquimalt & Nanaimo Railway 1224
'x Terminal Railway 1236
Etna & Montrose Railroad 883
European & North American Railway first refunding 4s, 1933 (9) Aa 420
European & North American Railway guaranteed stock (5) A 422
nsville Belt first r>s, 1940 (16) Ba. 239
.:>sville& Indian tilroad first (Is, 1<)24 (12) Ca 239
nsville & Indianapolis Railroad first consolidated Gs, 1926 (13) Ca 239
.nsville,Suburban & Newburgh Railway 884
.nsville.Suburban & N.-wburgh Railway first 5s, 1935 B 884
nsville, Terre Haute & Chicago Railway income 6s, 1920 (2) Ba 239
nsville & Tcrre Haute Railroad first consolidated 6s, 1921 (8) Baa 239
i-re Haute Railroad first general .~>s. 1942 (11) Caa 239
nsville <k Tern- Haul.- Railroad Mount Yernon Branch 6s, 1923 (9) B 239
rre Haute Railroad refunding 5s, 1941 (14) C 239
nsville & Tern- Haul.- Railroad Sullivan County Coal Branch 5s, 1930 (10) B 239
F
Fairchild & North-! '.
885
Fairpor ville & 1 Railroad 884
ithern Railway first mortgage Us. 1!>2-1 (8) Aaa 254
Farmers' Cram and Shipping Company Railroad 365
linand I: 886
Fernw. if Railroad 886
RROCAKKII.F.S NACIONALESDE .MKXICO (Analysis) 1255
nt. guaranteed i
>ck (14) Ba 204
Fitrhl.urg Railroad j.la (19) A 202
Flint & isolidatedmortgage 5s, 1939 (6) 1165
Flint & Railroad first mortgage 1165
Flint & rqnette
'
: first n, 1165
Flii Railroad I 'ort I: isioii :,s. 11)39 (7) 1165
Flint ,V : Toledo Division first mortgage 5s, 1937 (8) 1165
Flint R. mad 887
Flii Baa 887
ilroad ;
(!) 851
Florida Central \- Peninsular Railroad f (11) Aaa 652
Florida Central & Peninsular Railroad l=: .lidated .~>s. I'.il-". (1:5) Aa 652
Fir. i -ular Railroad f .0 (12) Aa 652
T RAILWAY COMPANY (
Analysis) 352
Fl<" .quipment r,s, 1917-22 (3) A 354
Flo, ;i,--t li_,~. 1 !>.-,!
(1) Aa 354
Florid;. general income 5s, 1959 (2) Ba 354
ny i 1184
Flo.- M Railn mortgage -Is. I'.i \~> ( 17) Aaa 146
Florida Railway tir>t 50, l'.t::4 (IT) 'A 652
VDA. JOHNSTOWN" & UI.oVKKSVII.LE RAILROAD COMPANY (Analysis) 354
Johnstown A Railroad lii
-ville .lidated 6s, 1921 (1) . Aa 356
-.
n & c.loversville Railroad fir .lidated refunding 41/28, 1947 (2) . Baa 356
\ n & <iloversville Railroad general refunding 4s, 1950 (3) . Ba 356
Fonda. John-town & c.loversville Railroad consol. general refunding 4l/2 s of 1952 (4) . . Ba 356
RATING PAGE
Fort Smith & Western Railroad 888
Fort Street Union Depot Company 889
Fort Street Union Depot Company first 41/28, 1941 (1) 'A 889
Fort Street Union Railroad 6 per cent, gold notes, 1918 (2) Baa 889
Fort Wayne & Jackson Railroad guaranteed stock (9) Aaa 455
Fort Worth & Denver City Railway 235
Fort Worth & Denver City Railway equipment 4i/2 s and 5s, 1917-25 (7) Aa 233
Fort Worth & Denver City Railway first mortgage 6s, 1921 (5) Aa 233
Fort Worth & Denver City Railway Terminal first mortgage 6s, 1937 (6) Ba 233
Fort Worth & New Orleans Railroad first 6s, 1925 (25) Aa 665
Fort Worth & Rio Grande Railroad 1267
Fourche River Valley & Indian Territory Railway 889
Frankfort & Cincinnati Railway 890
Franklin & Abbeville Railway 891
Franklin & Pittsylvania Railroad 891
Fremont, Elkhorn & Missouri Valley Railway first mortgage 6s, 1933 (20) Aa 263
Fulton Chain Railway 458
Fulton Chain Railway, first 5s, 1950 Ba 458
G
Gainesville Midland Railway 892
Gainesville Midland Railway first 5s, 1935 Ca 893
Gainesville & Northwestern Railroad 892
Galiatin Valley Railway Company 258
Ga'lveston,Harrisburg & San Antonio Railway 672
Galveston, Harrisburg & San Antonio Ry. Mexican & Pacific exten. first 5s, 1931 (23) Aaa 665
Galveston, Harrisburg & San Antonio Ry. Mex. & Pac. extension second 5s, 1931 (24).. Aa 665
GALVESTON, HOUSTON & HENDERSON RAILROAD COMPANY (Analysis) 357
Galveston, Houston & Henderson Railroad first 5s, 1933 (1) Baa 359
Galveston Terminal Railway 893
Galveston Terminal Railway first 6s, 1938 Baa 894
Genesee River Railroad first 6s, 1957 (35) A 342
Genesee & Wyoming Railroad 894
Genesee & Wyoming Railroad first 5s, 1929 Ba 894
Geneva, Corning & Southern Railroad first and refunding 4s, 1959 (42) Aa 449
Georges Valley Railroad 894
Georgia & Alabama Railway first consolidated 5s, 1945 (9) Aa 652
Georgia & Alabama Terminal Company first 5s, 1948 (10) Aa 652
Georgia, Carolina & Northern Railroad first 5s, 1929 (8) Aa 652
Georgia Coast & Piedmont Railroad 895
Georgia Coast & Piedmont Railroad first 5s, 1946 (1) 896
Georgia Coast & Piedmont Railroad first sinking fund 5s, 1962 (2) 896
Georgia Coast & Piedmont Railroad income debenture 6s, 1918 (3) 896
Georgia, Florida & Alabama Railway 896
GEORGIA & FLORIDA RAILWAY COMPANY (Analysis) 1140
Georgia & Florida Railway Company first 5s, 1956 (2) Da 1142
Georgia & Florida Railway twenty-year 6s, 1932 (3) D 1142
Georgia & Florida Terminal Company 1142
Georgia & Florida Terminal Company 6s, 1930 (4) C 1142
Georgia Midland Railway 693
Georgia Midland Railway first 3s, 1946 (23) A 687
ALPHABETICAL IXDEX. 49
RATING PAGE
Georgia Northern Railway 896
Georgia Northern Railway first 6s, 1935 Baa 897
Georgia Pacific Railway first 6s, 1922 (5) Aaa 687
GEORGIA RAILROAD (Analysis) 153
Railroad & Banking Company
Georgia 152
Railroad & Banking Company currency 5s, 1922 (2)
Georgia Aaa 152
Railroad & Banking Company debenture 6s, 1922 (1)
Georgia Aaa 152
Railroad & Banking Company refunding currency 5s,
Georgia 1922 (3) Aaa 152
Georgia Railroad & Banking Company refunding debenture 4s, 1947 (4) Aaa 152
Georgia Railroad& Banking Company stock Aa 152
GEORGIA UTHF.RN & FLORIDA RAILWAY (Analysis)
S< 701
Georgia Southern & Florida consolidated 4s, 1952 (2) A 703
Georgia Southern & Florida Railway equipment trust !' ..s, 1917-25 (3-5).. A 703
Georgia Southern & Florida Railway first 5s, 1945 (1) Aa 703
Georgia Southern & Florida Railway first preferred stock (1) A 704
Georgia Southern & Florida Railway second preferred stock (2) Baa 704
Georgia Southern & Florida Hallway common stock (3) Caa 704
Georgia. Southwestern & Gulf Railroad 897
Georgia, Southwestern & (Julf Railroad first r>s. l .r>9 (1)
(
B 898
yshurg & Harrisburg Railway 625
\- Harrisburg Kailv. 626
Northern Railway M'lM (18) I
Aa 665
(lilmore & I'ittsburg Railroad Company. Ltd 537
Gilpin Railr 235
ly & Alpena Railroad 898
: 1
way . . 164
Gla '
Jo < i ) .,
Baa 165
Ba 165
.
ille & P.roadalbin Railroad I (6) Baa 356
Golden L984 (2) 851
hen & Deck. rtgage 6s, 1928 (24) Aa 342
Goshen & Deckertown Railway second 6s, 1929 (25) Aa 342
hen & Deckertown Railway stock (2) Aaa 346
Gou hie Railway first mortgage 5s, 1942 (25) Aaa 449
Grafton & Upton Railroad 898
<n Railway 134
:ng & Saginaw Railway first mortgage 5s, 1924 (9) 1165
& Indiana Railroad Company first extended gB, 1941 (1)
nd Rapids I 1 Aaa 591
& Indiana Railroad Company first extended 8%B, 1941 (2)
rid Rapids . Aaa 591
GRAND RAPIDS & INDIANA RAILWAY COMPANY (Analysis) 588
Grand Rapids & Indiana Railway Company second 4s, 1936 (3) Aa 591
nd Rapids & Indiana Railway Company stock Caa 591
Grand Rap rn Railroad 899
Grand River Valley Railway new first mortgage 4s, 1959 (12) Aa 480
Grand Trunk Junction Railway first 5s, 1934 (2)
nd Trunk Pacific I'ranch Lines Company
nd Trunk Pacific Railway Company
'irand Trunk Pacific Railw:: benture stock (4)
rid Trunk Pacific Railway 5% sterling secured notes, 1921
Grand Trunk Pacific Railway, Lake Superior Branch, first 4s, 1955 (3)
nd Trunk Pacific Railway second mortgage 4s, 1955 (2)
Grand Trunk Pacific Railway sterling 4s, 1962 (5) 1242
nd Trunk Pacific Railway Western Division first mortgage 3s, 1962 (1)
\NI> THINK RAILWAY COMPANY OF CANADA (Analysis)
nd Trunk Railway equipment 4'/2 s, 1917-23 (8) :
A 1237
ALPHABETICAL INDEX.
RATING PAGE
(irand Trunk Railway second equipment 6s, 1919 (3) .............................. Aa 1237
Grand Trunk Railway perpetual consolidated debenture 4s (2) ...................... Aa 1237
Grand Trunk Railway perpetual debenture 5s (1) ................................. Aa 1237
Grand Trunk Railway 5% guaranteed notes, 1917 (9) ............................... A 1237
Grand Trunk Railway 5% secured notes, 1918 (10) ................................. A 1237
Grand Trunk Railway 5%% secured notes, 1918, 1920 (11) ......................... Ba 1237
Grand Trunk Railway 4 per cent, guaranteed stock (1) ............................. A 1239
Grand Trunk Railway 5 per cent, first preference stock (2) ....................... Baa 1239
Grand Trunk Railway second preference stock (3) ................................. B 1239
Grand Trunk Railway third preference stock (4) ................................. Caa 1239
Grand Trunk Railway ordinary stock (9) ........................................ Ca 1239
Grand Trunk Western Railway ...................................... ..............
.
1243
Grand Trunk Western Railway first 4s, 1950 (1) ..................................... 1243
Grand Trunk Western Railway general consolidated 4s, 1962 (3) ....................... 1243
Gray's Point Terminal Railway Company ........................................... 647
Gray's Point Terminal Railway Company first 5s, 1947 (3) ............... ........... Aa 645
Great Northern & Northern Pacific joint (C. B. & Q. collateral) 4s, 1921 (101) ......... Aaa 362
GREAT NORTHERN RAILWAY COMPANY (Analysis) ............................ 360
Great Northern Railway of Canada 1934
first 4s, (21) ............................ Baa 1205
Great Northern Railway C. B. & Q. collateral 4s, 1921 (10) ........................ Aaa 362
Great Northern Railway first and refunding 4V4s, 1961 (9) ........................ Aaa 362
Great Northern Railway stock ................................................. Aa 364
Great Southern Railroad Company ................................................ 899
Great Western of Brazil Railway Company, Ltd ...................................... 1248
Great Western Railway .......................................................... 900
Great Western Railway perpetual debenture 5s (4) ................................. A 1237
GREEN BAY & WESTERN RAILROAD COMPANY (Analysis) ..................... 1143
Green Bay & Western Railroad Class A debentures (1) .............................. A 1145
Green Bay & Western Railroad Class B debentures (3) .............................. B 1145
Green Bay & Western Railroad stock (2) ........................................ Ba 1145
Greenbrier Railway first mortgage 4s, 1940 (8) .................................... A 219
Greene County Railroad ....... ..................................................
. 901
Greene Railroad guaranteed stock (11) ......................................... Aaa 316
Greenville & Newnan Railway first mortgage 4s, 1925 (12) ................... ...... Aa 387
Greenville & Western Railway .................................................... 1184
Greenwich & Johnsonville Railway ................................................ 308
Greenwich & Johnsonville Railway first 4s, 1924 .................................... A 309
Greenwich Tramway first 5s, 1931 (21) .......................................... Aa 504
Groveton, Lufkin & Northern Railway ................................ K .-. . . . .....
. . . 901
Guantanamo & Western Railroad Company .......................................... 1249
Guatemala Central Railroad first 6s, 1931 ............................................ 1251
Guayaquil & Quito Railway Company ............................................... 1249
Gulf, Florida & Alabama Railway Company ........................................ 903
Gulf, Florida & Alabama Railway Company first 5s, 1961 ............................ B 903
GULF, MOBILE & NORTHERN RAILROAD COMPANY (Analysis) ................. 366
Gulf & Sabine River Railroad ..................................................... 902
GULF & SHIP ISLAND RAILROAD COMPANY (Analysis) ............ .............. 368
Gulf & Ship Island Railroad first refunding and terminal 5s, 1952 (1) ............... Baa 370
Gulf & Ship Island Railroad debenture 6s, 1918-24 (3) ............................... A 370
Gulf & Ship Island Railroad general and refunding 6s, 1917 (2) .......... ........... A
,. 370
Gulf & Ship Island Railroad stock .................................... ........... Ca 371
Gulf Terminal Company .......................................................... 904
Gulf Terminal Company first 4s, 1957 ............................................. A 904
Gulf, Texas & Western Railway ......... 904
H
RATING PAGE
Halifax &
Southwestern Railway first 31/28, 1943 (20) Baa 1205
Hampden Railroad Corporation 905
Hampton & Branchville Railroad 905
Hancock & Calumet Railroad consolidated 5s, 1931 (2) B 1216
Hannibal Connecting Railroad 906
Hannibal Union Depot Company 906
Hardwick & Woodbury Railroad 907
Harlem River& For r Railroad 512
Harlem River & Port ('hot. r Railroad first 4s, 1954 (1) Aaa 504
Harriman & Northeastern Railroad 290
Harriman & Northeastern Railroad first (Is. 1921 Ba 291
Harrisburg, Portsmouth, Mount Joy & Lancaster Railroad 553
Harrisburg, Portsmouth, Mount Joy & Lancaster Railroad first 4s, 1943 Aaa 554
H;trrishurg, Portsmouth, Mount Joy & Lancaster Railroad guaranteed stock (2) Aaa 550
Hartford & Connecticut Western Railroad 511
Hartfor ; A 512
Hartford. M k\ ille Tramway first 5s. 1924 (19) Aa 504
Hartf..nl Street Railway debenture -K l'.i:;i> (41) A 504
Hartfor Aa 504
Hartwell Railway 694
Ha-. ;lroad 1264
Havana Terminal Railroad 1265
Hawaii '
i
Railway, Ltd 908
kinsville & I-'lorida :ilway 704
'.kinsville& Florida Southern Railway fir Baa 705
lie & M 907
:
mortgage t,
(21) Aaa 161
Hei Aa 420
He!-- (6) A 422
Hibernia Mine Rail) .ranteed stock (2) Aaa 625
Hili 909
Hill Northeast.- Railway 909
MannM : 1184
HOCK INC VALLKY RAILWAY COMPANY (Analysis) 222
H. .eking Valley Rail Aaa 224
ipment :
'
I T-'J 1 I "> > Aaa 224
Hoeking Valley Rail 1!)17 (4) Aa 224
:iey Rail ck A 225
Hollidaysborg, i: r:d Railroad first Is. r.cu (12) Aa 547
H'.l .lated 5s, 1926 (6) Ba 215
Hi.lt-.n Inter-rrban Raflwaj 909
Holton ! t 6s. 1918-19:17 - Ba 910
H-.i Iroad 512
'mad first 4</2 s. 1951 . . . . Aa 513
Holyoke & \\ ,
c k (1) Aa 507
Horn.- A-.'Tiue Railr -.pany 189
Hoosac Tunnel & Wilmington Railroad 910
Hoosac Tunnel & Wilmington Railroad first 5s, 1922 :
Baa 911
nic Railroad con "lidated5s, 1937 (3) Aaa 504
Ho; ]t & Terminal Railway 911
ninal Railway sinking fund 5s, 1937 Baa 911
<t W. Railway
t 673
52 A LP1IA BET 1C A L IXDKX.
RATING PAGE
Houston East & West Texas Railway first 5s, 1933 (10) Aaa 665
Houston & Shreveport Railroad 673
Houston & Texas Central Railroad 674
Houston & Texas Central Railroad first 5s, 1937 (20) Aaa 665
Houston & Texas Central Railroad general 4s, 1921 (21) Aa 665
Hudson Coal Company debenture 4s, 1917 (7) Aa 304
Hudson Coal Company debenture 4s, 1917-18 (8) Aa 304
HUNTINGDON & BROAD TOP MOUNTAIN RAILROAD & COAL CO. (Analysis) 371
Huntingdon & Broad Top Mountain Railroad & Coal Company consolidated 5s, 1925 (3) B 373
Huntingdon & Broad Top Mountain Railroad & Coal Company equip. 4i/2 s, 1917-21 (4).. A 373
Huntingdon & Broad Top Mountain Railroad & Coal Company first 4s, 1920 (1) Baa 373
Huntingdon & Broad Top Mountain Railroad & Coal Company second 4s, 1925 (2) Ba 373
&
Huntington Big Sandy Railroad first mortgage 6s, 1922 (13) Aaa 177
Hutchinson & Southern Railway first mortgage 5s, 1928 (10) Aaa 130
Iberia & Vermilion

Railroad 677
Idaho Southern Railroad 911
ILLINOIS CENTRAL RAILROAD COMPANY (Analysis) 374
Illinois Central Railroad, Chicago, St. L. & N. 0. joint 5s, 1963 (28) Aa 378
Illinois Central Railroad collateral trust 4s, 1952 (10) Aaa 378
Illinois Central Railroad equipment 4s, 4i/2 s and 5s, 1917-26 (29-33) Aaa 378
Illinois Central Railroad first 3i/2 s, 1950 (2) Aaa 378
Illinois Central Railroad firstmortgage 3i/2 s and 4s, 1951 (3, 4 and 6) Aaa 378
Illinois Central Railroad Litchfield Division first mortgage 3s, 1951 (18) . . . Aaa 378
Illinois Central Railroad L. N. O. & T. collateral trust 4s, 1953 (12) Aaa 378
Illinois Central Railroad Louisville Division and Terminal first 31/28, 1953 (16) Aaa 378
Illinois Central Railroad Omaha Division first mortgage 3s, 1951 (17) Aaa 378
Illinois Central Railroad Purchased Lines first mortgage 3i/2 s, 1952 (19) . . Aaa 378
Illinois Central Railroad refunding mortgage 4s, 1955 (27) Aa 378
Illinois Central Railroad St. Louis Division and Terminal first 3 i/2 s, 1951 (14) Aaa 378
Illinois Central Railroad St. Louis Division and Terminal first mortgage fs, 1951 (15) Aaa 378
Illinois Central Railroad Springfield Division first mortgage 3V2 s, 1951 (8) Aaa 378
Illinois Central Railroad sterling 4s, 1951 (1) Aaa 378
Illinois Central Railroad sterlings 3s, 1951 (5) Aaa 378
Illinois Central Railroad sterling trust 3i/2 s, 1950 (7) Aaa 378
Illinois Central Railroad Western Lines first mortgage 4s, 1951 (13) Aaa
. . . 378
Illinois Central Railroad "leased lines" stock (1) Aa 381
Illinois Central Railroad stock (2) A 381
Illinois Northern Railway 912
Illinois Southern Railway Company (The) 913
Illinois Southern Railway first 5s, 1951 (1) B 913
Illinois TerminalRailroad 914
Illinois TerminalRailroad first 5s, 1925 A 914
Imperial Rolling Stock Company, Limited, equipment trusts (35) Ba 1205
Independence & Monmouth Railway 914
Indian Creek Valley Railway 915
Indiana, Bloomington & Western Railway first preferred 4s, 1940 (16) Aa 466
INDIANA HARBOR BELT RAILROAD (Analysis) 468
Indiana Harbor Belt Railroad general 4s, 1957 (2) Aaa 470
Indiana, Illinois & Iowa Railroad first mortgage 4s, 1950 (40) Aaa 449
Indiana Stone Railroad Company 251
RATING PAGE
Indianapolis & Louisville Railway 250
Indianapolis & Louisville Railway first mortgage 4s, 1956 (5) A 249
Indianapolis & St. Louis Railroad first mortgage 7s, 1919 (4) Aaa 466
Indianapolis Union Railway 915
Indianapolis Union Railway general and refunding 5s, 1965 (2) Aa 916
Indianapolis Union Railway sinking fund 4 l/zs, 1926 (1) Aa 916
International Bridge Company 1243
International & Great Northern Railroad first 6s, 1919 (1) Baa 394
INTERNATIONAL & GREAT NORTHERN RAILWAY (Analysis) 392
International & Great Northern Railway equipment 5s, 1917-23 (6) Ba 394
International &
Great Northern Railway first refunding 5s, 1941 (4) C 394
International & Great Northern Railway receivers' certificates 6s, 1917 (2) Baa 394
International & Great Northern Railway three-year notes, 1914 (3) C 394
Internationa] Railways of Central America 1250
Interstate Railroad 916
.'e Railroad quipment tr 1918-1923 Baa 917
Iu\va Vntral Railway equipment 5s, 1917-20 (10)
i
A 434
Iowa Central Railway first mortgage 5s, 1938 (6) A 434
Railway refunding 4s, 1951 (7)
1
B 434
way first mortgage 7s, 1917 (26) Aaa 378
Iowa, Minnesota rn Railway first mortgage 3>/.jS, 1935 (14) Aa 263
Ir- Iroad Company .
917
Railroad 918
Ivorydale & .Mill Creek Valley Railu 918
J
using & Sagi Iway first mortgagi -ol (5) Aaa 480
Terminal ('"ir.pany
.
ill- 919
Jacksonville Terminal <'-.mi . 1939 Aaa 919
Jar Railway 266
AM. Franklin & Clearfi.-ld Railroad first mortgage 4s, 1959 (8) Aaa 449
Jefferson & Northwestern Railway 919
JefT mortgage 5s, 1919 (14) Aaa 342
Jefferson Railroad, 1 'ranch first mortgage 41/28. 1927 (12) Aaa 342
Jeff' sdale Bram I
\>urg RJS '.)29 (30) ... Aa 547
boro Horse Railroad first extended 5s, 1933 (7) Ba 356
Jolii-t & "hicago
( Railroad 738
Jolit-t & Chicago Railroad guaranteed stock (2) B 738
JoliotcS. rn Indiana Railv. mortgage 4s, 1957 (6) Aaa 480
& Eastern Railroad 920
ern Railroad first 5s, 1925 B 920
Joplin Union Depot Company 920
Depot Company first 4i/s, 1940
n Aa 921
Jucaro & Moron Railway 1251
Junction & Bn-akwater Railroad first 3s, 1932 (5) . . . . Aa 573
Junction Railroad general 3</2 s, 1930 (11) Aa 547
K
Kahului Railroad 12 52
All.-gan & Grand Rapids Railway first mortgage 5s, 1938 (6) Aaa
Kalama/.oo, Allegan & Grand Rapids Railway guaranteed stock (10) Aaa 455
Kalamazoo, Lake Shore & Chicago Railway 921
EATING PAGE
Kalamazoo & South Haven Railroad first mortgage 5s, 1939 (3) Aaa 480
Kalamazoo & White Pigeon Railroad first mortgage 5s, 1940 (5) Aaa 449
Kanawha Bridge & Terminal Company 221
Kanawha Bridge & Terminal Company first 5s, 1948 Ba
Kanawha, Glen Jean & Eastern Railroad 922
KANAWHA & MICHIGAN RAILWAY COMPANY (Analysis) 487
Kanawha & Michigan Railway equipment 41/os, 1917-24 (4 and 5) Aa 489
Kanawha & Michigan Railway first mortgage 4s, 1990 (1) Aaa 489
Kanawha & Michigan Railway second mortgage 5s, 1927 (2) Aa 489
Kanawha & Michigan Railway stock Baa 490
Kanawha & West Virginia Railroad 490
Kanawha & West Virginia Railroad first 5s, 1955 (3) A 489
Kane & Elk Railroad 922
Kankakee & Seneca Railroad 923
Kankakee & Southwestern Railroad first mortgage 5s, 1921 (9) Aaa 378
Kanona & Prattsburgh Railway 923
Kansas City, Clinton & Springfield Railway 925
Kansas City, Clinton & Springfield Railway first 5s, 1925 926
Kansas City, Excelsior Springs & Northern Railroad first 4s, 1928 (8) Baa 762
Kansas City, Fort Scott & Memphis Railway consolidated 6s, 1928 (4) Aa 1170
Kansas City, Fort Scott & Memphis Railway refunding 4s, 1936 (8) Baa 1170
Kansas City, Fort Scott & Memphis Railway preferred stock certificates (1) Ba 1172
Kansas City, Memphis & Birmingham Railroad general 4s, 1934 (6) A 1170
Kansas City, Memphis & Birmingham Railroad income 5s, 1934 (7) Baa 1170
Kansas City & Memphis Railway & Bridge Company first 5s, 1929 (9) Baa 1170
Kansas City & Memphis Railway Company 924
Kansas City, Mexico & Orient Railroad Company 926
Kansas City, Mexico & Orient Railroad adjustment bonds, 1964 927
Kansas City, Mexico & Orient Railroad six per cent gold notes, "1916 927
Kansas City North Western Railroad first mortgage 5s, 1933 (12) 1156
Kansas City & Pacific Railroad first mortgage 4s, 1990 (8) Ba 1150
Kansas City, St. Louis & Chicago Railroad 739
Kansas City, St. Louis & Chicago Railroad preferred stock (1) B 738
Kansas City, Shreveport & Gulf Terminal Company 399
KANSAS CITY SOUTHERN RAILWAY COMPANY (Analysis) 395
Kansas City Southern Railway equipment 5s, 1917-24 (3) Aa 397
Kansas City Southern Railway first mortgage 3s, 1950 (1) Aaa 397
Kansas City Southern Railway refunding and improvement mortgage 5s, 1950 (2) A 397
Kansas City Southern Railway preferred stock (1) Baa 398
Kansas City Southern Railway common stock (2) Caa 398
Kansas City Terminal Railway 927
Kansas City Terminal Railway first 4s, 1960 (1) Aa 928
Kansas City Terminal Railway secured notes, (a, b and c) Aa 928
Kansas & Colorado Pacific Railway first refunding 6s, 1938 (10) 1156
Kansas & Missouri Railroad first 5s, 1922 (3) Aaa 1170
Kansas & Oklahoma Southern Railway 924
Kansas Southwestern Railway 134
Keeseville, Ausable Chasm & Lake Champlain Railroad 928
Kennebec Central Railroad 929
Kennebec Central Railroad first 4Vs Baa 929
Kennebunk & Kennebunkport Railroad 4V per cent guaranteed stock (17) Ba 204
Kentucky Central Railway first mortgage 4s, 1987 (12) r Aa 161
Kentucky & Indiana Terminal Railroad 929
Kentucky & Indiana Terminal Railroad first 4i/2 s 1961 ;
Aa 930
Kentucky Midland Railway 931
RATING PAGE
Kentucky & Tennessee Railway 930
Kentucky & Tennessee Railway first 6s, 1925 B 930
Kentwood & Eastern Railway 931
Kentwood, Greenburg & Southwestern Railroad 932
Keokuk & Des Moines Railway 282
Keokuk & Des Moines Railway first 5s, 1923 Caa 283
Keokuk & Hamilton Bondholders Company
'
932
kuk & Hamilton P.ridge Company 932
Keokuk & Hamilton Bridge Company first 8s B 933
Keweenaw Central Railroad 933
Kinder & Northwestern Railroad 933
Kingston & Pembroke Railway 1225
Kishacoquillas Valley Railroad 934
Kittanning Run Railroad 934
Klondike Minos Railway 935
Knox & Lincoln Railway S.-ri.-s "A" 5s, 1921 (:}) Aaa 420
Knoxville & Ohio Railroad first 6s, 1925 (6) Aaa 687
Knoxville, Sevierville & Eastern Railway Company 935
L
kawanna & Moir Imad 317
Lacka wanna Railroad of New Jersey guaranteed stock (13) Aaa 316
I .a '
Southeastern Railway
I 936
Lake Champlain & Moriah Railroad 936
Lake Champlain & St. Ijiwivrn-f Junrtion Railway 1225
Lake Char). 'hern Railroad 675
Lake Charles Railway & Navigati'.n Company 937
Lake Erie. Franklin & Clarion Railroad 938
larion Railroad B 939
Lat rg Railwav 938
I.AKF. ERIE A: WESTERN RAII.RnAI) (Analysis) 471
Lake Erie & ilroad equipmen 1017-27(4) Baa 473
LakeErieA ilroad first moi- .1937(1) A 473
Lake Erie & Railr.. ;i .i -econd mortgage 5s, 1941 (2)
. Ba 473
Lake Erie & We.-N-rn Railroad preferred stock (1) Ca 473
Lake Erie & W- >mmon stock (2) C 473
,v Michigan Southern Railway debenture 4s, 1928 (3) Aaa 449
Lak Michigan Southern Railway 2.1-ycar debenture 4s, 1931 (4)
vfe Aaa 449
Lak ,v Mirh;/ Railway first mortgage :'.' -s, 1997 (2)
-i Aaa 449
Marblehead Railn.ad 939
le & Marblehead Railroad first 6s, 1922 A 940
ing Railway 940
[Kjming Railway first series 6s, 1918-1931 Ba 940
inal & Transfer Railway 941
iway & Transportation Company 941
& Transportation Company first sinking fund 5s, 1931 Baa 942
Lake Termin. 942
Iway
Lancaster A- Iway fir '21 - Ba 943
Lansing Mann: Railroad 943
I,ar road first 5s, 1920-1930 Baa 944
Railway 1929
first 6s, 846
.iu County Railroad 944
RATING PAGE
Las Vegas & Tonopah Railroad 944
Laurel Railroad 946
Leamington & St. Clair Railway first mortgage 4s, 1945 (10) Aaa 480
Leavenworth Terminal Railway & Bridge Company 245
Leaven worth Terminal Railway & Bridge Company first 5s, 1923 Ba 245
Leavenworth & Topeka Railway 946
Leesville East & West Railroad 947
Leetonia Railway 947
LEHIGH & HUDSON RIVER RAILWAY COMPANY (Analysis) 400
Lehigh & Hudson River Railway debenture 4s, 1920 (3) Aa 402
Lehigh & Hudson River Railway general mortgage 5s, 1920 (2) Aaa* 402
Lehigh & Hudson River Railway second consolidated 5s, 1917 (1) Aaa 402
Lehigh & Lake Erie Railroad first mortgage 4i/2 s, 1957 (11) Aa 409
LEHIGH & NEW ENGLAND RAILROAD COMPANY (Analysis) 403
Lehigh & New England Railroad first 5s, 1945 (1) Aaa 405
Lehigh & New England Railroad general 5s, 1954 (2) Aa 405
Lehigh & New England Railroad equipment trust 4^8, 1917-30 (3) Aaa 405
Lehigh & New York Railroad first 4s, 1945 (6) Aaa 409
LEHIGH VALLEY RAILROAD COMPANY (Analysis) 406
Lehigh Valley Railroad collateral 4s, 1917-26 (5) Aaa 409
Lehigh Valley Railroad consolidated 41/38, 1923 and irredeemable (2) Aaa 409
Lehigh Valley Railroad consolidated 6s, 1923 and irredeemable (3) Aaa 409
Lehigh Valley Railroad equipment 4i/2 s, 1917 (17) Aaa 409
Lehigh Valley Railroad first extended 4s, 1948 (1) , Aaa 409
Lehigh Valley Railroad general consolidated 4s and 41/38, 2003 (4) Aaa 409
Lehigh Valley Railroad preferred stock (3) Aaa 411
Lehigh Valley Railroad common stock (4) Baa 411
Lehigh Valley Railroad Terminal first mortgage 5s, 1941 (8) Aaa 409
Lehigh Valley Railway of New York first mortgage 4Vfcs, 1940 (9) Aaa 409
Leroy & Caney Valley Air Line Railway first mortgage 5s, 1926 (13) 1156
Lewiston, Nezperce & Eastern Railroad 948
Lexington & Eastern Railway first 5s, 1965 (26) Aa 161
Lexington Union Station Company 949
Lexington Union Station Company preferred stock Baa 949
Liberty- White Railroad 949
Lick Creek & Lake Erie Railroad first 5s, 1923 (1) Aa 215
Ligonier Valley Railroad 950
Ligonier Valley Railroad first 6s, 1943 Baa 950
Lime Rock Railroad 950
Lime Rock Railroad consolidated refunding 4s, 1929 Ba 951
Lincoln Park & Charlotte Railroad first mortgage 5s, 1939 (3) Aaa 211
Lindsay, Bobcaygeon & Pontypool Railway first mortgage 4s, 2002 (10) Aa 1212
Litchfield & Madison Railway 951
Litchfield & Madison Railway first 5s, 1934 Ba 952
Little Falls & Dolgeville Railroad first 3s, 1932 (44) A 449
Little Kanawha Railroad 952
Little Miami Railroad 594
Little Miami Railroad betterment stock (2) Aaa 603
Little Miami Railroad first 4s, 1962 (13) Aaa 602
Little Miami Railroad original stock (1) Aaa 603
Little River Railroad 953
Little Rock Bridge Company first 6s, 1919 (9) Aa 279
Little Rock & Hot Springs Western Railway first mortgage 4s, 1939 (19) Baa 1156
Little Rock Junction Railway first consolidated 6s, 1916 (18) 1156
* For Guaranteed Bonds.
A LPH A 11ETICA L IXDEX. 57
RATING PAGE
Little Rock. Maumelle &Western Railroad 953
Little Rock, Sheridan & Saline River Railway 953
Little Schuylkill Navigation Railroad & Coal Company guaranteed stock (It Aaa 619
Live Oak, Perry & Gulf Railroad 954
Live Oak, Perry & Gulf Railroad first 5s, 1942 B 954
Long Dock Company consolidated 6s, 1935 (15) Aaa 342
Long Island City & Flushing Railroad consolidated 5s, 1937 (10) Aa' 566
I.n.M J ISLAND RAILROAD COMPANY (Analysis) 563
Long Island Railroad Company debenture 5s, 1934 (5) Aa 566
Long Island Railroad 'mnpany debenture 4s, 1919 (19)
< 566
Long Island Railroad Company equipment 4s and 5s, 1917-24 (18) Aa 566
:and Railroad Company Ferry first 4V->s, 1922 (7) Aa 566
Long Island Railroad Company first consolidated 5s, 1931 (2) Aaa 566
Long Island Railroad Company first consolidated 4s, 1931 (3) Aaa 566
Long Island Railroad Company general 4s, 1938 (4) Aa 566
Long Island Railroad Company North Shore Branch first consolidated 5s, 1)32 (15) . . . Aa 566
Long Island Railroad Company refunding 4s, 1949 (14) Aa 566
Long Island Railroad Company second (now first) 7s, 1918 (1) Aaa 566
Long Island Railroad Company Stewart Line 4s, 1932 (6) Aa 566
Long Island Railroad Company unified 4s, 1949 (13) A 566
Iroad Company stuck (2) C 567
Iway
ithern Railroad 954
tin & West Virginia Railroad 955
iiii & \V -.nia Rai! Ba 955
ANGE T I.AKK RAII.ROAD (Analysis) 751
& San Dkv '
956
!.<)' A & AK -.S RAILWAY COMPANY (Analysis) 412
Louisiana & Arkansas Railway equipme-
'
> Baa 414

siana & Arkansas Railv. : :27 ( 1 ) Baa 414
Louisiana & Missouri R. :road 738
:vd guaranteed stock (3) B 738
Da i North \ .i Iroad '
956
! 957
JO Ba 957
I.nriSIANA RAILWAY & NAVIGATION COMPANY (Analysis) 415
tion Company first4i/2 s, 1953 (1) Caa 417
1161
676
estern I: 1921(26) Aa 665
591
Lou incinnati & Lexington Railway general mortgage 4Vgs, 1931 (4) Aaa 161
.
II.I.K. HKNIH ST. LOUIS RAILWAY COMPANY (Analysis)
,\: 167
>n & St. I/mis Railway consolidated 5s, 1965 (3) Baa 169
Lou n & St. Louis Railway equipment 4 >/2 s, 1917-22 (2) A 169
Louisvi n & St. Louis Railway fifty-year first mortgage 5s, 1946 (1) Aa 169
Louisvi: .n & St. Louis Railway preferred stock (1) . Caa 169
>n & St. Louis Railway common stock (2) Ca 169
& JeHVrsonville Bridge Company
!le 957
ile & JefTersonville Bridge Company first 4s, 1945 Aa 958
LOUISVIL1 \SHVII.I.I-; RAILROAD COMPANY (Analysis) 158
Atlanta, Knoxville & Cincinnati division 4s 1955 (20) . Aa 161
mortgage 5s, 1931 (3)
uilroad collateral first Aaa 161
:,iilroad East Henderson & Nashville Division first 6s, 1919 (6) Aaa 161
Louisville & Nashville Railroad equipment 5s, 1917-2:; (27) Aaa 161
RATING PAGE
Louisville & Nashville Railroad general mortgage gold 6s, 1930 (1) Aaa 161
Louisville & Nashville Railroad 50-year first mortgage 5s, 1937 (2) Aaa 161
Louisville & Nashville Railroad Mobile & Montgomery first mortgage 41/38 1945 (5) . Aaa
." 161
Louisville & Nashville Railroad New Orleans & Mobile Division first 6s, 1930 (7) Aaa 161
Louisville & Nashville Railroad New Orleans & Mobile Division second 6s, 1930 (8) ... Aa 161
Louisville & Nashville Railroad Paducah & Memphis Division first 4s, 1946 (13) Aa 161
Louisville & Nashville Railroad Pensacola Division first mortgage 6s, 1920 (9) Aaa 161
Louisville & Nashville Railroad South East & St. Louis Division first 6s, 1921 (10) Aaa 161
Louisville & Nashville Railroad South East & St. Louis Division second 3s, 1980 (11) .Aa . 161
Louisville & Nashville Railroad Southern-Monon joint mortgage 4s, 1952 (22) A 161
Louisville & Nashville Railroad Terminal gold 4s, 1952 (23) Aa 161
Louisville & Nashville Railroad unified mortgage 4s, 1940 (16) Aaa 161
Louisville & Nashville Railroad stock (2) Aa . 164
Louisville & Nashville Terminal Company 165
Louisville, New Albany & Corydon Railroad 958
Louisville, New Albany & Corydon Railroad first 6s, 1918 Ba 959
Louisville, New Orleans & Texas Railroad bonds (4, 5 and 6)
Louisville & Wadley Railroad 390
Lowell & Andover Railroad 8 per cent, guaranteed stock (18) Ba 204
Lowville & Beaver River Railroad 959
Lykens Valley Railroad & Coal Company 561
Lykens Valley Railroad & Coal Company stock (3) Aa 550
M
McCloud River Railroad 959
McCloud River Railroad first 5s, 1937 B 960
McKeesport & Belle Vernon Railroad first mortgage 6s, 1918 (5) Aaa 476
McKeesport Connecting Railroad 960
Macon & Birmingham Railroad 961
Macon, Dublin & Savannah Railroad 655
Macon, Dublin & Savannah Railroad first 5s, 1947 Baa 656
Macon Terminal Company 961
Macon Terminal Company first 5s, 1965 A 962
Mahoning Coal Railroad first mortgage 5s, 1934 (7) Aaa 449
Mahoning Coal Railroad guaranteed preferred stock (11) Aaa 455
Mahoning Coal Company common stock (12) Aaa 455
MAINE CENTRAL RAILROAD COMPANY (Analysis) 417
Maine Central Railroad Company collateral trust sinking fund 5s, 1923 (1) Aaa 420
Maine Central Railroad Company first refunding 4i/2 s, 1935 (6) Aa 420
Maine Central Railroad Company sinking fund improvement 4i/s, Series B 1917 (2) . Aaa 420
Maine Central Railroad Company preferred stock (10) A 422
Maine Central Railroad Company common stock (11) Baa 422
Maine Shore Line Railroad first 6s, 1923 (4) Aaa 420
Mammoth Cave Railroad 962
Manchester & Lawrence Railroad 10 per cent, guaranteed stock (19) Ba 204
Manchester & Lawrence Railroad plain 4s, 1922 (22) Aa 202
Manchester & Oneida Railway 962
Manchester & Oneida Railway first 5s, 1921 [
B 963
Manistee & Northeastern Railroad 963
Manistee & Northeastern Railroad first 5s, 1918-1937 B 964
Manistique & Lake Superior Railroad 1136
Manistique & Lake Superior Railroad income 4s, 1934 B 1137
Manitoba South Western Colonization Railway first mortgage 5s ,1934 (2) Aaa 1212
BATING PAGE
Manitou & Pike's Peak Railway 964
Manitou & Pike's Peak Railway first refunding 5s, 1928 B 964
Manitowoc, Green Bay & North Western Railway first mortgage 3V^s, 1941 (21) Aa 263
Mansfield Railway & Transportation Company 964
nufacturers Junction Railway 965
Manufacturers Railway 966
Marcellus & Otisco Lake Railway 966
Marianna & Blountstown Railroad '. . 967
Marietta, Columbus & Cleveland Railroad 968
Marinette, Tomahawk & Western Railroad 968
Marion & Rye Valley Railway 969
Marion & Rye Valley Railway first 6s, 1922 B 970
ritime Coal, Railway & Power Company, Ltd 1252
Marquett". Hoiighton & Ontonagon Railroad general mortgage 6s, 1925 (2) Ba 1215
Marquette & Southeastern Railway 933 (1) !
B 992
Marshall & Hast Te\a- Railway 970
Maryland, Delaware & Virginia Railway 560
Maryland. Delawarc& Virginia Railway first 5s, 1955 B 560
MARYLAND A: PENNSYLVANIA RAILROAD (Analysis) 425
Maryland & Pennsylvania Railroad equiprm '17-23 (5) ;
A 427
Maryland i :ailroad first (2) !
Ba 427
Maryland i :.iilroad income -Is, 1!.~1 <:',)! Caa 427
Maryland & Pennsylvania Railroad Jo-year mnvertihle tis, 1923 (6) B 427
Maryland & Pennsylvania Terminal Railway first .">>. l'.i:{6 (4) Ba 427
Mas..n '
/.. Railroad ... 245
>odge Railroad first mortgage 4s, 1955 (2)
I
B 244
ippi Valley Railway 6 per cent, guaranteed stock (3) Ba 204
Massena Terminal Railroad 970
sillon& Cleveland Railroad 594
Dillon A :id Railroad stock A 595
ton. Alma & Southbound Railroad 971
Meadville, (
ionneanl Lake & Linesvillc Railroad 197
e & Lii,. ';.iilroad first r,s. 1921 (5) Aa 196
Memplii-. Dalla- A- ', .:!:....;.. 1185
'alias & Gulf first refunding 6s, 1943 (2) 1185
& Gulf first g.,l: Ba 1185
tion Company 971
MemphN I'lii'.n Station <
:!ipany first ."is, 1959 (1) Aaa 972
iden Horse Rail: I'.iiM ( lo) Aa 504
Merid.-n. Southington & Ci-mpounce Tramway Company first 5s, 1928 (24) Aa 504
idian Terminal Compan; 972
Meridiar, Terminal Company first 4s, 1955. . Aa 972
;1
Railway 1252
rthern Railway 1253
Northern Railway first fo, 1 !:;<> Ba 1253
mpany. Ltd 1253
North Westt-rn Railway 1254
!
Railroad first mortgage 4s, 1940 (4) Aaa 480
higan Air Line Railwav 1244
MICHIGAN CKNTRAL RAILROAD COMPANY (Analysis) 477
ad equipment trust 5s, 1917-30 (16) Aa 480
ntral Railroad debenture 4s, 1929 (13) Aa 480
ilroad first mortgar I ( 1 ) Aaa 480
d Railroad stock (3) Baa 482
nigan Ka-t and West Railway 973
RATING PAGE
Middleburgh & Schoharie Railroad 1186
Middlesex Valley Railroad first mortgage 5s, 1942 (10) Aaa 409
Middletown & Unionville Railroad 973
Middletown & Unionville Railroad first 6s, 1933 (1) Ba 974
Midland Continental Construction Company collateral trust 6 per cent, notes (2) 1186
Midland Continental Railroad 1185
Midland Pennsylvania Railroad 974
Midland Railroad of New Jersey first mortgage 5s extended, 1940 (1) Aaa 351
Midland Terminal Railway 851
Midland Terminal Railway first sinking fund 5s, 1925 A 852
MIDLAND VALLEY RAILROAD (Analysis) 428
Midland Valley Railroad first 5s, 1943 (1) Ba 430
Midland Valley Railroad income 5s, 1953 (2) Ca 430
Mill Creek & Mine Hill Navigation & Railroad guaranteed stock (8) Aaa 619
Millen & Southwestern Railroad first 5s, 1955 (1) B 1142
Mill Valley & Mount Tamalpais Scenic Railway first 5s, 1929 A 991
Milwaukee, Lake Shore & Western Railway Ashland Division first 6s, 1925 (9) Aaa 263
Milwaukee, Lake Shore & Western Railway extension and improvement 5s, 1929 (10). Aaa 263
Mliwaukee, Lake Shore & Western Railway first mortgage 6s, 1921 (7) Aaa 263
Milwaukee, Lake Shore & Western Railway Marshfield Extension first 5s, 1922 (11) . . Aaa 263
Milwaukee, Lake Shore & Western Railway Michigan Division first 6s, 1924 (8) Aaa 263
Milwaukee & Northern Railroad consolidated extension 4V^s, 1934 (12) Aaa 254
Milwaukee & Northern Railroad first mortgage 4Vs, 1934 (11) Aaa 254
Milwaukee, Sparta & Northwestern Railroad first 4s, 1947 (23) Aa 263
Milwaukee & State Line Railway first mortgage 3i/2 s, 1941 (22) Aa 263
'
Milwaukee Terminal Railway 258

Mine Hill & Schuylkill Haven Railroad guaranteed stock (9) Aaa 619
Mineral Point & Northern Railway 974
Mineral Range Railroad 1216
Mineral Range Railroad first consolidated 4s and 5s, 1931 (1) B 1216
Minneapolis Eastern Railway 975
Minneapolis Eastern Railway first 4^s, 1939 Baa 976
Minneapolis Eastern Railway second 6s, 1939 Ba 976
Minneapolis & Pacific Railroad first mortgage 4s, 1936 (2) Aaa 1219
Minneapolis & Rainy River Railway 975
Minneapolis, Red Lake & Manitoba Railway 976
MINNEAPOLIS & ST. LOUIS RAILROAD COMPANY (Analysis) 431
Minneapolis & St. Louis Railroad equipment 5s, 1917-22 (9) A 434
Minneapolis & St. Louis Railroad first consolidated mortgage 5s, 1934 (3) A 434
Minneapolis & St. Louis Railroad first 7s, 1927 (5) Aaa 279
Minneapolis & St. Louis Railroad first mortgage 7s, 1927 (1) Aaa 434
Minneapolis & St. Louis Railroad first and refunding mortgage 4s, 1949 (4) B 434
Minneapolis & St. Louis Railroad Pacific Extension first mortgage 6s, 1921 (2) Aaa 434
Minneapolis & St. Louis Railroad refunding and extension 5s, 1962 (8) B 434
Minneapolis & St. Louis Railroad stock (1) Ca 435
MINNEAPOLIS, ST. PAUL & SAULT STE. MARIE RAILWAY COMPANY (Analysis) . 1216
Minneapolis, St. Paul & Sault Ste Marie Railway consolidated 4s and 5s, 1938 (3) Aaa 1219
Minneapolis, St. Paul & Sault Ste Marie Railway equipment 4i/2 s and 5s, 1917-26 (6) Aaa
. 1219
Minneapolis, St. Paul & Sault Ste. Marie Railway leased line stock certificates (1) Aa 1220
Minneapolis, St. Paul & Sault Ste. Marie Railway second mortgage 4s, 1949 (4) Aa 1219
Minneapolis, St. Paul & Sault Ste Marie & Central Term. 1st Chicago Term. 4s, 1941 (5) Aa 1219
Minneapolis, St. Paul & Sault Ste. Marie Railway preferred stock (2) Aa 1220
Minneapolis, St. Paul & Sault Ste. Marie Railway common stock (3) A 1220
Minneapolis, Sault Ste. Marie & Atlantic Railway first 4s, 1926 (1) Aaa 1219
Minneapolis Terminal Company first 3V2 s, 1950 (3) . Baa 244
RATING PAGB
Minneapolis Union Railway first mortgage 5s and 6s, 1922 (7) Aaa 362
Minnesota, Dakota & Western Railway 977
Minnesota & International Railway 538
Minnesota & Iowa Railway first mortgage 3i/<>s, 1924 (15) Aa 263
Minnesota & South Dakota Railroad first mortgage 31/38, 1935 (16) Aa 263
Minnesota Transfer Railway / 978
Minnesota Transfer Railway first 5s, 1946 Ba 978
ippi, Arkansas & Western Railway 978
MISSISSIPPI CENTRAL RAILROAD COMPANY (Analysis) 435.
Mississippi Central Railroad first 5s, 1949 (1) Ba 437
'ern Railway 978
MISSISSIPPI RIVER & BONNE TERRE RAILWAY COMPANY (Analysis) 1146
ppi River & Bonne Terre Railway first 5s, 1931 (1) Baa 1147
i & Illinois Bridge & Belt Railroad 979
-ouri & Illinois Bridge & Belt Railroad consolidated 4s, 1951 (1) Ba 980
souri, Kansas & Eastern Railway first mortgage 5s, 1942 (4) B 1150
-ouri, Kansas & Eastern Railway second mortgage 5s, 1942 (5) B 1150
-ouri. K; Oklahoma Railroad first mortgage 5s, 1942 (12) Baa 1150
MISSf >n:l. KANSAS & TEXAS RAILWAY COMPANY (Analysis) 1147
-ouri, Kansas & Texas Railway consolidated 5s, 1940 (17) Caa 1150
Kansas & Texas Railway equipment 5s, 1917-23 (25)
i, Baa 1150
Kansas & Texas Railway first extension 5s, 1944 (3)
i. Caa 1150
Kansas & Texas Railway first mortgage 4s, 1990 (1)
i. Baa 1150
Kansas & Texas Railway first refunding 4s, 2004 (15)
. B 1150
i.Kans; is Railway 5 per cent, notes, 1916 (18) B 1150
Kansas & Texas Railway general sinking fund 4Vfes, 1936 (16)
i, Caa 1150
msas & Texas Railway St. Louis Division refunding 4s, 2001 (6) Ca 1150
ts Railway second mortgage 4s, 1990 (2) B 1150
ouri, Kansas & Texas Railway preferred stock (1) Ca 1153
ouri, Kansas & Texas Railway common stock (2) Daa 1153
-
Railway of Texas first mortgage 5s, 1942 (7) Baa 1150
-ouri & N'orth Arkansas Railroad 980
:lahoma & Gulf Railway 981
ouri, Oklahoma & Gulf Railway first 5s, 1944 981
Missnrm PACIFIC RAILWAY COMPANY (Analysis) 1153
oific Railway collateral trust 5s, 1917 (8) 1156
-ouri Pacific Railway consolidated mortgage 6s, 1920 (7) 1156
ouri Pacific Railway equipment trust 5s, 1917-24 (26) A 1156
-ouri Pacific Railway first collateral 5s, 1920 (9) 1156
cific Railway first and refunding 5s, 1959 (25) 1156
dfic Railway 40-year collateral 4s, 1945 (21) 1156
cific Railway Lexington Division first mortgage 5s, 1920 (6) 1156
ouri I'aritv Railway one-year notes, 1917 (28) 1156
ouri Pacific Railway third mortgage 4s, 1938 (5) Aaa 1156
Missouri Pacific Railway stock 1159
ôuri Southern Railroad 982
Missouri Valloy & Blair Railway & Bridge Company 266
Mobile & Bay Shore Railroad first 5s, 1949 (5) A 707
Mobile & Birmingham Railroad 694
Mobile & Birmingham Railroad first 4s, 1945 (25) Baa 687
Mobile & Birmingham Railroad prior lien 5s, 1945 (24) A 687
Mobile & Birmingham Railroad preferred stock (2) A 690
MOBILE & OHIO RAILROAD COMPANY
(Analysis) 705
Mobile & Ohio Railroad Company equipment trust 4y2 a and 5s, 1917-26 (9) A 707
Mobile & Ohio Railroad Company first extension 6s, 1927 (2) Aa 707
RATING PAGE
Mobile & Ohio Railroad Company first 6s, 1927 (1) Aaa 707
Mobile & Ohio Railroad Company general 4s, 1938 (6) , . A 707
Mobile & Ohio Railroad Company Montgomery Division first 5s, 1947 (3) Aa 707
Mobile & Ohio Railroad Company St. Louis division 5s, 1927 (7) A 707
Mobile & Ohio Railroad Company terminal and collateral 5s, 1917-21 (8) A 707
Mobile & Ohio Railroad Company stock Baa 708
Mobile Terminal & Railway first gold 6s, 1935 (4) 775
Mohawk & Malone Railroad consolidated mortgage 3i/2 s, 2002 (27) Aaa 449
Mohawk & Malone Railroad first mortgage 4s, 1991 (26) Aaa 449
Moncton & Boutouche
Railway 1254
Monon Coal Company 1936 (6)
5s, B 249
Monongahela Connecting Railroad 982
Monongahela Connecting Railroad first 5s, 1921 ; Baa 983
Monongahela Railroad first 31/28, 1942 (1) Aaa 440
MONONGAHELA RAILWAY COMPANY (Analysis) 438
Monongahela River Railroad first mortgage 5s, 1919 (1) Aaa 177
Monroe Railroad Company 165
Monroe Railroad first 4s, 1980 Ca 166
Monroe & Southwestern Railroad 1186
Monson Railroad 983
Montana Central Railway first mortgage 5s and 6s, 1937 (5) Aaa 362
Montana, Wyoming & Southern Railroad 983
Montana, Wyoming & Southern Railroad first 5s, 1939 (1) Ba 984
Montauk Extention Railroad first 5s, 1945 (12) Aa 566
Montauk Steamboat Company, Ltd., first 6s, 1926 567
Montgomery & Erie Railroad first mortgage 5s, 1926 (26) Aa 342
Montgomery & Erie Railroad second mortgage 5s, 1927 (27) Aa 342
Montgomery & Erie Railroad stock (3) Aaa 346
Montour Railroad 984
Montour Railroad first 5s, 1963 Ba 985
Montpelier & Wells River Railroad 206
Montreal & Atlantic Railway 1225
Montreal & Province Line Railway first mortgage 4s, 1950 (2) Baa 1247
Montville Street Railway first 5s, 1920 (17) Aa 504
Morehead & North Fork Railroad 985
Morelia & Tacambaro Railway 1254
Morenci Southern Railway 880
Morgan's Louisiana & Texas Railroad & Steamship Company 677
Morgan's Louisiana & Texas Railroad & Steamship Company Alexandria extension first 6s,
1920 (28) Aa 665
Morgan's Louisiana & Texas Railroad & Steamship Company Maine Line 7s, 1918 (27) Aa . 665
Morgantown & Kingwood Railroad 986
Morgantown & Kingwood Railroad 20-year first 5s, 1922 ( 1) A 986
Morgantown & Kingwood Railroad 30-year first gold 5s, 1935 (2) B 986
Morris Canal & Banking Company consolidated guaranteed stock (2) Aaa 411
Morris Canal & Banking Company guaranteed stock (1) Aaa 411
Morris County Railroad first 6s, 1925 1119
Morris & Essex Extension Railroad guaranteed stock (2) Aaa 316
Morris & Essex Railroad first refunding 3i/2 s, 2000 (1) Aaa 314
Morris & Essex Railroad guaranteed stock (1) Aaa 316
Morrisey, Fernie & Michel Railway 1255
Morristown & Erie Railroad 986
Morristown & Erie Railroad first 5s, 1923 Ba 987
Morristown & Erie Railroad equipment notes Baa 987
Moscow, Camden & San Augustine Railway 987
RATING PAGE
M'ishassuck Valley Railroad 988
Mount Carbon & Port Carbon Railroad guaranteed stock (10) Aaa 619
.Mi >unt Hood Railroad 988
Mount Hope Mineral Railroad 989
Mount Jewett, Kinzua & Riterville Railroad 990
Mount Penn Gravity Railroad 990
Mount Penn Gravity Railroad first extended V/.>s, 1922 B 991
int Penn Gravity Railroad second extended 414s, 1922 B 991
A Tunnel & Terminal Company first ',-. 1970 (27) Ba 1205
Mount Tamalpais & Muir Woods Railway 991 .
Mount Washington Railway Company 206

Munisintf, Manjuette & Southeastern Railway 991
Munisinjr Railway firsl cl) Baa 992
Muscatino North Smith Railway <fc 992
-orth & South Railway first 5s, 1935 (1) B 993
Mu h & South Railway collateral (U, 1914 (2) Ba 993
Muskrvron. irand Rapid.- X- Indiana Railroad first 5s, 1926 (5)
i
B 591
Mutual Terminal Company of Buffalo 993
N
>tern Railroad 993
;ilroad Company 881
iailroa.i 994
Napii-r\ ille Junction Railway 309
11 Railp oration 9 per cent, guaranteed stock (4) Baa 204
NASHVH.I )OGA & ST. LOUIS RAILWAY
(Analysis) 170
hattanooga I Vntivville Branch first 6s, 1923 (2)
( Aaa 172
lis Railway consolidated trust mortgage 5s, 1928 (3) Aaa . . 172
iis Rail ;>er Branch extension first 6h, 1923 (1) Aaa 172
ga & St. Louis Railway stock A 173
Dcratur Railroad 166
hville & Docatur Rail P. a- -tock 1 ( 1 ) Aaa 164
1<1 Railway first mortgage 5s, 1937 (14) Aaa 161
I Railroad of Haiti 1255
:onal Railp., first Consolidated gold 4s, 1951 (4) Ca 1257
onal Railp prior lien gold 4>/2S, 1926 (3) Ca 1257
nnNAI. RAH .v IF MEXICO (Anab 1255
:onal Railways of Mexico general guaranteed 4s, 1977 (2) Ca 1257
.onal Railways of M. \i. o prior lien guaranteed 41/2S, 1957 (1) B 1257
irk Railroad .l.-l>enture Sîs. 1930 (39) A 504
Railn.a.: ".
t i
10) Aaa 504
& Southern Railroad Company 994
ithern Railway 995
i<i Albemarlf Railway 995
*-marle Railway first 6s, 1918 Ba 995
XKVAi H <>R. \IA-OREGON RAILWAY COMPANY (Analysis) 440
.uia-California-Or-ron Railway first 5s. 1919 (1) B 442
road
'
995
Iroad first income 5s, 1938 Ca 996
:ity Narrow-Gauge Railroad 996
inty Narr.,.v Gauge Railroad first 7s, 1918-1924 (1) A 997
iity Narrow-Gauge Railroad 5s, 1943 (2) Baa 997
Northern Railway 997
RATING PAGE
Nevada Northern firstsinking fund 5s, 1925 Aa 998
Newark & Bloomfield Railroad guaranteed stock (3) Aaa 316
New Brunswick Railway
New Brunswick Railway perpetual 4% consolidated debenture stock (8) Aa
New Brunswick Railway first mortgage 5s, 1934 (7) Aaa
New Brunswick Southern Railway first 3s, 1953 (11) Aa 1212
Newburgh & New York Railroad first mortgage 5s, 1929 (10) Aaa
Newburgh & South Shore Railway
New Castle & Shenango Valley Railroad first mortgage 4i/2 s, 1937 (31) Aa
New England Railroad first consolidated 5s, 1945 (26) Aa 504
New England Railroad first consolidated 4s, 1945 (27) Aa 504
New Haven & Centreville Street Railway first 5s, 1933 (14) Aa 504
New Haven & Derby Railroad consolidated (now first) 5s, 1918 (8) Aaa 504
New Haven & Northampton Company refunding consolidated 4s, 1956 (29) Aa 504
New Iberia & Northern Railroad 998
New Jersey, Indiana & Illinois Railway
New Jersey, Indiana & Illinois Railway first 5s, 1934 B 999
New Jersey Junction Railroad first mortgage 4s, 198 6 (28) Aaa 449
New Jersey & New York Railroad
New Jersey & New York Railroad first 5s, 1950 (1) Baa
New Jersey & New York general 5s, 1932 (3) B
New London Northern Railroad first mortgage 4s, 1940 (5) Ba 1247
New London Street Railway first 5s, 1923 (18) Aa 504
New Mexico Central Railroad 1000
New Mexico Midland Railway 1000
New Mexico Railway & Coal Company first and collateral trust 5s, 1947 (1) Aa 876
New Mexico Railway & Coal Company first consolidated and collateral trust 5s, 1951 (2) Aa 876
NEW ORLEANS GREAT NORTHERN RAILROAD COMPANY (Analysis) 442
New Orleans Great Northern Railroad equipment 5s, 1917-18 (2) Baa 444
New Orleans Great Northern Railroad first 5s, 1955 (1) B 444
New Orleans, Natalbany & Natchez Railway 1001
NEW ORLEANS & NORTH EASTERN RAILROAD COMPANY (Analysis) 708
New Orleans & North Eastern Railroad equipment 4i/2 s, 1917-26 (4) Aa 711
New Orleans & North Eastern Railroad general mortgage 4i/s, 1952 (2) Aa 711
New Orleans & North Eastern Railroad income 41/38, 1952 (3) Aa 711
New Orleans & North Eastern Railroad prior lien mortgage extended 5s, 1940 (1) .... Aaa 711
New Orleans & North Eastern Railroad stock A 711
New Orleans Terminal Company 1001
New Orleans Terminal Company first 4s, 1953 Ba 1002
New Orleans, Texas & Mexico Railroad equipment 5s, 1917-23 (2) Baa 1160
New Orleans, Texas & Mexico Railway Company 1159
New Orleans, Texas & Mexico Railway first 6s, 1925 (1) Baa 1160
New Orleans, Texas & Mexico Railway income 5s, 1935 (3) B 1160
New Park & Fawn Grove Railroad 1002
Newport & Cincinnati Bridge Company general mortgage 4i/2 s, 1945 (17) Aaa 161
Newport & Richford Railroad 1226
Newport & Sherman's Valley Railroad 1003
Newport & Sherman's Valley Railroad second 4s, 1921 Aa 1003
Newport & Sherman's Valley Railroad refunding 5s, 1938 Ba 1003
New York Bay Extension Railroad first 5s, 1943 (11) Aa 566
New York Bay Railroad first 4s, 1948 (31) As 547
New York, Brooklyn & Manhattan Beach Railway first consolidated 5s, 1935 (17) A 566
New York, Brooklyn & Manhattan Beach Railway guaranteed preferred stock (1) B 567
New York Central, Boston & Albany equipment 4i/2 s, 1917-27 (48) Aa 449
New York Central & Hudson River Railroad consolidated 4s, 1998 (45) Aa 449
RATING PACT
New York Central & Hudson River Railroad debenture 3y2 s, 2000 (13) Aaa 449
New York Central & Hudson River Railroad debenture 4s, 1934 (14) Aaa 449
New York Central & Hudson River Railroad debenture 4s, 1942 (20) Aaa 449
New York Central & Hudson River Railroad Lake Shore collateral 3i/2 s, 1998 (11) ... Aaa 449
New York Central & Hudson River Railroad Michigan Central coll. 3i/2 s, 1998 (12) .. Aaa 449
New York Central & Hudson River Railroad refunding 3i/2 s, 1997 (1) Aaa 449
New York Central & Hudson River Railroad ref. & imp. Ser. "A", 4y2 s 2013 (46) Aa 449
New York Central Lines equipment trust 5s and 4i/>s, 1917-28 (47) Aa 449
NKW YORK CENTRAL RAILROAD COMPANY (Analysis) 445
New York Central Railroad Company convertible debenture 6s, 1935 (49) A 443
New York Central Railroad stock (14) A 455
NEW YORK, CHICAGO & ST. LOUIS RAILROAD COMPANY (Analysis) 495
York, Chicago & St. Louis Railroad Company debenture 4s, 1931 (2)
'.-
A 498
New York, Chicago & St. Louis Railroad Company equipment 4i/2 s, 1917-26 (3) Aa 498
New York, Chicago & St. Louis Railroad Company first 4s, 1937 (1) Aaa 498
New York, Chicago & St. Louis Railroad Company first preferred stock (1) Baa 498
New York, Chicago & St. Louis Railroad Company second preferred stock (2) Ba 498
New York, Chicago & St. Louis Railroad Company common stock (3) B 498
New York Connecting Railroad Company 1004
New York Connecting Railroad first 4^s, 1953 Aaa 1004
New York & Erie Railroad fifth mortgage 4s, 1928 (5) Aaa 342
New York & Erie Railroad first mortgage 4s, 1947 (1) Aaa 342
New York & Erie Railroad fourth mortgage 5s, 1920 (4) Aaa 342
New York & Erie Railroad second mortgage 5s, 1919 (2) Aaa 342
New York & Erie Railroad third mortgage 4Vfcs, 1923 (3) Aaa 342
New York & Flushing Railroad first 6s. 1920 (8) Aa 566
N'.-v. V > \ ireenwood Lake Railway prior lien 5s, 1946 (22)
,r <
Aa 342
New York & Harlem Railroad 458
New York & Harlem Railroad guaranteed stock (5) Aaa 455
New York & Harlem Railroad refunding mortgage 3i/2 s, 2000 (29) Aaa 449
New York. I.aekawanna .v W. -tern Railroad construction 5s, 1923 (3) Aaa 314
York, Lackawanna & We.-u-rn Railroad first mortgage 6s, 1921 (2) Aaa 314
New York, Lackawanna & Western Railroad guaranteed stock (9) Aaa 316
Nw York, I>aekawanna & Western Railroad Terminal Improvement 4s, 1923 (4) .... Aaa 314
York, Iîke Kri.- i Western Coal & Railroad first mortgage 6s, 1922 (17) Aaa 342
rk. Lake Erie & Western Dock & Improvement first extension 5s, 1943 (16). . . Aaa 342
New York. Lake Erie & Western Railway first consolidated 7s, 1920 (8) Aaa 342
rk & Long Branch Railroad general 4s and 5s, 1941 (3) Aaa 624
.v England Railroad Boston Terminal 4s, 1939 (25) Aa 504
NEW YORK. NEW HAVKN & HARTFORD RAILROAD COMPANY (Analysis) 499
Haven & Hartford Railroad convertible debenture 3i/2 s, 1956 (32)
York. N.--A Ba 504
New York, New Haven & Hartford Railroad convertible debenture 6s, 1948 (33) Baa 504
New York, New Ha\en & Hartford Railroad equipment 4f/2 s, 5s and 6s, 1917-29 (48) Aa . . 504
New York, New Haven & Hartford Railroad 15-year European Loan 4s, 1922 (42) Baa. . . 504
New York. New Haven & Hartford Railroad non-convertible debenture 4s of 1947 (34) Ba . 504
New York, New Haven & Hartford Railroad non-convertible debenture 31/28, 1947 (35) Ba 504
New York, New Haven & Hartford Railroad non-convertible debenture 3i/2 s, 1954 (36) Ba 504
New York, New Haven & Hartford Railroad non-convertible debenture 4s of 1955 (37) Ba 504
New York, New Haven & Hartford Railroad non-convertible debenture 4s of 1956 (38) Ba 504
New York. New Haven & Hartford Railroad one-year Wl% notes, 1917 (47) Baa 504
New York, New Haven & Hartford Railroad stock (7) Caa 607
New York & Northern Railway first mortgage 5s, 1927 (30) Aaa 449
NEW YORK. ONTARIO & WESTERN RAILWAY COMPANY (Analysis) 517
New York, Ontario & Western Railway general mortgage 4s, 1955 (2) Aa 520
New York, Ontario & Western Railway gold equipment 41/28, 1917-28 (4) A 520
RATING PAGE
New York, Ontario & Western Railway refunding 4s, 1992 (1) Aaa 520
New York, Ontario & Western Railway stock B 520
New York, Pennsylvania & Ohio Railroad prior lien 4/2 s, 1935 (18) Aaa
New York & Pennsylvania Railway
'
1004
NEW YORK, PHILADELPHIA & NORFOLK RAILROAD (Analysis) 568
New York, Philadelphia & Norfolk Railroad equipment 4s, 1917-22 (3) Aa 570
New York, Philadelphia & Norfolk Railroad first 4s, 1939 (1) Aaa 570
New York, Philadelphia & Norfolk Railroad non-cumulative income 4s, 19r>9 (2) Aa 570
New York, Philadelphia & Norfolk Railroad 4 per cent stock trust certificates 570
New York Providence & Boston Railroad general 4s, 1942 (2) Aaa 504
New York & Putnam Railroad first consolidated mortgage 4s, 1993 (31) Aaa 449
New York & Rockaway Beach Railway first 5s, 1927 (16) Aa 566
New York Short Line Railroad first 4s, 1955 (15) Aaa 616
NEW YORK, SUSQUEHANNA & WESTERN RAILROAD COMPANY (Analysis) .... 348
New York, Susquehanna & Western Railroad equipment 4V^s and 5s, 1917-26 (9) A 351
New York, Susquehanna & Western Railroad first refunding 5s, 1937 (3) A 351
New York, Susquehanna & Western Railroad general mortgage 5s, 1940 (6) B 351
New York, Susquehanna & Western Railroad second mortgage 4i/2 s, 1937 (5) Ba 351
New York, Susquehanna & Western Railroad Terminal first mortgage 5s, 1943 (4) .... Aa 351
New York, Westchester & Boston Railway 513
New York, Westchester & Boston Railway first 4i/2 s, 1946 B 513
Nezperce & Idaho Railroad first 6s, 1918-25 Ba 948
Nittany Valley Railroad 1004
Nodaway Valley Railroad first mortgage 7s, 1920 (11) Aaa 228
Norfolk & Carolina Railroad first mortgage 5s, 1939 (13) Aaa 146
Norfolk & Carolina Railroad second mortgage 5s, 1946 (14) Aaa 146
Norfolk & Portsmouth Belt Line Railroad 1005
Norfolk & Portsmouth Belt Line Railroad first 5s, 1938 (1) A 1005
NORFOLK SOUTHERN RAILROAD COMPANY (Analysis) 522
Norfolk Southern Railroad equipment 5s, 1917-24 (9) A 524
Norfolk & Southern Railroad first 5s, 1941 (1) Aaa 524
Norfolk & Southern Railroad first general 5s, 1954 (2)
'
A 524
Norfolk Southern Railroad first and refunding 5s, 1961 (8) Ba 524
Norfolk Southern Railroad stock Ca 525
Norfolk Terminal Railway 1005
Norfolk Terminal Railway first 4s, 1961 Aa 1006
Norfolk Terminal & Transfer first 5s, 1948 (17) Aa 219
Norfolk & Western Railroad general (now first) 6s, 1931 (1) Aaa 529
Norfolk & Western Railroad improvement and extension 6s, 1934 (3) Aaa 529
Norfolk & Western Railroad New River Division first 6s, 1932 (2) Aaa 529
NORFOLK & WESTERN RAILWAY COMPANY (Analysis) 527
Norfolk & Western Railway convertible 4s, 1932 (9) Aaa 529
Norfolk & Western Railway convertible 41/38, 1938 (10) Aa 529
Norfolk & Western Railway convertible 10-25-year 4s, 1932 (8) Aaa 529
Norfolk & Western Railway equipment 4s and 41/28, 1917-24 (12) Aaa 529
Norfolk & Western Railway divisional first lien and general 4s, 1944 (7) Aaa 529
Norfolk & Western Railway first consolidated 4s, 1996 (6) Aaa 529
Norfolk & Western Railway Pocahontas Coal Company joint 4s, 1941 (11) Aa 529
Norfolk & Western Railway Company preferred stock (1) Aaa 531
Norfolk & Western Railway Company common stock (2) Aa 531
Norristown & Main Line Connecting Railroad consolidated first 4s, 1952 (16) Aa 616
Northampton & Bath Railroad Company 1006
Northampton & Hertford Railway 1007
Northampton & Hertford Railway first 5s, 1925 (3) B 1007
North Carolina Railroad 695
A LPII. i ltl<; TICA L IXDEX. 67
BATING PAGE
North Carolina Railroad guaranteed stock (3) A 690
North Kast Pennsylvania Railroad 626
North Kast Pennsylvania Railroad first 5s. 1920 Ba 627
North, a.-tern Railroad of South Carolina consolidated 6s, 1933 (6) Aaa 146
them Alabama Railway 695
Northern California Railway first 5s, 1929 (16) Aaa 665
Northern Central Railway Company irredeemable first 6s (38) Aaa 547
Northern Central Railway Company consolidated 414s, 1925 (39) Aaa 547
Northern Central Railway Company second os. 1926 (40) Aaa 547
Northern 'entral Railway Company stork (9)
<
Aaa 550
!hern Maine Seaport & Terminal Railroad first mortgage 5s, 1935 (7) . Ba 192
Northern Ohio Railway tirst mortgage 5s, 1945 (3) Ba 473
NORTH KR\ PACIFIC RAILWAY COMPANY (Analysis) 532
'hern Pacific Railway general lien Ms, 2047 (2) Aaa 535
them Pacific Railway prior lien -Is, l'.>'.)7 ( 1 ) Aaa 535
Northern Railway refunding and improvement 41/08, 2047 (11)
Pacific Aa 535
hern Pacific Railway St. Paul & Duluth Division 4s, 1996 (3) Aaa 535
Northern Paciti hicajro. P.urlington & Quincy coll.) 4s, 1921 (9) . . Aaa 535
Northern Pacific Railway stock A 537
them P. rminal 'ompany of Oregon ( 1007
North. -rn Pacific Terminal Company of Oregon first 6s, 1933 Aa 1008
lilmad N. H. (>
percent, guaranteed stock <5)
i Ba 204
hern Railroad of N. .ortgage 6s, 1917 (28) Aa 342
Northern Kailr w Jersey general mortgage 4l/s, 2000 (29) Aa 342
Northern Railroad r
J ) Aaa 346
North. TII Railway f. .lidate.i -
(15) Aaa 665
lilway of Canada perpetual debenture 4s (6) A 1237
hern Railway of Canada third preference debenture 6s (5) A 1237
.i&Gulf Railroad 1008
ania Railroad fir '36 (17) Aaa 616
.mia Railroad v.-m-ral M-K>s. 1953 (18) :'. Aaa 616
North P road guaranteed stock (11)
I Aaa 619
North Shore Railroad .
1008
:h Shore Railway Comp 1258
al Rail 1009
Northwestern Improvement 'ompany < 532
':TH\V1 ^CIFIC RAILROAD (Analysis) 538
.ilroad tir.-t and refunding 4'^s, 1957 (3) Ba 540
rn Railroad of South Carolina !">
,uth Carolina first 4s, 1949 (1) Ba 155
inal Rail 1140
i
way first 5s, 1926 B 1140
Iway first mortgage 7s. 1!H7 (1) Aaa 263
iortgage 6s, 1930 (M ) Aaa 272
If.) Aa 504
M & Worcester Kailroad 514
wich Worcester Railroad debenture 4s, 1927
i- Aa 514
\vich & Worcester Railroad preferred stock (2) Aa 507
Norwood i rence Railroad , 1009
Norwood A 'Railroad! i'.32 Baa 1010
o
M Railway & Land Company
u Railway & Land Company consolidated gold 5s, 1927 A
RATING FAGS
Ocean Steamship Company firstmortgage 5s,1920 (13) A
Ocilla Southern Railroad 1011
Ogden Mine Railroad guaranteed stock (3) Aaa 625
Ogdensburg & Lake Champlain Railway first 4s, 1948 (2) A 494
Ogdensburg Terminal Company 495
Ogdensburg Terminal Company first 5s, 1917-25 Ba 495
Ogden Union Railway & Depot Company 1012
Ohio Connecting Railway first 4s, 1943 (14) Aaa 602
Ohio, Indiana & Western Railway first preferred 5s, 1938 (17) Aa 466
Ohio & Kentucky Railway 1012
Ohio & Little Kanawha Railroad 182
Ohio & Little Kanawha Railroad first 5s, 1950 (23) Aa 177
Ohio River & Columbus Railway 1013
Ohio River Railroad first mortgage 5s, 1936 (5) Aaa 177
Ohio River Railroad general mortgage 5s, 1937 (6) Aaa 177
Ohio River & Western Railway 592
Oil Belt Railway 1186
Oklahoma Central Railroad 135
Oklahoma Central Railroad first mortgage 5s, 1934 B 136
Oklahoma, Kansas & Missouri Interurban Railway 1014
Old Colony Railroad 514
Old Colony Railroad plain 4s of 1938 (43) Aa 504
Old Colony Railroad plain 3i/2 s of 1932 (46) Aa 504
Old Colony Railroad stock (3) Aa 507
Omaha Bridge & Terminal Railway Company 383
Ontario & Quebec Railway irredeemable debenture 5s (5) Aaa 1212
Ontonagon Railroad 1014
Orange & Northwestern Railroad 1161
Orangeburg Railway 1015
Oregon & California Railroad 678
Oregon & California Railroad first 5s, 1927 (11) Aaa 665
Oregon Interurban Railway 1015
Oregon Interurban Railway first 6s, 1929 4 B 1015
Oregon, Pacific & Eastern Railway 1015
Oregon Railroad & Navigation Company consolidated 4s, 1946 (3) Aaa 749
Oregon Short Line Railroad consolidated first 5s, 1946 (7) Aaa 749
Oregon Short Line Railroad refunding 4s, 1929 (8) Aaa 749
Oregon Short Line Railroad series "A" income 5s, 1946 (10) Aaa 749
Oregon Short Line Railroad series "B" income 4s, 1946 (11) Aaa 749
Oregon Short Line Railway first 6s, 1922 (6) Aaa 749
Oregon-Washington Railroad & Navigation Company first 4s, 1961 (12) Aa 749
Oshkosh Transportation Company 1016
Oswego & Syracuse Railroad consolidated mortgage 5s, 1923 (5) Aaa 314
Oswego & Syracuse Railroad guaranteed stock (12) Aaa 316
Otis Railway 1016
Ottawa & New York Railway 458
Ouachita & Northwestern Railroad 1017
Ouachita Valley Railway 1017
Owasco River Railway 1018
Ozark Valley Railway 1018
RATING PAGE
Pacific Coast Railroad Company 1019

Pacific Coast Railway 1020
Pacific Great Eastern Railway 1258
Pacific &
Idaho Northern Railroad 1019
Pacific Railroad of Missouri, Carondelet Branch first mortgage 4Vs, 1938 (4) Aaa 1156
Pacific Railroad of Missouri first 4s, 1938 (1) Aaa 1156
Pacific Railroad of Missouri St. Louis real estate 5s, 1938 (3) Aaa 1156
Pacific Railroad of Missouri second mortgage 5s, 1938 (2) Aaa 1156
Paducah & Illinois Railroad 1021
Paducah & Illinois Railroad first sinking fund 4^s, 1955 Aaa 1021
Paint Creek Branch Railway first mortgage 4s, 1945 (9) A 219
Pajaro Valley Consolidated Railroad 1021
Palm Beach & Everglades Railroad 1022
Panama Railroad Company 1022
Paragould Southeastern Railway 647
Paris & Mount Pleasant Railroad 1023
Parral & Durango Railroad 1258
Parral & Durango Railroad general sinking fund 6s, 1933 B 1259
Passaic & Delau >n Railroad guaranteed stock (5) Aaa 316
Passaic & Delaware Railroad guaranteed stock (4) Aaa 316
Irnad iir.-t mortgage 5s, 1940 (8) Ba 351
Paterson Extension Railroad first mortgage 5s, 1950 (2) A 351
Paterson & Hudson River Railroad stock (5) Aaa 346
Paterson & Ramapo Railroad stock (6) Aaa 346
Pawtuxet Valley Railroad firî Is. 1925 (30) Aa 504
Pecos Valley Southern Railway 1023
Pemigewasset Railroad 6 per cent, guaranteed stock (11) Ba 204
Pencoyd & Philadelphia Railroad 1024
\NSYI.YAXIA C(
>.ML'ANY (Analysis) 578
Pennsylvania Company equipment -Is. 1917-23 (25) Aaa 582
Pennsylvania Company first 4 \ '*$, 1921 ( 1 ) Aaa 582
Pennsylvania Company French franc loan 3%s, 1921 (8) Aaa 582
Pennsylvania Company gold 4s, 1931 (7) Aaa 582
Pennsylvania Company gold 4i/$s, 1921 (9) Aaa 582
Pennsylvania Company 3V per cent trust certificates series A, 1937 (2) Aaa 582
Pennsylvania Company 3% per cent trust certificates series B, 1941 (3) Aaa 582
Pennsylvania Company 3> per cent trust certificates series C, 1942 (4) Aaa 582
Pennsylvania Company W/.> per cent trust certificates series D, 1944 (5) Aaa 582
Pennsylvania Company 4 per cent trust certificates series E, 1952 (6) Aaa 582
Pennsylvania Company stock (8) Baa 584
Pennsylvania & New York Canal & Railroad consolidated 4s, 4/2 s, 5s, 1939 (13, 14, 15) Aaa 409
Pennsylvania & Northwestern Railroad general 5s, 1930 (25) Aa 547
PE.V MA RAILROAD COMPANY (Analysis) 541
Pennsylvania Railroad Company consolidated 5s, 1919 (1) ,. . . Aaa 547
Pennsylvania Railroad Company consolidated 4s, 1943 (2) Aaa 547
Pennsylvania Railroad Company consolidated 4Vs, 1960 (5) Aaa 547
Pennsylvania Railroad Company consolidated sterling 3^s, 1945 (3) Aaa 547
Pennsylvania Railroad Company consolidated sterling and dollar 4s, 1948 (4) Aaa 547
Pennsylvania Railroad Company equipment trust 4s and 4^s, 1917-23 (37) Aaa 547
Pennsylvania Railroad Company general 4V&S, 1965 (44) Aaa
Pennsylvania Railroad Company real estate purchase money 4s, 1923 (6) Aaa
Pennsylvania Railroad Company stock (10) A 550
RATING PAGE
Pennsylvania Tunnel & Terminal Railroad Company 554
Penobscot Shore Line Railroad first 4s, 1920 (5) Aaa 420
Pensacola & Atlantic Railway first mortgage 6s, 1921 (15) Aaa 161
Pensacola, Mobile & New Orleans Railway 1024
People's Railway 1025
People's Railway first 5s, 1940 A 1025
Peoria & Bureau Valley Railroad 283
Peoria & Eastern Railway first consolidated 4s, 1940 (18) Baa 466
Peoria & Eastern Railway income 4s, 1990 (19) Ca 466
Peoria & North Western Railway first mortgage 3V2 s, 1926 (17) Aa 263
Peoria & Pekin Union Railway 1025
Peoria & Pekin Union Railway debenture 5s, 1917-21 (3) Ba 1026
Peoria & Pekin Union Railway first 6s, 1921 (1) Aa 1026
Peoria & Pekin Union Railway second 4i/2 s, 1921 (2) Baa 1026
Peoria Railway Terminal Company 1026
Peoria Railway Terminal Company first 4s, 1937 (1) Ba 1026
Peoria Railway Terminal Company first and refunding 41/28, 1941 (2) 1027
PERE MARQUETTE RAILROAD COMPANY (Analysis) 1162
Pere Marquette Railroad collateral trust 4s, 1923 (2) Aa 1165
Pere Marquette Railroad consolidated mortgage 4s, 1951 (12) 1165
Pere Marquette Railroad first 5s Series A, 1956 (3) Baa 1165
Pere Marquette Railroad first 4s Series B, 1956 (4) Baa 1165
Pere Marquette Railroad Lake Erie Division collateral 4!/2S, 1932 (1) Aa 1165
Pere Marquette Railroad refunding mortgage 4s, 1955 (13) 1165
Pere Marquette Railroad prior preferred stock (1) Ba 1167
Pere Marquette Railroad preferred stock (2) B 1167
Pere Marquette Railroad common stock (3) E 1167
Pere Marquette Railroad of Indiana first mortgage 4s, 1943 (11) 1165
PERKIOMEN RAILROAD COMPANY (Analysis) 627
Perkiomen Railroad first 5s, 1918 (1) Aa 629
Perkiomen Railroad second 5s, 1918 (2) A 629
Peterboro & Hillsboro Railroad 1917 (23)
first 4i/2 s, A 202
Peterborough Railroad 4 per cent, guaranteed stock (6) Ba 204
Petersburg Railroad Class A 5s, 1926 (3) Aaa 146
Petersburg Railroad Class B 6s, 1926 (4) Aaa 146
Philadelphia & Baltimore Central Railroad 4s, 1951 (8) Aa 573
PHILADELPHIA, BALTIMORE & WASHINGTON RAILROAD COMPANY (Analysis) . 570
Philadelphia, Baltimore & Washington Railroad debenture 4s, 1918-24 (7) Aa 573
Philadelphia, Baltimore & Washington Railroad first consolidated 4s, 1943 (1) Aaa 573
Philadelphia, Baltimore & Washington Railroad Company stock (2) . . . A 574
Philadelphia Belt Line 1027
Philadelphia & Chester Valley Railroad Company 630
Philadelphia & Chester Valley Railroad non-preferred first 3s, 1938 (2) A 630
Philadelphia & Chester Valley Railroad preferred first 4s, 1938 (1) Aa 630
Philadelphia & Erie Railroad general (now first) 6s, 1920 (7) Aaa 547
Philadelphia, Germantown & Norristown Railroad guaranteed stock (12) Aaa 619
Philadelphia, Harrisburg & Pittsburg Railroad first 5s, 1925 (19) Aaa 616
Philadelphia, Newtown & New York Railroad Company 630
Philadelphia, Newtown & New York Railroad first 3s, 1942 Aa 631
Philadelphia, Newtown & New York Railroad first 5s, 1942 Ba 631
Philadelphia & Reading Coal and Iron Company collateral sinking fund 4s, 1932 (7) . . Aaa 616
Philadelphia & Reading Railroad extended 5s, 1933 (3) Aaa 616
Philadelphia & Reading Railroad extended consolidated 4s, 1937 (5) Aaa 616
A LPIL I HKTIC '. I L 1XDEX. 71
RATING PAGE
Philadelphia & Reading Railroad improvement 4s, 1947 (4) Aaa 616
Philadelphia & Reading Railroad Terminal first 5s, 1941 (6) Aaa 616
Philadelphia & Trenton Railroad 554
Philadelphia & Trenton Railroad guaranteed stock (4) Aaa 550
Philadelphia, Wilmington & Baltimore Railroad plain 4s, 1917-32 (2) Aaa 573
Philadelphia. Wilmington & Baltimore Railroad stock trust certificates _.
. 574
Philippine Railway (The) '. . 1027
Philippine Railway first sinking fund 4s, 19:57 B 1028
Phillipsburg Railway & Quarry Company 1259-
.Iroad 1028
rt Pierre Bridge Railway Company 267
Rapid City & Northwestern Railway
rre, 267
Pine Bluff Arkansas River Railway 648
Pine Bluff & Northern Railv. 1028
Pine Bluff & Railway first mortgage 5s, 1923 (20)
Wr.~t.-rn Ba 1156
Pint- Creek Rail mortgage >s. 1932 (32) I Aaa 449
v Ilranch Railu. 'Mortgage 4s. 1939 (6) 187
Pittsburg & Allegheny I; lr.,a.l 1029
Pit- Allegheny & M.-Kees Rocks Railroad 1029
rg. Bessemer & Lake Erie Railroad 198
Pittsburg. !;-<. TI..-I- & I,ake Erie Railroad debenture 5s. 1919 (4) Aa 196
rg. Bessemer & Iîke Erie Railroad equipments (6) Aaa 196
-g. Bessemer & Lake Erie Railroad first r,s. 1947 (3) Aaa 196
burg. Bessemer & Lake Erie Railroad guaranteed preferred stock (1). Aaa 197
Pittsburg. Bessemer & I-ake Erie Railroad guaranteed common stock (2) .
Ar 197
Pittsburg, Char 1 oiighiogheny Railway 1031
hiogheny Railway general 4s. 1932. Aaa 1031
ITI INClNN.vn. CHICAGO ,v ST. LOUIS RAILWAY COMPANY (Analysis) 599
Pit' incinnati. Chicago & St. Louis consolidated :)' ~-s. -Is. I' gS, Series A to J 1940-
12) Aaa 602
im-innati. Chicago & St. Louis e<|uipment 4s. 1917-23 (15) Aaa 602
Pit' incinnati. Cl is Railway preferred stock (4) Baa 603
incinna 1
ommon stock (5) B 603

land & '!
mortgage Cs. l'.22 (8) Aaa 177
Pittsburg. Fort W;r ulway Company 593
Pittsburg. I
:ilway guaranteed general stock (5) Aaa 584
\V\an- > /.. Railway guaranteed special stock (6) Aa 584
on Rail. 1922(9) Aaa 177
Pit' mctirtn Railroail second mortgage 5s. 2 rj 1 '.>'_' i I Aaa 177
PITTS i
'-:RIE RAILROAD COMPANY (Analysis) 474
Lak.- Kri.- Uailroad first nv.rtgag.' 5s. 192S ( 1 ) Aaa 476
i-g & I^-il- -econd mortgage 5s, 1928 (2) Aaa 476
:.iilroad stock c_>) Aaa 477
n & We-t.-rn Railroad 1267
Railway fir '2f,;
1268
esport& Youghiogheny Railroad first mortgage 6s. 1932 (3) Aaa 476
v. M< K- -i -: iighiogheny Railroad guaranteed stock (1) '. . . Aaa 477
Pit' 'iighiogheny Railroad second mortgage 6s, 1934 (4) Aaa 476
& Lake Erie first mortgage
le 4s, 1917 (11) Aaa 177
>hio Valley & Cincinnati Railroad 595
>hio Val: ,-innati Railroad first 5s, 1920 Baa 595
rjf & Ohio Valley Railroad 1030
iwmut Railroad (The) 611
;wmut Railroad 1917 (4)
collateral is. Ba 610
Pittsburg & Shawmut Railroad equipment 5s, 1917-24 (5) Baa 610
BATING PAGE
Pittsburg & Shawmut Railroad first sinking fund 5s, 1959 (3) B 610
PITTSBURG, SHAWMUT & NORTHERN RAILROAD COMPANY (Analysis) ...... 607
Pittsburg, Shawmut & Northern Railroad receivers' certificates, 1917-18 (1) A 610
Pittsburg, Shawmut & Northern Railroad equipment 5s, 1917-20 (2) Baa 610
Pittsburg, Shawmut & Northern Railroad first 5s, 1949 (6) Ca 610
Pittsburg, Shawmut & Northern Railroad refunding first 4s, 1952 (7) C 610
Pittsburg, Shenango & Lake Erie Railroad first 5s, 1940 (1) Aaa 196
Pittsburg, Shenango & Lake Erie Railroad consolidated first 5s, 1943 (2) Aaa 196
Pittsburg & Susquehanna Railroad 1030
Pittsburg Terminal Railroad Coal Company first 5s, 1942 (2) 1190
Pittsburg, Virginia & Charleston Railway first 4s, 1943 (10) Aaa 547
Pittsburg & Western Railway first consolidated 4s, 1917 (7) Aaa 177
Pittsburg Westmoreland & Somerset Railroad 1031
Pittsburg & West Virginia Railway 1189
Pittsburg, Wheeling & Kentucky Railroad 595
Pittsburg, Wheeling & Kentucky Railroad stock Baa 596
Pittsburg, Youngstown & Ashtabula Railway Company 596
Pittsburg, Youngstown & Ashtabula Railroad consolidated 5s, 1927 (17) Aaa 582
Pittsburg, Youngstown & Ashtabula Railway first 4s, Series A, 1948 (18) Aaa 582
Pittsburg, Youngstown & Ashtabula Railway preferred stock (7) Aa 584
Pittsfield & North Adams Railroad guaranteed stock (3) Aaa 455
Pochuck Railroad 406
Pomeroy Belt Railway 225
Pomeroy Belt Railway first 5s, 1929 Baa 225
Pontiac, Oxford & Northern Railroad 1244
Porth Arthur Canal & Dock Company 399
Portland, Nehalem & Seacoast Railway 1032
Portland & Northern Railway 1032
Portland & Ogdensburg Railway first 4i/2 s, 1928 (19) Aa 420
Portland & Ogdensburg Railway guaranteed stock (7) A 422
Portland & Rumford Falls Railroad collateral trust 4s, 1934 (14) Aa 420
Portland & Rumford Falls Railroad debenture 4s, 1917 and 1935 (12 and 13) Aa 420
Portland & Rumford Falls Railroad sinking fund 4s, 1926 (11) Aa 420
Portland & Rumford Falls Railroad guaranteed stock (8) A 422
Portland & Southwestern Railroad 1032
Portland Terminal Company 424
Portland Terminal Company first 4s, 1961 (2) A 424
Portland Union Station Company first sinking fund 4s, 1929 (1) Aaa 424
Port Reading Railroad Company 631
Port Reading Railroad first 5s, 1941 Aa 632
Portsmouth, Great Falls & Conway Railroad first 4i/2 s, 1937 (10) Baa 202
Potato Creek Railroad 1033
Potato Creek Railroad first 6s, 1920. Ba 1033
Poteau Valley Railroad 400
Potomac, Fredericksburg & Piedmont Railroad 1033
Potomac, Fredericksburg & Piedmont Railroad first gold 4s, 1949 Ba 1034
Potomac Valley Railway first 5s, 1941 (2) Aaa 1174
Potosi & Rio Verdi Railway 1259
Prescott & Eastern Railroad first mortgage 5s, 1928 (13) Aa 130
Prescott & Northwestern Railroad 1034
Princeton & North Western Railway first mortgage 3i/2 s, 1926 T18) Aa 263
Prospect Park & Coney Island first 4V2 s, 1926 567
Prospect Park & Coney Island second 4y2 s, 1931 567
Providence Securities Company debenture 4s, 1957 (28) Ba 504
Providence & Springfield Railroad first 5s, 1922 (9) Aaa 504
ALPUAHKT1CAL IXDEX. 73
RATING PAGE
Providence Terminal Company first 4s, 1956 (12) Aa 504
Providence, Warren & Bristol Railroad 516
Providence, Warren & Bristol- Railroad stock (5) Aa 507
Providence & Worcester Railroad 517
Providence & Worcester Railroad first 4s, 1947 Aa 517
Providence & Worcester Railroad stock (6) Aa 507
Pueblo Union Depot & Railroad Company 1034
Pueblo Union Depot & Railroad Company first Us. 1919 Aa 1035
Puget Sound & Willapa Harbor Railway .' . . . 259
Puget Sound & Willapa Harbor Railway :y ,
certificates, 1918 (20) Aa 254
Pullman Railroad 1035
Q
Quanah, Acme & Pacific
Railway C.iinpany 1036
Quanah, Acme &
Railway Company first 6s, 1939
Pacifir 1036
Qu'Appelle, Long Lake & Saskatchewan R.R. & Steamboat Co. 4% deb. stock, 1936(22) Baa 1205
Quebec Central Railway 1227
Qut ml Railway 4 per cent debenture stock (1) 1227
' '
Que Railway third mortgage

nil (3) 1227
''
Qu ral Railway * per cerr '
) 1227
Quebec & Lake St. John Rail ual debenture stock (29) Ba 1205
Quebrr, Montreal & Southern Railway 309
Quincy, Omaha > :.iilroad 230
R
Rahway Valley (
'ompany 1036
Rahway Valley Railroad 1037
Raleigh & Augusta Air I road tir.-t u. I'.rjr, }) Aaa 652
Ral. r Railr..al first r,s. HM.". (4) Baa 524
Raleigh & Charleston Railroad 656
Raleigh A: Char: .ilroad consolidated Is. 1956 (2) Baa 657
Kaleinh&Chari .ilroad first prior li. "'6(1) Baa 656
:i Uailr Aaa 652
I road li i
(6)
Baa 524
Ra! ad general Us. I'.UT (6)
.Ir.. Baa
Ral' .nth We.-tern Railway first mortgage 4s, 1936 (15) A 219
Randolph & Cumberland Railway 1037
Rapid City. I'.lark Hills & Western Railway 1038
Raquette Lake Railway 459
Raritan River Railroad Company
Raritan River Railroad first 5s, 1939 A 1039
Ra\ r & Cilrnville Railway first 6s, 1920 (24) Aa 177
1 39
Ray & (Jila Valley Railroad
Reading Belt Railroad tii>t 4s, 1950 (20) Aa
'
Reading & Columbia Railroad Company

Reading & Columbia Railroad first consolidated 4s, 1962 Aa
COMPANY (Analysis)
Reading Company general 4 (8) Aaa
y Central collateral 4s, 1951 (9) Aa
-npany first preferred stock (14) Aaa
Reading Company second preferred stock (15) Aaa 619
RATING PAGE
Reading Company common stock (16) Aa 619
Red River & Gulf Railroad 1040
Rensselaer & Saratoga Railroad 310
Rensselaer & Saratoga Railroad first consolidated mortgage 7s, 1921 (10) ABB 304
Rensselaer & Saratoga Railroad guaranteed stock (3) Aaa 305
Republican Valley Railroad sinking fund 6s, 1919 (9) Aaa 228
Reynoldsville & Falls Creek Railroad 1040
Richmond Belt Railway 1041
Richmond & Danville Railroad debenture 5s, 1927 (7) Aaa 687
RICHMOND, FREDERICKSBURG & POTOMAC RAILROAD COMPANY (Analysis) . . 635
Richmond, Fredericksburg & Potomac Railroad consolidated 4i/2 s, 1940 (1) Aaa 637
Richmond, Fredericksburg & Potomac Railroad general 3y%s, 1943 (2) Aaa 637
Richmond, Fredericksburg & Potomac Railroad stock Aa 638
Richmond, Fredericksburg & Potomac and Richmond & Petersburg R.R. Connection Co. . . 638
Richmond & Mecklenburg Railroad 695
Richmond & Mecklenburg Railroad first 4s, 1948 (26) A 687
Richmond & Potomac Railroad consolidated 4Vs, 1940 (15) Aaa 146
Richmond & Rappahannock River Railway 1042
Richmond- Washington Company 634
Richmond-Washington Company guaranteed collateral trust 4s, 1943 Aaa 635
Rio Grande & Eagle Pass Railway Company 1043
Rio Grande & Eagle Pass Railway Company first income 5s, 1929 B 1043
Rio Grande Junction Railway 322
Rio Grande Junction Railway first mortgage gold 5s, 1939 (1) A 323
Rio Grande Railway 1042
Rio Grande Railway first 6s, 1924 B 1043
Rio Grande Southern Railroad Company 323
Rio Grande Southern Railroad first mortgage 4s, 1940 (1) Ca 324
Rio Grande Western Railway first consolidated and collateral trust 4s, 1949 (5) Ba 321
Rio Grande Western Railway first trust 4s, 1939 (4) A 321
Roanoke River Railway 1043
Roanoke & Tar River Railroad first 6s, 1917 (4) Aaa 652
Roberval-Saguenay Railroad 1259
Rochester & Genesee Valley Railroad stock (7) Aaa 346
Rochester & Pittsburgh Railroad consolidated mortgage 6s, 1922 (2) Aaa 211
Rochester & Pittsburgh Railroad first mortgage 6s, 1921 (1) Aaa 211
Rockingham Railroad 1044
Rock Island, Arkansas & Louisiana Railway first 4 l/S, 1934 (15) Ba 279
Rock Island-Frisco Terminal Railway 1044
Rock Island-Frisco Terminal Railway first 5s, 1927 B 1044
Rock Island & Peoria Railroad consolidated first 6s, 1925 (6) Aa 279
Rock Island, Stuttgart & Southern .Railway 284
Rock Island, Stuttgart & Southern Railway first 5s, 1934 B 284
Rockport, Langdon & Northern Railway 1045
Rockport, Langdon & Northern Railway first 6s, 1921 B 1045
Rome & Clinton Railroad ; 521
Rome & Clinton Railroad guaranteed stock (4) Aa 305
Rome & Northern Railroad 1045
Rome, Watertown & Ogdensburg Railroad first consolidated 3i/2 s, 1922 (33) A 449
Rome, Watertown & Ogdensburg Railroad first consolidated 4s and 5s, 1922 (34) Aaa 449
Rome, Watertown & Ogdensburg Railroad Terminal first 5s, 1918 (35) Aaa 449
Roscoe, Snyder & Pacific Railway '. 1046
Roscoe, Snyder & Pacific Railway first refunding 5s, 1942 (2) Ba 1046
Roswell Railroad 696
Rurnford Falls & Rangeley Lakes Railroad first 5s, 1937 (15) . Aa 420
RATING PAGE
Rumford Falls &
Rangeley Lakes Railroad trust 4s, 1923 (16) Aa 420
Rutland-Canadian Railroad first 4s, 1949 (3) Baa 494
RUTLAND RAILROAD COMPANY (Analysis) 491
Rutland Railroad Company equipment 4Vos, 1917-28 (6) A 494
Rutland Railroad Company first consolidated 41/23, 1941 (1) Aa 494
Rutland Railroad Company preferred stock . Ca 495
Rutland, Toluca & Northern Railroad ! . . . 739
Rutland Transit Company 495
Rutland & Whitehall Railroad 310
Rutland & Whitehall Railroad stock (guaranteed) A 310
s
Sacramento Valley & Eastern Railroad 1047
Saginaw, Tuscola & Huron Railroad first mortgage 4s, 1931 (11) 1165
'lair. Madison & St. Louis Belt Railroad first 4s, 1951 (2) Baa 980
St. Clair Terminal Railroad 1047
St. Clair Terminal Railroad first 5s, 1932 Baa 1048
St. Clair Tunnel Company 1244
St. John & Ophir Railroad Company 1048
St. John & Quebec Railway Company 1260
St. Johnsbury & Lake Champlain Railroad 206
St. Johnsbury & Lake Champlain first 5s, 1944 B 207
St. John's River Terminal Company 696
St. Joseph Belt Railway 1048
ST. JOSK 'H & I i: A N
i i> A N
I
)
RAILROAD COMPANY (Analysis)
I ! I ) 753
St. Joseph & Grand Island Railroad Company first 4s, 1947 (1) Baa 756
St. Joseph & Grand Island Railroad Company first preferred stock (1) Ca 756
St. Joseph & Grand Island Railroad Company second preferred stock (2) C 756
St. Joseph & Irand Island Railroad Company common stock (3)
( D 756
St. Joseph, South Bend & Southern Railroad stock (2) Aa 482
St. Joseph Terminal Railroad 1049
St. Joseph Terminal Railroad first 5s, 1918 Ba 1049
St. Joseph Union Depot Company 1049
St. Lawrence & Adirondack Railway 458
St. Lawrence & Adirondack Railway first mortgage 5s, 1996 (36) Aa 449
Lawrence & Adirondack Railway second mortgage 6s, 1996 (37) A 449
St. Lawrence & Ottawa Railroad irredeemable first mortgage 4s (4) Aaa 1212
St. Louis Bridge Company first 7s, 1929 (4) Aa 719
St. Louis Bridge Company guaranteed first preferred stock (1) Aa 720
St. Louis Bridge Company guaranteed second preferred stock (2) Aaa
rownsville & Mexico Railway 1162
Ixuiis &Cairo Railroad first 4s, 1931 (4) Aa 707
St. Louis, El Reno & Western Railway
St. Louis &
Hannibal Railway 1050
St. Louis &
Illinois Belt Railway first 5s, 1929 (2) Baa 1052
St. Louis. Iron Mountain & Southern Railroad car trust 5s, 1917-24 (27) A 1156
St. Louis, Iron Mountain & Southern Railroad gen. consol. land grant 5s, 1931 (15) Aa 1156
St. Louis, Iron Mountain & Southern Railroad first and refunding 6s, 1952 (24) 1156
St. Louis. Iron Mountain & Southern Railroad River & Gulf Div. first 4s, 1933 (17) ... Baa
St. Ix)uis. Iron Mountain & Southern Railroad unifying and refunding 4s, 1929 (16) . . Baa
St. Ixuiis Merchants' Bridge Company first 6s, 1929 (2) A
St. Louis Merchants' Bridge Terminal Railway
St. Ix.uis Merchants' Bridge Terminal Railway first 5s, 1930 (1) Aaa
7H ALPHABETICAL INDEX.
RATING PAGE
St. & O'Fallon Railroad
Louis 1050
St. & O'Fallon Railroad first 5s, 1922
Louis Baa 1051
St. & O'Fallon Railroad second 6s, 1928
Louis Ba 1051
St. Louis, Peoria & Northwestern first 5s, 1948 (26) Aa 263
St. Louis & San Francisco Railroad equipment trust 5s and 6s, 1917-23 (11) Aa 1170
St. Louis & San Francisco Railroad general 5s and 6s, 1931 (1 and 2) Aaa 1170
ST. LOUIS-SAN FRANCISCO RAILWAY COMPANY (Analysis) 1167
St. Louis-San Francisco Railway Company adjustment 6s, 1955 (14) B 1170
St. Louis-San Francisco Railway Company income 6s, 1960 (15) Caa 1170
St. Louis-San Francisco Railway Company prior lien 4s, 1950 (12) Baa 1170
St. Louis-San Francisco Railway Company prior lien 5s, 1950 (13) Baa 1170
St. Louis-San Francisco Railway Company preferred stock (2) Ca 1172
St. Louis-San Francisco Railway Company common stock (3) C 1172
St. Louis Southern Railroad first mortgage 4s, 1931 (22) Aaa 378
ST. LOUIS SOUTHWESTERN RAILWAY COMPANY (Analysis) 642
St. Southwestern Railway equipment trust 41/38 and 5s, 1917-26 (9)
Louis Baa 645
St. Southwestern
Louis Railway first consolidated 4s, 1932 (5) Ba 645
St. Louis
Southwestern Railway first 4s, 1989 (1) Aa 645
St. Southwestern Railway first terminal
Louis and unifying 5s, 1952 (8) B 645
St. Southwestern Railway second income 4s, 1989 (2)
Louis Ba 645
St. Southwestern Railway preferred stock (1)
Louis B 646
St. Southwestern Railway common stock (2)
Louis Ca 646
St. Terminal Cupples Station & Property Company
Louis 1051
St. Terminal Cupples Station & Property Company first 4V&S, 1917
Louis A 1051
St. Louis, Troy & Eastern Railway 1051
St. Louis, Troy & Eastern Railroad first 5s, 1924 (1) A 1052
St. Paul Bridge & Terminal Railway 1053
St. Paul Bridge & Terminal Railway first 6s, 1929 Baa 1053
St. Martins Railway 1260
St. Mary's & Western Railroad 1052
St. Paul & Duluth Railroad consolidated mortgage 4s, 1968 (7) Aaa 535
St. Paul & Duluth Railroad first mortgage 5s, 1931 (5) Aaa 535
St. Paul & Duluth Railroad second mortgage 5s, 1917 (6) Aaa 535
St. Paul & Eastern Grand Trunk Railway first mortgage 4i/2 s, 1947 (24) Aa 263
St. Paul & Kansas City Short Line Railroad first 4i/2 s, 1941 (16) Ba 279
St. Paul, Minneapolis & Manitoba Railroad consolidated 4s, 41/28 and 6s, 1933 (1) .... Aaa 362
St. Paul, Minneapolis & Manitoba Railroad Montana Extension 4s, 1937 (2) Aaa 362
St. Paul, Minneapolis & Manitoba Railroad Pacific Extension 4s, 1940 (3) Aaa 362
St. Paul & Northern Pacific Railroad first 6s, 1923 (4) Aaa 535
St. Paul & Sioux City Railroad first mortgage 6s, 1919 (2) Aaa 272
St. Paul Union Depot Company 1053
St. Paul Union Depot Company first 6s, 1930 (1) Aa 1054
St. Paul Union Depot Company consolidated 4s and 5s, 1944 (2) A 1054
Salem, Winona & Southern Railroad 1054
Salina Northern Railroad Company 1054
Salisbury & Albert Railway 1260
Salt Lake City Union Depot & Railroad Company 1055
Salt Lake City Union Depot & Railroad Company first 5s, 1938 Ba 1055
Salt Lake, Garfield & Western Railway 1055
SAN ANTONIO & ARANSAS PASS RAILWAY COMPANY (Analysis) 639
San Antonio & Aransas Pass Railway first 4s, 1943 (1) Ba 641
San Antonio Belt & Terminal Company <o% notes, 1919 (26) A 1150
San Antonio, Uvalde & Gulf Railroad 1056
San Benito & Rio Grande Valley Railway 1057
San Diego & Arizona Railway 1057
A LPIIA BETICAL INDEX. 77
RATIN-G PAGE
San Diego &
South Eastern Railway 1058
'ly River & Rangeley Lakes Railroad 425
iy River & Rangeley Lakes Railroad first 4s, 1928 Ba 425
ly Valley & Elkhorn Railway 182
Iy Valley & Elkhorn Railway first ."is. 1964 Baa 182
San ford & St. Petersburg Railroad first mortgage 4s, 1924 (2) Aaa 146
Francisco & North Pacific Railroad first sinking fund 5s, 1919 (2) - A 540
Francisco & San Joaquin Valley Railroad first mortgage 5s, 1940 (11) Aaa 130
<iuin & Eastern Railway 1059
ntral Railroad 1059
uthern Railway 1060
Paulo Railway Company. Ltd 1260
r<>. l.,,s Aiitf.-l,., & Salt Lake Railroad first 4s, 1961 (1) Caa 753
'
Central first :<. I'-M 1 1000

ta I '. I' I Phoenix Railroad lirst mortgage 5s, 1942 (12) Aa 130
a .Maria Valley Railroad 1061
I
Valley Railroad first (is. li:',l Ba 1061
I mad 310
Iroad stock Aa 311
pany 1227
Sault S; pany first .Is. 19:57 A 1227
annah & Atlantic Railway 1063
mnah. Florida & \\V-trrn Railway consolidated (now first mtge.) 5s, 1934 (7) ... Aaa 146
annah. Florida A; \\V~t.-ni Rail\\a\ consolidated (now first mtge.) 6s, 1934 (8)... Aaa 146
annah & Northwestern Railway 1061
annah & Southern Railr 1063
annah A .n> Railway 657
Railwa\ Baa 657
annah I'liion Station '>.mpany (Joint Control) <
1063
annah I'nion Station Company 1952 1. Aa 1064
irgh Railroad first mortgage 6s, 1924 (3) Aaa 304
.Marie Valley Railway 311
iylkill& Lehitfh Railroad iir>t Is. I'.Ms <i!l ) Aaa 616
Schuylkill R If Railr mm-tâp- Is, 1925 (2) Aaa 177
ivlkill Valley Navigation & Railroad guaranteed stock (13) Aaa 619
irland Rail road Company first 4s, 1989 (4) Aaa 529
Railwav 1064
AIM AIR LINK >
RAILWAV (T)MPANY (Analysis) 649
oard Air Lin.- Railway adjustment T.s. 1949 (20) B 652
Railway Atlanta & Birmingham first 4s, 1933 (16) A 652
Seaboard Air Lint- Railway equipment trust 4 -js and ."is, 1917-26 (21)
1
Aa 652
."1 Air Lin.- Railway :ir-! I,. 1950 (15) Aa 652
Seaboard Air Lin.- Rattwaj ftnA .t.solidated 6s, 1945 (19)
<
Ba 652
Seaboard Air Line Railway refunding 4s, 1959 (18) Ba 652
r Line Railway preferred stock (1) Caa 654
I Air Line Railway common stock (2) C 654
noke Railroad debenture 6s (2) Aaa 652
anoke Railroad first 5s, 1926 (1) Aaa 652
iailroad "A" and "B" gold 5s, 1948 (4)
Company Series Aa 621
Sea '
1948 (3) j.rior lien 5s, Aa 621

Angles & Western Railway Company 259
1958 (3) . Ba 869
imokin. Sunbury & Lewisburg Railroad first 4s and second 6s, 1925 (22) Aaa 61(5
.mokin Valley & p.,ttsville Railroad stock (8) Aaa 550
Sta izona Railway i 1064
BATING PAGE
Sharon Railway first mortgage 4l/2 s, 1919 (30) Aa 342
Sharon Railway stock (9) Aa 346
Sheffield & Tionesta Railway 1188
Sherman, Shreveport & Southern Railroad first mortgage 5s, 1943 (11) Caa 1150
Shreveport Bridge & Terminal Company 648
Shreveport Bridge & Terminal Company first 5s, 1955 (4) Baa 645
Shreveport, Houston & Gulf Railroad 1065
Sibley, Lake Bisteneau & Southern Railway 1065
Sierra Railway Company of California 1066
Sierra Railway first 6s, 1937 (1) A 1066
Sierra Railway second 5s, 1944 (2) B 1066
Silver Peak Railroad 1067
Silver Springs, Ocala & Gulf Railroad first mortgage 4s, 1918 (1) Aaa 146
Silverton, Gladstone & Northerly Railroad first 6s, 1919 1067
Silverton Northern Railroad 1067
Silverton Railway ; 1067
Sioux City Bridge Company 268
Sioux City & Pacific Railroad first mortgage 3i/2 s, 1936 (19) Aa 263
Sioux City Terminal Railway 1068
Skaneateles Railroad 1068
Skaneateles Railroad refunding 5s, 1918-37 (2) Ba 1069
Skaneateles Railroad serial gold 4s, 1917-27 (1) Baa 1069
Sligo & Eastern Railway 1069
Sodus Bay & Southern Railroad first 5s, 1924 (43) Aa 547
Somerset Railway first 5s, 1917 (22) A 420
Somerset Railway consolidated 4s, 1950 (23) A 420
Somerset Railway first and refunding 4s, 1955 (24) A 420
South Bound Railroad first 5s, 1941 (14) Aaa 652
South Buffalo Railway 1070
South Carolina & Georgia Railroad first 5s, 1919 (28) A 687
South Georgia Railway 1070
South Georgia Railway first 5s, 1923 Baa 1071
South Manchester Railroad 1071
South & North Alabama Railroad consolidated mortgage gold 5s, 1936 (24) Aaa 161
South & North Alabama Railroad general consolidated 5s, 1963 (25) Aa 161
South Pacific Coast Railway 679
South Pacific Coast Railway first 4s, 1937 (12) Aaa 665
Southern Illinois & Missouri Bridge Company (Joint Control) 1072
Southern Illinois & Missouri Bridge Company first 4s, 1951 A 1072
Southern Indiana Railway first 4s, 1951 (2) Ba 286
Southern Pacific Branch Railway first 6s, 1937 (13) Aaa 665
SOUTHERN PACIFIC COMPANY (Analysis) 658
Southern Pacific Company Central Pacific stock collateral 4s, 1949 (31) Aaa 665
Southern Pacific Company convertible 4s, 1929 (32) A 665
Southern Pacific Company equipment 41/28, 1917-24 (35) Aa 665
Southern Pacific Company debenture 4l/2 s, 1929 (33) Aa 665
Southern Pacific Company new convertible 5s, 1934 (34) A 665
Southern Pacific Company San Francisco Terminal first 4s, 1950 (19) Aa 665
Southern Pacific Company stock A 669
Southern Pacific Railroad 680
Southern Pacific Railroad of Mexico 681
Southern Pacific Railroad (of Cal.) first consolidated 5s, 1937 (14) Aaa 665
Southern Pacific Railroad refunding 4s, 1955 (17) Aaa 665
Southern Pacific Terminal Company 681
Southern Pennsylvania Railway & Mining Company , 560
RATING PAGE
SOUTHERN RAILWAY COMPANY (Analysis) 683
Southern Railway Company Aiken Branch first 4s, 1998 (16) A 687
Southern Railway Company collateral notes 5s, 1917 (33) Aa 687
Southern Railway Company development and general 4s Series A, 1956 (19) Baa 687
Southern Railway Company East Tennessee reorganization 5s, 1938 (14)'. '.
Aa 687
Southern Railway Company equipment trust 4l/2 s and 5s, 1917-26 (32) Aa 687
Southern Railway Company first consolidated 5s, 1994 (13) '. Aa 687
Southern Railway Company L. & N. Monon collateral joint 4s, 1952 (20) Baa 687
Southern Railway Company Memphis Division 5s, 1996 (15) Aa 687
Southern Railway Company Mobile & Ohio collateral trust sinking fund 4s, 1938 (18) . Baa 687
Southern Railway Company St. Louis Division first 4s, 1951 (17) A 687
Southern Railway Company preferred stock (4) Caa 690
Southern Railway Company common stock (5) C 690
Southwestern Coal & Improvement Company first mortgage 6s, 1929 (14) Caa 1150
Southwestern Railroad of Georgia 390
Southwestern Railroad of Georgia stock (3) A 389
Southwestern Railway 1072
Spartanburg, Union & Columbus Railroad first 4s, 1995 (27) A 687
Spirit Lake Transfer Railway . 1073
Spokane Falls & Northern first mortgage 6s, 1939 (8) Aaa 362
Spokane International Railway 1228
Spokane, Portland & Seattle Railway 1073
Spokane, Portland & Seattle Railway first 4s, 1961 Aa 1074
Spuyten Duyvil & Port Morris Railroad first mortgage 3Vfcs, 1959 (43) Aa 449
Stafford Springs Street Railway first 5s, 1956 (31) Aa 504
Standard & Hernando Railroad 1074
Stanley, Merrill & Phillips Railway 1074
State Line & Sullivan Railroad 411
State Line & Sullivan Railroad first mortgage 41/28, 1929 (16) Aaa 409
Staten Island Railway 182
Staten Island Railway I . 1943 Ba 183
Staten Island Rapid Transit Railway 183
Stephenville North & South Texas Railway first 5s, 1940 (7) B 645
Sterling Mountain Railway 1075
Stewartstown Railroad 1075
Stockton Terminal & Eastern Railroad 1076
Stony Hrook Railroad 7 per cent guaranteed stock (7) Ba 204
Stony Creek Railroad Company 633
ny Creek Railroad firstK 1957 Aa 633
Sturgis, Goshen & St. Louis Railway first mortgage 3s, 1989 (9) Aaa 449
Suffolk & Carolina Railway first consolidated 5s, 1952 (3) A 524
Sugar Und Railway 1077
Sugar Land Railway first 5s, 1942 Baa 1077
Sullivan County Railroad 207
Sullivan County Railroad first 4s, 1924 A 207
Sumptcr Valley Railway 1078
Sumpter Valley Railway first gold 6s, 1927 Ba 1078
Sumter & Choctaw Railway 1077
Sumter & Wateree River Railroad first 5s, 1919 (29) A 687
Sunbury, Hazleton & Wilkes-Barre Railway first 5s, 1928 (14) Aaa 547
Sunbury, Hazleton & Wilkes-Barre Railway second 6s, 1938 (15) Aaa 547
Sunbury & Lewistown Railway first 4s, 1936 (13) Aaa
Suncook Valley Railroad 3 per cent, guaranteed stock (12) Ba
Sunset Railway
Sunset Railroad first 4s, 1930 (1) Aa 107S
80 A LPHA BETICA L IXDEX.
RATING PAGE
Sunset Western Railway first 5s, 1932 (2) Ba 1079
Superior Shore Line first 5s, 1930 (6) Aaa 272
Surry, Sussex & Southampton Railway 1079
Susquehanna, Bloomsburg & Berwick Railroad 561
Susquehanna, Bloomsburg & Berwick Railroad first 5s, 1952 Ba 561
Susquehanna & New York Railroad 1079
Susquehanna & New York Railroad first 5s, 1955 Ba 1080
Susquehanna River & Western Railroad 1080
Sussex Railroad 318
Syracuse, Binghamton & New York Railroad guaranteed stock (14) Aaa 316
Syracuse & Milford Railway 1081
T
Tabor & Northern Railway 1081
Tabor & Northern Railway first 5s, 1924 B 1082
Tacoma Eastern Railroad Company 259
Talbotton Railroad 1082
Tallulah Falls Railway 697
Tampa & Gulf Coast Railroad - 1082
Tampa & Gulf Coast Railroad first 5s, 1953 Baa 1083
Tampa & Jacksonville Railway 1083
Tampa & Jacksonville Railway first 5s, 1949 Caa 1084
Tampa Northern Railroad 657
Tampa Northern Railroad first 5s, 1936 B 658
Tanana Valley Railroad Company 1084
Tanana Valley Railroad Company first 20-year sinking fund gold 6s, 1926 Ca 1084
Tarkio Valley Railroad first mortgage 7s, 1920 (10) Aaa 228
Tavares & Gulf Railroad . 1084
Temiscouata Railway 1261
Temiskaming & Northern Ontario Railway 1261
Tennessee, Alabama & Georgia Railroad 1085
TENNESSEE CENTRAL RAILROAD (Analysis) 715
Tennessee Central Railroad prior lien 4s, 1934 (1) '. Ba 717
Tennessee Central Railroad general 5s, 1954 (2) C 717
Tennessee, Kentucky & Northern Railroad 1086
Tennessee & North Carolina Railroad 1188
Tennessee Railway 1086
TERMINAL RAILROAD ASSOCIATION OF ST. LOUIS (Analysis) 717
Terminal Railroad Association of St. Louis first 4i/2 s, 1939 (1) Aaa 719
Terminal Railroad Association of St. Louis first consolidated 5s, 1944 (2) Aaa 719
Terminal Railroad Association of St. Louis general refunding 4s, 1953 (3) Aaa 719
Terminal Railroad Association of St. Louis stock (4) A 720
Terre Haute & Indianapolis Railroad consolidated (now first 5s, 1925 (1) Aa 607
Terre Haute & Peoria Railroad 608
Terre Haute & Peoria Railroad first consolidated 5s, 1942 (5) Baa 607
Terre Haute & Peoria Railroad first 5s, 1937 (4) . Aa 607
Texas, Arkansas & Louisiana Railway 1087
Texas Central Railroad first 4s and 5s, 1923 (19) Ba 1150
TEXAS MIDLAND RAILROAD (Analysis) 721
Texas Midland Railroad first refunding 5s, 1938 (1) Ca 723
'
Texas & New Orleans Railroad 681

Texas & New Orleans Railroad consolidated 5s, 1943 (29) Aa 665
Texas & New Orleans Railroad Dallas Division first 4s, 1930 (30) . Aa 665
A LPIL I BETICAL INDEX. 81
RATING PAGE
Texas, Oklahoma &
Eastern Railroad 862
Texas & Oklahoma Railroad first mortgage 5s, 1943 (13) Caa 1150
TEXAS & PACIFIC RAILWAY COMPANY (Analysis) 724
Texas & Pacific
Railway consolidated (now first) 5s, 2000 (1) Aa 726
Texas & Pacific Railway equipment trust 5s and 6s, 1917-26 (4) A 726
Railway Louisiana Division branch line first 5s, 1931 (2) A 726
itic Railway second income 5s, 2000 (3) Ca 726
ific Railway stock .' C 727
-hort Line Railway 1087
as Short Line Railway first 5s, 1921 B 1088
tern Railroad 1088
Thousand Islands Railway 1262
Ticond- .ilroad 311
Tidewater & Western Railroad Company 1089
Tioga Railroad first 50, l'.i:J5 (32) A 342
Timpson & -n Railway
i
1089
Valley Railway
i
1089
Toledo, Angola & Western Railway 1090
To), hern & Detroit Railroad first mortgage 4s, 1956 (11) Aa 480
Toi (
Mii-i Ri \ T Railroad Company 597
.KIM) A: oillo CENTRAL RAILWAY COMPANY (Analysis) 483
Toll Railuay equipment trust 4s, 1917-20 (5)
al Aa 485
Toledo & Ohio Central Railway first mortgage ."is. (1) Aaa I'.i:',.-, 485
Tol al Railway general mortgage 5s, 1935 (3) Baa 485
Tol. Railway St. Mary's Division first mortgage 4s, 1951 (4) Baa 485
Ohio Central Railway St. Mary's Division first preference income 4s, 1951 (6) . . 485
Tol. -em Division first mortgage 5s, 1935 (2) Aa 485
;d Railway ck (1) ;
Ba 486
To!- al Railway common stock (2) Caa 486
'KoRlA jt WESTERN RAILWAY COMPANY (Analysis) 728
<\Railway Company first Is, 1917 (1) Ca 731
Kegon Railway Company 1245
-
T. I. ol F.STKRN RAILROAD COMPANY (Analysis) 731
To!- Railroad collateral trust "A" 4s, 1917 (4) C 733
Tol. road collateral trust "B" 4s, 1917 (5) C 733
Tol, Railroad first 4s, 1950 (2) B 733
Tol Railroa <
ertificates, 1918 (3) 733

i .ouis & Western Railroad prior lien 31/t-s, 1925 (1 ) Baa 733
To!, road preferred stock (1)
I C 734
To). .do. St. I.'.uis & '.' Railroad common stock (2) D 734
i
Railway 1091
To], Railroad (Joint Control)
-
: inal 1091
Toledo T.-rminal Railroad fir 1957 . Baa 1092
Toledo. Walhonding Valley & Ohio Railroad first 4'/2 s Series A, 1931 (19) Aaa 582
Toledo. Walhonding Valley & Ohio Railroad first 1 .,* Series B, 1933 (20)
'
Aaa 582
Toledo. Walhonding Valley & Ohio Railroad first Is Series C. 1942 (21) Aaa 582
Tolui a. Trnango & San Juan Railway 1268
astern Railway 1 1092
TombiKo... Valley Railroad first gold 5s, 1956 (2) 775
.bighee Valley Railroad general gold 6s, 1935 (3) . 775
VOI'AH A COI.DI IELD RAILROAD COMPANY (Analysis) 739
Tonopah & Joldfield Railroad Company first 6s, 1921
( Aa 741
Tom, pah & Tidewater Railroad Company 1093
Tonopah & Tidewater Railroad first 5' debenture stock certificates, 1960
; Ba 1093
water Railroad sterling 5s, 1960 Ba 1093
EATING PAGE
Tooele Valley Railway 1094
Toronto, Grey & Bruce Railway first mortgage 4s, 2882 (6) Aaa 1212
Toronto, Hamilton & Buffalo Railway 1262
Toronto, Hamilton & Buffalo Railway first 4s, 1946 (1) Aaa 1263
Toronto, Hamilton & Buffalo Railway consolidated Series A 4i/2 s, 1966 (2) A 1263
Toronto, Hamilton & Buffalo Railway Series "A" equipment 41/28, 1917-23 (3) A 1263
Torrington & Winchester Street Railway first 5s, 1917 (23) Aa 504
Trans-Mississippi Terminal Railroad 1094
Trans-Mississippi Terminal Company first 5s, 1944 1095
Transylvania Railroad first 5s, 1956 (30) Ba 687
Traverse City Railroad first 3s, 1933 (6) B 591
Tremont & Gulf Railway 1095
Tremont & Gulf Railway first 5s, 1948 B 1095
Trinity & Brazos Valley Railway 1096
Trona Railway 1097
Troy & Bennington Railroad 10 per cent, guaranteed stock (15) Ba 204
Troy & Boston Railroad first 7s, 1924 (20) Aa 202
Troy & Greenbush Railroad guaranteed stock (6) Aaa 455
Troy Union Railroad 1097
Tuckerton Railroad 1098
Tuckerton Railroad first 5s, 1930 Ba 1098
Tunnel Railroad of St. Louis guaranteed stock (3) A 720
Tuscarora Valley Railroad 1098
Tuskegee Railroad 1099
Twin Buttes Railroad 1099
Twin Mountain & Potomac Railroad. . 1100
u
Uintah Railway 1100
ULSTER & DELAWARE RAILROAD COMPANY (Analysis) 742
Ulster & Delaware Railroad first consolidated 5s, 1928 (1) Aa 744
Ulster & Delaware Railroad first refunding 4s, 1952 (2) Baa 744
Ulster & Delaware Railroad stock Ca 744
Unadilla Valley Railway 1101
Unadilla Valley Railway first 4s, 1934 Ba 1101
Union Depot Company (of Columbus, Ohio) 1102
Union Depot Company of Columbus first 7s, 1923 (1) A 1102
Union Depot Company of Columbus general 4^s, 1946 (2) Baa 1103
Union Freight Railroad 1103
& Glenn Springs Railroad
Union 1101
UNION PACIFIC RAILROAD COMPANY (Analysis) 744
Union Pacific Railroad convertible 4s, 1927 (9) Aa 749
Union Pacific Railroad first lien and refunding 4s, 2008 (2) Aaa 749
Union Pacific Railroad land grant and first 4s, 1947 (1) Aaa 749
Union Pacific Railroad preferred stock (1) Aaa 750
Union Pacific Railroad common stock (2) A 750
Union Point & White Plains Railroad 156
Union Point & White Plains Railroad first 5s, 1920 Caa 156
Union Railroad 1103
Union Railroad first 5s, 1946 (1) Aa 1104
Union Railroad equipment 5s (2-4) Aa 1104
Union Terminal Company (Dallas) 1104
Union Terminal Company (Dallas) first 5s, 1942 Aa 1104
ALPHABETICAL INDEX, 83
RATING PAGE
Union Terminal Railway 1104
Union Transportation Company 1105
United New Jersey Railroad & Canal Company 555
United New Jersey Railroad & Canal Company general (now first) 4s of 1923 (32) ... Aaa 547
United New Jersey Railroad & Canal Company general (now first) 4s of 1929 (33) . . . Aaa 547
United New Jersey Railroad & Canal Company general (now first) SVfcs of 1951 (35) . Aaa 547
United New Jersey Railroad & Canal Company guaranteed stock (5) Aaa 550
United Railroads of Yucatan 1268
United Railways of Havana & Regla Warehouses 1263
United States & Canada Railroad 1245
United Verde & Pacific Railway 1106
Upper Coos Railroad extension 41/js, 1930 (18) Aa 420
Upper Coos Railroad first 4s, 1930 (17) Aa 420
Upper Coos Railroad guaranteed stock (9) A 422
Upper Merion & Plymouth Railroad 1106
Utah & Northern Railway consolidated 5s, 1926 (5) Aaa 749
Utah & Northern Railway first extended 4s, 1933 (4) Aaa 749
Utica & Black River Railroad first mortgage 4s, 1922 (38) Aaa 449
Utica, Chenango & Susquehanna Valley Railroad guaranteed stock (10) Aaa 316
Utica, Clinton & Binghamton Railroad 521
Utica, Clinton & Binghamton Railroad first mortgage 5s, 1939 (11) Aaa 304
Utica, Clinton & Binghamton Railroad guaranteed stock (5) Aa 305
V
Valdosta, Fort Gaines &. Montgomery Railway 1107
Valley Railroad 1107
Valley Railroad of Now York guaranteed stock (7) Aaa 316
Van Buren Bridge Company 193
Van Bun-n Hridge Company first sinking fumd 6s, 1934 Ba 193
Vanc'-iivcr. Victoria & Ka~t-rn Railway & Navigation Company 365
VANDAI.IA RAILROAD COMPANY (Analysis) 604
A 4s, 1955 (2)
.ilroad consolidated Series Aa 607
Vandalia Railroad consolidated Series B 4s, 1957 (3) Aa 607
Vandalia Railroad stock B 607
V'-ra Cruz Terminal Company, Ltd 1265
Verdigris Valley, Independence & Western Railroad first mortgage 5s, 1926 (23) A 1156
Vermont & Massachusetts Railroad 31/08, 1923 (21) Aa 202
Vrrmont & Massachusetts Railroad 6 per cent, guaranteed stock (16) Ba
Vermont Vall-y Railroad 208
Vermont Valley Railroad first 4/2 s, 1940 Baa
shurg & Meridian Railroad first mortgage 6s, 1921 (1) Aaa 123
VICKSBURG, SHREVEPORT & PACIFIC RAILWAY (Analysis)
shurg, Shreveport & Pacific Railway equipment 4i/2 s, 1917-23 (3) A
Vicksbiirg, Shreveport & Pacific Railway general mortgage 5s, 1941 (2) A
Vicksburg, Shreveport & Pacific Railway prior lien mortgage extended 5s, 1940 (1) ... Aaa
Ksburg, Shreveport & Pacific Railway preferred stock (1) B
Vicksburg, Shreveport & Pacific Railway common stock (2) Ca
Victoria, Fisher & Western Railroad
Victoria & Sidney Railway
Virginia Air Line Railway first mortgage 5s, 1952 (16) A
84 A LPIIA BET1C A L INDEX.
RATING PAGE
Virginia & Carolina Southern Railroad 156
Virginia & Carolina Southern Railroad first 5s, 1948 B 157
Virginia-Carolina Railway 531
Virginia-Carolina Railway first 5s, 1950 A 532
Virginia & Kentucky Railway 1108
Virginia Midland Railway general 5s, 1936 (11) Aaa 687
Virginia Midland Railway Series D to F 5s, 1921-31 (8-10) Aaa 687
Virginia Southern Railroad .,
1109
VIRGINIA & SOUTHWESTERN RAILWAY COMPANY (Analysis) 712
Virginia & Southwestern Railway equipment 4i/2 s and 5s, 1917-24 (3) A 714
Virginia & Southwestern Railway first 5s, 2003 (1) Aa 714
Virginia & Southwestern Railway first consolidated 5s, 1958 (2) Baa 714
& Truckee Railway
Virginia 1109
VIRGINIAN RAILWAY COMPANY (Analysis) 756
Virginian Railway first 5s (Series A), 1962 (1) Aa 759
Virginian Railway equipment 5s, 1917-18 (2) A 759
Wabash, Chester & Western Railroad

w 1110
Wabash-Pittsburg Terminal Railway Company 1189
Wabash Railroad debenture 6s, 1939 (3) A 762
Wabash Railroad Des Moines Division first 4s, 1939 (7) Baa 762
Wabash Railroad Detroit & Chicago extension first 5s, 1941 (5) Baa 762
Wabash Railroad equipment 5s, 1917-21 (12) A 762
Wabash Railroad Company first 5s, 1939 (1) Aaa 762
Wabash Railroad Company first lien terminal 4s, 1954 (10) Baa 762
Wabash Railroad Company second 5s, 1939 (2) A 762
Wabash Railroad Omaha Division 3i/2 s, 1941 (6) Baa 762
Wabash Railroad Toledo & Chicago Division 4s, 1941 (4) A 762
WABASH RAILWAY COMPANY (Analysis) 759
Wabash Railway Company 4 per cent, gold notes, 1920 (11) Baa 762
Wabash Railway Company preferred A
stock (1) B 763
Wabash Railway Company preferred B stock (2) Caa 763
Wabash Railway Company common stock (3) C 763
Waco & Northwestern Railroad first gold 6s, 1930 (22) Aa 665
Wadley Southern Railway Company 390
Wallkill Valley Railroad guaranteed stock (7) Aaa 455
Ware River Railroad guaranteed stock (4) Aaa 455
Warren, Johnsville & Saline River Railroad 1111
Warren & Ouachita Valley Railway 1111
Warren Railroad first refunding mortgage 3i/2 s, 2000 (6) Aaa 314
Warren Railroad guaranteed stock (6) Aaa 316
Washington Central Railway first mortgage 4s, 1948 (8) Aa 535
Washington & Choctaw Railway 1112
Washington & Columbia River Railroad first mortgage 4s, 1935 (10) Aaa 535
Washington County Railway first 3i/2 s, 1954 (20) Aa 420
Washington & Franklin Railroad first 5s, 1939 (8) Aa 1174
Washington, Idaho & Montana Railway 1112
Washington, Ohio & Western Railroad first 4s, 1924 (12) Aaa 687
Washington, Potomac & Chesapeake Railroad 1113
Washington Run Railroad 1113
Washington Southern Railway Company 638
Washington Southern Railway first 4s, 1943 . . . Aaa 639
A LPHABETICAL IXDEX. 85
RATING PAGE
Washington Terminal Company (Joint Control) 1114
Washington Terminal Company first 3i/is and 4s, 1945 Aaa 1114
Washington & Vandemere Railroad 157
Washington & Vandemere Railroad 4V4s, 1947 (19) Aa 146
Washington Western Railway 1114
Watauga & Yadkin River Railroad 1115
Watertown & Sioux Falls Railway , . . . 1115
Waupaca-< Jreen Bay Railway 1116
WayiT'<s> & W.--t.-rn Railroad 1117
Waynesburg & Washington Railroad , 604
Weathert'ord. Mineral Wells & Northwestern Railway 728
itherford Mineral Wells & Northwestern Railway first 5s, 1930 Baa 728
llington. Grey & Bruce Railway bonds (12) Ba 1237
llington &
Powellville Railroad 1117
W.-llston & Jackson Belt Railway 226
Wellsville, Coudersport & Pine Creek Railroad 805
Wcnatchee Valley & Northern Railway 1118
r Railroad first r.s, 1919 (16) Aaa 547
D Allegheny Railroad 1118
i Annui' 1 ) i
1229
WKSTKRN MARYLAND RAILWAY COMPANY (Analysis) 1172
tern Maryland Railway collateral trust 5s, 1915 (10) 1174
We.-t.Ti: Maryland Railway equipment trust 5s, 1917-26 1176
Maryland Railway first -Is. l'.t.V2 (9) Ba 1174
Western Maryland Railway gold notes, 1915 (11) 1174
Maryland Railway preferred stock (1) Cd 1176
Maryland Railway common stock (2) C 1176
W- \v York & Pennsylvania Railway 561
A- York &
Pennsylvania Railway first 5s, 1937 (1) A 562
.v York & Ba 562
Pennsylvania Railway general 4s, 1943 (2)
W. .v York & 562
Pennsylvania Railway income 5s, 1943 (3)
road 'ompany first 5s, 1946
I ( Ba 1178
WKSTKRX PACIFIC RAILROAD CORPORATION (Analysis) 1176
tern Pacitir Railroad '-.rporation preferred stock (1)
<
Caa 1179
Railroad Corporation common stock (2) C 1179
msylvania Railroad consolidated (now first) 4s, 1928 (17) Aaa 547
WKSTKRN RAILWAY OF AI.AI1AMA (Analysis) 763
D Railway of Alabama first 4 I/is, 1918 (1) Aa 766
i
Railway of Havana, Ltd 1265
rnpany 459
npanv lir.-t .",i ..>. I'.rj:; Aaa 459
: >ecial guaranteed stock ( 1 ) Aaa 577
WKST .IK!; SHORE RAILROAD COMPANY (Analysis) 575
'.ad Company :','
L.s and -Is, 1936 Aaa 577
We & Seashore Railroad Company special guaranteed stock (2) Aaa 577
:'ire Railroad Company common stock (3) Baa 577
rporation In . 1945 (18) A 219
! first 4s, 1990 (6) Ba 1247
! first mortgage 4s, 2361 (39) Aaa 449
Railroad first 5s, 1937 (1) 1190
Railroad >'
'
receivers' certificates, 1917-26 (3) 1190

West Virginia Midland Railroad 1187
West Virginia Northern Railroad 111&
.rginia A .rgh Railroad first mortgage 4s, 1990 (3) Aa
Wharton & N n Railroad 1119
RATING PAGE
Wharton Valley Railway 522
Wharton Valley Railway first mortgage 5s, 1918 (3) Aa 520
Wheeling & Lake Erie Railroad equipment 4s and 5s, 1917-23 (6) A 1181
Wheeling & Lake Erie Railroad first consolidated 4s, 1949 (4) A 1181
Wheeling & Lake Erie Railroad receivers' certificates, 1926 1182
WHEELING & LAKE ERIE RAILWAY COMPANY (Analysis) 1179
Wheeling & Lake Erie Railway Company refunding 4!/2S, 1966 (5) Baa 1181
Wheeling & Lake Erie Railway extension first 5s, 1930 (3) Aa 1181
Wheeling & Lake Erie Railway Lake Erie Division first 5s, 1926 (1) Aaa 1181
Wheeling & Lake Erie Railway Wheeling Division first 5s, 1928 (2) Aa 1181
Wheeling & Lake Erie Railway Company prior lien stock (1) Ba 1182
Wheeling & Lake Erie Railway Company preferred stock (2) B 1182
Wheeling & Lake Erie Railway Company common stock (3) Ca 1182
Wheeling Terminal Railway 598
Wheeling Terminal Railway first 4s, 1940 Aa 598
White & Black River Valley Railway 284
White & Black River Valley Railway first 5s, 1980 Ba 284
White Deer & Loganton Railway 1120
White Oak Railway 1120
White Pass & Yukon Railway, Limited 1266
White Sulphur Springs & Yellowstone Park Railroad 1121
Wichita Falls & Northwestern Railway first 5s, 1939 (20) Baa 1150
Wichita Falls & Northwestern Railway first refunding 5s, 1940 (23) Ba 1150
Wichita Falls & Northwestern Panhandle Division 5s, 1925 (21) Ba 1150
Wichita Falls & Southern first 5s, 1938 (22) Ca 1150
Wichita & Midland Valley Railroad first 5s, 1931 (3) 430
Wichita Union Terminal Railway 1122
Wichita Union Terminal Railway first gold 4Vs, 1941 Baa 1122
Wiggins Ferry Company 721
Wilkes-Barre Connecting Railway 1122
Wilkes-Barre & Eastern Railroad first mortgage 5s, 1942 (7) Ba 351
Williamsport & North Branch Railroad 1122
Williamsport & North Branch Railroad first 4i/2 s, 1931 (1) B 1123
Williams Valley Railroad Company 634
Williams Valley Railroad general 5s, 1924 B 634
Willmar & Sioux Falls Railway first mortgage 5s, 1938 (6) Aaa 362
Wilmington & Newbern Railroad first mortgage 4s, 1947 (16) Aaa 146
Wilmington & Northern Railroad first 5s, 1927 (23) Aa 616
Wilmington & Northern Railroad general 5s, 1932 (24) Aa 616
Wilmington & Northern Railroad stock certificate 4s (10) Aaa 616
Wilmington Railway Bridge Company 1123
Wilmington Railway Bridge Company first consolidated 5s, 1943 Aa 1124
Wilmington & Weldon Railroad general mortgage 4s, 1935 (9) Aaa 146
Wilmington & Weldon Railroad general mortgage 5s, 1935 (10) Aaa 146
Wilton Railroad 8i/2 per cent, guaranteed stock (8) Ba 204
Winfield Railroad 1124
Winifrede Railroad 1124
Winnipeg Terminal Company 4s, 1939 (9) A 1205
Winona Bridge Railway 1124
Winona Bridge Railway first gold5s, 1935 Baa 1125
Winston-Salem Southbound Railway Company 1125
Winston-Salem Southbound Railway first 4s, 1960 (1) Aa 1126
Wiscasset, Waterville & Farmington Railway 1126
WISCONSIN CENTRAL RAILWAY COMPANY (Analysis) 1220
Wisconsin Central Railway equipment trust 4i/2 s and5s, 1917-31 (5) Aa 1223
RATING PAGE
Wisconsin Railway first general mortgage 4s, 1949 (1)
Central Aa 1223
Wisconsin Railway first and refunding mortgage 4s, 1959 (4)
Central Baa 1223
Wisconsin Railway 5 per cent, notes, 1918 (6)
Central Baa 1223
Wisconsin Railway Marshfield & South Eastern Division 4s, 1951 (3)
Central A 1223
Wisconsin Railway Superior & Duluth Division terminal first 4s, 1936
Central (2) A 1223
entral Railway preferred stock (1) B 1223
Vntral Railway common stock (2) .C 1223
ronsin & Michigan Railway 1126
in & Michigan Railway first 5s, 1945 B 1127
ta & Pacific Railroad 246
Wisconsin & Northern Railroad 1127
>d River liranch Railroad 1128
.dstock & Blocton Railway 1128
ck Railway 1129
Wu'iilworth & Louisiana Central Railway 1129
mecticut Eastern Railway first 4'/os, 1943 (13) Aa 504
hua & Rochester Railroad first 4s, 1930-35 (24) Aa 202
Wrightsville & Tennille Railroad 391
Wrightsville & Tennil!.- Railroad first ."is. HKiS ( 1 ) A 392
>ming & Missouri Kiver Railroad 1130
>ming & Northwestern Railway 268
Y
10 & Mississippi ValK-y Railroad 383
-issippi iailroad I
improvement 5s. I'.i .". 1 rJ ) Baa 384
& Frederick Railway 563
York Harbor & Beach Railroad 207
York & Pea :n Railroad Series B 5s, 1932 (1) Aa 427
ilroad 1130
nking fund gold '.
(1) Ba 1131
:e Valley Railroad second 5s, 1936 (2) 1131
Youngstown & Ravenna Railroad 598
Yreka Railroad . 1131
z
;
Terminal Railroad
If 1132
Zanesvillo & Western Railway 486
-stem Railway 1132
INTRODUCTION
Location and Character of Tonnage
HP HE three chief elements to be studied in analyzing railroad reports are the Physical Factors, the Income
Factors,
and the financial or Capitalization Factors. The physical factors or characteristics embrace
everything of a
physical nature, such as the mileage and location of the road, the equipment owned and used, the character of tonnage
transported, the methods of handling the tonnage and passengers, the efficiency of operation of the trains, and the
average rates received per person and per ton for transportation services performed.
Many of the railroads furnish their stockholders with quite complete figures covering the physical sides of their
properties. Usually the railroad report begins with a statement, in condensed form, of the mileage operated. This
statement of "mileage operated" indicates the average number of miles of main track operated within a single year,
and is usually sufficiently elaborate to show in detail the entire mileage of the system, indicating where this mileage
is located and what points it reaches,
showing the number of extra main tracks and their mileage, and also the mile-
age of yard tracks, switches and sidings. Host railroad corporations also present with their annual reports a com-
plete map of the entire railroad system, enabling the stock- or bond-holder to see at a glance just where the railroad
runs, what cities it enters, what connections it has with other lines, and what the general character and type of
territory are in which it is located.
The majority of railroad reports are so arranged that, following a statement of the mileage operated, a statement
of earnings, or a condensed income account, is presented. But to examine the report systematically and scienti-
fically, the location of the road and its mileage should be immediately followed up by an examination of the nature of
the tonnage which is transported on the property. The character of the tonnage has direct relationship to the loca-
tion of the property, and to the type of territory. In other words, railroads are directly dependent for their pros-
perity on the particular industries which are dominant in the territories through which they run, and the prosperity
of those industries and their general stability are at the base of the success of the railroad itself. So we find that a
railroad like the Gulf A Ship Island is largely dependent on the lumber industry; the Boston & Maine and Maine
Central are dependent on diversified local traffic, their through business being a factor of minor importance. The
New Haven is more largely dependent for its success on the maintenance of passenger rates than it is on the main-
tenance of freight rates, as passenger business predominates and is a large source of revenue. The Reading, New
Jersey Central, and Lehigh Valley are dependent largely upon stable conditions in the anthracite coal fields, and a
large part of their value is bound up in their ownership or control of these great coal deposits. The Chesapeake &
Ohio, the Norfolk ft Western, the Hocking Valley, the Buffalo, Rochester & Pittsburg, and to an extent the Balti-
more & Ohio, the Erie, and Pennsylvania are dependent upon conditions in the soft-coal industry. Properties like
the St. Paul, the Chicago, Burlington ft Quincy, the Northern Pacific and the Missouri Pacific are more or less bound
op with the agricultural conditions in the territories through which they run. In the event of crop failures or short
crops, their earnings are vitally affected, while, on the other hand, in years of "bumper" crops they all prosper to
unusual extent.
In view of the foregoing facts, it will be seen that a definite knowledge of the nature and character of tonnage
transported by the railroad is a matter of great importance to the owner of the shares or bonds. In this book these
tonnage figures have been given proper prominence, and wherever possible a comparison of the tonnage percentages
for the entire decade, closing with the last fiscal year, has been presented. In this way the user of the book can see at
a glance the changes, if any, which have occurred during the period under review.
Most of the railroads long ago adopted a uniform classification for their freight traffic. This classification is
divided as follow*:
1st, Products of agriculture, embracing such things as grain, flour, cotton, tobacco, hay, fruit and vegetables,
mill products, etc.
2<i. Products of animals, embracing live stock, dressed meats, hides and leather, poultry and game, wool pack-
ing house products, etc,

3d, Products of mines, embracing anthracite and bituminous coal, coke, ores, stone, sand and similar articles.
4th. Products of forests, embracing lumber and all allied products.
5th, Manufactures.
6th, Merchandise and miscellaneous articles.
There is a very wide diversification in the character of the tonnage transported by the different railroads, and
the great dependence of some systems on particular articles for their tonnage is well brought out in the statements
given throughout this book. It will be seen, for instance, that, of the total tonnage reported in 1915 by the Baltimore
* Ohio Railroad Company, about 64 per cent, represented products of mines; on the New York Central in 1915,
61 per cent, represented products of mines ; on the Lake Erie & Western 39 per cent, was so represented, while on the
Lehigh Valley about 63 V4 per cent, was mining products. Turning to Western properties, we find that the Missouri
93
INTRODUCTION
Location and Character of Tonnage
'T' HE three chief elements to be studied in analyzing railroad reports are the Physical Factors, the Income Factors,
and the financial or Capitalization Factors. The physical factors or characteristics embrace everything of a
physical nature, such as the mileage and location of the road, the equipment owned and used, the character of tonnage
transported, the methods of handling the tonnage and passengers, the efficiency of operation of the trains, and the
average rates received per person and per ton for transportation services performed.
Many of the railroads furnish their stockholders with quite complete figures covering the physical sides of their
properties. Usually the railroad report begins with a statement, in condensed form, of the mileage operated. This
statement of "mileage operated" indicates the average number of miles of main track operated within a single year,
and is usually sufficiently elaborate to show in detail the entire mileage of the system, indicating where this mileage
is located and what point* it reaches,
showing the number of extra main tracks and their mileage, and also the mile-
age of yard tracks, switches and sidings. Host railroad corporations also present with their annual reports a com-
plete map of the entire railroad system, enabling the stock- or bond-holder to see at a glance just where the railroad
runs, what cities it enters, what connections it has with other lines, and what the general character and type of
territory are in which it is located.
The majority of raifroad reports are so arranged that, following a statement of the mileage operated, a statement
of earnings, or a condensed income account, is presented. But to examine the report systematically and scienti-
fically, the location of the road and its mileage should be immediately followed up by an examination of the nature of
the tonnage which is transported on the property. The character of the tonnage has direct relationship to the loca-
tion of the property, and to the type of territory. In other words, railroads are directly dependent for their pros-
perity on the particular industries which are dominant in the territories through which they run, and the prosperity
of those industries and their general stability are at the base of the success of the railroad itself. So we find that a
railroad like the Gulf A Ship Island is largely dependent on the lumber industry; the Boston & Maine and Maine
Central are dependent on diversified local traffic, their through business being a factor of minor importance. The
New Haven is more largely dependent for its success on the maintenance of passenger rates than it is on the main-
tenance of freight rates, as passenger business predominates and is a large source of revenue. The Reading, New
Jersey Central, and Lehigh Valley are dependent largely upon stable conditions in the anthracite coal fields, and a
large part of their value is bound up in their ownership or control of these great coal deposits. The Chesapeake &
Ohio, the Norfolk A Western, the Hocking Valley, the Buffalo, Rochester & Pittsburg, and to an extent the Balti-
more A Ohio, the Erie, and Pennsylvania are dependent upon conditions in the soft-coal industry. Properties like
the St. Paul, the Chicago, Burlington A Quincy, the Northern Pacific and the Missouri Pacific are more or less bound
up with the agricultural conditions in the territories through which they run. In the event of crop failures or short
crops, their earnings are vitally affected, while, on the other hand, in years of "bumper" crops they all prosper to
unusual extent.
In view of the foregoing facts, it will be seen that a definite knowledge of the nature and character of tonnage
transported by the railroad is a matter of great importance to the owner of the shares or bonds. In this book these
tonnage figures have been given proper prominence, and wherever possible a comparison of the tonnage percentages
for the entire decade, closing with the last fiscal year, has been presented. In this way the user of the book can see at
a glance the changes, if any, which have occurred during the period under review.
Most of the railroads long ago adopted a uniform classification for their freight traffic. This classification is
divided as follows :
1st, Products of agriculture, embracing such things as grain, flour, cotton, tobacco, hay, fruit and vegetables,
mill products, etc.
2d, Products of animals, embracing live stock, dressed meats, hides and leather, poultry and game, wool pack-
ing house products, etc.
I. Products of mines, embracing anthracite and bituminous coal, coke, ores, stone, sand and similar articles.
4th, Products of forests, embracing lumber and all allied products.
5th, Manufactures.
6th. Merchandise and miscellaneous articles.
There is a very wide diversification in the character of the tonnage transported by the different railroads, and
the great dependence of some systems on particular articles for their tonnage is well brought out in the statements
givpn throughout this book. It will be seen, for instance, that, of the total tonnage reported in 1915 by the Baltimore
A Ohio Railroad Company, about 64 per cent, represented products of mines; on the New York Central in 1915,
1 per cent,
represented products of mines; on the Lake Erie & Western 39 per cent, was so represented, while on the
Lehigh Valley about 63 V4 per cent, was mining products. Turning to Western properties, we find that the Missouri
0:
Pacific, ill 1915, depended to the extent of 21 per cent, on agriculture for its tonnage and 19 per cent, on forest
products. The Missouri, Kansas & Texas reported 43 per cent, in mining products, and 25 per cent, in products of
agriculture.
The more diversified the tonnage of a railroad and the less dependent it happens to be on any one or two types of
industry, the stronger and more stable its traffic is apt to be. Thus the New England properties, like the New Haven
and the Boston & Maine, on which the freight tonnage is unusually well diversified, can be expected to make a more
satisfactory showing of stability, in good times and in bad, than can those railroads where the traffic is not so well
diversified. The Boston & Maine, in 1915, reported its products of mines at 26 per cent, as the heaviest single class
of tonnage, and its mining classification was itself well diversified. The same fact is true in relation to the Atchison
reports of recent years.
Therefore, in considering the relative positions of different railroad companies, the length of track, as well as
the characteristics of the territory covered and the type of tonnage carried, is a matter of vital importance. Su-
periority in these respects does much to put systems like the Atchison, the Baltimore & Ohio, the Canadian Pacific,
the Great Northern, the New York Central, the Northern Pacific, the Pennsylvania, the Southern Railway, the
Union Pacific and the Southern Pacific in a more desirable investment position than properties like the Chicago,
Indianapolis & Louisville, the Toledo, St. Louis & Western, or the Mobile & Ohio. One of the elements of strength
in the Southern Railway property which has enabled it to present a good record in recent years has been the fact
that the system is of wide extent and penetrates much territory. The Toledo, Peoria & Western, confined to a small
section, may make a fair showing in good times, but fails to earn its charges in poor times; the Lake Erie & Western
and the Cincinnati, Hamilton & Dayton, confined within a narrow range for their business, have been at a disadvan-
tage to meet periods of depression, entirely aside from the matter of diversity of tonnage.
The Management of the Railroad

equal importance with the geographical location of a railroad property, and the physical facts which grow out
OF of that location, is the question of control or management. As position and credit among individuals are based
largely on reputation for ability and past good records, so also the credit of a railroad property, other things aside,
is better where that property is in the hands of men of acknowledged ability, integrity, and financial strength than
where the reverse is true. It is a matter of far-reaching meaning to know whether a property is under the con-
trol of railroad builders or railroad speculators to know whether the men at the head of the system are bent chiefly
;
on operating it for the benefit of the real owners or for the benefit of themelves. In the days of Fiske and Jay Gould
the Erie road had little or no credit; its volume of business grew as its territory grew in population, but the man-
agement was engaged in making it a football for speculation and not a well-operated and soundly financed business.
While these conditions lasted and the standing of the property went from bad to worse, other railroads of like phys-
ical character, such as the Pennsylvania and the New York Central, were being managed with ability as business
enterprises and were steadily building up their financial and operating strength, the fruits of which they have en-
joyed in subsequent years.
Therefore, it is of great value to know something about the personnel of those who are the responsible heads
of the railroad, and the statement of management is given in this book in the analyses in prominent position follow-
ing the preliminary outline of location, etc. Each statement contains a full list of the officers and directors, and
little trouble will be found in analyzing the significance of these names. Not only do they show managerial strength
or weakness, as the case may be, but the general intercorporate relationships with other properties are indicated in
this way. While many railroads have no alliances with other lines, in the technical sense, owning perhaps no secur-
ities to represent connection and control, yet the personnel of the directorate may be duplicated in many cases.
Thus we find that men who are officers and directors in some Eastern railroad may also be officially connected with
and influential in the management of other roads in other sections of the country, thus showing a connection entirely
independent of that reflected by ownership of securities, lease or other control.
But the alliances of this nature are in most cases also reflected by stock or bond holdings of one railroad by
another. The intercorporate relationships so brought about are of a far-reaching nature and of great significance.
For example, the Pennsylvania Railroad not only controls numerous lines which are separately operated and Which
are grouped in this book under the general head of the Pennsylvania system, but it has important stock interests,
and, therefore, some voice in the control or policy of a large number of other important railroad companies. Among
these may be mentioned the Southern Pacific system, the New York, New Haven & Hartford system, and the Reading.
The Baltimore & Ohio, on the other hand, itself has stock interests of importance in the Reading Company, and,
therefore, in the New Jersey Central system. The Illinois Central is largely owned by the Union Pacific interests,
who also have an interest in the Chicago & North Western and large stock holdings in the New York Central. In
fact, nearly all the great railroad lines hold interests of some amount on other large systems, in addition to the hold-
ings represented by control of many so-called subsidiary properties. This has resulted in segregating the railroad
mileage of the country, in a broad sense, into a few enormous groups, and the final question of managerial policy is
traced to the personnel of these groups.
The Results of the Decade

\ N important question in relation to railroad resultsand earning power generally is that of permanency, and it
** is a matter to which entirely too little attention given by the average investor. What the railroad may have
is
done in the matter of earnings last year, which was a poor year, may be a very poor indication of what it can do in
better times or what it did do in a period of prosperity. Consequently, the very poor earnings of 1913 and 1914 may
INTRODUCTION. 93
entirely mislead when the question of income in 1915 and 1916 comes to be considered. Many investors in both
locks and bonds were woefully misled by the 1906 and 1907 results of railroads, just as they were afterward misled
by considering only the bad figures of 1914, or the lack of pronounced improvement in the earlier months of 1915.
The truth is that the principle of judging railroad securities on results for short periods is just as unsound and
illogical as estimating the value of anything else of a business nature without considering the past record. A
de-
partment store, if offered for sale, will bring more money (and it is worth more) if it can present a record of pros-
perity over a period of ten or twenty years, than one which, while it may be currently doing as well as the other,
has no strong record back of it. The same principle applies with equal force to the business of a railroad. With a
10-year record as a dividend payer its stock will sell currently at a higher figure than were its dividend record only
two years in duration; and this would be true were all else equal. An example of this is shown in connection with
the Kansas City Southern and the Union Pacific. Each property has outstanding a preferred stock issue receiving 4
per cent, dividends per annum, and limited to that amount. The Union Pacific has paid its 4 per cent, dividend in
every year since 1899, and on the average for the decade has earned the dividend five times over. The Kansas City
Southern has paid its preferred dividend for ten years and has earned a sufficient amount over each year to place
the stock apparently on a safe and permanent dividend basis. But there is really no comparison between the two
stocks as to security and position, when the results of the decade are considered. An examination of the Kansas City
Southern record would quickly divulge the fact that to show the same margin of surplus beyond dividend payments
for the past ten years as did the Union Pacific beyond its 4 per cent, preferred dividend, it could have paid not more
than 1V4 per cent, per annum on its preferred stock issue, thus indicating that, judged on the average results of tho
decade, the Kansas City Southern preferred has nothing like the secure position which the Union Pacific preferred
enjoys.
The same idea is applicable to railroad results generally; and it is on this basis of averages of 10-year results
that the entire scheme of analysis is worked out in this volume. In every figure presented, the yearly average of
every factor is presented, for each year of the decade, and then these yearly averages are themselves averaged, thus
showing the average yearly results of the entire decade. By this method, a basis is reached which strongly empha-
sizes the element of permanency and stability, taking into consideration, as it does, good times and bad, poor man-
agements and good, changes in costs of material, of wage* and of operation, rises or falls in freight and passenger
rates; as well as the periodical changes in character of traffic and of tonnage.
It is believed that the 10-year averages thus shown present aa sound and conservative a basis for relative compar-
ison of results as can be found, and in addition to being used as the standard for classifying the security issues and
giving them a rating, the 10-year averages are employed for purposes of comparison with other properties of like
general character.
Of course the application of this 10-year average principle is to be taken in given cases with proper qualification,
and wherever in this book, extraordinary or unusual conditions enter in to affect the general result, reference is
made to such conditions in the text. As pointed out in the preface, the changes in the accounting methods within the
past few years have, in some of the items, varied the amounts and percentages for single yean to some extent, but
these changes, while in some cases producing a slightly inaccurate comparison between the last few years, have had
little effect on the 10-year-average results.
Relative Values in the Railroad The "Railroad-Mile"

things are relative and must be measured by a fixed standard. This is just as true in considering railroad
ALLresults as in considering other things. We cannot measure or compare the relative worth of a day's work and
a pair of shoes except by measuring both according to a fixed standard of value, and this standard we call money;
and we cannot measure the relative worth of a given piece of railroad property or a given amount of railroad re-
sults, except by means of a fixed standard for comparison, and this standard we call the "railroad-mile." In other
words, to ascertain intelligently the condition and earning capacity of a railroad system we must consider everything
in relation to the length of line operated, and measure all results by this standard. We must do this both in compar-
ing the results over one year with the prior year or years, and also in comparing the results shown by one property
with the results shown by another. If we do not do this any examination of railroad figures or railroad results
which we might attempt to make would mean little or nothing and would lead in many cases to perfectly grotesque
conclusions.
To illustrate: A given railroad may have doubled its equipment, as represented by the number of engines and
ears owned, within a space of five yean, and this fact, considered without relation to changes in the mileage figures,
would lead one to assume that the volume of business, as well as the tangible value of the physical property, had
shown gratifying growth within the period. But if in the same years the operated main track mileage has grown
in equal or greater proportion, then the fact is quite apparent that the volume of business may not have grown at
all. and the actual ownership of movable property, as represented by engines and cars, may not be any greater, per
mUe of road operated, than was the case before. The same principle applies to all figures presented in the railroad
report. IU gross business may double in amount of money in five or ten yean, but if the mileage has trebled in
that timp, then the traffic of the road is not nearly so dense as it was at the beginning of the period. Its earning
capacity is declining. But if we measure the gross earnings each year by figuring the amount earned per mile,
we
then get an accurate scientific basis for comparison, and can measure the figures with those of other properties
which we also reduce to a uniform mileage basis.
The sane idea applies with equal force to all the income records, including operating and maintenance ex-
penses, income from investments and other sources, fixed charges, dividends and surplus. And when we come
to the
examination of questions of capitalization, the only measure we can use in a relative and comparative way is that
of the length of line operated. Theapplication of this principle to all parts of the railroad report is the only sound
method which can be employed for analyzing the roads and their securities.
But while all exhibits made in the railroad report can be intelligently analyzed by methods of comparison with
like properties, the fact should never be lost sight of that many qualifying factors are constantly entering in
which must be given due weight. Take the maintenance accounts, for example. Two properties, operating in gener-
ally similar territory, and transporting similar types of traffic, should, other things being equal, spend about the
same proportion of their gross receipts in the upkeep of road and equipment. But it may be that in one case a large
portion of the mileage is new, while in the other the road has been operating its entire trackage for many years,
and both its rails and equipment have had to stand the te>st of wear and tear to their limit. It is obvious, in such a
case, that the older property, for this reason, should have more money per mile spent on it for its general mainte-
nance than should the newer road. It is often noted that entirely new roads operate their lines at a very low ratio,
and they are sometimes open to severe criticism for so doing. But as a matter of fact, they really may be spending
even more for essential "upkeep" than the older and more or less worn-out properties which are perhaps disbursing
larger amounts in the same accounts. In time, the newer property may have to increase its maintenance charges
to the average attained by the older road ; but it is no real evidence that sufficient amounts are not being spent if the
maintenance accounts are running light for the first year or two of operation.
THE PHYSICAL Grouped under the head of the Physical Factors in the business of railroad operation are the
FACTORS records of Mileage and Equipment as well as other figures bearing on the physical side of the
property. Nearly all railroad reports furnish the full figures necessary for making a compari-
son of the physical factors. Records of this nature in the average reports made to stockholders are not, however,
always arranged in such form that the ordinary investor, not familiar with accounting principles, can make much
use of them. Tabulations presenting freight or passenger traffic statistics, and embracing such items as "train-
miles," "locomotive miles," "train mileage per mile of road" and "average number of passengers per train or engine
mile," have little or no meaning to the average shareholder, and, as far as he is concerned, he apparently feels that
they might as well have been left out of the report. But if he had some method for placing such figures in proper
relationship to the other things in the report which he can understand, he would grasp their importance and mean-
ing at once. And if, in addition to this, he could compare these and other figures shown with results and records
of previous years, he would quickly find that the railroad report, instead of being made up of a large amount of tech-
nical matter which is of interest to railroad managers only, really embraces nearly all items required for making
quick and intelligent comparative deductions.
But even when investors and dealers in railroad securities do possess the knowledge required for placing all the
figures in the reports in their proper relationships, and are fully capable of making sound deductions, it is not pos-
sible for many to secure the necessary records more than a year or two back. Railroad reports themselves usually
get out of print after a year or so ; the current periodicals seldom publish the full records, while the old line railroad
manuals give some of the facts, but not all. Therefore, one of the chief purposes of this volume is to furnish the
complete back records of all the railroads for the full period of a decade; and this has been done in practically
every case in the reviews of the railroad systems. As already stated, the deductions finally made for showing the
position and value of the different security issues are all based on the average results of the decade closing with
the last fiscal year.
Average Miles Operated

HP HIS is the "yard-stick" by which everything is measured, and indicates the length of line operated by the com-
*
pany during the given year. "Average miles operated" does not include second, third, or fourth track, nor
any mileage controlled but not directly operated. The figures given on which the results apply are the operations
or earnings of directly operated lines alone; that is, the results of lines which figure in the income accounts of the
company. They often include the results of a leased or controlled line, but only where the leased or controlled line
is directly operated; and in this case the
mileage of the leased or controlled line is included in the "average mileage
operated" of the main system. Where such mileage is separately operated, a separate analysis is of course neces-
sary. For example, in the case of the Reading Company system, an entirely distinct statement is furnished for the
Central Railroad of New Jersey, which is the leading separately operated controlled line.
It might be assumed that a better comparison could be made on the basis of length of track rather than
length
of line. That is to say, while all railroads have some extra tracks, such as second, third, and fourth tracks, yet it
may seem that a comparison of two roads, one of which is 90 per cent, single track and the other only 50 per cent,
single track, would be misleading. And it would, if the fact of the extra track or proportion of extra track were not
taken into consideration. But it will be easily realized that to work out all the comparative figures on the basis of
length of track would lead to very inequitable' comparisons and grotesque results. Extra main track on a railroad
does not in any case reflect the same earning capacity as the first track. A second track on an ordinary railroad line
in the Eastern States might perhaps add from 30 to 50
per cent, to the possible capacity, but it would in no case
double the capacity. Therefore, length of line in second track is not of the same relative significance as length of line
in first track. The New York Central has a
large percentage of extra main track, a substantial proportion of its
main line being equipped with from three to four tracks. On the other hand, the Erie Railroad has a lesser per-
centage of extra main track and a large portion of its main lines are still single track. Yet the density of freight
business on the Erie system, as shown by the records, is far greater than that of the New York Central. In 1915 the
INTRODUCTION. 97
Erie reported a freight density of 3,301,205 as compared with 2,803,146 for the New York Central. While extra
main track is a factor of importance, it cannot be used as a mileage basis for a fair comparison.
At the same time the existence of all extra main track and its length must be considered in any comparative
examination of railroad results, and in the following Analyses it will be noted that a statement of extra main track,
wherever it exists, is furnished with the record of average miles operated of main track each year. These two col-
umns thus convey to the user of the book the proportion of the average mileage which is equipped with more than
one track, and, of course, show the trend of improvement in that direction. Where extra main track is increasing
in greater ration than the main track mileage, it is an indication that the capacity of the road for handling its busi-
ness has been increased and that its volume of business in general terms should be growing. As an illustration of
this, an examination of the Illinois Central statement in this book is worth making. During the decade the average
mileage operated (length of line) of the Union Pacific system has increased from 5,404 miles to 7,784 miles, an
increase of over 44 per cent. During the same period its extra main track has grown from 168 miles as reported in
1906 to 1,097 miles in 1915, an increase of over 640 per cent. All of this increase has not, of course, been second
track, some being third or perhaps fourth track. But every extra track which is main track mileage that is to
ay, not switches, yard tracks, or sidings is treated as extra main track.
As will be seen by a general examination of the Analyses, very few railroads of the United States can boast of
extra main track up to 50 per cent, of their length of lines. Systems like the New York Central, the Pennsylvania,
and New Haven report more than 50 per cent, in extra main track, but it must be remembered that a proportion of
this is represented by third and fourth tracks and that, therefore, a very substantial part of the system is equipped
with one track only. In the Western State* most of the railroads are almost entirely single track, even a property
like the Burlington reporting extra track equal to only 10 per cent, of its operated mileage and the Atchison report-
ing only about 9 per cent. The Missouri Pacific reports for 1915 only 269 miles of extra main track on its entire
system of 7.285 miles, while the Kansas City Southern, with 837 miles operated in 1915, reported but 23 miles of
extra main track. The Missouri, Kansas A Texas reported only 120 miles of extra main track.
Wherever possible in the Analyses the miles of yard tracks and sidings for the latest fiscal year are also stated,
thus enabling the user of the book to get a complete general idea, not only of the length of the line and the trend
of growth in length of line for the decade, but also the density of growth which is reflected by increase in extra main
track, and in addition to get some conception of the amount of mileage involved in terminals, switches, etc. Having
these general facts before him and comparing the averages as shown in the table with the average mileage and
extra main track figures of the properties, he will be in a position to make an intelligent comparison. For example,
the relative difference will be seen at a glance between the mileage of the St. Paul and the mileage of the Chicago &
North Western. For the year 1915 the average mileage operated on the St. Paul was 10,053 miles, and the extra main
track averaged 1,146 miles, while on the Chicago A North Western 8,108 miles of average main trackage were oper-
ated, with 1,114 miles of extra main track, showing at once that the North Western is equipped with a much higher
percentage of extra main tracks than is the St. Paul. The same test applied to the Burlington would show that
whereas the Burlington main track mileage averaged 9.339 miles for the year 1915, the extra main track averaged
but 949 miles, a lower percentage in relation to the total length of line than that reported by the St. Paul.
So much for the trackage figures, which, as represented by mileage operated, as already stated, are the basis
for working out all the comparisons and making all the deductions shown in the Analyses.
Equipment
equipment of a railroad consists of its movable property, that is to say, its engines and cars. Equipment as
TIIK
understood in railroad reports does not include such property as buildings, stations or other structures. It does
include floating equipment, such as boats, tugs, etc., where a road has use for such, but as instances are rare where
floating equipment is relatively important, the equipment question resolves itself almost wholly into the field of loco-
motives and passenger and freight cars. Just as it is important to know something about a railroad's location, its
character of traffic and its length of lines, so it is important to have at hand full facts regarding its actual, mov-
able property. In fact, the equipment is the machinery with which it does its business; it is constantly in motion,
subject to endless wear and tear, and requires constant replacement. Every railroad report which is properly con-
structed furnishes a full statement of equipment, showing not only the number of engines owned, but usually the
weight and tractive power of these engines and often their age and also the number of engines destroyed or dis-
placed from service within the year and the number of new engines acquired. The total number of engines shown
in use for the year is the net number after adding the new engines and deducting those destroyed or worn out. The
same plan is followed in statements of passenger and freight equipment as well as company cars. The term "com-
pany cars" signifies those cars used for company work, and includes dirt cars, derricks, cabooses, etc. Company
cars are separately classified, as they are not supposed to be direct revenue producers. On representative systems
the company cars usually equal about 3 per cent, of the total number of freight cars owned by the company.
It is sometimes the custom in making up analyses of railroad reports to reduce the number of engines and cars
to a mileage basis, just as the earnings are so reduced. That is to say, in addition to stating that Hie St. Paul
owned, in 1915, 1,983 engines, we would divide that number of engines by the mileage operated and thus ascertain
the number of engines per milt or the proportion of an engine per mile. But this method of statement is extremely
technical; it involves the introduction of close fractions, and for ordinary analytical purposes is not necessary.
Therefore, the plan has been followed in this book of stating for each year the actual number of engines and cars
owned or controlled. As the mileage figures are stated on the same page, the relative significance of the equipment
and the mileage can in all cases be readily seen, and it is believed in this form will prove more satisfactory and prac-
tical for general uses than if the equipment itself were stated on a per-mile basis. It should be explained also that
the statements of equipment given in this book in all cases include, except where otherwise stated, equipment owned
in fee and that embraced in equipment trusts. Many railroads follow the plan of "trusteeing" the equipment they
buy from year to year, and paving off the obligations out of earnings as the equipment is being used. In this way,
by the time the equipment is worn out or by the time substantial amounts have been spent on it for its maintenance,
it is entirely paid for out of earnings, and is then owned in fee without having involved the creation of any capital
obligations for its purchase. It is sometimes assumed that only those railroads which have poor credit follow the
equipment or car trust idea. But this is not true, as most roads of very high credit, such as the Pennsylvania,
purchase all their equipment in this way, and pay for it serially out of the operating results of the equipment itself.
The figures in the statements in this book properly include the engines and cars held under equipment trusts for
the reason that these equipment trusts are obligations of the companies; the payments on them from year to year
are usually included in the fixed charges, or at least are deducted from the profit and loss accounts, and in the state-
ments of capitalization they are included as liabilities with the bond issues. Where for special reasons exceptions
have been made to this plan the fact is definitely stated in the Analyses.
The 10-year comparative statement of engines and cars shown in each table is of special value in indicating the
growth of business of the company and also its increase or decrease in the possession of movable property. Prac-
tically all American railroads have shown decided increases in these items during the past ten years, and it is only
here and there that a road has reported an actual decline in quantity of equipment owned. The figures are of
value for comparative purposes for the different years of the decade and also for comparing one railroad system with
another.
In examining the comparative statements of equipment figures in the tables, several qualifying factors should
be kept in mind. For example, while the number of engines owned from year to year implies the growth of locomo-
tive equipment, it is not an entirely accurate guide, for the reason that the capacity of locomotives has changed to
a marked extent during the past ten years. For example, the average weight of the locomotive used on the Union
Pacific system in 1901 was about 55 tons, while those being used to-day measure up in most cases to as much as 83
tons, thus showing an increase in capacity for locomotives equal to perhaps 50 per cent, over the conditions of
fifteen years ago. The same facts apply to more or less extent in freight equipment. The introduction of the pressed
steel car and the modern freight car of large capacity has resulted in displacing thousands of light-weight, small-
capacity cars such as were used a decade or more ago. Thus in many cases where an increase is shown of 25 per
cent, in the quantity of freight equipment during the decade, it may easily be that the average capacity of the
freight equipment has increased far more than 25 per cent. For example, if we examine the coal-carrying roads,
such as the New Jersey Central, the freight equipment figures should especially be considered with this fact in view.
A large part of the New Jersey Central freight equipment consists of coal cars, and prior to 1904 many thousands
of these cars were the old-fashioned eight-wheel box cars with a capacity of about ten tons of coal each. But these
were rapidly replaced after 1903 with pressed steel cars of a capacity six to ten times as great, and, of course, the
quantity of individual cars owned naturally declined. But the general business demands of the New Jersey Central
grew so rapidly during this period that the actual decline in number of cars owned was very small, and in 1915 the
company reported a much larger number of freight and company cars than it reported in 1904, just before the rapid
replacement began.
The same facts should be borne in mind in relation to passenger equipment. The replacement which is con-
stantly going on results each time in progressive railroad systems, in cars of better construction and larger ca-
pacity taking the place of those displaced, so that the mere quantity in itself is not a complete guide to the matter.
Proportion of Freight to AH Traffic
TT is important to know, in examining a railroad report, what proportion of the business done is represented by
L
the freight and what proportion by passengers or receipts from other kinds of transportation. As a whole, Amer-
ican railroads report an average of about 23 per cent, in passenger traffic, the remaining 77 per cent, being made up
of freight, expressage, mail matter, etc. Eastern roads, as a rule, report a larger proportion of passenger traffic
than those in the West and South, and, as a matter of fact, there is a fairly wide variation between the percentages
on the various railroad systems even when located in the same territory. For example, while the percentage of
freight to all traffic on the Pennsylvania Railroad averaged for the decade ending in 1915, 73 per cent., on the New
York Central it averaged only 59 per cent. On the Norfolk & Western it averaged 85 per cent., while on the Balti-
more & Ohio it averaged 78 per cent. The Delaware & Hudson reported an average of 83 per cent., but the Dela-
ware, Lackawanna & Western average was but 72 per cent. Going further west we find that while the percentage
on the Chicago & North Western was 67 per cent., on the Illinois Central it was also 67 per cent. The Hocking Val-
ley business was 80 per cent, freight traffic, while that of the Pittsburg & Lake Erie was 88 per cent. In the East,
the New Haven, which depends chiefly on passenger business, reported an average of only 49 per cent, for freight,
while the Long Island Railroad, the traffic of which is confined to a very limited area, reported a freight percentage
averaging but 29 per cent.
The value of this record showing the proportion of freight to all traffic is twofold. First, it indicates the char-
acter of traffic which is of most importance to the railroad and which is the source of most of its income, thus
enabling the person examining the record to know the significance of changes in the freight or passenger rates and
also when examining the operating records to judge properly the maintenance and operating costs. In addition to
this, a 10-year comparative record shows at a glance any changing trend which may be going on in the character
of the traffic.
INTRODUCTION. 99
Passenger and Freight Density
complete railroad report should contain statements showing the number of passengers carried during the
EVERY
year, the number of passengers carried one mile, the average number of passengers carried, and various other
records of the same nature. Under "freight traffic statistics" figures should also be furnished of the number of tons
carried during the year, with the number of tons carried one mile. As a general thing, entirely too little attention is
given to these figures by the average shareholder when examining his report. The relationship of these figures to
the general earning capacity of the property is not appreciated or understood and, therefore, these operating
records are passed by without examination or analysis.
It would be well if traffic statistics of this kind were presented in more intelligible form and if comparative
records were shown extending over a series of years. The chief value of these figures to the investor is that by
means of them he can ascertain the relative volume of business being done by the railroad in both passengers and
freight and, if he has the complete records at hand, can make comparisons both with the records shown in previous'
years and also with the records made by properties of similar type and operating in similar territory. But the aver-
age investor does not have at hand a series of report* covering a term of years, and therefore cannot readily make
an intelligent use of the figures. As a matter of fact, these traffic figures are not amenable to comparison unless
reduced to the mileage basis just as all other operating records must be. For example, an investor examining the
Baltimore A Ohio annual report for the year ending June 30, 1911, will find it stated under the head of "passenger
traffic statistics" that the number of passengers carried during the year was 21,969,166, and that this was an increase
of 862,046 as compared with the previous year, a growth in number of about 4 per cent. Following this he will find
that the number of passengers carried one mile is given as 795,884,886. He will then find it stated that the number
of passengers carried one mile per mile of road was 179,506. Passing to the freight traffic statistics, he will find
a record of the same kind in relation to the tons carried, the number of tons carried being 60,547,887, the number of
tons carried one mile, 11,703,539,445, and the number of tons carried one mile ptr mile of road, he will find stated
as 2,639,634, which is shown to be a decrease of about 3 per cent as compared with the figures of the previous year.
It is one of the main purposes of this book to enable the investor to employ these figures simply and intelligently
in the use for which they are intended. In the table of Physical Factors in each analysis it will be noted that the
figures showing passenger density and freight density are presented for each year of the decade, with the complete
10-year averages and comparisons. "Passenger density" is simply an abbreviated term for the figure showing the
number of passengers carried one mile per mile of road. Its value is relative purely and it shows concisely the
Tolume of passenger business done and the increase or decrease from year to year, thus indicating the upward or
downward trend as the case may be. When compared with other properties it indicates which roads are doing a
heavier relative passenger business. Exactly the same principles apply to the figures showing "freight density."
Average Freight Train-Load

K " train-load" indicates the number of ton* of revenue freight carried on the average on each train operated
TH per mile, and itsgreat value is in its indication of the efficiency or non-efficiency of the operating methods of the
property. If the train-load of a railroad Is increasing it usually means that its volume of business is growing, that
it is carrying less half-filled cars, and therefore generally doing its work more efficiently. The train-load is ascer-
tained by dividing the number of tons of freight carried one mile by the freight-train mileage. Each report presents
the figures of the latter, which are the aggregate number of miles run during the year by all freight trains which
have been operated for revenue.
There is great variation in the train-load of railroads in the different parts of the country, and the size of the
train-load has direct relation to the character of tonnage carried. The coal-carrying roads, which operate at low cost
and receive very low freight rates and must, therefore, run extremely heavy and long trains, generally show a far
heavier train-load than those which carry higher grade tonnage. To illustrate, the New Haven road, which does
" "
chiefly a high-grade freight business, reported an average train-load for the year 1915 of but 333 tons, while the
Pennsylvania, with its tonnage made up to the extent of 65 per cent, in mining products reported a train-load of 727
tons. The Norfolk A Western, operating in the soft-coal fi 1<K reporUd in 101") an average train-load of 841 tons,
while the Chesapeake A Ohio reported in the same year 1.035 tons. The railroad reporting the heaviest train-load of
any in the country is the Virginian Railway, where in 1915 the average was over 1,469 tons. The Western grain-car-
rying roads, such as the St. Paul, show a much lighter average in this respect, and range usually between 350 and
460 tons. The Rock Island reported for the year 1915 an average of 321 tons and the Burlington 492. Turning to
the Southern States we find that traffic is still lighter and that a road like the Central of Georgia reported 295 tons
for the year, the Atlantic Coast Line 236 tons, and the Seaboard 282 tons.
There is a direct relationship between the traffic density and the train-load, and as a usual thing, with an in-
creasing frrieht density there will be a growing train-load. This does not always follow, however, as is illustrated by
again recurring to the figures of the Baltimore & Ohio, where, with only a moderate growth in freight density, the
train-load increased from 420 tons in 1906 to 693 tons in 1915. Variations in the train-load result from a number of
causes. If, as is the case with the Erie, and to some extent with the Pennsylvania, heavy grades are a feature of
the line, and. therefore, in many instances two or three engines are attached for long distances to trains, the relative
average train-load will naturally be heavier than where these conditions are not present. The Great Northern has
always been noted for its heavy train-load, but here is a case where the absence of grades is a factor. As a general
thing, the Great Northern operates heavier and longer trains than any of its rivals, and it is able to do this for the
reason that where they must climb mountain ranges it avoids the steepest grades. Its average in this item for the
year 1915 was 650 tons as compared with 390 tons on the St. Paul and 573 tons on the Northern Pacific.
So it will be seen that, dependent on the policy of the company, and also on the topography of the territory, a
train-load may be either heavy or light. With the low-grade, coal-carrying roads it is heavy because they operate
large capacity trains with single engines; with the steep-grade coal carriers, it may be heavy when they operate
long trains with two or more engines attached, as in the case of the Erie, and the Pennsylvania system on such lines
as the Northern Central.
As arranged in the Analyses, the train-load records will prove of much value. Their worth to the holder of se-
curities is, as already pointed out, in their comparative use and in relation to the trend, and in connection with the
showing made by other properties in similar territory.
Train-Mile Earnings
table
showing comparative figures over the decade of the train-mile earnings of the different properties is
THEvery great
of value in
analyzing the securities of the railroad. The averages are obtained by dividing the total
"
gross receipts of the year (given in totals in all reports) by the revenue train-mileage." The latter figures are
always given among the traffic statistics, and are simply the number of miles run during the year by all passenger
and freight revenue-producing trains. "Non-revenue mileage" (miles run by work trains, etc.), is not usually
" revenue
included in these figures. Any mile run by any revenue train is a train-mile," and it will be realized that
these train-miles in a year run up into the millions. For instance, the Baltimore & Ohio report for 1911 shows that
in the freight traffic for the year there were no less than 26,557,919 miles run; which means that freight trains on
the Baltimore & Ohio railroad ran a distance in 1911 equal to over one-quarter of the distance between the earth
and the sun, and about ninety times the distance between the earth and the moon. Passenger trains ran during
the same year 16,369,066 miles, so that if we add the freight and passenger train-miles together, we get a total of
42,926,985 miles as the aggregate distance run by revenue trains of all kinds on the Baltimore & Ohio last year. To
give another example, we find by the Pennsylvania Railroad report for the year 1910 that the mileage run by rev-
enue freight trains that year was 31,247,374 and by revenue passenger trains 26,350,862, a total for both of 57,598,-
236 miles; a distance equal to nearly two-thirds of the vast space between the earth and the sun. No more vivid
idea of the essential character of railroad property property in motion can probably be had than by reflecting on
such facts as these.
Asthe total gross operating revenues from transportation on the Baltimore & Ohio in 1911 were $87,264,060, we
find thatby dividing this figure by the number of miles run by all revenue trains (42,926,985), we will get $2.02 as
the gross amount of money earned on the average on every mile run by trains during the year. This amount is
the gross revenue per train-mile, or train-mile earnings. Its value in an analysis will be recognized at once. It
shows the gross earning power of the property, and is, more than any other, the key to the entire question of rail-
road values. Considered comparatively, over a series of years, as is done in this volume, it indicates the trend of
change from year to year, showing whether the road is improving or declining in its capacity for doing business, and
also what its position is in this regard in relation to other properties of like general character.
It can be set down as a general principle that where a railroad is showing a high average in train-mile earnings
or a healthy upward trend, there is little fault to be found with the operating side of the property, regardless of
what the financial side may be. The Erie, while its capitalization features are not entirely to be commended, makes
an excellent showing in earning power for the decade. The earnings per train-mile increased from $2.16 in 1906 to
$2.87 in 1915, and the average for those years was considerably higher than that shown by the New York Central. If,
however, a road does not improve its train-mile earnings as its traffic grows or as its mileage expands, then, like the
decreasing train-load, it is to be regarded as a question for careful examination by the security holder.
The net earnings per train-mile can be ascertained in the same manner as the gross, by dividing the net operat-
ing revenue by the total train-mileage, thus showing the amount of profit earned per mile. On like principles the
freight revenue per train-mile and the passenger revenue per train-mile can also be ascertained.
Passenger and Freight Rates
average rates received per passenger and per ton-mile are ascertained by the following method: For the
THE
average rate received per passenger per mile, divide the total passenger earnings for the year by the number of
passengers carried one mile. The result will give you the average figure (in cents or mills) received per mile per
person. The same principles applied to the freight traffic (dividing the total freight earnings by the tons of revenue
freight carried one mile) will give the average freight rate per ton per mile.
The freight and passenger rate statistics are of great value in the analysis of the railroad report, particularly
when used in a comparative way. Compared over a series of years, as is done in this volume, they show the actual
tendency toward higher or lower levels, and as the rate directly affects the earnings of the property, a pronounced
change in either direction may be of the utmost importance.
Variations in freight rates among different railroads are shown to be much more pronounced than in passenger
rates. This fact is chiefly due to the vast difference in the types and classifications of tonnage transported on the
different lines. For example, the Chesapeake & Ohio, the freight traffic of which is largely soft coal, reported the
average gross rate on freight business for the year 1915 of .38 cent (three and eight-tenths mills) per ton-mile, and
in the year 1900 operated on as low an average as .34 cent (three and four-tenths mills). The Norfolk & Western
average was .41 cent, that of the Erie .62 cent, the Baltimore & Ohio .55 cent. On the New England properties.
INTRODUCTION. 101
however, where the freight traffic is well diversified and largely of a local nature, we find the freight rates per ton
per mile double or more than double those among the class of properties we have been mentioning. On the New
York, New Haven & Hartford the average rate for the year 1915 was 1.43 cents, on the Boston & Maine it was 1.12
cents, and on the Maine Central 1.10 cents. Properties of the type of the Union Pacific, operating in the far West-
ern territory, report averages considerably higher than those shown by the coal-carrying roads, but not as high as
the figures usually attained in New England. Thus the Atchison reported in 1915 an average of .97 cent, the South-
ern Pacific 1.10 cents, the Union Pacific .97 cent, and the Rock Island .87 cent. In the Southern States higher rates
generally obtain. The Central of Georgia reported for the decade to end of 1915 an average of 1.03 cents, the
Atlantic Coast Line 1.20 cents, and the Seaboard 1.07 cents. Rates on the Louisville & Nashville and the Southern
Railway ranged considerably lower.
A fractional change in transportation rates, especially in freight, may make a vast difference in the operating
results and gross and net income of a railroad property. If a railroad, the operating costs of which must naturally,
increase with increasing costs of materials and advancing wages, cannot maintain its freight rates or cannot raise
those rates in some sort of ratio to the advancing costs of operation, it is apt to be in a very bad way indeed. A
difference of one or two mills per ton per mile on the average freight tonnage of a railroad during the year may add
or deduct millions of dollars from the aggregate gross business.
The entire problem is bound up with the question of the cost of carrying a ton of freight a given distance. In
other words, it is a question of ton-mile coot. The ton-mile cost can only be reduced, on the average, by highly
efficient methods of operation, and if this cost advance* it simply means that the railroad property will make less
money for its security holders. Ton-mile cost cannot be kept down unless the road is kept up. That is to say, a
" "
railroad company cannot afford to skimp on the maintenance of its property for any length of time, or to cur-
tail its legitimate expenses, in order to make an apparently good showing of profit per ton per mile. Its only hope
is to increase the density of its business and to get a larger volume of result out of a given piece of work. Railroad
managers realize this, and the effort in all successful fields, has been concentrated in this direction for more than a
decade.
Earnings and Their Distribution

I III INCOME Like other figures in the railroad statement, income accounts can only be examined satisfac-
all
KA( TOICS torily in a comparative way, and the best method by which intelligent comparison can be made is
through reduction to the mileage basis. And in considering relative results with other properties
the only practical method, as in comparison of physical characteristics, is to compare roads situated in the same gen-
eral territory, of the same general characteristics, and doing the same general character of business. It will be real-
ized that these comparative results are always to be taken with proper qualifications, as there are often, even in
the cases of properties of very similar type, certain cardinal differences which necessarily make great changes in
results and fully account for facts which, other things being equal, might strongly affect the final judgment passed
upon a property. In the Analyses in this book, therefore, all special factors of importance are referred to or
pointed out wherever they exist.
A glance through the pages of the analyzing section of the volume will indicate the general plan which has
been followed in comparing the results of one property with another. While in certain final results every railroad
in the United States can be intelligently compared (as, for example, we can compare the margin of safety shown
over fixed charges by the Pennsylvania with the margin shown by the Louisville A Nashville or the Atlantic Coast
Line, or the percentage of gross business on the net capital of any of these lines, and make use of these comparisons
as an intelligent guide), yet when we come to compare the relative results as shown in the gross business or receipts
per mile of two railroad sy items, we cannot, unless we take into consideration the type of territory and the class of
tonnage and other traffic, get the best results, and if no other factors are considered, the comparisons thus made
might lead to very absurd conclusions. Thus, one might say that the New York, Susquehanna & Western, which in
1915 reported an average in gross operating revenue of $14,043 per mile, made a better showing than the Great
Northern, which reported for the same period gross operating revenue of $8,329 per mile; whereas, as a matter of
fact, the Great Northern made a far better relative showing than the other and, in fact, a better relative showing
than most other railroads in the United State*. Similarly, we sometimes see it stated in the offering of securities
that a certain railroad is "earning $15,000 or more per mile, while the average gross receipts of all the railroads in
the country were in 1915 but $10,500 per mile," thus implying that the road on which the securities are offered is in
a superior position in respect to earning capacity. Now, while this may or may not be true in a given case, such
a statement as this demonstrates absolutely nothing. The Chicago Great Western in 1907 earned $11,174 per mile,
considerably more than the average shown by all American railroads in 1908, but this fact was no argument at all
in favor of the financial strength or value of the securities of the Chicago Great Western, which went into receivers'
hands and could not meet its fixed charges.
These qualifying factors in matters of location, etc., have been borne in mind in the plan adopted for the com-
parative showing of results in the different properties. Thus, transcontinental lines in both the East and West are
"
directly compared, granger" lines are compared, soft and hard coal systems are shown comparatively, Southern
properties arc compared one with another, while those where local traffic predominates, such as the New England
roads, are considered relatively.
As a general proposition, it will be seen that in order to make a favorable showing for these security holders,
the coal-carrying roads, of both the anthracite and soft-coal type, must, entirely regardless of their capitalization
and fixed charges, do a far heavier business at far lower cost per unit than those carrying grain or other agricultural
products; that Eastern roads, carrying miscellaneous traffic and operating in settled territories, must do more busi-
ness per mile of line than those in the Southern or Western States, and that all roads in which "through" business
predominates must normally report heavier gross earnings than those in which local traffic is the most important
factor. All of which once more emphasizes the importance of considering thoroughly the relationship of the Physical
Factors to the Income Factors in the railroad business.
As arranged in this volume, the Income Factors are grouped immediately after the Physical Factors, and the
same principles of comparison are followed in every case. A 10-year record is furnished of every important operat-
ing railroad or system where obtainable; and averages are struck to show the position of the property in the 10-year
results. The table presented is, in effect, an Income Account of the road for every year of the decade, all the vital
figures being included and reduced to the average mileage basis, thus showing the actual earning power and income
results, as well as the distribution of the income earned for every year embraced in the review. Comparison can
thus be made on a uniform basis with all other properties of similar type and characteristics.
The General Income Account

income account of a railroad,which in condensed form is found in every railroad report and is usually made
THE
the most prominent feature, embraces the following items:
1. Operating revenues (gross earnings).

2. Operating expenses :
a. Maintenance of way and structures;

b. Maintenance of equipment;
c. Transportation expenses;
d. Traffic expenses;
e. General expenses.
3. Net operating revenue (or net earnings) .
4. Income from investments and other sources.

5. Total net income.
6 Taxes.
7. Fixed charges:
a. Interest on funded and floating debt, etc.;

6. Equipment charges;
c. Hire of equipment, etc.;
d. Rental charges;
e. Miscellaneous items.
8. Surplus income.
9. Dividends paid.
10. Surplus beyond dividend requirements.
11. Appropriations for improvements, betterments, etc.
12. Balance carried to Profit and Loss Account.
Certain changes required by rulings of the Interstate Commerce Commission (chiefly of a minor nature, how-
ever) have affected the comparative results shown by the railroads in the last few years. Thus, where formerly
the roads often followed a policy of charging such items as "hire of equipment" separately or in operating expenses,
they are now required to state these items separately and may include them under the general head of "fixed
charges." Formerly many roads included taxes in their operating expenses, though usually stating the actual
amounts separately. The revised method is, generally speaking, a great improvement over the former, and enables
the investigator to gauge the actual results with much more accuracy than was formerly the case. In the 10-year
comparisons as worked out in this book, taxes have in every instance been shown separately.
The Operating Revenues (or Gross Earnings)

operating revenues of a railroad are the gross operating receipts from rail transportation; that is to say,
HpHE amount of
the gross money received from the actual moving of trains, and do not include any receipts from
sources outside of the railroad operation itself. These sources of operating revenues are classified as follows :
a. Earnings from freight traffic;

b. Earnings from passenger traffic;
c. Earnings from express traffic;
d. Earnings from transportation of mails;
e. Earnings from miscellaneous transportation.
Freight traffic is, of course, the great income-producing source of American railroads, and it is this item which
is to be watched most closely by everybody. Taking the American railroads as a whole for the year ended June 30,
1910, we find that the proportion of freight business to all traffic (in dollars, not tonnage or density) was 70 per
INTRODUCTION. 103
cent. Passenger traffic represented 22.87 per cent.; express, mails, and miscellaneous, 4.41 per cent., and "revenue
from operations other than transportation" 0.86 per cent. Only a very few large railroads doing an interstate
business report a freight business of less than 55 per cent, of the total business done.
On the other hand, we find numerous important railroads reporting a preponderance of freight traffic far above
the average mentioned. The Pittsburg & Lake Erie (controlled by the New York Central) reports for 1915 an aver-
age of 85 per cent., the Ontario & Western 77 per cent., the Buffalo, Rochester & Pittsburg, 84 per cent., the Lehigh
Valley, 83 per cent., and the Great Northern, 75 per cent.
In examining the gross earnings of any railroad the questions of freight rates, train-load and freight density
will assume importance in direct ratio to the proportion of freight traffic represented in the total business of the
road. One would give more consideration to these matters on the Buffalo, Rochester & Pittsburg and the Great Nor-
thern than on the Long Island or the New Haven ; one would know that, if a road which formerly carried a smaller
proportion of freight to the total traffic, is showing over a long period a definite trend in the other direction, the
freight traffic questions are assuming relatively greater importance. The Ontario & Western in 1901 reported 81
per cent, for freight traffic, but in 1915 77 per cent, was the figure shown. Obviously, the passenger traffic is tend-
ing to become a matter of more vital importance on this line, and if this trend continues a few years more it will have
to be considered more closely than hag been the case in recent years. The Atchison records shows that whereas in
1900 the freight traffic represented 73 per cent, of the whole, by 1915 it had fallen to 68 per cent. The'same figures,
showing the trend, either upward or downward, for all the railroads in the country, can be examined in the pages
of the Analyses and the proper deductions made therefrom.
Even a cursory examination of the exhibits made in this book will indicate the remarkable changes which have
occurred during the past ten years in practically the entire railroad field, as far as gross earnings per mile are
concerned. And unlike increases in operating costs, this vast growth in income has not come about as a result of
advancing rates, for the prices charged by the railroads for freight transportation have, on the average, advanced but
fractionally during the decade, while the passenger rates have as a whole advanced not at all, and in numerous in-
stances have declined. The enormous expansion in earnings and profits shown by many manufacturing industries,
and by the "industrial trusts" generally, has been in large degree the result of advancing prices as well as steady
increase* in population, and, therefore, in markets for goods. But while the railroads have had the full benefit of
the movements in population and the advancement of industry generally, as well as the steady opening up and devel-
opment of natural resources, they have all made their records in earnings during the decade without the opportunity
for increase to any extent in the rates charged for handling tonnage.
The second important division in the gross operating revenue of the railroad is the passenger business. In
1910, as shown by the report of the Interstate Commerce Commission, the proportion of passenger business done
by the railroads of the country was 22.87 per cent, of the whole. Like the freight traffic, passenger traffic varies
on different lines,roads transporting coal and other minerals with a heavy freight density usually showing a much
lighter passenger business than others. With such roads, therefore, the passenger rate is not so vital a factor as it
is on lines like the New Haven and New York Central. The rates for passenger traffic on the soft-coal roads are
usually higher than the average, while on the trunk lines, where a good deal of through traffic in passenger business
is present, the rates tend to much lower levels. Averaged as a whole we find that passenger rates throughout the
country are in the neighborhood of 2 cents per passenger per mile, but on the New York Central the rate averaged
during the decade ending with 1915 only 1.76 cents, while on the Pennsylvania it was 1.96 cents. Where a road has
the benefit of a good deal of local traffic the rate, of course, generally averages somewhat higher.
While the passenger traffic as a whole is a minor factor, yet it is quite as essential that fairly profitable rates
should be received by the roads for this class of business as for the freight transportation. Experience shows that
most of the roads cannot do a profitable passenger business unless they can average in the neighborhood of 2 cents
per mile for their returns in this department. The records presented show that as a general thing during the past
ten years passenger rates have tended to decline fractionally, and this means that this falling tendency must soon
be arrested or many roads will be carrying on their passenger business at a positive loss.
On the New Haven and New York Central properties the return from passenger business should be closely
watched. In the aggregate the gross revenue from these sources runs into many millions of dollars, and a decline of
10 per cent, in the average rate would mean a serious curtailment of their operating revenue and, therefore, a fall-
ing surplus made available for charges and dividends.
off in the
The other sources of gross revenue represent but a small proportion of the total business of the average rail-
road. Little need be said in relation to the earnings from express business and from the transportation of United
States mails. The rates for this class of traffic are stable and in the main profitable, but, as shown by the record,
less than 7 per cent, of the entire operating revenues of the railroads of the country was last year represented in
transportation of this type.
Earnings from miscellaneous traffic generally include those smaller items which cannot well be classed under
the other heads. Sometimes this miscellaneous operating income amounts to a considerable total, as in the case of
the Pennsylvania Railroad, where usually about 2 per cent, of the total operating revenues is reported under this
head. But as a general thing the smaller roads report little or no "earnings from miscellaneous traffic."
Before turning to an examination of operating expenses, attention is called to the fact that most roads receive
more or less income, or incur some net loss from "operations outside of transportation." Prior to June 30, 1907, such
operations were generally included in the gross operating revenues (or gross earnings), but the Interstate Com-
merce Commission later required these operations to be reported in detail separately. Since 1914, however, they
have again been merged directly into the gross revenue accounts. Further comment is made on this subject in proper
order.
The Maintenance Accounts
HP HE most important items which require careful examination in the department of operating expenses are the
-*-
Maintenance Accounts. The fact that the railroad is normally a moving property, and that its very existence de-
pends upon never-ceasing action in all its parts, makes the question of "upkeep" a most vital factor at all times.
Unless a railroad keeps its mechanism in constant repair and continuously offsets the effects of the steady deprecia-
tion which results from intense wear and tear, its operating efficiency is soon gone, and its earning power inevitably
deteriorates. This latter fact is true even if all sorts of favorable circumstances, such as growth in population,
development of natural resources, improved traffic connections or other matters, take place on its lines. And not only
is it vital that proper amounts of money should be spent on the property regularly for its maintenance, but it is
equally important to know where this money comes from whether it is appropriated out of earnings or whether
capital obligations are created to supply it.
The policy adopted by most railroads in this country in recent years has been to appropriate out of gross
earnings for maintenance from 20 per cent, to 35 per cent., dependent upon the needs of the property as related to
the gross business which it is doing. There is no such thing as a fixed "scientific" ratio between operating costs as
a whole or gross receipts as a whole, although such a theory has been frequently asserted. The appropriations for
maintenance on a railroad property must necessarily be made as a result of experience on that property and on prop-
erties of like type and doing a like character of business, but one has no more right to say that 30 per cent, of the
gross income per mile should be continuously spent for maintenance on a given property, regardless of other con-
siderations, than to say that a railroad operating on a basis of 75 per cent, of its gross business is in better condition
and better managed than some other railroad which is operating on a basis of 55 per cent. And yet we see such
statements made constantly, and prices of securities have often been fixed for a time by the wide exploitation of this
theory. For many years the Great Northern was subject to wide criticism because it steadily operated for less
than 55 per cent, of its gross business, and the prediction was freely made ten or fifteen years ago that it could
never be permanently successful unless more money was spent per mile in doing the business which it was doing.
But in spite of this theory the Great Northern, while continuing to operate at low relative cost, went through a
phenomenally successful career, and is to-day in as good condition, both physically and in a traffic-producing sense,
as any system in its section of the country.
Maintenance costs, like all other items in the railroad report, are to be judged relatively to other things to
the showing made in the same items in prior years, and to the showing made in the same matters by other railroads
of like type operating in like territory. Consequently, railroads with double tracks must spend more for mainten-
ance of way than those having single tracks; roads doing a heavy volume of business, as reflected by the freight-
density figures and the train-load, will need to spend more for maintaining their equipment and also their trackage
than those of lighter business. The Norfolk & Western, for example, increased its freight density nearly 70 per
cent, within the decade, thus indicating a very heavy increase in its volume of business and, consequently, an in-
crease in the wear and tear of both trackage and structures as well as of equipment. It met this increase in the
wearing-out process by appropriating $6,895 per mile for all maintenance costs in 1915 as compared with $4,419 per
mile in 1906. Considered relatively to the traffic density on the Norfolk & Western this expenditure for main-
tenance in recent years is probably fully as high, as far as requirements are concerned, as was the expenditure of
$13,602 per mile on the Pennsylvania Railroad that year.
The Maintenance Expenses are grouped, as already pointed out, in two divisions Maintenance of Way and
Structures, and Maintenance of Equipment. The different items coming under these heads are, briefly stated, as
follows :
Maintenance of Way and Structures includes all expenses for repairs of roadway and track, for repairs and re-
newals of machinery and tools, for ballasting, for repairs and renewals of switches, ties, fences, bridges, culverts,
stations, shops, and other structures used in the business of transporting freight and passengers.
Maintenance of Equipment includes all expenses for repairs and renewals of all freight and passenger cars,
locomotives, company cars, other railroad equipment of a movable nature, and the maintenance of shop machinery,
etc.
In judging the maintenance-of-way expenditures of a given line, the physical characteristics must in all in-
stances come in for careful consideration. If a railroad is obliged to maintain extensive sidings and terminals in
addition to its ordinary trackage, it is obvious that it should spend more than a railroad of the same type in other
respects which does not have these characteristics. If the road is doing a single line of business of the type of the
Detroit & Mackinac, with light density, comparatively small wear and tear, and has no terminals or extra trackage
to keep up, it need' not spend nearly so much per mile as would otherwise be necessary. The Detroit & Mackinac
spent in 1915 only $345 per mile in maintenance of way, and averaged for that decade only $500 per mile. Yet this
small amount has apparently been sufficient to maintain the property at as high a standard as has been necessary
for its type of business, and relatively is probably as good as the New York Central's average for the decade of
$3,491 per mile. In fact, the maintenance-of-way expenditures on the railroads vary all the way from the nomin-
ally low showing of the Detroit & Mackinac to the totals shown by the Pittsburg & Lake Erie a few years ago of
more than $12,500 per mile.
The same 'observations hold in relation to the maintenance of equipment costs. The small Detroit & Mackinac
can thrive on an average expenditure for the decade in this item of only $578 per mile, while the heavily equipped
Lackawanna requires an average of $5,160 per mile, or nearly nine times as much.
In the light of the 10-year records presented in this volume, the maintenance expenditures for both way and
equipment can be judged very fully. It will be noted that, as a rule, very fair comparison can be made between
INTRODUCTION. 105
properties located in similar territory, and although the figures shown cannot always be accepted as accurate
guides, as so many qualifying factors enter in to affect the result, yet where there has been a definite lack of proper
maintenance expense, or where more has been included in this account than the conditions or requirements would
seem towarrant, the fact can be readily detected. In a general way it can be stated that a normal average of $1,000
to $1,300 per mile should be spent for maintenance of way on Western or Southern lines, where practically all the
mileage is single track, while the ordinary trunk lines should spend from $1,500 to $1,800 in the same department.
In maintenance of equipment, the matter of mileage and type of territory do not govern to the same extent, and the
relationship of the costs to the traffic density for both passengers and freight is much closer than in the other main-
tenance items. The figures showing changes in equipment owned, as tabulated in the Analyses, can also be profitably
compared in connection with the maintenanee-of -equipment items, as obviously, if the equipment owned is increasing
in relation to the mileage operated, the maintenance-of -equipment costs should increase in proper ratio also.
Conducting Transportation and Other Operating Expenses
T)RIOR uniform accounting system in force since June 30, 1907, the railroads usually classi-
to the adoption of the
fied their expenses outside of maintenance under the general head of "Conducting Transportation and General
Expenses." This general head has been subdivided by the ruling of the Commission into "Transportation Expenses,
Traffic Expenses and General Expenses," while expenses of outside operations were afterwards transferred to an
entirely separate account but recently have again been included in operating expenses.
As a railroad's traffic density increases the cost of conducting transportation must necessarily rise, but barring
increasing costs of labor and service it should not radically change except in some relationship to changes in gross
business and traffic density. If a road's density is increasing and its gross earnings are showing expansion, there
is something wrong unless the transportation costs increase also, especially when considered over long periods of
time. On the other hand, with traffic density standing still or declining, and gross business falling oft*, operating
costs of this character should decline also, though not necessarily to the same extent. As in any other business,
there is a level below which operating costs cannot go. Certain expenses are fixed if the railroad is to operate at
all, and often we find the case of a small road which for extended periods will be operated at an actual loss, while
more than one large system is hardened with controlled or leased lines which are carried along from year to year by
the parent company in the face of constantly recurring deficits. This is another fact which goes to emphasize the
importance of making the railroad "work for its board." It cannot stand still, for then it is of little value, while if
it keeps moving it must develop sufficient traffic to earn its operating costs, in default of which it is worthless as a
going concern.
Generally speaking, if a railroad is showing a record of stability in its traffic and a heavy train-load, the costs
of conducting transportation will tend to consume a less percentage of its gross receipts than otherwise. The Nor-
folk A Western reports an average of about 32 per cent, of its gross business as consumed in operating costs, aside
from maintenance, while the New Haven averages about 41 per cent. The train-load on the former for 1915 was 841
tons, while on the New Haven the average in 1916 was but 333 tons. On the Great Northern, with its train-load
average of 650 tons, the percentage has been below 32 per cent., while on the Missouri, Kansas & Texas, reporting
an average train-load of 310 tons, the figure on transportation expenses exceeds 42 per cent, of the gross.
In examining the relative amounts of transportation expenses on different properties and showing their rela-
tionship to the general efficiency of operation, as reflected in the density and the train-load, the strength or weakness
of a property is clearly brought to the light. If a property like the Norfolk & Western, with a long record for stable
traffic and a steadily growing train-load, consumes only 32 per cent of its gross receipts in carrying on its busi-
ness (operating its trains) it is clearly in a much stronger position than the Missouri, Kansas & Texas, which con-
sumes 42 per cent, in the same way. In the event of a pronounced depression, if the gross business of the Norfolk
ft Western fell off 30 per cent., it could still, with a moderate curtailment of maintenance expenses, continue the
full operation of its property and easily carry its charges. But when the gross business of the Missouri, Kansas &
Texas falls away to like extent, even with a very drastic cutting of maintenance costs, it falls far short of earning
its full charges.
Outside operations, or operations of the company other than transportation, was an account which was added
after 1907 under the accounting requirements for railroads of the Interstate Commerce Commission. Prior to the
foregoing date, the gross revenue from such operations was generally merged with the "miscellaneous operating
revenues" of the company, and the costs of operation of these outside activities were charged in the general operat-
ing expenses as "miscellaneous costs." It was claimed that this was unsatisfactory because it tended to hide actual
results in this department of the railroad's business, and there were doubtless many cases where operations of this
kind were a continual loss to the company entirely unknown to the bondholders and stockholders. But in 1914 the
Interstate Commerce Commission restored this account to the general group of operating expenses.
Included in the classification of "outside operations" are the following items Boat and Ferry Lines; Harbor
:
ilnal Transfers; Electric Railways; Express Lines; Cab and Omnibus Service; Sleeping Car and Parlor Car
Service; Dining Car and Restaurant Service; Grain Elevators; Stock Yards; Telegraph and Telephone Lines;
Amusement Parks and Resorts; Cold Storage Plants, etc.
All large railroad systems have more or less outside activities of these kinds; many operate their own railroad
restaurants, some carry on their own sleeping-car, parlor-car, and dining-car service, a considerable number operate
ferries and other water lines. Thus the results from these activities may materially change the net-income showing
for the stock- or bond-holders, and the facts regarding the profitableness of such business should of course be
clearly shown in the annual reports.
Sometimes these outside operations steadily show a loss, but this may be no reason why they should be discon-
tinued. There are usually vital reasons why these services are carried on, and indirectly they are supposed to con-
tribute to the general earning-power of the railroad operation itself. For example, the Pennsylvania Railroad does a
large business in these outside matters and in 1910 reported total revenues of $5,976,385. But the cost of carrying
on these outside businesses was not directly profitable, as a net deficit was reported for the year of $1,309,388. Any
one would be foolish to say, however, that the Pennsylvania Railroad should for this reason abandon its ferries,
restaurants, boat lines, harbor-terminal transfers, etc. If it followed this policy, much of its passenger and freight
business would soon be diverted to competing roads which continued to do these same things.
All railroads, however, do not report a net deficit in their outside operations. The New York, New Haven &
Hartford in 1911 reported a net profit of $1,398,338, and the Delaware, Lackawanna & Western a net profit of $210,-
756. The New Jersey Central also reports a substantial profit in this department of its business.
Net Operating Revenue (or Net Earnings)

HP HE net earnings or net operating revenue of the railroad is the amount left over from gross receipts after all
* expenses of operation, including maintenance, have been deducted. It is, in other words, the amount of profit
actually earned by the railroad as a result of its operations. It does not include any important profit or net income
from sources outside of the actual results brought about by the moving of trains, although before the present ac-
counting system required by the Interstate Commerce Commission was in force, certain items from outside opera-
tions were not separately classified. The policy followed in the 10-year averages in the Analyses in this book has
been to include such outside operations, as explained above, with both the gross and net receipts.
While the net earnings of the railroad show its net profit-producing power as a railroad, there are very few
cases where the net earnings represent the entire income of the property which is made available from year to year
for the payment of fixed charges and dividends. Practically all American railroads have outside income in the shape
of interests or dividends on investments in controlled and separately operated lines, which adds to the general income
of the property and gives the road an increased amount each year with which to pay its obligations, distribute divi-
dends, or make improvements.
The net operating revenue of a railroad can only be properly examined and analyzed after due consideration
has been given to the costs of operation and the maintenance. If a railroad is not spending enough for the main-
tenance of its property or is economizing in too drastic a way in its methods of conducting transportation, its net
earnings may appear to be very much heavier than the true circumstances warrant. Investors often examine the net
earnings of a property before looking at anything else, and if a road has shown an increase of 10 per cent, in its
net earnings over the figures of the previous year, the assumption is at once made that the showing is better than
was the case the former year and, therefore, that its securities are stronger. But this does not necessarily follow at
all, as the road may very easily have so handled its accounts and so cut down its operating costs that the net results
shown will not reflect the true condition of the property. This method has been followed many times in past years
by railroad companies, the controlling interests of which were desirous of paying large dividends for a period or en-
hancing the market prices of the stocks or bonds. The only way in which a railroad can show a proper increase
in net revenue for a given period is to increase its gross business or density and currently spend a sufficient amount
of this gross revenue in maintaining the property at a certain standard of efficiency and on a certain basis of opera-
tion. Temporarily a road may curtail its operating costs to face a period of declining earnings, if it has previously
spent sufficiently liberal amounts to enable it to do this with safety. But where a railroad has over a period of years
put less into its maintenance or its transportation costs than has really been necessary, it is then in no position, in
the event of a depression, to radically reduce these costs in greater ratio than the fall in gross receipts in order
to make a good showing in net operating profit.
"Other Income" and Total Net Income

allAmerican railroads have important sources of income aside from that of the direct operation of
NEARLY
their properties. In many cases this income is a factor of great importance, and represents a very substantial
proportion of the total amount of money made available each year for interest and dividend uses.
The "other income" of the railroad is made up of various items, some representing interest on bonds and stocks
held for investment, some representing rental of tracks, rental of equipment, some representing receipts from con-
trolled lines on division of earnings, etc. The Pennsylvania Railroad reported its "other income" for the year 1910
as consisting of the following amounts and items:
Interest and dividends on securities owned $14,999,876

Interest and dividends on securities of United New Jersey R.R. and Canal Co 174,456
Hire of equipment. . ; 362,510
Interest, General Account 1,226,947
Profit from sundry accounts 94,326
Rents 600,732
Total $17,458,847
INTRODUCTION. 107
It will be seen that the most important item in the above statement is "Interest and dividends on securities
owned," and this will be found to be the case with the majority of "other income" accounts of the railroads. Obvi-
ously, the question to be determined, then, is what are these investments on which the road is receiving income? Are
they securities of other railroads or are they outside properties of some kind?
The answer to this question leads the investigator in many directions. But the question of the sources of the
"other income" is, on many roads, fully as vital as that of the operating income itself. Examination of railroad
reports will divulge the fact that many of the railroads depend, in large degree, on their "other income" for the pay-
ment of their dividends; and, in numerous cases, even a portion of the surplus used for meeting interest and sink-
ing-fund payments comes from the "other income." To cite an instance, we find that the New York Central in 1910
earned (in net), from all operations, the sum of $25,710,613; but its "total net income" (from which sum its interest'
and dividends were paid) was $41,156,946, showing that its "other income" for this one year aggregated no less a
sum than $15,446,333. Reference to that company's statement will show that the amount paid out in dividends by
the New York Central in 1910 was $13,363,758, and that this amount practically consumed all the surplus remaining
after fixed charges, taxes, etc. (amounting to $26,868,374), had been taken care of. In other words, the New York
Central depended entirely in 1910 on its "other income" to pay its dividends, and without this "other income" could
have paid no dividend whatever.
Now, where did this "other income" come from? From dividends and interest on securities owned; from inter-
est on money loaned, and from sundry miscellaneous profits. The Lake Shore & Michigan Southern (since directly
merged), 90 per cent, of the stock of which was owned by the New York Central, paid 18 per cent, in 1910, and this
made up a large part of the New York Central's "other income." The Michigan Central, which was controlled in
the same way, paid 8 per cent, on its stock, and this made up a substantial part of the "other income," much of the
balance being accounted for by payments made to the New York Central by a large number of smaller lines and
companies, in which it had either a minor or important interest, and from many other small and less important
items.
The "other income," then, is a source of revenue entirely distinct from that received from the operation of the
property, and yet, as is shown in many case*, it is a factor of vital importance in the general result for the period.
Consideration of the "other income" figures leads, in the first place, to a direct examination of the balance sheet of
the company, where the "investment" account is carried. As "other income" consists chiefly of returns on securi-
ties owned,it is at once important to know what these securities consist of and at what valuations they are carried
in the balance sheet of the company; in other words, is the return on them sufficient to justify the company to carry
them at a certain value? Again examining the New York Central analysis, we find that the "securities owned"
were carried on the balance sheet of that company in 1910 at a valuation of $131,557,710. The "other income" for
that year was, as already shown, $15.446,330. But a large part of this sum was made up of special items, such as
interest on loans, sundry profits, etc.. and the actual amount of money received by the company in direct return
from its securities owned was about $12,000,000, which was something more than 9 per cent, on the valuation shown,
as measured on the mileage basis. This showing indicates that the investments held by the New York Central were
not overvalued as related to income for the year 1910.
But this does not finish the analysis. It may be that while the investments held yielded a return of over 9 per
cent, in actual dividend or interest payments for the year, they may be undervalued for other reasons, or overvalued,
as the case may be. For example, while the Lake Shore paid in to the New York Central but 18 per cent, on its
stock in 1910, it actually showed a surplus equal to over 25 per cent, on its stock, a large portion of which went back
into the property in the shape of betterment and improvement expenditures. And if we run back a few years in
the record of the Lake Shore, we will find that for a long period it had been steadily earning each year a heavy sur-
plus above the amounts disbursed in dividends to the parent company. The logical conclusion from this exhibit is
that the equity owned by the New York Central in the Lake Shore property was heavily in excess of the value
placed upon that equity in the balance sheet. And further, to follow the showing made by the Lake Shore in its
available surplus for dividends, we are led immediately to examine the Lake Shore's sources of income. "Total net
income" of the Lake Shore, in 1910, was $14.986 per mile, of which $8,688 was derived from "net earnings" and the
balance from "other income." Now, what did the "other income" on the Lake Shore consist of? Like that of the
New York Central, it is represented chiefly by dividends and interest on investments. So we are led to examine the
balance sheet of the Lake Shore, note the approximate return on these investments, and examine in turn the prop-
erties there represented.
Thus it will be seen that the "other income" question tends to lead us far afield, especially where a large rail-
road system is being examined, and where many controlled lines are represented. The Lake Shore's "other income"
was derived from returns on investments in the C., C., C. & St. Louis, the Pittsburg & Lake Erie, the New York,
Chicago A St. Louis, and other properties, all of which have their own income accounts, their own liabilities, and
their own investments. In fact, under the ordinary methods of analyzing security values, a thorough following-
cot of facts like these has been extremely difficult; but the plan followed in this book for analyzing the different
systems is so arranged that it can be accomplished in practically all cases with great simplicity.
One other important point connected with the "other income" and investment valuations of the various systems
should not be overlooked. While, as shown in the case of the New York Central, the return on all investments in
1910 was only about 9 per cent., the fact must be remembered that this was the average return on the aggregate
Investment holdings. These investment holdings were made up of a large number of items, some of which were yield-
ing the company (as in the case of the Lake Shore stock) far more than the average rate of 9 per cent., while a
considerable number were yielding nothing at all. The latter may have been of the value given because of other
reasons strategical or potential. The holding of Rutland stock was of no income value, but it may have been re-
garded as of great strategical value. And in many cases, it will be found that the control of a branch line oper-
ates as a traffic feeder to a very important extent.
Fixed Charges and "the Margin of Safety"
BRIEFLY stated, the fixed charges of a railroad consist of the following important items:
(a) Interest on funded debt.

(&) Interest on floating debt.
(c) Rentals.
(d) Sinking funds.
(e) Interest and principal of car trusts.
Other items of a miscellaneous and usually minor nature are often included under the head of fixed charges in
addition to the above. Prior to the adoption of the uniform accounting system, taxes were sometimes embraced in
operating expenses, sometimes in fixed charges, and sometimes stated separately. The present requirement is, how-
ever, that all taxes be stated separately from both operating expenses and fixed charges and in the Analyses the
uniform plan is now followed of deducting them before showing the "balance for charges."
The uniform accounting requirements have also provided that the roads separately state such items as "hire of
equipment," etc., and in some instances these are items of material importance. In the Analyses the policy has been
followed of including such items in the sum total of the fixed charges after the year 1907, and where the item is im-
portant and materially changes the average the fact is so stated in the comment. Prior to 1908, such items as hire
of equipment were spread over the operating expenses of the different roads in a number of ways.
The item "hire of equipment" refers to the charges made by one road against another in the exchange of their
equipment in the course of business. Sometimes this results in a net loss to a line and sometimes a profit; but
whether a loss or a profit, the balance as shown in the income account is designated the same.
Taken as a whole, the fixed charges of a property represent the sum it must currently earn and pay to be in a
healthy financial condition. The reports usually state the items of fixed charges in satisfactory detail, and the in-
vestor can, therefore, easily judge of their nature. It is frequently the case that a railroad has car or equipment
trusts outstanding, which mature serially, a portion of the principal as well as interest being payable each six
months or each year. Items of this nature must naturally be included in the charges, just as sinking-fund pay-
ments are; and often they are of such amount as considerably to increase the sum total of the charges in a given
year.
The relationship of the fixed charges to the property can best be judged comparatively, and when they are exam-
ined over a series of years the figures are of vast use. There is a direct relationship betwen the gross business and
general traffic density of a property and the percentage of this business required for meeting the charges. As has
been well brought out by Mr. Mundy in his excellent book, the "Earning Power of Railroads," those roads the
fixed charges of which have averaged not more than 30 per cent, of the gross income have usually been able to with-
stand financial setbacks with much greater ease than roads with fixed charges greatly exceeding this figure. There-
fore, properties like the Baltimore & Ohio and the Great Northern, which have spent liberal sums for the mainte-
nance of their properties and for the development of an intensive traffic, thus keeping down the ratio of operating
costs -aside from maintenance, have been in better position to carry their charges than some other roads which, while
showing advances in earnings from year to year, have been obliged to consume a larger proportion of the gross re-
ceipts in operating their trains.
But the with the holder of bond issues on railroads is to know what amount of money remains
vital question
available after payment of all operating and other current expenses for meeting the interest on the bond issues in
which he may be interested. Assuming that he has examined the operating and income records in his report in
thorough manner and has ascertained the relationship of the traffic density to the gross business, maintenance and
other costs, and has also properly examined the sources of outside income, he is on solid ground for ascertaining the
position of the bond issues in the results shown by the road. But while it is a matter of interest to know what
amount of available surplus a road has shown over its charges this year or last year, the more important thing is for
him to know what the road has done in this regard for a series of years. This thought has been carried to fuller
development in the Analyses than has ever been attempted before. The available surplus above the charges of the
different roads is not merely shown for two or three years, but is shown for an entire decade. In this way the
investor is able to ascertain the trend of improvement or retrogression for a long series of years. In order to reach
a fair basis of judgment the records for each year are averaged and the average showing made is the basis on
which the entire property is analyzed. Comparisons are made as usual with the average results shown by other
properties.
The Margin of Safety is the proportion of Net Surplus remaining over after payment of all current fixed obli-
gations, including car trust principal and interest payments, miscellaneous items, etc. For example, if the total net
income of a given road was last year equal to $10,000 per mile, and the fixed charges were $6,000 per mile, then the
remainder of $4,000 per mile (or 40%) is the margin of safety.
Nothing reflects the inherent stability of the great majority of American railroads at the present time so well as
the Margin of Safety records given in this volume. They are a graphic display of the remarkable trend toward im-
provement in earning power and financial stabilitywhich has characterized at least 80 per cent, of the great railroad
systems of this country since the depression of the '90s. The record is the more remarkable for the fact that this has
INTRODUCTION. 109
allbeen achieved in the face of either falling or stationary passenger and freight rates and in the midst .of almost
steadily advancing costs for labor and materials. Of course, the fact is not for a moment to be overlooked that the
growth of the country in wealth and population during the decade, thereby developing new traffic to enormous
extent, is at the base of this record as far as growth of the transportation business is concerned. But the almost
steady improvement from year to year, in operating efficiency, in forcing from the same effort greater results, is a
testimonial of the highest kind to modern American railroad management as a whole. Operating management of
superior type is at the base of the Margin of Safety record shown over the decade by such properties as the Lehigh
Valley, the Southern Pacific, the Pennsylvania, the Atchison, and the Louisville & Nashville.
Disposal of Surplus
T HEORETICALLY, at least, the surplus shown by a railroad above ita fixed charges is supposed to be available
for dividends, and we often see it heralded far and wide that such and such a road is showing a surplus of, or
"
earning," 10 to 15 per cent, upon its stock. But like many another statement on which stocks are sold and market
prices are manipulated, such a report often proves to be a delusion and a snare. Because a railroad has shown a
surplus in its income account of 10 per cent, upon its stock, it does not necessarily mean that it has that amount
available for dividend purposes or, in fact, that it has anything for such uses. In the past, especially, many rail-
roads followed the policy of keeping down their current operating costs, including maintenance, but at the same time
pending the necessary money on their properties, and then, at the close of the year, deducting from the surplus
shown above charges the amounts currently spent but not currently charged up. So that in the final result they
would really have no surplus at all, and the item "surplus above charges " or " surplus above dividends " would
simply be a bookkeeping entry.
This practice may or may not be reprehensible. The real situation can only be judged in connection with the
actual operating and maintenance expense* shown. If a railroad is not charging a proper amount to maintenance,
but is holding up items which properly belong there and deducting them from surplus at the end of the year as " bet-
terments and improvements," then the method i* certainly misleading. It is one of the strong arguments in favor
of the uniform accounting requirements that railroads coming under the jurisdiction of the Commission cannot do
this any longer. They are now required to charge to maintenance the items which properly belong there and can
only put in improvement or betterment accounts the actual expenditures of such nature. On the other hand, if, as
in the case of properties like the Lake Shore, Pennsylvania and a host of others, full charges have been regularly
made to maintenance, then the charging up of additional amounts after payment of all current obligations and divi-
dends reflects great credit on the management, and adds to that extent to the efficiency and value of the property.
But even if no sums are being currently charged up to improvement accounts from surplus, this is no reason
why a road should uniformly follow a policy of paying out all its surplus in dividends. As with any other business,
a railroad should, to be conservative, accumulate a surplus and lay aside for a rainy day. The roads which did this
in the highly prosperous years of 1900 to 1907 were in much stronger position to face the panic and the depression
which followed than those which, like the Erie and the Southern, made dividend payments which largely consumed
their current surplus every year. The New Jersey Central, the Lackawanna, the Reading, the Atchison, the North-
ern Pacific, and the St. Paul did not have to go into a tight money market in the winter of 1907-08 and borrow
millions on short-time notes at high rates of interest to keep themselves afloat They had conserved their resources
simply by refraining from the policy of paying out the great sums they were making in dividends. The Pennsyl-
vania has almost uniformly followed a policy for more than forty years of paying out only about half of its surplus
from year to year in dividends, and most of its affiliated lines are doing the same. So that as a matter of fact it
makes a very substantial difference to the bondholders of a road as well as the stockholders what is done with the
surplus remaining after their demands have been satisfied. A bondholder will be better off if the surplus is not
disbursed entirely; a preferred holder will be in a stronger position if the surplus remaining after his dividend has
been paid is not all paid out in common stock dividends. Thus the bondholder and the preferred stockholder have
a vital interest in where the balance of surplus goes to. Six years ago the Erie first preferred holders may have said
they need not concern themselves about the way the second preferred holders were being handled, but, as a matter of
fact, it was of vital importance to them to know just what was being done with these junior holders. When the
panic came Erie was in trouble at once, and the first preferred holders found themselves in the same boat with the
junior class no dividends for anybody.
Stockholders in railroads are too apt to assume, if a given percentage of surplus is shown, as for example 6 per
cent., that they are justly entitled to receive all or nearly all this amount in dividends. This is a mistaken idea. Too
many roads have cone to grief in the past by following a policy of over-liberal dividend disbursements. A careful
distinction should be made between the amounts of surplus shown which are really necessary to retain as working
capital commensurate with the normal growth in the needs of the company and the amounts which may fairly be
disbursed in dividends. Because a railroad twenty years ago, with a very light business, required a reserve of
only a nominal amount, this is no reason why to-day, with ten times the business, and ten times the uses for working
capital, it should continually cripple itself by paying out nearly all its surplus earnings in dividends. Tne merchant,
as his volume of business grows, steadily increases his bank balance and general reserve, and a railroad should do
the same.
The items listed in railroad reports under improvements usually represent many charges. Many roads have
spcial improvement and betterment accounts; others have simply charged the amounts spent directly, that is, for so
much extending, building, so much new equipment, etc. There has been no fixed rule in the matter. The Pennsyl-
vania, New York Central and some others have frequently charged their improvement costs up before deducting
dividends, thus showing, technically, but a narrow margin of surplus above dividend payments. In the interest of
uniformity, however, the policy has been followed in this book of first showing the amounts of surplus appropriated
for dividends, and then the amounts actually paid in dividends. The disposal of any surplus after dividend pay-
ments is shown in the full income statements and the Profit and Loss Accounts which are appended.
Especial value should attach to these 10-year comparative income tables, considered as a whole. Nowhere else,
in such compact form, will the banker or investor be able to find so complete a comparative record.
The Balance Sheet

THE CAPITALIZATION Taken as a whole, probably the most important individual statement in the railroad report
FACTORS is the balance sheet. No definite idea can be gained of the property from its financial
standpoint without the balance sheet, and if no other figures were given to the shareholders
this, at least, would be of some assistance to them. A balance sheet is a statement of the company's assets and
liabilities, and as presented publicly it is usually in very condensed form. That is to say, while it contains a large
number of distinct items, these items can usually be classified under a few heads and in the statements as submitted
to stockholders only the total amounts belonging under each head are given. It is therefore sometimes difficult prop-
erly to analyze a balance sheet thoroughly, but in the case of the capital assets and liabilities this can usually be
done with a fair amount of accuracy, as these are almost always large items and are quite clearly stated.
Under the uniform accounting requirements of the Interstate Commerce Commission, a railroad's balance sheet
contains the following definite heads:
Assets
Property investment.
1. Road and equipment (investment in the property with additions each year, including reserve for accrued
depreciation, etc.) ;
2. Securities held (including securities of proprietary, affiliated, and controlled companies, pledged and un-
pledged; securities issued or assumed, and pledged);
3. Other investments (including advances to proprietary, affiliated and controlled companies for construction,
equipment and betterments; also miscellaneous investments, including physical property, securities pledged
and unpledged, which are not included in minutes).
Working Assets.
1. Cash;
2. Securities issued or assumed, held in treasury;
3. Marketable securities (issues held unpledged, or as pure investments and available for sale) ;
4. Loans and bills receivable;

5. Traffic and car service balances due from other companies;
6. Net balances due from agents and conductors ;
7. Miscellaneous account receivable;

8. Materials and supplies;
9. Miscellaneous items.
Accrued Income Not Due.

1. Unmatured interest, dividends and rents receivable.
Deferred debit items.

1. Advances to proprietary, affiliated and controlled companies, working fund, and miscellaneous advances;
2. Rents and insurance paid in advance;
3. Taxes paid in advance;
4. Unextinguished discount on securities:
5. Property abandoned, chargeable to operating expenses;
6. Special deposits;
7. Cash and
securities in sinking and redemption funds;
8. Cash and
securities in insurance and reserve funds;
9^ Cash and
securities in provident funds;
10. Miscellaneous deferred debit items.
Liabilities
Stock.
1. Common, preferred or debenture stock;
2. Receipts outstanding for installments paid ;
3. Stock liability for conversion purposes, etc.;
4. Premiums realized on capital stock.
Mortgage, Bonded and Secured Debt.

1. Funded debt;
2. Receiver's certificates (if any) ;
3. Obligations for advances received for construction, equipment or betterments.
INTRODUCTION. ill
Working Liabilities.
1. Loans and bills payable.
2. Traffic and car service balances due to other companies;
3. Audited vouchers and wages unpaid;
4. Miscellaneous accounts payable;
5. Matured dividends, interest and rents unpaid;
6. Matured mortgage, bonded and secured debt unpaid;
7. Working advances due to other companies:
8. Miscellaneous working liabilities.
Accrued Liabilities Not Due.

1. Unmatured interest dividends and rents payable;
2. Taxes accrued.
Deferred Credit Items.

1. Unextinguished premiums on outstanding funded debt;
2. Operating reserves;
3. Liability on account of provident funds;
4. Miscellaneous deferred debit item*.
Appropriated Surplus.
1. Additions to property (since June 30, 1907, as required by the Interstate Commerce Commission) ;
2. Reserves from income or surplus.

"
The balance remaining, after the offsetting amounts shown on both sides in the above items, is known as profit
and loss," and be either on the assets or liabilities side, as the case may be. If on the liability side, the profit
may
and loss item is known as surplus; if on the asset side it is a deficit.
Theoretically, at least, the current assets and liabilities are supposed approximately to offset each other. In
very few cases do they actually do this, but unless the amount of such items as cash on hand and on deposit, account
receivable, etc., does not approximately equal the accounts payable and amounts due for interest and dividends and
to other companies, it then means that the road is cramped for working capital. Another disturbing situation in
current liabilities is to see the loans and bills payable mount up on one side of the balance sheet, and such items as
advances to other companies increase in amount on the other side. This simply means that the company is going
into debt for the purpose of helping out one or more of its branch lines or subsidiaries, which may or may not be a
good thing. Also, if the accounts payable are increasing in greater ratio than the accounts receivable, or if the
items such as "traffic balances due to other companies" are growing more rapidly than the amounts due from other
companies, the situation also may be becoming complicated. And if, at any time, it is found that cash on hand is
declining below the figures formerly shown over a reasonable period, it may mean that the road is getting tied up
with a shortage of actual working capital.
The Capital Assets

i
UK largest item usually shown in the capital assets is the property investment account, formerly called "cost of
road and equipment." This account is supposed to represent the actual capital invested in the road and its
equipment. But, as a matter of fact, it does not in many cases represent anything of the kind. It has been cus-
tomary in years past to charge to this account various items, such as discount on securities sold, special financing
expenses, expenses for reorganizing the property, etc. As has been pointed out by Mr. Woodlock, in his "Anatomy of
a Railroad Report," a pronounced example of the peculiar construction of this account is represented by the record
"
of the old Atchison, Topeka & Santa Fe road before the reorganization. The cost of road and equipment " stood at
$95,755,207, but the expert audit of the books at the time of reorganization divulged the fact that over $40,000,000
stood for nominal items, such as discount on bonds, etc., and that less than half of this great total really represented
money spent on the property. The same facts could be demonstrated to more or less degree in connection with most
of the railroad systems in this country.
It will be realized, therefore, that the chief value attaching to the construction account figures is in the rela-
tive comparison of them from year to year. Most railroad reports present their balance sheet in comparison with
the figures of the previous year, and with a series of reports the relative changes can be easily examined, showing
the growth of this construction account and ascertaining just what the increase may represent. Most reports now
furnish an itemized record each year of all expenditures which are charged to the property investment account,
and, of course, it is an easy matter to see where this new money comes from, whether borrowed through the sale of
bonds or notes, whether charged to profit and loss, or whether secured by the sale of stock.
The item of "investments in securities and other properties" is in many cases of relatively great importance,
Roads which, like the New York Central, the Pennsylvania, or the Illinois Central, control a large number of sub-
sidiary lines, depend, as we have already seen, to considerable extent on the income from these subsidiary lines. This
income comes to them chiefly in the shape of dividends and interest on the securities owned, and there is a close
relationship between the amount of other income of a railroad and the valuation of the securities owned as carried
in the balance sheet of the company. Therefore, the importance of this particular item varies with the amount of
outside interest the road under examination may happen to have. The item of sinking funds is sometimes of great
and sometimes of minor importance. Whatever entries of this kind a road may have should be clearly stated so that
they may be readily understood, and so that it can be ascertained just what condition the fund may be in.
The Capital Liabilities
capital liabilities consist chiefly of the stock and bond issues of the company. Of the former,, there are not
THE only issues of common and preferred stock outstanding, but very often we find such items as debenture stock,
special equipment stock, special guaranteed stock, or betterment stock, and it has not unfrequently been the case
that a large railroad will assume the stock issue of a smaller company and carry it as a liability of its own, just as
is done in the case of many bond
issues. Bonds themselves are of many classes, and, as has already been stated in
these pages, they carry numerous qualifying terms and are of many distinct types. In the case of practically all the
larger systems we find that numerous bond issues, originally created by prior companies, or by companies which
have been consolidated into the main corporation, are treated as direct obligations and carried along as part of the
liabilities of the company.
If all railroad companies consisted of single corporations with no controlled lines, or if all the miles of railroad
they owned were directly operated, the consideration of the balance sheet and other financial statements would be
comparatively simple. In order to get a comparative showing over a series of years, and form judgment of the rela-
tive position of the property with that of other railroad properties, we should simply need to reduce the figures to the
ordinary mileage basis, as has been done in the examination of the other characteristics which go to make up the
general report of the railroad. But in the great majority of cases, the investor immediately meets with a baffling
problem as soon as he attempts to examine a railroad balance sheet intelligently. In addition to the records given,
he finds that most railroads control, by stock ownership, contract, lease or otherwise, important lines of road which
they may or may not operate directly, and in connection with which they have certain obligations independent of the
ordinary charges involved in their regular stock and bond issues. In other words, a large portion of the operated
mileage of many a railroad system is made up of leased lines. Some of these lines are leased on a basis of a fixed
rental per annum; some are leased on a basis of a proportion of net or gross receipts, and some are leased on a
guaranty basis which may or may not change. An example is shown in the case of the Pennsylvania Railroad.
The Pennsylvania Railroad Company reported in 1914, for its directly operated lines, 4,512 miles. Of this mileage,
2,650 miles are owned by the Pennsylvania Railroad actually, the remaining 1,862 miles being operated under lease
or contract or used under trackage rights. Obviously the latter mileage should be included in the income account
records, as it has been directly operated by the Pennsylvania Railroad. But the lines controlled by lease are all sep-
arate corporations, with their own bonds and stocks outstanding, large portions of which are in the hands of the
public and held as investments. These bond and stock issues, however, are not direct obligations of the Pennsylvania
Railroad in the sense that its own bond and stock issues are obligations, and they, therefore, are not shown in the
capital liabilities reported by the company in its balance sheet. Nevertheless, they cannot be ignored in an analysis
of the railroad's position or results. The Pennsylvania Railroad has leased these properties on certain bases, in con-
sideration of which it operates them, receiving into its own income account whatever profit it may be able to secure
as a result of these operations. In consideration of having this right it pays out to the bond- and stock-holders of
these leased properties certain fixed sums previously agreed upon, which take the nature of guaranties on stocks and
bonds. These guaranties, or rental items, are on all kinds of bases, most of them having been arranged at differ-
ent periods and as results of different circumstances. Thus we find that many leased lines are controlled through
the guaranty by the parent company of the interest and principal of the bond issues alone; others are controlled
through the guaranty of certain dividends on stocks as well as the interest on the bonds, while still others are con-
trolled through guaranty of specific amounts which are used by the rented property for meeting current obligations
of interest and dividends. In the case of the Pennsylvania Railroad the rental charges against its general income
amounted in 1915 to over one-third of the total fixed charges, so that it will be seen that in this instance the item of
rentals is practically as important a part of the charges against income as is the interest on its own bonded debt.
As this item of rentals in the operating results of railroads is such an important factor, it will be realized that
unless it is in some way taken into consideration in the examination of the balance sheet of the company, it would
not be possible to make any analysis of the balance sheet in an intelligent way. In other words, were we to examine
the totals shown in the capital items of the balance sheet alone, and then examine the net income results to see what
percentage of net income, or, in fact, of gross income, or any other income, were shown on the capital of the road, we
should get very grotesque results if we did not in some way consider the fact that the rented properties themselves
have stocks and bonds on which interest and dividends must be paid.
If we examine the income and capitalization record of the Lackawanna, the relative importance of considering
the rental items in connection with the balance sheet will be seen. The Lackawanna itself now has only a nominal
bonded debt. Its fixed charges, however, have averaged during the past ten years more than $8,800 per mile, and far
more than 80 per cent, of these charges having been made up of rental items on leased-line securities. These items
have been of various kinds; some guaranties on bond issues, many on stock issues. The outstanding capital of the
Lackawanna in 1915, as reduced to the mileage basis of the operated system, was about $44,000 per mile. The
amount of investments ownd by the company, as shown in its balance sheet, was about $27,460 per mile. Now, if we
considered no other capital items and disregarded the securities of leased lines, not shown in the balance sheet, we
should have a net capital per mile for the Lackawanna system of only $16,540. As the road earned in gross in 1915
$44,885 per mile, this would mean that it was each year earning several times its net capital, and as its total net
income was $20,292 per mile, it would imply that the net income of the system at the present time was equivalent to
125 per cent, on the capital outstanding. The absurdity of this conclusion is apparent, but nevertheless it would be
a logical deduction from the figures given in the balance sheet and income account, with the securities of the rented
properties disregarded.
INTRODUCTION. 113
Capitalization of Rentals
problem of handling the capital items of leased lines in a manner for admitting of ready comparison has
THE
been a difficult one. As the terms of leases, both in length of time and in amount of rental, are so varied and as
the figures given in different reports regarding these terms and payments are so incomplete, some arbitrary
method must necessarily be adopted for reducing them to a comparative basis. In the case of some companies all the
different rental items are separately stated, and it is a very simple matter to ascertain their amount and treat them
accordingly. But this is not the case in most instances, and therefore, in presenting the comparative records of
the capital factors in this volume, the uniform policy has been adopted of capitalizing the rental obligations of the
operating companies at 5 per cent. An approximate estimate of a large number of rental obligations indicates that
5 per cent is a fair and conservative basis for a purpose of this kind, and it is believed that it will approach the
actual condition more closely than a lower percentage would. So the plan has been followed of adopting this basis
even where the actual items themselves are furnished. Examinations of instances where the items are furnished in
reports will show that the 5-pcr-cont. basis is in no case very far out of the way.
It might be contended by some that a more accurate method for capitalizing the rentals in the comparative state-
ment would be to simply add up the stocks and bonds of the rented properties, and reduce them to the mileage basis
and include them in the table. But in many cases this would be most illogical and misleading. The different leased
lines which the operating companies control have usually been acquired on a basis which has disregarded the par
value of their own capitalization, and has been arrived at more or less on a basis of earning power. Thus, it is found
that in many cases a leased line may have been acquired through a guaranty of its bond issues only, thus leaving the
stock issue of that leased line without dividends and without hope of any return as long as the lease is in operation.
Obviously, in this case, the stock of the leased line, receiving no return whatever, and not having any control of the
property during the life of the lease, will be worth a nominal sum only. On the other hand, there are many cases
where a line has been considered of so much value to the leasing company that the latter has guaranteed some high
rate of dividend, such as 10 per cent, or 15 per cent, on the capital of the leased road for a long series of years. In
such an instance the value of the stock of that property will naturally be far higher than its par value as measured
by income return, which will mean that the capital obligation on that leased line, for which the parent company is
responsible, may be in effect far higher than the par value of the securities of the leased line. So we find that here,
as everywhere else in the railroad report, the true valuations are based on earning capacity and income results,
rather than on the mere nominal amounts given in the face values of the stocks and bonds.
To return again to our illustration of the Lackawanna capital showing. The Lackawanna operated, in 1915,
969 miles of road, including the mileage of the leased lines, all of which have their own bonds and stocks outstanding,
and on which in most cases the Lackawanna road has made certain guaranties. The figures of gross and net income
included in the income account are the results of operation on these 959 miles of road. Therefore, we must show
the obligation of the Lackawanna Company in some way in the financial statement or balance sheet, which will give
a proper idea of the actual liabilties in capital items of the Lackawanna Railroad. By capitalizing on a basis of 5
per cent, all the rentals for which the Lackawanna is responsible, we find that, as reduced to the mileage basis of
the operated system, the Lackawanna rentals amount to about $130,052 per mile. We have already shown that the
other capital items of the Lackawanna amounted, after the deduction of the investments of the company, to $16,450
per mile, thus giving as an approximate net capitalization for the railroad system a figure of about $147,000 per mile.
This method of capitalizing the rentals at 5 per cent., adding this capitalized liability to the other capital liabil-
ities in the balance sheet, and treating this as the gross capital of the company, has been followed in every case. To
arrive at a net capital figure the investments of the company have been deducted from the gross capital, the balance
remaining being approximately the amount of capital value on which the railroad must make a net income return.
An examination of the Analyses in the volume will show the great differences in the classes of capital figures. It
will show that in many cases the rentals are merely nominal and do not affect the general result at all, while in
other instances they are by far the most important factor.
Stocks and Bonds Outstanding Per Mile

the
earnings figures of the railroads, there is vast variation in the amounts of capital outstanding on the
LIKE
different systems. This fact is naturally brought to light more definitely by a consideration of the figures on the
mileage basis. As so reduced, many remarkable facts of variation are brought definitely into view. Stock out-
standing per mile varies on different roads all the way from $5,000 up to more than $100,000 per mile, but, as al-
ready pointed out, the amount per mile really has no relation to the question of "over-capitalization" per se. A
"
railroad with stock outstanding at the rate of $10,000 per mile may easily be far more heavily over-capitalized,"
than one with stock outstanding of $50,000 per mile assuming, of course, that we measure value on the income-pro-
ducing basis, which really is the only logical way in which we can measure it. For example, the Ann Arbor, with
stock outstanding at the rate of $24,576 per mile, is far more heavily capitalized, as measured by income results,
than the Pennsylvania with stock outstanding at the rate of $110,000 per mile.
The records given in this book of the stocks outstanding per mile on the different roads during the ten years are
fly valuable in showing the changes from year to year and also in showing the relative amounts of bonds and
stocks as well as the proportion of stock to the entire net capital of the road. It is interesting to note that the posi-
tion of many properties has undergone pronounced change in this respect during the past ten years. The Missouri
Pacific, for example, reported in 1906 a total capitalization made up to the extent of 28 per cent, capital stock. Dur-
ing the years following the stock issue declined, not only in relation to the mileage operated, but also in relation to
the total capital liabilities of the road, and in 1915 the stock outstanding represented but 21 per cent, of the total
amount of stocks and bonds. Often we find that the decline in the stock issues is offset in direct ratio by increase
in the bond issues. At other times the offsetting increase is in rental charges or in declines in the amounts of
securities held in the balance sheet. Conversely, where the stock outstanding has increased in pronounced propor-
tion, a relative change of some kind, resulting in at least a partial offset, is sometimes shown in the decline in the
bond obligations, or in the rentals, or possibly in an increase in the amounts of securities owned.
It will quickly be seen that a healthy trend in this comparative capitalization showing is naturally character-
ized by a declining percentage in the bonds outstanding. If the bond issues are declining in amount per mile, it means
that the fixed charges are also declining, unless, of course, the rental items are growing. It is much better, for
the railroad's position and credit, to issue non-interest-bearing obligations if it can, and generally speaking those
roads which have made their extensions and carried on their developments during recent years through the issue of
capital stock are in much better position than those which have uniformly followed the policy of issuing bonds.
This ruling does not always hold, but is sound as a general proposition.
There are two conditions under which a railroad may be justified at a given time in issuing bonds for improve-
ments and extensions rather than stocks. One of these is in the case of those properties the earning power of which
has not reached a point where good dividends are being earned on the stocks, and where the latter are selling at de-
preciated values. The only way the road can raise money is by the issue of bonds, and it must either do the latter
or not spend any money at all. The other situation is where a road of high credit can, in times of easy money, put
out a long-term obligation at a low rate of interest. Instances of the latter have been reflected in the policy of the
Ilinois Central in years gone by, and also more recently by the Pennsylvania.
As a general proposition, however, it is much better for a railroad to issue stock if it can. In the past few years
the St. Paul, the Chicago & North Western, and the Canadian Pacific have adopted this policy with most satisfactory
results. The Canadian Pacific, for example, increased its stock outstanding from $12,850 per mile in 1898 to $20,192
per mile in 1908, its bonds outstanding at the same time declining per mile about 10 per cent, and its rentals chang-
ing but nominally. The net result of this policy has been that the fixed charges were in 1915 no more per mile than
they were ten years before, and the road has been finding it easier to pay 10 per cent, on its common stock in recent
years than it was to pay 4 per cent, on this stock in 1899. The position of the road is in every sense stronger, and,
as its bonded debt now represents only about 40 per cent, of its total gross capital as compared with 55 per cent,
ten years ago, it will be realized that, as a whole, the equity in the property which is owned by the stockholders has
very greatly increased.
In the stock and bond columns of Table C in the Analyses, the total amounts outstanding have been included for
each year. Among the bond issues have also been included in all cases such items as equipment trust obligations,
loans on realty or on other property, short-time note issues, etc. During the past few years, the railroads have, in
many cases, issued notes running from two to five years, which, while not mortgages, and in a sense temporary
obligations, will in all cases be sooner or later replaced by permanent capital obligations of one kind or another.
Therefore, they should be treated as capital, rather than current obligations, in any relative consideration of the
financial condition of the company. As in the case of the other tables, comparison is made in each instance with four
other properties in similar territory. But it must be remembered that all the same conditions for comparison which
apply to the Physical and Income Factors do not necessarily apply to the capital factors of a railroad. In examin-
"
ing the capital factors," we are especially interested in ascertaining the relationship between the net value of the
capital (which means the worth of the property) to the earning power shown. It is therefore an easy matter to
compare the capital figures of the Union Pacific with the Pennsylvania, or of the Louisville & Nashville with the New
Haven. By ascertaining the percentage of net income shown on net capital we can see relatively whether the New
Haven property is doing better or has done better on its average net capital over a period than has the Louisville &
Nashville on its own average net capital. We can in this way judge as to the relative financial strength and con-
dition and general standing of both of the companies.
Thus we can compare the capital tables one with another as a whole. But we can also compare the individual
columns. A comparison of the bond-liability column on the New Haven property with the bond-liability column on
the Union Pacific property will bring into prominence certain striking differences. While the column in the Union
Pacific statement has shown, in the face of great growth in volume of business during the ten years, a declining ten-
dency, the bond column in the New Haven statement shows, in the face of only a moderate growth in business, an
increase of over 100 per cent, as measured on the mileage basis. This simply means that while the Union Pacific
has decreased its charges per mile, and increased its margin of safety very heavily, the New Haven has increased
its fixed charges enormously, and that, although its business has grown it has not held up the margin of safety on
its bond issues, and the margin on its stock issue has been entirely eliminated in the past few years. An investor
in the stocks of either of these companies would at once reach the conclusion even five years ago, that, on the show-
ing here made, the Union Pacific was clearly more certain of paying its dividend of 10 per cent, per annum than was
the New Haven of continuing payments whatever. All things considered, the Union Pacific common stock at $160
per share, therefore, looked far more attractive than the New Haven stock at half the price, at which it ranged prior
to 1913.
The analyses of the bond issues of the different systems have been somewhat difficult to make. In many cases
issues have been assumed on branch lines which have been consolidated with the main company, and on which inter-
est may have been guaranteed. Where a bond issue has been guaranteed on a separately operated property, which
is not leased, the amount has been included in the bond column and not in the rental column. This has been the case
in the New Haven analysis, where, in the past few years, many acquisitions have been made in properties outside of
INTRODUCTION. 115
the leased lines and the railroad system itself. Many of these bond issues have been assumed and guaranteed, but the
properties have not been leased in the ordinary sense and, therefore, the bonds have been included in the bond column
rather than in the rental column. Of course, whatever policy had been followed, the showing on net capital would
have been approximately the same.
Net Capitalization
already pointed out, the only method for getting at an approximate figure for showing the true capitalized
AS value of the railroad is to take into consideration the investments or securities owned which are reported by the
company in its balance sheet. Sometimes these securities owned consist of stocks and bonds of the system itself;
sometimes they consist of issues of branches or leased lines, while in other instances they may. consist of securities
of roads which are entirely independent. Securities held by railroad companies represent various conditions. On the
Pennsylvania Railroad we find that its securities owned run into very large sums and that the return in interest and
dividends on these securities is a very important factor in the income account. It is frequently the case that a rail-
road company will own all, or nearly all, of the bonds or stocks of a leased or controlled line, and will receive the
income produced by its own guaranty on the securities which it owns. In such case the item must of course appear
on both sides of the statement, and where a lease has been capitalized at 5 per cent, in the Analyses, it may be
that a portion of this capitalized item is offset by items in securities owned. This, however, does not change the net
result.
While the policy of investing in securities was begun by the railroads for the purpose of acquiring or control-
ling branches and feeders, this policy has in recent years enlarged to a vast extent, and we now find great rail-
road systems owning securities of other railroad properties which seem in no way, in a traffic sense, to have any
real relationship. Thus we find that the Pennsylvania has a dominating interest in the Southern Pacific system. The
Baltimore & Ohio, with the New York Central interests, practically controls the Reading Company and the Central
Railroad of New Jersey. The Union Pacific also has heavy interests in the New York Central property, in the St.
Paul, and in the Chicago A North Western. These investments have sometimes been acquired for other purposes
than that of merely producing income, and this latter fact and the relative worth to the road as a whole must be
taken into consideration when we examine the securities owned in connection with the amounts of other income of
the roads.
Net Income on Net Capital

HP HE net capital per mile of a railroad furnishes us with the approximate worth of the property, and enables us
* to compare this approximate worth with the earning capacity shown. Thus we have a method at hand where-
by we can at a glance ascertain whether, in face value, the railroad is or is not over-capitalized. By comparing
the net income per annum with the approximate net capital, as shown in the tables in this book, we get a distinct
view of the financial standing and strength of the property. If its net income on this net capital is above the aver-
age return and in the record shows an improving trend, we know at once that the financial strength of the property
is favorable. On the other hand, if we find a declining tendency present or find that the percentage on the net cap-
ital is abnormally low, then it simply means that the road is over-capitalized, as measured by the par value; that its
resources are small, and that its earning power from the standpoint of the security-owners is relatively weak.
The column in the different Analyses, showing the Percentage of Net Income on Net Capital, is therefore of the
most vital importance to the holders of securities. This column, with that showing the Margin of Safety, in Table B,
fives at a glance the general key to the condition of the entire property. The Margin of Safety enables the bond-
holder to know the position of the bond in the income-producing capacity, as far as his interest is concerned, while
the Net Income on Net Capital is of vital interest to every security-holder, whether he is in the position of bond-
holder or stockholder.
A dividend recordis presented in each analysis as a portion of Table C. While this dividend record has a rela-
tionship more direct to that of the Income Table than to the Capital Table, it has been placed here for purposes of
convenience and to show the changes in rates and percentage of surplus over dividends for both common and pre-
>1 stocks for the entire series of years. The aggregate amounts paid out for dividends are shown in the Income
Tables, while here the separate rates, and changes in the rates, are indicated. The margin of safety on the dividend
payments is worked out in the following manner: For all preferred stock issues the margin is the percentage of
the surplus remaining after payment of the preferred dividend out of the amount left after payment of all charges
prior to the payment of the dividend. The common-stock margin is the percentage of income remaining over after
payment of the common-stock dividend from the net amount available for common dividends after payment of the
preferred dividend. It will be noted that these percentages vary largely, and in many cases the common-stock per-
centage appears to be higher than that of the preferred. This does not, of course, signify that the common-stock
!-nd is more secure than the preferred, as these two columns have no relationship whatever to-each other. Their
value is in considering their showing over a series of years, the trend, and also the average showing made in the
same column by other properties.
The Principal of Averages

The fundamental idea at the base of this book is to establish a standard for measuring railroad security values.
As already explained, the only sound method for ascertaining and comparing railroad results is to reduce these
results to a common measure that of the average mileage operated. But in judging the values of the securities
themselvr*. it is necessary to do more than merely show the aggregate results of the properties in this way. In other
words, we must get at the average condition of the property and its earning capacity for a considerable length of
time. What the railroad has done this year or last year has some significance, of course, but it does not furnish con-
clusive evidence as to the actual value of the securities.Nearly all securities are more or less permanent in their
nature ; they not only depend for their values on present results, but also on the probable results during future years.
Therefore, it is entirely necessary that we should be able to gauge the proper earning power of a property during
the years to come, as well as know its earning power at the present time.
The plan adopted in this book is to base the values of all the securities on the results of the decade, and gener-
ally to ignore the temporary showing which may have been made for one or two years. By doing this we get a safe
and conservative rating for securities, and while the average showing on the 10-year basis is not in many cases as
favorable as may have been the showing for the past year or two, yet the element of stability in this average show-
ing is so strong as to offset entirely any depreciating effect which would otherwise be involved. In 70 per cent, of
the cases the 10-year records of American railroads reflect a steady upward trend in business growth and general
earning capacity. In those few cases where a downward trend is shown the average result is nevertheless equit-
able as a basis to rate securities on, as the results achieved in the earlier years of the decade affect the value of
the property at the present time, just as the results of early years in the roads which have shown improving trend
naturally qualify the present values to some extent. If the railroad has shown a trend of improvement in net earn-
ing capacity equivalent to 25 per cent, during the past ten years, this fact is worthy of consideration in judging the
probable value and trend of the securities during the next ten years. In other words, the whole idea is based upon
the principle of average results, just as the insurance actuary bases his estimates and values on the results of aver-
ages. While these averages may in given cases be entitled to some qualification, yet it is believed that, as a general
proposition, they indicate more accurately than can be done in any other way the real basis of value in the various
security issues.
The Bond Records and Ratings

As will be seen by examination of the statement in the book, each railroad system contains a table of bond
records and ratings. In this table is included, in all cases, every bond issue for which the system under review is
responsible. The underlying issues are usually listed first and given the first approximate claim on the total net
income. It will at once be realized, however, that where a railroad system is responsible for a number of bond issues
the question of prior claim on income is an exceedingly difficult one. For example, a system like the Atlantic Coast
Line Railway reports no fewer than 26 bond issues secured more or less directly on the different parts of its mile-
age. Many of these issues are first mortgages on particular sections; others are second mortgages; still others
third mortgages; and in addition there are issues secured by the deposit of bond or stock collateral and still other
issues in the shape of notes which are not secured by mortgage or collateral at all. Each of these issues has its
particular claim on the income of the property, and those which have a first lien on particular sections of mileage
are, of course, technically more secure than others which do not have a first mortgage. But, while a first mortgage
gives a theoretical prior claim, it does not necessarily signify that there is any real prior claim in practice. It
may be that there are existing a dozen or more first mortgages on sections or divisions, each of which sections or
divisions is of equal importance to the railroad as a whole. In such a case one of these mortgages is not necessarily
entitled to any prior claim on the income ahead of any of the others, and as a result these liens practically have a
joint claim on the income. In other words, their claims must all be satisfied to preserve the integrity of the railroad
property.
The same facts apply in the relations of junior liens, and it is often exceedingly difficult to so classify the issues
that the actual position of any one bond issue will be clearly shown. In the bond records in this book, however, a
plan of simply showing the approximate position of the issues is followed, and where a railroad system reports a
large number of mortgages the underlying liens are largely treated together and given a general joint claim on the
entire income available. The secondary liens are then treated in the same way, and the junior liens follow, of course,
in their proper order.
In the case of railroad systems of high grade, with wide margins of safety, the question of allotting the income to
the different bond issues is not so vital. In such instances it is a foregone conclusion that the liens are secure and
it is simply a question of choice between one or two as far as the actual security is concerned. The differences in
such cases are generally simply differences of interest rate, maturity, and form. But where a railroad 'system has
both high-grade and speculative issues outstanding, such, for example, as the Erie system or the Southern Railway
system, it is then far more necessary to distribute the available income intelligently and show clearly which issues
would, in the case of an emergency, be entirely safe, and which issues would be injured in value or position by falling
earnings or other serious changes. It will be noted, therefore, that the chief value of showing the position of the
securities applies to the systems or lines of poorer standing or more or less doubtful credit. On properties like the
Union Pacific and Illinois Central the rating of the bond issues is high in every case, and little attention may be
paid to the matter of distributing the income, but in examining a property like the Southern Railway it is most vital
to know whether a bond issue is entitled to a high rating or a poor rating.
A word of explanation is essential in connection with these bond tables. It will be noted, for example, that as
a matter of record, and to show the position of the security in the physical property itself, the length of line on
which a given bond is secured is cited in all cases. But this length of line does not necessarily signify very much
when the true value of the security is to be ascertained. The key to the latter is to know the average available
income for meeting the interest on the bond issue. As the entire table is worked out on the basis of the 10-year
average, this figure of available income is in no case the actual income for any given year (unless so stated), but is
simply the amount reached by averaging the "balance for charges" for each year during the whole ten years. It
MOODY'S ANALYSES OF INVESTMENTS. 117
will be seen that where a railroad has shown an improving trend over the decade this average will be lower than
that shown by the current results, while, if there has been a downward trend, the average will be somewhat higher
than that shown by current results. The tables also show in each case the amount of money required per mile for
meeting the interest on the issue or on a number of issues having a general joint claim on the income. This amount
of interest is the amount required per mile of the entire system and not per mile of the section on which the bond
may happen to be a lien. As the amounts required for payment of the interest are in all cases derived from the
available income of the entire system, the only way in which equitable comparisons can be made of the available
amount and the amount of income required for payment of interest on the bond is to reduce both to the average mile-
age of the entire operated system. This principle necessarily applies not only to issues of the main company and its
underlying liens, but to all guaranteed issues, and, in fact, to all issues of bonds for which the company is respon-
sible, whether they are secured on a part of the operated system or not.
The figures showing the interest required are based on current figures and not on average figures for the decade..
The idea is to show the position of the issue as it stands to-day in amount, etc., as related to the average results
of the decade. It would be very misleading to take the average interest requirement for the decade to judge the
value of the bond at the present time. For instance, it would be found in many cases that, during the past ten
years, a bond issue has more than doubled in amount, and, therefore, the interest required on the average, if figured
on the whole decade, would be far below the amount needed to meet the obligation at the present time. On the
other hand, where an issue has been largely retired by a sinking fund or by conversion into stock or other security,
the average requirement for the decade would be far higher than that required at the present time. There-
fore, in all instances, the figures showing the interest requirement are reduced to the average mileage basis for the
whole system as operated for the decade, but are the amounts which are consumed at the present time for the pay-
ment of fixed charges.
The plan followed for showing the relative security of each issue as judged by the results of the decade is clearly
seen by examination of the tables. A percentage figure is used as a Factor of Safety which simply indicates the
percentage or proportion of available income remaining after the payment of the interest on the issue (and on other
issues having an equal claim) has been taken care of. These "factors" range all the way from 99 per cent, down
to nominal percentages, and indicate at a glance the relative claims of the different issues, and can be regarded as
general reflectors of the security of the bond. In many cases, a bond showing a factor of safety of 90 per cent, is not
necessarily any more secure than some other bond issue which shows a factor of 76 per cent. As a general thing,
those bond issues reporting a factor of safety of 70 per cent, or more are well secured. It will be remembered that
these factors are all based on the average results of the decade and not on the results of the past year. This prin-
ciple of showing the relative value of these factor figures is stated concisely in the section which gives the general
key to the ratings.
After what has been said it will be understood that the basis for rating issues, as far as security is concerned,
depends primarily on the earning capacity and not on the character of the lien. A glance, however, through the
pages will show that many consolidated mortgages and many collateral trust bonds, as well as debentures, have better
ratings than many first mortgage bonds. While the fact that an issue is a first mortgage or a second mortgage is
important, yet it is plainly not the fundamental consideration.
The general basis for rating adopted in the book involves not only the question of security, but also that of
salability from the point of view of the investor. An issue of equal security is always better, if there is a good
market for it at all times at its approximate value. Small inactive issues, although well secured in lien and well
backed up by heavy earnings, will not sell at as good prices, as a rule, as will those issues on the larger systems
which have an established market and which can be sold either on exchanges or to bankers on short notice. There-
fore, in determining the ratings of the different issues, these facts have been taken fully into consideration.
The ratings themselves are, of course, to be regarded in a large degree as approximations. No arbitrary judg-
ment has been employed in any case, and the position given each security is mainly the outcome of the showing made
by the railroad itself in recent years. While, as a general thing, the bases adopted for the ratings are indorsed as
sound and scientific, there is always criticism from interested quarters regarding the position accorded certain of the
less secure issues. But an analysis of these securities and their position in the average results as shown in the
tables will, it is believed, demonstrate the general correctness and soundness of the principles adopted.
JOHN MOODY.
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SECTION ONE
Railroad Systems and their Subsidiaries

in the United States
HOW TO INVEST
MONEY WISELY
By JOHN MOODY
investing is something
which no investor, or small,
DIVERSIFIED
should ignore. The
large
general plan of
this book is based on principles for intelli-
gently diversifying investment capital, a
subject which the writer has been carefully
studying for many years in connection with
his work as an analyst .and investigator
of investments for bankers, institutions, and
individual investors both at home and
abroad. These methods for wisely and in-
telligently investing money on comprehen-
sive and intelligent principles of diversifi-
cation have within the past few years been
adopted by numerous institutions and many
thousand individual investors with advan-
tage and profit.
./.. A. o.. TI:\. .x PCF. ./r.vr. ays. LTD. (ALA. $ VICKSBURG RY 121
ALABAMA & VICKSBURG RAILWAY COMPANY

E: The analysis is documents of the company, including its annual reports of the past ten years.
based on official
For Definitions and Key o Ratings, see pages 19-26.
Origin: Successor in 1889 of Vicksburg & Meridian R.R. Controlled by Alabama, New Orleans, Texas &
Pacific Junction Rys. Ltd. of England, which owns 55.6' r of the stock. (See below.) Forms, with the New
Orleans & North Eastern, Vicksburg, Shreveport & Pacific, Alabama Great Southern and Cincinnati, New Or-
leans ft Texas Pacific, the so-called "Queen & Crescent Route," operating between Cincinnati, New Orleans and
Shreveport, La. Also owned 3,036 acres of land on June 30, 1916.
Control: The Alabama, New Orleans, Texas & Pacific Junction Railways Co. Ltd., a holding corporation,
organized June 18, 1881, under English laws, holds a stock interest in the Alabama & Vicksburg Railway, and
Vicksburg, Shreveport ft Pacific Railway. (See analyses of the latter property on the following pages.)
On Dec. 31, 1916, this company owned $1,168,000 out of $2,100,000 stock of Alabama & Vicksburg Railway, and
over 90% of both the common and preferred stocks of the Vicksburg, Shreveport & Pacific Railway. It also
owned $30,000 first mortgage, $343,400 second mortgage, and $141,100 consolidated mortgage bonds of the Alabama
ft Vicksburg, $108,850 out of $120,000 stock of the Railroad Lands Co., and $1,613,000 general mortgage bonds
of the Vicksburg, Shreveport A Pacific Railway Co. Formerly owned $5,595,000 general 4V4s, $1,500,000 income
4Hs and $5,336,000 common stock of the New Orleans ft North Eastern R.R. which were sold in 1916 together with
$448.700 stock of the Southwestern Construction Co. to J. P. Morgan & Co. in the interest of the Southern Ry.
The outstanding capital of the Alabama. New Orleans. Texas ft Pacific Junction Rys. Ltd. consists of 1,500,-
000 preference A cumulative 6% stock and 2,500,000 deferred B stock. Par value 10 per share. Dividends in
recent years have been paid as follows on the A preference stock: 1908, 1910, 3%%: 2%%;
1911, 4V4%; 1912,
1913,
; 1914, 4H%. As the A preference stock is 6','c "cumulative," and no dividends aside from the
3%%;
above have been paid since the reorganization many years ago, there have to date accumulated about 186% in
unpaid back dividends. In consequence of the sale of the company's holdings in the New Orleans & North Eastern
R.R., a capital readjustment was proposed in 1916 whereby the 1,500,000 of A preference stock will be reduced to
0,000 and the 2.500,000 deferred B stock to 50,000 making 1,250,000 to be converted into a like amount
of consolidated stock all of one class.
The bond issues of this holding company consists of 748,850 5% A debentures, due Nov. 1, 1940, which are
a first charge on the income of the company; 1,048,390 5% B income debentures, due Nov. 1, 1940, a second charge
on the income of the company; 810,652 6% C income debentures, due Nov. 1, 1940, a third charge on the income
of the company.
Location: Line extends across State of Mississippi from Vicksburg to Meridian, connecting at latter point with
New Orleans North Eastern, Alabama Great Southern, Mobile ft Ohio, etc. Main line, Vicksburg to Meridian,
ft
Misc., 141.50 miles; extension to river front, 1.28 miles; total, 142.78 miles. Population of Mississippi in 1890, 1,-
0; in 1900, 1,551,665; in 1910, 1,797,114.
Management: D. D. Curran, Chairman; L. A. Jones, Pres. and Gen. Mgr. T. F. Steele, Vice-Pres. and Tr.
;
Mgr. H. W. Wenham. Sec. and Treas.; Udolpho Wolfe, Asst. Sec.; Edward Ford, Asst. to Pres. DIRECTOR*: G. T.
;
Bonner, T. F. Steele, D. D. Curran, L. A. Jones, R. H. Thompson. Annual meeting, first Monday in November.
OFFICES: Jackson, Mi**., and New Orleans, La.
ion of Freight Tonnage (Years Knding June 30)

Comment: The operating exhibit of the Alabama & Vicksburg Railway for the year ended June 30, 1916
reflecteda very substantial increase in the volume of business. As
compared with the previous year both freight
and passenger density rose to high figures, while the average freight tram load was better than that of any year
reported during the past decade. Train mile earnings and average freight rates also underwent considerable im-
provement It will be noted that as in previous years the freight tonnage was well diversified.
TABLE B. Income Factors (Earnings and Their Distribution, Per Mile of Road)
YEARS
ENDING
JUNE 30.
. / . X. O. } TEX. <!s PCF. Jl 'AY'. KYS. LTD. (ALA. $ riCKSBURG RY.) . 123
TABLE C. Capitalization Factors (Security Obligations and Earning Power)

Capitalization Per Mile of Road. Dividend Record.
> HK-
EKDBD
JUKE 30.
REFERENCE NOTES ON BOND ISSUES
Auth., $1,000,000, and outstanding $998,000.
1. Dated April 1, 1881; due April 1, 1921. Int. paid at Central
Trust Co., New York. Coupon, $1,000. First lien, 142.78 miles, Vicksburg to Meridian, Miss. Sinking fund held
on June 30, 1916, $317,128. Underlie Nos. 2 and 3. Legal for S. B. in Mich., Minn., N. H., N. J.-, R. I., and Wis.
Interest paid without deduction for normal income tax.
2. Auth., $1,800,000; outstanding, $585,100; in treas., $211,200; reserved to retire No. 1, $1,000,000. Dated
April 1, 1889; due April 1, 1921. Int. paid at Central Trust Co., New York. Coupon, $100 and $1,000. Second
lien, following No. 1, on 142.78 miles, Vicksburg to Meridian, Miss. Underlie No. 3. Legal for S. B. in N. H. and
R. I. Normal income tax deducted from interest.
3.Auth., $700,000; outstanding, $422,700. Dated April 1, 1889; due April 1, 1921. Int. paid at Central Trust
Co., New York. Coupon, $100 and $1,000. Sinking fund is net proceeds from sale of land to purchase and retire
bonds. Retired by fund, $275,500. Third lien, following Nos. 1 and 2, on 142.78 miles, Vicksburg to Meridian;
also lien on all lands owned by company. Interest paid without deduction for normal income tax.
TABLE E. Stock Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAME AND DETAILS OF ISSUK.

A 7
. ()., TEX. $ PC'F. JUNC. EYS. LTD. (VICKS., SPOUT & PAC. RY.}. 125
TABLE A. Physical Factors (Mileage, Equipment and Operation)
YEAM Avwmcr K
ENDB> Mb* M
JUKI 30. Operated. Tr
Note: Other income in 1916 embraced $8,160 from lease to M., K. &
T. Ry. of 17 miles; $10,712 from joint
facility rents; $8,296 from miscellaneous rents; $81,639 special dividend income. Fixed charges included $167,303
interest on bonds, $24,318 for hire of equipment; $32,749 for joint facility rents, etc.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $841,908; credit bal-
ance transferred from income account, $282,976 unref undable overcharges, $978 miscellaneous credits, $516 total
; ; ;
$1,106,378. Contra: Loss on retired road and equipment, $19,977; appropriations for investment in physical
property, $1,843; miscellaneous debits, $1,660; credit balance carried to balance sheet, $1,102,378; total, $1,126,378.
Comment: The income record of the Vicksburg, Shreveport & Pacific for the year ended June 30, 1916, reflected
very substantial improvement. Gross revenues were much higher than in the previous year, while net receipts
were improved very substantially through a moderate curtailment in operating costs. Although the revenue from
outside income was much lower than in 1915, the total income available for fixed charges reached a new high figure.
While fixed charges advanced to some extent, the surplus left over was notwithstanding equal to more than 13%
on the preferred stock. The result since the close of the fiscal year has continued to reflect substantial prosperity.

YEARS
ENDED
JUNE 30.
A., A . 0., TEX. $ PCF. JUNC. RYS. LTD. VICKS., S'PORT $ PAC. RY.)
( . 127
Note: "Average income available" is the average net income per mile available for interest
charges, after de-
ducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement The
ratings are based not only on the statistical exhibits and averages, but other considerations are given due weight,
such as the general financial condition of the property, character of its business, relative position of the issue, etc.
For full explanation, see Introduction. For Key to Ratings, see pages 19 to 21.

1. Auth. and outstanding, $1,323,000. Dated Nov. 25, 1885; due Nov. 1, 1915; extended at 5% to Nov. 1, 1940.
Int. paid at Central Trust Co., New York. Coupon, $1,000. First lien, 188.47 miles, as follows: Delta to Shreveport,
La., 171.47 miles; Shreveport to Wascom, Texas, 17 miles, the latter being leased to the M., K. & T. Ry. Underlie
No. 2 with provision by latter to retire at maturity. Interest paid without deduction for normal income tax.
2. Auth., $3,500,000; outstanding. $1,922,000. Dated May 1, 1901; due May 1, 1941. Int. paid at Farmers' Loan
* Trust Co., New York. Coupon, $1,000. Of authorized issue, $1,323,000 are reserved to retire No. 1, and balance
unissued are for improvements. The parent company owns $1,613,000 of this issue. Second lien on 188.47 miles,
which are covered by No. 1 by first lien. Interest paid without deduction for normal income tax. Market: New York
and London.
3. Auth. and outstanding, $100,000. Dated June 15, 1916; due semi-annually to June 15, 1923. First lien on 100
box cars. There are also outstanding $48,000 equipment 6% notes, dated Feb. 17, 1916, maturing monthly to Feb.
17, 1919. First Hen on 4 locomotives.
TABLE E. Stock Record and Ratings Based on 10- Year Results, Per Mile of Road)
IUU
NAM* AND Da-Tutx or Imm. and
THE ATCHISON, TOPEKA & SANTA FE RAILWAY COMPANY
NOTE: The analysis is based onofficial documents of the company, including its annual reports of the past ten years.
For Definitions and Key to Ratings, see pages 19-26.
Origin: Incorporated under Kansas laws, Dec. 12, 1895, as successor to the Atchison, Topeka & Santa Fe Rail-
road Co., which was sold under foreclosure. The original company was incorporated under Kansas laws Feb. 15, 1859,
and the main line opened for traffic Feb. 20, 1873.
Controlled Companies: On Aug. 1, 1914, the Oklahoma Central R.R. was leased for five years, with privilege of
renewal and option on bonds and stocks. This is operated as a part of the main system. See page 135. In 1915 ac-
quired the Crosbyton-Southplains R.R., 38.45 miles from Lubbock to Crosbyton, Tex., the Laton & Western R.R.
17.57 miles Laton to Riverdale, Cal.
Location: The directly operated lines of the system consisted on June 30, 1916, of 11,270.70 miles, as follows: At-
chison, Topeka & Santa Fe system proper, consisting of main lines from Chicago to Los Angeles and San Francisco,
with numerous branches and spurs, 8,647.87 miles; Rio Grande & El Paso R.R., from New Mex.-Texas State line to
El Paso, Texas, 20.22 miles; Gulf, Colorado & Santa Fe Ry., from Galveston, Texas, to Purcell, Okla., from Sommer-
ville to Silsbee, from Temple to San Angelo, from Cleburne to Paris, and numerous other branches in Texas, total,
1,937.59 miles; Panhandle & Santa Fe Ry., Oklahoma-Texas line to Amarillo and New Mex. State line to Pecos,
Texas, Farwell to Coleman, Amarillo to New Mexico State line, Slaton June, to Lamesa, Tex., etc. total, 665.02 miles
; ;
and various minor branches. In addition to the above, the company owns or jointly controls the following: Beau-
mont Wharf & Terminal Co., Crosbyton-Southplains R.R., all securities owned; Grand Canyon Ry., of which 99% of
stock is owned; Kansas Southwestern Ry., all stock owned; Leavenworth & Topeka Ry., owned jointly _with Union
Pacific; Northwestern Pacific R.R. and Sunset Ry., owned jointly with Southern Pacific. (See these jointly owned
companies under their own heads.) The directly operated system penetrates or crosses the States of Illinois, Mis-
souri. Kansas, Colorado, Oklahoma, Texas, New Mexico, California, and Arizona. Population of these States in 1890,
12,590,229; in 1900, 15,188,695; in 1910, 19,884,800.
Management: OFFICERS: Edward P. Ripley, Pres.; W. B. Storey, Vice-Pres. Edward Chambers, Vice-Pres. W.
; ;
E. Hodges, Vice-Pres.; D. L. Gallup, Comp.; E. L. Copeland, Sec. and Treas. DIRECTORS: H. R. Duval, Chas. S.
Gleed, Walker D. Hines, Edward J. Berwind, Henry C. Frick, Andrew C. Jobes, Benjamin P. Cheney, T. DeWitt
Cuyler, Augustus D. Juilliard, Howel Jones, Edward P. Ripley, Henry S. Pritchett, Chas. Steele. H. A. Stillwell,
Ogden L. Mills. Annual meeting, fourth Thursday in October, at Topeka, Kan. NEW YORK OFFICE AND TRANSFER
AGENCY, 5 Nassau Street. CHICAGO OFFICE, 80 East Jackson Boulevard.
Classification of Freight Tonnage (Years Ending June 30)

./7Y7//.VO.Y, TOPEKA % SANTA FE RY. SYSTEM. 129
Comment: The operating results of the Atchison, Topeka & Santa Fe Railway for the year ended June 30, 1916,
underwent substantial improvement Both freight and passenger density were much higher than in any previous
year, while the train mile earnings also averaged at the best figures of the decade. Although average freight and
passenger rates tended to decline, the volume of business on the property maintained a sound position. It will be
noted that in the freight classification more dependence was placed during the past year on the transportation of
low grade freight, such as products of mines. Agricultural products fell off to a considerable extent.
YEA**
YEARS
ENDED
JUNE 30.
ATCHISOX. TOPE K A & SANTA FE EY. SYSTEM. 181
Note: "Average income available" is the average net income per mile available for interest charges, after de-
ducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement Th
For full explanation, see Introduction. For Key to Bond Ratings, see pages 19 to 21.

1. Auth.. $35,000 per mile; outstanding, $560,000 (closed) ; deposited under No. 2, $14,790,000. Dated Jan. 1,
1887; due Jan. 1, 1937. Int. paid at 5 Nassau St., New York. Coupon, $1,000; reg., $5,000. First lien, 439.31
miles. Corwith, 111. (near Chicago), to Big Blue June, (near Kansas City). Underlie Nos. 2 and 3. Retirement pro-
vided by No. 2. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. J., N. Y. v R. I., Vt, Wis. Nor-
mal income tax deducted from interest Market: New York and Boston.
2. Auth.. $165,490,500; outstanding, $150,634,500; in treasury, $1,928,000; unissued balance, reserved to retire
No. 1 at maturity, and for extensions, improvements, etc. Dated Dec. 12, 1895; due Oct 1, 1995. Int. paid at 5 Nas-
'
sau St. New York. Coupon, $500 and $1,000; reg., $1.000 and multiples. First lien, 5,196.62 miles, as follows: North
Lexington to St Joseph, Mo., 76.22 miles; Atchison to West Line, Ks.. 470.51 miles; Hawthorne to Wilder, Ks., 45.41
miles; Kansas City to Topeka, 66.01 miles; Emporia to Moline, 83.23 miles; Florence to Winfield and to Ellinwood,
170.94 miles; Newton to Arkansas City, Ks.. 76.66 miles; Mulvane to Caldwell, Ks., 37.61 miles; Neva, Ks., to Ne-
braska State line, 151.83 miles; Manchester to Barnard, 43.38 miles; Abilene to Salina, 22.56 miles; Augusta to
Englewood, 187.21 miles; Little River to Holyrood, 26.30 miles; Hutchinson to Kinsley, 84.24 miles; Great Bend to
Scott City, 120.23 miles; Lamed to Jetmore, Ks., 46.33 miles; Independence to Cedar Vale, 54.67 miles; Chanute to
Longton, Ks., 44.18 miles; Benedict to Madison June., 40.57 miles; Colony to Yates Center, Ks., 24.71 miles; Holli-
day to Okla.-Texas State line, 443.05 miles; Attica to Medicine Lodge. 21.01 miles; Lawrence via New Ottawa to Em-
poria, 81.41 miles; Burlington June, to Burlington, Ks., 41.47 miles; Chanute to Chicopee, 56.93 miles; Arkansas City
to Purcell, Okla., 154.46 miles: Kansas-Okla. State line to Tulsa, 67.13 miles; Wichita to Pratt 79.72 miles; Burl-
ington to Alma, 34.30 miles; Kan. -Col. State line to Canon June.. Col., 150.27 miles; Canon June, to Rockvale, Col.,
35.86 miles; La Junta, Col., to Col. -New Mex. State line, 96.09 miles; Pueblo to Denver, 116.50 miles; extension to
Arkansas Valley. Col., 106.33 miles; Col. -New Mex. State line to San Marcial, N. M., 353.55 miles; San Marcial to
Deming. N. M., 128.03 miles; Rincon to N. M.-Tex. State line, 56.36 miles; Socorra to Magdelina, N. M., 27.34 miles;
Deming to Silver City, 46.55 miles; Isleta, N. M., to Needles, Cal., 563.22 miles; National City to Fall Brook, Cal.,
66.94 miles; Temecula to Barstow, Cal., 132.51 miles; San Bernardino to Los Angeles and Los Angeles June., Cal.,
142.99 miles; High Grove to Orange, 40.65 miles; Ferris to San Jacinto. 19.44 miles; also various branches, connec-
tions and spurs. 267.41 miles; a first collateral lien on 1,388.96 miles, including line from Galveston, Tex., to Purcell,
Okla.. 518.67 iriles; Alvin to Houston. Tex., 24.76 miles; Somerville to Silsbee. 152.57 miles; Temple to San Angelo,
228.03 mi!.--: Cleburne to Weatherford. 39.90 miles; Lometa to Eden, 98.18 miles; branches in Texas, 32.08 miles;
also from State line to El Paso, 20.21 miles; Texas-Okla. State line to Amarillo, 124.92 miles; also secured by second
lien on 1-7J ?v> miles, following Nos. 1, 4, 10 and 12; also secured by second lien on 88.68 miles, following No. 1.
Further secured by deposit with trustee of $23.827,000 bonds and $66,652,697 stocks of controlled railroad, terminal
companies, etc. Underlie No. 3. Legal for S. B. in Cal., Conn.. Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I.,
d on New York, Ix>ndon and Boston Stock Exchanges. Interest paid without deduction for normal
income tax.
>. Auth.. $71,728,000; outstanding, $51,346.000; in treasury. $382.000. Balance can only be issued for improve-
ments at $15,000 per mile, after all of No. 3 have been issued. Dated Dec. 12, 1895; due July 1, 1995. Int. paid at
5 Nassau St.. New York. Coupon, $500 and $1.000; roar., 81.000 and multiples. Second lien on 5.196.62 miles, follow-
ing No. 2; second collateral lien on 1,388.96 miles, following No. 2; third lien on 1,872.76 miles, following No. 2;
third lien on 88.68 miles, following N". 2; second collateral lien on miscellaneous securities covered by No. 2 by first
lien. Legal for S. B. in N. H., R. I. Listed on New York and London Stock Exchanges. Interest paid without de-
duction for normal income tax.
4. Auth. and outstanding. $9.603.000. Dated Feb. 26. 1903; duo March 1. 1928. Int paid at 5 Nassau St.. New
York. Coupon. $1.000; reg., $1,000, $5.000. $10.000. First lien on 478.75 miles, as follows: Newkirk to Paul's Valley,
Okla.. 183.67 miles: Guthrie June, to Cushing, Okla., 47.87 miles; Ripley to Esau, Okla., 40.42 miles; Paul's Valley
dsay. Okla.. 24.18 miles; Guthrie to Kiowa. 113.35 miles; Kiowa to Belvidere, 49.40 miles; branches, 19.86 miles.
! and 3. I.egal for 8. B. in Cal.. Conn., Fla.. Maine. Mass., Mich., Minn., N. H., N. J., R. I., Vt, Wis.
d on New York Stock Exchange. Interest paid without deduction for normal income tax.
5. Auth.. $30.000,000; outstanding, $22,545.000. Dn- H .lulv 1. 1908; due July 1, 1958. Int paid at 5 Nassau
Vew York. Coupon. $1.000; reg.. $1.000. $5000. $10 000. Callable at 110 and int. on 3 months' notice. First
- miles, as follows: Clovis June, to Belen, N. M., 238.08 miles; Texas-N. M. State line north to Texas-N. M.
i
State line south. 227.33 miles: branches, 10.01 miles; also a first collateral lien on 624.03 miles, by deposit of all
storks ard honds of Pecos & North Texas Rv., the Pecos River R.R.. etc. Legal for S. B. in Cal., Conn., Mass., N. J.,
R. I., and Vt. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax. Mar-
ket: New York and Boston.
S. Auth.. ISO 000.000; outstanding. $18,449.034. Dated Mar. 1. 1912: due Mar. 1. 1962. Int paid at Central Trust
Co.. New York. Coupon. $500 and $1.000; reg.. $1.000, $10.000. 100. 200, 2,500 francs and 5.000 francs. Lien on
819 miles, including 242 miles from Mojave to Needles, on which there are outstanding $4.127.000 Southern Pacific
bond!? due 1937. The Southern Pacific Co. has indemnified this company against any claim on this mortgage, callable
at 110 and int. on 3 nonth*' notice. Follows Nos. 12 and 13. Legal for S. B. in Conn., N. J., R. I. Listed on New
York and London Stock Exchanges. Interest paid without deduction for normal income tax.
7. Outstanding June 30. 1916. $12.266.000 (two issues'. Due June 1, 1955. Int paid at 5 Nassau St., New
York. Coupon. $1 000. Rei*.. $1.000 and multiples: interchangeable. Convertible into common stock at par at hold-
ers' option at PV time until June 1. 1918. Callable at 110 and int., on five months' notice, but, when called, may be
converted, provided time of conversion has not expired. Not a mortgage. Legal for S. B. in N. H. and R. I. Listed
on New York and Boston Stock Exchanges. Interest paid without deduction for normal income tax.
8. Auth.. $26.056.000: outstanding. $7.449.000: converted into common stock, $17,309,000. Dated June 1, 1907;
doe June 1. 1917. Int. paid at 5 Nassau St. New York. Convertible into common stock until .Tune 1, 1913, at par at
holders' option. Callable at 110 on 3 months' notice. Not a mortgage. Legal for S. B. in N. "H. and R. I. Listed
on New York Stock Exchange. Interest paid without deduction for normal income tax. Coupon, $1,000; reg., $1,000
and multiple!). In DT.. 1916. the company offered to purchase these bonds on a 3*6% basis.
9. Auth.. $43.686.000; outstanding, $14.341.000. Dnt<-d June 1, 1910; due June 1, 1960. Int. paid at 5 Nassau
St, New York. Coupon, $1.000; reg.. $1,000 and multiples. Convertible into common stock at par at holders op-
tion, after June 1. 1013. and before June 1, 1923. Callable at 110 and int. on three months' notice, but when called
may be converted, provided time of conversion has not expired. Not a mortgage. Legal for S. B. in N. H. and R. I.
Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
10. Auth., $770,000; outstanding, $192,000; owned by At. & S. F. Ry., $527,000. Dated Jan. 1, 1898; due Jan. 1,
1928. Int. paid at 5 Nassau St., New York. Coupon, $1,000. Callable at 105 and int. First lien, 141.38 miles,
Hutchinspn, Ks., to Ponca City, Okla. Underlie Nos. 2 and 3. Legal for S. B. in Cal., Conn., Fla., Maine, Mass.,
Mich., Minn., Mo., N. H., N. J., R. I., Vt., Wis. Normal income tax deducted from interest. Market: New York.
11. Auth. and outstanding, $6,000,000. Dated Oct. 1, 189C; due Oct. 1, 1940. Int. paid at 5 Nassau St., New
York. Coupon, $1,000. Sinking fund begins Jan. 1, 1916, to retire bonds at 110 and int., or better. First lien,
372.48 miles, as follows: Bakersfield to Ferry Point (opp. San Fran.), Cal., 304.41 miles; Corcoran June, to Calwa
June., Cal., 68.07 miles. Underlie Nos. 2 and 3. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H.,
N. J., R. I., Vt and Wis. Listed on San Francisco Stock Exchange. Normal income tax deducted from interest.
12. Auth., $5,000,000; outstanding, $4,940,000. Dated Sept. 1, 1892; due Sept. 1, 1942. Int. paid at Bankers'
Trust Co., New York. Coupon, $1,000. First lien, 195.35 miles, Ash Fork to Phoenix, Ariz. Underlie No. 6, which
provides for retirement. Normal income tax deducted from interest. Listed on New York Stock Exchange.
13. Auth., $500,000; outstanding, $224,000. Dated April 1, 1898; due April 1, 1928. Int. paid at Central Trust
Co., New York. Coupon, $1,000. Guar. by Santa Fe, Prescott & Phoenix Ry., all stock of which is owned by Atchi-
son, Topeka & Santa Fe Ry. First lien on 26.4 miles. Underlie No. 6, which provides for retirement. Normal in-
come tax deducted from interest. Market: New York.
14. Auth., $20,000,000; outstanding, $3,000,000. Dated Jan. 1, 1915; due Jan. 1, 1965. Int. paid at office of com-
pany, New York. Coupon and reg., $1,000. Callable at 105 and int. on 3 months' notice. Unissued bonds reserved
for improvements. First lien on 106.04 miles, from Des Moines to Ute Park, New Mex., with branches to Raton and
Koehler June. Listed on New York Stock Exchange. Legal for S. B. in Cal., Conn., Maine, Mich., Minn., Mo., N. H.,
N. J., R. I., Wis. Normal income tax deducted from interest.
NAME AND DETAIIS or ISSUK.

. / T( 7/7.VO.V. TOPEKA SAXTA FE RY. SYSTEM. 133
Comparative Condensed Balance Sheet, as of June 30

ASSETS: 1916 1915 1914 1913 1912
Property investment $119,019 $118,208 $118,056 $118,219 $118,133
Working assets 40,196 46,064 44,146 45,537 44,332
Profit and loss 5,120 5,120 5,120 5,120 5,120
$164,335 $169,392 $167,322 $168,876 $167,585

LIABILITIES :
Capital stock $60,000 $60,000 $60,000 $60,000 $60,000

Funded debt 100,000 100,000 100,000 100,000 100,000
Working liabilities 2,579 7,665 5,714 .
7,470 6,515
Accrued liabilities not due 1,756 1,727 1,608 1,406 1,070
$164,335 $169,392 $167,322 $168,876 $167,585

Bonded Debt: $100,000 Beaumont Wharf & Terminal Co. 1st 5s. Dated July 1, 1900; due July 1, 1930; interest
paid J. and J. 1, at 5 Nassau Street, New York. Coupon, $1,000. Authorized, $100,000. First lien on property. At-
chison, Topeka ft Santa Fe owns entire issue.
Capital Stock: Authorized and issued, $60,000. Par, $100. All owned by Atchison, Topeka & Santa Fe Ry. Co.,
except directors' qualifying shares.
CROSBYTON-SOUTHPLAINS RAILROAD
History: Incorporated under laws of Texas April 6, 1910. The Eastern Ry. Co. of New Mexico was the legal
owner of the majority of the capital stock until June 30, 1916, as of which date such stock was acquired by the A., T.
ft S. F. Ry. Co.; however, such ownership, under decision of the Supreme Court of the U. S., does not constitute
control.
Location: Road extends from Crosbyton
to Lubbock, Tex., 38.45 miles; sidings, 5.30 miles. Operated under con-
tract, .08 mile.Equipment, locomotives, 2; passenger cars, 2; box cars, 2; caboose, 1.
Management: OFFICERS: E. P. RTpley, Pres., Chicago; F. C. Fox, Vice-Pres., Amarillo, Tex.; C. Doud, Viee-Pres.
ft Aud.; R. M. Bassett, Sec. ft Treas.. Crosbyton, Tex. DIRECTORS: The foregoing and J. N. Freeman, S. H. Madden,
Amarillo, Tex.; A. B. Spencer, J. M. Bassett, Crosbyton, Tex. Annual meeting, first Wednesday in June. GENERAL
OPFICE, Crosbyton, Tex.
Comparative Income Account. Years Ended June 30

1916 1915 1914 1913 1912
Gross revenues $83,350 $75,106 $46,091 $39,905 $31,402
Operating expenses 42,123 40,973 34,661 33,746 25,493
Net revenue $41,127 $84,133 $11,430 $6,159 $5,909

Other income 1,258 112 15,663
Taxes
Total net income MM*
2.789
$34,245
2.474
$11,430
3,287
$6,159
2,089
$21,572
1,263
Fixed charges 32,219 30,425 28,147 24,446 13,683
Surplus $7,477 $1,346 (def.) $20,004 (def.) $22,376 $6,626
and
Profit Low
Account, year ended June 30, 1916: Credit balance transferred from income, $7,477; profit on
road and equipment sold, $1,345; unrefundable overcharges, $21; donations, $1,641; debit balance carried to balance
beet, $4,268; total. $14,752. Contra: debit balance at beginning of year, $11,623; surplus for investment in physical
property, $1,541; delayed income debits, $1,588; total, $14.752.

ASSETS: 1916 1915 1914 1913 1912
Property investment HHJM $557,477 $568,622 $566,701 $551,875
Working assets 48,739 .'.37 2,680 4,864 4,773
Deferred debit items 1 262 943 81
Profit and loss 4,268 11.623 24,037 4,034
$606,261 $619,899 $596,282 $575,599 $556,729

ABILITIES :
I, I
apital stock $150,000 $150,000

<
. $150,000 $150,000 $150,000
Funded debt 359,873 359,873 359,873 368,173 355,032
Working liabilities 83,469 102,384 78,704 57,426 26,255
Accrued liabilities not due 11,314 7,642 7,706 7,055
Dtfcmd credit items
'
65 46
Appropriated surplus ." I"
Profit and Ions 18,341
$606,261 $619,899 $596,282 $575,599 $556,729

Bonded Debt: On June 30, 1916, there were outstanding, $359,873 notes given to stockholders for funds advanced
for construction work, which do not mature until Nov. 12, 1919.
Capital Stock: Authorized and outstanding. $150,000. Par $100. All, except directors' shares, owned by Atchi-
*on, Topeka ft Santa Fe Railway Co.
GRAND CANYON RAILWAY
History: Incorporated under the laws of Arizona, Aug. 10, 1901. Company is a reorganization of the Santa Fe
& Grand Canyon R.R., which was sold under foreclosure in July, 1901. The Atchison, Topeka & Santa Fe Ry. Co. is
the legal owner of the majority of tRe capital stock however, such ownership under decision of the Supreme Court
;
of the United States does not constitute control.

Location: Road extends from Williams to Grand Canyon, Ariz., 63.58 miles; sidings and spurs, 11.01 miles.
Trackage over A., T. &
S. F. Ry. Co., 0.53 mile. Equipment leased from A., T. & S. F. Ry. Co.
Management: OFFICERS: E. P. Ripley, Pres., Chicago; A. G. Wells, Vice-Pres. & Gen. Mgr.; G. Holterhoff, Jr.,
Sec. & Treas.; L. B. Jones, Aud., Los Angeles, Cal.; L. C. Deming, Asst. Sec., New York. DIRECTORS: E. P. Ripley,
W. B. Storey, Edward Chambers, E. J. Engel, F. T. A. Junkin, Robt. Dunlap, W. E. Bailey, Chicago; A. G. Wells, G.
Holterhoff, Jr., Los Angeles, Cal.; R. H. Tuttle, Winslow, Ariz.; W. A. Drake, Prescott, Ariz. Annual meeting,
second Thursday in November. GENERAL OFFICE, Los Angeles, Cal.
Comparative Income Account, Years Ended June 30

1916 1915 1914 1913 1912
Gross revenue $1,002,963 $412,166 $264,304 $293,582 $302,867
Net operating revenue. $654,142 $164,988 $19,816 $22,180 (def.) $25,702

Other income .
1,526 109
Total net income. $655,668 $165,097 $19,816 $22,180 (def.) $25,702

Taxes 23,016 13,200 16,339 15,366 14,242
Fixed charges 79,241 86,959 77,543 78,106 67,969
Surplus $553,411 $64,938 (def.) $74,066 (def.) $71,292 (def.) $107,913

Note: Earnings were abnormally large during the fiscal year 1916 because of the San Francisco Exposition.

ASSETS: 1916 1915 1914 1913 1912
Property investment $2,049,163 $1,997,677 $1,979,271 $1,964,637 $1,927,830
Working assets 69,142 166,312 47,741 47,925 54,361
Deferred debit items. 1,460 3,497 1,604 1,128 1,119
Profit and loss .
550,934 615,873 541,807 470,514
$2,119,765 $2,718,420 $2,644,489 $2,555,497 $2,453,824

LIABILITIES :
Capital stock $1,406,300 $1,406,300 $1,406,300 $1,406,300 $1,406,300

Funded debt 1,086,090 1,022,046
Working liabilities 708,577 1,310,649 1,238,189 63,107 25,478
Deferred credit items 2,412 1,471
Profit and loss 2,476
$2,119,765 $2,718,420 $2,644,489 $2,555,497 $2,453,824

No bonded debt, but as of June 30, 1916, there were outstanding notes payable amounting to $572,970.89.
Capital Stock: Auth., $250,000 preferred and $1,205,000 common; outstanding, $201,300 preferred and all the
imon; par $100. The Atchison, Topeka & Sante Fe Railway owns nearly all the outstanding stock.
THE KANSAS SOUTHWESTERN RAILWAY COMPANY

Origin: Incorporated under Kansas laws, Oct. 24, 1901, reorganization of the Kansas Southwestern R.R. Co.,
which succeeded to the property of the St. Louis, Kansas & Southwestern R.R. Co., which on Oct. 22, 1898, was sold
under foreclosure. Controlled by Atchison, Topeka & Santa Fe Ry., but the St. Louis & San Francisco holds option
to reacquire before April, 1919.
Location: Arkansas City to Anthony, Kan., 59.30 miles; trackage over St. Louis & San Francisco R.R. Co. bridge
across Arkansas River and track into Arkansas City, 0.35 mile; over road of A., T. & S. Fe Ry., A., T. & S. Fe
junction to Caldwell, Kan., 0.9 mile; total, 60.55 miles. Sidings, etc., 6.60 miles. Equipment: 1 locomotive, 3 cars.
Management: OFFICERS: W. K. Etter, Pres., Newton, Kan.; E. L. Copeland, Sec. and Treas.; E. H. Bunnell,
Aud., Topeka, Kan. DIRECTORS: W. K. Etter, A. H. Denton, Arkansas City, Kan.; H. B. Lautz, E. L. Copeland, W.
R. Smith, Topeka, Kan. Annual meeting, first Thursday in November, at Topeka, Kan. OFFICE: Topeka, Kan.

1916 1915 1914 1913 1912 1911
Gross revenues $54,198 $79,523 $45,651 $52,127 $52,229 $47,434
Maintenance of way 70,260 94,061 39,933 24,608 18,491 16,610
Maintenance of equipment 6,229 3,672 7,043 6,291 4,680 4,988
All other oper. expenses . . 25,067 35,274 24,425 25,492 26,027 24,507
Net oper. revenues (def.)$47,358 (def.)$53,484 (def.)$25,750 (def.) $4,264 $3,031 $1,329
Other income 6,564 6,289 5,771 5,698 5,720 6,376
Total net income (def.) $40,794 (def.) $47,195 (def.) $19,979 $1,434 $8,751 $7,705
Taxes 3,062 2,423 3,909 5,966 6,744 5.104
Fixed charges 21,000 24,304 12,188 11,423 10,952 9,567
Surplus (def.) $64,856 (def.) $73,922 (def.)$36,076 (def.)$15,955 (def.)$8,945 (def.)$6,966

ATCHISOX, TOPEKA $ SANTA FE BY. SYSTEM. 135
Comparative Condensed Balance Sheet as of June 30

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $363,046 $364,710 $362,860 $363,818 $361,694 $363,454
Working assets 26,784 14,886 14,414 6,491 6,955 14,237
Deferred debit items 161 379 88 63 103 29
Profit and loss deficit 326,249 261,667 187,745 151,669 135,715 126,770
Total $716,240 $641,642 $565,107 $522,041 $504,467 $504,490

LIABILITIES :
Capital stock $362,000 $362,000 $362,000 $362,000 $362,000 $362,000

Funded debt 299,105 234,342 140,000 130,000 130,000
Working liabilities 51,495 41,558 193,623 18,121 8,174 8,706
Deferred credit items 1,391 826 9,484
Appropriated surplus ... 753
Total $716,240 $641,642 $565,107 $522,041 $504,467 $504,490
Capital Stock: Authorized and outstanding, $362,000 ;par $100. During the year ended June 30, 1914, the Atchi-
son, Topeka & Santa Fe Ry. acquired the interest of the St. Louis & San Francisco R.R. Co. in stock and notes of
the company, previously jointly owned by the A. T. & S. Fe Ry. and the St. L. & S. Fe R.R. Under the terms of the
transfer, however, the St. Louis & San Francisco R.R. Co. and its successors have the option of reacquiring such se-
curities within five years from April 17, 1914, upon payment to the A. T. & S. Fe one-half of the amount expended
by it for maintenance, operation, and improvements. No bonded debt.
OKLAHOMA CENTRAL RAILROAD

Origin: Incorporated under laws of Oklahoma, July 31, 1914, as successor to the Oklahoma Central Railway;
the Canadian Valley & Western Ry.,
incorporated under the laws of Oklahoma, Sept, 1904, aa
latter having been
name being changed to above in March, 1906. Line of road in operation: Lehigh to Chickasha, Okla., with branches,
133.02 miles. Equipment owned: Ixxnmotives, 8; rmittngrr and freight cars, 111. Sidings 18.63 miles.
Lease: The company ha* leased the road to the Atchlson. Topeka &
Santa Fe Ry. Co. for five years, from Aug. 1,
1914, with privilege of renewal for another five yean, and latter company has taken on an option on the stock and
income bonds. Rental: $60,000 per annum for first 3 years; $77,500 for fourth and fifth years. If renewed, $100,-
000 per annum for five yean additional. Under the option, the Atchison, Topeka A
Santa Fe Railway Co. may pur-
chase stock and income bonds during first 3 yean, for $800,000; during fourth and fifth years, for $875,000; during
five year renewal, for $950,000.
Mamageaunt (new company) OFFICERS: H. L. Cohen, Pres., New York; Graham Adams, Vice-Pres. and
:
Trt-as., New
York: N. A. Gibson, Sec., Muskogee, Okla. DIRECTORS: F. J. Lisman, H. L. Cohen, Graham Adams,
N. A. Gibson, G. H. Lessley. Annual meeting, first Monday in January, at Purcell, Okla. OFFICE, Muskogee, Okla.

1914 1913 1912 1911 1910
Gross revenue $252,807 $292,429 $259,545 $261,662 $219,556
Maintenance of way 79,005 94.277 95,895 82,923)
Maintenance of equipment 62,210 45,094 37,116 43,431 [ 192,239
All other operating expenses 108,733 110,944 105,430 111,341]
Net operating income (def.)$2,859 $42,114 $21,104 $23,867 $27,317

Other income . 705
Total net income <def.)$2,859 $42,114 $21,809 $23,867 $27,530

Fixed charges, including taxes 82,604 74,751 60,342 56,038 67,185
Deficit $85,463 $32,637 $38,533 $32,171 $29,655

Note: Earnings as above are those of the old company. Road is now directly operated by lessees on terms as
stated above. Present operating earnings are not separately reported.

Assrrs: 1916 1916 1914 1913 1912 1911
Property investment $4,200,000 $4,200,000 $6,475,511 $6,466,970 $6,440,988 $6,410,952
Working asset* 1.096 275 294,697 316,608 357,184 270,152
Deferred debit items 26,000 25,000 197,241 196,376 196,416 196,617
Profit and loss deficit 230,576 147,841 108,306 45,921
Total $4,226,095 $4,225,276 $7,198,025 $7,127,796 $7,10l;894 $6,923,642

LIABILITO:
Capital stock $1,600,000 $1,500,000 $3,193,500 $3,193,500 $3,193,500 $3,193,500
Funded debt 2,700,000 2,700,000 3,780,000 3,780,000 3,780,000 3,606,348
Working liabilities . l.nf'.' 276 124,972 96,634 73,874 80,152
Deferred credit items... 26,000 25,000 30 743 1,016 1,172
Total $4,226,096 $4.226,276 $7,198,025 $7,127,795 $7,101,894 $6,923,542

Note: The balance sheets for all yean prior to 1915 are those of the predecessor company, Oklahoma Cen-
tral Railway.
Bonded Debt: (1) $1,200,000 Oklahoma Central R.R. first 5s; dated Aug. 1, 1914; due Aug. 1, 1934. Int. paid
F. and A. at Columbia Trust Co., New York. Callable at par and int. on any int. date. Coupon, $200 and $1,000.
First lien on entire property. Not guaranteed, but rental guarantee equals interest requirements. Net Rating B.
(2) $1,500,000 Oklahoma Central R.R. income 6s; dated Aug. 1, 1914; due Aug. 1, 1934. Coupon $500 and $1,000.
Issue deposited with trustee under option to Atchison, Topeka & Santa Fe Railway Co.
Capital Stock: Auth. and issued, $1,500,000; par $100. All deposited with Columbia Trust Co., New York, un-
der option to Atchison, Topeka & Santa Fe Railway Co.
ATLANTA, BIRMINGHAM & ATLANTIC RAILWAY COMPANY

NOTE: The analysis is based on documents of the company, including its annual reports of the past ten years.
official
Origin: Incorporated in January, 1916, as successor to Atlanta, Birmingham & Atlantic R.R., Georgia Ter-
minal Co. and Alabama Terminal R.R. Co., sold at foreclosure. Foreclosed company was incorporated in August,
1914, to succeed to the orginal company of the same name, which was incorporated in 1905 to construct an extension
of the Atlanta & Birmingham Ry., from Montezuma, Ga., to Birmingham, Ala. In 1906 the company consolidated
with the Atlanta & Birmingham Ry., and the Eastern Ry. of Alabama was acquired. The company also acquired
control of the Georgia Terminal Co. and the Alabama Terminal Ry., and leased their properties for 99 years, guar-
anteeing their bond issues, etc. In January, 1909, receivers were appointed, and the road underwent reorganization.
The Georgia Terminal Co., Alabama Terminal Co., Birmingham Coal & Iron Co., and Brunswick Steamship Co., all
went into receivers' hands in February, 1909. A plan of reorganization was adopted in June, 1914, but in December
the road was again placed in the hands of receivers. Final plan, resulting in formation of present company, became
operative at close of 1915 and new company took possession Jan. 1, 1916.
Location: Main line extends from Brunswick to Atlanta, Ga., with branches to Birmingham, Ala., and Thomas-
including terminal properties controlled 637.6 miles. Mileage mainly in State of Georgia. Population of
ville, Ga.,
Georgia in 1900, 2,216,331; in 1910, 2,609,121.
Management: E. T. Lamb, Pres. Brooks Morgan, Vice. Pres. ; F. K. Mays, Sec. and Treas.; J. L. Edwards,
;
Traffic Manager. DIRECTORS: C. F. Ayer, G. C. Clark, Jr., Howard Bayne, E. K. Farmer, E. T. Lamb, E. B. Lewis,
F. K. Mays, Brooks Morgan, J. K. Ottley, P. R. Pyne, F. D. M. Strachan, G. L. Stone, W. C. Vireen, M. R. Wilkin-
son, A. H. Woodward. Annual meeting, first Tuesday in October. MAIN OFFICE, Atlanta, Ga.
Classification of Freight Tonnage (Years Ended June 30)

1
ATLA\TA. BIRMINGHAM % ATLANTIC RAILWAY CO. 137
Tmtm
1916
nent $38,028,913
1,948,718 )
ATLAXTA & WEST POIXT KAILKOAD CO. 139
Classification of Freight Tonnage i Years Ended June 30)
IMI 1910 1911 1912 1913 1914 1915 1916
Products of Agriculture 19.88% 22.84% 19.15% 17.56% 18.43% 18.63% 19.52% 24.48% 21.84%
Products of Animals 1.31 1.13 1.08 .98 .84 1.31 8.73* 10.62 6.58 5.78
Products of Mines 23.46 JM 22.79 20.11 20.00 jn.til 20.46 21.75 20.86
Products of Forests 9.39 11.76 8.95 8.61 7.35 8.89 9.72 9.58 8.32 9.26
Manufactures and Misoel. . 54.96 37.73 41.40 :.l .v; 54.14 51.37 42.31* 89.82 38.87 42.26
Item of "Products of Animals" is increased and item of "Manufactures," etc., decreased by the transfer of
"fertilizers"from the latter to the former.
Total revenue tonnage in 1909, 545,264 tons; 1910, 664,232 tons; 1911, 806,212 tons; 1912, 827,230 tons; 1913,
74 tons; 776,822 in 1914; 734,076 in 1915; 887,754 in 1916.
The freight business on this road is unusually well diversified. The company does not depend upon any single
item of tonnage for the bulk of its business. Through traffic constitutes nearly 75% of the total business.
TABLE A. Physical Factors Mileage. Equipment and Operation)
YIAM
EMO>
uo MOODY'S ANALYSES OF INVESTMENTS.
1916 1915
Gross revenues $1,360,742 $1,184,911
Maintenance of wajr 161,210 168,218
Maintenance of equipment 256,268 254,234
All other operating expenses.. 577,355 511,927
Net operating revenues... $365,909

Operating ratio 72.8%
Other income 178,704
Total net income. $544.613

Taxes accrued .
77,639
Balance for charges. $466,974

Fixed charges 177,339
Surplus . .
$289,635
Dividends paid
Balance $289,635 (
Earned on stock 11.75%
*Dividend charged in Profit and Loss Account in 1916. See below.
ATLANTIC (OAST LI\E CO. OF CONNECTICUT.
LIABILITIES :
Capital stock
ASSETS : 1916 1915 LIABILITIES : 1916 1915
Securities owned: Capital stock $8,820,000 $8,820,000
Deposited with trustee. .
$5,136,960 $5,136,960 Ctfs. of indebtedness 8,061,800 8,061,800
Bonds (book value) .... 2,872,470 3,333,470 Dividends and interest 67,433 63,894
Stocks (book value) .... 21,130,346 21,109,346 Income tax account 425 470
Other securities 1,563 22,563 Reserve* 192,500 192,500
Bills receivable and advances. 209,705 209,706 Profit and loss 13,176,825 13,232,325
Deposited for int. and div. 67,433 63,893
Hemp property 20,000 '
Dividends accrued 464,765 464',765

Income tax account 425 470
Cash . 415,316 29,816
Total $30,318,983 $30,370,389 Total $30,318,983 $30,370,389

*Reserve against stockholders' liability for claim to certain lands of Prairie Pebble Phosphate Company (repre-
sented by $275,000 International Agricultural Corporation 5% bonds, held in escrow by the Bankers Trust Com-
pany, New York, which are carried among the assets of this company at 70%).
Note: Full details of the securities owned, as included in the balance sheet above, are shown in the following
exhibit.
Securities Owned: Securities owned on June 30, 1916, amounting in book value to $29,141,339.24, were as
follows :
BONDS DEPOSITED WITH TRUSTEE, TO SECURE $5,061,800 5 p. c. AND CLASS "B" 4 p. c. CERTIFICATES OF INDEBTEDNESS:
$1,550,000 4 p. c. bonds, Atlantic Coast Line R.R. of S. C $1,395,000.00
1,250,000 4 p. c. 1st consol. mtgs. bonds, Atlantic Coast Line RR. Co 1,125,000.00
3,008,000 4 p. c. unified mtge. bonds, Atlantic Coast Line RR. Co 2,616,960.00
Total $5,136,960.00
BONDS ON HAND
$318,000 3 p. c. bonds, Columbia, Newberry and Laurens RR. Co $190,800.00
285,000 4 p. c. bonds, Northwestern RR. of S. C 228,000.00
4,000 4 p. c. consol. mtge. bonds, Atlantic Coast Line RR. Co 3,600.00
418,000 5 p. c. bonds, Button Phosphate Co. ($323,000 1st series and $95,000 2d series) 106,000.00
1,567,500 5 p. c. bonds, International Agricul. Corp 1,097,250.00
766,000 5 p. c. 1st mtge. bonds, Amalgamated Phosphate Co 704,720.00
75,000 5 p. c. bonds, Northwestern RR. of S. C ;
67,500.00
791,000 2-5 p. c. bonds, Charleston and West. Carolina Ry. Co 474,600.00
Total $2,872,470.00
STOCKS ON HAND
700 shares stock, Westinghouse Air Brake Co $35,063.00
500 shares stock, Northwestern RR 50,000.00
.
1,776 shares Class "A" stock, Atlantic Coast Line RR. Co 177,600.00
184,000 shares common stock, Atlantic Coast Line RR. Co 19,753,227.07
480 shares stock, Nashville, Chattanooga and St. Louis Ry. Co 43,605.60
11 shares stock, Atlantic and North Carolina RR 1,100.00
12,000 shares stock, Charleston & West. Carolina Ry. Co 960,000.00
1,046 shares stock, South Carolina Pacific Ry., pfd 88,750.76
160 shares common stock Woodside Cotton Mills Co 15,000.00
50 shares preferred stock Woodside Cotton Mills Co 5,000.00
10,000 shares stock, Dutton Phosphate Co 1,000.00
Total $21,130,346.43
OTHER SECURITIES
$127,200 5 p. c. certificates,Columbia, Newberry and Laurens RR $1,272.00
294 4 p. c. certificates, Atlantic Coast Line RR.. 290.81
Total $1,562.81
Total Securities Owned (at book value) $29,141,339.24
Bonded Debt: (1) $5,061,800 Certificates of Indebtedness. Of this amount, $61,800 carry 4% and the balance
5%. The 4% certificates are redeemable by the company at 105 after Nov. 1, 1920; the 5% certificates are irre-
deemable, and were issued in 1897 to retire an equal amount of capital stock of the company. They are not a mort-
gage, but if any mortgage is created, the holders of these certificates will have the option of exchanging them, par
for par, for such mortgage bonds. They are in denominations of $100, and int. on 5s is paid June and December; on
4s, January and July. Listed on Baltimore Stock Exchange. Normal income tax deducted from interest. Rating Aa.
(2) $3,000.000 4% Debenture Certificates of Indebtedness. Dated Jan. 1, 1905; due Jan. 1, 1925; redeemable at
any time at par and int. Int. paid January and July, being a first fixed-charge on the income of the company. Not a
mortgage, but if a mortgage is created, the holders of these certificates will have the option to exchange same, par for
par, for such mortgage bonds. Listed on Baltimore Stock Exchange. Normal income tax deducted from interest.
Rating, Aa.
Capital Stock: Auth., $30,000,000; outstanding, $8,820,000; par $50. Dividends paid as follows: 1895, 1%%;
1896, 3%; 1897, 1898, 4% cash and 100% stock; 1899,
3%%; 1900 5% cash and 100% paid in certificates of
4%%;
indebtedness; 1901, 4H%; 1902, 6%%;
1903 and 1904, 8% each; 1905, 9%; 1906 and 1907, 10% each; 1908, 8%;
1909, 9%; 1910 and 1911, 10% each; 1912, 1913, 1914, 1915 and 1916, 12% each. Stock transferred at Safe Deposit &
Trust Co., Baltimore. Outstanding stock was reduced on March 10, 1914. from $17.640,000 by change in par value of
shares from $100 to $50, and at same time a distribution was made of $17,640,000 Atlantic Coast Line R.R. Co. stock.
Listed on Baltimore Stock Exchange. Rating, A.
ATLANTIC COAST LINE RAILROAD SYSTEM. 143
Note: The ratings are based not only on the statistical exhibits and averages, but other considerations are
given due weight, such as the general financial condition of the property, character of its business, relative position
of the issue, etc. For full explanation, see Introduction. For Key to Ratings, see pages 19 to 23.
Latest Facts and Figures: By means of our regular Investors Service, all investors and dealers in securities
can be kept currently up to date regarding all developments affecting the above company. Events of importance fre-
quently occur during the year which should not be ignored. Send for full details, which will show you just how you
can secure the benefit of this special service.
ATLANTIC COAST LINE RAILROAD COMPANY

NOTE: The analysis is based on official documents of the company, including its annual reports of the past ten years'.
For Definitions and Key o Ratings, see pages 19-26.
Origin: Incorporated under Virginia laws, March 14, 1836, as the Richmond A Petersburg R.R.; the latter was
succeeded Jan. 12, 1900, through change of name and by amendment of charter, by the Atlantic Coast Line R.R. of
Virginia. On April 23, 1900, Uie Norfolk & Carolina R.R., the South Eastern R.R., the Wilmington & Weldon R.R.
and the Atlantic Coast Line R.R. of South Carolina were consolidated with the Atlantic Coast Line R.R. of Virginia
under the name of the Atlantic Coast Line Railroad Company. On July 1, 1902, the Savannah, Florida & Western
Ry. Co. was consolidated with the system; June 12, 1902, the St. John's A Lake Eustis R.R. and the Sanford & Lake
Enstis R.R. were merged; April 1, 1903, the Florida Southern R.R. and the Sanford & St. Petersburg R.R. were
merged; July 28, 1904, the Jacksonville A Southwestern R.R. was acquired; in October, 1905, control of the Conway
Coast A Western R.R. was acquired, and in 1913 was directly merged. In 1915, the Florida Central R.R. was merged.
Control: The Atlantic Coast Line R.R. Co. was formerly controlled through ownership of a majority of stock
by the Atlantic Coast Line Company of Connecticut. In March, 1914, however, $17,640,000 of the stock was dis-
tributed as a dividend to the individual stockholders of that company, and the present interest of the Atlantic Coast
Line Co. amounts to $18,590,600 out of $68,754,700 outstanding.
Interest* in Other Railroads: The Atlantic Coast Line Railroad owns 51' r of the capital stock of the Louisville
A Nashville R.R. jointly with the Louisville & Nashville is a lessee of the railroad properties of the Georgia R.R.;
;
Jointly with the Norfolk A Western Ry. it controls the Winston-Salem Southbound R.R., and jointly guarantees the
bonds of the latter; it owns a one-third interest in the Chesapeake Steamship Co., operating between Baltimore &
Norfolk; a half interest in the Wilmington Railway Bridge Co., the other half being owned by the Seaboard Air Line
Ry.. and the bonds of which are jointly guaranteed; a half interest in the Charleston Union Station Co.. the other
half being owned by the Southern Railway Co., and the bonds of which are jointly guaranteed; a joint interest with
the Seaboard Air Line and the Florida East Coast Ry. in the Jacksonville Terminal Co., this company guarantee-
ing one-third of the principal, and together with the Southern Railway interests, guaranteeing one-fourth of the in-
terest; a one-sixth interest in the Richmond- Washington Co., with a joint guarantee of the bond issue of the latter;
a full interest in the Washington A Vandemere R.R., the bonds of the latter being guaranteed. Also leases on "user
basis," jointly with others, Albany Passenger Terminal Co., Augusta Union Station, Columbia Union Station,
Goldsbpro Union Station. Savannah Union Station, and Tampa Union Station. The Central R.R. of South Carolina,
extending from Lowes to Sumter, is leased for 99 years from Dec. 1, 1881, at an annual rental of $31,000. The South
Carolina Pacific Ry. is leased at an annual rental of $9,276 per annum to January 1, 1918; $10,276 per annum there-
after to Jan. 1, 1922; and $11.276 thereafter. The Tidewater Power Co.'s dummy line is operated under a forty-
year lease from Jan. 1, 1895, at an annual rental of $3,000. The use of the Augusta Union Station Co. involves the
payment of interest to cover the tatter's 4% bonds (outstanding, $225,000), and other small liabilities. This payment
is provided jointly by the Atlantic Coast Line R.R., Southern Ry., Charleston A Western Carolina Ry., Central of
Georgia Ry. and Augusta Southern R.R. The use of the Savannah Union station involves the payment of interest
and sinking fund on $600,000 4% bonds; this payment being supplied jointly by the Atlantic Coast Line R.R.,
Southern Ry. and Seaboard Air Line.
Location: The directly operated lines of the company on June 30, 1916, comprised 4,743.93 miles, of which
4,654.80 miles were owned and the balance operated under lease or otherwise. The system extends from Richmond,
Va., south to Tampa and Fort Myers. Fla., forming a through line with a network of branches and spurs radiating
throughout the States of Virginia, North Carolina, South Carolina, Georgia, Alabama, and Florida. Population of
these States in 1890, 8,166,488; in 1900, 9,661,880; in 1910, 11,283,132.
Mnmerment: Omens: H. Walton, Chairman; J. R. Kenly, Pres.; Lyman Delano, 1st Vice-Pres.; R. A.
Brand, 2nd Vice-Pres.; James F. Port, Treas.; H. L. Borden, Sec.; P. R. Albright, Gen. Mgr. DIRECTORS: H. Walters,
0. Jenkins, Waldo Newcomer, Warren Delano, M. F. Plant, F. W. Scott, Geo. B. Elliott, E. B. Borden, Donald
MacRae. F. B. Adams. W. W. Mackall, H. L. Borden. MAIN OFFICE: Richmond, Va.; office of President and Treas-
urer, Wilmington. N. C.; New YORK OFFICE: 71 Broadway. New York. TRANSFER AGENTS, J. P. Morgan A Co.
of Freixht Tonnage (Years Ended June 30)

YEARS
ENDED
JUNE 30.
ATLAXTK COAST LIX E RAILROAD SYSTEM.
7
145
Note: "Other Income" includes income on investments, rents, hire of equipment balance, interest on deposits,
income from Georgia R.R. lease, etc. Fixed charges include interest and rentals; also miscellaneous deductions.
Other income was made up largely from dividends on stocks owned, this item amounting to $2,020,131 in 1915 and
$2.386,447 in 1916.
Profit and Los* Account, year ended June 30, 1916: Credit balance on June 30, 1915, $29,843,289; credit balance
transferred from income acct., $7,598,893; unrefundable overcharges, $4,645; donations, $23,609; miscellaneous
credits, $58.016; total, $37,528,452. Contra: Dividend appropriations of surplus, $3,437,735; surplus invested for
investment in physical property, $23,609; debt discount extinguished through surplus, $280,279; loss on retired road
and equipment, $61,672; miscellaneous debits, $141,532; credit balance carried to balance sheet, $33,583,625; total,
$37.528,452.
Comment: The income statement of the Atlantic Coast Line for the year ended June 30, 1916 was very satis-
factory. While gross revenues did not reach the high totals of 1913, yet the net operating* revenues were consid-
erably higher than in that year. As outside income also improved, the total surplus available for charges materially
increased the margin of safety on the property. The company had no difficulty in restoring the old dividend rate,-
as the surplus reported was equivalent to 11% on the outstanding stock. Conditions since the close of the fiscal
year have continued to improve, and the outlook for the property at the present time is most favorable.

Capitalization Prr Mile of Road. Dividend Record.
,, HI
Stocks and Bonds Owned :The following securities (with book values) were owned June 30, 1916 :
Unpledged Stocks of Proprietary Compa- Book Value.

nies, etc. Book Value. Atlanta & West Point R.R. C $213,043.51
South Carolina Pacific Ry. Co $2,371.25 Rockingham R.R. Co '. 17,000.00
Augusta Union Station Co 9,375.00 Virginia & Carolina Southern R.R. Co. 88,583.28
Charleston Union Station Co 25,000.00 Old Dominion SS. Co 120,000.00
Columbia Union Station Co 50,000.00 Charleston Terminal Co 62,549.79
Jacksonville Terminal Co 1.00 Atlantic Compress Co 52,100.00
Savannah 'Union Station Co 5,071.56 Parker Cotton Mills, Com 1,360.00
Wilmington Railway Bridge Co 20,000.00 Parker Cotton Mills, Pfd 13,000.00
Augusta & Summerville R.R. Co 9,527.50 Central R.R. of South Carolina 61,600.00
Goldsboro Union Station Co 5,000.00 Live Oak, Perry & Gulf R.R 1,000.00
Atlantic & East Coast Terminal Co 12,500.00 North Charleston Terminal Co 5,000.00
Tampa Union Station Co 10,000.00
Albany Passenger Terminal Co 3,000.00 Bonds Unpledged: $4,325,291.35
East Carolina Ry $277,311.11
Other Stocks Pledged: $151,846.31 Live Oak, Perry & Gulf R.R. Co 766,000.00
367,200 shares of Louisville & Nash- Monroe R.R. Co 35,000.00
ville R.R. Co. stock, and 3,060 shares Charleston Terminal Co 225,000.00
of Louisville Property Co. stock, de- Goldsboro Union Station Co 26,014.80
posited with The New York Trust Co. The Atlantic Land & Imp. Co 599,400.00
Trustee $51,674,220.58 Laurenburg & Southern R.R. Co 98,000.00
Other Stocks Unpledged. Rockingham R.R. Co 237,500.00
Richmond Washington Co Belt L. Ry., Montgomery, Ala 230,706.17
$445,000.00
The Belt Line Ry. Co 10,050.00 Virginia & Carol. South. R.R. Co 485,389.72
Columbia, Newberry & Laurens R.R. Co. 12,100.00 Company's Own Securities Unpledged.
The Atlantic Land & Improvement Co . .
3,000,000.00 General Unified 4V2 %
bonds 19,855,907.81
Washington & Vandemere R.R. Co 1,000.00 First Consolidated 4% bonds 438,750.00
Winston-Salem Southbound Ry. Co 62,100.00
Chesapeake Steamship Co 74,200.00 Bonds Pledged. $23,274,979.61
Peninsular &Occidental SS. Co 1,000.00 Atlantic Coast Line of S. C. 1st 4s $500,000.00
Augusta Belt Ry. Co 32,275.66 Atlantic Coast Line R.R. Cons. 4s 75,000.00
East Carolina Ry 11.832.00 State of South Carolina 4s 15,225.00
Lexington Terminal Ry. Co 3,323.47
Milledgeville Ry. Co 23.219.08 $590,225.00
Monroe Railroad Co 6,246.47
Norfolk & Portsmouth Belt Line RR. Co. 7,708.00 Total securities (book value) $80,016,562.85
TABLE D. Bond Record and Ratings (Based on 10- Year Results, Per Mile of Road)
A TLANTIC COAST LINE RAILROAD SYSTEM. 147
Note: "Average income available" is the average net income available for interest charges, after deducting
taxes for the ten years ended June 30, 1916. "Interest requirement" is the current requirement. The ratings are
based not only on the statistical exhibits and averages, but other considerations are given due weight, such as the
general condition of the property, character of its business, relative position of the issue, etc. For full explantion,
see Introduction. For Key to Ratings, see pages 19 to 21.

1.Auth., 13,000,000; outstanding, $492,000 (closed). Dated July 1, 1888; due July 1, 1918. Int. at U. S. Trust
Co., New York. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 41.95 miles, Ocala to Inverness, Fla., 21.88
miles. Gulf June, to Homosassa, Fla.; total, 63.83 miles; also on land grant of 4,000 acres per mile of road, equip-
ment and future acquisitions. Underlie Nos. 21, 22 and 23, with provision by latter to retire at maturity. Legal
for S. B. in Cal., Conn., Minn., Mich., N. J., N. Y., N. H., R. I. Listed on New York Stock Exchange. Interest
paid without deduction for normal income tax.
2. Auth., $1,000,000; outstanding, $275,000 (closed); also, $500,000 deposited under No. 22. Dated Jan. 15,
1894; due Jan. 1, 1924. Int. at U. S. Trust Co., New York. Coupon, $1,000. Assumed by A. C. L. R.R. First
lien, 144.64 miles, Paola June, (near San ford), Fla., to St. Petersburg Wharf, Fla., equipment and future acqui-
-.s. Underlie Nos. 21, 22 and 23, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn.,
Minn., Mich., N. J., N. Y., N. H., R. I. Interest paid without deduction for normal income tax.
3. Auth., $1,000,000: outstanding, $868,000 (closed). Dated July 1, 1881; due July 1, 1926. Int at Merchants'
Nat. Bank, Richmond, Va. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 59.87 miles, Petersburg to
Weldon, Va., 6.51 miles, Collier to Dunlop, Va. 3.15 miles Western branch; total, 68.77 miles, and equipment.
;
Underlie Nos. 4, 21, 22 and 23, with provisions by latter to retire at maturity. Legal for S. B. in Cal., Conn.,
Minn., Mich., N. J., N. Y., N. H., R. I. Listed on Baltimore and Richmond Stock Exchanges. Normal income tax
deducted from interest.
4. Dated July 1,
Auth.. $1.000,000; outstanding, $800,000 (closed). 1881; due Oct. 1, 1926. Int. at Merchants'
Nat Bank, Richmond, Va. Coupon, $1,000. Assumed by A. C. L. R.R. Follow No. 3 on same property as second
lien. Underlie Nos. 21, 22 and 23, with provision by Utter to retire at maturity. Legal for S. B. in Cal., Conn.,
Minn.. N. H., N. Y., and R. I. Listed on Baltimore and Richrrond Stock Exchanges. Normal income tax deducted
from interest.
5. Auth. and outstanding. $2,800,000. Dated NOT. 1, 1888; due Nov. 1, 1928. Int at Met. Trust Co., New York.
Coupon, $1,COO. Assumed by A. C. L. R.R. First lien, 173.81 miles, Montgomery, Ala., to Bainbridge, Ga., including
equipment terminal property, future acquisitions. Underlie Nos. 21, 22 and 23, with provision by Tatter to retire at
maturity. Legal for S. B. in Cal., Conn., Minn., Mich., N. J.. N. Y., N. H., R. I. Listed on New York and London
Stock Exchanges. Interest paid without deduction for normal income tax.
Auth.. $1,836.000 ; outstanding. $657.000 (closed). Dated Jan. 1, 1883; due Jan. 1, 1933. Int. at U. S. Trust
6.
Co., NewYork. Coupon. $1,000. Assumed by A. C. L. R.R. First lien, 101.70 miles, Florence to Charleston, S. C.,
including equipment and future acquisitions. Underlie Nos. 18, 21, 22 and 23, with provision by latter to retire at
maturity. Legal for S. B. in Cal., Conn., Minn., Mich., N. J., N. Y., N. H., R. I. Interest paid without deduction for
normal income tax.
7 and 8. Dated April 1, 1884; due April 1,
Auth.. $6.500,000; outstanding, $2,444.000 5s and $4,066,000 6s.
Int at U. S. Trust Co., New
York. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 644.06 miles, as
follows: Central June, to Sonthover June., 4.11 miles; Savannah to Savannah June., 3.85 miles; Branch to Savannah
'
wharf. 2.04 miles; Savannah Union Station track to Jesup June., Ga., 55.44 miles; Folkston, Ga., to St. John's
-. Jacksonville, Fla.. 39.24 miles:
Jesup to Bainbridge, Ga., 179.21 miles; Waycross to Folkston, Ga., 34 miles;
Albany to Thomasville, Ga., 58.50 miles; Climax, Ga., to Chattahoochee, Fla.. 30.83 miles; Dupont, Ga., to High
Springs. Fla., 93.64 miles; Lake City June, to Lake City, Fla., 18.90 miles; High Springs to Gainesville, Fla., 23.60
miles; also on equipment and future acquisitions, but property not used for railroad purposes excepted. Underlie
Nos. 21. 22 and 23 with provision by latter to retire at maturity. Legal for S. B. in Cal.. Conn., Minn., Mich., N. J.,
N V., N. H., R. I. Listed on New York and Baltimore Stock Exchanges. Interest paid without deduction for normal
income tax.
and 10. Auth.. $4.000,000; outstanding $3.062,000 5s and $938.000 4s. Dated June 1, 1885; due July 1, 1935.
9.
Int. at First Nat Bank, New York, and at Baltimore. C upon, $1,000. Assumed by A. C. L. R.R. First lien, 479.35
miles. as follows: Weldon. N. C.. to S. C. State line. 172.60 miles; Tarboro to Rocky Mount, N. C., 14.38 miles; Pender
to Kinston, N. C., 86.82 miles; Parmele June, to Washington, N. C., 25.39 miles; Rocky Mount to Spring Hope, N. C.,
19.20 miles: Contentnea to Wilmington. N. C., 105 miles; Goldsboro June, to Smithfield, N. C., 21.50 miles; Warsaw
to Clinton, N. C., 13.43 miles. Elrod to Boardman, N. C., 21.38 miles; Weldon to Weldon Jet, 65 miles; also on equip-
ment. Underlie Nos. 21, 22 and 23, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn.,
Minn., Mich., N. J., N. Y., N. H., R. I. Listed on Baltimore Stock Exchange. Normal income tax deducted from
interest
11.Anth. and outstanding. $1,500.000. Dated Jan. 1, 1886; due Jan. 1, 1936. Int. J. & J. at U. S. Trust Co.,
New York. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 111 miles, as follows: Ashley River, S. C., to
Central June.. Savannah, Ga.. 96.60 miles; John's Island Station to Ashley River (opp. Charleston), 8.70 miles; Ra-
vrnel to Yonges Island. S. C.. 5.70 miles; also on equipment. Underlie Nos. 21. 22 and 23, with provision by latter to
rrtire at maturity. Legal for S. B. in Cal., Conn., Minn., Mich., N. J., N. Y., N. H., R. I. Listed. on New York Stock
Exchange. Normal income tax deducted from interest
12. Auth., $3,000,000; outstanding, $1.407,000 (closed). Dated Jan. 1, 1888; due Jan. 1, 1938. Int. at U. S.
Trust Co.. New York. Coupon, $500 and $1.000. Assumed by A. C. L. R. R. First lien. 162.25 miles, Southern June,
to Albany June. Ga.. and 4.56 miles, Brunswick to Four Mile Crossing, Ga.: total, 166.81 miles: also on equipment.
Cml.-rlie Nos. 21, 22 and 23. with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn., Fla., Minn.,
Mich., N. J., N. Y., N. H.. R. I. Listed on New York Stock Exchange. Normal income tax deducted from interest.
13.AnUi.. $1,600.000; outstanding. $1,314,000 (closed). Dated April 1, 1889; due April 1, 1939. Int. at Cen-
tral Trust Co.. New York. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 109.70 miles, Norfolk, Va., to
Tarboro. N. C.. and small branches; also equipment. Underlie Nos. 14. 21, 22, and 23, with provision by latter to
retire at maturity. Legal for S. B. in Cal., Conn., Minn., Mich., N. J., N. Y., N. H., R. L, Wis. Normal income tax
REFERENCE NOTES ON BOND ISSUES (Continued)
Auth., $500,000; outstanding, $400,000 (closed). Dated Jan. 1, 1896; due Jan. 1, 1946. Int. at Safe De-
14.
posit & Trust Co., Baltimore. Coupon. $1,000. Assumed by A. C. L. R.R. Follow No. 13 on same property as
-second lien. Underlie Nos. 21, 22 and 23, with provision by latter to retire at maturity. Legal for S. B. in Conn.,
Cal., Minn., N. H., N. Y., R. I. Normal income tax deducted from interest.
15. Auth., $1,000,000; outstanding, $300,000 (closed). Dated April 1, 1890; due April 1, 1940. Int. at Brown
Bros. & Co., New York. Coupon, $1,000. Assumed by A.C. L. R.R. First lien, 4.55 miles, Clopton to James River,
Va.; 22.33 miles, Richmond to Petersburg; total, 26.88 miles. Underlie Nos. 21, 22 and 23, with provision by latter
to retire at maturity. Legal for S. B. in Conn., Cal., Mich., Minn., N. Hi, N. J., N. Y., R. I. and Wis. Interest
Auth., $500,000; outstanding, $106,000 (closed). Dated Aug. 2, 1897; due Aug. 1, 1947. Int. at Safe De-
16.
posit & Trust
Co., Baltimore. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 86.21 miles, Wilmington June,
to Newbern Wharf, N. C.; 4.11 miles, Wilmington to Fernside, N. C.; total, 90.32 miles; also on equipment. Under-
lie Nos. 21, 22 and 23, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn., Minn., Mich.,
N. J., N. Y., N. H., R. I. Normal income tax deducted from interest.
17. Auth., $5,000,000; outstanding, *2,418,000
(closed). Dated Jan. 1, 1895; due Jan. 1, 1945. Int. at U. S.
Trust Co., New
York. Coupon, $1,000. Assumed by A. C. L. R.R. First lien, 243.61 miles, as follows: Palatka
to Brooksville, Fla., 145 miles; Bartow to Punta Gorda, Fla., 73.15 miles; branches, 25.46 miles; also on equipment.
Underlie Nos. 21, 22 and 23, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn., Minn.,
Mich., N. J., N. H., N. Y., R. I. Listed on Baltimore and Richmond Stock Exchanges. Normal income tax deducted
from interest.
18.
Auth., $8,000,000; outstanding, $5,547,000 (closed). Dated Aug. 1, 1898; due July 1, 1948. Int. at Safe
Deposit & Trust Co., Baltimore. Coupon, $1,000 V Assumed by A. C. L. R.R. First Hen, 595 miles, as follows: N. C.
State line to Pee Dee, S. C., 24.63 miles; Latter to Clio, S. C., 19.78 miles; Florence to Wadesboro, N. C., 64.52
miles; Floyds to Hartsville, S. C., 10 miles; Darlington to Gibson, N. C., 36.13 miles; Darlington to Sumter, S. C.,
37.64 miles; Sumter to Robbins, S. C., 98.50 miles; Creston to Pregnalls, S. C., 40.81 miles; Eutawville to Fergu-
son, S. C., 6.16 miles; Elliot to Lucknow, S. C., 16.48 miles; Wilmington to Wilmington Railway Bridge, 1.83 miles;
Pee Dee to Florence, S. C., 12.82 miles; Florence to Columbia, S. C., 81.70 miles; Conway to Boardman, 50 miles;
also, by second lien, on 101.70 miles covered by No. 6, but subject thereto; also on equipment. Underlie Nos. 21, 22
and 23, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn., Minn., Mich., N. J., N. Y.,
N. H., R. I. Normal income tax deducted from interest.
19. Auth., $1,500,000; outstanding, $720,000; balance reserved for construction and equipment of additional
branches at not over $18,000 per mile. Dated Feb. 1, 1907; due Feb. 1, 1947. Int. at U .S. Trust Co., New York., and
Safe Deposit & Trust Co., Baltimore. Coupon, $1,000. Guar. prin. and int. by A. C. L. R.R., which owns all capital
stock of Washington & Vandemere R.R. First lien, 40 miles, Washington, N. C., to Vandemere, N. C.; also on equip-
ment. Legal for S. B. in Mich., Minn., N. J., N. H., R. I. Listed on Baltimore Stock Exchange. Interest paid with-
out deduction for normal income tax.
Auth. and outstanding, $300,000. Dated July 1,1881; due July 1, 1921. Int. at Bankers' Trust Co., New
20.
York. Coupon, $1,000. Road leased to A. C. L. R.R. until 1980 at annual rental of $31,000 and taxes. First lien,
40.20 miles, Lanes to Sumter, S. C., and on equipment. Legal for S. B. in Mich., Minn., N. J., Wis. Interest paid
without deduction for normal income tax.
21. Auth., $80,000,000; outstanding, $50,813,000; in treasury $438,750; pledged $75,000 (closed). Dated July
1, 1902; due July 1, 1952. Int. at U. S. Trust Co., New York. Coupon and reg., $1,000. First lien on 1,023.61 miles,
as follows: Tarboro to Plymouth, N. C., 53.78 miles; Yadkin June., near Wilmington, to Sanford, N. C., 116.40
miles; Parkton, N. C., to S. C. State line, 34.57 miles; Greenpond to Ehrhardt, S. C., 37.67 miles; Jesup to Folkston,
Ga., 53.57 miles; Thomasville, Ga., to Monticello, Fla., 23.97 miles; Grimes to Abbeville, Ala., 26.90 miles; Waterford
to Elba, Ala., 37.22 miles; Sprague to Luverne, la., 32.92 miles; Jacksonville to Port Tampa, Fla., 248.12 miles;
Punta Gorda to Fort Myers, Fla., 28.31 miles; Sanford to Lake Eustis, Fla., 28.62 miles; Sanford to Lake Charm,
Fla., 17.31 miles; Kissimmee to Narcoossee, Fla., 14.40 miles; Kissimmee to East Apopka, Fla., 33.68 miles; High
Springs to Archer, Fla., 23.15 miles; Morriston to Juliet, Fla., 12.09 miles; Leesburg to Aster, Fla., 37.94 miles; In-
verness to Bartow, 76.03 miles; Chubb to Bartow, 16.20 miles; Thonotosassa June, to Thonotosassa, Fla., 13.33 miles;
Winston to Tiger Bay, Fla., 25.30 miles; and branches aggregating 31.65 miles; also second lien on 2,638.78 miles,
and third lien on 279.74 miles, covered by Nos. 1 to 19, inclusive, described above and amounting in all to $29,390,-
000 further secured on the leasehold interests of the company in the South Carolina Pacific Ry. and the Central
;
R.R. of S. C. Underlie Nos. 22 and 23, with provision latter to retire at maturity. Legal for S. B. in Cal., Conn.,
N. H., N. J., N. Y., Mich., Minn., R. I., Wis. Listed onbyNew York, Baltimore and Richmond Stock Exchanges. In-
terest paid without deduction for normal income tax.
22.
Auth., $200,000,000; outstanding June 30. 1916, $98,000 (closed). $30,749,884 were exchanged for No. 23
to June30, 1916, par for par. Dated Dec. 1, 1909 due Dec. 1, 1959. Int. at U. S. Trust Co., New York. Coupon,
;
$1,500; reg., $1,000, $5,000, etc. First lien on 361.15 miles, as follows: Milldale to Perry, Fla., 163.23 miles;
Yonges Island branches aggregating 15.32 miles; other branches aggregating 182.60 miles; also, by second lien, sub-
ject to No. 21 on 1,023.61 miles; by third lien, subject to No. 21 on 2,638.78 miles; by fourth lien, subject to No.
21 on 279.74 miles; by second lien, subject to No. 21 on the leasehold interests in the South Carolina Pacific Ry.
and the Central R.R. of S. C. Legal for S. B. in N. H., N. J., Mich., Minn., R. L, Wis. Liste3 on New York Stock
Exchange. Interest paid without deduction for normal income tax.
23. Auth., $200.000;000; outstanding, June 30, 1916, Series "A," 4%s $17,569,000; in treasury, $19,855,908;
Series "B" 4s. $100,000. Of balance, $98,000 reserved for
exchange of equal amount of No. 22; $89,302,710 reserved
for all prior liens, and balance for improvements, etc. Dated June 1, 1914; due June 1, 1964. Int. paid at U. S.
Trust Co., New York. Coupon and reg., $1,000; interchangeable. First lien on 46 miles as follows: Milldale to
Eastport, Fla.. 4.13 miles; Fincher to Farlew, Fla., 32.47 miles; branch, 9.41 miles; also follows No. 22 on 4,347.52
miles. All of No. 22 were exchangeable for this issue. Int.
may not exceed 6%. Legal for S. B. in Maine, N. J.,
N. H., Mo., Mich., Minn., R. I., Wis. Normal income tax deducted from interest.
Auth. and outstanding, $35,000,000. Dated Nov. 1. 1902; due Oct. 1, 1952. Int. at J. P. Morgan & Co.,
24.
New York. Coupon and reg. $1,000 interchangeable. Callable on any interest date at 105 and int Secured by
deposit of 51% of the capital stock of the Louisville & Nashville R.R. Formerly this amounted to $30,600,000, but
was increased in 1912 to $36.720,000. Also on 3,060 shares of Louisville Property Co. stock. Listed on New York
Stock Exchange. Legal for S. B. in N. H. and R. I. Interest paid without deduction for normal income tax.
ATL. COAST LIXE It. If. Sl'STEM (CIIAKLESTOX $ U
r
.
CAK.RY.CO.}. 149
25. Auth., J23.562.500; outstanding, $4,482,935. Dated Nov. 16, 1909; due Nov. 1, 1939. Int. at office of com-
pany. Reg., $100 and multiples. Convertible into common stock at 135, at any time until Jan. 15, 1920. Callable
at 105 and int. on ninety days' notice after May 1, 1916. Not a mortgage, but provision made by No. 23 to retire at
maturity, unless converted. Legal for S. B. in N. H., R. I. Interest paid without deduction for normal income tax.
26. In two series: "A" Auth., $4,500,000 4s; dated Mar. 1, 1907; due $225,000 semi-annually Mar. and Sept. 1 to
Mar. 1, 1917; now unredeemed, $223,000. Secured on equipment costing $5,000,000. Legal for S. B. in N. H., R. I.,
"B" Auth., $2,500.000 4%s; dated Dec. 1, 1911; due $125,000 semi-annually June and Dec. 1 to June 1, 1921; now
unredeemed, $1,250,000. Secured on equipment costing $2,777,778. Legal for S. B. in N. H., R. I. Interest paid
without deduction for normal income tax. Both issues provided for by No. 23.
TABLE EL- Stock Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAHK ANU Inrrtiuor tout.

Comment: The freight density on the Charleston & Western Carolina for the fiscal year ended June 30, 1916,
underwent substantial improvement as compared with the previous year, and the freight train load was consider-
ably higher. While average freight rates have tended to decline in recent years, yet train mile earnings have held
up well and during the year just closed reached the best average of the decade. The company's freight tonnage is
quite well diversified, a very substantial proportion being high grade freight.
YEARS
ENDED
JUNE 30.
.ITL. COAST LIVE R.R. SYSTEM (CHARLESTON $ W. CAR. RY. CO.}. 151

CapitalizationPer Mile of Road. Dividend Record.
JTMBI
JDMBSO.
MOODY'S ANALYSES OF INVESTMENTS.
3. Auth., $10,000,000; outstanding, $2,380,000. Dated Feb. 12, 1914; due Jan. 1, 1964; int. paid at Safe Deposit
& TrustCo., Baltimore and New
York. Coupon, $1,000. In two series, as follows: Series A, $2,380,000 (now is-
sued) to retire an equal amount of income 5s of 1946, and to carry 2%
interest for first 2 years, 3%
for next 8 years,
4% for next 5 years, and 5%
thereafter. Series B, $7,620,000, to be reserved for retirement of Nos. 1 and 2, at or
before maturity and to provide for future extensions, betterments or equipments. Second lien on properties cov-
ered by No. 1 and third lien on property covered by No. 2. Normal income tax deducted from interest. Market: Bal-
timore.
Capital Stock: Auth. and issued, $1,200,000; par $100. No dividends. All owned by Atlantic Coast Line Com-
pany of Connecticut.
GEORGIA RAILROAD & BANKING COMPANY
Origin: Incorporated in Georgia March 10, 1834; name changed to present title in 1835. Owns line from Au-
gusta to Atlanta, Ga., with various branches, 307 miles in all. The property is operated by the Georgia Railroad, which
also operates 39 miles additional for smaller controlled companies. The property was leased in 1881 for 99 years to
William M. Wadley, at a rental of $600,000 a year; this lease has since been jointly assumed by Louisville & Nash-
ville R.R. and Atlantic Coast Line R.R. The lease is fully secured by deposit of collateral, consisting of $500,000
North & South Alabama 5s, $500,000 Atlantic Coast Line of S. C. 5s, and $75,000 Atlantic Coast Line cons. 4s.
The company owns a half interest in the Western Ry. of Alabama and also an interest in the Atlanta & West
Point R.R.
Note: The banking business of the Georgia R.R. & Banking Co. was many years ago turned over to the Georgia
R.R. Bank, a separate corporation, with a capital stock of $600,000, of which this company owns all but $5,100.
Management: OFFICERS: Jacob Phinizy, Pres. Rufus H. Brown, Cashier. DIRECTORS: H. D. McDaniel, Ernst
;
Woodruff, J. P. Mulherin, Leonard Phinizy, Porter Fleming, Wm. A. Latimer, H. C. Boardman, W. B. White, H. B.
King, Fielding Wallace, W. J. Hollingsworth, Billups Phinizy, J. T. Neal, L. D. Faver, Jno. R. White. Annual meet-
ing, second Wednesday in May. OFFICE, Augusta, Ga.
Comparative Income Account, Years Ended March 31

1916 1915 1914 1913 1912 1911 1910
Lease rental . $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000
Other income 23,796 26,240 23,796 47,592 452,005
Total net income $623,796 $626,240 T"23,796 $647,592 $600,000 $1,052,005 $600,000
Fixed charges, including taxes... 118,000 118,000 118,013 118,011 118,010 118,280 162,613
Surplus .. $505,796 $508,240 $505,783 $529,581 $481,990 $933,725 $437,387

Dividends paid 504,000 504,000 504,000 504,000 504,000 462,000 462,000
Balance $1,796 $4,240 $1,783 $25,581 (df) $12,010 $471,725 (df) $24,613
Note: The special receipts in 1911 were received through sale of part of the company's holdings of Atlanta &
West Point stock, and dividend from Georgia R.R. Bank, which is controlled.
Comparative Condensed Balance Sheet, as of March 31
ASSETS: 1916 1915
Property account $4,200,000 $4.200,000
Macon & Augusta R.R 1,230,000 1,230,000
Georgia Railroad Bank (5,949 shs.) 594,900 594,900
15,000 shs. Western Ry. of Alabama 900,000 900,000
9,361 shs. Atlanta & W. P. Ry 950,740 950,740
$31,000 Monroe R.R. bonds 31,000 31,000
$84,000 bonds and 200 shares stock of Union Point & White Plains R.R 25,000 25,000
Cash (on deposit in bank) 350,941 347,818
Totals $8,282,581 $8,279,458

LIABILITIES :
Capital stock $4,200,000 $4,200,000

Bonded debt 2,500,000 2,500,000
Accrued int. on bonds 2,515 2,310
Unclaimed dividends 12,605 11,483
Surplus 1,567,461 1,565,665
Totals $8,282,581 $8,279,458

Note: The above securities (aside from those of the C eorgia Railroad Bank) have been transferred and deliv-
ered to the Lessees under the terms of the lease in trust to hold them for themselves during the continuance of the
lease and to return them unimpaired when the lease is terminated.
Bonded Debt: (1) $300,000 Georgia R.R. & Banking Co. debenture 6s. Dated Jan. 1, 1882; due Jan. 1, 1922.
Int. paid at American Exchange National Bank, New York, and at company's office, Augusta, Ga. Coupon, $1,000.
Registered, $1,000. Direct obligation of the company, but not a mortgage. Net Rating, Aaa.
(2) $200,000 Georgia R.R. & Banking Co. currency 5s. Dated Jan. 1, 1887; due Jan. 1, 1922. Int. paid at Amer-
ican Exchange National Bank, New York, and at company's office, Augusta, Ga. Coupon, $1,000. Registered,
$1,000. Direct obligation of the company, but not a mortgage. Net Rating, Aaa.
(3) $1,000,000 Georgia R.R. & Banking Co. ref. cur. 5s; dated July 1, 1897; due Jan. 1, 1922. Int. paid at Amer-
ican Exchange National Bank, New York, and at company's office, Augusta, Ga. Coupon, $1,000. Direct obliga-
tion of the company, but not a mortgage. Net Rating, Aaa.
(4)$1,000,000 Georgia R.R. & Banking Co. ref. deben. 4s; dated Jan. 1, 1907; due January 1, 1947. Int. paid at
American Exchange National Bank, New York. Coupon, $1,000. Direct obligation of the company, but not a mort-
gage. Net Rating, Aaa.
Capital Stock: Auth. and outstanding, $4,200,000; par $100. Dividends have been continuously paid since Nov.
15, 1836, the rate having been 11% per annum from 1888 to 1911 and 12% per annum since. In Dec., 1916, paid 1%
extra. In all, the company has paid 661% in dividends. Stock is transferred at company's office in Augusta, Ga.
Net Rating, Aa.
ATLANTIC COAST LIXE RAILROAD SYSTEM. 153
GEORGIA RAILROAD
History: Operated in the interest of the Atlantic Coast Line R.R. and Louisville & Nashville R.R. under lease
from the Georgia R.R. and Banking Co. for term of 99 years from April 1, 1881, at annual rental of $600,000. Un-
der the terms of the lease the lessees hold interest in the following mileage: Atlanta & West Point R.R. (9,361
shares), 87 miles; Western Ry. of Alabama (15,000 shares), 138 miles.
Location: Total operated mileage on June 30, 1916, comprised 307 miles as follows: Main line, Augusta to At-
lanta, 171 miles; Macon division, 74 miles; Athens division, 40 miles; Washington branch, 18 miles; trackage
rights, 4 miles. In addition, the following companies are separately operated: Union Point & White Plains R.R., 12
miles; Monroe R.R., 10 miles; Augusta Belt Ry., 7 miles; Lexington Terminal R.R., 4 miles; Milledgeville Ry., 6
miles. (See separate statements of these companies.)
Management: Chas. A. Wickersham, Gen. Mgr.; W. S. Morris, Treas.; W. H. Vincent, Aud. ;
J. A. Best, Pas.
Agt. GENERAL OFFICES, Augusta, Ga.
( latMifiration of Freight Tonnage Years Ended June 30)
Gross revenues
BELT LINE RAILWAY, MONTGOMERY, ALABAMA

Origin: Incorporated under laws of Alabama, March 25, 1889; road opened in July, 1889. Owns two dummy
engines. Company is controlled by the Atlantic Coast Line R.R. through stock ownership.
Location: In Montgomery, Ala., 1.0 mile.
Management: OFFicEKs: John R. Tyson, Pres., Montgomery, Ala.; Alex. Hamilton, Vice-Pres., Petersburg,
Va.; H. L. Borden, Sec., New York; James F. Post, Treas.; J. R. Kenly, Gen. Mgr.; H. C. Prince, Aud., Wilmington,
N. C. DKECTOBS: H. L. Walters, Michael Jenkins, Baltimore, Md.; Alex. Hamilton, Petersburg, Va.; J. R. Tyson,
Montgomery, Ala.; C. S. Gadsden, Charleston, S. C.; J. R. Kenly, T. M. Emerson, Wilmington, N. C.; H. L. Bor-
den, New York; F. W. Scott, Richmond, Va. Annual meeting, Friday after third Tuesday in Nov. OFFICE, Mont-
gomery, Ala.
Bonded Debt: $225,000 Belt Line Ry. 1st mortgage 5s. Dated July 1, 1911; due July 1, 1941. Interest paid J.
and J. 1, at office of trustee. Coupon, $1,000. Authorized issue, $300,000. Secured by mortgage on entire track in
Montgomery, Ala., on equipment and warehouse. No sinking fund and no provision for prior redemption. Trustee,
Safe Deposit & Trust Co. of Baltimore, Md. Interest paid without deduction for normal income tax.
Capital Stock: Authorized and outstanding, $200,000. Par, $100. The Atlantic Coast Line R.R. owns a ma-
jority of the stock. Secretary of company acts as transfer agent and registrar.
NORTHWESTERN RAILROAD OF SOUTH CAROLINA

Origin: Incorporated under laws of South Carolina, Dec. 22, 1888. Lines operated, 80.5 miles, as follows: Sum-
merton to Wilson s Mill, S. C., 36.8 miles; Camden June, to Sumter, S. C., 25.7 miles; Millard to St. Paul, S. C., 3.5
miles; Marville June, to Rose Hill, 9.5 miles; trackage rights, 5 miles.
Equipment: Locomotives, 7; passenger, freight, and service cars, 42. Company is affiliated with the Atlantic
Coast Line Company of Connecticut, which owns 50% of the outstanding stock.
Management: OFFICERS: Thomas Wilson. Pres.; J. F. Post, Treas.; R. D. Cronly, Sec. DIRECTORS: H. Walters,
A. Hamilton, A. Levi. J. R. Kenly, Lyman Delano. Annual meeting, the Wednesday after third Tuesday in Novem-
ber. MAIN OFFICE, Charleston, S. C.
Comparative Income Account, Yeara Ended June 30
1916
Miles operated 80.5
Gross earnings $109.442
Net earnings 87,782
Total net income 89.787
Fixed charges, including 28,34
Balance for dividends.
Dividends paid
REFERENCE NOTE ON BOND ISSUE
Auth., $375,000; outstanding, $360,000. Dated April 1, 1899; due April 1, 1949; int. paid at Safe Deposit &
1.
Trust Co., Baltimore. Coupon, $1,000. First lien on entire mileage owned, consisting of 75 miles in South Carolina
(see above). Also on equipment. Entire issue is owned by Atlantic Coast Line Co., of Conn.
The company also has outstanding $15,000 5% equipment bonds, due serially to April 1, 1919.
Capital Stock: Auth., $200,000; outstanding, $100,000; par $100. Dividends paid as follows: 1905 to 1909, 4%
each; 1910, 5% ; 1911 to 1913, inclusive, 6% each; 1914, 4% 1915, 5% ; 1916, 6%. The Atlantic Coast Line Co. owns
;
one-half of the stock.
UNION POINT & WHITE PLAINS RAILROAD

Incorporated August 5, 1886, under Georgia Laws. Line of road, White Plains June., Ga., to White Plains, Ga.,
12.05 miles. Yard tracks, 0.63 mile; trackage rights, 1.59 miles. Makes connection with Georgia Railroad.
Management: John C. Hart, Pres.; W. S. Morris, Treas.; H. W. Jernigan, Sec. MAIN OFFICE, Augusta, Ga.

1916 1915 1914
Gross revenue $13,801 $12,292 $14,617
Maint. of way and stock. . 5,378 2,766 4,366
Maint. of equipment 2,944 682 759
All other operating exps.. 10,149 7,487 8,754
Net oper. revenues. .

(def.) $4,670 $1,357
Other income . 35 25
Total net income (def.) $4,635 $1,382

Taxes 515 525
Fixed charges 4,170 2,231
ASSETS:
Property investment ....
Working assets
LOUISVILLE & NASHVILLE RAILROAD COMPANY
NOTE: The analysis is based on officialdocuments of the Company, including its annual reports of the-past ten years.
For Definition and Key to Ratings, see pages 19-26.
Origin: Incorporated in Kentucky,March 5, 1850. Main line opened in 1859. Controls, through stock owner-
ship, the Nashville, Chatt Louis and the Louisville, Henderson & St. Louis, and, jointly with the Southern
& St.
Railway, controls the Chicago, Indianapolis & Louisville Ry. Is also joint lessee with the Atlantic Coast Line R.R.
of the Georgia R.R. system. These properties are separately operated. Also formerly owned one-half of a majority
of the common and preferred stocks of the New Orleans, Mobile & Chicago Ry. (the St. L. & San Fran. R.R. formerly
owning the other half) the latter extending from New Orleans & Mobile northward, with connection with this sys-
,
tem under construction.

Location: Owns or operates an extensive system of lines from Covington and Newport, Ky. (opposite Cincin-
nati) to Louisville, St. Louis, Nashville, Memphis, Atlanta, Birmingham, Montgomery, Pensacola, Mobile, and New
,
Orleans. Of the mileage operated, 4,226.51 are owned; 133.46 miles are leased; 450.12 miles are controlled by stock
ownership; 38.92 miles operated "under contract"; trackage rights, 222.28 miles; total operated, 5,071.29 miles. In
addition, 269.60 miles are owned but operated by other companies and 2,301.49 miles are separately operated, in-
cluding lines either controlled by majority of stock ownership or of which the company is joint owner or lessee. In
October, 1915, the Lexingto* &
Eastern Railway, which 1 ad been controlled by stock ownership for many years, wai
directly merged. The operated lines penetrate or cross mainly the States of Kentucky, Tennessee, Alabama, Florida
and Mississippi. Population of these States in 1890, 6,839,092; in 1900, 8,095,293; in 1910, 9,162,520.
Control: The Louisville & Nashville Railroad is controlled hy the Atlantic Coast Line Railroad, which owns 51%
of the capital stock, the latter being deposited under its 4% collateral mortgage of 1952. (See under Bond Notes
of Atl. Coast Line R.R. Co.)
Acquisition of South& North Alabama R.R.: Oct. 1, 1913, the Louisville & Nashville R.R., formally absorbed the
South &
North Alabama R.R., which it had formerly operated and controlled. Under this arrangement, the entire
debt of the latter has been assumed. See Bonds notes, Nos. 25 and 26.
Management: OFFICERS: H. Walters, Chairman; Milton M. Smith, Pres.; W. L. Mapother, 1st Vice-Pres.; E. L.
Smithers, 2d Vice-Pres.; Addison R. Smith, 3d Vice-Pres.; George E. Evans, 4th Vice-Pres.; Wm. W. Thompson,
Treas.; J. H. Ellis, Sec. DIRECTORS: August Belmont, L. W. Botts, Warren Delano, Geo. B. Elliott, Geo. G. Jenkins,
W: L. Mapother, F. B. Adams, W. G. Oakman, Lyman De'ano, Edward W. Sheldon, Milton H. Smith, H. Walters,
John I. Waterbury. Annual meeting, first Wednesday in October. NEW YORK OFFICE, 71 Broadway; MAIN OFFICE,
Louisville, Ky. New York Transfer Office, 71 Broadway.

I TL. COAST LINE R.R. SYSTEM (LOUISVILLE $ NASH. R.R. CO.) . 159
YK.K-i
YEARS
ENDED
JUNE 30.
ATL. COAST LIXE R.R. SYSTEM (LOUISVILLE % NASH. R.R. CO.). 161
TABLE P. Bond Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAMB or IMVB.
5.Auth., $5,000,000; outstanding, $4,000,000; reserved for improvements, $1,000,000. Dated Sept. 2, 1895; due
Sept 1, 1945. Int. at 71 Broadway, New York. Coupon $1,000. Joint obligation of L. & N. R.R. and Mobile & Mont-
gomery Ry. (All stock of latter deposited under No. 16.) First lien, 177.67 miles, Montgomery to Mobile, Ala., and
future extensions. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. J., R. I., Wis. Listed on
New York Stock Exchange. Interest paid without deduction for normal income tax.
6. Auth., $2,400,000; outstanding, $600,000; retired by sinking fund, $1,800,000. Dated Dec. 6, 1879; due Dec.
1, 1919. Int at 71 Broadway, New York. Sinking fund calls $150,000 annually at not over 110 from 1915 to 1919
inclusive. Coupon, $1,000. First lien, 157.67 miles, as follows: Henderson, Ky,. to Amqui, Tenn., 136.87 miles;
Madisonville branch, 11 miles. Also on undivided half interest in 9.80 miles, Edgefield June, to Nashville, other
half being included under No. 1. Underlie Nos. 1 and 16, with provision by latter to retire at maturity. Legal for
S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. In-
terest paid without deduction for normal tax.
7. Auth., $5,000,000; outstanding, $4,991,000; owned by company, $9,000. Dated May 8, 1880; due Jan. 1,
1930. Int. at 71 Broadway, New
York. Coupon, $1,000. Assumed by L. &
N. R.R. First lien, 141.17 miles, New
Orleans, La., to Mobile, Ala.; also a first collateral lien on $711,800 out of $784,000 stock of the Pontchartrain R.R.
Co. (no bonds), from Pontchartrain June, to Milneburg, La., 4.96 miles. Underlie No. 8. Legal for S. B. in Cal.,
Conn., Fla., Maine, Mass., Mich., Minn., N. H., N. J., R. I., Vt., Wis. Listed on New
York an3 London Stock Ex-
changes. Normal income tax deducted from interest.
8. Auth. and outstanding, $1,000,000. Dated Oct. 5, 1881; due Jan. 1, 1930. Int. at 71 Broadway, New York.
Assumed by L. & N. R.R. Coupon, $1,000. Follows No. 7 on 141.17 miles, New Orleans to Mobile. Legal for S. B.
in N. H., R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
Auth., $600,000; outstanding, $177,000; retired by sinking fund, $420,000; owned by company, $3,000. Dated
9.
March 1880; due March 1, 1920. Int. at 71 Broadway, New York. Coupon, $1,000. Sinking fund calls $36,000
1,
per annum to 1920 at 105. First lien, 44.64 miles, Pensacola to Flomaton, Ala. Legal for S. B. in Conn.,
Maine, Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. Normal income tax deducted
from interest.
10.Auth. and outstanding, $3,500,000. Dated Jan. 27, 1881 due March 1, 1921. Int af 71 Broadway, New
;
York. Coupon, $1,000. First lien, 207.70 miles, as follows: East St. Louis to Evansville, 111., 160.96 miles; Mc-
Leansboro to Shawneetown, 111., 40.70 miles; branch to O'Fallon, 6.04 miles. Nearly all the stock of this company
is deposited under No. 16. L. & N. leases property for 49 years from 1881. Underlie No. 11. Legal for S. B. in
Cal., Conn., Fla., Maine, Mass., Mich., Minn., N. H., N. J., R. I., Vt, Wis. Listed on New York and Amsterdam
11. Auth., $3,000,000; outstanding, $2,997,000. Dated Jan. 27, 1881; due March 1, 1980. Int. at 71 Broadway,
New York. Coupon, $1.000. Follows No. 10 on same property as second lien. Legal for S. B. in N. H., R. I. Listed
on New York Stock Exchange. Interest paid without deduction for normal income tax.
12. Auth., $7,000,000; outstanding, $6,703,000; in treas., $39,000 (closed). Dated July 1, 1887; due July 1, 1987.
Int. at L. &
N. office, 71 Broadway, New
York. Coupon and reg., $1,000. Assumed by L. &
N. R.R. First lien,
213.88 miles, as follows: Covington to Richmond, Ky., and Fort Estill to Sinks, Ky., 146.68 miles; Paris to Lexing-
ton, 17.86 miles; Paris to Maysville, 49.48 miles. Underlie No. 20, with provision by latter to retire at maturity.
Legal for S. B. in Maine, Mich., Minn., N. H., N. J., R. L, Wis. Listed on New York and Cincinnati Stock Ex-
changes. Normal income tax deducted from interest.
13. Auth., $5,000.000; outstanding, $4,619,000; owned by company, $217,000. Dated Feb. 1, 1896; due Feb. 1,
1946. Int. at 71 Broadway, New York. Coupon, $1,000. First lien, 254.20 miles, Paducah, Ky., to Lexington. Tenn.,
and Memphis to Perryville, Tenn. This mileage is leased to the Nashville, Chattanooga & St. .Louis Ry. for 99 years
from 1896 at a rental equaling 5% of the purchase price of the property, and 5% on cost of all additions, etc. Legal
. for S. B. in Conn.. Maine, Mich., Minn., N. J., R. I., Wis. Listed on New York Stock Exchange. Interest
14. Auth., $2,500,000; outstanding, $1,996,000: owned by company, $100,000. Dated Aug. 1, 1887; due Aug. 1,
1937. Int. at L. & N. office, New York. Coupon, $1,000. Assumed by L. & N. R.R. First lien, 103.75 miles, as
follows: Columbia, Tenn., to Sheffield, Ala., 81.14 miles; Iron City to Pinkney, Tenn., 11.69 miles; Summerton to
Napier, Tenn., 10.92 miles. Legal for S. B. in Cal., Conn., Mass., Mich., Minn., N. H., N. J., R. I., Wis. Listed
on New York Stock Exchange. Normal income tax deducted from interest
Auth., $3.000,000; outstanding, $1.476,000 (closed); retired by sinking fund, $1,524,000. Dated Aug. 1,
15.
1881 due Aug. 1, 1921. Int. at L. & N. office, 71 Broadway, New York. Coupon. $1,000. Callable for sinking fund
;
at 110 and int., at rate of 1 1/10 of issue annually. Assumed by L. & N. R.R. First lien, 160.47 miles, River June,
to Pensacola. Fla. Legal for S. B. in Cal., Conn., Mass., Mich., Minn., N. H., N. J., R. I., Vt, Wis. Listed on New
York Stock Exchange. Interest paid without deduction for normal income tax.
16.Auth., $75,000,000; outstanding, $64,768,000; in sinking fund, $17,0.00; owned by company, $2,156,000.
Dated June 2, 1890; due July 1, 1940. Int. at 71 Broadway, New York. Coupon, $1,000; reg., $5,000. First lien on
595.73 miles, as follows: Livingston to Jellico, Ky., 61.20 miles; Hematite to Pond, Tenn., and branch, 37.35 miles;
branches near Middlesboro, Ky., 15.04 miles; Champion to Morgane, Ala., 24.13 miles; Black Creek to Banner, Ala.,
and branches, 34.42 miles; Prattville June, to Prattville, Ala., 10.35 miles; Selma to Flomaton, Ala., 111.09 miles;
Selma to Myrtlewood. 60.25 miles; Georgiana, Ala., to Graceville, Fla., 100.38 miles; Duvall, Ala., to Paxton, and
Lakewood. Fla., 26.28 miles; Greensberg to Lebanon, Ky., 30.90 miles; Shelbyville to Bloomfield, Ky., 26.72 miles;
Orby to Chenoa, Ky., 12.35 miles; various branches, 45.27 miles; also second lien on 1.130.29 miles, as follows:
577.56 miles covered by first lien by No. 1 191.97 miles covered by first lien by No. 2 ; 176.20 miles covered by first
;
lien by No. 4; 10.03 miles and bridge covered by first lien by No. 21 (below) on bridge covered by first lien by
;
No. 17; on 171.20 miles covered by first lien by Birmingham Mineral first 5s, all of which are deposited under No. 3
(see above) ; also third lien on 147.87 miles covered by Nos. 1 and 6 (see above) ; also a lien on leasehold interests
in 119.24 miles and a first collateral lien by deposit with trustee of the following securities: $8.802.400 out of $16,-
000,000 stock of Nashville, Chattanooga & St. Louis Ry. ; majority of stack of Owensboro & Nashville Ry., Hender-
son Belt Ry., and Southeast & St. Louis Ry. Also various other stocks and bonds of companies which have been
deeded to the L. & N. R.R. U.nderlie, as to 76.96 miles, Livingston to Jellico, Ky., No. 20 (see below). Legal for
S. B. in Cal.. Conn., Mass., Mich., Minn., N. H., N. Y., R. I.. Vt Listed on New York and London Stock Exchanges.
ATL. COAST LINE R.R. SYSTEM (LOUISVILLE $ NASH. R.R. CO.) . 163
17. Auth., $1,500,000; outstanding, $1,374,000 (closed) retired by sinking fund, $26,000. Dated July 1, 189B;
;
due July 1, 1945. Int. at L. tt N. office, 71 Broadway, New York. Coupon, $1,000. Sinking fund, 1% annually of
bonds outstanding, to purchase bonds at par, but does not call. Assumed by L. & N. R.R. and guar. prin. and int.
by endorsement by Pennsylvania Company. First lien on bridge across Ohio River, between Cincinnati, O., and
Newport, Ky., 0.73 mile, including realty, approaches, etc. Underlie Nos. 16 and 20. Legal for S. B. in Maine,
Mich., Minn., Mo., N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. Interest paid without deduction for
normal income tax.
18. Auth., $1,500,000; outstanding, Dated Dec. 1, 1896; due Dec. 1, 1946.
$999,000; in treas.. $1,000 (closed).
Int. at L. A
N. office, 71 Broadway, New Coupon, $1,000. Assumed by L. & N. R.R. First lien, 330.88 miles,
York.
including: Knoxville, Tenn., to Junta, Ga., 146.94 miles; Etowah, Tenn., to Marietta, Ga., 142.71 miles; Murphy
June., Ga., to Murphy, N. C., 23.47 miles; Mentor to Greenback, Tenn., 17.76 miles. Underlie Nos. 19 and 20, with
provision by
latter to retire at maturity. Legal for S. B. in Maine, Mich., Minn., N. H., R. I., Wis. Listed on
19.Auth., $10,000 per mile; issued, $1,280.000; retired by sinking fund, $780,000; outstanding, $500,000
(closed). Dated March 1, 1902; due March 1, 2002. I nt at L. & N. office, 71 Broadway, New York. Coupon, $1,000.
Assumed by L. ft N. R.R. Second lien on 330.88 miles covered by No. 18. Underlie No. 20, with provision by latter
to retire at maturity. Legal for S. B. in N. H. and R. I. Interest paid without deduction for normal income tax.
20. Auth., $50,000,000; outstanding, $24,745,000; owned by company, $1,249,000. Dated May 1, 1905; due May
1, 1955. Int at L. A N. office, 71 Broadway, New York. Coupon and reg., $1,000. First lien on 267.40 miles, as
follows: Saxton, Ky., to Knoxville, Tenn.. 78.61 miles; Dessert to Khotan, Tenn., 12.24 miles; Versailles to Beatty-
ville June., Ky., 99.58 miles; also branches; by second lien on 286.53 miles, as follows: 69.31 miles covered by first
lien by No. 16; 214.02 miles covered by first lien by No. 12; 3.20 miles covered by first lien by No. 1; also by third
lien on 338.53 miles, of which 330.88 is covered by first and second lien by Nos. 18 and 19, and balance by Nos. 1, 16
and 17. Sufficient reserved to retire Nos. 18 and 19 at or before maturity. Legal for S. B. in Conn., Mich.,
N. H.. R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
21. Auth., $2,000,000; outstanding, $874,000 (closed*: owned by company, $1,124,000; retired, $2,000. Dated
Sept. 1, 1881; due Sept 1, 1931. Int. at L. A N. office, 71 Broadway, New York. Coupon, $1,000. Sinking fund,
$8,400 per annum to be applied to repairs or to retirement of bonds at 105. First lien 10.03 miles of track and
bridge over Ohio River from Henderson, Ky., to Evansville, Ind. Property has been conveyed lo L. & N. R.R., but
yearly income of $200.000 is guaranteed for 99 years from 1884. by L. A N. R.R., S. E. & St. Louis Ry., Evansville
A Terra Haute R.R., Louisville, Evansville A St Louis Ry., and Peoria, Decatur A Evansville Ry. Underlie No. 16.
Legal for S. B. in Mich.. Minn., N. H., N. J. Listed on New York Stock Exchange. Interest paid without de-
Auth., $15.50,000; outstanding, $11,827,000. Dated July 1, 1902; due July 1, 1952. Int. at J. P. Morgan &
22.
Co., NewYork. Coupon, $1.000: reg., $1,000, $5,000, etc. Callable at 105 on two months' notice in lots of not less
than $1.000.000. A joint obligation of Louisville A Nashville R.R. and Southern Railway, and a first collateral lien
on $9,796.000 out of $10.600,000 common and on $3,873,400 cut of $5,000,000 preferred stock of the Chicago, Indian-
apolis A Louisville Ry.; being issued at the rate of $90 per share of preferred and $78 per share of common stock.
Further amounts are reserved to acquire the balance of the stock on the same basis, and the balance of $2,000,000
reserved for betterments, etc. Liability of Louisville A Nashville is for one-half ($5,898,000) of principal and int.
23. Auth., $3.000.000; outstanding. $2,500,000. Dated Dec. 1, 1902; due Dec. 1, 1952. Int at L. & N. office, New
York. Coupon, $1,000. Guar. jointly and severally, as to prin. and int by L. & N. R.R. and Nash., Chatt. A St.
Louis Ry., these companies leasing the property for 99 years from 1896. First lien on terminals at Nashville, Tenn.,
including Union Passenger and Freight station, about 32 miles of track and 35 acres of land; also an additional
land lease. Legal for S. B. in Conn.. N. H., N. J., R. I. Interest paid without deduction for normal income tax.
Auth., $10,000.000; outstanding, $9,292,000; owned by company, $708,000. Dated April 10, 1886; due Aug.
24.
1, 1936.Int at L. A N. office. New York. Coupon, $1,000. Guar. prin. and int by L. & N. R.R. by endorsement
and now assumed. First lien on 200.46 miles, as follows: Decatur to Montgomery, Ala., 182.70 miles; Helena to
Acton. Ala., 7.60 miles; other branches, 10.16 miles. Stockholders of Louisville & Nashville R.R. voted in Nov., 1! 13,
formally to merge this property, and created a new mortgage. The bonds underlie No. 25,
which provides for retire-
ment. Legal for S. B. in Cal., Conn., Mass.. Mich.. Minn., N. H., N. J., R. L, Wis. Listed on New York Stock Ex-
change. Interest paid without deduction for normal income tax.
Dated Oct.
25. Auth., $25,000,000; issued. $10,677,000; owned by company, $3,227,000; outstanding, $7,400,000.
1. 1913; Hue Oct. 1. 193. int. at L. A N. office. New York Coupon $1,000, reg. $1,000, $5,000, etc., interchangeable-
Guar. prin. and int. by L. A N. R.R. Co. and now assumed. Follow No. 24 on same property and provides for retire-
ment. Balance reserved for improvements. Legal for S. B. in Conn., Minn., N. H., R. I. Listed on New York
Stock Exchange. Normal income tax deducted from interest.
26. Dated April 1, 1915: due April 1, 1965. Int. paid at L. & N.
Auth.. $20.000.000; outstanding, $7.500,000.
Coupon, $1,000. Guaranteed principal and interest by Louisville &
office. New York Nashville Railroad by en-
City.
dorsement and now assumed. Secured by first lien on entire property of company which embraces 211.12 miles from
n to McRoberts, Ky. Further extensions are planned to Elkhorn, Ky. The lines serve very extensive coal
N. H.,
fields in these sections. Listed on New York Stock Exchange. Legal for S. B. in Maine, Mich., Minn.,
N. J., R. I., Wis. Normal income Ux deducted from interest.
Equipment Notes: Series A, 5s; dated June 2, 1913; maturing $325,000

27. each June and
J^f"^*!*??*?
Interest paid in New York and Louisville. Original issue, $6,500,000- balance unredeemed January
1,
June 1923.
1,
1917. $4.225.000. First lien on $7,226,420. Legal for S. B. in Conn, and
N. H. Interest
equipment originally costing
TABLE E Stock Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAIIE AND DETAILS OF ISSUE.

ATLANTIC COAST LINE RAILROAD SYSTEM, 165
Comparative Income Account, Tears Ended June 30

1916 1915 1914 1913 1912 1911
Rental income $26,543 $21,852 $36,135 $42,831 $32,116 $29740
Taxes 4.>,;i 2,984 3,102 3,664 2312
Fixed charges 10,026 4,887 5,160 12,836 4,000 4,858
Surplus $12,456 $13,981 $27,873 $29,995 $24,452 $23,543

Dividend paid 11,000 13,000 15,000 18,000 20,000 20000
Other deductions 3,693 6,829 593 3,595
Balance $1,456 (def.) $2,712 $6,044 $11,402 $4,452 (def.)$52

and Lou Account, year ended June 30, 1916: Credit balance at beginning of year, $44,092; credit balance
Profit
transferred from income, $1,456; miscellaneous credits, $94; total, $45,642. Contra: Credit balance carried to balance
sheet, $44,942; miscellaneous debits, $400; loss on retired road and equipment, $300; total, $45,642.

ASSETS: 1916 1915 1914
Property investment $316,476 $316,199 $311,214
Working assets 21,327 27,193 31,197
ToUl $337.803 $343,392 $342,411

LIABOJTO:
Capital stock $200,000 $200,000 $200,000
Funded debt 92,500 106,555
Working liabilities 3,562
Accrued liabilities not due 361
Profit and loss surplus 44,942 36,837 39,549
ToUl $337,803 $343,392 $342,411

Bonded Debt: (1) $52,500 Glasgow Ry. first 4s; dated Jan. 1, 1900; due Jan. 1, 1920; int. paid Jan. and July 1,
at Glasgow. Coupon, $1,000. First lien on entire road. Callable at par at any time. Rating Baa.
(2) $40,000 Glasgow Ry. second 4s; dated April 1, 1905; due April 1, 1925; int. paid April and Oct. 1, at Glas-
gow. Follows No. 1 on same property. Interest paid on both issues without deduction for normal income tax.
Rating Ba.
Auth. and issued, $100,000 6% preferred and $100,000 common, par $100. Dividends of 6% on
Capital Stock:
preferred and 4% per annum on common paid at Glasgow. Extra dividends in recent years as follows: 1911
and 1912, 10% each; 1913, 8%; 1914, 5%; 1915, 3%; 1916, \%. Preferred payments Jan. 1 and July 1, and com-
mon April and Oct. 1.
LOUISVILLE & NASHVILLE TERMINAL COMPANY

Incorporated under laws of Tennessee, March 28, 1893. Property consists of union passenger station, freight de-
pot and terminals at Nashville, Tenn. 30.65 miles of yard track and sidings. Leased jointly by Louisville & Nashville
and Nashville, Chattanooga A St. Louis at rental of 4% per annum on cost of property, proportioned on user basis.
Manaxrment: M. H. Smith, Pres.: W. L. Mapother, Vice-Pres.; W. W. Thompson, Treas.; J. H. Ellis, Sec.;
Chas. Haydon. Compt. DIRECTORS: M. H. Smith, W. L. Mapother, W. A. Northcutt, Chas. Haydon, J. H. Ellis. MAIN
OFFICE, Nashville, Tenn.
ASSETS: 1916 1915 1914
Property investment . $2,601,241 $2,600,624 $2,598,534
Working assets 8,668 8,667
Deferred debit items . 100,000 100,000 114,430
Total $2,709,909 $2,709,291 $2,712,964

Ll ABILITIES :
Capital stock . $100,000 $100,000 $100,000
Funded debt . 2,601,241 2,600,624 2,535,000
Working liabilities 218 8,667 63,534
Accrued liabilities not due.. 8,450 14,430
ToUl $2,709,909 $2,709,291 $2,712,964

Bonded Debt: $2,535,000 Louisville & Nashville Terminal Co. first 4s; dated Dec. 1, 1902; due Dec. 1, 1952; int.
paid June A Dec. 1, at L. A N. office. New York. Coupon, $1,000. Guaranteed, prin. and int., jointly and severally,
by Louisville A Nashville, and Nashville, Chattanooga A St Louis Ry., by endorsement. First lien on entire property,
L. A N. R.R. owns $35,000 of issue. For rating, see L. A N. bond table, page 161.
Capital Stock: Auth. and issued, $100,000; par $100. All owned by L. & N. R.R.
MONROE RAILROAD COMPANY

Incorporated under Georgia laws, July 2.3, 1904, succeeding to a portion of the old Gainesville, Jefferson & South-
ern R.R. Line of road: Social Circle to Monroe, Ga., 10.13 miles; sidings, 2.46 miles. Equipment: 1 locomotive and
2 cars. Makes connection with Georgia R.R.
Management: C. A. Wickeraham, Pres.; W. S. Morris, Treas; W. H. Vincent, Sec.; DIRECTORS: Jacob Phinizy,
C. A. Wirk.T-.ham, Jos. B. Cumming. W. S. Morris, W. H. Vincent, J. A. Best, H. G. Nowell, H. D. McDaniel. Annual
tting. third Tuesday in August. MAIN OFFICF., Atlanta, Ga.
1916
Gross revenue $25,973
Maintenance of way 9,915
Maintenance of equip. . .
6,430
All other op. expenses . .
18,015
Net oper. revenues. ,
Other income
Total net income. . .
Taxes
Fixed charges
./ TL. COAST LI\E R.R. SYSTEM ( L., HENDERSON ST. L. BY. CO. ). 167
LOUISVILLE, HENDERSON & ST. LOUIS RAILWAY COMPANY

NOTE: The analysis is based on officialdocuments of the company, including its annual reports of the past ten years
For Defiinitions and Key to Ratings, see pages 19-26.
Origin: Incorporated in 1896 as successor through reorganization of the Louisville, St. Louis & Texas
Railway.
Location: Lines owned, Strawberry (near Louisville) to Henderson, Ky. (near Evansville,
Ind.), 13790 miles-
Irvington to Fordsville, Ky., 43.80 miles; total owned, 181.70 miles. Trackage, Louisville to Strawberry, 5.90 miles'
Henderson to Evansville. 12.20 miles. Total miles operated, 199.80. Forms an important lint of the main line of
the Louisville & Nashville system from Cincinnati, rto Louisville to St. Louis.
Control: The Louisville & Nashville R.R. acquired control of this property in 1904-5, by the acquisition of $776 -
081 out of $2,000,000 preferred and $1,631,285 out of $2,000,000 common. On June 30, 1916, the Louisville &
Nashville had acquired in all $1,511,405 preferred and $1,721,871 common.
Management: Omcos: R. N. Hudson, Pres,: W. L. M
another, Vice-Pres.; Ridgely Cayce, Sec.; L. W. Botts,
Treas. DIRECTORS M. H. Smith, W. L. Mapother, J. H. Ellis, L. W. Botts, Oscar Fenley, J. L. Helm, J. D. Stewart,
:
R. N. Hudson, Geo. E. Evans. Annual meeting, first Tuesday in September. MAIN OFFICE, Louisville Ky.
CUMtteation of Freight Tonnage (Years Ended June 30)
YEARS
ENDED
JUNE 30.
ATL. COAST LIXE K.R. SYSTEM (L., HENDERSON % ST. L. RY. CO.). 169

ASSETS: 1916 1915 1914 1913 1912 1911 1910
Property investment $7,394,095 $7,399,086 $7,374,634 $7,342,122 $7,090,869 $6,919,244 $6,800,788
Working assets 635,492 176,266 244,411 281,572 214,485 242,309 196,119
Deferred debit items 110,348 102,682 35,458 59,995 7,131 5,404 3,897
Total $8,139,935 $7,678,034 $7,654,503 $7,683,689 $7,312,485 $7,166,957 $7,000,804
LIABILITIES :
Capital stock $4,000,000 $4,000,000 $4,000,000 $4,000,000 $4,000,000 $4,000,000

Funded debt 3,620,750
3,520,750 2,854,588 2,890,889 2,932,047 2,630,811 2.520.476
Working liabilities
Accrued liabilities not due
Deferred credit items. . . .
Appropriated surplus . . .
Profit and loss surplus . . .
Total.. $8,139,935 $7,678,034 $7,654,503 $7,683,689 $7,312,485 $7,166;957 $7,000,804
Note: The in
NASHVILLE, CHATTANOOGA & ST. LOUIS RAILWAY

NOTE: The analysis is based on official documents of the company, including its annual reports of the past ten years.
Origin: Incorporated under laws of Tennessee, Georgia, Alabama, and Kentucky, Jan. 24, 1848, under name of
Nashville & Chattanooga R.R. In 1873 acquired the Nashville & Northwestern R.R., when name was changed to
present title.
Location: Lines owned extend from Chattanooga to Nashville, Tenn., and thence to Hickman, Ky., with
branches to Columbia and Pikeville, Tenn., Huntsville and Gadsden, Ala., etc.j making 839.74 miles owned. There is
also leased, from the Louisville and Nashville, the Paducah and Memphis division of that company, consisting of
254.20 miles from Paducah to Memphis, and also the Western & Atlantic R.R., 136.82 miles, from Chattanooga south
to Atlanta and Rome, Ga. Total operated, 1,230.76 miles. Also leases, jointly with the Louisville & Nashville, the
L. & N. Terminal Co. Crosses or penetrates the States of Tennessee, Alabama, Georgia, and Kentucky. Population
of these States in 1890, 6,976,523; in 1900, 8,212,812; in 1910, 9,221,108.
Control: The company is controlled by the Louisville & Nashville, which owns $11,484,100 stock out of a total of
$16,000,000. Of the amount so owned, $8,802,400 is pledged as collateral under the Louisville & Nashville unified
4 per cent, mortgage.
Management: OFFICERS: E. C. Lewis, Chairman; John H. Peyton, Pres. and Gen. Mgr. H. F. Smith, Vice-Pres.
; ;
J. H. Ambrose, Treas.; T. A. Clarkson, Sec. DIRECTORS: E. C. Lewis, W. R. Cole, V. E. Shwab, A. H. Robinson, E.

W. Thompson, J. H. Fall, W. W. Berry, M. H. Smith, Newell Sanders, John H. Peyton, C. H. Brandon, J. H. Crichlow,
J. S. Robinson, P. D. Maddin, G. N. Tillman. Annual meeting, second Tuesday in October. MAIN OFFICE, Nashville,
Tenn. New York Transfer Office, 71 Broadway.

ATL. COAST LIXE R.K. SYSTEM (NASH., CHATT. $ ST. L. EY. CO.). 171
Note: The bonded debt outstanding per mile includes all the direct obligations of the company. 'The rentals
represent the amounts capitalized at 5% which are paid for the Paducah & Memphis division of the Louisville &
Nashville (5% of cost and 5% on improvements and betterments) and for the use of the Western & Atlantic Rail-
way, owned by the State of Georgia, which is leased for 29 years from 1890 at $35,000 per month. The investments
owned are carried at cost.

ASSETS: 1916 1915 1914 1913 1912 1911 1910
Property investments $34,349,437 $33,091,408 $32,315,545 $31,368,739 $30,406,722 $29,843,117 $28,939,576
Working assets 5,319,597 4,534,758 5,480,255 5,729,620 6,045,962 5,845,549 )
Deferred debit items 5,429,754
1,297,916 973,893 564,554 403,922 25,192 25,060 J
Total $40,966,950 $38,600,149 $38,360,354 $37,502,281 $36,477,876 $35,713,726 $34,369,330

LIABILITIES :
Capital stock $16,000,000 $16,000,000

Working liabilities 1,611,494
Accrued liabilities not due 248.825
Deferred credit items 289,661
Appropriated surplus 848,796
Profit and loss surplus 10,932,849
BALTIMORE $ OHIO RAILROAD SYSTEM. 173
TABLE E. Stock Record and Ratings (Based on 10- Year Results, Per Mile of
Road)
NAMB AND DBTAIU or IMUB.


1916 1915 1914 1913 1912 1911 1910
Gross revenues. $111,633,116 $91,796,816 $97,411,441 $101,556,131 $92,594,323 $88,145,004 $88,901,252
Maintenance of way. . .
13,917,815
.
8,985,627 12,207,191 14,019,620 11,365,454 10,279,616 11,661,410
Maintenance of equip. .
23,513,811
.
16,002,589 16,631,986 18,323,210 16,651,535 15,881,620 16,373,776
All other oper. expenses, 41,888,178 38,937,297 43,165,715 41,436,808 36,692,549 36,604,831 33,298,615
Net operating rev. . .

$32,313,312 $27,871,308 $25,356,549 $27,776,493 $27,884,785 $25,378,937 $27,567,451
Operating ratio 71.03% 74% 72.7% 70% 71.2% 69%
Outside operation* $885,246 $874,311 $666,640 $148,312 $599,634
$32,313,312 $27,871,308 $24,471,303 $26,902,182 $27,218,146 $25,230,625 $26,967,817

Other income 5,844,375 5,260,848 6,017,719 5,212,206 4,390,906 4,896,598 4,217,899
Total net income . . .
Taxes accrued
ASSETS : 1916 1915 1914 1913 1912 1911 1910
Property investment .
$641,614,252 $632,810,447 $612,528,630 $585,948,338 $564,307,576 $548,257,159 $520,178,146
Working assets 44,801,574 42,854,319 76,171,241 54,813,626 47,446,889 54,628,407 79,945,610
Deferred debit items . ,
6,157,760 3,353,603 5,414,683 4,296,879 10,622,776 2,517,870 2,069,380
Total $692,573,586 $679,018;369 $694,114,554 $645,051,843 $622,377,241 $605,403,436 $602,193,136

LIABILITIES :
Capital stock $213,967,468 $212,317,468 $212,317,468 $212,317,468 $212,317,668 $212,307,668 $212,219,788

Funded debt 420,961,240 406,325,610 402,333,776 365,674,326 343,882,779 332,135,076 321,309,137
Working liabilities 16,807,362 10,101,479 31,156,797 14,877,688 12,098,177 9,774,269 20,109,171
Accrued liabilities not due. 7,954,399 7,708,378 8,466,226 8,251,602 7,486,453 7,278,776 9,773,859
Deferred credit items. . .
5,241,697 5,968,963 4,329,266 3,789,547 3,283,011 3,055,369 2,077,401
Appropriated surplus. . .
7,034,834 4,020,957 2,706,833 2,731,050 2,554,722 2,399,859 13,326,680
Profit and loss surplus. .
20,606,586 32,575,514 32,804,188 37,410,162 40,754,431 38,452,419 23,377,100
Total $692,573,586 $679,018,369 $694,114,554 $645,051,843 $622,377,241 $605,403,436 $602,193,136
Comment: There was a further increase during the fiscal year 1916 in the outstanding funded debt of the Balti-
more & Ohio system, but no important change was shown in the capital stock outstanding. The net capitalization of
this property as measured on the mileage basis has tended to increase heavily since 1907 and now ranges at pretty
high figures, but the net income of the system has continued to be well maintained, and in 1916 the net income on net
capital equalled 6.3%, which was slightly higher than the average reported for the decade. The company had no
difficulty in disbursing 5% on the common stock. All the bond issues of this company continue to stand on high
investments bases.
While the net funded debt of the company at the close of 1916 stood approximately $100,000,000 higher than in
1910, and the fixed charges are consequently far larger than formerly, the proportion of bonded debt to capital
stock is still only 66% of the total gross capital.
Securities Owned by The Baltimore & Ohio R.R. Co., June 30, 1916
Other than those deposited with trustees of mortgages securing funded debt.
Stocks Par Value Stocks Par Value
Akron and Barberton Belt R.R. Co $25,000.00 Sandy Valley & Elkhorn Ry. Co $500,000.00
Akron Union Passenger Depot 50,000.00 Schuylkill Imp. Land Co 2,000.00
B. & O. R.R. Co., Pref. (Treas.) 1,136,818.00 Sharpsville R.R. Co 179,750.00
B. & O. R.R. Co., Com. (Treas.) 371,874.74 South Park & Royalton R.R 1,000.00
B. & O. 26th St. Stores, Inc. L 5,000.00 Spring Garden Wharf & Land Co 25,000.00
Bay Ridge & Annapolis R.R. Co 50,000.00 Syracuse Water Power Co 1,000.00
Berlin & Lovettsville Bridge Co 6,000.00 Terminal R.R. Asso. of St. Louis. 205,800.00
Calumet Grain & Elevator Co 200,000.00 Tylerdale Connecting R.R. Co 12,500.00
Camden Warehouses 5,000.00 Union Stock Yards Co. pref 100,000.00
Central Union Depot & Ry. Co. C 37,500.00 Union Stock Yards Co. Com 400,000.00
Cleveland R.R. Cons. & Equip. Co 1,000.00 U. S. Rail Company, Com : 13,000.00
Cleve., Young. & Pitts. R.R. Co 1,000.00 U. S. Rail Company, Pref 12,500.00
Connellsville, Uniontown & Wheeling R.R. 750,000.00 Valley R.R. Company of Virginia 1,704.800.00
Delaware & Western Coal Co 5,000.00 Valley Warehouse Co 5,000.00
Fairport Warehouse & Elevator Co Miscellaneous Corporations 936,669.46
300,000.00
Gaff ney & James City R.R 20,000.00
Total par value $38.668,212.29
Gauley Company 40,600.00
Greene County R.R. Co Total Ledger value 26,643,212.29
62,500.00
Hancock Bridge Co 600.00 Bonds Par Value
Highland Dis. Co 25,000.00 Akron & Barberton Belt R.R. Co., 1st Mtg. $10,000.00
Kentucky & Indiana Term. R.R. Co 25,000.00 B. & O. R.R. Co., Prior Lien (Treas.) 90,600.00
Long Fork Ry. Co 15,000.00 B. & O. R.R. Co., 1st Mtge. 4s (Treas) . . 2,024,000.00
Loudoun County & Fred. Bridge Co 6,000.00 B. & O. S. W. Div. 3%s (Treas) 8,020.00
Manor Mining & Mfg. Co 25,000.00 B. & O., Pitts. Lake Erie & W. Va. Ref. 4s
Mo. & 111. Bridge Belt R.R. Co 13,000.00 (Treasury) 50,500.00
New York City 10,000.00 B. & O. Pitts. June. &
Middle Div 330.00
Penn. & Lake Erie Dock Co 50,000.00 Bay Ridge & Annapolis R.R. 1st Mtg 50,000.00
Perry Water Co 2,500.00 Chesapeake & Ohio Canal Co., 1844 1,328.000.00
Philadelphia Bourse 1,000.00 Del. & Western Coal Co., 1st Mtge 229.000.00
Pitts. & Wheeling Coal Co 10,000.00 Pittsburgh & Baltimore Coal Co 411.000.00
Pitts. Joint Stock Yards Co 500,000.00 San Toy Coal Co. 1st M 120.000.00
Reading Co., First Preferred 6,065,000.00 Sandy Valley & Elkhorn Ry. 1st M 2,200.000.00
Reading Co., Second Preferred 14,265,000.00 Valley R.R. of Virginia, 1st Mtge 750,000.00
Reading Co., Common 10,002,500.00 Miscellaneous 7,000.00
Real Est. & Imp. Co. of Bait. City 2,500.00
Richmond- Washington Co 445,000.00 Total Bonds, Par Value $7,278.450.00
Rockcastle R.R. t!o .-
38,800.00 Total Ledger Value 6.076,972.69
TABLE D. Bond Record and Ratings (Based on 10-Year Results, Per Mile of Road)
Auth., $3,000,000; outstanding, $2,911,000; in treasury, $30,000 (closed). Dated March 10, 1887; due April 1,
6.
1937. paid at B. & O. office, New York. Coupon, $1,000. Assumed by B. & 0. R.R. First lien, 38.82 miles,
Int.
Point Pleasant to Huntington, W. Va., and second lien, subject to No. 5, on 169 miles, Benwood, O., to Point Pleasant,
W. Va. Underlie Nos. 18, 25 and 26, with provision by latter to retire at or before maturity. Legal for S. B. in Cal.,
Conn., Mass., Minn., N. H., N. Y., R. I. Listed on New York Stock Exchange. Interest paid without deduction for
normal income tax.
Auth., $9,700,000; outstanding, $650,000; deposited under No. 18, $9,050,000 (closed). Dated July 1, 1887; due
7.
July 1, 1917. Int. paid at J. P. Morgan & Co., New York. Coupon, $1,000. First lien, 171.05 miles, Rock Point to
Newcastle Gallery June, to Mt. Jewett, and other branches; second lien, 33.10 miles, subject to No. 11 on 30 miles
from Etna to Zelenople, Pa., and to No. 10 on 3.10 miles. Underlie 2nd 5s of 1941, all of which are deposited under
No. 18. Provision by No. 26 to retire at or before maturity. Legal for S. B. in Maine. Listed on New York and
Pittsburgh Stock Exchanges. Interest paid without deduction for normal income tax.
8.Auth., $2,400,000; outstanding, $441,000; balance deposited under No. 18. Dated Oct. 2, 1882; due Oct. 1,
1922. Int. guar. by P. & W. Ry., and B. & O. R.R., jointly and severally, by endorsement and now assumed by latter
company. First lien, 61.28 miles, as follows: Newcastle June., Pa., to Newton Falls, O., 42.59 miles; Newton Falls to
Lowery, and branches, 18.69 miles. Underlie Nos. 18, 25 and 26, with provision by latter to retire at or before ma-
turity. Legal for S. B. in Cal., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Wis. Listed on New York
Stock Exchange Interest paid without deduction for normal income tax. Coupon, $1,000.
9. Auth., $1,440.000; outstanding, $934,000; balance deposited under No. 16. Dated July 5, 1882; due July 1,
1922. Int. paid at B. & O. office, New York. Coupon, $1,000. First lien on terminals at Pittsburgh. Underlie Nos.
12, 18 and 26, with provision by latter to retire at or before maturity. Legal for S. B. in Maine. Listed on New
10. Auth. and outstanding, $300,000. Dated Jan. 1, 1892; due Jan. 1, 1922. Int. paid at B. & O. office, New York.
Coupon, $1.000. Guar. prin. and int. by Pitts. & Western Ry. by endorsement and now assumed by that company.
First lien, 3.10 miles. North Sewickley to ROCK Point, Pa. Underlie Nos. 7, 18 and 26, with provision by latter to
retire at maturity. Legal for S. B. in Maine. Interest paid without deduction for normal income tax.
11. Auth., $225,000; outstanding, $82,000; deposited under No. 18, $137.000 (closed). Dated June 1, 1878; due
June 1, 1917. Int. paid at First National Bank, Allegheny, Pa. Coupon, $100, $500 and $1,000. Assumed by Pitts.
& Western Ry. First lien, 30 miles, Etna to Zelenople, Pa. Underlie Nos. 7, 18 and 26, with provision by latter to
retire at maturity. Legal for S. B. in Maine. Interest paid without deduction for normal income tax.
12. Auth.. $300.000; outstanding, $243,000; balance denosited under No. 16. Dated April 2, 1894; due July 1,
1922. Int. paid at B. &O. office,New York. Coupon, $1.000. Second lien, following No. 9, on terminals at Pitts-
burgh. Underlie Nos. 18 and 26, with provision by latter to retire at or before maturity. Interest paid without de-
13. Auth., $400,000; outstanding, $296,000;
deposited under No. 18, $97,000; owned by B. & O. R.R., $7,000.
Dated July 1, 1892; due July 1, 1922. Int. paid at B. & 0. office, New York. Coupon, $1,000. Assumed by Balti-
more & Ohio R.R. First lien, 10.92 miles, from near Huntington to Kenova, W. Va. Underlie Nos. 18, 25 and 26,
with provision by latter to retire at or before maturity. Legal for S. B. in Cal., Conn., Mass., Mich., Minn., N. H.,
N. J., N. Y., R. I., Wis. Interest paid without deduction for normal income tax.
14. Auth., $75.000,000; outstanding, $74,895,400; in treasury, $104,600. Dated July 1, 1898; due July 1, 1925. Int.
paid at B. & O. office, 2 Wall Street, New York. Coupon, $500 and $1.000; reg., $1,000 and multiples. Direct or col-
lateral trust lien on 1,065.78 miles of road, as follows: First lien, on 690.94 miles, Metropolitan June, (near Bait.),
Md., to Washington June., D. C., 41.56 miles; Baltimore to Curtis Bay, 5.46 miles; Mt. Clair to Locust Point, Md.,
5.60 miles: Alexander June., Md., to Shepherd, D. C., 14.54 miles: Magnolia cut-off, 13.14 miles; Miller to Berkeley,
W. Va.. 14.52 miles; Green Sprinar to Romney, 16.08 miles; Grafton, W. Va., to Parkersburg, 102.06 miles; also to
Bellington, W. Va., 41.47 miles; Relay, Md., to Washington, D. C.. 29.40 miles; Baltimore, Md., to Wheeling, W. Va.,
375.71 miles; branches, 30.95 miles; also a first collateral lien on 374.84 miles, as follows: Mt. Savage, Md., to Pitts-
burgh, Pa., 163.36 miles; Glenwood, Pa., to Wheeling, W. Va., 63.34 miles; branches to Kendall, Md.. 19.70 miles;
line to Johnstown, Pa., 49.08 miles; to Mt. Pleasant, Pa.^ 9.70 miles; to Elm Siding, Pa., 9.93 miles; Weaverton to
Haeerstown, Md., 23.92 miles; small branches, 35.85 miles. Also first lien on entire equipment. Underlie Nos. 15, 25
and 26. with provision by No. 15 to retire at maturity. Legal for S. B. in Cal., Conn., Maine, Mass., Mich.. Minn.,
N. H.. N. J., N. Y., R. I., Vt., Wis. Listed on New York and London Stock Exchanges. Interest paid without de-
15. Auth., $165.000.000: outstanding, $79,976,000; in treasury, $2.024,000. Callable at 105 after June 30, 1923.
Dated July 1, 1898: due July 1. 1948. Int. at B. & O. office, New York. Direct or collateral trust lien on 1,658.44
miles of road, as follows: First lien on 167.37 miles from Baltimore, Md., to Delaware State line and branches. 54.34
miles; Akron. O., to Chicago June.. O, 76.45 miles: Lodi to Millersburg, O., 36.28 miles; Fairmont, W. Va., to Union-
town. Pa., 56.33 miles: Maryland-Delaware State line to Philadelphia, and branch to Landersburg, Pa., 56.61 miles;
Chicago June., O., to Township, Ind.. 257.12 miles; branches and terminal lines, 35.27 miles; also by collateral lien
on terminal property in Baltimore, Brunswick, and Cumberland, Md., Benwood, W. Va., Pittsburgh and _ Philadel-
phia: also, a direct second lien on the 690.94 miles covered by No. 14 by first lien; also a second collateral lien on the
374.84 miles covered by No. 14 by first collateral lien; also secured by first lien on one-half the stock of the Schuyl-
kill River East Side R.R., 11.83 miles,
upon which there are outstanding $5.000,000 first 4s. Letral for S. B. in Cal.,
Conn., Mass., Mich.. Minn., N. H., N. Y., R. I., Vt. Listed on New York Stock Exchange. Underlie Nos. 25 and 26,
with provision by latter to retire. Interest paid without deduction for normal income tax. Coupon, $500 and $1,000;
reg., $1,000 and multiples.
16. Auth., $20,000.000; outstanding, $6.055,950: pledged under No. 18, $8,711,550; in treasury, $69,330; balance
if issued to be also pledged. Dated November 1. 1898: due Nov. 1, 1925. Int. paid at B. & O. office, New York.
Coupon, $500 and $1.000; ree., $1.000 and multiples. First or first collateral lien on 236.38 miles of road, including
lines from Midland City to Columbus, Newark to Sandusky:second lien on 142.72 miles, following No. 4. Underlie No.
18, which makes provision for retirement. Also underlie Nos. 25 and 26. Leeal for S. B. in Cal., Conn., Mass., N. H.,
N. Y. and R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
17. Auth..$45.000000: outstanding. $44.840.980; in treasury, $159.020. Dated Jan. 1, 1899; due July 1. 1925.
Int. paid at B. & O. office, New York. Coupon, $500 and "1,000; reg., $1.000 and multiples. First collateral lien on
entire issue ($45.000.000) of B. & 0. Southwestern R.R. first 3%s of 1925, and entire issue ($4.000.000) capital stock
of B. & 0. Southwestern R.R. thus, in effect, a first mortgage on 921.44 miles on lines extending from Marietta, O.,
;
_
to
BALTIMORE OHIO RAILEDAD SYSTEM.
&,
East St. Louis, 111., with branches from Blanehester to Hillsboro, 0., from Hamden to Plymouth, 0.; from Mineral
City to Carbondale, O. ; from North Vernon to Jeffersonville and to New Albany, Ind. ; from Riverdale to Bedford
Ind.; and from Shawneetown to Beardston, 111. Underlie Nos. 25 and 26. No. 26 provides for retirement Legal
for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. J., R. I.. Vt., Wis. Listed on New York and London
18. Auth., $75,000,000; outstanding, $42,525,000; in treasury, $916,500.

Int. paid at B. A
O. office. New
Dated Nov. 1, 1901; due
York. Coupon, $1,000. Callable on and after Nov. 1, 1925 at par.
Nov. 1,
Direct or col-
179
1941.
lateral lien, covering in all 1,633.65 miles road and terminals. First lien on 191.98 mjles, as follows: to
Clarksburg
Brooklyn, W. Va., bl.08 miles; Ripley to Millwood, 12.48 miles; Lore City to Cumberland, O., 16.90 miles: Basel-
ton to Cuyahoga Falls, O., 51.66 miles; DeForest June, to Fairport, O., 49.86 miles; second lien on 649.68 miles, fal-
lowing Nos. 1, 3 6, 8, 13, 16, 19 and 24; third lien on 308.34 miles, following Nos. 6 and 16; fourth lien on 191.14
miles, following No. 2 First collateral lien on 286.04 mil -s as follows: Pittsburg & Western Ry., 214 miles; Ohio &
Little Kanawha R.R., 72.04 miles. As second collateral lisn they are secured on the securities and property covered
No. 16 (above). They are further secured by deposit with trustee of $8,711,550 of No. 16; $3,050,000 of No. 22;
13,000 of No. 21; $2,699.000 of No. 19; $97,000 of No. 13; $1,959,000 of No. 8; $15,000 of No. 24; $19,000 of No. 3.
Nos. 25 and 26. No. 26 provides for retirement. Legal for S. B. in Cal., Conn., Mass., Mich., N. H.,
N. V., R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
19. Anth., $6,000,000; outstanding, $3,301,000;

deposited under No. 18, $2,699,000. Dated Oct. 28, 1895; due
Nov. 1, 1995. Int at B. A O. office. New York. Coupon, $1 000. Guar.
prin. and int, by B. & O. R.R. by endorsement
and now assumed. First lien on 83.43 miles of road, as f Hows: Cleveland to Valley June., 0., 75.47 miles; branches,
miles; also on terminal and realty.
!
Underlie No. 18, 25 and 26, with provision by latter to retire at maturity.
Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Interest paid without de-
Auth. and outstanding. $5.000.000. Dated Nov. 24. 1893: due Oct. 1, 1933. Int paid at B. & O. office, New
20.
York. Coupon. $1,000. Assumed by B. A O. R.R. First lien, 191.14 miles, as follows: Cleveland to Bridgeport, O.,
7 miles; Bellaire to Martin'.; Fe'rry, 7.13 miles; Lester to Lorain, 23.84 miles. Underlie Nos. 18, 21, 22, 25 and
26. latter providing for retirement Legal for S. B. in 1.. Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I., Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
21. Auth.. $1,000.000; outstanding. $890.000;

deposited under No. 18; $3,000 (closed). Dated June 1, 1896; due
June 1, 1936. Int. at B. A O. office. New York. Assumed bv B. & O. R.R. Callable at 105 on thirty days' notice.
Coupon. $1.000. Second lien, following No. 20 on same property. Underlie Nos. 18, 22, 25 and 26, latter providing
rement at or before maturity. Legal for S. B. in Cal., Conn., Mass., Minn., N. H., N. Y., R. I. Interest paid
22. Auth., $10.000,000; outstanding. $"894,000;

deposited under No. 18, $3,050,000; in treasury, $56,000 (closed).
Dated Jan. 1. 1900; due Jan. 1. 1930. Int. at B. AO. office, New
York. Coupon, $1,000. Assumed by B. &
0. R.R.
Callable at 102 H
and int on thirty days' notice. Third lien, following Nos. 20 and 21 on same property. Underlie
!5 and 26, latter
providing for retirement Legal for S. B. in Cal., Conn., Mass., Minn., N. H., N. Y., R. I.
23. Anth., $260.000; outstanding. $225.000; in treasury, $3.000 (closed). Dated March 1, 1900; due March 1,
1950. Int. paid at B. A
O. office, NewYork. Coupon, $100, $500 and $1,000. Callable at 105 on ninety days' notice.
First lien. 72.04 miles. Fair Oaks to Went Marietta. O. Sufficient of No. 26 reserved to retire these bonds at or be-
fore maturity. Normal income tax deducted from interest.
24. .Anth., $400.000; outstanding. $344.000 (closed). Dated Aug. 1, 1890; due Aug. 1, 1920. Int. at B. & O.
office. New York. Coupon. $1,000. Guar. prin. and int by Ohio River R.R. by endorsement, and now assumed. First
retirement at
lien. .?2.73 miles, Ravenswood to
Spencer, W. Va. Underlie Nos. 18, 25 and 26. No. 26 provides for
maturity. Legal for S. B. in Cal., Conn.. Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Interest paid without
deduction for normal income tax.
25. Convertible l%s: Auth. and outstanding, $63.260,000. Dated March 1, 1913; due March 1, 1933. Int paid at
B. A O. office. New
York. Coupon, $500 and $1,000; reg., $500, $1,000, $5,000, $10,000 and multiples; interchange-
able. Callable as a whole on March 1. 1923. or on
any interest date thereafter at 102% and interest on 90 days
notice. Convertible at the option of the holder into common stock at $110 per share on or before February 28, 1923;
that is. $100 par value in stock will be given for $110 par value in bonds. Adjustment of interest and dividends will
be made at time of conversion. Secured by direct mortgag lien, part' passu with the new refunding and general mort-
gage, dated Dec. 1. 1915 (No. 26 below), which follows all prior liens but provides for their retirement and for retire-
ment of this issue. Interest paid without deduction for normal income tax. Listed on New
York and London btock
Exchanges. Legal for S. B. in Cal., Conn., Mass., N. H., N. Y., Vt.
26. Refunding and General 5s, Series A: Authorized (see below) ; outstanding, $60,000,000. Dated December 1,
1915; due December 1. 1995. Int. paid at B. A 0. office. New York. Coupon and reg., $500 and $1,000. Callable as
a whole on June 1, 1925 or on any interest date thereafter at 105 and interest A direct obligation of the company
and securrd. part pattu with the convertible 4%s (No. 25 above) on the entire properties of the Baltimore & <
. .
R.. subject to the various direct and assumed prior liens, being a first lien on 72.73 miles; first collateral Hen cm
2 milm: second lien on 359.35 miles: second collateral lien on 1,326.89 miles; third lien on 1.340.62 miles; third
collateral lien on 374.84 miles; fourth lien on 308.34 miles; fifth lien on 191.14 miles and a further collateral lien on i
464.71 miles: and subject to prior liens on all terminals, equipment and other property. Authorized amount
to a total which, together with all the
prior debt* of the company, after deducting
therefrom the bonds reserved to
rpfiro prior d-htg a t maturity, shall not exceed three times the then outstanding capital stock of the company, witu
tho additional limitation that when the aggregate amount outstanding, and the bonds reserved to retire prior i
shall be $600.000,000, no additional amount of bonds shall thereafter be issued, except the bonds so reserved to reti
be issued
prior debt, without the further consent of the stockholders of the company, and such additional bonds may
only to an amount not exceeding RO per cent of the cost of the work or of the property acquired. S
issue are reserved to retire No. 25 and all the prior liens. The present issue were partly used to redeem the notes
the company, maturing in 1917 and 1918, amounting to $40.000.000. and the remainder, for other uses of the corn-
pan v. No-"*] income tax deducted from interest Legal for S. B. in Cal., Conn., Maine, Mass., N. H., N. J., W. Y.,
Vt. Wis.
27. Equipment Trust 4%s of 1912: Dated February 1, 1912; due $1,000,000 each February 1 to February 1, 1922.
Original issue, $10,000,000; redeemed to date, $5,000,000; unredeemed, $5,000,000. Coupon, $1,000. Int. paid at B. &
O. office, New York. First lien on equipment of original cost of $11,112,000, which does not become the property of
the company until the entire series of certificates has been paid. Interest paid without deduction for normal income
tax.
Equipment Trust 4%s of 1913: Dated April 1, 1913; due $1,000,000 each April 1 to April 1, 1923. Original issue,
$10,000,000; redeemed to date, $3,000,000; unredeemed, $7,000,000. Coupon, $1,000. Interest paid at B. & O. office,
New York. Secured on equipment of original cash cost of $11,120,000, which does not become the property of the
company until the entire series of certificates has been paid. Interest paid without deduction for normal income tax.
Equipment Trust 4%s of 1916: Dated May 1, 1916; due $500,000 each May 1 to May 1, 1926. Original issue,
$5,000,000; outstanding, $5,000,000. Coupon, $1,000. Int. paid March and November, at Girard Trust Co., Phila-
delphia, and company's office, New York. Callable at 102% on 60 days' notice. First lien on equipment costing
$5,707,500, which does not become property of company until entire issue of certificates has been paid. Normal income
tax deducted from interest.
Investment Position: All the divisional and assumed bond issues of the Baltimore & Ohio system stand on a very
strong investment plane. As the exhibit shows, their position in the income resources of the property is unusually
strong. The "reorganization" issues are also in a very strong position especially those covering the main lines. The
convertible issue has good investment strength because of the general stability of earnings, and the large equities
which follow the issue. It now stands in a position similar to that of the new refunding 5s. The equipment obliga-
tions are, of course, additionally protected by lien on and title to the equipment.
TABLE K, Stock Record and Ratings (Based on 10- Year Results, Per Mile of Road)
<
HALT I MOKE $ OHIO RAILROAD SYSTEM. 181
BALTIMORE & OHIO CHICAGO TERMINAL RAILROAD

Incorporated under Illinois laws, Jan. 7, 1910, as successor to the Chicago Terminal Transfer R.R. Co sold at
foreclosure. Lines operated consist of 79.42 miles of terminal tracks in and about the city of
Chicago, of which 8 41
miles are operated under trackage rights. Second track, 56.79 miles; spurs, 12.08 miles; sidings, 141.20 miles. Owns
45 locomotives, 740 freight cars, 4 passenger cars and 37 service cars.
The Baltimore & Ohio Chicago Terminal Railroad derives its income not only from the use of its property by
the Baltimore & Ohio Railroad, but also from other tenants, who make use of the properties on rental bases. These
other tenants include the Chicago Great Western Railway, the Chicago, Hammond and Western R.R.
(Indiana
Harbor Belt R.R.), Suburban Railroad (Chicago &
West Towns), the Pere Marquette Railroad, the Chicago, Terre
Haute & Southeastern Railway and the Minneapolis, St. Paul and Sault Ste. Marie Ry. (Canadian Pacific sys-
tem). Income from these outside sources, it will be -noted, nets far more than the regular operating income of
the company itself.
Management: F. C. Batchelder, Pres.; H. L. Bond, Jr. Vice-Pres.; C. W. Woolford, Sec.; E. M. Devereux,

Treas. ;
J. T.
Leary, Compt; F. B. Huntington, Aud.; J. L. Nichols, Supt. DIRECTORS: F. C. Batchelder, H. L. Bond,
Jr., C. W. Woolford, Daniel Willard. C. D. Clark, L. G. Curtis. O. A. Constans. Annual meeting, Wednesday after
second Monday in October. GENERAL OFFICE, Grand Central Station, Chicago, 111.

1916 1915 1914 1913 1912 1911
Gross receipts $1,796,502 $1,554,830 $1,594,454 $1,794,351 $1,557,470 $1,451,102
All other oj>rating exps. .
;,707 729,225 813,836 897,924 787,651 792,913
Net earnings . . $436,286 $470.292 $323,021 $390,907 $293,976 $234,916

Operating ratio -:,--. fi!t>'. 79.7 ^r 78.2- :
81.1% 83.8%
Other income 1,463,965 1,343,908 1,200,348 803,548 820,236 831,218

$1,900,251 $1,814,200 $1,523,369 $1,194,455 $1,114,212 $1,066,134
Fixed chges, inc. taxes, etc. 1,768,164 1,682,417 1,685,200 1,651,926 1,481,409 1,553,633
Surplus 1132,087 $131,783 def.$161,831 def.$357,471 def.$367,197 def.$487,499
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $132,807; donations,
miscellaneous credits. $19.089; debit balance carried to balance sheet, $1,108,768; total, $1,262,211. Contra:
:
Debit balance at beginning of year, $1,122,566; loss on retired road and equipment, $99,863; delayed income debits,
$17.755; miscellaneous debits. $22.027; total, $1,262,211.

AJMFTS: 1916 1915 1914 1913 1912 1911
Working assets 1,336,264 1,291,313 1,541,354 1,375,328 1,235,231 1,402,678
Deferred debit items 2,765,603 1,977,252 2,244,977 202,948 1,927 25,093
Profit and loss deficit 1,108,768 1,122,566 1,297,359 1,231,164 871,980 501,886
ToUl $48,155,937 $43,841,267 $44,233,797 $41,817,322 $40,720,611 $39,318,023

LIABILITIES :
Capital stock $8.000.000 $8,000.000 18,000.11(1(1 $8,000,000 $8,000,000 $8,000,000

Funded debt 33,044,000 33,044,000 33,044,000 31,044,000 29,044,000 29,044,000
Working liabilities 1,971,682 1,699,518 2,168,370 1,994,278 2,897,117 1,902,841
Accrued liabilities 499,195 483,173 460,825 411,754 422,850 100,324
Deferred credit items 4,641.548 608,851 560,602 367,290 351,644 270,858
Appropriated surplus 6,712 5,725
Total $48,155,937 $43,841,267 $44,233,797 $41,817,322 $40,720,611 $39,318,023
Bonded Debt: (1) $394.000 Chicago A Great Western R.R. first 5s; dated June 1, 1886; due June 1, 1936. Int.
June and December, at Bankers' Trust Co., New York. A first lien on the terminal property of the old Chicago &
Great Western R.R. Assumed by the Chic. Term. Transfer Co., now the B. & 0. Chicago Terminal R.R.
Net Rating, Aaa.
due May 1938. Interest May and
(2) $650,000 Chicago School Board Purchase Money 5s; dated May 1, 1888; 1,
November. First lien on land on which the Grand Central Station at Chicago stands. Assumed by Chicago Terminal
Transfer R.R., now the B. A O. Chic. Term. R.R. Net Rating, Aaa.
(3) $32,000,000 B. A O. Chicago Terminal first 4s, Series A; dated April 1, 1910; due April 1, 1960. Auth. issue,
$50,000.000. The bonds outstanding are all owned by the Baltimore & Ohio R.R.; sufficient are reserved to retire the
two prior liens named above, and the balance will be available for extensions and improvements. Secured by direct
lien on entire properties,
subject to underlying mortgages.
Noe: The ratings are based not only on the statistical exhibits and averages, but other considerations are given
due weight, such as the general financial condition of the property, character of its business, relative position of the
issue, etc. For full explanation, see Introduction. For Key to Bond Ratings, see pages 19 to 21.
Capital Stock: Auth. and issued, $8,000,000. Par $100. All owned by Baltimore A Ohio Railroad Co.
OHIO & LITTLE KANAWHA RAILROAD
Incorporated under laws of West Virginia, Feb. 10, 1900, as a reorganization of the Zanesville & Ohio River Ry.
Line of road Fair Oaks to West Marietta, O., 72.04 miles trackage, Zanesville to Fair Oaks, l.C miles total opei
: ; ;
-
ated, 73.64 miles. Company is controlled by Baltimore & Ohio R.R., which owns nearly all the capital stock.
Management: Daniel Willard, Pres.; F. F. Frazier, Vice-Pres.; H. L. Bond, Jr., Vice-Pres.; C. W. Woolford, Sec.;
E. M. Devereux, Treas. DIRECTORS: F. F. Frazier, T. J. Frazier, John Tordella, T. J. Daly, J. F. Irwin, Edward Kib-
ler, D. F. Stevens, Daniel Willard, C. W. Woolford. Annual meeting, first Wednesday after first Monday in Nov.
MAIN OFFICE, Newark, Ohio.
1916 1915
Gross earnings $294,360 $298,108
Maintenance of way 72,803 53,732
All other operating exps.. 147,720 150,291
Net earnings $7,476

Other income 775
BALTIMORE % OHIO RAILROAD SYSTEM. 183

1916 1915 1914 1913 1912
Gross revenues $400,361 $367,455 $293,343 $285,785 $262,273
Maintenance of way 33,007 40,012 39,185 44,068 23,636
Maintenance of equipment 59,350 47,578 33,448 43,595 38,239
All other operating expenses. .. 225,560 220,812 175,268 176,616 161,795
Net operating revenue. $82,444 $59,053 $45,442 $21,506

Operating ratio 79.4% BJ* 84.5% 92.5%
Outside operations. 28,332 32,836
Net income . . .
$84,113 t$60,250 $73,774 $54,342
Charge* and taxes. 59,609 57,070 53,215 51,673
$24,504
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $1,991,396; balance
transferred from income, $210,179; miscellaneous credits, $49; total, $2,201,625. Contra: Dividend appropriations of
surplus, $100,000; miscellaneous debits, $255; credit balance carried to balance sheet, $2,101,370; total, $2,066,465.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . . .
$5,869,487 $5,775,103 $5,136,690 $5,337,108 $5,021,968 $4,771,309
Working assets 859,425 819,448 2,255,790 2,096,778 2,159,877 2,169,219
Accrued income not due 172 31 31 31 17 10
Deferred debit items. . . 40,411 5,034 152,683 132,733 114,969 58,950
Total $6,769,495 $6,599,616 $7,545,194 $7,566,650 $7,296,831 $6,999,488

LIABILITIES :
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000

Funded debt 3,850,000 3,850,000 5,000,000 5,000,000 5,000,000 5,000,000
Accrued liabil. not due. tlO,542 f810 21,210 19,417 13,389 33,653
Deferred credit items.. 2,646 36 73,912 2,087
Appropriated surplus... 58,287 50,202 50,202 50,202 50,202
Profit and loss surplus.. 2,101,370 1,991,396 1,778,358 1,584,178 1,462,214 1,223,845
Total $6,769,495 $6,599,616 $7,545,194 $7,566,650 $7,296,831 $6,999,488

t Reverse item.
Bonded Debt: $3,850,000 Staten Island Rapid Transit Ry. refunding 4s; dated June 1, 1905; due June 1, 1948.
First lien on entire property from Arthur Kill to South Beach, N. Y., 10.89 miles. Entire issue is owned by the B. &
O. R.R., and deposited under the Refunding and General mortgage.
Note: It will be seen that the margin of safety above the entire fixed charges is very substantial, and these
bonds are therefore to be regarded as well secured.
Capital Stock: Outstanding, $500,000. Par $100. All owned by the Baltimore & Ohio and deposited under the
latter's Refunding and General mortgage.
CINCINNATI, HAMILTON & DAYTON RAILWAY COMPANY

NOTE: The analysis is based on officialdocuments of the company, including its annual reports of the past ten years.
Origin:Incorporated in July, 1895, as a consolidation of the Cincinnati, Hamilton & Dayton R.R., the Cincin-
nati, Dayton & Ironton R.R., and the Cincinnati, Dayton & Chicago R.R. In 1903 a general consolidation was form-
ed under the name of the Great Central Railway system, embracing this property, the Pere Marquette R.R., the
Chicago, Cincinnati & Louisville R.R., and the property of the Toledo Railway & Terminal Co. This consolidation
did not prove a success, and in December, 1905, receivers were appointed for the Cincinnati, Hamilton & Dayton, the
Pere Marquette, and the Toledo Railway & Terminal Co. In the meanwhile, the Erie Railroad had controlled the
property from 1904, but in 1906 this control was rescinded. Also, on December 20, 1905, the lease of the Pere Mar-
que_tte R.R.
was rescinded by the C. H. & D. directors, and all agreements relating to the Chicago, Cincinnati & Lou-
isville were cancelled. The ownership of $11,000,000 of Pere Marquette stock was, however, retained by the com-
pany until 1911, when it was sold. On August 19, 1909, the receivers of the C. H. & D. were discharged and the com-
pany resumed possession without foreclosure. In the meanwhile, the Pere Marquette property was reorganized in-
dependently, while the Chicago, Cincinnati & Louisville has been acquired by the Chesapeake A Ohio, and is now
known as the "Chesapeake & Ohio Railway Co. of Indi na."
Location: The directly operated lines of the company consisted on June 30, 1916, of 621.53 miles, embracing the
lines from Cincinnati to Dayton, O., 60.06 miles; Dayton to Delphos, 94.62 miles; Dayton to West June, and Byers
June, to Dean, O., with branches, 160.12 miles; making a total directly owned of 314.80 miles. Proprietary lines,
Cincinnati, Findlay & Fort Wayne Ry., 91.39 miles; other controlled lines, 59.52 miles. Leased lines, Dayton and
Michigan R.R. and Home Avenue R.R., 143.98 miles; trackage rights, 11.84 miles.
In addition to the above, the company held a joint interest with the C. C. C. & St. Louis Railway in the Dayton
& Union R.R., and jointly with the Southern Railway controlled the Cincinnati, New Orleans & Texas Pacific Rail-
way ("Queen and Crescent Route").
Reorganization: On July 2, 1914, the company was again placed in the hands of receivers. In 1915, the lines
of the Cincinnati, Indianapolis & Western Railway were divorced from the main system and separately reorgan-
ized. (See statement of this company under its own heading). On Feb. 15, 1916, a plan of reorganization was
proposed for the main lines, omitting the Cincinnati, Findlay & Fort Wayne. The plan, which has now been declared
operative, embraced the following features:
(1) It is proposed that the Baltimore & Ohio Railroad Co. acquire all the securities to be issued by the new
company which is to succeed the old Cincinnati, Hamilton & Dayton Railway, and is to retain the interest in the
main line between Cincinnati and Toledo and such branches as are indicated below. In exchange for these securi-
ties, the Baltimore & Ohio Railroad will issue its own Toledo-Cincinnati Division bonds; thus making the reorgan-
ized property an integral part of the Baltimore & Ohio system.
(2) Securities to remain undisturbed embrace the following issues: $2,728,000 Dayton & Michigan Railway
consolidated 4%s due Jan. 1, 1931; $1,211,250 Dayton & Michigan 8% guaranteed preferred stock; $2,396,950 Day-
ton & Michigan 3%% guaranteed common stock; $2,000,000 Cincinnati, Hamilton "& Dayton 2nd (now 1st) 4 J/4s,
due Jan. 1, 1937; $3,000,000 Cincinnati, Hamilton & Dayton gen. 5s, due June 1, 1942.
(3) Securities disturbed and disposition of same as follows: $7,500,000 Cincinnati, Hamilton & Dayton 1st
and ref. 4s (guaranteed 'by Baltimore & Ohio Railroad) will receive 100% in new Baltimore & Ohio-Toledo & Cin-
cinnati Division 4% bonds and $10 per bond in cash; $1,677,000 Cincinnati, Hamilton & Dayton 1st and ref. 4s
(not guaranteed), will receive 85% in new Baltimore & Ohio-Toledo & Cincinnati Division 4% bonds; $3,500,000 Cin-
cinnati,Dayton & Ironton 1st 5s will receive 60% in new Baltimore & Ohio-Toledo & Cincinnati Division 4%
bonds; $225,000 Piqua & Troy Branch 1st 4s will receive 100% in new Baltimore & Ohio-Toledo & Cincinnati Division
4% bonds; $17,529,000 Cincinnati, Hamilton & Dayton gen. mortgage bonds of 1939 to receive $700.86 per bond in
cash.
BALTIMORE % OHIO R.R. SYSTEM (CIN., HAM., DA YTON RY. )
. 185
Provision is also made in plan for $1,160,000 of

equipment obligations and $22,695,143 purchase money and other
obligations held by the Baltimore & Ohio Railroad Company. The new Baltimore & Ohio-Toledo & Cincinnati
mortgage provides for retirement at or before maturity of all undisturbed underlying liens.
(For later developments consult our regular Investors Service.)
Management: OFFICERS: Judson Harmon and Rnfus B. Smith, Recs.; Daniel Willard, Chairman of Board and
Pres.; Geo. F. Randolph, Vice-Pres.; G. M. Shriver, 2nd Vice-Pres.; A. W. Thompson, 3rd Vice-Pres.; C. W. Wool-
ford, Sec.;
F. M. Carter, Asst. Sec. and Treas. DIRECTORS G. W. Perkins, C. C. F. Bent, G. H. Campbell, F. D.
:
Underwood, Oscar G. Murray, L. F. Loree, G. F. Randolph, Harry Bronner, Geo. M. Shriver, Daniel Willard, C. W.
Waolford. Annual meeting, second Tuesday in October. MAIN OFFICE, Carew Bldg., Cincinnati, Ohio.
situation of Freight Tonnage (Years Ending June 30)
Gross revenues
BALTIMORE $ OHIO E.R. SYSTEM (CIN., HAM., DAYTON RY). 187
TABLE P. Bond Record and Ratings (Based on 10- Year Results, Per Mile of Road)
NAMBorlssu*.
NAME AND DETAILS OF ISSUE.

BANGOR <% AROOSTOOK RAILROAD COMPANY 189
Note: The income of the company consists of the rental payments of the Cincinnati, Hamilton &
Dayton Rail-
way, under the lease. This income must always cover interest on bonds, 8% dividends on outstanding preferred
stock and 3 V4 %
on outstanding common stock.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment... $6,319,840 $6,319,515 $6,319,515 $6,319,515 $7,980,065 $7,980,065
Working asset* 3,882 3,388 ........ 566 566
Profit and loss (def.)... 19,137 19,956 23,344 23,344 22,778 22,778
Total. ... $6,342,859 $6,342,859 $6,342,859 $6,342,859 $8,003,409 $8,003,409
LIABILITIES:
Capital stock $3,614,559 $3,614,559 $3,614,559 $3,614,559 $3,614,559 $3,614,559
Funded debt 2,728,300 2,728,300 2,728,300 2,728,300 2,728,300 2,728,300
Working liabilities 1,660,550 1,660,550
Total. $6,342,859 $6,342,859 $6,342,859 $6,342,859 $8,003,409 $8,003,409
Bonded Debt: & Michigan R R. first 4Hs; dated Jan. 1, 1881: due Jan. 1, 1931; int paid at
$2,728,000 Dayton
J. P. Morgan It Co., New
Coupon, $1,000. Guar. prin. and int by C. H. & D. Ry. by endorsement. Guaranty
York.
assumed by new company and final payment provided for by the new Baltimore & Ohio-Toledo & Cinn. div. bonds.
Callable at 102H and interest after Jan. 1, 1917. First lien on entire property. Rating, A.
given due weight, such a* the general financial condition of the property, character of its business, relative position
of the tone, etc. For full explanation, see Introduction. For Key to Bond Ratings, see pages 19 to 21.
Capital Stock: Auth., $3,700.000 8% preferred and $3,000,000 common; outstanding, $1,211,250 preferred and
$2,403,309 common; par $60. Dividends of 8% on preferred and 3%%
on common guaranteed under the lease by C.
H. IL D. Ry. Payments quar. Jan. on preferred and semi-an. Apr. and Oct. on common. TRANSFER OFFICE, Cincin-
nati, Ohio.
HOME AVENUE RAILROAD COMPANY

Incorporated under Ohio laws Feb. 2, 1872. Line of road, Dayton to Soldiers' Home, Ohio, 2.83 miles. Property
has been leased in perpetuity to Cincinnati, Hamilton & Dayton Railway, from July 1, 1897, rental being guaranty of
fc per annum on stock and one-half of
gross earnings above $6,000 up to $10,000, which has produced 5% regu-
larly in recent years. Latter company operates the road.
Management OFFICERS: E. J. Barney, Pres.; George G. Shaw, Vice-Pres.; Oscar

: J. Baird, Sec. and Treas.
Annual meeting, second Monday in January. OFFICE, Dayton, Ohio.
Capital Stock: Auth. and issued, $100,000; par $50. Dividends in recent years as follows: 1903, 3^4%; 1904,
4%: 1906 to 1916, 6% per annum. These dividends are guaranteed up to 3% by C. H. & D. Ry. The company has
no l-.n.!.-i !.-' t
BANGOR & AROOSTOOK RAILROAD COMPANY

Origin: Incorporated under Maine laws, Feb. 13, 1891. Main lines first opened for traffic
in 1895. Owns the
entire stock, and lease* for99 years the Northern Maine Seaport R.R., which, however, is operated as part of the
system.
Location: Lines cover the northeastern section of the State of Maine, consisting of 568.02 miles of owned lines
and 57.82 miles of leased lines. Total mileage operated, 625.84 miles. The system radiates largely throughout
eastern and northern Maine, and penetrates the extensive lumber regions of that State. Transportation of lum-
ber and logs has always represented a large part of its freight business. In recent years, however, miscellaneous
freight has assumed considerable importance. The road is controlled by the Aroostook Construction Co. Popula-
tion of Maine in 1890, 661,086; in 1900, 694,466; in 1910, 742,371.
In addition to the Northern Maine Seaport Railroad, which is leased and

.trolled Properties: directly oper-
company now controls the Van Buren Bridge Company, the stock of which was purchased
ated, the in November,
'14. See statement of latter company on page 193.
Walter A. Dan-
Management :
Percy R. Todd, Pres.; James Brown, Chairman Executive Committee;
OFFICERS:
Clerk. DIRECTORS: Percy
Mgr.; J. W. Crowell, Gen. Auditor; Wingate F. Cram,
forth. Treas.; J. B. Stewart, Gen.
James Brown, Henry P.
R. Todd, T. U. Coe, John Watson, A. W.
Spaulding, Chas. E. Oak, Walter A. Danforth, Me.
Binney. C. A. Milliken. Annual meeting, third Thursday in October. GENERAL OFFICE, Bangor,
BANGOR 3 AROOSTOOK RAILROAD COMPANY 191

Note: Maine Seaport Co. (guaranteed) are included in bond column, Table C;
$4,720,000 bonds of Northern
also in "Property Investment" and "Funded Debt" in the balance sheet. I
Comment: During the year 1916, the Bangor & Aroostook reported a further increase in its bonded debt. This
bonded debt now represents about 80% of its total capitalization which is a relatively heavy one in view of the gen-
eral character of its business. However, earnings were sufficient to show a net income on net capital of 5.3%,
which was slightly higher than the average figure for the decade.
NAME OF ISSUE.
HAXGOR $ AROOSTOOK R.R. COMPANY 193
Auth. and outstanding, $1,000,000. Dated May 1, 1907; due May 1, 1937. Int. paid at Brown Bros. & Co.,
8.
New York and Boston. Coupon, $1,000. First lien, 27.96 miles, South Lagrange to Packards, Me. Legal for
S. B. in Cal., Mass., Maine. Interest paid without deduction for normal income tax.
9. Auth. and outstanding, $1,650,000. Dated Aug. 1, 1909; due Aug. 1, 1939. Int. paid at Central Trust Co.,
New York, and Brown Bros., Boston. Coupon, $1,000. First lien, 55.10 miles, Squapan to Stockholm, 47.97 miles;
Mapleton to Presque Isle, 7.13 miles. Legal for S. B. in Maine. Interest paid without deduction for normal in-
come tax.
10. Auth. and outstanding, $1,800,000. Dated Aug. 1, 1909; due Aug. I, 1939. Int. paid at Brown Bros. &
Co., New York and Boston. Coupon, $1,000. First nan, 60 miles, Van Buren via Ft Kent, to St. Francis, Me.
Legal for S. B. in Maine. Interest paid without deduction for normal income tax..
11. Auth., $900,000; retired, $765,000; outstanding, $45,000; maturing $45,000 semi-annually to Apr. 1, 1917.;
int. paid at Brown Bros. & Co., New York. Coupon, $1,000. Secured on 700 box cars, 300 flat cars, 40 stock
ears and 6 caboose, total costing $1,000,000. Interest paid without deduction for normal income tax.
12. Auth., $125,000; retired, $62,000; outstanding, $63,000; maturing $12,000 and $13,000 alternately each Oct.
1, to Oct. 1, 1921. Int. paid at Brown Bros. & Co., New York. Coupon, $1,000. Secured on locomotives cost-
ing $140,000. Interest paid without deduction for normal income tax.
13. Auth., $71,000; outstanding, $64,000; maturing, $7,000 each May 1 to May 1, 1924, and $8,000 on May 1,
1925. Int. paid at Brown Bros. & Co., New York. Coupon, $1,000. Secured on 5 superheater locomotives. In-
14. Auth., $2,500,000; outstanding, $2,000,000; dated April 1, 1916; due Apr. 1, 1918; int. paid in New York.
Coupon, $1,000. Not a mortgage. Normal income tax deducted from interest.
BESSEMER & LAKE ERIE RAILROAD COMPANY
NOTE: The analysis is based on documents of the Company, including its annual reports of the past ten years.
official
Origin: Incorporated under Pennsylvania laws, Jan. 1, 1901, and road completed in 1902. On April 1, 1901, the
company leased the Pittsburgh, Bessemer & Lake Erie R.R. for 999 years, at rental equaling interest on bonds, and
dividends of 6% on preferred and 3% on common stock of the latter, the lessee assuming the lease of the Meadville,
Conneaut Lake & Linesville R.R. The Pittsburgh, Bessemer & Lake Erie R.R. was incorporated in Pennsylvania and
Ohio, December 22, 1896, succeeding the Pittsburgh, Shenango & Lake Erie, and the Butler & Pittsburgh R.R.
Location: The operated lines of the Bessemer & Lake Erie R.R. consist of 221.50 miles as follows: Line owned,
Kremis to Osgood, Pa., 8.87 miles; leased (Pitts., Bessemer & Lake Erie), North Bessemer to Conneaut Harbor and
branches, 191.42 miles; trackage rights, 13.17 miles; leased to Union R.R., North Bessemer to Bessemer, 8.04 miles.
Control: The company is controlled by the Carnegie Company (U. S. Steel Corporation, subsidiary), which owns
all the stock and guarantees the lease of the Pittsburgh, Bessemer & Lake Erie R.R.
Management: OFFICERS: J. H. Reed, Pres.; E. H. Utley, Vice-Pres. and Gen. Mgr. D. G. Kerr, second Vice-Pres.
; ;
G. W. Kepler, Sec. and Treas. DIRECTORS: E. H. Gary, R. A. Franks, W. W. Blackburn, L. C. Bihler, D. M. Clem-
son, G. W. Kepler, E. H. Utley> D. G. Kerr, J. H. Reed. Annual meeting, second Monday in January. MAIN OFFICE,
Pittsburgh, Pa.
BESSEMER % LAKE ERIE RAILROAD COMPANY. 195
Note: Above table is based on average mileage directly operated, including both owned and leased lines. Al-
though nearly 95% of the mileage is owned by toe Pittsburgh, Bessemer & La,ke Erie, it is all leased to and oper-
ated by the Bessemer & Lake Erie R.R. "Margin of Safety" is the proportion of surplus left over after providing
for interest, rentals and all other charges.
Gross revenues
LIABILITIES :
BESSEMER $ LAKE ERIE RAILROAD SYSTEM. 197
TABLE E. Stock Record and Ratings (Based on 10- Year Results, Per Mile of
Road)
NAME AND DBTAIU or IMUB.

PITTSBURGH, BESSEMER & LAKE ERIE RAILROAD

Incorporated under laws of Pennsylvania and Ohio, Dec. 22, 1896. Is a consolidation of the Pittsburgh, She-
nango & Lake Erie and the Butler & Pittsburgh Railroads. Line of road, East Pittsburgh to Conneaut Harbor,
with various branches and spurs, 177.93 miles. Second track, 139.50 miles. Sidings, 259.20 miles. Leased to Bess-
emer & Lake Erie for 999 years from April 1, 1901, rental being interest on all bonds and other obligations, 6% on
preferred stock, 3% on common stock, the assumption of lease of Meadville, Conneaut Lake & Linesville R.R., and
all traffic contracts, etc. Lease is guaranteed by the Carnegie Steel Co. Property is operated by lessee.
Management: J. H. Reed, Pres.; J. T. Odell, Vice-Pres.; E. H. Utley, Vice-Pres.; G. W. Kepler, Sec. and Treas.
DIRECTORS: J. H. Reed, D. M. Clemson, E. H. Utley, W. W. Blackburn, L. C? Bihler, D. G. Kerr, T. H. Given, G. W.
Kepler, H. D. Williams, Thos. Morrison, R. T. Rossell, E. H. Gary, J. T. Odell, R. A. Franks. Annual meeting, first
Tuesday in April. OFFICE, Pittsburgh, Pa.

1916 1915 1914 1913 1912 1911
Rental income $1,146,631 $1,151,631 $1,156,628 $1,164,404 $1,173,015 $1,181,665
Fixed charges 726,667 731,667 736,667 744,404 753,054 761,704
Surplus 419,964 419,964 419,961 420,000 419,961 419,961
Dividends paid 419,964 419,964 419,961 420,00!) 419,961 419,961
Note: The above income account represents simply the annual rental income under the lease to the Bessemer
& Lake Erie Railroad, the latter operating the company directly. This rental revenue provides sufficient money
all fixed charges, dividends of 6% on $2,000,000 preferred and 3% on $10,000,000 common.
toîay
Comparati
ASSETS : 1916
Property investment $27,329,800
Working assets 182,255
Accrued income not due. .
159,654
Profit and loss (def.) 483,241
Total
LIABILITIES:
Capital stock . .
Funded debt
Working liabilities
Deferred credit items
Accrued liabilities not due
Total
BOSTON $ MAINE RAILROAD SYSTEM. 199
BOSTON AND MAINE RAILROAD COMPANY

NOTE: The analysis is based on official documents of the Company, including its annual reports of the
past ten years.
For Definitions and Key to Ratings, see pages 19-26
Origin: Incorporated Jan. 1, 1842, under faws of Maine, New Hampshire, and Massachusetts, as a consolidation
of the Boston & Portland R.R. of Mass., the Boston & Portland R.R. of New Hampshire, and the Maine, New Hamp-
shire and Mass. R.R. of Maine. The original line extended from Wilmington to South Berwick, and was opened Feb.
23, 1843. Further extensions were constructed from time to time and various subsidiaries acquired. The Boston &
Lowell R.R. Corporation was leased to the Boston & Maine on April 1, 1887, for 88 years. This lease included the
subsidiaries of the Boston & Lowell, viz., the Concord & Claremont, the Connecticut & Passumpsic Rivers R.R., the
Manchester & Keene R.R., the Massawippi Valley Ry., the Nashua & Lowell R.R. Corporation, the Northern R.R., the
Peterborough & Hillsborough R.R., the Peterborough R.R., Stony Brook R.R., the Wilton R.R. The Concord & Mon-
treal R.R., and leased lines were leased to the Boston & Maine for 91 years from April 1, 1895. The Fitchburg R.R.
was leased to the Boston A Maine for 99 years from July 1, 1900. This latter lease involved the control by the Boston
& Maine of the Troy A Bennington R.R., and the Vermont & Massachusetts R.R. The Connecticut River R.R. was
leased to the Boston & Maine for 99 years from Jan. 1, 1893; the Kennebunk & Kennebunkport for 99 years from
May 15, 1883; the Lowell & Andover for 99 years from Dec. 1, 1874; the Manchester & Lawrence for 50 years from
Sept. 1. 1887. In addition, the Boston & Maine controb the Vermont Valley R.R., the Sullivan County R.R., the York
Harbor A Beach R.R., the Mount Washington Ry., the f?t Johnsburg & Lake Champlain R.R., the Montpelier & Wells
River R.R., the B*rre R.R., and the Conway Electric Street Railway. It formerly controlled the Maine Central R.R.
system, through ownership of a majority of the capital stock of the latter.
Location: The directly operated lines of the Boston & Maine Railroad system on June 30, 1916, consisted of
2,298.49 miles, classified as follows: Mainlines owned, 624.54 miles (including traffic rights); main line branches
owned, 182.79 miles; main lines leased, 798.07 miles; branches of leased lines, 717.33 miles; trackage rights and elec-
tric branches, 75.76 miles. Mileage mainly in Massachusetts. New Hampshire, and Maine. Population of these
State* in 1890, 3,276,559; in 1900, 3,911,400; in 1910, 4,539,359.
Control: The Boston Railroad Holding Company (see page 198) owns a majority of the capital stock of the Bos-
ton A Maine R.R., which has been transferred to five trustees pending its sale before Jan. 1, 1918. The former com-
pany is controlled by stock ownership by the New York, New Haven A
Hartford R.R.
Receirernhip: On Aug. 21, 1916, President James H. Hustis was appointed temporary receiver by Judge Putnam
in the U. S. Circuit Court at Boston. Failure of the various interests to agree upon a reorganization plan and in-
ability to further extend mjturinT short term notes precipitated the receivership. For further details consult our
Special Investors Service.
Management: OFFICERS: Jas. H. Hustis, Pres. and Rec.; Wm. J. Hobbs, Vice-Pres. Woodward Hudson, Vice-
;
Pres.; Herbert R. Wheeler, Treas.; Arthur B. Nichols, Clerk. DIRECTORS: J. M. Prendergast, F. C. Dumaine, Chas.
W. Bosworth. Frank P. Carpenter, Jas. D. Upham, Geo. H. Prouty, Saml. Carr, Jas. H. Hustis, Chas. S. Cook, Henry
B. Day, Jas. L. Doherty, Chas. P. Hall, M. P. Knowlton, N. L. Bassett. Annual meeting, second Wednesday in Oct.
GENERAL OFFICE, North Station, Boston, Mass.
of Freight Tonnage (Years Ending June 30)
IN*
Comment: During the fiscal year ended June 30, 1916, the Boston & Maine property maintained its volume of
passenger and freight business and was able to advance its average freight train load to a higher figure. While
freight rates tended to decline, yet train mile earnings improved, and are now far higher than in earlier years. As
has always been the case, the freight tonnage on this property is well diversified and is represented very largely by
high grade freight.
YEARS
ENDED
JUNE 30.
BOSTOX ^ MAINE RAILROAD COMPANY. 201

Capitalization Per Mile of Road. * Dividend Record.
1
fa*. oJSU O^SSta. -* Total K. Net In^me

"
J?? J nd SPw Gro ~ "P* r Capital!- on
JixW>. P*rCnt PerCrot Capital. Balance xation. Net
of What*, of Whole. .-,..
Capital.
TABLE D. Bond Record and Ratings (Based on 10-Year Results, Per MUe of Road)
NAME OF ISSUE.
MAINE RAILROAD COMPANY. 203
10. Auth. and outstanding, 51,000,000. Dated June 1, 1877; due June 1, 1937. Int. paid at New York and
Boston. Coupon, $500 and $1,000. Assumed by Boston & Maine R.R. First lien from Jewett, Me., to N Conway
73.37 miles. Legal for S. B. in Me. and N. H. Listed on Boston Stock Exchange. Normal income tax de^
ducted from interest.
11. In several series: (1) $1,000,000 4s, due April 1, 1932, int. AprH and Oct.; (2) $1,250,000
5s, due Mar. 1, 1936-
int Mar. and Sept; (3) $414,000 4s, due Oct. 1917-18, int. April and Oct.; (4) $620,000 3%s, due July 1919 $319 I
000, 3%s, due Jan., 1921, int. Jan. and July; (5) $250,000 3%s, due May 1, 1923, int. May and Nov.; (6) $500,000
3%s, due Sept. 1, 1925, int. Mar. and Sept.; (7) $500,000 4s, due Nov. 1, 1926, int. May and Nov.; (8) $325000 4s
due July 1, 1927, int Jan. and July; (9) $350,000 4s, due April 1, 1929, int. April and Oct.; (10) $1,000,000 4%s,
due Feb. 1, 1933, int. Feb. and Aug. Int on all payable at Merchants' Nat Bank, Boston. Coupon, $1,000; reg.,
$1,000, $5,000, $10,000, $25,000. Not a mortgage. Int guar. under lease by Boston & Maine R.R. Normal income
tax deducted from interest Legal for S. B. in Conn., Mass.
12. Auth. and outstanding, $500,000. Dated Jan. 1, 1914; due Jan. 1, 1944. Int. paid at Mutual National Bank,
Boston. Coupon, $1,000. Int guar. under lease by Boston & Lowell R.R. and assigned to Boston & Maine R.R.
First lien from Concord to Claremont June., 56.63 miles; Contoocookville to Hillsboro, 14.27 miles; total, 70.90 miles,
all in N. H. Normal income tax deducted from interest
13.Auth. and outstanding. $1,900,000. Dated April 1, 1893; due April 1, 1943. Int paid at Boston Safe De-
posit ATrust Co., Boston. Coupon, $1,000. Guar. jointly and severally as to int by Boston & Lowell R.R. and Bos-
ton & Maine R.R. First lien from White River June., Vt, to Canada Line, 110.30 miles; on the lease of the Massa-
wippi Valley Ry. Co. (from Canadian Border to Sherbrooke and Stanstead), 35.46 miles; first collateral lien on 4,000
shares of the latter company, the shares during said lease being without voting rights and bearing no dividends. Legal
for S. B. in Conn., Me., Mass., Mich., Minn., N. J., Vt, Wis. Listed on N. Y. and Boston Stock Exchanges. Normal
income tax deducted from interest.
*
Auth. and outstanding, $5,500,000. Dated June 2, 1890 due June 1, 1920. Int paid at Boston Safe Deposit
14. ;
A Trust Co., Boston. Coupon, $1,000. Guar. as to int by Boston & Maine R.R. First lien on 201.24 miles, all in
N. H., as follows: From Groveton to Nashua, 181.07 miles; Wing Road to Mt Washington, 20.17 miles. Legal for
S. B. in Conn., Me., Mass., Mich., Minn., N. H., N. J., Vt., R. I., Wis. Listed on Boston Stock Exchange. Normal
15. In four series: Issue of June 1, 1897, auth. and outstanding, $650,000 4s. Issue of Dec. 1, 1899, auth. $500,-
000; outstanding $400,00 3 Vis; issue of June 1, 1901, auth. $1,000,000; outstanding $473,000 3%s; issue of Dec. 1,
1914, auth. and outstanding, $200,000 5s. All series due June 1, 1920. Int paid at Boston Safe Deposit & Trust Co.,
Boston. Coupon, $1,000. Guar. as to int. by Boston & Maine R.R. Not a mortgage. Legal for S. B. in Conn., N. H.
Normal income tax deducted from interest
16. Outstanding, $969,000. Dated Jan 1, 1903; due Jan. 1, 1923. Int paid at Second National Bank, Boston.
Coupon, $1,000. Guar. as to int by Boston A Maine R. R. Not a mortgage. Legal for S. B. in Mass., Conn., Me.
Auth. and outstanding, $1.000,000. Dated Sept 1, 1893; due Sept 1, 1943. Int paid at Boston. Coupon,
17.
$1,000. Guar. as to int. by Boston A Maine R.R. Not a mortgage. Legal for S. B. in Conn., Mass., Me. Listed on
Boston Stock Exchange. Normal income tax deducted from interest
18. Outstanding, $200.000. Dated Jan. 1901; due Jan. 1, 1921. Int paid at Boston. Guar. as to int by Boston
A Maine R.R. Coupon, $1,000. Not a mortgage. Legal for S. B. in Conn., Mass., Me. Normal income tax deducted
from interest
1. Outstanding, $500,000 4s; dated June 1, 1890; due June 1, 1920. Int. paid at company's office, Boston. Listed
on Boston Stock Exchange. Outstanding, $500,000 3%s; dated Oct 1, 1900; due Oct. 1, 1920. Int. paid at company's
office, Boston. Outstanding, $1,775,000 3Hs; dated Oct 1, 1901 due Oct. 1, 1921. Int. paid at company's office, Boston.
;
Auth. and outstanding, $3,660,000 4s; dated May 1, 1905; due May 1, 1925. Int paid at company's office, Boston. Out-
Listed on Boston
standing. $2,750,000 4s; dated Mar. 1, 1897; due Mar. 1, 1 27. Int paid at company's office, Boston.
Stock Exchange. Anth. and outstanding, $2,000,000 4s; dated April 1, 1907; due April 1, 1927. Int paid at com-
pany's office Boston. Outstanding, $1,450,000 4s; dated Jan. 1, 1898; due Jan. 1, 1928. Int. paid at company's office,
Boston. Listed on Boston Stock Exchange. Auth. and outstanding, $2,400,000 4%s; dated May 1, 1908; due May 1,
1928. Int. paid at Treasurer's office, Boston. Anth. and outstanding, $1,200,000 4%s; dated Jan. 1, 1912; due Jan.
1. 1932. Int paid at company's office, Boston. Outstanding, $5,000,000 4s; dated Feb. 1, 1887: due Feb. 1, 1937.
Int. paid in Boston. Outstanding, $400,000 4Hs; dated Jan. 1, 1913; due Jan. 1, 1933. Int. paid in Boston. Out-
standing, $1,872,000 5s; dated Jan. 1, 1914; due Jan. 1, 1934. Int. paid in Boston. All issues, coupon, $1,000, and
reg., $1.000 and multiples. All bonds guar. as to int by Boston A Maine R.R. Direct obligation of the company, but
not mortgages. Legal for S. B. in Conn., Mass. Normal income tax deducted from interest.
at Fitch-
20. Auth., $1.600,000; outstanding, $573.000 (closed). Dated July 1, 1874; due July 1, 1924. Int. paid
as to int
bnrg R.R. Co.'s office, Boston. Coupon, $1,000; reg. $1,000 to $10.000. Assumed by Fitchburg R.R. Guar.
by Boston A Maine R.R. First lien from Troy, N. Y., to New York- Vermont State line, 40.30 tniles; also on a one-
Wis.
quarter interest in the Troy Union R.R., 2.03 miles. Legal for S. B. in Conn., Mass., Me., Mich., Minn.. N. J.,
Bos-
21. Outstanding, $772.000. Dated May 1. 1903; due May 1, 1923. Int. paid at Fitchburg R.R. Cp.'s office,
ton. Coupon and reg., $1,000. Guar. prin. and int by Fitchburg R.R., which guarantee was assumed by Boston &
Maine R.R. Not a mortgage. Legal for S. B. in Conn., Mass. Normal income tax deducted from interest.
office of Boston
Auth.. $300,000: outstanding, $274,000. Dated Jan. 1, 1892; due Jan. 1, 1922. Int. paid at
22.
R.R.. Boston. Coupon, 11,000. Guar. as to int by Boston A Maine R.R. by endorsement. Not
A Maine a mortgage.
Legal for S. B. in N. H. Normal income tax deducted from interest
23.Anth. and outstanding, $100,000. Dated July 1, 1897; due July 1, 1917. Int. paid at First Nat Bank, Bos-
ton. Guar. prin. and int. by Boston A Maine R.R. and Boston A Lowell R.R. jointly and severally. Coupon, $500.
Firrt lien on 18.51 miles from Peterborough to Hillsborough, N. H. Legal for S. B. in Me. and N. H. Normal in-
come tax deducted from interest.
24.Auth., $1,789,000; outstanding, $1,265,000. "A," $150,000, dated Jan. 1, 1906; due Jan. 1, 1935'; "B," $735,-
000, dated Jan. 1, 1890; due Jan. 1 1930; -"C," $380,000 dated Oct. 1, 1894; due Oct. 1, 1934. Int. paid at American
Trust Co., Boston. Coupon, $1,000. Assumed by Boston & Maine R.R. First lien from Worcester, Mass., to Nashua,
N. H., 47 miles. Legal for S. B. in Me., N. H. Normal income tax deducted from interest.
25. Auth. and outstanding, $17,000,000. (See below.) Dated June 2, 1913; due Mar. 2, 1915; extended to Aug.
31, 1916. Interest paid at Boston, at rate of 6%. Not a mortgage. Normal income tax deducted from interest.
26. Auth. and outstanding, $10,000,000. (See below.) Dated Feb. 3, 1913; due Mar. 2, 1915; extended to Aug.
31, 1916. Interest paid in Boston. Coupon, $5,000 and $10,000. Normal income tax deducted from interest.
Note: On June 30, 1916, notes outstanding amounted to $13,306,060. Payment was not made at maturity and
principal is now in default.
27. Notes of Leased Lines: On June 30, 1916, the following notes of leased lines were outstanding: $1,359,000
Fitchburg R.R. Co. 6% notes, dated Feb. 15, 1916, due Feb. 15, 1917; $750,000 Fitchburg R.R. 6% notes, dated June
1, 1915, due June 1, 1917; $500,000 Fitchburg R.R. Co. 5% notes, dated June 30, 1916, due June 30, 1917; $2,000,000
Connecticut River R.R. 6% notes, dated June 2, 1915, due July 17, 1917; $450,000 Connecticut River R.R. 6% notes,
dated June 1, 1915, due July 17, 1916; $2,300,000 Vermont Valley R.R. 6% notes, due July 17, 1916, guar. by Conn.
River R.R. and endorsed by B. & M. R.R. Total notes of leased lines outstanding, $7,359,000. Normal income tax
Rate Amount Average Dividend

Factor
BASIS FOR RATING.
and Outstand- Income Required Net
NAME AND DETAILS OF ISSUE. Date Available per Mite
of
Rating.
Dividends. Safety.
pe r Mile. per Mile. of System. Equity. Salability.
1. Boston & Lowell R.R. gtd. stock 8% J&J $69,200 $270 49% High Fair Ba.
Par $100. Outstanding, $7,679,400.
2. Conn. & Passumpsic Riv. R.R. gtd. stock. . .
6% F&A 22,720 66 49% Ba.
Par. $100. Outstanding, $2,500,000.
3. Massawippi Valley Ry. gtd. stock 6% F&A 11,270 11 49% Ba.
Par $100. Outstanding, $400,000.
4. Nashua & Lowell R.R. Corp. gtd. stock 9% M&N 55,180 32 49% Baa.
5. Northern R.R. (N. H.) gtd. stock ,6% Qu J 37,000 82 49% Ba.
6. Peterborough R.R. gtd. stock |4% A&O 36,800 7 49% Ba.
7. Stony Brook R.R. gtd. stock 7% J&J 23,000 9 49% Ba.
8. Wilton R.R. gtd. stock 8J%A&O 15,500 8 49% Ba.
Par $100. Outstanding, $240,000;
9. Concord & Montreal R.R. gtd. stock \7% Qu J 22,440 251 49% Ba.
10. Concord & Portsmouth R.R. gtd. stock. . . .
'
7% J&J 9,000 * 9 SQ9 11 49% Ba.

11. Pemigewasset R.R. gtd. stock 6% F&A 23,500 14 49% Ba.
12. Suncook Valley R.R. gtd. stock 3% J&J 20,000 4 49% Ba.
13. Connecticut River R.R. gtd. stock 10% J&J 36,730 140 49% Ba.
14. Fitchburg R.R. gtd. pfd. stock 5% Qu J 47,820 410 49% Ba.
15. Troy & Bennington R.R. gtd. stock !lO% F&A 30,000 7 49% Ba.
16. Vermont & Mass. R.R. gtd. stock :6% A&O 54,500 83 49% Ba.
17. Kennebunk & Ken'port R.R. gtd. stk 4^%M&N 14,440 1 49% Ba.
18. Lowell & Andover R.R. gtd. stock 18% J&D 70,700 20 49% Ba.
19. Manchester & Lawrence gtd. stock 10%M&N 44,450 42 49% Ba.
Par $100. Outstanding, $1,000;000.
20. Boston & Maine R.R. pfd. stock See text 14,000 547' Fair Caa.
21. Boston & Maine R.R. common stock j
None 17,542 Poor C.
*After allowance for guarantees, floating debt, int., etc.
Present Position of Guaranteed Stocks: The ratings given on the several guaranteed stock issues of the Boston
& Maine Railroad should be accepted with the following facts in view. The Boston & Maine R.R. has made applica-
tion to the legislatures of the several states within its territory looking to the revision of a number of these guar-
antees, or their abrogation. No definite plan for adjusting the leases has yet been adopted, but in view of the heavy
rental charges of the Boston & Maine, it will be necessary to make certain readjustments, either of the dividend
rates or of the general terms of the leases. One of the proposals is that certain of the guaranteed stocks be ex-
changed for preferred stock of the Boston & Maine and the properties be directly merged. This change might tend to
reduce the investment value of many of the above issues. On the other hand, a more favorable adjustment of the mat-
ter, from the standpoint of the various issues, would tend to advance their investment value.
BOSTOX cS;
MAIXE RAILROAD COMPANY. 205
REFERENCE NOTES ON STOCK ISSUES

Road leased to Boston & Maine until 1986, and 8% div. guaranteed on stock. Boston & Maine owns $561,900.
1.
Legal for Savings Banks in N. H. and Me. Company owns 111.27 miles; Boston to Lowell, Lawrence and branches.
2. Leased to Boston A Lowell until 1986, with guarantee of 6% on stock: lease assumed by Boston & Maine.
Legal tor S. B. in N. H. and Maine. Company owns 110.3 miles, White River June., Vt., to Canada line.
3. Leased for 999 years to Conn, and Passum. Rivers R.R. at same stock rental as latter receives from Boston
i Maine (6%). Guarantor also owns $400,000, which receives no dividends. Legal for S. B. in N. H. and Maine.
Company owns 35.46 miles, Canada line to Lennoxville, Que., Beebe June, to Stanstead, Que.
4. Leased until 1979 to Boston A Lowell at rental of 9% on stock; lease assumed by Boston & Maine. Legal
for S. B. in N. H. and Maine. Company owns 14.5 miles, Lowell, Mass., to Nashua, N. H.
.".. Leased to Boston & Lowell until 1989, at rental of int. on bonds and 6% on stock; lease assumed by Boston
fe Maine. Legal for S. B. in N. H. and Maine. Company owns 82.91 miles, Concord to White River June, and Frank-
lin to Bristol.
Leased to Boston A Lowell at rental of 4% on stock leased assumed by Boston & Maine. Boston & Lowell
6. ;
owns Legal for S. B. in N. H. Company owns 10.5 miles, Wilton to Greenfield, Mass.
133,100.
7. Leased to Boston A Lowell until 1989 at rental of 7% on stock; lease assumed by Boston & Maine. Legal
for S. B. in N. H. and Maine. Company owns 13.16 mile-, N. Chelmsford to Ayer, Mass.
8. Leased to Boston and Lowell until 1982 at rental of 8V4% on stock; lease assumed by Boston & Maine.
Legal for S. B. in N. H. and Maine. Company owns 15.5 miles, Nashua to Wilton, N. H.
9. Leased to Boston A Maine until 1986; rental, assumption of all obligations and 7% on stock. Stock is in
four classes, all equally secured. Legal for S. B. in N. H. and Maine. Company owns 368.17 miles in southern New
Hampshire.
10. Leased to Concord A Montreal R.R. until 1961 at rental of 7% on stock; lease assumed by Boston & Maine.
Legal for S. B. in N. H. and Maine. Company owns 39.87 miles, Portsmouth to Manchester, N. H.
11. Leased to Boston, Concord A Montreal R.R. until 1982 at rental of 6% on stock; lease assumed by Boston &
Maine. Legal for S. B. in N. H. and Maine. Lessee owns $38,100. Company owns 22.93 miles, Plymouth to Lin-
coln. N' II
Leased to Concord A Montreal R.R. until 1912 at rental of 6% on stock; lease assumed by Boston
12. & Maine.
Lease extended to 1916, at 3% on $240,000 stock. Company owns 17.14 miles, Suncook to Pittsfield.
13. Leased to Boston A Maine R.R. until 1992 at rental of interest on bonds and 10% on stock. Legal for S. B.
in N. H. and Maine. Company owns 88.36 miles, Springfield to Brattleboro and branches.
1 leased to Boston A Maine until 1999 at rental of 5% on preferred stock, 1% on common stock, and as-
.
sumption of all obligations. No common now outstanding in hands of public. Preferred legal for S. B. in N. H. and
Maine. Company owns 394.14 miles, Boston to Troy, N. Y., and branches.
15. leased in perpetuity to Fitchburg R.R.; rental 10% on stock; lease assumed by Boston & Maine. Legal for
S. B. in N. II. and Maine. Company owns 6.04 miles, Hoosick June., N. Y., to Vermont State line.
16. Road leased to Fitchburg R.R. for 999 years at rental of interest on bonds and 6% on stock; lease assumed
by Boston A Maine. Legal for S. B. in N. H. and Maine. Company owns 58.58 miles, Fitchburg to Greenfield and
Turners Falls.
17. Leased to Boston A Maine until 1982 at rental of 4%% on stock. Legal for S. B. in N. H. Company owns
<" nebunk to Kennebunkport, Me.
lf>. leased to Boston A Maine until 1973 at rental of $52,500 per anum. Legal for S. B. in N. H. Company
owns 8.85 miles, Lowell to Lowell June., Mass.
19. Leased to Boston A Maine until 1937; rental int. on bonds and 10% on stock. Legal for S. B. in N. H.
Company owns 22.39 miles, Manchester, N. H., to Mass. State line.
20. Preferred in entitled to G r non-cumulative dividends, but has no preference as to assets. Dividends were
',
paid at full rate until Sept., 1913; none since. Listed on Boston Stock Exchange.
21. In Oct.. 1912, stockholders authorized an increase- in the issue of $10,663,700, but none of this has been sold
as yet. Dividends were regularly paid on this stock without interruption for over 70 years, at rates varying from
rn 1901 to 1909 the rate was 1%; in 1910, 6%; in 1911, 5%%; in 1912, 4%; in 1913, 3%;
nono
since. Listed on Boston Stock Exchange.
COMPANIES CONTROLLED BY BOSTON & MAINE RAILROAD, DIRECTLY OPERATED

BARRE AND CHELSEA RAILROAD COMPANY
Barre R.R. and the E.ast Barre A
Incorporated under laws of Vermont in Sept.. 1913, as a consolidation of the R. R.
Isea R.R. Line of road, Barre, Vt, to East Barre, etc., 24.59 miles. Controlled by Vermont Valley
and Treas;
*ement: Mmrnw: Jas. H. Hustis. Pres.; H. E. Folsom, Vice-Pres. ;J. G.Farwell, Clerk Brock. An-
J. W.
W. Hnbhs, Compt. DIRECTORS: Jas. H. Hustis, H. E. Folsom, W. J. Hobbs, W. B. C. Stickney,
J.
nual meeting, third Thursday in September. OFFICE, Barre, Vt.

(Barre Railroad only until 1914)
1914 1913 1912 1911 1910
1916 1915
$111,265 $124.414 $102,808 $133,621
Gross earning, $130.960
. . $108.273 $123.578 $123.438
42.809 30,210 32,596 10,954 24,917
earning? 26.669 23.838 37.816 46.215
75.944 54.102 57,753 33,013
Total net im-ome.. 53.975 49.165 67.539
22,000 24,000 20,000 dO.UU
Dividends paid 20,000
. 20,000 20,000 20,000
Dividends of fror
Ml Stock- Auth. and issued. $400.000, of which Vermont Valley R.R. owned $398,900.
B to 7H% paid for many years; 1913 to 1916, 5% each.
MONTPELIER AND WELLS RIVER RAILROAD
Incorporated under laws of Vermont in 1867. Line of road, Montpelier to Wells River with branches, 40 miloe.
In Sept., 1913, the Barre Branch R.R., operating 3% miles, was merged. Total now operated, 45 miles.
Management: OFFICERS: Jas. H. Hustis, Pres.; H. E. Folsom, Vice-Pres. J. G. Farwell, Clerk and Treas.;
;
Wm. J. Hobbs, Compt. DIRECTORS: Jas. H. Hustis, H. E. Folsom, Wm. J. Hobbs, W. B. C. Stickney, James W.
Brock. Annual meeting, third Thursday in September. OFFICE, Montpelier, Vt.

1916 1915 1914 1913 1912
Gross earnings $293,048 $275,827 $289,388 $271,604
Net earnings 57,345 51,212 62,634 65,214
Total net income 61,093 55,227 65,699 69,502
Fixed charges, taxes . .
43,689 39,100 44,406 40,160
Balance $17,404 $16,127 $21,093 $28,641

Dividends .
13,422 26,844 26,843 40,000
Surplus
BOSTON &, MAINE RAILROAD COMPANY.
ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 29,986 29,000 27,843 39,635 47,643 41,878
Total $350,248 $346,815 $343,846 $344,253 $348,596 $342,831

LIABILITIES:
Capital stock $300,000 $300,000 ?300,000 $300,000 $300,000 $300,000
Working liabilities 8,936 11,949 10,222 3,634 40 10
Accrued not due
liabilities 365 432 448 433 433
Appropriated surplus .... 953 953 953 "953 953 953
Profit and loss surplus . . . 39,994 33,481 32,223 39,666 47,170 41,435
Total $350,248 $346,815 $343,846 $344,253 $348,596 $342,831
Capital Stock: Auth. and outstanding, $300,000; par $50. The Boston & Maine R.R. owns $266,900. Dividends :
1908 and 1909, 4% each; 1910 and 1911, 2% each; 1912 (Dec.), 3%; 1913, 3%; 1914, 1915 and 1916, none No bonds.
VERMONT VALLEY RAILROAD

Line of road, Bellows Falls to Brattleboro, Vt.. 24.72 miles. Second track, 14.44 miles. Sidings, 6.06 miles.
Operated by Boston & Maine R.R. as agent, but controlled by Connecticut River R.R. through stock 'ownership.
Owns 11 locomotives and 195 cars.
*
The latter road is controlled by the Boston & Maine through lease, and is directly operated by that company.
The Vermont Valley R.R. owns the entire capital stock of the Sullivan County R.R., nearly all the stock of the
Montpelier & Wells River R.R., nearly alf the stock of the Barre & Chelsea R.R., $100,000 stock of Massawippi Val-
ley R.R., and $700,000 out of $2,500,000 outstanding stock of the Connecticut and Passumpsic Rivers R.R.
Management: Jas. H. Hustis, Rec.; H. E. Folsom, Pres. W. J. Hobbs, Vice-Pres. and Compt; John H. Wil-
;
liams, Treas. and Clerk. DIRECTORS: Hugh Henry, H. E. Folsom, W. B. C. Stickney, W. J. Hobbs, J. G. Sargent,
G. R. Yerrall. Annual meeting, first Wednesday in October. OFFICE, Bellows Falls, Vt.

1916
Gross earnings
Net earnings
Net income
Fixed charges, etc.
Surplus
Dividends (10%)
BUFFALO, ROCHESTER $ PITTSBURGH RY. CO. 209
BUFFALO, ROCHESTER & PITTSBURGH RAILWAY COMPANY

NOTE : The analysis is based on documents of the company, including its annual reports of the past ten years.
official
Origin: Incorporated March 11, 1887, as a consolidation of the Buffalo, Rochester & Pittsburgh Railroad and the
Pittsburgh & State Line Railroad; succeeding the old Rochester & Pittsburgh Railroad which was formed in 1881.
Company has a joint interest in the Ontario Car Ferry Co., Ltd., with the Grand Trunk Railway Co., of Canada.
Formerly owned practically all the stock of the Rochester & Pittsburgh Coal & Iron Co., but this was acquired by the
Mahoning Investment Co. in 1906 (see that company in "Moody's Analyses of Public- Utilities and Industrials'").
Location: Total mileage operated consisted, June 30, 1916, of 586.48 miles as follows: Lines owned: Rochester
to Ashford. N. Y.. 93.70 mil**; Buffalo Creek, N. Y., to Mt. Jewett, Pa., 97.95 miles; Clarion June, to
Lindsey, Pa.,
9.09 miles; branches owned, 116.32 miles; total owned, 367.06 miles. Leased lines:' Clearfield &
Mahoning Ry., Clear-
field to Beech Creek June. Pa., 25.70 miles; Allegheny & Western Ry.,
Punxsutawney to Butler, Pa., and branches,
9 miles; Mahoning Valley R.R., 1.89 miles; Allegheny Terminal Ry. (Pittsburg), 0.12 mile; trackage rights,
129.52 miles. The leased lines are all directly operated. Mileage in western New York and western Pennsylvania,
penetrating the bituminous coal regions. Population of these States in 1890, 11,255.927; in 1900, 13,571,009; in 1910,
16,778,725.
ManaRemt-nt: OrriCXBS: William T. Noonan, Presj Adrian Iselin, Jr., Vice-Pres.; W. Emlen Roosevelt, Vice-
Pres.; Thos. F. Brennan, Vice-Pres.; E. F. Robinson, Gen. Mgr.; John F. Dinkey, Audt. and Treas.; Ernest Iselin,
Sec. and Asst Treas.; Arthur C. Durfee, Asst. Treas. DIRECTORS: Adrian Iselin, Jr., Walter G. Oakman, Samuel
Woolverton. Wm. E. Iselin, Henry G. Barbey, C. O'D. Iselin, Oscar Grisch, W. Emlen Roosevelt, Ernest Iselin, Will-
iam T. Noonan, Hamilton F. Kean. Go. Emlen Roosevelt, O'Donnell Iselin. Annual meeting, third Monday in No-
vember. NEW YORK OFFICE, 36 Wall Street, GENERAL OFFICE, Rochester, N. Y.

YEARS
ENDED
JUNE 30.
BUFFALO, ROCHESTER $ PITTSBURGH RY. CO. 211

1916 1915 1914 1913 1912 1911
Property investment . .
$50,415,220 $49,602,147 $47,872,754 $44,977,509 $42,724,583 $41,202,043
Working assets 5,618,835 4,771,049 4,889,323 5,477,850 5,488,440 5,179,757
Deferred debit items... 1,290,738 1,996,774 3,077,749 1,356,251 1,282,750 962,148
Accrued income not due 72,677 75,759 242 233 472 74
Total $57,397,470 $56,445,729 $55,840,068 $51,811,843 $49,496,245 $47,344,022

LIABILITIES:
Capital stock $16,500,000 $16,500,000 $16,500,000 $16,500,000 $16,500,000 $16,500,000
Funded debt 30365,000 31,373,000 30,913,000 27,388,000 26,429,000 25,479,000
Working liabilities .... 1,039,194 873,888 1,176,097 1,089,880 1,056,708 806,528
Accrued liabil. not due 461,229 451,506 295,815 283,584 282,747 338,163
Deferred credit items . . 1,273,227 1,181,678 994,068 840,370 544,291 413,613
Appropriated surplus . . 3,293,066 2,644,672 1,997,080 1,510,296 1,061,500 686,500
Profit and loss surplus. 3,965,754 3,420,985 3,964,008 4,199,713 3,621,999 3,120,218
Total $57,397,470 $56,445,729 $55,840,068 $51,811,843 $49,496,245 $47,344,022

Note: The bonded debt as shown above, includes all mortgages, equipment notes, construction and improvement
notes, but not the income bonds of the old R. & P. R.R., which are practically all owned and in trusteeship. The rent-
als as capitalized cover the guaranteed issues and leases of Allegheny & Western, Clearfield & Mahoning, Mahoning
Valley, etc.
Prior to 1907 the entire stock of the Rochester & Pittsburgh Coal and Iron Co. was owned, and through that com-
pany the Jpfferso Clearfield Coal and Iron Co. was controlled. In 1906 the stock of the R. & P. C. & I. Co. was
transferred (subject to gen. mortgage lien) to the Mahoning Investment Company in exchange for $4,125,000 stock
of the latter, which was distributed in December, 1906, to the preferred and common stockholders of the road. For
"
full analysis of the Hahoning Investment Co. see Moody 's Analyses of Public Utilities and Industrials."
Comment: During the fiscal year ended June 30, 1916, the only change in the capitalization exhibit of this
property was a slight decrease in the bonded debt. While the property as measured on the mileage basis appears
to be quite heavily capitalized, yet the earning power is such as to enable the company to easily carry this capitaliza-
tion. Net income on net capital in 1916 reached 8.2%. which is much higher than the average for the decade. The
credit of this property is a strong one. and all of its bond issues appear to be unusually well secured.
TABLE I). Bond Record and Ratings (Based on 10- Year Results, Per Mile of Road)
laVl-K.
also, second lien on 109.33 miles, following No. 1. Underlie Nos. 6 and 7, with provision for retirement by No. 7.
Legal for S. B. in Cal., Conn., N. H., N. Y., R. I. Listed on New York Stock Exchange. Normal income tax deducted
from interest.
3. Auth. and outstanding, $350,000. Dated Jan. 1, 1889; due Jan. 1, 1939. Int. paid at 36 Wall St., New York.
Coupon, $1.000. Guar. prin. and int. by B. R. & P. Ry. by endorsement. First lien, 10.30 miles, Lincoln Park to
Charlotte, N. Y. Underlie No. 7, which provide for retirement at maturity. Legal for S. B. in Cal., Conn., Maine,
Mich., Minn., N. H., N. J., N. Y., R. I. Normal income tax deducted from interest.
4. Dated Oct. 1, 1898; due Oct. 1, 1998. Int. paid at 36 Wall St.,
Auth., $2,500,000; outstanding, $2,000,000.
New York. Coupon, $1,000. Guar. prin. and int. by B. R. & P. Ry. by endorsement. First lien, 62.19 miles, Lindsey
to Butler, and Craigsville branch Pa. Legal for S. B. in Conn., Maine, Mich., Minn., N. H"., N. J., R. I., Wis.
5. Auth. and outstanding, $650,000. Dated Jan. 3, 1893; due Jan. 1, 1943. Int. paid at 36 Wall St., New York.
Coupon, $1,000. Guar. prin. and int. by B. R. & P. Ry. by endorsement. First lien, 25.70 miles, DuBois June, to
Clearfield, Pa. Legal for S. B. in Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York Stock
6. Auth., $10,000,000; outstanding, $4,427,000 (limited to $4,780,000). Dated Sept. 1, 1887; due Sept. 1, 1937.
Int. paid at 36 Wall St., New York. Coupon, $1,000. First lien on 18.89 miles, Howard June, to J. & B. Jet., Pa.;
second lien on 125.01 miles following No. 2; third lien on 109.33 miles, following No. 1. Underlie No. 7, with pro-
vision by latter to retire at or before maturity. Legal for S. B. in Cal., Conn., N. H., N. Y., R. I. Listed on New
York Stock Exchange. Normal income tax deducted from interest.
Auth., $35,000,000; outstanding, $9,712,000. Dated May 1, 1907; due May 1, 1957. Int. paid at 36 Wall St.,
7.
New York. Coupon, $1,000; reg., $1,000 and $5,000. First lien on 103.53 miles, as follows: Indiana June, to Jose-
phine, Pa., 44.70 miles; Creekside to Iselin, Pa., 18.53 miles; Perry to Silver Springs, 6.49 miles; branches, 33.91
Miles; also second lien on 29.19 miles, following Nos. 3 and 6; also third lien on 125.01 miles, following No. 2; also
fourth lien on 109.33 miles, following No. 1, also a first lien on one-half interest in the stock of the Lake Ontario
Ferry Co., Ltd., and on realty and terminal properties in Concord, Rochester, Buffalo, Bradford and Allegheny, sub-
ject to existing prior mortgages; also secured on 89.9 miles of leaseholds and 129.52 of trackage rights. Legal for S.
B. in Cal., Conn., Maine, Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Listed on New York Stock Exchange. Interest
8 to 15. Secured on equipment. Sinking fund of Series A, B, and C requires that 5% per annum be invested in
these bonds if they can be bought at or below par; otherwise in additional equipment for the trust. Sinking fund
of Series D and E requires that 6% per annum be employed on Sept. 1 of each year to purchase bonds at 105 and
int.; otherwise to draw by lot at this price. D and E are redeemable at 105 on six weeks notice. Sinking fund of
series F requires that 6% annually on Aug. 1 be paid to trustees to purchase bonds at par; otherwise to draw at par.
The issue is callable at 102 on six weeks' notice. Sinking fund of Series G requires that 6% per annum be employed
on Feb. 1 for cancelation of bonds. No sinking fund on Series H, but bonds mature $125,000 each Jan. 1 from 1915
to 1930. Outstanding June 30, 1916: Series A, $495,000; Series B, $993,000; Series C, $904,000; Series D, $613,000;
Series E, $924,000; Series F, $1,597,000; Series G, $2,276,000; Series H, $1,750,000. Interest paid without deduc-
tion for normal income tax.
TABLE E. Stock Record and Ratings (Based on 10- Year Results, Per Mile of Road)

CAROLINA, CLINCHFIELD $ OHIO RY. CO. 213
3 and 4. Auth. amount of preferred is $6,000,000; of common, $12,000,000. Dividend record is as follows- On
preferred: 1888, 2%%; 1892, 2H%; 1898 and 1899, 2% each; 1900, 4%; 1901 to date, 6% per annum. On common-
1901, 2% ; 1902, 4% ; 1903, 4 ft %
\
1904 to 1907, 6% ; 1908, 5% ; 1909 and 1910, 4% ; 1911, 4%%
; 1912, 5% ; 1913, 6% ;
1914, 6%; 1915 and 1916, 4% each. In August, 1916, rate was restored to 6%. TRANSFER AGENTS, A. Iselin & Co.,
36 Wall Street, New York. Listed on New York Stock Exchange.
Note: The Buffalo, Rochester & Pittsburgh Ry. also leases in perpetuity the Mahoning Valley R.R., operating
about 2 miles from Helvetia to Stanley, Pa. The rental is $15,000 per annum, and 4% dividends are regularly paid
on $45,000 stock.
CAROLINA, CLINCHFIELD & OHIO RAILWAY

NOTE: The analysis is based on documents of the company, including its annual reports of the past eight years.
official
Origin: Incorporated under Virginia laws as the South & Western Ry. Co. on Jan. 26, 1905; name changed as
above MM. 7, 1908. The property has been largely under the construction stage ever since the re-incorporation of
1908. In 1908 the property of the Lick -Creek & Lake Erie R.R. was acquired, and in 1911 the Elkhorn Southern
Ry. was purchased. Also controls the Carolina, Clinchfield & Ohio Ry. of Kentucky, the Clinchfield Northern Ry.,
the Southport Harbor Co., etc.
Location: The operated lines consist of 272.96 miles, as follows: Elkhorn City, Ky. to N. C.-S. C. State line,
258.80 miles; branches and trackage rights, 14.16 miles. In addition to this mileage the company owns 17.95 miles
which are operated by the Carolina, Clinchfield & Ohio Ry. of South Carolina.
Control: The company was formerly controlled by the Cumberland Corporation, through ownership of entire cap-
ital stock. In 1916 this holding company was dissolved and its assets distributed to the stockholders.
Managnncat: Omcna: Mark W. Potter, Chairman and Pres.; J. J. Campion, Vice-Pres.; I. McQuilkin, Vice-
Pres. and Comptroller; S. K. Lindsay, Tre**.jC. M. Owen, Sec. DIRECTORS: G. L. Carter, M. W. Potter, C. L. Blair,
W. T. Rosen, T. F. Ryan, J. B. Dennis, W. K. Whigham, R. F. Herrick, I. McQuilkin, J. W. Pless. MAIN OFFICE,
Johnson City. Tenn. NEW YORK OmcE, 24 Broad Street
of Freight Tonnage (Yean Ended June 30)

YEARS
ENDED
JUNE 30.
CAROLINA, CLINCHFIELD $ OHIO RY. CO. 215

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 1,909,715 1,683,365 2,152,400 1,857,240 5,758,078 6,615,257
Deferred debit items 18,778 142,716 193,078 220,801 1,361,839 1,352,203
Accrued income not due.. 40 12,500 15,017 90,309 613,797
Profit and loss deficit 504,006 766,599
Total $63,733,830 $62,541,043 $61,128,130 $57,905,435 $54,462,724 $55,066,769

LIABILITIES:
Capital stock $36,500,000 $35,000,000 $35,000,000 $35,000,000 $30,000,000 $30,000,000
Funded debt 24,271.000 24,532,000 23,795,000 20,480,000 21,200,000 23,380,000
Working liabilities 962,481 1,524,560 1,082,346 1,245,826 2,934,736 1,388,338
Accrued liabilities not. due 139.102 272,796 263,833 400,736 296,111 263.990
Deferred credit items 208,259 170,503 194,646 152,652 31.202 34,441
Appropriated surplus 674
1,652,988 1,041,184 626,221
Total .
$62,541,043 $61,128,130 $57,905,435 $54,462,724 $55,066,769
Comment: No important changes occurred capitalization figures of the Carolina, Clinchfield & Ohio prop-
in the
erty in 1916, except that the outstanding stock was moderately increased. The company increased its rental obliga-
tions to some extent also. As measured on the mileage basis, the company is heavily capitalized, but bonded debt
represents only 40% of the total capitalization and the company is showing a better income on net capital than was
formerly the i
TABLE I). Bond Record and Ratings (Baaed on 8- Year Results, Per Mile of Road)
6. Auth. and outstanding, $1,500,000; dated April 1, 1916; due April 1, 1926. Int. paid at Central Trust Co.,
New York. Coupon and reg., $1,000. Callable at par on 30 days' notice. Convertible at par into Carolina, Clinch-
field & Ohio Ry. preferred stock. Guar. prin. and int. by Carolina, Clinchfield & Ohio Ry. by endorsement. Se-
cured by pledge of $1,500,000 preferred stock of C., C. & 0. Ry. Normal income tax deducted from interest.
7. Auth., $750,000; outstanding, $500,000. Dated April 1, 1916; due $25,000 annually to April 1, 1936. Int. paid
at New York Trust Co., New York. Coupon, $1,000. Guar. prin. and int. by Carolina, Clinchfield & Ohio Ry. by
endorsement. First lien on 26 miles, Kona to Escota, N. C. Balance of authorized amount issuable for improve-
ments, to mature April 1, 1936. Normal income tax deducted from interest.

CHESAPEAKE % OHIO RAILWAY COMPANY 217
of a traffic agreement with the Norfolk & Western from Waverly to Valley Crossing, Ohio. The new Chesapeake &
Ohio Northern has an authorized issue of $1,000,000 30-year 5 r c bonds, which are guaranteed by the Chesapeake
'
&
Ohio Railway.
Management: OFFICERS: Frank Trumbull, Chairman; Geo. W. Stevens, Pres.; Decatur Axtell, 1st Vice-Pres.;
H. T. Wickham, 2nd Vice-Pres.; F. M. Whitaker, 3d Vice-Pres.; Carl Remington, Sec.; Jas. Steuart MacKie, Treas.;
L. F. Sullivan, Compt DIRECTORS: Decatur Axtell, G. W. Stevens, James H. Dooley, Henry E. Huntington, Frank
Trumbull. Chas. E. Graham, Theo. P. Shonts. Frank H. Davis, F. H. Rawson. Atinual meeting, Tuesday preceding
last Tuesday of October. GENERAL OFFICE, Richmond, Va. New York Office and Transfer Agency, 71 Broadway.
1916 1915 1914 1913 1912 1911 1910
Gross revenues $48,218,804 $39,464,037 $36,690,021 $35,085,278 $34,289,870 $32,583,411 $31,237,169
Maintenance of way 5,553,447 4,694,522 4,138,091 4,342,745 3,981,646 4,141,572 3,391,032
Maintenance of equipment 10,561,094 8,243,170 7,692,748 7,275,439 6,724,460 6,198,825 5,858,843
All other operating expenses... 15,674,638 14,618,722 13,823,098 12,833,376 11,929,575 11,453,218 9,686,824
Net operating revenues $16,429,625 $11,899,410 $11,036,084 $10,633,718 $11,654,189 $10,789,796 $12,300,470
Operating ratio 65.9% 69.8% 69.9% 69.7% 66% 66.9% 60.6%
Other income 1,253,792 1,195,153 2,154,531 2,225,537 1,808,563 1,560,815 1,161,365
Total net income $17,683,417 $13,094,563 $13,190,615 $12,859,255 $13,462,752 $12,350,611 $13,461,835
Taxes accrued 1,587,407 1,349,497 1,330,935 1,375,862 1,014,219 1,065,853 873,744
Balance for charges $16,096,010 $11,745,066 $11,859,680 $11,483,393 $12,448,533 $11,284,758 $12,588,091
Fixed charges 9,213,674 9,078,927 8,887,865 8,184,890 8fl74,327 8,056,473 6,297,605
Surplus over charges $6,882,336 $2,666,139

Appropriations for imprints, etc 3,120 2,602
Balance $6,879,216
Earned on stock 10.95%
CHESAPEAKE % OHIO RAILWAY COMPANY. 219
Note: The total par value of all securities owned on June 30, 1916, was $92,527,058. The total bonds and
notes pledged amounted to $65,636,758; stocks pledged, $18,653,400. The increase in the funded debt in 1913 and 1914
was caused chiefly by additional issues of first lien 5s and short term notes. The first lien and improvement 5s are
included in "property investment" and, contra, in "funded debt."
Comment: There were some important capitalization changes on the Chesapeake & Ohio during the fiscal year
1916. The company created a new convertible bond issue, and added substantially to its total funded debt. The cap-
italization of the property, however, is really not very high in view of the large'volume of business reported, and
although in 1916 the net income on net capital tended to decline, yet the actual result was entirely satisfactory. The
position of the property at the end of the fiscal year, as is shown in the balance sheet above, indicated a very heavy in-
crease in the profit and low surplus.
Intrret BASIS FOR RATING.

.
RVr'd Factor Nrt
p*rUUe of Rat-
Anilabl*. of Saf-iy. Security. Salability. ing.
Syium.
' '
fint fa j*n '
2. fh. A Ohio fint roiu. 5 MAX I 45.000

>hio R. A A. div.
fint i JAJ Ja 1MB
4. Che*. A Ohio R. A
JAJ Ja I9HQ (2d) 942 '
6. Ch. A Ohio Cni Val. Br.

ftnt 5* JAJ Jl 1940 (M) 24
ft. dm. A Ohio Warm Hp. Val.
-
Br. ftnt .V 1941
*. A Ohio G*o*ral 4 *i . MAS Mr 1992
ft. Gnvnhrwr Ry. fint 4 lol
Ity. fint 4* tA \ ! 1945
10. lliSanly R). r.i I- JAD J. 1944
.-. A <>h, Itr
ftnt JAJ 20
12. Chw. A Ohio <.,. Fun.J A
imp. 5. . JAJ Ja 1929 (M test) -
,.. Orair,
ftnt4a AAO ,
.
.1 Rrrrr Ry fir.1 4 JAD J 1945

IS. Rîh A 80. W. Ry. ftnt 4* JAJ Jl 1936 14 2X^00
ftnt
MAX M (let) 30 30.000
,
-r A T. ftnt 5* FAA F 194*
IS Wt. Form. Corp. fir.t i i A \ A> 1945
Nor. ftnt fa... AAO 1
<l.t) 30
hw. A Ohio conr. 41*. . FAA F 19)0
. A Ohio, ftnt bra Bad
imp. bond- JAD D 1930 Coll. Ar. (er
22. OM& A Ohio. eoav. fa AAO ;
cut
23. Cba. A Ohio nqtrip* Var. Vw. (mtext)
Auth. and outstanding, $1,000,000. Dated Jan. 20, 1890; due Jan. 1, 1989. Int. at J. P. Morgan & Co., New
4.
York. Coupon, $1,000. Second lien on 242.03 miles covered by No. 3 (above). Underlie Nos. 7, 12, 20 and 21.
5. Auth. and outstanding, $650,000. Dated May 29, 1890; due July 1, 1940. Int. paid at 71 Braodway,
New York. Coupon, $1,000. First lien, 26.40 miles, Eagle Mountain to Newcastle, Va. Underlie Nos. 7, 12 20 and
21, with provision by No. 7 to retire at maturity. Listed on New York Stock Exchange. Interest paid without de-
6. Auth. and outstanding, $400,000. Dated Nov. 10, 1890; due March 1, 1941. Int. paid at J. P. Morgan &
Co., NewYork. Coupon, $1,000. First lien, 24.70 miles, Oovington to Hot Springs, Va. Underlie Nos. 7, 12, 20 and
21, with provision by No. 7 to retire at maturity. Listed on New York Stock Exchange. Interest paid without de-
7. Auth., $70,000,000, and $25,000 per mile; outstanding, $48,129,000. Dated Feb. 23, 1892; due March 1, 1992.
Int. paid at J. P. Morgan & Co., New York. Coupon, $1,000; reg., $1,000 and $10,000. First lien on 438.67 miles, as
follows: New Canton to Rosney, Va., 20.47 miles; Prince to Jenny's Gap, W. Va., 27.50 miles; Acme to Lawson and
Republic, W. Va., 30.30 miles; Barboursville to Ethel, W. Va., 71.60 miles; Denton to Lexington, Ky., 102.70 miles;
Mount Sterling to Rothwell, Ky., 19.80 miles; Ashland to Whitehouse, Ky., 58.50 miles; Garrison to Carter City,
Ky., 19.80 miles; Thurmond to Hawk's Nest, W. Va., 18.30 miles; Gauley to Greenville, W. Va., 71.70 miles; var-
ious branches, 39.30 miles. Also a second lien on 801.50 miles, which is covered by first lien by Nos. 2, 5, 6 and 10
(which see) Also a third lien on 252.03 miles, which is covered by first and second lien by Nos. 1, 3 and 4 (which
.
see above) . Also a first collateral lien on miscellaneous securities of a par value of $46,000. Underlie Nos. 12, 20
and 21. Listed on New York and London Stock Exchanges. Interest paid without deduction for normal income
wtax.
8. Dated Nov. 1, 1900; due Nov. 1, 1940. Int. paid at J. P. Mor-
gan & Co.,York. Coupon, $1,000. Assumed by C. & O. Ry. Sinking fund, 1% of bonds outstanding annually
New
to be purchased at 105 or less. First lien, 100.80 miles, Whitcomb to Winterburn, W. Va. Underlie Nos. 12, 20 and
21. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
9. Auth., $750,000; outstanding, $539,000. Dated Feb. 1, 1905; due Feb. 1, 1945. Int. at J. P. Morgan & Co.,
New York. Coupon, $1,000. First lien, 22.90 miles, Paint Creek June, to Manhan, W. Va. Underlie Nos. 12, 20 and
21. Interest paid without deduction for normal income tax.
10. Auth., $5,000,000; outstanding, $4,618,000. Dated June

1, 1904; due June 1, 1944. Int. at J. P. Morgan &
Co., NewYork. Coupon, $1,000. Assumed by C. & 0. Ry. Sinking fund, 1% per annum of outstanding bonds to
int. by endorsement of C. & O. Ry., but now assumed.
be retired at 105 or better but not called. Guar. prin. and
First lien, 86.10 miles, including from Whitehouse to Elkhorn City, Ky., and branch. Underlie Nos. 7, 12, 20 and
21. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
11. Auth., $1,000,000; outstanding, $600,000. Dated July 1, 1906; due July 1, 1946. Int. paid at 71 Broadway,
New York. Coupon, $1,000. First lien, 20.10 miles; Covington to Bess, Va. Underlie Nos. 12, 20 and 21. Listed
Auth., $30,000,000; outstanding, $3,698,000. Dated Jan. 2, 1909; due Jan. 1, 1929. Int. paid at 71 Broad-
12.
way, New
York. Coupon and reg., $1,000. Callable at 107% and int. on twelve weeks' notice. First lien on
4.20 miles of terminal mileage in Lexington, Ky. second lien on 743.77 miles (of which 18.40 miles are considered
;
second track), covered by first lien by Nos.7, 8, 9, 11, 14, 15 and 16; third lien on 801.50 miles covered by second lien
by No. 7; fourth lien on 252.03 miles covered by third lien by No.7; also a first collateral lien on the entire stock
of the Norfolk Terminal Transfer Co., and a second collateral lien on securities covered by No. 2 by first collateral
lien. Underlie Nos. 20 and 21. Listed on New York Stock Exchange. Interest paid without deduction for normal
income tax.
Auth., $900,000; outstanding, $820,000. Dated Oct. 1, 1888; due Oct. 1, 1938. Int. paid at J. P. Morgan &
13.
Co., New
York. Coupon and reg., $1,000. First lien on grain elevator at Newport News. Guaranteed prin. and int.
by Ches. & Ohio Ry. Co. by endorsement. Normal income tax deducted from interest.
14. Dated June 1, 1905; due June 1, 1945. Int. paid at J. P. Mor-
gan & Co., New
York. Coupon, $1,000. Assumed by C. & O. Ry. bonds also bear guaranty. Sinking fund, 1% of
;
outstanding bonds annually to be retired at par or better, but not called. First hen, 95.10 miles; St. Albans to
Helen, and Sproul to Seth, W. Va. Underlie Nos. 20 and 21. Listed on New York Stock Exchange. Interest paid
Auth., $1,500,000; outstanding, $857,000. Dated July 1, 1906; due July 1, 1936. Int. at 71 Broadway.
15.
New York. Coupon, $1,000. Assumed by C. & O. Ry; bonds also bear guaranty. Sinking fund, 1% of out-
standing bonds to be retired annually at par or better, but not called. First lien, 36.40 miles. Piney Creek Branch
at Raleigh, W. Va., along Piney, Blade, and Beaver Creeks. Underlie Nos. 12, 20 and 21. Interest paid without
deduction for normal income tax .
Auth. and outstanding, $900,000. Dated May 1, 1907; due May 1, 1952. Int. paid at 71 Broadway, New
16.
York. Callable at 110 and int., on four weeks' notice. Coupon, $1,000. Sinking fund, $7,000 per annum to pur-
chase bonds at 110 or better, but not called. Assumed by Ches. & Ohio Ry. First lien, 29.80 miles, Lindsay to
Strathmore, Va. Underlie Nos. 12, 20 and 21. Interest paid without deduction for normal income tax.
17. Auth. and outstanding, $500,000. Dated Feb. 1, 1898; due Feb. 1, 1948. Int. paid at J. P. Morgan & Co.,
New York. Coupon, $1,000. Prin. and int. guar. by C. & 0. Ry. by endorsement. First lien on terminal property
at Norfolk, Va. Interest paid without deduction for normal income tax.
18. Auth. and outstanding, $750,000. Dated Aug. 1, 1905; due Aug. 1, 1945. Int. paid at J. P. Morgan & Co.,
New York. Coupon, $1,000. Callable at 105 and int. on four weeks' notice. Sinking fund, $9,000 annually to buy
bonds at 105 or better, but not to be called. Guar.. prin. and int. by C. & 0. Ry. by endorsement. First lien on about
27,000 acres of coal lands in W. Va., and on coal in about 670 additional acres. Interest paid without deduction for
normal income tax.
19. Auth. and outstanding, $1,000,000. Dated Oct, 1, 1915; due Oct. 1, 1945. Int. paid at company's office in
New York. Coupon, $1,000; reg., $1,000 and multiples. Callable, as a whole at 105 on sixty days' notice. Guar-
anteed prin. and int by C. & O. Ry. by endorsement. First lien on 29.80 miles, from Edgington, Ky., to Waverly,
O., and bridge over Ohio River (under construction). Normal income tax deducted from interest.
r///:.s./y j 7:./A/; .v onio RAILWAY SYSTEM. 221
Auth., $37,200,000; outstanding, $31,390,000. Dated Feb. 1, 1910; due Feb. 1, 1930. Int. paid in New York
20.
and Indon. Coupon, $1,000. Callable on and after Feb. 1, 1915, at 102% and int., on ninety days' notice. Con-
vertible into common stock at par until Feb. 1, 1920, unless called for redemption, in which case they will be con-
vertible up to and including the second day of Jan. or July next preceding the redemption date. A direct obligation,
jointly secured with No. 21 (below I, on 1,729.80 miles, being a second lien on 4.20 miles; third lien on 671.87 miles;
fourth lien on 801.70 miles; fifth lien on 252.03 miles. As long as any of these bonds remain outstanding, no more
of N'o. 12 shall be issued, and the company agrees that it will not, prior to Feb. 2, 1920, issue any stock having prefer-
ence over the present common stock, nor pay stock dividends. These bonds were issued to pay for a majority of
the stock of the Hocking Valley Ry., a half-interest in the stock of the Kanawha & Michigan Railway, for the ac-
ouisition of the Chicago, Cincinnati A Louisville Railway (now merged), and for betterments, improvements, etc.
Listed on New York and London Stock Exchanges. Interest paid without deduction for normal income tax.
21. Auth., $125,000.000; issued, $47,265,000, of which $45,920,000 are pledged under No. 22, and balance in
treasury. Dated Dec. 1, 1910; due Dec. 1, 1930. Int paid in New York. Coupon, $100, $500 and $1,000; reg.,
$50. $1,000, etc. Int. rate not to exceed 59t. No. 20 is now equally secured with this issue on 1,729.80 miles. Total
mileage covered, 1,842.60 miles, of which 40.90 is first lien. 4.20 is second lien, 743.77 is third lien, 801.70 is fourth
lien, and 252.03 miles is fifth lien. Also covers valuable collateral of a par value of $47,148,540. Interest paid with-
22. Auth. and outstanding, $40,180,000. Dated April 1, 1916; due April 1, 1946. Int. paid at company's office
in New York. Coupon, $500 and $1,000; reg., $500, $1,000, etc., interchangeable. Callable as a whole at 105 before
April 1, 1929, thereafter at par, on sixty days' notice. Convertible into common stock to April 1, 1920, at 75, 1920
to 1923 at 80, 1923 to 1926 at 90, 1926 to April 1, 1936, at par. If called conversion privilege terminates thirty
day* prior to redemption date Secured by deposit of $45,920,000 of No. 21, which may be withdrawn in propor-
tion as bonds are converted. Maturity date of this security may be extended to not later than April 1, 1946. Listed
on New York Stock Exchange. Normal income tax deducted from interest.
23. In several series as follows: Series N, 4 'is, dated June 15, 1914; dne $85,000 s. a. to June 15, 1924; int
paid June and Dec. 15, in New York and Philadelphia; coupon, $1,000; now outstanding. $1,275,000; Series O 4%s;
dated Jan. 15. 1916; due $158,000 *. a. to Jan. 15, 1926; int. paid Jan. and July 15, in New York and Philadelphia;
coupon, $1,000; callable at 102 on sixty days' notice; now outstanding, $2,844,000. Normal income tax deducted
from interest on both aerie*.
'
1 Vi|TVm.!: r Slock Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAM AMD DVTAIU or Imam.

1916 1915 1914 1913
Gross receipts $46,629 $39,247 $37,555 $38,227
Total net income 40,745 27,687 27,551 31,874
Fixed charges inc. taxes. 30,574 29,415 29,184 28,017
Surplus $10,171 (def.)$l,728 (def.)$l,924 $3,857

Bonded Debt: $485,000 Kanawha Bridge & Terminal Co. first 5s; dated Aug. 1, 1908; due Aug. 1, 1948; int.
paid A. & O. 1 at Fidelity Trust Co., Phila. Coupon, $1,000. Callable at 105 after April 1, 1916. Sinking fund,
$3,000 per annum from 1913 to 1917; $5,000 per annum from 1918 to 1927; $7,500 per annum from 1928 to 1937;
$10,000 per annum thereafter to maturity. First lien on entire property. Interest paid without deduction for nor-
mal income tax. Rating Ba.
Capital Stock: Auth. and issued, $400,000; par $100. All owned by Chesapeake & Ohio Railway Co.
THE HOCKING VALLEY RAILWAY COMPANY

NOTE: The analysis is based on official documents of the Company, including its annual report of the past ten years.
Origin: Successor in 1899 of Columbus, Hocking Valley & Toledo Railway. In 1889, the Middle States Con-
struction Co. acquired nearly all the capital stock of the Toledo & Ohio Central Ry., and issued $8,421,000 collateral-
trust bonds on these shares, which were acquired by the Hocking Valley Ry. The control of the Toledo & Ohio Cen-
tral involved the control, also, of the Kanawha & Michigan and the Zanesville & Western Rys. In 1909 the Ohio
Jjower State Court held this control illegal, and after July, 1909, the Toledo & Ohio Central was operated independ-
ently, and in March, 1910, was sold to the Lake Shore & Mich. Southern. The Hocking Valley and Toledo & Ohio
Central interests also controlled the output of the Continental Coal Co., owning and operating over 30,000 acres of
coal lands in Athens, Hocking, and Perry counties, Ohio. Controls the Buckeye Coal & Ry. Co., the Ohio Land & Ry.
Co., and the Sunday Creek Co. In 1916 these coal company holdings were sold as a result of an anti-trust suit
brought by the Government.
Location: A "soft-coaler." Main lines extend from Toledo, Ohio, through Columbus to Pomeroy, with branches;
321.2 miles; leased lines, 22.4 miles; joint trackage, 6.6 miles; total operated, 350.2 miles. Population of Ohio in 1890,
3,672,316; in 1900, 4,157,545; in 1910, 4,767,121.
Control: A majority of the common stock of the Hocking Valley Ry. was owned by the following five railroad
companies: Pittsburgh, Cinn., Chic. & St. Louis (Penna. system), Baltimore & Ohio, Chesapeake & Ohio, Erie, and
Lake Shore & Michigan Southern (N. Y. Central system). In March, 1910, the Chesapeake & Ohio bought all these
holdings, and now owns $8,825,800 out of a total of $11,000,000 capital stock.
Management: OFFICERS: Frank Trumbull, Chairman; George W. Stevens, Pres.; Decatur Axtell, 1st Vice-
Pres. F. M. Whitaker, 2d Vice-Pres. M. P. Caples, 3d Vice-Pres. ; Carl Remington, Sec. ; James Steuart MacKie,
; ;
Treas., New York. DIRECTORS: Samuel P. Bush, R. S. Warner, Clarence Brown, Henry E. Huntington, F. J. Rey-
nolds, George W. Stevens, Frank Trumbull, Martin J. Caples, C. E. Graham, Francis R. Huntington, Jeremiah Mil-
bank, Jerome B. Zerbe, Frank H. Davis. Annual meeting, first Tuesday in October. MAIN OFFICE, Columbus, Ohio.
NEW YORK OFFICE, 71 Broadway.
CIIKS. x OHIO RY. SYSTEM (HOCKING VAL. RY.). 223
Comment: Operating result* on the Hocking Valley Railway for the year ended June 30, 1916, were very grat-
ifying. The freight density rose to a higher figure than ever in the history of the company, while the freight train
load was also still further increased. It will be noted that notwithstanding the tendency of the average freight
rates to decline, the company has steadily in recent years increased its train mile earnings, and in 1916, the average
reached was unusually high. As has been the case for many years, the property depends mainly on soft coal for
its tonnage, and in the year just closed this item of freight represented more than 79% of the total business done.
Per Mile of Road.
Capitalization Dividend Record.
YEARS
ENDED
JUNE 30.
CUES. $ OHIO RY. SYSTEM (HOCKING VAL. RY.) . 225
3. Auth., $20,000,000; outstanding, $16,025,000; retired by sinking fund, $131,000; reserved for Nos. 1 and 2,
$3,842,000. Dated July 1, 1899; due July 1, 1999. Int. paid at J. P. Morgan & Co., New York. Coupon, $1,000; reg.,
$1,000, etc. Direct lien on entire mileage owned, subject to above prior mortgages, to retire which sufficient of the
issue are reserved, being a first lien on 88.80 miles from Logan to Pomeroy, O., and on 10,015 acres of coal lands.
Secured by a joint mortgage of the Railway and the Buckeye Coal & Railway Co., whereby they are a lien on the
coal lands owned by the latter. Additionally secured by deposit of $249,500 capital stock of the Buckeye Coal & Ry.
Co., $200,000 capital stock of the Boston Coal Dock & Wharf Co.; $3,236,300 stock of the Sunday Creek Co., $255,000
stock and all the bonds of the Wellston & Jackson Belt Ry. Co.; $200,100 stock and $1,387,000 bonds of the Ohio Land
&
& Ry. Co. Sinking fund provides that the Buckeye Coal Ry. Co. shall pay to the Hocking Valley Ry. Co. two cents
per ton on all coal mined from the lands of the former, to be employed in purchasing bonds at 105 and int. ; bonds so
purchased to be canceled. Legal for S. B. in Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis. Listed on New
Note: Pursuant to court order in the government's anti-trust suit against the company, various coal company
holdings, including the Sunday Creek Co., the Buckeye Coal &
Ry. Co., and the Ohio Land & Ry. Co. have been sold.
4. Auth. and outstanding, $4,000,000. Dated Nov. 1,1915; due Nov. 1, 1917. Int. May and Nov. 1 at com-
pany's office, New York. Coupon, $1,000. Callable at 101 on May 1, 1916. Not a mortgage, but no new mortgage
can be created without making these bonds a prior lien thereto. Normal income tax deducted from interest.
5. Series A. 4s; dated Feb. 1, 1907; due $23,000 each F. and A 1 to Feb. 1, 1917; now outstanding, $23,000.
Int., F. and A. 1. First lien on equipment costing $573,000. Series A-T (No. 2) 4s; dated Feb. 15, 1907; due $48,-
000 each F. and A. 15 to Feb. 15, 1917; now outstanding, $48,000. Int. F. and A. 15, at Lincoln Trust Co., N. Y.
First lien on equipment costing $1,200,000. Series C. 4s; dated Apr. 1, 1907; due $37,000 each A. and 0. 1 to Apr. 1,
1917; now outstanding, $37,000. Int. A. and 0. 1, at Merchants Trust Co., Chicago. First lien on equipment costing
over $800,000. Equip. 4s, dated Aug. 1, 1907; due $25,000 each F. and A. 1 to Aug. 1, 1917; now outstanding, $50,-
000. Int. F. and A. 1. at Empire Trust Co., New York. First lien on equipment costing $600,000. Equip. 4% s, dated
Feb. 15, 1908; due $25,000 each F. and A. 15 to Feb. 15. 1918; now outstanding, $75,000. Int. F. and A. 15, at Guar-
anty Trust Co., N. Y. First lien on equipment costing $617,000. Equip. 5s, dated Aug. 1, 1913; due $100,000 an-
nually to Aug. 1, 1923; now outstanding $700,000. Int. paid F. and A. First lien on equipment costing $1,250,000.
Equip. 4Hs, dated Feb. 2, 1914; due $80,000 annually to Feb. 1, 1924; now outstanding, $640,000. Int. paid F. and
A. 1, in New York and Phila. First lien on equipment costing $940,000. All issues coupon, $1,000. Interest paid
without deduction for normal income tax. Total now outstanding of all series, $1,573,000.
: This Company, jointly with the Toledo & Ohio Central Railway Company, guaranteed in 1901 5% first
mortgage bonds of The Kanawha and Hocking Coal A Coke Company due 1951 ($3,013,000 outstanding), and in
1902 6% first mortgage bonds of The Continental Coal Company due 1952 ($2,061,000 outstanding). The Ohio courts,
in 9*0 u-arranto proceedings, in which bondholders were not represented, have pronounced these guarantees ultra
vtrm. These two issues defaulted on interest payments on July 1, 1915. (See statement of Toledo & Ohio Central Ry.)
In Dec., 1916, the New York Central R.R. arranged to pay off both these issues at par and interest.
InTeMmrnt Position of Bonds: The three mortgages on the Hocking Valley system are all unusually secure, hav-
ing been protected for years by a large margin of safety and also being backed up by heavy equities in property. The
highest investment rating is therefore given each issue.
TABLE F. Stock Record and Ratings i

Based on 10- Year Results, Per Mile of Road)
NAMS AMD DBTAIU or 1mm.

WELLSTON & JACKSON BELT RAILWAY
Incorporated under laws of Ohio, Jan. 22, 1895 operations began March 1, 1896. Line of road Dundas to Jack-
;
:
son, O., and branches, 18.4 miles. Leased to Hocking Valley Ry. for 99 years from Jan. 1, 1900, rental being equiva-
lent to interest on bonds and 4%% on all advances made for improvements, etc.
Management: OFFICERS: Geo. W. Stevens, Pres.; M. J. Caples, Vice-Pres.; W. N. Cott, Sec. and Treas. F. ;
D. Hodgson, Audt. DIRECTORS: M. S. Connors, W. N. Cott, M. J.-Caples, Geo. W. Stevens, R. S. Warner, Columbus,
O. Annual meeting, first Tuesday in October. OFFICE, Columbus, Ohio.
Income Account, year ended June 30, 1916: Gross income, $26,488..02; interest, $26,488.02.
Bonded Debt: $300,000 Wellston & Jackson Belt Ry. first 6s; dated Aug. 1, 1895; due Aug. 1, 1915; int. caid
Feb. and Aug. 1 at Guaranty Trust Co., New York. Coupon $1,000. Interest guaranteed under lease by Hocking
Valley Ry., which owns all the bonds.
Capital Stock: Auth. and outstanding, $255,000; par $100. All owned by Hocking Valley Ry. Co.
CHICAGO, BURLINGTON & QUINCY RAILROAD COMPANY

NOTE: The analysis is based on officialdocuments of the Company, including its annual report of the past ten years.
Origin: Incorporated as Aurora Branch R.R., Feb. 12, 1849; name changed to Chicago & Aurora R.R., June 22,
1852; changed to present title, Febrary 14, 1855. The original line extended from Chicago to Mendota and Aurora,
111., additional mileage being acquired by purchase, consolidation, and otherwise from time to time until the property
has grown to the present great system. Since the consolidation of 1875, when various lines were absorbed, the com-
psyiy has merged the Chicago, Burlington & Northern, Kansas City, St. Joseph & Council Bluffs, Hannibal & St. Jo-
seph, Burlington & Missouri River, etc. In December, 1903, a majority of the common and a portion of the first and
second preferred stock of the Colorado & Southern Railway was acquired. Also owns entire capital stock of the
Quincy, Omaha & Kansas City R.R., which is separately operated.
Location: Directly operated lines on June 30, 1916, consisted of 9,369.04 miles, of which 9,015.73 miles were
owned and 353.31 leased. The system extends from Chicago westward to St. Paul, Kansas City, Denver, Cheyenne,
St. Louis, etc., with numerous branches radiating throughout the States of Illinois, Iowa, Missouri, Kansas, Ne-
braska, Wisconsin, Colorado, South Dakota, Wyoming and Montana. Population of these States in 1890, 14,518,491 ;
in 1900, 17,080,658; in 1910, 19,238,145.
Control: In 1901 nearly all the capital stock of this company was acquired in the interest of the Great Northern
and the Northern Pacific Railroad companies, being exchanged at the ratio of two for one, for 20-year 4 per cent,
joint bonds of these companies, the bonds being secured by the deposit of the stock. There are now outstanding $215,-
227,000 of these bonds, which are secured by deposit of $107,613,500 stock collateral, out of the total stock outstanding
of $110,839,100. These bonds, which are commonly known as the "C. B. & Q. joint 4s," are not an obligation of the
Chicago, Burlington & Quincy Railroad. They are a joint obligation of the two roads owning the stock, and have
been provided for in the new refunding mortgage created by the Great Northern Railway some years ago.
Management: OFFICERS: George B. Harris, Chairman of Board; Hale Holden, Pres.; H. E. Byram, Vice-Pres.;
Claude G. Burnham, Vice-Pres.; Thos. S. Rowland, Vice-Pres., Sec. and Treas.; W. W. Baldwin, Vice-Pres.; E. A.
Howard, Vice-Pres. DIRECTORS: Geo. D. Slade, Geo. B. Harris, Louis W. Hill, Saml. Scotten, Hale Holden, Chester
M. Dawes, J. M. Hannaford, Ralph Budd, R. J. Dunham, Chas. E. Perkins, Fredk. H. Rawson. Annual meeting,
first Wednesday in November. MAIN OFFICE, Chicago, 111. NEW YORK OFFICE, 32 Nassau Street.
CHICAGO, BURLINGTON % QUINCY RAILROAD 227
.imment: The Chicago, Burlington & Quincy property reported a large increase in its freight
<
density during
the fiscal
year The freight train load was also raised to a new high total, and although average freight rates
tended to decline slightly, the train mile earnings were far better than in the previous year. As usual the freight
tonnage of the property was well diversified, and the proportion of products of mines remained about the same as
in recent years.
YUUM
YEARS
ENDED
JUNE 30.
CHICAGO, BURLINGTON $ QUINCY RAILROAD 229
Note: "Average income available" is the average net income per mile available for interest charges, after
deducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement.
The ratings are based not only on the statistical exhibits and averages, but other considerations are given due
weight, such as the general financial condition of the property, character of its business, relative position of the
REFERENCE NOTES ON BOND ISSUES*
1 and 2.Auth., $85,000,000; outstanding, $50,451.000 3%s and $33,976,000 4s. Dated July 1, 1899; due July
Int. paid at company's office, New
1, 1949. york and Boston. Coupon, $1,000; reg., $5,000 and multiples. Callable
at 105 after July 1, 1929, on six months' notice. First lien on terminal property in Chicago, St. Paul, Minneapolis,
Burlington, Clinton, Dubuque, Winona, East St. Louis and Quincy, and also on 1,646.86 miles as follows: Chi-
cago to Burlington, 204.04 miles; Galesburg to Quincy, 99.91 miles; S. Aurora, 111., to St. Paul, 379.66 miles; Rock
Island to East Alton, 226.68 miles; Montgomery to Streator, 111., 57.55 miles; Streator to Walnut June., 59.52 miles;
Mendota to Savanna, 81.41 miles; Buda to Elmwood, 111., 44.82 miles; Yates City to Rushville, 111., 62.79 miles;
Galva to New Boston, 50.63 miles; Galesburg to Peoria, 52.77 miles; Carthage June, to Quincy, 71.21 miles; Quincy
to E. Louisiana and E. Hannibal, Ho., 46.33 miles; Shabbona to Barstow, 111., 88.42 miles; various branches, 121.23
miles. Underlie No. 12, which provide for retirement. Legal for Savings Banks in Cal., Conn., Fla., Maine, Mass.,
Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt, Wi. Listed on New York and Boston Stock Exchanges. Normal
3 and 4. Auth., $12,502,000 4s and $3,000,000 5s; outstanding, $5,030,000 4s and $1,931,000 5s (closed). Dated
Oct. 1, 1879; due Oct. 1, 1919. Int. paid at company's office. New York and Boston. Coupon, $1,000. Sinking fund,
bonds issued annually, to retire 4s at 100 and int. and 5s at 105 and int.; callable. First lien, 891.02
miles, as follows: Burlington to Pacific June., 270.40 miles; Red Oak to Hamburg, 39.17 miles; Chariton to Leon,
i
miles; Creston, la., to Hopkins. Mo., 44.61 miles; Leon to Grant City and Bethany June, to Albany, Mo.,
103.28 miles; Hastings to Sidney. 21.12 miles; Villisca June., la., to Burlington June., Mo., 35.02 miles; Creston to
Fontanelle, 30.49 miles; Knoxvifle to Des Moines, 32.92 miles; Albany to St. Joseph, 48.75 miles; Albia to Knox-
vill- '.7 miles; Van Wert to Shenandoah, 95.34 miles; short branches, 57.79 miles. Underlie No. 12, which
provide for retirement. Legal for S. B. In Cal., Conn., Maine. Mass., Mich., Minn., Mo.,
N. H., N. J., N. Y., R. I.,
Vt., Wis. Listed on New York and Boston Stock Exchanges. Normal income tax deducted from interest.
5. Auth., $4,300.000; outstanding, $3,667,000, of which $3,367,000 are held in sinking funds (alivfl, $157,000
re in treasury, leaving in hands of public $143,000. Dated Sept. 1, 1881; due Sept. 1, 1921. Int. paid at com-
pany's office. New York and Boston. Coupon, $1,000. Callable at par for sinking fund,
which is $43,000 annually.
Not secured by mortgage. Underlie No 12, which provides for retirement. Legal for S. B. in N. H., and R. I.
Listed on New York and Boston Stock Exchanges. .Normal income tax deducted from interest.
6. Auth., $7,968,000; outstanding, $7,310,200, of which $6,058,200 are held alive in sinking funds, and $87,900
in treasury, leaving in hands of public, $1,164,100. Dated Dec. 1. 1881; due Feb. 1, 1922. Int. paid at company's
office. New York and Boston. Coupon, $1,000. Callable at par for sinking fund, which is $79,680 per annum. First
collateral lien on 369.48 miles, as follows: On entire issue of Republican Valley R.R. first 5s of 1922, covering
'I miles from west line of Red Willow County, Neb., to west line of State; from Nemaha to Beatrice, Neb.,
from Nemaha to Salem, and from Table Rock to Weymore; on entire issue of Burlington & Colorado R.R. first
ig 174.87 miles from west line of Nebraska to Denver, Colo., also by deposit of $540.000 out of
total issue of $2.105,000 Republican Valley first 6s of 1918, covering 180.39 miles, as follows: Aurora to York, to
and to Grand Island. 59.86 miles; Beatrice ria Weymore to Red Cloud Neb., 120.53 miles. Underlie
i-hich provide for retirement at maturity. Legal for S. B. in Cal., Conn., Mass., N. H., R. I., Vt. Listed on
New York and Boston Stock Exchanges. Normal income tax deducted from interest.
7. Auth., $29.441.000; outstanding, $21,341.000, of which $314.000 are in treasury and ?31,000 are pledged,
leaving in hands of public, $20,996,000. Dated May 1, 1887; due May 1, 1927. Int. paid at company's office,
New
York and Boston. Coupon, $1,000: reg., $5,000. Sinking fund, \% per annum of all bonds issued to purchase at not
over 110 and interest; if not purchasable, funds to revert to company. First lien, 296.91 miles, as follows: Grand
Island to Alliance and Hastings to Aurora; first collateral lien on 1,174.50 miles, there being deposited the entire
issues or first mortgage bonds of companies owning the following mileage: De Witt VM Strang, Blue Hill and
45.19 miles; Edgar to
Iredg* to west line of Nebraska, 298.32 miles; Fairmont via Strang to Chester, Neb.,
Sup- 53 miles; Kenesaw to Oxford, 60.67 miles; Omaha via Ashland to Schuyler, 80.59 miles; Central City
to Ericson. 6'J.C'fi mile*; Palmer to Arcadia, 53.61 miles: Greeley Center to Burwell, 40.38 miles, west line of Neb-
raska to south line of Wyoming. 144.68 miles; branch to Cheyenne, 29.01 miles; Orleans to south line of Neb., 59.61
miles; extension to St. Francis. Kas., 74.18 miles; Odell, Neb., to Concordia, Kas., 71.49 miles; Republican City, Neb.,
to Oberlin. Kas.. 78.23 miles: Culbertson to Imperial, Neb., 49.17 miles. Underlie No. 12, which provides for retire-
ment. Legal for S. B. in Cal., Conn., Me., Mass.. Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on
New York and Boston Stock Exchanges. Normal income tax deducted from interest.
in
8. Auth., $14,000,000; outstanding, $13,613,000, of which $12,770,800 are alive in sinking funds, leaving
hands of public, $842.200. Dated July 1. 1878; due July 1, 1918. Int. paid at company's office, New York and
Boston. Coupon. $600 and $1.000. Callable at par and int. for sinking fund, the interest on btfnds already in
fund
being applied to redemption of further bonds. Assumed by C. B. & Q. R.R. First lien, 454.21 miles, as follows:
Pacific June, to Kearney. Neb., 193.42 miles; Nemaha via Nebraska City and Lincoln to York, Neb., 136.53 miles,
land grants. Fur-
Hastings to west line of Franklin County, 76.34 miles; Crete to Beatrice, 31.04 miles; also on
ther secured by deposit of $1.565.000 out of total of $2,105,000 Republican Valley first 6s of 1918, covering 180.
miles; the balance of $540.000 of these bonds being deposited under No. 6 (above). Underlie No. 12, which pro-
N. H., N. J., H. Y., K. i.,
vides for retirement Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo.,
Vt, Wis. Listed on Boston Stock Exchange. Normal income tax deducted from interest.
irt hands of the
9. Anth.. $2.643.000; outstanding, $932,800, of which $878.600 are in sinking funds, leaving
public. $54.200. Dated July 1. 1879; due July 1, 1919. Int. paid at company's office, New York and Boston, cou-
and for fund, the interest on those already in fund being applied for the
pon. $600 $1.000. Callable at par sinking
Red Wil-
retirement of thi- issue; at maturity all will be retired. Assumed by C., B. & Q. R.R. First hen, 90.47 miles
wt of Franklin Neb. Underlie No. 12. Legal for S. B. in Cal Conn., Maine, Mass
-mty to line County, income tax de-
N. H., N. J., N. Y., R. L, Vt, Wis. Listed on Boston Stock Exchange. Normal
.
ducted from interest

Int. paid at ec-
Auth.. $30.000; outstanding. $15.000 (closed). Dated June 1, 1880; due June 1,
10.
1920.
C. B. & Q-
I
National Bank. Boston. Sinking fund, $10,000 per annum, to call bonds at par, Assumed by :
U lien. 27.61 miles, from Corning, Mo., to connection with C. B. & Q. in Page County, la. Underlie No .12. ,
for S. B. in rl. Conn., Fla., Maine. Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. L Wis. Listed on E Legrt
f
< Exchange. Interest paid without deduction for normal income tax. Coupon, ?1,000.
11. Auth., $388,000; outstanding, $9,000 (closed). Dated June 1, 1880; due June 1, 1920. Int. paid at Sec-
ond National Bank, Boston. Sinking fund, $10,000 per annum to retire at par. Assumed by C. B. & Q. R.R. First
lien, 31.54 miles; Bigelow to Burlington June., Mo. Underlie No. 12. Legal for S. B. in Cal., Conn., Fla., Maine,
Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Wis. Listed on Boston Stock Exchange. Interest paid with-
1
out deduction for normal income tax. Coupon, $1,000.

12. Auth., $300,000,000; outstanding, $75,120,000 of which $9,873,000 are in treasury, leaving in hands of pub-
lic, $65,247,000. Balance reserved for prior liens, for construction, extensions, etc. Dated Mar. 2, 1908; due Mar. 1,
1958. Int. paid at company's office, New York and Boston. Coupon, $1,000; reg., $5,000 and multiples. First
lien on 3,327.31 miles, as follows: Builington, la., to St. Louis, Mo., about 211 miles; Harlem, Mo., to Council Bluffs,
la., about 190 miles; Alliance, Neb., to Huntley,. Montana, 462 miles; Concord to Herrin, 111., 175 miles; Viele, la.,
to Carrolton, Mo., 180 miles; Burlington to Tracy, la., 103 miles; Alexander, Mo., to Van Wert, la., 141 miles;
Des Moines, la., to Gainesville, Mo., 105 miles; Ashland, Neb., to Sioux City, la., 103 miles; Oneil to South Sioux
City, 124 miles; Hannibal via Cameron to Atchison, 222.41 miles; and the lines from Napier to Table Rock, Neb.,
Galesburg to West Havana, 111., Mt. Pleasant to Keokuk, la.; Madison to Batavia, la.; Hopkins to Amazonia, Mo.;
Sedan, 111., to Elmer, Mo.; Old Monroe to Mexico, Mo.; Table Rock to Lancaster, Neb.; Stronberg to Alma, Neb.;
Denver to Lyons and Tower, Col. Edgemont to Englewood, S. D. Aliance, Neb., to British City, Col. Northport
; ; ;
to Guernsey and Ironton, Wyo., etc., etc.; also secured by second lien on the 5,162.99 miles covered by Nos. 1, 2, 3,
4, 6, 7, 8, 9, 10, and 11 (above) also a first collateral lien on a majority of the common stock of the Colorado &
;
Southern Railway. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis.
Listed on New York Stock Exchange. Normal income tax deducted from interest.

CHI., BUlt. A Ql 7 AY )' Jf.lt. SYSTEM (COL. &, SOUTHERN RY.). 231
THE COLORADO & SOUTHERN RAILWAY COMPANY

NOTE: The analysis is based on official documents of the Company, including its annual reports of the past ten years.
Successor in 1899 to Union Pacific, Denver & Gulf, and Derive?, Leadville & Gunnison Railways. Con-
Origin:
trols Fort Worth & Denver City, Colorado Springs & Cripple Creek District Railway, Wichita Valley Ry., Wichita
Falls & Oklahoma Ry., Wichita Valley R.R., Abilene & Northern Ry., Gilpin R.R., Colorado R.R., and Stamford
& Northwestern Ry., and holds a one-half interest in Trinity and Brazos Valley R.R.
Location: The directly operated lines on June 30, 1916, aggregated 1,841.72 miles, of which 143.77 miles in
Wyoming, 903.63 in Colorado, 83.28 in New Mexico, and 711.04 in Texas. Of this mileage, 134.20 miles are oper-
ated under lease or contract. The main stem of the company extends from Grin June., Wy. (where connection is
made with the C. B. A Q.) southward through Cheyenne, Denver, Pueblo, Trinidad, to Texlme, where at the latter
the Fort Worth & Denver City line, operating to connection with Trinity & Brazos
point connection is made with
Valley, thus forming a through line to Galveston. The Colorado Springs & Cripple Creek District Railway, 74.25
miles, operating from Colorado Springs to Cripple Creek, has been leased to the Florence & Cripple Creek R.R.
(now the Cripple Creek A Colorado Springs R.R.), since Nov. 1, 1911, and is operated separately from the main
system. Held a. one-half interest in the Colorado Midland lines, which in 1912 it arranged to sell; but litigation
has delayed delivery. Also owns control of Denver & Interurban R.R. Co., which is separately operated. Oper-
ated mileage mainly in Colorado. Population of this State in 1890, 419,198; in 1900, 539,700; in 1910, 799,024.
Control: In December. 1908, the Chicago, Burlington & Quincy acquired $23,667,500 out of $31,000,000 com-
mon stock of the Colorado 4 Southern Ry. On June 30, 1916, the Chicago, Burlington & Quincy also owned $1,130,-
000 first preferred and $6,078,700 second preferred stock.
Management: OmcEBS: Geo. B. Harris, Chairman; Hale Holden, Pres.; E. S. Roller, Vice-Pres.; C. G. Burn-
ham, Vice-Pres.; H. E. Byram, Vice-Pres.; B. F. James, Sec. and Treas.; T. S. Howland, Asst. Sec. and Asst.
Treas. DIRECTORS: Harry Bronner. Geo. B. Harris, Geo. F. Baker, Geo. F. Baker, Jr., James N. Hill, E. T. Nichols,
A. D. Parker, Hale Holden. C. G. Burnham, H. E. Byram, C. E. Perkins. Annual meeting, November. MAIN OF-
FICE. Chicago. 111. NEW YORK OFFICE, 32 Nassau Street
of Frelcht Tonnage i Years* Ending June 30)

2.32 MOODY'S ANALYSES OF INVESTMENTS.
YEARS
ENDED
JUNE 30.
CHI., BUR. QUINCY R.E. SYSTEM (COL. $ SOUTHERN RY.) . 233
TABLE C- Capitalization Factors (Security Obligations and Earning Power)

YES
EMDBU
JUMXSO.
Note: The bond ratings are based not only on the statistical exhibits and average income, but other factors are
also taken into consideration, such as the relative value to the main system of the mileage covered by each particu-
lar bond, the earning power of the property covered, the character of the physical property, etc. The two large issues
of the Colorado Southern both stand on a strong investment plane, while the divisional issues all appear to be well
protected. The position of the equipment notes is, of course, very strong.

Auth., $20,000,000; outstanding, $19,402,000 (closed). Dated Dec. 31, 1898; due Feb. 1, 1929. Int. at office of
1.
Co., NewYork. Coupon, $1,000. First lien, 1,088.80 miles, as follows: Orin June, to Cheyenne, Wyo., 153.68 miles;
Denver via Boulder and Fort Collins to Greeley, Col., 96.86 miles; Denver to Silver Plume, 52.59 miles; Denver to
Manitou June., 81.51 miles; Manitou June, to Gulf June., near Pueblo, 42,86 miles; Denver to Como, 88.12 miles;
Como to Leadville, 63.76 miles; Como to Baldwin, 133.02 miles; Walsenburg June, to Trinidad, 41.52 miles; Trinidad
to Texline, N. M., 134.67; various branches, "200.21 miles; also a first collateral lien on $6,397,783 out of $9,375,000
stock of Fort Worth & Denver City Ry., and on stock interests in the Colorado Midland Ry. ; also a second collateral
lien on the securities covered by first collateral lien by No. 2 (below). Underlie No. 2 with provision to retire.
Legal for Savings Banks in Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
2. Auth., $100,000,000; outstanding, $35,594,347, of which $4,790,447 in treasury, leaving $30,803,900 in hands
of public. Dated May 1, 1905; due May 1, 1935. Int. paid at office of company in New York. Coupon, $100 and
$1,000; reg., $1,000, etc. Callable at 101 and int. on 3 months' notice. A first collateral lien on 1,249.42 miles of
road, including 303 miles of Trinity & Brazos Valley Ry., from Cleburne to Houston and from Waxahatchie to Teasjue
in Texas; on 120.35 miles of Colorado R.R. on 52.50 miles of Wichita Valley R.R.; on 60.70 miles of Wichita Valley
;
Rjw on 22.80 miles of Wichita Falls & Oklahoma Ry.. on 38.70 miles of Abilene & Northern Ry., on 82.50 miles Stam-
ford & Northwest Ry.; and on 22.18 miles of the Denver & Interurban (electric) Ry.; 454.14 miles of Ft. Worth &
Denver City Ry. ; 74.25 miles of Colo. Spgs. & Cripple Creek Dist. Ry. and 18.78 miles of Gilpin R.R.; also a second
direct lien on the 1,088.80 miles covered by No. 1; also a second collateral lien on the securities covered by No. 1 as
first collateral lien. Listed on New Ycrk Stock Exchange. Interest paid without deduction for normal income tax.
3. Dated Jan. 1, 1900; due Jan. 1, 1930. Int. paid at Chemical Na-
Auth., $2,000,000; outstanding, ^1,364,000.
tional Bank, New
York. Coupon, .|l,COO. Sinking fund, 5% of gross earnings, to call bonds at 110 until Jan. 1, 1915;
at 107 from 1915 to 1920; at 105 from 1920 to 1925; at 102% from 1925 to 1929; at par in 1929. First lien, 74.25
miles, Colorado Springs to Cripple Creek and branches. Underlie No. 4. Will be retired by No. 2. Legal for S. B.
in Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
4. Dated Oct. 1, 1902; due Oct.

Auth., $3,600,000; outstanding, $1,379,000. 1,1942. Int. paid at Chemical Nat.
Bank, New
York. Coupon, $1,000. Second lien, 74.25 miles, following No. 3. No. 2 provides for retirement. In-
Auth., $18,000 per mile ; outstanding, $8,176,000. Dated Dec. 29, 1881 due Dec. 1, 1921. Int. paid at com-
5. ;
pany's office in New York. Coupon, $1,000. First lien, 454.14 miles, Forth Worth to Sixela on New Mexico State
line. Legal for S. B. in Mo., Texas. Listed on New York Stock Exchange. No. 2 provides for retirement. Normal
6. Auth., $2,500,000; outstanding, $728,000, of which $428,000 are owned by Fort Worth & Denver City Ry. Co.,
leaving $300,000 in hands of public. Dated Dec. 1 1907 ; due Dec. 1, 1937. Int. paid at company's office, New York.
,
Coupon, $1,000. First lien on terminals, realty, etc., at Fort Worth, Tex. Callable at 105, on three months' notice.
7. Series "A" 5s; due $52,000 semi-annually April and Oct. 1 to April 1, 1917; now outstanding, $52,000. Series
"B" 5s (Fort Worth & Denver City) due $19,000 semi-annually to April 1, 1917; now outstanding $19,000. Series
;
"C" 4%s (Fort Worth & Denver City, equipment trust), dated May 1, 1915; due $56,000 each May and Nov. 1, to
May 1, 1925; outstanding, $952,000. Interest paid without deduction for normal income tax.

COLORADO $ SOUTHERN RAILWAY SYSTEM. 235
COMPANIES CONTROLLED BY COLORADO & SOUTHERN RAILWAY, BUT DIRECTLY OPERATED

FORT WORTH AND DENVER CITY RAILWAY
Incorporated under laws of Texas, May 27, 1873; reorganized in 1896. Line of road: Fort Worth, Tex, to
I miles,
connecting at the latter point with the Colorado Southern Ry., which owns over 98% of the
capital stock and operates the property as a part of its system. Equipment: Locomotives, 92; passenger, freight and
company cars, 3,987.
Management: OFFICERS: Geo. B. Harris, Pres.; D. B. Keeler, Vice-Pres.; W. O. Hamilton, Sec. and Treas.; T. S.
Isst Sec. and Asst Treas DIRECTORS: G. B. Harris, E. S. Roller, W. F. Sterley, Morgan Jones, D. B.
Keeler, Hale Holden, A. D. Parker, J. H. Barwise, Jr., K. M. Van Zandt. Annual meeting, second Thursday 111
*
November. OFFICE, Fort Worth, Tex.

1916 1915 1914 1913 1912 1911
Gross revenue $5,822,481 $5,302,762 $4,778,283 $5,369,672 $4,813,115 $5,188,114
Operating expenses . . .
3,581,557 3,831,487 3,580,063 3,790,164 3,207,568 3,226,726
Net oper. revenues. $2,240.924 $1,471,275 $1,198,220 $1,579,508 $1,606,447 $1,961.389
Other income ,
,,;. 74,580 45,062 45,044 63,026 54,557
Taxes
Total net income. .. -'
20
14,811 H.MUU
HI
$1,243,282 11,624,562 $1,669,473 $2,015,946
144.7 182,072 128,920 135,275 123,131
Fixed charge* 710,002 898,620 719,090 800,652 765,850
* 791,743
Dividends 464,276 252,226
Other deductions M Ml
Surplus .
$1,320,913 $48,243 $89,894 $563,889 $768,348 $1,101,072
Dividends of $454,276 charged to Profit and Loss Account in 1916.
Profit and LOM Account, year ended June 30, 1916: Credit balance at beginning of year, $381,355; credit bal-
ance transferred from income, $1.320,913; unrefundable overcharges, $273; profit on road and equipment sold,
$16,861; miscellaneous credits, $431; total, $1,719,833. Contra: Dividend appropriations of surplus, $454,276; loss
on retired road and equipment, $1,046; miscellaneous credits, $2,160; credit balance carried to balance sheet, $1,262,-
total, $1,719,833.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . . . $24,015,689 $24,143,714 $22,962,703 $23,016,594 $23,044,421 $23,028,402
Working assets -'.---> 2,006,187 2,175,860 2,563,225 2,432,425 2,051,110
Deferred debit items. ... 88^63 96,412 53,496 65,793 129,900 132,245
Total $27,024,830 $26,245,313 $25,192,059 $25,645,612 $25,606,746 $25,211,757

ABILITIES:
F.I
Capital stock $9.375.000 $9.375.000 $9.375,000 $9,375,000 $9,375.000 $9,375,000

F'unded debt 9,521,918 9,671,918 8.690,919 8,907,921 9,150,923 9,393,924
Working liabilities 440.070 453,456 410,258 541,633 430,710 549.613
Accrd. due
liabilities not 146,764 127,390 127,581 105,354 107,327 109,083
Deferred credit items.. .T 1.895 27,623 23,344 20,178 15,379 22,714
Appropriated surplus . . 6,306.832 6,208,671 5,843.893 5,618,370
Profit and loss . . . U62.351 381,355 721,064 1,077,156 6,527,467 5,V61,423
Total $27,024,830 $26,245,313 $25,192,059 $25,645,612 $25,606,746 $25,211,757

Bonded Db: $8,176,000 Fort Worth and Denver City 1st 6s, due Dec. 1, 1921. For full details and rating, see
Colorado A Southern Ry. bond table, page 233.
Capital Stock: Auth., $10,000,000; issued, $9,376,000; outstanding, $9,243,800, of which $2,539,992 is "stamped"
stock; par $100. Dividends on stamped stock 1897 and 1898, 2% each year; 1901, 1V4%; 1902 and 1903, inclusive,
4% each; 1905 to 1911 inc., 4% per annum; 1912, 5%; 1913 to 1915, inc., 6% per annum; 1916 to June 30, 3%. On
unstamped stock: 1912, 5%; 1913, 6%; 1914 and 1916, 6% each; 1916 to June 30, 3%. Colorado & Southern Ry.
owns $9.361.016. of which $2,539,992 is "stamped" stock. TRANSFER AGENT, W. O. Hamilton, Fort Worth, Tex.
(THE) GILPIN RAILROAD

Incorporated under laws of Colorado, July 24, 1906, as successor to the Gilpin Tramway Co. Operates 16.5 miles
from Black Hawk to various mines near Central City, Col. Colorado & Southern Ry. controls through stock owner-
ship and operates the property.
Management: A. D. Parker, Pres.; B. F. James, Sec. and Treas.; J. H. Bradbury, Auditor. OFFICE, Denver, Col.
Bonded Debt: $71,000 Gilpin Tramway 1st 6s; dated May 15, 1899; due May 15, 1919: int. paid May and Nov. 16,
at International Trust Co., Denver Col. Coupon, $500. First lien on entire property. Interest paid without deduc-
tion fornormal income tax.
Capital Stock: Auth. and issued, $200,000; par $10. All but 5 shares owned by Colorado & Southern Ry. and
pledged under its refunding and extension mortgage.
Other Controlled Roads: In addition to above, the Colorado & Southern owns the entire stock and bonds of the
Abilene & Northern Ry., Stamford to Abilene, Texas, 38.7 miles; practically the entire stock and all the bonds of
the Colorado R.R., owning 120.35 miles of short lines in Colorado; practically all the stock and all the bonds of the
Stamford & Northwestern Ry., Stamford to Spur, Texas, 82.5 miles; practically all the stocks and all bonds of the
Wichita Valley Ry.. Wichita Falls to Seymour, Texas, 62.2 miles; practically all the stock and all the bonds of the
Wichita Falls and Oklahoma Ry., Byers to Wichita Falls, Texas, 22.8 miles: practically all the stock and all the
bonds of the Wichita Valley R.R., Seymour to Stamford, Texas, 60.7 miles. These companies are all operated as a
part of the general system and the securities are deposited under the Colorado and Southern refunding mort- 4%%
age.
CHICAGO & EASTERN ILLINOIS RAILROAD COMPANY
NOTE: The analysis is based onofficial documents of the Company, including its annual reports of the past ten years.
Origin: Incorporated under laws of Illinois, June 7, 1894, as a consolidation of the old Chicago & Eastern Illinois
R.R. and the Chicago & Indiana Coal Ry. Co. The company owns a one-fifth interest in the Chicago & Western
Indiana and a joint interest in the Southern Illinois & Missouri Bridge Co. On July 20, 1911, the Evansville &
Terre Haute R.R., and the Evansville Belt Ry., which had formerly been controlled by stock ownership, were
merged formally into this company. In this merger, the Evansville & Terre Haute common stockholders received
83%% in Chicago & Eastern Illinois common, and the Evansville Belt stockholders received par. The preferred
stockholders of the Evansville & Terre Haute were given the privilege to exchange their holdings for new 5%
refunding bonds, par for par, these bonds maturing 1941, and being assumed by the Chicago & Eastern Illinois R.R.
Location: Directly operated lines consisted June 30, 1916, of 1,136.46 miles. Main lines embrace: Dolton to Dan-
ville, 111.,107.21 miles; Danville June, to Brazil, Ind. (Western division), 61.20 miles; Momence June, to Brazil, Ind.
(Eastern division), 130.09 miles; Danville June, to Thebes and Joppa, 111., 292.39 miles; Woodland June, to Villa
Gro.ve, 111., 62.20 miles; Otter Creek June, to Evansville, Ind., 114.66 miles; and also numerous smaller branches.
The lines of the old Evansville & Terre Haute Company are included in the directly operated mileage, with the
exception of the Evansville & Indianapolis 145.95 miles operated separately since Mar. 1, 1916. The lines of the
company are all in Illinois and Indiana. Population of these States in 1890, 6,018,755; in 1900, 7,338,012; in 1910,
8,339,467. The road penetrates the Indiana soft coal fields and has always done a heavy business in this commodity.
Receivership: 27, 1913, Edwin W. Winter, of New York, and William J. Jackson, of Chicago, were 'ap-
On May
pointed receivers. Interest was defaulted July 1, 1913, on the refunding 4s, and later on the Evansville & Terre
Haute refunding 5s, the Evansville & Indianapolis cons. 6s, and the Chicago and Indiana Coal Railway first 5s.
Special protective committees have been appointed for these and other issues. See bond notes on following pages.
The receivership was directly caused by the downfall of the St. Louis & San Francisco R.R Co., which had
acquired a large majority 'of both preferred and common stock and deposited same under its own "Chicago &
Eastern 111. stock certificates." See following pages and also St. Louis & San Francisco R.R. statement.
Recent Developments: No plan for the reorganization of the property has yet been announced, but the Evans-
ville & Indianapolis Railroad has now been divorced from the main system and is being independently operated
by its Receiver. In Sept., 1916, the Receiver of the main company stated that the company was rapidly getting on
its feet, but that no plan for reorganization was imminent. On October 1, 1916, all coupons due and overdue on the
following issues were paid, and it was announced that future interest would be met until otherwise ordered by the
Court.
Danville & Grape Creek 1st 6s; Evansville, Terre Haute & Chicago income 6s; Chicago & Eastern Illinois 1st
ext. 6s; Chicago & Eastern Illinois 1st consol. 6s; Evansville & Terre Haute 1st cons. 6s, and Evansville Belt Rail-
way 1st 5s.
Under the plan of reorganization of the St. Louis & San Francisco Railroad adopted in April, 1916, it was
provided as follows:
(1)The $12,153,750 preferred and $16,944,500 common stock Trust certificates issued for preferred and
common stock of the Chicago & Eastern Railroad should be exchanged for the stock of the Chicago & Eastern
Illinois R.R. represented by the same;
(2) The reorganization managers delivered in respect to preferred certificates so surrendered, $18 in 6% pre-
ferred stock and $2.50 in common stock of the new St. Louis & San Francisco; and also delivered in respect to
common stock certificates so surrendered, $30 in 6% preferred stock and $4.25 in common stock of the St. Louis &
San Francisco R.R. (See latter company's statement).
Protective Committee: General Committee, representing Danville & Grape Creek 6s, Evansville, Terre Haute &
Chicago 6s, all Evansville & Terre Haute issues, Evansville Belt Ry. 1st 5s, Chicago & East Illinois extension 6s
and consol. 6s, and ref. and imp. 4s, is represented by John W. Flatten, Chairman; Calvert Brewer, Secretary, 55
Cedar Street, New York. Depositary: United States Mortgage & Trust Co., New York, and First Trust & Sav-
ings Bank, Chicago.
Management: Wm. J. Jackson, Chicago, Receiver. OFFICERS FOR RECEIVERS: W. H. Lyford, Gen. Counsel; J. P.
Reeves, Treas.; H. J. Cronin, Auditor. OFFICERS OF COMPANY: W. J. Jackson, Pres.; Alvin W. Krech, Vice-Pres.;
J. P. Reeves, Treas.; H. J. Cronin, Sec. DIRECTORS: Frederic W. Allen, W. J. Jackson, W. H. Lyford, Geo. F. Por-
ter, T. D. Heed, Alvin W. Krech, H. H. Porter, W. Redmond Cross, Chas. S. Holt, W. Emlen Roosevelt, Joseph
Walker, Jr. Annual meeting, first Wednesday in June. CHICAGO OFFICE, 332 So. Michigan Ave. NEW YORK OFFICE,
71 Broadway.

CHICAGO & EASTERN ILLINOIS RAILROAD CO. 237

Note: The fixed charges item of $4,443,903, as shown above for 1915, includes all the interest obligations of the
company, paid or unpaid. In 1915, $2,262,095 of this amount, by order of the Court, was not paid by the receiver.
1916 report shows a decrease in the accrual of interest on funded debt of $2,726,022.
Note: Above figures for 1916 include those of the Evansville and Indianapolis for the entire year, although the
E. & I. was separately operated for the period Mar. I, 1916, to June 30, 1916.
Profit and Loss Account of the Chicago & Eastern Illinois, for the year ending June 30, 1916: Credit balance
transferred from income, $2,923,598; donations, $8,804; miscellaneous credits, $2,839,566; total, $5,771,968. Contra:
Debit balance June 30, 1915, $2,883,435; less Evan. & I. eliminated, $196,047; balance, $2,687,388; debt discount ex-
tinguished through surplus, $10,319; loss on retired road and equipment, $69,404; miscellaneous debits, $118,194;
credit balance carried to balance sheet, $2,886,66,3; total, $5,771,968.
Profit and Loss Account of the Evansville and Indianapolis for the four months ending June 30, 1916: Miscellane-
ous credits, $39; debit balance carried to balance sheet, $49,931; total, $49,970. Contra: debit balance transferred
from income, $49,970.
Comment: Although still in the hands of receivers, the income results of the Chicago & Eastern Illinois for
the year ended June 30, 1916, were of a most gratifying nature. Both gross and net operating revenues increased
sharply and there was also a substantial addition to the revenue from outside sources. Surplus carried forward was
practically equal to the old fixed charges before the propsrty went into receivers' hands.
The company has not yet gone through reorganization, but it is now evident that a substantial change in its
financial position can be achieved without radical assessment of stockholders, or seriously cutting down the junior
bond, issues.

Stock
YEARS Outstanding
ENDED and
JUNE 30. Per Cent
ofWhole.
CHICAGO $ EASTERN ILLINOIS RAILROAD CO 239
NiMBor Isn-E.
Auth., $55,000,000; outstanding, $15,996,000; in treasury, $2,023,000. Dated July 1, 1905; due July 1, 1955.
7.
Int. paid at Bankers' Trust Co., New York. Callable at 102% on sixty days' notice. Second lien on 463.77 miles,
following No. 6; third lien on 332.32 miles, following No. 6; fourth lien on 23.10 miles, following No. 6. The issue
provides for the refunding or retirement of all the prior liens on this 819.19 miles. Listed on New York and Bos-
ton Stock Exchanges. Interest paid without deduction for normal income tax. Interest in default since July 1,
1914. PROTECTIVE COMMITTEE: John W. Flatten, James C. Brady, F. Q. Brown, F. H. Ecker, Robert Fleming,
D. G. Geddes, Otto H. Kahn. Sec., Calvert Brewer. Depositary, U. S. Mortgage & Trust Co., New York. Coupon
and reg., $1,000.
Auth., $3,500,000; outstanding, $3,000,000. Dated July 30, 1881; due July 1, 1921.
8. Int. paid at Bankers'
Trust Co., New York. Assumed by Chi. & E. 111. R.R. First lien, 146.47 miles, Evansville to Terre Haute, Fort
Branch to Cynthiana and on Rockville extension. Underlie Nos. 11 (which provide for retirement) and 14. Listed
on New York Stock Exchange. Interest paid without deduction for normal income tax. Coupon $1,000.
9. Auth. and outstanding, $375,000. Dated April 1, 1883; due April 1, 1923. Int. paid April and October at
Bankers' Trust Co., New York. Assumed by Chi. & E. 111. R.R. First lien, 24.79 miles, Mt. Vernon to Cynthiana.
Underlie No. 11 (which provide for retirement) and No. 14. Listed on New York Stock Exchange. Interest paid
without deduction for normal income tax. Coupon, $1,000. Interest in default since April 1, 1915.
Auth. and outstanding, $450,000. Dated April 1, 1890; due April 1, 1930. Int. paid at Bankers' Trust Co.,
10.
New York. Assumed by Chi. & E. 111. R.R. First lien, 30 miles on branch from Farmersburg in Sullivan county,
Ind. Underlie No. 11 (which provide for retirement) and No. 14. Listed on New York Stock Exchange. Interest
paid without deduction for normal income tax. Coupon, $1,000. Interest in default since April 1, 1915.
11. Auth., $7,000,000; outstanding, $3,175,000, of which $30,000 are in treasury. Dated April 1, 1892; due April
1^1942. Int. paid at Bankers' Trust Co., New York. Assumed by Chi. & E. 111. R.R. Second lien on 201.26 miles,
following Nos. 8, 9, and 10. Further secured by deposit of entire stock of Evansville & Indianapolis R.R. Under-
lie No. 14. Listed on New York Stock Exchange. Tax-free clause. Coupon, $1,000. Interest in default since
April 1 1915. PROTECTIVE COMMITTEE, F. J. Lisman, Chm. Graham Adams, Sec., 30 Broad St., New York. De-
positary, Farmers' Loan & Trust Co.
12. Auth., $1,000,000; outstanding, $647,000 (closed). Dated July 1, 1884; due July 1, 1924. Int. paid at Bankers'
Trust Co., New York. Guar. prin. and int. by Chi. & E. 111. R.R. First lien, 54.50 miles, Straight Line June.
(near Evansville) to Washington, Ind. Underlie No. 13 (which provide for retirement). Tax-free clause. Cou-
pon, $1,000. Interest in default since July 1, 1914. SPECIAL COMMITTEE: F. H. Shipman, Chairman; Edward
Gibbs, Sec. Depositary: Farmers' Loan & Trust Co. This property has been operated separately since Mar. 1,
1916, by its receiver, Wm. P. Kappes.
13. Auth., $2,500,000; outstanding, $1,853,000.Dated Jan. 1. 1886; due Jan. 1, 1926. Int. paid at Bankers' Trust
Co., New York. Guar. prin. and int. by Chi. & E. 111. R.R. First lien, 79.65 miles, Washington to Terre Haute, Ind.,
and second lien on 54.50 miles, following No. 12. Listed on New York Stock Exchange. Tax-free clause. Coupon,
$1,000. Interest in default since July 1, 1914. SPECIAL COMMITTEE, same as No. 12.
14.' Auth., $1,284,000; outstanding, $1,278,150; in treasury, $5,850 Dated July 1, 1911; due July 1, 1941. Int.
paid at New York Trust Co., New York. Coupon, $50 and $1,000. Callable at par on 60 days' notice. Assumed by
Chi, & E. 111. R.R. Third lien on 201.26 miles, following No. 11. This issue was created to retire an equal amount
of Evansville & Terre Haute preferred stock, dollar for dollar. Tax-free clause. Interest in default since July 1,
1915.
Auth., $7,000,000; outstanding, $5,094,000. Dated Feb. 1, 1912; due Feb. 1, 1942. Int. paid at Central Trust
15.
Co., New York. Callable at 105 on 60 days' notice, and at 102% for sinking fund. Sinking fund, 2 cents per ton on
all coal mined from March 31, 1913 to 1917; 3 cents per ton from 1918 to 1927; and 4 cents per ton thereafter.
Bonds are held alive in fund and accruing interest is added to the fund. First lien on 41,000 acres of coal lands
located on the lines of the system, including ten coal mines. Listed on New York Stock Exchange. Tax-free clause.
Coupon and reg., $1,000. Interest in default since Feb. 1, 1915. SPECIAL COMMITTEE: Geo. C. Van Tuyl, Jr.,
Chairman; Jas. F. McNamara, Sec. Depositary: Metropolitan Trust Co., New York.
16. Auth., $600,000; outstanding, $142,000. Dated Nov. 1, 1910; due Nov. 1, 1940. Int. paid at Columbia Trust
Co., New York. Coupon, $1,000. Assumed by Chicago &
East. 111. R.R. First lien on 3.77 miles of railroad and
157.61 acres of real estate and terminal property. Tax-free clause. Interest in default since May 1, 1915
17. Receivers' Certificates: Auth. and outstanding, $6,000,000; dated July 1, 1916; due July 1, 1917. Int. paid at
Equitable Trust Co., New York. Coupon, $1,000 and multiples. Secured by first lien on following "trust assets"
pledged with Trustee: $1,000,000 (par) Chicago & Western Indiana R.R. stock; $240,000 (par) Belt Ry. of Chicago
stock; $10,000 (par) Southern Jllinpis & Mo. Bridge Co. stock; $612,300 (par) Brazil Black Coal Co. stock; $6,408,-
300 (par) Chicago & Eastern Illinois common stock; $550,000 Southern Illinois & Missouri Bridge 1st 4s; and other
minor collateral; total, $8,890,000. Also secured by lien prior to refunding and improvement 4s (No. 7) on all prop-
erty covered by that mortgage, but subject to the liens of Nos. 1 to 6, inclusive. The Court reserves the right, how-
ever, by future order, to declare these certificates prior in lien to No. 6.
18. Equipment Trusts: Extension Agreement. The United States District Court for Northern Illinois authorized
the receivers to extend the following equipment obligations for a period of three years after their respective ma-
turities, with interest increased to 5%%. The equipment notes are to have brought under their lien the entire
properties in the hands of receivers, excepting the properties of the Evansville Belt Ry., the Evansville & Terre
Haute R.R., the Evansville & Indianapolis R.R. and the property subject to the lien of the Purchase Money Coal
Bonds (No. 15), this arrangement making them a lien upon the property covered by the Refunding and Improve-
ment Mortgage (No. 7), ranking ahead of that mortgage, and upon the "trust assets" securing the Receivers' Cer-
tificates (see No. 17), but subject to the latter.
Chicago & Eastern Illinois R.R.: Equipment Bonds, Series "E"; interest to Feb. 1, 1915, 4%%; thereafter,
. payable Feb. and Aug. at Blair & Co., New York. Balance outstanding July 1, 1916, $250,000, maturing $125,000
Feb. and Aug. 1, 1918, as extended by order of Court. Secured on 30 locomotives, 2,500 freight cars, 25 caboos*
cars and 3 postal cars, all of original cost of over $2,800,000.
Equipment Bonds, Series "F"; interest to Feb. 1, 1915, 4%%; thereafter, 5%%payable Feb. and Aug. 1 at
Blair & Co., New York. Balance outstanding July 1, 1916, $660,000, maturing $220,000 each on Feb. and Aug. 1,
from Feb. 1, 1918, to Aug. 1, 1919, as extended by order of Court. Secured on 89 locomotives, 3,250 freight cars,
25 caboose cars and 3 dining cars, all of an original cost of over $6,000,000.
CHICAGO 4 EASTERN ILLINOIS RAILROAD CO. 241
Equipment Bonds, Series "G"; interest to April 1, 1915, 5%; thereafter, 5%%, payable April and Oct. 1 at
Bankers' Trust Co., New York. Balance outstanding, July 1, 1916, $744,000, maturing $124,000 each on April and
Oct. 1, from April 1, 1918 to Oct. 1, 1920, as extended by order of Court. Secured on 2,000 dumping gondola cars,
all of an original cost of $2,737,912.
Equipment Bonds, Series "H"; interest to Mar.1, 1915, 5%; thereafter, 5%%, payable Mar. and Sept. 1 at
Commercial Trust Co., Phila., and Bankers' Trust Co., New York. Balance outstanding on July 1, 1916, $2,648,000,
maturing $166,000 each Mar. 1st, and $165,000 each Sept. 1st from Sept. 1/1918, to Sept. 1, 1925, as extended by
order of Court. Secured on 3,000 freight cars and 20 caboose cars, all of an original cost of over $3,600,000.
Evansville &Terre Haute: Equipment Bonds, Series "B", 5%s, maturity extended by order of Court to July 1,
1917. Now outstanding. $20,000. Series "C," 5Hs, maturity extended by order of Court to July 1, 1917. Now
outstanding, $180,000. These have been purchased and are pledged under an issue of $200,000 5%%
receiver's cer-
tificates due July 1, 1917.
All issues are coupon, $1,000; all carry "tax-free clause."
TABLE E. Stock Record and Ratings < Based on 10- Year Results, Per Mile of Road)
YEAKS
ENDED
JUNE 30.
CHICAGO GREAT WESTERN RAILROAD COMPANY 243
Note: Full figures for 1908 and 1909 cannot be given, as road issued no reports. Fixed charges in 1910, 1911,
1912, 1913 and 1914 included rentals of terminals, interest on bonds of main system, and controlled lines. In 1916
the following were included: Interest on Chicago Great Western 1st 4s, $1,032,798; interest on Mason City & Fort
Dodge 4s, $480,000; joint facility rents, $690,701; miscellaneous" rents, $34,123; miscellaneous diarjjes, $18,038. The
marked reduction in fixed charges in 1913 was due to the exchange of Wisconsin, Minnesota & Pacific 4s for 50% of
their face value in Chicago Great Western 4s.
Profit and Loss Account, for year ending June 30, 1916, shows: Credit balance, June- 30, 1915, $4,524,255; credit
balance transferred from income, $1,763,994; profit on road and equipment sold, $1,273; mrefundable overcharges,
$813; donations, $3,457; miscellaneous credits, $4,487; total, $6,298,279. Contra: Dividend appropriations of sur-
plus, $H77.:',4.'i; surplus appropriated for investment in physical property, $5,687; loss on retired road and equipment,
$7i'.119: miscellaneous debits, $31,564; credit balance carried to balance sheet, $5,311,266.
Comment: Gross revenues for the fiscal year 1916 reached the highest figures e"er recorded, and the net receipts
also underwent very substantial improvement. Fixed charges were practically unchanged during the year and there-
fore the final surplus was nearly double that *f 1915. The amount earned on the preferred stock issue equalled
approximately 4%, while the company made payments of 2% during the year.
TABLE C. Capitalization Factors

<
Security Obligations and Earning Power)

KKMD
JUKE 10.
244 MOODY' S ANALYSES OF INVESTMENTS.
NAME OF ISSUE.
CHICAGO GREAT WESTERN RAILROAD SYSTEM 245
COMPANIES CONTROLLED BY CHICAGO GREAT WESTERN RAILROAD

MASON CITY & FORT DODGE RAILROAD COMPANY
Incorporated under laws of Iowa, May 23, 1881. Line of road: Hayfleld to Clarion, la., 99.71 miles; Clarion
to Fort Dodge, 28.05 miles; Fort Dodge to Council Bluffs, 132.90 miles; Fort Dodge to Lehigh and Coalville, 18.59
miles; Oelwein to Clarion, 98.09 miles; trackage and spurs, 8.91 miles; total operated, 386.25 miles. Owns term-
inals in Council Bluffs and Omaha which have cost over $1,000,000, and has perpetual rights for use of Union
Passenger Station in Omaha, owned by Union Pacific Railroad. Controlled by ownership of all capital stock by
Chicago Great Western R.R., which operates the road under a 100-year lease from April, 1901. the lessee agreeing
to pay the interest (but not the principal) on the company's bonds from net earnings of the property, retaining
all surplus income.
Management: OFFICERS: S. M. Felton, Pres.; J. W. Blabon, Vice-Pres.; J. F. Coykendall, Sec. and Treas.;
DIRECTORS: S. M. Felton, J. W. Blabon, W. H. McCord, Geo. A. Hormel, Luther Drake, C. H. McNider. OFFICE,
Chicago, 111.
Bonded Debt: $12,000,000 Mason City & Fort Dodge first 4s; dated June 1, 1905; due June 1, 1955; int. paid June
and Dec. 1 at J. P. Morgan & Co., New York. Coupon, $1,000. First lien on entire property. The Chicago Great
Western has reserved first 4s which may be used in retiring these bonds. For rating, see Chicago Great Western
'
bond table.
Capital Stock: Auth., $14.000,000 4% non-cumulative preferred and $20,000,000 common; par $100. Outstand-
ing, $13,635,752 preferred and $19,205,400 common, all owned by Chicago Great Western R.R. and deposited as col-
lateral under that company's first 4s of 1959.
THE LEAVENWORTH TERMINAL RAILWAY & BRIDGE COMPANY

Origin: Incorporated in Kansas, January, 1892, to construct and operate a bridge and railway terminals between
Stillings, Mo., ana Leavenworth, Kan. Controlled through stock ownership by Chicago Great Western Railroad Co.
Location: Owns 1,110-foot railway bridge over Missouri River and terminals in Leavenworth, Kan. Was leased
to K. C., St. Jo. A Council Bluffs Railroad, and Chicago, Rock Island and Pacific Railway till January, 1924, at
$18,000 per annum for each company, and to Chicago, Great Western till July, 1924, at $12,000 per annum. In
August, 1910. the Chicago Great Western R.R. acquired all the capital stock of the company. Line of road, Leaven-
worth to Stillings, Mo., 1% miles, including bridge over Missouri River.
Management: OFFICERS: S. M. Felton, Pres.; C. R. Brry, Vice-Pres.; J. F. Coykendall, Sec. and Treas. OFFICE,
Leavenworth, Kan.
~"
1916 1915 1914 1913 1912 1911
Gross revenue $22,772 $16,775 $15,145 $11,436 $8,671 $8,631
Operating expense? 3,957 2,459 2,547 1,316 1,128 1,134
Net revenue. . $18,815 $13,316 $12,598 $10,120 $7,543 $7,497

Other income 87,844 37,305 37,494 39,844 41,033 39,846
Total net income. . $56,659 $50,621 $50,092 $49,964 $48,576 $47,343

Taxes .
7,628 6,752 7,037 5,385 5,260 5,091
Fixed charges 29,193 29,259 29,515 33,653 30,000 31,691
Surplus $19,938 $14,610 $13,540 $10,926 $13,316 $10,561
lit and LOM Account, year ended June. 30, 1916: 1, 1915, $58,829; credit balance trans-
Credit balance July
ferred from income, $19,938; total, $78,767. Contra: Delayed income debits, $4,000; credit balance carried to balance
sheet, $74,767; total, $78,767.

Awrre: 1916 1915 1914 1913 1912 1911
Property investment . $1,248,293 $1,214,204 $1,210,508 $1,208,988 $1,199,555 $1,202,555
Working assets 21,339 34,188 34,087 33,625 41,576 26,731
Deferred debit items.. 194 15,637 17,784 13,350 25,043 23,595
Total $1,269,826 $1,264,029 $1,262,379 $1,255,963 $1,266,174 $1,252,881
Li ABILITIES:
Capital stock $600.000 $600,000 $600,000 $600,000 $600,000 $600,000
Funded debt . 660,000 660,000 560,000 560,000 560,000 560,000
.... 31,000 41,701 48,167 55,577 56,447 56,543
Working liabilities
Accrd. liabilities not due 4,059 3,499 8,446 2,700 2,772 2,698
Profit and loss surplus.. 74,767 58,829 50,766 37,686 46,955 33,640
Total $1,269,826 $1,264,029 $1,262,379 $1,255,963 $1,266,174 $1,252,881
Bonded Debt: $560,000 Leavenworth Terminal Railway & Bridge first 5s; dated Jan. 1, 1893; due Jan. 1, 1923;
Interest Jan. 1 and July 1, at Central Trust Co., New York. Callable at 105 and interest. First hen on entire prop-
the bonds, but the fixed in-
erty. Chicago Great Western, which owns the stock of this company, does not guarantee
come from rentals more than covers the interest requirements. Interest paid without deduction for normal income
Ux. Net Ratm >
Ba -
Coupon, $1,000.
Capital Stock: Auth. and outstanding, $600,000; par $100. All owned by Chicago Great Western R.R. Co.
WISCONSIN, MINNESOTA & PACIFIC RAILROAD COMPANY

Incorporated under laws of Minnesota, April 24, 1894, succeeding the Wisconsin, Minnesota & Pacific Railway,
which was sold under foreclosure. Line of road: Red Wing to Mankato, Minn., 95.7 miles; Red Wing to Osage, la.,
118.2 miles; Winona to Simpson, Minn., 54.2 miles; branches, 8.41 miles; total, 277.43 miles. Controlled by Chi-
cago Great Western R.R., which owns all outstanding stock, and leases the property for 999 years from April, 1901,
lessee agreeing to pay interest oh the company's bonds from the net earnings of the property, and to retain any
remaining balance.
Management: OFFICERS: S. M. Felton, Pres. J. W. Blabon, Vice-Pres.; J. F. Coykendall, Sec. and Treas.
;
DIRECTORS: S. M. Felton, J. W. Blabon, John H. Rich, Benjamin Sommers, C. F. McConville. OFFICE, Chicago, 111.
Bonded Debt: $6,232,000 Wisconsin, Minnesota & Pacific R.R. first 4s; dated Oct. 1, 1900; due Oct. 1, 1950; int.
paid April and Oct. (if earned). Coupon, $1,000. First lien on entire property owned. In October, 1912, interest
was defaulted on this issue, following which the Chicago Great Western R.R. offered to purchase the bonds, paying
50% of the par value in its own first 4s, and 50% in preferred stock. Up to June 30, 1916, all but $16,000 has
been so acquired by the Chicago Great Western R.R. The bonds acquired have been deposited under the Chicago
Great Western 4% mortgage.
Capital Stock: Auth., $10,000,000; outstanding, $5,893,400; par $100. All owned by Chicago Great Western R.R.,
and deposited as collateral under that company's 4% mortgage.
CHICAGO, INDIANAPOLIS & LOUISVILLE RAILWAY COMPANY

NOTE : The analysis is based onofficial documents of the Company, including its annual reports of the past ten years.
Origin: Incorporated Mar. 31, 1897, as successor to the Louisville, New Albany & Chicago Railway, which was
sold under foreclosure.
Location: Lines directly operated consist of 622.4] miles, as follows: New Albany to Michigan City, Ind., 288.86
miles Indianapolis to near Chicago, with branches, trackage rights, and other controlled mileage to Cincinnati, etc.,
;
219.93 miles; total owned, 508.79 miles; trackage right, 104.40 miles; Indiana Stone R.R., 9.22 miles. Company con-
trols and operates the Indianapolis & Louisville Ry., the Indiana Stone Railway, and has 999-year lease to use the
tracks of the Chicago & Western Indiana Ry. and owns one-fifth of the stock of that company. These companies
were purchased and directly merged in 1916. Also owns one-third interest in Kentucky & Indiana Terminal Co.,
at Louisville. Mileage is chiefly in Indiana. Population of this State in 1890, 2,192,404; in 1900, 2,516,462; in 1910,
2,700,876. In March, 1914, the company acquired all the stock, and $347,000 first mortgage bonds of the Chicago
& Wabash Valley Ry. See page 250. Also controls the Monon Coal Co., and guarantees the interest on its bonds.
See "Moody's Analyses of Industrials" for details regarding latter company.
Control: In August, 1902, the Louisville & Nashville and the Southern Railway jointly acquired 93% of $10,500,-
000 common stock and 77% of $5,000,000 preferred stock on basis of $78 per share for common and $90 per share
for preferred. This stock was paid for at these rates by exchange for joint fifty-year collateral trust 4% bonds
of these companies, which are secured by the stock acquired and are a joint obligation of the two companies men-
tioned. See description of these bonds under Southern Railway system (also general index) The Louisville &
.
Nashville makes connection with the property at Cincinnati and at Louisville and the Southern Railway at Louis-
ville. By this means these latter companies have a direct entrance into Chicago, Indianapolis, Michigan City, etc.
Management: OFFICERS: H. R. Kurrie, Pres.; M. F. Plant, Vice-Pres.; Fred Zimmerman, Vice-Pres.; Byron Cas-
sell,Treas. and Asst. Sec.; J. A. Hilton, Sec. and Asst. Treas., New York. DIRECTORS: R. M. Gallaway, John I.
Waterbury, Morton F. Plant, Henry Walters, H. R. Kurrie, S. T. Murdock, Adrian Iselin, Jr., Fairfax Harrison,
F. B. Adams, Guy Gary, R. H. McCormick, Jr. Annual meeting, third Wednesday in September. NEW YORK
OFFICE, 52 Broadway. CHICAGO OFFICE, 608 South Dearborn Street.
CHICAGO, INDIANAPOLIS % LOUISVILLE RAILWAY CO. 247
YEABU
ENMD
Jumao.
Profit and Loss Account, year ended June 30, 1916: Credit balance on June 30, 1915, $5,196,328; credit balance
transferred from income, $892,084; unrefundable overcharges, $1,433; donations, $3,866; miscellaneous credits,
$2,315; total, $6,096,026. Contra: Dividend appropriations of surplus, $540,882; debt discount extinguished through
surplus, $356,255; loss on retired road and equipment, $124,842; miscellaneous debits, $103,955; credit balance car-
ried to balan.ce sheet, $4,970,092; total, $6,096,026.
Comment: Gross operating revenues increased sharply on the Chicago, Indianapolis & Louisville system during
the fiscal year ended June 30, 1916, and there was also a healthy growth in the net revenues. As fixed charges
advanced only moderately, the surplus carried forward was far higher than that reported in any year during the
past decade.
YEARS
ENDED
JUNE 30.
CHICAGO, INDIANAPOLIS % LOUISVILLE RAILWAY CO. 249
TABLE P. Bond Record and Ratings (Based on 10- Year Results, Per Mile of Road)

''!
'
-^*-^*M-*'-. ^- ^*"*- --^'^^ *
-W V
CHICAGO, MILWAUKEE % ST. PAUL RAILWAY CO. 251

1916 1915 1914 1913 1912 1911
Rental income $66.000 $64,764 $63,673 $124,122 $110,471 $68,031
Fixed charges 66,000 64,764 61,000 61,000 61,000 61,000
Surplus . .
2,574 63,122 49,471 7,031
ASSKTS: 1916 1915 1914 1913 1912 1911
$1,952,294 $1,931,423 $1,895,777 $1,888,440 $1,818,745 $1,640,606
Working assets 33,000 :!.,.!>.:', 188,040 187,096 180,471 125,811
Accrued income not due. 30,500
Deferred debit items . . .
10,680 29,697
Total $1,995,974 $1,996,583 $2,083,817 $2,075,536 $1,999,216 $1,796,917

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
Funded debt 1,862,974 1,839,903 1,165,000 1,650,000 1,650,000 1,650,000
Working liabilities .... 33,000 (0,600 202,232 196,526 183,327 30,500
Profit and loss surplus. 131,585 129,010 65,889 16,417
Total $2,083,817 $2,075,536 $1,999,216 $1,796,917

Bonded Debt: $1,650,000 Indianapolis A Louisville Ry. 1st 4s, due Jan. 1, 1956. For details and rating, see C. I.
A L. bond table, page 249.
Capital Slock: Auth. and issued, $100,000; par $1.00. All owned by Chicago, Indianapolis & Louisville Ry.
INDIANA STONE RAILROAD COMPANY

rporated under laws of Indiana, Jan.S, 1898. Line of road: Clear Creek to Harrodsburg, Ind., 9.22 miles.
Leased to Chicago, Indianapolis A Louisville Ry. for 99 years from Sept. 1, 1899, rental being guarantee of principal
and interest on bonds. Directly operated by lessee. In Sept., 1916, it was proposed to directly merge this property.
Management: OFFICERS: H. R. Kurne, Pres.; Fred. Zimmerman, Vice-Pres.; Byron Cassell, Sec. and Treas.;
H. T. Evans, Aud. DIRECTORS: H. R. Kurrio. Fred Zimmerman, H. T. Evans, W. J. Holmes, A. S. Kent, Perry Mc-
Cart. K. F. Thomson. Annual meeting, third Wednesday in Sept. OFFICE, Chicago, 111.
Bonded Debt: $253,000 Indiana Stone R.R. 1st 5s; dated Sept 1, 1899; due Sept. 1, 1949;. int. paid M. and
S. 1 at Central Trust Co., New York. First lien on entire property. All now owned by C. I. & L. Ry.
Capital Stock: Auth. and issued. $15,000; par $100. All owned by Chicago, Indianapolis & Louisville Ry.
CHICAGO, MILWAUKEE & ST. PAUL RAILWAY COMPANY

official
Origin: Incorporated May 5, 1863, under Wisconsin laws as the Milwaukee & St. Paul Railway Co.; name
changed toabove on February 14, 1874. Many smaller lines were acquired by purchase, and a system gradually .de-
veloped extending from Chicago and Milwaukee to St Paul, Duluth, Kansas City, Omaha, and many points in the
States of Wisconsin, Iowa, Minesota, North and South Dakota, etc.
Location: Prior to 1913, the directly operated lines of the company embraced 7,294.40 miles only, and included
the original main system; but on Jan. 1, 1913, the Chicago, Milwaukee & Puget Sound Ry. was formally merged
with the main company, its bonded debt being assumed and its entire capital stock of $1,000,000 beinp held as an evi-
dence of title. The total length of lines on June 30, 1916, including trackage rights, was 10,207.94 miles, the average
operated during the year being 10,130.08 miles. Of the total operated, 9,670.37 miles was owned absolutely, 105.54
miles owned jointly with other companies, and the balance operated under trackage rights. The lines of the road
are in the following States: Wisconsin. 1,823.59 miles; Illinois, 415.04 miles; Iowa, 1,875.95 miles; Minnesota, 1,-
244.90 miles; North Dakota, 379.93 miles: South Dakota, 1,794.87 miles; Missouri, 140.27 miles; Michigan, 197.39
miles; Montana, 1,056.13 miles; Idaho. 237.89 miles; Washington, 690.79 miles.
Inti-rr-tH in o<her Companies: Aside from its directly operated lines, the company controls the Big Blackfoot
Ry.. Tacoma Eastern R.R., the Bellingham A Northern Ry., the Gallatin Valley Railway, the Milwaukee Terminal
Ry., the Idaho A Washington Northern Ry., and the Seattle, Port Angeles & Western Ry. In Jan., 1916,
the Idaho &
Washington Northern was purchased at foreclosure sale and is now operated as part of the main system.
..leemenl: OFFICERS: A. J. Earling, Pres.; H. R. Williams. Vice-Pres.; C. B. Ferry, Vice-Pres., Asst. Sec.
and Asrt. Treas. J. H. Hiland, Vice-Pres.; E. S. Keeley, Vice- Pres.: E. D. Sewall, Vice-Pres.; D. L. Bush, Vice-Pres.;
;
H. B. Earling. Vice-Pres.; C. A. Goodnow. J. W. Taylor, Assts. to Pres.; E. W. Adams, Sec.; A. C. Hagensick, Asst.
Sc.; R. .1. Marony, Asst Sec. and Transfer Agent; F. G. Ranney, Treas. DIRECTORS: Walter P. Bliss, A. J. Earl-
Harkness. John D. Ryan, Donald G. Geddes. H. R. Williams, Wm. Rockefeller, John A. Stewart, J. Ofirden
Armour. Stanley Field. L. J. Petit Percy A. Rockefeller, Samuel McRoberts. Annual meeting in September. MAIN
OFFICE, Chicago, 111. NEW YORK OFFICE, 42 Broadway.
Product*
2.V2 MOODY'S ANALYSES OF INVESTMENTS.
YEARS
ENDED
JUNE 30.
CHICAGO, MILWAUKEE $ ST. PAUL RAILWAY CO. 253
Note: Other income in 1916 included: interest and dividends on securities owned, $2,279,811; rents received,
|464,892; miscellaneous, $380,006. Fixed charges included: interest on bonds, $15,604,262; rents paid, $1,039,907;
hire of equipment, $1,260,315; miscell. charges, $42,843. The increase in fixed charges as shown above 1913 was
chiefly due to the consolidation of the Puget Sound lines with the main system. This also explains the large incrtas*
in revenues in that year.
Profit and Loss Account, year end^d June 30, 1916: Credit balance at beginning of year, $33,847,585; credit
balance transferred from income, $16,717,358; unrefnndable overcharges, $45,891; donations, $19,959; miscellan-
eous credits, $2,892,920 profit on road and equipment sold, $740,327 ; total, $54,264,040. Contra Surplus applied to
;
:
sinking and other reserve funds, $92,270; dividend appropriation of surplus, $13,391,478; surplus appropriated for
investment in physical property, $19,959; debt discount extinguished through surplus, $1,160,922; loss on retired
road and equipment, $446,152; miscellaneous debits, $403,967; credit balance earned to balance sheet, $38,749,292;
total, $54,264,040.
Comment: Gross operating revenues increased very sharply on the St>. Paul system during the fiscal year 1916,
and although operating and maintenance costs were high, the net revenues were far higher than in any previous year.
Income from outside sources declined, however, and therefore the final surplus available for charges, while large, did
not show as great an increase as would have otherwise been the case. Fixed charges also advanced and therefor*
the surplus available for dividends, while better than in 1914, did not reach the high average figures of good years
like 1910 and 1911. The disbursement of 5% on the common stock of the company was continued.

Capitalization Prr Mile of Road. Dividend Record.
YUM
EKWO.
JUKI SO.
2.54 MOODY'S ANALYSES OF INVESTMENTS.
NAME OF ISSUE.
CHICAGO, MILWAUKEE $ ST. PAUL RAILWAY CO. 255
6. Auth. and outstanding, $4,755,000. Dated July 1, 1881; due July 1, 1921. Int. paid at office of company in
New York. Coupon, $1.000. First lien, 213.52 miles, aa follows: Wabasha to Zunbrota, Minn., 54.21 miles; Wabasha
to Chippewa Falls, 61.38 miles; Red Cedar June, to Menominee, 16.32 miles; Cannon June, to Northfield, 31.98
miles; Hastings to Stillwater and to St. Paul, 41.33 miles; St. Paul to Minneapolis, 8.30 miles. Underlie Nos. 9, 10
and 18, which provide for retirement. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I.. Vt., Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest.
7. Auth. and outstanding, $1,526,000. Dated July 1, 1880; due July 1, 1920. Int. paid at office of company,
New York. Coupon, $1,000. First Hen, 161.49 miles, Tomah to Minocqua, Wis. Underlie Nos. 9, 10 and 18, which
provide for retirement at maturity. Sinking fund of 1% per annum to purchase bonds at 103. Legal for S. B. in
Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York and Boston
Stock Exchanges. Normal income tax deducted from interest.
8.Auth. and outstanding, $1.248,000 (closed). Dated Oct. 10, 1883; due Jan. 1, 1924. Int. paid at C. M. & St.
Paul New York. Coupon, $1,000. Assumed by C. M. & St. Paul Ry. First lien, 116.97 miles; Fargo, N. D 7 to
office.
Ortonville, Minn. Underlie Nos. 9, 10 and 18, which provide for retirement. Legal for S. B. in Cal., Conn., Mass.,
Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt, Wis. Listed on New York Stock Exchange. Normal income tax de-
9-10. Auth., $150,000,000; outstanding, $48,241.000 4s, $8,950,000 3%s, and $42,597,000 4%s. The 4s are Series
A. the 3Hs Series B, and the 4Vis Series C. Dated May 1, 1889; due May 1, 1989. Int. paid at office of company,
New York. First lien, 3,909.56 miles, as follows: Chicago to Milwaukee, 82.99 miles; North Chicago to Savanna, 111.,
136.42 miles; Savanna to E. Molinc, 47.70 miles; Elk River June, to Paralta. la., 75.48 miles; Racine, Wis., to Kit-
tredge, 111., 119.94 miles; Milwaukee to La Crosse. 197.43 miles; Watertown June, to Madison, 36.48 miles; Milwau-
kee to Portage, 94.84 miles; Granville to North Lake, Wis., 20.08 miles; Iron Ridge to Fond du Lac, 30.66 miles; Ri-
pon to Oshkosh, 18.84 miles; New Lisbon to Babcock, 31.68 miles; Minoqua to Star Lake, 18.81 miles; Dexterville
to Romadlca. 27.65 miles; North La Crosse to Hastings, 99.45 miles; S. Minneapolis to Linton, 405.93 miles; Has-
tings to Benton June., 53.71 miles; Millbank to Sisseton, S. D., 37.20 miles; Aberdeen to Edgley, 63.05 miles; La
Crescent. Minn., to Egan, S. D.. 305.72 miles; Sioux Falls June, to Sioux City, 32.64 miles; Wells to Mankato, Minn.,
37.20 miles; Brookfield to Milton and Madison to North McGregor, 147.77 miles; Otis to Gleason, Wis., 31.64 miles;
Bristol to Madison, S. D., 102.80 miles; Andover, S. D., to Harlem, N. D., 55.64 miles; Madison to Renner, S. D.,
83.08 miles; Brodhead to New Glarus. 22.78 miles; Calmar, la., to Minneapolis, 172.02 miles; Austin, Minn., to Ma-
son City. la.. 39.29 miles; North McGregor to Rapid City, 660.14 miles; Marion June, to Running Water, S. D.,
62.86 miles; Des Moines to Fonda, 113.80 miles; Clive to Boone, 35.01 miles: Waureka to LaFarge, Wis., 51.97 miles;
Albert Lea to St. Clair, Minn.. 39.46 miles; Warren, 111., to Mineral Point, Wis., 32.29 miles; Janesville to Shullsburg,
67.74 miles; Sparta to Viroqua, Wig., 32.17 miles, and various short branches; also secured by second lien on an ag-
gregate of 2,403.81 miles, which are covered by first lien by Nos. 1. 2, 3, 4, 5, 6, 7, and 8 (see above). Underlie No.
18. Legal for S. B. in Cal.. Conn., Mass., Mich.. Minn.. N. H.. N. Y., R. I., Vt. Listed on New York and London
Stock Exchanges. Interest paid without deduction for normal income tax. Coupon, $1,000.
Auth. and outstanding, $2.117.000. Dated June 10. 1880; due June 1, 1913. Extended to June 1, 1934. Int.
11.
at C.M. A St. Paul office. New York. Assumed by C. M. A St. Paul Ry. First lien, 128.26 miles, of which 15.80 miles
are owned jointly with the Minn.. St. Paul A Sault St*. Marie Ry. as follows: North Milwaukee to Green Bay, 106.42
miles; Hilbert June, to Appleton, 20.44 miles; Menasha to Neenah. 1.39 miles. Underlie Nos. 12 and 18, latter pro-
viding retirement Legal for S. B. in Cal., Conn., Maine. Mass., Mich., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed
on New York Stock Exchange. Interest paid without deduction for normal income tax. Coupon, $1,000.
12.Auth.. $8,000.000; outstanding, $5.072,000 (closed). Dated Feb. 11, 1884; due June 1, 1913. Extended to
June 1. Int. paid at C. M. A St. Paul office. New York.
1934. Coupon, $1,000. Assumed by C. M. & St. Paul Ry.
First lien 292.46 miles, as follows: Green Bay to Champion, 146.78 miles; Channing to Ontonapon, Mich., 92.87
miles; branches. 52.81 miles; also second lien on 128.25 miles, following No. 11. Underlie No. 18, which provides for
retirement. Legal for S. B. in Cal., Conn.. Mass Minn., N. H., N. Y., R. I., Vt. Listed on New York Stock Exchange.
Normal income tax deducted from interest.
13. Auth., $50.000.000; outstanding. $33.286.000 (closed). Dated July 1, 1909; due July 1, 1934. Int. paid at
company's office. New York. Coupon and reg., $1.000. Originally debentures, but now equally secured with No. 18
(which see). Legal for S. B. in Cal.. Conn.. Mass., N. H., N. Y.. Vt. Listed on New York and London Stock Ex-
rhanges. Interest paid without deduction for normal income tax.
14 and 13. Anth., $48.176.656; oustanding, $17,608,185, (No. 14) dated June 1, 1910; and $30.568,470, (No.
'lated Dec. 1. 1915: both due June 1, 1925; interest payable Jan. Dec. 1 on No. 14 in London and Pans and on
&
No. 15 at company's office in York. Coupon (No. 14). 2.500 francs. 500 francs and 19 15s. 6d. and (No. 15),
New
$1.000. This issue wan originally an European loan dated June 1, 1910, which in 1915 the company arranged to
take up with new gold bonds, dated Dec. 1. 1916, secured by pledge of the former. The new issue is callable as a
whole only at par after June 1. 1922, on eight weeks' notice. On June 30, 1916, there were still outstanding $17,-
608.185 of the franc bonds upon pledge of which a like amount of gold bonds are issuable. Equally secured with No.
18. Ix>j?al for S. B. in N. H. and R. I. No. 15 listed on New York Stock Exchange. Normal income tax deducted
from interest
at office, New
Ifi. Auth., $50.000.000; outstanding, $49.980,800. Dated June 1, 1912; due June 1. 1932. Int. paid
York. Coupon, $100, $500 and $1.000; reg.. $500. etc. C. A R. interchangeable. Callable at 105 and int. on ninety
days' notice on and after Der. 1. 1922. Convertible into common stock at par after June 1, 1917, and prior to June 1,
1922. Th- n,-w general and refunding mortgage (No. 18) equally secures these bonds, sufficient of which are reserved
to retire this issue. See below. Legal for S. B. in Cal.. Conn.. Mass., N. H., N. Y., Vt. Listed on New York and
London Stock Exchanges. Interest paid without deduction for normal income tax.
Auth., $200,000.000; outstanding, $173,525,511 (closed), of which $26,175,000 are in hands
17. of public. $1,000,-
000 are in the ins. reserve fund and balance deposited under No. 18. Dated Jan. 1, 1909; due Jan. 1, 1949. Int. paid
New York. etc., C. & R. interchangeable Guar.
at office of company in - - - Coupon, $100, $500 and $1,000; reg. $500, Secured by first lien on 2,333.71 miles,
H.. R. I.. Vt. and Wis. Listed on New York Stock Exchange, Interest paid without deduction
for normal income tax.
Auth. to limit of three times cap. stock, less prior liens; outstanding, $18,089,000 Series A, 4%s. Dated
18.
Nov. 1, 1913 due Jan. 1, 2014. Int. paid at office of company, New York. Coupon, $1,000. Direct (probably fol-
;
lowing No. 9-10) on 459.74 miles of branches and extensions in Iowa, S. D. and Minn.; direct second lien oti 6,535.72
miles, following No. 9-10 on 3,909.55 miles, following No. 12 on 292.46 miles and following No. 17 on 2,333.71 miles ;
a direct third lien on 2,532.06 miles, as follows: following No. 9-10 on 2,403.81 miles, following No. 13 on 128.25
miles a lien on the joint use of 368.88 miles. Nos. 13, 14, 15, 16 and 19 are equally secured with these bonds on the
;
same property.
The present outstanding Series A bonds are part of an issue of $154,489,500 issued for exchange for a like
amount of Chicago, Milwaukee & Puget Sound first 4s, which are owned by the St. Paul company and pledged under
this mortgage. Of the unissued amount, $316,428,500 are reserved to retire all prior liens as well as Nos. 13, 14,
15 and 16, at or before maturity. Of the balance, $226,951,600 may be issued, subject to restrictions for the cor-
porate purposes of the company; beyond this limit, further issues shall only be for 75% of cost of improvements,
etc.. Interest is limited to 6% for all series; any series may be made convertible into capital stock or redeemable.
Series A is Legal for S. B. in Conn., Mass., Mich., N. J., N. Y., R. I., Vt. Listed
neither convertible nor redeemable.
19. Outstanding, $29,129,800 Series B 5s. Dated Feb. 1, 1915; due Jan. 1, 2014. Int paid at office of company
in New York. Coupon, $100, $500, and $1,000; reg., $1,000. Convertible at the option of the holder from February
1, 1916, to February 1, 1926, into common stock at par. Not subject to call. This issue is part of the new general and.
refunding mortgage, described under No. 18, and is equally secured with that issue and with Nos. 13, 14, 15 and 16.
Legal for savings banks in Conn., Mass., Mich., N. J., N. Y., etc. Normal income tax deducted from interest.
20. Auth. and issued $2,999,500. Dated June 1, 1913; due June 1, 1918. Int. paid June and Dec. to holders of
record on May 20 and Nov. 20 preceding at U. S. Trust Co., New York. Reg., $100, etc. Callable at 102% on 30
days' notice. Guar. Prin. and int. by C. M. & St. Paul Ry., by endorsement. Secured by deposit of like amount of
capital stock of Puget Sound & Willapa Harbor Ry. The trust agreement provides that the C. M. & St. Paul Ry.
shall purchase this stock at $100 per share on July 1, 1918. Interest paid without deduction for normal income tax.
*
NAME AND DETAIT.S OF ISSUE.
CHICA GO, MIL WA UKEE <$ ST. PAUL RAILWAY SYSTEM 257

ASSETS: 1916 1915 1914
Working assets 25,565 9,026 3,117
Deferred debit items .
675,009 675,005 675,012
Profit and loss deficit 54,889 39,970 21,985
ToUl $1,712,872 $1,660,562 $1,561,214

LIABILITIES:
Capital stock $750,000 $750,000 $750,000
Funded debt 948,895 904,614 778,033
Working liabilities 11,880 4,888 32,321
Accrued liabilities not due. 1,065 950
Deferred credit items 1,032 110 "'860
Total $1,712,872 $1,660,562 $1,561,214
Capital Stock: Auth. and isoed, $750,000; par $100; all owned by C. M. & St. Paul Ry. Co. No bonded debt.
BELLINGHAM & NORTHERN RAILWAY COMPANY

Incorporated under laws of Washington, Oct 17, 1912, as successor to Bellingham Bay & British Columbia
-R. Op Jan. 1, 1913, the Bellingham Terminals 4; Ry. waa merged with the company. Controlled through stock
ownership by C. M. A St Paul Ry.
Location: Line of road, Bellingham to Glacier, Wash., 44.03 miles; Hampton to Lyndon, 5.31 miles; Belling-
ham to Squalicum, 5.80 miles; minor branches 13.40 miles; total operated, 68.54 miles. Equipment: Locomotives,
7 passenger and freight cars, 193.
;
Omens:
H. B. Earl ing, Pres.; E. D. Sewall, Vice-Pres.; F. G. Ranney, Treas.; A. H. Bar-
kley. Sec. TRUSTEES: J. H. Bloedel, W. G. Collins, E. B. Deming, G. W. Loggie, H. M. Byllesby, A. M. Ingersoll,
H. B. Earling, E. D. Sewall, G. C. Hyatt. OFFICES, Chicago, 111., and Bellingham, Wash.
Comparative Income Account, Yean Ended June 30

Six months
1916 1915 1914 1913 1912 1911
Gross revenue $203,2E8 $197,716 $331.'_'2r, $174,829 $329,26* $326.216
Operating ex 162,035 146.234 196.009 ! "7. :_:> 212,866 280.226
Net revenues $51 1,482 $135,196 $67,500 $116,413 $45,900

Other inconn- 6,895 3,298 1,539 1,923 2,202
Total net income. $58,118 $64,013 $138,494 $69.039 $118,336 $48,192

Taxes ft
-
24.483 25.881 21,459 17,489
Fixed charges !
~
34,705 49,902 20,087 74,619 62,764
Surplus (def.) $6.373

-- $4.825 $62,711 $39.307 $22,258 (def.) $32,061
Other deductions :- -
1 9,285
Balance (def.) $22,938 (def.) $12,011 $62,711 $30,022 $22,258 (def.) $32,061

A - - > i
-
1916 1916 1914 1913 1912 1911
$2,993.768 $2,817,356 $2,654.284 $2,577,132 $2,312,558 $1,776,803
Working assets 171.528 132,399 12R.958 114,315 78,731 78,065
Deferred debit items . . 6.297 6,722 6,104 4,019 286,216 2,477
Profit and loss deficit. 313,930
ToUl $3,171.593 $2,966,476 $2,787.346 $2,677,505 $2,171,276

LIABILITIES:
Capital stock $1,200.000 $1,200.000 $1,200.000 $1,200,000 $1,000.000 $1,171,800
Funded debt 1,085,666 902.440 840,500 619,000 639,000 659,000
Working liabilities . . . 82,199 62,520 28,607 41,248 312,953 326,066
Accrued liab. not due. ' 3,277 2,642 2,936 13,206
Deferred credit items . 10.285 '2,681 1.370 1,334 3,164 1,203
Appropriated sulplus 58.869 -/.".-i 60.552 60,832 11,182
Profit and loss surplus . 734,685 739,534 853,040 770,410 , 708,270
ToUl .. $3.171,593 $2,966,476 $2,787,346 $2,695,466 $2,677,505 $2,171,275
Bonded Debt: $544,000 Bellingham Bay & British Columbia R.R. first s.'f. 5s; dated Dec. 1, 1901; due Dec. 1,
1932; int. paid J. and D. 1, at Mercantile Trust Co., San Francisco, or U. S. Mortgage & Trust Co., New York. Cou-
pon. $1.000. Sinking fund, 3% per annum of outstanding bonds. Original issue was $659,000, there having been
retired $94.000 by operation of fund. Further bonds may be issued at $15,000 per mile for extensions, but only when
net earnings for preceding year shall have eoualed double the interest on issue, including those to be issued. First _
lien on entire property. Normal income tax deducted from interest. Bonds are not guaranteed. Net Rating, B.
Capital Stoek: Auth. and issued, $1,200,000; par, $100; all owned by C. M. & St. Paul Ry. Co.
GALLATIN VALLEY RAILWAY COMPANY
Incorporated under laws of Montana, March 18, 1908, as Gallatin Valley Electric Railway; name changed as
above, Sept. 8, 1910; road first opened for traffic Nov. 1, 1910. Chicago, Milwaukee & St. Paul Ry. has since acquired
the entire capital stock.
Location: Line of road, Three Forks to Bozeman, Mont., 37.58 miles; Bozeman to Menard, 24.97 miles; Belgrade
June, to Belgrade, 5.5 miles; Bozeman Hot Springs to Salesville, 5.01 miles; electric line in Bozeman, 2.42 miles;
total operated, 75.48 miles. Equipment: 2 locomotives; 6 cars.
Management: OFFICERS: C. A. Goodnow, Pres.; W. R. Morrison, Vice-Pres.; F. G. Ranney, Treas.; Geo. Cox,
Sec. DIRECTORS: C. A. Goodnow, C. Darby, W. R. Morrison, A. G. Magnus, Adolph Uhrlaub, A. L. Flewelling, W.
Shields, W. H. Kiernan, W. S. Hartman. OFFICE, Chicago, 111.

1916 1915 1914 1913 1912 1911
Gross revenue $128,836 $113,615 $112,648 $131,378 $116,629 $47,348
Maintenance of way. . . 20,516 23,110 14,862 11,109 8,875 3,864
Mainte. of equipment. . .
8,554 7,599 8,196 8,927 6,991 2,589
All other oper. expenses 67,222 58,064 64,196 72,477 68,103 33,793
Net revenues $32,544 $24,842 $25,394 $38,865 $32,730 $7,102

Other income 8 165
Total net income. .

$32,552 $25,007 $25,394 $38,865 $32,730 $7,102
Taxes 16,003 13,434 9,922 7,732 5,176 4,178
Fixed charges 110,777 107,610 65,061 57,351 45,983 4,299
Surplus (def.) $94,228 (def.) $96,037 (def.) $49,589 (def.) $26,218 (def.) $18,429 (def.) $1,375

ASSETS : 1916 1915 1914 1913 1912 1911
$1,867,665
'
$1,861,301 $1,849,872 $1,780,605 $1,270,732 $1,065,188
Working assets 29,775 26,701 30,737 38,186 33,531 18,016
Deferred debit items. .
463,909 463,919 464,863 466,460 484,259 463,845
Profit and loss (def.) .
299,739 205,741 109,699 53,051 26,402 1,375
Total $2,661,088 $2,557,662 $2,454,671 $2,338,302 $1,814,925 $1,548,424

LIABILITIES :
Capital stock $800,000 $800,000 $800,000 $800,000 $800,000 $800,000
Funded debt 1,817,677 1,724,631 1,555,000 1,459,000 941,000 720,687
Working liabilities . . .
35,391 26,244 95,108 75,083 70,892 24,040
Accrued liab. not due. 7,295 6,000 4,535 3,815 3,033 3,697
Deferred credit items. 725 787 28 404
Total $2,661,088 $2,557,662 $2,454,671 $2,338,302 $1,814,925 $1,548,424
Capital Stock: Auth., $200,000 preferred and $800,000 common; par $100. Outstanding, all of the common, no
preferred. Common is all now owned by C. M. & St. Paul Ry. Co.
MILWAUKEE TERMINAL RAILWAY

Incorporated under laws of Washington, April 7, 1908. Operates car-ferry landings and terminal tracks in
Bellingham, Tacoma, Ballard, Eagle Harbor, Port Blakeley, Seattle, Port Angeles and Port Townsend. Controlled
by stock ownership by the C. M. & St. Paul Ry.
Management: OFFICERS: H. B. Earling, Pres.; F. G. Ranney, Treas.; E. W. Adams, Sec. DIRECTORS: H. B.
Earling, A. M. Ingersoll, Guy C. Williams. OFFICE. Seattle, Wash.

1916 1915 1914 1913
Gross revenue $156,820 $148,878 $92,733 $97,822
Maintenance of way 12,462 9,601 1 15,648
Maintenance of equipment . .
20,207 22,474 \ 86,699 1,562
All other operating expenses. 69,138 70,853 J 74,133
Net operating revenues. $55,013 $45,950 $6,034 $6,475

Other income . 35 1,999 25
Total net income $55,048 $47,949 $6,059 $6,476

Taxes 9,751 9,410 8,956 8,101
Fixed charges 44,643 45,144 34,315 23,083
Surplus $654 (def.) $6,605 (def.) $37,212 (def.) $24,709
Profit and Loss Account, vear ended June 30, 1916: Debit balance at beginning of year, $74,488; credit balance
transferred from income, $654; loss on retired road and equipment, $64,824; total, $139,312. Contra: Debit, balance
carried to balance sheet, $138,658.
CHICA GO, MIL WA UKEE $ ST. PA I 'L RAIL WA Y SYSTEM 259

ASSETS: 1916 1915 1914 1913
Property investment $968,522 $991,605 $958,314 $917,061
Working assets 36,161 33,477 22,749 20,054
Deferred debit items. 11,432 7,489 637
Profit and loss (def.) .
138,658 74,488 67,524 24,765
Total $1,154,773 $1,107,059 $1,049,224 $961,820

LIABILITIES:
Capital stock $250,000 $250,000 $250,000 $250,000
Funded debt 867,190 825,362 786,056 697,094
Working liabilities 24,398 25,268 7,624 10,226
Accrued liabilities not due 4,485 4,719 4,500
Deferred credit items .
7,880 1,994 825
Total $1,154,773 $1,107,059 $1,049,224 $961,820

Capital Slock: Auth. and outstanding, $250,000; par, $100. All owned by C. M. & St. Paul Ry. Co.
PUGET SOUND & WILLAPA HARBOR RAILWAY

Incorporated under Washington laws, April 13, 1913, to construct a line from Maytown to Raymond, Wash.
Now in operation. Controlled by C. M. A St. Paul Ry. through stock ownership.
Management: OFFICERS: A. J. Earling, Pres.; C. A. Goodnow, Vioe-Pres.; H. B. Earling, Vice-Pres.; F. G.
Ranney, Treas.; H. W. MacPhail. Asst Trcas.; E. W. Adams, Sec. DIRECTORS: C. A. Goodnow, A. J. Earling, A.
M. Ingersoll, F. M. Dudley, H. B. Earling. OFFICE, Seattle, Wash.
Capital Stock: Auth. and issued, $3,000,000; par, $100. All but $500 of this stock has been deposited under the
guaranteed trust certificate* of the C. H. A St. Paul Ry. See bond table and descriptions of that company for full
details. No bonded debt.
SEATTLE, PORT ANGELES & WESTERN RAILWAY COMPANY

History: Incorporated under the laws of Washington, January 19, 1915. Operates 62.4 miles from Seattle to
Port Angeles. Washington. Uses equipment furnished by C. M. A St. P. Railway Co.
Management: OFFICEE8: A. J. Earling, Pres.; H. B. Earling, Vice-Pres.; A. M. Ingersoll, Vice-Pres.: F. G.
ney, Treas.; E. W. Adams, Sec. DIRECTORS:
Ranney, A. J. Earling, H. B. Earling, F. M. Dudley, A. M. Ingersoll, C. J.
Erickson. GENERAL OFFICE, Chicago, III.
Income Account. Year Ended June 30

1916
Gross revenues $234,189
Operating expenses 117,076
Net operating revent $117,113

Taxes 12.042
Charges 59,466
Balance $45,605
CtmAemmtd Balance Sheet, as of June 30, 1916

ASSETS: LIABILITIES :
Property investment . $1,800,500 Capital stock $1,800,500
Working assets 73,940 Working liabilities . . . 54.019
Deferred debit items. LM; I- Accrued liabilities 5,254
Deferred credit items. 174,007
Total $2,033,780 Total $2,033,780

Capital Stock: Auth. and outstanding, $1,800,500; par, $100. All owned by C. M. & St. P. Ry.
TACOMA EASTERN RAILROAD COMPANY

Incorporated under Washington laws in 1890; reorganized in 1903. Line of road, Tacoma to Morton, Wash.,
with branches, making about 92.69 miles. Equipment: Locomotives, 11; cars, 1,263. Road is controlled by Chicago,
Milwaukee A St. Paul Ry. through stock ownership, but is separately operated.
Management: OFFICERS: H. B. Earling, Pres.; A. M. Ingersoll, Vice-Pres.; E. D. Sewall, Vice-Pres.; F. G.
Ranney. Treas.: E. W. Adams. Sec. DIRECTORS: A. J. Earlinp. John Bagley, A. M. Ingersoll, Chas. G. Dawes, R. M.
Calkins. E. D. Sewall. P. J. Mclntosh, P. M. Henry, F. M. Dudley. OFFICE, Chicago, 111.

1916 1914 1913 1912 1911 1910
Gross revenues $513,855 $450,162 $581,266 $669,998 $567,833 $582,916 $545,860
Net earning!) 141.103 83.112 138.562 199,328 152,858 166,195 202,761
Net inrome 216,166 133.648 184.594 227,127 175,404 180,733 212,077
Fit <! charges and taxes. 240,903 243.896 195,972 186,226 183,954 167,072 144,756
* *
Balance 24.737 110,248 11,378 40,901 8,550 13,661 67,320
Deficit.
ASSETS : 1916 1915 1914 1913 1912 1911
Property investment . . ,
$5,165,779 $5,144,593 $4,977,980 $4,899,029 $4,343,380 $4,231,101
Working: assets 161,147 188,919 319,143 217,850 235,664 135,311
20,324 50,753 33,684 25,956 1,608 3,500
Profit and loss deficit. ,
165,735 140,134 23,555 29,716
Total $5,512,985 $5,524,399 $5,354,362 $5,142,835 $4,610,368 $4,369,912

LIABILITIES:
Capital stock . .
$1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1.500,000
Funded debt 3,921,936 3,933,407 3,644,450 3,451,259 2,936,959 2,461.259
Working liabilities 61,374 67,965 192,352- 157,682 157,613 218,059
Accrued liab. not due. . 27,590 19,810 16,250 16,625 15,771 170,769
Deferred credit items. .
2,085 3,217 1,310 2,166 725 4,985
Profit and loss surplus. 15,103 14,840
Total $5,512,985 $5,524,399 $5,354,362 $5,142,835 $4,610,368 $4,369,912
Bonded Debt: $884,000 Tacoma Eastern R.R. first 5s; dated Jan. 1, 1903; due Jan. 1, 1923; int. paid Jan. & July
1, & Savings Bank, Chicago. Coupon, $1,000. First
at Harris Trust lien on entire property of company. Interest
Capital Stock: Auth. and issued, $750,000 6% non-cumulative preferred and $750,000 common; par, $100. All
owned by Chicago, Milwaukee & St. Paul Ry. In fiscal year 1910-11, dividends from surplus of 11% each were paid
on both classes of stock. None since.
CHICAGO AND NORTH WESTERN RAILWAY COMPANY

NOTE: This analysis is based on official documents of the company, including its annual reports of the past ten years.
Origin: Incorporated under Illinois laws, June 6, 18 9 as successor to the Chicago, St. Paul & Fond du Lac R.R.
operating from Chicago to Fond du Lac, Wis., about 177 miles. Extensions were made from time to time, and con-
struction of further lines added to the length of the system. The Sioux City & Pacific R.R. was acquired in 1901,
and the Fremont, Elkhorn & Missouri Valley was formally absorbed in 1903. In 1909 the company purchased the
Manitowoc, Green Bay & Northwestern and the Milwaukee & State Line Ry. In 1910-11 the Sioux City, Dakota &
Northwestern and the Lee County Ry. were acquired. These and other lines were built in the interest of the main
company. Among the lines recently organized are the Belle Fourche Valley Ry., the James River Valley & North-
western Ry., Milwaukee, Peoria & St. Louis R.R., the Milwaukee, Sparta & Northwestern Ry. and the St. Louis,
Peoria & Northwestern Ry.
Location: The directly operated lines of the company on June 30, 1916, amounted to 8,107.82 miles, of which
7,946.13 miles were owned, 82.93 miles operated under lease, 1.98 miles operated under stock ownership and 76.78
operated under trackage rights. This mileage was located as follows: In Illinois, 824.53 miles; in Wisconsin, 2,-
170.03 miles; in Michigan, 519.88 miles; in Minnesota, 650.30 miles; in Iowa, 1,633.14 miles; in North Dakota, 14.28
miles, in South Dakota, 1,063.15 miles; in Nebraska, 1,102.05 miles; in Wyoming, 130.46 miles. Mileage mainly in
Wisconsin, Iowa, Minnesota, Michigan, South Dakota and Nebraska. Population of these States in 1890, 8,382,209;
in 1900, 9,941,141; in 1910, 11,220,614.
company controls by ownership of a majority of stock the Chicago,
In addition to its directly operated lines, the
St. Paul, Minneapolis & Omaha Railway (which see) . The company also has a part interest in the Indiana Harbor
Belt R.R. ; owns all the stock of the Des Plaines Valley Ry., and controls two new companies which began operation
in 1914, viz.: Macoupin County Extension Ry., and the Iowa Southern Ry.
Management: OFFICERS: Marvin Hughitt, Chairman; Richard H. Aishton, Pres. Samuel A. Lynde, Vice-Pres.; ;
Marvin Hughitt, Jr., Vice-Pres.; H. R. McCullough, Vice-Pres.; Edw. M. Hyzer, Vice-Pres John D. Caldwell, Sec. ;
and Asst. Treas.; Arthur S. Pierce, Treas. and Asst. Sec. DIRECTORS: W. K. Vanderbilt, F. W. Vanderbilt, H. S.
Vanderbilt, Cyrus H. McCormick, Chauncey Keep, Chauncey M. Depew, E. M. Hyzer, Henry C. Frick, David P. Kim-
ball, Marvin Hughitt, James Stillman, Oliver Ames, Zenas Crane, Richard H. Aishton, W. K. Vanderbilt, Jr., John
V. Farwell, Homer A. Miller. Annual meeting, third Thursday in October. NEW YORK OFFICE, 111 Broadway.
CHICAGO OFFICE, 226 West Jackson Boulevard.

CHICAGO $ NORTH WESTERN RAILWAY CO. 261
Tkui
JUKB 30.
Note: Total net income, as shown in the above table,includes, besides the operating earnings, dividends and in-
terest on securities owned, rentals, etc. Fixed charges include rentals of tracks and of joint facilities, interest on
debt and sinking funds, etc. In 1916, interest on funded debt aggregated $9,312,125; rentals, $941,166; other deduc-
tions, $124,381.
Profit and Loss Account, year ended June 30, 1916: Credit balance, June 30, 1915, $35,810,758; credit balance
transferred from income account, $6,166,325; miscellaneous credits, $244,818; profit on equipment sold, $44,197;
total, $42,266,098. Contra: Debt discount extinguished through surplus, $1,545; loss on equipment retired, $1,-
208,526; miscellaneous debits, $38,220; credit balance carried to balance sheet, $41,017,807; total, $42,266,098.
Comment: Gross revenues on the Chicago & North Western system reached the highest totals in its history
during the fiscal year ended June 30, 1916. Notwithstanding the fact that maintenance and operating costs tended
to advance, the net earnings were also far higher than ever before, and the surplus available for charges was an
unusually heavy one. Fixed charges themselves declined slightly and the balance carried forward was equal after
providing for the preferred dividends, to nearly 12% on the outstanding common stock. Since the close of the fiscal
year, the operating results have continued to show substantial progress.

YEARS
ENDED
JUNE 30.
>r: or ISSIE.
4 and 5. Auth., $15,000,000; outstanding, $5,578,000 5s and $5,148,000 6s (closed). Dated Oct. 1, 1879; due
Oct. 1, 1929. Int. paid in New York and London. Coupon, $500 and $1,000; reg. $1,000, etc. Sinking fund, 1%
annually in October of bonds outstanding to purchase or redeem at 105 and int. ; bonds so acquired to be canceled and
then the trustee shall deliver to the company an equal amount of first mortgage bonds, held hereunder as collateral,
to be selected from all classes in proportion, these to be immediately canceled. First collateral lien on 1,045.03 miles,
'
g: Sheboygan to Prince-
miles; Tama to Elmore,
.,58 miles ; State line to
Stager, Wis., is'miles; Stager to Iron River, 18 miles; Tracey to Pierre, S. D., 255.56 miles; Chatfield June, to
Chatfield, Minn., 11.46 miles; Sioux Valley June, to Watertown, 43.83 miles; James Valley June, to Columbia, S. D.,
104.82 miles; Centreville to Yankton, S. D., 28.46 miles; branches, 71.83 miles. Underlie No. 12, with provision by
latter to retire. Legal for S. B. in Cal., Conn., Mass., N. H., R. I. Listed on New York Stock Exchange. Normal
6. Auth., $20,000,000; outstanding, $17,662,000. Dated April 15, 1886; due Aug. 15, 1926. Int. Feb. and Aug.
15 at office of company, New York. Coupon, $1,000; reg., $1,000, etc. First collateral lien on 447.64 miles, through
deposit hereunder of entire issues of first mortgage bonds on the following mileage: Lake City to Wall Lake, la.,
19 miles; Mapleton to Onawa, la., 20.53 miles; Janesville to Evansville, Wis., 15.68 miles; Ishpeming to Repub-
lic, Mich., 23.64 miles; dowry to Michigamme, 10.44 miles; Iron River to Watersmeet, Mich., 42.25 miles; Crystal
Falls to Amasa, 16.10 miles; Redfield to Gettysburg, S. D., 74.77 miles; Doland to Groton, S. D., 38.84 miles;
Columbus to Oaks, N. D., 27.13 miles; State line to Caspar, Wy., 130.43 miles; branches, 28.45_ miles; further se-
cured by first collateral lien on $10,675,000 of No. 20 (below). Underlie No. 12 with provision by latter to re-
tire at maturity. Legal for S. B. in Cal., Conn., Mass., N. II., R. I., Vt. Listed on New York Stock Exchange.
7. Auth. and outstanding, $5,000,000. Dated May 2, 1881; due May 1, 1921. Int. at C. & N. W. office, New
York. Coupon, $1,000. Assumed by C. & N. W. Ry. First lien, 412.86 miles, as follows: Milwaukee via Monitowoc
and Clintonville to Mich. State line, 287.44 miles; Monica June, to Mercer, 64.83 miles; Hortonville to Oshkosh,
23.JJO miles; Eland June, to Wausau, 23.87 miles; branches, 13.62 miles. Underlie Nos. 10 and 12, with provision
by latter to retire at maturity. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I., Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest.
8. Auth., $3,000,000; outstanding, $1,281,000 (closed). Dated June 20, 1884; due July 1, 1924. Int. at C.
& N. W. office, New York. Coupon, $1,000. Assumed by C. & N. W. Ry. First lien, 81.28 miles, Watersmeet, Mich.,
to Hurley, Wis., and from Wisconsin State line via Watersmeet to Choate, Mich. Underlie Nos. 10 and 12 with
provision by
latter to retire at maturity. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H.,
N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest.
9. Auth. and outstanding, $1,000,000. Dated Mar. 2, 1885; due Mar. 1, 1925. Int. at C. & N. W. office, New
York. Coupon, $1,000. Assumed by C. & N. W. Ry. First lien, 39.62 miles, Hurley to Ashland, Wis. Underlie Nos.
10 and 12 with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich.,
Minn., Mo., N. H., N. J., N. Y., R. I., Wis. Listed on New York Stock Exchange. Normal income tax deducted from
interest.
10.Auth., $5,000,000; outstanding, $4,057,000 (closed). Dated Feb. 1, 1889; due Feb. 1, 1929. Int. at C. & N.
W. New York. Coupon, $1,000. Assumed by C. & N. W. Ry. Sinking fund of 1% per annum but not less
office,
than $25,000 to purchase bonds at 110 ; if not so purchasable to be invested in other bonds of company. First lien,
121.52 miles, as follows: Hurley to Mercer and to Osborn, 36.25 miles; Port Jackson to Harrison, 17.53 miles;
branches to iron mines, 34.22 miles; other branches, 33.52; also second lien on 538.76 miles, covered by first lien by
Nos. 7, 8 and 9. Underlie No. 12, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn.,
Mass., .N. H., N. Y., R. I., Vt. Listed on New York Stock Exchange. Normal income tax deducted from interest.
11. Auth., $600,000; outstanding, $400,000. Dated Oct. 1, 1892; due Oct. 1, 1922. Int. at C. & N. W. office,
New York. Coupon, $1,000. Assumed by C. & N. W. Ry. First lien, 40 miles, Wausau to Marshfield, Wis. Underlie
No. 14, with provision by latter to retire at maturity. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich.,
Minn., Mo., N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from interest.
12. Auth., $165,000,000; outstanding, $30,817,000 3^s, $30,554,000 4s, and $17,972,000 5s. Dated Nov. 1, 1897;
due Nov. 1, 1987. Int. paid at office of company, New York. Rate not to exceed 5%. Coupon, $1,000; reg., $1,000,
$5,000 and $10,000. On reg. int. quarterly Feb. 1. First lien on 2,863.14 miles, embracing lines from Madison, Wis.,
to St. Peter, Minn.; Green Bay, Wis., to Escanaba, Mich., Fulton, 111., via Cedar Rapids to Des Moines River; Chicago
to Green Bay, Wis., Chicago to Fulton, 111., Chicago to Freeport; Chicago via Milwaukee and Madison to Woodman
and Galena, and various branches in Illinois, Wisconsin, Iowa, Minnesota, and South Dakota; also second lien on the
1,647.04 miles covered by first lien by Nos. 1, 4, 5, 6, 10 and 11, and the line from Northland June, to Leonia, Wis.,
covered by the first lien of the Wisconsin Northern R.R. (all of which are in the sinking funds of the company) ;
also third lien on 533.76 miles covered by first lien by Nos. 7, 8 and 9. Legal for S. B. in Cal., Conn., Maine, Mass.,
Jlich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange. On all 3%s and part of 4s
interest paid without deduction for normal income tax; 4s issued in May, 1914, and 5s are stamped "Federal income
tax not assumed by company."
Auth. and outstanding, $1,440,000. Dated Dec. 1, 1908; due Dec. 1, 1923. Int. at C. & N. W. office, New
13.
York. Coupon, $1,000; reg., $1,000, etc. Assumed by C. & N. W. Ry. First lien, 86.10 miles, Wall Lake to Dennison
and from Boyer to Mondamin, la. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J.,
N. Y.; R. I., Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest.
14.Auth. and outstanding, $3,900,000. Dated Jan. 1, 1900; due Jan. 1, 1935. Int. at C. & N. W. office, New
York. Coupon, $1,000; reg., $1,000, etc. Assumed by C. & N. W. Ry. First lien, 194.16 miles, Belle Plaine. la., via
Mason City to Fox Lake, Minn. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I., Vt., Wis. Listed, on New York Stock Exchange. Normal income tax deducted from interest.

15. Auth. and outstanding, $1,904,000. Dated June 1, 1899; due June 1, 1924. Int. at C. & N. W. office, New
York. Coupon, $1,000; reg., $1,000, etc. Assumed by C. & N. W. Ry. First lien, 119.10 miles, Burt, la., via Dolliver
and Sanborn to Vesta, Minn. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N.
Y., R. I., Wis. Normal income tax deducted from interst.
Auth. and outstanding, C528.000. Dated Jan. 1, 1900; due Jan. 1, 1935. Int at C. & N. W. office, New
16.
York. C. & N. W. Ry. First lien, 32.20 miles, Tyler, Minn., to Astoria, S. D. Legal for S. B. in Cal.,
Assumed by
Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from in-
terest. Coupon, $1,000; prin. may be registered.
Auth. and outstanding, $2,125,000. Dated Mar. 1, 1901; due Mar. 1, 1926. Int. paid at C. & N. W. office,
17.
New York. Assumed by C. AN. W. Ry. First lien, 82.98 miles, Peoria to Nelson, 111. Legal for S. B. in Cal.,
Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from in-
terest. Coupon, $1,000; reg., $1,000, etc.
Auth., $2,100,000; outstanding, $1,940,000 (closed). Dated Jan. 1, 1901; due Jan. 1, 1926. Int. paid at
IS.
C. A office, New York.
N. W. Assumed by C. A N. W. Ry. First lien, 100.42 miles, as follows: Princeton to Marsh-
field, Wis., 85.69 miles; branches 14.73 miles. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo.,
N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from interest. Coupon, $1,000; reg., $1,000, etc.
Auth., $4,000,000; outstanding, $3,926,000. Dated Aug. 1, 1901; due Aug. 1, 1936. Int. paid at C. & N. W.
19.
office, York. Assumed by C. A N. W. Ry. First lien, 121.58 miles, as follows: Sioux City to Cal. June., la.,
New
69.81 miles; Blair to Fremont, Neb., 31.77 miles; Moville to Sargents Bluff, 20 miles. Legal for S. B. in Cal., Conn.,
Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Normal income tax deducted from
interest. Coupon, $1,000; reg. $1,000, etc.
20. Auth., $25,000 per mile; outstanding, $7,725,000 (closed). Dated Oct. 1, 1883; due Oct. 1, 1933. Int. paid
at C. A N. W. office. New York. Coupon, $1,000. Assumed by C. A N. W. Ry. First lien, 1,171.55 miles, as fol-
lows: Fremont, Neb., via Albion to Wyoming State line, 468 miles; Dakota June., Neb., to Deadwpod, S. D., 144.88
miles; branches to Belle Fourche, 21.19 miles, to Crown Hill and Lead, 20.76 miles; to Hot Springs, 14.12 miles;
Fremont to Hastings, 127.20 miles; Linwood to Superior, Neb., 124.14 miles; Platte Riy. June, to Lincoln, 45.11
miles; Scribner to Oakdale, Neb., 113.91 miles; Norfolk June, to Verdigre, Neb., 54.04 miles; Arlington to Omaha,
38.14 miles. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Wis.
Listed on New York and Boston Stock Exchanges. Normal income tax deducted from interest.
Auth. and outstanding, $3,750,000. Dated Jan. 2, 1906; due Jan. 1, 1941. Int. at C. A N. W. office, New
21.
York. C. A N. W. Ry. First lien, 113.68 miles, as follows: Eland June, via Green Bay to Manitowoc,
Assumed by
Wis., 96.78 miles; Pulaski to Gil lot. Wis., 16.90 miles. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich.,
Minn., Mo., N. H., N. J.. R. I., Vt., Wis. Listed on New York Stock Exchange. Normal income tax deducted from
interest Coupon, $1,000; reg. $1,000, etc.
Auth. and outstanding, $2,500,000. Dated Jan. 2, 1906; due Jan. 1, 1941. Int. paid at C. A N. W. office,
22.
New York. Assumed by C. A N. W. Ry. First lien, 50.24 miles, Milwaukee to Lake Bluff, 111. Legal for S. B. in
Conn., Maine, Mich., Minn., Mo., N. H., N. JL R. I., Wis. Listed on New York Stock Exchange. Normal in-
come tax deducted from interest. Coupon, $1,000; reg., $1,000, etc.
Auth., $15,000,000; outstanding, $14,878,000. Dated Mar. 1, 1912; due Mar. 1, 1947. Int. at C. & N. W.
23.
office, New
York. Guar. prin. and interest by C. A N. W. and since assumed. First lien, 178.48 miles, as follows:
Wiscona to Sparta, 169.86 miles; West Allis to Butler Jet., 8.63 miles; also on terminal property at Milwaukee.
Legal for S. B. in Conn., Maine. Mich., Minn., Mo., N. H., N. J., R. I., Wis. Listed on New York Stock Ex-
change. Interest paid without deduction for normal income tax. Coupon, $1,000; reg. $1,000, etc.
Auth. and outstanding, $1,120,000. Dated Jan. 1, 1913; due Jan. 1, 1947. Int paid at C. & N. W. office.
24.
New York. Coupon, $1,000; reg., $1,000 etc. C. A R. interchangeable. Guar. prin and int. by C. A N. W*. Ry. and
now assumed. First lien, 60 miles, Clintonville to Oconto, Wis. Legal for S. B. in Conn., Maine, Mich., Minn.,
Mo., N. H., N. J., R. 1., Wis. Listed on New York Stock Exchange. Interest paid without deduction for nor-
mal income tax.
Auth. and outstanding, $2,500,000. Dated Mar. 1, 1912; due Mar. 1, 1947. Int paid at C. A N. W. office,
25.
New York. Coupon, $1,000; reg., $1,000, etc. Guar. prin. and int by C. A N. W. Ry. and now assumed. First lien,
21 miles. Legal for S. B. in Conn., Maine, Mich., Minn., Mo., N. H., N. J., R. I., Wis. Listed on N. Y. Stock
Auth., $10,000,000; outstanding, $9,884,000. Dated July 1, 1913; due July 1, 1948. Int. paid at C. & N. W.
26.
office, York. Coupon. $1,000; reg., $1,000, etc. C. A R. interchangeable. Guar. prin and int. by C. A N. W.
New
Ry., and now assumed. First lien, 115 miles, Peoria to New Girard, 111. Legal for S. B. in Conn., Maine, Mich.,
Minn., Mo., N. H., N. J., R. I. Listed on N. Y. Stock Exchange Normal income tax deducted from interest.
Series A, 4tts; dated July 1, 1912; due $300,000 annually to July 1, 1922; originally issued, $3,000,000;
27.
now outstanding, $1,800,000; int paid Jan. and July 1 at Farmers' Loan A Trust Co., New York. Coupon, $1,000;
reg., $1,000, $5,000, $10,000 and $50,000. First lien on 75 locomotives, 40 steel coaches,' 15 dining and parlor cars
and 1,240 freight cars, all costing more than the original amount of bonds. Normal income tax deducted from
interest
Series B, 4V4s; dated Oct 1, 1912; due $300,000 annually to Oct. 1, 1922; originally issued, $3,000,000; now
outstanding, $1,800,000; int. paid April and Oct. 1 at Farmers' Loan A Trust Co., New York. Coupon, $1,000; reg.,
$1,000, $5,000, $10,000 and $50,000. First lien on 3,670 freight cars, costing at least the original amount of bonds.
Series C, 4Wis; dated July 1, 1913; due $400,000 annually to July 1, 1923; originally issued, $4,000,000; now
outstanding, $2,800,000; int paid at Farmers' Loan A Trust Co., New York. Coupon, $1,000; reg., $1,000, $5,000,
$10,000 and $50,000. First lien on 2,000 steel frame gondola cars and 2,005 steel frame box cars, the cost of which
equaled the original amount of bonds. $4,000 of this series are in sinking fund. Normal income tax deducted
from
interest for all series.
NAME AND DETAII.S OF ISSUE.

CHICAGO A \OKTH WESTERN RAILWAY SYSTEM. 267
1916 1915 1914 1913 1912
Operating expenses ....

CHI. $ N. W. RY. SYSTEM (CHI., ST. P., M. % OMAHA RY.) 269
Gross earnings
YEARS
ENDED
JUNE 30.
CHI. % iV. W. RY. SYSTEM (CHI., ST. P., M. $ OMAHA RY.} 271
Note: Fixed charges include interest on bonds and rentals. Rentals aggregated $387,160 and interest charges,
$1,826,264 in 1913; $641,603 and $2,052,901, respectively, in 1914; $673,696, $2,152,313 in 1915; and $756,784 and
$2,215,377 in 1916.
Profit and Loss Account, year ended June 30, 1916; Credit balance, June 30, 1915,
$3,973,702; credit balance
transferred from income account, $915,910; profit on road and equipment sold, $13,634; unrefundable overcharges,
$20,522; donations, $15,600; miscellaneous credits, $18,308; total, $4,957,676. Contra: Dividend appropriations of
surplus, $6,307; loss on retired road and equipment, $296,316; miscellaneous debits, $8,111; credit balance carried
to balance sheet, $4,646,942. Total, $4,957,676.
Comment: For the fiscal year ended June 30, 1916, the Chicago, St. Paul, Minneapolis & Omaha made a very
satisfactory income exhibit Both gross and net revenues reached new high totals, and the surplus available for
charges was far higher than that reported in the previous year. Only a nominal increase occurred in the fixed
charges of the company, and therefore the surplus for dividends was amply sufficient to justify the disbursements
which were made on the common stock. The position of the property since the close of the fiscal year has still further
improved.
TABLE C. -Capitalization Factors (Security Obligations and Earning Power)

Per Mile of Road. Dividend Record.
IWCOTt
OfWlMfe.
NAME OF ISSUE.
CHICAGO, PEOEIA % ST. LOUIS RAILROAD CO. 273
RU
NAME AND DCTAIU or IMCB. j"^
Dividends.
YEARS
ENDED
JUNE 30.
CHICAGO, PEORIA $ ST. LOUIS RAILROAD CO. 275
Note: For comparative purposes, the fixed charges in above statement were shown in full up to 1909, and after
that to 1914 the amounts charged include only the items which were actually paid. The interest on the first consoli-
dated 5s was defaulted at the end of 1909. In 1914, the charges of the new company are shown in full.
Receivers' Profit and Loss Account, for the year ended June 30, 1916: Credit balance transferred from income
account, $105,187; profit on road and equipment sold, $811; miscellaneous credits, $2,142; total, $108,140. Con-
tra: Debit balance at beginning of year, $77,218; loss on retired road and equipment, $482; credit balance at close
of year, $30,440; total, $108,140.
Company's Profit and Lorn Account, for the year ended June 30, 1916: Miscellaneous credits, $9,773; debit bal-
ance at close of year, $766,912; total, $776,685. Contra: Debit balance at beginning of year, $617,146. Loss on
retired road and equipment, $19,648. Miscellaneous debits, $139,891; total, $776,685.
Comment: While this company reported some improvement in its gross and net revenues during the fiscal year
1916, yet this growth was not sufficient to place the company on a very strong basis. The light fixed charges were
of course covered and for the first time in several years the company reported a final surplus.
TABLE C. Capitalization Factors Security Obligations and Earning Power)

> .
Ml
JuxiM.
1. Auth. and outstanding, $2,000,000. Dated Mar. 1, 1900; due Mar. 1, 1930. Int. paid at Liberty .National
Bank, New York. Callable at 107% at option of company. These bonds were undisturbed in the reorganization,
and are assumed by the new company. First lien on 234.32 miles, including main line from Pekin to Granite City,
111., and branches to East St. Louis, Jacksonville, and Grafton, 111. Underlie No. 2, which provides for retirement.
Defaulted, Sept. 1, 1914.
2. Auth., $15,000,000; outstanding, $2,000,000; in treasury, $850,000. Dated Dec. 1, 1909; due Dec. 1, 1939. Int.
paid at Liberty Nat. Bank, New York. Coupon, $1,000. Follow No. 1 on same property. Of those issued, $1,100,-
000 bore only 3% interest for first six years. Issue defaulted, June 1, 1914.
3. Series A, 6s; original issue, $590,000; dated April 1, 1913; due $59,000 annually to April 1, 1923; now out-
standing, $413,000. Int. paid April and Oct. 1 in New York. First lien on equipment costing $704,500.
Protective Committee: For No. 1: Sidney C. Borg, Chairman; Henry E. Cooper, Thomas Denny, Robert
Struthers, Jr.; Secretary, J. N. Babcock, 37 Wall Street, New York.
For No. 2: F. J. Lisman, Chairman; Alfred Shepherd; Secretary, Graham Adams, 30 Broad Street, New York.
Capital Stock: Auth. and outstanding, $4,000,000; par $100. Was held in voting trust to 1915, consisting of Geo.
F. Baker, Jr., Chas. F. Warren, Al. Shepherd. Transfer agent, Liberty National Bank, New York.
CHICAGO, ROCK ISLAND & PACIFIC RAILWAY COMPANY

NOTE: The analysis is based on documents of the Company, including its annual reports of the past ten years.
official
Origin: Incorporated under laws of Illinois and Iowa, June 2, 1880, as successor- of the original Chicago, Rock
Island & Pacific R.R. and its various subsidiary lines. In 1902, control of the Burlington, Cedar Rapids & Nor-
thern Ry. and of the Rock Island & Peoria Ry. were acquired and in 1903 absorbed into the main system. In 1904,
the Choctaw, Oklahoma & Gulf R.R. was leased for 999 years and all its stock acquired. In 1910, the Chicago, Rock
Island & El Paso Ry. was formally absorbed. Other companies controlled include the Keokuk & Des Moines Ry.,
White and Black River Valley, Peoria & Bureau Valley, Consolidated Indiana Coal Co., Rock Island, Arkansas &
Louisiana R.R., and the St. Paul & Kansas City Short Line R.R. Also has a joint interest in the Rock Island-Frisco
Terminal Ry. (with the St. Louis & San Francisco) ; in the Peoria Ry. Terminal Co., and other terminal properties.
The directly operated lines of the system embraced, on June 30, 1916, 8,024.13 miles, including main
Location:
line from Chicago to Colorado Springs, Col., the general system radiating throughout the States of Iowa, Illinois,
Minnesota, Kansas, Oklahoma, Colorado, Arkansas, Texas, etc. Population of these States' in 1890, 12,311,903;
in 1900, 13,573,697; in 1910, 19,557,189.
Receivership and Reorganization: On April 20, 1916, receivers were appointed for the property, owing to the in-
ability of thecompany to finance short-term notes, etc. A general reorganization is now pending under which the
present bond issues remain undisturbed with the exception of the $20,000,000 debenture 5s which are to be ex-
changed for a like amount of new 6% preferred stock (cumulative up to 5%). Common stockholders upon paying
an assessment of $40 per share receive new common stock share for share and $40 in new 7% preferred stock
(cumulative up to 5%). The 5% arrears in interest on the debentures are to be paid in cash.
The proposed plan in detail is as follows:

A new company formed with an authorized capital stock of $125,000,000, issuable as follows:
will be
$30,000,000 7% preferred stock, of which $29,743,889 will be issued at par to holders of present common
stock who pay the proposed assessment of $40 per share;
$20,000,000 6% preferred stock, all of which will be issued to the holders of the debenture 5% bonds of the pres-
ent company;
$75,000,000 common stock, of which $74,359,722.50 shall be exchanged, share for share, for the present common
stock, on payment of the $40 per share assessment.
The funds derived from the assessment will pay off or acquire $18,188,000 current obligations, including $7,-
500,000 of two-year collateral trust notes, $2,500,000 Central Trust Co. loan, $1,600,000 Hayden, Stone & Co. loan
and $6,588,000 Receivers' Certificates. The balance of $11,555,889 will be employed to settle other claims, including
those of the Receiver, pay costs of reorganization and provide additional funds for the company.
All the bond issues and divisional obligations of the company will remain undisturbed, and will be assumed
by the new company, with the exception of the $20,000,000 debenture 5s, provided for as above.
For all later developments, consult our Investors Service.
CHICAGO, ROCK ISLAND $ PACIFIC RY. CO. 277
Management: Omcois: Jacob M. Dickinson, Rec.; J. G. Shedd, Chairman; (Vacancy) Pres.; J. E. Gorman, lit
Vice-Pres.; A. C. Ridgway, 2d Vice-Pres.; Geo. H. Crosby, Vice-Pres., Sec. and Treas.; J. J. Quinlan, Vice-Pres.,
Aaat Sec. and Asst Treas. DIRECTORS: N. L. Amster, W. Emlen Roosevelt, W. J. Matheson, Chas. Hayden, J. W.
Burdick, E. F. Carry, W. B. Thompson, C. G. Dawes, Nathaniel French, E. D. Hulbert, J. R. Morron, J. G. Shedd.
Annual meeting, econd Thursday in October. MAIN OFFICE, Chicago, 111. NEW YORK OFFICE, 14 Wall Street.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $75,315,710 $70,915,429 $68,208,113 $71,364,935 $64,712,853 $68,487,473 $66,220,579
Net operating revenues.. .

$20,772,577 $17,393,814 $17,208,166 $18,860,833 $17,953,359 $19,431,790 $18,151,210
Operating ratio 72.39% 75.5% 74.8% 73.6% 72.3% 71.6% 72.6%
*
Other income 823,755 340,976 168,321 1,029,795 686,792 345,477 223.232
Total net income.. .. $21,596,332 $17,052,838 $17,376,487 $19,890,628 $18,640,151 $19,777,267 $18,374,442
Taxes accrued 3,567,851 3,353,919 3,315,632 2,946,438 2,752,861 2,708,651 2,876,701
Fixed charges 15,071,199 14,433,596 13,610,234 12,885,835 12,036,894 11,625,902 10,749,860
*
Surplus over charges. . $2,957,282 $734,677 $450,621 $4,058,355 $3,850,396 $5,442,714 $4,747,881
Dividends paid 1,871,762 3,743,525 3,743,760 3,930,948 3,743,272
*
Balance $2,957,282 $734,677 *$1,421,141 $314,830 $106,636 $1,511,766 $1,004.609
Earned on stock 3.94% 0.60% 5.42% 5.13% 7.26% 6.34%
* Deficit.
Note: Foregoing statement covers operations of Chicago, Rock Island & Pacific Railway Company and has no re-
lation to the defunctRock Island (holding) Company. The charges, dividends and surplus shown are those of the
Railway. Fixed charges in 1916 included interest, $12,312,198; joint facility and other rentals, $2,522,333; hire of
equipment, $275,155.
Profit and Loss Account, year ended June 30, 1916 Surplus for year ended June 30, 1916, $2,957,282
: profit on ;
land*and securities sold, $50,351 interest prior to current fiscal year on advances for construction and purchase of
;
property, $106,551; inventory adjustment proportion applicable to period, prior to June 30, 1915, $89,851; recovery
of a portion of losses charged on* in previous years by realization of investment, $42,952; sundry adjustments, etc.,
$38,598; debit balance, June 30, 1916, $10,707,555; total, $13,993,140. Contra: Debit balance, June 30, 1915, $12,-
530,963. Tracks removed, $32,644; structures sold, removed and destroyed, $34,781; equipment sold and destroyed,
$991,818; adjustment in the property account of the C., R. I. & E. P. Ry. Co., prior to current fiscal year, $276,480;
reserve for charges to June 30, 1915, less recoveries in respect of agreement and guarantees abrogated by the re-
ceiver, $61,976 ;
other miscellaneous adjustments not affecting current year, $64,478.
Comment: The Rock Island property went into receivers' hands during the year 1915, but under the re-
ceivership the operating results have shown steady improvement. Both gross and net receipts for the year ended
June 30, 1916, were far in excess of any ever before reported, and the enlarged fixed charges were easily earned
with a substantial surplus over.
The reorganization plan of the Rock Island property involves some moderate decrease in the fixed charges, and
supplies the company with a substantial amount of much needed working capital. The outlook for the property in
view of its present prosperity is therefore unusually favorable.

YEARS
ENDED
JUNE 30.
CHICAGO, ROCK ISLAND % PACIFIC RY. CO. 279

ASSETS: 1916 1915 1914 1913 1912 1911
$362,368,793 $358,856,597 $361,126,500 $316,296,227 $305,155,441 $301,641,792
Working assets 15,431,468 14,278,433 26,127,892 41,061,844 44,838,193 31,522,139
Deferred debit items... 4,497,311 2,050,976 23,963 6,463,377 4,259,083 3,551,876
Accrued income not due. 46,965 65,247 4,677,494 913,464 656,657 507,640
Profit and loss deficit . . .
10,707,555 12,530,963
ToUl $393,052,092 $387,782,216 $391,907,923 $364,734,912 $354,909,374 $337,223,447

LIABILITIES:
Capital stock . . $75,000,000 $75,000,000 $75,000,000 $75,000,000 $75,000,000
Funded debt 293,526,702 289,442,210 288,334,530 257,815,600 251,189,600 230,162,000
liabilities .... 13,872,158 14,516352 12,986,485 11,759,639 8,364,495 9,258,441
Working
Accr'd liabilities not due 4,344,312 4,404,751 4,213,744 3,723,320 3,743,093 3,244,512
Deferred credit items. . . 6,244,552 4,354,035 2,574,984 2,767,134 1,949,734 2,485,823
Appropriated surplus . . 64,368 NJH 64,868 64,368 64,368 64,868
Profit and loss surplus. 8,733,812 13,604,851 14,598,084 17,008,303
Total $393,062,092 $387,782,216 $391,907,923 $364,734,912 $354,909,374 $337,223,447
Comment: During the fiscal year ended June 30, 1916, there were no important capitalization changes on the
Rock Island System, but the new reorganization plan now pending proposes considerable readjustment. While
the funded debt cannot be reduced to any great extent, the company will provide itself with new capital through
an issue of new preferred stock. The new company will enter into control of the property at a very favorable
period as the prospects at the present time are that the present heavy earning power will be permanently maintained.
NAM* or law*.
Auth. and outstanding, $12,500,000. Dated May 1, 1877; due July 1, 1917. Int. paid at First National Bank,
1.
New York. Coupon, $1,000; reg., $5,000. Assumed by present C. R. I. & Pcf. Railway. First lien, 765.39 miles, as
follows: Chicago to Council Bluffs, 500.46 miles; Davenport to Knoxville, la., 144.12 miles; Wilton to Muscatine,
11.97 miles; Newton to Monroe, 17.02 miles; Atlantic to Audubon, la., 25.12 miles; lesser branches, 73.57 miles. Un-
derlie Nos. 2 and 12, which provide for retirement. Legal for Savings Banks in Me., Mo. Listed on New York
2. Auth., $100,000,000; outstanding, $61,581,000. No more of these bonds are to be sold, all further issues to be
deposited under No. 12. Dated Jan. 1, 1898 ; due Jan. 1, 1988. Int. paid at First National Bank, New York. Coupon,
$1,000; reg., $1,000 and $5,000. First lien on 2,396 miles, as follows: So. Omaha, Neb., to Colorado Springs,
562.63 miles; Washington, la., to Terral, Okla., 643.75 miles; Des Moines to Winterset, 42.60 miles; Nelson, Neb., to
Fairbury June., 51.60 miles; Cameron, Mo., to Leavenworth Bridge, 53.19 miles; Edgerton June, to near Atchison,
Kans., 29.24 miles; McFarland to Belleville, Kans., 103.19 miles; Herington to Salina, Kans., 49.30 miles; North
Enid to Billings, Okla., 26.75 miles; Chickasha to Mangum, Okla., 97.78 miles; Anadarko to Lawton, Okla., 36.45
miles; Herington to Liberal, Kans., 262.67 miles; Bucklin to Dodge City, Kans., 26.57 miles; Altamont to St.
Joseph and Elwood to Jansen, Neb., 198.10 miles; Horton to North Topeka, 48.09 miles; Cowrie to Sibley, 109.72
miles; branches, 54.37 miles; also a first collateral lien on 93.09 miles, from near Terral to Fort Worth, Texas;
also second lien on 765.39 miles, following No. 1 ; also first lien on lease of Keokuk & Des Moines Railway, cover-
ing 162.31 miles, and on the lease of the Peoria & Bureau Valley R.R., covering 46.99 miles. Underlie No. 12,
which provide for refunding, etc. Legal for S. B. in Me., Mo. Listed on New York and London Stock Exchanges.
Outstanding, $11,000,000; $1,905,000 additional are reserved to retire No. 4, and $6,500,000 are deposited
3.
under No. 12. Dated April 1, 1884; due April 1, 1934. Int. paid at First National Bank, New York. Coupon,
$1,000; reg., $5,000. Assumed by C. R. I. & Pcf Ry. First lien on 998.44 miles as follows: Rosemont to Inver
Grove, Minn., 108.93 miles; Bennett to Davenport, la., 29.92 miles; Lake Park, la., to Watertown, 164.08 miles;
Ellsworth to Sioux Falls, 42.34 miles; Traer to Holland, la., 24.16 miles; Worthington to Hardwick, la., 34.79
miles; Iowa City to Montezuma and to Clinton, la., 149.36 miles; Burlington to Plymouth June., la., 219.52 miles;
Lynn June, to Postyille, la., 94.12 miles, and smaller branches; also second lien on 303.85 miles, following No. 4
and No. 5. Underlie No. 12, which provide for refunding. Legal for S. B. in Me., Mo. Listed on New York and
Boston Stock Exchanges. Normal income tax deducted from interest.
4. Auth., $4,000,000; outstanding, $1,905,000 (closed). Dated June 23, 1881; due Oct. 1, 1921. Int. paid at First
National Bank, New York. Coupon, $1,000. Assumed by C. R. I. & Pcf. Ry. First lien, 291.50 miles, Holland, la.,
via, Dows to Worthington, Minn., 182.64 miles; Dows to Estherville, 108.87 miles. Underlie. No. 3 and to No.
12, which provide for retirement. Legal for S. B. in Me., Mo. Listed on New York Stock Exchange. Normal in-
5. Outstanding, $150,000. Dated Feb. 1, 1877; due June 1, 1927. Int. paid at First National Bank, New York.
Coupon, $500 and $1,000. Assumed by C. R. I. & Pcf. Ry. First lien, 12.34 miles, Albert Lea, Minn., to la.-Minn.
State line. This mileage was leased by the Burlington, Cedar Rapids & Northern Ry. from the Minneapolis & St.
Louis Ry. for 999 years, rental being the guaranty of these $150,000 bonds, which are part of a total issue of
$1,100,000. The $950,000 bonds not guaranteed, however, are secured on other mileage, and are not an obligation
of this company. (See Minneapolis & St. Louis Ry. analysis). Underlie Nos. 3 and 12. Legal for S. B. in Me.
and Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
Auth., $600,000; outstanding, $450,000 (closed). Dated July 1, 1885; due July 1, 1925. Int. paid at First
6.
National Bank, New York. Coupon, $1,000; reg., $5,000. Assumed by C. R. I. & Pcf. Ry. First lien, 112.86 miles,
from Rock Island to Peoria, and from Milan to Cable, 111. Underlie No. 12, which provide, for retirement. Legal
for S. B. in Me. and Mo. Normal income tax deducted from interest.
Auth. and outstanding, $5,500,000. Dated Oct. 3, 1894; due Oct. 1, 1919. Int. paid at First National Bank,
7.
New York, and at Girard Trust Co., Phila. Coupon, $1,000. Assumed by C. R. I. & Pcf. Ry. First lien, 350.57
miles, from Elk City, Okla., to Arkansas State line and from Tecumseh to Asher, Okla. Underlie Nos. 10 and 12,
latter providing for retirement. Listed on New York and Philadelphia Stock Exchanges. Interest paid without
8. Auth., $3,750,000; outstanding, $3,525,000 (closed). Dated Jan. 2, 1899; due Jan. 1, 1949. Int. paid at First
National Bank, New York and at Girard Trust Co., Phila. Coupon, $1,000. Assumed by Choctaw, Oklahoma &
Gulf R.R. and guaranteed as to interest by C. R. I. & Pcf. Ry. First lien, 282.32 miles, from near Hopefield, Ark.,
to Ark.-Okla. State line; also on terminals at Memphis and bridge over Mississippi River. Underlie No. 10, which
provide for retirement. Legal for S. B. in Mo. Listed on Phila. Stock Exchange. Interest paid without deduction
9. Dated June 29, 1899; due July 1, 1919. Int. paid at First
Auth., $375,000; outstanding, $95,000 (closed).
National Bank, New York.
Coupon, $1,000. Sinking fund, $20,000 per annum, to be called at 105 and int. until
June 1, 1918. Assumed by Choctaw, Oklahoma & Gulf R.R. and guaranteed as to interest by C. R. I. & Pcf. Ry.
First lien on bridge over Arkansas River at Little Rock, Ark. Underlie No. 10. Interest paid without deduction
for normal income tax. Market: Mellor & Petry, Philadelphia.
10. Auth., $30,000,000; outstanding, $5,411,000; further amounts can only be issued for refunding purposes, and
must be deposited under No. 12 (below) . Dated May 1, 1902 due May 1, 1952. Int. paid at First National Bank,
;
New York, or at Girard Trust Co., Phila. Coupon, $1,000. Assumed by C. R. I. & Pcf. Ry. First lien on 335.12
miles, as follows: Elk City, Okla., to Texas State line, line, 40.02 miles; Haileyville June, to Ardmore, Okla., 117.66
miles; Geary, Okla., to Anthony, Ks., 121.03 miles; Ingersoll to Alva, Okla., 15.56 miles; Hot Springs to Benton,
34.97 miles; Butterfield to Malvern, 5.27 miles; also second lien on 633.20 miles, following Nos. 7, 8, and 9. Addi-
tionally secured on leases of the company, covering 62.67 miles. Listed on New York and Philadelphia Stock Ex-
changes. Interest paid without deduction for normal income tax.
CHICAGO, ROCK ISLAND % PACIFIC RY. CO. 281

Auth., (24,000,000; now outstanding, $2,988,000. Dated May 1, 1902; due $1,494,000 annually on May 1, to
11.
May 1, 1918. Int. paid at First National Bank, New York. Coupon, $1,000. Callable at 101% and int. on any
interest date. First collateral lien on entire preferred and common stock of Choctaw, Oklahoma & Gulf R.R. Co.
Underlie No. 12, which provides for retirement. Listed on New York Stock Exchange. Interest paid without de-
12. Auth., $163,000,000; outstanding, $111,140,000; of which $94,941,000 were held by public June 30, 1916.
Dated April 1, 1904; due April 1, 1934. Int. paid at First National Bank, New York. Coupon, $500 and $1,000.
First lien on 793.14 miles, as follows: St. Louis via Stradsburg June, to Leeds, Mo., 283.90 miles; Liberal, Kan., to
Texhoma, Okla., 60.66 miles; Enid to Watonga and Geary to Anadarko, Okla., 105.08 miles; Lawton to Waurika,
Okla., 40.52 miles; Guthrie to Chandler, 39.30 miles; Chickasha to Lindsay, 24.77 miles; Lawton to Chattanooga,
Okla., 21.02 miles; Searcey to De Vails Bluff, Ark., 37.59 miles; Bravo, Tex., to Santa Rosa, N. M., 111.5 miles; also
smaller branches; also on terminal property at St. Paul, Minn. A first collateral lien on 364.70 miles. Also a second
lien on 3,505.13 miles, following Nos. 2, 3 and 6; also a collateral second lien on 93.09 miles following No. 2; by third
lien on 1,069.24 miles, following Nos. 2, 4 and 5; also a second lien on the lease of the Keokuk & Des Moines Ry.
Further secured by a deposit of $10,000,000 of No. 2; $1,369,000 Peoria Ry. Terminal Co. 1st and ref. 4%s and
other collateral. The issue provides for refunding of the prior liens. Listed on New York Stock Exchange. Interest
13. Auth., $1,000,000; outstanding, $400,000; due $50,000 serially from Oct. 1. 1904, to Oct. 1, 1924. Int. paid at
First Trust * Savings Bank, Chicago. Coupon, $1,000. Assumed by C. R. I. & Pcf. Ry. Callable at par. First lien
on realty, dock*, and grain elevator at Chicago. Normal income tax deducted from interest.
Outstanding, $2,500,000. Dated June 1. 1905; due June 1. 1935. Int. paid at Guaranty Trust Co., New
14.
York. Sinking fund, 5 cents per ton on all coal mined; bonds drawn at par if not purchasable. Int. is guar. by C.
R. I. & Pcf. Ry. on $2,500,000. First lien on 22,000 acres of coal land in Sullivan County, Ind.. Franklin County, 111.,
and Dallas County. la., located on the lines of the Chicago & Eastern 111. R. R. and the C. R. I. & Pcf. Ry. In above
table int. on guaranteed bonds only included. Interest defaulted June 1, 191.*>. Normal income tax deducted from
interest.
Auth., $30.000,000; outstanding. $12,965.000. Dated. Mar. 1, 1910; due Mar. 1, 1934. Int. paid at First
National Bank. New York. Coupon and reg.. $100, $500 and $1.000. Callable at 105 and int. on 60 days' notice.
Guar. prin. and int. by C. R. I. A Pcf. Ry. First lien. 363.86 miles, as follows: Haskell, Okla., to Eunice, La., 265.04
miles; Tinsman to Crossett, Ark., 43.27 miles; branches, 55.55 miles. Additional amounts of those unissued may be
sold for new construction at $30,000 per mile, and $8,545,000 are reserved for additions and betterments. Listed
1C. Auth.. $30,000.000; outstanding, $12.400,790. Dated Feb. 1, 1911; due Feb. 1, 1941. Int paid at First Nat
Bank, New York, and at Speyer Bros.. London. Coupon, $500. $1.000, 100 and 200. Callable at 10f and int. on
60 days' notice. Guar. prin. and int. by C., R. I., A Pel. Ry. by endorsement First lien on 183.22 miles, Des Moines
to Mason City, Iowa, and Allerton to Carlisle, Iowa. Of unissued amount $10,000,000 may be sold for further con-
struction at cost and $7,600,000 are reserved for additions and betterments. Listed on New York Stock Exchange.
Vuth. and outstanding. $20,000.000. Dated Jan. 17. 1912; due Jan. 1.1. r.'MJ. Int paid Jan. and July 15, at
New York, London, Berlin, Paris and Amsterdam. Callable at 10.". on 60 days' notice. Not a mortgage, but any new
mortgage created by company on its property, must equally secure these bonds. Listed on New York Stock Ex-
change. Interest not paid Jan. 15. 1916. Coupon and reg., $1,000.
Noe: Under the proposed reorganization plan these debentures are to be exchanged for a like amount of 6%
preferred stock with accrued interest paid in cash. Principal was declared due and payable Nov. 30, 1916.
18. Series A, 44s; dated Feb. 1. 1907; due $25.000 each F. and A. 1. to Feb. 1, 1917; now outstanding, $325,000.
Int. paid F. and A. at First National Bank. New York. First lien on equipment costing $7.844,358. Series C, 4%s;
dated April 1. 1909; due $266.000 each A. and O. to Oct. 1. 1919. Original issue $5,300,000; now outstanding. $1,590,-
000. Int. paid A. and O. 1 at First National Bank. New York. First lien on equipment costing $5,994,789. Series D,
4Hs dated May 2. 1910; due $225.000 each M. and N. 1 to May 1, 1925. Original issue, $6,750,000; now unmatured,
$3,826.000. Int paid M. and N. 1 at First National Bank. New York. First lien on equipment, costing $7,740,253.
Series E, 5s; dated Jan. 1, 1911 ; due $5,000 each J. and J. 1 to Jan. 1, 1921. Original issue, $100,000; now unredeemed,
$40.000;. Secured by lease with U. S. Express Co. on 10 steel express cars. Series F, 4Hs; dated Aug. 1, 1911; due
$12,000 each F. and A. 1 to Aug. 1. 1926. Original issue. $360,000; now unmatured, $240,000. Int paid F. and A. 1
at First National Bank, New York. First lion on equipment costing $400,252. Series G, 4V4s; dated July 1, 1912;
due $170,000 each J. and J. 1 to July 1. 1927. Original issue, $5,100,000; now unmatured. $3,570,000. Int. paid J.
and J. 1. at First National Bank. New York. First lien on equipment costing $5,557,788. Series H, 5s, dated July 1,
1913; due $441,000 each July 1. to July 1. 1!23. Original issue, $4,410.000; now unmatured, $3,087,000. Int. paid J.
and J. 1 at Fimt National Bank. New York. First lien on equipment costing $5,521,348. Equipment 5s; dated Sept.
1. 1915: due. $36.000 each M. and S. to Mar. 1, 1926. and $31/-41 Sept. 1. 1925. Int. paid M. and S. 1, at First Na-
tional Bank, Chicago. Original issue. $718.641; now outstanding. $646.641. First lien on equipment costing $845,-
440. Interest paid without deduction for normal income tax on all issues. All coupons, $1,000. In all cases amounts
outstanding are those of Jan. 30. 1916.
19. Receivers' Certificates: In several series as follows: $1,494,000 5s; dated Apr. 30, 1916; due Apr. 30, 1917;
$1,494.000 6s; dated Apr. 29. 1916; due Apr. 29, 1917; $2,600.000 5s; dated Jan. 3, 1916; due Jan. 3, 1917; $500,000
: dated Sept. 16. 1915; due Mar. 16. 1917; $600.000 6s; dated Apr. 1, 1916; due Apr. 1, 1917; total all issues, $6 k-
688.000. Int. paid at 14 Wall Street New York. Coupon, $1,000, and multiples. Secured prior to the lien of the re-
funding 4s of 1934 (No. 12). Normal income tax deducted from interest.
: Under the proposed reorganization plan, these receiver's certificates are to be paid off in cash.
20. Auth. and issued, $7.600.000. Dated Feb. 16, 1914; due Feb. 16 1,917. Int. paid F. and A. 16 at First Nat'l
Bank, New York. Coupon. $1.000. Callable at 102 and interest on 60 days' notice. Secured by deposit of $9,989,000
refunding 4s (No. 12), $1,780.000 St. Paul & K. C. Short Line 4 '/4s (No. 16), and $1,965,000 Rock Island, Ark. & La,
4H .rmal income tax deducted from interest.
Note: Under the proposed reorganization plan these notes are to be paid off in cash.
Joint Guarantees: The C., R. I. & Pcf. Ry. jointly guarantees with the St. Louis & San Francisco Railroad $3,390,-
000 6% bonds of the Rock Island-Frisco Terminal Ry., and jointly with the Colorado & Southern guarantees the
equipment notes of the Trinity & Brazos Valley Ry., and is pledged to pay one-half the principal of $8,760,000 first
mortgage 4s of the latter company, these bonds being all deposited under the Colorado & Southern refunding mort-
gage. The Rock Island portion of interest and principal on Trinity & Brazos equipment trusts is not being paid by
receiver who has also disavowed an agreement with the Colorado & Southern under which the Rock Island was to pay
one-half the cost of constructing the Brazos line or $5,517,301. The Rock Island with other companies also jointly
guarantees the bonds of various terminal properties whose facilities it uses. Guarantees interest on $600,000 first 5s
of the White & Black River Valley Ry. and prin. and int. of $453,600 Rock Island, Arkansas & Louisiana R.R. 4%
notes due 1939.

CHICAGO, ROCK ISLAXD $ PACIFIC BY. SYSTEM 288

A88ETS: 1916 1915 1914 1913 1912 1911
$6,721,290 $6,720,253 $6,720,253 $6,720,253 $6,720,253 $6,720,253
Working assets 166,667 39,383 6,928 7,863 13,456 16,601
Accrued income not due. 10,269 34,375 34,375 34,375 34,375
Profit and loss deficit... 199,472 149,884 150,724 150,020 146,878 148,230
ToUl $7,097,598 $6,909,520 $6,912,280 $6,912,511 $6,914,962 $6,919,459

LIABILITIES:
Capital stock $4.125,000 $4,125,000 $4,125,000 $4,125,000 $4,125.000 $4,125,000
Funded debt 8,780, 2,750,000 2,750,000 2,750,000 2,750,000 2,750,000
Working liabilities 108,632 142 2,905 . 3,136 :..:* 7 9,815
Deferred credit items.. '.79 3
Total $7,097,598 $6,909,520 $6,912,280 $6,912,511 $6,914,962 $6,919,459
Bowled Debt: $2,750,000 Keokuk 4 Des Moines Ry. first mtge. 45-year gold 5s, due Oct. 1, 1923; interest April 1
and Oct. 1, at First National Bank. New York, N. Y. Coupon bonds, $100, $500 and $1,000, registerable as to princi-
pal. Interest was formerly guaranteed by Chicago, Rock Island & Pacific Railway, but on July 1, 1915 the Re-
ceiver renounced the lease. Trustee, Farmers' Loan & Trust Co., New York. Secured on entire line of the com-
pany, consisting of 162.31 miles, Keokuk to Des Moines, Iowa. Listed on New York Stock Exchange. Normal income
tax deducted from interest. Rating, Caa.
Capital Stock: Auth. and outstanding, $2,600,400 common and $1,524,600 preferred. Par. $100. Chicago, Rock
Island Pacific Ry. Co. owns 14,879 shares of common stock and 5,751 of preferred stock. Preferred stock is entitled
to dividends up to 8>4 r r per annum if earned, after payment of interest on the bonds, and is entitled to share pro
rata with the other stock of the company "in any excess of net earnings or income over 8% per annum." Dividends
on preferred stock 1K%
Aug. 1, 1908; i'V May 1. 1909; 2tt7r April 1, 1910; each in 1911 and 1912; 3% in 2H%
1913; 3^4% in 1914. and 2HTr in 1915; none in 1916. TRANSFER AGENT, F. A. Smith, 14 Wall Street, New York,
N V. Both classes of stock listed on New York Stock Exchange.
PEORIA & BUREAU VALLEY RAILROAD

Origin: Incorporated under laws of Illinois, Feb. 12, 1853. Company is leased in perpetuity to the Chicago,
Rock Island A Pacific Co., at an annual rental of $125,000.
Location: Line of road, Peoria to Bureau Junction, III. 46.99 miles; 26.44 miles of sidings. Road is directly
operated by lei tee.
Manaitement : OFFICERS: G. E. Gorman. Pres., Geo. H. Crosby. Vicc-Pres., Sec. and Treas., New York, N. Y.
Annual meeting, first Thursday in October. OFFICE. 14 Wall Street, New York.
Comparative Income Account. Yearn Ended June 30

1916 1915 1914 1913 1912 1911
Rental incom. $123,049 $123.011 $122.916 $125,277 $125,310
Taxes 1,217 1.212 3,564 4,956
Surplus $123.888 $121.837 $123.011 $122,916 $121,713 $120,354

Dividends paid 186,000 120,000 120,000 120,000 120,000 120,000
Other deductions .
2,838 2,484
Balance ldef.)$13.750 $1337 $527 $2,916 $1,713 354
Profit and LOM Account, year ended June 30, 1916: Credit balance at beginning of year, $133,625; miscellane-
out credits, $119; total, $1 .ntra: Debit balance transferred from income, $13,750; credit balance carried to
balance sheet. $119,994; total. $133.744.

AMTTS: 1918 1915 1914 I'.M:; 1912 1911
$1,668,600 $1,566,600 $1,566,600 $1,566,600 $1,666,600 $1,566,600
Working assets ... 1.434 -'66 13.372 12,801 9,865 9,486
Accrual income not due. 52,083 "83 52,083 52,083 52,083 52,083
Total $1.620,117 $1,633,949 $1,632,055 $1,631,484 $1,628,548 $1,628,169

LIABILITIES:
Capital stock .. $1.500,000 $1.500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000
Working liabilities 123 824 267 224 214 372
Accrued liabil. not due.. 1,166
Profit and loss surplus. 119.994 133,625 131,788 131,260 128.344 126,631
ToUl $1,620,117 $1,633,949 $1,632,055 $1,631,484 $1,628,548 $1,628,169
Capital Slock: Authorized and outstanding, $1.500,000. Par, $100. Dividends, Feb. 10 and Aug. 10, at First
National Bank. New York; books close in advance. Dividends paid in 1908. 9%; 1909 to 1915, inclusive, 8% per
annum. 9'', in UMfi. TRANSFER AGENTS, F. A. Smith, New York; Geo. H. Crosby, Chicago, 111.
284 MOODY S ANALYSES OF INVESTMENTS.
WHITE & BLACK RIVER VALLEY RAILWAY
Operates 62.26 miles, Brinkley to Jacksonport, Ark., and branches. Leased to Choctaw, Oklahoma & Gulf R.R.
until 1980, at rental equaling interest on bonds. Lease assumed by C. R. I. & Pcf. Ry., which operates the property.
Management : OFFICERS :E. G. Thompson, Pres. and Treas. C. C. Rose, Vice-Pres. S. W. Reyburn', Sec. An-
; ;
nual meeting, second Tuesday in March. OFFICE, Little Rock, Ark.

Bonded Debt: Auth., $800,000; outstanding, $600,000. Dated June 30, 1900; due July 1, 1980. Int. paid J.
and J. at First National Bank, New York. Int. guar. by Choctaw, Okla. & Gulf R.R., and guarantee assumed by Chic.
R. I. & Pacific Ry. First lien, 62.26 miles, Brinkley to Jacksonport, and Wiville to Gregory, Ark. Coupon, $1,000.
Interest paid without deduction for normal income tax. Net Rating, Ba.
Capital Stock: $400,000; par $100. No dividends. Of the outstanding stock, $399,100 is deposited with the
Union Trust Co. of Little Rock, Ark., as trustee under the terms of the lease.
ROCK ISLAND, STUTTGART & SOUTHERN RAILWAY

Incorporated under laws of Arkansas, Jan. 20, 1913, succeeding the Stuttgart & Rice Belt R.R. Line of road,
Mesa to Stuttgart, Ark. Miles of road, 21.22. Leased for 999 years from Feb. 1, 1914, to Chicago, Rock Island &
Pacific Railway, which operates the property and owns the stock. Rental covers guaranty of bond interest.
Management: OFFICERS: Thos. S. Buzbee, Pres; A. C. Ridgway, Vice-Pres. A. E. Walker, Vice-Pres.; Geo. B.
;
Pugh, Sec. and Treas.; Geo. H. Crosby, Asst. Sec. and Asst. Treas. OFFICES, Stuttgart, Ark., and Chicago.
Bonded Debt: $180,000 first 5s; dated Dec. 1, 1913; due Dec. 1, 1934. Int. paid J. and D. 1 at Chicago. Auth.,
$1,000,000. First lien on entire property. Interest guaranteed under lease. Rating B.
Capital Stock: Auth. and issued, $300,000; par $100. All owned by Chicago, Rock Island & Pacific Ry. Co.
CHICAGO, TERRE HAUTE & SOUTHEASTERN RAILWAY

NOTE: The analysis is based on documents of the company, including its annual reports of the past nine years.
official
Origin: Incorporated under Indiana laws in November, 1910, as successor, through reorganization, of the South-
ern Indiana Railway and the Chicago Southern Railway. These properties were first acquired by the Chicago, Terre
Halite & Southeastern Ry Co. of Illinois, and were then transferred to the present company. The new company also
took title to the Bedford Belt Railway, which had formerly been leased to the Southern Indiana Ry.
Location: The operated lines of the company consist of 372.85 miles, as follows: Main lines, from Chicago
Heights, 111., to Westport, Ind., 298.02 miles; from Blackhawk to Sullivan, Ind., 18.52 miles; from Bedford to Oolitic,
Ind., 4.19 miles. Branches, 39.35 miles; trackage rights, 12.77 miles. At Chicago Heights the line forms a connec-
tion with the Baltimore & Ohio Chicago Terminal Co. and extends southwardly to a point on the Illinois-Indiana State
line thence it extends southeasterly through coal territory in Vermillion and Vigo counties, Ind., to the City of Terre
;
Haute. Southeast of Terre Haute it passes through the Linton and Clinton coal fields to Bedford, Ind. An easterly
extension to Westport, Ind., gives connection with the Michigan division of the C. C. C. & St. Louis.
Management: OFFICERS: M. J. Carpenter, Pres.; E. K. Boisot, Vice-Pres.; W. F. Peter, Sec.; F. J. Lawlor,
Treas.; W. N. Rockwell, Compt. DIRECTORS: M. J. Carpenter, E. K. Boisot, J. S. Field, A. W. Howard, F. O. Wet-
more, Chas. Porter, J. T. Beasley. Annual meeting, first Thursday in October, in Chicago, 111. MAIN OFFICE, Grand
Central Station, Chicago, 111.
MAP OP
CHICAGO, TERRE HAUTE
AND
SOUTHEASTERN RAILWAY
d
VAW,
CHICAGO, TERRE HAUTE $ SOUTHEASTERN RY. 285
Comment: The operating results of the Chicago, Terre Haute & Southeastern Railway for the fiscal year ended
June 30, 1916, underwent sharp improvement, and the freight density reached a very heavy figure. Average freight
train load was also much higher than previously, while the train mile earnings increased heavily notwithstanding
the fact that there was no improvement in average freight rates, and was a distinct decline in average passenger
rates. As usual the company did mainly a soft-coal business and over 90'/r of its total tonnage was represented by
mining products.
. > ,
Per Mile of Road.
YEARS
ENDED
JUNE 30.
( I\(J \\ATI, AA'fr ORLEANS TEXAS PACIFIC RY. CO. 287

1.Auth., $350,000; outstanding, $250,000. Dated June 30, 1898; due July 1, 1938. Int. paid at First Nat.
Bank, Chicago. Coupon, $1,000. Assumed. First lien on 4.19 miles from Bedford to Oolitic, Ind., and on terminals
at Bedford, Ind. Provided for by No. 3. Normal income tax deducted from interest
2. Auth., $7.537.000; outstanding, $7,534.000 (closed). Dated Feb. 1, 1901; due Feb. 1, 1951. Int. paid at New
York, Phila., and Boston. Coupon, $1,000. Assumed. First lien on 242.81 miles, as follows: Terre Haute to Sey-
mour, Ind., 121.42 miles; Chicago June., III., to Indiana-Illinois State line, 28.46 miles; Seymour to Westport, Ind.,
26.45 miles; McKeen to Chicago June., 111., 7.45 miles; Blackhawk to Sullivan, Ind., 18.52 miles; and various branches
aggregating 40.51 milos; second collateral lien on 4.19 miles, following No. 1. Underlie Nos. 3 and 5, with pro-
vision by former for retirement. Normal income tax deducted from interest.
3.Auth., $20.000,000; outstanding, $4,244,000; also, $1,979,000 held by company and pledged. Dated Dec. 1,
10; due Dec. 1. 1960. Int. paid at Bankers' Trust Co., New York. Coupon and reg., $1,000. Callable as a whole at
107H and int. on any int. date, on 60 days' notice. First lien on 114.24 miles'of road between Chicago Heights, 111.,
and the Indiana-Illinois State line; also a first lien on 671 50-ton coal cars and 19 locomotives, there being a prior
lien of $100.000 against five of the latter; second mortgage on 242.81 miles,
following No. 2; third lien on 4.19 miles,
following No. 2; also secured on various equipment. Underlies No. 5. Listed on New York Stock Exchange. Inter-
est paid without deduction for normal income tax.
4. In two series: Issue of April 1, 1913: Original amount, $810,000; now outstanding, $530,000; due $40,000
each April and Oct. to April 1, 1922. inc.; $45,000 Oct. 1, 1922, and April 1, 1923. Coupon, $1,000. First lien on 900
steel
hopper cars and 13 caboose cars. Int., A. and O. 1. Issue of July 1, 1913: Original amount, $100,000; now
outstanding, $60,000; due $10,000 annually to July 1, 1923. Int. Jan. and July. Coupon, $1,000. First lien on 7
locomotives. Interest paid without deduction for normal income tax on both series.
Auth., $6.500.000; outstanding. $6.336,055. Dated Dec. 1, 1910; due Dec. 1, 1960. Int. paid at New York
and Chicago. Callable as whole at par and int. on 60 days' notice. Voting power: one vote for each $100 par value.
Lien by direct mortgage on entire property, stocks, bonds, and rights of the company, including 361.24 miles of road,
described in No. 3 and subject thereto. Interest rate 4 r 'r non-cumulative until Dec. 1, 1912; 5% cumulative there-
r
after. 'l''<
paid in 1912 and 1913; l li in 1914; none since.
'<- Interest paid without deduction for normal income
tax.
Capital Stork: Authorized and issued. $4,300,000; par $100. Entire issue held in voting trust until Dec. 24, 1920.
trustees being Roy C. Ogood, Frank F. Taylor, and Geo. A. Jackson.
THE CINCINNATI, NEW ORLEANS & TEXAS PACIFIC RAILWAY CO.

NOTE: The analysis is based on officialdocuments of the company, including its annual reports of the past ten years.
Origin: Incorporated under Ohio laws, Sept. 8, 1881. The company leased the Cincinnati Southern Railway for
25 years from Oct. 12. 1881, at an annual rental of $800,000 for the first five years; $900,000 for the second five
years; $1.<HX>.000 for the third five years; $1,090,000 for the fourth five years, and $1,250,000 for the last five years
ending Oct. 12, 1906. In 1901. however, the lease was modified and extended for fifty years from Oct. 12, 1906, the
rental being changed from July 12. 1902, to Oct. 12, 1906, to $1.050.000 per annum, the excess of $200,000
per
annum
to be deferred as it accrued and to be paid quarterly at the rate of $40.000 per year with interest on deferred payments
at 3'.'r. The rental rate under the renewal (beginning Oct. 12. 1906) is $1,050,000 yearly for the first 20 years, $1,-
100.000 annually for the second 20 years, and $1,200.000 for the last. 20 years.
location: Lines operated consist of 335.46 miles, extending from Cincinnati to Chattanooga, and 1.81 miles of
trackage rights; total operated. 337.27. The Cincinnati Southern Railway was built by the city of Cincinnati, the
coat of construction being provided by the city through the issue of municipal bonds. It was completed in February,
isso. Lines are in Kentucky and Tennessee Population of these States in 1890, 3,623,153; in 1900, 4,167,790; in
1910. 4,474,694.
In addition to this directly operated property, the Cine nanti, New Orleans & Texas Pacific controls, through stock
ownership, the Cincinnati. Burnside & Cumberland River Ry., and the Harriman & Northeastern R.R. See on follow-
ing page*.
Control: The Cincinnati, New Orleans & Texas Pacific Railway is controlled by stock ownership by the South-
west- 'uction Company, which is itself controlled jointly by the Southern Railway and the Cincinanti, Hamil-
ton Dayton Railway. It forms part of the "Queen & Crescent Route" between Cincinnati and New Orleans.
Management: OFFICERS: Fairfax Harrison, Pres.; T. C. Powell, Vice-Pres.; Charles Patton. Treas.; F. S.
Wj-nn. ST. DIRECTORS: Fairfax Harrison. Oscar G. Murray, W. C. Procter, M. R. Waite, Daniel Willard, John M.
Davis. Thos. Carr Powell, Clifford B. Wright. Annual meeting, third Tuesday in November. MAIN OFFICE, Cin-
nati. Ohio. NEW YOBK OFFICE, 120 Broadway.
Clasdflration of Freight Tonnage (Years Ending June 30)

1
CI \CI\\ATI, \EW OBLEAXS $ TEXAS PACIFIC EY. CO. 289
Note: Fixed charges include rental to city of Cincinnati ($1,235,823 in 1916), interest on equipment trusts, mis-
cellaneous interest and rentals.
Profit and Low Account, year ended June 30, 1916: Credit balance, June 30, 1915, $6.106,060; credit balance
transferred from income, $1,127,662; delayed income credits, $8,797; miscellaneous credits, $12,022; total, $7,254,541.
Contra: $328,900; delayed income debits, $313,454; miscellaneous debits, $2,148; credit balance carried to balance
sheet, $6,610.039; total, $7,254,541.
Comment: The income statement of the Cincinnati, New Orleans and Texas Pacific for the year ended June 30,
1916, reflected great prosperity. Both cross and net revenues of the property increased very sharply, and as there
was practically no change in the fixed charges, the surplus available for dividends reached a very high total. The
company disbursed the usual liberal amounts in dividends and carried forward a surplus never before equaled.

v '
'
REFERENCE NOTES ON EQUIPMENT ISSUES
1. Auth. (originally), $1,000,000; outstanding, $450,000. Dated May 15, 1911; due $50,000 each May and
Nov. 15, to May 15, 1921. Int. paid May and Nov. 15, at Bankers' Trust Co., New York. Coupon, $1,000. Interest
2. Auth., $1,800,000; outstanding, $1,710,000; dated June 1, 1916; due $90,000 each June and Dec. 1 to June 1,
1926. Int. paid at Guaranty Trust Co., New York. Coupon, $1,000. First lien on equipment costing, $2,084,500, of
which the company paid $284,500 in cash. Normal income tax deducted from interest
TABLE E Stock Record and Ratings (Based on 10- Year Results, Per Mile of Road)

COAL < COKE RAILWAY COMPANY 291
ance transferred from income, $22,404; miscellaneous credits, $275; total, $105,609. Contra: Dividend appropriation
of surplus, $18,000; credit balance carried to balance sheet, $86,627; loss on retired road and equipment, $736; mis-
cellaneous debits, $246; total, $105,609.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,086,799 $1,090,265 $1.100,770 $940,778 $897,429 $903,100
Working assets 58,410 76.884 48,811 77,219
Deferred debit items. 20,384 36,082 41,519 40,126 1,556 2,772
Total $1,165,593 $1,171,601 $1,199.122 11,027,788 $947,796 $983,091

LIABILITIES:
Capital stock $600,000 $600,000 $600,000 $600,000 $600,000
Funded debt 396.200 408.000 420,000 300,000 300,000 300,000
Accrued not due
liabilities .'J.l:~
'
27,261 33.230 1,712 1,936 1,576
Deferred credit items. ... : :
16.182 19.629 10,814 3,868 7,410
Appropriated surplus .... 26,859 21,473 21,439 13,610
Profit and loss surplus. . . 82.930 78,968 76,288 34,889 64',856
Total $1,165,593 $1,171,601 $1,199,122 $1,027,788 $947,796 $983,091
Comment: This property has shown little growth in volume of business during recent years, but the earnings
have been of a stable nature, and the company has generally succeeded in earning a moderate surplus above its
interest requirements. The bond issue is not a large one and can be regarded as fairly secure. The outstanding
equipment trusts are evidently well protected.
Debt: (1) $300.000 Harriman A Northeastern R.R. first 6s; dated Jan. 1, 1896; due Jan. 1, 1921. In-
terest paid Jan. and July at Central Trust Co., New
York. Coupon, $100, $500, $1,000. Callable at par. First
lien on 19.7 miles, Harriman June, to Petros, Tenn. (2) $102.000 Equipment Trust 5s; dated June 15, 1914,
matures $6,000 semi-annually to 1924; int. payable June and Dec. Secured on 200 steel coal cars. Normal in-
come tax deducted from interest. Net Rating, Ba.
Capital Stork: Authorized and outstanding. $600.000; par, $100. All owned by Cincinnati, New Orleans &
Texas Pacific Ry. Dividends of .T~r paid in 1915 and 1916.
COAL & COKE RAILWAY COMPANY

NOTE: The analysis is baaed on official documents of the company, including its annual reports of the past eight years.
Origin: Incorporated May 14, 1902, under laws of West Virginia and in the following year absorbed the
Charleston Clendennin A Sutton R.R., operating from Charleston to Otter, W. Va. The company has what is
virtually a lease of the properties of the Davis Colliery Co., and the latter is conducted as the coal department
of the Railway company. Tho Davis Colliery Co. owns about 25,000 acres of coal lands and coal mininp rights in
the Roaring Creek coal fields in Randolph and Barbour counties, W. Va. The Roaring Creek & Belington R.R. is
now operated as part of the Coal A Coke Railway. In addition to the above, the company controls or owns 'coal
lands in Upshur, Lewis. Gilmer. and Braxton counties, W. Va., its total holdings aggregating 100,000 acres.
Location: The lines of the Coal A Coke Railway now in operation are as follows: Elkins to Charleston, 175.6
miles; Belington to Mabie, 16.1 miles; Sutton Branch, 6.5 miles; total, 198.2 miles. The company connects with
the Baltimore A Ohio at Belington; with the Western Maryland at Roaring Creek June, and Elkins; with the
Kanawha A Michigan at Charleston.
Management: OmcOB: R. C. Kerens. Pres. Arthur Lee, Vice-Pres.; C. M. Hendley, Sec. and Treas. I. K.
; ;
Dye, Gen. Mjrr. DIRECTORS: J. T. Davis, R. C. Kerens, Davis Elkins, Arthur Lee, G. E. Price, C. M. Hendley. An-
nual meeting, second Tuesday in August. MAIN OFFICE, Elkins. W. Va. BRANCH OFFICES, Baltimore, Philadelphia,
and Columbu=
of freight Tonnage Years Ending June 30)
Pr.
Pn
I'r
Pn
M
YEARS
K.NDED
JUNE 30.
COAL % COKE RAILWAY COMPANY 293
while showing an improvement over 1915, did not equal the figures reported in 1913 or 1914. However, the fixed
charges of the property were fully covered, and a moderate surplus carried forward.

Si
entire property of company 182.1, including coal lands, leases, real estate, etc., subject to $30,000 Charleston, Clen-
dennin & Button R.R. first 5s, due Oct. 1, 1944, on 63.6 miles. Listed on Baltimore Stock Exchange. Interest paid
2. Series B, 5s, dated Feb. 1, 1907; due $30,000 annually on Feb. 1, to 1917. Int. paid at Fidelity Trust Co.,
Baltimore. Now outstanding, $30,000. Interest paid without deduction for normal income tax. Covers equipment
costing over $300,000.
Capital Stock: Authorized and outstanding, $10,000,000 5% non-cumulative preferred and $10,000,000 common;
par, $100. Listed on Baltimore Stock Exchange. TRANSFER AGENT, C. M. Hendley, Washington, D. C.
COLORADO MIDLAND RAILWAY COMPANY

NOTE : The analysis is based on official documents of the company, including its annual reports of the past ten years.
Origin: Incorporated under Colorado laws, Oct. 11, 1897, as successor by reorganization to the Colorado Mid-
land Railroad Co. In addition to its own lines, the company leases, jointly with the Denver & Rio Grande R.R., the
Rio Grande Junction Ry. (operating from Rifle to Grand Junction, Col.), and until recently owned $737,500 stock
of the latter out of a total of $2,000,000. Also owns nearly all the stock of the Utah Midland Ry., amounting to
$250,000. This stock holding was, however, sold at $55 per share at auction on Nov. 12, 1912 (and acquired by
Denver & Rio Grande), with $513,000 of the Colorado Midland Company's own bonds at 16%. These securities had
been deposited under the company's notes due July 1, 1912, which were not paid at maturity.
The Denver & Rio Grande owns a half interest in the stock of the Colorado Midland. The other half was held
by the Colorado & Southern Railway, which in 1912 arranged to sell same to Messrs. Blair & Co.
Location: The operated lines consist of 337.64 miles, as follows: Colorado Springs to New Castle, Col., 221.92
miles; Basalt to Aspen, 19.37 miles; Cardiff to Spring Gulch, Col., 15.01 miles; Arkansas June, to Leadville, 4.80
miles; Rio Grande Junction Ry. (leased), 62.08 miles; trackage rights, 14.46 miles.
Receivership: On Dec. 13, 1912, Geo. W. Vallery, the President, was appointed receiver. The interest due since
Jan. 1, 1913, on the first mortgage bonds of the company is now in default.
* Protective Committee: J. N. Wallace, Chairman; J. N. Jarvie, H. Bronner, B. A. Sands, F. L. Leland, Clark
Williams,W. DeL. Kountze. Secretary, C. E. Siglar. Depositary, Central Trust Co., New York.
Management: OFFICERS: Geo. W. Vallery, Pres.; H. L. Hobbs, Treas.; W. S. Wing, Aud. DIRECTORS:
Geo. W. Vallery, Henry T. Rogers, Samuel C. Mathews, Edwin Gould, Winslow S. Pierce, E. T. Jeffery, Chas. H.
Schlacks. MAIN OFFICE: Denver, Col.

COLORADO MIDLA\D KAILWAY COMPANY 295
r*Mi
ASSETS : 1916 1915 1914 1913 1912 1911
Property investment. . . . $17,820,045 $17,840,854 $17,860,218 $17,884,623 $17,900,719 . $17,922,329
Working assets 1,995,902 1,957,541 1,989,662 2,008,631 2,678,570 2,608,582
Deferred debit items . . . 6,273 21,278 31,298 29,827 33,173 31,226
Profit and loss deficit. . . 683,713 618,287 600,733 457,787 287,713 36,103
Total $20,505,933 $20,437,960 $20,481,911 $20,381,868 $20,900,176 $20,598,240

LIABILITIES :
Capital stock $10,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000 $10,000,000

Funded debt 9,532,000 9,532,000 9,532,000 9,532,000 9,532,000 9,469,000
Working liabilities 882,082 833,227 789,226 719,249 1,198,080 965,570
Deferred credit items. . 79,587 28,779 41,383 41,816 36,731 38,497
Total $20,505,933 $20,437,960 $20,481,911 $20,381,868 $20,900,176 $20,598.240

Comment: There were no capitalization changes in the Colorado & Midland Ry. during the fiscal year 1916.
The capitalization of the property as measured on a mileage basis is high in view of the very nominal earning
power of the company.
CORNWALL RAILROAD COMPANY 297
YUM
EMDBD
JUNSM.
Note: There is no bonded debt, and fixed charges, as shown above, cover hire of equipment and a small amount
of rentals.
Comment: Gross revenues during the year 1916 reached a relatively high figure on the Cornwall Railroad, and
as operating costs did not sharply advance the net income available for charges was better than for any year
since 1913. After paying fixed charges, the surplus was amply sufficient to justify the disbursement of 9% divi-
dends on the outstanding stock.

Per Mile of Road.
YEARS
ENDED
JUNE 30.
COUDERSPOBT & 1'Oh'T ALLEGAM' RAILROAD. 299
COUDERSPORT & PORT ALLEGANY RAILROAD

Origin: Incorporated May 16, 1882, in Pennsylvania. Acquired Coudersport & Pine Creek R.R. in 1896.
Location: Operates line from Port Allegany to Ulysses, 39 miles. Equipment: Locomotives, 5; passenger and
freight cars, 84.
Management: OFFICERS: Jas. L. Knox, Pres.; Henry Hamlin, Vice-Pres.; A. B. Mann, Sec.; R. A. Knox, TYeas.
DIRECTORS: B. A. McClure, J. W. Wells, F. D. Knox, H. Hamlin, J. Forrest, Frank Rumsey, J. L. Knox, B. A. Mc-
Clure, F. G. Reese, R. A. Olmsted. OFFICE: Coudersport, Pa. Annual meeting, first Monday in October.
Tonnage, year ended June 30, 1916: Products of agriculture, 4.54%; animals, 3.86%; mines, 6.95%; forests,
49.51%; manufactures, 7.92%; miscellaneous, 27.22%. Total revenue tonnage, 237,110 tons.
Profit and Loss Account, year ended June 30, 1916: Credit balance, June 30, 1915, $89,959; credit balance
transferred from income, $23,761; total, $113,720. Contra: Credit balance carried to balance sheet, $113,720.
Comment: Gross revenues on this property in 1916 were far better than in 1915, although not quite equaling
the results of 1910. However, the fixed charges on this property are very light and therefore the company finds
little difficulty in reporting a substantial surplus. In the year 1916 the surplus equaled nearly 9% on the out-
standing stock.

Per Mile of Road.
YEARS
ENDED
JUNE 30.
DELAWARE $ HUDSON COMPANY. 301
THE DELAWARE AND HUDSON COMPANY

NOTE: The analysis is based on
official documents of the company, including its annual reports of the
past ten years.
Origin: Incorporated April 23, 1883, as the Delaware & Hudson Canal Company; name changed to Delaware &
Hudson Company, April 28, 1899. The company formerly operated the Delaware & Hudson Canal, extending from
Honesdale, Pa., to Rondout, N. Y., but this was sold in June, 1899, and the cost of the property charged off. Within
the past ten years the company has merged a number of its controlled properties, including the Adirondack Railway,
the Schenectady & Duanesburg R.R., the New York & Canada R.R., the Cherry Valley, Sharon & Albany R.R., etc.
The Albany A Susquehanna, Albany & Vermont, Chateaugay & Lake Placid, Cooperstown & Susquehanna Valley,
Rensselaer A Saratoga, and Saratoga & Schenectady companies are controlled or leased, but directly operated. The
Greenwich & Johnsonville, Napierville Junction, the Quebec, Montreal & Southern, and Schoharie Valley companies
are controlled but separately operated. Also operates the Wilkesbarre Connecting R.R., a line of 7 miles, from
Buttonwood to Hudson, Pa., placed in operation in 1915, which connects with the Pennsylvania R.R.
Location: Directly operated lines consist of 909.07 miles, as follows: Lines owned: Saratoga Springs to North
Creek, N. Y., 56.68 miles; Nineveh to Jefferson June., Pa., 22.01 miles; Lookout June, to Honesdale June., 27.62
miles; Carbondale to Green Ridge. 15.32 miles; Cherry Valley June, to Cherry Valley, 21.04 miles; Glenville to
Coons, N. Y., 9.68 miles; Schenectady to Ballston, 14.12 miles; Charlotte Crossing to Davenport Center, N. Y., 3.96
miles; Greenwich to Greenwich June., N. Y., 10.20 miles; Whitehall to Rouses Point, N. Y., and branches, 125.71
miles; Albany A Susquehanna R.R., Albany to Binghamton, N. Y., and branches, 142.59 miles; Rensselaer & Sara-
toga R.R., Albany to Whitehall, N. Y., and branches, 198.41 miles; Chateaugay & Lake Placid Ry., Bluff Point to
Lake Placid. N. Y.. 79.44 miles; Union R.R., Green Ridge to Hudson, Pa., and branches, 28.60 miles; Cooperstown &
Susq. Valley Ry., Cooperstown June, to Cooperstown, N. Y., 19.48 miles; Ticonderoga R.R., Ticonderoga to Ticonder-
oga June.. N. Y.. .92 mile; total leased, 469.44 miles. Trackage rights, 104.18 miles. In addition, the Delaware &
Hudson Company lease* the Rome A Clinton R.R., and the Utica, Clinton & Binghamton R.R., but these companies
are sub-leased to and operated by the New York, Ontario & Western Ry. Mileage is chiefly in New York State.
Population of New York State in 1890, 5,998,853; in 1900, 7,268.894; in 1910, 9,113,614.
Coal Properties: The company has for many years been a large producer and carrier of anthracite coal. In
1915 the coal mined by its coal-mining department was stated as 8,100,767 tons as compared with 7,400,695 tons in
1914. Title to the coal properties is hold either directly or through stock ownership by the Hudson Coal Company,
and in conformity with the Hepburn Law a contract was made with the Hudson Coal Company in June, 1909,
whereby that company purchases outright at the mines all coal produced by the coal properties controlled.
Traction Properties: The Delaware 4 Hudson Company owns the entire capital stock of the United Traction Com-
pany (controlling the Hudson Valley Railway Co.), the Plattsburg Traction Co., and the Troy & New England Ry.
Co.; and also one-half of the capital stock of the Schenectady Railway Co. (For full information regarding these
companies. Me "Moody's Analyses of Public Utilities and Industrials.")
Allied Boat Us**: Company controls the Champlain Transportation Co. and the Lake George Steamboat Co. In
1916 the Interstate Commerce Commission authorized the company to retain ownership in these properties.
Management: Omens: L. F. Loree, Pres. Robert M. Olyphant, Chairman Executive Com.; Chas. A. Peabody,
;
Pres.; C. S. Sims, 2d Vice-Pres. and Gen. Mgr.; W. H. Williams, 3d Vice-Pres.; Chas. A. Walker, Treas.; F.
M olyphant. Sec. DIRECTORS: R. M. Olyphant, Chauncey M. Depew, W. H. Williams, Geo. I. Wilber, Chas. A. Pea-
body, Chas. S. Weiiton, ! F. Loree, W. S. Opdyke, R. S. Lovett. Cornelius Vanderbilt, Robert C. Pruyn, Archibald
>. Rusxell. Henry W. DeForert. Annual meeting, second Tuesday in May. MAIN OFFICE, 32 Nassau Street, New
York.
of Freight Toniucr Yt-arx Knding Dec. 31. 1907-1912 and June 30. 1913 I'Jlfi
DELAWARE & HUDSON COMPANY. 303
Note: Fixed charges include rentals of leased lines (a large item), interest on bonds, equipment, notes, etc.
Fiscal year ends Dec. 31."Net operating revenues," as shown above, is net for railroad alone.
Profit and Loss Account, year ended June 30, 1916: Credit balance June 30, 1915, $16,883,996; credit balance
transferred from income, $5,817,550; delayed income credits, $9,066; unrefundable overcharges, $327; miscellaneous
credits, $27,582; total, $22,738,521. Contra: Dividend appropriations of surplus, $3,825,234; debt discount, commis-
sions, etc., extinguished through surplus, $368,640; miscellaneous appropriations of surplus, $12,410; loss on retired
road and equipment, $14,395; miscellaneous debits, $28,232; credit balance carried to balance sheet, $18,489,610:
total. $22,738,521.
Comment: The income statement of the Delaware & Hudson for the year ended June 30, 1916, was a very satis-
factory one. Both gross and net revenues underwent a large advance, although there was some falling off in out-
side income. However, the surplus available for charges and dividends reached very heavy figures. While fixed
charges again increased, they were actually earned almost twice over. The surplus on the stock equaled 13 2/3%.
TABLE C. -Capitalization Factors Security Obligations and Earning Power)

Capitalization Her Mil.- of Road. Dividend Record.
Stock
YBAJM nnuiuidtec
Ouuujdinf
E """D rJcLt pJc!
.'. .
'
304 MOODF'S ANALYSES OF INVESTMENTS.
Stocks and Bonds Owned on Jan. 1, 1916, were as follows:
Shares Stocks Par Value No. Bonds Par Value
30,000 The Chateaugay & L. P. Ry. Co. 45 The Ft. William Henry Hotel Co.,
(Pref.) $3,000,000.00 1st Mtge $45,000.00
750 The Chateaugay & L. P. Ry. Co. 1 The Fort William Henry Hotel Co.
(Com.) 75,000.00 . Inc. Deb $272,000.00
8,000 The Rens. & Sara. R.R. Co 800,000.00 Carbondale Gas Co 8,000.00
4,500 The Alb. & Sus. R.R. Co 450,000.00 48 Plattsburgh Traction Co. 1st Mtge. . .
24,000.00
1,041 The Champlain Trans. Co 52,050.00 712 The Albany & Sus. R.R. (1st Mtge) .
3,556,000.00
4 The Del. & Hudson Co 400.00 320 Troy & N. England Ry. Co 160,000.00
124,996 United Traction Co 12,499,600.00 28 The Bluff Pt. L. Imp. (1st Mtge.).. 28,000.00
100 The North N. Y. Dev. Co 10,000.00 The Bluff Pt. L. Imp. Inc. Deb 250,000.00
1,000 Plattsburgh Traction Co 100,000.00 25 Chateaugay Ore & Iron Co. 1st mtge. 250.000.00
20,500 Schenectady Ry. Co 2,050,000.00 87 Chateaugay Ore & Iron Co., 1st mtge. 87,000.00
2,250 Green. & Johnv. Ry. Co 225,000.00 1 The Champlain Transportation Co.,
3,608 Chateaugay Ore & Iron Co. 1st Inc. Deb 250,000.00
(1st Pfd.) 360,800.00 1 Lake George S.S. Co., 2d Inc. Deb. 20,000.00
3,198 V2 Chateaugay Ore & Iron Co. 150 Glens Falls, San. Hill & Fort Ed.
(2d Pfd.) 319,850.00 St. Ry., 1st mtge 100,000.00
12,500 Chateaugay Ore & Iron Co. 100 Glens Falls, San. Hill & Fort Ed.
(Com.) 1,250,000.00 St. Ry., 2d mtge 50,000.00
10,000 The Quebec, M. & S. Ry. Co.. 1,000,000.00 215 Stillwater & Mech. St. Ry. cons. mtge. 202,500.00
12,000 Napierville June. Ry. Co 600,000.00 95 Stillwater & Mech. St. Ry., 1st mtge. 47,500.00
450 The Cooperstown & Char. Vy. Bonds & mtges. on real estate 716.08
Ry 45,000.00
1909 The Champlain Trans. Co 95,450.00
75 The Troy Union R.R. Co 7,500.00
1,799.80 Troy & N. England Ry. Co 179,980.00
70,000 The Hudson Coal Co 3,500,000.00
1,000 Wilkes-Barre Con. R.R. Co 50,000.00
$26 Wilkes-Barre Con. R.R.
tern, rcpts 41,300.00
Miscellaneous stocks 659,844.20
Total book value of stocks, $23,419,521; of bonds, $5,124,796.
TABLE D Bond Record and Ratings (Based on 10- Year Results, Per Mile of Road)
NAME OF ISSUE.
DEL. ill'. UK I ,N HUD SOX COMPA\y 305
3. Auth. and outstanding, $500,000. Dated Sept 1, 1874; due Sept. 1, 1924. Int. paid at D. & H. office, New York.
Coupon, $100, $500 and $1,000. Guar. as to int by D. & H. Co., by endorsement. First lien, 13.79 miles, Schenectady
to Duanesburgh, N. Y. Underlie No. 4, which provide for retirement. Legal for S. B. in Cal., Conn., Maine, Mass.,
Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from interest
Auth., $50,000,000; outstanding, $32,204,000. Dated May 1, 1908; due May 1, 1943. Int. paid at office of com-
4.
pany. New York. Coupon, $1,000; reg., $1,000, $5,000 and $10,000. Callable at 107& and int, on and after May 1,
1918, on 13 weeks' notice. Sinking fund, 1% of outstanding bonds per annum, bonds not called. First lien, 220.14
miles, as follows: Whitehall to Rouses Point, N. Y., 112.93 miles; Canada June, to Mooers June., 12.78 miles; South
June, to A usable Forks, 18.87 miles; Ft Ticonderoga to Baldwin, 4.77 miles; Cherry Valley June, to Cherry Valley,
21.04 miles; Glenville to Coons, 9.68 miles; Nineveh to N. Y.-Penna. State line, 17.65 miles; branches, 22.42 miles;
also secured by second lien on 121.09 miles which are covered by Nos. 1, 2, and 3; also secured by first lien on lease-
hold interests covering 441.79 miles additional and 57.01 miles of trackage rights. Legal for S. B. in Conn., Me.,
Mass., Mich.. Minn.. N. H.. N. J., N. Y.. R. I., Wis. Listed on New York Stock Exchange. Interest paid without
5. Auth. and outstanding. $300,000. Dated Jan. 1, 1890; due Jan. 1, 1940. Int. paid at D. & H. office, New York.
Coupon, $1,000. The D. & H. owns $28,000 of these bonds. First lien on realty at Bluff Point, Lake Champlain,
N. Y. Guar. prin. and int by D. A H. Co. Normal income tax deducted from interest
Auth., $1,550,000; outstanding. $1,300.000. Dated Jan. 1, 1902; due Jan. 1, 1942. Int. paid at D. & H. office,
6.
New York. Coupon and reg., $1,000. Callable at 105. Guar. prin. and int by D. & H. Co. Interest paid without
7. Auth., $1,600,000; now outstanding. $75,000; dated May 1. 1901; due May 1, 1917. Int. paid at D. & H. office,
New York. Reg., $1,000. Guar. prin. and int.by D. & H. Co. Normal income tax deducted from interest
8. Auth.. $1.850,000; now outstanding. $200,000; dated May 1, 1902; due $100,000 annually to May 1, 1918. Int
paid at D. A H. office, New York. Reg., $1,000. Guar. prin. and int. by D. A H. Co. Normal income tax deducted
from interest.
Auth.. $10.000,000; outstanding, $6,444,000 (closed). Dated April 1. 1906; due April 1, 1946. Int at D. & H.
9.
office. New
York. Coupon. $1,000. Tnese bonds were convertible into capital stock of D. & H. Co., until April 1,
1916, at rate of $500 in stock for each $1.000 bond. Guar. prin. and int by D. & H. Co., by endorsement. First
lien. 142.59 miles. Albany to Binghamton. N. Y. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H.,
X. J.. N. Y.. R. I., Win. Listed on New York Stock Exchange. Interest paid without deduction for normal income
tax.
10. Auth. and outstanding, $2,000,000. Dated May 1, 1871; due May 1, 1921. Int. paid at D. & H. office, New
York. Coupon and reg., $1.000. Int. guaranteed by D. A H. Co. First lien, 135.28 miles, as follows: Troy to Ballston
Spa. 25.82 miles; Saratoga Springs to Whitehall. 40.39 miles; Whitehall to N. Y.-Ver. State line, 6.63 miles; Rut-
land. Vt. to Eagle Bridge, N. Y.. 62.44 miles. Legal for S. B. in Cal., Conn., Maine, Mich., Minn., N. J., N. Y., R. I.,
Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest
11. Auth. and outstanding. $800.000. Dated July 1, 1889; due
July 1. 1939. Int paid at N. Y. Trust Co., New
York. Coupon, $1,000. First lien. 31 miles, Utica to Randnllville. N. Y. This road is leased to D. & H. Co. in per-
petuity at guarantee of principal and interest on bonds and dividends on stock (see below), but is operated by N. Y.
O. A W. Ry. (which see). Interest paid without deduction for normal income tax.
12. Auth.. $10.000,000; outstanding. $9,643,000; retired. $357,000. Dated June 1, 1907; due July 1, 1922. Int.
paid at New York. Coupon. $1,000. Sinking fund, $650,000 per annum, to purchase these or other legal bonds;
total Hum in fund on Dec. 31. 1915. $5.556.503. A first lien on equipment costing $11.000.000. Interest paid without
deduction for normal income tax. Listed on New York Stock Exchange. Legal for S. B. in N. H. and R. I.
13. Auth. and outstanding. $14.461.000. Dated Oct. 1, 1915; due Oct 1, 1935. Interest paid at D. & H. office,
New York. Coupon and reg.. $500 ariH $1,000; interchangeable. Callable as a whole on Oct. 1, 1922, or any interest
date thereafter, at 105 and interest, on 90 days' notice. Convertible from Oct 1. 1917, to Oct 1, 1927, into capital
stock of the company at the rate of $1,500 par value of binds for ten shares of stock (with adjustment of interest
and dividend*). If called, bonds may be converted up to 30 days prior to redemption date. Not secured by mort-
gage, but a direct obligation of the company. Listed on New York Stock Exchange. Legal for S. B. in N. Ht and
R. I. Normal income tax deducted from interest.
.'JOG MOODY'S ANALYSES OF INVESTMENTS.
1. leased to Delaware & Hudson Co. in perpetuity, rental being .interest on bonds and 12.45% per annum
Road
on stock. See below.
2. Road leased in perpetuity to Delaware & Hudson Co., rental being 3% or. stock and $2,000 per annum organi-
zation expense. See following pages.
3. Road leased to Delaware & Hudson Co. in perpetuity, rental being interest on bonds and 8% on stock. See
following pages.
4. Road leased in perpetuity to Delaware & Hudson Co., but operated by N. Y., Ont. & Western Ry. under con-
tract to 1921. Rental, $22,375 per annum, and taxes; equalling 6*4% on stock. See under its own heading.
5. Road leased to Delaware & Hudson Co. at annual rental of $61,500, and subleased to New York, Ontario &
Western Ry. It controls 10 miles of street lines in addition to its railway, the former being leased to the Utica &
Mohawk Valley Ry. at a rental of $15,000. On $200,000 of the stock 5% dividends are paid and guaranteed by the
Delaware & Hudson Co. On the balance, the dividend rate is 3%%
per annum. See under its own heading.
6. Auth., $55,711,500; outstanding, $42,503,000. TRANSFER OFFICE, 32 Nassau St., New York.
Dividends: From the date of its organization, the company declared a total of 226 cash dividends aggregating
686%, or $118,334,286. The yearly rates and amounts are shown in the following statement:
Years Rate Amount Years Rate Amount Years Rate Amount
% % %
1826.. 2 $30,000 1859 7 $525,000 1890. 7 $1,715,000
1827 2 30,000 1860 7 525,000 1891. 7 2,100,000
1828 1 15,000 1861 6% 487,500 1892. 7 2,100,000
1829-31. Nil. 1862 7 525,000 1893. 7 2,100,000
1832 3% 51,950 1863 , 5 375,000 1894. 7 2,187,500
1833 7 115,671 1864 20 1,500,000 1895. 7 2,450,000
1834-38. Nil. 1865 20 1,875,000 1896. 7 2,450,000
1839 7 134,092 1866.... 16 1,600,000 1897. 5 1,750,000
1840.... 7 134,092 1867 16 1,600,000 1898. 5 1,750,000
1841.... 8% 163,146 1868 14 1,400,000 1899. 5 1,750,000
1842 9 172,980 1869 10 1,500,000 1900. 5 1,740,000
1843 8 153,760 1870 10 1,500,000 1901. 7 2,425,855
1844 8 153,760 1871 10 1,500,000 1902. 7 2,415,497
1845 9 211,420 1872 10 1,500,000 1903. 7 2,408,497
1846.... 16 445,904 1873 10 1,500,000 1904. 7 2,754,350
1847 20 576,600 1874 10 2,000,000 1905. 7 2,866,675
1848 18 661,162 1875.... 10 2,000,000 1906. 7 2,867,174
1849 16 730,360 1876 9 1,800,000 1907. 9 3,815,437
1850 14 809,248 1877-80. Nil. 1908. 9 3,816,000
1851 8 546.000 1881 4% 900,000 1909. 9 3,820,545
1852.... 8 576,000 1882 7 1,400,000 1910. 9 3,825,180
1853 9 648,000 1883 7 1,400,000 1911. 9 3,825,270
1854.... 11 792,000 1884 7 1,522.500 1912. 9 3,825,270
1855.... 12 864,000 1885 6 1,410,000 1913. 9 3,825,270
1856 12 881,280 1886 5 1,175,000 1914. 9 3,825,270
1857 10 748,800 1887 5 1,225,000 1915. 9 3,825,270
1858. . 7 525,000 1888 6 1,470,000 1916. 9 3,825,270
1889.. 7 1,715,000
Besides the above cash dividends, the following distributions of stock, aggregating $6,643,500, have been made:
1845, 25%, $480,500; 1856, 4%, $288,000; 1864, 162/3%, $1,250,000; 1865, 142/7%, $1,250,000; 1868, 20%, $2,000,-
000; 1890, 53/5%, $1,375,000.
Investment Position: All of the bond obligations of the Delaware & Hudson Company, whether direct company
issues or guarantees, stand on a very high investment plane; as is indicated by the record of the company for a long
series of years. The guaranteed stock issues, where fully guaranteed under leases, are also on a high credit basis.
The company's own capital stock presents a remarkable dividend exhibit, and in all normal years should be assured
of 'its present rate of 9%.
COMPANIES CONTROLLED BY DELAWARE & HUDSON COMPANY

ALBANY AND SUSQUEHANNA RAILROAD
Incorporated under New York laws, April 19, 1851; first operated 35 miles in 1863. Line of road, Albany to
Binghamton, N. Y., 142.59 miles, of which 95.33 miles is double track. Sidings, 155.48 miles. Leased Feb. 24, 1870,
for term of charter to Delaware & Hudson Co., rental being interest on bonds, dividends of 7% on stock until 1902,
and 9% thereafter. In 1906, however, the Courts decided that the stockholders were entitled to the saving effected
through the refunding of the old 7% bonds at 3%%, and that during the life of these bonds (to 1946), the stock-
holders are to receive 3.25% additional to the regular 9% each year. Property is directly operated.
Management: OFFICERS: A. W. Butler, Pres.; G. W. Murray, Vice-Pres.; W. L. M. Phelps, Sec. and Treas. An-
nual meeting, third Tuesday in October. MAIN OFFICE, Albany, N. Y.

1916 1915 1914 1913 1912 1911
Rental income $788,697 $786,429 $802,155 $787,530 $787,598 $787,904
Taxes, etc. . . .
4,309 4,324 5,821 6,466
Fixed charges 351,546 350,000 350,000 351,893 350,000 350,000
Surplus .... $432,843 $432,105 $452,155 $435,637 $431,777 $431,438

Dividends paid . .
428,750 428,750 428,750 435,750 435,750 435,750
Other deductions 9,168
Balance .
$4,093 $3,355 $14,237 (def.) $113 (def.) $3,973 (def.) $4,312
DELAH'AKK \ IIl'DSOX COMPAXY SYSTEM. 307

ASSETS: 1916 1915 1914 1913 1912 1911
$14,246,257 $14,200,767 $14,200,767 $14,200,767 $14,200,767 $14,200,767
Working assets 9,768 51,081 48,607 36,138 36,093 39,841
Accrued income not due 87,500 87,500 87,500 87,500
Total $14.343,525 $14,339,348 $14,336,874 $14,324,405 $14,236,860 $14,240,608

LIABILITIES:
Capital stock $3,500,000 $3,500,000 $3,500,000 $3,500,000 $3,500,000 $3,500,000
Funded debt I". 11 "". -" 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Working liabilities 777 2,000 3,268 3,044
Accrd. liabilities not due 87,500 87,500 89,158 . 88,927 ,.
Profit and loss surplus. 755,164 751,071 747,716 733,478 733,592 737,564
Total . $14.343,525 $14,339,348 $14,336,874 $14,324,405 $14,236,860 $14,240,608

Bonded Debt: $10,000,000 Albany A Susquehanna R.R. first 3%s; dated April 1, 1906; due April 1, 1946; int.
paid April and Oct. at D. A H. Co., office, New York. Coupon and reg., $1,000. Guar. prin. and int. by D. & H. Co.,
and convertible into D. 4 H. Co. stock until April 1, 1916, on basis of $1,000 for 5 shares of stock. First lien on
entire property. For rating, see D. A H. Co. bond table, page 304.
Capital Stock: Authorized and issued, $3,500,000; par, $100. Dividends, 9% per annum, "regular" and 3.25%
extra each year, making 12.25% per annum; on Nov. 30, 1909, an extra dividend of 30% was paid to cover arrears
on the "extra" disbursement. TRANSFER AGENT, C. H. Booth. 32 Nassau St., New York. For rating, see D. & H. Co.
guaranteed stock table, page 305.
ALBANY & VERMONT RAILROAD

Incorporated under New York
laws, Oct. 17, 1859, succeeding the Albany, Vermont &
Canada R.R. Line of
road, Albany to Waterford June., N. Y., 12.18 miles, of which 11.15 miles is second track. Leased in perpetuity from
June 12, 1860, to Rensselaer A
Saratoga R.R.; lease assigned to D. A
H. Co., which operates the property. Rental,
$20,000 per annum, equalling 3% on stock and $2,000 organization expenses.
Management: Omens: E. C. Gale, Pres.; Le Grand C. Cramer, Vice-Pres.; S. S. Bullions, Sec. and Treas. An-
nual meeting, third Tuesday in October. OFFICE, Troy, N. Y.

1916 1915 1914 1913
Rental income $20.200 $20,200 $20,616 $20,200
Taxes accrued, etc.
Fixed charges U78
. .
Surplus
Dividends paid
Balance
ASSETS:
Working assets
Total
LIABILITIES:
Capital stock
Profit and loss surplus..
T -,
MOODY 'S ANALYSES OF INVESTMENTS.
COOPERSTOWN & CHARLOTTE VALLEY RAILROAD
Incorporated under laws of New York, April 30, 1888, as a consolidation of the old company of same name with
the West Davenport R.R. Line of roa~d, Charlotte Crossing to Davenport Centre, N. Y., 3.96 miles. Leased, 19.79
miles; sidings, 3.13 miles. Also operates the Cooperstown & Susquehanna Valley R.R. under lease (see below).
Controlled through stock ownership by D. & H. Co.
Management: OFFICERS: L. F. Loree, Pres.; C. S. Sims and W. H. Williams, Vice-Pres.; C. A. Walker, Treas.;
F. M. Olyphant, Sec. Annual meeting last Tuesday in December. MAIN OFFICE, 32 Nassau St., New York.

1916 1915 1914
Gross revenue $53,956 $53,097 $57,345
Maintenance of way.... 19,087 11,595 3,767
Maint. of equipment.... 5,000 2,451 1,984
All other oper. expenses 38,700 37,009 35,074
Net oper. revenue. .

(def.) $8,831 $2,042
Other income 587 682
Total net income.. .

(def.) $8,244 $2,724
Taxes 3,984 4,667
DKLAU'AltK \ IIl'DSOX COMPAXV SYSTEM. 309
Gross earnings . .
RENSSELAER AND SARATOGA RAILROAD
Incorporated under New York laws, April 14, 1832; first opened Marqh 19, 1836; absorbed the Saratoga & White-
hall R.R. and the Troy, Salem & Rutland R.R. in 1868; on Aug. 10, 1906, absorbed the Glens Falls R.R. Line of
road, Troy to Ballston, N. Y., 25.48 miles; Lake Station to Whitehall, 47.02 miles; East Bridge, N. Y., to Rutland,
VtM 62.44 miles; Fort Edward to Lake George, 15.12 miles; Watervliet to Green Island, N. Y., 1.08 miles; total
151.14 miles. Leased in perpetuity to D. & H. Co. from May 1, 1871, rental covering all interest and lease obligations,
8% per annum on stock and $1,000 per year organization expenses. Lessee directly operates the property.
Management: OFFICERS: Le Grand C. Cramer, Pres.; E. C. Gale, Vice-Pres. ; S. S. Bullions, Sec. and Treas.
Annual meeting, first Monday in June. OFFICE, Troy, N. Y.
1916 1915 1914 1913
DELAWARE $ HUDSON COMPANY SYSTEM. 311
Rental income . .
THE DELAWARE, LACKAWANNA & WESTERN RAILROAD COMPANY
NOTE : The analysis is based onofficial documents of the company, including its annual reports of the past ten years.
Origin:Incorporated under Pennsylvania laws, March 19, 1849, as the Liggetts Gap R.R., name changed to
Lackawanna & Western R.R., April 14, 1851. April 30, 1853, was consolidated with the Delaware & Cobbs Gap R.R.,
and title changed to Delaware, Lackawanna & Western R.R. Later, other small roads were absorbed, and also a
large number of leased lines. In 1909, the Bangor & Portland Ry. and the
Hanover & Newport R.R. were absorbed.
Location:The directly operated lines of the company on Dec. 31, 1915, were 980.55 miles, embracing a main
line from Hoboken, N. J., to Buffalo, with branches to Ithaca, Oswego, N. Y., Northumberland, Pa., and many other
points. Of the above mileage, 236.12 miles were owned,
683.32 miles leased and 61.11 mile controlled by stock owner-
ship. The leased lines include Morris & Essex R.R.,
Morris & Essex Extension R.R., Newark & Bloomfield R.R., Pas-
saic & Delaware R.R., Passaic & Delaware Extension R.R., Warren R.R., Chester R.R., Valley R.R., Cayuga & Sus-
quehanna R.R., New York, Lackawanna & Western Ry., Utica, Chenango & Susquehanna Valley Ry., Greene R.R., Os-
wego & Syracuse R.R., Syracuse, Binghamton & New York R.R., and Lackawanna R.R. of N. J. Lines controlled
and operated include Sussex R.R., Lackawanna & Montrose R.R., Hopatcong R.R., Erie & Central New York R.R.
Also leases the Hoboken Ferry Co. The operated mileage is chiefly in New York, New Jersey and Pennsylvania. Pop-
uation of these States in 1890, 12,700,800; in 1900, 15,454,708; in 1910, 19,315,557.
Coal Properties: The company owns in fee simple extensive coal lands in Lackawanna and Luzerne counties,
Penn., estimated to contain 400,000,000 tons of unmined anthracite coal. Formerly, the coal produced was directly
distributed by the company, but in compliance with the recent decision of the U. S. Supreme Court, the operation of
the properties was divorced from the railroad company through the formation of the Delaware, Lackawanna &
Western Coal Sales Co., with which a contract has been made for the sale of all the coal produced at the mines of the
company. (See latter company under its own heading in "Moody's Analyses of Public Utilities and Industrials.")
Management: OFFICERS: Wm. H. Truesdale, Pres.;E. E. Loomis, Vice-Pres.; P. J. Flynn, Vice-Pres.; W. S.
Jenney, Vice-Pres. and Gen. Counsel; Arthur D. Chambers, Sec. and Treas.; R. B. Scofield, Asst. Sec. and Asst. Treas.
DIRECTORS: Wm. Rockefeller, Henry A. C. Taylor, Geo. F. Baker, H. R. Taylor, M. Taylor Pyne, E. E. Loomis, M.
H. Dodge, Wm. H. Moore, William Fahnestock, Geo. F. Baker, Jr., William H. Truesdale, John F. Talmage, Harold
S. Vanderbilt, Beekman Winthrop. Annual meeting, Tuesday preceding last Friday in February. GENERAL OFFICE,
90West St., New York.
Classification of Freight Tonnage (Years Ending Dec. 31, 1907-1912 and June 30, 1913-1916)
THE DELAWARE, LACKAWAXXA $ WESTERN RAILROAD CO. 313
TABLE B. Income Factors Earnings and Their Distribution, Per Mile of Road)
MAIKTBMANCB. I
YEARS
ENDED
Till: DELAWARE, LACKAWANNA $. WESTERN RAILROAD CO. 315
ducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement.
The ratings are based not only on the statistical exhibits and averages, but other considerations are given
issue, etc. For full explanation, see Introduction. For Key to Bond Ratings, see pages 19 to 21. For bonds of N. Y.
ft Hoboken Ferry Co., see "Moody's Anaylses of Public Utilities and Industrials.

1. Auth., $35,000,000; outstanding, $25,305,500. Dated Dec. 1, 1900; due Dec. 1, 2000. Int. paid paid at D. L.
& W. 90 West St., New York. Coupon, $1,000. Guar. prin. and int by D. L. & W. R.R. by endorsement.
office,
First lien on 118.09 miles; also secured upon $1,441,800 of the stock of the Sussex R.R. Legal for S. B. in Conn.,
Minn., N. H., N. J., N. Y., R. I., Wis. Listed on New York Stock Exchange. Interest paid without deduction for
normal income tax. .
2. Auth. and outstanding, $12.000.000. Dated Dec. 31, 1880; due Jan. 1, 1921. Int paid at D. L. & W. office,
90 West St., New York. Coupon, $1,000. Guar. prin. and int by D. L. & W. R.R. First lien, 214.44 miles, as fol-
lows: Binghamton to International Bridge, 207.14 miles; branch to Buffalo, etc., 7 miles; also on terminals at Buf-
falo. Underlie Nos. 3 and 4. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., N. H., N. J., N. Y.,
R. I., Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
3. Auth. and outstanding, $5,000,000. Dated Aug. 1, 1883; due Aug. 1, 1923. Int. paid at D. L. & W. office,
New York. Coupon, $1,000. Guar. prin. and int. by D. L. & W. R.R. by endorsement. Second lien, 214.44 miles,
following No. 2 (above). Legal for S. B. in Minn., N. h., R. I. Listed on New York Stock Excnange. Interest paid
4. Auth. and outstanding. $5,000,000. Dated May 1, 1890; due May 1, 1923. Int paid at D. L. & W. office,
New York. Coupon, $1,000. Guar. prin. and int. by D. L. ft W. R.R. by endorsement Third lien, 214.44 miles,
following Nos. 2 and 3. Legal for S. B. in Minn., N. H., R. I. Listed on New York Stock Exchange. Interest paid
:.. Auth., $1.000,000; outstanding, $668,000. Dated May 1. 1883; due May 1, 1923. Int paid at D. L. & W. office,
New York. Coupon, $1,000. Guar. prin. and int by D. L, & W. R.R. by endorsement. Originally a second lien on
34.98 miles, from Oswego to Syracuse, which were covered by first lien of $438,000 Oswego & Syracuse first 7s,
which matured in 1907, and which were purchased by D. L. & W. R.R. and held as treasury asset. Legal for S. B.
in Minn., N. H., R. I. Interest paid without deduction for normal income tax.
6. Auth.. $2,000,000; outstanding, $1.394.000. Dated Aug. 1, 1900; due Aug. 1, 2000. Int. paid at D. L. & W.
R.R. First lien, 19 miles. New Hampton June, to Delaware River, N. J. Guar. prin. and int by D. L. & W. R.R.
by endorsement Legal for S. B. in Conn., Maine, Mas;.. N. H., N. J., N. Y., Mich., Minn., Wis. Interest paid
7. Auth. and outstanding. $150.000 first 6s, dated Jan. 1. 1880; due Jan. 1, 1930; $100,000 second 6s, dated
Jan. 1. 1882; due Jan. 1, Wl; $70,000 third 6s, dated Jan. 1, 1886; due Jan. 1, 1936. Coupon, $1,000 each. Int.
paid at D. L. ft W. R.R. office, New York. Assumed by D. L. ft W. R.R. Secured by first, second, and third lien
on 38.39 mile*. Portland to Bath, Pa., and Nazareth June, to Martins Creek. Firsts are legal for S. B. in
Conn.. Fla., Maine, Mich., Minn., N. H., N. J., R. I., Wis. Seconds and thirds are legal in N. H. Normal income
tax deducted from interest
HOW TO ANALYZE HOW TO INVEST

RAILROAD REPORTS MONEY WISELY
By JOHN MOODY By JOHN MOODY
vc lxx>k, which h;is ju-t investing is something

i-.,\.r- in :i complete and which no investor, large or small,
THI^
popular
Ix.-ii i in-cl.
way the entire subject uf

DIVERSIFIED
should ignore. The general plan of
railroad operation ami finance. It is in- tin- lH'k is based on principles for intelli-
d primarily for the Investor who hold- gently diversifying investment capital,
a
railroad stocks or Ixmd-. and -uppli.- a long- subject which the writer has been carefully
felt want for every one who is in any way -Unking for many years in connection with
-ted in railroad w-cur his work as an analyst and investigator
tockholder receives his annual re- of investments for bankers, institutions, and
port from therailroad in which he has individual investors both at home and
-ted his money, but very few stock- abroad. These methods for wisely and in-
holders have the time or the technical telligently investing money on comprehen-
knowledge to clearly analyze the meaning sive and intelligent principles of diversifi-
of the figures presented. This little Ixxik ex- cation have within the past few years been
plains the principles whereby every statement adopted by numerous institutions and many
and figure in the rc|xirt can be clearly under- thousand individual investors with advan-
stood, and the -i K nifi. -an.-.- properly judged. tage and profit.
Price, $2.00 per copy each, in uniform binding

MOODY'S INVESTORS SERVICE, 35 NASSAU STREET, NEW YORK
31 6 MOODY'S ANALYSES OF INVESTMENTS.
Rate
and
Date.
Dividends.
1. Morris & Essex R.R. guaranteed stock 7% J&J I
Road leased to D. L. & W. in perpetuity at'

rental of 7% on stock and interest on bonds.
Outstanding, $15,000,000. Par $50.
2. Morris & Essex Extension R.R. gtd. stock. 4%M&N
. .
Leased under agreement at guarantee of 4%

on stock. Outstanding, $221,000. Par $100.
3. Newark & Bloomfield R.R. gtd. stock 6% A&O
Leased to D. L. & W. to 1967 at rental of 6%
on stock. Outstanding, $1,600,000. Par $50.
4. Passaic & Delaware R.R. gtd. stock 5%
Leased to D. L. & W. for full corporate exist-
ence at rental of 5% on stock. Outstanding,
$111,050. Par $50.
5. Passaic & Delaware Ext. R.R. gtd. stock. . 4%
. ..
Operated under agreement at 4% on stock.

Outstanding, $100,000. Par $100.
6. Warren R.R. guaranteed stock 7% A&O
Leased to D. L. & W. for corporate existence 15
at rental of 7% on stock and interest on
bonds. Outstanding, $1,800,000. Par 850.
7. Valley R.R. guaranteed stock 5% J&J
Leased to D. L. & W. for corporate existence
at rental of 5% on stock and interest on
bonds. Outstanding, $750,000. Par $100.
8? Cayuga & Susq. R.R. gtd. stock 9% J&J
Leased to D. L. & W. for corporate existence
at rental of $54,600 per year. Outstanding,
$589,110. Par $30.
9. New York, Lack. & West, guaranteed stock . .
5% Qu J
Leased to D. L. & W. in perpetuity at rental
of 5% on stock and interest on bonds. Out-
standing, $10,000,000. Par $100.
10. Utica, Chenango & Sua. Val. R.R. gtd. stock 6% M&N .
Leased to D. L. & W. in perpetuity at rental

of 6% on stock. Outstanding, $4,000,000.
Par $100.
11. Greene R.R. guaranteed stock 6% J&D
Leased to D. L. & W. R.R. for corp. exist, at
rental of 6% on stock. Outstanding, $200,000.
Par $100.
12. Oswego & Syracuse R.R. gtd. stock . 9% F&A
Leased to D. L. & W. for corporate existence 20
at rental of 9% on stock and int. on bonds.
Outstanding, $1,320,400. Par $50.
13. Lackawanna R.R. of N. J. guaranteed stock. 4% Qu
Leased in perpetuity to D., L. & W. at rental JAJO
of 4% on stock. Outstanding, $10,750,000.|
Par $100.
14. Syracuse, Bing. & N. Y. guaranteed stock. 12% Qu
Par $100. Leased to 2006 at 12% per annum. Feb. ,
Outstanding, $2,500,000.
15. Delaware, Lack. & Western R.R. stock 20% Qu
Full voting power. Par $50. Outstanding, & An.
Dec. 31, 1915, $42,277,000.
DELAWARE, LACKAWAXXA $ WESTERN RAILROAD SYSTEM. 317
6. WARREN" R.R. Lane of road. New Hampton Junction to Delaware River, N. J., 18.82 miles. D
R.R. owns ?10,000 of $1,800,000 stock outstanding. Stock is legal for S. B. in N. H.
L & W
7. VALLEY R.R. Line of road, Pennsylvania State Line to Binghamton, N. Y., 11.1 miles. D., L. &
owns $5,000 of $750,000 outstanding stock. Stock is legal for S. B. in N. H.
W RR
CAYUGA ft SUSQUEHANNA R.R. Line of road, Susquehanna River near Owego to Ithaca, N. Y., 34 44
8.
miles. Stock legal for S. B. in N. H.~ The D., L. & W. R.R. does not own any of the $589,110 stock outstanding.
9. NEW
YORK, LACKA WANNA
& WESTERN RY. Line of road, Binghamton to International Bridge, 207.17
miles; Cayuga extension, .5 miles; Buffalo City Branch, 6.77 miles; total, 214.44 miles. D., L. & W. R.R. owns $70,-
400 of $10,000,000 outstanding stock. Stock legal for S. B. in N. H.
10. UTICA. CHENANGO ft SUSQUEHANNA VALLEY RY. Line of road, Greene to Utica, N. Y., 75.66 miles;
Richfield Junction to Richfield Springs, 21.75 miles; total, 97.41 miles. D., L. & W. R.R. owns $20,600 of $4,000,-
000 outstanding stock. Stock legal for S. B. in N. H.
11. GREENE R.R. Line of road, Chenango Forks to Greene, N. Y., 8.1 miles. Stock is legal for S. B. in N. H.
Of the $200,000 stock outstanding, D., L. A W. R.R. owns $500.
12. OSWEGO ft SYRACUSE R.R. Line of road, Oswego to Syracuse, N. Y., 34.98 miles. Stock legal for S. B.
in N. H. Of the $1,320,400 stock outstanding, the D., L. & W. R.R. owns $500.
13. LA< H \\\ \\\ \ K.R. CO. OF N. J. Line of road, Junction to Morris ft Essex, near Lake
Hopatcong, to
Delaware River, 27.44 miles. Stock issued in 1911 to D., L. ft W. R.R. stockholders as a special stocK dividend.
The D., L. ft W. R.R. owns $167,300 of the $10,750,000 outstanding.
14. SYRACUSE, BINGHAMTON ft NEW YORK R.R. Line of road, Geddes
to Binghamton, 80.95 miles. D., L.
ft W. R.R. owns
$2,155,700 of issue. In a suit brought by minority stockholders, this lease was declared unfair by
Justice Giegerich of the N. Y. Supreme Court, in Nov., 1916, and unless the decision is reversed, the D., L. &
W. must give up or modify the lease.
1.V Auth.. $42.277,000. Issue increased in 1909 from $26,200,000 to $30.277,000, by a 15% stock dividend.
In July, 1909, 50% extra cash dividend was paid, the stockholders being given the option to subscribe for stock
of D., L. ft W. Coal Co.. at rate of 25% of their holdings. In Dec., 1911, a 35% dividend in stock of Lackawanna
R.R. Co. of N. J. was distributed. In 1913, issue was increased to $42,277,000 by subscription of stockholders at
par. Dividends aggregating over $133,000,000 have been paid on this stock in the last 60 years. The rates have
been as follows: 1854 and 1855, 6% each; 1856, 3%; 1862, 10%; 1863, 20%; 1864, 15%; 1865, 5%; 1866 to 1870
inclusive, 10% each; 1872, 10%; 1873, 5%: 1874, 12H%; 1875, 10%; 1876, 7V4%; 1880, 3%; 1881, 1882 6%%;
to 1884. 8% each; 1885, 74%; 1886 to 1903, inclusive, ': each; 1904, 7% regular and 10% extra; 1905 to 1908
inclusive, 10% regular and 10% extra; 1909, 85%, including 75% extra, of which one-half was allowed to be used
for subscribing to D.. L. A W. Coal Co. stock at par; 1910, 10% regular with 10% extra; 1911, 10% regular and
46% extra; 1912, 1913, 1914. 1915 and 1916, 10% regular and 10% extra. In addition to above csh dividends,
the following distributions of stocks have been made: 1856, 3% in Warren R.R. stock; 1857, 3% in Warren R.R.
stock; 1860, 24% in D.. L. ft W. stock; 1861, 6% in Warren R.R. stock; 1863. 10% in D., L. & W. R.R. stock; 1S64,
70% in D., L. ft W. R.R. stock; 1866. 10% in D.. L. ft W. RR. stock; 1870, 6% in Morris & Essex R.R. stock; 1909,
16% in D.. L. A W. R.R. stock; 1911, 35% in Lackawanna R.R. stock; in 1913, subscription rights at par for $12,-
000.000 additional stock. TKANBra AGENT, W. Preston, 90 West Street, New York. Listed on New York Stock
Exchange.
OOMFAMW CONTROLLED BY DELAWARE, LACKAWANNA AND WESTERN RR. (SEPARATELY OPERATED)

LACKAWANNA AND MONTROSE RAILROAD
Incorporated under laws of Penn., Sept. 30, 1889. Line of road, Alford to Montrose, Pa., 10.48 miles. Sid-
ings, 1.42 miles. Controlled by stock ownership, by D. L. ft W. R.R. Co.
Management: Orncnw: T. E. Clarke, Pres.; E. E. Ix>omis, Vice-Pres.; A. D. Chambers, Sec. and Treas. Di-
*: Above and W. H. Truesdale. P. J. Flynn, W. S. Jenney, C. E. Tobey, E. M. Rine, R. A. Phillips, D. R.
W. J. Parke, J. R. Cooley. Omce, 90 West Street, New York.

1916 1915 1914 1912 1911
Gross revenue $32,728 $33,685 $33,886 $30,981 $30,923
Maintenance of equipment. . .
LJM 4,541 4,179 1,629 342
All other operating expenses. 21,051 19,873 19,750 17,787 18,699
Net operating revenue. (def.) $536 $1,616 (def.) $466 $4,804 $3,486
Other income 453 493 454 275 221
Total net income. (def.) $83 $2,109 (def.) $12 $5,079 $3,707
Taxes 543 215 495 495 495
Fixed charges 6,172 4,908 4,834 4,628 4,622
Surplus (def.) $5,798 (def.)$3,014 (def.) $5,341 $44 (def.) $1,410
Balance . (def.) $5,798 (def.) $3,014 (def.) $5,341 $44 (def.) $1,410

. \ ~ - f
T- 1916 1915 1914 1913 1912 1911
Property investment $132.848 $131,380 $131,172 $131,296 $131,297 $131,297
Working asieU 2,832 fi,061 11,593 24,065 24,178
Profit and loss deficit. .
2,690
Total . $135,538 $134,212 $137,233 $142,889 $155,362 $155,476

LIABILITIES :
Capital stock
DENVER % RIO GRANDE RAILROAD COMPANY. 319
Management: OFFICERS:H. U. Mudge, Pres.; Kingdan Gould, Vice-Pres.; A. E. Sweet, Vice-Pres.; Jas. Russell.
Gn. Mgr.; John Rowland, Sec.; John B. Andrews, Asst. Sec.; Thos. H. Marshall, Treas., and Jesse White, Asst.
P.
Treas. DIRECTORS: Gep. J. Gould, Edward T. Jeffery, Kingdon Gould, Arthur Coppell, Finley J. Shepard, H. A.
Mudge, Benj. B. McAlpin, Edgar L. Marston, Edward D. Adams, Benjamin F. Bush, Edward L. Brown. Annual
meeting, third Tuesday in October. MAIN OFFICE, Denver, Col. NEW YORK OFFICE, 165 Broadway.
f Freight T. V. Ending June 30)

1916 1915 1914 1913 1912 1911 1910
Gross revenues $24,888,577 $21,821,884 $23,150,903 $24,446,470 $23,280,403 $23,391,771 $23,563,437
Maintenance of way 2,536,790 2,541,539 3,393,968 3,545,938 3.201,866 2,627,895 2,690,602
All other operating expenses.. 8,013,310 7,755,781 8,378,903 8,962,983 9,478,417 9,238,253 9,289,248
Net operating revenues $10,149,167 $7,532,213 $7,132,707 $7,399,298 $6,273,260 $7,406,434 $7,779,467
Operating ratio 59.2% 65.5% 69.2% 69.7% 73% 68.2% 67%
Other income 1,107,615 1,335,610 1,262,934 1,247,938 1,745,455 1,849,406 1,537,871
Total net income $11,256,782 $8,867,823 $8,395,641 $8,647,236 $8,018,715 $9,255,840 $9,317,338
Taxes accrued 1,091,461 1,020,606 1,009,144 948,739 877,000 859,621 823,515
Fixed charges 6,349,232 6,428,487 5,986,122 5,604,317 6,014,795 5,913,175 5,485,656
Surplus over charges $3,816,089 $1,418,730 $1,400,375 $2,094,180 $1,126,920 $2,483,044 $3,008,167
Dividends paid 1,244,495 2,488,990
Other deductions 2,587,399 484,090 344,816 636,808 120,000 120,000 120,000
Balance $1,228,690 $934,640 $1,055,559 $1,457,372 $1,006,920 $1,118,549 $399,177

Earned on stock: Preferred 7.7% 1.88% 2.12% 2.93% 2.26% 4.75% 8.12%
Common 3.5% 4.08%
Note: Fixed charges, in 1916, include rental of yards and terminals, hire of equipment, and interest on direct
funded debt, including interest on adjustment 7s.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $8,970,651; credit bal-
ance transferred "from income account, $1,228,690; unrefundable overcharges, $447; donations, $6,712; miscellaneous
credits, $10,662; total, $10,217,162. Contra: Redemption of equipment bonds, $12,000; loss on retired road and
equipment, $38,103; surplus appropriated for investment in physical property, $6,922; advance surveys, $18,695;
settlement of litigation, $5,174; miscellaneous debits, $2,018; credit balance carried to balance sheet, $10,134,250;
total, $10,217,162.
Comment: A very pronounced improvement in shown in the income exhibit of the Denver and Rio Grande for
the fiscal year ended June 30, 1916. Both gross and net earnings reached higher figures than for many years past,
and although there was some falling off In the outside income the balance available for fixed charges was very high.
The fixed charges themselves tended to decline slightly, and therefore the final surplus for dividends rose to the
high figure of 7.7% on the preferred stock. No attempt was made to resume payments of dividends during the year.

YEARS
ENDED
JUNE 30.
DKXt'KK & RIO GRA\DE RAILED AD COMPANY. 321
LIABILITIES :
Capital stock
6. Auth., $160,000,000; outstanding, $33,039,000. Dated Aug. 1, 1908; due Aug. 1, 1955. Int. paid at Bankers'
Trust New York, and at Berlin. Redeemable as whole at 110 and int. on ninety days' notice. Sinking fund:
Co.,
$120,000 annually on or before Aug. 1, 1913, and on or before Aug. 1 in each year thereafter, to be used for th
purchase of these bonds or underlying bonds at not exceeding 105 and int. First lien on 196.90 miles, as follows:
Texas Creek to West Cliffe, Col., 25.49 miles; Maitland to Big Four Mines, Col., 9.43 miles; Moffat to Crestone,
11.44 miles; Wagon Wheel Gap to Creede, Col., 9.59 miles; Espanola to Santa Fe, N. M., 33.97 miles; and Pagosa
June, to Pagosa Springs, Col., 30.85 miles; and branch, 3.36 miles; Reliance June, to Ojo, 5.41 miies; Taos June, to
La Madera, 16.43 miles; Spring Canyon June, to Standard, 5.13 miles; Salt Lake City to Park City, Utah, 29.23
miles; spurs, 16.57 miles; second lien on 277.72 miles, following No. 5; third lien on 2,086.10 miles, as follows: On
1,647 miles, following No. 3, and on 421 miles, following No. 4; also secured by deposit of $1,221,150 out of $2,000,000
capital stock of the Rio Grande June. Ry., and $149,200 (par value) capital stock of the Rio Grande & Southwestern
R.R. Underlies No. 7. Listed on New York and London Stock Exchanges. Interest paid without deduction for
normal income tax.
7. Auth., $25,000,000; outstanding, $10,000,000. Dated May 1, 1912; due April 1, 1932. Int. paid at New York,
London, Berlin, Paris, and Amsterdam, if earned, but cumulative. Coupon, $1,000. Redeemable at 115 and inter-
est on any interest date on ninety days' notice in lots of not less than $50,000. Second lien on 196.90 miles, fol-
lowing No. 6; third lien on 277.72 miles, following No. 6; fourth lien on 2,086.10 miles, following No. 6; second lien
on securities described in No. 6, but subject thereto; also secured by deposit of $737,150 additional stock of Rio
Grande June. Ry. Interest paid without deduction for normal income tax.
8. Auth., $1,500,000; outstanding, $150,000. Dated Sept. 1, 1907; due $75,000 semi-annually on Mar. and Sept. 1,
each year, to Aug. 31, 1917. Int. paid at Blair & Co., New York. Redeemable at 101 and interest on four weeks'
notice. First lien on equipment, costing $1,790,700. Interest paid without deduction for normal income tax. Coupon,
$1,000.
I)I-:.\J'KK & RIO GRANDE RAILROAD SYSTEM. 323
ance transferred from income, $179,613; donations, $5,705; total, $985,700. Contra: Dividend appro.priations of
surplus, $100.000; loss on retired road and equipment, $200; credit balance carried to balance sheet, $885,500; total,
$985,700.
ASSETS: 1916 1915 1914 1913 1912 1911
Working 841,276 762,493 858,059 693,158 373,996 470,588
Total $4,887,600 $4,803,312 $4,898,508 $4,733,607 $4,373,296 $4,469.888

LIABILITIES:
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000.000 $2,000,000
Funded debt 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Deferred credit items.. ' 105 2,163 290 ' '
Profit and loss surplus.. 885,566 800,382 894,420 683,092 323',07i 418,6i3
ToUl . $4,887,600 $4.803,312 $4,733.607 $4,373,296 $4,469,888
TABLE I). Bond Record and Ratings i Based on 8-Year Results, Per Mile of Road)
LIABILITIES:
Capital stock
DETROIT & MACKIXAC RAILWAY COMPANY. 325
YUM
ASSETS: 1916 1915 1914 1913 1912 1911
$6,010,621 $5,969,640 $5,941,322 $5,666,976 $5,735,681 $5,686,990
Working assets 123,373 106,326 136,963 119,474 163,835 143,099
Deferred debit items. . . 844 847 451 454 453 367
Total $6,134,838 $6,076,813 $6,078,736 $5,786,904 $5,899,969 $5,830,456

LIABILITIES:
Capital stock $2,950,000 $2,950,000 $2,950,000 $2,950,000 $2,950,000 $2,950,000
Funded debt 2,300,000 2,300,000 2,300,000 2,300,000 2,300,000 2,300,000
due
Accrd. liabilities not 54,851 53,475 59,246 60,294 57,879 55,947
Deferred credit items . . 8,136 4,456 5,597 ' " '
Appropriated surplus . .
669,678 561,705 499,477 271, ise VsV.iei 449,165
Profit and loss surplus.. 931 235
Total $6,134,838 $6,076,813 $6,078,736 $5,786,904 $5,899,969 $5,830,456

Comment: There were no capitalization changes in this property during the year ended June 30, 1916. As meas-
ured on the mileage basis, the road is very lightly capitalized, and although the volume of business is not heavy the
company finds little difficulty in carrying this capitalization.
DETROIT, TOLEDO % IRONTOX RAILROAD COMPANY. 327
Location: Lines extend from Tecumseh, Mich., to Jackson, Ohio, 273.35 miles; Delray to Dundee, Mich., 39.6
miles; Bloom to Ironton, Ohio, 30.81 miles, with branches from Kingman to Sedalia, Jackson to Cornelia, etc.,
52.5 miles; trackage rights, 45.03 miles. Total operated, 441.29 miles. In May, 1916, leased the Toledo-Detroit
R.R., 22 miles from West Toledo to Detroit. Population of Michigan and Ohio in 1890, 5,766,205; in 1900, 6,578,527;
in 1910, 7,577,294.
Management: OFFICERS: James M. Kurn, Pres.; F. H. Osborn, Vice-Pres.; E. C. Davis, Sec. and Treas. DIREC-
TOR*: James M. Kurn, Wm. C. Osborn, Otto T. Bannard, Sidney C. Borg, F. H. Ecker, Harry Forsyth, F. H. Osborn.
Annual meeting, first Monday in March. OFFICE, Detroit, Mich.

1916
Gross revenues $2,212,231
Maintenance of equipment 288,619
All other operating expenses. . .
1,093,048
Net operating revenues ....

Operating ratio
Other income
Total net income.

Taxes accrued
Balance for charges.

Fixed charges
DKTKOIT $ TOLEDO SHORE LIXE KAILEOAD COMPANY 329
Comment: There were no important capitalization changes in the Detroit, Toledo & Ironton property for
the year ended June 30, 1916. The company succeeded, however, in presenting a stronger financial statement than in
previous years and it will be noted, added very substantially to its surplus account. The road since its reorganiza-
tion has had a relatively light capitalization and the management is now succeeding in carrying this capital with-
out difficulty. The position of the first mortgage bond issue created at the time of the reorganization is steadily
becoming stronger.
TABLE I). Bond Record and Ratings (Based on 2-Year Results, Per Mile of Road)
330 MOODY'S ANALYSES OF INVESTMENTS,
YEARS
ENDED
JUNE 30.
DETROIT $ TOLEDO SHORE LINE RAILROAD COMPANY. 331

:' mm
THE DULUTH & IRON RANGE RAILROAD COMPANY
NOTE: The analysis is official documents of the company, including its annual reports of the past nine years.
based on
Origin: Incorporated under Minnesota laws, Dec. 21, 1874; sections of the road opened in 1884, 1886, 1888,
1893 and 1910.
Location: Operates 287.77 miles, as follows: Duluth to Winton, Minn., with various extensions, spurs, and
branches into the Mesaba ore deposits. All mileage is owned except less than one mile operated under traffic rights.
Control: The Minnesota Iron Company owns the entire capital stock of the Duluth & Iron Range R.R. The
Federal Steel Co. controls the Minnesota Iron Co., and is itself controlled by the United States Steel Corporation.
Management: OFFICERS: F. E. House, Pres. and Gen. Mgr. J. H. McLean, 1st Vice-Pres. J. H. Hearding, 2nd
; ;
Vice-Pres. H. Johnson, Sec. F. C. Marshall, Treas. DIRECTORS

; ;
Thos. Murray, E. H. Gary, J. A. Farrell, Geo. L.
:
Reis, J. H. McLean, F. E. House, H. Johnson. MAIN OFFICE, Duluth, Minn. NEW YORK OFFICE, 71 Broadway.

DULVTII & IliOX RANGE RAILROAD COMPANY. 333
Note: Above table is based on average mileage directly operated for each year. "Margin of safety" is the pro-
portion of surplus income left over after providing for all fixed charges.

1916 1915 1914 1913 1912 1911
Gross revenues $6,492,193 $4,824,605 $6,512,463 $7,121,719 $6,684,437 $7,362,573
Maintenance of equipment 873,513 697,278 780,47r, 679,920 613,194 647,475
All other operat. expenses 1,691,088 1,283,315 1,761,056 1,752,645 1,493,983 1,629,392
Net operat. revenues $3,183,852 $2,062,998 $3,053,544 $3,797,611 $3,652,101 $4,223,030

Operating ratio 57.2% 53.1% 46.7% 45.4% 42.6%
Other income 329,149 332,511 436,022 327,648 366,471 122,582
Total net income $3,513,001 $2,395,500 $3,489,566 $4,125,259 $4,018,572 $4,345,612

:i M !
415,749 292,624 350,917 386,673 308,038 341,566
Balance for charges. .

$2,102,876 $3,138,649 $3,738,586 $3,710,534 $4,004,046
Fixed charges 578,155 730,857 789,351 1,112,407 1,132,301 837,557
Surplus over charges $2,519,097

*
$1,372,028 $2,340,298 $2,626,179 $2,578,233 $3,166,489
Dividends paid 600,000 j 160,000 2,700,000 2,700,000 4,050,000
Other deductions . 271,238 178,015 240,727
Balance $2.247,869 $694,013 (def.) $150,429 (def.)$73,821 (def.) $121,767 (def.) $883,511
Dividend was charged in profit and loss account in 1916.
Vote: Fixed charges in 1916 consisted of sinking fund and interest on debt, hire of equipment, etc.
I'rofit and LOM Account, year ended June 30, 1916: Credit balance, June 30, 1915, $2,606,502; credit balance
from income account, $2.247,859; miscellaneous credits, $370; total, $4,854,731. Contra: Dividends, $1,500,000; loss
on retired road and equipment. $1,960; miscellaneous debits, $29; credit balance to balance sheet, $3,352,742; total,
Comment: Gross revenues on the Duluth A Iron Range property for the fiscal year ended June 30, 1916, were
far better than in 1915, but did not quite equal those of 1914. Net receipts also underwent a very substantial im-
provement with the result that the surplus anove the light fixed charges, was unusually heavy, and almost equaled
the average for the good rear* 1913 and 1914. The company paid during the year dividends of 50% on its outstand-
ing stock.

CapttaJbaUo* Per Mile of Road. Dividend Record.
JVMM.
DULUTII, MISSABE $ NORTHERN RAILWAY COMPANY. 335
TABLE B.- Income Factors (Earnings and Their Distribution, Per Mile of Road)
Si
ASSETS : 1916 1915 LIABILITIES : 1916 1915
Property investment $31,298,875 $30,046,266 Capital stock $.4,112,500 $4,112,500
Working assets 4,331,838 2,261,856 Funded debt 17,472,000 16,298,000
Deferred debit items .... 8,060,937 7,547,413 Working liabilities.... 965,660 790,880
Accrued liabilities 243,544 167,021
Deferred credit items. 428,349 379,305
Appropriated surplus. 13,903,456 13,507,548
Profit and loss 6,566,141 4,600,281
Total $43,691,650 $39,855,535 Total $43,691,650 $39,855,535
,(,7.Y. JOLIET $ EASTERN KAILWAY COMPANY. 337
VRAM
ENDB>
JUMBSO.
Profit and Loss Account, year ended June 30, 1916: Credit balance, June 30, 1915, $2,577,392; credit trans-
ferred from income account, $1,336,395; adjustment of depreciation on equipment, $12,441; unrefundable over-
charges, $1,426; miscellaneous credits, $2,341; total, $3,929,995. Contra: Dividend appropriation out of surplus,
$400,000; loss on retired road and equipment, $47,993; adjustment of personal injury fund, $24,050; miscellaneous
debits, $8; balance carried to balance sheet, $3,457,994; total, $3,929,995.
Comment: Gross revenues on the Elgin, Joliet & Eastern for the fiscal year 1916 even exceeded the high fig-
ures of 1913, and net revenues were also practically equil to those of that year. The balance available for charges
was nearly double that reported in 1915, and the dividend requirement was therefore easily earned. Since the
close of the fiscal year earnings have continued to ranga at a high level.

YEARS
ENDED
JUNE 30.
ERIE RAILROAD COMPANY. 339

1. Auth. and outstanding, $10,000,000. Dated May 1, 1891; due May 1, 1941. Int paid at 71 Broadway,
New York. Coupon, $1,000. First lien on 236.61 miles, as follows: Waukegan, 111., to Porter, Ind., 129.94 miles;
Normantown to Aurora, 111., 9.65 miles; Walker to South Wilmington, 111., 32.72 miles; East Joliet, 111., to Sand
Pit, Ind., 41.09 miles; Rockdale June, to Rockdale, 6.57 miles; Griffith to Shearson, Ind., 9.76 miles; Hammond to
Whiting:, Ind., 6.92 miles. Legal for Savings Banks in Conn., Maine, Mich., Minn., Mo., N. H., N. J., R. I., Wis.
Listed on New York Stock, Exchange. Interest paid without deduction for normal income tax.
2. Auth., $20.000.000; outstanding, $9.000,000. Dated June 1, 1909; due June 1, 1969. Int. paid at company's
office,71 Broadway, New York. Coupon, $1,000. Callable at 110 and int., in whole or in part by lot after June
1, 1919, on four weeks' notice. Guar. prin. and int. by Elîn, Joliet & Eastern Ry. and the United States Steel Cor-
poration by endorsement. First lien on entire property of the company, including 320 miles main track, terminals
and sidings, and on roundhouses, shops, yards, etc. Legal for S. B. in Maine, Mich., Minn., Mo., N. H., R. I., Wis.
Interest paid without deduction for normal income tax. Listed on New York and London Stock Exchanges.
Capital Stock: Auth. and outstanding, $10,000,000; par $100; increased from $6,000,000 in May 1909, the new
stock being taken by the Chicago, Lake Shore & Eastern Ry. The original $6,000,000 is owned by the Federal Steel
Co. All the stock of the Chicago, Lake Shore & Eastern Ry., is owned by the Illinois Steel Co. Dividends of 4%
per annum have been paid from 1899 to date.
ERIE RAILROAD COMPANY

Oriirin: Incorporated
Nov. 30, 1895, as successor by reorganization of the New York, Lake Erie & Western
R.R. The Buffalo & Southwestern R.R., the Lockport A Buffalo Ry., and the Erie International Ry. were absorbed
at the time of the reorganization. In March, 1896, the securities of the Nypano R.R. were purchased, and from
time to time other properties were acquired. In 1899, control of the New York, Susquehanna & Western Ry. was
acquired. On June 10, 1901, the company purchased the entire capital stocks of the Pennsylvania Coal Co., Erie &
Wyoming Valley R.R., punmore Iron A Steel Co., and the Delaware Valley & Kingston R.R. The latter was a
projected road, to be built in the interest of the Pennsylvania Coal Co., from the Wyoming coal fields to the Hudson
River at Rondout, following the line, partially, of the old Delaware A Hudson Canal.
Location: The Erie Railroad system embraces a main line from with
Jersey City to Chicago, 111., 998 miles,
branches, 1,446 miles; total, 2,257 miles, classified as follows: Lines owned in fee: Piermont, N. Y.. to Dunkirk
(the old main lines), 447 miles; Buffalo to Jamestown, 67 miles; Buffalo to Corning, 140 miles; shorter branches,
138 miles. Lines controlled by stock ownership: Chicago A Erie R.R., 250 miles; Jefferson R.R., 45 miles; New
York A Greenwood Lake R.R.. 62 miles: New Jersey A New York R.R.. 38 miles: Erie A Wyoming Valley R.R., 59
miles; Nypano R.R., 422 miles; Tioga R.R., 58 miles; smaller lines, 159 miles. Leased lines (directly operated^ :
Avon, Geneseo A Mt. Morris R.R.. 13 miles; Montgomery A Erie R.R., 10 miles; Northern R.R. of N. J., 26 miles;
Goshen A Deckertown, 12 miles; Rochester A Genesee Valley, 18 miles; Cleveland A Mahoning Valley, 81 miles;
Sharon Ry.. 32 miles: shorter lines, 98 miles. Trackage rights, 131 miles. Also controls by stock ownership the Bath
A Hammondsport R.R. which is separately operated), and the New Jersey A New York R.R. See following pages.
Lines enter, besides New York and Chicago, Buffalo, Cleveland and Cincinnati, and a large number of intermediate
towns and cities. Sections of the road penetrate the soft coal sections of Ohio, and in recent years the proportion of
bituminous coal transported has become steadily larger. The company now also does a much larger business in the
transportation of steel and iron products than was the case a few years ago. Mileage mainly in New York, Ohio
and Indiana. Population of these States in 1890, 11,862,573; in 1900, 13,949,901; in 1910, 16,581,611.
Coal Properties: The Erie coal properties, aside from those of the Pennsylvania Coal Co., represent an aggre-
gate of 12,400 acres of anthracite, of which 9.000 acres are held in fee; also 53,000 acres of bituminous coal lands
held in fe and 14,000 acres held under mineral rights. The properties are owned through the Hillsdale Coal.& Iron
the Blossburg Coal Co., and the Northwestern Mining A Exchange Co.
Management: Omct: F. D. Underwood. Pres.; G. F. Brownell. Vice-Pres. and Gen. Solicitor; G. N. Orcutt,
Vice-Pres.; Delos W. Cooke. Vice-Pres.: David Bosnian, Vice Pres. and Sec.; A. J. Stone, Vice-Pres.; C. P. Craw-
ford, Conrpt: D. W. Bigoney. Treas. DIRECTORS: Geo. F. Baker, Ogden Mills, M. D. Follansbee, Francis Lynde
Stetson. F. D. Underwood, Root W. Pomeroy. L. F. Loree, B. A. Eckhart. E. J. Berwind, Gates W. McGarrah,
Albert H. Wiggin. G. F. Brownell. A. M. Anderson. Grenville Kane, G. G. Mason. Annual meeting, second Tues-
day in October. MAIN Omcz, 50 Church Street, New York City.
CbMisVaUon of Freight Tonnag- 'Years Endinff June 30)

YEARS
ENDED
JUNE 30.
ERIE RAILROAD COMPAXY. 341
Note: The Erie Railroad has now changed its fiscal year to December 31, and the report to the Interstate
Commerce Commission, under date of June 30, does not include the 288 miles of the Chicago & Erie, nor the opera-
tion of the Chicago & Western Indiana mileage, but these figures are included in the above tables. The company's
income statement to stockholders is for the calendar year (now fiscal year) ended December 31.
Profit and LOBS Account of the Erie R.R. Co., for year ending June 30, 1916: Credit balance, June 30, 1915,
$31,610,423; credit balance transferred from income, $8,363,642; profit on road and equipment sold, $5,284; unre-
fnndable overcharges, $3,954; donations, $7,019; miscellaneous credits, $1,498,964. Total, $41,489,286. Contra:
Debt discount extinguished through surplus, $3,488,615; loss on retired road and equipment, $3,047,897; miscellane-
ous debits, $82,469; credit balance carried to balance sheet, $34,870,305. Total, $41,489,286.
Profit and Loss Account of the Chicago &

Erie R.R. Co., for year ended June 30, 1916: Credit balance, June 30,
1915. $183,614; miscellaneous credits, $908; debit balance carried to balance sheet, $12,743. Total, $197,265. Con-
tra: Loss on retired road and equipment, $26,903; miscellaneous debits, $170,362. Total, $197,265.
Comment: Both grow and net operating revenues underwent notable improvement on the Erie Railroad
during the year ended June 30, 1916. The net revenues were practically 60 per cent, higher than those of the prev-
ious year. Taxes increased, but fixed charges tended to decline, and the final surplus was equal to nearly 7 per cent.
on the common stock, after allowing for full dividends on both first and second preferred. Since July 1, operating
coats have tended to rise, but the heavy business is being fully maintained.
TABLE ('.Capitalization Factors Security Obligations and Earning Power)

Per MU of Road. Include* Equipment Trusts. 1 Dividend Record.
, , .<
tStm
NAME OF ISSUE.
36-40. Retirement provided for

by No. 37. Legal for Savings Banks in Maine. Listed on New York Stock Ex-
Auth., $4,000,000; outstanding, $2,149,000 (closed). Dated Mar. 1, 1849; due Sept. 1, 1919. Int. paid at 50
2.
Church St., New York. Coupon, $1,000. Formerly carrlei 7% with maturity on Mar. 1, 1879, but extended as above
at 5%. Assumed by Erie R.R. Second lien, 446.78 miles, fallowing No. 1. Underlie Nos. 3, 4, 5, 7, 8, 38-40. Retire-
ment provided for by No. 37. Listed on New York Stock Exchange. Normal income tax deducted from interest.
3. Auth., $10,000,000; outstanding, $4,617,000 (closed). Dated Mar.
1, 1853; due Mar. 1, 1923. Int. paid at 50
Church St., New
York. Coupon, $1,000. Formerly carnea 1%, with maturity in Mar., 1883, but extended as <toove
at 4H%. Assumed by Erie R.R. Third lien, 446.78 miles following No. 2. Underlie Nos. 4, 5, 7, 8, 36-40. Retire-
ment provided for by No. 37. Listed on New York Stock Exchange. Normal income tax deducted from interest.
Auth., $6,000,000; outstanding $2,926,000 (closed). Dated Aug. 15, 1857; due Oct 1, 1920. Int paid at 50
4.
Church St., New York. Coupon, $1,000. Formerly carried 7% with maturity in Oct, 1880, but extended as above
at 5%. Assumed by Erie R.R. First lien on 18.73 miles, Greycourt to Newburgh, N. Y., and fourth lien on 446.78
miles, following No. 3. Also secured on the leases of the Union R.R., the Paterson & Hudson River" R.R., the Pater-
son and Rammpo R.R. and the rights of the company in the Long Dock Co. Underlie Nos. 5, 7, 8, 36-40. Retirement
provided for by No. 37. Listed on New York Stock Exchange. Normal income tax deducted from interest.
5. Dated June 1, 1858; due June 1, 1928. Int paid at 50

Auth.. $5,000.000; outstanding, $709,500 (closed).
Church St. New
York. Coupon $500 and $1,000. Formerly carried 7% with maturity in June, 1888, but extended
as above at 4%. Assumed by Erie R.R. Second lien on 18.73 miles, following No. 4, and fifth lien on 446.78 miles,
following No. 4. Underlie Nos. 7. 8, 36-40. Retirement provided for by No. 37. Listed on New York Stock Ex-
change. Normal income tax deducted from interest
6. Auth.. $200,000; outstanding. $182,400 (closed). Dated

July 1, 1861; due July 1, 1931. Int. paid at 50 Church
St, New York. Coupon, $200 and $1,000. Formerly carried 1 r/r with maturity in July, 1891, but extended as above
at 4%. Assumed by Erie R.R. First lien, 61.16 miles, Homell to Attica, N. Y. Underlie Nos. 7, 8, 36-40. Retire-
ment provided for by No. 37. Normal income tax deducted from interest. Legal for S. B. in Cal., Maine.
Auth.. $30.000.000; outstanding. $16.891,000 (closed). Dated Sept 1, 1870; due Sept 1, 1920. Int. paid at
7.
J. P. Morgan 4Co., New York. Assumed by Erie R.R. Second lien on 61.6 miles, following No. 6; third lien on
18.73 miles, following No. 5; sixth lien on 446.78 miles, following No. 6. Underlie Nos. 36-40. Retirement provided
for by No. 37. Listed on New York and London Stock Exchanges. Normal income tax deducted from interest
Coupon, 200 and $1,000.
8.Auth. and outstanding, $3.699,500. Dated

Sept 1, 1878; due Sept. 1, 1920. Int paid at J. P. Morgan & Co.,
New York. Assumed by Erie R.R. Secured by deposit with trustee of uncanceled coupons of No. 7. dated Sept. 1,
1875; Mar. 1, 1876; Mar. 1, 1877; Sept 1, 1877; Sept 1, 1878; Sept 1, 1879, amounting to the face value of these
bonds. Thus, these bonds rank equally, as to lien, with No. 7. Underlie Nos. 36-40. Retirement provided for by No.
87. Listed on New York and London Stock Exchanges. Normal income tax deducted from interest. Coupon, $500
and $1,000.
9. Auth. and outstanding. $1,500,000. Dated Dec. 17, 1877; due 50 Church St., New
July 1, 1918. Int. paid at
York. Coupon, $60, $100, $500 and $1,000. Formerly carried 6% with maturity in July, 1908, but extended as
above at 6%. Assumed by Erie R.R. Callable at 105 on any interest date. First lien, 66.36 miles from Buffalo
Creek R.R. June.. Buffalo to Jamestown, N. Y. Underlie Nos. 33, 36-40. Retirement provided for by No. 37. Legal
for S. B. in Maine. Interest paid without deduction for normal income tax.
10. Auth. and outstanding, $250,000. Dated Aug. 1, 1868; due Jan. 1, 1929. Int paid at 50 Church St., New
York. Coupon, $1.000. Assumed by Erie R.R. First lien, 12.64 miles, Arden June, to Vail Gate June. Underlie
NOB. 36-40. Retirement provided for by No. 37. Legal for S. B. in Maine. Interest paid without deduction for
normal income tax.
11. Auth. and outstanding. $200.000. Dated Mar. 1, 1S81; due Apr. 1, 1921. Int. paid at 50 Church St., New
York. Coupon, $1.000. First Tien, 9.82 miles, Ridgewood June, to Rutherford June., N. J. Retirement provided for
by No. 37. Interest paid without deduction for normal income tax.
12. Auth..$250,000; outstanding, $204,000 (closed). Dated July 1, 1867; due July 1, 1927. Formerly carried 7%
with maturity July. 1887, but extended as above at 4%%. Int paid at Fidelity Trust Co., Phila. Coupon, $100,
in
$260. $500, $1,000. First lien, 8.18 miles, West Hawley to Honesdale, Pa. Underlie No. 13. Retirement provided
for by No. 37. Legal for S. B. in Maine. Interest paid without deduction for normal income tax.
13. Anth. and outstanding. $96.000. Dated Jan. 1. 1869; due Jan. 1, 1929. Int paid at Fidelity Trust Co., Phila.
Second collateral lien, 8.18 miles, following No. 12. Retirement provided for by No. 37. Coupon, $100, $250, $500,
$1,000. Interest paid without deduction for normal income tax.
14. Auth. and outstanding. $2.800.000. Dated Jan. 1, 1889; due April 1, 1919. Int paid at 50 Church St., New
York. Coupon, $1,000. Callable at 105 and interest Guar. prin. and int. by Erie R.R. First lien, 36.63 miles, Car-
bondale to Lanenboro, Pa. Retirement provided for by No. 37. Legal for S. B. in Maine. Interest paid without
Vnth. and outstanding. $7,600,000. Dated Nov. 16. 1885; due Oct. 1, 1935. Int. paid at J. P. Morgan & Co.,
New York. Coupon, $1.000. Callable at 110 from proceeds of sales of lands should such be sold. First lien on Ber-
gen tunnel, property of Erie R.R., including 2.56 miles of road, 577 acres of land, docks, terminals, etc. Retire-
ment provided for by No. 37. Legal for S. B. in New Jersey. Listed on New York Stock Exchange. Interest paid
Auth.. $4.000.000; outstanding, $3.396,000. balance being owned by Erie R.R. and deposited under No. 36.
16.
1913 but now extended to July 1, 1943. at b f Int. paid at 50 Church St, New York. Coupon, $1.000.
r'
Duo July 1 .
TallaMo on 60 days' notice until July 1. 1918. at 102U, and thereafter at 105. Principal and int. guaranteed by
R R which leases the property. First lien on freight terminals at Weehawken, N. J. Retirement provided
; No. 37. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
(closed). Dated May 15, 1882; due May 1, 1922. Int. paid at 50
17. Auth., $3,000,000; outstanding, $1,100,000
Church St., New York. Coupon, $1,000. Guar. prin. and int. by Erie R.R. First lien on about 14,000 acres of land,
and on mineral rights in about 7,900 additional acres in Elk and McKean counties, Pa.; also a first lien on 43.74
miles of road from Crawford June, to Johnsonburg and from Brockwayville to Toby Mines, Pa. also a lien on the
;
5.81 miles of the Daguscahonda & Elk R.R. Retirement provided for by No. 37. Legal for S. B. in Maine. Listed on
New York Stock Exchange. Normal income tax deducted from interest.
18. Auth. and outstanding, $8,000,000. Dated May 5, 1880; due Mar. 1, 1935. Originally due Mar. 1, 1895, but
extended as above. Int. at 50 Church St. and in London. Coupon, 100, 200, $500, $1,000. First lien on 421.39 miles,
as follows: Salamanca, N. Y., to Dayton, O., 388.39 miles; Buchanan June, to Oil City, Pa., 33.78 miles. Underlie
$20,000,000 Nypano R.R. 4s of 1996, which are deposited under No. 37. Retirement provided for by No. 37. Legal
for S. B. in Maine. Normal income tax deducted from interest.
19. Auth., $34,000,000; outstanding, $34,000,000 (of which $7,781,000 are in sinking fund). Dated Feb. 1, 1901;
due Feb. 1, 1951. Int. paid at 50 Church St., New York. Coupon and reg., $1,000. Sinking fund, 10 cents per ton, to
retire bonds at 105 or better. First lien on collateral, as follows: Entire capital stocks of Erie & Wyoming R.R. Co.,
and of Delaware Valley & Kingston R.R. Co.; $4,910,600 of $5,000,000 capital stock of Penn. Coal Co.; also 51% of
the common and preferred stocks of the New York, Susq. & Western R.R. Co. Retirement provided for by Nos.
38-40, which are a second lien on this collateral. Listed on New York Stock Exchange. Interest paid without de-
20. Auth. and outstanding, $12,000,000. Dated Aug. 21, 1890; due May 1, 1982. Int. paid at Erie R.R. office, New
York. Int. guar. by Erie R.R t First lien, 249.57 miles, Marion June., Ohio, to near Hammond, Ind. also first lien
;
on 10,000 shares stock of Chicago & Western Indiana R.R., and 2,400 shares Belt R.R. of Chicago, etc. Underlie a
second mortgage, of which all but $98,000 are deposited under No. 37. Retirement is provided for by No. 37. Legal
for S. B. in Maine, Mo. Listed on New York and Amsterdam Stock Exchanges. Normal income tax deducted from
interest. Coupon and reg., $1,000.
21.Auth. and outstanding, $300,000. Dated Nov. 1, 1888; due July 1, 1918. Int. paid at Erie R.R. office, 50
Church St. New York. First lien on certain realty along the lines of the Chicago & Erie R.î. Retirement pro-
vided for by No. 37. Coupon, $1,000. Normal income tax deducted from interest.
22. Auth., $1,500,000; outstanding, $1,471,900. Dated May 1, 1896; due May 1, 1946. Int. paid at Erie R.R.
office, 50 Church St., New York. Coupon, $100 and $1,000. Guar. prin. and int. by Erie R.R. Co. by endorsement.
First lien, 48.83 miles, as follows: Fish Creek to Sterling Forest, N. J., 39.56 miles; Forest Hill to Orange, 4.17
miles; branches, 2.79 miles. Legal for S. B. in Maine. Listed on New York Stock Exchange. Interest paid without
23. Auth., $3,000,000; outstanding, '$2,936,000 (closed). Dated Jan. 1, 1888; due Jan. 1, 1938. Int. paid at Win-
slow, Lanier &
Co., New
York. First lien, 122.60 miles, as follows: Cleveland to Penn. State line and line from
Youngstown to Hazleton, O., 80.83 miles; Niles to near Lisbon, O., 35.77 miles; branches, 6 miles; also a lien on the
lease to the Nypano R.R. Retirement provided for by No. 37. Legal for S. B. in Conn., Maine, Mich., Minn., Mo.,
N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal income
tax. Coupon and reg., $1,000.
Auth. and outstanding, $186,500 (closed). Dated July 1, 1868; due July 1, 1928. Int. paid at 50 Church
24.
St., New
York. Coupon, $500 and $1,000. First lien, 11.64 miles, Goshen to Pine Island, N. Y. Underlie No. 25.
Retirement provided for by No. 37. Legal for S. B. in Conn., Maine, Mich., Minn., N. J., Wis. Normal income tax
25. Auth., $75,000; outstanding, $60,000
(closed). Dated Nov. 1, 1869; due Nov. 1, 1929. Int. paid at National
Bank of Orange County, Goshen, N. Y. Coupon, $500. Second lien, 11.64 miles, following No. 24. Retirement pro-
vided for by No. 37. Normal income tax deducted from interest.
Auth. and outstanding, $130,000. Dated May 1, 1866 due May 1, 1926. Int. paid at Nat. Bank of Orange
26. ;
Co., Goshen, N. Y. Coupon, $500 and $1,000. First lien, 10 miles, Montgomery to Goshen, N. Y. Road leased to
Erie R.R., rental, interest on bonds and 4%%
on stock. Underlie No. 27. Retirement provided for by No. 37.
Legal for S. B. in Conn., N. Y., N. J., Mich., Minn., Wis. Normal income tax deducted from interest.
27. Auth., $70,000; outstanding, $40,500 (closed). Dated Oct. 1, 1867; due Oct. 1, 1927. Int. paid at Nat. Bank
of Orange Co., Goshen, N. Y. Coupon, $500 and $1,000. Second lien, following No. 26, on 10 miles. Retirement pro-
vided for by Nd. 37. Normal income tax deducted from interest.
Dated July 1, 1887; due July 1, 1917. Int. paid at Erie R.R.
28. Auth., $700,000; outstanding, $654,000 (closed).
office, 50 Church St., New Coupon, $100, $500 and $1,000. Guar. prin. and int. by Erie R.R. First lien,
York.
21.54 miles, Bergen June, to Sparkill, N. Y. Underlie No. 29, which provide for retirement. Legal for S. B. in
Conn., Maine, Minn., N. H., N. J., Wis. Normal income tax deducted from interest.
29. Auth., $1,000,000; outstanding, $154,000.Dated Jan. 1, 1900"; due Jan. 1, 2000. Int. paid at Erie R.R. office,
New York. Guar. prin. and int. by Erie R.R. First collateral lien, 4.54 miles, Sparkill to Nyack, N. Y., and second
lien following No. 28, on 21.54 miles. Interest paid without deduction for normal income tax. Coupon, $1,000.
30. Auth., $167,000; outstanding, $164,000 (closed). Dated June 1, 1889; due June 1, 1919. Int. pa'id at Far-
mers' Loan & Trust Co., New York. First lien, 16.02 miles, Pymatuning to West Middlesex, Pa., and branches.
Retirement provided for by No. 37. Legal for S. B. in Conn., Maine, Mich., Minn., N. J., R. I., Wis. Interest paid
without deduction for normal income tax. Coupon, $1,000.
31. Auth. and outstanding, $250,000. Dated July 3, 1887; due Jan. 1, 1937. Int. paid at Farmers' Loan & Trust
Co., New York. Coupon, $1,000. Int. guar. by Brie R.R. First lien, 16.73 miles, West Middlesex to New Castle,
Pa. Retirement provided for by No. 37. Legal for S. B. in Conn., Fla., Maine, Mich., Minn., N. J., R. I., Wis.
32. Auth. and outstanding, $239,500. Dated April 24, 1852 due Nov. 1, 1935. extended from Nov. 1, 1915.
;
Inter-
est paid at 50 Church St., New York. Coupon, $500 and $1,000. Guar. prin. and int. by the Erie R.R. First lien
on 34.11 miles, Lawrenceville to Morris Run, Pa. Retirement provided for by No. 37. Legal for S. B. in Maine.
33. Auth. and outstanding, $1,000,000. Dated Nov. 19, 1895; due July 1, 1918. Int. paid at 50 Church St., New
York. Coupon, $1,000. Callable at 105 and interest. Second lien, 66.36 miles, following No. 9. Underlie Nos. 36-40.
Retirement provided for by No. 37. Interest paid without deduction for normal income tax.
Auth. and outstanding, $7,400,000 (closed). Dated June 29, 1905; supplemental deed dated Jan. 2, 1915-
34.
due July 1, 1955. Interest paid at 50 Church St, New York. Coupon, $1,000; reg., $1,000, $5,000 and $10,000; in-
terchangeable. Callable between July 1, 1916, and July 1, 1920, at 110 and interest; thereafter at 115 and interest.
Sinking fund, $25,000 per annum, bonds to be called each July 1, unless purchased before May 15. Assumed by Erie
Railroad Company. First lien on 38.60 miles from Highland Mills to Graham, New York, forming part of a low
grade freight cut-off line, on the main line of the Erie Railroad. The line is double-tracked and carries practically
all the through freight traffic of the Erie system. Underlie Nos. 36-40, and will be provided for at retirement by
the proposed new refunding mortgage of the Erie Railroad. Tax exempt in New York State. Normal income
35. Auth. and outstanding. $6,000,000 (closed). Dated July 1, 1907; supplemental deed dated Jan. 2, 1915; due
July 1, 1957. Interest paid at 50 Church St, New York. Coupon, $1,000; reg., $1,000, $5,000 and $10,000; inter-
changeable. Callable before July 1. 1920 at 110 and interest; at 115 and interest thereafter. Sinking fund, $20,000
per annum from April 1, 1916, to April 1, 1920, to purchase bonds at 110 or better, and after 1920 at 115 and better;
if not obtainable as above in any year, bonds shall be called by lot at corresponding prices
upon the succeeding first
day of July. Assumed by Erie Railroad Company. Firs: lien on 32.66 miles of single track from Cuba June, to
Hunts June., New York, forming a valuable link in the All?gheny division of the system. Over this mileage about
of the east and west bound through freight of this division is carried. Underlie Nos. 36-40 and will be pro-
vided for at maturity by the proposed refunding mortgage of the Erie Railroad. Interest paid without deduction
Auth. and outstanding, $35.000.000. Dated Dec. 10, 1895; due Jan. 1, 1996. Int. paid at 50 Church St., New
3C.
York. Coupon, $1,000; reg., $500 and multiples. Each $1,000 bond is entitled to 10 votes. First lien or first col-
lateral lien on 264.73 miles, including short branches and spurs in New Jersey, New York and Pennsylvania; second
lien on 12.64 miles, following No. 10; second collateral lien on 705.07 miles, following Nos. 18, 20, 31; third lien
on 127.52 miles, following Nos. 6 and 33: fourth lien on 18.73 miles, following No. 7; seventh lien on 446.78 miles,
following No. 7; second Tien on 38.60 miles, following No. 34; second lien on 32.66 miles, following No. 35; also first
collateral lien on $1.900,000 out of $3,000,000 of No. 17, and on other miscellaneous collateral. Underlie Nos. 37-40.
Will be provided for in the proposed refunding mortgage. Interest paid without deduction for normal income tax.
Listed on New York Stock Exchange.
37. Auth.. $140,000,000; outstanding, $38,265,000. Dated Dec. 10, 1895; due Jan. 1, 1996. Int. paid at 50 Church
Sew York. Coupon. $1.000; reg.. $500 and multiples. Each $1,000 bond is entitled to 10 votes. Secured on
game property as No. 35, but subject thereto. Underlie Nos. 38-40. Will be provided for in the proposed refunding
mortgage. Listed on New York and London Stock Exchanges. Interest paid without deduction for normal income
tax.
38. 39 and 40. Auth., $50,000.000; outstanding. $10.003.000 Series A, $11.015,000 Series B and $19,627,130 Series
D Series A dated Oct. 1. I'm:.; Series D dated Oct. 1, 1915; all due April 1, 1953.
April 1. 1903; Series B dated
Int. paid at 50 Church St.. New York. Series A are no longer convertible. Series B convertible into common stock
until Oct. 1, 1917, at 60; that is, $1,666 par value of stock given for $1,000 par value of bonds. Series D to be con-
vertible into common stock at 50 from April 1, 1918. to Oct. 1. 1927. Coupon, $1,000; reg.. $500 and multiples.
Secured subject to Nos. 36 and 37 on all the properties owned by the company. Listed on New York and London
Stock Exchanges. Interest paid without deduction for normal income tax on Series A and B. Normal income tax
deducted from interest on Series D.
Auth. and outstanding. $13.280.000. Dated April 1. 1914; due April 1. 1917. Int. paid April and Oct. 1st in
41.
New York. Coupon. $1.000 and $5.000. Secured by deport with trustee of $14,839,000 of No. 37, $985,000 of No.
39. $6406,000 N. Y. S. A W. R.R. preferred. $163.100 Lehigh & Hudson River R.R. stock and other collateral. Col-
lateral may be substituted. These notes were issued to replace the $12.500,000 6s due April 8, 1914, and for other
capital purposes. Callable after April 1. 1915. at 102 and interest Normal income tax deducted from interest.
42. In several series as follows: Series L, 5s; dated July 1, 1907; due $107,000 each Jan. and July to July 1,
.
original issue. $2,140.000; now outstanding. $107.00J. Int. paid Jan. and July 1 at 50 Church St., New York.
First lien on equipment costing $2,4oO,000. No provision for payment of income tax by company. Series M, 5s;
dated July 1, 1907; due $29,000 each Jan. and July 1 to July 1, 1917; original issue, $580,000; outstanding, $29,000.
Int. paid Jan. and
July 1 at Girard Trust Co.. Phila. First lien on 38 locomotives costing $724,875. Company pays
income tax. Series N, 5s; dated Oct. 1, 1907; due 5152.000 each April and Oct. 1 to Oct. 1, 1917; original issue,
$3.040.000; now outstanding, $304.000. Int paid April and Oct. 1 at First National Bank, New Yrk. First lien on
3,000 steel underframe box cars, originally costing $3.480,700. Company pays income tax. Series O, 5s; dated Aug.
31. 1907; due $50.000 each April and Oct. 1 to Oct. 1. 1917; original issue. $1.000.000 now outstanding, $100,000. Int.
paid April and Oct. 1 at Central Trust Co., New York. First lien on 1,000 hopper cars, costing $1,228,876. Company
pays income tax. Series Q, 4Hs; dated Aug. 2. 1911; due $230.000 each Feb. and Aug. 1 to Aug. 1, 1921; original
amount, $4.600,000; now outstanding. $2.070.000. Int paid Feb. and Aug. 1 at Fidelity Trust Co., Phila.
lien on equipment costing $5.4J .mpany pays income tax. Series R, 4%s; dated Aug. 1, 1912; due $108,000-
each Feb. and Aug. 1 to Aug. 1. 1922; original amount. $1.160,000; now outstanding, $1,188,000. Int. paid Feb. and
Aug. 1 at Commercial Trust Co.. Phila. First lien on equipment costing $2,632,870. Company pays income tax.
Series S, 4Hs; dated Dec. 3. 1912; due $100,000 each June and Dec. 1 to Dec. 1, 1922; original amount, $2,000,000;
now outstanding. $1.200,000. Int. paid June and Dec. 1 at Commercial Trust Co., Phila. First lien on equipment
routing $2.529.000. Company pays income tax. Series T. 5s; dated June 13, 1913; due $66,000 each June and Dec.
1.". to June 15. 1923; original amount. $1.320.000; now outstanding, $768,000. Int. paid June and Dec. 15 at Colum-
bia Trust Co., New York. First lien on 1.500 steel underframe box cars, costing $1,587,325. Company does not
pay income tax. Series U. 5s; dated July 2. 1913; due $117,000 each Jan. and $118,000 each July to July 1, 1923;
original amount $2.350.000; now outstanding. $1.528.000. Int. paid Jan. and July 1 at Bankers' Trust Co., New
York. Company pays all taxes. First lien on 2.500 freight cars costing $2,829.376. Series V. 5s; dated June 16,
1913; due $100,000 each June 15 to June 15. 1923: original amount, $1,000,000; now outstanding, $700,000. Int.
paid Jn n and Dec. 15 at New York Trust Co. First lien on 1.000 steel hopper cars costing $1,186,437. Company
pays all taxes, state or federal. Series AA. 5s; dated Scot. 1. 1913; due $56,000 each Mar. and Sept. 1 to Sept 1,
19M; original amount. $1.120.000; now outstanding, $784,000. Int. paid Mar. and Sept. 1 at Commercial Trust Co.,
Phila. First lien on 50 locomotives costing $1,330,890. Series BB, 4%s; dated Aug. 1, 1914; due $45,000 each Feb. and
Aug. 1 to Aug. 1, 1924; original amount $900,000; now ou standing $720,000. Int. paid Feb. and Aug. 1 at Commer-
cial Trust Co., Phila. First lien on equipment costing $1.003,312. Normal income tax deducted from interest.
Series CC, 4Vfes; dated Dec. 1, 1915; due $213,000 each June and Dec. 1 to June 1, 1918, and $214,000 each June
and Dec. 1 thereafter to Dec. 1, 1925; original amount, $4275,000; now outstanding, $3,859,000. Int. paid June and
Dec. 1 at Commercial Trust Co., Phila. First lien on 2,00 J gondola cars, 19 steel coaches and 65 locomotives, cost-
ing $5,080,000. Normal income tax deducted from interest. Series DD, 4% s; dated June 1, 1916; due $63,000 each
Dec. 1 and $62,000 each June 1 to June 1, 1926; int. paid June and Dec. 1 at Commercial Trust Co., Phila. Orig-
inal amount, $1,250,000; now outstanding, $1,187,000. First lien on 1,000 hopper cars and 3 locomotives costing
$1,532,585. Normal income tax deducted from interest.
New Refunding and Improvement Mortgage Authorize i: On December 1, 1916, stockholders authorized the cre-
ation of a new refunding, and improvement mortgage to be limited to $500,000,000, such action superseding the au-
thorization in Oct., 1914, of a refunding and improvement mortgage limited to three times the amount of capital
stock at any time outstanding. The new bonds will be issuable in series, each series dated on or after Dec. 1, 1916,
to bear such rate of interest, to mature on such date as therein shall be stated not later than Dec. 1, 2000, and to
be payable principal and interest in U. S. gold coin or in foreign currency, all as may be determined by the board
of directors. The new mortgage is intended to provide for all prior and underlying mortgage bonds (of which
$31,531,500 wil mature prior to 1922), equipment trusts and also for capital expenditures for additions, improve-
ments and betterments.

ERIE RAILROAD COMPANY SYSTEM. 347
5. Paterson & Hudson River Railroad. Line of road: Jersey City to Paterson, N. J., 13.11 miles. Leased to Erie
R.R. for corporate existence at rental of $53,400 per annum and taxes, equaling over 8% on stock. Dividends paid
at rate of 8% per annum.
6. Fatereon & Ramapo Railroad. Line of road: Paterson, N. J., to New York State Line, 14.47 miles. Leased
for corporate existence to Erie R.R. at a rental of $26,50) per annum. Dividends have been paid as follows in
recent years: 1907, 12%; 1908 and 1909, 8%; 1910, 6%; 1911 to date, 8% per annum.
7. Rochester ft Genes** Valley R.R. Line of road: Rochester to Avon, N. Y., 18.4 miles. Leased for corporate
existence to Erie R.R. at rental equalling 6% on stock, and $700 per annum for organization expenses. Dividends
of 6% per annum are regularly paid. Stock is legal for investment in New Hampshire savings banks.
8. Avon, Geneseo & Mt. Morris Railroad. Line of road Avon .to Mt. Morris, N. Y., 15.35 miles. Leased for cor-
:
porate existence to Erie R.R.. rental being $100 per annum for organization expenses and 3%'<r on capital stock.
Dividends regularly paid at the latter rate.
9. Sharon Railway. Line of road:' Sharon to Pymatuning, Pa., with branches to New Castle and Sharpsville,
32.75 miles. Leased to Nypano R.R. for 999 years from 1900, and operated by Erie R.R. Rental, interest on bonds
of this company and the New Castle 4 Shenango Valley R.R., taxes, $2,100 per annum for organization expenses,
and an amount equalling 6'> on capital stock. Dividends are regularly paid at the latter rate.
10. Auth., $48,000,000; par, $100. Entitled to 4% non-cumulative dividends prior to payments on either second
preferred or common. No additional mortgage can be put on the property without the consent of a majority of the
whole amount of this issue and the second preferred. Th stock has full voting power and is callable at option of
the company at par. Dividends have been paid as follows: 1901, ltt'/e; 1902, 3%; 1903, 3%%; 1904 to 1906, in-
clusive, 4% per annum; 1907, 2%.
11. Auth., $16,000,000; par, $100. Has preference over common stock to 4', non-cumulative dividends, but is
entitled to no other division of earnings. The amount cannot be increased without the consent of a majority of
the holders of this issue. Callable at par at the option of the company. Dividends have been paid as follows: 1905,
2%; 1906,4%; 1907,2%.
12. Auth., $153,000,000; par, $100; has full voting
power and entitled to all profits after first preferred and
second preferred have received \'"t in any one year. Of the authorized amount sufficient is reserved for conversion
of Erie R.R. "B" and "D" convertible 4s. No dividends have been paid. TRANSFER ACKNT for all isues: J. P. Mor-
gan A Company, New York. All issues listed on New York Stock Exchange.
Not*: The voting power of the Erie R.R. Co. stock is shared by the prior and general lien 4% bonds, each $1,000
bond having 10 votes. As these two bond issues aggregate nearly $85,000,000, they control the policy of the com-
pany jointly with thefirst preferred stock.
COMPAMl - <
oNTROI.LEI) BY ERIE RAILROAD COMPANY
BATH AND HAMMONDSPORT RAILROAD
Incorporated under New York laws, January 18, 1872. Line
of road, Bath to Hammondsport, N. Y., 10 miles.
Controlled since 1908 by Erie R.R. through stock ownership, but separately operated.
t: Omens: F. D. Underwood, Pres.; G. A. Richardson, and G. F. Brownell, Vice-Pres.; David Bos-

man, Vice-Prs., and Sec.; D. W. Bigoney. Treas. C. P. Crawford, Auditor. Annual meeting, first Tuesday in De-
cember, at Hammondsport, N. Y. New YORK OFFICE, 60 Church Street.

1916 1915 1914 1913 1912 1911 1910 1909
Gross earnings . $47,011 $51,961 $41,388 $47.532 $45,640 $44,822 $45,659 $41,922
Net earnings ..... 14.17' 19,886 5,866 13." 9,737 14,655 18,134 17,705
Total net income... 14, 20,292 6,245 1 :.414 9,959 14,977 18,425 17,793
Interest and tax**. 22,766 22,822 21.330 17,155 16,085 16,814 16,850 16,670
Proflt and I-OMI Account. y<-ar ended June 30. 1916: Debit balance carried to balance sheet, $67,897. Contra:
Debit balance at beginning of year $59,997; debit balance transferred from income, $7,900; total, $67,897.

Anrn: 1916 1915 1914 1913 1912 1911
Property investment ... $413.77.-? $413,983 $414,044 $414,421 $421,624 $416,522
Working asset* ........ 10.465 11,869 9,684 8,530 5,478 11.743
and loss deficit..
Profit 67,7 69,997 57,480 42,429 24,041 16,099
Total I592.137. $485,849 $481,208 $465,380 $451,143 $444,364

I.IABILITTB:
Capital stock . $100,000 $100.000 $100,000 $100,000 $100,000 $100,000
Funded.! MOJ 300.000 300,000 300,000 300.000 300,000
Working liabilities . 84.116 77,669 73,499 57,671 46,780 41,436
liabilities not due 2,. 2,818 2,917 2,917 2,917 2,917
-\ rr.'dit items... 92 265 1,446
priated surplus . . 5,251 5,097 4,792 4,792
Total . $592.135 $485,849 $481,208 $465,380 $451,143 $444,364

Bonded Debt: (1) $100,000 Bath & Hammondsport R.R. first 5s; dated June 1, 1889; due June 1, 1919; int. paid
June and Dec. 1 at 50 Church Street, New York. Coupon, .$1,000. First lien on 10 miles, Bath to Hammondsport at
$10,000 per mile. Rating, B.
(2) $200,000 Bath & Hammondsport R.R. second 5s; dated April 1, 1893; due April 1, 1923; int. paid April and
Oct. 1 at 50 Church St., New York. Coupon, $1,000. Follows No. 1 on same property at $20,000 per mile.
Rating, Ca.
Capital Stock: Auth. and outstanding, $100,000; par $100. Majority owned by Erie R.R. interests. No dividends.
TRANSFER AGENT, David Bosman, 50 Church Street, New York.
NEW JERSEY AND NEW YORK RAILROAD

Origin: Incorporated under laws of New York and New Jersey April 3, 1880. In 1886 the Hackensack R.R. was
merged. Line of road: New Jersey & New York June, to Nanuet June., 20.63 miles; Spring Valley to Garnerville,
8.54 miles; New City June, to New City, N. Y., 4.39 miles; connections to Stony Point, 1.04 miles; trackage and
leased mileage, 9.89 miles; total operated, 47.76 miles. Second track, 18.64 miles. Sidings, 10.7)2 miles. Controlled
since 1896 by Erie R.R. but separately operated. Equipment: Locomotives, 16; cars, 44.
Management: OFFICERS: F. D. Underwood, Pres. G. F. Brownell and G. A. Richardson, Vice-Pres. David Bos-
; ;
man, Vice-Pres. and Sec.; D. W. Bigoney, Treas.; C. P. Crawford, Compt. F. A. Clark, Auditor. DIRECTORS: R. W.
;
DeForest, H. W. DeForest, C. S. Goldsborough, G. N. Orcutt, David Bosman, W. C. Hooker, D. W. Cook, H. P. Davi-

son, A. J. Stone, F. D. Underwood, G. F. Brownell. Annual meeting, first Monday in May. OFFICE, 50 Church
Street, New York.
Comparative Income Acco.:nt, Years Ended June 30
1916 1915 1914 1913 1912 1911 1910
Gross revenues $879,156 $845,394 $846.902 $844,244 $805,006 $755,099 $692,624
Operating expenses 636,143 625,604 665,006 558,562 525,424 475,068 441,855
Net revenues ............. $243,013 $219,790 $181,896 $285,682 $279,582 $280,031 $250,769
Other income ................. 29,151 30,362 3,534 2,527 4,311 3,863 2,982
Total net income ......... $272,164 $250,152 $182,435 $258,209 $283,893 $283,894 $253,751
Charges* .................... 300,262 315,035 353.064 290,442 250,137 252,904 230,014
Balance .................... f28,098 f64,833 fl70,629 f32,233 33,766 30,990 23,737
* Include appropriations for additions and improvements, f Deficit.
Profit and Loss Account, vear ended June 30, 1916: Miscellaneous credits, $88; debit balance carried to balance
sheet, $195,312; total, $195,400. Contra: Debit balance at beginning of year, $159,279; debit balance transferred
from income, $28,098; loss on retired road and equipment, $8,023; total, $195,400.
Bonded Debt: (1) $394,000 New Jersey & New York R.R. 1st 5s; dated April 30, 1880; due April 30, 1910; ex-
tended to May 1, 1950; int. paid May and Nov. 1 at Erie R.R. office New York. Coupon, $500 and $1,000. First lien
on all roads owned, 34.5 miles. Interest paid without deduction for normal income tax. Rating, Baa.
(2) $960 New Jersey & New York R.R. 2d 5s; datei Nov. 27. 1885; due Nov. 27, 1985; int. paid Jan. and July
1 at 50 Church St., New York. Ree%, $100 and $500. Auth., $100,000, of which $97,000 are pledged under No. 3.
Follows No. 1 on same property. Normal income tax deducted from interest.
(3) $631.000 New Jersey & New York R.R. gen. 5s; dated Dec. 31, 1892; due Dec. 31, 1932; int. paid Jan. and
July 1 at 50 Church St., New York. Coupon, $500 and $1,000. Auth., $1,200,000. Callable at 105. Follows Nos. 1
and 2 on same property. Interest paid without deduction for normal income tax. Rating, B.
Capital Stock: Auth., $800,000 preferred and $2,000,000 common; outstanding $787,800 preferred and $1,440,800
common; par $100. Erie R.R. owns a majority of total issue. No dividends.
Other Companies Controlled: In addition to the foregoing the Erie R.R. controls a number of other small com-
panies which maintain separate organizations, but which are practically all directly operated. These include:
Buffalo, Bradford & Pittsbugh R.R.. Elmira State Line R R., Middletown & Crawford R.R.. New York & Green-
wood Lake Ry., Nyack & Southern R.R., Westerman R.R., Columbus & Erie R.R., Erie & Wyoming Valley R.R.,
Genesee River R.R. Nearly all the securities of these smaller companies are owned by the Erie R.R.
NEW YORK, SUSQUEHANNA & WESTERN RAILROAD COMPANY

Origin: Successor by consolidation in 1893 of old New York, Susquehanna & Western Railroad and Hudson
River Railroad & Terminal Company. Controls the New York, Susq. & Western Coal Co., and the New York &
Wilkesbarre Coal Co.
Location: Main lines extend from Jersey City to Stroudsburg, Pa., with branches. Mileage is classified as fol-
lows: Jersey City to Stroudsburg, Pa., 99 miles; Beaveriake. N. J., to Unionville, 21 miles; Wilkesbarre & Eastern
Ry., 77 miles; Susquehanna Connecting R.R., 8 miles; smaller branches, 24 miles; trackage, 8 miles; total operated,
225 miles. Mileage mainly in New Jersey and Pennsylvania. Population of these States in 1890, 6,702,947; 1900,
8,185,784; 1910, 10,202,278. Tonnage mainly anthracite coal, this commodity representing two-thirds of freight
business.
Control: The Erie Railroad owns $25,599.002 out of $26,000,000 capital stock of the New York, Susquehanna &
Western R.R. About one-half of this stock is deposited under the Erie R.R.-Pennsylvania Coal collateral mortgage.
Management: OFFICERS: F. D. Underwood. Pres.; G. F. Brownell, Vice-Pres.; G. A. Richardson, Vice-Pres.; David
Bosman, Vice-Pres. and Sec.; D. W. Cooke, Vice-Pres.; A. J. Stone, Vice-Pres.; G. N. Orcutt, Vice-Pres.; C. P.
Crawford, Compt; D. W. Bigoney, Treas. DIRECTORS: G. F. Baker, G. F. Brownell, E. J. Berwind, G. A. Richard-
son, F. L. Stetson, F. D. Underwood, A. J. Stone, Gates W. McGarrah, David Bosman, D. W. Cooke, C. S. Goldsbor-
ough, W. P. Hamilton, G. N. Qrcutt. MAIN OFFICE, 50 Church Street, New York.
EKIE RAILROAD SYSTEM r
(\E1t YORK. .ST.S'Q. ,<; WEST. R.R.). 349
Class! Aration of Freight Tonnage (Years Ending June 30)

Gross revenues ...

: U.lILUO.ll) SYSTEM (\Kli- YORK, SUSQ. $ II'KST. R.R.). 351
(nmment: There were no capitalization changes on this property during the year ended June 30, 1916. As
measured on the mileage basis it will be noted that the capitalization of this property is very high and the earning
power being relatively light, the capital is carried with some difficulty.
TABLE D. Bond Record and Ratings i

NAME or loom.
FLORIDA EAST COAST RAILWAY COMPANY
NOTE: The analysis is based on official documents of the co many, including its annual reports of the past nine years.
Origin: Incorporated Sept. 13, 1895, under Florida laws as successor to the Jacksonville. St. Augustine & Indian
River R.R. In 1899 the company acquired a division of the Tampa & Key West Ry. and the Jacksonville & Atlan-
tic Ry. Extensions have been under construction for many years, along the East coast of Florida.
Location: The operated lines consist of 744.89 miles, as follows: Main line from Jacksonville to Key West,
522.22 miles; branches, 217.02 miles; trackage rights, 5.65 miles. From Key West the company operates car-fer-
ries to Havana. Mileage all in Florida. Population of Florida in 1890, 391,422; in 1900, 528,542; in 1910, 751,139.
Management: OFFICERS: W. H. Beardsley, Pres. J. E. Ingraham, Vice-Pres. J. P. Beckwith, Vice-Pres.
; ; ;
Wm. R. Kenan, Jr., Vice-Pres.; L. C. Haines, Treas.; J. C. Salter, Sec. DIRECTORS: R. W. Parsons, Wm. A. Blount,
J. E. Ingraham, Wm. R. Kenan, Jr.. J. P. Beckwith. W. H. Beardsley, Geo. W. Perkins, J. C. Salter, L. C. Haines.
MAIN OFFICE, St. Augustine, Fla. NEW YORK OFFICE, 2G Broadway.
Classification of Freight Tonnage Year-; Ending June 30)

FLORIDA EAST COAST RAILWAY COMPANY. 353

1916
$7.203,858
2.395,322
Net operating revenues. . .
Operating ratio
Other income
ToUl net
Taxes accrued
Balance for chargt- s

Fixed charges .
NAME op ISSUE.
FOM) A. .1011 \ STOWN $ GLOVERSVILLE RAILROAD COMPANY. 3.v>
TABLE B. -Income Factors (Earnings and Their Distribution, Per Mile of Road)
MAINTENANCE.
YEABS
ENDED
JUNE 30.
norsrox $ HEXDEKSOX RAILROAD COMPANY. 357

1. Auth., $500,000; outstanding, $200,000 (closed). Dated Apr. 1, 1881; due Apr. 1, 1921. Ink paid at
Importers & Traders' Natl Bank, New York. Coupon, $100, $5CO and $1,000. First lien, 25.47 miles, Fonda to
Northville, N. Y. Underlie No. 4, which provides for retirement. Normal income tax deducted from interest.
for S. B. in Maine and New York.
2. Auth., $700,000; outstanding, $500,000 (closed). Dated July 1, 1897; due July 1, 1947. Int. paid at New
York Trust Co. Coupon, $1,000. Second lien on 25.47 miles, following No. 1. Underlie No. 4, which provides for
retirement. Interest paid without deduction for normal in?ome tax.
3. Auth., $1,500,000; outstanding, $800,000 (closed). Dated July 1, 1900; due July 1, 1950. Int. paid at New
York Trust Co. Coupon, $1,000. Third lien on 25.47 miles, following No. 2. Underlie No. 4, which provides for
retirement. Interest paid without deduction for normal income tax.
4. Auth., $7,000,000; outstanding, $5,150,000; balance of $1,850,000 reserved to retire Nos. 1, 2, 3, and 5. Dated
1. 1902; due Nov. 1, 1952. Int. paid at New York Trust Co. Coupon and reg., $1,000. First lien on 39.8 miles,
from Sulphur Springs June, to Schenectady including lines in Amsterdam, and fourth lien on 25.47 miles, following
No. 3. Legal for Savings Banks in New York and Maine. Interest paid without deduction for normal income tax.
5. Auth. and outstanding, $350,000. Dated Oct. 1, 1892; due Oct. 1, 1922. Int. paid at Farmers' Loan & Trust
Co.. New York. Coupon, $1.000. Guar. prin. and int. by Fonda, Johnstown & Gloversville R.R. First lien on 8.7
miles, Fonda to Gloversville. N. Y. Retirement provided for by No. 4. Normal income tax deducted from interest.
6. Auth. and outstanding, $30,000. Dated Aug. 1, 1895; due Aug. 1, 1925. Int. paid at Farmers' Loan & Trust
Xew York. Coupon. $1,000. Guar. prin. and int. by Fonda, Johnstown & Gloversville R.R. First lien on 6.2
miles from Broadalbin June, to Broadalbm, N. Y. Normal income tax deducted from interest.
7. Auth. and outstanding. $50,000. Dated Jan. 1, 18':i; due Jan. 1, 1913; extended at 5'', to Jan. 1, 1933. Int.
paid at Fulton County Nat'l Bank, Gloversville, N. Y. Coupon, $1,000. Guar. prin. and int. by Fonda, Johnstown
A Gloversville R.R. First lien, 4.23 miles, Johnstown to Gloversville. Normal income tax deducted from interest.
r
Capital Stock: Auth.. $1,000,000 6 > cumulative preferred and $2,500,000 common; outstanding, all the com-
mon and $500,000 preferred; par $100. Dividends on preferred: ti', from May, 1909, to date; on common, 2% per
annum from July 20, 1910-1913T inclusive. None since. Payments are now made in August. TRANSFER AGENT,
Ernest J. Beach. Gloversville, N Y.
.
GALVESTON, HOUSTON & HENDERSON RAILROAD COMPANY

Origin: Successor by reorganization in 1882 of original property of same name.
Location: Operates 50 mile*, Houston to Virginia Point, Tex., with branch to Galveston, etc. Of total, 48.28
miles are owned, and 1.22 mile* leased. The Missouri. Kansas & Texas and the International & Great North-
ern railways have joint trackage rights over the road unti! 1935. at a fixed annual rental of $65,050 each, or $130,-
100 in all. Of this rental. $106,100 if paid semi-annually to the trustees of the Galveston, Houston & Henderson
first mortgage, for meeting the interest on the latter.
Management: OFFICER* J. N. Wallace, Pres.; J. H. Hill. Vice-Pres., Gen. Mgr. and Treas.: J. E. O'Neill, Sec.
:
and Aud. DIRECTOR.*: J. N. Wallace, E. T. Jeffery, C. E. Schaff, J. W. Daley, Frank Trumbull, J. A. Baker, Jr.,
A. (i. Whittington. Annual meeting, first Tuesday after first Monday in April. MAIN OFFICE: Galveston, Texas.
of Freight Years Knding June 30)

Comment: Business on this property has shown little tendency towards growth in recent years. Passenger
density has steadily declined, continues to range at low figures. The freight rates received by the company are high,
and the train mile earnings have been fairly well maintained. The freight tonnage is well diversified, but has
shown little improvement in volume during the past decade.
TABLE B. Income Factors (Earnings and Their Distribution, Per Mile of Roadj
YEARS
ENDED
JUNE 30.
(..IIJ'KSTOX. IIOrSTOX X HKXDEKSOX RAILROAD COMPANY. 359

CapitalisationPer Mile of Road. Dividend Record.
n <-
EXDBD
JuM.
THE GREAT NORTHERN RAILWAY COMPANY
Origin: Incorporated March 1, 1856, as the Minneapolis & St. Cloud Ry. Name changed as above Sept. 18,
1889. Acquired control of St. Paul, Minneapolis & Manitoba Ry. Co. in 1890, on 999-year lease, afterwards for-
mally absorbing this property and assuming its security obligations. From time to time acquired other lines, and
now controls the Vancouver, Victoria & Eastern Ry. & Navigation Co., and the Great Northern Steamship Co., the
latter operating between Seattle and Yokohama. Jointly with Northern Pacific controls the Spokane, Seattle &
Portland Ry Co. Also owns the Northern Steamship Co., operating on the Great Lakes, from Buffalo to Duluth,
and owns an interest in the Spokane & Inland Empire R.R. In 1916, purchased the Watertown & Sioux Falls R.R.,
formerly the South Dakota Central Ry. extending 103 miles from Watertown to Sioux Falls, S. D.
Location: The total operated lines of the Great Northern Railway system consisted June 30, 1916 of 8,120.06
miles, the average mileage operated for the year being 8,053. The mileage is classified as follows: Main lines di-
rectly owned and operated, 7,112.91 miles; lines owned by controlled companies and trackage rights, 1,007.15 miles.
The system extends westward from Duluth, St. Paul and Minneapolis to Seattle and Vancouver, and entering
Fargo, Sioux Falls, Great Falls, Helena, Butte, Everett, Spokane, Tacoma, etc. Mileage chiefly in Minnesota, North
Dakota, Montana, Idaho, and Washington. Population of these States in 1890, 2,050,379; in 1900, 2,993,794; in
1910, 4,496,401.
Chicago, Burlington &

Quincy Control: Jointly with the Northern Pacific Ry., the company controls the 'Chi-
cago, Burlington & Quincy system, nearly all of the stock of the latter being owned, and deposited as collateral
under the 4% joint mortgage of these two companies. By means of this joint control, the Great Northern lines
have access into Chicago, Denver, Omaha, and Kansas City, and through the Colorado Southern lines (controlled
by the C. B. & Q.) a direct line through Texas to the Gulf of Mexico.
Management: OFFICERS: L. W. Hill, Chairman of Board and Pres. R. Budd, Asst. to Pres. (St. Paul) ; E. C.
;
Lindley, Vice-Pres. and Gen'l Counsel; J. M. Gruber, Vice-Pres.; W. P. Kenney, Vice-Pres.; E. T. Nichols, Vice-
Pres. and Asst. Sec.; G. R. Martin, Vice-Pres.; L. E. Katzenbach, Sec. and Treas.; N. Terhune, Asst. Treas. and
Asst. Sec. DIRECTORS: Louis W. Hill, Edward T. Nichols, W. P. Kenney, E. C. Lindley, A. D. Thomson, F. E.
Weyerhauser, Wm. B. Dean, Ralph Budd, Pierce L. Howe, L. Emery Katzenbach, A. L. Ordean, A. B. Hepburn.
Annual meeting, second Tuesday in October. MAIN OFFICE, St. Paul, Minn. NEW YORK OFFICE, 32 Nassau St.

GREAT NORTHERN RAILWAY COMPANY. 361
Comment: During the year ended June 30, 1916, the Great Northern Railway reported very substantial re-
covery which almost equaled the high figures of 1913. The average freight train load also
in its freight density,
advanced to a new high figure, and, notwithstanding the fact that average freight rates tended to decline, the train
mile earnings were better than in the previous year. The tonnage of this system is quite well diversified, although
products of mines represent approximately 55% of the total business done.
YEAM Gram
Per Mile of Road.
YEARS
ENDED
JUNE 30.
GREAT \OETHEEN RAILWAY COMPANY. 363
ducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement. The

1. Auth., $50,000,000; outstanding, $8,237,000 4s; $21,098,000 4%s; $13,344,000 6s (closed). Dated May 1, 1883;
due July 1, 1933. Int. paid at company's office, 32 Nassau St., New York. Coupon and reg., $1,000. Sinking fund:
Proceeds of all land sales are pledged to the payment of interest and to redemption of principal of these bonds at
lowest market price. Assumed by Great Northern Ry. First lien on terminals at St. Paul and Minneapolis, on the
land grant of the company, and on 2,541.35 miles, as fol'ows: From St. Paul, Minn., to International Boundary
Line north of Noyes, Minn., 392.72 miles; East St. Cloud to Hinckley, Minn., 66.50 miles; St. Cloud to Willmar, Minn.,
55.56 miles; Sauk Center to Park Rapids, Minn., 90.96 miies; Barnesville June., Minn., to Grand Forks, N. D., 100.32
miles; Grand Forks, N. D.. to International Boundary lAns north of Neche, N. D., 81.35 miles; Minneapolis, Minn.,
to Aneta, N. D., 329.47 miles; Clearwater June, to St. Cloud, Minn., 63.98 miles; Casselton to Larimore, N. D., 74.67
miles; Fosston to Redland, Minn., 46.06 miles; Crookston to Red River at East Grand Forks, Minn., 23.60 miles;
Minnesota-North Dakota State Line at Grand Forks to the North Dakota-Montana State Line, 350.57 miles; also
on the following branch line railways: Elk River to Milaca, Minn., 31.81 miles; Evansville to Tintah, Minn., 32.01
miles; Fergus Falls to Pelican Rapids, Minn., 21.65 miles; Red Lake Falls to Thief River Falls, Minn., 20.14 miles;
Spring Park June, to Hutchinson, Minn., 43.90 miles; Benson, Minn., to Watertown, S. D., 91.88 miles; Morris to
I.ake Traverse, Minn., 48.60 miles; Yarmouth, Minn., to Ellendale, N. D., 105.07 miles; Rutland, N. D., to Aberdeen,
Wahpeton, N. D., to Moorhead, Minn., 43.48 miles; Moorhead to Redland, Minn., 66.05 miles;
:
Addison to ChafTee, N. D., 11.78 miles; Mason June, to Portland June., N. D., 32.62 miles; Grafton to Walhalla,
N. [>.. 18.10 miles; Larimore to Hannah, N. D., 94.95 miles; Church's Ferry to St John, N. D., 55.31 miles; Rugby
June, to Bottineau. N. !>.. :t8.95 miles; and various branch lines, mileage aggregating 16.26 miles; second lien on
the property of the Minneapolis Union Ry. (2.63 miles), following No. 7. Underlies No. 9, with provision to retire.
Legal for Savings Banks in Cal., Conn., Maine, Mass., Mich.. Minn., N. IL, N. J.. N. Y., R. I., Vt, Wis. Listed on
2. Auth.. $25,000.000; outstanding. $10,185,000. Deposited under No. 3, $11,502,000 (closed). Dated June 1,
1887; due June 1, 1937. Int. paid at company's office, 32 Nassau St., New York. Coupon, $1,000; reg., $1,000 and
$5.000. Assumed by Great Northern Ry. First lien on 837.18 miles, as follows: North Dakota-Montana State line
to south side of Sun River, near Great Falls, Mont, 411.59 miles; Pacific June., Mont, to Idaho State line, near
Newport, 401.48 miles; Columbia Falls to Kalispell. Mont. 15.42 miles; and branches aggregating 8.69 miles; sec-
ond lien on 249.18 miles, following No. 5. Underlie NOR. 3 (on 417.03 miles) and 9, with provision by latter to retire.
Legal for S. B. in Cal., Conn.. Maine. Mass.. Mich.. Minn., Mo.. N. H.. N. J., N. Y., R. I., Vt., Wis. Listed on New
3. Auth. and outstanding, $28.567,758. Dated July 1, 1890; due July 1, 1940. Int. paid at company's office, 32
Nassau St. New York, and at Baring Bros., London. Coupon, 100, 500 and 1,000; reg., 1,000. Assumed by
Great Northern Ry. First lien from Idaho- Montana State line, near Newport, to Everett, Wash., 432.95 miles;
second Hen on 417.03 (oat of 837.18) miles, following No. 2, mileage being as follows: From Pacific June. to-Mon-
tana-Idaho State line, near Newport. 401.3%. miles; Columbia Falls to Kalispell, Mont., and branch; first lien on
$11,502,000 (out of $21,687,000) of No. 2, covering mileage described in the first lien of No. 5. Underlies No. 9,
with provision to retire. I^gal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I.,
Vt.. Wis. Listed on New York and London Stock Exchanges. Normal income tax deducted from interest.
4. Auth., $15.000,000; outstanding. $9,695.000 (closed). Dated April 1. 1898; due April 1, 1948. Int. paid at
Great Northern office, 32 Nassau St., New York, and at Ltf. Higginson & Co., Boston. Coupon, $1,000; reg., $5,000.
Callable at 105 and int. on any interest date after April 1, 1928, on three months' notice. Assumed by Great North-
ern Ry. First lien on 284.36 miles of road; terminals and dockage property in Duluth and West Superior; mile-
age as follows: From Boylston. Wis., to Fosston, Minn., 212. U* miles; Hinckley to Duluth, Minn., 69.13 miles; and
branches, 3.04 mil. Nfo. 9 with provision by latter to retire. Legal for S. B. in Cal., Conn., Fla.,- Maine,
Mass.. Mich.. Minn.. Mo., N. II N. .1 N Y.. R. I., Wis. Listed on New York Stock Exchange. Normal income tax
. .

.V Auth.. $10,000.000; outstanding, $4,000.000 5s; $6,000,000 6s. Dated July 1, 1887; due July 1, 1937. Int. paid
at Great Northern office. 32 Nassau St. New York. Coupon, $1,000; reg., $1,000 and $5,000. Assumed by Great
Northern Ry. First lien on 249.1R miles, as follows: Great Falls to Butte, 169.27 miles; Great Falls to Neihart,
Sand Coulee and Stockett. 75.91 miles; and other branches 4 miles, all in Montana. Underlie Nos. 2 and 9, with
latter to retire. I^gal for S. B. in Cal., Conn., Mass., Mich.. Minn., N. H., N. J., N. Y., R. I., Vt., Wis.
provision by
Listed on .New York Stock Exchange. Normal income tax deducted from interest.
C. Auth.. $2.625,000, plus $17.500 per mile additional; outstanding. $3.625.000 (closed). Dated June 1, 1888; due
June 1, 1938. Int paid at Great Northern office, 32 Nassau St., New York. Coupon and reg., $1,000. Assumed by
Great Northern Ry. Fir-t lien from Willmar, Minn., to Sioux City, la., 223.15 miles, and Garretson to Yankton,
'.. 80.94 miles. Total, 304.09 miles. Underlies No. 9, with provision by latter to retire. Legal for S. B. in Cal.,
aine, Mass.. Mich.. Minn.. Mo.. N. H.. N. J., N. Y., R. I., Vt, Wis. Listed on New York Stock Exchange.
7. Auth., $3.000.000: outstanding, $650.000 5s; $2,150,000 6s (closed). Dated Mar. 1, 1882; due July 1, 1922.
paid at Great Northern office. 32 Nassau St., New York. Coupon, $1,000. Assumed by Great Northern By.
lien on 2.63 miles of double track and 4.75 miles of sidings, extending from Union Stock Yards to Union Depot,
Minneapolis. Minn., including bridge across the Mississippi River and the Union Depot, together with "buildings, etc.
L'nH. I nrnl with provision by latter to retire. Legal for S. B. in Cal., Conn.. Maine, Mass., Mich., Minn.,
'.>.
V. H.. N. .T N. Y.. R. I.. Vt.. Wis. Listed (6s) on New York Stock Exchange. Normal income tax deducted
.
from interest.
8. Auth.. $20,000 per mile; outstanding, $229.000; deposited under No. 9, $2,583,000 (closed). Dated July 1,
1889, due July 1. H.,!i. Int. paid at Great Northern office, 32 Nassau St., New York. Coupon, $1,000. Assumed by
Great Northern Ry. First lien on 130.14 miles, as follows: From Dean, Wash., to the International Boundary Line,
aid from Hillyard to Spokane. Wash., 4.30 miles. Underlies No. 9, with provision by latter to retire.
I*gal for S. B. in Cal., Conn., Mass.. Mich., Minn., N. H., N. J., N. Y., R. I., Vt, Wis. Interest paid without deduc-
9. Auth., $600,000,000; outstanding, $35,495,000. Dated May 1, 1911; due July 1, 1961. Int. paid at company's
office, New York. Callable at 105 and int. after Jan. 1, 1941, upon ninety days' notice. First lien on 2,35Q.76 miles,
as follows: From Coon Creek to Brook Park, Minn., 56.51 miles; Brookston to Ellis, Minn., 46.51 miles; Kelly Lake
to Gunn June., Minn., 31.37 miles; Virginia to Chisholm, Minn., 17.37 miles; Park Rapids to Cass Lake, Minn., 49.04
miles; Thief River Falls to Warroad, Minn., 84.24 miles; Watertown to Huron, S. D., 69.61 miles; Fargo to Surrey,
N. D., 226.07 miles; Aneta to Devils Lake, N. D., 57.72 miles; Armington to Laurel June., Mont., 196.21 miles;
Shelby June, to Great Falls, Mont, 97.49 miles; Marcus, Wash., to International Boundary Line at Laurier, Wash.,
27.66 miles; International Boundary Line at Danville to International Boundary Line at Ferry, Wash., 25.13 miles;
International Boundary Line at Molsom, Wash., to International Boundary Line at Chopaka, Wash., 48.46 miles;
Seattle, Wash., to International Boundary Line at Blaine, Wash.. 123.91 miles; Anacortes to Rockport, Wash., 57.72
miles, and small portions of main line mileage aggregating 24. 79 'miles; branch line mileage being from Mississippi
to Kelly Lake, Minn., 31.71 miles; Fermoy to Kelly Lake, Minn., 23.40 miles; Sundry Mine Spurs at Messabe
Range Minn., 17.41 miles; Ellendale to Forbes, N. D., 13.36 miles; Lakota to Sarles, N. D., 73.13 miles; York to
Dunseith, N. D., 42.27 miles; Bottineau to Antler, N. D., 41.89 miles; Towner to Maxbass, N. D., 46.10 miles; Gran-
ville to Sherwood, N. D., 61.82 miles; Berthpld to Crosby, N. D., 89.16 miles; Stanley to Wildrose, N. D., 50.75 miles;
Bainville to Scobey, Mont., 97.83 miles; Virden, Mont, to the International Boundary Line, at Sweet Grass, Mont,
36.54 miles; Kalispell to Marion, Mont, 25.57 miles; Kalispell to Somers, Mont, 10.45 miles; Curlew to Republic,
Wash., 21.09 miles; Oroville to Wenalchee, Wash., 135.88 miles; Columbia River to Mansfield, Wash., 60.62 miles;
Belleville to Yukon, Wash., 11.38 miles; Monroe to Tolt, Wash., 17.84 miles; Bonners Ferry to International Bound-
ary at Port Hill, Idaho, 25.95 miles; Niobe to International Boundary at Northdate, N. D., 21.69 miles; Vaughn to
Gilman, Mont, 40.28 miles; Moccasin to Lewiston, Mont., 30.27 miles; Power to Bynum, Mont., 42.97 miles; and
small portions of branch line mileage, aggregating 261.67 miles; first collateral lien on 575.13 miles of the following
companies: Manitoba Great Northern Ry., 91.77 miles; Brandon, Saskatchewan & Hudson's Bay Ry., 69.45 miles;
Crow's Nest Southern Ry., 74.18 miles; Nelson & Fort Sheppard Ry., 55.42 miles; Red Mountain Ry., 9.59 miles;
Vancouver, Victoria & Eastern Ry. & Navigation Co., 261.67 miles; Brandon, Devils Lake & Southern Ry., 13.05
miles; second lien on 4,112.98 miles, as follows: On 2,541.35 miles, following No. 1; on 421.06 miles, following No.
2; on 432.95 miles, following No. 3; on 284.36 miles, following No. 4; on 304.09 miles, following No. 6; on 130.14 miles,
following No. 8; third lien on 668.99 miles, as follows: on 401.48 miles and branches, 15.70 miles, following No. 3;
on 2.63 miles, following No. 1; on 249.18 miles, following No. 2; first lien on entire capital stock (except directors'
shares) of the Minneapolis Western Ry. Co., 1.69 miles; first collateral lien on $2,583,000 of No. 8, covering 130.14
miles; upon $21,000 of No. 6, and on 1,632 shares out of a total present isue of 4,956 shares capital stock of the
Lake Superior Terminal & Transfer Ry. first lien on equipment costing $46,200,068, and second lien on equipment
;
costing $12,873,122. Also first lien on entire capital stocks of the Great Northern Office Buildine/ Co. and the Great
Northern Equipment Co. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. Y., N. J., R. I., Vt,
Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax. Coupon, $1,000;
reg., $1,000, $5,000 and multiples, interchangeable.
10. Auth., $222,400,000; outstanding, $215,227,000; reserved for balance of C. B. & Q. stock, $7,173,000. Dated
July 1, 1901; due July 1, 1921. Int. paid at J. P. Morgan & Co., New York. Coupon, $1,000; reg., $1,000, $5,000,
etc. Secured by deposit of 1,076,135 shares out of 1,108,391 shares of Chicago, Burlington & Quincy capital stock.
Callable at 105 and int. A joint obligation of the Great Northern and the Northern Pacific Railway companies. In
the above table the Great Northern's share of interest on these bonds is not deducted for the reason that the income
from dividends on the C. B. & Q. stock is not included in the income table, one item offsetting the other. No. 9 pro-
vides for retirement of entire issue. Legal for S. B. in N. H., R. I. Listed on New York and London Stock Ex-
GUK AT \ORTII EK\ EA11AVAY SYSTP1M. 365
COMPANIES CONTROLLED BY GREAT NORTHERN RAILWAY CO.

FARMERS' GRAIN & SHIPPING COMPANY RAILROAD
Origin: Incorporated under laws of North Dakota, Oct 11, 1902. Acquired the Devil's Lake & Northern Ry.
Location: Devil's Lake to Hansboro, N. D., 66.55 miles. Siding, 7.19 miles. Equipment: Locomotives, 3; cars,
16. Other equipment is supplied by the Great Northern Ry.
Management: OFFICERS: Jos. M. Kelly, Pres., Devil's Lake, N. D.; Rasmus Sorenson, Vice-Pres. and Treas.;
W. G. Samuel, Sc.. Devil's Lake, N. D.; P. S. Dunn, Gen. Mgr., Aud., Supt. and P. A., Devil's Lake, N. D. DlREC-
TOM: Jo*. M. Kelly, F. A. Baker. Devil's Lake, N. D.; J. A. G. Dahlen, Jorgen Mikkleson. Garske, N. D.; Norman
Morrison, W. G. Samuel, Frank Honett, Rasmus Sorenson, Webster, N. D.; L. D. Maurer, Starkweather, N. D.
Annual meeting, second Tuesday in Nov. OFFICE, Devil's Lake, N. D.

1916 1915 1914 1913 1912 1911
Gross revenues $106,348 $87,021 $128,744 $93,167 $52,195
Maintenance of way.. . . : I..'".: 23,523 28394 19,715 13,737
Maintenance of equip.. 5,324 7,927 8.150 7,348 5,780 6,612
All other operating exp. 31,017 36,690 41,599 40,129 29,565
Net operating revs. $30491 $18,658 $55,903 $28,143 $2,281

Other income 1.469 1,134 1,134 1,134 1,229
Total net income. . $31.860 $10,523 $19,792 $57,037 $29,277 $6,390

Taxes 15.049 18,924 11,438 11,019 10,080 9,902
Fixed charge* njut J-.4::7 30,204 25,265 22,773
Surplus <def.)$8.497 (def.) $25.956 (def.) $20,083 $15,814 (def.) $6,068 (def.) $29.165
Comparative Condrnited BJ lance Sheet, a* of June 30

1916 1911 1914 1913 1912 1911
$632.735 $633.682 $628,736 $624,420 $624,388
Working asset* i .. ., 20.184 84,276 26,823 22,134
Profit and loss deficit. 117,548 109.11.' 80,719 74,651
Total .
$771.963 $758.813 $736.938 $725,968 $731,962 $721,173
LIABILITIES:
Capital stock $200.000 $200.000 $200,000 $200,000 $200,000 $200,000
Funded debt 438.000 438.000 438,000 438,000 438,000 438,000
Working liabilities. 120,813 87,968 93,962 83,173
Total .
$771,963 $758^13 $736,938 $725,968 $731,962 $721,173
Bonded Debt: $438.000 Farmers' Grain & Shipping Co. 'a R.R. first 5s. Dated July 1, 1905; due July 1: 1925.
Jan. and July 1. at Minneapois Trust Co.. Trustee. Coupon, $1,000. All owned by Brandon, Devil's Lake &
-rn Ry. Co. Authorized. $465,000. A first lien on all property of the company.
Capital Stock: Authorized and outstanding, $200,000. Par, $25. The Brandon, Devil's Lake Southern Ry.
WHS $121.025 of the stock. Stock of latter company owned by Great Northern Ry.
VANCOUVER, VICTORIA AND EASTERN RAILWAY AND

NAVIGATION COMPANY
Incorporated under laws of British Columbia, May 8, 1897, and on June 13, 1898, by Act of Dominion Parlia-
ment became a Dominion corporation. Line of road: Laurier, Danville and Grand Forks, Grand Forks to Phoe-
nix. B. C.. Midway to Molson. Wash.. Chopaka, Wash., to Brookmere, B. C., Blaine, Wash., to Vancouver, B. C., and
various other branches; total operated .'t;:i.l.~, miles. All mileage is near international boundary. Equipment: Loco-
motives. 2; cars, 260. Controlled by Great Northern Ry. by stock ownership and included in that company's directly-
operated mileage.
Management: OFFICERS: R. Budd. Pres.; J. H. O'Neill, Vice-Pres.; L. E. Katzenbach, Treas.; A. H. McNeiil,

<. H Marti-,. >,mpt. Annual meeting, second Friday in March. OFFICE, Vancouver, B. C.
(
Capital Stock: Auth.. $25.000.000; outstanding, $20.850,000; par, $100; all owned by Great Northern Railwav.
nded debt.
GULF, MOBILE AND NORTHERN RAILROAD COMPANY
Origin: Formed New Orleans, Mobile & Chicago Railroad, which was sold under fore-
in 1915 as successor to the
closure. New companydid not take possession until Jan., 1917, owing to litigation as to legality of sale. The old
.
company was incorporated under laws of Alabama, Mississippi and Tennessee, Dec. 1, 1909, as successor to the
Mobile, Jackson & Kansas City R.R. and the Gulf & Chicago Ry. Co.
t
Location: Operates 402.9 miles, of which main lines extend from Mobile, Ala., to Middleton, Tenn., and from
Beaumont to Hattiesburg, Miss., with branch to Ellisville, Miss. Extensions were planned to give the company
connection with the Nashville, Chattanooga & St. Louis (L. & N. system) and the Chicago & Eastern Illinois. In
October, 1916, Receiver William F. Owen began making surveys for an extension from Middleton, Tenn., northerly
to Jackson, Tenn., 34 miles, at an estimated cost of between $700,000 and $800,000, and construction will begin
shortly. Extension to New Orleans is also projected. The property was formerly controlled jointly by the Louis-
ville & Nashville Railroad and the St. Louis & San Francisco Railroad Co., through ownership of a majority of
the old capital stock.
Reorganization Plan: Under the reorganization plan which was declared operative in May, 1915, the holders of
the 5%bonds of the old company were offered, in exchange for their bonds, 83 1/3% in new preferred stock and 75%
in new common stock. The old preferred and common stockholders were each assessed $10 per share, for which
they received 50% in new preferred and common stock, respectively. For current news, consult our Investors
Service. ,
Management (New Company) OFFICERS: John W. Flatten. Chairman; W. F. Owen, Pres. ; J. H. Wood, Vice-
:
Pres. and Compt. H. F. Ricker, Asst. to Pres. and Sec.; Eugene Harvey, Treas. DIRECTORS:
;
W. F. Owen, John W.
Flatten, F. W. Scott, A. H. S. Post, C. Nelson Strother, W. H. Cloverdale, J. S. Dale, J. C. Rich, C. K. Beekman,
C. M. Murphey, I. B. Tigrett. MAIN OFFICE, Mobile, Ala. NEW
YORK OFFICE, 71 Broadway.

MOJULK ,x; XORTHERX RAILROAD COMPANY. 367
YMABS
JUNE 30.
.'JG8 MOODY'S ANALYSES OF INVESTMENTS.
Comparative Condensed Ba'ance Sheet, as of June 30
ASSETS : 1916 1915 1914 1913 1912 1911
$23,379,367 $23,280,727 $23,170,441 $23,748,895 $21,811,529 $21,570,803
Working assets 1,599,853 1,138,359 1,532,559 1,332,996 2,426,723 1,670,794
Deferred debit items. . .
1,043,232 1,042,995 1,073,156 637,850 82,616 95,754
Accrued income not due 431 134 461
Profit and loss deficit... 941,586 855,092 529,449 393,423 54,546
Total $26,964,469 $26,317,308 $26,306,066 $26,113,164 $24,385,414 $23,337,351

LIABILITIES :
Capital stock $10,075,300 $10,075,300 $10,075,000 $10,075,300 $10,075,300 $10,075,300

Funded debt 13,646,500 13,689,223 14,152,602 13,963,924 12,925,500 12,419,083
Working liabilities .... 3,068,999 2,419.188 1,958,811 1,706,114 1,054,893 695,940
Deferred credit items . . 16,938 9,835 21.192 14,365 10,035 21,658
Appropriated surplus . . 2,520 2,520 2,520
Profit and loss surplus.. 104,831
Total .
$26,964,469 $26,317,308 $26,306,066 $26,113,164 $24,385,414 $23,337,351
Note: Above are the capitalization figures of the old company. The new company is to have no bonded debt out-
standing, but will issue $11,344,333 6% preferred stock, and $10,820,894 common stock. Both classes of stock are to
be vested for not over 5 years in voflng trustees, viz.: John W. Flatten, Frederick Wm. Scott, Samuel S. Campbell,
Maurice Hely-Hutchinson and A. H. S. Post. The preferred stock is to be 6% non-cumulative for first 3 years and
cumulative thereafter.
GULF & SHIP ISLAND RAILROAD COMPANY

Origin: Incorporated under Mississippi laws, Feb. 23, 1882. Line was first partially operated in 1897, and
completed in the period from 1900 to 1906. In addition to its railway property has valuable terminal rights on
Mississippi Sound at Gulfport, and has dredged a harbor at that point under arrangement with the United States
Government.
Location: Lines operated consist of 307.56 miles, as follows: Gulfport to Jackson, Miss., 161.06 miles; Maxie to
Mendelhall, Miss, 104.75 miles; Saratoga to Laurel, Miss., 41.75 miles. At Jackson connection is made with the
Illinois Central lines and the Alabama & Vicksburg. Population of Mississippi in 1890, 1,289,600; in 1900, 1,551,-
270; in 1910, 1,797,114.
Management: OFFICERS: (Vacancy), Pres.; W. T. Stewart, Vice-Pres.; J. C. Simpson, Sec.; P. A. Stilwell,
Treas. DIRECTORS: J. C. Simpson, M. E. Jones, J. W. Thomas, W. T. Stewart, B. E. Eaton, J. H. Brown, W. E.
Leonard, G. E. Jones. Annual meeting, first Monday in June. MAIN OFFICE, Gulfport, Miss.
Gl'LF $ SHIP ISLAM) ItAILKOAl) COMPAXV. 369
Comment: During the year ended June 30, 1916, the Gulf & Ship Island reported some improvement in both
passenger and freight density, and the train load was also held up. Train mile earnings were better than in
1916 and were well above the average for the decade. As usual, the company depended mainly on forest products
for its tonnage, these representing over 73'
', of the total business done. The total tonnage was the largest ever
reported.
TABLE B. Income Factors i
Earnings and Their Distribution. Per Mile of Road)

YEARS
ENDED
JUNE 30.
1H'\TI\(;1)()\ BKOAD TOP MTX. K.R. COAL CO. 371

1. Auth., $5,000,000; outstanding, $4,134,000; alive in sinking fund, $850,000. Dated Feb. 1, 1902; due Feb.
1, 1952. Int. paid at Metropolitan Trust Co., New York. Coupon, $1,000; reg., $1,000, $5,000 and $10,000. Re-
deemable at 110 and interest for sinking fund. Sinking fund: equal to l r annually of outstanding bonds for pur-
<
chase of bonds at not exceeding 110 and int. First lien on 236.13 miles, as follows: Hattiesburg to Jackson,
Miss., 89.63 miles; Maxie to Mendenhall, Miss., 104.75 miles; Saratoga to Laurel, Miss., 41.75 miles; second lien on
71.43 miles from Gulfport to Hattiesburg, Miss., subject to only $16,000 first 5s; due 1926 for retirement of which
provision is made. Underlies No. 2. Listed on New York Stock Exchange. Interest paid without deduction for
normal income tax.
2. Auth., $1,000.000; outstanding, $200,000; retired, $300,000. Dated Feb. 1, 1911; due April 1, 1917. Int. paid
at Metropolitan Trust Co., New York. Redeemable at 103 and int. on any interest date, on ninety days' notice.
Second lien on 236.13 miles, and third lien on 71.43 miles, following No. 1. Interest paid without deduction for
normal income tax. Interest charge in above table does not include maturity payments, which are not being directly
charged to current income.
3. Auth. and outstanding $350.000; dated May 1. 1916; due $50,000 annually from May 1, 1918, to 1924. Int
paid at Bankers Trust Co., Buffalo, N. Y. Coupon, $1,0)0. Callable at 105. Not a mortgage. Normal income
TABLE K. Stock Record and Ratings Based on 10- Year Results, Per Mile of Road)
YEARS
ENDED
JUNE 30.
Ill -\TI\GDO\ A HRO. ID TOP MT\. U.K. & COAL CO. 373
TABLE C. Capitalization Factors <

YEAM
ENDBD
Jl-XZM.
374 MOODY'S ANALYSES OF INVESTMENTS
4. Series 16, 4%s; dated Oct. 1, 1906; due $17,000 each April and October to Oct. 1, 1921; originally issued
$500,000; now outstanding, $170,000. Int. paid at Phila. Trust, Safe Dep. & Ins. Co. Coupon $1,000. First lien
on 500 hopper gondola cars. Interest paid without deduction for normal income tax.
Capital Stock: Auth., $2,000,000 preferred and $1,550,000 common; outstanding, $2,000,000 preferred an'd $1,371,-
750 common. Preferred entitled to 1% non-cumulative. Last paid, 7% in 1908. A majority of the stock is held in
a voting trust, and an agreement was entered into on Jan. 6, 1913, with a special committee, providing for the sale
of a. majority of the stock.
ILLINOIS CENTRAL RAILROAD COMPANY

official
Origin: Incorporated Feb. 10, 1851, under Illinois laws. Main lines from Chicago to Cairo, and from Centralia
to Dubuque,la., opened in September, 1856. From time to time smaller lines were acquired, including the Yazoo &
Mississippi Valley, which is separately operated but controlled through the Mississippi Valley Corporation. In June,
1909, the stock of Central of Georgia Ry. was purchased, and in May, 1911, the Indianapolis Southern Ry. merged.
In 1913, control of the Chicago, Memphis & Gulf Ry. was acquired.
Location: The directly operated lines of the Illinois Central R.R. consisted on June 30, 1916, of 4,773.64 miles,
classified as follows: Original main lines owned, 705.50 miles; purchased lines, 1,555.15 miles; lines owned or con-
trolled through capital stock, 2,287.83 miles; lines owned jointly with other companies 11.05 miles; lines leased, 22.43
miles; lines operated under trackage rights, 180.49 miles; other lines, 12.19 miles. Mileage chiefly in States of
Illinois, Iowa, Indiana, Tennessee, and Mississippi. Population of these States in 1890, 10,987,769; in 1900, 13,131,-
751; in 1910, 14,546,741.
Control: The Union Pacific Railroad on June 30, 1916, owned directly $22,500,000 of the capital stock of the
Illinois Central, and also owned nearly all the capital stock of the Railroad Securities Co., the latter owning $9,200,000
Illinois Central stock.
Management: OFFICERS: C. H. Markham, Pres.; W. L. Park, Vice-Pres. F. B. Bowes, Vice-Pres.; C. F. Parker,

;
Vife-Pres.; M. P. Blauvelt, Comptroller; D. R. Burbank, Sec.; A. J. Wykes, Treas.; T. J. Foley, Gen. Mgr. DIREC-
TORS: Hon. Edw. F. Dunne, Walther Luttgen, John W. Auchincloss, Robert Walton Goelet, Cornelius Vanderbilt,
Chas. A. Peabody, John G. Shedd, Wm. Averell Harriman, J. Ogden Armour, Robert S. Lovett, Chas. H. Markham,
H. W. DeForest, Philip Stockton. Annual meeting, third Wednesday in October. MAIN OFFICE, Chicago, 111. NEW
YORK OFFICE, 26 Liberty St.
ILLINOIS CENTRAL RAILROAD COMPANY. 375
r*m
}
YEARS
ENDED
JUNE 30.
Investment Securities Owned (Continued)

Dividends
Kind. Pledged. Unpledged. Total. and Interest
BOM fc Received.
Illinois Central Gold Fours of 1953 $71,000 $71,000 e
Illinois Central Interim Certificates, 1st lien 4s Equip 7,787,000 7,787,000 e
I. C. R.R. Co. and C. St L. & N. O. R.R. Co. Joint First
Refunding Mortgage Bonds 3,348,100 3,348,100 e
and Terminal Three and a halfs of 1953
Louisville Div. 156,000 156,000 e
Cedar Rapids & Chicago R.R. Co., First Mortgage Gold
Kives of 1935 a $830,000 830,000 $41,500
Cherokee & Dakota R.R. Co., First Mtge. Gold 5s of 1935 a 3,100,000 3,100,000 155,000
Chicago, St L. & New Orleans R.R. Co., Gold 5s of 1951. b 5,266,000 5,266,000 263,300
Chicago, St. Louis A New Orleans R.R. Co., Gold Bridge
*
Fives of 1950 c 3,000,000 3,000,000 150,000
Chicago, St. Louis A New Orleans R.R. Co., Equipment
Trust Certificates, Series "A," Fives of 1924 595,000 595,000 e
Louisville, New Orleans A Texas Ry. Co., First Mort-
gage Fours of 1934 dl6,832,000 16,832,000 673,280
Louisville. New Orleans & Texas Ry. Co., Second Mort-
gage Income Fives of 1934 d 9,104,000 9,104,000 2,457,469
Louisville, New
Orleans A Texas Ry. Co., Land Grant
Non-Cumulative Income Sixes of 1934 d 6,553,277 6,553,277
Peoria & Pekin Union Ry. Co., Debenture Fives 194,000 194,000 9,752
Southern Illinois A Missouri Bridge Co., Fours of 1951 600,000 600,000 24,000
Tennessee Central R.R. Co., Prior Lien Fours of 1934 1,338,000 1,338,000 53,520
Yazoo A Mississippi Valley R.R. Co., First Mortgage
Gold Fives of 152 a 2,800,000 2,800,000 140,000
Yazoo A Mississippi Valley R.R. Co., Gold Improvement
Fives of 1934 7,871,000 7,871,000 399,476
ellaneons 151,000 151,000 9,060
Total Bonds $47,485,277 $22,111,100 $69,596,377 $4,376,356
OTHER Sect Rmra $1,093,588 $1,093,588 $44,425
Grand Total $47,485,277 $57,779,244 $105,264,521 $6,086,630
The book value of the securities listed above is $90,720,078.28, and on the balance sheet is included in the items:
Investments in affiliated companies stocks unpledged $39,139,442
Investments in affiliated companies bonds unpledged 4,893,700
Investments in affiliated companies bonds pledged 13,946,000
Investments in affiliated companies notes 1,339,466
Other investments stocks unpledged 5,489
Other investments bonds unpledged 9,339,750
Other investments bonds pledged. 27,305,679
Other investments notes, advances, etc 1,989,060
As deductions from liabilities:

Under common stock 10,468
Under funded debt V.858,000
Pledged to secure in part Illinois Central 4% bonds of 1952.
b Pledged to secure Illinois Central 3ft% sterling bonds of 1950.
c Pledged to secure Illinois Central Cairo Bridge bonds of 1950.
d Pledged to secure Illinois Central 4% bonds of 1953.
e Excludes interest on company's bonds and issues of subsidiary companies guaranteed.
If \ou arc interested in any way in the securities of das, Electric Light,
Public Kli-lric Traction.

rtililies
Telephone anil Telegraph or IWer Companies, (lie "Public
ami Industrials" K.lition of "MOODY'S ANALYSES OF INVEST-.
MI,.\T<" will prove indispensable. This whole fielil is covered in the same
Utilities
^^ ^^^^^ ^
comprehensive aii<l accurate wav lhat Steam Hailroatls are covered in the
Railroad Edition. In fact, (lie two volumes constitute complete Service
a
for the Hanker and Investor. Separated, the edition- -ell at *!. each; ill combination, they are
supplied at #i5, when ordered in advance.

NAME OF Issrn.
ILLIXOIS CENTRAL RAILROAD COMPANY. 379
Auth., $5,352,000; outstanding, $5,266,000 (closed). Dated July 1, 1886; due July 1, 1950. Int. paid at com-
7.
pany's office. New York, or at office of Baring Bros., London, England. Coupon and reg., $1,000 and 200. First
collateral lien on an equal amount ($5,266,000) of No. 23; second lien on 705.50 miles, following Nos. 1 to 6; a second
lien on the 565.09 miles covered by Nos. 23 and 24. Underlie No. 27, a sufficient amount of which is reserved to retire
this issue. Legal for S. B. in Conn., Mass., N. H., N. Y., R I., Vt., Wis. Listed on London Stock Exchange. Normal
8. Auth. and outstanding, $2,000,000. Dated Jan. 1, 1898; due Jan. 1, 1951. Interest paid at company's office,
New York. Coupon, $1,000. First lien from Oilman, via Laurette, to Springfield, 111., 111.30 miles. Underlies No.
'2~, which provides for the retirement of these bonds. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn.,
X. II., N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange. Normal income tax deducted from
interest.
9. Auth., $1,000,000; outstanding. $968,000 (closed). Dated Aug! 1, 1881; due Aug. 1, 1921. Int. paid at com-
pany's office, New York. Coupon, $1,000. First lien from Otto to Normal June., 111., 79.15 miles; Buckingham to
Tracey, 111., 9.51 miles; Kempton June, to Minonk June., 111., 41.87 miles; total, 130.48 miles. Underlie No. 19 and
No. 27, with provisions to retire. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I., Wis. Normal income tax deducted from interest
Auth. and outstanding, $15,000.000. Dated Mar. 31, 1888; due April 1, 1952. Int paid at company's office,
10.
New York. First collateral lien on 87.89 miles from Aberdeen to Kosciusko, Miss.; on the 140.36 miles from Parsons
to Jackson, with branch to Durant, Miss.; on the 130.51 miles from Champaign to Havana, with branch from White
Heath to Decatur, III.; on the 74.43 miles from Leroy, 111., to West Lebanon, Ind. on the 41.85 miles from Cedar
;
Rapids to Manchester, la.; on the 156.99 miles from Onawa, la., to Sioux Falls, S. D., and on the 231.30 miles from
Chicago, III., to Dodgeville, Wis., and Madison, Wis.; total, 863.03 miles. Underlies No. 27 with provision to retire.
Legal for S. B. in Mass., R. I., N. H. Listed on New York and London Stock Exchanges. Normal income tax de-
ducted from interest. Coupon, $500 and $1,000; reg., $1,000 and sterling equivalents.
Auth. and outstanding, $3,000,000. Dated June 1, 1892; due Dec. 1. 1950. Int. naid at company's office, New
11.
York. Coupon, $1,000. First collateral lien on the bridge over the Ohio River, between Cairo June., 111., and E.
Cairo, Ky., and on Kentucky approach; first lien on the Illinois approach to said bridge, 1.54 miles, and upon lease
of said bridge to the Illinois Central until July 1, 2282, at the annual rental of $180,000 and faxes. Underlies Nos.
27 and 28, with provision by No. 27 to retire. Legal for S.B. in Cal., Conn., Mass., N. H., N. Y., R. I., Vt Listed
on New York and London Stock Exchanges. Normal income tax deducted from interest
12. Auth. $25.000,000; outstanding. $24.929.000. Dated, Sept. 1, 1892; due Nov.
1953. Int paid at company's
1,
office. New York. Coupon and reg., $500 and $1,000. First collateral lien on 798 miles, as follows: From Tennessee
to New Orleans, La.. 456.15 miles; Jackson to Natchez, Miss., 98.32 miles; Coahoma to Lament, Miss., 75.61 miles;
Moore's to Leland, Miss., 13.56 miles; Wilczinski to Riveslde June., Miss., 42.31 miles; Trotter's Point to Eagle's
Nest. Miss., 20.24 miles; Clarksdale to Minter City, Mis;.. 39.60 miles; Slaughter to Woodville, La., 41.60 miles;
branches, 10.62 miles; practically a first coll. lien on lands in the counties of De Soto, Tunic, Quitman, Coahoma,
Bolivar. Washington. Issequena/Sharkey, Warren and Tate. Miss.; first collateral lien on $9,104,000 (entire issue)
Louisville. New Orleans A Texas 2d income 5s and $-1,481,000 capital stock of the Louisville, New Orleans & Texas
Ry. Listed on New York Stock Exchange. Normal income tax deducted from interest
Auth., $10,000,000; outstanding. $5.425.000. Dated Feb. 1, 1895; due Aug. 1, 1951. Int. paid at company's
13.
office. New
York. Coupon, $1.000. First lien from Dubunue to Iowa Falls, la., 142 miles; Cedar Falls, la., to
Minnesota State line at Lyle. 75.97 miles; total, 217.97 miles. Legal for S. B. in Cal., Conn., Fla., Me., Mass., Mich.,
Minn., Mo.. N. H.. N. J.. K. I.. Wis. Listed on New York Stock Exchange. Normal income tax deducted from
interest.
14 and
15. Auth.. $10.000.000 3V4s; $5.000,000 3s; outstanding, $8,377,000 3V4s; $4,998,000 3s (closed). Dated
July 1897; due July 1. 1951. Int. paid at company's offio. NVw York. Coupon, $500 and $1,000. First lien on
1,
.'9 miles, as follows: From East St Louis to Eldorado. 111., 120 miles; Marion to Brookport, 111., 53.29 miles;
second lien on 65.18 miles, as follows: On the 16.83 miles, following No. 20; on the 17.36 miles, following No. 21, and
on the 30.99 miles, following No. 22. Underlies No. 27. with provision to retire. Legal for S. B. in Cal., Mass., Me.,
Mich.. Minn., N. H., N. J.. N. Y., R. I.. Wis. Listed on New York Stock Exchange. Normal income tax deducted
from interest.
Auth.. $25,000.000; outstanding. $23,888.000 (closed). Dated Sept. 15, 1897; due July 1, 1953. Int. paid at
1*.
company's office, New York. Coupon. $500 and $1,000. First lien on 584.50 miles, as follows: From Memphis, Tenn.,
to Hodgenvilli 1.77 miles; Horse Branch to Owensboro, Ky.. 42.16 miles; Evansville, Ind., to Princeton, Ky.,
7 miles; Blackford to Dixon. Ky.. 18.02 miles; East Cairo to Paducah, Ky., 33.73 miles; Gracey to Hokpinsville,
Ky.. 10 miles; Morganfield to Uniontown, Ky., 6.50 miles; Dyersburg to Tigertail, Tenn., 13.37 miles; Stevens June.
Tengelwood, Tenn.. 3.78 miles; and branches aggregating 6.64 miles; also the elevated railroad in Louisville, ter-
minal property, etc., in I-ouisville. Owcnsboro, Paducah and Evansville, Ind., and Memphis, Tenn.; also a first lien
on the leasehold interest of the ('.. St. I.. & N. O. R.R. in the road from Princeton to Gracey, Ky., 20.71 miles. A
second lien on the road from I/juisville to Cecilia Jet, Ky., 4r>.r>2 miles. Underlies No. 28. which provides for re-
'ient Legal for S. B. in Cal.. Conn., Fla.. Me., Mass Minn., Mich., Mo., N. H., N. J., R. I., Wis. Listed on the
,
New York and London Stock Exchanges. Normal income tax deducted from interest.
Auth. and outstanding, $5.000.000. Dated July 20, 1900; due Aug. 1, 1951. Int. paid at company's office,
17.
New York. Coupon, $1.000; reg., $1.000 and multiples. First lien from Tara to Council Bluffs,' la., 133.38 miles.
Legal for S. B. in Conn.. Fla.. Me.. Mass., Mich., Minn., Mo., N. H., N. J., R. I.. Wis. Listed on New York Stock
st paid without deduction for normal income tax.
18.Auth.. $4,000.000; outstanding. $3.235,000. Date! Oct. 1. 1900: due Jan. 1, 1951. Int. paid at company's
offirp. New
York. Coupon. $1.000; rcsr.. $1,000 and multiples. First lien from East St. Louis to Springfield, 111., 96.90
mil<-*; also inc. trackage rights from Glen Carbon to Bridge June., East St. Louis, 13.8 miles, and trackage rights
road of the Terminal Ry. Assn. of St I/oui?. Le?al for S. B. in Cal., Conn., Fla., Me., Mass., Mich.. Minn.,
V H.. N. .!.. X Y.. R. I.. Wis. Listed on New York Stock Exchange. Interest paid without deduction for
normal income tax.
19. Auth., $20,000,000; outstanding, $12,000,000 (closed). Dated June 30, 1904; due July 1, 1952. Int. paid at
company's office, New York. Coupon, $1,000; reg., $1,000 and multiples. First lien on 386.13 miles, as follows:
From Johnson City to Thebes and East Cape Girardeau, 111., 79.62 miles; Pekin to Evansville, 111., 235,01 miles;
Reevesville to Golconda, 111., 17.22 miles; Mounds to Olive Branch, 111., 10.45 miles; Groves to Sand Ridge, 111.,
17.26 miles; Christopher to Herrin June., 111., 11.88 miles; branches, 14.48 miles; second lien on 361.78 miles, as
follows: On the 130.48 miles, following No. 9, and on the 231.30 miles from Chicago to Dodgeville and Madison,
Wis., following No. 10. Underlies No. 27, of which a sufficient amount is reserved to retire this issue. Legal for
S. B. in Cal., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange.
20. Dated June 1, 1883; due June 1, 1923. Int. paid at com-
Auth., $485,000; outstanding, $470,000 (closed).
pany's office, New
York. Coupon, $1,000. Assumed by Illinois Central R. R. First lien from Belleville to Caron-
delet, 111., 16.83 miles. Underlie Nos. 14 and 15, and No. 27, with provision by all to retire. Legal for S. B. in Maine,
Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
Auth., $250,000; outstanding, $241,000 (closed). Dated March 1, 1887; due March 1, 1932. Int. paid at
21.
Central office. New York. Coupon, $1,000. Assumed by Illinois Central R.R. First lien from Carbondale to
Illinois
Marion, 111., 17.36 miles. Underlie Nos. 14 and 15, and No. 27, with provision by all to retire. Legal for S. B. in
Maine, Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
22. Dated Sept. 1, 1886; due Sept. 1, 1931. Int. paid at Illi-
Auth., $550,000; outstanding, $538,000 (closed.
nois Central office, New
York. Coupon, $1,000. Assumed by Illinois Central R.R. First lien from Pmckneyville
to a connection with the Carbondale & Shawneetown R.R., near Carbondale, inc. branch to Murphysboro, 30.99
miles. Underlie Nos. 14 and 15, and 27, with provision by all to retire. Legal for S. B. in Cal., Maine., Mass.,
Mich., Minn., Mo., N. H., N. J., Wis. Listed on New York Stock Exchange. Normal income tax deducted from
interest.
23 and 24. Auth., $18,000,000; outstanding, $11,369,000 5s, in addition to which $5,266,000 are deposited under
No. 7, $1,359,000 3%s (closed). Dated March 15, 1881; <-ue June 15, 1951. Int. paid at Illinois Central R.R., New
York. Coupon, $1,000. Guar. 5s as to int. only; 3%s as to both principal and int. by endorsement. First lien
from East Cairo, Ky., to New Orleans, La., 546.72 miles; Aberdeen June, to Kosciusko, Miss., 18.37 miles; total
565.09 miles. Underlie No. 28, which provides for retirement. Legal for S. B.: 5s legal in Conn., Mich., Minn.,
N. J., Wis.; 3%s legal in Conn., Mich., Minn., N. H., N. J., Wis. Listed on New York and London Stock Exchanges.
25. Auth. and outstanding, $3,500,000. Dated April 3, 1889; due Dec. 1, 1951. Int. paid at Illinois Central
office, New
York. Coupon, $1,000. Guar. prin. and int. by Illinois Central R.R. by endorsement. First lien from
Memphis, Tenn., to Grenada, Miss., 97.83 miles. Underlie No. 28, which provides for retirement. Legal for S. B. in
Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York and London Stock Exchanges. Normal income tax
26. Auth., $3,000,000; outstanding, $2,800,000. Dated May 1, 1869; due Oct. 1, 1917. Int. paid at Illinois Cen-
tral office, New
York. Coupon, $500 and $1,000. Assumed by Dubuque &
Sioux City R.R. First lien from Iowa
Falls to Sioux City, la., 184.26 miles. Legal for S. B. in Me., Mo. Listed on Boston Stock Exchange. Normal
27. Auth., $120,000,000; outstanding, $37,740,000. Dated Nov. 1, 1908; due Nov. 1, 1955. Int. paid at com-
pany's New York. Coupon and reg., $1,000; interchangeable. Callable as whole only at 107% and int. on
office,
and after Nov. 1, 1918, on thirteen weeks notice. First Hen on 179.53 miles as follows: From Indianapolis, Ind., to
Effingham, 111., and Bloomington Branch, 176.93 miles, and from East Dubuque to Portage, 111., 2.60 miles; second
lien on 877.22 miles, as follows: On the 111.30 miles, following No. 8; on the 173.29 miles, following Nos. 14 and
15; on the 386.13 miles, following No. 19; on the 130.51 miles from Champaign to Havana, with branch from White
Heath to Decatur, following No. 10; on 74.43 miles from Leroy, 111., to West Lebanon, Ind., following No. 10; on the
1.54 miles, following No. 11; third lien on 1,101.61 miles, as follows: On the 705.50 miles, following No. 7; on the
16.83 miles, following Nos. 14 and 15; on the 17.36 miles, following Nos. 14 and 15; on the 231.30 miles from Chicago,
111., to Dodgeville and Madison, Wis., following No. 19; on the 130.48 miles, following No. 19; fourth lien on 30.99
miles, following Nos. 14 and 15. Legal for S. B. in Conn., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt.,
Wis. Listed on New York and London Stock Exchanges. Interest paid without deduction for normal income tax.
28. Auth., $120,000,000; outstanding, $27,536.500 of Series A; $2,463,500 of Series B. Dated Dec. 1, 1913; due
Dec. 1, 1963. Int. paid at Illinois Central office, New York, and on sterling bonds at Baring Bros. & Co., London.
Coupon, $500 and $1,000; reg., $500, $1,000, $5,000 and $10,000 for Series A, 100 and 200 for Series B. Callable
at 110 and int. on and after Dec. 1, 1918. on 90 days' notice. The bonds are a joint and several obligation of Illi-
nois Central R.R. and Chicago, St. Louis & New Orleans R.R., and are secured on 1,512.83 miles of road (in addition
to trackage and leaseholds) as follows: A purchase money first lien upon 129.69 miles of road as follows: Wheat-
croft to Providence, Ky., 9.37 miles; connection with M. & 0. R.R. south of Jackson, Tenn., 3.06 miles; Lake View,
Miss., to West June., 5.75 miles; West Junction to Aulon., Tenn., 8.75 miles; Leewood to Woodstock, Tenn., 7.35
miles; Ruslor (near Corinth), Miss., to Haleville, Ala., 80.26 miles; East Thomas June, to North Birmingham, Ala.,
3 miles Winfield to Brilliant. Ala., 7.84 miles ; Moffat to Troy, Tenn., 4.41 miles. A second lien on 772.53 miles as
;
follows: Bridge across Ohio River at Cairo and Kentucky approach, 2.27 miles; 584.54 miles covered by the first
lien of the 111. Central-Louisville Div. & Terminal, 3%s, of 1953; 97.83 miles covered by first lien of the C., St. L. &
N. O.-Memphis Div. 4s, 1951; 87.89 miles from Kosciusko to Aberdeen, Miss., covered by the first lien of the Can-
ton, Aberdeen & Nashville R.R. 5s of 1952. A third lien on 610.61 miles as follows: 565.09 miles covered by the first
lien of the C., St. L. & N. 0. Consolidated 3%s and 5s of 1951; 45.52 miles covered by the second lien of the 111. Cent.-
Louisville Div. & Terminal 3%s of 1953. Also a lien on 140.12 miles of important trackage rights, a second lien on
20.17 miles leasehold interest from Princeton to Gracey, Ky., and on all lands, terminals, leaseholds, rights, fran-
chises, etc., except some specified lots of real estate, and on all railroads, bridges, etc.. and property of every name
and nature, now owned or hereafter acquired by the Chic., St. Louis & New Orleans R.R. Co. or the Canton, Aber-
deen & Nashville R.R. Co. and "which shall be pledged hereunder or purchased with the proceeds of these bonds. Ter-
minals at New Orleans and Memphis subject to this mortgage are valued at $8.806,368. Listed on New York Stock
Exchange. Normal income tax deducted from interest.
29. Auth.. $30,000,000; outstanding, $7,787,000. Dated Jan. 1, 1908; due Jan. 1, 1923. Int. at office of com-
pany in New York. These bonds were reported as all owned by the company on June 30, 1916.

30. Series A, 4 Vis. Dated Feb. 1913; $400,000 each Feb. and Aug. to Aug. 1, 1923. Original issue, $8,000,-
1,
000; now unmatured, $5,200,000. Int. paid F. and A. 1 at Commercial Trust Co., Philadelphia. Coupon, $1,000.
Callable at 102 Vi after Feb. 1, 1918, on 90 days' notice. First lien on equip, costing $9,413,080. Interest paid with-
31. Series B, 5s of 1923. Dated Aug. 1, 1913; maturing $175,000 semi-annually, Feb. and Aug. 1 to Aug. 1,
1923. Interest paid Feb. and Aug. 1, at Union Trust Co., Pittsburgh. Original' issue, $3,500,000; now unma-
tured, $2,450,000. Coupon, $1,000. Callable at 102Vi on 90 days' notice after Aug. 1, 1918. First lien on equipment
costing $4,375,000. Interest paid without deduction for normal income tax.
32. Series C, 4 Vis of 1925. Dated April 1, 1915; maturing, $99,000 semi-annually April and Oct. 1, to April 1,
1925. Interest
paid April and Oct 1 at Commercial Trust Co., Philadelphia. Original issue, $1,980,000; now unma-
tured, $1,683,000. Coupon and reg., $1,000. First lien on 75 locomotives and 1,000 freight cars. Normal income
33. Scries D, 4 Vis of 1926. Dated Jan. 3, 1916; maturing $95,000 each Jan. and July to Jan 1, 1926. Interest
paid Jan. and July at company's office in New York and Commercial Trust Co., Philadelphia. Original issue; $1,-
900,000; now unmatured, $1,710,000. Coupon, $1,000. First lien on 50 locomotives and 1,000 steel tmderframe re-
frigerator cars. Callable at 102Vi after Jan. 1, 1921, on 90 days' notice. Normal income tax deducted from interest.
34. Chicago, St. Louis A New Orleans Equipment Trusts, Series A, 5s. Dated Dec. 1, 1914; due $250,000 semi-
annually June and Dec. 1 to Dec. 1, 1924. Original issue, $5,700,000 (of which $700,000 were purchased by the
Illinois Central R.R., leaving $5,000,000 issued to the public)
; now unredeemed, $4,000,000. Callable as a whole at
102 Vi after Dec. 1, 1919, on 90 days' notice. First lien on 72 locomotives and 6,500 freight cars of an aggregate
cost of over $6,000.000; guaranteed principal and interest by Illinois Central Railroad by endorsement Normal
TABLE E. Stock Record and Ratings Based on 10-Year Results, Per Mile of Road)
BASIS FOR RATING.

COMPANIES CONTROLLED BY ILLINOIS CENTRAL RAILROAD COMPANY
CHICAGO, MEMPHIS & GULF RAILROAD COMPANY
Origin: Incorporated under Tennessee laws, Dec. 21, 1904, as the Dyersburg Northern R.R. Road first opened
for traffic July 1, 1907. Is now controlled by Illinois Central Railroad through ownership of entire capital stock.
Location: Line of road, Dyersburg, Tenn., to Hickman, Ky., 48.53 miles. Trackage over Illinois Central, 3.07
miles. Sidings, 16.79 miles. Further mileage to Clinton, Ky., and northwardly to Ohio River, now under construc-
tion. Equipment: locomotives, 4; passenger and freight cars, 174.
Management: OFFICERS: C. H. Markham, Pres.; W. L. Park, C. F. Parker, F. B. Bowes, Vice-Pres.; 0. F.

Nau, Treas.; B. A. Beck, Sec. DIRECTORS: C. H. Markhati, C. M. Kittle, M. P. Blauvelt, Blewett Lee, E. Rice. An-
nual meeting, first Monday in March. OFFICE, Chicago, 111.
1
ILLINOIS CEXTRAL RAILROAD COMPAXY SYSTEM. 383
Rental income
Management: OFFICERS: C. H. Markham, Pres.; W. L. Park, F. B. Bowes, C. F. Parker, Vice-Pres.; D. R.
Burbank, Sec.; A. Wykes, Treas. DIRECTORS: J. W. Auchincloss, Cornelius Vanderbilt, Chas. A. Peabody, R. W.
J.
Goelet, R. S. Lovett, W. H. Fitzhugh, R. L. Saunders, W. P. Holland, W. B. Mallory, C. H. Markham, J. P. Ford,
S. W. Weis. Annual meeting, first Wednesday in October. OFFICE, New Orleans, La.

1916 1915. 1914 1913 1912 1911
Gross earnings $13,552,431 $11,836,984 $12,535,499 $11,018,552 $9,636,862 $10,817,549
Operating exp. and taxes. 9,560,245 8,938,615 9,272,469 9,107,265 8,360,856 7,869,939
Net earnings $3,992,186 $2,898,369 $3,263,030 $1,911,287 $1,276,006 $2,947,611

Other income 251,017 246,850 197,025 122,564 98,549 94,348
Total net income . .

$4,243,203 $3,145,219 $3,460,055 $2,033,851 $1,374,555 $3,041,959
Fixed charges, etc 4,243,203 3,145,219 3,207,078 2,033,851 1,626,105 2,723,247
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $7,413,848; unrefund-
able overcharges, $5,501; miscellaneous credits, $3,415; miscellaneous credits, $18,899; total, $7,442,663. Contra:
Surplus appropriated for investment in physical property, $3,415; debt discount extinguished through surplus,
$645; loss on retired road and equipment, $230,653; credit balance carried to balance sheet, $7,199,498; miscellane-
ous credits, $8,452 total, $7,442,663.
;

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment... .
$62,249,600 $62,084,005 $60,814,948 $59,990,202 $58,652,893 $58,322,485
Working assets ...... 3,396,049 2,338,190 2,566,965 1,991,642 1,656,075 1,796,683
Accrued income not due 4,660 5,240 4,340
Deferred debit items... 92,699 91,928 407,341 387,296 348,576 298,486
Total $66,738,348 $64,514,123 $63,789,254 $62,373,800 $60,662,784 $60,421,994

LIABILITIES :
Capital stock $6,012,600 $6,169,900 $6,169,900 $6,168,900 $6,168,400 $6,168,400
Funded debt 46,206,805 45,003,277 43,560,971 43,560,971 43,116,750 44,430,497
Working liabilities ..... 2,904,731 3,887,122 4,186,741 4,114,519 3,458,309 629,100
Accrd. liabilities not due 2,718,563 1,669,993 2,178,420 1,028,800 395,848 1,449,699
Deferred credit item's. .
680,506 357,754 291,571 294,099 284,102 256,782
15,645 12,229
Profit and loss surplus . .
7,199,498 7,413,848 7,401,651 7,206',5ii 7,239,375 7,487,516
Total $66,738,348 $64,514,123 $63,789,254 $62,373,800 $60,662,784 $60,421,994
Note: Governmental grants amounting to $2,528 included in funded debt in 1916.

Bonded Debt: (1) $2,800,000 Yazoo & Miss. Valley R.R. first 5s; dated Dec. 1, 1887; due June 1, 1852; int.
paid June and Dec. 1. First lien on original property. All owned by Illinois Central R.R. and pledged under its
first 4s of 1952.
(2)$10,915,000 Yazoo & Miss. Valley R.R. improvement 5s. Series A to T; dated Sept. 29, 1914; due Jan.,
1934; paid Jan. and July 1. Of outstanding issue, Illinois Central R.R. owns $10,432,000. Second lien on 485
int.
miles, following No. 1. Rating Baa.
(3) . $16,832,000 Louisv., New Orleans & Texas first 4s; dated Sept. 1, 1886; due Sept. 1, 1934; int. paid Mar.
and Sept. 1. All owned by Illinois Central R.R. and pledged under its collateral 4s of 1953.
(4) $9,104,000 Louisv., New Orleans & Texas second cum. income 5s; dated Sept., 1886; due Sept. 1, 1934. All
owned by Illinois Central R.R., and pledged under its collateral 4s of 1953.
(5) $6,553,277 Louisv., New Orleans & Texas land-grant income 6s; dated Sept. 1, 1884; due Sept. 1, 1934;
int. payable if earned. All owned by Illinois Central R.R., and pledged under its collateral 4s of 1953.
Capital Stock: Auth., $15,000,000; outstanding, $6,012,600; par, $100. The Mississippi Valley Corporation owns
85% of the stock. No dividends have ever been paid.
Note: All of the bond issues, except a part of No. 2 (above) are owned by the Illinois Central Railroad, and 85
per cent of the outstanding stock is owned by the Mississippi Valley Corporation in the interest of the Illinois Cen-
tral. All bonds owned except No. 2 are pledged directly under certain issues of the Illinois Central. No. 2 is entitled
to a fair rating, in view of the extent and character of mileage covered, although it is not guaranteed by the Illinois
Central R.R. Co.
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MOODY'S INVESTORS SERVICE. 35 NASSAU STREET. NEW YORK
ILLIXOIS CENTRAL SYSTEM (CENTRAL OF GEORGIA RY. CO.). 385
CENTRAL OF GEORGIA RAILWAY COMPANY

NOTE: The analysis is based on official documents of the company, including its annual reports of the
past ten years.
Origin: Incorporated Oct. 17, 1895, under Georgia laws, as successor to the Central Railroad and Banking Co.,
of Ga., the Georgia, Savannah & Atlantic Ry., the Macon & Northern Ry., the Savannah & Western R. R., the Mont-
gomery & Eufaula Ry. and the Mobile & Girard R.R. From time to time, control of other companies has been ac-
quired. The company also controls the Ocean Steamship Co., the New England & Savannah Steamship Co., and the
Upson County R.R. It has a stock interest in the Atlanta & West Point R.R., and controls the Louisville & Wadley
R.R., the Wadley Southern Ry., the Sylvania Central R.R. and the Southwestern Railroad. Has a large interest in
the Wrightsville & Tennille R.R. Among the leased and directly operated lines included in the system are the
Augusta & Savannah R.R. and the Chattahoochee & Gulf R.R. Co.
Location: The directly operated lines of the Central of Georgia Railway consisted, June 30, 1916, of 1,924.09
miles, of which 1,432.39 miles were owned, 477.52 miles leased, and 14.18 miles operated under traffic rights. Of
the total operated, 1.340.47 miles are in Georgia, 579.55 miles in Alabama, and 4.07 miles in Tennessee. Popula-
tion of Georgia and Alabama in 1890, 3,350,370; in 1900, 4,045,028; jn 1910, 4,747,214.
Control: In November, 1907, control wag acquired by E. H. Harriman, through purchase of entire capital stock,
and June, 1909, this stock was sold to the Illinois Central R.R. Co. In 1912, the company issued $15,000,000 pre-
in
ferred stock, all of which was acquired by the Illinois Central (see text).
Management: OFFICERS: C. H. Markham, Chairman; W. A. Winburn, Pres.; Alex. R. Lawton, Vice-Pres.; C. F.

Parker, Vice-Pres.; Chas. F. Groves, Sec.; W. C. Askew, Treas.; W. D. Beymer, Comptroller; L. W. Baldwin, Gen-
eral Manager. DIRECTORS: W. C. Bradley, J. W. English, C. E. James. S. R. Jaques, A. R. Lawton, G. B. McCor-
mack. G. J. Mills, Wm. H. Pleasants, R. E. Steiner, W. A. Winburn, R. S. Lovett, Chas. A. Peabody, C. H. Markham,
Geo. W. Tiedeman, John E. Murphy. Annual meeting, second Monday in October. If AIN OFFICE, Savannah, Ga.

YEARS Gross
ENDED Rev-
JUNE 30. cnues.
ILLl\()lS (i:\TK.lL Sl'STEM (CEXTKAL OF GEORGIA RY. CO.). 387
Note: In the above exhibit, the three issues of preference incomes were included in the stock column to 1912.
The bonded debt column includes all the direct obligations of the company, including the equipment notes the rental ;
column covers the rental payments of leased lines capitalized, and the investments represent the book-value of hold-
ings in Ocean Steamship Co. and other properties. Up to the end of 1906, the company paid the full 5% interest on
the First, Second and Third Preference incomes, but in 1907 only 3%% was paid on the Seconds, and nothing on the
Thirds. In June, 1911, 5% was paid on the First and Second incomes and 1.458% on the Thirds. In February, 1911,
a balance of 1.271% on the Seconds, not paid in October, 1907, was paid, and also the 5% for that year on the
Thirds. In June, 1911, there was paid the full 5% on the Firsts for the year 1908, 2.821% on the Seconds, and also
2.312% for each of the years 1909 and 1910, on the Firsts. In the fiscal year 1912, the company paid the full balance
of deferred interest covering the years 1908. 1909 and 1910 on the three classes of incomes, and also the amount
required for the fiscal year 191U. on all three cla
In December, 1911, the Illinois Central Railroad purchased from the Central of Georgia Ry. $15,000,000 new 6%
cumulative preferred stock of the latter, the proceeds of which were used to retire the three income bond issues.
An offer was then made to purchase the First Preference Incomes at 95, the Second Preference Incomes a 92%,
and the Third Preference Incomes at 90. By June 30, 1912, the 'Illinois Central had acquired, under this plan,
(14, 700,700 out of $15,000,000 of the three issues. Thus, there is now outstanding on the Central of Georgia system,
$16,000,000 of 6% cumulative preferred stock, in place of the three issues of income bonds.

A -K;- 1916 1915 1914 1913 1912 1911
Property investment $67,556,727 $66,572,920 $66,131,229 $66,875.661 $63,875,706 $62,904,678
Working assets 9,653,122 9,889.215 9,244,592 3,952,242 2,983.853 3,249,656
Deferred debit items 848,532 317,742 992,773 959,458 892,271 1.142,263
*
58,891 48,062 59,120
Total $78.058,381 $76,779,877 $76,424,287 $71,846,258 $67,799,892 $67,355,717

LIABILITIES:
Capital stock ?:;,,.,,......,. $20,000,000 $20.000.000 $20,000,000 $8,000,000 $5.000.000
Funded debt 44,155.300 43.55S.300 43.906.300 42,235,450 53,556,000 54,090,000
Working liabilities 6,190,947 .-.178,415 r-.764.674 2,590,702 2,695.807 2,121,497
r
Accrued liabilities not due 671.360 686.588 699.17. , 917,713 674.299 1,255,469
Deferred credit items. . . . 494.820 420.760 254.369 238,455 218.392 211,232
Appropriated surplus . . . 3,896.888 5,022.054 3.8: 3,856,511 3.856,511 3,856,511
Profit and IOKK surplus... 1,918,760 1.943,258 2,007,427 1,798,883 821,008
Total $78.058,381 $76,779,877 $76.424,287 $71.846,258 $67,799,892 $67,355,717

Included in "deferred debit items." if any.
Comment The capitalization changes on the Central of Georgia were very slight during the fiscal year ended
:
June 30, 1916. As measured on the mileage basis, the capitalization of this company is really very light, and has
shown no tendency to increase in recent years. The earning power of the company has been well maintained and
thr not income on net capital has continuously ranged at substantial figures.
TABLE I). Bond Record and Rating* Based on 10- Year Results, Per Mile of Road)
NAKB or IHHTB.
pj*_
M
1Mb.
Auth. and outstanding, $7,000,000. Dated Nov. 1, 1895, due Nov. 1, 1945. Int. paid at Guaranty Trust Co.,
1.
New York. Coupon and reg., $1,000. First lien from Savannah to Atlanta, Ga., with branch to Milledgeville, 311.34
miles; second collateral lien on $1,995,000 out of $2,000,000 capital stock of the Ocean S.S. Co., of Savannah. Under-
lie Nos. 10 and 16, with provision by latter for retirement. Listed on New York Stock Exchange. Interest paid with-
Auth. and outstanding, $1,000,000. Datsd Nov. 1, 1895; due Jan. 1, 1946. Int. paid at Guaranty Trust Co.,
2.
New York. Coupon, $1,000. First lien from Columbus, Ga., to Andalusia, Ala., 137.96 miles, with, terminal, bridge
and acreage at Columbus. Underlie Nos. 10 and 16, which provides for retirement. Listed on New York Stock Ex-
Auth. and outstanding, $840,000. Dated Nov. 1, 1895; due Jan. 1, 1946. Int. paid at Guaranty Trust Co.,
3.
New York. Coupon $1,000. First lien from Macon to Athens, Ga., 101.78 miles. Underlie Nos. 10 and 16, which
provides for retirement. Listed on New York Stock Exchange. Interest paid without deduction for normal income
tax.
Auth., $581,000; outstanding, $413,000 (closed). Dated Jan. 1, 1897; due Jan. 1, 1947. Int. paid at Guaranty
4.
Trust New York. Coupon, $1,000. First lien, 43.57 miles, Eatonton to Covington, Ga., and second lien on 21
Co.,
miles, following No. 5 (below) Underlie Nos. 10 and 16, which provides for retirement.
.
Listed on New York
Stock Exchange. Interest paid without deduction for normal income tax.
5. Auth. and outstanding, $168,000. Dated June 1, 1896; due June 1, 1926. Int. paid at Savannah Bank and
Trust Co., Savannah, Ga. Coupon $500. First lien, 21 miles, Eatonton to Milledgeville, Ga. Underlie Nos. 4, 10 and
16, which provides for retirement. Interest paid without deduction for normal income tax.
Auth. and outstanding, $462,000. Dated June 1, 1901 due Dec. 1, 1945. Int. paid at Guaranty Trust Co., New
6. ;
York. Coupon, $1,000. First lien, 77.02 miles, Dover to Brewton, Ga. Underlie Nos. 10 and 16, which provides for
retirement. Interest paid without deduction for normal income tax.
7. Auth., $500,000; outstanding, $343,000 (closed). Dated July 1, 1897; due July 1, 1947. Int. paid at Union
Trust Co., New York. Coupon, $1,000. First lien, 136.82 miles, Chattanooga, Tenn., to Carrollton, Ga. Underlie
Nos. 8, 10 and 16, which provides for retirement. Interest paid without deduction for normal income tax.
8. *Auth., $2,400,000; outstanding, $2.057,000. Dated June 1, 1901; due June 1, 1951. Int. paid at Guaranty
Trust Co., New
York. Coupon, $1,000. First lien, 26.91 miles, from Chickamauga to Durham, Ga., and from Lyerly,
Ga., to Dewey, Ala.; also second lien on 136.82 miles, following No. Underlie Nos. 10 and 16, the latter providing
7.
for retirement. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
(closed). Dated Aug. 1, 1905; due $15,000 each Feb. and Aug. 1 to
Aug. 1, 1925. Int. paid at Guaranty Trust Co., New York. Callable at 102% on any interest date on 3 weeks' notice.
First lien on 10.49 miles in Alabama, and also on 4,200 acres of coal land in St. Clair county, Ala., and on 5.000 acres
of coal and mineral rights. Underlie Nos. 10 and 16, with provision by latter for retirement.
Coupon, $1,000. In-
Auth. and outstanding, $18,500,000. Dated Nov. 1, 1895; due Nov. 1, 1945. Int. paid at Guaranty Trust
10.
'Co., NewYork. First lien on 595.87 miles, as follows: Savannah to Tybee, Ga.. 17.72 miles; Meldrim to Lyons, Ga.,
58.09 miles; Griffins to Carrollton, Ga., 60 miles; Americus, via Columbus, to Greenville, Ga., and Birmingham, Ala.,
266.39 miles; Opelika to Roanoke, Ala., 36.12 miles; Montgomery, via Eufaula, to Ozark, Ala., 139.65 miles; smaller
branches 1.67 miles; Thomaston to Barnesville, Ga., 16.25 miles; also a second lien on 555.13 miles, following Nos. 1,
2, 3 and 16; also a third lien on 181.66 miles, following No. 16, being the mileage covered by Nos. 4, 6, 8, 9 and 12 by
first lien; fourth lien on 157.82 miles covered by first lien of Nos. 5 and 7; also a first collateral lien on certain stocks
held of the Atlanta & West Point R.R., Savannah & Ogeechee Canal Co., Southwestern R.R. Co., Wrightsville &
Tennille R.R. Co., Louisville & Wadley R.R. Co., $500,000 Ocean S.S. cert, of indebt. and $30,000 bonds of Talbotton
R.R. a second collateral lien on certain of the stock of the Atlanta & West Point R.R. Co., half of the stock of West-
;
ern Ry. of Alabama, and $1,589,000 Charleston & West. Car. Ry. income bonds, a third collateral lien on practically
all the stock of the Ocean
Steamship Co. Underlie No. 16, which provides for retirement. Listed on New York and
Richmond Stock Exchanges. Interest paid without deduction for normal income tax. Coupon and reg., $1,000.
11. Auth., $5.000,000; outstanding, $4,840,000 (closed). Dated May 2,
1887; due May 1, 1937. Int. paid at Guar-
anty Trust Co.. New York. Callable at 110 on six months' notice. First collateral lien on $1,995,000 (out of
$2.000.000) stock of Ocean Steamship Co., $1,500,000 stock of Western Ry. of Alabama, $145,400 stock of Atlanta &
West Point R.R. and $1,589,000 1st cons. mtge. bonds of Charleston & Western Carolina Ry. On this collateral they
underlie the lien of Nos. 1 and 10. Listed on New York Stock Exchange. Normal income tax deducted from inter-
est. Coupon, $1,000.
12. Auth., $600,000; outstanding, $270.000 (closed). Dated Sept. 1,
1905; due $15,000 on each March and Sept.
1, to Sept. 1, 1925. Int. j>aid at Guaranty Trust Co., New
York. Coupon $1.000. Callable at 102% on three weeks'
notice. First lien, 23.67 miles, Greenville, to Raymond, Ga. Underlie Nos. 10 and 16, with provision by latter for
retirement. Int. paid without deduction for normal income tax.
Auth. and outstanding, $1,000,000. Dated July 1, 1890; due July 1, 1920. Int. paid at Guaranty Trust Co.,
13.
New York. Coupon $1,000. First lien on certain steamships of the company, and on 297 acres of land near Savan-
nah, Ga. Normal income tax deducted from interest.
14. Auth., $2.000,000; outstanding, $242,000; retired by sinking fund, $165.000. Dated July 2, 1900; due July 1,
1930. Int. paid January and July at Citizens' Bank of Savannah. Coupon $1,000. Callable at 102% on January 1
of any year. Company is leased to Central of Ga., at 6% on cost until bonds are
paid off. First lien, 91.47 miles, Co-
lumbia to Lockhart, Ala. Legal for S. B. in Mich., Minn., N. J., Wis. Interest paid without deduction for normal
income tax.
15. In two series, as follows: Series K, dated March 1 1907; due March 1, 1917 ($38,000 Int.
semi-annually) .
paid March and September, at 5%. Now outstanding, $38,000. Series L, 4%s; dated Jan. 3, 1916; due $50.000 each
J. and J. to Jan. 1, 1926; now
outstanding, $900,000. Interest paid without deduction for normal income tax.
16. Auth., $80.000.000; outstanding, $6,637,000, of which $122,000 only had been sold June 30, 1916. In addition,
$1,324.000 are deposited with trustee for authentication on request; making $7,839.000 available for the company's
uses; dated Oct. 1, 1912; due Oct. 1, 1962. Interest paid in New York. Coupon and reg., $1,000. Direct lien on all
property of company, subject to all prior liens, for the retirement of which provision is made, being a first lien on 4.08
ILLINOIS CKXTKAL SYSTEM (CENTRAL OF GEORGIA RY. CO.). 389
miles, from Covington to Porterdale, Ga. second lien on 777.53 miles, following Nos. 4, 6, 8, 9, 10 and 12; also third
;
lienon 708.90 miles, following No. 4 as to 21 miles, No. 8 as to 136.82 miles and No. 10 as to 551.08 miles. Those
issued are designated Series A, and are subject to call at 110 and interest as a whole. Further series may be issued
at lower rates of interest. Interest paid without deduction for normal income tax.
Preference Incomes: On June 30, 1916, there were still outstanding $146,500 first preference incomes, $104,800
second preference incomes and $48,000 third preference incomes. These have a claim on income prior to the preferred
stock and interest is being paid at the rate of 5% per annum. They are a mortgage on the entire property prior to
No. 1ft
Rate
LOUISVILLE & WADLEY RAILROAD
Incorporated under Georgia laws, Aug. 14, 1879. Line of road, Wadley to Louisville, Ga., 10 miles. Sidings,
1.16 miles. Controlled by Central of Georgia Ry. through stock ownership, but separately operated. 1 Locomotive,
2 Cars.
Management: OFFICERS: J. C. Little, Pres.; A. R. Lawton, Vice-Pres.; C. F. Groves, Sec.; W. C. Askew, Treas.;
T. T. Holloman, G. Supt; W. D. Beymer, Aud. DIRECTORS: W. L. Phillips, L. R. Farmer, S. M. Clark, A. P. Little,
J. C. Little, A. R. Lawton, S. C. Evans, Jr. Annual meeting, third Monday in Oct. OFFICE, Savannah, Ga.

1916 1915 1914 1913 1912 1911
Gross revenue . $19,435 $21,417 $27,909 $25,037 $28,461 $28,720
Maintenance of way ..... 3,700 4,840] f 4,430 5,643 6,947
Maintenance of equipment 4,931 1,776 \ 17,619 1,514 1,641 1,348
All other operating exps. 10,072 10,313 J [ 9,904 10,180 10,069
Net oper. revenues.. $732 $4,488 $10,290 $9,189 $10,997 $10,356

Other income ........... 792 855 291 338 230 195
Total net income $1,524 $5,343 $10,581 $9,527 $11,227 $10,551

Taxes 795 820) 9qq
9 Z9
Z
(741 769- 689
Fixed charges 1,040 1,103 J
'
\ 1,062 1,046 869
Surplus (def.)
' $311 $3,420 $8,282 $7,724 $9,412 $8,993
Dividends paid 1,740 1,740 1,740 1,740 1,740
Balance (def.) $311 $1,680 $6,542 $5,984 $7,672 $7,253
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $16,571; miscellaneous
credits, j$8; total, $16,579. Contra: Debit balance transferred from income, $311; credit balance carried to balance
sheet, f 14,528; dividend appropriation of surplus, $1,740; total, $16,579.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . $108,041 $111,011 $117.219 $91,896 $92,382 $92,026
Working assets 6,607 5,689 5,855 13,812 10,754 5,125
Deferred debit items 8 3 7 55 24
Total $114,656 $116,703 $123,081 $115,763 $103,160 $97,154

LIABILITIES :
'Capital stock $79.400 $79,400 $79,400 $79,400 $79,400 $79,400
Accrued liabilities, not due 442 845 435 830 774
Appropriated surplus 18,398 18,398 18,398 18,398 13,101
Profit and loss surplus... 14,528 16,571 14,888 26,762 2,376
Total $114,656 $116,703 $123,081 $115,763 $103,160 $97,154
Capital Stock: Auth. and issued, $29,000 preferred and $50,400 common; par $100. Central of Georgia Ry. owns
all the preferred and $38,900 common. Dividends of 6% per annum have been paid on preferred since 1911, pay-
ments A. and 0. 1. No bonded debt, former bonds having been retired in 1910 by issue of preferred stock.
SOUTHWESTERN RAILROAD
Origin: Incorporated under laws of Georgia and Alabama, Feb. 10, 1848; in 1868 merged the Muscogee R.R. Line
of road: Macon, Ga., to Eufaula, Ala., 143.6 miles; Fort Valley to Perry, 12.73 miles; Fort Valley to Columbus, Ga.,
71 miles; Cuthbert to Fort Gaines, 20.5 miles; Smithville, Ga., to Columbia, Ala., 85.01 miles; total operated, 332.84
miles. Sidings, 110.14 miles. Leased to Central of Georgia Ry. for 101 years from Oct. 17, 1895, rental being 5%
on stock and $2,500 per annum for organization expenses. Directly operated by lessee.
Management: OFFICERS: J. F. Minis, Pres.; W. R. Cox, Vice-Pres.; G. I. Hardeman, Treas., John M. Walker,
Sec. Annual meeting, second Tuesday in February. OFFICE, Macon, Ga.
Income: As the property is leased and directly operated by the Central of Georgia Railway Co., no separate state-
ment of earnings is available. The road is evidently a substantial carrier, however, as its mileage penetrates some
well populated and fertile territory. Capitalized at less than $16,000 per mile. Reserve fund invested in State and
Municipal bonds, $157,628.
Capital Stock: Auth., $6,000,000; outstanding, $5,191,100; par, $100. Dividends, 5% per annum, paid J. and J. 5,
and guaranteed by Central of Georgia Ry. No bonded or other debt. For rating, see Central of Georgia guaranteed-
stock table, page 389.
WADLEY SOUTHERN RAILWAY

Incorporated July 1, 1906, under laws of Georgia, as a consolidation of the Stillmore Air Line Ry., and the Wad-
ley & Mount Vernon R.R. Line of road Wadley to Rockledge, and to Collins, Ga., 88.74 miles. Sidings, 6.86 miles.
:
Equipment: Locomotives, 5; cars, 16.

Management: OFFICERS: W.'A. Winburn, Pres.; H. P. Smart, Vice-Pres.; W. C. Askew, Treas.; J. G. Corbett,
Sec. DIRECTORS: H. P. Smart, W. A. Winburn, A. R. Lawton, G. F. Flanders, W. J. Kincaid, W. D. Evans, Frank
Mitchell, W. J. Evans, J. C. Coleman, Brooks Simmons, H. R. Smith. Annual meeting, second Monday in Oct.
OFFICE, Savannah, Ga.
ILLINOIS (' i:\Th'.lL srSTEU (CE \TRAL OF GEORGIA ItY. CO.). 391

1916 1915 1914 1913 1912 1911
Gross revenue $96,371 $93,974 $125,794 $103,926 $106,107 $106,266
Operating expenses 102,363 110,843 103,532 96,014 98,026 106,766
Net oper. revenues. . .

(def.) $5,992 (def.) $16,869 $22,262 $7,912 $8,081 (def.) $500
Other income 526 570 381 190 386 408
Total net income (def.) $5,466 (def.) $16,299 $22,643 $8,102 $8,467 (def.) $92
Taxes 7,084 6,502 6,831 5,636 6,376 6,098
Fixed charges 43,744 44,043 45,919 44,721 44,326 43,718
Balance (def.)$56,294 (def.) $66,844 (def.) $30,107 (def.) $42,255 (def.) $42,235 (def.) $49,908
Profit and Loss Account, year ended June
30, 1916: Unrefundable overcharges, $3; donations, $282; miscellane-
ous credit, $65; debit balance carried to Balance Sheet, $294,238; total, $294,588. Contra: Debit balance at beginn-
ing of year, $236,786; debit balance transferred from income, $56,294; surplus appropriated for investment in physi-
cal property, $282; loss on retired road and equipment, $201; delayed income debits, $1,025; total, $294,588.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment .... $1,449,410 $1,452.328 $1.452,744 $1.454,190 $1,452,633 $1,453,041
Working assets 19,102 17,916 24.676 17,947 18,985 28,924
Profit and loss deficit. . . . 294,238 236,786 169,425 133,745 91,317 48,762
Total $1,763,273 $1,707,948 $1,647,586 $1,606,548 $1,563,650 $1,531,424

LIABILITIES:
Capital stock $600.000 $600,000 $600,000 $600,000 $600,000 $600,000
Funded debt MMM 872,435 800,000 800,000 800,000 800,000
Working liabilities 254.114 226.830 239,118 203,667 160,553 128,608
Accrued liabilities, not due 3,618 n.389 3,237 2,881 3,097 2,816
Deferred credit items.... 61 63
Appropriated surplus 5,512 5,231 5,231
Total $1,763,273 $1,707,948 $1,647,586 $1,606,548 $1,563,650 $1,531,424
Bonded Debt: $800,000 Wadley Southern R.R. first 5s; dated July 1. 1906; due July 1, 1926; int. J. and J. 1, at
Guaranty Trust Co., New York. First lien on entire property. All owned by Central of Georgia Ry.
Capital Slock: Auth. and outstanding, $800,000, Par. $100. Nearly all owned by Central of Georgia Ry. Co.
WRIGHTSVILLE AND TENNILLE RAILROAD

Origin: Incorporated under the laws of Georgia, December 23, 1883, as Wrightsville & Sun Hill R.R. Co., the
name being changed to the above title in the same year. The property was consolidated with the Dublin & Wrights-
ville Railroad in December, 1886, and absorbed the Oconee Western Railroad in February, 1889. The Dublin &
Southwestern Railroad, which was formerly controlled by the company, was merged directly with it in July, 1907.
Location: Main line extends from Tennille to Hawkinsville, Ga., and from Dublin to Eastman, Ga., making a total
of 102.82 miles. Sidings. 17.61 miles. Equipment: Locomotives. 9; passenger, freight, and service cars, 420.
Management: OFFICERS: H. D. Pollard, Pres. ; M. T. Lanigan, Sec. and Aud.: A. L. Spicer, Treas. D. R. Thomas. ;
Supt., Tennille. Ga. DIRECTORS: C. V. Smith. H. D. Pollard. Tennille. Ga.; G. D. Warthen, Sandersville, Ga.; J. M.
Finn. F. G. Corker. Dublin. Ga.; W. A. Winburn, Savannah, Ga.; J. S. Wood, E. T. Comer, Savannah, Ga.; W. N.
Parsons. Hawkinsville, Ga.; J. D. Comer, Macon, Ga. Annual meeting, first Wednesday in Oct., Tennille, Ga.
Comparative Income Account, Yearn Ended June 30
Miles operated
ASSETS: 1916 1915 LIABILITIES : 1916 1915
Property investment $897,676 $901,983 Capital stock $600,000 $600,000
Working assets 96,188 111,125 Funded debt 200,000 200,000
Deferred assets 191 218 Working liabilities . .
32,662 31,965
Unadjusted debits . .
1,324 Deferred credits .... 1,778 1,219
Unadjusted credits . . 9,345 9,113
Appropriated surplus. 23,351 23,351
Profit and loss 127,519- 149,002
Total $994,055 $1,014,650 $994,055 $1,014,650
1\TK It.\ATIOXAL $ CHEAT NORTHERN RAILWAY CO. 393
YEAH
EMMD
Junto.
Profit and Loss Account, year ended June 30, 1916: Unrefundable overcharges, $9,915; donations, $11,032; mis-
cellaneous credits, $8,212; debit balance carried to. balance sheet, $1,016,480; total, $1,045,639. Contra: Debit bal-
ance, June 30, 1915, $723,802; debit balance transferred from income, $293,070; miscellaneous appropriations of
surplus, $1,573; loss on retired road and equipment, $5,597; miscellaneous debits, $21,597; total, $1,045,639..
Note: The above income statement for 1915 is that of the company, and includes all the fixed charges, whether
paid or unpaid. Actually, the receiver did not pay the bond interest of $842,482, which is included in above fixed
charges. In 1916, interest on funded debt accrued, amounted to $813,612, of which $743,220 was paid. No interest
was paid on the refunding 5s.
Comment: While the income figures of the International Great Northern are still well below those reported a few
years ago, yet in 1916 they reflect improvement as compared with results of 1915. Curtailment of operating costs
in 1916 resulted in a very substantial improvement in net income, and although the heavy fixed charges were not
covered, the final deficit was much smaller than that reported during the past two years. This property is now in
receiver's hands and must undergo reorganization. With a radical cutting down of fixed charges, it is probable that
the credit of the company can be promptly restored.

ASSETS : 1916
Working assets 2,528,674
Deferred debit items ..... 257,880
Profit and loss deficit. . . .
Total
KAXSAS CITY SOUTHER* RAILWAY COMPANY. 395

4. Auth., $50,000,000; outstanding, $1,108,000; $13,750.000 additional pledged as security for No. 3 (above).
Dated Aug. 1, 1911; due Aug. 1, 1941. Int. paid at Equitable Trust Co., New York. The issue is subject to Nos. 2,
5 and 6, following No. 1 as a second lien on the entire property. Interest paid without deduction for normal income
tax. In default since Aug. 1, 1914. Coupon and reg., $500 and $1,000.
:.. Auth., $225,000; outstanding, $198,000. Dated June 1, 1880; due May 1, 1920. Int. paid at Farmers' Loan
6 Trust Co., New York. First lien on bridge over Colorado River at Austin, Tex. Assumed. Sinking fund, $2,000
per annum. Normal income tax deducted from interest. Coupon, $1,000.
6. Outstanding, $700,000; dated Aug. 1, 1913; due $50,000 s.a. from Feb. 1, 1914, to Aug. 1, 1923. Int. paid F.
& A. 1, at Blair & Co., New York. First lien on equipment costing $1,245,580. Interest paid without deduction for
normal income tax.
Note: There are also outstanding, $95,000 receivers' equipment notes of 1908, due $19,000 each April and Octo-
ber to Oct 1, 1918, and $738,000 dated Jan. 1, 1916, due $39,000 each January and July.
Capital Stock: Auth., $5,000,000 5% non-cumulative preferred, and $6,500,000 common; outstanding, $3,400,000
preferred and $1,422,000 common; par $100. The preferred has preference as to assets and to 5% dividends, after
which common stock ia to receive nf, but is to share with preferred in any further dividends. First dividend on
,
preferred,
1% on Aug. 1, 1912; also 4% on Jan. 2, 1913, making 5 r'f for fiscal year. None since. TRANSFER OFFICE,
Houston. Tex.
THE KANSAS CITY SOUTHERN RAILWAY COMPANY

Origin: Incorporated March 19, 1900, under Missouri laws, as successor to the Kansas City, Pittsburg & Gulf Ry.
which was sold under foreclosure. The Texas lines are owned by the Texarkana & Fort Smith Ry. Co., and those in
Louisiana, exclusive of the Shreveport Depot property, are owned by the Kansas City, Shreveport & Gulf Ry. The
Texas lines are operated separately, in accordance with Texas laws, but results are reported as a whole by the con-
trolling company. The company owns a fourth interest in the Joplin Union Depot Co., of Joplin, Mo., and a propri-
etary interest in the Kansas City Terminal Ry. Also owns the Kansas City Southern Elevator Co., and a three-
quarter interest in the Glen-Pool Tank Line Co.
Location: The directly operated lines of the company consisted, June 30, 1916, of 840.86 miles, as follows: Kansas
to Belt June., Mo., and Grandview, Mo., to Port Arthur, Tex., 777.13 miles; branches, 45.86 miles; trackage
right.*. 17.86 miles. Lines mainly in Missouri, Arkansas and Louisiana. Population of these States in 1890, 4,925,950;
in 1900, 5,799,854; in 1910, 6,524,172.
In addition to ita directly operated lines, the Kansas City Southern Railway controls the Arkansas Western
Ry.. operating 32.33 miles from Heavener, Okla., to Waldron. Ark.; Port Arthur Canal & Dock Co.; Poteau Valley
R.R., 6.59 miles; Kansas City, Shreveport & Gulf Terminal Co.. K. C. So. Elevator Co.; and Mena Land & Improve-
ment Co. All the securities of the latter companies are owned, also 75% of the stock of the Glen-Pool Tank Line Co.
Management OFFICERS L. F. I/>ree, Chairman ; J. A. Edson, Pres. J. F. Holden, Vice-Pres. in charge of Traffic,
: : ;
R. J. McCarty, Vice-Pres., in charge of accounts; J. Sorensen. Vice-Pres. and Asst. Treas. ; G. C. Hand. Sec.; H.
Visscher, Treas. DIRECTORS: L. F. Ix>ree, Hermann Sielcken. Walter T. Rosen, A. J. Miller, James A. Blair, John J.
Mitchell, S. W. Fordyce, J. A. Edson. W. G. Street, W. H. Williams, Samuel McRoberts, Arthur Turnbull, Edward
F. Swinney. B. S. Guinness, J. F. Stillman. Annual Meeting, second Tuesday in May. MAIN OFFICE, Kansas City,
Mo. NEW YORK OFFICE, 25 Broad Street.
(lamiftration of Freight Tonnage June 30)
IMT 1910
Product* of Agriculture
r,f Animals .
ni
Prod n
Manufactorm. .
YEARS
ENDED
JUNE 30.
KANSAS CITY SOUTHERN RAILWAY COMPANY. 397
Note: Fixed charges consist of interest on bonds and on equipment trusts, rents, hire of equipment.
'runt and Loss Account, year ended June 30, 1916: Credit balance. June 30, 1915, $5,888,833; credit balance
I
transferred from income account, $891,716; profit on road and equipment sold, $1,597; unrefundable overcharges,
$551; donations, $9,761; miscellaneous credits, $5,193; total, $6,794,651. Contra: Debt discount extinguished through
surplus, $92,487; loss on retired road and equipment, $115,451; delayed income debits, $3,551; miscellaneous debits,
$530,753; total, $6,794,651.
Comment: Gross revenues improved moderately on the Kansas City Southern in the year 1916, but as operating
costs were held down, the improvement in net receipts was much heavier. After providing for enlarged fixed
charges, the surplus left over was equal to no less than 8*4% on the outstanding preferred stock. Since the close
of the fiscal year the company has continued to report continued progress in its earning power.
TABLE C. -Capitalization Factors Security Obligations and Earning Power)

n JM
;
;
Note: "Average iriocme available" is the averge net income per mile available for interest charges, after
deducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement.
The ratings are based not only on the statistical exhibits and averages, but other considerations are given due weight,
such as the general financial condition of the property, character of its business, relative position of the .issue, etc.
For full explanation, see Introduction. For Key to Ratings, see pages 19 to 21.

1. Auth. and outstanding, $30,000,000.Dated April 2, 1900; due April 1, 1950. Int. paid at New York Trust
Co. Coupon and First lien or first collateral lien, about 822.99 miles, covering main line from Kansas
reg., $1,000.
City to Port Arthur, Tex., with branches. Also on the stock of the Kansas City, Shreveport & Gulf Terminal Co.,
and on the stocks and bonds of the Port Arthur Canal & Dock Co., etc. Underlie No. 2. Legal for Savings Banks in
Maine, Mo., Rl I. Listed on New York and London Stock Exchanges. Interest paid without deduction for nor-
mal income tax.
2.Auth., $21,000,000; outstanding, $18,000,000. Dated July 1, 1909; due April 1, 1950; int. paid at New York
Trust Co. Coupon, $1,000; reg., $1,000 and $5,000. Callable as a whole only at 105 on 60 days' notice. Secured sub-
ject to No. 1, on same property. Also a first lien on entire stock of Arkansas & Western Ry., the Maywood & Sugar
Creek Ry. and the Hot Springs, Ouachita & Mena Ry. Callable at 105 and int. on any interest date, on sixty days'
notice. Listed on New York and London Stock Exchanges. Interest paid without deduction for normal income tax.
3. Series D, 5s; dated Dec. 15, 1912; due $62,000 each June and Dec. 15 to Dec. 15, 1924; originally authorized
$1,488,000; now outstanding, $992,000. Coupon, $1,000. Int. June and Dec. 15 at Blair & Co., New York. First
lien on equipment costing $1,758,993. Interest paid without deduction for normal income tax.
NAME AMU DETAILS OF ISSUE.

AM.Y.V./.V CITY SOUTHERN RAILWAY SYSTEM. 399
LIABILITIES :
Capital stock
POTEAU VALLEY RAILROAD
Incorporated under laws of Oklahoma, Oct. 19, 1900. Line of road: Shady Point to Calhoun, Okla., 6.59 miles.
Sidings, 1.27 miles. Locomotives, 1; cars, 1. Controlled since Jan. 14, 1913, by Kansas City So. Ry., but separately
operated.
Management: OFFICERS: J. A. Edson, Pres.; J. R. Cottingham, Vice-Pres.; H. Visscher, Treas. ;
R. J. McCarty,
Sec. Annual meeting, second Tuesday in January. OFFICE, Kansas City, Mo.
1916 1915 1914 1913 1911
Gross revenues $22,373 $15,797 $10,716 $11,292 $4,643
Maintenance of way and structures 6,200 5,040 4,112 1,615
Maintenance of equipment 1,451 2,913 811 1,868
All other operating expenses 9,447 6,202 2,903 3,351
Net operating revenues1
.
$5,275 $1,642 (def.) $1,950 $3,466 (3ef.) $2,191
Other income . 42 36 27
Total net income. $5,317 $1,678 $1,939 $3,493 (def.) $2,191

Taxes 937) 1,102) f 737 756
Fixed charges 2,567 640
5,364 J 4,150 } 1 1,473
Surplus (def.) $984 (def.)$3,574 (def.) $4,506 $1,283 (def.) $3,587
Comparative Condensed Balance Sheet, as of June 30.

ASSETS : 1916 1915 1914 1913 1911
$104,606 $102,348 $102,348 $101,948 $101,371
Working assets 6,156 5,410 2,755 3,045 2
1,143 135 180 '
Profit and loss deficit. 12,349 11,358 7,814 "485 ii'.eis
*Total $124,254 $119,251 $113,099 $105,478 $112,991

LIABILITIES :
Capital stock $100,800 $100,800 $100,800 $100,800 $101,100

Funded debt 20,500 14,500 4,494 '
2,209 2,629 7,119 '4,678 l'l,89 i
Deferred credit items. 754 1,322 686
Total $124,254 $119,251 $113,099 $105,478 $112,991
Capital Stock: Auth. and issued, $100,800; par $100. All owned by Kansas City Southern Railway.
LEHIGH AND HUDSON RIVER RAILWAY COMPANY

Origin: Incorporated April 1, 1882, under New York and New Jersey laws. In 1907, the /Orange County R.R.
was absorbed. The South Easton & Phillipsburg R.R., which owned the line from South Easton to Phillipsburg,
and the Mine Hill R.R., were merged in 1912.
Location: Main line extends from Belvidere N. J., to Maybrook, N. Y., with trackage rights giving entry to
Phillipsburg and Port Morris, N. J., total, 96.60 miles. At Maybrook, connection is made with the Central New Eng-
land Ry. Mileage mainly in New Jersey. Population of this State in 1890, 1,444,938; in 1900, 1,883,669; in 1910,
2,537,167.
Control: The property is affiliated with the anthracite-coal railway interests, a portion of its general-mortgage
bonds being guaranteed jointly by the Central R.R. of N. J. and the Lehigh Coal and Navigation Co., the latter own-
ing directly or controlling through a trusteeship, $450,000, while the Central R.R. of N. J.. the D. L. & W. R.R., the
Erie R.R., the Lehigh Valley R.R. and the Pennsylvania R.R. each own a little over $163,00"0 of the .stock.
Management: OFFICERS: Lewis A. Riley, Pres.; Morris Rutherfurd, Vice-Pres. and Gen. Mgr. John Sayer, Sec. ;
and Treas. DIRECTORS: Robert W. deForest, John J. Beattie, Edwd. T. Stotesbury, Lewis A. Riley, Morris Ruther-
furd, Eben B. Thomas, W. H. Truesdale, F. D. Underwood, R. H. Wilbur, Wm. G. Besler, Geo. D. Dixon, Geo. H.
Frazier, Saml. D. Warriner. Annual meeting, first Tuesday in December. MAIN OFFICE, Warwick, New York.
PHILADELPHIA OFFICE, 437 Chestnut Street.

LEH1GH AND HUDSON RIVER RAILWAY COMPANY. 401
YEAUS
ENDED
KSO.
YEARS
ENDED
JUNE 80.
/./;///<;// A \i-:if I:\(;LAXD RAILROAD COMPANY. 403

1. Auth., $500,000; outstanding, $164,000 (closed). Dated July 1, 1887; due July 1, 1917. Int. paid at Irving
National Bank, New York, and in Warwick, N. Y. Coupon. $1,000. Now a first lien on 63.2 miles from Belvidere,
N. J., to Greycourt, N. Y. Underlie No. 2, which provide for retirement. Interest paid without deduction for nor-
mal income tax.
2. Auth., $3,000,000; outstanding, $2,587,000. Dated Jan. 1, 1890; due July 1, 1920. Int. paid at Irving Ex-
change Bank, New York, or at First National Bank, Warwick, N. Y. Coupon, $1,000. $1,062,000 of the outstanding
bonds are guaranteed jointly and severally as to prin. and int. by the Lehigh Coal & Navigation Co., and the Central
R.R. of New Jersey, by endorsement. Secured on about 74.6 miles from Maybrook, N. Y., to Belvidere, N. J., and
from South Easton, Pa., to Phillipsburg, N. J., being subject to No. 1 on 63.2 miles, and first lien on balance of 11.4
miles. Legal for S. B. in Minn., N. H., R. I., where guaranteed. Those guaranteed are listed on New York Stock
3. Auth. and outstanding, $400,000. Dated June 30, 1907; due July 1, 1920. Int. paid May and November t
Irving National Bank, New York. Coupon, $1,000. Not a mortgage. Callable after Nov. 1, 1911ât 105. Interest
Capital Slock: Auth.. $1,740,000; outstanding, $1,340,000; par value, $100. The stock is owned by the various
anthracite coal interests, including the Lehigh Coal & Navigation Co., Central R.R. of New Jersey, Reading, Pennsyl-
vania, etc. In September, 1913, the Government brought suit to divorce this control. Dividends have been paid as
r
follows: 1913, 4%; 1914. 4 1915,$%; 1916, 12%. TRANSFER AGENT, John Sayer, Warwick, N. Y.
'<
;
LEHIGH & NEW ENGLAND RAILROAD

XIITI. : The analysis is based on official documents of the company, including its annual reports of the past nine years.
Origin: Incorporated April 2, 1895, under laws of Pennsylvania and New Jersey as successor to the Pennsyl-
vania, Poughkeepsie A Boston R.R. In 1903, the
company absorbed the Northampton R.R., and in 1904 the Lehigh
A Delaware R.R. On Jan. 1, 1908, it leased the Campbell Hall Connecting R.R., and owns all the bonds and stock of
the latter. Also controls the Pochuck R.R. The Lehigh A New England R.R. is itself controlled by the Lehigh Coal
A Navigation Co. (See " Moody 's Analyses of Investments Public Utilities and Industrials.")
Location: The directly operated lines of the company consist of 295.53 miles, including the following: Hauto,
Pa., to Hainesburg June., N. J.; Swartswood June., N. J., to Liberty Corners. N. Y.; Pen Argyl to Northampton
June., Pa.; Bethlehem June, to Benders June., Pa.; Bath to Martins Creek, Pa., and many branches and spurs oper-
ating in the Lehigh coal region of Penn. Mileage owned, 190.69 miles; leased, 8.50 miles; trackage rights, 96.34 miles.
Management: OFFICERS: S. D. Warriner, Pres.; R. H. Wilbur, Vice-Pres. and Gen. Manager; W. J. Turner,
Vice-Pres. and Counsel; Henry H. Pease, Sec. and Treas. DIRECTORS: Bayard Henry, L. A. Riley, E. W. Clark,
W. J. Turner. R. Y. Cook, J. S. Wentz, E. J. Fox, Geo. H. Frazier. Annual meeting, first Monday in May. MAIN
'. t'!7 rhestnut Street. Philadelphia.

Comment: For the year ended June 30, 1916, the freight density on this property was far above any figures
ever before reported, being practically double the result shown five years ago. Average freight train load was also
better than ever, and the train mile earnings reached a remarkable average. The company's business is mainly that
of the transportation of coal, this type of tonnage representing over 78% of the business done in 1916.
YEARS
ENDED
JUNE 30.
LEIIK;II .\ \i>:ii' EXGLAXD RAILROAD COMPANY. 405

Stock
YlAM Outstanding
.V PerCent
of Whole.
terests and on all securities of Campbell Hall Connecting R.R. and Pochuck R.R. Callable at 105 on 8 weeks' notice.
Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal income tax.
3. Series A, 4MiS, dated June 1, 1908; due $30,000 per annum to June 1, 1923; now outstanding $210,000.
Guar. prin. and int., by Lehigh Coal & Nav. Co. Series B, 4%s, dated May 1, 1911; due $45,000 per- annum to
May 1, 1925, and $70,000 on May 1, 1926. Now outstanding, $475,000. Series C, 4%s, dated Feb. 1, 1913; due
$35,000 per annum to Feb. 1, 1927, and $60,000 on Feb. 1, 1928; now outstanding, $410,000. Series D, 4%s, dated
March 2, 1914; due $40,000 annually to March 1, 1929. Now outstanding, $520,000. Series E, 4%s, dated April 1,
1916; due $55,000 per annum to April 1, 1930, and $30,000 April 1, 1931. Now outstanding, $800,000. Total out-
standing, $2,415,000. Interest paid without deduction for normal income tax.
Capital Stock: Auth., $7,500,000; outstanding June 30, 1916, $6,000,000 j, par $50. The outstanding issue was
increased in 1913 from $1,000,000, a part of the new stock being used to retire $2,885,000 general 4s of 1958, and
from $4 1645,000 in 1915, the new stock being sold to pay tha rental of the Panther Creek R.R., acquired in 1913. A
majority of the issue is owned by the Lehigh Coal & Navigation Co., the latter being controlled by the Central R.R.
of New Jersey. A dividend of 8% ($4 per share) was paid in 1915 and 11% in 1916. TRANSFER AGENT, H. H.
Pease, Treasurer.
COMPANIES CONTROLLED BY LEHIGH & NEW ENGLAND RAILROAD CO.

CAMPBELL HALL CONNECTING RAILROAD
Origin: Incorporated under laws of New York, April 3, 1889. Line of road: Liberty Corners to Pine Island
June., N. Y., 4.11 miles. Leased from Jan. 1, 1908, to Lehigh & New England R.R., which operates the property
and pays taxes, but may discontinue lease on ten days' notice.
Management: OFFICERS: S. D. Warriner, Pres. R. H. Wilbur, Vice-Pres. Henry H. Pease, Sec. and Treas.
; ;
Annual meeting, third Monday in April. OFFICE, 143 Liberty Street, New York.
Bonded Debt: $500,000 Campbell Hall Connecting R.R. first 5s; dated Aug. 1, 1889; due Aug. 1, 1939. Coupon,
$1,000. By terms of lease, no interest is now paid on these bonds. First lien on entire property. All owned by
Lehigh & New England R.R.
* Capital Stock: Auth.,
$450,000; outstanding, $125,000; par $100. A majority is owned by Lehigh & New Eng-
land Railroad.
POCHUCK RAILROAD
Origin: Incorporated under laws of New York, June 22, 1897. Line of road: Glenwood June, to Glenwood,
N. J., and Alba, N. Y., to Empire quarries; total, 4.39 miles. Leased from Jan. 1, 1908, to Lehigh & New England
R.R., lessee paying taxes and holding right to cancel lease on ten days' notice.
Management: OFFICERS: S. D. Warriner, Pres.; R. H. Wilbur, Vice-Pres.; Henry H. Pease, Sec. and Treas.
Annual meeting, third Monday in April. OFFICE, 143 Liberty Street, New York.
Capital Stock: Auth. and issued, $20,000; par $50. All owned by Lehigh & New England R.R. No bonded debt.
LEHIGH VALLEY RAILROAD COMPANY

Origin: Incorporated under Pennsylvania laws, April 21, 1846, as the Delaware, Lehigh, Schuylkill & Susque-
hanna R.R. ;
to present title, January 7, 1853.
changed In July, 1864, the Beaver Meadow R.R. was absorbed; in
August, 1864, the Penn Haven & White Haven was acquired; in May and June, 1868, the Hazleton R.R. and the
Lehigh & Luzerne R.R. were acquired. In 1871, the company leased the property of the Morris Canal & Banking
Co., which it still controls, although the property many years ago was abandoned for transportation purposes. At
the present time, the company controls, through stock ownership, the Lehigh Valley R.R. of New Jersey; the Easton
& Northern R.R. the Schuylkill & Lehigh Valley R.R. the Delaware, Schuylkill & Susquehanna R.R. the Pennsyl-
; ; ;
vania & New York Canal & R.R. the Loyalsock R.R. the Montrose R.R.
; ;
the Lehigh Valley Railway (of New
;
York) the Wyoming Valley Water Supply Co., and the Lehigh & New York R.R. Also controls by lease the State
;
Line & Sullivan R.R., and the Hayt's Corners, Ovid & Willard R.R.
Location: The directly operated lines of the Lehigh Valley R.R. consisted, June 30, 1916, of 1,443.81 miles, as
follows: Main lines owned in fee: Phillipsburg to Wilkesbarre and Penn Haven June, to Mt. Carmel, Pa., and
branches, 316.71 miles. Controlled by ownership of entire stock: Lehigh Valley R.R. of New Jersey, Jersey
City to Phillipsburg and branches, 122.25 miles; Penn. & New York Canal & R.R., Wilkesbarre to Penn. State line
and branches, 137.08 miles; Lehigh Valley Railway (of New York), Penn. State line to Buffalo and branches, 514.22
miles; Delaware, Susquehanna & Schuylkill R.R., Eckley to Sheppton, Pa., and branches, 31.78 miles; Easton &
Northern R.R., Easton to Belfast, Pa., and branches, 12.78 miles; Schuylkill & Lehigh R.R., Lizard Creek June, to
Blackwood, Pa., and branches, 41.84 miles; Loyalsock R.R., Luzerne to Bernice, Pa., and branches, 50.29 miles;
Montrose R.R., Tunkhannock to Montrose, Pa., 27.36 miles. Controlled by ownership of majority of stock:
Lehigh & New York R.R., Penn. State line to North Fair Haven, N. Y., 115.37 miles. Operated under lease: 27.63
miles. Trackage rights, 45.82 miles. Lines cross populous parts of Penn., N. J., and N. Y. Population of these
States in 1890, 12,650,800; in 1900, 15,454,678; in 1910, 19,315,892.
Lehigh Valley Coal Co.: Incorporated May 29, 1871, under Pennsylvania laws as the Green Land Co.; name
changed as above in 1875. Company owns the properties of the Delano Land Co., Hazleton Coal Co., Westwood
Coal Co., Seneca Coal Co., and other properties on the lines of the Lehigh Valley R.R. The capital stock amounts
to $1,965,000, and is all owned by the Lehigh Valley R.R., and the outstanding bonds of the company are guaran-
teed. For Lehigh Valley Coal Co. and Lehigh Valley Coal Sales Co., see "Moody's Analyses of Industrials."
Management: OFFICERS: E. B. Thomas, Pres.; J. A. Middleton, Vice-Pres.; F. L. Blendinger, Vice-Pres.; T. N.
Jarvis, Vice-Pres.; L. D.' Smith, Vice-Pres.; D. G. Baird, Sec.; C. J. Kulp, Treas. DIRECTORS: Geo. F. Baker,
Fred M, Kirby, S. T. Bodine, Edward B. Smith, Edward T. Stotesbury, E. S. Moore, D. G. Reid, W. H. Moore,
William R. Butler, H. B. Coxe, Morris L. Clothier, Wm. P. Clyde. Annual meeting, third Tuesday in January.
NEW YORK OFFICE, 143 Liberty Street. PRINCIPAL OFFICE, 228 South Third Street, Philadelphia, Pennsylvania.
LEHIGH VALLEY RAILROAD COMPANY. 407
( lassification of Freight Tonnage (Years Ending June 30)

1916 1915 1914 1913 1912 1911 1910
Gross revenues $47,373,984 $42,511,180 $39,783,564 $43,043,372 $36,905,935 $37,687,403 $.36,167,398 '

Net operating revenues.. .

$14,281,006 $12,563,793 $12,174,402 $13,935,552 $12,185,685 $14,280,084 $14,483,251
Operating ratio 69.8% 70.4%
*
69.4%
*
67.6%
*
67% *
62.1% 60%
*
Outside operations t t 280,244 280,210 291,239 320,170 146,333
$14,281,006 $12,563,793 $11,894,158 $13,655,342 $11,894,446 $13,959,914 $14,336,918

Other income 3,492,225 2,765,543 2,864,272 2,303,754 2,116,461 1,675,738 1,406,458
Total net income $17,773,231 $15,329,336 $14,758,430 $15,959,096 $14,010,907 $15,635,652 $15,743,376
Taxes accrued 1,706,293 1,797,379 1,549,895 1,447,205 1,312,012 1,145,477 1,106,762
Balance for charges.. .

$16,066,938 $13,531,957 $13,208,535 $14,511,891 $12,698,895 $14,490,175 $14,636,614
Fixed charges 8,186,036 6,992,928 6,151,875 5,750,063 5,544,931 5,990,169 6,449,213
Surplus over charges. . . .

LKlllGH r ALLEY RAILROAD COMPANY. 409
LIABILITIES:
Capital stock
1

a majority capital stock of a company owning 115.37 miles, comprising practically the entire Lehigh Valley system,
and also on the entire equipment of the system, with the exception of that pledged to secure outstanding equipment
trust obligations, and equipment belonging to the Lehigh & New York R.R. Co., also secured on real estate in Phila-
delphia, Jersey City, Bayonne, and Newark, together with terminals, depots, and all other property of every kind
now or hereafter acquired for use in connection with any lines of railroad, now or hereafter subject to this lien;
property covered is specifically as follows: Second lien on 30.49 miles, following Nos. 2 and 3; third lien on 286.41
miles, following No. 1, first lien on capital stock of 872.72 miles, as follows: Easton & Northern R.R., 12.78 miles;
Lehigh Valley Rail-Way Co., 514.95 miles; Lehigh Valley R.R. Co. of New Jersey, 121.98 miles; Pennsylvania & New
York Canal & R.R. Co., 137.08 miles; Loyalsock R.R., 50.29 miles; Schuylkill & Lehigh R.R., 41.84 miles; first col-
lateral lien on $2,299,550, out of a total capitalization of $3,391,648 preferred stock outstanding, of the Lehigh &
New York R.R., owning 115.37 miles; also first collateral lien on the following securities; $3,310,000 Lehigh Valley
R.R. of New Jersey Deb. 5s; $6,643,000 Lehigh Valley Rail-Way Deb. 5s; $730,000 Lehigh Valley Trans. Co. Deb.
5s; $1,640,000 Pennsylvania & New York Canal & R.R. Deb. 5s; $23,000 Easton & Northern Deb. 5s; $1,965,000
(entire) Lehigh Valley Coal Co. stock, and $7,500,000 Lehigh Valley Coal Co. Deb. 4s; $1,510,000 (entire) Lehigh
Valley Transportation Co. stock; $2,400,000 (entire) National Storage Co. stock, and $755,000 National Storage
Debs.; $1,216,325 stock of the New York & Middle Coal Field R.R. & Coal Co., $6,000 Schuylkill & Lehigh Valley
R.R. Debs., and $35,000 Loyalsock R.R. Debs. Coupon $1,000; reg., $1,000, $5,000 and $10,000. Legal for S. B. in
Maine, Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York and Philadelphia Stock Exchanges. Interest
paid without deduction for normal income tax. Tax exempt in Penn.
5. Auth., $19,000,000; outstanding, $8,444,000 (closed). Dated Nov. 1, 1905; due in semi-annual instalments of
$500,000 each from Aug. 1, 1907, to Feb. 1, 1926. Int. paid at J. P. Morgan & Co., New York, and at Philadelphia.
Callable at 102% and int. on 60 days' notice. First collateral lien on entire capital stock of Coxe Bros. & Co., Inc.,
and the Delaware, Susquehanna & Schuylkill R.R. Coupon $1,000. Legal for S. B. in N. H., R. I. Interest paid
6. Dated Aug. 24, 1895; due Sept. 1, 1945. Int. paid at J. P. Morgan & Co.,
Auth. and outstanding, $2,000,000.
New York and Company's office, Philadelphia. First lien, 115.37 miles, Penn. State line to North Fair Haven, N. Y.
Guaranteed prin. and int. by Lehigh Valley R.R., by endorsement. Coupon, $1,000. Legal for S. B. in Maine,
N. H., N. J., R. I., Mich., Minn. Listed on New York Stock Exchange. Interest paid without deduction for nor-
mal income tax.
Auth. and outstanding, $6,000,000. Dated April 13, 1880; due May 1, 1920. Int. paid at 228 S. 3d St., Phila-
7.
delphia. Guar. prin. and int. by Lehigh Valley R.R. by endorsement. Refunding: No. 4 provides for retirement
of this issue, which may be extended for a period not exceeding two years. First lien from Phillipsburg, N. J., to
Staten Island Sound in Perth Amboy, N. J., and branches to Clinton and Flemington, 68.50 miles. Reg., $1,000.
Legal for S. B. in Maine, Mich., Minn. ,N. H., N. J., R.I. Listed on Philadelphia Stock Exchange. Interest paid
without deduction for norma income tax.
8. Auth. and outstanding, $10,000,000. Dated Oct. 1, 1891; due Oct. 1, 1941. Int. paid at company's office, Phil-
adelphia, and J. P. Morgan & Co., New York. Guaranteed prin. and int. by Lehigh Valley R.R. by endorsement.
Refunding: No. 4 provides for the retirement of this issue, which may be extended for a period not exceeding two
years. First lien on 27.90 miles from -South Plainfield to Jersey City and branches; also 126.83 acres of terminal
property fronting about 1,000 feet on Hudson River. Coupon, $1,000. Legal for S. B. in Maine, Mich., Minn.,
N. H., N. J., R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
9. Auth. and outstanding, $15,000,000. Dated June 23, 1890; due July 1, 1940. Int. paid at company's office,
Philadelphia, and J. P. Morgan & Co., New York. Guar. prin. and int. by Lehigh Valley R.R. by endorsement. Re-
funding: No. 4 provides for retirement of this issue, which may, however, be extended two years. First lien from
the Pennsylvania State line to Buffalo, N. Y., 174.48 miles; Pennsylvania State line to Waverly, N. Y., 0.41
mile; Van Etten June, to Geneva June.., N. Y., 59.49 miles; Ithaca to Auburn, N. Y., 42.46 miles; Cayuga
June, to Cayuga, N. Y., 3.92 miles; Niagara June, to Tonawanda June., N. Y., 10.56 miles; Elmira to Cortland
and De Ruyter to Camden, 139.14 miles; total, 430.46 miles, second lien on 29.42 miles, following No. 10, on
29.07 miles, from Rochester to Hemlock Lake, N. Y., following the first lien of the Rochester Southern 1st 5s; on
14.39 miles from Geneva June, to Seneca Falls, N. Y., following the first lien of the Seneca County Ry. 1st 5s,
and on the 10.93 miles, following No. 11; total, 83.81 mi'es. Legal for S. B. in Maine, Mich., Minn., N. H., N. J.,
R. I. Listed on New. York, Phiadelphia and London Stick Exchanges. Interest paid without deduction for nor-
mal income tax. Coupon, $1,000.
10. Auth., $600,000; outstanding, $200,000 (closed). Dated Aug. 26, 1892; due Nov. 1, 1942. Int. paid at Com-
pany's Office, Philadelphia and at J. P. Morgan & Co., New York. Coupon, $1,000. Guar. prin. and int. by the Lehigh
Valley R.R. by endorsement. Refunding: No. 4 provides for retirement of this issue, which may however, be ex-
tended two years. First lien from Naples to Geneva, N. Y., 29.42 miles. Underlies No. 9. Legal for S. B. in
Me., Mich., Minn., N. H., N. J., R. I. Normal income tax deducted from interest.
11. Auth. and outstanding, $3,000,000. Dated March 1, 1907; due March 1, 1957. Int. paid at Lehigh Valley
R.R., Philadelphia, and at J. P. Morgan & Co., New York. Coupon, $1,000. Callable at 105 and int., on any
interest date, on 60 days' notice. Guar. prin. and int. by Lehigh Valley R.R., by endorsement. First lien from
Tifft Farm Junction to Tifft Farm, Buffalo, N. Y., 10.93 miles double track, and terminal property at and near Buf-
falo, inc. 189J/2 acres, together with other property. Leâl for S. B. in Maine, Mich., Minn., N. H., N. J., R. I.,
Auth., $300,000; outstanding, $51,000. Dated Oc 7, 1895; due Nov. 1, 1935. Int. paid at company's office,
1
12. :.
Philadelphia. Coupon, $500 and $1,000. Guaranteed prin. and int. by Lehigh Valley R.R. by endorsement. First
lien on 12.78 miles from Belfast to Easton, Pa. Refunding: No. 4 provides for retirement of this issue, which
may, however, be extended for two years. Legal for S. B. in Maine, Mich., Minn., N. H., N. J., R. I. Listed on
Philadelphia Stock Exchange. Interest paid without deduction for normal income tax.
13. 14 and 15. Auth., $10,000,000; outstanding, $4,000,000 5s; $1,500.000 4%s; $3,000.000 4s (closed). Dated
Nov. 13, 1888; due April 1, 1939. Int. paid at office of Lehigh Valley R.R., Philadelphia. Reg.. $1,000. Guar. prin.
and int. by Lehigh Valley R.R., by endorsement. Refunding: No. 4 provides for retirement of this issue, which may,
however, be extended for a period not exceeding two years. First lien from Wilkes-Barre, Pa., to the New York
State line at Sayre, Pa., and branches, 137.08 miles. Le^-al for S. B. in Maine, Mich., Minn., N. H., N. J., R. I.,
Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal income tax.
LEHIGH GALLEY RAILROAD COMPANY. 411

Auth., $300,000; outstanding, $272,000. Dated Dec. 12, 1898; due Jan. 1, 1929. Int. paid at Union Trust Co.,
16.
New York. Coupon, $1,000. Callable at 105 and int. and after 1914 at par and int. Road leased at $40,000 per
annum to 1934, to Penn. & N. Y. Canal & R.R. and operated by Lehigh Valley. Sinking fund: Amount equal to
any dividend or distribution of profits shall be used to retire these bonds. First lien on about 5,000 acres of coal
land in Sullivan Co.. Pa., and on the road from Monroeton to Bernice, Pa., 24.06 miles, inc. depot-land, etc. Legal
for S. B. in Maine. Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal income
tax.
17. Series J, 4%s; original amount, $5,000,000; now outstanding, $500.000. Dated Sept. 1, 1907; due $250,000
each M. and S. 1 to Sept. 1, 1917. Int. paid at Company's office, Philadelphia, Pa. Coupon, $1,000. First lien on
1,000 box cars, 1,000 steel gondola cars and 3,000 steel coal cars; total cost being $4,824,820. Interest paid without
deduction for normal income tax. Legal for S. B. in Conn., N. H.
Note: There are three further issues of equipment trusts amounting to $2,900,000, all of which are held in the
treasury of the company. They include: Series K. 4s, maturing $150,000 semi-annually to Sept. 1, 1917; Series L,
4V4s, maturing $200,000 semi-annually to Oct. 1. 1919; Series M, 4%s; maturing $200,000 annually to March 1, 1923.
In 1916 two new issues, $3.000,000, Series O, 4%s, and $2,400,000, Series R, 4V6s, were authorized, and upon receipt of
equipment these will be issued and placed in the treasury.
Rate
and
NAMK AND DBTAIUI or Inm. Date
Dividends.
1 MorrU Canal A Banking Co. guar. *tm-k

landing S'^.OOO Par $
- Morris Canal 4 Banking Co. coax. Rid. stock.
-iK. $700.700. Par $l<")
3. Lfhinh VM I
-t-Mvlinit. $106.300 Par $).

I
-hinh Vsll"-. inon stork
OBtataadh > taO01,700 Par $50.
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $78,571; debit bal-
ance carried to balance sheet, $32,701; total, $111,272. Contra: Debit balance at beginning of year, $55,376; divi-
dend appropriations of surplus, $55,896; total, $111,272.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 51,488 100,787 133,200 131,856 121,073 135,816
Accrued income not due. 4,934 4,672 4,273 5,008
Deferred debit items. 3 3 102 25 25 25
Total $1,209,192 $1,281,166 $1,281,598 $1,281,428 $1,277,906 $1,277,926

LIABILITIES :
Capital stock . .
$931,600 $980,250 $980,250 $980,250 $980,250 $980,250
Funded debt 272,000 295,000 295,000 295,000 295,000 295,000
Accrued liabilities not due 5,592 5,916 6,348 6,178 2,656 2,676
Total $1,209,192 $1,281,166 $1,281,598 $1,281,428 $1,277,906 $1,277,926

Bonded Debt: $272,000 first 4%s; due Jan. 1, 1929. For details and ratings, see Lehigh Valley Bond Table, page
409.
Capital Stock: Auth., $1,000,000; outstanding, $931,600, of which $48,650 is in treasury; par, $50. Dividends in
recent years as follows: 1908-9, 20%; 1909-10, 31%; 1910-11, 6%; 1911-12, 9%; 1912-13, 6%; 1913-14, 8%; 1914-
15, 12% ; 1916, 6%.
LOUISIANA & ARKANSAS RAILWAY

Origin: Incorporated under laws of Arkansas, June 10, 1902, as successor to the Louisiana & Arkansas Railroad
Co.
-Location: Operates 278.72 miles of road, of which 188.91 miles are from Hope, Ark., to Tioga, La. Branches
extend to Wildsville June, and Shreyeport. An extension from Wildsville June, to a point on the Mississippi River,
opposite Natchez, is under construction. When the extensions are completed the company will connect with the St.
Louis, Iron Mountain & Southern, the Illinois Central, and the Mississippi Central.
The Eastern Extension from the end of the line at Jena, Louisiana, to Jonesville, Louisiana, has been completed,
and is laid with 75-lb. rail, and ballasted with the durable cement gravel found on the line of the railway. This line
will connect with Natchez on the Mississippi River, giving the Louisiana and Arkansas Ry. a connection with the
Illinois Central R.R., and also other connections at that point. The Extension of the line to the Mississippi River
crosses the rich rice and cotton lands of the Tensas Delta.
Management: OFFICERS: Wm. Buchanan, Pres. F. H. Drake, W. R. Grim, Vice-Pres. J. A. Buchanan, Sec. and
; ;
Treas. DIRECTORS: Wm. Buchanan, W. R. Grim, F. H. Drake, J. G. Ferguson, J. A. Buchanan, C. L. Cabe, T. A.

Brown, Robt. Buchanan, W. J. Buchanan, Henry Moore, F. W. Green. Annual meeting, second Saturday in Feb-
ruary. OFFICE, Texarkana, Ark.
LOUISIANA % ARKANSAS RAILWAY COMPANY. 413
Comment: The freight density on this property in 1916 was fully maintained and there was a further moderate
improvement in theaverage freight train load. The train mile earnings on the property were also better than in the
previous year. As usual the company reported a large proportion of lumber products in its freight tonnage, these
representing nearly 70% of the total business done.
YBAU
YEARS
ENDED
JUNE 80.
LOUISIAXA RAILWAY A XAVIGATION COMPANY. 415
LOUISIANA RAILWAY & NAVIGATION COMPANY

Origin: Incorporated under laws of Louisiana, May 9, 1903, as successor to the Shreveport & Red River Valley
Ry. The company was first put in operation through to New Orleans, La., in October, 1906.
Location: Line of road, Shreveport, to New Orleans, with branches to Winnfield and Ems, La., making a
total of 350.50 miles. Sidings 98.19 miles.
Management: OFFICERS: Wm. Edenborn, Pres.; New Orleans, La.; H. B. Helm, Vice-Pres.; L. M. McForlin,
Treas. ;
Tippin, Sec. and Aud.; C. C. Colley, Pur. Agt., Shreveport, La.
J. J DIRECTORS: Wm. Edenborn, Sarah
Edenborn. E. O. Mann. New Orleans, La.; H. B. Helm, W. F. Taylor, E. H. Randolph, J. J. Tippin, Shreveport, La.
Annual meeting, first Tuesday after first Monday in January. MAIN OFFICE: Shreveport, La.

Note: Above table is based on average mileage operated for each year. Margin of safety is the propdrtion of
surplus left over after deducting fixed charges. In this case, there is no "margin of safety" as the company has not
reported any surplus above its full fixed charges for many years, although the actual interest on the bond issue has
been covered.

MAIXE CEXTRAL RAILROAD COMPANY. 417
TABLK 1). Bond Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAME or IWUB.
-
YEARS Average
ENDED Miles
JUNE 30. : Operated.
MAINE CENTRAL RAILROAD COMPANY. 419
Note: Fixed charges include rentals of leased lines, $909,491, improvements to leased roads charged to rental
$297,878, interest and sinking funds $735,767, hire of equipment $119,354, etc.
Comment: Gross revenues underwent a further substantial improvement on the Maine Central in 1916, and as
operating costs advanced only slightly, the net revenues also showed a sharp increase. The total income after
deduction of taxes was far in excess of all fixed charge requirements, and the final balance
equaled fully 9% on the
outstanding stock. Conditions since the close of the fiscal year have continued to show marked improvement.
TABLE C. -Capitalization Factors (Security Obligations and Earning Power)

YKAK.H
:
t: JO.
OtWlMl*.
N AMK OF ISSUE.
MAINE CENTRAL RAILROAD COMPANY. 421

6. Auth., $25,000,000; outstanding, Series A, $7,000,000; Series B, $6,000,000. Dated Dec. 1, 1915, due Dec. 1,
1935. Int paid at Irving National Bank, New York, company's office, Portland, Me., and in Boston. Coupon, $1,000,
Teg. $1,000, etc., interchangeable. Series A is callable at 102 on 60 days notice after December 1, 1918. Series B,
callable under the same conditions after June 1, 1918. First lien on 324.36 miles, Falmouth to Bangor,
130.04; Royal
June, to Waterville, 72.30; Waterville Freight Yard to Skowhegan, 17.23; Oquossoc to Kennebago, 10.65; Pittsfield
to Harmony, 17.76; Brunswick to Leeds June., 25.94; Crowley's June, to Lewiston, 4.88; Leeds June, to
Farmington,
36.66; and Brunswick to Bath, 8.90 miles. A second lien on 41.13 miles following No. 4. A third lien on 48.57 miles
following No. 5. Further secured on 311.59 miles of leasehold interests and by pledge of $1,000,000 capital stock of
the Portland Terminal Co. Sufficient reserved to retire Nos. 3 and 5. Legal for S. B. in Cal., Conn., Maine, Mass.,
Mich., Minn., N. H., N. J., R. I., Vt., Wis. Interest paid without deduction from normal income tax.
7. Auth. and outstanding, $175,000. Dated Sept. 1, 1897; due Sept 1, 1917. Int. paid at First National Bank,
Portland, Me., Second National Bank. Boston, National Park Bank, New York, or Treasurer's office, Portland.
Coupon, $1,000. Guar. prin. and int. by Maine Central R.R., by endorsement. First lien from Newport to Dexter,
Me., 14.23 miles. Legal for S. B. in Cal., Conn., Fla., Me., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis.
8. Auth. and outstanding, $175,000. Dated July 1, 1889; due July 1, 1929. Int. paid at Boston Safe Deposit &
Trust Co., Boston. Coupon, $1,000. Guar. prin. and int. by Maine Central R.R. First lien from Dexter to Foxcroft,
r
M-.. I'' .. .4 miles. Legal for S. B. in Cal., Conn., Fla., Me.. Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis.
9. Auth. and outstanding, $1.000.000. Dated Jan. 2, 1893; due Jan. 1, 1933. Int. paid at First National Bank,
Portland. Me.. Second National Bank, Boston, National Park Bank, New York or Treasurer's office, Portland, Me.
Coupon, $1,000. First lien from Bangor to Winn., Me., 55 miles. Legal for S. B. in Cal., Conn., Fla., Me., Mass.,
Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from interest.
10. Auth. and outstanding. $800,000. Dated May 1, 1890; due May 1, 1930. Int. paid at First National Bank
and office of Maine Central R.R., Portland, Me., Second National Bank, Boston, and National Park Bank, New York.
Coupon. $1,000. Guar. prin. and int. by Maine Central R.R. by endorsement. First lien from International Boundary
Line (Beecher Falls) to Lime Ridge, Can., 52.85 miles. Legal for S. B. in Cal., Me., Mich., N. H., N. J., N. Y., Wig.
11. Auth., $1.000,000; outstanding, $901,000; retired by sinking fund, $99,000. Dated Nov. 2, 1896; due Nov. 2,
1926. Int. paidat Old Colony Trust Co., Boston. Coupon, $1,000. Sinking fund: Two-thirds of 1% per annum of
par value of bonds issued to be used for purchase of these bonds at not exceeding par and int.; otherwise to be in-
vested in approved securities. Guar. as to int. by Portland & Rumford Falls R.R. First lien from Rumford June, to
Rumford Kails. 52.75 miles, and from Canton to Chisholm's Mills, etc., 11.21 miles; total, 63.96 miles. Legal for
S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. J., Wis. Normal income tax deducted from interest.
12. Auth. and outstanding, $350.000. Dated Aug. 1, 1897; due Aug. 1, 1927. Int. paid at Portland Trust Co.,
Portland. Me. Coupon $500 and $1,000. Guar. as to int. by Portland & Rumford Falls R.R. Not a mortgage.
Legal for S. B. in Me., N. H. Normal income tax deducted from interest.
Auth. and outstanding, $300,000. Dated June 1, 1915; due June 1, 1935. Int. paid at company's office, Port-
13.
land, Me. Coupon. $1.000. Guar. prin. and int. by Maine Central R.R. by endorsement. Legal for S. B. in Maine.
14. Auth. and outstanding, $500.000. Dated Feb. 1, 1904; due Feb. 1, 1934. Int. paid at Portland Trust Co.,
Portland. Me. Coupon, $500 and $1,000. Callable at par and int. on any Feb. 1 beginning 1924; callable until then
for Sinking Fund on any Feb. 1 at 105 and interest. Sinking fund: $10,000 annually to redeem these bonds at not
exceeding 105 and int. Guar. as to int. by the Portland A Rumford Falls R.R. Direct obligation of the company
and secured by the deposit of $87.000 6% twenty-year mortgage bonds of the Intl. Paper Co., and $450,000 5%
twenty-year bonds of the Oxford Paper Co. Legal for S. B. in Maine, N. H. Interest paid without deduction for
normal income tax.
15. Auth. and outstanding. $400,000. Dated Oct. 1, 1897; due Oct. 1, 1937. Int. paid at Old Colony Trust Co.,
Boston. Coupon. $600 and $1,000. Sinking fund: $3,000 annually to purchase these bonds at price to be agreed
upon; otherwise to be invested in securities eligible under Mass. Savings Banks Law. First lien from Rumford
Falls to Bemis. Me., 27 miles. Underlies No. 16. Legal for S. B. in Maine. Normal income tax deducted from
interest.
16. Auth. and outstanding, $300,000. Dated Nov. 2, 1903; due Nov. 1, 1923. Int. paid at Union Safe Deposit &
Trust Co., Portland, Me. Int. guar. by Portland & Rumford Falls R. R. Follow No. 15 on same property, and by
first lien on 11 miles additional. Normal income tax deducted from interest.
17. Auth. and outstanding, $350,006. Dated May 1, 1890; due May 1, 1930. Int. paid at New York, Boston and
Portland. Coupon. $600 and $1,000. Guar. prin. and int. by Maine Central R.R. by endorsement. First lien from
ratford, N. H., to Canadian Boundary Line at Beecher Falls, 22.83 miles, and on leasehold of Upper Coos
R.R., of Vt. Legal for S. B. in Cal., Conn., Fla., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Normal
if tax deducted from interest.
\uth., $21,000 per mile; outstanding, $493,000, of which $118,000 are in treasury. Dated May 1, 1890; due
May 1. 1930. Int. paid at New York, Boston and Portland, Me. Coupon, $1,000. Guar. prin and int. by Maine
Central R.R. by endorsement. First lien from Stratford to Quebec June., N. H., 32.50 miles.. Legal for S. B. in Cal.,
Conn.. Fla., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Normal income tax deducted from interest.
19. Auth., $3,000,000; outstanding, $2,119,000. Dated Nov. 2. 1908; due Nov. 1, 1928. Int. paid at New York,
Boston and Portland. Me. Coupon, $1,000; reg., $1,000, $5,000, etc. Assumed by Maine Central R.R.; also guaran-
teed. First lien from Portland, Me., to Lunenburg, Vt, 101.79 miles. Legal for S. B. in Cal., Conn., Fla., Maine,
Mass., Mich., Minn., N. H., R. I., Vt. Normal income tax deducted from interest.
20. Auth., $20.000 per mile- outstanding, $2.500,000, of which $223,000 are in treasury. Dated Jan. 1, 1904; due
Jan. 1, 1954. Int. paid at New York, Portland, Me., and Boston. Coupon, $1,000. Callable as whole, at par and int.
on Jan. 1, 1924, or any int. date thereafter, by company or any guarantor, on sixty days' notice. Assumed by Maine
ral R.R. Guar. prin. and int. by Maine Central R.R., by endorsement. First lien from Calais to Washington
!.49 miles; Ayer June, to Eastport Me., 16.48 miles; St. Croix June, to Princeton, Me., 17.85 miles;
1 June, to Woodland, Me., 1.21 miles; total, 138.03 miles. Legal for S. B. in Cal., Conn., Me., Mass., Mich.,
Minn \ II.. N. .1.. N. Y., R. I., Vt, Wis. Normal income tax deducted from interest.
,
21. Auth., $150,000; outstanding, $33,500; redeemed by sinking fund, $116,500. Dated May 15, 1888; due May
15, 1920. Int. paid at Belfast Savings Bank, Belfast, Me. Coupon, $500 and $1,000. Callable on any May 15 for
sinking fund, at par and int. Sinking fund: Since 1893, the sum of $9,000 is set aside annually for the payment
of int., and the balance remaining is applied to purchase of these bonds at not exceeding par and int. First lien
from Belfast to Burnham, Me., 33.13 miles. Normal income tax deducted from interest. Legal for S. B. in Cal.,
Conn., Maine, Mass.
22. Auth. and outstanding, $225,(TOO. Dated July 1, 1887; due July 1, 1917. Int. paid at National Shawmut
Bank, Boston. Coupon, $500 and $1,000. Assumed by Maine Central R.R. First lien from Oakland to Bingham,
Me., 42.08 miles. Underlie Nos. 23 and 24. Legal for S.B. in Cal., Conn., Me., Mass., Minn., N. H., N. J., N. Y.,
R. I., Vt. Normal income tax deducted from interest.
23. Auth., $420,000; outstanding, $172,500 (closed). Dated July 2, 1900; due July 1, 1950. Int. paid at National
Shawmut Bank, Boston. Coupon, $500 and $1,000. Assumed by Maine Central R.R. Second lien on 42.08 miles,
following No. 22. Underlie No. 24, with provision by latter to retire. Legal for S. B. in Cal., Conn., Me., N. Y.
24. Auth., $1,500,000; outstanding, $864,000. Dated July 1, 1905; due July 1, 1955. Int. paid at American Trust
Co., Boston. Coupon, $1,000. Assumed by Maine Central R.R. First lien on about 49.96 miles from Austin June, to
Kineo Station third lien on 42.08 miles, following No. 23. Legal for S. B. in Conn., Maine, Mass., N. H., R. I., Vt.
;
M.IIXE CEXTRAL RAILROAD COMPANY SYSTEM. 423
REFERENCE NOTES ON STOCK ISSUES (Continued)

8. PORTLAND & RUMFORD FALLS RY.: Leased to Portland & Rumford Falls R.R. for 1,000 years from 1907,
at rental of int. and sinking fund on bonds and &% on $2,000,000 stock. The Portland & Rumford Falls R.R. is itself
leased to Maine Central for 999 years from 1907, at an annual rental of $328,000. The stock of the latter company is
$1,000,000, on which 6% per annum is paid. This company also leases the Rumford Falls Rangeley Lakes R.R. for &
1,000 years from 1907, rental being int. on bonds and 2% on $300,000 stock. Company owns 65.49 miles, Rumford
June, to Rumford, Me., and branches.
9. UPPER COOS RJt: Leased to Maine Central for 999 years from 1890, at rental equaling int. on bonds and
per annum on
$350,000 Upper Coos R.R. of N. H. stock. Legal for S. B. in Maine and N. H. Company owns 41.52
miles, Quebec June., N. H., to Canaan, Vt.
Auth. and outstanding, $3,000,000. Issued in Nov., 1915, in connection with retirement of $10,000,000 com-
10.
r
mon (see below), la preferred as to assets and 5 r cumulative dividends but has no voting power. Initial quarterly
dividend of lV4 r c paid Dec., 1915, and regularly since.
11.Auth., $15,000,000; outstanding, $14,880,400. of which $2,881,500 is in treasury. The amount was increased
on May by vote of the directors to $15,000,000, and by vote of the stockholders on Jan. 8, 1913, to $25,000,000.
24, 1912,
The increase of 1912, amounting to $5,000,000, was offered to stockholders at par, payable as follows: $25, Oct. 1,
1912; $25, Jan. 1, 1913; $60, March 1, 1913; or in full on Oct. 1, 1912, or $25, Oct. 1, 1912, and $75, Jan. 1, 1913.
The increase of Jan. 1, 1913, was offered to stockholders at par, payable $50, Mar. 1, 1913; $25, July 1, 1913; $25,
July 1, 1914, or optionally in full on any of said dates. In October, 1915, the company retired $10,000,000 stock,
and issued $3,000,000 5% preferred and $7,000,000 new 20-year 4%%
bonds. Dividends on Maine Central stock in
recent years are as follows: 1884 to 1902, 6% yearly; 190.i, >',. H>04 to 1906. 7%; 1907, 7V4%; 1908 to 1910, 8%:
;
1911, 7%%; 1912, 6?r ; 1913, tTt ; 1914, 6%; 1915 and 1910. G", each. In 1916, a dividend of \% in addition was
paid on exchange of stock. Treasurer of company acts as TRANSFER AGENT AND REGISTRAR.
COMPANIES CONTROLLED BY M\IM I N , UAL RAILROAD, SEPARATELY OPERATED

BRIDGTON & SACO RIVER RAILROAD
Incorporated under Maine laws, July 30, 1881. Line of road, Harrison to Bridgton June., Maine, 21.23 miles.
Sidings 2.96 miles. Controlled by Maine Central R.R. through stock ownership, but separately operated.
Management: OFFICERS: Morris McDonald. Pres.; George S. Hobbs, Vice-Pres.; F. W. York, Treas.; A. P. Foss,
Compt.; E. A. Crosby, Gen. Mgr.; C. H. Blatchford, Clerk. Annual meeting, third Wednesday in October. OFFICE,
Portland, Me.
1916 1915 1914 1913 1912 1911 1910
Gross earnings $60,353 $59,756 $57,487 $55,612 $51,673 $51,907
Net earnings . 14,475 16,290 12,338 18,688 16,310 14,447 14,647
Total net i 14.737 l- MM 12,721 18,904 16,643 14,447 14,647
Fixed charges $7,773 '
'
7,727 6,800 6,912 6,874 6,606
Dividends paid I 6,135 5,368 4,090 4,090 4,090
Includes $1,129 taxes in 1915 and $973 in 1916.
Comment: This small property has for many years earned a substantial surplus above its fixed charge require-
ments and has steadily paid substantial dividends. The two small bond issues are well protected.
Comparative Condensed alance Sheet, as of June 30
ASSETS: 1916 1915 1914 1913 1912 1911

Working assets 19 104 16.300 23,414 10,365 6,671
Deferred debit items 243 1,155 627
Total $309,155 $316,745 $305,248 $310,313 $290,176 $287,935

Li ABILITIES:
Capital stock $102.250 $102,250 $102,250 $102,260 $102,250 $102,250
Funded debt 170,000 170,000 170,000 170,000 170,000 163,000
Working liabilities , .
.-.
6,212 7,185 14,772 1,626 10,561
Accrued liabilities not due 567 567 1,584 667 667 431
Deferred credit items .... 43 9.245 '
Appropriated surplus . . . 6,566 6,555 '6,666 l',554 2,828

Profit and loss surplus .... 22,734 21,905 18,674 17,168 14,178 8,865
Total . $309,155 $316,746 $305,248 $310,313 $290,175 $287,935
Bonded Debt: (1) $135,000 Bridgton & Saco R.R. first 4s; dated June 1, 1898; due June 1, 1928; int. paid at
Union Safe Deposit A Trust Co., Portland, Me. Coupon, $500 and $1,000. First lien on entire property of company.
Auth. $135,000. Normal income tax deducted from interest Net Rating, Baa.
(2) $35.000 Bridjrton & Saco River R.R. second 4s; dated Dec. 2, 1901; due June 1, 1928; int. paid at Union Safe
Deposit A Trust Co., Portland. Maine. Coupon, $600 and $1,000. Follows No. 1 on same property. Normal income
tax deducted from interest. Net Rating, Ba.
Capital Stock: Auth., $110.000; outstanding, $102,250; par $50. All owned by Maine Central R.R. Dividend at
4% per annum from 1906 to 1912; 1918, 6%%;
1914, 4%; 1916, 6%; 1916, 6%.
PORTLAND TERMINAL COMPANY
Incorporated under Maine laws, Feb. 24, 1887, as the Portland Union Station Co.; name changed as above on
July 1, 1911. The company has purchased from the Boston & Maine and the Maine Central R.R. all the railroad
properties of these companies within the city limits of Portland, South Portland, and Westbrook. The property
owned consists of the freight and passenger terminals in these cities, used by the Boston & Maine and Maine Cen-
tral companies. Under the terms of the charter the Boston & Maine R.R. and the Maine Central R.R., and all
other companies using the terminal, must pay for such use such amounts as may be necessary to cover expenses
and maintenance, int. on bonds, and dividends not to exceed 5% on the capital stock.
Management: OFFICERS: Morris McDonald, Pres. G. S. Hobbs, Vice-Pres.; F. W. York, Treas.; Chas. H. Blatch-
;
ford, Clerk; D. C. Douglass, Gen. Mgr. DIRECTORS: E. B. Winslow, W. Lewis, J. S. Hyde, F. H. Appleton, Morris
McDonald, Edward P. Ricker, Joseph W. Symonds, Elisha R. Brown, Thos. P. Shaw. Annual meeting third
Wednesday in October. OFFICE, Portland, Me.

1916 1915 1914 1913 1912
Gross revenue $262,838 $220,948 $164,418 $245,803 $243,021
Operating expenses 118,442 114,340 125,529 106,226
Net operating revenues. $144,396 $106,608 $128,099 $120,274 $136,795

Other income 219,149 239,222 226,672 228,394 224,019
Total net income $363,545 $345,830 $354,777 $348,668 $360,874

Taxes 41,620 41,705 ) ( 40,790 40,428
301,469
Fixed charges 248,311 245,170 j \ 248,986 243,793
Surplus $73,614 $58,955 $53,302 $58,892 $76,593

Dividends 50,000 50,000 50,000 50,000 37,500
Othar deductions 9,595 8,611 7,677
Balance $14,019 $344 $3,302 $1,215 $39,093
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $12,771; credit balance
transferred from income, $14,019; donations, $1,840; miscellaneous credits, $377; total, $29,007. Contra: Loss on
retired road and equipment, $2,302; credit balance carried to balance sheet, $25,564; miscellaneous credits, $1,141;
total, $29,007.
Comment: The property owned by this company is of substantial and growing value. Revenues are very sub-
stantial and the practical guarantee of an adequate income hy the companies using the terminal properties, places
the bond issues in a strong investment position.
Comparative Condensed 1 alance Sheet, as of June 30

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment . $5,232,949 $5,130,136 $5,081,328 $5,082,680 $5,035,404 $407,085
Working assets 960,276 889,216 944,501 953,583 730,340 63,792
Total $6,259,621 $6,180,329 $6,227,149 $6,232,521 $5,890,491 $585,398

LIABILITIES :
Capital stock $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $130,000

Funded debt 4,752.000 4,752,000 4,800,000 4,800,000 300,000 300,000
Working liabilities 277,103 219,988 240,110 252,666 4,411,275 36,000
Accrued liabilities not due 52.542 53,088 38,672 40,123 38,995 4,256
Deferred credit items 291 50
Appropriated surplus 152,121 142,432 133.869 125,918 118,241 l'l3,673
Profit and loss surplus 25,564 12,771 14,498 13,814 21,980 1,46.9
Total $6,259,621 $6,180,329 $6,227,149 $6,232,521 $5,890,491 $585,398
Bonded Debt: (1) $252,000, Portland Union Station Co. sinking fund 4s, of which $200,000 are Series A, due July
1, 1927, and $100,000 are Series B, due Jan. 1, 1929. Int. on both series paid J. and J., at Fidelity Trust Co., Port-
land, Me. Sinking fund will ultimately retire the issue now in fund, $133,869.
;
Guar. prin. and int. by Boston &
Maine R.R. and Maine Central R.R., jointly. Normal income tax deducted from interest. Net Rating, Aaa.
(2) $4,500,000, Portland Terminal Co. first 4s; dated July 1, 1911; due July 1, 1961; int. paid J. and J. 1, in
New York, Boston, or Portland. Coupon and reg., $1,000. Auth., $10^000,000. Guar. prin. and int. by the Maine
Central R.R. by endorsement. Secured by first lien on the terminal properties, including 23 miles of first track, 9
miles of second track, and 56 miles of sidings, including a belt railroad, the union passenger station, a new freight
station, etc., and 534 acres of real estate aside from the rj?ht of way. The Boston & Maine and Maine Central com-
panies pay for the use of the terminal property, all operating, maintenance and other expenses, including the interest
on these bonds, and by charter provision this is made an op?rating expense of the companies named. Legal for Sav-
ings Banks in Maine, Mass., N. H. Interest paid without deduction for normal income tax. Net Rating, A.
Note: The ratings are based not only on the statistical exhibits and averages, but other considerations are given
Capital Stock: Auth. and outstanding, $1,000,000; par, $100. All owned by Maine Central R.R. Co. Dividends
5% per annum, payable quarterly, Jan.
M Ah'}' LAM) PENNSYLVANIA RAILROAD COMPANY.
&, 425
SANDY RIVER & RANGELEY LAKES RAILROAD

Incorporated under Maine laws, Jan. 30, 1908, and in same year purchased the Phillips & Rangeley R.R. and the
Madrid R.R. In 1911, acquired the Eustis R.R. Company operates 103.35 miles of narrow gauge lines north of
Karmington, Me. Controlled by Maine Central R.R., through stock ownership. Equipment: Locomotives, 14; cars,
319.
Management: Morris McDonald, Pres.; Geo. S. Hobbs, Vice-Pres.; F. W. York, Treas.; A. P. Foss, Compt.;
C. H. Blatchford, Clerk. Annual meeting, third Wednesday in October. OFFICE, Portland, Me.

1916
Gross earnings
Net earnings
Total net income
Interest charges and taxes.
Dividends paid
426 MOOpY'S ANALYSES OF INVESTMENTS.
YEARS
ENDED
JUNE 30.
MAEYLAM) & PEXXSYLVANIA RA1LRAOD COMPANY. 427
Comment: Gross revenuesfell off moderately on this property in the year 1916, but there was a moderate im-
provement in the net operating; receipts and the total gross income. As interest charges were reduced considerably,
the company was able to report a final surplus very much better than any shown in recent years.

YBABS
-
.K SO.

1. Outstanding, $202,450; dated April 1882; due April 1, 1932; int. paid at Security Title & Trust Co., York,
1,
Pa. Assumed by Maryland & Penna. R.R. First lien on 40 miles, from York to Peach Bottom, Pa. Underlie No. 2
which provide for retirement. Interest paid without deduction for normal income tax. Listed on Baltimore Stock
Exchange.
Auth., $1,200,000; outstanding, $897,000. Dated Mar. 1, 1901; due Mar. 1, 1951. Int. paid at Brown Brothers
2.
& Co., York, and Alexander Brown & Sons, Baltimore. Callable at 105 and int. on 60 days' notice. First lien on
New
38.90 miles, Baltimore to Peach Bottom, and second lien, following No. 1, on 40 miles. Coupon, $1,000. Interest paid
without deduction for normal income tax. Listed on Baltimore Stock Exchange.
Auth. and outstanding, $900,000. Dated April 1, 1901; due April 1, 1951. Int. paid when earned at Brown
3.
Bros. &
Co., New York, and Alex. Brown & Sons, Baltimore. Interest is cumulative. Callable at par and int. Fol-
lows No. 2 on same mileage. Int. on these bonds has been paid as follows: 1901, 3%; 1902 to 1913 inc., 4% each;
1914, 2%; none since.
4. Auth. and outstanding, $200,000. Dated May 1, 1906; due May 1, 1936. Int. paid at Alexander Brown &
Sons, Baltimore. Callable at 110. Guar. prin. and int. by Maryland & Penna. R.R. by endorsement. First lien on
terminal property at Baltimore, used by the Maryland & Penna. R.R., which has leased the company in perpetuity.
5. Auth., $35,000; now outstanding, $14,000 equipment 5s; dated April 1, 1910; due $3,500 annually to Apr. 1,
1920. First lien on 1 locomotive an9 3 cars. Series C 5s; auth., $50,000; now outstanding, $30,000; dated Jan.
1, 1913; due $5,000 each, Jan. 1 to Jan. 1, 1923. Int. paid J. and J. 1, at Mercantile Trust & Deposit Co., Baltimore.
Coupon, $1,000. First lien on 2 locomotives, 1 passenger car and 25 steel underframe box cars. Interest paid without
9
6. Auth., $500,000; outstanding, $300,000. Dated Oct. 1, 1913; due Oct. 1, 1923; int. paid at Alex. Brown & Sons,
Bait., Md. Coupon, $100, $500, and $1,000. Convertible into common stock at rate of $100 in bonds for $200 in stock
until July 1, 1923. Callable at 102% on 60 days' notice. Offered to stockholders at 99 in Oct., 1913. Interest paid
Capital Stock: Auth., $3,600,000; outstanding, $1,602,500; balance in treasury; par $100. No dividends. Listed
on Baltimore Stock Exchange.
MIDLAND VALLEY RAILROAD

NOTE: The analysis is based on official documents of the company, including its annual reports of the past nine years.
Origin: Incorporated June 3, 1903, under laws of Arkansas. Road opened in August, 1907. Controlled by Cher-
okee Construction Co. Company also owns a one-quartsr interest in the Glenn Pool Tank Line Co.
Location: The company owns and operates from Excelsior, Ark., south to Hoye, Ark., and north to Fidelity, Ark.;
also from Excelsior west to Silverdale, Kan., and from Jenks, Okla., to Glenpool, Okla., a total of 304 miles. Oper-
ates under lease the Wichita & Midland Valley R.R. Co. from Arkansas City, Kan., to Wichita, Kan., 51 miles (opened
Oct. 4, 1911), and has trackage rights over St. Louis &
San Francisco R.R. between Maney June., Okla., and Fort
Smith, Ark., 16 miles, and over Missouri Pacific Ry., between Silverdale, Kan., and Arkansas City, Kan., 9 miles.
Total operated 380 miles. Gauge, 4 ft. 8% in. Rail (steel), 65 and 75 pounds.
The Wichita & Midland Valley R.R. opened in October, 1911, from Arkansas City, Kan., to Wichita, Kan., 51.25
miles, is leased for fifty years from July 29, 1910, to Midland Valley R.R. Co., at a rental equal to 25-% of the entire
gross earnings, with minimum guaranty of int. on first mortgage bonds and taxes. It owns no equipment. There
are outstanding $503,300 common stock and $483,300 6%
non-cumulative preferred stock; also $1,025,000 first mort-
gage twenty-year 5% gold bonds, due Jan. 1, 1931; guar. as to prin. and int. by Midland Valley R.R. Co.
Management: OFFICERS: Charles E. Ingersoll, Pres. Henry Wood, Vice-Pres. A. W. Lefeber, Vice-Pres. and
; ;
Gen. Mgr. H. E. Yarnall, Sec. and Treas., all of Philadelphia. DIRECTORS: Charles E. Ingersoll, Francis I. Gowen,
;
John S. Jenks, Jr., A. E. Newbold, W. Hinckle Smith, Ira D. Oglesby, R. T. Powell, John W. Howell, Rudolph Ney,
B. D. Crane and Ira D. Oglesby, Jr., E. C. Granbery, W. H. Johnson. Annual meeting, first Monday in February.
MAIN OFFICE, Franklin Bank Bldg., Philadelphia, Pa.

MIDL.tXl) r ALLEY RAILROAD COMPANY. 429
YBABI
Comment: Gross operating revenues sharply increased on the Midland Valley property in 1916, and as operating
costs did notexpand rapidly, the net receipts were also far higher than in the previous year. The total balance
remaining after fixed charges equaled no less than 5% on the outstanding preferred stock. This compared with
only 1%% reported in 1915.

YEARS
ENDED
JUNE 30.
MIXMJAI'OLIS $ ST. LOUIS RAILROAD COMPANY. 431

Anth., $15,000,000; outstanding, $5,000,000. Dated Apr. 1, 1913; due Apr. 1, 1943. Int. paid in Girard Trust
1.
Co., Phila. Coupon, $1,000. Callable at 102V4 and int. on or after April 1, 1916, on six weeks' notice. First lien on
entire property and by deposit of $1,025.000 of No. 3, and other collateral of a par value of $1,960,000, thus
covering
about 355 miles in all. Interest paid without deduction for normal income tax.
2. Auth. and issued, $5,512,500, of which $3,512,500 are Series A, and $2,000,000, Series B. Dated April 2, 1913;
due April 2, 1! 53; int paid annually in Sept. if earned. Coupon, $500 and $1,000. If the Cherokee Construction Co.
exercises its option to purchase preferred stock, the interest on these bonds shall become cumulative. No interest now
paid. Interest when paid is without deduction for normal income tax.
3. Auth., SI, 100,000; outstanding, $1,025,000. Dated Jan. 1, 1911; due Jan. 1, 1931; int. Apr. and Oct. 1. Guar.
prin. and int. by Midland Valley R.R. Co. Entire issue deposited under No. 1. First lien on 51 miles, Arkansas City
to Wichita, Kans.
Capital Stock: Auth., $16,000,000 common and

$5,000,000 preferred; issued $4,006,500 of each; par $50. All'held
in voting trust, consisting of Edward
T. Stotesbury, Sidney F. Tyler, J. R. McAllister, Lloyd W. Smith and Francis I.
Gowen. Trust extends to Jan. 1, 1924, but may be terminated at option of trustees, any time after May 1, 1918. Pre-
ferred stock is callable at
par after July 1, 1916; and is subject to an option of purchase by the Cherokee Construction
)14 to 1923 at from 35% to 65% of par. TRANSFER OFFICE, Franklin Bank Building, Philadelphia, Pa.
MINNEAPOLIS & ST. LOUIS RAILROAD COMPANY

NOTE: The analysis is baaed on documents of the company, including its annual reports of the past ten years.
official
For Definitions and Key ti Ratings, see pages 19-26.
Origin: Incorporated in Iowa June 30, 1916, as a consolidation of a Minnesota company of the same name and
the Iowa Central & Western Ry. The old company was successor in 1884 to the Minneapolis & St. Louis Ry. which
company controlled by stock ownership the De Moines & Fort Dodge Ry., operating about 138 miles from Ruthven
to Des Moines, la. This property was
formerly leased to the Chicago, Rock Island & Pacific Ry., but on Jan. 1, 1905,
the Minneapolis A St. Louis took over the operation of the road on a lease extending to Jan. 1, 1935. In Aug.,
1915, the Minn. &. St. Louis R.R. acquired this property by purchase and the was directly merged. In De-
company
cember, 1911, the properties of the Minnesota, Dakota ft Pacific Ry. were formally merged, and the mileage placed
under the new refunding and extension mortgage. On D?c. 20, 1911, the Iowa Central Railway, with its leased and
operated lines, and all other property, was formally merged with the Minneapolis & St. Louis.
Purchase of DM
Moinea & Fort Dodge: On Aug. 9, 1915, the Des Moines & Fort Dodge R.R. formerly oper-
ated under lease, was purchased and directly merged with the Minn. & St. Louis. In the exchange of stock one share
of common was given for two shares of common of Des Moines & Fort Dodge and preferred stockholders were given
60% in preferred stock and 60% in refunding 6s of the Minn. & St. Louis.
<
-ipilal In order to provide cash for the retirement of the old company's $2,500,000 6% notes
Kradjustmrnt:
maturing February 1916, to retire floating debt and secure new working capital, the company authorized a single
1,
stock issue of $26,000,000, of which $25,692,600 was issued on the following plan:
1
1
To holders of old preferred stock in exchange for former holdings, 70% in new stock, requiring $4,385,570.
1
To holders of old preferred stock who paid a cash assessment of $20 per share, 80% additional in new
stock, requiring $5,012,080.
To holders of old common stock in exchange for former holdings, 22% of new stock, requiring $3,604,898.
To holders of old common stock who paid a cash assessment of $20 per share, 78% in new stock, requir-
ing $12.781.002.
Location: The directly operated lines of the Minneapolis & St. Louis R.R. consisted on June 30, 1916, of 1,646.47
mili-s.as follows: Lines owned. 1,500.81 miles; lines leased, 36.60 miles; trackage rights, 109.06 miles. Mileage is
mainly in States of Minnesota, South Dakota and Iowa. Population of these States in 1890, 3,542,530; in 1900, 4,384,-
817; in 1910, 4,884,367.
Manarrment OFFICERS:
: Chas. Hayden, Chairman; E. L. Brown; Pres. Jas. Russell, Vice-Pres. and Gen.
;
Mgr.; F. II. Davis, Vice-Pres. and Treas.; J. S. Bache, Vice-Pres.; A. C. Doan, Sec. DIRECTORS: F. H. Davis,
H. E. Huntineton. Frank P. Frazier, Chas. Hayden, J. A. Spoor, J. S. Bache, S. B. November, J. J. Slocum, C. F.
MrElroy. E. V. R. Thnyer, E. L. Brown. Annual meeting, first Tuesday in October. MAIN OFFICE, Minneapolis,
Minn. NEW YORK OFFICE, 25 Broad Street.
la-sjfiration of Freight Tonnage (Years Ending June 30)
1>OT
YEARS
ENDED
JUNE 30.
MI \\EAPOLIS $ ST. LOUIS RAILROAD COMPANY. 433
Note: For 1911 and thereafter the figures cover the consolidated company, including Iowa Central; the earlier
years cover Minneapolis and St. Louis only. For income figures of Iowa Central prior to 1911 see "Moody's Analyses"
for 1912.
Profit and Loss Account, year ended June 30, 1916: Credit Balance June 30, 1915, $289,881; credit balance trans-
ferred from income, $639,097; unrefundable overcharges, $11,188; miscellaneous credits, $21,734; total, $961,900.
Contra: Miscellaneous
appropriations of surplus. $165,949; loss on retired road and equipment, $77,723; delayed
income debits, $37,754; miscellaneous debits, $21,904; credit balance carried to balance sheet, $658,570; total, $961,900.
Comment: Both gross and net revenues underwent a sharp advance on this property in the year 1916, and the
balance available for charges was much higher than has ever before been reported. As fixed charges did not
increase,
but tended to decline, the final surplus was equal to no less than 10% on the present outstanding preferred stock
issue. Conditions since the close of the fiscal year have continued to be very favorable.

YUUM
EMDBD
JUKB30.
NAME OF ISSUE.
MISSISSIPPI CENTRAL RAILROAD COMPANY. 435
$1,000. Now outstanding, $360,000. "First lien on equipment costing $470,900. Normal income tax deducted from
interest.
10. Series A, 5s, due $32,000 annually to
May 1, 1919; now outstanding, $96,000. Series B. 5s, due $15,000 annu-
ally to Oct. 1, 1920; now outstanding, $60,000. Interest paid without deduction for normal income tax.
Note: Provision is made by No. 8 for retirement of all equipment bonds.
NAME AND DETAIL* or Imv*.

Comment: During the fiscal year ended June 30, 1916, both freight and passenger density improved on the
Mississippi Central R.R., and a moderately higher figure was reached for the average train load. Train mile earn-
ings were also increased above those reported in 1915, but did not reach as high a figure as reported in earlier years.
As has always been the case this company depends mainly on lumber for its freight tonnage, this type of traffic
representing last year more than 80% of the tonnage.
.
YEARS Gross
ENDED Rev-
JUNE 30. enues.
MISSISSIPPI CEXTRAL RAILROAD COMPANY. 437
TABLE ('.Capitalization Factors (Security Obligations and Earning Power)

YEAM
E.WED
JuwmSO.
THE MONONGAHELA RAILWAY COMPANY
Origin: Incorporated under Pennsylvania laws, Dec. 31, 1900 as Monongahela R.R.. Road opened for opera-
tion Aug. 31, 1903. Named changed asabove July 1, 1905, on consolidation with the Buckhannon & Northern R.R.
Location: Road extends from Brownsville June., Pa., to Fairmount, W. Va., 69.38 miles; Rush Run Branch,
1.50 miles; Paw Paw Branch, 2.45 miles; Middle Run Branch, 3.23 miles; Moser Run Branch, 3.67 miles; Cat's Run
Branch, 1.09 miles; Parshall Branch, 0.74 mile; total owned, 82.06 miles. Leased: Connellsville & Monongahela Ry.,
Brownsville to Moser Run June., 15.68 miles; Low Phos Branch, 2.46 miles; Lilley Run Branch, 2.46 miles; Sham-
rock Branch, 1.37 miles; three smaller branches, 1.78 miles. Trackage: Redstone Central R.R., 2.39 miles; total
operated, 108.20 miles.
Management: OFFICERS: J. J. Turner, Pres. ; J. M. Schoonmaker, Vice-Pres., Pittsburgh; Lewis Neilson, Sec.,
Philadelphia; John J. Robinson, Treas., Pittsburgh; C. K. Elder, Aud.; G. B. Obey, Supt. and Pur. Agt., Browns-
ville, Pa. DIRECTORS: A. J. County, Samuel Rea, W. W. Atterbury, Philadelphia; A. H. Smith, W. K. Vanderbilt,
Jr., C. F. Daly, New York; J. M. Schoonmaker, J. J. Turner, Pittsburgh. GENERAL OFFICE: Philadelphia, Pa.

MOXOXGAHELA RAILWAY COMPANY. 439
Gross revenues
NEFADA-CALIFOBNIA-OBEGON RAILWAY COMPANY. 441
tamm.
ASSETS : 1916
Deferred debit items 3,434
Accrued income not due 41
Total $4,211,505
LIABILITIES :
Capital stock $2,200,000
Funded debt
Working liabilities
Accrued liabilities not due . .

Appropriated surplus
Profit and loss surplus
Y7.;r ORLEANS GREAT NORTHERN RAILROAD CO. 443

ance transferred from income, $235,522; unrefundable overcharges, $1,853; donations, $30,264; miscellaneous cred-
its, $5,181; total, $639,239. Contra: Surplus appropriated for investment in physical property, $30,264; loss on
retired road and equipment, $5,331; delayed income debits, $2,199; miscellaneous debits, $3,122; credit balance car-
ried to balance sheet, $652,323 total, $693,239.
;
Comment: Both gross and net operating revenues underwent very substantial improvement on the New Orleans
Great Northern Railroad during the year ended June 30, 1916. Income from outside sources was also higher than
usual and the balance carried forward after payment of the fixed charges was, therefore, very substantial. The
company reported surplus earnings of more than 3% on its outstanding stock, as compared with a moderate deficit
during the previous year.
ASSETS :
NEW YOKK CEXTBAL RAILROAD COMPANY. 445
THE NEW YORK CENTRAL RAILROAD COMPANY

Origin: Incorporated under the laws of New York, Ohio, Illinois, Indiana and Pennsylvania on Dec. 22, 1914,
and under the laws of Michigan on Dec. 23, 1914. The company has been formed by consolidation of the New York
Central & Hudson River Railroad Co., the Lake Shore & Michigan Southern Railway Co., Geneva, Corning & Southern
Railroad Co., the Terminal Railway of Buffalo, the Dunkirk, Allegheny Valley & Pittsburgh Railroad Co., the Chi-
cago, Indiana A Southern Railroad Co., the Detroit & Chicago Railroad Co., the Detroit, Monroe & Toledo Railroad
Co., the Kalamazoo & White Pigeon Railroad Co., the Northern Central Michigan Railroad Co. and the Swan Creek
Railroad Co. of Toledo, under agreement for consolidation, dated April 29, 1914. In 1915 company merged the
Jamestown, Franklin & Clearfield R.R., Cleveland Short Line Ry., Sturgis, Goshen & St. Louis Ry., and Elkhart
& Western R.R. In July, 1916, the company sold its controlling interest in the New York, Chicago & St. Louis
R.R. to Cleveland bankers for $8,500,000, of which $2,000,000 was paid in cash and balance in notes.
The agreement for consolidation, dated April 29. 1914, provided that all shares of the capital stock of any of
the consolidating companies which at the time of making said agreement were held by any of said consolidating
companies, should be canceled, and that the remaining outstanding shares of the capital stock of the said consoli-
dating companies should be converted into shares of the consolidated 'corporation.
For each share of stock of The New York Central & Hudson River Railroad Company, one share of stock of the
Consolidated Corporation.
For each share of stock of The Lake Shore & Michigan Southern Railway Company, five shares of stock of the
For each share of stock of Geneva, Corning & Southern Railroad Company, seven-eighths of one share of stock
of the Consolidated Corporation.
For each share of stock of The Dunkirk, Allegheny Valley & Pittsburgh Railroad Company, three-eighths of one
share of stock of the Consolidated Corporation.
For' each share of stock of Chicago, Indiana A Southern Railroad Company, one-half of one share of stock of
the Consolidated Corporation.
For each share of stock of Detroit & Chicago Railroad Company, one share of stock of the Consolidated Corpor-
ation.
For each share of stock of Detroit, Monroe & Toledo Railroad Company, two shares of stock of the Consolidated
Corporation.
For each share of stock of the Kalamazoo A White Pigeon Railroad Company, one-half of one share of stock of
For each share of stock of The Northern Central Michigan Railroad Company, one-half of one share of stock of
For each share of stock of The Swan Creek Railway Company of Toledo, one-half of one share of stock of the
The agreement for consolidation provided that the amount of the capital stock of the Consolidated Corporation
should be $300,000,000 divided into 3.000.000 shares of the par value of $100 each. Of this amount, $249,590,460 was
issuable to stockholders of the constituent companies in exchange for outstanding stock of those companies as follows :
The New York Central A Hudson River R. R. Co. (which includes the unexchanged certificates of
stock of the R.. W. A O. R.R. Co. 4,164 shares. U. B. R. R.R. Co. 959 shares, O. & R. R.R. Co.
A
62 shares and C., W. A S. H. R.R. Co. 22 shares) $225,581,066
The Lake Shore A Michigan Southern Ry. Co 23,534,500
Geneva, Corning A Southern R.R. Co 441,175
The Dunkirk, Allegheny Valley A Pittsburgh R.R. Co 26,869
Chicago, Indiana A Southern R.R. Co 900
Detroit A Chicago R.R. Co 900
Detroit, Monroe A Toledo R.R. Co 2,200
Kalamazoo A White Pigeon R.R. Co 700
The Northern Central Michigan R.R. Co 1,650
The Swan Creek Railway Company of Toledo 500
$249,590,460
For further exchange of securities
details regarding in the formation of the merger, see pages 431 and 432 of
the 1915 edition of MOODY'S ANALYSES OF RAILROADS.
Location: The The New York Central Railroad Company embraces the main line
directly operated mileage of
from New York and various branches in New York State, Ohio, Indiana, Illinois, Michigan,
to Chicago, 963.47 miles,
etc., about 2,745.98 miles; proprietary and leased lines and mileage operated under contract, about 1,473.99 miles;
trackage rights, 466.79 miles; making 5.640.23 miles in all. In addition, the Boston & Albany R.R., 393.97 miles is
leased but separately operated. Other controlled lines separately operated constitute 6,609.91 miles; making a total
in the New York Central system, as of Jan. 1, 1916 (less duplications), 12,644.11 miles.
The mileage of the New York Central R.R. is classified as follows:

Lines owned: Miles Lines leased (continued) : Miles
New York to Chicago. . 953 Beech Creek Extension R.R 135
Branches 2,746 Wallkill Valley 33
Proprietary and Leased Lines : Mahoning Coal R.R 71
Cornwall Bridge Co 1 Detroit, Hillsdale & Southwestern R.R 65
Detroit, Toledo A Milwaukee R.R 47 Fort Wayne & Jackson R.R 98
Battle Creek A Sturgis 7 Lake Erie, Alliance & Wheeling R.R 88
West Shore R.R 479 Erie & Kalamazoo R.R 22
Troy A Greenbush 6 Kalamazoo, Alleg. & Grand Rapids R.R 58
New York A Harlem 136 Operated Under Contract :
New Jersey Junction R.R 5 St. Lawrence & Adirondack 56

Boston A Albany R.R 394 Dolgeville & Salisbury R.R
Beech Creek R.R 164 Trackage 467
The Controlled Separately Operated Lines are as follows: Michigan Central R.R. system; C., C., C. & St. Louis
Ry. system; Lake Erie & Western R.R.; Cincinnati Northern R.R.; Pittsburg & Lake Erie R.R.; Chicago, Kalamazoo
& Saginaw R.R. Detroit & Charlevoix R.R.; Toledo & Ohio Central Railway; Kanawha & Michigan R.R.; Zanesville
;
& Western R.R.; Indiana Harbor Belt R.R. (joint control); Rutland R.R.; Toronto, Hamilton & Buffalo R.R. (joint
control). See following pages for full analyses and descriptions of these separately-operated properties.
Note: Predecessor company (The New York Central & Hudson River R.R.), incorporated under laws of State
of New York for 500 years, on April 16, 1913, as a consolidation of the old New York Central & Hudson River R.R.,
the Rome, Watertown & Ogdensburg, the Utica & Black River, the Oswego & Rome, the Carthage, Watertown &
Sackets Harbor R.R., the Little Falls & Dolgeville, and the Niagara Falls Branch R.R. Prior to this date, the old
New York Central & Hudson River R.R. had formally merged the Spuyten Duyvil & Mount Morris R.R., the New
York & Putnam R.R., the Mohawk & Malone Ry., Carthage & Adirondack Ry., Gouverneur & Oswegatchie R.R., the
New York & Ottawa R.R., Tivoli Hollow R.R., Buffalo Erie Basin R.R., New York Central Niagara River R.R., and
Tonawanda Island Bridge Co. These latter properties had previously made up a part of the directly-operated lines
of the system, being controlled by either lease or stock ownership, but had maintained their separate organizations.
Prior to the consolidation of subsidiaries as above, the outstanding stock of the New York Central & Hudson River
R.R. Co. was 1222,729,300. Under the consolidation, the amount of stock outstanding of the new company is in-
creased to $225,581,100. The terms of consolidation were as follows: Exchange of share for share of old company
for new company; 1 28-100 shares in new company for one share of Rome, Watertown & Ogdensburg R.R.; 1 80-100
shares in new company for one share of Utica & Black River R.R.; 30-100 share in new company for one share of
Oswego & Rome stock; two shares in new company for one share in Carthage, Watertown & Sackets Harbor R.R.;
one share in new company for one share in Little Falls & Dolgeville R.R. These exchanges involved in all, the issu-
ance of $2,851,766 in new stock of consolidated company, beyond the amount outstanding of the original New York
Central & Hudson River R.R. Co. For earlier details, see back issues of MOODY'S ANALYSES OF RAILROADS.
Management: OFFICERS: Chauncey M. Depew, Chairman of Board; Alfred H. Smith, Pres.; John Carstensen,
Chas. F. Daly, Ira A. Place, Wm. K. Vanderbilt, Jr., A. T. Hardin, A. H. Harris, John J. Bernet, H. M. Biscoe, Vice-
Presidents; E. L. Rossiter, Treas.; D wight W. Pardee, Sec. DIRECTORS: Wm. K. Vanderbilt, F. W. Vanderbilt,
Harold S. Vanderbilt, Chauncey M. Depew, William Rockefeller, William H. Newman, Marvin Hughitt, A. H. Smith,
Geo. F. Baker, Wm. K. Vanderbilt, Jr., Horace E. Andrews, Robert S. Lovett, Ogden Mills, Leonard J. Hackney,
Frank J. Jerome. Annual meeting, second Wednesday in January, at Albany, New York. Office, Grand Central
Terminal, New York City.
* Note: ON ANALYTICAL EXHIBITS: In the preparation of the analysis for 1915, the accounts of the New York
Central & Hudson River R.R., Lake Shore & Michigan Southern R.R., Chicago, Indiana & Southern R.R., Dunkirk,
Allegheny Valley & Pittsburgh R.R., and Terminal Ry. of Buffalo as filed with the Interstate Commerce Commis-
sion for the first half of the fiscal year 1915 have been consolidated with the figures reported by the present New
York Central R.R. for the period January-June, 1915. The capitalization factors, as shown in Table C are based
on the balance sheet of the New York Central R.R. as of June 30, 1915. Rentals include $1,289,600 paid by the
Lake Shore & Michigan Southern and $3,894,369 paid by the New York Central & Hudson River R.R. for leased lines
for the period July-December, 1914, and $4,788,725 leasa rentals paid by the New York Central for the period
January-June, 1915. The amount paid by the New York Central & Hudson River R.R. for the lease of the Dun-
kirk, Allegheny Valley & Pittsburg R.R. from July to Desember, 1914, was excluded from the accounts of each
company.
Classification of Freight Tonnage (Years Ending December 31, 1907-1912, and June 30, 1913-1916)
\ /;iT YORK CENTRAL RAILROAD COMPANY. 447
N'ote: The 1915 figures, as presented above, embrace the operations of thenew New York Central R.R. for the
tenths to June New York Central & Hudson River R R
30, 1915, and are a consolidation of the results of the old
Michigan Southern R.R., Chicago, Indiana & Southern R.R., Dunkirk, Allegheny Valley & Pittsburg R.R.
and Terminal Ry. of Buffalo for the last six months of 1914; these being the former separately operated properties
which now constitute the New York Central R.R. Co. (See note above.)
Comment: For the year ended June 30, 1916, the tonnage figures of the New York Central Railroad Company
underwent a very remarkable improvement. The freight density was far higher than ever before, while the
passen-
ger density improved considerably over recent figures. I will be noted that the company made a noticeable improve-
ment in its average freight train load and also increased its train mile earnings to a new high figure. As usual the
freight tonnage of the property wag well diversified, the proportion of high-grade freight being larger this year than
usual.
Comment: For the year ended June 30, 1916, the New York Central R.R. reported the best income results in the
history of the property. Both gross and net revenues underwent sharp advances, the net operating receipts being
more than 50% higher than those of the previous year. Fixed charges tended to decline, and it will be noted that
the surplus above charges was very heavy and equalled no less than 16.2% on the outstanding capital stock.

YEARS
ENDED
YORK CENTRAL RAILROAD COMPANY. 449
TABLE D. Bond Recordjmd Ratings (Based on 2-Year Results, Per Mile of Road)
Inter-
NAME or Imv*. t Maturity.
450 MOODTTS ANALYSES OF INVESTMENTS.
Note: base the above averages on 10-year results, because of the fact that earnings of the
It is not possible to
Lake Shore &
Michigan Southern, Chicago, Indiana & Southern and other merged lines were reported separately
prior to 1915. We therefore show the "income available" in all cases, as shown from the results of the consolidated
property for the two years ended June 30, 1916, as reported to the Interstate Commerce Commission.

1. Auth., $100,000,000; outstanding, $94,000,000. Dated June 1, 1897; due July 1, 1997. Int. paid at Grand
Central Terminal, New York. Coupon, $1,000; reg., $1,000, $5,000, $10,000, $50,000. First lien on 855.74 miles, as
follows: New York City to Buffalo, 440.33 miles; Syracuse to Rochester, 96.29 miles; Troy to Schnectady, 20.91
miles; Geneva to Lyons, 14.08 miles; Rochester to Niagara Falls, 74.05 miles; East Syracuse to Syracuse June., 8.31
miles; Rochester June, to Ontario Beach, 7.43 miles; Batavia to Attica, 10.67 miles; Canandaigua to North Tona-
wanda, 85.80 miles; Lockport June, to North Tonawanda, 11.17 miles; Buffalo to Lewiston, 28.86 miles; East Buf-
falo to North Buffalo, 7.23 miles; Norwood to Massena Springs, 12.89 miles; other small branches, 37.72 miles. Sec-
ond lien on 663.47 miles, of which 5.31 miles follows No. 43; 13.07 miles follows No. 25; 45.86 miles follows No. 23;
28.96 miles follows No. 24; 150.17 miles follows No. 39; 7.27 miles follows No. 35; 412.83 miles follows Nos. 33 and
34. Third lien on 241.03 miles, of which 182.15 miles follows Nos. 26 and 27; 58.88 miles follows Nos. 30 and 31.
Also a first collateral lien on 75% of the stock of Hudson River Bridge Co., owning the two bridges at Albany, N. Y.;
also secured on leasehold interests in the Troy & Greenbush R.R., West Shore R.R., New York & Harlem R.R. and
Beech Creek R.R. The total prior liens, following which these bonds are either a second or third mortgage, aggre-
gate $28,107,000. By the terms of the new consolidated mortgage (No. 45), all these prior liens are closed, but the
right is reserved to extend any of them to a date not later than Sept. 1, 2013. This mortgage is prior in lien to
Nos. 11, 12, 14, 20, 45 and 46, and No. 47 provides for its retirement. Legal for Savings Banks in Cal., Conn., Mass.,
N. H., N. Y., R. I., Vt., Wis. Listed on New York and London Stock Exchanges. Interest paid without deduction
2. Auth. and outstanding, $50,000,000. Dated June 1, 1897; due June 1, 1997. Int. paid at Grand Central
Terminal, New York. Coupon, $1,000; reg., $1,000 and multiples. First lien on 963.77 miles, as follows: Buffalo,
N. Y., via Fremont to Toledo, O., 293.71 miles, Palmyra, Mich., to Chicago, 111., 217.16 miles; Elyria to Millbury,
Ohio, 73.00 miles; Air Line June, to Elkhart, Ind., 131.87 miles; Ashtabula, Ohio to Pennsylvania State Line, 33.05
miles; Air Line June, to Ohio-Michigan State Line, 7.42 miles; Monroe to Jackson, Mich., 71.61 miles; Carson to
Mann, Ohio, 18.10 miles; Jonesville to North Lansing, Mich., 61.34 miles. Ohio State Line to Detroit, Mich., 51.43
milas; branches, 5.08 miles. Also a second lien on 36.54 miles, following No. 5. Also a lien on leasehold interests
in 21.82 miles additional. Assumed by the New York Central R.R.; underlie Nos. 3, 4, 11, 45 and 46; provided for at
maturity by No. 46. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I.,
Vt., Wis. Listed on New York and London Stock Exchanges. Interest paid without deduction for normal income
tax.
3. Auth. and outstanding, $50,000,000. Dated Nov. 18, 1903; due Sept. 1, 1928. Int. paid at Grand Central
Terminal, New York. Coupon, $1,000 and $5,000 reg., $1,000, $5,000 and multiples. Now cover by second and third
;
lien, jointly with No. 4, all the property covered by No. 2, and are prior in lien to Nos. 11, 45 and 46; latter provid-
ing for retirement. Assumed by New York Central R.R. Legal for Savings Banks in Cal., N. H., R. I. Listed on
New York and London Stock Exchanges. Interest paid without deduction for normal income tax.
4. Auth. and outstanding, $50,000,000. Dated May 1, 1906; due May 1, 1931. Int. paid at Grand Central
Terminal, New York. Coupon, $1,000 and $5,000; reg., $1,000, $5,000 and multiples. Now cover by second and third
lien jointly with No. 3, all the property covered by No. 2, and are prior in lien to Nos. 11, 45 and 46; latter providing
for retirement. Assumed by New York Central R.R. Legal for Savings Banks in N. H., R. I. Listed on New
5. Auth. and outstanding, $400,000. Dated Jan. 1, 1890; due Jan. 1, 1940. Int. paid at Grand Central Term-
inal, New York. Coupon, $1,000. Guar. prin. and int. by the Lake Shore & Michigan Southern Ry. by endorsement;
assumed by the New York Central R.R. First lien from White Pigeon to Kalamazoo, Mich., 36.54 miles underlie Nos.
;
!, 3, 4, 11, 45 and 46, latter providing for retirement. Lepal for Savings Banks in Conn., Me., Mich., Minn.,
Mo., N. H., N. J., R. I., Wis. Interest paid without deduction for normal income tax.
Auth. and outstanding, $840,000. Dated July 2, 1888; due July 1. 1938. Int. paid at Grand Central Term-
6.
inal,New York. Coupon, $1.000. Guar. prin. and int. by Lake Shore & Michigan Southern Ry. guaranty assumed
;
by the New York Central R.R. First lien from Kalamazoo to Grand Rapids, Mich., 58.45 miles. Legal for Savings
Banks in Cal., Conn., Me., Mass., Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. In-
Auth. and outstanding, $1,500,000. Dated July 1, 1884; due July 1, 1934. Int. paid at Union Trust Co.,
7.
New York. Coupon, $1.000. Guar. prin. and int. by Lake Shore & Michigan Southern Ry. by endorsement; guar-
anty assumed by New York Central R.R. First lien on 62.68 miles, as follows: Andover to Youngstown, Ohio,
38.19 miles; Mann to Brookfield, Pa., 24.49 miles. Legal for Savings Banks in Cal., Conn., Me., Mass., Mich., Minn.,
Mo., N. H., N. J., R. I. Listed on New York Stock Exchange. Normal income tax deducted from interest.
8. Auth., $25,000,000; outstanding, $11,000,000 (closed). Dated June 1, 1909; due June 1, 1959. Int. paid at
Grand Central Terminal, New York. Coupon and reg., $1,000. Assumed by the New York Central R.R. First lien
on 122.05 miles, as follows: From the Ohio-Pennsylvania State Line to Rose Siding via Franklin, 103.56 miles;
Franklin to Oil City, 7.78 miles; Polk June, to Belmar, 10.7 miles, all in State of Pennsylvania. Underlies No. 46,
which provides for retirement. Legal for S. B. in Me., Mich., Minn., Mo., N. H., N. J., R. I., Wis. Listed on
New York and Philadelphia Stock Exchanges. Interest paid without deduction for normal income tax.
(closed). Dated Dec. 1, 1889; due Dec. 1. 1989. Int. paid at Grand
Central Terminal, New York. Coupon, $1.000. Guar. prin. and int. by the Lake Shore & Michigan Southern Ry. by
endorsement, and now assumed by the New York Central R.R. First lien from Goshen, Ind., to Sturgis, Mich.,
28.92 miles. Underlies No. 46, which provides for retirement. Legal for Savings Banks in Me., Mo., Mich., Minn.,
N. H., N. J., R. I. and Wis. Normal income tax deducted from interest.
10. Auth., $20,000,000; outstanding, $11,800,000 (closed). Dated April 1, 1911; due April 1. 1961. Int. paid at
Grand Central Terminal, New York and in London. Coupon, $1,000; reg., $1.000, $5,000 and multiples. Guar. prin.
and int. by Lake Shore & Michigan Southern Ry., and now assumed by the New York Central R.R. First lien on
entire property, which consists of a belt line or cut-off of 19.64 miles around the city of Cleveland, on which over
$13.000,000 had been spent in developments up to the end of 1912. The lines cross all roads entering the city, thus
\EU' YORK CEXTRAL RAILROAD COMPANY. 451
facilitating interchange of traffic, etc. Underlie No. 46, which provides for retirement. Legal for S. B. in Me.,
Mich.. Minn., Mo., N. H.. N. J., R. I., Wis. Listed on New York Stock Exchange. Interest paid without deduction
11. Auth., $100,000,000; outstanding, $25,372,400 (closed). Dated Feb. 4, 1898; due Feb. 1, 1998. Int. paid at
Grand Central Terminal, New York. Coupon, $1,000; reg., $1,000 to $50,000. Formerly secured on $45,289,200
capital stock of the Lake Shore & Michigan Southern Ry. put of a total of $50,000,000. The deed provided that
the company could not issue any mortgage on its railroad without including these 3V49fc collateral bonds as a prior
lien thereto. Under the new consolidation, the issue has become a direct lien on all the property covered by Nos. 2
and 3 (jointly with No. 12, which, however, does not cover mileage covered by first lien of Nos. 2 and 5), but
subject thereto, being a first lien on 73.57 miles, second lien on 865.82 miles, third lien on 1,627.24 miles, fourth lien
on 277.57 miles. Underlies Nos. 14, 20, 45 and 46 with provision for retirement by No. 45. Legal for S. B. in Cal.,
Conn., Mass., R. I., Vt. Listed on New York and London Stock Exchanges. Interest paid without deduction for
normal income tax.
12. Auth., $21,550,000; oustanding, $19,336,000 (closed Dated April 13, 1898; due Feb. 1, 1998. Int. paid at
I.
Grand Central Terminal, New York. Coupon and Secured by deposit with trustee of $16,819,250' cap-
reg., $1,000.
ital stock of the Michigan Central Railroad, out of a total of $18,738,000, being at the rate of $100 in stock for $115
in bonds. The company cannot hereafter issue any mortgage on its railroad without including these bonds as a
shall be secured equally with these
prior lien thereto, excepting the issue of $100,000,000 of No. 2 (above), which
bonds, now directly assumed by New York Central R.R. and directly secured (jointly with No. 11) by first lien on
7 miles; second lien on 865.82 miles; third lien on 663.47 miles; fourth lien on 241.03 miles, etc., etc. (See No.
1). Underlie Nos. 14, 20, 45 and 46, with provision fo- retirement by No. 45. Legal for S. B. in N. H., R. I.
13. Auth. and outstanding. $5,500,000. Dated July 1, 1900; due July 1, 2000. Int. paid at Grand Central
Terminal, New York. Not a mortgage. Issued as part payment on lease of Boston & Albany R.R. Interest paid
without deduction for normal income tax. In form of one bond owned by Boston & Albany R.R.
14. Auth., $50,000.000; outstanding, $48,000,000 (closed). Dated May 12, 1904; due May 1, 1934. Int. paid at
Grand Central Terminal. New York. Coupon and reg., $1,000. Assumed by New York Central R.R. Secured jointly
with No. 20 and No. 45. following Nos. 11 and 12, and all liens prior thereto. Underlie No. 47; retirement provided
for by No. 45. Legal for S. B. in N. H., R. I. Listed on New York and London Stock Exchanges. Interest paid
l.V Dated May 1, 1901; due Apr. 1, 1951. Int. paid at
Auth., $4,500,000: outstanding, $3,500,000 (closed).
Grand Central Terminal, New York. Coupon, $1,000. reg., $1,000, $5,000 and $10,000. Guar. prin. and int. by N.
Y. C. & H. R. R.R. by endorsement; guaranty assumed by New York Central R. R. First lien, 58.27 miles, Keating
learneld, Pa., and branches. Underlie No. 16, which provide for retirement. Legal for S. B. in Maine,
Mich., Minn.. N. H., N. J., R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal
income tax.
16. Auth., $20.000,000; oustanding, $3.964,000. Dated May 31, 1905; due April 1, 1955. Int. paid at Grand
Central Terminal. New York. Coupon and reg., $1.000. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorse-
ment, guarantee assumed by New York Central R.R. First lien, 69.15 miles, Dimeling to Irvona, Curwensville to
Curry, MahafTey to Arcadia, Pa., and branches; also second lien on 58.27 miles, following No. 15. Legal for S. B.
in N. H., Minn. All owned by New York Central R.R. and deposited under No. 46. Interest paid without deduc-
Auth. and outstanding, $5,000,000. Dated July 1,1886; due July 1, 1936. Int. paid at Grand Central Term-
17.
inal, NewYork. Guar. prin. and int. by N. Y. C. A H. R. R.R. by endorsement; guaranty assumed by New York
Central R.R. First lien. 163.83 miles, Jersey Shore to Mahaffey, Pa., and branches. Underlie No. 18. Legal for
S. B. in Cal., Conn.. Me., Mass., Mich., Minn.. N. H.. N. J.. R. I., Vt, Wis. Coupon and reg., $1,000. Listed on New
18. Auth. and outstanding. $1,000,000, of which $500.000 are deposited under No. 46. Dated July 1, 1892; due
July 1, 1936. Int. paid at Grand Central Terminal, New York. Guar. prin. and int. by N. Y. C..A H. R. R.R. by
endorsement; guaranty assumed by New York Central R.R. Second lien on 163.83 miles, following No. 17. Coupon,
$1.000. Legal for S. B. in N. H., R. I. Listed on New York Stock Exchange. Interest paid without deduction for
normal income tax.
Auth. and outstanding. $3,858.000.
19. Dated 1882; extended 1902; due April 1. 1952. Int. paid at Terminal
Station. Boston. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement; guaranty assumed by New York
Central R.R. Not a mortgage. Legal for S. B. in Conn., N. H.. Mass., R. I. Coupon and reg., $1,000. Listed on
Boston Stock Exchange. Normal inromr tax deducted from interest.
Auth.. $50,000.000; outstanding, $9,188,000 (closed). Dated Jan. 1, 1912; due Jan. 1, 1942. Int. paid at
20.
Gragd Central Terminal. New York. Coupon and reg.. $1,000; interchangeable; assumed by New York Central R.R.
Secured jointly with Nos. 14 and 45. following Nos. 11 and 12, and all liens prior thereto. Underlie No. 46; retire-
ment provided for by No. 45. Legal for S. B. in N. H., R. I. Listed on New York Stock Exchange. Interest paid
21. Auth., $2,500.000; outstanding, $1,000.000. Dated Jan. 1, 1901 ; due'Jan. 1, 1951. Int. paid at Terminal Sta-
tion. Boston. Coupon. $1.000. Int. guar. by N. Y. C. &
H. R. R.R.; guaranty assumed by New
York Central R.R.
Not a mortgage. Legal for S. B. in Conn., Mass., N. H. Normal income tax deducted from interest.
Auth. and outstanding. $20.142.000 in six series, as follows: (1) $7,000,000 4s; dated May 1, 1908; due
22.
May 1. Int. paid at Terminal Station. Boston.
1933. Guar. prin. and int. by N. Y. C. A H. R. R.R.. by endorsement.
Not a mortgage. (2) $4.500,000 4s; dated May 1. 1909; due May 1, 1934. Int. paid at Boston Terminal. Guar. prin.
and int. by N. Y. C. A H. R. R.R. by endorsement. Not a mortgage. (3) $2,000.000 4s; dated May 1, 1910; due
May 1. 1935. Int. paid at Boston Terminal. Guar. prin. and int. by N. Y. C. A H. R. R.R. by endorsement. Not a
mortgage. (4) $1.000,000 4Hs; dated July 1, 1912; due July 1, 1937. Int paid at Terminal Station, Boston. (5)
$2,015,000 5s; dated July 1. 1913; due July 1. 1938. Int paid at Boston Terminal. Guar. prin. and int. by
A H. R. R.R. Not a mortgage. (6) $3,627,000 5s; dated Oct. 1. 1913; due Oct. 1, 1963. Int paid April
and Oct. 1 at Boston Terminal. Not a mortgage. All legil for S. B. in Conn., Mass., N. H., R. I., Vt. Guarantees
on all issues assumed by New York Central R.R. Normal income tax deducted from interest.
23. Dated Dec. 1, 1892: due Dec. 1, 1981. Int. paid at Grand Cen-
tral Terminal, New York. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement, and now assumed by
New York Central R.R. Co. First lien, 45.86 miles, Carthage to Newton Falls, N. Y. Underlies Nos. 1, 11, 12, 14,
20, 45 and 46, latter providing for retirement. Coupon, $1,000. Legal for S.B. in Cal., Conn., Me., Mich., Minn., Mo.,
N. H., N. J., N. Y., R. L, Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal
tax.
Auth. and outstanding, $300,000. Dated July 1, 1891 due July 1, 1931. Int. paid at Grand Central Term-
24. ;
inal, York. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement, and now assumed by New York
New
Central R.R. First lien, 28.96 miles, Carthage to Sacket's Harbor, N. Y. Underlies Nos. 1, 11, 12, 14, 20, 45
and 46, latter providing for retirement. Coupon, $1,000. Legal for S. B. in Cal., Conn., Me., Mass., Mich., Minn.,
Mo., N. H., N. J., N. Y., R. I., Wis. Interest paid without deduction for normal income tax.
Auth. and outstanding, $300,000. Dated June 1, 1892; due June 1, 1942. Int. paid at Grand Central Term-
25.
inal, York. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement and now assumed by New York Cen-
New
tral R.R. First lien, 13.07 miles, Gouverneur to Ft. Edward, N. Y. Underlies Nos. 1, 11, 12, 14, 20, 45 and 46, latter
providing for retirement. Coupon, $1,000. Legal for S. B. in Cal., Conn., Me., Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I., Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest.
26. Auth. and outstanding, $2,500,000. Dated July 1, 1892; due Sept. 1, 1991. Int. paid at Grand Central
Terminal, New York. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement and now assumed by New York
Central R.R. First lien, 182.15 miles, Herkimer to Malone June., N. Y., and Hinckley to Saranac Lake. Underlie
Nos. 27, 1, 11, 12, 14, 20, 45 and 46, latter providing for retirement. Legal for S. B. in Cal., Conn., Maine, Mass.,
Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York and London Stock Exchanges. Coupon,
27. Auth., $10,000,000; outstanding, $3,900,000. Dated March 1, 1902; due March 1, 2002. Int. paid at Grand
Central Terminal, New York. Coupon and reg., $1,000. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorse-
ment and now assumed by New York Central R.R. Second lien, 182.15 miles, following No. 26. Underlie Nos.
1, 11, 12, 14, 20, 45 and 46, latter providing for retirement. Legal for S. B. in Cal., Conn., N. H., N. Y., R. I.
^8. Auth., $4,000,000; outstanding, $1,700,000. 30, 1886; due Feb. 1, 1986. Int. paid at Grand Cen-
Dated June
tral Terminal, New York. Coupon and reg., Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement;
$1,000.
guaranty assumed by New First lien, 4.78 miles terminal property from Weehawken to Jersey
York Central R.R.
City, N. J., connecting West Shore, D. L. & W., Erie and Penna. R.R.s. Legal for S. B. in Maine, Mich., Minn., N. H.,
N. J., R. I. Listed on New York Stock Exchange. Normal income tax deducted from interest.
29. Auth. and outstanding, $12,000,000. Dated June 1, 1897; due May 1, 2000. Int. paid at Grand Central
Terminal, New York. Coupon, $1,000; reg., $1,000, $5,000 and $10,000. Guar. prin. and int. by N. Y. C. & H. R.
R.R.; guaranty assumed by New York Central R.R. First lien, 136.41 miles, New York City to Chatham, N. Y., and
branches; also on Grand Central Terminal and other realty in New York and Chatham. Legal for S. B. in Cal.,
Conn., Maine, Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Listed on New York Stock Exchange. Interest paid
30. Auth. and outstanding, $1,200,000. Dated, Oct. 1, 1887; due Oct. 1, 1927. Int. paid at Grand Central
Terminal, New York; assumed by New York Central R.R. First lien, 58.88 miles, from 155th St., New York, to
Brewster, with branch to Yonkers. Underlie Nos. 31, 1, 11, 12, 14, 20, 45 and 46, the latter providing for retire-
ment. Coupon, $1,000. Legal for S. B. in Cal., Conn., Maine, Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Wis.
31. Auth., $6,200,000; outstanding, $3,987,000 (closed). Dated June 15, 1894; due Oct. 1, 1993. Int. paid at
Grand Central Terminal, New York. Guar. prin. and int. by N. Y. C. & H. R. R.R. by endorsement and now assumed
by New York Central R.R. Second lien on 58.88 miles, following No. 30. Underlie Nos. 1, 11,. 12, 14, 20, 45 and 46,
the latter providing for retirement. Legal for S. B. in Cal., Conn., N. H., N. Y.. R. I. Listed on New York and
32. Auth. and outstanding, $3,500,000. Dated Dec. 9, 1882; due Dec. 1, 1932. Int. paid at Grand Central
Terminal, New York. Guar. prin. and int. jointly and severally, by N. Y. C. & H. R. R.R. and Philadelphia & Read-
ing R. R. Now assumed by New York Central R.R. First lien, 74.96 miles, Stokesdale to Newberry June., Pa. Prior
to No. 46, which provides for retirement. Legal for S. B. in Maine, Mich., Minn., N. H., N. J., R. L, Wis. Listed
on New York Stock Exchange. Reg., $1,000. Interest paid without deduction for normal income tax.
33 and 34. Auth., $10,000,000; outstanding, $9,076,000 5s; $500,000 3%s, and $419,000 4s. Dated July 1, 1874;
due July 1, 1922. Int. paid at Grand Central Terminal, New York. Guar. prin. and int. by N. Y. C. & H. R. R.R.
and now assumed by New York Central R.R. First lien, 412.83 miles, as follows: Syracuse to Norwood, 148.04 miles;
Suspension Bridge to Pulaski, 175.27 miles; Richland to Rome, 45.32 miles; Watertown to Cape Vincent, 24.10 miles;
branch, 1.21 miles. Underlies Nos. 1, 11, 12, 14. 20, 45 and 46, the latter providing for retirement. Legal for S. B.
in Cal., Conn., Me., Mich., Mass., Minn., Mo., N. H., N. J., N. Y., R. L, Vt. and Wis. Listed on New York Stock
Exchange. Normal income tax deducted from interest. Coupon, $1,000.
35. Auth. and outstanding, $375,000. Dated March 12, 1888; due May 1, 1918. Int. paid at Grand Central
Terminal, New York. Coupon, $1,000. Assumed by New York Central R.R. First lien, 7.27 miles, Rochester to
Windsor Beach, N. Y. Underlie Nos. 1, 11, 12, 14, 20, 45 and 46, the latter providing for retirement. Legal for
S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. L, Wis. Listed on New York Stock
Exchange. Normal income tax deducted from interest.
Auth. and outstanding, $800,000. Dated July 1, 1896; due July 1, 1996. Int. paid at New York Trust Co.,
36.
New York. Coupon, $1,000. First lien, 43.07 miles, Malone, N. Y., to Valleyfield, Que., and from Beauharnois to
Adirondack June., Que. The company leases the intervening mileage between Valleyfleld and Beauharnois. Underlie
No. 37. Road is leased for 21 years from 1915 to New York Central R.R. Listed on New York Stock Exchange.
Auth. and outstanding, $400,000. Dated Oct. 1, 1896; due Oct. 1, 1996. Int. paid at Equitable Trust Co.,
37.
New York. Coupon, $1,000. Second lien, 43.07 miles, following No. 36. Listed on New York Stock Exchange. In-
\E1I' YORK CEXTRAL RAILROAD COMPAXY. 453

38. Auth., $2,000,000; outstanding, $1,950,000 (closed). Dated 1. 1890; due July 1, 1922.
May Int. paid at
Grand Central Terminal, New York. Assumed by New York Central R.R. First lien, 150.17 miles, Utica to Ogdens-
burg, with branch to Clayton, N. Y. Underlie Nos. 1, 11, 12, 14, 20, 45 and 46, the latter providing for retirement.
Legal for S. B. in Cal., Conn., Maine, Mich., Mass., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Normal income
tax deducted from interest. Coupon, $1,000.
39. Auth. and outstanding, $50,000,000. Dated Dec. 5, 1885; due Jan. 1, 2361. Int. paid at Grand Central
Terminal, New York. Guar. prin. and int. by N. Y. C. A H. R. R.R. by endorsement; guaranty assumed by New
York Central R.R. First lien, 479.11 miles, Weehawken, N. J., to Buffalo, N. Y., including branch from Syracuse
to Earlville, etc. Legal for S. B. in Maine, Mich., Minn., N. H., N. J., R. I. Coupon, $1,000; reg., $500, $1,000, etc.
Listed on New York and Philadelphia Stock Exchanges. Normal income tax deducted from interest.
40. Auth., $12,000,000; outstanding, $4,850,000 (closed). Dated July 1900; due July 1, 1950. Int. paid at
1,
Grand Central Terminal, New York. Assumed by New York Central R.R. First lien on 204.01 miles, as follows:
From South Bend, Ind.. to Seatonville, June., III., 191.59 miles; branch to Churchill and other branches, aggregating
12.54 miles. Underlie Nos. 41 and 46, latter providing for retirement. Legal for Savings Banks in Me., Mich.,
Minn.. Mo., N. H., N. J., R. I., Wis. Listed on New York and Boston Stock Exchanges. Interest paid without
deduction for normal income tax. Coupon, $1,000.
41. Auth., $20,000,000: outstanding, $15,150.000 (closed). Dated June 27. 1906; due Jan. 1, 1956. Int. paid at
Grand Central Terminal, New York. Coupon, $1,000; reg., $1,000, $5,000. $10,000 and multiples. Guar. prin. and
int. by L. S. & M. S. Ry. by endorsement and now assumed by New York Central R.R. First lien on 127.57 miles,
as follows: From Indiana Harbor, Ind., to Danville, 111., 109.26 miles; Hammond to Ivanhoe, Ind., and from In-
diana Harbor to Dune Park, Ind., 18.31 miles; second lien on 204.01 miles, following No. 40. Underlies No. 46,
which provides for retirement. Legal for S. B. in N. H. and R. I. Listed on New York Stock Exchange. Interest
42. Auth.. $10,000,000; to be issued, $600,000. Dated May 1, 1909; due May 1, 1959. First lien, 232 miles,
subject to No. 25 on 76 miles. Company formed in 1909 as a consolidation of Syracuse, Geneva A Corning, Pine
Creek and Fall Brook Rys., now assumed by New York Central R.R. Underlie No. 46, which provides for retire-
ment. Mortgage now closed. All owned by company.
Auth., $20,000,000; outstanding, $2,500,000 (closed). Dated June 1. 1909; due June 1, 1959. Int. paid at
43.
Grand Central Station, New York. An obligation of the N. Y. C. & H. R. R.R.; assumed by New York Central
U.K. First lien on terminal property railway connection with N. Y. C. A H. R. R.R. and Harlem R.R. in the Bronx,
New York City. Underlie Nos. 1. 11, 12, 14, 20. 45 and 46, latter providing for retirement. Legal for S. B. in Cal.,
Conn., Maine, Mo.. Mich., Minn.. N. H., N. J., N. Y., R. I., Wis. Interest paid without deduction for normal income
tax. Coupon, $1,000; reg., $1,000, etc.
44.Auth. and outstanding. $250,000. Dated July 1, 1902; due July 1, 1932. Int. paid at Amer. Ex. Nat. Bank,
New York. Coupon. $100. $500 and $1,000. Assumed by New York Central R.R. First lien, 10.08 miles, Little
Falls to Dolgeville, N. Y. Underlies Nos. 11, 12, 14, 20, 45 and 46, latter providing for retirement. Legal for S. B.
in Conn., Maine, Mich., Minn., Mo., N. H., N. J., R. I., Wis. Interest paid without deduction for normal income tax.
Auth., $167,102.400; outstanding, $65,206.000 series A; to be issued in four series as follows: Series A,
$90,578,400 in exchange for Lake Shore collateral SHs (No. 11); Series B, $19,336,000 in exchange for Michigan
Central collateral 3Hs (No. 12) ; Series C, $48,000,000 in exchange for debenture 4s due 1934 (No. 14); Series D,
$9,188.000 in exchange for debenture 4s due 1942 (No. 20). Dated Aug. 1, 1913; due Feb. 1, 1998. Int. paid at
Grand Central Terminal. New York. Coupon, $1,000; reg., $1,000, $5,000 and multiples. Series A
bonds have been
offered in exchange for N. Y. C.-Lake Shore collateral 3Hs, par for par. Those which are thus exchanged are to
be secured by a supplemental indenture on the Lake Shore property, subject to the Lake Shore first mortgage 3 Vis,
Lake Shore debenture (two issues) and such of the collateral 3Vss as are not exchanged. When Series B are issued
a similar provision will be made with respect to the bonds on that property, and the Michigan Central collateral
3Hs will be a prior lien to these bonds on the Michigan Central property. This mortgage further secures the de-
bentures of 1934 and 1942 (Nos. 14 and 20), their lien being on an equality with the bonds issued under this mort-
gage.
This "Consolidation" mortgage is a direct obligation and secured on 1,843.89 miles of road as follows: Second
lien on 7:!. .",7 miles, including Tupper Lake to Nyando, 69.27 miles; Tonawanda to Tonawanda Island, Tivoli Hollow
R.R.. Buffalo Erie Basin, etc.; third lien on 865.82 miles, including 855.74 miles covered by No. 1 and 10.08 miles cov-
ered by No. 44: fourth lien on 663.47 miles, covered by No. 1 by second lien; fifth lien on 241.03 miles, covered by
No. 1 by third lien. Also a lien subject to No. 1. on the collateral, terminals and trackage rights covered by that
mortgage; also a third lien on leasehold interests and trackage rights covered by No. 6. Series A are further se-
cured subject to the N. Y. C.-Lake Shore collateral 3V4s on all the Lake Shore property. The prior liens on the
New York Central system, which they follow, cannot be increased (except the N. Y. C. first 3%s). but the company
reserves the right to extend any of them to any date prior to Sept. 2, 2013. This "Consolidation" mortgage under-
lies No. 46, which provides for the retirement or refunding of this issue and all underlying and prior liens. As-
sumed by New York Central R.R. Nos. 14 and 20 are equally secured. Scries A listed on New York Stock Ex-
change. Legal for S. B. in Cal., Conn., Mass., Vt. Normal income tax deducted from interest.
46. Auth.. $500.000,000 (and additional amounts for refunding) now outstanding, $40,000,000 Scries "A" (of
;
which series $70,000,000 may be issued 1. Ultimate limit of issue shall be equal to three times the amount of stock
outstanding, together with all prior liens outstanding, less bonds reserved to retire said debt. Dated Oct. 1, 1913:
due Oct. 1, 2013. Int. paid at Grand Central Terminal, New York. Coupon, $100, $500 and $1,000; reg., $1,000 and
multiples. Mortgage provides that any series may be convertible or callable. Series A is not convertible, but is
callable at 110 on 3 months' notice. Interest rate on any series must be limited to 6%; Series A ia
This "Refunding and Improvement" mortgage is a direct lien on all the property covered by the "Consolidation"
mortgage (No. 45), but subject thereto, as to part. A total of 3,715.96 miles, of which 294.61 miles is first lien;
ri73.14 miles is second Jien; 277.58 miles is third lien; 865.82 miles is fourth lien; 1,627.24 miles is fifth lien; 277.57
miles is sixth lien. It is further secured by leasehold interests in 981.82 miles of road, as follows: Beech Creek Ex-
tension R.R.. 137.43 miles; New Jersey Junction R.R.. 4.78 miles; Wallkill Valley R.R., 32.88 miles; Erie A Kala-
mazoo R.R., 21.82 miles (fourth lien); West Shore R.R., 479.11 miles (fourth lien); Beech Creek R.R., 163.83 miles
(fourth lien); New York & Harlem R.R., 136.41 miles (fourth lien); Troy & Greenbush R.R., 6.56 miles (fourth
lien). Also a collateral lien on the following securities: About 61% of the total capital stock of the New York A
1
Harlem R.R. (to be increased) ; all the stock of the West Shore R.R.; the stock of the Beech Creek Extension
all
R.R.; nearly all the stock of the New Jersey Junction R.R.; $3,964,000 Beech Creek Extension R.R. first 4s of 1955;
$500,000 Beech Creek R.R. second 5s, due 1936; $375,000 stock of Hudson River Bridge Co. (fourth lien). Further,
the bonds are a general lien on rights of way, structures, etc., now owned or hereafter acquired; on all equipment, and
on all securities which may be acquired by use of these bonds. Legal for S. B. in Cal., Conn., Me., Mass., Mich.,
Minn., N. H., N. J., N. Y., R. I., Wis. Listed on N. Y. Stock Exchange. Normal income tax deducted from interest.
47. New York Central Lines Equipment Trusts: Issued in four Series of which those of 1907, 1910 and 1912
are a joint and several obligation of the New York Central R.R., the Michigan Central Ry. and the C. C. C. & St.
Louis Ry. Those issued in 1913 are the joint and several obligations of the New York Central, Mich. Central, C.
C. C. & St. Louis, Pitts. & Lake Erie and Toledo & Ohio Central Companies.
Series of 1907: gold 5s; original issue $30,000,000; now outstanding, $12,000,000; dated Nov. 1, 1907; due $2,-
000,000 annually on Nov. 1, until Nov. 1, 1922. Coupon, $1,000; reg., $5,000, $10,000 and $50,000. Int. paid May and
Nov. 1, at Guaranty Trust Co., New York. Prin. and int. guar. jointly and severally by the companies participating.
First lien on 691 locomotives, 153 passenger cars, 16,425 freight cars and 65 service cars, all costing over $33,000,000.
Of the $12,000,000 outstanding on Jan. 1, 1917, New York Central's proportion still to pay is $8,957,308; that of the
Mich. Cent. R.R. is $1,562,553; that of C. C. C. & St. Louis Ry. is $1,480,139. Legal for S. B. in Conn, and N. H.
Series of 1910: gold 4%s; original issue, $30,000,000; now outstanding, $16,000,000; dated Jan. 1, 1910; due
$2,000,000 each Jan. 1 to Jan. 1, 1925. Coupon, $1,000; reg., $5,000, $10,000 and $50,000. Int. paid at Guaranty
Trust Co., New York. Prin. and int. jointly and severally guar. by the companies participating. First lien on
425 locomotives, 132 passenger cars, 22,400 freight cars, and 240 service cars, all costing over $33,000,000. Of the
$16,000,000 outstanding, New York Central's proportion is now $11,458,836: that of the Michigan Central is $2,944,-
158; that of C. C. C. & St. Louis is $1,597,006. Legal for S. B. in Conn., N. H. Listed on New York Stock Exchange.
Series of 1912: gold 4%s; original issue $15,000,000; now outstanding, $10,000,000; dated Jan. 1, 1912; due
$1,000,000 each Jan. 1 to Jan. 1, 1927. Coupon, $1,000; reg., $5,000, $10,000 and $50,000. Int. paid at Guaranty
Trust Co., New York. Prin. and int. guar. jointly and severally by the companies participating. First lien on 118
locomotives, 95 passenger cars, 14,350 freight cars and 150 service cars, all costing over $16,500.000. Of the total
still outstanding, New York Central's proportion still to pay is $6*883,989 that of Mich. Cent. R.R. is $1,517,109
; ;
that of C. C. C. & St. Louis Ry. is $1,598,902. Legal for S. B. in Conn., N. H. Normal income tax deducted from
interest.
Series of 1913: gold 4%s; authorized, $24,000,000; original issue, $22,438,000; now outstanding, $17,600,000;
dated Jan. 1, 1913; due $1,600,000 yearly to Jan. 1, 1928. Coupon, $1,000; reg., $5,000, $10,000 and $50,000. Int.
paid at Guaranty Trust Co., New York. Prin. and int. guar. jointly and severally by N. Y. C. R.R., Mich. Cent., C. C.
C. & St. L. Ry., Pitts. & L. E. R.R. and Toledo & Ohio Central Ry. First lien on 340 locomotives, 110 passenger
cars, and 10,500 freight cars, all costing over 10% in excess of par value of all issues of this series. New York
Central's proportion of unpaid amount is now $8,355,400. Legal for. S. B. in Conn., N. H. Normal income tax
48. Boston & Albany Equipment: 4%s; original amount, $7,500,000; now outstanding, $5,500,000; dated Oct. 1,
1912; due $500,000 annually to Oct. 1, 1927. Coupon, $1,000; reg., $1,000, etc. Int. paid April & Oct. 1, at Guaranty
Trust Co., New York. First lien on equipment costing over $8,250,000 purchased for use of Boston & Albany R.R.
Legal for S. B. in Conn., N. H. Normal income tax deducted from interest.
49. New York Central Railroad Convertible Debenture 6s: Auth. and outstanding,$100,000.000. Dated May 1,
1915; due May 1, 1935. Interest paid at Grand Central Terminal, New York. Coupon, $100, $500 and $1,000; reg.,
$100, $500, $1,000, $5.000 and $10,000; interchangeable in $1,000 amounts. Redeemable as a whole or in any part,
not less than $5,000,000, on May 1, 1918, or on any interest date thereafter at 110 and interest, on three months'
notice. Convertible into New York Central Railroad stock at option of holder at 105 (that is, $105 par of bonds
must be turned in for $100 par of stock), between May 1, 1917, and May 1, 1925. If bonds are called for redemp-
tion they may be converted 30 days prior to the date mentioned in the call for redemption. Not secured by mort-
gage. Listed on New York Stock Exchange. Legal for S. B. in N. H. Normal income tax deducted from interest.
Dividends: From the date of its organization to June 30. 1916, the New York Central R.R. Co. (and predeces-
sor companies) paid cash dividends aggregating 265%%, or $314,177,129.
Years. Rate. Amount. Years. Rate. Amount. Years. Rate. Amount.

1870... 8% $6,861,241 1886 4% $3,577,132 1901-02. 5% $5,961,411
1871... 8 7,258,742 1887 4 3,577,132 1902-03. 5 6,604,158
1872... 7,244.832 1888 4 3,577,132 1903-04. 6,612,500
1873... 7,136,790 1889 4% 4.024.274 1904-05. 3,300,250
1874.., 8 7,136.885 1890 3 2,682,849 1905.... 6,612,500
1875.., 10 8,920,850 1890-91 4y2 4,024.273 1906.... 7,832.885
1876... 8 7,139,528 1891-92 5 4,471.415 1907.... 6 10.717,920
1877... 8 7,140,659 1892-93.. 5 4,471,415 1908.... 5 8,931,600
1878.., 8 7,139,528 1893-94 5 4,588.826 1909 5 8,931.600
1879.., 8 7,139,528 1894-95 4% 4,339,990 1910 6 13,363,758
1880.., 8 7,141,513 1895-96 4 4,000.000 1911 5 11,136,465
1881.., 8 7,138,344 1896-97 4 4,000.000 1912 5 11,136,465
1882... 8 7,145,513 1897-98 4 4.000.000 1913 5 11,243,021
1883.., 8 7,148,132 1898-99..... 4 4,000.000 1914.... 5 11,278,517
1884.. 8 7,159,644 1899-00 4% 4,937,500 1915.... 5 12,178,326
1885.. 4.471,415 1900-01. . 5 5,750.000 1916.. 5 12,466,561
A i:\V YORK C'EXTRAL KAILKOAD COMPANY. 455
NAMB AMD DETAILS or IMHJK.

9. FORT WAYNE & JACKSON R.R.: Line of road: Fort Wayne, Ind., to Jackson, Mich., 97.53 miles. Leased
in perpetuity to L. S. &
M. S. Ry., at rental of 5V6% on preferred (with 2%
on common when earnings exceed on 8%
pfd.), and organization expenses. Lease assumed by the New
York Central R.R. Co. Pfd. auth. and outstanding,
$2,291,416; common, $436,132. Nothing now paid on common. TRANSFER AGENTS, Farmers' Loan Trust Co., & New
York.
10. KALAMAZOO, ALLEGAN & GRAND RAPIDS R.R.:Line of road: Kalamazoo to Grand Rapids, Mich.,
58.45 miles. Leased for 999 years to L. S. & M. of 6% on stock and interest on bonds. Lease as-
S. Ry., at rental
sumed by the New York Central R.R. Co. Auth. and outstanding, $610,000. TRANSFER AGENT, H. B. Corner, Treas.,
Cleveland, Ohio.
11. and 12. MAHONING COAL R.R.: Line of road: Andover to Youngstown, 0., and branches, 70.152 miles.
Leased in perpetuity to L. S. &of gross earnings. Lease assumed by the New York Central R.R.
M. S. Ry., at 40%
Stock auth., $800,000 5% preferred and $1,500,000 common; outstanding, $661,367 preferred and all the common.
The New York Central R.R. owns $399,500 preferred and-$865,900 common. Full dividends paid on preferred. On
common: 10% per annum to 1908; 1909, 12%; 1910 to date, 20% per annum, with 50% extra in Feb., 1910, Mar.,
1911, and May, 1913; 40% extra in 1914; 30% extra in 1915 and 1916. TRANSFER OFFICE, Grand Central Terminal,
New York.
ERIE
13. &
KALAMAZOO R.R.: Line of road: Toledo, O., to Adrian, Mich., 32.80 miles. Leased in per-
petuity to L. S. & M. S. Ry., at rental of $30,000 per annum, equaling 10% on outstanding stock. Lease was
assumed by the New York Central R.R. Co.
14. NEW YORK CENTRAL RAILROAD CO. STOCK: Authorized, $400,000,000; outstanding, $249,590,450; par
$100. The outstanding amount, as above, was issued at the time of the "consolidation" in December, 1914, as fol-
lows: For exchange of stock of New York Central & Hudson River R.R. (par for par), $225,581,066; for Lake Shore
& Michigan Southern Ry. minority stock ($4,706,900), $23,534,500; minority stocks of other companies merged, $474,-
934. April 20, 1915, the stockholders authorized the issue of $100,000,000 additional stock to be used as required
for conversion" of 6% debenture bonds after May 1, 1917. In Oct., 1916, an additional issue of $25,000,000 was
authorized to be offered to stockholders at par to the extent of 10% of their holdings. Dividends at rate of 5% per
annum paid in 1915 and 1916. TRANSFER OFFICE, Grand Central Terminal, New York City. (See full dividend
record of old company on page 454.)
#
COMPANIES CONTROLLED BY NEW YORK CENTRAL R.R. (DIRECTLY OPERATED)

BEECH CREEK RAILROAD COMPANY
Origin: Incorporated under laws of New York, May 11, 1898, as a consolidation of the Beech Creek R.R. and
the Cambria County R.R. The former Beech Creek R.R. was successor in 1886 to the Beech, Clearfield & South-
western R.R., which was formed in 1883 as successor of the Susquehanna & Southwestern R.R. The present Beech
Creek R.R. is leased from Dec. 15, 1890, to the New York Central R.R. for 999 years, rental being 4% per annum
on the capital stock of $5,000,000 then issued and any further issues which might be made; 4% interest on the then
outstanding bonds and upon any additional bonds which might be issued; taxes, and $6,000 per annum for organi-
zation expenses.
Location: Line of road, Jersey Shore to Mahaffey June., Pa., 112.31 miles; branches, 51.52 miles; total operated,
163.83 miles. Second track, 11.52 miles, sidings, 155.90 miles. Equipment supplies by New York Central R.R., which
directly operates the property.
Management: OFFICERS: John S. Fisher, Pres., Indiana, Pa.; A. H. Smith, Vice-Pres.; W. K. Vanderbilt, Jr.,
Vice-Pres.; E. L. Rossiter, Treas.; D. W. Pardee, Sec. Annual meeting, first Friday after first Wednesday in May.
OFFICE, Grand Central Terminal, N. Y.
Bonded Debt: (1) $5,000,000 Beech Creek R.R. 1st 4s dated July 1, 1886; due July 1/1936. For full details
and rating, see New York Central R.R. bond statement, No. 17, on pages 449 and 451.
(2) $1,000,000 Beech Creek R.R. 2nd 5s. dated July 1, 1892; due July 1, 1936. For full details and rating, see
New York Central R.R. bond statement, No. 18, on pages 449 and 451.
Capital Stock: Auth. and issue, $6,000,000. Par, $50. Dividends, 4% per annum. Quarterly Jan. 1. TRANSFER
AGENT, E. L. Rossiter, Grand Central Terminal, N. Y. For rating, see New York Central R.R. Guaranteed stock
statement.
BEECH CREEK EXTENSION RAILROAD

Origin: Incorporated under laws of Pa., April 1, 1905, as a consolidation of the original company of the same
name with the Curwensville & Bower R.R., the Pittsburg & Eastern R.R. and the Clearfield and Southern R.R. In
December, 1913, the company absorbed the Hooverhurst & Southwestern R.R. Leased to New York Central R.R. for
999 years from June 1, 1905, rental being guarantee of principal and interest on the entire bonded debt of the com-
pany.
Line of road, Keating to Clearfield, Curry
Location: to Curwensville and Bower Junction, Dimeling to Irvona,
Mahaffey Arcadia and branches, a total of 135.35 miles.
to Second track, 3.91 miles; sidings, 62.11 miles. Directly
operated under the lease by the New York Central R.R.
Management: OFFICERS: John S. Fisher, Pres., Indiana, Pa.; A. H. Smith and John Carstensen, Vice-Pres.;
E. L. Rossiter, Treas.; D. W. Pardee, Sec. Annual meeting, second Monday in January. NEW YORK OFFICE, Grand
Central Terminal.
Bonded Debt: (1) $3,964,000 Beech Creek extension first 4s dated May 31, 1905, due Apr. 1, 1955. For details
and rating see New York Central bond table, No. 16, on pages 449 and 451.
(2) $3,500,000 Beech Creek Extension R.R. 1st 3%s, dated Apr. 1, 1901, due Apr. 1, 1951. For details and rat-
ing, see New York Central bond table, No. 15, on pages 449 and 451.
Capital Stock: Auth., $10,000,000; outstanding, $5,179,000; par, $100. All owned by N. Y. Central. No
dividends.
\EH" YORK CENTRAL RAILROAD SYSTEM. 457
BOSTON & ALBANY RAILROAD

Origin: Incorporated under laws of Massachusetts, May 24, 1867, as a consolidation of the Boston & Worcester
R.R., and the Western R.R. Corporation. In 1870 absorbed the Albany & West Stockbridge R.R. and the Hudson &
Boston R.R.; in 1867 the Grand Junction R.R. was acquired; in 1880, the Springfield & Northeastern R.R. and in 1889
the Spencer R.R. Subsequently the company leased the North Brookfield R.R., the Pittsfield & North Adams R.R.,
and the Ware River R.R., and also made operating contracts with the Chester & Becket R.R., and the Providence,
Webster & Springfield R.R. On Nov. 15, 1899, the property was leased to the New York Central R.R. for 99 years, at
a cash rental of $2,000,000 a year, equaling 8%
on capital stock in addition to interest on the bonds, rentals of leased
lines, taxes, and organization expenses. For certain property not included in the lease, the company received $5,500,-
000 in 3tt% 100-year debenture bonds of the New York Central & Hudson River R.R, On Feb. 16, 1911, an arrange-
ment was made with the New York, New Haven & Hartford R.R. whereby the latter acquired traffic rights over por-
tions of the Boston & Albany R.R. and a half share in the net results of such operations. On January 2, 1914, the
New York, New Haven & Hartford R.R. announced that it would cancel this arrangement on Jan. 31, in accord-
ance with the opinion of the Federal Government. The Chester & Becket R.R. is now leased for 99 years at' guar-
anty of interest on bonds, etc.
Location: Line of road, Boston, Mass., to Rensselaer, N. Y., 199.26 miles; Springfield to Athol, 45.21 miles;
Chatham to Hudson, N. Y., 17.12 miles, also numerous small branches and connections, making total mileage operated
303.63 miles, of which 219 miles is double tracked and 83 miles triple tracked, 25 miles of 4th track and 375 miles of
sidings. Equipment supplied by the New York Central R.R., which has directly operated the property, although in-
come figures are also separately reported.
Management: OFFICERS: C. S. Sargent, Pres., Brookline, Mass.; G. P. Furber, Sec.; F. H. Ratcliffe, Treas.,
Boston, Mass. DIRECTORS: R. Foster. A. G. Bullock, L. Davis, Zenas Crane, C. C. Rumrill, Wm. Endicott, C. S.
Sargent, R. II. Gardiner, W. K. Vandcrbilt, Jr., C. W. Bliss. Annual meeting, fourth Wednesday in September.
OFFICE, Terminal Station, Boston.

1915-16 1914-15 1913-14 1912-13 1911-12 1910-11
Gross earnings $19,939,260 $16,552,500 $16,835,041 $16,957,367 $15.710,512 $14,593,463
Operating expenses 13,723,821 12,426,958 13.431,194 11,996,003 10,870,955 11,433,820
Net earnings $6,215,439 $4,125.542 $3,403,847 $4,961,364 $4,839,557 $3,159,643

Other income 391,458 353,380 356,055 283,233 277,528 166,896
Total income $6.606.897 $4.478,923 $3,759,902 $5,244.597 $5,117,085 $3,326,539

Charges, inc. div.i 4,778,588 4,637,142 4,643,460 5,449,435 5.153,404 4,803,970
Deficit (sur.) $1,828,309 $158,219 $783,558 $204,838 $36,319 $1,477,431
Note: Taxes are included in operating expenses in 1914, 1915. 1916; in prior years they are included in fixed
charges. Figures as above are operating returns. For income from lease see below.
Income Account, year ended June 30, 1916: Income from lease, $3.323,160; fixed charges and dividends, $3,321,-
267; surplus, $1,893.
Profit and Loss Account, year ended June 30, 1916. Credit balance transferred from income, $1,893; profit on
road and equipment sold. $54,196; total, $56,089. Contra: Loss on retired road and equipment, $10,569; miscel-
laneous debits, $43,627; delayed income debits, $1,893; total, $56,089.
Comment: The separately operated figures of the Bo -ton & Albany underwent unusual improvement in the year
ended June 30. 1916, and a very liberal surplus was shown for the first time in many years, after deducting the
fixed charges and dividend requirements.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $54,865,322 $55,052,735 $54,342.933 $53,134,453 $51,520,180 $48.738,254
Working assets 168,496 1<H,558 2,605.781 2,554,860 2,533,277 2,535,203
Accrued income not due. . 169,095 169,095 169,095 160,027 160,028 160,028
Deferred debit items 2,440,983 2,752,881 680,781 287,511 401,257 3,165,116
Total $57,643,896 $58,136,269 $57,798,590 $56,136,851 $54,614,742 $54,598,601

LIABILITIES:
Capital stock $25,000.000 $25,000,000 $25.000.000 125,000.000 $25.000,000 $25,000,000
Funded debt 25,000.000 25,000,000 25.000.000 22.985.000 21,985,000 21,985,000
Working liabilities 122,874 152.424 :.178 104,683 83,134 84,781
Accrued liabilities not
due. 169,621 169,562 169.594 160,027 160,027 160,027
Deferred credit items. . . .
169,530 371,263 49.638 480,814 5.566.601 5,660,082
Appropriated surplus .... 7.181,871
5,894.148 5,879.312 5,862,459 276.112 .264,843
Profit and loss surplus. . . .
1,548,872 1,543,868 1,543,868 1,543,868 1,543,868
Total $57,643,896 $58,136,269 $57,798,590 $56,136,851 $64,614,742 $54,598,601
Bonded Debt: For full details of bonded debt and ratings on all the issues, see bond table of New York Central
Railroad, page 449.
Capital Stock: Authorized, $30,000,000. Outstanding, $25,000,000. Par, $100. Dividends paid per an- 8%%
num, pavable 2^r March 31;
Mass.
2%
June 30; 2% Sept 30, and 2%%
Dec. 31. TRANSFER AGENT, Frank H. Ratcliffe,
Listed on Boston Stock Exchange. For rating, see New York Central Guaranteed Stock Table, page
Boston,
"
NEW YORK & HARLEM RAILROAD
Origin: Incorporated under laws of New York, April 25, 1831. Originally operated a surface road in New York
City only, but in 1852 completed a steam extension to Chatham, N. Y. Leased April 1, 1873, for 401 years to the New
York Central R.R., rental being 8% on stock, increased to 10% after May 1, 1900, and interest on bonds. In refund-
ing the original 7% bonds in 1900, the rate of interest was reduced to 3%% and under agreement the company
receives $200,000 of this saving and the lessee $220,000. The company owns the Fourth Avenue Street Ry. in the City
of New York, the latter being leased to the New York Railways Co. at a rental of $400,000 per annum.
Location: Line of road, New York to Chatham, with branches, 146.21 miles. Second track, 65.39 miles; third
track, 12.51 miles fourth track, 12.51 miles sidings, 134.02 miles. The street car line in New York City, which is
; ;
leased to the N. Y. Rys. is 9.8 miles. The company owns the Grand Central Terminal and station property in New
York City, and the station property at Chatham Four Corners.
Management: OFFICERS: W. K. Vanderbilt, Pres.; W. K. Vanderbilt, Jr., Vice-Pres.; M. S. Barger, Treas.;
D. W. Pardee, Sec. Annual meeting, third Tuesday in May. OFFICE, Grand Central Terminal, New York.
Bonded Debt: For full details and rating see New York Central R.R. bond table, Nos. 29, 30 and 31, pages 449
and 452.
Capital Stock: Authorized and outstanding, $1,343,950 pfd., and $8,656,050 common; par $50. Dividends 10%
per annum on both classes of stock. In addition, 4% per annum is paid out of the rental received for the street rail-
way properties. TRANSFER OFFICE, Grand Central Terminal, New York City.
Purchase of Stock by New York Central & Hudson River R.R.: On December 28, 1911, the lessee offered to pur-
chase any of the $10,000,000 at $175 per share or 350%. The stockholders were also offered the right to subscribe with
the proceeds for New York Central & Hudson River 30-year 4% debentures at 92. As of Oct. 31, 1916, the New York
Central had acquired $5,284,150 common stock and $1,131,400 preferred stock. It is proposed if the entire stock can
be secured, to merge the New York & Harlem R.R. directly with the New York Central Railroad Co.
ST. LAWRENCE & ADIRONDACK RAILWAY

Origin: Incorporated under the laws of New York and of Canada, July 2, 1896, as a consolidation of the old
compaq*' of the same name and the Southwestern Ry. Under date of June 1, 1898, the New York Central R.R. be-
came agents of the St. Lawrence & Adirondack Ry., under an agreement terminable on 60 days' notice, by which it
operated the entire line, without participating in the profits or sharing the losses. In 1905 the New York Central
R.R. acquired the entire outstanding stock. In 1915, the road was leased to the New York Central R.R. for 21 years
from Jan. 1, 1916 at a rental equal to interest on outstanding bonds.
Location: Line of road, Malone June., N. Y., to Valleyfield, Que., 30.17 miles; Beauharnois to Adirondack June.,
Que., 12.9 miles. Also operates under lease 13.3 miles of the Grand Trunk Ry. and has trackage rights over 8.8 miles
of the Canadian Pacific Ry., making total operated, 65.17 miles, and forming a line from Malone, N. Y., to Montreal,
Can. Sidings 20.64 miles.
Management: A. H. Smith, Pres.; Ira A. Place, Vice-Pres.; C. F. Daly, J. Carstengen, W. K. Van-
OFFICERS:
W. Pardee, Sec. Annual meeting, first Wednesday in September.
derbilt, Jr., Vice-Pres.; E. L. Rossiter, Treas.; D.
NEW YORK OFFICE, Grand Central Terminal.
Bonded Debt: For full details, see New York Central R.R. Bond Table, Nos. 36 and 37, pages 449 and 452.
Capital Stock: Authorized and outstanding, $1,615,000; par, $100. All owned by New York Central R.R.
FULTON CHAIN RAILWAY

Origin: Incorporated under laws of New York, Feb. 5, 1902, as a successor to the Fulton Chain R.R. Owns 2.21
miles from Fulton Chain to Old Forge, N. Y., and is operated by New York Central R.R. as agent.
Management: OFFICERS: Wm. S. Webb, Pres.; Wm. P. Hamilton, Vice-Pres.; Chas. Snyder, Sec.; Thos. Regan.
Treas. DIRECTORS: H. P. Whitney, Thomas J. Regan, R. C. Vanderbilt, Wm. P. Hamilton, H. E. Huntington, Roy C.
Gasser, W. S. Webb, J. P. Morgan, Emery L. Ferris, W. Seward Webb, Jr., Maurice Callahan, C. E. Graham, Elliott C.
Bacon. Anual meeting, third Wednesday in August. OFFICE, Grand Central Terminal, New York.
Income Account, year ended June 30, 1916. Gross revenues, $11,971; operating expenses, $6,220; net earnings,
$5,751; total net income, $5,806. Fixed charges, $2,154; surplus, $3,652.
Bonded Debt: $21,000 Fulton Chain Ry. 1st 5s. Dated Nov. 1, 1902; due Jan. 1, 1950. Interest paid M. and N.
1. First lien on entire property. This mortgage is followed by $21,000 6% income bonds on which no interest is
now being paid. Rating, Ba.
Capital Stock: Auth. and issued, $21,000; par, $100. No dividends.
OTTAWA AND NEW YORK RAILWAY

Origin: Incorporated under Ontario laws in 1882 as the Ontario & Pacific Ry.; name changed in 1897. Line of
road, Ottawa to St. Lawrence River at Kingston, Ont., where connection is made by bridge with the former New York
& Ottawa R.R., the latter now being directly merged into the New York Central R.R. Road leased to New York
Central R.R. for 21 years from Jan. 1, 1916 at annual rental equal to interest on outstanding bonds.
Management: OFFICERS: A. H. Smith, Pres.; J. Carstensen, Ira A. Place, C. F. Daly, W. K. Vanderbilt, Jr.,
Vice- Presidents; E. L. Rossiter, Treas.; D. W. Pardee, Sec-. Annual meeting, third Tuesday in September. OFFICE,
Ottawa, Ont.
Bonded Debt: Entire debt is owned by New York Central R.R. and consists of $825,000 first collateral 4s, due
Nov. 1, 1917; $275,000 2d collateral income 6s, matured July 1, 1912; $500,000 first 4s (bridge bonds), due Nov. 1,
Capital Stock: Auth. and issued, $1,000.000; par, $100. All owned by New York Central R.R. Co.
\EW YORK CENTRAL RAILROAD SYSTEM. 459
RAQUETTE LAKE RAILWAY

Origin Incorporated under laws of N. Y., Feb. 7, 1899, and operates a line from Carter to Raquette Lake,
:
N. Y.. which with trackage is 24.27 miles. Sidings, 3.40 miles. Operated by New York Central R.R. Co. as agents.
Management: Same as Fulton Chain Ry. OFFICE, Grand Central Terminal, New York.

1916 1915 1914 1913 1912 1911
Gross revenues .... H9.745 $45,104 $38,687 $42,245 $33,330 $38,169
Operating expenses .-,.> 788 46,678 46,185 23,329 36,162 29,969
revenues (def.)$l,038 (def.) $1,574 (def.) $7,498 $18,916 (def.) $2,832 $8,200
Other income Ml 314 161 92 64 72
Total net income (def.) $673 (def.) $1.260 (def.) $7,337 $19,008 (def.) $2,768 $8,272
Taxes 2.382 2,130
'
2,418 2,728 2,595

19,853
Fixed charges !;...-. 16,133 17,859 14,710 16,687
Surplus (def.)$19,724 (def.)$19,703 (def.)$27,190 (def.)$l,269 (def.)$20,206 (def.)$ll,009
and Loss Account, year ended June 30, 1916. Miscellaneous credits, $5,432; debit balance carried to
Profit
balance sheet, $204,760; total, $210,192., Contra: Debit balance at beginning of year, $190,468; debit balance trans-
f erred from income, $19,724; total. $210.192.

1916 1915 1914 1913 1912 1911
Property investment . $527.841 $513,288 $512,407 $506,761 $506,762
Working assets 7,994 19.779 14,122 15.023 11.536 10,207
Deferred debit items. 10,257 2,860 1.740 1.950 1,957 68
Profit and loss deficit. 204,760 1 '.. I.;* 163,303 126,115 124,846 104,639
Total $749.637 $740.938 $682,453 $655,496 $645,099 $621,676

LIABILITIES:
Capital stock $250.000 $250.000 $250.000 $250,000 $250,000 $250,000
Funded debt 250.000 MO.OOO 250.000 HO.OOO 250.000 250,000
Working liabilities . . 233,628 182.360 163,411 143.0 1 ;
119,592
Accrued liabilities . . .
1,081 ton 93 1,084 2,083 2.084
Deferred credit items. 12 6,327
Total $749.637 $740,938 I66MM $645,099 $621,676
Bonded Debt: $250.000 Raquette Lake Ry. 1st 5s. dated Jan. 1, 1899; due Jan. 1, 1950. Interest payable May
and Nov. 1, at office of J. P. Floyd, New York. Defaulted Nov. 1, 1909. First lien on 18.13 miles from Carter to
Raquette Lake.
Capital Slock: Auth. and outstanding. $250.000; par, $100. No dividends.
WESTERN TRANSIT COMPANY

Oriicin: Incorporated undt-r laws of New York, Dec. 4, 1883, for the purpose of operating a steamship line on
the Great Lakes between Buffalo. Milwaukee and Chicago, and between Buffalo and Duluth in tha interest of the
New York Central R.R. Formerly had ten steamers in operation with a total capacity of 53.100 tons, but these
were sold in 1915 under order of the Federal government. Owns valuable wharves and terminal properties.
Management: OFFICERS: A. H. Smith, Pres.; J. Carstensen and W. B. Pollock, Vice-Pres.; M. S. Barger,
Treas.; D. W. Pardee, Sec. Annual meeting, third Wednesday in January. NEW YORK OFFICE. Grand Central Ter-
minal.
Bonded Debt: $1.500,000 Western Transit Co., 1st 3V4s. dated Feb. 1, 1884; due Feb. 1, 1923. Interest paid
Feb. and Aug. 1, at Grand Central Terminal, New York. Coupon, $1,000. Guaranteed principal and interest by
New York Central R.R. which has deposited cash to liquidate at or before maturity. Normal income tax deducted
from interest. Net Rating, Aaa.
Capital Slock: Auth. and outstanding, $1,000,000; par, $100. All owned by New York Central R.R. Co.
THE CINCINNATI NORTHERN RAILROAD COMPANY

: 'The analysis is based on official documents of the company, including its annual reports of the past ten years.
Origin: Incorporated in June, 1897. under laws of Ohio, and acquired the Jackson & Cincinnati R.R. and also the
Ohio division of the Cincinnati, Jackson & Mackinaw Ry., thus forming a direct line from Jackson, Mich., southward
to Franklin Junction, Ohio.
Location: The directly operated lines of the company on Dec. 31, 1915, were 245.68 miles, of which the main
lineowned consisted of L'0<;.2') miles, and trackage rights, giving the company entrance into Cincinnati, 39.42 miles.
Mileage mainly in Ohio. Population of Ohio in 1890, 3,672,316; in 1900, 4,157,545; in 1910, 4,767,121.
( ontrol: The Cleveland, Cincinnati. Chicago St. & Louis Railway owns $1,707,400 out of $3.000.000 stock of this
company. Th '
. & St. t-ouis is itself controlled by the New York Central Railroad Co. For full details of
'idatinn. "ire New York Central Railroad.
Management: OFFICERS: A. H. Smith, Pres.; W. K. Vanderbilt, Jr., Vice-Pres.; A. H. Harris, Vice-Pres.;
D. W. Pardee, Sec.: Milton S. Barger, Treas.; H. A. Worcester, Gen. Mgr. DIRECTORS: Alfred H. Smith, Geo. R.
Sheldon, Harry A. Worcester, John Q. Van Winkle, W. H. Newman. Annual meeting, fourth Wednesday in October.
NEW YORK OFFICE, Grand Central Terminal. MAIN OFFICE, Cincinnati, Ohio.
Classification of Freight Tonnage (Years Ending December 31, 1907-1912, and June 30, 1913-1916)
\i:il' YORK CENTRAL R.R. SYSTEM (CINN. NORTHERN R.R.). 461
Comparative Income Account, Years Ended December 31, 1910-1912; June 30, 1913-1916
Gross revenues
4(52 MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES :
Capital stock . .
A y;/r yoitK ( I:\TRAL SYSTEM (C., c., c. $ ST. LOUIS RY. co.j. 468
Controlled Roads: In addition to its directly operated properties, the C., C., C. & St. L. Ry. Co. controls the Cin-
cinnati Northern R.R., the Mount Gilead Short Line R.R. and has a half interest with the Chesapeake &
Ohio in
the Louisville & Jeffersonville Bridge Co., guaranteeing int -i vst on $3,000,000 bonds of the latter. The company also
has an interest in the Central Indiana Ry. and in a number of terminal and union station companies.
Control : The New York Central Railroad Co. owns $30,207,000 out of $47,056,300 common stock.
Management: OFFICERS: A. H. Smith, Pres.; W. K. Vanderbilt, Jr., Vice-Pres.; A. H. Harris, Vice-Pres.; D.

W. Pardee, Sec.; M. S. Barger, Treas. DIRECTORS: W. P. Bliss, F. W. Vanderbilt, W. K. Vanderbilt, C. M. De-
pew, W. H. Newman, Geo. F. Baker, Wm. Rockefeller, W. K. Vanderbilt, Jr., Leonard J. Hackney, F. J. Jerome,
A. H. Smith, H. S. Vanderbilt, Wm. C. Brown, R. S. Lovett, H. A. Worcester. Annual meeting, last Wednesday in
October. MAIN OFFICE, Cincinnati, Ohio. NEW YORK OFFICE, Grand Central Terminal.
< la-.inration of Freight Tonnage (Yean Knding December 31. 1907-1912. and June 30, 1913-1916:
Note: Foregoing table is based on average mileage operated for each year. Margin of safety is the proportion
of surplus left over after deducting fixed charges. For example, the "balance for charges" (per mile) in 1916
amounted to $5,993; fixed charges consumed $3,012 of this or about 50%, thus leaving $2,981, a "margin of safety
of 50%.
Income Acco
\ /; i; YORK CENTRAL SYSTEM (C., c., c. $ ST. LOUIS RY. co.). 465
Comparative Condensd Balance Sheet, as of December 31, 1911-1912; June 30, 1913-1916
ASSETS: 1916 1915 1914 1913 1912 1911

Working assets 11,549,630 8,563,953 9,510,122 11,001,429 10,572,800 8,584,165
Deferred debit items 4,110,423 2,941,338 7,125,539 3,069,955 2,729,408 1,343,002
Accrued income not due . . .
7,405 6,260 6,250 10384 5,208
Profit and loss deficit 4,358,493 3,336,446 358,868
Total $180,645,944 $176,885,753 $172,507,420 $163,045,080 $157,421,155 $156,879,865

LIABILITIES:
Capital stock U7.06MOO $57,056,300 $57,066,936 $57,066,982 $57,067,017 $57,496,014
Funded debt 111,634,891 102,699,051 96,017,080 91,466,961 87,735,723 87,357,685
Working liabilities 7,020,350 14,435,233 17.388,313 11,635,779 8,235,072 7,839,641
Accrued liabilities not due 732,285 664,781 721 690,294 818,426 644,064
Deferred credit items .... 1,237,391 868,479 1,313,827 1,109,650 1,005,141 668,178
Appropriaed surplus 1,200.794 1,161,909 1,075,414 1,061.836 705,230
Profit and loss surplus. . . .
1,763,933 1,497,940 2,169,153
Total $180,645,944 $176,885,753 $172,607,420 $163,045,080 $157,421,155 $166,879,865
Note: Balance sheet in 1915 and 1916 above includes "open accounts," not included in Bonds outstanding in
Table C.
Comment : During the year ended June 30, 1916, the Cleveland, Cincinnati, Chicago A St. Louis property sub-
stantially increased its outstanding funded debt and the total net capitalization at the present time is much higher
as measured on a mileage basis than for some yean past, but operating results were so good that the net income on
this net capital ranged at remarkably high figures, being no less than 9.5%.
Securities Owned: The investment holdings of the company at the beginning of 1916 were as follows:
Stocks- Total Par Value. Stocks (continued) Total Par Value.
Central Indiana Ry. Co 100,000.00 Muncie Belt Ry. Co $34,450.00
Central Union Depot A Ry. Co. Com 76,000.00 Peoria A Eastern Ry. Co 5,000,100.00
Central Union Depot A Ry. Co. Pref . . .
200,000.00 Saline Valley Ry. Co 260,000.00
Chicago, Indianapolis A St. Louis Short Terminal R.R. Association of St. Louis.. 205,800.00
Line Ry. Co 56,000.00 Union Depot Co. of Columbus 250,000.00
Chicago A Harrisburg Coal Co 1.600,000.00 Vernon, Greensb'g A Rushv. R.R. Co 452,000.00
Cin. A South. Ohio River R.R. Co ISO, White Water R.R. Co., Common 975,000.00
Cincinnati A Springfield R.R. Co ->,,,,, White Water R.R. Co., Preferred 325,000.00
Cin. La Fayette A Chi. R.R. Com 35,000.00 White Water R.R. Co., Scrip 17,260.00
Cincinnati, La Fayette A Chicago R.R. Miscellaneous 860.00
Co., Preferred 1,798,160.00
Cincinnati Northern R.R. Co 1,707,400.00 Total par-value stock $21,958,518.30
Cin., Sandusky A Cleveland R.R. Co 4,001,750.00
Cin., Wabash A Michigan Ry. Co 2,044,158.30 Bonds Total Held.
Cleveland, Cincinnati, Chicago A St. Cairo, Vincennes A Chicago Ry $10,000,000.00
Louis Ry. Co., Com 27,600.00 Cincinnati A Springfield Ry. Co 2,651,000.00
Cleveland, Cincinnati, Chicago A St. Cin.. La Fayette A Chicago Ry. Co 2,240,000.00
Louis Ry. Co., Preferred 1,600.00 Cincinnati Northern R.R. Co 581,000.00
Columbus, Hope A Greensb'g R.R. Co 162,760.00 Cin., Ind.. St. L. A Chi. Ry. Co 157,000.00
Dayton A Union R.R. Co 38,600.00 Clevel'd, Cin., Chic. A St. L. Ry. Co 710,230.00
Dayton Union Ry. Co 107.000.00 Columbus, Hope A Greensb'g R.R. Co 275,000.00
Evansville, Mt. Carmel A North'n Ry. Co. ."".' >" Kvansville, Mt. Carmel A North'n Ry. Co. 2,118,000.00
Fairl'd, Frank. A Martinsville R.R. Co. . . M ""' Kankakee A
Seneca R.R. Co 325,000.00
Findlay Belt Ry. Co 86,600.00 Saline Valley Ry. Co 575,000.00
Kankakee A Seneca R.R. Co 5,000.00 Vernon, Greensb g A Rushv. R.R. Co 450,000.00
Louisville A Jeffersonville Bridge Co 950,000.00
Missouri A 111. Bridge A Belt Ry. Co 13,000.00 Total par-value bonds. $20,082,230.00
The total securities were carried at a book value of $14,001,461.01.
SUPPLEMENTARY SERVICE Users of this Uok should riot overlook our

Supplementary Invest incut Service. For a
moderate annual fee we undertake to keep investors in the above and all other
securities constantly up to date. Send for full details.
MOODY'S INVESTMENT SERVICE

35 NASSAU STREET NEW YORK CITY
Inter-
6
NAME OP ISSUE. p ^'
,
able"
YORK CEXTRAL SYSTEM (C.,C., C. $ ST. LOUIS RY. CO.). 467

3. Auth., $12,000,000: outstanding, $3,205,000 (closed). Dated Jan. 1, 1884; due Jan. 1, 1934. Int. paid at
Grand Central Terminal, New York. Coupon, $1,000. Assumed by Clev., Cin., Chic. & St. L. Ry. First lien on
390.58 miles from Cleveland to Columbus, from Galion to Indianapolis, from Delaware to Springfield, O. Underlie
11, with provision by latter to retire. Legal for S. B. in Me. Listed on New York Stock Exchange. Interest
4. Auth. and outstanding, $2,000,000. Dated July 1, 1869; due July 1, 1919. Int. paid (Series A, J. and J. 1;
Series B, M. and S. 1; Series C, May and Nov. 1), at Grand Central Terminal, New York. Coupon, $1,000. As-
sumed by Cleveland, Cin., Chic. & St. L. Ry. First lien from Indianapolis to Terre Haute, Ind., 71.40 miles. Under-
lie No. 11, with provision by latter to retire.
Legal for S. B. in Maine. Normal income tax deducted from interest.
5. Auth., $3,000,000; outstanding, $2,571,000; balance of $429,000 reserved for exchange for preferred stock of
company. Dated Jan. 1, 1888; due Jan. 1, 1928. Ink paid at Grand Central Terminal, New York. Coupon, $1,000.
Guar. as to int. by Cleveland, Cin., Chic, ft St. L. Ry. First lien from Dayton, via Belief ontaine, to Sandusky, Ohio,
154.70 miles, and branch from Carey to Findlay, Ohio, 15.34 miles; total, 170.04 miles. Underlie No. 11, which pro-
vides for retirement. Legal for S. B. in Maine. Listed on New York and Boston Stock Exchanges. Normal in-
Auth. and outstanding, $5,000,000. Dated Jan. 1, 1890; due Jan. 1, 1939. Int. paid at Grand Central Term-
6.
inal, New
York. Coupon, $1,000. First lien on the following: Danville to Cairo, 111., 259.43 miles, and branch to
Vincennes, 8.30 miles: total, 267.73 miles. Underlie No. 11. Legal for S. B. in Maine. Listed on New York, London
and Amsterdam Stock Exchanges. Interest paid without deduction for normal income tax.
7. Auth.. $1,250,000; outstanding, $1,103,500. Dated Oct. 30, 1890; due Sept. 1, 1940. Int. paid at Grand
Central Terminal. New York. Coupon, $500 and $1,000. First lien from Springfield to Columbus, Ohio, 45.13 miles.
rlie No. 11. which provides for retirement. Legal for S. B. in Maine. Listed on New York Stock Exchange. In-
Auth. and outstanding. $650.000. Dated Nov. 1, 1890; due July 1, 1940. Int. paid at Grand Central Term-
8.
inal, New
York. Coupon. $1.000. First lien from Harrison to Hagerstown, Ind., 62.36 miles. Underlies No. 11,
with provision by same to retire. Legal for S. B. in Maine. Listed on New York Stock Exchange. Interest paid
9.Auth., $10,000.000; outstanding. $9.290,000. Dat-d Nov. 1, 1890; due Nov.
1, 1990. Int .paid at Grand Cen-
tral Terminal, New York. Coupon, $1,000; reg., $1,000 and multiples. Sinking fund: $250,000 bonds shall be de-
livered to trustee, to be known as sinking fund bonds, and int. on same to be used for purchase of these bonds at
not exceeding 105 and int. Bonds so purchased to be kept alive; on Dec. 31, 1915. $710,000 bonds were in fund.
First collateral lien on 19.3.63 miles from Terrc Haute, In<l.. to East St. Louis, 111., 189.39 miles, and branch to Alton,
III., 4.24 miles. Underlie No. 11. Listed on New York and London Stock Exchanges. Interest paid without deduc-
Auth. and outstanding. $4.000.000. Dated May 9. 1891; due July 1, 1991. Int. paid at Grand Central
10.
Terminal, New York. Coupon, $1,000. First lien from Benton Harlwr, Mich., ria Goshen and Marion to Rushville,
Ind.. 203.78
mijes. Legal for S. B. in Maine. Underlie No. 11. Listed on New York Stock Exchange. Interest paid
11. Auth., $50,000.000; outstanding. $28,579,000 4s and $4,161,000 Series B, 5s; dated May 15, 1893; due June
1, 1993. Int. paid at Grand Central Terminal, New York. Coupon, $1,000. Covers entire property of company
by direct or collateral lien, except the Peoria division, being a first lien on 49.16 miles; Dayton to Ludlow Grove, O.,
46.87 miles, and Franklin June, to Wells, O., 2.19 miles: second lien on 1,280.68 miles following Nos. 2, 3, 4, 6, 7,
8. 9, 10; second collateral lien on 125.45 miles following No. 2; third lien on 309.48 miles, following Nos. 2 and 17.
Also second lien on securities following No. 2 and further secured by pledge of $3,981,500 stock of Cine., Sandusky
A Cleve. Ry. and one-half the stock of the Peoria ft Eastern Ry. Unissued amount reserved to retire prior liens.
The Series B 5s were issued in 1914. Listed on New York and London Stock Exchanges. Interest paid without
12. Auth. and outstanding, $3,000.000. Dated April 1. 1903; due April 1, 1953. Int. paid at Grand Central
Terminal, New York. Coupon. $1,000. Guar. prin. and int. by Cleveland, Cincinnati, Chicago ft St. Louis Ry. by
.-tement. First lien from HilKboro to Lenox, 111., 43.57 miles. Legal for S. B. in Maine. Interest paid without
Auth. and outstanding, 50,000.000 francs, or $9,650,181. Dated 1910; due June 1, 1930. Int. paid at Mor-
13.
gan, Harjes ft Co., Paris. Not a mortgage. Listed on Parquet of the Paris Bourse. Interest paid without deduc-
14.Auth., $10,000,000; outstanding, $5,000,000. Dated Jan. 1, 1911; due Jan. 1, 1931. Int. paid at Grand Cen-
tral Terminal, New York. Coupon, $1,000; reg., $1,000, etc. Not a mortgage. Listed on New York Stock Exchange.
Jointly with four other roads the company is obligated to pay interest and principal of $48.000.000 New
"
York Central Lines equipment trusts issued in 1907 and 1910, and jointly with three other roads, $15.000,000 Issued
in 1912; and $24.000.000 4%s issued in 1913. The amounts still outstanding in each series for which the C., C., C. ft
Louis is liable are as follows: Series of 1907. 5s, $1,480.139; series of 1910, 4Hs, $1,597,007; series of 1912,
4%s. $1.598.902; series of 1913. 4>/*s. $1.284.071. For full details, see under New York Central R.R. Co. Big Four
Ry Issues (1) Auth., $5.600,000; now outstanding, $4.112,000 5s. Dated June 1, 1914; due $258,000 annually to
1929. Int. June ami Dor. 1. Coupon, $1.000. First lien on equipment costing 20% in excess of total certificates
issued. (2) Auth., $2.000.000: now outstanding, $1,610,000 5s; dated Jan. 1, 1915; due, $115,000 each July to 1929.
Int.paid J. and J. Coupon, $1.000. First lien on equipment costing 207r in excess of these notes. See under
statement of New York Central lines. Normal income tax deducted from interest.
16. Auth.. $1,000.000; outstanding. $982.500. 1879; due April 1, 1940.
Dated April 15. Int. paid at J. P.
Morgan ft Co.. New York. Sinking fund: $15.000 annually for the redemption of these bonds at not exceeding 105.
Assumed by the Peoria ft Eastern Ry. Co. Guar. as to int. by the C., C., C. ft St.L. Ry. Co. First lien from Indian-
Underlie Nos. 17, 18 and 19, with provision by No. 18 to retire. Legal for
'
apolis. In ,n. 111., 198.68 miles.

Savings Bank* in Maine. Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
Coupon, $1,000.
17. Auth. and outstanding, $500,000. Dated April 1, 1888; due April 1, 1938. Int. paid at J. P. Morgan & Co.,
New York. Coupon, $500 and $1,000. Assumed by the Peoria & Eastern Ry. Guar. as to int. by the Cleveland, Cin-
cinnati, Chicago & St. Louis Ry. First lien on 139.24 miles from Indianapolis, Ind., to Springfield, Ohio; second
lien on 198.68 miles, following No. 16. Underlie C., C., C. & St. L. purchase money lien and C., C., C. & St. L. Ry.
Gen. 4s of 1993 on the 198.68 miles covered by No. 16. Also underlie Nos. 18 and 19, with provision by No. 18 to
retire. Listed on New York Stock Exchange. Interest paid without deduction for normal income tajc.
18. Auth., $10,000,000; outstanding, $8,500,000. Dated Feb. 22, 1890; due April 1, 1940. Int. paid at J. P.
Morgan & Co., New York. Coupon, $1,000. Guar. as to int. by C., C., C. & St. L. Ry. Second lien on 139.23 miles
from Indianapolis, Ind., to Springfield, Ohio, following No. 17 first collateral lien on the C., C., C. & St. L. purchase
;
money lien, which covers the said 139.24 miles by direct second lien; direct third lien on 198.68 miles, following Nos.
16 and 17. Underlie No. 19. Listed on New York Stock Exchange. Interest paid without deduction for normal
income tax.
19. Auth. and outstanding, $4,000,000. Dated Feb. 22, 1890; due April 1, 1990. Int. paid April 1, when earned
and non-cumulative. Third lien on 139.24 miles, following No. 18; direct fourth lien on 198.68 miles, following
Nos. 16, 17 and 18. Full rate (4%) was paid from 1902 to 1908; in 1908, nothing; in 1909 and 1910, 4%; 1911,
nothing; 1912, 4%; 1913, 4%; 1914, 1915 and 1916, none. A committee of which F. D. Ketchan, 80 Broadway, New
York, is Sec., has been formed in the interests of holders of these bonds to investigate company's failure to pay
interest. Listed on New York Stock Exchange. Normal income tax deducted from interest.
TABLE E Stock Record and Ratings (Based on 10- Year Results, Per Mile of Road)

\/:ir VOKK (I:\TRAL SYSTEM (ixn. HARBOR BELTR.R.). 409
Location: Lines of road operated 109.54 miles, consisting of 45.47 miles owned and balance operated under con-
tract and trackage rights. The entire system forms the Outer Belt Line around the City of Chicago. Total track,
including second track, sidings, etc., 412.44 miles.
Management: OFFICERS: Alfred H. Smith, Pres., New York, N. Y.; W. K. Vanderbilt, Jr., Vice-Pres., New
York, J. J.Bernet, Vice-Pres., Chicago, 111.; D. W. Pardee, Sec.; M. S. Barger, Treas., New York, N. Y. DIREC-
TORS: H. B. Ledyard, Detroit, Mich.; A. H. Smith, W. C. Brown, Wm. H. Newman, Wm. K. Vanderbilt, Wm.
Rockefeller, New York, N. Y.; Marvin Hughitt, Wm. A. Gardner, A. J. Barling, E. D. Sewall, Chicago, 111. Annual
meeting, first Tuesday in October. OFFICE, Gibson, Ind.
Note: The Indiana Harbor Belt Railroad being a switching: and terminal company, its reports to the Interstate
Commerce Commission do not contain statistics as to classification of freight tonnage and operation, such as freight
density, average rate per ton mile, etc. Table A is therefore omitted as no data are available for the compilation
of this table other than figures as to mileage operated. Equipment: Locomotives, 51; cars, 159.
TABLE B. Income Factors Earnings and Their Distribution, Per Mile of Road)
YEARS
ENDED
JIM: 30.
YOh'K CKXTltAL SYSTEM (LAKE ERIE $ WESTEKX K.K.). 471
THE LAKE ERIE AND WESTERN RAILROAD COMPANY

For Definitions and Key 10 Ratings, see pages 19-26.
Origin : Incorporated under Ohio laws, Feb. 10, 1887, as successor to the Lake Erie & Western Railway, which
was sold under foreclosure. On April 1, 1885, the company leased the Northern Ohio Ry. for 999 years, guaranteeing
its bonds, both principal and interest. It also owns the entire stock of the Northern Ohio Ry. Controlled by The
York Central Railroad Co., which owns $5,930,000p referred and $5,940,000 common stock.
Location: The operated lines of the Lake Erie & Western consist of 900.01 miles, as follows: Main line, San-
dusky, Ohio, to Peoria, 111., 412.77 miles; Indianapolis to > ichigan City, Ind., 158.64 miles; Fort Wayne to Conners-
ville, Ind., 104.59 miles; branches, 34.04 miles; Northern Ohio Ry., from Delphos to Akron, 161.74 miles; trackage
rights, 28.23 miles. Mileage mainly in Ohio and Indiana. Population of these States in 1890, 5,864,720; in 1900,
6,6740,007; in 1910, 7,467,121.
Management: OFFICERS: Alfred H. Smith, Pres.; W. K. Vanderbilt, Jr., Vice-Pres.; D. W. Pardee, Sec.; Milton
S. Barger, Treas. DIRECTORS: W. K. Vanderbilt, Geo. F. Baker, F. W. Vanderbilt, Wm. H. Newman, William
Rockefeller, W. K. Vanderbilt, Jr., H. S. Vanderbilt, A. H. Smith, R. S.'Lovett. Annual meeting, first Wednesday in
October. MAIN OFFICE, Indianapolis, Ind. NEW YORX OFFICE, Grand Central Terminal.
damttration of Freight Tonnage Years tending December 31. 1907-1912. and June 30. 1913-1916)
1916 1915 1914 1913 1912 1911 1910

Gross revenues $6,940,391 $5,682,493 $5,743,649 $6,062,327 $5,839,630 $5,420,821 $5,513,326
Maintenance of way 791,896 793,064 882,715 894,907 847,667 841,728 869,039
Maintenance of equipment 1,219,981 1,041,865 1,163,306 1,138,283 1,054,620 996,600 1,032,747
Net operating revenues.. $2,332,605 $1,272,247 $1,015,421 $1,429,508 $1,380,264 $1,125,200 $1,216,233
Operating ratio 66.4% 77.6% 82.3% 76.4% 76.4% 79.2% 77.9%
Other income 147,524 147,746 118,879 115,741 113,037 119,471 108,063
Total net income $2,480,129 $1,419,723 $1,134,300 $1,545,249 $1,493,301 $1,244,671 $1,324,296
Taxes accrued 283,803 280,540 267,640 247,269 238,867 231,532 224,482
, Balance for charges $2,196,326 $1,139,183 $866,660 $1,297,980 $1,254,434 $1,013,139 $1,099,814
Fixed charges 985,738 1,203,647 1,184,609 1,097,963 1,041,753 1,025,363 988,859
Surplus over charges $1,210,588 (df.) $63,964 (df.) $317,949 $200,017 $212,681 (df.) $12,224 $110,955
Dividends paid
Appropriations for imp 209,442 209,442 136,764
Balance $1,210,588 (df .) $63,964 (df.) $317,949 (df .) $9,425 $3,239 (df.) $12,224 (df.) $25,809
Earned on stock: Preferred 10.22% 1.69% 1.89% .94%
Note: Fixed charges include rentals of leased line, interest on bonds, hire of equipment, etc.
Profit and Loss Account, year ended June 30, 1916. Credit balance from income account, $1,210,588; profit on
road and equipment sold, $8,735; unrefundable overcharges, $3,409; miscellaneous credits, $3,062; total, $1,225,794.
Contra: Debit balance at beginning of year, $521,339; loss on retired road and equipment, $38,243; miscellaneous
debits, $8,988; credit balance at close of year, $657,224; total, $1,225,794.
* Comment: Both
gross and net revenues increased sharply on the Lake Erie & Western property in the year
ended June 30, 1916, the net revenues being nearly double those reported for 1915. As the company actually de-
creased its fixed charges to some extent a very large surplus was reported. This surplus equalled over 10% on the
outstanding preferred stock, as compared with deficits during the three previous years.

YEARS
ENDED
\ /:/r yoKK ci: \TRAL SYSTEM (LAKE ERIE $ WESTERN R.R.). 473
LIABILITIES :
Capital stock
THE PITTSBURGH & LAKE ERIE RAILROAD COMPANY
Origin: Incorporated May 18, 1875, under laws of Pennsylvania and opened for traffic in 1879. On Jan. 1, 1884,
the company leased for 999 years the Pittsburgh, McKeesport & Youghiogheny R.R. on November 26, 1895, leased the
;
Mahoning State Line R.R. for 99 years, and May 10, 1899, leased the Beaver & Ellwood R.R. for 20 years. The com-
pany also owns jointly with the Pennsylvania Railroad Co. the Monongahela Railway, which was built in 1903. In
Jan., 1910, a 99-year traffic agreement was made with the Western Maryland Railway, which is building an 87-mile
connecting line with the Pittsburgh & Lake Erie.
Location: The directly operated lines of the Pittsburgh & Lake Erie on Dec. 31, 1915, consisted of 224.56 miles
as follows: Main line, Pittsburgh, Pa., to Hasleton, Ohio, 64.62 miles; branches owned, 7.15 miles; Beaver & Ellwood
R.R., Ellwood City to West Ellwood June., 3.61 miles; Mahoning State line R.R., Bentley, 0., to Shaw June., Pa., 3.10
miles; Pittsburgh, McKeesport & Youghiogheny R.R., Pittsburgh to Connellsville, Belle Vernon June, to Brownsville
June., etc., 116.22 miles; Youghiogheny Northern R.R., Broad Ford to Summit, Pa., 2 miles; trackage rights, 27.86
miles. Mileage mainly in Pennsylvania. Population of Pennsylvania in 1890, 5,258,014; in 1900, 6,302,115; in 1910,
7,665,111.
Control: The Pittsburgh & Lake Erie R.R. is controlled by the New York Central R.R. Co., the latter owning
$14,994,250 out of $29,988,285 outstanding capital stock.
Management: OFFICERS: Alfred H. Smith, Pres. ; W. K. Vanderbilt, Jr., Asst. to Pros.; James M. Schoonmaker,
Vice-Pres. John Carstensen, Vice-Pres. ; Chas. F. Daly, Vice-Pres. A. H. Harris, Vice-Pres. D. W. Pardee, Sec.;
; ; ;
John G. Robinson, Treas. and Asst. Sec. DIRECTORS: W. K. Vanderbilt, F. W. Vanderbilt, Wm. Rockefeller, W. K.
Vanderbilt, Jr., J. M. Schoonmaker, J. G. Robinson, D. Leet Wilson, Geo. E. Shaw, Alfred H. Smith, J. Denniston
Lyon, James J. Donnell, W. H. Newman, H. S. Vanderbilt. Annual meeting, fourth Tuesday in January. MAIN
OFFICE, Pittsburgh, Pa. NEW YORK OFFICE, Grand Central Terminal.
* June
Classification of Freight Tonnage (Years Ending Dec. 31, 1907-1912; 30, 1913-1916)
A I'AV YORK CENTRAL SYSTEM (PITTS. $ LAKE ERIE U.K. CO.). 475
4TG MOODY'S ANALYSES OF INVESTMENTS.
Mile of Road.
Capitalization Per Dividend Record.
YEARS
ENDED
\EH' YOKK CEXTRAL SYSTEM (PITTS. $ LAKE ERIE R.R. CO.). 477

1. Auth. and outstanding, $2,000,000. Dated Jan. 1 1878; due Jan. 1, 1928. Int. paid at company's office, Pitts-
burgh, Pa. Coupon, $1,000. First lien on 71.25 miles, as follows: From Pittsburgh, Pa., to Hasleton, Ohio, 64.73
miles with branch to New Castle, 2.93 miles, and other branches, 3.59 miles.
; Underlies No. 2. Legal for Savings
Banks in Cal., Conn., Me., Mich., Minn., Mo., N. H., N. J., N. Y., Wis. Normal income tax deducted from interest.
2. Auth. and outstanding, $2,000,000. Dated April 1, 1889; due Jan. 1, 1928. Int. paid at New York Trust Co.,
New York. Coupon, $1,000. Second lien on 71.25 miles, following No. 1. Legal for S. B. in N. H. Listed on New
3. Anth. and outstanding. $2,250,000. Dated 1, 1882; due July 1, 1932. Int. paid at Union Trust Co.,
New York. Coupon, $1,000. Guar. prin. and int. July jointly and severally by the Lake Shore & Mich. So. Ry., and
the P. & L. E. Lake Shore guarantee has been assumed by New York Central R.R. First lien from Pittsburgh
Ry.;
to New Haven, Pa., 56.83 miles, and the Dickerson
Branch, 4.40 miles; total, 61.23 miles. Underlies No. 4. Legal for
5. in Cal., Conn.. Me.,
Mass., Mich., Minn., N. H.. N. J., R. I., Vt., Wis. Listed on New York and Pittsburgh
4. Auth., $1,750,000; outstanding. $1,000,000. Dated July 15, 1884*; due July 1, 1934. Int. paid at Union Trust
Co., New York. Coupon, $1,000. Guar. prin and int. jointly and severally by the Pittsburgh & Lake Erie R.R. and
the Lake Shore & Mich. Sou. Ry. by endorsement. Lake Shore guarantee has been assumed
by the New York Central
.R. Second lien on 61.23 miles, following No. 3. Legal for S. B. in N. H. and R. I. Listed on New York and
tsburgh Stock Exchanges. Interest paid without deduction for normal income tax.
\uth. and outstanding, $600,000. Dated July 2, 1888; due July 1, 1918. Int. paid at
Fidelity Title & Trust
tUburgh. Coupon, $1,000. Assumed by Pittsburgh, McKeesport A Youghiogheny R.R. First lien from Rey-
noldton to Belle Vernon, Pa.. 27.80 miles. Legal for S. B. in Cal., Conn., Me., Mich., Minn., N. J., Wis. Listed on
New York and Pittsburgh Stock Exchanges. Interest paid without deduction for normal income tax.
Note: This company has a proportionate obligation in the New York Central Lines Equipment Trust of 1913.
For details, see under New York Central.
Management: OFFICERS: A. H. Smith, Pres.; W. K. Vanderbilt, Jr., Vice-Pres.; John Carstensen, Vice-Pres.;
A. H. Harris, Vice-Pres.; Chas. F. Daly, Vice-Pres.; J. J. Bernet, Vice-Pres.; Henry Russel, Vice-Pres.; D. W. Par-
dee, Sec.; Milton S. Barger, Treas. DIRECTORS: H. B. Ledyard, Chairman, W. K. Vanderbilt, F. W. Vanderbilt,
Chauncey M. Depew, W. K. Vanderbilt, Jr., W. H. Newman, William Rockefeller, A. H. Smith, Geo. F. Baker, Marvin
Hughitt, H. S. Vanderbilt, R. S. Lovett, H. E. Andrews. Annual meeting, Thursday following first Wednesday in
May. MAIN OFFICE, Detroit, Mich. NEW YORK OFFICE, Grand Central Terminal.
Classification of Freight Tonnage (Years Ending Dec. 31, 1907-1912; June 30, 1913-1916)
\EU' YORK (' EXT HAL SYSTEM (MICH. CENTRAL R.R. CO.). 479
1916 1915 1914 1913 1912 1911 1910
Grow revenues $41,877,972 $33,755,797 $34,243,921 $35,396,749 $32,939,851 $30,164,490 $29,694,915
Net operating revenues .... $14,032,037 $7,375,239 $10,490,546 $9,931,096 $9,427,168 $8,009,594
Operating ratio 66.5 -/c 73.7 % 78.4 70.4' , 69.9 % 68.7% 73%
Other income . 1,045,667 1,009,005 1.272.327 1,100,820 1,060,663 1,170,957 1,093,680
Total net income $15.077,704 $9,888,631 $8,647,566 $11,591,366 $10,991,759 $10,598,125 $9,103,274
Taxes accrued 1,636,186 1,532,727 1,494,814 1,366,985 1,378,272 1,322,621 1,357,020
Balance for charges $13,441,518 $8.355,904 $7,152,752 $10,224,381 $9,613,487 $9,275,504 $7,746,254
Fixed charges 7,936,296 7,312,289 7,251,667 6,925,287 6,887,154 7,160,140 6,028,923
Surplus $5,505.222 $1,043,615 (df.) $98,915 $3,299,094 $2,726.333 $2,116,364 $1,717,331

Dividends paid 749,456 562,092 1.124,184 1.124,184 1,124,280 1,124,280 1,124,280
Other deductions 1 13,176 410,080 250,000
Balance . . . i MtJ 10 $481, 523 d. 1.223.099 $1,764,830 $1,602,053 $313,051

Earned on stock. 29 17.' 14.6 9.16%
Note: Fixed charges include interest and rentals, hire of equipment, etc.
I'roBt and LOM Account, year ended June 30, 1916: Credit balance June 30, 1915, $11,952,142; credit balance
transferred from income, $4,642,590; unrefundable overcharges, $924; miscellaneous credits, $137,193; total, $16,-
19. Contra: Dividend appropriations of
surplus, $187.364; debt
discount extinguished through surplus, $150,744;
miscellaneous appropriations of surplus, $44,323; miscellaneous debits, $314,454; credit balance carried to balance
sheet, $K total, $ir,,732,849.
Comment: Both gross and net revenues underwent very pronounced improvement on the Michigan Central Sys-
luring the year ended June 30, 1916. The net revenues were over 70'', higher than those during the previous
year and although fixed charges increased rather sharply, the final balance carried forward was equal to nearly 30%
on the outstanding stock. During the year the company Increased its dividend rate to 5% and at the present time
justified in paying even a larger rate.
TABLK ( .
Capitalization Factors i
Security Obligations and Earning Power

LIABILITIES :
Capital stock
\E1I' YOKK CENTRAL SYSTEM (MICH. CENTRAL R.R. CO.). 481

Auth. and outstanding. $18,000,000. Dated May 1. 1902; due May 1, 1952. Int. paid at Guaranty Trust
1.
Co., New York. Coupon, $1,000, reg. $1,000, etc. First lien from Detroit, Mich., to Kensington, 111., via Kalamazoo,
270.07 miles. Legal for Savings Banks in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., Vt.,
Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
Auth. and outstanding, $4,000,000. Dated March 10, 1881; due March 1,
2. 1931. Int. paid at Union Trust
Co., NewYork. Coupon, $1,000, reg. $1,000, etc. First lien on 169.80 miles, as follows: From Bay City June.,
Detroit, to Bay City, Mich., 107.46 miles; with branches to Saginaw, 16.75 miles; Owensdale, 33.48 miles, Bay City
Water St. Spur, 5.10 miles, and Bay City Belt Line, 7.01 miles. Legal for S. B. in Cal., Conn., Me., Mass., Mich.,
Minn., Mo., N. H., N. J., Vt., Wis. Normal income tax deducted from interest.
Auth. and outstanding, $700,000. Dated Nov. 1, 1889; due Nov. 1, 1939. Int. paid at Grand Central Sta-
3.
tion, New
York. Coupon, $1,000, reg. $1,000 and $5,000. First lien from Kalamazoo to South Haven, Mich., 39.50
miles. Legal for S. B. in Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., Wis. Interest paid without deduc-
Auth. and outstanding, $2,600,000. Dated Jan. 1, 1890; due Jan. 1, 1940. Int. paid at Union Trust Co.,
4.
New York. First lien from Jackson, Mich., I-MJ Niles, to South Bend, Ind., 115.16 miles. Legal for S. B. in Conn.,
Me., Mass., Minn., Mich., Mo., N'. H., N. J., Vt., Wis. Interest paid without deduction for normal income tax.
Coupon, $1,000, reg. $1,000 and $5,000.
:.. Auth., $2.000,000; outstanding, $1,708,000
(closed). Dated Sept. 1. 1901; due Sept. 1, 1951. Int. paid at
Guaranty Trust Co., New York. Coupon and First lien on 370.07 miles, as follows:
reg., $1,000. From Jackson
to Mackinaw City, 296.35 miles; Grayling to Twin Lakes. 27.88 miles, Piconning Bay to Gladwin, with branches,
45.84 miles; all in Michigan. Legal for S. B. in Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., Vt., Wis.
6. Dated July 10, 1907; due July 10, 1957. Int. paid at Guaranty
Auth., $3,000,000; outstanding. $1,500,000.
Trust Co., New
York. Coupon and reg., $1,000. First lien from Lake. Ind., to Joliet, 111., 45 miles. Legal for
S. B. in Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., Wis. Interest paid without deduction for normal in-
come tax.
Auth. and outstanding, $500,000. Dated Dec. 1, 1889; due Dec. 1, 1989. Int. paid at Union Trust Co., New
7.
York. Coupon, $1,000. Guar. prin. and int. by Michigan Central R. R., by endorsement, and now assumed. First
lien from Battle Creek to Sturgis. Mich., 41 miles. Legal for S. B. in Maine. Listed on New York Stock Ex-
change. Normal income tax deducted from interest.
8. Dated Dec. 1. 1889; due Dec. 1, 1989. Int. paid at Union Trust
Auth., $1.800.000; outstanding, $250,000.
Co., New Coupon, $1,000. Guar. prin. and int. by Mich. Central R. R., by endorsement, and now assumed.
York.
First lien from Midland to West Bay City, Mich., 18 miles. Legal for S. B. in Me., Mich., Minn., N. J., N. Y. Nor-
mal income tax deducted from interest.
Auth.. $40,000.000; outstanding $22.500.000. Dated Oct. 1, 1912, due Oct. 1, 1962. Int. paid at Grand Cen-
9.
tral Terminal. New York. Coupon. $1,000, reg. $1,000 etc. Guar. as to prin. and int. by Michigan Central, by en-
dorsement. First lien on 366.24 mile*, as follows: From Windsor to Suspension Bridge, 226.18 miles; St. Clair
June, to Courtright, 62.63 miles; Niagara to Fort Erie, 30.60 miles; Amherstburg to Essex Centre, 16.83 miles;
Welland June, to Bridgeburg, 17.50 miles, and other branches, 12.50 miles; all in Ontario; second lien on 13.80
miles from Comber to Leamington, following No. 10. Legal for S. B. in Me., Mich., N. H., N. J. Listed on New
York and London Stock Exchanges. Normal income tax deducted from interest.
Auth. and outstanding, $130,000. Dated Oct. 1, 1895; due Oct. 1, 1945. Int. paid at Bank of Montreal,
10.
New York. Coupon, $1,000. Guar. prin. and int. by Can-ida Southern Ry., by endorsement. First lien from Leam-
ington to Comber Station. Ont., 18.80 miles. Underlie No. 9. Normal income tax deducted from interest.
11. Auth.. $4.500.000; outstanding, $3,100.000. Dated Jan. 2, 1906; due Jan. 1, 1956. Int. paid at Guaranty
Trust Co., New York. Coupon, $1,000; reg., $1,000, $5,000, etc. Guar. prin. and int. by Michigan Central R. R.,
by endorsement, and now assumed. First lien from West Detroit to the Canada Southern June., near Alexis, Ohio,
55.87 miles and Toledo Belt Line. 3.05 miles; total, 68.92 miles. Legal for S. B. in Me., Mich., Minn., N. H., N. J.
12. Auth., $4,500.000; outstanding. $1.500,000. Dated Sept. 1. 1909; due Sept. 1, 1959. Int. paid at Grand
Central Station. New York. Coupon, $1,000; reg., $1,000, etc. First lien from Rivers Junction to Grand Rapids,
Mich., 83.79 miles. Legal for S. B. in Me., Mo. Interest paid without deduction for normal income tax.
13. Auth., $25,000,000; outstanding, $7,634,000. Dated April 1, 1909; due April 1, 1929. Int. paid at Grand
Central Station, New York. Coupon, $1,000; reg., $1,000, $5,000, etc. Not a mortgage. Bonds sold to provide for
advances to the Detroit River Tunnel. Any new mortgage issued will equally secure these bonds. Listed on New
14. Anth.. $30.000.000; outstanding, $18,000.000. Dated May 1, 1911; due May 1, 1961. Int. paid at New York.
Coupon and reg., $1,000. Guar. prin. and int. by Michigan Central R.R., by endorsement. First lien on tunnel on
the Detroit River (2.72 miles), used
by Michigan Central R.R.. and also on Union Passenger Station and terminal
properties. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
15. The proportion for which this company is now liable in the New York Central Lines equipment trusts is
as follows: Issue of 1907. $1,562,553 5s; issue of 1910, $2,944,158 4V4s; issue of 1912, $1,517,109 4%s; issue of
1913. $2,693,849 4Hs. For full details, see under New York Central.
16. Mich. Central Equip. 5s; dated Oct 1, 1915; due $300,000 annually to Oct. 1, 1930. Issued and outstand-
ing, $4.600.000. Int. paid A. & O. Coupon, $1,000. First lien on 4.045 freight cars costing $5,000,000. Normal
New Refunding and Improvement Mortgage. In February, 1917, it was proposed to authorize a new refunding
and improvement mortgage, under which bonds an amount not exceeding $100,000,000 may be issued.
to The
debentures of 1909 (No. 13) will be equally secured under the new mortgage with any bonds that may be issued.
After $10.000.000 of such bonds hav b>en issued other than for refunding purposes, additional issues for improve-
ments and betterments or new acquisitions shall be limited to 70' / of the cost thereof. The leaseholds of the Canada
hern Railway and the Detroit River Tunnel Company will be subject to the new mortgage, but any expendi-
tures on these properties will be taken care of out of the proceeds of their unissued bonds and issues under the new
mortgage shall not be used for that purpose.
1

A r.U YORK I'KXTRAL SYSTKM (TOL. Jj OHIO CENT. RY.). 483
DETROIT RIVER TUNNEL COMPANY

Origin: Consolidation, Aug. 15, 1905, of the Canada A Michigan Bridge and Tunnel Co., a corporation of the
Dominion of Canada, and the Michigan & Canada Bridge and Tunnel Co., a corporation of the State of Michigan.
Company was organized for the purpose of building a tunnel under the Detroit River from Windsor, Ont., to De-
troit. Mich., and acquiring terminal facilities. The Canadian Railway Commission authorized the use of the tunnel Oct.
14, 1910, and regular passenger and freight service was inaugurated two days later. It was leased to the Michigan
Central R.R. for 999 years from Jan. 1, 1907, which company operates and maintains the property and guarantees
the Tunnel Company's first mortgage bonds both as to principal and interest, and also a dividend of at least 4% per
annum on the capital stock outstanding. The terminal station building at Detroit was put in use Dec. 26, 1913.
Length of road, 2.42 mile*.
Management: OFFICERS: A. H. Smith, Pres., New York; H. B. Ledyard, Vice-Pres., Detroit, Mich.; W. K.
Vanderbilt, Jr., A. H. Harris, Vice-Prests. ; D. W. Pardee, Sec.; M. S. Barger, Treas., New York, N. Y.; F. O.
Waldo, And., Detroit, Mich. OFFICE, Detroit, Mich.
Bawled Debt: $18,000.000 Detroit Terminal and Tunnel 1st 4%*.. Dated May 1, 1911, due May 1, 1961. For
full details and rating, see Bond Table of Michigan Central, R.R., page 480
Capital Stotk: Authorized and outstanding. $3,000,000. Par $100. K<; dividend paid in 1916. All owned by
the Michigan Central R.R.
THE TOLEDO & OHIO CENTRAL RAILWAY COMPANY

NTE: The analysis isdocuments of the company, including its annual reports of the past ten years.
based on official
Origin: Successor in 1885 of Ohio Central Railroad. Acquired Columbus & Northwestern Railway in 1906.
In 1899 the Middle States Construction Co. acquired in the interest of the Hocking Valley all but $54,100 of the com-
mon and all but $11,600 of the preferred stock of the road. This control was declared illegal by the Ohio courts in
1909, and in March, 1910, the Lake Shore A Michigan Southern Ry. acquired practically all the stock, which is now
owned by the New York Central R.R.
The Toledo A Ohio Central Railway owns all the stock and bonds of the Zanesville A Western Railway, operating
89 miles from Thurston and Shawnee to Zanesville, Ohio. The has now also acquired from the Chesapeake
A Ohio Railway, the half-interest in the Kanawha and Michigan company
Railway. Se that company. This mileage is sep-
arately operated.
Location: The directly operated lines extend from Toledo, south to Columbus, Ohio, with extension to Ohio
River, with branches. 435.69 miles in all. Population of Ohio in 1890, 3.672.316; in 1900, 4,157,545; in 1910,
4.767.121.
Management: OFFICERS: Alfred H. Smith, Pres.; W. K. Vanderbilt. Jr.. Vice-Pres.; John Carstensen, Chas. F.
Daly, Albert H. Harris, Vice-Pres.; F. B. Sheldon. Vice-Pres.: Dwight W. Pardee. Sec.; Milton S. Barger, Treas.
Dnecmn: A. H. Smith. Wm. K. Vanderbilt. Jr., William H. Newman. Chas. T. Lewis, D. C. Moon, F. J. Jerome,
F. B. Sheldon. Annual meeting, first Tuesday in September. MAIN OFFICE. Toledo, Ohio.
ClaMhVatlM of Freight Tonnafe Yean. Kndin* Jane 30. 1907 9. 1913 16; Dec. 31. 1910-12)
1*10
IW 11
PmiurU (4 Ann- ult HP

l'n.1,1,-1. ,.f \rnri, ,1, 7J
Product* of Miiwn
Product* of Formu I It,
Manufurtur.- 6.42
I., nn.l Mned. .
Comment: For the year ended June 30, 1916, the freight density of the Toledo & Ohio Central far exceeded
that of the previous year and was even better than the figures reported in 1913. The average freight train load
was also greatly improved, and also freight rates tended to decline. Train mile earnings were moved up well above
recent figures. As usual the company depended primarily on the transportation of coal for its freight business.
YEARS
ENDED
\ ;;/r YORK CENTRAL SYSTEM (TOL, $ OHIO CENT. RY.). 485

YUM
ENDED
48G MOODY'S ANALYSES OF INVESTMENTS.
1. Auth., $5,000,000; outstanding, $3,000,000 (closed). Dated July 1, 1885; due July 1, 1935. Int. paid at
Central Trust Co., New York. Coupon, $1,000. First lien from Toledo to Bremen, O., 160.57 miles; New Lexington
to Corning, 0., 12.33 miles; Thurston, O., to Alum Creek (near Columbus, O.), 24.37 miles; total, 197.27 miles. These
bonds carry voting power. Underlie Nos. 2 and 3. Legal for Savings Banks in Maine. Listed on New York Stock
2.Auth. and outstanding, $2,500,000. Dated Oct. 1, 1892; due Oct. 1, 1935. Int. paid at Central Trust Co.,
New York. Coupon, $1,000. First lien on 137.74 miles from Whitmore via Columbus to Truro June., Ohio; second
lien on 197.27 miles, following No. 1; third lien on 59.90 miles, following No. 6. Underlies No. 3. Listed on New
3. Auth. and outstanding, $2,000,000. Dated June 1, 1894; due June 1, 1935. Int. paid at Central Trust Co.,
New York. Coupon, $1,000. Second lien on 137.74 miles, following No. 2; third lien on 197.27 miles, following
No. 2; fourth lien on 59.90 miles, following No. 6. Listed on New York Stock Exchange. Interest paid without
4.Auth. and outstanding, $500,000. Dated Feb. 1, 1901; due Feb. 1, 1951. Int. paid at Guaranty Trust Co.,
New York. Coupon, $1,000. First lien on 59.90 miles from Peoria to St. Mary's, Ohio. Underlie Nos. 2, 3 and- 6.
Legal for S. B. in Maine. Interest paid without deduction for normal income tax.
5. Outstanding, $28,000 4s, dated May 15, 1907; due $28,000 semi-annually to May 15, 1917; int. paid May
(1)
and Nov. (2) $360,000 2s, dated Jan. 1, 1910; due $60,000 semi-annually to Jan. 1, 1920; int. paid Jan. and July.
15.
(3) $2,346,553 New York Central lines equipment.
6. Auth. and outstanding, $500,000. Dated Feb. 1, 1901; due Feb. 1, 1951. Int. payable, when declared and
earned, at Central Trust Co., New York. Second lien on 59.90 miles, following No. 4. Underlie Nos. 2 and 3. No
interest has ever been paid.
f
I'OKK i'EXTRAL SYSTEM (KAXAIl'HA & MICH. RY.). 487
The direct operations of the Zanesville A Western property in recent years have usually resulted
Comment:
in a as the gross revenues have not equalled operating expenes since 1913. But "other income" has recently
loss,
become important and in the past three years a surplus above charges has each year been shown. The property is
undoubtedly of some value to the Toledo & Ohio Central, which owns its stock and bond issues.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 1,657,760 1,410,529 1,176,387 1,093,284 1,024,237 918,984
ToUl $6,338,641 $6,130,840 $5.944.489 $5,906,090 $5,881,501 $5,850,340

LIABILITIES :
Capital stock $2.500,000 $2.500,000 $2,500,00<f $2,500,000 $2,500,000 $2,500,000
Funded debt _'_'!. 2,125,000 2,175,000 2,225.000 2,275,000 2,325,000
Working liabilities 1,583,623 1.474.681 1,238,787 1,151,432 1,055.446 937,431
Deferred credit items 13,142 7,363 512 2,727 30,325 52,963
Total . $6,338.641 $6,130,840 $5,944,489 $5,906,090 $5,881,501 $5,850,340
$2.000,000 first 4s; dated Nov. 1, 1902; due Nov. 1, 1952; int. paid M. and N. at Guaranty Trust
Bonded Debt:
Co., York. First lien on entire property. All owned by Toledo A Ohio Central Ry. There are also outstanding,
New
$100,000 equipment 4s. of an original issue of $500,000. Int. paid June and Dec. 1, at Guaranty Trust Co., New York.
Capital Stock: $2,500,000; par, $100; all owned by Toledo A Ohio Central Ry.
THE KANAWHA AND MICHIGAN RAILWAY COMPANY

Ni.ri:: The analysis is baaed on official documents of the company, including its annual reports of the past ten years.
For Dfinitions and Key to Ratings, see pages 19-26.
Origin: Incorporated April 23, 1890, under laws of Ohio and West Virginia, as successor to the Kanawha & Ohio
Railway Co. In 1916 acquired the Kanawha A West Virginia R.R.
Location: The directly operated lines consist of 176.6 miles, radiating throughout the Kanawha coal district of
West Virginia and entering Ohio, where connection is made with the lines of the Toledo & Ohio Central Ry. The
mileage is classified as follows: Main lines"! Corning to Hobson, 56.8 miles (Ohio); Konauga to Gauley Bridge,
96.7 miles (W. Va.) branch from Smithers to Marling, 4.4 miles; trackage rights, 18.7 miles.
;
In addition the com-
pany owns a branch from Gloucester to Carrington, 11 miles, which is leased to the Zanesville & Western and the
Toledo A Ohio Central companies. In 1916 acquired the Kanawha ft West Virginia R.R. extending from Charleston
to Blakely, W. Va.. 34.5 miles, and branch 4 miles, not included in above mileage. Population of Ohio and West
Virginia in 1890, 4.435.020; in 1900, 5,116,345; in 1910, 5.988.240.
Control: Was formerly controlled by the Hocking Valley Ry. Co., which had acquired a majority of the stock
from the Toledo ft Ohio Central interests. In August, 1906, it was proposed to consolidate the property directly with
the Hocking Valley, but this was forbidden by the Ohio State court. In March, 1910, control was acquired jointly by
the Chesapeake ft Ohio and the Lake Shore ft Michigan Southern interests. At the same time, the former acquired
.nntrol of the Hocking Valley lines and the latter control of the Toledo A Ohio Central lines. In November, 1913, the
lower Federal Court held this control to be illegal, and in 1914 the interest of the Chesapeake A Ohio was acquired by
the Toledo A Ohio Central, thus making the road a subsidiary of the New York Central system.
OmcERS: A. H. Smith, Pres. F. B. Sheldon, Vice-Pres.; D. W. Pardee, Sec.; M. S. Burner,

Management: ;
Bennett, Local Treas. DiRFxrroRs: F. B. Sheldon, A. H. Harris, Chas. T. Lewis, J. F. Stone, Wm. H.
f
Treas.; E. N .
Newman. J. Q. Van Winkle, A. H. Smith, Wm. C. Willard. Harold S. Vanderbilt. Annual meeting, first Tuesday in
June. MAIN OFFICE, Charleston, W. Va.
( UxsifirmtJon of r'reight Tonnau*- Years Knding June .10

YEARS
ENDED
CENTRAL SYSTEM (KAXAWHA $ MICH.RY.). 489
Comment: Both gross and net revenues improved decidedly on the Kanawha & Michigan property during the
year ended June 30, 1916. The outside income was also better than usual and the balance carried forward was there-
fore far in excess of the fixed charges. The final surplus equalled nearly 14% on the outstanding stock. During
the year the company disbursed dividends of

YUB>
EMDBD
JumW.
1. Dated June 3, 1890; due April 1, 1990. Int. paid at Cen-
Auth., $15,000 per mile; outstanding, $2,469,000.
tral Trust Co., York. Coupon, $1,000. Guar. prin. and int. by Toledo & Ohio Central Ry., by endorsement.
New
First lien from Corning to Hobson, O., 56.8 miles; from Point Pleasant to Gauley Bridge, W. Va., 94.7 miles; from
Glouster to Carrington, Ohio, 11 miles; from Smithers to Marting, W. Va., 4.4 miles; total, 167.10 miles; first col-
lateral lien on bridge across Ohio River at Point Pleasant, W. Va., 2 miles. Underlies No. 2. Legal for Savings
Bank in Maine, Mich., Minn., Mo., N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. Interest paid
2.Auth. and outstanding, $2,500,000. Dated July 1, 1907; due July 1, 1927. Int. paid at J. P. Morgan & Co.,
New York. Coupon, $1,000. Redeemable at par and interest on any interest day on three months' notice. Second
lien on 169.10 miles (inc. bridge), following No. 1. Legal for S. B. in N. H. and R. I. Listed on New York Stock
3. Auth., $5,000,000; outstanding, $1,477,000. Dated July 1, 1905; due July 1, 1955. Int. paid Jan. and July 1,
at Scranton Trust Co., Scranton, Pa., Trustee. Coupon, $1,000. Unissued bonds limited to $25,000 per mile. Call-
able at 105 and interest. Guar. principal and interest by Kanawha & Michigan Ry. First lien on 38.5 miles
from Charleston to Blakely, W. Va., and branch. Interest payable without deduction for normal income tax.
4. Auth., $1,200,000; now outstanding, $660,000. Dated July 1, 1912; due $60,000 each Jan. and July 1 to
July 1, 1922. Int. paid at Union Trust Co., New York. Coupon, $1,000. Secured under terms of a trust agreement
covering 1,000 fifty-ton steel drop bottom coal cars, 100 Hart convertible steel underframe coal and ballast cars, 3
steel underframe passenger cars, 2 steel underframe baggage and mail cars, 10 consolidation freight locomotives
and 2 switching locomotives. The original cost of the equipment was $1,333,400, of which the company paid $133,400
in cash, these notes being issued for the balance. Interest paid without deduction for normal income tax.
.
Auth., $1,200,000; now outstanding, $900,000. Dated July 1, 1914; due $60,000 each Jan. and July 1 to July'
1, 1924. Int. paid at Union Trust Co., New York. Coupon, $1,000. Secured by direct lien on 1,160 drop-botttom
steel gondola cars, 7 consolidation freight locomotives, 5 steel passenger coaches and 2 steel baggage and mail cars.
Original cash cost, $1,355,000. Interest paid without deduction for normal income tax.
Note: There is also outstanding a small amount ($36,375) of equipment 5s, due May 1, 1917 (Int. M. and
N. 1).
1
Rate
I'OKK CEXTRAL SYSTEM (RUTLAND R.R. CO.). 491

1916 1915 1914 1913
Gross revenues $154,046 $136,704 $165,299 $169,492
Manitenance of way and structures 30,488 iis.::n:t 49,413 53,267
Maintenance of equipment 53,437 39,104 B9.7M 21,142

Other income 21,881 31,158 36,364 44,430
Total income $46,465 161,909 $57,931 $85,939

Taxes 8,615 7,998 6,603 5,480
Fixed charges . . . in;,. :;:;:;
186,664 126,134 73,315
Surplus . def.$67.4S3 def.$89,643 def.$74,806 $7,144
Profit and LOBS Account, year ended June 30, 1916: Debit balance at beginning of year, $761,896; debit bal-
ance transferred from income, $67,483; miscellaneous debits, $137,107; credit balance carried to balance sheet,
*; total, $1,092.474. Contra: Miscellaneous credits, $1,092,474; total, $1,092,474.

1916 1915 1914 1913
Property investment . $1,720,159 $1,973,562 $2,006,621 $1,912,489
Working assets 60,855 66,895 78,396 72,130
Deferred debit items.. 1,361.165 1,360,030 1,364,100 4,950,035
Profit and loss deficit. 761,896 634,357 315,249
Total . .'. $3.142.179 $4,162,383 $4,083,474 $7,249,903

LIABILITIES:
Capital stock $1.359.600 $1,359.600 $1,359,600 $4,949,600
Funded debt 1,599,500 2,416.221 2,441.221 2,080,167
Working liabilities . . 53,618 MMM 279,851 217,437
2,699
Accrued liabilities not due. 3,473 2,722 2,802
Profit and loss surplus .... 126,988
Total . -'.179 $4,162,383 $4,083,474 $7,249,903
Bonded Debt: $1.477,000 Kanawha A West Virginia R.R. first 5s. Dated July 1, 1905; due July 1, 1955. Inter-
est paid J. and J. 1, at Scranton Trust Co., Scranton. Pa.. Trustee. Coupon, $1,000. Authorized, $5,000,000. Un-
issued bonds limited to $25,000 per mile. Callable at 10". and interest Guaranteed principal and interest, by the
Kanawha A Michigan Ry Co. Interest payable without deduction for normal income tax. Rating, A.
Note: On June 30, 1916. there were also onUtandin?. $122.500 equipment obligations. Dated Dec. 1, 1913;
due in6 years.
Capital Stock: Authorized, $5,000,000; outstanding, $1.359.600. Now owned by Kanawha & Michigan Ry. Par,
$100.
RUTLAND RAILROAD COMPANY

The analysis is based on official documents of the company, including its annual reports of the past ten years.
Origin: Incorporated under Vermont laws in July, 1867, as successor of the Rutland & Burlington Railroad. In
1901 the company absorbed the Rutland-Canadian R.R., the Bennington & Rutland Ry., the Ogdensburg & Lake
Champlain Ry., and the Chatham & Lebanon Valley R.R. Owns entire capital stock of Ogdensburg Terminal Co.,
Rutland Transit Co. and entire stock and bonds of the Rutland A Noyan R.R. In January, 1905, control of the com-
pany was acquired by the New York Central A Hudson River R.R., through the purchase of $4,704,100 out of $9,057,-
600 preferred stock. In February. 1911. one-half of the New York Central stock holdings was sold to the New York,
New Haven A Hartford R.R. In December, 1911, the latter company applied to the Public Service Commissioners of
New York State for permission to purchase the remaining half of the preferred stock, at a price not exceeding
cost to New York Central, with carrying charges; permission was granted on May 9, 1912, but in July, 1912, the
Supreme Court of New York sustained an injunction brought by the minority stockholders of the Rutland R.R.
to prevent the New Haven from purchasing the remaining stock. The injunction was .sustained.
Ixxalion: Mirectly opeated lines consist of 468.11 miles, as follows: Main line, White Creek, Vt., to Canadian
line. 161.42 miles; Chatham, N. Y., to Bennington, Vt., 57.21 miles; Bennington to North Bennington, 4.G7 miles; Rut-
land to Bellows Falls, 52.21 miles; Alhurirh. Vt., to Ogdensburg. N. Y., 121.60 miles. Leased lines, 18 miles; trackage
rights. 53 miles. Lines chiefly in Vermont and northern New York. Population of Vermont in 1890, 332.422; in 1900,
041; in 1910. 355.1-
Management: Om<ms:
A. H. Smith. Pres.; Geo. T. Jarvis. Vice-Pres. and Gen. Mgr.; Howard Elliott, Vice-
Pres ; I' \S IA. <',. Adams, Asst. Clerk; M. S. Barger. Treas.
1
..: ;
DIRECTORS: A. H. Smith, Geo. T.
Jarvis. W. Rockefeller. W. Seward Webb. P. W. Clement, H. S. Vanderbilt, Geo. F. Baker, W. H. Newman, Howard
Klliott. K. (',. Buckland. John T. Pratt. T. DeWitt Cuyler. Edmund R. Morse. MAIN OKKICK. Rutland, Vt. Annual
sr. third Tuesday in October. NEW YORK OFFICE, Grand Central Terminal.
.v/:n CKXTKAL sysri:.M (RUTLAND R.R.CO.). 493
Comparative Incoir
Gross revenues
Comment: There was slight reduction in the bonded debt in the Rutland Railroad during the year ended June
30, 1916.The property is not heavily capitalized as measured on a mileage basis, but in recent years has shown only
moderate improvement in its general earning power. For the year just closed the net income on the net capital,
however, reached the best figure reported during the decade.
Securities The company held the following securities on Dec. 31, 1915.
Owned:
Stocks Par Value. Bonds Total Amt. Held.
Addison Railroad Co $495,900 Chatham & Lebanon Val. R.R. Co., 1st mtge. $500,000
Champlain Construction Co 149,500 Rutland & Noyan R.R. Co., 1st mtge 100,000
Ogdensburg Terminal Co 100,000 Rutland Canadian R.R. Co., 1st mtge 25,000
Rutland & Noyan Railroad Co 100,000 Rutland R.R. Co., 1st mtge 700
Rutland Railroad Co., common 500 Rutland R.R. Co., consol. mtge 3,000
Rutland Railroad Co., preferred 103,200 N. Y. City Bonds 30,000
Rutland Transit Co., common 1,000,000
Champlain Manufacturing Co 122 Total par value, bonds $658,700
Total par value of securities held $2,607,922
Total par value $1,949,222 Book value ., ..$1,610,348
NAME or ISSUE.
\l-:i1' I'OKK. (H 1CAGO & ST. LOUIS UAILKOAD CO. 495
TABLE E. Stock Record and Ratings 'Based on 10- Year Results, Per Mile of Road)
MX; MOODY'S ANALYSES OF INVESTMENTS.
\EW YORK, CHICAGO $ ST. LOUIS RAILROAD CO. 497
1916 1915 1914 1913 1912 1911 1910

Gross revenues $14,372,545 $11,412,802 $11,726,037 $12,600,630 $12,202,380 $11,258,008 $11,238,877
Maintenance of equipment . .
2,898,806 1,704,457 1,826,178 1,746,794 1,400,113 1,268,731 1,406,772
AH other operating expenses. 5,911,522 6,037,009 6,319,587 6,203,156 1,014,669 5,479,208 5,272,875
Net operating revenues. $4,468,445 $2349,756 $2,047,666 $3,289,441 $3,503,272 $3,218,607 $3,387,030
Operating ratio 68.9% 79.4% 823% 73.9% 71.1% 71.4% 69.6%
Other income .
193,834 191,965 142,161 210,715 219,192 149,833 280,338
Total net income $2,541.721 $2,189,827 $3,500,156 $3,722,464 $3,368,440 $3,667,368
Taxes accrued 501376 453,767 487,602 . 402,163 389,133 368,552 348,480
Balance for charges. $4,160,903 $2,087,964 $1,702,225 $3,097,993 $2,333,331 $2,999,918 $3,318,888
Fixed charges 1,875,432 2,014,112 1366,699 1,558,199 1,551,471 1,484,850 1,459,064
Surplus over charge*. $2,285.471

Dividends paid ;947
Other deductions .
49,198
Balance
Earned on stock : First prefd . .
Second prefd.
Common
41)8 MOODY'S ANALYSES OF INVESTMENTS.
Comparative Condensed Balance Sheet, as of December 31, 1911-1912; June 30, 1913-1916
ASSETS: 1916 1915 1914 1913 1912 1911

Working assets 5,238.868 3,358,363 3,544,093 4,822,912 5,061,060 4,661-,625
Deferred debit items 1,838,977 1,493,066 2,032,826 2,271,127 2,964,916 3,448,185
Total $67,997,631 $66,157,123 $66,427,920 $67,270,743 $68,121,282 $67,635,374

LIABILITIES :
Capital stock $30,000,000 $30,000,000 $30,000,000 $30,000,000 $30,000,000 $30,000,000

Funded debt 28,569,000 28,672,000 28,777,000 28,880.000 28,880,000 28,979,000
Working liabilities ,
1,339,355 1,174,684 1,736,403 1,809,879 2,050,716 2,058,362
Accrued liabilities not due 252,357 253,387 256,470 659,126 1,220,431 1,084,661
Deferred credit items 349,216 341,176 4,028 3,596 3,585 11,145
Appropriated surplus .... 4,987,674 4,889,279 4,219,346 4,120,216 3,945,216 3,431,198
2,500,029 826,597 1,434,673 1,797,926 2,021,334 2,071,008
Total $67,997,631 $66,157,123 $66,427,920 $67,270,743 $68,121,282 $67,635,374

Comment: There was practically no change in the exhibit of the New York, Chicago & St. Louis during the
year ended June 30, 1916. As measured on a mileage basis the road is heavily capitalized, but recent improvement
in earning power has made it easier for the company to carry this capitalization. The company at the present
time is in an unusually strong financial condition.
TABLE D. -Bond Record and Ratings (Based on 10- Year Results, Per Mile of Road)
NAME OF ISSUE.
AA'/r YORK. \EU HAf'KX $ HARTFORD RAILROAD CO. 499
THE NEW YORK, NEW HAVEN & HARTFORD RAILROAD

official
Origin: Incorporated Aug. 6, 1872, under laws of Connecticut, Massachusetts, and Rhode Island, as a consoli-
dation of the New York ft New Haven R.R. Co. (which was chartered in Connecticut in May, 1844, and in New York
in January, 1846) with the Hartford & New Haven R.R., which had been chartered in Connecticut in May, 1833, and
was opened in May, 1839. The Massachusetts section was built under the charter of the Hartford & Springfield R.R.,
and was opened in December, 1844. In 1848 an agreement was made with the New York & Harlem R.R. Co.
whereby the tracks of the latter arc used from Woodlawn to the Grand Central Terminal in New York, 12.03 miles.
The main line of the company, as consolidated in 1872, consisted of 122.44 miles from Springfield, Mass., to Wood-
lawn, with short branches aggregating 19.04 miles. The old New York & New Haven R.R. also leased the Shore
Line Ry. from New Haven to New London, 48.53 miles, and this lease was assumed by the consolidated company.
The Harlem River ft Portchester R.R. was leased Oct. 1, 1873; the Boston ft New York Air Line on Oct. 1, 1882;
the Stamford A New Canaan on Oct. 1, 1884; the New Haven & Northampton R.R., the Naugatuck R.R. and the
Hartford ft Connecticut Valley R.R. on April 1, 1887; the Housatonic R.R. and its leased lines on June 30, 1892; the
New York, Providence ft Boston R.R. and its leased lines on July 1, 1892; the Old Colony R.R. and its leased lines on
March 1, 1893; the New England R.B. and ita leased lines and the Shepaug, Litchfield ft Northern R.R. on July 1,
1898, and the Middletown, Meriden ft Waterbury on Nov. 1, 1898. Many of these companies have since been form-
ally merged, and in addition the following have now been directly merged with the main company, viz.: Providence
ft Springfield R.R.. Rhode Island A Mass. R.R.. Woonsocket ft Pascoag, New Haven ft Derby. Rockville R.R., Col-
chester R.R., Providence Terminal Co., Boston ft New York Air Line R.R.. Pawtuxet Valley R.R., Torrington ft Win-
chester Street Ry.. Meriden, Southington ft Compounce Tramway, Stafford Springs Street Ry., Farmington Street
Ry.. Berkshire R.R., Rhode Island A Mass. R.R,, Milford ft Woonsocket R.R.. Milford, Franklin ft Providence R.R.,
and others. In 1909, the New York, New Haven ft Hartford purchased at foreclosure sale the property of the New-
port A Wiekford R.R. ft Steamboat Co.
Consolidated Ry.: To control its various street railway and public utility interests, the New York, New Haven
ft Hartford caused to be incorporated Aug. 31, 1901. under Connecticut laws, the Consolidated Railway, having a
capital stock of $10.000,000, all of which was owned by the New York, New Haven A Hartford R.R. This company
purchased or leased a large number of street railway and other properties in Connecticut, and acquired control of
others in Massachusetts. In May. 1907, however, the Consolidated Railway was formally merged into the New York,
New Haven ft Hartford R.R. The operating electric traction companies of the Consolidated Ry. are now integral
parts of the New Haven system. For disintegration details, see below. Other electric and public utility companies,
controlled by stock ownership, and separately operated, are described in "Moody's Analyses of Investments Public
Utilities and Industrials."
Steamship Line*: The New England Navigation Company and the Hartford ft New York Transportation Co. are
controlled through stock ownership, but under the disintegration plans have now to be segregated. See below. The
New England Navigation Co. operates through the New England Steamship Co.. the Fall River Line, the Norwich
Line, the New Haven Line, the Bridgeport Line, the Providence Line, the New Bedford Line, the Providence-Block
Island Line, and the New London-Block Island Line. The Hartford ft New York Transportation Co. operates a line
between Hartford and New York. In 1907. the New England Navigation Co. acquired the capital stock of the Bos-
ton A Philadelphia
Steamship Co., operating steamer lines between Boston, Providence
and Philadelphia. half- A
interest in the Merchants ft Miners Transportation Co. was next acquired, which has since been sold. The New
Kngland Navigation Co.. on June 30. 1916 owned one-half the preferred, two-thirds of the common and $2,600,000
of the bonds of the Eastern Steamship Corporation, latter to be sold by July 1, 1917. The latter company is being
reorganized and time limit for sale of securities extended. Also controls the New Bedford, Martha's Vineyard ft
Nantucket Steamboat Co.
Boaton Railroad Holding Co.: On June 30, 1916, the New York. New Haven and Hartford R.R. still owned the
entire common stock ($3.106.500), and $24,493,900 out of $27,054,400 preferred stock of the Boston Railroad Hold-
ing Co. The latter company in turn owned a majority of the tot*l capital stock of the Boston A Maine R.R. For
details regarding "trusteeing" of Boston A Maine stock, see that company and below.
Companies: Other controlled companies of the New York, New Haven A Hartford R.R. are the Cen-
Subftidiarr
tral New England Ry., the Connecticut Company, the Rhode Island Company, the Berkshire Street Ry., the New
York A Stamford Ry.. the Westchester Street R.R.. the Millhrook Co., and the Housatonic Power Co.; also, independ-
ently reported, the New York, Ontario A Western Ry.
Dinintegration Plan Agreement with Government: The Directors of the company were authorized by the
stockholders on April 21, 1914. to complete negotiations and to arrange for the segregation of the various subsidiar-
ies that were under dispute with the Department of Justice. The Department filed its petition in the District Court
of the United States, Southern District of New York, on July 23. 1914, and the company filed its answer on Sept. 17,
1914. As agreed the decree, which was signed Oct. 17, 1914, will produce the following results:
Firnt. The New Haven Company transfers to Frank P. Carpenter, of Manchester, New Hampshire, Henry B.
Day, of Newton, James L. Doherty. of Springfield, Charles P. Hall, of Newton, and Marcus P. Knowlton. of Spring-
field, all in Massachusetts, as trustees. 31.065 shares of the common stock and 244,939 shares of the preferred stock
(being all of the common and all but 28.000 shares of the preferred stock) of the Boston Railroad Holding Company,
the latter being the holder of 6,543 shares of the preferred and 219.189 shares of the common stock (a majority of all
outstanding stock) of thf Boston ft Maine Railroad, in trust to sell the Boston ft Maine shares under the order of the
The trustee* shall hold the shares and exercise all the powers the owners of the shares of the Holding Com-
pany are entitled to exercise, excepting the right to sell or dispose of them until otherwise ordered.
No order directing the sale of any of the shares of the Holding Company shall be made by the Court until after
July 1st, 1915. unless the New Haven Company shall in writing consent thereto. If no sale is made before July 1st,
1915. the Court, on application of any party, and after a hearing at which the Commonwealth of Massachusetts shall
be invited to appear shall determine when a sale shall be made and fix the terms and conditions thereof. The trus-
Ue* shall also use their bent efforts to complete the sale of the shares of the Boston ft Maine Railroad before Jan.
1st. 1917.
Second. The New Haven Company transfers to the same trustees, the following shares of corporations, the rail-
road lines of which are leased to the Boston & Maine or Maine Central Railroad Company:
922 shares ofcapital stock of the Northern Railroad (of New Hampshire),
1,015 shares ofcapital stock of the Connecticut River Railroad Company,
63 shares ofcapital stock of the Manchester & Lawrence Railroad,
246 shares ofcapital stock of the Hereford Railway Company,
2,469 shares ofcapital stock of the Concord & Montreal Railroad,
184 shares ofcapital stock of the Vermont & Massachusetts Railroad Company,
193 shares ofcapital stock of the Lowell & Andover Railroad Company,
412 shares ofcapital stock of the Boston & Lowell Railroad Corporation,
710 shares ofcapital stock of the Pemigewasset Valley Railroad,
1,464 shares ofcapital stock of the Connecticut & Passumpsic Rivers Railroad Company,
73 shares ofcapital stock of the Upper Coos Railroad,
18 shares ofcapital stock of the Concord & Portsmouth Railroad,
98 shares ofcapital stock of the Wilton Railroad Company,
86 shares ofcapital stock of the Peterborough Railroad,
84 shares ofcapital stock of the Nashua & Lowell Railroad Corporation, and
354 shares of capital stock of the Massawippi Valley Railway Company.
The trustees shall hold these shares and exercise all the powers in the management of the corporations which the
owners of the shares are entitled to exercise. They shall sell the shares, whenever in their judgment such sale or
sales can be made to the best advantage, so long as they remain subject to sale and upon such terms as the New Haven
Company shall request in a writing signed by its President or Chairman of the Board of Directors and approved at
a meeting by said Board. The trustees shall exercise their best efforts to complete the sale of said shares before
January 1st, 1917.
Third. The New England Navigation Company transfers to Lyman B. Brainerd, of Hartford, Charles Cheney,
of South Manchester, George E. Hill, of Bridgeport, William W. Hyde, of Hartford, and Walter C. Noyes, of New
London, all in Connecticut, as trustees, 400,000 shares, being all of the capital stock of The Connecticut Company. The
trustees shall hold these shares and exercise all the powers in the management of The Connecticut Co., which the
owners of the shares therein are entitled to exercise. The trustees shall sell said shares for such prices and upon
such terms as shall be named by the New Haven Co., and the Navigation Co. in a writing signed by their respective
President or Chairman of their Boards of Directors, and approved at a meeting by their Boards. The trustees shall
exercise their best efforts to complete the sale of said shares before July 1, 1919.
Fourth. The New Haven Company transfers to John O. Ames, John P. Farnsworth, Rathbone Gardner, Theo-
dore Francis Green, and Charles C. Mumford, all of Providence, R. I., as trustees, 96,855 shares, being all of the
capital stock of The Rhode Island Company, and The New England Navigation Company transfers to the same trus-
tees 9,132 shares in the capital stock of the Providence & Danielson Railway Company, bonds of said company to
the par value of $600,000, 7,000 shares in the capital stock of the Sea View Railroad Company, and bonds of said
company to the par value of $600,000. The trustees shall hold said shares and bonds and exercise all the powers in
the management of these trolley companies which the owners of shares therein are entitled to exercise. The trustees
shall sell said shares and bonds at such time or times as shall be named by the New Haven Company in a writing
signed by its president or the chairman of its Board of Directors, and approved at a meeting by said Board. The
trustees shall exercise their best efforts to complete the sale of the said shares and bonds before July 1, 1919.
Fifth. The 53,981 shares of the capital stock of the Berkshire Street Railway Company and the 6,500 shares of
capital stock of The Vermont Company^ owned by the New Haven Company, shall be sold before July 1, 1919;
provided, however, such sale shall not be proceeded with until action shall have been taken by the Commonwealth of
Massachusetts authorizing a sale of the shares of the Berkshire Street Railway Company, or until the Court, on the
application of any party, and after a hearing at which the Commonwealth of Massachusetts shall be invited to
appear, shall by further order so direct.
Sixth. The New England Navigation Company shall sell, on or before July 1, 1917, the 15,000 shares of pre-
ferred and 20,000 shares of common stock in the Eastern Steamship Corporation and bonds of said corporation to the
par value of $2,500,000, held by it, and pending such sale the New Haven Company and the Navigation Company are
enjoined from voting upon the capital stock of said Eastern Steamship Corporation.
Seventh. The New Haven Company shall sell on or before July 1, 1919, 5,000 shares of the capital stock of the
New York and Stamford Railway Company, and bonds of the said company to the par value of $678,000, also the
rights to the capital stock and other securities of the Westchester Street Railroad Company, now owned by it, and
the Navigation Company shall sell on or before July 1, 1919, the rights to the capital stock and other securities of the
Shore Line Electric Railroad, a corporation of New York, when the same may be issued, and the gold notes of the
New England Investment & Security Company, a voluntary association, to the par value of $13,709,000, now owned
by it.
Eighth. The times within which the sales heretofore ordered shall be made may be extended in each case by
the Court for good cause shown upon the application of any party or any body of liquidators or trustees, and if
they are not sold by the trustees 60 days before the last date fixed for the sale they shall be sold at public auction.
Ninth. None
of the shares or other securities hereinbefore ordered sold shall be offered to the stockholders of
the New Haven Company as a class either in proportion to their stockholdings or otherwise, or be sold to the New
Haven Company or to any person or persons, corporation or corporations, to be held in its interests, directly or indi-
rectly, or so as to re-establish in any manner the combination and control which it is the purpose of the decree to
terminate.
There is now pending before the Interstate Commerce Commission an application of the New Haven Company,
under Act of Congress approved Aug. 24th, 1912, known as the Panama Canal Act, for authority to retain stocks and
other securities and continue control of its steamship lines including the New England Steamship Company and The
Hartford & New York Transportation Company. Similar applications are required by law from all railroad com-
panies having an ownership in steamship lines.
The contract between the New York Central & Hudson River Railroad Company and the New Haven Company
for sharing in the financial results of the operation of the Boston & Albany Railroad, has already been canceled, and
the Company has disposed of its interest in the Merchants & Miners Transportation Company.
\ /;/!' YOKK, \EW HAVEN $ HARTFORD RAILROAD CO, 501
In view of the present conditions and the policy of the Federal Government and its various departments, the
directors felt that it was wise to agree with the Department of Justice and to divest itself of ownership in these vari-
ous properties, and therefore, made every reasonable concession toward a peaceful adjustment.
A summary of the properties covered by the decree, and the book value thereof, including stocks, bonds, notes
and advances, as shown on the books of the New Haven Company and the Navigation Company is as follows:
As carried on books of
New Haven New England
Company Nav. Co.
Boston Railroad Holding Co $29,371,166.97
Boston A Maine R.R. subsidiary lines 1,417,216.95
The Connecticut Company 2,125,000.00 $40,000,000.00
The Rhode Island Company 27,852,336.41 1,266,379.37
Berkshire Street Railway Company. 9,809.395.58
The Vermont Company 1,477,164.31
Eastern Steamship Co 4,200,000.00
New York & Stamford Railway 1,395,523.40
The Westchester Street Railroad 1,152,150.84
Shore Line Electric Railroad 117,000.00
New England Investment and Security Company. 13,631,750.00
$74,599,953.46 $59,215,129.37
Electric and Gas Companies: The New York, New Haven & Hartford R.R. Co., acting with the Connecticut
Company, and the Housatonic Power Company, has, in the form of a sub-lease, practically divested itself of the
large electric and gas companies acquired some year* ago when the property of the Connecticut Ry. and Lighting
Company was leased. The new lease is made to the United Electric Light A Water Company, a new Connecticut cor-
poration. This sub-lease is dated Oct. 1, 1911, runs 994 years, and covers the systems for the distribution of elec-
trical energy, for other than railway purposes, in the towns of Waterbury, Naugatuck, Watertown, Cheshire, New
Britain, Newington, Berlin. Plainville, Southington, Norwalk, Wilton, New Canaan and Greenwich; the gas plants
and distributing systems in the towns of Norwalk. Greenwich and Naueatuck; and the right to furnish gas and
electricity in the town of Weston. The lease made to the United Electric Light and Water Co. calls for the payment
by the lessee of $365.000 a year in monthly pro rota amounts.
Location: The directly operated lines of the New York, New Haven A Hartford R.R. extend from New York
City to Providence and Boston, radiating throughout the States of Connecticut, Rhode Island and Massachusetts, and
entering all important cities and towns. The total main track operated June 30, 1916, was 2,004.84 miles, of which
1.193.52 was directly owned, 760.21 operated under leases, and 51.11 miles under trackage rights. Population of
Mass.. Rhode Island and Connecticut in 1890, 3.330,707; in 1900, 4,142,322; in 1910, 5,023,782.
Management: Omens: Howard Elliott. Chairman of Board and President; E. G. Buckland. Vice-Pres.;
B. Campbell, Vice-Pres.; E. J. Pearson. Vice-Prea.; J. M. Tomlinson, Vice-Pres. and Compt.; A. R Whaley, Vice-
Pres.; A. E. Clark. Sec.; A. S. May, Trea*. C. L. Bardo, Gen. Mgr.
;
DIRECTORS: Thos. DeWitt Cuyler, Edward
Milligan, Francis T. Maxwell. John T. Pratt, James L. Richards, Howard Elliott, Arthur T. Hadley, Augustus S.
May, Benjamin Campbell, F. W. Matteson. Joseph B. Russell. Eli Whitney, Harris Whittcmore, J. Horace Harding,
E. J. Pearson. Annual meeting, third Wednesday in October. MAIN OFFICE, New Haven, Conn.
(lanftinration of Freight Tonnace (Years Ending June 30)

Comment: For the year ended June 30, 1916 both the passenger and freight density underwent substantial im-
provement in the New Haven System. The freight train load was maintained at recent high totals and train mile
earnings were advanced to a substantially better figure than heretofore. The tonnage of this road is very widely
diversified and the proportion of high-grade freight represents more than 50% of the total business done.
YEARS
ENDED
JUNE 30.
XEW YOKK, \E1t' 11AVEX <| HARTFORD RAILROAD CO. 303

Dividend Record.
NAME OF ISSUE.
YORK, \E1t IIAVEX $ HARTFORD RAILROAD
r
CO. 505

1.Auth. and outstanding, $15,000,000. Dated May 2, 1904; due May 1, 1954. Int. paid at Lincoln National
Bank, New York. Coupon, $1,000; reg., $10,000. First lien on all the property and franchises of the Harlem River
A Port Chester R.R., inc. the road from the Harlem River to junction with the main line of the New York, New
Haven & Hartford R.R. at New Rochelle, 11.28 miles of first track; 11.25 miles of second track; 10.79 miles of third
track; 10.79 miles of fourth track; 9.68 miles of fifth track; 9.64 miles of sixth track; and 101.97 miles of sidings;
total trackage, 165.39 miles; also first lien on lease to New York, New Haven & Hartford R.R. Legal for Savings
Bank in Maine. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
2. Auth., $4,000,000; outstanding, $1,000,000 (closed). Dated April 1, 1892; due April 1, 1942. Int. paid at
Central Trust Co., New York. Coupon and reg., $1,000. Assumed by New York, New Haven & Hartford R.R. by
terms of merger. First lien on 62 miles of double-track road extending from Providence, R. I., to New London,
Conn., and upon single-track branches, 18 miles. Only mortgage indebtedness on this portion of the New York, New
Haven & Hartford R.R.'s main line. Legal for S. B. in Maine. Listed on New York Stock Exchange. Normal in-
3. Auth., $3.000,000; outstanding, $2,839,000 (closed). Dated Nov. 1, 1887; due Nov. 1, 1937. Int. paid at
Farmers' Loan & Trust Co., New York. Coupon, $1,000. Assumed. First lien, 90.47 miles, Bridgeport to Mass.
State line and on branches to Huntington and Danbury, Conn. Legal for S. B. in Maine. Listed on New York and
Boston Stock Exchanges. Normal income tax deducted from interest.
4 and 5. Auth., $500,000; outstanding, $400,000 5s and $100,000 6s. Dated May 19, 1880; due July 1, 1920.
Int. paid at Second National Bank, New Haven, Conn. Coupon, $1.000. Assumed. First lien, 35.54 miles, Danbury
via S. Norwalk to Wilson's Point, Conn., and branches to Ridgefield and Hawleyville. Underlies Nos. 6 and 7 with
provision by latter for retirement Legal for S. B. in Maine. Normal income tax deducted from interest.
6. Auth. and outstanding, $150,000. Dated Mrr. 31, 1883; due April 1, 1925. Int. paid at Second National
Bank. New Haven, Conn. Coupon, $1,000. Assumed. Second lien on 35.54 miles, following Nos. 4-5. Underlies
No. 7 which provides for retirement. Normal income tax deducted from interest.
7. Auth., $25,000 per mile; outstanding, $350,000. Dated June 1. 1905; due June 1, 1955. Int. paid at Second
National Bank, New Haven, Conn. Coupon, $1,000. Assumed. Third lien on 35.54 miles, following No. 6. Provides
for retirement of Nos. 4, 6 and 6. Interest paid without deduction for normal income tax.
8. Auth., $800,000; outstanding, $575,000 (closed). Dated May 1, 1888; due May 1, 1918. Int. paid at Second
National Bank, New Haven, Conn. Coupon, $1,000. Assumed. First lien, 14.35 miles. New Haven via Derby to
Huntington, Conn. Legal for S. B. in Maine. Listed on New York Stock Exchange. Normal income tax deducted
from interest.
9.Auth. and outstanding. $750,000. Dated July 1, 1892; due July 1, 1922. Int. paid at Farmers' Loan & Trust
Co., New York and First National Bank. Boston. Coupon, $1,000. Assumed by New York, New Haven & Hartford
R.R. Gnar. prin. and int. by the New York A New England R.R., which was succeeded in 1895 by the New England
R.R.. the latter being merged into the New York, New Haven & Hartford R.R., in 1908. First lien on 27.73 miles from
Providence to Douglas June., Mass. Legal for S. B. in Maine. Listed on New York Stock Exchange. Normal income
tax deducted .from interest.
10. Auth. and outstanding. $2,500.000. Dated May 2, 1904; due May 1, 1954. Int. paid at New York, Boston,
and New Haven. Coupon, $1,000; reg., $5,000. Assumed by New York, New Haven & Hartford R.R. Guar. prin.
and int. by New York, New Haven A Hartford R.R.. First lien on 60.66 miles, as follows: From Devon to Winsted,
Conn., 55.83 miles, and from Watertown to Waterbury, Conn., 4.82 miles; there are 27.35 miles of second track and
42.92 miles of sidings. Legal for S. B. in Maine. Listed on New York Stock Exchange. Interest paid without
11. Auth.. $5.000,000; outstanding. $3.777,000. Dated Aug. 1, 1905; due Aug. 1, 1955. Int. paid at New York,
Boston and New Haven. Coupon, $1,000; reg., $5,000. Guar. prin and ink by endorsement by New York, New
Haven A Hartford R.R., now assumed. First lien on 51.27 miles from New Haven to Willimantic, Conn.; there are
also 5.23 miles of second-track and 11.62 miles of siding*. Legal for S. B. in Maine. Listed on New York Stock
12. Auth., $7,600,000; outstanding. $4.000.000. Dated March 1, 1906: due March 1, 1956. Int. paid at New
York, Boston. New Haven. Coupon, $1,000; reg., $5,000. Guar. prin. and int. by endorsement by New York, New
Haven A Hartford R.R.. now assumed. First lien on entire property, including the line of railroad extending from
the Union Station, Providence, to a connection with the tracks of the Providence A Worcester R.R., at East Junc-
tion. R. I., about 3 miles of double-track, including the terminal facilities and passenger station of said company at
Providence, R. I., a tunnel 5,061 feet in length; also a drawbridge across the Seekonk River. Legal for S. B. in
Maine. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
13.Auth.. $3.100.000; outstanding. $1,992.000 (closed). DatH Oct. 1. 1902; due Jan. 1, 1943. Int. paid at New
York Trust Co., New York and in Boston. Coupon, $1,000. Sinking fund: Amount not exceeding 1% of bonds
outstanding to be used for purchase of these bonds at price yielding not less than 3%%. Assumed by New York,
New Haven A Hartford R.R. First lien on all the property and leases of the company, including a hydraulic electric
power plant on the Quinnebaug River in the town of Killintrly. and the leases of the Worcester & Webster and Web-
ster A Dudley Street Ry. Cos., and all the stock and all but $50.000 of the bonds of these companies. Lines of road ex-
tend from the boundary line between the State of Massachusetts and the State of Connecticut, in the town of Thomp-
son to Moosup, in the town of Plainfield, Conn., also from a point on the mnin line in the town of Killingly, Conn., to
a connection with the railway constructed by the Providence A Danielson Railway Co., anej all extensions of said
railroad and branches within the towns of Thompson, Putnam, Killingly, Brooklyn, Plainfield, Sterling, Griswold,
and Preston, in Conn., being 62 miles in length. The lease lines extend north to city of Worcester, Mass. Legal
I
for S. B. in Maine. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
14 to 24. These issues also, all secured on street railway and lighting companies in the towns indicated, have all
been assumed by the N. Y., N. H. A H. R.R.. and are a direct obligation of the company. These are the properties
which were absorbed through the merger in 1907 of the Consolidated Railway Co. with the New York, New Haven
A Hartford R.R.. and are distinct from the street railway and lighting companies controlled through the .Connecticut
The outstanding amounts are as follows: No. 14, $283,000: No. 15, $415,000; No. 16, $350,000; No. 17, $250,000;
N". 1. $150.000; No. 19. $200,000; No. 20, $2.500.000; No. 21, $320,000; No. 22, $63,000; No. 23, $150,000; No. 24,
(No. 20 is listed on the New York Stock Exchange.) Normal income tax deducted from interest (except
'
17).
25. Auth. and outstanding, $1,500,000. Dated April 1, 1889; due April 1, 1939. Coupon, $1,000. First lien on
terminal property at Boston, formerly belonging to the old New York & New England R.R. They underlie Nos. 26
and 27 and are distinct from the Boston Terminal Co. 3Ms% bonds secured on the terminal station at Boston, in
which this road has a joint interest. Legal for S. B. in Maine. Listed on Boston Stock Exchange. Interest paid
26 and 27. Auth., $17,500,000; outstanding, $10,000,000 4s; $7,500,000 5s. Dated Sept. 2, 1895; due July 1, 1945.
Int. paid at Bankers Trust Co., New York and Boston Safe Deposit & Trust Co., Boston. Coupon, $1,000. Guar.
prin. and int. by New York, New Haven & Hartford R.R.,
now assumed. First lien on 362.69 miles, as follows:
Boston, Mass., to Hopewell June., N. Y., 212.62 miles; Wicopee to Fishkill Landing, N. Y., 1.65 miles; Boston to So.
Boston, Mass., 1.04 miles; Providence, R. I., to Willimantic, Conn., 57.76 miles; Newton, Mass., to Woonsocket, R. I.,
28.67 miles; East Thompson, Conn., to Southbridge, Mass., 17.36 miles; East Hartford, Conn., to Springfield, Mass.,
28.31 miles; Melrose to Rockwell, Conn., 7.23 miles; Dedham June, to Dedham, Mass., 1.53 miles; Islington to Ded-
ham, Mass., 2 miles; West Roxbury to Needham, Mass., 4.53 miles; first lien on valuable terminal property at Boston.
Legal for S. B. in Maine. Listed on New York Stock Exchange, and the 5s on the Boston Stock Exchange. Normal
Auth., $19,911,000; outstanding, $19,899,000 of which $719,000 are in treasury. Dated May 1, 1907; due
28.
May 1957. Int. paid at Equitable Trust Co., New York and in New Haven. Coupon, $1,000; reg., $10,000. Call-
1,
able at 105 and interest on any interest date beginning May 1, 1917, upon eight weeks notcie. Guar. prin. and int.
by New York, New Haven & Hartford R.R., by endorsement, which assumed the obligation in 1914 as a direct lia-
bility. Originally issued to acquire securities of the Rhode Island Co. Not a mortgage. Listed on New York and
Providence Stock Exchanges. Interest paid without deduction for normal income tax.
29.Auth., $10,000,000; outstanding, $2,400,000. Dated June 1, 1906; due June 1, 1956. Int. paid at New Haven
and Boston. Coupon, $1,000; reg., $5,000. Guar. prin. and int. by New York, New Haven & Hartford R.R., now
assumed. First lien on 127 miles (together with 47.04 miles of sidings), as follows: From New Haven, Conn., to
Shelburne June., Mass., 94.12 miles; from Farmington to New Hartford, Conn., 15.19 miles; Northampton to
Williamsburg, Mass., 7.70 miles; South Deerfield to Turners Falls, Mass., 9.99 miles. Legal for S. B. in Maine,
30. Outstanding, $160,000; due April 1, 1925. Int. paid at New Haven. Assumed by N. Y., N. H. & H. R.R.
First lien, 5.67 miles, Pontiac to Hope, R. I. Legal for S. B. in Maine. Normal income tax deducted from interest.
31.Auth., $500,000; outstanding, $400,000. Dated July 7, 1906; due July 1, 1956. Int. at Second Nat. Bank,
New Haven. Assumed by N. Y., N. H. & H. R.R. First lien, 12.9 miles, Rockville to Stafford Springs, Conn. In-
32.Auth., $30,000,000; outstanding, $9,765,450 (closed) of which $852,100 are in treasury. Dated Jan. 1, 1906;
due Jan. 1956. Int. paid at New York and Boston. Coupon, $100, $500 and $1,000; reg., $5,000. Convertible into
1,
capital stock of the company at the rate of one share of $100 stock for each $150 (face value) of these certificates
between Jan. 1, 1911; and Jan. 1, 1916, or within 30 days thereafter. Not a mortgage. Listed on New York Stock
33. Auth. and outstanding, $39.029,000 of which $487,800 are in treasury. Dated Jan. 15, 1908; due Jan. 15,
1948. Int. paid at New York, New Haven and Boston. Coupon, $1,000; reg., $100, $1,000 and $10,000. Convertible
into stock of the company at any time when books are not closed for transfer, after Jan. 15, 1923, and not later than
Jan. 15, 1948, at the rate of one share of stock for each $100 of the principal amount of these bonds. Not a mort-
gage, but should a mortgage be placed on the main line, these bonds will be equally secured therewith. Listed on
34. Auth. and outstanding, $5,000,000. Dated March 1, 1897; due March 1, 1947. Int. paid at Lincoln Nat.
Bank, New York. Coupon, $1,000; reg., $10,000. Not a mortgage. Listed on New York Stock Exchange. Normal
35. Anth.'and outstanding, $5,000,000. Dated March 1, 1901; due March 1, 1947. Int. paid at Lincoln Nat.
Bank, New York. Coupon, $1,000; reg., $10,000. Not a mortgage. Listed on New York Stock Exchange. Normal
36. Auth. and outstanding, $10.000,000. Dated April 1, 1904; due April 1, 1954. Int. paid at Lincoln Nat
Bank, York, and Second Nat. Bank, New Haven. Coupon, $1,000; reg., $10,000. Not a mortgage. Listed on
New
Auth. and outstanding, $15,000,000. Dated July 1, 1905; due July 1, 1955. Int. paid at Lincoln Nat Bank,
37.
New York. Coupon, $1,000; reg., $10,000. Not a mortgage. Listed on New York Stock Exchange. Normal income
Auth. and outstanding, $15,000,000. Dated May 1906; due May 1, 1956. Int. paid at Lincoln Nat. Bank,
38.
New York. Coupon, $1,000; reg., $10,000. Not a mortgage. Listed on New York Stock Exchange. Normal income
39. Outstanding, $234.000. Dated Oct. 1, 1902; due Oct. 1, 1930. Int. paid at Second National Bank, New
Haven. Coupon, $1,000. Not a mortgage. Assumed. Normal income tax deducted from interest.
40. Series "A." Auth., $1,000,000; outstanding, $972,000 (closed). Dated Feb. 1, 1905; due Feb. 1, 1930.
Series "B." Auth., $5,000,000; outstanding, $4,255,000 (closed). Dated May 1, 1904; due July 1, 1954. Series "C."
Auth., $4.000,000; outstanding, $2,309,000 (closed). Dated Jan. 2, 1905; due Jan. 1, 1955. Series "D." Auth.,
$3.500,000; outstanding, $1,340,000 (closed). Dated April 1, 1905; due April 1, 1955. Series "E." Auth., $10,000,-
000; outstanding, $2,011,000 (closed). Dated Jan. 1, 1906; due Jan. 1, 1956. Int. on all paid at New York, New
Haven and Boston. Coupon, $1,000; reg., $10,000. Assumed by New York, New Haven & Hartford R.R. Direct
obligations of the New York, New Haven & Hartford R.R., but not mortgages. Listed on New York Stock Ex-
41. .Outstanding, $165,000. Dated Jan. 1, 1900; due Jan. 1, 1930. Int. paid at New Haven. Coupon, $1,000.
Not a mortgage. Assumed. Normal income tax deducted from interest.
\KW YORK, NEW HAVEN % HARTFORD RAILROAD CO. 507

42. Auth., $27,985,000; outstanding, $27,618,782. Consisting of $12,834,210 dollar bonds and $14,784,572 franc
bonds. Dated April 1, 1907; due April 1, 1922. Int. paid at Paris, London, Berlin, Hamburg, and Amsterdam.
Coupon, $1,000 and 500 francs. Direct obligation of the company, but not a mortgage. Listed on Boston Stock
Exchange. In 1916, arrangements were made for stamping 500 franc debentures with a par value of $96.50 for
which the company received 2H% of the face value. Indenture provides that in the event of any mortgage being
placed upon the main line, these bonds will be equally secured therewith. Interest paid without deduction for nor-
mal income tax.
43 to 46. None of these issues secured by mortgage. Old Colony R.R. is leased to N. Y., N. H. & H. R.R. until
1992 at rental of 7% on stock and assumption of all obligations, including these bonds, both principal and interest.
Outstanding, as follows: No. 43, $4,000.000; No. 44, $3,000,000; No. 45, $5,598,000; No. 46, $1,000,000. Int. paid
in Boston on all issues. Legal for S. B. in Conn., Mass., R. I., Vt. Normal income tax deducted from interest. Cou-
pon, reg., $1,000; No. 43 reg., $1,000 only.
47. Auth. and outstanding, $25,000,000. Dated May 1, 1916; due May 1, 1917. Int. paid in New York and
Boston. Coupon, $1,000. $5,000 and $10,000. First collateral lien on securities of a total book value of $40,273,442.
The indenture provides that the various items of collateral may be withdrawn from the lien of the indenture, pro-
vided an amount of cash equal to the withdrawal value established in the indenture, shall be deposited with the
trustee, but that the entire net proceeds of the sale of any of the pledged securities, whether made before or after
withdrawal, shall be paid to the trustee and held as part of the trust estate. Callable at 100% on 60 days' notice.
48. Series A 5s; dated April 1, 1914; due $166.000 annually on Apr. 1 to Apr. 1, 1929. Int paid Apr. and Oct 1
at Farmers' Loan A Trust Co., New York. Coupon, $1,000. Original issue, $2,490,000; now outstanding, $2,158,000.
This is the first of a series of equipment-trusts bonds, limited by agreement with New England Car Co. to $20,000,-
000, the railroad company always to pay one-tenth of the cost of equipment in cash and balance in certificates. This
series is a first lien on 87 steel passenger coaches, 28 steel smoking coaches, 15 steel postal cars, 17 multiple unit
cars and 25 multiple unit trailer cars; all costing $3,002,399. Normal income tax deducted from interest.
Series AA, 6s; dated Nov. 2, 1914; due $48,000 each May 1 and $49,000 each Nov. 1 to Nov. 1, 1924. Int. paid
M. and N. 1, at Philadelphia Trust, Safe Deposit & Ins. Co., Philadelphia. Coupon, $1,000. Original issue, $970,000;
now outstanding, $776.000. Second series of equipment-trusts bonds, limited by agreement with New England Car
Co. to $20,000,000, the railroad company always to pay one-tenth of total cost in cash. This series is a first lien on
30 passenger coaches. 50 baggage cars, 10 combination baggage and smoking cars, 10 combination and mail cars, all
steel. Total cost, $1,233,890. Normal income tax deducted from interest.
Series BB 4%s, dated Dec. 1. 1915; due. $123,000 each June 1 and $122.000 each Dec. 1 to Dec. 1, 1925. Int. paid
J. A D. 1 at Commercial Trust Co., Philadelphia. Coupon, $1,000. Original issue, $2,450,000; now outstanding,
$2,205.000. Third series limited to $20,000,000 by agreement with New England Car Co. First lien on 63 steel
passenger coaches, 2 steel funeral cars, 35 steel baggage cars, 30 locomotives, 2 dining cars and 576 freight cars
costing $2,937,750. Normal income tax deducted from interest.
Series CC 4Hs; dated
Sept. 1, 1916; due $65.000 each
M. A S. 1 to Sept 1, 1926. Int. paid M. & S. 1 at Com-
mercial Trust Co., Philadelphia. Coupon,$1.000. Original issue, $1,300,000; now outstanding, $1,300,000. Fourth
series issued under agreement with New England Car Co. First lien on 50 locomotives and 11 company cars, cost-
ing $1,620,590. Normal income tax deducted from interest.
Sin AMD DBTAIU or Imou.

.508 MOODY'S ANALYSES OF INVESTMENTS.
REFERENCE NOTES ON STOCK ISSUES (Continued)
3. OLD COLONY RAILROAD: Leased to New York, New Haven & Hartford R.R. for 99 years from March
1, 1893, at rental of 7% dividends on stock;
lessee assuming all liabilities and obligations. The company operates
617 miles of road, but sold its interest in the Old Colony S.S. Co. in 1905 to the New England Navigation Co.
Stock auth., $22,465,125; now outstanding, $22,294,000, of which New Haven R.R. owns $9,813,000. Dividends erf 1%
are paid quarterly Jan. Listed on Boston Stock Exchange. See description of this Company on following pages.
4. BOSTON & PROVIDENCE R.R. CORP.: Leased to Old Colony R.R. for 99 years from 1888 at rental equal
to bond interest, organization expenses, and 10% on stock. The New Haven owns $524,600. Divs. paid quar. Jan.
Listed on Boston and Providence Stock Exchanges. See description of this company on following pages.
5. PROVIDENCE, WARREN & BRISTOL R.R. Leased to Old Colony R.R. for 95 years from 1891, at rental of
:
5% per annum on stock for first 10 years and 6% thereafter. Outstanding $874,600, of which $150,000 is pre-
ferred and balance common. The New York, New Haven & Hartford owns $486,700 common and $100 preferred.
Divs. 6% ; paid J. and J. 1. See description of this company on following pages.
6. PROVIDENCE & WORCESTER Leased to New York, New Haven & Hartford R.R. for 99 years from
R.R.:
1892, at rental equaling 10% on on bonds, and $6,000 per annum for organization expenses. The New
stock, interest
York, New Haven & Hartford R.R. owns $955,100 of the issue. Divs. 10%, paid quar., March 31. See description of
this company on following pages.
7. Authorized issue unlimited. Total amount outstanding, June 30, 1916, $157,117,900; premiums realized on
sales since Jan. 1, 1909, $19,282,887; total, $176,400,787. TRANSFER AGENTS: C. H. Hempstead, New Haven, Conn.,
and Geo. B. Phippen, Boston, Mass. REGISTRARS: Farmers' Loan &
Trust Co., New York, and Old Colony Trust
Co., Boston. Listed on New York and Boston Stock Exchanges.
Dividends: From date of its organization to Sept. 30, 1913, the company paid a total of 133 cash dividends,
aggregating 372%%, or $169,707,612. The yearly rates and amounts are shown in the following:
Fiscal Fiscal Fiscal

Year. Rate. Amount. Year. Rate. Amount. Year.
18J3.. 10% $1,550,000 1888.. 10% $1,550,000 1903
1874. . 10 1,550,000 1889.. 10 1,550,000
1875.. 10 1,550,000 1890.. 7% 1,317,500
1876.. 10 1,550,000 1891.. 10 1,865,000
1877.. 10 1,550,000 1892.. 10 2,103,750
1878.. 10 1,550,000 1893 . . 10 2,945,535
1879.. 10 1,550,000 1894.. 10 3,631,293
1880.. 10 1,550,000 1895.. 10 3,794,290
1881.. 10 1,550,000 1896.. 8 3,608,542
1882.. 10 1,550,000 1897.. 8 3,803,516
1883.. 10 1,550,000 1898.. 8 3,809,816
1884.. 10 1,550,000 1899.. 8 4,158,688
1885.. 10 1,550,000 1900.. 8 4,231,278
1886.. 10 1,550,000 1901.. 8 4,294,738
1887.. 10 .
1,550,000 1902.. 8 4;296,568
A . I'.. A. II $
. HA RTFORD SYSTEM (CENT. NEW ENGLAND RY.). 509
Total revenue tonnage: 1907, 2,707,186 tens; 1908, 2,595,843 tons; 1910, 4,489,193 tons; 1911, 5,053,907 tons;
1912, 5,604,544 tons;1913, 6,119,568 tons; 1914, 5,709,854 tons; 1915, 5,659,792 tons; 1916, 6,418,272 tons.
YBAM
ENDBD
JUKBSO.
1916 1915 1914
Gross revenues $4,870,732 $4,055,010 $3,764,255
Maintenance of way 495,384 802,451 586,407
Maintenance of equipment 428,961 396,203 466,038
All other operating expenses... 1,713,160 1,374,000 1,462,959
Net operating revenues $2,233,227 $1,482,356

Operating Ratio 54.1% 63.4%
Other income 196,258 68,037
Total net income $2,429,485 $1,550,393

Taxes accrued 168,442 139,240
Balance for charges $2,261,043 $1,411,153

Fixed charges 1,282,627 1,001,864
Surplus over charges $978,416 $409,289

Dividends paid 320,808 320,826
Balance $657,608 $88,463

Earned on stock: Preferred 26.09% 10.91%
Common 15.70% 5.40%
Profit and Loss Account, year ended June 30, 1916:
ance transferred from income, $657,607;
A'. Y.,
r
A . //. tf HARTFORD SYSTEM (CENT. NEW ENGLAND RY.). 511
Bonded Debt: $700,000 Hartford & Connecticut Western 1st 4%s; dated July 1, 1883; extended in 1903 to July
1, 1923. Int. paid J. and J. in New Haven. Coupon, $1,000. Int. guar. under lease by Central New England Ry.
First lien on entire property owned. Normal income tax deducted from interest. Rating A.
issue, etc. For full explanation, see Introduction. For Key to Ratings, see pages 19 to 21.
Capital Stock: Auth., $3,000,000; outstanding, $2,967,000, of which New York, New Haven & Hartford R.R. owns
$1,748,200; par, $100. Dividends, 2% per annum, guar. under lease and payable Feb. 28 and Aug. 31 at American
Exchange National Bank, New York.
HARLEM RIVER AND PORT CHESTER RAILROAD

Origin: Incorporated under laws of New York, April 23, 1867. Road opened the latter part of 1873. Leased to
the New York, New Haven & Hartford R.R. for 99 years from Oct. 1, 1873, rental being interest on bonds, principal
of bonds, 7% dividends on stock, taxes, etc. The road has four tracks between Harlem River and Oak Point, and
six tracks from Oak Point to New Rochelle Junction. The electrification of the property was completed in 1912. Line
of road: New Rochelle to Harlem River, N. Y., 11.27 miles; second track, 11.24 miles; third track, 10.78 miles;
fourth track, 10.77 miles; all other main track, 19.29 miles; sidings, 100.84 miles; total operated, 164.19 miles.
Management: OFFICERS: Howard Elliott, Pres.; J. M. Tomlinson, Vice-Pres.; Augustus S. May, Treas.; A. E.
Clark, Sec., New Haven Conn. Annual meeting, third Tuesday in April. OFFICE, Grand Central Terminal, New
York.

1916 1915 1914 1913 1912 1911
Rental income $1,320,000 $1,345,000 $1,197,101 $1,110,323 $1,080,648 $1,055,105
Fixed charges .
1,250,000 1,275,000 1,127,001 1,040,323 1,010,648 985,105
Surplus . . .
$70.000 $70,000 $70.000 $70,000 $70,000 $70,000
Dividends paid 70,000 70,000 70,000 70,000 70,000 70,000
Bonded Debt: (1) Harlem River & Port Chester R.R. 4s; dated May 2, 1904; due May 1, 1954. For full details
and rating see bond table of N. Y., N. H. & H. R.R., page 504.
(2) $13,000,000 Harlem River & Port Chester R.R. prior lien, 5% gold debentures. Dated May 1, 1915; due May
1,1930. Interest M. and N. 1, in New York, N. Y., and Boston, Mass. All deposited under N. Y., N. H. H. & 4%%
note issue, due May 1, 1917.
Capital Stock: Auth. and outstanding, $1.000.000. Par, $100. Dividends of 7% per annum guaranteed under
the lease. All owned by the New York, New Haven & Hartford R.R. Co.
HOLYOKE AND WESTFIELD RAILROAD

Origin: Incorporated under Massachusetts laws on Aug. 13, 1869. Road opened in 1879. Leased in perpetuity
to the New Haven & Northampton R.R. Co., and lease assigned to the New York, New Haven & Hartford R.R. Co.
Rental formerly was 50% of gross earnings with a minimum guaranty of $8.000 a year, but in June, 1908, the lease
was amended so as to provide in perpetuity for a fixed annual rental of $46,000 and taxes. Line of road: Holyoke
to Westfield, Mass., 10.59 miles. Sidings, 10.68 miles.
Management: OFFICERS: Edwin W. Chapin, Pres.; S. A. Mahoney, Vice-Pres.; F. G. Allen, Treas.; G. H. Mc-
Carthy, Sec., Holyoke, Mass. Annual meeting, last Saturday in January at Holyoke, Mass. OFFICE, Holyoke, Mass.

1916 1915 1914 1913 1912 1911
Rental income $46,211 $46,216 $45,310 $46,117 $46,247 $46,000
Taxes ' ' 1.380 1,157
Fixed charges .
,115 ,304 8,330 9,229 8,330 8,042
Surplus . . .
$37,096 $36,912 $36,980 $36,888 $36,537 $36,946
Dividends paid 36,400 36,400 36,400 36,400 36,400 36,400
Balance $696 $512 $580 $488 $137 $546

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 4,854 8,262 7,854 3,377 6,889 6,856
Total $464,854 $468,262 $467,854 $467,577 $466,889 $466,856

LIABILITIES :
Capital stock $260,000 $260,000 $260,000 $260,000 $260,000 $260,000

Funded debt 196,000 200,000 200.000 200,000 200,000
Deferred credit items 3,596 4,011 4,114
Profit and loss surplus . .
3,175 4,562 4,050 7,577 2,878
.
2,742
Total $464,854 $468,262 $467,854 $467,577 $466,889 $466,856

\i:U YOKK. \i:U' ILll'EX $ HARTFORD SYSTEM 513
Bonded Debt: $196,000 Holyoke & Westfield R. R. first 4%s. Dated April 1, 1911; due April 1, 1951. Interest
payable A. and O. 1, at Springfield, Mass. Of issue,- $4,000 are held in treasury. Coupon, $1,000. These bonds
were issued to refund a like amount of first mortgage 4s which matured on April 1, 1911. First lien on entire prop-
erty. Int. guaranteed under lease by New York, New Haven & Hartford R.R. Legal for S. B. in Conn., Maine,
Mass., Vt. Normal income tax deducted from interest. Rating, Aa.
Capital Stock: Auth., and outstanding, $260,000. Par, $100. Dividends payable quarterly March 15, etc., at
Holyoke, Mass. Dividends have been paid as follows: 1899 to 1902, 10<^ 1903 to 1916, 14% per annum. Treas-
;
urer of the company acts as transfer agent and registrar. As of June 30, 1915, the City of Holyoke, Mass., owned
$226,500 and the New York, New Haven and Hartford R.R. Co. $20,000 of the stock. Lease rental covers full divi-
dend.
NEW YORK, WESTCHESTER & BOSTON RAILWAY

Origin: Incorporated under New York laws, June 8, 1915, as a consolidation of the old company of the same
name and the Westchester Northern R.R. The old company was incorporated in 1910 as a consolidation of a com-
pany of the same name, and the New York & Port Chester R.R. The consolidated companies are to form a high
peed electrically equipped passenger and freight railroad from the Harlem River, New York, to the Connecticut
State line at Port Chester with a branch line from Mount Vernon to White Plains, N. Y.
Location: Line of road: Harlem River, New York, to Columbus Ave. Junction, Mt. Vernon, N. Y., 10.55 miles;
Columbus Ave. June, to Larchmont June., New Rochelle, N. Y.. 2.16 miles; Columbus Ave. June., Mt. Vernon to
Westchester Ave., White Plains, N. Y., 9.04 miles; total, 21.75 miles.
28 multiple-motor steel passenger cars, 3 flat cars, 12 box cars, 1 gasoline car, 2 switching locomo-
tives, 1miscellaneous car.
igemrnt: OFFICERS: Leverett S. Miller, Pros.; New York, N. Y.; Augustus S. May, Treas.: A. E. Clark,
Secy., New Haven, Conn. DIRECTORS: Leverett S. Miller, John T. Pratt, J. H. Harding, New York, N. Y.; Edward
Milligan, Hartford, Conn.; Howard Elliott, Boston, Mass.; Benjamin Campbell, J. M. Tomlinson, Bridgeport,
Conn.; Eli Whitney, New Haven, Conn.; T. DeWitt Cuyler, Philadelphia, Pa. Annual meeting, fourth Wednesday
in March at Port Chester, N. Y. OFFICE, 180th Street and Morris Park Avenue, Bronx, N. Y.

1916 1916 1914 1913
Gross revenues $449,879 $400,680 $289.028
Operating revenues 438.730 379,034 430,834 468,942
operating revenues. $74,595 $70.845 def.$30,154 def.$179,914

Other income .
52,753 19,348 30,157 9,536
Total net income . $127,348 $90.193 ~$3 (def.) $170,378

Taxes 120,025 116.529 129,052 105,605
Fixed charges 1,523,396 1,424.302 1,359,046 1,130,016
Surplus jlf.$l,616,073 def. $1,449,698 def. $1,498,105 def. $1,405,999

Other deductions Cr. 98,440
Balance df.$l,516,073 def.$l,449,698 def.$l,398,655 def.$l,405,999
Profit and Ixww Account, year ended June 30, 1916: Miscellaneous credits, $1,241; debit balance carried to bal-
ance sheet, $6.795,234; total, $5.796.475. Contra: Debit balance at beginning of year, $4,257,876; debit balance
transferred from income, $1,516,073; loss on retired road and equipment, $12,782; miscellaneous debits, $9,745;
total, $5,796,476.

ASSETS: 1916 1915 1914 1913
Property investment $23,329,941 $22.942,326 $22,646,846 $22,475.334
Working assets 937,114 1,263,111 1,257,384 1,066,464
Accrued income not due
Deferred debit items 8.627,048 8,400,990 8,669,310 8.659,375
Profit and loss deficit 5,795,234 .I.-J.-.T 878 2,805,665 1,405,999
Total $38,689,337 $36,864,302 $35,379,405 $33,607,172

LiABiurm:
Capital stock $5.005.250 $5.005,250
Funded debt 21.390.000 21.300.000 21,200,000 21,200,000
Working liabilities 12,015,720 8.829.910 9,148.485 7,218,419
Accrued due
liabilities not 2K5.079 1,585.402 4,007
Deferred credit items 13.288 53,740 97.503
Total $38,689,337 $36,864,302 $35,379,405 $33,607,172
Bonded Debt: $2 1.390.000' New York. Westchester & Boston Ry. first 4%s. Dated July 1. 1911; due July 1, 1946;
Int.paid J. and J. 1 in Now York and London. Coupon, $1,000; reg., $1.000 and multiples. Guar. prin. and int. by
New York, New Haven & Hartford R.R. by endorsement. Auth., $60,000.000. Of the amount outstanding, the New
York. New Haven ft Hartford R.R. Co. owns $2.190.000. First lien on entire property of the company. Listed on
New York Stock Exchange. Tax exempt in New York State. Rating, B.
Capital Stock: Auth., $6,000,000; outstanding, $5,005,260, of which $4,924,937.60 is owned by New York, New
Haven A Hartford R.R. Co.
NORWICH AND WORCESTER RAILROAD
Origin: Incorporated under the laws of Connecticut and Massachusetts, June 22, 1836. A consolidation of the
Boston, Norwich and New London and the Worcester and Norwich R.R. Companies. Line of road: Groton, Conn.,
to Worcester, Mass, 70.88 miles; Y connection at Worcester, .22 mile; sidings, 41.36 miles. The extension to
Groton, 5.44 miles, was opened June 4, 1899. The property was leased to the New England R.R. Co. for 99 years
from Feb. 9, 1869; lease was assumed by the New York, New Haven & Hartford R.R. Co. on the merging of the New
England R.R. Co. Annual rental, interest on bonds and 8% on preferred stock.
Management: OFFICERS: A. G. Bullock, Pres., Worcester, Mass.; M. M. Whittemore, Treas. and Sec., Worces-
ter, Mass. Annual meeting, second Wednesday in January at Worcester, Mass. OFFICE, Worcester, Mass.

1916 1915 1914 1913 1912 1911
Rental income $292,253 $291,262 $291,418 $291,644 $291,619 $291,550
Taxes 3,387 3,203
Fixed charges .
51,786 48,000 48,000 51,204 48,000 48,000
Surplus $240,467 $243,262 $243,418 $240,440 $240,232 $240,347

Dividends paid . .
240,000 240.000 240,000 240,000 240,000 240,000
Other deductions 3,306 3,554
Balance .
$467 (def.) $44 (def.)$136 $440 $232 $347
ASSETS: 1916 1915 1914 1913 1912 1911
$6,095,290 $6,095,290 $5,401,692 $5,093,056 $5,093,056 $4,916,589
Working assets 124,084 123,256 781,446 781,536 780,864 780,911
, Total $6,219,374 $6,218,730 $6,186,331 $5,874,772 $5,874,100 $5,697,680

LIABILITIES :
Capital stock $3,006,600 $3,006,600 $3,006,600 $3,006,600 $3,006,600 $3,006,600
Funded debt 1,200,000 1,200,000 1,987,148 1,675,512 1,675,512 1,499,045
1,113,344 1,112,877 1,112,921 1,113,057 1,112,617 1,112,386
Total $6,219,374 $6,218,730 $6,186,331 $5,874,772 $5,874,100 $5,697,680

Bonded Debt: $1,200,000 Norwich & Worcester Railroad debenture 4s. Dated March 1, 1897; due March 1,
1927. Int. paid March and Sept. 1 at office of company, Boston, Mass. Coupon, and reg., $1,000. Not a mortgage.
Int. guaranteed under lease by New York, New Haven & Hartford R.R. Co. Normal income tax deducted from
interest. Legal for S. B. in Maine. Rating Aa.
Capital Stock: Authorized, $3,825,000 preferred; outstanding, $3,000,000. (For details and rating, see stock
table of N. Y., N. H. & H. R.R. Co.) Authorized and outstanding, $6,600 common. The common stock is not enti-
tled to dividends and is convertible into preferred whenever presented.
OLD COLONY RAILROAD

Origin: Incorporated under Massachusetts laws, April 24, 1844. Leased to the New York, New Haven & Hart-
ford R.R. Co. for 99 years from March 1, 1893, the rental being 7% per annum on the capital stock, and assumption
of all liabilities. The lessee assumes all liabilities of the company, and the agreement also provided for an exchange
of stock on the basis of 9 shares of New Haven stock for 10 shares of Old Colony, up to June 30, 1906. In Novem-
ber, 1905, the company sold its holdings in the capital stock of the Old Colony Steamboat Co. to the New England
Navigation Co. for a bond of that company for the sum of $3,600,000 which has been deposited in place of the
shares under the lease of the N. Y., N. H. & H. R.R. Co. The latter agrees that this company shall have the option
at the expiration of the lease to receive the amount of the bond in cash or in property, suitable for running a steam-
boat line, at an appraised valuation, and meanwhile the Fall River Line shall not be discontinued without the consent
of this company.
Location: The lines of the Old Colony Railroad extend from Newport, R. I. to Boston. Mass., and radiate
throughout the southeastern part of the State of Massachusetts and in Rhode Island. Total lines owned, June 30.
1916, 763.72 miles; sidings, 280.53.
Management: OFFICERS: Fayette S. Curtis, Pres.; Howard Stockton, Vice-Pres. G. B. Phippen, Treas. A. W. ; ;
Adams, Sec., Boston, Mass. DIRECTORS: Fayette S. Curtis, Chas. F. Adams, Oliver Ames, Chas. F. Choate, Jr., Er-
nest M. Willis, Geo. P. Gardner, Howard
Stockton, F. A. Farnham. Annual meeting, last Tuesday in September.
OFFICE, South Terminal Station, Boston, Mass.

1916 1915 1914 1913 1912 1911
Rental income $2,122,087 $2,114,154 $2,106,627 $2,085,624 $2,056,197 $2,044,783
Taxes 10,880 7,907
Fixed charges 546,872 546,614 539,086 547,094 539,377 597,396
Surplus $1,575,215 $1,567,541 $1,567.541 $1,538,530 $1,505,940 $1,446,441

Dividends paid .
1,560.580 1,560,580 1,560,580 1,538,530 1,498,980 1,439,480

Balance $6,960 $6,961 $6,961 $6,960 $6,967

NEW YORK, NEW HAVEN HARTFORD SYSTEM. < 515
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $2,780,580; credit
balance transferred from income, $6,960; donations, $3,947; miscellaneous credits, $9,622; total, $2,801,109. Contra:
Credit balance carried to balance sheet, $2,801,109.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 522,504 622,616 522,672 523,138 515,447 505,615
Accrued income not due.. 68,660 68,660 68,660 74,493
Deferred debit items 2,800,000 2,800,000 2,800,000
Total ............... $46,953,665 $46,932,211 $46,689,452 $46,589,979 $46,132,879 $44,880,963

LIABILITIES:
Capital stock ........... $29,131,299 $29,131.299 $29,131,299 $29,131,299 $28,023,286 $27,093,972
Funded debt ............ 13,598,000 13,598.000 13,598,000 13,598,000 13,598,000 13,698,000
Working liabilities ....... 1,067,801 1,043.796 1,031,620 932,147 1,583,060 1,254,624
Accrued liabilities not doe. 68,660 68,660 68,660 68,660 68,660 74,493
Deferred credit items ..... 72,332 98,128 86,254 199,528 100,175 107,136
Appropriated surplus ---- 224,464 211,748 ........ ........ ........
Profit and loss surplus.... 2301.109 2,780,580 2,773,619 2,660,345 2,759,698 2,752,738
Total $46,953,665 $46,932,211 $46,689,452 $46,589,979 $46,132,879 $44,880,963

Debt: (1) $4,000.000 Old Colony R.R. 4s. Due Jan.Not secured by mortgage.
1, 1938.
(2) $3,000.000 Old Colony R.R. 4s. Due 1, Feb.Not secured by mortgage.
1924.
(3) $6,698.000 Old Colony R.R. 4s. Due 1. Dec.Not secured by mortgage.
1925.
(4) $1,000,000 Old Colony R.R. 3*8. Due 1, JulyNot secured by mortgage.
1932.
For New York, New Haven & Hartford R.R. Co., page 504.
details and ratings of above issues, see bond table of
Securities Owned, June 30, 1916: $3,600,000 bond. New England Navigation Co.; $1,600 stock, Providence, War-
ren and Bristol R.R.; $79,014 Union Freight R.R. stock; $87 stock. Fall River R.R.; $16 stock. Oak Bluffs Land &
Wharf Co.; $60 stock, Lowell A Framingham R.R. Co.; $100,000 stock, The Boston Terminal Co.; total, $3,780,768.
Capital Stock: Auth. and outstanding. $22,294,000. For full details and rating, see stock table of New York,
New Haven A Hartford R.R.
BOSTON AND PROVIDENCE RAILROAD CORPORATION

Incorporated under Massachusetts laws, July 11. 1831; road opened in August, 1835. Leased for 99 years from
April 1, 1888, to the Old Colony R.R. Co., the rental being an amount equivalent to the interest on the bonds, divi-
dends at the rate of 10% on the capital stock, and $3,000 per annum for organization expenses. Line of road:
Boston, Mas*., to Providence, R. I., 41.78 miles and branches; total, 63.34 miles; sidings, 106.54 miles.
OFFICERS: Philip Dexter, Pres.; G. B. Phippen, Treas. and Clerk, Boston, Mass. Annual mooting,
wood Wednesday in October. OFFICE, South Terminal Station, Boston, Mass.

1916 1915 1914 1913 1912 1911
Rental income $495,019 $487,229 $487,861 $494,102 $497,128 $489,828
Taxes, salaries, etc. ' 10,086 '
Fixed charge* 86,866 93,fi64 86,800 '8'6,866
Surplus . . $401.986 MOM29 $401.061 $400,242 $400,000

Dividends paid MM 400,000 399,600 399,600 399,600
Balance . $2,386 $829 $1,051 $838 $642 $400

ASSETS: 1916 1916 1914 1913 1912 1911
Property investment $6,092,902 $6,092.902 $6,092.902 $6,092,902 $6,092,902
Working assets 106,818 307,974 306,504 305,890 304,886 304,776
Total $6,399,720 $6,400,876 $6,399,406 $6,398,792 $6,397,788 $6,397,677

LIABILITIES :
Capital stock $3,996,000 SI. ,000 14000,000 $4.000.000 $4,000.000 $4.000,000
Funded debt 2,170.000 2,170,000 2,170,000 2,170,000 2,170,000 2,170,000
Accrued liabilities not due. 147,944 147,486 146,814 147,282 147,117 147,647
Deferred credit items ' 31
Profit and loss surplus --.770 83,396 BM61 81,610 80,671 80,630
Total $6,399,720 $6,400.876 $6,399,406 $6,398,792 $6,397,788 $6,397,677

Bonded Debt: $2.170,000 Boston A Providence R.R. Corp. plain 4s. Dated July 2, 1888; due July 1, 1918. Int.
paid J. and J. 1 at Boston, Mass. Coupon, $1,000. Int. guaranteed by Old Colony R.R. under the lease. Legal for
S. B. in Conn., Maine, Mass., N. H.. Vt. Normal income tax deducted from interest. Rating, Aaa.
In May, 1912, the Massachusetts Legislature authorized the company to issue not over $8,000,000 bonds, bearing
not over 4%% interest, and to mature within 75 years. In October, 1912, the stockholders authorized this issue, but
up to date none of the bonds have been issued.
Capital Stock: Auth., $4,000,000; outstanding, $3,996.000; $4,000 in treasury. Par $100. For details and rat-
ing, see stock Table of New York, New Haven A Hartford R.R. Co.
CHATHAM RAILROAD
Incorporated under laws of Massachusetts, Feb. 25, 1887. Road opened
Nov. 25, 1887. Leased to the New York,
New Haven & Hartford R.R. for 81 years and 2 months from January, 1911, rental being 5% on capital stock, taxes,
organization expenses, etc. Line of road: Harwich to Chatham, Mass.,
7.25 miles; sidings, 0.78 miles.
Management: OFFICERS: Joshua A. Nickerson, Pres.; Oscar C. Nickerson, Sec. and Treas., Chatham, Mass.
Annual meeting, second Tuesday in August. OFFICE, Chatham, Mass.

NEW YORK, NEW HAVEN HARTFORD SYSTEM. 517
PROVIDENCE AND WORCESTER RAILROAD

Incorporated under laws of Massachusetts and Rhode Island. Consolidation Nov. 25, 1845, of two companies of
the same name. Line of road. Providence, R. I., to Worcester, Mass., 43.28 miles, and branches, 7.31 miles. Total, 50.59
miles; sidings, 74.49 miles. Leased for 99 years from July 1, 1892, to the New York, New Haven & Hartford R.R.
Co., rental being 10% on stock, interest on bonds and $6,000 for organization expenses.
Management: OFFICERS: Walter F. Angell, Pres.; Wm. A. Leete, Sec. and Treas., Providence, R. I. Annual
meeting, second Wednesday in December. OFFICE, 144 Westminster St., Providence, R. I.

1916 1915 1914 1913 1912 1911
Rental income . $418.232 $410,694 $417,932 $417,682 $417,641 $416,000
Taxes, etc ' 6,220
Fixed charges M4M 60,666 66,485 66,io8 60,000 '60,666
Surplus . . $352,046 $350.694 $351,447 $351,574 $351,421 $351,158

Dividends paid 350,000 350,000 350,000 350,000 350,000 350,000
Balance .
$2,046 $694 $1,447 $1,574 $1,158

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $5,105,137 $5.105.137 $5,105,137 $5,105,137 $5,105,137 $5,105,137
Working assets 56,261 63,217 52.523 60,980 49.406 47.W5
Deferred debit item*. 95,748 80,741 80,748 80,748 80,748 80,748
Total $5,265,148 $5,239,102 $5,238,408 $6,236,865 $5,235,291 $5,233,870

LIABILITIES:
Capital stock $3.600,000 $3,600,000 $3,500,000 $3.500,000 $3,500,000 $3,500,000
Funded debt 1,500,000 \.' '
1,600, lÔOJON 1,500,000 1,500,000

Working liabilities 15,096 96 96
Profit and loss surplus. ... 241,053 239,007 238,313 236,865 235,291 233,870
Total $5.266,148 $5,239,102 $6.238,408 $5,236,865 $5,235,291 $5,233,870
Bonded Debt: $1,600,000, Providence A Worcester R.R.. 1st 4s; dated Oct. 1, 1897; due Oct. 1, 1947. Int. paid
April and Oct. 1, at Rhode Island Hospital Trust Co., Providence, R. I. Coupon, $1.000. First lien on entire prop-
erty. Int. guar. under lease by N. Y., N. H. A H. R.R. Legal for S. B. in Cal., Conn.. Maine, Mass., N. H., R. I.,
N. Y., N. J., Vt., Wis. Listed on Boston Stock Exchange. Normal income tax deducted from interest Rating, Aa.
Capital Stock: Authorized and outstanding, $3,500,000. Par, $100. For details and rating see Stock Table of
N. Y.. N. H. A H. R.R. Co.
iarae, etc. For full explanation, see Introduction. For Key to Bond Ratings, see pages 19 to 21.
NEW YORK, ONTARIO & WESTERN RAILWAY COMPANY

Origin: Incorporated Jan. 21, 1880, under New York laws as successor to the New York ft Oswego Midland
R.R. In addition to its directly owned property, the company controls by lease the Ellenville & Kingston R.R., the
Ontario, Carbondale A Scranton. the Pecksport Connecting Ry., the Port Jervis, Monticello & Summitville, the Rome
it Clinton, the Utica, Clinton & Binghamton, and the Wnarton Valley Ry.
Location: The directly operated mileage of the New York, Ontario & Western Ry. for the year ended June 30,
1916, consisted of 668.46 miles, as follows: Main lines and branches owned, consisting of line from Cornwall to Os-
wego, with branches to Ellenvilie, Delhi and New Berlin. 318.86 miles; leased lines, 193.73 miles; trackage rights
from Wwhawken, N. J., to Cornwall. N. Y. (63.07 miles), and in Scranton, 0.45 mile; other, 2.35 miles. This in-
cludes the mileage of the Rome A Clinton R.R. and the Utica. Clinton & Binghamton R.R., which are subleased from
the Delaware A Hudson Company. Population of New York State in 1890, 5,997,853; hi 1910, 7,268,894; in 1910,
9,113,614.
Control In October, 1904. the New York, New Haven A Hartford R.R. acquired a majority 6f the capital stock,
:
which owns. In 1911 an arrangement was made to dispose of this control to the New York Central & Hud-
it still
son River R.R.. but this plan was not carried through, and the control of the property therefore still remains in the
hands of the New York, New Haven A Hartford R.R.
Management: OFFICERS: Howard Elliott, Chairman; John B. Kerr. Pres.; Richard D. Rickard, Sec. and
Treas. DIRECTORS: John B. Kerr. L. M. Gillet, J. H. Harding, F. L. Lovelace, F. T. Maxwell, H. K. McHarg, T. De-
Witt Cuyler. L. F. I/>ree. Edwd. Milligan. Richard D. Rickard. A. Heaton Robertson, Howard Elliott, John T. Pratt.
Annual meeting, last Wednesday hi September. GENERAL OFFICE, Grand Central Terminal, New York.
\ /; /r YOKK. \. H. % HARTFORD SYSTEM ( x. y., O\T. $ WEST. RY.). 519
Gross revenues
Note: The securities owned on June 30, 1916, amounted to $8,551,015, and included chiefly bonds and stocks of
directly operated subsidiaries.
Comment: There were no improvements in capitalization charges on the New York, Ontario & Western prop-
erty in 1916. As measured on a mileage basis the net capitalization is very high and in recent years the company
has not been able to show much improvement in its net income. In 1916, however, the earnings justified the pay-
ment of a small dividend.
TABLE D. Bend Record and Eatfngs (Eased en 10-Year Results, Per Mile of Road)
NAME OF ISSUE.
\K1I' YORK, \. H. $ HERTFORD SYSTEM (\. V., O\T. % WEST. RY.). 521
Authorized amount of common, $65,000,000. Dividends: 1906 to 1911, 2 c/c each; none in 1912; in 1913, 2%;
1914 and 1915, none; 1916, 1%. TRANSFER OFFICE, Grand Central Terminal, New York.
COMPANIES CONTROLLED BY NEW YORK. ONTARIO & WESTERN RAILWAY

ROME AND CLINTON RAILROAD
Incorporated under the laws of New York, June 3, 1869. Leased in perpetuity to the Delaware & Hudson Co. at
an annual rental of $22,375 and taxes. Sublet to and operated by the New York, Ontario & Western Ry. Co. under
agreement which terminates in 1921. Line of road: Rome to Clinton, N. Y., 12.79 miles; sidings, 3.76 miles.
Management: OFFICERS: Clinton Scollard, Pres., Clinton, N. Y.; W. W. Parry, Vice-Pres., Rome, N. Y.; R. U.
Hayes, Sec. and Treas., Clinton, N. Y. Annual meeting, third Wednesday in June. OFFICE, Clinton, N. Y.

1916 1915 1914 1913 1912 1911
Rental income $22,375 $22.375 $22,875 $22,375 $22,375 $22,375
Taxes 215 2'3) 566 164
1,222
Fixed charges 442 860 J 833 400 400
Surplus . . $21,738 *Jl MM $21,653 $21.492 $21,409

Dividends paid 21,581 21,149 21.581 21.149 21,581 21,149
Balance . $157 $153 $72 $343 (def.) $172 $211

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $860.000 $360.000 $360.000 $360,000 $360,000 $360,000
Working assets I..:;:. 722 Mt I'.'.; 164 326
Total $361,235 $360,569 $360,496 $360,154 $360,326

LIABILITIES:
Capital stock $345,360 $345,360 $345,360 $345,360 $345,360 $345,360
Working liabilities 40 40 40 40 40 40
Profit and loss surplus... 16,835 16.322 15.169 15.096 14,754 14,926
Total . $360.722 $360.669 $360,496 $360,154 $360,326
Capital Stock: Authorized. $370,000; outstanding, $345.360. Par $100. Dividends paid at Hayes National
Bank. Clinton. N. Y., or Hanover National Bank, New York. TRANSFER AGENT. R. U. Hayes, Secretary, Clinton,
N. Y. Dividends. Jan., 3% ; July 1, 3^4 "TS- or 6H%
per annum under lease; 644% paid in 1916. Rating, Aa.
of the issue, etc. For full explanation, see Introduction. For Key to Stock Ratings, see pages 21 to 23.
UTICA, CLINTON & BINGHAMTON RAILROAD

Origin: Incorporated under laws of New York, March 25, 1868. Leased to the Delaware Hudson Co. in per- &
petuity. Dec. 4, 1889, at a rental of $61.500 per annum, the lessee guaranteeing principal and interest of bonds, also
dividend of 6<7 per annum on the debenture stock. This road was subleased for thirty-five years to the New York,
Ontario 4 Western Ry. Co.. with the Rome ft Clinton R.R., at an annual rental of $75.000 fbr both roads. The
street railway division of this company is leased to the Utica A
Mohawk Valley Ry. Co., for 99 years from December
81, 1886, at a rental of $15,000 per annum.
Location: Line of road: Utica to Randallsville. N. Y.. 31.23 miles; sidinjru. etc., 24.18 miles. Company also owns
9.53 miles of street railway extending from New York Mills to New Hartford and Whitesboro.
Management: OFFICERS: E. B. Woolworth. Pres.. Clinton. N. Y.; Clinton Scollard, Vice-Pres., Clinton, N. Y.;
C. S. Symonds. Sec. and Treas., Utica, N. Y. Annual meeting, third Wednesday in January. OFFICE, 108 Genesee
St. Utica. N. Y.
Comparative Income Account Yean Ended June 30
1916 1915 1914 1913 1912 1911
Rental income $76.500 $75,660 $74,102 $75.649 $76.500 $76.500
Taxes 1
,667 1.436 1088 2.021 1.286
Fixed charges 60,982 60,100 50,666 i". 40,000 40,000
Surplus . .
128,961 $24.124 $24.102 $34611 ?3U7!l $34.589
Dividends paid 24,341 24,341 24,341 34,341 34,341 34,341
Balance (def.) $390 (def.) $217 (def.) $239 $270 $138 $248

ASSETS: HHC, 1915 1914 1913 1912 1911
$1,690.566 $1,690.666 $1,690.566 $1.690.566 $1,690.566 $1,690,567
Working assets 33,384 33,433 33,674 33,319 38,049 12.955
Total $1,723,960 $1,723,999 $1,724,240 $1,723,885 $1,728,616 $1,723,552

LIABILITIES:
NORFOLK SOUTHER* RAILROAD COMPANY. 528
ENDBD
Jumao.
524, MOODY'S ANALYSES OF INVESTMENTS.
Note: Foregoing account covers steam lines only prior to 1916. Net income from operation of electric divi-
sion is included in "Other income," for years prior to 1916. For 1912 the net corporate income of the electric lines
was $12,849 Hire of equipment: credits in 1914, includ2d in "Other income" amounted to $332,182. Fixed charge*
in 1915 included $869,041 for interest on debt; $77,956 for lease rentals, and $260,750 for hire of equipment debit.
Profit and Loss Account, year ended June 30, 1916: Credit balance, June 30, 1915, $873,632; credit balance
transferred from income account, $391,010; profit on road and equipment sold, $1,335; donations, $4,712; miscel-
laneous credits, $153,000; total, $1,423,689. Contra: Loss on retired road and equipment, $8,114; miscellaneous
debits, $96,853; balance carried to balance sheet, June 30, 1916, $1,318,722; total, $1,423,689.
Comment: Both gross and net operating revenues underwent a substantial improvement on this property in the
year ended June 30, 1916. Outside income fell off, however, but the total income available for 1916 was neverthe-
less well above the results of the past two years. The net fixed charges were much lower than in 1915, and the
company therefore succeeded in reporting a surplus which was equal to 2.4% on the outstanding stock. Condi-
tions since the close of the fiscal year have continued to be very favorable.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 2,851,162 719,922 1,565,065 2,858,776 1,857,542 1,918,471
Deferred debit items . . . 1,522,682 1,331,194 1,347,271 1,504,044 1,116,267 634,352
Accrued income not due 2,558 1,725 1,725 1,725
Total $39,920,322 $37,348,074 $37,862,949 $36,026,688 $34,994,740 $28,672,021

LIABILITIES :
Capital stock . . $16,000,000 $16,000,000 $16,000,000 $16,000,000 $16,000,000 $16,000,000

Funded debt 21,740,196 19,707,541 19,832.143 17,903,000 17,373,000 11,373,000
Working liabilities 403,933 328.975 534.204 547,115 598,094 455,768
Accrd. liabilities not due 326.809 323,359 324,523 302,003 181,706 174,868
Deferred credit items.. 130,662 114,537 153,653 144,228 128,886
Surplus 1,318,722 873,632 1,018,426 1,130,342 713,054 655,938
Total $39,920,322 $37,348,074 $37,862,949 $36,026,688 $34,994,740 $28,672,021
Comment: During the year ended June 30, 1916, the Norfolk Southern property reported a further substan-
tialincrease in its outstanding funded debt. The general position of the property, however, was materially im-
proved and the working capital was increased substantially.
NAME OF ISSUE.
\OKFOLK SOl'THERX KA1LKOAD SYSTEM. 525

3. Auth., $1,000,000; outstanding, $650,000; owned by Norfolk Southern R.R., $50,000 (closed). Dated July
1, 1902; due July 1, 1952. Int paid at International Trust Co., Baltimore. Md. Coupon, $1,000. Assumed by
Norfolk Southern R.R. Callable at 110 and int. First lisn on 73.43 miles, including 50.23 miles, Suffolk to Eden-
ton, 23.20 miles, Beckwith June, to Elizabeth City, N. C. Underlies No. 8, which provides for retirement. Listed
on Baltimore Stock Exchange. Interest paid without deduction for normal income tax.
4. Auth. and outstanding, $137,000 (closed). Dated March 1, 1903; due March 1, 1943. Int paid at Columbia
Trust Co., New York. Coupon, $1,000. Assumed by Norfolk Southern R.R. First lien on 32.5 miles of former
Raleigh, Charlotte & Southern Ry., now merged with Norfolk Southern R.R. Underlie No. 8 which provides for
retirement Interest paid without deduction for normal income tax.
5. Auth.. $2,000.000; outstanding, $374.000 (closed). Dated June 1. 1905; due June 1, 1965. Int. paid at Co-
lumbia Trust Co., New York. Coupon, $1,000. Assumed by Norfolk Southern R.R. Direct lien on portion of
Southern division mileage, following No. 4 as a part Underlies No. 8, which provides for retirement Interest
paid without deduction for normal income tax. Listed on Baltimore Stock Exchange.
6. Auth.. $200,000; outstanding, $176.000 (closed). Dated Oct. 1, 1907; due Oct 1, 1917. Int paid at New
York Trust Co., New York. Coupon, $1,000. Assumed by Norfolk Southern R.R. Follows No. 5, and underlies No.
8, latter providing for retirement Interest paid without deduction for normal income tax.
7. Auth. and issued, $164.000; dated Jan. 1. 1910; due Jan. 1. 1940. Int. paid at Mercantile Trust & Deposit
Co., Baltimore. Coupon, $1,000. Assumed by Norfolk Southern R.R. First lien, 99.5 miles of former Aberdeen &
Ashboro Railroad. Interest paid without deduction for normal income tax.
8. Auth., $35.000,000; outstanding, $12.870.000. Dated Feb. 1, 1911; due Feb. 1, 1961. Int paid at Central
Trust Co.. New York. Coupon and reg., $500 and $1,000; interchangeable. These oustanding are Series A, and
arc callable at 105 and interest on 6 weeks' notice. First lien on 331.83 miles as follows: Raleigh to Chocowinity,
102.08 miles; Washington to Bridgeton, 33.53 miles; Newbern to Oriental. 26.02 miles; Mackay's to Columbia, 32.97
miles; Edenton to Mackay's, 8.73 miles; Varina to Troy, 72.70 miles; Charlotte to Mt Gilead, 51.77 miles; other
lines, 4.3 miles; also by second or general lien on 454.99 miles, following Nos. 1 to 7. Also first collateral lien
on $4.788.000 first lien bonds and $1.000,000 stock (entire issue) of John L. Roper Lumber Co. Mortgage pro-
vides that the lumber company securities may b withdrawn from under the mortgage if the company
pays over
to the trustee $5,000,000. Sinking fund of $100,000 per year shall accrue so long as the Lumber company bonds are
held as collateral; one-half of such fund to retire bonds of this issue and balance for improvements. Listed on New
9. Original issue, $500,000; now outstanding, $350.000. Dated Jan. 1, 1914; due $25.000 each Jan. and July 1
to Jan. 1. 1924. Int paid at Commercial Trust Co., Philadelphia. Coupon, $1.000. Callable prior to July 1, 1917
at 101 and interest First lien on 300 steel underframe box cars, 160 steel underframe flat cars, 6 passenger coaches,
3 steel combination mail and baggage can and 6 cabooses; all costing in excess of $500,000. Normal income tax de-
ducted from interest
Note: There is also an issue of Series B equipment An dated Sept 1, 1915, maturing $2,600 per annum to
Apr. 1. 192.x Original amount, $26,000; now outstanding, $23,400.
TABLE E. Stork Record and Ratings (Baaed on 9-Year Results, Per Mile of Road)
NAME A
ASSETS :
Property investment
Working flssets .
NORFOLK WESTERN RAILWAY COMPANY. 527
NORFOLK AND WESTERN RAILWAY COMPANY

Origin: Incorporated Sept. 24, 1896, under laws of Virginia, as successor to the Norfolk & Western Railroad.
Additional lines were acquired from time to time, including the Cincinnati, Portsmouth & Virginia R.R., and a half-
interest in the Winston-Salem Southbound R.R. (the other half being owned by the Atlantic Coast Line R.R.).
The company also controls the Pocahontas Coal & Coke Co. and various smaller coal companies and railroads.
The Pennsylvania R.R. Co. and its subsidiaries own $11,320,000 preferred and $40,552,900 common stock of
the Norfolk & Western Ry.
Location: The directly operated lines of the company on June 30, 1916, consisted of 2,085.99 miles, including
main lines owned, 529.03 miles of branches owned, and 13.98 miles of traffic rights. The system
1,542.98 miles of
extends from Norfolk, through the West Virginia soft-coal fields *o Cincinnati, Ohio, with branches to Richmond,
Hagerstown. Md., Winston-Salem, N. C., Bristol, Tenn., and Columbus, Ohio. Mileage mainly in Virginia and West
Virginia. Population cf these States in 1890, 2 418,684; in 1900, 2,812,984; in 1910, 3,282,T31.
Management: OFFICERS: L. E. Johnson, Pres.; W. G. Macdowell, Vice-Pres.; N. D. Maher, Vice-Pres.; T. S.

Davant, Vice-Pres.; E. H. Alden; Sec. and Asst. Treas.; Jos. B. Lacy, Treas.; Jos. W. Coxe, Compt. DIRECTORS:
L. E. Johnson, J. I. Doran, H. C. Frick, J. P. Green, W. G. Macdowell, Victor Morawetz, Joseph Wood, W. W. At-
terbury, N. D. Maher, M. C. Kennedy, D. W. Flick wir. PHILADELPHIA OFFICE, Commercial Trust Building. GEN-
ERAL OFFICE, Roanoke, Va.
of Freight (Yeara Ending Jane M)

TABLE B. Income Factors (Eirnings and Their Distribution, Per Mile of Road)
YE\RS
ENDED
Jiisa 30.
XORFOLK & WESTERN RAILWAY COMPAXI'. 529

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $250,162,583 $246,770,702 $242,456,650 $228,774,590 $219,156,804 $213,304,910
Working assets 32,188,132 27,146,965 29,915,381 28,199,237 21,335,790 12,945,653
Deferred debit items. . . 23,438,481 5,638,750 4,487,614 10,552,494 2,909,364 1,567,138
Accrued income not due 128,938 120,913
Total $305,918,134 $279,777,330 $276,859,645 $267,526,321 $243,401,958 $227,817,701

LIABILITIES:
Capital stock . . $141,209,000 $131,156,000 $130,760,500 $123,133,300 1108,668,00 '
$97,284,000
Funded debt 97,269.500 109,442,500 111,645,000 112,039,320 108,129,100 108,468.500
Accrd. due
liabilities not ..":.: 1,917,609 :,68& 1,769,373 1,801,150 1,629,014
Deferred credit items. . 17,996,682 775.305 884,706 1,073,934 457,848 249,244
Appropriated surplus... 26,072,380 17,019,102 15,485.007 13,391,089 11.838,001 10,465,936
Total $305,918,134 $279,777,330 $276,859,645 $267,526,321 $243,401,958 $227,817,701
Controlled Properties: The Norfolk it Western Ry. Co. owns a controlling interest in the capital stock of the
Guyandot & Tup River R.R. Co. and the entire capital stock? of the Pocahontas Coal A Coke Co. and the Virginia
Company (except qualifying shares owned by director*). The Pocahontas Coal A Coke Co. is the owner of an ex-
tensive area of ccal and other lands in West Virginia, and of mineral rights, leases, royalties, and other property.
This property has been mnde the basis of a joint and several mortgage executed by the Pocahontas Coal A Coke
Co. and the Norfolk A Western Ry. Co. in favor of the Girnrd Trust Co., Philadelphia, Pa., as trustee, to secure
an issue of purchase money first mortgage bonds to the amount of $20,000.000, of which $17,407,000 were outstand-
ing June 30. 1916. See Bond Table below. (For statement of the Pocahontas Coal & Coke Co., see "Moody's Analyses
of Public Utilities and Industrials.")
Comment: The chief capitalization changes in the Norfolk A Western exhibit for the fiscal year 1916 was a
substantial reduction in the outside funded debt, and a farther increase in the outstanding stock. This change was
brought about chiefly through the conversion of bonds into common stock.
It will be noted in view of this heavy volume of busings*, that this property is not very heavily capitalized.
The nrt income on net capital has tended to increase steadily during the past few years, and for 1916 was practi-
cally double that reported in 1908.
TABLE I). Bond Record and Ratings 'Based on 10- Year Results, Per Mile of Road)
NAMBOT Imtrt.
1. Auth., $11,000,000; outstanding, $7,197,000 (closed). Dated May .4, 1881; due May 1, 1931. Int. paid at
Bankers' Trust Co., New York. Coupon, $1,000. Assumed by Norfolk & Western Ry. Direct first lien on the
main line from Norfolk, Va., to Bristol on the Tennessee boundary line, 408.38 miles; the City Point Branch,
10 miles; and the Saltville Branch, 9.33 miles; total, 427.71 miles. Underlie Nos. 3, 6 and 7, with provision by No.
6 for retirement. Legal for Savings Banks in Cal., Conn., Me., Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis.
Listed on New York, Philadelphia and London Stock Exchanges. Interest paid without deduction for normal in-
come tax.
Auth. and outstanding, $2,000,000. Dated May 12, 1882; due April 1, 1932. Int. paid at Bankers' Trust
2.
Co., NewYork. Coupon, $1,000. Assumed by Norfolk & Western Ry. First lien on 200.01 miles, as follows: Wal-
ton June., to Kyle, W. Va., 83.22 miles; branches to coal mines, etc., 51.26 miles; Cripple Creek Extension, 30.40
miles; branches to ore mines, 35.13 miles; also on all lines constructed hereafter. Underlie Nos. 3, 6 and 7, with
for S. B. in Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt. Wis.
provision by No. 6 to retire. Legal
Listed on New York and Philadelphia Stock Exchanges. Interest paid without deduction for normal income tax.
3.Auth. and outstanding, $4,950,000. Dated Dec. 21, 1883; due Feb. 1, 1934. Int. paid at Bankers' Trust
Co., New York. Coupon, $1,000. Assumed by Norfolk & Western Ry. Second lien on 144.21 miles of the 200.01
miles, following No. 2; and on 427.71 miles, following No. 1. Underlie Nos. 6 and 7, with provision by former to
retire. Legal for S. B. in Cal., Conn., Mass., N. H., N. Y., R. I., Vt. Listed on New York and London Stock Ex-
4. Auth. and outstanding, $5,000,000. Dated Nov. 1, 1889; due Nov. 1, 1989. Int. paid at Bankers' Trust
Co., New York. Coupon, $1,000. Assumed by Norfolk &Western Ry. and guaranteed. First lien from Columbus
to Coal Grove, Ohio, near the Kentucky Boundary, 127.46 miles. Underlie Nos. 6 and 7, with provision by former
to retire. Legal for S. B. in Cal., Conn., Maine., Mass., Mich., Minn., Mp., N. H., N. J., N. Y., R. I., Vt., Wis.
Listed on New
5. Auth. and outstanding, $583,000. Dated May 4, 1892; due Jan. 1, 1922. Int. paid at Metropolitan Trust
Co., New York. Coupon, $500. Assumed by Norfolk & Western Ry. First lien on 4.65 miles and terminals in Colum-
bus, yic. realty costing $568,304. Mileage as follows: Coumbus Connecting & Terminal R.R., 3.45 miles; Warehouse
Yard Line. .95 mile; and C., C., C. & St. L. Ry., connection, .25 mile; total, 4.65 miles. Underlie Nos. 6 and 7, with
provision by former to retire. Legal for S. B. in Cal., Conn., Mass., Maine, Mich., Minn., Mo., N. H., N. J., N. Y.,
R. I., Vt., Wis. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
6.Auth.. $62,500.000; outstanding, $40,387,500; reserved to retire Nos. 1 to 5, $22,099,500 (closed). Dated Oct.
22, 1896; due Oct. 1, 1996. Int. paid at Bankers' Trust Co., New York. Coupon, $100, $500, $1,000; reg., $1,000, etc.
First lien on terminals at Lambert's Point and shops at Roanoke, Va., and on 890.04 miles, as follows: The Maryland
and Washington Div., Hagerstown. Md., to Roanoke, Va., 238 miles and branches, 5.96 miles the Roanoke & South-
; ;
ern Div., Roanoke, Va., south to Winston-Salem, N. C., and branches, 121.81 miles; the Ohio Extension, Kyle, W. Va.,
to Coal Grove, Ohio, and branches, 242.57 miles; the Clinch Valley Div., Graham to Norton, Va., and branches, 116.68
miles; the Lynchburg & Durham Div., Lynchburg, Va., to Durham, N. C., 114.10 miles, and branches, 3.48 miles; the
North Carolina Extension, from near Ivanhoe to Galax, Va., 28.30 miles; the Norfolk Term. Div., Norfolk to Lambert's
Point, 6.30 miles; other branches and extensions, 12.84 miles; second lien on 164.52 miles, as follows: On 127.46
miles, following No. 4, and on 4.65 miles, following No. 5; on 32.41 miles, following No. 2; third lien on 571.92 miles,
following No. 3. Underlie No. 7. Legal for S. B. in Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Vt.
Listed on New York, London and Richmond Stock Exchanges. Interest paid without deduction for normal income tax.
7. Auth., $35,000,000; outstanding, $23,000,000. Dated July 1, 1904; due July 1, 1944. Int. paid at Bankers'
Trust Co., New York. Coupon, $1,000. Redeemable at 105 and int. on any interest date after Jan. 1, 1929, upon three
months' notice. First lien on 227.25 miles, as follows: Cincinnati Division from Sciotoville to Cincinnati, Ohio, and
branches, 131.69 miles; Big Sandy Low Grade Line, from Naugatuck to Kenova, W. Va., 59.16 miles; Dry Fork
Branch, to Canebrake, W. Va., 36.40 miles, second lien on 911.62 miles, following No. 6 as to 890.04 miles and No. 2 as
to 21.58 miles; third lien on 164.52 miles, following No. 6; fourth lien on 571.92 miles, following No. 6. Legal for S.
B. in N. H., R. I. Listed on New York and London Stock Exchanges. Interest paid without deduction for nor-
mal income tax.
8.Auth., $34,000,000; outstanding, $1,771,000. Dated June 1, 1907; due June 1, 1932. Int. paid at Bankers'
Trust Co., New York. Coupon, $1,000; reg., $1,000, $5,000. Redeemable at 105 and int. after June 1, 1917, upon ninety
days' notice. Convertible before June 1, 1917, into common stock at par. Not a mortgage. Legal for S. B. in
N. H., R. I. Listed on New York and London Stock Exchanges. Int. paid without deduction for normal income tax.
Auth., $13,300,000; outstanding, $227,000. Dated Sept. 3, 1912; due Sept. 1, 1932. Int. paid at New York.
9.
Redeemable at 105 and int. on any interest date after Sept. 1, 1922, on 90 days' notice. Convertible into common
stock at par until Sept.1, 1922. Not a mortgage. Legal for S. B. in N. H., R. I. Listed on New York Stock Ex-
10. Auth., $18,353,000; outstanding, $1,533,000. Dated Sept. 2, 1913; due Sept. 1, 1938. Int. paid in New York.
Coupon, $1,000, interchangeable. Convertible at par into common stock at any time before Sept. 1, 1923. Callable at
105 after Sept. 1, 1923. Not a mortgage. Listed on New York and London Stock Exchanges. Interest paid without
11. Auth., $20,000,000; outstanding, $17,407,000 (closed). Dated Dec. 2, 1901; due Dec. 1, 1941. Int. paid at
Bankers' Trust Co., New York. Redeemable at 105 and int. on any interest date on two months' notice. Sinking fund:
2% cents per ton on all coal mined to be used for purchase of these bonds at not exceeding 105 and int. Direct
obligation of the Norfolk & Western Ry., and the Pocahontas Coal & Coke Co., these companies being jointly and
severally liable to bondholders, but as between the two companies the Pocahontas Coal & Coke Co., is directly and
primarily liable; first lien (purchase money) on the entire nroperty and future acquisitions of the Pocahontas Coal &
Coke Co., including coal lands amounting to about 290,000 acres of which amount 157,000 have been leased to U. S.
;
Steel Corpn. subsidiaries, and other companies; first collateral lien on the following securities: 900 shares (par value,
$1,000) Trans-Flat-Top Land Association; 29,995 shares of common stock of the Pocahontas Fuel Co.; 2.300 shares of
preferred stock of the Pocahontas Fuel Co., 2.495 shares of common stock of the Pocahontas Coal Land Co., and 5
shares of the stock of the Philadelphia Coal Land Co. Interest paid without deduction for normal income tax. Listed
on New York Stock Exchange.-
NORFOLK & WESTERN RAILWAY SYSTEM. 531
12. Series M, 4s; dated March 4, 1907; due $100,000 each March 1 to March 1, 1917. Now outstanding,
$100,000. Coupon, $1,000. Int. paid Mar. and Sept 1 at Commercial Trust Co., Philadelphia. First lien on 3 loco-
motives and 990 freight cars, all costing $1,048,740. Interest paid without deduction for normal income tax. Se-
ries N, 4s; dated April 4, 1907; due $100,000 each April 1 to April 1, 1917. Original amount, $1,000,000; still
outstanding, $100,000. Coupon, $1,000. Int. paid April and Oct 1 at Commercial Trust Co., Philadelphia. First
lien on 500 gondola cars and 500 hopper coal cars, all costing $1,047,075. Interest paid without deduction for nor-
mal income tax. Series O, 4s; dated June 4, 1907; due $100,000 each June 1, to June 1, 1917. Original amount
$1.000.000; still outstanding, $100,000. Coupon, $1,000. Int. paid June and Dec. 1, at Commercial Trust Co., Phila-
delphia. First lien on 300 stock cars, 300 drop bottom gondola cars and 430 hopper coal cars, all costing $1,052,856.
. of 1914. 4H: Dated Feb. 2, 1914; due $500,000 each Feb. 1 and Aug. 1, to Aug. 1, 1924. Original
amount, $10.000.000; now outstanding, $8,000,000. Coupon, $1.000. Int. paid Feb. and Aug. 1, at Commercial Trust
Co., Philadelphia. First lien on 11 passenger locomotives, 80 freight locomotives, 500* steel frame box cars, 500
steel frame stock cars, 4,000 steel sleeper cars, 700 steel flat bottom gondola cars, 250 steel frame flat cars,- 35
steel passenger cars, 5 steel combination baggage and passenger cars? 6 steel baggage and express cars, 10 steel
mail cars, 5 steel dining cars, 8 steel baggage and mail cars; total value, $10,750,000. Company deducts income tax.
Total of all series now outstanding, $8.300,000 of which $300,000 carry 4% interest and $8,000,000 4%9c in-
terest. Original cost of all equipment covered, $13,898,671.
TABLE EL -Stock Record and Ratings (Based on 10- Year Results, Per Mile of Road)
NAMI AND DCTAILB or Imam.

ASSETS : 1916 1915 1914 1913 1912 1911
$2,088,774 $1,971,548 $1,527,983 $945,678 $764,276 $706,270
Working assets 40,220 46,856 33,697 30,230 16,712 75,285
Accrued income not due. ' 122
Deferred debit items . . . "25 l',635 35 "28 24,532
Total $2,129,019 $2.019,939 $1,561,837 $975,936 $805,520 $781,555

LIABILITIES :
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000

Funded debt 1,481,492 1,361,091 180,000 180,000 180,000 181,221
Accr'd liabilities not due 15,962 5,564 3,802 3,870 1,500 1,500
Deferred credit items . . ' 27 1 3
Appropriated surplus.. 44',678 ' ' '
Profit and loss 74,195 108474 ib'3',673 ib'4',24i bV.e'is 88,692
Total $2,129,019 $2,019,939 $1,561,837 $975,936 $805,520 $781,555

Note: Funded debt in 1916 includes indebtedness of $1,301,491 to Norfolk & Western.
Bonded Debt: $180,000 Virginia-Carolina Ry. first 5s; dated May 1, 1900; due May 1, 1950; int. paid on May and
Nov. 1, at First National Bank, Abingdon, Va. Coupon, $500. First lien on 27.9 miles owned. All now owned by
Norfolk & Western Ry. Net Rating, A.
Capital Stock: Auth., $1,000,000; outstanding, $500,000; par $100. Dividends as follows: 1908, %%; 1909, 4%;
1910 and 1911, 5% each; 1912, 5% and 2.4% extra; 1913, 7%; 1914, 6%; 1915, 2%; none in 1916. Norfolk &
Western Ry. owns $499,300 of issue. TRANSFER AGENT, R. P. Royer, Roanoke, Va.
NORTHERN PACIFIC RAILWAY COMPANY

NOTE: The analysis is based on documents of the coTipany, including its annual reports of the past ten years.
official
Origin: Incorporated under Wisconsin laws in July, 1896, as successor to the original Northern Pacific Railroad
Co., which was incorporated by special Act of Congress July 2, 1864. On July 1, 1900, the St. Paul & Duluth Rail-
road was absorbed, and its bond issues assumed. In 1903, the Bellingham Bay & Eastern R.R. and the Washington
Railway & Navigation Co. were absorbed, and in 1904 the Seattle & San Francisco Ry. & Navigation Co. and the
Monte Cristo Ry. were acquired. On July 1, 1907, the Washington & Columbia River R.R. was purchased.
Location: The total mileage operated by the Northern Pacific Railway Company on June 30, 1916, was 6,504.84
miles, classified as follows: Main line, Ashland, Wis., to Portland, Oregon, with lines to St. Paul, Duluth, etc.,
and branches, 2,882.36 miles; branches owned, 3,622.48 miles. In addition, the company owns 401.36 miles which are
operated by "other companies." Of these, 354.65 miles are located in the Province of Manitoba, and have been leased
to the Manitoba Government for 999 years from May 31, 1901, at an annual rental of $210,000 for the first ten years,
$225,000 for the second ten years, $275,000 for the third ten years, and $300,000 per annum thereafter, the lessee
having the right to purchase the lines at any time for $7,000,000. These lines are now subleased by the Manitoba
Government to the Canadian Northern Ry. Co. Other controlled lines separately operated are the Minnesota & Inter-
national Ry., 167.42 miles. The Spokane, Portland & Seattle Ry., 40.57 miles, is jointly controlled by the Northern
Pacific and the Great Northern. Lines extend westward from St. Paul and Duluth to Portland, Seattle, etc., cross-
ing States of Minnesota, North Dakota, Montana, Idaho and Washington. Population of these States in 1890,
2,050,379; in 1900, 2,993,764; in 1910, 4,496,400.
Control of Chicago, Burlington &
Quincy System: Jointly with the Great Northern Railway Co., the Northern
Pacific Railway owns $107,611,000 capital stock out of $110,839,100 of the Chicago, Burlington & Quincy Railroad,
which is deposited as collateral under the 4% joint bonds of these companies.
Northwestern Improvement Co.: In 1897 this company was organized for the purpose of acquiring certain prop-
erties of the Northern Pacific Ry., and took over the lands of the St. Paul & Duluth R.R. The Northwestern Im-
provement Co. has outstanding $6,775,000 capital stock, and $2,960,000 bonds, all of which are owned by the Northern
Pacific Railway.
Land Department: In its land department the company reported on June 30, 1916, 6,586,898 acres still undis-
posed of. The net acreage of land sold during the year was 1,492,267 acres, and the amount realized was $6,432,498.
Manaeement: OFFICERS: J. M. Hannaford, Pres.; Geo. T. Slade, Vice-Pres.; J. G. Woodworth, Vice-Pres.; Geo.
T. Earl, Vice-Pres.; Chas. A. Clark, Treas.; Henry A. Gray, Comptroller; E. A. Gay, Sec. and Asst. Treas. DIREC-
TORS: G. F. Baker, Arthur C. James, Grant B. Schley, William Sloane, Amos T. French, James N. Hill. Payne Whit-
ney, J. M. Hannaford, L. C. Ledyard, J. P. Morgan, Chas. Steele, Thomas W. Lamont, Wm. S. Tod, Geo. F. Baker,
Jr., Wm. Sloane. ANNUAL MEETING, first Tuesday in October. MAIN OFFICE, St. Paul, Minn. NEW YORK OFFICE,
34 Nassau Street. TRANSFER AGENTS, J. P. Morgan & Co., New York.

NORTHERN PACIFIC RAILWAY COMPANY. 533
YEAM
KNT>B>
transferred from income, $8,369,874; profit on road and equipment sold, $23,680; unrefundable overcharges, $2,290;
miscellaneous credits, $47,796; total, $9,619,881. Contra: Debt discount extinguished through surplus, $2,052; loss
on retired road and equipment, $406,975; miscellaneous debits, $312,117; credit balance carried to balance sheet,
$90,898,737; total, $9,619,881.
Comment: Both gross and net revenues underwent a notable advance on the Northern Pacific property during the
year ended June 30, 1916. Although income from outside sources was lower than in 1915, yet the balance carried
forward was far in excess of any previous year, and the surplus for payment of the full fixed charges exceeded
10% on the outstanding capital stock. Since the close of the fiscal year the earnings have been maintained at
recent high levels.

Capitalization Per Mile of Road. (Omitting C. B. & Q. Jt. 4s and stock offset.) Dividend Record.
YEARS
ENDED
JUNE 30.
NORTHERN PACIFIC RAILWAY COMPANY. 535
Par Value Securities of Proprietary Companies, etc., unpledged (con.) Book Value
$53,856,350 Chicago, Burlington & Quincy Railroad Company Stock $109,235,888
100,000 Colorado & Southern Railway Company Stock 56,400
315 Lewiston Terminal Company Stock 1
77,000 Minnesota Transfer Railway Company Bonds 77,000
2,960.000 Northwestern Improvement Company Bonds 2,960,000
68,000 Northern Pacific Terminal Company Bonds 78,500
113.550 Ruth Realty Co. Stock 1
3,714,549 Spokane, Portland & Seattle Railway Company Notes 3,502,183
38,208 Duluth Union Depot & Transfer Co. Notes 38,208
4,000,000 Gilmore & Pittsburgh R.R. Notes 2,812,181
187,942 Ruth Realty Co. Notes 177,610
1,429,282 General Advances 1,429,282
$129,633,376 Grand ToUl $173,85T,380
TABLE I). Bond Record and Ratings (Based on 10-Year Results. Per Mile of Road)
NAMBOT Imam.
in Manitoba; on the 15.05 miles covered by the North. Pac. & Manitoba Ry. first Term. 5s of 1939 from Portage La
Prairie to Delta, and terminal property in Winnipeg; all in Manitoba; on the 142.83 miles covered by the Minn. &
International Ry. first 5s of 1923, from Brainerd to Grand Fall, Minn., 167.42 miles, and branch to Kelliher, Minn.,
11.33 miles; second lien on 178.21 miles, following No. 4; first collateral lien on the following stocks: $7,000 Minn.
Transfer Ry.; $150.000 Duluth Union Depot & Transfer Co.; $100,000 North. Pac. Coal Co.; $343,000 North. Pac.
Express Co.; $50,000 St. Paul Union Depot Co.; $121,000 Portage & N. W. Ry. Co. and other securities. Total
mileage covered by first or first collateral and second lien, 5,385.59 miles. Underlies No. 2 and 11, latter providing
for retirement. Legal for Savings Banks in Cal., Conn., Mass., Mich., Minn., N. H., N. J., N. Y., Vt, R. I., Wis.
Listed on New York, Philadelphia, Boston, London and Amsterdam Stock Exchanges. Interest paid without deduc-
tion for normal income tax. Coupon, $500 and $1,000; reg., $100 and multiples.
2. Auth., $190,000,000; outstanding, $54,601,500; in treasury, $5,398,500 (closed). Dated Nov. 10, 1896; due Jan.
1, 2047. Int. paid at J. P. Morgan & Co., New York, and in Berlin at 4.20 marks per dollar. Sinking fund: Balance
of net proceeds (not to exceed $500,000 per annum) received from sales of lands granted, to be used for purchase
of these bonds at not over 110. Second lien on 4,770.78 miles, following No. 1; second collateral lien on 533.40 miles,
following No. 1; third lien on 178.21 miles, following No. 1; second collateral lien on stocks covered by No. 1.
Underlie No. 11, which provides for retirement. Legal for S. B. in Cal., Conn., Mass., Mich., Minn., N. H., N. J.,
N. Y., R. I., Vt. Listed on New York and London Stock Exchanges. Interest paid without deduction for normal
income tax. Coupon, $500 and $1,000; reg., $100 and multiples.
3. Dated June 15, 1900; due Dec. 1, 1996. Int. paid at J. P. Morgan
& Co., New
York. Sinking fund: Proceeds from sale of all lands covered by Northwestern Improvement bonds shall
be used for the purchase of these bonds at not over 105 and int. First lien on 13.62 miles from White Bear to East
Minneapolis, Minn.; third lien on 46.43 miles, following No. 7; fourth lien on 165.22 miles, following No. 7; first
collateral lien on lands granted to the St. Paul & Duluth R.R. first collateral lien on $300,000 capital stock of the
;
Duluth Union Depot & Transfer Co. Underlie No. 11, which provides for retirement. Legal for S. B. in Cal., Conn.,
Mass., Mich., Minn., N. H., N. J., N. Y., R. I., Wis. Listed on New York Stock Exchange. Interest paid without
deduction for normal income tax. Coupon and reg., $1,000.
Auth., $10,000,000; outstanding, $7,786,000 (closed). Dated June 1, 1883; due Feb. 1, 1923. Int. paid at J. P.
4.
Morgan & Co., New York. Sinking fund After satisfaction of all prior liens, the proceeds of land sales shall be used
:
for^purchase of these bonds at not exceeding 120. Assumed by Northern Pacific Ry. First lien from St. Paul to
Staples, Minn., 139.31 miles, and Little Falls to Brainerd, Minn., 32.91 miles; branches, 6 miles; total, 178.22 miles.
Underlie Nos. 1, 2 and 11, with provision by latter to retire. Legal for S. B. in Cal., Conn., Me., Mass., Mich., Mo.,
N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange. Interest paid without deduction for nor-
mal income tax. Coupon and reg., $1,000.
Auth. and outstanding, $1,000,000. Dated July 1, 1881 due Aug. 1, 1931. Int. paid at J. P. Morgan & Co.,
5. ;
New York. Assumed by Northern Pacific Ry. First lien on 165.22 miles, as follows: From St. Paul to Duluth, Minn.,
137.73 miles; branch from Carlton to Cloquet, Minn., 6.95 miles; from Wyoming to Taylor's Falls, 20.54 miles.
Underlie Nos. 3, 6, 7 and 11, with provision by No. 11 to retire. Legal for S. B. in Cal., Conn., Mass., Mich., Minn.,
N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange. Normal income tax deducted from inter-
est. Coupon, $1,000.
6. Auth. and outstanding, $2,000,000. Dated Oct.
1, 1887; due Oct. 1, 1917. Int. paid at J. P. Morgan & Co., New
York. Assumed by Northern Pacific Ry. First lien on 46.43 miles from Rush City, Minn., to Grantsburg, Wis.;
12.20 miles from Smithville to Fond du Lac, Wis.; 4.41 miles from Groninger to Banning, Minn.; 12.74 miles from
White Bear Lake to Stillwater, Minn.; second lien on 165.22 miles, following No. 5. Underlies Nos. 3, 7 and 11,
with provision by latter to retire. Legal for S. B. in Cal., Conn., Mass., N. H., N. Y., R. I. Listed on New York
Stock Exchange. Normal income tax deducted from interest. Coupon, $1,000.
Auth., $5.000,000; outstanding, $1,000,000 (closed). Dated June 1, 1898; due June 1, 1968. Int. paid at J. P.
I-.
Morgan & Co., New York. Assumed by Northern Pacific Ry. Second lien on 46.43 miles, following No. 6; third
lien on 165.22 miles, following No. 6. Underlies No. 3 and 11, with provision by latter to retire. Legal for S. B.
in Cal., Conn., Mass., N. H., N. Y., R. I. Listed on New York Stock Exchange. Normal income tax deducted from
interest. Coupon, $1,000.
Auth., $1,853,000, plus $15,000 per mile additional; outstanding, $1,853,000. Dated June 1, 1898; due Mar. 1,
8.
1948. Int. paid at Bankers' Trust Co., New York. Guar. ss to int. under 999 years lease by Northern Pacific Ry.
First lien from Cheney to Coulee City and Adrian, Wash., 129.88 miles. Underlie No. 11, which provides for retire-
ment. Legal for S. B. in Cal., Mass. Listed on New York Stock Exchange. Coupon, $500 and $1,000; reg., $100
and multiples.
9. See full details in analysis of Great Northern Railway Co.
per mile additional outstanding, $140,000; in treasury, $2,480,000 (closed).
10. Auth., $2,620,000, plus $20.000 ;
Dated Mar. 1895; due July 1, 1935. Int. paid at 34 Nassau St., New York. Assumed by Northern Pacific Ry. First
1,
lien on 167.65 miles, as follows: From Pendleton, Ore., to Dayton, Wash., 127.26 miles; Eureka June, to Pleasant
View, Wash., 19.73 miles; Killian June, to Athena, Ore., 14.54 miles; and Walla Walla to Tracy. Wash., 6.12 miles.
Underlie No. 11, which provides 'for retirement. Legal for S. B. in Cal., Conn., Maine, Mich., Minn., N. H., N. Y.,
N. J., R. I., Wis. Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal income tax.
Coupon, $1,000.
11. Auth., $500,000,000 (see below) ; outstanding, $20,000,000. Dated July 1, 1914; due July 1, 2047. Int. paid at
Guaranty Trust Co., New
York. Coupon, $1,000; reg., $1,000, $5,000 and $10,000 and multiples. Interchangeable.
Issued in series, those now outstanding being "Series A." These are callable after July 1, 1919. at 110 and interest
on 3 months' notice. Rate of interest on further issues to be fixed by the board of directors. The mortgage covers
the Northern Pacific system of railways, their appurtenances and equipment; but not the company's granted lands,
its treasury holdings of bonds, the bonds or stock of the Northwestern Improvement Co., or the stock of the Northern
Pacific and Northern Express Companies. A direct or collateral lien on 6,891.74 miles, of which 868.54 are covered
by first lien; second lien on 311.07 miles, following Nos. 3, 8 and 10; third lien on 4,770.78 miles; third collateral
lien on 533.40 miles; fourth lien.o 242.68-miles- and -fifth -lien -on -145&.22 miles. Als a- lien on securities covered -by
Nos. 1 and 2 and in addition -a first lien on the following stocks $148,800 Lake Superior Terminal & Transfer Co.,
:
$59,850 St. Paul Union Depot Co., $20,000,000 Spokane, Portland & Seattle Ry. Of the bonds issuable under the
mortgage, $421,292,500 are reserved for refunding purposes. The total authorized issue is limited, so that the
XORTHERX PACIFIC RAILWAY SYSTEM. 537
amount thereof, at any one time outstanding, together with all outstanding prior debt of the company as defined in
the mortgage, after deducting therefrom the amount of all bonds reserved under the provisions of the mortgage, to
retire debt at or before maturity, shall never exceed three times the company's outstanding capital stock; but if, at
any time, the amount of bonds outstanding, when added to the aggregate amount then reserved to refund prior
debt, shall be $500,000,000, no additional bonds shall thereafter be issued, in respect of work or property, in any
amount exceeding 80% of the cost thereof, certified to the Corporate Trustee pursuant to provisions of the mort-
gage regulating the issue of bonds for future acquisitions by the company. Of the bonds in excess of the $421,492,-
600 reserved for refunding, $20,000,000 were issued immediately. The remainder of the bonds are issuable only to
pay for work or property adding to or bettering the mortgaged estate, and coming under the lien of the mortgage.
Follows Nos. 1 to 10. and provide for retirement of all. Legal for S. B. in Cal., Conn., Me., Mass., Mich., Minn.,
N. H., N. J., N. Y., R. I., Vt, Wis. Listed on New York Stock Exchange. Normal income tax deducted from interest.
TABLE EL Stock Record and Ratings (Based on 10- Year Results, Per MUe of Road)
NAMB AMD DVTAILJ or Imam.

MINNESOTA & INTERNATIONAL RAILWAY
Incorporated under laws of Minnesota, July 1, 1909. Line of road East Brainerd to Nortfiome, Minn., with va-
rious branches and spurs, 158.09 miles; trackage rights from Northome to Big Falls, Minn., 37.70 miles; total mile-
age operated, 195.79 miles. Sidings, 28.79 miles. Equipment: Locomotives, 24; passenger and freight cars, 560.
Controlled through stock ownership by Northern Pacific Railway.
Management: OFFICERS: J. M. Hannaford, Pres., St. Paul, Minn.; W. P. Clough, Vice-Pres., New York, N. Y.;
C. A. Clark, Treas.; R. F. Relf, Sec., St. Paul, Minn. Annual meeting, in October. OFFICE, Brainerd Minn.
.

1916
Miles operated . . . 195.79
Gross earnings . .. $839,854
Net earnings 278,719
Total net income. 75,509
ance transferred from income, $75,509; delayed income credit, $146; total, $795,492. Contra: Surplus appropriated
for investment in physical property, $16,903; credit balance carried to balance sheet, $778,260; delayed income
debits, $329; total, $795,492.
NORTHWESTERN PACIFIC RAILROAD COMPANY. 539
Y*UB
j- SI
YEARS
ENDED
JUNE 30.
l'i:\NSYLFANIA RAILROAD COMPAXV. 541
THE PENNSYLVANIA RAILROAD COMPANY

Origin: Incorporated April 3, 1846, under Pennsylvania laws. The original line extended from Harrisburg to
Pittsburgh, and was opened for traffic Feb. 15, 1854. The distance was 249.29 miles. In the meantime a division
from Harrisburg eastward to Hollidaysburg was under construction. This latter connected with the Portage Rail-
road, then owned by the State of Pennsylvania, and known by the name of the Philadelphia & Columbia R.R. The
latter was purchased by the Pennylvania R.R. Co., in 1857, and in the meanwhile the Harrisburg, Portsmouth, Mt.
Joy A Lancaster R.R. was leased. With these acquisitions the company had a complete system extending from
Philadelphia to Pittsburgh.
Additional line* were acquired from time to time as part of the directly operated system, which on Dec. 31, 1915,
aggregated 4,541.04 miles, and was made up as follows:
' (1)
Eastern Pennsylvania Division Lines owned, 1,200.95 miles; Ifnes operated under contract, 82.93 miles;
under traffic rights, 55.67 miles; total, 1,339.55 miles.
(2) Western Pennsylvania Division Lines owned, 733.91 miles; used under traffic rights, 7.78 miles; total,
741.69 miles.
(3) New Jersey Division Lines owned. 5.34 miles; lines operated under contract, 459.16 miles; used under
traffic rights. 76.58 miles; total, 541.08 miles.
(4) Central Division Lines owned. 603.12 miles; lines operated under contract, 458.59 miles; used under traffic
rights, 50.91 miles; total, 1.112.62 miles.
(5) Northern Division Lines owned. 225.34 miles; lines operated under contract, 550.81 miles; used under
traffic rights, 29.95 miles; total, 806.10 miles.
In addition to above, the Pennsylvania R.R. operates, as part of its New Jersey Division, the Delaware & Rari-
tan Canal, 66 miles, and the Hudson River ferries. It also owns 13.39 miles of lines in Pennsylvania, which are
operated by other companies in the general system.
Location: The directly operated lines of the company extend throughout the States of Pennsylvania and Jer- New
sey, including the main line from New
York City vta Philadelphia to Pittsburgh. Population of these States in
1890, 6,702,947; in 1900, 8,185,784; in 1910, 10.222.278.
Controlled Coatpaales: Including its directly operated lines as above, the Pennsylvania Railroad Company con-
trols the following properties: (Those which are separately operated from the main system, are all independently
described and analyzed on the following pages.)
of PitUburrh sad Erie (total 6,736.79 miles). West of Pittsburgh and Erie (total, 6,338.82 miles).
Miles. Miles.
Baltimore. Chesapeake and Atlantic Railway. 87.61 Central Indiana Ry 117.74
Baltimore and Sparrows Point R.R. 5.43 Cincinnati, Lebanon and Northern Railway. .76.17
.
Cap* Charles R.R ItM Grand Rapids and Indiana Railway Lines M7JM
Central Division, Pennsylvania Railroad 1,112.62 Manufacturers Railway 3.02
Cherry Tree and Dixonville Railroad 38.39 Ohio River and Western Railway 111.76
Cornwall and Lebanon RR 26.44 Pennsylvania Co., Proprietary Department. . 1,758.08
.
Cumberland Valley Railroad Lines 163.65 Pennsylvania Terminal Ry 4.79

Eastern Pennsylvania Division. Penn. R.R 1.339.65 Pittsburgh, Chartiers and Youghiogheny Ry.. 20.56
Long Island Railroad Lines 397.63 Pittsburgh. Cincinnati, Chicago & St. Louis Ry. 1488M
Maryland. Delaware and Virginia Railway... 82.62 Toledo. Peoria and Western Railway 247.70
Monongahela Ry 106.40 Vandalia Railroad Lines 912.02
New Jeney Division. Pennsylvania Railroad.. 541.08 Waynesburg and Washington Railroad 28.16
New York. Philadelphia and Norfolk R.R 112.00 Wheeling Terminal Railway Ml
Northern Division Pennsylvania R.R 806.10
Philadelphia A Camden Ferry Co 1.00 Total length of the System, Dec. 31, 1915. .12,102.61
Philadelphia, Bait and Wash. R.R. Division.. 717.07
Rosslyn Connecting Railroad 8.14
Snsqnehanna, Rloomnhurg A Berwick R.R 41.83
West Jersey and Seashore Railroad Division . . 860.89
Western Penn. Div., Pennsylvania Railroad... 741.69
Income Accounts: The following is a condensation of the income accounts of all transportation companies east
and west of Pittsburgh and Erie that are owned, operated or controlled by or affiliated in interest with the Pennsyl-
vania Railroad system east and west of Pittsburgh and Erie, as presented in the annual report of the Pennsylvania
Railroad for the year ended Dec. 81, 1916.
ConpmtaKMt
Tfntkvsfe
mftSr
Companies West
of Pittsburgh
and Erie.
PENNSYLVANIA RAILROAD COMPANY. 543
YEARS
ENDED
Stocks Owned by Pennsylvania R.R. Company (Continued)

NAME OF COMPANY. Shares Total Par NAME OF COMPANY. Shares Total Par.
Duquesne Warehouse Co 200 $10,000.00 Pittsburgh, Ft. Wayne & Chic.
Enola Realty Co 4,500 225,000.00 Ry. Co., regular guaranteed 250 $25,000.00
Enola Sewerage Co SOD 25,000.00 Pitts. Joint Stock Yds. Co... 10,000 1,000,000.00
Erie & Western Trans. Co... 59,993 2,999,650.00 Pomeroy & Newark R.R. Co. 10,000 500,000.00
First-Sec. Nat. Bank of Pittab. 1,145 114,500.00 Richmond-Washington Co. . .
4,450 445,000.00
Frk.4Pk. Ld. R.R. Co.,inst rec. 7,000 35,000.00 Rocky Hill R.R. A Transp. Co 5 250.00
Freehold & Jas. Agri. R.R. Co. 378 37,800.00 Roxboro R.R. Co., instal. rec. 2,000 70,000.00
Girard Point Storage Co 20,000 2,000,000.00 Southern Pacific Co 171,438 17,143,800.00
Har., Port, Mt. Joy ft L. R.R. 7 860.00 Stewartstown R.R. Co. of Pa 190 9,500.00
Har. A E. NewTt Con. R.R. Co. 250 25,000.00 Stuyvesant Real Estate Co . . 5,000 500,000.00
Johnsonburg R.R. Co 3,000 150,000.00 Sus., Bl'sb'g A Ber. R.R. Co. 20,000 1,000,000.00
Kingston Realty Co 100 5,000.00 Susquehanna Coal Co. 21,366 2,136,600.00
Lehigh A Hudson Riv. Ry. Co 1,632 163,200.00 Tipton R.R. Co 865 43,250.00
Long Island R.R. Co 186,958 6,797,900.00 The Pres., for
Mgrs. A Co.
Lykens Vail. R.R. and Coal Co. 573 11,460.00 erecting a bridge over the
Manor Real Estate & Tr. Co. . 40,000 2,000,000.00 river Delaware at or near
Merchants Warehouse Co.... l.r.-l.-i 154,500.00 Trenton 1,000 100,000.00
Min. R.R. 4
Min. Co. inst rec. 16,667 100,002.00 United N. J. R.R. A Canal Co 13,500 1,350,000.00
Monogahela Ry. Co 33,530 1,676,500.00 W. Jer. A
Sea. R.R. Co., com. 4,904,700.00
New Jersey Ware. & Gnar. Co. 5.000 25,000.00 W. J. A S. R.R. Co. sp. guar. 907 45,350.00
New York Bay R.R. Co 120,000 6,000,000.00 West. N. Y. A Pa. Ry. Co... 588,780 19,439,001.50
New York Con. R.R. Co., com. 16,000 1,600,000.00 Wilkes-Barre Con. R.R. Co.. 1,826 91,300.00
N. Y., N. H. A H. R.R. Co... 53,125 6,312.500.00 York. Han. A Fred. R.R. Co. 10,500 525,000.00
N. Y., Phila. & Norf. R.R. Co. 49,868 2.492,750.00 Sundry Water Companies. . . 8,326,050.00
Norf. A Western Ry. Co., com. 385,734 38.573,400.00 Miscellaneous stocks 1,896,501.13
Nor. A West Ry. Co., adj. prf 63.200
. 6,320.000.00
Northern Central Ry. Co 296,161 14,808,050.00
Penn. A Atlantic R.R. Co L-J.r-7 1,107,850.00 Total $294,546,646.43
Bonds Owned by the Pennsylvania K.R. Company. December 31, 1915
NAME OP COMPANY. Total Par. NAME OP COMPANY. Total Par.

Bel.. Del. R.R. Co. con. mtg., 4 p. c. reg.. $300.000.00 Penn. A Newark R.R. 4% cert of ind.t . $45,404.57
C. T. A D. R.R. Co. 4 p. c. cert of indeb.. 698,796.81 P. R.R. Wat Spy. 4^ tr. cert, d. J. 1, '07 7,000,000.00
C., Peoria A St. L. gen. A ref. 4tts coup. 1,000.00 Penn. Ton. A Term. R.R. cert, of indebt. 83,003,410.02
C. A P. D. Ry. Co. 1st mtge., 4 p. c. c. re*. 806,000.00 Pitta., C., C. A St L. cons. 3%s, cou. reg. 3,000.00
Enola Realty Co. 4 p. c. cert of indebt. . 20,000.00 Pomeroy A New. R.R. 4 p.c. cert, of ind. 534.401.21
F. A J. A. R.R. Co. 4 p. c. deb 97,000.00 Susqueh. Coal Co. 6 p. c. gold 7,510,000.00
G. R. A I. Ry. Co. 2d mtge., 4 p. c. g. coup. 888,000.00 The Pres., Mgrs. A Co. for erecting a
G. R. A I. R.R. Co. 1st 7s ext at 3H<^ . . . 40.000.00 bridge over the river Delaware at or
G. R. A I. R.R. Co. 1st 7s. ext at 4H%. . 10.000.00 near Trenton, N. J., 7 p. c. registered. 4.000.00
I. N. Co. of N. J. 1st
mtge.. 5 p. c. cou.. . MM MM o Utd. N. J. R.R. A C. Co. gen. mtge. 4s. .. 2.000.00
Johnsonb'g R.R. Co. 1st mtge., 6 p. c. coo. 150,000.00 W. J. A S. R.R. Co. 4 p. c. cert, of in 1,394,000.00
Lehigh A Hud. R. Ry. Co. 4 p. c. deb. cou. 34.000.00 W. N. Y. A Pa. Ry. Co. gen. mtge., 4 p. c.
L. I. R.R. Co. 10-yr. 4 p. c. deb. gold 12.247.9S1.65 coup, registered gold 54,000.00
L. I. R.R. Eq. Tr. 4 p. c. c., d. Feb. 1. 190 400.000.00 W. N. Y. A Penn. gen. mtge. bond scrip. 18.76
L. I. R.R. Eq. Tr. 4 p. c. c., d. Feb. 1, 1908 122.000 .no W. N. Y. A Penn. Ry. Co. income mtge.,
Long Island R.R. unified 4s 3.000.00 6 p. c. coupon registered 9,225,000.00
Manor R. E. A T. Co. 3 *4 p. c. cert, of \nd. 3,49.423.76 W. N. Y. A Pa. Ry. Co. in. mtge. bd. scrip. 914.38
M.. D. A V. R. To. 4 p. c. cert, of Indebt. 14.000.00 Y.. H. A F. R.R. Co. 1st mtg., 496 c.r.g. 150.000.00
Mnir. R.R. Co. 1st mtge.. 3% p.c. gd. coup. (86,000 fi Sundry bonds 280.289.00
N. Y., Phil. A Norf. R.R. stk. 4 p. c. trust Rpal estate mortgages 2,044.848.47
cert, fractional receipts 250.00 Notes 15,914,604.67
N. Y. A Long Branch R.R. gen. 4s 3,000.00
Penn. Canal Co. gen. mtge., 6 p.c. coup.. . 384,000.00 Total $147,307,312.69
SUMMARY.
Par value of stocks $294,546.646.43
Par value of bonds 129,347,859.55
Par value of real estate mortgages 2,044,848.47
Par value of notes 15,914,604.67
$441,853,959.12
Cort, as per general balance-sheet. $337,987,610.47
Of the foregoing securities there are deposited under the Consolidated Mortgage and the Col-
lateral Trust Loan:
Stocks of a par value of $54,309,400.00
Bonds of a par value of 15,000.00
Total $54,324,400.00
546 MOODT'S ANALYSES OF INVESTMENTS.
Income Received from Securities Owned During the Year 1915
TITLE OF ISSUE OWNED AMOUNT TITLE OF ISSUE OWNED AMOUNT

RECEIVED. RECEIVED.
Belvidere Delaware R.R. stock $9,784.00 Northern Central Ry. Co. stock $1,184,644.00
Belvidere Del. R.R. Co. con. mtge. 4 p. c. Pennsylvania Co. stock 4,800,000.00
registered bonds 12,000.00 Penn. R.R. Wat. Sup. 4 p. c. trust cert 200,333.33
Camden & Burl. County Ry. stock 47.25 Perth Amboy & Wood. R.R. Co. stock 39,680.00
Char. Ry. Co. 1st mtge. 3% p. c. coup. bds. 122.57 Phila., Balto. & Wash. R.R. Co. stock 1,005,418.00
Cherry Tree & Dixonville R.R. Co. 4 p. c. Philadelphia & Camden .Ferry Co. stock.. 161,361.00
certificate of indebtedness 23,951.85 Philadelphia & Trenton R.R. Co. stock. . . 60.00
Cherry Tree & Dixonville R.R. stock 10,000.00 Pitts., Cin., Chic. & St. L. Ry. Co. cons.
Columbia & Port Deposit Ry. Co. 1st mtge. 3% p. c. bonds -Series E 105.00
4 per cent, coupon bonds 12,240.00 Pitts., Ft. W. & Chic. Ry. Co. guar sp. st. 21.00
Connecting Ry. Co. stock 153,014.00 Pittsburgh, Ft. Wayne & Chicago Ry. Co.
Cornwall & Lebanon R.R. stock 20,000.00 regular guaranteed stock 1,750.00
Cum. Valley R.R. Co. pfd. and com. stocks 424,692.00 Pittsburgh Joint Stock Yards Co. stock. . 40,000.00
Delaware River R.R. and Bridge Co. stock 52,000.00 Richmond- Washington Co. stock 17,800.00
Enola Realty Co. 4 p. c. certificates of Rocky Hill R.R. & Transp. Co, stock 15.00
indebtedness 1,400.00 Southern Pacific Co 1,028,628.00
Enola Sewerage Co. stock 1,000.00 Stewartstown R,R. Co. of Penn. stock 522.50
Freehold & Jamesburg Agricultural R.R. Susquehanna Coal Co. 5 p. c. 5-yr. g'd b'd 375,925.00
Co. 4 p. c. debentures 3,880.00 The Pres., Managers. & Co. for erecting a
Freehold & Jamesburg Ag. R.R. stock 945.00 bridge over the river Delaware at or
G. R. & I. R.R. Co. 1st 7s ext. at 3%%. . .
1,507.81 near Trenton, 1st mtge. 7 p. c. bonds. . . 280.00
G. R. & I. R.R. Co. 1st 7s ext. at 4%%. . . 450.00 The Pres., Mangaers & Co. for erecting
Grand Rapids & Indiana Ry. Co. 2d mtge. a bridge over the river Delaware at or
4 p. c. gold coupon bonds 35,520.00 near Trenton stock
'
4,000.00
Harrisburg, Portsmouth, Mt. Joy & Lan- United New Jer. R.R. & Canal Co. stock.. 135,000.00
caster R.R. Co. stock 26.25 United New Jer. R.R. & Canal Co. gen.
Leh. Hud. R. Ry. Co. 4 p. c. deb. cou. bds 1,360.00 mtge. 4 p. c. coupon bonds (1944^ 80.00
Leh. & Hud. River Ry. Co. stock 13,056.00 Vincentown Br. of the Burlington County
L I. R.R. 4 p. c. equip, tr. cert 21,213.33 R.R. Co. stock 141.75
L. I. R.R. Co. unified mtge. 4 p. c. cou. West Jersey & Seashore R.R. Co. 4 p. c.
reg. bonds 120.00 certificate of indebtedness 55,760.00
Lykens Valley R.R. & Coal Co. stock 160.00 West Jer. & Seashore R.R. Co. com. stock 245,235.00
Merchants' Warehouse Co. stock 6,180.00 W. J. & Sea. R.R. Co.. sp. guar. stock 2,721.00
Mon. R.R. Co. 1st mtge. 3% p. c. cou. bds. 20,352.50 Western New York & Penn. Ry. Co. gen.
Monongahela R.R. Co. stock 42,840.00 mtge. 4 p. c. coupon reg. bonds 2,160.00
New York Bay R.R. Co. stock 90,000.00 Dividends and int. on sun. stocks and bds. 11,937.25
New York. Phila. & Norf. R.R. Co. stock. 299,130.00 Real Estate Mortgages 82,585.14
Norf. & West. Ry. Co. adjust, pfd. stock. 252,800.00
Norfolk & Western Ry. Co. com. stock 2,314,404.00 Total $13,220,539.53
Dividends Paid: From date of organization, to June 30, 1916, the Penn. R.R. Co. has paid cash dividends aggre-
gating 376%%, or $511,390,058.
Dividend Record to 1916
Years Rate Amount Years Rate Amount Years Rate Amount

1856.. 8% $875,234 1877.. 3% $2,410,457 1898 5% $6,465,236
1857.. 4 454,908 1878.. 2% 1,377,404 1899 5 6,465,266
1858.. 6 715,383 1879. . 4 3,099,159 1900 6 8,781,171
1859.. 6 719,586 1880 . . 3% 2,066,106 1901 6 10,857,672
I860.. 6 721,261 1881.. 8 5,861,718 1902 , 6 12,262,491
1861.. 6 723,543 1882.. 6% 5,209,024 1903 6 14,792,931
1862.. 8 1,061,928 1883.. 4% 3,993,134 1904 6 17,933,034
1863.. 9 1,206,060 1884. . 5 4,702,061 1905 6 18,113,978
1864.. 10 1,593,262 1885.. 5 4,738,892 1906 6% 19,869,661
1865.. 10 1,997,265 1886.. 5 4,738,892 1907 7 21,908,435
1866.. 9 1,800,000 1887.. 5 5,418,702 1908 6 18,875,680
1867. . 6 1,231,372 1888.. 5 5,327,270 1909 6 19,173,742
1868.. 8 1,960,274 1889.. 5% 5,327,270 1910 6 24,410,860
1869.. 10 2,980,007 1890.. 5 6,241,873 1911 6 25,950.857
1870.. 10 3,350,000 1891.. 3 3,803,136 1912 6 27,198,918
1871.. 10 3,687,060 1892.. 6% 7,606,457 1913* 6 28,394,248
1872.. 10 4,514,720 1893.. 5 6,400,507 1914* 6 29,954,430
1873.. 5 2,679,250 1894.. 5 6,464,647 1915* 6 29,952,216
1874.. 10 6,801,777 1895.. 5 6.465,011 1916* 6 29,952,222
1875.. 8 5,509,616 1896.. 5 6,465,123
1876.. 8 5,509,616 1897. . 5 6,465,170
* Years ended June 30.
NAME or \mm.
1, 2, 3, 4 and 5. Auth. (orig.), $100,000,000; outstanding (total), $99,279,130 (closed). In five series, as fol-
lows: $4,998,000 5s, dated Sept. 1, 1879, due Sept. 1, 1919; $2,561,000 4s, issued May 1, 1893, due May 1, 1943;
$3,326,130 sterling 3%s, issued July 1. 1895, due July 1, 1945; $39,394,000 currency and sterling 4s, dated May 1, 1908,
due May 1, 1948; $49,000,000 4%s, dated Feb. 1, 1915, due Aug. 1, 1960. On first three series a sinking fund of 1%
of outstanding bonds accrues either for purchase of bonds at par or other investment. First lien on 993.01 miles,
as follows: From Philadelphia, Pa., to York and Shenandoah, and from Harrisburg to Lockhaven and to Pitts-
burgh, with branches to Wilkes-Barre, etc. Also second lien on 220.17 miles, following No. 26. Also third lien on 132.79
miles, following No. 26; also a fourth lien on 56.51 miles, following No. 26; also first lien on 999-year lease of
United New Jersey R.R. & Canal Co., and on 999-year lease of Harrisburg, Portsmouth, Mt. Joy & Lancaster R.R.
and on other leases ; covering in all 3D9.71 miles ; and additionally secured by deposit of securities of a value of about
$54,000,000. Underlie No. 44, which provides for retirement. Legal for Savings Banks in Cal., Conn., Maine, Mass.,
Mich., Minn., N. H., N. J., N. Y., R. I., Vt., Wis. All but the sterling bonds are listed on New York and Philadel-
phia Stock Exchanges. Free of Pennsylvania State tax. Interest paid without deduction for normal income tax.
Coupon and reg., $1,000 and 200 for sterling issues.
6. Dated May 1, 1893; due May 1, 1923. Int. paid at Penn. Station, New
Auth. and outstanding, $2,000,000.
York and Philadelphia. First lien on piers owned by company on North River, New York City. Underlie No. 44
which provides for retirement. Legal for S. B. in Cal., Maine, Mo., Mich., N. H., N. J., N. Y., R. I., Wis. Listed on
New York and Philadelphia Stock Exchanges. Interest paid without deduction for normal income tax. Free of
State and municipal taxes Coupon, $1,000. Fully registerable.
7, 8 and
Auth., $20,000,000; outstanding, $8,180,000 6s (closed), $5,263,000 5s (closed), and $5,880,000 4s
9.
(closed). Dated July
1, 1869; due July 1, 1920. Int. at Broad Street Station. Philadelphia. Assumed by Penn. R.R.
First lien, 304.89 miles, Sunbury via Williamsport to Erie, Pa. Underlie No. 44 which provides for retirement.
Legal for S. B. in Cal., Conn., Maine., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on
Philadelphia Stock Exchange. Normal income tax deducted from interest. Free of Pennsylvania State tax. Cou-
pon, $1,000 and 200.
10. Auth. and outstanding, $6,000,000. Dated Feb. 1, 1904; due Nov. 1, 1943. Int. paid at Penn. Station, New
York, and Broad Street Station, Philadelphia. Assumed by Penna. R.R., which guarantees prin. and int. First lien
90.74 miles, Pitsburgh to West Brownsville, Pa., and various branches. Underlie No. 44 which provides for retire-
mertt. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt, Wis. Listed on
New York and Philadelphia Stock Exchanges. Free of Pennsylvania State tax. Interest paid without deduction
for normal income tax. Coupon, $1,000.
11. Auth., $752,000; outstanding, $582,000; in treasury, $143,000. Dated April 3, 1900; due April 1, 1930.
Coupon, $1,000. Int. paid at Broad Street Station, Philadelphia. Assumed by Penn. R.R. First lien on 3.34 miles of
terminal trackage in Philadelphia, also on lands, buildings, etc. Underlie No. 44 which provides for retirement.
Legal for S. B. in Cal., Conn., Me., Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Free of Pennsyl-
vania State tax. Interest paid without deduction for normal income tax.
12.Auth. and outstanding, $1,073,000. Dated July 1, 1911; due July 1, 1951. Int. paid at Broad Street Sta-
tion, Philadelphia. Coupon, $1,000. Assumed by Penn R.R., which also guarantees principal and interest. First
lien on 71.71 milesfrom Brooks Mills, Pa., to Penn.-Md. State line and branches. Legal for S. B. in Cal., Conn.,
Me., Mass.,_Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on Philadelphia Stock Exchange. Underlie
No. 44, which provides for retirement. Free of Pennsylvania State tax. Interest paid without deduction for nor-
mal income tax.
13. Auth., $600,000; outstanding, $500.000 (closed). Dated July 1, 1896; due July 1, 1936. Int. paid at Broad
Street Station. Philadelphia. Assumed by Penn. R.R. First lien, 55.75 miles, Selinsgrove June., via Lewistown, to
Milroy, Pa. Underlie No. 44, which provides for retirement. Legal for S. B. in Cal., Conn., Maine. Mass,, Mich.,
Minn,, Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on New York Stock Exchange. Interest paid without de-
duction for normal income tax. Coupon, $1,000. Reg. as to principal.
14. Auth., $1.000,000 Series A
and $1,000,000 Series B; outstanding, $399,600 Series A
(closed), no Series B
(closed). Dated May 1, 1878; due May 1, 1928. Int. paid at Broad Street Station, Philadelphia. Purchasable at
par for sinking fund. Assumed by Penn. R.R. First lien, 43.81 miles, Sunbury to Tomhickon, Pa.; also on 1,500
acres coal lands in Columbia county. Underlie Nos. 15 and 44, with provision by latter for retirement. Legal for
S. .B. in Cal., Conn.. Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y., R. I., Vt., Wis. Listed on Philadelphia
Stock Exchange. Normal income tax deducted from interest Coupon, $100, $500, $1,000.
15. Auth., $1,350.000; outstanding, $1,349,500 (closed). Dated May 1, 1878; due May 1, 1338. Int. paid at
Broad Street Station, Philadelphia. Assumed by Penn. R.R. Second lien, 43.81 miles, following No. 14. Underlie
No. 44. which provides for retirement. Legal for S. B. in Cal., Conn., Mass., Minn., N. H.. N. Y., R. I., Vt. Listed
on Philadelphia Stock Exchange. Normal income tax deducted from interest. Coupon, $100, $500, $1,000. Fully
registerable.
16. Auth. and outstanding, $75,000. Dated Sept. 1, 1879; due Sept. 1. 1919. Int. paid at Broad Street Station,
Philadelphia. Assumed by Penn. R.R. First lien. 5.22 miles, Morstein to West Chester, Pa. Underlie No. 44 which
provides for retirement. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., Mo.,, N. H., N. J., N. Y., R. I.,
Vt.. Wis. Free of Pennsylvania State tax. Interest paid without deduction for normal income tax. Coupon, $100,
17. Auth., $5.000.000; outstanding, $4,000,000 (closed). Dated June 1, 1888; due June 1, 1928. Int. at Broad
Street Station, Philadelphia. Assumed by Penn. R.R. First lien, 139.42 miles, as follows: Sheridan to Pittsburgh,
92.90 miles; Butler June, to Butler. Pa., 21.10
miles; other branches, 25.42 miles. Underlie No. 44 which provides
for retirement. Legal for S. B. in Cal.,
Conn., Maine, Mass., Mich., Minn., Mo., N. H., N. J., N. Y.. R. I., Vt., Wis.
Listed on Philadelphia Stock Exchange. Interest without deduction for normal income tax. Free of
paid Pennsyl-
vania State tax. Reg. as to prin.
Coupon, $1,000.
18 Auth $20,000.000; outstanding, $19.130.000. Dated March 1, 1892; due March 1. 1942. Int.
-
o, x- * ;; paid at Penn.
Station, New York, or Broad Street Station, Philadelphia. Guar. prin. and int. by Penn. R.R. by endorsement, and
now asumed. First lien, 259.29 miles, Pittsburgh to Oil City, Redbank June, to
Driftwood, and branches. Underlie
No. 44 which provides for retirement. Leeal for S. B. in Cal., Conn.,
Maine, Mass.. Mich., Minn., Mo., N. H., N. J.,
N. Y., R. I. Vt., Wis. Listed on New York,
Philadelphia, and Pittsburgh Stock Exchanges. Free of Pennsylvania
btate tax. Interest paid without deduction for normal income tax.
Coupon, $1,000. Fully registerable.
19, 20, 21 and 22. Auth., $4,000,000; outstanding, $2,559,000; issued in four series, as follows: (See next page.)
19. $500,000, dated Sept 1, 1885; due Sept. 1, 4%

1925; int., March and Sept 1.
20. $749,000, dated Feb. 1, 1887; due Feb. 1, 1927; int., 4% Feb. and Aug. 1.
21. $338,000, dated Jan. 1, 1893; due Jan. 1, 1933; int, 4% Jan. and July 1.
$972,000, dated Jan. 1, 1903; due Jan. 1, 1943; int., 3%% Jan. and July 1.
22.
Int paid at Broad Street Station, Philadelphia. Bonds purchasable at 105 or less for sinking fund. Guar. prin.
and int by United N. J. R.R. & Canal Co., excepting No. 21; Penn. R.R. has assumed guaranty on all series. First
lien, 80.35 miles, Trenton to Manunka Chunk, with branch to Flemington, N. J. Nos. 19, 20 and 22 are legal for S.
B. in Cal., Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis.; No. 21 in Maine. Nos. 20 and 22 are listed on Phila-
delphia Exchange
and No. 22 on New York Exchange. Interest paid without deduction for normal income tax. Free
of New Jersey and Pennsylvania State taxes. Coupon and reg., $1,000; No. 22, coupon, $1,000, only.
23. Auth., $2,000,000; outstanding, $532,000 (closed). Dated Jan. 1, 1891; due Jan. 1, 1941. Int paid at Broad
Street Station, Philadelphia. Assumed by Penn. R.R. First lien, 101.99 miles, Cresson to Hoovers Mill June., to
Cherry Tree, Pa., and branches. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Mo., N. H., N. J., N. Y., R. I.,
Vt, Wis. Underlie Nos. 1-5, 26, and 44, with provision by latter for retirement. Listed on Philadelphia Stock Ex-
change. Interest paid without deduction for normal income tax. Free of Pennsylvania State tax. Coupon, $1,000.
Reg. as to prin.
Auth. and outstanding, $1,000,000. Dated July 8, 1886; due Jan. 1, 1927. Int paid at Broad Street Sta-
24.
tion, Philadelphia. Assumed by Penn. R.R. First lien, 56.">1 miles, Irvona to near Punxsutawney, Pa. Underlie Nos.
1-5, 25, 26, and 44, with provision by latter to retire. Letral for S. B. in Cal., Conn., Maine, Mass., Mich., Minn.,
Mo., N. H., N. J., N. Y. R. I., Vt, Wis. Listed on Philadelphia Stock Exchange Interest paid without deduction for
t
normal income tax. Free of Pennsylvania State tax. Coupon, $500 and $1,000. Prin. may be registered.
Auth., $2,000.000; outstanding. $1,021,000 (closed). Dated Jan. 6. 1890; due Jan. 1, 1930. Int. paid at
25.
Broad Street Station, Philadelphia. Assumed by Penn. R.R. First lien on 30.80 miles, from Bellwood to Irvona,
known as Bells' Gap R.R.; also second lien on 56.51 miles, following No. 24. Underlie Nos. 1-5, 26, and 44, with
provision by tatter for retirement. Legal for S. B. in Cal., Conn., Mass., N. H., N. Y., R. I., Vt Listed on Phila-
delphia Stock Exchange. Interest paid without deduction for normal income tax. Free of Pennsylvania State tax.
Coupon, $1,000. Prin. may b registered.
26. Auth.. $7,500.000; outstanding. $540,000 (closed). Dated Feb. 1, 1905; due Feb. 1, 1955. Int paid at
Broad Street Station, Philadelphia. Assumed by Penn. R.R. First lien, 217.41 miles, including lines from Cresson
to Irvona, Vail to Grampian, Ebenhurg to Black Lick, etc.; also second lien on 132.79 miles, following Nos. 23 and
25; also third lien on 56.51 miles, following No. 25. Underlie Nos. 1-5 and 44, with provision by latter for retire-
ment Legal for S. B. in Cal., Conn.. Mass., N. H., N. Y.. R. I.. Vt Interest paid without deduction for normal in-
come tax. Free of Pennsylvania State Ux. Coupon, $1,000. Prin. may be registered.
Auth. and outstanding. $350.000. Dated Feb. 1, 1897; due Feb. 1, 1927. Int paid at Broad Street Station,
27.
Philadelphia. First lien on 29.86 miles, Pavonia to Pemberton. with branches to Mt Holly,. Birmingham, etc. Guar.
prin. and int. by Penn. R.R. Interest paid without deduction for normal income tax. Free of New Jersey State tax.
Coupon, $1,000. All owned by Penn. R.R.
28. Auth., $15,000,000; outstanding. $7,000,000. Dated June 21, 1911; due March 15, 1951. Int. paid at Broad
Street Station, Philadelphia. Prin. and int guar. by Penn. R.R. by endorsement First lien on 35.65 miles of ter-
minal lines in and about Philadelphia. Interest paid without deduction for normal income tax. Free of Pennsyl-
vania State tax. Legal for S. B. in Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis. Listed on Philadelphia
Stock Exchange. Coupon, $1,000.
Auth.. $1,300.000; outstanding, $1.267,000.

29. Dated Aug. 1. 1896; due Aug. 1, 1936. Int. paid at Penn. Sta-
tion. New
York, and Broad Street Station, Philadelphia. Coupon, $1,000. Guar. prin. and int by Penn. R.R. by en-
dorsement First lien. 9.52 miles, Frankford June, to Haddonfield and branches. Legal for S. B. in Cal., Conn., Me.,
Mass.. Mich., Minn., N. H., N. J., N. Y., R. I.. Wis. Listed on New York Stock Exchange. Interest paid without
deduction for normal income tax. Free of Pennsylvania and New Jersey States taxes.
SO. Auth. and outstanding. $200,000, of which Penn. R.R. owns $150.000. Dated Jan. 16, 1889; due March 1,
1929. First lien. 19.62 miles. Johnsonburg to Clermont, Pa. Legal for S. B. in Maine. Interest paid without deduc-
tion for normal income tax. Free of Pennsylvania State tax and income tax. Coupon, $1,000.
31. Auth.. $6.000,000; outstanding, $4.241,000. Dated Jan. 1, 1908; due Jan. 1, 1948. Int. paid at Broad Street
Station. Philadelphia. Coupon, $1,000. First lien on terminal properties in New York Bay. The Penn. R.R. owns
$3,156,000 of these bonds. Interest paid without deduction for normal income tax. Free of New Jersey State tax.
32, 33, 34. 35 and 36. Auth. and outstanding, $20,000.000; issued in five series, as follows:
32. $1,824,000, issued in 1883; due Feb. 1, 4% Feb. and Aug. 1.

1923; int, Reg., $1,000.
33. $6.020,000, issued in 1889; due Sept 1, 1929; int 4% Mar. and Sept Coupon and reg., $1,000.
34. $5,646,000, issued in 1894; due March 1, 1944; int, 4% Mar. and Sept. Coupon and reg., $1,000.
35. $5,669,000, issued in 1901; due March 1, 1951; int, 3tt% Mar. and Sept Coupon and reg., $1,000.
36. $841,000, issued in 1908; due Sept 1, 1948; int, 4%, Mar. and Sept Coupon and reg., $1,000.
paid at Broad Street Station. Philadelphia. Int on Nos. 34 and 35 paid at Penn. Station in New York.
Int.
Gnar. prm. and int. by Prnn R.R. First lien, 158.88 miles, Camden to South Amboy, Trenton to Jersey City, Tren-
ton to Bordentown and branches; also a first lien on Jersey City terminals and on canal from Camden to Borden-
town. N. J.. 66 miles. Legal for S. B. in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. J.. N. Y.. R. I.. Vt, Wis.
No. 32 listrd on Philadelphia Stock Exchange, and No. 34. listed on both New York and Philadelphia Stock Ex-
changes. Interest paid without deduction for normal income tax. Free of New Jersey State tax.
37. Equipment Trusts, in several series, as follows:
Series F to
4s: Dated Nov. 1, 1907; original amount, $9,000,000; due $100,000 of each series annually to
I,
Nov. 1, 1917; outstanding, $400,000. Int. paid quar., Feb. 1, at Fidelity Trust Co., Philadelphia. First lien on
now
7,268 steel underframe freight and gondola cars, costing in excess of original amount
Series A to K, 4s: Dated May 2, 1910; due $100,000 each series annually to May 1, 1920; now outstanding,
$4,400,000. Int. paid quar., Feb. 1, at Fidelity Trust Co., Philadelphia. First lien on 10,159 freight cars, costing in
excess of original amount.
Series A to G, 4s: Dated June 1, 1912; due $100,000 of each series annually to June 1, 1922; original amount,
$7,000,000; now outstanding, $4,200,000. Int. paid quar., Mar. 1, at Fidelity Trust Co., Philadelphia. First lien on
5,725 freight cars, costing in excess of original amount.
Series A to T of 1913, 4%s: Dated April 1, 1913; due $1,970,000 annually on April 1 to April 1, 1923; now
outstanding, $13,790,000. Int. paid quar., Jan. 1, at Fidelity Trust Co., Philadelphia. First lien on 15,000 freight
cars, costing in excess of original amount.
All series are in reg. form, $1,000 each. Interest payable on all series without deduction of income tax.
38. Auth. and outstanding, $1,500,000. Dated Jan. 27, 1855, irredeemable. Int. paid at treasurer's office, Bal-
timore. First lien on main lines, 144.45 miles, which are described in No. 40 below. Int. guaranteed under lease to
Penn. R.R. All owned by State of Maryland. Interest paid without deduction for normal income tax.
39. Auth., $10,000,000; outstanding, $1,757,000 Series E. Dated April 1, 1885; due April 1, 1925. Int. paid at
treasurer's office, Baltimore. Second lien on 144.45 miles covered by No. 38. Underlie No. 40. Int. guaranteed
under lease by Penn. R.R. Legal for S. B. in N. H. and R. I. Listed on Philadelphia and Baltimore Stock Ex-
40. Auth., $5,000,000; outstanding, $2,554,000 Series A, $977,000 Series B. Dated Jan. 1, 1876; due Jan. 1,
1926. Int. paid at treasurer's office, Baltimore. Coupon, $1,000. Sinking fund: $30,000 per annum, beginning in
1880, to redeem and cancel the bonds of Series A. No bonds have been redeemed since 1894. Third lien on 144.45
miles, as follows From Baltimore, Md., to Sunbury, Pa., 135.83 miles; and branches, 8.62 miles, following No. 39.
:
Series A is further secured by a first lien on $823,000 out of $1,500,000 capital stock of the Elmira & Lake Ontario
R.R. Co. Int. guaranteed under lease by Penn. R.R. Legal for S. B. in N. H. and R. I. Listed on Philadelphia and
Baltimore Stock Exchanges. Interest paid without deduction for normal income tax.
fl. Auth., $1,000,000; outstanding, $963,000. Dated May 11, 1860; due Jan. 1, 1950. Int. paid at Broad
Street Station, Philadelphia. Coupon, $1,000. Convertible into common stock at any time. Interest guaranteed by
Northern Central Ry. and by Penn. R.R. Co. First lien on the line from Williamsport, Pa., to Elmira, N. Y., 73.49
miles. Legal for S. B. in Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis. Listed on Philadelphia Stock Ex-
42. Auth. and outstanding, $570,000. Dated May 1, 1863 ; due Oct. 1, 2862. Int. paid at Broad Street Station,
Philadelphia. Coupon, $500. Guar. as to int. by Northern Central Ry. and by Pennsylvania R.R. Listed on Phila-
delphia Stock Exchange. Normal income tax deducted from interest.
43. A.uth. and outstanding, $500,000. Dated July 1, 1884 due July 1, 1924. Int. paid at National Bank of
;
Commerce, New York. Coupon, $1,000. Assumed by the Elmira & Lake Ontario R.R., all stock of which is owned
by Northern Central Ry. First lien on 34.06 miles from Stanley to Sodus Point, N. Y. Listed on New York and
Philadelphia Stock Exchanges. Interest paid without deduction for normal income tax.
44. Outstanding, $64,375,000. Dated June 1, 1915 due June 1, 1965. Int. paid at 85 Cedar Street, New York,
;
and company's office, Philadelphia. Coupon and reg., $1,000. General lien on entire property, being a first lien on
261.70 miles, and a general lien on 2,517.42 miles, subject to prior mortgages, all of which are provided for; also a
lien on 668.30 miles of leasehold interests following Nos. 1-5 as to 309.84 miles. Further secured on real estate in
New York, a portion of which is covered by No. 6. Issue limited to amount of stock outstanding. Legal for S. B.
in Cal., Conn., Maine, Mass., Mich., Minn., N. H., N. Y. N.J., R. I., Vt., Wis. Free of Pennsylvania State tax. Listed
NAME AND DETAIL OP ISSUE.

PENNSYLVANIA RAILROAD COMPANY SYSTEM. 551

1. Camden &
Burlington Couniy Ry.: Leased in perpetuity to Camden & Amboy R.R. in 1868; lease assigned
to Penn. R.R. in 1871; rental, int. on bonds, organization expenses, and 6% on stock. Auth., $800,000; outstanding,
$427,050, of which United N. J. R.R. & Canal Co. owns $10,000, and $50,900 is owned by company on which no divi-
dends are paid. See full details on page 552.
2. Harrisburg, Portsmouth, Mt. Joy & Lancaster R.R.: Leased to Penn. R.R. for 999 years from 1861 at rental
equaling expenses, int on bonds, and 7','r on stock. Auth., $2,500,000; outstanding, $1,182,550. In recent years
"outside income" has enabled company to pay 7V6% divs.; payments are 3H%
in Jan. and 4% in July. Listed on
Philadelphia Stock Exchange. See full details, page 553.
3. Lykena Valley R.R. & Coal Co.: Leased to Northern Central Ry. for 99 years from 1910 at annual renta! of
$24,000, being equivalent to 4% on stock, organization expenses and taxes. Lease assumed by Penn. R.R. in 1914.
Auth., $800,000.
4. Philadelphia & Trenton R.R.: Leased to Penn. R.R. for 999 years from 1871 at rental of 10% per annum
on all stock not owned by United N. J. R.R. & Canal Co. Latter owns $765,000 out of $1,259,100, leaving $494,000
which receives 10% per annum. Listed on Philadelphia Stock Exchange. See full details on page 554.
5. United New Jersey R.R. &
Canal Co.: Leased to Penn. R.R. for 999 years from 1871, the lessee assuming
all debts and guaranteeing as rental a dividend of 10% per annum on the capital stock. Auth. and outstandig, $21,-
240,000, of which Penn. R.R. owns $1,350,000. Listed on Philadelphia Stock Exchange. See full details on page 555.
6 and 7. Elmira &
Williamsport R.R.: Leased to Northern Central Ry. for 999 years from May 1, 1863, at
rental of interest on bonds, 7% on preferred stock, and 5' ; on common stock, with organization expenses and taxes,
except that taxes on dividends or interest are deducted by the company from the payments made to stockholders
and bondholders. The lease is guaranteed by the Pennsylvania Railroad. Full dividends on both common and pre-
ferred have been paid from 1907 to date. Auth. and outstanding, $500,000 preferred and $500,000 common. Both
issues listed on Philadelphia Stock Exchange.
8. Shamokin Valley & Pottsville R.R.: Northern Central Railway owns $619,650 out of $869,450 outstanding.
Shamokin Valley & Pottsville R.R. is leaned to Northern Central Ry. for 999 years from Feb. 27, 1863, rental being
interest and sinking fund on bonds and 6% on stock.
9. Northern Central Ry.:Dividends in recent years as follows: 1889 and 1900, 8% each; 1891, 7% each; 1892,
1894 to 1900. 7% each; 1901 to date, 8% p-r annum. In 1907 an extra 12H% dividend in stock was
;
paid. In 1911, 40% extra stock dividend was to be distributed and it was proposed to lease the road to the Pennsyl-
vania Railroad for 999 years on a guaranty of 8% per annum on the increased stock. On July 1, 1912, all litiga-
tion having been settled, the lease was entered, and the Pennsylvania Railroad began to directly operate the
prop-
erty. The Pennsylvania R.R. Co. owns $14,808,050 of the stock. Listed on Baltimore, New York and Philadelphia
Stock Exchange*.
10. Authorized amount was increased from $500,000,000 to $600,000,000 in 1911. In 1917 it was proposed to
increase authorized amount by $75.000,000. On December 31. 1915, there was outstanding, $499,265,700, including
stock then held in trust Cash dividends have been paid on the stock without interruption since 1855, the aggregate
amount so paid being in excess of $495.000,000. Since 1899 the rate has been C>'', per annum, except in the last
half of 1906 and the year 1907. when the rate
paid was 7^<. See page 546 for full dividend record. TRANSFER OF-
ncra. Broad Street Station, Philadelphia, and 85 Cedar Street, New York. Stock is listed on Philadelphia and New
York Stock Exchanges.
LEASED COMPANIES OF PENNSYLVANIA RAILROAD, DIRECTLY OPERATED

BELVIDERE DELAWARE RAILROAD
Incorporated under laws of New Jersey, March 2, 1836. Leased for 999 years to the United New Jersey R.R.
A Canal
Co., Feb. 15. 1876, rental being net earnings. On Jan. 29, 1885, the Flemington R.R. & Transportation
Company was consolidated with this property, and on Feb. 26, 1896, the Martin's Creek Ry., of Pennsylvania, the
Martin's Creek Ry. of New Jersey, and the Enterprise R.R. were merged into this road.
Location: Line of road: Trenton to Manunka Chunk, N. J., 66.61 miles; Lambertville to Flemington, N. J.,
11.55 miles; branches, 2.19 miles. Sidings, 59.94 miles.
Management: OFFICERS: A. J. County, Pres.; H. Tatnall, Vice-Pres.; J. M. Wood, Treas.: Lewis Neilson, Sec.
OFFICE, Broad Street Station, Philadelphia, Pa. Annual meeting, second Thursday in April, at Camden, N. J.
Comparative Income Account, Years Ended June SO

1916 1915 1914 (Dec.31)1912 (Dec.31)1911
Rental income $557.385 $468,042 $114,750 $159,527 $319,029
Taxes 109,690 95,276
Fixed charges 230,719 226,232 210,589 224,123 230,169
Surplus $217.076 $146,534 def. $95,839 def. $64,596 $88,870

Dividends paid 60,120 82.392 .' . .
Other deductions 101,394 43,976 10,379 23.036 20,604
Balance $66,662 $102,558 def.$188,610 def. $87,632 $68,366
and LOMI Account, year ending June 30, 1916: Credit balance at beginning of year. $18,736; credit bal-
Profit
ance transferred from income, $65,562; miscellaneous credits, $513; total, $84,811. Contra: Credit balance carried
to balance sheet, $84,564; miscellaneous debits, $131; loss on retired road and equipment, $116; total. $84.811.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . . $4,532,497 $4,419,897 $4,326,787 $4,234,938 $4,184,490 $4,168,908
Working assets 170,463 173,873 37,874 391,686 550,591 732,916
Profit and loss deficit. . . 81,516
Total $5,002,211 $4,881,820 $4,723,461 $4,893,528 $4,992,024 $5,148,856

LIABILITIES :
Capital stock $1,253,000 $1,253,000 $1,253,000 $1,253,000 $1,253,000 $1,253,000

Funded debt 2,559,000 2,585,000 2,585,000 2,585,000 2,611,000 2,637,000
Working liabilities .... 137,648 164,541 69,348 147,595 36,195 35,919
Apropriated surplus . . . 813,569 792,175 748,199 655,427 544,596 485,649
Profit and loss surplus. 84,564 18,736 183,182 451,730 674,504
Total . $5,002,211 $4,881,820 $4,723,461 $4,893,528 $4,992,024 $5,148,856
Bonded Debt: $500,000 Belvidere Delaware R.R. consol. s. f. 4s, due Sept. 1, 1925. For details and rating see
bond table of Pennsylvania R.R. Co.
$749,000 Belvidere Delaware R.R. consol. mtge. s. f. 4s, due Feb. 1, 1927. For details and rating see bond table
of Pennsylvania R.R. Co.
$338,000 Belvidere Delaware R.R. consol. mtge. s. f. 4s, due Jan. 1, 1933. For details and rating see bond table
of Pennsylvania R.R. Co.
$972,000 Belvidere Delaware R.R. consol. s. f. 3%s, due Jan. 1, 1943. For details and rating see bond table of
Pennsylvania R.R. Co.
Capital Stock: Authorized, $4,000,000; outstanding, $1,253,000. Par, $50. The Pennsylvania R.R. Co. owns
$244.600 of the stock and the United N. J. R.R. & Canal Co. owns the balance. Dividends payable Dec. 31, at Phila-
delphia, Pa.; 1900 to 1905, inclusive, 5% each; 1906 to 1911, inclusive, 10% each; 1912, 7%; 1913, 6%; 1914, none;
1915, 4%. TRANSFER AGENT, W. E. Ringel, Camden, N. J. Registrar, S. A. Abbott, Philadelphia, Pa.
CAMDEN & BURLINGTON COUNTY RAILWAY COMPANY

Origin: Incorporated in New Jersey, Oct. 4, 1915, as a consolidation of the Camden & Burlington Co"unty R.R.,
the Mt. Holly, Lumberton & Medford R.R., and the Vincentown Branch of the Burlington County R.R. The old
company was incorporated in New Jersey, May 2, 1866, as a consolidation of Burlington County R.R. Co., and the
Camden, Moorestown, Hainesport and Mount Holly Horse Car R.R. Co. Leased to Camden & Amboy R.R. Co.,
April 24, 1868, for term of corporate existence. Lease assigned to Pennsylvania R.R. Co., June 30. 1871, rental be-
ing bond interest and dividends of 6% on stock, taxes and organization expenses, a total of $37,415.
Location: Line of road: Pavonia to Pemberton, N. J., 22.34 miles; East Burlington to Mount Holly, N. J., 7.12
miles; Mt. Holly to Medford, 5.98 miles; Evansville to Vincentown, 2.94 miles; connecting with Philadelphia & Long
Branch R.R., at Birmingham, N. J., 0.39 mile. Total, 38.77 miles. Sidings, 16.64 miles.
Management: OFFICERS: A. J. County, Pres. H. Tatnall, Vice-Pres. Lewis Neilson, Sec.; James F. Fahnes-
; ;
tock, Treas. Annual meeting, second Saturday in May, at Camden, N. J. OFFICE, Broad Street Station, Philadel-
phia, Pa.
1916 1915 1914 1913 1912 1911
Rental income $40,305 $37,393 $37,299 $37,416 $37,415 $37,416
Taxes ' ' ' 237 108 145
Fixed charges '14,232 l'4,666 14',666 14,000 14,000 14,000
Surplus . .
$26,073 $23,393 $23.299 $23,179 $23.307 $23,271
Dividends paid 25,605 22,916 22,916 22,916 22,915 22,915
Balance $468 $477 $383 $263 $392 $356

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment .... $961,963 $753,772 $753,772 $753,772 $843,198 $774,574
Working assets 22,135 23,191 17,101 16,535 16.470 16,005
Accrued income not due 5,833 5.833 5,833 5.834 5,834
5,2i6 5,687 6,100 3,959 3,768
Total $989,931 $782,173 $782,393 $782,240 $869,461 $800,181

LIABILITIES :
Capital stock $502.575 $381.925 $381.925 $381.925 $381,925 $381,925

Funded debt 350.000 382.163 350.000 350,000 350,000 350,000
Working liabilities 46,256 12.252 44,635 44.482 131.703 62,422
Appropriated surplus... 294
Profit and loss surplus. 84,983
Total .
$989,931 $782,173 $782,393 $782,240 $869,461 $800,181
Bonded Debt: $350,000 Camden & Burlington Co. R.R. 1st 4s, due Feb. 1, 1927. For details and rating, see
Bond Table of Pennsylvania R.R. Co., page, 547.
Capital Stock: Authorized, $800.000. Outstanding, $502,575. Par, $25. Dividends Jan. and July 1, at Phila-
delphia, Pa. TRANSFER AGENT, W. E. Ringel, Camden, N. J. Listed on Philadelphia Stock Exchange.
DELAWARE RIVER RAILROAD AND BRIDGE COMPANY

Incorporated March 17, 1896, a consolidation Jan. 17, 1896, of the Pennsylvania & New Jersey R.R. Co., of
Pennsylvania and the Pennsylvania & New Jersey R.R. Co. of New Jersey. Operated by the Pennsylvania R.R. Co.,
rental being: net earnings. Line of road, Frankford June., Pa., to West Haddonfield, N. J., and branches, 9.52 miles.
Second track, 8.12 miles; sidings, 1.44 miles.
Management: OFFICERS: A. J. County, Pres.; H. Tatnall, Vice-Pres.; Lewis Neilson, Sec.; Vacancy, Treas.,
Philadelphia.Annual meeting, first Monday in February, at Philadelphia. OFFICE, Broad Street Station, Phila-
delphia, Pa.

1916
Rental income
Taxes
Fixed charges
Surplus
Dividends paid . .
Other deductions
Balance
Property investment
Working asset*
Deferred debit item*...
Total
LIABILITIES:
Capital stock
Funded debt
Working liabilities
Accrd. liabilities not due
Appropriated surplus...
Profit and loss surplus.
Total
LIABILITIES :
Capital stock
PE\XSYLVAMA ItAlLROAD COMPANY SYSTEM. 555
Profit and Loss Account, year ending June 30, 1916 Credit balance transferred from income, $1,182; miscella-
rveous credits, $115,154; debit balance carried to balance sheet, $5,175,080; total, $5,291,416. Contra: Debit balance
at beginning of year, $5,291,416.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 1,489 1,489 57,015 63,299 109,043 186,452
11,755 386,279 377,126 11,260
5,175,080 5,291,416 5,282,337 5,031,744 2,941,822 485,642
Total $114,586,975 $114,690,330 $114,449,120 $113,290,173 $113,089,623 $109,772,432

LIABILITIES:
Capital stock $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000
Funded debt 032 31,855 84,879,334 84,302,269
Working liabilities 89,586,975 89,6901,336 89,132,088 88,257,930 3,209,944 470,163
Deferred credit items. . 345
Total $114,586,975 $114,690,330 $114,449,120 $113,290,173 $113,089,623 $109,772,432

Certificates of
Indebtedness:Authorized and outstanding, Dec. 31. 1915, $83,003,410; dated Dec. 31, 1913; due
Dec. 29, 1914. No interest paid.Registered in the name of the Pa. R.R. Co., which owns entire issue.
Capital Stock: Outstanding, $25,000,000, of which $15,000,000 is owned by the Penn. R.R. Co., and $10,000.000
by the Pennsylvania Co. Par, $100. Authorized, $40,000,000. TRANSFER AGENT, W. E. Ringel, Camden, N. J.
UNITED NEW JERSEY RAILROAD AND CANAL COMPANY

Origin: The Camden A Amboy R.R. Co. and Delaware & Raritan Canal Co. were both chartered on the 4th of
Feb. 1830, and in Feb.. 1831, the capital stocks of these two companies were consolidated. Their affairs were man-
r jointly by the directors of both companies and they were to share equally in profits. In 1863, the joint compa-
acquired a controlling interest in the stock of the Philadelphia & Trenton R.R. Co., and arranged with that
company for an equal division of their point profits. In Jan., 1867, a through New York-Philadelphia route was
formed by an agreement with the United Cos. and the New Jersey R.R. and Transportation Company, which owned
the line between New Brunswick and Jersey City, and under this agreement the profits were divided between the
four companies. On June 30, 1871, the entire property was lea.sed to the Pennsylvania R.R. Co., for 999 years, at
an annual rental equal to 10 r ; on the aggregate capital stock.
Location: Line of road, Jersey City. N. J.. to Penn. State Line, at Trenton, N. J., 56.72 miles; South Amboy to
Camden, N. J.. 61.22 miles; branches. 42.44 miles; total, 160.38 miles; sidings, 434.31 miles. Canal. Bordentown to
New Brunswick, N. J.. 44 miles; feeder, Raven Rock to Trenton. N. J., 22 miles. Total canal, 66 miles.
Management: OFFICERS: T. Oakes, Pres.; S. S. Dennis. Vice-Pres.; H. W. Green, Sec. and Treas. DIRECTORS:
Wm. Starr Miller, J. R. Roosevelt New York; T. Oakes, Bloomfield. N. J.; S. S. Dennis, J. W. Clark, Newark. N. J.;
B. Henry. H. P. McKean. R. D. Benson.
Philadelphia, Pa.; J. D. Bedle, Jersey City. N. J.; H. W. Green, Trenton,
N. J.; M. T. Pyne. Princeton. N. J.; C. W. McAIpin. Princeton, N. J.; Edgar G. Weart (State Director), Prince-
ton, N. J. Annual meeting, last Tuesday in May, at Trenton. N. J. OFFICE, 72 Clinton Street, Trenton, N. J.
Bonded Debt: United N. J. R.R. A Canal Co., $20,000.000 4s and 3 Vis. Dated 1883, 1889. 1894, 1901, 1908, and
due 1923, 1929, 1944, 1948, 1951. For details and ratings, see Bond Table of Pennsylvania R.R. Co., page 547.
Capital Stock: Authorized. $21.240.000; outstanding, $20.834.700. Par. $100. TRANSFFR AGENT, Henry W.
Green. 72 So. Clinton Street, Trenton, N. J. For details and ratings, see Stock Table of Pennsylvania R.R. Co.
COMPANIES CONTROLLED BY PENNSYLVANIA RAILROAD. BUT SEPARATELY OPERATED

BALTIMORE, CHESAPEAKE & ATLANTIC RAILWAY
Incorporated under Maryland laws, Aug. 29, 1894. as successor to Baltimore & Eastern Shore R.R., Eastern
to Salisbury, Md., 142 miles: Baltimore to Snow Hill. Md., 200 miles; Baltimore to Shields, Va., 190 miles; Balti-
more to Freeport, Va., 240 miles.
Operates about 87.61 miles of rail; sidings, 16.41 miles, and 1,134 miles of water lines in Maryland and on
Chesapeake Bay. Controls the Maryland, Delaware & Virginia Ry. (see below) by stock ownership.
Management: W. Hey ward Myers, Pres.; Willard Thomson. Vice-Pres. and Gen. Mgr.; Lewis Neilson, Sec.; J.
F. Fahnestock. Treas. DIRECTORS: W. H. Myers, W. W. Atterbury, A. J. County, G. D. Dixon, J. B. Hutchinson, H.
Tatnall, W. Thomson, J. M. Nelson, R. B. Dixon, Joseph Bancroft. J. C. Leonard, M. V. Brewington, M. Vandiver,
Wm. P. Jackson. Annual meeting, third Wednesday in March. OFFICES, Baltimore, Md., and Philadelphia, Pa.
1916 1915 1914 (Dec.31)1913 1913 1912
Gros earnings $1,127,927 $1.235,650 ?l.L'-.3,935 $1,247,861 $1,208.656 $1,130.881
Net earnings 72.912 142.439 154.860 ........ 183,510 206,171
Operating ratio 93.3% 88.5% 76.:: 84.8% 81.8%
Net income 98.296 167.966 168.302 162.218 196,241 220,088
Taxes accrued 26,921 27,752 26.270 25.459 ' 21.184
Fixed charges 278,132 245,052 204,053 147,977 150,2 5i 167,050
Balance def. $206,767 def. $104,838 def. $62,021 def. $11,218 $45,990 $31,854
Dividends 90 ::7.r,im 37,500
Other deduction* Cr. 839 18,483 20,388
Balance def. $205,918 def. $123,321 def. $82,499 def. $11,218 def. $8,490 def.$5,646
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $97,467; debit balance carried to
balance sheet, $347,424; total, $444,891. Contra: Debit balance at beginning of year, $69,500; debit balance trans-
ferred from income, $205,918; loss on retired road and equipment, $169,446; miscellaneous debits, $27; total, $444,-
891.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 259,396 255,198 203,305 196,751 537,141 248,266
Accrued income not due ' ' ' ' ' 439
Deferred debit items . . . ibb'.oss i'71',742 176',269 '116,840 126,657 130,559
Profit and loss 347,424 69,500
Total $4,670,454 $4,647,345 $4,544,900 $4,487,741 $4,531,807 $4,269,644

LIABILITIES :
Capital stock $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000

Funded debt 1,370,000 1,846,000 1,450,000 1,490,000 1,490,000 1,290,000
Deferred credit items . . 6,731 6,003 1,173 1,952 881
Appropriated surplus... 137,477 138,607 125,672 99,9i6 123,199 102,609
Profit and loss 54,887 140,942 214,717 238,305
Total $4,670,454 $4,647,345 $4,544,900 $4,487,741 $4,531,807 $4,269,644

Bonded Debt: (1) $1,250,000 Balto., Ches. & Atlantic first 5s; dated Sept. 1, 1894; due Sept. 1, 1934. Int. paid
Mar. and Sept. 1, at Broad Street Station, Phila., and 85 Cedar Street, New York. Coupon, $1,000. First lien on
entire property and equipment, embracing 87.61 miles of railroad from Claiborne to Ocean City, Md. Legal for S. B.
in Maine. Normal income tax deducted from interest. Net Rating, Ba.
Capital Stock: Auth and outstanding, $1,500,000 preferred and $1,000,000 common; par $50. Preferred stock
has preference to 5% cumulative dividends. Full rate was paid on preferred in 1909 to 1911; in 1912, 2%%; none
in 1913, 1914 and 1915. Pennsylvania R.R. owns $432,607 preferred and $250,000 common; Delaware R.R. owns
$278,200 preferred and $250,000 common; Philadelphia, Baltimore & Washington R.R. owns $454,950 preferred and
$250,000 common; New York, Phila. & Norfolk R.R. owns $261,250 preferred and $250,000 common.
CORNWALL & LEBANON RAILROAD

Incorporated in Pennsylvania on Feb. 28, 1882; acquired the Colebrook Valley Railroad in 1886, and
Origin:
the Lebanon Belt. Ry. in 1900.
Location: Operates about 26.44 miles, Conewago to Lebanon, Pa.; Cornwall to Ore Banks; Lebanon to North
and East Lebanon, etc. Sidings, 13.28 miles.
Control: Capital stock now owned by the Pennsylvania Railroad Co., 62%%, and the Pennsylvania Co., 37%%.
Management: OFFICERS: A. D. Smith, Pres.; A. J. County, Vice-Pres. Lewis Neilson, Sec.; J. F. Fahnestock,
;
Treas.; H. W. Siegrist, Aud. DIRECTORS: B. D. Coleman, D. J. Leopold, E. E. McCurdy, J. R. Williams, W. Hey-

ward Myers, A. J. County, Henry Tatnall, W. A. Patton, E. T. Postlethwaite, A. D. Smith. Annual meeting, first
Thursday in April. OFFICE, Lebanon, Pa.
Comment: During the year to June 30, 1916, the Cornwall & Lebanon nearly doubled its freight density and
reported a very substantial increase in passenger density. The company also reported very much better train mile
earnings, and a higher average train load than in any year since 1913.
YBUB
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Croc* revenue*
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment .. $1,418,854 $1,390,296 $1,292,688 $1,157,714 $809,175 $799,078
Working assets 143,759 64,243 177,204 200,980 412,278 31-3,019
Total $1,562,613 $1,454,539 $1,469,892 $1,358,694 $1,221,453 $1,112,097

LIABILITIES :
Capital stock . $700,000 $700,000 $700,000 $700,000 $700,000 $700,000
Appropriated surplus.. 318,273 284,542 195,285 115,035 102,470 92.373
Total $1,562,613 $1,454,539 $1,469,892 $1,358,694 $1,221,453 $1,112,097
Capital Stock: Auth. and issued, $700,000; par $100. No bonded debt.
MARYLAND, DELAWARE & VIRGINIA RAILWAY

Incorporated under laws of Maryland in 1894 and of Delaware in 1895, as the Queen Anne's Railroad Co.
Operates about 82.62 miles from Love Point, Md., to Lewes, Del., with branches; sidings, 11.77 miles. Owns 11
locomotives; freight cars, 39; passenger cars, 25; service cars, 3; steamboats, 12. Also operates about 979 miles
of water lines on Chesapeake Bay and Potomac River. Water lines are as follows Baltimore to Love Point, Md.,
:
27 miles; Baltimore to Fredericksburg, Va., 285 miles; Norfolk to Tappahannock, Va., 150 miles; Baltimore to
Washington, 295 miles; Baltimore to Lyons Creek, Md., 150 miles; Baltimore to Crumpton, Md., 72 miles. Con-
trolled by Baltimore, Chesapeake & Atlantic Railway Co., but separately operated.
Management: OFFICERS: W. H. Myers, Pres.; W. Thomson, Vice-Pres. and Gen. Mgr. L. Neilson, Sec.; J. F.;
Fahnestock, Treas. Annual meeting, fourth Thursday in March. OFFICES, Phila. and Baltimore, Md.
* 1916 1915 1914 1913 *1912 *1911
Gross earnings .
$890,179 $935,581 $962,612 $943,932 $895,149 $885,388
Net earnings 64,837 96,351 96,031 108,288 101,989 126,212
Operating ratio 92.8% 89.7% 90.0% 88.5% 88.6% 85.8%
Total net income 70,572 103,059 98,002 109,903 103,960 126,292
Taxes accrued 9,447 8,546 5,904 5,559 5,453
Fixed charges, etc 182,306 174,723 165,239 163,677 160,054 155,435
Deficit $121,181 $80,210 $73,241 $53,774 $61,652 $34,596

* Year ended Dec. 31,
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $150; debit balance carried to bal-
ance sheet, $907,444; total, $907,594. Contra: Debit balance at beginning of year, $780,236; debit balance trans-
ferred from income, $121,181; loss on retired road and equipment, $1,436; miscellaneous debits, $4,741; total,
$907,594.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 93,600 98,531 81,349 70,554 74,748 73,444
Deferred debit items... 55,373 79,155 62,589 61,388 67,350
. 54,335
Profit and loss 907,444 780,236 664,940 559,024 503,449 407,538
Total $5,957,339 $5,865,219 $5,757,586 $5,640,111 $5,601,585 $5,592,404

LIABILITIES :
Capital stock $3,000,000 $3.000.000 $3,000,000 $3,000,000 $3,000,000 $3,000,000

Funded debt 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Deferred credit items.. 651 500 1,023 1,017
Appropriated surplus.. 38,181 31,304 32,914
Total $5,957,339 $5,865,219 $5,757,586 $5,640,111 $5,601,585 $5,592,404
Bonded Debt: $2,000,000 Maryland, Delaware & Virginia Ry. first 5s; dated Feb. 1, 1905; due Feb. 1, 1955; int.
Feb. and Aug. First lien on entire property owned, 77.43 miles. Guaranteed prin. and int. by Baltimore, Chesa-
peake & Atlantic Ry. Coupon, $1,000. Free of Maryland and Delaware State taxes. Interest paid without deduc-
tion for normal income tax. Net Rating, B.
Capital Stock: $1,500,000 4% non-cumulative preferred and $1,500.000 common; par, $50. Baltimore, Chesa-
peake & Atlantic Ry. owns all the common and $300,000 of the preferred stock.
SOUTHERN PENNSYLVANIA RAILWAY & MINING COMPANY

& R.R. Co. Line of road, South Penn.
Incorporated under Penn. laws Feb. 20, 1869, as the Southern Penna. Iron
Jet Richmond, Pa., 21.89 miles. Sidings, 2.94 miles. Leased to_CumberIand Valley Ry. for 99 years from 1870.
to
Rental being net earnings.
Management: OFFICERS: M. C. Kennedy, Pres.; W. L. Richey, Treas. and Sec. Annual meeting, first Monday in
May. OFFICE, Chambersburg, Pa.
Capital Stock: Auth. and, issued, $800,000; par $50. No bonded debt and no dividends.
LYKENS VALLEY RAILROAD AND COAL COMPANY

Incorporated April 7, 1830, under laws of Pennsylvania. Line of road, Millersburg to Williamstown, Pa., 19.33
miles. Sidings, 10.34 miles. Leased to Northern Central Railway for 99 years from July 1, 1910; rental being
$24,000 per year, taxes, and organization expenses. Lease assumed by Penn. R.R. in 1914. Earnings now included
in income account of Penna. R.R. Co.
Capital Stock: Auth., $800,000; outstanding, $600,000; par $20. Dividends since 1909 as follows: 1910, 6%;
1911, 5%; 1912, 1913, 1914, 1915 and 1916, 4% each. Payments Jan. and July. TRANSFER AGENT, C. M. Lammot,
Philadelphia. No bonded debt
SUSQUEHANNA, BLOOMSBURG & BERWICK RAILROAD

Origin: Incorporated under Pennsylvania laws, July 31, 1902, as a reorganization of the Central Pennsylvania
A Western Ry. Operates 41.83 miles, Watsontown to Berwick, Pa., and branches. Sidings, 6 miles. Equipment:
locomotives, 7; cars, 8.
Management: OmcERS: A. J. County, Pres.: S. T. McCormick, Vice-Pres.; J. F. Fahnestock, Treas.; L. Neil-

son, Sec. DIRECTORS: S. T. McCormick, E. R. Payne, J. W. Cochran, Jr., C. Cochran, A. J. County, W. Masters,
A. Bellmeyer. Annual meeting, first Monday in May. OFFICE, Broad Street Station, Philadelphia, Pa.
Gross revenues
Location: Lines of road operated consist of 592.78 miles of main track and 63.06 miles of second track; 346.79
miles of sidings. The main lines extend from Buffalo, N. Y., to Emporium Junction, Pa., and also from Buffalo
to Oil City, Pa., with branches in western New York and western Pennsylvania, entering such cities as Oil City,
Pa., Warren, Pa., Titusville, etc. Equipment owned: locomotives, 128; passenger, freight, and service cars, 5,850.
Management: OFFICERS: J. P. Green, Pres.; A. J. County, Vice-Pres. ; J. F. Fahnestock, Treas.; L. Neilson,
Sec.,Philadelphia, Pa. DIRECTORS: T. De Witt Cuyler, G. E. Bartol, J. J. Henry, J. P. Green, George Wood,
W. H. Barnes, F. L. Bartlett, H. Tatnall, Porter Norton, W. W. Atterbury, A. J. County, Victor Wierman, H. T.
Ramsdell. Annual meeting, first Monday in April. OFFICE, Broad Street Station, Philadelphia, Pa.
Comparative Income Account Years Ended December 31

1915 1914 1913 1912 1911 1910
Gross earnings $10,871,845 $9,574,786 $10,315,796 $9,450,146 $7,869,967 $8,458,268
Maintenance of way. . . 1,606,817 1,711,277 1,608,239 1,231,456 1,231,456 1,395,284
Maint. of equipment. . .
2,491,093 2,397,493 2,876,337 1,974,379 1,974,379 2,255,542
Net earnings $2,206.636 $621,606 $483,664 $1,369,987 $810.606 $809.356

Operating ratio . . . 79.7% 93.5% 95.3% 85.6% 89.7% 90.5%
Fixed chgs., tax., & imp. 3,447,879 3,162,062 3,765,412 2,263,127 2,099,282 2,521,500
Deficit .
$1,241,243 $2,540,456 $3,281,748 $893,140 $1,288,676 $1,712,144
Income Account, year ended June 30, 1916: Income from lease, $3,061,695; charges, taxes, etc., $3,943,526;
$881,831.
deficit, Operating figures not reported.
While net operating results of the road do not show any surplus for the full charges, the policy of the Penn.
R.R. has no doubt been to expend heavy sums in the maintenance and improvement of the property, as is shown
by the very heavy operating ratio. The bonds are entitled to a fair rating in view of the true earning capacity
of the road.
Profit and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $16,932.248; debit bal-
anc transferred from income, $881,831; delayed income dsbits, $4.460; miscellaneous debits, $323; total. $17.818,862.
Contra: Miscellaneous credits, $104; debit balance carried to balance sheet, $17,818,758; total, $17,818,862.
Comparath
ASSETS : 1916
$62,529.847
Deferred debit items. , 194
17,818,758
Total
LIABILITIES :
Capital stock
Funded debt
Accrued liabilities . . .
Deferred credit items.

Appropriated surplus .
Total
l'i:\XSYLFANIA R.R. SYSTEM (LONG ISLAND R.R. CO). 563
YORK, HANOVER & FREDERICK RAILWAY

History: Consolidation in July, 1914, of the Central R.R. of Maryland and the York, Hanover & Frederick
R.R. Latter was consolidation in 1897 of Frederick & Northern R.R. and Hanover & York R.R. Line of road,
York, Pa., to Frederick, Md., 55.64 miles; Keymar to Union Bridge, Md., 5.50 miles; total operated, 61.14 miles.
Sidings, 11.14 miles. Operated by Northern Central Ry. under agreement, rental being net earnings. Mileage and
income included in statement of Northern Central Railway. Name changed to York, Hanover and Frederick Rail-
way, July 20, 1914.
1916 1915 1914 1913 1912 1911
Rental income $27,880 $31,420 def.$25,934 def. $4,274 def.$16,089 def.$28,054
Taxes 12.948 11,186
Fixed charges 25,468 25,041 20,824 17,764 15,005 18,099
Surplus . . . def.$10,536 def.$4,807 def.$46,758. def.$22,038 def.$35,094 def.$4e,153

Other deductions 21,181 11,836 3,578 8,053 2,662
Balance def.$31,717 def.$16,643 def.$50,336 def.$30,091 def.$37,756 def.$46,153

Profit and Lom
Account, year ended June 30. 1916: Debit balance at beginning of year, $376,393; debit bal-
ance transferred from income, $31,717; total, $408,110. Contra: Debit balance carried to balance sheet, $408,110.
Comparative Condensed Balance Sheet, as of June 30 1
ASSETS: 1916 1915 1914 1913 1912 1911

$856.041 $832.051 $818,926 $598,642 $582,188 $570,979
Working assets 6,769 5,810 2,946 ' '

408,110 376,393 359,906 299,347 277',3'i6 242',267
Total $1,270,910 $1,214,254 $1,181,778 $897,989 $859,498 $813,246

LIABILITIES :
Capital stock $525.000 $525.000 $525.000 $400,000 $400.000 $400.000
Funded debt 150.000 150.000 150.000 150.000 150,000 150,000
Working liabilities .... 542.073 507.841 487,035 345.616 307,136 262,186
doe
Accr'rl liabilities not 6.527 5,284 5.450 2,373 2,362 1,060
Appropriated surplus... 47,310 26,129 1 I.'J'.'.'i
Total .
$1,270.910 $1,214.254 $1,181,778 $897,989 $859,498 $813,246
Bonded D*M: $150.000 York. Hanover A Frederick R.R. first 4s; dated May 1, 1897; due May
1927;1, int.
paid May and Nov. at Broad Street Station, Philadelphia. Coupon, $1,000. First lien on entire property. All
now owned by Pennsylvania R.R.
Capital Stock: Auth., $600,000; issued, $525,000; par $50. No dividends. All now owned by Pennsylvania R.R.
THE LONG ISLAND RAILROAD COMPANY

NOTE: The analysis is documents of the company, including its annual reports of the past ten years.
based on official
Oriein: Incorporated April 24. 1834. under New York laws, main line to Greenport opened July 10, 1844. From
time to time additional properties were acquired and the company now controls and operates all the steam railroad
lines on 1-ong Island, including besides the directly owned lines, the New York & Rockaway Beach Ry., the New York,
Brooklyn A Manhattan Beach Ry., Canarsie R.R., etc., etc.
Location: Directly operated lines consist of main stems from Long Island City to Greenport and to Montauk
Point, with a third line on the North Shore and many branches radiating throughout the Island, making 397.01 miles
in all, of which 323.48 miles is owned, and balance operated under contract and trackage rights. The company oper-
ates, under traffic rights, the Pennsylvania Tunnel & Terminal R.R. from Long Island City to Pennsylvania Sta-
tion, New York; also maintains a terminal at Flatbush and Atlantic Aves., Brooklyn.
Control: The Pennsylvania R.R. Co. owns $6,797,900 out of $12.000,000 capital stock of the Long Island R.R.
Management: OFFICERS: Ralph Peters, Pres.; Henry Tatnall. Vice-Pres.; Frank E. Haff. Sec.; James F. Fah-
nestock. Treas.; C. L. Addison.As.st. to Pres.; J. A. McCrea. Gen. Mgr. DIRECTORS: W. W. Atterbury, August Bel-
mont. F. G. Bourne, Thos. DoWitt Cuyler, John P. Green. W. G. Oakman. Ralph Peters, C. M. Pratt, Samuel Rea,
Henry Tatnsll. Geo. D. Dixon. H. C. Lakin, Percival Roberts, Jr. Annual meeting, second Tuesday in April. OFFICE,
Pennsylvania Station, New York.
of Freight Tonnage (Years Ending December 31, 1907-1912; Jane 30, 1913-1916)
Pi:\\SYIJ'AXIA R.R. SYSTEM (LONG ISLAND R.R. CO). 565
Comment: Both gross and net revenues underwent moderate improvement on the Long Island Railroad during
the year to June 30, 1916. While fixed charges increased only slightly, the company was able to show for the first
time in the past eight years, a moderate surplus above fixed charges.

CapitalizationPer Mile of Road. (Includes Leaseholds) Dividend Record.
YEARS
NAME op ISSUE.
PK\\syLl'A\IA lUt. SYSTEM (LOXG ISLAND R.R. CO). 567
9. Auth. and outstanding, $600,000. Dated June 15, 1888; due June 1, 1938. Int paid at Penn. Station, New
York. Coupon, $1,000. Assumed by L. I. R.R. First lien, 75.83 miles, Long Island City to Eastport June., Valley
Stream to Cedarhurst, etc.; second lien on 2.32 miles following No. 8. Underlie Nos. 2, 3, 13 and 14, with pro-
vision by latter to retire. Legal for S. B. in Maine. Normal income tax deducted from interest.
10. Auth., $1,250,000; outstanding, $650,000 (closed). Dated May 2, 1887; due May 1, 1937. Int paid at
Penn. Station, New York. Coupon, $1,000. Assumed by L. I. R.R. First lien, 20.83 miles, Long Island City to
Flushing and branches. Underlie Nos. 2, 3, 13 and 14, with provision by latter to retire. Legal for S. B. in Maine.
11. Auth., $600,000; outstanding, $100,000 (closed). Dated Jan. 2, 1893; due Jan. 1, 1943. Int paid at Penn.
Station, New York. Coupon, $1,000. First lien, 5.89 miles. Garden City to Valley Stream. Assumed by L. I. R.R.
Underlie Nos. 2, 3, 13 and 14, with provision by latter to retire. Legal for S. B. in Maine. Normal income tax de-
12. Auth., $600,000; outstanding, $315,000 (closed). Dated Jan. 2, 1895; due Jan. 2, 1945. Int paid at Penn.
Station, New York. Coupon, $1,000. First lien, 21.20 miles, Bridpehampton to Montauk, N. Y. Underlie Nos. 2, 3,
13 and 14, with provision by latter to retire. Legal for S. B. in Maine.' Listed on New York Stock Exchange. Nor-
mal income tax deducted from interest
13. Auth., $45,000,000; outstanding, $5,660,000 (closed). Dated March 1, 1899; due March 1, 1949. Int. paid
at Penn. Station, New York, and at treasurer's office, Philadelphia. Coupon and rep., $1,000. Callable at 110 on
four months' notice. Secured on 329.65 miles, subject to various prior liens described above, amounting in all to
$10,121,602. Underlie No. 14, which provides for retirement Listed on New York Stock Exchange. Interest paid
without deduction for normal income lax.
14. Auth., $45.000,000: outstanding, $24,008.000. Dated Sept 1, 1903; due March 1, 1949. Int paid at Penn.
Station, New York, and Philadelphia. Coupon, $500 and $1,000; reg., $1,000 and multiples. Guaranteed prin. and
int. by the Penn. R.R. Co. by endorsement Secured on 329.65 miles, subject to the various prior liens described,
and for all of which bonds of this issue are held in reserve for retirement at or before maturity. Legal for S. B. in
Maine, Mich., Minn., N. H.. R. I. Listed on New York and London Stock Exchanges. Interest paid without deduc-
].->. Auth.. $1.500.000; outstanding. $1,262,000; in treasury. $163.000. Dated Oct 1, 1892; due Oct. 1, 1932.
Int paid at Penn. Station, New York. Coupon, $1,000. Guar. prin. and int. by Long Island R.R. by endorsement
lien, 30.24 miles, Northport June, to Wading River. Provided for by No. 14. Lilted on New York Stock
16. Auth.. $1,000,000; outstanding, $883,000; in treasury. $101,000. Dated Sept 1, 1887; due Sept 1, 1927.
Int. paid at Penn. Station, New York. Coupon, $1,000. G lar. prin. and int. by I.. I. R.R. Co. First lien, 12.34 miles
to Rockaway Park. L. I., etc. Provided for by No. 14. Listed on New York Stock Exchange. Normal income tax
deducted from interest
17. Auth., $2.000.000; outstanding. $1.601,000; in treasury, $125,000. Dated Oct. 1, 1885; due Oct. 1, 1935.
Int paid at Penn Station, New York. Coupon, $1.000. Guar. prin. and int. by L. I. R.R. by endorsement. First
lien. 15.66 miles. Manhattan Beach to East New York and to Bay Ridge, etc. Provided for by No. 14. Listed on
18. Series A, $400.000 4s; due, $100,000 annually on Feb. 1; int paid Feb. and Aug. 1 at Fidelity Trust Co.,
Philadelphia. Series B. $400.000 4s; due, $100,000 annually on Feb. 1. Series C, $400,000 4s; due, $100,000 annual-
ly on Feb. 1. Int Feb. and Apr., on all series, at Fidelity Trust Co., Philadelphia.
Equipment 5s of 1914. Series A; dated June 1. 1914; due, $106.000 annually to 1923 and $96,000 June 1. 1924.
Int paid June and Dec. 1, at Fidelity Trust Co.. Philadelphia. Authorized. SI. 050.000; now outstanding, $838,000.
First lien on equipment costing $1,175.262, of which the company paid $125,262 in cash.
19. Auth.. $26,500.000; outstanding, $25.247,951. Dated 1909; due Dec. 31, 1919; int. paid in New York. Those
outstanding were issued to the Pennsylvania R.R. for advances, etc. ,
Note: The Long Inland R.R. Co. guarantees, in addition to above, the following securities:
$340.000 Prospect Park and Coney Island 1st 4%s; dated Jan. 18, 1886; due Feb. 1, 1926. Int. F. and A. Both
prin. and int. are guaranteed. There are also outstanding $160,000 of this same issue carrying 6%, but not guar-
anteed.
$96.000 Prospect Park and Coney Island 2nd 4Hs; dated Feb. 25. 1891; due Mar. 1, 1931. Int M. and S. Both
prin. and int guaranteed by Long Island R.R. There are outstanding $104,000 of this issue carrying 6%, but not
guaranteed. Both guaranteed issues are provided for by No. 14.
$44.000 Montauk Steamboat Co., Ltd., 1st 6s; dated Apr. 1, 1896; due Apr. 1, 1926. Int J. and J. Both prin.
and int. guaranteed.
TABLE E. Stock Record and Ratings (Baaed on 10- Year Results, Per Mile of Road)
NAMB AND DBTAJU or IMVB.

NEW YORK, PHILADELPHIA & NORFOLK RAILROAD
Origin: Incorporated Sept. 27, 1881, under Virginia laws, as successor to the Peninsular R.R. of Virginia. Re-
organized without foreclosure in 1899. Controlled by Pennsylvania R.R. Co., which owns $2,492,750 out of $2,500,-
000 capital stock, which it received in exchange for its 40-year 4%
certificates.
Location: Owns and operates 112 miles, from Delmar, Del., to Cape Charles, Va., and Kings Creek to Crisfield,
Md. Also operates 36 miles of water lines between Cape Charles and Norfolk, Va. Controls Cape Charles R.R.,
from Cape June, to Kiptopeke, Va.
Management: OFFICERS: Wm. A. Patton, Pres.; A. J. County, Vice-Pres.; Lewis Neilson, Sec.; James F.
Fahnestock, Treas. DIRECTORS: Wm. A. Patton, J. P. Green, W. H. Myers, H. Tatnall, R. B. Copke, C. I. Leiper,
A. J. County. Annual meeting, third Tuesday in March. OFFICE, Broad Street Station, Philadelphia.

PENNSYLVANIA K.B. SYSTEM (X. Y., PHILA. $ NOR. KY.). 569
Comment: There were only slight changes in the financial statement of this company during the year ended
June 30, 1916. be noted that the property is very lightly capitalized in view of its earning power, and that
It will
in recent years, there has been no tendency toward increase in this capitalization. The net income on net capital
has always ranged high, and in the year just closed reached the high figure of 24.5%.
NAME OF ISSUE.
ri-:\\SYLI'A\Li U.li. SYSTEM (PlllLJ.. BALT.$ WASH.R.R.). 571
1916 1915 1914 1913 1912 1911

Gross revenues $23,677,892 $20,253,922 $20,657,039 $21,103,723 $20,280,042 $18,914,244
Maintenance of equip.. 4,202,129 3,907,561 3,857,078 3,881,136 3,530,700 3,096,072
All other oper. expenses 9,869,867 9,470,003 10,047,649 9,767,304 9,440,186 8,709,684
Net oper. revenues. $6,485,679 $3,834,927 $3,547,232 $4,030,758 $4,195,541 $4,495,017

Operating ratio 72.6% 81.06% 82.8% 80.9% 79.4% 84.2%
Other income 1,507,557 1,506,595 1,476,919 1,340.437 1,344,862 990,951
Total net income.. $7,993,236 $5,341,522 $5,024,151 $5,371,195 $5,540,403 $5,485,968

Taxes accrued 646,282 651,281 656,376 644,209 629,341 579,185
Balance for charges $7,346,954 $4,690,241 $4,367,775 $4,726,986 $4,911,062 $4,906,783

Fixed charges 3,548,522 3,407,789 3,217,216 2;954,331 2,887,883 2,625,468
Surp. over charges $3,798,432 $1,282,452 $1,150,559 $1,772,655 $2,023,179 $2,281,315

Dividends paid 1,005,520 1,005,520 1,005,520 1,005,520 1,005,520 1,005,520
Other deductions 1,881,978 279,291 302,502 589,489 817,659 1^217,415
Balance $910,934 def. $2,359 def.$157,463 $177,646 $200,000 $58,380

Earned on stock. 15.1% 5.10% 4.58% 7.05% 8.05% 9.06%
Profit and Loss Account, year ended June 30, 1916: Credit balance June 30, 1915, $4,890,662; credit balance
transferred from income, $910,934; unrefundable overcharges, $154; miscellaneous credits, $3,962; total, $5,805,712.
Contra: Miscellaneous debits, $77,851; credit balance carried to balance sheet, $5,727,861; total, $5,805,712.
f Comment: Gross revenues underwent a substantial improvement on this property in 1916, while net operating
revenues increased nearly 80%. The total net income available for fixed charges was more than double the fixed
charge requirements, and the final balance carried forward for dividends and improvements exceeded 15% on the
outstanding capital stock.

YEARS
ENDED
PENNSYLVANIA R.K. SYSTEM (PHILA., SALT. < WASH. R.E.). 573
Securities Owned: The par value of stocks owned by the company at the close of 1915 amounted to $12,649,-
730; and of bonds, $1,920,480; making a total of $14,570,210. The investments include a one-half interest in the
capital stock of the Washington Terminal Co., the other half of which is owned by the Baltimore & Ohio R.R., the
two companies jointly guaranteeing the entire issue of bonds of the latter.
Comment: There were practically no changes in the capitalization statement of the company during the year
to June The company is really not heavily capitalized in view of its earning power, and during the past
30, 1916.
decade has each year reported a very substantial income on net capital. In 1916, this percentage reached a TWTW
high figure, and was no less than 14.7%.
hereafter acquired. In addition, the bonds now cover (subject to a prior lien of $180,000), all the property of the
Phila. and Delaware County R.R., 10.08 miles. Legal for S. B. in Maine, Mich., Minn., N. H., N. J. Listed on Phila.
Pennsylvania R.R.-Phila., Wilmington & Balto. 4% Stock Trust Certificates. Auth., $10,000,000; redeemed by
sinking fund, $3,379,000; now outstanding, $6,621,000. Dated July 1, 1881; due July 1, 1921. Int. paid Jan. and
July 1, at Penn. Co., for Ins. on Lives and Granting Annuities, Phila., Pa. Reg., $1,000. Secured by deposit of an
equal amount of the capital stock of the Phila., Wilmingto & Baltimore R.R. (now Phila., Balto. & Washington R.R.)
Sinking fund: % of 1% semi-annually to purchase and cancel certificates at not over par. If no purchases can be
made, fund for that year to revert to Penna. R.R. Co. Listed on Phila. Stock Exchange. Tax free in Penna. In-
NAME AND DETAILS OP ISSUE.

PE\ \SYLVA\I A U.K. SYSTEM (WEST JERSEY $ S. S. R.R.). 575
LIABILITIES:
PENNSYLVANIA R.R. SYSTEM (WEST JERSEY $ S. S. R.R.). 577
Comparative Condensed Balance Sheet, as of December 31, 1911-1912; June 30, 1913-1916.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 1,183,761 1,052,162 663,518 818,718 1,396,673 1,306,329
Accrued income not due 59,286 54,923 70,097 58,808 12,969 1,626
Total $22,556,573 $22,055,512 $21,861,392 $21,535,861 $21,820,538 $21,366,223

LIABILITIES :
Capital stock $9,747,305 $9,747,305 $9,747,305 $9,747,305 $9,747,305 $9,747,305

Funded debt 9,012,000 9,187,956 6,471,060 6.560,075 8,004,400 8,088,425
Working liabilities 899,857 755,505 2,941,473 2,556,325 996,279 812,469
due
JTccrd. liabilities not 233,574 192,984 179,145 178,056 498,629 508,339
Deferred credit items. . 88,119 '39,761 253.380 286,273 1,036 35.045
Appropriated surplus... 2,542,532 2,084,270 1,894,416- 1,690,998 1,650,382 1,244,583
Total $22,556,573 $22,055,512 $21,861,392 $21,535,861 $21,820,538 $21,366,223

Reverse item.
Note: Funded debt in 1916 includes $1,338,000 loans and bills payable.
Comment,: There was a slight decrease in the funded debt of the West Jersey & Seashore Railroad in 1916,
but no change in the capital stock. The company is rather lightly capitalized in view of its earning power, and in
the past few yean has reported an increasing net inn me on net capital. In 1916, this was in excess of 10%.
BASIS FOB RATING.
NAMBOT Imun.
PENNSYLVANIA COMPANY
official
Origin: Incorporated April 1, 1870, under Pennsylvania laws, as a holding company, in the interest of the
Pennsylvania Railroad for the purpose of controlling and managing the various lines leased and controlled by the
latter, which were located west of Pittsburgh and Erie. The company as now constituted has leased and directly
operates various of these Western lines, and in addition controls certain other companies which are directly oper-
ated.
Location: Thedirectly operated lines of the Pennsylvania Company on Dec. 31, 1915, consisted of 1,948.52 miles
classified as follows: Pittsburgh, Fort Wayne & Chicago Ry., 470.53 miles, embracing main line from Pittsburgh to
Chicago, and branches; Pittsburgh, Youngstown & Ashtabula, 137.56 miles; Erie &
Pittsburgh R.R., 82.97 miles;
Cleveland & Pittsburgh R.R., 205.34 miles; Toledo, Columbus &
Ohio River R.R., 345.31 miles; Massillon & Cleve-
land R.R., 12.23 miles; New Castle Branch of Western New York & Penn. R.R., 51.52 miles; Pittsburgh, Ohio Val-
ley & Cincinnati R.R., 15.09 miles; South Chicago & Southern R.R., 23.05 miles; Marginal R.R., 3.44 miles; Youngs-
town & Ravenna R.R., 2.28 miles; Cleveland, Akron & Cr cinnati Ry., 335.21 miles; trackage rights, 263.99 miles.
(See terms of control of these companies, etc., under their own headings.) These directly operated lines extend
from Pittsburgh to Chicago, Cleveland, Cincinnati, etc., mileage being chiefly in Ohio, Indiana and Illinois. Popula-
tion of these States in 1890, 9,691,021; in 1900, 11,555,597; in 1910, 13,106,588.
Separately Operated Lines: In addition to the above, the Pennsylvania Company controls the following sepa-
rately operated properties:
(1) Pittsburgh, Cincinnati, Chicago & St. Louis Ry. (including Ohio Connecting Ry., Pittsburgh, Wheeling
& Kentucky R.R., Little Miami R.R., Chicago, Indiana & Eastern Ry., etc.), 1,422.18 miles.
(2) Grand Rapids & Indiana Ry. (including Muskegon, Grand Rapids & Indiana R.R., Traverse City R.R., Cin-
cinnati, Richmond & Fort Wayne R.R.), 567.50 miles.
(3) Vandalia R.R. (including Terre Haute & Peoria R.R., and trackage on Evansville and Terre Haute lines),
800.59 miles.
(4) The following smaller companies, some of which are jointly controlled with other railroads: Waynesburg
& Washington R.R., Pittsburgh, Chartiers & Youghioeheny R.R., Toledo, Peoria & Western Ry., Cincinnati, Lebanon
& Northern Ry., Central Indiana Ry., Ohio River & Western Ry., Wheeling Terminal Ry., Pennsylvania Terminal
Ry^ and Manufacturers Ry. of Toledo; in all, 600.03 miles. Is also jointly interested with the New York Central
R.lf. in the Lake Erie & Pittsburgh Ry., from Lorain to Youngstown and Cleveland, 120 miles.
Note: For details of recent merger of Pittsburgh, Cincinnati, Chicago & St. Louis Ry. and the Vandalia
R.R. see those companies.
Control: The Pennsylvania Railroad Co. owns the entire $80,000,000 capital stock of the Pennsylvania Company.
Management: OFFICERS: Saml. Rea, Pres.; J. J. Turner, Vice-Pres.; A. M. Schoyer, Vice-Pres.; E. B. Tay-
lor, Vice-Pres.; D. T. McCabe, Vice-Pres.; Geo. L. Peck, Vice-Pres.; S. H. Church, Sec.; T. H. B. McKnight, Treas.
DIRECTORS: J. J. Turner, E. B. Taylor, D. T. McCabe. Geo. L. Peck. J. P. Green, W. H. Barnes, T. DeWitt Cuyler,
Samuel Rea, Geo. Wood, C. Stuart Patterson, E. B. Morris, Henry Tatnall, W. W. Atterbury. MAIN OFFICE, Pitts-
burgh, Pa. Annual meeting, first Tuesday in June. PHILADELPHIA OFFICE, Broad Street Station.
PENNA. K.K. SYSTEM (PENNSYLVANIA COMPANY). 579
Comment: The operating results of the Pennsylvania Company lines for the year ended June 30, 1916, as
reported to the Interstate Commerce Commission, reflected a remarkable improvement in freight business as com-
pared with 1915. The freight density rose to a figure nearly as high as that of 1913, while the freight train load
was far better than ever before. It will be noted also that the company was able to report a better average in both
freight and passenger rates, and the train mile earnings were therefore substantially improved. As has been the
case in recent years, more than two-thirds of the tonnage transported was represented by products of mines.
YEARS
EKOED
PE\NA. R.R. SYSTEM (PENNSYLVANIA COMPANY). 581
Stocks Owned by the Pennsylvania Co., December 31, 1915
Name of Company Total Par. Name of Company. Total Par.

Belt Ry. of Chicago $240,000 Ohio Connecting Ry. Co $2,000,000
Calumet Western Ry. Co 108,000 Ohio River and Western Ry. Co 652,600
Chartiers Southern Ry. Co 9,000 Pennsylvania-Ontario Transportation Co. . .
125,000
Canton and East Liverpool R.R. Co 10,000 Pennsylvania Steel Co., preferred 4,579,200
Canton and East Liverpool Ry. Co 5,000 Pennsylvania Steel Co., common 3,694,400
Central Indiana Ry. Co .J.M.IIMIP Pennsylvania Terminal Ry. Co 759,600
Cleveland and Pitts. R.R., spec, guaranteed 5,771.750 Pennsylvania Tunnel and Terminal R.R. Co. 10,000,000
Cleveland, Akron and Cincinnati Ry. Co 7,498,488 Pennsylvania Western Ry. Co 60,000
Cincinnati, Lebanon and Northern Ry. Co. . 2,100,000 Pittsburgh, Ohio Val. & Cincinnati R.R. Co 300,000
Cincinnati, Richmond & Ft Wayne R.R. Co. 1,277,000 Pittsburgh, Wheeling and Kentucky R.R.. .
264,700
Chicago, Indiana and Eastern Ry. Co 1,000,000 "
Pitts., Cm., Chic, and St. Louis Ry., pref. . 24,886,800
Columbus and Xenia R.R. Co Pitts., Cin., Chic, and St Louis Ry., com. .
24,169,600
Continental Improvement Co 1,563 Pitts., Ft. Wayne & Chic. Ry., spec. guar. .
48,505,200
Cornwall and Lebanon R.R. Co 300,000 Pitts., Youngstown & Ashtabula Ry., pref. 5,775,000
Erie and Pittsburgh R.R. Co Youngstown & Ashtabula Ry., com.
v 2,200
Pitts., 2,100,000
Erie and Pittsburgh R.R. Co., special . >
Pittsburgh Joint Stock Yards Co 500,000

ewood Connecting Ry. Co 250,000 Sharpsville R.R. Co 170,100
Fairport and Youngstown Ry. Co 26,000 South Chicago and Southern R.R. Co 842,500
t-Second Nat Bank of Pittsburgh 01,800 Southern Pacific Co 12,741,200
Granite Improvement Co 70,000 Terre Haute and Peoria R.R. Co., pref 1,133,700
Grand Rapids and Indiana Ry. Co 2,966,600 Terre Haute and Peoria R.R. Co., com 220,300
Homewortn Consumers' Gas Co 5 Toledo, Peoria and Western Ry. Co 2,011,200
Indianapolis and Frankfort R.R. Co 80,000 Toledo Terminal R.R. Co 387,200
Lake Erie and Pittsburgh Ry. Co 2,150,000 Toledo, Columbus and Ohio River R.R. Co. .
10,000,000
r
Little Miami R.R. Co . >00 Vandalia R.R. Co 12,175,000
Little Miami R.R. Co., special betterment. . . 1,381,500 Walhonding Coal Co 262,500
Louisville Bridge Co 903,900 Wheeling Terminal Ry. Co 2,000,000
Masxillon Iron and Steel Co., second pref. .. 15,300 Youngstown and Ravenna R.R. Co 320,000
Monongahela Ry. Co 823,500
Norfolk and Western Ry. Co., preferred 5,000,000
Norfolk and Western Ry. Co., common 3,190,500 Total $206,843,455
Summary of Stocks and Bond* Owned December 31, 1915
Par value of stocks $206,843,455 Of the foregoing securities there are depos-
Par value of bonds 18.620,006 ited as collateral with the various mort-
gages, and trust obligations, stocks of a
$225,463,461 par value of $114.369.100
Cost, as per general balance sheet $179,924,731
HOW TO ANALYZE HOW TO INVEST

RAILROAD REPORTS MONEY WISELY
By JOHN MOODY By JOHN MOODY
attractive l*>k, which has just inve>iinn i^ -omething

a complete ami which no investor,
THIS l>i-fti
|x>piilar
i>-,ued. cuviT-. in
wa\ tin- entire subject of
DIVERSIFIED
should ignore. The
large
general
or small.
plan of
railroad o|MTation and finance. It is in- this book is based on principles for intelli-
tended primarily for the Investor who holds gently diversifying investment capital, a
railroad stocks or bonds, and supplies a long- subject which the writer has been carefully
felt want for every one who is in any way .-tiidying for many years in connection with
interested in railroad securities. his work as an analy.-t and investigator
tockholder receives his annual re- of investments for hankers, institutions, and
jH>rt
from the railroad in which he has individual investors both at home and
invested his money, lnit very few >tock- abroad. These methods for wisely and in-
holdcrs have the time or the technical telligently investing money on comprehen-
knowledge to clearly analvze the meaning sive and intelligent principles of diversifi-
of the figure- presented. Thi> little Ixnik ex- cation have within the past few years been
plains the principles where! >y every statement adopted by numerous institutions and many
an. figure in the rcjiort can be clearly under-
I thousand individual investors with advan-
stood, and the significance properly judged. tage and profit.
Price, $2.00 per copy each, in uniform binding

1>E\\A. K.H. SYSTEM (PEXXSYLFANIA COMPANY). 583
ally, to be used for purchase of these certificates at not exceeding par. Guar. prin. and int. by Pennsylvania R.R.
First collateral lien on $10,000,000 Pittsburgh, Fort Wayne & Chicago Guaranteed Special Stock (7% dividends
being guaranteed by Pennsylvania R.R.). Legal for S. B. in N. H., R. I. Listed on New York Stock Exchange.
4. Issued, $5,000,000; outstanding, $4,335,000 (closed). Dated Dec. 1, 1902; due Dec. 1, 1942. Int. paid at
Penn. Station, New York, and Girard Trust Co., Philadelphia. Coupon, $1,000. Sinking fund: $50,000 annually
to be used for purchase of these certificates at not exceeding par and int. Guar. prin. and int. by Pennsylvania
R.R. First collateral lien on $5,000,000 Pittsburgh, Foit Wayne & Chicago Guaranteed Special Stock (7% divi-
dends being guaranteed by Pennsylvania R.R.). Legal for S. B. in N. H. and R. I. Listed on New York and Lon-
don Stock Exchanges. Interest paid without deduction for normal income tax.
5. Issued, $10,000,000; outstanding, $9,155,000 (closed). Dated Dec. 1, 1904; due Dec. 1, 1944. Int. paid at
New York and Philadelphia. Coupon, $1,000. Sinking fund: $100,000 annually for purchase of these certificates at
not exceeding par and int. Guar. prin. and int. by Pennsylvania R.R. First collateral lien on $10,000,000 Pitts-
burgh, Fort Wayne &
Chicago Guaranteed Special Stock (l c,'c being guaranteed by Pennsylvania R.R. ). Legal
for S. B. in N. H., R. I. Listed on New York and London Stock Exchanges. Interest paid without deduction for
normal income tax.
6. Auth. and outstanding. $10,000.000. Dated May 1. 1912; due May 1, 1952. Int. paid at Girard Trust Co.,
Philadelphia, and Penn Station, New York. Coupon, $1,000. Sinking fund of $100,000, beginning Nov. 1, 1917, to
cur-chase these certificates at not exceeding par and int. Guar. prin. and int. by Pennsylvania R.R. Secured by
deposit of $10,000,000 Pittsburgh, Fort Wayne & Chicago Ry. guaranteed special stock. Legal for S. B. in N. H.,
R. I. Interest paid without deduction for normal income tax.
7. Auth. and outstanding. $20,000.000. Dated April 2, 1906; due April 1, 1931. Int. paid at Girard Trust
Co., Philadelphia, and Penn Station, New York. Coupon, $1,000. Redeemable it par and int. on April 1, 1921, or
on any interest date thereafter on ninety days' notice. Guar. prin. and hit. by Pennsylvania R.R. by endorsement
i collateral lien on $12,500,000 common stock and $10 900.000
preferred stock of the Pittsburgh, Cincinnati, Chi-
cago & St Louis Ry.; $4.000,000 Vandalia R.R. stock, and $1,000,000 Pittsburgh. Youngstown & Ashtabula Ry.
stock. The company can substitute other collateral of equal value at any tinv. Legal for S. B. in N. H., R. I.
tod on New York Stock Exchange. Interest paid without deduction for normal income tax.
8 and 9. Auth., $48,202,500; outstanding. $18.104,229 (No. 8) and $30,158,271 (No. 9). Dated June 15, 1906,
and June 15, 1915; duo June 15. 1921. Int. paid at Credit Lyonnais, Paris; Broad Street Station, Philadelphia,
and Penn Station, New York. Redeemable at par and int. on and after June 15, 1918 on 60 days' notice. Guar.
prin. and int. by Pennsylvania R.R. by endorsement. First collateral lien on marketable securities of a par value
of about $50,000,000. Legal for S. B. in N. H. and R. I. Listed on Philadelphia and Paris Stock Exchanges.
Normal income tax deducted from interest Coupon, 500 and 2.500 francs, and $1,000. This loan was originally
a French franc issue but in 1915 the company issued dollar bonds to take up the franc bonds, depositing the latter
as security therefor. All but above amount of No. 8 have been exchanged.
10. Dated May 1. 1895; due May 1, 1935. Int. paid at Farmers'
Auth.. $2,000,000; outstanding. $1.215,000.
Ix>an Trust Co.. New York. Coupon, $1.000. Sinking fund: Amount equal to \''r of outstanding bonds to be used
&
July 1 each year for purchase of these bonds at not exceeding par. Guar. prin. and int. by Pennsylvania Co. by
endorsement. First lien from Marietta to Canal Dover. Ohio, 103.13 miles, and branch. 0.55 mile; total. 103.68
miles. Legal for S. B. in Me.. Mich.. Minn.. Mo.. N. H., R. I. Listed on New York and London Stock Exchanges.
11 Auth.. $10.000.000; outstanding. Series A 4Hs.

to 15. $3,000.000; Series B 4V4s, $1,561,000; Series B
Series C 3Hs, $2,665,000; Series D 3Hs, $1,338.000 (closed).
"; Dated Dec. 1, 1891; due Series
A. Jan. 1. 1942; Series B. Oct. 1. 1942; Series C, Nov. 1. 1948; Series D, Aug. 1, 1950. Int paid at Wins-
low. Lanier & Co.. New York. Coupon, $1,000. Sinking fund: Annual amount, beg. Jan. 1, 1893, equal to 1% of
bonds outstanding to be used for purchase of these bonds at not exceeding nar. Guar. prin. and int. by Pennsyl-
vania R.R. by endorsement. First lien on docks, buildings, etc., in Allegheny and Pittsburgh, and on 205.50 miles
as follows: From Rochester. Pa., to Cleveland. O.. 123.12 miles; from Yellow Creek to Bcllaire.'O., 43.44 miles;
from Bayard to Rosewell, Ohio, 38.07 miles; and coal branches, aggregating 0.87 mile. Legal for S. B. in Cal.,
Conn.. M... Max. Mi.-K. Minn.. Mo., N. H.. N. .1.. V. Y R. I.. Vt. Wis.
. Listed en New York Stock Exchange.
IS. Auth., $4.500.000; outstanding, $3.945,000 /closed). Dated July 1. 1890; due July 1, 1940. Int. paid at
Union Trust Co.. New
York. Coupon, $1,000. Sinking fund: Annual amount equal to !''< of bonds outstanding
to be used for their purchase at not exceeding par. Guar. prin. and int. by Pennsylvania R.R. by endorsement.
i
from Girard to New Castle, Pa.. 79.
lien piilcs; nlso branch to Erie Dorks. 3.41 tniles; total, 82.97 miles.
.">r.
.1 for S. B. in Cal.. Conn.. Me., Mass.. Mich., Minn.. N. H.. N. J.. N. Y.. R. I.. Wi?. Listed on New York Stock
17. outstanding. $1.562.000 (closed). Dated Nov. 1. 1887; due Nov. 1, 1927. Int. paid at
Auth.. $4.000,000;
Farmers' Loan Trust Co., New York. Coupon. $1.000. Sinking fund: Annual amount equal to 1% of bonds
&
outstanding to be used for purchase of these bonds at not exceeding par and int. Guar. prin. and int. bv Penn-
sylvania Co. First lien on 122.94 miles, as follows: From Ashtabula Harbor, Ohio, to Kenwood, Pa.. 98.70 miles,
and from Nile* to Alliance June.. Ohio. 24.2-1 miles. Underlies No. 18. which provides for retirement. Legal for
S. B. in Conn Me., Mo.. Mich., Minn., N. H.. N. J.. R. I. Listed on New York and Philadelphia Stock Exchanges.
.

Auth.. $15,000.000: outstanding, $2.905000. Dated June 1, 1908; due June 1, 1948. Int. paid at Farmers'
Loan Trust Co., X * York. Coupon, $1.000. Sinking fund: Annual amount equal to \ rl, of honds outstand-
&
ing to be used for purchase of these bonds at not exceeding par and int. Guar. prin. and int. by Pennsylvania Co.
First lien on 14.60 miles from Homewood to New Castle. Pa.; second lien on 122.94 miles, following No. 17. Legal
for S. B. in Conn., Me.. Mich., Minn., N. J., R. I., Wis. Interest paid without deduction for normal income tax.
20 and 21. Auth.. $4.000,000; outstanding. Series
19. A
4V6s. $1,494,000; Series B 4%s, $969,000; Series
$1 UM-..OOO.
. Dated July 1, 1891: due Series A, July 1. 1931; Series B. July 1. 1933; Series C, Sept.
1. lf42. Int. paid at Fanners' Loan &
Trust Co., New
York. Coupon, $1.000. Sinking fund: Bee. Oct. 1. 1892.
and annually thereafter, an amount .equal to 1%
of bonds outstanding to be used for purchase of these bonds at
par. Gnar. prin. and int. by Pennsylvania Co. by endorsement. First lien on 234.26 miles, as follows: From
Toledo to Toledo June., Ohio, 80.20 miles; West Loudenville to Coshocton, Ohio, 45.41 miles; Sandusky to Colum-
bus, Ohio, 108.29 miles, and branch to Union Station, East Toledo, 0.36 mile. Legal for S.B. in Me., Mich., Minn.,
Mo., N. H., N. J., R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income
tax.
22. Auth. and outstanding, $1,800,000. Dated Mar. 1, 1887; due March 1, 1927. Int. paid March, and Sept. at
Winslow, Lanier & Co., New York. Coupon, $500 and $1,000. First lien, 186.75 miles, as follows: Hudson to Col-
umbus, 143.79 miles; Killbuck to Trinway, 33.54 miles; branches, 9.42 miles. Legal for S. B. in Maine. Interest
23. Auth., $4,000,000; outstanding, $1,550,000. Dated Aug. 1, 1900; due Aug. 1, 1940. Int. paid Feb. and Aug.
at Winslow, Lanier & Co., New York. Coupon, $1,000. Of outstanding amount, $1,023,000 are guaranteed prin.
and int. by Penn. Company by endorsement. Sinking fund, 1% of bonds outstanding, retires bonds by purchase at
par or less. Second lien on 186.75 miles, following No. 22, above. Those guaranteed are legal for S. B. in Minn.,
N. H., R. I. Interest paid without deduction for normal income tax.
24. Auth., $2,000,000; outstanding, $1,701,000. Dated Aug. 1, 1898; due Aug. 1, 1948. Int. paid Feb. and Aug.
at Farmers' Loan & Trust Co., New York. Coupon, $1,000. First lien, 148.46 miles, Trinway to Morrow, Ohio.
Guar. prin. and int. by Penn. Co. by endorsement. Legal for S. B. in Maine, Mich., Minn., Mo., N. H., N. J., R. I.
25. Series I, 4s; dated Nov. 1, 1907; due to Nov. 1, 1917. Int. paid quarterly at Broad Street Station, Phila-
delphia. Original issue, $642,036; unmatured Dec., 1915, $128,407. First lien on 533 cars. Series A, B, C, E and
F, 4s; dated May 1, 1910; due to May 1, 1920. Int. paid quarterly at Broad Street Station, Philadelphia. Orig-
inal issue, $4,086,275; unmatured Dec., 1915, $2,043,137. First lien on 3,500 freight cars. Series D and E of 1912,
4s; dated June 1, 1912; due to June 1, 1922. Int. paid quarterly at Broad Street Station, Philadelphia. Original
issue, $1,189,480; unmatured Dec., 1915, $832,636. First lien on 1,000 cars. Series A, B, E and F of 1913, 4s;
dated April 1, 1913; due to April 1, 1923. Int. paid at Broad Street Station, Philadelphia. Original issue, $3,217,-
791; unmatured Dec., 1915, $2,574,233. First lien on 2,500 cars.

ri:\\A. It. If. SYSTEM (PENNSYLVANIA COMPANY). 585
7. Pittsburgh, Youngstown & Ashtabula Ry. Leased to Pennsylvania Company for 999 years from July 1, 1910,
at rental to cover all charges, maintenance, and 7% dividends on preferred and common stock, the cost of better-
ments to be covered by issues of stock or bonds on terms satisfactory to the lessee. The Pennsylvania Company
owns $5,775,000 of this issue and also $2,100,000 common, the total amount outstanding.
8.Auth., $80,000,000. This issue is all owned by the Pennsylvania Railroad Company. Dividends in 1911, 1% ;
in 1912, 7 in years ended June 30, 1913, 1%; 1914, 7%; 1915, Z%; 1916, 8%.
,
;
Note: The Pennsylvania Company owns the entire $80,000,000 capital stock of the Toledo, Columbus & Ohio
River R.R. Co., which was a consolidation in 1911 of the Cleveland & Marietta Ry. and the Toledo, Walhonding &
Ohio R.R., and guarantees the bond issues of the latter companies. Also owns all the stock of the Pittsburgh, Ohio
Valley & Cincinnati R.R. and the South Chicago & Southern R.R., and operates these properties. In 1916, acquired
substantially all the securities of the Lorain, Ashland & Southern R.R.
COMPANIES CONTROLLED BY PENNSYLVANIA COMPANY

CHICAGO, INDIANA & EASTERN RAILWAY
Incorporated under laws of Indiana, Mar. 8, 1893; road first opened in 1900.
Location: Line of road: Converse to Muncie, Ind., 43.02 miles. Sidings, 9.27 miles. Control acquired by Penn-
sylvania Company in 1907, and property has since been operated by Pitts., C., C. & St Louis Ry.
Management: OFFICERS: E. B. Taylor, Pres.; J. J. Turner, Vice-Pres.; S. H. Church, Sec.; T. H. B. Mc-
Knight, Treas.; J. W. OIT, Aud. Annual meeting, first Thursday in April. OFFICE, Pittsburgh, Pa.
ASSETS: 1915 1914 1913 1912 1911
$1,770,717 $1,767,202 $1,775,105 $1,767,293 $1,855,164 $1,853,788
Working assets 1,722 1.7J4 1,724 3,550 ::..",7
Deferred debit items. . . ' ' 2,367 2,003
Profit and loss deficit.. 379,833 32o',367 260,045 199,164 389,757 331,553
Total $2,150,550 $2,094,291 $2,036,874 $1,968,121 $2,250,838 $1,190,901

LIABILITIES:
Capital stock ty, -:. v $1,000,000 $1,000,000 $1,000,000
Funded debt 500,000 500,000 500.000 500,000 500,000
Working liabilities .... 6S3.458 577,199 519.844 wjtm 687,374 477,606
Accrd. liabilities not due 4,167 4,167 4,167 4,167 i. .; 7 4,667
Deferred debit items... 5,031 5.031 5,031 208,797 208,628
7,894 7 VI 7,832
Total . $2,150,550 $2,094,291 $2,036,874 $1,968.121 $2,250,838 $1,190,901
Bonded Debt: $500,000 Chicago. Indiana A Eastern Ry. first 5s; dated May 1, 1902; due May 1, 1942. Int.
paid March and Nov. 1. First lien on entire property. Coupon, $1,000. Sinking fund, 1% of outstanding bonds
owned to May 1, 1926; 2% annually thereafter. All owned by Pennsylvania Company.
Capital Stock: Auth. and issued. $1,000.000. All owned by Pennsylvania Company.
THE CINCINNATI, LEBANON & NORTHERN RAILWAY

Origin: Incorporated under Ohio laws, July 14, 1885, as successor to the Cincinnati Northern Ry. Controlled
by t! ylvania Co., which owns all the capital stock. In Jan., 1915, the Dayton Lebanon & Cincinnati R.R.
A Terminal Co. was directly merged.
Line of road, Cincinnati to Dayton, O. Blue Ash to Montgomery; Middletown.Junc. to Middletown,
Location: ;
O., Hempstead to Clement, (>.. 7K.17 miles in all. Second track, 5.30 miles. Sidings, 34.25 miles. Equipment: lo-
comotives, 22; passenger and freight cars, 97.
Management: OFFICERS: E. B. Taylor, Pres.; J. J. Turner, Vice-Pres.; T. H. B. McKnight, Treas.; S. H.
Church. Sec.; J. W. Orr, And.; R. C. Barnard. Supt. no E. B. Taylor, J. J. Turner, D. T. McCabe, G. L.
I .
Peck. R. E. McCarty, R. C. Barnard, S. E. Sternberger. Annual meeting, third Wednesday in February. OFFICE,
Cincinnati, Ohio .
Comparative Income Aero, int. Years Ended June 30

1916 1915 1914 1913 *1912 *1911
Gross earnings $777.586 $571,127 $566,597 $509,634 $454,644
Maintenance of way. . . . 121 110,245 85.418 99,913 02,468
(8474 74,748 .M.150 75,324 59,834 55,330
Net earnings . .
$202,549 $91,664 $152,892 $167,514 $143,850 $130,409
Operating ratio 64 <
73. J 70.4% 71.8% 70.3%
Other income 54,432 51,797 -'40 52,729 52,601 45,320
Total net income. $256,981 $143,461 $205,132 $220,243 $196,451 $169,549

-
43.552 ) 33,874 27,437
93,686 77,056 ( 94,322 85,511
Balance $112,172 $40,300 $84,524 $94.322 $68,755 $56,601

Dividends '
75,000 r,o.ooo 60,000 80,000
Other deductions 1 1,249 Vl',280
Balance $100.023 $29,020 $9,524 $34,322 $8,755 (def.) $3

* Year ended December 31st.
ance transferred from income, $100,923; delayed income credits, $24,751; miscellaneous credits, $824; total, $261,-
742. Contra: Credit balance carried to balance sheet, $214,573; miscellaneous debits, $47,169; total, $261,742.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 336,424 305,992 221,978 352,270 356,771 464,302
Total :
$4,458,131 $4,058,250 $3,398,792 $3,403,783 $3,319,989 $3,296,004
LIABILITIES :
Capital stock $2,100,000 $2,100,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000

Funded debt 1,682,000 1,394,000 1,406,000 1,418,000 1,430,000 1,442,000
Accrd. due
liabilities not 25,910 16,995 13,458 12,804 11,731 10,262
Deferred credit items.. 11,229 14,748 16,254 5 4,487
Appropriated surplus... 183,786 172,537 161,258 149,612 128,074 104,400
Total $4,458,131 $4,058,250 $3,398,792 $3,403,783 $3,319,989 $3,296,004
Bonded Debt: (1) $300,000 Dayton, Lebanon & Cincinnati R.R. & Term. Co. first 6s; dated Mar. 1, 1914; due
Mar. 1, 1934; int. paid Mar. and Sept. at Fifty Third Natl. Bank, Cinn. Coupon, $500, $1,000. Callable at 105.
Assumed by Cinn., Leb. & No. Ry. First lien on 30 miles as follows: Lebanon to Dayton, 25 miles; Hempstead to
Lebanon June., 4 miles; Lambeth to Lakeland, 1 mile. Auth., $500,000. Interest paid without deduction for nor-
mal income tax. Net Rating, Aaa.
(2) $1,382,000 Cinn., Lebanon & Northern Ry. first cqnsol. 4s; dated Nov. 1, 1902; due Nov. 1, 1942; int. paid
at Farmers' Loan & Trust Co., New York. Coupon, $1,000. Sinking fund, 1% per annum of bonds outstanding,
to purchase at par or under. Guar. prin. and int. by Penn. Co. by endorsement. Auth., $1,500,000. First lien
on 51.45 miles as follows: Cincinnati to Dodds. 0., 35.87 miles; Blue Ash to Montgomery, 1.35 miles; Middletown
June, to Middletown, O., 14.23 miles. Listed on New York and Cincinnati Stock Exchanges. Legal for S. B. in
Me., Mich., Minn., Mo., N. H., N. J., R. I. Interest paid without deduction for normal income tax. Net Rating, Aa.
given due weight, such as the general financial condition of the property, character of its business, relative posi-
tion of the issue, etc. For full explanation, see Introduction. For Key to Ratings, see pages 19 to 23.
Capital Stock: Auth., $2,500,000; issued, $2,100,000; par, $100. All owned by the Pennsylvania Co. Dividends
paid annually on Dec. 31, as follows: 1906, 1909 and 1910, 3% each; 1911 and 1912, 4% each; 1913, 5%; 1914,
3%; none in 1915. TRANSFER AGENT, S. H. Church, Pittsburgh, Pa.
THE CLEVELAND, AKRON & CINCINNATI RAILWAY COMPANY

Origin: Incorporated June 26, 1911, as a consolidation, effective July 1, 1911, of the Cleveland, Akron & Colum-
bus Ry. and the Cincinnati & Muskingum Valley R.R. (See these companies in earlier editions of the Analyses.)
In the consolidation the old stockholders of the Cleveland, Akron & Columbus received 137%% of new stock for
100% of the old, and stockholders of the Cincinnati & Muskingum Valley received 100% in new stock for 100% in
old. By agreement with the Pennsylvania Company, the latter began operating the consolidated property from
January 1, 1912, on the basis of paying the Cleveland, Akron & Cincinnati the net earnings.
Location: The directly owned lines consist of 335.21 miles, including the line from Trinway to Morrow, Ohio,
148.46 miles (the old Cincinnati & Muskingum Valley) ; the line from Hudson to Columbus, 143.79 miles, and
branches, 42.96 miles. Mileage all in Ohio. Population of Ohio in 1890, 3,672,316; in 1900, 4,157,545; in 1910, 4,767,-
121. In addition to above, company holds a one-fourth interest in the Akron & Barberton Belt R.R. and a half in-
terest in the Zanesville Terminal Ry. The Pennsylvania Company owns $7,498,487 out of $7,500,000 capital stock of
the Cleveland, Akron & Cincinnati Ry., and. now directly operates the property. Prior to 1912, the road was inde-
pendently operated. For statistics for years prior to date, see "Moody's Analyses of Railroads for 1914."
Management: OFFICERS: J. J. Turner, Pres.; S. C. Scott. Vice-Pres.; S. H. Church, Sec.; T. H. B. McKnidit,

Treas. J. W. Orr, Aud. DIRECTORS : J. J. Turner, S. C. Scott, Edward B. Taylor, N. Neff I. W. Geer, R. E. Mc-
; ,
Carty, D. T. McCabe, G. L. Peck, F. J. Stimson MAIN OFFICE, Cleveland, Ohio.

Six mos.
1916 1915 1914 1913 1912
Rental income $864,180 $332,385 .
$294,013 $504,708 $1,957,493
Taxes, etc 1,425,920
Fixed charges 225,573 230,230 234,657 243,574 157,875
Surplus $638,607 $102,155 $59,356 $261,134 $373,698

Dividends paid 225,000 150.000
Balance $590,172 $52,053 $41,112 $18,840 $24,712
Profit and Loss Account, year en3ed June 30, 1916: Credit balance transferred from income, $590.172; miscel-
laneous credits, $3,882 total, $549,053. Contra^ Debit balance transferred to balance sheet, $287,161 miscellane-
; ;
ous debits, $752; debit balance at beginning of 'year, $306,140; total, $549,053.
PENNSYLVANIA COMPAXy Sl'STEM. 587

ASSETS: 1916 1915 1914 1913 1912
Working assets .
10,162 21,244 1,164,342
Deferred debit items 63,774 125,006 247,106 329,441 488,440
Total $14,463,207 $14,185,889 $14,453,084 $13,929,709 $14,745,601

LIABILITIES:
Capital stock >7/ ."MM $7,500,000 $7,500,000 $7,500,000 $7,500,000
Funded debt 5,141,822 5,261,569 5,381,315 5,486,062 5,611,207
Accrued liabilities not due. 86,006 B5.MM B74M 87,899 184,440
Deferred credit items 1,009 i.oop 1,038 1,142 4,497
Appropriated surplus 1,137,616 1,089,182 1,126,464 800,241 389,304
Profit and loss surplus 287,161 569,440
Total $14,463,207 $14,185,889 $14,453,084 $13,929,709 $14,745,601

Bonded Debt: Total, $5,051,000. For full details, and ratings see Pennsylvania Company Bond Table, page 582.
Capital Stock: Auth.. $12.000.000; outstanding. $7,500,000; par, $100. Dividends: 1911, 4%; 1912, 6%; 1913,
-.one since. Practically all owned by Pennsylvania Company.
CLEVELAND & PITTSBURGH RAILROAD COMPANY

Origin: Incorporated under laws of Ohio, March 14, 1H:H!. and under the laws of Pennsylvania, April 18, 1853.
Leased for 999 years to Pennsylvania R.R. Co. from Dec. 1. 1871. lease assigned to Penna. Co., April 14, 1873.
Rental 1% on stock, interest on bonds, sinking fund and $10,000 for organization expenses.
Location: Line of road: Rochester, Pa., to Cleveland, (>.. 122.21 miles; Yellow Creek to Bellaire, O., 43.44
miles; Bayard to Rose well, ()., 38.21 miles; branch, 1.28 miles. Second track, 137.58 miles; third track, 5.81 miles;
fourth track, 5.81 miles; sidings, 367.66 miles. Equipment: Locomotives, 200; cars, 6,345. Of this equipment 500
box cars are held under car trusts.
Management: OFFICERS: Andrew Squire, Pres.; S. W. Croxton. Vice-Pits.; John E. Kloss, Sec. and Treas.,
DIRECTORS: A. Squire, E. R. Granselli, S. W. Croxton, J. D. Cox, W. G. Mather, K. V. Painter,
land. Ohio.
Cleveland. Ohio; F. J. Jones. Cincinnati- Ohio; J. P. Green, Philadelphia, Pa.; E. B. Taylor, J. J. Turner, Pitts-
burgh. Pa.: C. Lanier, S. C. Richmond, New York, N. Y. Annual meeting, Thursday following third Wednesday in
May, at Cleveland, Ohio. MAIN OFFICE, Cleveland, Ohio.
Comparative Income Account. Year* Ended June 30
1916 1911 1914 1913 1912
Rental income $1,827,038 $1,748,129 $1,799,954 $1,702,833 $1,688,454
Taxes 72 45 1 I'J 98 1,068
Expenses . 14,035 11.094 11381 11,989 11,414
Fixed charges 361,853 365,204 368,722 372,257 376,739
Surplus $1,451,078 $1,371.786 $1,419,752 $1,318,489 $1,300,233

Dividends paid . 1,449,495 1.369,341 1,326,293 1,271,118 1,206,106
Other deductions 91,508 46,031 93,332
-
Balance |1 $2,445 H.961 $1,340 $795
Comparative Condi-nned K: lance Sheet, as of June 30

Ill 1C, 1915 1913 1912 1911
Property investment.... i
$38,07-.'.17l $36,807,980 $86,18 $33,174,438 $32,100,464
Working assets 338,648 511,468 417.724 415,978 414,287 419,839
Accrued income not due 179,755 128,046 123,579 163,891 161,391
Deferred debit items . . . 50.031 1,754 1,382 1,382
Total $40,168,748 $38,583,642 $37.403,781 $35,737,816 $33,753,998 $32,683,076

LIABILITIES:
Capital stock $28,213,193 308,550 $24,194.250 $21,101,200
Funded debt 8,988.000 9,082.000 9,180,000 9,2* 9,382,000 9,482,000
Working liabilities 127,245 124,177 128,863 123,384 134.288 140,612
Accrd. liabilities not due 17S 171,174 17.' 168,688 162,970 160,470
Deferred credit items. . 1.363,146 2,100,575 824.:.:. I 56'J 1,381 1,381
Appropriated surplus... 921,086 921.085 921,085 921,085 1,426,085 1,326,085
Profit and loss surplus. 377.621 376,081 1.636 484,686 472,124 471,328
Total $40,168.748 $38,583,642 $37,403,781 $35,737.816 $33,753,998 $32,683,076

* Included in
working assets.
Bonded Debt: $3,000,000 Cleveland & Pittsburgh R.R. Co. 4V4s, Series A, due 1942; $1,985,000 4V4s and 3V4s.
Series B, due 1942; $2.665.000 :!'~s. Series C, due 1948 and $1,338,000, 3 Vis Series D, due 1950. For details and
ratings see Bond Table of Pennsylvania Co., page 582.
Capital Stock:Outstanding, $9,450 original 10% stock, $10,738,135 guaranteed 7% stock and $17,475,058 spe-
cial betterment stock. There is also outstanding, $10,443 scrip. For details and ratings, see Stock Table of Penn-
sylvania Co., page 584.
ERIE & PITTSBURGH RAILROAD COMPANY
Origin:Incorporated under laws of Pennsylvania, April 1, 1858. Leased for 999 years from March 1, 1870 to
Pennsylvania R.R. Co. and subsequently assigned to Pennsylvania Co. Rental, 7% annually on stock, interest on -
bonds and $2,850 for organization expenses. Line of road New Castle to Girard June., Pa., 79.56 miles branches,
:
;
3.41 miles; trackage, 16.76 miles; second track, 24.81 miles. Total operated, 99.73 miles. Sidings, 80.06 miles.
Management: OFFICERS: Chas. H. Strong, Pres. ; M. H. Taylor, Vice-Pres. John P. Smart, Sec. and Treas., ;
Erie, Pa.; Frank Gunnison, Gen. Counsel. DIRECTORS: C. H. Strong, M. H. Taylor, G. R. Metcalf, Erie, Pa.; J. P.
Green, Philadelphia, Pa.; C. S. Fairchild, New York; E. B. Taylor, J. J. Turner, Pittsburgh, Pa. Annual meet-
ing, second Monday in January, at Erie, Pa. OFFICE, 16 Scott Building, Erie, Pa.

1916 1915 1914 1912 1911
Rental income $421,383 $414,415 $413,566 $409,348 $405,063
Taxes 11,875 '
11,875 15,923 15,295
Fixed charges 161,241 'l56',867 156,836 157,160 157,260
Surplus . . .
$248,267 $257,548 $244,855 $236,265 $389,768
Dividends paid 247,497 256,836 243,615 235,909 231,623
ance transferred from income, $770; miscellaneous credits, $5,295; total, $49,512. Contra: Credit balance carried
to balance sheet, $49,512.

4SSETS : 1916 1915 1914 1913 1912 1911
Property investment. . . $8,653,950 $8,633,543 $8,556,541 $8,546,390 $8,545,918 $8,356,808
Working assets 86,535 113,477 150,428 149,847 123,118 124,673
22,999 26,900 25,750
Total $8,763,484 $8,747,020 $8,706,969 $8,696,237 $8,695,936 $8,507,231

LIABILITIES :
Capital stock $3,716,050 $3,699,950 $3,649,850 $3,649,850 $3,649,400 $3,529,800

Funded debt 4,467,524 4,472,813 4,488,087 4,484,143 4,487,726 4,490,047
Deferred credit items.. 21,378 20,903 20,779 20,653 20,528 20,403
Appropriated surplus. . . 396,209 396,209 396,209 396,209 396,209 326,676
Total $8,763,484 $8,747,020 $8,706,969 $8,696,237 $8,695,936 $8,507,231
Bonded Debt: (1) $3,988,000 Erie & Pittsburgh R.R. Co. general 3%s. Dated 1890, due 1940. For full details
and rating see Bond Table of Pennsylvania Company, page 582.
(2) $479,506 debenture 3%s, in various denominations. The Pennsylvania R.R. Co. has arranged through the
Pennsylvania Co. to provide for the sinking fund instalments required by the general mortgage, and this com-
.pany agrees to deliver to the Pennsylvania R.R. Co. from time to time its 3%% debentures to cover such ad-
vances, and upon final payment of the general mortgage to issue a new mortgage in lieu thereof and exchange
them for the debentures. All of this issue owned by the Pennsylvania Co.
Capital Stock: Outstanding, $1,716,050 special guaraanteed, and $2,000,000 common stock. Par, $50. Pennsyl-
vania Company owns $911,650 of the special guaranteed stock and $2,200 of the common stock. For details and
rating see Stock Table of Pennsylvania Co., page 584.
GRAND RAPIDS & INDIANA RAILWAY COMPANY

Incorporated under laws of Michigan and Indiana in July, 1896, as successor to railroad, which was
Origin:
soldunder foreclosure. Besides its own line, the original company operated the Cincinnati, Richmond & Fort
Wayne, the Muskegon, Grand Rapids & Indiana, and the Traverse City R.R., and the new company assumed these
contracts.
Location:The directly operated lines consist of 575.03 miles, classified as follows: Lines owned, including
main linefrom Fort Wayne, Ind., to Mackinaw City, Mich., and branches, 419.03 miles; Cincinnati, Richmond &
Fort Wayne R.R., Richmond to Adams, Ind., 85.77 miles; Muskegon, Grand Rapids & Indiana R.R., Muskegon
June, to Muskegon, Mich., 36.85 miles; Traverse City R.R., Walton to Traverse City, Mich., 25.86 miles; trackage
rights, 7.50 miles. Mileage mainly in Michigan. The Cincinnati, Richmond & Fort Wayne R.R. is operated by the
Grand Rapids & Indiana, at 'a rental equaling net earnings. Of its $2,186,600 stock, Pennsylvania Company owns
$1,277,000. Muskegon, Grand Rapids & Indiana is operated without lease, its earnings being applied to interest
on its bonds. Traverse City R.R. is leased for net earnings. Population of this State in 1890, 2,093,889; in 1900,
2,420,982; in 1910, 2,810,173.
PE\\SYLVANIA SYSTEM (GRAND RAPIDS $ INDIANA R.R.). 589
Control: The Pennsylvania Company owns $2,966,600 out of $5,791,700 stock of the Grand Rapids & Indiana Ry.
Management: OFFICERS: J. H. P. Hughart, Pres.; D. T. McCabe, G. L. Peck, Vice-Prests. W. B. Wood, Gen.
;
Mgr.; J. M. Metheany, Sec.; T. H. B. McKnight, Treas. DIRECTORS: J. J. Turner, E. B. Taylor, D. T. McCabe,

W. R. Shelby, J. H. P. Hughart, G. L. Peck, C. H. Hollister. MAIN OFFICE, Grand Rapids, Mich.
of Freight Tonnage (Yew* Ending Dec. 31, 1907-12; June 30. 1913-16)
1916 1915 1914 1913 1912 1911

Gross revenues $5,630,114 $5,313,259 $5,532,505 $5,519,659 $5,429,641 $5,031,661
Maintenance of way... 647,804 617,644 756,011 777,462 696,967 569,371
Maint. of equipment. . .
955,728 894,928 902,258 919,817 874,423 844,532

Operating ratio . . . 73.7% 76.6% 80% 79.2% 78% 76.6%
Other income 83,209 72,854 49,893 46,477 53,228 37,159

$1,563,420 $1,315,922 $1,156,296 $1,196,075 $1,248,874 $1,216,041
Taxes accrued 272,638 274,972 289,245 284,622 281,915 278,716
Balance for charges $1,290,782 $1,040,950 $867,051 $911,453 $966,959 $937,325

Fixed charges 917,177 851,658 770,877 744,394 755,886 751,579
Surplus over chgs. .

$373,605 $189,292 $96,174 $167,059 $211,073 $185,746
Dividends paid ' ' '
Other deductions .
25,666 '90,864 46,562 63',227 50',526 35',984
Balance . . .
$118,605 $98,428 $50,612 $103,832 $160,547 $149,762
Earned on stock. 6.4% 3.3% 1.7% 2.9% 3.6% 3.2%
Note: Figures above include operations of all lines controlled,including Cinn., Richmond & Fort Wayne,
Traverse City R.R., and Muskegon, Grand Rapids & Indiana. Fixed charges include interest, rentals, hire of equip-
ment, etc.
Comment: Both gross and net revenues underwent substantial improvement on the Grand Rapids & Indiana
Railway during the year ended June 30, 1916. The surplus available for charges was much larger than in the previ-
ous year and enabled the company to carry forward a balance equal to nearly 6%% on the outstanding stock. Con-
diticfis since June 30, 1916, have continued to be very favorable.

YEARS
ENDED
l
i
E\\syiJ'A\IA Sl'STEM (GRA\D RAPIDS $ JXDIAXA R.K.). 591
Comment: There were practically no capitalization changes in this company for the year ended Jane 30, 1916.
The property is lightly capitalized as measured on the mileage basis, and although it has never been a heavy earner,
the company has had little difficulty in showing a fairly good net income on net capital. During the year under
discussion this net income was equal to 7.
PENNSYLVANIA COMPANY SYSTEM. 598
LIABILITIES :
Capital stock
LITTLE MIAMI RAILROAD
Origin: Incorporated under laws of Ohio, March 11, 1836. Main line was opened throughout in 1846. The
Dayton, Xenia & Belpre R.R. was purchased at foreclosure in Jan., 1865. The Dayton & Western R.R. was leased
Jan. 1, 1865, and the Columbus & Xenia Nov. 30, 1868. The Richmond & Miami Ry. was leased Jan. 1, 1865. The
entire system was leased for 99 years from Dec. 1, 1869, to the Pittsburgh, Cincinnati & St. Louis Ry., now the
Pittsburgh, Cincinnati, Chicago & St. Louis Ry., rental being interest on bonds, rental of leased lines, 8% dividends
on stock and $5,000 for maintenance of organization. The Little Miami R.R., as lessor, receives the entire rental,
and is responsible to the other companies for their proportion. The lease was amended May 1, 1889, to provide for
the retirement of certain bonds which had matured, and for the acceptance by the lessee of 3%%
non-convertible
bonds of this company ,in lieu of 1% bonds convertible into stock of the Little Miami R.R. On April 29, 1907, the
provisions of the lease were further modified, it being agreed that either bonds or special betterment stock can be
issued hereafter in payment of betterments made by lessee, such bonds or betterment stock to bear interest at not
exceeding 4% per annum.
Location: Line of road: Cincinnati to Springfield, O., 84.23 miles; branches, 17.86 miles; leased lines, 92.78
miles; trackage, 4.19 miles; total miles operated, 199.06; second track, 82.91 miles; third track, 1.65 miles; fourth
track, 1.62 miles; sidings, 119.66.
Management: OFFICERS: F. J. Jones, Pres.; C. L. Harrison, Vice-Pres. and Asst. Treas.; C. D. Jones, Sec. and
Treas. ;
Wm.
Worthington, Gen. Counsel, Cincinnati, Ohio. DIRECTORS: S. R. Burton, C. Kruse, C. L. Harrison,
L. J. Hauck, F. J. Jones, C. P. Taft, J. N. Gamble, Wm. Worthington, Cincinnati, Ohio; A. S. Frazer, Xenia, Ohio;
E. B. Taylor, J. J. Turner, Pittsburgh, Pa.; G. L. Peck, Pittsburgh, Pa. Annual meeting, last Tuesday in January,
at Cincinnati, Ohio. MAIN OFFICE, Fosdick Building, Cincinnati, Ohio.
Comparative Income Account, Years Ended Dec. 31

*1916 *1915 1914 1913 1912 1911
Rental income ... $793,375 $776,095 $766,822 $805,506 $777,041 $773,671
Taxes 9,246 8,766
Fixed charges 194,114 184,019 183,962 218,026 194,399 194,491
Surplus $599,261 $592,076 $582,860 $587,480 $573,396 $570,414

Dividend paid 592,079 585,460 576,265 581,883 557,300 554,345
Balance $7,182 $6,616 $6,595 $5,597 $16,096 $16,069

* Year ended June 30.
to balance sheet, $928,348; miscellaneous debits, $53; total, $928,401.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $11,267,955 $11,082,770 $10,570,292 $10,560,292 $10,357,626 $10,256,611
Working assets 29,298 601,047 800^42 796,163 787,649 772,569
Total $11,297^253 $11,683,817 $11,370,634 $11,366,455 $11,145,275 $11,029,180

LIABILITIES :
Capital stock $9,328,150 $9,256,250 $8,949,750 $8,949,750 $8,742,100 $8,643,600
Funded debt 1,026,000 1,070,000 1,070,000 1,070,000 1,500,000 1,500,000
Deferred credit items . .
6,845
430,000 430,000 430,000
Total $11,297,253 $11,683,817 $11,370,634 $11,366,455 $11,145,275 $11,029,180

Bonded Debt: $1,026,000 Little Miami R.R. general 4s.; in treasury, $40,000. Dated Nov. 1, 1912; due Nov. 1,
1962. For details and rating, see Bond Table of the Pittsburgh, Cincinnati, Chicago & St. Louis Ry., page 602.
Capital Stock: Auth., $5,000,000 original and $5,000 000 special guaranteed betterment stock. Outstanding,
$4,837,300 original and $4,490,850 special guaranteed betterment stock. Par, $50. For full details and ratings, see
Stock Table of Pittsburgh, Cincinnati, Chicago & St. Louis Ry., page 603.
MASSILLON & CLEVELAND RAILROAD

Incorporated under Ohio laws, Oct. 3, 1868. Line of road, Massillon June, to Clinton, 0., 12.23 miles; sidings,
2.13 miles. Leased to Pittsburgh, Fort Wayne & Chicago Ry. for 99 years from 1869, and operated by Pennsyl-
vania Co. Rental, 40% of gross earnings, with .minimum of $20,000 per annum; latter equaling interest on bonds
and 8% on stock.
Management: OFFICERS: Chas. Lanier, Pres.; Charles A. Peabody, Vice-Pres.; R. M. Coleman, Sec. and Treas.
DIRECTORS: Chas. Lanier. L. C. Ledyard, Chas. A. Peabody, Stacy C. Richmond, R. M. Pettit, J. P. Green, T. Tat-
nall, F. W. Arnold, J. J. Turner. Annual meeting, first Tuesday in February. OFFICE, 59 Cedar Street New York.
1916 1915 1914 1913 1912 1911
Rental income $25,705 $22,409 $26,799 $20,851
$25,505 $20,670
Taxes Ij2 29 1,225
Fixed charges 1,209 600 925 2,747 1,850 1,850
Surplus $24,496 $21,809 $25.874 $22.758 $17,591 $17,776

Dividends 16,000 16,000 16,000 16,000 16,000 16,000
Balance . $8,496 $5,809 $9,874 $6,758 $1,591 $1,776
/'/:.\.Y\r/j\/.Y/j SYSTEM. 595
ance transferred from income, $8,496; total, $148,470. Contra: Credit balance carried to balance sheet, $148,470.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $328,399 $328,399 $328.399 $328,399 $328,399 $328,399
Working assets 18.404 11,575 18,060 21,517 27,059 25,468
Deferred debit iten 1,667 12,300
Total $348,469 $352,274 $346,465 $349,916 $355,458 $353,867

LIABILITIES:
Capital stock $200,000 $200,000 $200.000 $200,000 $200,000 $200,000
Funded debt 19 12,000 25,000 37,000 37,000
Working liabilities .... 300 '
i
625
Accr'd liabilities not due ' '366 ' ' '
Profit and loss surplus. '148,469 1*39,974 134,165 12*4,29 i 118,458 1*16,867
l taJ $348.469 $352,274 $346,465 $349,916 $353,867
Capital Stock: Auth. and outstanding. $200,000; par $50. Dividends, 8r c per annum, payable quarterly Feb.
at Winslow, Lanier A Co., New York. Net Rating, A.
PITTSBURGH, OHIO VALLEY & CINCINNATI RAILROAD

Origin: Incorporated under laws of Ohio May 8, 1871, as the Ohio Valley Ry. Co. Name changed as above
Aug. 19, 1890. Operated at cost by the Pennsylvania Co. Equipment supplied by operating company as required.
Location: Line of road: Bellaire to Powhatan, O., 15.09 miles; sidings, 6.47 miles.
Management: E. B. Taylor. Pres.;J. J. Turner, Vice-Pres.; T. H. B. McKnight, Treas.; S. H.
OFFICERS:
Church. Sec.; W.
Orr. Aud.. Pittsburgh, Pa.
J. DIRECTORS: J. J. Turner, E. B. Taylor, D. T. McCabe, C. M.
South. W. C. Downing, Pittsburgh. Pa.; I. W. Geer, Toledo, Ohio; C. R. Robb, Powhatan, Ohio. Annual meeting,
third Tuesday in April at Zanesville, Ohio. OFFICE, Pennsylvania Station, Pittsburgh, Pa.
Comparative Income Acco ml. Years Ended June 30

1916 1915 1914 1913 1912 1911
Gross income . $34.258 '$.15,482 $67,755 $97,665 $75,714 $66,371
Fixed charges 14.500 14.600 1 l..">00 14,500 14,500 14,500
<-
Surplus . . . .
$19,758 f i- Ml .; $61,214 $51,871
Other deductions 267 998 863
*
Balance . . .
$19.758 *$49,982 $:.J.988 $60,216 $51,008
Deficit.
A <<SETS : 1916 1915 1914 1913 1912 1911
Property investment ... $641.800 $641,432 $627..-27 $627,259 $605,022 $604,024
Working assets 1.288 2.923 10,336 8,937 fi.767
Deferred debit items... ' 13,905 11,504 9,975 9,975
Profit and loss deficit.. 5l'.368 7U26 21,103 38,776 121,941 183,109
Total $694,456 $712,558 $665.458 $687,875 $745,875 $803,875

LIABILITIES:
Capital stock $300.000 $300,000 $300,000 $300,000 $300,000 $300,000
Funded debt 290.000 290,000 290,000 290,000 290,000 290,000
Working liabilities S560 86,976 86,250 94,250 152,250 210,250
Accr'd liabilities not due 3.625 S.6S6 3,625 3,625 3,625
Appropriated surplus. .
35,582 UJUt
Total . $694,456 $712,558 $665,458 1*87378 $745,875 $803,875
Bonded Debt: $290.000 Pittsburgh, Ohio Valley A Cincinnati R.R. 1st 5s. Dated 1890; due Oct. 1, 1920. Int.
paid April and Oct. 1 at office of treasurer, Pittsburgh, Pa. Coupon, $1,000. Auth., $1,500,000. Sinking fund \<7<
per annum of amount outstanding if offered at par or less. Secured on entire property of the company. Fidelity
Trust Co., Philadelphia, Pa., Trustee. Interest payable without deduction for normal income tax. Free of Ohio
State tax. All owned by Penna. Co. Rating, Baa.
Capital Stock: Auth.. $1.500.000; outstanding, $300,000; par, $50. Secretary of company acts as TRANSFER
r. Entire stock owned by Pennsylvania Company.
PITTSBURGH, WHEELING & KENTUCKY RAILROAD

Origin: Incorporated under West Virginia laws. Mar. 29, 1869; road fully opened in 1883. Leased at rental
of net earnings to Pittsburgh. Cincinnati, Chicago & St. Louis Ry. latter furnishing all equipment. ;
Location: Line of road: Wheeling Junction to Benwood. W. Va.. 28.02 miles, with 21 miles of sidings; standard
gauge.
.596 MOODY'S ANALYSES OF INVESTMENTS.
Merger: In 1916, it was proposed to directly merge this property with the Pittsburgh, Cincinnati, Chicago &
St. Louis Ry. For details, see latter company.
Management: E. B. Taylor, Pres. J. J. Turner, Vice-Pres.; S. H. Church, Sec.; T. H. B. Mc-
OFFICERS: ;
Knight, Treas.; J. W.
Orr, Aud. DIRECTORS: E. B. Taylor, G. L. Peck, J. J. Turner, B. S. McLure, A. S. List, J.
Speidel. Annual meeting, fourth Thursday in March. OFFICE, Pennsylvania Station, Pittsburgh, Pa.

1915 1914 1913 1912 1911
Gross earnings $510,289 $505,885 $514,678 $496,864 $474,692
All other operating expenses and taxes .
239,833 231,535 243,251 223,714 216,129
Net earnings $111,053 $136,106 $89,741 $119,862 $140,174

Operating ratio 78.2% 73.1% 82.5% 75.9% 70.5%
Other income 24,202 25,745 24,171 25,045 11,197
Total net income $135,255 $161,851 $113,912 $144,907 $151,371

Fixed charges 32,489 30,690 37,692 35,985 24,999
Balance $102,766 $131,161 $76,220 $108,922 $126,378

Dividends, etc 60,150 60,150 60,150 60,150 60,150
Surplus $42,616 $71,011 $16,070 $48,722 $66,228
Income Account, year ended June30, 1916: Income from lease, $171,944; charges, $723; balance after charges,
$171,221; dividends, $30,375; other deductions, $24,031; surplus for year, $117,115.
ancq, transferred from income, $117,115; miscellaneous credits, $197,874; total, $736,768. Contra: Credit balance
carried to balance sheet, $79,310; dividend appropriation of surplus, $155,388; miscellaneous credits, $502,070; total,
$736,768.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. . .
$1,081,750 $1,052,501 $1,041.510 $1,038,667 $947,332 $904,881
Working assets 172,236 244,758 296,712 289,535 326,529 288,937
Deferred debit items. .. 864 472 814 556 745
Total $1,253,986 $1,298,123 $1,338,694 $1,329,016 $1,274,417 $1,194,563

LIABILITIES :
Capital stock $1,000,000 $501,250 $501,250 $501,250 $501,250 $501,250

Funded debt 23,000 33,000 43,000 52,000 61,000
Working liabilities 150 3,488 990 33,427 1,560 1,830
Appropriated surplus.. 174,526 348,606 327,497 314,996 214,403 163,141
Profit and loss 79,310 421,779 475,957 436,343 505,204 467,342
Total $1,253,986 $1,298,123 $1,338,694 $1,329,016 $1,274,417 $1,194,563

Auth. and outstanding, $1,000,000, of which Pennsylvania Company owns $526,900. Par, $50.
Capital Stock:
Dividends 12% per annum, payable April and Oct. 1. In year ended June 30, 1916, a regular dividend of 12% and
an extra dividend of 31% were paid. TRANSFER AGENT, S H. Church, Pittsburgh, Pa. Net Rating, Baa.
PITTSBURGH, YOUNGSTOWN & ASHTABULA RAILWAY COMPANY

Origin: Incorporated under the laws of Ohio and Pennsylvania, Jan. 13, 1906, consolidation of the Pittsburgh,
Youngstown & Ashtabula R.R. Co. and the New Castle and Beaver Valley R.R. Co. The property was originally
leased to the Pennsylvania Co. from year to year, but on May 15, 1910, the stockholders voted to lease the property
for 999 years from July 1, 1910, on the following general basis: Efficient operation and maintenance; mainten-
ance of corporate organization guaranteed rental sufficient to pay fixed charges and dividend of 7% on capital stock.
;
Location: Line of road: Kenwood, Pa., to Ashtabula Harbor, O., 98.70 miles; Homewood to Wampum June.,
Pa., 6.27 miles Lawrence June, to New Castle, Pa., 3.29 miles branches, 29.30 miles second track, 65.57 miles third
;
; ; ;
track, 10.55 miles; fourth track, 10.48 miles; sidings, 183.92 miles.
Equipment: Dec. 31, 1915: locomotives, 107; cars, 5,443. Other equipment supplied by lessee as required. 2,500
coal cars are held under car trusts.
Management: OFFICERS: J. J. Turner, Pres.; E. B. Taylor, Vice-Pres.; T. H. B. McKnight, Treas.; S. H.

Church, Sec.; J. W. Orr, Aud., Pittsburgh, Pa. DIRECTORS: J. J. Turner, E. B. Taylor, D. T. McCabe, G. L. Peck,
B. Thaw, Pittsburgh, Pa.; W. S. Bonnell, J. G. Butler, Jr., Benjamin McKeen, Pittsburgh, Pa.; Jonathan Warner,
Youngstown, Ohio; Wm. Morrison, Ashtabula, Ohio; J. D. Hancock, Franklin, Pa. MAIN OFFICE, Youngstown, Ohio.

1916 1915 1914 1912 1911
Rental income .
$999,271 $1,015,300 $991,966 $941,019 $956,642
Taxes 1431 i ? 205
Fixed charges 216,064 202,010 183,153 156,700 172,250
Surplus $783,207 $813.290 $808.813 $783.188 $783,187

Dividends paid 783,207 783.203 783.189 783,188 783,187
PENNSYLVANIA COMPANY SYSTEM. 597
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $12,489. Contra:
Credit balance carried to balance sheet, $9,194; miscellaneous debits, $3,295; total, $12,489.
Comparatire Condensed Balance Sheet, as of June 30

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 92,234 90,824 90,401 $:..-. 14 108,916 800,511
8,700 3,820 773 773 773
Total $21,327.004 $20.582,846 $20.230,164 $19,618,260 $18,848,354 $18,739,769

LIABILITIES:
Capital stock $11,199,950 $11,200,000 $11.200.000 $11,200,000 $11,200,000 $11,200,000
Funded debt *6,120,739 4,601,000 I'TI >: ijSMjMS 3,639,390 3,513,700
Working liabilities .... 9,869 695,838 1,88? 1,745 3,765 2,920
Accrd. liabilities not due 91,065 89,627 88,516 84,769 84,832 S4.S32
Appropriated surplus.. 3,896,187 3,983,892 3,953,804 3,928,837 3,890,258 3,199,001
Profit and loss surplus. 9,194 12,489 11,576 10.544 30,109 721,306
Total $21,327,004 $20,582,846 $20,230,164 $19,618,260 $18,848,354 $18,739,769

*
Includes $1,189,739 open accounts.
Bonded Debt: (U & Ashtabula R.R. 1st consol. mtge. 5s; due 1927.
* 1.562.000 Pittsburgh, Youngstown
(2) $3,369,000 Pittsburgh. Youngstown A
Ashtabula Ry. 1st gen. mtge. 4s; due 1948. For details and ratings,
both issues, see Bond Table of Pennsylvania Company, page 582.
Capital Stock: Outstanding. $9.088,800 preferred and $2,100,000 common. The Pennsylvanian Company owns
all of the common, and $5,775,000 of the preferred. Par, $100. For details and ratings, see Stock Table, Pennsyl-
vania Company, page 584.
TOLEDO, COLUMBUS & OHIO RIVER RAILROAD COMPANY

laws of Ohio, June 22, 1911, consolidation of Toledo, Walhonding Valley & Ohio
Origin: Incorporated under
R.R. Co. and the Cleveland A Marietta Ry Co. Leased to Pennsylvania Co., rental being net earnings and the
guarantee of principal and interest of bonds of constituent companies.
Location: Line of road: Toledo June, to Toledo, O.. 80.20 miles; Coshocton to W. Londonville, O., 45.41 miles;
Sandusky to Columbus. O.. 108.29 miles; Marietta to Canal Dover, O., 103.13 miles; Canal Dover to Harwalk. O.,
7.92 miles; total, 345.31 miles; second track, 6.43 miles; sidings, 252.32 miles.
Equipment: Locomotives, 97; car*. 4,454.

Management: Omens:
J. J. Turner. Pres.; E. B. Taylor. Vice-Pres.; T. H. B. McKnight, Treas.; S. H.
Church. Sec.:J. W.
Orr. Aud., Pittsburgh. Pa. DIRECTORS: J. J. Turner, E. B. Taylor, D. T. McCabe, G. L. Peck,
B. McKeen. Pittsburgh. Pa.; L. P. Gallagher. Coshocton, Ohio; R. T. Scott, Cambridge, Ohio; W. R. Pomerene, Co-
lumbus, Ohio; L. F. McVey, Walhonding, Ohio. Annual meeting, third Thursday in April at Columbus Ohio. MAIN
OFFICE, Columbus. Ohio. GENERAL OFFICE, Pennsylvania Station, Pittsburgh, Pa.
Comparative Income Account. Year* Ended June 30

1916 1915 1914 1912
Rental income $1,866,81.". $825,260 $549,678 $1,086,223
Fixed charges 219,814 1,793 227,320 249,775
Surplus
. . . . $1.647.001 1601,467 $322,358 $836,448
Dividends paid . 480.000 '
480,000
Other deductions 87,423 224,i25 61,298
Balance $377,342 $261,060 $356,448

Profit and Account, year ended June 30, 1916:
I/OMI Credit balance at beginning of year, $307,493; credit bal-
ance transferred from income, $1.079,578; miscellaneous credits. $8,659; total, $1.395,730. Contra: Credit balance
carried to balance .-heet, $1,391,449; loss on road and equipment, $4,278; miscellaneous debit, $3; total,
730.

ASSETS: 1916 1915 1914 1913 1912
$17,514,105 * I'M 21. 452 $14,866,005 $13,844,305 $13,393,490
Working assets ,
987,617 S7.2M 787,251 1,240,456
Deferred debit items. 89,250 M.OM 12,390
it and loss (def.) .
378,987
I J $18,570,972 $16,190,542 $15,314,672 $14,631,556 $14,634,396

LIABILITIES:
Capital stock $10,000,000 $8.000,000 $8,000,000 $8,000.000 $8.000.000
FunHH (tebt 4,988.000 5,039,000 5.079.000 5,129,000 5.130,000
Working liabilities 56,980 796.479 93,555 f.7.537 57,215
Accrued liabilities not due. 26,755 27,204 27,624 28,055 28,068
Appropriated surplus 2,107,788 2.020.366 2.114,493 1,002,651 614,579
it and low surplus. . . . 1,391,449 307,493 414,313 804,534
Total $18,570,972 $16.190.542 $15,314,672 $14.631,556 $14,634,396

Bonded Debt: $4,988,000 Toledo, Walhonding Valley & Ohio R.R. 1st mtge. Three series, $1,494,000 Series A
4%s; dated July 1, 1891; due July 1, 1931. $969,000 Series B 4y2 s; dated July 1, 1893; due July 1, 1933, and $1,298,-
000 Series C 4s; dated Sept. 1, 1902; due Sept. 1, 1942. For details and ratings, see Bond Table of Pennsylvania
Company, page 582.
Capital Stock: Auth., $12,000,000; outstanding, $10,000,000; par, $100. All owned by the Pennsylvania Com-
pany. Dividends paid annually, Dec. 30, 1911, 1912 and 1915, 6%. Secretary of company acts as TRANSFER AGENT.
THE WHEELING TERMINAL RAILWAY

7, 1900, as successor to Wheeling Bridge & Terminal Ry.
Incorporated under West Virginia and Ohio laws, June
Owns 9.65 miles of terminal tracks from Martin's Ferry, Ohio, to Benwood, W. Va., with branch at Wheeling; 14.47
miles of sidings. Controlled by Pennsylvania Company, through stock ownership. Owns 7 locomotives, 16 cars.

1916 1915 1914 1913 1912 1911
Gross revenue $75,400 $58,881 $66,086 $64,904 $62,860 $46,872
Operating expenses.... 75,509 48,002 54,188 47,674 50,734 35,511
Net revenue (def.) $109 $10,879 $11,898 $17,230 $12,126 $11,361

Other income . . .
157,989 57,770 89,908 127,557 111,461 91,760
Total net income. .

$157,880 $68,649 $101,806 $144,787 $123,581 $103,121
Taxes 15,421 15,595 14,153 12,353 12,044 11,494
Fixed charges 66,179 62,383 62,663 62,645 62,645 62,645
Surplus $76,280 (def.) $9,329 $24,990 $69,789 $48,898 $28,982

Dividends paid ........ ' 40,000 40,000
Other deductions .
'14,880 10,000
Balance .
$61,400 (def.) $9,329 $24,000 $19,789 $8,898 $28,982
* Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $44,968; credit bal-
ance transferred from income, $61,400; miscellaneous credits, $1,128; total, $107,496. Contra: Credit balance car-
ried to balance sheet, $107,496.
| Comparative Condensed Balance Sheet, as of June 30
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 138,549 85,540 113,715 104,737 93,733 110,732
Deferred debit items... 128 125 3,904 5 5 970
Total $3,915,353 $3,850,519 ?3,885,732 $3,869,458 $3,825,781 $3,840,419

LIABILITIES :
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000

Funded debt 1,534,000 1,550,000 1,566,000 1,566,000 1,566,000 1,566,000
Deferred credit items . . 10,768 8,746 8.842 9,513 9,622 8,691
168,355 153,475 138',499 138,499 129,074 110,574
Total $3,915,353 $3,850,519 $3,885,732 $3,869,458 $3,825,781 $3,840,419
Bonded Debt: $1,534,000 Wheeling Terminal Ry. first 4s; dated Aug. 1, 1900; due Aug. 1, 1940; int. paid Feb.
and Aug. at Winslow, Lanier & Co., New York. Coupon, $1,000. Sinking fund, 1% annually of outstanding bonds
to be bought at par or less. First lien on entire property. Both principal and interest guaranteed by Pennsyl-
vania Company. Legal for S. B. in Maine, Mich., Minn., Mo., N. H. Interest payable without Seduction for nor-
mal income tax. Net Rating, Aa.
Capital Stock: Auth. and issued, $2,000,000; par, $109; all owned by Pennsylvania Company.
YOUNGSTOWN & RAVENNA RAILROAD

Origin: Incorporated under laws of Ohio, Nov. 4, 1899. Line from Boanna to Niles June, is leased to the
Pittsburgh, Youngstown & Ashtabula Ry. Co. and the line from C. & P. R.R. June, to M. V. W. Ry. June, is leased
to Pennsylvania Company, operating the Cleveland & Pittsburgh Ry. Total mileage, 2.28 miles. Second track, 2.13
miles; sidings, 0.21 mile.
Management: OFFICERS: E. B. Taylor, Pres.;. G. L. Peck, Vice-Pres.; J. W. Orr, Aud.; T. H. B. McKnight,
Treas.; S. H. Church, Sec., Pittsburgh, Pa. OFFICE, Pennsylvania Station, Pittsburgh, Pa. Annual meeting, third
Thursday in May at Youngstown, Ohio.

1916 1915 1914 1912
Rental $19,925 $18,129 $18,018 $13,785
Taxes 767 2,080 2,284 1,692
Surplus $19,158 $16,049 $15,734 $12,093

Other deductions 5 7,729
Balance $19,153 $8,320 $15,734 $12,093

Pl':\\SYLJ'.i\IA SYSTEM (PITTS., C\, C. $ ST. LOUIS BY.). 599
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning: of year, $152,553; credit bal-

ASSETS: 1916 1915 1914 1913 1912
Working assets .... 39,236 147,989 130,914 115,162 74,164
Total $499,674 $608,427 $579,615 $563,863 $491,755

LIABILITIES :
Capital stock $320,000 $320,000 $320.000 $320,000 $320,000

Working liabilities ' 128,145 116,436 116,436 85,302
Appropriated surplus .. Y.729 7.729. 17 ' '
Total $499,674 $608,427 $579,615 $563,863 $491,756
Capital Stock: Auth., $1,000.000; outstanding, $320,000; par, $100 All owned by Pennsylvania Company. Sec-
retary of company acts as TRANSFER AGENT. No bonds.
PITTSBURGH, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY COMPANY

NOTE: The analysis is based on official documents of the company, including its annual reports of the past ten yean.
.in: Incorporated Oct. 1. 1890, under laws of Penn., West Va., Ohio, and Indiana, as a consolidation of
the Chicago, St. Ix>uis A Pittsburgh R.R.. the Cincinnati A Richmond R.R., the Jeffersonville, Madison & Indianapo-
lis, and the Pittsburgh. Cincinnati A St. Louis Ry. In 1907. the Chartiers Ry. was absorbed. In addition, the com-
pany operates the lines of the Chicago, Indiana & Eastern Ry., which is controlled by the Pennsylvania Company.
Location: The directly operated lines consisted on Dec. 31, 1915, of 1,488.98 miles, of which 1,143.68 miles were
directlyowned and embraced the main lines from Pittsburgh via Columbus to Indianapolis and Chicago, with vari-
ous branches; also 278.50 miles of lines operated under contract, including the Little Miami R.R. and leased lines
from Columbus to Cincinnati and branches; also 66.80 miles of trackage rights. Operated mileage chiefly in Ohio
and Indiana. Population of these States in 1890, 5,864,720; in 1900, 6.674,007; in 1910, 7.467,997.
Control: The company is controlled through ownership of a majority of capital stock by the Pennsylvania
Company, whose stock is in turn all owned by the Pennsylvania R.R.
Merger: In October, 1916, the stockholders

approved the consolidation with the Vandalia R.R., the Pitts-
burgh. Wheeling A Kentucky R.R., the Chicago, Indiana & Eastern Rys.. and the Anderson Belt Ry.. under the
name of the Pittsburgh, Cincinnati. Chicago A St. Louis R.R. The new company will assume the obligations of the
merged companies. The terms of exchange of old stock, etc., for new stock are as follows: P. C. C. & St. L.,
$110 and $100 of new stock for $100 old prcf. and $100 old common; Vandalia R.R., $85 of new stock for $100 of
old; Pitts.. Wheeling A Ky.. $150 of new stock for $50 of old; Anderson Belt Ry., $100 in new stock for $100 of
old; Chic., Ind. A East. Ry., one $100 share for entire $1.000,000 old stock, $250,000 in new stock for $500,000 old
mortgage bonds. The merger, having been effected, the new company began operation Jan. 1, 1917. The consoli-
dated company has $84,860,200 capital stock all of one class.
Management: OFFICFJW: Saml. Rea. Pres.; J. J. Turner, Vice-Pres.; E. B. Taylor, Vice-Pres.; D. T. McCabe,
Vice-Pres.; G. L. Peck, Vice-Pres.; A. M. Schoyer, Vice-Pres.; S. H. Church, Sec.; T. H. B. McKnight, Treas.
DIRECTOR*: T. B. Taylor, E. B. Morris. Samuel Rea. W. H. Barnes. Samuel S. Dennis, D. T. McCabe, J. P. Green,
f; .J. Peck, J. J. Turner, S. P. Bush, W. S. Rowe, C. S. Patterson, T. De Witt Cuyler. Annual meeting, second
Tuesday in April. MAIN OFFICE, Pittsburgh, Pa.
(law.iflr.lion of Freight Tonnage (Years Ending Dec. 31, 1907-12, Jane 30. 1913-16)
coo MOODY'S ANALYSES OF INVESTMENTS.
1'1-:\\SYLI'A\IA SYSTEM (PITTS., C., C. $ ST. LOUIS RY.). 601
Note: Above figures include operation of Little Miami R.R. and all leased lines. Fixed charges include inter-
est, rentals, sinking funds, hire of equipment, principal of equipment-trust obligations, etc.
Profit and LOBS Account, year ended June 30, 1916: Credit balance, June 30, 1915, $1,767,027; credit balance
transferred from income account, $2,917,955; profit on road and equipment sold, $59; miscellaneous credits, $824,-
808 ; total, $5,509,849. Contra : Dividend appropriation of surplus, $366 loss on retired road and equipment, $25,-
;
975; miscellaneous debits, $223,512; credit balance carried to balance sheet, $5,259,996; total, $5,509,849.
Comment: For the year ended June 30, 1916, the gross and net revenues of this property underwent very
sharp improvement as compared with recent years. The total net income was during the year more than double
the increased fixed charge requirements, and the final balance carried forward was therefore equal to over 21% on
the outstanding preferred stock. Conditions since June 30, 1916 have continued to be most satisfactory.
TABLE C. Capitalization Factors (Security Obligations and Earning Power i
',
Ml
Inter-
NAME OF ISSUE.
j^*_
able.
/'/ \\SYLrA.\I.l COMl'.l.M' SYSTEM. 603
13. Auth., $10,000,000; outstanding, $1,070,000. Dated Nov. 1, 1912; due Nov. 1. 1962. Int paid May and
Nov. at Farmers' Loan & Trust LO., New York. Guar. prin. and int. by Pittsburgh, C., C. & St. Louis Ry. and
Penn. Co. Coupon, $1,000. First lien, 86.72 miles, Springfield to Cincinnati, Ohio; also on terminals in Hamilton
county, Ohio, and on the company's leasehold rights in the Columbus & Xenia Ry. and the Dayton & Western Ry.
The unissued bonds cannot be sold until after all the company's "betterment stock" has been issued (see below).
14. Anth., $2,000,000; outstanding, $1,932,000. Dated Sept. 1, 1903; due Sept. 1, 1943. Int. paid at Farmers'
Loan A Trust Co., New York. Coupon, $1,000. Sinking fund: On and after Sept. 1, 1904, an annual amount
equal to 1% of bonds outstanding to be used for purchase of these bonds at not exceeding par. Guar. prin. and
int. by Penn. Co. by endorsement. First lien on bridge over the Ohio River near Pittsburgh, Pa., and approaches,
9.08 miles, lands, terminals, buildings, etc. Bridge connects the P*., C., C. & St. L. Ry. and the Pittsburgh, Ft.
Wayne & Chicago Ry. Legal for S. B. in Conn., Me., Mich., Minn., N. J., R. I., Wis. Listed on New York and
Philadelphia Stock Exchanges. Interest paid without deduction for normal income tax.
15. Equipment Trusts 4s, outstanding June 30, 1916. Series C, D and E of 1910, 810,037, maturing serially
to May 1. 1920; Series A, B, C, and D, of 1912, $2,266,83-1, maturing serially to June 1, 1922. Series B, C, D,
K. F and G of 1913, $2,904,567, maturing to April 1, 1923; total outstanding, $5,981,498.
NAHK AND DBTAIU or Imvt.

ASSETS:
Property investment....
Working assets
ri:'\\syLI'A\IA sysTKM d'.lXD.lLIA RAILKOAD CO.). 605
Location: The operated consist of 910.05 miles, classified as follows: Lines owned, including main line
lines
from Indianapolis with branches, and lines from Rockville to South Bend and Logansport to Butler,
to St. Louis,
Ind., with branches; also line from Indianapolis to Vincennes and branches, 638.99 miles; Terre Haute & Peoria
R.R., Farrington to Farmdale, 145.12 miles; operated under contracts and trackage rights, 133.12 miles. Mileage
mainly in Illinois and Indiana. Population of these States in 1890, 6,018,755; in 1900, 7,398,012; in 1910, 8,339,467.
Control: The Pennsylvania Company owns $12,175,030 out of $14,613,950 outstanding stock of the Vandalia
Railroad.
Proposed Merger: For details of proposed merger with Pittsburgh, Cincinnati, Chicago & St. Louis Ry., see
*
latter company.
Management: OFFicois: 3. J. Turner, Pres.; Edward B. Taylor, 1st Vice-Pres.; D. T. McCabe, 2d Vice-Pres.;
;. L. Peck, 3d Vice-Pres.; S. H. Church, Sec.; T. H. B. McKnight, Treas. DIRECTORS: C. H. Sevbt, C. M. South,
J. D. Oliver. W. H. Lee, J. J. Turner, E. B. Taylor, V. T. Malott, D. T. McCabe, J. P. Green, G. L. Peck, H. G.
Veeder. MAIN OFFICE, TeVre Haute, Ind.
dMrifteation of Freight Tonnaf e (Y< De*. 31. 1907-12, June 30. 1913-16)
1916 1915 1914 1913 1912 1911
Gross revenues $12,485,186 $10,972,265 $11,255,235 $11,204,405 $10,748,709 $9,970,327
Maintenance of way... 1,832,009 1,476,797 1,455,383 1,638,541 1,398,004 1,419,064
Maint. of equipment. 2,402,313
. . 2,230,987 2,267,312 2,279,910 2,116,084 1,880,471

Operating ratio . . . 75% 79.2% 78.6% 77.8% 76.1% 78.2%
Other income 154,353 199,452 86,417 114,053 112,747 87,633

$3,268,964 $2,485,264 $2,499,453 $2,603,081 $2,682,782 $2,258,455
Taxes accrued 449,587 394,263 381,864 369,166 357,995 332,458
*
Balance for charges $2,819,377 $2,091,001 $2,117,589 $2,233,915 $2,324,787 $1,925,997

Fixed charges 1,758,275 1,696,076 1,563,439 1,313,767 1,475,199 1,521,152
Surplus $1,061,102 $394,925 $554,150 $920,148 $858,588 $404,845

Dividends paid 292,278 ' 584,556 584,556 584,556 401,684
Balance . . . $602,005 $226,091 *$200,620 *$83,341 $3,161

Earned on stock. 7.26% 2.70% 3.78% 6.28% 5.72% 2.78%
* Deficit.
Note: Above figures include operations of Terre Haute & Peoria (leased). Fixed charges include interest,
rentaM, hire of equipment, etc.
ance transferred from income, $602,005; donations, $1,789; miscellaneous credits, $23,741. Contra: Surplus appro-
priated for property, $1,790; loss on retired road and equipment, $9,508; miscellaneous debits, $22,193; credit bal-
ance at close of year, $1,339,698.
Comment: Gross and net revenues on the Vandalia Railroad reached the best figures in the history of the
company during the year ended June 30, 1916. Although outside income fell off slightly, the total income avail-
able for charges was high and enabled the company to report surplus earnings equal to 7%% on the outstanding
stock. Conditions since June 30, 1916, have continued to be very favorable.

YEARS
ENDED
PK\\S1'IJ'A\IA sysTKM (TAXDALIA KAILROAD CO.). 607
Comment: There was no change in the capitalization exhibit of the Vandalia Railroad during the year ended
June 30, 1916. Since the latter date the company has been merged into the Pittsburgh, Cincinnati, Chicago & St.
Louis, and is at the present time a part of the latter system. The basis of the merger is evidently a fair one in
view of the general average earning power of the property.
COMPANY CONTROLLED AND OPERATED BY VANDALIA RAILROAD
TERRE HAUTE & PEORIA RAILROAD COMPANY
R.R. Leased to Terre Haute
Incorporated under Illinois laws, Jan. 21, 1887, as successor to the Illinois Midland
& a of Vandalia R.R.), for 99 years from 1892, at rental of 30% of gross earnings; the
Indianapolis (now part
lessee guaranteeing prin. and inf. of bonds. Lease was formally assumed by Vandaha R.R. in 1905.
Line of road:
and to Decatur, with branches; total operated, including trackage rights, 173.63
Farrington to Hervey City 111.,
second track, 1.88 miles; siding, 40.17 miles. Operated as part of Vandalia system, and earnings included in
miles;
income statement of that company.

1916 1915 1914 1913 1912 1911
Rental income $298,980 $233,893 $214,648 $222,470 $258,233 $282,314
Taxes 38,137 36,923 36,307 31,429 29,070 29,428
Fixed charges 139,612 135,826 135,330 138,186 134,680
Surplus . $121,231 $61,144 $43,011 $52,855 $94,483 $117,556

Dividends paid t 55,122 t55,122 {55,122 55,122
Balance $121,231 $2,542 *$59,086 *$48,805 $15,830 $5,120

* Deficit, from and
t Dividend paid profit loss.
ance transferred from income,' $121,231; miscellaneous credits. $129; total, $204,353. Contra: Dividend appropria-
tions f surplus, $55,122; credit balance carried to balance sheet, $114,749; delayed income debits, $34,482; total,
$204,353.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. .
$6,267,319 $6,240,563 $6,237,084 $6,190,109 $6,143,571 $6,120,040
Working assets ....... 124,237 113,541 112,038 171,514 220,859 209,254
Deferred debit items ... ........ 742 ........ ........ ........
Total ............ $6,391,556 $6,354,846 $6,349,122 $6,361,623 $6,364,430 $6,329,294

LIABILITIES :
Capital stock . $3,764,200 $3,764,200 $3,764,200 $3,764,200 $3,764,200 $3,764,200

Funded debt .......... 2,230,000 2,230,000 2,230,622 2,230,000 2,230,000 2,230,000
Deferred credit items . . 43 '
Appropriated surplus.. '227,573 227,573 224,694 177,119 130,581 107,051

Total $6,391,556 $6,354,846 $6,349,122 $6,361,623 $6.364,430 $6,329,294
Bonded Debt: (1) $23,000 Terre Haute & Peoria R.R. first 5s. Dated Mar. 1, 1887; due March 1, 1937. For
details and rating see Table D of Vandalia E.R., page 607. (2) $2,207,000 Terre Haute & Peoria R.R. first Cons.
5s. Dated Sept. 1, 1892; due Sept. 1, 1942. For details and rating, see Table D of Vandalia R.R., page 607.
Capital Stock: Auth:, $2,160,000 preferred and $3,240,000 common; outstanding, $1,837,400 preferred (of which
Vandalia R.R. owns $646,700), and $1,926,800 common (of which Vandalia R.R. owns $1,570,400) par, $100. Divi- ;
dends of 3% each, paid on preferred in 1911 to 1916, incl.
PITTSBURGH, SHAWMUT & NORTHERN RAILROAD COMPANY

of the past nine years.
NOTE: The analysis isofficial documents of the
based on coirmany, including its annual reports
Origin: Incorporated Aug. 1, 1899, under laws of New York and Pennsylvania as a consolidation of the Mill
Creek Valley R.R., Buffalo, St. Marys & Southwestern R.R., Mount Jewett, Clairmont & Northern R.R., Smethport
& Olean R.R., Central New York & Western R.R., Central New York & Northern R.R., and Shawmut Connecting
R.R. Company controls the Shawmut Mining Co., the Kersey Mining Co., the Kersey R.R. Co. and the Clarion River
Ry. It also leases the Pittsburgh & Shawmut R.R. at a rental equal to the net earnings of the latter, plus ten
cents per ton on coal delivered to the Pittsburgh,- Shawmut & Northern by the Pittsburgh & Shawmut R.R. In
Sept., 1916, this lease was abrogated and the Pittsburgh & Shawmut is now operated by its own officers.
Location: Operated lines consist of 299.71 miles, including main lines and branches owned, 159.97 miles from
Wayland June., N. Y., to Hyde, Pa., etc.; 24.08 miles proprietary roads leased; 89.97 miles leased lines (including
Pittsburgh & Shawmut R.R. 79.59 miles), and 10.24 miles of trackage rights; leased lines, 15.45; total operated,
;
299.71; sidings, 120.61 miles.

Receivership: On Aug. 1-, 1905, Frank Sullivan Smith was appointed receiver of the property. The Pittsburgh
& Shawmut which has been under construction from 1908, was leased to the receiver, who operated it in con-
line,
nection with the main company until Sept., 1916, when the lease was abrogated. No plan of reorganization had
been announced up to January, 1916.
Management: OFFICERS: Frank Sullivan Smith, Receiver and Acting Pres.; L. F. Wilson, Sec.; Henry S. Hast-
ings, Aud. and Compt. DIRECTORS: F. S. Smith, F. H. Davis, C. W. Gould, Geo. B. Sheppard, F. W. Frost, L. F.
Wilson, F. H. Ridgway, Geo. C. Atkins, W. W. Wilson, Edwin E. Tait, N. G. Wells, R. E. Palmer, Chas. Walters.
Annual meeting, last Monday in January. MAIN OFFICE, Angelica, N. Y. NEW YORK OFFICE, 60 Wall Street.
PITTSBURGH, SHAWMl'T $ NORTHERN RAILROAD 609
Tonnage: Year ended June 30, 1915, total tons carried, 2,722,931, of which 80% were products of mines, 5%
of forests, 10% manufactures. Year ended June 30, 1916, total tons carried, 3,783,403, of which 84% were products
of mines, 3% products of forests, 10% manufactures.
TABLE V l'h\M<;il Factors (Mileage, Equipment and Operation)
EKDBD
JUKE 30.
Note: Fixed charges in 1916 included rentals, $570,978; interest on equipment trusts, receivers' certificates,
etc., $182,784. No interest has been paid on the first 5s nor refunding 4s since Aug. 1, 1905.
Profit and Loss Account, year ended June 30, 1916: (Company) debit balance at beginning of year, $6,981,361;
debit balance transferred from income, $587,684; loss on retired road and equipment, $46,889; total, $7,616,115.
Contra: Debit balance carried to balance sheet, $7,616,115; total, $7,616,115.
Receivers' Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $646,064;
credit balance transferred from income, $69,396; miscellaneous credits, $1,694; total, $717,154. Contra: Loss on
retired road and equipment, $403; miscellaneous debits, $12,693; credit balance carried to balance sheet, $704,057;
total, $717,154.
Comment:Both gross and net revenues reached new high totals on this property during the year ended June
30, 1916,and as there was also a substantial improvement in outside income, the total balance available for charges
was well in excess of the enlarged requirements. No movement, however, was made to take this property out of
the hands of receivers during the year.
Company's Balance Sheet, as of June 30, 1916: Assets, property investment, $29,162,777; working assets,
$292; profit and loss deficit, $7,616,115; total, $36,779,184; liabilities, capital stock, $15,000,000; funded debt, $14,-
655,600; working liabilities, $6,307,356; accrued liabilities, not due, $244,944; deferred credit items, $571,284; total,
$36,779,184.
Receivers' Balance Sheet, as of June 30, 1916: Assets, property investment, $3,055,866; working assets, $579,-
201; deferred debits, $731,330; total, $4,366,397; liabilities, funded debt, $2,692,927*; working liabilities, $831,484;
accrued liabilities, not due, $120,853; deferred credit items, $17,076; profit and loss surplus, $704,057; total,
$4,306,397.
*
Excludes $510,000 of Receivers' Certificates held by respondent.
NAME OF ISSUE.
PITTSBURGH $ SHAWMUT RAILROAD. 611
3. Auth., $12,000,000; outstanding, $3,873,000; issued and owned by company, $6,500,000. Dated Dec. 1, 1909;
due Dec. 1, 1959. Int. paid at International Banking Corp., New York. Callable at 105 and int. on 60 days' notice.
Sinking fund of $100,000 per annum began Dec. 1, 1914, to purchase bonds at 105 or less. Coupon and reg., $1,000.
First lien on the entire mileage completed, 95.04 miles and on further mileage under construction; also secured by
pledge of $58,000 of No. 6 and $11,953,000 of No. 7; by pledge of $3,607,262 capital stock of Allegheny River Mining
Co., the latter company owning in fee over 22,000 acres of coal lands on or near the Jines of the company. Interest
4.Auth. and issued, $4,500,000. Dated May 1, 1914; due May 1, 1917. Int. paid at Guaranty Trust Co.,
New York. Coupon or reg., $1,000; interchangeable. First collateral lien on $3,000,000 first mortgage bonds of
Allegheny River Mining Co., $4,000,000 of No. 3 (above) ; equipment valued at $600,000, and other securities-valued
at $2,500,000. Issued to provide funds for maturities, for improvements and additional construction. Normal in-
come tax deducted from interest
Kquipment 5s, dated Nov. 1, 1912; due $10,000 each May and Nov. 1, to Nov. 1, 1922. Original amount,
."..
$200,000; now outstanding, $120,000. Int. paid May and Nov. 1, at Columbia Trust Co., New York. Coupon, $1,000.
First lien on 250 coal cars, costing. $250,250. Equipment 5s, dated Nov. 1, 1913; due $23,000 each May and Nov.
1 to Nov. 1, 1923. Int May and Nov. at Columbia Trust Co., New York. Original amount, $460,000; now out-
standing, $322,000. Coupon. $1,000. First lien on 500 50-ton steel hopper bottom coal cars, costing, $578,200. Equip-
ment 5s. dated Nov. 1. 1914; due $30,000 each May and Nov. to Nov. 1, 1924. Original issue, $600,000; now out-
standing, $480,000. Cover 750 cars, costing $717,375. Int. on all issues payable without deduction for income tax.
6. Outstanding, .-"16-4,000; dated Feb. 1, 1899; due Feb. 1, 1949. Int. defaulted since Aug. 1, 1905. Original
amount, $6.000,000. amount having been exchanged in 1902-3 for No. 7 (below). Secured by lien on
all but above
the owned linen of the company, 159.97 miles, including Wayland June, to Hyde, Pa., Prosser to Olean, N. Y., on
12.08 mile* from Paine June, to Cardiff, Pa., and on the coal lands in Elk and Jefferson counties, Pa., owned by the
Kersey Mining Co. Subject, however, to all of the receivers' certificates (No. 1), and, as to interest, subject to
No. 2. Underlie No. 7. The Pittsburg A Shawmut R.R. owns $.*>8,000 of the issue pledged under No. 3. Interest
payable without deduction for normal income tax.
7.Auth.. $15,000,000; outstanding, $14,491,600. of which $11.953,000 are owned by Pittsburgh A Shawmut R.R.
and deposited under No. 3. Data! Feb. 1, 1902; due Feb. 1. 1952. Int. defaulted since Aug. 1, 1905. Coupon,
$500, $1,000. Follows No. 6 on same property, being subject to Nos. 1 and 5, and, as to interest, to No. 2. Interest
payable without deduction for normal income tax.
Capital Stork: Auth. and outstanding, $15,000,000; par $100. TRANSFER AGENT, New York) Trust Co., New
York.
OMPANT AFFILIATED WITH THK I'irr-iii I:<.H. SHAWMIT * NORTHERN RAILROAD COMPANY
THE PITTSBURGH AND SHAWMUT RAILROAD
Origin: Incorporated under laws of Pennsylvania July 21. 1903, as the Rrookville & Mahoning Railroad; name
changed as above on December 27, 1909. The company owns the entire capital stock and the first mortgage bonds
of the Allegheny River Mining Co.; it also owns $58,000 first 5s and $11,953,000 ref. 1st 4s of the Pittsburgh, Shaw-
mut & Northern R.R.. having issued $9,608,800 of its own stock to acquire the latter. For the stock of the Alle-
gheny River Mining Co. it gave $216,062 in cash, and $3,21)1,300 of its own stock. Its advances to the Allegheny
River Mining Co. for development aggregate in excess of $2,000,000 to date, for which it is now receiving first
mortgage bonds of that company.
Location: Lines in operation, June 30, 1916: Erie June., to Cadogan. Pa.. 79.59 miles; branches completed,
1~>.45 miles; total, 95.04 miles; still under construction, Cadogan to Frecport, Pa., 8.43 miles. Sidings, 40.17 miles.
Formerly leased to the Pittsburgh, Shawmut A Northern R.R. from Feb. 1, 1008. rental being net earnings and ten
cents per ton on all coal delivered by the Pittsburgh A Shawmut R.R. to the Pittsburgh, Shawmut & Northern R.R.
and property was directly operated by receiver of lessee until Sept., 1916, when lease was abrogated.
Contract*: Traffic originating from Allegheny River Mining Co. as well as from any additional coal lands
acquired, to be secured to the road by two contracts: With the Allegheny River Mining Co., whereby that company
agrees to mine and deliver to the railroad a minimum of 1.500,000 gross tons of bituminous coal each year, from
Jan. 1. 1912. to and including 1960. The Pittsburgh A Shawmut R.R. Co. receives (in addition to its proportion of
the through rate) an arbitrary rate of 10 cents per gross ton on all coal originating on its line and delivered to the
Pittsburgh, Shawmut & Northern R.R. The assumption of this contract by order of the Courts, is to be made a
condition of the acquisition of the property of the Pittsburgh, Shawmut A Northern R.R. by any successor com-
pany.
Management: OFFICERS: E E. Tait, Pres.; D. C. Morgan. Vice-Pres. and Gen. Mgr.; F. A. Schmidt Sec.;
A. C. Griffith, Treas. and And. DIRECTORS: L. G. Bonstein, R. E. Ball, H. S. Hastings. W. W. Morrison, C. L. Mc-
Intyre. C. B. Alexander, N. L. Strong, D. C. Morgan. John S. Porter, E. E. Tait, John 'Hubbard, S. A. Van Deveer,
E. F. Searles, F. H. Davis, H. E. Huntington, T. P. Shonts. Wm. Shillaber. Annual meeting, second Monday in
January. OFFICE, Kittanning, Pa. NEW YORK OFFICE, 71 Broadway.

1916 1915 1914 1913 1912 1911
Total net income $690,603 $414.770 $565,378 $H74,882 $202,565 $115,185
Taxes 12,258 9,160 8,038 1,240 1,050 406
Fixed charges 794,467 673,796 496,436 59,844
Surplus $11,122 $268,177 $60.904 $313,798 $201,515 $114,779

* Deficit.
Profit and IXMW Account, year ended June 30, 1916: Credit balance at beginning of year, $536,317; miscellane-
ous credits, $46,250; total. $582,567. Contra: Debit balance transferred from income, $116,122; credit balance car-
ried to balance sheet. $448,251; miscellaneous debits, $18,194; total, $582,567.
Note: The income as shown on the foregoing page is not the operating income, but the income from the lease
to the Pittsburgh,Shawmut & Northern. This lease was abrogated in September, 1916, and hereafter a separate
income statement of the Pittsburgh & Shawmut Railroad will be furnished.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 626,849 706,643 3,888,374 2,217,478 1,833,919 1,757,473
570,525 606,322 665,148 494,996 850,832 525,896
Total $28,759,957 $29,090,908 $34,651,095 $30,269,965 $26,703,040 $23,490,945

LIABILITIES :
Capital stock $15,000,000 $15,000,000 $15,000,000 $15,000,000 $15,000,000 $15,000,000

Funded debt 12,136,986 13,155,644 18,619,150 12,242,000 11,020,000 6,835,000
Working liabilities .... 675,554 71,523 129,180 2,228,595 226,179 1,406,244
28,078 43,991 3 129
Total $28,759,957 $29,090,908 $34,651,095 $30,269,965 $26,703,040 $23,490,945

Bonded Debt: See full details and ratings in Bond Table of Pittsburgh, Shawmut & Northern R.R., and notes
appended on page 610.
Capital Stock: Auth. and issued, $15,000,000; par $100. TRANSFER AGENT, Columbia Trust Co., New York.
READING COMPANY
official
Origin: Incorporated as the Excelsior Enterprise Co., May 24, 1871, under Pennsylvania laws. On Jan. 19,
1872, the name was changed to the National Company. On Dec. 6, 1896, name was again changed to the Reading
Company, and the capital stock increased from $100,000 to $40,000,000. The company then acquired practically all
the capital stocks of the newly reorganized Philadelphia & Reading Railway Co. and the Philadelphia & Reading Coal
& Iron Co., the capital stocks being further increased to $140.000,000. The Philadelphia & Reading Railway Co., thus
acquired, was itself incorporated under Pennsylvania laws Nov. 17, 1896. The Reading Company also acquired con-
trol of the Reading Iron Company, and later, the Central Railroad of New Jersey.
Location: The directly operated lines of the Philadelphia & Reading Railway Co. consisted, June 30, 1916, of
1,127.27 miles, as follows: Main lines and branches owned, 387.19 miles. These include, besides the main stems, the
Lebanon Valley branch, the Lebanon & Tremont branch, the Mahanoy & Shamokin branch, and the Schuylkill & Sus-
quehanna branch. Leased lines, directly operated, 705.62 miles. These include the Allentown R.R., the Allentpwn
Terminal R.R., the Catawissa R.R., the Delaware & Bound Brook R.R., the East Pennsylvania R.R., the Little
Schuylkill Navigation & R.R., the Mine Hill & Schuylkill Haven R.R., the North Pennsylvania R.R., the Philadel-
phia, Germantown & Norristown R.R., Schuylkill & Lehigh, Shamokin, Sunbury & Lewisburg, Wilmington & North-
ern and other small companies. There were also 34.46 miles used under traffic rights. Other companies controlled
by the Reading Company, but separately operated, are the Chester & Delaware River R.R., the Gettysburg & Har-
risburg Ry., the Northeast Pennsylvania R.R., the Perkiomen R.R., the Atlantic City R.R., the Philadelphia, New-
ton & New York R.R., the Port Reading R.R., the Reading & Columbia R.R., etc. See on following pages.
Coal Statistics: 1899: Anthracite coal carried, 9,533,693 tons; bituminous coal, 4,201,662 tons; in 1908: Anthra-
cite coal carried, 13,537,462 tons; bituminous coal, 10,816,439 tons; in 1911: Anthracite coal carried, 11,675,405 tons;
bituminous coal carried, 13,848,189 tons; in 1912: Anthracite coal carried, 11,244,945 tons; bituminous coal carried,
14,806,222 tons; in 1913: Anthracite coal carried, 12,860,092 tons; bituminous coal, 16,115,417 tons; in 1914, 11.091,-
290 tons anthracite and 16,735,104 tons bituminous; in 1915: Anthracite coal carried, 10,441,944 tons; bituminous
coal carried, 15,672,001 tons; in 1916: Anthracite coal carried, 11,586,742 tons; bituminous coal carried, 19,024,308
tons.
Management: OFFICERS: Edwd. T. Stotesbury, Pres.; George Ziegler, Vice-Pres. Jay V. Hare, Sec.; H. E. ;
Paisley, Treas.; Wm. H. White, Compt. DIRECTORS: H. P. McKean, Wm. L. Kinter, E. T. Stotesbury, H. C. Frick,
Geo. F. Baker, Jos. E. Widener, Daniel Willard, A. H. Smith, Isaac Hiester. Annual meeting, second Monday in
October. MAIN OFFICE, Reading Terminal Building, Philadelphia, Pa.

BEADING COMPAXY. 613
YBAU
EKDBD
JintmM.
Profit and Loss Account, year ended June 30, 1916: Credit balance, July 1, 1915, $8,442,844; credit balance
transferred from income, $12,668,354; unrefundable overcharges, $6,111; donations, $11,961; miscellaneous credits,
$188,145; total, $21,317,415. Contra: Dividend appropriations of surplus, $6,372,255; loss on retired road and
equipment, $49,388; miscellaneous deBits, $27,932; credit balance carried to balance sheet, $14,867,840; total, $21,-
317,415.
Comparative Income Account of Reading Company, Years Ended June 30

1916 1915 1914 1913 1912 1911
Gross receipts $15,427,604 $14,587,080 $16,919,118 $15,997,121 $14,457,317 $13,677,842
Expenses . . . . 92,720 104,297 102,149 104,860 110,887 102,643
Net receipts $15,334,884 $14,482,783 $16,816,969 $15,892,261 $14,346,430 $13,575,199

Less fixed charges, taxes 5,457,672 5,421,826 5,494,907 5,258,331 5,572,375 4,866,587
Balance $9,877.212 $9,060.957 $11,322,062 $10,633,930 $8,774,055 $8,708,612

Gen. mort. sinking-fund 426,892 447,176 499,320 502,194 508,413 459,649
Balance $9,450,320 $8,613,781 $10.822,742 $10,131,736 $8,265,642 $8,248,963

Dividends 1st pfd s'tock 1,120,000 1,120,000 1,120,000 1,120,000 1,120,000 1,120,000
2d pfd stock 1,680,000 1,680,000 1,680.000 1.680.000 1,680.000 1,680,000
Com. stock... 5,600,000 5,600,000 5,600,000 4,900,000 4,200,000 4,200,000
Total dividends . . . $8,400,000 $8,400,000 $8,400,000 $7,700,000 $7,000,000 $7,000.000

Surplus for year 1,050,320 213,781 2,422,742 2,431,736 1,265,642 1,248,963
Surplus brought forwd. 27,402,926 27,259,204 24,836,462 22,404,725 21,342,984 20,094,021
Miscel. . . . *6,160 (debits) 70,059
Adjustments.
Total sur. Read. Co. $28,459,406 $27,402,926 $27,259,204 $24,836,461 $22,608,626 $21,342,984
* Credits.
Note: The income figures, as shown above, include the gross earnings of the Philadelphia & Reading Railway
and its directly operated leased lines; the maintenance items refer to the operations of the same lines o? railway,
and the net earnings as shown are those of the Philadelphia & Reading Railway and directly operated leased and
controlled lines; total net income includes receipts from investments, such as dividends on Central of New Jersey
stock owned; net receipts from Philadelphia & Reading Coal & Iron Co., and other sources. Fixed charges include
hire of equipment, and similar charges, net interest and rentals, etc., of both the railway and the holding company,
and taxes in 1907, 1908 and 1909. The dividend column covers the dividends paid on the Reading Company stock.
In the reports of the company certain important items representing additions and improvements have been included
in operating expenses each year, but in the above table such charges are not included. The average mileage direct-
ly operated was considerably increased in 1914 by transfer to "main track mileage," 106.57 miles formerly classified
as "sidings and laterals." This materially changes all the "per mile operated" figures.
Comment: During the year ended June 30, 1916, the operating results of the Philadelphia & Reading System
underwent vast improvement and the net operating revenues were more than 50% higher than those of the prev-
ious year. Total net income available for charges was also 50% higher than in 1915, and although fixed charges
advanced sharply, the balance carried forward was very heavy. Conditions on the property since June 30, 1916,
have continued- to be most favorable. The income account of the Reading Railway itself also reflected great pros-
perity and the surplus above the dividend requirements on the several stock issues was much higher than in 1915.

YEARS
BNDBD
I
JUNK BO.
n
H
UEAD1XG COMPANY, 615
standing bond obligations of the Reading Company, the Philadelphia & Reading Railway, and the Philadelphia & Read-
ing Coal & Iron Co. (net). The rental column includes the leased line rentals of the Philadelphia & Reading Railway,
capitalized at 5%. The investments (owned by company as per balance sheet) include the bonds and stocks held by
the Reading Company and the Philadelphia & Reading Railway.
Comparative Condensed Balance Sheet (of Reading Co.). as of June 30

ASSETS: 1916 1916 1914 1913 1912 1911
Equipment owned $43,485,476 $45,380,038 $45,365,249 $41,103,925 $40,974,845 $38,329,417
Leased equipment, etc.. 10,239,639 6,042,108 6,500,258 10,585,519 6,486,521 10,104,223
Real Estate 16,893,903 16,498.928 16,563,708 16,646,088 16,916,041 16,871,222
Bonds 44,460,686 45,348,851 45,383,373 46,414,494 46,960,730 47,465,268
Stock 103,869,893 103,893,145 103,771.965 103,795,153 103,794,153 103,622,915
P. 4 R Coal A Iron.... 71,603,135 72,022,371 72,472,767 72,980,172 73,466,530 74,423,817
Current assets, etc 12,522,976 10,240,201 10,249,742 7,578,456 8,926,495 6,681,924
Total $303,075,708 $299,425,642 $300,307,062 $299,103,807 $297,525,315

LIABILITIES:
Capital stock . $140,000,000 $140,000,000 $140.000,000 $140,000,000 $140,000,000 $140,000,000
Funded debt 126,212,809 127,170,331 128,357,831 129,312,659 130,216,658 131,266,950
Current liabilities 8,403,493 I3U.S88 4,690,027 UM4JSM 4,700,030 4,888,852
Surplus 28,459,406 27,402,926 27,259,204 24,836,462 22,608,627 21,342,984
Total $303,075.708 $299,425,642 $300,307.062 $299,103,807 $297,525,315 $297,498,786

Note: Balance sheet is that of the Reading Company only, and is not consolidated with the Railway A Coal Co.
Comment: The financial statement of the Reading Company underwent practically no change during the year
ended June 30, 1916. As measured on the mileage basis, the capitalization of the property appears very high, but
the earning power is also large and the company has never had any difficulty in carrying its high net capitalization.
Securities Owned by the Reading Company. June 30. 1916, were as follow*:
Pitted Not Held
Under by Trus.
n nd .
QMn] of Gen'al Stocks.
Mtge.
R, Value.
All. City R.R. Co. 1st Con. Mtg. . $39.000 $26,000 Allentown R.R. Co., com
Catawissa R.R. Co. 1st Con. Mtg. 185,000 '
al R. R. Co. of Pa 2,566
City of Philu.. 3Hs 1921 100,000
City of Phila., 3 Us, 1934 400,000
Colebrookdale R.R. Co 593,400 6,100
Dela. River Ferry Co. of N. J 248,896
F.nti-rprise Coal Co MOO
Gett. A Har. Ry. Bonds 18,000 887,
Mammoth Vein C. A I. Co., bonds
Manufacturers' Water Co "
Norristown Junction R.R. Co MJSM
North Penn R.R. Co., Funding
Loan 17.000
Ocemn Citv R.R. Co.. Coop. Sc 21,053
People's Railway Co 36,000
Penn. Steel Co. Col. Bonds 250,000
Perkiomen R.R. Co 161,100
Phila. A Chester Vy. R.R.. Pfd . . 25,000
P. A C. Vy. R.R. Co.. not Pref. . 47,000
Phila. A FYankford R.R. Co 3,000
Phila.. Harris. A Pitts. R.R. Co. 1,472,000
Phila.. Newton A N. Y. R.R 849,100 247,100
Phila.. Read. A Pottav. Tel. Co. . 200.000
Phila. A Read. R.R. Co., Gen.
Mtg. Scrip of 1888 160
Phila. A Read. R.R. Co. 1st
Series, Con. Mtg '
!" .<W!
Phila. Rapid Transit Co 0,0
'
Pickering Valley R.R. Co 332,300

Potomac Valley R.R. Co. 1st Mtg 39.000
Reading Co., Gen. Mtg 4,448.000
Reading Co. R.R. Equip. Trust
ificates Series E 500,000
Read. Co. Jer. Cen. Col. Gold 783,000
Rf>ad. A Col. R.R. Co. 1st Con.
Mttr 45,000 653,000
Read. A Col. R.R. Co. Debtrs.,
1917 1,000,000
Read. A Col. R.R. Co., Debtrs.,
1962 150,000
Read. Co. Pur. Monev Mtg. Bds 1,200.000
Seacoast R.R. Co., "Prior Lien
Bonds" 42.200
Seacoast R.R. Co.. Series B "16
Bonds (Con.)
(OMl'.l\y. 617
Note: The ratings are based not merely on the statistical exhibits, but other factors, such as the character of
the mortgage or the relative value of the mileage to the system, are all taken into consideration. In the case of the
Reading Company issues, all directly assumed or guaranteed bonds of either the holding company or the railway are
on very high investment planes. For Key to Bond Ratings, see pages 19 to 21.
REEFERENCE NOTES ON BOND ISSt 1 B
Auth.. $700,000; outstanding, 1500,000 (closed).

1. Dated May 20, 1892; due May 20, 1942. Int paid at
Guarantee Trust 4 Safe Deposit Co., Philadelphia. Coupon, $1,000. First lien on certain terminal and wharf prop-
erty in Philadelphia, inc. piers known as Nos. 33, 34, 35, 36, 38 and 39 South Wharves, having a frontage of about
685 feet, together with all bulkheads, franchises, and improvements. Underlies No. 8, with provision to retire. In-
2. Auth., $1,222.000; outstanding, $534,000 (closed). Dated July 1, 1892; due July 1, 1942. Int paid at
Guarantee Trust A Safe Deposit Co., Philadelphia. Coupon, $1,000. First lien on certain real estate located on
Swanson St., Delaware Ave., Davis St., and Catherine St.. in the city of Philadelphia, together with all buildings
and improvements thereon. Underlies No. 8, with provision to retire. Interest paid without deduction for normal
income tax.
3.Auth., $2.700.000; outstanding, $2,696,000 (closed). Dated Oct. 1, 1868; due Oct. 1, 1933. Int. paid at
Reading Terminal, Philadelphia. Coupon and reg., $1,000. Assumed by Philadelphia & Reading Ry. First lien on
148.48 miles as follows: From Philadelphia to Mt. Carbon, Pa., 93 miles, and from Reading to Harrisburg, Pa., 55.48
miles. Underlie Nos. 4, 5, and 8, with provision by No. 8 to retire. Legal for Savings Banks in Cal., Conn., Me., Mass.,
Mich.. Minn., N. H.. N. J.. R. I.. Vt. Wis. Listed on Philadelphia Stock Exchange. Interest paid without deduction
4. Auth.. $10.000,000; outstanding. $9.363.000 (closed). Dated Oct 1. 1873: due April 1, 1947. Int. paid at
Reading Terminal, Philadelphia. Coupon and reg., $1,000. Assumed by Philadelphia & Reading Ry. Guar. prin.
and int. by Reading Co. First lien on 167.13 miles, as follows: From Auburn to Rockville, Pa., and branches, 62.70
miles, and from Iêbanon June, to Brookside, Pa.; from St. Nicholas to Locustdale. Pa., with branches to New Castle
and Herndon, Pa., 104.43 miles; second lien on 148.48 miles, following No. In all coven 315.61 miles; also a lien
.'!.
miles of leasehold interests. Underlie Nos. 5 and 8, with provision by latter to retire. Legal for S. B. in
I
Conn.. V II R. I.
. Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal income tax.
Auth.. $80,000.000; outstanding. $5,766.717 (closed). Dated Aug. 26. 1882; dm- March 1, 1937. Int. paid
at Reading Terminal, Philadelphia. Coupon, $500 and $1.000. Assumed by Philadelphia & Reading Ry. Guar.
and int. by the Reading Co. First lien on certain coal and iron lands of the Philadelphia & Reading Coal A
ron Co., which now owns about 171,000 acres of land in the anthracite coal region of Pennsylvania, of which about
rrin.
97.000 acres are underlaid with anthracite; second lien on 167.13 miles, following No. 4; third lien on 148.48 miles,
following No. 4. Underlies No. 8, with provision to retire. Legal for S. B. in Minn.. N. H.. K. I. Listed on Phila-
delphia Stock Exchange. Interest paid without deduction for normal income tax.
6. Auth. and outstanding. $8.500,000. Dated May 1. 1891; due May 1. 1941. Int paid at Provident Life &
Trust Co., Philadelphia. Coupon, $1,000. Assumed by Philadelphia A Reading Railway Co. First lien on the prop-
erty of the Philadelphia A Reading Terminal R.R., extending from Ninth St. and Fairmount Ave. to Twelfth and
Market Streets, with a branch from Broad and Noble Streets to a connection with the Philadelphia & Reading Ry. ;
first collateral lien on $8.497.500 of the $8.500,000 capital stock of the Philadelphia & Reading Terminal R. R.. to-
jrether with real estate, buildings, etc. Underlies No. 8. with provision to retire. Legal for S. B. in Conn., Maine,
Mich.. Minn.. N. II.. N'. J.. K I.. Wis. Listed on Philadelphia Stock Exchange. Interest paid without deduction for
normal income tax.
7. Auth., $2.000.000; outstanding, $990.000 (closed). Dated Feb. 1, 1892; due Feb. 1, 1932. Int. paid at
Reading Terminal. Philadelphia. Coupon. $1.000. Callable at par and int. on June and Dec. 1 of each year for sink-
ing fund. Sinking fund: $.",n.o0 annually to be used for purchase of these bonds at not exceeding par. Assumed
hiladelphia A Reading Coal A Iron Co. Guar. prin. and int. by Reading Co. First collateral Hen on $1,087,000
Preston Coal A Improvement Co. bonds; $900.000 Tremont Coal Co. bonds; $209,000 Mammoth Vein Coal & Iron Co.
bonds. Underlies No. 8, with provision to retire. Inte-cst paid without deduction for normal income tax.
8. Auth.. $ :::. ooo.OOO: outstanding. $98.165.000. Dated Jan. 5, 1897; due Jan. 1, 1997.
I Int. paid at J. P.
Morgan A Co.. New York. Coupon. $1,000; reg., $500, $1,000, $5,000 and $10,000. Sinking fund: In any year that
the company shall pay any dividend upon its preferred or common stock, it shall also pay to the trustee as a .sink-
ing fund five cents per ton on all coal mined in the preceding year from the lands owned by the Coal Co. This sum
ihall be used for the purchase of these bonds at not exceeding par. If not purchased at this
price to be invested
in
securities legal for New York Savings Banks. A joint and several obligation of the Reading Co. and Philadel-
phia A Reading Coal A Iron Co.. and secured as follows: First collateral lien on 28.68 miles; third Hen on 167.13
miles, following No. 5; fourth lien on 146.51 miles, following No. second lien on the Reading Terminal, following
.">;
No. 6; also on leaseholds of the Philadelphia A Reading Ry., covering about 600 miles; first lien on all the coal lands,
iron ore lands, other real estate," all railroads, buildings, equipment, securities, etc., of the Philadelphia A Reading
Coal A Iron Co.. subject to N<> of those outstanding. $1.148.000 are in treasury, of original issue, $7,855,000 have
been retired by sinking fund. Balance of $2#,980.000 are reserved to retire prior Hens. Listed on New York
and Philadelphia Stock Exchanges. Interest paid without deduction for normal income tax.
9. Auth.. $45,000,000; outstanding $23.000.000. Dated April 1, 1901; due April 1, 1951. 'int. paid at J. P.
Morgan A Co.. New York. Coupon and reg., $1,000. Callable at 105 and int. on any interes^ date on six months'
notice. First collateral lien on the following securities: $14.504.000 out of $27,436,800 outstanding capital stock of
the Central R.R. of N. J., which cost $23.300.000; $1,495,001 out of $1.500,000 capital stock of the Perkiomen R.R. Co.
and $440.000 out of $2.000.000 stock of the Port Reading R.R. Listed on New York and Philadelphia Stock Ex-
l<>. Auth.. $1.300,000; outstanding. $1.295.000. Dated March 1, 1900. Payable when redeemed. Reg.. $1.000.
Callable at 105 and int. on thirty days' notice. First collateral lien on $1,496.400 out of $1,500,000 capital stock of
the Wilmington A Northern R.R., upon which 3%^ dividends are guaranteed by the Philadelphia A Reading Ry.
Int. on these bonds is payable
primarily
from the dividends on said stock, which dividends are further guaranteed
by the Reading Co. Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal income
tax.
II. Auth. and outstanding. $450.000. Dated July 10. 1889; July 1. 1010. Int. paid at New York and Phila-
delphia. Coupon. $1,000. Guar. prin. and int. jointly and severally by the Philadelphia A Reading Ry. and the
Coal A Navigation Co. First lien from East Allentown to the main line of the Central R.R. of N. J., 3.27
miles, and second track aggregating 8.55 miles, together with all lands, buildings, etc. Legal for S. B. in Conn.,
Maine, Mich., Minn., N. J., Wis. Listed on Philadelphia Stock Exchange. Interest paid without deduction for nor-
mal income tax.
12. Auth. and outstanding, $2,125,000; of which Reading Company owns $185,000. Dated April 1, 1898; due
April 1, 1948. Ink paid at company's office, Philadelphia. Coupon, $1,000. Guar. prin. and int. by Philadelphia &
Reading Ry. First lien from Tamanend to Newbury June., Pa., 97.45 miles, and several small branches, 6.60 miles;
total, 104.05 miles. Legal for S. B. in Maine. Listed on Philadelphia Stock Exchange.. Interest paid without deduc-
13. Auth. and outstanding, $1,800,000. Dated Aug. 1, 1905; due Aug. 1, 1955. Int. paid at Mechanics' Na-
tional Bank, Trenton, N. J. Coupon, $1,000. Guar. as to int. by Philadelphia & Reading Ry. First lien from
Bound Brook, N. J., to the Delaware River, 27.22 miles, and the Trenton Branch, 3.70 miles, total, 30.97 miles. Legal
for S. B. in Conn., Maine, Mich., Minn., N. J., Wis. Interest paid without deduction for normal income tax.
14. Auth. and outstanding, $495,000. Dated March 1, 1888; due March 1, 1958. Int. paid at Reading Term-
inal, Philadephia. Coupon, $1000. Guar. prin. and int. by Philadelphia & Reading Ry., by endorsement. First lien
from Reading to Allentown, Pa., 35.38 miles. Legal for S. B. in Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis.
15. Auth. and outstanding, $1,500,000. Dated Feb. 1, 1905; due Feb. 1, 1955. Int. paid at Reading Terminal,
Philadelphia. Coupon, $1,000. Guar. prin. and int. by Reading Co. First lien, 9.38 miles, Cheltenham to Nesha-
miny Falls, Pa. Interest paid without deduction for normal income tax.
16. Auth. and outstanding, $250,000. Dated Sept. 1, 1902; due Sept. 1, 1952. Int. paid at Reading Terminal,
Philadelphia. Coupon, $1,000. Guar. prin. and int. by Reading Co. by endorsement. First lien on about .75 mile,
extending from Norristown, Pa., to a connection with the main line of the Philadelphia & Reading Ry., about a
mile north of Bridgeport, including bridge over the Schuylkill River. Legal for S. B. in Maine, Mich., Minn., N. J.,
Wis. Interest paid without deduction for normal income tax.
17* Auth. and outstanding, $1,500,000. Dated June 1, 1866; due May 1, 1936. Int. paid at 240 South Third
Street, Philadelphia. Coupon, $500 and $1,000. Guar. as to int. by Philadelphia & Reading Ry. First lien from
Willow Street, Philadelphia, to Bethlehem, Pa., 56.56 miles; Jenkintown, Pa., to Delaware River, 20.58 miles; and
Lansdale to Doylestown, Pa., 10.09 miles; total, 87.23 miles. Underlies No. 18. Legal for S. B. in Conn., Maine,
Mich., Minn., N. J., Wis. Listed on Philadelphia Stock Exchange. Interest paid without deduction for normal in-
come tax.
18. Auth., $6,000,000; outstanding, $4,500,000 (closed). Dated Oct. 2, 1872 due Jan. 1, 1953. Int. paid at 240
;
South Third Street, Philadelphia. Coupon, $1,000; reg., $500 and $1,000. Guar. as to int. by Philadelphia & Read-
ing Ry. Second lien from Philadelphia to Bethlehem, Pa., 56.56 miles; Lansdale to Doylestown, Pa., 10.09 miles;
total, 66.65 miles. Listed on Philadelphia Stock Exchange. Followed by $408,000 thirty-year funding 4s, due Nov. 1,
1928, on which int. is paid by P. & R. Ry., M. and N. 1. Interest paid without deduction for normal income tax.
19. Auth. and outstanding, $2,000,000. Dated Oct. 15, 1890; due Oct. 15, 1925. Int. paid at Reading Terminal,
Philadelphia. Coupon and reg., $1,000. Guar. prin. and int. by Philadelphia & Reading Ry. by endorsement. First
lien from Harrisburg to Shippensburg, Pa., 41.02 miles, and branches aggregating 3.49 miles; total, 44.51 miles.
Legal for S. B. in Conn., Maine, Mich., Minn., N. H., N. J., R. I., Wis. Reading company owns $1,472,000 of this
issue. Interest paid without deduction for normal income tax.
20. Auth. and outstanding, $750,000. Dated Sept. 1, 1900; due Sept. 1, 1950. Int. paid at Reading Terminal,
Philadelphia. Coupon, $1,000. Guar. prin. and int. by Reading Co. by endorsement. First lien on a belt line around
the City of Reading, about 7.5 miles. Legal for S. B. in Conn., Maine, Mich., Minn., N. J., Wis. Interest paid with-
21. Auth. and outstanding, $600,000. Dated May 2, 1898; due May 1, 1948. Int. paid at Reading Terminal,
Philadelphia. Coupon, $1,000. Guar. prin. and int. by Reading Co. by endorsement. First lien' from Highs Farm,
Reading, to Slatington, Pa., 43.19 miles, and branches, 5.44 miles; total, 48.63 miles. Legal for S. B. in Maine.
Reading Company owns $109.000. Interest paid without deduction for normal income tax.
22. Auth. and outstanding, $1,000,000 first 4s, and $1,000,000 second 6s. First 4s are dated May 1, 1882; due
July 1, 1925. Sinking fund: Amount equal to \% of bonds outstanding annually, to be used for purchase of these
bonds at not exceeding par. Guar. prin. and int. by Reading Company by endorsement; also guar. as to int. by
Philadelphia & Reading Ry. First lien from Shamokin to West Milton, Pa., 31.29 miles. Reading Company owns
$937,000 of this issue. Legal for S. B. in Conn.. Maine, Mich., Minn., N. J., Wis. Listed on Philadelphia Stock Ex-
change. $1,000,000 second 6s are dated July 1, 1890; due July 1, 1925. Int. paid at Reading Terminal, Philadel-
phia. Guar. as to int. by Philadelphia & Reading Ry. Second lien from Shamokin to West Milton, Pa., 31.29 miles,
following the first 4s. Listed on Philadelphia Stock Exchange. Coupon, $1,000. Interest paid without deduction
23. Auth., $1,000.0000; outstanding, $354,000. Dated Dec. 1, 1887; due Dec. 1, 1927. Int. paid at Reading
Terminal. Philadelphia. Reg., $500. Guar. as to int. by Philadelphia & Reading Ry. First lien from Wilmington,
Del., to Reading, Pa., 70.73 miles, and branches aggregating 17.69 miles; total, 88.42 miles. Underlies No. 24, which
provides for retirement. Legal for S. B. in Maine. Listed on Philadelphia Stock Exchange. Interest paid without
24. Auth., $1,000,000; outstanding, $462,000. Dated Ausr. 1. 1892; due Aug. 1, 1932. Int. paid at Reading
Terminal, Philadelphia. Reg., $1,000. Guar. as to int. by Philadelphia & Reading Ry. Second lien on 88.42 miles,
following No. 23. Listed on Philadelphia Stock Exchange. Reading Company owns $56,000 of this issue. Interest
I.
[)| \7fifO
I
4"
Price of the Book,

$2.00 per copy net
f ffcfl
l^v*
\ ^^ ^^ S^1 1 t\ ft
,'
This subject is fully covered in a small volume entitled "tfmr In
Wisely," by John Moody, which we have recently published.
liire.st
For many years Mr.

Moody has made a careful study of this subject in connection with his work as an
analyst and adviser for bankers, financial institutions and investors, both at home and
abroad. These principles for wisely and intelligently diversifying investment capital
have been adopted within the past few years by numerous institutions and seYeral
thousand individual investors with satisfaction and profit.
Money

READIXG COMPANY. 019
NAME *m> Drr AIL> or lMrr_

13. SCHUYLKILL VALLEY NAVIGATION & R.R.: Road leased for 999 years from July 25, 1861, to Philadel-
phia & Reading Ry., at annual rental of $29,450 and taxes. Dividends of 5% per annum are regularly paid from
rental. Reading Company owns $102,300.
14, 15, and 16. First preferred has preference to 4% non-cumulative dividends; then second preferred is en-
titled to 4%, afterwhich common receives all further dividends. Both first and second preferred are subject to call
at par. Company may, at its option, convert the second preferred stock, one-half into first preferred and one-half
into common. No additional mortgage can be placed on the property without the consent of a majority of the first
and second preferred and common, each class of stock voting separately. Dividends on the common stock are now
paid at rate of 8% per annum. TRANSFER OFFICE, Reading Terminal, Philadelphia, Pa.
Note: The total outstanding stock of Philadelphia & Reading Railway is $42,481,700; par, $50; all owned by-
Reading Company. Dividends since 1904: 1905, 20%; 1906 to 1908, 30% each; 1909 to 1911, 25% each; 1911 to
1913, 30%; 1914, 20%; 1915, 12%%; 1916, 15%.
COMPANIES CONTROLLED BY READING COMPANY, BUT SEPARATELY OPERATED

ATLANTIC CITY RAILROAD COMPANY
Origin: Incorporated May 24, 1901, under New Jersey laws, as a consolidation of the Atlantic City R.R. Co.,
the Camden County R.R. Co., Seacoast R.R. Co., and the Ocean City R.R. Co. Controlled by the Reading Co. through
ownership of a majority of the capital stock.
Location: Line of road: Camden to Atlantic City, with branches to Cape May, Ocean City, Sea Isle City, etc.
Total mileage operated, 170.19 miles; second track, 87.89 miles; sidings, 50.79 miles. Equipment owned: Locomo-
tives^ 13; passenger and freight cars, 138.
Management: OFFICERS: Agnew T. Dice, Pres.; John F. Auch, Vice-Pres. and Traffic Mgr.; C. H. Ewing,
Gen. Mgr. Chas. Heebner, Gen. Solicitor; Geo. Ziegler, Sac.; H. E. Paisley, Treas.; W. H. White, Compt, Philadel-
;
phia. DIRECTORS: JWm. Brocklehurst, Laurel Springs, N. J. W. G. Brown, A. T. Dice, H. P. McKean, Richd. Mc-
Allister, Chas. H. Ewing, John F. Auch, Philadelphia, Pa.; Walter J. Buzby, Atlantic City, N. J.; Henry D. Moore,
Haddonfield, N. J.; H. C. Felton, Camden, N. J. Herbert B. Garwood, Williamstpwn, N. J.; Frank Bateman, Gren-
;
loch, N. J.; J. T. Dorrance, Camden, N. J. OFFICE, Reading Terminal, Philadelphia, Pa. Annual meeting, second
Monday in October, at Camden, N. J.

1916 1915 1914 1913 1912 1911
Gross revenues $2,477,137 $2,356,915 $2,362,004 $2,205,125 $2,126,756 $2,020,598
Operating expenses 1,889,518 1,969,275 1,823,604 1,754,450 1,595,803 1,556,924
Net oper. revenues. $587,619 $387,640 $538,400 $470,675 $530,953 $463,674

Operating ratio 76.J% 83.6% 77.2% 78.7% 75% 77.1%
Other income 64,298 52,649 45,748 42,809 45,424 44,746
Total net income . . $651,917 $440,289 $584,148 $513,484 $576,377 $508,420

Taxes accrued 118,706 168,500 149,000 110,702 106,960 80,072
Balance sur.$40,334 def.$310,285 def.$197,327 def.$117,086 def.$60,714 def.$87,245

Profit and Loss Account, year ended June 1916: Credit balance transferred from income, $40,334; unre-
30,
fundable overcharges, $453; donations, $489; miscellaneous credits, $6,907; debit balance carried to balance sheet,
$1,898,769; total, $1,946.952. Contra: Debit balance at beginning of year, $1,946,275; loss on retired road and
equipment, $623; miscellaneous debits, $54; total, $1,946,952.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 568,230 231,168 438,739 348,307 338,411 402,584
Deferred debit items. . 148,733 148,323 7,873 36.557 38,851
Profit and loss 1,898,769 1,946,275 1,635,219 935,275 891,871 884,507
Total $11,648,925 $11,467,020 $11,061,676 $10,242,766 $10,132,856 $10,129,340

LIABILITIES :
Capital stock $3,625,000 $3,625,000 $3,625.000 $3,625,000 $3,625,000 $3,625.000

Funded debt 4,504,500 4,504,500 4,504,500 4,504,500 4,537,600 4,537,200
Deferred credit items . . 90,674 84,847 80,153 68,627 65,766
Appropriated surplus... 666,983 619,768 500,474
Total $11,648,925 $11,467,020 $11,061,676 $10,242,766 $10,132,856 $10,129,340

Bonded Debt: (1) $2,200,000 Atlantic City R.R. 1st 5s, dated May 1, 1889; due May i, 1919. Int. paid
May 1 and Nov. 1, at Reading Terminal, Philadelphia, Pa. Coupon bonds, $1.000. First lien, Camden to At-
lantic City, N. J., 54.54 miles; Camden to Mount Ephraim, N. J., 4.20 miles; Kaighn's Pt. in Camden to the Cam-
den, Gloucester & Mt. Ephraim R.R., 0.5 mile; Atco to Mullica Hill, N. J., 22.69 miles; Glassboro to the Williams-
town & Delaware River R.R.. 0.49 mile: other lines, 0.51 mile: total, 82.93 miles. Issued to discharge indebtedness of
the Philadelphia & Atlantic City R.R. Co., Williamstown & Delaware River R.R. Co.. Glassboro R.R. Co., the Camden
& Mt. Ephraim R.R. Co., and the Kaighn's Point Terminal R.R. Co., which were merged with the Atlantic City
R.R. Co. Underlie No. 2, which provides for retirement. Interest paid without deduction for normal income
tax. Listed on Philadelphia Stock Exchange. Tax-free in New Jersey. Legal for S. B. in Maine. Net Rating, Aa.
KK.ll)I\G )Ml'.L\y \) STEM. 621
$1,851,000 Atlantic City R.R. 1st consol. 4s, dated July 1. 1901; due July 1, 1951. Int. paid Jan. 1 and
July 1,Reading Terminal, Philadelphia, Pa. Coupon bonds, $1,000, each registerable as to principal. Auth..
at
$4.500,000 of which $2,650,000 are reserved to retire Nos. 1, 3, 4 and 5. Guar. as to prin. and int. by Reading
Company, the guaranty being endorsed. Secured upon the entire property of the company, following Nos. 1, 3 and
">. prior liens and being a first mortgage on 20.90 miles, second lien on 82.93 miles; third lien on 66.33 miles. TRUSTEE,
Girard Trust Co., Philadelphia, Pa. Listed on Philadelphia and New York Stock Exchanges. Tax-free in New
Jersey. Interest paid without deduction for normal income tax. Legal for S. B. in Maine. Net Rating, Aa.
(3) $350,000 Seacoast R.R. Co. prior lien 5s, dated Apr. 30, 1898; due April 1, 1948. Int. April 1 and Oct 1,
at Reading Terminal, Philadelphia, Pa. Coupon bonds, $100 and $1,000; registerable both as to principal and in-
terest. Secured upon the road from Winslow Junction to Cape May, and from Tuckahoe to Sea Isle City, N. J.,
total 6fi miles. Trustee: Girard Trust Co., Philadelphia, Pa. Interest paid without deduction for normal income
tax. Tax-free in New Jersey. Legal for S. B. in Maine. Net Rating, Aa.
I4i $22,800 Seacoast R.R. Series A, and $1.200 Seaoast R.R. Series B gold 5s; due April 1, 1948. Int
April 1 and Oct. 1, at Reading Terminal. Philadelphia, Pa. Secured upon the road from Winslow Junction to
Cape May and from Tuckahoe to Sea Isle City, N. J., as 2d and 3d mortgages, respectively, total 66 miles. Trustee,
Girard Trust Co., Philadelphia, Pa. Interest paid without deduction for normal income tax. Tax-free in New
Jersey. Net Rating, Aa.
>
$75,000 Atlantic City R.R. real estate purchase money 4' 2 .*; dated April 1, 1900; due April 1, 1930. Int
April and Oct 1, at Reading Terminal, Phila. Interest p lid without deduction for normal income tax.
Auth. and outstanding ($1,000.000 preferred and $2,625,000 common), $3,625,000. Shares, $50.
Capital Slock:
Tin'Reading Company owns all the preferred stock and $2.614.922 of the common stock. Registrar and TRANSFER
ACEST. Geo. Ziegler, secretary of the company, Philadelphia. Pa.
CATASAUQUA & FOGELSVILLE RAILROAD

Origin: Incorporated under lawn of Pennsylvania, Aoril isr.3. Road opened for operation in July, 1857.
.",.
Controlled by the Reading Company through ownership of majority of outstanding stock.

I xx- a! inn: Line of road Cutasauqua to Rittenhouse Gap, Pa., with branches, 31.72 miles; sidings, 13.75 miles.
Equipment: 200 cars.
Management: OFFICERS: Agnew T. Dice, Pres.; John F. Auoh. Vice-Pres.; H. E. Paisley, Treas.; Geo. Ziegler,
Sc.; W. H. White. Compt. Philadelphia. Pa.; C. H. Ewinir. On. MBT.; J. E. Turk. Gen. Supt., Reading. Pa.
DIRECTORS: W. S. Pilling. E. F. Smith. W. H. White, John F. Auch. Charles H. Ewing. Philadelphia. Pa.; Leon-
ard Peckitt. Edwin Thomas. Catasaunua. Pa.; F. R. Drake. R. H. Sweetser, Easton, Pa.; J. S. Krause, Bethle-
hem. Pa. OFFICE, Reading Terminal, Philadelphia, Pa.
Comparative Income Account. Years Fnded June

1916 1915 1914 1913 1912 1911 1910
Gross revenues $262.299 $204.596 $213.080 $254.484 $200,948 $245,443 $269,059
Operating expenses 117,189 118,987 109,488 100.347 94,439 72,646
Net operating revenues. . . $135.110 $85.609 ? , 7 ,

,
$144.996 $100.601 $151.004 $196.413

Operating ratio 46.5* 38.5% 27%
Other income 23.805 21.442 6,132 4,730 MM 6,815
Total net income. $158.915 $107.051 $94.741 $1M,128 $105.331 $156,999 $203,228
Taxes accrued 6,9.'8 8,080 7,740 8.100 7.200 0,210 tU46
Fixed charges, et-- 12,722 16,145 21,086 18,048 20.917 59,708 44,705
Surplus . . .
$139,235 $82,826 $65.915 $124.980 $77.214 $91.081 $152.377
Dividend* paid t 85,380 42.690 42,690 42,690 42,690
Balance earned on stock . . . $139.235 *$2,434 $23,225 $82.290 $34,523 $48,391 $109,687
Deficit. t Dividend paid from profit and loss (see below).
Prolll and I-oi Account, year ended June 30, 1916: Credit balance at beginning of year, $560,598; credit bal-
ance transferred from income. $139.235; unrefundahl* overcharges, $5; miscellaneous credits, $64. Total, $699,902.
Contra: Credit balance carried to balance sheet, $630.822: dividend appropriations of surplus, $64,035; loss on
retired road and equipment. $3.364; miscellaneous debits, $1.681; total, $699,902.
Comparative Condensed Ba'anre Sheet, as of June 30

\ --M - : 1916 1915 1914 1913 1912 1911
Property investment ... $801.r.rtr, $810.50fi $818.300 $819.646 $833.332 $838.158
Working assets 079 488.040 486,722 442,475 336,711 276,024
Accrued income not due 22 104
Total $1.359,766 $1,298,650 $1,305,022 $1,262,121 $1,170,043 $1,114,182

LIABILITIES:
Capital stork $426.900 $426.900 $426.900 $426.900 $426.900 $426.900
Funded debt 135.000 135.000 K!.-,.000 135.000 13B.OOO 135,000
Workine liabilities .... 67.658 8? 390 93.r,89 87.917 80.654 69,418
Arrr'd liabilities not due 10,752 10.641 9,722 8,878 7,396 6,845
Deferred credit items. . . 514 577 ' '
Appropriated surplus . . 88.120 82.544 75.944 62'.874 6l'.832 '"nY.im

Profit and loss fi.10.822 560.598 r,r,3,767 540.552 458,261 424,103
Total . $1.359,766 $1,298,650 $1.305,022 $1,262,121 $1,170,043 $1,114.182

Bonded Debt: $135,000, Catasauqua & Fogelsville R.R. 1st gold 4s, dated July 1, 1898; due July 1, 1928; int.
Jan. and July 1 at Reading Terminal, Philadelphia. Coupon, $1,000; registerable as to prin. First lien on entire
property. Secured upon the entire property, consisting of 31.72 miles, Catasauqua to Rittenhouse Gap, Pa.
TRUSTEE, Pennsylvania Co. for Ins. on Lives and Granting Annuities, Philadelphia. Legal for S. B. in Conn., Maine,
Mich., Minn., N. H., N. J., R. I., Wis. Interest paid without deduction for normal income tax. Net Rating, Aa.
Capital Stock: Outstanding, $426,900, of which the Reading Company owned $254,125. Shares $25. Dividends
May and Nov. at Philadelphia, Pa. Dividends paid in 1905, 7%; 1906 to 1909, inclusive, 8% each; 1910 to 1914,
inclusive, 10% each; 1915, 20%; 1916, 15%. TRANSFER AGENT Frederick Reel, Reading Terminal, Philadelphia,
:
Pa. Annual meeting, first Monday in November, at Philadelphia.
THE CENTRAL RAILROAD COMPANY OF NEW JERSEY

NOTE : The analysis is based on official documents of the company, including the annual reports for the past ten years.
Origin: Incorporated Feb. 22, 1849, under New Jersey laws, as a consolidation of the Elizabeth & Somerville
R.R. and the Somerville & Easton R.R. Main line opened from Elizabeth to Phillipsburg, N. J., in 1852 extension ;
to Jersey City opened in 1864; branch to Newark in 1872. From time to time the company acquired additional lines
by lease or otherwise, including a one-half interest in the New York & Long Branch R.R. The company also owns
$8,439,650 out of $9,212,500 stock of the Lehigh & Wilkes-Barre Coal Co. (See Public Utility and Industrial Section.)
Location: The total mileage operated consisted, June 30, 1916, of 683.93 miles, classified as follows: Lines
owned in fee, 156.63 miles; lines controlled by ownership of capital stocks, 227.79 miles; lines operated under
leases or agreements, 253.68 miles; trackage rights, 45.83 miles. The above includes the mileage of the New York
& Long Branch R.R., which is leased jointly with the Penn. R.R. Mileage confined to New Jersey and Pennsyl-
vania. Population of these States in 1890, 6,702,947; in 1900, 8,185,784; in 1910, 10,222,278.
Control: The Central Railroad of New Jersey is controlled by the Reading Company, which owns $14,504,000
out #f $27,436,800 capital stock, this stock being deposited under the Reading Company-Jersey Central coll. 4s.
Government Suit: In Oct., 1915, the United States District Court at Philadelphia ordered the company to dis-
pose of its interest in the Lehigh & Wilkes-Barre Coal Co. on the ground that the union of the latter company with
the Philadelphia & Reading Coal & Iron Co. through the instrumentality of the Reading Co. was a combination in
restraint of trade. The Court further enjoined the Lehigh & Wilkes-Barre Coal Co. from paying and the Central
Railroad of New Jersey from receiving any dividends on its holdings of the former company's stock. The case
has been appealed and the matter is now pending.
Management: OFFICERS: Geo. F. Baker, Chairman; Wm. G. Besler, Pres. and Gen. Mgr. ; Robert W. de Forest,
Vice-Pres. and Gen. Counsel; Tilghman B. Koons, Vice-Pres. and Freight Traffic Mgr.; G. O. Waterman, Sec. and
Treas. DIRECTORS: Danl. Willard, Howard W. Maxwell, Geo. F. Baker, R. W. de Forest, E. B. Thomas, Ernest R.
Ackerman, Henry Graves, Jr., E. T. Stotesbury, W. G. Besler. Annual meeting, Friday following third Monday in
September. MAIN OFFICE, 143 Liberty Street, New York.

READING SYSTEM (CENTRAL R.R. OF XE19 T JERSEY). 023
Comment: During the year ended June 30, 1916, the freight density of the Central Railroad of New Jersey
reached a new high figure, and the average freight train load was also moderately improved. There were prac-
tically no changes in the average passenger and freight rates, but train mile earnings averaged better than in recent
years. It will be noted that the proportion of high grade freight was larger than during the year 1915, while
product* of mines tended to fall off considerably.
TABLE B. Income Factors (Earnings and Their Distribution, Per Mile of Road
YBAM Gnm
Per Mile of Road.
YEARS
ENDED
JUNE: 30.
HE A DI\G COM PA XV SYSTEM 625
gating $18,855,200 par value and covering 213.38 miles in New Jersey. Stock and mileage as follows: Buena
Vista R.R. ($21,400), from Greenwich to Cohansey Creek, 1.03 miles; Carteret Extn. R.R. ($23,600), from Car-
teret to Staten Island Sound, 1.82 miles; Cartaret & Sewaren R.R. ($24,800), from Liebigs to Port Reading, 1.25
miles; Cumberland & Maurice Extn. R.R. ($16,200), Bridgeton June, to Bridgeton, 1.23 miles; Dover & Rockaway
R.R. ($45,000) Wharton to Rockaway, 5.12 miles; Cumb?r!and & Maurice River R.R. ($249,700 common and $2,900
preferred), from Bridgeton to Bivalve, 21.20 miles; Elizabeth Extn. R.R. ($30,000), from Great Island June, to
Terminus, 1.62 miles; Freehold & Atlantic Highlands R.R. ($650,000), Freehold to Atlantic Highlands and Stone
Church, 22.75 miles; Lafayette R.R. ($61,800), Pacific Ave. June, to Griffing Iron Works, 0.55 mile; Manufacturers'
Extn. R.R. ($53,700), from Albert St. Newark, to Maples Wks., 1.23 miles; Middle Valley R.R. ($9,900), Middle
Valley to Quarry, 1.38 miles; Navesink H.R. ($701,900), Atlantic Highland Pier to Highland Beach, 4.66 miles;
New Jersey Southern R.R. ($1,000,000 common and $1,590.600 preferred), from Long Branch to Atsion, 59.22 miles;
from Highland Beach to Long Branch, 6.19 miles; from Eatontown to Belford, 8.21 miles; Raritan North Shore R.R.
($65,600), Perth Amboy to Raritan Brick Wks., 1.75 miles; Sound Shore R.R. ($149,200), from Broadway, Eliza-
bethport, to Cartaret, inc. spurs, 6.17 miles; Toms River & Bamegat R.R. ($75,300), from Toms River to Barne-
gmt, 14.71 miles; Toms River R.R. ($240,000), from Lakehurst to Toms River, 7.57 miles; Vineland R.R. ($600,000),
from Atsion to Bayside, 46.82 miles; West End R.R. ($43,700), from Long Branch to West End, 1.36 miles; West
Side Connecting R.R. ($124.900), from West Side Ave. to Danforth Ave., Jersey City, 0.94 mile; also including
Allentown Terminal R.R. ($225,000) American Dock & Improvement Co. ($3,000,000)
;
Dover & Rockaway R.R.
;
($45,000) Lehijrh & Wilkes-Barre Coal Co. ($7,850,000)

; New York & Long Branch R.R. ($2,000,000). Legal for
;
Savings Banks in Cal., Conn., Me., Mass., Mich., Minn.. N. H.. N. J.. N. Y.. R. I., Vt, Wis. Listed on New York
and London Stock Exchanges. Interest paid without deduction for normal income tax.
2. Auth., $5.000,000; outstanding, $4.987,000. Dated July 1, 1881; due July 1, 1921. Int. paid at Liberty
National Bank, New York. Coupon, $1.000. Redeemable at 110 and int Guar. prin. and int. by Central R.R.
of N. J. by endorsement. First lien on three large tracts of improved waterfront and dock property, one tract
being at Caven Point, Jersey City, another lying immediitely south of the terminal yards of the Central R.R. of
1
N. J. at Communipaw, and the other immediately north of the terminal yards of the Central R.R. of N. J. Legal
for S. B. in Conn., N. H. Listed on New York Stock Exchange. Interest paid without deduction for normal income
tax,
3. Auth., $2,500,000; outstanding. $2.308.000 4s; $192.000 5s. (Central R.R. of N. J. owns $451,000 4s.) Dated
Sept. 1, 1891; due Sept 1, 1941. Int. paid at Liberty National Bank, New York. Coupon, $1,000. Guar. as to int
jointly by the Penn. R.R. and the Central R.R. of N. J. First lien from Perth Amboy, via Long Branch to Bay Head,
N. J.. 38.04 miles. Legal for S. B. in Conn.. Me~ Mich., Minn., N. J.. Wis. $1,500.000 4s are listed on New York
Stock Exchange. The stock of this company is all own?d by the Central R.R. of N. J., and the company is jointly
leased fox 99 years from 1888 to Central R.R. of N. J. and Penn. R.R. Interest paid without deduction for normal
income tax.
Rate
NAME AMD DCTAOJI or Imrc.
! D..VIT.V K.--K-.-A-H I! H gt.l. sto.-k

r
Par$IOO OutUni)ing. $1. iO,000.
2. Hih.-nn.-i Mm.- I: I! ir :
Par 1100 (
).il*tanding, 1200.000.
3. (>gil-n Mini- IM< pt,| .1,,,-k
Pr $100 <
Miding. $4.V).Of)0
>ut.Mt
ntral Raitawd of N j. ti-k
Par $100. Outxtanding, $27,430,800.
Management: OFFICERS: Agnew T. Dice, Pres.; John F. Auch, Vice-Pres.; H. E. Paisley, Treas.; Geo. Zieg-
ler, Sec.;Jay V. Hare, Asst. Sec.; W. H. White, Compt., Philadelphia, Pa.; C. H. Ewing, Gen. Mgr.; J. E. Turk, Gen.
Supt., Reading, Pa. DIRECTORS: E. F. Smith, W. G. Brown, Jas. M. Landis, C. K. Klink, H. E. Paisley, Chas. H.
Ewing, Philadelphia, Pa. Annual meeting, second Monday in January. OFFICE, Reading Terminal, Philadelphia, Pa.
1916 1915 1914 1913 1912 1911 1910
Gross revenues $246,953 $228,136 $269,150 $255,755 $231,874 $238,611 $205,683
Net operating revenues . . . $64,080 $53,108 $72,513 $7,588

Operating ratio 74% 76.7% 73.1% 97%
Other income 997 677 554 726
Total net income. $65,077 $53,785 $73,067

Taxes accrued 2,530 2,490 2,501
Fixed charges, etc.... 52,455 72,159 53,479
Balance .
lfi:Al)I\G COM PA XV SI' STEM. 627

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 25,876 1,139 7,543 5,369 1,875 19,659
Profit and loss 585,245 545,670 484,681 412,188 393,504 361,247
Total $1,419,300 $1,347,778 $1,287,692 $1,202,633 $1,180,097 $1,161,899

LIABILITIES:
Capital stock $400,000 $400,000 $400,000 $400,000 $400,000 $400.000
Funded debt 441,874 441,874 400,000* 400,000 400,000 400,000
Appropriated surplus . . 35,667 28,545 23,044
Total $1,419,300 $1,347,778 $1,287,692 Jl.-J02.6M $1,180,097 $1,161,899

Bonded Debt: $400,000 North East Penn R.R., first 5s, dated April 1, 1890; due April 1, 1920; int April 1 and
Oct 1, at Reading Terminal, Philadelphia, Pa. Coupon, $1,000, reenterable as to principal. Secured on the line
from Glenside to New Hope, Pa., 25.64 miles. Interest payable without deduction for normal income tax.
Net Rating, Ba.
Note: The ratings are based not only on the statistical exhibits and averages, but other considerations
are given due weight, such as the general financial condition of the property, character of its business, relative
position of the issue, etc. For full explanation, see Introduction. For Key to Ratings, see pages 19 to 23.
Capital Stock: Auth. and outstanding, $400,000, of which the Reading Company owned $318,950. Par, $50.
TRANSFER AGENT, F. Reel, Philadelphia, Pa. Annual meeting, second Monday in January, at Reading Terminal,
Philadelphia, Pa. No dividends.
PERKIOMEN RAILROAD COMPANY

Origin: Incorporated -under laws of Pennsylvania, March 23, 1865. Road opened throughout in 1875. Con-
trolled by the Reading Company through ownership of entire capital stock.
Location: Perkiomen Junction to Emaus Junction, Pa., 38.23 miles. At Emaus Junction the road connects with
the East Pennsylvania R.R., which extends to East Penn Junction.
Management: OFFICERS: A. T. Dice, Pres.; John F. Auch, Vice-Pres. and Traffic Mgr. C. H Ewing, Gen. ;
Mgr.; H. E. Paisley, Treas.; Geo. Zieeler, Sec.; Jay V. Hare, Asst. Sec.; W. H. White, Compt, Philadelphia, Pa.;
1. E. Turn, Gen.
Supt., Reading. Pa. DIRECTORS: C. H. Ewing. W. G. Brown, E. F. Smith, J. M. Landis, J. F. Auch,
Wm. F. Dannehower, D. K. Graber, C. M. Reed, J. P. Hillegas. Philadelphia, Pa. Annual meeting, second Monday in
January. OFFICE, Reading Terminal, Philadelphia, Pa.
( lawUflration of Freight Tonnage Yearn Knding June 30 1
Comment: This is one of the subsidiary properties of the Reading Co., but is separately operated. The com-
pany has reported a steady growth in its freight density in recent years, and has practically doubled its average
freight train load since 1907. Train mile earnings are also better today than in earlier years. The tonnage of this
property is widely diversified, and the proportion of high grade freight is unusually heavy. Average freight rates,
however, are low.
The foregoing table does not include any equipment statistics, as all equipment used on the road is owned by the
Reading Company.
YEARS
ENDED
JUNE 30.
HEADING COMPANY SYSTEM (PERK1OMEN R.R.). 629
TABLE < .
Capitalization Factors Security Obligations
i
and Earning Power)
YBAM
JUNBM.
Capital Stock: Auth. and outstanding, $1,500,000, all owned by the Reading Company, and except the shares
reserved to qualify directors, is pledged under the Reading's Jersey Central collateral trust deed. Dividends paid,
7% per annum. In 1915, an extra dividend of 35% was paid out of surplus. In 1916 20% extra was paid from sur-
plus. Par, $50. REGISTRAR AND TRANSFIX AGENT,
Frederick Reel, Philadelphia.
THE PHILADELPHIA & CHESTER VALLEY RAILROAD COMPANY

Origin: Incorporated under laws of Pennsylvania, March 7, 1888, as successor to the Chester Valley R.R. Co.
Controlled by Reading Company through ownership of majority of capital stock.
Location: Bridgeport to Downingtown, Pa., with branch to Cedar Hollow, 23.96 miles; sidings, 4.84 miles.
Management: OFFICERS: Agnew T. Dice, Pres.; John F. Auch, Vice-Pres.; H. E. Paisley, Treas.; Geo. Ziegler,
Sec., Philadelphia, Pa. DIRECTORS: James M. Landis, Charles Heebner, Chas. H. Ewing, Edwin F. Smith, John F.
Auch, W. H. White, Philadelphia. OFFICE, Reading Terminal, Philadelphia.

1916 1914 1913 1912
Gross revenues $95,770 $83,434 $85,823 $82,690
Operating expenses. 77,001 62,982 63,782 54,396
Net operating revenues. $20,452 $22,041 $28,294

Operating ratio 75.5% 74,3% 65.8%
Other income 580 622 116
Total net income. $21,032 $22,663 $28,410

Taxes accrued 1,448 1,650 1,549
Fixed charges, etc 33,083 30,812 27,200
Balance def.$10,130 def.$29,893 def. $13,499 def.$9,798 def.$338

KEADIXG COMPANY SYSTEM. 631

1916 1915 1914 1913 1912 1911 1910
Gross revenues . $178,620 $165,883 $166,345 $160,350 $155,681 $149,762 $149,940
Operating expens 176,019 170,813 191,455 170,623 132,675 126,547 112,174
Net operating revenues. 18401 def.$4,930 def. $25,110 def.J10.273 $23,006 $23,215 $37,766
Operating ratio 103.0% 115.1% 106.4% 85.2% 84.5% 74.8%
Other income 28,913 30,116 28,654 28,972 28,371 28 t580
Total net income. $32,514 $3,544 $18,394 $51,978 $51,586 $66,346

Taxes accrued 3,392 3,796 3,696 ) ( 3,337 3,282 4,570
113,519
Fixed charges, etc. . . . 103,839 203,586 232,922 f I 108,818 97,435
Balance def.$74,717def.$182,196 def.$233,074 def.$95,125 def.$60,177 def.$46,008 def.$35,659

and LXMW Account, year ended June 30, 1916: Unrefundable overcharges, $12; donations, $1,122; miscel-
Profit
laneous credits, $3; debit balance carried to balance sheet, $1,372,823; total, $1,373,960. Contra: Debit balance at
beginning of year, $1,299,199; debit balance transferred from income, $74,717; loss on retired road and equipment,
$44 ; total, $1,373,960.
ASSETS: 1916 1915 1914 1913 1912 1911
-
$3,595,437 $3.490,576 $3,346,186 $3,329,856 $3,312,365
Working assets -n.77! 39,529 51,071 31,058 37,948
Deferred debit items . . 74
Profit and Ions 1,372,823 1,299,199 1.121.77.-. 825,701 746,908 704,240
Total $5,039,853 $4.945,484 $4,651,880 $4,222,958 $4,107,822 $4,054.553

LIABILITIES:
Capital stock $1.625,000 $1,625,000 $1,625.000 $1,625.000 $1,625,000 $1,625,000
Funded debt 1,599.000 1.599.700 1,599.000 1,599,000 1,600,000 1,600,000
Working liabilities 1,478428 1,399,958 1,211.873 978,119 861.996 808,624
Accrd. liabilities not due 21,029 20,872 20,839 20,826 20,929
Deferred credit items.. 8 11
Appropriated surplus. . 316.560 299,786 195,135
Total $4,945,484 $4.651,880 $4,222,958 $4,107,822 $4,054,553

$1,599.000 Philadelphia. Newtown A N. Y. R.R. 1st 5* and 3s. dated Oct 1, 1892; due Oct. 1,
Bonded Debt:
1942; int. April 1 nnd Oct. 1, at Reading Terminal, Philadelphia. Pa. Issued as ~> r bonds, hut the rate has been ',
reduced to 3% on $507,000, and these reduced interest bonds are guaranteed, principal and interest, by Reading
Company, besides being preferred as to interest. The remaining $1,092,000 are 5% bonds, unguaranteed. Coupon
bonds. $1,000 each; registerable as to principal. The Reading Company owns $1,096.200 of the bonds of which $849,-
100 are pledged under its general mortgage. Listed on Philadelphia Stock Exchange. Interest payable without de-
duction for normal income tax. Tax-free in Pennsylvania. Net Rating, (3s) Am. (5s) Ba.
Outstanding: preferred. $400.000; common. $1.225,000 total, $1.625,000, of which the Reading
Capital Stork:
Company owns $375,000 of the preferred, and $625,600 of the common stock. Shares, $50. REGISTRAR OF STOCK AND
TRANSFER AnENT. F. Reel. Annual meeting, second Monday in October, at Philadelphia, Pa. Listed on Philadelphia
Stock Exchange.
THE PORT READING RAILROAD COMPANY

Origin: Incorporated under the laws of New Jersey, Nov. 5. 1890. Road opened for traffic in September,
1892. Controlled by the Reading Company through ownership of entire capital stock.
tx>eation: Port Reading Junction near Bound Brook to Port Reading, N. J., with branch to Woodbridge, 21.1ft
miles; sidings. 50.2 miles.
Management: OFFICERS: Agnew T. Dice, Pres.: J. F. Auch. Vice-Pres.; H. E. Paislev. Treas.; Geo. Ziegler,
Sec.; J. V. Hare, Asst. Sec.; W. H. White, Compt.. Philadelphia, Pa. DIRECTORS: W. H. White, R. L. Russell, A.
T. Dice. J. M. Landis, W. G. Brown, 7J. F. Auch. Philadelphia. Pa.; Frank Bateman, Grenloch, N. J.: Nathan Fran-
cis, H. C. Felton. Camden, N. J.: I. Brocklehurst. Wm.
Laurel Springs. N. J.; Chas. H. Ewing, Philadelphia. Pa.;
H. B. Garwood. Williamstown, N. J.; J. F. Dorrance, Camden. N. J. OFFICE, Camden, N. J.
Comparative Income Account. Yearn Ended June

1916 1915 1914 1913
Gross revenues $1,804.075 $1.517.847 $1.335956 $].fi06.037
Operating expenses 997.449 742,766 W.VMO 560,712
Net operating revenues...

Operating ratio
ance transferred from income, $200,582; donations, $115; miscellaneous credits, $2,268; total, $1,015,092. Contra:
Dividend appropriations of surplus, $400,000; credit balance carried to balance sheet, $615,092; total, $1,015,092.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 514,679 617,965 1,105,935 1,286,048 1,001,204 835,164
1,717 843 19,103
Total $4,603,699 $4,637,376 $5,075,529 $5,193,956 $4,870,320 $4,675,432

LIABILITIES :
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000

Funded debt 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
Deferred credit items . . 250 250
Appropriated surplus. . .
295,637 226,902 177,928 95,189 74,449 45,601
Profit and loss 615,092 812,127 1,316,441 1,560,401 1,221,347 1,090,004
Total $4,603,699 $4,637,376 $5,075,529 $5,193,956 $4,870,320 $4,675,432
Bonded Debt: $1,500,000 Port Reading R.R. 1st 5s, dated Jan. 1, 1891; due Jan. 1, 1941; int. Jan. 1 and July 1,
at Reading Terminal, Philadelphia, Pa. Coupon, $1,000; registerable. Trustee: Pennsylvania Co. for Ins. on Lives
and, Granting Annuities, Philadelphia, Pa. Secured on 21.16 miles of road. Listed on Philadelphia Stock Exchange.
Interest payable without deduction for normal income tax. Tax-free in New Jersey. Legal for S. B. in Maine.
Net Rating, Aa.
Capital Stock: Auth. and outstanding, $2,000,000, all owned by the Reading Company. Shares, $100. TRANS-
FER AGENT, Frederick Reel, Reading Terminal, Philadelphia, Pa. Annual meeting, second Monday in October, at
Camden, N. J. Books do not close in advance. Dividends 12% per annum paid in fiscal years 1909 to 1915, inclu-
sive; extra dividend of 20% paid out of surplus in 1915. Regular dividend of 10% and extra dividend of 10% paid
out of surplus in 1916.
READING & COLUMBIA RAILROAD COMPANY

Origin: Incorporated under laws of Pennsylvania, May 19, 1857. Road opened for traffic in April, 1864. Com-
pany controls the Reading, Marietta & Hanover R.R. Co. through stock ownership. Controlled by Reading Company
through ownership of majority of the capital stock.
Location: Columbia to Sinking Springs, Pa., with branches to Lancaster, Mount Hope, Chickies, Pa., etc., 60.19
miles; sidings, 18.5 miles. Equipment: locomotives, 1; cars, 6.
Management: Agnew T. Dice, Pres. John F. Auch, Vice-Pres. H. E. Paisley, Treas. ; Geo. Ziegler,
OFFICERS: ; ;
Sec.; W. H. White, Compt,

Philadelphia, Pa.; C. H. Ewing, Gen. Mgr.; J. E. Turk, Gen. Supt., Reading, Pa. DI-
RECTORS: C. H. Ewing, E. F. Smith, J. F. Auch, E. J. Weeks, John J. Evans, Philadelphia, Pa.; B. F. Hiestand,
Marietta, Pa.; Wm. N. Appel, Lancaster, Pa.; H. L. Haldemann, Chickies, Pa.; Geo. D. Horst. OFFICE, Reading
Terminal, Philadelphia, Pa .

1916 1915 1914 1913 1912 1911
Gross revenues $426,302 $367,791 $387,609 $390,780 $361,570 $352,871
Operating expenses. . . . 345,658 314,673 323,056 281,546 262,206 263,424

Operating ratio 81% 85.6% 83.4% 72% 72.5% 74.7%
Other income 3,301 *3,824 2,010 3,348 2,488 709
Total net income. . . $83,945 $49,294 $66.563 $112,582 $101,852 $90,156

Taxes accrued 3,872 3,415 3,366 176,607 5,293 4,928
Fixed charges, etc..... 171,471 155,446 184,562 172,318 175,332
Balance . . . .
def.$91,398 def.$109,567 def.$121,365. def. $64,025 def.$75,790 def.$90,105
*
Debit item.
Profit and Loss Account, year ended June 30, 1916: Donations, $278; miscellaneous credits, $736; debit bal-
ance carried to balance sheet, $2,629,881; total, $2,630,895. Contra: Debit balance at beginning of year, $2,537,610;
debit balance transferred from income, $91,398; loss on retired road and equipment, $1,053; miscellaneous debits,
$834; total, $2,630,895.

ASSETS : 1916 1915 1914 1913 1912 1911
$2,485,826 $2,476,456 $2,478,360 $2,451,064 $2,438,405 $2,414,404
Working assets 69,796 100,850 44,648 32,148 25,859 20,515
Deferred debit items... 63 9,765
Profit and loss 2,629,881 2,537',6i6 2,424,973 2,232,900 2,182,6i7 2,122,243
Total .
$5,185,566 $5,114,916 $4,947,981 $4,716,112 $4,646,281 $4,566,927
ItEADIXG COMPANY SYSTEM. 633
LIABILITIES:
Capital stock
THE WILLIAMS VALLEY RAILROAD COMPANY
Origin: Incorporated under laws of Pennsylvania, S?pt. 18, 1891. Road opened for traffic in July, 1892. Con-
trolled by Reading Company through ownership of majority of capital stock.
Location: Williams Valley June, to Lykens, Pa., 11.04 miles; sidings, 1.07 miles.
Management: OFFICERS: A. T. Dice, Pres.; John F. Auch, Vice-Pres., Philadelphia, Pa.; H. E. Paisley, Treas.;
Geo. Ziegler, Sec.; W. H. White, Compt, Philadelphia, Pa.; C. H. Ewing, Gen. Mgr.; J. E. Turk, Gen. Supt., Read-
ing Pa. DIRECTORS: W. J. Durkin, Williamstown, Pa.; Isaac Mossop, Wisconisco, Pa.; Edward Lebo, Lykens, Pa.;
C. M. Kaufman, Tower City, Pa.; R. L. Russell, E. P. Smith, C. K. Klink, C. H. Ewing, Philadelphia, Pa. OFFICE,
Reading Terminal, Philadelphia, Pa.
1916 1915 1914 1913 1912 1911 1910
Gross revenues $39.017 $34,138 $36.390 $34.614 $29.183 $29.365 $32.588
Net operating revenues... $4.453 $6.860 $8.077 $9,481 $5,811 $7,147 $12,031
Operating ratio 88.7% 79.9% 77.8<*> 72.9% 80.1% 75.6% 63.1%
Other income . 492 514 252 228 220 229 220
Total net income $4,945 $7,374 $8.329 $9,709 $6,031 $7,367 $12.251
Taxes accrued 670 550 5501 0007 J 587 660 660
a yy
Fixed charges 9,351 12,123 10,411$
'
f 9,591 9,963 12,050
Balance (deficit) $5,076 $5,299 $2,632 $288 $4,148 $3,256 $459

Profit and loss Account, year ended June 30. 1916: Debit balance carried to balance sheet, $37.695; miscella-
neous credits. $10: total, $37.705. Contra: Debit balance at beginning of year, $32,629; debit balance transferred
from income, $5,076; total, $37,705.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. ... $207.969 $211.569 $211,750 $211,526 $211,433 $211.313
Working assets ... 6,948 5,548 9,485 '4,550 4,302 3,350
Deferred debit items ... 18 12
Profit and loss 37,695 32,629 27,330 21,420 21,408 17,806
Total $252,630 $249,758 $248,565 $237,496 $237,143 $232,469

LIABILITIES :
Capital stock $89.900 $89.900 $89.900 $89.900 $89.900 $89.900

Funded debt 120.000 120.000 120000 120.000 120.000 120.000
Workine liabilities 37,780 35.072 33.811 26.826 25.937 21,259
due
Accrd. liabilities not 1.131 1.103 1.171 770 1,306 1,310
Appropriated surplus... 3,819 3,683 3,683
Total $252,630 $249,758 $248,565 $237,496 -$237,143 $232,469

Bonded Debt: $120.000 Williams Valley R.R. gen. 5s, dated Dec. 1, 1904; due Dec. 1, 1924; int. June 1 and Dec.
1, at Tower City National Bank, Tower City, Pa. Coupon, $500. Trustee, United Security, Life Insurance and
Trust Co.. Philadelphia, Pa. Reading Co. owns $10,000 of these bonds. Interest payable without deduction for
normal income tax. Tax-free in Pennsylvania. Rating, B.
Capital Stock: Auth., $120,000; outstanding, $89,900, of which the Reading Co. owns $48.750. Shares. $50.
No dividends. TRANSFER AGENT, F. Reel, Philadelphia, Pa. Annual meeting, second Monday in January, at Tower
City, Pa.; books do not close in advance.
Other Companies Controlled: In addition to the foregoing, the Reading Company controls a number of other
small independently operated companies, practically all the securities of which it holds. Among these are the
Chester & Dâware River R.R., 5.72 miles: Middletown and Hnmmelstown R.R.. 6.56 miles; Pickering Valley R.R.,
11.15 miles: Rupert & Bloomsburg R.R., 1.65 miles; Tamaqua, Hazleton & Northern R.R., 10.40 miles. Also owns
all the stock of the Reading Iron Company.
RICHMOND-WASHINGTON COMPANY
Origin: Incorporated under laws of New Jersey, Sept. 5, 1901. Company is a holding corporation, and con-
trols a majority of the voting capital stock of the Richmond, Fredericksburg & Potomac R.R., and all of the capi-
tal stock of the Washington-Southern Ry. These properties embrace the so-called Union Line between Washing-
ton, D. C., and Richmond, Va., the stock of the company being eaually owned by the Pennsylvania R.R., the Balti-
more & Ohio R.R., the Atlantic Coast Line R.R., Southern Ry., Seaboard Air Line Ry., and Chesapeake & Ohio Ry.
Management: Samuel Rea, Pres.; A. J. County, Sec.; H. P. Conner, Treas., Philadelphia, Pa. DIRECTORS:
Samuel Rea, Philadelphia; R. H. Groff, Berlin, N. J.; Henry Walters, New York; Fairfax Harrison, Washington,
D. C. W. J. Harahan, Norfolk, Va.; Daniel Willard. Baltimore, Md.; G. W. Stevens, Richmond, Va.
; OFFICE, 26
Exchange Place, Jersey City, N. J.
Comparative Income Account, Years Ended December 31
1915 1914 1913 1912 1911 1910
Gross revenues $671,161 $423,461 $456.118 $440.237 $476.891 $514.718
Chrgs., inc. taxes & div. 517,089 406,470 407,446 386,463 491,503 493,797
Balance $154,072 $16,991 $48,672 $53,774 def. $14,612 $20,921

RICHMOND-WASHINGTON SYSTEM (RICH., F. % POT. R.E.) 635
Bonded Debt: $10,000,000 Richmond-Washington Co. guaranteed collateral trust mortgage gold 4s, due June 1,
1943, int. June and Dec. 1, at office of trustee, New York Trust Co., New York, N. Y.; the bonds are dated as follows:
Series A, Aug. 15, 1903, and Nov. 16, 1903; Series B, June 1, 1904; Series C, June 1, 1905; Series D, Dec. 1, 1906,
and Series E, Dec. 1, 1912. Coupon, $1,000, registered, $1,000 and multiples. Interchangeable. Auth., $11,000,000
to be secured by deposit of stocks and bonds of a total par value of $12,447,200, as follows; $947,200 of the capital
stock and $3,500,000 of the gen. mtge. 3Hs of the Richmond, Fredericksburg & Potomac R.R. Co.; $4,000,000 capi-
tal stock and $4,000,000 1st mtge. 4s of the Washington-Southern Ry. Co. The $10,000,000 of outstanding bonds
are secured by deposit of $947,200 capital stock, dividend obligations amounting to $828,800 and $2,680.000 gen.
mtge. bonds of the Richmond, Fredericksburg & Potomac R.R. Co.; and $4,000,000 capital stock and $4,000,000 1st
mtge. bonds of the Washington-Southern Ry. Co. The remaining $1,000,000 of the bonds may be issued at any time,
when the rest of the collateral provided for in the deed of trust must be deposited with the trustee. The $10,000,-
000 issue, of which $4,000,000 are Series A, $2,500,000 series B, $2,00*0,000 series C, $1,000,000 series D, and $500,-
000 series E are redeemable on any interest day at 105 and interest The remaining $1,000,000 maye be issued in
series at such rate of interest as the directors may determine, and the bonds will be redeemable five years after
their date, or on any subsequent interest day, at 105 and interest Guar. as to prin. and int., by indorsement, by
the six proprietary companies, jointly and severally. Interest payable without deduction for normal income tax.
Net Rating, Aaa.
Capital Stock: Auth., $3,000,000; paid in, $2,670,000. Shares, $100. Dividends are payable at Philadelphia,
Pa. Dividends have been paid as follows: 1902, 3%; 1903 to 1905, inclusive, 4% each; 1906 and 1907, none; 1908
to date, 4% each year. Stock is owned eaually by six companies mentioned above. TRANSFER AGENT, C. T. Mason,
Jersey City, N. J. Annual meeting, third Monday in February, at Jersey City, N. J.
RICHMOND, FREDERICKSBURG & POTOMAC RAILROAD COMPANY

For Definition and Key to Ratings, see pages 19-26.
Orifia: Incorporated June 20, 1834, under laws of Virginia, and first opened for traffic in 1871. The company
owns the terminal in the city of Richmond jointly with th Atlantic Coast Line R.R., and its branch from Acca, Va.,
to the James River is also owned partly by the Atlantic Coast Line R.R. The company leases the "Richmond, Fred-
ericksburg & Potomac and Richmond & Petersburg Railroad Connection Co," which it operates. Connects with
the Washington Southern Ry. at Quantico June.
Location: The directly operated lines of the Richmond, Fredericksburg & Potomac R.R. Co. consist of 87.68
miles, as follows: Maine line, Richmond, Va., to Quantico, Va., 78.65 miles; James River branch, 3.27 miles; oper-
ated under lease and traffic rights, 5.76 miles. At Quantico the Washington Southern Ry. connects and thus forms
remainder of line to Washington. Population of Virginia in 1890, 1,665,980; in 1900, 1,854,184; in 1910, 2,061,612.
irol: The company is controlled by the Richmond- Washington Company, which owns $947,200 out of $1.316,-
000 voting common stock of the company, and also all the stock of the Washington Southern Ry.
Management: OFFICERS: W. H. White, Pres. W. D. Duke, Asst. to Pres.; Norman Call, Sec. and Asst. Trees.;
;
D. K. Kellogg. Treas. and Asst Sec. DIRECTORS: Henry Walters, L. T. Myers, J. Taylor Ellyson, Geo. W. Stevens,
W. J. Harahan. Samuel Rea, Wm. H. White, Daniel Wiflard. Annual meeting, third Monday in November. MAIN
OFFICE. Richmond, Va.
of Freight Tonnage (Yearn Ending June 30)
Comment: Both freight and passenger density underwent sharp increases on this property during the year
ended June 30, 1916. The average freight train load was also far higher than previously, and there was some
improvement in the train mile earnings. It will be noted that the freight tonnage of this property is very widely
diversified, the company not depending primarily on any particular type of business for its tonnage. During the
year just closed the high grade freight, such as manufactures and miscellaneous articles represented nearly 33%
of the total business done.
YEARS
ENDED
JUNE 30.
RICHMOND-WASHINGTON SYSTEM (RICH., F. $ POT. R.R.) 637

Per Mile of Road.
Jmnx>.
2. Auth., $4,000,000; outstanding, $2,680,000. Dated April 1, 1903; due April 1, 1943. Follows No. 1 on same
property. Entire issue owned by Richmond- Washington Co., and pledged under that company's coll. trust mortgage.
Capital Stock:Outstanding, $1,316,900 "voting" common, $3,600,100 non-voting dividend obligations, $481,100
1% guaranteed and $19,300 6% guaranteed. The guaranteed stocks are secured by a first mortgage (ahead of the
bonds) on the 81.92 miles owned by the company. Although called "6% and 7%," they receive the same dividend
rate as the common stock, which is now 9%. Dividends have been paid in recent years as follows: 1895 and 1896,
7%; 1897, 6%%; 1898 and 1899, 7%; 1900 to 1904 inclusive, 8%; 1905 to date, 9% per annum. In 1907, 25% extra
was paid in scrip. In 1916 paid 50% extra dividend in scrip. The Richmond-Washington Co. owns $947,200 of the
"voting" common stock. TRANSFER AGENT, D. K. Kellogg, Richmond, Va. Legal for S. B. in N. H. Net Rating, Aa.
RICHMOND, FREDERICKSBURG & POTOMAC AND RICHMOND & PETERS-

BURG RAILROAD CONNECTION COMPANY
Origin: Incorporated under laws of Virginia, July 13, 1866. Road opened for traffic in 1867. Operated by
the Richmond, Fredericksburg & Potomac R.R. Co. under a lease made to that company and the Richmond &
Petersburg Railroad jointly in 1866 and 1867, the lessees agreeing to pay as rental an amount which shall equal
8% on the paid up value of stock of the company. Road is located entirely in Richmond.
Management: Jordan Leake, Pres. Frank W. Duke, Sec. and Treas. D. K. Kellogg, Aud., Asst. Sec. and
J. ; ;
Asst. Treas., Richmond, Va. DIRECTORS: J. Jordan Leake, F. W. Scott, E. A. Palmer, A. H. Wright, L. T. Meyers,
S. C. Leake, Richmond, Va. Annual meeting, third Monday in November. OFFICE, Richmond, Va.

* 1916 1915 1914 1913 1912 1911
Rental income $57,408 $48,503 $45,418 $44,389 $41,923 $37,052
Taxes 1,327 1,442 778 790 2,241 1,886
Fixed charges 1,971 1,798 15 15
Surplus $54,110 $45,263 $44,625 $43,584 $39,682 $35,166

Dividends paid 20,000 20,000 20,000 20,000 20,000 20,000
Balance $34,110 $25,263 $24,625 $23,584 $19,682 $15,166

ance transferred from income, $34,110; miscellaneous credits, $575; total, $219,102. Contra: Credit balance car-
ried to balance sheet, $218,227; miscellaneous debits, $875; total, $219,102.
Note: The above income statement represents the rental items received from the lessee, and also incidental in-
come. In recent years the surplus income has ranged far above the fixed dividend requirement.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $264,357 $280.682 $150.009 $150.009 $148.233 $145.766
Working assets 91.072 34,776 140,746 116,475 100,908 81,972
Accrued income not due 5.807 9,640 8,786 7,626 1,380 1,180
Total $421,236 $385,098 $359,541 $334,110 $310,521 $288,918

LIABILITIES :
Capital stock $200,000 $200,000 $200,000 $200,000 $200,000 $200,000

Working liabilities 63 24 20 40
Accrd. liabilities not due 1,009 681 324
Total $421,236 $385,098 $359,541 $334,110 $310,521 $288,918
Capital Stock: Auth., $500.000; outstanding, $200,000. Par, $100. $70 paid. TRANSFER AGENT, F. W. Duke,
treasurer of the company. Dividends (payable May and Nov. 1, at Richmond, Va.) were formerly 8% per annum,
but were increased to 10% beginning with 1907. Stock transfer books close about ten days before either divi-
dend payments or annual meeting. Annual meeting, third Monday in November at Richmond, Va. Listed on Rich-
mond (Va) Stock Exchange.
WASHINGTON SOUTHERN RAILWAY COMPANY

Origin: Incorporated under Virginia laws, March 26, 1890, as a consolidation of the Alexandria & Freder-
icksburg Ry. and the Alexandria & Washington Ry. Prior to 1901 was operated by the Phila., Baltimore & Wash-
ington Ry.
Location: Operates 35.57 miles, from Quantico to Washington, thus forming part of the through line from
Washington to Richmond. Of total mileage, 81.04 miles is owned, 1.10 miles leased, and 3.43 miles used under track-
age rights. Controlled through stock ownership, by Richmond- Washington Company. Second track, 35.57 miles ;
third track, 3.02; fourth track, 3.02; sidings, 69.89; total, 147.07 miles. Owns 29 locomotives, 12 passenger cars, 34
freight cars and 37 service cars; also 1 pile driver.
Management: OFFICERS: Wm. H. White, Pres.; Norman Call, Sec. and Asst. Treas.; D. K. Kellogg, Treas.
and Asst. Sec. DIRECTORS: J. T. Ellyson, G. W. Stevens, Wm. H. White, Daniel Willard, W. J. Harahan, Henry
Walters, A. J. County, Samuel Rea. Annual meeting, third Monday in November. OFFICE, Richmond, Va.
SAN ANTONIO $ ARANSAS PASS RAILWAY COMPANY. 639

1916 1915
Gross earnings $1,611,288 $1,263,194 :
Net earnings 659,438 357,390

Total net income 915,345 587,685
Surplus .
v. .
Dividends paid .
Other deductions
YEARS
ENDED
JUNE 30.
SAX AXTOXIO ARANSAS PASS RAILWAY. 641
Comment: This property, which was formerly operated by the Southern Pacific Company, but a good many
years ago was separated from the latter, has made a very poor showing in recent years. It will be noted that
even in 1916 there was only a nominal recovery in the gross revenues, although the net operating receipts in this
latter year were much better than in 1915. The balance available for charges is to-day ranging at low figures,
and the company has now been reporting a deficit for three years. The only reason why the company has not de-
faulted on its outstanding bonds is that the latter are guaranteed principal and interest by the Southern Pacific
Company. Evidently there is not very much future for this road.

Capitalisation Per Mile of Road. Dividend Record.
YBAM
1
-.
Jura 30.
Equipment Notes: $403,398 Amer. Car & Foundry 5s; dated Apr. 1, 1913; due semi-annually to April 1, 1920;
int.,April and Oct. 1, m
New York, $34,000.
Note Issues: (A) $3,898,000 4s; dated July 1, 1905; due July 1, 1920. Int. paid Jan. 1. Issued to Southern
Pacific Co. for former advances.
(B) $1,200,000 4s; dated June 15, 1910; due June 15, 1915. Int. paid June 15. Issued to W. H. Mclntyre.
(C) $2,470,597 5s; dated July 1, 1915; due July 1, 1917. Int. paid Dec. 31 and June 30. Issued to Southern
Pacific Co.
(D) $1,235,245 5s; dated Jin. 1, 1916; due Jan. 1, 1918. Int. paid Dec. 31 and June 30. Issued to Southern
Pacific Co.
'
(E) $338,251 4%s; dated April 1, 1915; due April 1, 1920. Int. paid monthly. Issued to Houston & Texas
Central R.R. Co. Total, $8,142,093.
Capital Stock: Auth. and issued, $1,000,000; par, $100. No dividends.
ST. LOUIS SOUTHWESTERN RAILWAY COMPANY

NOTE: The analysis is official documents of the company, including its annual reports of the past ten years.
based on
Origin: Incorporated Jan. 12, 1891, under Missouri laws, as successor to the St. Louis, Arkansas & Texas Ry.
The system is divided into two companies, known as the St. Louis Southwestern Ry. Co. and the St. Louis South-
western Ry. Co. of Texas, this division being necessary i' order to conform to Texas laws. The company owns the
entire stock of the Gray's Point Terminal Ry. and of the Eastern Texas R.R.; it owns a majority of the stock of
the Shreveport Bridge & Terminal Co. and of the Paragould Southeastern Ry. Co. and all the stock and bonds of
the Pine Bluff Arkansas River Ry. and of the Dallas Terminal & Union Depot Co. It owns the Southern Illinois
and Missouri Bridge Co. jointly with five other companies also owns one-fifteenth of the capital stock of the Ter-
;
mirfel Railroad Association of St. Louis. In April, 1910, the entire, capital stock of the Stephenville North &
South Texas R.R. was acquired, and in July, 1910, the Central Arkansas & Eastern R.R. was acquired by a thirty-
year lease, under which the latter company's bonds are guaranteed by the St. Louis Southwestern Ry. On Jan. 1,
1914, the Paragould Southeastern Ry. was leased and its bonds guaranteed.
Location: The directly operated lines of the system consisted, June 30, 1916, of $1,753.8 miles, the average
mileage operated during the year being 1,754. The mileage is classified as follows: Maine lines, Delta to Texar-
kana, Cairo branch, New Madrid branch, Gray's Point Terminal Ry., etc., 616.2 miles; Central Arkansas & East-
ern (leased), Stuttgart, Little Rock & Shreveport branches, and other leased lines, 200.9 miles; trackage rights,
241.5 miles; St. Louis Southwestern Ry. of Texas, including main lines and branches, 695.2 miles. Mileage mainly
in Missouri, Arkansas, and Texas. Population of these States in 1890, 6,042,886; in 1900, 7,466,929; in 1910, 8,-
764,326.
Management: OFFICERS: Edwin Gould, Chairman and Pres. J. M. Herbert, Vice-Pres. Nelson B. Burr, Vice-
; ;
Pres. D. H. Morris, Vice-Pres.; A. J. Trussell, Sec.; G. K. Warner, Treas.

;
DIRECTORS: Edwin Gould, J. M. Her-
bert, D. H. Morris, A. J. Hemphill, Winslow S. Pierce, David H. Taylor, Geo. H. Macy, Murray Carleton, Tom Ran-
dolph. Annual meeting, first Tuesday in October. TF*NSFER OFFICE, 165 Broadway, New York. MAIN OFFICE,
St. Louis, Mo.
AT. LOI'IS SOUTHWESTERN RAILWAY COMPANY. 648
Comment During the year ended June

: a sharp recovery was reflected by the operating results of the
30, 1916,
St Louis Southwestern Railway. While the freight density is still light as compared with earlier years of the de-
cade, yet it is showing steady improvement and the average freight train load has been substantially advanced.
The company's freight tonnage is widely diversified, and the company is now depending less on forest products for
its tonnage than in earlier years.
\ .
.,.
Mile of Road.
Capitalization Per Dividend Record.
YEARS
ENDED
JUNE 30.
ST. LOUIS SOUTHWESTERN RAILWAY COMPANY. 645
NAMB or Issu
8.Auth., $100,000,000; outstanding, $8,155,000. Dated Jan. 1, 1912; due Jan. 1, 1952. Int. paid at New York,
London, etc. Coupon and reg., $1,000; interchangeable. Covers by direct or collateral lien, 1,375.40 miles of road,
as follows: First lien on terminals at St. Louis and Fort Worth; second lien on 35.47 miles, following No. 5;
second collateral lien on 111.34 miles, following No. 5; fourth mortgage on 586.56 miles, following No. 1; fourth
collateral mortgage on 642.03 miles which are covered by No. 1 by first collateral lien; first lien on practically the
entire stocks of the Gray's Point Terminal Ry., the Shreveport Bridge & Terminal Co., the Central Arkansas &
Eastern Ry. and the Stephenville North & South Texas Ry. Further secured upon $838,000 of Gray's Point
Terminal ref. and ext. bonds and $184,000 Stephenville, North & South Texas first 5s (No. 7). Of authorized
issue, $3,114,000 are held in treasury, $36,880,000 are reserved for underlying liens, and $51,851,000 for future
extensions, improvements and betterments. Interest paid without deduction for normal income tax.
9. In several series, as follows: Series of 1909, 5s; dated April 1, 1909; due $34,000 each April 1 to April 1,
1919. Original issue, $340,000; now unredeemed, $102,000. Int. paid April and Oct. 1 at Penn. Co. for Ins. on
Lives, etc. Coupon, $1,000. First lien on 31 locomotives, costing $409,155. Interest paid without deduction for
normal income tax. Series A, 5s, dated April 1, 1910; due $46,000 each April 1 to April 1, 1920. Original issue,
$460,000; now outstanding, $184,000. Int. paid April and Oct. 1 at United States Mortgage & Trust Co., New
York. Coupon, $1,000. First lien on 16 locomotives, 14 passenger cars, 6 chair cars and 3 parlor cars, costing $541,-
278. Interest paid without deduction for normal income tax. Series of 1913, 5s; dated June 1, 1913; due $33,000
semi-annually on June and Dec. 1 to June 1, 1923. Original issue, $660,000; now outstanding, $429,000. Int. paid
June and Dec. 1 at Philadelphia Trust, Safe Deposit & Ins. Co., Philadelphia. Coupon, $1,000. First lien on 20
locomotives, 200 steel underframe coal cars, 2 steel parlor cars and 2 steel dining cars, all costing $782,250. Nor-
mal income tax deducted from interest. Series E of 1914, 5s; dated April 1, 1914; due $85,000 each April and
Oct. 1 to April 1, 1924. Original issue, $1,700,000; now outstanding, $1,275,000. Int. paid April and Oct. 1 at Guar-
anty Trust Co., New York. Coupon, $1,000. First lien on 400 steel underframe flat cars and 100 steel underframe
service cars, all costing $1,900,000. Normal income tax deducted from interest. Series F, 4%s; dated Sept. 1, 1916;
due^21,000 each Mar. and Sept. 15. Original issue, $420,000; now outstanding, $420,000. Int. Mar. and Sept. 15
at Guaranty Trust Co., New York. Coupon, $1,000. First lien on 20 locomotives costing $516,600. Normal in-

AT. LOUIS SOUTHWESTERN RAILWAY SYSTEM. 647
LIABILITIES :
Capital block
PINE BLUFF ARKANSAS RIVER RAILWAY
> Incorporated under laws of Arkansas, Jan. 6, 1898, as successor to Pine Bluff & Eastern Railroad. Line of
road, Rob Roy to Waldstein, Tex., with 7.5 miles of trackage; total, 33.20 miles; sidings, 2.78 miles. Controlled
through stock ownership by St. Louis Southwestern Railway.
Management: OFFICERS: J. M. Herbert, Pres.; G. K. Warner, Sec. and Treas. DIRECTORS: W. D. Hearn, W. T.
Woolbridge, E. Richards, J. M. Herbert, Edwin Gould. Annual meeting, first Friday after first Tuesday in October.
OFFICE, St. Louis, Mo.
1916 1915 1914 1913 1912 1911
Gross revenues $48,090 $43,600 $54,050 $49,614 $39,785 $44,182
Net income $6,088 *$1.270

' $14,868 $3,422 $636 $5,232
Other income . . 29 75

$6,117 *$1,195 $14,873 $3,422 $636 $5,232
Taxes 3,022 2,885 '
1,853 2,095 2,000
Fixed charges 23,208 21,515 '25,605 20,996 16,872 16,075
Surplus . . . . *$20,113 *$25,595 *$10,732 "$19,427 *$18,331 *$12,843

Dividends
Other deductions
Balance . *$20,113 *$25,595 *$10,732 *$19,427 *$18,331 '$12,843

* * Deficit.

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment ... $351,498 $352,655 $347,057 $345,046 $346,144 $323,979
Working assets 4,450 3,574 7,259 14,257 6,382 11,792
Deferred debit items . . . 63 58 226 743 82
Profit and loss deficit. . 153,980 133,904 108,350 97,650 77,492 58,422
Total $509,991 $490,191 $462,892 $456,953 $430,761 $394,275

LIABILITIES :
Capital stock $200,000 $200,000 $200,000 $200,000 $200,000 $200,000

Funded debt 156,373 155,174 126,000 126,000 126,000 126.000
Accr'd liabilities not due 4,107 3,974 ' '
3,668 3.669
Deferred credit items . . 11 14 'l,567 125,424
Total . $509,991 $490,191 $462,892 $456,953 $430,761 $394,275
Bonded Debt: $126,000 Pine Bluff Arkansas River Ry. 1st 5s; dated Feb. 1, 1898; due Feb. 1, 1928. Int. paid
Feb. and Aug. 1 at St. Louis Union Trust Co., St. Louis, Mo. Coupon, $1,000. Auth., .$200,000. First lien on
25.70 miles, Rob Roy to Waldstein, Ark. All owned by St. Louis Southwestern Ry. and deposited under its first
consolidated mortgage.
Capital Stock: Auth. and issued, $200,000; par, $100. Nearly all owned by St. Louis Southwestern Railway and
deposited under its first consolidated mortgage.
SHREVEPORT BRIDGE & TERMINAL COMPANY

Incorporated under laws of Louisiana, Dec. 27, 1897. Owns bridge, terminals and approaches at Shreveport,
La. St. Louis Southwestern Ry. has rights to use the bridge for 50 years, in consideration of which it guarantees
the bonds, both principal and interest.
Management: OFFICERS: F. H. Britton, Pres.; T. Alexander, Vice-Pres. J. D. Wilkinson, Sec.; G. K. Warner, ;
Treas. DIRECTORS: F. H. Britton, T. Alexander, T. C. Barret, J. D. Wilkinson, J. D. Ferguson. Annual meeting,

second Monday in January. OFFICE, St. Louis, Mo.
1916 1915 1914 1913 1912 1911
Net rental $74,770 $53,386 $47,997 $46.287 $39,748 $40.124
Taxes 6,529 5,297 5,773 5,049 4,647 3,818
Fixed charges 25,924 25,270 28,340 22,511 22,500 22,517
Surplus .
$42,317 $22,819 $19,657 $18,727 $12,601 $13,789
Profit and Loss Account, year ended June 30, 1916 : Credit balance at beginning of year, $87,593 credit bal-
;

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment .. $450,348 $450,348 $450,348 $450,348 $450,348 $450,348
Working assets 145,123 106.495 79,182 59,585 40,080 29,410
Deferred debit items . .
47,528 47,695 47,861 47,528 47,694 47,861
Total .
$642,999 $604,538 $577,391 $557,461 $538,122 $527,619
s
A
5
2
O
o u
SEABOARD AIR LINE RAILWAY COMPANY. 649
LIABILITIES :
Capital stock
YEARS
ENDED
JUNE 30.
SEABOAKD AIR LINE RAILWAY COMPANY. 651
Note: Fixed charges in 1916 included interest on bonds and equipment trusts, $4,325,598; leased-line rentals,
$51,000; joint-facility rents, $122,047; interest on adjustment bonds, $1,250,000, etc. The above income statement
for 1916 covers the income account of the Seaboard Air Line Ry. from July 1, 1915 to Nov. 30, 1915, and the
Seaboard Air Line Ry. Co. from Dec. 1, 1915. to June 30, 1916.
Profit and Lorn Account of the reorganized company for the seven months Dec. 1, 1915 to June 30, 1916: Credit
balance Dec. 1915, $6,618,714; credit balance transferred from income, $1,040,118; profit on road and equipment
1,
sold, $2,870; unrefundable overcharges, $33; donations, $9,885; miscellaneous credits, $1,516,611; total, $9,188,231.
Contra: Surplus appropriated for investment in physical property, $10,421; debt discount extinguished through
surplus, $666,338; miscellaneous appropriations of surplus, $7,082: loss on retired road and equipment, $9,448;
miscellaneous debits, $451,917; credit balance carried to balance sheet, $8,047,025; total, $9,188,231.
Comment: Gross revenues on the Seaboard Air Line in the year ended June 30, 1916, were nearly up to the
high figures of 1913. while net revenues were far higher than ever bfore. Although the fixed charges advanced
substantially, it will be noted that a heavy surplus was finally carried forward which equalled no less than 4 a 3>
1 <
on the preferred stock. Since the close of the fiscal year results have been even better and the current outlook
for the property is of a most favorable character.
TABLE C. Capitalization Factors Security Obligations

< and Earning Power)
Per Mile of Road.
,
MM
' '
-
NAME op ISSUE.
SEABOARD AIR LINE RAILWAY COMPANY. 653

8. Auth. and outstanding, $5,360,000. Dated May 24, 1889; due July 1, 1929. Int. paid at Blair & Co., 24 Broad
Street,New York, and in Baltimore. Coupon, $1,000. Assumed by Seaboard Air Line Railway. First lien from
Monroe, N. C., to Belt June, (near Atlanta), Ga., 261.10 miles; Belt June, to Inman Park, Ga., 5 miles; total, 266.10
miles. Underlie Nos. 15, 18, 19 and 20, with provision by No. 19 to retire. Listed on New York, Baltimore and
Richmond Stock Exchanges. Normal income tax deducted from interest.
9. Auth., $10,000,000; outstanding, $6,085,000 (closed). Dated Oct. 1, 1895; due Oct. 1, 1945. Int. paid at 24
Broad Street, New York. Coupon, $1,000. Assumed by Seaboard Air Line Railway. First lien on 398.78 miles, as
follows: From Lyons, Ga., to Montgomery, Ala., 262.99 miles; Meldrim to Savannah, Ga., 16.99 miles; Columbu.s to
Albany, Ga., 88 miles; Abberville to Ocilla, Ga., 30.80 miles; also a lie* on lease of 57.65 miles, Meldrim to Lyons, Ga.
Underlie Nos. 15, 18, 19 and 20, with provision by No. 19 to retire. Listed on New York, Baltimore and Richmond
10.Auth. and outstanding, $1,000,000. Dated Dec. 1, 1898; due Dec. 1, 1948. Int paid at Blair & Co., 24 Broad
Street, New
York. Coupon, $1,000. Callable at 110 and int. on any int date on ninety days' notice. Guar. prin. and
int by Seaboard Air Line Railway. First lien on 2.08 miles of main line on Hutchinson's Island, opposite Savan-
nah, connecting with the Georgia & Alabama Ry.; and on about 1,200 acres on said island, including more than
three miles of water front, with wharves, Underlie Nos. 15, 18, 19 and 20, with provision
piers, warehouses,
etc.
by No. 19 to retire. Interest paid without deduction for normal income tax.
11. Auth. and outstanding, $3,000,000. Dated July 12, 1888; due July 1, 1918. Int. paid at Blair & Co.. 24
Broad New York. Coupon, $1,000. First lien on 574.35 miles, as follows: Fernandina to Cedar Keys, 155.70
Street,
miles; Jacksonville to River June., 209.06 miles; Yulee t> Jacksonville, 25.60 miles; Waldo to Plant City, 132.94
miles; Drifton to Monticello, 4.38 miles; Tallahassee to St. Marks, 20.35 miles; Wildwood to Tavares, 22.19 miles;
and branches, 4.13 miles; all in Florida. Underlie Nos. 12, 13, 15, 18, 19 and 20, with provision by No. 19, to re-
tire. Listed on New York and Amsterdam Stock Exchanges. Normal income tax deducted from interest.
12. Auth., $500,000; outstanding, $392,000 (closed). Dated Jan. 2. 1890; due Jan. 1, 1930. Int paid at Blair &
Co., 24 Broad Street, New York. Sinking fund: Proceeds from sales of land to be used for pur-
Coupon, $1,000.
chase of these bonds at their market price. First lien from Plant City to Tampa, Fla., 22.50 miles; Archer to Early
Bird, 28.75 miles; Tavares to Orlando, 32 miles; Turkey Creek to Durant, Fla., 4.33 miles: Early Bird Spur, .60 mile;
branches, 7.37 miles; total, 95.55 miles; second lien on 574.35 miles, following No. 11. Underlie Nos. 13, 15, 18, 19
and 20. with provision by No. 19 to retire. Listed on New York and Amsterdam Stock Exchanges. Normal income
13. Auth., $7,800,000; outstanding, $4,372.000' (closed). Dated Jan. 2, 1893; due Jan. 1, 1943. Int. paid at Blair
A Co., 24 Broad Street, New
York. Coupon, $1,000. First lien from Savannah, Ga., to Yulee, Fla., 113.36 miles;
Orlando to Lake Charm, Fla., 16.16 miles; Summerfield to I-ake Weir, Fla., 7.65 miles; branches, 4.20 miles; total,
141.37 miles; second lien on 95.55 miles, following No. 12; third lien on 574.35 miles, following No. 12. Underlie
Nos. 15, 18, 19 and 20, with provision by No. 19 to retire. Listed on New York and Amsterdam Stock Exchanges.
II. Auth.. $2,250.000; outstanding, $2,033.000 (closed). Dated May 1, 1891; due April 1, 1941. Int. paid at
Continental Trust Co., Baltimore-. Coupon, $1,000. Assumed by Seaboard Air Line Railway. First lien from Sa-
vannah, Ga.. to Columbia. S. C., 138.55 miles. Underlie Nso. 15, 18, 19 and 20, with provision by No. 19 to retire.
Listed on Richmond Stock Exchange. Normal income tax deducted from interest
15. Auth., $76,000.000; outstanding, $12.775,000; deposited under No. 18, $27,000,000 (closed). Dated April 1,
1900; due April 1, 1960. Int .paid at Blair A Co., 24 Broad Street, New York. Coupon and reg., $1,000. Callable
on any interest date at par and int, on three months' notice. First lien on 247.61 miles: Richmond, Va., to Nor-
lina. \ ('.. 102.10 miles; Hamlet N. C.. to Columbia, S. C.. 105.90 miles; branches, 39.61 miles; second lien on
1,668.25 miles, as follows: On the 271.03 miles, following No. 7; on the 41.40 miles, following No. 5; on the 398.78
miles, following No. 9; on the 266.10 miles following No. 8; on the 96.60 miles, following No. 6; on the 98.74 miles,
following No. 3; on the 138.55 miles, following No. 14; o-i the 141.37 miles, following No. 13; on 32.30 miles, fol-
lowing No. 4; on 2.08 miles, following No. 10; on the 81.30 miles, following No. 1; third lien on 95.40 miles, follow-
ing No. 13; fourth lien on 574.35 miles following No. 13; first collateral lien on $205,000 of No. 4, $50,000 of No. 5;
also entire capital stock ($300,000) of the Georgia & Alabama Terminal Co.; also $405.000 out of a total issue of
$690,000 of No. 2, and $445.000 capital stock of Richmond-Washington Co. Underlie Nos. 18, 19 and 20, with pro-
n by No. 19 to retire. Listed on New York, Philadelphia, Baltimore and Richmond Stock Exchanges. Interest
16. Anth.. $10,000,000; outstanding. $5,910.000 (closed). Dated May 1, 1903; due May 1, 1933. Int. paid at 24
Broad Street, New York. Coupon, $1.000. First lien from Howell, Ga. (near Atlanta), to Birmingham, Ala.,
163 27 miles; Rockmart to Carterville, Ga., 22.84 miles; and branches, 31.46 miles; total, 217.57 miles; trackage
rights to Atlanta and terminal rights in Atlanta. Underlie Nos. 18. 19 and 20, with provision by No. 19 to retire.
17. Anth., $2.000,000; outstanding, $755,000 (closed). Dated Jan. 1, 1904; due Jan. 1, 1934. Int. paid at Blair
A Co., 24 Broad Street, New
York. Coupon, $1,000. Callable at 105 and int on any interest date. Guar. pr~ri. and
int. by Seaboard Air Line Railway, and now assumed. First lien on about 66.02 miles from Durant to Sarasota and
branches, all in Florida. Underlie Nos. 18, 19 and 20, with provision by No. 19 to retire. Interest paid without
18. Anth., $125.000.000; outstanding, $20.004,000; deposited under No. 19, $24,667.000; any further issues must
be pledged under No. 19. Dated Oct 1, 1909; due Oct 1, 1959. Int. paid at Blair & Co., New York. Coupon, $100.
$">00 and $1.000; reg., $1,000, $5,000, etc. Callable as whole on any interest date at 105 and int upon ninety days'
first lien on 278.22 miles, as follows: From Dickinson to Oxford, N. C.. 4.51 miles; Spence to Great Falls,
S. r.. 21.43 miles; Tallahassee to Covington, Fla., 38.83 miles; Plant City to Welcome. Fla., and spur, 18.88 miles;
and Stark to Wane?, Fla.. and spur, 60.49 miles, and other mileage in Florida; second lien on 531.20 miles, as fol-
lows: On the 247.61 miles, following No. 15; on the 217.57 miles, following No. 16; on the 66.02 miles, following No.
hiH lien on 1.568.25 miles, following No. 15; fourth Hen on 95.40 miles, following No. 15; fifth lien on 574.35
mile*, following No. IB; first lien on $27,000,000 of No. 15, and upon the shares of numerous terminal, steamship,
and transportation companies; second Hen on securities, deposited under No. 15. Underlie Nos. 19 and 20, with
provinion by No. 19 to retire. Listed on New York, London and Amsterdam Stock Exchanges. Interest paid with-
out deduction for normal income tx.
19. Auth., $300,000,000; outstanding, $26,909,500. Dated Sept. 1, 1915; due Sept. 1, 1945. Interest paid at
r
Guaranty Trust Co., New York. Coupon, $100, $500, $1,000; reg., $1,000, etc. Callable at 107% on 60 days notice.
First lien on about 416 miles of road, including the main track lines between Hamlet and Savannah, via Charleston,
Lane and Georgetown, S. C., and on the lines extending from McBee to Florence, Poston, Sumter and Timmons-
ville, S. C. Further secured by deposit of $24,667,000 of No. 18, by all the stock owned of the Tampa Northern R.R.
and the Raleigh .& Charleston R.R. and one-third of the outstanding stock of the Tampa Union Station Co. Fur-
ther, all additional issues of No. 18 must be deposited under this mortgage. Of the unissued bonds sufficient are re-
served to retire all outstanding amounts of Nos. 1 to 18, the balance being reserved for improvements, extensions,
equipment, etc. Additional amounts may be issued at lower rates of interest, may have a different maturity, may
carry a convertible feature, etc. In above table "factor of safety" not shown, as figures are based on old mileage
before merger. Normal income tax deducted from interest.
20. Auth. Dated Oct. 1, 1909 due Oct. 1, 1949. Int. paid at Blair & Co., 24
and outstanding, $25,000,000. ;
Broad Street, New York. Coupon, $1,000.Cumulative and not to exceed 5% to be payable in instalments of not
;
less than 1%% out of surplus net earnings of company; full 5% paid to Feb. 1, 1917. Callable as whole at par and
int. on any interest date on ninety days' notice. Follows No. 18 on same property and securities; junior in posi-
tion to No. 19. Listed on New York, Baltimore, London and Amsterdam Stock Exchanges. Interest paid without
21. In series, allcoupon, $1,000; described as follows: Series D, 5s; dated Nov. 1, 1897; due $15,000 annually
to Nov. 1, Original issue, $300,000; now unmatured, $15,000. Int. paid M. and N. 1, at Mercantile Trust &
1917.
Deposit Co., Baltimore. First lien on equipment costing $300,000. Series I, 5s; dated May 16, 1907; due $65,000 s.a.
to May 1, 1917. Original issue, $1,300,000; now unmatured, $65,000. Int. paid M. and N. 1, at Prov. Life &
Trust Co., Philadelphia. First lien on equipment costing $1,719,502. Series J, 5s; dated June 1, 1907; due $45,000
s.a. to June 1, 1917. Original issue, $900,000; now unmatured, $45,000. Int. paid J. and D. 1, at New York Trust
Co., New York. First lien on equipment costing $1,138,750. Series K, 5s; dated July 1, 1907; due $15,000 s.a. to
July 1, 1917. Original issue, $300,000; now unmatured, $15.000. Int. paid J. and J. 1, at Philadelphia Tr. S. D. &
Ins. Co., Philadelphia. First lien on equipment costing $393,000. Series L, 5s; dated Dec. 15, 1909; due $69,000 s.a.
to Dec. 15, 1919. Original issue, $1,380,000; now unmatured, $414,000. Int. paid J. and D. 15, at Blair & Co.,
New York. First lien on equipment costing $1,564,210. Series N, 4%s; dated Sept. 6, 1911; due $75,000 s.a. to Aug.
15, 1921. Original issue, $1,500,000; now unmatured, $750,000. Int. paid F. and A. 15, at Blair & Co., New York.
First lien on equipment costing $1,775,650. Series 0, 4%s; dated July 15, 1912; due $103,000 s.a. to July 15, 1922.
Original issue, $2,060,000; now unmatured, $1,133,000. Int. paid J. and J. 15, at Blair & Co., New York. First
lien on equipment costing $2,300,581. Series P, 5s; dated Aug. 15, 1913; due $95.000 s.a. to Aug. 15, 1923. Orig-
inal issue, $1,900,000; now unmatured, $1,330,000. Int. 'aid F. and A. 15, at Blair & Co., New York. First lien
on equipment costing $2,373,228. Interest paid without deduction for normal income tax on above issues. Series Q,
5s; dated July 1, 1914; due $72,000 s.a. to July 1, 1924. Original issue, $1,440,000; now unmatured, $1,080,000. Int.
paid J. and J. 1, at Girard Trust Co., Philadelphia. First lien on equipment costing $1,600,044. Normal income tax
deducted from interest. Series R, 4%s; dated July 1, 1916; due $25,000 each Jan. 1 and $26.000 each July 1 to July
1, 1926. Int. paid J. and J. 1, at Girard Trust Co., Philadelphia. Original issues, $510,000; now outstanding,
$485,000. First lien on equipment costing $609,890. Normal income tax deducted from interest.

SEABOARD AIR LINE RAILWAY SYSTEM. 655
RAILROADS CONTROLLED BY OR AFFILIATED IX INTEREST WITH

THE SEABOARD AIR LINE RAILWAY COMPANY
CHESTERFIELD & LANCASTER RAILROAD
Origin: Incorporated under South Carolina laws in 1896; line of road, Cheraw to Croburk, S^ C., 38 miles.
Equipment r 3 locomotives; 5 passenger and freight cars.
Manaeement: OFFICERS: W. J. Harahan, Pres.; R. L. Nutt, Sec. and Treas. DIRECTORS: W. F. Stevenson,
M. W. Duval). J. A. Watson, A. G. Meiklejohn, C. E. Exum, D. H. McGregor, H. E. Wells, M. R. Wilkinson, W. J.
Harahan, F. J. Lisman, I. G. Tinsley, Edwin Malloy. Annual meeting, second Wednesday in July. OFFICE, Ctieraw,
S. C.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $52,734 $44.659 $64,523 $67,105 $67,589 $82,179 $70,984
Operating expenses -'61 46,058 53,926 40,834 40,966 36,913 37,118
Net earnings ............ $10,473 $1,399 $10,597 126471 $26,622 $45,266 $37,866
Fixed charges, including taxes. 21.691 21,008 24,433 23,761 22,436 24,509 22,292
Surplus . $11,218 *$22,407 *$13,837 $2,509 $4,185 $20,757 $11,574

Deficit

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.. $775,466 $776,049 $777,825 $772,960 $773,134 $769,596
Working assets 8,993 3,232 9,911 17,290 12,043 11,651
''
1,734 2,040 1 .'." 2,087 1,830 906
Total $810,799 $794,750 $786,702 $792,337 $787,007 $782,154

LIABILITIES :
Capital stock $500.000 $500.000 $500,000 $500,000 $500,000 $500,000
Funded debt tss, mooo 253,000 253,000 253,000
Working liabilities 34.428 16J10 7,136 4,296 6,731
Accrd. liabilities not due 7,365 7.322 7,868 5,717 6,988 6,797
Deferred credit items.. 3,728 2,526 1,479
Profit and loss 8,924 22,756 20,247 15,147
Total .
$810,799 HN.TM $786.702 $792,337 $787,007 $782,154
Bonded Debt: $186,000 Chesterfield A Lancaster R.R. first 5s; dated Aug. 1, 1905; due Aug. 1, 1955. Int. paid
F. and A., at Columbia Trust Co., New York. First lien, 38 miles. Cheraw to Croburk, S. C. Auth., $750,000.
The issue is not guaranteed. It is followed by $67.000 second 6s; due 1918, of which the Seaboard Air Line Ry. Co.
owns $47,000. Coupon, $1,000. Interest paid without deduction for normal income txa. Net Rating, B.
Capital Stock: Auth. and outstanding, $500,000; par, $25. No dividends. The Seaboard Air Line Ry Co.
owns $300,000.
MACON, DUBLIN & SAVANNAH RAILROAD

Origin: Incorporated under the laws of Georgia, Aue. 6, 1885. but not completely opened for traffic until Mar.,
1902. The lines of the company make connection at Vidalia, Ga., with the Seaboard Air Line, and at Macon, Ga.,
with the Southern Ry., and the Seaboard Air Line holds a minority stock interest in the company, but does not
completely control the property.
location: total mileageThe
operated consists of 92.26 miles, of which 91.28 miles, extending from Macon
to
Vidalia, Ga., owned, and the balance is operated under contract. Equiment consisted on June 30, 1916, of 12
is
locomotives and 202 passenger, freight, and service cars.
Management: OFFICERS: J. A. Blair, Jr., Pres., New York; W. W. Seddon, Vice-Pres.; J. R. Frink, Sec. and
Treas.. Macon, Ga. DIRECTORS: M. B. Wellborn. Anniston. Ala.; R. J. Taylor, A. E. Chappell, W. J. Massee, Macon,
Ga. E. T. Brown. Atlanta. Ga.; W. J. Harahan, Norfolk, Va.; J. E. Smith, Jr., Izzie Bashinski, Dublin, Ga.; J. A.
;
Blair. Jr., W. T. Rosen, New York, N. Y. Annual meeting, second Wednesday in March. OFFICE, Macon, Ga.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $468.603 $451.023 $541,192 $490.225 $530.464 $468,011 $418.463
Operating expenses 322,475 343,475 411.266 415,298 367,927 330,266 280,895
Net earnings . . $146.128 $107.548 $129.926 $74.927 $162.537 $137.745 $137.568

Operating ratio 68.7S% 7B.L' 7fi': 84.7 69.4% 70.6% 67.1%
Total net income... 150.452 110.264 131.243 76.388 165.254 140.290 139.551
Taxe* accrued 21.166 16.B45 20,472 16,862 17.348 13.269 11,542
charges
!
11,772 105,652 If. 1.086 98,228 96,978 87,266 81,686
Surplus for year. $17,514 $11,933 *$5,315 $38,702 $50,928 $39,755 $46,423
Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $3,742; debit discount
extinguished through surplus, $1,920; loss on retired road and equipment, $10,559; miscellaneous debits, $47; credit
balance carried to balance sheet, $3,476; total, $19,744. Contra: Credit balance transferred from income, $17,514;
miscellaneous credits, $2,230; total, $19,744.

ASSETS : 1916 1915 1914 1913 1912 1911
$3,628,848 $3,629,335 $3,661,801 $3,637,092 $3,466,322 $3,348,684
Working assets 99,731 91,595 111,233 130,789 146,826 149,982
Total $3,779,795 $3,774,946 $3,788,047 $3,781,458 $3,630,502 $3,513,769

LIABILITIES :
Capital stock $2,040,000 $2,040,000 $2,040,000 $2,040,000 $2,040,000 $2,040,000

Funded debt 1,529,000 1,505,000 1,505,000 1,511,000 1,396,000 1,346,000
Accrd. due
liabilities not 14,694 21,894 16,711 6,064 6,064 6,064
Deferred credit items.. 15,635 1,158 854 671 340 185
Profit and loss 3,476 2,232 33,807 100,522 51,000
Total $3,779,795 $3,774,946 $3,788,047 $3,781,458 $3,630,502 $3,513,769
Bonded Debt: $1,529,000 Macon, Dublin & Savannah first 5s. Dated Jan. 3, 1907; due Jan. 1, 1947. Int. paid
at New York Trust Co., New York. Coupon, $1,000. Registered as to principal. Guar. prin. and int. by' The Sea-
boardÂir Line Ry Co. First lien from Macon to Vidalia, Ga., 91.28 miles. The road connects with the Seaboard
Air Line at Vidalia and with the Southern Railway at Macon. Refunding: Seaboard Air Line Ry. Co. cons. mtge.
6s may be issued to retire these bonds. Auth., $1,840,000. Listed on the Baltimore Stock Exchange. Interest paid
without deduction for normal income tax, except on bone's numbered 1505 to 1529, inc. Net Ratings, Baa.
Capital Stock: Auth., $3,200,000; outstanding, $2,040,000; par, $100. The Seaboard Air Line Ry. Co. owned
$940,000 on June 30, 1916. No dividends.
RALEIGH & CHARLESTON RAILROAD

Origin: Incorporated under North and South Carolina laws in 1905, as successor to the Carolina Northern
R.R. Line of road: Lumberton, N. C., to Libby, S. C., 43 miles. In Dec., 1911, the Seaboard Air Line Ry. acquired
the entire capital stock. Equipment: locomotives, 4; cars, 14. The company controls the Marion & Southern R.R.,
operating 12 miles from West Marion to connection with this property and the Atlantic Coast Line.
Management: OFFICERS: W. J. "Harahan, Pres.; C. R. Capps, Vice-Pres.; R. L. Nutt, Sec. and Treas. DIREC-
TORS: R. L. Nutt, C. R. Capps, W. J. Harahan, F. Sitterding, Geo. F. Armstrong, G. B. McLeod, W. Stackhouse, E.
C. Bagwell, D. 0. Anderson. Annual meeting, second Monday in January. OFFICE, Marion, S. C.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $84,695 $75,594 $97,476 $92,375 $86,278 $90,001 $81,523
Net earnings . .
$31,155 $23,172 $37,170 $31,181 $29,299 $28,112 $24,864
Operating ratio 63.1% 69.3% 61.9% 66.2% 66% 68.8% 69.5%
31,165 23,707 37,170 31,181 29,489 28;292 25,044
Taxes accrued 2,785 3,018 3,018 2,801 2,784 2,204 1,989
Charges 34,467 33,104 35,774 34,679 33,199 23,862 21,028
Balance * * * * 1
$2,027
$6,087 $12,415 $1,622 $6,299 $6,494 $2,226
* Deficit.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 29,254 20,924 294,162 339,072 287,213 364,646
Deferred debit items . . . 2,660 57,101 62,331 500 24,498 46
Total $1,254,156 $1,252,-719 $1,533,395 $1,513,500 $1,482,510 $1,554,059

LIABILITIES :
Capital stock . . .
$574,500 $574,500 $850,000 $850,000 $850,000 $850,000
Funded debt. 550,000 550,000 550,000 550,000 550,000 562,000
Working liabilities. .... 99,588 91,951 83,670 66,453 27,086 134,859
Deferred credit items . . - 3,199
Profit and loss 19,444 2 5,7i5 39',i63 36,968 43,268 7,200
Total $1,254,156 $1,252,719 $1,533,395 $1,513,500 $1,482,510 $1,554,059
Bonded Debt:(1) $350,000 Raleigh & Charleston R.R. first prior lien 4s: date Feb. 1, 1900; due Feb. 1, 1956.
Int. paid atBaltimore Trust Co., Baltimore. Callable at par on three months notice. Guar. prin. and int. by Sea-
board Air Line Ry. First lien, 43 miles, Lumberton, N. C., to Libby, S. C. Provided for by consol. 4s (below),
which they underlie. Coupon, $200 and $1,000. Int. paid without deduction for normal income tax. Net Rating, Baa.
SEABOARD AIR LINE RAILWAY SYSTEM. 657
(2)$200,000 Raleigh & Charleston R.R. consol. 4s; dat?d Feb. 1, 1906; due Feb. 1, 1956. Int. paid Feb. and
Aug. at Baltimore Trust Co., Baltimore. Coupon, $200 and $1,000. Auth., $1,000,000, of which $350,000 provide
1,
for No. 1. Follow No. 1 on same property. Callable at par and int. Guar. prin. and int. by The Seaboard Air Line
Ry. Co. Interest paid without deduction for normal income tax. Net Rating, Baa.
Capital Stock: Auth., $850,000; outstanding, $574,500; all owned by The Seaboard Air Line Ry. Co. Par, $100.
SAVANNAH & STATESBORO RAILWAY

Origin: Incorporated under Georgia laws in 1892, and operates* 35 miles; from Statesboro to Cuyler, 32.6
miles, and thence to Savannah, Ga. over the Seaboard Air Line Ry. for passenger trains. Has traffic agreement
with Seaboard Air Line Ry., whereby the latter becomes the preferential connection with this property, and in con-
sideration therefor, guarantees both prin. and int. on the first mortgage bonds. Equipment: Locomotives, 4; cars, 11.
Management: OFFICERS: J. R. Anderson, Pres. and Treas.; T. F. Walsh, Sec. DIRECTORS: J. R. Anderson,
Jos.M. Lang, M. M. Stewart, G. F. Tennille, Chas. Ellis, W. V. Davis, R. Simmons, J. G. Blitch, J. A. McDougald,
Brooks Simmons, W. B. Williams. Annual meeting, third Tuesday in November. OFFICE, Statesboro, Ga.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $123.089 $150,558 $133,771 $102,462 $77,905 $71,017
Net earning* yau ;.:-! I- 26 89441 26,770 86,787 30,717
Fixed charges, inc. taxes. 18,4 ::_ 506 I >: 86,460 24,167 13,937 14,609
Other deductions 15,841 n jun 70,050, 55,286 19,023 6,371
Surplus (def.) $9,805 $4,580 $2,788 >-'">, $21,830 $15,691

ASSETS: IMI 1915 1914 1913 1912 1911
$480,622 $479.201 $475.388 $472,971 $468,277 $459,002
Working assets ...'... 14,449 17.719 25,679 UJUt 18,086 11,583
14M 1,742 2,546 2,727 2,063 1,056
Total $496,260 1498,662 $503,613 $503,293 $488,426 $471,641

LIABILITIES:
Capital stock $200.000 $200,000 $200,000 $200,000 $200,000 $200,000
Funded debt 185.000 185.000 185.000 185,000 185,000 185,000
Working liabilties
MO
1,464
:
.'
2,018
11 34,507
2,906
24,776
2,990
12,349
1,491
Apropriated surplus . . ' 30,990
Profit and loss T4.484 UM 82,254 80,880 Vs'.eeo 41,811
Total . $496,260 . $498,662 $503,613 $503,293 $488,426 $471,641
Bonded Debt: $185,000 Savannah A Statesboro Ry. first 5s. Dated Jan. 1, 1903; due Jan. 1, 1953. Int. paid
Jan. and July at Savannah Trust Co., Savannah, Ga. Guar. prin. and int. under a traffic agreement, by the Sea-
board Air Line Ry., by endorsement. First lien, 32.60 miles. Cuyler to Statesboro, Ga. Auth., $500,000. Callable
at 110 and int. on any interest date. Coupon, $1,000. Interest paid without deduction for normal income tax.
Net Rating, Baa.
Capital Stock: Auth. and outstanding, $200,000; par, $100. No dividends.
TAMPA NORTHERN RAILROAD

Origin: Incorporated under Florida laws in May, 1906, to construct a line from Tampa to Jacksonville. Line
from Tampa to Brooksville has been completed and in
operation fop some years. This line, with branches, embraces
62.69 miles. It is planned to extend the lines to Dunnellon, Fla., making a total of 85 miles. Equipment: locomo-
tives, 4; cars, 146.
Management: OFFICERS: W. J. Harahan, Pres.; C. R. Capps, Vice- Pres.; R. L. Nutt, Sec. and Treas. DIREC-
TORS W. J. Harahan, P. O. Knight. W. F. Warnock, W. R. Fuller, E. M. Hendry, J. F. Cocowitch, E. W. Lane,
:
F. r. Armstrong, S. E. Mays, H. L. Higel, L. B. Yarn, C. G. Memminger, T. J. Bachman. Annual meeting, third

Tuesday in February. OFFICE, Tampa, Fla.

1916 1915 1914 1913 1912 1911
Gross earnings $109,654 $112,021 $180,453 $190,908 $162,199 $143,850
Net earnings 1,660 34,363 58,289 70,373 31,227 32,342
Operating ratio 108.11% 130.7% 67.7'', 63.2% 80.7% 77.5%
*
Total net income. . 15,369 17,274 71,271 73,253 47,913 38,702
Taxes accrued .... 22,916 20.760 21,303 14,488 12,023 10,604
Fixed charges 87,669 85,057 80,117 81,743 71,270 55,323
'
* *
Surplus $95,115 $123,091 $30,149 $22,978 $35,380 $27,225
Deficit
Profit and IXMW Account, year ended June 30, 1916: Debit balance at beginning of year, $253,848; debit bal-
ance transferred from income, $95,115; miscellaneous debit?, $357; total, $349,320. Contra: Miscellaneous credits,
debit balance carried to balance sheet, $348,965; total. $349,320.
SOUTHERN PACIFIC COMPANY. 659
Litigation on Oregon and California Land Grant: In 1908 the United States brought suit against the Oregon and
California Railroad Company and the Southern Pacific Company, to forfeit to the Government the unsold portion of
the lands granted by act of Congress to aid in the construction of the Oregon and California Railroad. The ground
of forfeiture mainly relied on was that some of the lands included in the grant had been sold in disregard of the re-
quirements of the granting act, namely, that the lands should be sold to actual settlers only, for not more than $2.50
per acre, and in quantities not exceeding 160 acres. The quantity of land involved amounted to about 2,300,000 acres.
The lower court decided in favor of the Government but the U. S. Supreme Court reversed the decision and referred
the matter to Congress for legislation empowering the railroad to dispose of lands unsuitable for settlement purposes
for their timber value. Congress, however, passed a law revesting title to unsold lands in the Government on payment
to company of $2.50 per acre. The company maintains that this law is, inconsistent with the Supreme Court decision
in that the company has the right to sell timber apart from the land. The litigation is still pending.
Relations with I'nion Pacific Railroad Co.: Under the decree of the United States Supreme Court in Dec. 1912,
the Union Pacific R.R. was obliged to dispose of its stock interest in the Southern Pacific Co. Under the modified
plan approved by the United States District Court,' June 30, 1913, the Union Pacific exchanged $38.292.400 of its
Southern Pacific stock for the entire holdings of the Pennsylvania R.R. in Baltimore & Ohio stock ($42,547,200, of
which one-half was preferred). The remaining $88,357,600 Southern Pacific stock owned by the Union Pacific was de-
posited with the Central Trust Company of New York, as trustee, which issued "certificates of interest" in the stock.
Certificate holders have no voting rights and receive no dividends until their certificates are converted into stock, and
such conversion can only be made upon affidavit that the owner owns no Union Pacific stock, and is not acting for or
in behalf of any stockholder thereof or in concert, agreement or understanding with any one seeking to control the
Southern Pacific Co. in the interest of the Union Pacific. The Southern Pacific stock thus held can be voted by the
trustee only under the direction of the Court. If, by Jan. 1, 1916, any certificates remain outstanding, the Court may
direct the trustee to sell the stock represented thereby and pay the proceeds to the lawful owners.
In carrying out this dissolution plan the. Union Pacific stockholders were offered the right to subscribe for
$84,426,700 out of $88.357,600 of these certificates at 92, the offer being underwritten. In January, 1916, practically
all of the certificates had been exchanged for stock. See, for further details, Union Pacific Railroad.
Relation* with Central Pacific: On February 11, 1914, suit was brought by the United States Government to
compel the Southern Pacific Company to dispose of its control of the Central Pacific Ry. The main line of the Cen-
tral Pacific extends from the connection with the Union Pacific at Ogdon, Utah, to San Francisco, Cal., but in addi-
tion a large system of branches is owned or otherwise controlled. Total mileage, 2,168 miles. At present, the
Central Pacific is leased to the Southern Pacific Co. from Mar. 1, 1894, to Jan. 1, 1984 (except certain branches re-
cently absorbed), the lessee to pay from the earnings thereof, all operating expenses, taxes, and other charges, includ-
ing sinking funds and $10,000 per year for organization expenses, and surplus up to 6% on the preferred and common
stock to he paid over to the Central Pacific Ry. but the lessee is to retain one-half of any surplus in excess of 6% on
;
the stock issues. All of the stock of the Central Pacific (both preferred and common) is owned by the Southern Pa-
cific, all but $1,300 being pledged under the latter's 4% C. P. collateral mortgage. See Central Pacific R.R. under its
own heading.
in Other Companies: The Southern Pacific Co. owns a half interest in the stocks of the Northwestern
Pacific R.R.and the Sunset Ry. also owns the entire capital stock of the Pacific Electric Ry., and other properties in
;
California. Also did own a majority of the stock of Pacific Mail Steamship Co., which has since been sold and com-
pany reorganized. Still owns an interest in the Associated Oil Co. and other industrial properties. See "Moody's
Analyses of Public Utilities and Industrials."
Management OFFICERS: William Sproule. Pres.; Wm. F. Herrin, Vice-Pres.; A. D. McDonald, Vice-Pres.; W.
:
A. Worthington, Vice-Pres.; E. O. McCormick. Vice-Pres.; W. R. Scott. Vice-Pres. and Gen. Mgr.; Hugh Neill, Sec.;
A. K. Van Deventr, Tr-.-n. DIRECTORS: J. Kruttschnitt, Chairman Exec. Committee; Walter P. Bliss, Henry W.
deForcst, Robert Goelet, J. H. Harding. H. E. Huntington, .1. N. Jarvie, Ogden Mills. L. J. Spence, Wm. Sproule, E.
'. Swenson. E. 55. Harkness. L. F.
LOTM, W. B. Scott. H. E. Huntingdon, F. D. Underwood. Annual meeting,
Wednesday following first Monday in April. GENERAL OFFICES: Ifi5 Broadway, New York; Flood Building, San
Francisco; Poydras and Camp Street, New Orleans.
Oil laiH Suit*: In April, 1908, the United States Government began a series of suits to recover various petro-
leum-bearing lands allpjred to have boon imnronerly patented by this company. The area involved was aôut 2,273,-
000 acres, out of a total of something likp 9.000.000 acres held by the company and subsidiaries. The original suits
were based upon the so-called "mineral reservation claus?." which provided that mineral-bearing lands could not be
patented by a railroad. In this contention the government lost, the result of which was that it could regain title to
nonp of the Southern Pacific lands exrept through alleging and proving fraud. At the end of 1913, there were said to
be in all six suits pending, four of which, involving 7,500 acres, were based upon the allegation of fraud. The total
area involved was stated to be 89,500 acres.
On Junp 10. 1915, Judge Bean, in the TInited States District Court of Los Angeles, held that about ten sections,
amounting to about 6.400 acres in Kern County, Cal., had been fraudulently patented. The government contended
that this parrel of land was worth over $15.000.000. Probably this valuation was exaggerated, and while accurate
information is not available its true value has been estimated at $6,500,000. Kern County is a big oil producer, and
first-class oil lands there are very valuable. Some such lands in the State of California sell as high as $3,000 per
mere, while other lands can be had for $500.
Canal Competition: Aside from the oil landsuits, the difficulty of the company which most appeals to the imagin-
ation is the competition with the Canal. Thus far, there is no means of learning just how much this compe-
Panama
tition will amount to. Traffic through the canal began pra-tically at the beginning of the fiscal year 1915, but it is by
no means to be assumed that the company's $10,000,000 lots in gross business was due to this competition. Some of
the principal articles which are going via canal are: Cotton, fuel oil. sugar, general merchandise, canned goods,
dried frniM. iron and steel, agricultural implements, castings and machinery and lumber.
fhern Pacific's loss in lumbor traffic should not be very large. This traffic amounts to nearly 6.000.000 tons
pr annum, or about IS per rent, of tho total traffic. But much of this moves north and south along the Pacific Coast,
and murh of the balance moves locally betwopn points in T"xas and Louisiana, where it is not subject to competition.
It should low none at all of its petrolpu'm traffic; but this point is insignificant, since petroleum represents only about
1.5 per rrnt. of thp total traffic. In fruit and vegetables which are rather important it should lose but little, be-
emus<* most ,f thpsp will not stand the delay of canal transportation.
In mR"ufactures and merchandise, however, the losses du< to the canal are likely to amount to something. Quite a
con' nroportion of this traffic is likoly to be diverted to the canal, and thp traffic is important. Manufactures,
\n 1914, represented 14.88 per cent, of the total traffic, and merchandise and miscellaneous represented 8.98 per cent
The canal traffic has not yet become developed enough to show just what it is going to do, but upon the basis of the
incomplete data available I am inclined to think that during 1916 or 1917 the canal may take from the Southern Pa-
cific a tonnage sufficient to be equivalent to about 3.6 per cent, of the company's freight earnings of 1914. This would
mean a gross business of $1,457,500, whereas the company's total gross earnings from railroad and other property
in 1914 were $138,520,259. According to this estimate, then, the canal competition will reduce gross earnings by only
a little over 1 per cent.
SOUTIIi:it\ PACIFIC COMPAXT 661

1916 1915 1914 1913 1912 1911 -1910
Gross revenues $152,656,955 $129,814,729 $126,614,537 $130,353,693 $120,433,056 $121,911,028 $124,523,905
Maintenance of equip... 21,866,636 19,815,974 18,934,335 19,295,725 16,318,141 15,312,206 15,808,391
All other oper. expenses. 57,209,885 52,581,512 47,801,275 45,563,646 44,615,583 43,094,366 40,859,050
Net oper. revenues.

Operating ratio
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. . ,
$689,916,653 $672,993,654 $651,879,723 $569,761,546 $544,230,600 $523,173,310
Working assets ,
34,973,428 33,855,202 42,421,923 39,888,859 54,416,463 56,893,173
1,517 461,075
Deferred debit items . . . 10,763,407 11,775,159 10,687,497 211 17,164,268 16,853,441
Accrued income not due 2,802,792 2,608,827 702 6,274,562 6,285,556
Total $738,456,280 $721,232,842 $704,989,143 $641,700,835 $622,085,893 $603,666,555

LIABILITIES:
Capital stock . . $272,677,906 $272,674,406
Working liabilities .... 13,479,453
Accr'd liabilities not due 7,109,275
44,121,038
Appropriated surplus . . . 31,994
Profit and loss surplus. 117,219,274
SOrTIIKKX PACIFIC COMPANY.
Stocks of Affiliated Companies (Continued) :
Rifled Pipe Co . .
Bonds of Affiliated Companies:
Per
Associated Oil Co 1st Ref Mtge
SOUTHERN PACIFIC COM PA XV. 665
SECURITIES OWNED BY PROPRIETARY COMPANIES (Continued)

. ///ir. & San Ant. Ry. Co.: Oreg. & Cal. R.R. 1st mtg. 5s $894,000
El Paso Un. Dep. Co., cap. stk $14,800 San Antonio & Aran. Pass Ry.
Co. 1st mtg. 4s 21,000
Houston & Texas Cent. RJt. Co.:
Houst & Tex. C. R.R. gen. m. 4s. 386,000
Bryan & Cen. Tex. Int. Ry. 1st 6s. $211,500 Ft W. & N. Or. Ry. 1st mtg. 6s.. 161,000
Ft. W. U. Pass. Sta., cap. stk $45,400
Union Terminal Co., cap. stk 6,000 Total $2,757,000
Oregon & Cal. R.R. :
Ore. A Cal. Land Co., cap. stk $5,000
Summary:
Total unpledged $3,593,500 $4,357,977
Morgan's L. & T. R.R. & SS. Co. : Total pledged 25,000 349,500
Direct Nav. Co. 5% note $100,000
Direct Nav. Co., cap stk t$50,000 Total par value $3,618,500 $4.707,477
Pledged against C. P. R.R. 50-year 6% bonds, due Oct
*
1, 1936.
t Pledged under first main line 7% mtge.
S M Or laU.
Note: "Average income available" is the average net income per mile available for interest charges, after deduct-
"Interest requirement" is the current requirement. The ratings
ing taxes', for the ten years ending June 30, 1916.
are based' not only on the statistical exhiMts and averages, but other considerations are given due weight, such as the
of its business, relative position of the issue, etc. For full ex-
general financial condition of the property, character
planation, see Introduction. For Key to
Bond Ratings, see pages 19 to 21.

Note: In the preceding table, the bond issues are arbitrarily arranged in accordance with the relative position
of the magnitude of the system, the multiplicity of issues, etc. Those of
and security, so far as can be done in view
the original Central Pacific Lines are given first preference; the mortgage issues which are fully guaranteed as to
both principal and interest by the Southern Pacific Company are placed next; then follow mortgage issues of propri-
then follow the unguaranteed issues of proprietary companies, then
etary companies guaranteed as to interest only;
follow the direct obligations of the Southern Pacific Company. Interest or sinking fund payments on all the above
issues are charged in the general income account of the Southern Pacific Company. No issues on which interest
is not charged (even though they may be guaranteed) are here included. For all such, see the separate statements
of the companies.
In the "interest requirement per mile" in above table, only the interest on the amounts not held by the Southern
Pacific Company are considered. While full interest is charged in the income account, that on securities owned comes
back as "other income."
1. Outstanding, $78,000 (closed). Dated April 1, 1389; due April 1, 1939. Int. paid by Southern Pacific Co.,
New York. First lien on original line of Central Pacific R.R. On June 30, 1898, there were outstanding $12,283,000
of these bonds; all but above outstanding amount were exchanged for Central Pacific Railway ref. 4s and 30-year
3%s (Nos. 5 and 6 below) on the following basis: For each $1,000 par value, holder received $500 of No. 5 and $800
of No. 6, and $41.67, per bond in cash. Assumed by Central Pacific Railway. Normal income tax deducted from
interest.
2. Outstanding, $25,000 (closed). Dated Oct. 1, 1886; due Oct. 1, 1936. Int. paid by Southern Pacific Co.,
New York. First lien with No. 1 on original line of Central Pacific R.R. All of original issue except above outstand-
ing amount were exchanged for Central Pacific Railway ref. 4s and 30-year 3Vs (Nos. 5 and 6 below) on the follow-
ing basis For each $1,000 par value, holder received $500 in No. 5 and $900 of No. 6, with $50 per bond in cash.
:
Assumed by Central Pacific Railway. Normal income tax deducted from interest.
3 and 4. Outstanding, $448.000 Series A (No. 3), and $41,000 series B (No. 4). Series A, dated Jan. 1, 1868;
Series B, dated Jan. 1, 1872; both series due Jan. 1, 1918. Int. paid by Southern Pacific Co., New York, On June 30,
1898, there were outstanding, $5,892,000 of Series A and $4 358,000 of Series B; all but above outstanding amounts
were exchanged for Nos. 5 and 6 on the following basis: For each $1,000 par value, holder received $1.000 of No. 5
and $200 of No. 6; also $29.17 in cash. First lien on old California & Oregon division of Central Pacific R.R. As-
sumed by Central Pacific Railway. These four issues und?rlie Nos. 5 and .6, which are guaranteed principal and
interest by Southern Pacific Co. Normal income tax deducted from interest.
5. Auth., $100,000,000; outstanding, $98,877.000 (closed). Dated Aug. 1, 1899; due Aug. 1, 1949. Int. paid at
165 Broadway, New York. Coupon, $500 and $1,000; reg. $1,000, etc. Sinking Fund: $25,000 annually to be used for
purchase of these bonds at lowest prices offered. Retired to June 30, 1916, $410,000. Guar. prin. and int. by Southern
Pacific Co. by endorsement. First lien on 1,343.79 miles, terminals, wharves, ferries, etc., mileage being as follows:
from Sacramento to near Ogden, Utah, 731.92 miles; Oak'and to Niles, Cal., 25.63 miles; San Jose to Brighton, Cal.
121,84 miles; Roseville, Cal., to Cal.-Oregon State line, 296.57 miles; Lathrop to Goshen', Cal., 146.45 miles; and
branches aggregating 21.38 miles. Underlies No. 6. Legal for savings Banks in Conn., Maine, Mich., Minn., Mo.,
N. H., N. J., R. I., Wis. Listed on New York, London, Ber in, Hamburg, Frankfort and Amsterdam Stock Exchanges.
6. Auth., $25,000,000; outstanding, $9,441,325 (closed). Dated Aug. 1, 1899; due Aug. 1, 1929. Int. paid at
165 Broadway, New York. Coupon, $500 and $1.000; reg. $1,000, etc. Sinking Fund: $25,000 out of net earnings to
be used for purchase of these bonds at lowest price offered. Retired by fund to June 30, 1916, $15,558.675. Guar. prin.
and int. by Southern Pacific Co. by endorsement. First li ^n on all the land grants of the company, of which there re-
mained unsold June 30, 1916, 7,117,987 acres; also first Inn on all the securities held in any Sinking Fund of the
Central Pacific R.R., or by any divisional company, by consolidation of which it was formed; these securities up to
June 30, 1916, had an aggregate par value of $4.729.000; second lien on 1.343.79 miles, following No. 5. Listed on
New York, London and Amsterdam. Stock Exchanges. Intsrest paid without deduction for normal income tax.
7. Auth., $10,000,000; outstanding, $9,640,000. Dated Oct. 1, 1904; due Oct. 1, 1954. Int. paid at 165 Broad-
way, New York. Coupon and reg., $1,000. Callable at 107 % and int. on 60 days' notice. Guar. prin. and int. by
Southern Pacific Co., by endorsement. First lien from Umbria across the Great Salt Lake to Cecil. Utah, known as
the "Ogden-Lucin Cut-off," 102.94 mile. Legal for S. B. in Maine, Minn., Mich., Mo., N. J., R. I., Wis. Listed on
New York and Amsterdam Stock Exchanges. Interest paid without deduction for normal income tax.
8. Auth., $48,262,548.26 (250,000,000 francs) ; outstanding, $26.339.286; balance reacquired and held in treas-
ury. Dated March 1, 1911 due March 1, 1946'. Int. paid at Banque de Paris et des Pays-Bas and Societe Generale,
;
Paris, or in London, Belgium or Switzerland. Coupon, 500 francs. Callable at par and int., March 1, 1921. or on any
interest date thereafter. Prin. and int. guaranteed by Southern Pacific Company, the following securities being
pledged with U. S. Trust Co., New York, as security for this guaranty: $1.999,500 S. P. Terminal Co stock; $4,728,-
000 Galv., Harrisburg & San. Ant. Eastern division 1st 6s and $1,000.000 2d 6s: $450.000 Houston & Texas Central
Lampasas Ex. 1st 5s; $1,919,000 Houston East & West Texas R.R. stock; $9.998,300 Houston & Texas Central R.R.
stock; $10.000,000 Morgan's Louisiana & Texas, R.R. & S.S. stock: $6.900,000 common and $11,991,000 preferred
stock of Oregon & California R.R., and $35.000,000 Southern Pacific Railroad of Cal. stock. Interest paid without
9. Auth., $20.000 per mile; outstanding, $1,920,000, of which $300.000 are pledged under No. 6. Dated July 1,
1891: due July 1. 1941. Int. paid at 165 Broadway, New York. Coupon, $1,000. Guar. prin. and int. by Southern
Pacific Co. by endorsement. First lien on 106.08 miles as follows: from Austin to Llano, Tex., 99.68 miles, and from
Fairlnnd to Marble Falls, Tex., 6.40 miles. Legal for S. B. in Texas. Listed on New York Stock Exchange. Nor-
_ 10.
SOUTHERX PACIFIC COMPANY.
_
Outstanding, $2,536,000 stamped; $464,000 unstamped (closed). Dated May 1, 1893; due May 1, 1933. Int.
paid at 165 Broadway, New York. Coupon, $1,000. Stamped bonds callable at 105 and int. on six months' notice.
Stamped bonds guar. prin. and int. by Southern Pacific Co. by endorsement. First lien on 190.94 miles from Hous-
ton, Tex., to Logansport, La.
11.
Auth., $20,000,000; outstanding, $17,745,000 (closed). Dated July 1, 1887; due July 1, 1927. Int paid at
165 Broadway, New York. Coupon, $1,000. Callable for s. f. at par and int. Sinking Fund: Net proceeds from the
sale of lands shall be used for purchase of these bonds in the open market below par; but in case they cannot be pur-
chased at this figure, they shall be redeemed by lots as soon as the siyn of $50,000 has accumulated. Guar p.fin.
667
and int. by Southern Pacific Co. by endorsement. First lien on 680.07 miles as follows: from Portland, Ore., to Cali-
fornia State line, 367.15 miles; Portland to Corvallis, Ore 101.03 miles; Portland to Airlie, Ore., 74.55 miles; Wood-
,
burn to Natron, Ore., 92.99 miles; Mohawk June, to Wen -Ming, Ore., 15.93 miles; Albany June, to Lebanon, Ore.,
11.51 miles, and branches aggregating 8.36 miles, land grants, etc. Listed on New York, London and Amsterdam
Stock Exchanges. Normal income tax deducted from interest.
12. Auth., $5,500,000; outstanding, $4,563.000. Dated July 1, 1887; due July 1, 1937. Int. paid at 165 Broad-
way, New
York. Coupon, $1,000. Sinking Fund: $220,000 annually in quarterly instalments to be used for purchase
of these bonds at not exceeding par and interest. If not BO purchased to be invested in other securites. Guar. prin.
and int. by Southern Pacific Co. First lien on 96.72 miles, all in California, together with docks, real estate, ferry-
boats, etc., mileage being as follows: Elmhurst to Wright, 49.92 miles; Alamada Mole to 14th St., Oakland, 4 15
miles; Alameda June, to High St., 6.80 miles; Wright to Santa Cruz, 17.69 miles; Campbell to New Alameda, 9.12
Miles; Felton to Boulder Creek, 7.50 miles; Newell Creek to Newell Creek Mill, 1.54 miles; also on ferry boat line from
San Francisco to Alameda Mole, 3 miles. Listed on New York Stock Exchange. Legal for S. B. in Mich., Minn., N.
H., N'. J. Normal income tax deducted from interest.
166 Broadway, New York. Coupon, $1,000. Sinking Fund: $50,000 annually, beg. 1897, to be used for purchase of
these bonds, or otherwise invested. Guar. prin. and int. by Southern Pacific Co. by endorsement. First lien from
San Miguel to Saugus, Cal., 239.54 miles. Underlie Nos 14 and 17, with provision by latter to retire. Legal for S. B.
in Hal., Conn., Mich., Minn., N. J., N. Y., R. I., Wis. Listed on San Francisco Stock Exchange. Normal income tax
14.Auth., $30,000,000; outstanding, $4,127,500 (closed). Dated Sept. 15, 1893; due Nov. 1, 193Y. Callable at
107% and int. on six months' notice, which applies to bonds so endorsed. Sinking Fund: $20,000 annually between
the years 1898 and 1912, and the sum of $120,000 annually thereafter to be used for purchase of these bonds, or to be
invested in other good securities; also proceeds of land sales to be used for purchase of these bonds at lowest price
offered. Guar. prin and int. by Southern Pacific Co. by endorsement. First lien on 1,935.81 miles as follows: from
Stockton to Milton, 24.56 miles; Pajaro to Santa Cruz, 21.20 miles; Avon to San Ramon, 20.27 miles; from near Mar-
tinez to Armona, 193.28 miles; Peters to Merced. 59.26 mi'es; Berenda to Raymond, 21 miles; Fresno to Pollasky,
2t.ll miles; Fresno to Famott, 102.28 miles; Burbank to Chatsworth, 21.62 miles; Florence to Santa Ana, 28.26 miles;
Montalvo to Burbank, 50.42 miles; Bakersfield to Olig, 50.01 miles; San Francisco to Tres Pinos, 100.32 miles; Al-
calde to Yuma, 553.58 miles; Mojave to The Needles, 242.51 miles; Carnadero to Salinas City, 35.09 miles; Salinas
City to San Miguel, 90.84 miles; Los Angeles to San Pedro, 24.69 miles; also first lien on land grants of the company,
and various branches aggregating 260.71 miles; second lien on 239.54 miles, following No. 13. Underlies No. 17, with
provision by latter to retire. Legal 'or S. B. in Cal., Conn., Mich., N. J., N. Y., R. I., Wis. Listed on New York and
San Francisco Stock Exchanges. Interest paid without deduction for normal income tax.
15.Auth.. $21,000,000; outstanding, $4,751,000 (closed). Dated Oct. 1, 1888; due Oct. 1, 1938. Int. paid at 165
Broadway, New York. Coupon, $1,000. Sinking Fund: $20.000 annually to be used for purchase of these bonds or
otherwise invested. Guar. prin. and int. by Southern Pacific Co. by endorsement. First lien on 377.55 miles, all in
California, as follows: from West Oakland to near Martin"/.. 31.03 miles; Benicia to Suisun, 16.40; Woodland to Te-
hama. 100.83 miles; 16th St., Oakland, to Berryman, 5.35 miles; Willows to Fruto, 16.84 miles; Elmira to Rumsey,
miles; Nana June, to Santa Rosa, 37.24 miles; Sacramento to Placerville, 61.25 miles; Gait to lone, 27.46 miles;
<
Woodbridge to Valley Springs, 29.68 miles. Underlies No. 17 with provision to retire. Legal for S. B. in Cal.,
Conn., Mich., Minn., N. J., N. Y., R. I., Wis. Listed on New York and San Francisco Stock Exchanges. Normal
16. Auth., $1,100.000; outstanding, $1,074,000 (closed). Dated Nov. 1, 1889; due June 1, 1929. Int. paid at
166 Broadway. New York, and in San Francisco. Coupon, $1,000. Sinking Fund: $10,000 annually to be held in
trust and invested in securities for the benefit of this issue Guar. prin. and int. by Southern Pacific Co. by endorse-
.
ment. First lien from Knight's Landing to Oroville, Cal., 53.71 miles. Underlies No. 17, with provision to retire.
I.etral for S. B. in Cal., Conn., Mich., Minn.. N. J. N. Y., R. I., Wis. Listed on New York and San Francisco Stock
Exchanges. Normal income tax deducted from interest.
17. Auth.. $160,000,000; outstanding, $143.873.500. Dated Jan. 3, 1905; due Jan. 1, .1955. Int. paid at 165
Broadway. New York. Coupon and reg., $500 and $1.000. Callable at 105 and int. on three months' notice. Sinking
Fund: $12.000 per annum to be used for purchase of these bonds. Guar. prin. and int. by Southern Pacific Co. by
rseirent. First lien on 723.34 miles as follows: from the east hank of the Rio Grande River at -El Paso to the
Arizona-New Mexico State line, and thence to the east bank of the Colorado River at Yuma, 561.37 miles; from Napa
June, to Calistoga, Cal., 34.53 miles; Vallejo to Sacramento, Cal., 60.24 miles; Davis to Knight's Landing, Cal., 18.64.
<-s: ami ' ranches aggregating 53.18 miles; dfccond lien on 2,367.21 miles as follows: on the 1,935.81 miles, following
M: on tho 53.71 milf-s. following No. 16: on the 377.55 miles, following No. 15; third lien on 239.54 miles, follow-
ing No. 14. I-ejral for S. B. in Cal., Conn., Mich., Minn., N. J.. N. Y., R. I., Wis. Listed on New York, San Francisco
IS. Dated Nov. 1, 1894; due Nov. 1, 1924. Int. paid at 165
Auth., $2,000,000; outstanding, $1.492.000 (closed).
Broadway, New Coupon. $1,000"; Sinking Fund: Amount equal to 1% of net earnings per annum to be used
York.
for purchase of these bonds or otherwise invested. Guar. nrin. am' int. by Southern Pacific Co. by endorsement.
First lien on 130.15 miles: from Bowie to Globe, Ariz., 125.27 miles: Amster June, to Amster, Ariz., 4.88 miles. Un-
derlie No. 3fi, which provides for retirement. Listed on New York Stock Exchange. Normal income tax deducted from
interest.
19. Auth., $50,000,000; outstanding, $24,965,700. D ted Apr. 1, 1910; due Apr. 1, 1950. Int. paid in New York,
London, Berlin, Hamburg, Frankfort, Amsterdam and Geneva. Coupon and reg., $100, $500 and $1.000. Callable at
105 after Apr. 1, 1915. First lien on terminal properties at San Francisco and Oakland, Cal., including the Bay
Shore line from San Bruno to San Francisco. 11.13 miles, and a total of 718 acres of land of which 320 acres are in
San Francisco. Sinking Fund: $5,000 per annum. Legal for S. B. in Conn. Listed on New York, Berlin, London
20. Auth., $8,634,000; outstanding, $1,417,000 (closed). Dated April 1, 1890; due July 1, 1937. Int. paid at
165 Broadway, New York. Coupon, $1,000. Callable for Sinking Fund at 110 and int. Sinking Fund: Net proceeds
from sales of lands to be used for purchase of these bonds at not exceeding 110 and int. Guar. as to int. by Southern
Pacific Co. by endorsement. First lien from Houston to Denison, Tex., 337.98 miles, and from Hempstead to Austin,
Tex., 115 miles; total, 452.98 miles, together with lands. Underlies No. 21. Legal for S. B. in Texas. Listed on New
21.Auth., $4,305,000; outstanding, $4,161,000. Dated April 1, 1890; due April 1, 1921. Int. paid at 165 Broad-
way, New
York. Coupon, $1,000. Guar. as to int. by Southern Pacific Co. by endorsement. Second lien on 452,98
miles following No. 20. Listed on New York Stock Exchange. Normal income tax deducted from interest.
22. Auth., $25,000 per mile; outstanding, $1,105,000. Dated May 1, 1900; due May 1, 1930. Int. paid at 165
Broadway, New York. Coupon, $1,000. First lien on 55.30 miles from Bremond to Ross, Tex. An assumed obliga-
tion of the Houston & Texas Central but bonds are not gua ranteed by Southern Pacific Co. Legal for S. B. in Texas.
23. Auth., $20,000 per mile; outstanding, $13,418,000, of which $1,024,000 are pledged under No. 6. Dated May
1, 1881; due May 1, 1931. Coupon, $1,000. Int. paid at 165 Broadway, New York. Sinking Fund: Amount equal to
1% of bonds issued and outstanding to be used for purchase of these bonds. On June 30, 1916, this fund amounted to
$5,101,958, of which $4,992,150 had been invested in No. 36. First lien on 659.25 miles as follows: From San Antonio
to east bank of the Rio Grande River at El Paso, Tex., 624.61 miles, and branch from Spofford to Eagle Pass, Tex.,
34.6it miles. Underlies No. 24. Listed on New York Stock Exchange. Interest paid without deduction for normal
income tax.
24. Auth., $10,000 per mile; outstanding, $2,539,000 of which Southern Pacific owns $444,000. Dated July 1,
1881; due July 1, 1931. Int. paid at 165 Broadway, New York. Coupon, $1,000. Guar. prin. and int. by Southern
Pacific Co. by endorsement. Second lien on 659.25 miles following No. 23. Listed on New York Stock Exchange.
25. Auth., $17,000 per mile; outstanding, $709,000. Dated Dec. 1, 1885; due Dec. 1, 1925. Int. paid by South-
ern Pacific Co., New York. Coupon, $1,000. First lien on 41.31 miles from Waxahatchie to Fort Worth, Tex. Is an
assumed obligation of the Houston & Texas Central R.R., but bonds are not guaranteed by Southern Pacific Co.
26. Auth. and outstanding, $2,240,000. Dated July 1, 1881; due July 1, 1921. Int. paid at 165 Broadway, New
York. Coupon. $1,000. First lien from Lafayette, La., to the Sabine River, near Orange, Tex., 105.41 miles; Abbe-
ville to Mamon, La., 68.30 miles; Mallard June, to Port Arthur, 34.10 miles; total, 207.83 miles. Legal for S. B.
in Mich., Minn., N. H., N. J., R. I., Wis. Listed on New York Stock Exchange. Normal income tax deducted from
interest.
165 Broadway, New York. Coupon, $1,000. First lien from Algiers (opposite New Orleans) to Morgan City, La.,
about 79 miles, with branch to Houma, La., 14.60 miles; total, 93.60 miles; also steamships, ferry boats, dock property,
etc., inc. the ferry from New Orleans to Algiers, La. Listed on New York Stock Exchange. Normal income tax
28. Auth., $1,800,000; outstanding, $1,494,000. Dated July 1, 1880; due July 1, 1920. Int. paid at 165 Broad-
way, New York. Coupon, $1,000. First lien from Morgan City to Cheneyville, La., 125.92 miles; Alexandria Terminal,
1.24 miles; total, 127.16 miles. Listed on New York Stock Exchange. Normal income tax deducted from interest.
29. Auth., $4,195,000; outstanding, $1,620,000. Dated July 1, 1893; due July 1, 1943. Int. paid at 165 Broad-
way, New York. Coupon, $1,000. Second lien on 103.11 miles from Sabine Pass to Rockland, Tex., following $2,575,-
000 Sabine Division 5s (all owned) second lien equally with Sabine Division 5s on 104.48 miles, from Houston to
;
Orange, Tex., following $862,000 Main Line 6s (all owned). Listed on New York Stock Exchange. Normal income
30. Auth., $20,000 per mile; outstanding, $3,997,000. Dated Aug. 1, 1900; due Aug. 1, 1930. Int. paid at 165
Broadway, New York. Coupon, $1,000. First lien from Bonita June, to T. & P. Crossing, Dallas, Tex., 162.71 miles;
Rockland to Door June., Tex., 47.89 miles; total, 210.60 miles; second lien following $862,000 Main Line 6s (all
owned) on 6.70 miles from Orange, Tex., to the Sabine River. Of this outstanding issue, Southern Pacific Co. owns
,
$696,000, Southern Pacific R.R. Co. owns $953,000 and sinking funds hold $1,768,000. Normal income tax deducted
from interest.
31. Dated Aug. 1, 1899; due Aug. 1, 1949. Int. paid at company's
office, NewYork. Coupon, and reg. $500 and $1,000. Callable at par and int. on six months' notice. Direct obliga-
tion of the Southern Pacific Co. ,and secured by deposit with the trustee of $17,400,000 preferred and $67,274,200 par
value common stock of Central Pacific Ry., being all the outstanding preferred and all but $1,300 common. Listed on
New York Stock Ehcxange. Interest paid without deduction for normal income tax.
32. Auth., $82,000,000; outstanding, $81,151,910. Dated June 1, 1909; due June 1, 1929. Int. paid at 165 Broad-
way, New York. Coupon, $1,000, reg., $1,000, $G,000 and $10,000. Callable at 105 and int. on 90 days' notice, in which
case_the privilege of conversion, if same has not expired, shall terminate 30 days before such date of redemption. Con-
vertible on or before June 1, 1919, into common stock at $130 per $100 share. Direct obligation, but not a mortgage.
33. Auth., $100,000,000; outstanding, $227,000. Dated July 1, 1909; due July 1, 1929. Int. paid at company's
office, 165 Broadway, New York. Coupon, $1,000. Callable at 105 and int. on any int. date on 90 days' notice. Direct
obligation of the company, but not a mortgage. These bonds were issued in connection with the offer made by the
company to its preferred stockholders, June 8, 1909, whereby it exercised its option to redeem the stock at $115 per
share. Holders were offered the privileges (1) of exchanging their stock for a like amount of these bonds with $20
in cash; (2) to convert their sliares into common stock at par; (3) to surrender their stock and receive $115 in cash.
Most holders converted into common. The unissued balance of these debentures, therefore, still remains in the pos-
session of the company. Interest paid without deduction for normal income tax.
SOL'TUKKX PACIFIC COMPANY SYSTEM. 669

34. Auth., $55,000,000; outstanding, $54,490,000. Dated June 1, 1914; due June 1, 1934. Int. paid at Southern
New
Pacific office. York. Coupon and reg., $600 and $l,0i)0; interchangeable. Callable on and after June 1, 1919, at
105 and int. on 90 days' notice. Convertible into stock at par until June 1, 1924. Not secured by mortgage. Legal
for S. B. in N. H. Listed on New York Stock Exchange. Normal income tax deducted from interest.
35. Series A, 4%; dated March 1, 1913; due $1,012,000 each March 1 to March 1, 1923. Original issue, $10,-
120,000; now unmatured, $7,084,000. Int. paid M. and S. at office of company, New York, and Commercial Trust
Co., Phiadelphia. Coupon, $1,000. Guar. prin. and int by Southern Pacific Co., by endorsement. First lien on
equipment costing about $11,249,750. Interest paid without deduction for normal income tax. Series B, 4%; dated
Sept. 2, 1913; due $201,000 each Sept. 1, to Sept. 1, 1923. Original issue, $2,010,000; now unmatured, $1,407,000. Int.
Dec. 1, 1914; due $117,000 each Dec. 1 to Dec. 1, 1924. Int. paid June and Dec. 1. Original amount, $1,170,000; now
outstanding, $936,000. Normal income tax deducted from interest.
36. Auth., $40.000,000; outstanding, $9.155.000, of which Southern Pacific Co. owns $4,042,000. Dated May 2,
1910; due May 1, 1950. Int. paid at Southern Pacific offic?. New York. Coupon and reg., $1,000. Sinking fund,
$5.000 per annum. First lien on 155.06 miles of Arizona lines, and second lien on 130.15 miles, following No. 18. Of
those outstanding which the Southern Pacific Co. does not hold as an investment. $5,056,000 are in the sinking fund
of No. 23, leaving only $57,000 in hands of public. Not guaranteed. Interest paid without deduction for normal
income tax.
TABLE E. Stock Record and Ratings (Based on 10- Year Results. Per Mile of Road)
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $1,034,368; credit bal-~
ance transferred from income, $345,736; profit on road aid equipment sold, $231; delayed income credits, $570; un-
refundable overcharges, $3,910; donations, $12,175; misce.laneous credits, $14,222; total, $1,411,212. Contra: Sur-
plus appropriated for investment in sinking and other reserve funds, $3,403; surplus appropriated for investment
in physical property, $12,175; loss on retired road and eqjipment, $2,333; credit balance carried to balance sheet,
$1,218,288; miscellaneous credits, $175,013; total, $1,411,212.

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment. . . $14,297,338 $14,396,509 $14,310,516 $14,193,934 $13,528,508 $13,135,825
Working assets 1,457,578 1,471,637 1,561,297 1,283,128 1,477,552 1,423,087
Deferred debit items... 6,054,304 6,062,859 6,406,914 6,319,748 6,253,910 6,270,979
Total $21,809,220 $21,931,005 $22,279,077 $21,797,035 $21,259,970 $20,829,891

LIABILITIES:
Capital stock $9,000,000 $9,000,000 $9,000,000 $9,000,000 $9,000,000 $9,000,000
Funded debt 10,882,248 11,348,496 10,647,000 8,494,000 8,496,000 8,498,000
Working liabilities .... 348,012 262,825 707,381 2,626,770 2,536,236 2,398,800
97,137 73,933 69,241 65,972 69,882 41,148
Appropriated surplus.. 72,882 47,604 40,210 32,273 23,941 16,897
Profit and loss surplus. 1,218,288 1,034,368 1,458,369 1,333,632 890,103 695,062
Total $21,809,220 $21,931,005 $22,279,077 $21,797,035 $21,259,970 $20,829,891

onded Debt: $1,492,000 Gila Valley, Globe & Northern first 5s. Dated Nor. 1, 1894; due Nov. 1, 1924. Int.
M. aTid N. 1. Prin. and int. guaranteed by Southern Pacific. First lien on the properties of the original Gila Val-
ley, Globe & Northern Ry., 125 miles.
(2) $9,155,000 Arizona Eastern R.R. first and refunding 5s. Dated May 1, 1910; due May 1, 1950. Int. M. and
N. 1, in New York. Coupon, $1,000. Auth., $40,000,000, of which sufficient are reserved to retire No. 1. The South-
ern Pacific Company owns $4,042,000 of the issue, but the bonds are not guaranteed. Secured on 292 miles, being
subject to No. 1 on 125 miles.
For further details and ratings of these issues, see Southern Pacific Company's Bond Table, page 665.
Capital Stock: Auth., $40,000,000; outstanding, $9,000,000. Par value, $100. All owned by Southern Pacific
Company. No dividends.
CENTRAL PACIFIC RAILWAY

Origin: Incorporated under laws of Utah, July 29, 1899. Acquired title to all properties formerly owned by
the Central Pacific R.R. On Feb. 29, 1912, acquired the property of the Oregon Eastern Ry. The property is leased
to the Southern Pacific Co. from March 1, 1894, to Jan. 1, 1984, with the exception of the property acquired from
the Chico & Northern R.R. and the Sacramento Southern R.R., the rental being all expenses of operation, fixed and
other charges, sinking fund requirements, dividends, and $10,000 for organization expenses. For full details, see page
659. Entire capital stock of the company is owned by the lessee.
On Feb. 29, 1912, the following properties were acquired: Central California Ry. Co., Fernley & Lassey Ry.,
Chico & Northern R.R., Modoc Northern Ry., Nevada & California Ry., Sacramento Southern Ry., Goose Lake &
Southern Ry., and the Oregon Eastern Ry. The company assumed the bonds and stocks of these acquired proper-
ties, and" they are held in the Southern Pacific Company's treasury.
Location: Line of road: Oakland Pier to Elvis, Cal., 134.47 miles; Sacramento to Cecil June., Utah, 692.04
miles; Roseville, Cal., to Oregon State line, 296.58 miles rathrop to Goshen June., Cal., 146.48 miles; Hazen, Nev.,
;
to Keeler, Cal., 288.65 miles; and various branches. Length of road: owned, 2.325.73 miles; second track, 259.64
miles; yard track, 951.35 miles; total, 2,325.73 miles. Water lines: Ferry, San Francisco to Oakand pier, 3.5 miles;
ferry, San Francisco to Broadway, Oakland, 6.4 miles; river line, San Francisco to Sacramento, 125 miles; total,
134.9 miles.
Equipment: Locomotives, 400; cars, 8,176; work cars, 1,241; total cars, 9,417. Floating equipment: Passenger
ferry steamers, 8 ; car transfer steamers, 2 ; river steamers, 5 tugs, 2 steam barge, 1 ; car float, 1 ; dredges, 3 pile
; ; ;
drivers, 2; launches, 6; scows, 4.

Management: OFFICERS: W. F. Herrin, Pres. W. R. Scott, Vice-Pres.; E. 0. McCormick, Vice-Pres. C. H.
; ;
Redington, 3d Vice-Pres., San Francisco, Cal.; A. D. McDonald, 2d Vice-Pres. and Compt., New York, N. Y.; G. L.
King, Sec., San Francisco, Cal.; A. K. Van Deventer, Treas., New York, N. Y.; W. F. Ingram, Asst. Treas.; T. O.
Edwards, Aud., San Francisco, Cal. DIRECTORS: William Sproule, T. O. Edwards, Wm. F. Herrin, Wm. Hood, G.
L. King, C. H. Redington, W. R. Scott, E. O. McCormick, San Francisco, Cal.; T. W. Rowlands, Ogden, Utah. An-
nual meeting, first Tuesday in April, at Salt Lake City, Utah. OFFICE, 165 Broadway, New York.
HOW TO INVEST Every investor should have a copy of this little book.
It is a complete and practical treatise of the subject of
MONEY WISELY "Diversified Investing,
' '
and is the first authentic attempt
to present sound principles for the investment of money
JOHN By MOODY on the plan of geographical distribution.
Price, $2.00 Per Copy

MOODY'S INVESTORS SERVICE. 35 NASSAU STREET, NEW YORK
SOUTUEKX PACIFIC COMPANY SYSTEM. 671

The annual reports to the Interstate Commerce Commission for 1915 and 1916 do not show operating returns
for the Cent. Pac. Ry. separately. Road is directly operated by Southern Pacific and figures below for 1915 and
1916 show income from lease, etc.
1916 1915 1914 1913 1912 1911 1910

Gross earnings $31,266,214 $32,650,164 $30,483,772 $30,985,943 $33,443,389
Operating expenses 18,391,957 18,863,052 17,308,594 17,770,831 18,314,571
Net income . . $12,871,277 $13,850,746 $13,222,658 $13,239,621 $15,213,436

Other income 1,587,332 1,631,691 1,666,165 852,159 868,140
Total income *$14.919,368*$10,891,979 $14,458,609 $15,482,437 $14,888,823 $14,091,780 $16,081,576

Fixed charges 8,869,095 9,022,811 11,798,185 11,067,652 10,147,262 7,868,643 7,370,539
Surplus $6,223,137 $8,711,037

484,896 1,804,325
$5,738,241 $6.906,712
27.997.606 25,250,362
1,269,705 468,496
GALVESTON, HARRISBURG & SAN ANTONIO RAILWAY

Origin: Incorporated under Texas laws, July 20, 1870. Charter amended Aug. 15, 1905. In August, 1905,
purchased the properties of the New York, Texas & Mexican Ry. Co., Gulf, Western Texas & Pacific Ry. Co., San
Antonio & Gulf R.R. Co., Galveston, Houston & Northern Ry. Co. and the Gonzales Branch R.R. The company
is controlled by the Southern Pacific Co. through ownership of $27,055,900 of its capital stock, but the railroad is
operated by its own organization. Owns $14,800 of the capital stock of the El Paso Union Depot Co.
Location: Line of road: Houston to El Paso, San Antonio to Lavaca, Rosenberg to Beeville and branches, 1,-
344.08 miles; operated jointly with Houston & Texas Central R.R., 12.33 miles. Leased from the Gulf, Colorado
& Santa Fe Ry. Co., joint track at Galveston, Tex., 0.59 mile; operated jointly with Texas New Orleans R.R.
Co., 3.95 miles; total mileage operated, June 30, 1916, 1,360.95 miles; second track, 6.59 miles; sidings, 345.26 miles.
Equipment: Locomotives, 313; cars, 4,733; service cars, 306.
Management: OFFICERS: W. B. Scott, Pres.; G. S. Waid, Vice-Pres. and Gen. Mgr. G. R. Cottingham, Sec. ;
and Aud.; C. B. Udell, Treas., Houston, Tex.; A. K. Van Deventer, Asst. Treas., New York. DIRECTORS: J. Krutt-
schnitt, H. W. deForest, E. P. Swenson, New York; W. B. Scott, G. S. Waid, E. B. Parker, G. R. Cottingham, C. K.
Dunlap, Houston, Tex.; C. C. Gibbs, San Antonio, Tex.

1916 1915 1914 1913 1912 1911
Gross revenue $12,831,389 $11,210,010 $11,972,399 $12,232,630 $10,935,005 $11,116,530
1,951,668 1,632,648 1,608,766 1,308,723 1,346,804 1,429,063
Maintenance of equip . .
1,776,595 1,880,228 2,209,606 2,470,656 2,029,400 1,632,494
Net income $3,516,318 $1,958,021 $2,070,438 $2,448,354 $2,254,027 $3,152,542

Other income . .
810,905 884,700 359,627 352,474 335,698 144,894

$4,327,223 $2,842,721 $2,430,065 $2,800,828 $2,589,725 $3,297,436
Taxes 596,447 504,114 573,952 368,085 457,280 368,542
Fixed charges 3,745,879 3,461,302 2,713,192 2,823,131 2,693,600 2,272,027
* * * * *
Surplus $15,103 $1,122,695 $857,079 $390,388 $561,155 $656,867
Other deductions 397,741 402,137 329,368 316,506
Balance * * * * '
$412,844 $1,524,832 $1,186,447 $706,894 $561,155 $656,867

* Deficit.
Profitand Loss Account, year ended June 30, 1916: Profit on road and equipment sold, $116,142; delayed in-
come credits, $45,543; unrefundable overcharges, $8,235; donations, $24,096; miscellaneous credits, $16,971; debit
balance carried to balance sheet, $5,901,700; total, $6,112,687. Contra: Debit balance at beginning of year, $5,-
419,373; debit balance transferred from income, $412,844; surplus applied to sinking and other reserve funds,
$67,090; surplus appropriated for investment in physical property, $24,096; loss on retired road and equipment,
$9,319; delayed income debits, $167,675; miscellaneous credits, $10,290; total, $6,112,687.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 3,421,072 3,095,231 3,679,943 3,279,000 3,056,827 3,154,300
5,863,374 5,326,735 4,798,258 4,280,782 3,833,557 3,537,973
5,901,700 5,419,373 7,070,340
Total $84,244,297 $83,604,746 $85,335,276 $80,129,950 $78,463,890 $78,164,908

LIABILITIES :
Capital stock $27,084,400 $27,084,400 $27,084,400 $27,084,400 $27,084,400 $27,084,400

Funded debt 50,714,633 49,861,726 36,080,000 36,080,000 38,204,000 36,080,000
372,319 213,987 235,842 256,233 131,755 145,575
Appropriated surplus.. 5,164,705 4,675,779 4,273,642 1,014,853
Profit and loss surplus. 1,406,226 1,684,115
Total $84,244,297 $83,604,746 $85,335,276 $80,129,950 $78,463,890 $78,164,908

Funded Debt: Outstanding, June 30, 1914. (1) $4,728,000 Galveston, Harrisburg & San Antonio Ry. Eastern
Division 1st 6s. Dated Feb. 1, 1871; due Feb. 1, 1910, extended to Feb. 1, 1935.
(2) $1.000,000 Galveston, Harrisburg & San Antonio Ry., Eastern Division 2d 6s. Dated June 1, 1880; due
June 1, 1905, but extended to June 1, 1935.
(3) $13,418,000 Galveston, Harrisburg & San Antonio Ry., Mexican & Pacific Extension 1st 5s. Dated May 1,
1881; due May 1, 1931.
(4) $2,539,000 Galveston, Harrisburg & San Antonio Ry., Mexican & Pacific Extension 2d 5s. Dated July 1,
1881; due July 1, 1931.
$9022,000 Galveston, Harrisburg & San AntonioRy., Galveston-Victoria Division 1st 6s. Dated June
(5) 1,
1910; due June 1, 1940.
(For full details and ratings of above bonds, see Bond Table of the Southern Pacific Company, page 665.)
Capital Stock: Auth., $27,093,000; outstanding, $27,084,400, of which $27,055,900 owned by the Southern Paci-
fic Co., $27,005.600 being deposited against issue of Southern Pacific Co. common stock. Par, $100. TRANSFER
AGENTS, James Watkins and S. L. Crosby, New York, N. Y.
SOI TIIi:if\ PACIFIC C()MPA\y STSTEM. 673
HOUSTON EAST & WEST TEXAS RAILWAY

Origin:Incorporated under laws of Texas in 1897, as a reorganization of a company of the same name. The
Southern Pacific Ry. owns $1,919,100 of the capital stock, and controls the company, though operated as a separate
organization.
Location: Line of road: Houston, Tex., to Logansport, La., 190.94 miles; sidings, 57.47 miles.
Equipment: Locomotives, 14; total cars, 878; service cars, 16.
MiBagrment: OFFICERS: J. Kruttschnitt, Chairman Executive Committee, New York, N. Y. W. B. Scott, ;
Pro.; G. S. Waid, Vice-Pres. and Gen. Mgr.; G. R. Cottingham, Sec. and Aud.; C. B. Udell, Treas., Houston,
Tex.; Hugh Neill, Asst. Sec.; A. K. Van Deventer, Asst Treas., New York, N. Y. Annual meeting, second Tues-
day in January at Houston, Tex. GENERAL OFFICE, Houston, Tex.

1916 1915 1914 1913 1912 1911
GroM revenues $1,361,490 $1,447,373 $1,403,271 $1,272,047 $1,317,893
Operating expenses. 1,027 1,051,927 )
1,059,432 908,041 844,284
Net income $309,563 $381,677 $343,839 $364,006 $473,609

Other income . .
M N i
61,423 21,312 17,063 36,119 25,521
Total income $525,643 $370,986 $402,989 $360.902 $400,125 $499,130

'
T.; 878
i
59,767 57,010 51,799 40.743
Fixed charge* 7.139 287 288,309 258,098 224,895
Surplus $217,736 $34,080 $58,034 $29,710 $90,228 $233,492

and Lou* Account, year ended June 30, 1916: Credit .balance at beginning of year, $719,012; credit bal-
Profit
transferred from income, $217,736; delayed income credits, $12,442; unrefundable overcharges, $1,505; do-
nations, $1,055; miscellaneous credits, $4,006; total. > Contra: Dividend appropriations of surplus, $115,-
200; surplus appropriated for investment in physical property, $1,056; loss on retired road and equipment, $5,522;
delayed income debits, $9,354; credit balance carried to balance sheet, $822,858; miscellaneous credits, $1,766; total,
1956,756.
Comment: The Houston East and West Texas Railway has made a very satisfactory exhibit during recent
years. The growth in earning power has been moderate but stable, and in 1916 an unusually large surplus was
reported above all fixed charge requirements, and enabled a dividend payment of lOCr to be paid without dif-
ficulty.
ASSETS: 1916 1915 1014 1913 1912 1911
Property investment $5,688.816 $5,691.221 $5.669.797 $.-.713,464 $5,572,884 $5,548.349
Working asset* 243.54 1 413 -
510,480 607,803
Deferred debit items... 91 46,400 38.771 40,193 32,266
Total ?' i: -
$5,970,453 $6,040,610 $6,128,126 $6,123,557 $6,188,418
LiABiUTia:
Capital stock -: :
$1.920,000 $1.920.000 $1.920.000 $1,920.000 $1,920,000
Funded debt 3,153,619 3,194,761 3.000.000 3,000,000 3,000,000 3,000,000
Working liabilities nju |
,.
..133 337.052 279,782 226.887
Accrd. liabilities not due 49.549 46.199 I6,50 41,717
De-ferred credit items. .
-
16.937 7,849 5.236 10,028 10,273

Appropriated surplus... ' ' ' '
Profit and loss surplus. 822.858 Yl9.6i2 688,679 819,639 868*,i87 989,541
Total $6.054.128 $5,970,453 $6,128.126 $6,123,557 $6,188,418

Bonded Debts $3.000,000 Houston East A West Tex-Js Ry. 1st 5s. Dated May 1, 1893; due May 1, 1933. For
details and rating, see Bond Table of Southern Pacific Company, page 665.
Capit.il Stock: Auth. and outstanding, June 30, 1915. $1,920,000. Southern Pacific Co. owns $1,919,000, which
is pledged against the Central Pacific Ry. Co. 4^ European Loan of 1911. Par, $100. Secretary of company acts
as TRANSFER AGENT. Dividends: In 1903. 16^ was paid out of accumulated surplus; in 1908, 30%; 1910, 10%;
1912, 11~, ; 1913, 4%; no dividends in 1914 and 1915; 10 r paid from surplus in 1916. 'r
HOUSTON & SHREVEPORT RAILROAD

Origin: Incorporated under laws of Louisiana on Oct. 23, 1891, as a reorganization of the Shreveport & Hous-
ton Ry. Co. The Southern
Pacific Co. owns $397,600 of the capital stock and controls the company, although oper-
ated as a separate organization.
Location: Line of road: Logansport to Shreveport, La.. 39.78 miles; sidings, 7.28 miles, This company owns
no equipment except 49 box cars.
Management: OFFICERS: W. B. Scott, Pres.; G. S. Waid. Vice-Pres. and Gen. Mgr.; G. R. Cottingham, Sec.
and Aud.; C. B. Udell. Treas., Houston, Tex. DIRECTORS: J. Kruttschnitt, F. P. Swenson, H. W. deForest, New
York; W. B. Scott. G. R. Cottingham. C. K. Dunlap, Houston. Tex.; E. H. Randolph, Herman Locb, S. B. Hicks,
Shreveport, La. Annual meeting, second Wednesday in January at Shreveport, La. OFFICE, Houston, Tex.
1916 1915 1914 1913 1912 1911
Gross revenue $308,183 $289,787 $380,974 $347,154 $303,204 $328,419
Maintenance of way.... 48,642 33,301 31,862 43,772 33,273 36,464
Maintenance of equip. . 35,886 34,744 7,290 2,478 7,169 4,876
Net income $111,109 $105,599 $204,807 $184,812 $157,694 $182,653

Other income . . 7,615 10,419 10,020 9,515 8,532 9,031
Total net income. . $118,724 $116,018 $214,827 $194,327 $166,226 $191,684

Taxes 18,922 15,151 17,741 13,949 11,485 7,184
Fixed charges 26,819 28,821 49,973 52,382 44,324 39,925
Surplus $72,983 $72,046 $147,413 $127,996 $110,417 $144,575
ance transferred from income, $72,983; delayed income credits, $644; unrefundable overcharges, $140; miscellaneous
credits, $284; total, $263,659. Contra: Dividend appropriations of surplus, $60,000; credit balance carried to bal-
ance sheet, $203,501; loss on retired road and equipment, $158; total, $263,659.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 13,631 28,038 157,741 137,033 101,474 91,580
Deferred debit items. . . 34 201
Accrued income not due 6,820
Total $775,207 $761,119 $791,354 $774,682 $721,248 $709,733

LIABILITIES :
Capital stock $400,000 $400,000 $400,000 $400,000 $400.000 $400.000

Funded debt 150,000 150,000 150,000 150,000 150,000 150,000
Deferred credit items. . 1,906 2,179 1,432 2,245 1,953 1.674
Total $775,207 $761,119 $791,354 $774,682 $721,248 $709,733
Bonded Debt: $150,000 Houston & Shreveport R.R. 1st 6s. Dated July 1, 1898; due July 1, 1917. Coupon,
$1,000. Southern Pacific Company owns entire issue.
Capital Stock: Outstanding, $400,000, of which $397,600 is owned by the Southern Pacific Co. Par, $100. Divi-
dend of 20% paid in 1908; 10% in 1909 and 1910; 30% in 1911 and 1912; 20% in 1913; 30% in 1914; 20% in 1915;
15% in 1916.
HOUSTON & TEXAS CENTRAL RAILROAD

Origin: Incorporated under the laws of Texas, Aug. 1, 1889 as successor to the Houston & Texas Central Ry.
Co., which road, with the exception of the Waco and Northwestern Division, was sold under foreclosure, Sept. 8,
1888. The Southern Pacific Co. owns all but $1,600 of the capital stock of the company, and controls it; but it is
separately operated. The Hearne & Brazos Valley R.R. was acquired in August, 1914.
Location: Line of road: Houston to Dennison, Tex., 377.98 miles; Hernpstead to Austin, Tex., 115 miles; Aus-
tin to Llano, Tex., 99.68 miles, and Branches. Length of lines owned, 856.40 miles; sidings, 260.21 miles. Track-
age over San Antonio & Aransas Pass Ry. Co., 38.06 miles. Equipment: Locomotives, 100; cars, 3,069; service
ca'rs, 173.
Management: OFFICERS: J. Kruttschnitt, Chairman Executive Committee, New York; W. B. Scott, Pres.; G. S.
Waid, Vice- Pres. and Gen. Mgr.; G. R. Cottingham. Sec. and Aud.; C. B. Udell. Treas., Houston. Tex.; A. K. Van
Deventer, Asst. Treas. Hugh
Neill. Asst. Sec.,
: York. DIRECTORS: J. Kruttschnitt, H. W. deForest, E. P.
New
Swenson, New York; W. B.
Scott, E. B. Parker, J. R. hristian. J. H. Jones, S. F. Carter, M. A. Wescott, Houston,
Tex. Annual meeting, second Tuesday in January at Houston, Tex. OFFICE, Houston, Tex.

1916 1915 1914 1913 1912 1911
Gross revenues $6,484.167 ^6,561,941 $6,570.737 $6.849,653 $5.899,428 $6,358,564
Operating expenses 4,665,365 5,182,223 5,576,679 5,515,317 4,976,950 4,770,403
Net income. $1,818.802 $1,379,718 $994.058 $1,334.336 $922.478 $1,588,161

Other income .
476,379 441,697 73,345 98,312 151,858 125,884
Total income $2,295,181 $1.821,415 $1,067.403 $1,432.648 $1,074,336 $1,714.045

Taxes 361,905 326,445 326.310 231,516 262.145 218,584
Fixed charges . . .
1,203,653 1,268,929 1,180,195 1,178,059 1,004,013 784,077
* *
Surplus .
$729.623 $226.041 $439,102 $23,073 $191,822 $711,384
Other deductions -
50,509 60,446
Balance $679,114 $165,595 $439,102 $23,073

:
$191,822 $711,384
* Deficit
SOUT1IKKX PACIFIC COMPANY SYSTEM. 675

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $40,353,270 $40,229,857 $39,350,429 $39,710,174 $38,391,795 $38.031,208
Working assets 1,142,674 1,252,199 2,103,725 2,003,366 3,031,750 3,218,074
Accrued income not due 8,205 612
Total $42,104,996 $42,087,846 $42,093,495 $42,010,060 $41,598,688 $41,385,944

LIABILITIES :
Capital stock $10,000,000 $10,000.000 $10,000,000 $10,000,000 $10,000,000 $10.000,000

Funded debt 14,483,793 15,121,778 12,393,000* 12,464,000 12,554,000 12.963.000
Working liabilities 481,409 546.968 3,691,363 2,157,246 1,690,968 1,071,233
Accrd. liabilities not due 223,403 212.200 210,116 184,762 165,316 154,908
Deferred credit items. . 36.148 80,565 37,482 107,136 21,839 79,969
Appropriated surplus... 12,173,929 12,090,189 11,872,729
Total $42,104,996 $42,087,846 $42,093,495 $42,010,060 $41,598,688 $41,385,944
Profit and Los* Account, year ended June 30, 1916: Credit balance at beginning of years, $4,036,146; credit
balance transferred from income, $679,114; profit on road and equipment sold, $24.163; delayed income credits,
$49,557; unrefundable overcharges, $6,984; donations, $15,443; miscellaneous credits, $39,047; total, $4,850,454. Con-
tra: Credit balance carried to balance sheet, $4,706.314; miscellaneous debits, $10,867; delayed income debits, $64,-
250; loss on retired road and equipment, $35,797; surplus appropriated for investment in physical property, $9,943;
surplus appropriated for sinking and other reserve funds, $23,283 total, $4,850,454.
;
Bonded Debt: Outstanding June 30, 1916. (1) $1,417,000 Houston & Texas Central 1st 5s. Dated April 1,
1880; due July 1. 1937.
(2) $2,383,000 Houston & Texas Central R.R. cut-off 1st 6s. Dated June 1, 1910; due June 1. 1940.
(Si $4.161.000 Houston A Texas Central R.R. general 4s. Dated April 1, 1890; due April 1. 1931.
(4) $1.105.000 Waco & North Western Division 1st 6s. Dated May 1, 1900; due May 1, 1930.
(5) $1.920.000 Austin A North Western R.R. 1st mortgage 5s. Dated July 1. 1891: due July 1, 1941.
(6) $709.000 Fort Worth A New Orleans Ry. 1st 6s. Dated Dec., 1886; due Dec., 1925.
(7i $450,000 Lampasas Extension 1st 5s. Dated July 1, 1903; due July 1, 1933. (All owned by Southern
Pacific Company.)
(8) Houston A Texas Central R.R. $50,000 10-year 6''< purchase money notes. Due Sept 30, 1915. Entire
issue owned by Southern Pacific Company.
(For details and ratings on these issues, see Bond Table of the Southern Pacific Company, page 665.)
Caoital Stock: Auth. and outstanding, $10.000.000. Par. $100. The Southern Pacific Co. owns $9,998;400, of
which $9.998,300 is pledged against the Central Pacific Ry. European Loan of 1911. Alex Millar, 165 Broadway,
New York, is the TRANSFER AGENT.
LAKE CHARLES & NORTHERN RAILROAD

Origin: Incorporated under the laws of Louisiana for 25 years from Oct. 30, 1906. Southern Pacific Co. owns
entire capital stock and controls the company. Trackage rights over the Gulf & Sabine River R.R., 6.4 miles, are
used only for passenger traffic.
Location: Line of road: Lake Charles & Northern Junction to De Hidden La., 44.35 miles: trackage, De Ridder
to Nitram, La., 19.75 miles; Nitram to Fullcrton, La., 6.4 miles; and Lake Charles to Lake Charles and Northern
Junction, 1.02 miles. Total operated, 71.52 miles; siding, 12.20 miles. Equipment: Locomotives, 4; cars, 7.
Management: OFFICERS: Guy Hopkins, Pres., New Orleans, La.; J. A. Bell, Vice-Pres.. Lake Charles. La.; H. S.
Walker, Sec.; St. D. J. DeBlanc, Treas. H. S. Walker, And., New Orleans, La.; L. H. Cecil, Supt, De Ridder, La.
;
DIRECTORS: Guy Hopkins, John McGraw, H. S. Walker, New Orleans, La.; J. A. Bell, Frank Roberts, Lake
Charles, La.
1916 1915 1914 1913 1912 1911
Gross revenue $264.387 $225.594 $230,414 $181.807 $114.842 $139.186
Maintenance of way 42.167 48.172] f 41.459 31.012 34.388
Maintenance of equip. . TU.fiOfl 20.404 \ 133,300 { 10.848 10,430 10,521
All other oper. expenses 72,600 72,145 ) [ 57,026 43,733 50,458
Net income $118.011 $84.873 $97.114 $72.474 $29.667 $43.819

Other income . . 10,699 8,103 6,985 5,451 4,417 4,376
Total net income. . $128,710 $92.976 $104.199 $77.925 $34.0S4 $48,195

Taxes 1.2B2 1.242) f 1.160 623 824
Fixed charges 110.647
96,428
92,878 J \ 69,963 61,174 66,482
* *
Surplus $16,801 $1,144 $7.772 $6,802 $27,714 $19,110
Deficit.
Profit and Lous Account, year ended June 30, 1916: Credit balance transferred from income, $16.801; unre-
fundable overcharges. $188; donations. $104; miscellaneius credits, $357; debit balance carried to balance sheet,
$131,799; total. $149.249. Contra: Debit balance at beg nning of year. $102.304; surplus appropriated for invest-
ment in physical property, $104; loss on retired road and equipment, $574; delayed income debits, $46,155; miscel-
laneous debits, $112; total, $149,249.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $925,359 $937,637 $898,299 $903,058 $900,168 $894,134
Working assets 67,132 106,418 139,562 101,259 57,711 44,871
Profit and loss deficit. . 131,799 102,304 102,072 70,332 77,291 49,705
Total $1,127,504 $1,166,991 $1,147,827 $1,078,330 $1,037,370 $990,725

LIABILITIES :
Capital stock $95,000 $95,000 $95,000 $95,000 $95,000 $95,000

Funded debt 1,014,834 1,050,145 ' ' '
Working liabilities 12,209 20,085 i,050,8i4 982,346 940,654 892,752

Accrd. liabilities not due 289 52 410 363 300
5,069 1,709 1,603 "984 1,353 2,673
Appropriated surplus... 103
Total $1,127,504 $1,166,991 $1,147,827 $1,078,330 $1,037,370 $990,725

Note: Funded debt as above consists of short term notes.
Capital Stock: Auth., $700,000; outstanding, $95,000. Par, $100. All owned by Southern Pacific Co. TRANS-
FER AGENT AND REGISTRAR, secretary of the company. No dividends.
LOUISIANA WESTERN RAILROAD

Origin: The entire capital stock of the company is owned by
Incorporated under the laws of Louisiana, 1876.
the Southern Pacific Company.
Location: Line of road: Lafayette to Sabine River, La., 105.43 miles; Abbeville, La., to Mamou, La., 68.21
miles; Mallard Junction to Lake Arthur, La., 34.1 miles; total, 207.74 miles; sidings, 70.26 miles.
Equipment: Locomotives, 38; passenger cars, 51; freight cars, 1,661; cabooses, 19; service cars, 59.
Management OFFICERS W. B. Scott, Pres., Houston, Tex. W. A. Worthington, Vice-Pres. ; Hugh Neill, Sec.,
: :
;
New York; St. D. J. DeBlanc, Treas.; H. S. Walker, Aud., New Orleans, La.; A. D. McDonald, Compt, New York,
N. Y. DIRECTORS: J. Kruttschnitt, E. P. Swenson, H. W. DeForest, W. A. Worthington, New York; W. B. Scott,
Houston, Tex. Annual meeting, first Monday in April at New Orleans, La. OFFICE, New Orleans, La.

1916 1915 1914 1913 1912 1911
Gross revenues $2,441,952 $2,185,904 $2,314,284 $2,341,138 $1,973,351 $2,134,770
Maintenance of way.... 324,222 f 281, 762 235,080 335,021
283,848]
386,330 383,104 \ 1,663,597 \ 424,196 327,681 298,280
All other oper. expenses 818,870 869,802 J [ 891,904 863,375 842,586
Net income $912,530 $649,150 $650,687 $743,276 $547,215 $658,882

Other income . .
139,912 66,597 95,173 90,244 14,410 8,208
Total net income. .

$1,052,442 $715,747 $745,860 $833,600 $561,625 $667,090
Taxes 121,022 124,907 114,732 90,652 84,973 80,979
Fixed charges 250,406 154,967 150,073 143,451 147,066 148,418
Surplus $681,014 $435,873 $481,055 $599,397 $329,586 $437,693

and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $3,972,429; credit bal-
Profit
ance transferred from income, $681,014; delayed income credits, $16,422; unrefundable overcharges, $2,299; dona-
tions, $809; miscellaneous credits, $890; total, $4,673,863. Contra: Credit balance carried to balance sheet, $4,152,-
990; dividend appropriations of surplus, $504,000; surplus appropriated for investment in physical property, $803 ;
loss on retired road and equipment, $358; delayed income debits, $15,325; miscellaneous debits, $387; total, $4,-
673,863.
ASSETS : 1916 1915 1914 1913 1912 1911
Property investment.... $9,801,263 $9,596,492 $9,177,705 $10,059,504 $10.036,653 $9,995,600
Working assets 107.214 125,926 1,000,594 477,051 185,626 314,112
116,514 115,820 17,228 38,428 13,233 12,927
Total $10,025,001 $9,838,238 $10,195,527 $10,574,983 $10,235,512 $10,322,639

LIABILITIES :
Capital stock $3,360,000 $3,360,000 $3,360,000 $3,360,000 $3,360,000 $3,360,000

Funded debt 2,240,000 2,240,000 2,240,000 2,240,000 2,240,000 2,240,000
Deferred credit items.. 34,369 34,762 41,367 34,092 32,331 31.297
Appropriated surplus... 53,623 52,820 52,820 52,820 52,820 576.871
Total ,
$10,025,001 $9,838,238 $10,195,527 $10,574,983 $10,235,512 $10,322,639
Bonded Debt: $2,240,000 Louisiana Western R.R. 1st 6s. Dated July 1, 1881 due July 1, 1921. For details ;
and rating, see Bond Table of- Southern Pacific Company ,'page 665.
Capital Stock: Outstanding, $3,360,000, all owned by Southern Pacific Co. and all but $50,000 deposited against
issue of Southern Pacific Co. common stock. Par, $100. Recent dividends as follows: 1906 and 1907, 10%; 1908,
85%; 1909, 20%; 1910 and 1911, 15%; 1912, 1913, 1914 and 1915, 10%; 1916, 15%.
SOUTHERN PACIFIC COMPANY SYSTEM. 677
MORGAN'S LOUISIANA & TEXAS RAILROAD & STEAMSHIP COMPANY

Origin: Incorporated under the laws of Louisiana in 1869 as a reorganization of the New Orleans, Opelousas
A Great Western R.R. Co. The entire capital stock is owned by the Southern Pacific Co.
Location: Algiers to Lafayette, La., 144.77 miles: Lafayette to N. O. T. & M. June., 50.95 miles; Lafayette to
Cheneyville, La., 60.15 miles; and branches. Lines operated: 375.37 miles owned, 25.30 miles operated under
trackage rights; total, 400.67. Sidings, 228.73 miles; second track, 52.24 miles; third track, 6.11 miles. Water lines,
ferries New Orleans to Algiers, 1.0 mile; Avondale to Harahan Incline, 1.0 mile; total, 2.0 miles.
Equipment: Locomotive*, 55; freight cars, 2,965; passenger cars, 78; caboose, 33; service cars, 146. Car trans-
fer steamer, 1; river steamers, 2; tugs, 4; car transfer barges, 3; barges, 4; derrick boat, 1; steam pile drivers, 2;
stern dock, 1, and 1 launch.
Management: OFFICERS: L. J. Spence, Dir. of Traf.. New York; W. B. Scott, Pres., Houston, Tex.; Guy Hop-
kins, Vice-Pres., Orleans, La.; St. D. J. DeBlanc, Sec. and Treas., New Orleans, La.; H. S. Walker, Aud., New
New
Orleans, La.; Hugh Neill. As*t. Sec., New York; A. K. Van Deventer, Asst. Treas., New York; Denegre, Leovy &
Chaffe, Gen. Attorneys, New Orleans, La.; A. D. McDonald. Compt., New York. DIRECTORS: Henry W. DeForest,
E. P. Swenson. New York; J. Kruttschnitt, New York; W. B. Scott, Houston, Tex.; C. S. Fay, Guy Hopkins, Frank
A. Godchaux, Hugh McCloskey, N. P. Randolph, New Orleans, La. Annual meeting, first Monday in April at New
Orleans, La. OFFICE, New Orleans.

1916 1915 1914 1913 1912 1911
Gross revenues KIMJM $4,372,325 $4,742.576
.>::;.:
$4,698,176 $5,113,697 $5,091,736
Operating expenses MM.771 3,417,466 3,981,763 3,928,615 3,516,544
Net income H,1M,OM $716,413 $1,185,262 $1,575,192

Other income . . 252,305 241,957 95,529 206,235 64,240
Total net income. . . $1.448,401 $1,196,826 $1,165,042 $766,244 $1,493,497 $1,639,432

Taxes 270.697 246,011 268.623 220,693 222,362 231,076
Fixed charges 790,4:n 828.012 719,998 651,762 764,999 639,694
Surplus $387,273 $122,803 $176,421 (def.) $106,211 $404,136 $768,662

Profitand Lorn Account, year ended June 30, 1916: Credit balance at beginning of year, $4,916,606; credit bal-
ance transferred from income, $387,273; profit on road and equipment sold, $161,615; delayed income credit, $4,583;
nnrefundable overcharges, $1,800; donations, $4,808; total, $5,476,685. Contra: Credit balance carried to balance
sheet, $5.099.249; dividend appropriation of surplus. $300,000; surplus appropriated for investment in physical prop-
erty, $1.800; loss on retired road and equipment, $.",047; delayed income debits, $9,585; miscellaneous debits, $9,004;
total, $5,476,685.
Comparative Condensed Balance Sheet. M of June 30
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 1.082.988 1.092.847 .500 1.539.861 1,912,730 1,444,333
Deferred debit items... 139,988 217 159,313 203,880 172,567 199,000
Total $29,667,011 $29,658,449 $30,221,344 $31,566,414 $31,923,560 $31,467,141

LIABILITIES:
Capital stock $15.000.000 $15,000.000 $15,000,000 $15,000,000 $15,000.000 $15,000,000
Funded debt 8,957,803 9.075,229 6,429.000 7,429, 7,429,000 7,429.000
Working liabilities 421,733 423.737 3,693.632 2,719,876 2.967,515 2,389,695
Accr'd liabilities not due 171,200 164.698 208,715 141.022 116,840 115,329
Deferred credit items. . 35,426 27,529 55,235 96,978 157,100 86.685
Appropriated surplus .
52,452 50,650 50.650 50,650 50,650 3,418,425
Total .
$29.667,011 $29,658,449 $30,221,344 $31,566,414 $31,923,560 $31,467,141
* Deficit.
Bonded Debt: Outstanding: (1) $4,935,000 Morgan's La. & Tex. R.R. & S.S. Co. 1st 7s; dated April 16, 1878;
due April 1, 1918.
(2) $1,494,000 Morgan's La. & Te"x. R.R. & S.S. Co. Alexandria Extn. 1st 6s. Dated July 1, 1880; due July 1,
1920.
(For full details and ratings, see Bond Table of the Southern Pacific Company, page 665.)
Capital Stock: Authorized and outstanding, $15.000,000. All owned by Southern Pacific Company, $4,994,000
of which is deposited against issue of Southern Pacific Co.'s common stock; $10,000,000 pledged against Central
Pacific Ry. Co. s \ r 'r European Loan of 1911, leaving $6,000 in treasury of company. Par, $100. Dividends have
been paid as follows: 1906, 6% 1907, 10% ; 1908, 25% 1909, 4% ; 1910, 5% 1911, 6% 1912, 4%; 1916, 2%.
; ; ; ;
IBERIA & VERMILION RAILROAD

Incorporated under laws of Louisiana, April 6. 1891. Operates jointly with Morgan's Louisiana & Texas Rail-
road A Steamship Company, 6 miles from New Iberia to connection with its own line, and also further mileage
to Abbeville, La., making 21.44 miles in all; sidings, 10.93 miles. Flat cars, 20; stock cars, 10.
Management: OFFICERS : W. B. Scott, Pres.; G. S. Waid. Vice-Pres.; D. A. Dimitry. Sec.; St. D. J. DeBlanc,
Treas. DIRF.CTORH: W. B. Scott. E. B. Cushing, A. Kaplan, H. S. Walker, D. A. Dimitry. Annual meeting, first
Monday in June. OFFICE, New Orleans, La.
1916 1915 1914 1913 1912 1911
Gross revenues $56,939 $61,939 $71,028 $69,402 $89,694 $86,841
Operating expenses ... 53,900 44,856 55,410 51,538 45,830 46,335
Net earnings $3,039 $17,083 $15,618 $17,864 $43,864 $40,506

Other income 2,638 2,885 1,844 2,810 10,789 9,843
Total net income... $5,677 $19,968 $17,462 $20,674 $54,653 $50,349

Taxes 4,172 4,439 3,115 2,661 3,107 2.673
Fixed charges 19,082 20,407 25,094 24,430 25,668 24^216
Surplus *$17,577 *$4,878 *$10,747 *$6,417 $25,878 $23,460

* Deficit.
and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $28,927; delayed in-
Profit
come unrefundable overcharges, $68; total, $30,883. Contra: Debit balance transferred from in-
credits, $1,888;
come, $17,577; credit balance carried to balance sheet, $13,306; total, $30,883.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 187 108 23,532 33,233 48,036 174,103
Total $647,463 $660,829 $665,359 $684,348 $690,796 $815,006

'LIABILITIES:
Capital stock $300,000 $300.000 $300.000 $300,000 $300,000 $300,000
Funded debt 324,114 322,000 322,000 322,000 322,000 322,000
Working liabilities 6,708
Deferred credit items.. 1,052 1,026 1,368 1,314 1,224
Appropriated surplus . . 3,503
Total $647,463 $660,829 $665,359 $684,348 $690,796 $815,006
Bonded Debt: $322,000 Iberia & Vermilion Railroad first 5s. Dated Aug. 1, 1893; due Aug. 1, 1943. Int. pay-
able Feb. and Aug. 1, in New York. Coupon, $1,000. First lien on entire property. Normal income tax deducted
from interest.
Capital Stock: Auth. and issued, $300,000. All owned by Morgan's Louisiana & Texas Railroad & Steamship
Company. In 1912, the company paid a dividend of 50% out of the accumulated surplus; none since.
OREGON & CALIFORNIA RAILROAD

Origin: Incorporated under laws of Oregon, March 17, 1870, as successor to the Oregon Central R.R. of Salem.
The company acquired the Oregon Central R.R. in Sept., 1880, and in Oct. of the same year the Western Oregon
Co.; in 1881, the Albany & Lebanon R.R.; in 1890, the Oregonian R.R., and in July, 1893, the Portland & Yamhill
R.R. Co. Leased for 34 years from Aug. 1, 1893, to the Southern Pacific Co., which owns about 99.8% of the capital
stock. The terms of the lease provide that the net income, after payment of all fixed charges, is to be applied
by the lessee company to the payment of interest on the bonded debt of the lessor company, which company shall
be entitled to the balance of such net earnings up to 1% on the preferred and 6% on the common stock, any excess
of such amounts to be retained by lessee. The lessor company guarantees principal and interest of bonds issued
under a mortgage dated July 1, 1887, from the lessor company to the Union Trust Co., of New York.
Location: Length of line, 680.22 miles owned; 401.86 miles leased; 19.02 miles trackage total operated,
1,101.10; sidings, 248.98. Second track, 5.81.
Equipment: Locomotives, 38; passenger cars, 54; freight cars, 309; work cars, 267; total cars, 630.
Management: W. Sproule, Pres. ; W. R. Scott, Vice-Pres.; W. F. Herrin, Vice-Pres., San Fran-

OFFICERS:
cisco, Cal.; D. Vice-Pres.; W. D. Fenton, Sec., Portland, Ore.; A. K. Van Deventer, Treas., New York;
W. Campbell,
T. O. Edwards, Aud., San Francisco, Cal. DIRECTORS: W. R. Scott, W. F. Herrin, W. Sproule, San Francisco,
Cal.; D. W. Campbell, W. D. Fenton, R. E. Moody, C. W. Martyn, F.'L. Buchhalter, H. A. Hinshaw, J. M. Scott,
Wm. M. Calvig, Portland, Ore. Annual meeting, second Tuesday in April, at Portland, Ore. MAIN OFFICE, Portland,
Ore.
1916 1915 1914 1913 1912 1911
Rental income $840,047 $1,172,499 $1,654,150 $3,611,235 $3,544,809 $4,160,936
Taxes, etc *446 464,660 580,116 435,082
Fixed charges 1,193,180 1,189,016 1,297,234 1,770,121 1,722,741 1,699.604
Surplus t$353,133 t$16,071 $356,916 $1,376,454 $1,241,952 $2,026,250

Other deductions 11,862 11,59.0 6,043 5,910
Balance t?364,995 f$27,661 $356,916 $1,376,454 $1,235,909 $2,020,340

* Reverse item, f Deficit.
SOUTH E It \ PACIFIC COMPANY SYSTEM. 679
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $811,910; profit on
road and equipment sold cr., $581; delayed income credits, $85,778; donations, $8,389; miscellaneous credits, $56;
total, $905,552. Contra: Debit balance transferred from income, $364,995; credit balance carried to balance sheet,
$193,796; surplus appropriated for investment in physical property, $8,389; loss on retired road and equipment,
$10,115; delayed income debits, $327,911; miscellaneous debits, $346; total, $905,552.

ASSETS: 1916 1915 1914 1913 1912 1911
Accrued income not due 4,639 ____ .... 3,831 ........ ........ ........
Deferred debit items . . . 284,404 272,526 259,843 2,322,254 1,685,945 1,261,896
Total $45,142,361 $44,569,747 $41,984,860 $44,237,165 $42,870,860 $42,199,908

LIABILITIES:
Capital stock $19,000.000 $19,000,000 $19,000,000 $19,000,000 $19,000,000 $19,000,000
Funded debt 22339,008 21,715,642 17,745,000 17,745,000 17,745,000 17,745,000
Working liabilities .... 499.579 452,469 2,629,198 2,649,478 3,191,811 3,790.902
Deferred credit items. . . 71,376 71,376 103,090 864,799 628,944 587,245
Appropriated surplus . 2,538,602 2,518.350 2,506,797
Profit and loss surplus. 193,796 811,910 775 3,977,888 2,305,105 1,076,761
Total $44,569,747 $41,984.860 $44,237,165 $42,870,860 $42,199,908

Bonded Debt: $17.745,000 Oregon A California R.R. 1st 5s. Dated July 1, 1887; due July 1, 1927. For full
details and rating, see Bond Table of Southern Pacific Company page 665.
Capital Stock: Authorized and outstanding. $12.000,000 preferred, and $7,000,000 common. Southern Pacific
Co. on June 30. 1915, owned $11.991.000 pfd. and $6,962,0 )0 common, and has pledged against the Central Pacific
Ry. European Ix>an of 1911, $6,900,000 of the common and $11,991,000 of the preferred. Par, $100. TRANSFER
T, Union Trust Co., New York.
SOUTH PACIFIC COAST RAILWAY

Origin: Incorporated under laws of California, May 23, 1887, as a consolidation of the South Pacific Coast,
the Santa Cruz and Felton, the Bay and Coast, the Oakland Township, the San Francisco and Colorado River, the
Felton and Pescadero, and the Almaden Branch R.R. Cos. The road is leased to the Southern Pacific Company for
56 yean from July 1, 1887, which company owns entire capital stock. The lessee receives all the income from the
property and pays all charge*, cost of betterments and additions.
Location: Lino of road. Elmhurst to Santa Cruz, with branches. Line owned, 97.72 miles, operated jointly
with Central Pacific, 9.97 miles; sidings, 49.93 miles. Company also operates a ferry between San Francisco and
Alameda mole, 3.0 miles.
Equipment: Locomotives, 5; total cars, 391.

Management: OFFICERS: E. O. McCormick, Pres. W. R. Scott, Vice-Pres., San Francisco, Cal.; U. D. McDonald,
;
Vice-Pres. and Compt., New York; G. L. King, Sec.; W. F. Ingram, Treas.; T. 0. Edwards, Aud., San Francisco, Cal.
DIRECTORS: F. K. Ainsworth, Wm. Sproule, E. O. McCormick, W. R. Scott, G. L. King, W. F. Herrin, C. H. Reding-
ton, San Francisco, Cal. Annual meeting, second Wednesday in April at San Francisco. OFFICE, 165 Broadway,
N. Y.
Comparative Income Account, Years Ended
'
June 30
1916 1915 1914 1913 1912 1911
Rental income $443,293 $441,696 $347,788 $583.963 $319,866 $398,380
Taxes 74,435 62,284 63,295 40.804
Fixed charges 189,459 198,187 205,867 301,679 256,571 357,576
Surplus . . . . $253.834 $243,509 $67,486 $220,000

Balance . $33,348 $23,117 $202.192

Profit and IXMWI Account, year ended June 30, 1916: Credit balance at beginning of year, $90,382; credit bal-
ance transferred from income, $33,348; miscellaneous credits, $12,203; total, $135.933. Contra: Credit balance car-
Comparative Condensed R: lance Sheet, as of Jnne 30

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $11,671.039 $11,695,713 $11,619,836 $11,500,000 $11,500,000 $11,500,000
Deferred debit items... 89,933 55,718 65,458
Total $11,760,972 $11,695,713 $11,675,554 $11,555,458 $11,500,000 $11,500,000

LIABILITIES :
Capital stock 16,000,000 $6,000,000 $6,000,000 $6,000,000 $6.000,000 $6,000,000
Funded debt 4,655,000 4,851,000 5,088,000 5,323,000 5,500,000 5,500,000
Working liabilities 94,080 97.480 102,460
Appropriated surplus... 875,^59 656.851 438,199
Profit and loss surplus. 135,933 90,382 232,458
Total . $11.760,972 $11,695,713 $11,675,564 $11,555,458 $11,5.00,000 $11,500,000

Bonded Debt: $4,655,000 South Pacific Coast Ry. 1st 4s. Dated July 1, 1887; due July 1, 1937. For details
and rating, see Bond Table of Southern Pacific Co., page 665.
Capital Stock: Authorized and outstanding, $6,000,000. Par, $100. All owned by the Southern Pacific Co.
SOUTHERN PACIFIC RAILROAD

Origin: Incorporated March 10, 1902, as a consolidation of the Southern Pacific R.R. of California, the Southern
R.R. of Arizona, and the Southern Pacific Company of New Mexico. The property of the San Francisco & Napa
Ry. was purchased in 1911, which was formerly held under lease, the stock of which was owned by the Southern
Pacific Co. Leased for 50 years from Dec. 31, 1901, to the Southern Pacific Co. The lessee pays operating expenses,
fixed charges, etc., an annual rental to the lessor of $10,000, and in addition a percentage of the net operating
profits.
Location: The Southern Pacific R.R. operates 3,514.26 miles in California, Arizona, New Mexico, etc. Line
owned, 3,108.20; leased, 406.06; sidings operated, 1,542.00 miles. Second track, 186.89; third track, 9.75; fourth
track, 11.99.
Equipment: Locomotives, 674; total cars, 16,132, of which 1,700 are service cars.
Management: OFFICERS: Wm. Sproule, Pres.; Wm. F. Herrin, Vice-Pres. W. R. Scott, 2d Vice-Pres. E. O.; ;
McCormick, 3d Vice-Pres., San Francisco, Cal.; A. D. McDonald, 4th Vice-Pres. and Controller; A. K. Van Deven-
ter, Treas., New York; W. F. Ingram, Asst. Treas. G. L. King, Sec.; T. O. Edwards, Aud., San Francisco. Cal.
;
DIRECTORS: F. K. Ainsworth, C. S. Fee, Wm. Sproule, Wm. F. Herrin, William Hood, E. O. McCormick, G. W. Luce,
W. R. Scott, San Francisco, Cal.; A. D. McDonald, New York; T. O. Edwards, G. L. King, San Francisco, Cal.
Annual meeting, second Tuesday in April, at San Francisco. OFFICE, 165 Broadway, New York, N. Y.

1916 1915 1914 1913 1912 1911
Rental income $19,483,439 $14,322,774 $23,623,033 $24,088,269 $22,697,193 $21,487,274
Taxes 6 498 257 2,205,022 2,063,212
Fixed charges ' ' U.725,742
6,486,703 } 8,823,224 8,560,900
Surplus .... $12,996,736 $7,824,517 $11,897,291 $12,982,437 $11,568,947 $10,863,162

Balance . $12,813,200 $7,647,817 $10,923,692 $12,818,594 $11,568,947 $10,863,162

Profit and Loss Account, year ended June Credit balance at beginning of year, $21,734,722; credit
30, 1916:
balance transferred from income, $12,813,200; profit on road and equipment sold, $1,250; delayed income credits,
$296,348; donations, $84,784; miscellaneous, $1,315; total, $34,931,619. Contra: Credit balance carried to balance
sheet, $24,796,547; surplus applied to sinking and other reserve funds, $46.000; dividend appropriation of surplus,
$9,600,000; surplus appropriated for investment in physical property, $84,784; debt discount extinguished through
$233,389; total, $34,931,619.

ASSETS : 1916 1915 1914 1913 1912 1911
Property "investment ... $349,679,588 $346,382,326 $340,388.054 $289,718,482 $288,079.567 $282,503,492
Working assets 92,676 87,927 116,633 51,703,147 50,129,934 39,633,328
Accrued income not due * * *
90,627 92,126
2,112,990 1,957,027 1,790,939 1,774,882 1,803,009 5,353,166
Total $351,885,254 $348,427,280 $342,295,626 $343,287,138 $340,055,636 $327,489,986

LIABILITIES :
Capital stock $160,000.000 $160.000,000 $160.000.000 $160,000.000 $160,000,000 $160,000,000

Funded debt 157,359.000 157,637,241 150.779.871 150,792.500 105,805.500 143,592,500
Working liabilities .... 2,995,885 2,945,891 2,798,979 42,554 126,538 65,162
Accr'd liabilities not due 151,253 151,253 151,253
310,163 1,709 3,882,368 3,788,300 2,311,197
Appropriated surplus.. 6,272.406 5,958,173 5,781,570 1,543,868 5,352,641
Total $351,885,254 $348,427,280 $342,295,626 $343,287,138 $340,055,636 $327.489,986

* Included in
working assets.
Bonded Debt: (1) $3,533,000 Southern Pacific Branch Ry. 1st 6s. Dated April 1, 1887; due April 1, 1937.
(2) $4,127,500 Southern Pacific R.R. (of Cal.) 1st consol. 5s. Dated Sept. 15, 1893; due Nov. 1, 1937.
(3) $4,751.000 Northern Ry. (of Cal.) 1st 5s. Dated Oct. 1, 1888; due Oct. 1, 1938.
(4) $1,074.000 Northern California Ry. 1st 5s. Date! Nov. 1, 1889; due June 1, 1929.
(5) $143.873,500 Southern Pacific R.R. 1st refunding 4s. Dated Jan. 3, 1905; due Jan. 1, 1955.
(For full details and ratings on above bonds, see Bond Table of the Southern Pacific Company, page 665.)
Capital Stock: Authorized and outstanding, $160,000,000. All owned by the Southern Pacific Co., of which on
June 30, 1 )15, $124,671,861 deposited against issue of Southern Pacific Co. common stock; $35,000,000 against issue
of Central Pacific 4% 35-year European Loan of 1911; leaving $328,139 as free asset in
treasury. Par, $100. Sec-
retary of company acts as Transfer Agent. Cash dividends have been paid as follows: 1905" and 1906, 2% each;
907, 4%; 1908, 13%; 1909, 5%; 1910 to 1914, 6% each; 1915, 5%; 1916, 6%. In 1905-6, a stock dividend of $31,-
691,937 was paid, increasing the capital stock to $160,000,000. Dividends are declared and paid in June at 165
Broadway.
SOUTHERN PACIFIC COMPAXY SYSTEM. 681
SOUTHERN PACIFIC TERMINAL COMPANY

Origin: Incorporated under the laws of Texas, July 6, 1901, for fifty years. The property consists chiefly of
wharves and elevators located at Galveston, Texas. Southern Pacific Company owns $1,996,600 of the capital stock
and controls the company.
Management: OFFICERS: W. B. Scott, Pres.; G. S. Waid, Vice-Pres.; G. R. Cottingham, Sec.; C. B. Udell,
Treas., Houston, Tex. DIRECTORS: W. B. Scott, E. B. Parker, G. R. Cottingham, G. S. Waid, Houston. Tex.;
J. Kruttschnitt, New York. OFFICE, Houston, Tex.
Comparative Income Account, Years. Ended June 30

1916 1915 1914
Gross revenues $480,712 $311,080 $307,971
Operating expenses 173,312 96,551 131,949
Net earnings $307,400 $214,529 $236,022

Other income 43,926 61,531 1,158
Total income $351,326 $276,060 $237,180

Taxes 62,484 62,458 51,341
Interest 11,986 8,542 7,071
Net income $276,856 $205,060 $178,768

Dividends 200,000 200,000 120,000
Surplus for year $76,856 $5,060 $58,768
Capital Stock: Authorized and outstanding, $2,000,000, of which $1,999,600 is owned by Southern Pacific Com-
pany, which has pledged $1,999,500 against Central Pacific Ry. Co. European Loan of 1911. Par, $100.
SOUTHERN PACIFIC RAILROAD OF MEXICO

Origin: Incorporated under laws of New Jersey, Jane 24, 1909, successor to property and rights of the Can-
anea, Yaqui River & Pacific R.R. Co., and the several concessions granted by the Republic of Mexico to the Cananea,
Yaqui River & Pacific R.R. and the Southern Pacific C >. Main line projected, Empalme to Guadalajara, Mex..
815.20 miles, with various branches aggregating 691.56 miles. The Southern Pacific Co. operated the property of
the Sonora Ry. Co., Ltd., under lease until June 30. 1912, when the property subject to its mortgage indebtedness
was sold to the Southern Pacific R.R. of Mexico. The line.s of the Sonora Co. extend from Nogales to Guaymas,
Mex. Length of line completed and operated, June 30, 1916, 1,242.42 miles.
Management: OFFICERS: J. Kruttschnitt, Chairman of Board. New York; Epes Randolph, Pres., Tucson, Ariz.;
A. D. McDonald, Viee-Pres. and Cont., New York; H. L. I/>ng, Vice-Pres., Tucson, Ariz.; L. J. Spence, Dir. of
Traf.; F. W. Mahl. Dir. of Pureh.; Hugh Neill. Sec.; A. K. Van Deventer. Treas., New York; T. A. Duff, Aud.,
Tucson, Ariz. DIRECTORS: Gordon M. Buck, Chas. C. Tegethoff. J. Kruttschnitt, F. W. Mahl, A. D. McDonald, L. J.
Spence. Hugh Neill. New York; G. R. Hackley, R. G. Kirk'and. L. H. Parry, Mexico City, Mex.; Robert Goelet, New
R. I.; Epes Randolph. Tucson, Ariz.; A. K. Van Deventer, Elizabeth, N. J.; W. F. Bull, W. A. Worthington,
port,
Montclair, N. J. OFFICES, 165 Broadway, New York; Tucson, Ariz.; Empalme, Sonora, Mex.

1916 1915 1914
Grow revenues $1,847,466 $718,770 $1,078,330
Operating expenses and taxes 1,249,825 660,352 841,927
Net revenues $597.641 $58,418 $236.403

Other income 159,526 122,387 186,949
Total net income $757,167 $180.805 $423,352

Interest charges 3,300.020 3,072.938 2,884,882
Other deductions 379,205 33,582 58,86 1
Deficit $2,922,058 $3,293,075 $2,515,385
Note: The figures in the above statement for 1916 are estimated, as actual results are not obtainable on account
of Mexican revolutionary troubles. The average miles of road operated shown is the average under normal condi-
tions the miles of road actually operated during the year averaged about 780 miles. There is included in Gross
Revenues the sum of J802.000, and in other income the sum of $231,010, due from the Mexican. Government, for
which claims will be filed as soon as conditions permit.
Capital Stock: Authorized and outstanding, $75,000,000. All owned by Southern Pacific Co. Par, *100.
TEXAS & NEW ORLEANS RAILROAD

Origin: Incorporated under laws of Texas in 1874 as a reorganization of the old Texas & New Orleans R.R.
The company acquired 818,789 acres of State subsidy land through the purchase of the main line and 663,fi80 acres
through the purchase of the Sabine & East Texas Ry. The stock is controlled by the Southern Pacific Company,
but the property is independently operated. As of June 30, 1914, the Burr's Ferry, Browndel & Chester Ry. Co.,
owning the line from Rockland to a point beyond Turpentine, Tex., 11.12 miles, was consolidated with and became
a part nf the Texas A New Orleans R.R.
f.S'J MOODY'S ANALYSES OF INVESTMENTS.
Location: Sabine River to Houston, 111.18 miles; Sabine Pass to Door June., 151.00 miles; Bonita June, to
T. & P. crossing, Dallas, 162.71 miles, and branches. Length of lines owned, 462.23 miles; operated jointly, 5.91
miles; total lines operated, 468.14 miles; sidings, 208.95 miles. Second track, 3.46 miles.
Equipment: Locomotives, 43; total cars, 2,843, of which 129 are service cars.
Management: OFFICERS: W. B. Scott, Pres. Houston, Tex.; G. S. Waid, Vice-Pres. and Gen. Mgr.; G. R.
;
Cottingham, Sec. and Aud.; E. Dargan, Treas., Houston, Tex.; A. K. Van Deventer, Asst. Treas. Hugh Neill, Asst.;
Sec., New York. DIRECTORS: E. P. Swenson, H. W. DeForest, J. Kruttschnitt, New York; E. B. Gushing, J. S.
Tallechet, G. S. Waid, G. R. Cottingham, E. B. Parker, W. B. Scott, Houston, Tex. OFFICE, Houston, Tex.

1916 1915 1914 1913 1912
Gross revenues $4,500,474 $3,908,679 $4,361,449 $4,409,959 $3,899,682
Maintenance of way and structures 703,635 673,924 776,758 925,011 635,323
All other operating expenses 1,868,341 1,896,763 2,244,533 2,094,877 1,915,127
Net operating revenues. $1,020,246 ?381,021 $386,652 $511,961 $526,377

Other income 422,287 498,522 47,906 49,308 34,630
Total net income. $1,442,533 $879,543 $434,558 $561,269 $561,007

Taxes 242,199 205,725 214,132 154,909 170,350
Fixed charges 1,250,081 1,264,836 747,976 735,024 731,349
Surplus *$49,747 *$591,018 *$527,550 *$328,664 *$340,692

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $5,199,252; delayed
income $29,531; unrefundable overcharges, $3,938; donations, $1,641; miscellaneous credits, $37,360; total,
credits,
$5,271,722. Contra: Debit balance transferred from income, $49,747; credit balance carried to balance sheet,
$5,172,782; surplus appropriated for investment in physical property, $1,641; loss on retired road and equipment,
$19,121; delayed income debits, $20,080; miscellaneous debits, $8,351; total, $5,271,722.

ASSETS : 1916 1915 1914 1913 1912
Working assets 2,266,152 2,182,825 3,108,196 2,557,647 2,463,619
Total $24,643,564 $24,562,455 $24,675,506 $25,101,645 $24,683,299

LIABILITIES:
Capital stock $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000
Funded debt 13,131,598 13,266,455 9,876,884 9,882,344 9,887,914
Working liabilities 505,113 388,853 3,234,058 1,900,501 1,177,753
Accrued liabilities not due. 240,766 231.049 243,600 230,394 211,888
Deferred credit items 591,665 476,846 580,404 559,236 638,714
Profit and loss surplus 5,172,782 5,199,252 5,740,560 7,529,170 7,767,030
Total $24,643,564 $24,562,455 $24,675,506 $25,101,645 $24,683,299

Bonded Debt: Outstanding June 30, 1915: (1) $862,000 Texas & New Orleans R.R. Main Line 1st 6s. Dated
Aug. 1, 1875; due Aug! 1, 1905; extended to Au 1, 1935. .
(2) $2,575,000 Texas & New Orleans R.R. abine Div. 1st 6s. Dated Sept. 1, 1882; due Sept, 1, 1912; extended
to Sept. 1, 1942.
(3) $1,620,000 Texas & New Orleans R.R. consol. 5s. Dated July 1, 1893 ; due July 1, 1943.
(4) $3,997,000 Tex. & N. 0. R.R. Dallas Div. 1st 4s. Dated Aug. 1, 1900 ; due Aug. 1, 1930.
(5) $258,289 State of Texas School Fund 6s.
(6) $350.000 Texas Transportation Co. 1st 5s. Dated Aug. 1, 1893; due Aug. 1, 1923.
$165,000 Burr's Ferry, Browndel & Chester Ry., 1st 6s. Dated April 1, 1907; due Oct. 1, 1937.
Equipment Trust obligations outstanding amount to $204,000, and are all owned by Southern Pacific Co.
(For full details and ratings on above bonds, see Bond Table of the Southern Pacific Company, page 665.)
Capital Stock: Authorized and outstanding, $5,000,000, of which $4,999,100 owned by Southern Pacific Co., all
of which, with the exception of $100, is deposited against issue of Southern Pacific Co. common stock. Par, $100.
TRANSFER AGENT, G. Watkins, New York; Registrar, Metropolitan Trust Co., New York. Dividends payable at
Houston. 20% paid in 1910.
This subject is fully covered in a small volume entitled "How to Invest Money Wisely,"
Diversified by John Moody, which we have recently published. For many years Mr. Moody has made
a. careful
study of this subject in connection with his work as an analyst and advisor for
Investing bankers, financial institutions and investors, both at home and abroad. These principles
for wisely and intelligently diversifying investment capital "have been adopted within the
Price of the Book. past few years by numerous institutions and several thousand individual investors with
$2.00 per copy net .
satisfaction and profit.

SOUTHERN RAILWAY COMPANY, 083
SOUTHERN RAILWAY COMPANY

official
Origin: Incorporated under Virginia laws, Feb. 20, 1894, as successor, by reorganization, of the Richmond &
West Point Terminal Ry. & Warehouse Co., and various affiliated corporations. The company acquired additional
properties from time to time and now directly operates an extensive system of lines radiating throughout the
Southern States, and extending from Washington, D. C., and Richmond, Va., southward to the Atlantic and the
Gulf. With the separately operated lines, all the Southern States east of the Mississippi are crossed or penetrated.
Location: The total mileage of directly operated lines on June 30, 1916, was 7,038.86 miles, classified as follows:
Lines owned, 4,245.15 miles; lines controlled by ownership of securities, 1,590.99 miles; lines leased, 795.90 miles;
lines operated under agreement, 11.40 miles; lines operated under traffic rights, 495.42 miles. Mileage operated is
mainly located in Virginia, North and South Carolina, Tennessee, Georgia and Alabama. Population of these States
in 1890, 9,542,964; in 1900, 11,153,954; in 1910, 12,715,702.
Controlled Linen: In addition to its directly operated lines, the Southern Railway controls through stock own-
ership the following companies: Alabama Great Southern R.R., Georgia Southern & Florida Ry., Northern Ala-
bama Ry.. Mobile & Ohio R.R., Augusta Southern R.R.. Blue Ridge Ry., Danville & Western Ry., Tallulah Falls
Ry., Virginia & Southwestern Ry. (See these companies under their own heads.) In addition, the Southern Ry.
and the Louisville & Nashville R.R. jointly control the Chicago, Indianapolis & Louisville R.R., while, jointly with
the Cin., Hamilton & Dayton, the Southwestern Construction Co. is controlled, the latter controlling the Cincinnati,
New Orleans A Texas Pacific Ry. The New Orleans Terminal Co. is also controlled. The Southern Railway also has
a one-third interest in the Kentucky & Indiana Terminal R.R., a one-eighth interest in the Jacksonville Terminal
Co., a one-sixth interest in the Richmond- Washington Co., and a full interest in the St. John's River Terminal Co.
In 1916 control of the New Orleans & Northeastern R.R. was acquired from the Alabama, New Orleans, Texas &
Pacific June. Rys.. Ltd., an English holding company. The purchase was made by J. P. Morgan & Co. in the inter-
est of the Southern Ry. On July 1, 1916, the company leased the Virginia & Southwestern Ry. (formerly operated
separately) and is now operating the property as the Appalachian division.
Management : OFFICERS: Fairfax Harrison, Pres.; J. M. Gulp. Vice-Pres.; T. C. Powell, Vice-Pres.; H. B.
Spencer, Vice-Pres.; H. W. Miller, Vice-Pres.; E. H. Coapman, Vice-Pres. and Gen. Mgr.; F. S. Wynn, Secy.: H. C.
Ansley, Treas.; A. H. Plant, Compt. DIRECTORS: R. M. Gallaway, John W. Grant, Adrian Iselin, Jr.; Chas. Lanier,
Edmund D. Randolph, H. B. Spencer, J. K. Branch, E. A. Alderman, Robt. Jemison, Jr., J. C. Kilgo, Chas. Steele,
Fairfax Harrison. Annual meeting, second Tuesday in October. GENERAL OFFICE: Washington, B. C. NEW YORK
OFFICE: 120 Broadway.
naiMiBration of Freight Tonnage (Yean) Ending June 30)

G84 MOODY'S ANALYSES OF INVESTMENTS.
YEARS
ENDED
JUNE 30.
SOUTHERN KAILM'AV COMPANY. 685
TABLE C. Capita ization Factors (Security Obligations and Earning Power)

YEABS
Jt s 30.
Securities Owned by Southern Railway Company (Pledged under Development and General Mortgage)
Railroad Bonds Par Value. Railroad Stocks (continued) Par Value.
Blue Ridge Ry. Co. 1st mtg. 5s $100,000.00 Norfolk & Portsmouth B. L. R.R. Co. ..... $7,200.00
Carolina & Tenn. So. Ry. Co. 1st mtg. 4s. . 693,000.00 Northern Alabama Ry. Co 1,513,400.00
Cumberland Ry. Co. 1st mtg. 4s 548,000.00 Richmond & Mecklenburg R.R. Co 299,400.00
Delta Southern Ry. 1st mtg. 4s 1,058,000.00 Richmond Washington Co 444,000.00
Ensley Southern Ry. Co. 1st mtg. 4s 1,177,000.00 Roswell Railroad Co 37,100.00
Ga. So. & Fla. Ry. Co. 1st consol. mtg. 4s. . 2,000,000.00 Sievern & Knoxville R.R. Co 139,500.00
Knoxville & O. R.R. Co. 1st con. mtg. 4s. .. 500,000.00 Southern Ry. Carolina Division 4,174,700.00
Nor. Alabama Ry. Co. prior lien 5s 350,000.00 State University R.R. Co 16,800.00
Nor. Alabama Ry. Co. general lien 5s 1,013,000.00 Tallulah Falls Ry. Co. common 199,500.00
Roswell R.R. Co. 1st mtg. 5s 77,000.00 Tallulah Falls Ry. Co. preferred 123,400.00
Southern Ry. Memphis Div. 2d mtg. 5s.. 1,500,000.00 Terminal R.R. Association of St. Louis 205,600.00
Southern Ry. Carolina Div. Gen. mtg. 4s. 5,000,000.00 Tennessee & Carolina Southern Ry. Co 199,500.00
Tenn. & Carolina So. Ry. Co. 1st mtg. 4s. .
1,354,000.00
Tallulah Falls Railway Co. 1st mtg. 5s 1,519,000.00 Total railroad stock $12,161,900.00
Total railroad bonds $16,889,000.00 Other Stocks-

Atlanta Terminal Co $49,700.00
Other Bonds Augusta Union Station Co. . . 24,800.00
St. John's River Terminal Co. 1st mtg. 4s. $1,000,000.00 Birmingham Terminal Co . . . . 2,300.00
Railroad Stocks Charleston Union Station Co. 24,700.00
Augusta Southern R.R. Co. common $294,800.00 Charleston Terminal Co 99,700.00
Augusta Southern R.R. Co. preferred 296,000.00 Chattanooga Station Co 24,700.00
Augusta & Summerville R.R. Co 49,900.00 Columbia Union Station Co.. 49,700.00
Blue Ridge Ry. Co 99,500.00 Durham Union Station Co... 8,100.00
Carolirfa & Tennessee Southern Ry. Co ... 59,400.00 Gulf Terminal Co 2,200.00
Central Transfer Ry. & Storage Co 24,800.00 Jacksonville Terminal Co 24,800.00
Chattanooga Terminal Ry. Co 59,500.00 Meridian Terminal Co 4,800.00
Cumberland Railway Co 99,500.00 New Orleans Terminal Co. . . 998.500.00
Danville & Western Ry. Co 367,700.00 St. Johns River Terminal Co. 99,300.00
Delta Southern Ry 49,500.00 Savannah Union Station Co. 99,800.00
Ensley Southern Ry. Co 199,300.00
Georgia Midland Ry. Co 998,900.00 Total other stocks $1,513,100.00
Georgia So. & Fla. Ry. Co., 1st preferred. . 177,700.00 Other Securities
Georgia So. & Fla. Ry. Co. 2d preferred. . 309,000.00 Southern Ry. Car. Div. 4 p c. C. of I 9,500.00
Georgia So. & Fla. Ry. Co. common 1,691,500.00
'Kentucky & Ind. Terminal R.R. Co 24,800.00 Total bonds, stocks and other secur't's. .$31,573,500.00
Securities in Treasury Unpledged

In addition to the securities owned which are pledged under the First Consolidated Mortgage, and the Devel-
opment and General Mortgage, the company reports the following securities in Treasury, as of June 30, 1914, at book
value:
Securities of Proprietary, Affiliated and Controlled Companies, $790,303.96; Securities Issued or Assumed, $15,-
652,200; marketable securities, $435,582.04; miscellaneous investments, $9,320,594.28; total book value, $26,198,620.-
28; total par value, $32,860,445.34.
(Securities unpledged not classified in report for 1915 and 1916.)
Our Investors We
are often asked by those not familiar with our institution to execute orders for them in
Service. the security markets; to buy or sell securities or to act as brokers or investment bankers.
We never do any of these things. It is the business of the broker to execute orders; of the
investment banker to sell securities to investors or buy securities from them. Our business is to investigate,
to analyze and pass upon the values of securities or properties, to report on lists of investment holdings, to
suggest changes in investment lists with a view to strengthening the position of the investor; and as supple-
mentary to all this, to keep the subscriber to the Service constantly informed of every development in any way
affecting his interests and keep him in close touch with the trend of the security markets, of business condi-
tions, and the numerous other factors which bear on the financial markets. We do this work by means of a
news bulletin service, a direct correspondence system, weekly reviews of conditions, special analyses of different
properties, quotation and valuation records, etc.; these being regularly mailed to all subscribers.
" "
Our Moody's Investors Service has some feeble imitators, but it is the only efficient organi-
Organization. zation of type in this country. Among its clients are included the largest banks, trust
its
companies, insurance companies, and other investing: institutions in the country, besides sev-
eral thousand individual investors, trustees of estates, etc. It also does a large business in expert investi-
gating work and is frequently retained by notable banking interests for such work. The organization
embraces a corps of experts and analysts, headed by Mr. Moody. Mr. Moody has had an unusually wide
experience in these fields, having entered the statistical field seventeen years ago, prior to which he had ten years'
practical banking experience with Messrs. Spencer Trask & Company Within the past year we have pre-
pared special reports and analyses on over $300.000.000 of securities.
A' RAILWAY COMPANY. 687
Intei-
NAMB or ISSUB.
^
able.
miles. Underlie Nos. 13 and 19, with provision by former to retire. Listed on New York, Baltimore, and Rich-
mond Stock Exchanges. Normal income tax deducted from interest.
Auth. and outstanding, $2,000,000. Dated July 1, 1885; due July 1, 1925. Int. paid at J. P. Morgan &
6.
Co., New
York. Coupon, $1,000. First lien from Knoxville to Jellico, Tenn., 65.30 miles. Underlie $1,000,000
Knoxville & Ohio 1st Cons. 4s of 1953, $500,000 of which are held by the Trustee of the So. Ry. 5% mtg. and $500,000
by the Trustee of the Dev. & Gen. 4% mtg. Also underlie Nos. 13 and 19, with provision by former to retire.
Auth., $4,000,000; outstanding, $3,368,000 (closed). Dated April 1, 1882; due April 1, 1927. Int. paid at
7.
J. P. Co., New York.
Morgan & Coupon, $1,000. First lien on 140 miles, Danville to Richmond. Underlie Nos. 13
and 19, with provision by former to retire. Listed on New York Stock Exchange. Normal income tax deducted
from interest.
8. Auth. and outstanding, $950,000. Dated March 1, 1881; due March 1, 1921. Int. paid at Safe Deposit &
Trust Co., Baltimore. Coupon, $100, $500 and $1,000. Second lien following $1,080,900 series C 6s (owned by
Southern Ry. and deposited under No. 13), on 182.78 miles, as follows: From Charlottesville to Lynchburg, Va.,
59.90 miles; Alexandria to Gordonsville, Va., 85.88 miles; Calverton to Warrenton, Va., 8.90 miles; Charlottes-
ville to Orange C. H., 28.10 miles. Underlie Nos. 9, 11, 13 and 19, with provision by No. 13 to retire. Listed on New
York and Baltimore Stock Exchanges. Normal income tax deducted from interest.
9. Auth., $1,775,000; outstanding, 51,774,000. Dated March 1, 1881; due March 1, 1926. Int. paid at Safe
Deposit & Trust Co., Baltimore. Coupon, $100, $500 and $1,000. First lien on 112.89 miles from Manassas June, to
Harrisonburg, Va.; third lien on 182.78 miles, following No. 8. Underlie Nos. 11, 13 and 19, with provision by No. 13
to retire. Listed on New York and Baltimore Stock Exchanges. Normal income tax deducted from interest.
l<f. Auth. and outstanding, $1,310,000. Dated March 1, March 1, 1931. Int. paid at Safe Deposit
1881; due &
Trust Co., Baltimore. Coupon, $1,000. First lien from Lynchburg to Danville, Va., 65.30 miles, and from Franklin
June, to Pittsville, Va., 7.10 miles; total, 72.40 miles. Underlie Nos. 11, 13 and 19, with provision by No. 13 to retire.
11. Auth., $12,500,000; outstanding, $4,859,000 (closed). Dated May 1, 1886; due May 1, 1936. Int. paid at
J. P. Morgan Co., & New
York. Coupon, $1,000. First lien on the Union Street Branch in Alexandria, Va., 0.40
mile; second lien on 185.29 miles, as follows: On the 112.89 miles, following No. 9; on the 72.40 miles, following No.
10; fourth lien on 182.78 miles, following No. 9. Underlie Nos. 13 and 19, with provisions by former to retire.
Listed on New York and Richmond Stock Exchanges. Normal income tax deducted from interest.
12. Auth., $25,000 per mile; outstanding, $1,025,000 (closed). Dated May 28, 1884; due Feb. 1, 1924. Int. paid
at J. P.Morgan & Co., New York. Coupon, 200 and $1,000. Guar. prin. and int. by Southern Ry. First lien from
Alexandria to Round Hill, Va., 50.12 miles. Underlie Nos. 13 and 19, with provision by former to retire. Listed
13.Auth., $120.000,000; outstanding, $71,809,000. Dated Oct. 2, 1894; due July 1, 1994. Int. paid at J. P.
Morgan & Co., New York. Coupon, $1,000; reg., $1,000, $5,000, $10,000; interchangeable. First lien on 1,527.91 miles,
as follows: Clarksville, Va., to Durham, N. C., 55.10 miles; Pomona to North Wilkesboro, N. C., 100.15 miles;
Statesvjlle to Taylorsville, N. C., 20.36 miles; Morristown to Corryton, Tenn., 39.60 miles; Knoxville to Cumberland
Gap, Tenn., 63.56 miles; Knoxville to Walland, Tenn., 26.21 miles; Clinton to Harriman, Tenn., 30.44 miles; Lula to
Athens, Ga., 38.93 miles; North Rome, Ga., to Attalla, Ala., 61.30 miles; Atlanta to Ft. Valley, Ga., 102.30 miles;
Wilton to Valley Creek June., Ala., 37.28 miles; Marion June, to Akron, Ala., 53 miles; Okolona to Calhoun City,
Miss., 37.82 miles; Charlotte, N. C., to Augusta, Ga., 190.49 miles; Richmond to West Point, Va., 39 miles, and Salis-
bury to Paint Rock, N. C., 185.50 miles; Asheville to Murphy, N. C., 122.50 miles; Columbia to Greenville, S. C.,
143.52 miles; Anderson to Belton, S. C., 9.98 miles; Hodges to Abbeville, S. C., 11.58 miles; and other lines and
branches, 148.29 miles ; first collateral lien on 426.52 miles, as follows On the 70.37 miles from Stokesland to Stuart,
:
Va., and on the 7.68 miles from Leaksville June, to Leaksville, N. C. (except for $1,000 Danville & Western 1st 5s) ;
on the 50.60 miles from Elberton to Toccoa, Ga.; on the 26.80 miles from High Point to Ashboro, N. C.; on the 53.52
miles from Mooresville to Winston-Salem, N. C.; on 83.47 miles from Louisville to Cincinnati Southern June.; on
23.72 miles from Lawrenceburg to Lexington, Ky.; on 3.82 miles from Norton to Burgin, Ky.; on 16.74 miles from
Versailles to Georgetown, Ky.; on 48.80 miles from Danville, Va., to Greensboro, N. C.; on the 41 miles from Salis-
bury to Norwood, N. C. Second lien on 489.13 miles, as follows: On the mileage (295.51) outside the State of Miss-
issippi, following No. 5, on the 140 miles from Richmond to Danville, Va., following No. 7; on the 0.40 mile, follow-
ing No. 11; on the 50.12 miles, following No. 12; on the 3.10 miles, following the first lien of the Knoxville & Ohio
Consolidated 4s ($500,000 of which are held by the trustee of No. 13, and $500,000 by the trustee of No. 19) ;
second collateral lien on 237.55 miles from the Mississippi-Alabama State line to Greenville, Miss., with branches to
Webb and Percy, following No. 5. Third lien on 615.46 miles, as follows: On the 364.87 miles, following No. 14;
on the 65.30 miles, following No. 6; on the 185.29 miles, following No. 11. Fourth lien on 625.25 miles, following No.
14. Fifth lien on 182.78 miles, following No. 11. Also first collateral lien on the following securities: $1,994,000
Columbia & Greenville first 6s; $1,355,275 Alabama Central R.R. income; $500,000 (out of $1,000.000) Knoxville &
Ohio Cons. 4s (balance, $500.000 held by the Trustee of Southern Ry., Dev. & Gen. 4s) ; $1,000 of No. 9; $225,000 of
No. 12; also on the $1,725,000 out of $3,380,350 preferred and on $4,540,050 out of $7,830,000 common stock of the
Alabama Great Southern R.R.; $999,300 Atlanta & Yadkin R.R. stock; $212,500 High Point, Randleman, Ashboro
& Southern R.R. stock; $560.100 Knoxville & Ohio R.R. stock; $880,400 common and $20,500 preferred stock of Mobile
& Birmingham R.R.; $787,600 North Carolina Midland R.R. stock; $30,000 Ore. Belt R.R. stock; $998,200 Southern
Ry. Co. in Kentucky stock; $5,154,400 Virginia Midland Ry. stock and $464,450 Yadkin R.R. stock; and other secur-
ties. For complete list see page 686; first lien on leasehold interests of the company in the North Carolina R.R.,
extending from Goldsboro to Charlotte, N. C., 224.44 miles, and branch to Caraleigh, N. C., 1.90 miles; also upon
leasehold interest of the company in the Atlanta & Charlotte Air Line Ry., 263.08 miles, and the Athens Belt Line.
Underlies No. 19. Listed on New York, Baltimore, Richmond, London and Amsterdam Stock Exchanges. Interest
Auth. and outstanding, $4.500,000. Dated Oct. 2, 1894; due Sept. 1, 1938. Int. paid at J. P. Morgan & Co.,
14.
New York. Coupon and reg., $1,000. Second lien on 364.87 miles, following No. 4; third lien on 625.25 miles, also
following No. 4. Underlie Nos. 13 and 19, with provision by former to retire. Listed on New York Stock Ex-
SOUTUKKX KA1LWAY COMPAXY. 689

15. Auth., $8,000,000; outstanding, $6,883,000. Dated March 4, 1898; due July 1, 1996. Int. paid at J. P. Mor-
gan A Co., NewYork. Coupon, $1,000. First lien on 259.10 miles, as follows: From Memphis, Tenn., to the Tenn.-
Miss. State line near Chewalla, Tenn., 86.75 miles, and fnim Miss.-Ala. State line, near Margerum to Stephenson,
Ala., 150.95 miles; Moscow to Somerville, Tenn., 13.10 miles; Tuscumbia to Sweetwater, Ala., 8.30 miles; first col-
lateral lien on 34.10 miles from Miss-Tenn. State line near Chewalla to the Miss.-Ala. State line near Margerum.
Underlie No. 19, which provides for retirement. Listed on New York Stock Exchange. Interest paid without de-
16. Auth., $200,000; outstanding, $150,000 (closed). Dated Sept. 1, 1898; due July 1, 1998. Int. paid at J. P.
Morgan & Co., New York. Coupon, $500. First lien from Aiken to Edgefield, S. C., 23.57 miles. Underlies No.
19, with provision to retire. Interest paid without deduction for normal income tax.
17. Auth., $15,000,000; outstanding, $12,500,000. Dated Jan. 1, 1901; due Jan. 1, 1951. Int. paid at J. P. Mor-
gan A Co., New York. Coupon and reg., $1,000. First lien on 157.11 miles, as follows: From East St. Louis, 111.,
to the Indiana State line near Mt
Carmel, 146.71 miles; Venice & Carondelet Belt in East St. Louis, 6.86 miles, and
other branches aggregating 3.54 miles; first collateral lien on 236.17 miles, as follows: From New Albany, Ind., to
the Ind.-Ill. State line near Mt. Carmel. 118.28 miles; Rockport June, to Rockport, Ind., 16.15 miles; Jasper to
Evansville, Ind., 64.22 miles; Lincoln City to Camelton. Ind., 22.72 miles; Jasper to French Licjc, Ind., 24.80 miles.
Underlies No. 19, with provision to retire. Listed on New York Stock Exchange. Interest paid without deduction
18. Auth.. $9,500.000; outstanding. $8,266,000. Dated March
1, 1901; due Sept. 1, 1938. Int. paid at J. P.
Morgan A Co., New York. Coupon and Callable at 105 and interest, for sinking fund on any interest
reg., $1,000.
date. Secured by deposit of equal amount, $8,1206,000 out of $9,472,000 Mobile A Ohio gen. 4s. Listed on New York
19. Auth.. $200.000.000; outstanding, $61.333.000; in addition to which $25,267,000 are pledged and $18,432,000
are in treasury, making $105,032,000 issued; dated April 18, 1906; due April 1, 1956. Int. paid at J. P. Morgan
A Co.. N. Y. Coupon. $1.000; reg.. $1,000. $5,000, $10,000; interchangeable. Direct lien on 3,880.26 miles of road, by
collateral lien on 1,174.63 miles, and by pledge of leasehold interests on 1,813.31 miles; being secured on all the
property, of whatever nature, covered by No. 13, but subject thereto, and on additional property, not subject to No.
13, as follows: Second lien on 180.68 miles, following No. 16 as to 23.57 miles, and No. 17 as to 157.11 miles; third lien
on 259.05 miles, following No. 15; first collateral lien on 240.29 miles; second collateral lien on 236.17 miles, following
No. 17; third collateral lien on 34.10 miles, following No. 15; also a third lien on mileage under construction from
Stevenson, Ala., to Chattanooga, Tenn. In addition, secured by deposit of first and general mortgage bonds of a
total par value of $10.940.000, out of a total of $12,685,000 issued, covering 1,641.40 miles. Further secured by de-
posit of railroad stocks of par value of $12.161.900, and of terminal and station companies of par value of $1,513,100.
Also secured by pledge of leasehold interests on 1,325.26 miles and on trackage rights aggregating 336.83 miles. Suf-
ficient of the issue are reserved for retirement of those mortgages not provided for by No. 13, and balance are avail-
able for improvements, extensions, etc., at not over $5,000,000 in any one year. Listed on New York and Richmond
Noe: In Oct., 1916, holders of these bond* were offered in exchange new refunding and improvement 4V4s, due
1999. See note on page 690 for details of new issue.
20. Auth.. $15,500.000; outstanding. $11,785,000. Dated July 1. 1902; due July 1, 1952. Int. paid at J. P.
Morgan and Co., New York. These bonds were issued to acquire $3,873.000 preferred and $9,796,900 common stock
of the Chicago, Indianapolis A Louisville Ry.. in the joint interest of the Louisville A Nashville and the Southern
Ry. They are secured by the deposit of this stock, and a sufficient amount is reserved to acquire balance, and
$2,110,000 for improvements. In above tabulation, the interest requirement is that of the Southern Ry'a. half only.
21. Auth., $4.425.000; outstanding. $3.925,000. Dated July 2, 1900; due July 1, 1948. Int. paid at Bankers'
Trust Co., NewYork. Coupon, $1,000. Guar. as to int. by Southern* Ry. First lien on 267.69 miles, as follows:
From Danville to Norfolk, Va., 205.10 miles; James River June, to Claremont Wharf, Va. (narrow gauge), 50.36
miles; Hitchcock June, to Hitchcock Mills, Va., 8.33 mile* and Buffalo June, to Buffalo Lithia Springs. 3.90 miles.
Underlies No. 22. Listed on New York and Baltimore Stock Exchanges. Interest paid without deduction for nor-
mal income tax.
22. Auth. and outstanding, $1,525,000. Dated July 1. 1904; due July 1, 1948. Int. paid at Equitable Trust Co.,
New York, and guaranteed by Southern Ry. Coupon, $1,000. Second lien. 267.69 miles, following No. 21. Listed on
23. Anth. and outstanding, $1,650,000. Dated April 1, 1896; due April 1, 1946. Int. paid at J. P. Morgan A
Co., New York. Coupon, $1,000. First lien on 97.88 miles from Columbus to McDonougn. Ga., together with build-
ings, etc. Refunding: An equal amount of No. 19 is reserved to retire this issue. Listed on New York Stock
24. Auth.. $1.000,000 and an additional amount at not exceeding $18,000 per mile for extensions; outstanding
$600,000 (closed.) Dated Aug. 29. 1895; due July 1, 1945. Int. paid at J. P. Morgan A Co., New York. Coupon,
COO and $1.000. Guar. as to int. by Southern Ry. Co. First lien from Mobile to Marion June., Ala., 148.55 miles;
from Chickasaw to Magazine, Ala.. 1.80 miles; total, 150.35 miles. Underlies No. 25. Refunding: An equal amount
of No. 19 is reserved to retire this issue. Listed on the New York and London Stock Exchanges. Interest paid with-
Auth. and outstanding. $1.200.000. Dated Aug. 29. 1895; due July 1. 1945. Int. paid at J. P. Morgan A
\>w York. Coupon. 200 and $1,000. Guar. as to int. by Southern Ry. Second lien on 150.35 miles, following
No. 24. Refunding: A sufficient amount of No. 19 is reserved to retire this issue. Listed on New York and
2*. Auth. and outstanding. $315.000. Dated Nov. 1, 1898; due Nov. 1, 1948. Int. paid at J. P. Morgan A Co.,
New York. Coupon, $1,000. Guar. as to int. by Southern Ry. First lien from Keysville to Clarksville. Va.. 31.30
miles. Refunding: An equal amount of No. 19 is reserved to retire this issue. Listed on New York and Richmond
27. Auth. and outstanding, $1.000.000. Dated Nov. 11. lKO.->; due Jan. 1, 1M5. Int. paid at Central Trust Co.,
New York. Coupon, $1.000. Guar. as to int. by Southern Ry.. by endorsement. First lien from Alston to Spar-
tanburg. S. C.. 67.93 miles; Spartanburg June, to Biltmore, N. C., 65.90 miles; total, 133.83 miles. Underlies $5,-
OOO.OOO Carolina Div. Gen. 4s deposited under No. 19, an equal amount of No. 19 is reserved to retire this issue. Mar-
ket: Wood, Struthers A Co., Coffin Co., New York. Interest paid without deduction for normal income tax.
REFERENCE NOTES ON B )ND ISSUES (Continued)
28. Auth. and outstanding, $5,250,000. Dated May 12, 1894; due May 1, 1919. Int. paid at Central Trust Co.,
New York. Coupon, $1,000. first lien on 240.32 miles, as follows: Charleston, S. C., to Augusta, Ga., 136.92 miles;
Branchville to Columbia, S. C., 66.30 miles; Kingville to Camden, S. C., 37.10 miles, together with lands, buildings,
etc. Underlie $5,000,000 Carolina Div. Gen. 4s, deposited under No. 19. An equal amount of No. 19 is reserved
to retire this issue. Listed on New York Stock Exchange. Normal income tax deducted from interest.
29. Auth. and outstanding, $100,000. Dated May 15, 1899; due April 1, 1919. Int. paid at J. P. Morgan & Co.,
New York. Coupon, $1,000. Guar. prin. and int. by endorsement by Southern Ry. First lien from Sumter June,
to Sumter, S. C., 15.81 miles. Underlies $5,000,000 Carolina Div. Gen 4s deposited under No. 19. An equal amount
of No. 19 is reserved to retire this issue. Interest paid without deduction for normal income tax. Market: Knauth,
Nachod & Kuhne, New York.
30. Auth., $500,000; outstanding, $434,000. Dated Jan. 1, 1906; due Jan. 1, 1956. Int. paid at Guaranty Trust
Co., New York. Coupon, $1,000. First lien from Henderspnville to Lake Toxaway, N. C., 42.10 miles. Listed on
Pittsburgh Stock Exchange. Interest paid without deduction for normal income tax.
31. Auth., $20,000,000; outstanding, $5,500,000 Series A, 4V2 s; $10,500,000 Series B, 5s. Dated July 1, 1914;
due July 1, 1944. Int. paid at Central Trust Co., New York. Coupon and reg., $1,000. First lien on 263.08 miles
from Charlotte, N. C., to Atlanta, Ga., forming part of the main line of the Southern Railway system. The latter
operates the property under a perpetual lease, rental being interest on bonds and a maximum of 9% on stock. The
sale of these bonds provides for payment of an equal amount of bonds which were pledged under the Southern Ry.
cons. 5% mortgage. Proceeds from sales are paid over to the trustee and are applied towards the completion of
double tracking of the main Hne between Washington. D. C., and Atlanta, Ga. Listed on New York Stock Ex-
change. Legal for S. B. in Mich., Minn., R. I., Wis. Normal income tax deducted from interest.
32. In several series as follows: Series L, 4%s dated Feb. 1, 1906; due $300,000 s.a. to Feb. 1, 1921. Original
issue, $9,000,000; now unmatured, $2,700,000. Int. paid F. and A. at Fidelity Trust Co., Philadelphia. First lien on
equipment costing $10,279,845. Series M, 4%s; dated June 1, 1909; due $70,000 s.a. to June 1, 1919. Original issue,
$1,400,000; now unmatured, $350.000. Int. paid J. and D. 1 at Girard Trust Co., Philadelphia. First lien on equip-
ment costing $1,850,153. Series N, 4%s; dated April 1, 1910; due $260,000 s.a. to April 1, 1920. Original issue,
$5,200,000; now unmatured, $1,820,000. Int. paid A. and O. 1 at Penn. Co. for Ins. on Lives, etc. First lien on
equipment costing, $6.532,523. Series O, 4V2 s; dated May 1, 1911; due $75,000 s.a. to May 1, 1921. Original issue,
$1.500,000; now unmatured, $675,000. Int. paid M. and N. 1 at Penn. Co. for Ins. on Lives, etc. First lien on
equipment costing $1,836,885. Series P, 4%s; dated Dec. 1, 1911; due $75,000 s.a. to Dec. 1, 1921. Original issue,
$1,500 000; now nnrât'ired. S 750 000. Int. r>aid J. and D. 1 at Penn. Cn. for Ins. on Lives, etc. First lien on equip-
ment costing, $1,807,000. Series Q, 4%s; dated June 1, 1912; due $75,000 s.a. to June 1, 1922. Original issue, $1,500,-
000; now outstanding, $825,000. Int. paid J. and D. 1 at Penn. Co. for Ins. on Lives, etc. First lien on equipment
costing $1.808.130. Series R, 5s; dated Aug. 15, 1913; due $88.000 s.a. to Aug. 15, 1923. Original issue, $1.760.000;
now unmatured, $1,232,000. Int. paid F. and A. 15 at Penn. Co. for Ins. on Lives, etc. First lien on equipment
costing $2,200,248. Series S, 5s; dated April 1, 1914; due $215.000 s.a. to April 1, 1924. Original issue, $4.300,000;
now unmatured, $3,225.000. Int. paid A. and 0. 1 at Penn. Co. for Ins. on Lives, etc. First lien on equipment
costing $5.422,885. Series T,4%s; dated May 1, 1916; due $235,000 s.a. to May 1, 1926. Int. paid M. and N. 1, at
Penn. Co. for Ins. on Lives, etc., Philadelphia. Original issue, $4.700.000; now outstanding, $4,465,000. First lien on
equipment costing $5.633,000. Series U, 4%s; dated Nov. 15, 1916; due $255,000 s.a. to Nov. 15. 1926. Int. paid at
Penn. Co. for Ins. on Lives, etc., Philadelphia. Original issue, $5,100.000, now outstanding, $5,100,000, first lien on
equipment, costing $6,000,000. All issue, coupon, $1,000 and reg. as to prin. Interest paid without deduction for
normal income tax, except on Series, S, T and U.
33. Auth. and issued. $10.000,000. Dated March 2. 1914; due March 2, 1917. Int. paid at J. P. Morgan & Co.,
New York. Coupon. $1.000. Secured by deposit of $16,667,000. Development and General 4s (No. 19). Normal in-
New Refunding and Improvement Mortgage: In Oct., 1916, a new refunding and improvement mortgage was
proposed, to be dated April I, 1917, and maturing Oct. 1, 1999. The authorized issue is to be $500.000.000 of which
$61.333 000 are to be known as series A 4%s, issuable in exchange for a like amount of development and general 4s
(No. 19) par for par; $34,959.000, to be known as series B 5s to be delivered into the company's treasury in ex-
change for $43.699.000 dev. and gen. 4s held by company; $179.597,000 are to be reserved for refunding purposes;
$10.461.000 reserved to retire proportion of equipment trusts chargeable to capital; $20000.000 reserved to acquire
leased and other lines stock, and balance of $193.650.000 reserved for additions and betterments at cost and after
$100.000 000 has been so expended, balance at 80% of cost. It is intended that this issue shall retrace the develop-
ment and general 4s and the company agrees that no more shall be issued under that mortgage though it reserves
the right to issue the balance of first consolidated 5s (No. 13) [$48,191,000]. Interest payable April and Oct. 1
NAME AND DETAILS op ISSUE

SOUTHERN RAILWAY COMPANY SYSTEM. 691
Note: "Average income available" on stock issues is the average surplus, after deducting all fixed and other
charges, for the ten years ending June -30, 1916. "Dividend requirement" is the requirement, at the current rate,
on the present amount outstanding. For Key to Ratings, see pages 21 to 23.

1. ATLANTA & CHARLOTTE AIR LINE RY.: Leased in perpetuity to Southern Ry., at rental equaling in-
terest on bonds, a minimum of 5%
on stock, with 6%
if gross earnings exceed $1,500.000, and 7?r if they exceed $2,-
500,000. From Sept. 1, 1901, to 1914, rate has been 7%. By supplemental agreement, rate was increased to 9%
in 1914. See below. Listed on Richmond and Baltimore Stock Exchanges.
2. MOBII.F & IUKMINGHAM R.R.: Leased to Southern Ry. for 99 years from March 1, 1899; rental, interest
on bonds and K> on preferred stock for first year, 2% for second year, 3% for third year, and 4% thereafter. Out-
standing, $900,000 preferred, of which Southern Ry. owns $20,500. There is also $900,000 common, of which $894,-
900 is owned by Southern Ry. Preferred is listed on New York Stock Exchange.
3. NORTH CAROLINA R.R.: Leased to Southern Ry. until 1955, at rental of $286,000 per annum, equaling 7%
on stock. The State of North Carolina owns $3,000,200 of the issue.
4. Issue has prior rights to assets and to 5% non-cumulative dividends. Paid 4% in 1911; 4V4% in 1912; 5%
in 1913; 1914, 4V4%; none since. Listed on New York Stock Exchange.
\uth. of both common and preferred is $350,000.000; now outstanding, $60,000,000 preferred and $120,000,-
000 common. TRANSFER AGENTS: J. P. Morgan & Co., New York, and J. J. Lillis, Richmond, Va. Listed on New
York Stock Exchange.
Note: Southern Ry. also leases the Atlantic A Danville Ry., rental being interest on bonds, and the same divi-
dend on stock that it pays on its own common stock. The amount of stock outstanding is $2.180.000. The Richmnnd
A Mecklenburg is also leased, but Southern Ry. owns all the stock. The Southern Railway Carolina Division is con-
trolled by stock ownership, iU bonds being listed under "Southern Ry."
COMPANIES LEASED OR OTHERWISE CONTROLLED BY SOUTHERN RAILWAY

ATLANTA & CHARLOTTE AIR LINE RAILWAY
Origin: Incorporated under laws of North Carolina, South Carolina and Georgia, April 4, 1877. Operated by
the Southern Ry. Co. under an agreement between the Richmond ft Danville R.R. Co. and this company, dated
March 26. 1881. The Southern Ry. acquired the rights of the Richmond & Danville R.R. Co. under said contract by
virtue of its purchase of the property and franchises of the Richmond ft Danville R.R. Co. at foreclosure sale in June,
1894. The agreement provides that dividends are to be paid at the rate of 6% a year if gross earnings fall to or
below $1.500.000 a year; 6% if gross earnings are from $1,600,000 to $2.500,000 and 7% if gross earnings exceed
12,500,000 in any year.
Location: Line of road, Charlotte, N. C., to Atlanta, Ga., 263.08 miles, forming part of main line of Southern
Railway system.
Management: OFFICERS: C. S. Fairchild, Pres.; Geo. F. Canfield. Vice-Pres.; H. F. Stone, Secy.; J. W. Flatten,
Treas.; K. T. Frederick, Asst. Secy., New York. OFFICE, 49 Wall Street, New York.
Bonded Debt: $16.000,000 Atlanta & Charlotte Air Line Ry. in two series; dated July 1, 1914; due July 1, 1944.
$5,500.000 Series "A" first 4fts; $10,500,000 Series "B" first 5s. For details and ratings, see Bond Table of Southern
Railway Company, page 687.
Capital Stock: Outstanding, $1,700,000; par $100. Dividends paid since 1900: 1900, 6%; 1901, 6%%; 1902 to
March, 1914, at the rate of 7% per annum. By a supplemental agreement dated June 30. 1914, the Southern Rail-
way agrees to pay 9% per annum from March 1, 1914, payable March and September. REGISTRAR AND TRANSFER
AGENT: United States Mortgage A Trust Co., New York. For rating, see Stock Table of Southern Railway Com-
pany, page 690.
ATLANTIC & DANVILLE RAILWAY

Origin: Incorporated under laws of Virginia, Aug. 2, 1894, a reorganization of the Atlantic & Danville Ry. Co.
Leased for fifty years from Aug. 31, 1899. to the Southern Ry. at a fixed rental of $127,000 a year for the first two
years; $157,000 per annum for the three following years; $188,000 for the following five years; and $218,000 a year
thereafter. If the company issues the bonds reserved for additions, amounting to $500,000, the rental will be in-
creased $20.000 per annum. Also the lessee agrees to pay the same rate of dividends on the common stock as may
be paid on its own common stock. Lease is renewable in 1949, but on a basis dependent on earnings shown in the
interim.
Location: Line of road: Danville, Va., to Norfolk, Va., 205.10 miles; James River June., Va., to Claremont
Wharf, Va., 50.36 mi'es; Hitchcock Junction to Hitchcock Mills, Va.. 8.33 miles; Buffalo June, to Buffalo Lithia
Springs. Va., 3.9 miles; Portsmouth to Shoulders Hills, Va., 10.02 miles; total, 277.71 miles; sidings, 42.48 miles.
Management: OFFICERS: B. Newgass. Pres., London, Eng.; J. F. Rison, Vice-Pres., Danville, Va.; C. O. Haines,
Secy, and Treas., Portsmouth, Va. Annual meeting, third Tuesday in Nov. OFFICE, Norfolk, Va.
BonHrd Debt: (1) $3.925.000 Atlantic & Danville Ry. 1st 4s; dated July 2, 1900; due July 1, 1948.
*1.525.000 Atlantic & Danville Ry. 2d 4s; dated July 1, 1904; due July 1, 1948.
For details and ratings on both issues, see Bond Tabl of Southern Railway Company, page 687.
Capital Stock: Aoth.. $2,500,000; outstanding, $2.180,000; par $100. Preferred stock was retired June 30, 1904,
from thp proceeds of the second mortgage bonds. TRANSFER AGENT AND REGISTRAR, C. 0. Haines, secretary of
npany.
692 MOODY'S ANALYSES OF INFESTMEXTS.
AUGUSTA SOUTHERN RAILROAD COMPANY
Origin: Incorporated under Georgia laws, April 4, 1893, as successor of the Augusta, Gibson & Sandersville
R.R. Line of road operated, Augusta to Tennille, Ga., 82.93 miles. Sidings, 35.29 miles. Locomotives, 6; cars, 29.
Management: OFFICERS: Fairfax Harrison, Pres.; J. M. Culp, Vice-Pres.; H. B. Spencer, Vice-Pres.; H. W.

Miller, Vice-Pres.; H. C. Ansley, Treas.; C. D. Mackay, Secy. DIRECTORS: Thos W. Loyless, F. R. Clark, Fairfax
Harrison, W. T. Bryan, Lindsey Hopkins, E. B. Rogers, W. J. Wren, A. W. Jones, H. W. Miller, L. B. Holt, W. A.
McCarty. Annual meeting, fourth Monday in October. OFFICE, Augusta, Ga.

1916 1915 1914 1913 1912 1911 1910
Gross earnings . $173,417 $159,661 $185,936 $181,731 $197,204 $170,931 $209,784
Net earnings . . ,
45,537
-
24,578 42,418 30,798 44,125 37,349 75,064
Net income .... 36,151 55,045 42,216 54,910 45,210 76,240
Interest charges *
,
25,609 25,677 25,765 25,907 26,148 24,720
Total deductions 23.892 49,376 52,449 57,151 54,860 51,052 47,884
Balance 7,722 (def.) 13,225 (sur.) 2,596 (def.) 14,935 (sur.)50 (def.) 5,842 (sur.) 28,356
*
Included in "total deductions."
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $7,722; debit
balance carried to Balance Sheet, $72,080; unrefundable overcharges, $8; donations, $172; miscellaneous credits, $7;
total, $79,989. Contra Debit balance at beginning of year, $79,817 ; surplus appropriated for investment in physical
:
property, $172; total, $79,989.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,338,847 $1,346.422 $1,353,817 $1,354,613 $1,351,575 $1,349,033
Working assets 62,575 57,560 48,446 38,501 49,245 27,377
Deferred debit items 2,098 1,551 177 3,731 956 1,372
Profit and loss 72,080 79,817 60,373 39,489 30,749 131,319
Total $1,475,600 $1,485,350 $1,462,813 $1,436,334 $1,432,525 $1,509,102

LIABILITIES :
Capital stock $750,000 $750.000 $750,000 $750,000 $750.000 $750,000

Funded debt 537,148 535,039 400.000 402,400 401,585 406,558
Working liabilities 66,027 66,968 186.503 181,648 178,767 148,688
Total $1,475,600 $1,485,350 $1,462.813 $1,436.334 $1.432,525 51,509,102

Bonded Debt:
$400,000 Augusta Southern R.R. first 5s; dated April 1, 1895; due April 1, 1924; int. J. and D. at
J. P. Morgan & New York. Coupon, $1,000. First lien, 82.5 miles, Augusta to Tennille, Ga. Not guaranteed.
Co.,
Interest payable without deduction for normal income tax. Net Rating, B.
Capital Stock: Outstanding, $350,000 7% non-cum. preferred and $400,000 common; par $100. No dividends.
Southern Railway owns $296,000 each of common and preferred. Annual meeting, fourth Monday in October.
BLUE RIDGE RAILWAY COMPANY

Origin: Incorporated under South Carolina laws, Sept. 28, 1901, as successor of Blue Ridge Railroad. Operates
44 miles, of which 34 miles from Walhalla to Anderson, S. C., are owned and 10 miles from Anderson to Belton,
S. C., are leased. Sidings, 8.41 miles. Locomotives, 6; cars, 56.
Management: OFFICERS: Fairfax Harrison. Pres.; J. M. Culp, Vice-Pres.: H. B. Spencer, Vice-Pres.. Wash-
ington. D. C.; H. W. Miller, Vice-Pres.; C. D. Mackay, Secy., Atlanta, Ga.; H. C. Ansley, Treas.; A. H. Plant. Compt.,
Washington, D. C. DIRECTORS: Fairfax Harrison, Washington. D. C.; W. B. Sadler, Atlanta, Ga., E. P. Webb,
Atlanta, Ga., H. W. Miller, C. D. Mackay, Lauren Foreman. C. N. Freeman. Atlanta. Ga.; J. R. Vandiver. Ander-
son, S. C. ; S. W. Cramer, Charlotte, N. C. Annual meeting, third Wednesday in October. OFFICE. Anderson, S. C.
Comparative Income 'Account. Years Ended June 30

1916 1915 1914 1913 1912
Gross earnings $202,329 $176.147 $181.699 $176.209 $184.186
Operating expenses .
140,496 135.652 14.V 144.877 125.435
Net earnings . .
Operating ratio
Total income . . .
Taxes accrued
Fixed charges, etc. . .
Dividends
Surplus .
SOrTIIERX RAILWAY COMPANY SYSTEM. 693
transferred from income, $17,513; miscellaneous credits, $415; total, $103,098. Contra: Credit balance carried to
Balance Sheet, $103,040; miscellaneous debits, $58; total, $103,098.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . $397,168 $394.274 $346,864 $314,369 $297,514 $284,277
Working assets 62,497 59,858 56,106 67,582 79,025 93,280
-
--
Total $465,626 $457,046 M $389,102 $379,905 $380,893
LIABILITIES:
Capital stock $100,000 $100.000 $100,000 $100,000 $100,000 $100.000
Funded debt 157,000 157,000 100.000 100,000 100,000 100,000
Working liabilities 34,796 46.398 74,580 67,270 64,428 77,832
-
Deferred credit items .... -7 5,820 3.608 3,258 1,801 396
Appropriated surplus .... 36.329 28.930 29.905 26,913
Profit and loss 103.040 85,170 89,273 88,377 92,411 74332
Total $465,626 $457,046 $405.658 $389,102 $379,905 $380,893
Bowled Debt: $100,000 Blue Ridge Ry. first 5s; dated Sept. 28, 1901 due July 1, 1951 Int. J. and J. First lien,
; ;
84 miles, Walhalla to Anderson, S. C. All owned by Southern Ry. Interest payable without deduction for normal
Capital Stock: Auth. and issued. $100,000; par, $100. Dividends, 6", in 1904 and 1905; 9^ in 1906; 3<Tc in 1907;
S* in 1910; 6<& in 1911; 6?r in 1912; 3% in 1913; nothing in 1914; 3<* in 1915; 10", in 1916. All owned by
Southern Ry.
DANVILLE & WESTERN RAILWAY COMPANY

Origin: Incorporated under Virginia laws. Jan. 14. 1891, as successor to Danville A New River R.R. In 1899,
absorbed the Danville. Mocksville A Southwestern R.R. Operates 80.78 miles, Stuart to Danville, Va., and branch.
Sidings, 10.48 miles. Locomotives 9, freight cars 111. passenger can 14, service cars 21.
Comparative Income Accojnt. Years Ended June 30

mi 1915 1914
Gross earning! ;
- $344.213
Net income 135,207
Taxes accrued :
-
:: 16.433
Fixed charges, etc. 116.034 115.137
Surplus
694 MOODY'S ANALYSES OF INVESTMENTS. ^^^
Management: OFFICERS: Fairfax Harrison, Pres.; H. B. Spencer, Vice-Pres., Washington, D. C.; F. S. Wynn,
Sec., NewYork, N. Y.; H. C. Ansley, Treas.; A. H. Plant, Comp., Washington, D. C.; E. H. Coapman, Gen. Mgr."
OFFICE, Columbus, Ga.
Bonded Debt: $1,650,000 Georgia Midland Ry. first 3s; dated April 1, 1896; due April 1, 1946. For details and
ratings, see Bond Table of Southern Railway, page 687.
Capital Stock: Auth. and outstanding, $1,000,000; par, $100. All owned by Southern Railway Co., and all but
$1,100 pledged under that company's development and general mortgage. TRANSFER AGENT: F. S. Wynn, Secy.,
at 120 Broadway, New York.
HARTWELL RAILWAY
Origin: Incorporated under the laws of Georgia, February 5, 1898, as a reorganization of the Hartwell R.R.
Locomotives, 1; cars, 1. Line of road: Hartwell to Junction Elberton Southern R.R., 9.6 miles; trackage, 0.5 miles;
sidings, 0.50 mile.
Management: OFFICERS: Fairfax Harrison, Pres.; H. B. Spencer, Vice-Pres., Washington, D. C. ; H. W. Miller,
Vice-Pres.; C. D. Mackay, Secy., Atlanta, Ga.; H. C. Ansley, Treas.; A. H. Plant, Compt., Washington, D. C. DIREC-
TORS: E. B. Benson, A. G. McCurry, Hartwell, Ga.; Asa G. Candler, Jr., Atlanta, Ga.; Fairfax Harrison, Washing-
ton, D. C.; J. Y. Carithers, Athens, Ga. OFFICE: Hartwell, Ga.

1916 1915 1914 1913 1912 1911
Gross revenues $23,674 $24,359 $29,566 $23,095 $26,968 $25,149
Net revenues $4,947 $7,417 $7,891 $4,051 $2,430 $7,885

Other income 60 65 119 69 101 46
Total net income $5,007 $7,482 $8,008 $4,120 $2,531 $7,931

Taxes 774 576 639 649 847 643
Fixed charges 2,153 1,769 1,000 1,927 1,952 2,161
Surplus $2,080 $5,137 $6,369 $1,544 (def.) $268 $5,127

Dividends 2,400 2,400 1,200
Other deductions 140 345 268 3,927
Total $1,940 $2,737 $3,624 $1,276 (def.) $268

and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $41,398; credit bal-
Profit
ance transferred from income, $1,940; unrefundable overcharges, $12; miscellaneous credits, $28; total, $44,378.
Contra: Dividend appropriation of surplus, $2,400; credit balance carried to Balance Sheet, $40,978; total, $44,378.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $75.318 $75.314 $76,414 $76,354 $73,135 $74 250
Working assets 14.449 14,302 11,519 9,330 '5,407 11 770
Deferred debit items 265 52 241 208 11,081 633
Total $90,032 $89,668 $88,174 $85,892 $89,623 $86,652

LIABILITIES:
Capital stock $20.000 $20,000 $20.000 $20,000 $20.000 $20000
Funded debt 20.000 20,000 20.000 20,000 20.000 20,000
Accrued liabilities not due. 753 643 881 620
Deferred credit items 3.408 3,459 5.014 1,605
Appropriated surplus 592 452 452 380 116 1.316
Profit and loss surplus 40,978 41.398 38,628 35.004 37,740 36,882
Total $90,032 $89,668 $88,174 $85,892 $89,623 $86,652

Bonded Debt: $20.000 Hartwell Ry. first 5s;dated March 1, 1898; due March 1, 1928. Coupon, $1,000. Int.
paid M. and S. 1, at Guaranty Trust Co., New York, Trustee. All owned by Southern Ry. Co.
Capital Stock: Outstanding, $20,000. All owned by Southern Railway Co., C. D. Mackay, Atlanta, Ga., trans
fer agent.
MOBILE AND BIRMINGHAM RAILROAD

On'e'n: Incorporated under laws of Alabama. July ? 1895. as a reorganization of the Mobile & Birmingham Ry.
.
Co.,which company was sold under foreclosure, Oct. 28, 1893. Leased for 99 years from March 1, 1899, to the South-
ern Ry. with renewal privilege, rental being interest on bonds and dividends at the rate of 1% for first
year;
2% for the second year; 3% for the third year; and 4% for the fourth and following years.
Location: Mobile to Marion June., Ala., 150.35 miles, sidings, 37.21 miles. Equipment: Locomotives,
13; cars,
365.
Management: OFFICERS: Fairfax Harrison, Pres.; H. B. Spencer, Vice-Pres., Washington, D. C.; F. S. Wynn,
. Secy.,New York; H. C. Ansley, Treas.; A. H. Plant, Aud., Washington, D. C.; E. H. Coapman, Gen. Mgr. OFFICE,
Birmingham, Ala.
SOUTHERN RAILWAY COMPANY SYSTEM. 695
Bonded Debt: (1) $600,000 Mobile & Birmingham R.R. prior lien 5s; dated Aug. 29, 1895; due July 1, 1945.
(2) $1.200,000 Mobile & Birmingham R.R. first 4s; dated Aug. 29, 1895; due July 1, 1945. For details and rat-
ings, see Bond Table of Southern Railway, page 687.
Capital Stock: Outstanding, $897,600 preferred and f 897.600 common; par $100. Southern Railway Co. owns
$20 500 preferred and $894,900 common stock, of which all of the preferred and $880.400 common were pledged under
that company's first consolidated mortgage. TRANSFER AGENT: C. E. A. McCarthy, 120 Broadway, New York.
REGISTRAR: The New York Trust Co., New York. Listed on New York Stock Exchange.
NORTH CAROLINA RAILROAD

Origin: Incorporated under the laws of North Carolina, Jan. 2ff, 1849, for 99 years. Leased to the Southern
r
Railway for 99 years from Jan. 1, 1896, rental being 1 on capital stock.
'<
Location: Line of road: Goldsboro, N. C., to Charlotte, N. C., 222.44 miles; Caraleigh June, to Caraleigh Mills,
1.9 miles; total, 224.34 miles. Equipment: Locomotives, 23; cars, 279.
Management: OFFICERS : W. H. Wood, Pres., Charlotte, N. C.; J. P. Cook, Secy, and Treas., Burlington, N. C.
OFFICE: Burlington, N. C.
Capital Stock: Authorized nd outstanding, $4.000,000. Par $100. TRANSFER AGENT and REGISTRAR: J. P. Cook,
Secretary of company. Listed on Richmond Stock Exchange. The State owns $3,000,000 of the stock. For rating,
see page 690.
NORTHERN ALABAMA RAILWAY COMPANY

Origin: Incorporated under Alabama laws, Nov. 22, 1895, as successor to Birmingham, Sheffield & Tennessee
River Ry. Operates 112.5 miles, Sheffield to Parish, with branches.
Management: OFFICERS: Fairfax Harrison, Pres.: H. W. Miller, H. B. Spencer, J. M. Culp, Vice-Prests.;
E. H. Coapman, Genl. Mgr.:H. C. Ansley, Treas.: F. S. Wynn. Secy.; A. H. Plant, Compt. DIRECTORS: C. E. A.
McCarthy, J. C. Maben, J. T. Ashcraft, Fairfax Harrison, H. B. Spencer, F. S. Wynn, E. A. Merrill. Annual meet-
ing, fourth Wednesday in November. OFFICE: Washington, D. C.
Comparative Income Account. Yearn Ended June 30
1916 1916 1914 1913 1912 1911 1910
Gross earnings $723.345 $529,836 $582,370 $541,089 $464,684 $506,193 $554,366
Maintenance of way 100,952 89,445 100.641 87,905 68,750 96,520
Total net income $335.230 $230,464 $222.017 $182.861 $111.870 $123,812 $170.643
Taxes accrued 32625 32,148 31.907 32.072 32.368 32.099 28,148
Fixed charges 223,149 228.016 221,669 197,865 114,921 131,227 123,441
Surplus , $79,656(df.)$29,700(df.)$31,669(df.)$47,076(df.)$36,419(df.)$39,514 $19,054

Profit and Low Account, year ended June 30, 1916: Debit hp'nnce at beginning of vear. $484,452; credit bal-
ance transferred from income, $79,556; miscellaneous credit*, $44,033; debit balance carried to balance sheet, $360,863.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $3,872.423 $3,801,948 $3,812.190 $3,782,772 $3,803,320 $3,812,879
Working assets 310.962 400.547 387,634 383.019 324,996 326.997
Deferred debit items 6.133 4.656 4.773 23.922 4,128 4.233
Profit and loss 860,863 484,452 456,059 432,572 384,484 349,063
Total $4,649,381 $4,691,603 $4,660,656 $4,622,285 $4,516,928 $4,493,172

LIABILITIES :
Capital stock $2.000.000 $2,000.000 $2,000,000 $2,000.000 $2,000.000 $2,000,000
Funded debt 2,344.768 2,031.805 1,650000 1,650,000 1,650.000 1,650.000
Working liabilities 160,062 612.584 962.240 940,853 837,364 816.248
Accrued liabilities not due 14,673 14,749 14.725 14.887 14.794 14.585
Deferred credit items 29,878 32.466 33.691 16,546 14,770 12,339
Total .............. $4,549,381 $4,691,603 $4,660,656 $4,622,285 $4,516,928 $4,493,172

Bonded Debt: $1.650,000 Northern Alabama Ry. first 5s; dated Oct. 1, 1898; due July 1, 1928; int. J. and J. at
J. P. Morgan A Co.. New York. First lien on 112.5 miles, as above, but $350,000 of issue are prior to balance.
Southern Ry. owns all prior bonds and $1.268,000 of balance.
Capital Stock: Auth., $3,000,000; outstanding, $2.000 000; par $100. No dividends. Southern Ry. owns $1,895,-
400 of issue. Annual meeting, fourth Wednesday in November.
RICHMOND & MECKLENBURG RAILROAD

Origin: Incorporated under the laws of Virginia, Feb. 21, 1880, successor to the Roanoke Vajley R.R. Co.
Leased for years from Nov. 1, 1898, to the Southern Railway Co., rental being interest on bonds.
fifty
Location: Line of road, Keysville to Clarksville, Va., 31.3 miles. Sidings, 3.75 miles.
Management: OFFICERS: (Vacancy), Pres.; H. B. Spencer, Vice- Pres.. Washington, D. C.; H. W. Miller, Sec.,
Atlanta. Ga.; H. C. Ansley, Treas.; A. H. Plant. Aud., Washington, D. C. OFFICE, Clarksville, Va.
Debt: $315,000 Richmdnd & Mecklenburg R.R. 1st 4s. Dated Nov. 1, 1898; due Nov. 1, 1948. For
details and rating see Bond Table of Southern Railway, page 687.
Capital Stock: Outstanding, $362,703.33. Par, $100. Southern Ry. Co. owns $300,000, of which all but $600
pledged under that company's development and general mortgage. Secretary of company acts as Transfer Agent.
ROSWELL RAILROAD
Origm: Incorporated under Georgia laws, April 10, 1863. Operated by Southern Railway under agreement.
Locomotive, 1 ; cars, 7.
Location: Roswell to Chambley, Ga., 9.80 miles; branch line, 2.75 miles; sidings, 0.52 mile.
Management: OFFICERS: (Vacancy), Pres.; H. B. Spencer, Vice-Pres.; H. W. Miller, Secy., Atlanta, Ga.;
H. C. Ansley, Treas.; E. H. Coapman, Gen. Mgr.; A. H. Plant, Aud., Washington, D. C. OFFICE, Atlanta, Ga.

1916 1915 1914 1913 1912 1911
Gross income . . . (def.)$13,517 (def.)$17,651 (def.)$3,628 (def.)$2,415 $4,937 $5,782
Fixed charges 6,750 6,750 6,750 6,750 6,750 6,750
Surplus (def.)$20,267 (def.)$24,401 (df.)$10,378 (def.)$9,165 (def.)$l,813 (def.)$968

Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $1,479; debit balance carried to Bal-
ance Sheet, $82.534 total, $84,013. Contra
;
Debit balance at beginning of year, $63,746 debit balance transferred
: ;

ASSETS: 1916 1915 1914 1913 1912 1911
Profit and loss deficit..... 82,534 63,746 39,345 28,968 19,803 17,989
Total $295,031 $273,746 $249,345 $238,968 $229,803 $227,989

INABILITIES :
Capital stock -, $75,000 $75,000 $75,000 $75,000 $75,000 $75,000

Funded debt 220,031 198,746 135,000 135,000 135,000 135,000
Deferred credit items.. 17,989
Total $295,031 $273,746 $249,345 $238,968 $229,803 $227,989

Funded Debt: $135,000 Roswell R.R. 1st 5s. Dated Jan 2, 1903; due Jan. 1, 1953. Int. J. and J. 1. Coupon and
registered, $1,000. Interchangeable. Southern Ry. owns $77,000 of these bonds, all of which are pledged under that
company's development and general mortgage and balance are owned by Atlanta & Charlotte Air Line Ry. Guar-
anty Trust Co., New York, Trustee.
Capital Stock: Outstanding, $75,000, of which $37,400 is owned by the Southern Ry. Co. and all but $300
pledged under that company's development and general mortgage. Par $100. Secretary of company acts as transfer
agent.
ST. JOHN'S RIVER TERMINAL COMPANY

Origin: Incorporated July 18, 1901, under Florida laws, as successor to the Atlantic, Valdosta & Western Ry.
Operates 7.66 miles from Jacksonville to Grand Crossing, Fla. Sidings, 24% miles.
Management: OFFICERS: J. B. Munson, Pres.; H. B. Spencer, Vice-Pres.; H. C. Ansley, Treas.; C. E. A. Mc-
Carthy, Secy. Annual meeting, third Wednesday in November. OFFICE: Jacksonville, Fla.
1916 1915 1914 1913 1912 1911
Total net income $74,560 $76,976 $48,480 $86,459 $82,187 $87,703
Taxes , . . 26,101 24,903
Profit and Loss Account, year eriHed June 30, 1916: Debit balance at beginning of year, $29,947; surplus appro-
priated for investment in physical property, $124; Loss on retired road and equipment, $7,417; miscellaneous debits,
$48; total, $37,536. Contra: Profit on road and equipment sold, $1,650; donations, $124; debit balance carried to
balance sheet, $35,762; total, $37,536.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,324,373 $1.292,992 $1,263,111 $1,284,358 $1,271,398 $1,269,052
Working assets 140,606 137,569 125,332 157,042 131,306 123,402
Deferred debit items 67 20 9 2 1,655
Profit and loss deficit . 35,762 29,947 2,125 2,125 2,125 2,125
Total $1,500,808 $1,460,528 $1,390,568 $1,443,534 $1,404,831 $1,396,134

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
Funded debt 1,314,062 1,264,219 1,223,863 1,245,327 1,229,683 1,215,243
Deferred credit items. .... 2,013 4,970 2,013 24,819 1,522
Total .
$1,500,808 $1,460,528 $1,390,568 $1,443,534 $1,404,831 $1,396,134
Bonded Debt: $1,200,000 St. John's River Terminal Co. first 4s; dated Oct. 15, 1902; due July 1, 1952. Int. J.
and J., in Washington. Auth., $2,000,000. First lien on entire property. Not guaranteed. Interest payable with-
Capital Stock: Auth. and issued, $100,000; par, $100. No dividends. All owned by Southern Ry.
SOUTHERN RAILWAY SYSTEM (ALA. GREAT SOUTHERN R.R.) 697
TALLULAH FALLS RAILWAY

Origin: Incorporated under the laws of Georgia, March 3, 1898, for the purpose of taking over the property of
the Blue Ridge & Atlantic R.R. Co., which was sold under foreclosure Nov. 7, 1897. Owns entire capital stock of the
Blue Ridge & Atlantic Ry. Co. Controlled by Southern Ry. Co.
Location: Line of road, Cornelia, Ga., to Franklin, N. C., 58.0 miles; sidings, 5.72 miles. Equipment: Locomo-
tives, 5; cars, 62.
Management: OFFICERS: Fairfax Harrison, Pres.; J. M. Culp, H. B. Spencer, Vice-Prests., Washington, D. C.;
H. W.
Miller, Vice-Pres.; C. D. Mackay, Secy., Atlanta, Ga.; H. C. Ansley, Treas.; A. H. Plant, Compt., Washing-
ton, D. C. DIRECTORS: Fairfax Harrison, Washington, D. C.; H. W. Miller, Preston S. Arkwright, Frank Hawkins,
Atlanta, Ga.; Hamilton McWhorter, John R. White, Billups Phinizy, Athens, Ga.; J. T. Peyton, Mt. Airy, Ga.; J. W.
Peyton, Cornelia, Ga. OFFICE, Cornelia, Ga.

1916 1915 1914 1913 1912 1911
Gross revenues $117,646 $117,552 $149,154 $172,305 $134,246 $109,433
Maintenance of way 37.434 44,872 51,114 63.026 32,442 33,340
Maintenance of equipment. 12.957 14,664 11.497 11,970 9,911
All other operating exp*. . 80,995 53,590 55,300 51,995 44,656 40,560
-
Net revenues :
| : I $31,243 $45,314 $38,593 $25,622
Other income . . . 299 93 355 344
Total net income. $16,459 M E9 $31,309 $45.669 $38,937 $26,622

Taxes 6,103 : ( 4,800 4,013 4,083
91.419
Fixed charge* :- |
,; | ...:
( 95,898 s i n H.,064
Surplus (def.)$68,381 (def.)$81,117 (def.)$60,160 (def.)$55,029 (def.)$48,438 (def.)$60,425

Profit and LOM
Account, year ended June 30, 1916: Unrefundable overcharges,
$4; donations, $994; miscel-
laneous credits, $6; debit balance carried to balance sheet. $667,178; total, $668,182.
Contra: Debit balance at be-
ginning of year, $597,635; debit balance transferred from income, $68,381; surplus appropriated for investment
in physical property, $994; miscellaneous debits, $1,172; total, $668,182.
Comparative Condensed Balance Sheet, a* of June 30

ASSETS: :: 1915 1914 1913 1912 1911
Property investment $1,678,135 $1,676,368
-
: ;
n $1,640,432 $1,624,779 $1,624,314
Working assets 33.278 M i--' n .'
49,656 81,997 .
75,030
Deferred debit items 1.956 7,786 11.363
Profit and loss deficit 667.178 697,686 516,610 461,067 395,973 345.590
Total $2,380,323 $2.314,747 $2,231,100 $2,165,077 $2,110,535 $2,056,287

LIABILITIES:
Capital stock $323.400 $327.500 $327,500 $327,500 $327,500 $327,500
Funded debt 1,819.000 1.9, 1,519,800 1,522,200 1,519.000 1,491.200
Working liabilities 30v 18.186 351.180 285,723 213.491 211,060
Accrued not due
liabilities 27,423 27,002 26.803 26,509
Deferred credit items 1,702 4 34 2,662 23,741 24
Appropriated surplus .... 6,663 5,658 5,658
Total . $2.380.323 $2.314,747 $2,231,100 $2,166,077 $2,110,536 11,066,287

Banded Debt: $1.519.000 Tallulah Falls, Ry. 1st 6s. Dated Mar. 1, 1909; due Mar. 1, 1959. Int. paid M. and S.
1 at office of Guaranty Trust Co., New York, Trustee. First lien on line of road. Entire issue owned by the South-
ern Railway and pledged under that company's development and general mortgage.
Capital Stock: Authorized. $250,000 preferred and $250,000 common. Outstanding, $123,400 preferred and
$200,000 common. Par. $100. Pfd. stock entitled to 5% non-cumulative dividends. All of the common and $123,400
pfd. owned by the Southern Ry., and all except $500 of the common pledged under the development and general mort-
gage of that company. TRANSFER AGENT: C. D. Mackay, Atlanta, Ga.
ALABAMA GREAT SOUTHERN RAILROAD COMPANY

Foe Definitions and Key to Ratings, see Pages 19-26.
Origin: Incorporated under Alabama laws, Nov. 30, 1877, as successor to the Alabama & Chattanooga R.R.,
which was sold under foreclosure. The company owns $833.300 out of $3.000,000 capital stock of the Southwestern
Construction Co. The latter company controls the Cincinrati, New Orleans & Texas Pacific Ry. (one of the con-
stituent lines of the "Queen & Crescent Route"), and stock interests in it are also held by Cincinnati, Hamilton &
Dayton Ry. The Alabama Great Southern also controls the Belt Ry. of Chattanooga and owns a half-interest in
the Woodstock & Blockton Ry., operating from Woodstock to Blockton, Ala., the other half being owned by the Louis-
ville A Nashville R.R,
The directly operated lines of the Alabama Great Southern R.R. consist of 312.41 miles, of which the
Location:
main from Chattanooga, Tenn., to Meridian, Miss., 293.02; is owned, 1.62 miles are leased and 17.77 miles are
lino,
operated under traffic rights. The line passes through Birmingham, Ala., and forms part of the "Queen and Cres-
cent Route," between Cincinnati and New Orleans. Mileage mainly in Alabama. Population of this State in 1890,
J ,513.017; in 1900, 1,838,697; in 1910, 2,138,093.
Control: The Southern Railway Company owns $1,725.000 preferred out of $3,380,350, and $4,540,050 out of
$7,830,000 common stock of the Alabama Great Southern R.R.
Management: OFFICERS: Fairfax Harrison, Pres.; T. C. Powell, Vice-Pres.; H. B. Spencer, Asst. to Pres.; F.
S. Wynn, Secy.; H. C. Ansley, Treas. DIRECTORS: Fairfax Harrison, W. G. Oakman, W. C. Lane, Guy Gary, John H.
Prentice, W. W. Crawford, Robert Jemison, Sr., Chas. A. Lyerly, John L. Kaul, Thos. Carr Powell, Fredk. S. Wynn.
Annual meeting, first Wednesday in October. MAIN OFFICE, Birmingham, Ala. NEW YORK OFFICE, 120 Broadway,
way.
SOUTHERN RAILWAY SYSTEM (ALA. GREAT SOUTHERN R.R.) 699

1916 1915 1914 1913 1912 1911
Gross revenues $5,641,104 $4.775,927 $5,378,700 $5,224,610 $4,775,891 $4,479,120
Maintenance of way 498,852 1,553,629 688.650 627,364 582,208 570,040
Maintenance of equipment 1,341,320 1,149,707 1,406.891 1,177,997 1,040,604 1,039,768
Net operating revenue $1,879,721 $1,122,193 $1,151,237 $1,408.705 $1,381,231 $1,224,059

Operating ratio 76.5% 73% 71%
Other income 441,104 299,903 377,602 486,434 395,921 489,019
Total net income $2,320,825 $1,422,096 $1,528,739 $1,895,139 $1,777,152 $1,713,078

Taxes accrued .
198,420 177,930 189,857 176,041 172,020 162,041
Balance for charges $2,122,405 $1,244,166 $1,338,882 $1,719,098 $1,605.132 $1,551,037

Fixed charges 661,714 617,690 581,695 684,478 692,536 595,998
Surplus over charges. $1,460,691 $626,4 1 6 $757.187 $1,134,620 $1,012,596 $955,039

Dividends paid 393.225 202,821 594,321 594,321 694,321 694,321
Approps. for impvmts., etc. 333 302
Balance $1.067.133 $423.353 $162.866 $640.299 $418.275 $360.718

Earned on stock: Preferred 43.2% 18.5% 22.4% 33.fi ^ 30.3% 28.2%
Common 1 1 ''>
5.4% 7.1% 11.9% 10.3% 9.6%
Note: Fixed charges include rentals, interest, etc.
and Loiw Account, year ended June 30, 1916: Credit balance, July 1, 1916, $2,930,705; credit balance
Profit
transferred from income, $1,067.133; delayed income credits, $33.236; unrefundable overcharges, $165; miscellan-
eous credits. $7,634; total, $4,038,873. Contra: Dividend appropriations of surplus, $391,500; miscellaneous
debits, $3,320; credit balance carried to balance sheet, $3,644,053; total, $4,038,873.
Comment: Gross revenues on this property in 1916, even exceeded those of 1913, while the net operating reve-
nues were more than 50% higher than those of the previous year. The total net income available for charges was
more than three times the fixed charge requirements, and the surplus finally carried forward exceeded 43% on the
and nearly 16% on the common stock. The increased dividends paid during the year were therefore fully
ustified.
Preferred

CapitalizationPer Mile of
MM
;
Comment: There was a considerable increase in the outstanding funded debt of the Alabama Great Souther*
Railway during tke year ended June 30, 1916, but as measured on the mileage basis there was a slight decrease.
While the net capitalization per mile appears high, yet the net income on net capital has continued to grow, and in
the year just closed was equal to about 12.2% which is far higher than the average for the decade.
RAILWAY SYSTEM (GA. SOUTHERN $ FLA. RY.) 701
COMPANY CONTROLLED BY ALABAMA GREAT SOUTHERN R.R. CO.
BELT RAILWAY COMPANY OF CHATTANOOGA

Origin: Incorporated under the laws of Tennessee, Sept. 28, 1895, as a reorganization of the Chattanooga Union
Ry. Co., sold under foreclosure, July 17, 1895. Leased for fifty years from July 1, 1895, to the Alabama Great
Southern K.R. Co., rental being interest on bonds issued. Line of road in and around Chattanooga, Tenn., 54.99
miles; other main tracks, 26.42 miles; sidings, 28.57 miles.
Management: OFFICERS:' Fairfax Harrison, Pres., Washington, D. C.; T. C. Powell, Vice-Pres., Cincinnati,
O.; E. M. Durham, Jr., Vice-Pres., Chattanooga, Tenn.; F. S. Wynn, Sec., New York; H. C. Ansley, Treas., Wash-
ington, D. C.; R. F. Huoth, Aud., Cincinnati, O. OFFICE: Chattanooga, Tenn.
Comparative Condensed Balance Sheet, 'as of June 30
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $930,924 $843,364 $784,609 $777,375 $770.267 $765,652
Working assets 7,600 7,600 7,500 7,600 7,600
Total $930,924 $850,864 $792,109 $784,875 $777,767 $773,152

LIABILITIES:
Capital stock . . . $300.000 $300,000 $300,000 $300,000 $300,000 $300,000
Funded debt 630,924 642.947 360,503 360,503 360,503 360,503
Total $930.924 $850,864 $792,109 $784,875 $777,767 $773,152

Bonded Debt: (1) $300,000 Belt Ry. Co. of Chattanooga 1st 5s. Dated Dec. 31, 1895; due July 1, 1945. Int.
Jan. and July 1, at office of Mercantile Trust A Deposit Co., Baltimore, Md., trustee. Coupon, $1,000. First lien
on entire property. Int. guar. under lease by Ala. Great Southern R.R. Co. For rating, see Bond Table of that
company, page 700.
(2) $24.000 Belt Ry. Co. of Chattanooga 2d 4s. Dated Dec. 31, 1895; due July 1, 1945. Int. paid J. and J. 1, at
Mercantile Trust A Deposit Co., Baltimore, Md., trustee. Coupon, $240. Callable at par and accrued interest. Fol-
lows No. 1 on same property.
Capital Stock: Authorized and outstanding, $300,000. Par, $100. All owned by Alabama Great Southern R.R.
Co. TRANSFER AGENT: F. S. Wynn, New York.
GEORGIA SOUTHERN & FLORIDA RAILWAY

NOTE: The analysis is documents of the company, including its annual reports of the past ten years.
based on official
For Definitions and Key to Ratings, see page* 19-26.
Orijrln: Incorporated under laws of Georgia, May 22, 1896. as successor to Georgia Southern & Florida Rail-
road. In November, 1902, absorbed the Atlantic, Valdosta A Western Ry., and in October, 1903, acquired control of
the Hawkinxville A Florida Southern Ry., and guarantees the first mortgage bonds of the latter. (The Hawkins-
ville A Florida Southern Ry. has since been reorganized and has absorbed the Gulf Line Ry.)
Location: The operated lines of the Georgia Southern A Florida consist of 402.47 miles, as follows: Macon, Ga.,
to Palatka, Fla., 285 miles; Valdosta to near Jacksonville, Ha.. 106.61 miles; trackage rights, 10.86 miles.
Control: The company is controlled by Southern Railway Company, which owns a majority of stock.
Management: OFFICERS: Fairfax Harrison, Pres.; John B. Munson, Vice-Pres.; H. B. Spencer, Asst. to Pres.;
F. S. Wynn, Secy.; H. C. Ansley, Treas.; A. H. Plant, Compt. DIRECTORS: T. C. Burke, W. R. Cox, T. B. Gresham,
E. C. Long. W. A. Merryday, J. N. McCaw, J. B. Munson, A. S. Pendleton, H. H. Tift, T. D. Tinsley, A. D. Schofield,
E. P. McBumey, H. M. Wortham, Fairfax Harrison. MAIN OFFICE, Macon, Ga.
(lanilcaUon of Freight Tonnage (Years Ending June 30)

YEARS
ENDED
JUNE 30.
SOI Till: If \ RAILWAY SYSTEM (GA. SOUTHERN < FLA. RY.). 703
Profit and Loss Account, year ended June 30, 1916: Credit balance, June 30, 1915, $1,517,283; credit balance
transferred from income, $131,386; profit on road and equipment sold, $2,214; unrefundable overcharges, $80; dona-
tions, $2,008; miscellaneous credits, $220; total, $1,653,191. Contra: Dividend appropriations of surplus, $44,200;
surplus appropriated for investment in physical property, $575; loss on retired road and equipment, $19,526; mis-
cellaneous debits, $24,699; credit balance carried to balance sheet, $1,564,191; total, $1,653,191.
Comment: Gross revenues on the Georgia Southern & Florida during the year ended June 30, 1916, were much
better than in 1915, while the net revenues reached the best figures of the decade. The balance available for charges
was very high and enabled the company to report a final surplus which exceeded that of any year since 1911. Results
on the property since the close of the fiscal year have continued to be very favorable indeed.
TABLE C. Capitalization Factors i

YEAM
EMDB>
, SO.
Fla., subject to the first lien of the Georgia Southern & Florida Cons. 4s of 1952 (No. 2). Underlies $684,000 first
preferred stock, which is a second lien on the 285 miles described above; also underlies Georgia Southern & Florida
1st Cons. 4s (upon the same mileage), which provides for the retirement of this issue and of the first preferred
stock. All of the outstanding Cons. 4s are owned by the Southern Ry. and deposited under its Dev. and Gen. Mort-
gage 4s. Listed on Baltimore and Richmond Stock Exchanges. Interest paid without deduction for normal income
tax.
2.Auth., $10,000,000; outstanding, $2,000,000; in treasury, $1,200,000. Dated Oct. 16, 1902; due July 1, 1952.
Int. paid at Mercantile Trust & Deposit Co , Baltimore. Coupon, $1,000. First lien on 106.61 miles (underlying No.
1) and third lien on 285 miles which is covered by No. 1 as first lien and by first preferred stock as second lien. Of
total auth. issue, $4,684,000 are reserved to retire No. 1, and first preferred stock. Entire outstanding amount ($2,-
000,000) owned by Southern Railway Co. Interest paid without deduction for normal income tax.
3. Auth., $500,000; outstanding, $175,000. Dated March 15, 1910; due $25,000 each March and Sept. 15 to
March 15, 1920, inc. Int. paid at Equitable Trust Co., New York. Coupon, $1,000. First lien on equipment costing
4. Auth., $425,000; outstanding, $253,000. Dated Aug. 1, 1912; due $21,000 each Feb. 1 and $22,000 each Aug.
1 to Aug. 1, 1917, inc.; thereafter $21,000 on each interest date to Aug. 1, 1922. Int. paid at Bankers Trust Co.,
New York. Coupon, $1,000. First lien on equipment costing $504,150. Interest paid without deduction for normal
income tax.
5. Auth., $450,000; outstanding, $405,000. Dated Nov. 15, 1915; due $22,000 each May 15 and $23,000 each
Nov. 15 to Nov. 15, 1925. Int. paid at Old Dominion Trust Co., Richmond, Va. Coupon, $1,000. First lien on equip-
ment, costing $535,000. Normal income tax deducted from interest.
SOUTHERN RAILWAY SYSTEM (MOBILE $ OHIO R.R.). 705
Profit and Loss Account, year ended June 30, 1916: Profit on road and equipment sold, $1,679; miscellaneous
credits, $94; debit balance carried to balance sheet, $91.991; total, $93,764. Contra: Debit balance at beginning of
year, $58,790; debit balance transferred from income, $34,034; loss on retired road and equipment, $435; miscellan-
eous debits, $505; total, $93,764.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . $729,539 $701,043 $736,788 $427,826 $427,826 $427,826
Working assets 43,098 44,291 85,949 10,757 936 286
Deferred debit items . 1,888 654 1,688
Profit and loss deficit. 91.991 58,790 30.206
Total $866,506 $804,778 $854,676 $438,583 $428,762 $428,112

LIABILITIES:
Capital stock $100.000 $100.000 $100.000 $100,000 $100,000 $100,000
Funded debt 676.109 623.425 661,000 325.000 325,000 325,000
Working liabilities : ; Z ; i 70.312 81,322 8,233 28 4
M 223 207
5,860 3,734 3,108
Total HH $804,778 $854,576 |4St EM $428,762 $428,112

Included $90,109 Open Accounts.
Note: This small property has not shown any improvement in earning power in recent years, and the deficit
after deducting charges has tended to be very heavy. It is doubtless of traffic value to the Georgia Southern & Flo-
rida, but as an investment has not proven very satisfactory. The position of the outstanding bonds, however, is as-
sured by the guaranty.
Bonded Debt: (1) $586,000 Hawkinsville & Florida Southern Ry. first 5s; in Series A and B, of which Series A
are dated April 1, 1902, and Series B, Aug. 1, 1913; due April 1, 1952; int. paid at Union Savings Bank & Trust Co.,
Cinn. Coupon. Sl.OOO. First lien on all mileage owned, consisting of line from Hawkinsville to Camclla. Of those
outstanding. $571.000 are guar. prin, and int. by Georgia Southern & Florida Ry. Interest paid without deduction for
normal income tax. Rating, Baa.
Capital Stock: Auth. and issued, $100,000; par $100. All owned by Georgia Southern & Florida Ry.
MOBILE & OHIO RAILROAD COMPANY

official
Origin: Incorporated under Alabama laws, Feb. 3, 1848; main line completed in 1861. The division from Mont-
fwnery. Ala., to Columbus, Miss., was opened in 1898. In 1903, the Mobile & Bay Shore Ry. was acquired. In 1913,
the company acquired the St. Louis A Cairo R.R., which had been operated under lease. The Warrior Southern Ry.
is controlled by ownership of both its stock and bonds. Also controls the Mobile Docks Co. and is jointly interested
with the Southern Ry. in the Gulf Terminal Co.
I .oration: The directly operated* lines of the Mobile A Ohio consist of 1,122.48 miles, as follows: Main line,
Mobile, Ala., to East St. Louis, 111.. 641 miles; Artesia, Miss., to Montgomery, Ala., 181.18 miles; Mobile & Bay
Shore branch, 38.36 miles; smaller branches owned, 59.23 miles; Warrior Southern line, 13.60 miles; trackage rights,
189.12 miles. Mileage mainly in Mississippi. Alabama, Tennessee and Illinois. Population of these States in 1890,
8,396,486; in 1900, 10,222,133; in 1910, 11,758,587.
Control: The Southern Railway owns $5,670,200 out of $7,730,000 stock of the Mobile & Ohio R.R., and has
{sued its own stock certificates, par for par, against this stock, 4% per annum being paid on these certificates.
Management: OFFICERS: Fairfax Harrison, Pres. ;

R. V. Taylor, Vice-Pres. and Gen. Mgr.; H. C. Ansley,
Treas.; F. S.Wynn, Secy. DIRECTORS: Henry Hall, Adrian Iselin, Jr., Ernest Iselin, W. Emlem Roosevelt, C. Sidney
Shepard, Johnson De Forest, Samuel Woolverton, Fairfax Harrison, R. V. Taylor, Albt. P. Bush, Guy Cary, H. B.
Spencer, H. M. Street. Annual meeting, third Wednesday in February. MAIN OFFICE: Mobile, Ala. NEW YORK
OFFICE, 120 Broadway.

YEARS
ENDED
JUNE 30.
SOl'THKKX RAILWAY SYSTEM (MOBILE % OHIO R.K.). 707
transferred from income account, $847,739; donations, $5,259; miscellaneous credits, $47,546; total, $6,092,010. Con-
tra: Dividend appropriations of surplus, $240,672 ; surplus appropriated for investment in physical property, $7,881 ;
loss on retired road and equipment. $3.187; delayed income debits, $2,224; miscellaneous debits, $15,194; credit bal-
ance carried to Balance Sheet, $5,822,852; total $6,092,010.
Comment: Gross revenues on this property during the year ended June 30, 1916, were substantially better than
in 1915, while the net operating revenues rose to the beat figures of recent years. As outside income also under-
went substantial improvement the balance available for charges was higher than in any recent years. The surplus
carried forward fully covered the dividend requirements, and enabled the company to report a substantial balance.

Auth. and outstanding, $7,000,000. Dated May 1, 1879; due Dec. 1, 1927. Int. paid at Farmers' Loan &
1.
Trust Co., New York. Coupon, $500 and $1,000. First lien from Mobile to Columbus, Ky., 472 miles. Underlie Nos.
2 and 6. Legal for Savings Banks in Cal., Me., and N. Y. Listed on New York Stock Exchange. Normal income tax
2. Auth. and outstanding, $1,000,000. Dated July 1, 1883; due July 1, 1927. Int. paid at Farmers' Loan &
Trust Co., New York. Coupon, $1,000. First lien on 52.98 miles, as follows: From a point opposite Cairo, 111., to East
Columbus, Ky., 18.99 miles; Artesia to Columbus, Miss., 13.99 miles; Artesia to Starkville, Miss., 11 miles; Muldon to
Aberdeen, Miss., 9 miles; second lien on 472 following No. 1. Underlies No. 6. Legal for S. B. in Conn. Listed on
3. Auth. and outstanding, $4,000,000. Dated Feb. 1, 1897; due Feb. 1, 1947. Int. paid at Hanover National
Bank, New York. Coupon, $1,000. First lien on 189.60 miles, as follows: From Columbus, Miss., to Montgomery,
Ala., 167.19 miles, with branches from Tuscaloosa to Tidewater, Ala., 9.51 miles, and from Eoline to Tennessee Coal,
Iron & R.R. Mine, Ala., 12.90 miles. Legal for S. B. in Me., Mich., Minn., N. H., N. J., Wis. Listed on New York
4. Auth. and outstanding, $4,000,000. Dated April 1, 1886; due Jan. 1, 1931. Int. paid at Farmers' Loan &
Trust Co., New York. Coupon, $500 and $1,000. Guar. as to int. by Mobile & Ohio R.R. by endorsement and now
assumed. First lien on 158.60 miles, as follows: From East St. Louis to Cairo, 111., 151.60 miles, and Millstadt to
Millstadt June., Ala., 7.23 miles. Underlie No. 7. Legal for S. B. in Me., Mo. Listed on New York Stock Exchange.
5. Auth. and outstanding, $200.000. Dated May 1, 1899; due May 1, 1949. Int. paid at First National Bank,
Mobile, Ala. Coupon, $500 and $1,000. Assumed by Mobile & Ohio R.R. First lien on 46.30 miles, as follows : From
Mobile & Bay Shore June, to Bayou La Batre, Ala., 34.10 miles; Mann to Dawes, Ala., 7.94 miles; Delchamps to
Alabama Port, Ala., 4.26 miles. Normal income tax deducted from interest.
6. Auth., $10,500,000; outstanding, $9,472,000 (closed). Dated May 15, 1?88; due Sept. 1, 1938. Int. paid at
Hajjover National Bank, New York. Coupon, $500 and $1,000. Second lien on 52.98 miles, following No. 2; third lien
on 472 miles, following No. 2. Listed on New York Stock Exchange. Normal income tax deducted from interest.
7. Auth., $3,000,000; outstanding, $2,500,000. Dated Aug. 1, 1913; due Dec. 1, 1927. Int. paid at Hanover Na-
tional Bank, New York. Coupon, $1,000. Callable at 102% and int. on eight weeks' notice. Second lien on 158.83
miles following No. 4. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
8. Auth., $1.200,000; outstanding, $540,000. Dated Feb. 15, 1911; due $60.000 semi-annually from Aug. 15,
1911, to Feb. 15, 1921. Int. paid at Guaranty Trust Co., New York. Coupon, $1,000. First lien upon real estate in
Mobile, Ala., purchased to add to terminals, costing about $83.087; and upon station property in Birmingham, Ala.,
costing about $245,725 first collateral lien on 13.60 miles from Tidewater to Kellerman, Ala. first collateral lien on
; ;
200 drop bottom gondola cars; on one-fourth interest in 63,785 Preferred "A" and 106,404 Deferred "B" shares of
the Alabama, New Orleans & Texas Pacific June. Ry. Co., Ltd.; total value of property pledged about $1,796,094.
Interest paid without deduction from normal income tax.
9. Outstanding: Series A, 5s, $498.000. due May 1, 1919; Series B, 5s, $499,000, due Oct. 1, 1919; Series F, 4%s,
$248,000, due $22,000 each Sept. 1 and $23.000 each March 1 to March 1, 1922; Series G, 5s, $435,000, due $32,000
each M. and N. to May 1, 1922; $31,000 thereafter to Nov. 1. 1923; Series H, $759,000 5s, dated July 10, 1914; due,
$50,000 each Jan. and July 15 to Jan. 15, 1923, $53,000 thereafter to July 15, 1924. Int. paid Jan. and July 15th.
Original amount, $1,009,000. Series J, 4%s; dated June 1 1916; due $47.000 each Dec. 1 and $48.000 each June 1 to
June 1, 1926. Int. paid J. and D. 1. Coupon, $1,000. Original amount. $950.000; now outstanding $903,000. First
lien on equipment costing $1,057,000. Interest paid without deduction for normal income tax on Series A, B and F
only.
Rate
NAME AND DETAILS OF ISSUE. ,?
nd
uate
Dividends.
SOI TIIi:i{\ EY. SYSTEM (NEW ORLEANS $ N. EAST, R.R.). 709
203.73 miles. At Meridian, the road connects with Alabama & Vicksburg, the Alabama Great Southern, the Mobile &
Ohio, etc. Mileage chiefly in Mississippi. Population of Mississippi in 1890, 1,289,600; in 1900, 1,551,665; in 1910,
1,797,114.
New Control: In Nov., 1916, control of this company was acquired from the Alabama, New Orleans, Texas &
Pacific June. Rys., Ltd., by J. P. Morgan & Co., in the interest of the Southern Ry. by the purchase of the $5,336,-
300 common stock, $5,595,000 general 4 Vis and $1,500,000 income 4 Vis held by the English company.
Management: OFFICERS: Fairfax Harrison, Pres.; T. C. Powell, Vice-Pres.; H. B. Spencer, Vice-Pres.; E. H.
Coapman, Vice-Pres.; H. W. Miller, Vice-Pres.; T. F. Stesle, Vice-Pres.; F. S. Wynn, Sec.; H. C. Ansley, Treas
DIRECTORS: D. D. Curran, R. M. Walmsley, Pearl Wight, Alfred Slidell, W. P. Burke, T. F. Steele, W. R. Stauffer,
Fairfax Harrison, T. C. PowelL Annual meeting, first Wednesday in November. OFFICES, New
Orleans, La. NEW
YOBK OFFICE, 120 Broadway.

710 MOQDY'S ANALYSES OF INVESTMENTS.
Note: Above table is based on average mileage operated for each year. Margin of safety is the proporti
surplus left over after paying fixed charges. For example, in 1916 the "balance for charges" was $6,178; fixed
charges consumed 45% of this, or $2,761, leaving $3,417, a "margin of safety" of 55%.
Gross revenues
in'. STSTKM (\i:u ORLEAXS $ N. EAST. R.R.). 711
LIABILITIES:
Capital stock
REFERENCE NOTE ON STOCK ISSUE
Auth. and outstanding, $6,000,000; par $100. Dividends paid: 1908, 6%; 1909, 5%; 1910, 5%; 1911, 6Ms%; 1912.
5%; 1913, 5%; 1914, 1% and 1915, 1%. Latter was paid in the 1916 "fiscal year," but was taken out of 1915 income
results. Stock transferred at Company's Office, New Orleans, La.
VIRGINIA & SOUTHWESTERN RAILWAY COMPANY

Origin: Incorporated under Virginia laws, Jan. 19, 1899, as a consolidation of the Bristol, Elizabethton & North
Carolina Ry., and the South Atlantic & Ohio Ry. In April, 1908, acquired the Holston River R.R., and the Black
Mountain Ry. The company leases a line from Bull's Gap to Rogersville, Tenn., from the Southern Ry.
Location: The directly operated lines of the Virginia Southwestern Ry. consisted on June 30, 1916, of 225.14
miles as follows: Lines owned, Mountain City, Tenn., to St. Charles, Va., 151.30 miles, and Moccasin Gap., Va., to
Persia, Tenn., 37.76 miles; lines leased, 14 miles; trackage rights, 22.08 miles.
Control: The Southern Railway acquired the capital stock of this company on May 1, 1906, from the Virginia
all
Iron, Coal & Coke Co. Lease: 1916, the Southern Ry. began to operate the property under lease as
Effective July 1,
the Appalachia division of the middle district. Lease is for one year and thereafter for periods of one year until
terminated. Lessee is to maintain and operate property, p lying as rental all taxes and interest charges.
Management: OFFICERS: Fairfax Harrison, Pres.; H. W. Miller, Vice-Pres.; J. M. Gulp, Vice-Pres.; H. B.

Spencer, Vice-Pres.; E. H. Coapman, Vice-Pres. and General Manager; F. S. Wynn, Secretary; H. C. Ansley, Treas.
DIRECTORS William C. Lane, Fairfax Harrison, Robt. L. Pennington, John H. Prentice, Henry B. Spencer, Guy Gary,
:
Fredk. S. Wynn. Annual meeting, third Tuesday in September, at Bristol, Va. GENERAL OFFICE, Bristol, Va. NEW
YORK OFFICE, 120 Broadway.

SOUTUERX RAILWAY SYSTEM (FA. $ SOUTHWESTERN EY.). 713
T41
TABLE C. Capital zation Factors (Security Ob'igations and Earning Power)
YEARS
ENDED
JUNE 30.
TENNESSEE CENTRAL RAILROAD COMPANY. 715

Series F, 5s: Auth., $425,000; outstanding, $275.000. Dated June 16, 1913; due $21,000 each Dec. 15, and
$22,000 each June 15 to June 15, 1918, thereafter $21,000 semi-annually to June 15, 1928. Int. June and Dec. 15,
at Bankers' Trust Co., New York. Coupon, $1,000. Secured on equipment costing $500,230. Interest paid without
Series G, 5s: Auth., $467,000; now unmatured, $350,000. Dated March 2, 1914; due $24,000 each March 1 and
$23,000 each Sept. 1 to Sept. 1, 1921, and $23,000 s.a. thereafter to March 1, 1924. Coupon, $1,000. Int. paid M. and
S. 1 at Guaranty Trust Co., New York. Coupon, $1,000. First lien on equipment costing $550,346. Normal income
Capital Stock: Authorized and outstanding, $2,000,000; par $100. First dividend of 5% was paid 1912; 1913,
%; 1914, 1915 and 1916, 10% each. The entire issue is owned by the Southern Ry., which acquired the stock at
$200 per share in 1906.
TENNESSEE CENTRAL RAILROAD

Origin: Incorporated in Tennessee, April 30, 1902. Consolidation of Tennessee Central Ry., Nashville & Knox-
ville R.R., Cumberland Plateau Ry. and Kingston Bridge A Terminal Co.
Receivership: In 1912, H. B. Chamberlain and W. K. McAlister were appointed receivers. The property was ad-
vertised for sale Feb. 15, 1917, at the upset price of $1,350,000, subject to prior lien 4s.
Location: Harriman. Tenn., to Hopkinsville, Ky., 2435 miles; branches, 41.66 miles; trackage rights, 6.92
miles ; total operated, about 294.93 miles. Operates Dridge over Cumberland River and Terminal Station, at Nash-
ville, under lease, until May, 2001.
Management: OmCEBS: H. B. Chamberlain, W. K. McAlister, Recs.; H. C. Price, Chairman; Eben Richards,

Prw.; S. W. Fordyce, Jr., Vice-Pres.; H. B. Chamberlain, Vice-Pres.; E. R. Burr, Treas. DIRECTORS: H. C. Pierce,
E. Richards. S. W. Fordyce, Jr., C. A. Pierce, H. B. Chamberlain. J. T. Lellyett, T. W. White, C. Cohn, Geo. T. Priest,
J. H. Carpenter. Annual meeting, first Monday in October, at Nashville. OFFICES: Nashville, Tenn., and 25 Broad
St., New York.
ChMsMcation of Freight Tonnage (Years Ending June 30)

YEARS
ENDED
JUNE 30.
TEKMIXAL RAILROAD ASSOCIATION OF ST. LOUIS. 717

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $19,658,344 $19,790,981 $19,929.148 $19,916,567 $19,726,565 $19,731,309
Working assets 241,464 229,088 347,155 275,629 253,337 223,537
Profit and loss deficit 4,985,013 4,468,380 3,814,050 3,340,412 3,010,720 2,574,468
Total $24,906,616 $24,548,101 $24,178,827 $23,648,928 $23,147,401 $22,711,666

LIABILITIES :
Capital stock $8,000,000 18400,000 $8,000,000 $8,000.000 $8,000,000 $8,000,000

Funded debt 12.578,799 12,805,799 12,709.900 12,529,900 12,379,900 12,379,900
Working liabilities 3,905,244 3,339.986 3,070,539 2,733,836 2,383,829 1,946,381
Accrued liabilities 27,445 29.679 27,023 24.322 24,323 1M,H'.5
Deferred credit items 379,035 363.717 362,444 360,870 359,349 360,990
Appropriated surplus It DM 8,920 8,921
Total $24,906,616 $24,548,101 $24,178,827 $23",648,928 $23,147,401 $22,711,666

f'omim-nt: This heavily capitalized property
reported
no change of importance in capitalization in 1916. In
view of its light earning power the capitalization is very high, and it will be noted in recent years there has been
no tendency toward reduction. The property has been reporting each year a larger profit and loss deficit, and at
the present time appears to be in a completely insolvent condition.
NAME or Imv*.
YEARS
ENDED
JUNE 30.
TERMINAL RAILROAD ASSOCIATION OF ST. LOUIS. 719

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $41.445,557 $40,766,829 $38.539,022 $40.204,334 $39,789,415 $39,355,308
Working assets 3,092,766 2.055,412 3,389,761 2,920,309 3,662,553 3,341,955
Deferred debit items 5,308,646 6,306,713 6,016,642 2,450,622 338,112 324,550
Total $49,846,969 $48,128,954 $47,945,425 $45,575,265 $43,790,080 $43,021,813

LIABILITIES:
Capital stock $3.087300 $3,087.800 $3,087,800 $3,087.800 $3,087,800 $3,087,800
Funded debt 36,886,000 36,102.000 34,402,000 33,548,000 82,684,000 32,484,000
Working liabilities i
IMJIO 1,664,867 3,327,425 2,752,437 2,081,610 1,438.310
Accrued liabilities not due 469,271 473.052 459.092 440,086 471,058 439,434
Deferred credit items 1,107,491 917.847 917.726 37,040 21.815 11,163
Appropriated surplus 1,100.000 1,000.000 900,000 800,000 700,000 600,000
MM in 4,883.388 4,851,382 4,909,902 4,743,797 4,961,106
Total ............... $49,846,969 $48,128.954 $47,946,425 $45,575,265 $43,790,080 $43,021,813
Comment:The Terminal Railroad Association property has in the past few years shown only slight changes
in its capitalization figures.The capitalization is extremely heavy as measured on a mileage basis, but the revenues
on the property are also large and in 1916 the net income on net capital was above the average during the past
decade. The position and credit of the property is strong for the reason that practically all the outstanding bond
issues are protected by strong guaranties, and the sources of income are very stable.
TABLE D. Bond Record and Ratings (Based on 10-Year Results. Per Mile of Road)
NAMBortaua. Rt-
Int.
Security. SmUbility
1. Trrm. R. R. .Wn 6rt 4',. AAO O 19.TO Irrm. -.:r.: -i Vrry hih HiKh
2. Trrm. R. R. AM'D fimt COM.
5. .
,
FAA Ac 1W4 lorm.
3. Trrm. R. R. A.'n gra. rrf. 4, JAJ J 1953 (M) Trrm u.ji:, i :..., 52%
4. Si. Ixmfe Br-. Co.. fint 7. .
|
AAO \. ng .
- 1
n *t
Note: Average income available is the annual average surplus per mile for the ten years ended June 30, 1916.
Interest requirements are the present requirements. For full explanation of basis for classifying, etc., see Introduc-
tion. For Key to Ratings, see pages 19 to 21.
ENCE NOTES ON BOND ISSUES

Anth. and outstanding. $7,000,000. Dated Oct. 1, 1889; due Oct. 1, 1939. Int. paid at J. P. Morgan A Co.,
1.
New York. Coupon. $1,000. Guar., as to int., by the following companies: Cleveland, Cincinnati, Chicago & St.
Louis Ry.. Louisville A Nashville R.R.. Missouri Pacific Ry., Wabash Ry., Baltimore A Ohio, Southwestern R.R., St.
Louis, Iron Mountain A Southern Ry., Vandalia R.R., St. Louis-San Francisco Ry., Chicago, Rock Island & Pacific
Ry.. Chicago A Alton R.R., Chicago, Burlington A Quincy R.R., Missouri, Kansas A Texas R.R., Southern Ry., Illi-
nois Central R.R., and the St. Louis Southwestern Ry. First lien on entire property of the company, consisting of
1.07 miles in St. Louis, Mo., together with valuable real estate and terminal property in the most central business
portion of St. Louis. First collateral lien on railroad yards and real estate in East St Louis, operated for the inter-
change of freight and passenger traffic. Also a first lien on leasehold interest in St. Louis Bridge Co. and Tunnel
R.R. of St. Louis. Underlies Nos. 2 and 3 with provision by latter for retirement. Legal for in Conn, and R. I.
S.B_.
Listed on New York, Boston and St. Louis Stock Exchanges. Normal income tax deducted from interest.
2.Anth.. $12,000.000: outstanding. $5.000.000 (closed). Dated Aug. 1. 1894; due Aug. 1, 1944. Int. paid at
J. P. Morgan ACo., New York. Coupon, $1,000. Guar., as to int.. by proprietary companies named in No. 1. Direct
obligation of the company, and secured by a mortgage on all the property of the Association, subject to No. 1, except
as to the stocks and bonds of the St. Louis Terminal Ry. and the East St. Louis Bolt R.R., and the stock of the St.
Louis Merchants' Bridge Terminal Ry., on which this issue is a first lien. Underlies No. 3. Legal for S.B. in Conn.
and R. I. Listed on New York and St. Louis Stock Exchanges. Interest paid without deduction for normal income
tax.
3.Auth.. $50,000.000; outstanding. $23.712.000. Dated Jan. 1. 1903; due Jan. 1, 1953. Int. paid at J. P. Morgan
A Co., New
York. Coupon and reg., $1,000. Callable at 110 and int., on 60 days' notice. Sinking fund: Provision
is made for the retirement of $100.000 of these bonds annually at not to exceed 110 and int. Auth., $50,000.000, of
which sufficient are reserved to retire Nos. 1, 2 and $3.500,000 St. Louis Merchants Bridge Term. Ry. 1st 5s and
$2.000.000 St. Louis Merchants Bridge Co. first 6s, and balance for improvements, additions, etc. Guar., as to interest
and sinking-fund payments, by proprietary companies named in No. 1. Direct obligation of the Association and se-
cured on all its property, subject to Nos. 1 and 2, except on the stocks of the East St. Louis A Carondelet Ry., the
Illinois Transfer R.R. Co.. the Granite City A Madison Belt R.R., the St. Louis Belt A Terminal R.R., and the Ter-
minal Realty Co. Legal for S.B. in Conn, and R. I. Listed on New York and Boston Stock Exchanges. Interest paid
4.Anth. and outstanding. $5.000.000. Dated April 1, 1879: due April 1, 1929. Int. paid at J. P. Morgan A Co.,
New York. Coupon. $500 and $1,000. Prin. and int. guaranteed, by endorsement, by the Terminal R.R. Association
of St. Louis. First lien on entire bridge properties of the company. Interest paid without deduction for normal in-
con* tax.
NAIIB AND DETAILS or ISSUE.

TEXAS MIDLAND RAILROAD COMPANY. 721
Bonded Debt: (1) $3,500,000 first 5s; dated Oct 1, 1890; due Oct. 1, 1930. Int. April and Oct. at Farmers'
Loan & Trust Co., New York, and at St. Louis. Coupon, $500 and $1,000. First lien on the property owned. Guar.,
prin. and int., by Terminal R.R. Association of St. Louis. An equal amount of Terminal R.R. Association General
4s are reserved to retire this issue. Legal for S.B. in Conn., R. I. Listed on New York Stock Exchange. Interest
paid without deduction for normal income tax. Net Rating, Aaa.
(2) $2,000,000 St Louis Merchants' Bridge Co. first 6s; dated Feb. 1, 1889; due Feb. 1, 1929. Int. Feb. and
Aug., at Farmers' Loan & Trust Co., New York. Coupon, $1,000. Callable at 110 and int. First lien on the bridge
property. Leased to St. Louis Merchants Bridge Terminal Ry. Co. Int. guar. by Terminal R.R. Association of St.
Louis. Normal income tax deducted from interest. Net Rating, A.
Capital Stock: Auth., $3,500,000; outstanding, $2,939,500; par, $JOO. All is owned by the Terminal R.R. Associ-
ation of St. Louis.
WIGGINS FERRY COMPANY

Orifrin: Incorporated under laws of Illinois, Feb. 11, 1853. Owns the entire stock of the East St. Louis Con-
necting Ry. and the St. Louis Transfer Ry., and operates the Wiggins Car Transfer and Wiggins Wagon Ferries.
Location: Company owns extensive freight yards and 11.74 miles of yard tracks in St. Louis, Mo., leased to and
operated by St. Louis Transfer Ry. Co. Equipment: Wagon ferries, 4; car transfer boats, 2; tug, 1.
Management: OFFICERS: W. S. McChesney, Pres.; E. B. Pryor, Vice-Pres.; C. A. Vinnedge, Sec. and Aud.;
F. C. Daab, Treas., St. Louis, Mo. DiMCTMB; W. S. McChesney, T. C. Powell, A. Robertson, E. B. Pryor, C. E.
Schaff, St. Louis, Mo. OFFICE, St Louis, Mo.

1916 1915 1914 1913 1912
Gross revenues $424.569 $388340 $522.028 $575,522 $531,453
Maintenance of way and structure 10,557 10 B88 12.732 14,002 37,797
Maintenance of equipment 11.371 L6J79 IBJ&I 47,469 59,866
All other operating expenses 27.897 46,904 260,728 224,757 247,473
Net operating revenues. $374.744 $314.032 $240.271 $289,294 $186,316

Other income ..... , 200,741 242338 248,896 244,776 198,453
Total net income $575.485 $556370 $489.166 $534.070 $384.769

Taxes :,,.. --..:>; n* io 33.490 27,292
Fixedcharges 131,886 120.119 87,165 81,911 65,235
Surplus . $412.630 $3fi0.367 $372,411 $418,669 $292,242

Dividends paid 330.000 330,000 330,000 330.000 330,000
Balance $82,630 $50367 $42,411 $88,669 (def.)$37,768
Profit and LOM Account, year ended June 30, 1916: Credit balance at beginning of year, $2.380,344; credit bal-
transferred from income, $82.630; miscellaneous credit*. $138; total, $2,463.112. Contra: Loss on retired road
and equipment, $19,567; miscellaneous debits, $613; credit balance carried to balance sheet, $2,442,932; total, $2,-
463,112.
ASSETS: Ifll 1915 1914 1913 1912
Property investment $3,403.196 '$3,484.932 $2,113184 $2,146,769 $1,995,652
Working assets 464.103 214.102 430.717 954.120 938.518
Deferred debit item* 9,677 12,020 1,200,355 612,652 737,849
Total $3,876,976 $3,711,054 $3,744,256 $3,713,541 $3,672,019

LIABILITIES :
Capital stock . $1,000.000 $1,000,000 $1,000,000 $1,000.000 $1,000,000
Working liabilities 288234 19.1.180 281.240 286.014 332.430
Accrued not due
liabilities 28.002 27.744 30.640 28,321 36.453
items lit 117.808 109,786 226 80,450
Appropriated surplus ........ ........ 98,657 89,281
Profit and loss surplus 2.442,932 2,380,344 2,333,492 2.309.699 2.222,686
Total $3,876,976 $3,711,054 $3,744,256 $3,713,541 $3,672,019
Capital Stock: Authorized and outstanding, $1.000,000; par, $100. All owned by Terminal R.R. Association of
St Louis. Regular dividends of 33% have been paid for many years. No bonded debt.
TEXAS MIDLAND RAILROAD

Oritin: Incorporated under laws of Texas, December, 1892, and acquired the Northeastern Division of the
Texas Central R.R.
Location : Line of road operated: Paris to Commerce 37.48 miles; Greenville to Ennis, 73.70 miles; Commerce
to Greenville; operated under trackage rights, 13.97 mils; total, 125.15 miles.
M*n**ment: OFFICERS: E. H. R. Green, Pres.. Gen. Mgr. & Pur. Agt; W. P. Allen. Vice-Pres.; T. E. Cprley,
Rr . Irons, and Aud. DIRECTORS: E. H. R. Green, W. P. Alien, Terrell, Texas; J. H. McDonough, Wm. J. Quinlan,
New York; H-nrv Hamilton, E. M. Reardon, F,. J. Kiest, Dallas, Texas. Annual meeting, second Tuesday in May.
Omc: Terrell, Texas.
TEXAS MIDLAND RAILROAD COMPANY. 723
Gross revenues
REFERENCE NOTE ON BOND ISSUE
1.Auth. and outstanding, $2,000,000. Dated Aug. 1, 1908; due Aug. 1, 1938. Int., at Chemical Nat. Bank, New
ii
on, $1,000. Principal may be registered. First lien on 111.18 miles as follows: Paris to Commerce,
nn erf __;!, T4-n**s*n4- A !sl nri f Vi sÂ/lu sti-inn frtf v\f\vmtt\ irtfifMrna f Q Y
3761 miles; Greenvilfe to Enni^T 73-57 miles." Interest paid with deduction for normal income tax.
-ii j__ 17*
_
Capital Stock: Auth. and outstanding, $112,000 (reduced from $500,000 in 1908); par, $100. No dividends.
THE TEXAS & PACIFIC RAILWAY COMPANY

official
Origin: Incorporated March 3, 1871, under United States
and Texas laws. The company acquired the Memphis,
El Paso & Pacific R.R., the Southern Pacific of Texas Ry., and the Southern Transcontinental Ry. In 1881, the New
Orleans Pacific Ry. was acquired. The company now also controls the Denison & Pacific Suburban Ry. and the
Weatherford, Mineral Wells & Northwestern Ry. On April 1, 1915, the Opelousas, Gulf and Northwestern Railway
was directly merged.
Location: The directly operated lines of the company consist of 1,944.07 miles, as follows: Main lines, New
Orleans to Shreveport, Texarkana to Fort Worth, Fort Worth to El Paso, Reisor to Marshall; branches, including
Port Allen to Ferriday, La., Cyprus to Shreveport, etc., 1,851.92; trackage rights, 92.15 miles. Mileage mainly in
Texas and Louisiana. Population of these States in 1890; 3,344,110; in 1900, 4,430,335; in 1910, 5,521,930.
Affiliations: Of the total outstanding stock ($38,763,810), the Missouri Pacific Ry. owns $6,525,000 and the St.
Louis, Iron Mountain & Southern Ry. $30,000. Further, the Second consolidated income 5s of the Texas Pacific (see
Table D) have nearly all been exchanged for St. Louis, Iron Mountain & Southern refunding 4s at 65% of their par
value.
Receivership : J. L. Lancaster and Pearl Wight were appointed receivers of the company by Judge Foster in
the U. S. District Court at Shreveport, La., in Oct., 1916, on application of B. F. Bush, receiver of the St. Louis,
Iron Mountain & Southern Ry. for an unpaid judgment against the company. For details as to reorganization, etc.,
consult our Investors Service.
Management: OFFICERS: J. L. Lancaster and Pearl Wight, Recs. George J. Gould, Pres. J. L. Lancaster,
; ;
Vice-Pres. Kingdon Gould, Vice-Pres.; C. W. Veitch. Secy, and Treas.

;
DIRECTORS: Geo. J. Gould (Chairman), R.
C. Clowry, Howard Gould, Chas. H. Sabin, Wm. C. Osborn. B. D. Caldwell. John I. Watcrbury, Henry A. Bishop,
J. L. Lancaster, N. S. Meldrum, E. J. Pearson, Benjamin Nicoll, Kingdon Gould, H. E. Cooper, D. Milbank. NEW
YORK OFFICE: 165 Broadway. GENERAL OFFICE: Dallas, Texas.
TEXAS ,S PACIFIC RAILWAY COMPANY. 725
Comparative Condensed Balance Sheet, as of December 31, 1910-1911; June 30, 1913-1916
ASSETS : 1916 1915 1914 1913 1911 1910
Working assets 4,781,875 4,280,700 3,833,685 2,936,810 4,748,276 4,691,459
Deferred debit items 216,663 207,270 1,206,840 771,927 538,014 410,342
Accrued income not due. . . 38,330 4.950
Profit and loss 755,806 10,264 494,923
Total $114,011,980 $112,309,001 $111,966,487 $110,813,924 $110,993,192 $110,414,225

LIABILITIES :
Capital stock $38,763,810 $38,763,810 $38,763,810 $38,763,810 $38,763,810 $38,763,810
Funded debt 56,691,000 56,927,199 56,687,714 57,203.332 57,396.353 57,884,353
Accrued liabilities not due 514,328 598.326 505,112 468,475 220,858 220,858
Deferred credit items 801,381 355,495 235,449 174,560 1,832.814 1.285,789
Appropriated surplus . . . 10,581,495 9,455,782 8,711,008 7,602,939 5,445,531 4.571.062
Profit and loss surplus . . . 320,009 1,850,701 1,656,194
Total $114,011,980 $112,309,001 $111,966,487 $110,813,924 $110,993,192 $110,414,225
Securities Owned, at book value, on June 30, 1916, amounted to $1,969,191. Working assets in 1916 included
$791,490 in cash.
Comment: There were practically no financial changes on the Texas & Pacific during the year ended June 30,
1916. As measured on the mileage basis, the capitalization today is lower than in earlier years, and in 1916, the
net income on net capital was higher than at any time during the past decade. The company during the year was
able* to eliminate its former profit and loss deficit, and reported a considerable surplus.
NAME OF ISSUE.
TEXAS S PACIFIC RAILWAY COMPANY. 727

Series A A, 5s. Dated June 1, 1907; due $155,000 i.a. to June 1,1917. Original issue, $3,100.000; now unma-
tured, $155.000. Int. paid J. and D. 1, at B'air & Co., New York. First lien on equip, costing $3,696,000. Interest
Series BB. 5s. Dated June 1, 1912; due $30,000 s.a. to June 1, 1922. Original issue, $600.000; now unmatured,
$330,000. Int. paid J. and D. 1, at Blair & Co., New York. Interest paid without deduction for normal income tax.
Series CC, 6s. Dated Nov. 1, 1915; due $22.000 s.a. to Nov. 1, 1920. Original issue, $220,000; now unmatured,
$176,000. Int. paid M. A N. at Equitable Trust Co., New York. First lien on equipment costing $296,000. Normal
Series DD, 5s. Dated July 1, 1916; due ?25 000 s.a. to July 1, 1926. Original issue, $500,000; now unmatnred,
$475,000. Int. paid J. and J. at Equitable Trust Co., New York. First lien on equipment costing $615,026. Nor-
mal income tax deducted from interest AH issues are coupon $1,000.
TABLE E. Stock Record and Ratings (Based on 10- Year Results, Per MUe of Road)
WEATHERFORD, MINERAL WELLS & NORTHWESTERN RAILWAY
Origin: Incorporated under laws of Texas, July 26, 1889. Completely opened in 1908. Controlled by Texas &
Pacific Ry, which owns 95% capital stock.
Location: Line of road, Weatherford to Garford, Texas, 41.2 miles, Sidings, 9.44 miles. Equipment: Loco-
motives, 4; passenger and freight cars, 43.
Management: OFFICERS: J. L. Lancaster, Pres., New Orleans, La.; J. H. Elliott, 1st Vice-Pres., Dallas, Tex.;
B. C. Crow, 2d Vice-Pres. and Gen. Supt., Weatherford, Texas; A. J. Biard, Sec., Dallas, Tex.; J. W. Boot, Treas.
and Aud., Weatherford, Tex. DIRECTORS: W. H. Abrams, J. H. Elliott, E. J. Gannon, Dallas, Tex.; B. C. Crow,
G. M. Bowie, Weatherford, Tex.; J. L. Lancaster, T. J. Freeman, New Orleans, La.; H. N. Frost, Mineral Wells,
Tex.; E. L. Flippen, Dallas, Tex. Annual meeting, second Tuesday in June. OFFICE: Weatherford, Tex.

1916 1915 1914 1913 1912
Gross revenues $132,193 $141,955 $143,449 $175,484 $130,956
Net operating revenue ....

Operating ratio
Other income
Total net income.

Taxes accrued
Fixed charges, etc . . . .
TOLEDO, PEORIA 4 WESTERN RAILWAY COMPANY: 729
Management: OFFICERS: E. N. Armstrong. Pres.; F. L. Fox, Secy, and Treas. DIRECTORS: C. M. Dawes, E. N.
Armstrong, Hale Holden, J. J. Turner, G. L. Peck. Annual meeting, second Wednesday in September. MAIN OF-
FICE: Peoria, 111.
of FreiKht Tonnage (Years Ending June 30)

1916 1915 1914 1913 1912 1911
Gross revenues $1,218,162 $1,175,244 $1,293,609 $1,392,961 $1,276,600 $1,293,562
All other operating exps . . 522,370 603,213 657,789 589,376 559,472 554,491
Net operating revs. . . $171,545 $39,975 $57,454 $257,713 $230,583 $257,087

Operating ratio 85.9% 96.60% 95.6% 81.5% 81.9% 80.1%
Other income 167,394 101,951 104,398 72,200 58,314 44,491
Total net income $338,939 $141,926 $161,852 $329,913 $288,897 $301,578

Taxes accrued 74,000 73,200 73,921 63,887 58,213 67,149
Balance for charges. .

$264,939 $68,726 $87,931 $266,026 $230.684 $244,429
Fixed charges 300,864 298,793 275,773 228,354 228,380 231,243
Surplus over charges, (def.) $35,925 (del) $230,067 (def.) $187,842 $37,672 $2,304 $13,186
Profit and Loss Account, year ended June 30, 1916 Debit balance at beginning of year, $841,123 ; debit balance
:
transferred from income, $35,925; miscellaneous debits, $8,705; total, $885,743. Contra: Miscellaneous credits, $23,-
317; debit balance carried to Balance Sheet, $862,426; total, $885,743.
Comment: Gross revenues improved moderately while net operating revenues underwent much expansion on
the Toledo, Peoria & Western road in the year 1916. Outside income was also better than usual and therefore the
eonlfcany's net income available for charges reached the best figure reported in some years past. Fixed charges, how-
erer, continued high, and the company was obliged to report a further profit and loss deficit.

i Capitalization Per Mile of Road. Dividend Record.
YEARS
ENDED
JUNE 30.
TOLEDO, ST. LOUIS $ WESTER\ RAILROAD COMPANY.
7
731
TABLE D. Bond Record and Ratings (Based on 10- Year Results, Per Mile on Road)
NAMB or Ima.
-
YEARS
ENDED
JUNE SO.
TOLEDO, ST. LOUIS < WESTERN RAILROAD COMPANY. 733
Profit and Loss Account, year ended June 30, 1916: Credits, credit balance July 1, 1915, $2,213,628; credit bal-
ance transferred from income, $309,169; donations, $10; miscellaneous credits, $28,578; total, $2,551,385. Contra:
debit discount extinguished through surplus, $85; loss on retired road and equipment, $17,597; miscellaneous debits,
$4,060; credit balance carried to balance sheet, $2,529,643; total, $2,551,385.
Comment: Both gross and net revenues underwent a very sharp advance in the Toledo, St. Louis & Western
property during the year 1916. The net operating revenues were nearly twice those of the previous year and as
fixed charge* increased only moderately, the company was able to report a very substantial surplus as compared
with a heavy deficit in 1915. Although the company is still in receivers' hands, it will be noted that there has been
very substantial improvement in its position.
TABLE ('.Capitalization Factors (Security Obligations and Earning Power)
TEAM
JUNE 30.
in treasury. Dated July 1, 1900 ; due July 1, 1925. Int.
1 Auth$10000,000; outstanding, $9,575,000; balance
paid at company's office, 60 Wall St., New York. Coupon, $1,000; reg., $1,000
and $5,000. First lien on entire prop-
erty now owned or hereafter acquired, including 450.58 miles
from Toledo, Ohio, to East St. Louis, 111. Underlies
No. 2, which provides for retirement. Legal for Savings Bank in Maine, Mo. Listed on New York Stock Exchange.
2 Auth $16500,000; outstanding, $6,500,000; balance may be issued only to retire No. 1. Dated July 1, 1900 ;
due April 1, 1950. Int. paid at company's office, 60 Wall St., New York. Coupon, $1,000; reg., $1,000 and $5,000.
Redeemable on any interest date after July 1, 1925, at par and int. on six months' notice. Second lien on 450.58
miles, following No. 1. Listed on New York Stock Exchange.
Interest paid without deduction for normal income
tax.
in Toledo, Ohio.
3.Auth., $500,000; outstanding, $100,000. Dated Arg. 1, 1916; due Aug. 1, 1918. Int. paid
Coupon, $1,000. Callable at par after Aug. 1, 1917, on 30 days' notice. Secured by deposit of 7.140 shares of com-
mon stock of the Detroit & Toledo Shore Line R.R.
4 and 5. Auth., $12,000,000; outstanding, $6,480,000 Series "A," $5,047,000 Series "B." Dated Aug. 1, 1907;
due Aug. 1, 1917. Int. paid at 60 Wall St., New York. Coupon, $1,000. Both issues equally secured by pledge of
$6,480,000 preferred and $14,420,000 common stock of Chicago & Alton R.R. Series "A" were issued for the Chicago
& Alton preferred, dollar for dollar, and Series "B" were issued for the Chicago & Alton common on the basis of $35
in bonds for $100 in stock. On Series "B," interest (since July 1, 1912) is at rate of 4% per annum. Both series
defaulted on interest payment Aug. 1, 1914. Of those outstanding, the Chic., R. I. & Pacific Ry. owns $400,000
Series "A," and all of Series "B." Listed (Series "A") on New York Stock Exchange. Interest paid without de-
TOLEDO, ST. L. $ WESTERN E.E. SYSTEM (CHI. $ ALTON R.R.). 735
K-. ;>.- :>
Jam to.
Fixed charges, as shown above, include hire of equipment, interest and rentals, and discount on securi-
Note:
ties. in 1912 income account is the 4% payment from profit and loss on the small issue of prior
The dividend item
lien and participating stock, of which there is $868.700 outstanding. In 1916, rental guarantees amounted to $366,-
056; interest on bonds, $3,244,743; facility rents, $391,208; hire of equipment, $447,822.
Profit and Loss Account, year ended June 30, 1916: Profit on road and equipment sold, $78,649; delayed income
credits, $19.805; unrefundable overcharges, $4,044; donations, $85,171; miscellaneous credits, $24,239; debit balance
carried to Balance Sheet, $8,094,027; total, $8,305,935. Contra: Debit balance at beginning of year, $7,674,340;
debit balance from income account, $171,578; surplus appropriated for property, $142,091; debit discount, $728; loss
on retired road and equipment, $199,352; delayed income debits, $108,293; miscellaneous debits, $9,552; total,
$8,305,935.
Comment:The best gross revenues ever reported were shown by the Chicago & Alton property during the year
ended June The net revenues were also better than during any year since 1910 and as outside income also
30, 1916.
increased, the company was able to show surplus profits almost equal to the heavy fixed charges.
No progress has been made in the reorganization of this property but as the controlling interests are continuing
to advance funds for the payment of current obligations, the securities still remain on a fairly substantial basis.

Per Mile of Road.
YEARS
ENDED
JUNE 30.
TOLEDO, ST. L. $ WESTERN R.R. SYSTEM (CHI. <$ ALTON R.R.). 737
Securities Owned June 30, 1916

Securities pledged
K. C., St. L. & Chic. R.R., preferred stock. . .$3,000,000.00 Peoria Ry. Terminal Co., capital stock... $700.00
K. C., St. L. & Chic. R.R. Co., common stock. .157,100.00 Peoria Ry. Terminal Co., 1st mtge. bonds
La. ft Missouri River R.R. Co., preferred stock 999.800.00 One-half interest in 3 bonds owned
La. ft Missouri R.R. Co., common stock 2,300,500.00 jointly with C. R. I. ft P. Ry. Co 1,500.00
Kan. City Terminal Ry. Co., common stock. . . 100,000.00 Springfield Hotel Co., stock 1,000.00
Miss. River Bridge Co., common stock 300.000.00
Peoria Ry. Terminal Co., capital stock 499,300.00 Total par value $49,600.00
Term. R.R. Ass'n of St. Louis capital stock. . .205.800.00 Total book value 46,841.50
Rutland, Toluca ft No. R.R. Co., capital stock 96,300.00 Deducted from capital liabilities
C. ft A. R.R. Co. 4% pr. lien & par. stk. 10,600.00
Total par value $7,658,800.00 C. ft A. R.R. Co., gen. mtge. 6s 216,000.00
Total book value 4,027,745.24 C. ft A. R.R. Co., 20 yr. imp. and eq. bds. 6,817,000.00
Securities unpledged
Alton Grain Elevator Co., stock $23,000.00 Total par and book values $7,043,600.00
Cleveland Athletic Ass'n 1 00.00 Recap, of Sec. Owned Par value Book value.
Joliet ft Chicago R.R. Co., guaranteed stock. . 5,000.00 Securities pledged $7,658,800.00 $4,027,745.24
K. C., St. L. ft Chic. R.R. Co., common stock. . f ."n Securities unpledged 49,600.00 46,841.50
La. ft Missouri River R.R. Co., preferred stock 5,900.00 Securities owned, deducted
La. ft Missouri River R.R., common stock 1,200.00 from capital liabilities.. 7,043,600.00 7,043,600.00
Rutland, Toluca A No. R.R. Co., capital stock TII.M.O
Joliet Union Depot Co., capital stock 10,000.00 Totals $14,752,000.00 11,118,186.74
TABLE D. Bond Record mnd Ratings i

,,.,.
5. In several series, as follows: Chicago & Alton Equip. Assn. Series E, 4%s; dated Nov. 1, 1908; due
$82,000 s.a. to Nov. 1, 1918. Original issue, $1,640,000; n->w unmatured, $328.000. Int. paid M. and N. 1 at Bankers'
Trust Co., New York. Coupon, $1,000. First lien on equipment costing $2,051,519. Series F, 4%s; dated Feb. 1,
1909; due $12,000 each Feb. 1, and $13,000 each Aug. 1 to Feb. 1, 1919. Original issue, $250,000; now unmatured,
$62.000. Int. paid Feb. and Aug. 1 at Bankers Trust Co., New York. Reg., $1,000. First lien on equipment costing
$313,543. Series G, 5s; dated Oct. 1, 1910; due $72,000 annually to Oct. 1, 1918, and $73,000 Oct. 1, 1919 and 1920.
Int. A. and 0. 1, at Penn. Co. for Ins. on Lives, etc., Philadelphia. Coupon, $1,000. Original issue, $722,000; now
unmatured, $290,000. First lien on equipment costing $849,500. Interest paid without deduction for normal income
tax.

TONOPAH GOLDFIELD RAILROAD COMPANY. 739
RUTLAND, TOLUCA & NORTHERN RAILROAD

Incorporated under Illinois laws, Nov. 9, 1909, as successor of the Toluca, Marquette & Northern R.R. Leased
for 999 years to Chicago ft Alton at guaranty of principal and interest on bonds. Operated by lessee. Line of road:
Rutland to Granville, 26.97 miles; sidings, 6.17 miles.
Management: OFFICERS: W. G. Bierd, Pres.; V. M. Alexander, Vice-Pres.; H. E. H. Wood, Sec. and Treas.
Annual meeting, third Thursday in November. OFFICE, Chicago, 111.
Bonded Debt: $225,000 Rutland, Toluca & Northern R.R. first 4s; dated Oct. 1, 1910; due Oct. 1, 1930. First
lien on entire property. Guaranteed principal and interest by Chicago & Alton R.R. Interest paid without deduc-
Capital Stock: Auth. and issued, $97,000; par, $100. All owned by Chicago ft Alton R.R.
KANSAS CITY, ST. LOUIS & CHICAGO RAILROAD

Incorporated under Missouri laws April 18, 1877. Line of road, Kansas City to Mexico, Mo., 161.9 miles; sid-
ings, 63.43 miles. Leased in perpetuity to Chicago & Alton R.R., rental being 35% of gross earnings less taxes and
assessments. If rental is in excess of 6% on preferred and 7% on common stock in any year, all excess goes to the
lessee.
Management: OFFICERS: E. F. Swinney, Pres.: W. G. Bierd, Vice-Pres.; H. E. H. Wood, Sec. and Treas.
Annual meeting, second Tuesday in March. OFFICE, St. Louis, Mo.
Capital Stock: Auth. and issued, $1,750,000 6% guaranteed preferred, $3,000,000 unguaranteed preferred, and
$271.800 common; par, $100. The Chicago A Alton owns $157,600 common and all the unguaranteed preferred.
Dividends of 6% quarterly February are paid on guaranteed preferred, and 7% May and Nov. 1, on unguaranteed
preferred and common. For rating, see Chicago & Alton stock table.
TONOPAH & GOLDFIELD RAILROAD COMPANY

NOTE: The analysis is official documents of the company, including its annual reports of the past ten years.
based on
Origin: Incorporated Nov. 1, 1905, under Nevada laws, as a consolidation of the Tonopah R.R. and the Gold-
field R.R.
Location: Operates 113.39 miles, from Tonopah June, to Milltown, Mina to Tonopah June., etc.
Control: Company is controlled by Tonopah Mining Co., of Nevada, through ownership of $988,700 out of $1,-
60,000 common and $283,400 of the $500,000 preferred.
Management:OFFICERS: M. B. Cutter, Pres.; J. S. Austin, Vice-Pres.; C. A. Higbee, Vice-Pres. and Treas.;
Wm. F. H.-nhaw. Sec. DnucTOBS: H. D. Moore. C. A. Higbee, R. G. Park, M. B. Cutter, C. A. Heller, J. S.
Austin, Wm.
M. Potts, J. H. Whiteman, C. A. Daniel, S. Bell, Jr., C. R. Miller, Geo. Wingfield, C. E. Knox. MAIN
OFFICE: Goldfield, Nev. PHILADELPHIA OFFICE: Bullitt Building.
of Freight T Ended June M)

Comment- During the fiscal year ended June 30, 1916, the Tonopah & Goldfield Railroad reported a slight,
improvement in its freight density and average freight train load was better than in any year since 1911. Train mile
a moderate decline in average freight rates. As usual, th
earnings also ranged at higher figures and there was only
during the past year to a very large extent on the products of mines for its freight tonnage.
company depended
YEARS
ENDED
JUNE 30.
TOXOPAH $ GOLDFIELD RAILROAD COMPANY, 741

TUBS
ENDED
JUNE SO.
THE ULSTER & DELAWARE RAILROAD COMPANY
Origin: Successor in 1902 to old Ulster & Delaware R.R., Kaaterskill R.R., Stony Cove &
Catskill Mountain
R.R., Hobart Branch R.R., and Delaware &
Otsego R.R.
Location: Maine line extends from Kingston Point to Oneonta, N. Y., 107.03 miles; branches, Phoenicia to
Kaaterskill, 19.19 miles; Kaaterskill June, to Hunter, N. Y., 2.66 miles; total operated, 128.88 miles.
Management: OFFICERS: E. Coykendall, Pres.; Thos. C. Coykendall, Vice-Pres.; Frank Coykendall, Treas.; H.
H. Flemming, Secy. DIRECTORS: Frank Coykendall, T. C. Coykendall, E. Coykendall, Fredk. Coykendall, G. I. Wil-
ber, H. G. Young, C. S. Sims, H. H. Flemming, P. E. Schoomaker. Annual meeting, first Tuesday after first Sun-
day in December. MAIN OFFICE: Kingston, N. Y.
ULSTER DELAWARE RAILROAD COMPANY. 743
Gross revenues
TABLE D. Bond Record and Ratings (Based on 10-Year Results, PerJMilejof Road)
UNION PACIFIC RAILROAD COMPANY. 745
Co. in the interest of the Union Pacific. The Southern Pacific stock is to be voted by the trustee only under direction
of the Court. If by Jan. 1, 1916, any certificates of interest remain outstanding, the Court may direct the trustee
to sell the stock represented thereby and pay the proceeds to the lawful holders. Union Pacific stockholders in 1913,
under an offer, which was underwritten, subscribed for $84,426,700 of said $88,357,600 certificates of interest at 92.
Distribution of Baltimore & Ohio Stock: On Jan. 8, 1914, the directors of the company voted to distribute to
the common stockholders on April 1, 1914, 12% in Baltimore & Ohio preferred and 22% in Baltimore & Ohio com-
mon, then held in the treasury, and also $3 per share in cash and at the same time to reduce the dividend on the
;
common stock from 10% to 8% per annum. These dividends in Baltimore & Ohio stock called for $25,996,248 pre-
ferred and $48,746,925 common of the Baltimore & Ohio, thus disposing of all the Union Pacific's stock interest in
that property, except $3,594,035 common and $1,805,992 preferred stock. The final distribution was made in July, 1914.
Management: OFFICERS: Robert S. Lovett, Chairman; E. E. Calvin, Pres.; C. C. Stillman, Vice-Pres.; .C. B.
Seger, Vice-Pres. and Compt.; W. A. Harriman, Vice-Pres.; B. L. Winchell, Director of Traffic; F. V. S. Crosby,
Treas.; Alexander Millar, Secy. DIRECTORS: Oliver Ames, A. J. Earling, R. W. Goelet, Marvin Hughitt, R. S.
Lovett, C. A. Peabody, W. G. Rockefeller, Joseph F. Smith, Frank A. Vanderlip, Mortimer L. Schiff, Wm. Rocke-
feller, W. V. S. Thome, Otto H. Kahn, W. A. Harriman, Frank Trumbull. Annual meeting, second Tuesday in Oc-
tober. NEW YORK OFFICE: 165 Broadway.

Note: Above table is based on average mileage directly operated each year, whether such mileage is owned,
leased or otherwise controlled. Margin of safety is the proportion of surplus left over after providing for all charges
prior to dividends. These charges in 1916 consumed 3i%, thus leaving a "margin of safety" of 69%.

1916 1915 1914 1913 1912 1911
Gross revenues $104,717,005 $86,958,295 $90,308,751 $93,638,459 $85,977,609 $88,983,108
Maintenance of way 13,869,369 10,900,925 10,785,783 10,688,564 9,594,538 10,445,203
Maintenance of equipment 12,388,809 12,101,212 12,123,174 10,694,011 9,812,175 9,208,725
Net operating revenue $46,134,235 $34,821,580 $36,916,932 $39,608,242 $35,588,202 $39,175,274

Operating ratio 55.9% 60% 59.1% 57.7% 58.7% 56%
Outside operations, net ... *211,851
Other income 13,303,843 13,303,161 17,795,500 19,207,971 18,896,509 18,643,589
Total net income $59,438,078 $48,124,741 $54,500,581 $58,816,213 $54,484,711 $57,818,863

Taxes accrued 5,310,698 4,641,474 5,078,867 4,666,277 4,368,788 3,464,147
Balance for charges. . $54,127,380 $43,483,267 $49,421,714 $54,149,936 $50,115,923 $54,354,718

Fixed charges 15,338,246 15,078,908 16,327,770 17,372,831 16,075,930 14,378,955
Surplus over charges. $38,789,134 $28,404,359 $33,093,944 $36,777,105 $34,039,993 $39,975,761

Dividends paid 21,765,068 21,765,068 23,762,518 25,645,110 25,646,482 25,641,315
Approps. for impmts., etc. 3,536,116 1,095,259
Balance $13,487,950 $5,544,032 $9,331,426 $11,131,995 $8,393,511 $14,334,446

Earned on stock: Pfd 38.97% 28.54% 33.25% 36.94% 34.19% 40.16%
Common 16.38% 10.98% 13.10% 15.14% 13.88% 16.61%
* Deficit.
Note: In above Income Account, for all years except 114, outside operations are included in gross revenues and
operating expenses. "Other Income" in 1916 included interest on bonds and notes owned, $6,528,971; dividends on
stocks owned, $4,331,904; other interest, $839,878; rental income, $1,208,491; hire of equipment, $220,155. Fixed
charges included $13,810,313 for interest on bonds; $1,348,895 for rentals; $179,038 for other charges.
Profit and Loss Account, year ended June 30, 1916: Credit balance June 30, 1915, $96,962.242; credit balance
transferred from income account, $13,487,950; net profit from sale of Southern Pacific Co. stock, $16,099,-
190; proceeds from sale of bonds of Union Pacific Coal Co. to its sinking fund, $210,000; difference between pro-
ceeds of sale of property and book value thereof, $12,153; liabilities written off, being unclassed, $57,909; miscel-
laneous credits, $5,471; total, $126,825,915. Contra: Loss on retired road and equipment, $117,267 ; cost of surveys
of projected lines not constructed, $47,205 difference between investment in the Oreg. & Wash. R.R. Co. and ap-
;
praised value of lands owned by said company, $2,150,000; loss arising from liquidation of Occidental & Oriental S.S.
Co., $310,199; uncollectible account, $8,191; adjustment in accounts, $5,548; miscellaneous debits, $10,695; credit
balance carried to balance sheet, $124,176,810; total, $126,825,915.
Comment: Gross and net revenues of the Union Pacific for the fiscal year ended June 30, 1916, were far in
excess of any ever reported before. The surplus available for fixed charges was more than $10,000,000 larger than
during the previous year and after payment of all charges and preferred dividends, the final surplus left over was
equal to over 16 1-3% on the outstanding capital stock. Results since the close of the fiscal year have continued to
show moderate improvement.

if YEARS
ENDED
JUNE 30.
t/.V/O.V PACIFIC RAILROAD COMPANY. 747

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 50,133,381 31,154,565 46,716,151 39,235,001 94,069,017 89,195,658
Deferred debit items 2,918,183 2,801,641 19,154,908 26,173,560 )
Accrued income not due. 5,177,051 4,625,691
. 2,623,195 2,745,630 2,570,909 5,745,306 5
Reserve extra div. ( B.&O. ) 74,020,372
Total $861,198,513 $843,174,992 $907,632,481 $902,713,934 $914,840,149 $869,447,568

LIABILITIES:
Capital stock $321.836,600 $321.836,600 $321,836.000 $316.178,900
Funded debt 334.629,850 334,022565 334,045,665
Working liabilities 23,296,414 21,273,344 20,771,728
Accrued liabilities not due 11,060,666 10,710,011 10,439,678
Deferred credit items 5,706,724 21,451,492 20,124,658
Appropriated surplus . .40,471,469
. 36.919.038 109,827,728
Profit and loss surplus .. 124,176,810
. 96,962,242 90.586,424
Bond Investments, June 30, 1916
Company Par Value Company
UNION PACIFIC RAILROAD COMPANY. 749
NA or ISSCB.
4. Auth., $4,993,000; outstanding, $4,991,000 (closed).Dated July 1, 1878; due July 1, 1933. Int. paid at 165
Broadway, New York. Coupon, $1,000. Assumed by Oregon Short Line R.R. First lien on 475.39 miles, as fol-
lows:
Utah,
on New York and Boston Stock Exchanges. Normal income tax deducted from interest.
5. to exceed $15,000 per mile. inc. 1st 4s; outstanding, $1,744,000 (closed). Dated July 1, 1886; due July 1,
Not
1926. Int. paid at company's office, 165 Broadway, NewYork. Coupon, $1,000. Sinking fund: Beginning July 1, 1S87,
and annually thereafter a sum equal to two-thirds of 1% of bonds issued and not canceled to be used for purchase
of these bonds at not exceeding 105 and int. Second lien on 475.39 miles, following No. 4. Underlie Nos. 7, 10, 11,
and new cons. 4s of 1960 with provision by latter to retire. Listed on New York and Boston Stock Exchanges.
Auth., $25,000 per mile; outstanding, $14,931,000 (closed). Dated Nov. 1, 1881; due Feb. 1, 1922. Int. paid
6.
at 165 Broadway, New York. Coupon, $1,000. First lien from Granger, Wyo., to Huntington, Ore., 541.18 miles;
from Shoshone to Ketchum, Idaho, 7D.05 miles; total, 611.23 miles. Underlie Nos. 7, 10, 11 and new cons. 4s of
1960, with provision by latter to retire. Legal for S. B. in Mich., Minn., N. H., N. J., R. I., Wis. Listed on New
York and Boston Stock Exchanges. Normal income tax deducted from interest.
7.Auth., $36,500,000; outstanding, $12,328,000 (closed). Dated Mar. 1, 1897; due July 1, 1946. Int. paid at 165
Broadway, New York. Coupon, $500 and $1,000. First lien on 352.60 miles, as follows: From Ogden, Utah, to Sandy,
Utah, 49.28 miles; Nampa to Junction of the B. C. Ry. & T. Line, Idaho, 16.41 miles; Salt Lake, Utah, to west side
Jordan Bridge, 1.24 miles; Salt Lake yard connection, 1.02 miles; Clearfield to Syracuse, Utah, 4.99 miles, and upon
the following mileage totaling 279.81 miles sold to the Los Angeles & Salt Lake R.R., subject to this mortgage from;
Sandy to Frisco, Utah, 226.07 miles; Lehi June, to Tintic, Utah, 43.27 miles; and branches aggregating 10.33 miles,
making a total under first mortgage of 352.60 miles; second lien on 611.23 miles, following No. 6; third lien on
475.39 miles, following No. 5. Underlie Nos. 10, 11 and new cons. 4s of 1960, with provision by latter to retire.
Listed on New York and Boston Stock Exchanges. Interest paid without deduction for normal income tax.
8. Auth., $100,000,000; outstanding, $45,000.000 (clos3d). Dated Dec. 1, 1904; due Dec. 1, 1929. Int. paid at 165
Broadway, New York. Coupon and reg., $1,000. Callable at 102% and int. on any interest date upon three months'
notice. Guar. prin. and int. by Union Pacific R.R., by endorsement. First collateral lien on the following securities.
$20.000,000 New York Central R.R. stock; $25,577,000 San Pedro, Los Angeles & Salt Lake R.R. first 4s of 1959;
$4.018,700 Chicago & North Western common stock; $1,845,000 Chicago, Milwaukee & St. Paul Ry. common; $8.700.-
000 Illinois Central stock. Collateral may be substituted. Legal for S. B. in Minn., N. H., R. I. Listed on New York
and Boston Stock Exchanges. Interest paid without deduction for normal income tax.
Auth., $75.000,000; outstanding, $26,835,225; retired by conversion, $46,926,775. Dated July 1, 1907; due July
9.
1, 1927.Int. paid at company's office, 165 Broadway, New York. Coupon and reg., $500 and $1,000. Callable as
whole only at 102% and int. on any interest date on ninety days' notice. Convertible at any time before July 1,
1917, into the company's common stock at $175 per share, unless called for redemption. Not a mortgage. Legal for
S. B. in N. H., R. I. Listed on New York and Boston Stock Exchanges. Interest paid without deduction for normal
income tax.
10. Auth., $7,185.000; outstanding, $272,500 (closed). Dated Mar. 1, 1897; due July 1, 1946. Int. paid (if
earned) at 165 Broadway, New York, and Old Colony Trust Co., Boston. Coupon, $500 and $1,000. Second lien on
352.61 miles, following No. 7; third lien on 611.23 miles, following No. 7; fourth lien on 475.39 miles, following No.
7. Underlie Nos. 11 and 13, with provision by latter to retire; also Los Angeles & Salt Lake City R.R. Mtge. on a
portion of mileage. Normal income tax deducted from interest.
11. Auth., $15.000.000; outstanding, $25,000 (closed). Dated Mar. 1, 1897; due July 1, 1946. Int. paid (if earned)
at New York. Third lien on 352.61 miles, following No. 10; fourth lien on 611.23 miles, following No. 10; fifth
lien on 475.39 miles, following No. 10. Underlies No. 13, with provision to retire; also Los Angeles & Salt Lake
City R.R. Mtge. on a portion of mileage. Normal income tax deducted from interest.
12. Auth.. $175,000,000; outstanding, $39.665,035. Dated Jan. 3, 1911; due Jan. 1, 1961. Int. paid at New York
or London. Coupon and reg., $500, $1,000; 100, 200. Callable as whole only at 105 and int. on any interest date
on ninety days' notice. Guar. prin. and int. by Union Pacific R.R., by endorsement. First lien on 780.95 miles, as
follows: From Biggs Station to Shaniko, Ore., 69.08 miles; Arlington to Condon, Ore., 44.83 miles; Wallula to Spo-
kane, Wash., 156.88 miles; Repario June, to Lewiston, Idaho, 71.46 miles; Enaville to Paragon, Idaho, 32.83 miles;
Bell, Wash., to Amwaco, Idaho, 14.18 miles; Attalia to North Yakima. Wash., 98.12 miles; Pilot Rock June, to Pilot
Rock, Ore., 14.21 miles; Malheur June, to Brogan, Ore., 37.32 miles; Vale to Riverside, Ore., 78.07 miles; Blakes to
Homestead, Ore., 58 miles; Megler to Nahcotta, Wash., 26.98 miles; Centralia June, to Portola, Wash., 11.22 miles;
Black River June, to Seattle, 9.42 miles; Waba.sh to Tono, Wash., 6.06 miles; Peninsula June, to Troutdale, Ore.,
16.22 miles; Ayer June, to Riparia, Wash., 17.73 miles; North River June, to Prime, Wash., 12.04 miles; and
branches aggregating 6.47 miles; second lien on 1,120.58 miles, following No. 3. Legal for S. B. in Minn., N. H., N.
J., R. I. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
13. Note: Under date of Dec. 1. 1910, there was authorized an issue of $150,000,000 Oregon Short Line R.R.
firsts and consol. fifty-year 4s, due Dec. 1, 1960. Sufficient of these bonds are reserved to retire Nos. 4, 5, 6, 7, 10
and 11, and balance for additions and betterments. On June 30, 1916, there were $45,074,000 issued, but all were
in Union Pacific treasury.
NAHB AND DETAILS or ISSUB.

UNION PACIFIC SYSTEM (LOS ANGELES $ SALT LAKE RR. CO.). 751
Note: "Average income available" on stock issues is the average surplus after deducting all fixed and other
charges for the ten years ending June 30, 1916. "Dividend requirement" is the requirement at the current rate on
the present amount outstanding. For key to stock ratings, see pages 21 to 23.

Auth., $200,000,000. Has preference to 4% non-cumulative dividends. Payments have been made as follows:
1.
1898, 1H%; 1899, 3V4%; 1900 to date, 4% per annum.
2. Auth., $296,178,700. Of total authorized amount, sufficient is reserved for conversion, at $175 per share, of
the outstanding balance of 20-year 4% convertible bonds. Dividends have been paid as follows: 1900, 3%%; 1901 to
1904, 4% per annum; 1905, 4%%; 1906, 8%; 1907 to June 30, 19J4, 10% per annum; since, 8% per annum. In.
Jan., 1917, paid 2% extra. (See full dividend record below.) Both issues listed on New York, Boston, London,
and Amsterdam Stock Exchanges. TRANSFER OFFICE: 165 Broadway, New York.
Dividends: From Oct. 31, 1898, to Oct. 1, 1916, inclusive, there have been paid on the preferred stock a total of
thirty-seven cash dividends aggregating 73% or $71,409,954; from April, 1900, to Oct 1, 1916, inclusive, there have
been paid on the common stock fifty-three dividends aggregating 127%, or $243,726,080. The annual rates and
amounts of these dividends are shown in the following statement:
Dividends Paid on Preferred Stock (1898-1916). Dividends Paid on Common Stock (1900-1916).
Years. .c.
1897-1898.
1898-1899.
UM.1MO.
1! 4M1.
1901-1902.
1902-1903.
1903-1904.
1904-1905.
1M6-1M6.
I.HM-, I (67.
1907-1908.
1908-1909.
Comment: This property has reported a moderate improvement in freight density during the year ended June 30,
1916, and a very pronounced improvement in its passenger density. The average train load also was much better
than in 1915, while the train mile earnings were moved up to the best figure reported since 1913.
YEARS
ENDED
JUNE 30.
UNION PACIFIC SYSTEM (ST. JOSEPH $ GRAND ISLAND R.R.). 753
Comparatire Condensed Balance Sheet, aa of June 30

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . .. 176,760,764 $76,581,887 $75,995,458 $75,211,280 $70,645,161 $70,066,195
Working assets 4,044,150 3,400,617 3,290,707 3,155,817 2,252,038 1,863,155
Deferred debit items... 2.073,692 1,740,840 1,712,030 1,793,540 5,518,397 4,499,054
Accrued income not due 77 9,987 1,453 1,427 1,427 1,427
Profit and loss deficit. . . 2,139,479 3,429,388 3,513,618 3,680,709 4,034,749 2,985,253
Total $85,018,162 $85,162,719 $84,513,266 $83,842,773 $82,451,772 $79,415,084

LIABILITIES :
Capital stock $25,000,000 $25,000,000 $25.000,000 $25,000,000 $25,000,000 $25,000,000

Funded debt 67,078,371 66,849,371 56,274,000 65,155,000 65,155,000 48,835,000
Working liabilities 2,458,286 2.T80.285 2,919.923 3,438,857 2,146,400 5,372,194
Accrd. liabilities not due 183,808 158.490 143,390 92,658 18.190 95,050
Deferred credit items... 276,502 364,099 175,954 156,258 132482 112,840
Appropriated surplus .. 21,195 10,474
Total $85,018,162 $85,162,719 $84,513,266 $83,842,773 $82,451,772 $79,415,084

Comment: There were practically
no capitalization changes on this property during the year 1916. As meas-
ured on the mileage basis, the net capitalization of the is high and it has tended still higher in recent years,
property
but the net income on net capital has steadily advanced, and it will be noted now ranges at the best figures in the
history of the company.
'
itures for the reconstruction of that portion of its line lying between Upland, Kan., and Hastings, Neb., or acquiring
by purchase or lease the railroad of the Hastings & Northwestern Ry. Co., extending from Hastings to Gibbon, Neb.,
except upon authority of a board of directors chosen by stockholders other than the Union Pacific R.R. Co., and pro-
vided that unless within sixty days from the entry of the decree the management and control of this company
should be surrendered to a board of directors chosen by stockholders other than the Union Pacific R.R. Co., a receiver
of this company and of all its property and franchises would be appointed by the court. An appeal from this de-
cree to the United States Circuit Court of Appeals was taken both by this company and by the Union Pacific R.R.
Co. and the decree was superseded and its enforcement stayed pending the appeal. The appeal has been perfected
and was set for argument in the Court of Appeals in January, 1915. In July, 1915, the decision was reversed and
further litigation by minority stockholders has been discontinued.
Management: OFFICERS: E. E. Calvin, Pres.; G. G. Lacy, Vice-Pres. and Treas.; E. Stenger, Gen. Mgr.; Alex-
ander Millar, Sec. DIRECTORS: G. G. Lacy, Jas. H. McCord, Huston Wyeth, E. Stenger, Milton Tootle, C. D. Lamme,
Chas. F. Pusch, E. E. Calvin, R. M. Emery. Annual meeting, third Tuesday in October. MAIN OFFICE, St. Joseph,
Mo.
CNION PACIFIC SYSTEM (ST. JOSEPH $ GRAND ISLAND R.R.). 755

1916 1915
Gross revenues $1,840,421 $1,506,980
'Maintenance of equipment 271,168 247,677
All other operating expenses. .. 724,150 674,426
Net operating revenues. . . . $474,080

Other income 46,745
Total net income $520,825

Taxes accrued 97,700
Balance for charges $423,125

Fixed charges .
223,446
NAME or ISSUE.
VIRGIN IAX RAILWAY COMPANY. 757

1916
Maintenance of equipment 1,229,934
All other operating expenses.: 1,854,088
Operating ratio
Other income
Taxes accrued
Fixed charges 1,713,170
Surplus over charges $1,868,254

Earned on stock: Preferred 6.7%
W ABASH RAILWAY COMPANY. 759
TABLE I). --Bond Record and Ratings (Based on 6- Year Results, Per Mile of Road)
YEARS
ENDED
JUNE 30.
W ABASH RAILWAY COMPANY. 761
Comment: During the year ended June 30, 1916, the Wabash Railway reported a very substantial increase in
itsgross revenues, while its net operating revenues nearly doubled, as compared with the previous year. The fixed
charges of the reorganized property were materially less than those of the old company ana whereas in 1915 a very
heavy deficit was reported, in 1916 we find a surplus in excess of $3,300,000. Conditions since the close of the fiscal
year have continued to improve and the recent declaration of dividends on the "A" preferred stock seems justified
for the time being.
TABLE C. -Capitalization Factors 'Security Obligations and Earning Power)

JraBSO.
NAME or ISSUE.
WESTERN RAILWAY OF ALABAMA. 763

7. Auth., $1,800,000; outstanding, $1,600,000 (closed). Dated Jan. 1, 1899; due Jan. 1, 1939. Int paid at
company's office, New York. Coupon, $1,000. First lien from Moulton June, to Chesterfield, near Des Moines, Iowa,
94.10 miles, together with depots, buildings, etc.; first lien on $50,000 capital stock of the Des Moines Union Ry.
and on leasehold and rights of the company in the property of same. Legal for S. B. in Maine. Listed on New York
8. Auth. and outstanding, $100,000. Dated Jan. 1, 1901; due Jan. 1, 1928. Int paid at Wabash Ry. office, New
York. Coupon, $1,000. Guar. prin. and int by Wabash Ry. First lien from Excelsior Springs June, to Milwaukee
June., Mo., 9.10 miles, together with lands, buildings, etc. Normal income tax deducted from interest.
9. Auth., $300,000; outstanding, $200,000 (closed). Dated May 1, 1902; due May 1, 1942. Int paid at 120
Broadway, New York. Coupon, $1,000. Guar. prin. and int by Wabash Ry. First lien from Centralia to Colum-
bia, Mo., 21.60 miles, together with terminals, buildings, etc. Underlie No. 1. Legal for S. B. in Maine. Interest
10. Auth., $10.000,000; outstanding, $3,555,000. Dated Jan. 1, 1904; due Jan. 1, 1954. Int paid at company's
office. New York. Coupon and reg., $1,000. First lien on terminal property, real estate, etc., in St Louis, Chicago
and Quincy. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
11. Wabash Ry. 4% Gold Note*: Dated Nov. 1, 1915; due May 1, 1920. Auth. and outstanding, $1,500,000.
Interest paid at company's office. New York. Coupon, $1,000. Callable at par on 30 days' notice. Secured by pledge
of 2,400 shares Belt Railway of Chicago stock and 1,217 shares of American Refrigerator Transit Co. stock. In the
event of a new mortgage being placed on the property, these notes are to be equally secured therewith. Normal
income tax deducted from interest
12. Equipment Trusts: Series of 1901, 5s; due serially on March 1 of each year to March 1, 1921. Original
issue, $3,000,000; now unpaid, $1,174.000. Int paid M. and S. 1, at New York Trust Co. Coupon, $1,000. Secured
on equipment originally costing $3,300,000. Interest paidwithout deduction for normal income tax.
Note: Provision was made in the plan of reorganization for a new refunding mortgage to be issued at a future
date to provide for improvements and for maturing obligations.
Rat* Amount Anno Dividend ru-tar I

BAMB FOB BATIWO.
- uvuwna-
Outataad- income
Income n*quirva Ntt
Uumtml - .
D.,.
:
^ I
ATaflabto pr?MD. -'
.
Mil*, olSy*m.
otSy-ten.
**** Equity. SaUbility.
!'.ll:r,g
1. Wabash Ry. pfd. A 4% QuJ $18,336 $15.19 $734* 50% Moderate; '
High B.
2. Wabaah Ry. pfd. B Small Caa.
Wabaah Ry. common "
3. 17,288 C.
For 4% dividend.
Note: Average income available as shown above is the ten year average, based on the reduced fixed charges of
approximately $1,300 per mile, including taxes. For Key to Stock Ratings, see page 21.

1. Preferred A Stock: Authorized and outstanding, $46,200,000; par, $100. Has preference to non-cumu- 5%
lative dividends, but after 5%
dividends have been paid in any fiscal year on the preferred B and common stocks,
this issue shall be entitled to share in any further dividends declared on the common stock in that year. Redeem-
able after October, 1920, at option of company at 110 on 12 weeks' notice. Has first preference in liquidation.
Initial quarterly dividend of 1%
paid in January, 1917.
2. Preferred B
Stock: Authorized, $49,970,000; outstanding, $48,725,709; par, $100. Has preference over the
common stock, but subject to the preferred A stock, aa to 5% non-cumulative dividends. Convertible after Aug.
1, 1918, one-half into preferred A and one-half into common stock, at holder's option. Has second preference in
liquidation.
S. Common Stock: Authorized, $47,290,000; outstanding, $43,557,126; par, $100. Entitled to 5% dividends af-
ter preferred A
and preferred B have each received 5%, but must share equally with preferred A in any disburse-
ments above f>%. In event of liquidation, as preferred A and preferred B have each received their par value, this
issue shall receive its par value, after which all three issues share equally in any remaining assets.
All issues have equal voting power; all listed on New York Stock Exchange. TRANSFER OFFICE, 120 Broad-
way, New York.
THE WESTERN RAILWAY OF ALABAMA

official
Origin: Incorporated under Alabama laws, Mar. 15 1883, succeeding to the old main line of the Western R.R.
of Alabama. Jointly controlled by the Louisville & Nashville R.R. and the Atlantic Coast Line R.R.
Location: Operates 133.42 miles, of which 130.15 miles are owned. Main lines extend from West Point, Ga , to
Montgomery, Ala., and from Montgomery to Selma, Ala.
Management: OFFICERS: Chas. A. Wickersham, Pres. and Gen. Mgr.; W. H. Bruce, See. and Treas.; Duwc-
TO*B: Chas. A. Wickershara, Henry Walters, R. E. Steiner, A. R. Lawton, W. A. Winbnrn, N. P. Renfro, M. H.
Smith. Annual meeting, third Tuesday in October. MAIN OFFICE, Atlanta, Ga.
WESTERN RAILWAY OF ALABAMA. 765

1916 1915
Gross revenues $1,302,435 $1,251,678
All other operating expenses. . . 497,188 619,465
Net operating revenues... $331,941

Total net income. $510,746

Taxes accrued . 65,471
Balance for charges. $445,275

Surplus over charges. $270.040

*
Dividends paid
Balance $270,040
Per cent earned on stock :
* Dividends
paid from surplus in 1915 and 1916.
Comment: There were no capitalization changes in the Western Railway of Alabama in 1916. As measured on
a mileage basis, the property is lightly capitalized and the funded debt represents only about one-third of the total
capitalization. The company has in recent years been steadily reporting a heavy net income on net capital and its
credit at the present time is very high.
NAMB or ISSUE.
SECTION TWO
MINOR RAILROAD COMPANIES

in the
United States of America and

Colonial Possessions
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ABERDEEN & ROCKFISH RAILROAD

History: Incorporated under North Carolina laws June 22, 1892. First section of road opened in June, 1895.
Remainder put in operation in 1911 and 1913.
Location: Line of road, Aberdeen to Fayetteville, N. C., with branches from Raeford to Wagram and from
Hope Mills June, to Driggers. Total operated, 65.35 miles. Locomotives, 6; passenger cars, 6; company cars, 10.
Management: OFFICERS: John Blue, Pres.; W. A. Blue, Secy., Treas. and Gen. Supt; G. P. Bourdelat, Aud.,
Aberdeen, N. C. DIRECTORS: John Blue, W. A. Blue, J. W. Graham, J. M. Johnson, J. A. Bryant, H. W. Jackson.
Annual meeting, fourth Wednesday in June. MAIN OFFICE, Aberdeen, N. C.
Comparative Income Ac. unt. Years Ended June 30
Gross revenues
c
Gross revenues
MOODT'S ANALYSES OF INVESTMENTS. 771
LIABILITIES:
Capital stock
AKRON, CANTON & YOUNGSTOWN RAILWAY
Incorporated under Ohio laws, June 17, 1907, to build a railroad from Akron to Youngstown.
History:
Location: The road projected extends from Akron to Youngstown, via Mogadore, Ohio, 50 miles, and from Mo-
gadore to Canton, Ohio, 20 miles. In operation: Akron to Mogadore, Ohio, 7.30 miles; sidings, 9.69 miles.
Equipment: Locomotives, 5; freight cars, 99.
Management: OFFICERS: H. B. Stewart, Pres.; I. H. Taylor, Vice-Pres.; H. D. Raff, Vice-Pres.; Jay Taylor,
Secy.; R. M. Raff, Treas.; Edward L. Smith, Aud., Canton, Ohio. DIRECTORS: H. B. Stewart, I. H. Taylor, H. D.
Raff, R. M. Raff, Jay Taylor, R. F. Lind, J. H. Kenny, Canton, Ohio. Annual meeting in January. GENERAL OF-
FICE: Canton, Ohio.
1916 1915 1914 1913
Gross revenues $276,104 $158,636 $111,893 $22,093
Operating expenses and taxes. 118,283 96,141 78,972 56,450
Operating income 157,821 62,495 32,921 (def.) 34,357
Other income 1,318 468 157 14,796
Bond interest ; 125,125 *112,997 90,000 56,275
Other appropriations 5,188 4,198 10,097 602
Deficit for year (sur.)28,826 54,232 67,019 76,438
*
Deductions from gross income.
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $28,826; miscel-
laneous credits, $38; debit balance carried to Balance Sheet, $171,093; total, $199,957. Contra: Debit balance at be-
ginning of year, $197,748; miscellaneous debits, $2,209, total, $199,957.

ASSETS: 1916 1915 1914 1913
Property investment ................................. $3,012,619 $3,009,830 $30,006,733 $30,000,601
Working assets ...................................... 301,604 91,143 60,775 31,870
Deferred debit items .................................. *28,532.933 *28,547,364 1,508,646 1,500,000
Profit and loss deficit ................................. 171,093 197,748 143,367 76,438
Total $32,018,249 $31,846,085 $31,719,521 $31,608,909

LIABILITIES :
Capital stock $15,000,000 $15,000,000 $15,000,000 $15,000,000

Funded debt 16,500,000 16,500,000 16,500,000 16,500,000
Accrued liabilities not due 57 737 1,320 318
Deferred credit items 3,836 612
Appropriated surplus 18,485 13,296 9,098 1,201
Total $32,018,249 $31,846,085 $31,719,521 $31,608,909

*
Includes $28,500,000 "Deferred Assets" apparently formerly carried as investments.
Bonded Debt: (1)$1,500,000 Akron, Canton & Youngstown Ry. first 6s; dated Sept. 1, 1910; due July 1, 1930.
Int. paid J. and J. at the Cleveland (Ohio) Trust Co., Trustee, and also at National Bank, Ltd., London, Eng.
1,
Coupon, $100. Callable at 105 after Jan. 1, 1915, on 60 days' notice. Interest paid without deduction for normal in-
come tax. Rating, Ba.
Akron, Canton & Youngstown Ry. 1st 5s; dated June 26, 1911; due July 1, 1941. Int. paid J.
(2) $15,000,000
and at Cleveland (Ohio) Trust Co., Trustee. Authorized, $15,000,000. Coupon, $100, $500 and $1,000; principal
J.,
may be registered. Callable at 105 and interest on any interest day. A
first lien on entire property subject to No.
1. Interest paid without deduction for normal income tax. Rating, B.
Capital Stock: Auth. and outstanding, $15,000,000; par, $100. The capital stock was increased in 1910 from
$200,000 to $1,500,000 and to the present amount in June, 1911. No dividends reported.
AKRON UNION PASSENGER DEPOT COMPANY

History: Incorporated under laws of Ohio, May 6, 1891. Controlled jointly by the Baltimore & Ohio R.R. Co.,
and the Cleveland, Akron & Cincinnati Ry. Co.
Location: Owns station building at Akron, O.. which is used by the Akron & Chicago Junction R.R. Co., the
Cleveland, Akron & Cincinnati Ry. Co., and the Erie R.R. Co. Length of track, 0.35 mile.
OFFICERS: E. B. Taylor, Pres., Pittsburgh, Pa.; J. T. Johnson, Vice-Pres., Cleveland, O.; C. W.
Management:
Woolford, Secy.; V. McNeal, Treas.; W. D. Owens, Aud., Baltimore, Md. DIRECTORS: F. H. Goff, J. T. Johnson,
J.
Henry, Nettelton Neff, Akron, O.; E. B. Taylor, Pittsburgh, Pa.; C. W. Woolford, Baltimore, Md.
Cleveland, O.; J. J.
Annual meeting, Tuesday after fourth Monday in Sept. OFFICE: Cleveland, Ohio.

1916 1915 1914 1913 1912 1911
Gross revenues $10.463 $11,538 $10,410 $10,348 $10,239 $10,018
Taxes 2,004 2,083 1,111 1,021 864 771
Fixed charges 2,100 3,290 4,200 4,420 9,375 9,247
Surplus . .
$6,359 $6,165 $5,099 $4,907
ASSETS:
Working assets
Tour . $228,861 $285,269 $281,826 $273,460 $267,869

Comparative
LIABILITIES:
Capital stock
$500,000 3-year6% secured gold notes, dated Oct. 1, 1914; due Oct. 1, 1917. Interest A. and O., at Guaranty
Trust Co., New
York, Trustee.
$140,000 3-year 6% secured gold notes, dated Aug. 1, 1915; due Aug. 1, 1918. Interest F. and A., at Guaranty
Trust Co., New York, Trustee.
$19,000 3-year 6% secured gold notes, dated Aug. 1, 1915, in addition to the above are held to be exchanged for
a like number of Mobile Terminal & Ry. 3-year notes now outstanding.
(6) $120,000 5% Car Trust Certificates; dated May 1, 1912; due $10,000 semi-annually M. and N. 1, to May 1,
1922, inclusive. Interest M. and N. 1, at Girard Trust Co., Philadelphia, Trustee. Original issue, $200,000 against
$250,000 of equipment.
Capital Stock: Authorized, $25,000,000; outstanding, $7,350,000 ; par, $100.
ALBANY PASSENGER TERMINAL COMPANY

History: Incorporated under the laws of Georgia, Oct. 27, 1911, to build a passenger terminal at Albany, Ga.
Gauge, standard. To Oct. 1, 1916, 1.69 miles of track completed. No equipment.
Management: OFFICERS: L. W. Baldwin, Pres., Savannah, Ga.; W. M. Legg, Vice-Pres. and Chm. Board of
Control, Albany, Ga.; T. F. Smith, Sec., W. C. Askew, Treas., W. D. Beymer, Aud., Savannah, Ga. DIRECTORS: L.
W. Baldwin, Lyman Dulano, H. W. Stanley, F. R. Pidcock, W. M. Legg. Annual meeting, second Friday in Novem-
ber. OFFICES, Accounting Dept., Savannah, Ga. GENERAL OFFICE, Savannah, Ga.

1916 1915 1914
Gross* income $7,412 $7,268 $4,491
Taxes 1,662 1,518 781
Fixed charges 5,000 5,000 3,785
Surplus $750 $750 $75

Dividend 750 750
Balance $75

ASSETS: 1916 1915 1914
Working assets 8,993 12,474 13,039
Deferred debit items 41
Profit and loss 5,000 4,993 5,000
Total $118,268 $121,693 $121,986

LIABILITIES:
Capital stock $15.000 $15,000 $15,000
Funded debt 100,000 100,000 100,000
Working -liabilities 794 4,268 4,538
Total $118,268 $121,693 $121,986
Bonded Debt: $100,000 Albany Passenger Terminal Co. 1st 5s. Dated Sept. 2, 1912; due Sept. 1, 1962. In-
terest paid M. and S. 1, atSavannah, Ga. Coupon, $1,000; prin. may be registered. Authorized, $110,000. First lien
on property. Interest paid without deduction for normal income tax.
Capital Stock: Authorized and outstanding, $15,000. Par, $100. Of amount of stock the Atlantic Coast Line
R.R. Co., Central of Georgia Ry. Co., Georgia Northern R.R. Co., and Seaboard A_ir Line Ry. Co. own $3,000 each,
and the Georgia, Southwestern & Gulf R.R. Co., and Albany Northern R.R. Co., jointly own $3,000. A dividend of
5% was paid December 16, 1914 and 5% Dec. 31, 1915. Secretary of company acts as Registrar and Transfer
Agent.
ALCOLU RAILROAD
History: Incorporated under the laws of South Carolina, March 18, 1902, for purpose of extending road, previ-
ously used as a logging road, from Alcolu to a point 40 miles distant on Lynch's River, Florence Co., S. C.
Location: Road extends from Alcolu to Kirby, S. C., 29 miles; total owned, 29 miles; leased, 9.50 miles; sid-
ings, etc., 2.5 miles.
Management: R. J. Alderman. Pres.; D. W. Alderman, Vice-Pres. and Gen. Mgr.; P. R. Alderman, Sec. and
Treas.; C. D. Miller, Aud., Alcolu, S. C. DIRECTORS: R. J. Alderman, D. W. Alderman, P. R. Alderman, Alcolu, S.
C. Annual meeting in July. GENERAL OFFICE, Alcolu, S. C.
MOODY 'S AXALYSES OF INVESTMENTS. Ill
Gross revenues
AMADOR CENTRAL RAILROAD
History: Incorporated under California laws, Sept. 24, 1908, succeeding as of Jan. 1, 1909, to the lone &
Eastern R.R. which was sold under foreclosure, Aug. 22, 1908.
Location: The road extends from lone to Martell, Calif., 12 miles; siding, 2.48 miles. Equipment: Locomo-
tives, 3 ; cars, 11.
Management: OFFICERS: Mrs. Meta J. Erickson, Pres.; P. G. Athearn, Vice-Pres., San Francisco, Cal.; J. A.
McPherson, Secy., Treas., Aud., Gen. Mgr. and Supt., Martell, Cal. DIRECTORS: F. G. Ahearn, H. R. McGuinn, T. E.
Havens, G. Petterson, Mrs. Meta J. Erickson, H. E. Havens, San Francisco, Cal.; J. A. McPherson, Martell, Cal.
Annual meeting, first Monday in October at San Francisco. GENERAL OFFICE, Martell, Cal. SAN FRANCISCO
OFFICE, 707 Balboa Building.
1916
Passenger earnings
Freight earnings
Total revenue
Operating expenses and taxes.
Net earnings
Other income
Fixed charges
Dividends
Surplus
Other deductions
Profit and Loss Account, year ended June 30, 1916: Donations, $10,100; debit balance carried to balance
sheet, $73,755; total, $83,855. Contra: Debit balance at beginning of year, $76,907; debit balance transferred from
income, $6,948; total, $83,855.
AB8ETS: 1916 1915 1914 1913 1912
Working assets 14.008 16,459 21,383 19,596 10,935
Deferred debit items 1,929 429
Profit and loss 73,755 76,907 51,533 3*2',538 25,6i8
Total $328,098 $322,303 $302,431 $268,241 $256,024

LIABILITIES:
Capital stock $55,000 $55,000 $55,000 $55,000
Accrued liabilities not due 769 769 5,638 3,774
Total $328,098 $322,303 $302,431 $268,241 $256,024
Capital Stock: Authorized, $75,000; outstanding, $55,000. Par, $100. No bonded debt.
APALACHICOLA NORTHERN RAILROAD

History: Incorporated on May 9, 1903, in Florida. Receiver
appointed
in 1907, but discharged in 1908. L. H.
Dimmitt appointed receiver, My 28, 1914. Controlled, through stock ownership, by St Joe Bay Company.
Line of road, River June, to Port St Joe, Fla., 102.02 miles.
Kquipment: 8 locomotives, 134 cars.

Manan-ment: Omens:
Arthur T. Perkins, Pres.; L. H. Dimmitt, 1st Vice-Pres. and Gen. Mgr.: S. W. For-
dyce. 2d Vice-Pres.; R. R. Tompkins, Sec.; F. V. Dubrouillet, Treas. Annual meeting, second Wednesday in April.
GKNBUL OFFICE, Port St. Joe, Fla.
Miles operated
ARANSAS HARBOR TERMINAL RAILWAY
History: Incorporated under laws of Texas, July 13, 1892. Charter amended in 1912. Owns considerable water
frontage suitable for terminals, wharves, warehouses, etc., at Aransas Pass, Tex. A syndicate formed by Alexander
Brown & Sons of Baltimore, was formed in 1911, and acquired a majority of the capital stock and will finance the
company's requirements.
Location: Completed 6.74 miles from main shore at town of Aransas Pass to Aransas Pass Channel & Dock Co.;
1.2 mile in Aransas Pass; 3.2 miles of old terminal and 8.24 miles of sidings.
Management: OFFICERS: Vacancy, Pres.; J. D. Wheeler, Vice-Pres.; J. A. Zimmerman, Treas. and Aud.; J. W.
Holmes, Sec., Aransas Pass, Tex.; L. S. Zimmerman, Asst. Sec. and Asst. Treas., Baltimore; W. M. Hundley, Supt.,
Aransas Pass, Tex. T. H. Franklin, Gen. Counsel, San Antonio, Tex. DIRECTORS
;
Thos. H. Franklin, San Antonio,
:
Tex.; Y. van den Berg, New York; J. A. Zimmerman, C. W. Holmes, S. J. Conn, H. G. Fields, B. W. Lee, Aransas
Pass, Tex. Annual meeting, first Tuesday in November. GENERAL OFFICE, Aransas Pass, Texas.

1916 1915 1914 1913
Gross revenue $82,945 $72,896 $90,241 $34,952
Net revenue $31,333 $20,428 $36,427 (def.)$3,957

Total net income $31,333 $20,428 $39,962 (def.)$2,538

Taxes 2,425 2,065 2,800 862
Fixed charges 58,121 7,470 9,582 1,995
Surplus *$29,213 $10,893 $25,580 *$5,395

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $31,992; miscellane-
ous credits, $245; total, $32,237. Contra: Debit balance transferred from income, $29,213; credit balance carried
to Balance Sheet, $2,483; miscellaneous debits, $541; total, $32,237.

ASSETS: 1916 1915 1914 1913
Working assets 76,574 38,524 38,793 3,234
Deferred debit items 62,000 2,147 348 636
Total $734,944 $442,955 $414,585 $335,436

LIABILITIES :
Capital stock $100,000 $100,000 $100,000 $100,000

Funded debt 304,667 33,333 38,000 24,000
Deferred credit items 600 1,012 1,078
Profit and loss 2,483 31,992 21,100
Total ; $734,944 $442,955 $414,585 $335,436
Bonded Debt: (1) $300,000 Aransas Harbor Terminal Ry. 1st 6s. Dated Feb. 1, 1915; due Feb. 1, 1945. Inter-
est paid F. &
A. at Alex. Brown & Sons, Baltimore, Md. Coupon and reg., $1,000. Authorized, $2,000,000. Callable
on 60 days' notice at 110 and interest
(2) $4,667 Equipment Trust 6s. Dated Jan. 30, 1914; due Jan. 30, 1917. Interest payable Jan. 30. Authorized,
$14,000.
Capital Stock: Authorized, $250,000; outstanding, $100,000. Par $100. No dividends. TRANSFER AGENT:
Alex. Brown & Sons, Baltimore.
ARCADIA & BETSEY RIVER RAILWAY

History: Incorporated under the laws of Michigan, Sept. 25, 1895. Right of way purchased from the Arcadia
and Betsey River Tram Ry. Co. Road opened Dec. 12, 1896. Owned, and financed by the Henry Starke Land
built
& Lumber Co.
Location: Arcadia to Copemish, Mich., 21.0 miles. Equipment: Locomotives, 2; cars, combination, 2; freight,
43; total cars, 45.
Management: OFFICERS: Chas. J. Starke, Pres. and Gen. Mgr.; Henry Maun tier, Vice-Pres.; Adolphe Hasse,
Secy, and Treas.; R. H. Starke, Aud., Arcadia, Mich. DIRECTORS: Chas. J. Starke, H. Mauntler, Adolphe Hasse,
John Weldt, Maria Starke, Arcadia, Mich. Annual meeting in October at Arcadia, Mich. OFFICE: Arcadia, Mich.
MOODY'S ANALYSES OF INVESTMENTS. '81
Gross revenue
ASSETS :

ARKANSAS & LOUISIANA MIDLAND RAILWAY

History: This company succeeded to the property of the former Arkansas, Louisiana & Gulf Ry., which was
sold at foreclosure sale Sept. 15, 1915, for $102,000 to Alfred Cowles, of Chicago. December 1, 1915, the company
leased the Ashley, Drew & Northern Railway. The Arkansas, Louisiana & Gulf Ry. was incorporated under the
laws of Ark. and La., July 20, 1906, to build a line of road from Monroe, La., to Pine Bluff, Ark., with a branch
from Rolfe Junction to Crossett, Ark., 143 miles. The Ashley, Drew & Northern Ry. was incorporated under laws
of Arkansas, August 8, 1912, to build a road from Cremer to Monticello, Ark. Purchased the Crossett, Monticello &
Northern Ry.
Location: Monisela to Crossett, Ark., 52.7 miles; branch Rolfe .Junction to Hamburg, Ark., 8.8 miles. Leased
Crossett to Monticello, 40.68 miles. Sidings, 13.35 miles.
Equipment: Locomotives, 6; freight cars, 46; passenger cars, 10; service cars, 4; total, 60.
Management: OFFICERS: E. Ford, Pres.; Wm. A. Otis, Vice-Pres.; Alfred Cowles, Sec. and Treas.; J. H.
Schaefer, Asst. Sec. and Tr,eas.; L. B. Ferguson, Gen. Mgr.; J. T. Shelton, Traffic Mgr.; C. V. Allain, Aud.; J. C.
Theus, Gen. Counsel. DIRECTORS: Alfred Cowles, Chicago, 111.; Wm. A. Otis, Colorado Springs, Colo.; Edward Ford,
New Orleans, La.; J. C. Theus, T. J. Shelton, Monroe, La. OFFICE, Crossett, Ark.
1916 1915 1914 1913 1912
Gross revenue .... $246,584 $123,926 $93,565 $100,363 $84,060
Net revenue $71,132 $41,900 (def.) $41,595 (def.) $33,447 (def.) $29,304
Total net income. $71,572 $ 1 1 . '.'!'!' (def.) $41,595 (def.) $33,447 (def.) $29,304
Taxes
Fixed charges
7,982 MM 4,821
19,219
5,035
67,019
4,847
67,205
67,034
Balance (def.)$3,444 (def.)$l,315 (def.)$65,635 (def.) $105,501 (def.)$101,356
Profit and Lous Account, year ended June 30, 1916: Debit balance at beginning of year, $1,311; debit balance
transferred from income, $3,444. Stock discount extinguished through surplus, $600; miscellaneous debits, $17,115;
total $22.470. Contra: Miscellaneous credits, $1,303; Debit balance carried to balance sheet, $21,167; total, $22,470.
Comparative Condensed H: lance Sheet, as of June 30

ASSETS: 1916 1915 1914 1913 1912
Property investment $1,203,512 171
_ $2,459.691 $2,444,128 $2,458,704
Working assets 42.726 61,906 18,893 16,578 627
Accrued income not due 4,591 ' ' 887 '
Deferred debit items 4,591 626,665 '3,496 17,390 '19.560

Profit and loss 761 1,311 471,899 406,193 284,766
Total $1,251,594 $691,801 $2,953,979 $2,885,176 $2,763,657

LIABILITIES:
Capital stock $1.000.000 $598,500 $1,231.100 $1,231,100 $1.231.100
Funded debt 200.000 ' 1,374,000 1,230,000 1,231,550
Accrued liabilities not due 4.294 85.66i 335,334 430,876 298,525
red credit items 1.001 4.753 11,445 3,200 2,482
Working liabilities l> J'>:< 3,547 2,100
Total $1,251,594 $691,801 $2,953,979 $2,885,176 $2,763,657
Bonded Debt: (1) $438,000 Ashley, Drew & Northern Railway 1st 6s. Dated Sept. 1, 1912; due Sept. 1, 1922.
Interest paid Jan. and July 1 at Mercantile Trust Co., St. Louis, Mo. Coupon, $500. Auth., $600,000. Callablp at
102. First lien on property. Rating, B.
Note: There have been issued $200,000 mortgage 6<*c notes which mature in 1921.
Capital Stock: Authorized and outstanding, $1,000,000. No further details available.
ARKANSAS & MEMPHIS RAILWAY BRIDGE & TERMINAL COMPANY

History: Incorporated under the laws of Tennessee and Arkansas, Jan. 3, 1912, for the purpose of constructing
a bridge over the Mississippi River between Memphis, Tenn., and Hopefield, Ark. Opened for traffic July 15, 1916.
The St. Louis Southwestern Ry., Chicago, Rock Island & Pacific Ry., and the St. Louis, Iron Mountain & Southern
Ry., own equally the authorized capital stock, paid in, and will use the property under a fifty-year lease.
Management: OFFICERS: A. C. Ridgway, Pres.; Alex. Robertson, Vice-Pres.; F. A. Smith, Vice-Pres.; Geo. H.
Crosby, Sec. and Treas.; R. E. Kimbell, Aud. and Asst. Sec.; W. H. Borsje, Asst. Sec.; C. C. Huitt, Asst. Sec and
Asst. Treas.; W. Hodson, Asst. Treas.; J. W. Canada, Gen. Counsel. DIRECTORS: A. C. Ridgway, C. A. Morse, Alex.
Robertson, J. G. Drew, F. H. Britton, C. D. Purdon. Annual meeting, third Monday in December at Memphis,
Tenn. OFFICE, Chicago, 111. pfet*. i
Bonded Debt: (1) $6,000,000 Arkansas & Memphis Ry. Bridge & Terminal Co. 1st 5s. Dated May 24, 1915;
due March 1, 1964. Interest paid M. and S. at New York. Coupon, $1,000 and multiples thereof. Authorized, $7,-
600,000. The $6,000,000 issued deposited to secure three-year notes described below. Callable at 105 and interest
prior to March 1, 1929; at 104 and interest prior to March 1, 1939, and at 103 and interest thereafter. Sinking
fund of 1% of bonds outstanding commences March 1, 1919. Guaranteed principal and interest by Chicago, Rock
Island & Pacific Ry. Co., St. Louis, Iron Mountain & Southern Ry., and St. Louis Southwestern Ry. Co. First lien
on bridge and other property. Rating, A.
(2) $3,870,000 Arkansas & Memphis Ry. Bridge & Terminal three-year 6% notes. Dated Jan. 2, 1915; due Jan.
I, 1918. Authorized, $5,000,000. Secured by deposit of issues described above. Interest paid without deduction for
normal income tax.
Capital Stock: Authorized, $1,000,000; outstanding, $10,200. Par, $100. Owned equally by the three com-
panics mentioned above.
ASHLAND COAL & IRON RAILWAY

History: Incorporated under Kentucky laws, Jan. 26, 1865, as the Lexington & Big Sandy R.R., Eastern Divi-
sion. Name changed to the present title in 1880. Controlled by Ashland Iron & Mining Co., Inc.
Location: Line of road, Ashland to Seaton, Ky., 22.11 miles; in Ashland, 4.25 miles; trackage, 8.5 miles; total
operated, 34.86 miles. Sidings, 19.42 miles. Equipment owned: 8 locomotives, 4 passenger, 2 combination and 154
freight and company cars.
Management: OFFICERS: W. B. Seaton, Pres. and Gen. Mgr., Ashland, Ky.; John Peebles, Vice-Pres., Ports-
mouth. O.; F. B. Moore, Sec. and Treas.; A. N. Richardson, Aud., Ashland, Ky. DIRECTORS: K. L. Butler, Ca-
tonsville, Md.; Frank Coles, D. G. Putnam, W. B. Seaton, John Russell, Ashland, Ky.; E. C. Means, Low Moor, Va.;
John Peebles, S. C. Peebles, Portsmouth, Ohio. Annual meeting, third Wednesday in October. MAIN OFFICE, Ash-
land, Ky.
1916
All other operating expenses . . .
79,605
Net operating revenues

Operating ratio
Other income .
Total net income.

Taxes accrued
Fixed charges
Surplus . .
Dividends paid
Balance .
1916
$149,315
34,204
16392
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $28,652; debit balance carried to
balance sheet, $22,139; total, $50,791. Contra: Debit balance at beginning of year, $30,730; debit balance trans-
ferred from income, $11,699; loss on retired road and equipment, $3,490; delayed income debit, $4,750; miscellaneous
debit, $122; total, $50,791.
ASSETS: 1916 1915 1914 1913
Property investment $1,489,349 $1,561,606 $1,560,249 $1,541,565
Working assets 19,722 12,715 18,226 38,162
Deferred debit items 702 3,456
Total $1,531,912 $1,619,844 $1,578,475 $1,579,727

LIABILITIES :
Capital stock $300,000 $300,000 $300,000 $300,000

Funded debt 850,000 850,000 850,000 850,000
Profit and loss 577 83,932
Total $1,531,912 $1,619,844 $1,578,475 $1,579,727

Bonded Debt: (1) $425,000 Atlanta & St. Andrews Bay Ry. first 6s; dated Sept. 30, 1908; due Oct. 1, 1938. Int.
A. and O. 1, at Guaranty Trust Co., New York, and at Central Bank & Trust Corp., Atlanta, Ga. Auth. up to $500,-
000. Coupon, $1,000. First lien on entire road, 82 miles. Limited to $5,000 per mile; and on all equipment, term-
inals, real estate, etc., the entire mortgaged property having an estimated replacement value of $1,281,000. Interest
paid without deduction for normal income tax. Net Rating, Baa.
(2) $425,000 Atlanta & St. Andrews Bay Ry. second 6s; dated June 1, 1909; due June 1, 1914, and extended.
Int. paid J. and J., in New York and Atlanta. Follow No. 1 on same property. All owned by controlling interests.
Capital Stock: Authorized, $1,000,000; outstanding, $300,000. Par, $100. No dividends reported.
ATLANTA TERMINAL COMPANY

History: Incorporated on Feb. 11, 1903, in Georgia. Owns 5.32 miles of track and terminal station at Atlanta,
Ga., which are used jointly by Atlanta & West Point, Central of Georgia, Southern Railways and Atlanta, Birming-
ham & Atlantic R.R., each paying its proportion of expenses on wheelage basis.
Management: OFFICERS: C. A. Wickersham, Chairman; J. W. English, Pres.; E. H. Coapman, Vice-Pres.; W.

H. Bruce, Treas.; B. L. McGee, Sec. DIRECTORS: D. W. Appier, C. A. Wickersham, J. W. English, E. H. Coapman,
H. W. Miller, O. T. Nelson, W. A. Winburn. Annual meeting, first Tuesday in December. OFFICE, Atlanta, Ga.

1916 1915 1914 1913 1912 1911
Gross income .
$99,723 $102,383 $99,916 $102,980 $94,289 $94,485
Taxes accrued 25,190 25,603 27,052 24,750 23,805 23,999
Fixed charges .
68,533 70,780 66,864 72,230 64,484 64,486
Surplus . .
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Dividends paid 6,000 6,000 6,000 6,000 6,000 6,000
Comparative Condensed B: lance Sheet, as of June 30

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 41,056 45,259 30.072 36,810 23.821 28,014
5,000 5,000 5.000 5,000 5,000 5,000
6,541 3,464 5,053 1,375 5,252 1,923
Total $1,764,242 $1,761,526 $1,737,625 $1,741,585 $1,716,075 $1,719,708

LIABILITIES :
Capital stock $150,000 $15a,000 $150,000 $150,000 $150,000 $150,000

Funded debt 1,585,105 1,571,860 1,557,924 1,551,860 1,535,669 1,535,186
Accrued not due
liabilities 17,685 17,481 18,081 17,130 16,641 16,643
Deferred credit items 607 207 328 306 75 37
Total -. $1,764,242 $1,761,526 $1,737,625 $1,741,585 $1,716,075 $1,719,708
Bonded Debt: $1,500,000 Atlanta Terminal Co. first 4s; dated June 1, 1903; due June 1, 1953. Interest June
Dec 1, at Guaranty Trust Company, New York. Counon and
reg., $1,000. First lien on all property. Not guar-
ed, but controlling companies each pay their proportion of
operating expenses and interest charges on a wheel-
sis. The Atlanta, Birmingham & Atlantic Ry. also uses the station under agreement beginning Feb. 1, 1914.
Rating, Baa.
Capital Stock: Authorized and issued, $150,000; par, $100. One-third each owned by Atlanta & West Point,
Central of Georgia, and Southern Railways. Dividends of 4% per annum have been paid annually since March, 1906.
MOODY'S ANALYSES OF IXFESTMENTS. 787
ATLANTIC & WESTERN RAILROAD

History: Chartered in perpetuity under the laws of North Carolina, March 7, 1899, to construct a railroad from
Sanford to Goldsboro, N. C., a distance of 70 miles. The line from Sanford to Broadway was completed in 1905, and
opened in July of that year. Broadway to Lillington, 16.5 miles, completed and opened in April, 1913.
Location: Road extends from Sanford to Lillington, N. C., 24 miles; 3.01 miles sidings. Equipment: Locomo-
tives, 3; cars, 3.
Management: H. C. Huffer, Jr., Pres., New York; B. W. Duer, Vice-Pres.; Win. C. Cook, Sec. and
OFFICERS:
Treas., Baltimore, Md.; H. P. Edwards, Gen. Supt; T. L. Riddle, Aud., Sanford, N. C. DIRECTORS: H. C. Huffer,
Jr., J. W. Middendorf, N. A. Campbell, Robt S. Shriver, Baltimore, Md.; E. L. Howard, H. P. Edwards, Sanford,
N. C.; B. W. Duer, Augusta, Ga.; J. R. Baggett, Lillington, N. C.; Louis d'Aillieres, Paris, France. Annual meet-
ing, fourth Monday in January at Sanford, N. C. OFFICE: Sanford, N. C.

1916 1915 1914 1913 1912 1911
Gross revenue 150,223 $45,919 $50,708 $29,435 $19,518 $22,055
Maint. ofway and structs. 7.407 7,484 5,811 4,817 3,454 4,201
Maintenance of equipment 3.223 3.108 2.893 1,969 1,384 788
All other ope rat, expenses 18,060 17,751 19,990 11,399 8,705 8,514
Net operating revenue $17,576 $11,250 $5,975 $8,552

Taxes i _-.-. 1,029 955 414 338 230
Fixed charges, etc 204H 19,146 19.409 8,416 6,662 5,126
Surplus $120 (def.) $2,599 $1,650 $2,420 (def.) $25 $3,196

Profitand Lorn Account, year ended June 30, 1916: Credit balance at beginning of year, $2,597; credit balance
transferred from income, $1,359; total, $3.966. Contra: Surplus appropriated for investment in physical prop-
erty, $1,215; miscellaneous debits, $25; credit balance carried to balance sheet, $2,716; total, $3,956.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 8.278 B4MM7 4376 5,785 4.102 i.x.10
4,468 494 246 2 98,594 99,066
Total $637,710 $695,359 $624,647 $619,796 $167,978 $165,988

LIABILITIES:
Capital stock $303.000 $332.000 $300.000 $300,000 $53,400 $53,400
Funded debt 303.000 332.000 300.000 300,000 100,000 100,640
Working liabilities 19,944 12.233 MSI 1,872 1,667
Accrued liabilities not due 2,500 50
Deferred credit items 55
Appropriated surplus . . . 7.836 $,787 MM
Profit and loss surplus . . . 2.716 1,980 5,6*7 10,768 10,206 10.231
$637,710 MBMM $624,647 $619,796 $167,978 $165,988

Bonded Debt: $303,000 Atlantic A
Western R.R. 1st mortcrage 5s. Dated May 1, 1912; due May 1, 1952. Inter-
est paid M. and N. 1, at the office of Fidelity Trust Co. (Trustee), Baltimore. Md. Coupon and registered, $500 and
$1.000. Interchangeable. No sinking fund. Proceeds of issue used to pay off the $100.000 1st 6s due Jan. 1, 1944,
and to provide for the construction of 16% miles of road from Broadway to Lillington, N. C. Secured on the line
from Sanford, N. C. to Lillington, N. C., 26 miles. Authorized, $1,500,000. Unissued bonds reserved for improve-
ments and construction. Income tax deducted from interest Rating, B.
Capital Stock: Authorized, $60,000 per mile. Outstanding, $303,000. Par, $100. Dividends payable July 1, at
Baltimore, Md. Dividends of 4H<7r were paid in 1910; 3*6% in 1911; none since. Secretary and Treasurer of the
company acts as Registrar.
AUGUSTA & SUMMERVILLE RAILROAD

Hiirtory: Incorporated under laws of Georgia, March 20, 1866 for 30 years. In 1896 charter was renewed for
60 years. Owned and operatedjointly by the Central of Georgia Ry., Charleston & Western Carolina Ry., Southern
Ry., and the lessees of the Georgia R.R.
Location: Located in and around Augusta, Ga., owned, 3.41 miles; leased, 0.92 mile; trackage rights, 1.03
miles; total, 5.36 miles. Connects railroads entering city with industrial plants in vicinity.
Management: OFFICERS: Charles A. Wickersham, Pres.; .1. A. Best, Sec.; W. S. Morris, Treas.; W. H. Vincent,
And.: George A. Ferguson, Supt., Augusta, Ga. DIRECTORS: L. R. Baldwin, Savannah, Ga.; C. A. Wickersham,
A. W. Anderson, Augusta, Ga.; J. R. Kenly, Wilmington, N. C.; E. H. Coapman, Washington, D. C. Annual meet-
ing last Thursday in January. GENERAL OFFICE, Augusta, Ga.

1916 1915 1914 1913 1912
income $6,790 $6,585 |1,9M $2.318 $2,900
Taxes 2.076 1.875 1,690 2,018 2,600
Fixed charges 4.714 4,710 300 300 300
Comparative Condensed Ba
ASSETS: 1916
BARE ROCK RAILROAD

History: Incorporated under the laws of Pennsylvania October 19, 1892.
Location: Road extends from Bare Rock to Murdock, Pa., 2.5 miles. Equipment: Locomotive, 1; cars, 8.
Management: J. M. Murdock, Pros.; H. B. Murdock, Sec.; W. F. Murdock, Treas.; E. B. Murdock, Gen. Mgr.;
N'. H. Humphreys, Aud.; Johnstown, Pa. DIRECTORS: J. C. Duncan, Lockport, N. Y. J. M. Murdock, W. F. Mur-
;
dock, Johnstown, Pa.; E. B. McColly, Greensburg, Pa.; E. L. Fox, Somerset, Pa. Annual meeting first Thursday in
December. GENERAL OFFICE, Johnstown, Pa.
Account, year ended June 30, 1916: Passenger earnings' $660; freight earnings, $1,500; total, $2,160;
operating expenses and taxes, $2,166; deficit, $7; deficit forward, $5,067; total deficit, $5,074.
Condensed Balance Sheet, as of June 30, 1916: Assets, property investment, $26,012; other assets, $400; profit
and loss deficit, $5,074; total, $31,486; liabilities, capital stock, $19,900; current liabilities, $11,586; total, $31,486.
Capital Stock: Authorized, $25,000; outstanding, $19,900. Par, $50. No bonded debt A dividend of
paid in 1903. None sin.ce.
BAYFIELD TRANSFER RAILWAY

History: Incorporated under the laws of Wisconsin, June 26. 1883. Also operates the Bayfield Harbor & Great
Western R.R., 6 miles, and the Bayfield, Superior it Minneapolis R.R., 6 miles, owned in same interest.
Location: Road extends from Bayfield to Red Cliff, Wis., 3.8 miles.
Management: OFFICERS: Vacancy, Pres.; J. M. Smith, Vice-Pres., Duluth, Minn.: H. C. Hale, Sec., Treas.,
Gen. Mgr. and Pur. Agt,, Bayfield, Wis. DIRECTORS: The foregoing and C. E. Wales, Bayfield, Wis.; L. K. Larse,
Superior, Wis. Annual meeting, second Tuesday in June. GENERAL OFFICE, Bayfield, Wis.

1916 1914
$2.714 $27,052
Operating expenses 8,677 19,412

Other income
Total net income

Fixed charge! including taxes.

1916 1915 1914 1913 1912 1911 1910 1909 1908
Gross earnings $86,042 $88.512 $90,493 $82,093 $70,681 $83,249 $71,727 $64.191 $61,352
Net earnings 8,417 14,624 18,115 12,826 14.601 9,829 11,309 13.272
Total net income 8,480 16,605 14,838 18.722 15,909 14,601 9,919 11,372 13,441
Taxes accrued 1,567 1,488 1,368 1,317 1,248 1,363 598 1,814 1.243
Fixed charges, etc 1,325 6,145 5,827 1,600 1,600 1,690 1,675 1,713 2.238
Balance 5,588 8,972 7,613 15.805 13,061 11,548 7,646 7,845 9,960
Dividends 4,541 9,081 9,081 4.540 4,540 4,541 4,541 4.541
Surplus 1,047 *109 *1,388 11,265 8,520 7,007 3,105 3,304
* Deficit.'
Bonded Debt: $24,000 Bellefonte Central R.R. first 5s; dated Jan. 2, 1894; due Jan. 2, 1924. Int. Jan. and July
1 at Real Estate Trust Co., Philadelphia. Coupon, $500 and $1,000. Original issue, $200,000. Callable at 105. First
lien on entire property. Free of Pennsylvania State tax. Interest paid without deduction for normal income tax.
Net Rating, A.
Capital Stock: Auth. and outstanding, $500,000; par, $50. Dividends of 1% per annum from 1909 to 1913, in-
clusive; 2% in 1914 and 1915; 1'! in 1916; 10% and 1% extra in 1917; payable annually February 15 at office of
Towi.send Whelen & Co., Philadelphia. Listed on Philadelphia Stock Exchange.
BENNETTSVILLE & CHERAW RAILROAD

History: Incorporated under South Carolina laws in 1899, as the Benncttsville &
Osborne R.R.; name changed
to above January, 1902. First section of road put in operation in 1903. Line of road operated, Kollocks to Sellers,
S. C., 44% miles. Equipment owned: 3 locomotives and 3 cars.
Management: OFFICERS: W. R. Bausal, Pres.j J. O. Zauersfeld, Sec. and Treas., Hamlet, N. C. DIRECTORS:
Go. Burchill. Benncttsville, S. C.: H. A. Page, J. J. Heckart, Aberdeen, N. C.; H. S. Albright, G. C. Dieffenderfer,
Orwigsburg, Pa.; R. A. Wagner, Reading, Pa.; Adam Wa'dner, Ashland, Pa.; Geo. A. Marr, Swarthmore, Pa. An-
nual meeting, first week in October. OFFICE, Bennettsville, S. C.

1916
Maintenance of equipment .... 4,125
All other operating expenses... 24,245
Operating ratio
Total net income
Taxes
Fixed charges, etc
BENWOOD & WHEELING CONNECTING RAILWAY
History: Incorporated under laws of West Virginia, Jan. 30, 1900. Operates under lease track and equipment
and performs switching service between the several railroads entering Benwood, W. Va.; also supplies terminal
facilities to the blast furnaces, steel works, etc., located on the east bank of the Ohio River. Has freight connec-
tions with Baltimore & Ohio R.R., the Pittsburg, Cincinnati, Chicago & St. Louis Ry. and Wheeling Terminal Ry.
Operates 12.13 miles of track at Riverside Yards, W. Va. Equipment: Locomotives, 7; cars, 2.
Management: OFFICERS: W. B. Schiller, Pres.; Taylor Allderdice, Vice-Pres.; G. E. Benson, Treas.; J. W.
McKee, Asst. Treas.; B. C. Moise, Sec. and Aud., Pittsburgh, Pa.; C. B. Foster, Asst. Sec.; T. A. Beattie, Gen. Mgr.;
S. K. Dunkle, Supt, Wheeling, W. Va. J. T. Townsend, Traffic Mgr., Pittsburgh, Pa.
;
DIRECTORS Taylor Allderdice,
:
B. C. Moise, W. B. Schiller, Pittsburgh, Pa.; T. A. Beattie, H. N. Nichols, Wheeling, W. Va. OFFICES: Pittsburgh,
Pa. and Benwood, W. Va.
1916 1915 1914 1913 1912
Operating revenues $130,658 $11,031 $92,077 $139,231 $99,383
Net revenue $18,829 (def.) $14,364 (def.) $30,993 $11,958 (def.) $8,841
Other income . . . 559 334 466 260 126
Total net income. $19,388 (def.) $14,030 (def.) $30,527 $12,218 (def.) $8,715
Taxes 1,379 860 932 723 806
Fixed charges 10,005 10,212 21,345 21,592 17,403
Surplus ,... $8,004 (def.) $25,102 (def.)$52,804 (def.) $10,097 (def.) $26,924
* ASSETS: 1916 1915 1914 1913 1912
Working assets 42,894 18,035 26,626 33,656 39,937
Deferred debit items. 832 620 577 491 422
Profit and loss 143,979 151,983 126,892 74,087 63,989
Total $250,729 $235,841 $221,497 $177,856 $176,189

LIABILITIES:
Capital stock $50,000 $50,000 $50,000 $50,000 $50,000
Accrued liabilities not due.. 406 91 262 190 190
Deferred credit items 666 610 546 455 386
Total $250,729 $235,841 $221,497 $177,856 $176,189

Capital Stock: Authorized, $1,000,000; outstanding, $50,000. Par, $100. Majority of issue held by National
Tube Co. No bonded debt.
BEVIER & SOUTHERN RAILROAD
History: Incorporated under laws of Missouri, May 5, 1898, as the Missouri & Louisiana R.R. Name changed
to present title Sept. 26, 1914.
Location: Road extends from Bevier to Ardmore, Mo., 10.19 miles. Sidings, 10.37 miles. The lines formerly
operated by the Missouri & Louisiana R.R. in Louisiana have been transferred to Neame, Carson & Southern R.R. Co.
Management: OFFICERS: Chas. S. Keith, Pres.; Jno. A. Sargent, Vice-Pres. and Gen. Mgr.; E. E. Riley, Sec.
& Treas.; J. C. Sherwood, Gen. Aud., Kansas City, Mo.; D. Dale, Supt., Bevier, Mo. DIRECTORS: Chas. S. Keith,
Jno. A. Sargent, E. E. Riley, J. C. Sherwood, Massey Holmes, Kansas City, Mo. Annual meeting, firt Tuesday in
August. OFFICE: Kansas City, Mo.
Comparative Income Account, Years Ended June 30 1916 1915
Gross revenue $89,185 $77,152
Maintenance of ways and structures 12,722 15,127
All other operating expenses 21,111 22,784
BILLINGS & CENTRAL MONTANA RAILWAY

History: Incorporated under the laws of Montana, March 5, 1912, to build a railroad across the project of the
Billings Land & Irrigation Co.
Location: Road extends from Billings to Shepherd, Mont., 13.95 miles; sidings, 2.15 miles. Equipment: Lo-
comotive, 1; passenger cars, 1; caboose, 1.
Management: OFFICERS: R. E. Shepherd, Pres., Billings, Mont; R. J. Covert, Vice-Pres., Billings, Mont.;
E. H. Westbrook, Sec.; E. E. Tiffany, Treas., Billings, Mont. DIRECTORS: The foregoing and A. R. Scott, La
Crossc, Wis. Annual meeting, first Tuesday in June. GENERAL OFFICE, Billings, Mont.

1916 1915 1914
Gross revenues $14,532 $11,242 $4,617
Total net income (def.) $33 (def.) $2,719 (def.) $3.312

Fixed charges, incl. taxes. 2.654 3,262 1,570
Balance .
(def.) $2,687 (def.)$5,981 (def.) $4,882

Assrrs: 1916 1915 1914
Working assets 1,767 2,819 1,292,516
1,297,457 1,297,994
Profit and loss.. 13,550 10,863 '4,882
Total $1,514,555 $1,513,584 $1,506,036

LIABILITIES:
Capital stock <l. :.,.,,, $1,600,000 $1,500,000
Accrued liabilities not due. 336 340
Total .
$1,514,555 $1,513,584 $1,506,036
Capital Stock:Authorized and issued, $1,500.000; par $100. No bonded debt. Majority of stock owned by
Northwestern Improvement Co., St Paul, Minn.
BINGHAM & GARFIELD RAILWAY

History: Incorporated under Utah laws July 8, 1908, and road opened Oct. 1, 1911. Company is controlled by
the Utah Copper Co., and its business is primarily that of carrying ore from Bingham Canyon to the mills and
smelter at Garfield.
Location: Line of road: Bingham to Garfield, Utah, and mines, 35.60 miles; spurs and sidings. 66.94 miles, mak-
ing 102.64 miles. At Garfield, the line connects with that of the Los Angeles & Salt Lake R.R. Equipment owned:
19 locomotives, 2 passenger and 631 freight and company cars.
Management: OFF terns: C. M. MacNeill, Pres., New York; D. C. Jackling, Vice-Pres. and Gen. Mgr., San
Francisco; S. W. Eccles. Vice-Pres. in charge of Traffic, New York; John M. Hayes, Secy, and Treas., Salt Lake City;
J. K. McGowan, Pur. Agt, New York. DIRECTORS: C. M
MacNeill. Charles Hayden, S. W. Eccles, K. R. Babbit,
New York; D. C. Jackling, San Francisco; R. C. Gemmel John M. Hayes, Salt Lake City, Utah. Annual meeting,
,
first Thursday in July. GENERAL OFFICE, Salt Lake City, Utah.

1916 1915 1914 1913 1912
Gross revenues $2,159,059 $1.316.009 $1,775.538 $1,136,363 $695,674
Maintenance of way 207.024 122,560 128,376 111,765 56,758
Maintenance of equipment. . .
205,011 172.917 236,830 136,826 66,000
All other operating expenses. 320.248 265.636 307,479 265,872 166,985
Net operating revenues. $1,426.776 $784,896 $1,102,853 '

$631,900 $415,842
Operating ratio 33.92% 41.7% 37.9% 44.4% 40.2%
Other income .
34,504 176,641 214,506 131,454 166,234
Total net income. $1,461,280 $960,437 $1,317,359 $763,354 $582,077

Taxes accrued 00,080 35,165 36,456 ' '
Fixed charges 31,657 24,191 178,548 612,138 156,016
Surplus . .
$1,369,543 $901.081 $1,103,354 $151,216 $426,062
Dividends paid 1,482,397 2,034,553 175,000 175,000 76,961
Balance (def.) $112,864 (df )$1,133,472 $928,356 (def.) $23,784 $349,101

Profit and Loan Account, year ended June 30, 1916: Credit balance at beginning of year, $490,320; miscellane-
ous credits, $529; total, $490,849. Contra: Debit balance transferred from income. $112,854; loss on retired road
and equipment, $214,666; credit balance carried to balance sheet, $160,850; miscellaneous credits, $2,579; total,
$490349.
ASSETS: 1916 1915 1914 1913 1912
Property investment * $6,535,827 $6,473,263 $6,413,125 $5,911,275 $5,003.927
Working assets 396,938 249,368 298,980 309,524 188,580
Deferred debit items 4,311 31,488 2,054 1,477 967
Total . $6,937,076 $6,754,119 $6,714,159 $6,222,276 $5,193,474

LIABILITIES:
Capital stock $6,000,000 $6,000,000 $2.500,000 $2,500,000 $1,750,200
Funded debt ' 25,500 2,020,000 2,163,000 2,500,000
Working liabilities VoV.sio 181,889 550,008 849,633 588,696
Appropriated surplus ' ' 375,924 '
Profit and loss '160,856 490,326 i, 624,397 320,119 343,964
Total $6,937,076 $6,754,119 $6,714,159 $6,222,276 $5,193,474
Capital Stock: Auth., $10,000,000; outstanding, $6,000.000; par, $100. All owned by Utah Copper Co.
Divi-
dends 1912, 12%%; 1913, 7%; 1914, 7%; 1915, 84-5%; 1916, 24.71%. In Dec., 1914 a stock dividend of $1,505,500
was paid.
BINGHAM CENTRAL RAILWAY

- History: Incorporated under laws of Utah, May, 1908, for the purpose of constructing a railway between Bing-
ham and Salt Lake City, Utah, and various mines in the vicinity, a distance of 30 miles. 3.5 miles of 2-foot railway
is in operation, of which about 3 miles is tunnel, extending from Lark to mines.
Location: Lark, Utah, to mines. Equipment: Electric locomotives, 5; 150 steel ore cars, 50 of which are side-
discharge, and 100 bottom-discharge, and 2,225 h.p. 150 k.w. 600 volt motor-generator sets.
Reorganization: Proposed reorganization plan of the Ohio Copper Co. provides that $850,000 stock of the
new company is to be reserved in the treasury for possible purchase of this property which transports the com-
pany's ore from the mines to smelter.
Management: OFFICERS: Alfred Frank, Pres. and Gen Mgr., Salt Lake City, Utah; Frederick Eckstein, Treas.,
New York; P. T. Farnsworth, Secy., Salt Lake City. DIRECTORS: Alfred Frank, W. H. King, J. E. Bergh, J. W.
Caswell, P. T. Farnsworth, Salt Lake City, Utah; Frederick Eckstein, New York. Annual meeting, third Wednes-
day in Sept. GENERAL OFFICE, Salt Lake City, Utah.
Bonded Debt: $975,000 Bingham Central Ry. 1st 6s. Dated April 1, 1908; due April 1, 1948. Interest paid A.
and 0. 1, at company's office in New York City. Coupon and registered, $100 and $1,000. Metropolitan Trust Co.,
Trustee. Authorized, $3,000,000. $900,000 reserved for construction of railway to Salt Lake City; $500,000 re-
served for additional trackage; $375,000 for tunnel section, and $250,000 for additional equipment. Sinking fund of
$75,000 per annum became operative April 1, 1911. Callable at 105 and interest. First lien on entire property. In-
come tax is not deducted from interest. In default.
Capital Stock: Authorized, $3,000,000 6% cumulative preferred and $5,000,000 common. Outstanding, $975,000
pfd. and $1,624,987 common. Par, both issues, $100. Preferred has preference for assets and dividends. Stock trans-
ferred and registered at Salt Lake City, Utah.
BIRMINGHAM & ATLANTIC RAILROAD COMPANY

History: Incorporated under laws of Alabama, Oct. 20, 1890, as a reorganization of the Talladega & Coosa Val-
ley R.R. Co. Controlled by the Northern Alabama Coal, Iron & Ry. Co. through stock ownership.
Location: Talladega to Pell City, Ala., 22.9 miles. Sidings, 0.66 mile. Equipment: Locomotives, 2; cars, com-
bination, 2 ; freight, 5.
Management: OFFICERS: S. H. March, Pres.; E. E. Thalmann, Vice-Pres.; F. T. Rubidge, Vice-Pres.; W. J.
Kingsbury, Secy, and Treas., New York; George R. Williams, Aud.; S. C. Oliver, Supt., Talladega, Ala. DIRECTORS:
Edward E. Thalmann, F. T. Rubidge, Sidney H. March, Rush Taggart, W. J. Kingsbury, M. V. R. Wyant, New York;
J. K. Dixon, Talladega, Ala. Annual meeting, 3d Wednesday in December, at Talladega, Ala. GENERAL OFFICE, Tal-
ladega, Ala. NEW YORK OFFICE, 25 Broad Street, New York.

1916 1915 1914 1913 1912 1911
Gross revenues $18,355 $16.390 $23,936 $23,245 $21.097 $22,714
Maintenance of equipment. 3,686 2,639 1,918 2,160 1,766 1,570
All other operating exps . .
15,729 16,707 18,528 17,248 16,113 16,798
Net operating revs . . .

(def.) $9,044 (def.) $12,215 (def.) $8,666 (def.) $4,532 (def.) $1,816 $384
Other income 2 83 1,155 1,000
Total net income (def.) $9,044 (def.) $12,215 (def.) $8,664 (def.) $4,449 (def.) $661 $1,384
Taxes ..." 1,404 1,527 1,602 1,056 2,013 2.013
Fixed charges 45,272 44,576 43,738 41,971 34,837 40,872
Surplus (def.)$55,720 (def.)$58,318 ('def.) $54,004 (def.)$47,476 (def.)$37,511 (def.)$41,501

and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $956.835 debit balance
Profit ;
transferred from income, $55,720; miscellaneous debits, $172; total, $1,012,727. Contra: Debit balance carried to
balance sheet, $1,012,727.

ASSETS : 1916 1915 1914 1913 1912 1911
$717,519 $868,421 $874,421 $1,819,392 $1,823,541 $1,653,161
Working assets 6,653 6,836 7.702 -9,232 8,911 14,630
2,071 3,328 4,058 1,202 9,227 47,939
Profit and loss deficit. 1,012,727 956,835 890,386 836,382 773,278 334,012
Total $1,738,970 $1,835,420 $1,776,567 $2,666,208 $2,614,957 $2,049,742

LIABILITIES:
Capital stock 150,000 $50,000 $50,OQO $1,000,000 $1,000.000 $1,000,000
Funded debt 941,452 1,067,735 650,000 650,000 650,000 650,000
Working liabilities 738,314 708.648 1,067,332 1,010,977 956,592 391,060
Deferred credit items 1,043 876 '6,074 329
Appropriated surplus 3,161 3,161 3,161 "231 "236
Total . $1,738,970 $1,835,420 $1,776,567 $2,666,208 $2,614,957 $2,049,742
Bonded Debt: $500,000 Birmingham & Atlantic R.R. 1st mortgage 6s. Dated Nov. 1, 1891; due Nov. 1,
(1)
1931. Interest paid M. & N., at company's office. New York, N. Y. Coupon, $1,000. Central Trust Co. of New York,
Trustee. Secured on entire line of road as described above.
(_') $150,000 Birmingham & Atlantic R.R. prior lien mortgage 6s. Dated April 2, 1906; due April 1, 1926.
Interest paid A. and O. 1. Entire issue held in treasury. Secured on entire line of road.
Capital Slock: Authorized and outstanding, $50,000. Reduced on Jan. 28, 1914, from $1,000,000 by reducing
par value from $100 to $5. Practically entire issue owned by Northern Alabama Coal, Iron & Ry. Co., and pledged
under that company's first mortgage bonds. Par, $5. No dividends.
BIRMINGHAM & NORTHWESTERN COMPANY

Hintory: Incorporated under laws of Delaware in March, 1913, as a holding company. Controls entire $300,000
tock and owns entire $800,000 1st mortgage 67 bonds of the Birmingham & Northwestern Ry. Co.
Management: OFFICERS: I. B. Tigrett, Pres.; O. J. Nance, Vice-Pres. and Treas.; R. F. Spragins, Sec., Jack-
son, Tenn. DIRECTORS: I. B. Tigrett, R. F. Spragins, Jackson, Tenn.; W. J. Maloney, Wilmington, Del. Annual
meeting, Feb. 10. GENERAL OFFICE, Jackson, Tenn.
Capital Stock: Authorized and outstanding, $400,000; par $100. No dividends paid.
BIRMINGHAM & NORTHWESTERN RAILWAY

Hintory: Incorporated under laws of Tennessee, August, 1910. Line connects at Jackson, Tenn., with Illinois
Central R.R.. Nashville, Chattanooga & St. Louis Ry., and Mobile & Ohio R.R.; at Bells, Tenn., with Louisville &
Nashville R.R., and at Dyersburg, Tenn.. with Illinois Central R.R. and Chicago, Memphis & Gulf R.R. On July
15, 1912, road was put in operation for its entire length.
Location: Road extends from Jackson to Dyersburg, Tenn., 48.7 miles; sidings, 6 miles. Equipment: Locomo-
tives, 4 ; passenger cars, 5 ; freight cars, 92.-
Management: OFFICERS: I. B. Tigrett, Pres., Jackson, Tenn.; C. W. McNear, Vice-Pres., Chicago; R. B. Hicks,
Vice-Pre*. ; A. V. Patton, Asst. to Pres. ; R. F. Spragins, Sec. and Gen. Counsel ; J. E. Edenton, Treas. ; C. F. Morgan,
Gen. Mgr.; G. F. Falley, Gen. Frt. Agt.; F. M. Hicks, Aud., Jackson, Tenn. DIRECTORS: R. B. Hicks, I. B. Tigrett,
J. E. Edenton. J. C. Felsenthal, R. F. Spragins, O. J. Nance, C. F. Morgan, G. H. Robertson, Jackson, Tenn.; C. W.
McNear, Chicago, III.; Ernest Rice, J. A. Green, Dyersburg. Tenn. Annual meeting, first Tuesday in August. GEN-
ERAL OFFICE, Jackson, Tenn.
1916 1915 1914 1913
Gross revenues $119,740 $101,839 $127,940 $103,996

Other income 282 3,214 1,642
Total net income $28,729 $12.406 192,888 $51.843

Fixed charges, incl. taxes. 45.877 46,777 76,629 40,653
Balance 1
$17,148
'
$34,371
'
$13,791 $11,190
Deficit.
\ -
T : 1916 1915 1914 1913
Property investment $808,885 $815,493 $834,087 $804.328
Working assets 10,860 7,164 11,556 6.226
Deferred debit items 272,826 283,581 291,956 321,714
Profit and loss. 87,719 60^17 17,071 3,281
Total $1,180,290 $1,166,055 $1,154,670 $1,135,559

LIABILITTO:
Capital stock $300.000 $300.000 $300,000 $300,000
Funded debt 800,000 800.000 800,000 800.000
Working liabilities 80,290 66,055 54,670 32.226
Accrued liabilities not due 3,333
Total $1,180,290 $1,166,055 $1,154,670 $1,135,559

Bonded Debt: $800,000 Birmingham & Northwestern Ry. 1st 5s. Dated Dec. 1, 1911; due Dec. 1, 1931. Interest
paid June and Dec. 1, in New York. Coupon, $1,000. Authorized, $800,000. Bonds cannot be called. A first lien 01
entire property. All owned by Birmingham & Northwestern Co.
Capital Stock: Authorized and outstanding, $300,000. Par, $100. A majority of stock is owned by Birmingham
& Northwestern Company.
BIRMINGHAM & SOUTHEASTERN RAILWAY

Incorporated under Alabama laws, March 8, 1901, as the Union Springs and Northern Ry. The name
History:
was changed on May 1, 1911, as above. Road opened from Union Springs to Tallassee, Ala., in Sept., 1912, and from
Tallassee to Electric on June 15, 1913. In April, 1912, the property of the Tallassee & Montgomery Ry. Co. was pur-
chased, extending from Tallassee to Milstead, Ala.
Location: Union Springs to Eclectic, Ala., 48.2 miles, including a 21-mile extension from Fort Davis to Mil-
stead, completed in 1912, and 6 miles from Tallassee to Milstead purchased. Spurs, 5.75 miles.
Management: OFFICERS: W. M. Blount, Pres., Union Springs, Ala.; Gordon P. Paine, Vice-Pres., Baltimore,
Md. Foster, Sec.; W. L. Anderson, Treas. E. R. Cobb, Aud., Union Springs, Ala. DIRECTORS:
Hugh J. M. Ellis,
;
C. E. Gholston, B. T. Eley, Hugh Foster, W. M. Blount,

;
W
L. Anderson, Union Springs, Ala.; Gordon P. Paine,
Baltimore, Md.; W. W. Thompson, New York City. Annual meeting, March 29, at Union Springs, Ala. OFFICE,
Union Springs, Ala.

*
1916 1915 1914 1913 1912 1911
Gross revenues $105,819 $96,760 $135,604 $89,055 $68,745 $2,852
Net operating revs... $37,037 $37,954 $5,638 $30,563 $28,104 (def.)$236

Other income 125 285 47,045 640
Total net income $37,162 $38,239 $51,738 $30,563 $28,744 (def.)$236

Taxes 4,990 5,642 2,995 2,520 2,520 150
Fixed charges 56,511 50,284 46,710 28,741 9,920 915
Surplus (def.)$24,339 (def.)$17,687 $2,033 (def.)$698 $16,304 (def.)$l,301

and Loss Account, year ended June 30, 1916: Debit balance carried to balance sheet, $41,807. Contra:
Profit
Debit balance at beginning of year, $12,084; debit balance transferred from income, $24,339: miscellaneous debits,
$5,384; total, $41,807.

ASSETS: 1916 1915 1914 1913 .
1912 1911
Property investment $1,501,266 $1,497,098 $1,483,609 $1,417,058 $1,027,251 $228,354
Working assets 23,060 98,167 84,560 12,118 41,664 103,574
Total $1,602,014 $1,645,318 $1,603,228 $1,434,006 $1,068,915 $333,261

LIABILITIES:
Capital stock $700,000 $700,000 $700,000 $690,000 $555,000 $100,000
Funded debt 754,669 830,016 869,647 700,369 438,606 322,606
Accrued liabilities not due 19,617 13,304 10,846 4,769 900
Deferred credit items . .'
1,689
Total $1,602,014 $1,645,318 $1,603,228 $1,434,006 $1,068,915 $333,261
Bonded Debt: (1) $519,000 Birmingham & Southeastern Ry. 1st mtge. 6s. Dated May 1, 1911; due May 1,
1961. Coupon, $100 and $1,000. Interchangeable, Interest paid May and Nov. 1, at office of Central Trust Co., New
York. Auth., $3,000,000. Proceeds used for taking over property of the Union Springs & Northern Ry. Co. and for
extensions. First lien on all property now owned or hereafter acquired. Callable as a whole at 107% and interest.
Central Trust Co. of New York and William Goodman, New York, Trustees. Interest paid without deduction for
normal income tax.
(2) $67,605 Birmingham & Southeastern Ry. debenture 6s. Dated June 27, 1911; due June 27, 1921. Interest
paid July 1, if earned. Authorized, $67,605.
(3) $161,000 Birmingham & Southeastern Ry. general and equipment 6s. Dated Feb. 1, 1914; due Feb. 1, 1924.
Interest paid A. and F. 1. Authorized, $1,000,000; issued, $240,000, $79,000 of which is held in treasury. Callable
at 107. Second lien on property following No. 1. Interest paid without deduction for normal income tax.
Capital Stock: Authorized, $1,000,000; outstanding, $700,000. Par, $100. TRANSFER AGENT and REGISTRAR,
Secretary of company.
BIRMINGHAM, COLUMBUS & ST. ANDREWS RAILROAD

History: Incorporated under the laws of Alabama and Florida in 1902, for the purpose of construction of a
road from St. Andrews Bay to Columbus, Ga., 200 miles, of which 65 miles will be in Florida, 12 in Georgia, and 123
in Alabama. Road in hands of receiver since Dec. 24, 1908.
Location: In operation from Chi'pley to Southport, Fla., 38 miles. Sidings, 3.79 miles. Equipment: Locomo-
tives, 3; cars, 11.
Management: OFFICERS: A. D. Campbell, Rec. ; J. M. Owsley, Aud. and Gen. Mgr., Chipley, Fla. OFFICE,
Chipley, Fla.
1916 1915 1914 1913 1912
Gross revenues $26,091 $26,269 $44,314 $57.404 $16,011

Other income 150 68 1,677 100
Total net income. $7,720 $6,801 $10,764 $7,176 $1,784

Taxes 2,448 1,670 1,257 1,253 1,486
Fixed charges 3,376 3,448 3,339 2,752 830
Surplus $1396 $1,683 $6,168 $3,171 (def.)$532

ASSETS: 1916 1915 1914 1913 1912
$19,095 $19,641 $20,463 $17,357 $4,281
Working assets 1,916 L,OM 1,054 926 2,890
Profit and loss deficit. 3,379 5,588
Total $21,011 $20,706 $21,517 $21,662 $12,759

LIABILITIES:
Funded debt $9,635 $6,185 $7,685 $11,285 $6,322
2,000
Appropriated surplus . . "290
Profit and loss surplus. .',.'.'7- 4,079 '2.789
Total $21,011 $20,706 $21,517 $21,662 $12,759

Note: Above balance sheet is that filed by receiver.
Bonded Debt: $250,000 Birmingham. Columbus & St. Andrews R.R. Dated July 1, 1905; due July 1.
1st 5s.
1935. Interest paid J. and J. 1, at Central Trnat Co., New York, Trustee. Coupon, $1,000. May be exchanged for
registered bonds. Authorized, $4,500,000; issuable at the rate of $22,500 per mile of completed road.
Receiver's Certificate*: There were outstanding June 30, 1916, $9,635 6% receiver's certificates.
Court has approved order authorizing the issuance of $200,000 receiver's certificates, 6% int., payable semi-
annually, maturing ten years from date of issue, having priority over all other liens, on present mileage of 38 miles
and proposed 23 miles, or total mileage, 61.
This issue for extensions and betterment
Capital Stock: Authorized, $4,000,000. Par, $100.
BIRMINGHAM SOUTHERN RAILROAD

History: Incorporated under laws of Alabama, Feb. 17, 1889. Doe_s a general switching business for the Ten-
nessee Coal, Iron & R.R. Co., and various industries in vicinity of Birmingham, Ala.
Location: Line of road extends from Birmingham to Rrynton, 9.826 miles; Stockton June, to Stockton, 4.881
miles; Village Creek June, to Sharon Hill, 3.884 miles; Falls June, to Bayview, 5.472 miles; Ensley to A. B. & A.
R.R. June., 3.582 miles, and various branches, 13.031 miles; the total being 40.676 miles. Leased: 2.03 miles. Sidings,
78.791 miles, of which 27.199 miles are leased. Equipment: Locomotives, 22; cars, passenger, 10; freight, 138; coal,
499; others, 107; service, 37; total, 791.
Management: OFFICERS: G. G. Crawford, Pres.; F. H. Crockard, Vice-Pres.; L. T. Beecher, Secy, and Treas.;
F. B. Winslow, Aud., Birmingham, Ala. DIRECTORS: E. H. Gary, J. A. Farrell, New York; G. G. Crawford, F. H.
Crockard. Walker Percy, Birmingham, Ala. Annual meeting, second Wednesday in October, at Birmingham, Ala.
OFFICE, Birmingham, Ala.
1916 1915 1914 1913 1912 1'Jll
Gross revenues $992.592 $796,498 $1,161.830 $1,276,628 $891,965 $675.676
Maintenance of way 201,261 154.295 191.593 157,620 147,845 112,374
Maintenance of equipment 181.892 145,302 179,505 159,004 200,362 151,971
All other operat. expenses 388,288 347,924 464,758 492,725 370,427 313,756
Net operating revenue $221,151 $148,977 $325,974 $467.279 $173,331 $97,575

Other income 19,374 6,993 11,619 15,240 11,726 8,285
Total net income .... $240,525 $155,970 $337,593 $482.519 $185.057 $105,860
Taxes 28,773 29.191 26.475 28.491 28.744 24,258
Fixed charges 22,229 35,398 49,358 69,924 3,679 1,494
Surplus '$189,523 $91^81 $261,760 $384,104 $152,634 $80,108

ance transferred from income, $189,523; profit on road and equipment sold, $245; miscellaneous credits, $139; total,
$1,518,480. Contra: Loss on retired road and equipment, $12,361; miscellaneous debits, $82; credit balance carried
to balance sheet, $1,506,037; total, $1,518,480.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 666,166 233,987 219,547 254,875 221,549 126,035
Accrued income not due ... 1,071 1,071
Deferred debit items 7,647 214 1,480 242 222 1,123
Total $3,166,983 $2,994,875 $183,824 $3,285,553 $3,071,928 $2,859,302

LIABILITIES :
Capital stock $1,200,000 $1,200,000 $1,200,000 $1,200,000 $1,200,000 $1,200,000

Funded debt 640,000 995.000 1,172,000 1,127,000
Accrued liabilities not due 20,721 22,333 28.637 41,820 46,783 41,518
Deferred credit items .... 1,644 1,324 2,317 1,805 2,495 3,006
1,506,037 1,328,573 1,262,148 998,339 612,502 459,870
Total $3,166,983 $2,994,875 $3,183,824 $3,285,553 $3,071,928 $2,859,302

Capital Stock: Authorized and issued, $600,000 pfd. and $600,000 common. Par, both issues, $100. All owned
by Tennessee Coal, Iron & R.R. Co. No bonded debt.
BIRMINGHAM TERMINAL COMPANY

History: Incorporated under Alabama laws, June 28, 1905. Owns and operates the Union passenger station
and terminals at Birmingham, Ala., used by Illinois Central, Southern Ry., Seaboard Air Line, Central of Georgia,
St. Louis & San Francisco and Alabama Great Southern Rys.
Management: OFFICERS: G. B. McCormack, Pres.; J. T. Stokely, Secy.; H. C. Ansley, Treas.; A. H. Plant,

Aud., Washington, D. C. DIRECTORS: E. H. Coapman, L. W. Baldwin, W. L. Parks, G. B. McCormack, L. Sevier,
H. W. Stanley, R. F. Carr. OFFICE, Birmingham, Ala.
Bonded Debt: $1,940,000 Birmingham Terminal Co. first 4s; dated March 1, 1907; due March 1, 1957. Int.
paid March and Sept. 1, at Equitable Trust Co., New York. Auth., $3,000,000, of which unissued bonds are re-
served for improvements. Coupon and reg., $1,000 and multiples. First lien on entire properties. Guar. prin. and
int. by endorsement by the six railroads named above. Int. paid without deduction for normal income tax.
Net Rating, Aa.
Capital Stock: Authorized, $150,000; paid in, $3,000; par, $100. All owned in equal shares by the six compa-
nies using the terminals, to which the property is leased at a rental covering all expenses and charges, and 4% on
stock.
BLOOMSBURG & SULLIVAN RAILROAD

History: Incorporated under Pennsylvania laws, Dec. 21, 1883; reorganized without foreclosure in 1898.
Location: Operates 28.81 miles, from Bloomsburg to Jamison City, Pa. Sidings, 4.25 miles.
Equipment: Locomotives, 5; cars, passenger, 4; baggage, 2; and service, 1. Rents its freight cars.
Management: OFFICERS: Samuel Wigfall, Pres.; Joseph McMorris, Vice-Pres.; G. A. Ritter, Secy, and Aud.;
W. C. Snyder, Treas. and Gen. Supt. DIRECTORS Joseph McMorris, Wm. P. Gest, Fredk. W. Buch, C. H. James, C.
:
G. Appleton; L. E. Waller, W. C. Snyder, Samuel Wigfall, G. A. Ritter. Annual meeting, second Tuesday in Jan-
uary. OFFICE, Bloomsburg, Pa.
1916 1915 1914 1913 1912 1911
Gross earnings $90,657 $77,764 $88,775 $107,057 $109.161 $110.773
Net earnings 34.543 24.615 31.185 35,679 43,751 42,863
Total net income 34,543 24,916 31,607 36,557 46,423 45,311
Deductions:
Taxes, rental, int., etc. 25,608 25,556 39.160 33.038 41.390 36.937
Balance (sur.) $4,836 (def.)$640 (def.) $7,553 (sur.) $3,519 (sur.) $5,033 (sur.) $8,374
Profit and Loss Account, year ended June 30, 1916: Credit balance
..... at beginning of year, $994; credit balance
transferred from income. $4,836 profit on road and equipment sold, $728 total, $6,558. Contra
; ;
Credit balance car-
:

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,244,704 $1,244.254 $1,247,577 $1,238.738 $1,220.975 $1,215,245
Working assets 31,102 26,013 25,360 29,936 58,797 61,175
Total $1,276,178 $1,270,969 $1,273,152 $1,269,291 $1,280,313 $1,276,590

LIABILITIES :
Capital stock $600,000 $600,000 $600.000 $600.000 $600.000 $600,000

Funded debt 441,600 447,200 452,200 455,700 477,700 491,100
Working liabilities 1,247 2.132
Accrued not due
liabilities 3,590 2,742 2,863 2,569 3.312 3.298
Deferred credit items .... 688 767 7,702 30.000 30.000
Appropriated surplus .... 224',427 218,597 214.055 195.777 153.819 142,498
Profit and loss surplus . . . 6,558 495 1,135 7,443 15,482 19,694
Total $1,276,178 $1,270,969 $1,273,152 $1,269,191 $1,280,313 $1,276,590
Bonded Debt: (1) $242,000 Bloomsburg & Sullivan R.R. first 5s; dated June 28, 1898; due Jan. 1, 1928. Int.
paid Jan. and July 1, at Fidelity Trust Co., Philadelphia. Coupon, $100 and $1,000; sinking fund, 5% of gross
earnings. First lien on entire property. Free of Pennsylvania State taxes. Interest paid without deduction for
normal income tax. Net Rating, B.
(2) $199,600 Bloomsburg & Sullivan R.R. second income 5s; dated June 24, 1898; due Jan. 1, 1928. Int. paid
Jan. and June when earned, at company's office. Reg., $100 and $1,000. Second lien on entire property. Interest is
regularly paid. Interest paid without deduction for normal income tax. Net Rating, Caa.
Capital Stock: Authorized and outstanding, $600,000; par, $50. No dividends reported.
BLYTHEVILLE, BURDETTE & MISSISSIPPI RIVER RAILWAY

History: Incorporated under laws of Arkansas, April 17, 1906.
Location: Road extends from Wolverton to Burdette and Burdette Junction, 13.5 miles. Exclusively a freight
road.

ManaRement: OFFICERS: W. A. Gilchrist, Pres. and Gen. Mgr.; A. R. Owen, Vice-Pres.; T. G. Blackburn, Sec.
nd Treas., Memphis, Tenn.; C. W. Ramey, Supt., Burdette, Ark.; E. Buck, Aud., Memphis, Tenn. DIRECTORS: W.
A. Gilchrist, M. B. Cooper, T. G. Blackburn,
Memphis. Tenn.; A. R. Owen, Owen, Wis.; C. W. Ramey, Burdette, Ark.
Annual meeting in February. GENERAL OFFICE, Memphis, Tenn.

1916 1915 1914 1913 1912
Grow revenues $31.289 $11,474 $22,771 $26,095 $36,472
Operating expenses 28.505 22,240 28,141 19,339 17,598
Net revenue $2,784 $10,766 $5,370 $6,756 $18,874

Total net income $2,784 $10.766 $5,201 $6,888 $18,925

Taxes 1,493 1.527 1.487 1.264 1,119
Fixed charges 7,112 6,396 6,258 6,509 6,556
*
Surplus $6,821 $17,689 $11,946 $113 $11,250
* Deficit
Profit and LOM Account, year ended June 30, 1916: Debit balance carried to balance sheet, $70.249. Contra:
Debit balance at beginning of year, $61,952; debit balance transferred from income, $5,821; miscellaneous debits,
$2,476; total, $70,249.
ASSETS: 1916 1915 1914 1913 1912
Property investment $200.281 $211,594 $220.135 $227,484 $230,219
Working assets 11,300 11.971 6,279 6,196 926
Deferred debit items 77 164
Profit and loss 70,249 61,952 44,212 32,091 29,628
Totals $281,830 $286,594 $270,780 $265,771 $260,773

LIABILITIES :
Capital stock $140.000 $140.000 $140.000 $140.000 $140,000

Funded debt 100 000 100.000 100.000 100,000 100,000
Working liabilities 40.429 44,394 30,000 25,020 20,773
Deferred credit items 1,201 1,200 780
Totals $281,830 $285,594 $270,780 $265,771 $260,773

Bonded Debt: $100.000 Blytheville, Burdette & Missi<=sinni River Railway 1st 5s. Dated July 1, 1908; due July
1, 1923. Interest paid J. and J. 1. Authorized issue, $240,000. First lien on entire property.
Capital Stock: Authorized, $210,000; issued, $140,003. Par, $100. The Three States Lumber Co. owns majority
of stock.
BLYTHEVILLE, LEACHVILLE & ARKANSAS SOUTHERN RAILROAD

History: Incorporated under the laws of Arkansas, May 19, 1908.
Location: Line owned: Littleton to Blytheville June.. Ark., 2.37 miles; Leachville to Riverdale, Ark., 19.22
miles; Lepanto June., to North Shaw, Ark., 3.99 miles; Shaw to South Shaw, Ark., 2.34 miles; logging division,
1.14 miles; total owned, 29.06 miles. Trackage operated over lines of St. Louis & San Francisco R.R., Leachville,
Ark., to Arbyrd, Mo., 8 miles; over lines of Paragould Southeastern Ry., Arbyrd, Mo., to Chickasawba, Ark., 22.60
miles; total operated, 59.66 miles; sidings, 5.71 miles.
Equipment: Locomotives, 5; cars, passenger, 2; flat, 131; rack, 5; cabooses, 4; other freight train cars, 40.
Management: OFFICERS: William Wilms, Pres., Chcago, 111.; A. C. Lange. Sec. and Gen. Mgr.; J. R. Han-
cock, Trpas.. Blytheville, Ark.: Charles F. Wiedeman. Gen. Aud., Chicaero. 111.; L. W. Waters, Supt., Leachville, Ark.
DIRECTORS: Wm. Wilms, Chicago; R. L. McClelland, Western Springs, 111.; A. C. Lange, A. H. Stier, J. R. Han-
cock, Blytheville. Ark. Annual meeting, first Saturday in July. GENERAL OFFICE, 111 W. Washington Street, Chi-
cago, 111.
Gross revenue
MOODY 'S ANALYSES OF INVESTMENTS. 801
Management: OFFICERS: Melvin O. Adams, Pres. John A. Fenno, Treas. and Supt. DIRECTORS: M. O. Adams,
;
Karl Adams, H. V. Cunningham, Win. F. Halsall, John A. Fenno. Annual meeting, third Thursday in November.
MAIN OFFICE, Boston, Mass.
Gross revenues
Gross revenues
BROWNSVILLE & MATAMORAS BRIDGE COMPANY

History: Incorporated Aug. 23, 1909, under laws of Arizona. Owns a bridge across Rio Grande River between
Brownsville, Texas, and Matamoras, Mex., which provides railway, wagon and pedestrian accommodations, and in
addition a gasoline motor-car service is maintained by the Bridge company, when conditions in Mexico permit. Mile-
age, 1.91 miles. Company owns entire $100,000 capital stock of the Brownsville Ferry Company.
Management: OFFICERS: A. T. Perkins, Pres., St. Louis, Mo.; C. R. Hudson, Vice-Pres., York; M. Eckert, New
Sec., Treas. and Aud.. Kintrsville. Tex.: A. S. Gimble. On.
Ap*.. Brownsville, Texas. DIRECTORS: A. T. Perkins,
St. Louis, Mo.; J. S. Pyeatt, Houston, Tex.; Caesar Kleberg, Kingsville, Tex.; C. R. Hudson, York; Frank New
Andrews, Houston, Texas; A. J. Pani, Mexico, D. F. Annual meeting, first Tuesday in June at Kingsville, Texas.
OFFICES, Kingsville, Texas, and St. Louis, Mo.

1916 1915 1914 1913 1912 1911
Gross revenues $18,628 $13.844 $18,859 $32,474 $27,050 $8,287
Net oper. revenues. $11. IH,, $7,183 $12,461 $21,658 $17,337 $5,845
Other income 1 4,137 3,639 242 108
Total net income $14.401 $11,320 $16,100 $21,900 $17,445 $5,845

Taxes 3,237 1,662 1,898 1,495 1,929 '
Fixed charges 22,502 22,532 22,138 20,753 17,562 8,567
Surplus (def.)$ll,338 (def.)$12,874 (def.)$7,936 (def.)$348 (def.)$2,046 (def.)$2,722
and Loss Account, year ended .Tnne 30. 1916: Dfhit balance carried to balance sheet, $40,831. Contra:
Profit
Debit balance at beginning of year, $29,331; dtbit balance transferred from income, $11,338; miscellaneous debits,
$162; total, $40,831.
Comparative Condensed Balance Sheet, ai of June 30
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,026,552 $1,029.791 $1,026,119 $1,026,169 $777,770 $767,887
Working assets 16,193 5,556 11,316 17,279 7,499
Deferred debit item* i:r..7"J 27,476 29,492 31.461 33,007
Profit and loss deficit 40,831 29,331 13,980 6,046 5^696 2,722
ToUl $1,109,278 $1,092,163 $1.079,907 $1,080,954 $820,409 $801,115

LIABILITIES:
Capital stock |HMOI $650,000 $650.000 $650.000 $500,000 $500,000
Funded debt 431,325 426.000 426,000 426.000 300,000 300,000
Working liabilities 17.229 925 yua 19,387 1,115
Accrued liabilities not due 10,724 3,086 2.982 2,091 1,022
Total $1.109,278 $1,092,153 $1,079,907 $1,080,954 $820,409 $801,115
Bonded Debt: (1) $333,000 Brownsville & Matamoras Bridge Co. first 5s. Dated Jan. 1, 1910; due Jan. 1, 1930.
Interest paid J. and J. 1, at St. Louis (Mo.) Union Trust Co., Trustee. Coupon, $1,000. Guaranteed principal and
interest by National Railways of Mexico Ry. Co., and St. Louis, Brownsville A Mexico Ry. First lien on property.
(2) $90,000 Brownsville A Matamoras Bridge Co. second 4s. Dated Sept. 1, 1911; due Sept. 1, 1931. Interest
paid M. and S. 1, at New York Trust Co., Trustee. Coupon, $1,000. Authorized issue, $100,000. Issued in exchange
for the capital stock of Brownsville Ferry Company, Ltd. Capital guaranteed principal and interest by National
Rys. of Mexico, and St. Louis, Brownsville and Mexico Railway. Int. paid without deduction for normal income tax.
Capital Stock: Authorized and outstanding. $650.000. Par, $100. Owned jointly by National Railways of
Mexico and St. Louis, Brownsville A Mexico Ry. No dividends. Transfer office at Kingsville, Tex.
BUCKSPORT & ELK RIVER RAILROAD

Incorporated under the laws of California, July 25, 1884. Began operations Jan.
History: 1, 1886. Used mainly
for logging purposes.
Location: Road extends from Holmes Mill to Falks Mill, Cal., 8.16 miles.

Management:OFFICERS: J. M. Carson, Pres.; Josiah Bell, Vice-Pres.; P. J. Brown, Treas.; G. A. Kellogg,
Sec..Eureka, Cal. DIRECTORS: Josiah Bell, J. M. Carson, P. J. Brown, Eureka, Cal.; J. R. Hanify, San Francisco;
N. H. Falk, Arcata, Cal. Annual meeting, third Monday in January. GENERAL OFFICE, 627 Third St., Eureka, Cal.
Capital Stock: Authorized and issued. $500,000, of which $230.000 paid in; par, $100. Secretary of company
acts as TRANSFER AGENT AND REGISTRAR. No bonded debt Recent dividends as follows: 1911 to and including 1914,
8% each.
BUFFALO & SUSQUEHANNA RAILROAD CORPORATION

HiMory Incorporated under Pennsylvania laws, Dec. 30, 1913. The company succeeded to the property of the
:
Buffalo A Susquehanna Railroad, which was sold under foreclosure Dec. 4, 1913. The present company also owns all
the stock of the Addison & Susquehanna R.R., and all the stock and first mortgage bonds of the Wellsville, Couders-
port A Pine Creek R.R. These two properties are operated under lease. The company further owns all of the bonds
of the Powhatan Coal A Coke Co., and the second mortgage bonds of the Buffalo & Susquehanna Coal & Coke Co.
sot MOODY'S ANALYSES OF INVESTMENTS.
Location: On June 30, 1916, the company operated 252.56 miles, as follows: Lines owned, including line from
Nichols, N. Y., to Stanley, Pa., 217.28 miles; lines leased, Addison & Susq. R.R., 9.73 miles; Wellsville, Coudersport
& Pine Creek R.R., 10.11 miles; trackage rights, 15.44 miles. (The lines of the old Buffalo & Susquehanna Railway,
consisting of 85.62 miles, are not included in this company, this latter mileage now being separated). For full de-
tails of old company, see "Moody's Analyses of Railroads" for 1914 and earlier years.
Equipment:Locomotives, 61; passenger, freight and company cars, 3,423.

Management: OFFICERS: E. R. Darlow, Pres.; E. B. Smith, First Vice-Pres.; F. E. Hall, Sec. and Treas.; T. J.
Elmer, Aud.; J. S. May, Supt. DIRECTORS: Frank E. Hall, Herbert H. Dean, Philip G. Bartlett, J. S. Farlee,
Julius F. Workum, Edward R. Darlow, Edward B. Smith, Albert L. Smith, Radcliffe Cheston, Jr., Rutherford Mc-
Allister, W. Hinckle Smith, Percy C. Madeira, Charlton Yarnell. MAIN OFFICE, 980 Ellicott Sq., Buffalo, N. Y.

1916 1915 1914
Gross revenues $1,678,682 $1,532,863 $1,446,196
Maintenance of way and structures. 266,477 246,483 290,062
All other operating expenses 553,788 518,377 565,324

Other income 511,476 415,240 390,348
Total net income. $945,213 $738,707 $549,843

Taxes 31,200 31,200 31,200
Fixed charges 305,462 324,785 358,277
Surplus $608,551 $382,722 $160,866

Earned on preferred stock. 15.21% 9.57% 4.017o
Earrifed on common stock.. 14.95 7.42
Profit and Loss Account, year ended Dec. Credit balance at beginning of year, $460,450; credit bal-
31, 1916:
ance transferred from income, $608,551; profit on road and equipment sold, $4,127; miscellaneous credits, $70,329;
total, $1,143,456. Contra: Dividend appropriations of surplus, $310,000; miscellaneous debits, $401; credit balance
carried to balance sheet, $833,055; total, $1,143,456.
Comparative Condensed Balance Sheet, as of December 31

ASSETS : 1916 1915 1914
Property investment $14,537,217 $14,097,816 $13,931,156
Current assets 1,094,455 1,267,833 1,144,612
Unadjusted debits . . 64,542 50,939 34,562
Deferred assets 19,998 22,634 27,003
Total $15,716,212 $15,439,222 $15,137,333

LIABILITIES :
Capital stock $7,000.000 $7,000,000 $7,000,000
Funded debt 7,002,000 7,242,000 7,353,900
Current liabilities . 242,981 290,051 337,841
Deferred liabilities 13,629 21,481 26,924
.Unadjusted credits 624,546 418,486 214,148
Surplus .
833,056 467,203 204,520
Total $15,716,212 $15,439,222 $15,137,333
Bonded Debt: (1) $6,516,800 Buffalo & Susquehanna Railroad Corporation first 4s; dated Dec. 30, 1913; due
Dec. 30, 1963. Int. paid J. and J. 1, at office of Edward B. Smith & Co., New York. Coupon, $500 and $1,000; reg.,
$100 and multiples; interchangeable. Sinking fund, $50,000 annually from Jan. 1, 1915, to Jan. 1, 1949, bonds being
redeemable for fund at not to exceed 100 and int.; also all sums in excess of $50,000 which may be received as pay-
ment of the principal of any of the collateral securities shall go into this fund. Authorized, $10,000,000. In sinking
fund, $442.200. Secured by first or first collateral lien on 237.12 miles of road, being a direct mortgage on 217.28 miles
owned, and a first collateral lien on the Addison & Susquehanna and the Wellsville, Coudersport & Pine Creek R.R.s.,
embracing 19.84 miles additional. Further secured by deposit of the mortgages of the Powhatan Coal & Coke Co., the
second mortgage of the Buffalo & Susquehanna Coal & Coke Co., and all the common stock of the Keystone Store Co. ;
also by pledge of nearly all the capital stock of the Buffalo & Susquehanna Coal & Coke Co. and the Powhatan Coal
& Coke Co. Interest paid without deduction for normal income tax. Rating, A.
(2) -Equipment bonds, in several series as follows:
Series C, 5s; dated Aug. 1, 1907; due $45,000 s.a. to Aug. 1, 1917. Original issue, $900,000; now unmatured,
$56,000. Int. paid F. and A. 1, at Columbia Trust Co., New York. Assumed by B. & S. R.R. Corp. First lien on
equipment costing $1,046,000. Rating, Aa.
Series D, 5s; dated Aug. 1, 1907; due $15,000 s.a. to Aug. 1, 1917. Original issue, $300,000; now unmatured,
$35,000. Int. paid F. & A. 1, Penn. Co. for Ins. on Lives, etc., Phila. Assumed by B. & S. R.R. Corp. First lien
on equip, costing $349,000. Rating, Aa.
All issues are coupon, $1,000.
Capital Stock: Auth. and issued, $4,000,000 preferred and $3,000,000 common. Preferred is entitled to 4% per
annum dividends, which are cumulative after Jan. 1, 1915; also has preference as to assets. Par $100. Both issues
are held in a voting trust, extending to Jan. 1, 1919, trustees being Philip G. Bartlett, Jacob S. Farlee and Edward B.
Smith. Dividends at full rate paid on preferred during 1915 and 1916; 5% paid on common in 1916. TRANSFER
. AGENTS: Edward B. Smith & Co., New York.
COMPANIES CONTROLLED AND OPERATED BY BUFFALO & SUSQUEHANNA RAILROAD CORPORATION

ADDISON & SUSQUEHANNA RAILROAD
History: Incorporated under New York laws, June 21, 1898. Line of road, Addison, N. Y., to Penn. State line,
9.73 miles. Sidings, 2.39 miles. Was leased on April 1, 1901, to Buffalo &
Susq. R.R. for 50 years at annual rental
of $1, and organization expenses not exceeding $1,000; lease assumed by new Buffalo Susq. R.R. Corp., which oper- &
ates the property.
Management: OFFICERS: E. R. Darlow, Pres.; F. E Hall, Sec. and Treas.; T. J. Elmer, Aud. Annual meet-
ing, first Monday May. OFFICE, Buffalo, N. Y.
in
Capital Stock: Auth. and issued, $100,000; par $100. All owne'd by Buffalo & Susquehanna R.R. Corp. and
pledged under that company's first 4s.
WELLSVILLE, COUDERSPORT & PINE CREEK RAILROAD

History: Incorporated under New York Line of road, Wellsville, N. Y., to Penn State line,
laws, Nov. 14, 1881.
10.11 miles. Sidings, 2.71 miles. Leased to Buffalo & Susquehanna R.R. for 50 years from April 1, 1901, at interest
on debt. Shall not exced $750 organization expenses, and $1 annually. Lease assumed by new Buffalo & Susq.
R.R. Corp., which operates the property.
Management: OFFICERS: E. R. Darlow, Pres.; F. E. Hall, Secy, and Treas.; T. J. Elmer, Aud. Annual meet-
ing, first Monday in May. OFFICE, Buffalo, N. Y.
Bonded Debt: $20,500 first 6s, due Oct. 1, 1902, the whole issue being pledged under the B. S. R.R. Corp. &
first 4s.
Capital Stock: Auth.. $100,000; outstanding, $62,700; all owned by B. A S. R.R. Corp. and pledged under that
company's first mortgage. Par, $100.
BUFFALO, ATTICA & ARCADE RAILROAD

History: Incorporated under the laws of New York, Oct. 15, 1894, as successor to the Attica & Freedom R.R.
Location: Attica to Arcade, N. Y., 26.29 miles; sidings, etc., 2.66 miles. Equipment: Locomotives, 3; cars, 4;
snow plow, 1.
Management: OFFICERS: Wm. L. Kann, Pres., Pittsburgh, Pa.; W. R. Brown, Vice-Pres., New York; Ganson
Depew, 2d Vice-Pres.; R. G. Kann, Secy, and Treas.; A. B Campbell, Aud., Buffalo, N. Y.; J. L. Eldridge, Gen. Supt.,
Arcade, N. Y. DIRECTORS: Bradley Goodyear, A. C. Goodyear, Ganson Depew, R. G. Kann, Arcade, N. Y.; A. J.
Posten, Washington, D. C.; Walter P. Cooke, F. A. Lehr, Buffalo, N. Y.; Wm. L. Kann, Pittsburgh, Pa.: W. R.
Brown, New York. Annual meeting, first Monday in May at Arcade, N. Y. GENERAL OFFICE, Arcade, N. Y.
1916 1916 1914 1913 1912 1911
$53.013 $58,566 $52,836 $49,093 $54,068 $50,013
Maintenance of way 15,242 13.581 13.400 13,193 17,434 13,619
Maintenance of equipment. 1 _ 1 1 1 .. 3,476 7,417 4,376 7,572
All other operating exps. . ::...-:. I
31,819 25,376 26,486 28,350 20,122
Net operating rev. . . . (def.) $7,327 SIM.:. -I $3,908 $8,700

Other income 163 69 98 12 9
Total net income (def.)$7,164 $9,308 $10.682 $2,998 $8,709

Taxes 1,620 1.620 1.620 1,500 1,400 1,200
Fixed charges 19,576 18,539 17,687 l-v.-.IT 17,674 15,760
Surplus (def.)$28,360 (def.)$10,851 (def.)$8,525 (def.)$17,019 (def.) $15,154 <def.)$8,2f>l

Profit and LOMI Account, year ended June 30, 1916: Miscellaneous credits, $6,578; debit balance carried to bal-
ance sheet, $31.282; total, $37.860. Contra: Debit balance at beginning of year, $9,500; debit balance transferred

1916 1915 1914 1913 1912 1911
Property investment . $541,775 $543.833 $539.900 $537,274 $535.854 $519.076
Working assets 11,060 10.639 8,823 2,870 8,298 8,923
Deferred debit items.. I'-".' 3,016 5,416 243 2,866 193
Profit and loss deficit. 31,282 9,600 9,519 16,912 58,904 43,748
Total $686,186 $666,988 $563,658 $557,299 $605,921 $571,940

LIABILITIES:
Capital stock $330.000 $330,000 $330.000 $330.000 $330,000 $330.000
Funded debt 219.000 219,000 219,000 219,000 219,000 201.000
''
Working liabilities ''I 16,348 9,448 l.o::;. 56,301 40,227
Accrued liabilities not due. 1,117 1,240 no 713
Deferred credit items 800 400 '6,210
Total $585,186 $666,988 $563,658 $557,299 $605,921 $571.940

Bonded Debt: $219,000 Buffalo, Attica & Arcade R.R. first 5s. Dated Jan. 1, 1903; due Jan. 1, 1933. Interest
Jan. and July 1, at company's office. Arcade, New York. Coupon, $1,000. Interstate Banking & Trust Co., New Or-
leans. 1-a.. Trustee. Auth. issue, $750,000. Interest paid without deduction for normal income tax.
Capital Stock: Authorized and outstanding, $330,000. Par, $100. No dividends.

BUFFALO CREEK RAILROAD
Incorporated under New York laws, Jan. 25, 1869. Leased in 1889 to the Erie R.R. and the Lehigh
History:
Valley R.R. Owns
33.61 miles of terminal trackage in the City of Buffalo. Under the lease, the interest on the
bonds and 1% on the stock are guaranteed. Leases 22 locomotives.
Management: OFFICERS: E. T. Stotesbury, Pres.; E. A. Albright, Secy.; D. W. Bigoney, Treas. DIRECTORS:
E. T. Stotesbury, E. B. Thomas, F. D. Underwood, J. A. Middleton, G. F. Brownell, L. D. Smith, G. N. Orcutt. An-
nual meeting, third Wednesday in June. OFFICE, 50 Church Street, New York.
1916 1915 1914 1913 1912 1911
Gross revenues $573,220 $446,795 $477,929 $460,719 $371,373 $346,710
Net operating revs.. $336,551 $238,830 $210,050 $225,923 $152,382 $168,998

Other income 184,682 174,091 174,189 185,786 171,085 159,779
Total net income $521,233 $412,921 $384,239 $411,709 $323,467 $328,777

Taxes accrued 29,441 37,978 25,141 24,320 24.525 28,144
Fixed charges 115,956 115,175 110,293 112,066 82,317 68,401
Surplus $375,836 $259,768 $248,805 $275,323 $216,625 $232,232

30, 1916: Credit balance at beginning of year, $63,588; credit bal-
ance transferred from income, $375,836; miscellaneous credits, $5,430; total, $444,854. Contra: Miscellaneous ap-
propriations of surplus, $356,486; credit balance carried to balance sheet, $88,368; total, $444,854.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment (def.)$12,185
Working assets $235,116 $182,229 $196,695 166,429 $200,540 $323,347
Deferred debit items 852 818 16,693 13,052 20,570 9,778
Total $235,968 $183,047 $213,388 $167,296 $221,110 $333,125

LIABILITIES :
Working liabilities $137,932 $109,228 $118,529 $80,955 $120,356 $92,617

Accrued liabilities not due. 19,333 *10,961 2,000 2,000 2,000 2,000
Deferred credit items 29,001 21,192 17,750 2 9,922 6,269
Profit and loss surplus. . .
88,368 63,588 75,109 84,339 88,832 232,239
Total $235,968 $183,047 $213,388 $167,296 $221,110 $333,125

* Reverse item.
Bonded Debt: (1) $1,000,000 Buffalo Creek R.R. cons. 5s; dated Jan. 1, 1891; due Jan. 1, 1941; int. paid J. and
J., at U. S. Mtg. &
Trust Co., New York. Guaranteed as to interest by the Lehigh Valley R.R., and the Erie R. R.,
each being liable, under the lease for one-half the interest. First lien on entire property. 'Underlie No. 2 which
provides for retirement. Legal for S. B. in Cal., Me., Mich., Minn., N. J., N. Y., Wis. Interest paid without deduc-
tion for normal income tax. Net Rating, Aa.
(2) $1,000,000 Buffalo Creek R.R. first ref. 5s; dated Jan. 1, 1911; due Jan. 1, 1961; int. paid J. and J., at U. S.
Mtg. & Trust Co., New. York. Auth., $5,000,000, of which $1,000,000 are reserved to retire No. 1, and the balance
for equipment, extension and improvement. Second lien on all property, following No. 1. Interest paid without
deduction for normal income tax. Net Rating, A.
.
Capital Stock: Auth. and issued, $250,000; par, $100. Dividends 7 per cent, per annum, payable J. and J. The
Erie Railroad and the Lehigh Valley R.R. each own $125,000 of the stock.
BUFFALO CREEK & GAULEY RAILROAD

History: Incorporated April 7, 1904, under the laws of West Virginia, to build a railroad from Dundon to
Huttonsville, W_. Va., about 110 miles. Road from Dundon to Widen, Clay County, W. Va., 19 miles, is in operation.
Sidings, 2.10 miles. Connection with Baltimore &
Ohio R.R. at Camden, W. Va., and with the Western Maryland
Ry. at Huttonsville, W. Va., is under construction.
Equipment: Locomotive, 1; passenger car, 1; freight and service cars, 4; hopper cars, 600.
Management: OFFICERS: V. C. McCormack, Pres., Harrisburg, Pa.; Budd Thompson, Vice-Pres., Martha Fur-
nace, Pa.; J. M. Cameron, Treas.; H. McCormack, Jr., Sec., Harrisburg, Pa.; J. G. Bradley, Supt. and Pur. Agt.,
Dundon, W. Va. DIRECTORS: J. M. Cameron, V. C. McCormack, H .McCormack, Jr., H. B. McCormack, Harrisburg,
Pa.; Budd Thompson, Martha Furnace, Pa. Annual meeting, third Monday in July. GENERAL OFFICE, Dundon,
West Virginia.
1916 1915 1914 1913 1912
Gross revenues $57,161 $61,142 $43,766 $54,499 $44,307
Net operating revenue (def.)$27,963 (def.)$19,974 (def.)$16,335 (def.)$2,753 (def.)$2,798
Other income , 75,610 67,597 57,741 34,966 243
Total net income $47,647 $47,623 $41,406 $32,213 (def.)$2,555
Taxes , 4,205 2,170 1,448 1,274 1,341
Fixed charges 18,067 20,457 16,123 13,110 2,333
Surplus .
$25,376 $24,996 $23,835 $17,829 (def .) $6,229

ASSETS: 1916 1915 1914 1913 1912
$883,799 $896354 $918,000 $773,258 $548,115
Working assets 19,561 17,599 21,722 21,777 40,672
Deferred debit items. 285 285
Total $903,360 $914,453 $939,722 $800,585 $612,166

LIABILITIES:
Capital stock $517,000 $517,000 $517,000 $517,000 $514,400
Funded debt 294,000 335,000 376,000 263,000 70,000
Accrued liabilities not due. ' ' 6,517 583
Profit and loss. . 68,941 43*,566 18,571
Total .
$903,360 $914,453 $939,722 $800,585 $612,166
Bonded Debt: (1) $42,000 Buffalo Creek & Gauley Railroad 5% Car Trust Certificates. Dated Nov. 1, 1911;
due $7,000 annually to Nov. 1, 1921. Interest paid M. and N. 1. Coupon, $1,000. Secured on 100 steel hopper cars,
and consolidation locomotive. Original issue, $70,000. Interest paid without deduction for normal income tax.
(2) $140,000 Buffalo Creek & Gauley R.R. 6<Tr Equipment Trust Certificates. Series "B." Dated Aug. 1, 1912;
due $20,000 annually to Aug. 1, 1922. Int. paid Feb. and Aug. 1, at Fidelity Trust Company, Philadelphia. Cou-
pon, $1.000. Secured on 300 steel hopper cars. Interest paid without deduction for normal income tax. Original
issue, $200,000.
(3) $112,000 Buffalo Creek & Gauley R.R. 6% Equipment Trust Certificates. Dated April 1, 1914; due $14,000
annually to April 1, 1924. Int. paid Apr. and Oct. 1, at Fidelity Trust Co., Philadelphia. Coupon, $1,000. Secured
on 200 steel hopper coal cars. Interest paid without deduction for normal income tax.
Capital Stock: Authorized. $1,000,000; outstanding, $517,000. Par, $100. No dividends paid.
BUTLER COUNTY RAILROAD

History: Incorporated under the laws of Missouri, Sept 1, 1905. Road opened in November of same year.
Location: Road extends from Poplar Bluffs, Mo., to Meade, Ark., 31.70 miles; Broseley to Lowell June., Mo.,
6.81 miles; Piggott June, to Piggott, Ark., 8.69 miles; total owned, 47.20 miles.
Equipment: Locomotives, 2; passenger cars, 3; freight cars, 158.
Management: OFFICERS: R. M. Parker, New York; Wm. N. Barren, Vice-Pres., Gen. Mgr.; P. A. Handte,
Pres.,
Sec. and Treas., Poplar Bluff, Mo. DIRECTORS:M. Parker, W. E. Foster, F. L. Van Tassell, New York; P. Handte,
R.
M. E. Horlacher, G. H. Windsor, W. N. Barren, Poplar Bluff, Mo. Annual meeting, fourth Monday in January.
GENERAL OFFICE, Poplar Bluff, Mo.

1916 1915
Gross revenues $189,610 $167,517
Net operating revenues. 184,091

Fixed charges, incl. taxes. . .
69,868
BUTTE, ANACONDA & PACIFIC RAILWAY
History: Incorporated Oct. 1, 1892, under laws of Montana. Built to connect the copper mines at Butte with
the reduction works at Anaconda. Majority, or 51%, of stock is owned by the Anaconda Copper Mining Co., balance
owned by Chicago, Milwaukee and St. Paul Ry.
Location: Lines operated, 140.10 miles, Butte to Anaconda, Mont., with various branches and spurs. Com-
menced in 1914 to operate line from Anaconda to Butte (25 miles) by electric power and practically entire mileage
is now operated in this manner.
Equipment: Locomotives, steam, 23; electric, 22; passenger cars, 10; freight and company cars, 1,245.
Management: OFFICERS: J. D. Ryan, Pres.; M. S. Dsan, Vice-Pres.; P. M. Halloran, Sec. and Treas. DIREC-
TORS: A. H. Melin, C. F. Kelley, M. S. Dean, B. B. Thayer, J. D. Ryan, OFFICE, Anaconda, Mont. Annual meet-
ing, first Tuesday in June.
CACHE VALLEY RAILROAD

History: Incorporated under the laws of Arkansas, May 9, 1902, succeeding the Black & Cache River R.R. In
May, 1904, the charter was amended authorizing the construction of a line from Paragould to Walnut Ridge.
Location: Road extends from Sedgwick to Light, Ark., 10.3 miles; sidings, 2 miles.
Management: A. D. Goldman, Pres., St Louis, Mo.; A. Bertig, 1st Vice-Pres., Paragould, Ark.;
OFFICERS:
S. C. Dowell, Treas., Walnut Ridge, Ark.; G. W. L. Brown, Sec. and Gen. Mgr., Sedgwick, Ark.; L. J. Moses, Gen.
Aud., St Louis. Mo. DIRECTORS: M. A. Hellman, A. D. G->ldman, St. Louis, Mo.; S. C. Dowell, Walnut Ridge, Ark.;
A. Bertig, Paragould, Ark.; G. W. L. Brown, Sedgwick, Ark. Annual meeting, last Monday in January. GENERAL
OFFICE, Walnut Ridge, Ark.
1916 1915 1914 1913 1912
Gross revenue $2 205 $2.916 $5,855 $2,524 $3.209
Net revenue (def.)$6,294 (def.) $5,584 (def.) $5,961 (def.) $7,699 (def.) $6,820
Capital Stock: Authorized, $600,000; outstanding, $160,000. Par $100. No dividends paid. No bonded debt.
CADIZ RAILROAD
History: Incorporated under the laws of Kentucky, March 9, 1901. Road opened March 15, 1902.
Location: Road extends from Cadiz to Gracey, Ky., 10.33 miles. Sidings, 0.16 mile.
Management: OFFICERS: W. C. White, Pres. A Gen. Mgr.; D. L. Grinter, Vice-Pres.; Miss B. M. Shaw, Treas.;
A. C. Burnett, Sec.; J. P. White, Aud.. Cadis, Ky. DIRECTORS: G. L. Smith, D. L. Grinter, F. G. Terry, W. C. White,
A. C. Burnett, Cadiz, Ky. Annual meeting, first Tuesday after first Monday in January. GENERAL OFFICE, Cadiz,
Ky.
1916 1915 1914 1913 1912
Gross revenues $17.068 $18.041 $20.682 $18.225 $17.871
Net operating rerenoM $2,350 $1.253 $3,386 $2,854 $5,641

Other income 250 250 250 125
Total net income $2.600 $1,503 $3,636 $2,979 $5,641

Taxes 449 1*8 145 149 157
Fixed charges 2.000 2,000 2,000 2,000 2,000
Surplus $451 (def.)$645 $1,491 $830 $3,484

Profit findLoss Account year ended Jun 30, 1916: Crpdit balance at beginning of year, $16,747; credit bal-
ance transferred from income, $451; miwe'lnnpous credit* *?i; total, $17,219. Contra: Miscellaneous debits, $31;
credit balance carried to balance sheet, $17,188; total, $17,219.

ASSETS: 1916 1915 1914 1913 1912
Property investment $74 017 $69.200 $69.378 $69.906 $64.604
Working assets 8.829 13.207 13,693 11,675 16,147
Total $82,846 $82,407 $83,071 $81,581 $80,751

LIABILITO:
Capital stock . $24 825 $24.825 $25.036 $25.036 $25.036
Funded debt 40.000 40.000 40,000 40,000 40.000
Accrued liabilities not due 833 856 855 855 855
Profit and loss 17,188 16,747 17,180 15,690 14,860
Total $82,846 $82,407 $83,071 $81,581 $80,751

Bonded Debt: $40,000 Cadiz Railroad 5-year 5% notes and mortgage to Illinois Central R.R. Co. Dated Feb. 1,
1912, due Feb. 1. 1917. Interest payable F. and A. 1. Secured by mortgage on entire property except one combina-
tion car and one locomotive.
Capital Stock: Authorized, $60,000; outstanding, $24,825; par $25. No dividends paid.
CAIRO & KANAWHA RAILWAY

History: Incorporated under laws of Virginia, April 1, 1906, successor to Cairo & Kanawha Valley R.R.
Location: Road extends from Cairo to MacFarlan, W. Va., 16 miles.
Equipment: Locomotives, 2; cars, 26. Gauge, 3 feet
Manairement: Omcras: I*e Shaffer, Pres.; C. T. Hitshew. Treas.. S. L. Moore, Sec.; H. G. Hardbarger,
Aud.; S. L. Moore, Gen. Mgr. DIRECTORS: Lawrence Sands, Pittsburgh, Pa.; Howard Hazlett. H. E. Vance, Wheel-
ing", W. Va.; S. A. Moore, Charleston, W. Va.; C. T. Hitshnw. Lee Shaffer, Parkersburg, W. Va.; D. G. McGregor,
Tairo. W. Va. Annual meeting, first Monday in March. GENERAL OFFICE, Cairo, W. Va.
810
CALIFORNIA CENTRAL RAILROAD

History: Incorporated under the laws of California, March 20, 1912, for the purpose of constructing line from
Hpllister to San Juan, and from Chittenden to Watsonville, Cal., a distance of approximately 32 miles, of which 10
miles from San Juan June, to Chittenden are in operation.
Equipment: Locomotive, 1; cars, 26.
Management: OFFICERS: J. C. Kemp van Ee, Pres.; L. A. Hilborn, Vice-Pres.; P. F. linger, Treas., San Fran-
cisco, Cal.DIRECTORS: J. C. Kemp van Ee, San Francisco; L. A. Hilborn, Oakland, Cal.; P. F. linger, R. R. Moody,
B. M. Aikins, F. W. Bishop, D. B. Schenk, San Francisco, Cal. Annual meeting, first Monday in December. GEN-
ERAL OFFICE, San Francisco, Cal.
Bonded Debt: (1) $2,000,000 California Central R.R. 1st sinking fund 6s. Dated March 21, 1912; due 1952.
Interest paid J. and J. at company's agency, San Francisco, Cal. Coupon, $100, $500 and $1,000. Callable on Jan.
1, 1922, at 110 and interest. Sinking fund beginning Jan. 1, 1922, $5 for each $500 of bonds outstanding. First
lien on real estate, etc. Interest paid without deduction for normal income tax.
Capital Stock: Authorized and outstanding, $2,000,000. Par, $100. No dividends paid.
CALIFORNIA-WESTERN RAILROAD & NAVIGATION COMPANY

Origin: Incorporated under laws of California, July 1, 1905, for 50 yean.
Location: Fort Bragg to Willits, Cal., 39.63 miles; Junction to Glen Blair, 3.22 miles, branches and spurs, 7.89
miles; total, 50.74 miles. Equipment: Locomotives, 7; passenger cars, 3; freight cars, 178; miscellaneous, 21.
Management: OFFICERS: Charles E. Wilson, Pres.; E. Towe, Jr., Secy.; Chas. H. Weller, Treas., San Fran-
cisco, Cal.; F. C. White, Gen. Mgr., Fort Bragg, Cal. DIRECTORS: Charles E. Wilson, T. L. Johnson, E. L. Towe,
Jr., C. R. Johnson, C. L. White, San Francisco, Cal. Annual meeting, second Monday in January. OFFICE, San
Francisco, C*L

1916 1915
Maintenance of way and structures. 25,796 42,116
Net operating $146,474 $88,364

Total net income. $156,061 $94,500

Taxes 14,643 14,398
Surplus . $93,403 $27,071
ance transferred from income, $93,403; miscellaneous credits, $470; total, $282,104. Contra: Miscellaneous debits,
$640; credit balance carried to balance sheet, $281,464; total, $282,104.

Property investment $1,962,750 $1,941,562 Capital stock . . $1,000,000 $1,000,000
Working assets 40,572 183,503 Funded debt 600,000 750,000
Deferred debit items 17,188 17,062 Working liabilities 98,908 154,708
Accrued liabilities not due. 6,383 14,713
Deferred credit items 33,775 34,47b
Total $2,020,510 $2,142,127 Total $2,020,510 $2,142,127
Bonded Debt: $600,000 California-Western R.R. & Navigation Co. 1st 6s. Dated Oct. 1, 1914; due Oct. 1, 1934.
Interest paid A. and 0. 1, at Anglo-California Trust Co., San Francisco, Trustee. Coupon, $1,000. Authorized issue,
$750,000. Bonds were issued to retire $600,000 1st 6s dueJan. 1, 1915, and to repay advances to the Union Lumber
Co. Callable at 102 and interest on Oct. 1, 1916, and thereafter, upon thirty days' notice. Company covenants to
pay Trustee $15,000 annually as sinking fund, commencing Oct. 1, 1916, which is to be applied to redemption of bonda
at not exceeding 102 and interest. First lien on entire property. Interest paid without deduction for normal In-
eome tax. Rating, Ba.
Capital Stock: Authorized and issued, $1,000,000. Par, $100. Dividend of 2tt% was paid in 1909; 7tt% In
1910; 10% each in 1911 and 1912. None since.
CALUMET, HAMMOND & SOUTHEASTERN RAILROAD
History:Incorporated under the laws of Illinois, June 22, 1906. Operations commenced in August, 1906.
Location: Leases terminal tracks at South Chicago connecting the N. Y., Chicago & St. Louis R.R. and the Chi-
cago & Western Indiana Ry., 7.58 miles. Equipment: Locomotives, 4; cars, 173, including 40 leased.
Management: OFFICERS: F. R. Hazard, Pres.; E. L. Pierce, 1st Vice-Pres., Syracuse, N. Y.; W. W. Davis, 2nd
Vice-Pres., Gen. Mgr., Supt. and Pur. Agt, Chicago, 111.; U. L. Miller, General Counsel, Syracuse, N. Y.; J. J. Arm-
strong, Traf. Mgr., Chicago. DIRECTORS: Jas. J. Armstrong, Wm. L. Brown, W. W. Davis, J. J. Armstrong, Chas. P.
Fitzgerald, Chicago; H. H. S. Handy, F. R. Hazard, Ed. L. Pierce, Syracuse, N. Y.; R. G. Hazard, Peacedale,
R. I. Annual meeting, first Wednesday in March. GENERAL OFFICE, 140 South Dearborn Street, Chicago, 111.

1916 1915 1914 1913 1912
Gross revenues $106.849 $73,293 $72,093 $89,605 $71,331
Net operating revenues (def.) $5,869 $2,418 (def.)$12,014 $4,826 $12,394

Other income 8,254 3,049 8,737
Total net income (def.) $5,869 $2,418 (def.) $3,760 $7,875 $21,131
Taxes 3,751 3,578 2,844 2,060 1,201
Fixed charges 6,336 6,000 6,000 6,000 6,000
Surplus (def.) $11,146 (def.) $7,160 (def.) $12,604 (def.) $185 $13,930

ASSETS: 1916 1915 1914 1913 1912
Working assets .... 55,847 55,896 57,935 37,352 49,972
Deferred debit items. 2,160 1,820 1,915 1,118
Profit and loss . .
14,189 3,043
Total $167,577 $153,712 $161,218 $145,903 $122,120

LIABILITIES :
Capital stock .... $100,000 $100.000 $100.000 $100.000 $100,000

Profit and loss. . 4,118 16,721 16,906
Total $167,577 $153,712 $161,218 $145,903 $122,120

Capital Stock: Authorized and outstanding, $100,000. Par $100. All owned by the By-Products Coke Corp. No
bonded debt.
CALUMET WESTERN RAILWAY

History: Incorporated under the laws of Illinois, Sept. 18, 1897. Road completed in 1900.
Location: In City of Chicago, 3.42 miles; sidings, 3.96 miles. No equipment.
Management: OFFICERS: A. M. Schoyer, Pres., Chicago, 111.; A. H. Smith, Vice-Pres., New York; S. H. Church,
Sec.; J. L. Mason, Asst. Sec.; T. H. B. McKnight, Treas., R. R. Reed. Asst. Treas., Pittsburg, Pa.; W. E. Osborn,
Aud., Gibson, Ind.; W. H. Scriven, Supt., Chicago. DIRECTORS: A. H. Smith, New York; A. C. Ridgeway, J. E.
Gorman, Edw. T. Glennon, J. J. Bernet, A. M. Schoyer, Chicago, 111.; J. J. Turner, Pittsburg, Pa.; H. B. Ledyard,
Detroit, Mich. Annual meeting, Thursday after second Tuesday in April. GENERAL OFFICE, Chicago, 111.

1916 1915 1914 1913 1912
Gross income .
$8,695 $2,731 $9,803 $1,799 (def.) $1,038
Taxes 5,562 5,237 5,536 5,520 6,371
Fixed charges 91 91 91 91 91
Surplus . .
$3,042 (def.)$2,597 $5,176 (def.) $3,812 (def.) $6,500

ASSETS : 1916 1915 1914 1913 1912
Working assets .... 4,347 1,415 ' 3,070
Profit and loss. .
5,192 8,234 8,996 is', 736 28,749
Total $441,463 $441,465 $440,811 $445,505 $464,488

LIABILITIES :
Capital stock $432,000 $432,000 $428.400 $428.400 $425,600
Working liabilities 5,742 6.482 9.207 13,736 36.368
Total $441,463 $441,465 $440,811 $445,505 $464,488
Capital Stock: Authorized, $500,000; outstanding, $432,000. Par $100. Owned jointly by Chicago, Rock Island
& Pacific Ry., 25% ;
the Indiana Harbor Belt R.R., 50% and the Pennsylvania Co., 25%. No bonded debt.
CAMAS PRAIRIE RAILROAD

History: Incorporated under the laws of Oregon, v. 4. 1909. N
Company was organized for the purpose of
operating for the Oregon-Washington R.R. and Navigation Co., and the Northern Pacific Ry. Revenues and
expenses are apportioned to the parent companies monthly.
Location: Road extends from Riparia, Wash., to Grangeville, Ida., 151.11 miles; sidings, 30.93 miles.
Management: OFFICERS: J. D. Farrell, Pres., Portland, Ore.; E. C. Blanchard, Vice-Pres.; C. E. McCulloch,

Sec., Portland, Ore.; M. P. Martin, Treas., Tacoma, Wash.; R. Blaisdell, Aud., Portland, Ore.; F. N. Finch, Mgr.,
Lewiston, Ida. DIRECTORS: C. E. McCulloch, J. P. O'Brien, J. D. Farrell, Portland, Ore.; E. C. Blanchard, Tacoma,
Wash. Annual meeting, first Monday in November. GENERAL OFFICE, Portland, Ore.

ASSETS: 1916 1915 1914 1913 1912
Working assets 5213,551 $160,467 $309,251 $203,319 $150,381
Deferred debit items. U888 i.f.'-.n 71 6,065 1,948
Total $215,436 $162,127 $309,322 $209,384 $152,329

LIABILITIES :
Capital stock $100.000 $100,000 $50,000 $50,000 $20,000

Working liabilities . . 101.696 61,212 258,705 158.297 132,064
Deferred credit items. 13,740 915 617 1,087 265
Total $215,436 $162,127 $309,322 $209,384 $152,329

Capital Stock: Authorized and outstanding, $100,000. Par $100. Owned jointly by the Northern Pacific Ry. Co.
and the Oregon-Washington R. R. & Navigation Co. No dividends.
CAMBRIA & INDIANA RAILROAD

Origin: Incorporated under laws of Pennsylvania, as the Blacklick Yellow Creek R.R., name being changed to
above April 20, 1911.
Location:The road extends from Manver to Colver, Pa., 21.8 miles; from Colver June, to Rexis, Pa., 4.25 miles;
sidings, 7.40 miles; a total of 26.05 miles.Equipment: Locomotives, 4; cars: passenger, 4; freight, 1,506.
Management: OFFICERS: B. Dawson Coleman, Pres.; A. J. Rapp, Sec. and Treas.; W. E. Dobson. Gen. Aud. and
Traf. Mgr.; J. E. Wilkinson, Pur. Agt., Phi'adelphia, Pa. Annual meeting, third Thursday in January. GENERAL
OFFICE, Land Title Building, Philadelphia, Pa.

1916 1915 1914 1913 1912
Passenger earnings $8,149 $10,730 $10,837 $8,415 $5.340
Freight earnings . . 261,494 280,012 231,988 142,323 42,252
Gross earnings $273,091 $294,722 $246,845 $153.856 $48.356

Operating expenses and taxes. 235,631 218,109 189,826 126,776 55,493
Net earnings $37,460 $76.613 $57.019 $27,080 (loss) $7,137

Other income 193,524 148,765 152,787 99,760 30,122
Total net income. $230.984 $225.378 $209.806 $126.830 $22,985

Fixed charges 94,705 108,002 98,426 79,224 50,938
Balance . $136,279 $117,376 $111,380 $47,606 (def.) $27,953
Profit nd IXMH Account, year ended June 30. 1016: Credit balance at beginning of year, $243,575; credit bal-
ance transferred from income, $132.279; total, $379,854. Contra: Miscellaneous debits, $98; credit balance carried
to balance sheet, $379,756; total, $379,854.

ASSETS: 1916 1915 1914 1913 1912
Property investment $2,578,149 $2,675,807 $2,592.330 $2,181,940 $1,758,064
Working assets : >" J 92,629 110,749 118,983 23,798
Dofrrred debit items 56,661 51,417 45,319 22,614 '
Profit and loss deficit 26',5i8
Total $2,730,666 $2,719,853 $2,748,398 $2,323,537 $1,808,380

LIABILITIES :
Capital stock $600.000 $400.000 $400,000 $400,000 $400,000

Funded debt 1,600.938 1,703,113 1,824,507 1,539.900 1,213,000
Working liabilities 110.803 327,092 353,886 336.195 179,180
Appropriated surplus 6.053 6.999 '5,766 3',423
Profit and loss surplus 379,756 243,575 128,545 17.165
Total $2,730,666 $2,719,863 $2,748,398 $2,323,537 $1,808,380

Bonded Debt:$734,000 Cambria & Indiana R.R. 1st 5s. Dated May 1, 1911; due May 1, 1936; interest paid
Nov. & May at Girard Trust Co., Philadelphia, Trustee. Coupon, $1,000; principal may be registered. Authorized
1,
issue, $900,000. Callable at any time after May 1, 1913, at 102% and interest. Sinking fund 2c. per gross ton on all
coal originating and shipped over lines of company; minimum annual payment, $16,000. First lien on franchises
and railroad property. Interest paid without deduction for normal income tax. Rating, Baa.
Equipment Trusts: There were outstanding on June 30, 1916, $147,000 car trusts, series "A"; $164,000 Car
Trusts, Series B; $240,000 Car Trusts, Series C; and $3,947 Car Trusts Series D; $312,000 Series E. All
series carry 5%, and mature serially as follows: Series A, to Sept. 1, 1921; Series B, to Feb. 1, 1927; Series C,
to Feb. 1, 1928; Series D, to Feb. 1, 1928; Series E, to May 1, 1929. Coupon, $1,000. Guaranteed principal and
interest, by endorsement, by the Cambria & Indiana R.R. Rating, A.
Capital Stock: Authorized and outstanding, $600,000 (increased from $400,000 in 1916). Par, $100. No divi-
dends reported.
CAMINO, PLACERVILLE & LAKE TAHOE RAILROAD

History: Incorporated under the laws of California, Dec. 23, 1911, as successor to the Placerville & Lake Tahoe
Ry. sold Dec. 28, 1911, at auction.
Location: Road extends from Placerville to Camino, Cal., 8.05 miles. Equipment: Locomotive, 1, freight
cars, 2.
Management: OFFICERS: C. D. Danaher, Pres. & Gen. Mgr., Camino, Cal.; C. F. Wood, Vice-Pres.; G. L.
Chamberlain, Sec., Treas., Supt. and Pur. Agt., Camino, Cal. DIRECTORS: C. D. Danaher, G. L. Chamberlain,
Chas. F. Wood, Camino, Cal. Annual meeting in December. GENERAL OFFICE, Camino, Cal.
Income Account, year ended June 30, 1916: Gross revenues, $5,026; operating expenses and taxes, $11,039; lost
from operation, $6,013; other income, $56; total loss, $5,957.
Income Account, year ended June 30, 1915: Gross revenues, $24,328; operating expenses and taxes, $24,670;
loss from operation, $342; other income, $105; total loss, $236.
Condensed Balance Sheet, as of June 30, 1916: Assets: Property investments, $200,000; profit and loss de-
ficit, $11,449; total, $211,449. Liabilities: Capital stock, $100,000; funded debt, $100,000; other liabilities, $11,449;
total, $211,449.
Bonded Debt: $100,000 Camino, Placerville & Lake Tahoe R.R. 1st 6s. Dated Oct. 1, 1911; due Oct. 1, 1921.
Int.paid Apr. and Oct. 1, at Michigan Trust Co., Grand Rapids, Mich. Coupon, $1,000. Callable at par and interest.
First lien on property. Normal income tax deducted from interest.
Capital Stock: Authorized and outstanding, $100,000. Par $100. No dividends paid.
CAMPBELL'S CREEK RAILROAD

History: Incorporated under laws of West Virginia, Jan. 16, 1901.
Location: Road extends from Dana to Putney, W. Va., 13.82 miles; sidings, 2.51 miles. Equipment: Loco-
motives, 3; passenger cars, 3; freight cars, 194; tank car, 1; caboose, 1.
OFFICERS: S. F. Dana, Pres.; E. O. Dana, Vice-Pres. and Treas.; R. P. Gillham, Sec., Cincin-
Management:
nati. 0.; W.
V. Rensford, Gen. Mgr.; C. E. Fultz, Traf. Mer. and Aud., Dana, W. Va. DIRECTORS: The foregoing and
A. M. Putney, Putney, W. Va. Annual meeting, third Wednesday in February. GENERAL OFFICE, Cincinnati, O.

1916 1915 1914 1913 1912
Gross revenues . . .
$90.604 $74,259 $69.125 $76,210 $69,941
Net operating revenues. $27,988 $2,210 $5,113 $16,350 (def.) $1,623

Taxes 3,026 1,422 1,133 1,062 1.034
Fixed charges 15,343 12,604 10,400 10,400 10,400
Surplus .
$10,619 (def.) $11,816 (def.) $6,420 $4,888 (def.) $13,057

ASSETS :
1916 1915 1914 1913 1912
Working assets 51.384 11,124 9,070 8,277 6,641
Profit and loss. .
62,064 72,683 62,704 56,283 61,171
Total $384,112 $279,749 $272,268 $269,723 $273,849

LIABILITIES :
Capital stock $20.500 $20,500 $20,500 $20.500 $20.500
Funded debt 285.800 208.000 208,000 208.000 208.000
Total .
$384,112 $279,749 $272,268 $269,723 $273,849
Bonded Debt:
(1) $208.000 Campbell's Creek R.R. first 5s. Dated 1904; due Jan. 1, 1924. Int. paid Jan. and July
1. Authorized, $400,000. First lien on entire property. Interest paid without deduction for normal income tax.
Rating, Ba.
(2) $77.800 Equipment Note. Dated May 23, 1916; due on or before 10 years. Interest 6%, payable quarterly.
Secured on 100 freight cars.
Capital Stock: Authorized, $25,000. Outstanding, $20,500. Par $100. No dividends.

CARLTON & COAST RAILROAD

History: Incorporated under the laws of Oregon, Feb. 24, 1910, to build a line from Carlton to Tillamook, Ore.
Location: Road in operation extends from Carlton to Tillamook Gate, Ore., 13.93 miles. Yard track, 2.34
miles. Equipment: Locomotives, 3; passenger car, 1; box cars, 2; flat cars, 24; logging cars, 30; stock car, 1;
caboose cars, 2; ballast cars, 2.
Management: OFFICERS Chas. E. Ladd, Pres.; W. B. Dennis, Vice-Pres. and Mgr.; P. R. Cooper, Sec. & Gen.
:
Frt. and Pass. Agt.; M. L. Johnson, Chief Engineer, Carlton, Ore. DIRECTORS: Chas. E. Ladd, W. B. Dennis, Carl-
ton, Ore.; Erskine Wood, Frederick H. Strong, Edward Cookingham, Portland, Ore. Annual meeting, first Mon-
day in February. GENOUL OFFICE, Carlton, Ore.
Income Account, Year Ended June 30, 1916
Gross revenue* $3,114
Net revenue (def.)$14,717

Other income 216
Total net income. (def.) $14,501

Taxes 897
Surplus .
(def.)$43,540
Account, year ended Jane SO, 1916: Debit balance carried to balance sheet, $146,195. Contra:
Debit at beginning of year, $102,655; debit balance transferred from income, $43,540; total, $146,195.
Comparative Condensed Balance Sheet, as of June 30, 1916
LIABILITIES:
Property investment $428.072 Capital stock $500,000
Current assets 108,176 Funded debt 250,000
Unadjusted debits . .
499.000 Current liabilities 822,540
Profit and loss 146,196 Unadjusted credits 8,903
Total $1,181.443 Total $1,181,443

Bowled Debt: (1) $250.000 Carlton A Coast R.R. 1st 5s. Dated 1910; due March 30, 1930. Interest paid
Mar. and Sept. 1 at Continental A Commercial Trust A Savings Bank. Chicago. Coupon, $1,000. Callable at 103.
First lien on property. All owned by Carlton Consolidated Lumber Co.
Capital Stock: Authorized and outstanding, $500.000. Par $100. All owned by Carlton Consolidated Lumber
Company.
CAROLINA & NORTH WESTERN RAILWAY

History: Incorporated under laws of N. C. and S. C.. July 18, 1895. A reorganization, Feb. 8, 1897, of the
Chester A Lenoir R.R., which was sold under foreclosure. The property was originally narrow gauge, but was
changed to standard in 1902. In 1910, the Caldwell A Northern R.R. was merged with this company.
Iteration: Line of road, from Chester, S. C., to Edgemont, N. C., with branches making about 147.79 miles, of
which 9.20 miles are operated under traffic agreement. Equipment owned: Locomotives, 14; cars, passenger 24,
freight, etc., 109.
Management: OFFICERS: William A. Barber, Pres., New York; F. Wolfe, Treas.; J. J. McLure. Sec.; W. K.
Kearaley. And.: L. T. Nichols, Gen. Mgr. and Pur. Agt., Chester, N. C. DIRECTORS: J. A. Martin, C. E. Spencer, L.
F. Long. J. H. Marion, T. H. White, S. H. Hardin, J. O. White. Annual meeting, second Thursday in September.
OFFICE, Chester, S. C.
1916 1915
$461.626 $410.732
Maintenance of equipment 56.684
All other operating expenses . . . 189,076
Net operating
Operating ratio
Other income
LIABILITIES :
Capital stock
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $9,316; debit balance
carried to balance sheet, $53,612; total, $62,928. Contra: Debit balance transferred from income, $62,630; miscel-
laneous debits, $298; total, $62,928.

ASSETS: 1916 1915 1914 1913 1912
Property investment $3,170,906 $3,160,736 $3,267.239 $2,567,226 $81,873
Working assets 21,262 11,998 19,568 12,420 151,700
Deferred debit items .T?/.-ji; 20,317 21,293 7,792
Total $3,279,405 $3,193,051 $3,308,100 $2,587,438 $233,573

LIABILITIES:
Capital stock $1,840,000 $1,840,000. $2,140,000 $1,740,000 $40,000
Funded debt 1,270,200 1,256,600 1,100,000 800,000 150,000
Accrued liabilities not due 9,732 6,575 16
49,867 43,574 28,026
Total $3,279,405 $3,193,051 $2,587,438 $3,308,100
$233,573
Bonded Dbt: $1,270,200 Carolina A Yadkin
River Ry. 1st 5s. Dated June 1, 1912; due June 1, 1962. Interest
paid J. & D. 1, at Equitable Trust Company, New
York, T-ustee. Coupon, $100, $500 and $1,000. Callable at 105 and
interest on 6 months' notice. Authorized, $3,000,000. Bonds unissued reserved for future improvements and exten-
sions. Sinking fund 1% of gross earnings, beginning July 1, 1918 to 1922; 1%%, 1923 to 1927; 2%, 1928 to 1932;
thereafter, 3 r per annum. First lien on entire property now owned or hereafter acquired. Interest payable
Capital Stock: Authorized, $1,000,000 pfd. and $3,000,000 common. Outstanding, $300,000 pfd. and $1,540,000
common. Par, $100.
CARTHAGE & COPENHAGEN RAILROAD

History: Incorporated under the laws of New York, July 2, 1906.
Location: Road extends from West Carthage to Copenhagen, N. Y., 8.75 miles. Equipment: Locomotives, 1;
cars, 4.
Management: OFFICERS: H. L. Grant, Pres., Copenhagen, N. Y.; S. J. Gifford, Vice-Pres., Carthage, N. Y.:
Wm. J. Twining. Treas.. Copenhagen, N. Y.; W. B. Van Allen, Sec., Carthage, N. Y. DIRECTORS: The foregoing and
I. L. Cleveland. L. B. Cleveland.
Watertown, N. Y.; J. A. Outterson, J. M. Lewis, Mac. G. Phillips, A. L. Clark, Co-
penhagen, N. Y.; J. E. Marsh, New York. Annual meeting in May. GENERAL OFFICE, Copenhagen, N. Y.
Comparative Income Arc< unt. Years Ended June 30

1916 1915 1914 1913 1912
Gross revenues $20,527 $22.393 $22,183 $24,567 $19.202
Operating expenses 19JOU 80,648 22,694 18,060 16,290
Net operating revenues $1,498 $1,745 (def.)$511 $6,507 $2,912

Other income .... 790
Total net income $2588 $1,745 (def.)$511 $6,507 $2,912

Balance .......................... (def.) $4,033 (def.) $4,432 (def.) $6,423 $407 (def.) $3,233

Amirs: 1916 1915 1914 1913 1912
Property investment $143.535 $144,132 $144.340 $146,130 $150,361
Working assets 4,826 3,880 6,058 4,835 2,414
Accrued income not due 1,900 1,900 2,010 48
Deferred debit items
Profit and loss . s - I I
2,104
Total $163,481 $158,756 $152,502 $152,975 $152,823

LIABILITIES:
Capital stock . . .
$62,900 $62.800 $62.800 $62.600 $62.600
Funded debt 64.500 60,500 59.500 58,500 58.000
Profit and loss . 290 3,482
Tote] $163,481 $158,756 $152,502 $152,975 $152,823

Bonded Debt: $64.500 Carthage A Copenhagen R.R. 1st 6s. Dated Dec. 1, 1908; due Dec. 1, 1920. Interest paid
F. and D. 1. at Carthage National Bank, Carthage, N. Y. Coupon and registered, $500 and $1,000. Authorized,
$75.000. Callable Dec. 1, 1918 and thereafter. First lien on all property and franchises. Interest paid without de-
Capital Stock: Authorized, $100,000; outstanding, $62,900. Par, $100.
CATSKILL MOUNTAIN RAILWAY COMPANY
History: Incorporated under New York laws, July 1. 1885, as successor to the Catskill Mountain R.R. Opcr-
al, I
1
.'..' mill's, C 'at skill tO PftlMlTillft, and Cairo to Cairo ,lmu'. Si. lilies, ^.('.:{ inili-s. The latter is leased from tho
Cairo R.R. Co.
Management: OFFICERS: Geo. H. Beach, Rec., Pres. and Sec.- W. I. Jennings, Vice- Pres.; Orrin Day, Treas.
DIRF.CTORS: E. E. Olcott, J. D. Hnsbrouck, T. B. Beach, Orrin Day, Wm. Palmatier, G. H. Beach, A. P. Jones, W. I.
Jennings, J. P. Philip, Frederick Hill, Eugene Wolfe, T. E. Jones, J. K. Van Wagenen. OFFICE, Catskill, N. Y.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $26,766 $36,880 $56,637 $61,151 $59,488 $66,825 $74,339
Net earnings (def.)485 661 9,132 14,314 9,384 10,813 23,860
Total net income (def.) 486 563 9,249 14,314 9,523 10,988 24,035
Taxes accrued 1,183 1,679 1,931 1,840 2,326 1,532 1,867
Fixed charges, etc 1,906 9,118 10,736 10,712 10,094 9,189 21,032
Balance (def.) $3,574 (def.) 10,234 (def.)3,418 1,761 (def.) 3,497 267 1,136

ASSETS: 1916 1916 1914 1913 1912 1911
$454,305 $455.819 $470,229 $469,628 $452,377 $463,377
Working assets 6,775 13,569 22,225 19,548 21,599 20,203
Ueferred debit items 262 280 289 352 254
Total $461,080 $469,640 $492,734 $489,465 $474,328 $473,834

I i uuuTiEs:
Capital stock $89,000 $89,000 $89,000 $89,000 $29,000 $89.000
Funded debt 295,100 297,600 292.600 290,000 290,600 290,600
Accrued liabilities not due 842 813 819 812
IVfenvd credit items .... 12,376
Profit and loss surplus... 64,833 68,406 7S.IMO 82,416 80,655 84,126
Total $461,080 $409,640 $492,734 $489,465 $474,328 $473,834

Bonded Debt: (1) $39,000 Catskill Mountain Ry. first 5s; dated Aug. 1, 1885; due Aug. 1, 1916. Int. paid
February and April, at Tanners' National Bank, Catskill, N. Y. First lien on 15.75 miles from Catskill to Tanners-
ville, N. Y. Normal income tax deducted from interest. Net Rating, B.
(J) $15.600 Cairo R.R. Co. first 6s; due May 1, 1925. Int. May and November, at Tanners' National Bank,
Catskill, N. Y. First lien on 3.77 miles, Cairo to Cairo June., N. Y. The Cairo R.R. is leased by the Catskill Moun-
tain Ry. at annual rental of $2,994.36. Normal income tax deducted from interest. Net Rating, Ba.
(3) $238.000 Catskill Mountain Ry. first income 6s; due Feb. 1. 1915. Int. paid when earned; none paid since
1910. Bonds have voting power. Secured by second lien, following No. 1. There are also outstanding $15,600 second
income 6s.
Capital Stock: Auth. and outstanding, $89,000; par, $100. No dividends.
CATSKILL & TANNERSVILLE RAILWAY

History: Incorporated under laws of New York, Sept. 14, 1892. road being opened in July, 1893, under terms
of contract with the Catskill Mountain Ry.. with which it connects. The latter company pays to this company $4,800
P<>r annum, on account of general construction and maintenance expenses.
or.it ion
I Line of road, Otis Summit to Tannersville, New York,
: 5.25 miles. The line is narrow gauge. Equip-
ment owned: Locomotives, 2; and cars: passenger, 3; freight, 2.
Management: OFFICERS: W. Y. Hawley, Rec.; A. V. S. Olcott, Pres., New York; J. D. Hasbrouck, Vice-
Pros., Ridgewood, N. J.; T. E. Jones, Treas.. Catskill, N. Y.; W. Y. Hawley, Sec., New York. DIRECTORS: T. E.
Jones, Orrin Day, Catskill, N. Y.; E. E. Olcott, W. Y. Hawley, G. A. White, A. V. S. Olcott, E. H. Snyder, F. B. Hib-
bard. New York; J. D. Hasbrouck, Ridgewood, N. J. Annual meeting, third Tuesday in November. OFFICE, Catskill,

1916 1915 1914 1913 1912 1911 1910
Gross revenues $5.484 $6.958 $7.257 $7.003 $7,786 $7.589 $7,566
Operating expenses 7,913 10.804 io.sr.2 11,276 12,332 10.886 11,540
Net operating revenues . . .

(def.)$2.429(def.)$S,846 (def.)3,595(def.)$4.273 $4.546 $3.297 $3.974
149.5% 161% 158.5% 143.4% 152.5%
Other income

ASSETS: 1916 1915 1914 1913 1912 1911
$132,627 $133,168 $138,803 $138,803 $138,816 $132,537
Working assets 4,530 3,479 6,416 4,760 6,989 4,206
Total $186,929 $181,030 $186,153 $181,304 $172,696 $166,561

LIABILITIES :
Capital stock $80,000 $80,000 $80,000 $80,000 $80,000 $80,000
Working liabilities . .
106,929 101,030 101,240 97,112 92,696 88.W1
T ':,!
$181,030 $186,158 $181,304 $172,696 $166,551
Capital Stock: Auth. and issued, $80,000; par, $100. Dividends of 6% per annum (J. and J. 1, at Lincoln
National Bank, New York) are paid on $25,000 of this stock; nothing: on balance. This dividend is paid from the
concession of $4.800 per annum paid this company by the Catskill Mountain Ry., this dividend being guaranteed by
the latter. No bonded debt
CENTRAL INDIANA RAILWAY

History: Successor on March 16, 1903, of Chicago & Southeastern Ry. Controlled jointly by C. C., C. & St. r
Louis Ry. and the Pennsylvania Co.

Location: Line of road, Muncie to Waveland June.; Sand Creek to Brazil, Ind., 127.12 miles. Sidings, 22.06
Equipment: Locomotives, 10; passenger cars, 4; and freight and company cars, 217.
Management: OFFICERS: J. Q. Van Winkle, Pres.; D. F. Mustard, Treas.; W. S. Parkhurst, Sec. DIRECTORS:
!. Smith, H. A. Worcester, L. J. Hackney, C. M. South, E. B. Taylor, J. J. Turner, J. Q. Van Winkle. MAIN
OFFICE, Anderson, Ind.
1916 1915 1914 1913 1912 1911
Gross revenues $222,903 $192,844 $214,964 $209,157 $172,441 $173,923
Maintenance of way 61,448 64,398 54.480 60,495 47.355 48,627
Maintenance of equipment 37.298 49.609 54,321 48,368 45,250 45,164
All other operat. expenses. 113,437 116,999 122,137 105,060 107,440 102,384
Net oper. revenue*... $10,720 (def.)$28,162 (def.) 15,974 (def.) $5,234 (def.) $27,604 (def.) $22,252
Interest charges 90.342 91,812 60,000 60,000 60,000 60,000
Taxes 22,889 22,429
Other income 1J80 '467 ...... ...... ...... ......
Deficit 100,831 141,936
Profit and LOM Account, year ended June 30, 1916: Miscellaneous credits, $5; debit balance carried to balance
heet, $1,775.554; total. $1.775.659. Contra: Debit balance at beginning of year, $1,671,470; debit balance trans-
ferred from income, $100,831; loss on retired road and equipment, $3,258; total, $1,776,659.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $2,054.618 $2,051,406 $2,054,323 $2,061,355 $2,065.760 $2,065,488
Working assets 73,381 61,410 50,854 47,919 41,612 40.800
Deferred debit items 688 1.806 6.940 7,194 6,937 12,564
Profit and loss deficit 1,776,654 1,671,470 1,628,813 1,896,894 1,282,900 1,156,208
Total $3,904,241 $3,776,092 $3,640,136 $3,513,362 $3,397,209 $3,274,140

LIABILITIES:
Capital stock $120.000 $120.000 $120.000 $120.000 $120.000 $120.000
Funded debt 2,914.597 1,500.000 1,500.000 1,600.000 1,600,000
Working liabilities 837.213 772.319 1,991,857 1,865,346 1,749,910 1,629,546
Deferred credit items 1,676 4,221 MB 916 1,428 816
Total $3,904,241 $3,776,092 $3,640,135 $3,513,362 $3,397,209 $3,274,140

* Reverse item.
Bonded Debt: $1.500,000 Central Indiana Ry. first 4s; dated May 1, 1903; due May 1, 1953. Interest, May 1
and Nov. 1 at Central Trust Co., New York. Coupon and reg., $1,000. First lien on entire property. Of the bonds
issued. $750.000 are owned by the Pennsylvania Company, and the remainder are guaranteed, principal and interest,
by the Cleveland, Cincinnati, Chicago & St. Louis Ry. Auth., $4,000,000, but limited to $20,000 per mile. Interest
paid without deduction for normal income tax. Net Rating, A.
Capital Stock: Authorized and outstanding, $120,000. Par, $100. Owned equally by the Pennsylvania Corn-
pany and the Cleveland, Cincinnati, Chicago & St. Louis Ry. No dividends.
CENTRAL NEW YORK SOUTHERN RAILROAD CORPORATION

History: Chartered under the laws of New York, March 30, 1914, for 1,000 years. Successor by purchase
under mortgage foreclosure sale under bondholders' plan for reorganization, the New York, Auburn & Lansing R.R.
and Ithaca Street Ry. The line was built on private right of way and under steam railroad charter. Operated
by steam from Auburn to South Lansing, and on account of grade from South Lansing to Ithaca by electricity.
7 miles. Company controls, through stock ownership, The Ithaca Traction Co.
Location: Road extends from Ithaca to Auburn, N. Y., 36.50 miles; branches, 1.17 miles; total, 37.67 miles.
Sidings, 5.61 miles. Road is under construction to connect with Delaware, Lackawanna & Western R.R. at Ithaca,
N. Y., 2.5 miles.
Equipment: Locomotives, 6; cars, 57; motor cars, 2.
Management: OFFICERS: R. B. Williams, Jr., Pres., Ithaca, N. Y.; H. W. Fitz, First Vice-Pres., Pawtucket,
R. I.; Charles E. Hotchkiss, 2d Vice-Pres. and Gen. Counsel, 34 Nassau street, New York; H. A. Clarke, 3d Vice-
Pres., Gen. Mgr. and Sec.; T. P. Clancy, Treas., Ithaca, N. Y. DIRECTORS: C. A. Austin, Chas. E. Hotchkiss, New
York; Chas. H. Bartlett, Bangor, Me.; H. H. Bowman, Springfield, Mass.; H. A. Clarke, C. J. Rumsey, R. B. Williams,
R. B. Williams, Jr., Ithaca, N. Y.; H. W. Fitz, Pawtucket, R. I.; E. J. B. Huntoon, Francis E. Smith, Boston, Mass.;
H. C. Mandeville, Elmira, N. Y. Annual meeting, second Thursday in October, at Ithaca, N. Y. OFFICE, Ithaca,
N. Y.
(3 months end-
ed June 30)
1916 1915 1914
$106,923 $107,800 $25,439
Net operating revenues $20,412 $23,268 $4,698

Other income 31,020 30,359 8,206
Total net income $51,432 $53,627 $12,904

Taxes 4,697 2,985 852
Fixed charges 55,556 52,545 8,471
Surplus (def.) $8,821 (def.) $1,903 $3,581

Other deductions . 869
Balance (def.)$8,821 (def.)$l,903 $2,712

rfofit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $721; donations,
$6,539; miscellaneous credits, $7,553; debit balance carried to balance sheet, $600; total, $15,413. Contra: Debit
balance transferred from income, $8,821; debt discount extinguished through surplus, $4,392; miscellaneous debits,
$2,200; total, $15,413.
ASSETS: 1916 1915 1914
Working assets 100,201 90,237 178,305
Deferred debit items 145,359 161,744 83,657
Profit and loss 600
Total $2,142,177 $2,133,689 $2,172,930

LIABILITIES :
Capital stock $1,100,000 $1,100,000 $1,100,000
Funded debt 1,000,000 1,000,000 1,000,000
Accrued liabilities not due 9,021 8,934
Deferred credit items 672 1,422
'
Profit and loss surplus 721 2,711
Total -
$2,142,177 $2,133,689 $2,172,930

Bonded Debt: $1,000,000 Central New York Southern R.R. Corporation 1st collateral trust 5s. Dated May 1,
1914; due May 1, 1964. Interest paid M. and N. 1, at office of Columbia Trust Co., New York, Trustee. Coupon,
$500 and $1,000. Prin. may be registered. Callable as a whole at 105 and interest, on any interest date. No sinking
fund. Secured by first mortgage on entire property of the company; also by deposit of $400,000 capital stock of the
Ithaca Traction Co., and by $488.000 of the Ithaca -Traction Co. 1st and refunding 5s of 1964. Of the bonds issued,
$256,000 were for property, $488,000 for Ithaca Traction Co. 1st and refunding 5s at par, and $256,000 for cash.
Normal income tax deducted from interest. Rating, B.
Capital Stock: Authorized, $725,000 preferred, and $1,275,000 common. Outstanding, $725,000 pfd. and $375,-
000 common. Par, $100. All held in voting trust. Voting trustees are H. W. Fitz, Pawtucket, R. I.; Edward Cor-
nell, 34 Nassau Street, New York; R. B. Williams, Ithaca, N. Y. Preferred stock is entitled to cumulative dividends
during second year from issue, aggregating 3%; third year, 4%; fourth year, 5%; fifth year, 6%, and thereafter
1% per annum. Shares with common in all dividends in any year after 7% has been paid on each issue. Preferred
has no voting power, but full voting rights if any dividend due remains unpaid, and is callable at 110 and divi-
dends. Entire common stock and $325,000 of pfd. were issued for property, the balance, $400,000 pfd., was issued for
Ithaca Traction Corporation stock at par.
CENTRAL RAILROAD OF OREGON

History: Incorporated under the laws of Maine, March 22, 1909, successor to the Central Railway of Oregon.
Franchise perpetual.
Location: Road projected from Cornucopia to Summerville, Ore., and Walla Walla, Wash., with branches; total
150 miles. Purchased the Union St. & Suburban Ry. in 1906.
Equipment: Locomotive, 1; cars, 2.
Management: OFFICERS: Edwin Wilcock, Pres., Boston, Mass.; Robert H. England, Vice-Pres., Rochester, N.
Y.; V. T. Hammer, Vice-Pres., Branford, Conn.; C. E. Graham, Sec. and Treas., New Haven, Conn. DIRECTORS: The
foregoing and D. R. Ailing.
Comparative Income Acco

1916
Gross revenues $if 9fi4
CENTRAL RAILWAY COMPANY OF ARKANSAS
History:Incorporated under the laws of Arkansas, Jan. 31, 1906, and acquired the property of the Central Ry.
of Arkansas. Road projected from Dardanelle, Ark., south 70 miles; Plainview to Waldron, Ark., 60 miles.
Location: Line in operation extends from Ola to Brizz, Ark., 13.07 miles; sidings, 2.05 miles; trackage, 1.2
miles.
Equipment: Locomotives, 2; cars: 1 passenger, 3 box, 32 flat, 1 caboose; total, 37.
Management: P. R. Toll, Chairman of Board; L. L. Seibel, Pres.; A. F. Congleton, Vice-Pres.; Kan-

OFFICERS:
sas City, Mo.; C. W. Jones, Sec., Treas., Gen. Mgr. and Pur. Agt; W. W. Aldrich, Aud.; R. L. Elliott, Supt., Plain-
view, Ark. DIRECTORS: A. F. Congleton, L. L. Seibel, P. R. Toll, Kansas City, Mo.; C. W. Jones, W. F. West, R. L.
Elliott, M. Davis, Plainview, Ark. Annual meeting, second Monday in March. GENERAL OFFICE, Plainview, Ark.

1916 1915 1914 1913 1912
Gross revenues $65,413 $45,416 $48,872 $50,026 $48,690

Other income 62 50 30 105
Total net income. $38.376 $19,033 $17,380 $11,858 $2,380

Taxes 2,362 2,066 1,959 1,662 1,510
Fixed charges 134 480 101
Surplus . $35,880 $16,967 $14,941 $10,095 $870

Dividends . . . 36,400
Balance (def.)$520 $16,967 $14,941 $10,095 $870

ASSETS : 1916 1915 1914 1913 1912
Property investment $241,726 $242.573 $244,408 $245.253 $264.675
Working assets .... 22,487 22,69* 54,797 38,825 20,916
Total $264,213 $265,274 $299,205 $284,078 $285,591

LIABILITIES :
Capital stock $260,000 $260.000 $260.000 $260,000 $260,000
Working liabilities 728 1,369 2,128 1,943 13.550
Profit and loss. . 3,485 4,005 37,077 22,135 12,041
Total $264,213 $265,274 $299,205 $284,078 $285,591
Capital Stock: Authorized, $2,600,000; outstanding, $260,000. Par, $100. A dividend of $50,039 60 was paid
from surplus in May, 1915. 4% from income in 1916.
CENTRAL UNION DEPOT & RAILWAY COMPANY OF CINCINNATI

History: Incorporated under laws of Ohio, June 18, 1884. Built in 1883-4. Owned jointly by the Cleveland,
Cincinnati, Chicago & St. Louis Ry. and the Baltimore & Ohio Railroad Co. Length of track, '1.44 miles.
Management: OFFICERS: H. A. Worcester, Pres. and Gen. Mgr.; J. C. Davie. Sec.; L. E. Osborn, Treas.; H. S.
Johnson, Supt., Cincinnati, O. DIRECTORS: H. A. Worcester, Cincinnati; Daniel Willard, Baltimore. OFFICE: Cin-
cinnati, Ohio.

1916 1915 1914 1913 1912 1911
Gross revenues $164.893 $164.527 $172.474 $158,353 $156,915 $149,436
Taxes 17.287 17,458 16.756 16,453 17,752 11,623
Fixed charges . 64.869 64,869 65,539 64,869 64,869 69,043
Surplus . . $82,737 $82,200 $90.179 $77.031 $74,294 $68,770

Dividends paid 42,750 59,625 42,750 42,750 42,750 42,750
Balance . $39,987 $22,575 $47,429 $34,281 $31,544 $26,020

Profit and Loss Account, year ended June Credit balance at beginning of year, $810,629; credit bal-
30. 1916:
ance transferred from income, $39.987; total, $850.616. Contra: Dividend appropriations of surplus, $22,500; credit
balance carried to balance sheet, $828,116; total, $850,616.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,199.649 $1,199.649 $1,199.649 $1,199,649 $1,199,649 $1,199.649
Working assets "
76.541 55.635 81.957 125.806 104.242 162.648
Deferred debit items 551.087 553,502 550,336 515,255 490,534 388,608
Total $1,827,277 $1,808,786 $1,831,942 $1,840,710 $1,794,425 $1,750,905

LIABILITIES:
Capital stock
CENTRALIA EASTERN RAILROAD
History: Incorporated under the laws of the State of Washington, Sept. 28, 1907.
Location: Road extends from Centralia to Mendota, Wash., 8.65 miles. Trackage over the Northern Pacific
Ry., Centralia to Wabash, Wash., 2.13 miles; total, 10.78. Sidings, 1.43 miles. Owns 1 car.
Management: OFFICERS: Geo. T. Reid, Pres. ; B. H. Johnston, Vice-Pres. and Gen. Mgr. M. P. Martin, Sec.
;
and Treas.; J. L. Taggard, Compt. DIRECTORS: George T. Reid, M. P. Martin, Tacoma. Wash.; B. H. Johnston, Cen-
tralia, Wash. Annual meeting, first Tuesday in October. GENERAL OFFICE: Tacoma, Wash.

1916 1915 1914 1913 1912 1911
Gross revenues $14,160 $13,318 $18,198 $22,890 $19,594 $27,925
Maintenance of equipment 605 1,064 778 1,486 775 729
All other operating exps . . 7,006 6,839 7,588 8,175 8,112 7,915
Net operating revs . . . $2,686 $2,464 $6,083 $10,380 $7,059 $15,114

Notal net income. $2,686 $2,627 $6,086 $10,393 $7,059 $15,114

Taxes 862 950 1,131 937 921 937
Fixed charges 2,091 2,238 2,193 2,229 3,411 6,964
Surplus . .
(def.)?267 (def.)$561 $2,762 $7,227 $2,727 $7,213
Balance (def .) $267 (def .) $561 $2,762 (def.) $1,773 $2,727 $7,213

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 5,345 4,947 6,598 3,402 5,345 719
Profit and loss deficit . . . "366
Total $170,933 $170,854 $172,700 $169,605 $170,747 $166,480
LIABILITIES :
Capital stock $150.000 $150,000 $150,000 $150,000 $150.000 $150,000
Working liabilities 17,956 17,579 19,670 17,605 17.984 16,059
Accrued liabilities not due 455 486 1,680 1,411 401 421
Profit and loss surplus... 2,522 2,789 3,350 589 2,362
Total $170,933 $170,854 $172,700 $169,605 $170,747 $166,480
Capital Stock: Authorized and outstanding, $150,000. Par $100. $22.500 was paid in dividends in 1911, from
the undivided surplus, which represented 6% for the years 1909 and 1910, and for the six months ended June 30,
1911; 6% in 1913. No bonded debt.
CHARLESTON TERMINAL COMPANY

History: Successor in 1903 of East Shore Terminal Co. and Commercial Wharf and Cotton Press Co. After-
ward acquired property of South Carolina Terminal Co.
Location: Company owns wharfs, warehouses, 13.17 miles of terminal tracks, 4 locomotives, 1 tugboat and 5
other boats, on the waterfront at Charleston, S. C. Atlantic Coast Line and Southern Ry., under traffic agreement,
turn over to the Charleston Terminal Co. for terminal handling all their freight in carload lots, paying sufficient
to yield, with the Terminal Company's other income, interest on the bonds of the Charleston Terminal Co. Any de-
ficiency is guaranteed. Capital stock, $200,000, owned jointly by above companies.
Management: OFFICERS: Wm. E. Huger, Pres. and Asst. Treas., H. L. Borden, Vice-Pres.; H. C. Ansley, Treas;;
Hugh, Fraser, Sec. DIRECTORS: W. E. Huger, L. Delano, J. R. Kenly, H. B. Spencer, J. M. Gulp. OFFICE:
Charleston, S. C.
1916
Gross switching revenues.. $198,936
Maintenance of equipment. 12,345
Net operating revenues.

Operating ratio
Other income
Total net income.

Taxes accrued
Fixed charges
Surplus
laneous credits, $2,201; total, $94,489. Contra: Debit balance at beginning of year, $63,024; credit balance carried

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,080,950 $1,069,741 $959,811 $955,388 $929,399 $1,071,502
Working assets 108,031 58,808 48,517 26,032 38,895 79,481
Accrued income not due. . .
1,690 ' '
Deferred debit items '

112,645 iVo'.iii 186',255 '6,666
ToUl $1,188,981 $1,191,573 $1,187,032 $1,192,015 $1,154,549 $1,155,983

LIABILITIES:
'
Capital stock $200,000 $200,000 $200,000 $200,000 $200,000 $200,000
Funded debt 800,000 800,000 800,000 800,000 800,000 800,000
Accrued not due
liabilities ujan 15,561 3,872 13,732 6,678 6,687
Deferred credit items 2,819 2,698 4,546 3,376 226 228
Appropriated surplus 139,236 139,236 139,236 139,236 97,268 139,686
ToUl $1,188,981 $1,191,573 $1,187,032 $1,192,015 $1,164,549 $1,165,983

Included in "working assets."
Bonded Debt: $800,000 Charleston Terminal Co. first 4s; dated July 1, 1903; due July 1, 1953; interest Jan.
1 and July 1, at Guaranty Trust Co., New York. Coupon and reg., $1,000; interchangeable. By terms of traffic
agreement (see above), interest on these bonds is virtually guaranteed by Atlantic Coast Line and Southern Ry.
Authorized, $1,000,000. First lien on entire property. Interest paid without deduction for normal income tax.
Net Rating, A.
Capital Stock: Auth. and outstanding, $200,000; par, $100. Owned in equal amounts by Southern Ry. and
Atlantic Coast Line R.R.
CHARLESTON UNION STATION COMPANY

History: Incorporated in South Carolina on February 22, 1902.
Location: Owns Union Passenger Station and terminal trackage in Charleston, S. C. Property is rented to
Atlantic Coast Line and Southern Ry., which pay operating expenses, interest on bonds, and 4% dividends on stock.
Management: OFFICEM: H. B. Spencer, Pres. H. L. Borden, Vice-Pres.; F. S. Wynn, Sec.; J. F. Post, Treas.
;
DIRECTORS: H. B. Spencer, E. H. Coapman, J. M. Gulp, J R. Kenly, Geo. B. Elliott. OFFICE: 1300 Penna. Ave.,
Washington, D. C.
Comparative Income Account, Years Ended Jane 30
1916 1916 1914 1913 1912
GroM income $16,390 $16.300 $16,633 $16,161 $17,400
Taxes accrued 3,984 3394 4,076 8,448 6.244
Fixed charges 10,406 10,406 10,657 10,050 10,050
Surplus . . $2,000 $1,652 $1,106

Dividends paid 2.000 1!.' 2,000 2,000 2,000
Balance .
(def.)$348 (def.)$894

Aflom: 1916 1916 1914 1913 1912
investment . $304.301 $304,301 $304,301 $298,882 $297,988
Working assets 16,406 12,146 9,301 18,681 15,617
Deferred debit items. 6,370 678 672
ToUl $319,706 $321,817 $314,280 $317,563 $314,172

LIABILITIES:
Capital stock $50,000 $50,000 $50.000 $60,000 $60.000
Funded debt 268.107 268,107 250,000 250,000 250,000
Working liabilities
... MM
3,000
10,710
3,000
14,280 17,663 14,172
ToUl $319,706 $321,817 $314,280 $317,663 $314,172

Note: Funded debt includes $8,107 advances by proprietary companies.
Bonded Debt: $250,000 Charleston Union Station Co. first 4s: dated Jan. 1, 1907: due Jan. 1, 1937; interest
Jan. 1 and July 1. at EquiUbl* Trust Co., New York. Coupon and reg., $1,000. Auth., $400,000. First lien on
entire property. Guar. prin. and int., by endorsement, by Atlantic Coast Line R.R. and Southern Ry. Interest paid
without deduction for normal income Ux. Market: Redmond A Co., New York. Net Rating, Aa.
Capital Stock: Auth., $250.000; outstanding, $50,000. Par, $100. Owned in equal amounts by Atlantic Coast
Line R.R. Co. and Southern Railway Co. Dividends, 4% per annum.
CHARLOTTE HARBOR & NORTHERN RAILWAY
of name to Alifia, Manatee
History- Incorporated under Florida laws, March 26, 1906. Successor by change
& Gulf Coast Ry. The latter company took over the road formerly owned and operated by the Peace River Phos-
phate Mining Company, and has completed an extension 38 miles in length
from Fort Ogden to Boca Grande Pass.
Location- Road extends from South Boca Grande to Mulberry, Fla., 96.44 miles; branches, 14.19 miles; total
21.47 miles.
trackage rights Atlantic Coast Line, 3.16 miles; total, 113.79 miles. Sidings,
Equipment: Locomotives, 13; passenger cars, 14; freight cars, 294; other cars, 16.
Management: OFFICERS: P. B. Bradley, Pres., Boston, Mass.; James M. Gifford, Vice-Pres., New York;
B. Loomis, Jr., 2d Vice-Pres.; F. W. Parsons, Gen. Mgr., Boca Grande, Fla.; Thomas A. Doe, Treas.; Francis A.
Huck Sec., New York; W. J. Gilligan, Aud.; N. H. Goucher, Supt., Arcadia, Fla. DIRECTORS: James M. Gifford,
Wm. Prescott, John F. Kehoe, New York; Peter B. Bradley, Robt. S. Bradley, Boston; L. W. Cottman, Burdette
Loomis, Jr., Pierce, Fla.; J. H. Cottman, Baltimore; Thomas A. Doe, Galen L. Stone. Annual meeting, third Mon-
day in February. OFFICES, Boca Grande, Fla., and 2 Rector Street, New York.
1916 1915
Maintenance of way and structure. 146,323 165,664
Net operating deficit. $89,084 $75,628


Taxes 39,917 31,262
Deficit $23,352 $42,544
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $4,172; debit balance carried to bal-
ance sheet, $488,269; total, $492,441. Contra: Debit balance at beginning of year, $468,907 debit balance trans-
;
ferred from income, $23,352; miscellaneous debits, $182; total, $492,441.

Property investment $3,300,689 $3,011,385 Capital stock $2,000,000 $2,000,000
Working assets 268,083 484,050 Funded debt 2,000,000 2,000,000
Profit and loss deficit . . . 488,269 468,907 Accrued liabilities 35,658 14,466
Total $4,139,479 $4,054,032 Total $4,139,479 $4,054,032
Capital Stock: Authorized and issued, $500,000 preferred and $1,500,000 common. Par, $100. All owned by
American Agricultural Chemical Co.
CHARLOTTE, MONROE & COLUMBIA RAILROAD

History: Incorporated under the laws of South Carolina to build a railroad from McBee, S. C., to Monroe, N. C.,
about 40 miles.
Location: Road completed McBee to Jefferson, S. C., 18 miles; sidings, 0.85 mile. Equipment: Locomotives, 2;
cars, 11.
Management: OFFICERS: W. R. Bonsai, Pres., Hamlet, N. C., W. R. Cross, Vice-Pres., New York; S. O. Ban-
nersfeld, Sec.and Treas., Hamlet, N. C.; H. W. Mackenzie, Compt., Portsmouth, Va.; C. S. Lake, Gen. Mgr., Norfolk,
Va.; D. N. Bacot, Supt., Charleston, S. C. GENERAL OFFICE, Hamlet, N. C.

1916 1915
Gross revenues .... $12,583 $11,476
Net operating revenues. $4,502

Other income 940

Fixed charges, incl. taxes. 4,727
LIABILITIES:
Capital stock
CHATTANOOGA STATION COMPANY
History: Incorporated in Tennessee on December, 19, 1905, to construct a union station at Chattanooga.
Location: Owns passenger station, terminals and approaches at Chattanooga, Term., which are used by the
Southern Ry., Alabama Great Southern R.B., Cincinnati, New Orleans and Texas Pacific Ry., and Central of Geor-
gia Ry. Owns 4.18 miles of track, and 1 locomotive.
Management: OFFICERS: H. B. Spencer, Pres.; F. S. Wynn, Vice-Pres.; H. F. Pierce, Sec.; H. C. Ansley,

Treas.; A. H. Plant, Aud. DIRECTORS: H. B. Spencer, E. H. Coapman, H. Baker, E. M. Durham, Jr., L. W. Bald-
win. MAIN OFFICE, 1300 Pennsylvania Avenue, Washington, D. C.

1916 1915 1914 1913 1912 1911
Gross income .
$55,907 $54,981 $55,970 $55,990 $68,984 $52,247
Taxes accrued 10,783 9,679 10,169 9,921 10,958 8,232
Fixed charges V 41,124 41,302 41,801 42,069 44,026 44,015
Surplus . .
$4,000 $4,000 $4,000 $4,000 $4,000
Dividends paid 4,000 4,000 4,000 4,000 4,000

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 50,412 32,743 56,909 66,172 73,450 46,401
Deferred debit items 2,484 21,863 430 1,029 106,684 107,283
Total $1,149,109 $1,150,894 $1,153,702 $1,162,910 $1,170,792 $1,144,342

LIABILITIES :
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000 $100,000

Funded debt 1,008,980 1,008,980 1,003,980 1,003,106 1,003,106 1,003,106
Deferred credit items . . . 1,000 150
Total $1,149,109 $1,150,894 $1,153,702 $1,162,910 $1,170,792 $1,144,342
Note: Funded debt includes $8,980 advances by proprietary companies.
Bonded Debt: $1,000,000 Chattanooga Station Co. first 4s; dated Jan. 1, 1907; due Jan. 1, 1957. Interest
Jan. 1 and July 1, at J. P. Morgan & Co., New York. Coupon, $1,000; principal may be registered. First lien on
entire property. Guaranteed principal and interest jointly and severally by endorsement, by Southern Railway
Co., Alabama Great Southern R.R. Co., Central of Georgia Ry. Co. and Cincinnati, New Orleans & Texas Pacific
Ry. Co. Interest paid without deduction for normal income tax. Net Rating, Aa.
Capital Stock: Auth. and issued, $100,000; par, $100. Owned in equal proportions by the four companies
named' above.
CHERRY TREE & DIXONVILLE RAILROAD

History: Incorporated under the laws of Pennsylvania, June 2, 1903. Road opened in February, 1905. Penn-
sylvania R.R. Co., and the New York Central R.R. Co. have trackage rights under joint agreement with this com-
pany dated Feb. 15, 1905.
Location: Road extends from Cherry Tree to Idamar, Pa., 21.54 miles; branches to mines, 16.81 miles; total,
38.35 miles; sidings, etc., 22.28 miles.
Management: OFFICERS: Samuel Rea, Pres., Philadelphia, Pa.; A. H. Smith, Vice-Pres., New York; Taber
Ashton, Treas.; Lewis Neilson, Sec.; C. M. Bunting, Compt, Philadelphia, Pa. DIRECTORS: Samuel Rea, W. H.
Barnes, A. J. County, Henry Tatnall, Philadelphia, J. Carstensen, A. H. Smith, Ira A. Place, New York. Annual
meeting, first Monday in April. GENERAL OFFICE, Broad Street Station, Philadelphia, Pa.

1916 1915 1914 1913 1912
Gross income .
$70,181 $70,040 $69,267 $67,767 $67,244
Taxes 2,061 2,247 2,559 2,303 2,425
Fixed charges 48,120 47,793 46,708 45,464 44,819
Surplus . .
$20,000 $20,000 $20,000 $20,000 $20,000
Dividends 20,000 20,000 20,000 20,000 20,000
Comparative Condensed B:
ASSETS: 1916
Property investment ,
Si 7ns 8P1
CHESAPEAKE WESTERN RAILWAY
History: Incorporated under Virginia laws, March 3, 1900, and opened for operation June 1, 1902. In May,
1902, the company leased the Chesapeake & Western R.R. for 99 years, rental being interest on the bonds of the
latter.
Location: Line of road owned, Bridgewater to North River Gap, Va., 13.96 miles; leased, Elk June, to Bridge-
water, Va., 26.67 miles. Total operated, 40.63 miles. Sidings, 3.23. Equipment owned: Locomotives, 5; freight
and passenger cars, 22.
Management: OFFICERS: W.
E. D. Stokes, Pres. and Gen. Mgr.; A. H. Gleason, Vice-Pres.; E. Van Etten,
Vice-Pres. ;
L. S. Petrie, Sec. New York; C. B. Williamson, Supt. and Pur. Agt., Harrisonburg, Va.
and Treas.,
DIRECTORS: W. E. D. Stokes, A. H. Gleason, L. S. Petrie, Thomas Stokes, New York. Annual meeting, first Tuesday
in March. OFFICES, 262 West 72d St., New York, and Harrisonburg, Va.

1916
Gross revenues
Maintenance of way
Maintenance of equipment ....
All other operating expenses . . .
Operating ratio
Other income .
Total net income

Taxes accrued
Fifed charges
Deficit.
MOODV'S ANALYSES OF INVESTMENTS. 831

1916 1915 1914 1913 1912 1911
Gross revenues $136.727 $104,994 $84,226 $62,613 $40,605 $28,964
Maintenance of way .... 18,022 9,633 7,719 9,060 6,904 8,532
Maintenance of equipment 8,191 7,138 ii,'.ir>7 7,159 7,707 3,136
Net oper. revenues.. $76.307 $57,069 $41,206 $18,879 (def.) $3,265 (def.) $3,430
Other income 1,519 267 182 207 264 65
Total net income $77,826 $57,336 $41,388 $19,086 (def.) $3,001 (def.)$3,365
Taxes 1,345 1,034 932 457 425 440
Fixed charges 38,273 34,972 27,964 26,229 20,420 10,036
Surplus $38,208 $21,330 $12,472 (def.) $7,600 (def.) $23,846 (def.) $13,841
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $38,208; profit on
road and equipment sold, $1,104; debit balance carried to balance sheet, $14,899; total, $54,211. Contra: Debit
balance at beginning of year, $54,207; loss on retired road and equipment, $4; total, $54,211.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment .... $461.811 $456,232 $445,215 $439.914 $436.431 $388,465
Working assets ......... 88,684 22384 86,07! 33,497 22,537
Accrued income not due. . 221
Deferred debit items .... 1.408 2,039 381 1,212 689 1,698
Profit and loss deficit .... 14,899 ?:,.., II 86,428 79,808 56,029
Total $561,702 $573,101 $544,124 $563,846 $550,425 $468,729
Capital stock ........... $110.000 $110.000 $110,000 $110.000 $110.000 $110000

Funded debt ........... 400,000 416,090 60.000 60,000 60,000
Working liabilities ...... 50,790 47,000 429,5i3 390,368 380,381 298,670
Accrued liabilities not due ' 59
Deferred credit items ____ 912 11 V.eii 44
Appropriated surplus . . . M78
Total $561,702 $573,101 $544,124 $563,846 $550,425 $468,729
Note: Funded debt as above represents advances by controlling interests. No bonds issued.
Capital Stock: Authorized and outstanding, $110,000. Par, $50. Dividends have been paid as follows: 1904,
1H IH^; none since. There is no bonded debt, the $60,000 first 6s due July 1, 1925, having
1006.
been retired in March, 1914.
CHICAGO & CALUMET RIVER RAILROAD

Ilivtory: Incorporatrd under the laws of Illinois. August 8, 1901. Began operations August, 1904. Does a
general switching business. Connects at Hegewisch and Bnrnham. III., with the following roads: Baltimore & Ohio;
Chicago Terminal R.R.; Chicago, Indianapolis & Louisville Rv.; Erie R.R.; N. Y., Chicago & St. Louis R.R.; Wa-
bash Ry.; Pittsburg, Ft. Wayne & Chicago Ry.; Pittsburg, Cin., Chi. & St. Louis Ry.; Elgin, Joliet & Eastern Ry.,
and Indiana Harbor Belt R.R.
Location: Track located in Chicago, 111., 1.68 miles; total track including spurs, 2.97 miles. Equipment:
Locomotives, 3; freight cars, 49.
Management: OFFICERS: F. N. Hoffstot, Pres.. New York; N. Board, Vice-Pres. and Gen. Frt. Agt.; Thomas F.
Dooley. Sec. and Treas.; E. F. GuthrHge. Aud., Hegewisch, 111. DIRECTORS: F. N. Hoffstot, W. A. Chamberlain,
New Tork; J. B. Rider, C. C. Cochran. J. H. Mitchell, N. S. Reeder, N. Board, Chicago, 111. Annual meeting, last
Thursday in May. OFFICES, 24 Broad Street, New York, and Hegewisch, 111.
Comparative Income Acco-.mt, Years Ended June 30

1916 1916 1914
Gross revenues $56.175 $37.228 $74,702
Operating expenses 46.693 41,827 67,208
Net operating revenue $10.482

Other income . . .
9,541
Total net income

Taxes
Fixed charges
Surplus
ASSETS : 1916 1915 1914 1913 1912
Working assets 45,666 76,801 104,616 85,724 112,121
Deferred debit items . 27,625 27,625 27,625 27,625 25,125
Total $179,374 $198,424 $231,439 $201,529 $229,376

LIABILITIES :
Capital stock $50,125 $100,000 $100,000 $100,000 $100,000

Profit and loss 86,769 62,115 81,693 70,596 47,419
Total $179,374 $198,424 $231,439 $201,529 $239,376
Capital Stock: Authorized, $100,000; outstanding, $50,125. Par, $25. No bonded debt. No dividends.
CHICAGO & ILLINOIS MIDLAND RAILWAY

History: Incorporated under the laws of Illinois, July 17, 1905, as the Illinois Central Ry., and changed name
as above, Dec. 30, 1905. Absorbed the Pawnee R.R. in 1906.
Location: Road extends from Auburn to Taylorville, 111,. 24.48 miles; trackage over B. & 0. S. W. R.R., 0.74
mile. Total, 25.22 miles. Sidings, 11.43 miles. Equipment: Locomotives, 6; cars, 1,247.
Management: OFFICERS: J. F. Gilchrist, Pres.; F. S. Peabody, Vice-Pres. and Gen. Mgr.; W. S. Kline, Sec.;
E. J. Doyle, Treas. ; F. Carter, Aud., Chicago, 111. ; H. M. Hallock, Gen. Supt., Taylorville, 111. DIRECTORS : W. A. Fox,
E. J. Doyle, J. F. Gilchrist, W. S. Kline, J. H. Gulick, Chicago, 111. Annual meeting in June. OFFICE, Chicago, 111.

1916 1915 1914 1913 1912 1911
Gross revenues $290,099 $236,050 $187,640 $135,058 $106,533 $95,281
Net oper. revenues. . $88,424 $56,278 $32,239 $13,504 $27,556 $28,999

Other income 118,521 106,237 44,287 15,166 5,730 11,596
Total net income .... $206,945 $162,516 $76,526 $28,670 $33,286 $40,595
Taxes 16.250 10,899 12,115 8,109 9,023 6,365
Fixed charges 186,390 180,836 138.870 92,658 84,991 83,121
Surplus $4,305 (def.) $29,220 (def.) $74,459 (def.) $72,097 (def.) $60,728 (def.) $48,891

ASSETS : 1916 1915 1914 1913 1912 1911
$3,629,010 $3,513,869 $2,950,096 $2,647,058 $2,399,806 $2,393,865
Working assets 78.618 110,456 348,606 70,693 40,538 66,883
Deferred debit items 383.308 422,198 426.610 29,107 995 1,021
Total $4,523,053 $4,482,945 $4,132,514 $3,079,601 $2,701,986 $2,661,687

LIABILITIES :
Capital stock $1.000.000 $1.000,000 $1,000.000 $1,000,000 $1,000,000 $1,000,000
Funded debt 3,026,878 3.221.509 2.924.539 1,265.524 1,041,600 1,066,600
Accrued not due
liabilities 13,959 11,893 23,257 26.160 25,342 22.053
Total $4,523,053 $4,482,945 $4,132,514 $3,079,601 $2,701,986 $2,661,687
Bonded Debt: (1) $2,500,000 Chicago & Illinois Midland Ry. first 5s. Dated Dec. 1, 1913; due Dec. 1, 1938. In-
terest paid J. and D., at Continental &
Commercial Trust Savings Bank, Chicago. Coupon, $1,000; prin. may be
registered. Callable at 105. Authorized, $3,000,000. First lien on road and equipment. Interest paid without de-
(2) $83,901 American Car & Foundry 5%
Equipment Notes. Dated Feb. 24, 1913, due in 60 monthly pay-
ments of $4.195.07 each, to and including Feb. 24; 1918. Original issue, $251,704. Cash paid on delivery of equip-
ment, $24,700. Secured on 250 steel gondola cars. Income tax is not deducted from interest.
(3) $137.117 Haskell &
Barker Car Co. 5%
Equipment Notes. Dated Feb. 4, 1904; due in 60 monthly pay-
ments of $4.284.92 each to and including Feb. 4, 1919. Original issue, $257,095.20. Cash paid on delivery of equip-
ment, $25.229. Secured on 250 steel gondola cars.
(4) $145,055 Haskell &
Barker Cmr Co. 5%
Equipment Notes. Dated Aug. 25, 1914; due in 60 monthly pay-
ments. Cash paid on delivery of equipment, $23,'319. Secured on 250 steel gondola cars.
(5) $160,804 American 'Car Foundry & 5%
Equipment Notes. Dated Nov. 6, 1914; due in 60 monthly pay-
ments. Cash paid on acceptance of equipment, $23,092. Secured on 250 gondola steel cars.
Capital Stock: Authorized, $2,000,000; outstandicg, $1,000,000. Par, $100. All held in trust for the Common-
wealth Edison Co.
:
1r
MAP OF
ST.*.
Chicago & Western Indiana
Railroad Company's
CMICtCO LINES
I moiso* \
_ '"C.4H.W.SIMIM
C. 4 M.W
012
SHOWING CONNECTIONS
Ljr
GR> L!D CENTRAL

m
w&
Scale of Miles
AflONl
C. & W. I. R. R.
sr. The Belt Railway
<c. i w. I. Lesson)
I. C.
47TH ST. 8T.8TA
'////MM
ST.
STA.
CLEARING
/.<rr
ELT RY.
BSLTKY
7STH sr. 5
1 i-
HAMMOND
HJUNOT
83rci ST. STA
Ml 00.
,OAKDALE
CONNECTING LINES
Afcfcton, Topeta
Baltimore
ft Santa Ft Ry.
A Ohio Chicago Terminal R R.
ÊRNWOOD i
Baltimore & Ohio R. R. Oof

Chesapeake k Ohio Ry. Co. of Indiana
Chicago 4 Alton R. R.
Chicago & Eastern Illinoia R. R. PUC.LMAI
Chicago A Erie R. R.
Chicago 4 Illinois Western R. R. ROSE.LAND
Chicago 4 North-Westem Ry.
Chicaeo Junction Ry.
Chicago, Burlington
Chicago Great Western R. R.
4 Quincy
Chicago, Indianapolis 4 Louisville Ry.
R. R.
m
Chicago, Milwaukee 4 St. Paul Ky.
Chicago River 4 Indiana R. R,
Chicago, Rock Island 4 Pacific Ry.
Chicago Short Line Ry.
Chicago, West Pullman & Southern Ry. ]5
Is
Cleveland, Cincinnati, Chicago 4 St Louin Ry.
Elgin, Joliet 4 Eastern Ry.
39
Grand Trunk Ry. BLUE
Illinois CentrallLR. ISLAND
Illinois Northern Ry.
Inliana Harbor Belt R. R.
Manufacturer's Junction Ry.
Michigan Central R. R. URNHAM
Minneapolis, St Pa jl 4 Rault Ste. Marie Ry.
New York Central R. R.
New York, Chicago 4 St. Loufa R, R.
Pere Marnurtte R. IL
Pittebumh.Cincinnali.Chiraro 4 StLr.uia R, B.4.O.C.T.
CHICAGO & ILLINOIS WESTERN RAILROAD

History: Incorporated under laws of Illinois, Feb. 21, 1903. Road opened Jan. 1, 1906. Extension from
Willow Springs to Joliet, 111., 37.0 miles, under construction.
Location: Road extends from Chicago, III. (Western Ave.) to Willow Springs, 111., 13.59 miles; trackage (Illi-
nois Central R.R.) Hawthorne to Western Ave., Chicago, 2.86 miles; trackage, P. C. C. & St. L. Ry., 4.59 miles;
total operated 21.04 miles. Sidings owned, 3.50 miles. Equipment: Locomotives, 3; cars: flat, 3; coal, 494; box, 2;
caboose, 3; other cars, 3; total, 505.
Management: OFFICERS: W. B. Clark, Pres. and Gen. Mgr.; J. F. Talbot, Vice-Pres.; G. R. Thompson, Sec.
and Treas.; J. J. Duffy, Supt.; A. V. Konsberg, Pur. Agt., Chicago, 111. DIRECTORS: W. J. Carney, N. G. Moore,
J. F. Talbot, F. S. James, W. I. Osborne, Chicago, 111. Annual meeting, third Wednesday in February. GENERAL
OFFICE, 108 South La Salle Street, Chicago, 111.
Comparative Income Account, Years F.nded June 30

1916 1915 1914 1913 1912
Gross revenues . . . $156,256 $138.484 $176.786 $169,740 $116,438
Net operating revenue |29 *:.' $13.965 $27,701 $25,092 $4,190

Other income . 38,571 16.020 24,082 12,620 16,974
Total net income $29.985 $51,783 $37,712 $21,134

Taxes 12,300 u,88 15,256 11,668 12.049
Fixed charges 83,413 71,660 68,137 67,191 67.736
Deficit $54,560 $31,610 $41,147 $58,621

ASSETS: 1916 1915 1914 1913 1912
Property investment $2,261,451 $2,097,365 $2,094,856 $2,087,455 $2,099.360
Working assets 71,295 48.219 33.615 47,101
Deferred debit items 1,060 1.201 1,365 l",049 110
Profit and loss 244,931 217,668 163,108 135,416 94,340
Total $2,578,737 $2,354,437 $2,307,548 $2,257,535 $2,240,911

LIABILITIES:
Capital stock $1,000.000 $1,000.000 $1,000,000 $1,000.000 $1,000,000
Funded debt 1,062,765 :,. KM 909,890 925,070 948,117
Working liabilities 496.194 436.070 390.668 314,486 274.855
Deferred credit items i'->'^ 900
Total $2,578,737 $2,354,437 J. ::.:, H $2,257,535 $2,240,911
Bonded Debt: (1) $965.000 Chicago & Illinois Western R.R. general 6s. Dated July 1. 1907; due July 1, 1947.
Interest paid J. and .1. 1, at Continental & Commercial Trust & Savings Bank, Chicago, Trustee. Coupon, $1,000.
Authorized, $4.000,000. Unissued bonds reserved for construction, etc. $500.000 were issued to retire an equal
amount of 1st 5s, due in 1947. Callable at par and interest on 30 days' notice. First lien on entire property
owned. Interest paid without deduction for normal income, tax.
Outstanding, $89,890 Equipment Trust obligations, dated July 1, 1908. and maturing monthly beginning August
29, 1912, in sixty monthly instalments. Interest J. and J. 1. Secured on 209 gondola or steel cars.
$7375, Promissory Note, dated Nov. 1, 1911; due Nov. 1, 1921. Interest 5% payable May 1st and Nov. 1st.
Capital Stock: Authorized, $1,500.000 (increased from $1,000,000, Dec. 18, 1913) ; outstanding, $1,000,000. Par,
$100. Stock transferred by secretary of company.
CHICAGO & WESTERN INDIANA RAILROAD

try: Incorporated in Illinois June 6, 1879, and in 1882 absorbed the South Chicago & West Indiana Rail-
road and the Chicago & Western Indiana Belt Ry. In 1912, the company acquired the Chicago Union Transfer Ry.
Co.
Location: Owns extensive system of terminals and belt lines in and around the city of Chicago; also passenger
and freight depots, realty, etc., in the heart of the city, including the Dearborn Union Passenger Terminal. Portion
of property is leased to Belt Ry. of Chicago, and balance is leased jointly to Chicago & East Illinois Railroad; Grand
Trunk Western; Chicago. Indianapolis & Louisville; Erie; Atchison; Wabash; Elgin, Joliet & Eastern, and Chesa-
peake A Ohio Rys. The aggregate rental must always exceed by 20^ the interest on bonds outstanding. Lines
owned, 151.45 miles. Equipment: Locomotives, 99; cars, 1,236, of which 352 are leased to Belt Ry. of Chicago.
Management: OFFICERS: Howard G. Hetzler. Pres.; E. H. Lee, Vice-Pres.; M. J. Clark, Sec.; J. E. Murphy,
Treas. DIRECTORS: H. R. Kurrie, J. E. Taussig, W. B. Storey. H. G. Kelley, W. J. Jackson, Mitchell D. Follansbee.
Annual meeting, first Tuesday in June. MAIN OFFICE, Chicago, 111.
CHICAGO JUNCTION RAILWAY

History: Incorporated under Illinois laws, Jan. 1, 1898, as a consolidation of the Chicago, Hammond & Western
R.R., and the Chicago & Indiana State Line Ry. The company itself is controlled by the Chicago Stock Yards Co.,
which owns practically the entire capital stock. In July, 1907, the so-called Outer Belt Line of this company, which
comprised the property of the original Chicago, Hammond & Western R.R., was sold to the Indiana Harbor Belt
R.R. Co. The payment consisted of $2,500,000 of bonds issued by Indiana Harbor Belt R-R-, these bonds being
guaranteed as to principal and interest by the Lake Shore & Michigan Southern and the Michigan Central R.R.
Location: The company as now constituted operates a double-track inner belt line, about 20 miles long, located
in the Stock Yards district of Chicago with side and industrial tracks, aggregating in all about 152.53 miles.
Equipment owned: Locomotives, 62; cars, 293.
Management: OFFICERS: R. Fitzgerald, Pres. H. E. Poronto, Vice-Pres., Sec. and Pur. Agt.; R. B. Thomson,
;
Treas.; C. C. Chace, Aud. DIRECTORS: R. Fitzgerald, A. G. Leonard, Arthur Meeker, J. A. Spoor, Thornhill Brbome,
S. H. Strawn, H. E. Poronto, Chicago; Eugene V. R. Thayer, F. H. Prince, Boston. Annual meeting, third Monday
in March. OFFICE, First National Bank Building, Chicago.

1916 1915 1914 1913 1912 1911
Gross revenues $2.329.410 $1,975,916 $2,029,764 $2,003,912 $1,826,122 $1,781,832
Maintenance of way 249,878 253,948 186,385 204,839
Maintenance of equipment 219.420 227,885 207,659 122.761 1,269,416 1,211,947
All other operating exps. . 1,354.924 1,170,374 1,150,969 1,032,682
Net operating revs. . . $505,188 $323,709 $484,751 $643.630 $556.706 $569,885

Opera! ing ratio 78..V: S.T.; 76.1% 67.9% 69.6% 68.1%
Other income . 696,338 700,013 669,324 550,046 529,812 556,239
Total net income. $1,201,526 $1,023.722 $1.154.075 $1,193,676 $1,086,518 $1,126,124

Taxes accrued 23.899 88,483 82,212 28,905 28.336
Fixed charges .
683,029 692,087 796,707 904,790 775,444 835,625
Surplus . .
$479336 $307,736 $328.935 $266.674 $282.169 $262,163
Dividends paid 137,500 137,500 134.750 132,000 132,000 132,000
Balance .
$342,336 $170.236 $194,185 $134,674 $150,169 $130,163
Profit and LOM
Account, year ended June 30, 1916: Credit balance at beginning of year, $342,700; credit bal-
ance transferred from income, $342,336; miscellaneous credits, $234,692; total, $919,728. Contra: Miscellaneous
appropriations of surplus, $28,790; loss on retired road and equipment, $6,957; miscellaneous debits, $41; credit

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $4,912.414 $4.570.011 $4,616,688 $2.137.174 $2,728,753 $2,669,566
Working assets 1,633.159 1,395,722 1,475,473 1,488.191 1,367,797 1,243,709
Accrued income not due.. ' ' 6,874 4,891 '
Deferred debit items 80.678 'l22',676 22,256 92,190 4,672 3,66i
Total $6,625,651 $6,087,809 $6,114,417 $3,723,429 $4,106,113 $3,916,276

LIABILITIES:
Capital stock $5,500.000 $5.500.000 15,50 $2.200,000 $2,200.000 $2,200.000
Working liabilities 206.719 212,483 236.120 285,763 219.526 203.222
Accrued not due
liabilities 19,041 11,561 12.500 11.712 12,903 11,950
Deferred credit items 7,588 12.755 3.284 2.901 ' '
Appropriated surplus . . . 9.359 8.310 301.393 403.382 3Y6.847 296,676

Profit and loss 883.940 342,700 61.120 819.671 1,356,837 1,204,534
Total $6,625,651 $6,087,809 $6,114,417 $3,723,429 $4,106,113 $3,916,276

Capital Stock: Anth. and issued, $5.500,000. having been increased from $2,200.000 on Dec. 31, 1913. All but
directors' qualifying shares owned by Chicago Junction Railways and Union Stock Yards Co. Dividends: 6% per
annum from 1908 to end of calendar year, 1913. In March, 1914, began payments on increased issue at 1*4% quar-
Extra dividends of 10% were paid Oct. 2. 1913, and 150 r
terly. on Drc. 11, 1913, the latter in stock, thus increas-
'r
ing the amount as above. Dividend in 1915 and 1916, 3.3%. No bonded debt.
CHICAGO, MILWAUKEE & GARY RAILWAY

History: Incorporated under laws of Illinois, March 3, 1908, to construct or purchase a steam railroad line from
Milwaukee, Wis., to Gary, Ind. The company acquired the property of the Illinois, Iowa & Minnesota Ry., with its
subsidiary lines, the Rockford Belt Ry. Co., Milwaukee, Rockford & Eastern Ry., and the Illinois, Indiana & Gary
Ry. Further mileage is now under consideration which, with the system already in operation, will form a com-
plete outer belt-line connecting with all the 32 railroad systems entering the city of Chicago.
Ixication: Line of road operated, Delmar to Joilet, 111., Aurora to Jpliet with various branches, making a total,
including trackage rights, of 154.73 miles. Equipment owned: Locomotives, 15; 1 passenger, 2 combination and 305
freight and company cars.
Management: OFFICERS: A. T. Perkins, Pre*.. St. Louis; B. H. Harris. Vice-Pres. and Gen. Mgr.; W. F. Mc-
Swiney, Sec.. Treas. and And. DIRECTORS: J. F. Shepley, Edwards Whitaker, A. T. Perkins, St. Louis; H. W.
Seaman, B. H. Harris, Jonas Waffle, Chicago; W. F. McSwiney, Rockford. 111. Annual meeting, first Monday in
January at Chicago. GENERAL OFFICE, Rockford, 111. ST. Louts OFFICE, 401 Locust St.
1916
Gross revenues
Maintenance of way
Maintenance of equipment
All other operating expenses. . ,

Other income
Total net income.

Taxes accrued
Fixed charges

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment . . . $1,344,668 $1,306,188 $1,331,198 $1,291,014 $1,010,233 $1,003,843
Working assets 213,062 200,596 196,598 295,764 121,988 87,227
Accrued income not due. ' 287
Deferred debit items . . 7,841 'l5,549 5,953 '9,218 22,406
Total $1,565,571 $1,522,333 $1,534,036 $1,595,996 $1,154,627 $1,091,070

LIABILITIES :
Capital stock $500,000 $500,000 $500,000 $600,000 $300,000 $300,000

Funded debt 765,000 765,000 782,000 674,992 600,000 50Q.OOO
Deferred credit items.... 33,998 21,022 4,610 23,610
Appropriated surplus ... . 3,685 3,273 3,958 4,500 2,566
Profit and loss surplus... 172,181 156,860 130,182 139,952 92,132 17,769
Total $1,565,571 $1,522.333 $1,534,036 $1,595,996 $1,154,627 $1,091,070

Bonded Debt: $765,000 Chicago River & Indiana R.R. first refunding 5s. Dated Oct. 1, 1911; due Oct. 1, 1925.
Int. paid A. and O. 1 at Merchants' Nat. Bank, Boston. Coupon, $1,000; principal may be registered. Auth., $1,-
250.000. Of the amount outstanding, $500,000 was issued to retire the first refunding 5s of 1930. No more can be
issued, unless net earnings for preceding twelve months equal twice interest on bonds outstanding and to be issued.
Unissued bonds may be issued for the purpose of acquiring additional properties and franchises after Oct. 1, 1911,
through construction, purchase, consolidation, etc.; but none shall be issued for equipment in substitution for that
owned Oct. 1. 1911. Callable as a whole only on Oct. 1, 1916, or thereafter at 105 and interest, on twelve weeks'
notice. A first lien on entire property. Interest paid without deduction for normal income tax. Rating, Ba.
Capital Stock: Auth., $1,000,000; issued, $500,000; par, $100. Dividends: 1913, 8% ; 1915, 6%; 1916, 15%.
CHICAGO SHORT LINE RAILWAY

History: Incorporated under laws of Illinois, March 30, 1901.
Location: Road in Chicago, 15.6 miles; second track, 10.6 miles. Connects railroads entering Chicago and South
Chicago with the South Chicago District. Equipment: Locomotives, 6; cars, 60.
Management: OFFICERS: J. Fred Sheehy, Pres. and Gen. Mgr.; F. A. Tice, Vice-Pres. and Aud., South Chi-
cago., 111.; A. O. Sonne, Sec. and Treas., Chicago, 111. DIRECTORS: The foregoing and F. C. Wright, Washington,
D. C.; D. B. Gamble, Cincinnati, O. Annual meeting in October. GENERAL OFFICE, Corn Exchange Bank Building,
Chicago, HL
1916 1915 1914 1913 1912
Gross revenues $129.389 $93,322 $152,832 $198.624 $108,064
Net operating revenue* $32,502

t"-2.r.-2 $9,739 -
$39,158 $62,266 $26,222
Other income 424 6,722 357
Total net income. $32.926 $15,461 189,168 $62,266 $26,579

Taxes 3.221 2,949 2,743 1,938 2,188
Fixed charges 11.521 8,456 20,286 25,818 12,718
Surplus $18,184 $16,129 $34,510 $11,673

Dividends . . 14,955 4,985 9,970 15,952 9,970
Balance $3,229 (def.)$929 $r,.ir,o $18,558 $1,703

Profitand Account, year ended June 30, 1916: Credit balance at beginning of year, $64,614; credit bal-
I/MIS
ance transferred from income, $3229; profit on road and equipment sold, $420; total, $68,163. Contra: Credit bal-
ance carried to balance sheet, $68,163.

ASSETS: 1916 1915 1914 1913 1912
Working assets ,
83,893 38,579 58,117 80,517 78,911
Total $207,834 $196,208 $224,388 $262,303 $207,209

LIABILITIES :
Capital stock $99,700 $99,700 $99,700 $99,700 $99,700
Working âbilities 22,376 18,090 47,233 82,864 68,978
Deferred credit items 16,195 12,604 10,613 '9,665 '6,405
Profit and loss 68,163 64,614 65,442 60,684 41,126
Total $207,834 $196,208 $224,388 $252,303 $207,209
Capital Stock: Authorized, $100,000; outstanding, $99,700; par, $100. No bonded debt. Dividends of 7% each
_re paid in 1905, 1906, 1907 and 1906; 20% in 1909; 15% in 1910; 10% each in 1911 and 1912; 16% in 1913; 10%
in 1914; 5% in 1915; 16% in 1916.
CHICAGO UNION STATION COMPANY
as the Union Station Co. (Chicago), to build and
History- Incorporated under Illinois laws, July 3, 1913,
maintain a Union Passenger Station in Chicago, between Jackson, Adams Canal and Clinton Streets. Station now
under construction. The company is controlled by stock ownership by the C., B. & Q. R.K., the C., M. & bt. f. Ky.,
the P., C., C. & St. L. Ry. and the Pennsylvania Co.; these companies each owning one-fourth of the capital
stock.
OFFICERS: J. J. Turner, Pres., Pittsburgh, Pa.; E. D. Sewall, Vice-Pres. and Compt.; W. G.

Management:
White Sec T S Howland, Treas., Chicago. DIRECTORS: J. J. Turner, Thos. Rodd, Pittsburgh; A. J. Earling,
Hale Holden, J. J. Mitchell, Chicago. GENERAL OFFICE, Chicago, 111.
Bonded Debt: $30,000,000 Chicago Union Station Co. first 4%s; dated Jan. 1, 1916; due July 1, 1963. Author-
ized issue, $60,000,000. Int. paid J. and J., in Chicago and New York. Coupon, $500 and $1,000. Reg., $500,
$1 000 $5 000 and $10,000. Callable after 1920 at 105. First lien on entire property,
and guaranteed principal and
interest, jointly and severally, by C., B. & Q. Ry. Co., P., C., C. & St. L. Ry. Co., C., M. & St. P. Ry.
Co. and Pennsyl-
vania Co. Listed on New York Stock Exchange. Normal income tax deducted from interest. Rating, Aaa.
Capital Stock: Auth., $3,500,000; outstanding, $2,800,000; par, $100. All owned by the four companies named
above.
CHICAGO, WEST PULLMAN & SOUTHERN RAILROAD

History: Incorporated under laws of Illinois, Oct. 28, 1909, being a consolidation of the Chicago,
West Pull-
man & Southern Ry. and Calumet & Southeastern R.R.
Location: Line extends from 120th and Loomis Streets, Chicago, to 104th Street and Torrence Ave., So. Chi-
cago. Tracks owned, 7.79 miles; leased, .30 miles; trackage rights, 23.20 miles; total operated, 31.29 miles. Equip-
ment: Locomotives, 10; freight and company cars, 46.
Management: OFFICERS: F. B. Montgomery, Pres. and Gen. Mgr.; S. D. Snow, Vice-Pres.; W. M. Gale, Treas.;
A. G,Huckin, Sec.; T. J. Maloney, Aud.; M. J. Kelley, Supt.; W. B. Edgar, Pur. Agt., Chicago 111. DIRECTORS:
A. G. Huckin, F. B. Montgomery, G. A. Ranney, H. F. Perkins, S. D. Snow, Chicago, 111. Annual meeting, second
Tuesday in November. OFFICE, 606 So. Michigan Ave., Chicago, 111.

1916 1915 1914 1913 1912 1911
Gross revenues . $330,080 $193,509 $266,725 $329,745 $274,209 $241,946
Operating exps. and taxes. 206,971 140,347 197,430 215,441 197,695 211,017
Net earnings 123,109 53,162 69,295 114,304 76,513 30,929
Other income 12,100 15,112 12,954 11,137 9,251 4,527
Rentals, etc 29,885 10,168 84.369 30,538 24,676 4,588
*
Dividends . 40,000 40,000 40,000 40,000 40,000
Surplus 65,234 9,106 7,880 54,903 21,088 30,868
* Dividends
paid from profit and loss.
ance transferred from income, $105,324; total, $261,855. Contra: Dividend appropriations of surplus, $40,000;

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 404,769 340,440 342,361 347,260 277,407 263,381
Total $701,577 $601,198 $613,711 $600,523 $534,798 $516,052

LIABILITIES:
Capital stock $400,000 $400,000 $400,000 $400,000 $400.000 $400,000
Accrued due
liabilities not 1,376 1,376 1,376 1,194 977 404
Deferred credit items 5,080 7,054 2,148 3,168 367 8,571
Total $701,577 $601,198 $613,711 $600,523 $534,798 $51C,052

Capital Stock: $400,000 (increased from $200,000 in 1911) ; par, $100. Dividends of 10% were paid in 1912,
1913, 1914, 1915 and 1916. No bonded debt.
CHIPPEWA VALLEY & NORTHERN RAILWAY

History: Incorporated under laws of Wisconsin, Feb. 17, 1900. This road is operated in connection with Arpin
Hardwood Lumber Co., of Atlanta, Wii. An extension is projected from Exeland to Radisson, 7 miles.
Location: Road extends, from Bruce to Exeland, Wis., 15.64 miles. Sidings, 1.6 miles. Equipment: Locomo-
tives, 2; motor cars, 2; logging ears, 28.
Manasrement: OFFICERS: D. J. Arpin, Pres., Grand Rapids, Wis.; J. Z. Arpin, Vice-Pres. and Mgr., Atlanta,
Wis.; E. P. Arpin, Sec. and Treas., Grand Rapids, WiB.; L. E. Knudson, And., Atlanta, Wis. DIRECTORS: A. L.
Arpin, D. J. Arpin, E. P. Arpin, Grand Rapids, Wis.; J. Z. Arpin, Atlanta, Wis. Annual meeting last Tuesday in
January. GENHUL Omen, Grand Rapids, Wis.

1916 1915 1914 1913 1912
Gross revenues . . . $8,333 $11,183 (16,260 $17,847 $17,711
Net revenue* (def.) $3,523 (def.)$2,818 $2,076 $2,984 $2,236

Taxes 597 696 626 528 451
Fixed charges 9,670 9,190 9,103 10,909 9,094
Surplus (def.)$13,790 (def.)$12,704 (def.)$7,653 (def.)$8,453 (def.)$7,309
Comparative Condensed Balance Sheet,' as of June 30

ASSETS: 1916 1915 1914 1913 1912
Working assets 1,153 1,840 1,648 11,515 11,813
and loss
Profit 67,869 44,079 31,375 24,931 16,277
Total $258,832 $256,387 $244,303 $238,474 $228,721

LIABILITIES:
Capital stock $68,000 $58,000 $58.000 $58,000 $58,000
Funded debt 100,000 137,000 140,000 147,000 157,000
BtÔO 10,600 7,431 32,537 13,721
Deferred credit items. 47.932 40,787 38,872 937
Total $268,832 $256,387 $244,303 $238,474 $228,721

__ Debt: $100,000 Chippewa Valley A Northern Ry. 5s. Dated June 15, 1906; due $10,000 annually from
June, 1908 to 1920; interest paid J. and D. 15 at Wood County National Bank. Grand Rapids, Wis. Coupon, $1,000.
Authorized, $800,000; issued. $200,000; $60,000 have been retired, and $10,000 are pledged as collateral as stated
below. Of bonds unissued $100,000 are reserved to retire current indebtedness, a like amount for terminals, etc.,
under construction, and balance for future extensions. Callable at 103 and interest. First lien on property. Nor-
Capital Stock: Authorized, $150,000; outstanding. $58,000. Par, $100. No dividends paid.
CINCINNATI, BLUFFTON & CHICAGO RAILROAD

History: Incorporated under laws of Indiana, March 9, 1903, for the purpose of constructing a road from
Huntington to Union City, Ind. 75 miles, with a branch 1.5 miles; total. 76.5 miles. The section of the road from
;
BlufTton to Portland, 29 miles, was put in operation in 1905, and the section from Huntington to Bluffton, 23 miles,
was put in operation Jan. 16. 1908.
Receivership: On March 14, 1908, John C. Curtis, Gen. Mgr., was appointed receiver in a creditor's suit, and
the property was advertised to be sold under foreclosure, March 15, 1911, at an upset price of $800,000. The road
has been offered at various times at foreclosure sale without bidders, but on Sept 6, 1911, the court denied applica-
tion to reduce the price, maintaining that it was not too large.
Receiver's Sale: The road was sold at receiver's sale, Oct. 15, 1914, to Fred. A. Dolph, of Chicago, represent-
ing a syndicate of creditors. The price to be paid is $350,000. The sale was not consummated and the property was
again advertised for sale Nov. 20. 1916. At latter sale, J. M. Wilson of Cincinnati is reported to have purchased the
property.
Location: Road extends from Huntington to Portland, Ind., 60.21 miles. Equipment: Locomotives, 4; pas-
senger cars, 3; freight and miscellaneous cars, 42.
Management: OFFICERS: J. C. Curtis, Receiver and Gen. Mgr., Huntington, Ind.; Fred. A. Dolph, Chairman
of Board; S. H. Bracey. Pres.; Chas. Blackburn, Sec., Chicago; M. E. Schoch, Aud., Huntington, Ind. DIRECTORS:
Cha. Blackburn, S. H. Bracey, Fred. A. Dolph, Chicago; W. I. Babb, Aurora, 111.; John M. Smith, Portland, Ind.
Annual meeting, second Tuesday in June. OFFICE, Huntington, Ind.
1916 1915 1914 1913 1912 1911
Gross revenues $77,192 $86,781 $97,789 $90,477 $72,035 $67,991
Maintenance of way 9,913 10,311 11,137 22,343 12360 13,226
Maintenance of equipment 9,765 11,944 14,065 10.207 10,370 8,404
All other operating exps. . 64,094 67,672 74,634 -17.M7 42,411 41,819
Net operating revs. . . IM20 $6,864 (def.) $1,937 $10,080 $6,404 $4,542
Other income . 1,255 62
Total net income. $4,675 $6,916 (def.) $1.937 $10,080 jr., mi $4,542
Taxes 8,600 8,200 8,142 7,810 7,250
Fixed charges 75,000 ^ I. ron
75,000 75,000
Surplus (def.)$3,925 (def.)$76,284 (def.)$94,679 (def.) $76,436 (def.) $77,708

1916 t!915 1914 1913 1912 1911
Property investment $1,164.305 $1,164,305 $1,132,403 $1,122,488 $1,089,425 $1,084,772
Working assets 3,827 8,633 9,634 7,851 5,044 4,744
Unadjusted debits 1,733,780
Profit and loss deficit *1,720,787 *1,749,996
Total $2,901,912 $1,172,838 '$2,862,824 $2,880,335 $1,094,469 $1,089,616

LIABILITIES:
s .tX.ILrSKS OF INVESTMENTS. 841
Management: OFFICERS: B. A. Worthington, Pres. J. G. Moore, Sec. and Asst. Counsel; D. J. Curran, Treas.;
;
F. B. Brown, Aud.; J. A. Simmons, Gen. Traf. Mgr.; V. M. Hynes, Gen. Supt., Indianapolis, Ind. DIRECTORS: F.
H. Ecker, J. A. Barnard, Henry E. Cooper, A. H. Wiggin, New York; Geo. K. Johnson, Philadelphia; H. F. Whit-
comb, Milwaukee, Wis. L. Edmund Zacher. Hartford, Conn.; B. A. Worthington, Indianapolis, Ind. Annual meet-
;
ing, second Tuesday in October. GENERAL OFFICE, Indianapolis, Ind.
Comparative Income Account, Seven Months Ended June 30

1916 1915
Passenger earnings $286,289 $272,154
Freight earnings 893,940 628,565
Gross earnings $1.296,706 $1,030,533

Operating expenses and taxes . 1,054,974 1,214,165
Net earnings $241,732 (def.) $183,632

Total income $268,173 (def.) $180.740

Balance $37,481 (def.) $509,121
General Balance Sheet, as of June 30, 1916

ASSETS: LIABILITIES:
Road and equipment $14,206,983 Capital stock $10.700.000
Stocks owned 240.000 Bonded debt 2,675,000
Other investments 2,000 Equipment obligations 1,210,000
Materials and supplies 168,421 Current liabilities 349,451
Cash 208,860 Interest and taxes accrued 104,337
Current assets 203,005 Other liabilities 'jr..tv.i7
Other assets 10,899 Unadjusted credits 4,759

Unadjusted debits 73,693 Deferred credit items 931
Total $16,103,761 Total $16,103,751
.~_ Debt: (1) $2.676,000 Cincinnati, Indianapolis A Western Railroad 1st 6s; dated Nov. 1, 1915; due Nov.
1, 1966.Interest paid N. and M. 1, at office of company, New York. Coupon, $100 and $1,000. Authorized, $12,000,-
000; balance issuable for construction or acquisition of extensions or branches; the construction or acquisition of
branches or extensions to roads all of whose capital stock is owned by the company the acquisition of the entire
;
mortgage indebtedness and entire capital stock of companies owning a line of road constituting an extension or
branch of company's road; and the construction of second tracks, shops, depots, etc. All such extensions and
acquisitions of such stocks and bonds to be subject to the lien of this mortgage. Callable at 105 and interest upon 30
days' notice. First mortgage on entire property owned at date of mortgage, except Sidell &
Olney R.R., described
above. Interest paid without deduction for normal income tax. Rating, Ba.
(2) $660.000 Cincinnati. Indianapolis A Western R.R. 6% Equipment Trust Notes; dated Feb. 1, 1916; due
$28.000 semi-annually from Aue. 1. 1916 to Feb. 1, 1926, inclusive. Coupon, $1,000. Authorized $560,000. Callable
at par and interest. Notes were issued in connection with the purchase of 39 locomotives. Interest paid without
deduction for normal income tax. Rating, Baa.
(3) $660,000 Cincinnati. Indianapolis A Western R.R. 5% Equipment Trust Notes, series B; dated April 15,
1916; due. $32.000 semi-annually from Oct. 15, 1916, to April 15, 1921, and $33,000 semi-annually from Oct. 15, 1921,
to April 16, 1926. Interest paid A. and O. 15. at Pennsylvania Co. for Insurance on Lives and Granting Annuities,
Philadelphia. Coupon, $1,000. Secured on following equipment, against the cost of which 20% was paid in cash;
460 box cars, 60 stock cars, 40 flat cars, 50 steel gondola cars, 50 all steel hopper cars, 20 caboose cars, 3 steel pas-
senger coaches, 3 steel combination cars, 1 steel dining car, and 2 steel postal cars. Normal income tax deducted
from interest. Rating, Baa.
Capital Slock: (1) Authorized, $7,500,000 non-cumulative .',-;
preferred. Outstanding, $5,350,000. Par, $100.
Has preference as to assets and dividends. In case of liquidation is entitled to par and all unpaid dividends before
any distribution is made to common stockholders. Has equal voting power with common. No dividends paid to
date.
(2) Authorized, $7,000,000 common; outstanding $6,360,000. Par, $100.
All shares except directors' shares, deposited in a five-year voting trust, dated Dec. 1, 1915. Voting trustees
are: Frederick H. Ecker, G. K. Johnson, H. F. Whitcomb, L. E. Zacher, J. A. Barbey. TRANSFER AGENT, for vot-
ing trust certificates, Equitable Trust Co., New York. Registrar for voting trust certificates, Metropolitan Trust
Co., New York.
CINCINNATI UNION DEPOT & TERMINAL COMPANY

Incorporated under the laws of Ohio, May 11. 1910, to build a union terminal for passengers and
History:
freight, with approaches to be used by all steam roads and interurban railways entering Cincinnati, O. It is
estimated that the cost of construction including large office building over the terminal will cost $34,000,000. The
City Council on Dec. 28, 1911, granted the company perpetual right to construct, operate and maintain a union
depot and terminal facilities for the steam and traction roads entering the city.
Manauement: OFFICERS: A. S. White, Pres., Cincinnati, O.; J. E. Bleekman, Vice-Pres., New York; R. W.
White. Sec. and Treas., Cincinnati, O. DIRECTORS: The foregoing and C. B. Matthews, L. J. Hauck, Cincinnati, O.;
G. H. Worthington, Cleveland, O. GENERAL OFFICE, Cincinnati, O.
Capital Stock: 1. Authorized, $660,000 preferred and $350,000 common. Par, $100.
CLARENDON & PITTSFORD RAILROAD
History: Incorporated under laws of Vermont, Sept. 10, 1885. Road was completed in July, 1886. The Bran-
don & West Rutland Ry. was acquired by purchase on May 13, 1911, and on November 13, 1911, the Pittsford &
Rutland R.R.
Location: Road extends from Hollister to West Rutland, Vt., 14.5 miles; Center Rutland to Rutland, 1.78 mijes;
Florence June, to Florentine Quarry, 2.34 miles; total owned, 18.62 miles. Trackage, Del. & Hudson Co., West Rut-
land to Tree Blue, 2 miles; total track operated, 20.62 miles. Equipment: Locomotives, 7; 5 passenger and 283
freight and other cars.
Management: OFFICERS: F. C. Partridge, Pres.; Redfield Proctor, Vice-Pres.; A. W. Edson, Secy.; E. R.
Morse, Treas.; G. W. Howe, Supt., Proctor, Vt. DIRECTORS: F. C. Partridge, G. H. Davis, Redfield Proctor, Proc-
tor, Vt.; E. R. Morse, A. W. Edson, S. A. Howard, C. I. Hunter, Rutland, Vt.; G. C. Robinson, West Rutland, Vt.
Annual meeting, second Monday in September. OFFICE, Proctor, Vt.

1916 1915 1914 1913 1912 1911 1910
Freight revenue $72,232 $57,396 $72,334 $78,761
$77,724 $71,669 $71,452
Total earnings 88,873 81,400 99,589 86,88379,882 73,145 71,474
Operating expenses 69,956 63,647 77,856 77,73377,252 47,640 42,127
Net earnings 18,917 17,753 21,733 9,151 2,630 25,505 29,347
Gross income 19,457 17,753 21,733 9,151 2,630 25,809 29,347
Taxes ; 4,382 4,224 4,449 2,232 2,292 2,013 2,125
Dividends '
8,000 10,000 10,000
Other deductions 7,214 '6,979 9,051 12,440 4,908 3,959 4,442
Surplus for year 7,861 6,550 8,233 (def.) $5,521 (def.) 12,570 9,837 12,780
* Includes other earnings.
t Comparative Condensed Balance Sheet, as of June 30

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 8,532 9,811 652 9,988 12,184 18,932
Deferred debit items . 300
Total $358,114 $363,135 $426,410 $434,383 $369,498 $341,213

LIABILITIES :
Capital stock ,
$270,000 $270,000 $270.000 $270,000 $270,000 $200,000
Working liabilities ,
392 13,274 13,503 34,448 28,600 58,045
.Deferred credit items . . .
69,596 64,858
Total $358,114 $363,135 $426,410 $434,383 $369,498 $341,213
Capital Stock: Auth. and outstanding, $270,000; par, $100. Dividends have been paid as follows: 1898 9%-
1899, 18%; 1900 and 1901, 12% each; 1910 and 1911, 5%
each; 1912, 4%; none since. No bonded debt.
CLARKSBURG NORTHERN RAILROAD

History: Incorporated under the laws of West Virginia in April, 1911.
Location: Road extends from New Martinsville to Middlebourne, W. Va., 13.45 miles; sidings, 3.5 miles. Equip-
ment: Locomotive, 1; passenger car, 1; combination car, 1; freight cars, 2.
Receivership: In 1916, J. F. Bartlett, J. B. Finley and F. R. Hickman were appointed receivers for this prop-
crty*
Management: OFFICERS: Jos. Fuccy, Pres., Gen. Mgr., Supt. and Pur. Agt., New Martinsville, W. Va.: I. M.
nderwood, Vice-Pres., Middlebourne, W. Va.; J. B. Findley, Sec. and Treas., Parkersburg, W. Va.; R. J. Fuccy.
"??,
New Martlnsvi"e. W. Va. DIRECTORS: Jos. Fuccy, New Martinsville, W. Va.; I. M. Underwood, John Shore
Middlebourne, W. Va.; W. G. Peterkin, M. V. Lane, J. B. Findley, A. R. Boreman, Parkersburg, W. Va. Annual
meeting in April. OFFICE, Parkersburg, W. Va.
Bonded Debt: $454,000 Clarksburg Northern R.R. 1st 5s; dated Nov., 1911; due Nov., 1945. Interest
paid
a Unl(
xT
' & De P slt Co -. Parkersburg, W. Va. Coupon, $500. Authorized issue, $1,000,000.
VLT rui First . .
ifter Nov., 1921. lien on property. Normal income tax deducted from interest.
Capital Stock: Authorized, $1,000,000; outstanding, $260,000; par, $100.
THE CLINTON & OKLAHOMA WESTERN RAILWAY

History: Incorporated under the laws of Oklahoma, Oct. 28, 1908. First portion of line, Clinton to Butler,
turned over by the construction company for
les,
operation, March 21, 1910.
City ' klahoma 51 86 miles

'
' " Sidin ^. 5.08 miles. Equipment:
C v i2
mCr 'f
Fr k
Pres-Clinton, nl
1 Pr
A H
??"
Wichita Falls Texas; J. W. Maney, Vice-Pres., Oklahoma City;
' .
Okla.; E. A. Humphrey, Sec.; W. S. Haid, Treas., Gen. Mgr. and Aud.; G. R

D CT R : ra nk Kel1 Wichita Falls Texas : J ' W
T TT'
kl
m i" n R Mane y- T C. Thatchw. Okla-
v
y 1?'
'
A
ph H C ,F o tron
g> C linton ' Okla -
'
W
'
Hopkins, Hammon, Okla.; W. E. Hocker,

-
n ri?v nil?
-ity, Okla.
*
Annual V J ^ .
meeting, first Tuesday in Sept. GENERAL OFFICE, Clinton, Okla.

' -
MOODY'S ANALYSES OF IXFESTMEXTS. 843

1916 1915 1914 1913 1912
Gross revenues $147,045 $100,068 $68,968 $81,130 $45,712
Net operating revenues $70,073 $7,583 $13,408 $16,712

Total net income $71,735 $7,583 $13,758 $16,712

Fixed charges including taxes 52,660 48,188 34,147 43,570 26,103
Net income . $18,086 (def.)$5,900 (def.)$26,564 (def.)$29,812 (def.)$9,391

and Lorn Account, year ended June 30, 1916: Credit balance at beginning of year, $50,290; credit bal-
Profit
ance transferred from income, $18,086; delayed income credits, $1,684; donations, $500; miscellaneous credits, $82,-
638; total, $153,198. Contra: Delayed income debits, $78; miscellaneous debits, $464; credit balance carried to bal-
ance sheet, $152,656; total, $153,198.

ASSETS: 1916 1915 1914 1913 1912
Property investment $1,672,732 $1,648.906 $1,633,512 $1,436.376 $1,047,174
Working assets 28,036 10,800 20,787 388,255
Deferred debit items 2,232 1.-",;
Total $1,703,000 $1,711,373 $1,644,312 $1,489,690 $1,438,144

LIABILITIES :
Capital stock $750,000 $755.151 $755,141 $500,000 $525,132
Funded debt 758.250 763.750 750,000 430,000 821.552
Working liabilities M4M 135,006 133.781 538,190 87,768
Accrued liabilities not due 8.7M 21,500 1,692
Deferred credit items 104 243 lM
Profit and loss 152,656 60,290 1,092
Total $1,703,000 $1,711.373 $1,644,312 $1,489.690 $1,438,144
Bonded Debt: $750.000 Clinton & Oklahoma Western Ry. 1st 5s; dated May 1. 1910; due May 1. 1930. Inter-
est paid M. and N. 1, at Mississippi Valley Trust Co., St. Louis, Mo. Coupon, $1,000. Callable at 103 and interest,
upon 30 days' notice. First lien on entire property. Normal income tax deducted from interest. Rating, B.
Capital Stock: Authorized and outstanding, $750,000, (increased from $500,000 in 1914). Par, $100. No
dividends paid.
COLORADO & SOUTH-EASTERN RAILROAD

History: Incorporated under the laws of Colorado, August 6, 1909. Acquired the property and assumed the
bonds of the Colorado A Sonth-Eastern Ry.
Location: Road extends from Delagua to Barnes, Colo., 6.27 miles; trackage over lines of Colorado & Southern
Ry. from Delagua to Lndlow and Trinidad, Colo., 14.51 miles total, 20.78 miles. Sidings, etc., 9.63 miles. Equip-
;
ment: Locomotives, 4; can, 4.

Management: OFFICERS: W. J. Murray, Pres. and Gen. Mgr.; W. K. Huff. Vice-Pres.; S. I. Heyn, Secy.; G. F.
Bartlett, Treas.; J. M.Blee, And.; J. McGowan, Pur. Agt., Denver, Colo.; F. E. Rose, Supt, Hastings, Colo. Di-
ncroRfl: W. H. Huff. G. F. Bartlett, W. J. Murray, S. I. Heyn, Caldwell Yeaman, Denver, Colo. Annual meeting,
third Wednesday in August. OFFICE, Denver, Colo.

1916 1915 1914 1913 1912 1911
Gross revenues $112.446 $56.473 $61,617 $115.041 $108,204 $100,714
Maintenance of way 13,121 8,820 11.793 11,213 10,387 is. SOS
Maintenance of equipment 8,605 8.996 11.655 12.378 9,030 12,171
All other operat. expenses 29,777 28,102 38,434 46.788 46,724 56,040
Net oper. revenues. . .

c, ..,!:: $10,555 (def.)$265 $42,063 $13,695
Other income 4
Total net income 100,941 $10.559 (def.)$265 $44.662 .
$13.695
Taxes ?. 888 2.o:<<_' 2,839 4.956 1,620 1,693
Fixed charges 21,703 21.-477 21,330 21^89 21,241
Surplus .
$35,555 (def.) $13,410 (def.) $24,434 $18,799 $18,804 (def.) $9,239

AMETS: itia 1915 1914 1913 1912 1911
Property investment $413.428 $414,773 $417.065 $419,687 $422,106 $428.878
Working assets 21.831 12,911 1 t.L'VJ 17,586 11,910 14,291
Total .
$437,837 $465,832 $466,053 $437,223 $434,016 $453,145
LIABILITIES:
COLORADO-KANSAS RAILWAY
History: Incorporated under laws of Colorado, March 31, 1911, successor to the Kansas-Colorado Ry. Co.
Location: Road extends from Pueblo to Stone City, Colo., 22.2 miles; sidings, 1.8 miles. Equipment: Locomo-
tive, 1 ; passenger car, 1 ; freight cars, 13
;
service cars, 2.
Management: OFFICERS: J. F. Springfield, Pres., Hutchinson, Kan.; Chas. E. Button, 1st Vice-Pres.; R. K.
Potter, 2nd Vice-Pres., Gen. Mgr., Supt. and Pur. Agt., Pueblo, Colo.; Walter Grundy, Sec. and Treas., Hutchinson,
Kan.; Roger C. Barnard, Aud., Pueblo, Colo. DIRECTORS: J. F. Springfield, Hutchinson, Kan.; Chas. E. Sutton, R.
K. Potter, Asbury White, Walter Grundy, Hutchinson, Kan.; Roger C. Barnard, Pueblo, Colo.; J. R. Greenlees,
Lawrence, Kan.; Scott Hopkins, David Bowie, Topeka, Kan. Annual meeting, third Thursday in January. GEN-
ERAL OFFICE, Pueblo, Colo.
191fc 1915 1914 1913
Gross revenues $13,720 $12,942 $18,317 $11.903
Net revenues (def.) $2,233 (def.)$7,326 $2,977 (def.)$9,612

Taxes 1,000 1.060 923 536
Fixed charges 19,453 22,023 20,604 18,912
Surplus (df.) $22,686 (def.) $30,409 (def.) $18,550 (def.) $29,060

Profit and Lora Account, year ended June 30, 1916: Debit balance carried to balance sheet, $102,140. Contra:
Debit balance at beginning of year, $79,353; debit balance transferred from income, $22,686; delayed income debits,
$101 ; total, $102,140.
AMETB: 1916 1915 1914 1913
Property investment $888.534 $1.006,735 $1,009,351 $1,006,449
Working assets 2,228 2.298 4,533 1,466
Deferred debit items 1.823
Profit and loss 102,140 79353 47,945 29,060
Total $995,002 $1,088,663 $1,061,829 $1,036,975

LIABILITIES:
Capital stock $500,000 (600.000 $500,000 $500.000
Funded debt 379,860 500,000 500.000 500,000
Working liabilities 86,140 76.498 61,829 :ic-.!75
Accrued liabilities not due 21.789 12,165
Deferred credit items 8.223
Total $995,002 $1,088,663 $1,061,829 $1,036,975

Bonded Debt: $279.850 Colorado-Kansas Ry. 1st 5s. Dated Jan. 2. 1912; due Jan. 2, 1932. Interest paid J.
and J. 2, at company's office. Pueblo, Colo. Coupon, $100, $500 and $1,000. Authorized, $500,000. First lien on
entire property. Interest in default
Capital Stock: Authorized and outstanding, $500,000. Par, $25. Stock transferred and registered at com-
pany s office. No dividends.
COLORADO, TEXAS & MEXICO RAILROAD

Incorporated under the laws of Texas and Oklahoma in perpetuity, March 12, 1906, to construct a road
'try:
from Winnipeg. Man., to the Gulf of Mexico, at AransM Pass. Corpus Christ! and Brownsville, with a branch from
Llano. Texas,_to Eagle Pass, and thence in Mexico to Guaymas. Sonora, with other branches, a total of 2,500 miles.
The first section, Mangum to Olustee, Okla., 25 miles, is now under construction, and as soon as it is in operation
work will begin on the second section.
Management: OFFICERS: Morris Locke, Pres., Abilene. Texas; G. D. Locke, 1st Vice-Pres. and Gen. Mgr.,
Mangum, Okla.; B. C. Mason. 2d Vice-Pres., Kansas City, Mo.; James Gates, Sec.; P. A. Janeway, Treas.; J. M.
Blackburn. Chief Engr.. Mangum. Okla. DIRECTORS: Morris R. Locke. Abilene, Texas; B. C. Mason, Kansas City,
Mo.: Morris B. Locke. Waterloo, la.; H. C. Irwin. Pittaburg. Pa.; G. D. Locke, John M. Blackburn, T. N. Slaten, P.
A. Janeway. Geo. W. Boyd, Mangum. Okla. Annual meeting, third Thursday in March, at Mangum, Okla. Offices,
Mangum, Okla., and 116 Broadway, New York.
Bonded Debt: $5.000.000 Colorado, Texas & Mexico R.R. 1st 5s; dated Jan. 1, 1908; due Jan. 1. 1958. Interest
paid J. and J. 1, in New York. Coupon, $1,000. Authorized, $75,000,000, issuable at the rate of $30,000 per mile
for construction and equipment.
Capital Stock: Authorized and subscribed, $25,000,000 6% cumulative preferred, and $50,000,000 common.
Paid in. $425.000 common. Par, $100.
COLORADO, WYOMING & EASTERN RAILWAY COMPANY

Incorporated under the laws of Colorado, June 3. 1914, for fifty years. Purchased at master's sale
'>ry:
the railroad and property of the Laramie, Hahn's Peak and Pacific Ry.
Location: Road extends from Coalmont, Colo, to Laramie, Wyo., 111.35 miles. Sidings, etc., 10.29 miles. 6747
miles in Wyoming and 43.88 miles in Colorado. Equipment: Locomotives, 7; cars, 42.
Management: OFFICERS: Henry Sanderson, Chairman, New York; W. E. Green, Pres., Laramie, Wyo.; Trow-
bridge Callaway. Vice-Pres., New York.: C. M. Owen, Secy., New York. N. Y.; H. R. Hurst, Treas. and Aud.. Lara-
mie. Wyo. DIPFXTORS: Trowbridge Callaway, Lewis B. Franklin, C. Hutchins. Carl M. Owen, Henry Sanderson,
New York. N. Y.; W. E. Green, Laramie, Wyo.; James M. Herbert, St. Louis Mo. Annual meeting, third Thursday
in May. OFFICE, Walden, Colo.
1916 1915 1914
Gross revenues $105,466 $133,687 $7,884
Maintenance of way and structures. 7,155 6,499 309
Maintenance of equipment 5,060 7,449 669

Total net income $56,154 $82,439 $4,319

Taxes 5.387 7,536 609
Fixed charges 51,677 54,247 618
Surplus . (def.)$910 $20,656 $3,101

* For one month.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $300,561; miscellan-
eous credits, $2,503; total, $303,064. Contra: Debit balance transferred from income, $910; credit balance carried

ASSETS: 1916 1915 1914
Working assets 178,484 200,440 175,309
Deferred debit items 2,599 392
Total $7,029,993 $7,029,915 $6,887,334

LIABILITIES :
Capital stock $4,300,000 $4,300,000 $4,300,000

Funded debt 2,390,000 2,390,000 240.000
Working liabilities 34,234 31,447 2,193,111
Total $7,029,993 $7,029,915 $6,887,334

Bonded Debt: $240,000 Laramie, Hahn's Peak & Pacific Ry. first 6s. Dated July 1, 1904; due July 1, 1929.
Interest paid J. and J., at office of American Trust Co., Boston, Mass., Trustee. Coupon, $1,000. Authorized at rate
of $8,000 per mile of completed road. Secured by first mortgage on entire property, franchises and privileges. Nor-
(2) $550,000 Colorado, Wyoming & Eastern Ry. first and refunding 6s. Dated July 1, 1914; due July 1, 1934.
Interest paid J. and J. 1, at office of Guaranty Trust Co. New York, Trustee. Coupon and registered, $100, $500
and $1,000. Redeemable at 102% on thirty days' notice. No sinking fund. Secured on all property rights and
franchises, subject to No. 1. Authorized, $2,500,000. Normal income tax deducted from interest.
(3) $1,600.000 Colorado, Wyoming & Eastern Ry. income 6s. Dated July 1, 1914; due 1944. Interest payable,
if earned (and is cumulative) M. and N. 1, at office of Equitable Trust Co., New York, Trustee. Coupon and regis-
,
tered, $100 and $1.000. Callable at par and interest. Authorized, $1,600,000. Secured on entire property, subject
to Nos. 1 and 2. Normal income tax deducted from interest.
Capital Stock: Authorized and outstanding, $2,000,000 6% non-cumulative preferred and $2,300.000 common.
Par, $100.. Preferred has preference over common, both as to assets and in case of liquidation. No dividends. REG-
ISTRAR: C. T. Ellis, Asst. Secy., 37 Wall Street, New York. TRANSFER AGENT: Trust Co., New York.
Guaranty
COLUMBIA, NEWBERRY & LAURENS RAILROAD

History: Incorporated under South Carolina laws, June 6, 1886. Line of road, Columbia to Laurens, S. C., 75
miles; sidings, 7.75 miles.
Equipment Owned: 7 locomotives, 9 passenger cars, 57 freight cars; 5 service cars.
Management: OFFICERS: J. F. Livingston, Pres. and Mgr.; C. P. Seabrook, Secy, and Treas. DIRECTORS:
W A. Clark G. S. Mower, L. S. Mathias,
Henry Walters, L. A. Lorick, W. H. Lyles, J. R. Kenly, N. B. Dial, Lyman
no, H. W. Stanley. Annual meeting, third Tuesday in October. OFFICE, Columbia, S. C.
'Comparative Income Account, Years Ended June 30
1916 1915 1914
Gross revenues
$320,608 $271.812 $355,888
Maintenance of way 43,056 60,945 61.062
.
40,493 38,843
All other operat. expenses . .
146,702 132,460 139,822
Net operating revenues $92,877
Total net income
$37,914
96,311 41,118
Taxes accrued 12.674 11,986
Fixed charges
54,128 50,429
ASSETS:
Working assets
1916 1915 1913 1912
Gross revenues $223,468 $87,658 $188,391 $155,536
Maintenance of way and structures 12,084 9,763
Net operating revenues $140,318 $21,195

Other income 47,476
Total net income $140,318 $68,671 $90,104 $81,036

Taxes 19,791 17,337 )
Fixed charges 90,345 40,544 } 42,298 42,785
Surplus $30,182 $10,790 $47,806 $38,251

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment $605,720 $586,852 $293,013. $504,975 $504,975 $504,975
Working assets 4,211 4,242 134.759 7,575 6,935 3,526
11,804 6,001 8,478 226,200 226,200
Total $813,878 $837,027 $678,692 $757,391 $740,657 $742,793

LIABILITIES :
Capital stock $20,000 $20.000 $20,000 $20,000 $20,000 $20,000

Funded debt 500,000 500,000 500.000 500,000 645,872 500,000
Total $813,878 $837,027 $678,692 $757,391 $740,657 $742,793

Bonded Debt: $500,000 Connecting Terminal R.R. first 5s; dated May 1, 1883; due May 1, 1923. Int. paid M.
and N., at company's office in Philadelphia. Reg., $1,000. First lien on entire property. Auth., $500,000. All
owned by Erie & Western Transportation Co.
Capital Stock: Auth. and outstanding, $20,000; par, $50. Dividends, if any, not reported. All owned by Erie
& Western Transportation Co. See "Moody's Analyses of Public Utilities and Industrials."
COPPER RANGE RAILROAD COMPANY

History: Incorporated in Michigan, Jan. 23, 1899, in the interest of the Copper Range Co.
Location: Operates 135.44 miles, Houghton to Mass, and to Calumet, Mich., with branches, of which 115.84
miles are owned.
Management: OFFICERS: Wm. A. Paine, Pres.; F. W. Paine, Vice-Pres.; Frederic Stanwood, Secy and Treas.
DIRECTORS: Wm.
A. Paine, Frederic Stanwood, T. S. Dee, W. D. Calverly, John H. Rice, S. L. Smith, F. W. Denton,
F. W. Paine, F. R. Bolles. Annual meeting, third Wednesday in June, at MAIN OFFICE, Houghton,
Houghton.
Mich. Also office at Boston, Mass.

1915 1914 1913 1912 1911 1910
Gross revenues $811,347 $601,643 $575.065 $754,921 $717,713 $721,127
Operating exps. and taxes 534,438 463,649 481,351 533,215 538,050 531,960
Net revenues $276,909 $137,994 $93,714 $221,706 $179,663 $189,167
Other income .
2,872 8,278 5,132 $10,067
Total net income $279,781 $146,272 $98.846 $231,773 $179,663 $189,167
Fixed charges 122,249 120,998 115,892 127,998 120,227 114,000
Surplus $157,532 $25,274 (df.) $17,046 $103,775 $59,436 $75,168
Comparative Condensed Balance Sheet, as of Dec. 31
ASSETS: 1915 1914 LIABILITIES: 1915 1914
Property investment $6,894,475 $6,901,024 Capital stock $4,244.300 $4.244.300
Working assets 367.643 200,671 Funded debt 2,280,000 2,280,000
Accrued liabilities 78.963 75,596
Total $7,270,058 $7,109,805 Total $7,270,058 $7,109,805
Bonded Debt: $2280,000 Copper Range R.R. first 5s; dated Oct. 1, 1899; due Oct. 1, 1949. Interest Aug. 1
y U t Boston 9* the bonds outstanding, $870,000 are owned by Copper Range Co.
<
-
A^ lh *K nnn n^n K ? J" -?j t? .i?"

20 000 mile for main line and branches, and $15.000 per mile for sidings.
*ui . A 2h*ir First .?
i
hen on ,106per '
miles owned, from Houghton to McKeever, and branches, making a total

14 miles. Interest paid without deduction for
normal income tax. Listed on Boston Stock Exchange.
Net Rating, Ba,
Capita Stock
1
Authorized, .$5, 000, 000* outstanding $4 *^44 SOO
i
Par TTiA
*P J-W.
** "filftfl 'X I1C
tnC JO */* T not- j;,,:,!^-, __; J 1/\W rtnn
,1 __ -. '
COPPER RIVER & NORTHWESTERN RAILWAY

History: Incorporated under the laws of Nevada, May 16, 1905. In November, 1915, the Kennecott Copper
Corporation purchased from the Alaska syndicate the entire outstanding capital stock, and outstanding first mort-
gage 5s.
Location: Road in operation extends from Cordova to Kennecott, 194.98 miles. Sidings, 16.428 miles. Pro-
jected from Cordova, Alaska, on tidewater, through Copper River Valley to Fairbanks, with branches to the Mata-
nuska coal fields and Bering River. Equipment: Locomotives, 18; passenger cars, 6; freight cars, 156; service cars,
126.
Management: S. W. Eccles. Pres., New York; R. W. Baxter, Vice-Pres., Seattle, Wash.; W. E. Bennett. Sec;.
E. S. Pegram, Treas.; F. W. Hills, Compt; J. K. MacGowan, Pur. Agt., New York; W. T. Ford, Aud.; J. H. Bunch,
Gen. Frt. and Pass. Agt., Seattle, Wash.; Caleb Corser, Supt., Cordova, Alaska. DIRECTORS: S. W. Eccles, W. P.
Hamilton, E. S. Pegram, Stephen Birch, J. N. Steele, W. E. Bennett, New York; R. W. Baxter, Seattle, Wash. An-
nual meeting, third Tuesday in March. OFFICES, 120 Broadway, New York, and Seattle, Wash-

1916 1915 1914 1913 1912
Gross revenues 12.673,608 $917,761 $686,452 $433.560 $466.271
Net operating revenue $1,734,170 $436,480 $99,374 (def.) $141,500 $164,888

Other income :.7L':i
Total net income $1,743.83 $99,374 (def.) $141,500 $164.888

Taxes 49.686 16,548 22,626 22,266 15,326
Fixed charges 1,161.000 1,161,000 1,147,229
1.147,229 1,141,046 472,200
Surplus $643,207 (def.) $731,068 (df.) $1,070,481 (df.) $1,304,812 (def.) $322,638

ASSETS: 1916 1916 1914 1913 1912
Property investment $27,990.433 $27,783.632 $27,789,922 $27,676,262 $27,548,493
Working assets 1,011,109 296,358 226,941 275,691
Deferred debit items 21,074 321 19.792 19,760
Profit and loss 2,885,793 3,429.000 2,697,931 1,627,450 322,638
Total $31,908.409 $31,804,893 $30,804,003 $29,549,413 $28,146,822

LIABILITIES:
Capital stock $4,817,400 $4.817,400 $4.817.400 $4,817,400 $4.817,400
Funded debt 23 020.000 23.020,000 23,020.000 22,881,000 22,734.000
Working liabilities :>.
M 1 .7i> M81,Mfl 2,518,124 1,376,042 123.222
Total $31,908,409 $31,804,893 $30,804,003 $29,549,413 $28,146,822

Note: The earning power of this property has been greatly increased as a result of the large developments now
being carried on by the Kennecott Copper Corporation.
Bonded Debt: $23,020,000 Copper River & Northwestern Ry. 1st 5s. Dated Feb. 1, 1909; due Feb. 1, 1969. In-
terest paid F. and A. 1. at J. P. Morgan & Co., New York. Coupon, $1,000. Authorized, $50,000,000. First lien on
entire property. All owned by the Kennecott Copper Corp.
Capital Stock: Authorized, $5,000.000; outstanding, $4,817,400. Par. $100. Company voted to pay $565,000 as
cash dividend out of earnings for the 6 months ended Dec. 31, 1915, to the treasury of the Kennecott Copper Corp.
THE CRIPPLE CREEK CENTRAL RAILWAY COMPANY

History: Incorporated under Maine laws, Sept. 30, 1904, as successor to the Denver & Southwestern Railway,
which was sold under foreclosure. The company is a holding corporation, and not an operating company, and con-
trols by security ownership the following operating companies:
Cripple Creek A Colorado Springs R.R.; Midland Terminal Ry. Co.; and Colorado Trading & Transfer Co. On
Nov. 1, 1911, the Florence & Cripple Creek R.R. leased the lines of the Colorado Springs & Cripple Creek District
R.R. from the Colorado & Southern Ry. On May 1, 1915, the Florence & Cripple Creek R.R. was dissolved; its
assets and lease being conveyed to the Golden Circle R.R. Co., now the Cripple Creek and Colorado Springs R.R. Co.
Location: See below for details regarding mileage, location, etc., of the several operating companies and leased
lines. The total mileage now comprised in the system is 100.80 miles.
Equipment: Locomotives, 33; passenger cars, 29; freight and company cars, 718.
Management: OFFICERS: A. E, Carlton, Pres., Denver, Colo.; Lorenzo Semple, Vice-Pres.; E. S. Hartwell,
Secy, and Trpas., New
York. DIRECTORS: A. E. Carlton, Denver, Colo.; Chas. F. Ayer, Boston. Mass.; Lorenzo
Semple. NVw York; E. P. Shove; Chas. M. MacNeill, C. C. Hamlin, Spencer Penrose, Colorado Springs, Colo. MAIN
OFFICE. Colorado Springs, Colo.
Receipts from Investments: 1916 1915 1914 1913 1912 1911
'
Fl. &
Cripple Creek R.R. $166,500 $228,500 $184,000 $111,500
Canon C. & Cr. C. R.R. $274,590 $196,809 5,250 10,500 12,250 19,250
Golden Circle R.R 10,500 10,500 12,250 19,250
Midland Terminal Ry. . . . 1,850 31,850 16,825 11,800 41,285 46,800
Col. Trad. & Transfer Co. 6,103 14,236 24,236 24,236 24,086 15,786
Other income 19,579 14,679 11,603 11,058 10,087 8,921
Total gross income. . . $302,122 $257,574 $234,914 $296.594 $284,497 $221,508

Office expenses 15,726 15,936 14,759 12,980 14,039 14,798
Net income .... $286,396 $241,638 $220,155 $283,614 $270,456 $206,709

Dividends: Preferred 120,000 120,000 120,000 120,000 120,000 120,000
Common . 350,000 100,000 100,000 100,000 25,000
Surplus for year (df.) $183,604 $21,638 $155 $63,614 $125,456 $86,709
Cripple Creek & Colorado Springs R.R.
* Now the

ASSETS: 1916 1915 1914 1913 1912
Investments (book value) $5,271,463 $5,512,360 $5,434,841 $5,433,846 $5,435,857
Deposit with Kessler & Co. (doubtful) ... 109,307 111,820 111,820
Cash on hand 315,379 440,362 444,138 442,938 378,604
Total $5,586,842 $5,952,722 $5,988,286 $5,988,604 $5,926,281

LIABILITIES :
Preferred stock authorized and issued . . .

$3.000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000
Common stock authorized and issued 2,500,000 2,500,000 2,500,000 2,500,000 2,500,000
Due to underlying companies 13,533 50,926 735 1,208 1,708
Reserved for dividends *5,914 *5,823 3,909 3,909 4,700
Surplus 67,395 395,973 483,642 483,487 419,873
Total $5,586,842 $5,952,722 $5,988,286 $5,988,604 $5,926,281

*
Includes $1,914 accrued taxes in 1915 and $2,006 in 1916.
In the above Balance Sheet, in 1916, the investments consist of: Cripple Creek & Colorado Springs R.R. (these
are really the two old issues, as the company under the new name has not any bonds in its own name) first 6s, $1,-
170,000; capital stock, $757,000; demand note, $25,000; Colorado Trading & Transfer Co. stock, $200,000; Midland
Terminal Ry. stock, $1,000,000; equipment notes, $24,000; demand note, $10,000; first s. f. 5% bond, $1,000; Beaver
Park, Land & Water Co. stock, $42,000; New York City 6% notes, $100,000, with $2,000 interest accrued and $2,699
warrants of city of Cripple Creek.
Capital Stock: $3.000.000 4% non-cumulative preferred. Par, $100. Preferred as to assets and to 4% non-
cumlative dividends. Dividends have been paid as follows: July, 1905, 3%; from Oct., 1905, to Oct., 1907, 1% quar-
terly; Sept., 1908, 3%; Dec., 1908, to date, 1% quarterly. Rating, Baa.
$2,500,000 common. Par, $100. Dividends have been paid as follows: Oct., 1905, 3%; Jan., 1906, and 2%%
1%% extra; April, 1906, 1%%
and Ms% extra; July, 1906 to Oct., 1907, 1V2 %
quarterly, 1912, 3%; 1913 to date,
4%; quarterly rate increased to 1V2
issues are listed on New York Stock Exchange. TRANSFER AGENTS:
%
in Sept., 1916; an extra dividend of 10% was paid in February, 1916. Both
Lawyers' Title Insurance' & Trust Co., New
York.
THE CRIPPLE CREEK & COLORADO SPRINGS RAILROAD COMPANY

History: Incorporated under Colorado laws, May 9, 1896, as the Golden Circle Railroad Co. Name changed to
present title, April 30, 1915. At the same date, the Florence & Cripple Creek Railroad was directly merged with
this company. The lines operated consist of mileage owned, from Cripple Creek to Vista Grande, 23.41 miles, in-
cluding sidings, etc., and the lines of the Colorado Springs & Cripple Creek District Ry., 87.08 miles; including sid-
ings, the latter having been leased from the Colorado & Southern Railway by the old Florence & Cripple Creek Rail-
road on Nov. 1, 1911; total operated, June 30,
1916, 110.49 miles. Equipment owned and leased: Locomotives, 26;
passenger, freight and company cars, 538.
Management: OFFICERS: Spencer Penrose, Pres.; C. C. Hamlin, Vice-Pres.; A. T. Gill, Treas.; E. S. Hartwell,
Sec. DIRECTORS: A. E. Carleton, J. A. Hayes, Spencer Penrose, C. M. MacNeill, C. C. Hamlin. Annual meeting, first
Tuesday in October. OFFICE, Colorado Springs, Col.
1916
414,432
Operating ratio
Other income .
Total net income

Taxes accrued
ance transferred from income, $216,462; profit on road and equipment sold, $14.89; miscellaneous credits, $50; total,
$251,527. Contra: Dividend appropriations of surplus, $204,390; loss on retired road and equipment, $4,536; mis-
cellaneous debits, $7,941; credit balance carried to balance sheet, $34,660; total, $251,527.

ASSETS: 1916 1915 1914 1913
$1,930,165 $1,911,672 $1,999,141 $2,619,764
Working assets 850,724 266,041 248,069
Deferred debit items... 1,920 82,027 23,594
.Total $2,288,809 $2,249,746 $2,265,794

LIABILITIES:
Capital stock $757,000 $757,000
Funded debt 1,170,000 1,170,000
Working liabilities 113,352 143,005
due
Accrd. liabilities not 185,657 156,359
Deferred credit items.. 2,400
Appropriated surplus. .
Profit and loss
Total
LIABILITIES :

1916
Maintenance of equipment. 337,678
All other operating exps. . . 287,902
Net operating revs.

Operating ratio . . .
Other income .
Total net income.

Taxes accrued
. .
Surplus
Dividends paid
Balance .
8.J4 MOODY'S ANALYSES OF INVESTMENTS.
ASSETS :

MOODY'S ANALYSES QF INVESTMENTS. 855
DARDANELLE & RUSSELL VILLE RAILROAD

History: Incorporated under laws of Ark., Jan. 13, 1900, as successor to the Dardanclle & Russellville Ry. ^
Location: Line of road operated, Russellville to Dardanelle, Ark., 5 miles. Sidings, 2 miles. _^
Equipment Owned: Locomotives, 2; combination cars, 3; freight equipment furnished by Missouri Pacific Ry".
Management: OFFICERS: J. W. White, Pres., Russellville, Ark.; A. V. Thomas, Vice-Pres., McAlester, Okla.;
C. E. Hall, Secy, and Treas. DIRECTORS: W. D. Puterbaugh, J. W. White, C. E. Hall, E. C. Millson, A. U. Thomas,
A. P. Rudowsky, J. G. Puterbaugh, J. T. O'Leary, W. J. White. Annual meeting, third Wednesday in January. OF-
FICE, Dardanelle, Ark.

1916 1915 1914 1913 1912 1911 1910
Gross revenue 147,512 $37,607 $34.000 $32,288 $28,956 $28,848 $32,900
Net operating revenue 17,195 1,977 8,643 6,347 5,157 6,096 9,478
Operating ratio . . 9t.T'r 74.fi 'V 81.3% 82.2% 78.9% 71.2%
Net income 3,303 9,784 6,913 5,157 6,096 9,478
Taxes accrued '.*'."' 1,090 1,198 882 934 644 595
Fixed charges, etc. . . . 8,424 8.388 9.719 9,494 6,025 5,640 5,640
Balance 9.009 (def.)6,175 (def.) 1,133 (def.)3,643 (def.) 1,802 (def.) 188 3,243

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . $295,575 $299,649 $306,520 $302,967 $289,406 $289,406
Working assets 18,411 11,671 9,871 8,088 16.155 17,237
Deferred debit items 20,500 15.003 14,967 18,668 18,346
Profit and loss 8,000 17,009 16,293 15,159
Total $321,986 $348,829 $347,687 $341,726 $324,114 $324,989

LIABILITIES:
Capital stock $200,000 $200,000 $200,000 $200,000 $200,000 $200.000
Funded debt 73.500 100.000 100.000 100.000 100,000 100,000
Working
Accrued
liabilities
not due
liabilities
MM
249
Ma
2,439
32,684 86,769 3,780 2,940
Appropriated surplus 46,031 ajua 3,462 3,375

T ..: :
::. $341,726 $324,114 $324,989
Bonded Debt: $73.500 Dardanelle A Russellville R.R. first 6s; dated Jan. 15, 1900; due Jan. 15, 1920. Int. J.
and J. 15, at Central Trust Co., New York. Coupon, $500. Sinking fund: 10% of net earnings, with a minimum of
$2.000 per annum, to redeem bonds at not exceeding 110. Authorized, $100,000, of which $26,500 is held in treasury.
First lien on 5 miles, Russellville to Dardanelle, Ark. Normal income tax deducted from interest. Rating, Caa.
Capital Stock: Auth. and outstanding, $200.000; par, $100. Dividends have been paid as follows: 1902, 3%;
1903, 3%; 1904. 3% and 1% extra; 1905, 2%; 1907, 2%; none since.
DAVENPORT, ROCK ISLAND & NORTHWESTERN RAILWAY

History: Incorporated under laws of Iowa, in January, 1898, succeeding, by change of title, to the Davenport &
Rock Island Bridge, Railway & Terminal Co.
Location: Road extends from Clinton, la., to Carbon Cliff. 111., 46.76 miles, including bridge over the Missis-
sippi River. Trackage, 2.24 miles; sidings, etc., 41.61 miles. Equipment: Locomotives, 12; cars, 123.
Management: OFFICERS: E. P. Bracken, Pres.; James C. Hutchins. Vicc-Pres., Chicago; P. L. Hinrichs, Secy,
and Treas., J. H. Ells. Aud. and Asst. Treas., O. B. Grant, Gen. Mgr., Davenport, la. DIRECTORS: J. M. Dering,
Jas. H. Hiland, Jas. C. Hutchins, E. P. Bracken. D. L. Bush, C. S. Jefferson. Hale Holder, Chicago. Annual meet-
ing, second Tuesday in January. OFFICE, Davenport Savings Bank Bldg., Davenport, la.

1916 1915 1914 1913 1912
Maintenance of equipment L9.MI IM*7
All other operat. expenses 49,116
Net oper. revenues. .

(def.) $14,542
Other income ." .!' 11
Total net income

Taxes 23,950
Fixed charges 7,452
ASSETS:
MOODY'S AXALYSES OF INVESTMENTS. 857

1916 1915 1914 1913 1912 1911
Gross income . 159,114 $55,804 $56,159 $56,763 $56,597 $53,184
Taxes accrued . 10,086 6,686 7,055 7,563 7,195 3,956
Fixed charges 40,932 41,258 41,473 41,802 49,402 26,758
Surplus $8,096 $7,860 $7,631 $7,398 $22,470

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $834,457 $828,575 $828,575. $830,836 $830,836 $833,748
Working assets 29,690 31,466 86,260 26,661 23,496 22^64
Total $864,053 $866,827 $878,022 $872,110 $868,806 $863,334

LIABILITIES:
Capital stock $321.000 $321,000 $321,000 $321,000 $321,000. $321,000
Funded debt 404,575 412,575 420576 430,836 437,836 448,748
Working liabilities . . . 18,452 M '
J
'
38,594 :
166 27,380 18,431
Deferred credit items . 11.144 250 250
-
Appropriated surplus . 108382 100,787 77. 19 70.78S
Profit and loss surplus 4,646 4,676 4,711 4,691 4,423
Total $864,053 $866,827 $878.022 $872,110 $868,806 $863,334
Bonded Debt: $397,000 Dayton Union Railway first 4s; dated July 1, 1899; due July 1, 1949. Int. Jan. 1 and
July 1, at Farmers' Loan A Trust Co., New York. Coupon, $1,000. Subject to call at par for sinking fund. Now
in fund, $103,000. First lien on entire property. Agreement with controlling railroads provides that interest on
bonds and expenses be borne on a wheelage basis. This practically guarantees the issue. Interest paid without de-
duction for normal income tax. Market: New York and Philadelphia. Net Rating, A.
Capital Stock: Auth., $500,000; outstanding, $321,000; par, $100. All owned by controlling railroads. Dividends
of 1% per annum paid as rental.
DELAWARE & NORTHERN RAILROAD

History: Incorporated under laws of New York. Oct. 14, 1911. Purchased the line of the Delaware A Eastern
R.R., sold under foreclosure August 16, 1911, for $160,000 to William H. Seif, Pittsburgh, in the interest of the
bondholders.
Location: Road extends from Arkville to East Branch, N. Y., and a branch to Andes, N. Y., 45.89 miles. Sid-
ings, 6.60 miles. Equipment: Locomotives, 6; passenger cars, 14; box cars, 19; flat cars, 51; caboose, 1; work, 3;
total cars, 88.
Management: OFFICERS: A. M. Moreland, Pres.; W. H. Seif. Vice-Pros., Pittshurg. Pa.; A. I. Elkus, Vice-
Pres., NewYork; Howard Feist, Sec. and Treas., Pittsburg, Pa.; R. Young, Asst. Sec.; J. J. Welch, Supt., Mar-
gmretville, N. Y. DIRECTORS: A. M. Moreland. C. C. Taylor, Wm. H. Seif, J. D. Hailman, J. H. Holmes, Pittsburg,
Pa.; J. J. Jermyn. Scranton, Pa.; A. I. Elkus, New York; H. W. Noble, J. R. Wardrop, Pittsburgh, Pa. Annual
meeting, first Tuesday in August. GENERAL OFFICE, Margaxetville, N. Y.

1916 1916 1914 1913 1912
$131,754 $125.239 $135.793 $116,209 $65,881
Operating expenses 107,018 112.038 123,664 100,780 65,458

Other income 38 11 2,371 3,569 2,166
Total net income $24,774 $13.212 $14,500 $18,988 $12,588

Taxes 8.004 8.006 8.000 7.267 &8U
Fixed charges 7,456 2.523 1,852 1,083 439
Surplus $9,314 $2,683 $4,648 '$10,638 $6,316

For eight months.
Los* Account, year ended June 30, 1916: Credit balance transferred from income, $9,314; profit on
road and equipment sold. $249; debit balance carried to balance sheet, $26,097; total, $35,660. Contra: Debit balance
at beginning of year, $20,660; surplus applied to sinking and other reserve funds, $15,000; total, $35,660.

ASSETS: 1916 1915 1914 1913 1912
Property investment $1,222.391 $1,273.992 $1,274,939 $1,272,868 $1,221.660
Working asset* 26.334 29,494 'J'.'.-'ii 25,779 62,508
Deferred debit items 1,689 8,024 948 M8 985
Profit and loss 26,097 20,660 9,085
Total $1,276,611 $1,327,170 $1,314,773 $1,299,236 $1,285,153

LIABILITIES :

1916 1915 1914 1913
Gross revenues $21,581 $22,032 $20,406 $22,546
Maintenance of equipment 3,687 2,128 1,833 3,309
Net operating revenue $1,640 $7,303 $2,795 $3,565

Other income 1,471 1,336 1,300 1,639
Total net income $3,111 18,689 $4,095 $5,204

Taxes ' 314 613 . 618
Fixed charges '5,642 5,450 5,450 5,400
Surplus (def.)$l,931 $2,875 (def.)$l,968 (def.)$814

Profit and I-oss Account, year ended June 30, 1916: Debit balance carried to balance sheet, $3,005. Contra:
Debit balance transferred from income, $1,931; loss on retired road and equipment, $1,074; total, $3,005.

ASSETS: 1916 1915 1914 1913
Property investment . $292,788 $292,788 $292,788 $292,788
Working asset* 30,417 33,513 30,638 33,112
Profit and loss deficit 3,005
Total H27JM $326,301 $323,426 $325,900

LIABILITIES:
Capital stock $99,000 $99,000 $99,000 $99,000
Funded debt 190,000 190,000 190,000 190,000
Working liabilities . . . 1,090 506
Appropriated surplus . 30,110
Total $327,200 $326,301 $323,426 $325,900

Bonded Debt: $190,000 Delaware Valley R.R. first 5s; dated Jan. 1, 1899; due Jan. 1, 1929. Int. paid J. and J.
1. Coupon, $1,000. Interest paid on $90,000 of these bonds only.
Capital Stock: Auth. and outstanding, $99,000; par, $50. Dividends of 4% paid in 1913; none since.
THE DENVER BOULDER & WESTERN RAILROAD

History: Incorporated under laws of Colorado, March 29, 1909, as successor to the Colorado & North Western
R.R. The latter was sold under foreclosure in 1909.
Line of road. Boulder to Eldora and Sunset to Ward, Colo., 45.99 miles; trackage, 0.80 mile; sidings,
lx>rati<>n:
6.21 miles. Equipment owned: Locomotives, 6; passenger, 13; cars, combination, 2; freight and company cars, 64.
Management: OFFICERS: C. D. Marvin, Pres., Boulder, Colo.; W. M. Culbertson, Vice-Pres., Erie, Pa.; C. M.
Williams, Secy, and Treas. and Supt.; L. R. Ford, Gen. Mgr. and Aud. Boulder, Colo. DIRECTORS: W. M. Culbertson,
Erie, Pa.; L. R. Ford, C. M. Williams. C. D. Marvin, Boulder, Colo.; E. E. Whitted, Denver, Colo. Annual meeting,
first Monday in October. OFFICE, Boulder, Colo.
1916 1915 1914
1912 1913 1911 1910
Gross revenues $93.985 $61,197. $53,602 $58,065 $64,369 $89,946 $132.801
Net operating revenues 11.961 (def.) 2,426 (dcf.) 12.138 226 2,630 14,236 33.547
Total net income 12,098 (def.) 1,796 (def.) 11,410 1.371 3,967 16,344 34.034
Total charges IN l.f.fi.3 3.504 3.973 13.862 25,493 6.892
Balance 11.505 (def.) 3,459 (def.) 14,914 (def.)2,602 (def.) 9,895 (def.) 10,149 27,142
Profit and LOM Account year ended June 30, 1916: Credit balance transferred from income, $11.505; debit
balance carried to Ba'ance Sheet. $9.685; total, $21,190. Contra: Debit balance at beginning of year, $20,178; mis-
cellaneous debits, $1,012; total, $21,190.

A - - Frr - : 1916 1915 1914 1913 1912 1911
Property investment $977.166 $1,080.564 $2,001.803 $1,000,969 $990,769 $994,043
Working assets 27,801 9,540 10,002 22,648 123,717 134,990
Accrued income not due. . 627 CM
Deferred debit items 46 1.582 1.508 100,086 155 160
Total $1,111,864 $1,132.635 $1,124,662 $1,115,258 $1,129,887

LIABILITIES :
Capital stock S300.000 $300000 $300.000 $300.000 $300.000 $300.000

FunrtcH Hfht 700.000 800000 800.000 800.000 800.000 800.000
Working liabilities 11.740 :-.:>. 18 18,860 10,145 7,936 8.975
Acrnip'l liabilities not due 1.050 825 1,494 1,749
r><'fcrr''l rrHit items .... 1,074 813 17.940 76 3 204
Appropriated surplus . . . 834 BM BM 14,442 834 720
Total $1,004,698 $1,111,864 11,182,686 11424,662 $1,115,258 $1,129,887

Bonded Debt: $700,000 Denver, Boulder & Western R.R. first income gold 5s. Dated May 17, 1909; due July 1,
1939. Int. (up to 5%, if earned) payable Sept. 1 each year at A. M. Kidder & Co., New York. Coupon, $100 and
$1,000; principal may be registered. Issued in payment for property acquired; balance reserved for extensions, im-
provements and equipment. Subject to call at any interest date at par. $100,000 held in treasury. Secured on
entire property and equipment. Interest has been paid as follows: Sept. 1, 1910; 3% Sept. 1, 1911. 1%%
Capital Stock: Authorized and outstanding, $300,000; par, $100. Transfer agent and registrar, A. M. Kidder
& Co., 5 Nassau St., New York.
DENVER, LARAMIE & NORTHWESTERN RAILROAD

History:Incorporated under laws of Wyoming, Feb. 8, 1910, as successor to the Denver, Laramie & North-
western Ry. The latter road was organized to build a road from Denver through Wyoming to the Idaho line. Only
62 miles from Utah Junction to Greeley has been constructed. In June, 1912, receivers were appointed for the
property. In March, 1913, the Bankers' Trust Co., New York, trustee under the mortgage, filed a complaint in fore-
closure proceedings, but has not yet asked for a decree. Sale still pending. Equipment owned: Locomotives, 7;
cars, 8 passenger, 2 combination, 214 freight, etc.
Management: OFFICERS: M. B. Smith, Rec.; W. E. Green, Pres. and Gen. Mgr.; J. R. Pearson, Vice-Pres.;
W. D. Moore, Vice-Pres. ; Stansbury Thompson, Secy, and Asst. Treas., Denver. DIRECTORS W. W. Garwood, W. E. :
Green, J. R. Pearson, W. A. Williams, John D. Milliken, Denver, Colo.; W. D. Moore, Wichita, Kan.; J. E. McCarty,
Enid, Okla.; Peter Mangold, Bennington, Neb.; Isaac Shockey, Abilene, Kan.; I. W. Crumley, Colby, Kan.; W. M.
Irvin, Greeley, Colo.; W. T. Lowe, Milliken, Colo.; Martin Ingweisen, Clinton, la.; P. C. Schoonover, Lyons, Kan.;
O. W. Palm, Lincoln, Neb. Annual meeting, second Wednesday in May. OFFICE, Denver, Colo.

1916 1915 1914 1913 1912 1911
Gross revenues $134,756 $106,694 $102,205 $100,149 $100,125 $109,282
Net perating revenues . . (def.) 4.011 (def.)6,420 (def.) 15,023 (def.) 25,173 (def.) 856 7,469
Taxes accrued 7,320 7,320 7,320 7,320 7,400 2,610
Fixed charges 87,372 89,113 89,097 87,490 104,777 127,088
Deficit for year 82,232 97,039 98,867 107,968 96,220 122,229

(Receiver's Consolidated)
ASSETS : 1916 1915 1914 1913 1912 1911
Property investment $2,131,150 $2,141,288 $2,987,483 $2,989,278 $6,147,585 $6.051,465
Working assets 4,435,503 4,422,788 4,391,717 4,372,878 2,312,534 2,800,641
Accrued income not due. . 549 6,998
Deferred debit items 24,'46'7',532 24,477,222 24,475,537 24,446,700 23,51l',666 24,428,730
Profit and loss. .
678,394 596.154 450,934 308,338 238,218 147,877
Total $31,712,579 $31,637,452 $32,305,671 $32,117,743 $32,209,337 $33,435,711

LIABILITIES:
Capital stock $30,000,000 $30,000.000 $30,000,000 $30,000,000 $30,155,950 $30,157,350
Funded debt 897,698 882,698 1,622,436 1,562,738 -
1,574,587 3,082,438
Working liabilities 766.009 702,287 643,825 531,417 457.912 180,530
Total $31,712,579 $31,637,452 $32,305,671 $32,117,743 $32,209,337 $33,435,711

Bonded Debt: $808,000 Denver, Laramie & Northwestern first gold 5s. (Auth., $22,500,000, or at rate of $30,-
000 per mile, on 750 miles of road, to be issued as road is constructed.) Dated April 1, 1910; due April 1, 1940.
Int. paid A. and O., at Bankers' Trust Co., New York. Coupon, $1,000. Principal may be registered. Issued,
$1,500,000, of which $808,000 are outstanding and $692,000 were deposited as collateral for $228,017.24 notes, issued
to pay off floating debt and for construction of extension from Greeley to Severance. A first lien on the entire
property of the company. In default.
Protective Committee: J. G. Gunter, W. E. Green, Wm. Barth, J. R. Pearson, Stansbury Thompson, Wm. Semke,
J. H. Bender,J. F. Wallace, A. R. Oppenheim, F. B. Silsbee, C. B. Martin, Otto Huber, J. W. Crumley. OFFICE, Den-
ver, Colo.
Capital Stock: Auth., $30,000,000; outstanding, $25,660,900; par, $100. TRANSFER AGENT: Bankers' Trust Co.,
New York. In 1912, the majority of the stock was placed in a tenryear voting trust.
THE DENVER UNION TERMINAL RAILWAY

History: Incorporated under Colorado laws, Aug. 17, 1912, for the purpose of taking over the property, fran-
chise, etc., of the Union Depot & Railway Co., which company owned the Union Passenger Station at Denver, Colo.,
with 3.41 miles of depot tracks used as an entrance to the city by six railroads, which have exclusive use of the
terminal, each road owning one-sixth of the capital stock and each guaranteeing one-sixth of the principal and
interest of the bond issue. The roads are: The Union Pacific R.R., Denver & Rio Grande
R.R., Colorado & Southern
Ry., Chicago, Burlington & Quincy R.R., Atchison, Topeka & Santa Fe Ry. and Chicago, Rock Island & Pacific Ry.
The new company assumed operation on April 1, 1914.
Management: OFFICERS: A. E. Sweet, Pres.; E. S. Koller, Vice-Pres.; P. R. Morris, Secy, and Aud.; C. S.
Haughwout, Treas.; J. Keating, Mgr., Denver, Colo. DIRECTORS: J. B. Andrews, H. T. Rogers, H. E. Byram, A. C.
iidgway, A. E. Sweet, Hale Holden, W. B. Storey, C. W.Jones, E. S. Koller, J. H. Bradbury, E. E. Calvin, William
Jeffers. Annual meeting, first Tuesday in August. GENERAL OFFICE, Denver, Colo.
MOODY'S ANALYSES OF IXJ'ESTMEXTS. 861

1916 1915 1914
Gross income .
'$100,255 *$65,591 $20,629
Fixed charges .
150,455 52,591 30,379
Surplus (def.)$50,200 (def.) $19,500

Balance .
(def.) $50,200 .'.. (def.) $49,879
*
Non-operating income.
Profit and LOM Account, year ended June 30, 1916: Debit balance carried to balance sheet, $164.518. Contra:
Debit balance transferred from income, $50,200: debit discount extinguished through surplus, $114,318; total,
$164,518.
ASSETS: 1916 1915 1914
Working assets 410,865 937,125 61.921
Total $4,224,592 $4,150,070 $2,640,104

LIABILITIES:
Capital stock . . $30.000 $30,000 $30,000
Funded debt 4,000000 4,000,000
Working liabilities ....... 147,742 120,070 2,561,646
Accrued liabilities not due. .!: B60 47,972
Deferred credit items ..... 1,092
Total 14450,070 $2,640,104

Bonded Debt: $4,000,000 Denver Union Terminal Railway first 4%s; dated March 1, 1914; due March 1, 1964.
Int. paid M. and S., at 165 Broadway. New York. Coupon and reg., $1,000; interchangeable. CaUable at 105 and
int. after Mar. 1, 1934, on twelve weeks' notice. Auth., $10,000.000, of which $6.000,000 are reserved for further
construction. First lien on entire property of the company, including the Union Passenger Station at Denver, Colo.
Under agreement, the six tenant companies pay ratably, sufficient sums to cover interest on the issue and jointly
guarantee both principal and interest. Int. paid after deduction for normal income tax. Rating, A.
Capital Stock: Auth. and outstanding, $30,000; par, $100. All owned in equal shares by the six tenant com-
paniei.
DE QUEEN & EASTERN RAILROAD

Hiftory: Incorporated under the laws of Arkansas, Sept. 22, 1900. Road was opened in 1903. Company con-
trols the Texas, Oklahoma & Eastern R.R. described below.
Ixx-ation: Road extends from De Queen to Dierks, Ark., 27.02 miles; yard track and sidings, 4.40 miles; total,
31.60 miles. Equipment: Locomotives, 2; passenger coach, 1; freight cars, 19; service, 8.
Management: OFFICERS: Hans Dierks, Pres. Herman Dierks, Vice-Pres. and Gen. Mgr.; H. L. Dierks, Sec.,
;
Kansas City, Mo.; Herbert Dierks, Treas.; M. F. Allen. Gen. Supt.; H. J. Large, Aud., De Queen, Ark. DIRECTORS:
Hans Dierks, Herman Dierks, Harry L. Dierks, F. H. Dierks, Kansas City. Mo.; J. P. Clayton, M. F. Allen, Fredk. J.
Luper, De Queen, Ark. Annual meeting in September. GENERAL OFFICE, De Queen, Ark.
1916 1915 1914 1913 1912
Gross revenues $21,502 $26,683 $24.910 $34.398 $25,561
Net operating revenue* (def.) $10.308 (def.) $6,630 (def.) $22.899 $1,317 (def.)$4,416
Other income 800 i M2
Total net Income (def.)$9.508 (def.) $6,630 (def.) $18 237 $1.317 (def.) $4.416
Fixed charges, incl. taxes 10,941 7,418 22,307 5,516 5,700
Balance (def.) $20,449 (def.) $14,048 (def.)$40,544 (def.) $4,198 (def.) $10,1 16
Profit and LOB* Account, year ended June 30, 1916: Debit balance at beginning of year, $97,316; debit balance
transferred from income. $20.449; loss on retired road and equipment, $4,634 total, $122,399. Debit balance carried
;
to balance sheet, $122.399; total, $122,399. _,

ASSETS: 1916 1915 1914 1913 1912
$641,493 $673.095 $680.113 $680.488 $699.354
Working assets 27,324 27.231 39.146 11,769 14,312
Deferred debit items. 1.754 1.004 1.004
Profit and loss 122,399 97.316 83.268 42',837 "l'3,5i6
Total $893,070 $798,646 $803,631 $735,094 $727,176

LIABILITIES :
ance transferred from income, $145,289; delayed income credits, $41,536; miscellaneous credits, $15.099; total,
$1,148,632. Contra: Surplus appropriated for investment in physical property, $23,998; delayed income debits, $41,-
537; credit balance carried to balance sheet, $1,083,097; total, $1,148,632.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $1,382,367 $1,377,198 $1,382,929 $1,316.213 $1,316,213 $1,316,213
Working assets 1,201,178 1,007,035 817,687 772,160 644,454 551,781
Total $2,583,545 $2,384,233 $2,200,516 $2,088,373 $1,960,668 $1,867,994

LIABILITIES:
Capital stock $400.000 $400.000 $400.000 $400.000 $400,000 $400,000
Funded debt 671.000 671,000 671.000, 671.000 671.000 671,000
Working liabilities 44 835 61.579 70,242 79,364 67,681 72,458
Accrued liabilities not due 6.383 6,383
Deferred credit items 47,446 777 24.919 24.919 24.919
Appropriated surplus 330.784 307,786 305,129 219.694 219.694 219,694
Profit and loss surplus... 1,083,097 946,708 754,145 693,396 577,374 479,923
Total $2,583.545 $2,384,233 $2,200.516 $2,088,373 $1,960,668 $1,867,994

Bonded Debt: $671,000 Des Moines Union Ry. first 5s; dated Nov. 1, 1887; due Nov. 1, 1917; interest May and
November at Central Trust Co., New York. Coupon. $1,000. First lien on entire property. Int. guaranteed under
lease by the six railroad companies named above. Listed on New York Stock Exchange. Normal income tax de-
ducted from interest. Net Rating, A.
Capital Stock: Auth.. $2.000,000; outstanding. $400,000; par, $100. The Chicago, Milwaukee & St. Paul Ry.
owns $100,000; the Wabash R.R. Co., $50,000, and F. M. Hubbell's Son & Co.. $250,000.
DES MOINES WESTERN RAILWAY

History:Incorporated under the laws of Iowa, Feb. 10, 1902. A terminal road. Road changed from steam to
electric year beginning July 1, 1914.
Location: Road in East Des Moines, Iowa, 4.5 miles.
Management: OFFICERS: F. M. Hubbell, Pres.; H. D. Thompson, Sec. and Treas.; C. H. Hucston, Aud. and
Snpt.. Des Moines, la. DIRECTORS: F. M. Hubbell, H. D. Thompson. G. C. Hubbell, O. P. Thompson, F. O. Thomp-
son, Des Moines, la. Annual meeting, first Thursday in January. GENERAL OFFICE, Des Moines, la.
Comparatire Income Account. Years Ended June 30
1918 1915 1914 1913 1912
Grow income $8,483 $8,732 $8,454 $12.882 $11,304
Taxes 2,855 2,906 2,770
Fixed charges 766 769 391 592
Surplus $7,728 $7,963 $5,208 $9,384 $8,534

For nine months.
Profit and IXMM Account, year ended June 30, 1916: Credit balance at beginning of year, $84,997; credit balance
transferred from" income, $7,728; miscellaneous credits, $16; total, $92.740. Contra: Dividend appropriations of
surplus, $29,485; credit balance carried to balance sheet, $63,255; total, $92,740.
Comparatire Condensed Balance Sheet, as of June 30

AMBM me 1915 1914 ms 1912
Property investment $151,246 $139.610 $164.379 $154.324 $140,205
Working assets 1,867 31,367 30,674 26,450 37,146
Total $163,113 $170,977 $186,053 $180,774 $177,351

LIABILITIES:
Capital stock $89.000 $86.000 $85,000 $85.000 $85.000
Working liabilities 858 980 2.348 3,277 8,553
Profit and loss 63.256 84,997 97,705 92,497 83,798
Total $163,1 13 $170,977 $185,063 $180,774 $177,351

Capital Stock: Authorized, $300,000; outstanding, $85,000; par, $100. No bonded debt. A dividend of 8% was
paid in 1908, and 26% in 1915; 9.8% in 1916.
DETROIT TERMINAL RAILROAD

History: Incorporated under the laws of Michigan, Dec. 8, 1905. Road is controlled through stock ownership
by the Michigan Central R.R., New York Central R.R., Grand Trunk Ry., and Detroit, Grand Haven & Milwaukee
R.R.
Location: Detroit, Mich., 19.58 miles; sidings, 39.74 miles. Equipment: Locomotives, 11; freight cars, 4, ser-
vice cars, 9.
Management: OFFICERS: H. B. Ledyard, Pres.; A. B. Atwater, Vice-Pres.; G. W. Alexander, Treas.; F. O.
Waldo. Sec.; E. B. Kennedy, Aud.; W. D. Trump, Mgr., Detroit, Mich. DIRECTORS: H. B. Ledyard, Henry Russell,
E. D. Bronner, A. B. Atwater, G. W. Alexander, Detroit; H. G. Kelly, E. J. Chamberlain, Montreal, Que.; J. J.
Bernet, Chicago. Annual meeting, last Tuesday in January. GENERAL OFFICE, Detroit, Mich.
DUNBAR & WAUSAUKEE RAILWAY
History:Incorporated under the laws of Wisconsin, Jan. 1, 1912.
Location:Road extends from Girard June, to Dunbar, Wis., 13.5 miles; sidings, etc., about 3 miles. Equip-
ment: Locomotive, 1; caboose, 1.
Management: OFFICERS: J. W. Wells, Pres. and Gen. Mgr., Menominee, Mich.; C. B. Culbertson, Vice-Pres.,
Pasadena, Cal.; A. C. Wells, Sec.; C. H. Law, Treas., Menominee, Mich.; E. G. Wopdford, Aud.; T. H. Lovell,
Supt., Dunbar, Wis. DIRECTORS: J. W. Wells, C. H. Law A. C. Wells, Menominee, Mich.; C. B. Culbertson, Pasa-
dena, Cal. Annual meeting, second Tuesday in November. GENERAL OFFICE, Menominee, Mich.
Comparative Income Ace unt, Years Ended June 30

LIABILITIES :
Capital stock
Management:OFFICERS: H. W. Miller, Pres.; C. D. Mackay, Secy.; H. C. Ansley, Treas.; A. H. Plant, Aud.
DIRECTORS: H. Pou, H. W. Miller, A. C. Needles, S. H. Reams, H. W. Stanley, E. H. Coapman. Annual meeting,
J.
third Wednesday in October. OFFICE: Raleigh, N. C.

1916 1915 1914 1913 1912 1911
Rental income $6,975 $6,995 $6,823 $6,675 $6,675 $6,675
Taxes accrued 10 30 27 10 10 10
Fixed charges 5,300 5,300 5,132 5,000 5,000 5,000
$1,665 $1,665 $1,664 $1,665 $1,665 $1,665

Surplus
Dividends paid 1,665 1,665 1,664 1,665 1,665 1,665

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 2,730 3,114 3,099 3,044 3,533 3,042
Deferred debit items ,
1,316 341 94 188 281
Total $95,110 $94,519 $94,163 $90,169 $88,577 $88,179

LIABILITIES:
Capital stock $33,300 $33,300 $33.300 $33.300 $33,300 $33,300
Funded debt 60.000 60,000 60,000 54.000 54,000 54,000
Working liabilities 1,810 1,219 863 2,869 1,277 879
Total $95,110 $94,519 $94,163 $90,169 $88,577 $88,179

Bonded Debt: $60.000 Durham Union Station Co. first May 1, 1905; due May 1, 1955. Int. paid M.
5s; dated
and at Guaranty Trust Co., New York. Coupon, $1,000.
If. 1, Auth., $75,000. First lien on entire property. Int.
guaranteed under lease by the four railroads named above. Interest paid without deduction for normal income
tax. Rating, A.
Capital Stock: Auth. and outstanding, $33,300; par, $100, all owned in equal amounts by lessee companies. Divi-
dends of 5% per annum have been regularly paid from 1908 to date.
EAST BROAD TOP RAILROAD & COAL COMPANY

History: Incorporated in Pennsylvania in 1856. Rocky Ridge R.R. and Shady
Gap R.R., formerly leased, were
merged into this company in
December, 1913.
Location: Operates 49.30 miles, Mount Union to Woodvale, Rocky Ridge to Evanston, etc.- Sidings, 20.48 miles.
Management: OFFICERS: Edward Roberts, Pres.; C. D. Jones, Asst. to Pres. and Secy.; J. D. Swisher, Treas.
DIRECTORS: Herbert M. Howe, Edward Roberts, Edward R. Wood, Jr.; J. M. Driesbach, Alvan Markle, J. D. Dorris;
"""" Jr.
G. Dallas Dixon, T-
Annual meeting, fourth Thursday in April. MAIN OFFICE: 437 Chestnut Street, Philadelphia,
Pa.
Gross revenues
LIABILITIES:
Capital stock
Comparative Income Acccv
1916

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment (1,182,723 $1,142,281 $1,033,097 $1,029,665 $1,030,685 $1,024,474
Working assets 82,652 106,705 167,644 174,503 186,933 115,145
Accrued income not due 4,357 2,397 2,421 1,475 2,091 300
Deferred debit items 1,399 981 47,145 69,119 46,874 46,631
Total $1,271,131 $1,252,364 $1,250,307 $1,264,762 $1,266,583 $1,186,550

LIABILITIES :
Capital stock 1490,800 $501,900 $501.900 $501,900 $501,900
Funded debt 500,000 500,000 500,000 500,000 500,000 500,000
Deferred credit items .... 113 266 300 557 80 80
Appropriated surplus .... 152,022 105,834 111,805 107,557
Total $1,271,131 $1,252,364 $1,250,307 $1,264,762 $1,266,583 $1,186,550

Bonded Debt: $500,000 East Tennessee & Western North Carolina R.R. first 5s; dated Aug. 15, 1900; due Nov.
1, 1936. Int. May 1 and Nov. 1, at Guarantee Trust & Safe Deposit Co., Philadelphia. First lien on entire property.
Listed on Philadelphia Stock Exchange. Normal income tax deducted from interest. Coupon, $1,000. Net Rating, A.
Capital Stock: Auth. and outstanding, $490.800, all owned by Cranberry Iron & Coal Co.; par, $100. Dividends:
1906, 2H%; 1908, 3J%; 1909, 4%; 1910, 8%; 1911, 19%; Oct., 1912, 14%; April, 1913, 4%; year to June 30, 1914,
17%; 16H% in 1916; 131% in 1916. TRANSFER AGENT, J. E. Vance, Johnson City, Tenn.
EASTERN KENTUCKY RAILWAY

History: Incorporated under laws of Kentucky in Jan.. 1870, successor to the Kentucky Improvement Co.
Location: Road extends from Riverton to Wcbbville, Ky., 36 miles; sidings, etc., 8.67 miles. Equipment: Loco-
motives, 3; passenger can, 6; freight cars, 43.
Management: OFFICERS: C. Minot Weld, Pres., Boston; Sturgis G. Bates, Vice-Pres. and Gen. Mpr., Riverton,
Ky.; W. C. Harris, Secy, and Treas., Boston; R. B. Leedy, Snpt, Grayson, Ky. DIRECTORS: Walter Hunnewell, J.
E. Thayer, J. E. Crowe, C. Minot Weld, W. C. Harris, H. S. Blake, Boston; Sturgis G. Bates, Riverton, Ky. Annual
meeting, first Wednesday in Feb. OFFICE, Riverton, Ky.
Comparative Income Account. Years Ended June SO

1916 1916 1914 1913 1912 1911
Gross revenues $44,630 $45,486 $53,084 $50,410 $64,770 $53,693
Maintenance of way 17.178 19.930 23,813 26398 29,317 20,062
Maintenance of equipment 8,358 11.397 12,692 9,139 9,505 10,683
All other opcrat. expenses 26,028 24,645 26,976 L'l.J-l 23,164 22,296
Net operating revenue $6,934 $10,48 .,-., ,.-, $7,216 $652

Other income 87 616 446 3350 712 1,020
Total net income $9,870 >*.'.:,_ $6.059 $6,504 $1,672

Taxes 1,622 Ljn 1375 1,360 1,393 1,379
Fixed charges 1.253 8,422 1.501 712 1,011 626
Deficit $14,631 $11,828 $8,131 19,908 $333

Deficit.
ASSETS: 1916 1915 1914 1913 1912 1911
'

Working assets 638.018 631.799 637,863 662,205 647,627 655,658
Deferred debit items I.7M 10,121 13,776 14,124
Profit and loss deficit 324,727 315,106 302.520 289,349 281,228 270,340
Total $3,573,522 $3,577,418 $3.578.408 $3,565,251 $3.551.442 $3.544,216

***
LIABILITIES:
Capital stock $3,455,900 $3,480,600 $3,480.600 $3,480,600
Working liabilities 114.499 08306 80,180 74,218 59,970 61,176
Total $3,573,522 $3,577,418 $3,578,408 $3,566,251 $3,561,442 $3,544,216

Capital Stock: Authorized, $3,000,000 preferred and $10,000,000 common; outstanding, $1,763,600 preferred,
$1,692,299 common. Par, $100. No bonds. REGISTRAR and TRANSFER AGENT: W. C. Harris, Secy., Boston.
EAST JORDAN & SOUTHERN RAILROAD

Hifttorv: being opened in the same year. Property
Incorporated July 9, 1901, under the laws of Michigan, road
is operated in connection with the East Jordan Lumber Co. Line of road,
East Jordan to Bellaire, Mich., 18.6 miles,
with branches of 23 miles. Equipment owned: 4 locomotives, 1 passenger, 2 combination and 210 freight cars.
Management: OFFICERS: Wm. P. Porter, Pres. and Gen. Mgr., East Jordan, Mich.; E. L. English, Vice-Pres.,
Pasadena, Cal.; A. H. Frost, Secy, and Treas., San Diego, Cal. DIRECTORS: W. P. Porter, East Jordan, Mich.; E.
I. Knjflish, Pasadena, Cal.; A. H. Frost, San Diego, Cal. Annual meeting, second Monday in September. OFFICE,
East Jordan, Mich.
c
ELBERTON & EASTERN RAILWAY

History: Incorporated under the laws of Georgia, June 12, 1911, for 99 years.
Location: Road extends from Elberton to Tignall, Ga., 21.8 miles. Sidings, 0.8 mile. Equipment: Locomo-
tives, 2; passenger cars, 3; freight cars, 4.
Management: OFFICERS: W. O. Jones, Pres., Elberton, Ga.; T. W. Shelton, Vice-Pres., Norfolk, Va.; L. M.
Heard, Sec. and Treas.; J. S. Crews, Aud., Gen. Mgr., Gen Fgt. and Pass. Agt, Elberton, Ga. DIRECTORS: W. O.
Jones, W. F. Anderson, J. T. Dennis, E. M. Kerr, Norfolk, Va.; L. M. Heard, Elberton, Ga.; J. A. Moss, J. J. Wilker-
son, W. J. Adams, Tignall, Ga.; T. W. Shelton, Norfolk, Va. Annual meeting, second Monday in January. GENERAL
OFFICE, Elberton, Ga.

Net operating revenues * -1 mi 1
Taxes 1,479
Surplus (def.) $13,703
Condensed Balance Sheet, as of June 30, 1916

Property investment $499.964 Capital stock $200,000
Curront assets 1.515 Funded debt 300.000
Profit and loss 37,584 Current liabilities 38,387
Unadjusted debits 676
Total $539,063 Total $539,063

Ronded Debt: $300.000 Elberton & Eastern Railway 1st 5s. Dated Dec. 1, 1911; due Dec. 1, 1951. Interest
paid J. and D. 1, at Fidelity & Deposit Co., Baltimore, Md. Coupon, $500. Authorized, $750,000. Callable at 105
and interest. First lien on entire property. Normal income tax deducted from interest.
Capital Stock: Authorized and outstanding, $200.000. Par, $100. No dividends paid.
EL DORADO & WESSON RAILWAY

History: Incorporated under laws of Arkansas, Sept 14, 1905, and opened for traffic Oct., 1907.
(.oration: Road extends from El Dorado to Wesson, Ark., 10.19 miles. Connects at El Dorado with Rock Island
and St. Louis Iron Mountain A Southern Ry. Sidings, 1.72 miles. Equipment: Locomotive, 1; cars, 6.
cement: OFFICERS: C. V. Edgar, Pres., Colorado Springs, Colo.; A. B. Banks, Vice-Pres., Fordyce, Ark.;
E. T. Collins, Secy.. Treas. and Traf. Mgr.; C. H. Newell, Gen. Mgr., Wesson, Ark. DIRECTORS: C. V. Edgar,
Colorado Springs, Colo.; A. B. Banks, Fordyce, Ark.; C. H. Newell, Oklahoma City, Okla.; E. T. Collins, Wesson,
Ark.; C. A. Buchner, Millville, Ark.; T. C. Edgar, Pine Bluff, Ark. Annual meeting in December. GENERAL OF-
FICE, Wesson, Ark.
1916 1915 1914 1913 1912 1911
'
Gross revenues $44.587 $38.821 $32.039 $31.871 $62.198 $47,228
Maintenance of way 9.906 15.212 4.768 5.156 6,251 4,189
Maintenance of equipment 2.576 2.504 IJ694 1350 824 3.762
All other operating exps. 9.903 12.003 10.442 11.813 9,780 6,913
Net operating revs...

Taxes
Fixed charges
$22,202
1.523
2 476
M
$9,102
2.688
$15,235
978
17,782
$13,552
150
$35,343
1,024
1.000
$32,364
833
2,396
Surplus $18,203 $5628 (def.)$3.525 $13,402 $33.319 $29,135

Dividends paid 16,000 21,500 7,500 2,500
Balance $18.203 (def.)$20,528 (def.)$25,025 $5,902 $30,819 $29,135

Dividend paid out of profit and loss.
Profit and LOM Account, year ended June 30, 1916: Credit balance at beginning of year, $92.046; credit balance
transferred from income, $18203: total, $110.249. Contra: Dividend appropriation of surplus, $27,500; credit

A >T 1916 1915 1914 1913 1912 1911
pity investment $121.440 $138.864 $165.671 $167.171 $150.256 $149.746
Working assets 12,474 3.571 3.242 "9,183 4,258 2.186
Total $133,914 $142,436 $168,913 $176,354 $154,514 $151,932

87-1 MOODY'S ANALYSES OF INVESTMENTS,
LIABILITIES :

ASSETS '.
1916 1915 1914 1913
Property investment $977,200 $1,010,765 $715,124 $477,024
Working assets .... 5,881 896 1,052
Deferred debit items. 36,335 37,426 24,235
Profit and loss 68,946 23,353 12,506
Total $1,088,362 $1,011,661 $776,903 $514,817

LIABILITIES:
Capital stock $476.300 $476,300 $436,300 $234,200
Funded debt 482,000 480,000 312,000 264,000
Total $1,088,362 $1,011,661 $775,903 $514,817

Bonded Debt: (1) $192,000 Elkin A Allegheny Railway 1st 6s. Dated July 1, 1911; due July 1, 1941. In-
terest paid J. and J. 1 at Banker* Trust Co., New York. Coupon, $1,000. Mortgage is closed and limited to prop-
erty acquired before May 1, 1914. Callable at 107%. Interest paid without deduction for normal income tax.
(2) $208,000 Elkin A Alleghany Railway lit and refunding 6s. Dated May 1, 1914; due May 1, 1944. Interest
paid M. and N. 1, at Columbia Trust Co., New York. Authorized, $3,750,000. Unissued bonds issuable at $25,000
per mile including terminals. Callable at 120. Pint lien on entire property subject to No. 1. Interest paid with-
(3) $80.000 Elkin ft Alleghany Railway non-cumulative Income 6s. Dated May 1, 1914; due May 1, 1944. In-
terest paid M. and N. 1 at Columbia Trust Co. Authorized, $750,000, the outstanding bonds having been issued to
retire $120.000 6^ Income bonds dated July 1, 1911. Unissued bonds issuable at rate of $5,000 per mile. Issue
carries voting rights.
Capital Stock: Authorized, $3,000,000; outstanding, $476,300. Par $100. No dividends paid.
EL PASO & SOUTHWESTERN COMPANY

History: Incorporated in New Jersey, on March 28, 1901, as the Southwestern Investment Co., name changed
to present style on April 28, 1908. Operates, under lease and otherwise, a system of roads known as the El Paso
A Southwestern system, described in detail on the following pages. Company owns the entire capital stock of the
El Paso A Northeastern Co. ($12,000,000) ; all the stock of the El Paso ft Southwestern R.R. ($14,000,000), as well
as all the bonds of the latter ($5.055,000), all the stock of the Morenci Southern Ry. Co. ($750,000), of the Nacozari
R.R. ($1,000,000), and of the Burro Mountain R.R. Co. ($400,000).
Location: The El Paso A Northeastern Co. is a holding company, controlling the railroads forming the Eastern
Division of the general system. The El Paso A Southwestern R.R. with controlled lines forms the Western Division
of the general system. Total mileage operated, 1,027.08 (including 92.92 miles trackage) ;
741.57 miles are in New
Mexico. 261.60 in Arizona, and 23.91 in Texas. The Morenci Southern R.R.. 18.13 miles, and the Nacozari R.R., 77
miles, are separately operated, and not included in foregoing total. See these companies on following pages.
Equipment (entire system) : Locomotives, 147; passenger and freight cars, 3,871; service cars, 380.
Management: OFFICERS: James Douglas, Pres.; Walter Douglas. Vice-Pres.; Arthur Curtiss James, Viee-Pres.;
T. M. Schumacher, Vice-Pres.; Geo. Notman. Secy, and Treas. DIRECTORS: James Douglas, Arthur Curtiss James,
Cleveland H. Dodge, Jas. McLean, Wm. C. Onborn. Edmund Coffin. Walter Douglas, T. M. Schumacher, W. D. Van
Vleck. Annual meeting, in April. OFFICE, 99 John Street, New York.
Gross revenues
LIABILITIES :
Capital stock
Rental income
Taxes accrued
Fixed charge*
Surplus . .
$19,300
18,723
$572
562
1916 1915
$19,300
18,720
$574
1914
$505
$19,107
18,600
1913
$18,600
18,600
'
1912
$18,600
18,666
'
1911
$18,600
Vs'.eoo

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 6,302 5.832 6,934 5,748 5,707 8,427
Deferred debit items 27,445 24,392 21,340.
Total .............. $1,311,161 $1,309,363 $1,309,016 $1,308,512 $1,308,512 $1,308,512
LIABILITIES :
Capital stock ........... $900,000 $900000 $900.000 $900.000 $900,000 $900,000

Funded debt 373,226 372,000 372000 372,000 372.000 372,000
Accrued liabilities not due 4.649 4.650 4,650 4,650
Profit and loss surplus... :;j. _'-." 32,713 31,862 31,862 31,862
Total $1,311,161 $1,309,363 $1^09,016 $1,308,512 $1,308,512 $1,308,512

Bonded Debt: $372.000 first 5s; due April 1, 1928. For details and rating, see statement of El Paso & North-
eastern Company, page 879.
Capital Stock: Auth. and issued. $900,000; par, $100. All owned by El Paso ft Northeastern Company and de-
posited under the New Mexico Railway ft Coal 5s of 1951.
DAWSON RAILWAY & COAL COMPANY

History: Incorporated June 27, 1901, under New Jersey laws. Owns the entire capital stock of the Dawson
Railway Co. and all the stock of the Dawson Fuel Co. Latter owns 35,000 acres of coal lands in New Mexico.
Management: Omens: James Douglas, Pres.; A. C. James. Vice-Pres.; Geo. Notman, Treas.; F. T. Buhner,
Secy. Annual meeting second Tuesday in January. OFFICE, 99 John Street, New York.
Bonded Debt: $3.000.000 first 5s; due July 1, 1951. For details and rating, see statement of El Paso ft North-
Capital Stock: Auth. and issued, $100,000; par, $100. All owned by El Paso ft Northeastern Co.
DAWSON RAILWAY
HiMory: Incorporated under New
Mexico laws, July 13, 1901. Line of road, Dawson to Tucumcari, N. M.,
Leased to El Paso A Southwestern Company at an annual rental of $170.300.
132.20 miles; sidings, 35.82 miles.
Management: OFFICERS: A. C. James, Pres.; T. M. Schumacher and C. H. Dodge, Vice-Prests. ; Geo. Notman,
Treas.; F. T. Bulmer, Secy. OFFICE, 99 John Street, New York.
1916 1915 1914 1913 1912 1911
Rental income $170,300 $170.260 $170,000 $167,000 $167.000 $167.000
Taxes accrued 1,688 1,068 1,604 1,604 1,616
Fixed charges 80 80
Surplus
.Surplus $168.545 $168565 $168.332 $165.316 $165.396 $165.384
Dividends paid 168,000 168,000 168.000 165,000 165,000 165,000
Balance $545 $565 $316 $396 $384

Profit and Ixm Account, year ended June 30, 1916: Credit balance at beginning of year, $394,117; credit bal-
ance transferred from income, $545; total, $394,662. Contra: Loss on retired road and equipment, $1,228; credit
1916 1915 1914 l'.13 1912 1911
Property investment $6.776.830 $6,709 521 $6,679.738 $6,617,186 $6,547.597 $6,464.836
Working asset* 31,133 30,587 30,022 31.294 29,374 . 28,977
Total $6307,963 $6,740,108 :..."> $6,648,480 $6,576,971 $6,493,813

LIABILITIES:
Capital stock $3.000.000 $3.000000 $3.000000 $3.000.000 $3.000.000 $3.000,000
Funded debt 3,414 529 3345.991 3.316208 3,253.530 3,183.941 3,101.180
Profitand loss surplus 393,434 394,117 393,552 393.346 393,030 392,633
Deferred credit items.. 1.604
Total $6,807,968 $6,740,108 $6,709,760 $6,648,480 $6,576,971 $6,493,813

Note: Funded debt 1916 includes $414.259 advances by El Paso ft Southwestern Co.
in
Bonded DrM: $3.000.000 Dawson Ry. first 6s; dated July 1, 1901 due July 1, 1951. Int. paid J. and J. 1. First
;
lien on the pntirp road, 132.21 miles. Entire issue owned by Dawson Ry. ft Coal Co. and deposited under that com-
pany's first mortgage.
Capital Stork Auth. and issued, $3,000,000 par, $100. Entire issue owned by Dawson Ry. & Coal Co. Divi-
:
;
dends average 5.6% per annum.

EL PASO & NORTHEASTERN RAILROAD
History: Incorporated under laws of Texas, June 12, 1896. Line of road, El Paso to New Mexico-Texas State
line, 19.22 miles. Sidings, 20.04 miles. Entire stock owned by El Paso & Northeastern Co. Company owns a one-
sixth interest in the El Paso Union Passenger Depot
Company.
Management: OFFICERS: Walter Douglas, Pres.; H. J. Simmons, Vice-Pres.; A. L. Hawley, Secy.; J. S. Wright,
Treas. Annual meeting, Wednesday after second Tuesday in September. OFFICE, El Paso, Texas.

1916 1915 1914 1913 1912 1911
Gross income . . $6,488 $7,818 $69,371 (def.)$25,567 $70,694 $72,583
6.488 7,818 69,371 (def.) 25,567 70,694 72,583
Surplus
Balance . $6,488 $7,818 $69,371 (def.) $63,025 $70,694 $72,583

ASSETS: 1916 1915 1914 1913 1912 1911
$517,660 $511,167 $502,631 $466,554 $440,688 $348,063
Deferred assets 901
Total $518,561 $511,167 $509,968 $529,580 $440,688 $348,063

LIABILITIES :
Capital stock $300,000 $300,000 $300,000 $300,000 $300,000 $300,000

Working liabilities 150,956 150.051 149,333 168.944 47,301 19,234
60,636 60,636 60,635 60,636 60,635 '
Profit and loss surplus . . . 6,969 481 32,752 28',829
Total .
$518,561 $511,168 $509,968 $529,580 $440,688 $348,063
Capital Stock: Auth. and issued, $300,000; par, $100. All owned by El Paso & Northeastern Co. Dividends :
in 1911, 39.2%; 1912, 22.25%; 1913, 23.40%; none reported since.
EL PASO & NORTHEASTERN RAILWAY

History: Incorporated under laws of New Mexico, Oct. 21, 1897. Line of road, Texas State line to Carrizozo,
N. M., with branch to Capitan, 149.66 miles. Sidings, 30.45 miles. Controlled by stock ownership by El Paso &
Northeastern Co. and leased to El Paso & Southwestern Co. at an annual rental of $189,000. Lessee operates the
property.
Management: OFFICERS: A. C. James, Pres.; T. M. Schumacher and C. H. Dodge, Vice-Prests. Geo. Notman, ;
Treas.; F. T. Bulmer, Secy. Annual meeting, second Tuesday in September. OFFICE, 99 John Street, New York.
1916 1915 1914 1913 1912 1911
Rental income $189,000 $188,950 $188,679 $188,000 $188,000 $188.000
Taxes accrued 1,871 1,871 1,843 1,811 1,812 1,826
Fixed charges . 80 120
Surplus $187,049 $187.079 $186.836 $186.069 $186,188 $186,174

Dividends declared 186,000 186,000 186,000 185,000 185,000
185,000
Balance $1,049 $1,079 $836 $1,069 $1,188 $1,174
, Credit balance at beginning of year, $474,235; credit bal-
i
transferred from income, $1,049; total, $475,284. Contra: Loss on retired road and equipment, $24,749; credit
balance earned to balance sheet, $450,535; total, $475,284.

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment $5,879.908 $6,030.600 $5,922.687 $5,905,308 $5,988,962 $5,979,488
Working assets 27,831 26,781 25,703 26,677 23,797 22,609
.
88,480
Total $6,043,553 $6,172,253 $6,050,053 $6,020,065 $6,012,759 $6,002,097
LIABILITIES :
Capital stock $2,700.000 $2,700,000 $2,700,000 $2,700,000 $2.700000 $2,700.000
Funded debt 2,893 018 2,883,146 2,876,897 2,846,335 2,839,382 2,829,909
Working liabilities
114,872
Deferred credit items '.
1,811
Appropriated surplus ....
450,535 474,235 473,156 472,319 473,377 472,188
Total $6,043,553 $6,172,253 $6,050,053 $6,020,065 $6,012,759 $6,002,097
Note:
.Funded debt in 1916 includes $193,018 advances by El Paso & Southwestern Co.
Bonded Debt: $2,700000 El Paso & Northeastern
Ry. 50-year gold 5s; all owned by El Paso & Northeastern
and deposited under its collateral trust
mortgage.
o" tstandin g> ?2,700,000; par, $100. All owned
Hpnntn i' by El Paso & Northeastern Co. and
deposited under its collateral trust mortgage.
EL PASO & ROCK ISLAND RAILWAY

History: Incorporated under laws of New Mexico, Dec. 10, 1900. Line of road, 127.51 miles (sidings, 23.68
miles), connecting the El Paso system lines with the Chicago, Rock Island & Pacific Railway, with which the com-
pany has an agreement for the interchange of traffic. Leased to El Paso and Southwestern Co. at rental of $168,-
800 per annum.
Management: OFUCEKS: A. C. James, Pres.; C. H. Dodge and T. M. Schumacher, Vice-Pres.; Geo. Notman,
Treas,; F. T. Bulmer, Secy. OFFICE, 99 John St., New York.

1916 1915 1914 1913 1912 1911
Rental income $168,600 1168,550 $168,284 $166,000 $166,000 $166,000
Taxes accrued 423 M 418 356 356 363
Fixed charges . 125,412 125,327 125,000 125,040 125,000 125,000
Surplus
Dividends paid
. . $42,765
41,000
142308
41,000
MMM
41,000
$40.604
40,600
$40,644
40,600
$40,637
40,600
Balance H.TH $1.803 $1,866 $44 $37

and LOM Account, year ended June 30. 1916: Credit balance at beginning of year, $1,985,147: credit bal-
Profit
e transferred from income, $1,765; total, $1,986,912. Contra: Loss on retired road and equipment, $260; credit
balance carried to balance sheet, $1,986,662; total, $1.986,912.
ComparatiTe Balance Sheet, aa of June 30

ASSETS: 1916 1916 1914 1913 1912 1911
Working assets 123,343 121,578 119,776 118.266 117,906 117,862
Total $8,066.559 $7,952344 $7,779.802 $7,670,887 $7,447,045

LIABILITIES:
Capital stock $2.500,000 KfMyNI $2,500,000 IMOO.OOO $2,500,000
Funded debt 3,516,397 ' 3.733,163 3,124,772 3,011,063 2,901,334
Working liabilities 62,500 62i500
Deferred credit items ... IH
Profit and loss surplus ... 1 -->>_' 1,985.147 1,984.139 1,983.259 1.983,255 1,983,211
Total $8,066,669 $7.952,344 $7.779,802 $7,670,887 $7,556,818 $7,447,045

Note: Funded debt in 1916 includes $1,016,397 advances by El Paso A Southwestern Co.
Bowled Debt: $2.500.000 first 5s; due Jan. 1, 1951. For details and rating see statement of El Paso and North-
Capital Slock: Auth. and issued, $2,500,000; par. $100. All owned by El Paso & Northeastern Company. Div-
idends: 1910, 1%; 1911 to 1913, 1.62% each; 1914, 1916 and 1916, 1.64% each.
EL PASO & SOUTHWESTERN RAILROAD COMPANY

(Conttituting Western Division of El PMO and Southwestern System.)
History: Incorporated under Arizona laws. Oct. 16, 1900. as successor to the Arizona and Southeastern R.R.,
the Southwestern R.R. of Arizona, the Southwestern R.R. of New Mexico, and the El Paso Terminal R.R. In 1914,
acquired and merged the New Mexico and Colorado R.R. Also owns the entire capital stock of the El Paso and
Southwestern R.R. of Texas, the Southwestern and International Telegraph Co. and the Texas and Western Tel. A
Tel. Co. All stock owned by El Paso and Southwestern Company, which leases the road.
Location: Line of road: Texas State line to Tucson, Ariz.. 337.81 miles; Bisbee to Osborn, 7.83 miles; Dom-
ing to Hermanas. N. M., 31.54 miles; Fairbank to Tombstone, 9.92 miles; Corta to Lowell. Ariz., 3.10 miles; Douglas
June, to Cortland. Ariz.. 34.73 miles; Fairbank to Benson, 17.55 miles; Lewis Springs to Fort Huachuca, Ariz., 14.30
miles; total owned, 466,78 miles. The Burro Mountain R.R., comprising 13.03 miles from Burro Mt. June, to Tyrone,
N. M., is leased by the El Paso A Southwestern R.R. Co. at an annual rental equal to 5% on the investment in the
property. Entire road. 469.81 miles, is operated by lessee. Yard track and sidings, 110.54 miles.
Management: OFFICERS: James Douglas, Pres.; A. C. James, Walter Douglas, T. M. Schumacher, Vice-Prests.-,
Geo. Notman, Sec. and Treas. ; T. F. Bulmer, Asst. Sec. OFFICE, 99 John Street, New York.

'
1916 1915 1914 1913 1912 1911

Rental income $2,598,689 $1,214,287 $1,253,069 $1,360,005 $788.000 $788.289
Taxes accrued 5,882 5.764
Fixed charges 273.455 273350 252,750 252.750 252,750 252,750
Surplus . . $2.325.234 $940.937 $1.000.319 $1.107.255 $529.368 $529,776

Dividends paid 1,400,000 840.000 910,000 857,600 525,000 525,000
Surplus $925,234 $100,937 $90.319 $249,766 $4,775

Profit and IXMW Account, year ended June 30, 1916: Credit balance at beginning of year, $1,463,533; credit bal-
ance transferred from income, $925.234; miscellaneous credits, $39; total. $2.388.806. Contra: Loss on retired road
and equipment, $2,209; credit balance transferred to balance sheet, $2,386,597; total, $2,388,806.
ASSETS:
Property investment

1916 1915 1914 1913 1912 1911
Gross revenues $77,055 $82,636 $112,253 $100,353 $87,043 $93,329
Maintenance of way 43,103 24.638 84,791 26,203 14,505 8.395
All other expenses 49,838 50,584 77,130 79,576 60,128 65,403
Net operating revenue $30,036 $11,745 $45,869 $13,214 $2,615 $464

Operating ratio 139.0% 114.2% 140.8% 113.1% 103% 99.5%
Other income 123 96 165 247 232
Total net income .... $29,913 $11,650 $45,704 $12,967 $2,383 $464
Taxes accrued .
5,244 5,584 4.096, 5,188 2,053 2,948
Surplus $35,157 $17,234 $49,800 $18,155 $4,436 $2,484

* Deficit.
Profit and Lorn Account, year ended June 30, 1916: Credit balance at beginning of year, $36,639; donations,
$53,173; total, $89,812. Contra: Debit balance transferred from income, $35,157; loss on retired road and equip-
ment, $23,489; credit balance carried to Balance Sheet, $31,166; total, $89,812.

ASSETS: 1916 1915 1914 1913 1912
Property investment $775,558 $755,972 $758.931 $796,930 $750,126
Working assets 28,324 24.308 553.644 594,168 647,646
Deferred debit items 246 32,056 14,510 12,317
ToUl $804,127 $812,336 $1,327,085 $1,403,415 $1,397,772

LIABILITIES:
Capital stock $750,000 ?:: '
$1,250,000 $1,250.000
Working liabilities 20,864 23.434 21,109 21,030
Accrued not due
liabilities 2 Wl J -M 2,074 1,186
Profit and loss surplus 31,166 36.639 63,873 105,466 126,666
Total $804,127 $812,336 $327,085 $1,403,415 $1,397,772

Capital Slock: Auth., $1,250,000; outstanding, $750,000; par, $100. All owned by El Paso and Southwestern
Company.
NACOZARI RAILROAD COMPANY

History: Incorporated under New Jersey laws, March 10, 1899. Line of road, Douglas, Ariz., to Nacozari,
Mexico, 77 miles.
ManaiM-ment: OFFICERS: James Douglas. Pres.; A. C. James and T. M. Schumacher, Vice-Pres.; Geo. Notman,
Secy, and Treas. OFFICE, 99 John Street, New York.
Capital Stock: Auth. and issued. $1,000,000; par, $100. All owned by El Paso & Southwestern Co.
EL PASO UNION PASSENGER DEPOT COMPANY

History: Incorporated in 1903, to construct a union passenger station at El Paso, Texas. Owns the Union Sta-
tion and about 5 miles of terminal tracks at El Paso, Texas. Leased to El Paso & Northeastern R.R., El Paso &
Southwestern R.R. of Texas, Galveston. Harrisburg & Sail Antonio Ry., Rio Grande & El Paso Ry., Texas & Pacific
Ry., and Mexican Central Ry., Ltd. Each company owns one-sixth of the stock and agrees jointly and severally to
pay as rental an amount sufficient to cover interest on the bonds and provide for sinking fund to retire bonds at or
before maturity.
Management: OFFICERS: Geo. F. Hawks, Pres., El Paso; G. S. Waid, Vice-Pres.; U. S. Stewart, Treas.; W. R.
Martin, Secy., El Paso, Texas. DIRECTORS: F. C. Fox, Amarillo, Texas.; G. F. Hawks, El Paso; W. A. Hawkins,
W. W. Turney, El Paso. Texas; J. H. Elliott, Dallas, Texas; G. S. Waid. Houston, Texas; A. J. Pani, Mexico, D. F.
MAIN OFFICE, El Paso, Texas. Annual meeting, first Tuesday in February.
1916 1915 1914 1913 1912 1911
Net operating revenue $14,243 $14,583 *$2 812 $3,801 $1,466 $3.963
Other income 11,700 12,000 17,143 17,608 19,505 21,559
Total net income .... $25.943 $26.583 $14.331 $21,409 $18.039 $25.522
Taxes accrued 7,200 6.031 5.144 4.960 5,122 4.975
Fixed charges 11,700 12,000 12,000 12,000 12,000 12,000
Surplus .... $7.043 $9,552 *$2,813 $4,449 $917 $8.547

Other deductions 2,406 648 2,383 4.584
Balance $4,637 $9,562 *$2,813 $3,801 *$1,466 $3,963

* Deficit.
Profit and IXMW Account, year ended June 30, 1916: Credit balance at beginning of year, $14.950; credit balance
transferred from income, $4.637; total, $19.587. Contra: Miscellaneous appropriations of surplus, $12,000; credit
balance carried to Balance Sheet, $7,587; total, $19,587.
ASSETS :

ESCANABA & LAKE SUPERIOR RAILROAD

History: Incorporated under laws of Michigan, Nov. 17, 1893, as the Escanaba & Lake Superior Ry. On Feb.
12, 1900, was reorganized under present title. At Channing, connection is made with the Chicago, Milwaukee & St.
Paul Ry., and that company has the right, for 20 years from 1901, to use the line from Channing to Escanaba.
Location: Wells to Channing, Mich., 63.36 miles; Northland to Kates, Mich., 19.78 miles; Kates to Logging
Camps, 26.97 miles; Ralph to Logging Camps. 19.99 miles; Turner to Logging Camps, 4.66 miles; Flat Rock to Esca-
naba, Mich., 6.63 miles, in all a total of 141.39 miles. Sidings, 23 miles. Equipment: Locomotives, 10; passenger
cars, 4; freight and other cars, 463.
Management: OFFICERS: Isaac Stephenson, Pres., Marinette, Wis.; H. A. J. Upham, Vice-Pres.; Nelson L.
Barnes, Treas.; G. T. Stephenson, Sec.; C. W. Kates, Gen. Mgr. and Pur. Agt. DIRECTORS: Isaac Stephenson, J. A.
Van Cleve, H. J. Brown, Marinette, Wis.; H. A. J. Upham, Grant T. Stephenson, Milwaukee, Wis.; C. W. Kates,
Wells, Mich.; N. L. Barnes, Chicago. Annual meeting, second Tuesday in Jan. OFFICE, Wells, Mich.

1916 1915 1914 1913 1912 1911 1910
Passenger earnings $14.414 $20.042 $28.907 $23,409 $20,096 $20,894 $21,589
Freight earnings 243,774 279.958 326.075 332 996 299,891 275.928 249,435
Gross earnings 263,349 305.119 359,201 360.931 324,222 301,280 275.852
Operating expenses and taxes.. 211.623 222.741 271,908 226.747 211.833 203.005 180.823
Net earnings 51.726 82.378 87,293 134,184 112.389 98,275 95,029
Other income 28,479 19.704 24,483 10.676 10,673 10,673 10.603
Fixed charges 31.102 31.900 34.839 33.840 25,703 26,004 21.087
Dividends *69.300 69,300 69.300 69.300 51.975 86.625 34,650
Surplus (def.) 20,197 882 7,637 41,721 45,384 (def.) 3,681 49,895
Paid from surplus.
and IXMM Account, year ended June 30, 1916: Credit balance at beginning of year, $696,087; credit bal-
Profit
ance transferred from income, $49.103; total, $746.190. Contra: Dividend appropriations of surplus, $69,300; credit
balance carried to Balance Sheet, $675,890; total, $745,190.

Aawrs: 1916 1915 1914 1913 1912 1911
Property investment $1,619.341 $1,641509 $1,656410 $1,674.269 $1,550,798 $1,545.420'
Working assets 71,773 67,907 66.864 35,025 74,433 35,732
Total $1,691,114 $1,709,116 $1,712,274 $1.709,294 $1,625,231 $1,581,162

LIABILITIES:
Capital stock
Working liabilities
!>?. M
822.224
$693.000
320.029
$693.000
324.067
$693.000
328.726
$693.000
286.384
$693.000
287,690
Profit and loss surplus... 676.890 696.087 695,205 687.568 645,847 600,462
Total $1,691,114 $1,709,116 $1,712,274 $1,709,294 $1,625,231 $1,581,152
Debt: $250.000 6% notes; dated Jan. 2. 1909; due on demand. Interest paid J. and J. 1, at company's
office. $20.000 6% demand notes, dated Nov. 26, 1909, due on demand; interest paid M. and N. 1, at company's
office. $60,000 6% notes, dated Dec. 4, 1912; due on demand; interest paid J. and D. 1, at office of company.
Capital Stock: Authorized and outstanding. $693.000. Par. $100. Dividends of 5% were paid each year from
1907 to 1910 inclusive; 12H% in 1911; 71% in 1912; 10% in 1913, 1914, 1915 and 1916. Dividends paid annually in
N * > v rr. ! r .
ETNA & MONTROSE RAILROAD

Hitorr: Incorporated under laws of Pennsylvania, April 27, 1896. This is a switching road controlled through
stock ownership, by the Carnegie Steel Company.
Location: Road extends from Pine Creek to Etna, Pa., 2 miles; sidings, including 6.60 miles leased, 7.12 miles.
Equipment: Locomotives, 6; and (leased) 12 gondola cars.
Management: OFFICERS: J. H. Reed. Pres.; D. M. C'emson, Vice-Pres.; G. W. Kepler, Sec. and Treas.; G. E.
Campbell, And., Pittsbunr, Pa.; L. E. Riddle. Rupt., Etna. Pa. DIRECTORS: J. H. Reed. D. M. Clemson, D. G.
Kerr. W. W. Blackburn, H. D. Williams. L. C. Bihler. G. W. Kepler, Pittsburg, Pa. Annual meeting, second Mon-
day in January. GENERAL OFFICE, 1417 Carnegie Building. Pittsburg, Pa.

1916 1915 1914 1913 1912
Gross revenues $76.313 $22.225 $62 096 $68.614 $46.178
Operating expenses 64.491 23.333 58,307 69,321 49,961
Net operating revenues $11,822 $1,108 $6,211 $9,293 *$3,783

Other income 134 111 129 1,539 2,141
Total net income $11,966 *$997 *$6.082 $10,832 *$1,642

Taxes 410 465 510 600 420
Fixed charges 10,000 10,000 10,000 10,000 10,000
Surplus $1,546 $11,462 *$16,592 $232 $12,062

* Deficit.
ASSETS: 1916 1915 1914 1913 1912 .
Property investment . $55,792 $57,696 $59,637 $61,577 $63,517

Working assets 25,625 7,568 10,319 11,663 15,342
Profit and loss 31,421 32,967 21,505 4,914 5,145
Total $113,018 $98,391 $91,591 $78,264 $84,094

LIABILITIES:
Capital stock $60,000 $60,000 $60,000 $60,000 $60,000
Accrued not due
liabilities 482 472 495 326 520
Total $113,018 $98,391 $91,591 $78,264 $84,094

Capital Stock: Authorized and outstanding, $60,000; par, $50. All owned by Carnegie Steel Co. No bonded
debt.
EVANSVILLE, SUBURBAN & NEWBURGH RAILWAY

History: Incorporated under Indiana laws, Dec. 15, 1888. On May 4, 1905, electric power was installed for the
passenger service on -the Newburgh line, and on the Boonville line, July 3, 1906. Both lines use steam for freight
service.
Location: Evansviile to Newburgh, Ind., 10.33 miles; Evansville to Boonville, Ind., 14.34 miles; total, 24.67
miles; sidings, 3 miles. Equipment: Locomotives, 4; electric cars, 6; trailers, 12; freight cars, 100.
Management: Lee Howell, Pres. C. W. Cook, Vice-Pres. and Treas.; Gus Muhlhausen, Sec., Gen. Mgr. and Pur.
;
Agt.; C. H. Hendricks, Aud., Evansville, Ind. DIRECTORS: Chas. W. Cook, H. E. Cook, Geo. A. Cunningham, Lee
Hqiwell, Gus Muhlhausen, James E. Cox, C. H. Hendricks, Evansville, Ind. Annual meeting, first Monday in Oc-
tober. OFFICE, Evansville, Ind.
1916 1915 1914 1913 1912 1911 1910
Freight earnings $22,563 $22,870 $42,057 $43,795 $42,959 $38,774 $34,478
Passenger earnings 76,397 75,502 81,110 77,797 77,160 79,345 75,373
Gross earnings 120,688 121,238 123,167 123,296 121,552 118,119 111,061
Operating expenses and taxes. .91,651 87,194 86,152 82,877 77,924 76,132 71,241
Net income *29,973 f34,848 37,015 40,419 43,628 41,987 39,820
Fixed charges 24,250 24,375 31,676 30,866 32,687 40,091 35,154
Surplus 5,623 10,473 7,215 9,553 10,941 3,178 4,666
*
t Includes "Other income," $804. Includes $836 "Other Income."
ance transferred from income, $5,623 total, $135,217.
; Contra : Miscellaneous debits, $125 ; credit balance carried to

ASSETS: 1916 1915 1914 1913 1912
Working assets 26,822 1,898 26,340 27,897 20,969
Total -
v
$927,492 $924,494 $923,135 $918,167 $906,198
LIABILITIES :
Capital stock $307,400 $307,400 $307,400 $307,400 $307,400

Funded debt 485,000 487,500 490,000 492,500 495,000
Profit and loss surplus 135,092 129,594 125,735 118,267 103,798
Total ............................. $927,492 $924,494 $923,135 $918,167 $906,198

Bonded Debt: $485,000 Evansville, Suburban & Newburgh Ry. 1st 5s. Dated Jan. 1, 1905; due Jan. 1, 1935.
Interest paid J. and J. 1, at Evansville Trust & Savings Co., Evansville, Ind., and at Chase National Bank, New
York. Coupon, $500 and $1,000. Original issue, $500,000. Sinking fund of $2,500 per annum began July 1, 1910, to
retire bonds at 105. Entire issue is callable at 105 after Jan. 1, 1920. First lien on entire property. Interest paid
without deduction for normal income tax. Market: Robert Garrett & Sons, Baltimore. Rating, B.
!tc. For full explanation, see Introduction. For Key to Ratings, see pages 19 to 21.
Capital Stock: Authorized, $500,000; outstanding, $307,400. Par, $100. Dividend in 1915, 2%; 1916, none.
FAIRPORT, PAINESVILLE & EASTERN RAILROAD

History: Incorporated under the laws of Ohio, July 18, 1910. Began operation on Jan. 6, 1912.
Location: Road extends from Fairport Harbor to Painesville, O., 4.38 miles; branches, 1.42 miles. Equipment:
Locomotives, 2; cars, 5.
Management: OFFICERS: A. L. Metzner, Pres., Wheeling, W. Va.; Alfred Martin, Sec.; C. J. Baumann, Treas.;
W. Birchmore, Aud., Pittsburg, Pa.; Frank Van Slyck, Gen.. Mgr.,., Cincinnati, 0. DIRECTORS: A. L. Metzner,
, ,
. . .
,
W. Va.; C. J. Baumann, Alfred Martin, Pittsburg, Pa.; C. 0. Stewart, Zanesville, 0.; H. E. York, S. J.
^heelin^
Merrill, Painesville, O.; Frank Van Slyck, Cincinnati, 0.
Gross revenues
LIABILITIES:
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $19,209; delayed
income credits, $17,253; miscellaneous credits, $149; total, $36,611. Contra: Debit balance at beginning of year,
$17,603; miscellaneous debits, $252; credit balance carried to balance sheet, $18,756; total, $36,611.
ASSETS: 1916 1915 1914 1913 1912 1911
$590.995 $580,709 $583,794 $512,689 $293,040 $278,840
Working assets 20,475 10,107 7,766 103,067 165,939 155,400
Deferred debit items. . 14,735 4,456 382 142 112 1,337
Total $626,205 $612,875 $601,934 $615,898 $459,091 $435,577

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100.000 $10.000 $10,000
Funded debt 400,000 466,299 400000 500,000 400,000 400.000
Accrued not due
liabilities 8,473 8,281 8,070 5,547 5,148 4,665
Deferred credit items 40 2,855 539 2,062
Total $626,205 $612,876 $601,934 $615,898 $459,091 $435,577

Bonded Debt: $400,000 Fernwood & Gulf R.R. first 6s. Dated May 1, 1911; due May 1, 1936. Interest paid
at Interstate Trust & Banking Company. New Orleans, L*., Trustee. Coupon, $1,000. Authorized, $500 000. These
bonds were issued to retire $125,000 first 6s; dated March 11, 1909; due March 11, 1934; and to cover construction
cost of completing road to West Columbia. First lien on entire property. Interest payable without deduction for
normal income tax.
Capital Stock: Authorized and outstanding, $100,000. Par, $100.
FLINT RIVER & NORTHEASTERN RAILROAD

History: Incorporated under laws of Georgia, June 26, 1903. Line of road, Pelham to Ticknor, Ga., 23.03
miles. Equipment: Locomotives, 3; cars, 6.
Management: OFFICERS: J. L. Hand, Pres.; T. P. Hinman, Vice-Pres.; H. I. Ashburn, Treas.; J. R. Hackett,
Secy. DIRECTORS: Above officers and Leland Hand. F. R. Pidcock, R. L. Shipp, C. W. Pidcock, J. W. Parker, J. N.
Pidcock. Annual meeting, May 2, at Pelham, Ga. OFFICE, Moultrie, Ga.

1916 1915 1914 1913 1911
Gross revenues $51,720 $48.343 $66.307 $55.206 $42.937
Maintenance of way and structures 4.894 6 413 10.673 3.592 17.079
Maintenance of equipment 3.381 5 696 6 392 8.981 5.604
All other operating expenses 17,219 19,948 23.579 24,393 12,842
Net operating revenues. $26.776 $16.386 $26663 $18.240 $7.412

Taxes accrued 1.914 1,835 2.437 1.125 1,039
Fixed charges 13.405 11,673 14,186 10,778 3.737
Surplus
Dividends paid t
$11.396 $2.878
6.250
$10.040
6.287
&6M
4^66
Balance $11,396 (def.)$3,372 ?r?.7r,r! $1,971
Includes $389 non-operating income. t Dividend paid from profit and loss.
Profit and, Lo* Account, year ended June 30. 1916: Credit balance transferred from income, $11.396; miscel-
laneous credits. $280; total, $11,676. Contra: Debit balance at beginning of year. $2763; dividend appropriation
of surplus, $3,760; miscellaneous debits, $797; credit balance carried to balance sheet, $4,366; total,
$11,676.
1916 1915 1914 1913 1911
Property investment $234.56 $235 1 fi2 $233 1 00 $228 371 $105.508
Working assets 14.256 2.869 2.888 13,944 9.774
Deferred debit items . . 18.549 20.443 3.178 1,059
Profit and loss deficit. 2.783
Total $267,470 $261,257 $239,166 $242,315 $166,341

LIABILITIES:
Capital stock $125.000 $125000 $125 000 $114300 $106,100
Funded deht 125 000 125000 106 250 106 250
Working liabilities 1 1 .fifiO 10.357 6.373 17.832 8.687
Accrued not due.
liabilities 1,344 900 954 313 1,059
Profit and loss surplus "589 794 "496
Total ......................... $267,470 $261,257 $239,166 $242,315 $116,341
Bonded TMrt: $125.000 Flint River and Northeaster" w R. fi rs t 6s; dated Jan. 1, 1905; due Jan. 1. 1935. Int
paid J. and J. 1. Coupon, $1.000. First lien on entire property. Rating, Baa.
Cuoital Stock: Auth., $130,000; outstanding, $125,000; par, $100. Dividends in 1913, 1914 and 1916, 6% each;
1916. 3%.
FORT SMITH & WESTERN RAILROAD
History: Incorporated under laws of Ark., Jan. 25, 1899; first section of road opened in December, 1901. The
company owns 51% of the stock of the St. Louis, El Reno & Western Ry. and guarantees the interest on that com-
pany's bonds. Line of road owned, Coal Creek to Guthrie, Oklahoma, with branches 201 miles, Also operates 52.59
miles of trackage rights. Equipment owned: 20 locomotives and 1,411 cars, of which 26 are passenger. In Sep-
tember, 1913, a sale of the property was pending.
Management: OFFICERS: A. L. Mills, Rec.; A. C. Dustin, Pres. and Treas.; W. R. Woodford, Vice-Pres.; W. C.
Merrick, Secy., Cleveland, O.; A. L. Mills, Gen. Mgr. DIRECTORS: W. H. Canniff, A. C. Dustin, J. H. Hoyt, W. G.
Mather, W. R. Woodford, Cleveland, O.; W. E. Crane, St. Louis, Mo.; H. B. Herendeen, A. L. Mills, Fort Smith,
Ark.; H. C. Frick, Pittsburgh, Pa. Annual meeting, first Tuesday in February. OFFICES: Fort Smith, Ark., and
Title Guarantee Bid., St. Louis.
1916 1915 1914 1913 1912 1911 1910
Net operating revenues. . . .
Operating ratio
Other income
Total net income

Fixed charges, inch taxes.
Deficit .
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $62; debit balance carried to balance
sheet, $505,849; total, $505,911. Contra: Debit balance at beginning of year, $486,269; debit balance transferred

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 20,737 9,623 13,011 7,316 8,441 6,193
Deferred debit items . . 767 ' ' 129 130 144
Profit and loss deficit. 505.849 486,269 428,253 355,270 284,662 207,510
Total $2,314,739 $2,284,021 $2,239,370 $2,160,291 $2,083,517 $2,003,356

LIABILITIES:
Capital stock $970.800 $970.800 $970,800 $970.800 $970,800 $970,800
Funded debt 817,000 817,000 817,000 817.000 817,000 817,000
Accrued liabilities not. due 17,461 10,478 3,492
Total $2,314,739 $2,284,021 $2,239,370 $2,160,291 $2,083,517 $2,003,356
Bonded Debt: $817,000 St. Louis, El Reno & Western Ry., first4Vis; dated Aug. 1, 1906; due Aug. 1, 1926.
Int. paid J. and J. 1. Int guar. by Fort Smith & Western R.R. First lien on entire property. Now in default
Capital Stock: Auth. and issued, $970,800; par, $100. Fort Smith & Western R.R. owns 51% of stock.
THE FORT STREET UNION DEPOT COMPANY

History: Incorporated in 1889 in Michigan to construct and operate passenger and freight terminals at De-
troit.
Location: Owns terminals, realty, and union passenger station at Detroit, including 2.5 miles of main track
and 1.89 miles of sidings, which are leased for 990 yean to the Wabash, Canadian Pacific and Pere Marquette Rail-
roads. Lessees pay as rental, 5'> on cost, and also current expenses on a wheelage basis.
Management: OFFICERS: F. H. Alfred, Pres.; E. N. Weller, Treas.; J. L. Cramer, Secy. DIRECTORS: P. H.

King, S. T. Crapo, F. H. Alfred, S. L. Merriam, J. T. Arundel. Annual meeting, first Wednesday in February.
MAIN OFFICE: Detroit, Mich.
Bonded Debt: (1) $1,000,000 Fort Street Union Depot Co. first 4tts; dated Jan. 1, 1891; due Jan. 1, 1941; int.
Jan. 1 and July 1, at Central Trust Co., New York. Coupon, $1,000. Interest paid without deduction for normal
income tax. Listed on New York Stock Exchange. Net Rating, A.
(2) $329,000 Fort Street Union R.R. 6% gold notes; dated July 1. 1915; due July 1, 1918; interest paid Jan.
and July at Merchants' National Bank, Boston. Mas*. Coupon, $1,000.
1, Issued, par for par, in exchange for a
like amount of old 5% bonds, which matured July 1, 1915. As exchanged, the' old bonds are deposited under these
notes as collateral. Interest paid without deduction for normal income tax. Net Rating, Baa.
Capital Stork: Auth. and outstanding, $1,000,000; par, $100. Owned by the leasing railroads, the Pere Mar-
quette owning the majority. Dividends have been regularly paid from 1893 to date at an average rate of over 6%.
FOURCHE RIVER VALLEY & INDIAN TERRITORY RAILWAY

History: Incorporated under the laws of Arkansas, August 16, 1905, succeeding to the Arkansas River &
Southern Ry. Co.
Location: In operation, Bigelow to Thornburg, Ark., 19 miles. Sidings, 2 miles. 33 miles of road additional
arc planned. Equipment: Locomotive, 1; cars, combination, 1; skeleton log, 61; flat, 8; box, 1; tank, 1.
Management: OFFICERS AND DIRECTORS: N. P. Bigelow, Pres., Bigelow, Ark.; L. T. Walker, Vice-Pres., Chi-
cago, 111.; F. T. Rowlands, Secy.; C. L. Sailor, Treas.; J. W. Swords, Aud., Bigelow, Ark. Annual meeting, third
Wednesday in July. OFFICE, Bigelow, Ark.

1916 1915 1914 1913 1912 1911
Gross revenues $55.958 $41,870 $64.466 $49.665 $29,712 $61,924
Maintenance of way 11.376 18.688 8,402 12,922 10,105 9,403
All other operating exps. . 15,312 16,730 16,219 17,150 21,293 17,667
Net operating revs.. $24,362 $24,669 $13,190 (def.) $6,100 $31,154

Total net income. $24,831 $24,635 $13,380 (def.) $6,100 $31,154

Taxes 3,174 2,1 -1 2,474 2,148 3,241 8,113
Fixed charges 10,063 6,333 6,643 6,333 6,780 7,301
Surplus . $11,594 (def.) $2.821 $15,618 $4,899 (def.) $16,121 $20,740

Dividends paid 10,710 3,300 *30,800
Balance . $11.694 (def.) $13,531 $12,218 (def.) $26,901 (def.) $16,121 $20,740
Paid from surplus.
ASSETS :
Property investment
FRANKLIN & ABBEVILLE RAILWAY

History: Incorporated under the laws of Louisiana, Oct., 1897. Reorganized in March, 1904. The Morgan's
Louisiana & Texas R.R. & S.S. Co., constructed the extension from David's Junction to Milton. La., 17.40 miles, and
turned it over to this company for operation, July 1, 1910, the company agreeing to pay the Morgan*! Louisiana &
Texas R.R. & S.S. Co. 50% of gross revenue of extension for a period of fifteen years from July 1, 1910, in lieu of
interest on amount expended. The M. La. & Tex. R.R. & S.S. Co. has an option at the expiration of fifteen years to
take up track or renew agreement for a further term of 15 years. In case neither option is exercised, it shall
then sell the extension of the Franklin & Abbeville Ry. at not exceeding original cost plus cost of additions and
betterments. The right of way was acquired by the Franklin & Abbeville Railway and will remain property of com-
pany.
Location: Road extends from Franklin and Abbeville Junction to Davids, La., 20.69 miles; Davids to Milton,. La.,
17.40 miles; Sterling to Sterling "Y," La., 2.02 miles; Sterling to Columbia, La., 1.91 miles; Sterling to Couper-
town. La., 2.14 miles; trackage rights (Southern Pacific Co.) Franklin to F. & A. June., 6.52 miles; Davids to New
Iberia, La., 4.66 miles; total, 55.34 miles. Equipment: Locomotives, 5; cars, 29.
.Management: OFFICERS: Frank B. Williams, Pres., New Orleans, La.; Chas. Godchaux, Vice-Pres., Trea*. and
Pur. Agt., New Orleans, La.; Jules Godchaux, Gen. Mgr., New Orleans, La.; F. E. Larue, Aud., New Orleans, La.;
C. D. Kemper, Sec. and Gen. Supt., Franklin, La. DIRECTORS: Chas. Godchaux, New Orleans, La.; Jules Godchaux,
Frank B. Williams, New Orleans; C. S. Williams, Harris Hyman, C. D. Kemper. Annual meeting in February.
GENERAL OFFICE, New Orleans, La.
1916 1915 1914 1913 1912
Gross revenues $58,230 164,690 .
$88,098 $66,027 $123,913
Net operating revenues $4.520 $10,91 :

$31,720 $33,079
Other income 5,740 110 2,121 1,878

Kan $31,830 $6.383 $34,957
Fixed charges, inc. taxes r7.no 8MH 87,646 30,133 39,541
Net income $32,701 $22,998 $5^16 $23,753 $4,584

Comparative Condensed Balance Sheet, of June SO
ASSETS: 1916 1915 1914 1913 1912
Property investment . . . $338,888 $339.928 $338,946 $332,914 $335,729
Working assets 8,267 6,711 28,092 19,460 17,668
Deferred debit items . . . 364 1.034 120 203 4.231
Profit and loss 213,316 180,864 157,867 152,061 125,223
Total $560,835 $528,537 $525,257 $504,628 $482,851

LIABILITIES :
Capital stock $50.000 $50.000 $50,000 $60,000 $50,000
Government grants 11.231 9,178
Funded debt 200.000 200,000 361,547 364,596
Accrued liabilities not due 1 4.270 4.000 4,814 4,680
Total $560,835 $528,637 $526,257 $604,628 $482,851

Bonded Debt: $200.000 Franklin A Abbeville Ry. first 6s. Dated March 1, 1904; due March 1, 1929. Interest
paid M. and S. 1. Authorized. $200,000; first lien on line' from F. & A. June, to Davids, La., 20.69 miles, and from
Sterling to Sterling "Y," La.. 2.02 miles.
There is also outstanding $153,669 due the Morgan's Louisiana & Texas R.R. A S.S. Co. for advances for con-
struction, equipment and betterments, secured on line from Davids to Milton, 17.4 mile*.
Capital Stock: Authorized and outstanding, $50,000; par, $100.
FRANKLIN & PITTSYLVANIA RAILROAD

History:Incorporated under the laws of Virginia, March 13, 1878. Company was formerly leased to th
Southern Railway Company for a term of years ended May 1, 1914, since which time it has been operated independ-
ently.
Location: Road extends from Pittsville to Rocky Mount, Va., 29.9 miles; sidings, etc.. 1.21 miles. Company
leases from Southern Ry. road from Gretna to Pittsville, Va., 7.1 miles. Equipment: Locomotive, 1; cars, 8.
Management: OFFICERS: N. P. Angle, Pres., Rocky Mount, Va.; C. W. Dudley, Sec, Union Hall, Va.; C. J.
Davis. Treas.; R. E. Ferguson, Aud. GENERAL OFFICE, Rocky Mount, V.
1916 1911$ 1914
Operating expenses 41,414 sr,,r,'.)3 6,869
Net operating revenues $3,419 $745 *$63B
Other income .
1,817 10
Total net income $3.419 $2,662 $626
Fixed charges, including taxes 6,668 4,829 1,160
Deficit. . .
$8,972 $2.267 $1,776
Deficit.
ASSETS :

1916
All other operating expenses . . 91,670

Operating ratio
Taxes accrued
Fixed charges
Deficit *$13,019 $43,807

t Includes $485 non-operating income in 1915 and $679 in 1916.
Profit and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $163,354; debit balance
transferred from income, $13.019; miscellaneous debits, $4,778; total, $181,151. Contra: Debit balance carried to
balance sheet, $181,151.
K'.tl MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES :
Gross revenues
8!W MOODY' S ANALYSES OF INVESTMENTS.
LIABILITIES:
Comparative Income Accojnt, Years Ended June 30

1916 1915 1914 1913 1911
Gross revenues $223,619 $199,903 $238,143 $213,036 $211,170
Maintenance of way and structures. 22,342 23,969 24,950 33,022 33,118
All other expenses 91,995 92,353 97,052 95,842 81,116
Net operating revenues $89,622 564,356 $89,945 $62,223 $74,990

Other income . . .
2,002 8,605 11,614 490
Total net income. $91,624 $64,356 $98,550 $73,837 $75,480

Taxes accrued 10,385 9,197 9,560 8,014 6,771
Fixed charges 32,368 26,312 38,224 39,180 29,584
Surplus. . .
$48,871 $28,84.7 $50,766 $26,643 $39,125
Dividends paid 30.000 31,500
Balance $48,871 $28,847 $20,766 $26,643 $7,625

Profit and LOSB Account, year ended June 30. 1916: Credit balance at beginning of year. $9,236; credit balance
transferred from income. $48,871; miscellaneous credits, $1,077; total, $59,184. Contra: Dividend appropriations of
surplus, $36,000; credit balance carried to Balance Sheet, $23,183; miscellaneous debits, $1; total, $59,184.
Comparative Condensed Ba'ance Short, as of June 30

ASSETS: 1916 1915 1914 1913 1911
$903.647 $907.371 $894,782 $889,000 $898,316-
Working assets 49,337 21,941 30.942 51.440
Deferred debit items 158.635 3,205 2,508
Profit and loss deficit 570
Total $1,111,619 $932,517 $928,232 $941,010 $951,591

LIABILITO:
Capital stock $600,000 $600.000 $600.000 $600,000 $600,000
Funded debt 450,000 300.000 289.000 800,000 314,250
Working liabilities 29,953 17,398 17,750 :<7.u.;i 25,776
Accrued liabilities not due 8,483 5.883 4.915 3,949 6,771
Profit and loss surplus 23,183 9,236 16,567 4,794
Total $1,111,619 $932.517 $928,232 $941,010 $951,591

Bonded Debt: $450.000 Georgia Northern Ry. first 6s; dated Dec. 1, 1915; due Dec. 1, 1935. Int. paid J. and
D. 1, at Moultrie Banking Co., Moultrie, Ga. Coupon, $1,000. First lien on 68 miles from Boston to Albany, Ga.
Auth. and outstanding, $450,000. Net Rating, Baa.
Capital Slock: Auth. and issued. $600.000; par, $100. Dividends in recent years as follows: 1906, 3.6%; 1907,
1910. 6^; 1911, 5%%; 1912 to 1914, inc., 5% per annum; 1915, 6%; 1916, 6%.
;
GEORGIA, SOUTHWESTERN & GULF RAILROAD COMPANY

nry: Incorporated under Georgia laws. July 24, 1906, to build a line of road from Albany, Ga., in a south-
westerly direction to St. Andrews. Fla., about 155 miles. In 1910 the property of the Albany & Northern Ry. was
acquired. Company now owns a one-fifth interest in the Albany Passenger Terminal Co. Line of road operated:
Cordele to Albany, Ga.. 36 miles (former Albany & Northern Ry.). Sidings, 4.55 miles. No other mileage has as
yet been constructed. Equipment owned: Locomotives, 6; passenger cars, 4; combination, 2; and freight cars, 36.
Mr.naKement: OFFICERS: W. M. Legg. Pres. and Gen Mgr., Albany, Ga. H. J. Bruton, 1st Vice-Pres., Sec,
:
and Treas.. Bainbridge, Ga. DIRECTORS: W. M. Legg, F. F. Putney. Albany, Ga.; T. J. Shingler, Donalsonville, Ga.;
H. J. Bruton, Jno. E. Donalson. John W. Calahan, Bainbridge, Ga.; B. P. O'Neal, Macon, Ga.; P. S. Cummings, Lela,
Ga. Annual meeting, second Tuesday in September. GENERAL OFFICES: Albany, Ga.
1916
Gross revenues $105.fi30
Maintenance of way 14.334
Maintenance of equipment 10.008
All other operating expenses . . . 51.512

Operating ratio
Taxes accrued
Fixed charges, etc
Surplus (def.) $10,510 (def.) $7,930

Includes $853 non-operating income.
LIABILITIES:
c
I.I VBILITIES:
Capital stock
1916 1915 1914 1913 1912 1911
Gross revenues . $62,521 $67,317 $72,580 $70,255 $63,146 $59,344
Maintenance of equip.. 5,C,r,l 4,113 6,667 7,264 7,421 5,161

Other, income 800 870
Total net income.. $22,866 $22,546 $19,305 $8,646 -

$9,444 $13,514
Taxes . 3,000 3,000 2,700 2,035 1,800 1,800
Fixed charges .... 31,652 36,994 36,670 34,670 32,061 31,148
Deficit $11,786 $17,448 $20,065 $28,059 $24,417 $19,434

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance carried to balance sheet, $128,197. Contra:
Debit balance at beginning of year, $118,762; debit balance transferred from income, $11,786; loss on retired road
and equipment, $1,108; delayed income debits, $1,541; total, $128,197.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $473,095 $476,058 $483,467 $470,435 .
$475,554 $477,884
Working assets 12,264 13,490 10,761 10,546 8,349 6,531
Deferred debit items... 301 311
128,197 113,762 107,973 87,750 59,368 34,961
Total $613,556 $603,310 $602,201 $568,731 $543,572 $519,687

LIABILITIES :
Capital stock $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Funded debt 437,816 441,080 437,000 437,000 437,000 437,000
Workiwg liabilities 124,994 111,362 105,890 75,858 55,692 31,539
due
Accrd. liabilities not 746 868 701 678 817
Deferred credit items.. 9,311 5,172 202 331
Total $613,556 $603,310 $602,201 $568,731 $543,572 $519,687

Bonded Debt: $437,000 Groveton, Lufkin & Northern Ry. first 5s. Dated Jan. 1, 1909; due Jan. 1, 1939. In-
terest paid Jan. and July 1, at Illinois Trust & Savings Bank, Chicago, and at company's office, Chicago. A first
lien on entire property. Interest payable without deduction for normal income tax.
Capital Stock: Authorized and issued, $50,000. Par, $100.
GULF & SABINE RIVER RAILROAD

Origin: Incorporated under laws of Louisiana, on Sept. 1, 1906, to construct a railroad from Leesville, La., to
Marysville, with a branch from Fullerton June, to Fullerton, La.; amended in 1907 to build to Alexandria, La.
Location: In operation, June 30, 1916, 34.96 miles, consisting of main line and sidings, 28.23 miles; spurs, 6.73
miles. Locomotives, 10; cars, 144.
Management: OFFICERS: S. H. Fullerton, Pres., East St. Louis, 111.; P. D. Rust, Vice-Pres., Boston, Mass.;
Robert Fullerton, Jr., Vice-Pres. ; Frank Goepel, Treas. ; R. W. Fullerton, Sec. G. W. Peabody, Aud., East St.
;
Louis; S. Bridgwater, Gen. Mgr., Fullerton, La.; A. M. Houston, Compt., East St. Louis. DIRECTORS: S. H. Fuller-
ton, Frank Goepel, R. W. Fullerton, Robert Fullerton, Jr., East St. Louis; Paul D. Rust, Boston. Annual meeting,
third Monday in Jan., at Leesville, La. GENERAL OFFICE, Murphy Bldg., E. St. Louis, 111.

1916 1915 1914 1913 1912 1911
Gross revenues $155,322 $132,781 $128,219 $115,545 $126,347 $147,392
Net revenues * * *
oper. $30,525 $19,651 $35,331 $33,229 $8,068 $36.533
Other income 13,208 11,026 1,807 2,271 1,367
Total net income.. * * *

$43,733 $30,676 $33,524 $30,958 $6,701 $36,533
Taxes 3,763 2 75
Fixed charges 46,615 59,303 51,844 37,973 33,141 23,856
* * * * *
Surplus $6,645 $28,627 $85,368 $68,931 $39,844 $12,602
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Delayed income credits, $37,740; miscellaneous credits,
43; debit balance carried to balance sheet, $157,484; total, $195,867. Contra: Debit balance at beginning of year,
88,882; debit balance transferred from income, $6,645; miscellaneous debits, $340; total, $195,867.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. ... $437,945 $423,987 $413,328 $413,390 $367,293 $350,595
Working assets 21,272 9,978 16,545 13,899 23,910 8,188
-
157,484 188,882 168,637 60,831
Total $807,043 $720,589 $703,652 $600,662 $511,444 $486,125

LIABILITIES :
Capital stock
warehouses, franchises, etc., consisting of 104% miles. Bonds were authorized: To construct railroad piers, etc.,
at not to exceed $20,000 per mile of standard railway line constructed and ready for operation; $500,000 for ter-
minals at Pensacola, Fla.; $500,000 for bridges, etc., and $500,000 for new construction from Tuscaloosa north to
connections with the Illinois Central and St. Louis & San Francisco Railroads at Jasper, making a total of $7,500,-
000. The remaining $2,500,000 are reserved for improvements, extensions, etc., at 90% of actual cost. Interest
payable without deduction for normal income tax. Rating, B.
Capital Stock: Auth., common, $6,000,000; 5% non-cumulative preferred, $1,500,000; total, $7,500,000; par,
$100. Outstanding, June 30, 1916, common, $3,528,000; preferred, $882,000. TRANSFER AGENTS, New York Trust Co.,
New York.
GULF TERMINAL COMPANY
History:Incorporated in Alabama on Jan. 19, 1905, to construct terminals at Mobile, Ala.
Location:Owns passenger terminals, realty, and 2.448 miles of trackage at Mobile, Ala., which are leased to
the Southern Railway Co. and the Mobile & Ohio R.R. These companies own all the capital stock of the Gulf Ter-
minal Company.
Management: OFFICERS: R. V. Taylor, Pres.; E. H. Coapman, First Vice-Pres.; Geo. A. Cooke, Sec. and Treas.
DIRECTORS: E. H. Coapman, H. B. Spencer, S. R. Prince, R. V. Taylor, C. B. Hayes. Annual meeting, fourth
Wednesday in January. OFFICE, Mobile, Ala.
1916 1915 1914 1913 1912 1911
Rental income $30,081 $29,535 $29,556 $29,543 $29,451 $29,465
Taxes accrued 4.241 3,695 3,716 3,703 3,611 3,625
Fixed charges 24,000 24,000 24,000 24,000 24,000 24,000
Balance $1,840 $1,840 $1,840 $1,840 $1,840 $1,840

Dividends paid 1,840 1,840 1,840 1,840 1,840 1,840

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 20,630 7,602 19,512 19,036 19,269 20,093
Deferred debit items 165 12,431 764 1,096 1,429
Total $662,770 $662,008 $662,251 $662,107 $662,673 $662,068

LIABILITIES :
Capital stock $46,000 $46,000 $46,000 $46,000 $46,000 $46,000
Funded debt 600,000 600,000 600,000 600,000 600,000 600,000
Total $662,770 $662,008 $662,251 $662,107 $662,673 $662,068

Bonded Debt: $600,000 Gulf Terminal Go. first 4s; dated Jan. 1, 1907; due Jan. 1, 1957; interest Jan. 1 and July
1, at Franklin Trust Co., New York. Coupon, $1,000; reg., $1,000 and multiples. Auth., $700,000. First lien on
entire property. Guaranteed prin. and int. by Southern Ry. and Mobile & Ohio R.R. Net Rating, A.
Capital Stock: Auth. and outstanding, $46,000; par, $100. Dividends paid, 4% per annum. All owned by
Southern Railway and Mobile & Ohio R.R.
GULF, TEXAS & WESTERN RAILWAY

History: Incorporated under Texas laws, Nov. 2, 1908. Absorbed the Dallas & New Mexico Railroad. Pro-
jected 500 miles from Burrs Ferry to Benjamin, Tex.
Location: Completed up to June 30, 1915: Salesville to Seymour, Tex., 99.1 miles; trackage, Salesville to
Weatherford, 30.5 miles; total operated, 129.6 miles. Extension from Jacksboro to Salesville, Tex., 24.6 miles, was
put in operation on March 27, 1913. Sidings, 13.13 miles. Equipment Locomotives, 7 ; passenger cars, 8 ; freight,
:
97.
Management: OFFICERS: J. J. Jermyn, Pres., Scran ton, Pa.; B. B. Cain, Vice-Pres. and Gen. Mgr.; W. F.
Knox, Sec. and Treas., Dallas, Tex.; W. A. Biasing, Aud. P. E. Bock, Supt. and Pur. Agt, Jermyn, Tex. DIREC-
;
TORS: J. J. Jermyn, G. B. Jermyn, Scranton, Pa.; B. B. Cain, W. F. Knox, L. M. Dabney, Dallas, Tex.; P. E.
Bock, Oliver Loving, Jermyn, Tex.; J. W. Knox, Jacksboro, Tex.; J. W. Cain, Houston, Tex. Annual meeting,
first Tuesday in February. GENERAL OFFICE, Dallas, Tex.
1916 1915 1914 1913 1912 1911
Gross revenues $172,177 $193,558 $140,612 $117,444 $51,426 $85,287
Mainten. of equipment. .
47,844 30,858 17,263 14,642 11,388 7,989
All other oper. expenses. 102,967 96,185 85,023 65,067 57,447 61,944
Net oper. revenues. *$55,705 *$5;666 *$37,034 $7,548 *$38,058 *$11,169
Other income 33 2,668 5,022
Total net income... *$55,672 *$5,666 *$37,034 $7,548 *$35,390 *$6,147
Taxes 13,016 9,683 12,278 6,265 7,287 7,160
Fixed charges 115,736 119,759 93,291 80,658 76,450 76,450
Deficit -
$184,424 $135,108 142,603 $79,375 $119,127 $89,757
* Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 30,072 79,649 288,861 243,393 251,571 233,285
Total $3,492,681 $3,379,057 $3,129,706 $2,918,080 $2,504,850 $2,346,251

LIABILITIES :
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000
Funded debit 2,002,688 2,005,595 1,541,977 1,545,100 1,554,764 1,564,428
Working liabilities .... 966,329 849,929 1,011,852 800,055 432,403 269,936
Accr'd not due
liabilities 22,973 21,886 18,875 16,096 16,255 10,588
Deferred credit items... 691 1,647 57,002 56,829 1,428 1,299
Total $3,492,681 $3,379,057 $3,129,7t>6 $2,918,080 $2,504,850 $2,346,251

Bonded Debt: $2,000,000 Gulf, Texas & Western Ry. first 5s. Dated November 1, 1909; due Nov. 1, 1939.
Interest paid May and Nov. 1, at Metropolitan Trust Co., New York, Trustee. Coupon, $1,000. Authorized, $10,-
000. Callable at 105 and int. upon 30 days' notice. First lien on all property, real and personal. Interest pay-
able without deduction for normal income tax.
Capital Slock: Authorized and issued, $500,000, of which $250,000 is fully paid. Par, $100. Stock transferred
and registered at company's office.
HAMPDEN RAILROAD CORPORATION

History: Incorporated under the laws of Massachusetts in July, 1910. Owns road from Boston & Albany R.R.,
Athol Junction, about two miles from Springfield, Mass., to a connection with the Central Mass, division of the
Boston & Maine R.R. at a point within two miles of Bondsville, a total of 14.82 miles. This road when completed
was to have been leased to the Boston & Maine R.R. for 99 years at a rental equal to interest on debts of the com-
pany and 5% on the stock. In June, 1914, the Mass, legislature voted down the bill providing for the lease of the
road to the Boston & Maine. Under act of Jan., 1915, the B. & M. is authorized to purchase the road subject to
approval of Mass. Pub. Service Commission. Road is not being operated.
Governor Walsh has allowed to become law without his signature, the bill passed by the Mass, legislature ex-
tending to July 1, 1918, the time within which the company shall locate and complete its proposed lines to Holyoke
and Chicopee Falls, and open them for use.
Management: OFFICERS: E. L. Gillett, Pres., Westfield, Mass.; J. A. Skinner, Viee-Pres., Holyoke, Mass.;
A. W. Eaton, Treas., Pittsfield, Mas*.; A. D. Robinson, Clerk; O. E. Parks, Gen. Mgr., Westfield, Mass.; H. S. Dur-
kee, Chief Engineer, Springfield, Mass. DIRECTORS: E. L. Gillett, H. W. Ely, A. D. Robinson, Westfield, Mass.; A. W.
Eaton, Pittsfield, Mass.; J. A. Skinner, Holyoke, Mass.; H. A. Bowman, Springfield, Mass. Annual meeting, third
Wednesday in June. GENERAL OFFICE, Westfield, Mass.
Capital Stock: Authorized and outstanding, $1,400,030. Par, $100. All owned by Hampden Investment Co.
HAMPTON & BRANCHVILLE RAILROAD

History: Incorporated under the laws of South Carolina, December 16, 1891.
Location: Road extends from Hampton to Smoaks, S. C., 24 miles. Equipment: Locomotives, 2; cars, 6.
Management: OFFICERS: W. C. Mauldin, Pres. and Treas.; J. Mauldin, Vice- Pres.; B. H. Cuttino, Aud., Hamp-
ton, S. C. DIRECTORS: J. Mauldin, L. C. Mauldin, W. C. Mauldin, Hampton, S. C. Annual meeting, second Tues-
day in January. GENERAL OFFICE. Hampton S. C.
1916 1915 1914 1913 1912
Gross revenues $26,468 . $28,811 $34,819 $35,164 $29,367
Net operating revenues $6,508 $9,227 $12,411 $9,703 $10,444

Other income 23,682 19,698 16,594 24,037
Total net income $30,190 $28,925 $29,005 $33,740 $10,444

Taxes 1,255 1.139 970 1,137 705
Fixed charges 23,806 21,584 24,794 19,856 912
Surplus $5,129 $6,202 $3,241 $22,747 $8,827

Dividends 4,500 4,000
Balance $5,129 $1,702 $3,241 $18,747 $8,827
Account, year ended June

30, 1916: Credit balance at beginning of year, $76,974; credit bal-
ance transferred from income, $5,129; total, $82,103. Contra: Dividend appropriations of surplus, $4,000; credit

Awrrs: 1916 1915 1914 1913
Working assets 26,344 27,632 33,720 28,535
Total $187,365 $185,192 $182,156 $176,835

DOG MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES :
MOODY'S ANALYSES OF INFESTMENTS. 907
LIABILITIES :
Capital stock
Total $143,874 $142,974 $142,640 $142,910

Capita! Stock: Authorized and outstanding, $100,000; par, $100. No bonded debt
*1916 1915 1914 1913 1912 1911 1910
Gross revenue $156,891 $429,089 $436,404 $409,671 $316,226 $226,985 $225,741
Net operating revenue 75,584 183,163 180,164 167,706 131,620 93,567 95,429
Operating ratio 58.20% 49.71% 58.7% 40.9% 41.6% 42% 42.4%
Total net income 96,099 227,584 180,164 173,685 151,246 121,179 125,124
Fixed charges including taxes. . 33,578 331,410 315,000 119,436 86,315 119,744
Surplus $52,521 df $103,826 df $134,836 $31,810 $34,863 $5,380

* Four months June
to 30, 1916. Figures of old company prior to 1916.
ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 127,837 863,511 873,501 1,116,143 2,049,908 576,931
Deferred debit items 8,380 1,800,116 1,808,105 1,702,490 1,193,986 1,173,336
Profit and loss deficit 1,265,541 311,573 144,833 144,697 193,035
Total $6,108,082 $10,810,934 $9,723,152 $9,688,133 $9,036,351 $6,536,096

LIABILITIES :
Capital stock $3,654,960 $4,500,000 $4,500,000 $4,500,000 $4,500,000 $3,150,000

Funded debt
'
2,350,000 5,850,000 4,500,000 4,500,000 4,163,000 3,101,000

Working liabilities . . 21,171 384,135 655,254 612,058 325,550 267,846
Deferred credit items .... 473 605 14,456
Profit and loss surplus. . .
52,581
Total $6,108,082 $10,810,934 $9,723,152 $9,688,133 $9,036,351 $6,536,096

Note: Balance sheet prior to 1916 is that of old company, Hilo R.R.
Bonded Debt: $2,350,000 Hawaii Consolidated Ry. first 5s; dated April 1, 1916. Auth., $2,500,000; in treasury,
$150,*00. No further details available.
Capital Stock: Outstanding, $2,575,000 7% cumulative first preferred; $679,960 6% non-cumulative second pre-
ferred, and $400,000 common.
HAYNEVILLE & MONTGOMERY RAILROAD

History: Incorporated under the laws of Alabama, September 5, 1905, to construct railroad from Hayneville to
Tyson and from Tyson to Montgomery, Ala., also from Hayneville to Big Swamp. Line of road completed, Hayne-
ville to Tyson, Ala., 9 miles; sidings, 1.37 miles. Equipment: Locomotive, 1; cars, 8.
Management: OFFICERS: Chas. Schuessler, Pres., La Fayette, Ala.; H. H. McPherson, Sec., Treas. and Gen.
Mgr., Morganville, Ala.; Jasper Knight, Aud. and Supt., Hayneville. Ala. DIRECTORS: Chas. Schuessler, La Fayette,
Ala.; G. E. McGhee, J. R. Persons, Hayneville, Ala.; W. G. Davis, Hogansville, Ga.; H. H. McPherson, Morganville,
Ala. Annual meeting, in January. GENERAL OFFICE, Hayneville, Ala.

1916 1915 1914 1913 1912
Gross revenues .... $8,527 $14,885 $14,579 $13,386 $14,848
Net operating revenues $556 $3,768 $2,939 $1,546 $4,452

Total net income. $574 $3,804 $3,019 $1,555 $4,452

Taxes 459 454 459 753 453
Fixed charges 3,654 4,508 4,329 4,196 4,289
Surplus (def.)$3,539 fdef.)$l,158 (def.)$l,769 (def.)$3,394 (def.)$290

ance sheet, $29,709 total, $33,308. Contra
; Debit balance at beginning of year, $29,769 debit balance transferred
:
;

ASSETS: 1916 1915 1914 1913 1912
Working assets 1,733 6,706 2,596 3,513 2,619
Profit and loss 29,709 29,769 28,611 26,842 18,152
Total ,
$120,324 $126,430 $122,235 $120,959 $116,589

LIABILITIES:
Capital stock . . ,
$50,000 $50,000 $50,000 $50,000 $50,000

Bonded debt 41,000 50,000 50,000 50,000 50,000
29,098 26,204 22,235 20,959 16,589
Total $120,324 $126,430 $122,235 $120,959 $116,689

Bonded Debt: $41,000 Hayneville & Montgomery R.R. 1st 8s. Dated July 1, 1908; due July 1, 1918. Interest
paid J. and J. 1. First lien on road and equipment.
HILL CITY RAILWAY

History: Incorporated under the laws of Minnesota, November 3, 1915. Acquired the property of the Missis-
sippi, Hill City & Western Ry. on Nov. 22, 1915.
Location: Road owned, Hill City to Mississippi June., Minn., 17.5 miles; operated under agreement with Great
Northern Ry., Mississippi June, to Swan River, Minn., 7.6 miles; total operated, 25.1 miles; sidings. 2.32 miles.
Management OFFICERS
: G. B. Robbins, Pres.
: F. W. Ellis, Vice-Pres. C. J. Faulkner, Jr., Sec. F. W. Croll,
; ; ;
Treas.. Chicago, 111.; R. J. Hinkle, Gen. Man., Hill City, Minn.; J. W. Stull, Gen. Aud., Chicago, 111. DIRECTORS: G.
B. Robbins. F. W. Ellis, J. H. Berry, Chicago, 111. Annual meeting, first Thursday in August. GENERAL OFFICE,
Union Stock Yords, Chicago, 111.
Income Account, year ended June 20, 1916: Gross revenues, $26,554; operating expenses, $19,999; net operating
revenues, $6,555; other income, $74; total net income, $6,<:29; taxes, $1,342; fixed charges, $6,344; deficit, $1,057.
Condensed Balance She.-t. as of June 30, 1916

ASSETS : LIABILITIES :
Property investment $246,111 Capital stock $50,000

Working assets 14560 Funded debt 200,000
Deferred debit items 796 Working liabilities 9.796
Profit and loss 1,057 Deferred credit items 2,428
Total $262,224 Total $262,224

Bonded Debt: dated Nov. 22, 1915; due Nov. 22, 1945. Interest paid M. and N.
$200,000 Hill City Ry. first 5s;
22, at Merchants' Trust A Savings Bank, St Paul, Minn., and at company's office in Chicago. Coupon and
reg., $1,000. Authorized, $200,000. Callable at 105 and interest. First lien on entire property.
Capital Stock: Authorized, $200,000; outstanding, $50,000; par, $100.
HILLSBORO & NORTHEASTERN RAILWAY

History: Incorporated under laws of Wisconsin in December, 1902. Road opened in 1903.
Location: Road extends from Union Center to Hillshoro, Wis., 5.7 miles. An extension of 26.5 miles south
through Hub City and Rockbridge to Richland, has been surveyed. Equipment: Locomotives, 2; cars, 6.
Management: OFFICERS: W. H. H. Cash, Pres., New Lisbon, Wis.; G. Weinstein, Vice-Pres.; J. A. Cash, Sec.,
rreas.. Supt, Pur. Agt. and Aud.; F. I. Pinch, Gen. Mgr., Hillsboro, Wis. DIRECTORS: W. H. H. Cash, New Lisbon,
Wis.; F. I. Pinch, G. Weinstein, J. A. Cash, Hillsboro, Wis.; C. J. Hausman, Madison, Wis. GENERAL OFFICE, Hills-
boro, Wis. Annual meeting, second Tuesday in December.

Gross revenue $23,956
Net operating revenues $14,151

Other income 146

Taxes 447
Fixed charges 1,321
Surplus $12.529
Dividends 4,902
Balance $7,627
Profit and Lorn Account, year ended June 30, 1916: Credit balance transferred from income, $7,627; miscel-
laneous credits, $509; total, $8.136. Contra: Debit balance at beginning of year, $5,199; credit balance carried to

Current assets 2,402 Current liabilities 15,193
Total $99,830 Total $99,830

Capital Stock: Authorized, $100.000; outstanding, $81,700. Par, $100. No bonded debt Dividends of 6% paid
from 1908 to 1916. Cost of road and equipment, $97,428.
HOLTON INTER-URBAN RAILWAY

History: Incorporated under laws of California, Dec. 31. 1903. Line of road. El Centro to Holtville, Cal., 10.47
miles; El Centro to Seeley (leased), 8.74 miles; Seeley to Dixieland, Cal. (leased), 10 miles; other leased lines,
19.86 miles; sidings, 0.66 mile; total operated, 49.23 miles. Equipment: Locomotives, 3; cars, 16.
Management: OFFICERS: A. B. West. Pres. and Gen. Mgr.; A. S. Cooper, Treas.; W. G. Driver, Sec.; P. R.
Fenruson, Aud. DIRECTORS: W. F. Holt, W. G. Driver. A. B. West, C. 0. Poole, A. S. Cooper. Annual meeting,
third Wednesday in February. OFFICE: Redlands, Cal.
c
LIABILITIES:
Capital stock
1916 1916 1914 1913 1912 1911
Gross revenues $9,476 $10,355 $13,940 $15,650 $25,634 $43,918
Maintenance of way 2,840 636 1,121 1,407 2,495 2,969
Maintenance of equipment 686 3,285 4,480 6,696 5,601 5,154
All other oper. expenses. . 11,959 16,002 17,749 22,018 23,569 25,549
Net operating revenue *$6,009 *$9,568 *$9,410 *$14,471 $6,031 $10,246

Other income 1,470 3,901 3,806 3,206 3,620 7,816
Total net icome *$4,539 *$5,667 *$5,604 *$11,265 *$2,411 $18,062

Taxes 222 600 600 1,800 3,015 3,630
Fixed charges 8,703 23,460 23,560 26,865 28,636 30,000
Surplus *$13,464 *$29,727 *$29,764 *$39,930 *$34,062 *$15,568

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credit, $26,181; debit balance carried to bal-
ferred from income, $13,464; miscellaneous debits, $2,858; total, $160,154.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 80,392 81,624 83,363 75,515 305,242 173,078
Accrued income not due ... 3,519 3,993
Deferred debit items 2,991 3,628 140
Total $4,639,940 $5,377,984 $5,361,433 $5,324,203 $5,250,682 $5,212,699

LIABILITIES :
Capital stock $3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000

Funded debt 750,000 1,141,000 1,141,000 1,150,000 1,250,000
Working liabilities 1,639,940 1,621,303 1,198,797 1,158,289 1,093,206 955,331
__ Total $4,639,940 $5,377,984 $5,361,433

$5,324,203 $5,250,682 $5,212,699
"'Bonded Debt: $750,000 Idaho Southern R.R. 1st 5s. dated 1909: due May 1, 1959. Int. paid May and Nov.
May 1,
1. Auth., $3.000.000. Of amount
issued, $563,000 are deposited as collateral for the 6% collateral-trust notes described
below, and $187.000 are in company's treasury. Sinking fund of 5% of net earnings began in 1915. First lien on en-
tire property. None in hands of public on June 30. 1916.
(2) $391,000 Idaho Southern Collateral Trust 6% notes. Dated May 1, 1909; due May 1, 1914. Interest paid
May and Nov. 1. at Commonwealth Trust Company, Pittsburgh, Pa., Trustee. Coupon, $1,000. Callable at 102%
and interest, on 60 days' notice. Original issue, $700,000, of which $59,000 are held in treasury. $100,000 were re-
tired May 1, 1912, and $150,000 May 1, 1913. Secured by pledge of $563,000 1st 5s. Interest and principal in default
since Nov., 1913. Not in hands of public.
Capital Stock: Authorized and outstanding, $3,000,000. Par, $100.
ILLINOIS NORTHERN RAILWAY

History: Incorporated under the laws of Illinois, March 15, 1901. Road completed in 1902. As of March 1,
1909, the company leased, for a term of 42 years, from the International Harvester Company, the ground occupied
by the railway company, for its public service tracks, station, roundhouse, etc.. at an annual rental of $9,474. This
lease was transferred to the International Harvester Corporation in Feb., 1913. Under an agreement, dated Aug.
1, 1902, the company uses 0.79 mile of track of the Atchison. Topeka & Santa Fe Ry., for 50 years, at an annual
rental of $15,000 and 33 1/3% of the gross earnings over $27,500
per annum. Operates a belt line connecting 21
railroads.
Location: Hoyne Avenue to Elsdon, Chicago, 111., 6.95 miles. Sidings, 21.74 miles. Equipment: Locomotives, 7;
cars, 61.
Management: OFFICERS: F. B. Montgomery. Pres. and Gen. Mer.; S. D. Snow, Vice-Pres.: W. M. Gale. Treas.;
A. G. Huckin, Sec.: T. J. Maloney. Aud.; H. P. Utley, Pureh. Agt., Chicago, 111. DIRECTORS: S. D. Snow, F. B. Mont-
gomery, C. T. Bradford, A. G. Huckin, G. A. Ranney, Chicago, 111. Annual meeting, first Monday in June, at Chicago,
111. OFFICE, 606 South Michigan Avenue, Chicago, 111.
1916 1915 1914 1913 1912 1911
Gross revenues $421.341 $306,954 $380.852 $403.M4 $259.686
$292.138
Maintenance of way 29,757 21,402 27.099 19.437 13.564 16.007
amtenance of equipment. 31,515 28.376 35.981 33.013 28.446 80.452
All other operating exp. 184,632 152,174 144.863
.
180,157 179,721 150,350
Netoper. revenues. $175.437 $105,002 $137.615 $171.483 $105.265 $62.877
)ther income 26,940 14,122 32.380 24,937 24,432 26,814
Total net income... $202.377 $119,124 $169.995 $196,420 $129.697 $89.691
es 9.228 7.229 5.612 8610
7,424 11.051
Fixed charges 112,022 91,654 103.691 105,392 68.622
82,066
$81,127 $20,046 $59,075 $85,416 $36,580 $12,459

balance carried to balance sheet, $421,601 total, $461,601.
;

ASSETS: 1916 1915 1914 1913 1912 1911
$600,054 $480,069 $498,442 $491,294 $485.802 $666,193
Working assets 205,499 265,899 32C.846 244,548 222,627 194,173
Total $1,145,874 $1,105,106 $1,203,261 $1,324,614 $1,128,059 $1,125,426

LIABILITIES:
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000
Working liabilities 136,750 147,997 275,095 236.207 365,960 406,394
Accr'd due
liabilities not 65,380 40.129 50,434 50,771 4,196 2,503
Deferred credit items... 22,143 36,506 11.9&7 8,983 6,648 3.426
Appropriated surplus .. >'..'>'" 198,050 6,067 6,067
421,601 380,474 359,678 330,603 245,188 207,036
Total $1,145374 $1,105,106 $1,203,261 $1,324,614 $1,128,059 $1,125,426

Capital Stock: Authorized and outstanding, $500,000. Par, $100. All owned by International Harvester Cor-
poration. No bonded debt. A
dividend of 6% paid in year ended June 30, 1914. None in 1915; in 1916. 8%
THE ILLINOIS SOUTHERN RAILWAY COMPANY

Hi-lory-Incorporated under laws of Illinois, May 21. 1900, as successor to the Centralia & Chester R.R.; also
acquired and merged the Southern Missouri Ry. and the S:. Louis & Southern Illinois R.R.
Location: Line of road. Salem to Kellogg, 111., 79.58 miles; Little Rock Landing to Bismarck, Mo., 43.16 miles;
Collins to Chester. 111., 10.67 miles; Sparta to Illinois Fuel Co. mines, Z.ftPhiilea; Miss. River Transfer, 0.6 mile;
trackage, 2.81 miles; total operated. 139.65 miles. Equipment: Locomotives, 20; passenger, freight and service cars,
759.
Management: OFFICERS: E. K. Boisot, Pres., Chicaro, 111.; J. W. Walsh, Vice-Pros, and Asst. Treas., St. Louis,
Mo.; O. A. Hostel, Treas.; E. M. Tourtelot, Sec., Chicago, 111. DIRECTORS: Above officers, with F. O. Wetmore, J. C.
Hutchins, M. Rosenfeld. Annual meeting, fourth Wcdnes lay in September. OFFICE, 38 So. Dearborn St., Chicago,
Comparative Income Aeco int. Tear* Ended June 30

1916 1915 1914 1913 1912 1911
Gross revenues $698,981 $532.460 $566.911 $543,000 $465,524' $481,243
Maintenance of way 103 85.064 7fi
-
75.222 73,000 106,086
Maintenance of equip... 104.680 85.979 92,741 80,892 71,830 76,691
All other expenses 301,471 255.948 264,331 253,636 237,863 226,553
Net oper. revenues $189.068 $105.409 $132.986 $133.250 $82,831 . $71,912

Other income 3.008 2.276 239 472 1,254 1,201
Total net income... $192.071 $107,745 $133.225 $133.722 $84,085 $73,103

Taxes accrued 26.819 24.417 27,163 22395 22.418 18,000
Fixed charges 119,937 78.024 122.130 105.128 99,367 213,780
Surplus $45,315 $5.274 (dcf.)$16,068 $5,699 (def.)$37,700 (def.) $158,667

Profit and Lorn Account, year ended June 30. 1916: Credit balance at beginning of year, $22,279; credit bal-
ance transferred from income, $45.314; miscellaneous creiits, $1,708; total, $69,291. Contra: Miscellaneous debits,
$1,633; credit balance carried to balance sheet, $67,668; total, $69,291.
ASSETS: 1916 1915 . 1914 1913 1912 1911
r
Property investment.... $8.500,699 $8,476.6. ,6 $8.167.208 $8,098,900 $8,028,076 $10,130,181
Working assets 132.335 102.333 140.617 158,434 132.896 98.019
Deferred debit items... 9,082 6,692 7,740 4.125 2,737 8,462
Profit and loss deficit.. 58,489 40,077 45,329 858,046
Total $8,642,116 $8,588.681 $8,374.054 $8.301,536 $8,209,038 $11,094,708

LIABILITIES :
Capital stock $5,000.000 $5.000.000 $5.000.000 $5.000.000 $5,000.000 $5,000,000

FundVd debt 3,407,000 3,416.055 3,135.000 3,141,000 3,079,000 4,614,000
Workine liabilities 133,539 114.426 217,389 150,536 121,059 1,480,708
AcorH. liabilities not due 21,713 23,818 21,665 10,000 8,979
Deferred credit items. . 12,196 10,443
Total $8,642,116 $8,588,681 $8,374,054 $8,301,536 $8,209,038 $11,094,708

Bonded Debt: (1) $2.018,000 Illinois Southern Ry. first 5*; dated June 1, 1911; due June 1, 1951. Int. paid
June and Dec. 1 at First Trust & Savings Bank, Chicago. $82,000 of those outstanding are held in the treasury.
Coupon, $1.000. First lien on all property owned, consisting of 136.24 miles (see above), and all equipment. In-
terest payable without deduction for normal income tax. Rating, B.
(2) $1,380,000 Illinois Southern Ry. income 5s; dat"d June 1, 1911; due June 1, 1951. Int. paid up to 6%, if
and whpri earned. Coupon, $1,000. Follow No. 1 on same property.
CapJtnl Stock: Auth. and issued, $1,000,000 6% cumulative preferred and $4.000,000 common; par, $100. REG-
ISTRAR. Central Trust Co. of Illinois, Chicago. Secretary of company acts as TRANSFER AGENT.
ILLINOIS TERMINAL RAILROAD
History: Successor July 6, 1895, to old Illinois Terminal Co. and Mississippi Valley Terminal Co.
Location: Operates 25.55 miles of railway terminals at Alton, 111., of which 9.95 miles is owned, 6.8 miles leased
from Wabash R.R., and 8.8 miles used under trackage rights. Sidings, 14.66 miles. Equipment: Locomotives, 9;
cars, 86.
Management: OFFICERS: Vacancy, Pres. ; H. H. Ferguson, Vice-Pres. and Gen. Mgr.; H. S. Baker, Sec.; L.
A. Schlafly, Treas., Alton, 111. DIRECTORS: H. S. Baker, J. A. Duncan, H. H. Ferguson, G. M. Levis, L. A. Schlafly,
Alton, 111. Annual meeting, first Tuesday in July. OFFICE, Alton 111.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $410,143 $299,137 $291,433 $294,505 $226,824 $192,968 $168,596
Maintenance of way 113,902 54,321 71,838 92,525 41,240 39,074 19,303
Maintenance of equipment. 49,535 33,637 36,524 41,494 25,720 24,471 14,712
119,270 106,491 107,594 92,116 71,366 80,606 78,366
Net operating revenues... $127,436 $104.688 $75,072 $68,370 $88,498 $48,817 $56,215
Operating ratio 68.9% 65% 74.2% 76.8% 61% 74.7% 66.6%
Other income 6,195 10,801 688 270 7,657 9,090 22,833
Total net income. $133,631 $115,489 $75,760 $68,640 $96,155 $67,907 $79,048
Taxes accrued 6,720 6,639 5,983 4,796 4,925 4,537 3,738
Fixed charges 24,912 27,258 27,175 29,349 46,524 26,306 27,460
Surplus $101,999 $81,592 $42,602 $34,495 $44,706 $37,064 $47,850

and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $253,536; credit bal-
Profit
ance transferred from income, $101,999; miscellaneous credits, $1,008; total, $356,543. Contra: Dividend appropria-
tions of surplus, $40,000; miscellaneous debits, $186; credit balance carried to balance sheet, $316,357; total, $356,543.

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment.... $1,015,338 $1,074,084 $1,007,530 $971,688 $924,207 $914,729
Working assets 420,316 246,384 183,094 182,193 181.645 142,986
1,215 720 1,676 2,356 2,307 2,180
Total $1,436,869 $1,321,188 $1,192,300 $1,156,237 $1,108,159 $1,059,895

LIABILITIES:
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000
Funded debt 410,000 450.000 450,000 450.000 450,000 450,000
Working liabilities 206,066 112,898 61,796 73,270 55,067 47.367
Total $1,436,869 $1,321,188 $1,192,300 $1,156,237 $1,108,159 $1,059,895
Bonded Debt: $410.000 Illinois Terminal R.R. first 5s; dated Jan. 1, 1905; due Jan. 1, 1925; interest Jan. 1
and July 1, at Illinois Trust & Savings Bank, Chicago. Callable at par and interest. Authorized, $500,000. First
hen on entire property. Legal for Savings Banks in Maine and Missouri. Interest payable without deduction for
normal income tax. Net Rating, A.
New Issue: In 1913, a new issue of $5,000,000 first 5s was authorized, dated Dec. 1, 1913; due Dec. 1, 1938.
Int. paid Jan. and July 1, at First Trust & Savings
Bank, Chicas-o. It was proposed to issue $1,500,000 of these
.bonds to take up present mortgage of $450,000, and to extend the line to East Carondelet, 111.
Capital Stock: Auth., $5,000,000; outstanding, $500,000; par, $100. The entire stock issue was given with the
bonds. A dividend of 4% was paid in 1912; 1913 to 1915, none; 8% in 1916. TRANSFER
AGENT, H. S. Baker, Alton,
Illinois.
INDEPENDENCE & MONMOUTH RAILWAY

History: Incorporated under laws of Oregon, Mar. 23, 1899, and first opened in Aug., 1890. Line of road
operated: Independence to Monmouth, Ore., with trackage rights from Arlie to Dallas, a total of 2.5 miles. Equip-
ment owned: locomotives, 3; passenger cars, 4.
Management: OFFICERS: H. Hirschberg, Pres., Treas., & Gen. Mgr., Independence, Ore.; D. W. Sears, Vice-
es.and Sec., Portland, Ore.; J. Dornsife, Supt., Independence, Ore. DIRECTORS: H. Hirschberg, J. Dornsife, In-
dependence, Ore.; D. W. Sears, Portland, Ore. Annual meeting, December 31. OFFICE, Independence, Ore.
Gross revenues
Operating expenses
Net operating
Operating i
Taxes accrued
Fixed charges
Dividends paid
Balance .
*
Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. ... $31,571 $31,816 $31,618 $31,618 $31,350 $31,094
Working assets 654 3,550 4,493 4,055 6,110 4,842
Total $32,225 $35,366 $36,111 $35,673 $37,460 $35,936

LIABILITIES :
Capital stock $25,000 $25,000 $25,000 $25,000 $25,000 $25,000

Working liabilities 2,022 785 523 1,025 987 1,033
Total $32,225 $35,366 $36,111 $35,673 $37,460 $35,936

Capital Stock: $25,000; par, $50. A
dividend of 15% was paid for year 1906-7, 10% for year 1907-8, 12%
for years 1908-9, 1909-10; none in 1919 and 1911; 10% in 1912. None since.
INDIAN CREEK VALLEY RAILWAY

Incorporated under the laws of Pennsylvania, May 21, 1902, to build a line from Indian Creek to
History:
Rockwood, Pa., 55 miles, with a 10-mile branch from Bakersville to Barronvale, Pa.
Location: Road in operation: Indian Creek to Jones Mill, 23 miles; total, 23 miles. Equipment: Locomotives,
3; cars, 26.
Management: OFFICERS: Chas. F. Hood, Pres.; S. F. Hood, Gen. Supt, Connellsville, Pa.; J. M. Stauffer, Vice-
Pres. and Pur. Agt, Scottdale, Pa.; J. S. Braddock, Sec. & Treas., Mt. Pleasant, Pa. DIRECTORS: Chas. F. Hood,
i. F. Hood, Connellsville, Pa.; J. M. Stauffer. D. R. StaufTer, Frederick Brown, Scottdale, Pa.; Jas. S. Braddock,
Mt. Pleasant. Pa.; J. L. Sheek, Connellsville, Pa.; H. I* Robinson, Uniontown, Pa.; E. H. Werner, Somerset, Pa.
Annual meeting, first Monday in Jan. GENERAL OFFICE, Connellsville, Pa.

1916 1915 1914 1913 1912
Gross revenues $49.237 $38.096 $44,295 $38,551 $30,798
Operating expenses 29.371 25,979 33,280 28,436 24,937

Taxes 1,400 1,657
Surplus $18,224 $12,117 $11,015 $8,715 $4,204

* Deficit.
Profit and Low Account, year ended June 30, 1916: Credit balance at beginning of year, $52,865. Contra:
Debit balance transferred from income, $18,224; loss on equipment, $13,243; credit balance carried to balance sheet,
$21,398; total, $52,865.

ASSETS: 1916 1915 1914 1913 1912
Property investment $724.352 $717.336 $713.606 $643,413 $593,612
Working assets *
5,715 1,831 4,569 3,717 45,910
Total $718,637 $715,505 $718,175 $639,696 $639,522

LIABILITIES :
Capital stock $69,750 $69,750 $69,750 $69,750 $69,750
Funded debt 253.000 259.000 300.000 265,000 300.000
Working liabilities 368.693 . 326.490 306,276 273,813 247,710
Accrued liabilities not due 5,796 1.400 1,400 1,400 1,043
Profit and loss 21,398 52,865 40,749 29,733 21,019
Total $718,637 $715,505 $718,175 $639,696 $639,522

Credit.
Bonded Debt: $253,000 Indian Creek Valley Ry. first 6s. Dated, 1907; due serially from 1917 to 1927. In-
terest paid June and Dec. 1 at Fidelity Title & Trust Co., Pittsburgh.Coupon and registered, $1,000. Author-
ized. $300.000, $12,000 in treasury. Interest paid without deduction for normal income tax.
Capital Stock: Authorized, $1,500,000; outstanding, $69,750.
INDIANAPOLIS UNION RAILWAY

Hi*try: Incorporated in Indiana on May 31, 1850 to operate terminals at Indianapolis. Leases Belt R.R. A
Stock Yards Co. at $49,577 per annum. See below.
Location: Owns and
leases a belt terminal system in Indianapolis, which is used by Chicago, Indianapolis and
Hamilton & Dayton, C., C., C. and St. Louis. Lake Erie & Western, Peoria & Eastern, Pitts.,
Louisville. Cincinnati.
C.. C. & St Louis. Vandalia, and Illinois Central railroads. 21 locomotives, 19 service cars. Total miles operated,
15.11; second track and sidings, 53.58 miles.
Management: OFFICERS: J. J. Turner, Pres.; J. Q. Van Winkle, Vice- Pres.; C. M. South, Vice- Pres.; W. T.
Cannon, Sec. and Treas.; A. F. Bromley, Aud. DIRECTORS: .1. J. Turner, G. L. Peck, H. A. Worcester, J. Q. Van
Winkle, V. T. Malott Annual meeting of directors, second Tuesday in February. OFFICE, Indianapolis, Ind.
Comparative Income Acco.mt, Years Ended June 30
1916 1915 1914 1913 1912 1911
Rental income $363,007 $363,238 $357,481 $471,400 $475,675 $445,147
Taxes accrued 135,630 120,187 107,285 100,706 116,145 104,561
Fixed charges 86,402 87,527 99,455 143,743 107,850 117,557
Surplus .... $140,975 $155,524 $150,741 $226,951 $251,680 $223,029

Dividends paid . . ,
48,829 ' ' ' '
Other deductions 30,4 16 24,867 7:2,359 188,696 iVV.i?? 144,954
Balance $110,565 $81,828 $78,382 $38,255 $77,503 $78,075

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment .... $4,019,721 $3,185,694 $2,929,362 $2,835,935 $2,605,311 $2,415,360
Working assets 408,784 354,541 237,746 302,251 277,892 255,565
Deferred debit items * *
. . .
3,384,628 3,995,794 343,010 293,262 310,708 322,686
Total $7,813,133 $7,536,029 $3,510,118 $3,431,448 $3,193,911 $2,993,611

LIABILITIES:
Funded debt $5,866,426 $5,891,426 $1,916,426 $1,939,426 $1,962,426 $1,953,028
Accrd. due
liabilities not 6,075 6,262 6,450 6,623 7,145 7,310
89,677 5,320 4,888 5,604 4,906 4,757
Appropriated surplus... 1,316,812 1,339,928 1,266,651 1,194,292 996,208 799,745
Total $7,813,133 $7,536,029 $3,510,118 $3,431,448 $3,193,911 $2,993,611

*
Includes $3,584,722 "Special Deposits" in 1915 and $3,201,732 in 1916.
Bonded Debt: (1)$810,000 Indianapolis Union Railway sinking fund 4%s; dated May 1, 1886; due May 1,
192(8. paid May 1 and Nov. 1, at Fidelity Trust Co., Philadelphia. Coupon, $1,000. First lien on entire prop-
Int.
erty. Rental payments of proprietary companies cover, interest, sinking funds, etc. Underlie No. 2 which provide
for retirement. Interest payable without deduction for normal income tax. Net Rating, Aa.
(2) $4,000,000 Indianapolis Union Railway general and refunding 5s; dated Jan. 1, 1915; due Jan. 1, 1965.
Int. Jan. and July 1 at Farmers' Loan & Trust Co., New York. Coupon, $1,000; reg., $1,000, $5,000 and multi-
ples, interchangeable. Callable as a whole, on and after Jan. 1, 1930 at 103 and int., on 90 days' notice. Sinking
fund of 1% annually of outstanding bonds beginning 1926. Bonds so called to be kept alive in sinking fund.
Guaranteed, jointly and severally as to prin. and int., by C.. C., C. & St. Louis Ry., Pitts., C., C. & St. Louis Ry.
and Vandalia R.R., by endorsement. Auth., $10,000.000. Sufficient reserved to retire No. 1, balance for new con-
struction, etc. First lien on entire property following No. 1, also a lien on the 999-year lease of the Belt R.R. &
Stockyards Co. Interest payable without deduction for normal income tax. Rating, Aa.
Note: The company has no stock issue, but the joint interests of the proprietary companies are represented
by the amounts of their advances; total, June 30, 1916, $1,056,426.
BELT RAILROAD & STOCKYARDS COMPANY

History: Incorporated under laws of Indiana, Aug. 23. 1876, as the Union Railroad Transfer & Stockyards Co.
Owns 62.39 miles of terminal tracks in and around city of Indianapolis, Ind. Leased for 999 years, to Indianap-
olis Union Ry., at fixed rental of $49,577
per annum.
Management: OFFICERS: S. E. Rauh, Pres.; J. A. Hanson, Vice-Pres.; J. H. Holliday,.Sec. Annual meeting,
first Tuesday in February. OFFICE, Indianapolis, Ind.
1916 1915 1914 1913 1912
Gross income .
$373,311 $325,916 $598,546 $556,248 $290,005
Taxes accrued 3,195 18,980 ' 1,923
Fixed charges 40,000 40,000 599,119 5b'5,389 40,000
Surplus . .
$330,116 $266,936 $573 $50,859 $248,082
Dividends paid 350,000 390,000 195,000
Balance * :
.
$19,884 $123,064 $573 $50,859 $53,081
* Deficit.
Bonded Debt: $1,000,000 Belt R.R. & Stockyards Co. first ref. 4s; dated May 1, 1909; due May 1, 1989. Int.
aid May and Nov. 1, at National City Bank, New York. Coupon, $1,000. First lien on entire property. Com-
pany does not deduct income tax. Rating, Aa.
? ap tal Stocl{
j
Auth. and issued, $500,000 6% cumulative preferred and $2,000,000 common stock; par, $50.
:
Dividends regularly paid, on preferred, at full rate since

1882; on common, has paid rates varying from 3% to 15%
In 1913, paid 13%; 1914, 15%; 1915, 18%; 1916.
16%; also a stock dividend of 50% in 1911, and 33%%
)14. TRANSFER AGENT, J. H. Holliday, Indianapolis, Ind.
INTERSTATE RAILROAD
History: Incorporated under laws of Virginia, Feb. 18, 1896. The road was in 1909. Operated as a
common carrier for transportation of freight and passengers. Absorbed the Wisecompleted
Terminal Company on March 1,
1J13.
Location: Stonega to Norton, Va., and Norton to
Glamorgan, Va., with branches, trackage rights, etc., 53.81
miles. Equipment: 9 Locomotives, 2 passenger, 3 combination, 579 freight and company cars.
Management: OFFICERS: Harry L. Miller, Pres., Big Sfone Gap, Va.; Wm. C. Kent and W. H. Harding,
Vice-Prests., Philadelphia; H. B. Price, Sec. and Treas.; F. E. Richardson, Aud., Big Stone Gap, Va.; W. A.
Johnson, Supt., Appalachia, Va. DIRECTORS: H. B. Price, W. H. Harding, W. C. Kent, J. S. Wentz, Philadel-
phia; Harry L. Miller, R. A. Ayers, Big Stone Gap, Va. Annual meeting, third Wednesday in February, at Alex-
andria, Va. GENERAL OFFICE, Big Stone Gap, Va. PHILADELPHIA OFFICE, Land Title Building.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $275,253 1127,109 $135,326 *115,187 $77,420 $91,202 $91,646
Operating expenses and taxes. 242,122 174.316 166,089 129,632 92,862 94.389 93,501
Net earnings 33,131 1 47,207 t 30,763 1 14,445 f 15,442 t 3,187 1 1,855
Other income 58,264 124,436 131,085 66,735 41,840 29,901 23,837
Fixed charges 20,587 41,565 58,753 16,547 3,440 2,728 635
Dividends 39,215 30,836 22,341 21,000 22,900 24,940
*
Surplus 70,808 3,551 10,693 1,95813,402 1,086 3,592
Deficit t Dividend paid out of profit and loss.
ance transferred from income, $70.808; miscellaneous credits, $6,860; total, $103,298. Contra: Dividend appropri-
ations of surplus, $45.593; miscellaneous debits, $3,904; credit balance carried to balance sheet, $53,801; total,
$103,298.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $1,812.275 $1,651,645 $1,654,050 $1,591,010 $1,048,357 $1,038,080
Working asset* ........ 81,653 44,791 49,136 54,877 16,712 2r,.ril2
Deferred debit items... LON 2,766 6,040 8,204 5,258 7,029
Total $1,895,023 $1,699,201 $1,709,226 $1,654,091 $1,070,327 $1,071,421

LIABILITIES:
Capital stock $1,482,100 $1,342,100 $1,272.200 $1,184,100 $1,050,000 $1,050,000
Funded debt 263,000 300,000 338.000 375,000 ' '
Working liabilities 78,110 14860 80,611 66.415 16,83i '19,164

due
Accrd. liabilities not
.
13,714
4,298 M
25,630
1,961
27,964
9,375
1,221
17,980
"it
3,482
638
13
1,706
Total . $1,895,023 $1,699,201 $1,709,226 $1,654,091 $1,070,327 $1,071,421

Bonded Debt: $263,000 Interstate R.R. Equipment Trusts 5s; Series A. dated Jan. 1, 1913; due $37,000 and
$38.000 alternately from Jan. 1, 1914 to Jan. 1, 1923 inclusive. Int paid Jan. and July 1 at Philadelphia. Cou-
pon, $1,000. Philadelphia Trust, Safe Deposit A Insurance Co., trustee. Guaranteed prin. and int. by the In-
terstate R.R. Co. and the Virginia Coal and Iron Co. First lien on 500 steel coal cars. Interest paid without de-
duction for normal income tax. Original issue, $375,000, of which $112,000 have been retired. Rating, Baa.
Capital Stock: Auth., $1,500,000. Increased from $1,000,000 in January, 1911. Outstanding, $1,482,100; par,
$100. Dividends have been paid as follows: 1909, 3%; 1910, 2H%; 1911, !%%; 1912 and 1913, 2% each; 1914,
2Vi%; 1915, 37.: 1916, 3%%.
THE IRONTON RAILROAD COMPANY
History: Incorporated under Pennsylvania laws, Mar. 4, 1859. Since Jan. 1, 1908, has leased the Thomas
R.R. Is controlled by Thomas Iron Co.
Location: Operates 12.41 miles, of which the Thomas R.R., 1.35 miles, is leased; sidings, 6.35 miles. Lines
extend from Lower Copley to Ironton, Pa.; Egypt to West Catasauqua; West Catasauqua to Lower Copley. Equip-
ment: Locomotives, 7; cars, 26.
Management: OFFICERS: R. H. Sweetaer, Pres., Easton, Pa.; R. S. Thomas, Vice- Pres., Hokendauqua, Pa.;
i.T. Case, Sec.; L. K. Diffenderfer, Treas. and And.. Easton. Pa. DIRECTORS: S. R. Thomas, F. R. Drake, Edwin
Thomas, W. H. Hulick, J. S. Krause. Annual meeting, second Monday in October. MAIN OFFICE, Easton, Pa.
1916 1915 1914 1913 1912 1911 1910
Gross revenues $289,462 $288,178 $262.114 $256.531 $240,958 $321,287 $277,318
Maintenance of way 21,613 17,662 19.357 20.206 21,553 28,983 19,797
Maintenance of equipment 22,353 18,759 26.811 26,128 28.003 86,964 38,679
All other operating expenses.. 79,839 73,601 79,865 87,125 83,961 124,776 123,208

$165,657 $178,156 $136.081 $123,072 $107,441 $135,614 $95,634
Operating ratio 42.8% 38.2% 48.1 % It* 55.4% 57.8% 65.5%
Other income 3,814 1,296 203 1,886. 1,201 1,127
Total net income. $169,471 $179,461 $136,284 $123.072 $109,327 $136,815 $96,761
Taxes accrued 9481 8,871 8,255 7.675 8,145 7,800 7,020
Fixed charges 33,368 29,939 26,958 27,209 23,924 13,210 12,471
Surplus . . . $126.920 $140.641 $101,071 $88,188 $77,258 $115,805 $77,270

Dividends paid 120,000 110,000 95,000 80,000 90,000 100,000 60,000
Balance . . .
$30,641 $6,071 $8,188 $12,742 $16,805 $17,270
* Deficit.
ance transferred from income, $6,920; total, $99,274. Contra: Loss on retired road and equipment, $383; credit bal-
ance carried to balance sheet, $98,891; total, $99,274.
Comparative Condensed Balance Sheet, as of June 30 '
ASSETS : 1916 1915 1914 1913 1912 1911

Working assets 143,878 166,799 118,897 112,964 96,380 131,974
Deferred debit items. . 775
. 676 7 14,182
Accrued income not due 136 7 100
Total $407,879 $419,624 $361,398 $414,429 $344,904 $377,951

LIABILITIES :
Capital stock.. $200,000 $200,000 $200,000 $200,000 $200,000 $200,000

Accrd. due
liabilities not 10,145 10,416
Deferred credit items. . 1,153 42 245
Appropriated surplus... 33,712 33,712 33,712 87,284 33,209 32,483
Total $407,879 $419,624 $361,398 $414,429 $344,904 $377,951

Capital Stock: Auth. and outstanding, $200,000; par, $50. Dividends in recent years as follows: 1900, 32%;
1901 and 1902, 50% each; 1903, 40%; 1904 and 1905, 60%; 1906, 50%; 1907, 25%; 1908, 4%%;
1909, 50%; 1910,
30%; 1911, 50%; 1912, 45%; 1913, 40%; 47%%
in 1914; 1915, 55%; 1916, 60%. Payments are made June and
Dec. 30, at Easton, Pa. No bonds.
ISLAND RAILROAD
History: Incorporated under laws of New York, Sept. 1, 1883. Road opened in 1884. Track located in City
of Buffalo, from Ganson Street to City Ship Canal, 1.5 miles. The Mutual Elevator Company purchased this prop-
erty on Feb. 27, 1903, and it is now used by the Mutual Transit Co. in connection with their grain and freight han-
dling business. The entire stock of the Mutual Terminal Co., is owned or controlled by the New York Central
R.R., Delaware, Lackawanna & Western R.R., Lehigh Valley R.R. and Erie R.R. companies, each of which owns
$15,000.
Management: OFFICERS: Chas. M. Heald, Pres., Buffalo, N. Y. F. H. Silvernail, Sec. and Treas., New York.
;
DIRECTORS: John Carstensen, John A. Middleton, P. J. Flynn, C. S. Goldborough, F. H. Silvernail, New York; Chas.
M. Heald, Lorenze W. Lake, Buffalo, New York. Annual meeting, second Tuesday in September. OFFICE, Buf-
falo, New York.
Capital Stock: Authorized, $250,000; outstanding, $200.000. Par, $100. No bonded debt.
IVORYDALE & MILL CREEK VALLEY RAILWAY

History: Incorporated under the laws of Ohio, April 1, 1890. A
switching property leased from the Procter
& Gamble Co. of Cincinnati.
Location : Road extends from Junction of C., H. & D. Ry. and Big Four, at Ivorydale, O., to connection with B.
& 0. S. W. R.R. at Ivorydale June., 1.36 miles; sidings, 7.67 miles. Equipment: locomotives, 4; cars, 55.
Management: OFICERS: R. P. Buchanan, Pres., Cincinnati, O.; W. E. McCaw, Sec.; H. G. French, Treas-.,
Cincinnati, O.; A. C. Anderson, Gen. Mg'r., Ivorydale, O. DIRECTORS: R. P. Buchanan, W. E. McCaw, H. G.
French, A. C. Anderson, W. C. Procter, Cincinnati, 0. Annual meeting, first Tuesday in June. GENERAL OFFICE,
Cincinnati, Ohio.
1916 1915 1914 1913 1912
Gross revenues $22,263 $99,465 $102,197 $86,514 $77,857
Net operating revenues. *

$14.798 $50,873 $51,976 $45,822 $38,119
Total net income. *

$9,805 $54.739 $51,976 $45,822 $38,119
Taxes 4,783 2,756 1,332 1,700 1,062
Fixed charges 19,932 19,500 19,500 19,500 19,500
Surplus $34,520 $32,483 $31,144 $24,622 $17,557

*
Deficit.
Comparative Condensed Balance Sheet, as of June. 30
ASSETS : 1916 1915 1914 1913 1912
Working assets .... 84,263 109,626 80,304 46,472 25,204
Profit and loss . .
2,210 173 31,316 56,096
Total $113,816 $138,038 $105,268 $104,208 $105,000

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000
Total $113,816 $138,038 $105,268 $104,208 $105,000

Deficit.
Capital Stock: Authorized and outstanding, $100,000. Par, $100. No bonded debt No dividends paid.
MOODY S ANALYSES OF INVESTMENTS. 919
JACKSONVILLE TERMINAL COMPANY

History: Incorporated in Florida, April 17, 1894, to construct passenger' and freight terminals at Jacksonville.
Location: Owns union passenger station and freight terminals and about 31.16 miles of track in Jackson-
ville, Fla., which are used by the Atlantic Coast Line R.R., Seaboard Air Line R.R., Florida East Coast Ry., South-
ern Ry., and Georgia, Southern & Florida Ry. These companies own all the stock and guarantee the bonds.
Management: OFFICERS :J. B. Munson, Pres.; J. P. Beckwith, Vice-Pres.; T. V. Pomar, Treas.; F. C. Saw-
yer, Sec.; J. C. Blanton, Mgr. DIRECTORS: J. P. Beckwith, J. R. Kenly, J. B. Munson, W. H. Beardsley, H. W. Miller,
M. J. Harahan, W. L. Seddon, L. Delano. Annual meeting, first Monday in December. OFFICE, Jacksonville, Fla.

1916 1915 1914 1913 1912 1911
Rental income $78,204 $90,250 $65,42 $53,827 $49,435 $48,656
Taxes accrued 34,160 23,911 27,300 22,195 17,803 14,138
*
Fixed charges 44,044 66,339 38,128 31,632 31,632 31,622
Balance $2,886

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $1,006,025 $969,940 $945,789 $869,495 $894,482 $786,265
Working assets 156,733 118,176 127.234 91,303 83,280 62,173
Total $1,777.272 $1,089,850 $1,075,183 $965,030 $979,181 $849,692

LIABILITIES:
Capital stock $200.000 $200.000 $200,000 $200,000 $200,000 $200,000
Funded debt 500,000 500,000 500,000 608,796 500,000 545,320
11,500 439
Appropriated surplus... 44,260, 44,260 .
44,260 44,260 44,260
Total $1,777.272 $1,089,850 $1,075,183 $965,030 $979,181 $849,692

Bonded Debt: $500,000 Jacksonville Terminal Co. first 5s; dated July 1, 1894; due July 1, 1939; interest Jan. 1
and July 1 at Guaranty Trust Co., New York. Coupon. $1.000. Prin. may be registered. First lien on entire
property. Guaranteed, prin. and int, by the five controlling railroads. Interest payable without deduction for
normal income tax. Net Rating, Aaa.
Capital Stock: Auth. and outstanding, $200,000; par, $100. Owned, in equal amounts, by the four systems con-
trolling the property.
JEFFERSON & NORTHWESTERN RAILWAY

History: Incorporated under laws of Texas, Nov. 25, 1899.
Location: Road extends from Jefferson to Camp, Tex., 35.86 miles; leased, 12 miles; trackage, 0.22 mile; sid-
ings, 1.65 miles. Equipment: Locomotives, 2; cars, 13.
Management: OFFICERS: A. D. Clark, Pres. and Treas., Dallas, Tex.; F. I. Clark, Vice-Pres., Gen. Mgr. &
Pur. Agt., Dallas, Tex.; H. W. Adams, Sec., Dallas, Tex.; G. W. Russell, Aud., Jefferson, Tex. DIRECTORS: A. D.
Clark. F. R. Bissell, H. W. Adams, S. S. Clark, H. C. Adams, N. Morse, Dallas, Tex.; F. I. Clark, Jefferson, Tex.
Annual meeting, in November. GENERAL OFFICE, Jefferson, Tex.
1916 1915 1914 1913 1912
Gross revenues $35,478 $31,394 $46,284 $43,919 $24,900
Net operating revenues $17,653 $11,369 $676 $3,727 $133

Other income 4,189 4,252 3,300
Total net income '$12,464 $7,117 3,976 3,727 $133

Taxes 1,532 1,139 1,323 827 303
Fixed charges 11,186 10,269 8,286 2,314 8,090
Surplus $26,182 $18,525 $5,633 $414 $8,526

*
Deficit.
Profit and LOM Account, year ended June 30, 1916: Miscellaneous credits, $191; debit balance carried to bal-
ance sheet, $76,003; total. $76,194. Contra: Debit balance at beginning of year, $50,012; debit balance trans-
ferred from income, $26,182; total, $76,194.

ASSETS: 1916 1915 1914 1913 1912
Working assets 11,793 6,625 6,248 4,865 7,072
Profit and loss 76.003 50,012 31,481 25,742 25,330
Total $320,950 $294,020 $265,736 $257,106 $245,254

LIABILITIES :
Comparative Income Account, Years Ended June 3v

1916 1915 1914
Rental income $42,483 $38,235 $3,072
Taxes accrued, etc. 4,841 6,824 44,372
1
Surplus $1,514 $2,212 $41,300

1
Deficit.
ASSETS: 1916 1915 1914
$639,455 $636,851 $618,391
Working assets 66,147 64,832 91,911
Accrued income not due. 7,325 7,293 7,680
Deferred debit items.. 333 635 13,136
Total $713,260 $709,611 $731,118

LIABILITIES:
Capital stock $40,000 $40,000 $40,000
Funded debt 650,000 650,000 650,000
due. 7,002 7,257 7,484
Deferred credit items 235 166 '
Profit and loss surplus.... 4,886 3,371 '14,157
Total $713,260 $709,611 $731,118

Bonded Debt: $650,000 Joplin Union Depot Co. first 4',-zs; dated May 2, 1910; due May 1, 1940. Interest
May 1 and Nov. 1, at Philadelphia Trust, Safe Deposit & Insurance Co. Coupon, $1,000; prin. may be registered.
Reg. $1,000, $5,000, $10,000 and multiples. Callable at 105. Authorized, $750,000. First lien on entire property.
Guaranteed, principal and interest, by the four proprietary railroads. Interest paid without deduction for normal
income tax. Net Rating, Aa.
Capital Stock: Auth., $750,000; outstanding, $40,000; par, $100. Owned equally by the four companies men-
tioned above.
KALAMAZOO, LAKE SHORE & CHICAGO RAILWAY

History: Incorporated under the laws of Michigan, August 12, 1905. On April 16, 1907, the line from Law-
ton to South Haven, known as the South Haven Branch of the Pere Marquette R.R. Co., was leased to this company,
for 25 years from April 5, 1907, at an annual rental of $18,000 per annum for the first five years, and $20,000 per an-
num for the balance of term, the lessee paying taxes and maintenance.
On June 1, 1911, the company leased its property for five years to the Michigan United Railways Co. On Decem-
ber 30, 1911, a 999-year lease was signed by the Michigan United Traction Co., to take over and operate the lines
of the Michigan United Railways Co., also a transfer of the lease of the Kalamazoo, Lake Shore & Chicago Ry., to
the traction
company as of January 1, 1912. The line of road leased from the Pere Marquette R.R. Co., has been as-
sumed by the Michigan United Traction Co. Because of the fact that the K. L. S. & C. is operated by steam power,
the earnings are kept separate from the Michigan United Traction Co.
Location: Kalamazoo to Lawton, Mich., 16.69 miles; Toquin to Paw Paw, 4.4 miles. Leased, Lawton to So.
Haven, Mich., 33.82 miles. Line from Toquin to Paw Paw abandoned. Total operated, 50.51 miles.
Management: OFFICERS: B. F. Cobb, Pres., New York; J. F. Collins, Vice-Pres. and Gen. Mgr.; H. H. Crow-
ell, Vice-Pres.; F. Silliman, Jr., Vice-Pres. J. W. Clendenning, Treas.; G. B. Dobbin, Sec., Jackson, Mich.; C. E.
;
Morgan, Gen. Supt. and Pur. Agt., Grand Rapids, Mich. DIRECTORS: H. H. Crowell, Grand Rapids, Mich.; B. C.
Cobb, J. C. Weadock, New York City; G. W. Mechern, Battle Creek, Mich.; F. Silliman, Jr., Philadelphia, Pa.; J. F.
Collins, N. S. Potter, G. B. Dobbin, Jackson, Mich.; B. F. Davis, Lansing, Mich. Annual meeting, in December.
OFFICE, Jackson, Mich.
1916 1915 1914 1913 1912 1911
Gross revenues $118,613 $f54.757 $128,961 $143,385 $11,748
Maintenance of way... 21,907 23,670 18,314 14,886 1,059
Maintenance of equip.. 13,567 18,332 13,697 14,675 922
All other oper. expenses 60,157 69,986 60,453 62,663 5,013
Net oper. revenues. $22,982 $42.769 $36,417 $4,754

Total net income 22/ix'2 42,769 36,417 51,161 12,407 4,754
Taxes 7,868 6,183 5,922 5,286 1,680 422
Fixed charges 37,730 42,928 42,304 41,888 4,573 2,948
1
Surplus .
$22,616 $6,342 $11,809 $3,987 $6,154 $1,384
Deficit.

ASSETS: 1916 1915 1914 1913 1912
Property investment. . $433,513
Working assets $71,186 $42,692 $39',8 76 19,280
Deferred debit items . 216 327 32,783 32,783 '
Profit and loss deficit. 23,385 769 l'l4,596
Total . $79,219 $72,282 $75,475 $72,659 $567,383

LIABILITIES:
ASSETS i

1916 1915 1914 1913 1912
Gross revenues $81,082 $74,219 $79,276 $68,809 $65,488
Maintenance of equipment. . . 7,473 6,293 15,717 2,796 2,742
Net income $3,126 $1,166 $65,148 $26,755 $27,120

Other income . . 15 100 3,275 4,500 3,100
*
Total net income. $3,141 H.2M $61,873 $31,255 $30,220
Taxes 6,000 6,255 7,992 4,370 3,668
Fixed charges 16,643 16,35.1 64,943 41,270 26,464
'
Surplus $19,502 $21,340 $134,808 $14,385 $88

Deficit.
CoMparative Condensed Ba'anee Sheet, as of June 30

Anrra: 1916 1915 1914 1913 1912 1911
Property investment.... $1,744,831 $1,722,657 $ l.rt:-..:..-,.-, $1,657,976 $964,022 $511,440
Working assets 10.454 17,872 11,500 27,852 21,255 155,627
Deferred debit items... 32.854 38,706 38,737 15,301 528,016 35,000
187,607 178,228 156,888 18,779 309
Total $1,975,746 $1,957,463 $1,852,680 $1,714,908 $1,513,293 $702,376

LIABILITIES:
Capital stock $852.000 $852,000 $852.000 $852.000 $765,000 $215,000
Funded debt
liabilities
970,974
121.930
NMM
123.399
892,331 803,845 712,425 480,000
Working 44406 I146I 5,582
Accrd. liabilities not due 80,841 16,028 14.858 14,100 1,794
Deferred credit items. . 16,945
Profit and loss surplus. "606
Total HJ6MM $1,714,908 $1,513,298 $702,376
Bonded Debt: $508.000 Kansas City ft Memphis Ry. 1st 5s, "Series A." Dated May 1, 1911; due May 1,
(1)
1961. Int. paid Nov. 1, at company's office. New York City, and Mississippi Valley Trust Co., St. Louis,
May and
Trustee. Coupon, $1,000. Authorized, $6,000.000. $300,000 reserved to retire No. 2. Issuable Tit not exceeding
118.000 per mile, of which $15.000 is for building and equipping the line, and $3,000 reserved for betterments.
Issuable only when earnings of company have, during one fiscal year, equalled the interest charges of bonds is-
sued and outstanding, and 50^ in excess. Secured on r>7 rriles owned (subject to prior liens on 30 miles), and
additionally secured by a contract with th Kansas City Southern Ry. Co., giving the company 20% of gross
rerenue received on business interchanged. "Series A" bonds will also cover the line between Fayette and
Huntsville. Cumulative sinking fund of %
of 1% commences in 1916. Interest paid without deduction for normal
income tax.
(2) $300.000 Arkansas, Oklahoma ft Western R.R. 1st 6s. Dated Jan. I, 1907; due Jan. 1, 1947. Int. paid
Jan. and Jnly 1. at United State-? Mortgage 4 Trust Co., New York, trustee. Coupon, $1,000. Authorized, $1,250,-
000, issuablc at not exceeding $10,000 per mile of completed road. First lien on 30 miles of road from Rogers to
Siloam Springs. Ark. July, 1914, interest defaulted.
Protective Committee: Holders of the 1st 6s of the company in August, 1914, formed a protective committee,
and asked deposits of these bonds with the Real Estate Trust Co.. Philadelphia. Pa. Committee consists of Francis
X. Ouinn, Chairman; John J. Tyler, James H. Morris and Richard Billings. Nearly all holders have deposited their
bonds.
(4) Receivers' Certificates: In Dec.. 1914. $100.000 % receivers' certificates were authorized, of which $80,658
have been issued. They are a first lien on the property of the Kansas City & Memphis Ry., but junior to issue No.
2. Coupons on No. 1 due July 1, 1914, were paid in cash, and coupons due Jan. 1, 1915, in receivers' certificates.
Capital Stock: Authorized, $6,000,000, at rate of $16,000 per mile, to be held in voting trust; outstanding, $852,-
000; par. $100.
KANSAS CITY, CLINTON & SPRINGFIELD RAILWAY

History: Incorporated under Missouri and Kansas laws, Feb. 12, 1885, as a consolidation of the Kansas City,
Springfield R.R., and the Pleasant Hill ft De Soto R.R. In Sept., 1901, the company purchased from the
Kansas City, Fort Smith & Memphis Ry. the line from Springfield, Mo., to Arcadia, Kansas. This line was resold
the original company in 1906. Line of road owned, 162 miles;
operated, Olathe, Kan., to Ash Grove, Mo.. 164
Branch to Pleasant Hill not operated. Equipment owned: Locomotives, 12: passenger cars, 6; combina-
tion, 3; freight and company cars, 64.
Management: OFFICERS: H. S. Priest, Pres., St. Louis; E. J. Perry, Vice-Pres. and Supt; E. M. Smith, Sec.,
Treas and And., Mo. DIRECTORS: Geo. T. Priest, H. S. Priest, St. Louis, Mo.: E. M. Smith, E. J. Perry,
Springfield,
Springfield, Mo.; W. T. Johnson, John H. Lucas, Wm. C. Lucas, Kansas City, Mo.: C. C. Nelson, Ft Scott, Kansas;
Go. W. Davies, Osceola. Mo. Annual meeting, second Wednesday in March, at Kansas City. OFFICB, Springfield,
1916 1915 1914 1913 1912 1911 1910
Gross revenues $346,142 $382,314 $381,776 $402,998 $379,419 $374,855 $363,219
Maintenance of way. 105,126 90,540 80,515 70,146 71,5001
Maintenance of equipment.... 30,950 29,694 39,659 42,600 30,458 \ 265,141 254,056
All other operating expenses. .
165,135 173,774 172,186 278,332 161,968 J
Net operating revenues., $44,931 $88,306 $89,416 $111,920 $105,393 $109,714 $109,163
Operating ratio 87.0% 76.9% 76.7% 72.2% 72.2% 70.7% 70%
Other income <
3,799 9,045 4,160 4,863 4,316 (def.) 4,196 4,557
Total net income. $48,730 $97,351 $93,576 $116,783 $109,701 $103,910 $113,720
Taxes accrued 22,000 24,800 25,200 24,900 24,000 24,000 28,000
Fixed charges 188,967 187,848 180,398 179,097 176,605 163,700 173,294
Deficit $162,237 $115,297 $112,022 $87,214 $90,895 $83,790 $87,575

ASSETS: 1916 1915 1914 1913 1912 1911
$5,059,700 $5,059,644 $5,033,644 $5,006,204 $4,986,310 $4,984,427
Working assets 74,990 71,208 63,142 68,550 48,073 54,959
Profit and loss deficit. 2,589,037 2,426,811 2,309,535 2,197,852 2,110,638 2,019,743
Total $7,745,864 $7,562,922 $7,424,088 $7,296,111 $7,168,782 $7,067,263

LIABILITIES:
Capital stock . . $1,775,400 $1,775,400 $1,775,400 $1,775,400 $1,775,400 $1,775,400
Funded debt 3,274,000 3,274,000 3,274,000 3,274,000 3,274,000 3,274,000
Working liabilities .... 2,633,544 2,456,641 2,320,375 2,194,022 2,066,471 1,960,638
Acc#M liabilities not due 53,079 54,867 53,920 52,401 52,696 53,827
Deferred credit items. . 9,841 2,014 393 288 215 3,398
Total ............ $7,745,864 $7,562,922 $7,424.088 $7,296,111 $7,168,782 $7,067,263

Bonded Debt: $3,274,000 Kansas City, Clinton & Springfield Ry. first gold 5s. Dated Oct. 1, 1885; due Oct. 1,
1925. Int. April and Oct. 1, at Old Colony Trust Co., Boston. Coupon, $1,000. Principal may be registered. First
lien on 162.63 miles. The bonds bear upon their face the guarantee as to payment of principal and interest of the
Kansas City, Ft. Scott & Gulf R.R. This guarantee was assumed by the Kansas City, Ft. Scott & Memphis Ry.
Co., the successor company. Interest due April 1, 1914, was defaulted, and a protective committee was appointed
for the securities of the Kansas
City_,
Fort Scott & Memphis Ry., and for these bonds. Depository, Bankers Trust
Co., New York. Past due coupons paid in 1916.
Capital Stock: Auth., $2,500,000; outstanding, $1,775,400; par, $100. No dividends. TRANSFER AGENT, Old Col-
ony Trust Co., Boston.
THE KANSAS CITY, MEXICO & ORIENT RAILROAD COMPANY

History: Incorporated in Kansas July 6, 1914, as successor to the' Kansas City, Mexico &. Orient Railway Co.;
sold under foreclosure. Old company was incorporated in Kansas in 1900 and operated in the Republic of Mexico
under the Kansas charter, which was legalized by the Mexica'n Government.
Location: The lines of the company are still under construction, and when completed will form a continuous line
from Kansas City, Mo., to Topolobampo Bay, Mex., on the Pacific Coast, a distance of 1,659 miles. Total operated
mileage on June 30, 1916, 964.07 miles as follows: K. C. M. & 0. R.R. (lines in Kansas and Oklahoma), Wichita,
Kan., to Foley, Okla., 177.97 miles; Ewing, Okla., to Okla.-Tex. State line, 81.46; trackage rights, 12.73 miles;
total, 272.16 miles. K. C. M. & O. Ry. of Texas: State line to Alpine, Tex., 464.08 miles; spur tracks, 1.63 miles.
K. C. M. & O. R.R. lines in Mexico: Marquez to Tobalaopa, 86.77 miles; Minaca to Sanchez, 74.28 miles; El Fuerte
to Tapolobampo, 62.23 miles; Mochis to Mochis Jet, 2.92 miles. In addition to the main lines as above, the com-
pany has projected a branch from San Angelo southward to Del Rio, Tex., where it will make connection with Mex-
ican lines for Mexico
City, and with American lines for Galveston, Houston, and other Gulf ports. On the Pacific
Coast an arrangement will be made with the Hamburg-American Steamship Co. for trans-Pacific connections. The
Kansas City Outer Belt & Electric R.R., constructing a double track belt line around Kansas City, is controlled by
the same interests, and when completed will afford an entrance into Kansas
City for the Kansas City, Mexico &
Orient Ry., and connection with the various other roads entering the city.
Location of Main Line: In Kansas, 72.68 miles; in Oklahoma, 186.75 miles; in Texas, 464.08 miles; in Mexico,
226.20 miles; total, 949.71 miles.
Sidings owned (Wichita to Alpine), 101.33 miles. Gauge, standard. Rail (steel), 70, 75 and 80 Ibs.
(box, 72; flat, 131; stock, 14; coal, 5), 222; service, 8; total cars, 244.
TORS
Chas
Haff, Clifford Histed, of Kansas City; Frederick Hurdle, J. B. Braithwaite, P. D. Tuckett, of London, Eng.; Benj.
Smyth, of Wichita, Kans.; Jas. Couzens, E. D. Stair, of Detroit; Thos. Best, Medicine Lodge,
Kans.; John F. Mulvane, Topeka, Kans.; Geo. Tyson, Boston. EXECUTIVE COMMITTEE: W. V. King, Edwd. Dick-
nson, Henry Sanderson, J. B. Niven, W. T. Kemper, H. F. Hall, D. J. Haff, W. W. Colpitts, Geo. Tyson, E. D.
Stair, Clifford Histed. OFFICE,- Kansas City, Mo.

1916 1915 1914* 1913* 1912* 1911
Gross revenues $2,599,332 $2,397,019 $868,428 $928,428 $891,029 $1,848,479
All operating expenses. 2,484,297 2,090,011 934,974 868,608 967,494 1,845,207
Net oper. revenues. $115,035 $307.008 t$66,550 $59,820 t$76,465 $3,272

Operating ratio . . . 99.5% B&1* 107.6% 93.6% 108.6% 98.2%
Other income . 26,905 30,827 269,271 288,764 191,621 43,968
Total net income . . . $141,940 $337,835 $202,721 $348,584 $115,156 $47,241

Taxes accrued 141,231 108,673 66,799 61,123 52,457 66,362
Fixed charges 469,662 502,676 97,181 96,160 125,997
Deficit $468,953 $273,514 $28,516 (sur.) $190,280 $33,461 $145,118

'
Operations of lines in Kansas and Oklahoma only. t Deficit'
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $80,392.634 $79,031.152 $58.692,726 $58,706,825 $61,667,451 $52,718,674
Working assets
Deferred debit items...
810.543
30,769
1,285,988 MM06 3,888.209 988,821 405.213
452,707 3,540,013 3,540,045 3,554.530 2,369,137
Profit and loss deficit. . . 690,414 1,334,082 365,276 343,995 268,060 881,687
Total . $81,924,360 $82,103,929 $66,492,530 $66,479,074 $66,478,862 $55,874,711

LIABILITIES:
Capital stock $45,000,000 $45,000,000 $25,000,000 $25,000,000 $25,000,000 $25,000,000
Funded debt 31,000,000 36,640,200 30,099,472 30,099,472 29,769,223 23.4nS.W5
Working liabilities 5,819,147 345,783 11,391.282 11,377,860 11,683,660 7,375,433
Accr'd due
liabilities not 89,902 111,402 IMS? 30,613
Deferred credit items.. 15,311 6,544 1,776 1.742 9,642
Total $81,924,360 $82,103,929 $66,492,530 $66,479,074 $66,478,862 $55,874,711

Bonded Debt: $31,000,000 Kansas City, Mexico ft Orient R.R. adjustment mortgage bonds; dated July 15, 1914;
due July 1, 1964. Int. payable as earned for first ten years; thereafter at 6%. All pledged nnder 6% notes
described below.
Notes: $5,640.200 Kansas City, Mexico ft Orient R.R. 6% gold notes; dated April 30, 1914; due April SO,
1916; int. April 30 and Oct. 31, at Columbia Trust Company, New York, and in London, England. Coupon, vari-
ous amounts. Authorized, $6,000,000. Subject to call at par and interest at any time upon 60 days' notice. Notes
were issued to provide for the receivers' certificates and notes ; preferential claims, about $550,000 ; the proportion of
the sale
non-depositing bondholders, the costs, charges and expenses of the bondholders' com-
attributable to
price
mittee of the foreclosure, and the whole interest on the present note issue. Secured by pledge of $31,000,000 adjust-
ment mortgage non-cumulative income 5% bonds, the entire amount which has been issued and which has been au-
thorized by the Kansas Public Utilities Commission; also by pledge of the $20.000,000 stock. The notes are to be paid
off out of first proceeds from the sale of securities provided under reorganization plan whenever issued. First
publicly offered in April, 1914, at 97%. Normal income Ux deducted from interest Principal in default Protec-
tive Committee, J. Z. Meller, Chm.; C. M. Sigler, Sec., 54 Wall Street, New York.
Capital Stock: Authorized by charter, $45.000.000, of which the Kansas Public Utilities Commission has auth-
orized the issuance of $20,000,000; issued, $20,000,000, which is pledged under the notes described above; par, $100.
KANSAS CITY TERMINAL RAILWAY

History: Incorporated in Missouri on July 10, 1906, to construct terminals in Kansas City, Mo.
Location: The properties nnder construction and in operation are used by the following railroads: The Atchi-
son, Chicago ft Alton, the Burlington, the St. Paul, the Rock Island, Chicago Great Western, Kansas City Southern,
Missouri, Kansas ft Texas, Missouri Pacific, Union Pacific. St Louis & San Francisco, and the Wabash. In 1910,
absorbed the Kansas City Belt Ry. and the Union Depot Co. of Kansas City. Total trackage, including belt line,
157.87 miles. Owns 33 locomotives, 6 freight cars, 174 service cars.
Management: OmcniS: W. M. Corbett Pres.; S. W. Moore, Sec.; E. F. Swinney, Treas. DIKECTORS: W. B.
Storey, S. M. Felton, J. A. Edson, E. D. Sewall, A. C. Ridgway. A. Robertson, W. M. Corbett, A. L. Mohler, W. G.
Bierd. J. E. Taussig. Hale Holden, C. N. Whitehead, W. C. Nixon. Annual meeting, second Tuesday in March.
OFFICE, Kansas City, Mo.
1916 1911 1914 1913 1912 1911
Gross revenues $945.209 $706.756 $430.540 $462.616 $373,252 $351,560
Maintenance of way. . . 59.038 67,960 49.689 44.483 36.652 45.304
Maint of equipment. . . 104.fi.1S 94.1R3 89.063 84.791 68,163 55.664
All other oper. expenses 346,920 306,490 310,954 332,110 . 274,471 236,266
Net oper. revenues. $434.613 $248.153 (def.) $19.166 S232 (def.) $6,034 $14.326
Operating ratio . . . 54% 64.81% lOt 100% 101.6% 95.9%
Other income 2,079,594 1.393.306 187,098 162,374 176,196 181,566
Total net income. ,

$2,514.21)7 $1.641.459 $167.932 $162.606 $170.161 $195,892
Taxes accrued 192.681 152.330 70.838 54.910 65.646 64.675
Fixed charges ,
1,971,526 1,502,389 159,545 167,698 143,391 136,373
Balance (def.) $13,260 (def.) $62.451 (def.) $60,000 (def.) $38,876 (def.)$5,16
Profit and Loss Account, year ended June 80, 1916: Profit on road and equipment sold, $1,391; donations, $500;
miscellaneous credits, $223,378; debit balance carried to balance sheet, $2,229,585: total, $2,454,854. Contra: Debit
balance at beginning of year, $2,324,667 ; debt discount extinguished through surplus, $76,502 ; loss on retired road
and equipment, $81; miscellaneous debits, $53,604; total, $2,454,854.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 1,945,857 1,416,642 3,998,833 2,847,186 1,545,277 5,743,497
Deferred debit items... 527,409 953,019 2,535,613 3,167,473 1,503,402 931,667
Accrued income not due 16,152 11,575 15,113
Profit and loss deficit. . . 2,229,585 2,324,667 177,397 116,580 57,881 19,491
Total $45,892,446 $53,879,737 $49,816,673 $35,133,209 $30,534,239 $24,626,902

LIABILITIES:
Capital stock . . .
$1,200,000 $1,200,000 C 1.200,000 $1,200,000 $1,200,000 $1,200,000
Funded debt 40,094,000 49,127,250 47,127,250 32,594,000 27,594,000 22,594,000
Working liabilities 3,741,ISO 3,035,469 1,261,760 1,075,365 1,597,655 768,835
Appropriated surplus . . 350,000
Total $45,892,446 $53,879,737 $49,816,673 $35,133,209 $30,534,239 $24,626,902

* Included in
working assets.
Bonded Debt: (1) $33,094,000 Kansas City Terminal Ry. first 4s. Dated Jan. 1, 1910; due Jan. 1, 1960. Inter-
est Jan. 1 and July 1 at New York, Boston and Chicago. Authorized, $50,000,000. Guaranteed principal and inter-
est, by the 12 railroads mentioned above, each company agreeing to pay, unconditionally, one-twelfth of the prin-
cipjfl
and interest of the bonds. In the event of any of the guaranteeing companies failing to carry out its part of
the agreement, the remaining companies must make good all deficiencies. The bonds will be callable at 105. Legal
for S. B. in Minn., N. H., Listed on New York Stock Exchange. Net Rating, Aa.
Notes: (a) $5,000,000 3-year 4%%

secured gold notes. Dated Nov. 15, 1915; due Nov. 15, 1918. Interest
payable May and Nov. 15. Secured by deposit of $6,750,000 of No. 1. Authorized, $5,000,000.
(b) $2,000,000 2-year 5%%
secured notes. Dated Nov. 30, 1915; due Nov. 30, 1917. Interest payable May
and Nov. 30. Authorized and outstanding, $2,000,000. Secured by deposit of $2,500,000 of No. 1. Rating, Aa.
(c) $2,500,000 5-year 4%%
secured notes. Dated July 1, 1916; due July 1, 1921. Interest paid Jan. and July.
Secured by deposit of $2,500,000 of No. 1. Rating, Aa.
Capital Stock: Auth., $50,000,000; outstanding, $1,200,000. Par, $100. The twelve controlling roads have equal
interest in this stock.
KEESEVILLE, AUSABLE CHASM & LAKE CHAMPLAIN RAILROAD

History: Incorporated under laws of New York, April 4, 1889.
Location: Road extends from Port Kent to Keeseville, N. Y., 5.64 miles; total track, 6.22 miles.
Equipment:
Locomotive, 1; cars, 6. The road is now being operated by steam.
Management: OFFICERS: M. J. Callanan, Pres.; C. H. Prescott, Vice-Pres.; E. K. Romeyn, Treas.; J. J. Long,
Sec.; L. G. Palmer, Supt., Keesville, N. Y. DIRECTORS: M. J. Callanan, C. H. Prescott, Geo. N. Kingsland, N. T.
Hewitt, E. K. Romeyn, C. M. Hopkins, J. A. Baber, L. G. Palmer, J. J. Long, Keeseville, N. Y. ; W. J. Callanan, Sara-
nac Lake, N
Y.; J. K. Collins, Joseph Kentle, J. B. Riley, Plattsburgh, N. Y. Annual meeting, in May. OFFICE:
Keeseville, N. Y.

1916 1915 1914 1913 1912 1911
Gross revenues $12,378 $12,997 $15,915 $17,566 $17,920 $19,051
Maintenance of equip.. 1,990 558 444 2,167 2,626 2,770
Net oper. revenues *$875 $1,455 $2,531 *$1,729 $1,091 $2,779
Taxes 1,141 909 744
1,030 591 1,280
Fixed charges 3,178 3,009 4,620 5,114 2,536 1,862
Deficit $5,194 $2,463 $3,119 $7,587 $2,036 $363
* Deficit.
ASSETS: 1916 1915 1914 1913 1912 1911
$105.683 $107,899 $107,899 $99,145 $97,368 $97,368
Working assets 25,988 25,525 38,744 26,978
Deferred debit items... 28,032 26,400
12,948 12,948 12,948 12,948 10,803
Total $144,619 $146,372 $146,643 $139,071 $138,348 $134,571
LIABILITIES:
Capital stock
KENTUCKY MIDLAND RAILWAY

Incorporated under Kentucky laws, on August 11, 1904.
History:
Location: Road is projected from Central City to Madisonville, Ky., 22.5 miles. Completed: Central City, Ky.,
to Earles, Ky., 9.11 miles. Equipment: Locomotive, 1; freight and miscellaneous cars, 11.
Management: OFFICERS: G. B. Hengen, Pres., Chicago, 111.; Glenn M. Averill, Vice-Pres. and Treas., Cedar
Rapids, la.; G. B. Dutton, Sec.; M. M. Wheeler, Gen. Mgr.; F. W. Tente, Aud., Central City, Ky. DIRECTORS: G. B.
Hengen, Chicago, III.; Glenn M. Averill, G. B. Dutton, Cedar Rapids, la.; M. M. Wheeler, F. W. Tente, Central City,
Ky. Annual meeting, third Wednesday in June. OFFICE: Central City, Ky.

1916 1915 1914 1913 1912 1911
Gross revnues $10,498 $9,857 $11,512 $11,286 $8,513 $3,047
Maintenance of equipment 8,586 2,609 2,426. 452 414 50
All other operating exp. .. 5,455 5,272 6,319 5,901 3,938
Net operating revenue '$3,301 *$3,873 *$2,073 *$1,205 $4,948 *$6,845

Taxes 469 455 450 450 491 443
Fixed charges 26,021 24,900 24,900 24,900 19,625 14,350
Deficit $28,791 $29,228 $27,423 $26,555 $23,251 $21,638

Deficit.
Bonded Debt: $498,000 Kentucky Midland first S. F. 5s. Dated December 1, 1905: due Dec. 1, 1935. Interest
J. and D. 1, at Continental & Commercial Trust A Savings Bank, Chicago, trustee. Authorized, $600,000. $102,000
held in treasury. First lien on entire property. Interest payable without deduction for normal income tax.
KENTWOOD & EASTERN RAILWAY

History: Incorporated under laws of Louisiana, December 6, 1905. Leases the Kentwood & Eastern R.R. for
twenty years from July 1, 1906, annual rental being $10,000 and taxes.
Location: Road owned extends from Kentwood to Pincview
Spur, La., 17.18 miles. Leased, 29.82 miles. Total
operated, 47 miles; sidings, 10.55 miles. Equipment: Locomotives, 9; cars, 328.
Management: D. F. Brooks, Pres.: H. E. Gipson, Vice-Pres.; Edward Brooks, Sec. and Treas., Min-
OFFICERS:
neapolis, Minn.; H. F. Snow, And.; Geo. A. Keyes Gen. Mgr., Kentwood, La. DIRECTORS: D. F. Brooks, H. E. Gipson,
Edward Brooks, John Birkholz, Minneapolis. Minn.; Geo. A. Keyes, H. F. Snow, A. C. Stewart, Kentwood, La. An-
nual meeting, second Tuesday in March, at Kentwood, La. OFFICE: Kentwood, La.

1916 1915 1914 1913 1912 1911
Gross revenues $173,833 $169,548 $231,51* $235,220 $220,447 $230,689
Maintenance of way.... 44.834 84,086 45,363 44.253 89,007 46,437
Maintenance of equip.. 38.562 27.912 40,492 46,667 87,356 43,263
Net oper. revenues. $43.284 $54.868 $73,765 $65,435 $83,419 $74,484

Other income 7,226 5,140 931 984 1,368 463
Total net income.. $50.510 $60.008 $74.696 $66,419 $84,787 $74,947

r
Taxes 7,407 4,994 . ,.353 6,088 3,274 2,635
Fixed charges 16.798 16,402 16,225 16,868 20,782 25,678
Dividends 10,000
Surplus $5,203 $38,612 $53,118 $43,463 $60,731 $46,634

Profit and Ixm Account, year ended June 30, 1916: Credit balance transferred from income, $5,203; miscella-
neous credits. $31; total, $5,234. Contra: Loss on retired road and equipment, $5,110; miscellaneous debits,
$124; total, $5,234.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $456.761 $469.618 $401.016 $464.696 $457,915 $464,996
Working assets 24.876 20,717 36,843 18,379 20,421 13,106
r
Deferred debit itema... 1,179 349 68,278 47,601 46,226 4. ,.707
Total $482,816 $490,684 $495,137 $530,576 $524,562 $523,869

I ,t A BILITIES :
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000 $100,000

Accrd. due
liabilities not 2,955 2,488 2,614 2,498 1,321 1,067
Deferred credit items.. 1,142 398 6.281 270 8,696 240
Appropriated surplus... 346,976 334,878 292.110 271,853 235,801 174,671
Total $482^16 $490,684 $496.137 $530,676 $624,562 $523.869

Capital Stock: Authorized and outstanding, $100,000; par, $100. Dividend of 10% paid in 1916. No bonds.
KENTWOOD, GREENBURG & SOUTHWESTERN RAILROAD

to Baton
History: Incorporated under the laws of Louisiana, Jan. 25, 1906, to build a line from Kentwood
Rouge, La., and
to the Gulf of Mexico.
Location: Road in operation extends from Kenfs Mill to Freiler, La., 14.2 miles; sidings, 2 miles. Gauge, 3
feet. Equipment: Locomotives, 3; cars, 92.
Management: OFFICERS: J. Hauberg, Pres.; J. J. Reimers, Vice-Pres., Davenport, la.; F. W. Reimers, Sec.
and Treas., Hammond, La, DIRECTORS: J. J. Reimers, J. H. Hauberg, T. B. Davis, Rock Island, 111.; John Mason,
F. W. Reimers, T. L. Snythe, Hammond, La.; Geo. W. Reed, Kentwood, La. Annual meeting, second Monday in
February. GENERAL OFFICE, Hammond, La.

1916 1915 1914 1913 1912
Gross revenues $37,426 $37,359 $34,249 $16,206 $49,398
* * *
Net operating revenues.. $3,019 $1,795 $7,103 $30,170 $11,215
Other income 3,970 12,823 22,487 13,418
Total net income.. $3,019 $5,765 $5,720 $7,683 $2,203

Taxes 2,976 2,094 1,303 1,487 1,534
Fixed charges 398 862 544 672
* *
Surplus . *$355 $3,671 $3,555 $9,714 $2
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $29,175; miscellane-
ous credits, $172; total, $29,347. Contra: Debit balance transferred from income, $355; credit balance carried
to balance sheet, $28,895; miscellaneous debits, $97; total, $29,347.

*
ASSETS: 1916 1915 1914 1913 1912
Working assets 6,446 19,734 9,265 4,175 4,659
Total $138,883 $154,971 $149,502 $142,662 $144,772

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000
Working liabilities , . . . 8,505 23,712 24,487 24,686 18,309
Accrued liabilities not due 1,483 1,783 1,469 870 602
Profit and loss 28,895 29,175 23,546 16,106 25,861
Total $138,883 $154,971 $149,502 $142,662 $144,772

Capital Stock: Authorized, $350,000; outstanding, $100,000; par, $100. No bonded debt.
KEOKUK & HAMILTON BRIDGE COMPANY

History: Incorporated under laws of la. and 111., Aug. 1, 1868, as consolidation of the Hancock County and
the Keokuk & Hamilton Mississippi River Bridge Co. Owns bridge and two miles of railroad from Keokuk, la., to
Hamilton, 111. Bridge is used by the Toledo, Peoria & Western Ry. and the Wabash R.R. and also by foot passen-
gers and vehicles.
Keokuk & Hamilton Bondholders Company: In order to protect the interests of bondholders this new company
was form in Delaware in 1914 and acquired the bonds of the Keokuk & Hamilton Bridge Company. The new
company issued $1,000,000 par value of 30-year convertible income debentures bearing interest at not exceeding
r3?
per annum in exchange for the bonds of the bridge company. With the acquired bonds as collateral it issued
30-year 6% secured notes proceeds of which were used to rebuild the bridge. Bondholders were asked to
'
subscribe to these notes to the extent of 40% of their
holdings in Bridge Company's bonds.
Management: OFFICERS: Andrew Carnegie, Pres.; Theo. Oilman, Sec. and Treas., New York. DIRECTORS: Jos.
J. Asch, A. Carnegie, Theo.
Gilman, W. S. Oilman, Theo. F. Hicks, Matthias Nicoll, David Paton, Jas. F. Secor, New
Hy. E. Smith, Philadelphia. Annual meeting, second Tuesday in June, at Keokuk, la. OFFICE, 55 William
Street, New York.
"^Comparative Income" Account7 Years" Ended June7 30~"
1916 1915 1914 1913 1912 1911
Gross revenues $59,782 $64,444 $72,603 $74,362 $65,496 $55,944
Net oper. revenues. $38,829 $46,937 $33,938 $30,488 $39,435
$47,049
n. P -
* ratl
Jther income
45 ' 1% 27 ' 2% 53 - 3 % 59% %
28 - 2 29 - 5%
497 280 23,530 9,994 11,552
Total net income.. $39,328 $47,197 $33,938 $54,018 $57,043 $50,987
2*5
?ixed charges
4,909
80,000
4,629 5,320 5,570 4,385 3,885
80,000 30,000 55,000 60,000 40,000
Sur P lus $4,417 * * *
$12,332 $1,382 $6,552 $7,342 $7,102
* Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $2,000,000 $2,025,107 $2,002,764 $2,000,000 $2,000,000 $2,000.000
Working assets 4,153 6,559 12,428 8,333 14,830 22,152
Profit and loss deficit. . 1,368,322 1,277,632 1,240,300 1,385,450 1,358,108
Total $3,375,475 $3,309,298 $3,255,492 $2,008,333 $3,400,280 $3,380,260

LIABILITIES:
Capital stock $1,000,000 $1,000.000 $1,000.000 $1,000,000 $1,000,000
Total $3,372,475 $3,309,298 $3,255,492 $2,008,333 $3,400,280 $3,380,260

Bonded Debt: $1,000,000 Keokuk & Hamilton Bridge Co. first 8s;' dated April 1, 1869; due April 1, 1899. The
bonds are still outstanding, interest being in arrears for a number of years past; the overdue coupons are being
liquidated as the earnings permit. The last interest paid was the balance of coupon No. 52 (due Apr. 1, 1895),
which was paid in Dec., 1912. In 1913, all the unpaid coupons were canceled, and new coupons of $15 each were al-
lotted: these to be
paid,
as earnings permit Interest at the 8% rate was paid in 1914, 1915 and 1916. Normal
income tax deducted from interest. Rating, B.
Capital Stock: $1,000,000; par, $100. TRANSFER AGENT, Theodore Oilman, Secretary, New York.
KE WEEN AW CENTRAL RAILROAD

History: Incorporated under Michigan laws, April 4, 1883, as the Lac La Belle & Calumet R.R. Name changed
to present title, April 14, 1905.
Location: Road extends from Calumet to Mandan, 26.40 miles, with branches to Lac La Belle, Ojibway mine
and Crestview, Mich., total, 38.73 miles. Trackage right*. 6.90 miles. Equipment: Locomotives, 2; cars, 95, of
which only 55 are available for service. In operation during summer months only.
Management: OFFICERS: T. F. Cole, Pres^ New York; S. R. Hill, Viee-Pres., Boston, Mass.; F. W. Taylor,
Sec. and Treas., Calumet, Mich. DIRECTORS: T. F. Cole. New York; H. I,. Baer. C. A. Wright, Hancock, Mich.;
Thomas Hoatson, Calumet, Mich.; S. R. Hill, Boston, Mas*. Annual meeting, second Tuesday in August, at Calu-
met, Mich. OFFICE, Calumet Mich.

1916 1915 1914 1913 1912
Gross revenues $15.402 $14.800 $17,014 $28.481 $33,965
Maintenance of way 6,805 6.046 4,676 9,976
Maintenance of equip. . 8,953 6,398 5,428 8,388 8,456
All other oper. expenses 10,601 10.217 12,846 81,779 27,904
Net oper. deficit...

Taxes M78
Fixed charges 2,608
Deficit.
Property investment
Working assets
Deferred debit items...
Profit and loss deficit. . .
Total
LIABILITIES:
Capital stock
Funded debt
Working liabilities
Deferred credit items. . .
Comparative Condensed Bi
Assrrs: 1916
Pronertv investment . $1.213,749
4
LAKE ERIE & PITTSBURG RAILWAY
a railroad from Lorain
History- Incorporated under Ohio laws, April 30, 1903, for the purpose of building
to Youngstown, Ohio, a distance of 91 miles, and
branch to Cleveland, 29 miles. Road is in operation from Marcy
o Brady's Lake 27 76 miles. Sidings, 9.89 miles. The road was built m
the joint interest of the New York
Central R
R and the Pennsylvania Company, which own the entire capital stock.
Company
Management: OFFICERS: A. H. Smith, Pres.; New York; Geo. L. Peck, Vice-Pres.; T. H. B. McKnight, Treas.;
PittsburghPa D W
Pardee, Sec., New York. DIRECTORS: A. H. Smith, New York; J. J.
S. B.
Turner, Pittsburgh, Pa.;
R E McCarthy G L Peck, Pittsburgh, Pa.; F. J. Jerome, D. C. Moon, Cleveland, O.; Robertson, Cleveland,
O' Annual meeting, third Monday in April. OFFICE, Cleveland,
Ohio.

1916 1915 1914 1913 1912
Gross income $466,277 $479,954 $466,218 $459,573 $294,770
Taxes 73,240 66,253 51,252 45,664 2,913
Interest 175,633 198,701 193,500 193,500 137,062
Rentals, etc. . 2,404 215,000 6,466 5,409 2,502
Dividends . . . 215,000 479,954 215,000 215,000 152,292

ASSETS: 1916 1915 1914 1913
Property investment . $7,838,297 $7,831,639 $7,827,140 $7,744,052
Working assets 73,693 80,968 124,387 65,137
Deferred debit items. 293 146 10,388 7,022
Profit and loss deficit. 1,834 861,950 860,097 860,000
Total $7,914,117 $8,774,703 $8,822,012 $8,676,211

LIABILITIES:
Capital stock $4,300,000 $4,300,000 $4,300,000 $4,300,000
Fun*ed debt 3,565,000 4,425,000 4,300,000 4,300,000
Accrued liabilities not due. 31,191 34,042 34,042 34,042
Total $7,914,117 $8,774,703 $8,822,012 $8,676,211

Note: Funded debt in 1916 as above consists of indebtedness to proprietary companies.
Bonded Debt: $4,300,000 Lake Erie & Pittsburg Ry. first 4V2 s; dated June 1, 1911; due June 1, 1961. Int.
paid June and Dec. 1, at New York. Coupon, $1,000. Registered $1,000 and multiples. Interchangeable. Guaranty
Trust Co., New York, trustee. Authorized issue, $15,000,000, of which the first $5,000,000 (including amount out-
standing), to bear 4%%
interest, and the balance, not exceeding 5%. The bonds outstanding were issued, to cover
a portion of the amount expended by the N. Y. Central R.R. and the Pennsylvania Co. for construction. Interest
paid without deduction for normal income tax. In 1916 it was proposed to issue $3,540,000 50-year 5% bonds to
be guaranteed by the N. Y. Central R.R. and the Pennsylvania Co. Of the new bonds, $3,440,000 will be used to
retire the 4%s described above and $100,000 to pay outstanding debts.
Capital Stock: Auth., $6,000,000; outstanding, $4,300,000; par, $100. Owned jointly by the N. Y. Central R.R".
and the Pennsylvania Co. Dividends: 1912, 3.54%; 1913, 5%; 1914, 5%; 1915, 5%; 1916, 5%.
LAKE ERIE, FRANKLIN & CLARION RAILROAD

History: Incorporated under Pennsylvania laws, Nov. 10, 1913. Consolidation of the Pennsylvania Northern
R.R., Pennsylvania Southern R.R. and Pittsburg, Clarion & Franklin R.R. The latter company was successor, in
August .1913, to the Pittsburg, Summerville & Clarion R.R., which was leased to the Pennsylvania Southern R.R.
for 25 years from December 31, 1910.
Location: Main line, Clarion to Summerville, Pa., connecting with Pennsylvania R.R., Clarion, Pa., to Sutton,
Pa., connecting with New York Central Lines. Line from Strattonville, Pa., to Mill Creek, branch line mouth of
Mill Creek, up Mill Creek, 10% miles; branch line from Elss, Pa., to Harvey, branch line, Gordon to Kirkpatrick
Mine; total mileage, including side tracks, 37.89 miles. Trackage, passenger service over New York Central Lines,
Sutton, Pa., to Franklin, Pa., 47.90 miles; total mileage, 75.79 miles. Equipment: Locomotives, 7; cars, passenger,
7; freight, 148; steam shovel, 1; derrick car, 1.
Management: OFFICERS: Charles Miller, Pres., Franklin, Pa.; J. T. Odell, Vice-Pres., New York; Theo. L. Wil-
son, Sec., Clarion, Pa.; H. H. Hughes, Treas.; G. E. Guthrie, Aud.; G. F. Proudfoot, Asst. to Pres. and Pur Agt.,
Franklin Pa. DIRECTORS: Chas. Miller, J. French Miller, J. S. Carmichael, G. F. Proudfoot, Franklin Pa.; J. T.
Odell, S. A. Megeath, New York, T. H. Given, Pittsburgh, Pa. Annual meeting, second Wednesday in January.
GENERAL OFFICE, Franklin, Pa.
7 months
1916 1915 1914
Gross revenues
$149,423 $139,820 $79,113
Maintenance of way and structures. 15,841 15,033 8,990
All other operating expenses
55,338 52,625 31,232
Net operating revenues. $56,445 $27,154
$52,456
Other income 852
10,236 3,157
Total net income.
Taxes $66,681 $55,613 $28,006
788 915 953
Fixed charges
56,706 61,078 25,601
Surplus .
$9,187 $3,620 $1,452
transferred from income, $9,187; total, $14,674. Contra: Miscellaneous debits, $25; credit balance carried to bal-
ance sheet, $14,549; total, $14,574.

1916 1915 1914
Property investment . . . $1,956,031 $1,906,731 $1,780,992
Working assets 30,434 28,905 51,245
Accrued income not due.
Deferred debit item* . . . 102,098 101,486 102,582
ToUl $2,088,563 $2,037,122 $1,934,819

LIABILITIES:
Capital stock $1,000.000 $1,000.000 $1,000,000
Funded debt 958,500 928,000 835,000
Working liabilities 108,500 95.278 84368
Accrued liabilities not due. 6,077 6.314 5,770
Deferred credit item* 937 2,143 8,229
Appropriated surplus '
Profit and loss surplus. . . . '14,549 5,387 V.452
ToUl $2,088,568 $2,037,122 $1,934,819
$881,000 Lake Erie, Franklin ft Clarion R.R. 5s. Dated Dec. 1, 1913; due Dec. 1, 1953. Inter-
Debt:
act paid June and Dec. 1, at Farmers' Deposit National Bank. Pittsburgh, Pa. Coupon, $1,000. Fidelity Title &
Trust Co., Pittsburgh, Pa., trustee. Authorized. $1.000,000. Callable at 105 and interest on Dec. 1, 1918, or any
interest date thereafter. Issued to retire $500,000 Pittsburgh, Sununerville & Clarion R.R. 1st 5s, and for rehabili-
tation purposes. First lien on property. Interest paid without deduction for normal income tax. Rating, B.
There are also outstanding $64,000 Equipment Trust 5s, "Series A," due $8,000 annually to May 1, 1924, and
$13.500 "Series B," doe $3,000 annually to Aug. 1, 1920.
Capital Stock: Authorized and outstanding, $1,000,000 ; par, $50. No dividends.
LAKESIDE & MARBLEHEAD RAILROAD

History: Incorporated under laws of Ohio, August 17, 1886, line being opened in January, 1887. Line of road,
Danbury to Marblehead, Ohio, 6.88 miles. Sidings, 10.65 miles. Equipment owned: Locomotives, 4; cars, 11, of
which 8 are freight and company cars. Canal boat, 1.
Management: OlTICEKS: C. C. Bolton, Pres.; J. H. Dempsey. Vice-Pres. ; A. B. Mack, Sec.; S. L. Mather,
Treas., Cleveland, O. Dmcrou:
C. C. Bolton, C. W. Bingham, C. E. Sanders, J. H. Dempsey, S. Z. Norton, S. L.
Mather, Cleveland, Ohio; A. B. Mack, Marblehead, Ohio. Annual meeting, last Wednesday in September. GENERAL
Omcc, Cleveland, O.
Comparative Income Account Years Ended June SO
1915 1914
Gross revenues $168.769 $126.017 $131.008
Maintenance of way M 1*1 IMM 42,847
Maintenance of equipment 10.115 16337
AH other operating expenses. . . H m MJfl 65,265
Net operating revenues. . . . $71.882 $37369

Operating ratio VIA* 7*3%
Other income 2224 1,759
Total net income. $74.106 $39.128

Taxes accrued 11.314 10,044
Fixed charges 8,332 8.258
Surplus . . $64,460 $20326

Dividends paid
Balance $64,460
Dividends paid from profit and loss.
LIABILITIES:
LAKE SUPERIOR TERMINAL & TRANSFER RAILWAY

History: Incorporated under laws of Wisconsin, Oct. 17, 1883. Road opened June, 1887. Companies named
below bear operating expenses, etc., in proportion to facilities enjoyed by each.
Location: This is a switching property at Superior, Wis., connecting the depots and t racks of the Great
Northern Ry., Northern Pacific Ry., Chicago, St. Paul, Minneapolis & Omaha Ry., and Duluth, South Shore & Atlan-
tic R.R. Owns 24.75 miles of track. Equipment: Locomotives, 13; snow plow, 1.
Management: OFFICERS: W. H. Strachan, Pres., Duluth, Minn.; A. W. Trenholm, Vice-Pres.; H. H. Parkhouse,
Treas., St Paul, Minn.; C. P. Brown, Sec., Snpt and Pur. Agt; S. R. Brown, Aud., Superior, Wis. DIRECTORS:
F. S. Elliot, Superior, Wis.; W. W. Walker, W. H. Strachan, Duluth, Minn.; A. W. Trenholm, R. Budd, C. L. Nichols,
St Paul, Minn. Annual meeting, first Saturday in October at Superior, Wis. OFFICES, St Paul and Duluth, Minn.,
and Superior, Wis.
1916 19l5 1914 1913 1912
Total net income. $12,188 $11,759 $9,801 $8,025 $28,350
Taxes 10,088 9,988 8,851 7,081 6,812
Fixed charges . . . 2,102 1,771 950 944 22,538

Amrn: 1916 1915 1914 1913 1912
Property investment $480.563 $482.836 $475,754 $445,524 $425,865
Working assets 32,043 23,008 23,906 26,060 87,479
Total $556.126 $664,003 $539,944 $502,037 $498,522

LiABiunzs:
Capital stock $509,400 $495,600 $495,600 $471,600 $410,400
Funded debt ' 49,800
Working liabilities . . . '3.783 16',i69 5,852 V.439 11,811
Deferred credit items. 42,943 52,294 38,492 25,998 26,511
$556,126 $564,003 $539,944 $502,037 $498,522
Capital Stock: Authorized, $1,200,000; outstanding, $509,400. Par, $100. All owned by companies named above.
No bonded debt
LAKE TAHOE RAILWAY & TRANSPORTATION COMPANY

History: Incorporated under laws of Cal., December 19, 1898, road being opened in 1899. Property is oper-
ated six months of each year, in connection with the steamers and hotel on Lake Tahoe. Line of road, Tahoe to
Truckee, Cal., 16.58 miles. Equipment: Locomotives, 4; cars, passenger, 12; freight, etc., 37, and 4 steamers oper-
ating on the Lake.
Management: E. T. Bliss, Pres.. Tahoe, Cal.; C. T. Bliss, Vice-Pres.; F. S. Oliver, Treas., San
OFFICERS:
Francisco; D. I. DIRECTORS: E. T. Bliss, Tahoe, Cal.; W. A. Bissell, F. S. Oliver, Los Altos, Cal.;
Bliss, Jr., Sec.
W. S. Bliss. San Francisco; Mary M. Tobey, Palo Alto, Cal.; C. T. Bliss. Tahoe. Cal.; C. W. Nelson, Tahoe, Cal.
Annual meeting, third Tuesday in December. GENERAL OFFICE, Rialto Building, San Francisco, Cal.

1916 1915 1914 1913 1912
Gross revenues $77,436 $39,712 '
$43.195 $47.711
Maintenance of way 8,460 8,438 8.472 r_'.<vs
Maintenance of equipment 4,556 5,191 6.884
All other operating expenses... 42,125 22,404 25,854
Net operating revenues... $17.989 $4.314 $3.678 $2,503

Operating ratio 76.8% 91.5% 94.S%
Other income 19,942 18.273 178,143 42.896
Total net income. $37.931 $22.587 $181,821 $45,208

Taxes accrued 2,rm 5,291 2,617 2.824
Fixed charges, etc 34,763 34,513 32.638 32,041
Surplus
LIABILITIES:
Capital stock
LANCASTER & CHESTER RAILWAY

History: Incorporated under South Carolina laws, June 20, 1896, and acquired the property of the Cheraw &
Chester Ry. Line of road, Chester to Lancaster, S. C., 28.6 miles; sidings, 3.9 miles. Equipment owned: Locomo-
tives, 3; passenger cars, 2; combination, 1; freight cars, 28.
Management: OFFICERS: Leroy Springs, Pres.; J. T. Stevens, Vice-Pres.; L. C. Lazenby, Sec.; Waddy C. Thom-
son, Treas. DIRECTORS: Leroy Springs, R. C. Williams, C. D. Jones, John T. Stevens, Waddy C. Thomson, L. C. .
Lazenby, A. P. McClure, Lancaster, S. C. Annual meeting, first Monday in October. OFFICE, Lancaster, S. C.
Gross revenues
ASSETS: 1916
Property investment r S175.000
Management: OFFICERS: J. Ross Clark, Pres. and Pur. Agt; C. O. Whittemore, Vice-Pres.; W. H. Comstock,
Sec. and Treas. J. Q. Goss, Jr., Aud., Los Angeles; C. E. M. Beall, Supt, Las Vegas, Nev. DIRECTORS: J. Ross
;
Clark, C. O. Whittemore, W. H. Comstock, Win. A. Clark, wr., H. C. Lee, Los Angeles; Wm. A. Clark, Butte, Mont;
David Keith, Salt Lake City, Utah. Annual meeting, third Monday in November, at Salt Lake City. GENERAL
OFFICE, Los Angeles, Cal.
1916 1915 1914 1913 1912 1911
Gross revenues $142,108 $134,959 $194,884 $196,713 $194,550 $148,017
Maintenance of way. . . . 24,800 24,678 48,895 48,959 41,827 38,785
Maint of equipment... 22,419 22,427 32,644 30,250 35,038 33,512
Net oper. revenues. $27,211 $5,355 $10,186 $37,715

Other income 6,103 7,331 500
BOO 500 34,297 20.326
Total net income.. $40.502 $34,542 $5,855 $5,707 $44,483 *$17,389

Taxes lL',0-,4 7,085 19,967 15,720 19,375 23,998
Fixed charges 36,875 36,730 33,858 31,702 29,834 27,626
Deficit $9,037 $9,273 $47,970 $41,715 $4,726 $69,013

Deficit
Profit and Loss Account year ended June 30, 1916: Profit on road and equipment sold, $57,503; debit balance
carried to balance sheet $424,752 ;. total, $482,255. Contra: Debit balance at beginning of year, $473,216; debit bal-
ance transferred from income, $9,037; miscellaneous debits, $2; total, $482,255.
Comparative Condensed Balance Sheet as of June SO

Amen: 1916 1915 1914 1913 1912 1911
Property investment ... $2.5111,096 $2,546,427 $3,069.052 $3,080,564 $3,083.298 $3,105,472
Working asset* 203,383 198,173 48,144 40,333 46.287 51,479
Deferred debit items. . . 8,684 537 3,f>15 8,726 9,693 7,025
424,752 473,216 129,775 73,614 33,770 14,548
Total $3,177,915 $3,218,353 $3,250,586 $3,198,237 $3,173,048 $3,178,624

LIABILITIES:
Capital stock $1.500,000 $1,500.000 $1,500.000 $1,500.000 $1,500,000 $1,500,000
Working liabilities 1,633.484 1,701,263 1,727,765 1,671.303 1,645,709 1,649.167
Accr'd due
liabilities not 20,740 6.333 9.!-'. 8.492 9,566 9,885
Deferred credit items.. 23,691 11,757 13,335 1M12 17,773 19.4*2
(total $3,177,915 $3,218,353 $3,250,586 $3,198,237 $3,173,048 $3,178,524
Capital Slock: Authorized, $4.000,000; outstanding, $1,500,000; par, $100. No dividends. No bonds. TRANSFER
OFFICE, Secretary, Los Angeles, Cal.
BULLFROG GOLDFIELD RAILROAD

(Controlled by Las Vegas A Tonopah R.R.
History: Incorporated under Nevada laws, August 30, 1905. Control passed to Las Vegas & Tonopah R R.,
June. 1914. The capital stock of the company has been reduced to $1,640,000. The $1.640,000 consolidated mortgage
bonds, due July 1, 1938, have been for some time exchanged at the Fidelity Trust Co., Philadelphia, on the basis
of $495 stock for $1,000 bonds. The Las Vegas A Tonopah R.R. received in return for its guaranty of the first mort-
gage bonds 61 %
of the Bullfrog Company's stock.
Location:Road extends from Beatty to Goldfield, Nev., 78.95 miles. Branches, 7.64 miles. Sidings, 9 miles.
Equipment: Locomotives, 5; passenger cars, 4; freight, 27.
Management: OFFICERS: J. Ross Clark, Pres.; C. O. Whittemore, Vice-Pres. and Gen. Conn.; W. H. Comstock,
See. and Treas., Los Angeles, Cal. Annual meeting, first Monday in October, at Goldfield, Nev. GENERAL OFFICE,
Los Angeles, Cal.
Comparative Income Account Years Ended June 30
1916 1915 1914 1913 1912 1911
Gross revenues $142.516 $126.596 $84.972 $39,034 $100.163 $99,679
17,748 32,722 20.672 24,370 33,803 23.566
Maint of equipment... 16.506 11.680 15.384 14,335 20.986 39,046
All other oper. expenses 55,250 64,072 44,579 69,472
Net oper. revenues. $38.708 $25.326 $6.334 $6.248 $795 $32,405

Other income 1,203 7,413 10,524 10,155 7,176 7,426
Total net income. . . $39,911 $32.739 $4,190 $16,403 $7.971 $24.979

Taxes 7.729 2.930 R.308 7,369 7,960 10,962
Fixed charges 22.S32 23.626 113.331 72,412 37,237 101,369
Surplus .
$6,183 $117,449 $63,378 $37,226 $137,301
Deficit
Profit and Loiw Account year ended June 30, 1916: Credit balance transferred from income, $9,620; unrefnnd-
able overcharges, $6; donations, $198; miscellaneous credits, $11; total, $9,835. Contra: Debit balance at begin-
ning of year, $2.274- credit balance carried to balance sheet $6,235; surplus appropriated for investment in physi-
cal property, $198; loss on retired road and equipment $703; miscellaneous debits, $426; total, $9,836.
ASSETS:
Property investment ...

fl916 1915 1914 1913 1912 1911
Gross revenues $40,919 $56,587 $58,222 $60,278 $51,829 $54,818
Maintenance of way 30,573 61348 49,063 51,232 38,346 37,458
Maintenance of equipment. 4,251 3,287 2,034 3,841 2,751 5,463
All other operating exp . . 22,359 30,035 28,437 29,114 28,316 31,880
Operating deficit $16,268 $28,083 $21,312 $17,584 $19,983

Other income 357 463 372 1,190 1,282 1,806
Total net deficit. $15,911 $22,719 $18,866 $18,177

Taxes 5,155 6,954 6,521 6,407 6,945 5,113
Fixed charges 21,917 26,482 23,826 23,165 18,354 17,790
Final deficit $42,983 $51,287 $52,291 $44,165 $41,080

Credit, t For nine months to Mar. 31.

ASSETS: 1916 1915 1914 1913
. 1912 1911
Property investment . $14Kr,3 $147.391 $148,031 $152,113 $148,503 $148^10
Working assets l.O'.O 31,201 19,844 3'V^-> 31,000 20,868
Deferred debit items . 129 122 87 108 116
Total $687,840 $673,616 $601336 $571,639 $509,874 $455,592

LIABILITIES:
Capital stock $50,000 $50,000 $50.000 $50,000 $60,000 $50,000
Funded debt 627,288 600,000 250,000 250,000 260,000 250,000
Accrued liabilites not due. 1,640 3,320 3,240 2,666
Total $687,840 $673,616 $601336 $571,639 $509,874 $455,592

As of March 31.
Bonded Debt: $250,000 (entire issue) Leavenworth A Topeka Ry. 1st 4s. Dated Jan. 1, 1900; due Jan. 1, 1930.
Interest J.and J. 1, at Topeka, Kan. Coupon of various denominations. Bonds are held equally by Union Pacific
R.R. and Atchison, Topeka & Santa Fe. Bankers' Trust Co., New York, trustee. First lien on entire property.
Capital Stock: Authorized, $250,000; outstanding, $60,000. Par, $100. Owned jointly by the Union Pacific R.R.
and Atchison, Topeka & Santa Fe Ry.
LEESVILLE EAST & WEST RAILROAD

Incorporated under the laws of Louisiana, Jane 19, 1899; road opened in 1900.
History:
Location: Road extends from Leesville, 15 Vi miles. Equipment: Locomotives, 3; cars, 42.
Management: OFFICERS: J. N. Gilbert, Pres., Beaumont, Tex.; G. R. Ferguson, 1st Vice-Pres. and Gen. Mgr.,
Leesville. La.; G. W. Carroll, 2nd Vice-Pres., Beaumont, Tex.: C. L. Wallis, Sec., Los Angeles, Cal.; G. R. Fergu-
son, Jr., Treas.; H. T. Booker, And.; W. K. Ferguson, Supt. and Pur. Agt, Leesville, La. DIRECTORS: J. N. Gilbert,
G. W. Carroll, Beaumont, Tex.; G. R. Ferguson, H. T. Booker, G. R. Ferguson, Jr., W. K. Ferguson, Leesville, La.;
C. L. Wallis, Los Angeles, Cal. Annual meeting, Tuesday after third Monday in July. GENERAL OFFICE, Lees-
ville, La.
Capital Stock: Authorized, $100,000; outstanding, $33,600. Par, $100. No bonded debt
LEETONIA RAILWAY
History:Incorporated under Pennsylvania laws, March 7, 1899. Operates 24.66 miles, Tiadaghton to Leetonia,
Pa.; Gaines June, to Four Mills Run, Pa. Tonnage chiefly lumber. Controlled through stock ownership by Central
Leather Co. Equipment: Locomotives, 2; cars, 63.
Management: OFFICERS: P. M. Newman, Pres.; E. C. Hoyt, Vice-Pres.; F. E. Bradley, Treas.; R. G. Brownell,
Sc. DIRECTORS: A. R. Spicer, Geo. W. Childs, R. G. Brownell, A. W. Mallison. C. H. McCauley. Jr., Eugene Hor-
ton, P. M. Newman, Walter Horton, E. C. Hoyt, J. M. Rhen. Annual meeting, second Monday in January. MAIN OF-
FICE, Williamsport, Pa.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $35,559 $43.430 $30,858 $46,903 $34,594 $23,336
Net income . . .
19,167 3,792 13,553 2,592 11,099 2,798 3,148
Taxes accrued 1,020 870 780 911 600 600 600
Fixed charges . IN 110 1,193 2,707- 2,819 467 1,431
Surplus 17.M7 2,812 11,610 7,780 1,731 1,117
Deficit.
Comparative Condensed Balance Sheet, as
LEXINGTON UNION STATION COMPANY

History: Incorporated under laws of Kentucky, August 30, 1905, to construct and operate a union passenger
station at Lexington, Ky. Operation began August 4, 1907. The entire common stock is owned by the Chesapeake
& Ohio Ry.. Lexington & Eastern Ry. and Louisville & Nashville R.R., these companies using the facilities of the
station, under an agreement whereby they bear the expenses of maintenance and operation on a pro rota basis, on
the number of passenger cars entering and leaving the station.
Management: OFFICERS AND DIRECTOBS: W. A. McDowell, Pres., Lexington, Ky.; Geo. E. Evans, Vice-Pres.,
and Treas., Lexington, Ky. Annual meeting, first Tuesday in September.
Louisville, Ky.; A. Mitchell, Jr., Sec.
OFFICE, Lexington, Ky.
1916 1915 1914 1913 1912 1911
Rental income 118,258 $21,405 $18,121 '
$18,735 $17,417 $17,210
Taxes 2,738 6,885 2,601 3,215 1,897 1,691
Surplus
. . . $15.520 $15.520 $15,620 $15.520 $15.520 $15,519
Dividends paid 15,520 15,520 16,520 16,6X0 15,519

AWETS: 1916 1915 1914 1913 1912 1911
Property investment. . . $399,079 $399.079 $399,079 $399,079 $399,079 $399,079
Working assets 4,920 6,374 11,746 4,189 4,385 4,260
Total $403,999 $404,453 $410,825 $403,268 $403,464 $403,339

LIABILITIES:
Capital stock $403,000 $403,000 $403,000 $403,000 $403,000 $403,000
Working liabilities 31 7. --V. 150 25
Accrd. liabilities not due 999 1,422 "268 314 314
T tal $403.999 $404,453 M103M $403,268 $403,464 $403,339
Capital Stock: Authorized, $500,000 cumulative 4% preferred and $15.000 common; outstanding, $388,000 pre-
ferred and $15,000 common. Par, $100. Preferred has preference as to assets, and holders of preferred are entitled
to their dividend and to the redemption of their shares at par, before any dividend is paid on the common stock, or
any part of the as.iets is distributed thereto. No bonded debt TRANSFER AGENTS, Fidelity & Columbia Trust Co.,
Louisville. Ky., and Security Trust Co., Lexington, Ky. Rating of preferred, Baa.
LIBERTY-WHITE RAILROAD
History: Incorporated under Mississippi laws, December 22, 1902. Road was opened July 20, 1904.
Receivership: In November, 1914, Chancellor Cutter at Jackson, Miss., granted the stockholders^ petition for
appointment of a receiver. It was at that time proved that the road had annulled schedules, and was delivering
mail by automobile. The road's engines have been condemned by Government inspectors. Receivers have been author-
ised to lease engines, and continue train service.
Location: Road extends from Liberty to Tylertown, Miss., 48.98 miles; Tylertown terminals, 0.70 mile; South
McComb to McComb, Miss., 0.86 mile; total, 50.54 miles; sidings, 6.5 miles. Equipment: Locomotives, 3; passenger
cars, 6: freight cars, 66; service cars, 2.
Management: OFFICERS: J. J. White. Rec.; W. M. White, Pres., Gen. Mgr. and Pur. Agt; J. W. Johnson,
Vice-Pres.; J. J. White, Jr., Sec.; H. L. White, Treas.; W. M. Baugh, Aud.; E. T. Sudduth, Supt., McComb, Miss.
DIRECTOBS: Jas. Blair Alford. J. W. Johnson, H. L. White.. J. J. White, Jr., W. M. White, McComb, Miss; J. H.
Hinton, New Orleans, La. Annual meeting, in September. OFFICE, McComb, Miss.

1916 1915 1914 1913 1912 1911
Gross revenues $61,853 $50.591 $73,663 $92.075 $92.268 $116,670
Maintenance of way. . . 14.365 15.277 20.388 23,986 10.030 24,945
Maintenance of equip. . 9,100 14,267 16.234 18,183 22,301 23,965
All other oper. expenses 30.009 njm 50,805 56,366 40,902 41,306
Net oper. revenues $8.379 $11,929 $13,764 $6.460 $19,035 $26,454

Taxes 819 4.152 3,552 3,273 2,495 2,309
Fixed charges 6,711 7,871 12,900 6,814 3,852 7,208
Surplus . $1,849 $23,952 $30,216 $16,547 $12,688 $16,937

'
Deficit.

AMETS: 1916 1916 1914 1913 1912 1911
$626,877 $877,962 $631,228 $628.749 $557,105 $486,876
Working assets 41,053 32,312 283,946 289,115 295,260 278,301
Deferred debit items... 89 76 76 68 250 617
Profit and loss deficit.. 129,277 131,126 107,174 75,587 59,240
Total $797,296 $1,041,476 $1,022,424 $993,519 $825,615 $765,693

LIABILITIES:

1916 1915 1914 1913 1912 1911 1910
Gross revenues $79,126 $69,702 $72,019 $89,434 $79,180 $74,979 $83,868
Maintenance of way 9,482 7,620 10,024 12,230 14,361 1
Maintenance of equipment 18,601 12,923 12,174 11,110V 44,055 44,434
All other operating expenses. . . 27,729 24,190 26,355 26,986 25,674 J
Net operating income. $28,314 $27,370 $22,717 $39,434

Operating ratio 64.2% 63% 68.5% 57.4% 144* 58.7% 53%
Other income 3,179 1,000 2,535 2,360 2,705 2,998 1,000
Total net income. $31,493 $25,252 $40,404 $30,740 $33,922 $40,434

Taxes accrued 3,008 3,485 3,488 3,699 3,190 2,692 .3,184
Fixed charges 17,000 17,000 16,000 16,000 16,000 16,000 17.000
Surplus $12,605 $7,885 $5,764 $20,705 $11,550 $15,230 $20.250

Dividends paid *6,540
6,540 7.875 5,625 19,125 11,250 14,625 20,250
Balance $6,065 $10 $139 $300 $605

* Paid from profit and loss.
Profit and Lorn Account year ended June 30, 1916: Credit balance at beginning of year, $123,998; credit bal-
balance carried to balance sheet $130,063; total, $136,603.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 9,517 33,547 42,379 . -V.' ,
::.;.::iM 88,089
Deferred credit items. . . 405,567 404,933 405,063
Total $984,969 $1,008,452 $1,009,550 $1,004,783 $1,003,861 $1,000,749

LIABILITIES:
Capital stock $450,000 $450,000 $450,000 $450,000 $450,000 $450,000
Funded debt 400,000 425,000 425,000 425,000 425,0 425,000
Total $984,969 $1,008,452 $1,009,550 $1,004,783 $1,003,861 $1,000,749
Bonded Debt: $400,000 Lime Rock R.R. cons. ref. gold 4s. Dated July 1, 1899; due July 1, 1929. Int. Jan. and
July, at Union Safe Deposit & Trust Co., Portland Me. Coupon, $500 and $1,000. Of the amount shown as out-
standing, $25,000 are held in the treasury of the company. First lien on entire property. Interest paid without
deduction for normal income tax. Rating, Ba.
Capital Stock: Authorized and outstanding, $450,000; par, $100. Dividends have been paid in recent years as
follows:- 1898, 1%%; 1899, 1900, 1901, and 1902. 4% each; 1903, 8V4%; 1904, 5%; 1905 ,4%; 1906, 5%; 1907,
4%%:
2%; 1908, 2%%;1909, 6%; 1910, 4tt%; 1911, 1912, 34%; 1913, 2%%; 4%%;
1914, 1%%', 1915, 1916, 1%%;
12-6%.
LITCHFIELD & MADISON RAILWAY

History: Incorporated in Illinois, March 1, 1900, acquiring a part of the Chicago, Peoria & St. Louis R.R. In-
dependently operated since 1904, the Chicago, Peoria & St. Louis having disposed of its stock interest in that year.
Controlled by The Illinois Co. through ownership of all common and majority of preferred stock.
Location:
Operates 59.37 miles, of which 43.97 miles extend from Litchficld to Madison, 111. Equipment: Loco-
motives, 5; cars, 1,064.
Management: OFFICERS: Jas. Duncan. Pres.; Chas. E. Kimball, Vice-Pres.; F. M. Campbell, Sec. and Treas.
DIRECTORS: Jas. Duncan, C. A. Caldwell, C. E. Kimball. J. J. Reardon. Edwards Whitaker, Bluford Wilson, J. W.
Walsh. Annual meeting, second Monday in December. OFFICE, Edwardsville, 111.

1916 1915 1914
Maintenance of equipment.... 76,771 7f,.irr,
All other operating expenses. . . 51,056 48,772
Net operating revenue*... $98,372 $64,591

Operating ratio fio.fi", 69.9%

Taxes accrued 14.648 13.111
Surplus
income credits, $
ance transferred from income, $55,230; profit on road and equipment sold, $6,737; delayed
total $98,629. Contra: Dividend appropriations of surplus, $70,000; loss on retired road and equipment, $i 66;
credit balance carried to balance sheet, $21,323. Total,
delayed income debits, $86; miscellaneous debits, $7,054;
$98,629.
ASSETS: 1916 1915 1914 1913 1912 1911
$2,023,747 $2,053,338 $2,026,864 $2,058,265
assets 113,820 140,158 139,484 151,659 201,552 193,313
Working
Deferred debit items. . 15,934 10,983 37,963 50,424 24,295 30,112
187 10,919
Total $2,100,174 $2,145,807 $2,201,194 $2,255,608 $2,252,711 $2,292,609

LIABILITIES :
Capital stock $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Funded debt 1,018,959 1,061,097 3.129,286 1,197,475 1,189,350 1,243,450
Total $2,100,174 $2,145,807 $2,201,194 $2,255,608 $2,252,711 $2,292,609
Bonded Debt: $1,000,000 L:tchfie!d & Madison Ry. first 5s; dated Nov. 1, 1904; due Nov. 1, 1934; interest May
1 and Nov. 1, at Central Trust Co., New York. Callable at 105 on any interest day. First lien on 43.97 miles
from Litchfield to Madison, 111. Coupon, $1,000. Rating, Ba.
$18,959 of equipment note outstanding, June 30, 1916.
Capital Stock: Auth. and outstanding, $500,000 4% non-cum. preferred and $500,000 common; par, $100.
Dividends of 10% paid on common and 4% on preferred on June 30, 1916.
LITTLE KANAWHA RAILROAD

History: Incorporated under laws of West Virginia, May 1, 1896. Controlled jointly by the Baltimore &
Ohio R.R., Pittsburg & Lake Erie R.R. and Pennsylvania Company. The B. & 0. R.R. operates the road, as
agent for the owners.
Location: Road extends from Parkersburg to Owensport, W. Va., 29.42 miles; sidings, etc., 1.89 miles.
Equipment: Locomotives (leased), 2; passenger car, 1; combination car, 1; freight cars, 3.
Management: OFFICERS: J. M. Schoonmaker, Pres.; J. J. Turner, Vice-Pres.; J. T. Blair, Sec. and Treas.;
A. I. Marshall, Aud., Pittsburgh, Pa.; S. D. Brady, Chief Eng., Fairmont, W. Va.; Reese Blizzard, Gen. Coun-
sel, Parkersburg, W. Va. DIRECTORS: J. M. Schoonmaker, J. J. Turner, J. T. Blair, E. B. Taylor, J. G. Robinson,
W. F. Brunner, E. H. Kennedy. Annual meeting, second Tuesday in July, at Parkersburg, W. Va. OFFICE, 541
Oliver Bldg., Pittsburgh, Pa.
1916 1915 1914 1913 1912 . 1911
Gross revenues $32,141 $31,562 $35,392 $28,291 $33,485 $31,739
Maintenance of equip.. 915 664 1,386 1,316 2,564 1,280
Net * * * * * *
oper. revenues. $5,092 $4,245 $11,835 $17,903 $17,457 $10,278
* * * * * *
Total net income. . ?r,.o.i2 $4,100 $11,835 $17,905 $17,057 $9,798
Taxes 2,998 2,058 2,062 2,038 2,093 2.214
Fixed charges 6,858 8,892 7,310 5,614 5,904 5,062
* * * * *
Surplus $14,948 $15,050 $21,207 $25,557 $25,054 $17,074
* Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets ' 150 8,820 8,820 8,670 8,670
163',678 149,775 117,401 96,193 70,641 44,804
Total $1,104,167 $1,088,186 $648,461 $626,386 $600,683 $576,833

LIABILITIES:
Capital stock $509,500 $509,600 $509,500 $509,500 $509,500 $509,500

Deferred credit Items. ,
867
Total $1,104,167 $1,088,186 $648,461 $600,683 $576,833
$626,386
Capital Stock: Auth., $150,000 preferred and $2,850,000 common; outstanding, $150,000 preferred and $359,500
common; par, $100. $478.100 is owned by the companies controlling the property, and held in trust by the Union
Trust Co., Pittsburg, Pa. No bonded debt.
LITTLE RIVER RAILROAD

History: Incorporated under the laws of Tennessee, Nov. 21, 1901. Road opened in 1903.
Location: Road extends from Walland to Forks, Tenn., 11 miles. Equipment: Locomotives, 2; passenger cars,
4; miscellaneous, 4.
Management: OFFICERS: W. B. Townsend, Pres. and Gen. Mgr., Townsend, Tenn.; F. H. McCormick, Vice-
Pres., Williamsport, Pa.; John W. Wrigley, Sec. and Treas., Clearfield, Pa.; D. H. Tipton, Aud.; J. P. Murphy,
Supt.; R. A. Huffstetter, Pur. Agt., Townsend, Tenn. DIRECTORS: A. W. Lee, S. S. Davis, John W. Wrigley, Clear-
field, Pa.; W. B. Townsend, Townsend, Tenn.; F. H. McCormick, WilHamsport, Pa. Annual meeting, first Monday
in February, at Knoxville, Tenn. GENERAL OFFICE, Townsend, Tenn.
1916 1915 1914 1913 1912
Gross revenues . . . $34,90G $31,962 $39,496 $41,816 $40,190
Operating expenses 24,839 29,115 . 36,794 36,400 34,400

Taxes 702 726 709 692 611
Fixed charges 3,121 3,316 3,870 3,898 3,597
Balance $6,244 $1,195

1
$1,877 $826 $1,582

* Deficit

A88ET8: 1916 1915 1914 1913 1912
Property investment $162,506 $16: $165,333 $164,852 $164,303
Working assets 2,197 2,859 3,125 1,715 2,975
Total $164,761 $167,275 $168,483 $166,606 $167,667

LIABILITIES:
Capital stock $150.000 $150,000 $150,000 $150.000 $150,000
Profit and loss. . 12,151 5,907 7.101 8,978 8,152
T .:
$164,761 $167,275 $168,483 $166,606 $167,667
Capital Stock: Authorized and outstanding, $150,000; par. $100. All owned by Little River Lumber Co. No
onded debt
LITTLE ROCK, MAUMELLE & WESTERN RAILROAD

History: Incorporated under the laws of Arkansas, Jan., 1907, to build a railroad from Little Rock to Cold
Springs, Ark., 25 miles.
Location: Road in operation extends from Becker to Cold Springs, Ark., 25 miles. Equipment: Locomotives,
2; freight cars, 90.
Management: OFFICERS: A. J. Neimeyer. Pres., Pasadena, Cal.; E. B. Kingsworthy, Vice- Pres.; A. C. Becker,
See. and Treas.; F. Neimeyer, Gen. Mgr., W. W. Fuess, Aud., Little Rock, Ark. DIRECTORS: A. J. Neimeyer, Pasa-
dena. Cal.; E. B. Kingsworthy, A. C. Becker, H. L. Remmel, W. W. Feuss, Little Rock, Ark. Annual meeting, sec-
ond Tuesday in June. GENERAL OFFICE, Little Rock, Ark.

1915 1914 1913 1912 1911
Gross earnings . . .
$47,591 $54,844 $51,831 $48,121 $51,956
Net earnings . $12.741 $21,830 $21,963 $13,414 $21,783

Fixed charges 19,980 20,021 19,980 21,636 21,637
Surplus $7,239 .-: .-

$1,983 $8,222 $146
* Deficit.
Bonded Debt: $200,000 Little Rock. Maumelle & Western R.R. first 6s; dated March 12, 1908; due March 12,
1918. Int. paid Mar. and Sept. 12, at Mercantile Trust Co., Little Rock, Trustee. Coupon, $100. Authorized, $500,-
000. First lien on entire road. Interest paid without deduction for normal income tax.
Capital Stock: Auth., $250,000; outstanding, $160,000; par, $100. Dividend of $12% was paid in 1908; nont
reported since.
LITTLE ROCK, SHERIDAN & SALINE RIVER RAILWAY

History: Incorporated under the laws of Arkansas, Feb. 12, 1892.
Location: Road extends from Farrell to Craig's Mill, Ark., 17 miles; spurs, 5 miles; total, 22 miles; sidings,
1 mile. Gauge. 3 feet. Equipment: locomotives, 4; passenger cars, 2; log cars, 35; tool car, 1: stock car, 1; tie car, 1.
Management: OFFICERS: S. H. Fullerton, Pres., E. St. Louis, 111.; R. E. Farrell, Vice- Pres. and Treas.; L. B.
Farrell, Sec.; E. Booth, And. and Pur. Agt., Hensley, Ark. DIRECTORS: S. H. Fullerton, St. Louis, Mo.; R. E.
Fan-ell, L. B. Farrell, E. Booth, L. E. Farrell, Little Rock, Ark. Annual meeting, fourth Tuesday in October.
GENERAL OFFICE, Little Rock. Ark.
Bonded Debt: $75,000 Little Rock. Sheridan & Saline River Ry. first 5s. Dated Nov. 2, 1908; due Nov. 2,
1018. Interest paid May and Nov. 2. First lien on property. Interest paid without deduction for normal incom*
tax.
LIVE OAK, PERRY & GULF RAILROAD
History: Incorporated under laws of Florida, in October, 1903, as Live Oak & Perry R.R.; title changed to
above October, 1905.
Location: to Econfina, Fla., 62.85 miles; Mayo June, to Alton, Fla., 14.41 miles;
Road extends from Live Oak
Murat June, to Fla., 3.74 miles; Springdale June, to Springdale, Fla., 0.78 mile; Longbridge June, to Long-
Murat,
bridge, Fla., 2.10 miles; total, 83.88 miles; sidings, 6.87 miles. Equipment: Locomotives, 7; passenger cars, 14;
flat
cars 148.
Management: OFFICERS: H. H. Tift, Chairman of Board, Tifton, Ga.; W. L. Roach, Pres.; J. H. Powell, Vice-
Pres. and Treas.; R. P. Hopkins, Sec. and Asst. Treas.; W. T. Hargrett, Gen. Mgr. and Pur. Agt.; C. C. Smith,
Aud., Live Oak, Fla. DIRECTORS: J. H. Powell, Jacksonville, Fla.; H. H. Tift, Tifton, Ga.; W. L. Roach, Muscatine,
Iowa; A. J. Lethen, Chicago, 111.; R. P. Hopkins, Live Oak, Fla.; H. W. Taylor, Live Oak, Fla. Annual meeting,
April 1. OFFICE, Live Oak, Fla.
1916 1915 1914 1913 1912 1911
Gross revenues . $235,274 $179,093 $151,611 $114,620 $97,743 $102,724
Maintenance of way 36.291 35,575 45,239 30,418 25,904 26,208
Maintenance of equip.. 26,204 23,081 22,991 26,152 25,739 23,842
Net oper. revenues $119,063 $69,876 $36,795 $19,130 $3,321 $15,828

Other income 2,510 3,872 699 1,449 1,980 481
Total net income.. $121,573 $73,748 ?37,494 $20.579 $5,301 $16,309

Taxes 13.985 8,700 8,400 7,356 7,317 7,200
Fixed charges 52,636 48,007 44,300 40,950 37,874 34,867
* * * *
Surplus $54,952 $17,041 $15,206 $27,727 $39,890 $25,758
* * Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $54,952; debit
balance carried to balance sheet, $113.222; total, $168,174. Contra: Debit balance at beginning of year, $166,788;
miscellaneous debit, $1,386; total, $168,174.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment.... $1,305.506 $1,313.622 $1,320.580 $1,225,119 $1,219,953 $1,199.546
Working assets 33,135 33.365 20,681 27.168 12,801 12,998
Deferred debit items... 390 3.530 4,681 2,074 1,641 944
Profit and loss deficit.. 113,222 166,788 184,116 167,492 131,379 69,885
Total $1,452,253 $1,517,305 $1,530,058 $1,421,853 $1,365,774 $1,283,373

LIABILITIES:
Capital stock $600.000 $600.000 $600.000 $600.000 $600.000 $600.000
Funded debt 827,503 838.812 850,980 752,900 727,200 422,138
Workine liabilities 7,376 67,083 62.410 56.159 30,244 246,195
Deferred credit items... * 270 775 577
2,062 3,538
Total $1,452,253 $1,517,305 $1,530,058 $1,421,853 $1,365,774 $1,283,373

* Reverse item.
Bonded Debt: $789.000 Live Oak, Perry & Gulf R.R. first 5s; dated 1913; due April 1, 1942. Int. paid Apr.
and Oct. 1, at Safe Deposit & Trust Co., Baltimore, Md., Trustee. Coupon, $1,000. Authorized, $900,000. The bonds
outstanding were issued to retire bonds dated Oct. 2, 1905, and for improvements. First lien on entire property. In-
terest psid without deduction for normal income tax.
Rating, B.
F>uinment Obligations: On June 30, 1916, there we<-e outstanding $38.503 equipment-trust obligation!.
Capital Stock: Auth., $2,000,000; outstanding, $600,000; par, $100. No dividends paid.
LORAIN & SOUTHERN RAILROAD

History: Incorporated under the laws of Ohio, April 25, 1903, to construct a road from Lorain to Welling-
ton, Ohio. 25 miles.
Location: In operation L. S. & M. S. June, to Amherst,
0., 0.86 mile; branches at Amherst, 5.12 miles; total,
5.98 rîles. Equipment: Locomotive, 1; cars, 31.
Manaeement: OFFICERS: W. A. C. Smith, Pres. and Pur. Agt; G. B. Siddall, Vice-Pres.; F. D. Kelloeg, Sec.
F. H. Busching, Aud.. Cleveland. O.; H. E. AJams,
Supt., Amherst, 0. DIRECTORS: J. S. McNamara,
Busching, W. A. C. Smith, G. B. Siddall, F. D. Kelbgg, E. T. Ripley, Cleveland, 0.; R. W. Walsh, Chicago, 111.
5tmg, fourth Wednesday in January. GENERAL OFFICE, Citizens Building, Cleveland, Ohio.
1916 1915 1914 1913 1912
Gross revenues $13.270 $15.283 $7.983 $7,491 $7,848
Net operating deficit- $11,825 $692 $10,185 $5,262 $6,800
1.044 999 738 661 376
charges 3,260 2,744 2,259 757 1,392
~
Dpficit
$16,129 $4,435 $13,182 $6,680 $8,568
Profit and Loss Account, year ended June 30, 1916: Debit balance carried to balance sheet, $ 72,768. Contra:
Debit balance at beginning of year, $52,675; debit balance transferred from income, $16,129: miscellaneous debit*,
13,964; total, $72,768.
ASSETS: 1916 1915 1914 1913 1912
Working assets 8,341 5,902 8,676 4,722 2,238
Deferred debit items. 1 9 86
Profit and loss 72,768 52,675 48,246 35,063 2V.926
Total $169,664 $152,068 $149,694 $131,025 $122,403

LIABILITIES :
Capital stock $100.000 $100,000 . $100.000 $100.000 $100,000
Accrued liabilities not due. 713 717 478 443
Total $169,664 $152,068 $149,694 $131,025 $122,403

Capital Stock: Authorized and outstanding, $100.000; par, $100. Majority owned by Ohio Quarries Co. No
bonded debt Dividend of 10% was paid in 1909. None since.
LORAIN & WEST VIRGINIA RAILROAD

History: Incorporated under Ohio laws, in January, 1906. W. M. Duncan, receiver of the Wheeling & Lake Erie
R.R. Co., operates the road.
Location: Lake June, to South Lorain, p., 25.79 miles; Quarry June, to Stone Quarries, 9.19 miles; total, 34.98
miles; sidings, 14.52 miles. Owns 1 locomotive. No other equipment.
Management: OFFTCFJM: B. A. Worthington, Pres., Indianapolis; B. C. Tucker, First Vice-Pres.; W. M. Bald-
win, Sec.; J. R. Nutt, Treas.; C. H. Holmes, And.; W. W. Griswold, Pur. Agt, Cleveland, O. DIRECTORS: B. C.
Tucker. J. R. Nutt, H. D. Messick. G. P. Koelliker. W. J. O'Neill. Cleveland, 0.; H. W. Seaman, Chicago, 111.; B. A.
Worthington, Indianapolis. Annual meeting, in March. OFFICE, Cleveland, O.

1916 1915 1914 1913 1912 1911
Gross revenues $326.526 $245.689 $327.437 $245.018 $230.524 $167.280
Maintenance of way. . . 23.376 19.564 34.060 23,989 23.840 12.557
Maintenance of equip.. 7.489 6.016 8.274 7,212 12.590 9.001
All other oper. expense* 54.071 45,390 66,520 47,796 51,523 41,359
Net opr. revenues. $241,590 $174,719 $225.5R3 $166,021 $142,671 $104,363

Other income 317 167 128 300 622 425
Total net income.. $241.907 $174.886 $225.711 $166321 $143.193 $101.788

Taxes 11.100 11.257 7,474 6,050 6,050 5,783
Fixed charges 142.630 167.916 156,360 97,403 149,240 132.874
Surplus $88,177 $4,287 $61,877 $62,868 $12,097 $33,869

Deficit.
Profit and LOM Account, year ended Jane 30. 191fi: Credit balance at beginning of year, $312,956; credit bal-
ance transferred from income, $88,177; total, $401.133. Contra: Dividend appropriations of surplus, $32,000; mis-
cellaneous debits, $152; credit balance carried to balance sheet, $368,981; total, $401,133.

A - -'
?T -
:
1916 1915 1914 1913 1912 1911
Property investment ... $4,313.807 $4,285.157 $4,283,722 $4,283.494 $4,121.040 $4.076.146
Working assets 391,665 180,272 316,453 335,727 1,896. 5fi6 2,004.418
Accrued income not due 72.000 72.000
Total $4,718,054 $4,473,375 $4,614,351 $4,635,545 $6,107,035 $6,177,092

LIABILITIES:
Capital stock $2.000.000 $2.000.000 $2.000.000 $2.000.000 $2.000.000 $2.000.000
FnnnVd d4>t 2,000.000 2,000.000 2,000.000 2,000.000 2.000.000 2,000.000
Workinc liabilities .... 344.494 154.639 264.552 325.896 1,747.984 1,885.142
Accr'd liabilitips not due 6,360 4.334 3,743 4,008 290.202 213.040
Deferred credit items. . 119 1.446 11.058 r,10 2.156. 119
Profit and loss surplus. 368.981 312,950 334,998 305,122 66,693 78,791
T tal $4,718,954 $4,473,375 $4,614,351 $4,635,545 $6,107,035 $6,177,092
Bonded Debt: $2.000.000 Lorain & West Virginia R.R. first 5s; dated Jan. 1, 1913; due Jan. 1, 19fi3. Int. paid
Jan. and July 1. at Citizens' Savings A Trust Co., Cleveland, Trustee. Coupon, $1,000. Interest paid without de-
duction for normal income tax. Rating, Ba.
Capital Stock: Auth. and outstanding, $2,000.000; par, $100. Stock transferred and registered at company's
office. Dividend.: In 1914, 1.6^; 1915, 1.6%; 1916 ,1.6%.
;,.-,<; MOODY'S ANALYSES OF INVESTMENTS.
LOS ANGELES & SAN DIEGO BEACH RAILWAY
History: Incorporated under the laws of California, April, 1894, as the San Diego, Pacific Beach & La Jolla
Ry. Name changed to above in April, 1906. Operated by electricity for passenger service.
Location: Road extends from San Diego to La Jolla, Cal., 17.61 miles; sidings, etc., 3.93 miles. Equipment:
Locomotives, 4; cars, 48; electric cars, 3.
Management: OFFICERS: E. S. Babcock, Pres.; W. J. Gough, Vice-Pres., Supt. and Pur. Agt; W. R. Lyon,
Aud., San Diego, Cal. DIRECTORS: The foregoing and L. M. Drown, T. M. Leavy, San Diego, Cal. Annual meet-
ing, first Monday in April. OFFICE, San Diego, Cal.
Bonded Debt: In March, 1915, the California Railroad Commission approved trust deed submitted by the com-
pany, to the Southern Trust & Savings Bank, San Diego, Cal., to secure $375,000 bonds, previously authorized.
Proceeds to be used to electrify the line, and for improvements to property, etc. Up to Jan. 1, 1916, none of the
bonds had been issued.
Capital Stock: Authorized, $2,000,000; outstanding, $711,000. Par, $100.
LOUISIANA & NORTH WEST RAILROAD

History: Incorporated under laws of Louisiana, Jan. 1, 1895, succeeding to the Louisiana North & South R.R.
The road from McNeil to Magnolia is leased from the St. Louis Southwestern Ry. Co., for 20 years from Aug. 1,
1898, at a rental of $3,960 per annum.
Receivership: On Aug. 22, 1913, President Geo. W. Hunter was appointed receiver by Judge Foster, in the
United States District Court, in New Orleans, on application of the Baldwin Locomotive Works.
Location: Road extends from Magnolia, Ark., to Natchitoches, La., 115.0 miles, owned. Leased from St. Louis
Southwestern Ry., McNeil to Magnolia, Ark., 6.4 miles. Total operated, 121.4 miles; sidings, 10.82 miles. Equip-
ment: Locomotives, 9; cars: passenger, 9 owned, 2 leased; freight, 57 owned; steam shovel, 1; pile driver, 1; ditch-
ing machine, 1; service cars, 16.
* Management: OFFICERS: Geo. W. Hunter, Rec., Pres. & Treas., St. Louis; John A. Richardson, Sec. and Atty.;
R. M. McCarty, Aud.; S. S. Senne, Mgr., Homer, La. Annual meeting, first Monday in December. GENERAL
OFFICE, Homer, La.
1916 1915 1914 1913 1912 1911
Gross revenues $273,137 $245,039 $308,461 $331,128 $284,460 $292,823
Mainten. of equipment. 49,127 40,100 64,223 45,259 44,679 45,310
Net oper. revenues. $39,465 $5,554 *$30,929 $63,188 $38,702 $57,837

Other income 1,075 2,050 1,850
Total net income. . . $39,465 $5,554 *$30,929 $64,263 $40,752 $59,687

Taxes 17,527 22,701 19,166 12,600 12,997 14,470
Fixed charges 153,1.94 151,076 165,707 168,972 161,898 154,467
Deficit $131,256 $168,223 $215,802 $117,309 $134,143 $109,250

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $280; debit balance carried to bal-
ance sheet, $1,536,719. Total, $1,536,999. Contra: Debit balance at beginning of year, $1,405,743; debit balance
transferred from income, $131,256; total, $1,536,999.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 62,978 34,050 54,606 41,266 32,988 27,856
Profit and loss deficit. 1,536,719 1,404,945 1,233,605
.
985,433 859,734 709,445
Total $5,994,983 $5,838,527 $5,702,107 $5,437,049 $5,263,984 $5,087,909
LIABILITIES:
Capital stock $2,300,000 $2,300,000 $2,300,000 $2,300,000 $2,300,000 $2,300,000
Funded debt .
2,255,537 2,282,769 2,282,769 2,215,428 2,201,702 2,180,000
Workintf liabilities .... 1,274,799 1,100,448 966,188 770,998 628,300 502,889
Acer d liabilities not due 160,523 151,792 152,620 97 924
143,323 117,782
Deferred credit items.. 4,124 3,518 530 7,300 16,200 7,096
Total $5,994,983 $5,838,527 $5,702,107 $5,437,049 $5,263,984 $5,087,909
Bonded Debt: (1) $100,000 Louisiana & North West R.R. Prior Lien 5s; dated Jan.
1, 1895; due Jan. 1, 1945.
nt paid an. and July 1, at Boody, McLellan & Co.. New York.
Coupon, $1,000. Peoples Trust Co., Brooklyn,
.
e. First hen on 35 miles of road, Homer to Bienville, La. Interest

normal income tax. payable without deduction for
Louisiana & North West R.R. first 5s; dated April 1,
1905; due April 1, 1935. Int. paid April
Treasurer's office St Louis. Coupon, $1,000.
Mississippi Valley Trust Co., St. Louis, Trustee. Auth-
0, of which $150,000 is reserved to retire
prior lien bonds and the balance for improvements, equip-
entlfe pr0perty OWned> sub J ect to N 1- Interest payable without deduction for normal
-
incSme twc' I df lt
MOODY'S ANALYSES OF INrESTMEXTS. 957
(3) $5,537 Equipment notes outstanding, June 30, 1916; dated May 5, 1914; due in 3 years in monthly pay-
ments. Secured on 2 passenger coaches.
Capital Stock: Auth.. $10,000,000; outstanding, $2,300,000; par, $100. Secretary of company acts as TRANSFER
AGENT AND REGISTRAR. No dividends.
LOUISIANA & PACIFIC RAILWAY

Incorporated under laws of Louisiana, June 6, 1904, and operated as a part of the Shreveport, Alex-
History:
ander &
Southwestern Ry. system. The line from De Ridder to Fulton, La., was sold during the fiscal year ended
June 30, 1908, to the Lake Charles & Northern R.R. Co. At the same time, an agreement was also made for joint
use of tracks between De Ridder and Bridge June., La. In 1909, the line from Bridge June, to Lake Charles, La.,
was built, and 2.50 miles of track, from mile-post 38 to Banks, La., were abandoned.
Location: Line in operation: De Ridder to Bridge June., La. (Lake Charles & North R.R. operated jointly
with that company under agreement), 42.3 miles; De Ridder June, to Bundick, 8.7 miles; Bundick, La., to Cecil, La.,
10.0 miles; Longville to Vandercook, 5.50 miles; Fayette to Camp Curtis, 9.4 miles; Bridge June, to Lake Charles,
1 mile. Total operated, 76.9 miles; sidings, 9.74 miles. Equipment: Locomotives, 6 owned, 2 leased; freight cars,
196 owned, 145 leased; service cars, 2.
Management OFFICERS: R. A. Long, Prea. F. J. Bannister, Vice-Pres.; R. S. Davis, Second Vice-Pros, and
: ;
Gn. Mjrr.; J. D. Tenna.nt, Third Viee-Pres. R. T. Dempsey, Sec. and Treas.; P. C. Rickey, Comptroller, Kansas
;
City, Mo.; D. McLean, And.; L. H. Cecil, Supt., De Ridder, La. DIRECTORS: R. A. Long, R. S. Davis, J. D. Ten-
nant, F. J. Bannister, R. T. Dempsey, Kansas City, Mo; S. T. Wood ring. Lake Charles, La. Annual meeting, April
1. OFFICES, Kansas City, Mo., and De Ridder, La.

1916 1915 1914 1913 1912 1911
Gross revenues $281.855 $260,494 $261.302 $238.004 $228,353 $228,319
Maintenance of way... 25,608 21,669 33.2.'3 42.232 26,088 21,863
Maint. of equipment... 38,580 35,820 53,475 52,910 45,852 50.966
All other oper. expenses 105,373 108,953 137.053 112,540 101,471 106,064
Net oper. revenues. $112.294 $94,062 $37.521 $31,222 $54,942 $49,426

Other income 8,899 9,347 4,013 371 2 49
Total net income... $121.193 $103.399 $41,534 $31,593 $54,944 $49,475

Taxes 7.746 6,396 4,441 4,031 3.157 2,534
Fixed charges 51.785 52,770 63,288 42,006 48,415 59,123
Surplus $61,662 $45,233 *$26,195 *$14,444 $3,372 *$12,182

* Deficit.
Profit and IJOKK Account, year ended June 30, 1916: Credit balance at besrinning of year, $45,021; credit bal-
ance transferred from income, $61,662; miscellaneous credits, $28; total, $106,711. Contra: Loss on retired road
and equipment, $43,695; delayed income debits, $20,444; credit balance carried to balance sheet, $42,572; total, $106,-
711.
Comparative Condensed Balance Sheet, as of Jnne 30
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $370.335 $353,875 $446.458 $469,335 $433.540 $443,932
Working assets 218.246 138.855 830,525 521,127 265,935 203.796
Deferred debit items. . . 16.290 127,003 2,087 2.350 28,358 20.586
Profit and loss deficit. . . 31,852 5,866
Total $604,871 $619,733 $1,310,922 $998,678 $727,833 $668,314

LIABILITIES:
Capital stock $51.000 $51,000 $51.000 $51.000 $51.000 $51.000
Funded HcM 390.:!no 396.100 600.000 600.000 600.000 600.000
Workine liabilities 19.R03 16." 27.5K9 345.603 15,732 10,692
Aerr'H liabilities not due 2.720 2.706 2.096 2,075 678 857
Deferred credit items.. 9R.476 10R.354 630,257
Profit and loss surplus. 42.572 45,021 10,241 5,765
Total $604,871 $619,733 $1,310,922 $998,678 $727,833 $668,314

Bonded Debt: $390.300 Louisiana A Pacific Ry. 1st 6s. Dated Jan. 1. 1910; due Jan. 1. 1920. Interest paid
Jan. and July 1, at Commerce Trust Co., Kansas City, Mo. Coupon, $100, $500, and $1,000. No sinking fund.
$209,700 in treasury. First lien on entire property. Rating, Ba.
Capital Stock: Authorized, $200,000; outstanding, $51.000; par, $300. A stock dividend of 70% was paid in
1910; increasing the outstanding stock to foregoing amount
LOUISVILLE & JEFF^.RSONVILLE BRIDGE COMPANY

Hi'tory: Incorporated in Indiana and Kentucky, Aug. 3, 1887.
Location: Owns a bridge (% mile) over Ohio River, Louisville, Ky., to Jeffersonville, Ind. (with approaches),
in all 4.12 miles,operated by C., C.. r. & St. L. and used by Chesapeake & Ohio Railway and C., C., C. St. Louis &
Ry.. which roads own all the outstanding stock. Company also owns 40 acres in Louisville and 50 in Jeffersonville.
Louisville. Ky., and Jeffersonville, Ind., main track, 4.12 miles; second track, 0.29 mile; yard track, 15.87 miles;
trackage, Illinois Central, 0.13 mile; total operated, 20.41 miles. Owns 5 locomotives and 2 service cars.
Management: OmcKKs: Alex. P. Humphrey, Pres. ; M. L. Akers, Vice-Pres. and Sec.; R. N. Harry, Treas.
DiRECTOn: F. M. Whitaker. C,co.W. Stevens, C. J. Brister, Alex. P. Humphrey, H. A. Worcester. Annual meeting,
first Monday in March. OFFICE, Louisville, Ky.
LIABILITIES:
Capital stock
c
MOODY'S A \ALYSES OF INVESTMENTS. 961

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $929,124 $941,017 $949,203 $957,392 $960,372 $965.795
Working- assets 336.066 148,895 167,005 166,713 123,872 203,238
Deferred debit items... 2,514 1,845 1,456 1,131 820 700
Total $1,267,704 $1,091,757 $1,117,664 $1,125,236 $1,085,064 $1,169,733

LIABILITIES :
Capital stock $1,000.000 $1,000.000 $1,000,000 $1,000,000 $1,000,000 $1,000.000

Working liabilities .... 11,329 7.523 7,015 14,676 10,132 9,460
Accrd. liabilities not due 9,178 8,425 8.309 9,091 9,502 8,382
Deferred credit items... 2,185 1.795 1,406 1,019 756 616
Total $1,267,704 $1,091,757 $1,117,664 $1,125,236 $1,085,064 $1,169,733
Capital Stock: Authorized and outstanding, $1,000,000; par, $100. Increased from $40,000 in 1909. No bonded
debt. Entire stock owned by National Tube Co.
MACON & BIRMINGHAM RAILROAD

History: Incorporated under laws of Georgia, May 27, 1896, successor to the Macon & Birmingham R.R. Road
projected from Macon, Ga., to Birmingham, Ala.
Keceiremhip: On Feb. 1, 1908, S. F. Parrott, Vice-Pres., was appointed Receiver of the company upon the ap-
plication of the Old Colony Trust Co.. of Boston, Trustee of the 1st mortgage 5%
bonds. In Sept., 1910, J. P. Munson
was appointed Receiver, to succeed Mr. Parrott.
Location: Road completed extends from Sofkee to La Grange, Ga., 96.87 miles; total operated, 96.87 miles.
Sidings, 7.40 miles. Equipment: Locomotives, 3; passenger cars, 5; freight and others cars, 57.
Management : OFFICERS: J. B. Munson, Receiver, Macon, Ga.; B. C. Parsons, Sec., Boston, Mass.; W. P. Hop-
per. Treas.; W. F. B"chnno". Aud. ;
E. E. Hanson, Par. Agt., Macon, Ga. Annual meeting, second Monday in
September. OFFICE, Macon, Ga.

1916 1915 1914 1913 1912 1911
Gross revenues $148.451 $12.605 $156.207 $155.889 $165.172 $155,118
Maintenance of way. . . 47,342 50.568 "55 39,118 31.068 37,395
Maint. of equipment. . . 13.717 24.268 20.534 25.238 17,688 20.273
All other oper. expenses 71,616 B8361 77,961 81,403 77,877 79,820
Net oper. revenues. $35,082 $10,130 $38,544 .$17,630

Other income 979 685 497 739 570 731
Total net income. . . $16.725 $34.397 $22.742 $10.869 $39.114 $18,361

Taxes 7,041 6.782 8,152 8,083 7.544 7.079
Fixed charges r.'.- M 51,484 50.775 51,686 49,901 47,664
Deficit . $39,708 $92,663 $36,185 $48,900 $18,331 $36,383

* Deficit
Profit and LOM Account, year ended June 30, 1916: Donations, $150; miscellaneous credits, $44; debit balance
carried to balance sheet, $949,022; total, $949,216. Contra: Debit balance at beginning of year, $907,101; debit
balance transferred from income, $39,708; loss on retired road and equipment, $2,393; miscellaneous debits, $13;
total. $949,216.
^
-t :
-
1916 1915 1914 1913 1912 1911
Property investment ... $1,014.812 $1,047.842 $1,009.678 $1,023.777 $1,012.993 $1,007,552
Working assets 27,022 25,826 22.162 18.800 22.465 18,623
Deferred debit items. . . 69,059 72.144 13.353 13,377 12,557 12.805
Profit and loss deficit. . . 949,022 907,101 795,303 730,336 681,235 657,758
Total $2,059,915 $2,052,913 $1,830,496 $1,786,290 $1,729,250 $1,696,738

LIABILITIES:
Capital stock $500 000 $500.000 $500.000 $500.000 $500,000 $500.000
Funded debt 500,000 558,480 512.000 512.000 511,000 512,000
Working liabilities .... 793.307 726.276 777.000 745.283 712,873 680,492
Accrd. liabilities not due 3,718 3,691 29.003 28,888 3,517 3,672
Deferred credit items.. 244.r,10 246.ir.fi 4.185 119 1,860 574
Appropriated surplus . . 18.310 18,310 18,308
Total . $2,059.915 $2,052,913 $1.830,496 $1,786,290 $1,729,250 $1,696,738

Bonded T)eht: $500.000 Macon A Birmingham Ry. 1st 5s. Dated July 1. 1896; due July 1, 1946. Interest Jan.
and July at Old Colony Trust Co., Boston, Trustee. Coupon, $1,000. First lien on entire property, Interest paid
Receiver's Certificates: On June 30, 1016, there wero outstanding $50,000 receiver's certificates, issued May
11, H'l~>. and pledged as security for an equivalent amount of outstanding negotiable notes.
Capital Stock: Outstanding, $500,000; par, $100. REGISTRAR, B. C. Parsons, Sec., Boston, Mass. No dividends.
MACON TERMINAL COMPANY
to construct a union passenger station and ter-
History- Incorporated under the laws of Georgia, July 9, 1914,
minal in the City of Macon, Ga. The land owned by the company consists of practically 13 acres centrally located,
and the building will provide offices on the upper floors for the Southern Railway Company and the Central of
Georgia Railway Co. The entire capital stock of the company is jointly owned by the Southern Railway Co.,
the
Central of Georgia Railway Co. and the Georgia, Southern & Florida Railway Co., and these three companies have
entered into a fifty year agreement, expiring July 1, 1965, to use the company's tracks and to pay their pro rata
share of the operating expenses.
Management: OFFICERS: W. A. Winburn, Pres., Savannah, Ga.; H. B. Spencer, Vice-Pres., Washington, D.
C.; E. B. McCuen, Sec., Savannah, Ga.; W. P. Hopper, Treas.;
W. D. Beymer, Aud., Savannah, Ga. DIRECTORS: W.
A. Winburn. C. K. Lawrence, Savannah, Ga.; H. B. Spencer, Washington, D. C.; H. W. Miller, Atlanta, Ga.; J.
B. Munson, W. F. Buchannon, Macon, Ga. Annual meeting, fourth Wednesday in February. GENERAL OFFICE, Sa-
vannah, Ga.
Comparative Condensed Balance Sheet, as of September 30, 1916
ASSETS: 1916 LIABILITIES: 1916
Cost of property . $1,232,808 Common stock $99,900
Cash on hand 353.581 Bonded debt 1,600,000
Other assets 94,905 Current liabilities 56,713
Deferred credit items 70.445 Deferred credit items , 137
Total $1,751,750 Total $1,751,750
Bonded Debt: $1,600.000 Maeon Terminal Company

first 5s. Dated July 1, 1915; due July 1, 1965. Interest
paid Jan. and July 1, in New
York. Coupon, $1,000. Registered, $1,000 and multiples. Interchangeable. Author-
ized, $3,000.000. Balance issuable only after completion of terminal building and facilities for any excess in cost
thereof, exclusive of real estate, over the sum of $1,000,000, and for additions, betterments, etc. First lien on entire
property of company. Guaranteed principal and interest by endorsement jointly and severally by the three com-
panies owning the capital stock. Normal income tax deducted from interest. Rating, A.
*
Capital Stock: Authorized and issued, $100,000; outstanding, $99,900. Par, $100. With the exception of direc-
tors qualifying shares, all owned by the Southern Ry., Central of Georgia Ry. and the Georgia, Southern & Florida
Ry. Secretary of company acts as TRANSFER AGENT.
MAMMOTH CAVE RAILROAD

History: Incorporated under the laws of Kentucky, in 1884.
Location: Road extends from Glasgow June, to Mammoth Cave, Ky., 8.70 miles. Equipment: Locomotives,
2; cars, 4.
Management: OFFICERS: L. P. Lacey, Pres., Sec. and Pass. Agt.; G. H. Patterson, Vice-Pres.; J. B. Whitney,
Gen. Mgr., Franklin, Ky. DIRECTORS G. H. Patterson, J. B. Finn. Geo. H. Lacey, N. H. Bryan, L. P. Lacey, J. M.
:
Crocker, G. C. Harris, Franklin, Ky. Annual meeting, in January. GENERAL OFFICE, Franklin, Ky.

1916 1915 1914
Gross revenues $10.927 $11,413 $13,744
Net operating revenues $266 $936 $1,597

Taxes 202 . '.
Fixed charges 1 500 1,500
Balance *$1,436 $936 $97

* Deficit.
Profit and Loss Account, year ended June 30, 1916 Debit balance carried to balance sheet, $23.816. Contra
: :
Debit balance at beginning of year, $22,380; debit balance transferred from

income, $1,436; total, $23,816.

Property investment $22,684 $22,684 Capital stock .
$16.000 $16000
Working assets 64 584 Funded debt 30,000 30,000
Profit and loss 20,943 22,732 Accrd. liabilities not due 625
$43,691 $46,000 Total $46,625 $46,000

Bonded Debt: $22.000 Mammoth Cave R.R. first 5s. Dated Feb. 1, 1911; due Feb. 1, 1936. Interest
paid Feb.
1. Authorized, $30,000. Issued to provide payment of floating debt. First lien on entire line.
MANCHESTER & ONEIDA RAILWAY

istory: Incorporated under laws of Iowa, April 10, 1900. Road opened August 1, 1901.
Road extends from Manchester to Oneida, Iowa, 8.04 miles.
Sidings, 0.75 mile. 2 locomotives; 1 car.
Ian ement: _
Tr. ^
.n
'
W T
27*W J
M
'
s Hutchinson .
\ Pres.; E. H. Hoyt, Vice-Pres.; L. Matthews, Sec.; A. R. LeRoy,
?P che ster, Iowa. DIRECTORS: A. S. Blair, E. M. Carr, Hubert Carr, W. H. Hutch-
'
A> D Long L Matth ews, A. A. Morse, A. R. LeRoy, C. J. Seeds, G. W. Dun-

2%H w utC hl S
?,
'
T S ?'
'
-
' -
Manchester Iowa - - Annual meeting, first Tuesday in April. OFFICE,

M^nchester lo

1916 1915 1914 1913 1912 1911
Gross revenues $24,608 $24,094 $23,783 $23,762 $25,569 $25,218
Maintenance of equip.. 1,378 2,129 l.:;45 2,706 1,402 1,069

Other income 788 770 653 406 356 35
Total net income.. $6,424 $6,641 $7,390 $3,824 $8,285 $9,647

Taxes 1,032 l.n:,2 1,052 897 861 858
Fixed charges .
._ 4,338 4,584 3,505 3,579 3,504 3,493
Surplus $1,054 $1,005 $2,833 $652 $3,920 $5,296

* Deficit.
Comparative Condensed Balance Sheet, aa of June 30

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment... $133,323 $133,286 $131,377 $131,307 $130,106 $130,707
Working assets 22,982 24,352 25,470 20,954 20,720 14,956
TcUl $156,305 $157,638 $156,847 $152,261 $150,826 $145,663

LIABILITIES:
Capital stock $62,733 $62,780 $62,780 $62,710 $62,710 $62,710
Funded debt 65,000 65,000 65,000 65.000 65,000 65,000
Working liabilities 7,350 8,642 6,479 5.417 6,503 4,259
Appropriated surplus... 2,847 2,848 3,238 2,638 838 838
Total $156,305 $157,638 $156,847 $152,261 $150,826 $145,663

Bonded Debt: $65.000 Manchester & Oneida Ry. first 5s. Dated March 1, 1901; due March 1, 1921. Interest
annually, March 1, at Manchester, la. Coupon, $500. Authorized, $128,000. Not to exceed $16,000 per mile. Call-
able on 30 days' notice. First lien on entire property. Normal income tax deducted from interest. Rating, B.
Capital Stock: Authorized, $75,000; outstanding, $62,733. Par, $100. No dividends.
MANISTEE & NORTHEASTERN RAILROAD

History: Incorporated under Michigan laws, January 7, 1887. On July 1, 1892, the main line of the road waa
completed.
Location: Manistce to Traverse City. Mich., 70.76 miles; branches, 41.04 miles; leased, 1.26 miles; trackage, 6
miles; total, 189.82 miles; sidings, 53.18 miles.
Equipment: Locomotives, 16; passenger cars, 15; combination, 5; baggage, 2; freight cars, 713; service, 2.
Manarentent: OFFICERS: Edward Buckley, Pres.; P. R. L. Carl, Vice-Pres., Treas. and Gen. Mgr.; F. A. Mit-
chell. 2d Vice-Pres. and Sec.; C. F. Kuehl. Asst. Sec., Asst. Treas. and And.; E. H. O'Neill, Gen. Supt, Manistee,
Mich. DIRECTORS: Edward Buckley, P. R. L. Carl, F. A. Mitchell, W. H. Nuttall, J. H. Rademaker, C. F. Kuehl,
C. F. Ruggles. Manistee, Mich. Annual meeting, second Tuesday in June. OFFICE, Manistee, Mich.
Comparative Income Account. Tears Ended December 31, 1910 to 1912; June 30, 1913 to 1916
1916 1915 1914 1913 1912 1911 1910
Gross earnings $502.318 $482.015 $,560.090 $574.824 $584.699 $582.867 $486.553
Operating expenses and taxes. . 410.742 422.394 460.583 455.387 455.006 446.380 429.583
Net earnings 96.304 73,927 99,507 J127.372 126.694 136.487 56.970
Fixed charges 71,899 72.210 71.164 90.458 87.808 96.227 83.433
Surplus 24,405 1,717 f49.932 36,914 41,795 40,260 26,463
Includes non-operating income. t Includes $21,589 other income. J Includes $7,935 other income. Deficit.
Profit and Los* Account, year cndpd June 30, 1916: Credit balance at beeinning of year, $194.335; credit bal-
ance transferred from income. $24.405; Contra: Loss on
profit on road and equipment sold, $263; total, $219,003.
retired road and equipment, $2,040; credit balance carried to balance sheet, $216,963; total, $219,003.
Comparative Condensed Plance Sheet, aa of June 30

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment... $2,090.087 $2,109.372 $2,093.663 $2,073.493 $2,071.368 $2,074.858
Working assets 134.494 116,701 116,807 117,746 101.005 96,754
Deferred credit items., 1,474,234 1,474.234 1,474,234 1,474,234 1,474,234 1,474,234
Total $3,698,815 $3,700,307 $3,684,704 $3,665,473 $3,646,607 $3,645,846

LIABILITIES :
Capital stock $2.000.000 $2,000.000 $2.000.000 $2.000.000 $2.000.000 $2.000.000
Funded dpht 1,251.000 1,291.000 1,331.000 I,3fi8.000 1,409.000 1,452.000
Working liabilities 216.543 200.663 146.884 141.438 118.049 122.596
Appropriated surplus.. 14.209 14.309 14.309 14.309 14.309 14.308
Profit and loss surplus. 216.963 194,335 192,511 141,726 105,249 56,942
r
Total .
$3,698,816 $3,700,30 $3,684,704 $3,665,473 $3,646,607 $3,645,846
$1,251,000 Manistee & Northeastern R.R. first 5s. Dated Jan. 1, 1909; due $40,000 annually Jan.
Bonded Debt:
1 and $15,000 on Jan. 1, 1937. Interest paid Jan. and July 1, at Michigan Trust Co., Grand
to 1986, inclusive,
Rapids, Mich., Trustee, and at Metropolitan Trust Co., New
York City. Coupon, $1,000. Authorized, $1,500,000, of
which $1,471,000 have been issued, $220,000 thereof having been retired on June 30, 1915. Sinking fund, one-half
of surplus, after retiring $40,000 annually. Callable at 102% and interest on 60 days' notice. First lien on entire-
property. Interest paid without deduction for normal income Rating, B.
tax.
Capital Stock: Authorized and issued, $2,000,000. Par, $100. Secretary acts as REGISTRAR AND TRANSFER
AGENT.
MANITOU & PIKE'S PEAK RAILWAY

History: Incorporated under laws of Colorado, November 17, 1888. Road opened in June, 1891.
Location: Road extends from Manitou to summit of Pike's Peak, Colo., 8.9 miles; sidings, 0.3 mile. The road
is operated from April to November of each year, mainly for tourists. Equipment: Locomotives, 6; cars, 8.
Management: OFFICERS: C. W. Sells, Pres. and Mgr.; H. J. Holt, Vice-Pres. and Aud., Manitou, Colo.; Z. G.
Simmons, Treas.; A. H. Lance, Sec., Kenosha, Wis. DIRECTORS: H. S. Cable, Rock Island, 111.; E. T. Jeffrey, New
York; Z. G. Simmons, A. H. Lance, Kenosha, Wis.; C. W. Sells, Manitou, Colo. Annual meeting, third Saturday in
October. OFFICE, Manitou, Colo.

1916 1915 1914 1913 1912 1911
Gross revenues $165,797 $86,595 $100,901 $93,255 $102,728 $106,138
Ajll other oper. expenses 50,409 31,880 36,217 37,336 37,289 38,796
Ne_t oper. revenues $81,327 $20,010 $38,161 $32,973 $21,533 $45,703

Other income 1,663 1,638 2,348 5,283 5,253 4,855

$82,990 $21,648 $40,509 $38,256 $26,786 $50,558
Taxes 3,842 3,741 3,258 4,884 4,271 4,982
Fixed charges 25,000 25,054 25,005 25,000 25,711 25,000
Dividends .
50,000
Surplus .
$4,148 *$7,147 $12,246 $8,372 *$3,196 $20,576
* Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
$1,097,642 $1,099,592 $1,086,542 $1,086,542 $1,086,542 $1,101,542
Working assets 21,921 20,852 37,889 25,174 216,691 208,229
Accrued income not due 900 450 450 450 450
Total $1,120,463 $1,120,444 $1,124,881 $1,112,166 $1,313,683 $1,310,221
LIABILITIES:
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000
Funded debt 500.000 500,000 500,000 500,000 500,000 500,000
Working liabilities 8.674 12,552 10,129 9,322 21,730 11,683
Total .
$1,120,463 $1,120,444 $1,124,881 $1,112,166 $1,313,683 $1,310,221
Bonded Debt: $500.000 Manitou & Pike's Peak Ry. first refunding 5s. Dated Oct.
1, 1908; due Oct. 1, 1928. In-
it paid
Aug. and Oct. 1, at First Trust & Savings Bank, Chicago, Trustee. Coupon, $1,000. Auth., $500,000.
to retire a like amount of bonds which matured Oct.
1, 1909. A first lien on all property. Interest paid with-
it deduction for normal income tax.
Rating, B.
Capital Stock: Authorized and outstanding, $500,000. Par, $100. In 1913, a dividend of 40% was None
paid.
4 and 1915; 10% paid in 1916. TRANSFER OFFICE, Manitou, Col.
MANSFIELD RAILWAY & TRANSPORTATION COMPANY

History: Incorporated under the laws of Louisiana, February 16, 1881.
-nc,aM toHunter La -> u

mi] es; Mansfield to Texas & Pacific June.,
'
La., 1.85
rules; sidings, 0.87 mile. Equipment: Locomotive, 1; passenger cars, 2; box car, 1.
Management: OFFICERS: E. A. Frost, Pres.; F. T. Whited, Vice-Pres.,
Shreveport, La.; R. G. Dowell, Sec.
re G Mansfield La -: S- H. Dowell, Aud., Shreveport, La.; R. T. Moore, Supt. and
n Mgr "
Pr /S? W ilt ' '
DlRE ORS: E A. Frost, F. T. Whited,

'
W Flm"i^ fi M'T^*' Annual

!ld, La.
.
T .
-
Shreveport, La.; C. E. Jenkins, R. T. Moore, C.
meeting, first Monday in April. GENERAL OFFICE, Mansfield, La.

1916 1915 1914 1913 1912
Gross revenues $35,869 $40,351 $60,635 $43,818 $32,721

r
Total net income $8,051 $17,511 $22,159 $20,513 ?S,4. ,n
Taxes 2,204 1,916 1,763 548 446
Fixed charges 14,193 13,678 13,008 13,851 13,896
Balance *$8,346 $1,917 $7,388 $6,114 *$5,889

* Deficit.
Profit and LOBS Account, year ended June 30, 1916: Debit balaneS carried to balance sheet, $21,610. Contra:
Debit balance at beginning of year, $13,264; debit balance transferred from income, $8,346; total, $21,610.

ASSETS: 1916 1915 1914 1913 1912
Property investment $300,729 -
$298,373 $297,545 $283,653 $294,106
Working assets 6,848 55,891 65,896 35,926 12,441
Deferred debit item* 236
Profit and loss 21,610 13,264 15,181 22,569 28,684
Total $329,187 $367,764 $368,622 $342,148 $335,231

LIABILITIES:
Capital stock $77,300 $77,300 $77.300 $77,300 $77,300
Funded debt 176,000 176,000 76,000
Deferred credit items 31 31 15,979
Total $329,187 $367,764 $368,622 $342,148 $335,231

Note*: $176,000 6% notes, payable Frost-Johnson Lumber Company, given in payment for 14 miles of road.
to
Interest semi-annually. Notes secured on line from Mansfield to Hunter, La., 14 miles.
Capital Stock: Authorized and outstanding, $77,300. Increased from $14,500 in 1909 by stock dividend of $62,-
800. Par, $50. AH owned by Frost-Johnson Lumber Co.
MANUFACTURERS JUNCTION RAILWAY

History: Incorporated under the laws of Illinois, January 28, 1903, for fifty years. Road opened April 1, 1906.
Location: Road extends from West Fifteenth Street and Forty-sixth Avenue, to West Thirty-fifth Street and
Forty-sixth Avenue, Cicero, 111., 1.76 miles; trackage rights over B. & O. Chicago Terminal R.R., 6.7 miles; over
Illinois Central, 3.1 miles, and over Chicago Junction Ry., 5.6 miles; total, 15.4 miles; sidings, 4.2 miles. Equipment:
Locomotives, 3; freight cars, 37.
Management: OFFICERS: W. P. Sidley. Pres., Chicago; A. L. Salt, Vice- President, New York; R. E. McEwen,
Sec. and Treas.; H. D. Tindale, Aud., Chicago; J. C. McDonnell, Gen. Mgr.; F. W. Bancker, Pur. Agt; W. C. Ran-
som. Supt., Cicero, 111. DIRECTORS: J. C. McDonnell, W. P. Sidley, R. E. McEwen, H. F. Albright, Chicago, 111.; A.
I* Salt. H. A. Halligan, New York. Annual meeting, first Thursday in February at Chicago. GENERAL OFFICE, 212
West Washington Street, Chicago, 111. OPERATING OFFICE, Cicero, 111.
1916 1915 1914 1913 1912
Gross revenues $94,192 $68,695 $95.686 $104,960 $110,506
Net operating revenues $31.118 $9,231 $18,875 $26,576 $25,888

Other income 6,307 3,580 13,675 15,511 11,068
Total net income $37,425 $12,811 $32,550 $42,087 $36,956

Taxes 14,400 14.838 13.860 9,036 'j.osS
Fixed charges 1,474 1,517 1,380 934 774
Balance $21,551 *$3,544 $17,310 $32,117 $27,094

* Deficit.
Profit and Loan Account, year ended June 30, 1916: Credit balance at beginning of year, $31,437; credit bal-
ance transferred from income, $21,551; total, $52.988. Contra: Credit balance carried to balance sheet, $48,210;
miscellaneous debits, $300; delayed income debit, $4,469; loss on retired road and equipment, $9; total, $52,988.

ASSETS: 1916 1915 1914 1913 1912
Property investment $536.586 $546,301 .
$565.1 53 $586,723 $603,594
Working assets 102,835 75,685 55,077 120,750 50.908
Deferred debit items 368 693 161 462 15,860
Total ,.. $639,789 $622,679 $620,391 $707,935 $670,362

9G6 MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES:
Comparative Income
LIABILITIES:

1916 1915 1914 1913 1912
Gross revenues $34,394 $46,085 $49,396 $30.626 $40,569
Net operating revenues. $282 $6,259 $3,853 $8,690 $10,185

Other income 7,400 2,389 4,979 1,561 4,872
Total net income. 17,689 $8,648 $8,832 $10,251 $15,057

'
Taxes 1,795 2,319 2,332 935 1,591
Fixed charges 13
Balance .
16,881 $6,329 $6,487 $9,316 $13,466
Dividends . . . 12,500 5,000
Surplus . $5,897 $6,171 $6,487 $4,316 $13,466

* Deficit.
ASSETS: 1916 1915 1914 1913 1912
Working 30,442 18,927 24,249 18,574 26,871
Total $279,288 $268,932 $274,775 $268,245 $558,818

LIABILITIES:
Capital stock $250.000 $250,000 $250,000 $250.000 $161,500
Working liabilities . . IL416 9,053 10,566 12,452 363,499
MM
.
Deferred credit items. tjut 3.407 1,476

Profit and loss.. 10,518 4,631 10.803 4,317 43,819
Total $279,288 $268,932 $274.775 $268,245 $558,818

Capital Stock: Authorized, $1,000,000; outstanding, $250,000; par, $100. No bonded debt. Dividend of 2%
in year ended June 30, 1913, and 5% in 1915.
MARION & RYE VALLEY RAILWAY

History: Incorporated under laws of Virginia, May 10, 1900, a reorganization of the Marion & Rye Valley R.R.
Location: Road extend* from Marion to Sugar Grove, Va., 18.1 miles; sidings, 1.00 miles. Equipment: Loco-
motives, 4; cars, 84.
Management: OFFICERS: J. C. Campbell, Pres. and Gen. Mgr., Marion, Va. C. W. Amsler, Vice-Pres., Clarion,
;
Pa.; L. A. Amsler, Sec.; B. I. Charlton, And.; L. A. Amsler, Treas. and Pur. Agt., Marion, Va. DIRECTORS: B. F.
Buchanan, J. C. Campbell, L. A. Amsler, B. I. Charlton, Marion, Va.; C. W. Amsler, Clarion, Pa.; C. H. Miller, Fair-
wood, Va. Annual meeting, third Saturday in July. OFFICE, Marion, Va.
1916 1915 1914 1913 1912 1911
Gross revenues $83.708 $72.571 $79,608 $80,601 $67,592 $67,109
Maintenance of way... 11,929 10.026 12.121 15,166 11,125 20,126
Maintenance of equip.. . 13.205 12,628 17.053 14,221 10,783 8,663
All other oper. expenses 27,713 22.933 22,639 15,109 15,922
Net oper. revenues. $27,084 7,798 $30,311 $30,575 $22,398

Other income 2,400 2,400 30 30
Taxes
Total net income. . . $33,261
3.407
HMN
3.641
$27.825
3,492
$30.341
2,998
0,576
2.950
$22.398
2.925
Fixed charges 18,954 15,782 15,434 15,245 16,502 14,603
Surplus $10.900 $10,061 $8,899 $12,098 $12,123 $4,870

and Lous Account, year ended June 30, 1916: Credit balance at beginning of year, $57,861: credit bal-
Profit
ance transferred from income, $10,900; miscellaneous credits, $800; total, $69,561. Contra: Dividend appropria-
tions of surplus, $6.000; loss on retired road and equipment, $4,959; miscellaneous debits, $429; credit balance car-
ried to balance sheet, $58.173; total, $69,561.

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment $308.683 $320.409 $361,580 $358.748 $331,730 $333,817
Working assets 35,105 23.174 16,159 16,163 11,562 7,985
Total $343,788 $343,583 $377,709 $374,911 $343,292 $341,802

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100.000 $100,000 $100,000
Funded debt 174,500 175.000 175,000 175,000 175,500 183,500
Tedit items. .
11,125 10,722 19,267 31,998 37,570 41,803
Appropriated surplus . . '
85,642 28.545 '
Profit and loss surplus. 68,173 57'.86i 47,800 39,368 28',222 '16,499
Total . $343,788 $343,583 $377,709 $374,911 $343,292 $341,802

$174,500 Marion & Rye Valley Ry 1st
6s. Dated July 1, 1902; due July 1, 1922 Interest
Bonded Debt: A
first hen on entire prop-
Jan Md July 1 of Marion, Marion, Va. $500 held in treasury. Coupon, $500.
at Bank
Normal income tax deducted from interest. Kating, B.
erty.
Capital Stock- Authorized and outstanding, $100,000; par, $100. Dividends of 6% each in 1915 and 1916.
MARSHALL & EAST TEXAS RAILWAY

1908 succeeding to the Texas Southern Ry., sold under
History: Incorporated under Texas laws, August 17,
foreclosure, August 4, 1908. Extensions projected from Wmnsboro to Paris, Tex., 55 miles; South Elysian Fields
to Newton/110 miles; Hemphill to Pickering,
40 miles.
I .oration- Road extends from East Winnsboro to Elysian Fields, Tex., 90.51 miles; branches, 0.81 mile; track-
92.94 miles. Sidings, 9.01 miles. Equipment: Locomotives, 8; cars, 37.
age rights, 1.62 miles; total,
District Court at Tyler on Jan. 25, 1917, appointed Bryan Sny-
Receivership- Judge Gordon Russell in the U. S.
under mortgage securing $1,180,000 1st mtge. bonds,
der receiver on application by the St. Louis Trust Co., trustee,
due Jan. 1.
vrrru
OFFICERS: A. T.- Perkins, Pres., St. Louis; Osce Goodwin, Vice-Pres., Dallas, Tex.; Bryan Sny-
> i <
boro,' Tex. Annual meeting, first Tuesday in September. OFFICE, Marshall, Tex.
.

1916 1915 1914 1913
Gross revenues $188,357 $160,772 $183,384 $221,170
Maintenance of way.... 41,619 45,249 60,823 54,152
Maintenance of equip.. . 45,539 29,062 34,761 36,992
Another oper. expenses 118,693 107,736 119,817 114,985
Net oper. revenues *$17,494 *$21,275 *$32,017 $15,041

Other income
Total net income. . . *$17,494 *$21,275 *$32,017 $15,041

Taxes 8,189 7,693 7,712 7,816
Fixed charges 96,650 88,493 101,782 91,366
Deficit $122,333 $117,461 $141,511 $84,141

ASSETS:
Property investment ...
Working assets
Profit and loss deficit..
Total
LIABILITIES:
Capital stock
Funded debt
Working liabilities
Accr'd liabilities not due
Deferred credit items...
1916 1915 1914 1913 1912
Rental income $149,108 $150,850 $140,888 $105,000 $31,515
Taxes accrued 24,508 25,850 22,555 20,805 5,265
Fixed charges 125,000 125,000 118,333 84,195 26,250

1916 1915 1914 1913 1912
ASSETS:
$2,342,686 $2,265,711 $2,258,884 $4,760,465 $4,534,031
assets 148,779 227,251 232,112 65,657 102,124

Working
Deferred debit items. . 110,347 152,498 155,672 109,561 129,141
Total $2,647,623 $2,645,460 $2,646,668 $4,935,683 $4,765,296

LIABILITIES :
Capital stock $100,000 $300,000 $100,000 $100,000 $100,000

Funded debt 2,500,000 2,500,000 2,500,000 4,755.625 4,600,000
Deferred credit items 91 137 30
Total $2,647,623 $2,645,460 $2,646,668 $4,935,683 $4,765,296
Bonded Debt: (1) $2,500,000 Memphis Union Station Co. first 5s; dated Nov.
1, 1913; due Nov. 1, 1959. Int.
paid May and November, at Bankers' Trust Co., New York. Coupons and reg., $1.000; interchangeable. First and
only mortgage on entire property of company, now
owned or hereafter acquired. Guaranteed, jointly and severally,
both prin. and int. by endorsement, by Louisville & Nashvi'le R.R., Nashville, Chattanooga & St. Louis Ry., Southern
Ry., St. Louis, Iron Mountain & Southern Ry., and St. Louis Southwestern Ry. Interest payable without deduction
for normal income tax. Market, New York and Pittsburgh. Net Rating, Aaa.
Investment Position of Bonds: The strong guarantee of the first mortgage, by the five railroad systems using
the property, puts these bonds on a high investment plane.
Capital Stock: Auth. and outstanding, $100,000; par, $100. All owned by the railroads which guarantee the
bond issue.
MERIDIAN TERMINAL COMPANY

History: Incorporated under Mississippi laws, August, 1904, for the purpose of supplying- station and terminal
Meridian, Miss. The station is used by the Alabama & Vicksburg Ry., Alabama Great Southern R
'
facilities at
Mobile & Ohio R-R-, New Orleans & Northeastern R.R. aid Southern Railway companies, which companies own the
entire stock, and jointly guarantee interest on outstanding bonds.
Management: OFFICERS: R. V. Taylor, Pres., Mobile, Ala.; G. C. Powell, Vice-Pres., Cincinnati, 0.; G. A.
Cooke, Sec. and Treas., Mobile, Ala.; C. B. Hayes, Aud., Mobile, Ala. DIRECTORS: A. V. Taylor, Mobile, Ala.;
L. A. Jones, New Orleans, La.; L. Sevier, A. A. Woods, New Orleans, La.; J. H. Stanfield, Birmingham, Ala. Annual
meeting, fourth Wednesday in October. GENERAL OFFICE, Mobile, Ala.

1916 1915 1914 1913 1912 1911
Rental income $17,125 $18,543 $18,728 $19,247 $17,206 $17,062
Taxes 3.042 4,476 4,938 5,482 3,641 3.497
'Fixed charges 10,083 10,067 10,030 10,005 10,005 10,005
Surplus . .
$4,ODO $4,000 $3,760 $3,760 $3.560 $3,560
Dividends . .
4,000 4,000 3,760 3,760 3,560 3,560

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $346,146 $345.847 $339,283 $338,982 $338,750 $334,348
Working assets 7,411 8,022 9,447 12,475 10,891 8,256
Total $355,224 $357,092 $352,537 $355,576 $354,001 $347,247
LIABILITIES:
Capital stock $100,000 $100,000 $94.000 $94.000 $!T4,000 $89.000
Funded debt 250.000 250,000 250,000 250,000 250,000 250,000
Workintr liabilities 1.757 3,112 2,567 4.755
5,614 3,080
Deferred credit items.. 14
Total $355,224 $357,092 $352,537 $355,576 $354,001 $347,247
Bonded Debt: $250.000 Meridian Terminal Co. 1st 4s. Dated May 1, 1905; due
May 1, 1955; interest May and
ust Co., New York, Trustee. Coupon and reg., $1,000. First lien on entire
as to interest by endorsement
property of the
severally and jointly by the five companies mentioned aoove.
Rating, Aa.
1*"* 1 S* Ck: Authorized and outstanding, $100,000; par, $100.
above* Equally owned by five companies named
MICHIGAN EAST AND WEST RAILWAY

History: Incorporated under Michigan laws, Jan. 2), 1914. As of Jan. 1, 1914, took over the property of the
Manistee & Grand Rapids R.R., which on Sept. 10, 1913, wasbid in at Receivers' Sale for $250,000, by David G.
Joyce, James S. Joycs, and Frank P. Leffingwell, of Chisago, acting for the stockholders.
Location: Road extends from Manistee to Marion, Mich., with branches, 72 miles. Sidings and spurs, 25.19
miles. An extension from Marion to Gladwin, Mich., 36 miles, is projected. Equipment: Locomotives, 4; cars, pas-
senger, 4; freight, 25; service, 2.
Management: OFFICERS: J. S. Joyce, Pres., Chicago; C. H. Morey, Vice-Pros., Manistee, Mich.; Jacob Klein-
haus, Sec.; F. P. Leffingwell, Treas., Chicago, 111.; Geo. A.Johnson, Aud., Manistee, Mich.; G. W. Anderson, Supt.,
Filer City, Mich. DIRECTORS: F. P. Leffingwell, David G. Joyce, James S. Joyce, Chicago; C. H. Morey, Manistee,
Mich.; Jacob Kleinhaus, Grand Rapids, Mich. Annual meeting, first Wednesday in May. OFFICE, Manistee, Mich.

1916 1915 1914
Grow revenues $83,120 $78,125 $47,967
Maintenance of way 23,561 29,041 16.853
Net operating revenues *$6,096 *$13,020 *S669

Total net income "5.861 *12,975 *669
Taxes 3,810 3,131 2,648
Fixed charges 11,077 9,941 5,845
Deficit $20,748 $26,047 $9,162

* Deficit.
Profit and LOM Account, year ended June 30. 1916: Debit balance carried to balance sheet^ $62,266. Contra:
Debit balance at beginning of year, $39,643; debit balance transferred from income, $20,748; miscellaneous debits,
$1,875; total, $62.266.
Comparative Condensed Balance Sheet, a* of June 30
ASSETS: 1916 1915 1914
Property investment $303.652 $286.115 $294,412
Working assets 32.242 24,011 17,300
Profit and lorn deficit. . 62,266 39,643 i"Mi
Total ....................................................... $399,268 $352,500 $322,763
Capital stork .
$200.000 $200.000 $200.000
Working liabilities ............................................... 107,695 61,028 32,822
Accrued liabilities not due ......................................... 1,633 1,531 ........
Deferred credit items ............................................. 89,940 89,941 89.940
Total $399,268 $352,500 $322,763
Capital Stock: Authorized, $1,000,000; outstanding, $200,000; par, $100. No dividends. No bonds.
MIDDLETOWN & UNIONVILLE RAILROAD

HiVtory:Incorporated under NPW York laws, Nov. 13, 1913. as successor to Middletown, Unionville & Water
Gap R.R.,which was controlled by New York, Susquehanna & Western R.R. Line of road: Middletown to State
line, New York. 14.30 miles; total operated, 14.30 miles. Sidings, 3.30 miles. Equipment: Locomotive, 2; cars,
14. Has agreement with N. Y., 0. & W. R.R. for use of terminals in Middletown.
Management OFFICERS: Newman Erb, Chairman; C. I. Henry. Pres.; J. A. Smith, Vice-Pres. and Gen. Mgr.;
:
Frank H. Finn, Sec.; G. T. Townsend, Treas. Annual meeting, third Monday in November. OFFICE, Middletown,
N. Y.
1916 1915 1914 1913 1011
Gross revenues $85.815 $80,702 $41,530 $19,239 $10,968
Maintenance of way 12.810 8,755 5,760
Maintenance of equipment '>; - ."'7
2,712
Net operating revenues $31.623 $31.069 $13,725 $19,239

Operating ratio 635% 615% 66.9%
Other income 633 705 1,330
Total not income $32,256 $31,774 $15,055 $19,239 $10,968

Taxes accrued 3,063 3,243 1,470
Fixed charges 24,949 15,665 11,191 2,500 7,500
Surplus $4,244 $12,866 $2.394 $16,739 $3,468

and Loan Account, year ended June 30, 1916: Credit balance at beginning of year, $28,562; credit^ bal-
Profit
ance transferred from income, $4.244; miscellaneous credits, $138; total, $32,944. Contra: Surplus appropriated
for investment in physical property, $6,000; miscellaneous debits, $2,480; credit balance carried to balance sheet,
$24,464; total, $32,944.
ASSETS:
LIABILITIES:
Capital stock

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment... $592.257 $586,196 $586,125 $583,242 $545,571 $530,520
Working assets 26,709 27,071 14,977 20,121 24,166 21,199
Deferred debit items... 475 175 192 10,980 24 1 f.-ia
225,930 369,201 346,235 303,984 302,918 284,363
Total $845,371 $982,643 $947,529 $910,327 $872,679 $837,724
LIABILITIES :
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
Funded debt 700,000 700,000 700,000 700,000 700,000 700,000
Accrd. liabilities not
Total
due
Deferred credit items..
1,300
7,139
$845,371
.^ 1,490
5,385
_
$982,643
5,195
$947.529
* _
1,472
$910,327
t
1,261
$872,679
1 184
$837,724
Bonded Debt: $700,000 Minneapolis, Red Lake & Manitoba Ry. first 5s. Dated Nov. 1, 1905; due Nov. 1, 1925,
Int. paid Jan. and July 1, at First Trust & Savings Bank, Chicago.
Coupon, $1,000. First Trust & Savings Bank
and James B. Forgan, Chicago, Trustees. Secured on entire property. Interest payable without deduction for nor-
mal income tax.
Capital Stock: Auth. and outstanding, $100,000; par, $100. REGISTRAB AND TRANSFER AGENT, A. Ueland.
MINNESOTA, DAKOTA & WESTERN RAILWAY

History: Incorporated under Minnesota laws, October 31, 1902, as the International Freight & Terminal Co.,
name later changed as above. It is proposed to construct 200 miles of line, extending from International Falls to
various points in Minnesota. In operation. International Falls to Loman, Minn., 17.87 miles.
Operated for freight
service only. Also owns and
operates 4.5 miles between International Falls and Falls June., Minn., International
Iridge between Fort Francis, Ont, and International Falls., Minn., and terminals at International Falls. Trackage,
7 miles; sidings, 7.62 miles; total, 42.66 miles. Locomotives, 7; freight cars, 339; service cars, 13.
Equipment :
Of the foregoing equipment, 300 flat cars are held under equipment trusts.
Management: OFFICERS: E. W. Backus, Pres.; W. F. Brooks, Sec. and Treas., Minneapolis, Minn.; Thos. Mc-
Laren, Aud.; F. L. Birdsall, Supt; C. L. Crandall. Asst. Traffic Mgr., International Falls, Minn.; Washington Gray,
Pur. Agt., Minneapolis. Minn. DIRECTORS: E. W. Backus W. F. Brooks, R. L. Horr, Minneapolis, Minn.; S. W.
Backus, International Falls, Minn. Annual meeting, first Monday in October. GENERAL OFFICE, International Falls,
Minneapolis.
1916 1915 1914 1913 1912
Grosa revenues $109.681 $128.444 $56.583 $72,144 $85.347
Maintenance of way and structure* 22.494 12.871 13.650 17,694 14,342
Maintenance of equipment 26.360 17.395 23,908 23,851 16,034 .
All other operating expenses 46,125 27,117 28,611 36,902 27,532
Net operating revenues $14.702 $71,061 $9.586 *$6,303 $27.439

Other income 20,910 19,910 27,442 25,438 3,365
Total net income $35.612 $90,971 $17.856 $19,135 $30,804

Taxes 8,416 7.513 3,540 3,626 3.278
Fixed charges 67,563 57,885 56,467 64,452 31,854
Surplus $38,367 $25,573 *$42,151 *$48,843 *$4,328

* Deficit.
Profit and LOM Account, year ended June 30. 1916: Miscellaneous credits, $513: debit balance carried to bal-
ance sheet, $108,467; total, $108.980. Contra: Debit balance at beginning of year, $70.485; debit balance transfer-
red from income, $38,367; miscellaneous debits, $128; total, $108,980.

Ars: 1916 1915 1914 1913 1912
Property investment $1,684.932 $1,626.070 $1,572.128 $1,517,352 $1,487.071
Working asset* 297.227 219.732 170.645 135.310 135.824
Deferred debit items 4.871 6.886 11.256 5,186 23,248
Profit and loss deficit 108,467 70,485 95,321 53,171 4,328
Total $2,095.497 $1.923,173 $1.849,350 $1,711,019 $1,650,471

LiABti.mn:
Capital stock $500.000 $500.000 $500.000 $500.000 $500.000
Funded d-ht 986.263 1.010.843 1,0-1.406 '1,025.255 1,031,359
Working liabilities 587.243 3 1<> 302 296,728 182.701 115.1 75
Accrued not due
liabilities 3.413 4.244 2,075 3,232
Deferred credit items 18,578 58.784 1.216 988 705
Total $2,095.497 $1.923.173 $1.849,350 $1,711,019

$1,650,471
BonHH Debt: *!>.V).000 Minnesota, Dakota & Western first f. Ks. Datod Jan. 2. 1912; due Jan. 2, 1932.
. In-
terest pnM .Tan. and July 1. at First National Bnnk. New York, and First National Bank, Chicago. Coupon and reg-
i-rtororl. $1 000. First Trust A Savings Bank. rhica<"o. Trustee. Callable at 105 and interest, beginning Jan. 1, 1917.
First linn on entire property. Authorized, $10.000.000.
Fouipment TniM: Outstanding June 30, 1916. $36.263.
Capital Stock: Authorized, $1,000,000; outstanding, $.'00.000. Par, $100. No dividends.
MINNESOTA TRANSFER RAILWAY
in Minnesota, March 10, 1883, to supply freight transfer facilities at St. Paul and
History: Incorporated
Minneapolis.
Location: Owns New Brighton Stock Yards at St Paul, and Minnesota Belt Line Ry. & Transfer Co., and
owns 103.07 miles of terminal tracks in St. Paul and Minneapolis. Equipment: 18 locomotives and 1 box car.
Management: OFFICERS: J. H. Foster, Pres.; A. W
Trenholm, Vice-Pres.; H. A. Kennedy, Vice-Pres.; F. S.
Leavitt, Sec.; E. H. Bailey, Treas. DIRECTORS: A. W. Tr-nholm, J. M. Gruber, Geo. T. Slade, J. H. Foster, G. R.
Huntington, E. P. Bracken, J. A. Gordon, C. W. Jones, C. W. Huntington. Annual meeting, second Wednesday
in
June. OFFICE, St Paul, Minn.
1916 1915 1914 1913 1912 1911
Gross revenues . $16.868 $17.184 $22,149 $24,488
Operating expenses ... 16,086 15,368 25,845 19,891
Net oper. revenues. $782 $1,815 *$3,695 $4,590

Other income $107,014 $94,090 94,705 94,082 92,447 86,079
Total net income.. $107,014 $94,090 $.)3,487 $95,897 $88,752 $90,669

Taxes accrued 1,272 1,200 2,719 3,107 4.009 2,984
*
Balance $4,735 $3,637 $165 $1,215 $5,136 $326
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $4,735; donations,
$10,188; total, $14,923. Contra: Debit balance at beginning of year, $4,735; surplus appropriated for investment
in physical property, $10,188; total, $14,923.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 154,494 41,636 37.016 56,717 49,124 41,821
4,735 1,098 39,246 40,462 35,327
Total $2,337,659 $2,197,246 $2,193,484 $2,179,651 $2,116,446 $2,104,359

LIABILITIES :
Capital stock $63,000 $63,000 $63.000 $70,000 $70.000 $70,000
Funded debt 2,105,696 2,063,064 2,063.064 2,020,104 1,984,663 1,974,311
Appropriated surplus... 10,952 25,587
Deferred credit items.. 7,755 19,160 15,165 497 2,585 123
Total $2,337,659 $2,197,246 $2,193,484 $2,179,651 $2,116,446 $2,104,359

Bonded Debt: $2.105.000 Minnesota Transfer Ry. first 5s; dated Aug. 1, 1916; due Aug. 1, 1946. Int. Feb. and
Aug., at First National Bank. St. Paul, Minn., and New York. Coupon, $1,000; fully registerable. Callable at 102%
after Aug. 1, 1921. Sinking fund of 1% per annum. Auth., $3,500.000. First lien on entire property of company.
Not formally guaranteed. Normal income tax deducted from interest. Net Rating, Ba.
Capital Stock:Outstanding, $63,000; owned jointly by the several systems using the property: Chicago, Mil-
waukee & St Paul; Chicago. St. Paul, Minneapolis & Omaha; Northern Pacific; Rock Islarid; Minneapolis, St.
Paul & Sault Ste. Marie; Minneapolis & St Louis; Great
' Northern; Chicago, Burlington & Quincy and Chicago
Great Western.
MISSISSIPPI, ARKANSAS & WESTERN RAILWAY

History: Incorporated under laws of Arkansas, Jan. 18, 1902.
Location: Road extends from Blissville to Vinson, Ark., 14 miles.
Operated as a private logging road. Equip-
ment: Locomotives, 4; freight cars, 75.
.Management: OFFICERS AND DIRECTORS: A. P. Bliss, Pres.; W. G. Van Auken, Vice-Pres.; A. B. Bliss, Treas.,
ich.; F. L. Gregory, Sec. and Supt, Blissville, Ark. Annual meeting in March. GENERAL OFFICE,
Blissville, Ark.
Bonded Debt: $220000 Mississippi, Arkansas & Western Ry. 1st 5s. Dated Jan. 22, 1902; due Jan. 22, 1922.
Jan. and July
1, at Continental & Commercial Trust &
Jjaid Savings Bank, Chicago, Trustee. Coupon,
par and interest. First lien on property, etc.
lable at
Capital Stock: Authorized and outstanding, $220,000; par, $100.
MISSISSIPPI EASTERN RAILWAY

i r
bar a> .1n February! T90 O
) t ed ""^ ' aWS * Mississi
P.P
i' Julv 6 1903 ' -
P ene <i * logging road by Mississippi Lum-
Mobi^l'ohio
50116
d X d
RR
fr0
town, '?f nt ^
Quitm an to Threa dville Mis s-. 16.5 miles. Sidings, 2.61 miles. Connects with
'
Miss. Equipment: TLocomotives, 5; cars, 59.
-
>
Perley LO W C R Miller Vice-Pres.; Wm. Templeton, Sec.; C. F. Thomp-

i
son T?ea rTnTkn

CERS
r,- T
r, T oi
Pres
.
vA G H
^^f'
-
;
-
'
R lller> * T npletn, C.Fordham, Supt. F. R. Crandall, Pur. Agt, Quitman,

; ' -
^ W
-
Mis's DIRFCTORS Ppri ***% if' 1 ;
F. Thompson, G. H. Deeves, Chicago; S. H Terral

Qnitman Mk C T K Y> Meridlan Mlss
"
Bu Mng' Chicago^' 111' Annua l meeting, third Monday in January. OFFICE, 1458 McCormick
- '

1916 1915 1914 1913 1912 1911
Gross revenues $62,804 $71,125 $84,604 $80,859 $81,301 $81,129
10,829 13,372 16,373 19,582 19,497 18,717
Maint. of equipment. . . 12,467 10.300 11,102 14,019 12,181 13,271

Other income 1,655 381 267 5

$23.148 $27,402 $34.086 $25,377 $29,187 $16,906
Taxes 1,295 2,244 2.134 2.083 1,620 1,881
Fixed charges 2,952 3,012 5,236 8,516 4,759 9,718
Surplus . $18,901 $26,716 $14,778 $22,808

and Loss Account, year ended June 30, 1916: Credit baknce at beginning of year, $118,771; credit bal-
Profit
ance transferred from income, $18.901; total, $137.762. Contra: Loss on retired road and equipment, $2,286; credit

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $183,977 $173,475 $270.839 $268.288 $261,466 $252,099
Working asset* 37,892 89,883 3,825 51 .,,
8,886 7,515
ToUl $221,869 $213,327 $274,664 $374,368 $270,352 $259,614

I \BILJ TIES:
Capital stock $75,700 $75,700 $75,700 $75,700 $75,000 $75,700
Working liabilities 10.783 18.856 44.358 71.778 81,541 9S.611
Total $221,869 $213,327 $274,664 $374,668 $270,352 $259,614
Capital Stock: Authorized, $100,000; outstanding, $75,700; par, $100. No dividends paid and no bonded debt
MISSOURI & ILLINOIS BRIDGE & BELT RAILROAD

History: Incorporated in Missouri, August, 1904. Successor to St. Clair, Madison A St Loirs Belt R.R.
Location: Owns a 2.100-foot bridge over the Mississippi River at Alton, 111., with about 5.38 miles of total track.
One locomotive and two passenger cars.
'
Manageneirt: OFFICERS: Henry Miller, Pres.; T. B. Hamilton, Vice-Pres.; W. F. Bender, Sec. and Treas.
E. F. Kearney, C. E. Schaff. W. J. Jackson, J. G. Drew, Alex. Robertson, T. B. Hamilton, W. C. Hurst,
M. Davis. H. A. Worcester,
. J. Fitzgerald, T. H. Beacom. Annual meeting, second Monday in April. OFFICE,
St Louis, Mo.
1910 1915 1914 1913 1912
Gross earnings $54.622 $42.492 $55.161 $49,908
Net earnings 34.007 23.043 32,311 J ; J
Operating ratio. . . .T 45.8% 41.5% 41%
Total net income 110.082 98,809 108.767 133.640
Taxes accrued 8,216 7.761 7,794 8.503
Fixed charges, etc.... 63.406 62,962 100,973 63.556
Dividends .
42,900 82.500
'
Balance $38,461 $14,814 '$20,919 $17,370
...... MOODY'S ANALYSES OF INVESTMENTS.
Bonded Debt: (1) |746,000 Missouri & 111. Bridge &
Belt R.R. cons. 4s; dated July 1, 1904; due Jan. 1, 1951;
interest Jan and July, at St Louis Union Trust Co. Auth., $2,500,000. Of those issued, $800,000
are reserved for
No 2 and $44,000 have been reacquired and cancelled. Interest paid without deduction for normal income tax.
Net Rating. Ba.
$758,500 St. Clair, Madison & St Louis Belt R.R. first 4s; dated Jan. 1, 1901; due Jan. 1, 1951; interest
(2)
Jan and July, at St. Louis Union Trust Co. Of total issue of $800,000, $41,500 are in treasury. Coupon, $1,000.
First lien from Alton, III., to West Alton, Mo., and on bridge over Mississippi River. Interest paid without deduc-
for normal income tax. Net Rating, Baa.
Capital Stock: Auth., $2,500,000; outstanding, $187,000, of which $44,000 is owned by company. Par, $100.
Balance owned by the following railroad companies: Cleveland, Cincinnati, Chicago & St. Louis, Louisville & Nash-
ville. Missouri Pacific, Rock Island, Missouri, Kansas & Texas, Chicago & Eastern Illinois, Vandalia, Iron Mountain,
Wabash. Baltimore & Ohio, and Chicago, Peoria & St. Louis.
MISSOURI & NORTH ARKANSAS RAILROAD

History: Incorporated under Arkansas laws, Aug. 4, 1906, successor to the St. Louis & North Arkansas R.R.,
in accordance with a reorganization plan. Company owns one-fourth interest in the Joplin Union Depot Co.
Receivership: Federal Judge Trieber appointed W. S. Hoit, George L. Sands and Jesse McDonald, on April 1,
1912, as receivers of the property, on the application of the St. Louis Union Trust Co., the trustee of the first mort-
gage bonds. John Scullin, on March 4, 1914, was appointed receiver to succaed Geo. L. Sands, resigned. On July
1, 1!'1C, Festus J. Wade was appointed receiver to succeed John Scullin; W. S. Holt and Jesse McDonald resigned.
Location: Road extends from Joplin, Mo., to Helena, Ark., 365.24 miles, of which 9.2 miles, Seligman to Wayne,
Mo., and 19.4 miles, Joplin to Neosho, Mo., are operated under trackage agreements. Sidings, etc., 48.83 miles.
Equipment: Locomotives, 26; passenger cars, 24; freight cars, 733; gas-electric motor cars, 2; service cars, 70.
Management: OFFICERS: John Scullin, Jesse McDonald and W. S. Holt, Receivers; D. R. Francis (Chairman) ;
John Scullin, Pres., St Louis, Mo.; Geo. L. Sands, Vice-Pres.; W. S. Roberts, Sec. and Aud.; N. A. McMillan,
Treas.; C. A. Phelan, Gen. Mgr.; Chas. Manley, Supt, Harrison, Ark.; Charles Gilbert, Pur. Agt, St. Louis, Mo.
DIRECTORS: D. R. Francis, John Scullin, A. T. Perkins, St. Louis, Mo.; Geo. L. Sands, Eureka Springs, Ark.; W. F.
Gordon, E. M. Wise, Harrison, Ark.; J. W. Freeman, Berryville, Ark.; W. L. Hemingway, Little Rock, Ark.; Powell
Clayton, Washington, D. C. Annual meeting, second Monday in November. OFFICE, Harrison, Ark.

1916 1915 1914 1913 1912 1911
Gross revenues $1,199,987 $1,181,241 $1,293,618 $1,236,145 $956,455 $884,729
Maintenance of way. . . . 322,778 334,277 337,444 413,294 34~3,157 243,078
Maintenance of equip.. .
251,792 280,933 252,606 196,471 151,397 151,411
Other income 23,663 80,794 14,254 7,285 6,327 4,339
$108,560 *$71,010 $82,718 $43,301 $16,967 $82,269
Taxes 72,722 69,815 72,338 62,407 60,068 52,755
Fixed charges 192,368 211,792 143,987 140,964 246,668 61,201
Deficit $156,530 $352,617 $133,607 $160,070
.
$289,769 $31,687
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Unrefundable overcharges, $111; donations, $17,228; mis-
cellaneous credits, $2,561; debit balance carried to balance sheet,
$1,106,040; total, $1,125,940. Contra: Debit bal-
beginning
: of year, $950,445"; debit balance transferred from income, $156,530; surplus appropriated for
el r
1
p hyslcal P P
?, }L !i, ,
ert y. $17,228; loss on retired road and equipment, $615; miscellaneous debits, $1,122;
total, $1,106,040.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets ....... 357,767 484,748 343,456 459,219 1,055,570 104,695
Deferred debit items. . . 61.057 82,850 41,791 43,175 41,941 27,845
1,106,040 950,445 600,783 468,531 309,546 20,652
Total ............ $19,191,587 $19,184,833 $18,657,450 $18,276,185 $18^209^971 $76,930/703
LIABILITIES:
Capital stock ......... $8,340,000 $8,340,000 $8,340,000
Funded debt .......... $8,340,000 $8,340,000 $8,340.000
10,463,905 10,495,812 9,936,969 9,618,000 9,590,000 8,390,894
Working liabilities ____ 323.073 284,730 350,425 288,893 242,588 41,049
Acrr'd liabilities not due 26,508 23,371 17,686 13,590 19,989 '
Deferred credit items.. 20.873 40,920 12,370 15,702 17,394 158,766
Appropriated surplus... 17,228
$19,191,587 $19,184,833 $18,657,450 $18,276,185 $18,209,971 $16,930,703

i & Noh Al * an R R I* "s; dated July 1, 1906; due July 1, 1956.
Union 2
' -
-
TT
Trust Co., St. Louis, Trustee.
BOO 000 Frt Coupon, $1.000. Authorized, $11,-
The
m ent
entire
Co
rt Jandin ?Lf T "
ltOC
franctl S9S
^ re
'
f
ub J ect to the receivers' certificates described below.
led * ed to secure an issue of $6,000,000
Allegheny Improve-
' d U " pa>d 1911> P
,n
fnterest P a y able A P riI and Oct. 1, at St. Louis Union Trust
Co ? Trustee
^^
(2) & North Arkansas R.R. Equipment Trust notes. Dated Jan. 21, 1913; payable in 23
$61,155 Missouri
monthly installments. Secured on 175 box cars. The title to the cars remains with the American Car & Foundry
Company until entire issue is paid off.
(3) $2,062,750 Missouri & North Arkansas R.R. 6% Receivers' Certificates. Dated May 1, 1915; due May 1,
1918. Interest paid May and Nov. 1, at Mercantile Trust Co., St. Louis, Mo., Trustee. Coupon, $1,000. Author-
ized, $2,500,000. Unissued certificates reserved apainst future expenditures for improvements. An absolute first
lien upon the entire property of the company. The court's order to the receivers provides that any certificates
issued in addition to amount authorized shall be secured by a lien subordinate to these certificates. Normal income
Capital Stock: Authorized at rate of $25,000 per mile; outstanding, $8,340,000; par, $100.
MISSOURI, OKLAHOMA & GULF RAILWAY

Origin: Incorporate under Oklahoma laws, Oct. 24, 1904, to construct a railroad from Pittsburgh, Kans., to
Denison and Sherman, Tex.
Location: Wagoner, Okla., to Red River, Okla., 205.3 miles; Dewar to Deep Fork, Okla., 9.00 miles; Lowerre
to Arkansas June., Okla., 2.4 miles; Bromide June, to Bromide, Okla., 4 miles; operated under contract, Missouri,
Oklahoma & Gulf R.R., Wagoner, Okla., to Baxter Springs, Kans., 98 miles; sidings owned, 35 miles; operated
under contract, 15 miles; trackage, 15.4 miles; total operated. 334 miles. Controls by stock ownership, the Missouri,
Oklahoma ft Gulf Ry. of Texas, which owns 9 miles from Carpenters' Bluff to Denison, Tex., and operates 10 miles
under trackage rights.
Equipment: Locomotives, 48; passenger cars, 20; baggage, etc., 5; freight and company cars, 1,410; service
ears, 28.
Management: Omens:H. C. Ferris, Muskogee, Okla., and Alexander New, Kansas City, Mo., Receivers;
Wm. Kenefick, Pres., Kansas City, Mo.; W. P. Dewar, Vice-Pres. and Treas.; E. R. Jones, Sec. DIRECTORS: Wil-
liam Kenefick. Kansas City, Mo.; W. P. Dewar, D. N. Fink, Muskogee, Okla.; J. S. Keefe, Chicago; Henry Brunner,
Paris, France; Arthur Day, New York. Annual meeting, first Tuesday in November. OFFICE, Muskogee, Okla.

1916 1915
Gross earnings $1,416.301 $1.173,599
Operating expenses and taxes. . 1,505,027 1.350.711
Net earnings t*55.489 t157,826
Fixed charges, etc 671,567 665,073
Deficit .
727,056 722,899
OS'.' MOODY'S ANALYSES OF INVESTMENTS.
MISSOURI SOUTHERN RAILROAD
History:Incorporated under laws of Missouri, Feb. 23, 1884, as the Mill Spring, Current River & Barnsville
R.R. Name changed as above on Feb. 26, 1886.
Location: Road extends from Leeper to Bunker, Mo., 56.11 miles; industrial tracks, 9.79 miles; total, 65.90
miles. Sidings, 5.51 miles. Equipment: Locomotives, 4; passenger cars, 3; freight and miscellaneous cars, 12.
Management: OFFICERS: F. D. Stout, Pres.; Henry L. Stout, Vice-Pres.; J. R. Lindsay, Sec. and Treas., Chi-
cago; Jules A. Fremon, Aud.; J. T. Fredericks, Gen. Mg-.; H. A. Radtke, Supt. and
Pur. Agt, Leeper, Mo. DIREC-
TORS: F. D. Stout, H. L. Stout, J. R. Lindsay, Chicago; J. T. Fredericks, H. A. Radtke, Leeper, Mo.; J. A. Fremon,
J. B. Daniel, Piedmont, Mo. Annual meeting, second Tuesday in March at Leeper, Mo. GENERAL OFFICE, Leeper,
Mo. CHICAGO OFFICE, 503 McCormack Bldg.
1916 1915 1914 1913 1912 1911
Gross revenues $158,066 $162,941 $174,068 $184,730 $157,520 $171,177
Majntenance of way... 52,045 48,880 55,068 32,966 20,828 20,668
Mainten. of equipment. 17,330 17,412 16,393 8,335 7,046 14,209
All other oper. expenses 52,961 57,316 53,419 47,831 45,508 52.809

Other income 6,954 6,908 168 153
Total net income . . . $42,684 $46,241 $49,356 $95,751 $84,138 $83,491

Taxes 4,402 3,799 3,226 3,419 2,600 1,642
Fixed charges 25,889 30,160 22,345 21,520 19,800 17,496
Surplus $12,393 $12,282 $23,785 $70,812 $61,738 $64,353

Profitand Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $257,473; credit bal-
ance transferred from income, $12,393; delayed income credits, $1,633; miscellaneous credits, $1,183; total, $272.682.
Contra: Delayed income debits, $10,306; miscellaneous debits, $1,505; credit balance carried to balance sheet, $260,-
871; total, $272,682.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 160,891 165,631 126,202 96,236 94,987 97,085
Deferred debit items. .. 408 406 379 116 119 1,689
Total $934,931 $954,029 $926,574 $893,336 $889,857 $907,514

LIABILITIES :
Capital stock '.

$414,700 $414,700 $414,700 $414,700
Accr'd liabilities not due 4.574 31.406 17.129 7.983
Total $934.931 $954,029 $926,574

Capital Stock: Authorized, $1,250,000. Increased from $550,000 :
par, $100. No dividends paid and no bonded debt.

LIABILITIES:
Capital stock
Total 18,401,780 $3,278,997 $3,075,895

984 MOODy'S ANALYSES OF INVESTMENTS.

1016 1915 1914 1913 1912 1911 10 mos. 1910
Gross earnings $230,869 $171,700 $179,386 $179,742 $175,030 $128,689 $95,140

nd taxes!! 118318 1041855 106.557 110,248 100,372 84,098 61,022
Net earnings . $112,051 $66,845 $72,829 $69,494 $74,658 $44,591 $34,118

Other income 152 197 192 310 ........ 254 34
Fix^d charges/ etc':::: ::::.... 50,425 43,991 51,141 54,534 53,449 si.ssi 44,392
Surplus $61,778 $18,051 $21,880 $15,270 $21,209 *$7,036 *$10,240

* Deficit.
ance transferred from income, $61,778; delayed income credits, $200; total, $147,734. Contra: Delayed income
debits, $1,415; credit balance carried to balance sheet, $146,319; total, $147,734.

ASSETS: 1916 1915 1914 1913 1912 1911
$2,010,127 $2,010,397 $2,016,960 $2,014,467 $1,984,224 $1,951,966
Working assets . 65,066 44,657 24,425 36,446 53,306 20,394
Deferred credit items.. 9,543 13,002 14,412 692 354 25,537
Profit and loss deficit. .. ........ ........ ........ ........ ........ 16,228
Total ............ $2,084,736 $2,068,056 $2,055,797 $2,051,605 $2,001,884 $2,012,125

LIABILITIES :
Capital stock . $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
Funded debt 896,269 932,070 947,960 969,560 950,000 950,000
Wording liabilities ____ 30,436 22,763 15.632 10,664 "6,445 16,825
Accr'd not due
liabilities 2,785 17,987 16,889 17,092 17,192 17,125
Profit and loss surplus. 146,319 85,756 67,639 46,259 20,914 ........
Total ............ $2,084,736 $2,068,056 $2,055,797 $2,051,605 $2,001,884 $2,012,125

Bonded Debt: (1) $872,289 Montana, Wyoming & Southern R.R. first 5s; dated Sept. 1, 1509; due Nov. 1, 1939.
paid May and Nov. 1, at Empire Trust Co., New York,
Int. Trustee. CoupdVi, $1,000. Issue limited to amount out-
standing and is an absolute first mortgage on the road, equipment, terminals, etc. Under proper restrictions addi-
tional bonds may be issued at the rate of not exceeding $25,000 per mile, including proper equipment, and then only
when company is earning one and one-half times interest charges on all bonds outstanding and those proposed to
be issued. It is further provided that in case the property is acquired by any other company, these bonds shall be
unconditionally guaranteed, principal and interest, by such other company. Callable at 110. Sinking fund begin-
ning 1912 will retire a large part of the issue before maturity. Interest paid without deduction for normal income
tax. Rating, Ba.
(2) $10,000 Montana, Wyoming & Southern R.R. Equipment 5s; Series A. Dated Nov. 1, 1909; due serially
$10,000 each year from Sept. 1, 19l3, to Sept. 1, 1916. Int. paid Mar. and Sept. 1, at Empire Trust Co., New York,
Trustee. Secured on 57 box cars.
There were also outstanding June 30, 1916, $13,980 Equipment Notes, dated May 1, 1913; due in 5 years in 10
payments. Secured on 15 box cars and 25 coal cars.
Capital Stock: Auth., $5,500,000; outstanding, $1,000,000; par, $100.
MONTOUR RAILROAD
History: Incorporated under laws of Pennsylvania, in January, 1913, a consolidation of a company of the same
name, the North Star & Mifflin R.R., and Pittsburg & Moon Run R.R.
Location: Groveton'to Moon Run, Pa., 6.46 miles; Montour June, to Long View, Pa., 60.777 miles; trackage
rights, 2.93 miles; branches, 0.656 mile; total operated, 70.823 miles. Equipment: Locomotives, 11; cars: passenger,
8; bapgage, 1; freight, 2,966; service, 4.
Management: OFFICERS: M. H. Taylor, Pres.; W. K. Field, H. P. McCue, and F. M. Wallace, Vice-Prests. ; F.
T. I^Moyne, Sec.; Wm. Miller, Treas.; F. H. Stark, Gen.
Supt; J. B. L. Hornberger, Compt.; J. F. Malone, Aud.; F.
E. Now, Pur. Agt., Pittsburgh 0. J. Zimmerman, Supt., Coraopolis, Pa. GENERAL OFFICE, H. W. Oliver Building,
;
Pittsburgh, Pa.
Six months
1916 1915 1914 1913 1912 1911
Gross revenues ....... $660,077 $356,610 $301,597 $144,092 $161,205 $150,625
100,872 59,491 30,624 13,262 42,200 42,213
Net oper. revenues. *$51,345 *$235,976 *$308,183 *$22,661 $65,757 $58,332
Other income ......... 462,231 475,393 523,585 150,584 ........ 4
Total net income... $394.386 $239,417 $215,402 $127,923 $65,757 $58,336
T axe?--
, 16,500 7,488 16,087 5,140 3,050 2,700
Fixed charges 259,146 170,629 104,103 34,603 16,132 17,495
'
Surplus $135,240 $61,300 $95,212 $88,180 $46,575 $38,141

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $154,109: credit bal-
ance transferred from income, $135,240; dividend appropriations of surplus, $90,000; miscellaneous debits, $1,375;
credit balance carried to balance sheet, $197,974.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. . . $5,367,022 $5,405,247 $5,011,811 $3,127,963 $260,398 $267,004
Working assets 651,803 391,922 1,060,102 2,948,232 219,536 103,453
Deferred debit items. . . 593,400 597,129 597,852 599,150
Total $6,612,225 $6,394,298 $6,670,915 $6,675,345 $389,934 $370,457

LIABILITIES:
Capital stock $1,500,000 $1,500,000 $1,500,000 $1,500,000 $100,000 $100,000
Funded debt 4,663,361 4,518,361 4,698,319 4,873,597
Working liabilities 149,580 112,741 283,574 20S.196 61,442 87,945
Accrd. liabilities not due 77,898 90,565 99,284 8,722 l.nJO 1,667
Deferred credit items . . 23,412 18,522
Profit and loss surplus 197,974 154,109 89,198 87,830 227,472 180,845
Total . $6,612,225 $6,394,298 $6,670,915 $6,675,345 $389,934 $370,457

Bonded Debt: $2,585.000 Montour R.R. first 5s. Dated Feb. 1, 1913; due Feb. 1, 1963. Interest paid Feb. and
Aug. 1, at Union Trust Co., Pittsburgh, Trustee. Coupon, $1,000. Callable as a whole, on and after Feb. 1, 1924;
or 102H for sinking fund of $55.000 annually. Authorized, $4,000,000. First lien on entire property. Interest pay-
able without deduction for normal income tax Net Rating, Ba.
There are also outstanding equipment-trust obligations, totaling $2,078,361, as follows:
$961.000 Equipment Trust 5s. Dated April 1, 1913; due April 1, 1938. Secured of 1,559 freight cars. Original
issue, $961,000.
$200.000 Series A Equipment Trust gold bonds. Dated Jan. 1, 1916; due Jan. 1, 1926. Secured on 800 freight
cars under construction.
$917,361 5% Car Notes. Dated April 1, 1913; due April 1, 1923. Secured on 1,398 freight cars.
Capital Stock: Authorized and outstanding, $1,500,000. All owned by Pittsburgh Coal Company.
MOREHEAD & NORTH FORK RAILROAD

History: Incorporated under the laws of New Jersey, September 27, 1905.
Location: Road extends from Morehead to Red wine, Ky., 24.97 miles; sidings, 1.50 miles, Equipment: Loco-
motives, 6; cars, 44.
Management: W. Lee, Pres., Clearfleld, Pa.; S. T. McCormack, Vice-Pres., Williamspprt, Pa.;
OFFICERS: A.
J. W. Wrigley, Sec. Clearfield, Pa.; Geo. H. Gearhart, Gen. Mgr.; W. B. Townsend. Jr.. Supt and Pur.
and Treas.,
Agt. Clearfield. Ky. DIRECTORS: J. W. Wrigley, A. W. Lee, Clearfield, Pa.: Seth T. McCormack, Williamsport, Pa.;
W. B. Townsend, Townsend, Tenn.; Lewis Starr, Camden, N. J. Annual meeting, fourth Tuesday in January.
OFFICE, Clearfield, Ky.
1916 1915 1914 1913
Gross revenues $79.922 $82,287 $93,633 $85.885
Maintenance of way. . . 20.182 18.285 16,000 20.617
Maintenance of equip.. 17,567 16,147 16,605 15.941
All other oper. expenses 31,130 31,838 36,036 35,761
Net oper. revenues

Other income
$11.043 HMH
Total net income. . $11.043 $16,017 $25.992 $13,571
Taxes 1,240 1.170 1,151 1,151
Fixed charges 19,591 19,689 19,731 19,827
Surplus .
10,781 $4,842 ?-.nn $7,407
ince Sheet, a
ASSETS: 1916 1915
$600,572 $610,994
Deferred debit items. . 46
Total $669,180 $662,817

LIABILITIES:
Capital stock $260.600 $260.600
Funded debt 373.000 878,000
Working liabilities . . . 35,580 29,217
Total . $669,180 $662,817

Bonded Debt: $373,000 Morehead & North Fork R.R. first 5s. Dated Feb. 1, 1908; due Feb. 1, 1958. Interest
Clearfield Trust Co., Clearfield, Pa., Trustee. Coupon, $1,000. Authorized, $500,000. Inter-
paid Feb and Aug. 1, at
est payable without deduction for normal income tax.
MORGANTOWN & KINGWOOD RAILROAD

History: Incorporated in West Virginia, January 14, 1899.
Location: Line of road, Morgantown to M. & K. Junction, W. Va., with branch, 48.71 miles, and 9.5 miles of
sidings. Equipment: Locomotives, 13; passenger, freight and service cars, 437.
Management- OFFICERS: Davis Elkins, Pres.; Richard Elkins, Vice-Pres., Sec. and Treas. DIRECTORS: Davis
Elkins, Richard Elkins, J. H. McDermott, F. W. Bretz, Elaine Elkins, W. G. Wilson. OFFICE, Morgantown,
W. Va.
Annual meeting, in November.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $359,895 $325,862 $353,696 $350,528 $329,098 $345,606 $322,211
All operating expenses. 286,885 283,432 300,813 284,665 247,991 257,222 234,139
Net operating revenues. $73,010 $42,430 $52,883 $65,865 $81,107 $88,384 $88,062
Operating ratio 79.7% 87% 86.9% 81.2% 75.4% 74.4% 72.7%
Other income 5,350 8,020 8,234 2,165 10,611 3,125 1,467
Total net income. $78,360 $50,450 $61,117 $68,030 $91,718 $91,509 $89,529
Taxes accrued 12,050 10,726 9,335 6,355 6,215 8,472 7,879
Fixed charges 58,148 56,935 92,232 87,952 87,242 79,244 41,149
Surplus $8,162 *$17,211 *$40,450 *$26,277 *$1,738 $3,794 $40,501

* Deficit.
ance transferred from income, $8,162; total, $105,736. Contra: Miscellaneous debits, $87; credit balance carried to

ASSETS : 1916 1915 1914 1913 1912 1911
Property investment... $2,584,069 $2,617,299 $2,566,434 $2,561,455 $2,538,432 $2,496,68<
Working assets 106,548 141,034 140,787 153,062 174,752 173,52'i
Deferred debit items... 635,780 631,971 1,325,592 1,323,526 1,312,805 1,309,140
1,858
Total $3,326,397 $3,390,304 $4,034,671 $4,038,943 $4,025,989 $3,979,315

LIABILITIES :
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000

Funded debt 813,500 881,000 1,594,500 1,625,500 1,648,500 1,675,500
23,014 16,119 24,326 11,696 3,300 41,941
Total $3,326,397 $3,390,304 $4,034,671 $4,038,943 $4,025,989 $3,979,315
Bonded Debt: (1) $40,500 Morgantown & Kingwood R.R. first 5s. Dated Jan. 1, 1902; due Jan.
1, 1922. In-
terest Jan. and July, at Bank of Monongahela Valley,
Morgantown, W. Va. Coupon, $500. First lien on entire
property. Interest paid without deduction for normal income tax. Net Rating, A.
(2) $773,000 Morgantown & Kingwood R.R. first 5s. Dated Jan. 1, 1905: due Jan. 1, 1935. Int. Jan. and
July!
Trust Co., Elkins, W. Va. Follow No. 1 on all property. Of total, $40,500 are reserved for No. 1.
Interest
paid without deduction for normal income tax. Net B. Rating,
Capital Stock: Authorized and isued, $2,000,000. Par, $100. No dividends.
MORRISTOWN & ERIE RAILROAD

28> 19 3 ' consolidati n * Whippany River R.R. and
y

1916 1915 1914 1913 1912 1911
Gross revenues $125,029 $106,490 $97,639 $98,715 $92,103 $80,794

Other income 360 291 1,666 9,075 2,097 1,849
Total net income . . . $54,900 $41,726 $44,949 $39,637 $36,139

Taxes 6,616 6,550 7,222 9,038 '
Fixed charges 23,901 uyM 20,078 23',02i 15,890 201,433

Surplus $13,344 $16,508 $1,9.71 $21,928 $14,709 $15,706

* Deficit.
Profit and Low* Account, year ended June 30, 1916: Credit balance at beginning of year, $10,293; profit on
road and equipment sold, $1,336; debit balance carried to balance sheet, $17,714; total, $29,343. Contra: Debit
balance transferred from income, $13,344; dividend appropriation of surplus, $16,000; total, $29,343.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. . . $823.882 $790.492 $788,516 $839,765 $819,771 $799,380
Working assets 38,793 29,997 If361 30,196 26,305 26,077
Deferred debit item*. . . 1,836 41,460
Profit and loss deficit. . 17,714
ToUl $882,225 $861,949 $889,643 $869,961 $846,076 $825,457

LIABILITIES:
Capita] stock $400,000 $400,000 $400,000 $400.000 $400,000 $400,000
Funded debt 277,462 300,000 300,000 300,000 300,000 305,000
Accrd. liabilities not doe 7,664 7,925 8,550 3,312 10,03; 4,075
Deferred credit items. . ' ' 455
'166,857 YiV.iso V6.397 88,634 3l',9i2 28^69
Profit and loss surplus .
10,293 112,865 114,865 65,398
ToUl $882,225 $861.949 $889,643 $869,961 $846,076 $825,457
Bonded Debt: $260,000 Morristown A Erie R.R. first 5s. Dated Sept 1, 1903; due Sept 1, 1923. Interest paid
May and at Brooklyn Trust Co., New York, Trustee. Coupon, $1,000.
1, Authorized and issued, $300,000, of
Sept.
which $40,000 held in sinking fund. Callable at any time. First hen on entire property. Income tax is not deducted
from interest. Rating, Ba.
$17,462 Equipment Trust notes. One note, $5,375, dated Nov. 18. 1915, due in 4 years and 2 mos. in monthly
payments. Secured on 1 locomotive. One note, $12,087, dated Nov. 26, 1915, due in 4 years and 2 mos., due in
monthly payments. Secured on 60 box can. Rating, Baa.
Capital Stock: Authorized and outstanding, $400,000. Par, $100. Dividend of 4% paid from surplus in 1916.
MOSCOW, CAMDEN & SAN AUGUSTINE RAILWAY

HiMory: Incorporated under laws of Texas, June 80, 1898, to build a line from Moscow to San Augustine,
Texas, 60 miles; road opened in 1898.
Location: Road completed extends from Moscow to Camden, Texas, 7 miles. Sidings, 1.4 miles. Equipment:
I-ocomotive, 1; cars, 18.
Management: OFFICERS: W. T. Carter, Pres.; E. A. Carter, Vice-Pres., Gen. Mgr., Treas. and Pur. Agt: A.
Campbell, And. and Supt, Camden, Tex. DntCCTORS: W. T. Carter, E. A. Carter, A. L. Car-
L. Carter, Sec.; G. B.
ter, Camden, Tex.; S. Bergman, D. L. Jones, Moscow, Tex.; C. L. Carter, J. J. Carroll, Houston, Tex.; J. Thomas,
San Marcos, Tex.; J. A. Handley, Jr., Hortense, Tex.; L. D. Garrison, Corpus Christi, Tex. Annual meeting, fourth
Thursday in August GENERAL OFFICE, Camden, Tex.

1916 1915 1914 1913 1912
Gross revenues $1).sr,9 $16,759 $17,846 $21,938 $11,672
Net operating revenues. $3,344 $797 $2,796 $7,836 $1,949

Other income 911 1,648 660
Total net income. $4,255 $2.445 $2.796 $7,836

Taxes 621 522 no 442
Fixed charge* 2,644 2,432 1,410 3,039
Balance $1,090 $509 $4,356 $1,770

'
Deficit
ASSETS:
Taxes
MOUNT JEWETT, KINZUA & RITERVILLE RAILROAD
1889. First portion of road opened in 1889.
History- Incorporated under the laws of Pennsylvania, April 27,
Leases the Kushequa R.R., the Mead Run R.R., the Smethport R.R., the
Kane R.R., and the Keating & Smeth-
Location- Road owned: Mount Jewett to Kushequa with branches, 3.95 miles. Roads leased
Meads Run June, :
to B. & O crossing, 0.32 mile; Smethport to East Smethport, 0.21 mile; Kushequa to McKeans miles.
June., Pa., with
branches, 9.62 miles; Mt. Jewett to Evan, Pa., 2.82 miles; McKeans to Smethport, Pa., 8.41
C. M. Stedwell, Aud.;
Management: OFFICERS: Elisha K. Kane, Pres.; C. C. Burch, Sec.; Z. E. Kane, Treas.;
H. W. Martin, Supt. and Pur. Agt., Kushequa, Pa. DIRECTORS: G. C. Burch, E. K. Kane, Z. E. Kane^C.JSL
Stedwell, M. A. Critchlow, H. W. Martin, Kushequa, Pa.; T. L. Kane, Kane,
Pa. Annual meeting, second Mon-
day in January. GENERAL OFFICE, Kushequa, Pa.

1916 1915 1914 1913 1912
Gross revenues $50,518 $43,143 $50,559 $55,329 $47,253
*
Net operating revenues. $8,399 $260 $3,143 $11,034 $9,183
Other income 934
*
Total net income $8,399 $260 $4,077 $11,034 $9,183
Fixed charges, inc. taxes. 12,332 9,780 12,150 14,289 12,000
Deficit . $3,933 $9,520 $8,073 $3,255 $21,183

* Deficit.
transferred from income, $3,933; loss on retired road and equipment, $2,211; delayed income debits, $3,050; mis-
cellaneous debits, $207; total, $246,815. Contra: Debit balance carried to balance sheet, $246,815; total, $246,815.

ASSETS: 1916 1915 1914 1913 1912
Working assets ,
36,864 35,239 34,724 48,652 41,865
Profit and loss . 246,815 237,414 223,700 210,321 207,066
Total $369,246 $362,294 $347,430 $350,051 $343,328

LIABILITIES :
Capital stock $80,000 $80,000 $80,000 $80,000 $80,000

Accrued due.
liabilities not 1,803 1,532 1,597
2,067
Total $369,246 $362,294 $347,430 $350,051 $343,328
Capital Stock: Authorized and outstanding, $80,000. Par, $50. No dividends paid.
MOUNT PENN GRAVITY RAILROAD

History:Incorporated under laws of Pennsylvania, April 26, 1889. Road completed in March, 1890.
Location: Road extends from Mineral Spring Park Station to summit and around Mount Penn, Pa., 8 miles.
Operated by electricity. Locomotive, 1; cars, 14.
Management: OFFICERS: James Rick, Pres. and Gen. Mgr. E. C. Nolan, Vice-Pres. Frank S. Livingood, Sec.
; ;
and Treas., Reading, Pa. DIRECTORS John Barbey, Frank S. Livingood, Wm. R. Mcllvain, Thos. P. Merritt, J. H.
:
Moyer, G. A. Rick, Jas. Rick, Arthur Rick, Edwin A. Quier, Edw. C. Nolan, James Rick, Jr., Reading, Pa. Annual
meeting, second Monday in January. OFFICE, Reading, Pa.
1916 1915 1914 1913 1912 1911
Gross revenues $14,950 $14,457 $19,654 $18,226 $19,309 $21,212
Maintenance of way. . . . 1,423 3,384 1,900 1,927 2,545 3,873
Maintenance of equip. . 579 698 1,597 874 986 3,191
Net oper. revenues .

$5,545 $3,505 $7,964 $7,993 $7,594 $8,318
$6,199 $3,928 $7,964 $8,391 $7,594 $8,318
Taxes 760 748 ' 751 1.295
Fixed charges 4,537 5,141 s'.iio '5,066 4,627 4,662
Surplus $902 $1,961 $2,824 $3,391 $2,216 $2,461

Dividends declared. 2,000 2,000 2,000 3,000
Other deductions .
1,114
Balance $902
1
$1,961 $824 $277 $216 *$539

Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets ' 742 700 769 52
Profit and loss deficit.. 39.948 40.849 38,888 42,753 38,861 42,276
Total $200,318 $201,219 $200,000 $201,125 $200,000 $200,000

LIABILITIES:
Capital stock $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
Funded debt 100,000 100,000 100,000 100,000 100,000 100,000
Working: liabilities 318 1,219
Total $200,318 $201,219 $200,000 $201,125 $200,000 $200,000

Bonded Debt: (1) $60,000 Mount Penn Gravity R.R. first extended 4fts. Dated 1891; due April 1, 1901, ex-
tended to April 1, 1912, and further extended to April 1, I:U'J. Interest April and Oct. 1, at Reading Trust Co.,
Reading, Pa., Trustee. Coupon, $100, $500, and $1,000. First lien on entire road. Interest payable without deduc-
tion for normal income tax. Rating, B.
(2) $40,000 Mount Penn Gravity R.R. second extend -d 4tts. Dated 1892; due April 11, 1902; extended to April
1, 1912, and further extended to April 1, 1922. Interest paid April and Oct 1, at Reading (Pa.) Trust Co.,
Trustee. Coupon, $100. $500 and $1,000. A second lien on the entire line. Interest payable without deduction for
normal income tax. Rating, B.
Capital Stock: Authorized and outstanding, $100,000; par, $50. Dividends have been paid as follows: 1909 to
1911, :<-, per annum; 1912. 1913 and 1914, 2% each; 1915 and 1916, none.
MOUNT TAMALPAIS & MUIR WOODS RAILWAY

History: Incorporated under the laws of California, Feb. 21, 1913 to take over the Mill Valley & Tamaipais
Scenic Ry., and to construct an extension from a point on the main line near West Point Station to Bolinas on the
Pacific Ocean.
Location: summit of Mount Tamalp us, Cal., 8.5 miles; Mesa to Muir Woods, 4 miles; total,
Mill Valley to
12.34 mile*. Equipment:Locomotives, 4; 2 gasoline motor cars; cars, 29.
MaaajreMent: OFKICERS: W. C. Savage, Prs.; John E. Gushing, Vice-Pres.; First NatT Bank, San Fran-
cisco, Tree*.; R. H. Ingram, Gen. Mgr. DIKECTOBS: W. C. Savage. J. E. Cushing, R. L. White, T. T. Kent. J. D.
Jamison, W. B. Saville. W. D. Fennimore. Annual meeting, third Thursday in July. GENERAL OFFICE, 209 Pacific
Bldg.. San Francisco, Cal.
1916 1915
Groan earnings $149,413 $87,062
Operating expenses 78,252 M.'-'ll
Taxes 6,440 4,400
Net earnings from operation. $64,722 $31,450

Other income .
17,043 4,514
Total income $81,765 $40,987

Interest on bonds. 6,381 6,689
Other interest . . . 657 8,05*
Other deductions . 22.W, 1,332
Dividends 14,310 10,919
Surplus $38,511 $30,067

Condensed Balance Sheet, as of June 30. 1916
Property investment . . ..... $432,576 Common stock ........ $318,000
Other investment ..... 68,167 Bonded debt outstanding. 47,500
Materials and supplies. 10,723 Current liabilities 21,445
Cash on hand ..... 2,015 Deferred credit items. 4,710
Bills receivable 7,321 Appropriated surplus 52,500
Deferred debit items... Profit and loss 70,798
TMal $514,954
Bonded Debt: $47.500 Mill Valley A
Mt. Tamaipais Scenic Ry. first 5s. Dated April 20, 1899; due April 20,
1929. Interest paid April and Oct 20 at Union Trust Co., San Francisco. Coupon, $500. Authorized and issued,
$100.000, of which $52,500 had been retired by sinking fund. First lien on road and equipment Normal income
tax deducted from interest Rating, A.
Capital Stock: Authorized, $500,000; outstanding, $318,000; par, $100. Current dividends, 4H%. Stock trans-
ferred at company's office.
MUNISING, MARQUETTE & SOUTHEASTERN RAILWAY

History: Incorporated tinder Michigan laws, June 80, 1911, consolidation of Munising Ry. and the Marquette
A Southeastern Ry.
Location: Road extends from Munising to Big Bay, Mich., 78.61 miles; Princeton to Lawson, Mich., 17.59
milps; Whitman June, to Hoist, Mich.. 5.06 miles: Stillman to Cusina, Mich.. 23.19 miles; Chapman to Petrel, Mich.,
5.33 miles; Hartho to Ethel, Mich., 2.69 mfles; Myren branch. 5.37 miles; total, 137.84 miles. Equipment: Loco-
motives, 13; cars, passenger, 14; f-reight, 610; service, 11. Total, 635.
MOODY' S ANALYSES OF INVESTMENTS.
Management: OFFICERS: W. G. Mather, Pres., Cleveland, O.; H. R. Hams, Vice-Pres. and Gen. Mgr., Mar-
Mich.: R. C. Manee, Sec. and Treas., Cleveland, O.; H. A. St. John, Aud., Marquette,
Mich. DIRECTORS: W.
ouette
R. Mann, M. M. Duncan, Ishpemmg, Mich.; H. R. Harris, Marquette,
G Mather J H. Hoyt, C. Cleveland, 0.;
Mich. Annual meeting, third Tuesday in February. GENERAL OFFICE, Marquette, Mich.
Comparative Income Accojnt, Years Ended June 30
1916 1915 1914 1913 1912
Gross revenues $595,180 $457,037 $524,219 $544,874 $491,038
Maintenance of equipment. . . 82,841 76,881 80,902 79,965 55,634

Other income 5,762 3,087 3,725 337
Total net income. $190,974 $80,929 $134,753 $178,521 $205,832

Taxes 36,562 31,247 31,876 30,288 28,954
Fixed charges 158,198 154,397 155,484 155,949 159,600
* * *
$3,786 $104,715 $52,607 $7,716 $17,278
Surplus * Deficit.
Profit and Loss Account, year ended June 30, 1916: Profit on road and equipment sold, $2,354; debit balance
carried to balance sheet, $334,830; total, $337,184. Contra: Debit balance at beginning of year, $332,904; debit
balance transferred from income, $3,786; miscellaneous debits, $494; total, $337,184.

ASSETS :
1916 1915 1914 1913 1912
Property investment. $2,208,059 $2,305,833 $3,589,265 $2,681,887 $2,329,976
Working assets 202,260 187,804 178,935 137,722 120,628
Deferred debit items. 1,622,847 1,623,880 1,401,987 1,402,034 1,402,008
Profit and loss deficit. 334,830 . 334,568 229,853 171,839 161,628
fotal $4,367,996 $4,452,085 $4,400,040 $4,393,482 $4,409,526

LIABILITIES :
Capital stock $1,870,000 $1,870,000 $1,870,000 $1,870,000 $1,870,000

Funded debt 1,175,000 1,190,000 1,205,000 1,213,066 1,167,254
Working liabilities 1,303,207 1,370,276 1,304,043 1,290,674 1,353,181
Total ; $4,367,996 $4,452,085 $4,400,040 $4,393,482 $4,409,526

Bonded Debt: (1) $1,000,000 Marquette & Southeastern Ry. first 5s. Dated June 1, 1903; due June 1, 1933.
Int. paid June and Dec. 1, at Citizens' Savings & Trust Co., Cleveland, O., Trustee. Coupon, $1,000. Secured on
50.60 miles of former Marquette & Southeastern Ry. from Big Bay to Lawson, Mich., and from Whitman June,
to Hoist, Mich, and all equipment. Interest paid without deduction for normal income tax. Rating, B.
(2) $160,000 Munising Ry. first 4s. Dated Oct. 1, 1900; due Oct. 1, 1925. Interest paid April and Oct. 1, at
Citizens' Savings & Trust Co., Cleveland, 0., Trustee. Coupon, $1,000. Secured on property of former Munising
Railway, including 44.69 miles of line from Munising to Little Lake, Mich., and from Stillman to Cavite, Mich. ;
also secured on 3 locomotives, 1 coach, 1 combination car, 1 box car, 1 caboose car, and 96 flat cars. Interest paid
without deduction for normal income tax. Rating, Baa.
Capital Stock: Authorized and outstanding, $1,870,000; par, $100. A majority owned by Cleveland Cliffs Iron Co.
MUSCATINE NORTH & SOUTH RAILWAY

History: Incorporated under Iowa laws, Feb. 8, 1905, successor to the Muscatine North & South Railroad sold
under foreclosure, Dec. 15, 1904. Road completed in 1912.
Receivership: Judge McPherson, in the United States District Court appointed on Sept. 16, 1914, Chas. N. Voss
and E. H. Ryan, both of Davenport, la., as receivers. M. Dailey appointed receiver, Nov. 27, 1914. .
Foreclosure: The German Trust Co. of Davenport, la., on Nov. 25, 1914, filed a suit at Burlington, la., to fore-
close the first mortgage of 1910, under which $800,000 bonds are outstanding. The bonds are deposited under the
$425.000 3-year 6% syndicate notes, which matured Oct. 1, 1914.
Location: Road extends from Muscatine to Rock Island June., la., 47.77 miles; trackage over lines of Minn. &
St. L. R.R., 5.51 miles; Chi., R. I. &
Pac. Ry., 2.2 miles; total, 7.71 miles; total operated, 55.48 miles. Sidings, 7
miles. Equipment: Locomotives. 6; cars, passenger, 2; combination, 2; freight, 8.
Management: OFFICERS: M. Dailey, Receiver and Gen. Mgr.; B. C. Hightower, Sec. and Aud.; T. W. Krein,
Traffic Mgr., Muscatine, la. DIRECTORS: E. H. Ryan, C. G. Hipwell, C. N. Voss, Davenport, la.; J. E. Dolman, St.
Joseph, Mo.; John Zeidler, St. Louis. Annual meeting, second Tuesday in January. OFFICE, Muscatine, la.
1916 1915 1914 1913 1912 1911
Gross revenues $167.704 $134.556 $126,113 $123,497 $86,483 $72,184
Maintenance of way. . . .
26,176 17.285 1 19,470 22.336 12,726
Maintenance of equip. . 8.709 6.388 } 122,540 15,247 9,662 7,691
All other oper. expenses. 72,099 70,802 103,410 69,344 50,056
J
Net oper. revenues. $60.720 $40.081 $3,573 $14,630 *$14,859 $1,441

Taxes 4.635 4.993 4,664 3,124 2,842
Fixed charges 21,949 20,046 22',947 2,926
Surplus .
$34,136 $15,042 *$19,374 '$19,294 *$20,909 *$1,401
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance transferred from income, $34,136; dona-
tions, $300; debit balance carried to balance sheet, $28,337; total, $62,823. Contra: Debit balance at beginning of
year, $61,678; miscellaneous debits, $1,145; total, $62,823.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 94,628 245,272 218,957 227,882 227,882 230,705
Deferred debit items. .. 18 24
Total $1,384,350 $1,569,586 $1,552,504 $1,514,830 $1,514,829 $1,496,808

LIABILITIES:
Capital stock $450,000 $450,000 $450,000 $450,000 $450,000 $450,000
Funded debt 800,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Working liabilities 116,837 117,970 102,504 64,830 64,829 .46,808
Deferred credit items.. 17,513 1,616 ...
Total $1,384,350 $1,569,586 $1,552,504 $1,514,830 $1,514,829 $1,496,808

Bonded Debt: (1) $1,000,000 Muscatine North & South Ry. 1st 5s. Dated Jan. 1, 1910; due Jan. 1, 1935. Inter-
est paid Jan. and July 1, at German Trust Co., Davenport, la., Trustee. Of these bonds, $800,000 are deposited as
part security for the collateral trust notes, and the balance, if issued, must be deposited under the notes also. In
treasury, $200.000. Rating, B.
(2) $425,000 Muscatine North & South Ry. Collateral Trust Notes. Dated Oct 1, 1911; matured Oct. 1,
"',
1914. Interest
paid April and Oct. at Continental & Commercial Trust & Savings Bank, Chicago, Trustee. Coupon,
$1,000. Secured by deposit of $800,000 1st mtge. 5s, and all the $450,000 capital stock (except directors' qualify-
ing shares) of the Muscatine North & South R.R. Co. If the unissued $200,000 1st mtge. 5s are at any time issued,
they must be deposited as collateral under this mortgage. Of these notes, $273,000 were set aside, to complete
road from Kingston to Burlington, and to purchase terminal facilities in Burlington. Rating, Ba.
: The Continental & Commercial Trust & Savings Bank, as trustee of the above notes, has brought suit
in Superior Court against the managers and members, charging default in payment of interest and asking an
accounting of all property covered by the trust deed, and possession of securities deposited under it.
Capital Stock: Authorized and outstanding, $450,000; par, $100. All deposited as security for the collateral-
trust 6% notes described above.
MUTUAL TERMINAL COMPANY OF BUFFALO

Origin: Incorporated under the laws of New York, Feb. 28, 1903, as the Mutual Elevator Co. Name changed as
above, Sept. 15, 1904. The property of the company, which is centrally located in Buffalo, consists of 5.22 acres of
land with a frontage of 1,468 feet on the City Ship Canal. Company also owns wharves, freight house and grain
elevator. The company owns the entire stock of the Island R.R. Co.. which owns terminal tracks and right of way
adjacent to the property of the Mutual Terminal Co. Also owns entire stock of the Mutual Transit Co. The char-
ter of the company is perpetual.
Management: OFFICERS: Chas. M. Heald, Pres., Buffalo, N. Y.; C. S. Goldsborough, Vice-Pres., New York;
F. H. Silvemail, Sec. and Treas., New York. DIRECTORS: P. J. Flynn, John Carstensen, C. S. Goldsborough, J. A.
Middleton, New York; Chas. M. Heald. Buffalo, N. Y. Annual meeting, third Wednesday in February at Buffalo,
N. Y. OFFICE, Chamber of Commerce, Buffalo, N. Y.
Bonded Debt: $1,276.000 Mutual Terminal Co. 1st mortgage 4s. Dated July 1, 1904; due July 1, 1924. Interest
paid Jan. and July 1. Coupon, $1,000. Callable at 102 Vi and interest on six weeks' notice. Sinking fund calls
for an annual payment of $200.000 on July 1st each year. Secured by first mortgage on all property directly owned
by the company, and by first lien on the properties of the Mutual Transit Co. and the Island R.R. Co. through the
deposit of the entire issue of stocks and bonds of those companies. Authorized, $5,000,000, of which originally is-
sued, $4.556,000, the remainder being reserved for additions and improvements. Of amount issued, $3,280,000 have
been retired through operation of sinking fund. Interest paid without deduction for normal income tax.
Capital Stock: Authorized and outstanding, $60,000; par, $100. The stock is jointly owned by the New York
Central A Hudson River R.R., Delaware, Lackawanna & Western R.R., Lehigh Valley R.R. and the Erie R.R. com-
panies.
THE NACOGDOCHES & SOUTHEASTERN RAILROAD

History: Incorporated under the laws of Texas, Dec. 28, 1904, for the purpose of building a road from Nacog-
doches southeast, about 34 miles.
Loation: Road in operation from Nacogdoches to La Corda, 14 miles; sidings, 2.41 miles. Operated under con-
tract. 7.8 miles. Equipment: Locomotives, 2; cars, 63.
Management: OFFICERS: E. A. Front, Pres.; F. T. Whited. Vice-Pres., Shreveport, La.; S. W. Blount, Vice-
Pres.; W. P. Smith, Sec. and Treas.; W. P. Smith. Aud., Supt. Pur. Agt and Traf. Mgr.; H. W. Whited, Gen. Mgr.,
Nacogdoches, Tex. DIRECTORS: E. A. Frost, F. T. Whited. Shreveport, La.; C. D. Johnson, St Louis, Mo.; S. W.
Blount. T. E. Trigg, H. W. Whited, G. A. Kelly, Lufkin, Tex.; Geo. H. Meisenheimer, W. P. Smith, Nacogdoches, Tex.
Annual meeting, first Thursday in December. GENERAL OFFICE, Nacogdoches, Tex.
1916 1915 1914 1913 1912
Gross revenues $59,447 $26.617 $23.320 $19,285 $23,098
Operating expense* 35,725 33,752 40,297 33,734 40,271
Net revenues $23,722 *$7.1.?5 '$16,977 *$14,449 $17,175

Taxes 1.350 1,350 1,350 1.200 1,080
Fixed charges 2,871 1,596 1,297 1,299 1,471
Balance $19,501 *$10,081 '$19,624 *$16,948 *$19,726

Deficit.
1
ASSETS: 1916
Property investment S230.959
NEBRASKA, KANSAS & SOUTHERN RAILWAY

History: Incorporated under Kansas laws, Feb. 4, 1907.
Location: Road projected extends from Stockton to Garden City, Kans., 162 miles; Stockton Kans., to Hastings,
Neb., 120 miles; Garden City, Kans., to Amarillo, Tex., 225 miles; total, 507 miles. Completed to Oct 1, 1914, 15.5
miles. Sidings, 1 mile.
Management: OFFICERS: J. C. Hopper, Pres., Ness City, Kans.; J. Q. Adams, First Vice-Pres., Stockton, Kens.;
T. T. Kelly, Second Vice-Pres., Paola, Kans.; F. T. Burnham, Sec. and Gen. Mgr., Kansas City, Mo.; E. J. Wil-
liams, Treas., Stockton, Kans. DIRECTORS: J. C. Hopper, A. S. Foulks, Ness City, Kans.; E. J. Williams, J. Q.
Adams, Stockton, Kans.; E. H. Lupton, Topeka, Kans.; D. J. Hanna, Salina, Kans.; J. V. Killion, Eminence, Kans.;
Geo. W. Finnup, Garden City, Kans. ; W. A. Morgan, Burrton, Kans. F. T. Burnham, Kansas City, Mo. ; T. T. Kelly,
;
Paola, Kans. Annual meeting, first Monday in February. OFFICE, Stockton, Kans.
Bonded Debt: $200,000 Nebraska, Kansas & Southern Ry. 1st 6s. Dated July 1, 1908; due July 1, 1958. Inter-
eat paid Jan. and July 1, at company's office, New York. Coupon, $500 and $1,000. Authorized, $4,500,000. Call-
able on and after July 1, 1915, at 105. A
first lien on entire property. Normal income tax deducted from interest
Capital Stock: Authorized, $4,500,000. Outstanding, $300,00(3; par, $100.
NELSON & ALBEMARLE RAILWAY COMPANY

History: Incorporated under laws of Virginia, Sept 14, 1903, and on June 19, 1905, absorbed the Schuyler Ry.
Location: Road extends from Guthrie to Schuyler, Va.. 6.46 miles; Alberene to Esmont, Va., 0.32 mile; Schuyler
Dam to Rockfish, Va., 3.61 miles. Operated under contract Alberene to Esmont, Va., 5.53 miles. Trackage rights,
0.86 mile; total, 16.78 miles. Sidings, 0.69 mile. Equipment: Locomotives, 3; cars, passenger, 2; freight, 12;
caboose, 2.
Management: OFFICERS: D. J. Carroll. Pres., New York; H. L. Lane, Vice-Pres. and Gen. Mgr.; S. H. Pur-
Treas. and Supt., Schuyler, Va.; W. W. Hepburn, Sec., New York City. DIRECTORS: The foregoing and Rich-
eell,
ard Flynn, New York; M. J. Copps, Schuyler, Va.; A. A. Moneypenny, New York City. Annual meeting, in Sep-
tember. GENERAL OFFICE, Schnyler, Va.
1916 1915 1914 1913 1912 1911
Gross revenues $56,220 $51.248 $49,313 $54,488 $52,449 $48,642
Maintenance of way. . . 6,195 8,664 8,544 6,152 B36B 9,714
Maintenance of equip. . 3,141 2,429 l.r.rj -J..V.-0 1,932 2,762
Net oper. revenues. $23,748 $23.628 129,986 $24,363 $20,195

Other income 2,552 1,896 1,533 930 350
Total net income . . $34,251 $25.644 HB461 $30,916 $24,713 $20,195

Taxes 1,974 1.743 1.810 1.758 1,676 1,565
Fixed charges 11.504 12,409 12,222 12,399 12,337 12.747
Other deductions . 19,956
Surplus .
$817 $11,492 $11,129 $16,759 $10,700 $5,883

1916 1915 1914 1913 1912 1911
Property investment ... $483,931 $368.869 $387.193 $386.984 $383,100 $383,515
Working assets 11,032 10,772 44,238 15,326 3,841
Deferred debit items... 39,555
Total $444,963 $419,196 $431,431 $415,054 $398,426 $387,356

LIABILITIES:
Capital stock $250.<JOO $250.000 $250.000 $250.000 $250,000 $250,000
Funded debt 135.000 135.000 135.000 135,000 135,000 135,000
Working liabilities .... Ml 420 1,608 343 343 1,631
Deferred credit items.. 8,471 ' ' 1,660
Appropriated surplus .. 48,000 31.566 4*2,583 2*7.485 10,000
Profit and loss surplus. 3,093 2,276 2,240 2.226 1,423 725
Total $444,963 $419.196 $431.431 $415,054 $398,426 $387,356

Bonded Debt:$135.000 Nelson & Albemarle Ry. 1st 6s. Dated 1904; due 1918. Interest Jan. and July. Auth-
orized. $150,000. Secured on entire road owned, 10.80 miles. Normal income tax deducted from interest
Rating, Ba.
Capital Stock: Authorized and outstanding, $250,000; par, $100. No dividends have been paid.
NEVADA CENTRAL RAILROAD

History Incorporated under laws of Nevada. Nov. 1, 1888, as a reorganization of the Nevada Central Railway.
:
Line of road. Battle Mountain to Austin, Nev., 93 % miles. Sidings, 2 miles. The company is controlled by the
Nevada Company, which owns a majority of the capital stock. Equipment owned: Locomotives, 3; cars, 51.
Management: OFFICERS: J. G. Phelps Stokes, Pres.; Timothy Davenport, Vice-Pres.; Jamps W. McCulloch,
Gen. Mgr. and Asst Treas., New York; J. M. Hiskev. Sec., Treas. and Aud., Austin, Nev. DIRECTORS: J. G.
Phelps Stokes. T. Davenport, J. W. McCulloch, I. N. Phelps Stokes, J. M. Hiskey, H. Phelps Stokes, D. J. Shea.
Annual meeting, second Tuesday in October. MAIN OFFICE, Austin, Nev. NEW YORK OFFICE, 100 William Street.
c

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... 1775,961 $777,942 $763,811 $739,531 $695,907 $697,323
Working assets 23,974 36,735 28,262 15,147 13,683 24,002
Total $825,431 $845,652 $836,118 $802,105 $767,001 $789,439

LIABILITIES :
Capital stock $250,850 $250,850 $250,850 $250,850 $250,850 $250,850
Funded debt 176,000 191,000 202,000 162,000 171,000 180,000
Working liabilities .... 59,302 55,771 61,954 26,004 38,293
Accr'd liabilities not due 42 194 767 1,169
Deferred debit items. . . 44,546 25,634 20,516 18,428 6,860
Appropriated surplus . . 264,382 252,384 231,384 231,384 231,384 52,280
Total .
$825,431 $845,652 $836,118 $802,105 $767,001 $789,439
Reverse item. *
Bonded Debt: (1) $126,000 Nevada County Narrow-Gauge K.R. first gold 7s. Dated Jan. 2, 1896; due in
annual instalments, increasing from $4,000 in 1902 to $20,000 in 1924. Int. Jan. and July 2, at Wells Fargo Nevada
National Bank, San Francisco. Coupon, $1,000. First lien en line from Colfax to Nevada City, Cal., with branch,
21.9 mile!). Normal income tax deducted from interest Rating, A.
(2) $50,000 Nevada County Narrow-Gauge R.R. 5s; dated April 1, 1913; due April 1, 1943; int. paid April
and Oct. 1, at Union Trust Co., San Francisco. Coupon, $1,000. Callable at 105. Authorized, $500,000. Follows
No. 1 on entire property. Sinking fund provides for annual payments of $3,500 from 1920 to 1929; increasing to
$7,500 in 1930 and to $16,000 in 1940. Interest paid without deduction for normal income tax. Ratitii/, Baa.
Capital Stock: Authorized. $400,000; outstanding. $2 ".0.200; par, $100. Dividends have been paid as follows:
1882, 3%; 1883, 6%; 5% each in Dec., 1903, Nov., 1904, and Sept., 1905; July, 1906, 10%; Dec., 1909, 2%%; Oct.,
1910, 2H%; Sept, 1911, 5%; May and June, 1912, ltt% each; Aug., 1912, 2%; Sept, 1912, 3%; Aug., 1913, 2%;
Sept, 1913, 3%; 16% in 1914; 2% in 1915; 8% in 1916.
NEVADA NORTHERN RAILWAY

History: Incorporated in Maine, May 29, 1905. Controlled by Nevada Consolidated Copper Co.
Location: Line of road, Cobre to Ely, Nev., 140.38 miles, with branches of 24.36 miles; sidings, 23.44 miles.
Management: OFFICERS: S. W. Eccles. Pres.; D. C. Jackling, Vice-Pres.; C. K. Lipman, Treas.; W. E. Ben-
nett Vice-Pres. and Sec. DIRECTORS: S- W. Eccles, W. E. Bennett, W. H. Smith, C. M. MacNeiH, D. C. Jackling,
Chas. Hayden, Murray Guggenheim, E. L. Newhouse, Simon Guggenheim. OFFICE,* 120 Broadway, New York.

1916 1915 1914
Gross revenues $1,885,753 $1,204,274 $1,761,197
Maintenance of way 218,950 200,481 220,955
407,410 333,245 468,728
Net operating revenues... $1,093.837 '
Operating ratio 4J
Other income 32,678
Total net income $1,126.515

Taxes accrued -n /<>'
Fixed charges
Surplus . . .
Dividends paid
Balance . .
Bonded Debt: $175,000 Nevada Northern Ry. first a. f. 5s; dated July 1, 1905; due July 1, 1925; int. Jan. and
July, at Boston Safe Deposit & Trust Co., Boston. Sinking fund, $50,000 per annum. Callable at any time at 105
and interest. First lien on property. Interest paid without deduction for normal income tax. Net Rating, Aa.
Capital Stock: Outstanding, $2,000,000; all owned by Nevada Consolidated Copper Co. Dividends: 1908, 10%;
1909, 20%; 1910, 32%%; 1911 and 1912, 30% each; 1913, 31J4%; in 1914; 31%%
in 1915; 20%%
in 1916. 42%%
NEWBURGH & SOUTH SHORE RAILWAY
History: Incorporated under the laws of Ohio, June 12, 1899. Operates 61 miles of tracks and transfers
freight cars between the different railway lines, industries and warehouses in and around Cleveland, O.
Location: Tracks extend from the forwarding and receiving dock on the Cuyahoga River in Cleveland to the
manufacturing district of Newburgh, Ohio, connecting with all railways entering those cities.
Equipment: Locomotives, 22; passenger cars, 5; freight cars, 1,038.
Management: OFFICERS: W. H. Palmer, Pres.; A. S. Chisholm, Vice-Pres., Cleveland; A. F. Allen, Sec., Chi-
cago; S. H. Berwald, Treas.; C. A. Vogt, Aud.; J. N. Fleming, Pur. Agt., Cleveland; C. A. Gallagher, Gen. Supt.,
Cleveland, Ohio. DIRECTORS: E. H. Gary, New York; J. S. Keefe, Chicago; H. A. Barren, A. S. Chisholm, R. W.
Ney, Wm. P. Palmer, C. A. Gallagher, Cleveland. GENERAL OFFJCE, Cleveland, Ohio.

1916 1915 1914 1913 1912
Gross revenues $888,142 $552,347 $597,494 $715,425 $579,862
Net operating revenues . $286,837 $117,100 $70,846 $146,141 $142,949

Other income 2,847 21,707 21,877 29,328 25,106
Total net income $289,684 $138,807 $92,723 $175,469 $168,055

Fixed charges, inc. taxes 76,733 55,131 60,698 48,848 48,129
Surplus $212,951 $83,676 $32,025 $126,621 $119,926

ance transferred from income, $212,951; total, $653,208. Contra: Dividend appropriations of surplus, $90,000; mis-
cellaneous debits, $129; credit balance carried to balance sheet, $563,079; total, $653,208.

ASSETS: 1916 1915 1914 1913 1912
Working assets 242,875 184,773 172,119 205,011 170,424
Deferred debit items ; 6,540 6,095 5,736 5,257 5,064
Total $2,886,602 $2,799,887 $2,736,971 $2,586,561 $2,557,867

LIABILITIES:
Capital stock $1,500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000
Profit and loss 563,079 440,257 355,967 498,890 468,566
Total .......................... $2,886,602 $2,799,887 $2,736,971 $2,586,561 $2,557,867
Capital Stock: Authorized and outstanding, $1,500,000. Par, $100. All owned by American Steel & Wire Co.,
a subsidiary of the U. S. Steel Corporation. No bonded debt. A
dividend of 6% was paid in 1913 and in 1916.
NEW IBERIA & NORTHERN RAILROAD

History: Incorporated under the laws of Louisiana, April 2, 1907, to construct line from Port Barre to Ber-
wick, La. The road was built for the St Louis and San Francisco R.R. Co. under contract, and the St. L. & S. F.
R.R. issued its notes in payment therefor. The owners of the railroad took the
property back May 1, 1914, and it
is now entirely independent Company owns terminal properties on both sides of New Iberia.
Location: Road extends from Port Barre to New Iberia, La., 61.37 miles.
Company operates 39.46 miles of its
subsidiary, the Iberia, St. Mary & Eastern R.R., from New Iberia to Shadyside; total operated, 100.83 miles.
Equipment: Owned, locomotives, 7; passenger motor cars, 2; freight cars, 233; service cars, 5.
Management: OFFICERS: A. T. Perkins, Pres., St Louis; R. J. Lockwood, Vice-Pres. and Pur. Agt., New
FS uy> ,Y lc(:- pre!;' St Louis : - J v
Smlth > Sec " New Iberia; F. V. Dubronillet, Treas., St. Louis; C. G.
-
TT' i^f"
e
?v ?*[!* P"^
11 8
?? ;,
T ' Perkins . St. Louis, Mo.; P. M. Johnston, St. Elmo, 111.; Jules Dreyfus,
New Ibwim; Henry N
Pharr> olivier - La- Annual meeting ' first
-

1916 1915
Gross revenues ......................... " S1 nfi coo no 007
""
Operating expenses ......................... j" "i \\;\ \\\ \" """"I "; *}g;gjj fg;g{
Total net deficit. . ... ,,, 01 QO/)

Fixed chare inr tjcre.
......................................... $1,462 $21,924
68 ....................... ................................ 146,266 101,120
$147,728 $123,044

ASSSETS: 1916 1915 LIABILITIES: 1916 1915
Working assets 182,836 134,338 Funded debt 2,000,000 2,000,000
Accrued income not due. 1,062,581 1,098,626 Working liabilities 314,509 144,853
Profit and loss 416,594 268,461 Accrd. liabilities not due 7,559 5,419
Deferred credit items... 11,209 3,036
Total $3,333,277 $3,153,508 Total $3,333,277 $3,153,308
Bonded Debt: $2,000,000 New Iberia & Northern R.R. first 5s. Dated July 1, 1913; due July 1, 1943. Interest
paid Jan. and July 1, at St. Louis Union Trust Co., St. Louis. Coupon, $1,000. Authorized, $10,000,000. Callable
at 105 and interest upon 90 days' notice. First lien on entire property. Interest paid without deduction for normal
income tax.
Capital Stock: Authorized, $2,000,000; outstanding, $1,000,000. Par, $100. No dividends paid.
NEW JERSEY, INDIANA & ILLINOIS RAILWAY

History: Incorporated under Indiana laws, October 27, 1902. Road opened, August 1, 1905.
Location: Road extends from South Bend to Pine, Ind., 12 miles. Sidings, 1.58 miles. Equipment: Locomo-
tives, 2; cars, 4.
Management: OFFICERS :
Clayton Mayo, Pre*. and Gen. Mgr.; R. C. Scholz, Vice-Pres.; T. A. Hynes, Treas. and
Gen. Frt Agt.; H. C. Weppler, Sec. and Aud., New York: W. A. Ballard, Supt, South Bend, Ind. DIRECTORS:
Clayton Mayo, R. C. Scholz, T. A. Hynes, H. C. Weppler, New York; W. L. Kizer, W. A. Ballard, South Bend, Ind.;
R. M. King, Brooklyn, N. Y. Annual meeting, first Monday in October. OFFICE, 149 Broadway, New York.
Gross revenues
NEW MEXICO CENTRAL RAILROAD
History: Organized December 7, 1900, as the Santa Fe, Albuquerque
& Pacific Ry. Co. Re-organized in 1902
as the Santa Fe Central Ry. Present name adopted in 1908 when the company consolidated with the Albuquerque
& Eastern Ry. Receiver appointed January 10, 1910.
Location: Road extends from Torrance to Santa Fe, N. M., 115.70 miles; sidings, 4.36 miles. Equipment:
Management: OFFICERS: Ralph C. Ely, Rec., Santa Fe, N. M.; H. Nesbit, Pres., Pittsburgh, Pa.; W. T.
Hopewell, Vice- Pres., Albuquerque, N. M.; F. J. Torrance, Sec., Pittsburgh, Pa.; E. E. Friday, Gen. Supt.; W. W.
Becker, Aud. GENERAL OFFICE, Santa Fe, N. M.

1916 1915 1914 1913 1912
Gross revenues $64,907 $69,545 $92,741 $110,808 $101,127
Net operating revenues *$13,174 *$6,961 *$6,587 $21,305 $16,290

Total net income $13,174 *$6,961 *$6,587 $21,449 $16,433

Balance . *$23,551 '$25,868 *$30,114 $3,340 $2,352

Deficit.
transferred from income, $23,551 ; surplus appropriated for investment in physical property, $137 ; loss on retired
road and equipment $10,618; total, $145,419. Contra: Delayed income credits, $640; miscellaneous credits, $4,694;
donations, $136; debit balance carried to

ASSETS : 1916 1915 1914 1913 1912
Working assets 19,672 63,442 48,639 69,629 46,279
Deferred debit items. 2,712,902 157,121 157,194 157,057 157,022
Profit and loss 139,949 111,113 82,582 61,111 64,566
Total $8,530,412 $5,315,188 $5,277,727 $5,287,820 $5,272,878

LIABILITIES:
Capital stock $5,000,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000
Funded debt 3,250,000 2,550,000 2,530,000 2,530,000 2,530,000
Accrued not due
liabilities 46,322 48,875 8,906 6,762 6,128
Deferred credit items 209,522 451 198
Total $8,530,412 $5,315,188 $5,277,727 $5,287,820 $5,272,878

Bonded Debt: (1) $2,000,000 Santa Fe Central 1st 5s. Dated Dec. 1, 1901; due Dec. 1, 1941. paid June
Int.
and Dec. 1. at Pittsburgh Trust Co., Pittsburgh, Pa. Coupon, $1,000; principal
may be registered. Authorized, $2,-
500,000: First lien on entire property.
Auth. and outstanding, $1,200.000 Albequerque Eastern R.R. first
(2) 5s; dated Sept. 1, 1904; due Sept. 1,
44. payable Mar. and Sept. 1. No interest has ever been paid.
Int.
(3) Outstanding, $50,000 receivers' certificates. No further details available.
NEW MEXICO MIDLAND RAILWAY

History: Incorporated under laws of New Mexico, June 11, 1904.
011 ' R ad extends from San Antonio to Carthage, N. M., 10
f
l*.'
J.
| curs,
4
4.
Equipment: Loco-
Management: OFFICERS: Powell Stackhouse Jr Pres, Gen. Mgr, San Antonio, N.Mex. C. B. Eddy, Vice-
;

1916 1915 1914 1913 1912
Gross revenues
$37,777 $31,366 $32,110 $30,072 $26,888
$6,102 $8,838 $6,621 $3,469 $3,607
Fixed charges, inc. taxes
1,721 8,713 2,143 1,623 544
Balance .
$4,381 $6,837 $4,478 $1,846 $3,063
MOODY'S ANALYSES OF WVESTMENTS. 1001

ASSETS: 1916 1915 1914 1913 1912
Working assets 25,754 11,791 18,605 15,704 9,860
Deferred debit items 124 160 201 167
Total $159,015 $153,074 $161,673 $165,871 $159,860

LIABILITIES :
Capital stock $150,000 $150,000 $150,000 $150,000 $150,000

Accrued liabilities not due. 553 600
Profit and loss 4,531 157 '8,289 V.244 V,398
Total $159,015 $153,074 $161,673 $165,871 $15.9,860
Capital Stock: Authorized and outstanding, $150,000. Par, $100. No bonded debt. Secretary of company acts
as TRANSFER AGENT AND REGISTRAR. A dividend of 662/3 r
r was paid from surplus during fiscal year 1909-1910;
and during fiscal year 1914-1915.
NEW ORLEANS, NATALBANY & NATCHEZ RAILWAY

History: Incorporated under the laws of Louisiana, January 4, 1902.
Location: Road extends from Natalbany to Grangeville, La., 29.01 miles; sidings, 10.06 miles. Equipment:
Management: OFFICERS: F. C. Denkmann, Pres.; T. B. Davis, Vice-Pres., Rock Island, 111.; R. Stainback, Sec.
and Auditor; T. L. Smythe, Gen. Mgr.; Guy Hamilton, Supt., Natalbany, La.; C. H. Miller, Traf. Mgr., Hammond,
La. DIRECTORS: F. C. Denkmann, E. P. Denkmann, T. B. Davis. W. H. Marshall, J. H. Hauberg, Rock Island,
III.; T. Brady, Jr.. Brookhaven, Miss.; H. J. Richardson, St. Paul, Minn. Annual meeting, in January. GENERAL
OFFICE, Hammond, La.
\ - -> '
1916 1915 1914 1913 1912
Gross revenues $78,023 $98.502 $86,971 $48,748 $122,646
Net operating revenues. l&joa $24,639 $48,615 $7,369

Other income 2,430 9,369 19,076 31,451 21,849
Total net income $6.019 $15,072 $5,563 $17,164 $14,480

Fixed charges, inc. taxes. 12,826 8.443 8,825 6,814 10.056
Balance . '$18.845 $14,388 $23,978 $4,424

Deficit.
Profit and Lou* Account, year ended June 30, 1916: Credit balance at beginning of year, $134,935; miscellan-
eous credit*. $2.646; total. $137,581. Contra: Debit balance transferred from income, $18,846; miscellaneous debits,
$115; credit balance carried to balance sheet, $118,620; total, $137,581.

ASSETS: 1916 1915 1914 1913 1912
Property investment $363,314 $374.500 $386,735 $376,047 $384,280
Working assets 37,969 58,515 58,119 49,460 96,453
Total $401,283 $433,015 $444.854 $425,507 $480,733

LIABILITIES :
Capital stock $155.000 $155.000 $155.000 $155,000 $155,000

Accrued liabilities not due. 2.400 2,100 ' ' '
Profit and loss 118,620 134,935 l'l6,922 130,128 159.426
Total $401,283 $433,015 $444,854 $425,507 $480,733
NEW ORLEANS TERMINAL COMPANY

History: Incorporated December 31, 1902, in Louisiana, as the New Orleans & San Francisco R.R. Name
changed June 30. 1903.
Location: Owns a belt li.ne in New Orleans, and extensive terminal properties in New Orleans and Port Chal-
mette, with 26.08 miles of main track and 48.26 miles of yards and sidings, which were leased to the St Louis & San
Francisco R.R. and the Southern Ry. to July 1, 2002, for a rental sufficient to pay all expenses and interest on the
bonds. In 1913, the St. Louis & San Francisco defaulted on its rental payment and its interest in the stock was for-
feited to the Southern Ry. Under this contract the New Orleans Terminal Co. handles the business in and about
New Orleans of the Southern Ry. Co., the Mobile & Ohio and the Queen & Crescent Lines. The New Orleans Great
Northern and the Louisiana Railway & Navigation Co. use the passenger facilities under terminable contracts, and
the Illinois Central Railroad, the Yazoo & Mississippi Valley Railroad, the Morgan's Louisiana & Texas Railroad
and Steamship Co. and the Louisville & Nashville Railroad have joint trackage privileges between Shrewsbury and
the American Sugar Refinery. Controlled by Southern Ry. through ownership of capital stock. Owns 15 locomo-
tives and 11 cars.
Management: OFFICERS: Larz A. Jones, Pres.; T. F. Steele, Vice-Pres.; R. J. Palle, Treas.; W. S. Bender, Sec.
DIRECTORS L. A. Jones, T. F. Steele, J. H. Fulton, John J. Gannon, New Orleans, La.; T. C. Powell, Cincinnati,
O R V. Taylor, Mobile, Ala. Annual meeting, second Monday in February. OFFICE, New Orleans, La.

1916 1915 1914 1913 1912 1911
Rental income $692,013 $695,928 , $649,890 $625,537 $659,037 $621,369
Taxes accrued 87,595 112,622 73,225 65,239 62,854 63,595
Fixed charges 610,182 588,892 576,665 560,298 596,183 557,774
Balance . . '$5,764 $5,586

* Deficit.
and equipment, $11,971; total, $29,290.

ASSETS: 1916 1915 1914 1013 1912 1911
Working assets 317,676 384,539 1,612,277 1,770,213 1,829,042 1,819,605
1,902,369 ], 620,128 1,036,625 709,295 719,404 769,965
Profit and loss deficit. . 29,290 11,555 6,000
Total . $17,554,472 $17,297,337 $17,860,670 $17,441,800 $17,383,926 $17,407,736

LIABILITIES:
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000
Funded debt 14,000,000 14,000,000 15,000,000 15,000,000 15,000,000 15,000,000
Accrdj liabilities not due 29,590 25,114 25,829 24,996 22,132 22,351
Deferred credit items. . 1,140,854 868,328 436,315 12,264 18,294 22,732
Total $17,554,472 $17,297,337 $17,860,670 $17,441,800 $17,383,926 $17,407,736

Bond Record: $14,000,000 New Orleans Terminal Co. first mortgage gold 4s. Dated July 1, 1903; due July 1,
1953. Interest paid Jan. and July 1, at Guaranty Trust Co., New York. Coupon, $1,000. Registerable as to princi-
pal. Registered, $1,000 and $10,000. Interchangeable. Guar. jointly and severally as to prin. and int. by the St.
Louis & San Francisco R.R. Co., and the Southern Ry. Co. by endorsement. First lien on the entire property of
the company as follows: About 5,500 acres of land with frontage of about 2% miles on the Mississippi River, located
about 6 miles below New Orleans, and including the Port Chalmette freight terminals and a grain elevator with ca-
for handling 500,000 bushels of grain; 49 consecutive blocks in the centre of New Orleans, on which are a
pacity
large modern passenger station and numerous freight houses. The company owns the right-of-way over this prop-
erty. 100 acres for additional outside freight yards. A
belt line railroad of about 26 miles in length, with a total
trackage of about 78 miles, extending from Port Chalmette terminals on the south to the terminal properties in the
centre of the city and connecting with all railroads entering New Orleans. About 10 acres of land in the city for addi-
tional passenger terminals when required. Under the lease the Terminal Company handles the business of the St.
Louis & San Francisco R.R. and the Southern Ry. Co. (including the Mobile & Ohio and the Queen & Crescent Lines) .
Listed on London Stock Exchange. Interest paid without deduction for normal income tax. Rating, Ba.
Suit: In July, 1913, the St. Louis & San Francisco defaulted on the payment of one-half of the semi-annual in-
terest on these bonds, and the Southern Railway thereupon declared the St. Louis & San Francisco Ry.'s half-inter-
est as forfeited. Suit was then brought by the receivers of the latter property, but was lost.
Capital Stock: Authorized and outstanding, $2,000,000. Par, $100. Southern Ry. owns $1,997,000.
NEW PARK & FAWN GROVE RAILROAD

History: Incorporated under the laws of Pennsylvania, May 11, 1905. Road opened July 5, 1906.
Location: Road extends from Fawn Grove to Stewartstown, Pa., 9 miles; sidings, 1 mile. Equipment: Loco-
motive
ive, 1; cars, 2.
Management: OFFICERS: R. W. Anderson, Pres.; J. C. Wiley, Vice-Pres. and Gen. Mgr.; A. M. Strawbridge,
Treas.; J. A. Gailey, Sec. and Aud.; B. F. Morris, Gen. Supt., New Park, Pa. DIRECTORS: J. C. Wiley, R. W.
Anderson, Maurice Davis, H. S. Merryman, S. G. Lowe, H. C. MacElwain, J. A. Gailey, N. A. Manifold, R. H. Mc-
lald A. M. Strawbridge, A. W.
Webb, J. W. Norris, D.. R. Anderson, M. E. Smith, J. B. Jenkins. B. F. Morris,
il
meeting, in January. GENERAL OFFICE, New Park, Pa.

1916 1915 1914 1913 1912
Gross revenues $19,708 $18,818 $15,665 $16,676 $13,693
Other income .
32 67 86 131
Total net income ....
$5,657 $3,672 $2,701 $5,938 $4,522
Fixed charges, inc. taxes.
4,193 4,421 3,701 3,872 3,266
Balance $1,464 *$749 *$1,000 $2,066 $1,256
* Deficit.

Assrrs: 1916 1915 1914 1913 1912
Working assets 7,335 6,995 8,476 9,383 7,558
Deferred debit items 214 512 2,111 1,711 1,404
Total $109,171 $109,752 $105,017 $104,666 $100,463

LIABILITIES :
Capital stock . $49,050 $49,050 $49,050 $49,050 $49,050
Funded debt 37,400 37,899 39,900 39,900 40,000
Accrued liabilties not due 421 426 449 449 981
Profit and loss 8,244 6,780 7,579 8,579 6,513
Total $109,171 $109,752 $105,017 $104,666 $100,463

Bonded Debt: $37,400 New Park & Fawn Grove R.R. first 4%s. Dated Oct. 1, 1908; due Oct. 1, 1933. Inter,
eet paid April and Oct. 1, at Guardian Trust Co., York, Pa. Coupon, $100 and $500. Authorized and issued, $40,-
000, of which $2,600 retired. Sinking fund \% of outstanding bonds became effective Oct. 1, 1911, to redeem bonds
at 102 and interest. First lien on entire property owned. Interest paid without deduction for normal income tax.
NEWPORT & SHERMAN'S VALLEY RAILROAD

Hirtory: Incorporated under laws of Pennsylvania, July 30, 1890. Road opened, December 31, 1892.
Location: Road extends from Newport to New German town, Pa., 30.93 miles. Equipment: Locomotives, 3;
cars, 67.
Management: OFFICERS; David Gring, Pres. and Gen. Mgr.; C. K. Miller, Sec., Treas. and Pur. Agt.; O. S.
Miller, Aud.; H. C. Gring, Supt, Newport, Pa. DIRECTORS: J. S. Eby, H. C. Gring, G. H. Frank, W. D. Gring, C. K.
Miller, Newport, Pa. Annual meeting, second Tuesday in January. OFFICE, Newport, Pa.
1916 1915 1914 1913
Grow revenues $42,848 $38,842 $46,718 $47,637
Maintenance of way and structures 7,234 8,790 s 1 n 1
8,334
Maintenance of equipment 8,681 1.^.7 3,110 3,509

Other income 542 379 2,256 1,896
Total net income $14,160 $10,882 $20,007 $18,920

Taxes . 1.264 875 730 672
Fixed charges 13,046 11,412 11,016 10,985
Surplus . *$150 *$1,405 $8,261 $7,263

* Deficit.
Profit and LOM Account, year ended June 30, 1919: Miscellaneous credits, $121; credit balance carried to bal-
ance sheet, $96.045; total, $96,166. Contra: Debit balance at beginning of year, $89,766; debit balance transferred
from income, $151; surplus appropriated for investment in physical property, $2,903; miscellaneous debits, $3,346;
total, $96,166.
ASSETS: 1916 1915 1914 1913
Working assets 40,720 43,295 42,542 37,810
Total $448,553 $445,507 $435,247 $428,226

LIABILITIES:
Capital stock $165,100 $165,218 $131,468 $131,468
Funded debt 75,000 74,950 199,950 199,950
Profit and low surplus 72,936 64,674
Total $448,553 $445,507 $435,247 $428,226

Bonded Debt: (1) $1,600 Newport A Sherman's Valley R.R. second 4s. Issued 1896; due April 1, 1921. In-
terest paid April and Oct. 1, at treasurer's office, Newport, Pa. Registered, $50, $100, $200 and $500. TRUSTEES:
John Fleisher and J. B. Eby, Newport, P. Authorized, $70,000. Interest paid without deduction for normal in-
come tax. Rating, Aa.
(2) $73,400 Newport A Sherman's Valley R.R. refunding 5s. Dated, 1908; due 1938. Interest paid Jan. and
July 1, at Real Estate Trust Co., Philadelphia, Trustee. Coupon, $100 and $500. Authorized, $250,000. Interest
paid without deduction for normal income tax. Rating, Ba.
Capital Stock: Authorized, $180,000; outstanding, $165,100. Par, $50. REGISTRAR, C. K. Miller, Sec., Newport,
Pennsylvania.
loot MOODY'S ANALYSES OF INVESTMENTS.
THE NEW YORK CONNECTING RAILROAD COMPANY
Origin: Incorporated under New York laws, April 1, 1892. Is constructing a 9-mile line connecting the New
York R.R. in Bronx Borough with the Penna; Tunnel & Terminal R.R. in Long Island City, including a
& Harlem
bridge over the East River, New York, at Hell Gate. Line to be operated by electricity. Construction is being joint-
ly financed by Penna. R.R. and New York, New
Haven & Hartford R.R.
Management: OFFICERS: Samuel Rea, Pres., Philadelphia, Pa.; Howard Elliott, Vice-Pres., Boston, Mass.;
Frank E. Haff, Sec. and Treas., New York, N. Y. DIRECTORS: W. W. Atterbury, E. G. Buckland, B. Campbell, A. J.
County, Geo. D. Dixon, Howard Elliott, W. H. Myers, Samuel Rea, J. M. Tomlinson, A. R. Whaley. Annual meet-
ing, third Tuesday in April. GENERAL OFFICE, Penna. Station, New York.
Bonded Debt: $24,000,000 New York Connecting R.R. first 4%s. Series A; dated Aug. 1, 1913; due Aug. 1,
1953. Interest paid Feb. and Aug. 1, at American Exchange National Bank, New York. Coupon, $1,000; reg.,
$1.000, $5,000 and multiples; C. and R. interchangeable. Callable at 105 on 90 days' notice after Aug. 1, 1918. Guar.
prin. and int. jointly and severally by Penna. R.R. Co. and New York, New Haven & Hartford R.R. Co. Auth.,
$30,000,000. First lien on entire property now under construction. Listed on New York Stock" Exchange. Normal _
income tax deducted from interest. Net Rating, Aaa.

Capital Stock: Authorized and outstanding, $3,000,000. Par, $100. Owned equally by Penna. R.R. and N. Y.,
N. H. & H. R.R.
NEW YORK & PENNSYLVANIA RAILWAY

History: Incorporated under New York laws, May 11, 1904. Consolidation of the New York & Pennsylvania
R.R., the Sharon & Ceres R.R., and the Sharon & Ceres Terminal R.R.
Location: Road extends from Canisteo to Ceres, New York, 56.13 miles. Sidings, 7.89 miles. Equipment:
Locomotives, 5 ; cars : passenger, 6 freight cars, 30. ; .
Management: OFFICERS: Theodore Cobb, Pres. and Gen. Mgr. ; Wm. Cobb, Vice-Pres., Spring Mills, N. Y.;
Churchill Cobb, Asst. to Pres. and Gen. Mgr.; Fordyce A. Cobb, Sec.; Howard Cobb, Treas.; G. M. Beasor, Aud.,
Gen. Frt. and Pass. Agt, Canisteo, N. Y. DIRECTORS: Arling Cobb, Theodore Cobb, Wm. Cobb, W. M. Cobb,
Spriijp Mills, N. Y.; Fordyce A. Cobb, Howard Cobb, Ithaca, N. Y.; Harry M. Cook, Hornell, N. Y.; Churchill Cobb,
Greenwood, N. Y. Annual meeting, first Tuesday in May. OFFICE, Canisteo, N. Y.

1916 1915 1914 1913 1912 1911
Gross revenues $97.175 $97,702 $102.371 $101,452 $98,164 $101,603
Maintenance of way. . . 28.060 35,666 34,149 33,887 25,525 29,997
Maintenance of equip.. 11,636 12,320 10.620 9,457 10,586 10,272

Taxes 3.493 3,021 2,906 3,056 3,164 3,249
Fixed charges 30,644 30,759 29,141 26,411 26,349 25,897
Deficit $24,330 $32,336 $17,987 $14,073 $13,066 $11,642

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 29,684 6,271 9,802 7,386 6,930 13,359
.Profit and loss deficit. .
137,908 113,579 81,243 58,117 44,043 24,100
Total $1,237,542 $1,189,850 $1,161,045 $1,135,503 $1,120,973 $1,106,459
LIABILITIES :
Capital stock $570,000 $570,000 $570,000 $570,000 $570,000 $570,000
Working liabilities. 667,542 619,850 591,045 565,503 550,973 536,459
Total $1,237,542 $1,189,850 $1,161,045 $1,135,503 $1,120,973 $1,106,549
S to<*' Au horl zed and outstanding, $570,000: par, $100. Dividends have been
nr,,, paiS as follows: 2% in
105; 1%% in 1906; 2% in 1907; none since.
. .
No bonded debt, but there is outstanding a $500,000 4% plain

tote renewed annually and held and Howard
by Fordyce Cobb, dated July 1, 1915, due July 1, 1916. Interest
paid Jan. and July 1, at Canisteo, N. Y.
NITTANY VALLEY RAILROAD

History: Incorporated under the laws of Pennsylvania, March 15, 1887. Road
completed following year.
Juncti wit Belief onte. Nittany & Lemont R.R., to Ore Banks, Pa., 6 miles
'rniii
llmg ^ffl^Pu
mill *JT }j
and blast furnace, 0.75 mile; total, 7.75 miles. j
Locomotives, 2\ cars, 10.
1
SiJiirr te ^* '
n
McNitt P
-
-J
m E Arnold Sec and Treas " Philadelphia, Pa.; M. I. Gard-
y ' " ' '
f?
nt"
P
A Sf VPa ' DIRE
S
TO RS: 0-
P
- M
=Nitt, J. M. N. Shimer, E. E. Marshall, Wm. E. Arnold, Phil-
sting, second Tuesday in January. GENERAL
OFFICE, 672 Bullitt Bldg., Philadelphia, Pa.
md rnm
>mpany^J^^ ^"'^vL^r 6s: Dated A P ril * 1887 due
April 1, 1917. Interest paid Apr.
:
Coupon, $1,000. No interest has been paid on these bonds for several years.
s office.
Capital Stock: Authorized and outstanding, $75,000; par, $50. No dividends

paid.
MOODY'S ANALYSES OF INVESTMENTS. 100.)
NORFOLK & PORTSMOUTH BELT LINE RAILROAD

Incorporated in Virginia, March, 1896, as Southeastern & Atlantic R.R.
History: Name changed January,
1898. Absorbed Elizabeth River R.R. in 1910. The company is jointly controlled by the Norfolk & Western Ry.,
Chesapeake & Ohio Ry., New York, Phila. & Norfolk Ry., Norfolk Southern, Seaboard Air Line, Atlantic Coast
Line, Southern Railway and Virginian Railway.
Location: Owns 12.14 miles of road from Port Norfolk to Berkley, Va.. and Southern Branch to Elizabeth
River. Total operated, 14.06 miles. Owns 11 locomotives and 3 cars.
Management: OFFICERS: Wm. A. Patton, Pres. L. E. Johnson, Vice-Pres.; O. J. DeRousse, Sec.; John T.
;
Reid, Treas. DIRECTORS: E. H. Coapman, Geo. W. Stevens, L. E. Johnson, Thos. H. Wilcox, Wm. A. Patton, J. H.
Young, W. J. Harahan, J. R. Kenly and Raymond DuPuy. Annual meeting, first Wednesday in April. OFFICE,
26 South 15th Street, Philadelphia, Pa.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $278,149 $206,192 $231,587 $236,550 $209,119 $203,272 $183,049
Maintenance of way 34,534 31.' 35,499 34,680 82,162 27,908 17,419
Maintenance of equipment... 26,736 24,337 26,080 j: ,205 1
8,992 22,274 15,491
All other operating expenses. 138,938 102.679 108,844 106,450 86,163 97,413 75,104
Net operating revenues.. $77,941 $47.504 $61.164 $72,215 $71,812 $55,678 $75,035
Operating ratio :; 69.3'V 65.6% 72.6% :,<;
Other income 6,143 5,505 17,161 26,893 19,928 17,210 12,910
Total net income. $84,084 $53,009 $78,325 $99,108 $91,740 $72,888 $87,945
Taxes accrued 9,398 6,555 6,717 5,981 6,090 5,985 3,780
Fixed charges, etc. . . . 55,135 29,550 41.431 II.;-:: 27,394 28,838 13,675
Surplus ................. $19,551 $16,904 $30,177 $51,674 $58,256 $38,065 $70,490

*
Includes $3,456 dividends and $9,896 other deductions.
Profit and Low Account, year ended June 30, 1916: Credit balance at beginning of year, $396,657; credit bal-
ance transferred from income. $19,551; miscellaneous credits, $137; total, $416,345. Contra: Miscellaneous debits,
$4; credit balance carried to balance sheet, $416,341; total, $416.345.

Assets: 1918 1915 1914 1913 1912 1911
Property investment $923.662 $892.356 $892.923 $778.892 $722.743 $702,985
Working ms*eU 126.216 11.1 103,012 130,494 130,253
Deferred debit items 9,084 14.285 10,210 43,853 31,375 16,578
Total $1,022,172 $1,006.145 $953,239 $884,371 $910,401

! MRILJTIE8:
Capital stock $63.309 $63.309 $50,400 $50.400 $60,400 $50,400
Funded debt 423.000 429.500 434.500 439.500 445,000 450,000
Working liabilities 51.085 48,887 !-.::< i
39.827 34,266 20382
6,813 1 14,422 " '
Appropriated surplus... 101.144 91.248 r.Y.fiii 30,787 23',753

Profit and loss surplus. 416.341 396,657 379,080 351.808 316,769 258,238
Total $1,057,962 $1,022,172 $1,006,145 $953,239 $884,371 $910.401

Credit. t Reverse item.
Bonded Debt: (1) $250,000 Norfolk A Portsmouth -Belt Line R.R. first 5s; dated Feb. 1, 1898; due Feb. 1,
1938; interest Feb. and Aug. at Fidelity Trust Co., Philadelphia. First lien on 7.5 miles from Port Norfolk to
Berkley, etc. Auth.. $400,000. Interest paid without deduction for normal income tax. Net Rating, A.
(2) $173.000 Elizabeth River R.R. first 4s; dated Oct. 1. 1905; due Oct. 1. 1935; interest Apr. and Oct at
Girard Trust Co., Philadelphia. First lien on all property of Elizabeth River R.R. Guaranteed, principal and in-
terest, by Norfolk A Portsmouth Belt Line R.R. Sinking fund, beginning July 1, 1911, of at least $5,000 per
annum must retire these bonds at 105 and interest, if they cannot be purchased for less in open market. Interest
paid without deduction for normal income tax. Net Rating, Baa.
Capital Stock: Auth., $500.000; outstanding. $57,600; par, $100. All owned by Atlantic Coast Line, Norfolk
it Western, Norfolk Southern, New York. Philadelphia A Norfolk (Penna. system). Seaboard Air Line, Southern
Ry., Chesapeake A Ohio Ry. and Virginian ~Ry. A dividend of 6% was paid in 1913, 1914, 1915 and 1916.
NORFOLK TERMINAL RAILWAY

Incorporated under Virginia laws, Feb. 4, 1910, for the purpose of constructing a road from Main
HiMory:
Street, near Lake Ave.. Norfolk, Va.. to a point near Lovett, Ave.. Norfolk, and to equip and operate a passenger
terminal for joint use of Norfolk A Western Rv. Co., the Virginian Ry. Co. and the Norfolk Southern R.R. Co.,
which companies have agreed to pay all operating expenses, charges and interest and principal of bonds. The ter-
minal station was completed June 1, 1912. Owns 2.42 miles of track about Norfolk, Va.
OFFICERS: Raymond DuPuy, Pres., Norfolk, Va. Joseph H. Young, Vice-Pres.; Francis W. Rus-
Management: ;
sell. W. Russer, Aud.; M. Manly, Treas., Norfolk, Va. DIRECTORS: A. C. Needles, N. D. Maher, Roanoke,
Sec.; F.
Va.: Raymond Du Puy. James Berlingett, J. C. Helms, Jr., Norfolk, Va.; W. C. Everett, E. M. Graham, J. D. Stock,
J. H. Young, Norfolk, Va. Annual meeting, first Tuesday in February. GENERAL OFFICE, Norfolk, Va.
LOGO MOODY'S ANALYSES OF INVESTMENTS.
1916 1915 1914 1913 1912
$52,476 $52,492 $52,356 $52,175 $4,562
Rental income 750
Taxes accrued 6,717 6,753 6,611 6,434
41,964 41,944 41,950 41,946 3,495
Fixed charges
$3,795 $3,795 $3,795 $3,795 $317

Surplus
1916 1915 1914 1913 1912
ASSETS:
$978,501 $976,735 $962,129 $974,976 $939,787
Property investment
Working assets 27,707 27,273 39,076 23,373 66,132
Accrued income not due. 90
Total $1,093,454 $1,093,200 $1,092,343 $1,091,523 $1,103,057

LIABILITIES:
Capital stock $75,900 $75,900 $75,900 $75,900 $75,900
Funded debt 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Profit and loss surplus 2,004 317
Total $1,093,454 $1,093,200 $1,092,343 $1,091,523 $1,103,057

Bonded Debt: $1,000,000 Norfolk Terminal Ry. first 50-year 4s; dated May 20, 1911; due May 1, 1961. Int.
Callable at 105 and int. after
paid May and Nov. 1 at Guaranty Trust Co., New York, trustee. Coupon, $1,000.
Nov. 1, 1925. Guaranteed prin. and int. by the Norfolk & Western Ry. Co., and the Virginian Ry. Co. by en-
dorsement on each bond. The Norfolk Southern R.R. Co. has joined in the guarantee under a separate agree-
ment Authorized, $2,000,000. First lien on the Union Passenger Station office building and terminals at Nor-
folk, including 5.96 acres of land. Interest paid without deduction for normal income tax. Rating, Aa.
* Capital Stock: Auth. and outstanding, $75,900; par, $100. Owned jointly (except directors' shares) by the three
roads mentioned above.
NORTHAMPTON & BATH RAILROAD COMPANY

History: Incorporated under laws of Pennsylvania, July 7. 1902. Road completed in 19CT4.
Location: Northampton to Bath, Pa., 7.1 miles; sidings, etc., 4.48 miles. Equipment: Locomotives, 4; passen-
ger cars, 2; freight cars, 3; service cars, 3.
Management: OFFICERS: H. W. Maxwell, Pres.; A. DeNavarro, Vice-Pres.; J. L. Medler, Sec. and Asst.
Treas.; W. E. Miner, Treas.; E. T. Magowan, Aud., New York; A. G. Croll, Supt., Northampton, Pa.; W. H.
Dutcher, Pur. Agt., New York. DIRECTORS: H. W. Maxwell, Alfonso De Navarro, New York; Walter Graves, Jr.,
Irvington-on-Hudson, N. Y.; J. R. Maxwell, Jr., Philadelphia, Pa.; Walter M. K-untz, Louis H. Repass, A. G. Croll,
Allentown, Pa. Annual meeting, in January. GENERAL OFFICE, 30 Broad Street, New York.
1916 1915 1914 1913 1912
Gross revenues $127,828 $133,353 $165,973 $208,658 $193,157
Net operating revenues. * *

$10,827 $12,676 $16,398 $7,158 $24,627
Other income . 808 6,164 3,425 4,105 4,229
Total net income. * *

. . .
$11,635 $6,512 $12,973 $11,263 $2S,856
Fixed charges,inc. taxes. 12,171 19,718 14,085 21,480 15,801
Balance * * *
*$536 $26,230 $27,058 $10,217 $13,055
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $53,921; miscellaneous
credits, $!i29total, $54,250.
; Contra Debit balance transferred from income, $536 miscellaneous debits, $939 credit
:
; ;

ASSETS: 1916 1915 1914 1913 1912
Working assets 277,389 110,225 136,882 398,596 477,317
Deferred debit items. 778 1,057 511 842 1,079
Total
$717,089 $563,069 $590,849 $855,022 $937,373
LIABILITIES:
Capital stock $500,000 $500,000 $500,000
Funded debt $500,000 $500,000
67 67 ' ' '
Working liabilities
164,972 7,027 '318,237
Accrued '8,740 245,967
not due.
liabilities
1,825 1,869 1,533
1,775 1,661
Deferred credit items *
185 176
$2,550 '182 244
Profit and loss...
52,775 53,921 80,152 107,210 117,427
Total
$717,089 $563,069 $590,849 $855,022 $937,373
*Credit.
Capital Stock: Authorized and outstanding, $500,000. No bonded
Par, $100. debt and no dividends paid.
NORTHAMPTON & HERTFORD RAILWAY

History: Incorporated under the laws of North Carolina, Feb. 18, 1909, to build a railroad from Pleasant
Hill to Chowan River, N. C.
Location: Road completed extends from Gumberry to Jackson, N. C., 8 miles. Equipment: Locomotives, 2;
passenger cars, 1.
Management: OFFICERS: Thos. P. Hammer, Pres., Philadelphia, Pa.; H. S. Lewis, Vice-Pres., Suffolk, Va.;
R. J. Walker, Treas., Norfolk, Va.; W. H. S. Burgwyn, Sec., Woodland, N. C.; W. W. Robertson, Gen. Mgr.,
Norfolk, Va.; J. L. Pennewell, Supt., Gumberry, N. C. DIRECTORS: Thos. P. Hammer, Philadelphia, Pa.; H. S.
Lewis, Suffolk, Va.; W. H. S. Burgwyn, Woodland, N. C. W. L. Long, Roanoke Rapids, N. C. Annual meeting,
;
third Thursday in October. GENERAL OFFICE, Gumberry, N. C. PRESIDENT'S OFFICE, Franklin Bank Building, Phil-
adelphia, Pa.

1916 1915 1914
Gross revenues $13,135 $14,443 $18,256
Net operating revenue* $3,839 $3,371 $4,125

Other income 2 18
Total net income $3,841 $3,371 $4,143

Fixed charges, inc. taxes 3,681 2,589 3,204
Balance $160 $782 $939

Profit and LOM Account, year ended June 30, 1916: Credit balance at beginning of year, $7,242; credit balance
transferred from income, $160; total, $7,401. Contra: miscellaneous debits, $1,940; credit balance carried to bal-
ance sheet, $5,461; total, $7,401.

Awrrs: 1916 1915 1914
Working assets L> -7 993 58,973
Deferred debit item* 154 164
Total ....................................................... $106,494 $98,021 $111,615
Capital stock ........ $45.000 $45,000 $45,000

Funded debt ......................... 53,691 36,000 35,000
Working liabilities .............................................. 2,316 10,780 10,196
Deferred credit items ............................................. 26 ...... ......
Profit and loss ................................................... 5,461 7,241 21,419
Total $106,494 $98,021 $111,615

Bonded Debt: $51,000 Northampton A Hertford Railway first 5s. Dated Nov. 1, 1915; due Nov. 1, 1925. In-
terest paid annually at Weldon Bank A Trust Co., Weldon, N. C. Coupon, $50, $100 and $500. Authorized, $55,-
000. Callable at par and interest. Sinking fund is provided consisting of surplus earnings over interest charges.
First lien on entire property of company. Interest paid without deduction for normal income tax. Rating, B.
Capital Slock: Authorized, $45,000; outstanding, $42,508; par, $50. Treasurer of company acts as TRANSPTB
AGENT. No dividends.
NORTHERN PACIFIC TERMINAL COMPANY OF OREGON

History: Incorporated in Oregon, August 28, 1882, to develop railroad terminal facilities.
Location: Owns terminals on Willamette River, Ore. (at Portland. East Portland, and Albina), the Union
Passenger Station. Portland, ard 24.70 miles of track; trackage rights, 6.195 miles. Leased until Jan. 1, 1933, to
Northern Pacific Ry., Oregon R.R. A Navigation and Oregon and California R.R. (Southern Pacific system), for an
amount sufficient to pay taxes, int on bonds, and provide sinking fund. Owns 9 locomotives.
Management OFFICERS
: J. P. O'Brien. Pres.
: G. T. Reid, Vice-Pres. R. E. Moody, Sec. E. L. Brown, Treas.
; ; ;
DIRECTORS: J. P. O'Brien, D. W. Campbell, E. C. Blanchard. A. C. Spencer, R. E. Moody, J. Kruttschnitt, J. D.

Farrell. J. M. Hannaford, Geo. T. Reid. Annual meeting, first Tuesday in July. OFFICE, Portland, Ore. NEW
YORK OFFICE, 34 Nassau Street
1916 1915 1914 1913 1912 1911
Rental income $295,65 $348.339 $310,450 $286,812 $307,620 $314,436
Taxes accrued 105,450 . 89.437 117,927 88,659 104,202 106,419
Fixed charges 190,206 268,902 192,623 198,153 203,318 209,017
Includes "operating revenue.
Profit and Lorn Account, year ended June 30, 1916: Miscellaneous credits, $289; debit balance carried to bal-
ance sheet. S79.417; total, $79,706. Contra: Debit balance at beginning of year, $69,261; miscellaneous debits, $10,-
446; total. $79.706.
ASSETS:
NORTHWESTERN COAL RAILWAY

History: Incorporated under laws of Wisconsin, Dee. 9, 1892.
Location: Road extends from Allouez Bay to Allouez June., Wis., 8 miles.
Management- OFFICERS: W. K. Field, Pres., Pittsburgh, Pa.; W. W. Broughton, First Vice-Pres., Minneapo-
lis,Minn.; F. X
Wallace, Second Vice-Pres., Pittsburgh; Geo. B. Hudnall, Third Vice-Pres., Superior, Wis.; J. P.
Eaton, Treas.; A. K. H. Roehl, Sec. and Aud., Minneapolis, Minn. DIRECTORS: M. H. Taylor, W. K. Field, Pitts-
burgh, Pa.; A. K. H. Roehl, W. W. Broughton, Minneapolis, Minn.; Geo. B. Hudnall, Superior, Wis. Annual meet-
ing, second Monday in March. OFFICE, Superior, Wis.

19IB 1915 1914 1913 1912 1911
Gross revenues $54 $52 $273 $29,125 $30,400
Maintenance of way.... 1,633 479 726* 464 4,469 4,343
Maintenance of equip. . 627 2,192 3,493
All other oper. expenses 65 205 "71 72 14,021 15,309
Net oper. revenue*. $1,44 $632 '$890 88,448 $6,855

Other income 23,584
Total net income.. $1.644 $632 $572 $890 $32,027 86^55

Taxes
Fixed charges
1,675 um 1,535
1,271
1,254
1,600
1,293 1388
39,700 40^20
Deficit .
$3,319 $2,321 $3,378 $3,744 $8,966 $35,497
Deficit.

ABSETS: 1916 1915 1914 1913 1912 1911
Property investment .'v~l $231,408 $231.865 $682,621 $242,618 $1,561,803
Working asset* 1,507 1,784 3,648 86,7*1 82,066 56,440
Deferred debit items... 113,313 834,170 '

766.808 764,487 810,888 757,365 299,180
Total $100,208 $1,000,000 $1,000,000 $1,133,560 $1,916,219 $1,917,423
I.I ABILITIES :
Capital stock $100,000 $1,000,000 $1,000,000 11300,000 $1,000,000 $1,000,000

Funded debt 81.0*0 794,000 791,000
Working liabilities 12,560 115,602 115.683
Accrd. liabilities not due "208 6,617 7,740
Total $100.208 $1,000,000 $1,000,000 $1,133,560 $1,916,219 $1,917,423
Capital Stock: Authorized and outstanding, $100,000 (reduced from $1,000,000 in 1916) ; par, $100. All owned
by the Pittsburg Coal Company. No bonded debt
NORWOOD & ST. LAWRENCE RAILROAD

History: New York laws, March 30, 1901.
Incorporated under
Location: Road extends from Norwood to Waddington, N. Y., 18.02 miles; sidings, 1.50 miles; total, 19.52
miles. Equipment: Locomotives, 3; combination cars, 3; freight cars, 22; service cars, 3.
Management: OFFICERS: John Weekes, Pres. and Gen. Mgr.; L. W. Burdick, Vice-Pres., Gouvcmeur, N. Y.;
F. L. Smith. Treas.; J. A. Remington. Sec., Watertown, N. Y.; C. C. Barnes, Aud. and Supt, Norfolk, N. Y. DI-
RECTORS: N. R. Coswell, R. J. Buck, C. M. Rexford, John Weekes, D. C. Middleton, G. W. Knowlton, L. V. S. Camp,
J. A. Remington, Watertown, N. Y. Annual meeting, third Monday in January. OFFICE, 36 Smith Building, Wa-
tertown, N. Y.

1916 1915 1914 1913 1912 1911
Gross revenues 8M346 $75.039 $83.976 $95,225 $105,885 $112,095
Maintenance of way 6,670 7,851 8.508 9.572 11,998 9,275
Maintenance of equip. . 8,727 11,000 11,789 12.122 11,696 10,307
Net oper. revenues. $47,118 $23,041 810388 $39,715 $-10,577 $44,761

Taxes 2,970 2.669 2,914 2,666 2,400 1,950
Fixed charge* 22,509 19,673 23,541 22,774 19,549 19,771
Surplus $21,639 $699 $3,633 $14,275 $18,628 $23,040

Balance $21,639 $699 81350 $14,275 $23,040

Profit and LOM
Account, year ended June 30. 1916: Credit balance at beginning of year. $193.289: credit bal-
ance transferred from income. $21,639; total. $214,928. Contra: Delayed income debits, $23,130; credit balance car-
ried to balance sheet, $191,798; total, $214,928.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 47,179 105,742 121,025 73,982 48,808 14,799
Deferred debit items. . . 21,000 199,256 449 1,183 1,162 1,081
Total $744,746 $1,138,479 $711,446 $678,197 $665,205 $616,749

LIABILITIES :
Capital stock $250,000 $250,000 $250,000 $250,000 $250,000 $250,000

Funded debt 196,000 499,000 101,000 101,220 100,000 100,000
Deferred credit items.. 1,250 '
Appropriated surplus... Ys',442

Total $744,746 $1,138,479 $711,446 $678,197 $66B,205 $616,749

Bonded Debt: $101,000 Norwood & St. Lawrence R.R. first 5s. Dated Apr. 1, 1902; due Apr. 1, 1932. Interest
paid April and Oct. 1, at Watertown (N. Y.) National Bank. Coupon, $500 and $1,000. Equitable Trust Co., New
York, trustee. Callable at 110 and interest. Authorized issue, $300,000. Secured on line from Norwood to Eay-
mondville, N. Y., 7.50 miles. Interest payable without deduction for normal income tax. Rating, Baa.
Capital Stock: Authorized and outstanding, $250,000; par, $100. Paid dividend of 5% in fiscal years 1911-1912;
1912-1913, 0,831%; 3% in 1913-1914; none in 1915 and 1916.
OAHU RAILWAY & LAND COMPANY

History: Incorporated under the laws of Hawaii, Peb, 4, 1889, under a fifty-year franchise. Line of road oper-
ated: Honolulu to Kahuku, 70.44 miles, with branches making a total of 114.05 miles. Sidings, 26.56 miles. Narrow
gauge. Equipment owned: Locomotives, 25; passenger cars, 48; freight and company cars, 670.
Management: OFFICERS: B. F. Dillingham, Pres.; H. M. von Holt, Vice-Pres.; A. W. Van Valkenburg, Sec.
and Aud.; W. F. Dillingham, Treas., Honolulu, T. H. DIRECTORS: B. F. Dillingham, H. G. Dillingham, H. M. von
Holt, W. F. Dillingham, A. W. Van Valkenburg, P. Muhlendorf, F. C. Atherton, W. W. Chamberlain, H. W. P.
Bottomley, James L. Cockburn, Honolulu, T. H. Annual meeting, in September. GENERAL OFFICE, Honolulu, T. H.

1916 1915 1914 1913 1912 1911
Gross revenues $1,292,148 $1,228,748 $1,192,885 $1,162,692 $1,031,756 $854,387
Maintenance of way 124,944 118,446 114,693 118,721 106,333 I
\
All other operating exps 363,470 320,977
. .
37,046 270,521 282,060]
Net operating revs. .. $711,526 $678,883 $644,457 $690,727 $561,095 $444,764
Operating ratio . . . 44.9% 44.7% 46% 40.6<
45.6% 48%
Other income 256,625 200,294 122,907 1,111 245,992 6,369
Total net income 8,151 $879,177 $767,364 $691,838 $807,087 $451,133
Taxes accrued 115,069 99,833 87,324 )
*
f 65,894 59,665
Fixed charges, etc 380,263 *
213,713 115,103
229,624
} I 154,898 112,313
Surplus . .
$472,814 $565,631 $564,937 $462,214 $571,493 $279,155
Dividends paid 450,000 450,000 450,000 390,000 360,000 360,000
Balance ............ $22,814 $115,631 $114,937 $72,214 $211,493 (def.) $80,845
Includes $112,304 appropriations for
property in 1915 and $279,856 in 1916.
Acc unt ' yea
c*tf l*tfrom 9income
red aT ,?"
ded June 30 1916: Credit balance at beginning of year,
-
$22,814; miscellaneous credits, $13,523; total, $173,455.

$137,118; credit bal-
Contra: Credit balance
1 to balance sheet, $111,103; miscellaneous
debits, $62,352; total, $173455

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 402.843 276.627 476,571
Deferred debit items. .... 456,240 470,246 364,407
66,080 114,986 100,933 89,314 123,096 72,108
Total $8,630,771 $8,324,368 $8,183,911 $7,385,006 $7,217,630 $6,807,243
LIABILITIES :
Capital stock $5.000,000 $5,000,000
Funded debt $5,000,000 $5,000.000 $4.000,000 $4,000.000
'.
2,000.000 2,000,000 2,000,000 2,000.000
Working liabilities 2,000,000 2,000.000
160,853 58.582 157,578 125,059
3.500 53,000 3,900
Deferred credit items 3,250 '
57.567 48.589 39,117
Appropriated surplus .... 31,130 23,682 13',966
1,297,748 1,027,079 930.068 13,556
. .
111,103 137,118 53,248 212,011 1,038,952 557,141
$8,630,771 $8,324,368 $8,183,911 $7,385,006 $7,217,630 $6,807,243
Bonded Debt: $2,000,000 Oahu Railway & Land Company cons, gold 5s. Dated July 1, 1909; due Jan. 1, 1927.
and July
Int. Jan. at Bank of Hawaii, Honolulu, and Wells Fargo National Bank, San Francisco. Coupon, $100, $500
1,
and $1,000. Subject to call on and after July 1, 1919, at par and interest. First lien on entire property. Normal
income tax deducted from interest. Rating, A.
Capital Stock: Auth. and outstanding, $5,000,000. Par, $100. Dividends payable on the 15th of each month, at
Bank of Hawaii. Paid dividends in 1906, 6V4%; 1907, 1H%; in 1909 to date, 9% per annum. TRANSFER AGENT,
The B. F. Dillingham Co., Ltd., Honolulu, T. H.
OCILLA SOUTHERN RAILROAD

History: Incorporated under laws of Georgia, December 2, 1908. Leases from the Fitzgerald, Ocilla & Broxton
R.R., 11.60 miles of road, including terminal facilities at a monthly rental of $150. Lease may be canceled by
either party on one year's notice.
The company has applied to the Secretary of State of Georgia fbr authority to amend its charter so as to be
permitted to build an extension from Macon to Atlanta, Ga., about 100 miles, the charter having already been
amended to permit of an extension of 100 miles to Macon, making total length of extensions, 200 miles. An exten-
sion is proposed also from Nashville, Ga., to Jacksonville, Fla., calling for construction of about 60 miles in the
State of Georgia.
Location: Line owned, Ocilla to Nashville, 28.56 miles; and Fitzgerald to Pope City, Ga., 30.67 miles; total
owned, 69.23 miles. Leased Ocilla to Fitzgerald, and Ocilla to Irwinsville, 10.26 miles. Hawkinsville to Perry, Ga.,
3 miles; trackage, 17.68 miles. ToUl operated, 110.37 miles. Sidings owned, 3.31 miles; leased, 0.58 mile; total,
3.89. Equipment: Locomotives, 6; passenger cars, 6; combination, 3; service, 7.
Management: Leopold Adler, Chairman, Savannah, Ga.; J. A. J. Henderson, Pres.; Reason Hender-
OITICEKS:
son, Vice- Pres., Ocilla, Ga.; F.W. Clarke, Sec.; J. H. Calais, Trees., Savannah, Ga.; D. C. Smith. Gen. Mgr. and
Pur. Agt.; H. H. Hill, Aud.. Ocilla, Ga. DIRECTORS: J. A. J. Henderson, Wm. Henderson, Reason Henderson, R. V.
Paulk. H. J. Quineey, J. L. Paulk, M. J. Paulk, Ocilla, Ga.; J. N. King, S. B. Reid, Rochelle, Ga.; W. R. Bowen, M. W.
Garbutt, Fitzgerald, Ga.; W. H. Tygart, A. W. Gaskins, Nashville, Ga.; Leopold Adler, Wm. B. Stillwell, Savan-
nah, Ga. Annual meeting, first Tuesday in September. GENERAL OFFICE, Ocilla, Ga.

1916 1915 1914 1913 1912 1911
Gross revenues $131,452 $93,491 $121,027 $108,126 $75,945 $47,748
Maintenance of way 48,764 21.241 9,729 12,817 5,411
All other operating cxps. . 66.102 40,925 47,009 37,452 65,817 17,834
Net operating revs... $2.038 $54,133 $24,180 $20,927

Taxes
Fixed charges M
MM
n:.n
3,584 3.587
39.726
'
215,877
1,640
20,639
1,341
6,441
39,313
Surplus ............ (def.)$53,846 (def.) $24,878 $4,513 J'J.Olll $13,146

Dividends paid .......... ........ 6,000
Balance (def.) $63,846 (def.) $24,878 14,111 $2,001 $7,145

Profit and Lorn Account, year ended June 30, 1916: Credit balance at beginning of year, $31,522; miscellaneous
credits, $673; debit balance carried to balance sheet, $24,456: total; $66,661. Contra: Debit balance transferred
from income, $53,846; miscellaneous debits, $2,805; total, $66,651.

1916 1915 1914 1913 1912 1911
Property investment $760.141 $704.484 $703.209 $573,689 $422,676 $261,777
Working assets 41,536 32,209 25,613 16,406 32,544 51,020
Accrued income not due. . ' ' 476 ' 566
Deferred debit items 67,023 Vl',869 '4,276
Total $893,166 $808,562 $795,970 $594,365 $455,220 $313,363

LIABILITIES :
Capital stock $265,000 $265,000 $265,000 $105,917 $102.620 $100,000

Funded debt 417,000 418,710 424,445 173,374 150,000 160.000
Working liabilities 207,046 77,710 .?.?.. tor, 235,587 174,565 42,395
Accrued liabilities not due 4,110 14,500 14.285 5,676 3,807 743
Appropriated surplus . . . 5,106
Profit and loss surplus .... '31,622 56',686 50,724 22,228 20,225
Total .
$893,166 $808,562 $795,970 $594,365 $455,220 $313,363
Bonded Debt: $416,000 Ocilla Southern R.R. first 6s. Dated Jan. 1, 1914; due Jan. 1, 1934. Interest paid Jan.
and July 1. at Savannah (Ga.) Trust Co., Trustee. Coupon, $1,000. Principal and interest may be registered. Call-
able at 110 and interest at any time on published notice. Authorized, $500,000. First lien on entire property
owned. Issued to take up former issue of $150,000 1st 6s and other obligations. Int. payable without deduction for
normal income tax.
Note: $1,000 equipment obligations outstanding, June 30,
1916. Secured on 20 box cars and 1 engine.
Capitol Stock: Authorized, $1,000,000. Increased from year ended June 30, 1914. Outstanding,
$500,000 in the
$265,000. Increased from $100,000 in year ended June 30, 1914. Par $100. dividend of was paid in 1911. A 6%
None since. In January, 1915, the company filed an application in Georgia to increase stock from $1,000,000 to $3,-
000,000. The increase was approved by stockholders.
OGDEN UNION RAILWAY & DEPOT COMPANY

History: Incorporated under the laws of Utah, May 31, 1888. Owns terminal tracks and railroad depot at Og-
den, Utah, constructed by Union Pacific R.R. and Southern Pacific Co., each of which companies advanced one-
half the cost. These companies participate in the joint expenses and the Denver & Rio Grande R.R. Co. pays a
yearly rental for passenger station facilities. Line operated, 2.92 miles. Sidings, 14.21 miles.
Management: OFFICERS: H. V. Platt, Pres., Salt Lake City, Utah; F. J. Kiesel, Vice-Pres.; C. W. White,
Sec., Ogden, Utah; F. V. S. Crosby, Treas., New York. DIRECTORS: H. V. Platt, Salt Lake City, Utah; F. J.
Kiesel, F. C. Smith, T. F. Rowlands, Ogden, Utah; S. R. Toucey, Cheyenne, Wyo. Annual meeting, first Tuesday in
June. GENERAL OFFICE, Ogden, Utah.

1916 1915 1914 1913 1912 1911
Rental income $98,265 $116,085 $102,660 $89,966 $49,052 $40,378
Taxes 11,336 12,921 11,787 19,380 11,122 8,499
Fixed charges 86,929 103,164 90,873 80,586 39,930 31,879
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 156,666 144,135 97,445 90,451 499,890 460,023
Deferred debit items. 26,290 26,844 800 1,069
Total $1,370,525 $1,354,646 $1,263,868 $1,166,304 $1,537,447 $1,462,792

LIABILITIES:
Capital stock $300,000 $300,000 $300,000 $300,000 $300,000 $300,000
Funded debt 967,838 954,675 889,659 742.893 717,487 681,655
Accrued liabilities not due 5,433 22,102 11,555 .
11,933 5,433 5,433
Deferred credit items 1,869 951
Total $1,370,525 $1,354,646 $1,263,868 $1,166,304 $1,537,447 $1,462,792

Bonded Debt: $326,000 Ogden Union Ry. & Depot Co. 1stDated Sept. 1, 1888; due Sept. 1, 1918. Interest
5s.
paid Mar. and Sept. 1. Authorized, $1,000,000. Secured on entire property. The Union Pacific R.R. and the South-
ern Pacific Co. each own $163,000 of these bonds.
Capital Stock: Authorized and outstanding, $300,000. Par, $100. Owned jointly by the Union Pacific R.R. and
the Southern Pacific Co.
OHIO & KENTUCKY RAILWAY

> August 7> 1894; road P ened to Canal City, Ky., in July, 1901; to
Lickb^River
K Riv er to 0hio
OhinK- tHCkilJune,
o and Kentucky T }
to Jackson, ^nd Kentucky
t , June., Ky., 37.43 miles; trackage
Ky., 1.37 miles. Total operated, 39.80 miles
over Lexington & East Ry.,
Sidings, 5.22 miles. Equip-
Locomotives, 4; passenger cars, 2; combination cars, 3; freight cars, 57.
rl
Mandell Pres
v
- : H -
K.'Mackay, Sec. and Treas., New York; S. M. Freese, Aud.
-- L- P. Mandell, W. De L. Walbridge, Gerritt Smith, New York; Aaron
'

191 1914 1913 1912 1911
revenues $87,081 $68.615 $99,338 $95,218 $81,877 $96,002
All other operating exps. . 10,189 6,729 6,983 7,163 7,242
35,174 47,233 45,826 44,055 45,582
Total net income.. .
$17,577 $4,993 $24,902 $24,578
Taxes $16,444 $24.862
1,297 1.616 1,328 1,389 1,327
Fixed charges 1,125
27,768 29,729 33,302 29,393 26,694 25,591
(def.) $11,486 (def.)$26,352 (def.)$9,728 (def.)$6,204 (def.)$ll,375 (def.)$2,056
ed June 30 1916 :
Delayed income debits, $30; debit balance carried to bal-
of year, $7,768; debit balance transferred

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $800,656 $804.50? $793,815 $785,477 $779,484 $779,152
Working assets 13,754 8,202 17,218 15,041 13,868 31,439
Profit and loss deficit. 19,238 7,768 7,043
Total $833,648 $820,478 $817,076 $800,518 $793,352 $810,591

LIABILITIES:
Capital stock $300,000 $300,000 $300,000 $300,000 $300,000 $300,000
Funded debt 250,000 250,000 425,000 425,700 425,000 425,000
Working liabilities ... 283,648 270,478 66,480 43,761 59,352 65,216
Profit and loss surplus. 2,796 V,666 20,376
Total $820.478 $817,076 $800,518 $793,352 $810)591

Bonded Debt: (1) $250,000 Ohio & Kentucky Ry. first 5s. Dated July 1, 1896; due July 1, 1926. Interest paid
Jan. and July 1, at 1 Broadway, New York. Coupon, $1,000. Central Trust Co., New York, Trustee. Callable for sink-
ing fund at 110. Guaranteed principal and interest by Kentucky Block Cannel Coal Co. Normal income tax de-
(2) $175,000 Ohio ft Kentucky Ry. 5"^ debenture certificates. Dated June 1, 1899; due June 1, 1914; extended
for five years to June 1, 1919, with interest at 6 r V included in working liabilities. Int. June and Dec. 1. Normal
Capital Stock: Authorized and outstanding, $100,000 preferred and $200,000 common; par $25.
OHIO RIVER & COLUMBUS RAILWAY

History: Incorporated under Ohio law*, December 10, 1901, as the Ripley, Georgtown, Hillsboro & Columbus
R.R. Name afterward changed as above.
Receivership: The Common Pleas Court, at Georgetown, Ohio, on Oct. 8, 1914, appointed Secy, and Gen. Mgr.
Charles J. Finger a* receiver of the company, on the application of Ex-Gov. Judge Harmon. Receivership termin-
ated in Nov., 1916.
Location: Road extends from Ripley to Sardinia, 24.42 miles; sidings, 1.52 mile. Equipment: Locomotives,
2; passenger car, 1; combination car, 1.
Management: OFFICERS: C. J. Finger, Rec., Ripley, Ohio; A. J. Sigel, Pres., St. Louis, Mo.; E. L. McColm,
Vice-Pres., Muscatine, Iowa; E. G. H. Kessler, Treas., St. Louis, Mo.: Chas. J. Finger, Sec. and Gen. Mgr.; W. L.
Buckley. Supt., Ripley, Ohio. DIRECTORS: E. L. McColm, Muscatine, Iowa; A. J. Siegel, E. G. H. Kessler, St. Louis,
Mo.; Chas. J. Finger, E. T. Kirker, J. C. Leggett, Ripley, Ohio; R. D. Musser, Little Falls, Minn. Annual meeting,
second Monday in March, at Ripley, Ohio. OFFICE, Ripley, Ohio.

1916 1915 1914 1913 1912
Gross revenues $26,932 $23,744 $25,968 $26,856
Maintenance of way 9,749 8,176 9,530 9,517
Maintenance of equipment 3.719 2,290 3,723 1,697
All other operating exps. . 13,095 11,989 9,997 9,946
Net operating revs. . . $1.369 $1,290 $2,718

Other income
Total net income. $1.369 $1,290 $2,718

Taxes 2,388 1,983 2,247 1,888
Fixed charges 2,022 17,209 2,593 5,229
dated July 1, 1903; due July 1 1933 Int. paid Jan.
Bonded Debt- $500 000 Ohio River & Columbus Ry. first 5s; Trustee.
at Unôn Savings Bank & Trust Co., Cincinnati, Ohio,
Coupon $500 and $1,000. Authorized,
md July
1
are held in treasury or pledged. First lien on entire property. Interest
$1,008*0.' Of the amount issued, $415,000
m No dividends.
Capital Stock: Auth., $1,000,000; outstanding, $501,000; par, $100.
OKLAHOMA, KANSAS & MISSOURI INTERURBAN RAILWAY

for fifty years to build a standard guage rail-
History: Incorporated under laws of Oklahoma, Sept. 24, 1908,
l to Hattonville, Okla, 5 miles, put in operation in Feb., 1909 Built

of way, except in city of Miami, where franchise is for forty years. Now completed to
entirefTon private right
1 2; service cars, 2.
Picken, Okla., 10.96 miles. Equipment: Locomotive, ; passenger cars,
Management: OFFICERS: Henry C. Flower, Pres.;
Lee Clark Vice-Pres.; A K
Wilder, Sec., Miami Okla.
DIRECTORS: Leon Smith, W. H. Trapp, W. L. McWilliams, H. C. Flower,
Lee Clark. Annual meeting, second Tues-
day in January. GENERAL OFFICE, Miami, Okla.
1916 1915 1914 1913 1912
Gross revenues $42.266 $27,938 $27,804 $29,176 $16,657
23,256 13,832 20,228 17,338 16,836
Operating expenses
Net operating revenues. $19,010 $14,106 $7,576 $11,838 (def.) $779

Fixed charges, incl. taxes . . . 9,725 960 964 721 1,926
Balance $9,285 $13,146 $6,612 $11,117 (def .) $2,106

Profit and Loss Account year ended June 30, 1916: Credit balance at beginning of year, $2,999; credit balance
transferred from income, $9,285; total, $12,284. Contra: Dividend appropriations of surplus, $6,300; credit bal-
ASSETS: 1916 LIABILITIES : 1916
Working assets 12,407 Funded debt 35,000
Deferred debit items. 147 Working liabilities 2,328
Accrued liabilities not due. 876
Profit and loss. .
5,984
Total $82,741 Total $82,741
Capital Stock: Authorized, $200,000; outstanding, $35.000; par $100. No bonded debt. Dividend of 5% paid in
1910; 15% in 1913; 18% in 1914; 16% in 1915; 18% in 1916.
ONTONAGON RAILROAD
History: Incorporated under the laws of Michigan, Oct., 1903. Road opened May 15th, 1904.
Location: Road owned, Ontonagon to Green, Mich., 6.63 miles. Trackage, C. M. & St. P. R.R., 8.33 miles; total
operated, 15 miles. Equipment: Locomotive, 1, box car, 1; logging cars, 88; caboose, 1.
Management: OFFICERS: C. H. Worcester, Pres. and Treas.; E. A. Hamar, Vice-Pres., Chassel, Mich.; Thorn-
ton A. Green, Sec.; G. H. Bronoel, Pur. Agt; J. H. Bice, Gen. Mgr., Ontonagon, Mich.; R. Cousin, Aud., Chicago.
DIRECTORS: C. H. Worcester, M. F. S. Worcester, E. A. Hamar, Chassel, Mich.; R. Cousin, Chicago; J. H. Bice,
Ontonagon, Mich. Annual meeting, fourth Monday in October. GENERAL OFFICE, Ontonagon, Mich.
1916 1915 1914 1913 1912
Gross revenues $8,706 $10,029 $9,661 $10,158 $8,017
Net operating revenues. $660 $1,595 (def.) $2,247 (def.) $622 (def.)$l,333
Fixed charges, inc. taxes. . .
1,402 365 185 270 6
Balance (def.) $742 $1,230 (def.) $2,432 (def.) $892 (def.) $1,338

ASSETS: 1916 1915 1914 1913 1912
Working assets 2,402 3,336 3,029 2,398 1,890
Profit and loss 2,804 2,062 3,292 860
Total $38,610 $40,394 $38,926 $36,480 $33,822
LIABILITIES:
Capital stock $30,000 $30,000 $30,000 $30,000 $30,000
Accrued liabilities not due. 25 20 15
Profit and loss..
88
Total $38,610 $40,394 $38,926 $36,480 $33,822
Capital Stock: Authorized and outstanding, $30,000. Par $100. No bonded debt, and no dividends
ORANGEBURG RAILWAY
History: Incorporated under the laws of South Carolina, May 1, 1910; road opened July 24, 1913.
Location: Road extends from Orangeburg Sidings, 2 miles.
to North, S. C., 17 miles. Equipment: Locomo-
tive, 1 passenger car, 1 ; freight car, 1. Company also leases 1 locomotive and passenger and freight cars.
;
Management: OFFICERS: Win. G. Wilfe, Pres. and Treas.; W. W. Wanamaker, Vice-Pres.; W. A. Gore, Vice-
Pres. and Gen. Mgr.; J. A. Berry, Sec., Orangeburg, S. C. DIRECTORS: Wm. C. Wolfe, J. A. Berry, C. A. Field,
Orangeburg, S. C.
Bonded Debt: $100,000 Orangeburg Railway first 5s. Dated Jan. 1, 1913; due Jan. 1, 1933. Interest paid Jan.
and July 1. Coupon and registered, $1,000. Interchangeable. Authorized, $100,000. First lien on entire mileage.
OREGON INTERURBAN RAILWAY

History: Incorporated under the laws of Missouri, Nov. 12, 1907. Road opened June 21, 1909.
Location Road extends from Oregon to Forest City, Mo., connecting at the latter point with the C. B. & Q.
R.R., 4.46 miles. Operated by steam, and gasoline motor. Equipment: Locomotives, 2; passenger car, 1; gasoline
motor car, 1; freight cars, 3.
Management: OFFICERS: J. R. Peacher, Pres.; E. O. Phillips, Vice-Pres.; L. I. Moore, Sec., Treas., Aud., Gen.
Mgr. and Pur. Agt., Oregon, Mo. DIRECTORS: The foregoing and Jacob Bucher, W. H. Richards, J. C. Whitmer,
W. A. S. Derr, B. F. Morgan, Sam! Davidson, C. D. Zook, Oregon, Mo. Annual meeting, second Monday in Janu-
ary. GENERAL OFFICE, Oregon, Mo.

1916 1 !>!.-> 1914 1913 1912
Gross revenues $14,990 $13,994 $15,499 $15,414 $13,077
Operating expenses 11,654 10,158 13,679 -9,490 10,391
Net operating revenues $3.336 $3,836 $1.820 $5,924 $2,8fl

Balance $1,111 $1,627 (def.)$390 $3,750 $240

ASSETS: 1916 1915 1914 1913 1912
Property investment $80.005 $79,481 $79,758 $80,758 $79,801
Working asset* LJW1 2.776 2,670 3,860 711
Profit and IOM ! 1 6,357 7,572 7,181 9,114
Total $88,027 $88,613 $90,000 $91,799 $89,626

Li AB turns:
Capital stock $44,400 $44,400 $44,400 $44,708 $44,708
Funded debt 30,000 30.000 30,000 30,000 30,000
Total $88,027 $88,613 $90,000 $91,799 $89,626

Bonded Debt: $30.000 Oregon Interurban Railway first 6s.Dated Jan. 1. 1909; due Jan. 1, 1929. Interest paid
Jan. 1, at company's office, Oregon, Mo. Coupon, $100. First lien on entire property. Interest paid without de-
duction for normal income tax. . Rating, B.
Capital Stock: Authorized, $60,000; outstanding, $44,400. Par, $100. Secretary of company acts as registrar
and transfer agent of stock.
OREGON, PACIFIC & EASTERN RAILWAY

History: Incorporated under the laws of Oregon in 1912. In 1913 acquired the properties of the Oregon &
Southeastern R.R. sold under foreclosure.
Location: Road extends from Cottage Grove to Disston, Ore., 20 miles.
Management: OFFICERS: G. B. Hengen, Pres., Chicago; A. B. Wood, Vice-Pres. and Gen. Mgr.; P. B. Protz-
man. Sec., Cottage Grove, Ore. DIRECTORS: The foregoing, H. Eakin, Jesse Darling, Cottage Grove, Ore. Annual
meeting, second Tuesday in July. OFFICES, Chicago, 111., and Cottage Grove, Ore.
Comparative Income Account, Yean* Ended June 30
1916 1915 1914
Gross revenues $35,899 $23,791 $14,287

Deficit .' $4,889 $3,656 $1,167

ASSETS:
OUACHITA & NORTHWESTERN RAILROAD

History: Incorporated under the laws of Louisiana, May 27, 1905.
Location: Road extends from Clarks, La., to Tremont and Gulf June., La., and from Standard to Somerville,
La., 65.55 miles; sidings, 6.14 miles. Equipment: Locomotives, 9; freight cars, 216; service cars, 4.
Management: OFFICERS: J. B. White, Pres., Kansas City, Mo.; W. B. Pettibone, Vice-Pres.; C. E. Slagle,
Secy, and Gen. Mgr.; G. W. Dulany, Treas.. Hannibal, Mo. DIRECTORS: J. B. White, Kansas City, Mo.; W. B.
Pettibone, G. W. Dulany, Hannibal, Mo.; G. W. Grandin, Cleveland, O.; C. E. Slagle, Clarks, La.; F. P. Stubb, Jr.,
Monroe, La. Annual meeting, second Wednesday in January. GENERAL OFFICE, Clarks, La.
1916 1915 1914 1913 1912 1911
Gross revenues $238,197 $178,546 $184,711 $182,012 $157,475 $141,039
Maintenance of way 102,077 98.288 95,870 37,583 82,114 28,868
All other operat expenses 79,587 62,704 62,165 . 63,687 45,017
Net operating revenue $21,778 '$17.075 *$6,735 $57,736 $9,171 $51,876

Other income 414
Total net income .... $21,778 '$17.075 '$6,321 $67,736 $9,171 $51,876
Taxes 4,286 2,869 2,530 6,108 2,134 1,940
Surplus $17,492 '$19,944 '$10,954 '$11,918 $7,037 $49,936

* Deficit.
ance transferred from income, $17,492; total, $47,706. Contra: Delayed income debits, $125; credit balance carried
to Balance Sheet, $47,581; total, $47,706.

ASSETS: 1916 1916 1914 1913 1912 1911
Property investment $412.230 $422.976 $453,080 $443,622 $417,241 $374,071
Working assets 10.290 33,118 6,113 4,646 6,174 9,026
Total $426,981 $456,094 $458,193 $448,268 $423,415 $383,097

LIABILITO:
Capital stock $303,000 $303.000 $303.000 $303,000 $303.000 $303.000
Working liabilities 73.984 121.230 122,269 100,789 66,719 33,464
Accrued liabilities not due 1.1"' 1,660 2,100 2,700
Profitand loss surplus... 47,581 30.214 30,824 41,779 63,696 46,633
Total $426,981 $456,094 $458,193 $448,268 $423,415 $383,097
Capital Stock: Auth., $600,000; outstanding, $303,000; par, $100. C. E. Slagle, Registrar.
OUACHITA VALLEY RAILWAY

History: Incorporated under the laws of Arkansas, May 17, 1904.
Location: Road extends from Millvillo to Stark, Ark., 28 miles. Equipment: Locomotives, 3; can, 73.
Management: OFFICERS: M. C. Smith, Pres., Los Angeles, Cal.; Stewart Gammill, Vice-Pres.; T. S. Bell, Sec.;
M. C. Smith. Treas., Millville. Ark.; C. A. Bnchner, Gen. Mgr. and Pur. Agt; W. H. Burroughs, And., Millville, Ark.
DIRECTORS: C. M: Smith, Los Angeles. Cal.; T. S. Bell, Stewart Gammill, C. A. Buchner, Millville, Ark.; J. T. Henry,
Bentonville, Ark. Annual meeting, third Monday in July. GENERAL OFFICE, Millville, Ark.
9 mos.
1916 1915
Gross revenues $62.212 $22,186
Operating expense* 60,895 23,856
Net operating revenues $1,317 def. $] ,670

Fixed charges, including taxes 4,406 1,348
Balance def. $3,089 def. $3,018

Profit and Lous Account, year ended June 30, 1916: Delayed income credits, $5,930; total, $5,930. Contra:
Debit balance at beginning of year, $2,423; debit balance transferred from income, $3,089; credit balance carried to
balance sheet, $418; total, $5,930.
Aswrs: 1916 1915 LIABILITIES: 1916 1915
Working assets 1 .242 412 Working liabilities 22,753 26,691
Profit and loss 2,423 Profit and loss 418
Total $123,171 $126,691 Total $128,171 $126,691

Capital Stock: Authorized and outstanding, $100,000. Par, $100. No bonded debt No dividends.
OWASCO RIVER RAILWAY
History: Incorporated under laws of New York,
June 2, 1881. Road completed in 1882.
Location: Road extends from New York Central R.R. station in Auburn to yards of D. M. Osborne & Co.,
Auburn, N. Y., 2.61 miles. Equipment: Locomotives, 3; freight cars, 40.
Management OFFICERS: F. B. Montgomery, Pres. and Gen. Mgr.; S. D. Snow, Vice-Pres., Chicago; F. M.
Morton, Sec.; C. W. Embody, Treas., Auburn, N. Y.; A. G. Huckin, Asst. Sec.; W. M. Gale,
Asst. Treas.; T. J. Ma-
loney, Aud., Chicago. DIRECTORS: W. H. Beck, C.
W. Embody, M. J. Lower, F. S. Jacques, F. M. Morton, Auburn,
N. Y.;' F. B. Montgomery, C. T. Bradford, A. G. Huckin, S. D. Snow, Chicago. Annual meeting, last Thursday in
June. GENERAL OFFICE, 606 Michigan Avenue, Chicago, 111.

1916 1915 1914 1913 1912
Gross revenues . . . $36,236 $24,521 $40,891 $49,188 $53,029

Other income 1,167 1,246 1,072 1,872 629
Total net income $5,015 $2,533 $7,266 $7,184 $16,242

Surplus. $3,064 $460 $3,413 $5,117 $13,047

ASSETS : 1916 1915 1914 1913 1912
Working assets ,
37,097 36,522 37,959 36,527 31,870
Total $119,925 $115,633 $119,001 $119,579 $115,633

LIABILITIES :
Capital stock $30,000 $30,000 $30,000 $30,000 $30,000
Deferred credit items 1,281 950 452 736 556
Profit and loss 85,701 82,637 85,177 84,764 82,647
Total. $119,925 $115,633 $119,001 $119,579 $115,633

Capital Stock: Authorized and outstanding, $30,000. Par, $100. All owned by International Harvester Corpor-
ation. No bonded debt. Dividends of 10% each paid in years ended June 30, 1912, to and including 1915; none in
1916.
OZARK VALLEY RAILWAY

History: Incorporated under the laws of Missouri, Dec. 7, 1914, successor to the Williamsville, Greenville & St.
Louis Ry., sold at foreclosure sale Nov. 10, 1914. Operations begun Jan. 23, 1915.
Location: Road extends from Cascade to Williamsville, Mo., 35 miles; sidings, 2.42 miles. Equipment: Loco-
motives, 2; passenger cars, 2; freight cars, 14; service cars, 8.
Management: OFFICERS: J. T. Long, Pres.; J. H. Downs, Vice-Pres.; 0. D. Ridgely, Sec. and Treas., Williams-
ville, "Mo.; G. A. Long, Gen. Mgr.; S. A. Cochran, Supt. Williamsville, Mo. DIRECTORS: J. T. Long, O. D. Ridgely,
J. H. Downs, G. A. Long, J. K. Cochran, Williamsville, Mo. Annual meeting, third Tuesday in January. OFFICES,
Greenville, Mo.
1916 1915
Net operating revenues . .
*$1,281 $5,038
Fixed charges, including taxes
13,330 6,560
Deficit .
$14,611 $1,522
* Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance at
beginning of year, $1,522; debit balance
rred from income, $14,611 loss on retired road and;
equipment, $2,650; miscellaneous debits, $43; total,
18,826. Contra: Debit balance carried to Balance
Sheet, $18,826.

Property investment $341,757 $351,893 Capital stock $50,000
$50,000
Working assets ..... 11,90 8,280 Funded debt 150,000
Profit and loss
150,000
. . .
18.826 1,522 Working liabilities 19,248 10,100
Accrued liabilities not due ... 3,286 1,638
Total $372,491 $361,695 Total $372,491 $361,695
Bonded Debt: $150,000 Ozark Valley Railway first mortgage 6%

notes. Dated Feb. 1, 1915; due Feb. 1, 1917.
Interest paid Feb. and Aug. 1, at Southwestern Bank of Commerce, Kansas City, Mo. Denomination, $2,500 and
$5,000. Guaranteed principal and interest by James K. Cochran, Williamsville, Mo. First lien on road and equip-
ment. Normal income tax deducted from interest.
Capital Stock: Authorized, $350,000; outstanding, $50,000. Par, $100. No dividends paid.
PACIFIC & IDAHO NORTHERN RAILWAY

History: Incorporated under the laws of Idaho, February 18, 1899.
Location: Road extends from Weiser to New Meadows, Idaho, 89.9 miles; sidings, 6.37 miles. Equipment:
Receivership:On September 4, 1915, Judge Dietrich, in the United States District Court, appointed Pres. E.
M. Heigho, receiver, on the application of the Meyer Rubber Co., of N. Y., which had a claim against the company
on account of an unsecured loan of $663,910. Receivership terminated in November, 1916.
Management: OFFICERS: E. M. Heigho, Pres., Gen. Mgr. and Traffic Mgr., New Meadows, Ida.; J. C. Brady,
Vice-Pres.; Samuel Norris, Vice- Pres. and Gen. Counsel; J. B. Ford, Treas.; J. D. Carberry, Sec., New York; L. F.
Linney, Aud.; A. H. O'Loary, Supt. New Meadows, Ida. DIRECTORS: E. M. Heigho, New Meadows, Ida.; Samuel
;
Norris, J. B. Ford, W. H. Truesdale, New York; R. U. Bradsboro, W. J. Speer, Weiser, Ida.; Lester Leland, Boston.
Annual meeting, third Thursday in September. MAIN OFFICE, New Meadows, Ida. NEW YORK OFFICE, 1790 Broad-
way.
1916 1915 1914 1913 1912 1911
Grow revenues $137,207 $129,223 $187,758 $197,785 $213,639 $181,222
Maintenance of way 49.306 41,099 61,712 64,070 51,457 50,751
Net operating revs.. $27.656 $17,611 $53,981 $59,494 $80,105 $65,429

Other income 876 74 2 99 67
ToUl net income $28.432 $17,685 $53.981 $69,496 $80,204 $65,496

Taxes 1,734 4,102 8,908 7,680 5,874 4,995
Fixed charges 27,604 138,569 145,779 138,641 127,714 110,402
Deficit PM $124,986 $100,706 $86,725 $63,384 $49,901

Profit and LOM Account
year ended June 30, 1916: Credit balance transferred from income, $17,524; miscel-
laneous credits, $592,354; toUl, $609,878. Contra: Debit balance at beginning of year, $570,792; debit balance trans-
ferred from income, $21,562; credit balance carried to balance sheet, $17,524; total, $609,878.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment .... $5,490.000 $6,483.333 $5,486,650 $6,485,662 $5,449,583 $5,409,919
Working assets 26.068 29,970 29,177 35.360 41,771 51,441
Deferred debit items .... 3430 10,741 10,890 10,790 9,677 9,363
Profit and loss deficit .... 592,354 670,792 446,806 346,821 260,515 203,391
ToUl $6.111,762 $6,094,836 $6,972,523 $5,878,633 $5,761,546 $5,674,114

LiABiurm:
Capital stock $2,929.800 $2,929.800 $2,929,800 $2.929.800 $2,929,800 $2.929,800
Funded debt 1,983,000 1,983,000 1,820.096 1,844,816 1,857,865 1,894,430
Working liabilities 1,071,676 1,003.492 1.111,968 1,015,914 904,734 812,385
Accrued liabilities not due 125,539 176,154 - 109,314 87,267 68,799 36.793
Deferred credit items ... 1,838 2.390 l.r.''. 836 348 706
ToUl $6,111,752 $6,094,836 $5,972.523 $5,878,633 $5,761,546 $5,674,114

Receiver's Balance Sheet, as of June 30, 1916: Property investment, $6,001; working assets, $44,519; deferred
debit item*. $6.647; toUl assets, $45,165; working liabilities. $23,339; accrued liabilities, $2,083; deferred credit
items, $2.219; profit and loss, $7,524; toUl liabilities, $45,166.
Bonded Debt: $1,027.000 Pacific & Idaho Northern Ry.. first sinking fund 5s; dated Nov. 1, 1899; due Nov. 1,
1949. Int. paid Nov., at New York. Coupon, $1,000. Guaranty Trust Co., New York, Trustee.
May and Author-
ited, $3,000,000. Sinking fund is 1% per annum of bonds issued, payable to Trustee on January 1 of each year. A
first lien on line, Weiser to Evergreen, 76.03 miles. Normal income Ux deducted from interest.
(2) $966,000 Pacific A Idaho Northern Ry. second 5s; dated Feb. 1, 1907; due Feb. 1, 1937. Int. paid Feb. and
Aug. 1, in New York. Coupon, $1,000. Central Trust Co., New York, Trustee. Authorized, $3,000,000. Secured
on Tine Weiser to Evergreen, subject to first 5s. Normal income Ux deducted from interest.
Capital Stock: Anth., $8,850,000; outstanding, $2,929,800; par, $100. No dividends. Registrar and Transfer
Agent, F. D. Stover, Asst Secy., New Meadows, Ida.
PACIFIC COAST RAILROAD COMPANY

Origin: Incorporated under laws of SUte of Washington, Nov. 26, 1880, as Columbia & Puget Sound R.R.;
name changed as above, March 20, 1916. Was formerly the Seattle & Walla Walla R.R. Co. The Chicago, Mil-
waukee & Puget Sound Ry. has "running rights" for a period of 99 years, between Maple Valley and Seattle. 20
miles.
branches of 22.08 miles; total, 65.73
Location- Road extends from Seattle to Franklin, Wash., 33.65 miles; with
cars, 491.
miles.Equipment: Locomotives, 11; passenger cars, 9; freight
Manaeement- OFFICERS: J. C. Ford, Pres.; E. C. Ward, Vice-Pres., Seattle, Wash.;
W. M. Barnum, Vice-Pres.,
TRUSTEES: J. C Ford, C. H. Farrell
New YoTk- J W. Smith, Sec., Treas.; H. M. Watkins, Auditor. third JW. Smith,
W^ Nichols, G. W. Mertens, Seattle, Wash.
Annual meeting, Tuesday in May. OFFICE, Seattle, Wash.
Comparative Income Account, Years Ended June
Passenger earnings
Freight earnings
Gross earnings
Operating expenses and taxes.
Net earnings
Other income
Fixed charges
Dividends
Surplus

ASSETS: 1916 1915 1914 1913 1912 1C11
Property investment $2,824,822 $2,839,266 $2,806,741 $2,766,555 $2,781,097 $2,716.503
Working assets 242.618 129,032 265,064 277,644 327,096 248,659
Deferred debit items 7,201 1,646 2,376 1,692 1,352 961
Profit and loss deficit 425,146
Total $3,074,641 $2,969,944 $3,074,181 $3,040,891 $3,109,644 $3,391,269

LIABILITIES:
Capital stock $1,370,400 $1.370,400 $1,370,400 $1,370,400 $1,370,400 $1,370,400
Funded debt 1,429,468 1,370,000 1,370,000 1,370,000 1,370,000 1,370.000
Deferred credit items .... 3,773 2,725 2,044 1,802 1},366
Appropriated surplus ... 1,999 un 1,999 1,999
Profit and loss surplus . . . 134,100 65,936 11.571 73369 89,947
Total $3,074,641 $2,969,944 $3,074,181 $3,040,891 $3,109,544 $3,391,269
Note: Funded debt in 1916 includes $69,468 advances by Pacific Coast Co.
Bonded Debt: $1,370,000 Pacific Coast Ry. Co. first 6s; dated Sept 1, 1882; due Sept. 1, 1922. All owned by
Pacific Coast Co.
Capital Stock: Auth., $2,628,600; outstanding, $1,370,400; par, $100. All except directors' qualifying share*
owned by the Pacific Coast Co.
PADUCAH & ILLINOIS RAILROAD

History:Incorporated under the laws of Kentucky, Feb. 21, 1910, to construct a double track steel bridge across
the Ohio River near Metropolis, 111. Company is also constructing a line of about 14 miles to a point near Paducah,
Ky., where a modern efficient terminal yard will be installed with facilities for caring for heavy traffic. The bridge
and railroad owned by this company will form the only direct connecting link between the Nashville, Chattanooga &
St. Louis Ry. and the Chicago, Burlington A Quincy Railroad Company, providing route across the Ohio River for
interchange of traffic, now handled by car ferry at Paducah. Controlled jointly by the Nashville, Chattanooga &
St. Louis Ry. and the Chicago, Burlington & Quincy R.R. Co.
Management: OFFICERS: Hale Holden, Pres., Chicago, III.; John Howe Peyton, Vice-Prcs.; J. H. Ambrose,
Term.; H. W. Weiss, Asst. See.; T. S. Rowland. Trens., Chicago, 111. DIRECTORS: Hale Holden, H. E.
Sec.. Nashville,
Byram, F. H. Rawson. Chicago, 111.; John Howe Peyton, Nashville, Tenn.; W. J. Hills, Paducah, Ky. Annual meeting
first Wednesday in July. GENERAL OFFICE, Nashville, Tenn.
Debt: $4.200.000 Paducah A Illinois R.R. first sinking fund 4V4s. Dated July 1, 1915; due July 1, 1966.
Interest payable Jan. and July 1, at company's agency in New York and at Union Trust Co., Chicago. Coupon and
registered. $1,000. Interchangeable. Callable for sinking fund. July 1, 1921, and annually thereafter at 102^4 and
accrued interest on fifteen days' notice. Authorized, $7,000.000. Principal, interest and sinking fund payments un-
conditionally guaranteed by the N. C. A St. L. Ry. and C. B. & Q. R.R. Sinking fund payments beginning May 1,
1921, provide for redemption of entire issue by maturity. First lien upon all property. Normal income tax de-
ducted from interest. Rating, Aaa.
Capital Stock: (1) Authorized, $7,000,000 4H% cumulative preferred. None outstanding. Par, $100. Has
preference as to assets.
(2) Authorized and outstanding, $10,000 common. Par, $100. Owned jointly by the N., C. & St. L. Ry. and the
C., B. A Q. R.R.
PAJARO VALLEY CONSOLIDATED RAILROAD

Hintory: Incorporated under California laws, December 31, 1890, as the Pajaro Valley R.R. Title changed Dec.
7, 1899.
Location: Road extends from Watsonville to Spreckels, Cal., with branches, 41.36 miles. Guage, 3 feet. Equip-
ment: Locomotives, 8; can, 270.
Management: OFFICERS: John D. Spreckels, Pres.: A. B. Spreckels, Vice-Prcs. and Treas.; W. H. Hannam,
Set. San Francisco; F. E. Sullivan, Gen. Mgr., Supt and Pur. Agt, Spreckels, Cal. DIRECTORS: W. H. Hannam,
W. I. Brobeck, A. B. Spreckels, John D. Spreckels, John D. Spreckels, Jr., San Francisco. Annual meeting, last
Monday in July. GENERAL OFFICE, 60 California Street, San Francisco, Cal.

1916 1916 1914 1913 1912
Gross revenues $100,998 $60,847 $61,429 $86,362
Operating expense* 97,783 82,950 79,077 89,782
Net operating revenue* $3.216 $7,163 $22,103 $17,648 $3,420

Other income 486 672 1,669 1,711 1,827
Total net income $3.661 $20,534 $16,937 $1,693

Deficit $1,748 $11,044 $24,563 $19,992 $6,588

Deficit
Comparative Condensed Balance Sheet, as of
June 30
1916 1915 1914 1913 1912
ASSETS: _
* 51 $521,758 $527,140 $525,154 $530,263

Property investment Hno 6,129 10,569 35,936 63,799
Working assets
iSS
31,54 630,551 630,940 630,780 630,058
Deferred debit items
$1,157,188 $1,158,438 $1,168,649 $1,191,870 $1,214,120

Total
LIABILITIES :
$1,100,000 $1,100,000 $1,100,000 $1,100,000 $1,100,000
Capital stock 18 186 5,000 7,258
Working liabilities
86,870 106,862
Profit and loss 56,971 58,420 68,463
$1,158,438 $1,168,649 $1,191,870 $1,214,120

Total. $1,157,188
Authorized and outstanding, $1,100,000 of which $470,000 paid in. All owned by Spreckels Sugar
Capital Stock:
Co. No bonded debt.
PALM BEACH & EVERGLADES RAILROAD
History- Incorporated under the laws of Florida, May 17,
1915. Company has concessions from State of
Florida and other landowners of about 70,000 acres of Everglades land.
Location- Projected road extends from West Palm Beach, Fla., westerly 80 miles across
the reclaimed Upper-
glades to Moorehaven and Hicpochee on Three-Mile Canal
and Lake Okeechobee, where connection will be made with
boat service down the Caloosahatchee River to the West Coast at Fort Myers on Gulf of Mexico.
Management- OFFICERS: Charles H. Baker, Pres.; James A. Moore, Vice-Pres.; T. T. Reese, Treas.; Geo. G.
Currie, Sec.; Alton B. Parker, Gen. Counsel, N. Y. DIRECTORS: Paul T. Brady, Chas. H. Baker, Chas. 1 Brown,
Alton B. Parker, Otto H. Fuerth, New York; T. T. Reese, J. A. Moore, Geo. W. Potter, M. E. Gruber, West Palm
Beach, Fla. Annual meeting in February. GENERAL OFFICE, West Palm Beach, Fla. NEW YORK OFFICE, 149
Broadway.
f Bonded Debt: $3,000,000 Palm Beach & Everglades R.R. 1st Sinking Fund 6s. Dated June 1, 1915; due June 1,
1940. Interest payable July and Dec. 1 at American Trust Co., Jacksonville, Fla. Coupon, $500 and $1,000. Of
amount authorized ($3,000,000), $1,500,000 is to be reserved for additional mileage, etc. Callable at 105 and interest
on 30 days' notice. Sinking fund of outstanding bonds beginning June 1, 1926. Bonds to be first lien on land and
5%
road owned.
Capital Stock: Authorized and issued, $1,500,000. Par $100.
PANAMA RAILROAD COMPANY

History: Chartered by the Legislature of New York, April 7, 1849. Road opened throughout Jan. 28, 1855.
The concessions from the United States of Colombia were granted in 1850, and as amended and enlarged run until
1966. In May, 1904, the United States Government purchased $6,887,000 of the capital stock, and has since acquired
all the remainder.
Location: Road extends from Colon on the Atlantic, to Panama on the Pacific, 47.61 miles; Pedro Miguel to
Panama, 7.37 miles. Total, 54.98 miles; Atlantic Terminal, 36.52 miles; Pacific Terminal, 20.55 miles. Intermediate
sidings, 11.37. Leased line (main line, 9.12 miles; intermediate sidings, 3.34 miles), 12.46 miles; total tracks under
management of Panama Railroad, 135.88 miles. In addition construction tracks aggregating 76.70 miles are main-
tained by the railroad forces and charged to the Panama Canal. Gauge. 5 feet.
Equipment: June 30, 1916: Locomotives, 13; passenger cars, 57; freight cars, 925; miscellaneous, 272. Float-
ing equipment: Steamers (4 chartered) 8; tug, 1; lighters, 10; pilot boats, 2; floating pile driver, 1; towing boat,
1; launch, 1; barges, 4; garbage scow, 1.
Management: OFFICERS: G. W. Goethals, Pres., Balboa Heights, Panama; E. A. Drake, Vice-Pres., New York;
Chester Harding, 2d Vice-Pres., Balboa Heights, Panama; Sylvester Deming, Treas.; T. H. Rossbottom, Sec.; V.
M. Newton, Aud., New York; E. I. Brown, Gen. Pur. Agt, Washington, D. C.; S. W. Heald, Supt., Balboa Heights,
Panama. DIRECTORS: G. W. Goethals, E. A. Drake, Frank Mclntyre, Oswald H. Ernst, W. H. Rose, H. F. Hodges,
H. H. Rousseau, C. A. Devol, Chester Harding, W. R. Grove, E. I. Brown, H. I. Cone, J. J. Morrow. Annual
meeting, first Monday in April. GENERAL OFFICE, 24 State Street, New York.

1916 1915 1914
$7,900,497 $5,429,514 $6,822,507
Operating expenses 6,011,837 4,750,083 4,682,291
Net operating revenues. $1,888,660 $679,431 $2,140,216

Other income .
643,956 328,739 277,134
Total net income. $2,532,616 $1,008,170 $2,417,350
Fixed charges 79,023 93,309 114,010
Surplus $2,453,593 $914,861 $2,303,340

Working assets 7,201,199 5,721,971 Due U. S. Govt 3,247,332 3.247,332
Deferred debit items 283,368 235,456 Working liabilities 2,992,659 2;364,258
Profit and loss surplus 19,341,483 16,941,072
Total $32,787,841 $29,626,851 Total $32,787,841 $29,626,851

Capital Stock: $7,000,000. Par, $100. All owned by United States Government Various rates of dividends
have been paid from 1888 to and including 1892; none then until 1901, when 2% was paid; 1902, 4%; 1903, 8%; 1904.
2H%; 1905, 5%. None since.
PARIS & MOUNT PLEASANT RAILROAD

History: Incorporated under laws of Texas, January 13, 1909.
Location: Road extends from Paris to Mt. Pleasant, Tex., 51.32 miles, which includes extension from Bogota
to Mt. Pleasant, 29 miles, opened June, 1913. Sidings, 7.55 miles. Equipment: Locomotives, 4; passenger cars, 4;
freight cars, 28.
Management: OFFICERS: R. F. Scott, Pres.; S. W. Williams, Vice-Pres.; H. P. Mayer, Vice-Pres.; H. A. Will-
son, Vice-Pres.; N. H. Ragland, Sec. and Gen. Mgr.; R. J. Murphy, Treas.; C. F. Collins, Aud. and Pur. Agt.,
Paris, Tex. DIRECTORS: R. F. Scott, S. W. Williams, H. P. Mayer, T. J. Record, J. J. Culbertson, Paris, Tex.; A. N.
Rodgers, Dallas, Tex.; C. 0. Lade, E. S. Lilienstern, H. A. Willson, Mt. Pleasant, Tex. Annual meeting, in January.
OFFICE: Paris, Tex.
1916 1915 1914
Gross revenues $129,521 $116,131 $158,506
Maintenance of way and structures 19,542 24,128 40,882

Other income . .
4,507 4,125 3,000
Total net income. $52,012 $36,187 $55,313

Taxes 8,000 5,000 2,550
Fixed charges 63,486 53,237 50,503
1
Surplus $9,474 $22,050 $2,260

Deficit.
AWETS: 1916 1915 1914
Property investment . $748,160 $748,013 $743,371
Working assets 106,909 107,440 100,076
Deferred debit items. -IX.IMMI 52,500 58,500
Total $903,069 $907,953 $901,947

LIABILITIES :
Capital stock $75,000 $75,000 $75,000

Funded debt 600.000 600,000 600,000
Working liabilities . . . 125,220 120,088 92,721
Deferred credit items. 116 670 '
Profit and loss surplus. 102,733 112,195 134,226
Total $903,069 $907,953 $901,947

Bonded Debt: $600,000 Paris A Mt. Pleasant R.R. first 6s; dated July 1, 1912; due July 1, 1932. Int. paid Jan.
and July 1, at First National Bank, Chicago. 111., and First National Bank, New York. Coupon, $1,000. First Trust
A Savings Bank,"' Chicago, Trustee. Authorized, $600,000. Callable at 105 and interest, on July 1,1915, or thereafter.
Sinking fund .I of gross earnings, beginning Jan. 1, 1915, to be invested in income producing securities, or applied
1
to redemption of bonds. First lien on entire line. Interest payable without deduction for normal income tax.
PECOS VALLEY SOUTHERN RAILWAY

Hirtory: Incorporated under laws of Texas, May 28,. 1909. Completed and in operation, Sept. 1, 1910.
Location: Road extends from Pecos to Toyahvale, Tex., 40.4 miles; sidings, 4.14 miles. Equipment: Locomo-
tives. 3; passenger cars, 2; freight cars, 7; service cars, 5.
Management: OFFICERS: W. D. Cowan, Pres.; F. W. Johnson. First Vice-Pres.; L. W. Anderson, Second Vice-
Pre., Gen. Mgr. and Pur. Agt, Pecos, Tex.; T. W. Slack. Sec., Fort Worth, Tex.; W. D. Johnson, Treas., Kansas
City, Mo.; D. S. Floyd, Aud., Pecos, Tex. DIRECTORS: J. F. Ross, F. W. Johnson, W. D. Cowan, L. W. Anderson,
T. Y. Casey. J. G. Love, Pecos, Tex.; W. D. Johnson. Kansas City, Mo.; T. W. Slack, Fort Worth, Tex.; Sol Mayer,
Toyahvale, Tex. Annual meeting, first Monday in February. GENERAL OFFICE, Pecos, Tex.
1916 1915 1914 1013 1912 1911
Gross revenues $34.500 $34.360 $36.888 $30,704 $34,270 $24.084
Maintenance of way 7,386 7,056 6.650 3,351 5,211 15.384
Maintenance of equipment. 4.372 4.679 10.382 8,521 4,316 3.425
Net operating revs. . . $1,547 $2,247 $4,868 $12,086

Other income . 15 1,488
Total net income. $5.657 >!..-, 17 $17,246 $12,086

Taxes 2.203 1,704 1.416 1,323 1,483
Fixed charges 25.564 27.060 25,779 24,910 17,246 "77
Deficit $22,110 $23,126 $28,742 $28,465 $13,861 $12,163
Deficit
ASSETS:
Property investment
PEOPLE'S RAILWAY
History:Incorporated under the laws of Pennsylvania, May 24, 1865. Road completed in 1871. Operated by
the Pottsville Union Traction Co., and the Schuylkill & Lehigh Valley R.R.
Location: Road extends from Pottsville to Miners ville, Pa., 4.4 miles.
Management:OFFICERS: W. J. Richards, Pres.; W. D. Pollard, Sec., Treas. & Supt, Pottsville, Pa. DIREC-
TORS: W. D. Baber, L. F. Brigham, Geo. S. Clemens, J. P. Jones, W. J. Richards, Pottsville, Pa. Annual meeting,
fint Tuesday in November. GENERAL OFFICE, Pottsville, Pa.

1915 1914 1913 1912 1911
Gross revenues 121,908 $21,158 $20,111 $23,483 $22,047
Net operating revenues. $12,136 $13.548 $12,394 $16,910 $12,792

Other income .... 2,384 2,259 2,218 1,828
Total net income. $14,520 $15,807 $14,612 $16,910 $14,620

Fixed charges 1.942 1,800 1,800 1,800 1,800
Dividends 7,500 7,500 7,500 7,600 7,500
Surplus . $5,078 $6,507 $5,312 $7,610 $5,320
Bonded Debt: $36,000 People's Railway first 5s. Dated 1890; due May 1, 1940. Interest paid May and Nov.
1 at company's office. Coupon $100. First lien on entire line. Interest paid without deduction for normal income
tx. Rating, A.
Capital Stock: Authorized and outstanding, $250,000; paid in $100,000; par, $50. ($20 paid in.) Recent divi-
dends, 1910 to and including 1915, 3% per annum. Interest paid semi-annually Feb. and Aug. 1 at Pottsville, Pa.
PEORIA & PEKIN UNION RAILWAY

Hintory: Incorporated in Illinois, September 28, 1880. Acquired the Peoria & Springfield R.R. and a part of
Peoria, Pekin A Jacksonville Ry.
Location: Line of road, Peoria to Pekin, 111., 9.75 miles; to Hollis. 6.26 miles; trackage, 2.33 miles; total, 19.26
miles; second track, yards and sidings owned, 129.01 miles. Use of facilities is rented to 9 roads at $22,500 each
per annum, and usual terminal charges. (See below.) Equipment owned: Locomotives, 34; passenger cars, 9;
combination c*rs, 2; freight cars, 228; service cars, 13.
Management: Omens:H. K. Pinkney, Pres.; E. N. Armstrong, Vice-Pres.; J. K. Kiefer, Sec. and Treas.
DmCTOU: W. L. Park. W.
Horton, C. H. Markham, E. N. Armstrong, H. K. Pinkney, S. M. Russell, John Car-
S.
tensen, F. J. Lissman, Bluford Wilson, H. A. Boomer, Wm. C. Hurst, H. A. Worcester. Annual meeting, second
Tuesday in March. OFFICE, Peoria, HI.

1916
Gross revenues
Maintenance of way
Net operating revs.

Operating; ratio ...
Other income
Total net income.

Taxes accrued
Fixed charges, etc
Surplus
LIABILITIES:
(2) $1,400,000 first and refunding 30-yr. 4^s; dated Dec. 1, 1911; due Dec. 1, 1941. Interest June and Decem-
ber. Auth., $7,500,000. Of those issued, $100,000 are held in treasury, and balance are owned by Chicago, Rock
Island & Pacific Ry. Follow No. 1 on same property. Interest paid without deduction for normal income tax.
Capital Stock: Auth. and outstanding, $1,000,000. Par, $100; owned equally by Chicago, Rock Island & Pacific
Ry. and Chicago & Alton R.R. No dividend.
PHILADELPHIA BELT LINE

History: Incorporated under laws of Pennsylvania, May 10, 1889. Company operates a terminal belt-line in
the city of Philadelphia, including about 6.68 miles of track. The property is controlled by the city of Philadelphia,
which owns 51% of stock, this being held in trust by a board of trustees.
Management: OFFICERS: Francis B. Reeves, Pres.; Walter F. Hagar, Vice-Pres.; John J. Curley, Sec.; H. E.
Paisley, Treas.; Ashbel Welch, Gen. Mgr., Philadelphia. DIRECTORS: Geo. E. Bartol, Danl. Baugh, Jas. Dobson,
Walter F. Hagar, F. L. Neall, Calvin Pardee, F. B. Reeves, Henry L. Davis, Ashbel Welch, F. B. Reeves, Jr., Phila-
delphia. Annual meeting in May. OFFICE: 328 Chestnut Street, Philadelphia.

1916 1915 1914 1913 1912
Gross revenue* $36,094 $34,659 $38,794 $38,783 $33,140
Net operating income.

Taxes
Fixed charges
Surplus
Dividends paid ,
* Includes $87 other income in 1915 and $50 in 1916.

Condensed Balance Sheet, as of December 31, 1915
Property investment $9,149,793 Capital stock $5,000,000

Contractual rights 4,999,000 Funded debt 8,551,000
Working assets 269,141 Working liabilities . . 21,481
Deferred debit items 2,557 Deferred credit items. 2,024,939
Profit and loss deficit 1,287,805 Appropriated surplus 110,876
Total . $15,708,296 Total $15,708,296
Bonded Debt: $8,551,000 Philippine Ry. first sinking-fund gold 4s. Dated July 1, 1907; due July 1, 1937. Int.
paid, Jan. and July 1, at Bankers' Trust Co.,
New York. Coupon (prin. may be registered), $1,000; and registered,
$1,000 and $10,000. Auth., $15,000,000. Under the terms of the concession, the Philippine Government guarantees
interest on these bonds, which may be issued to extent of 95% of cost of construction. Entire issue is subject to
redemption at 110 and int., on any interest date; bonds may also be drawn by lot at 110 and int., on any interest
date; bonds may also be drawn by lot at 110 and int., for annual sinking-fund, established July 1, 1911, which sink-
ing fund must be provided, before any dividends can be paid on the stock. The bonds have been accepted by Secre-
tary of the U. S. Treasury as security for deposits in National banks. Sinking Fund, % of 1% of outstanding
bonds, for the period July 1, 1911, to July 1, 1921 inc.; and to 1% from July 1, 1921, to maturity. Listed on New
York, London and Amsterdam Stock Exchanges. Interest paid without deduction for normal income tax.
Rating, B.
Capital Stock: Authorized and outstanding, $5,000,000; par, $100. No dividends. Registrar, Guaranty Trust
Co., New York.
PICKENS RAILROAD
History: Incorporated under the laws of South Carolina, May 10, 1892.
Location: Road extends from Easley to Pickens, S. C., 9.30 miles. Sidings, 1.46 mile. Equipment: Locomo-
tives, 2; cars, 4.
Management: OFFICERS: J. P. Carey, Pres.; J. McD. Bruce, Sec. and Treas., Pickens, S. C.; Bond Anderson,
Aud., Atlanta, Ga.; J. T. Taylor, Gen. Mgr., Pickens, S. C. DIRECTORS: J. P. Carey, Wm. Hagood, Easley, S. C.;
A. 1L Mann, Six Mile, S. C.; J. McD. Bruce, Pickens, S. C.; J. G. Evans, Spartansburg, S. C.; B. A. Hagood, Charles-
ton, S. C. Annual meeting, first Monday in January. OFFICE: Pickens, S. C.

1916 1915 1914 1913 1912 1911
Gross revenues $18,007 $17,720 $19,394 $19,378 $17,033 $16,945
Maintenance of equipment. 986 2,623 1,747 3,131 2,617 886
All other operating exps. 7,521 7,705 8,336 7,070 7,771 6,814
Net income $2,843 $62 $5,301 $4,180 $2,932 $4,559
Taxes 519 497 478 478 424 409
Fixed charges .
2,864 2,521 1,800 2,263 2,205 2,312
Surplus .
*$540 *$2,956 $3,023 $1,439 $303 $1,838
Balance .
*$540 *$2,956 $3,023 $1,321 *$431 $301
* Deficit.
ASSETS: 1916 1915 1914 1913 .1912 1911
Property investment $111,089 $111,338 $104.510 $107,354 $104,852 $104,992
Working assets 3,836 1,548 3,995 4,334 769 2,163
Total $128,377 $128,415 $125,559 $118,625 $115,198 $115,834
LIABILITIES :
Capital stock $63,000 $63,000 $63,000 $63,000
Funded debt $63,000 $63,000
52,000 52,000 52,000 29,000 29,000 29.000
Accrued not due
liabilities 585 433 433 605 670 146
2,880 2,880 2,880
$128,377 $128,415 $125,559 $118,625 $115,198 $115,834

Bonded Debt: ,R B first
$52,000
io Pickenj --
^ _30- y ear bond ; dated Nov.- 5, 1913; payable to Southern Railway Co.,
'
., or
r
i
J A'
nH K)%
inte
SS?
s *> u <": 2
\ %
P** annum for the first two years; 3% the third year; 4% the
thereafter This bond was issued in exchange for the $29,000 old first 5s
thereon. Guaranty Trust Co., New (due Feb. 1, 1928)
York, Trustee. A
first lien on property.
Capital Stock: Authorized, $1,000,000;
outstanding, $63,000; par, $100.
PINE BLUFF & NORTHERN RAILWAY

on
laWS f Arkansas >
Mav 16 ' 191 - Purchased the Meto & Arkansas Valley Ry.
te Mc Teanor to Cullor, Ark., 8 miles. An
Ark isdr JnT
oConstruction. extension from Cullor to Pine Bluff,
Equipment: Locomotive, 1; service cars, 2. Operated for freight service
only.'
Management: OFFICERS: C. P. Harnwell, Pres. and Pur. Agt; E. T. Reaves, Vice-Pres. and Treas.; F. L.
Young, Sec. and Aud., Little Rock, Ark. DIRECTORS: C. P. Harnwell, E. T. Reaves, Little Rock, Ark.; H. N. Street,
L. J. Fall*, J. M. Gates, Lonoke, Ark. Annual meeting, third Monday in October. GENERAL OFFICE, Little Rock, Ark.
Bonded Debt: $1,000,000 authorized; Pine Bluff & Northern Ry. No bonds issued to date.
Capital Stock: Authorized, $1,600,000; outstanding, $160,000. Par, $100. No dividends. Secretary of com-
pany acts as registrar.
PITTSBURGH & ALLEGHENY RIVER RAILROAD

History: Incorporated under laws of Pennsylvania, Dec. 15, 1898. Used for switching purposes only.
Location: Road is located in Pittsburg, 2 miles, covering sidings in Park Works of the Crucible Steel Co., of
America. Equipment: Locomotives, 2.
Management: OFFICERS: C. C. Ramsey, Pres.; G. A. Turville, Sec. and Treas.; G. A. M. King, And.; G. M.
Black. Supt., Pittsburg, Pa, DIRECTORS: J. A. Sutton, Herbert DuPyy, G. M. Black, G. A. Turville, G. W. Sargent,
R. Michener, Pittsburg, Pa. Annual meeting in December. GENERAL OFFICE, Pittsburg, Pa.

1916 1915 1914 1913 1912
Gross revenues .... $1,333 $518 $756 $651
Operating expenses 33,903 $11.384 15,886 23,556 16,629
Net operating deficit $32,570 $11,384 $15,368 $22,800 $15,978

Total net deficit $32.428 $11,304 $15,039 $22.800 $15,978

Fixed charges, including taxes 1,666 46 27 3,338 371
Final deficit $34,083 $11,350 H40M $26,138 $16,349

Profit and LOM Account, year ended June
30, 1916: Debit balance at beginning of year, $140,112; debit bal-
ance transferred from income, $34,083; miscellaneous debits, $6,295; total, $180,490. Contra: Debit balance carried
ASSETS: 1916 1915 1914 1913 1912
Working assets 1.130
Profit and loss 180,490 140,112 128,762 113,695 78',366
Total $211,622 $175,766 $165,246 $151,013 $114,850

LIABILITIES:
Capital stock $30,000 $30,000 $30,000 $30,000 $30,000
Total. $211,622 $175,766 $165,246 $151,013 $114,850
Capital Stock: Authorized and outstanding, $30,000. Par, $50. No dividends and no bonded debt.
PITTSBURG, ALLEGHENY & M'KEES ROCKS RAILROAD

Hidtory: Incorporated under Pennsylvania laws, Sept. 25, 1899, consolidation of the Pittsburg & Allegheny
R.R.. McKees Rocks R.R. and North Shore Terminal R.R. companies. A
switching road 1V6 miles. Total track
20.94 miles.
Location: Connects Pittsburgh & Lake Erie and PittsT>urg. Chat-tiers &
Youghiogheny R.R. at McKees Rocks,
Pa., with the Baltimore A
Ohio R.R., Buffalo, Rochester &
Pittsburg Ry. and Pittsburg, Ft Wayne & Chicago Ry., at
North Side, Pittsbnrg, Pa. Equipment: Locomotives, 8; freight cars, 132.
Management: OFFICERS: F. N. Hoffstot, Pres., New York; H. E. Graham, Vice-Pres. and Mgr.; F. M. Garland,
Treas.; A. G. Davis, And.. Pittsburgh, Pa. DIRECTORS: F. N. Hoffstot, W. S. Reeder, New York; J. B. Rider, W. A.
Chamberlain. H. J. Gearhart, H. E. Graham, Pittsburg; A. H. Larkin, Jersey City, N. J. Annual meeting, fourth
Tuesday in January. GENERAL OFFICE, Farmers Bank Building, Pittsburg, Pa.

1916 1916 1914 1913 1912
Grow revenue* $196,393 $76,427 $132,000 $167,949 $121,083
Net operating revenues $53,569 *$429 $25,163 $47,117 $29,526

Total net Income $53,569 *$429 $28,110 $50,048 $37,430

Balance. $17,986 $36,933 $8,648 $18,772 $7,812

Deficit.
Profit and LOM Account, year ended June 30, 1916: Debit balance at beginning of year, $22,200; credit balance
transferred from income, $17,986; total, $40,187. Contra: Miscellaneous debits, $8,463; credit balance carried to
low) MOODY'S ANALYSES OF INVESTMENTS.
Comparative Condensed Balance Sheet, of June 30
ASSETS: 1916 1915 1914 1913 1912

Property investment $569,836 $579,436 $592,036 $611,561 $595.699
Working assets 68,107 32,667 41,447 36,608 26,819
Deferred debit items. 3,616 501
Total $641,559 $612,604 $633,483 $648,169 $622,518

LIABILITIES:
Capital stock $95,000 $95,000 $95,000 $95,000 $95,000
Funded debt *390,780 *390,780 *390,780 *390,780 *390,780
Accrued liabilities not due 16,285 9,400 .3,929
Deferred credit items ,
4,930
Profit and loss 31,734 22,202 59,136 67,684 48,912
Total. . . $641,559 $612,604 $633,483 $648,169 $622,518

*
Miscellaneous obligations.
Capital Stock: Authorized, $250,000; outstanding, $95,000. Par, $50. No bonded debt.
PITTSBURGH & OHIO VALLEY RAILROAD

History: Incorporated under laws of Pennsylvania, Dec. 5, 1899.
Location: Road located at North Side, Pittsburgh, and Neville Island, Pa., 12.78 miles. Switching road. Equip-
ment: Locomotives, 6; car, 1.
Management: OFFICERS: J. H. Heed, Pres.; D. N. Clemson, Vice-Pres.; G. W. Kepler, Sec. and Treas.; G. E.
Campbell, Aud., Pittsburg, Pa. DIRECTORS: J. H. Reed, D. M. Clemson, D. G. Kerr, H. D. Williams, W. W. Black-
burn, G. W. Kepler, L. C. Bihler, Pittsburg, Pa. Annual meeting, second Monday in January, GENERAL OFFICE,
Carnegie Building, Pittsburg, Pa.
1916 1915 1914 1913 1912
Gross revenues $40,156 $714 $1,813 $1,722 $1,412
Net operating deficit $16,162 5,233 $5,117 $11,598 $4,662

Other income 152 150 2,841 9,646 2,854
Total net deficit $16,010 $5,083 $2,276 $1,952 $1,808

Fixed charges, including taxes 155 199 240 165 210
Final deficit $16,165 $5,282 $2,516 $2,117 $2,018

transferred from income, $16,165; total, $46,796; debit balance carried to balance sheet, $46,796; total, $46,796.

ASSETS: 1916 1915 1914 1913 1912
Working assets 29,191 5,656 6,458 6,333 3,228
Profit and loss .
46,796 30,631 25,349 22,833 20,716
Total $275,103 $235,647 $232,647 $231,523 $227,848

LIABILITIES :
Capital stock $60,000 $60,000 $60,000 $60,000 $60,000
Funded debt 100,000 100,000 100,000 100,000 100.000
Accrued due
liabilities not 348 121 388
Total. $276,103 $235,647 $232,647 $231,523 $227,848
Capital Stock: Authorized, $500,000; outstanding, $60,000. Par, $50. No bonded debt. The American Steel &
Wire Co. owns entire outstanding capital stock.
PITTSBURG & SUSQUEHANNA RAILROAD

History: Incorporated under laws of Pennsylvania, Aug. 15, 1913, reorganization of company of same name.
Sold at receiver's sale, June 2, 1913.
Location: Road owned extends from Wigton to Fernwood, Pa., 15.35 miles; sidings and spurs, 6.14 miles.
6 miles projected to connect with the Pennsylvania R.R.
system at Eutahville, Pa. Equipment: Loco-
motives, 5 ; passenger cars, 6 ; freight cars, 222.
Truo
\
w C,
FTICERS
;T
c H. Rowland, Pres., Philipsburg, Pa.; L. T. McFadden, Vice-Pres., Canton, Pa.:
-
Syracuse, N. Y.; T. C. Flaherty, Treas. & Gen. Mgr., Philipsburg, Pa. DIRECTORS: C. H. Row-
hite. Sec.,
land, Philipsburg. Pa.; L. T. McFadden, Canton, Pa.; F. G.
Leonard, Coudersport, Pa.; H. W. Hartswick, Clear-
l. Cobb, W.
Spaulding, Syracuse, N. Y. Annual meeting, first Tuesday in Februarv.
GENERAL OFFICE, Philipsburg, Pa.

1916 1914
Net operating revenues 3,001 6,228
Other income 492 64
Total net income . 3,493 6 2 136
* Deficit.
Bonded Debt: $362,500 Pittsburgh & Susquehanna R..R. first 5s. Dated Sept. 1, 1913; due July 1, 1943. Inter-
est paid Jan. and July 1, at Clearfield Trust Co., Clearfield, Pa. Coupon, $100, $500 and $1,000. Authorized, $500,-
000. Callable at 105 and interest upon four weeks' notice. First lien on entire property. Interest paid without
Capital stock: Authorized, $500,000; outstanding, $362,500. Par, $100.
PITTSBURGH, CHARTIERS & YOUGHIOGHENY RAILWAY

History: Incorporated under Pennsylvania laws, Oct., 1881; road first opened in 1883. Controlled jointly by
Pittsburgh, Cincinnati, Chicago & St. Louis Ry. and Pittsburgh & Lake Erie R.R.
Location: Line of road, McKees Rocks, Pa., junction of Chart iers Ry. with branches, etc., 37.37 miles. Equip-
ment: Locomotives, 10; passenger and freight cars, 54.
Management: OFFICERS: J. J. Turner, Pres.; Edward B. Taylor, Vice-Pres.; R. T. Hill, Sec.; John G. Robin-
son, Treas. DIRECTORS: J. G. Robinson, D. T. McCabe, Geo. E. Shaw, E. B. Taylor, J. M. Schoonmaker, Geo. L.
Peck. Annual meeting, third Tuesday in February. OFFICE, Pittsburgh, Pa.

IMfl 1916 1913 1912 1911 1910 1909
Gross earnings $518,587 $318,953 $405,818 $348,230 $287,396 $386,473 $333,470
Net earnings 298,653 133.110 202,662 156,907 14464 153,025 150,526
Total net income 305,804 139,943 208,022 158,356 155,288 151,813
Charges, including improvements 71 '? 54,132 58,077 72,668 153,564 94,994 M.804
Dividends I7.<mn 66,400 37,600 75,200
Surplus 187,117 149,946 66,i46 22,694 40,309
Deficit
Profit awl LOM Account, year ended June 30, 1916: Credit balance at beginning of year, $578,229: credit bal-
ance transferred from income, $187,117; donations, $119; total, $765,465. Contra: Loss on retired road and equip-
ment, $700; miscellaneous debits, $10; credit balance carried to balance sheet, $764,755; total, $765,465.

A .-
- t~r s : 1016 1915 1914 1913 1912 1911
Working assets 273,638 125,747 71,717 208,184 119,471 157,327
Deferred debit items 2,554 1,246 6,682 847
Total $2,773,243 $2,537,080 $2,262,445 $1,796,889 $1,691,981 $1,626,270

LiABiunrs:
Capital stock $1,390,000 $940,000 $940.000 $940.000 $940,000 $940,000
Funded debt 161,000 162,000 164,000 164,000 164,000 164,000
Accrued liabilities not due 16JM 14.836 13,540 14,500 15,150 7,558
Appropriated surplus . . . 247,756 231.879- 228.112 229,362 211,515 105,062
Total $2.773,243 $2,537,080 $2,262,446 $1,796,889 $1,691,981 $1,626,270

Bonded Debt: $161,000 Pitt*., Chartiers & Youghiogheny Ry. gen. 4s; dated April 1, 1892; due April 1, 1932.
Interest paid, April and October, in Pittsburgh. Coupon, $1,000. First lien on entire property. Sinking fund, \%
of outstanding bonds annually. Guar. prin. and int., by Pitts. & Lake Erie and Pitts., C., C. & St. Louis Rys. In-
terest paid without deduction for normal income tax. Market: Chas. Fearon & Co., Phila. ; H. P. Taylor & Co.,
Pittsburgh. Net Rating, Aaa.
Capital Stock: Auth., $1,600,000; outstanding, $1,390.000. Par, $60. The Pitts. & Lake Erie and the Pitts.,
C., C. A St. L. each own one-half the issue. Dividends: 1906, 6%; 1907, 10%; 1908, 4%; 1909, 8%; 1910, 4%;
1912, 10%; 1916, 6%.
PITTSBURG, WESTMORELAND & SOMERSET RAILROAD

History: Incorporated under Pennsylvania laws, July 20, 1899. Road completed, June 1, 1906.
Location: Road extends from Ligonier to Somerset, Pa., 26.6 miles; sidings, etc., 8 miles, Equipment: Loco-
motives, 1 ; cars, 6.
Manairrment: OFFICERS: Chas. Cochran, Pres.. Williamsport, Pa.; A. R. Allen, Vice-Pres., Jersey City, N. J.;
L. H. Allen, Vice-Pres.. Sec., Treas. and Gen. Mgr.; M. H. Richardson, Asst. to Gen. Mgr., Somerset, Pa.; J. W.
Baker, Supt.. Ligonier. Pa. DIRECTORS: Chas. Cochran, Garrett Cochran, Seth McCormick, E. R. Payne, A. R. Allen,
Jersey City, N. J.; L. H. Allen, Buffalo, N. Y. Annual meeting, April 1. OFFICE, Somerset, Pa.
POTATO CREEK RAILROAD

History: Incorporated under Pennsylvania laws, Jan. 10, 1907.
Location: Road extends from Keating Summit to Betula, Pa., 15.41 miles, with branches and spurs, 47.84 miles;
total, 63.25 miles; sidings, 5.99 miles. Equipment: Locomotives, 10; passenger cars, 1; freight cars, 292; miscellan-
eous, 4.
Management: OFFICERS: R. R. Lewis, Pres., Coudersport, Pa.; Ganson Depew, Vice-Pres.; E. A. Mayer, Sec.,
Treas., Aud. and Pur. Agt., Buffalo, N. Y-; R. H. Krebs. Gen. Mgr., Norwich, Pa. DIRECTORS: R. R. Lewis, Cou-
dersport, Pa.; Ganson Depew, E. A. Mayer, Buffalo, N. Y.; J. H. Hawes, F. J. Kelly, R. H. Krebs, E. L. Pitney, Fred
Williams, R. F. Harbach, Norwich, Pa. Annual meeting, second Tuesday in February. GENERAL OFFICE, 1512 Ma-
rine Bank Bldg., Buffalo, N. T.
1916 1915 1914 1913 1912 1911
Gross revenues $282,916 $254,583 $204,933 $253,186 $36,565
Net operating rev*. . . 144,261 $6,392 $26,410 $114,010 $30,815 $7,695

Other income 1,605 1,077 949 680 100 73
Total net income $45.866 ?: IM $27,359 $114,690 $30,915 $7,768

Taxes :;.. M 4.540 i no 1,100 900 825
Fixed charges 39,355 42,917 43.169 41,111 29,563 11,310
Surplus. $3,511 $39,988 $17,310 $72,479 $452 *$4,367

Deficit.
ance transferred from income, $3,511; total. $15,571. Contra: Loss on retired road and equipment, $33; credit bal-

1916 1916 1914 1913 1912 1911
Property investment .... *\->~. <'.- $552.861 $597,911 $443,649 $339,650 $181,359
Working assets 61.541 46,601 36,725 37,509 42,854 8,393
Deferred debit items 3,691 4,787 5,022 6,349 419 87
Total $541,778 $604,249 $639,658 $487,507 $386,838 $194,206

LIABILITIES:
Capital stock $160,000 $160,000 $160,000 $150.000 $150,000 $150,000
Funded debt 800.000 300.000 300.000 180,000 180,000
Working liabilities 70 167 136.951 120,617 65,747 51,167 43,514
Accrued liabilities not due 6,616 6,217 4.660 MSfl 3,438 692
Deferred credit items 167 21 349 105 2,233
Profit and loss surplus . . . 12,060 64,032 87,829
Total $641,778 $604,249 $639,658 $487,507 $386,838 $194,206

Bowled Debt: $300,000 Potato Creek R.R. first 6s. Dated April 1, 1912; due April 1, 1920. Interest paid April
and October 1, at Marine National Bank, Buffalo, N. Y. Coupon, $1,000; prin. may be registered. First lien on
entire property. Interest paid without deduction for normal income tax. Rating, Ba.
POTOMAC, FREDERICKSBURG & PIEDMONT RAILROAD

History: Incorporated under laws of Virginia. May 13, 1878, as successor to the property of the Fredericksburg
A Gordonsville R.R. Line of road operated, Fredericksburg to Orange Court House, Va., 37V4 miles. Sidings, 2.43
miles. Narrow gauge. Equipment owned: Locomotives,.?; cars, 67.
Management: OFFICERS: Ceo. W. Richards, Pres. and Treas.; Jos. L. Savage, Sec. DIRECTORS: Howard
Butcher, Howard Butcher, Jr., A. G. Tatnall. Philadelphia; Chas. J. Green, Boston. Mass.; Geo. W. Richards, Fred-
ericksburg, Va. Annual meeting, first Tuesday in May. OFFICE, Fredericksburg, Va.

1916
Gross revenues
Maintenance of way
Maintenance of equipment.
All other operat. expenses.

Operating ratio
Other income
Total net income

Taxes accrued
Fixed charges
Account vear ended June 30, 1916: Credit balance at beginning of year, $163,102; credit bal-
Contra: Credit balance carried
credits, $2,000; total, $172,024.
ance
to Balance Sheet, $172,024.
of June 30
Comparative Condensed Balance Sheet, as
1916 1915 1914 1913 1912 1911
ASSETS:
$999,282 $1,049,282 $999,282 $999,282 $999,282 $999.282
Property investment 331,662 326,963 340,515
assets 11,842 13,460 56,862
Working
$1,062,742 $1,056,144 $1,330,944 $1,326,245 $1,339,797
Total $1,011,124
LIABILITIES:
$446,600 $446,600 $446,600 $446,600 $446,600 $446,600
Capital stock
Funded debt 390,000 450,000 450,000 750,000 750,000 750,000
2,500 1,673 3,748 4,674 6,197 19,285
Working liabilities
Accrued liabilities not due 1,367
5,437
Total. $1,011,124 $1,062,742 >1,056,144 $1,330,944 $1,326,245 $1,339,797
Bonded Debt- $390,000 Potomac, Fredericksburg & Piedmont R.R. first gold 4s. Dated June 1, 1909; due June
1 1949 Interest July and December 1, at Pennsylvania Co. for Insurances on Lives and Granting Annuities, Phila-
to call at any time at 105. Auth., $750,000.
delphia Pa. Coupon, $1,000. Principal may be registered. Subject
Owned by company, $60,000. First lien on all property. Interest paid without deduction for normal income tax.
Rating, Ba.
Capital Stock: Authorized, $1,460,000; outstanding, $446,600. Par, $100.
No dividends.
PRESCOTT & NORTHWESTERN RAILROAD

1890.
History: Incorporated under the laws of Arkansas, Oct. 16,
Location: Prescott to Highland, Ark., 33 miles; spurs, 10.00 miles. Equipment: Locomotives, 4; combination
car, 1 freight cars, 69 ; service car, 1.
;
Management: OFFICERS: W. N. Bemis, Pres.; J. W. Bemis, Vice-Pres. and Gen. Mgr.; O. H. Helbig, Vice-
Pres., Sec., Treas. and Traf. Mgr.; L. P. Beidleman, Aud., Prescott, Ark. Annual meeting in January. GENERAL
OFFICE, Prescott, Ark.
1916 1915 1914 1913 1912
Gross revenues $120,114 $90,590 $92,372 $110,507 $88,419
Net operating revenues 26,877 16,837 3.640 13,159 3,706
Balance $10,765 $4,822 *$24 $9,477 $258

* Deficit.
and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $187,615; loss on re-
Profit
tired roadand equipment, $6,152; delayed income debits, $11,713; total, $205,480. Contra: Credit balance trans-
ferred from income, $10,765; miscellaneous credits, $5; debit balance carried to Balance Sheet, $194,710; total,
$205,480.
ASSETS: 1916 1915 1914 1913 1912
Working assets 23,855 10,321 6,873 15,339 13,047
Profit and loss .
194,710 187,615 138,278 114,116 88,386
Total $713,681 $687,444 $693,493 $696,823 $677,056

LIABILITIES :
Capital stock $30,000 $30,000 $30,000 $30,000 $30,000

51,325 25,088 31,137 384,467 647,056
Deferred credit items 632,356 632,356 632,356 282,356
T taL $713,681 $687,444 $693,493 $696,823 $677,056
Capital Stock: Authorized and outstanding, $30,000; due to stockholders, $632,356. Par, $100.
PUEBLO UNION DEPOT & RAILROAD COMPANY

History: Incorporated under laws of Colorado, December 23, 1887, to construct and operate passenger-station
:s at Pueblo, Colo., for the benefit of the Denver & Rio
Grande, Atchison, Topeka &
Santa Fe, Colorado &
ssouri Pacific Ry., and the Chicago, Rock Island & Pacific
Railway. These five companies jointly
tire outstanding capital stock, and the
property is operated at cost for the benefit of the owners. Com-
pany owns, besides station building about 2% miles of trackage in Pueblo, Colo.
Management: OFFICERS: C. H. Bristol, Pres., La Junta, Colo.; A. S. Booth, Asst. Treas. DIRECTORS: E. L.
S. Roller,Denver, Colo.; C. H. Bristol, La Junta, Colo.; A. Robertson, St. Louis, Mo.; A. B. Ramsdell, To-
peka, Kan. Annual meeting, third Wednesday in October. GENERAL OFFICE, Pueblo, Colo.

1916 1915 1914 1913 1912
Gross revenues $57,764 $50,484 $50,779 $54,071 $54,075

Operating ratio 83.5% 86.9% 85.2% 87.5% 84.1%
Other income 37,265 37,038 28,483 37,900 23,304
Total net income $46,814 $43,631 $35,975 $37,900 $31,858

Taxes accrued 7,012 6,767 7,401 7,920 7,858
Fixed charges 31,855 29,551 24,000 24,000 24,000
Balance $7.947 $7,313 $4,574 $5,980

*
Income applied to sinking and other reserve funds. .
Profit and Loss Account, year ended June 30, 1916 Debit balance at beginning of year, $7,570. Contra
: :Sur-
plus appropriated for investment in physical property, $1,156; miscellaneous debits, $485; credit balance carried to

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 25,197 23,692 22,436 23,234 25,547 26,509
Total $631,020 $628,898 $636.579 $628,170 $618,331 $609,703

LIABILITIES:
Capital stock $40,600 $40,600 $40,600 $40,600 $40,600 $40,600
Funded debt 472,000 480,000 400,000 400,000 400,000 400,000
Appropriated surplus ... 94,158 85,056 77.543 164,335 64,184 142,594
5,929 7,579 8,021 8,654 10,826 10,826
Total $631,020 $628,898 $636,579 $628,170 $618,331 $609,703

Bonded Debt: $400,000 Pueblo Union Depot & R.R. Co. first 6s. Dated Sept. 1, 1889; due Sept 1, 1919. Int.
March and September 1, at Metropolitan Trust Co., New York. Coupon, $1,000. Guar., prin. an<i int., by Denver &
Rio Grande R.R., Atchison, Topeka & Santa Fe Ry., Colorado & Southern R.R., Missouri Pacific Ry. and the Chicago,
Rock Island & Pacific Ry. Sinking Fund: $4.000 a year, contributed by the five proprietary lines. Subject to call, at
not to exceed 105, out of sinking fund. First lien on all the property of the company. Normal income tax deducted
from interest. Net Rating, Aa.
Capital Stock: Authorized, $300,000; outstanding, $40,600. Par, $100. All owned by the five companies above
named.
PULLMAN RAILROAD
Incorporated under laws
History: of Illinois, Aug. 25, 1906. Operates local railroad in Chicago.
Location: Road extends from Pullman June., Chicago, to Calumet River, at 126th Street, 18.22 miles, of which
7.18 miles, 104th to 115th Streets, are leased from the Pullman Co. Equipment: Locomotives, 8; freight cars, 205;
service car, 1.
Management: OFFICERS: Richmond Dean, Pres. ; J. T. Morrison, Vice-Pres. and Pur. Agt.; L. S. Taylor, Sec.
and Treas., Chicago; W. C. Meade, Aud., O. L. Banks, Supt., Pullman, 111. DIRECTORS: Richmond Dean, J. L.
Woods, LeRoy Kramer, Chicago; E. F. Bryant. Pullman, 111.; J. T. Morrison, Clive Runnels, Chicago. Annual meet-
ing, first Wednesday in November. GENERAL OFFICE, Chicago, 111.
1916 1915 1914 1913 1912
Gross revenues $138.344 $88.180 $149,153 $208,970 $101.120

Other income 23,179 22,118 22,936 21,822 5,824
Total net income $73.864 *$19,906 $65,327 $110,998 $27,394

Surplus $50.916 *$326 $44,069 $94,587 $13,089

Deficit.
Profit and LOM Account, year ended June 30, 1916: Credit balance at beginning, of year, $214,364; credit bal-
ance transferred from income. $50,916; delayed income debits, $33.686; miscellaneous credits, $901; total, $299,867.
Contra: Loss on retired road and equipment, $9,586; delayed income debits, $11,042; credit balance carried to bal-
ance sheet, $279,239; total, $299,867.

ASSETS: 1916 1915 1914 1913 1912
Working assets 81,400 66,853 106,868 115,190 36,392
Totals , $851,789 $763,845 $764,239 $732,250 $454,526

lO.'JG MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES:

1916 1915 1914 1913 1912
Gross revenues $44,652 $34,364 $31,318 $33,052 $30,750
Net operating revenues. $2,974 $3,256 $2,778 $1,588 $307

Other income .
1,422 1,158
Total net income $2.973 $3,256 $4,200 $1,588 $1,465

Fixed charges, inc. taxes. 7,600 3,256 4,009 80 4,511
Other deductions .
4,786 6,601 3,589
Surplus. . .
$159 *$3,345 *$3,398 $1,508 *$3,046
* Deficit.
transferred from income, $159; total, $25,909. Contra: Miscellaneous credits, $4,786; debit balance carried to bal-
ance sheet, $21,123; total, $25,909.

ASSETS: 1916 1915 1914 1913 1912
Working assets 20.030 12,641 10,899 10,679 17,747
Deferred debit items. 6,567 3,158 ' '
Profit and loss 21,123 25,750 25',9'ii l'6,087
Total $63,850 $53,651 $42,518 $44,279 $43,989

LIABILITIES:
Capital stock $9,900 $9,900 $9,900 $7,800 $10,000
Funded debt ' ' ' 4,000 '
Working liabilities 43,324 35,781 29,028 32,479 32',6 2 3

due. '
1,366
Deferred credit items r..s-o Y,376
Appropriated surplus 4,786 6,600 '3,590
Total .
$63,850 $53,651 $42,518 $44,279 $43,989
RAHWAY VALLEY RAILROAD

Hirtory: Incorporated under the laws of New Jersey, July 18, 1904. On March 1, 1905, acquired the property
of the New Orange Four Junction R.R. Co. On March 1, 1909, leased to the Rahway Valley Co. for five years at
a rental of $4,000, $6,000, $8,000, $12,000 and $16,000, March 1, 1909 to March 1, 1914, respectively. Lease extended
for three years from March 1, 1914, at rental of net earnings.
Location: Road extends from Summit to Aldene, N. J.
Management: OFFICERS: Louis Keller, Pres.; E. J. Dunn, Treas., New York; J. S. Caldwell, Gen. Mgr., Kcnil-
worth, N. J. GENERAL OFFICE, Kenilworth, N. J.
Bonded Debt: $400,000 Rahway Valley R.R. first 5s. Dated July 1, 1906; due July 1, 1931. Interest paid
Jan. and July 1 at Chemung Canal Trust Co., Elmira, N. Y. Callable at any time. Of this amount $328,000
pledged as collateral for notes payable. First lien on property.
RANDOLPH & CUMBERLAND RAILWAY

History: Incorporated under laws of North Carolina, June 30, 1906, and acquired the property of the Carthage
R.R., including the lease of the line from Carthage to Cameron, 10 miles, from the Seaboard Air Line Railway.
Location: Road extends from Cameron to McConnell, N. C., 22.5 miles. Equipment: Locomotives, 3; cars, pas-
senger, 2; freight and service, 4.
Management: OFFICERS: D. A. McDonald, Pres.; S. P. McConnell, Vice-Pres. and Gen. Mgr.; J. R. McConnell,
Sec.. Carthage, N. C.; B. M. Fellows, Treas., New York; C. C. Yates, Supt., Carthage, N. C. DIRECTORS: D. A. Mc-
Donald. S. P. McConnell, J. R. McConnell, W. G. Jennings, I. B. Tyson, J. M. Sinclair, Carthage, N. C.; B. M. Fel-
lows, New York. Annual meeting, second Tuesday in June. GENERAL OFFICE: Carthage, N. C. NEW YORK OF-
FICE: 111 Broadway.
1916 1915 1914 1913 1912 1911
Gross revenues $23,749 $18.360 $21,757 $20,974 $16,802 $17,717
Maintenance of way 5.135 3.807 6,799 3,450 3,350 7,282
Maintenance of equipment 2,528 965 1,391 1,086 1,133 859
Net income IM01 $5,126 $4,554 $3,902

Taxes 492 493 521 516 300 559
Fixed charge* 3,934 3.230 10,630 8,460 10,174 8,740
Surplus . .
$1,175 $1,403 $5,628 $4,422 $6,572 $9,686
* Deficit.
ASSETS:
Property investment
RARITAN RIVER RAILROAD COMPANY

History: Incorporated under New Jersey laws, April 20, 1888; road first opened in 1890. Owns and operates
22.20 miles, including main line from New Brunswick to South Amboy, N. J. Miles of 2nd track, 1.41. Sidings,
24.95. Equipment: Locomotives, 11; cars, 121.
Management: OFFICERS: Wm. G. Bumstead, Pres.; E. W. Harrison, Vice-Pres.; Chas. H. Sisson, Sec. and
Treas. DIRECTORS: Wm. G. Bumstead, W. D. Edwards, F. W. Harrison, C. H. Sisson, G. T. Smith, W. C. Fisk,
Frederick Dunham, F. H. Earle, E. F. Smith, T. Filskov, E. I. Edwards, Geo. Holmes, C. K. Corbin. Annual meet-
ing, second Tuesday in February. OFFICE: 15 Exchange Place, Jersey City, N. J.

1916
Gross earnings . .
Net earnings
Total net income .
Fixed charges .. .
as
Comparative Condensed Balance Sheet,
1916 1915
ASSETS:
$1.099,304 $1,079,048
Property investment

1916 1915 1914 1913 1912 1911
Gross revenues $88,813 $69,023 $74,575 $92,585 $87,951 $96,074

Other income 19 79 81 137 74 81
Total net income .... $33,535 $21,257 $23,035 $34,765 $30,345 $35,173
Taxes 1,128 1,128 1,128 1,128 1,128 1,179
Fixed charges 30,234 30,200 30,200 30,230 30,200 30,253
Surplus $2,173 $10,071 *$8,293 $3,407 *$983 $3,741

* Deficit.
ance transferred from income, $2,173; total, $188,211. Contra: Loss on retired road and equipment, $506; credit

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $343,608 $346,176 $348.831 $351,719 $355,575 $358,170
Working assets . . . . 227,208 222,141 229,919 235,806 230,871 234,250
ToUl $570316 $568,317 $578,750 $587,525 $586,446 $592,420
LIABILITIES:
Capital stock $200,000 $200,000 $200,000 $200,000 $200,000 $200,000
Funded debt 170,000 170.000 170,000 170,000 170,000 170,000
Accrued not due
liabilities 8,041 5,100 6,020 5,975
Appropriated surplus . . . 4,042 4,042 4,042 ' 4,042 4,042
187,705 186,038 196,864 209,500 202,651 209,989
Total. $570,816 $568,317 $578,750 $587,525 $586,446 $592,420

Bonded Debt: $170,000 Reynoldsville A Falls Creek R.R. first 6s. Dated Jan. 1, 1891; due June 1, 1926, ex-
tended from Jan. 1, 1911. Interest payable annually, Jan. 1, at Guaranty Trust Co., New York. Coupon, $1,000.
Charles Clifton, Trustee. Authorized, $300,000. Outstanding bonds are deposited with the Trust Co.,
New York, as part security for the second mortgage bonds of the Jefferson & Clearneld Coal &Guaranty
Iron Co. First lien
on entire property.
Capital Slock: Authorized. $330,000; outstanding, $200,000. Par, $50. All owned by Jefferson and Clearfield
Coal A Iron Company. Recent dividends as follows: 1900, 10%; 1902, 20%; 1905, 50%; 1908, 8%; none since.
RICHMOND BELT RAILWAY

History: Incorporated under the laws of California, Aug. 19, 1902. Road opened in 1905. A belt line extend-
ing from Richmond to Winehaven. Calif., 5.09 miles. Property is leased to the Atchison, Topeka & Santa Fe and
Southern Railway jointly. Owns dock at San Pablo.
Management: OFFICERS: E. S. Pillsbury, Pres.; H. C. Breeden, Vice-Pres.; R. J. Woods, Sec.; H. C. Breeden,
rreas., San Francisco. DIRECTORS: W. A. Bissell, H. C. Breeden, E. S. Pillsbury, Clinton E. Worden,
Vanderlyn
Stow, San Francisco. Annual meeting, second Tuesday, in February. GENERAL OFFICE, San Francisco, Cal.

1916 1915 1914 1913
Rental income $37,171 $43.837 $5,094
Balance. . .
$29,114 $8,626

ASSETS: 1916 1915 1914
Property investment $685.447 $685,447 $684,450
Working assets 80,059 50,945 14,198
Total $765,506 $736,392 $698,648

LIABILITIES:
Capital stock $500,000 $500,000 $500,000
Working liabilities '
184,325
Profit and loss . . . .
265,606 236,392 14,323
$765,606 $736,392 $698,648

Capital Stock: Authorized and outstanding, $500,000. Par, $100. No bonded debt
IOVJ MOODY' S ANALYSES OF INVESTMENTS.
RICHMOND & RAPPAHANNOCK RIVER RAILWAY
of Virginia, Apr. 19, 1912.
History: Incorporated under laws
Location- Road projected to extend from Richmond to Urbanna in Middlesex County or Rappahannock, Essex
Co., VaTwUh branches to Warsaw, Lancaster
Court House, etc. In operation Richmond to Pamunkey and Seven
33.
Pines, Va., 26.52 miles. Equipment: Locomotives, 2; cars,
OFFICERS: Thomas B. Love, Pres.; R. B. Campbell, Sec. and Treas.; Thomas P. Bryan, Counsel;
Management: Va. GENERAL OFFICE, Richmond, Va.
J. C Holden7Gen. Frt. and Pass. Agt.; A. L. Waldrop, Supt., Richmond,

1916 1915
560,282 $50,917
Gross revenues 56 ' 673
66 304 '
Operating expenses
Net operating revenues *?6,022 *$5,756
Other income
112
^
Total net income '$5,622
Fixed charges, including taxes
*g,910
34,277 17 uij'
Balance.. *$40,187 *$22,712

* Deficit.
transferred from income, $40,187; total, $58,727. Contra: Donations, $107; miscellaneous credits, $374; debit bal-

ASSETS- 1916 1915
Property investment $6 *B
5Z'2J![ j!ffi
24,800
Kred debit items'::::::::::::::::::::::::: .: $357,902
58,246
$350,350
18,540
Profitandloss
Total $1,000,980 $933,029

LIABILITIES:
Capital stock . $500,000 $500,000
Funded debt . 458,000 422,000
Working liabilities 40,002 7,991
Total $1,000,980 $933,029
Bonded Debt: $458,000 Richmond & Rappahannock River Valley Ry. first 6s; dated June 15, 1915; due June
15, 1935. paid June and Dec. 15. Coupon, $1,000. Auth., $500,000. Issued to take up bills payable.
Int.
Capital Stock: Authorized and outstanding, $300,000 6% preferred, and $200,000 common. Par, $100.
RIO GRANDE RAILWAY

History: Incorporated under laws of Texas, Nov. 30, 1910, successor to Rio Grande R.R. Formerly controlled
through stock ownership by St. Louis & San Francisco R.R. Co. Now operated independently.
'
Location: Road extends from Brownsville to Point Isabel, Texas, 22.50 miles; sidings, 1 mile. Guage, 3 ft. 6 in.
Equipment: Locomotives, 2; passenger cars, 5; freight cars, 16; service cars, 2.
Management: OFFICERS: David O'Brien, Pres.; J. A. Browne, Vice- Pres. and Treas.; John Gregg, Sec. and
Aud., Brownsville, Texas. DIRECTORS: The foregoing and F. W. Kibbe, L. Cobolini, Brownsville, Texas; R. M.
Johnston, Houston, Tex. Annual meeting, first Wednesday after first Tuesday in June. GENERAL OFFICE, Browns-
ville, Texas.
1916 1915 1914 1913 1912
Gross revenues , $15,564 $11,743 $11,856 $12.218 $12,619
Net operating revenues. $3,802 *$2,701 *$1,774 *$3,687 $1,738

Other income .
250 250 250 250 354
Total net income $4,052 *$2,451 $2,092
*$1,524 *$3,437
Taxes 1,500 1,294 776
1,417 1,374
Balance. *$l-,348 *$7,723 *$2,941 *$4,811 $1,316

* Deficit.
ASSETS: 1916 1915 1914 1913 1912
Property investment $83,671 $83,884 $82,858 $22.266 $20.619
Working assets
3,425 1,438 2,158 28,561 30,092
Profit and loss
16,733 11
15,385 7,662 4,822
Total.
$103,829 $100,707 $92,678 $55,649 $50,722
LIABILITIES:
Capital stock
Bonded Debt: $77,000 Roanoke River Ry. first 6s.Dated Aug. 1, 1908; due Aug. 1, 1928. Interest paid Feb.
and Aug. 1, at Citizens Bank, Henderson, N. C. Coupon, $1,000. Issued $144,000, of which $67,000 are held in
treasury. First lien on entire property.
Authorized, $450,000; outstanding, $90,000. Par, $100. President of company acts as Transfer
Capital Stock:
Agent. Secretary of company acts as Registrar.
ROCK ISLAND-FRISCO TERMINAL RAILWAY

History: Incorporated in Missouri, April 9, 1906.
Location: Owns freight depots and yards in St. Louis, furnishing terminal facilities to Chicago, Rock Island
& Pacific Ry., St. Louis-San Francisco Ry. and Chicago & Eastern Illinois R.R. at rentals sufficient to cover taxes,
expenses, interest, etc. Miles of yard track, etc., 13.83 miles.
Management: OFFICERS: J. E. Gorman, Pres., Chicago; W. C. Nixon, Vice-Pres.; F. H. Hamilton, Sec. and
Treas., St. Louis, Mo. DIRECTORS: H. E. Correll, W. F. Evans, W. C. Nixon, H. M. Sloan, J. E. Gorman. Annual
meeting, first Tuesday after first Monday in April. OFFICE, St. Louis.
1916 1915 1914 1913 1912 1911
Rental income . $191,429 $191,890 $188,047 $200,657 $182,985 $174,646
Taxes accrued 17,946 18,424 15,081 18,153 11,847 13,105
Fixed charges 173,483 173,466 172,966 182,504 171,138 161,541

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 111,137 112,929 134,970 121,794 114,008 104,149
Deferred debit items 456 1,095 1,580 576 1,411 2,241
Total $3,992,236 $3,990,705 $3,992,484 $4,021,870 $3,988,015 $3,920,417

LIABILITIES :
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000

Funded debt 3,390,000 3,390,000 3,390,000 3,390,000 3,390,000 3,254,589
Deferred credit items . . . 4,631
Total $3,992,236 $3,990,705 $3,992,484 $4,021,870 $3,988,015 $3,920,417

Bonded Debt: $3,390,000 Rock Island-Frisco Terminal Ry. first 5s; dated Jan. 2, 1907; due Jan. 1, 1927. Int.
Jan. and July, at Mercantile Trust Co., St. Louis, or at company's agency in New York. Secured on all property.
Guar. by Chicago, Rock Island & Pacific Ry. and St. Louis-San Francisco Railway companies. Interest paid with-
out deduction for normal income tax. Auth., $5,000,000. Net Rating. B.
Capital Stock: Outstanding, $500,000; all deposited as additional security for above bonds, but owned by the
Chicago, Rock Island & Pacific Ry. and the St. Louis-San Francisco Railway companies.
ROCKINGHAM RAILROAD
History: Incorporated under laws of North Carolina in 1910. Began operations, May 6, 1912.
Location: Road extends from Leak to Gibson, N. C., 21.4 miles. Locomotives, 2; cars, 3;
Management: OFFICERS: T. C. Leak, Pres.; J. Le Grand Everett, Sec. and Treas.; J. L. Hawley, Gen. Supt.,
Rockingham, N. C. DIRECTORS: T. C. Leak, W. L. Parsons, W. C. Leak, Claude Gore, Wm. Entwistle, J. L. Everett,
Rockingham, N. C. Annual meeting, third Wednesday in October. GENERAL OFFICE, Rockingham, N. C.

1916 1915 1914 1913 1912
Gross revenues $32,099 $27,816 $37,040 $39,910 $4,327
Maintenance of way and structures 6,967 6,488 6,623 6,407 1,413
Maintenance of equipment 3,927 4,277 4.239 3,121 515
All other operating expenses 16,256 15,795 19,879 18,449 3,959
Net operating revenues $4,949 $1,256 $6,299 $11,933 *$1,560
Other income .
144 132 137 12
Total net income $4,949 $1,400 $6,431 $12,070 *$1,548
Taxes 1,169 929 787 16
1,059
Fixed charges
17,634 15,761 15,192 13,856 2,257
Surplus. $13,854 $15,420 *$9,690 *$2,573 $3,821

* Deficit.
ASSETS: 1916 1915 1914 1913 1912
$315,837 $316,427 $317,058 $317,967 $311,716
Working assets
5,100 5,363 4,859 21,749 6,513
Profit and loss deficit
47,350 33,496 18,076 ,394 3,821
Total.
$378,395 $366,273 $351,385 $346,110 $334,671
LIABILITIES :
Capital stock
Comparative Condensed Bal
I 916
ASSETS: ,
SACRAMENTO VALLEY & EASTERN RAILROAD

History: Incorporated under the laws of California, Nov. 8, 1906.
Location: Road extends from Pitt to Bully Hill, Cal., 15 miles. Sidings 0.5 mile. Connects with Southern
Pacific Line at Pitt. Equipment: Locomotives, 2; cars, 7; motor car, 1.
Management: OFFICERS: J. B. Keating, Pres., Treas. and Mgr.; H. R. Hanley, Vice-Pres.; E. A. Wilson, Sec.;
J. W.Schoonover, Aud., Winthrop, Cal. DIRECTORS: The foregoing and T. B. Dozien, San Francisco, Cal.; D. M.
Riordan, New York. Annual meeting in June. GENERAL OFFICE, Winthrop, Cal.

1916 1915 1914 1913 1912
Gross revenues $21.762 $9,886 $7,124 $13,766 $10,092
Net operating deficit. $13,101 $18^67 $16,812 $7,596 $9,609

Taxes IM 501 650 674 4,256
Fixed charges 647 818
Deficit for year $20,117 $17,462 $13,865

ASSETS: 1916 1915 1914 1913 1912
Property investment . 1446,716 $458,994 $496,831 $493,455 $493,805
Working assets 7,479 1.--1 1,690 17,609 26,419
Profit and loss 63,592 60.035 4,718
Total $518,176 $511,358 $503,318 $611,115 $520,249

LIABILITIES:
Capital stock $500.000 $500.000 $500,000 $500,000 $500,000
Accrued liabilities not due. 229 228 241 297 263
$518,176 $511,358 $503,318 $511,115 $520,249

Capital Stock:Authorized and outstanding, $500,000. Par, $100. The Bully Hill Copper Mining & Smelting
Co. owns $499,500 of the stock. No bonded debt.
ST. CLAIR TERMINAL RAILROAD

History: Incorporated under laws of Pennsylvania, June 24, 1901.
Location: Road extends from Clairton to Wylie, Pa., 1.7 miles; branches and spurs, 6.15 miles; total, 7.85
miles. Yards and sidings, 15.98 miles. Equipment: Locomotives, 11; freight cars, 157.
Management: OFFICERS: J. H. R*ed, Pres.; D. M. Clemson, Vice-Pres.; G. W. Kepler, Sec. and Treas.; Geo. E.
Campbell, And., Pittsburgh. Pa.; H. J. Davis, Supt.. Clairton, Pa. DIRECTORS: L. C. Bihler, W. W. Blackburn, D. M.
Clemson, G. W. Kepler, D. G. Kerr, J. H. Reed. H. D. Williams, Pittsburgh, Pa. Annual meeting, second Monday in
January. OFFICE: 1417 Carnegie Building, Pittsburgh, Pa.
1916 1915 1914 1913 1912 1911
Gross revenues $314.320 $180,111 $206,286 $219.688 $236,240 $186,485
Maintenance of way 30.410 16,750 37.098 25,213 20,411 21,466
Maintenance of equipment 47.946 29,032 64.341 53,092 37,464 39,023
All other operating exps . . 103,929 61,697 79,130 .
78,907 66,806 64,735
Net operating revs... $132.035 $72,632 $25.717 162,4711 $111,559 $61,261

Other income 9,601 10,014 10,180 11,246 10,826 10,200
Total net income. $141,636 $82,646 $73,722 $122,385 $71,461

Taxes 4.073 2,675 1,600 4,200 3,265 2,415
Fixed charges 54,046 53,690 54,535 56,131 91,015 02,664
Surplus $83,517 $26,281 $13,391 $28,105 $23,518

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $233,361; miscellane-
ous debits, $2,232; total, $235,593. Contra: Credit balance transferred from income, $83,517; debit balance carried

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 72.906 49.7M 77,644 66,433 116,021 78,262
Profit and loss deficit . 152.076 233,361 258,907 9,266 68,143
ToUl $2,606,410 $2,642,272 $2,222,013 $2,296,647 $2,322,253

LIABILITIES:
ance transferred from income, $14,294; total, $55,394. Contra: Loss on retired road and equipment, $832; credit

ASSETS: 1916 1915 1914 1913 1912
Working assets 51,772 48,617 44,300 47,205 34,220
Deferred debit items 1,118 920 573 666 338
Total $462,816 $449,800 $438,761 $442,845 $422,623

LIABILITIES:
Capital stock $400,000 $400,000 $400,000 $400,000 $400,000
Working liabilities 6,988 6,918 6,783 8,749 5.735
Accrued not due
liabilities 1,266 1,288 1,392 1,053 1,331
Profit and loss 64,562 41,100 30,526 33,043 15,557
Total $462,816 $449300 $438,761 $442,845 $422,623

Capital Stock: Authorized, $500,000; outstanding, $400,000. Par, $100. No bonded debt. Secretary acts as
Transfer Agent.
ST. JOSEPH TERMINAL RAILROAD

History: Incorporated under laws of Missouri, Jan. 5, 1887. Owns and operates .86 mile of main track and
10.42 miles of sidings in St. Joseph, Mo. Company does a general switching business for the Atchison, Topeka &
Santa Fe R.R. and St Joseph A Grand Island Ry. Companies. The two companies pay operating expenses each
month, on basis of tonnage and cars handled. Owns two locomotives.
Manaerment: OFFICERS: E. Stenger, Pres., Topeka, Kan.; C. W. Kouns, Vice-Pres., St. Joseph, Mo.; E. L.
Copeland, Treas., Topeka, Kan.; F. W. Meyer, Sec. and Aud.; H. M. Duncan, Supt, St Joseph, Mo. DIRECTORS:
C. W. Kouns, R. J. Parker, Topeka, Kan.; E. Stenger, T. F. Van Natta, F. W. Meyer, St Joseph, Mo. Annual
meeting, second Tuesday in June. OFFICE, St Joseph, Mo.

1916 1915 1914 1913 1912 1911
Total net income
Taxes
MM 6,280
$29.944
6478
$32,299
6,161
$31,854
8.564
$31,548
8,372
$29,507
8,256
Fixed charges 22,376 28,571 26,138 23,290 23,176 21,251

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $689.409 $684,519 $689.401 $696,396 $694,543 $695,088
Working assets MJM
Deferred debit items 171 M
84,722 46,227
240
86,593
85
26,676
46
:i:..l^
41
Total $728,915 $719,480 $734,868 $733,024 $721,264 $730,317

LIABILITO:
Capital stock $800,000 $800,000 $300,000 $300.000 $300,000 $300,000
Funded debt
Working liabilities
W9J80
22,138
HMM
12,112
860,000
76374
350,000
75,447
350,000
63,663
350.000
72,383
Accrued not due
liabilities 7,497 7,497 7,762 7,666 7,697 7,499
Deferred credit items 691 1,232 11 4 435
Total $728,915 $719,480 $784,868 $733,024 $721,264 $730,317

Debt:$350,000 St. Joseph Terminal R.R. 1st 5s. Dated Aug. 1, 1888; due Aug. 1, 1918. Interest
paid, Feb. and Aug. 1, at office of Atchison, Topeka & Santa Fe Ry. Co., in New York City. Coupon, $1,000. Boston
Safe Deposit A Trust Co., Trustee. Authorized, $600,000. Callable at 106, on six months' notice. First lien on
entire property. Interest paid without deduction for normal income tax. Rating, Ba.
Capital Stork: Authorized, $600,000; outstanding. $300.000. Par, $100. The Atchison, Topeka A Santa Fe and
St Joseph A Grand Island Ry. companies each own one-half of the stock.
ST. JOSEPH UNION DEPOT COMPANY

History: Incorporated under the laws of Missouri, March 1, 1880; completed for operation May 1, 1882. Owns
Union Station at St Joseph, Mo., with 2.30 miles of yard tracks. Station is jointly used by Atchison, Topeka A
Santa Fe Ry.; Chicago, Burlington A Quincy R.R., Chicago, Rock Island A
Pacific Ry., Missouri Pacific Ry., St
Joseph A Grand Island Ry., and Chicago Great Western R.R. companies.
Management: OFFICERS: C. W. Kouns, Pres., Topeka, Kan.: C. M. Carter, Sec. and Treas.; F. E. Ernst, Supt.,
St Joseph, Mo. DIRECTORS: C. W. Kouns, Topeka, Kans.; F. H. Ustick, Burlington, Iowa; A. Robertson, St Louis,
Mo.: O. M. Spencer, C. M. Carter, E. Stenger, C. R. Berry, W. A. Card, St. Joseph, Mo.; F. J. Easley, Denver, Col.;
D. Coughlin, Trenton, Mo. Annual meeting, second Wednesday in Feb. GENERAL OFFICE: St Joseph, Ho.
ASSETS: 1916 1915 1914 1913 1912
Working assets 10,776 10,843 10,951 11,713 11,708
Total $264,958 $266,026 $265,184 $266,896 $265,891

io:>o MOODVS A\.U.YSES OF INVESTMENTS.
Ll ABILITIES :
MOOD}' S ANALYSES OF INVESTMENTS. 1051
ance transferred from income, $82,233; total, $155,178. Contra: Surplus applied to sinking and other reserve
funds, $26,000; surplus appropriated for investment in physical property, $3,269; loss on retired road and equip-
ment, $200; miscellaneous debits, $1,488; credit balance carried to balance sheet, $124,221; total, $155,178.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $816,026 $850.062 $830,123 $853,508 $869,721 $888,938
Working assets 116,306 30,589 40,296 324,379 170,581 145,300
Deferred debit items . 2,970 760 1,005
Total $932,332 $880,651 $870,419 $1,180,857 $1,041,062 $1,035,243

LIABILITIES:
Capital stock $150,000 $150,000 $150,000 $150,000 $150,000 $150,000
Funded debt 436,000 462,000 483.0QO 533.000 566,000 629,000
Working liabilities 18,918 111 448 69,822 14,234 12,808
Accrued liabilities not due U.8M 13.570 11,300 13,800 16,114
Deferred credit items 5,086 642 1,317 " 250 8,081
Appropriated surplus . . . 184.435 ' 51.495 49,131 43,030 39,730
Profit and loss surplus . . . 124.221 255,284 170,589 367,804 253,748 179,600
Total. . $932,332 $880,651 $870,419 $1,180,857 $1,041,062 $1,035,243

* Reverse item.
Bonded Debt: (1) $136,000 St. Louis A O'Fallon R.R. 1st 5s. Dated 1902; due 1922. Interest paid Apr. and
Oct. 1, at St. Louis Union Trust Co., Trustee. Denomination, $1.000. Callable at par. Authorized and issued,
$300,000, of which $164,000 have been redeemed and canceled. Sinking fund of $7,500 semi-annually began Oct. 1,
1907. Secured on entire line and equipment. Rating, Baa.
(2) $300000 St. Louis A O'Fallon R.R. 2d 6s. Dated 1908; due 1928. Interest paid, Mar. and Sept. 1, at State
Bank, Chicago. Secured on entire line and equipment, subject to first mortgage bonds. Rating, Ba.
Capital Stock: Authorized and outstanding, $150,000. Par, $100. Dividends of 10%. each paid in 1911, 1912,
1913; 1914, none; 1915, 8%; 1916, none.
ST. LOUIS TERMINAL CUPPLES STATION & PROPERTY COMPANY

History: Incorporated under laws of Missouri, March The company owns the Cupples Station
18, 1897.
wholesale buildings consisting of several blocks of terminal buildings, and including a union freight
in St. Louis,
station. The station is operated, directly or indirectly, through the St. Louis Terminal Association, for the benefit
of all the railroads entering St. Louis and East St. Louis. The storage buildings are leased to wholesale houses in
St. Louis. The Terminal Railroad Association is under a perpetual contract to maintain the freight station. The
company connects independently of the St. Louis Terminal Association with the Missouri Pacific and the St. Louis,
Iron Mountain & Southern Railway, and also indirectly with the St. Louis & San Francisco and most other roads
entering St. Louis.
Manacemrnt: Omcms: R. S. Brookings. Pres.; W. K. Bixby, Vice-Pros.; E. A. Engler, Sec. and Treas.
DIRECTORS: Above and R. McKay Jones, D. F. Houston. OFFICE, Seventh and Spruce Sts., St. Louis, Mo.
Income Account, year ended June 30. 1915: Gross receipts, $333,858.94; net earnings, $301,989.81; interest on
bond*. $135000.00; surplus for year, $166,989.81.
Year ended June 30. 1916: Gross receipts, $333,044.24; net earnings, $307,343.43; interest on bonds, $135,-
000.00; surplus for year. $172.343.43.
HondrH IVbt: $3.000.000 St. Louis Terminal, Cupples Station & Property Company first 4%s. Dated June 1,
1897; due June 1, 1917. Int., June and Dec. 1, at J. AW.
Seligman A Company, New York. Coupon, $500 and
$1,000. Callable at 102 and interest. First lien on entire property of the company. Listed on New York Stock
Exchange. Interest paid without deduction for normal income tax. Rating, A.
Capital Stock: Authorized and issued, $1.000.000 5", cumulative preferred and $2,000,000 common. Par, $100.
Regular dividends are paid on preferred. Both issues are owned by the Washington University of St. Louis.
ST. LOUIS, TROY & EASTERN RAILROAD

HiKtorr: Incorporated in Illinois, Aug., 1899. Operated for freight only in interest of Merchants & Manufac-
turers Investment Co.
Location: Line of road East St. Louis to Troy, III., 18.91 miles; Edwardsville to Formosa, 111., 7 miles; total,
25.91 miles; sidings. 17.28 miles, of which 2.06 miles are leased from St. Louis A Illinois Belt R.R. Latter is leased
from St. Louis A Illinois Belt R.R. Equipment: Locomotives, 4; cars, 1,034.
Manijrement OFFICERS: Edwin H. Conrades, Pres.; W. F. Gould, Vice-Pres., Sec., Treas. and Aud. DIREC-
:
TOM: R. Bethmann, H. Leroy Browning, L. O. Whitnel, G. W. Wiemeyer, E. H. Conrades, E. C. Donk, W. F.

Gould. Annual meeting, last Saturday in November. OFFICE, St. Louis.
Comparative Income Aeco-int, Year* Ended June 30

1916
Gross revenues
Maintenance of way
Maintenance of equipment ....
Net operating revenues. . . .
Other income
Total net income

Taxes accrued
Fixed charges, including taxes.
Surplus for dividends .... $107,761 $46,621

Profit and Loss Account, year ended June 30. 1916: Credit balance at beginning of year, $96,661; credit bal-
710. Contra: Loss on retted road
ance transferred from income, $107,761; delayed income credits, $288; total, $204
and equipment, $5,302; credit balance carried to balance sheet, $199,408; total, $204,710.

AsSCT8 : 1916 1915 1914 1913 1912 1911
Property investment , $1,727,706 $1,222,864 $1,250,293 $1,276,993 $1,289,598 $1,312,564
W^ridne assets 86 427 323,090 240,663 192,844 159,969 226,620
Deferred debit items .... 184 62 104 157 92 144
Total $1,814,317 $1,546,006 $1,491,060 $1,469,994 $1,449,659 $1,539,328

LIABILITIES:
Capital stock . $850,000 $850,000 $850,000 $850,000 $850,000 $850.000
Funded debt 687,000 500,000 500,000 500,000 500,000 500,000
Accrued liabilities not due 12,920 8,708 -
6,827 4,783 4,783 4,556
Deferred credit items .... 6,586 4,683 2,791 1,000 1,148 146
Total $1,814,317 $1,546,006 $1,491,060 $1,469,994 $1,449,659 $1,539,328
Bonded Debt: (1) $500,000 St. Louis, Troy & Eastern R.R. first 5s; dated Dec. 1, 1904; due Dec. 1, 1924. Int.
June and Dec., at Mississippi Valley Trust Co., St. Louis. First lien on all property owned. Guar., prin. and int.,
by the Merchants & Manufacturers Investment Co. Market: F. J. Lisman & Co., New York., Bowman, Cost & Co.,
St. Louis. Net Rating, A.
(2) $245,000 St. Louis and Illinois Belt Ry. first 5s. Dated June 1, 1909; due June 1, 1929. Int. paid, June and
Dec. 1, at Mississippi Valley Trust Co., St. Louis. Coupon, $1,000. Guar., prin. and int., by Merchants and Manu-
facturers Investment Co. Rating, Baa.
Car Trust Notes, dated Sept. 1, 1915; issued for a term of 7 years, to be paid in 14 payments, $187,000 out-
stading June 30, 1916. .
Capital Stock: Outstanding, $850,000. Par, $100. Dividends have ranged from 10% to 25%, and in 1910, a
special dividend of $500,000 was paid from surplus. In 1912, 10%; none since. All owned by Merchants and Manu-
facturers Investment Co.
ST. MARY'S & WESTERN RAILROAD

History: Incorporated under the laws of Pennsylvania, May 4, 1904, for the purpose of building a road from
Johnsonburg to Benezette, Pa.
Location: Road extends from Kaulmont to Grails Crossing, Pa., 3.52 miles. Equipment: Locomotives, 2;
freight cars, 137.
Management: OFFICERS: Wm. Kaul, Pres.; F. A. Kaul, Vice-Pres. and Gen. Mgr.; G. C. Simons, Sec. and
Treas.; H. 0. Wilson, Supt., St. Mary's, Pa. DIRECTORS: Wm. Kaul, F. A. Kaul, G. C. Simons, Lyle G. Hall, H. C.
Stackpole, B. T. Darr, St. Mary's, Pa.; W. E. Hall, New York. Annual meeting, second Monday in January. GEN-
ERAL OFFICE, St. Mary's, Pa.

1916 1915 1914 1913 1912
Gross revenues $28 $961 $26,774 $37,371 $37,376
Operating expenses 28 550 23,900 34,377 36,243
Net operating revs $411 $2,874 $2,994 $1,133

Fixed charges, including taxes $6 532 740 756 753
Net income *6 *121 2,134 2,238 380
Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance transferred from income, $6; credit balance
carried to balance sheet, $17,551; total, $17,557; credit balance at beginning of year, $17,557; total, $17,557.

ASSETS: 1916 1915 1914 1913 1912
Working assets 11,237 14,054 20,408 16,768 14,127
Totals $187,118 $189,935 $196,289 $192,649 $190,008
LIABILITIES:
Capital stock $88,900 $88,900 $88,900 $88,900 $88,900
Working liabilities
80,666 83,478 89,711 88,204 87.801
Profit and loss
17,552 17,557 i7 )678 15,545 13,307
Totals. .... $187,118 $189,935 $196,289 $192,649 $190,008
Capital Stock: Authorized, $250,000; outstanding, $88,900.* Par, $50.

Report to Interstate Commerce Commission for fiscal year 1916 states: "There was
and paid in cash on account of same, $88,900. No stock has been subscribed, 2,640 shares
issued."
ST. PAUL BRIDGE & TERMINAL RAILWAY

Incorporated under laws of Minnesota, Oct. 14, 1908, for 99 years.
Location: Road is a switching line between St. Paul Union Stockyards and the railroads at St. Paul and
South St. Paul. 25.71 miles of track operated. Equipment is owned and consists of 6 locomotives, 3 caboose cars
and 1 flat car.
Management: OFFICEBS: Wm. Magivny, Pres. and Gen. Mgr., South St. Paul, Minn.; A. R. Fay, Vice-Pres.,
Chicago; A. A. McKechnie, Sec.. Treas. and Aud.; C. A. Ross, Supt.; C. R. Nicholson, Pur. Agt., South St. Paul.
DIRECTORS: J. S. Bangs, Wm. Magivny, K. D. Dunlop, St. Paul, Minn.; A. R. Fay, L. F. Swift, Chicago. Annual
meeting, Wednesday after third Tuesday in January. GENERAL OFFICE, South St. Paul, Minn.

1916 1916 1914 1913 1912 1911
Gross revenues $283,500 $228,469 $196,656 $163,227 $147,694 $145,095
All other operat. expense* 115,496 93,888 85,296 77,196 65,663 69,917
Net operating revs. . . $109.289 188*961 $68,366 147,856 $47,552 $42,055

Other income 13,326 10,075 6,485 3,606 2,931
Total net income

Taxes.
$122,615 9MM $14,851 $50,962 $50,483 $42,055
16J24 13,115 10,104 7,430 6.470 5,941
Fixed charges 69,694 32,688 35,122 34,144 35,356 35,466
Surplus $36,597 $50,226 $29,625 $9,388 tun

$8,657 $4,428
and IXMM Accent, year ended June 30, 1916: Credit balance at beginning of year, $73,260; credit bal-
Profit
ance transferred from income, $36,597; total, $109357. Contra: Miscellaneous appropriations of surplus, $73,260;

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $412,220 $406.777 $408,481 $347,857 $351,585 $352.996
Working assets 66,337 96.224 32,668 ll.TJI 20,815 21,640
Deferred debit items 61,470 66,420 62,000 I" 68,960 72,260
Total $630,027 $669,421 $603,144 $467,521 $445,572 $460,564

LIABILITIES:
Capital stock $2,000 $2.000 $2,000 $2,000 $2,000 $2,000
Funded debt 400,000 400,000 431,000 421,000 421,000 421,000
Working liabi'li'ties ".'.'.'.'.'. 11 970 47.416 13,384 11,858 10.359 29,400
Accrued liabilities not doe SjBM ! IN 4,035 L86 i
Deferred credit items 1' 888 30.141 17,472 13,418 s'.iei

Profit and loss surplus . . . M : 34,835 6,210
ToUl. .
$630.027 $559,421 $503,144 $457,521 $445,572 $460,564
Banded Debt: $400.000 St. Paul Bridge A Terminal Ry. first 6s. Dated April 1, 1909; due Jan. 1, 1929. Interest
paid, Jan. and July 1, at First Trust A Savings Bank, Chicago, Trustee. Coupon, $1,000. Authorized, $500,000.
Callable at 106 and interest. Interest paid without deduction for normal income tax. Rating, Baa.
Capital Stock: Authorized, $500,000; subscribed, $10,000; paid in $2.000. Par, $100.
ST. PAUL UNION DEPOT COMPANY

History: Incorporated under laws of Minnesota, March 6, 1879.
Location: Owns and operate* 9.54 miles terminal tracks and the Union Depot in St. Paul, in general use by all
railroads entering that city, and they pay all expenses, bond interest and dividends.
Management: Omens: E. Pennington, Pres.; J. T. Clark, Vice-Pres.; W. G. Johnson, Sec.; E. H. Bailey,
Treas. DIRECTORS: S. M. Felton. E. Pennington, A. C. Ridgway. D. L. Bush, J. T. Clark, C. W. Huntington, R.
Budd, J. M. Hannaford, Hale Holden. Annual meeting, second Wednesday in May. OFFICE, St. Paul, Minn.
1916 1916 1914 1913 1912 1911
Gross income . $89.246 $89,383 $85,327 $68,968 $68,687 $69,537
Taxes accrued 373 873 373 323 323 323
Fixed charges 61,677 61,714 47,659 31,349 31,068 31,918
Surplus . . ,
$37.296 $37,296 $37,295 187,296 $37,296 $37,296
Dividends paid 87,296 37.296 37,295 87,296 37,290 37,296
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 20,691 36,010 99,634 11,825 11,780 11,525
Deferred debit items 691 3,721 2,262 961 1,288 587
Total $1,697,394 $1,639,275 $1.537,906 $1,445,033 $1,445,033 $1,445,033

10. VI. MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES:
Capital stock
MOODY 'S AXALYSES OF INVESTMENTS. 1055
SALT LAKE CITY UNION DEPOT & RAILROAD COMPANY

History: Incorporated under the laws of Utah, May 18, 1907, for the purpose of erecting a union depot at Salt
Lake City, Utah. Opened for public use in 1910. Owns and operates, 4.38 miles of track. Operated by Denver &
Rio Grande R.R. through ownership of 50Tc of stock. Of the entire stock the Denver & Rio Grande owns 1,001
shares and the Western Pacific, 999 shares.
nt:
. OKKU-EKS: E. T. Jeffery, Pres., New York; H. U. Mudge, Vice-Pres., Denver, Colo.; E. A. Green-
wood, Sec., Salt Lake City; T. H. Marshall, Treas.; E. R. Murphy, Aud., Denver. DIRECTORS: E. T. Jeffery, S. C.
Matthews, J. P. Rowland, New York; H. U. Mudge, Denver; W. Van Cott, Salt Lake City; R. M. Ogilvie, Elko,
Nev.; C. M. Levy, T. J. Wycke, A. R. Baldwin, San Francisco, Cal. GENERAL OFFICE, Salt Lake City, Utah.
1916 1915 t!914 1913 11912
Gross revenues $31,609 $40.100 $30.018 $43,214
Net revenues $749 $3.434 18,678 $5,241

Other income 84,470 80,091 85,688 61,928
Total net income $85,219 F88.626 $77,110 $67,169

Taxes 10,044 8,455 8,942 8,776 12,169
Fixed charges 54,781 56.153 64,583 55,000 55.000
Surplus $20.645 $20,611 $20,000 $13,334

*
t Revenues and expenses are for outside operations. Deficit.
I'-i.fit and lo* Account, year ended June 30. 1916: Miscellaneous credits. $2,300; debit balance carried to bal-
ance sheet, $103,500; total, $105,800. Contra: Debit balance at beginning of year, $105,800.
ASSETS: 1916 1915 1914 1913 1912
Property investment $1,111,231 $1,111,231 11408.060 $1,108,060 $1,108,060
Working assets 00.467
'' 92,897 96,826 08,409 98,640
Accrued income not due '-'-' .' 22,155 22.333 9,167 9,167
Deferred debit items 597 1.094 1.245 1.333 '
Profit and loss 103,500 105,800 108,000 110,000 '110,666
Total $1,327,862 $1,333,177 $1,335,463 $1,338,969 $1,325,867

LIABILITIES:
Capital stock P $200,000 $200,000 $200,000
Funded debt 1,035.000 1 .".--. 1,080,000 1,100,000 1,100.000
Working liabilities 8.131 '.'.-.M 9,741 12,606 12,833
Accrued liabilities not due 12,800 13.095 13.145 26,363 13,034
Total $1,327,862 $1,333.177 $1,335,463 $1,338,969 $1,325,867

Bonded Debt: $1.035.000 Salt Lake Citv Union Depot & Railroad first 5s. Dated Nov. 1, 1908; due Nov. 1,
1938. Interest paid May and Nov. 1. at Bankers Trust Co., New York. Coupon. $1,000. Authorized, $1.500.000.
Issued to close of year $1.100,000, of which $65,000 has been reacquired and cancelled. Callable on and after May
1. 1923, at not exceeding 105 and interest. First lien on entire property. Interest paid without deduction for nor-
mal income tax. Rating, Ba.
('.-iniial Slock: Authorized and issued, $200,000. Par, $100. The Denver and Rio Grande R.R. Co. owns
$100.100. and the Western Pacific, $99,900.
SALT LAKE, GARFIELD & WESTERN RAILWAY

History: Incorporated under laws of Utah. Sept. 21, 1891, as Salt Lake & Los Angeles Ry.; named changed
as above, Oct. 28, 1916; road opened in Feb., 1892.
Location: Road extends from Salt Lake City to Saltair Beach, Utah, 15.57 miles; sidings, 1.91 miles. Equip-
ment: Locomotives, 3; passenger cars, 20; freight cars, 4.
Manp-rrnrnt: OFFICERS: Joseph Nelson, Pres. and Gen. Mgr.; Arthur Winter, Vice-Pres.; Joel Richards, Sec.;
O. C. Beebe. Treas., Salt Lake City. DIRECTORS Joseph Nelson, Arthur Winter, Ashby Snow, O. C. Beebe, J. F.
:
Bennett, Salt Lake City. Annual meeting, second Tuesday in January. OFFICE, Salt Lake City, Utah.
1916 1915 1914 1913 1912 1911
Gross revenues $128.243 ?'."- $99,118 $97,426 $108.081 $130,532
Maintenance of way 6.616 9.083 5,430 7,155 7,061 16.607
AH other operat. expenses 40,119 40,751 53,787 58,577 76,902 84,506
Net operating revs... 168407 118,776 $23,517 $26,677 $16,035 $21,832

Total net income I684HM $29,406 $23,517 $16.035 $21,832

Taxes 6.070 4.894 6,074 3,293 3,368 3,268
Fixed charges 20,177 23,184 21,831 21,074 18,5*00 18,000
Surplus over charges. $43,259 $1,328 $4,388 $1,210 *$5,833 $564

Dividends 15,000
Balance $28,259
Pefirii
10. MOODY' S ANALYSES OF INVESTMENTS.
ASSETS:
SAN BENITO & RIO GRANDE VALLEY RAILWAY

History: Incorporated June 28, 1912, as San Benito and Rio Grande Valley Interurban Ry. Name changed as
above, Aug. 22, 1912.
Location: Road extends from Fernando, Tex., to a point I 1 * miles west of Santa Maria, Tex., via San Benito,
Tex., 29.81 miles; Ohio to Boulevard June., Tex., 11.37 miles; La Somita to Monte Cristo, via Mission, Tex., 19.74
miles; branches, 4.07 miles; total, 64.99 miles; sidings, 6.16 miles. Equipment owned: Motor cars, 2; motor car
trailers, 3. Leased: Locomotives, 2; combination coach, 1; coal cars, 5; flat cars, 3; caboose, 1.
Management: S. A. Robertson, Pres., San Benito, Tex.; J. W. Link, Vice-Pres., Houston, Tex.; G. H. Winsor,
Sec., Aud., Traf. Mgr. and Gen. Supt.; J. T. Lomax, Treas.. San Benito, Tex. DIRECTORS: S. A. Robertson, Sam-
uel Speers, C. M. Robards, E. E. McLellan, San Benito, Tex.; D. C. Dunn, J. S. Rice, J. W. Link, R. H. Kelly, Hous-
ton. Tex.; Charles Armstrong, Armstrong, Tex. Annual meeting, third Wednesday in August. GENERAL OFFICE,
San Benito, Tex.
Comparative Income Acco int. Years Ended June 30
1916 1916 1914 1913
Gross revenues $26.734 $28,697 $40,740 $30,083
Net operating revenues *$25.290 *$22,708 *$7,275 $88

Total net income $24.989 '$22.648 $32.848 $88

Fixed charges, including taxes 67,441 67,945 69,641 30,538
Balance '$92,430 '$90,593 '$36,793 *$30,450

* Deficit.
Profit and Lous Account, year ended June 30. 1916: Debit balance at beginning of year, $154,852; debit bal-
ance transferred from income. $92,430; total, $247.282. Contra: Unrefundable overcharges, $11; donations, $18,293;
miscellaneous credits, $10; debit balance carried to balance sheet, $228,968; total, $247,282.
Comparative Condensed Bm'ance Sheet, as of June 30

Anrra: 1916 1915 1914 1913
Property investment $1.069.509 $1,066.676 $1,056,976 $625.000
Working asset* 306.737 325,388 376,239 17,901
Deferred debit items J'.'l 426 900 7,656
Profit and loss 228,968 154,852 81,612 30,450
Total $1,605,507 $1,647,241 $1,616,727 $581,007

LIABILITIES:
Capital stock $70,000 $70,000 $70,000 $50,000
Funded debt 953.735 963,735 953,735 625,715
Working liabilities H8JM 605,784 488.482
Accrued liabilities not doe 13,516 17,719 3,610 6,292
Total $1,605,607 $1,647,241 $1,616,727 $681,007

Itondrd Debt: $953.735 San Benito A Rio Grande Valley Ry. 1st 6s. Dated Oct. 1, 1912: due Oct. 1, 1942. In-
terest paid Apr. and Oct. 1. Authorized issue, $10,000,000. First lien on entire property. Normal income tax de-
Capital Stock: Authorized, $5,000,000; outstanding, $70,000. Par, $100. No dividends.
SAN DIEGO & ARIZONA RAILWAY

Hi'tory: Incorporated under California laws, Dec. 15, 1906, to build a line from San Diego, Cal., to Yuma,
Ariz., 220 miles. The first portion of the road was put in operation March 1, 1911. Completed to Oct. 31, 1915, 91
miles from San Diego to near Campo, Cal., 61.72 miles and from Seeley to near Carriso Pass, Cal., 31.35 miles.
Sidings, 13.84 miles. Equipment: Locomotives, 4; passenger cars, 22; freight cars, 80; service cars, 16.
Management: Omens: J. D. Spreckels. Pres.; R. C. Gillis. Vice-Pres.; H. L. Titus, Sec. and Treas.; A. H.
Kajrser, Gen. Aud.; E. J. Kallright. Engr. and Gen. Supt; Geo. Holmes, Pur. Agt., San Diego, Cal. DIRECTORS:
J. D. Spreckels. H. L. Titui, San Diego. Cal.; Paul Shoup. I. B. Dockweiler, R. C. Gillis, Los Angeles, Cal. Annual
meeting, third Monday in February. GENERAL OFFICE: San Diego, Cal.
1916 1915 1914 1913 1912 1911
Gross revenues $57.268 $18,199 $11.828 $6.514 $12.479 $3,417
Maintenance of way 68.745 6,312 5.117 2,205 2,108 1,861
Maintenance of equipment 13.684 8,100 1.997 1,119 1,953 349
All other operating exps.. 16.739 11,256 13.760 10,099 9,911 3,133
Net operating revs... '$31,900 '$7.468 '$9,046 '$6,909 '$1,493 '$1,926

Other income 10,431 22,463 3,633 6,319 438 239
Total net income '$21.469 $14.995 '$6.513 '$590 '$1,055 '$1,687

Taxes 1.689 2,776 237 764
Fixed charges 288.539 206,929 1,106 171
Surplus '$311.697 '$194,709 '$6,856 '$1,525 '$1,055 '$1,687

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Profit on road and equipment sold, $37; miscellaneous
credits. $379; debit balance carried to balance sheet, $622,352; total, $622,768.
Contra: Debit balance at beginning
of year, $302,603; debit balance transferred from income, $311,697; loss on retired road and equipment, $5,931; mis-
cellaneous debits, $2,537; total, $622,768.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets . 358,879 254,951 172,678 306,799 371,064 322.830
Deferred debit items.. 53,858 48,999 26,543 15,626 15,789 72,678
Total $8,558,504 $7,583,731 $5,902,165 $4,844,818 $4,532,347 $3,603,978

LIABILITIES :
Capital stock $2,000,000 $2,000,000 $2,000.000 $2,000,000 $2,000,000 $2,000,000

Accrued due
liabilities not 23,725
Total $8,558,504 $7,583,731 $5,902,165 $4,844,818 $4,532,347 $3,603,978

Bonded Debt: $10,000,000 San Diego & Arizona Ry. Co. 1st 5s. Dated Dec. 1, 1914; due Dec. 1, 1954. Interest
payable, June and Dec. 1, at San Francisco and New York. Authorized, $25,000,000. Coupon and reg., $1,000; inter-
changeable. Sinking-fund of not under $10.000 annually, after 1918. First lien on entire property and equipment.
Interest paid without deduction for normal income tax. None issued as yet.
Capital Stock: Authorized, $6,000,000; outstanding, $2,000,000. Par, $100.
SAN DIEGO & SOUTH EASTERN RAILWAY

History: Incorporated under the laws of California, March 2, 1912. Road is a consolidation of San Diego
Southern Ry. and San Diego & Cuyamaca Railway.
Location: Road extends from San Diego to Foster, Cal., 25.29 miles; San Diego to Tia Juana, Cal., 18.13 miles;
Sweetwater June, to La Presa, Cal., 7.86 miles; Coronado Ferry Landing to National City and San Diego, Cal.,
20.97 miles; other branches 1.22 miles; total, 73.47 miles. Sidings, 20.57 miles. Equipment: Locomotives, 13;
passenger cars, 30; freight cars, 280, wreckers, 2.
Management: OFFICERS: J. D. Spreckles, Pres.; W. Clayton, Vice- Pres. and Mgr. Dir. ; H. L. Titus, Gen. Coun-
sel; Claus Spreckels, Sec. and Treas. B. M. Warner, Gen. Supt; A. H. Kayser, Gen. Aud.; Geo. Holmes, Pur. Agt,
;
San Diego, Cal. DIRECTORS: J. D. Spreckels, C. L. Bundy, W. Clayton, H. L. Titus, Claus Spreckels, San Diego,
Cal. Annual meeting, second Tuesday in February. GENERAL OFFICE, San Diego, Cal.

1916 1915 1914 1913 f!912
Gross revenues $222,937 $305,433 $365,703 $428,694 $130,493
"
Net operating revenues *$54,589 *$44,679 $25,668 $50.874 $25,319
Other income ;. 4,433 3,590 2,716 320 281
Total net income *$50.151 *$41,089 $28,384 $51,194 $25.600
es . .
18,199 18,176 21.125 16.500 4,206
Fixed charges 29,418 27,023 16,562 11,210 2,016
Balance *$97,768 *$86,288 $23,484 *$9,303
$19,388
For four months.* Deficit.
f
Aff? Account - y gar en ded June 30, 1916: Profit on road and equipment sold, $9; miscellaneous
*&]!?* debit
balance carried to balance sheet, $168,169; total. $168,418. Contra: Debit balance at
beginning
ar, 561.693; debit balance transferred from
income, $97,768; loss on retired road and equipment, $7,958; mis-
cellaneous debits, $999; total, $168,418.

AssETS: 1916 1915 1914 1913 1912
investment
'
$1,895.161 $1,920.148 $1,872.914 $1,810.772 $1,633.474

s ** s 23.554 35.979 106.676 94.968 59,436
.;
d debit items.
3,842 12.595 23,503 22,723 43,354
it and loss
168,169 61,693 ........
$2,090,726 $2,030,415 $2,003,093 $1,928,463 $1,736.264

LIABILITIES :
$1,650.000 $1,650.000 $1,650.000 $1,650.000 $1,650.000

880 326 651 239 271 66 938
Defer^cSi^ms:: "Kg ,-g ' '
>
' '
'
' '
'
26,442 39,192 19,326

Total '
$2,090,726 $2,030,415 $2,003,093 $1,928,463 $1,736,264
* Reverse item.
SU>Ck: Authorized '
$5,000,000; outstanding, $1,650,000. Par, $100. No bonded debt. No dividends
MOODY'S ANALYSES OF IXI'ESTMEXTS. 1059
SAN JOAQUIN & EASTERN RAILWAY

History: Incorporated under laws of California, March 16, 1912. Controlled by Pacific Light & Power Cor-
poration.
Location: Road extends from El Prado on the Southern Pacific Co. to Cascade on Big Creek, Cal., 55.92 miles.
Sidings, 5.12 miles. Equipment: Locomotives, 6; passenger cars, 5; other cars, 4.
Management: OFFICERS: G. C. Ward. Pres.; W. E. Dunn. Vice-Pres.; O. V. Showers, Sec.; A. N. Kemp, Treas.,
LOB Angeles, Cal.; W. H. Dresser, Aud. and Supt., Auberry, Cal.; G. G. Watson, Mgr., Fresno, Cal.; W. J. Gracey,
Pur. Agt., Los Angeles, Cal. DIRECTORS: G. C. Ward, W
E. Dunn, A. N. Kemp, E. R. Davis, H. E. Huntingdon,
Los Angeles, Cal. Annual meeting, first Thursday in February. GENERAL OFFICE: 624 Pacific Electric Building,
Los Angeles, Cal.

1916 1915 1914 1913
Gross revenues $40,433 $45,233 $181,206 $705,522
Maintenance of way and structures. 35,827 20,151 62,672 91,573
Maintenance of equipment 17,359 16,068 25,018 52.982
Net operating revenues. $61,88* $25,672 $34,301 $439,741

Other income .
2,282 8,825
Total net income. '$51,833 $23,390 $43,126 $439,741

Taxes IM'.'I 23,418 18,682 3,654
Fixed charges 64,446 80,597 77,537 88,385
Surplus "$118,773 $127,405 $53,093 $347,702

* Deficit.
Profit and Loss Account, year ended June 30. 1916: Miscellaneous credits, $312; debit balance carried to bal-
ferred from income. $118,773; miscellaneous debits, $989; total, $157,737.

ASSETS: !:' 1915 1914 1913
Property investment $1,210,682 $1,176,978 $1,183,306 $1,198,842
Working assets 31,747 31,359 36,633 94,177
Deferred debit items 1,445,888 1,468,868 1,471,820 1,493,574
Total $2,846,742 $2,705,180 $2,691,759 $2,786,593

LiABtunxs:
Capital stock $1,000,000 $1,000,000 $1.000,000 $1,000,000
Funded debt 1,438,759 1,331,804 1,000,000 1,000,000
Accrued liabilities not dn 16,667 146*1 16,667 1,253
Deferred credit items ' ' '
Appropriated surplus 182,356 182,356 182,357 182,357

Profit and loss surplus 91,950 165,345
Total .
42,845,742 $2,705,180 $2,691,759 $2,786,593
Note: Funded debt in 1916 includes $438,769 advances by Pacific Light & Power Corporation.
Bonded Debt: $1.000.000 San Joaquin & Eastern Ry. first 5s. Dated March 1, 1912; due March 1, 1952. Interest
paid Mar. and Sept 1, at Security Trust Savings Bank Los Angeles, Cal., Trustee. Coupon, $1,000. Callable at
par and interest. Sinking fund begins March 1, 1917, of 1% of bonds outstanding. First lien on entire property.
Capital Stock: Authorized and outstanding, $1,000,000. Par, $100. Majority owned by Pacific Light & Power
Corporation.
SAN LUIS CENTRAL RAILROAD

History: Incorporated under laws of Colorado, Feb. 19, 1913.
Location: Road extends from Sugar Factory to Center, Colo., 12.21 miles; trackage over Denver and Rio
Grande R.R., Monte Vista, Colo., to Sugar Factory, 3 miles; total operated, 15.21 miles. Sidings, 1 mile. Connects,
at Monte Vista, with Denver and Rio Grande R.R. Equipment: Locomotive, 1; combination car, 1; box cars, 3.
Management: OFFICERS: J. B. Cosgriff, Pres.; Geo. McLean, Vice-Pres.; A. T. Young, Sec., Gen. Mgr. and Pur.
Agt., Denver, Colo.; Geo. McLean, Treas.. Denver, Colo.; A. W. Cornell, Aud., Monte Vista, Colo. DIRECTORS: J. B.
Cosgriff, Geo. McLean, A. R. Couzens, A. T. Young, Denver, Colo. Annual meeting, second Monday in May, at
Denver. GENERAL OFFICE: 901 17th Street, Denver, Colo.
MOODY'S ANALYSES OF INVESTMENTS,
Comparative Income Account,
LIABILITIES:
Capital stock ,
SAVANNAH & ATLANTIC RAILWAY

(Affiiliated with Savannah & Northwestern Ry.)
History: Incorporated Dec. 8, 1915, to construct a link connecting the Savannah & Northwestern Railway with
the Georgia Railroad. The road is operated by the Savannah & Northwestern under a traffic agreement that guar-
antees the interest on its bonds as a prior operating charge. Its completion makes a direct route between Atlanta
and Savannah. It extends 35 miles through rich and developed country. Over its line the Georgia Railroad gets
its only direct entrance to Savannah and the Savannah & Northwestern its only direct entrance to Atlanta, and at
Wrens it furnishes the Savannah & Northwestern with an entrance to Augusta over the Augusta Southern. The
Georgia Railroad is leased jointly by the Atlantic Coast Line and Louisville & Nashville, and taps the traffic bound
to the Seaboard from the Ohio and Mississippi valleys.
Bonded Debt: $500,000 Savannah & Atlantic Ry. 1-year G r notes. Dated July 15, 1916; due July 15, 1917.
',
Int. paid Jan. and July 15 in New York. Secured by first lien and by deposit of all stock of Port Wentworth Ter-
minal Corporation, which controls the tidewater terminals of the Savannah & Northwestern Ry. at Savannah.
Capital Stock: Auth. and issued, $250,000 preferred and $250,000 common. Par, $100.
SAVANNAH & SOUTHERN RAILROAD

History: Incorporated under laws of Georgia, Aug. 5, 1909, to build a railroad from Savannah, Ga., to the
Altamaha River, a distance of about 52 miles. Completed to June 30, 1916, 21.6 miles of track, including 4 miles
of sidings and spurs. Equipment: Locomotives, 4; passenger cars, 3; freight, 35; service cars, 3.
Management: OFFICERS: W. G. Tuten, Pres., Treas. and Pur. Agt.; G. T. Tuten, Vice-Pres., Sec. and Aud., Let-
ford, Ga. DIRECTORS: W. G. Tuten, G. T. Tuten, J. H. Harvey, T. T. Osteen, Letford, Ga.; W. P. Goodhue, C. M.
Goodhue, C. V. Tuten, Willia, Ga. Julian Morgan, Pembroke, Ga. Annual meeting last Saturday in January. GEN-
;
ERAL OFFICE: Letford, Ga.

1916 1916
Gross revenue* $15,470 $15,383
Operating expense! 11,148 10,421

Total net income $9,304 $11,034

Taxes 2,193 1,530
Balance $4,798 $6,906

Profit and LOMI Account, year ended June 30, 1916: Credit balance at beginning of year, $28,370; credit bal-
ance transferred from income, $4,798; donations, $13; miscellaneous credits, $145; total, $33,326. Contra: Loss on
retired road and equipment, $300; credit balance carried to balance sheet, $33,026; total, $33,326.
Comparative Condeniwd Balance Sheet, aa of June 30

Property investment $204.475 $201,537 Capital stock $160,000 $150,000
Current assets 7,560 4,977 Current liabilities 28,266 28,144
Unadjusted credits 733
Total $212,026 $206,514 Total $212,025 $206,614

Capital Stock: Authorized and outstanding, $150,000. Par, $100. No bonded debt No dividends paid.
SAVANNAH UNION STATION COMPANY

History: Incorporated under laws of Georgia, Sept., 24, 1900.
Location: Owns union passenger-station and terminal in Savannah, Ga., with 13 miles of track, leased to
Southern Ry., Atlantic Coast Line R.R. and Seaboard Air Line Ry., at rental sufficient for bond interest, sinking
fund, maintenance, etc.
Management: OFFICERS: J. R. Kenly, Pres.; H. W. Miller, Vice-Pres.; C. G. Mackall, Sec.: Chatham Bank A
Trust Co., Treas. DIRECTORS: J. R. Anderson, J. R. Kenly, E. H. Coapman, H. W. Miller, W. J. Harahan, L. De-
lano. Annual meeting, second Friday in November. OFFICE: Savannah, Ga.
1916 1915 1914 1913 1912 1911
Rental income $36,026 $35,654 $35,181 $35,189 $35,263 $35,156
Taxes accrued 8,505 8.204 8,181 8,181 8,263 8,156
Fixed charges 22,559 22,730 22,440 22,630 27,000 27,000
Balance, $4,962 $4,720 $4,660 $4,378

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 17,045 18,780 21,666 20,158 19,964 16,393
Profit and loss deficit 26 26
Total PMMH $986.642 $983,650 $963,218 $968,447 $950,066

MOODV'S ANALYSES OF INVESTMENTS.
LIABILITIES:
MOODVS AXALVSES OF INVESTMENTS. 1065
SHREVEPORT, HOUSTON & GULF RAILROAD

History: Incorporated under the laws of Texas for ten years, June 20, 1906, for purpose of constructing road
from Prestidge to Houston, Texas, 100 miles. *
Location: Road extends from Manning to Prestidge, Tex., 9 miles; trackage rights, 1.75 miles; sidings, 1.30
miles. Equipment: Locomotive, 1; passenger car, 1; baggage car, 1; motor cars, 2.
Management: OFFICEKS: G. A. Kelley, Pres. and Gen. Mgr.; W. M. Gibbs, Vice-Pres.; W. N. Smith, Sec. and
Treas.; S. R. Parker, Aud., Supt. and Pur. Agt., Manning. Tex. DIRECTORS: G. A. Kelley, H. Moss, S. R. Parker,
W. N. Smith, W. M. Gibbs, Manning, Tex.; W. T. Carter, Houston, Tex.; E. A. Carter, Camden, Tex.; E. J. Man-
tooth, Lufkin, Tex. Annual meeting, second Tuesday in August. GENERAL OFFICE, Manning, Tex.

1916 1915 1914 1913 1912
Gross revenues .... |tMH $27,651 $19,882 $21,289 $25,620
Net operating revenues $10.008 $6,784 $6,244 16,608 $11.410

Other income 1,508 152 3,390
Total net income $10.008 $8,292 $6,396 16,603 $14,800

Taxes 1,112 647 718 600
Fixed charges 1,968 1,333 '3,889 1,337 1,442
Balance. . . . $6,312 $2.507 $4,448 $12,758

Dividends 7,500 5,000 2,500 15,000
Other deductions 3.259
Surplus. . . . $3,831 $1.312 ~$7 $10,552 $12,758

* Deficit.
ASSETS: 1916 1915 1914 1913 1912
Property investment $77.808 $77,387 $78,065 $78,203 $99,296
Working assets 1,167 4,618 4,007 3,500 4,197
Total $79,035 $82,005 $82,072 $81,703 $103,493

LIABILITIES:
Capital stock $50,000 $50,000 $50,000 $50,000 $50.000
Funded debt ' 11.000
Working liabilities "283 1,664 1,300 1,545
Accrued liabilities not due 44 500
Profit and loss 27,891 31,722 30,408 30,403 40,448
T. -.,!. $82,005 $82,072 $81,703 $103,493
Capital Stock: Authorized. $100.000; outstanding, $50.000. Par, $100. No bonded debt. Dividend of 30% was
paid in year ended June 30, 1913; 5% in 1914; 10% in 1915; 15% in 1916.
SIBLEY, LAKE BISTENEAU & SOUTHERN RAILWAY

Hirtory: Incorporated under the laws of Louisiana, July 7, 1900. First section of road opened same year.
Operated as part of the Shreveport, Alexandria & Southwestern Ry. System.
Location: Road extends from Sibley to Camp Long, La., 28 miles; sidings, etc., 2.75 miles. Equipment: Loco-
motives, 2; passenger cars, 2; freight cars, 47.
Management: OFFICERS: R. A. Long, Pres.: F. J. Bannister, Vice-Pres.; R. S. Davis, 2d Vice-Pres. and Gen.
Mgr.; R. T. Dempsey, Sec.; P. C. Rickey, Comp., Kansas City, Mo.; J. W. Martin, Treas., Ludington, La.; S. Earle,
Supt., Yellow Pine, La. DIRECTORS: R. A. Long, F. J. Bannister, R. S. Davis, J. D. Tennant, R. T. Demsey, Kansas
City, Mo.; S. T. Woodring, Lake Charles, La.; J. W. Martin, Ludington, La. Annual meeting, first Monday in Feb-
ruary. GENERAL OFFICE: Yellow Pine, La.

1916 1915 1914 1913 1912
Gross revenues $23,368 $19.548 $28,532 $100,700 $105,874
Net operating revenues $10,510 $16,196 |8,680 $42,026 $43,413

Total net income $10,610 $15,866 $8,112 $42,026 $43,413

Taxes 3,164 3,060 2,495 3,124 1,551
Fixed charges 2,667 3,261 3,173 11,177 10,513
Balance. $16,331 $22.187 $13,880 $27,725 $31,349

* Deficit.
Profit and 1-ois Account, year ended June 30, 1916: Credit balance at beginning of year, $86,449; miscellan-
eous credits, $489; total, $86,938. Contra: Debit balance transferred from income, $16,331; credit balance carried
to balance sheet, $43,815; delayed income debits, $26,743; miscellaneous debits, $49; total, $86,938.
Comparative Condensed Bal
ASSETS: 1916
SILVER PEAK RAILROAD

History: Incorporated under the laws of Nevada, June 20, 1906. Connects with Tonopah & Goldfield R.R. at
Blair Junction.
Location: Road extends from Blair June, to Blair, Nev., 17.5 miles; sidings, etc., 1.5 miles. Equipment: Loco-
Management: OFFICERS: G. T. Oliver, Pres., Pittsburg; Wm. A. Bradley, Vice-Pres. and Gen. Mgr.; B. A.
Rives, Sec., Treas. and Gen. Frt. and Pass. Agt.; W. C. Leach, Aud., Blair, Nev. DIRECTORS: Geo. T. Oliver, Wm.
Flinn, Pittsburg; Wm. A. Bradley, B. A. Rives, S. H. Fine, Blair, Nev. Annual meeting, first Monday in Septem-
ber. GENERAL OFFICE: Blair, Nev.

1916 1915 1914 1913 1912
Gross revenues . . . $6,050 S7.r,;n $12,568 $12,816 $14,853
Net revenues . $16,951 $23,239 $20,595 $701 *$757

Tax..- 1,764 1,254 735 776 897
Balance. . . $18,715 $24,493 $21,320 $1,477 $1,654

* Deficit.
Capital Stock: Authorized and outstanding, $200,000. Par, $100. Owned by Pittsburg Silver Peak Gold Min-
ing Co. No bonded debt. No dividends paid.
SILVERTON NORTHERN RAILROAD

History: Incorporated under Colorado laws, Sept. 20, 1895. Road completed in June, 1905. On January 15,
1910, company took over, on ten-year lease, the operation of the Silverton, Gladstone and Northerly R.R.
Location: Silverton to Animas Forks, Colo., 14.1 miles; Howardsville to Green Mountain, Colo., 2 miles; total,
16 miles. Leased S. G. A N. R.R., Silverton to Gladstone, Colo., 7.3 miles; sidings, 2.41 miles. Equipment: Loco-
motives, 8; can, 10.
Management: OFFICERS: Otto Mears, Pres, Pasadena, Cal.; J. R. Pitcher, Jr., Vice-Pres., Treas., Gen. Mgr.
and Par. Agt., Silverton, Colo.; J. B. Frank, Sec., Denver, Colo.; C. W. Montgomery, Aud., Silverton, Colo. DIREC-
TORS: J. R. Pitcher, Jr., Silverton, Colo.; Otto Mears, Pasadena, Cal.; J. B. Frank, Harvey Riddell, M. D. Smith,
Denver, Colo. Annual meeting, first Tuesday in October. OFFICE: 409 Jacobson Building, Denver, Colo.
IncoM Account, year ended June 30, 1916: Gross revenue, $56,291; operating expenses and taxes, $42,585;
charge*. $14,494; deficit for year, $788; year ended June 30, 1915: Gross revenue, $54,601; operating expenses and
Uxe*. $35,887; charges, $20,577; deficit for year, $1,863.
Bowled Debt: (1) $260,000 Silverton Northern R.R. first 5s. Dated Jan. 1, 1896; due Jan. 1, 1946. Interest
paid, Jan. and July 1, at International
Trust Company, Denver, Trustee. Coupon, $1,000. $40,000 held in treasury.
First lien on entire property. Normal income tax is not deducted from interest.
(2) $100,000 Silverton, Gladstone A Northerly R.R. first 6s. Dated Aug. 1. 1899; due Aug. 1, 1919. Interest
paid, Feb. and Aug. 1, at Newtonville Trust Co., Newtonville, Mass., Trustee. Coupon, $100 and $500. Callable at
par. First lien on line from Silverton to Gladstone, Colo., 7 miles. Normal income tax deducted from interest.
Authorized, $150,000. Par, $100. 10% was paid in 1902, but none reported since.
Capital Stock:
Silverton. Gladstone A Northerly Ry. capital stock. Authorized, $200,000; outstanding, $121,000; par, $100.
Dividends of 6% per annum were paid in 1905, 1906 and 1907. None since.
SILVERTON RAILWAY
History: Incorporated under Colorado laws, Nov. 9, 1904. Road is a reorganization of the Silverton R.R. Co.,
which was sold under foreclosure.
Location: Road extends from Silverton to Joker Tunnel, Colo., 15 miles with spurs, 2 miles.
Management: OFFICERS: Otto Mears, Pres., Pasadena, Cal.; J. H. Slattery, Vice-Pres., Silverton, Colo.; J. A.
Ewing, Sec., Denver, Colo.; J. R. Pitcher, Jr., Treas., Gen. Mgr. and Pur. Agt.; C. W. Montgomery, Silverton, Colo.
DIRECTORS: Geo. Crawford, New York; John A. Ewing, Denver, Colo.; Otto Mears, Pasadena, Cal.; James R. Pitcher,
Jr., J. H. Slattery, Silverton, Colo. Annual meeting, second Tuesday in October. OFFICE: 409 Jacobson Building,
Denver, Colo.

1916 1915 1914 1913 1912 1911
Gross revenues $5,408 $1,765 $9,367 $9,489 $13,601 $13,141
Maintenance of way 486 1,558 3,084 6,646 3,768
Maintenance of equipment 90 ' 390 169 234 531
All other operat. expenses 1168 3,454 6,231 10,340 9,859
Net operating revs. . . $1,793 $2,175 $1,733 $285 $8,519 *$1,017

Other income 64
Total net income $2,175 $1,733 $286 $8,618 $953

Taxes 131 138 439 388 300 763
Fixed charges 25,396 25,234 25,097 25,119 26,215 25,103
Surplus. . . $27,319 $27,547 $23,803 $25,792 $29,034 $26,819

* Deficit
KICK MOODY'S ANALYSES OF INVESTMENTS.
ASSETS:
Property investment . . ,

1916
All other operating expenses... 21,529

Operating ratio
Other income .
Total net income

Taxes accrued
Fixed charges
Other deductions
30
Comparative Condensed Balance Sheet, as of June
1916 1915 1914 1913 1912
ASSETS:
$52,266 $75,040 $113,020 $151,127 $195,692
Property investment 104,617
assets 274,765 226,163 192,019 149,176
Working
Total $327,031 $301,203 $305,039 $300,303 $300,309
LIABILITIES :
$300,000 $300,000 $300,000 $300,000 $300,000

Capital stock 264 303 309
Accrued liabilities not due 105 344
Profit and loss 26,926 859 4,775
Total. . . $327,031 $301,203 $305,039 $300,303 $300,309
Capital Stock: Authorized and outstanding, $300,000. Par, $100. No bonded debt. No dividends paid.
THE SOUTH BUFFALO RAILWAY COMPANY

History: Incorporated under laws of New York, April 24, 1899. Road opened, July 1,
1902.
Location: Lackawanna to Buffalo, N. Y., and branches, 8.74 miles. Leases from Lackawanna Steel Co., 56.906
miles. Trackage, D. L. & W. R.R., Abbott Rd. to Main Street, Buffalo, N. Y., 3 miles.. Total road operated, 74.83
miles. Sidings, 7.81 miles. Equipment: Locomotives, 29 (6 of which are leased); passenger cars, 2; freight, 343.
Management: OFFICERS: E. A. S. Clarke, Pres.; A. J. Singer, Asst. to the Pres.; Moses Taylor, Vice-Pres.,
New York; C. H. McCullough, Jr., Vice-Pres. and Gen. Mgr.; F. F. Graham, Sec.; J. P. Higginson, Treas.; L. W.
Hesselman, Compt.; E. M. Tewkesbury, Gen. Supt.; F. H. Burnett, Pur. Agt., Buffalo, N. Y. DIRECTORS: Fredk.
F. Graham, J. P. Higginson, E. M. Tewkesbury, L. L. Babcock, C. H. McCullough, Jr., Buffalo, N. Y.; Arthur J.
Singer, Henry R. Taylor, E. A. S. Clarke; Moses Taylor, New York. Annual meeting, third Tuesday in July, at
New York. GENERAL OFFICE: Lackawanna, N. Y. NEW YORK OFFICE: 2 Rector Street.
1916 1915 1914 1913 1912 1911
Gross revenues $884,251 $476,865 $693,523 $975,442 $687,635 $676,471
Maintenance of equipment 101,517 72,877 79,769 70,656 62.825 70,902
Net operating revs. . . $269,028 $115,358 $246,333 $449,411 $262,585 $194.622

Other income 14,415 10,507 2,094 3,634 3,643 1,098
Total net income $283,443 $125,865 $248.427 $453,045 $266,228 $195,720

Taxes 15,623 14,856 18,544 14,677 11,837 9,600
Rentals, etc 109,119 20,957 46,993 93,238 41,339 53,397
Surplus. . .
$158,701 $90,052 $182,890 $345,130 $213,052 $132,723
Credit balance at beginning of year, $1,375,973; credit bal-
ance transferred from income, $158,701; total, $1,534,494. Contra: Dividend appropriation of surplus, $500,000;
miscellaneous credits, $9; credit balance carried to balance sheet, $1,034,485; total, $1,534,494.

ASSETS : 1916 1915 1914 1913 1912 1911
Working assets 561,568 657,479 507,337 370,222 327,785 340,745
14,961 1,542 1,982 1,491 1,462 1,444
Total $1,842,347 $1,990,132 $1,890,057 $1,786,166
; .
$1,409,833 $1,437,675
LIABILITIES :
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000 $500,000

Accrued liabilities not due 8,196 5,860 5,542 311 882
1,696
Profit and loss 1,034,485 1,375,793 1,285,709 1,102,831 759,165 546,075
Total $1,842,347 $1,990,132 $1,890,057 $1,786,166 $1,409,833 $1,437,675
C P St0 Ck: Authorjze d and outstanding, $500,000. A No
i j i'l! i T , Par, $100. dividend of 100% was paid in 1916.
lebt. Lackawanna Steel Co. owns practically entire issue.
SOUTH GEORGIA RAILWAY

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Incor
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m in
for traffic
r laws of Geor g ia February 6, 1896, as the South Georgia Ry.
> A portion of the
1897 and the remainder in October, 1901. Additional extensions were
opened in
the West Coast Ry. Co. at a rental
equaling 8% on $197,000 of stock.
rd: Aodel Ga '' *? Greenvi e, Fla., 51 miles; Greenville to Hampton Springs, Fla., 31 miles,
PuAr pA
2 '.,
jfcars,
W
^^ ^^^ Pr jeCted fr
esbv Pres -: R C Mclntosh, Vice-Pres.; Chas. T.

f*'ECTOR ' - -
m
Greenville ?o Gul? of Mexico,' 50 miles!
Tillman, Sec. and Treas.

I J Dm C ?' T lhnan J G McCa R C. Mclntosh, J. W. Oglesby, S. S.
:
Itountm %?'<, by, Quitman, n r A

Ga. Annual ? l
"
' ' '
meeting, first Thursday in October. OFFICE: Quitman, Ga.

- -

1916
Maintenance of equipment . . .
24,941
All other operating expenses . .
80,325
Operating ratio
Other income .
Total net income

Taxes accrued
Fixed- charges
Balance. . .
Dividends paid
Surplus. . .
107-' MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES:

ASSETS: 1916 1915 1914 1913 1912 1911
$321,858 $321,667 $321,531 $320,269 $318,475 $318,443
Working assets 5,599 8.620 12,146 11,889 12,338 13,901
Profit and loss 173,240 137,626 101,585 62,510 30,282
Total $573,004 $541,833 $513,402 $475,640 $445,240 $418,448

LIABILITIES:
Capital stock $35,000 $35,000 $35,000 $35,000 $35.000 $35,000
Funded debt 354.000 354,000 354,000 354,000 354.000 354,000
Deferred credit items 902 1 2,702
Profit and loss .
5,244
Total $573,004 $541,833 $513,402 $475,640 $445,240 $418,448

Bonded Debt: $354,000 Southwestern Railway first 5s. Dated Apr. 4, 1911; due Oct. 4, 1937. Interest paid,
April and Oct., at Fidelity Trust Co., Fort Worth, Tex., Trustee. Coupon, $1,000. First lien on entire property.
Capital Stock: Authorized and outstanding, $35,000. Par, $100. No dividends. TRANSFER AGENT: D. T.
Bomar, Fort Worth, Tex.
SPIRIT LAKE TRANSFER RAILWAY

History: Incorporated under the laws of Minnesota, Oct. 10, 1907, to construct railway from a point on the St.
Louis River, at or near New Duluth to Adolph, Minn.
Location: Road completed, main line, 15.78 miles; second track, 0.29 miles; yard tracks and sidings, 23.71 miles.
No equipment owned.
M.inaeomrnt: OFFICERS: F. E. House, Pres.; G. L. Rei, Vice-Pres.; H. Johnson, Sec. and Aud.; E. S. Kemp-
ton. Treai.; F. H. White, Pur. Agt., Duluth. Minn. DIRECTORS: F. D. Adams, F. E. House, W. J. Olcott, W. A.
McGonagle, G. L. Reis, Duluth, Minn. Annual meeting, first Tuesday after first Monday in June. GENERAL OFFICE:
Wolvin Building, Duluth, Minn.
Capital Stock: Authorized and outstanding, $500,000. Par, $100. No dividends paid. No bonded debt.
SPOKANE, PORTLAND & SEATTLE RAILWAY

ry: Incorporated in Washington, August 2, 1905. Owned jointly by Great Northern Ry. and Northern
Pacific Ry.
(.oration: Line of road owned: Portland, Ore., to Spokane, Wash., 372.54 miles; Lyle to Goldendale, Wash.,
42.25 miles; Coble to Holladay, Ore.. 79.41 miles; Warrenton to Fort Stearns, Ore., 3.54 miles; leased, Willbridge to
Coble, Ore., 35.29 miles; sidings, 137.15 miles; trackage rights, 21.71 miles. Total miles operated, 554.74 miles.
Equipment: Locomotives, 71; passenger cars, 119; baggage, etc., 30; freight, 522; service, 199.
Management : OFFICERS: L. C. Oilman. Pres.; G. T. Reid. Vice-Pres.; W. G. Davidson, Treas.; Wm. F.
Tur- DIRECTORS: L. C. Gilman, R. Budd, J. M. Hannaford, G. T. Reid, F. V. Brown. Annual meeting, third
Thursday in February. OFFICE Portland, Ore. :

1916 1915 1914 1913 1912 1911
Gross revenues $4,973.037 $4,414.415 $4,901.740 $5,341,466 $4,814.560 $4,819,465
All other oporat. expenses 1,465,782 1,348,546 1,472,852 1,556,446 1,434,354 1,402,669
Net operating revs... $2,450,982 $1,876,286 $2,093,097 $2,646.616 $2,351,397 $2,493,568

Operating ratio .... 52.8 -r 57.5 -ft -.7.3 'V 50.5 ^r 51.2% 48.1 %
Other income .
432,766 320,863 1,498,660 749,045 1,104,452 496,798
Total net income $2.883,748 $2.197.149 $3,591.757 $3,395.661 $3,455,849 $2,994,136

Taxes accrued 658.217 646.800 640,800 640,800 527,405 429,400
Fixed charges, et. . . 4,224,198 4,082,065 3349,130 3,743,190 3,780,736 3,320,546
Deficit . . $1,998.667 $2,531,716 $898,173 $347,529 $324,887 $330,180

Profit and Lorni Account, 30, 1916: Profit on road and equipment sold, $10,881; unrefundable
year ended June
overcharges, $674; donations, $1.525; miscellaneous credits, $8,183; debit balance carried to balance sheet, $9,432,-
173; total, $9.453,435. Contra: Debit balance at beginning of year, $7,390,364; debit balance transferred from in-
come, $1,998,666; surplus appropriated for investment in physical property, $1,525; loss on retired road and equip-
ment, $17,612; miscellaneous debits, $80,492; total, $9,453,436.

1916 1915 1914 1913 1912 1911
Working assets ,
1,710,593 1,627,351 7,764.893 7,795,732 20,574,135 21,726,311
Accrued income not due., 797 606,063 442,365 153
Deferred debit items 20.223388 20,641.082 21,391,316 21,349,053 17,885,843 18.269.807
Profit and loss deficit . 9,432,173 7^90,364 4,664,738 3,438,619 3,279,269 3,003,135
Total $130,703,977 $128,676,541 $130,859,396 $124,792,757 $129,003,326 $122,246,823

107 J.
LIABILITIES:
Capital stock
Profit and Loss Account, year ended June 30, 191C: Debit" balance carried to balance sheet, $225,213. Contra:
Debit balance at beginning of year, $197,771 debit balance transferred from income, $22,620 loss on retired road
; ;

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets ,
15,626 17,126 24,112 13,453 7,784 8,107
Profit and loss 225,213 197,771 166,379 107,556 84,693 44,370
Total $797,872 $779,277 $762,046 $700,899 $691,186 $664,859

LIABILITIES :
Capital stock $100,000 $100,000 $100,000 $100.000 $100,000 $100.000

Funded debt 688000 667,500 500,000 500 000 500,000 500,000
Working liabilities 6,705 5,367 157,814 ,
96,732 86,916 60,666
Accrued liabilities not doe 4,167 4,167 4,167 4,167 4,167 4,167
Deferred credit items . 2,243 65 103 26
Total $797,872 $779,277 $762,046 $700,899 $691,186 $664,859

Note: Funded debt in 1916 includes $188,000 advances by Northwestern Lumber Co.
Bonded Deht: $500.000 Stanley, Merrill & Phillips Ry. first 5s. Dated Nov. 1, 1905; due Nov. 1, 1935. Interest
paid, May and Nov. 1, at Central Trust Co., of Illinois, Chicago, Trustee. Coupon, $1,000. Authorized, $750,000.
First lien on entire road and equipment All owned by the Northwestern Lumber Company.
Capital Stock: Authorized and outstanding, $100,000. Par, $100. No dividends. All owned by the North-
western Lumber Company.
STERLING MOUNTAIN RAILWAY

History: Incorporated under the laws of New York, May 18, 1864. Road opened Nov. 1, 1866. Used prin-
cipally for carrying supplies, etc., to the plant of the Sterling Iron and Railway Co.
Location: Road extends from Sterlington to Lakeville, N. Y., 7.6 miles. Sidings, etc., 1 mile.
Management OFFICERS: H. A. Van Alstyne, Pres., New York; W. P. Hamilton, Vice-Pres., Sterlington,
:
N. Y.; W. S. Johnson. Sec.. New York; B. Moftatt, Jr., Treas. and Gen. Supt., Sterlington, N. Y. OFFICES: Ster-
lington, N. Y., and 475 Fifth Avenue, New York.

1916 1915 1914 1913 1912
Gross revenues $46371 $44,724 $34,114 $25.309 $24,400
Net revenues $28.183 $23120 $14,318 $10,254 $5,655

Taxes 1.838 1,363 1,041
Balance IMJ4I $21,757 $14,318 $10,254 $4,614

ASSETS: 1915 1914 1913 1912
Property investment $513.884 $513.884 $513.884 $513,884
Profit and loss 104,899 125,778 138,086 148,340
Total $618,783 $639,662 $651,970 $662,224

LIABILITIES :
Capital stock $80.000 $80.000 $80000 $80,000
Funded debt 475.674 475.674 475.674 475,674
Total $618,783 $639,662 $651,970 $662,224

Note: Balance sheet for 1916 not available.
Bonded Debt: $475.674 Sterling Mountain Railway 7% income bonds. Dated May 12, 1881. Interest payable
when earned. No
further details furnished.
Capital Stock: Authorized and outstanding, $80,000. Par, $50. All owned by the Sterling Iron & Railway Co.
STEWARTSTOWN RAILROAD
History: Incorporated under laws of Pennsylvania, Sept., 1884; road opened, Sept. 12, 1885.
Location: Road extends from Stewartetown to New Freedom, Pa., 7.2 miles. Sidings: 2.00 miles. Equipment:
Locomotives, 2; passenger cars, 2; freight cars, 2.
Management: OFFICERS: J. W. Anderson, Pres.; T. B. Fulton, 1st Vice-Pres. and Supt.; W. J. P. Gemmill, 2d
Vice-Pres.; H. E. Anstine, Sec.; H. R. Fulton, Treas.; C. W. Shaw, Gen. Mgr.; Fay Shaw, Aud., Stewartstown,
Pa. DIRECTORS: T. B. Fulton, W. J. P. Gemmill. H. E. Anstine, A. T. Grove, C. W. Shaw, Jacob Yost, H. R. Fulton,
W. B. Gemmill, S. H. Smith, H. W. Rehmyer, H. W. Anderson, Stewartstown, Pa. Annual meeting, second Monday
in January. OFFICE: Stewartstown, Pa.
SUGAR LAND RAILWAY

History: Incorporated under laws of Texas, October 31, 1893.
Location: Road extends from Cabell to Otey, Tex., 32.72 miles. Equipment: Locomotives, 6; flat cars, 58;
caboose, 1 ;
service cars, 11.
stock, 1 ;
Management: OFFICERS: W. T. Eldridge, Pres. and Gen Mpr., Sugar Land, Tex.; A. M. Waugh, Vice-Pres.,
Houston, Tex.; E. O. Guenther, Treas.; G. D. Ulrich, Sec. and Pur. Agt.; W. D. Woodruff, Aud.; I. G. Wirtz, Supt.,
Sugar Land, Tex. DIRECTOBS W. T. Eldridge, G. D. Ulrich, L. W. Stiler, E. O. Guenther, Sugar Land, Tex. ; F. J.
:
Hillje, San Antonio, Tex.; W. D. Woodruff, A. M. Waugh, Houston, Tex. Annual meeting, in December. GENERAL
OFFICE, Sugar Land, Tex.
1916 1916 1914 1913 1912
Gross revenues $195,889 $160,297 $124,498 $120,315 $115,539
Net operating revenues. $106,077 .. 188449 $52,235 $50.285

Fixed charge*, inc. taxes... 18,737 27,035 31,650 38,507 15,004
Surplus $87,340 $64,857 $26,499 $13,728 $35,281

Cor iparative Condensed Balance Sheet, as of June 30
1916 1914 1913 1912
Property investment S6 ? 6.- 6.! 6
.
$508,779 $513,462 $448,926
Working assets 166,706 171,809 80,978
Deferred debit items 39,724 81,772 32,589 274
Total $743,046 $654,931 $717,860 $530,178

LIABILITIES:
Capital stock $109,400 $109,400 $109,400 $109,400
Funded debt 400.480 384,000 384,000 '

Accrued liabilities not due 568 9,869
Deferred credit items 6,308 5l',675 5l',676 1,905
Profit and loss 186,171 32,647 115,548 101,820
T fed $743,046 $654,931 $717,860 $530,178

Bonded Debt: $384,000 Sugar Land Railway first 5s. Dated Nov. 1, 1912; due November, 1942. Interest pay-
able at Sugar Land, Tex. Coupon, $1,000. Authorized, $384,000. First lien on entire property. Interest paid with-
out deduction for normal income tax. Rating, Baa.
Capital Stock: Anth., $142,000; outstanding, $109,400. Par, $100. A dividend of 100% was paid in 1914.
SUMTER & CHOCTAW RAILWAY

History: Incorporated under the laws of Alabama, July 12, 1904.
Location: Road extends from Lilita to Choctaw City, Ala., 22.66 miles; sidings, 2.58 miles. Locomotives, 6;
can, 2; freight can, 95; service can, 14.
Management: OmcnM: E. F. Allison, Pres. and Gen. Mgr., Bellamy, Ala.; F. L. Richardson, Vice-Pres., Al-
_a, Mich.; R. A. Allison, Sec. and Treas.; A. E. Tidmore, Aud.; F. R. Wise, Gen. Supt, Bellamy, Ala. DIRECTORS:
_ F. Allison, R. A. Allison, Bellamy, Ala.; M. V. Barber R. Starr, Toledo, 0.; F. L. Richardson, Alpena, Mich.
Annual meeting in April. GENERAL OFFICE: Bellamy, Ala.
'
1916 1915 1914 1913 1912
Gross revenues $86,592 $71,036 $78,369 $65,548 $69,206
Net operating revenues. 121,680 $3,224 $15,342 $6,203 $9,445

Other income 1,447 1,467 62 113 1,711
Total net income $20.133 $1,757 $15,404 16,816 $11,156

Balance . $6,131 $74 $7,072 $267

Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, .$35,364 loss on retired ;
equipment, $2,900; total, $38,264. Contra: Credit balance transferred from income, $6,131 ; debit balance carried

ASSETS: 1916 1916 1914 1913 1912
Working asset* 4,638 37,392 25,423 20,249 6,347
Profit and loss 32,133 35,364 23,505 23,579 16,507
Total $205,719 $260,839 $262,929 $242,908 $234,533

LIABILITIES:

1916 1915 1914 1913
Gross earnings $339,744 $323,315 $476,497 $735,980
Taxes 21,842 26,698 39,038 44,749
Net earnings $131.893 $50,515 $178,013 $317,788

Other income 3,453 807 1,517 2,894
Total income $135.346 $51,322 $179,530 $320.682

Fixed charges 89,018 90,107 164,806 250,639
Dividends paid t (10^)100,000
Balance $46,328 '$38,785 (sur.)$14,724 *$29,957
f Dividend paid from profit and loss.
Deficit. .
Profit and Low Account, year en3ed June 30, 1916: Credit balance at beginning of year, $24,998; credit bal-
ance transferred from income, $46,328; delayed income credits, $118,656; miscellaneous credits, $12; total, $189,994.
Contra: Surplus applied to sinking and other reserve funds, $14856; dividend appropriations of surplus, $50000;
surplus appropriated for investment in physical property, $852; credit balance carried to balance sheet, $124,286;
total, $189,994.
4MM! 1916 1915 1914 1913 1912 1911
Property investment $1,691.854 $1,685.829 $1,680,387 $1,656,818 $1,618.796 $1,009 071
Working assets 220,819 66,504 127.619 154,972 248,184 486,386
Deferred debit items IU- 891 1.772 2,801 3,464 lo,n:7
Total $1,913,799 $1,753,224 $1,809,778 $1,814,591 $1,870,444 $1,505,924

LIABILITIES:
Capital stock $1,000.000 $1,000.000 $1,000.000 $1,000.000 $1,000.000 $500,000
Funded debt
liabilities
MMM
125,685
606.000
79.121
606.000
103,753
606,000
124 867
666,140 320.426
292 041
Working 93,490
Accrued liabilities not due 9.483 9,483 9,483 9,483 14,462 2.510
Deferred credit items 6.026 6.012 2 62 6.431
Appropriated surplus 43.319 27.610 27.610 25.974 18,192 121.617
Profit and loss surplus... 124.286 24,998 62,930 48,205 78,160 262,899
Total ............... $1.913,799 $1,753,224 $1,809,778 $1,814,591 $1,870,444 $1,505,924

Boiwfrd Debt: (1) $290.000 Sunxot R.R. first 4s. Dated Oct. 1, 1900; due Oct. 1. 1930. Interest paid Apr. and
Oct. 1. at Union Trust Co., San Francisco. Trustee. Coupon, $1,000. Original issue, $500,000. Callable at any time.
Sinking-fund. 10% of net income after deducting bond interest, set aside each year for redemption of bonds on or
before maturity. Guaranteed, principal and interest, by the Southern Pacific Co., and Atchison, Topeka & Santa Fe
Ry. Co., each of which owns one-half of outstanding bonds. Interest paid without deduction for normal income tax.
Rating, Aa.
(2) $316.000 Sunset Western Ry. first 5s. Dated Feb. 1, 1912; due Feb. 1. 1932. Interest paid Feb. and Aug.
1, at offices of company. New York and Los Angeles. Coupon, $1.000. Union Trust Co. of San Francisco, Trustee.
Authorized. J316000. Sinking-fund 10% of net income after deducting bond interest, set aside each year for re-
demption of bonds on or before maturity. First lien on 17.11 miles of line, Pentland to Shale, Cal. Interest paid
without deduction for normal income tax. Rating, Ba.
Capital Stock: Authorized and outstanding. $1.000000. Par, $100. Owned jointly by Atchison, Topeka & Santa
Fe and c onthern Pacific Co.Dividends: 1910, 100<7r; 1911, 60%; 1912, 60%; 1913, 10%; none in 1914 and 1915;
5% in 1916.
SURRY, SUSSEX & SOUTHAMPTON RAILWAY

Hixtory: Incorporated under the laws of Virginia, May 16, 1886. Road opened in 1893.
Location: Road extends from Scotland to Dory. Va.. 28 miles; branches and sours for lumber business, 38
miles. Sidings, etc., 6 miles. Gauge, 3 feet. Equipment: Locomotives, 14; cars, 53.
Vnniir ment: OFFICERS:
>
Francis E. Waters. Pres. and Gen. MCT., Baltimore; John Walter Smith, Vice-Pres. ;
P. D. Dix. Sec. and Treas.; M. T. Hargis. And., Snow Hill, Md.; Edward Rogers. Supt.. Dendron, Va. DIRECTORS:
Marion T. Hargis, Edward Rogers, John Walter Smith. Snow Hill, Md.; Francis E. Waters, Baltimore. Annual
meeting, in May. GENERAL OFFICE: Union Trust Building, Baltimore, Md.
Capital Stock: Auth., $500,000; outstanding, $100,000. Par, $100. No bonded debt
SUSQUEHANNA & NEW YORK RAILROAD

Rirtorr:Incorporated under the laws of Pennsylvania, May 26, 1903. as a consolidation of the Susquehanna &
New York Railway Company, and the Gray's Run Railroad Company. The company is controlled by the Central
Leather Company, which owns practically all of the capital stock.
location: Line of road operated consists of 68.27 miles, extending from Towanda to Gray's Sun, Pa., with
branches. Sidings, 23.41 miles. Equipment: Locomotives. 9; passenger, freight, and service cars, 153.
OmrFJls: P. M. Newman. Pres. and Gen. Mgr.. Williamsport. Pa.; W. R. Campbell, Vice-Pres.,
NPW York; E. Bradley, Treas.; R. G. Brownell, Sec.; J. M. Rhen. Gen. Aud., Williamsport, Pa.
F. DIRECTORS:
P. M. NVwman. R. G. Brownell, C. H. McCauley. Jr., A. W. Mallison. J. M. Rhen. A. R. Spicer, S. T. Hoyt, Jr.. Wil-
liamsnort Pn.; Eugene Horton. Middletown. N. Y.; E. C. Hoyt, Stamford, Conn.; Walter Horton, New York; W. H.
Haagh. Williamsport, P.; G. W. Childs, New York; W. R. Campbell, New York. Annual meeting, second Mondav
in January. OFFICE: Williamsport, Pa.
Profit and Loss Account, year ended June 30, 1916: Miscellaneous credits, $2,647; credit balance carried to
balance sheet, $96,878; total, $99,525; debit balance at beginning of year, $95,244; debit balance transferred from
income, $4,116; surplus appropriated for investment in physical property, $71; miscellaneous debits, $94; total,
$99,525.

ASSETS: 1916 1915 1914 1913
Working assets 2,184 783 211 536
Deferred debit items 29 795 '
Profit and loss 96,878 95,244 17,723 'l3,426
Total $405,342 $404,232 $331,883 $326,341

LIABILITIES:
Capital stock $150,000 $150,000 $150,000 $150,000
Funded debt 150.000 150,000 125,000 125,000
Working liabilities . . 82 -:! 62,127 54,785 61,841
Accrued liabilities not due. 3,058 2,751 '
Deferred credit items 25 '2,098

Appropriated surplus ,
39,425 39,354
VotaL $405,342 $404,232 $331,883 $326,341

Bonded Debt: $150.000 Susquehanna River A Western R.R. first 5s; dated Oct. 10, 1903; due Oct. 1, 1933. Int.
Apr. and Oct 1. at Real Estate Trust Co., Philadelphia. Trustee. Coupon, $600. Authorized, $150,000. First
Kid,
n on entire line. Interest paid without deduction for normal income tax.
Capital Stock: Outstanding, $150,000. Par, $5. No dividends.
SYRACUSE & MILFORD RAILROAD

History: Incorporated under laws of Indiana, Feb. 23, 1907. Operated in connection with the Sandusky Port-
land Cement Co.
Location: Road extends from Syracuse to Wabee Lake and Milford, Ind., 7.32 miles. Equipment: Locomotives,
2; marl cars, 80; baggage car, 1.
Management: OrricEEs: S. B. Newberry, Pres., Sandusky, O.; W. B. Newberry, Treas.; E. J. McGuire, Sec.,
Cleveland, O. DIRECTOBS: S. B. Newberry, Sandusky, O.; W. B. Newberry, Cleveland, O.; J. P. Dolan, Syracuse,
Ind.; Wm. D. Frazier, Warsaw, Ind.; one vacancy. Annual meeting, first Tuesday in August. GENERAL OFFICEI
Syracuse, Ind.
Debt: $65,000 Syracuse A Milford Railway first 5s. Dated, Oct. 1, 1907; due Oct. 1, 1927. Interest
Mid Apr. and Oct. 1. at Superior Savings A Trust Co., Cleveland, Ohio. Coupon, $1,000. Authorized and issued
$100,000. of which $36,000 cancelled by sinking fund. Normal income tax deducted from interest
TABOR & NORTHERN RAILWAY

History: Incorporated under the laws of Iowa, November 3, 1887. Road opened Dec. 20, 1889.
Location: Road extends from Tabor to Malvcm, Iowa, 10.76 miles; sidings, 1 mile. Equipment: Locomotive,
1; cars, 2.
Management: Omens: Robt McClelland,
Mgr. and Pur. Agt, Tabor, Iowa; Thos. McClelland,
Pres., Gen.
Vice-Pres., Galesborg. 111.; E. V. Stopper. Sec.:
McClelland, Treas.; R. S. McClelland, Aud.; M. A. Chantry,
Myra
Snpt, Tabor, Iowa. DIRECTORS: Robt McClelland. J. M. Harbour. Los Angeles, Cal.; Thos. McClelland, Galesburg,
111.; R. S. McClelland, Austin, Colo. Annual meeting, June 10. OFFICE: Tabor, Iowa.
1916 1916 1914 1913 1912 1911
Gross revenues $25.417 $26.489 $29.261 $28,391 $26,993 $23.368
'
Maintenance of way 6.339 6,106 7,362 J7 4,945 6,061
Maintenance of equipment 2.321 1
1,669 1,788 1,417 837
All other opermt expenses 12,067 12,641 18,539 10,400 10,972 9,477
Net income $4,690 |,78fl $6,691 $9,324 $9,659

Taxes 539 1.!!t 1,407 1,042 963 958
Fixed charges . 5,254 5,776 6,373 6,146 6,118
Surplus. . . $1,103 $1,439 $1,552 $1,909 $2,550 *$87

* Deficit

ASSETS: 1916 1916 1914 1913 1912 1911
Property investment $89,761 $90.112 $90,463 $92,918 $92,567 $92.216
Working assets 8.354 6.360 3,266 12,067 7,604 3,982
Profit and loss MJ '! 19,288 17349 15,727 18,373 21,044
Total. . .
$118,606 $115,760 $111,678 $120,712 $118,544 $117,942
LIABILITIES :

1916 1915 1914 1913 1912 1911
Gross revenues $186,873 $185,435 $70,910 $38,575 $31,872 $35,606
All other operat expenses 87,126 71,866 25,019 17,021 16,115 17,638
Net income $56,079 $70,483 $26,011 $11,063 $6,843 $8,912

Taxes 12,043 5,048 2,119 2,021 804 850
Fixed charges . 69,760 54,913 10,357 4,197 3,449 4,443
Surplus. *$25,724 $10,522 $13,535 $2,590 $3,619

* Deficit
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, $24,674; miscellan-
eous credits, $336; debit balance carried to balance sheet, $809; total, $25,849. Contra: Debit balance transferred
from income, $25,724; miscellaneous debits, $125; total, $25,849.

A-- t !>' : 1916 1915 1914 1913 1912 1911
Property investment $1,044,868 $998.371 $850,214 $223,081 $193,363 $188,889
Working assets 61,431 140,642 130,482 10,035 6,237 7,033
Deferred debit notes .
104,149 87,506 806,730 278
Total $1,201,498 $1,139,013 $1,068,202 $1,039,846 $199,600 $196,200

LIABILITIES:
Capital stock $250.000 $250,000 $250.000 $250.000 $153,700 $153,700
Funded debt 780.880 750,000 760,000 750,000 32.000 33,322
Working liabilities 162.264 100,655 41,960 23.919 6,421 4,709
Accrued liabilities not due 8,354 13,784 12.090 15,312 1,958 850
Profit and loss 24,674 14,152 615 6,521 3,619
Total $1,201,498 $1,139,013 $1,068,202 $1,039,846 $199,600 $196,200
Bonded Debt: $750,000 Tampa A Gulf Coast R.R. first 5s; dated April 1, 1913; due April 1, 1953. Int. paid,
Apr. and Oct. 1, at New York and Baltimore. Continental Trust Co., Baltimore, Trustee. Authorized, $5,000,000.
Unissued bonds are reserved for extensions or branches, at the rate of $12,000 per mile of main trade, or, in case
net earnings for a preceding year shall have been one and one-half times the interest on all bonds outstanding, then
additional bonds may be issued subject to limitation that, when added to all bonds outstanding, the total bonds
issued shall not exceed $17,500 per mile of main track. Guaranteed, principal and interest, by endorsement, by the
Seaboard Air Line Ry. Co. A first lien on entire road owned, now completed or under construction. Interest paid
without deduction for normal income tax. Rating, Baa.
Not*: There were also outstanding, June 30, 1916, $30,880 equipment notes. Interest, 6%; payable monthly.
Secured on 2 locomotives and 28 cars.
Capital Slock: Authorized and outstanding, $260,000. Par, $100.
TAMPA & JACKSONVILLE RAILWAY

History: Incorporated under Florida laws, March 31, 1884, as the Gainesville, Rocky Point & Miconopy Ry. Co.;
on Feb. 26, 1907, consolidated under a new charter with the Gainesville & Gulf Ry.
Location: Sampson City to Blichton, Fla., 56 miles; sidings, 2 miles. Road fully opened in 1907. Equipment:
Management: OFFICERS: F. J. Lisman, Pres.; A. de Sola Mendes, Vice-Pres.; W. G. Edinburg, Sec.; H. E.
Taylor, Trean. DIRECTORS: A. P. Stuckey, J. B. Munson, F. J. Lisman, A. de Sola Mendes, G. F. Allen, H. W.
Waits, J. F. Hill. OFFICE: Gainesville, Fla.

1916
Gross revenues
Maintenance of way
All other operating expenses...
Operating ratio
Other income
Total net income

Taxes accrued
Fixed charges
Surplus.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 17,391 16,613 28,294 18,404 66,589 117,650
Deferred debit items 45 45 40,000 40,000
Total $1,239,460 $1,215,195 $1,231,530 $1,213,326 $1,178,878 $1,190,271

LIABILITIES:
Capital stock $604,900 $604,900 $604,900 $604,900 $591,900 $569,400
Funded debt . 546,718 545,525 560,000 560,000 560,000 560,000
Deferred credit items 50,876 8,055 '
Profit and loss surplus . . . 8,393 '18,336
Total $1,239,460 $1,215,195 $1,231,530 $1,213,326 $1,178,878 $1,190,271

Bonded Debt: $520,000 Tampa & Jacksonville Ry. first 5s; dated Oct. 1, 1909; due Oct. 1, 1949. Int., April and
Oct., at Guaranty Trust Co., New York. Coupon, $1,000. Auth., $3,000,000, at $10,000 per mile. First lien on
entire property. Additional bonds at the rate of $2,000 per mile may be sold for improvements, after the company
has earned twice its interest charges for two consecutive years. Interest paid without deduction for normal income
tax. In default. Protective Committee: H. L. Cohen, Chm.; Graham Adams, Sec., 61 Broadway, New York.
Capital Stock: Auth., $1,000,000; outstanding, $604,900. Par, $100.
TANANA VALLEY RAILROAD COMPANY

History: Incorporated under laws of Maine, December, 1906, as successor to the Tanana Mines R.R. The latter
owned and operated 26 miles from Chena to Gilmore with branch to Fairbanks, Alaska. Present property oper-
ates, in all, 45 miles, Chena to Chatinika, 40 miles and Junction to Fairbanks, 5 miles. Equipment: Owned, loco-
moîves, 4; passenger and freight cars, 31.
Management: OFFICERS: Falcon Joslin, Pres., Fairbanks, Alaska; Peter Dudley, Vice-Pres., Chicago; B. L.
Allen, Vice-Pres., New York; H. A. Dunn, Treas.; New York; H. B. Rettie, Sec., Chicago. DIRECTORS: Falcon Joslin,
Fairbanks, Alaska; B. L. Allen, W. H. Roome, Peter Dudley, J. W. Herbert, New York. Annual meeting, third
Tuesday in November, GENERAL OFFICE: 53 W. Jackson Boulevard, Chicago, 111. NEW YORK OFFICE: 60 Broad-
way.
Gross revenues
Management:OFFICERS: Henry H. Jackson, Pres. Chas. Tremain, Vice-Pres., New York; J. R. Peebles, Gen.
;
Tavares, Fla. S. H. Jackson, Sec. A. H. Jackson, Treas., New York M. Lloyd, Aud., Tavares, Fla. DIREC-
r., ; ; ;
TORS: Henry H. Jackson, Chas. Tremain, A. H. Jackson, S. H. Jackson, New York. Annual meeting, second Tues-
day in March at Jacksonville, Fla. GENERAL OFFICE: Tavares, Fla. NEW YORK OFFICE: 106 Lexington Ave.

1916 1915 1914 1913 1912
Gross revenues $37,949 $34,038 $31,460 $28,589 $24,356

$3,911 *$1,701 $4,939 $3,205 *$7,948
Balance*. .
129,864 $35,076 $28,248 $35,201 *$37,551
* Deficit.
Bonded Debt: $299.000 Tavares & Gulf R.R. first 5s. Dated March 8, 1890; due Jan. 1, 1916. Interest paid,
Jan. and July 1, at Bankers Trust Co., New York. Coupon, $1,000. Authorized at rate of $9,000 per mile. Interest
Capital Stock: Outstanding, $250,000. Par, $100.
TENNESSEE, ALABAMA & GEORGIA RAILROAD

History: Incorporated under laws of Alabama and Georgia, in 1911, for the purpose of constructing a line from
Chattanooga, Term., to Atlanta, Ga., and Gadsden to Birmingham, Ala. Successor to Chattanooga Southern R.R.,
and consolidation with Chattanooga & Atlanta R.R. and Gadsden & Birmingham R.R.
Location: Georgia-Tennessee State line to Gadsden, Ala., 86.74 miles; branches, 3.94 miles; total owned, 90.68
miles. Trackage: Belt Ry. of Chattanooga, Georgia-Tennessee State line to Chattanooga, Tenn., 5 miles; total op-
erated, 95.68 mile*. Equipment: Locomotives, 6; passenger cars, 6; freight cars, 69; service cars, 10.
Management: OFFICERS: J. J. Slocum, Pres.; H. W. DeForest, Vice-Pres.; W. G. Dooley, Vice-Pres., New
York; Chas. Hicks. Gen. Mgr., Chattanooga, Tenn.; H. B. Blanchard, Sec.; E. C. Osborn, Treas., New York; D. E.
Hedges, Aud., Chattanooga, Tenn. DIRECTORS: J. J. Slocum, W. G. Dooley, Johnston DeForest, I. M. Dittenhoefer,
E. C. Osborn, Newman Erb, H. W. DeForest, New York; W. M. Wadden, Boston. Annual meeting, second Mon-
day in October. GENERAL OFFICE: Chattanooga, Tenn. EXECUTIVE OFFICE: 111 Broadway, New York.

1916 1915 1914 1913 1912 1911
Gross earnings
Operating exps. and taxes
$101.879
139,632
$69.672
105.760
MM
111,794
$137,111
141,017
$110.605
147,392
$102,330
169,670
Loss from operation 37.763 36.088 19.290 3.906 36,787 67.340
Fixed charges 15,736 7,867 6,526 14.811 8.411 3.514
Deficit for year
*
43,865 EMM 25,816 18,717 45,198 70,854
Includes $100 other income in 1915 and $2,676 in 1916.
Profit and Lorn Account, year ended June 30. 1916: Miscellaneous credits, $433; debit balance carried to bal-
ance sheet, $248.208; total, $248,641. Contra: Debit balance at beginning of year, $197,333: debit balance transferred
from income, $50,813; loss on retired road and equipment, $208; miscellaneous debits, $287; total, $248,641.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $4,627,319 $4,639.197 $4,652.085 $4,646.279 $4,645276 $4,636,486
Working assets 41,849 16,086 141,098 145,253 134,395 140,739
Deferred debit items . 362.004 125,114 416 433 426 837
Profit and loss deficit 248.208 197,333 144,813 112,448 89,425 41,042
Total $6,279,380 $4,977,730 $4,938,411 $4,904,413 $4,869,521 $4,819,104

LIABILITIES:
Capital stock $3,645.385 $3.100000 $3,100.000 $3.100000 $3.100.000 $3,100.000
Funded debt 1..111. 042 1,600.000 1,500,000 1,500,000 1,500.000 1,600.000
Working liabilities 116,923 88287 333.753 299.598 264.840 216,633
Accrued liabilities not due 6,030 5.208 1,668 4,815 4,681 2,471
Deferred credit items .
304,235
Total $6,279,380 $4,977,730 $4,938,411 $4,904,413 $4,869.521 $4.819,104

* For ten months.
Bonded Debt: $1.500,000 Tennessee, Alabama & Georgia R.R. first 5s; dated Feb. 1, 1911; due Feb. 1, 1961.
Int. paid Feb. and Aug. 1, at agency of company in New York. Coupon, $1,000. Empire Trust Co., New York,
Trustee. Callable, at 110 and interest. Of these bonds, $1,000,000 will be entitled to interest up to 5%, only in so far
as earned during first five years, and thereafter fixed interest of 5%. After the issue of the first $1.000.000. bonds
are limited to $25.000 per mile, main or branch track, constructed or acquired in section of five miles and multiples,
provided there has been added to the equipment and paid for, at least one locomotive for each ten miles and four
freight cars for each mile added. First lien on entire property. Interest, when paid, is without deduction for nor-
mal income tax.
Capital Stock: Authorized and outstanding, $750,000 non-cumulative preferred and $2,500,000 common; par,
$100.
TENNESSEE, KENTUCKY & NORTHERN RAILROAD
History: Incorporated under laws of Tennessee,
Mar. 18, 1904, as the Overton County R.R. Co. Property was
in turn sold it to the Cincinnati-Nashville Southern Ry.
sold to a reorganization committee, Aug. 13, 1912, which
Latter company leased
Co a new organization incorporated Oct. 1, 1912, in Tennessee, with a perpetual charter. which was
the" property on date of purchase, to the Tennessee, Kentucky &
Northern R.R. Co., incorporated,
14 1912 in Tennessee. The Tennessee, Kentucky & Nashville R.R. operates
the property, under lease, for a
Aue
rental equivalent to $7,500 interest on $150,000 Cincin-
period of fifteen years, beginning Aug. 14, 1912, on a yearly
nati-Nashville Southern Ry. first 5s, and taxes, operating expenses, upkeep, etc. Late in 1912, the road started
for an extension north to Oneida, Tenn., 55 miles, and south to Sparta, Tenn., 22 miles.
surveys
Location: Road extends from Algood to Livingston, Tenn., 17.40 miles, including 0.40 mile trackage; sidings,
2.61 miles. Locomotive, 1; passenger car, 1; freight cars, 7.
Management: OFFICERS: Mrs. P. E. Clark, Pres.; T. C. McCampbell, Vice-Pres., Sec. and Treas., Nashville,
Tenn.; H. Adkins, Gen. Mgr. and Chief Eng., Livingston, Tenn. DIRECTORS: T. C. McCampbell, Mrs. P. E. Clark,
Nashville, Tenn.; C. P. Clark, G. C. Toye, H. Adkins, Livingston, Tenn. Annual meeting, third Tuesday in January.
GENERAL OFFICE: Nashville, Tenn.

1916 1915 1914 t!913
Gross revenues $31,754 $30,502 $42,250 $38,489
Net income $12,176 $7,167 $18,024 $19,422

Taxes 1,100 1,360 750 960
Fixed charges 10,002 9,570 10,079 9,002
*
Surplus $1,074 *$3,763 $7,195 $10,420
* Deficit.
f Aug. 13, 1912, to June 30, 1913.
laneous credits, $1,898; debit balance at beginning of year, $1,275; credit balance carried to balance sheet, $1,697.

ASSETS: 1916 1915 1914 *1913
Working assets 2,315 4.849 2,253 $4,587
Total $14,784 $18,189 $24,879 $24,486

LIABILITIES:
Capital stock $10,000 $10,000 $10,000 $10,000
Accrued liabilities not due 514 521 600
Profit and loss 1,697 1,310 10,420
Total $14,784 $18,189 $24,879 $24,486

* June
Aug. 13, 1912, to 30, 1913.
Bonded Debt: $150,000 Cincinnati-Nashville Southern Ry. first 5s; dated Oct. 15, 1912; due Oct. 15, 1937. Int.
paid, Apr. and Oct. 15, at Colonial Trust & Savings Bank, Chicago, Trustee. Coupon, $1,000. Interest paid without
deduction for normal income tax. Rating, B.
Capital Stock: Authorized and outstanding, $10,000. Par, $100. A dividend of 58.8% was paid in 1913-14;
none in 1915 and 1916. The Cincinnati-Nashville Southern Ry. Co. also has $25,000 stock outstanding.
TENNESSEE RAILWAY
History: Incorporated under laws of Tennessee, March 29, 1914, to build a railroad from Oneida, Tenn., 75
s in length. In Feb., 1915, the Court authorized the receiver to extend the road 14 miles toward the open of
the State Mines.
Receivership: On July 1, 1913, President Bird M. Robinson, was appointed receiver on a bill filed by the New
TCiver Lumber Co.
Location: Road extends from Oneida to Charleys Branch, Tenn., and branches, 58.0 miles.
Management:
OFFICERS: Bird M. Robinson, Rec., New York; R. S. Barnes,
Aud.; T. F. Whittelsey, Gen. Mgr.,
da, Tenn. DIRECTORS: None. Annual meeting, second
MEW YORK OFFICE: 18 Broadway. Wednesday in May. GENERAL OFFICE: Oneida, Tenn.
Comparative Income Account, 'Years Ended June 30

1916 1915

Other income . 201

Fixed charges, including taxes 69,541 72,198
Balance. . . *$36,236 *$49,704

Deficit.
Comparative Condensed Balance Sheet, as of June 30, 1915 *
Property investment IM62.62S Capital stock $1,000,000
Working assets 13,979 Funded debt 1,214,200
Accrued income not due Working liabilities 310,698
Deferred debit items . . . Accrued liabilities not due 6,754
Profit and loss 42,546 Deferred credit items
Appropriated surplus
Profit and loss
Total. . . *:.'..-::: 6H Total $2,531,652

* Latest available.
Bonded Debt: $1.130.000 Tennessee Railway first 5s. Dated March I, 1907; due March 1, 1937. Interest paid,
Mar. and Sept. 1, at Guaranty Trust Co., New York, Trustee. Coupon and registered, $1,000. Authorized, $4,500,-
000. First lien on entire property. Interest in default.
Receivers' Certificate*: On June 30, 1916, there were outstanding, $160,000 receivers' certificates. No details
furnished.
TEXAS, ARKANSAS & LOUISIANA RAILWAY

<>ry: OFFICERS: Incorporated under laws of Texas, Aug. 28, 1898. Road completed same year.
Location: Road extends from Atlanta to Bloomburg, Tex., 7.7 miles; sidings, 1 mile. Equipment: Locomo-
tives 2, cars 2.
Management: OFFICERS: F. M. Greene, Pres.; J. J. Ellington, Jr., Sec. and Treas.; J. H. Birmingham, Aud.,
Atlanta, Tex. DIRECTORS: F. M. Greene, R. S. Allday, John J. Ellington, Jr., Geo. Hughes, Vilas Johnson, Jeffer-
son, Tex., T. J. Smith, Atlanta, Texas. Annual meeting in January. GENERAL OFFICE: Atlanta, Texas.

1916 1916 1914 1913 1912
Gross revenues $11,712 $13,166 $13,321 $12,636 $13,057
Net operating revenues . . $371 $1,745 $1,870 $160 $1,557

Fixed charges, including taxes 463 517 678 417 466
*
Balance. . . $1,228 $1,192 $577 $2,023
Deficit.
ASSETS:
Property investment
1088 MOODY 'S ANALYSES OF INVESTMENTS,
c
TIDEWATER & WESTERN RAILROAD COMPANY

HMory: Incorporated under laws of Virginia, June 30, 1905; successor to the Farmville & Powhatan, R.R. Co.,
sold under foreclosure June 7, 1905.
Location: Bermuda to Farmville, Va., 89.14 miles; branches, 3.40 miles; total, 92.54 miles; sidings, etc., 8.85
miles. Equipment: Locomotives, 6; passenger cars, 10; freight cars, 139; service cars, 2.
Management: OFFICERS: L. M. Williams, Pres.; T. M. R. Talcott, Vice-Pres., Gen. Mgr. and Pur. Agt.; S. M.
Woodward, Vice-Pres.; Berkeley Williams, Sec.; G. M. Wilson, Treas.; R. W. Duffer, Aud., Richmond, Va. DIREC-
TORS: L. M. Williams, T. M. R. Talcott, J. B. Beasley, Thos. F. Jeffress, Herbert W. Jackson, S. H. Beemis, B. Rand
Wellford, E. L. Bemiss, S. M. Woodward, Berkeley Williams, Richmond, Va.; C. Cabell Robinson, Wingina, Va.
Annual meeting, first Wednesday in October. OFFICE: Richmond, Va.
1916 1915 1914 1913 1912 1911
Gross revenues {81,656 $85,436 $89.280 $106,535 $99,753 $91,706
Net operating revs. . .

$7,797 $2,571 $16,538 $11,873 $14,815
Other income .
4,022 1,471 4,856
Total net income. $10,110 12,671 $21,394 $11,873 $14,815

Taxes 3,629 4,317 4.819 4,433 4,351 4,174
Fixed charges 14,525 14,247 12,432 12,730 12,000 12,213
Surplus .
$8,044 $9,296 $14,680 $4,231 $4,478 *$1,572
* Deficit.
Comparative Condensed Balance Sheet, of June 30
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $688,876 $688,308 $665.797 $644,760 $616,958 $613.399
Working assets 15,124 15,089 15,123 87,288 25,229 19,750
Deferred debit items. 1,700 1,600 850 550
Profit and loss.. 49,696 41,652 32,356 14,741 18,973 14,494
Total $753,696 $745,049 $714,976 $698,386 $662,010 $648,193

LIABILITIES:
Capital stock $300,000 $300.000 $300,000 $300.000 $300.000 $300,000
Funded debt 300.000 300,000 300.000 300,000 300.000 300,000
153.522 145,029 114,963 98,203 61,870 48,076
Deferred credit item*. 174 20 13 183 140 117
T :.:
$753,696 $745,049 $714,976 $698,386 $662,010 $648,193
Bonded Debt $300.000 Tidewater & Western R.R. first 4s; dated Nov. 19, 1905; due July 1, 1955. Int. paid Jan.
and July 1, at Virginia Trust Co., Richmond, Va. Coupon, $1,000. Authorized. $600 000. Callable on 60 days'
notice. First lien on entire property now owned or hereafter acquired. The Jan., 1908, coupon was the last in-
terest paid.
Capital Stock: Auth., $500,000; outstanding, $300,000. Par, $100. No dividends paid. TRANSFER AGENT, Vir-
ginia Trust Co., Richmond, Va.
TIMPSON & HENDERSON RAILWAY

History: Incorporated under the laws of Texas, August 5, 1909, reorganization of the Timpson & Northwestern
Railway Company. .
Location: Road extends from Timpson to Henderson, Tex., 34 miles. Equipment: Locomotive, 1; passenger
can, 2; freight cars, 5.
Management: OFFICERS: W. G. Ragley, Pres.; F. Raglcy, Vice-Pres.; Homer Harris, Sec. and Treas.; M. J.
Raeley. Asst. Sec.; C. W. Gray, Gen. Mgr. and Aud., Henderson, Tex. DIRECTORS: W. G. Ragley, F. Ragley, J. B.
Edwards, A. Prycer, Ragley. Tex.; H. Harris, R. T. Brown, E. B. Alford, J. C. Hickey, Henderson, Tex.; J. S. Gar-
rison, Timpson, Tex. Annual meeting, August 5th. GENERAL OFFICE: Ragley, Tex.
Bonded Debt: On July 18, 1914, the Texas Railroad Commission authorized a mortgage $100,000 to W. G. Rag-
ley, payable in four years with interest at 6%.
TIONESTA VALLEY RAILWAY

History: Incorporated under laws of Pennsylvania, Feb. 17, 1904; consolidation of a company of the same name
with the Spring Creek Ry. Co.
_
Location: Road extends from Dunhams
to Ogilsby, Pa., 52.06 miles; branches, 32.27 miles; total, 84.33 miles.
Sidings, 26.72 miles. Equipment: Locomotives, 15; passenger cars, 4; freight cars, 562.
Management: OFFICERS: P. M. Newman, Pres. and Gen. Mgr., Williamsport, Pa.; E. C. Hoyt, Vice-Pres.,
New York; R. G. Brownell, Sec.; F. E. Bradley, Treas.: J. M. Rhen, Gen. Aud., Williamsport, Pa.; H. A. Gibson,
Supt., Sheffield, Pa.; W. H. Humphreys, Pur. Agt., 17 Battery Place, New York. DIRECTORS: R. G. Brownell, C. H.
McCauley, Jr.; A. W. Mallinson, A. R. Spicer, L. W. Otto. J. M. Rhen, P. M. Newman, W. H. Hough, Williamsport,
Pa. : Eugene Horton, E. C. Hoyt, Walter Horton, W. E. Henderson, Sheffield, Pa. Annual meeting, second Monday
in January. OFFICE: Williamsport, Pa.
LIABILITIES :
Capital stock
c
MOODY'S ANALYSES OF INVESTMENTS, 1093

ASSETS: 1916 1915 1914 1913 1912
Working assets $4,600 $3,207 $2,698 $2,481 $2,283
Total $4,600 $3,207 $2,696 $2,481 12,283

LIABILITIES :
Capital stock $1,000 $1,000 $1,000 $1,000 $1,000

Working liabilities 2,105 1,706 1,042 405 600
Profit and loss . 1,495 501 654 1,076 683
Total .
$4,600 $3,207 $2,696 $2,481 $2,283
Capital Stock: Auth., $25,000; outstanding, $1,000. Par, $100. No bonded debt
TONOPAH & TIDEWATER RAILROAD COMPANY

History: New Jersey, to build a railroad from Ludlow, Cal., to Tonopah, Nev.,
Incorporated under laws of
about 200 miles. Completed up to June 30, 1914: Ludlow, Cal., to Beatty, Nev., 169.07 miles; sidings, 12.99 miles;
total, 182.06 miles. Equipment: Locomotives, 5; passenger cars, 6; freight cars, 41.
Management: OFFICERS: John Ryan, Pres. and Gen. Mgr., Oakland, Cal.; DeWitt Van Buskirk, Vice-Pres.;
C. B. Zabriskie, Sec. and Treas., New York.; F. M. Jenifer, Traffic Mgr.; H. Escherich, Aud., Oakland, Cal.; W.
W .Cahill, Supt., Stagg, Cal. DIRECTORS: Frank M. Smith, Oakland, Cal.; DeWitt Van Buskirk, R. C. Baker,
W. R. Alberger, Oakland, Cal.; C. B. Zabriskie, J. A. Middleton, New York; J. W. Hardenbergh, Jersey City,
N. J. Annual meeting, second Wednesday in August, at Bayonne, N. J. GENERAL OFFICE, Syndicate Building,
Oakland, Cal. NEW YORK OFFICE, 100 William Street.

1916 1915 1914 1913 1912 1911
Gross revenues $433,939 $323.028 $343,048 $328,241 $291,391 $317,424
Maintenance of way. . . 60.367 49,061 66.564 :
M 49,505 51,902
Maintenance of equip.. 40.878 38,153 25,424 B2.M4 30,785 42,373
All other oper. expenses 120.369 120,258 116,180 109,977 117,040 139,671
Net oper. revenues $212.325 $115,556 $134.880 $136.550 $94.061 $83,478

Other income '48 2,479 262 20,060 23,737 22,123
Total net income.. $215.473 .. $118,035 $135.142 $156,610 $117.798

$117,798 $105,601
Taxes 20,435 17.695 18.679 15,482 18,625 21,839
Fixed charges 174,875 160,469 171,363 166,267 168,686 184,373
Surplus . $20,163 *$60,129 $54,900 $25,139 *$69,513

$69,513 *$100,611
* Deficit
Profit and LOM

Account, year ended June 30, 1910: Credit balance transferred from income, $20.163; dona-
tions, $812; miscellaneous credits, $502; debit balance carried to balance sheet. $1,035,275; total, $1,056,752. Contra:
Debit balance at beginning of year, $897,276; loss on retired road and equipment $91,484; delayed income debits,
$67,571 ;
miscellaneous debits, $421 ; total, $1,056,752.

ASSETS: 1916 1915 1914 1913 1912 1911
$4,475.304 $4,550,767 $4.524.771 $4,507,336 $4,537.387 $4,534,339
Working assets 173,630 93,737 241.120 244.957 240,497 293,491
Deferred debit items. . 30.796 1.711 433.784 400.141 341.598 226,726
Profit and loss 1,035.275 897,276 ^.867 302,196 276,729 187,246
Total $5.715,005 $5,543,521 $5,556,542 $5,454,630 $5,381,193 $5,241,802

LIABILITIES:
Capital stock . . $1.000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1.000,000
Funded debt 4,634,685 4,474.801 3,285.344 3,285.344 3.285.344 3,285,344
Working liabilities .... 28.149 23.911 1,232.914 1,130.688 1,057.210 914,647
Deferred credit items. . 13.516 8,504 858 305 346 1,092
Total . $5.715.005 $5.543.521 $5,556,542 $5,454.630 $5,381,193 $5,241,802

Bonded Debt: (1) 500,000 Tonopah & Tidewater R.R. first 5s debenture stock certificates. Dated Nov. 1,
1005; due July 1, 1960. Interest paid, April and Oct. 15. Indian & General Investment Trust Co., Ltd., of London,
Entrland. Trustee. Guar.
principal
and interest, by Borax Consolidated, Ltd. Redeemable at 105, on six months'
notice. First lien on 500,000 first mortgage sterling 5% bonds, and on entire line and equipment. Listed on
London Stock Exchange. Rating, Ba.
(2) 175,000 Tonopah A Tidewater redeemable sterling 5s. Dated July 2B, 1907; due July 1, 1960. Interest
paid March and Sept. 1, at Glyn, Mills Currie & Co., London. Coupon, 100. Mechanics Trust Co., Bayonne, N. J ,
Trustee. Redeemable at 105. on any interest day by drawings on six months' notice. Guar. principal and inter-
est by Borax Consolidated, Ltd. Secured on entire property of company subject to No. 1. Listed on London Stock
Exchange. Rating, Ba.
Capital Stock: Authorized and outstanding, $1,000.000. Par, $100. All owned by Tonopah & Tidewater Co., of
Nevada. TRANSFER AGENT AND REGISTRAR, Mechanics Trust Co., Bayonne, N. J.
TOOELE VALLEY RAILWAY
History: Incorporated under laws of Utah, November 18, 1908. Connects at Tooele June., Utah, with the Los
Angeles & Salt Lake Ry.
Location: Road extends from Tooele June, to International, Utah, 7 miles. Equipment: Locomotives, 5; cars:
passenger, 5; baggage, 2; freight, 3; service, 10; total, 20.
Management: OFFICERS: William Wraith, Pres., Salt Lake City, Utah; W. D. Thornton, Vice-Pres.; D. B.
Hennessy, Sec. and Treas., New York; John D. Woods, Aud.; W. H. Raymond, Supt., Tooele City, Utah. DIREC-
TORS: William Wraith, Salt Lake City, Utah; John D. Ryan, W. D. Thornton, B. B. Thayer, D. B. Hennessy, New
York. Annual meeting, first Monday in December. GENERAL OFFICE, Salt Lake City, Utah.

1916 1915 1914 1913 1912
Gross revenues . $220,274 $175,237 $183,094 $129,774 $79,984

Other income 1,836 1,475 894 860 911
Total net income $55,389 $42,705 $58,740 $17,168 $11,463

Fixed charged, inc. taxes 22,374 16,423 26,242 32,005 13,617
Balance $33,015 $26,282 $32,498 *$14,837 *$2,154

*
Deficit.
Profit and Loss Account, year ended June 30. 191b: Credit balance at beginning of year, $56,545; credit bal-
ance transferred from income, $33,015; unrefundable overcharges, $10; miscellaneous credits, $10; total, $89,580.
Contra: Miscellaneous debits, $9; credit balance carried to balance sheet, $89,571; total, $89,580.
*
ASSETS: 1916 1915 1914 1913 1912
Working assets 207,170 138,564 786,944 814,093 856,256
Profit and loss 98
Total $560,462 $459,252 $1,116,406 $1,124,786 $1,121,173

LIABILITIES:
Capital stock $320,000 $320,000 $1,000,000 $1,000,000 $1,000,000
Appropriated surplus 1,543 1,513 1,333 '
801 862
Profit and loss 89,571 56,545 30,268 14,652
Total $560,462 $459,252 $1,116,406 $1,124,786 $1,121,173

Capital Stock: Authorized, $1,000,000; outstanding, $320,000. Par, $100. All owned by International Smelting
Co.,- subsidiary of the Anaconda Copper Mining Co.
TRANS-MISSISSIPPI TERMINAL RAILROAD

History: Incorporated under the laws of Louisiana, Oct. 26,, 1914, succeeding to the rights and privileges of
the Trans-Mississippi Terminal Co.; company also assumed a stock liability amounting to $100,000 in
respect of
the capital stock of the Trans-Mississippi Terminal Co. The Terminal
Company had leased from the Texas & Pacific
Ry. Co. its terminal facilities in New Orleans, and entered into an agreement providing for the joint use of these
facilities by the Texas & Pacific Ry. and the St. Louis, Iron Mountain and Southern
Ry. Owns valuable real estate
in New Orleans. Company has no equipment, but leases two transfer steamers from the Texas & Pacific Ry.
Management: OFFICERS: J. A. Shepherd, Pres.; J. L. Lancaster, Vice-Pres., New Orleans, La.; A. Robertson,
Vice-Pres., St. Louis, Mo.; M. D. Cloyd, Sec. and Aud.: C. L. Wallace, Treas., New Orleans, La. DIRECTORS: C. L.
Wallace, J. L. Lancaster, N. M. Leach, J. A. Shepherd, New Orleans, La.; A. Robertson H. M. Adams, A. J. Biard,
ew Louls Mo Annual meeting, last Tuesday in January. GENERAL OFFICE, Whitney-Central Build-
>
-
XT
ing, New . .'
Orleans, La.
Income Account, year ended June 30, 1916: Gross revenue,
$84,964; operating expenses and taxes, $102,944-
revenu es (deficit), $17,980; other income, $232,665; total net
/??K K"? , income, $214,685; fixed charges, etc.
4,t)o; balance, nil.

istment $12,906,698 $11,661,900 Capital stock $300,000 $300,000
Working assets. 486,211 22,023 Funded debt 11,750000 11750000
Deferred debit items. 13,527
.
982,169 Working liabilities 1,167,540 425,125
Accrued liabilities 1,300 15,445
T tal
$13,408,436 $12,666,092 Total $13,408,436 $12,666,092
MOODY S ANALYSES OF INVESTMENTS.
1
1095
Bonded Debt: (1) $6,071,000 Trans-Mississippi Terminal Co. first 5s. Dated July 1, 1914; due July 1, 1944.
Interest paid Jan. and July 1 at 165 Broadway, New York. Coupon, $1,000. Authorized, $7,500,000. Entire issued
amount pledged as security for No. 2. Callable at 105 and interest. Sinking fund of 1% of outstanding bonds
payable annually. First lien on real estate previously owned by Trans-Mississippi Terminal Co. Guaranteed prin-
cipal and interest by Texas & Pacific Ry. and the St. Louis, Iron Mountain and Southern Ry. Co.
(2) $4,250,000 Trans-Mississippi Terminal Co. three-year 6% notes. Dated Nov. 1, 1914; due Nov. 1, 1917; in-
terest May and Nov. 1, at Equitable Trust Co., New York, trustee. Coupon, $1,000. Authorized, $4,250,000. Se-
cured by deposit with trustee of entire issue described above, taken at 70. Interest paid without deduction for nor-
mal income tax.
Capital Stock: Authorized and outstanding, $200,000. Par, $100. Owned equally by the Texas & Pacific Rail-
way and the St. Louis, Iron Mountain & Southern Ry. Co. There is also outstanding $100,000 Trans-Mississippi
Terminal Co. stock assumed. See above.
TREMONT & GULF RAILWAY

History: Incorporated under the laws of Louisiana, July, 1902. Road opened, in 1905. In April, 1906, the
Shreveport, Jonesboro & Natchez R.R. was absorbed.
Location: Road extends from Tremont to Winnfield, La., 48.27 miles; Menefee to Rochelle, La., 24.48 miles;
total, 72.75 miles; sidings, 10.13 miles. Equipment: Locomotives, 7; passenger cars, 4; combination car, 1; box
cars, 141; flat cars, 172; service cars, 5.
Management: OFFICERS: J. S. Joyce, Pres., Chicago. 111.; R. B. Fowler, Vice-Pres. and Gen. Mgr., Winnfield,
La.; F. P. Stubbs, Jr., Sec., Monroe, La.; A. P. Tngwell, Treas.; J. B. Fick, Aud., Winnfield, La. DIRECTORS: R. B.
Fowler. Chas. H. Morey, Manistee, Mich.; J. C. Theus, Monroe, La.; J. B. Pick, Winnfield, La.; F. P. Stubbs, Mon-
roe. La.; Robert Layton, Chicago, 111. Annual meeting, second Wednesday in February. OFFICE, Winnfield, La.

1916 1915 1914 1913 1912 1911
Gross revenues $302,890 $235,909 $235,656 $196,691 $193,591 $189,878

Total net income.. $120.872 $73,421 $33,755 $19,284 $21,783 $21.964

Taxes 7,200 5,175 L600 600 1,350 2,400
Deficit $893 $31,629 $69,668 $73,512 $75,310 $67,608
Profit and LOM Account, year ended June 30, 1916: Delayed income credits, $4,357; donations, $3,990; miscel-
laneous credits, $1,617; debit balance carried to balance sheet, $277,849; total, $287,813. Contra: Debit balance at
beginning of year, $286,855; debit balance transferred from income, $893; miscellaneous debits, $65; total, $287,813.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 77,003 62,718 58,807 73,361 65,562 42,213
Deferred debit items. . . 1,738,693 1,721,193 1,885,527 1,820,708 1,717,773 1,740,250
Profit and loss 277,849 286,855 536,769 313,932 339,380 246,002
Total $3,966,676 $3,942,093 $4,376,528 $4,015,655 $3,812,424 $3,758.679

LIABILITIES:
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000
Funded debt 1,550,756 1,553,781 1,560,106 1,556,900 1,550,000 1,550,000
due
Accrd. liabilities not 31. 153 31,240 33,576 37,650 44,652 36,273
Deferred credit items.. 120,052 122,140 27,838 9,800 1,195 1.S1S
Appropriated surplus.. 232,023 214,846 211,025
Total $3,966,676 $3,942,093 $4,376,528 $4,015,655 $3,812,424 $3,758,679
Bonded Debt: $1,550,000 Tremont & Gulf Ry. first 5s; dated Feb. 1, 1908; due Feb. 1, 1948. Int. paid Feb. and
Aug. 1, at company's office or agency, Chicago. Coupon, $1,000. Illinois Trust & Savings Bank, Chicago, trustee.
Callable at 105 and interest, after Aug. 1, 1918. Authorized, $5,000,000. Unissued bonds issuable at rate of $30,000
per mile of road for improvements, equipment, etc. First lien on property except telephone lines. Interest paid
without deduction for normal income tax. Rating, B.
Note: There were also outstanding, June 30, 1916, $756 Equip. Trusts, dated Sept. 22, 1913, to run for 36
months to be paid monthly. Authorized, $12,807. Secured on 1 locomotive.
Capital Stock: Auth., $5,000,000; outstanding, $2,000,000; par, $100.

,096 MOODY'S ANALYSES OF INVESTMENTS.
TRINITY & BRAZOS VALLEY RAILWAY
Ili-tory: Incorporated under laws of Texas,
Oct. 17, 1902. First section of road, Fort Worth to Houston, opened
Feb. 10, 1907. Entire line put in operation Jan. 1, 1908. , . a a.
to the hen of the Colorado & South-
By agreement, Rock Island Company has taken a half interest, subject &
ern Ry. Co. mortgages, in the stock of the Trinity & Brazos Valley Ry. Co., acquired by the Colorado Southern
Rock Island & Pacific Ry. Co. have agreed to advance to the
Ry. Co., and the latter company and the Chicago,
Trinity and Brazos Valley Ry. Co., funds not otherwise provided for. The Chicago, Rock Island & Pacific Ry. Co.
is bv the same agreement, on the maturity of the
Colorado & Southern refunding and extension mortgage, to re-
securities of the Trinity & Brazos Valley Ry.,
ceive and pay for one-half of the first mortgage bonds and other
then subject thereto. The company owns one-quarter interest in the
Houston Belt & Terminal Ry., and practi-
cally the entire stock of the Galveston
Terminal Ry.
Receivership- On June 16, 1914, on petition of the Old Colony
Trust Co., Boston, trustee of the first mortgage
bonds, alleging that the company had defaulted interest on bonds due Jan. 1,
1914. The receivership is friendly.
Location- Road owned extends from Cleburse, to T. & B. V. June., near Houston, Texas, 235.5 miles; Teague
to Waxahachie, Tex., 67.32 miles; total, 302.82 miles; sidmgs, 68.78 miles. Trackage, Houston Belt & Terminal
12.59 miles; total operated, 315.41 miles.
Ry., T. & B. V. June, to Houston, Tex.,
Equipment: Locomotives, 58; passenger cars, 26; freight cars: box, 1,460; flat, 227; stock (leased), 44; coai,
85; tank, 25; Rodger ballast, 96; total, 1,963; caboose
and miscellaneous, 50.
Management: OFFICERS OF RECEIVERSHIP: J. W. Robins, Rec. Pres. and Gen. Mgr.; L. H. Atwell, Jr., Sec.
and Aud G. A. Gandre, Treas., Houston, Tex.; J. W. Games, Supt, Teague, Tex. DIRECTORS: G. B. Harris. H.
U. Mudp-e, Chicago, 111.; J. S. Rice, J. A. Hulen, C. D. Golding, Houston, Tex.; W. G. Newby, L. H. McKee, Fort
Worth, Tex.; J. W. Robins, Houston, Tex.; R. A. Ferris, Dallas, Tex. Annual meeting, Wednesday preceding sec-
ond Thursday in November. GENERAL OFFICE, Houston, Tex.

1916 1915 1914 1913 1912
Gross revenues . $912,801 $980.033 $2,302.679 $2,835,818 $2,572,264
Derating expenses 1,043,455 989,107 2,386,502 2,651,120 2,350,149
Net operating revenues. . *$130.654 *$9.074 *$83.823 $184,698 $222,115

Other income 75,175 86,121 4,231 561 428
Total net income *$55,479 $77,047 *$79,592 $185.259 $222,543

Fixed charges, inc. taxes 1,197,441 1,187,113 1,417,525 1,413,646 1,385,342
Deficit $1,252,920 $1,110,066 $1,497,117 $1,228,387 $1.162,799

* Deficit.
Profit and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, $9,418.272; debit bal-
ance transferred from income, $1,252,920; loss on retired road and equipment, $6,098; miscellaneous debits, $14,-
442; total. $10.691,732. Contra: Miscellaneous credits, $3,359; debit balance carried to balance sheet, $10,688,373;
total, $10,691,732.
ASSETS: 1916 1915 1914 1913 1912
Property investment '... $11,737.166 $11,792.529 $11.802.250 $11,621.719 $11,508.472
Working assets 455.463 193,840 634.338 770.890 445.967
Deferred debit items 246.625 224.045 70,096 150,834 98,656
Profit and loss 10,688,373 9,339,312 8.294,478 6,733.909 5,505,297
Total $23,127,627 $21,549,726 $20,801,162 $19,277,352 $17,558,392

LIABILITIES :
Capital stock $304,000 $304.000 $304.000 $304.000 $304.000

Funded debt 17.081.406 17.070.156 17.000.156 15.246.932 14.430,304
Working liabilities 5,488.224 4,165.400 3,324.744 3,532.229 2,696.603
Accrued liabilities not due 30.881 10,170 36.616 34.606 35,564
Total $23,127,627 $21,549,726 $20,801,162 $19,277,352 $17,558,392

Bonded Debt: (1) $8,760,000 Trinity & Brazos Vallev Ry. 1st 6s. Dated July 1, 1905; due July 1, 1935. Inter-
est paid Jan. and July 1. in New York. Coupon, $1.000; principal may be registered. Authorized at rate of $30,000
per mile. The Colorado & Southern Ry. Co. owns all the outstanding bonds and has pledged them as collateral under
its refunding and extension mortgage due May 1, 1935.
(2) Equipment Trust Certificates: $50.000, balance of $500.000, 1st 5s. Dated April 1, 1907; due $25.000 semi-
annually to April 1, 1917. Interest paid April and Oct. 1, at Guaranty Trust Co., New York. Callable at 101 and
interest upon 60 days' notice. Guaranteed jointly principal and interest by Colorado & Southern Ry. Co., and Chi-
cago, Rock Island and Pacific Ry. Co. Latter company defaulted on its portion of prin. and int. whereupon Colo.
& Southern met payments in full. Secured on 22 locomotives, 175 flat cars, 50 gondolas, and 8 caboose. Interest
IS) $99.654. balance of $797,232, Pullman Co. 5% Lease Warrants; dated Feb. 11, 1907; due in semi-annual
instalments to March 1, 1917. Interest paid May and N^v. 1. at Merchants' Loan & Trust Co., Chicago. Secured
on 900 box cars 10 passenger cars and 5 baggage and mail cars.
;
(4) Certificates of Indebtedness: There were also outstanding as of June 30, 1916. $7,986.741 Certificates of
Indebtedness, issued at various dates, of which $7,389,728, 6% certificates, due
July 1, 1935, and $597,013 are 4Ms%
certificates due May 1, 1935.
Capital Stock: Authorized and issued, $304.000; par $100. All but nine shares owned by Colorado & Southern
Ry. Co., and pledged under its refunding and extension mortgage.
TRONA RAILWAY
History: Incorporated under the laws of California, March 12, 1913. Road completed and operations com-
menced Sept. 6, 1914.
Location: Road extends from Trona to Searles, Cal., 30.76 miles; sidings, 2.32 miles. Connects American Trona
Corp. plant at Searles Lake, with Searles Station on the Southern Pacific Co. Equipment: Locomotives, 2; pas-
senger coach, 1; freight cars, 5; caboose, 2; total, 9.
Management: OFFICERS: J. A. Brown, Pres.; J. A. Bruton, Viee-Pres. ; E. Gordon, Sec. and Treas., Los An-
geles, Cal.; A. J. Klanet, Supt, Trona, Cal. DIRECTORS: J. A. Brown, J. A. Bruton, E. Gordon, Los Angeles, Cal.
Annual meeting, third Monday in September. GENERAL OFFICE, 366 Pacific Electric Building, Los Angeles, Cal.
1916 1915
Gross revenues $52,858 $21.137
Operating expenses 29,740 }8,698
Net earnings from operation. $23,107 $2,137
Deficit .
$15,308
Working assets 14.760 14,357 Bonded debt $519,000 519,000
Deferred debit items. 73.559 76,191 Working liabilities . . 101,606 46,149
Profit and loss 45,213 29,905 Accrued liabilities . .
3,486 '
Deferred debit items. 2,348 V.ioi

Total .
$776,440 $716,253 Total .
$776,440 $716,253
Bonded Debt: $519,000 Trona Railway 1st 5s. Dated Nov. 1, 1914; due Nov. 1, 1944. Interest paid May and
Nov. 1, at First Federal Trust Co., San Francisco. Coupon, $1,000. Authorized, $550,000. Callable at 105 and
interest. Sinking fund of not less than 295- per annum of outstanding bonds, commences Jan. 1, 1920. A first hen
on entire property. Guaranteed principal and interest bv the American Trona Corp.
Capital Stock: Authorized, $200,000; outstanding, $1~>0,000. Pur. $100. The American Trona Corp. owns a
majority of the outstanding stock. Secretary of company acts as TRANSFER AGENT AND REGISTRAR. No dividends
paid.
TROY UNION RAILROAD

History: Incorporated under the laws of the State of New York, July 21, 1851. Road opened in 1854.
Location: Road extends from Madison St. to Hoosa- St,. and from Grand St. to Green Island Bridge, in Troy,
N. Y., 2.03 miles; second track. 2 miles. Sidings, etc., 1.51 miles. Used by New York Central R.R., Delaware &
Hudson Co.. and Boston 4 Maine R.R., which snare expenses proportionately.
Manarrwemt: OFFICERS: A. H. Smith, Pres.. New York; C. S. Sims. Vice-Pros.. Albany, N. Y.; F. A. Harring-
ton. Sec.. Trens. and Gen. Mgr., Albany, N. Y. DIRECTORS: A. H. Smith, W. H. Newman, Ira A. Place. W. K. Van-
derbilt. Jr.. John Carstensen. L. F. Loree. W. H. Williams. New York; C. S. Sims, F. A. Harrington, Albany,
N. Y.: J. P. O'Brien. Troy. N. Y.; W. J. Hobbs, J. H. Hustis, Boston, Mass. Annual meeting, first Monday in
November. GENERAL OFFICE, Troy, N. Y.
1916 1915 1914 1913 1912
Gross revenues $13.000 $14,124 $4.533 $4.108 $4.339
Net operating revenues. $11.142 $14.124 1268 $237 $140

Other income 41.788 35,277 36.553 37,905 32,692
Total net income $52.930 $49.401 $36.818 $38.142 $32.832

Fixed charges, inc. taxes. 45.642 35.128 36.818 38,142 32,832
Balance $7,288 $14,273

\ --> --: 1916 1915 1914 1913 1912
Property investment $1,180.30:1 $1,177.820 $1,159.800 $1,085,920 $1,085,920
Working assets 21 21,329 505
Total $1,206,262 $1,199,149 $1,160,305 $1,085,920 $1,085,920

LIABILITIES:
Capital stock . . $30.000 $30.000 $30.000 $30,000 $30,000
Funded debt 95.982 93.498 75,478
Working liabilities . . . 7,997 6.726 505
TW erred credit items. 2.130 1,598 1.598
Profit and loss 1.072.28:} 1,066,795 i. '054,322 1,054.322 1,054,322
Total ri $1,199,149 $1.160.305 $1,085.920 $1.080,920

Non-negotiable debt to affiliated companies.
Capital Stock: Authorized and outstanding, $30 (H)0. Par, $100. Owned a* follows New York Central R.R. Co.,
:
$15,000; Boston & Maine R.R. Co., $7,500, and Delaware & Hudson Co., $7,500.
TUCKERTON RAILROAD
History- Incorporated under New Jersey laws, July 8, 1860,
and reorganized in 1880. Line of road now, Whit-
ine Station to Tuckcrton, N. J., 29 miles. Also operates, under a lease, the Philadelphia & Beach Haven R.R.
from Manahawkin to Beach Haven, N. J., 12 miles; sidings, 3 miles. Equipment owned: Locomotives, 3; cars, 8.
Management: OFFICERS: Richard Ashhurst, Pres.; W. W. Pharo, Vice-Pres.; Wm. Selfridge, Treas., Philadel-
T P Price, Sec.; John C. Price, Gen. Mgr., Tuckerton, N. J.
DIRECTORS: Rich. Ashhurst, W. W. Pharo,
phia-
H C Carlisle,Wm. Selfridge, Philadelphia; T. P. Price, J. C. Price, Tuckerton, J.; Edw. Browning, Camden,
N.
N. Morris Rutherford, New York; K. H. Lanning, Trenton, N.
J.;
J. Annual meeting, second Thursday in May, at
Camden, N. J. OFFICE, Tuckerton, N. J.
1916 1913
"

All other operating expenses . . . 39,443

Operating ratio
Other income
Total net income.

Taxes accrued
Fixed charges . .
MOODY'S ANALYSES OF INFESTMEXTS. 1099

ASSCTS: 1916 1915 1914 1913 1912 1911
Working assets 6,281 5,581i 4,518 5,377 4,717 5,674
Profit and loss 12,766 13,004 6,097 372
Total $327,787 $328,829 $314,570 $310,695 $308,672 $305,957

LIABILITIES :
Capital stock $150,000 $150,000 $150,000 $150,000 $150,000 $150,000

Funded debt 150,000 150,000 150,000 150,000 150,000 150,000
Accr'd liabilities not due 187 137 629 393 260
Profit and loss ..., 102 1,012
Total $327,787 $328,829 $314,570 $310,695 $308,672 $305,957

Bonded Debt: $150,000 Tuscarora Valley R.R. first 5s; dated July 1, 1897; due July 1, 1917. Int. paid Jan.
and July 1, at Metropolitan Trust Co., New York, Trustee. Coupon, $1,000. First lien on entire property. No
interest paid since July 1, 1913.
Capital Stock: Auth., $300,000; outstanding, $150,000. Par, $50.
TUSKEGEE RAILROAD
History: Incorporated under the laws of Alabama, Feb. 20, 1860. Reorganized, after sale in 1871, as a co-
partnership, consisting of E. T. Varner, Mrs. L. Alexander, and Campbell & Wright, each owning one-third interest.
Location: Road extends from Chehaw to Tuskegee, Ala., 6.2 miles; sidings, 1.34 miles. Equipment: Locomo-
tives, 2 ; cars, 2.
Management: OFFICERS: E. T. Varner, Pres., Treas., Gen. Mgr. and Pur. Agt.; W. W. Campbell, Vice-Pres.,
Tuskegee, Ala.; W. W. Campbell, Sec.; W. H. Eager, Supt, Tuskegee, Ala.; W. H. Smith, Aud., Atlanta, Ga.
DIRECTORS: E. T. Varner, E. R. Alexander, L. V. Alexander, G. C. Wright, W. W. Campbell, Tuskegee, Ala.; J. C.
Wright, Roanoke, Ala. Annual meeting in January. OFFICE, Tuskegee, Ala.
1918 1915 1914 1913 1912 1911
Gross revenues $24,155 $31,344 $33,909 $35,512 $35,787 $32,116
Net income $7,287 $11,285 $8,456 $11,804 $16,938 $14,483

Taxes 1,850 1,966 1,810 L.6M 1,789 l/>r,i
Fixed charges 1,400 2,936 1,330
Surplus 14,037 $6,384 $6,646 $10,111 $13,819 $12,829

Dividends paid 3,000 6,000 12,000 12,000 10,500
Balance $1,037 $384 $6,646 *$1,889 $1,819 $2,329

Deficit.
Profit and Low Account, year ended June 30, 1916: Credit balance transferred from income, $1,037; credit bal-
ance at beginning of year, $29,173; total, $30,210. Contra: Surplus applied to sinking and other reserve funds,
$2,000; credit balance carried to balance sheet, $28,210; total, $30,210.
ASSETS: 1916 1915 1914 1913 1912 1911
'
Working assets 1,923 2,654 6,543 6,724
Total $103,209 $106,147 $106,147 $106,205 $108,094 $105,875

LIABILITIES :
Capital stock $75,000 $75,0<K) $75.000 $75,000 $75,000 $75,000

Working liabilities .... l'<7t 3,796
Profit and loss 28,209 29,173 27,352 31,205 33,094 30,875
Total $103,209 $106,147 $106,147 $106,205 $108,094 $105,875

Capital Slock: Authorized and outstanding, $75,000. Par, $100. Recent dividends as follows: 1909, 16%;
1910 and 1911, 14%; 1912 and 1913, 16%; 1914, 14%; 1915, 8%; 1916, 4%. No bonded debt
TWIN BUTTES RAILROAD

History: Incorporated under the laws of Arizona, October, 1904. Completed in December, 1908.
Location: Road extends from Sahuarita to Twin Buttes, Ariz., 9 miles. Equipment: Locomotive, 1; car, 1.
Management: OFFICERS: P. C. Brannen, Pres. and Treas., Tucson, Ariz.; S. Hoff, Vice-Pres.: H. L. Bauzhof,
Vice-Pres., Milwaukee, Wis.: John G. Baxter, Sec.; James E. Higgins, Gen. Mgr.; Geo. S. Hughes, Aud.: D. L.
Stimson. Pur. Agt., Twin Buttes, Ariz. DIRECTORS: P. C. Brannen, J. G. Baxter, Tucson, Ariz.; W. A. Barber,
Waldo, Wis.; R. M. Friend, J. H. Hackett, Milwaukee, Wis. Annual meeting, third Monday in January. GENERAL
OFFICE, Tucson, Ariz.
Capital Stock: Authorized, $200,000; outstanding, $188,500. Par, $100. No bonded debt. No dividends paid.
TWIN MOUNTAIN & POTOMAC RAILROAD
Incorporated under the laws of West Virginia, May 24,
1911.
History:
Location- Road extends from Keyser to Twin Mountain, W. Va.,
26.6 miles; sidings, 0.9 miles. Gauge, 3 feet.
service cars, 2.
Equipment: Locomotives, 2; passenger cars, 2; freight cars, 18;
Management: OFFICERS AND DIRECTORS: H. L. Heintzslman, Pres.; J. M. Brownfield, Vice-Pres.; Kemble White,
Cunningham, Treas., Fairmont, W. Va.; E. A. Russell, Gen. Mgr., Keyser, W.
; Va. Annual meeting,
Sec I
second Wednesday in April. GENERAL OFFICE, Keyser, W. Va. CORPORATE OFFICE, Fairmont,
W. Va.

1916 1915 1914 1913
Gross revenues $16,301 $18,321 $15,185 $4,426
37,595 38,136 38,907 15,753
Operating expenses
Net operating deficit. $21,294 $19,815 $23,722 $11,327
Other income 7,500 7,550 19,599
Total net deficit $13,794 $12,265 $4,123 $11,327

Fixed charges, inc. taxes. 27,735 25,043 26,026 3,526
Final deficit $41,529 $37,308 $30,149 $14,853

ASSETS :
1916 1915 1914 19)3
Working assets 18.358 21,562 16.344 9,811
Profit and loss 125,177 83,648 46,340 14,853
^Total $1,132,690 $1,107,663 $1,078,513 $1,042,883

LIABILITIES :
Capital stock $500.000 $500,000 $500.000 $500,000
Funded debt 212.733 317,566 200.000 200,000
Accrued liabilities not due. 1,000
Total $1,132,690 $1,107,663 $1,078,513 $1,042,883

Bonded Debt: Authorized, $500,000 Twin Mountain & Potomac R.R. 1st 20-year 5s; due 1941. Up to June 30,
1916, no bonds had been issued.
Capital Stock: (1) Authorized and outstanding, $400,000 6% cumulative preferred. Par, $100. Has prefer-
ence as to assets and dividends.
(2) Authorized and outstanding, $100,000 common; par, $100.
Secretary of company acts as REGISTRAR. Stock is owned as follows: Mineral County, W. Va., $22,000 common,
and Twin Mountains Orchard Co., $78,000 common and $400,000 preferred. No dividends paid.
UINTAH RAILWAY
History: Incorporated under laws of Colorado, Nov. 4, 1903. Road completed, Feb. 1, 1905.
Location: Road extends from Mack, Col., to Watson, Utah, 68.46 miles; sidings 3.67. Locomotives, 11; pas-
senger cars, 4 ; freight cars, 87 ; miscellaneous cars, 3.
Management: OFFICERS: A. W. Sewall, Pres.; A. D. Andrews, Vice-Pres.; Ira Atkinson, Treas.; J. L. Rake,
Sec.: F. A. Warren, Aud.; P. B. Steffen, Gen. Counsel, Philadelphia. Pa.; W. D. Halpin, Asst. Treas. and Asst. Sec.;
M. W. Cooley. Gen. Mgr.; D. E. Falvey, Supt, Mack, Col. DIRECTORS: A. W. Sewall, Avery D. Andrews, J. L.
Rake, Ira Atkinson, P. B. Steffen, Philadelphia, Pa. Annual meeting, fourth Wednesday in March. OFFICE, Mack,
Col.
1916 1915 1914 1913 1912 1911
Gross revenues $421.588 $274.996 $288.248 $440,547 $408.699 $488.338
Maintenance of way. . . 43.087 34,462 58.488 65.294 66,743 52,714
'enancc of equip.. . 41.016 36.426 40.382 51.868 49.449 58,164
Net oper. revenues. $169.318 $50.802 $22.884 $137.858 $131.822
$70,648
Other income 2,827 3,112 435
1,813 1,769 7,359
$172.145 $53.914 $24.697 $139.627 $71.083 $139.181
Taxes . .
13,227 13,791 14,649 22,781 20,525 15,800
Surplus $158,918 $40,123 $10,048 $116,846 $50,558 $123,381

and Loss Account, year ended June 30, 1916: Credit balance at
Profit
nce transferred from income. $158,918; total, $274,264. Contra: beginning of year, $115.346; credit bal-
Dividend appropriations of surplus, $135.000;
retired road and equipment,
$4,743; miscellaneous debits, $1,159; credit balance carried to balance sheet,
yiSOfOfwj total, 7115,346.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $2,025.263 $2,041.364 $2,058,757 $2,078.370 $2,099,749 $1,812,356
Working assets 141,795 96,402 106,952 113.690 146,528 178.405
Total $2,427,017 $2,399,437 $2,428,878 $2,451,877 $2,508,695 $2,039,047

LIABILITIES:
Capital stock $2,250,000 $2,250.000 $2,250.000 $2,250,000 $2,250.000 $1,750,000
Working liabilities .... 17.294 16.235 16,704 21.137 67,840
Accr'd liabilities not due 10.114 11.411 12.067 16.902 17.310 6,635
Deferred erpdit items.. 8,386 5,386 3,467 6,000 58,478 62,112
Appropriated surplus . . ' ' ' ' " '
Profit and loss. . 133.362 115*,3 46 147409 162,27i 16l',776 162,466
Total $2,427,017 $2,399.437 $2,428,878 $2,451,877 $2,508,695 $2,039,047

Capital Stock: Authorized and outstanding, $2.250.000. Par, $100. Practically entire issue is controlled by
Barber Asphlt Paving Co., which is owned hy the General Asphalt Co. Recent dividends as follows: 1908, 7%%;
1909, 7<7r; 1910, 3^4%; none in 1911; 1912, 3%%; 1913, 7%%
1914, 14%; 1915, 3%; 1916, 6%. No bonded debt
;
UNADILLA VALLEY RAILWAY

History: Incorporated in New York, January 21, 1904. Reorganization of Unadilla Valley R.R.
Location: Bridgewater to New Berlin, N. Y., 19.14 miles, and about two miles of sidings. Equipment: Locomo-
tives. 2; cars, 18.
Management: OFFICERS: Lewis R. Morris, Pres.; Wm. McNair. Vice- Pres.: Wirt Howe, Sec. and Treas.. New
York: H. A P-orre. And.. New Berlin. N. Y. DIRECTORS: R. Floyd Clarke, Wirt Howe. G. F. Lawrence, G. Wn
Wm. MoNair. L. R. Morris. Annual meeting, first Wednesday in December. GENERAL OFFICE, New Berlin,
N. Y. NEW YORK OFFICE, 27 Cedar St.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $66.554 $56.697 $60.070 $59.379 $58.223 $59.297 $56.472
Maintenance of way 9.458 11.193 11.697 14600 11.982 12.260 11.781
Maintenance of equipment 5 005 4.562 4 400 6 839 6.701 6.923 7,095
All other operating expenses... 29.583 29,112 26,354 25.357 24,053 22.175 19,940
Net operating revenues... $12508 $11.830 $17619 $12.583 $15.487 $17.939 $17.656
Op*niW ratio 77 9ofc 79.1% 70 r 79^ 72.9-% 69.7% 68.7%
Taxes accrued 2.740 2.635 2.391 2.185 1.926 1.930 2.020
Fixed charges 8.420 8,000 8,000 8,000 8,000 10,803 8,000
Surplus $U48 $1,195 $7,228 $2,398 $5.561 $5,206 $7,636

Profit and Lom
Account, year ended June 30. 1916: Credit balance at beginning of year, $57.945; credit bal-
ance transforred from income. $1.348; miscellaneous rrpdi's. J2.619; total. $61.912. Contra: Miscellaneous appro-
priations of surplus, $7,000; miscellaneous debits, $625; credit balance carried to balance sheet, $54,287; total,
$61.:-
Comnarative Condensed Balance Sheet, aa of June 30
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... $440.314 $451.222 $448891 $443.536 $423.047 $416.642
Working assets 35.452 46,746 45,964 47,826 34,149 37.866
Total $475,766 $497,968 $494,855 $491,362 $457,196 $454,508

LIABILITIES :
Capital stork $200.000 $200.000 $?00 000 $200 000 $200.000 $200.000
Funded dpM 200 000 200 000 200 000 200 000 200.000 200.000
WorVin<r li-oilities . . . .
20,990 18,003 18.246 15.142 10,071 10,748
Acrr'd liabilities not due 4.025
Deferred credit items.. 489 22.020 10.R60 21.300 2.045
Profit and loss surplus.. 54.287 67.945 56.750 50.895 47,125 41,715
Total $475,766 $497,968 $494.855 $491.362 $457,196 $454,508

Bonded Debt: $200000 TTnsHilla Vflllev Ry. first 4s: dated Jan. 2, 1904; due Jan. 1. 1934: interest Jan. and
July at Bankers Trust To.. NPW York. Callable at 110 and interest at company's option. First lien on entire prop-
erty. Coupon. $250, $500 and $1.000. Interest paid without deduction for normal income tax. Net Rating, Ba.
Capital Stock: Outstanding, $200,000. Par, $100. No dividends.
UNION & GLENN SPRINGS RAILROAD

Hi*ory: Incorporated under laws of South Carolina, March 1, 1899. Road opened in March, 1900.
Location: Road extends from Buffalo to Union, S. C., 4 miles; Union to Pride. S. C., 15.2 miles; total, 19.2 miles.
Has traffic arrangement with Seaboard Air Line Ry. Equipment: Locomotives, 2; passenger cars, 3; freight cars,
12.
M"aemit Omrrus: H. C. Flcitmann, Pres.; F. E. Whitman. Sec. and Treas.. New York; E. E. Sanders,
:
Snpt; D. E. Clement, And. and Pur. Agt, Union. S. C. DIRECTORS: Emslie Nicholson, O. F. Bennett, Union, S. C.;
If. r. Flpitmann. F. E. Whitman, New York; William Elliott, Columbia, S. C. Annual meeting, March 21. GENERAL
OmcE, Union, S. C.
(2) $420,000 Union Depot Co., of Columbus, general 4'/fcs. Dated July 1, 1896; due July 1, 1946. Interest paid
Jan. and July 1, at Farmers' Loan & Trust Co., New York. Coupon, $1,000. Auth., $800,000. Follow No. 1 on
same property and provide for their retirement. Sinking fund, $2,374 annually to purchase bonds and keep same
alive in fund, interest on latter being added to fund. Now in fund, $44,000. Pennsylvania Co. owns $16,000 of this
issue. Interest paid without deduction for normal income tax. Rating, Baa.
Capital Stock: Auth., $500,000; outstanding, $74,598. Par, $100. The Pittsburgh, Cincinnati, Chicago & St.
Louis Ry. and the Cleveland, Cincinnati, Chicago & St. Louis Ry. each owns one-half of the outstanding stock.
Dividends at rate of 8% per annum are paid.
UNION FREIGHT RAILROAD

History: Incorporated under Massachusetts laws in 1872. Owns 2.3 miles of road connecting the Boston &
Maine R.R. with the New York, New Haven & Hartford, and the Boston & Albany R.R. at Boston. Sidings, 2.52
miles. Equipment: Locomotives, 6.
Management: OFFICERS: Fayette S. Curtis, Pros.; Austin W. Adams, Sec. and Treas.; E. R. Grovenor, Supt,
Boston. DIRECTORS: Chas. F. Choate, Jr., Fayette S. Curtis, Geo. P, Gardner, Philip Dexter, Frank A. Farnham,
Ernest M. Willis, Boston. Annual meeting, second Wednesday in January. OFFICE, South Station, Boston, Mass.

1916 1915
Gross earnings $162,780 $138,202
Operating expenses and taxes.. 121,554 109,655
Net earnings 41,226 28,547
Total income $11.- <>
Fixed charges . . . 14,760

Dividends 20,090
Other deductions .
7,000
Surplus for year. $40

ance transferred from income, $1,538,542; miscellaneous credits, $1,022; total, $3,731,643. Contra: Dividends ap-
credit balance carried to balance
propriations of surplus, $600,000; loss on retired road and equipment, $4,097;
sheet, $3,127,546; total, $3,731,643.

ASSETS: 1916 1915 1914 1913 1912 1911
$15,951,495 $16,102,379 $16,939,247 $15,525,373 $13,934,397 $14,152,013
Working assets 2,247,828 1,436,200 1,095,216 1,992,160 1,273,694 1,003,810
Total $18,252,668 $17,584,875 . $18,074,152 $17,551,454 $15,236,671 $15,178,209

LIABILITIES:
Capital stock $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000 $2,000,000
Funded debt 4,905,000 5,020,000 8,247,897 8,362,897 7,973,923 9,102,738
liabilities 4,641,299 4,869,255 1,110,997 1,040,881 855,494 817,742
Working
Appropriated surplus.. 3,318.299 3,262,821 8 2.-!3,075 1,394,401 310,250 310,250
Total $18,252,668 $17,584,875 $18,074,152 $17,551,454 $15,236,671 $15,178,209

Bonded Debt: (1) $2,000,000 Union R.R. first 5s. Dated Sept. 1, 1896; due Sept. 1,1946. Interest paid March
and Sept. at Fidelity Title & Trust Co., Pittsburgh, Pa.
1, Coupon, $1,000. First lien on the railroad. Interest
paid without deduction for normal income tax. Rating, Aa.
(2) $805,000 Duquesne Equipment first 5s. Due $115,000 each March 1, commencing 1914. Interest, March and
Sept., at Home Trust Co., Hoboken, N. J. Coupon, $1,000. First lien on 5 locomotives, and 1,000 steel gondola
cars. Interest paid without deduction for normal income tax. Rating, Aa.
'
(3) $1,200,000 Mifflin Equipment Trust first 5s. Dated Aug. 1, 1910; due $120,000 per annum, beginning Aug.
1. 1921. Interest Feb. and Aug. 1, at Home Trust Co., Hoboken, N. J. Coupon, $1,000. Principal may be registered.
First lien on 15 locomotives and 1,000 steel gondola cars. Interest paid without deduction for normal income tax.
Rating, Aa.
(4)$900,000 Munhall Equipment Trust first 5s. Dated June 1, 1912 due $75,000 per annum, beginning June 1,
;
1923. Interest June and Dec. 1, at Home Trust Co., Hoboken, N. J. Coupon, $1,000. Principal may be registered.
First lien on 1,000 steel gondola cars. Interest paid without dedution for normal income tax. Rating, Aa.
Capital Stock: Authorized and outstanding, $2,000,000. Par, $50. All owned by the United States Steel Cor-
poration. A
dividend of 25% was paid for year 1904-5 and 10% for year 1906-7; in 1912-13, 25%; 1913-14, 15%;
1914-15, 50% 1916, 30%.
;
UNION TERMINAL COMPANY (DALLAS)

History: Incorporated under laws o fTexas, March 16, 1912. Company owns a passenger terminal in the City
of Dallas, for the following railroads which enter the city: Gulf, Colorado & Santa Fe, Missouri, Kansas & Texas
Ry. of Texas, St. Louis Southwestern Railway of Texas, Houston & Texas Central R.R. ; Texas & Pacific Ry. ; Trinity
& Brazos Valley Ry. ; St. Louis, San Francisco & Texas Ry., and the Chicago, Rock Island & Gulf Ry. Real estate
consists of 10.25 acres in the business district of Dallas. Terminal building covers about one and one-half city blocks,
and has ten parallel tracks, with provision for eight additional tracks, with a capacity for accommodating thirty
trains simultaneously. Total trackage owned, 9.6 miles main track, 2.8 miles depot track; and 3.1 miles of sidings.
In addition, five miles will be leased from the user companies.
Management: OFFICERS: F. G. Pettibone, Pres., Galveston, Tex.; W. A. Webb, Vice-Pres., Dallas, Tex.; J. W.
Everman, Vice-Pres., Tyler, Tex.; M. L. Buckner, Sec. and Treas.; A. S. Steirer, Aud., Dallas, Tex. DIRECTORS: F.
G. Pettibone, J. H. Keefe, Galveston, Tex.; E. B. Gushing, G. R. Cottingham, J. W. Robins, L'. H. Atwell, Jr., Hous-
ton. Tex.; C. N. Whitehead, W. C. Nixon, St. Louis, Mo.; J. H. Elliott, W. C. Connor, W. A. Webb, Dallas, Tex.; G. H.
Schleyer. N. H. Lassiter, Fort Worth, Tex.; J. W. Everman, Tyler, Tex.; T. H. Beacom, El Reno, Okla.; J. L. Lan-
caster, New Orleans, La. Annual meeting, second Tuesday in March. GENERAL OFFICE, Dallas, Tex.
Bonded Debt: $5.000,000 Union Terminal Co. first 5s. Dated April 1, 1912; due April 1, 1942. Interest paid
April and Oct. 1. at William Salomon & Co., New York, and Continental & Commercial Trust & Savings Bank, Chi-
cago, Trustee. Coupon, $1.000. Authorized, $5,000,000. Callable as a whole at 105 and interest on 60 days' notice,
on and after April 1, 1922. First lien on all property of company. Additionally secured by assignment to the
trustee of a 99-year operating agreement, under which each of the railways enumerated above agrees to pay its pro-
portionate share of the interest and principal of the bonds. Under the terms of the operating agreement, if any
company should default in payment due for principal and interest, the remaining companies agree to make good
any defaulted payments. Upon a default by one of the companies, the Terminal Company shall have power to ex-
clude the defaulting company from the use of the terminal facilities. Normal income tax deducted from interest.
Rating, Aa.
Capital Stock: Authorized and outstanding, $48,000. Par, $100. All except directors' qualifying shares owned
by eight companies mentioned above.
UNION TERMINAL RAILWAY

History: Incorporated under the laws of Missouri, November 22, 1901. Furnishes direct connection with the
St Joseph Stock Yards to all railroads entering St.
Joseph.
located in St Jose Ph Mo ->
' 6 20 mil es,
- and 8.78 miles of sidings; making total mileage of
Comparative Income Account, Years Ended Jane 30

1916 1915 1914 1913 1912
Gross revenues $14,167 $8.206 $8,006 $6,099 $7,133
Net operating deficit. $8,007 $9,736 $12,155 $12,000 $6,746

Other income . 63,151 53,459 50,340 48,820 49,198
Total aet income. . . .

$45,144 $43,723 $38,185 $36,820 $42.452
Deficit .
$5,067 $2,471 $9,372 $9,251 $3,612

ASSBTS: 1916 1915 . 1914 1913 1912
Property investment. $1,677,244 $1,569,591 $1,443,907 $1,425,334 $1,413,212
Working assets 37,761 67,502 51,571 45,548 40,301
Deferred debit items. 7,961 4,344 663 24,641 5,136
Total $1,622,966 $1,631,437 $1,496,141 $1,495,623 $1,458,649

LIABILITIES:
Capital stock $500.000 $500.000 $500,000 $500.000 $500,000
Accrued not due.
liabilities 1,343 1,343
Deferred credit items 123 59 2,425 2,493 1,622
Profit and loss 175,290 180,357 185,236 195,720 204.972
Total $1,622,966 $1,631,437 $1,496,141 $1,495,623 $1,458,649
Capital Stock: Authorized and outstanding. $500,000. Par, $100. No bonded debt No dividends paid.
UNION TRANSPORTATION COMPANY

History: Incorporated under the laws of New Jersey, July 17. 1888. Leased to the Pemberton A Hightstown
R.R. for 3 years from July 31, 1896, and from year to year thereafter until terminated by six months' notice, from
per annum and cost of maintenance. The Pemberton & Hightstown R.R. has consoli-
either party. Rental, $1,750
dated with the Philadelphia ft Long Branch R.R. and the Kinkora & New Lisbon R.R. on Feb. 24, 1915, forming
the Pennsylvania A Atlantic R.R., which is controlled by the Pennsylvania R.R.
Located: Leased road extends from Pemberton to Hightstown. N. J., 24.37 miles; sidings, 3.07 miles. Equip-
ment: Locomotives, 3; passenger ear, 1; milk cars, 4; combination, 3; others, 5; total. 13.
Management: Omens: F. S. Gaskill. Pres. and Pur. Agt.; G. L. Shinn, Viee-Pres., New Egypt, N. J.; J.
Holmes. Tn?a.; W. H. Davis. Sec., New Egypt, N. J.; W. Burtis, Aud., Gen. Mgr. and Supt, New Egypt, N. J. DIREC-
TOR: F. S. Gaskill. G. L. Shinn, W. Cottrell. J. H. Woodward. Joel Wainwright, T. B. GasVill, New Egypt, N. J.;
Jos. Holmes. Thos. Meirs, W. E. Cox. Geo. B. Holmes. New Egypt. N. J.; Geo. H. Woodward, W. L. Wilbur, H. Bor-
den. Annual meeting, second Thursday in April. GENE*\L OFFICE, New Egypt, N. J.
Comparative Income Account. Yearn Ended Jane 30

1910 1915 1914 1913 1913
Gross revenues $85.068 $79.328 $80.952 $81,844 $79,398
Net operating revenues. $14,778 "$10,459 $10.050 $5112

Other income 4,719 4,413 2,369 2,454 2,223
Total net income $19.497 $14.872 $12.419 $7.490 $7,3S5

Balance .
$4,653 $2,143 $923 $5,129 $8,398
Deficit.
Comparative Condensed Balance Sheet, as of Jane 30

ASSETS: 1916 1915 1914 1913 1912
Property investment. $34.799 $36.120 $34.809 $43,963 $45,749
Working assets 39,986 36,002 37,089 34,417 36,390
Total $74,780 $72,122 $71,898 $78,379 $82,139

LIABILITIES :
Capital stock $20.250 $20.250 $20.250 $20.250 $20.250
Working liabilities ... 14,000 16,000 18,000 16.168 19,534
Appropriated surplus ' ' ' 31,084 24,228
Profitand loss '40.530 35,872 33,648 10,877 18,127
TU1 $74,780 $72,122 $71,898 $78,379 $82,139
Capital Stock: Auth., $23,000; outstanding, $20,050. Par, $50. No dividends. Dividends of 5% paid each year,
1908 to 1916.
UNITED VERDE & PACIFIC RAILWAY
History- Incorporated under laws of Arizona, March 20, 1894. Line of road owned: Jerome June, to Jerome,
Ariz., 26.26 miles; sidings, 3.43 miles. Entire capital stock is owned by the United Verde Copper Co. Equipment
owned: Locomotives, 7; passenger and freight cars, 146.
Management: OFFICERS: Wm. A. Clark, Pres.: James A. Macdonald, Vice-Pres. and Treas., New York; W. L.
Clark and Pur. Apt., Jerome, Ariz.; Chas. W. Clark, Sec. and Gen. Mgr.
'>nd Vice-Pres. DIRECTORS: Chas. W.
Clark' Wm. A. Clark, James A. Macdonald, New York, W. L. Clark, Jerome, Ariz.; L. Anderson, Prescott, Ariz.
Annual meeting, second Monday in March, at Jerome, Ariz. OFFICE, 20 Exchange Place, New York.

1916 1915 1914 1913 1912
$232,134 $215,898
229,337 232,417
ance transferred from income, $27,908; total, $44,481. Contra: Dividend appropriation of surplus, $25,000; credit

ASSETS: 1916 1915 1914 1913 1912
Working assets 55,703 56,690 25,069 75,942 61,813
Total $309,746 $306,838 $318,714 $327,033 $316,099

LIABILITIES :
Capital stock $290,000 $290,000 $290,000 $290,000 $290,000
Appropriated surplus 265 265 265 1,765 265
Profit and loss 19,481 16,573 28,449 35,268 25,834
Total .......................... $309,746 $306,8^8 $318,714 $327,033 $316,099
Capital Stock: Auth., $400,000; issued. $290,000, of which $40,000 has been purchased and placed in treasury.
Par, $50. No bonded debt Dividends of 10% each were paid in 1913, 1914, 1915 and 1916.
VALDOSTA, FORT GAINES & MONTGOMERY RAILWAY

History: Incorporated under the laws of Georgia, March 1, 1911, as the Moultrie, Ft Gaines & Western R.R.
Co. Adopted present title, Jan. 22, 1912. Controls through stock ownership the Valdosta, Moultrie & Western
R.R., and proposes to build an extension of that line from Moultrie to Montgomery, Ala., about 188 miles, and
for that purpose to buy all the capital stocks, rights and real estate of the Montgomery Eastern Ry. Company.
Management: OFFICERS: Frank Roberts, Pres. and Gen. Mgr.; W. L. Roberts, Sec. and Trcas., Valdosta, Ga.
GENERAL OFFICE, Valdosta, Ga.
Bonded Debt: $4.600,000 Valdosta. Fort Gaines & Montgomery Ry. first 6s. Dated Feb. 1, 1912; due Feb. 1,
1952. Interest paid Feb. and Aue. 1 at Guaranty Trust Co., New York, and its agency in London and in Paris.
Coupon, $100. Authorized, $4.600,000. Callable at 106 and interest First lien on entire property.
Capital Stock: Authorized, $2,300,000. Par, $100.
VALLEY RAILROAD
History: Incorporated under the laws of Pennsylvania, April 25, 1901. Leases the Kinzna Hemlock Railroad.
Kinztia Hemlock Railroad was Incorporated under the laws of Pennsylvania, June 12, 1890. Is leased indefin-
itely from Dec. 12. 1904 at nominal rental of $1 per annum, to the Valley R.R. Road extends from Camp Halsey
to Westline. Pa., 7.91 miles; sidings, 1.14 miles.
Location: Road extends from Day June, to Westline, Pa., 1 mile; main line to timber track, 1 mile; Camp
Halsey Kusheque, Pa., 1.5 miles; leased Westline to Camp Halsey, Pa., 7.91 miles; total operated, 11.41 miles.
to
Sidings, owned, 0.5 miles; leased, 1.14 miles. Equipment: Locomotives, 3; passenger cars, 2; freight cars, 30.
Management: OFFICERS: Edmund L. Day, Pres.; F. A. McGill, Sec.; L. J. Bartlett, Treas. and Aud.; W. J.
Buffington, Gen. Supt, Westline, Pa. DIRECTORS: F. L. Day, W. J. Buffington, H. B. Day, L. J. Bartlett, F. A.
McGill, Westline, Pa. Annual meeting, in January. GENERAL OFFICE, Westline, Pa.

191 1915 1914 1913 1912
Gross revenues ..................... $19,523 $14,275 $10,911 $10,054 $10,743
Operating expense* .................. 21,441 16,437 16,492 17,009 17,518
Net operating deficit. . $1,918 $2,162 $5,581 $6,955 $6,775

Fixed charges, inc. taxes ............. 22 148 150 170 210
Deficit .......................... $2,144 $2,310 $5,731 $7,125 $6,985

Awrrs: 1916 1915 1914 1913 1912
Property investment ................. $24.019 $22.219 $22,978 $24.205 $24,281
Working assets ..................... 8.074 1,774 2,379 2.227 2,224
Profit and loss ....................... 67,255 65,111 62,801 57,070 49,945
Total $94,348 $89,104 $88,158 $83,502 $76,450

LIABILITIES:
Capital stork $14.400 $14.400 $15.000 $15.000 $16,000
Accrued liabilities not due 225 277 208
ToUl $94,348 $89,104 $88,158 $83,502 $7,450
VICTORIA, FISHER & WESTERN RAILROAD
Incorporated under the laws of Louisiana,
Nov. 5, 1902. Road completed in 1903.
History:
Location: Victoria to Cain, La., and branches, 56 miles. Equipment: Locomotives, 6; cars, 133.
Vice-Pres., Hannibal, Mo.; P. A.
Management: OFFICERS: O. W. Fisher, Pres., Seattle, Wash.; W. B. Pettibone, GW.
Bloomer. Sec. and Gen. Mgr., Fisher, La.; J. H. Vanlandingham, Gen.
Aud Fisher La. DIRECTORS: Dulany,
W B. Pettibone, Hannibal, Mo.; J. B. White, Kansas City, Mo.; O.
W. Fisher, W. W. Warren Seattle, Wash.;
P. A. Bloomer, Fisher, La. Annual meeting, second Saturday in January. GENERAL OFFICE, Fisher, La. .
Comparative income Account, Years Ended June 30

1916 1915 1914 1913 1912
Gross revenues $148,825 $138,093 $139,473 $151,877 $82,296
138,549 146,260 111,783 140,456 76,160
Operating expenses
Net operating revenues. $10,276 *$8,167 $27,690 $11,421 $6,136
Fixed charges, inc. taxes. . . 7,244 5,195 5,340 3,018 3,404
Balance . $3,032 *$13,362 $22,350 $8,403 $2,732

* Deficit.

ASSETS: 1916 1915 1914 1913 1912
Working assets ....'. 8,847 13,045 1,591 831 2,752
Deferred debit items. 2
ffotal $341,337 $346,827 $359,708 $338,863 $367,185

LIABILITIES :
Capital stock $300,000 $300,000 $300,000 $300,000 $300,000
Profit and loss 26,833 23,801 37,162 14,812 6,379
Total . $341,337 $346,827 $359,708 $338,863 $367,185
Capital Stock: Authorized and outstanding, $300,000. Par, $100. No bonded debt. No dividends paid.
VIRGINIA & KENTUCKY RAILWAY

History: Incorporated under the laws of Virginia as the Gladeville R.R.; Feb. 20, 1892. Name changed as
above, April 2, 1902.
Location: Road extends from Norton to Wise, Va., 4.2 miles. Equipment: 1 locomotive and 1 car.
Management: OFFICERS: E. F. Masterson, Pres.; N. P. Bigelow, Vice-Pres.; John P. Boyle, Treas., Chicago;
F. M. McClure, Sec., Aud., Gen. Mgr., Supt. and Pur. Agt, Wise, Va. DIRECTORS: N. P. Bigelow, J. P. Boyle,
W. J. Calhoun, T. J. Prendergast, W. A. Flanigan, E. F. Masterson, L. T. Walker, Chicago; E. W. McClure, F. M.
McClure, Wise, Va. Annual meeting, May 1. OFFICE, Wise, Va.

1916 1915 1914 1913 1912
Gross revenues $8,691 $19,994 $10,718 $12,866 $13,728
Maintenance of equip.. . 467 2,688 486 1,293 184
Ne_t oper. revenues. $681 $4,113 *$124 *$414

Total net income. . . $1,031 *$4,047 *$57 *$347

Taxes 664 745 913 609
Fixed charges 5,317 5,545 3,363 3,479
Surplus .
*?4,950 $10,337 *$4,333 *$4,435
VIRGINIA & TRUCKEE RAILWAY

History: Incorporated under laws of Nevada, June 24, 1905, succeeding the Virginia & Truckee R.R. Line of
road operated, Reno to Virginia, Nev., and Carson City to Minden, Nev., 67^6 miles; sidings, 18.07 miles. Equip-
ment owned: Locomotives, 10; cars, 71.
Management: OFFICERS: Ogden Mills, Pres., New York; A. M. Ardery, Vice-Pres. & Gen. Mgr. ; E. B. Yering-
ton. Sec. and Aud., Carson City, Nev. Agency Bank of California, Treas., Virginia City, Nev.; G. A. Tyrrell, Pur.
;
Agt, Carson City, Nev. DIRECTORS: A. M. Ardery, Geo. T. Mills, E. B. Yerington, H. L. Griffiths, Carson City,
Nev.; John F. Cannon, San Francisco, Cal.; J. W. Eckley, W. E. Sharon, Virginia City, Nev.; Ogden Mills, New
York; James Newlands, Jr., San Francisco, Cal. Annual meeting, second Tuesday in May. OFFICE, Carson City,
Nev.
1916 1915 1914 1913 1912 1911 1910
Gross revenues $287,963 $261,488 $270,654 $299,808 $309,972 $301,323 $297,286
Maintenance of way.. 60,282 57,866 58,432 58,010 60,335 1
Maintenance of equipment 32,521 30,443 34,667 33,300 40,246 \ 213,382 185,403
All other operating expenses. . . 145,942 132,204 113,149 121,002 118,206 J
Net operating revenues 149,268 $41,476 $64,406 $86,996 $91,185 $87,941 $111,883
Other income 3,001 2,879 2,644 2,483 8,120
Total net income $52.269 $44,355 $67,050 $89,479 $91,185 $95,061 $111,883
Fixed charges, including taxes. 27,467 24,535 27,446 27,024 28,816 27,704 24,719
Surplus . .
$24,802 $20,820 $39,604 $62,454 $62,369 $67,357 $87,094
Dividends paid * *
25,000 50,000 50,000 50,000 50,000
Balance $24,802 $20,820 $14,604 $12,454 $12,369 $17,357 $37,094

Dividend* paid out of profit and loss.
Profit and OM Account, year ended June 30, 1916: Credit balance transferred from income, $24,802; miscel-
laneous credits, $3,434; debit balance carried to balance sheet, $438,748; total, $466,984. Contra: Debit balance at
beginning of year, $349,456; dividend appropriation of surplus, $75,000; miscellaneous debits, $43,528; total, $466,-
984.
ASSETS: 1916 1915 1914 1913 1912 1911
$4,380.570 $4,394,880
*
$4,406,825 $4,419,130 $4,416,616 $4,433,132
Working assets 200,755 255,664 235,244 190,194 205,313 196,604
Deferred debit items. . . ' ' ' 60 Ill
438,748 349,456 3 57,93 i 390,616 378,071 370,153
Total $5,020,073 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000

LIABILITIES:
Capita] stock $5,000.000 $5,000,000 $5,000,000 $5,000,000 $5,000,000 $5,000,000
Unadjusted credits 20,073
Total . $5,020,073 $5,000,000 $5,000.000 $5,000,000 $5,000,000 $5,000,000

Capital Stock: Auth. and issued, $5,000,000. Par, $100. Dividends of 3% were paid in 1904-5; 1%
each in
years 1906 to 1908, inc., 1%% in 1909; 1% each in 1910 and 1911; 1912, 1%; 1913, 1%; 1914 and 1915, %%;
1916,
VIRGINIA SOUTHERN RAILROAD

History: Incorporated under laws of Virginia, March 10, 1902. Road completed, March 1, 1905,
Location: Road extends from Sugar Grove to Fail-wood, Va., 12 miles. Equipment: Locomotives, 2; car, 1.
Management: OFFICERS: J. C. Campbell, Pres., Marion, Va.; C. W. Amsler, Vice-Pres., Clarion, Pa.; L. A.
Am-tler, Treas., Marion, Va.: C. H. Miller, Sec., Fairwood, Va. DIRECTORS: J. C. Campbell, L. A. Amsler, B. F.
Buchanan, B. S. Charlton, Marion. Va.; C. H. Miller, Fairwood, Va.; C. W. Amsler, Clarion, Pa. Annual meeting,
third Saturday in July. OFFICE, Marion, Va.

1916 1915 1914 1913 1912 1911
Gross revenues $35,397 $34,679 $44,331 $43,551 $31,398 $28,202
Maintenance of equip. . .
2,826 3,222 3,576 2.275 2,135 2,809
Net income $17,958 $15,709 $22,578 $21,228 $10,697 $5,973

Taxes 1,807 1,841 1,731 1,827 1,610
Fixed charges . 13,156 7,646 6,572 6,861 3,727 5,912
Surplus .
$2,995 $8,063 $14,165 $12,636 $5,343 $549
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 6,781 8,684 17,107 T.jr.r, 8,694 3,493
Total $150,908 $154,610 $164,034 $155,082 $157,421 $152,269

LIABILITIES:
WARREN & OUACHITA VALLEY RAILWAY

History: Incorporated under the laws of Arkansas, March 7, 1899.
Location: Road extends from Warren to Banks, Ark., 16 miles; sidings, 2 miles. Equipment: Locomotives,
2; passenger cars, 3; freight car, 1.
Management : OFFICERS Fred Wyman, Pres., Davenport, la. J. W. Embree, Vice-Pres., Chicago ; C. J. Mans-
:
;
field, Sec.; O. O. Axley, Treas.; W. S. Hobbs, Gen. Mgr.; O. W. Wheless, Aud., Warren. Ark. DIRECTORS: Fred
Wyman, Davenport, la.; J. W. Embree, Chicago; C. J. Mansfield, O. O. Axley, J. K. Hodge, S. A. Holt, J. L. Leslie,
Warren, Ark.; G. F. Lindsey, Duluth, Minn. Annual meeting, first Monday after March 7th. GENERAL OFFICE,
Warren, Ark.
1916 1915
Gross revenues $86,400 $51.627
Net operating revenues .'

$47,879 $10,809
Total net income $54.410 $21,268

Fixed charges, inc. taxes 7,329 6,839
Surplus $47,081 $14,429

Profit and Low
Account, year ended June 30, 1916: Credit balance at beginning of year, $10,770; credit balance
transferred from income, $15,481; miscellaneous credits, $33; total, $26.284. Contra: Dividend appropriation of sur-
plus, '$15.800; credit balance carried to balance sheet, $10,484; total, $26,284.
In addition to $316,000 paid from income.

Property investment $292.702 $294.182 Capital stock $316,000 $316,000
Working assets 85,689 33.8 7 Working liabilities 3,379 i.,775
Deferred debit items 1,472 1,4C'3 Profit and loss 10,484 10,770
Total $329,863 $329,545 Total $329,863 $329,545

Capital Stock: Authorized, $500,000; outstanding, $316,000. Par, $100. No bonded debt. Dividends paid:
1908, 5 r 'r; 1909 and 1910, 6% each; 1911. 13%; 1912, 10-Tr ; 1913, 8^; 1914, 7%; 1915, 5%; 1916, 15%. Pay-
ments semi-annually, Jan. and July 1. Secretary of company acts as TRANSFER AGENT AND REGISTRAR.
WARREN, JOHNSVILLE & SALINE RIVER RAILROAD

History: Incorporated under the laws of Arkansas, May 29, 1905, for 50 years.
Location: Road extends from Warren to Hermitage, Ark., 15.60 miles; extension to Johnsville, Ark., 4.30 miles;
total, 19.90 miles. Sidings, 1.15 miles. Equipment: Locomotives, 4; freight cars, 63; service cars, 5.
Management: OFFICERS: S. H. Fullerton, Pres., East St. Louis, III.; J. L. Jamison. Vice-Pres. and Gen. Mgr.,
Warren, Ark.; Frank Goepel, Treas.; R. W. Fullerton, Sec.; V. R. McKinney, Auditor, Warren, Ark.; C. W. Holder-
baum. Supt., Warren, Ark. DIRECTORS: S. H. Fullerton, R. W. Fullerton, East St Louis, 111.; J. L. Jamison, D. R.
Bradham, F. L. Timmons. Warren, Ark. Annual meeting, second Tuesday in June. GENERAL OFFICE, Murphy
Building, East St Louis, III.
1916 1915 1914 1913 1912 1911
Gross revenues $50.038 $39.273 $30.280 $91.101 $55,015 $63,657
Maintenance of way... 8.373 10.391 8.366 9.909 8,802 6570
Maintenance of equip... 5,712 5,733 7.046 10.370 7,421 10.688
All other oper. expenses 21,359 19.283 15,943 23,059 20,818 21,838
Net oper. revenues. $14.594 $3.8^,6 *$1.075 $47.7fi3 $17,974 $24.561

Other income 2,517 5,647 6,176 6,252 5,762 4,796
Total net income... $17.111 $9.513 $5,101 $54,015 $23,736 $29.357

Taxes 1,263 1,327" 1.277 1.302 1.241 1.020
Fixed charges 19,404 19,293 19,137 19,000 19,000 19,252
Surplus *$3,556 $11,10/ $15,313 $33,773 $3,495 $9,085

* Deficit
Profit and Ixw Account, year ended June 30. 1916: Credit balance at beginning of year, $20391; delayed in-
come credits. $18.961; miscellaneous credits, $1,000; debit balance carried to balance sheet,' $11.767; total, $52,119.
Contra: Debit balance transferred from income, $3,556; delayed income debits, $48,563; total, $52,119.

AMETB: 1916 1915 1914 1913 1912 1911
r
Property investment ... $220.408 $221.064 $215.815 $218 19. ,
$195.841 $182,936
r r
Working assets 8.394 26.277 32.918 38.198 13,414 l. ..9. .O
DeferroH Hohit items... 20.250 29,250 38,326 47,646 69,185 67,342
Total $260,81? $276,591 $287,059 $304,039 $278,440 $266,228

LIABILITIES:
WASHINGTON, POTOMAC & CHESAPEAKE RAILROAD

History: Incorporated under laws of Maryfand, in March, 1910, a reorganiatzion of Washington, Potomac &
Chesapeake R.R. Co.
Location: Road extends from Brandywine to Mechanics vile, Md., 21 miles; in District of Columbia, 2.2 miles;
total, 23.2 miles. Equipment: 1 locomotive and 3 cars.
Management: OFFICERS: H. W. Watson, Pres.; W. S. Roney, Vice-Pres.; R. E. Poe, Vice-Pres.jP. O. Kirsch-
man. Sec. and Treas., Philadelphia, Pa.; W. W. Early, Gen. Mgr., Brandywine, Md. DIRECTORS: H. W. Watson, W.
S. Roney, A. B. Roney, P. O. Kirschmann, Philadelphia; J. J. Poe,
Kemp Bartlett, W. B. Duke, Baltimore, Md.; W.
W. Early, Brandywine, Md.; G. H. Poe, Bait., Md. Annual meeting, third Thursday in March. GENERAL OFFICE,
418 Widener Building, Philadelphia, Pa.

1916 1915 1914 1913 1912 1911
Gross revenues $24.443 $24,881 $30,113 $31,098 $33,633 $4i;896
Maintenance of way... 4,780 8,987 19,138* 11,731 16,166 28,351
Maintenance of equip.. 2,445 2,738 1,323 1,535 1,279 771
Net oper. revennet. $1,288 $2,989 $7.527 $398 $5,009

Other income 542 456 446 311 811
ToUl net income.. $1,830 $2,533 *$7,081 $311 ?7o:> $5,009

Tares 1,825 1.M1 1.753 U816 1,668 1,221
Fixed charges 7,742 7,299 6,923 6,990 7,093 5,277
Surplus $7,737 $11,643 $15,757 *$8,494 *$8,051 *$11,507

Deficit
ance .iheet. $50.846; total. $56.566. Contra: Debit balance at beginning of year, $48,829; debit balance transferred

Arn: 1916 1915 1914 1913 1912
Working assets . 1 ."-'( 7,931 4,696 668 <V.T,0
Profit and loss deficit 50,846 48.829 37,186 21,430 12,936
ToUl 1818,012 $672,21 1 $656.969 $632,857 $625,212

LIABILITIES:
Capital stock $500,000 $500,000 $500,000 $500,000 $500,000
Funded debt 1 >
100,000 100,000 100,000 100,000
Accrued liabilities not due..
67,179
M 833 Btt 833 833
Total 9868,012 $672,211 $656,969 $632,857 $625,212

Bonded Debt: $100.000 Washington, Potomac A Chesapeake Ry. first 5s. Dated 1910; due 1940. Interest
paid May and Nov. in Philadelphia. Bucks County Trust Co., Doylestown, Pa., Trustee. Coupon, $1,000, $500 and
$100. Authorized, $2,000,000. A first lien on property. No bonds have actually been issued under this mortgage,
but an interim certificate for $100,000 has been issued to W. H. Watson, the president of the company. Interest
Capital Stock: Authorized, $2.000,000; outstanding. $500,000. Par, $100.
WASHINGTON RUN RAILROAD

History: Incorporated under the laws of Pennsylvania, April 25, 1895. Road opened, January 9, 1900.
Location: Road extends from Layton to Star Junction, Pa., 4 miles; sidings, etc., 3 miles. Equipment: Locomo-
tive, 1; cars, 8.
Management: Omcus: W. Harry Brown, Pres^ Pittsburgh; M. M. Cochran, Vice-Pres. and Gen. Mgr.; J. H.
Price. Sec. and Treas., Dawson. Pa. DIRECTORS: Sarah B. Cochran, N. A. Rist, M. E. Strawn, M. M. Cochran, Daw-
son. Pa.; W. H. Brown, A. J. Wnrtz, Pittsburgh; J. M. Core, Uniontown, Pa.; Alex. C. Sherrard, W. J. Sherrsrd,
Vanderbilt, Pa. Annual meeting, first Saturday in January. GENERAL OFFICE, Dawson, Pa.
1916 1915 1914 1913 1912
Gross revenues $58,632 $44,266 $44,262 $56,673 $53,913

Other income 301 612 1,536 2,192 1,712
Total net income $22,464 $12,194 $12,540 $24,572 $23,622

Net income $20.511 $9.158 $10,371 $22.344 $21,488

Balance $2,511 $4,629 $1,344 $488

Deficit
H14
ASSETS-
assets
Property investment ..............

...... .............
Total ..........................
LIABILITIES:
1916
$210,480
21,556
$232,036
1915
$211,023
22,525
$233,548
1914
$211,566
20,088
$231,654
_ 1913
$212,109
24,336
$236,445
1912
$212,652
20,932
$233,584
Canital stock $150,000 $150,000 $150,000 $150,000 $150,000

Working liabilities'!!;; .............. 1,625 7,390 4,045 4,208 2,691
Accrued liabilities not due ............ 1,651 1,651 1,430 1,430 1,430
Deferred credit items ................ 2,912 1,170 ........ ........ ........
Profit and loss ...................... 75,843 73,337 76,179 80,807 79,463
Total ................ .......... $232,036 $233,548 $231,654 $236,445 $233,584
Capital Stock: Authorized and outstanding, $150,000. Par, $50. No bonded debt dividend of 10% was A
paid for year ended June 30, 1909; 12% in 1910; 17% in 1911; 14% each 1912 and 1913; 10% in 1914; 8% in
1915; 12% in 1916. Payments, semi-annually, Jan. and July.
WASHINGTON TERMINAL COMPANY

History: Incorporated under Acts of Congress, February 12, 1901, and February 28, 1903. Controlled through
stock ownership by Baltimore & Ohio and Philadelphia, Baltimore & Washington roads, equally.
Location: Owns union stations in Washington, D. C., with terminals and approaches embracing 52.59 miles of
track.
Management: OFFICERS: Samuel Rea, Pres.; Oscar G. Murray and W. W. Atterbury, Vice- Pres. ; C. W. Wool-
ford, Sec.; E. M. Devereux, Treas. DIRECTORS: Oscar W. Murray, Daniel Willard, Samuel Rea, G. E. Hamilton, W.
W. Atterbury, Geo. D. Dixon, A. J. County. OFFICE, Washington, D. C.
* Income Account, Year Ended June 30, 1916
Non-operating revenues .................................................................... $1,613 689
Taxes .................................................................................... 72,188
Fixed charges ............................................................................. 1,332,687
Balance ............................................................................... $208,814

Dividend .................................................................................. 170,080
Surplus $38,734

Current assets 1,128,810 Funded debt 12,000.000
Deferred assets 150 Current liabilities 1,031,945
Unadjusted debits 294,177 Unadjusted credits 28,314
Total $17,543,622 Total $17,543,622

Bonded Debt: Washington Terminal Co. first mortgage gold 3%s and 4s. Auth., $12,000,000; outstanding, $10,-
000.000 3%s; $2,000,000 4s. Dated Feb. 1, 1905; due Feb. 1, 1945. Interest paid at New York and Washington.
Coupon, $1,000. Registerable as to principal or fully registerable. Registered, $1,000 and multiples. Guar. jointly
and severally as to prin. and int. by endorsement of the Baltimore & Ohio Co. and the Philadelphia, Baltimore &
Washington R.R. Co. First lien on all property of the company. Legal for S. B. in R. I. Listed on New York
Stock Exchange. Interest payable without deduction for normal income tax. Net Rating, Aaa.
Capital Stock: Auth., $5,000,000; outstanding, $4,252.000. Par, $100. Owned equally by Baltimore & Ohio and
Philadelphia, Baltimore & Washington (Penna. system). Dividends: 1908, 2%; 1909 to date, 4% per annum. Pay-
ments, Jan. and July 1.
WASHINGTON WESTERN RAILWAY

History: Incorporated under the laws of Washington, August, 1912.
Location: Road extends from Woodruff to Machias, Wash., 11.12 miles. Equipment: Locomotive, 1; freight
CUT'S i I
Management: OFFICERS: B. W. Maguire, Pres., Rockford, 111.; J. M. Harnett, Vice-Pres. and Treas.; G. B.
ire, Sec. and Gen. Mgr.; J. A. Herrick, Aud., Three Lakes, Wash. DIRECTORS: B. W. Maguire, A. M. Maguire,
M. Coleman, Rockford. 111.; J. M. Hamett, G. B. Moore, Three Lakes, Wash. Annual
meeting, third Thursday in
July. GENERAL OFFICE, Three Lakes, Wash.

1916 1915 1914 1913
Gross revenues
$29,787 $26,135 $40,138 $30,403
Fixed charges, inc. taxes.
Ii632 i, 6 ll 2,006 1,033
Balance.... $4,949 $424
$4,963 $9,466
ance transferred from income, $4,949; total, $19,801. Contra: Dividend appropriations of surplus, $12,500 ; credit

ASSETS: 1916 1915 1914 1913
Property investment . . . $256,003 $256,251 $255,902 $250,740
Working assets 2,873 9,422 4,974 9,049
Accrued income not due.
Deferred debit items . . . M
Total $258,876 $265,673 $260,876 $259,849
LIABILITIES :
Capital stock $250,000 $250,000 $250,000 $250,000
Working liabilities 126 78 987 8,245
Accrued liabilities not due. 780 743 '
Deferred credit items 669 ' l',666

Profit and loss 7,301 '14,852 9,889 424
Total $258,876 $265,673 $260,876 1259,849

Authorized and outstanding, $260,000.
Capital Stock: Par, $100. No bonded debt. Secretary of company acts
as TRANSFER AGENT. Dividend of 5% in 1916.
WATAUGA & YADKIN RIVER RAILROAD

History: Incorporated under the laws of North Carolina, March 6, 1905, successor to Yadkin River R.R. Has
under construction a line from Grandin to Lenvir and from Darby to Boone, N. C., 35.61 miles; Elkville to Grandin,
N. C., and No. Wilkesboro to Darby, 29.2 miles were completed to Oct 1, 1915; sidings, 2.33 miles.
Receivership: On Oct. 12, 1914, upon application of the preferred stockholders, and various creditors, Judge
Boyd of the U. S. District Court, appointed as receiver of this company, and the affiliated Grandin Lumber Co.,
W. J.Grandin, the president of both.
Equipment: Locomotives, 2; passenger can, 3; freight cars, 23; service cars, 8.
Management: OFFICERS: W. J. Grandin, Pres. and Receiver, Grandin, N. C.: M. K. McMnllin, Vice-Pres.;
R. T. Rossell, Sec., Pittsburgh, Pa,; W. W. Beatty, Treas., Grandin, N. C.; H. C. Landon, Gen. Mgr., North Wil-
kesboro, N. C.; Geo. L. Hadlock, And.. Grandin, N. C. DIRECTORS: M. K. McMullin, J. H. Reed, Pittsburgh, Pa.;
W. W. Beatty, W. J. Grandin, Grandin, N. C.; H. G. Landon, North Wilkesboro, N. C. Annual meeting, first
Monday in June. GENERAL OFFICE, Grandin, N. C.
1916 1915 1914
Gross revenues $26,893 $22,652 $21,909
Net operating revenues. $15,402 $21,831 $834

Fixed charges, inc. taxes. . . 28,646 27,482 26,332
Balance *
$44,048 $49,313 $25,498
Deficit.
ASSETS: 1916 1916 1914
Deferred debit items. 3
Profit and loss 118,858 74,810 25,498
Total $4,014,565 $3,937,800 $3,861,712

LIABILITIES:
Capital stock $3,164,100 $3,138,600 $3,129,600
Funded debt 27.000 ' '
Government grants 22,000 22,666 22',666

Accrued liabilities not due. (89 1,890 635
Deferred credit items. . . 640 1,134 1,142
Total $4,014,565 $3,937,800 $3,8(11,712

Capital Stock:Authorized. $3,500,000; outstanding, $3,164,100. Par, $100. No bonded debt, but company has
outstanding $682,930 short-term indebtedness. TRANSFER AC.ENT, J. E. Dysart, Grandin, N. C.
WATERTOWN & SIOUX FALLS RAILWAY

History: Incorporated June 24, 1916, under the laws of South Dakota. Successor to South' Dakota Central
Ry. Co., sold at foreclosure June 28, 1916. The Watertown & Sioux Falls Ry. Co. commenced the operation of
its property July 1, 1916. Entire capital stock owned by the Great Northern Ry. Co.
Road extends from Sioux Falls, to Watertown, S. D., 103 miles. Equipment: Locomotives, 8; cars, 74.
Location:
Management: OFFICERS: C. O. Kalman, Pres. J. M. Gruber, Vice-Pres.; W. P. Kenney, Vice-Pres.; L. E.
Katzenbach, Sec. and Treas.; G. R. Martin. Compt. DIRECTORS: F. R. Aikans, Ralph Budd, C. O. Kalman, E. C.
Lindley. Otto M. Nelson,
R. P. Sherer, A. D. Thompson. Annual meeting, second Monday in July. OFFICE, St.
Paul, Minn.
Bonded Debt: $75,000 Waupaca-Green Bay Ry. first 5s. Dated July 1, 1913; due July 1, 1933. Interest paid
Jan. and July 1 at Waupaca, Wis. Coupon, $1,000. Authorized, $75,000. Issued to retire $60,000, dated July 1,
1907, and for improvements. Callable on any interest date. First lien on entire property. Interest paid with-
WAYCROSS & WESTERN RAILROAD

History: Incorporated under Georgia laws, Feb. 19, 1912.
Location: Road extends from Waycross to Milltown, Ga., 44.5 miles; sidings, 2.25 miles. Equipment: Locomo-
tives, 2; passenger cars, 2; freight cars, 14.
Management: OFFICERS: Alex. K. Sessoms, Pres., Waycross, Ga.; J. G. Sessoms, Vice-Pres.; L. S. Price, Jr., Sec.,
Treas. and Aud. ; C. M. Raybon, Supt., Waycross, Ga. DIRECTORS: A. K. Sessoms, J. G. Sessoms, R. B. Sessoms,
M. L. Bunn, P. N. Harley, W. E. Sirmans, C. M. Sweat, Waycross, Ga.; W. S. Miller, R. L. Patten, Middletown,
Ga. ; H. D. Bunn, Fairfax, Ga. Annual meeting, second Wednesday in September. GENERAL OFFICE, Waycross,. Ga.

1916 1915 1914 1913
Gross revenues ... $46,943 $27,223 $35,738 $17,862
Net operating revenue '
$9,940 $11,155 J7.066


$16.676 $9,940 $11,906 $7,066
Fixed charges including 24,111 19,755 1 '.1.964 918
Balance $7,435 $29,696 $8,058 $6,148

* Deficit
Comparative Condensrd Balance Sheet, of June 30

ASSETS: 1916 1916 1914 1913
Property investment 1434,968 $428,040 $389,187 $585
Working assets 4,718 264,188 6,854
Deferred debit items. 291,937 294,187
Profit and loss 39,260 31,606 1,910
Total $776,164 $758,550 $655,285 $7,438

LIABILITIES:
Capital stock $420,000 $420.000 $350.000
Funded debt 316.250 314,000 300,000
Working liabilities 38,691 88,608 5,285 $'1,290
Accrued liabilities not due. 1,213 948 '
Profit and loss e'.iis
Total $776,154 $758,550 $655,285 $7,438

Bonded Debt: $384.000 Waycross A Western R.R. first 5s. Dated Aug. 1, 1913; due Aug. 1, 1943. Interest
paid Feb. and Aug. 1. at Savannah Trust Co., Savannah, Ga. Coupon, $1,000. Authorized, $710,000. Callable after
five year* at pr and interest. First lien on all property of company. Interest paid without deduction for nor-
mal income tax.
Capital Stock: Authorized, $710,000; outstanding, $420,000. Par, $1,000. No dividends paid.
WELLINGTON & POWELLVILLE RAILROAD

History: Incorporated under laws of North Carolina. Oct. 20, 1893, successor to the Cashie & Roanoke R.K. Co.
Location: Road extends from Windsor to Ahoskic, ti. C., 22 miles. Gauge, 3 feet. Equipment: Locomotives, 3;
passenger cars, 4 ; freight cars, 53.
Management: OFFICERS: Horton Corwin, Jr., Pres., Treaa. and Pur. Agt.; W. D. Pruden, Sec.; R. C. Holland,
And., Edentown, N. C.; W. M. Corwin, Supt., Ahoskie, N. C. DIRECTORS: Elizabeth Branning Baker, Horton Cor-
win. Jr.. W. D. Pruden, A. T. Baker, Edenton, N. C.; Mrs. F. V. S. Chapin, Detroit, Mich.; Ed. F. Branning. New
York; Edward Shryver, Cincinnati, O. Annual meeting, last Saturday in Jan. GENERAL OFFICE, Edenton, N. C.
1916 1915 1914 1913 1912
Grow revenues $64,770 $45,151 $42,281 $42,405 $46,997
Operating expenses 45.6PO 44,311 34,679 36,549 44,159
Net operating revenues. $9,C&0 $840 $7,602 $5,856 $2,838

Fixed charges, inc. taxes... 5,677 5,200 596
Balance $3,156 $4,795 $2,025 $656 $2,242

1916 1915 1914 1913
Working assets ,
3,831 1,843 8,752 9,422
Total $219,113 $224,505 $222,449 $218,128

LIABILITIES:
Gross revenues
WHITE DEER & LOGANTON RAILWAY
1906. Road built in 1907. Leases White
History: Incorporated under the laws of Pennsylvania, April 17,
1916. Railroad was sold to White
Deer Valley R.R. from 1907 at annual rental of $1,200. Lease expired May 31,
Deer Lumber Co. June 30, 1916.
8.8 miles; leased, Duncan to White Deer, Pa.,
Location- Road owned extends from Duncan to Logan ton, Pa.,
15.60 miles; total operated, 24.4 miles. Gauge, 3 feet Equipment: Locomotives, 2; passenger cars, 4; freight cars,
ll!
Bhnar W. S. Khoad&, White Dear, Pa.' Annual" meeting, first Monday in January. GEN-
ERAL OFFICE, Sunbury, Pa.
1916 1915 1914 1913 1912
Gross revenues . . . $7.242 $8,148 $8,227 $8,833 $8,638
Net operating revenues. $112 *$302 *$1,640 *$3,761 *$4,222

Other income 4,700 4,800 4,800 7,800
Total net income ?3,412 $4,398 $3,160 $1,039 $3,578

Net income ~$205 $1,093 *$149 *$2,262 *$319

* Deficit.

ASSETS: 1916 1915 1914 1913 1912
* $70,951 $70,951
Property investment $20,951 $70,951
Working assets .... $21,914 1,666 758 1,373 4,161
Pfit and loss 48,567 48,772
Total $70,481 $71,389 $71,709 $72,324 $75,112

LIABILITIES :
Capital stock $20,000 $20,000 $20,000 $20,000 $20,000
Funded debt 50.000 50,000 50,000 50,000 50,000
Working liabilities 481 1,389 1,574 2,040 1,566
Profit and loss 135 284 3,546
Total $70,481 $71,389 $71,709 $72,324 $75,112

* Railroad was White Deer Lumber Co. June
sold to 30, 1916.
Bonded Debt: $50,000 White Deer & Loganton Railway 1st 4s. Dated Jan. 1, 1907; due Jan. 1, 1927; interest
paid Jan. and July 1, at Sunbury Trust & Safe Deposit Co., Sunbury, Pa. Callable. First lien on property. Inter-
Capital Stock: Authorized, $100,000; outstanding, $20,000. Par, $50. A dividend of 5% was paid out of undi-
vided profits on Jan. 6, 1913. None since.
WHITE OAK RAILWAY

History: Incorporated under the laws of West Virginia, May 23, 1905, and acquired the railroads of the Price
Hill Fuel Company and the Stuart Colliery Company. The property of the company is leased to the Chesapeake &
Ohio Railway Company and Virginian Railway Company jointly for five years from December 1, 1912.
Location: Road extends from Oak Hill to Bishop, W. Va., 1.14 miles; Carlisle to Lochgelly, W. Va., 6.87 miles;
Price Hill June, to Price Hill, W. Va., 2.33 miles ; total, 10.34 miles. Sidings, 8.68 miles. Total track, 19.02 miles.
Management: OFFICERS: Robert H. Gross, Pres.; H. N. Sweet, Vice-Pres., Boston; F. W. B. Dowst, Sec. and
Treas., Macdonald, W. Va.; Geo. W. Benton, Aud., Boston, Mass.; M. C. Moore, Pur. Agt.; S. A. Scott, Gen. Mgr.,
Macdonald, W. Va. DIRECTORS: Junius Beebe, H. N. Sweet, R. H. Gross, A. C. Burnham, F. W. Payne, Boston.
Annual meeting, second Wednesday in June. OFFICE, Macdonald, W. Va.

1916 1915 1914 1913 1912 1911
Rental income $27,420 $26,353 $26,124 $14,429 $22,059 $25,163
Taxes 232 153 122 768 1,154 5,280
Fixed charges 25,829 24,922 24,777 24,514 31,301 27,941
Surplus . .
$1,359 $1,238 $1,225 '$10,853 *$10,396 "$8,058
* Deficit.

ASSETS :
1916 1915 1914 1913 1912 1911
Working assets ...... 41,252 40,222 3,097 5,246 23,334 8,250
Deferred debit items. . 479 390 22 33 112
Tut:il
$585,487 $685,645 $649,348 $652,531 $688,582 $665,054
LIABILITIES:
Capital stock
THE WICHITA UNION TERMINAL RAILWAY COMPANY
to construct and operate passenger and freight
History: Incorporated under laws of Kansas, March 27, 1911,
terminals at Wichita, Kans. The terminal properties are to be used by the Atchison, Topeka & Santa Fe, Chicago,
Rock Island & Pacific, St. Louis & San Francisco R.R., and the Kansas City, Mexico & Orient Ry., each company
owning one-fourth of the outstanding capital stock.
Management: OFFICERS: Vacancy, Pres.; E. L. Copeland, Sec. and Treas.; E. H. Bunnell, Aud., Topeka,
Kans DIRECTORS: W. R. Smith, Paul E. Walker, Topeka, Kans.; E. D. Levy, Springfield, Mo.; R. R. Verrmlhon,
Chas. A. Smyth, Wichita,
Wichita, Kans.; John A. Eaton, Kansas City, Mo.; T. H. Beasom, El Reno, Oklahoma;
Kans. Annual meeting, first Monday in April, at Wichita, Kans. GENERAL OFFICE, Topeka, Kans.

ASSETS: 1916 1915 1914
Working assets 343,580 337,816 380,271
Profit and loss deficit 1,683 403
Total $2,436,143 $2,440,914 $2,478,706

LIABILITIES:
Capital stock $100,000 $100,000 $100,000
Funded debt 2,300,000 2,300,000 2,300,000
Total $2,436,143 $2,440,914 $2,478,706

* Included in "working assets."
Bonded Debt: $2,300,000 Wichita Union Terminal Ry. first gold 4%s. Dated Nov. 1, 1911; due Nov. 1, 1941.
Int^May and Nov. 1, at office of W. A. Read & Co., New York and London, England. Coupon, $1,000. Principal may
be registered: exchangeable for fully registered bonds, which are reconvertible. Subject to call as a whole or on
any interest date after May 1, 1921, at 108% and int. Under the terms of an operating agreement, which is for 999
years, each of the proprietary companies agrees to pay, when due, one-quarter of the amount represented by then
outstanding First Mortgage 4%%
bonds, and to pay as due its proper proportion of the accrued bond interest.
Should one or more fail to make the proper payments of the agreement, the remaining companies are obliged to
make up the deficiency. Secured by first lien on entire property of company, including about 19 acres of land located
within the city limits. The operating agreement is also pledged as part security. Listed on New York Stock Ex-
change. Interest payable without deduction for normal income tax. Rating, Baa.
Capital Stock: Auth. and outstanding, $100,000. Par, $100. All owned by the proprietary companies named
above.
WILKES-BARRE CONNECTING RAILWAY

History: This road was organized to construct a line of railroad of approximately 7 miles, to make direct
connection between the Pennsylvania R.R. and the lines of the Delaware & Hudson Co., near Wilkes-Barre, Pa.,
which companies jointly own the entire stock. The company began operations March 29, 1915.
Location: Buttonwood, Pa., to Hudson, Pa., 6.65 miles; sidings, etc., 9.20 miles; total mileage operated, 15.85
miles.
Management: OFFICERS: J. T. Toney, Pres., Scranton, Pa.; A. J. County, Vice-Pres., Philadelphia, Pa.; C. S.
Sims, Vice-Pres., Albany, N. Y.; W. H. Williams, Vice-Pres., New York; F. M. Olyphant, Sec.; C. A. Walker,
Treas. -DIRECTORS: L. F. Loree, W. H. Williams, New York; A. J. County, Henry Tatnall, W. W. Atterbury, W. H.
Myers, Philadelphia, Pa.; C. S. Sims, Albany, N. Y.
Income Account, year ended June 30, 1916: Rental income, $39,333; fixed charges and taxes, $40,704; deficit,
$771.
Property investment $2,379,328 $2,318,672 Capital stock $182,600 $10(1,000
Working assets 145,111 38,035 Working liabilities 2,333,872 2,256,343
Deferred debit items 426 55 Accrued liabilities not due. 484
Profit and loss 352 Deferred credit items 8,261
Profit and loss 419
Total $2,525.217 $2,356,762 Total $2,525,217 $2,356,762
Capital Stock: Outstanding, $182,600. Owned jointly by Delaware & Hudson Co. and Penn. R.R.
WILLIAMSPORT & NORTH BRANCH RAILROAD

History: Incorporated in Pennsylvania, Sept. 1, 1882. Reorganization of Muncy Creek R.R.
Location: Line of road owned, 44.40
miles, Hall's to Satterfield, Pa., and branch. Leased, Eagles Mere R.R.,
Branch, 1.6 miles. Total operated, 55.58 miles. Equipment: Locomotives, 7; passenger and
Management: S. D. Townsend, Pres. and Gen. Mgr.; H. H. Farrier, Vice-Pres.; F.

OFFICERS.: W. Corcoran,
and Treas. DIRECTORS:
S. D. and D. K. Townsend, L. R. Parker, H. A.
Annual Knipe, F. W. Corcoran, H. H. Farrier.
meeting, third Wednesday in May. OFFICE, Hughesville, Pa.
MOODY'8 ANALYSES OF INVESTMENTS. 1123

1916 1915 1914 1913 1912 1911 1910
Gross revenues $152,631 $137,725 $137,048 $130,508 $137,842 $134,632 $140,408
All other operating expenses. . . 64,260 110,069 60,040 55,581 59,078 61,354 61,984
Net operating revenues .... $48,262 $27,656 $25,628 $35,458 $42,356 $40,647 $44,820
Other income . 133 404 5,323
Total net income $48,395 $27,656 $25,628 $35,862 $42,356 $40,647 $50,143
Fixed charges, inc. taxes. 44,082 44,647 44,990 45,761 41,354 41,469 41,004
Surplus $4,313 *$16,991 *$19,362 *$9,899 $1,002 *$822 $9,139

* Deficit.
ance transferred from income, $4,313; profit on rood and equipment sold, $336; total, $141,904. Contra: Loss on
retired road and equipment, $8,134; miscellaneous debits, $2,500; credit balance carried to balance sheet, $131,270;
total, $141,904.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment ... 12,063.435 $2,067.059 $2,063,388 $2,078,212 $2,089,610 $2,095,034
Working assets 63,306 49,025 54,885 57,879 60,321 46,750
Deferred- debit items. . . 20,525 20,525 20,534 20,681 20,560 21,080
Total $2,137,266 $2,136,609 $2,138,807 $2,156,772 $2,170,491 $2,162,864

LIABILITIES:
Capital stock $1,324,662 $1,324,62 $1,324,662 $1,325.362 $1,325,362 $1,325,362
Funded debt M4JOO 569,800 000 560,500 560,500 575,500
Working liabilities Mists 76,000 108,179 91,432 96,282 82,931
Accr'd liabilities not
due 19,206 10,552 ' ' 480 480
Deferred credit items.. 19.331 '6,679 '6,654 6,654 7,243
Appropriated surplus . . ' ' ' ' 6,507
Profit and loss surplus. 131,270 137,255 165',287 '172,824 Ysiîs 164,841
Itotal $2,137,266 $2,136,609 $2,138,807 $2,156,772 $2,170,491 $2,162,864

Bonded Debt: (1) $545,000 Williamspprt & North Branch R.R. first 4V4s; dated July 1, 1901; due July 1, 1931;
int. Jan. and July, at Fidelity Trust Co., Philadelphia. Coupon, $1,000. Authorized, $750,000. First lien on entire
mileage owned. Net Rating, B.
(2) $100.000 Eagles Mere R.R. first 5s; dated Oct. 1, 1912; due Oct. 1, 1942; int. paid April and Oct., at Bel-
mont Trust Co., Philadelphia. Coupon, $50, $100 and $500. First lien on 10 miles, Sonestown to Eagles Mere
Park. Pa. This road is leased to Williamsport & North Branch R.R. for 99 years, at rental of $5,000 per year,
equalling interest on these bonds. Rating, Baa.
Equipment Trusts: There are outstanding, $16.000 6% equipment bonds, maturing $3,000 annually for seven
years, and $1,000 the eighth year. Coupon, $500 and $1,000. First lien on new equipment costing $25,000. Also
$800 Series E 6% outstanding. Secured on 1 car.
Capital Stock: Anth., $2,000,000; outstanding, $400,000 preferred and $923,250 common. Par, $100. Also $1,412
debenture stock authorized and outstanding. No dividends.
WILMINGTON RAILWAY BRIDGE COMPANY

Hintpry: Incorporated under the laws of North Carolina June 23, 1866. Jointly owned and operated by Sea-
board Air Line Ry. and Atlantic Coast Line R.R. companies.
Location: Railway and bridge between Hilton and Meare's Bluff, N. C., 2.4 miles.
Management: G. B. Elliott, Pres., Wilmington, N. C.; R. L. Nutt, Sec. and Treas., Portsmouth,
OFFICERS:
V*. DIRECTORS: G. B. Elliott, J. F. Post, F. R. Kenly, Lyman Delano, Wilmington, D. C.; W. J. Harahan, Norfolk,
Va.; L. R. Watts, Portsmouth, Va. Annual meeting, second Tuesday in December. GENERAL OFFICE, Wilmington,
N.. C.
1916 1915 1914 1913 1912
Rental income $10,650 $10,850 $10,850 $10.850 $10,850
Fixed charges, inc. taxes 10.8SO 10,850 10,850 10,850 10,850

Assrrs: 1916 1915 1914 1913 1912
Working assets 2,713 2,713 2,713 2,713 2,713
Total $259,713 $259,713 $259,713 $259,713 $259,713

Li ABILITIES:
Capital stock $40,000 $40,000 $40,000 $40,000 $40,000
Funded debt 217,000 217,000 217,000 217,000 217,000
Total . $259,713 $259,713 $259,713 $259,713 $253.713

1124
intent
Fi7
Ry
April !nd Oct. TaTsffe Deposit

p1?id
lienTn Intire property of the company. Guaranteed principal
and AuSnt"c Coait Lin/R-R. companies. Normal
Capital Stock:
Authorized and outstanding, $40,000. Par, $100. Owned jointly by companies

_
$917000 Wilmington Railway Bridge Co. 1st cons. 5s. Dated April 1, 1893; due April 1 1943;
I Trust Co, Baltimore. Coupon, $1,000. Authorized $260,000.
and interest jointly by Seaboard Air Line
Rating, Aa.
mentioned above.
WINFIELD RAILROAD
1900.
History: Incorporated under the laws of Pennsylvania, September 25,
Location- to Denny's Mills, Pa., 0.8 mile; leased: Penna. R.R. Winfield June.
Road extends from West Winfield
to West Butler June, to Winfield June, Pa, 3.9 miles; total operated, 13 miles. Equip-
Win'fleld, Pa., 8.3 miles;
ment: Locomotives, 2; combination car, 1.
F. C. McKee, Sec. and
Management: OFFICERS: 'S. B. Smith, Pres. and Gen. Mgr.; B. C. McKee, Vice-Pres.;
Treas Pittsburg, Pa. DIRECTORS: S. B. Smith, W. E. Camahan, W. D. Hamilton, R. J. Cleland, T. E. Camahan,
B. C. McKee, F. C. McKee, Pittsburgh, Pa. Annual meeting, second Tuesday in January. GENERAL
OFFICE: Sec-
ond National Bank Building, Pittsburg.
Income Account, Tear, Ended June 30

1916
Gross revenues
Operating expenses

Other income ........
Total net income .......................... .............................................. ?

?J'2io
Fixed charges, including taxes ---- ............................................................ 11.26
Surplus ................................................................................ $9.757
Condensed Balance Sheet, as of June 30

Property investment ................. $35,571 Capital stock ........................ $10,000
Working assets ...................... 17,700 Working liabilities ................... 5,222
Accrued liabilities not due ............. 5,527
Profit and loss ....................... 37,522
Total $53,271 Total $53,271
Capital Stock: Authorized and outstanding, $10,000. Par, $100. No bonded debt.
WINIFREDE RAILROAD
History: Incorporated under the laws of West Virginia, November 16, 1881. Road opened in 1882.
Location: Road extends from Winifrede June, to Winifrede, W. Va, 7.43 miles. Sidings, etc, 3 miles. Eejuip-
mentr Locomotives, 3; cars, 261.
Management: OFFICERS: J. J. Sullivan, Jr., Pres.; S. F. Houston, Vice-Pres.; Ralph G. Wilson, Sec, Philadel-
phia; Frank B. Stewart, Treas. and Gen. Mgr.; J. G. O'Callaghan, Aud.; F. D. Barron, Supt, Winifrede, W. Va.
DIRECTORS: J. J. Sullivan, Jr., A. E. Kennedy, Samuel F. Houston, John A. McCarthy, C. C. Savage, R. W. Meirs,
R. G. Wilson, Philadelphia; Frank B. Stewart, Winifrede, W. Va. Annual meeting, second Wednesday in Janu-
ary. GENERAL OFFICE: Winifrede, W. Va.
Capital Stock: Auth, $200,000; outstanding, $150,000. Par, $100. No bonded debt. Recent dividends as fol-
lows: 1905, 6% ; 1906 and 1907, 5% each.
WINONA BRIDGE RAILWAY

History: Incorporated under laws of Minnesota, July 10, 1890, road being opened in September, 1891. Com-
owns bridge between Winona, Minn, and Buffalo, Wis, which is leased until September 1, 1935, to the Chicago,
urlington & Quincy R.R. and Green Bay & Western R.R. Companies. Own 1.03 miles of track.
Suiy
Management: OFFICERS: W. W. Baldwin, Pres, Burlington, la.; F. B. Seymour, Vice-Pres, Green Bay, Wis.;
W.Weiss, Sec.; T. S. Rowland, Treas, Chicago. DIRECTORS: T. S. Rowland, C. I. Sturgis, Chicago; W. W.
Baldwin, Burlington, la.; F. B. Seymour, J. C. Thurman, Green Bay, Wis. Annual meeting, first Wednesday in
June. OFFICE, 547 West Jackson Boulevard,
Chicago, HI.

1916 1915 1914 1913 1912 1911 1910
Rental income $48,065 $44,443 $44,498 $44,756 $37,183 $27,806 $37,802
Surplus $8,862 $21,673 $23,650 $22,968 $15,841 $6,605 $16,674

and Lorn Account, year ended June 30, 1916: Credit balance at
Profit
beginning of year, $141,067; credit bal-

ASSETS: 1916 1916 1914 1913 1912 1911
Working assets 56,127 134,201 112,981 88,663 65,792 61,978
Total $847,470 $925,544 $904,324 $880,006 $857,135 $842,671

LIABILITIES:
Capital stock $400,000 $400,000 $400,000 $400,000 $400,000 $400,000
Funded debt 280,000 384,000 384,000 384,000 384,000 384,000
Working liabilities 274 477 920 262 360 1,636
Deferred credit items.. 6,600 10
11,667
Profit and loss surplus. 149,929 -141,067 119,394 96,744 72,775 56,936
Total $847,470 $925,644 $904,324 $880,006 $857,135 $842,671
Bonded Debt: $280,000 Winona Bridge Ry. first gold 6s. Dated Sept. 1, 1890; due Sept 1, 1915, extended to
Sept 1, 1935. Int March and Sept. 1, at 647 West Jackson Boulevard, Chicago, and office of C. B. & Q. R.R., 32
Nassau Street New York. Coupon, $1,000. Principal may be registered. Sinking fund of $14,000 per annum to
retire bonds at maturity. First lien on entire property. Normal income tax deducted from interest.
Rating, Baa.
Capital Stock: Authorized and outstanding, $400,000. Par, $100. AH owned by the lessees.
WINSTON-SALEM SOUTHBOUND RAILWAY COMPANY

History: Incorporated under the laws of North Carolina, January 31, 1905. Road was completely opened in
March, 1911. It is operated independently but is jointly controlled by the Norfolk & Western Ry. and the Atlantic
Coast Lane R.R., these latter companies being equal owners of the capital stock.
Location: Main line extends from Winston-Salem to Wadesboro, N. C., 92 miles, with trackage rights; miles of
second track, 3.02; sidings, 19.45 miles; making the total operated June 30, 1916, 93.79 miles. Equipment owned:
Locomotives, 7; passenger and freight cars, 195.
Management: H. E. Fries, Pres., Winston-Salem, N. C.:J. R. Kenly, Vice-Pres.; J. F. Post Treas.;

OFFICERS:
W. H. Johnson, Gen. Supt; H. C. Prince, Gen. Aud., Wilmington. N. C.; H. F. Wilkinson, Sec., Roanoke, Va. DIREC-
TOE8: H. E. Fries. Winston-Salem, N. Cj L. E. Johnson, N. D. Maher, Roanoke, Va.; J. I. Doran, Philadelphia,
Pa.; Geo. P. Elliott, Philadelphia, Pa.; J. R. Kenly, Wilmington, N. C. Annual meeting in October OFFICE, Wins-
ton-Salem, N. C.
1916 1915 1914 1913 1912 1911
Gross revenues ?rn<. (1 $461,089 $515,855 $438,711 $344,683 $52,139
Maintenance of equip.. 46,925 39,418 36,665 25,072 16,770 \ 44,176
AH other oper. expenses 201 .281 195,438 197.189 166,448 146,297 J
Operating ratio .... 50.7% 5.6% 55.18% ", , ,;>:
Other income 24,693 30,111 27,219 14,629 20,299 1,913
Total net income. . . $325.433 $188.702 $268,433 $210,948 $142,757 $9,876

Taxes accrued 24,016 22,777 21,938 21,187) ..
Fixed chgs., inc. taxes.. ^44,95 4,880
t289,184 f278,768 268,050 250,514 J
Balance $12,234 $112.848 . '$31,558 '$60,760 '$102,799 $84.756

Deficit. f Does not include taxes.
Profit and LOM Account year ended June 30, 1916: Credit balance transferred from income, $12,234; miscel-
laneous credits, $14; debit balance carried to balance sheet $405.filfi; total, $417,894. Contra: Debit balance at
beginning of year, $410,081; loss on retired road and equipment $1,930; miscellaneous debits, $5,884; total, $417,894.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 153,202 85,561 162,434 151,839 218,006 348,004
Deferred debit items... 412.121 417,056 322,726 330,085 336,720 343,185
Profit and loss deficit.. 405,646 410,081 297,237 267,252 .
199,491 91,768
Total $6,582,563 $6,476,568 $6,251,246 $6,143,295 $5,847,265 $5,445,825

LIABILITIES:
Capital stock $125.000 $125,000 $125,000 $125,000 $125,000 $126,000
Funded debt 6,186,000 6,120,000 5,000,000 5,000,000 6,000,000 6,000,000
Working liabilities 203,732 147,793 1,085,180 989,369 704,450 810,205
dn
Acerd. liabilities not 62,587 78,525 88,471 26,638 14,041 10,000
Deferred credit Items. . 2,762 5,250 2,995 2,288 3,744 620
Total $6,582,563 $6,476,668 $6,251,246 $6,143,295 $5,847,265 $5,445,826

H 26 MOODY'S ANALYSES OF INVESTMENTS.
Bonded Debt: $5,000,000 Winston-Salem Southbound Ry. first 4s. Dated July 1, 1910;
Jan and July 1, at United States Trust Co., New York. Coupon and reg., $1,000; interchangeable.
in* .intly and severally, by Atlantic Coast
Savings Banks in Fla., Mich., Minn., N. H., R. I. Listed on
lantic
,,,0; outstanding,
New York Stock Exchange. Interest
$125,000.
Coast Line R.R. each owns one-half of the stock issue.
Par, $100. The Norfolk
No dividends.
&
_
due July 1, 1960. Int.
Guar. pnn. and
Line R.R. and Norfolk & Western Ry., each of these companies owning
one-half of the stock. First lien, 89 miles from Winston-Salem to Wadesboro,
N. C., and on equipment. Legal for
j*.*
Western Ry. and the At-
WISCASSET, WATERVILLE & FARMINGTON RAILWAY

History: Incorporated under the laws of Maine, January, 1907,
successor to the Wiscasset, Waterville & Farm-
ington R.R., sold under foreclosure December 4, 1906.
Location: Road extends from Albion to Wiscasset, Me., 43.50 miles; branches and spurs, 2.25 miles; total, 45.75
miles; sidings, etc., 1.50 miles. Gauge, 3 feet. Equipment: Locomotives, 6; passenger cars, 5; freight cars, 91;
%
Management: OFFICERS AND DIRECTORS: Mrs. C. C. Peck, Pres.; F. C. Peck, Vice-Pres., Wiscasset, Me.; W. D.
Patterson, Treas., Wiscasset, Me.; N. L. Basset, Clerk, Augusta, Me.; S. J. Sewall, Gen. Mgr., Wiscasset,
Me. An-
nual meeting, third Wednesday in October. GENERAL OFFICE, Wiscasset, Me.
1916 1915 1914
Gross revenues . ................................ $64,705 $72,571 $76,518
Operating expenses ............................................. 64,051 66,734 70,834
Net operating revenues ...................................... $654 $5,1337 $5,684

Other income ................................................... 853 876 300
Total net income ............................................ $1,507 $6,713 $5,984

Fixed charges, including taxes .................. . ................. 638
Balance .................................................... $869 $6,016 $5,369

ASSETS: 1916 1915 1914
Property investment ............................................ $307,926 $308,266 $307,866
Working assets ................................................. 26,135 23,939 17,908
Total ...................................................... $334,061 $332,205 $325,774
Capital stock ........................................ $300,000 $300,000 $300,000

Working liabilities ................. ............................
. 1,774 787 371
Profit and loss .................................................. 32,287 31,418 25,403
Total ...................................................... $334,061 $332,205 $325,774

Capital Stock: Authorized and outstanding, $200,000 preferred and $100,000 common. No bonded debt. No
dividends paid.
WISCONSIN & MICHIGAN RAILWAY
History: Incorporated under laws of Wisconsin, October 26, 1893. First section of road was opened in Janu-
ary, 1895. On January 26, 1910, the Michigan lines of this road were sold to John Marsch of Chicago for $67,990,
being amount of taxes with interest due that State to date.
Judge Charles A. MacDonald on January 15, 1912, at Chicago, appointed Frank McKey receiver in Illinois, and
by supplemental proceeding in Federal Court at Milwaukee, S. N. Harrison was appointed receiver of the property,
effective February 1, 1912.
Location: Road extends from Peshtigo Harbor, Wis., to Iron Mountain, Mich., 76.3 miles; Twin Creek to Syca-
more, Wis., 11.4 miles; Willow to end of track, 1.9 miles; Everett, Mich., to Coastine, Wis., 31.8 miles; other
branches, 6.7 miles; total; 128.1 miles. Trackage over C. M. & St. P. Ry. Bagley June., Wis., to Menominee, Mich.,
8.5 miles. Total track operated, 136.6 miles. Sidings, 31.08 miles. Equipment: Locomotive, 6; cars, passenger, 3;
freight and company cars, 325.
Management: OFFICERS: S. N. Harrison, Rec.; Emil Marsch, Vice-Pres., Peshtigo, Wis.; John Marsch, Sec.;
Nicolas Marsch, Treas., Chicago; M. F. Schulze, Aud.; W. H. Wright, Supt., Peshtigo, Wis. DIRECTORS: John
Marsch, Emil Marsch, N. Marsch, Peshtigo, Wis.; L. E. Hardings, Chicago, 111. Annual meeting, second Tuesday in
January, at Marinette, Wis. OFFICE: Peshtigo, Wis.
1916 1915 1914 1913 1912 1911
Gross revenues ....... $149,312 $122,641 $122,921 $115,270 $145,782 $187,905
Net oper. revenues. $32,447 $17,438 *$546 $944 $7,492 $14,507

Other income ......... 11,529 9,719 17,487 20,218 16,259 16,785
Total net income.. $43,976 $27,157 $16,941 $21,162 $23,751 $31,292

Taxes 7,071 7,760 7,822 8,169 11,456 15,083
Fixed charges 9,866 8,530 7,493 7,368 70,251 119,173
Surplus $27,039 $10,867 $1,626 $5,625 *$57,956 *$102,964

Deficit.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 439,012 436,111 628,744 626,243 793,184 779,884
Deferred debit items. . 565,404 560,471 541,839 436,245 433,188 1,166,180
Total $6,108,401 $6,132,105 $6,483,800 $6,496,301 $6,368,325 $6,272,582

LIABILITIES:
Capital stock $1,488,200 $1,488,200 $1,500,000 $1,500,000 $1,500,000 $1,500,000
Funded debt 3,518,245 3,518,245 3,868,245 3,868,245 3,868,245 3,868.245
Working liabilities . . . 927,908 952,416 943,207 955,708 976,181 887,002
Accrued liab. not due. 10.727 10,726 10,728 10,728 13,899 16,735
Deferred credit items. 163,321 162,518 161,620 161,620
$6,108,401 $6,132,105 $6,483,800 $6,496,301 $6,358,325 $6,272,582

Bonded Debt: (1) $951,000 Wisconsin & Michigan Railway 1st 5s. Dated Jan. 1, 1895; due Jan. 1, 1945. In-
Jan. and July. Metropolitan Trust Co., New_York, Trustee. Closed mortgage. First lien on line from Pesh-
tigo Harbor, Wis., to Faithorn June., Mich., 55.2 miles, and from Hammond, Mich., to end of line, 1.45 miles.
Rating, B.
(2) $1,460,000 Wisconsin A Michigan Railway general 4s. Dated Feb. 1, 1905; due July 1, 1945. No interest
has been paid. Coupon, $1,000. Equitable Trust Co., Chicago, Trustee. Authorized, $3,000,000, of which $1,800,000
issuable to reimburse company for expenditures, for betterments, etc. $1,200,000 are reserved to retire the outstand-
ing first 6s and $20,000 are issuable per mile of single track above 80 miles, July 1, 1914, with $10,000 per mile
second track. First lien on road from Peshtigo Harbor, Wis., to Cundy, Mich., 73.38 miles, and a lien on all other
property of company. Subject to No. 1.
(3) $1,117,245 Wisconsin A Michigan Ry. income 5s. Dated July 1, 1909; due July 1, 1959. No further details
obtainable.
Capital Stock: Auth., $1,500,000; outstanding, $1,488,200. Par, $100. TRANSFER AGENT, Equitable Trust Co.,
Chicago. REGISTRAR, Metropolitan Trust Co., New York.
WISCONSIN & NORTHERN RAILROAD

History: Incorporated under the laws of Wisconsin, May 28, 1906, to build a line from Menasha, Wis., to Mc-
Keever, Mich., and branch to Antigo, Wis.
Location: Road extends from Shawano to Van Ostrand, Wis., and branches, 59.62 miles. Equipment: Locomo-
tives, 4 passenger cars, 2 freight cars, 75.
; ;
Management: OFFICERS: J. S. Jones, Pres.; S. A. Cook, Treas.; C. H. Hartley, Sec. and Gen. Mgr., Oshkosh,
Wis. DIRECTORS: J. S. Jones, Chicago; M. J. Wallrich, Shawano. Wis.; M. D. Keith, Crandon, Wis.; W. M. Bray,
Oshkosh, Wis.; S. A. Cook, Neenah, Wis.; E. H. Steiger, Oshkosh, Wis.; F. D. Lake, Menasha, Wis. Annual meeting,
first Tuesday in October. GENERAL OFFICE, Oshkosh, Wis.
1916 1915 1914 1913 1912 1911
Gross revenues $94,788 $85,132 $92,817 $107,337 $86,294 $75,305
Maintenance of equip. . 11.524 12.195 9,131 8,370 9,561 4,301
Net oper. revenues. $9,207 IM.OM $37,369 $37,008

Taxes 6.304 6,498 5,932 6,719 6,857
Fixed charges 20,043 15,584 18,098 20,300 152 4,693
Surplus . $17,140 ? 1.700 $1,457 $23,641 $31,498 $26,458

1
Deficit.
AHETS: 1916 1915 1914 1913 1912 1911
Property investment. $2,164,325 $1,869,283 $1,730.969 $1,703,855 $1,668.844 $1,620,344
Working assets 68,256 58,346 37,682 60,303 69,016 54,388
Deferred debit items. 1 ,::-.. i
Ijm 1,589 1,308 1,357
Total $2,232,681 $1,929,020 $1,770,624 $1,765,747 $1,739,178 $1,676,089

LIABILITIES:
Capital Stock $1,496,118 $1,414.632 $1,339,900 $1,339.900 $1,339,900 $1,339,900
Accrd. due
liabilities not ' 7,730 9,778 9,509 10,979
Deferred debit items... 23,708 *15,666 ' '
Total $2,232,581 $1,929,020 $1,770,624 $1,765,747 $1,739,178 $1,676,089

Bonded Debt: Authorized, $10.000,000 Wisconsin A Northern R.R. first 6s. None issued. Dated April 22,
1907; due July 1, 1932. Interest paid Jan. and July, at Oshkosh, Wis. Coupon, $1,000. United States Trust Co.,
New York, and Edward W. Sheldon, trustees. No sinking fund. Of these bonds $7,000,000 are issuable to provide
for construction and equipment of 234 miles of road, and the balance is reserved for additional road at $15,000
per mile, and for new equipment, terminal facilities, etc. None issued to date.
Capital Stock: Authorized, $1,500,000; outstanding, $1,496418. Par, $100. No dividends. TRANSFER AGENT AND
REGISTRAR, secretary of company.
WOOD RIVER BRANCH RAILROAD
1872. Road opened, July 1, 1874.
History: Incorporated under the laws of Rhode Island, July 8,
Location: Road extends from Wood River June, to Hope Valley, R. L, 5.7 miles; sidings, 0.93 mile. Equip-
ment: Locomotive, 1; cars, 3.
Management: OFFICERS: Ralph C. Watrous, Pres.; NathT Nath'l
W. Smith, Sec., Providence, R. I.; S. R. Richmond,
TrCaS. A. J. Christopher, kjj/v.,
-. VIUIBIUJJUCI, Hope Valley,
Supt, AAWJX^. . ..*.,, R. -I. DIRECTORS:
,
W. Smith, Frank W. Mattison, Ralph C.
J
in T>:-I : ._j oj !>-,. ;,)nr,oo n T Toooo H Met/-alf. Annual meetinc-. Tuesdav in October,
meeting, second Tuesday October, at
Watrous, F. E. Richmond, 2d., Providence, R. I. Jesse H. Metcalf
.
;
Richardson, Treas., Hope Valley, R. I.

1916 1915 1914 1913 1912 1911
Gross revenues $13,480 $12,719 $15,709 $16,086 $15,617 $15,485
AH other oper. expenses 8,623 8,394 8,375 8,292 9,410 8,577
Net oper. revenues. *$1,531 *$2,596 $1,953 $1,884 $2,039 $3,058

Other income 51 55 47 37 24 29
Total net income... *$1,480 *$2,541 $2,000 $1,881 $2,063 $3,087

Taxes 764 746 ' 807 562 562
Fixed charges 4,145 7,260 3,832 3,107 3,348 3,347
Deficit $6,389 $10,547 $1,832 $2,033 $1,847 $822

'
Deficit.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment. . $128,368 $132,634 $130,512 $130,632 $130,752 $130,872
Working assets 4,296 4,285 8,153 4,493 6,629 8,305
15,253 8,864
Total $147,917 $145,783 $138,665 $135,125 $137,381 $139,187

LIABILITIES :
Capital Stock $60,000 $60,000 $60,000 $60,000 $60,000 $60,000
Funded debt 61,000 64,500 60,000 60,000 60,000 60,000
Accrd. liabilities not due 293 281 262 1,161 175 328
Deferred credit items . . 11,588 9,328
Profit and loss surplus. '3,683 8,949 10,760
Total .
$147,917 $145,783 $138,665 $135,125 $137,381 $139,187
Bonded Debt: $56,500 Wood River Branch R.R. first 5% s. Dated July 1, 1909 due July 1, 1924. Interest paid
;
Jan. and July 1, at First National Bank, Hopkinton, R. I. Coupon, $500. Authorized and issued, $60,000. $3,500
held in treasury. First lien on entire property.
Note: There were also $4,500 equipment notes outstanding June 30, 1916.
Capital Stock: Authorized, $250,000; outstanding, $60,000. Par, $100. TRANSFER AGENT AND REGISTRAR, S. R.
Richardson, Treas., Hope Valley, R. I.
WOODSTOCK & BLOCTON RAILWAY

History: Incorporated under the laws of Alabama and took over part of the Birmingham Southern R.R. Owned
jointly by the Louisville & Nashville R.R., the Alabama Great Southern R.R., and operated by the latter company
for the account of joint proprietors.
Location: Road extends from Woodstock to Blocton, Ala., 8.01 miles; sidings, 10.38 miles.
Management: A. G. Smith, Pres.; T. E. Brooks, Vice-Pres.; W. J. Edwards, Sec., Birmingham,
OFFICERS:
Ala.; Charles Patton, Treas.; A. H. Plant, Aud.; H. Baker, Gen. Mgr., Cincinnati, O. DIRECTORS: A. G. Smith,
E. Brooks, W. J. Edwards, L. Sevier, Birmingham, Ala.; G. W. Jones, Montgomery, Ala. Annual meeting, second
Wednesday in October. GENERAL OFFICE, Birmingham.

1916 1915 1914 1913 1912
Rental income $19,720 $19,475 $19,410 $18,513 $18,236
Balance $12,000 $12,000 $12,000 $12,000 $12,000

ASSETS: 1916 1915 1914 1913 1912
$288,353 $278,226 $277,238 $268,868 $268,868
Working assets 20,106 18,446 22,837 22,614 25,270
Preferred debit items. 3,712 6,833 6,908 4,349 3,870
Total .
$312,171 $303,555 $306,983 $295,831 $298,008
MOODY 'S ANALYSES OF INVESTMENTS . 1129
LIABILITIES:
Capital stock
ASSETS: 1916
Profit and Loss Account, year ended June 30, 1916 : Credit balance transferred from income, $88,661 profit on ;
road and equipment sold, $233; debit balance carried to balance sheet, $412,700; total, $501,594. Contra: Debit
balance at beginning of year, $496,605 loss on retired road and equipment, $4,989 total, $501,594.
; ;

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment . . $9,326,915 $9,299,570 $9,319,368 $9,270,348 $9,182,686 $9,162,304
Working: assets 84,534 977,753 981,095 2,147,744 3,011,997 2,991,024
Deferred debit items . . . 8,460 11,183 11,564 11,039 1,254 3,012
Profit and loss deficit. . . 412,700 496,605 446,794 718,414
Total $9,832,609 $10,785,111 $10,758,821 $12,147,545 $12,195,937 $12,156,340

LIABILITIES:
Capital stock $4,747,350 $5,658350 $5,658,850 $5,250,000 $5,250,000 $5,250,000
Funded debt 5,000,000 5,000,000 6,000,000 5,000,000 5,000,000 6,000,000
Working liabilities .... 72,613 115,784 88,643 1,888,759 1,692,192 1,564.706
Accrued liab. not due.. 6,798 5,408 6,159 5,174 3,425 4,606
Deferred credit items . . 5,848 5,069 5,169 3,612 3,581 984
Total $9,832,609 $10,785,111 $10,758,821 $12,147,545 $12,195,937 $12,156,340

Bonded Debt: (1) $3,000,000 Yosemite Valley first sinking fund gold 5s. Dated Dec. 30, 1905; due Jan. 1, 1936.
Int. Jan. and July 1, at Mercantile Trust Co., San Francisco. Coupon, $1,000. Principal may be registered. A
sinking fund is provided, sufficient to retire 40% of the issue at maturity, the payments called for being as follows:
1911 to 1915, %%
annually of the bonds outstanding; 1916 to 1920, 1% annually; 1921 to 1930, 2% annually; 1931
to 1935, 2V4% annually. This sinking fund is to be invested in the bonds of this issue or other interest-bearing
securities approved by the trustees, but the bonds cannot be compulsorily retired before maturity. First lien on
entire property. Rating, Ba.
(2) $2,000,000 Yosemite Valley R.R. second 6s. Dated Aug. 31, 1907; due Jan. 1, 1936. Int. Jan. and July 1.
The entire issue of these bonds is held in company's treasury. Lien on entire property, subject to the first 5s.
Capital Stock: Anth., $5,000.000; outstanding, $4,088,500; premium on capital stock, $658,850. Par, $100. No
dividends. TRANSFER OFFICE: 354 Pine Street, San Francisco, Cal.
YREKA RAILROAD
Hi-tor* :
Incorporated under laws of California, May 28, 1888. Road opened in 1889.
Location: Road extends from Montague to Yreka, Cal., 7.5 miles. Equipment: Passenger cars, 4; freight, 2.
Locomotives, 2.
Management: OFFICERS: Geo. W. Scott, Pres.; H. B. Smith, Vice-Pres.; Bert C. Scott, Sec.; Crocker National
Bank, Treas., San Francisco; F. A. Reiser, Gen. Mgr. and Supt, Yreka, Cal. DIRECTORS: Bert C. Scott, Geo. W.
Scott, H. B. Smith, San Francisco; J. R. Tapscott, F. C. Wadsworth, Yrcka, Cal. Annual meeting, July 15. GEN-
OmCE, Crocker Building, San Francisco, Cal.
1916 1915 1914 1913 1912 1911
Gross revenues $22,552 $23,681 $26,006 $30,167 $26,208
Maintenance of way... 4.684 4,133 7,021 3,769 6,701 5,303
Maintenance of equip.. . 3,824 4,490 2,412 2,703 2,609 1,225
Net income $978 $250 $7,405 $9,202 $7,754

Taxes 1,271 1,466 1,114 1,023 655
Fixed charges . 1,873 2,024 2,100 2,094 2,516 3,277
Surplus . $1,597 $2,317 $3,816 $4,197 $3,880

Deficit.
ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 27,947 85,784 12,633 IM98 15,188 13,091
Total $159,739 $144,688 $145,624 $146,444 $147,050 $167,837

LIABILITIES:
Capital stock $90,200 $100,000 $100,000 $100,000 $100,000 $100,000
Total . $169,739 $144,688 $145,624 $146,444 $147,050 $167,837
Capital Stock: Authorized, $100,000; outstanding, $90,200; in treasury, $9,800. Par, $25. No dividends and no
bonded debt
ZANESVILLE TERMINAL RAILROAD
the Zanesville Terminal Ry., sold un-
History Incorporated under the laws of Ohio, April 7, 1902; successor to
der foreclosure, March 22, 1902. Controlled by Cleveland, Akron & Cincinnati Ry.
Co. and the Zanesville and West-
ern Ry. Co.
Location- Road extends from Muskingum to Spangler, 0., 1.6 miles; Market Street to Belt line, 0.2 mile; Zanes-
ville, Spangler to West Zanesville,
2.60 miles; total, 4.40 miles; sidings, 3.82 miles.
Management: OFFICERS: Vacancy, Pres.; A. H. Smith, Vice-Pres.; Dwight W. Pardee, Sec.; Milton S. Bar-
eer Treas. New York; J. B. Wagner, Aud., Toledo, O. DIRECTORS: E. B. Taylor, G. L. Peck, Pittsburgh; A. H.
Smith New York; F. B. Sheldon, J. F. Stone, R. E. McCarthy, Columbus, O.; J. M. Geer, Cleveland, 0. Annual
meeting, first Monday in March. GENERAL OFFICE, Columbus, O.

1916 1915 1914 1913
Rental income $6,998 $8,168 $1,438
Fixed charges, inc. taxes. 2,468 2,072 2,263
Net income $4,530 $6,096 *$825

ASSETS : 1916 1915 1914
Working assets 26,788 21,655 17,213
Deferred debit items. 46 9 1,359
Total $343,376 $338,206 $329,576

LIABILITIES :
Capital stock $300,000 $300,000 $300,000

Working liabilities . . . 2,290 1,166 2,345
Deferred credit items. 2,944 3,713
PnJnt and loss 38,142 33,327 27',23i
Total . $343,376 $338,206 $329,576

SUPPLEMENTARY
Statements received too late for classification in regular order
THE ANN ARBOR RAILROAD COMPANY

official
History: Successor through reorganization in 1895 of Toledo, Ann Arbor & North Michigan Railway.
Control : In June, 1905, the Detroit, Toledo & Ironton Railway acquired a controlling interest in the Ann Arbor
R.R., through purchase of $3,001,000 preferred and $2,190,000 common, but in November, 1910, as a result of the
bankruptcy of the Detroit, Toledo & Ironton, these securities, together with $5,000,000 of the latter road's General
Lien 4% bonds, were sold at auction for $2,500,000, and acquired by a syndicate headed by Newman Erb. In Janu-
ary, 1911, a holding corporation, known as the Ann Arbor Company, was formed under Delaware laws with an
authorized capital of $4,000,000 preferred and $3,250.000 common, to acquire the stock of the Ann Arbor R.R., ex-
changing share for share. At last reports, $3,001,000 preferred and $2,190,000 common had been so acquired.
Location: Line of road owned, Toledo, O., to Frankfort, Mich., 291.9 miles; trackage rights over Lake Shore &
Michigan Southern, Toledo to Alexis, 8.9 miles. Total mileage on which earnings apply, 291.9 miles. Company also
its rail lines, extending from Frankfort to Manitowoc,
operates car ferries on Lake Michigan in connection with
Kewannee, Menominee, and Manistique, making connections with Chicago, Milwaukee & St. Paul, Chicago & North-
western, and Canadian Pacific systems. At Manistique connection is made with the Manistique & Lake Superior
R.R.. which operates a line from Manistique on Lake Michigan to Shingleton and Doty near Lake Superior, forty-
five miles in all. The entire capital stock of the latter was acquired by the Ann Arbor R.R. in April, 1911, but the
road is separately operated. Trie operated lines of the Ann Arbor R.R. are entirely in the State of Michigan. Pop-
ulation of Michigan in 1890, 2,093,889; in 1900, 2,420,982; in 1910, 2,810,173.
Management: OFFICERS: Newman Erb, Pres. W. M. Wadden, Vice-Pros, and Treas. J. S. Bache, Vice-Pres.;
; ;
A. W. Towsley, Vice-Pres. and Mgr.; H. B. Blanchard, Sec. DIRECTORS: A. W. Towsley, Newman Erb, Emory S.
Lyon. W. M. Wadden, F. K. Curtis, W. J. Wollman, Frederick Hertenntein, H. I. Miller, J. S. Bache. Annual meet-
ing, third Saturday in September, at Durand, Mich. MAIN OFFICE: Toledo, O. NEW YORK OFFICE: 42 Broadway.
STOCK TRANSFER AGENT: Empire Trust Co., New York.
Classjftealion of Freight Tonnage (Yean Ended June 30)

In addition to above equipment, company owns four car ferries which operate on Lake Michigan. It is also now
operating motor-cars for local passenger traffic, this new service having been introduced in May, 1911. Above den-
sity and traffic figures do not cover the motor-car operation until 1913. A portion of above equipment is covered
by equipment trusts.
Comment: During the year ended June 30, 1916, the Ann Arbor Railroad reported an unusual increase both
and average train load. Passenger density was also much greater than in the previous year.
in its freight density
Although average passenger and freight rates declined, the train mile earnings showed substantial improvement.
YEARS
ENDED
JUNE 30.

(
apitalizationPer Mile of Road. Dividend Record.
Tmm
tmuto.
1941. Int., May and Nov., in
2. Auth., $10,000,000; outstanding, $1,500,000. Dated May 1, 1911; due May 1,
New York. Coupon, $1,000; prin. may be registered; reg., $1,000 and multiples. C. & R. interchangeable. Callable
at 105. Second lien, following No. 1 on same property, and by first lien on certain equipment. The whole amount
BO far issued has been deposited as collateral under No. 3 (below).
3. Auth., $1,000,000; outstanding, $750,000. Dated May 1, 1916; due May 1, 1919. Int. at Empire Trust Co.,
New York. Coupon, $1,000; prin. may be registered. Secured by deposit of $1,500,000 of No. 2. Callable at 101 on
any int. date on 60 days' notice. Normal income tax deducted from interest.
4. Series A, authorized, $660,000 5s; now outstanding, $198,000; dated Nov. 1, 1909; due, $33.000 each May
and Nov. 1 to Nov. 1, 1919. Int. payable May and Nov. 1, at Bankers' Trust Co., New York. Coupon, $1,000.
First lien on 500 steel gondola cars and 300 steel underframe box cars, total cash cost being $826,880.
Series B, authorized, $600,000 5s; now outstanding, $240,000; dated Jan. 1, 1911; due $30,000 each Jan. and
July 1 to Jan. 1, 1921. Int. payable Jan. and July 1, at Empire
Trust Co., New York. Coupon, $1,000. First lien on
13 locomotives, 1 parlor car, 2 passenger coaches, 100 steel box and refrigerator cars, etc., total cash cost being
Bonded Debt: $1,100,000 non-cumulative income 4s. Dated Aug. 1, 1909; due Sept 1, 1934. Int. paid, if
earned. Mar. and Sept. 1, at Union Trust Co., Detroit. Reg., $1,000. A first lien on entire property of forty-five
miles, with equipment, etc. Callable at 102% and int. Authorized, $1,300,000. Normal income tax deducted from
interest. Net Rating, B.
Note: The ratings are based not only on the statistical exhibits and average*, but other considerations are
of the issue, etc. For full explanation, see Introduction. For Key to Bond Ratings, see pages 19 to 21.
Capital Stock: Authorized and issued, $250,000. Par, $100. All owned by Ann Arbor Railroad Company.
DENVER & SALT LAKE RAILROAD

History: Incorporated under the laws of Colorado, Dec. 13, 1912, and on May 1, 1913, acquired the properties of
the Denver, Northwestern & Pacific Ry. The company owns the entire capital stock of the Northwestern Terminal
Ry., which had been leased for 99 years to the old Denver, Northwestern & Pacific.
Location: Line of road: Utah June, to Craig, Colo., 252.35 miles. Leased Denver to Utah June., Colo., 3.11
miles. Sidings owned and leased, 66.09 miles.
Default: On May 1, 1916, the first mortgage interest was defaulted and a reorganization plan was in prepara-
tion providing for the building of the long proposed tunnel through the Continental Divide, this outlet being neces-
sary to the successful operation of the property. Report by expert McKenna advised construction of new 17-mile
cutoff, including the 4-mile tunnel, at a cost of $2,952,000 and a total expenditure of $5,266,821 for all purposes
to make possible economical operations. If this is done in the next two years, the following year, it is estimated,
should show with a coal traffic of 1,026,000 tons gross earnings of $2,225,697 and net income, after taxes, of $824,-
000, increasing to $957,000 and $1,104,000 in the next two years.
Management: OmCHM: L. C. Phipps, Chairman; Chas. Boettcher, Pres.; W. E. Morse, Vice-Pres. and Gen.
Mgr; Win. Wadden, Vice-Pres.: W. E. Pearson, Treas.: Gerald Hughes, Sec. DIRECTORS: W. E. Pearson, F. G.
MofTat, Gerald Hughes, Geo. H. Burr, Lawrence C. Phipps, Chas. H. Boettcher, Win. Wadden. Annual meeting,
first Monday in January. OFFICES: 115 Broadway, New York, and Denver, Colo.

TABLE B. Income Factors (Earnings and Their Distribution. Per Mile of Road)
r.
ENDBD
JUNE SO.

ASSETS: 1916 1915 1914 1913
Property investment . . . $22,891,875 $22,934,745 $21,770,064 $20,249,437
Working assets 23,294,480 23,535,744 1,323,072 863,443
Deferred debit items . . . 2,878,274 2,655,201 1,488,432 217,872
Accrued income not due 402 1,755
Profit and loss deficit. . 186,437 98,689 106,521 17,233
Total $49,251,066 $49,224,781 $24,689,844 $21,347,990

LIABILITIES:
Capital stock $35,000,000 $35,000.000 $11,062,800 $10,000,000
Funded debt 13,441,990 13,121,920 12,635,694 10,902,000
Deferred credit items . 19,853 99,289 49,767 118,092
TbteL $49,251,066 $49,224,781 $24,689,844 $21,347,990
Comment: As the Denver & Salt Lake Railroad will doubtless soon undergo reorganization, the balance sheet
as of June 30, 1916, has little current significance. It is clear that the fixed charges of the company are entirely too
high, and a radical reduction will undoubtedly be necessary.
TABLE I). Bond Record and Ratings (Based on 7- Year Results, Per MUe of Road)
COMPANY CONTROLLED BY DENVER & SALT LAKE RAILROAD
NORTHWESTERN TERMINAL RAILWAY
History- Incorporated unJer laws of Colorado, August 1, 1904.
The company owns extensive terminal prop-
ies at Denver, Colo.,
erties embracing about 100 acres of land in the railroad section of the city. Company s terminals
are used by the Denver & Salt Lake R.R., which owns the entire capital stock, and leases the property
for 60 years
at rental equaling interest on bonds, expenses and taxes. Operates, 7.32 miles of track.

1916 1915 1914 1913 1912 1911
Rental income . $152,899 $121,975 $119,878 $112,351 $116,835 $123,062
Taxes 41,646 22,050 6,071 10,927 8,831 8,812
Fixed charges . 1117,549 118,993 106,284 101,424 101,250 101,250
Surplus. . . '$6,294 $19,070 $5,663 $6,754 $13,000

Balance. . . *$6.294 $19,070 $5,663 $6,754 *$25,783

* Deficit.
f Includes $2,547 operating expenses.
ASSETS: 1916 1915 1914 1913 1912 1911
Property investment .... $4,701,940 $4,708,425 $4,694,427 $4,506,112 $4,504,786 $4,433,881
Working assets 54,549 12,543 32,929 194,344 199,827 210,307
Total $5,344,889 $5,339,836 $5,240,322 $5,157,297 $5,131,454 $5,077,783

*
LIABILITIES:
Capital stock $3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000,000
Funded debt 2,167,000 2,167,000 2,126,000 2,054,660 2,025,000 2,025,000
Total $5,344,889 $5,339,836 $5,240,322 $5,157,297 $5,131,454 $5,077,783
Bonded Debt: $2,167,000 Northwestern Terminal Ry. first 5s. Dated July 1, 1906; due July 1, 1926. Int. Jan.
and July, at Bankers' Trust Co., New York. Coupon, $1,000; prin. may be registered. Callable at 102 V2 and inter-
est. A first lien on entire property. These bonds were formerly guaranteed as to both principal and interest, by the
Denver, Northwestern & Pacific Ry., but the guaranty was not assumed by the present Denver & Salt Lake R.R.
Interest paid without deduction for normal income tax. Rating, B.
Capital Stock: Authorized and outstanding, $3,000,000. All owned by Denver & Salt Lake Railroad Co.
GEORGIA & FLORIDA RAILWAY COMPANY

official
History: Incorporated in Georgia in 1906; in 1907, acquired by purchase the lines of the Augusta Florida &
Ry., the Millen & Southwestern R.R., the Atlantic Gulf Short Line R.R., the Douglas, Augusta & Gulf Ry., the
&
Nashville & Sparks R.R., and the Valdosta Southern Ry. In 1911 the Sparks Western Ry. was purchased.
Location: By construction of connecting links, etc., the company has formed a continuous line of about 350
miles from Keysville, near Augusta, Ga., to Madison, Fla., with branches to Millen, Moultrie, and Sparks, Ga., etc.
Extensions proposed and under construction will carry the road northward through Augusta to Columbia, S. C.,
making about 400 miles in all. The company also owns terminal property in Augusta, Ga., and owns the entire cap-
ital stock of the Georgia & Florida Terminal Co., and
guarantees the bonds of the latter under lease.
Receivership: On March 29, 1915, Judge Hammond in the Superior Court at Augusta, Ga., upon petition of the
Baltimore Trust Co., Trustee, for the first 5s, appointed J. M. Wilkinson, H. R. Warfield, and W. R. Sullivan, re-
ceivers for the property.
Management: OFFICERS: R. Lancaster Williams, Pres.; Franklin Q. Brown, Vice-Pres.; E. L. Bemiss, Vice-
Pres.; J. M. Wilkinson, Vice-Pres.; B. W. Duer, Vice-Pres.; M. L. Grossman, Sec.; M. T. Solomon, Asst. Sec.; T. G.
Tmsley, Treas. DIRECTORS: J. M. Ashley, Franklin Q. Brown, Frank R. Durden, J. M. Wilkinson, Thos. Barrett,
t. C. Huffer,
Jr., R. L. Williams, Jesse Thompson, W. R. Sullivan, B. W. Duer, W. O. Donovan, L. M. Will-
iams, E. L. Bemiss, T. Adams. Annual meeting, second Tuesday in November. PRINCIPAL OFFICE: Augusta, Ga.
*
Total revenue tonnage, 1908, 268.710 tons; 1909, 827.269 tons; 1910, 357,368 tons; 1911, 373,663 tons; 1912,
452,687 tons; 1913, 511,752 tons; 483,729 tons in 1914; 886,266 in 1915; 421,257 in 1916. Tonnage classification not
furnished in 1912 and 1913.
Y,->K<
/ SK :\
TABLE C. Capitalization Factors (Security Obligations
and Earning Power)
Dividend Record.
Capitalization Per Mile of Road.
,
MM
KNDED
JUNE SO.
GREEN BAY & WESTERN RAILROAD COMPANY

official
Origin: Incorporated June 5, 1896, under Wisconsin laws, as successor to the Green Bay, Winona & St. Paul
Ry.
Location: Directly operated lines consist of 229.70 miles, as follows: Green Bay to East Winona, Wis, 212.5
miles; Onalaska to La Crosse, Wis., 6.5 miles; Plover to Stevens Point, Wis., 6 miles; Scandinavia to lola, 4.70 miles.
Company also has interest in lease of bridge across Mississippi River, giving it entrance into Winona, Minn. Pop-
ulation of Wisconsin, in 1890, 1,686,880; in 1900, 2,069,042; in 1910, 2,333,860.
Controlled Lines: In addition to its directly operated lines, the Green Bay & Western R.R. Co. is affiliated in
interest with the Ahnapce & Western Ry., and the Kewaunee, Green Bay & Western R.R. (See these companies on
pages following this analysis.)
Management: OFFICERS: J. A. Jordan, Pres.; Edgar Palmer, Vice-Pres.; Chas. W. Cox, Sec. and Treas.; J. C.
Thurman, Gen. And.; F. B. Seymour, Gen. Mgr. DIRECTORS: C. Ledyard Blair, C. W. Cox, Wm. J. Wilson, J A.
Jordan, Edgar Palmer, H. R, Taylor, F. B. Seymour. MAIN OFFICE:. Green Bay, Wis. NEW YORK OFFICE: 40
Wall Street
Clafwifiration of Freight Tonnage (Years Ended June 30)
1916
Maintenance of equipment . . ,
123,210
All other operating expenses. ,
275,179
Operating ratio
Other income
Total net income

Taxes accrued
Balance for charges

Fixed charges
Surplus over charges

Dividends
Other deductions
MOODY 'S AXALYSES OF INVESTMENTS. 1145
MISSISSIPPI RIVER & BONNE TERRE RAILWAY
1888. In July, 1912, acquired the San Francois County Electric Ry.
History: Incorporated in Missouri, May,
Controlled by St. Joseph Lead Co. through stock ownership.
Location: Owns 64 miles of road, of which 46% miles
is from Riverside to Doe Run, Mo., and 29.67 miles of
''"Management: OFFICERS: Clinton H. Crane, Pres.;

E. C. Smith Vice-Pres. ; F.HDearing Sec. and Treas DI-
RECTORS- ueh N Camp, Jr., E. C. Smith, Clinton, H. Crane, Dan'l K. Cathn, Max Kotamy, Firmm Desloge, I. H.
Cornell.' Annual meeting, first Friday in May. OFFICE:
Bonne Terre, Mo. NEW YORK OFFICE: 61 Broadway.
of which 96.5% was products of mines;
Tonnage: Year ended June 30, 1915, total tons carried, 2,011,507,
1916, 2,441,979 tons.
YEARS
ENDED
JUNK 30.
Profit and Loss Account, year ended June 30, 1916: Credit balance June 30, 1915, $432,667; credit balance
transferred from income, $317,317; profit on road and equipment sold, $1,320; miscellaneous credits, $61; total,
$751,365. Contra: Dividend appropriations, $135,000; loss on retired road and equipment, $4,960; miscellaneous
debits, $1,011; credit balance carried to balance sheet, $610,394; total, $751,365.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 352,303 219,157 399,229
Deferred debit items 7,512 80,440 158,315 3,369,639 3,214,087 691,785
Accrued income not due. . 31,320 31,250 31,250
Total $6,382,051 $6,307,687 $6,698,080 $7,170,196 $7,015,509 $4,436,607

LIABILITIES:
Capital stock $3,000,000 $3,000,000 $3,000,000 $3,000,000 $3,000.000 $2,500,000-
Funded debt 2,500,000 2,650.000 2,778,900 2,850,000 '
2,950,000 420,000
Working liabilities :; : J .-, :.!.:! 429,449 1,081,132
Accrued not due
liabilities 4J.J.'o 45,764 .17.^7-' 18,686
979,071 969,216
Appropriated surplus .... ' ' '
Profit and loss surplus... 610,394 '432,667 358436 132,663 86,438 547,391
Total $6,382,051 $6,307,687 $6,698,080 $7,170,196 $7,015,509 $4,436,607
TABLE I). Bond Rerord and Ratings Based on 9-Year Results, Per Mile of Road)
Management: OFFICERS: C. E. Schaff, Rec.; Frank Trumbull, Chairman; C. E. Schaff, Pres.; C. N. White-
head Viei'-Pres C. Haile, Vice-Pres.; W. A. Webb, Vice-Pres.; E. F. Broomhall, Sec.; Frank Johnson, Treas.
DIRECTORS: Frank Trumbull, Edward S. Rea, Harry S. Black, Stuyvesant Fish, Frank P. Frazier, Walter S. Cran-
dell. C. E. Schaff, Horace E. Andrews, Frank H. Davis, W. W. Brown,
E. A. Faust, L. B. Franklin, A. J. Miller,
D. W. Mulvane, Geo. W. Simmons, E. R. Tinker. Annual meeting, Thursday following first Monday in April. GEN-
ERAL OFFICES: St. Louis, Mo., and Parsons, Kan. NEW YORK OFFICE: 61 Broadway.

Gross revenues
1 1 .-)() MOODY'S ANALYSES OF INVESTMENTS.
LIABILITIES:
MOODY'S ANALYSES OF IXJ'ESTMEXTS. 1151

1. Dated June 1, 1890; due June 1, 1990. Int. paid at company's
office,61 Broadway, New York. Coupon $500 and $1,000. First lien on 1,114.16 miles, as follows: Hannibal, Mo.,
to Texas State line, 571.87 miles; Parsons to Junction City, Kas., 157.51 miles; Holden, Mo., to Paola, Kas., 53.59
miles; Atoka to Lehigh, Oklahoma, 8.73 miles; McAlester to Osage Coal Mines, Oklahoma, 4.61 miles; and (in Texas)
Texas State line to Gainesville, 45.68 miles; Ft. Worth to Taylor, 160.25 miles; Denison to Mineola, 104.83 miles;
Echo to Belton, 7.09 miles ; a first collateral lien on 468.10 miles including $2,000,000 of the Sherman, Shreveport &
Southern First Mortgage 5s of 1943 (No. 11), out of a total issue of $3,689,000 (closed mortgage), of which $1,-
689,000 are held by the public, covering 181.72 miles; also a lien on the rights of the M., K. & T. Ry. Co. to land
grants in Oklahoma, covering 3,110,400 acres; further secured by deposit with trustee of all but $10,000 of the entire
capital stock ($10,152,500) of the M., K. & T. Ry. of Texas. Underlie Nos. 2, 16 and 17. Coupon $500 and $1,090.
Legal for Savings Banks in Cal., Me., Minn., Mo. Listed on New York and London Stock Exchanges. Normal in-
come tax deducted from interest. Dec., 1916, interest deferred. Protective Committee: Wm. C. Osborn, Chairman;
P. G. Tomlinson, Sec., 45 Wall Street, New York. United States Trust Co., Depository.
Auth. and outstanding, $20,000,000. Dated June 1, 1890; due June 1, 1990. Int. paid at company's office,
2.
61 Broadway, New York. Second lien on 1,114.16 miles, following No. 1; second collateral lien on 468.10 miles (fol-
lowing No. 1), and second lien on the securities covered by first lien by No. 1. Underlie Nos. 16 and 17. Coupon, $500
and $1,000. Listed on New York and London Stock Exchanges. Normal income tax deducted from interest. De-
faulted, Feb., 1916. Protective Committee: E. G. Merrill. Chairman; G. K. B. Wade, Sec., 80 Broadway, New York.
Union Trust Co., Depository.
3. Auth.. $20.000 per mile; outstanding, $3.253,000 (closed). Dated Nov. 1, 1894; due Nov. 1, 1944. Int. paid
at company's office, 61 Broadway, New York. Coupon, $1,000. First lien, 166 miles of road, as follows: From
Cherokee June. (Labette) to Mineral, Kan., 17 miles; Kansas City June, to Holden, Mo., 32.90 miles; Walker to El-
dorado Springs, Mo., 14 miles; Moran to lola, Kan., 15.20 miles; Mineral, Kan., to Joplin, Mo., 28.80 miles; extension
to Krebs Branch, 16.80 miles; and branches aggregating 38.45 miles. Underlie Nos. 15, 16 and 17 with provision by
No. 16 to retire. Coupon, $1,000. Listed on New York Stock Exchange. Interest paid without deduction for nor-
mal income tax. Defaulted, Nov., 1915. Protective Committee: J. W. Flatten, Chairman; C. H. Murphy, Sec., 65
Cedar Street, New York. United States Mortgage A Tnwt Co., Depository.
4. Auth. and outstanding, $4,000.000. Dated April 1, 1892; due April 1, 1942. Int. paid at company's office,
61 Broadway, New York. Coupon, $1.000. First lien from Franklin Junction to Texas Junction, Mo., 161.7 miles:
also on lease of Booneville Bridge R.R. and other leases. Underlie Nos. 6, 6, 16 and 17, with provision by No. 6
to retire at maturity. Legal for S. B. in Me., Minn. Listed on New York Stock Exchange. Interest paid without
deduction for normal income tax. Oct., 1916, interest deferred. Protective Committee: J. W. Stedman, Chairman;
Geo. E. Warren, Sec., 60 Broadway, New York. Columbia Trust Co., Depository.
5. Auth.. $500.000: outstanding, $58,000 (closed). Dated April 1. 1892; due April 1, 1942. Int. paid at com-
pany's office. 61 Broadway, New York. Coupon, $1.000. Second lien on 161.7 miles following No. 4. Convertible
into No. 6 at the rate of 3 of this issue for 4 of No. 6. Underlie Nos. 6, 16 and 17, with provision by No. 6 to retire.
Oct., 1916, interest deferred. Interest paid without deduction for normal income tax.
6. Auth.. $6.000.000: outstanding, $1,924.000. Dated April 1, 1901 ; due April 1, 2001. Int paid at company's
61 Broadway, New York. Coupon, $1,000. Third lien on 161.7 miles, following Nos. 4 and 5. Underlie Nos.
office,
16 and 17. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
Defaulted, April, 1916. Protective Committee: E. S. Marston, Chairman; A. V. Heely, Sec., 22 William Street,
New York. Farmers' Loan A Trust Co., Depository.
Auth.. $10,000.000; outstanding.! $4.506,000. Dated Aug. 1. 1892; due Sept 1. 1942. Int. paid at company's
7.
office.61 Broadway, New York. Coupon. $1,000. Gnar. prin. and int. by the M., K. & T. Ry. by endorsement.
First lien on 224.84 miles of road, as follows: Boggy Tank to Houston, Tex., 84 miles; Lockhart to Smithville, 37
miles; Denison to Sherman, 10.62 miles; San Marcos to San Antonio and San Marcos extension, 48.10 miles; Gran-
ger to Austin. 45.40 miles. Listed on New York Stock Exchange. Interest paid without deduction for normal income
tax. Sept.. 1916, interest deferred. Protective Committee: J. S. Bache, Chairman; E. P. Goetz, Sec., 42 Broad-
way, New York. Empire Trust Co., Depository.
S. Auth. and outstanding, $2,500,000. Dated, Aug. 1, 1890: due Aug. 1, 1990. Int paid at M., K. & T. office,
61 Broadway, New York. Int guar. by endorsement by the M.. K. A T. Ry., now assumed. First lien, Paola, Kan.,
to Stevens, Okla., 128 miles. Underlie Nos. 16 and 17. Listed on New York Stock Exchange. Interest paid with-
out deduction for normal income tax. Coupon, $1,000. Aug., 1916. interest deferred. Protective Committee: E. C.
Delafleld, Chairman; J. C. Traphagen, Sec., 46 Wall Street, New York. Franklin Trust Co., Depository.
9. Auth.. $2.000.000; outstanding. $1.340.000 (closed). Dated Nov. 1. 1890; due Nov. 1, 1940. Int paid at
M.. K. A T. office, 61 Broadway, New York. Guar.. prin. and int by the M.. K. A T. by endorsement. First lien,
Dallas to Hillsboro, Tex., 65.68 miles. Coupon, $1,000. Listed on New York Stock Exchange. Interest paid without
deduction for normal income tax. Nov., 1916. interest deferred.
10. Anth. and outstanding, $947.000. Dated Nov. 1. 1901; due Nov. 1, 1961. Int. paid at M., K. A T. office,
1 Broadway, New York. Guar. prin. and int. by M., K. A T. Ry. by endorsement Sinking fund, $10,000 per annum.
First lien on bridge across Missouri River from Booneville to Franklin, Mo., together with all appurtenances. No.
17 provides for retirement. Listed on New York Stock Exchange. Normal income tax deducted from interest Cou-
pon, $1.000. May, 1916 interest deferred. Protective Committee: Robt. Struthers, Jr., Chairman; E. W. Judd,
S*., 37 Wall Street, New York. Metropolitan Trust Co., Depository.
11. Auth.. $6.000.000; outitanding, $1.8,000 (closed). Dated June 1, 1893; due June 1. 1943. Int. paid at M.,
K. A T. office. 61 Broadway. New York. Guar. prin. and int by the M., K. A T. Ry. by endorsement and now as-
sumH. First lion. McKinney to Wascom, Tex.. 181.72 miles. Listed on New York Stock Exchange. Interest paid
without deduction for normal income tax. Coupon, $1,000. Defaulted, Dec., 1916. Protective Committee: R. W.
Leigh, Chairman; J. S. Dale, Sec., 62 William Street, New York. Columbia Trust Co., Depository.
12. Auth., $20.000 per mile; outstanding, $5,468,000 (closed). Dated May 1, 1902; due May 1, 1942. Int. paid
at M.. K. A T. office, 61 Broadway, New York. Guar. prin. and int by M., K. A T. Ry. by endorsement and now as-
sumed. First lien. Oklahoma City to Stevens. 168.45 miles; Fallis to Oklahoma City, 22.93 miles; Osage Junction
to VerHark, Okla.. 79.64 miles; total, 270.74 miles. Underlie Nos. 16, 16 and 17, with provision by No. 15 to retire.
Coupon. $1.000. Listed on New York Stock Exchange. Interest paid without deduction for normal income tax.
Nor.. 1916. interest deferred. Protective Committee: J. W. Platten, Chairman; C. H. Murphey, Sec., 65 Cedar
Street, New York. U. S. Mortgage A Trust Co., Depository.
, !.-,._> MOODY'S ANALYSES OF INVESTMENTS.
13 Auth $2,500,000; outstanding, $2,347,000 (closed). Dated Sept. 1, 1903; due Sept. 1, 1943. Int. paid at
M K & T office, 61 Broadway, New York. Guar. prin.118.65 and int. by M., K. & T. Ry. by endorsement and now
awum'ed. First lien, Oklahoma City to Colgate, Okla., miles. Underlie Nos. 15, 16 and 17, with provision
bv No 15 to retire. Listed on New York Stock Exchange. Interest paid without deduction
F. N. B. Close, Chairman; P. D. Bogue, Sec., 16
Coupon, $1,000. Defaulted, Mar., 1916. Protective Committee:
Wall Street, New York. Bankers Trust Co., Depository.
14 Auth, $1,000,000; outstanding, $743,000 (closed). Dated July 1, 1889; due July 1, 1929. Int. paid at M.,
K & T office, 61 Broadway, New York. Guar. prin. and int. by M., K. & T. Ry. by endorsement and now assumed.
First lien on coal land leases in Oklahoma, and on about 2,350 acres of coal land owned in Cherokee Co., Kan., to-
stock and all the Denison & Washita
gether with plant and equipment; also secured by deposit of all of the capital
Valley Ry. Co. 1st 6s of 1929 covering 20 miles of road. Normal
income tax deducted from interest Coupon,
$1,000. Defaulted, Jan., 1916.
15. Auth., $40,000,000; outstanding, $9,992,000. Dated Sept. 1, 1904; due Sept. 1, 2004. Int. paid at com-
61 Broadway, New York. First lien on terminal property, etc., in Parsons, Kas., and Sedalia, Mo.,
pany's office,
and upon equipment, which together have an estimated value of $24,380,000. A second lien on 576.40 miles, as fol-
lows: 166 miles, following No. 3; 270.74 miles, following No. 12; 118.65 miles, following No. 13; 4.87 miles, follow-
No. 14, and upon
ing the first lien of the Denison & Washita Valley 1st 6s, all of the latter being deposited under
16.14 miles of branches and spurs following No. 16. Underlie No. 16, except as to 16.14 miles, and No. 17, which
provides for retirement. Of those outstanding, $448,000 are pledged under No. 17. Coupon, $1,000. Listed on New
York Stock Exchange. Interest paid without deduction for normal income tax. Defaulted, Mar., 1916. Protective
Committee: A. J. Hemphill, Chairman; W. C. Cox, Sec., 140 Broadway, New York. Guaranty Trust Co., Depository.
16. Auth., $20,000,000; outstanding, $10,421,000 (closed). Dated Jan. 1, 1906; due Jan. 1, 1936. Int. paid at
company's office, New York. Sinking fund, 2% of outstanding bonds, yearly, to retire at par or better. First
lien on 16.14 miles of branches and spurs; second lien on 128 miles following No. 8; also second lien cm equipment
and on terminal property, etc., at Sedalia, Mo., and Parsons, Kas., together having an estimated value of $24,380,-
000, following No. 15; third lien on 1,348.46 miles, as follows: 788.20 miles of road not in Texas, following No. 1;
166 miles, following No. 3; 270.74 miles, following No. 12; 118.65 miles, following No. 13; and 4.87 miles covered by
first lien of the Denison & Washita Valley 6s of 1929 and 1933; all of which latter are deposited under No. 14;
a third collateral lien on 468.10 miles, following No. 1; a third collateral lien on practically the entire capital stock
of tiie M., K. & T. Ry. of Tex., following No. 1 and No. 2 ; comprising the line from Texas State Line to Gainesville,
45.58 miles; Ft. Worth to Taylor, 162.11 miles; Denison to Mineola, 102.59 miles, and Echo to Belton, 7.12 miles; fourth
lien on 170.43 miles, following No. 4. Secured by collateral lien on stocks of various companies, including prac-
tically all the stock of the Booneville R.R. Bg. Co., and upon stock of other bridge, depot and terminal companies.
Underlie No. 17, which provides for 'retirement. Coupon, $1,000. Listed on New York, London and Amsterdam
Stock Exchanges. Interest paid without deduction for normal income tax. Defaulted, Jan., 1916. Protective Com-
mittee: Otto T. Bannard, Chairman; H. W. Morse, Sec., 26 Broad Street, New York. New York Trust Co., De-
pository.
17.Auth., $125,000,000; issued, $30,292.000, of which $25,825,000 are deposited under No. 18 and balance under
bills payable. Dated April 1, 1910; due April 1, 1940. Int. paid at New York. Callable at 102% and int. on or
after April 1, 1915. First collateral lien on 9.82 miles, Egan to Cleburne, Texas, being a first lien by deposit,
with the Trustee, on the entire issue ($150,000) of Dallas, Cleburne & Southwestern 1st 5s, which cover said mile-
age; third lien on 144.14 miles, viz.: on 128 miles, following No. 8, and on 16.14 miles, following Nos. 15 and 16;
also a third lien on equipment and on terminal property at Sedalia, Mo., and Parsons, Kas., following Nos. 15 and
16; fourth collateral lien on the 317.50 miles, following No. 16; a fifth lien on 170.43 miles, following No. 16; a
first lien by deposit with the Trustee of the following securities: $2,662,300 common and $1.305,000 preferred stock
of the Texas Central R.R. Co., $350,000 Denison, Bonham & New Orleans R.R. Co. 1st 5s of 1935; $1,999,300 capital
stock Wichita Falls & Northwestern Ry. Co. ; $9,300 Dallas, Cleburne & Southwestern Ry. Co. stock, $9,800 Joplin
Union Depot Co. stock, $99,100 Missouri, Kansas & Texas Terminal Co. of St. Louis stock; $448,000 Missouri, Kan-
sas & Texas 1st & Refunding 4s, $6,830,000 M., K. & T. Gen. 4y2 s; $4,776,000 M. K. & T. Terminal Co. of St. Louis
1st 5s; $24,100 capital stock Denison, Bonham & New Orleans Ry. Co.; a lien upon the securities covered by No.
16, but subject thereto. None yet in hands of public. Interest paid without deduction for normal income tax.
18. Auth., $25,000,000; outstanding, $19,000,000. Dated May 1, 1913; maturity May 1. 1915; extended to May
1, 1916. Int. paid at New York. Secured by a first collateral lien on $25,825,000 (par value) of No. 17 (above).
Coupon, $1,000. Interest paid without deduction for normal income tax. Prin. and int. in default. Protective Com-
mittee: W. V. King, Chairman; C. A. Austin, Sec., 60 Broadway, New York. Central Trust Co., Depository.
19. Auth.. $2.000,000; outstanding, $1,850,000 5s, $150,000 4s. Dated April 1, 1893; due April 1, 1923. In-
terest paid at M.. K. & T. office, 61 Broadway, New York. Callable at 110 and int. on four weeks' notice. First lien
on 308.72 miles of road, as follows : From Waco to Rotan Texas, 268.02 miles ; and from De Leon to Cross Plains,
Texas, 40.70 miles. Coupon, $1,000. Legal for S. B. in Texas and Mo. Interest paid without deduction for normal
income tax.
20. Auth., 52,300,000; outstanding. $2,142,000. Dated Jan. 1, 1909; due Jan. 1, 1939; int. paid at First Trust &
Savings Bank, Chicago, and Equitable Trust Co., New York. Coupon, $1,000. Callable at 105 on 60 days' notice.
lien or first collateral on 154 miles from Oklahoma-Texas State line to Elk
City, Okla., with branches, etc.
Underlies Nos. 21 and 23 with provision by latter for retirement. Interest paid without deduction for normal in-
come tax.
21. Auth., $900,000; outstanding, $843,000.Dated Jan. 1, 1910; due Jan. 1, 1925; int. paid at First Trust &
Bank, Chicago. Coupon, $1,000. First lien on 57 miles, Altus, Okla., to Wellington, Tex.; second lien or
:ond collateral lien on 154 miles,
following No. 20. Sinking fund, % of 1% per annum to redeem bonds at not
105 and interest. Underlie No. 23 which provides for retirement. Interest paid without deduction for normal
income tax.
Aiith., $780.000; outstanding, $729,000. Dated Jan. 1, 1908; due Jan. 1, 1938; int. paid at Equitable Trust
U>., New York and First Trust & Savings Bank,
Chicago. Coupon, $1,000. First lien, 52 miles, South June, to
Castle Tex, Guar. prin. and int. W. F. & N. W. Ry. Sinking fund, V2 of 1% per annum, to purchase bonds,
by
Interest paid without deduction for normal income tax. July, 1916. interest deferred.
Robt. Elliott, B. F. Taylor, Sec., 105 So. La Salle Street, Chicago. First Trust
& Savings Bank, Chicago, Depository. Chairman;
Auth.. $10,000,000; outstanding, $3,000.000. Dated
July 1, 1911; due Jan. 1, 1940; int. paid at M., K. & T.
ice. 61 Broadway, New York. First lien on 168 miles, and also follows Nos. 20 to 22. Coupon, $1.000. Interest
duction for normal income tax. Protective Committee : Elisha Walker, Chairman G. N. Lindsay,
oec., 26 Broad Street, New York.
;

24. Auth. and outstanding, $883,000. Dated July 1, 1909; due July 1, 1939; int. paid Jan. and July. Coupon,
$1,000. Auth., at $20,000 per mile. First lien on entire property. Callable at 102 Vt and int. on 90 days' notice. Guar.
prin. and int. by M., K.& T. Ry., and now assumed. Interest paid without deduction for normal income tax.
IT.. 10-Year Serial Equipment 5s. Auth., $1,900,000: now outstanding, $1,235,000. Dated June 2, 1913; due
$95,000 each June and Dec. 1, to Dec. 1, 1923. Coupon, $1.000. First lien on 40 locomotives, 1,000 box cars and 31
steel cars for baggage and passenger service; all costing $2,376,941. Interest paid without deduction for normal in-
come tax.
Series A Equipment 5s. Auth., $680,000; outstanding, $510,000. Dated July 15, 1914; due $35,000 each Jan. and
July 15 to July, 1924. Normal income tax deducted fro-n interest.
26. Auth., $1.750,000; outstanding, $1,220,000. Dated Apr. 1, 1916; due Apr. 1, 1919. Int. paid in St. Louis
and New York. Coupon, $1,000. Callable at 102 the first year, 101 the second year and par thereafter. Guaran-
teed prin. and int. by receiver of M., K.& T. Ry. First lien on terminal property in San Antonio. Normal income
TABLE K. Stock Record and Ratings (Based on 10-Year Results, Per Mile of Road)
TABLE A. Physical Factors (Mileage, Equipment
and Operation)
YKABS
ENDED
JUNK 30.
balance carried to balance sheet, $1.589,142; total, $3,444,694: Contra: Debit balance transferred from income,
$1,340,223; surplus appropriated for investment in physical property, $27,393; debit discount extinguished through
$1,049,520; total, $3,444,694.
Comment: There was considerable improvement in the gross operating revenues of the Missouri Pacific Rail-
way during 1916, but the maintenance expenses were greatly increased by the Receiver, and the final balance avail-
able for fixed charges was only moderately greater than in the previous year.
The company is now about to complete its reorganization and the fixed charges will be radically reduced.
Comparative Income Account of St Louis, Iron Mountain & So. Ky., Years Ended June 30
1916 1915 1914 1913 1912 1911
Average miles operated 3,555 3,365 3,365 3,338 3,314 3,315
Gross revenues $32,752,901 $29,862,039 $33,171,860 $34,136,598 $30,102,115 $28,567,821
Maintenance of way. . . .
5,740,705 4,350,094 4,435,665 5,448,933 4,636,178 4,409,367
Maintenance of equip... 6^10,831 5,426,065 5,278,115 5,006,518 4,094,409 4,011,483

Other income .
1,173,353 902,561 520,538 615,946 566,544 503,310
Total net income. $10,486,369 $9,904.094 $12,346.107 $11,984,932 $10,481,672 $8,490,075

Taxes accrued 1,558,492 1,338,666 1343,253 1,188,638 1,132,422 1,005,780
Fixed charges 8,889,851 8,487,667 8,223,065 7,827,608 7,226,673 6,665,719
Balance $38,026 $77,771 $2,779,789 $2,968,686 $2,122,577 $818,576

Dividends . . .
1,775,649 1,775,649 1,775,649
Surplus $38,026 $77,771 $1,004,140 $1,193,037 $346,928 $818,576

Earned on St. L., I. M.
* So. stock 0.1% n _>; 6.7% 4.8% 1.8%
Note: Practically all the stock of the St Louis, Iron Mountain & Southern Railway is deposited under the
Missouri Pacific 40-year 4s.
Profit and Lots Account year ended June 30, 1916: Credit balance transferred from income account, $38,026;
unrefundable overcharges, $6,080; donations, $14,991; miscellaneous credits, $41,707; debit balance carried to bal-
ance sheet, $1,637,848; total, $1,738,652. Contra: Debit balance June 30, 1915, $303,033; surplus appropriated for
investment in physical property, $114,992; debt discount extinguished through surplus, $4,385; loss on retired road
and equipment, $367,776; delayed income debits, $26,393; miscellaneous debits, $1,022,073; total, $1,738,652.

Tgm
LIABILITIES:
MOODY' S ANALYSES OF INVESTMENTS. 1157
Auth., $3,000,000; outstanding, $2,573,000 (closed). Dated July 1, 1871; extended July 1, 1891, at 4%; due
2.
July 1, 1938. Int. paid at Bankers' Trust Co., New York. Assumed by Mo. P. Ry. Second lien, 284.74 miles, fol-
lowing No. 1. Underlie Nos. 5, 7, and 25, with provision by latter for retirement. Coupon, $1,000. These oonds
remain undisturbed in the plan. Listed on New York Stock Exchange. Interest paid without deduction for normal
income tax.
3. Auth. and outstanding, $800,000. Dated May 1, 1872; extend.ed at 5% May 1, 1892; due May 1, 1938. Int.
paid at Bankers' Trust Co., New York. Assumed by Mo. P. Ry. First
lien on extensive realty in St Louis, Mo.
Coupon, $500 and $1,000. These bonds remain undisturbed in the plan. Interest paid without deduction for normal
income tax.
4. Auth., $500,000; outstanding, $237,500; in treasury, $7,500 (closed). Dated Oct 1, 1873; extended at 4%%
Oct. 1, 1893; due Oct. 1, 1938. Int. paid at Bankers' Trust Co., New York. Assumed by Mo. P. Ry. First lien,
5 miles, Kirkwood to Carondelet, Mo. These bonds remain undisturbed in the plan. Legal for S. B. in Me., Mo.
Normal income tax deducted from interest. Coupon, $500 and $1,000.
5. Auth., $4,500,000; outstanding, $3,828,000 (closed). Dated* Nov. 1, 1876; extended at 4% Nov. 1, 1906;
due July 1, 1938. Int. paid at Bankers' Trust Co., New York. Assumed by Mo. P. Ry. Second lien on 12.55 miles,
following No. 4, and on St. Louis real estate following No. 3; third lien on 284.74 miles, following No. 2. Coupon,
$1,000. These bonds remain undisturbed in the plan. Listed on New York Stock Exchange. Normal income tax
6. Auth. and outstanding, $650,000. Dated Oct. 1, 1830; due Aug. 1, 1920. Int. paid at Bankers' Trust Co.,
New York. Assumed by Mo. P. Ry. First lien, 56.95 miles, Lexington to Sedalia, Mo. Coupon, $500. These bonds
offered lOOTr in new 5% preferred stock.
7. (closed). Dated Nov. 1, 1880; due Nov. 1, 1920. Int. paid at
Auth., $30,000,000; outstanding, $14,904,000
Bankers' Trust Co., New
York. Assumed by (new) Mo. P. Ry. First lien, 781.38 miles, as follows: Kansas
City, Mo., to Atchison, Kan., 46.37 miles; Central Br. June, to Louisville, Neb., 148.65 miles; Pleasant Hill to Jop-
lin. Mo., 132.69 miles; Jefferson City to Bagnell, Mo., 45.04 miles; Jefferson City to Eton, 146.74 miles; Talmage to
Crete. Neb., 58.18 miles; Lincoln Br. June, to Lincoln, n.O'J miles; Paola to LeRoy, Kans., 61.23, and various
branches; also second lien on 56.95 miles, following No. 6; third lien on 12.55 miles, following No. 5; also third lien
on realty in St. Louis, following No. 5; fourth lien on 281.74 miles, following No. 5. These bonds offered 110% in
new refunding 5s.
8. Auth., $15.000,000; outstanding, $14.375,000 (closed). Dated Jan. 1, 1887; due Jan. 1, 1917. Int. paid at
Bankers' Trust Co., New York. Assumed by (new) Mo. P. Ry. First collateral lien on 1,113.78 miles, by deposit
of seven issues of first mortgage bonds of a par value of $17,215,000, covering property as follows: Ft. Scott to
Kiowa, Kan., 243.50 miles; Eldorado to McPherson, Kans.. 62.40 miles; West Wichita to Hutchinson, 46.47 miles;
Hutchinson to Geneseo, Kan., 40.10 miles; West line of Rush County to Col. State line, 138.52 miles; Chetopa to
Lamed, Kan., 273.04 miles; Olcott to luka, Kan., 20.09 miles; Salina to Marquette, Kan., 25.68 miles; Marquctte
to West line of Rush County, 100.23 miles; Kansas State line to Pueblo, Col., 152.12 miles; and various smaller
branches. These bonds offered 100% in new refunding 5s, maturing Jan. 1, 1923.
9. Auth., $10,000,000; outstanding, $9,636,000 (closed). Dated Aug. 1, 1890; due Aug. 1, 1920. Int. paid at
Bankers' Trust Co., New York. Assumed by (new) Mo. P. Ry. First collateral lien on 673.93 miles, by deposit
with trustee of nineteen first mortgage issues of a par value of $12,045,000, and covering various lines, branches
and connecting links of the general system in Mo., Kan., Neb., etc. These bonds offered 100% in new refunding
5s. maturing Aug. 1, 1926.
10. Auth.. $50.000.000; outstanding, $3.972,000 (closed; see No. 26). Dated Feb. 1, 1908; due Feb. 1, 1938. Int
paid at Bankers' Trust Co., New
York. Assumed by Mo. P. Ry. Second lien on 89.06 miles, following No. 23;
second collateral lien on 941.57 miles, following No. 8; second collateral lien on 425.48 miles, following No. 9. Th.es*
bonds offered 100% in new 5%
preferred stock.
11.Auth. and outstanding, $500.000. Dated Aug. 1, 1911; due Aug. 1, 1951. Int paid in New York. Callable
at 107 ft on sixty days' notice. Guar. prin. and int. by Mo. P. Ry., which leases the road until 2009 at $25,000 per
annum. First lien, 43.95 miles, Boonvflle to Versailles, Mo. These bonds offered 100% in new 5% preferred stock.
12. Auth.. $4.016.000; outstanding. $1,024.000 (closed). Dated Jan. 1. 1894; due Jan. 1, 1933. Int. paid at
Bankers' Trust Co.. New York. Callable at 105 and int Assumed by Mo. P. Ry. First lien, 161.65 miles, as
follows: Kansas City to Seneca, Kans., 117.12 miles; Menanger June, to Leavenworth, 11.61 miles; Axtell June, to
Virginia, Neb., 32.92 miles. These bonds offered 100% Jn new 5% preferred stock.
13. Auth., $10,000 per mile; outstanding, $520.000 (closed). Dated July 1, 1886; due July 1. 1926. Int. paid at
Bankers' Trust Co., New York. Assumed by Mo. P. Ry. First lien, 51.78 miles, Roper to Peru June., Kans. These
bonds offered 100 ^ in new
r ." red stock.
14. Auth. and outstanding. $3.459.000. Dated Oct. 2. 1899; due Feb. 1. 1919. Int. paid at Bankers' Trust
Co.. New York. Assumed by Mo. P. Ry. First lien, 288 miles, Atchison to Leonora, Kans., and branches. These
bonds offered lOOrf in new general mortgage
15. Auth., $45.000,000; outstanding, $43,162,000. Dated Mar. 15, 1881; due April 1. 1931. Int. paid at Bankers'
Trust Co.. New York. Coupon, $1.000. Sinking fund from land sales retires bonds at 110; not callable. Of amount
issued, $5,984.000 are guar. prin. and int. by Mo. P. Ry., by endorsement. First lien on 1,500.27 miles, as follows:
St Louis, Mo., to Texarkana, Tex., 490.19 miles; Bismarck to Belmont Mo., 120.30 miles; Poplar Bluff to Bird
Point, Mo.. 70.77 miles; Knobel to Helena, Ark.. 140.14 miles; Bald Knob to Bridge June., Ark., 88.15 miles: Little
Rock to Arkansas City. 114.27 miles: McGehee, Ark., to Alexandria, La., 189.85 miles; Trippe June, to Warren,
Ark.. 49.40 miles; Guerdon to Eldorado, 66.13 miles; various short lines and branches, 171.06 miles; also a first col-
lateral lien on stock of Arkansas Central R.R., covering 41.80 miles. Ft. Smith to Paris-, Okla. Also first lien on
remaining acreage of land grant. Underlie Nos. 16 and 24, with provision by latter to retire. Legal for S.- B. in
MR.. Mo. The bonds remain undisturbed in the plan. Listed on New York Stock Exchange. Normal income
tax deducted from interest
16. Auth., $40.000,000; outstanding. $30,551.000. Dated July 1, 1899; due July 1, 1929. Int paid at Bankers'
Trust Co., New York. First lien on 608.96 miles, as follows: Argenta to Van Buren June., Ark., 157.72 miles;
El Dorado, Ark., to Vidalia. La.. 159.83 miles; Hope to Nashville, Ark., 25.61 miles; Smithton to Pike City, 33.01
miles. Luna to Crossett 50.93 miles; Van Buren June, to Coffeyville, Okla., 162.42 miles; various spurs and branches,
19.44 miles; second lien on 1,429.09 miles covered by No. 15, being all the mileage covered by the latter except
70.58 miles from Helena to Clarendon, and from Pine City to Brinkley, Ark. Also a first collateral lien on $2.913,-
200 Wabash first and refunding 4s of 1956, $23.703,000 Texas & Pacific second income 5s 'of 2000, $2.826.200 pre-
ferred and $2,826,000 common stock, of Wabash R.R., and other collateral. As the company did not participate in the
Wabash reorganization,its holdings in the old company have been written off. Underlie No. 24. Coupon and reg.,
These bonds remain undisturbed in the plan. Listed on New York Stock Exchange. Interest paid with-
$1,000.
Trust
ne to*cTaVton"jun7.rL7.,^ HI., 119.26 miles; Gorham to Zeigler, 111.,

31 19 miles- Crane to Springfield, Mo., 35.24 miles, and various links and
-
branches. Also a first collateral lien on
18 59 miles'in and near Memphis, being a first lien on entire issue
of Union Railway of Memphis first mortgage
bonds Also secured by first collateral lien on $1,000,000 Western Coal & Mining Co. first mortgage bonds, $229,-
500 Coal Belt Electric Ry. stock. Underlie No. 24. Coupon and reg., $1,000. These
bonds remain undisturbed in
the plan. Legal for S. B. in Maine and Mo. Listed on New York Stock Exchange. Interest paid without deduc-
18 Auth $445,000; outstanding, $435,000. Dated April 1, 1891; due April 1, 1916. Int. paid at Bankers' Trust
Co New York Int. guar. by St. Louis, Iron Mtn. & Southern Ry. First lien on Arkansas River bridge and ap-
proaches at Little Rock, Ark. Coupon, $1,000. These bonds offered 100% in refunding 5s, due 1923.
19 \uth, $20,000 per mile; outstanding, $1,140,000. Dated July 1, 1899; due July 1, 1939. Int. paid at St. Louis
Union Trust Co., St. Louis, Mo. Assumed by St. Louis, Iron Mtn. & Southern Ry. First lien, 57 miles, Little Rock
to Hot Springs, Ark. Coupon, $1,000. Legal for S. B. in Maine and Mo. These bonds remain undisturbed in the
plan. Interest paid without deduction for normal income tax.
20 Auth., $1,200,000; outstanding, $880,000. Dated Oct. 1, 1903; due Oct. 1, 1923. Int. paid in New York and
St Louis. Callable at 105 after Oct. 1, 1913, on six months' notice. Assumed by St. Louis, Iron Mtn. & So. Ry.
First lien, 44.23 miles, Pine Bluff to Benton, Ark. Underlie No. 24, which provides for retirement. Coupon, $1,000.
These bonds remain undisturbed in the plan. Legal for S. B. in Maine and Mo. Interest paid without deduc-
21. Auth., $50,000,000; outstanding, $37,255,000. Dated Mar. 1, 1905; due Mar. 1, 1945. Int. paid at Bankers'
Trust Co., New York. Callable at 102% and int. on three months' notice. Secured by deposit with trustee of $37,-
255,000 out of a total of $44,396,573 stock of St. Louis, Iron Mtn. & Southern Ry. These bonds offered 100% in new
5% preferred stock. Coupon and reg., $500 and $1,000.
22. Auth. and outstanding, $2,500.000. Dated June 30, 1898; due June 1, 1948. Int. paid at Bankers' Trust Co.,
New York. Assumed by Mo. P. Ry. First lien on 100 miles, from Atchison to Waterville, Kan. Underlie No. 25,
which provide for retirement. Coupon and reg., $1,000. These bonds offered 100% in 4% general mortgage bonds.
23. Auth., $10,000 per mile; outstanding, $806,000 (closed). Dated Feb. 1, 1886; due Mar. 1, 1926. Int. paid
at Bankers' Trust Co., New York. Assumed by Mo. P. Ry. First lien, 84.49 miles, including line from Le Roy to
Deering, Kan., and Yates Center branch. Coupon, $1,000. These bonds remain undisturbed in the plan. Legal
for S. B. in Me., Mo. Listed on New York Stock Exchange. Normal income tax deducted from interest.
24. Auth., $200,000,000. Dated July 1, 1912; due July 1, 1952. Int. paid at Union Trust Co., New York. Cover
entire Iron Mountain system, and provide for all prior liens. Amount outstanding, June 30, 1915, $29,425,000, of
which $25,000,000 are held as collateral under No. 28. These bonds offered 105% in new refunding 5s.
25. Auth., $150,000,000; outstanding, $29,806,000 Series A. Int. paid at Bankers' Trust Co., New York. Call-
able on and after Sept. 1, 1917, at 110 and int. Series A are convertible into stock at par at any time from Sept. 1,
1912, to Sept. 1, 1932. Dated Sept. 1, 1909; due Sept 1, 1959. The issue is secured by direct first lien on 165.23
miles of road in Mo., Kans. and Neb., including lines to Warsaw, Carthage, Sedalia, Omaha, etc. It is a direct second
lien on 1,806.07 miles, following No. 7, on 781.38 miles, No. 8 on 172.21 miles, No. 9 on 248.45 miles, No. 13 on 51.78
miles, No. 12 on 16.55 miles, No. 22 on .100 miles, No. 14 on 288.19 miles, and No. 16 on 2.41 miles. Also a direct
third lien on 1,513.06 miles, following No. 6 on 56.95 miles, No. 8 on 941.57 miles, No. 9 on 425.48 miles, and No. 24
on 89.06 miles. Also a d_irect fourth mortgage on 12.55 miles covered by first lien by No. 4, and on the St. Louis real
estate' covered by first lien by No. 3. Also a direct fifth mortgage on 284.74 miles covered by first lien by No. 1.
Also a first collateral lien on $16,715,000 of No. 10 and $2,985,000 of No. 12. Further secured on trackage rights,
leases, terminal interests, etc. These bonds offered 100% in new 5% preferred stock.
26. .In several series. Series "1," 5s; dated May 1, 1907; due $335,000 each May 1 to May 1, 1917; orig-
inal amount, $3,350,000; now outstanding, $335,000. Interest paid May and Nov. 1 at Columbia Trust Co., New
York. First lien on equipment originally costing $3,750,500. Coupon and reg., $1,000. Series "2," 5s; dated Nov.
1, 1911; due $147,000 each May and Nov. to Nov. 1, 1921 ;original amount, $2,940,000; now outstanding, $1,-
470,000. 'Interest paid May and Nov. 1, at Central Trust Co., New York. First lien on equipment originally
costing $3,275,540. Coupon, $1,000. Series "3," 5s; dated Dec. 1, 1914; due serially to Dec. 1, 1924. Original
issue, $280,000; now outstanding, $224,000. Interest paid June and Dec. 1* Interest paid without deduction for
normal income tax, except on Series "3." Issues maturing prior to June 30, 1918, to be paid in cash under plan.
27. In several series. Series "V" car trust 5s; dated June 1, 1913; due $44,000 each June to 1919 and $45,000
thereafter to June 1, 1922- original amount, $399,000; now outstanding, $267,000. Int. paid quarterly March 1 at
Townsend Whelen & Co., Philadelphia. First lien on equipment costing over $743,000. Coupon, $1,000. Series
"1," equipment 5s; dated June 1, 1907; due $366,000 each June 1 to June 1, 1917; original amount, $3,660,000;
now outstanding, $366,000. Int. paid quarterly, March, at Bankers' Trust Co., New York. First lien on equipment
coating, $4,063,500. Coupon and reg., $1,000. Series "2," equipment 5s; dated Nov. 1, 1911; due $145,000 each
May and Nov. 1 to Nov. 1, 1921; original amount, $2,900,000; now outstanding, $1,450,000. Int. paid May and Nov.
1, at 165 Broadway, New York. Callable on 60 days' notice. First lien on equipment costing $3,235,736. Coupon,
"3,'êquipment 5s; dated March 1, 1914j due $25,000 each March and Sept. 1 to Sept. 1, 1923;
00. Series
t
ket: NewYork. Issues maturing prior to June 30, 1918, to be paid in cash under plan.
Auth. and outstanding, $24,845,000; dated June 1, 1911; due June 1, 1915; extended to June 1, 1917. Int.
I.
10 rust Co -> New York. Callable at par on sixty days' notice. Secured by deposit with trustee of
y/T ? xT
25,000,000 of No. 24; $1,972,000 of No. 25, $1,070,000 St. Louis, Iron Mountain & Southern stock, $9,800.000 pre-
00,000 common stock of Denver & Rio Grande R.R.; $828,380 notes of Texas & Pacific Ry., and
minor collateral. Collateral is subject to substitution under certain limitations.
Company does not assume
payment of income tax. To be paid off in cash under plan.
NAME AND DETAILS or Issue.

in;o MOODY'S ANALYSES OF INVESTMENTS.
Location: Total mileage operated on June 30, 1916, comprised 191.22 miles as follows: Lines owned, anchorage
to De Quincey, La., 137.47 miles; Eunice, La., to Crpwley, La., 22.37 miles; Erwinville, La., to Mix, La., 12.88
miles; trackage rights, 18.50 miles. In addition to this directly operated mileage, company controls the St. Louis,
Brownsville & Mexico Ry., 648.18 miles; Beaumont, Sour Lake & Western Ry., 118.75 miles, and Orange & North-
western R.R., 61.55 miles, which are separately operated, and the Louisiana Southern, 65.31 miles, operated under
lease. Total length of system, 985.01 miles. Under an arrangement (effective June 1, 1916), all of this company's
traffic into and out of New Orleans is handled by the Yazoo & Mississippi Valley Ry. Co., this company retaining
all initial line rights in New Orleans.
Equipment: Locomotives, 40; passenger cars, 28; freight cars, box 486, tank 73, flat 500, refrigerators 982,
other 183, total 2,224; service cars, 344. Total engines and cars, 2,636. 1 transfer steamer.
Management: Frank Andrews, Chairman; J. S. Pyeatt, Pres., Houston, Tex.; G. H. Walker, Vice-
OFFICERS:
Pres., St. Louis, Mo.; M. W. Terry, Vice-Pres., New York; J. D. O'Keefe, Vice-Pres.; H. G. Dufour, Sec., New
Orleans, La.; J. H. Lauderdale, Treas., Houston, Tex., C. A. Kearney, Asst. Sec. and Asst. Treas., New York.
DIRECTORS: Stedman Buttrick, Boston, Mass.; Alonzo Potter, Henry Sanderson, Lorenzo Semple, Geo. E. Warren,
Carl A. deGersdorff, M. W. Terry, Elisha Walker, Willard V. King, New York City; G. H. Walker, John F. Shep-
ley, St. Louis, Mo.; Alexander Berger, Maryton, Va. J. D. O'Keefe, New Orleans, La.; Frank Andrews and J. S.
;
Pyeatt, Houston, Tex. MAIN OFFICE, Houston, Tex. NEW YORK OFFICE, 61 Broadway.
Comparative Consolidated Income Account, Years Ended June 30

1916 1915
Gross revenues $5,044,295 $4,468,565
Operating expenses 4,014,732 3,675,717
Net operating revenues. $1,029.563 $792,848

Operating ratio 76.48% 82.26%
Other income . 47,689 49,019
Total net income. $1,077,252 $841.867

Taxes accrued .
158,152 114,680
Balance for charges. $919,100 $727.187

Surplus .
$99,670 *$56,414
* Deficit.
Note: Above income account is the consolidated statement of the entire system including lines separately oper-
ated.

ASSETS: 1916 1915 1914 1913 1912 1911
$33.441.925 $37.417.478 $35.121.648 $33.949.851 $33,279.551 $30,541.740
Working assets 2,541,562 3,936.300 4,587.798 3,130,122 536.293 369,799
Accrued income not due 477,118 211.580 178,170 145.267 158,451
Deferred de'Mt items . . .
814,144 45.139 529.519 151.815 1,148.539 931,542
Profit and loss deficit. . . 2.401,446 1.723,057 1,091.294 502,982
Tota, $37,274,749 $43,800,363 $42,173.602 $38,501,252 $35,612,632 $32,001,542

LIABILITIES :
Capital stock $15,000.000 $2.000.000 $2.000.000 $2.000.000 $2.000.000 $2.000.000

Funded debt 21,550.312 37.672.815 32.179,408 30.470,491 29.559,879 27.508.101
Working liabilities .... 426.722 3,556,164 7.402.140 5.495.005 3,528.458 1,938.599
Accrued liab. not due. . . 43.183 544.092 572.570 515.120 501.610 526,232
Deferred credit items,. 123,092 27,292 19,484 20,636 22,685 28,610
Total $37,274,749 $43,800,363 $42.173,602 $38,501,252 $35,612,632 $32,001,542

Note: Figures as above prior to 1916 are of old company.
TABLE D Bond Record and Ratings (Based on 2 Yea- Resu'ts, Per Mile o" Road)
NAME or ISSUE.

Auth., $15,000,000; outstanding, $5,870,000. Series A; in treasury, $130,000. Int. paid at Columbia Trust
1.
Company, New York. Coupon, $100, $500 and $1,000; reg., $1,000 and $10,000; coupon and reg., interchangeable.
Callable at 105 on 60 days' notice. First lien on 173.51 miles as follows: Anchorage to De Quincy, La., 138.26 miles;
Eunice to Cowley, La., 22.37 miles, and Erwinville to Mix, La., 12.88 miles. First collateral lien on 645.47
miles as follows: On the 84.29 miles of the Beaumont, Sour Lake & Western Ry. as follows: Beaumont to
Houston, Texas, 82.79 miles, and Grayburg to Sour Lake, Texas, 1.50 miles. On the 499.63 miles of the St. Louis,
Brownsville & Mexico Railroad as follows: Algoa to Brownsville, Tex., 343.14 miles; Harlingen to Sam Fordyce,
Tex., 55.44 miles; Buckeye to Collegeport, Tex., 16.90 miles; Bloomington to Port O'Connor, Tex., 38.58 miles; Hey-
ser to Austwell, Tex., 16.88; Bloomington to Victoria, Tix., 13.56 miles; San Juan to Edinburg, Tex., 7.89 miles;
Brownsville to Rio Grande Station, Tex., 1.79 miles; Rio Grande Jet. to Slinkert, Tex., 5.45 miles; on the 61.55
miles of the Orange & Northwestern Railroad from Orange to Newton, Tex. Also secured on 101 miles of trackage
rights and certain lands owned in Louisiana. Listed on New York Stock Exchange. Normal income tax deducted
from interest.
2.Outstanding, $784,000 equipment 5s, Series B, dated Sept. 15, 1911, maturing $56,000 each, on March 15
and Sept. 15, to Sept. 15, 1923, inclusive. Interest paid March 15 and Sept 15, at Guaranty Trust Co., New 'York,
N. Y. Coupon, $1,000. First lien on 1,000 refrigerator cars, 250 flat cars and 4 gas-electric motor cars, costing,
$1,493,167. Original issue, $1,344,000. Interest payable without deduction for normal income tax.
3. Auth.. $25.000,000; outstanding, $12.964.300 Series A; in treasury, $2,193,700. Int. payable April and Oct.
at Guaranty Trust Company, New York, when earned and non-cumulative. Coupon, $100, $500 and $1,000; prin.
may be registered. Callable at par on 60 days' notice. Not a mortgage but should mortgage indebtedness be in-
creased over $15.000,000 under the first mortgage these bonds will be equally secured therewith. Listed on New
Capital Stock: Auth. and outstanding, $15.000,000; par, $100. REGISTRAR, American Exchange National
Bank of New York. TRANSFER AGENT, Columbia Trust Co. of New York. The entire issue of capital stock has
been deposited for not exceeding five years with Willard V. King, L. A. McMillan and Chas. H. Sabin, as voting
trustees. Voting trust certificates listed on New York Stock Exchange.
BEAUMONT, SOUR LAKE & WESTERN RAILWAY COMPANY

History: Incorporated Aug. 13, 1903, under the laws of Texas as the Beaumont, Sour Lake & Port Arthur
Traction Co. Amended and name changed to present title, June 30, 1904, and amendment changing route of road
dated Feb. 17, 1906. Duration of charter, fifty years. Road first opened June 19, 1907. Company owns 25%
of the capital stock of the Houston Belt and Terminal Railway Co.
Location: Total mileage operated, 118.75 miles as follows: Main line from Beaumont to Houston, Tex., 82.79
miles; Sour Lake branch, Grayburg to Sour Lake, 1.50 miles; trackage rights, 34.46 miles.
Manicrmrnl OFFICERS: J. S. Pyeatt, Pro?., Houston. Texas; G. H. Walker. Vice-Pres., St. Louis, Mo.; J. H.
:
Lnderdale, Sec. and Treas.; J. W. McCullough, Auditor, Houston, Texas. DIRECTORS: Carl A. deGersdorff, New
York; Stedman Buttrick, Boston, Mass.; C. H. Walker, St. Ixinis- J. S. Pyntt. Frank Andrews, John H. Kirby,
Houston, Texas; P. A. Hcisig, B. R. Norwell and J. F. Keith, Beaumont, Texas. GENERAL OFFICE, Houston, Texas.
Bonded Debt: $2.057,824 Beaumont, Sour Lake & Western 6s, dated May 1, 1910, due May 1, 1940. Int. semi-
annually. May 1 and Nov. 1, at New York Trust Co., New York. N. Y. Issue limitod to $10.000,000 at any one time
outstanding. All owned by New Orleans, Texas A Mexico Railroad Company and pledged under that company's
first mortgage.
Capital Stock: Auth., $300,000; outstanding, $85,000. Par, $100. All owned by New Orleans, Texas & Mexico
R.R. Co. (except nine directors' shares) and pledged under that company's first mortgage.
THE ORANGE & NORTHWESTERN RAILROAD COMPANY

History: Chartered January 14, 1901, under the laws of Texas; road opened to Buna and South Orange
January 1, 1902, to Newton, Tex., about February 1, 1906.
location: Orange to Newton, Tex., 61.55 miles.

Management: omens: L. Miller. Pres., Orange, Tex.; J. S. Pyeatt, Vice-Pres., Houston, Tex.; J. O. Sims
Sec., Treas. and Aud., Orange, Tex. DIRECTORS: J. S. Pyeatt, Frank Andrews, R. J. Baker, J. A. Brown, J. H.
Lauderdale, J. W. McCullough, Houston, Tex.; L. Miller, Orange, Tex.
Bonded Debt: $1,066.947 Orange & Northwestern R.R. first 6s, dated May 1, 1910; due May 1, 1940. All
owned by New Orleans, Texas & Mexico Railroad Co., and pledged under that company's first mortgage.
Capital Slock: Authorized, $400.000; outstanding, $35.000; par, $500. All owned hy New Orleans, Texas A
Mexico Railroad Co. (except 7 directors' shares) and pledged under that company's first mortgage.
LOUISIANA SOUTHERN RAILWAY COMPANY

History: Chartered February 1, 1897, under the laws of Louisiana, as successor to the New Orleans & Southern
R.R. Co., whose property was sold under foreclosure on October 26. 1896. Leased to New Orleans, Texas & Mexico
1. Co., on July 7, 1911, under lease dated February 1, 1911, for period of twelve years,
expiring February 1, 1923,
by the terms of which the lessee operates the property for account of the owners, with no obligation to itself.
Mileage Operated, June 30, 1916: 65.31 miles; New Orleans to Bohemia, La., 49.96 miles; Poydras, La., to Shell
Beach. 15.".", miles.
Income Account, year ended June 30, 1916: Railway operating income, $21,275.18; other income, $112; gross
income, $21,387.18; deductions, $13,994.47; surplus, $7,392.71.
General Balance Sheet. June 30, 1916 (Lessee account): Current liabilities, $15.819.91; deferred liabilities,
$4,271.66; unadjusted credits, $5,002.56; profit and loss, $7.302.71; total liabilities. $36004.13. Contra: Cash. $4,-
013.17; other current assets, $27,100.98; deferred assets, $4,971.61; unadjusted debits, $8.37; total assets, $36,094.13.
Bonded Debt: $250.000 Louisiana Southern Ry. first 5s. Dated Mrch 1. 1897: due March 1, 1950. Interest
paid Mar. and Sept. 1, at Robt. Winthrop & Co., New York. Coupon, $500. Callable at 105. First lien on entire
property.
ST. LOUIS, BROWNSVILLE & MEXICO RAILWAY
5, 1903, to construct line in Texas, etc.
Lines now owned and
History Incorporated under Texas laws, January
from Brownsville, Texas, to Al-
operated consist of 548.18 miles, including 45.94 miles of trackage rights, extending
ma and various branches. Sidings, 124.71 miles. CompanyCo. also owns an interest in Houston Belt & Terminal Ry.,
Brownsville & Matamoras Bridge Co. and Gulf Coast Realty
Equipment- Locomotives, 51; cars: passenger coaches, 21, combination 6, baggage
and mail 12, baggage 4, total
box flat 95, stock 226, tank 59, refrigerator 26; total, 1,421; service 59; total cars, 1,523.
passenger, 43j freight: 1,015,
Cars and engines, 1,574.
Management: OFFICERS: Frank Andrews, Chairman; J. S. Pyeatt, Pres.; A. T. Perkins, Vice-Pres.; R. J.
C. A. deGersdorff, A. T. Perkins, G. H. Walker,
Kleberg Vice-Pres.; M. Eckert, Sec. and Treas. DIRECTORS:
Frank Andrews, J. S. Pyeatt, J. A. Brown, R. J. Kleberg, P. R. Austin, C. M. Armstrong.
1916 1915.
Gross earnings $2,606,446
Net earnings 733,179
Total net income 771,683
Balance . $408,155
Reorganization: In April, 1912, receivers were appointed for the property and under date of October 30, 1916,
a plan of reorganization was proposed which has since been announced as operative. This plan provided for the
following new securities :
First mortgage bonds, maturing July 1, 1956, to be issued in two series of .which $21,976,000 are Series A 5s,
and $8,479,000 are Series B 4s.
Prior preference 5% cumulative stock of which $11,200,000 is to be purchased by a syndicate.
Five per cent cumulative preferred stock of which $12,429,000 is to be issued in exchange or partial exchange
for existing securities.
Common stock to the amount of $45,046,000, of which $19,370,600 is to be issued in exchange or partial ex-
change for existing securities and $25,675,400 for purchase by syndicate.
The exchange of old securities is to be made on the following plan.
(1) Flint & Pere Marquette R.R. first 6s received for each $1,000 bond, $1,237 in Series A first 5s.
(2) Flint & Pere Marquette first 4s received for each $1,000 bond, $1,115 in Series A first 5s.
(3) Flint & Pere Marquette, Toledo Division first 5s, received for each $1,000 bond, $1,132 in Series A first 5s.
(4) Flint & Pere Marquette Port Huro% Division first 5s received $764 in new preferred stock and $382, in new
common stock, for each $1,000 bond.
(5) Flint & Pere Marquette first consol. 5s received $641 in Series A first 5s and $500 in Series B first 4s
for each $1.000 bond.
(6) Chicago & West Michigan Railway first 5s received $1,136 in Series A first 5s.
(7) Chicago & North Michigan R.R. first 5s received $380 in preferred stock trust certificates and $761 in
common itock trust certificates.
(8) Detroit, Grand Rapids A Western R.R. first consolidated 4s received for each $1,000 bond, $115 in Series
A first 5s and $1,000 in Series B first 4s.
(9) Saginaw, Tuscola & Huron R.R. first 4s received for each $1,000 bond, $101 in Series A first 5s and $1,000
in Series B first 4s.
(10) Grand Rapids, Belding & Saginaw R.R. first 5s received for each $1,000 bond $1,150 in new common stock.
(11) Pere Marquette R.R. of Indiana first 4s received for each $1,000 bond $112 in Series A first 5s and $1,000
in Series B first 4s.
(12) Pere Marquette R.R. Consolidated 4s received for each Sl.OOO bond $1,104 in new preferred stock.
(13) Pere Marquette refunding 4s received for each $1,000 bond $1,104 in new common stock.
In addition to the above the unpaid coupons on Flint & Pere Marquette first 6s., Flint & Pere Marquette first
4t and Detroit Grand Rapids & Western R.R. consolidated 4s, due April 1, 1912 are provided for at par in Series
A 5% first mortgage bonds. The coupon detached and maturing July 1, 1912, Jan. 1, 1913, July 1, 1913 and Jan.
1, 1914 on the refunding 4s are provided for in common stock at par.
The purchase committee offers on the terms described below to the depositors of divisional bonds, consolidated
mortgage bonds, refunding bonds, collateral trust bonds, debentures, first preferred stock, second preferred stock, and
common stock of the old company, the opportunity to acquire $11,200,000 5% prior preference stock, and $22,400,-
000 common stock at the following rate:
$1,000 par value prior preference stock and $2,000 parvalue common stock for the sum of $975 in cash.
Management (old company): OFFICERS: D. E. Waters. Paul H. King, Receivers; Frank H. Alfred, Gen. Mgr.;
J. L. Cramer, Compt; E. N. Weller, Trees. DIRECTORS: W. R. Roach, F. W. Stevens, E. V. R. Thayer, S. L. Mer-
riam, F. H. Prince. W H. Porter. Frank W. Blair, Samuel M. Felton, Dudley E. Waters, A. E. Sleeper, W. L. Clem-
ents, B. F. Davis, W. A. Garrett, Jas. B. Peter. Annual meeting, first Wednesday in October. MAIN OFFICE, Detroit,
Michigan.
flMdlfillnn of Freight Tonnage (Years Ended June 30)
YEARS
Note: Above table is based on average mileage directly operated for each year. Bonds outstanding per mile,
as shown above, include all issues, as well as equipment trusts and Receivers' Certificates.

ASSETS: 1916 1915 1914 1913 1912 1911
Property investment $91,914,764 $97,200,518 $99,376.732 $105,618,513 $121,222,937 $116,034,276
Working assets 8,223,728 4,244,234 5,626,807 6,369,411 5,215,149 6,022,718
Deferred debit items... 494,083 582,728 1,078,240 962,093 938,507 1,401,314
31,161,556 25,665,222 22,559,538 14,444,170 2,995,117 2,780,313
Total $131,804,737 $127,738,186 $128,660,749 $127,412,539 $130,385,622 $126,270,453

LIABILITIES:
Capital stock $28,500,000 $26,327,210 $28,500,000 $29,900,000 $29,900,000 $29,900,000
Funded debt 78,629,942 80,334,239 79,959,165 81,255,720 93,854,809 91,983-,147
Working liabilities 23,110,714 19,692,835 18,306,690* 14,789,533 5,261,395 3,121,953
Accrd. liabilities not due 988,036 971,250 1,038,915 1,060,670 975,822 933,348
Total $131,804,737 $127,738,186 $128,660,749 $127,412,539 $130,385,622 $126,270,453
TABLE D Bond Record and Ratings i Based on 10- Year Results, Per Mile of Road)
H66 GOODY'S ANALYSES OF INVESTMENTS.
paid at J. P. Morgan & Co., New York. Assumed by Pere Marquette R.R. First
A first 5s for the 6s.

(Continued)
4 and 5. Auth., $1,000,000 4s; $4,000,000 6s; outstanding, $5,000,000. Dated Oct. 1, 1880; due Oct. 1,
_
1920. Int.
lien on 298.13 miles, as follows: Mon-
roe to Ludington, 249.81 miles; East Saginaw to Bay City, 12.50 miles; Horton to Otter Lake,
14.40 miles; branches,
21.42 miles: all in Michigan. These bonds receive $1,115 in new Series A first 5s for the 4s, and $1,237
in new Series
1939. Int. paid at

6 Auth., $10,000,000; outstanding, $2,850,000 (closed). Dated March 1, 1889; due May 1,
Central Trust Co., New York. Assumed by Pere Marquette R.R. First lien on 101.62 miles, as follows: Delray
to Oak, 8.43 miles; Saginaw Belt, 5.45 miles; Coleman to Mt. Pleasant, 14.50 miles; Coleman to Beaverton, 11 miles;
Clare to Leota, 24 miles; and branches; second lien on 545.17 miles, as follows: On 298.13 miles, following Nos. 5 and
6; on 230.20 miles, following No. 8, and also following No. 9. These bonds receive $641 in new Series A first 5s,
and $500 in new Series B first 4s.
7. Auth., $3,500,000; outstanding, $3,325,000 (closed). Dated May 17, 1889; due April 1, 1939. Int. paid at
J. P.Morgan & Co., New York. Assumed by Pere Marquette R.R. First lien on 230.20 miles, as follows: East
Saginaw to Port Huron, 90.12 miles; Port Huron to Grindstone City, 91.62 miles; Palms to Harbor Beach, 18.40
miles; all in Michigan. These bonds receive $764 in new preferred stock and $382 in new common stock.
Auth. and outstanding, $400,000. Dated July 1, 1897; due July 1, 1937. Int. paid at International Trust
8.
Co., Boston, Mass. Assumed by Pere Marquette R.R. First lien on 18.55 miles from Monroe to Alexis, Mich., and
on lease of Ann Arbor R.R. from Alexis to and into Toledo, Ohio. These bonds receive $1,132 in new Series A 1st 5s.
Auth., $260,000, and $9,000 per mile additional; outstanding, $260,000. Dated Mar. 1, 1899; due Mar. 1, 1924.
9.
Int.paid at International Trust Co., Boston. Assumed by Pere Marquette R.R. First lien on 28.85 miles from
Freeport to Belding, Mich. These bonds receive $1,150 in new common stock.
Auth. and outstanding, $1,000,000. Dated Feb. 1, 1900; due Aug. 1, 1931. Int. paid at J. P. Morgan & Co.,
10.
New York. Assumed by Pere Marquette R.R. First lien from Saginaw to Bad Axe, Mich., 66.10 miles. These bonds
revive $101 in new Series A first 5s and $1,000 in new Series B first 4s.
Auth., $2,500,000; outstanding, $675,000 (closed). Dated May 1, 1903; due May 1, 1943. Int. paid at J. P.
11.
Morgan &
Co., New York. Callable at 105 and interest on any interest date on 60 days' notice. Assumed by Pere
Marquette R.R. First lien from Michigan-Indiana State line near Alfred to Porter, Ind., 21.26 miles. These bonds
receive $112 in new Series A
first 5s and $1,000 in new Series B first 4s.
12. Auth., $50,000,000; outstanding, $8,382,000 (closed). 2, 1901; due Jan. 1, 1951.
Dated Jan. Int. paid at J.
P. Morgan & Co., New York. First lien on 122.19 miles, as follows: from Green-
Assumed by Pere Marquette R.R.
ville to Stanton, Mich., 12.19 miles Benton Harbor to Buchanan, Mich., 26 miles Harbor Beach to Port Hope, Mich.,
; ;
7.72 miles; Carsonville to Sandusky, Mich., 8 miles; Lawton to South Haven, Mich., 33.82 miles; branches, 34.46
miles; second lien on the 1,147.72 miles, subject to No. 2; No. 3; No. 4; No. 5; No. 10; No. 11; third lien on 545
miles, following No. 7; first collateral lien on the following securities: $264,000 (entire) capital stock of the Grand
Rapids, Kalkaska & S. E. R.R. $250,000 of the $1,000,000 capital stock of the Fort Street Union Depot Co. ; second
;
collateral lien on stock, following No. 4. These bonds receive $1,104 in new preferred stock.
13. Auth., $60,000,000; outstanding, $10,106,000 (closed). Dated Jan. 2, 1905; due Jan. 1, 1955. Int. paid at
J. P. Morgan Co., & New
York. Coupon, $1,000 ; reg., $1,000, $5,000, etc. Assumed by Pere Marquette R.R. Sec-
ond lien on 143.85 miles, following No. 13 and No. 12 ; second collateral lien on 198.81 miles, following No. 1 and sub-
third lien on 1,147.72 miles, following No. 13; fourth lien on 545 miles, following No. 13; first collateral
ject thereto;
lien on $15,800 out of $1,000,000 stock of the Fort Street Union Co. second collateral lien on securi-
capital Depot ;
following No. 13; third collateral lien on stock, following No. 13. Underlies No. 23. Of this issue, $9,207,000 are
ties,
guaranteed by the Cincinnati, Hamilton & Dayton Railway. These bonds receive $1,104 in new common stock.
REFERENCE NOTES ON BOND ISSUES (New Company)

Auth. and outstanding, $3,000,000. Dated June 15, 1903; due Aug. 1, 1932. Int. paid at J. P. Morgan & Co.,
1.
New York. Coupon, $1,000. Assumed by Pere Marquette R.R. First collateral (by deposit of like amount of
Erie & Detroit River 5s of 1932) lien on 198.81 miles, as follows: From Walkerville to St. Thomas, Ont,
-6.78 miles, and from Sarnia to
Rondeau, Ont., 72.03 miles. These bonds remain undisturbed in the plan. They un-
os. 3 and 4, and retirement is
provided for by latter. Interest paid without deduction for normal income tax.
2. Auth and outstanding, $2,870,000. Dated Jan. 1, 1903 due Jan. 1, 1923. Int.
; paid at People's State Bank,
3it. Callable at par and int. on any interest date on six week's notice. Assumed
by Pere Marquette R.R. First
stock hen on 198.81 miles, as follows: Walkerville to St.
Thomas, 126.78 miles; and Sarnia to Rondeau,
in Ontario, Canada. Tax-free clause. Coupon, $1,000. These bonds remain undisturbed in the
rhe Nos. 3 and 4 and retirement is
provided for by latter. Interest paid without deduction for nor-
' nd 4 2 * 1 $76,000,000;
.A"* $30,455,000. In two series, as follows: Series A carrying
now being -issued,
'
KP/ ? o ..
int.; Series B, carrying 4% int Dated July
1916; due July 1, 1956. Interest paid from July 1, 1916 in
1,
.rk. Coupon and rep.. $1,000. Series A are redeemable at 105 and interest, and Series B at par and in-
are now being issued in or partial exchange for old securities under the re-
n plan and $6 000,000 have been sold to the exchange
syndicate to cover cash requirements, etc. Of Series B, ?8,-
isued are to be applied to the
exchange of old securities. Of the unissued balance, sufficient
NAME AND DETAILS or ISSUE.

1108 AX.ILYSES OF INVESTMENTS.
(4) The St Louis & San Francisco R.R. Southwestern Division 5s received for each $1,000 bond $62.50 in cash
and $1,250 in 4% prior lien bonds.

bond $35 in cash
The St Louis & San Francisco R.R. Central Division first 4s received for each $1,00
)
(6)
and $1,250 in prior lien 4% bonds.
bond $35 in
(6) The St. Louis & San Francisco R.R. Northwestern Division first 4s received for each $1,000
cash and $1,250 in prior lien 4% bonds.
7 St. Louis & San Francisco R.R. Trust 5s of 1887 received
i
for each $1,000 bond, $62.50 cash and $1,250
I
in prior lien 4% bonds.

(8) The St. Louis & San Francisco R.R. Trust 5s of 1880 received for each $1,000 bond $125 in cash, and
$1,250 in prior lien 4%
bonds.
(9) The St Louis & San Francisco R.R., Missouri & Western Division first 6s received for each $1,000 bond,
$125 cash and $1,250 in prior lien 4% bonds.
in
(10) The St. Louis, Wichita & Western first 6s received for each $1,000 bond $120 in cash and $1,250 in prior
lien 4% bonds.
(11) The Muskogee City "Bridge Co. first 5s received for each $1,000 bond $50 in cash and $1,250 in prior
lien 4% bonds.
(12) The St. Louis, Memphis & Southeastern first 4s received for each $1,000 bond $50 in cash and $1,250 in
prior lien 4% bonds.
(13) The Chester, Perryville & St Genevieve R.R. first 5s received for each $1,000 bond $12.50 in cash and
$1,250 in prior lien 4s.
(14) The Pemiscot R.R. first 6s received par and interest in cash.
(15) The Kennett & Osceola R.R. first 6s received par and interest in cash.
(16) The Southern Missouri & Arkansas R.R. first 5s received par and interest in cash.
(17) The Fort Worth & Rio Grande first 4s received for each $1,000 bond $1,000 in prior lien 4s.
(18.) The Ozark & Cherokee Central first 5s received for each $1,000 bond $17.50 in cash and $1,250 in prior
lien 4s.
(19) The Quanah, Acme & Pacific R.R. first 6s received for each 51,000 bond $15 in cash and $1,250 in prior
lien 4s.
* The Kansas City, Fort Scott & Memphis preferred stock certificates received for each $1,000 par value
(20)
$750 in prior lien 4s and $250 in 6% adjustment bonds.
(21) The St. Louis & San Francisco first preferred stock on payment of $50 per share assessment received
$50 in new prior lien 5s and one share of new common stock.
(22) The St. Louis & San Francisco R.R. second preferred on payment of $50 a share assessment, received
$50 in prior lien 5s and $90 par value in new common stock.
(23) The St. Louis & San Francisco common stock on payment of $50 per share assessment received $50 in
new pripr lien 5s and $82 in par value of common stock.
The new $7,000,000 of cumulative preferred stock was used for the purpose of adjusting other outstanding in-
debtedness.
YBABS
KS1>BD
JUNE 30.
TABLE C Cap talization Factors (Security Obligations and Earning Power)
Per Mile of Road. Dividend Record.
Capitalization
YEARS
ENDED
JUNE 30.

1 andAuth., $30,000,000; outstanding, $5,803,000 5s and $3,681,000 6s (closed). Int paid at Bankers' Trust
2.
Co., New Coupon, $1,000. First lien on 986.48 miles, as follows: St. Louis to Seneca, Mo., 327.78 miles;
York.
Springfield to Beaver and to Chadwick, Mo., 73.65 miles; Fayetteville, Ark., to Red River, and to Powell, 240.22
miles; Pierce City, Mo., to Wichita, Kan., 223.70 miles; Monett, Mo., to Fayetteville, Ark., 71.18 miles; Carl June.,
Mo., to Girard, Kan., 29.64 miles; smaller branches, 17.29 miles. Assumed by St. Louis-San Francisco Ry. Under-
lie Nos. 12-13, with provision by same to retire. Listed on New York and Boston Stock Exchanges. Normal in-
3.Auth. and outstanding, $390,000. Dated Aug. 1, 1882; due Aug. 1, 1922. Int. paid at Old Colony Trust
Co., Boston. Coupon, $1,000. Assumed by Kansas City, Fort Scott & Memphis Ry. First lien, 26.18 miles, Coal-
vale to Weir City June., Kan. Underlie Nos. 4 and 8 with provision by latter to retire. Interest paid without de-
4. Auth. and outstanding, $13,736,000. Dated May 1, 1888; due May 1, 1928. Int. paid at Old Colony Trust
Co., Boston. Coupon, $1,000. First lien, 688.88 miles, as follows: Edward, Kan. to Springfield, Mo., 100.01 miles;
Springfield to Memphis, Tenn., 282.34 miles; Linton, Kan., to Rich Hill, Mo., 20.78 miles; Baxter to Joplin and
Webb City, Mo., 21.90 miles; Greenfield to Aurora, Mo., 37.67 miles; Cherryvale to Weir City, 49.79 miles; Baxter
to Kansas lien on 26.18 miles, following No. 3. Under-
City, Mo., 159.92 miles; and smaller branches. Also second
lie No. 8, which provides for retirement Listed on New and Boston Stock Exchanges. Interest paid without
5. Auth. and outstanding, $1,606,000. Dated Oct. 1, 1887; due Oct. 1, 1927. Int. paid at Old Colony Trust
Co., Boston. Coupon, $1,000. Assumed by Kansas City, Fort Scott & Memphis Ry. First lien, 81.95 miles, Willow
1
Springs to Grandm, Mo. Underlie No. 8, which provide for retirement Listed on Boston Stock Exchange. Inter-
6. Auth., $4,500,000; outstanding, $3,323,390 (closed). Dated March 1, 1894; due March 1, 1934. Int paid at
Old Colony Trust Co., Boston. Coupon, $500 and $1,000. First lien, 285.06 miles, Memphis, Tenn., to Birming-
ham, Ala. Underlie No. 7. Retirement provided for by No. 8. Listed on Boston Stock Exchange. Interest paid
7. Auth.. $7.000.000; outstanding, $6,322,780 (closed). Dated March 1, 1894; due March 1, 1934. Int paid at
Old Colony Trust Co., Boston. Coupon, $500 and $1,000. Int. guaranteed on $6,029.000 by Kansas City, Fort
Scott A Memphis Ry., $399,500 of issue pledged under No. 8. Second lien on 285.66 miles, following No. 6. Listed
on Boston Stock Exchange. Int paid without deduction for normal income tax.
8. Auth., $60.000,000; outstanding. $25.941,000. Dated Oct 1. 1901; due Oct. 1. 1936. Int. paid at Bankers' Trust
Co., New York. Coupon and reg., $1.000. First lien on 124.32 miles, as follows: Bonnerville to Estico, Ark., 35.75
miles; Dcckerville to Luxora. Ark.. 36.30 miles; Miami, to Afton. Okla., 13.09 miles; Evadale to Big Creek, Ark.,
16.50 miles; branches, 21.51 miles; second lien on 770.83 miles, following Nos. 4 and 5; third lien o 26.18 miles,
following No. 3; also a first collateral lien on certain securities and a first lien on terminal properties in Kansas
City. Springfield, Memphis, and Birmingham. Listed on New York and Boston Stock Exchanges. Interest paid
9. Auth., $3.000.000; outstanding, $2,683,000. Dated Oct 1, 1889; due Oct 1, 1929. Int. paid at Old Colony
Trust Co.. Boston, and Bankers' Trust Co., New York. Coupon. $1.000. Sinking fund, $10,000 per annum to retire
bonds at or under 110. Guar, prin and int. by K. C., Ft. Scott & M. Ry.. by endorsement. First lien on Missis-
sippi River bridge at Memphis. Tenn. Listed on New York and Boston Stock Exchanges. Interest paid without
10. Auth. and outstanding. $1.000.000. Dated Oct 1, 1902; due Oct 1, 1922. Int. paid at Bankers' Trust Co.,
New York. Coupon, $1,000. Guar. by K. C., M. A Birmingham R.R.. by endorsement. First lien on belt and term-
inal system at Birmingham, Ala., 39 miles, and collateral. Interest paid without deduction for normal income tax.
'
11. In several series, as follows: Series L, 5s; dated Aug. 1, 1907; due in twenty semi-annual instalments,
ranging from $26.2.000 down to $244.000. Original issue, $5,074.000; unmatured Jan. 1, 1917, $489,000. Int paid
Feb. and Aug. 1,'at St Louis Union Trust Co. First Hen on equipment costing $5,614,556. Series M, 5s; dated
Nov. 15, 1907; due $26,436 quarterly to Nov. 15, 1*17. Original issue. $1.057,543; unmatured June 30, 1916, $132,-
181. Int. paid guaranteed February at Merchants' Loan & Trust Co., Chicago, 111. Series O, 6s; dated Jan. 15,
1908; due $33,000 semi-annually to Jan. 15, 1918. Original issue. $669,000; unmatured June 30. 1916. $99,000. Int
paid Jan. and July 1. at Prov. Life A Trust Co., Philadelphia. First lien on equipment costing $743.000. Series P,
5s; dated Oct. 1, 1909: due $132.000 each April 1 and $133.000 each Oct 1 to Oct. 1, 1919. Original issue, $2,650,-
000; nnmatured. Jan. 1. 1917, $795.000. Int. paid April and Oct at Bankers' Trust Co., New York. First lien on
equipment costing $2.951.820. Series Q, 5s; dated Aug. 1, 1910; due $72,000 each Feb. 1 and $73,000 each Aug. 1
to Aug. 1, 1920. Original issue, $1.450,000; unmatured Jan. 1, 1917. $580.000. Int. paid Feb. and Aug. 1, at Cen-
tral Trust Co., New York. First lien on equipment costing $1.617.035. Series R, 5s; dated Dec. 1, 1910; due $5,000
semi-annually to Dec. 1, 1920. Original issue. $100,000; unpaid Jan. 1. 1917, $45.000. First lien on equipment cost-
ing $107,525. Series S, 5s; dated Oct 1, 1911; due $74,000 semi-annually to Oct 1, 1923. Original issue. $1,776,-
000; unmatured Jan. 1. 1917, $1.036.000. Int. paid April and Oct. at Guaranty Trust Co., New York. First lien
on equipment costing $1.968.834. Frisco Construction Co. Series A, 5s; dated Sept. 1, 1912; due semi-annually to
Sept 1. 1917. Original issue. $2,762.000; outstanding Jan. 1, 1917, $1.688.000. Int paid March and Sept. 1, at
Columbia Trust Co.. New York. First lien on equipment costing $3.068.915. Frisco Construction Co. Snries B,
6s; dated Sept 15, 1912; due $113.000 each March 15 and $112.000 each Sept. 15. to Sept 15, 1922. Original issue,
$2,250,000; outstanding, Jan. 1. 1917, $1,350,000. Int. paid June and Dec. 1, at Guaranty Trust Co., New York.
12 and 13. Authorized. $250.000,000; outstanding, $83,069.075 Series A 4s, and $25.000.000 Series B 5s; dated
July 1. 1916; due July 1. 1950. Interest paid at companv's office, New York. Scries A are callable at par and
Series B at 105 and interest Coupon, $100. $250, $500. $1.000; reg.. $1.000, $5,000, $10.000. First lien on all
property of company, subject only to Nos. 1 and 2; further secured by lease of Kansas City, Fort Scott & Mem-
phis property and by deposit of securities owned. Of the Amounts outstanding, all of the Series A 4s were is-
sued in exchange for old securities; the Series B 5s were sold to the syndicate; a further amount of $6,811,-
500 Sries B 5s are now to be issued for the purpose of the company. Of bonds reserved, sufficient are avail-
able for retiring all equipment notes due after July 1. 1917, and also retiring Nos. 1 and 2; $10,329.425 of Series A
have Jwen issued to acquire $7,688,000 Kansas City, Fort Scott & Memphis preferred certificates and certain other
underlying bonds of the old company; balance are reserved for future requirement, and maybe issued in different
eriex at varying rates of interest (but not over 6%) and varying maturities. Listed on New York Stock Ex-
14. Authorized, $75,000,000; outstanding, $40,547,818. Dated July 1, 1915; due July 1, 1955. Those outstanding
are Series A, entitled to cumulative interest at 6% per annum from July 1, 1915. Int. paid at Bankers' Trust Co., New
York. Callable at par and accrued interest. Interest paid only if earned, but accumulations must be paid at ma-
turity. Additional amounts may be issued at lower rates of interest. Of those unissued, $20,000,000 are re-
served for one-third the cost of equipment and improvements after Jan. 1, 1922, to be issued at the rate of not over
$4,000,000 per annum ; balance cannot be issued until after Jan. 1, 1932. Secured by direct lien on entire property,
subject to Nos. 12 and 13. Listed on New York Stock Exchange.
Interest paid without deduction for normal in-
come tax.
15. Authorized, $75,000,000; outstanding, $35,192,000. Dated 1915; due July 1, 1960. Those outstanding are
Series A, and are entitled to 6% interest when earned, but interest is not cumulative. Those unissued are reserved
for equipment, additions and improvements after 1922. Secured by direct lien on all property, subject to No. 14.
YEAS
KNTHKD
Juw SO.
of the fiscal year a reorganization plan has been submitted to the security holders, provid-
charges. Since the close
ing for a substantial reduction in the fixed charges.
Since the close of the fiscal year a reorganization plan has
been submitted to the security holders, providing
for a substantial reduction in fixed charges.
TABLE C. Capitalization Factors (Security Obligations

and Earning Power)
Dividend Record.
Capitalization Per Mile of Road.
> i
at
ENDED
JUNE 30.
ducting taxes, for the ten years ending June 30, 1916. "Interest requirement" is the current requirement. The

1. Auth. and outstanding, $1,000,000. Dated Aug. 1, 1900; due Aug. 1, 1920. Int. paid at Mercantile Trust &
Deposit Co., Baltimore. Coupon, $1,000. Assumed by Western Maryland Ry. Guar. prin. and int. by West Vir-
ginia Central & Pittsburgh Ry. First lien from Elkins to Durbin, W. ya., 46.38 miles. Underlies No. 9, which
provides for retirement. Listed on Baltimore Stock Exchange. Normal income tax deducted from interest.
2. Auth., $2,000,000: outstanding, $1,300,000 (closed). Dated Jan. 1, 1891; due Jan. 1, 1941. Int. paid at Mary-
land National Bank, Baltimore. Coupon $1,000, registerable as to prin. or fully registerable. Sinking fund: Annual
amount equal to seven-tenths of 1% of the bonds outstanding shall be held by the company and invested by it from
time to time as a sinking fund to secure the payment of prin. and int. of these bonds. Assumed by Western
Maryland Ry. First lien on 14.30 miles from Potomac Valley June., Md., to Cherry Run, W. Va.; first collateral
lien on 16.60 miles from Porter June, to York, Pa. Underlies No. 9, which provides for retirement. Legal for S. B.
in Maine. Listed on Baltimore Stock Exchange. Normal income tax deducted from interest.
3. Auth. and outstanding, $48,500. Dated July 1, 1879; due July 1, 1929. Int. paid at Maryland National Bank,
Baltimore. Coupon, $500. Guar. as to int. by Western Maryland Ry. First lien on 3.03 miles from Edgemont, Md.,
to Pennsylvania State line. No. 9 for retirement of this issue. Legal for S. B. in Maine. Listed on
provides
Baltimore Stock Exchange. Normal income tax deducted from interest.
4. Auth. and outstanding, $72,800. Dated July 1, 1879; due July 1, 1929. Int paid at Maryland National
Bank, Baltimore. Coupon, $100 and $500. Guar. as to int. by Western Maryland Ry. First lien on 4.55 miles
from Maryland State line to Waynesboro, Pa. No. 9 provides for retirement of this issue. Legal for S. B. in
Maine. Listed on Baltimore Stock Exchange. Normal income tax deducted from interest.
5. Auth. and outstanding, $230,000. Dated July 1, 1881; due July 1, 1931. Int paid at Maryland National
Bank, Baltimore. Coupon, $1,000. Guar. as to int. by Western Maryland Ry. First lien on 26.52 miles from
Waynesboro to Shippensburg, Pa. Provision for retirement by No. 9. Legal for S. B. in Conn, and Maine. Listed
on Baltimore Stock Exchange. Normal income tax deducted from interest
6. Auth. and outstanding, $690,000. Dated Nov. 1, 1886; due Nov. 1, 1936. Int. paid at Maryland National
Bank, Baltimore. Coupon, $1,000. Prin. may be registered. Guar. as to int by Western Maryland Ry. First
lien on 65.93 miles as follows: From Emory Grove, Md., to Orrtanna, Pa., 58.43 miles; Valley June, to Hanover
June., Pa., 6.20 miles; and from Intersection, Pa., to Maryland State line, 1.30 miles. Provision by No. 9 for retire-
ment Legal for S. B. in Conn, and Maine. Listed on Baltimore Stock Exchange. Normal income tax deducted from
interest
7. Auth. and outstanding, $240,000. Dated July 7, 1888; due May 1, 1938. Int paid at Maryland National
Bank, Baltimore. Coupon, $1,000. Prin. may be registered. Guar. as to int by Western Maryland Ry. First lien
on 14.71 miles from Orrtanna, Pa., to Maryland State Line. Provision by No. 9 for retirement Legal for S. B.
in Mainf. Listed on Baltimore Stock Exchange. Normal income tax deducted from interest
8. Auth., $475,000; outstanding, $378,000. Dated Aug. 1, 1901; due Jan. 1, 1939. Int paid at office of company,
Philadelphia. Reg., $1,000. Guar. as to int by Western Maryland Ry. First lien on 19.11 miles from Hagers-
town-North June.. Md.. to Zumbro June., Pa. Provision by No. 9 for retirement. Legal for S. B. in Maine. Inter-
9. Auth.. $50,000,000; outstanding, $46,625,000 (closed), reserved to retire prior lien and underlying bonds,
$3,367.000. Dated Oct 1. 1902; due Oct. 1, 1952. Int paid at Bankers' Trust Co., New York. Coupon $1,000,
fully registerable; reg. $1,000 and multiples. First lien on 331.89 miles, as follows: From Hillen Station to Madi-
son Street, in Baltimore, Md., 0.40 mile; Fulton June, to Potomac Valley Jet., Md., 90.11 miles; Big Pool to Knob-
mount, W. Va., 59.28 miles; Cumberland, Md., to Belington. W. Va., 130.33 miles; Elkins June, to Huttonsville,
W. Va., 16.77 miles; and branches and spurs aggregating 33.96 miles; second lien on 60.68 miles, as follows: On
46.38 miles, following No. 1, and on 14.30 miles, following No. 2; second collateral lien on 16.60 miles, following
No. 2. First lien on the leasehold interests in 88.22 miles, and by deposit with the Trustee of the securities men-
tioned covering the same mileage: Baltimore & Cumberland Valley Ry., the entire capital stock
(except directors'
shares), owning 3.03 miles from Edgemont, Md., to Pennsylvania State Line; Baltimore & Cumberland Valley
R.R., the entire capital stock (except directors' shares), owning 4.55 miles from Maryland State line to Waynesboro,
Pa.; Baltimore A Harrisburg Ry., practically the entire capital stock, owning the mileage from Emory Grove, Md..
to Orrtanna, Pa., 58.43 miles; Valley June, to Hanover June., Pa., 6.20 miles, and Intersection, Pa., to Maryland
State line. 1.30 miles; Baltimore & Harrisburg Ry., Western Extn., the entire capital stock (except directors' shares),
owning 14.71 miles from Orrtanna, Pa., to Highfield, Md. $4,650 capital stock of Western Maryland Tidewater
;
Co.; $999,500 capital stock and $600,000 bonds of the Man-land Smokeless Coal Co. Listed on New York Stock
10.Auth. and outstanding, $10,000,000. Dated Jan. 1, 1912; due July 1, 1915. Int. paid at "New York. Coupon,
$10,000. Redeemable as whole or in part at 102 and int. on ninety days' notice. First lien on 69,992 out of 70,000
shares ($50 par value) capital stock of the Georges Creek & Cumberland R.R., and 59,973 out of 60,000 shares ($50
par value) capital stock of the Connellsville & State Line Ry., which companies own an unencumbered railway
about 87 miles in length that was opened for freight traffic in August, 1912, between Cumberland, Md., and a con-
nection with the line of the Pittsburgh & Lake Erie R.R. at Connellsville, Pa.; first lien on $400,000 Four State
Coal ft Coke Co. First Mtge. bonds and 976 shares ($100 par value) stock of the Baltimore Fidelity Warehouse
Co. The company also holds certain coal lands in Mononpahela Co., W. Va., lease of the Washington & Franklin
Ry., and certain real estate. Company pays income tax. These notes defaulted on Jan. 1, 1915, but interest on
defaulted coupons was paid to January, 1916. These notes are to be paid off in cash under the new readjustment
plan.
11. Auth. and outstanding. $6.000.000. Dated as follows: $3,000.000, Jan. 1, 1914; $2,000.000, July 1, 1914;
$1.000.000. Oct. 1. 1914: all due July 1, 1915. Int. payable at office of company. Coupon, $1,000 and $5.000. Call-
able at 101 on 30 days' notice. Not a mortgage. Interest was defaulted on these notes on Jan. 1, 1915, but wa
paid on defaulted coupons to Jan. 1, 1916. These notes are to be paid off under the new readjustment plan.
Equipment Trust* : There are now outstanding $108,000 Series A 5% equipment trusts, out of an original issue
of $536,000; dated Jan. 1, 1909, and maturing $27,000 each Jan. and July 1, to Jan. 1, 1919. Coupon, $1,000. Secured
on equipment costing $635,845. $404,000 Series B 5s; dated Jan. 1, 1916; due $23,000 each Jan. and July 1, to Jan.,
1921 and $22,000 each Jan. and July 1 thereafter to Jan., 1926. In Dec., 1916, $6,500,000 5% 10-year serial equip-
ment trust bonds were sold.
TABLE E Stock Record and Rat'ngs (Based on 10- Year Results, Per Mile of Road)

TjMfJI
j
;
mm.
Profit and Ix>ss Account, year ended June 30, 1916: Credit balance from income account, $2,001,316; profit on
road and equipment sold, $236; unrefundable overcharges, $160; donations, $2,756; debit balance at close of year,
$12,187,712; total, $14,192,180. Contra: Debit balance at beginning of year, $14,181,883; surplus appropriated for
property, $2,766; loss on retired road and equipment, $6,650; miscellaneous debits, $891; total, $14,192,180.
Comment: Both gross and net revenues underwent a sharp advance on the Western Pacific property in the
year ended June 30, 1916. The net surplus above shown was more than double the interest requirement on the 6%
first mortgage bonds of the new company which is now operating the property.

Per Mile of Road.
YEARS
ENDED
JUNK 30.
TABLE A. Physical Factors (Mileage, Equipment
and Operation)
AM Mi
Profit and Lose Account, year ended June 30, 1916:

Receiver's Credit balance from income account, $774,-
284; unrefundable overcharges, $1,608; donations, $7,861; miscellaneous credits, $2,033; debit balance at close of
year, $1,335,752; total, $2,121,538. Contra: Debit balance at beginning of year, $2,113,298; debt discount, $168;
miscellaneous appropriations, $5,000: loss on retired road and equipment, $3,058; miscellaneous debits, $14; total,
$2,121,538.
Company's Profit and LOBS Account, year ended June 30, 1916: Miscellaneous credits, $4,451; debit balance
at close of year, $5,003,237; total, $5,007,688. Contra: Debit balance at beginning of year, $3,135,471; debit balance
from income account, $591,407; loss on retired road and equipment, $922,927; delayed income debits, $39,155; mis-
cellaneous debits, $318,728; total, $6,007,688.

Per Mile of Road.
You*
Emo
JUMBM.
Note' "Average income available" is the average net income per mile available for interest charges, after de-
ducting taxes, for the ten years ending June 30, 1916. "Interest requirement"
is the current requirement. The
ratings are based not only on the statistical exhibits
and averages, but other considerations are given due weight,
1. Auth., $3,000,000; outstanding, $2,000,000 (closed). Dated July 1, 1886; due Oct. 1, 1926. Int. paid at
Bankers' Trust Co., New York. Coupon, $1,000. First lien on 196.75 miles, as follows: From Browerston to To-
ledo Ohio, 183.26 miles, and from Huron June, to Norwalk, Ohio, 13.49 miles; together with depots, lands, etc. Un-
derlie Nos. 2, 3, 4 and 5, with provision by No. 5 to retire. Legal for S.B. in Maine and Mo. Listed on New York
Stock Exchange. Normal income tax deducted from interest. These bonds remained undisturbed.
2. Auth., $1,500,000; outstanding, $894,000 (closed). Dated April 21, 1888; due July 1, 1928. Int. paid at Cen-
tral Trust Co., New York. Coupon, $1,000. First lien on 50.19 miles from Browerston to Martin's Ferrry, Ohio;
second lien on 196.75 miles, following No. 1. Underlie Nos. 3, 4 and 5, with provision by No. 5 to retire. Listed on
New York Stock Exchange. Normal income tax deducted from interest. These bonds remained undisturbed,
reorganization.
3. Auth., $1,900,000; outstanding, $409,000 (closed). Dated Dec. 20, 1889; due Feb. 1, 1930. Int. paid at Cen-
tral Trust Co., New York. Coupon, $1,000. First lien on 13.65 miles from Warrenton to Steubenville, Ohio; second
lien on 50.19 miles, following No. 2; third lien on 196.75 miles, following No. 2; first collateral lien on entire capital
stock ($300,000) of the Toledo Belt Ry., owning 4.55 miles in Toledo, Ohio. Underlie Nos. 4 and 5, with provision by
latter to retire. Listed on New York Stock Exchange. Normal income tax deducted from interest. These bonds
remained undisturbed in the reorganization.
4. Auth., $15,000,000. Under the plan of reorganization holders of these bonds were offered par in new 50-year
refunding 4 Vis. A large majority have accepted this offer. Dated Sept. 1, 1899; due Sept. 1, 1949. Int. paid at
Bankers' Trust Co., New York. Coupon, $1,000. First lien on 216.33 mlies, as follows: From Cleveland to Zanes-
ville, O., 143.91 miles; Canton to Sherrodsville, 0., 45.09 miles; and other branches and lines aggregating 27.33
miles; second lien on 13.65 miles, following No. 3; third lien on 50.19 miles, following No. 3; fourth lien on 196.75
miles, following No. 3; second collateral lien on $300,000 capital stock of the Toledo Belt Ry. Underlies No. 5,
which provides for retirement. Listed on New York, Pittsburgh and London Stock Exchanges. Interest paid with-
* 5. Dated Sept. 1, 1916; due Sept.
Auth., $50,000,000; available for exchange of No.4 (above), $11,697,000.
1, 1966. Interest payable in New York. Callable at 102% and int. Unissued amount is reserved for retirement of
Nos. 1 and 3 at maturity and for that portion of No. 4 not at present exchanged; also for future cash require-
ments of the company. Unissued bonds may bear varying rates of interest, not exceeding 6%. Secured by
general lien on the property, subject to Nos. 1 to 4.
6. Series of 1902: Auth., $2,500,000; outstanding, $1.298,000. Dated Jan. 1, 1902, due Jan. 1, 1922. Int. paid
at New York. Sinking fund: Beginning Jan. 1, 1903, $75,000 annually for first period of four years, then $100,000,
$125,000, $150,000 and $175,000 for each succeeding period of four years to maturity. First lien on equipment cost-
ing in excess of original amount. Offered $30 cash in payment of interest, 35% in cash and 65% in new notes
due 1923.
Series A, 5s: Auth.. $2,019.000; outstanding, $1,512,000. Dated March 1, 1913; due $101,000 semi-annually to
Sept. 1, 1922, and $100,000 on March 1, 1923. Int. paid Mar. and Sept. 1, at Citizens' Savings &
Trust Co., Cleve-
land, Ohio. Coupon, $1,000. First lien on equipment costing $2,284,000.
Sinking Fund 4s: Auth., $843,700; outstanding, $659,100. Dated Jan. 1, 1917; due Jan 1, 1923. Coupon, $650.
Callable at par. Sinking fund, $140,000 per annum. Balance issuable on deposit of additional 5s of 1922 as per
plan. Normal income tax deducted from interest.
Note: There are also outstanding $190,000 receiver's certificates maturing in 1926, which were left undisturbed.

BRISTOL RAILROAD
History: Incorporated under laws of Vermont, in 1882; road completed in Jan., 1892.
Location: Road extends from Bristol to New Haven June., Vt., 6 miles; sidings, 0.59 mile, Equipment : Loco-
Management: OFFICERS: P. W. Clement, Pres., Rutland, Vt.; Ralph Denio, Sec., Treas. and Supt., Bristol, Vt.
DIRECTORS: The foregoing and R. W. Peake, E. B. Patterson, Bristol, Vt.; W. M. Gove, Lincoln, Vt.; H. R. Barney,
Rutland, Vt; W. P. Clement, Bedford, N. Y. Annual meeting in July. GENERAL OFFICE: Bristol, Vt.

1916 1915 1914 1913 1912
Operating revenues $23,037 $21,356 $22,966 $23,387 $20,466
Net operating revenue $8,119 $3,801. $5,138 *$6,803 $1-,190

Other income ' ' 132 '
Gross income 3,86i 5,138 5,671 U90

Net income . $1,356 $5,254 $11,011 $4,580

Deficit
Profit and Low Account, year ended June 30, 1916: Debit balance at beginning of year, $8,992; credit balance
transferred from income, $1,356; debit balance carried to balance sheet, $7,636; total, $8,992.
Bonded Debt: $100,000 Bristol R.R. first 4s. Dated July 1, 1891; due July 1. 1921. Interest paid Jan. and July
1, at Clement National Bank, Rutland, Vt Coupon, $1,000. A
first lien on property.
DES MOINES TERMINAL COMPANY

History: Incorporated under the laws of Iowa, May 29, 1902, for purpose of furnishing trackage for railroads
entering Des Moines and track facilities to the manufacturing district.
Location: In Des Moines, 0.91 mile; sidings, 8.98 mile*.
Management: OFFICERS: F. M. Hubbell. Pres.; H. D. Thompson, Vice-Pres.; C. Huttenlocher, Sec. and Treas.;
Walter Mauthe, Aud.; C. H. Hueston, Supt, Des Moines. la. DIRECTORS: F. M. Hubbell, H. D. Thompson, C. Hutten-
locher, Des Moines, la. Annual meeting, first Thursday in January. GENERAL OFFICE: Des Moines, la.
Capital Stock: Auth., $500,000; outstanding, $323,800. Par, $100. No bonded debt No dividends paid.
DETROIT, BAY CITY & WESTERN RAILWAY

H'-tnry Incorporated under laws of Michigan, May 13, 1907, for purpose of constructing a road from Bay City
:
to Port Huron, Mien. In operatin. Bay City to Port Huron, Mich., 100 miles.
Location: Road extends from Bay City to Port Huron, Mich. Equipment: Locomotives, 7; passenger cars,
3 freight cars, 60.
;
Management: OFFICERS: Thos. L. Handy, Pres. and Gen. Mgr.; Chas. W. Handy, Vice-Pres.; F. S. Handy,
Sec.; Geo. W. Handy, Treas.: C. S. Ruttle, Gen. Snpt and Gen. Fgt and Pass. Agt; A. C. McDannel, Supt., Aud.
and Pur. Agt.. Bay City, Mich. GENERAL OFFICE: Bay City, Mich.
Income Account, Year Ended June 30

1916 1915
Gross revenue $209,067 $162,449
Maintenance of way and structure 11,463
All other operating expenses 57,348
Net income $84,332 $76,128

Other income . .
1,582

' 10,387
Fixed charges .
32',966 24,497
Surplus. . . $51.432 $42,826

Balance Sheet as of June 30
(Latest rendered.)
A -<JTS : 1915 LIABILITIES: 1915
Property investment . . . $956.529 Capital stock $450,000
Working assets 197,054 Funded debt 469,000
Accrued income not due Working liabilities 79,537
Deferred debit items . . . 297 Accrued liabilities not due. 19.230
Profit and loss Profit and loss 136,113
Total $1,153,880 Total $1,153,880

Debt: '$772.000 Detroit, Bay City & Westpvn R.R. first S.F. 5s. Dated Oct. 1, 1912; due Oct. 1, 1932.
Interest paid Apr. and Oct. 1, at First Trust and Savings Bank. Chicago, 111., Trustee; Louis Boisot, Co-Trustee.
Coupon. $1,000. Callable at par and interest on 00 days' notice on and prior to Oct. 1, 1922; thereafter at 105 and
interent. Amount authorized. $1.250,000. Unissued bonds reserved for terminal facilities, at not exceeding 75% of
cost, provided the net earnings for the twelve
months previous are at least twice the interest charges on outstand-
ing bonds, together with those proposed to be issued. Sinking fund, 1% per annum for five years, beginning 1917;
I for five years, beginning 1922, and 3%
for five years, beginning 1927. First lien upon all property and fran-
chises. Interest payable without deduction for normal income tax. Katmg, Ba.
$100. No dividends.
Capital Stock: Authorized and outstanding, $450,000. Par,
FLORIDA RAILWAY COMPANY

History- Incorporated June 30, 1905, under laws of Florida,
as successor to Suwannee &
San Pedro R.R. Oper-
ates 52 miles, Live Oak to Perry, Fla., and branches. An extension from Live Oak
to Jacksonville is under construc-
Receivers were appointed, June 25, 1915.Property will be reorganized.

Management: OFFICERS: Frank Drew, Pres.; G. L. Drew, Vice-Pres. DIRECTORS: Frank Drew, G. L. Drew,
John T. G. Crawford, A. T. Williams, R. H. Paul, G. W. Saxon. Annual meeting, second Monday in July. OFFICE:
Live Oak, Fla.
1914 1913 1912 1911 1910 1909 1908
Gross earnings . $52,068 $49,946 $48,353 $52,619 $41,445 $57,486 $65,402
Operating expenses and taxes.. 50,795 59,434 55,674 49,448 43,432 52,872 60,637
Net earnings 1,273 *9,488 *7,322 3,171 *1,987 4,614 4,765
* Deficit.
1915 and 1916 earnings not reported.
Bonded Debt: $1,189,965 Florida Ry. first 5s. Dated July 1, 1909; due July 1, 1959. Int. paid Jan. and July.
Callable at 106, after July 1, 1914. Auth., $4,000,000. First lien on 52 miles from Live Oak to Perry, and on new
mileage under construction from Live Oak to Jacksonville. Latter construction was suspended in 1911, and in Jan-
uary, 1913, these bonds defaulted.
Capital Stock: Auth., $4,000,000; outstanding, $1,166,000. Par, $100.
GREENVILLE & WESTERN RAILWAY

Origin: Incorporated under laws of South Carolina, succeeding to Greenville & Knoxville Ry., which was sold
tinder foreclosure, June 1, 1914.
Location: Greenville to River Falls, S. C., 23.1 miles; sidings, 2.96 miles. Equipment: Locomotives, 2; pas-
senger cars, 5; freight cars, 17. Connects at Greenville with the Charleston & Western Carolina Ry. and the-
Southern Ry.
Management: OFFICERS: R. A. McTyer, Pres. and Gen. Mgr.; A. P. Coles, Vice-Pres.; Carl Lewis, Sec. and
Treas., Atlanta, Ga.; T. B. Slade, Supt., Greenville, S. C. DIRECTORS: A. G. Candler, A. P. Coles, R. A. McTyer,
Thos. Egelston, Jos. A. McCord. Annual meeting in July. GENERAL OFFICE: Greenville, S. C.

(Latest rendered.)
1915 1914 1913 1911
Gross revenues $26,147 $29,455 $38,354 $26,718
Maintenance of equipment 5.931 3,845 853
All other operating expenses . 13,394 21,436 21,058 15,485
Income *$3,016 $330 *$2,127 $4,318

Taxes 614 '
292 784
Fixed charges 1,567
Surplus ...................................... *$3,630 ........ *$3,986 $3,524

* Deficit.
Bonded Debt: $460,000 Greenville & Western Ry. Co. first 6s; bearing interest from Jan. 1, 1917; due Jan. 1,
1937.
Capital Stock: $50,000 paid in. No dividends.
HOBOKEN MANUFACTURERS RAILROAD

Origin: Incorporated under New Jersey laws, 1902. Operates 1.40 miles of road, of which 1.34 miles leased
since June, 1906, from the Hoboken R.R. Warehouse & S.S. Connecting Co.
Sidings, owned, 0.08 mile; leased, 4.5
miles; total, 4.58 miles. Road is operated by electricity and steam. Leases the property of the Hoboken R.R. Ware-
house & S.S. Connecting Co. for 99 years from June 16, 1906, rental being 1% to 7 cents per ton, according to num-
ber of tons of freight transported, minimum rental being $22,000.
Location: Road extends from Fifth Street, Hoboken, to Seventeenth St., Weehawken, 1.34 miles; total track,
4.5 miles. Equipment: Locomotives, 1; electric, 2; service cars, 4.
Management: OFFICERS: Chas. D. Boyles, Pres. and Gen. Mgr.; H. F. Whitmore, Vice-Pres.; Geo. H. Hobbs,
Sec. and Treas., Hoboken, N. J. DIRECTORS: Henry F. Whitmore, R. M.
Dean, Chas. D. Boyles, Chas. E. Haydlan,
.
Vehmeyer, Hoboken, N. J. Annual meeting, in July. Registered Official OFFICE: 1 Newark
!et, Hoboken, N. J. GENERAL OFFICE: Foot of Fifth Street, Hoboken, N. J.
Mortpage Debt: $250,000 Hoboken Manufacturers R.R. Real Estate 5s. Dated 1906; due June 19, 1916. Has
ised by parties interested in road. Interest paiH June and Dec. 1. Authorized issue, $400,000. Secured
state of right of way in Hoboken and
Jersey City, N. J. Income tax deducted from interest.
Trad?n 'co
P St * k: Authorized) ? 50 .00; outstanding, $400,000. Par, $100. All owned by American Warehouse &
MEMPHIS, DALLAS & GULF RAILROAD

History: Incorporated under laws of Arkansas, June, 1906, as the Memphis, Paris & Gulf R.R., name being
changed in June, 1910. In Oct., 1910, purchased the Antoine Valley R.R. and the Ultima Thule, Arkadelphia & Mis-
sissippi Ry. In August, 1911, purchased Hot Springs, Glenwood & Western R.R., and the Caddo & Choctaw R.R.
The line as projected is to extend to Memphis, Tenn., 255 miles, and to Dallas, Tex., 186 miles, of which 41 are
completed. There is now in operation about 131 miles: Ashdown to Hot Springs, Ark., 114 miles; Graysonia te
Leard, 6 miles; Daleville to Dalark, 11 miles. Equipment owned: Locomotives, 9; passenger, 5; combination, 2;
freight cars, 114.
Management: OFFICERS: W. W. Brown, Pres., Camden, Ark.; C. C. Henderson, Vice-Pres. and Gen. Mgr.,
Nashville, Ark.; A. C. Ramsey, Vice-Pres.; J. W. Bishop, Sec.; W. E. Barkman, Treas. DIRECTORS: W. W. Brown,
W. E. Barkman, C. W. Dodspn, A. C. Ramsey, C. C. Henderson, W. H. Toland, J. H. Wallace, J. H. Hineman, R. E.
Major. Annual meeting, third Wednesday in May. GENERAL OFFICE: Nashville, Ark.
C
LIABILITIES:
Management: OFFICERS: W. E. Finley, Pres., Bridgeport, 111.; Savilla Shipman, Vice-Pres., Hardinsville, 111.;
Edward Kappas, Treas.; J. B. Campbell, Sec. and Gen. Mpr., Bridgeport, 111. DIRECTORS: J. Erb, Chicago; R. E.
Laughlin, Edward Kappas, J. B. Campbell, W. E. Finley, Bridgeport, 111.; J. E. Turner, Casey, 111.; Savilla Ship-
man, Hardinsville, 111.; Frank Storkman, Mt Carmel, 111. Annual meeting, June 16, at Oblong, 111. OFFICE:
Bridgeport, 111.

(Latest rendered.)
ASSETS: 1915 1914 LIABILITIES:
SHEFFIELD
History- Organized under Pennsylvania laws, June 1,
Ry. on May 16, 1901, and the Tionesta Valley
& TIONESTA RAILWAY
1901.
& Hickory R.R. on August 10, 1911.
Location: Road extends from Sheffield to Tionesta Run, Pa.,
Management: OFFICERS: E. S. Collins, Pres. and Gen. Mgr.;

_
Absorbed the Tionesta Valley & Salmon Creek
41.0 miles. Equipment: Locomotives, 4; cars, 42.
F. R. Klinestiver, Vice-Pres. and Pur. Agt,

NebraskaTPa.; S. Ransom, Sec., Kellettville, Pa.; R. J. Hopkins, Treas., Tionesta, Pa.;
S. H. Secor, Aud., Sheffield,
Pa. GENERAL OFFICE, Kel-
Pa. DIRECTORS: E. S. Collins, E. K. Secor, F. R. Klinestiver, Mary Collins, Nebraska,
lettville, Pa.

1916 1915- 1914 1913 1912
revenues $122,708 $116,068 $101,102 $87,472 $90,168
51,237 62,587 62,379
_
expanses' ...... ........... 62,597
_
65;046
Net operating revenues.. $57,662 $53,471 $49,865 $34,885 $27,789

Other income ... ................... 752 734 1,168 554 ........
Total net income.. $58,414 $54,205 $51,033 $35,439 $27,789

Fixed charges, including taxes ........ 21,506 19,086 15,147 14,493 2,038
Balance . $36,908 $35,199 $35,886 $20,946 $25,751

Other deductions ................... 1,903 1,845 25,000 20,000 25,459
Surplus for year ................ $35,005 $33,274 $10,886 $946 $292
balance carried to balance sheet, $355; total, $36,355.
* Comparative Condensed Balance Sheet, as of June 30

ASSETS: 1916 1915 1914 1913 1912
Working assets ..................... 12,152 15,261 12,133 4,979 2,537
Total .......................... $275,355 $276,643 $275,360 $280,209 $277,537

LIABILITIES :
Capital stock ........................ $200,000 $200.000 $200,000 $200,000 $200,000

Funded debt ........................ 75,000 75,000 75,000 75,000 75,000
Working liabilities .................. ........ 293 284 4,017 2,245
Profit and loss ...................... 355 1,350 76 1,192 292
Total $275,355 $276,643 $275,360 $280,209 $277,537
Bonded Debt: $75,000 Sheffield & Tionesta Ry. first 6s. Dated June 30, 1910; due June 30, 1915. Interest
payable annually. First lien on road from Sheffield to Ross Run, Pa. 29 miles. Interest paid without deduction
It was stated February, 1916, that these bonds were being extended for a period of either ten or fifteen years.
Capital Stock: Authorized and outstanding, $200,000. Par, $100. A dividend of 50% was paid in 1908 from
accumulated surplus; 60% in 1910; 36% in 1911; 15% in 1912; 10% in 1913; 10%% in 1914; 16% in 1915; 18% in
1916.
TENNESSEE & NORTH CAROLINA RAILROAD

History: Organized under the laws of Tennessee and North Carolina, June 27, 1911.
Location: Road owned extends from Newport June, to Waterville, Tenn., 20.16 miles; leased, Waterville, Tenn.,
to Crestmont, N. C., 2 miles, and Spruce to West Canton, N. C., 14.95 miles; total operated, 37.11 miles.
Management: OFFICERS: J. G. Campbell, Pres.; A. J. Armstrong, Vice-Pres., Philadelphia; F. H. Elly, Sec.;

D. G. Wilson, Treas., Philadelphia; H. S. Mantooth, Aud.; W. J. Parks, Supt, Newport, Tenn. DIRECTORS: J. G.
Campbell, F. H. Elly, R. T. Veitch, Philadelphia; H. B.Stevens, Asheville, N. C.; A. J. Armstrong, E. M. Bechtel,
D. G. Wilson, Philadelphia. Annual meeting, second Tuesday in
September. GENERAL OFFICE, Newport, Tenn.

1916 1915 1914 1913 1912
Gross revenues $150,712 $114,446 $54,719
$123,685 $55,983
Operating expenses 81,260 59,031 63,533 4"9,344 45,891
Net operating revenues $69,452 $55.415 $60,152 $16,639 $8,228
60,078 57,967
Balance $2,695 *$4,663 *$15,737
$2,185 *$7,890
* Deficit.
isferred from income, $2,695; total, $6,542. Contra:
Delayed income debits, $2,800; credit balance carried to

ASSETS: 1916 1915 1914 1913 1912
Working asset* 15,932 20,588 41,872 44,031 6,909
Total $853,110 $863,639 $880,849 $823,966 $759,977

LIABILITIES:
Capital stock $306,100 $306,100 $306,100 $306,100 $300,000
Funded debt 300,000 300,000 300,000 300,000 300,000
Accrued liabilities not due 136 2,130
Deferred debit items 4,817 5,577
Profit and loss 3,742 :?.^17 6,150 5,332 13,222
Total $853,110 $863,639 $880,849 $823,966 $759,977
Bonded Debt: $300.000 Tennessee & North Carolina R.R. first 5s. Dated 1903; due 1933; interest paid Jan.
and July 1 at Guaranty Trust Co., New York. Coupon, $1,000. Authorized. $750,000. First lien on 17.48 milea of
road, Newport to Waterville, Tenn. Interest paid without deduction for normal income tax.
WABASH-PITTSBURG TERMINAL RAILWAY COMPANY

(PITTSBURG & WEST VIRGINIA RY., Suecetsor.)
History: Incorporated May 7, 1904, under laws of Pennsylvania, West Virginia, and Ohio, as part of a general
plan of the Gould interests for developing a transcontinental railroad system from the Atlantic to the Pacific. For
carrying out this plan the Western Maryland Railway was acquired, and also the Wheeling & Lake Erie system.
Shortly after incorporation the company acquired control of the Pittsburg Terminal Railroad and Coal Company
through the acquisition of the 'entire stock of the latter. The latter had a controlling interest in the West Side Belt
Railroad. The West Side Belt Railroad owned 22.46 miles extending from Pittsburg southward to Clairton, Pa.,
with a short branch to Banksville.
When the Wabash-Pittsburg Terminal Railway was organized, the entire $10,000,000 of stock of the company
was acquired in the interest of the Wabash Railroad, and the latter also acquired $6,600,000 of the first mortgage
bonds of the Terminal Company.
The Wabash Railroad acquired control of the Wheeling & Lake Erie Railroad through the Wabash-Pittsburg
Terminal Railway. The latter under the original agreement secured 51.73% of the entire capital stock of the Wheel-
ing A Lake Erie, and still owns $847,500 out of $4,986,000 first preferred, $4,423,800 out of $11,993,500 second pre-
ferred, and $11,870,000 oat of $20,000,000 common stock.
Receivership: On May 29, 1908, the Wabash-Pittsburg Terminal Railway was placed in the hands of re-
ceivers. The company defaulted on the payment of the principal and interest of a $300,000 note made in 1906 to
the Wabash Railroad and also defaulted June 1st on the interest due on the first mortgage 4% bonds. The property
was sold ander foreclosure Aug. 28, 1916, and the plan of reorganization outlined below has since been declared
operative.
Plan of Reorganization: The following plan for the reorganization of the property was announced in June, 1915,
and has since become effective:
A new company has been formed under name of Pittsburgh & West Virginia Ry., with an authorized
capitali-
zation of $9,100,000 6%
preferred stock, non-cumulative, but to become cumulative on January 1, 1921, and $30,500,-
000 common stock. The new company assumes underlying real estate mortgages amounting to $795,868; the
first mortgage of the Pittsburgh Terminal R.R. and Coaj Co., $3,922,000, and the first mortgage of the West Side
Belt R.R., $383,000.
Exchange of Securities: Holders of $30,236,000 first mortgage 5s were asked to pay an assessment of $300 per
bond, and surrender their holdings, for which each receives 30% in new preferred stock, 100% in new common
stock. 2.8% in Wheeling A Lake Erie first preferred, 21% in Wheeling & Lake Erie second preferred and 39%
in Wheeling & Lake Erie common stock. Holders of the second mortgage bonds were allowed to subscribe for
that proportion of the new securities not taken by the first mortgage bondholders, the amounts and assessments
to be apportioned ratably. The old stockholders received nothing.
To all holders of full paid certificates of deposit for bonds (i. e., bearing notation showing payment under plan
of $300 in respect of each $1,000 of bonds represented thereby) who desire the same and shall present their cer-
tificates of deposit to the Central Trust Co. of N. Y. for appropriate stamping the reorganization committee has de-
termined forthwith to distribute "Certificates of Interest, which shall specify the amount of stock of the Wheeling
company deliverable to the holders thereof, if and when the reorganization of the terminal company shall be con-
summated under the terminal reorganization plan in accordance with the provisions and subject to the conditions
to be set forth in said Certificates of Interest. These certificates will be in three series, viz.: Series A, specifying
$28 par value first preferred stock of the Wheeling Co.; Series B, $210 second preferred stock of Wheeling Co.; Se-
ries C, $390 common stock of Wheeling Co.
Holders of Certificates of Deposit stamped to indicate the delivery against the same of Certificates of Interest
will not thereafter be entitled to receive under the terminal reorganization plan stock of the Wheeling Co. or trust
certificates therefor and all such rights shall pass to the holders of Certificates of Interest delivered against Certifi-
cates of Deposit so stamped.
The managers of the syndicate provided for in the Wheeling reorganization plan agree substantially as follows:
(1) Upon the delivery to the managers at the Central Trust Co., 54 Wall Street, on or before Dec. 8, 1916 of said
Certificates of Interest accompanied by payment of $27 for each share of stock of the Wheeling Co. specified in the
respective Certificates of Interest so delivered, the managers will issue full-paid receipts entitling the holders thereof
to receive,when issued, stock of the new company on the basis mentioned in the Wheeling reorganization plan as fol-
lows: 6% non-cumulative preferred (second) stock of the new (Wheeling) company equal at par to such payment,
and, in addition (a) $100 common stock of the new company for each $100 first preferred stock; (6) $90 common
stock of the new (Wheeling) company for each $100 second preferred stock of the Wheeling company; (c) $87.50
common stock for each $100 common stock of Wheeling company. (2) That instead of requiring payment in full on
or before Dec. 8, 1916 of $27 per share to accept the payment on or before Dec. 8, 1916 of $12 on each share of stock
and the balance of $15 on or before six months from Dec. 8, 1916, with interest to date of payment of 6%.
Note: Por details regarding old Trackage and Traffic Contracts, and relations with the old Wabash Railroad
and the Wheeling & Lake Erie Railroad, see Moody's Analyses of Railroads for 1915.
Management: OFFICERS OF THE NEW PITTSBURG & WEST VIRGINIA RY.: Park J. Alexander, Pres.; W. G.
Lowe, Vice- Pres.; F. J. Brunner, Sec.; G. V. Early, Treas. GENERAL OFFICES, Wabash Bldg., Pittsburgh, Pa.

(Including West Side Belt R.R.)
1916 1915 1914 1913 1912 1911
Operating revenues. . .
$1,731,192 $1,185,697 $1,435,631 $1,362,608 $1,147,625 $1,065,601
Maintenance of equip. 214,302 218,447 276,872 285,387 205,365 175,555
Traffic expenses 35,993 33,958 34,166 31,390 29,469 31,963
Transp. expenses 465,988 375,710 439,544 413,034 354,636 351,189
General expenses 94,216 89,430 73,187 87,067 93,101 99,006
Total $1,023,096 $874,807 $1,044,677 $1,072,614 $844,114 $817,265

Operating ratio 70% 73.84% 72.77% 78.72% 73.55% 76.69%
Net operating revenues. 708,096 310,889 390,954 289,994 303,510 248,336
Deduct taxes . 93,974 93,600 92,154 91,200 73,200 76,800
Operating income. $614,122 $217,289 $298,800 $198,794 $230,310 $171,536

Rentals of equipment. '
(Dr.) 59,336 50,425 33,196 (Cr.) 52,260 (Dr.) 36,596
Other income .
'io'8,198 62,204 89,852 92,227 79,566 86,581
Total income $722,320 $220,158 $439,077 $324,217 $362,137 $221,521

Fixed charges . . .
344,473 293,351 415,821 421,428 375,651 331,674
Balance * * 1 *
$377,847 $73,192 $23,256 $97,211 $13,513 $110,152
* Deficit.
Note: The above figures do not, of course, include interest charges on defaulted bonds.
CAPITALIZATION OF NEW COMPANY

Bonded Debt: (1) $379,000 West Side Belt R.R.
dated Sept. 1, 1897; due Sept, 1937. Int. paid Mar.
first 5s;
and Sept. at Colonial Trust Co., Pittsburgh, Pa. Assumed by new company.
1,
(2) $2,663,143 Pittsburgh Terminal R.R. Coal Co. first 5s; dated July 1, 1902; due July 1, 1942. Int paid Jan.
and July 1 at Colonial Trust Co., Pittsburgh, Pa. Assumed by new company.
(3) $850,000 West Side Belt R.R. 5% Receivers' certificates; due serially, March, 1917 to 1926. Secured on
equipment.
Capital Stock: (1) $9,100,000 Pittsburg & West Virginia Railway 6% preferred. Par, $100. Dividends cu-
mulative after 1920. Callable at 105 and accrued dividends.
(2) $30,500,000 Pittsburg & West Virginia Railway common stock. Par, $100.
SECTION THREE
Railroads of Dominion of Canada, Mexico, Cuba, South

America, etc., and their Subsidiary Lines
ALL FOR $1OO
Cupervision of investments by an organization
*^ of expert analysts
17 xpert opinions on every type of investment
** issue
** stocks
\7aluations of all securities and corporate
enterprises
statistical records and
^
/Comprehensive
reports
Everything, in fact, that the investor or
*~* banker needs
Send for booklet
'The Story of an Institution'
Investors Service
Moody's John
Moody, Pit*.

ALGOMA CENTRAL & HUDSON BAY RAILWAY

Origin: Incorporated under Canadian laws, August 11, 1899, as the Algoma Central Ry. Name changed to
above May 23, 1901. The line of road was projected from Sault Ste. Marie to Franz, Ont., on the line of the Cana-
dian Pacific Ry., and thence northerly to connect with the Grand Trunk Pacific Ry. at Hearst, with various branches.
The Canadian Government granted a subsidy of $6,400 per mile for the line from Sault Ste. Marie to the Canadian
Pacific main line, 225 miles; and a similar subsidy from Franz to Hearst. The Province of Ontario has given a
land grant of about 1,665,000 acres, and, on completion of the line to the Grand Trunk Pacific Ry., a further grant
of 500,000 acres.
Location: Line of road in operation, Sault Ste. Marie to Franz, 195 miles; Hawk June, to Michipicoten, Ont., 26
miles, and branches, 111 miles. Total operated, 332 miles. Equipment owned: 32 locomotives and 1,366 passenger,
freight and service cars. The company owns the entire capital stock of the Algoma Central Terminal Co., Ltd., and
is itself controlled by the Lake Superior Corporation, statement of which see in "Moody's Analyses of Public Utili-
ties and Industrials."
Readjustment Plan: In September, 1916, the following pian was put in effect, as authorized by Act of Cana-
dian Parliament. (1) A bondholders' committee to exercise the voting power upon the common stock and also
for the conversion of the 2d M. bonds of the Railway into income bonds until the principal and interest of all the
1st M. bonds shall have been paid in full. (2) The interest on the Railway bonds from June 1, 1914, and interest
and sinking fund on the Terminals bonds to be paid only if the joint net earnings available for the purpose permit
(except as indicated below), but the interest to be cumulative up to 5%, with right to 6% per annum, if earned, in
the following priority: (a) Terminals bonds for current and all prior years 3% p. a., said payment, however, to
be a fixed obligation for the periods from Aug. 1, 1914 to Aug. 1, 1915. payable forthwith, and also in each year
after Aug. 1, 1921. (b) Both issues pari passu as though one issue, 2%. (e) Railway bonds, 3%. (d) Any ar-
rears up to 5% on either issue, (e) Terminals sinking fund. (/) Railway bonds, 1% and Terminals bonds, *4 of
\%. While the guaranty of the Lake Superior Corporation will remain, the committee alone can enforce it. (3)
Reducing existing pref. stock of the Railway, $5,000,000 outstanding, by 60% (i.e., each share to $40 par value),
and creating a new class of $3,000,000 5% non-cum. pref. shares of $40 par value, equal to 60% of present issue,
having similar rights, to be issued as fully paid to tne bondholders' committee in consideration of the Railway and
Terminals bondholders consenting to this scheme, the stock to be distributed 75% to the Railway bondholders and
25% to the Terminals bondholders pari passu. In Dec., 1916, the receiver was discharged.
Management: OFFICERS: Vivian Harcourt, Rec.; J. Prater Taylor, Pres.; W. K. Whigham, Vice-Pres.; Her-
bert Coppell, Vice-Pres.; W. C. Franz, Vice-Pres. and Gen. Mgr.; Thos. Gibson, Sec. (Toronto); B. Barber, Treas.
DIRECTORS: H. Coppell, New York; W. K. Whigham, London, Eng.; T. Gibson, Toronto, Ont.; D. C. Newton, W. E.
Stavert. Montreal, Que.; J. Frater Taylor, W. C. Franz, Sault Ste. Marie. Annual meeting, third Wednesday in
September. OFFICE: Sault Ste. Marie, Ont.

(Latest Available)
1915 1914 1913 1912 1911 1910
Gross revenues $975,966 $937,399 $851,702 $545,054 $748,021 $630,659
Maintenance of equipment 85,243 . 103.587 17,162 59,376 84,312
All other operating exps.. 666,672 462,325 367,920 156,043 320,510

Other income 22,216 40,615 42,068 98,756 52,090
Total net income. $233,684 $274,800 $351,691 $311.859 $239,335 $148,392

Fixed charges t541,545 522,753 252,369 219,613
Surplus . . . $307,861 '$247,953 $99,322 $92,245

Deficit. f Includes $18,196 taxes.
Bonded Debt: (1) $10,080,000 Algoma Central 6. Hudson Bay Ry. first 5s. Dated June 1, 1910; due June 1,
1960. Coupon, $100, $500 and $1,000; also in francs and pounds. Callable at 105 on six months' notice. Prin. and
int. guar. by endorsement by Lake Superior Corporation. Auth. at $30,000 per mile, $20,000,000. Sterling bonds in
dennm. of 100, 500 each, or francs 515, 2,575 or 5,150. Dollar cr sterling bond interest payable June and Dec. 1,
at Bank of Montreal, London, New York and Montreal. A direct first lien on all the property of the company and
a floating charge on the rest of the company's assets and undertakings, including lands to which the company will
be entitled in the grant from the Province of Ontario. Listed on London Stock Exchange. Defaulted Dec. 1, 1914.
Market, Montreal and London.
(2) $1,000,000 Algoma Central & Hudson Bay Ry. second 6s. Dated Sept. 1, 1914; due Sept. 1, 1964. All
pledged to Lake Superior Corporation for debt of $318,000.
(3) 1,028,709 Algoma Central Terminal Co., Ltd., first guar. 6s. Dated Aug. 1, 1912; due Aug. 1, 1962. Int.
paid Feb. and Aug. 1, at Canadian Agency, Ltd., London and Montreal. Coupon, 100 and 500. Guar. prin. and
int. by Lake Superior Corporation. First lien on terminal properties at Sault Ste. Marie and Michipicoten, and on
all securities of the Algoma Eastern Terminals, Ltd., the latter owning similar properties at Sudbury and Little
Current. Ont. Callable at 105 and int. Sinking fund, 1% per annum after July 1, 1918. Defaulted Feb., 1915.
Market, Montreal and London.
(4) $462.000 Equipment Trust 6s; maturing serially to May 15, 1922. Int. paid at Maitland, Coppell & Co.,
New York. Callable on 60 days' notice at par. Interest paid without deduction for normal income tax.
Capital Stock: Authorized and issued, $5,000,000 5% non-cumulative preferred and $5,000,000 common. Par,
$100. All the common owned by Lake Superior Corporation. No dividends yet reported.
ALGOMA EASTERN RAILWAY
History: Incorporated under the laws of Canada, July 7, 1900, as Manitoulin &
North Shore Ry.; name changed
to present title May 19, 1911. The Dominion of Canada has granted the company a cash subsidy of $6,400 per mile,
all of which has been paid. The Province of Ontario has given the company a land grant of 688,000 acres including
mineral rights, and a cash subsidy of $5,000 per mile on 53 miles has been granted and paid by the Province of
Ontario.
Location: Sudbury to Little Current, 85.41 miles; sidings, etc., 18.31 miles. Road connects at Sudbury with
the Canadian Pacific and the Canadian Northern Ontario Ry. Equipment: Locomotives, 3; passenger cars, 6;
freight cars, 256; service cars, 18. Total, 280.
Management: OFFICERS: T. J. Kennedy, Pres. and Gen. Mgr.; J. Prater Taylor, Vice-Pres.; W. C. Franz,
Vice-Pres., Sault Ste. Marie, Ont.; Herbert Coppell, Vice-Pres., New York; R. Barber, Treas.; I. L. Godfrey, Compt.,
Sault Ste. Marie, Ont.; Alex Taylor, Sec., Toronto G. A. Montgomery, Gen. Supt., Sault Ste. Marie, Ont. DIREC-
TORS: T. J. Kennedy, J. Prater Taylor, W. C. Franz, James Hawson, Sault Ste. Marie, Ont.; W. K. Whigham,
London, Eng.; Herbert Coppell, N. Y.; Thos. Gibson, Toronto, Ont. Annual meeting, third Wednesday in Septem-
ber. GENERAL OFFICE: Sault Ste. Marie, Ont. SECRETARY'S OFFICE: Toronto, Ont.

(Latest available.)
1915 1914 1913 1912
Gross earnings $285,367 $183,169 $129,000 $97,812
Net earnings 109,882 73,110 49,399 37,159
Other income 1,050 7 370
Fixed charges, etc 208,004 60,467 35,895 20,286
Surplus for year *97,072 12,650 13,874 16,873
* Deficit.

(Latest available.)
Cost of road and equipment $6,590,275 Capital stock $2,800,000
Investment 700 Bonded debt 2,500,000
Materials and supplies 51,488 Equipment trusts 160,000
Cash 1,654 Loan from L. S. Co 282,977
Current accounts 56,541 Current liabilities 30,395
Deferred debit items 1,107 Accrued liabilities 61,655
Subsidy account 812,648
Reserve for renewals 20,693
Totals $6,701,765 Total $6,701,765

Bonded Debt: (1) $2,500,000 Algoma Eastern Ry. first 5s. Dated March 1, 1911 due March 1, 1961. Interest
;
paid Mar. and Sept. 1, at Bank of Montreal and New York. Coupon, 100 and 500. Authorized, $3,000,000. Un-
issued amount may be issued at rate of $30,000 per mile. Redeemable at 105 and interest on six months' notice.
Unconditionally guaranteed principal and interest by the Lake Superior Corporation. Listed on London Stock
Exchange. Normal income tax deducted from interest paid in the United States.
(2) $140,000 Algoma Eastern Ry. 6% Equipment Trusts, Series "D." Dated May 15, 1912; due $20,000 yearly,
1916 to 1922. Interest paid May and Nov. 15, at Maitland, Coppell & Co., New York. Issued under agreement
dated May 15, 1912, with Superior Rolling Stock Co., Ltd., covering 24 flat cars, 10 ore cars, 25 box cars, 70 Otis
composite cars, 5 coaches, 2 locomotives and one 25-ton crane. Interest paid without deduction for U. S. normal
income tax. Original issue, $200,000.
(1) Authorized and outstanding, $1,000,000 5% non-cumulative preferred.

Capital Stock: Par, $100. All
owned by Lake Superior Corporation.
2. Authorized and outstanding $2,000,000 common. Par, $100. Lake Superior Corporation owns $1,000,000.
ANTOFAGASTA (CHILI) & BOLIVIA RAILWAY COMPANY, LTD.
by this See statement following.

company.
Management: OFFICERS: A. W. Bolden, Sec.; W. H. Robinson, J. Backus, Gen. Mgrs. DIRECTORS: Hon. Chas.
N. Lawrence, Chairman, Hon. C. A. Campbell, B. E. Greenwell, Sir Robert Harvey, A. H. A. Knox Little, Col. H.
LeRoy Lewis. LONDON OFFICE: 1 Broad Street Place, Finsbury Circus, E. C.
Comparative Income Account, Years Ended December 31 . .
1915 1914 1913 1912 1911

Gross revenues 1,322,056 1,541,995 1,916,643 1,751,099 1,588,258
Operating expenses 674,673 843,485 1,074,924 977,010 836,819
Net revenues 647,383 698,510 841,719 774,089 751,349
and Loss Account, year ended December 31, 1915: Credit balance at beginning of year, 150,987; credit
Profit
balance transferred from income, 647,383; interest on investments, etc.,
102,316; total, 900,686. Contra: Interest
on notes and debentures. 226,000; dividend appropriatibns, debt income tax, 33,247;
250,000; discount, 9,876;
credit balance, Dec. 31, 1915; 381,563; total, 900,686.
Bonded Debt: (1) Authorized and outstanding, 1,000,000 4% perpetual debenture stock. Interest Jan. and
July 1. Secured by trust deed as a first floating charge on all railroad property and revenues of the company.
(2) Authorized and outstanding, 1,000,000 4%% debenture stock. Interest May and Nov. 1. Floating
charge on undertaking and assets, etc., subject to No. 1. Redeemable at 105 in 1940, or earlier in event of security
becoming enforceable company may purchase stock below 105.
(3) Authorized 1,500,000 5% debenture stock; issued and outstanding 1,500,000. Floating charge on un-
dertaking and assets, etc., subject to Nos. 1 and 2. The amount of this stock can only be increased with the consent
of trustees and approval of a general meeting, and in no way can it be increased by an amount in excess of 2,000
per mile of additional line. Redeemable at 110 on Jan. 1, 1940, or in event of liquidation, etc., company may
purchase stock below 110. Interest May and Nov. 1.
(4) Authorized 2,500,000 5% Bolivia debenture stock; outstanding, 600.000; pledged under No. 5, 750,000.
Int. paid May and Nov. 1. Secured by trust deed, dated Aug. 16, 1910, on 1,875,000 Bolivia Ry. first 5s. (Inter-
est on these bonds is guaranteed by the Bolivian Government up to Dec. 31, 1926, when they mature.) Delivered
to Antofagasta & Bolivia Ry. Co. as construction proceeds.
Floating charge on entire property, following Nos. 1, 2 and 3. Callable at 110 on July 1, 1960, or on interest
date after Jan. 1, 1927, on six months' notice.
(6) Auth. and outstanding, $3,000.000 2-year 6% notes. Dated 1916; due 1918. Secured by pledge of 750,-
000 of No. 4. No further details available.
Capital Stock: (1) Authorized and outstanding, 2,000,000 5% cumulatrwe preference stock. Preferred as to
nets. Dividends regularly paid, Jan. and July 1.
(2) Auth. and outstanding, 2,000,000 5% non-cumulative preferred ordinary stock. Has preference for
assets over No. 3 and shares equally in any dividends over 10% on latter. Dividends payable Jan. and July 1.
Recent dividends, 1909 to 1912, 5% each; 1913, 6%; 1914, 5%.
(3) Auth. and outstanding, 2,000,000 deferred ordinary stock. Dividends paid in recent years: 1909 and
1910, 7H% each; 1911, 8%; 1912, Sttft; 1913, 11%; 1914, 8%.
THE BOLIVIA RAILWAY COMPANY

(Controlled by Antofagasta (Chili) ft Bolivia Railway)
History: Incorporated under the laws of Connecticut, Feb. 18, 1907. Owns perpetual concession from Republic
of Bolivia for construction, ownership and operation of system of railroads in that country. The original concession
,
was dated May 22, 1906, to the National City Bank and Speyer & Co., New York, and assigned to this company.
Under terms of concession with the Government of Bolivia, company is entitled to import free of duty for a period
of 80 years, materials, equipment, and everything necessary for constructing and maintaining the railways.
Location: Construction provided as follows: From Oruro to Viacha, 202 kilo. (126 miles); from a point on
the Oruro and Viacha line to the River Desaguadero, 90 kilo.; Oruro to Cpchabamba, 203 kilo.; from Rio Mulato
on the Antofagasta ft Bolivia Ry. to Potosi, 174 kilo.; from Uyuni to Tupiza, 195 kilo.; from La Paz to Puerto
Pando, 340 kilo.; total, 1,204 kilo.
Management: OFFICERS: C. N. Lawrence, Pres.; Col. H. LeRoy Lewis, Vice-Pres.; London; E. M. Heberd,
Vice-Pres.; H. V. Shultis, Sec. and Asst. Treas., New York; H. A. W. Chiswell, Treas. and Asst. Sec., Paris,
France; H. S. Brown, Chief Engineer, La Paz, Bolivia. DIRECTOR: Ignacio Calderon, Washington, D. C.; B. E.
Greenwell, Sir Robert Harvey, A. H. A. Knox Little, C. N. Lawrence, Col. H. LeRoy Lewis, London, Eng.; E. M.
Heberd, Theo. L. Hermann, F. L. Madden, David T. Davis, I. J. Herczeg, Irwin Untermyer, Arthur M. Wickwire,
New York. Annual meeting, first Thursday in April at Hartford, Conn. NEW YORK OFFICE: 45 Nassau Street;
PAWS OFFICE: 11 Rue St., Floretin.

1915 1914 1913
Rental income $104,030 $106,112 $158,006
Bolivian Government guarantee 807,220 774,651 625,418
Fixed charges $911,250 $880,763 $783,424

Assrrs: 1915 1914 LIABILITIES: 1915 1914
Construction expenses ... $32,098.788 $30,807,497 Capital stock $10,000,000 $10,000,000
Cost of property 'J.'.W.r.no 9,996,500 Bonded debt 30,375,000 30,375,000
Exploration expense 81,543 81,643 Interest accrued 577,324 529,404
Cash 806,640 258,651 Sundry creditors 70,407 55,129
Materials and supplies... 845,927 1,026,686 Due A. & B. Ry 81,543 81,543
Govt. of Bolivia acct 248,171 240,130 Construction charges 2,633,057 1,449,989
Sundry debtors 87.228 80,059
Construction interest 72,635
Total $43,737,331 $42,491,065 Total $43,737,331 $42,491,065

Bonded Debt: (1) $18,225,000 Bolivia Railway first 5s. Dated Jan. 1, 1907; due Jan. 1, 1927. Interest paid
Jan. and July 1, at Speyer & Co., New York, at the rate of $4.86 to the pound; also in sterling in London, and in
Paris, Berlin, Frankfort, Amsterdam, etc. Coupon, 20, 100 and 200. Auth., 3,750,000 unissued bonds issuable
;
at the rate of 37,500 for every 55,000 cash expended. Company is authorized by the Government to issue 2,000,000
additional first mortgage bonds (but without any guarantee on the part of the government) to defray expenditures
,
for completion of railroad should the stipulated sum of 5,500,000 prove insufficient. Callable at 105 and interest on
three months' notice. Guaranteed as to interest by the Government of Bolivia by endorsement on each bond; also
guaranteed as to interest by the Antofagasta (Chili) & Bolivia Ry. .Co., Ltd. This latter guarantee does not affect
the liability of the Government. First lien on entire property now" owned or hereafter acquired. Listed on New
York Stock Exchange. The Antofagasta, (Chili) ft Bolivia Ry. owns one-half of amount outstanding.
Railway second income 5s. Dated Jan. 1, 1907; due Jan. 1, 1932. Authorized,
(2) $12,150,000 Bolivia 2,500,-
000. Issuable at rate of 25,000 to every 55,000 expended. All owned by the Government of Bolivia, which has
deposited 2,500,000 in cash to purchase at par the authorized
amount when and as issued.
Capital Stock: Authorized and outstanding, $10,000,000. Par, $100. Majority of the stock is owned by the
Antofagasta (Chili) & Bolivia Railway Co. Secretary of the company acts as REGISTRAR and TRANSFER AGENT.
THE ARGENTINE NORTH EASTERN RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, Oct. 31, 1887.
Location: The company's lines extend from Concordia in the province of Entre Rios to Corrientes, and to Po-
sadas. At Posadas a car ferry service has been established to connect with the Paraguay Central Ry. In October,
1913, through service was established between Buenos Ayres and Asuncion, capital of Paraguay. Total mileage,
752 miles standard gauge. Equipment Locomotives, 68; passenger cars, 96; freight and company cars, 1,270; ferry
boats, 2.
Management: OFFICERS: Robert H. F. Stuart, Gen. Mgr. in Argentine; John Williamson, Sec. DIRECTORS:
Vincent W. Yorke, B. H. Binder, M. le Comte Cahen D'Anvers, Francis Lomax Gibbs, A. H. A. Knox Little, Robert
Lyell (Managing Director), A. Naylor Smith. OFFICES OF THE COMPANY: 26 Old Broad Street, London, E. C.
Comparative Statement of Earnings, Years Ended June 30

1916 1915 1914 1913 1912
Gross revenues 328,715 259,627 348,488 367,025 319,312
Net revenues 134,060 74,920 111,028 144,799 123,430
and Loss Account, year ended June 30, 1916: Debit balance at beginning of year, 61,214; interest on
Profit
"A" debenture stock, 60,000; interest on "B" debenture stock, 49,611; other interest, 24,480; renewals, 20,000;
miscellaneous debits, 1,028; total, 216,433. Contra: Credit balance transferred from income, 134,060; miscel-
laneous credits, 1,969; debit balance June 30, 1916, 80,404; total, 216,433.
Note: Interest on B
debenture stock for the half-year ended 31st December, 1915, together with interest to the
extent of 4 per cent, per annum on temporary loans, against security of 320,000 for the year to 30th June, 1916,
was paid by the issue of 5 per cent, funding certificates at par, in accordance with Scheme of Arrangement dated
21st July, 1915. Regular interest payments on "B" debenture stock resumed in July, 1916.
Bonded Debt: (1) Authorized and outstanding, 1,200,000 Argentine North Eastern Ry. Co. Ltd. 5% "A"
debenture stock. Interest, cumulative, payable Jan. and July 1. Secured by trust deeds dated May 8, 1889, July
31st, 1897, and Dec. 27th, 1907, as a first specific charge upon the railways and concessions, and a first floating
charge on the undertaking and all other property. Redeemable at 110 any time after the "A" and "B" stock have
received full dividends for five consecutive years on 6 months' notice, or in event of liquidation.
(2) Authorized, 1,157,292; outstanding, 992,229 5% Argentine North Eastern Ry. Co. Ltd. "B" debenture
stock. Interest payable Jan. and July 1. Follows "A" debenture stock on same properties, and callable under same
conditions.
(3) Authorized 2,000,000; outstanding, 1,023,750 "C" debenture stock. Interest is non-cumulative and pay-
able only out of the earnings until a dividend has been paid on the ordinary stock, when interest will become cumu-
lative, and payable Jan. and July 1. Secured by trust deed dated Jan. 25, 1912, as a third floating charge on prop-
erty and assets. Callable at 110 at any time after July 1st, 1914, on six months' notice, and in event of liquidation.
Note: On June 30, 1916, there were 330,972 temporary loans outstanding secured by pledge of 827,432 of
No. 3.
Capital Stock: Authorized, 2,800,000; issued, 2,768,500. No dividends.
ARGENTINE RAILWAY COMPANY

History: Incorporated under the laws of Maine, July 12, 1912, to acquire and operate railways in the Argen-
tine. The charter is a broad one, and provides for the construction, purchase, lease, and operation of railroads
within the Republic of Argentine, and the countries bordering thereon. Also provides for the construction and op-
eration of telephone and telegraph lines, gas works, electric light, heat and power plants, etc. Company owns prac-
tically entire stock of the Paraguay Land and Cattle Co., a majority of the capital stock of the Sociedad Indus-
trial Paraguay, and an interest in the Argentine Northern Land Co., Ltd.
Holdings, Etc.: Acquired the following securities: 1,166,812 ordinary stock of The Entre Rios Rys. Co.,
Ltd.; 108,423 5% first preference and 236,929 4%
second preference stock of The Entre Rios Rys. Co., Ltd.;
513,400 ordinary stock of The Argentine North Eastern Ry. Co., Ltd.; 40,794 shares of 500 frs. each of The
Compagnie Francaise de Chemins de Fer de la Province de Santa Fe; 3,953 preference shares of 250 frs. each of The
Compagnie du Chemin de Fer de Rosario & Puerto Belgrano (25% paid) 56,000 shares of 1 each of The Argen-
;
tine Northern Land Co., Ltd. practically all the shares of the Paraguay Land and Cattle Co., which owns 4,300,000
;
acres of land in Paraguay; a majority of the shares of the Sociedad Industrial Paraguaya, which owns about
5,280,000 acres of land and other assets in Paraguay and the Argentine; 5,000 shares (of $100 Argentine paper) in
the Sociedad Canteras El Sauce (Sauce Lime Quarries Co.), of which 3,500 fully paid and 1,500 10% paid; 60,000
loan to Argentine North Eastern R.R. Co. Had agreements with the Cordoba Central Ry. Co., Ltd., and Entre
Rios Rys. Co., Ltd., but on acceptance by those companies of 5,000 and 2,500 shares respectively in The Compagnie
Francaise des Chemins de Fer de la Province de Santa Fe in payment of guarantees for the financial year ended
June 30, 1914, the contracts were cancelled.
Management: OFFICERS: Vacancy, Pres.; Theo C. Hall, Vice-Pres., New York; F. Fraser Lawton, Sec., London,
Eng.; Rodney D. Chipp, Treas. and Pur. Agt., New York. DIRECTORS: R. Beaugey, Paul Briere, A. H. A. Knox
Little, H. LeRoy Lewis, Paris; M. Bauwens, Brussels; B. H. Binder, A. Naylor Smith, F. Fraser Lawton, London,
Eng.; M. A. Rodriguez, Buenos Ayres. OFFICES: 25 Broad Street, New York, and 9 Throgmorton Ave., London,
E. C.
MOODY' S ANALYSES OF INVESTMENTS. 1.197

Cost of securities $47,028,370 $47,804,606 Capital stock $45,000,000 $45,000,000
Underwriting, etc 2,144,052 2,284,022 Two-year notes 7,300,000 7,300,000
Guarantees 1,374,347 1,374,347 Accrued interest 407,296 183,186
Discounts, etc 298,083 298,083 Sundry creditors 106,073 846,615
Advances 990,228 920,178
Loan against security 298,327 293,073
Sundry debtors 598,120 205,468
Cash. 81,842 150,023
Total $52,813,369 $53,329,801 Total $52,813,369 $53,329,801
Note: $7,300,000 two-year 6% notes. Dated Feb. 1, 1913; due Feb. 1, 1915. Int. Feb. and Aug., in London.
Secured by collateral comprising company's holdings in the Entre Rios Rys., Argentine North Eastern Ry. and
Compagnie Francaise des Chemins de Fer de la Province de Santa Fe. Noteholders have agreed to extension of
both principal and interest of this issue.
Capital Stock: Authorized and outstanding, $15,000,000 6% cumulative preferred. Par, $100. Has preference
ai to assets and dividends. Authorized and outstanding, $30,000,000 common. Par, $100.
TRANSFER AGENT: Both issues, Corporation Trust Co., Jersey City, N. Jk REGISTRAR: Empire Trust Co., New
York.
ATLANTIC, QUEBEC & WESTERN RAILWAY

History: Incorporated under acts of 1901 and 1903. Further rights granted in 1907 and 1908. Formed to con-
struct and operate a railway 362 miles in length, from Gaspe Harbor through Gaspe County to Amqui, on the Inter-
colonial Ry., thence to Edmundston on the St. John River, where connection can be made with the Canadian Pacific
and the Grand Trunk Line, 260 miles. Also from Gaspe Harbor, southerly through Douglas, Port Daniel, etc., to Pas-
pebiac
on the Quebec Oriental Ry., 102 miles. Rights granted in 1907 and 1908 authorized the company to acquire
by agreement the railway known as the Baie de Chaleurs Line of the Atlantic & Lake Superior Ry. Co. (now the
Quebec Oriental Ry.), running from Paspebiac to Matapedia on the Intercolonial Ry. ; to construct a line from
Matapedia to a point near Edmundston; to enter into agreements with other railway companies, and to raise addi-
tional capital. The land granted to the company by the Quebec Legislature has been sold, the price realized being
.132 10s 9d. This amount has been given the trustees for the first mortgage bondholders and invested by
them. The Dominion Government has given the company a cash subsidy of $6,400 per mile and $250,000 for
bridges, on completion of the line from Paspebiac to Gaspe.
Location: New Carlisle to Gaspe, 102.5 miles. Equipment: Locomotives, 10; passenger cars, 8; combination,
1; inspection, 1; baggage, mail and express, 2; freight, 38; total, 60.
Management: OFFICERS: Earl of Ranfurly, Chairman of Board and Pres.; Major D. H. Alexander, Vice-Pres.;
E. S. Elvey, Sec. and Treas., London, Eng.; J. S. Gordon, Gen. Mgr., New Carlisle, Que. DIRECTORS: Earl of Ran-
furly, Major D. H. Alexander, Win. M offal, J. G. Pease, E. B. Read. OFFICES: New Carlisle, P. Q. LONDON OFFICE:
Temple Chambers, London, E. C.
Earning*, year ended June 30, Iffl6 : Gross, $103,005; operating expenses, $128,620; deficit from operation,
$25,616.
Bonded Debt: $2.548.675 Atlantic, Quebec & Western Ry. first debenture 5s. Int. paid, Jan. and July 1, at
London City and Midland Bank, Ltd., London, Eng. Coupon, 100. Interest has been paid to 31st December, 1916.
The company agrees not to issue more than 526,700 of these bonds, and has agreed to provide for future payments
in excess of that amount by an issue of securities ranking after these bonds. Authorized amount limited to $45,-
000 per mile of line constructed, or under contract to be constructed. Secured by trust deeds dated June 26, 1905,
and July 8, 1906, as first lien on the line, station, lands, buildings, rolling stock, etc. Redeemable at par on July 1,
1935, or at 110 on six months' notice on Jan. 1, 1915, or any subsequent Jan. or July 1st. TRUSTEES: E. B. Read
nd Frank H. James.
Capital Stock: Auth., $5.000.000 outstanding, $2,000,000.
: Par, $100. Stock transferred and registered at sec-
retary's office, London, Eng. No dividends.
BRAZIL GREAT SOUTHERN RAILWAY COMPANY, LTD.

Hiatory: Registered under English Companies Act, Jan. 11, 1883. Concession extends for 90 years from Nov.
19, 1881. This company and the North Western of Uruguay Railway Co., Ltd., each hold one-half of the share
capital of the Quarahim International Bridge Co., Ltd., and jointly guarantee that the bridge company tolls shall
be sufficient to meet the annual interest and sinking fund on the Bridge Company's Debenture Stock.
Receiver: Appointed in February, 1914.
I .oration: Road extends from Quarahim River in the State of Rio Grande do Sul, to the town of Itaqui on
the Uruguay River, with an extension to San Borja, 187 miles.
Management: Receiver and Manager, Arthur Lemon; Resident Engineer, A. F. Lockwood Thompson; secretary,
L. R. Evans.
Bonded Debt: (1) Authorized and issued, 250.000 6% sterling mortgage debentures. Outstanding, 84,700
in 100 Bonds. First charge on company's undertaking and revenues. Redeemable at par on August 1, 1916. 'In-
terest, Feb. and Aug. 1. Latest interest paid Aug. 1, 1913.
(2) Authorized and issued, 100,000 6% sterling mortgage debentures; outstanding, 99,869. Denomination,
100. Secured subject to No. 1. Redeemable at par on Nov. 19, 1918. Interest Feb. and Aug. Latest interest paid
Aug. 1, 1913.
(3) Authorized and outstanding, 200.000 6% debenture stock. Third charge on undertaking. Interest Jan.
and July 31. Latest interest paid July 31, 1913.
(4) Authorized, 50,000; issued, 43,000 7% Flood Loan. Issue forms no special charge on the line. Inter-
wt, Apr. and Oct. 1. Latest payment, Oct. 1, 1912.
(1) Authorized and outstanding, 225,000 shares preference
stock. Par, 20. Entitled to a
Capital Stock:
cumulative dividend of 7%.
(2) Authorized and outstanding, 125,000 "A" deferred shares, Par, 20.
BRAZIL NORTH EASTERN RAILWAYS, LTD.

to work railways in the State
History: Registered under English Companies Act, Jan. 25, 1910. Organized
of Ceara, North Brazil, under a lease from the Brazilian Government. Length of lines in operation, 472 miles.
Leased to company until Dec. 31, 1970, but after Dec. 31, 1940 Government has right to expropriate the lease on pay-
ing an indemnity equal to 25% of the average annual net revenues for the previous five years, multiplied by
number
of years of lease unexpired.
Management: J. A. Roney, Sec.; F. R. Hull, Gen. Mgr. DIRECTORS: Robert Logan, Chairman; E. B. Forbes,
Col. Sir Gerard Smith, Griffith Williams. LONDON OFFICE: 42 New Broad Street.
Bonded Debt: (1) Authorized, 70,000; outstanding, 26,100 5% prior lien debentures. Denomination, 100,
25 and 10. Floating charge on the undertaking and property in priority to the debenture stock. Redeemable at
par on three months' notice from the company. Interest May and Nov. 1.
(2) Authorized and issued, 350,000 6% first debenture stock; outstanding, 341,215. Floating charge on
undertaking and property, following Prior Lien Debentures. Redeemable at 110 on or before Feb. 1, 1933. Sinking
fund began Feb. 1, 1913, sufficient to redeem issue by Feb. 1, 1932. Redeemable at 110 on six months' notice.
Capital Stock: Authorized and issued, 350,000. Par, 1.
Note: At a meeting of the debenture stockholders held on Jan. 20, 1915, resolutions were passed providing that
the payment of interest due August 1, 1915, and subsequently, shall be postponed to the interest payment falling
due next after (but not less than six months) the signing of peace by Great Britain, except in so far as receipt?
shall be sufficient to pay the same after paying Prior Lien Debenture interest. The amortization payments are also
postponed to the 1st of February next after signing peace, the associated dates being postponed for similar periods.
BUENOS AYRES & PACIFIC RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, November 3, 1882. Company operates the Villa Maria &
Rufino Railway Co., Ltd., the Bahia-Blanca & North Western Ry. Co., Ltd. ; the Argentine Great Western Ry. Co.,
Ltd., and the Argentine Transandine Ry. Co., Ltd. Has an agreement with the South American Light & Power
Co., Ltd., under which this company and the Bahia-Blanco & North Western Ry. Co., Ltd., take over management
and operation of the Light & Power Co. Company also is interested in the South American Hotels, Ltd.
Location: Road extends westward from Buenos Ayres to Villa Mercedes. Total length of line operated, includ-
ing leased lines, 3,536 miles.
Management: OFFICERS: F. Sanders, Sec. DIRECTORS: Rt. Hon. Lord St. Davids, Chairman; T. Penn Gaskell,
C. E. Gunther, Edward Norman, Hon. Arthur Stanley, J. A. Goudge (managing director). OFFICE: Dashwood
House, 9 New Broad Street, London, E. C.
Comparative Statement of Earnings, Years Ended June 30

1916 1915 1914 1913 1912
Gross revenues 4,655,019 4,538,943 4,881,665 5.590,613 4,976,651
Net revenues 1,808,033 1,738,243 1,824,195 2,130,692 1,823,653
Profit and Loss Account, year ended June Credit balance at beginning of year, 318,020; credit bal-
30, 1916:
ance transferred from earnings. 1.808,033; credit balance from subsidiary operations, 240,548; total, 2,366,601.
Contra: Debenture interest, 767,795; rentals, 1,011,940; Argentine Transandine Ry. proportion of receipts,
17,772; depreciation of steamers, 9.267; special renewals, 8,370; flood expenses, 7.774; first preference divi-
dends, 60,000; income tax, 9,402; credit balance, June 30, 1916, f4 74,282; total, 2,366,601.
t From this amount dividends of 5% (50,000) on second preference stock and 1% (100,000) on ordinary
stock were declared.
Bonded Debt: (1) Authorized and outstanding, 2,925,000 4% first debenture stock. Secured by trust deeds
dated Dec. 30, 1893, and Dec. 24, 1901. First charge on whole undertaking. Interest payable June 30 and Dec. 31.
(2) Authorized and outstanding, 2.075,000 second debenture stock. Interest was reduced from 6% to
4%%
4%% as of Dec. 31, 1896. Secured by trust deeds dated Dec. 30, 1893, July 11, 1899, and Dec. 24, 1901, as a
second charge on whole undertaking. Redeemable at 105 on six months' notice. Interest payable June 30 and
Dec. 31.
(3) Issued and outstanding, 7,942,673 4V2 %
consolidated debenture stock. Secured by trust deeds dated May
28, Oct. 11, 1907, April 1, 26, 1908, July 1, 1909, March 1, Sept. 21, 1910, and
May May 14, 1912, as a floating charge
on the undertaking and assets, subject to first, second and 5% debenture stocks. Further stock may be created at
the rate of 4.000 per mile of additional line, and also for such further amount as shall be sufficient to retire
prior issues. Redeemable at 110, at any time after June 30, 1920, on six months' notice. Interest payable June 30
and Dec. 31.
(4) Issued and outstanding, 4,000,000 5%
debenture stock. Secured by trust deeds dated Apr.
30, 1912. Jan. 27, 1913, July 24, 1913, and July 6, 1914, as a floating charge on the undertaking and assets, sub-
ject to above debentures. The amount of the issue is limited to the amount of the paid-up ordinary capital. Re-
deemable at 110 at any time after June 30, 1950, on six months' notice. Interest paid Jan. and July 1.
Capital Stock: (1) Authorized and issued, 1,200,000 first cumulative 5% preference stock. Dividends paid
Feb. and Aug. 1.
(2) Authorized and issued, 1,000,000 5% non-cumulative second preference stock. Has priority over ordinary
shares.
(3) Authorized and issued. 10,000,000 ordinary shares. Recent dividends paid: 1910, 3%; 1911, 3%%;
1912, 2%; 1913, 3%; 1914 and 1915, none; 1916, 1%.
MOODY'S ANALYSES OF INVESTMENTS. 1.199
ARGENTINE GREAT WESTERN RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, April 29, 1887. The administration of this company's
railway and undertaking in Argentina was taken over by the Buenos Ayres & Pacific Railway Co., Ltd., as from
July 1, 1907. The Pacific Company also took over the Western Company's working arrangement with the Argen-
tine Transandine Railway Co., Ltd.
Under the agreement the Great Western 5^4 cumulative preferred stocks shares pro rata with the 5% first
preference stock of the B. A. & P. Ry. in all dividends up to 5%, and will share pro rata with the ordinary stock of the
B. A. & P. Ry. in dividends between 5 and 6% on that class of stock. When the dividend on the B. A. & P. Ry.
Ordinary Stock is in excess of 7%, the rate on the Great Western preferred stock will be 6%%, and when the rate
paid on the B. A. & P. Ordinary Stock exceeds 10</i it will be increased to 7%. The Ordinary Stock of the Argen-
tine Great Western Ry. shares equally with the B. A. & P. Ry. Second Preferred Stock up to 5%, and is entitled
to additional dividends under similar conditions as the Preference Stock above.
Location: The company's line, 5' 6" gauge, extends from Villa Mercedes through San Luis and Mendoza to the
City of San Juan and Caucetem with numerous branches and extensions. Lines open for traffic, 978 miles.
Management: OFFICERS: J. T. Dillon, Sec. DIRECTORS: Rt. Hon. Lord St. Davids, Chairman; Hon. Charles
N. Lawrence, C. M. Rose, Hon. Arthur Stanley, Local Board at Buenos Ayres: Dr. Salvador Macia, Dr. Santiago G.
O'FarrelL LONDON OFFICE: Dashwood House, 9 New Broad Street, London, E. C.
Debenture Stock: (1) Authorized and outstanding, 1,700,000 first 4% perpetual debenture stock. Secured as
a first charge on undertaking, property, rights, etc., of company. Interest payable Jan. and July 1. Guaranteed
as to interest by the Buenos Ayres & Pacific Ry. Co., Ltd.
(2) Authorized and outstanding, 1,700,000 second 4% debenture stock. Secured by trust deed dated Nov. 24,
1897, as a floating charge on all the property, subject to No. 1. In event of liquidation stock repayable at the then
market price, but not more than par. Interest payable Jan. and July 1. Guaranteed as to interest by the Buenoa
Ayres & Pacific Ry. Co., Ltd.
(3) Issued and outstanding, 3,600,000 5?r debenture stock. Secured by trust deeds as a floating charge on the
undertaking and assets of the company, subject to Nos. 1 and 2. Further stock may be created, ranking par!
passu with the above (subject to the consent of the Buenos Ayres & Pacific Ry. Co., Ltd.), at the rate of 4,000
per mile of additional line. Redeemable at 110 any time after June 30. 1930, on six months' notice from the
company, or in event of reconstruction by sale of company. Interest payable Apr. and Oct. 1.
Capital Stock: (1) Authorized and isued, 2,125,000 5% preferred stock. Entitled to dividends shown under
agreement outlined above with the Buenos Ayres & Pacific Ry. Co., Ltd. The Articles of Association do not provide
for any priority in regard to this issue.
(2) Authorized and issued, 2.125,000 ordinary stock. Entitled to dividends as shown above. Recent dividends
paid: 1911 to 1914, 6% each; 1915, 2V4%; 1916, 5%.
Note: There is also an authorized issue of 100,000 New Shares of 10 each. None issued. Each of the New
Shares may rank with the Ordinary Shares or may be sub-divided into one 5 Preference and one 5 Ordinary
Share, which when fully paid will be consolidated into preferred and ordinary stock.
ARGENTINE TRANSANDINE RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, October 13, 1886, as the Buenos Ayres & Valparaiso
Transadine Ry. Co., Ltd. Name changed as above December, 1904.
Location: Road extends from Mendoza, on the Argentine Great Western Railway, westward 111 miles to the
Chilian Transadine Railway, within the tunnel through the Andes. Road is operated by the Buenos Ayres & Pacific
Ry. Co., Ltd., under working agreement.
Management: OFFICHffl: Arthur Rimmer, Sec.: Sir Wm. Plender, P. D. Griffiths, Auds. DIRECTORS: Hon.
Arthur Stanley, T. E. Preston, Vivian H. Smith, Emilio N. Casares. OFFICE: 9 New Broad Street, London, E. C.
Bonded Debt: (1) Authorized, 310.250 4% A debenture stock; outstanding, 310,166. First floating charge
on assets and the undertaking. Guaranteed principal and interest by the Argentine Great Western and Buenos
Ayres A Pacific Railway. Argentine Government bonds for 102,379 have been set aside, the proceeds of which are
to be applied if necessary in meeting interest and principal that would otherwise be payable by guarantors. Re-
deemable at par any Jan. 1 or July 1, on three months' notice. Interest payable Jan. and July 1.
(2) Authorized 600,000 4ri "B" debenture stock; outstanding, 310,166, excluding 93,000 issued as security
for a loan. Second floating charge on the assets and undertaking. Redeemable at par any Jan. 1 or July 1, on
three months' notice. Interest became cumulative June 30, 1914.
Capital Stock: (1) Authorized and outstanding, 500,000 preferred stock. Par 20, fully paid. Issue is en-
titled to 11rcumulative dividend, and one-half of any surplus net profit each year after payment of 7% on deferred
hares. Also entitled to priority for capital. No dividends paid in recent years.
(2) Authorized and outstanding, 340,000 deferred stock. Par 20.
BAHIA-BLANCA & NORTHWESTERN RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, May 13, 1889. There are in operation 874 miles of road.
Guage, 5 feet, 6 inches. Additional lines are under construction. The company owns and has an interest jointly
with the Buenos Ayres Great Southern Railway in a line of tramways in the town of Bahia-Blanca, a produce
market in Bahia-Blanca, and a port available for ocean going vessels. The Government may expropriate the railway
paying to the company the valuation price, plus 20</r. The concession for the tramways is for 20 years from 1902
and 5 per cent, of passenger receipts is payable to municipality. Whole undertaking now operated by the Buenos
Ayres & Pacific Railway.
An agreement has been entered into with the South American Light & Power Co., Ltd., under which this com-
pany and the Buenos Ayres & Pacific Ry. Co., Ltd., take over the management and working of the Light & Power
Co.'s undertaking. The company is interested jointly with the Buejios Ayres Great Southern Ry. Co., Ltd., in the
Bahia-Blanca Waterworks Co.
I,oase: The Buenos Ay res & Pacific Ry Co., Ltd., works this company's system and is entitled to the gross re-
of this company's present and future Debenture Stock
ceipts of the undertaking, in consideration of a guarantee
and dividends, also management expenses in London and Buenos Ayres. Under working agreement a sum of over
200 000 in Government Bonds and cash was handed over by this company to the Pacific Co. for the purpose of creat-
ing a guarantee fund, out of which the Pacific Co. may dp any repairs,
etc. The Bahia Company may not create or
issue any Debentures, or make any alteration in its capital, without consent of Pacific Co. It is provided that this
agreement shall be renewed every twenty years in perpetuity.
Management: OFFICERS: F. Saunders, Sec. DIRECTORS: Edward Norman, Chairman; Lord St. Davids, J. S.
Austin, Percy Cross, J. A. Goudge, London. LONDON OFFICE: Dashwood House, 9 New Broad Street, E. C.
Bonded Debt: (1) Issued and outstanding, 2,450,000 4% first debenture stock. Interest payable Apr. and
Oct. 1. Secured by trust deeds as a first charge upon the entire undertaking. Principal and interest are guaran-
teed by the Buenos Ayres & Pacific Railway Co., Ltd. Further stock may be issued at rate of 4,000 per mile of
new line in excess of the mileage belonging on June 10, 1904, less 1,750,000 issued since that date in respect of new
in the construction of such new lines and for
lines, provided that the proceeds of such additional stock are applied
other capital purposes. Redeemable at 105 on six months' notice.
(2) Issued and outstanding, 3,000,000 4%% second debenture stock. Interest payable Apr. and Oct. 1. Se-
cured by trust deeds as a floating charge on undertaking and assets, subject to above 4% debentures. Principal
and interest guaranteed by the Buenos Ayres and Pacific Ry. Co., Ltd. Futher stock may be created to the extent
of 2,000,000 plus 4,000 in excess of the mileage belonging to the company March 9, 1911. Redeemable at 11C
after April 1, 1930 on six months' notice from the company. In the event of voluntary liquidation, etc. stock will
not be redeemed at less than 110 per cent.
Capital Stock: (1) Authorized and issued, 1,350,000 guaranteed stock. Dividends guaranteed by the Buenos
Ayres & Pacific Ry. Co., Ltd.; 3% for five years from July 1, 1904; 3%% for four years from July 1, 1909; 4% for
four years from July 1, 1913, and 4%% from July 1, 1917, and thereafter.
(2) Authorized and issued, 3,250,000 5% guaranteed stock. Dividend guaranteed by B. A. & P. Ry. Co., Ltd.
(3) Authorized and issued, 200,000 guaranteed shares of 10. Dividends of 4V2 % guaranteed by B. A. & P. Ry.,
Ltd.
BUENOS AYRES CENTRAL RAILWAY
History: Incorporated under the laws of the Argentine Republic, by Notarial Deed, dated June 15, 1906. Com-
pany owns valuable terminals at Charcarita, near Buenos Ayres, and has trackage rights over the Lacroze Tram-
ways into the city.
Location: Road extends from Buenos Ayres to the port of Zarate, on the River Parana, where connection is
made under working agreement with the Entre Rios Ry., and to Salto and Rojas, with a branch from Salto to
San Martin, connecting with the Central Argentine Ry. Total mileage, 174.5 miles. Company operates under Na-
tional and Provincial concessions, granting its rights in perpetuity, except for the Port of Zarate, subject to the
Mitre Railway Law which the company has adopted. All supplies for construction and operation are free from
duty.
Management: OFFICERS: Teofilo Lacroze, Pres. Federico Lacroze, Vice-Pres.; S. C. Marengo, Mgr. DIRECTORS:
;
Teofilo Lacroze, Federico Lacroze, Carlos Lacroze, Miguel Lacroze, L. J. Rocco, S. C. Marengo, J. L. Browne. LON-
DON OFFICE: 4 Moorgate Street, E. C.
1916 1915 1914
Gross revenues 290,580 244,844 289.114
Net revenues 149,640 118,183 118,734

Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, 881; credit balance
transferred from income account, 149,640; miscellaneous credits, 5,694; total, 156,214. Contra: Debenture in-
terest, June 30, 1916, 94,714; total, 156,214.
61,500; credit balance,
Bonded Debt: 700,000 first
(1) 4%%
debentures. Authorized, 1,000,000. Due 1950. Interest paid Jan. and
July, 1, at River Plate Trust, Loan & Agency Co., 54 Mooregate Street, London, E. C. Callable after Jan. 1, 1917,
at option of company on six months' notice. Specific first mortgage on concessions, real estate, buildings, fixed plant,
machinery, etc.
593,200 first 5% debentures. Authorized, 600,000.
(2) Denomination, 100. Interest paid Apr. and Oct. 1
at Law Debenture Corporation, Ltd., 41 Threadneedle Street, London, E. C. No further issue of these debentures
can be made unless the net profits for each of the two years immediately preceding the date of such issue shall,
after allowing for interest on the first mortgage debentures, be double the amount of interest on 2nd debentures,
then outstanding and about to be issued. Sinking fund of 1% per annum. Callable for sinking fund on three
months' notice.
Capital Stock: Authorized, $25,000,000; issued, $20,165,000. Par, $500. Stock all privately held in Buenos
Ayres. Recent dividends for years ending June 30, as follows : 1910, 2%%; 1911 and 1912, 1.488%; 1913, 3%;
1914, 2%.
BUENOS AYRES GREAT SOUTHERN RAILWAY COMPANY, LTD.

Ree-istered under English Companies Act, October 8, 1862.
History: Has a proprietary interest in Buenos
Ayres Southern Dock Co., and is interested in the Bahia-Blanca Waterworks Co., and also the Buenos Ayres Mid-
land Ry. Co.. the undertaking of which is worked
jointly by this company and the Buenos Ayres Western Ry. Co.,
Ltd. In 1908 a contract was entered into with the La Plata Moles & Deposits Co., Ltd., to work the property of that
company for a period of ten years. Company operates the line of the Buenos Ayres, Ensenada & South Coast Ry.,
Ltd., and holds 200,000 4% debenture stock of that company.
Location: The lines of this company extend from Buenos Ayres, where extensive and valuable terminals are
owned, in a southerly direction through the Province of Buenos Ayres, converging at Bahia-Blanca. From Bahia-
Blanca line runs in a westerly direction to Senillosa. from which point it is being extended to Pino Hachedo Pass
on boundary line with Chili. Approximately 3,800 miles
operated.
Management: OFFICERS: A. Giet, Sec.; R. de Candolle, Gen. Mgr. DIRECTORS: David Simson, Chairman;
H. C. Allen, Windham Baring, Sir Henry Bell, A. E. Bowen, J. Percy Clarke, Woodbine Parish, Guillermo WhiU,
F. D. Guerrico, Dr. N. R. Fresco, R. de Candolle. LONDON OFFICE: River Plate House, Finsbury Circus.
Comparatire Statement of Earnings, Years Ended June 30

1916 1915 1914 1913 1912 1911 1910
Gross revenues 5,549,140 4,941,627 5,464,588 6,569,345 5,404,096 4,988,380 4,601,924
Operating expenses 3,164,976 2,986,738 3,200,093 3,698,996 3,016,868 2,694,027 2,516,752
Net revenues 2,384,164 1,954,889 2,264,495 2,870,349 2,387,228 2,294,353 2,085,172

Operating ratio 57% 60.4% 58.6% 56.3% 55.8% 54% 54.7%
and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, 57,952; credit bal-
Profit
ance transferred from earnings, 2,384,164; income from investments, etc., 173,524; total, 2,615,640. Contra:
Bond and debenture interest, 681,630; dividend appropriations, 981,800; income tax, 121,191; credit balance,
June 30, 1916, 729,289; total, 2,615,640.
Bonded Debt: (1) 242,600 Buenos Ayres Western Ry. Annuity 4 'is. This represents capitalized value on a
4Mr% basis of the Brandzen Branch which was leased in perpetuity by the Buenos Ayres Western Railway to th
Buenos Ayres & Ensenada Port Railway, and subsequently transferred to the Buenos Ayres Great Southern Ry.
upon the acquisition of the Buenos Ayres & Ensenada Port Railway, in 1908.
(2) Issued and outstanding. 1,032,930 Buenos Ayres Great Southern 4V&% special debenture stock. All held
by Buenos Ayres Western Ry. Co. The stock does not form a portion of the borrowing powers as laid down in the
Articles of Association, but it is merely a charge on the Saladillo line as purchased from the Buenos Ayres Western
Railway Co. Interest payable on March and Sept.
(3) Authorized, 18,545,000; outstanding, 15,605,797 Buenos Ayres Great Southern 4% debenture stock.
Holders are not entitled to demand payment of capital, but if the Government exercise their power of purchasing
the line or any portion thereof, the company may redeem all or any portion of the stock at par on six months' no-
tice. Interest payable Jan. and July.
Capital Stock: (1) Authorized and outstanding, 8.000,000 5% non-cumulative preference stock. Par, 10.
Has priority for capital to the extent of 120 per cent. Dividends paid somi-annually Apr. and Oct. 1.
(2) Authorized and issued, 29,090,000 ordinary stock. Recent dividends paid 1907 to 1913, 7% each; 1914,
6%; 1915, 4%; 1916,4%%.
BUENOS AYRES MIDLAND RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, Feb. 10, 1906, as the Buenos Ayres Central Railway Co.,
Ltd. Name changed as above, April, 1906. Company holds concession to construct and work a metre-gauge line of
522 miles between Barracas al Sud, a suburb of Buenos Ayres, and Adolfo Alsina, (Carhue), the junction of th
Buenos Ayres Great Southern Railway and the Buenos Ayres Western Ry. The latter two companies jointly oper-
ate the property under an agreement whereby from Jan. 1, 1914, to June 1, 1916, there will be advanced by the two
lessee companies an amount sufficient to pay 3%
per annum on both issues of stock. After June, 1916, the guar-
anteed dividend will be 4% per annum.
Management: OFFICEKS: C. H. Lambert, Sec.; B. L. Gwyn, Gen. Mgr- DIRECTORS: Frank Henderson, Chair-
man; H. C. Allen, F. E. Faithfull, F. J. Wythes, R. de Candolle, A. F. Lertora. LONDON OFFICE: River PlaU
House, Finsbury Circus, E. C.
Bonded Debt: Authorized, 2.000.000; outstanding, 1,559,100 4% debenture stock. Interest payable Jan. and
July 1. Secured as a first floating charge on undertaking, but interest is specifically charged on minimum annual
rent payable in perpetuity by the Buenos Ayres Western Ry. and the Buenos Ayres Great Southern Ry. Companies,
under working agreement referred to above. Stock is irredeemable except in case of winding up or expropriation
by the Province of Buenos Ayres, when it will be repayable at par. Further stock may be issued with the consent
of the operating companies.
Capital Slock: (1) Authorized and outstanding, 1,000,000 preference stock. Par, 1, fully paid. Entitled to
guaranteed dividends as shown above, payable June 30 and Dec. 31. Entitled to priority for capital. Further
hares may be issued ranking pari passu with the present issue.
2. Authorized and outstanding 500,000 ordinary stock. Par, 10. The two operating companies hold each
24,748 of these shares. Guaranteed dividends as shown above payable on th 30th of June and 31st of December.
BUENOS AYRES WESTERN RAILWAY, LTD.

History: Registered under English Companies Act, May 17, 1890. The railway serves the district west of
Buenos Ayres, the various lines and branches terminating at Anderson, Carhue, Toay, Telen and Bagual. Mileage
open for traffic, 1,792 miles. Operates jointly with the Buenos Ayres Great Southern Ry. Co., Ltd., the Buenos
Ayres Midland Ry. Co.
Company assumed an obligation of a Provincial Government 5% loan of 1888, amounting to 1,000,000 secured
on the lines of the Western Railway of Buenos Ayres, now a part of the company's system. Sold a portion of it
lines to the Central Argentine Co., for 2.017,500 in 4V4% annuities,, to the Buenos Ayres & Ensenada Port (now
Great Southern), for 242,600 in 4%% annuities, and to the Buenos Ayres Great Southern Railway for 1,032,930
4H% debenture stock, not negotiable.
Government undertakes not to exercise the right of expropriation for forty years from the 28th of April, 1890,
and not to allow any competing line within a zone of 20 kilometres of either side of the lines.
Management: OFFICERS: Robert Graham. Sec.; Frank Foster. Gen. Mgr. Local Committee in Buenos Ayres:
A. F. Lertora, Chairman; Frank Foster, Dr. G. E. Leguizamon. DIRECTORS: Sir Henry Bell, Chairman; A. E.
Bowen, Woodbine Parish, David Simson, Sir J. White-Todd. LONDON OFFICE, River Plate House, Finsbury Cir-
cus, E. C.
Comparative Statement of Ea~ningH, Years Ended June 30
1916 1915 1914 1913 1912
Gross revenues 2,714.621 2.522.682 2,529,178 2,906,008 2,425,682
Net revenues 1,134,140 1.017,398 1,041,426 1,246,493 1,086,165

1 _',)_ MOODVS A\;iIA'SES OF INf'ESTMEXTS.
Profit and Loss Account, year ended June 30, 1916: Credit balance at beginning of year, 53,911; credit bal-
ance transferred from earnings, 1,134,140; credit balance from subsidiary operations, 149,808; interest, ex-
<?hange, etc., credits, 126,737; total, 1,464,596. Contra: Debenture interest charges, 409,920; dividend appro-
priations, 466,808; rentals, 68,296; income tax, 33,678;
miscellaneous debit, 3,148; credit balance June 30, 1916,
472,747; total, 1,464,596.
Bonded Debt: (1) 1,000,000 Provincial Government 5s of 1888. Assumed by Buenos Ayres Western Ry. Se-
cured on lines of Western Ry. of Buenos Ayres, now part of main system.
(2) Authorized and outstanding, 7,872,203 4% debenture stock. Secured as a first charge on the property
and undertaking, subject to the outstanding loan of the Western Railway of Buenos Ayres, viz.: 1,000,000 at
6% (No. 1). Repayable at par in event of liquidation or Government exercising expropriation rights. Interest
Jan. and July 1.
(3) Authorized and outstanding, 1,000,000 5% terminable debenture stock. Dated, 1915; du 1925. InUrest
payable Jan. and July 1.
Capital Stock: (1) Authorized and outstanding, 300,000 5% first preference stock; par, 10. Entitled to non-
cumulative dividend of 5% (payable April and Oct. 1), in priority to 4Mi'"r preference shares. In event of com-
pany being sold or wound up, holders entitled to be repaid 11 per share, before any payment is made to holders of
4%9<- preference shares.
(2) Authorized and outstanding, 2,552,340 4%%
second preference stock; par, 10. Issue ranks after No. 1,
for a non-cumulative dividend of 4%%
(payable Apr. and Oct.). In event of liquidation or sale of line holders will
be entitled to 11 per share before any payment is made to holders of ordinary stock.
(I?) Authorized and issued, 17,347,660 ordinary stock. Recent dividends paid: 1910, 7%; 1911, 7%%; 1912,
7%; 1913, 7%; 1914, 6%; 1915, 5%; 1916, 5%.
Note: Company is also authorized to issue 240,000 shares of 10 each and 340,000 4 1/j% guaranteed preference
shares of 10 each. None issued as yet.
CANADIAN NORTHERN RAILWAY SYSTEM

NOTE : The analysis is documents of the company, including its annual reports of the past ten years.
based on official
History: Incorporated under Canadian laws in 1899, being a consolidation of the Winnipeg Great Northern Ry.
and the Lake Manitoba Ry. and Canal Co. The company then subleased, in 1901, from the Manitoba Provincial Gov-
ernment the lines owned in that Province by the Northern Pacific & Manitoba Ry., with an option to purchase at
any time. In 1911, the Edmonton, Yukon & Pacific Ry. was absorbed. Many other lines have been acquired or con-
structed by the Canadian Northern interests, but are not directly under the control of this company.
Consolidation: Prior to the autumn of 1915 the chief lines of the Canadian Northern Ry. were located in
Western Canada, west of Port Arthur. Numerous lines had been acquired and constructed through allied com-
panies in the East and were also under construction on the British Columbia coast. In 1914 the Parliament of
Canada passed an Act designating the whole of the properties, including certain constituent and subsidiary companies
owning lines of railway terminals and other facilities in Canada, as the Canadian Northern Ry. System, and author-
izing the guarantee of securities of the Canadian Northern Ry. to the extent of $45.000,000, issued under a general
mortgage (ranking after all mortgages then authorized), in aid of the construction, completion and betterment of
the system. As part of the terms upon which the Government guarantee was authorized, the Statute required that
there should be transferred to the Government of the Dominion of Canada $33,000.000 par value of the Canadian
Northern Railway Company's capital stock, in addition to the $7,000,000 which was issued under the authority of
the Statute of 1913. The shareholders furnished this amount and the Government is now a shareholder to the ex-
tent of $40,000,000 out of a total of $100,000,000 of stock. The construction of these lines having been completed,
toward the end of 1915 a through service was established between the East and the British Columbia coast.
Heretofore traffic originating on lines east of Port Arthur and destined to points in the West, had to be given to
an intermediate carrier for movement to Port Arthur. In the same way the haul on traffic originating on Western
Lines, destined to points east of Port Arthur, was lost at Port Arthur. Now, however, that connections are com-
pleted and regular transcontinental service established, the company is reaping all the advantages of the long haul.
The Canadian Northern Ry. System has now in operation 9,296 miles, extending from Quebec, Mon-
Location:
trealand Toronto to Vancouver and Victoria, B. C., with many branches and intersecting lines in the provinces of
Quebec, Ontario, Manitoba, Saskatchewan and Alberta. It has in effect practically three main line divisions begin-
ning west of Winnipeg, viz.: (1) the Transcontinental Division, passing through Edmonton, on the way to British
Columbia; (2) Northern Division, extending to Prince Albert; (3) the Southern Division, passing through Bran-
don and Regina, and reaching Calgary by way of the famous Goose Lake country, rich in its production of grain,
cattle and domestic coal.
Mileage of the system is located as follows: In Province of Nova Scotia, 369.9 miles; Province of Quebec,
626.8 miles; Province of Ontario, 2,219.1 miles; Province of Manitoba, 1.989.1 miles; Province of Saskatchewan,
2,178.1 miles; Province of Alberta, 1,181.2 miles; Province of British Columbia, 516.4 miles; State of Minnesota,
215.4.
I-and Grants and Subsidies: The company was given a land grant in aid of the construction of certain lines in
Manitoba and the territories, being at the rate of 6,500 acres per mile in Manitoba and 12.800 acres per mile in the
territories.
Cash subsidies were also paid by the Dominion Government in aid of the Ontario division at rate of $6,400 per
mile for 212 miles, and $3,200 per mile for 55 miles. A further cash subsidy of $4,000 per mile was paid by the On-
tario Government on 268 miles.
On June owned were valued at $20,074,380, represented by the following acreage in the different
30, 1915, lands
Provinces: In Manitoba and Saskatchewan, 857,720 acres; in Ontario, 2,000,000 acres; in Quebec, 402,860 acres.
During the fiscal year 1916, 19.443 acres of land were sold at an average price of $16.37 per acre as compare.) with
(15.53 per acre in 1915. Agreements for the sale of 4,850 acres were cancelled leaving 843.127 acres in the Praina
Provinces still available for sale. Land Grant bonds, of the issue of 1909, amounting to $272,533, were retired, leav-
ing $2,217,740 outstanding on June 30, 1916.
MOODV s .t\.tL}'si;s or I 1203
Ocean Steamship Services: An agreement of importance in the development of the system's freight and passen-
ger traffic, was made during the year 1916 with the Cun-.ird Steamship Company. Under the terms of the arrange-
ment, the Cunard Company has taken over the Atlantic steamers controlled by the Canadian Northern Railway,
and a close working alliance is in effect between the two companies, the various Canadian services of the Cunard
line and the Canadian Northern having become, in effect, a single transportation unit between Europe and Canada.
Steamship services on the Pacific Ocean are also in contemplation. The entire stock of the Canadian Northern
Express Co. is also owned.
Freight Tonnage: No uniform classification of freight traffic is furnished. The chief item of freight tonnage
carried by this system is lumber. For the year ended June 30, 1916, there were 1,809,656,000 feet of lumber trans-
ported. Grain carried represented 131,978,809 bushels, and coal, 1,741,031 tons; miscellaneous, 3,722,085 tons. In
1915, there was carried 1,801,691,000 feet lumber, 58,575,520 bushels grain, 1,653,952 tons coal, and 3,009,903 tons of
miscellaneous freight.
Management: OFFICERS: Sir William Mackenzie, Pres.; Sir Donald Mann, Vice- Pros. D. B. Hanna, 3d Vice-
;
Prw.; W. H. Moore, Sec.; M. H. MacLeod, Gen. Mgr., Western lines; L. C. Fritch, Gen. Mgr., Eastern lines; L. W.
Mitchell. Treas. DIRECTORS: Sir William Mackenzie, Sir Donald Mann, Z. A. Lash, Frederic Nicholls, R. M.
Home-Payne, R. J. MacKenzie, E. R. Wood, D. B. Hanna, W. K. George, W. J. Christie, H. W. Richardson. MAIN
OFFICE, Toronto, Canada. LONDON OFFICE, Bond Court, Walbrook, E. C .
TABLE A. Physical Factors i

Mileage. Equipment and Operation)
Y**
10m Mi
1916 1915 1914 1913 1912 1911 1910
Gross revenues $35,476,275 $25,912,106 $23,781,329 $24,277,478 $20,860,094 $16,360,712 $13,833,062
Maintenance of way 5,899.540 3,974,820 3,191,805 3,224,929 2,608,866 2,362,004 2,047,831

$10,232,089 $7,088,161 $7,330,566 $6,773,868 $6,065,630 $5,192,068 $4,344,390
Operating ratio 71% 73% 72% 74.6% 70.9% 68.3% 68.6%
Total net income $10,232,089 $7,088,161 $7,330,566 $7,023,868 $6,065,630 $5,192,068 $4,344,390
Taxes accrued 858,558 464,869 303,346 175,867 184,585 f
Fixed charges 9,621,658 8,263,575 5,896,057 5,243,822 4,785,592 ]
Surplus *$248,127 *$1,640,283 $1,131,163 $1,604,179 $1,095,453 $927,918 $1,002,342

Dividends paid on incomes 625,000 1,250,000 988,214 674,804 312,872
Balance *$248,127 *$2,265,283 *$118,837 $615,965 $420,649 $615,046 $1,002,342

* Deficit.
In above income account, taxes are included in operating expenses prior to 1912. In 1915 and 1916, taxes in-
clude rentals for hire of equipment and joint facilities.
Profit and Loss Account, year ended June 30, 1916 Credit balance at beginning of year, $3,745,179 ; total, $3,-
:
745,179. Contra: Debit balance transferred from income, $248,127; delayed income debits, $67,886; taxes accrued
(net), $50,000; interest accrued (net), $602,455; credit balance carried to balance sheet, $2,776,711; total, $3,745,179.

Per Mile of Road.
YEARS
ENDED
JUNE 30.
Prince Albert branch to Prince Albert from a point 100 miles therefrom, by second lien on the portion of the Prince
Albert branch running from Erwood to a point 100 miles from Prince Albert, and by lien on other lines then con-
structed to an aggregate of 918 miles. Guaranteed, principal and interest, by Dominion Government of Canada.
Listed on London Stock Exchange.
2. Auth. and outstanding, 1,622,586 ($7,896,590); dated Oct. 21, 1908; due July 20, 1958; int. Jan. and July
20, at Canadian Bank of Commerce, London and Toronto. First lien on certain specified lines, aggregating 609
all franchises and property connected therewith. Un-
miles, and second lien on certain other lines, together with
conditionally guaranteed, principal and interest, by the Dominion of Canada. Listed on London Stock Exchange.
3. Auth., $45,000,000; outstanding, 3,500,000 ($17,033,333); $15,333,334 pledged under No. 33; dated July
15, 1914; due Sept. 1, 1934. Callable as a whole or in part at par and interest on any interest date. Secured as
follows: (1) A fixed and floating charge upon all rights, properties, assets and franchises present and future of
the Canadian Northern Ry., subject to prior bonds and debenture stock, either issued or to be issued under exist-
ing mortgages or deeds of trust; (2) a fixed charge upon the equity of redemption of Mackenzie, Mann & Co.,
Ltd., in the $10,000,000 capital stock and the $10,000,000 first debenture stock of the Canadian Northern Town
Properties Co., Ltd., pledged under No. 25; (3) a first fixed charge upon practically the entire capital stocks of the
companies affiliated with the Canadian Northern System, free from prior charges thereon; (4) a second lien upon
all the securities pledged under No. 31. Unconditionally guaranteed, principal and interest, by the Dominion of
Canada. Listed on London Stock Exchange. In addition to above $12,500,000 pledged under government loans.
4. Auth. and outstanding, 647,260 ($3,149,999). Dated May 4, 1910; due May 4, 1960; int. Jan. and July 20,
at Canadian Bank of Commerce, London, England, and Toronto. Registerable in 1 sterling or multiples. A first
lien at $13,000 per mile for first 50 miles, and $25,000 per mile for remaining 100 miles. Unconditionally guar-
anteed, principal and interest, by endorsement by Canadian Government. Listed on London Stock Exchange.
5. Auth., $35,770,000; outstanding, $34,229,997; pledged, $1,540,003; dated May 19, 1911; due May 19, 1961;
int. Jan. and July 20, in London and Toronto. Authorized at rate of not exceeding $35,000 per mile of the lines of
railway mortgaged as security therefor, not exceeding in any event, 1,050 miles. Guaranteed, principal and inter-
est by the Dominion of Canada. First lien on about 970 miles of railway. Listed on London Stock Exchange.
6. Auth. and outstanding, $7,860,000 (1,615,068). Dated July 10, 1906 and June 24, 1908; due 233,421 ($1,-
135,982) July 10, 1936, and 1,381,647 ($6,724,015) on June 30, 1938; int. (on 1906 issue) March 31 and Sept 30;
on 1908 issue, June 30 and Dec. 31. Issue of 1936 is exchangeable for issue of 1938. First lien on 268 miles. Auth.
at the rate of $30,000 per mile. Guaranteed, principal and interest, by the Ontario Government. Listed on London
and Liverpool Stock Exchanges.
7. Auth. and outstanding, $12,436,280 (2,555,600). Dated June 30, 1904; due June 30, 1930; interest June 30
and December 31, at Canadian Bank of Commerce, London, Toronto and New York. Coupon and registered, 100,
or $486.66. First lien at not exceeding $10,000 per mile on certain lines in the Province of Manitoba constructed
or to be constructed, amounting in all to about 1,243 miles. Guar., principal and interest, by Government of Mani-
toba. Listed on London Stock Exchange.
8. Auth. and outstanding, $5,745,587 (1,180,600). Dated Sept. 30, 1901; due June 30, 1930; int. June and
December 30, at Canadian Bank of Commerce, London and Toronto. Coupon and registered, 100 or $486.66. Na-
tional Trust Co., Lt., Toronto, Trustee. Secured by first charge on 287 miles of road from Port Arthur to Rainy
River, and by second charge, subject to a first charge of not exceeding $10,000 per mile on the company's present
and future main and branch lines in Manitoba; also by certain leases and agreements covering leased lines amount-
ing to about 350 miles, and the bridge across the Rainy River. Guaranteed, principal and interest, by the Govern-
ment of Manitoba. Listed on London Stock Exchange.
9. Auth. and outstanding, $3,000,000 (616,438). Dated July 1, 1909; due July 1, 1939; interest Jan. and July
1, at New York, Toronto and London. Coupon, $1,000 or 205 9s 7d; principal may be registered. A direct obli-
gation of the Canadian Northern Ry. Co. and first lien on terminals in Winnipeg. Guaranteed, principal and inter-
est by endorsement, by Province of Manitoba.
10. Auth., $4,320,000; outstanding, $2,860,000 (587,671) pledged, $1,460,000. Dated March 1, 1910; due June
;
30, 1930; interest June and Dec. 30, at Canadian Bank of Commerce, London, Toronto and New York. Denomina-
tion, 1. Stock ranks pari passu with similar stock or bonds which may be issued for construction of any addi-
tional lines in Manitoba (at a rate not exceeding $10,000 per mile), which company may hereafter be authorized
to construct and in respect of which the Provincial Government may give its guarantee. First lien on lines con-
structed or to be constructed, in Manitoba, amounting in all to about 220 miles, and such other lines to be constructed
in Manitoba in respect of which the Provincial Government may give its guarantee. Guaranteed, principal and in-
terest, by the Province of Manitoba. Listed on London Stock Exchange.
11. Outstanding, $8,030,000 (1,"650,000). Dated Jan. 23, 1909; due Jan. 23, 1939; int. June and Dec. 1, in Lon-
don. Authorized at rate of $13,000 per mile of road, but power reserved, subject to sanction of the Provincial Gov-
ernment of Saskatchewan, to increase amount to $15,000 per mile. A first lien on about 985 miles of lines in the
Province of Saskatchewan. Principal and interest unconditionally guaranteed by the Government of the Province
of Saskatchewan. Listed on London Stock Exchange. -In addition to above $5,557,733 pledged under loans.
12. Outstanding, $5,586,666 (1,147,945). Dated June 10, 1909; due Jan. 23, 1939; interest June and Dec. 1,
in London. Authorized at rate of $13,000 per mile, but power is reserved, subject to the sanction of the Provincial
Government of Alberta, to increase the amount to $15,000 per mile. A first lien on about 326 miles in the Province
of Alberta. Guaranteed, principal and interest, by Government of Alberta. Listed on London Stock Exchange.
13 and 14. Outstanding (No. 13), $6,424,000 (1,320,000) and (No. 14) $2,800,000 (575,342). Dated June 22, 1912
and Apr. 8, 1913 ; due Feb. 16, 1942 and Oct. 22, 1943. Int. June and Dec. 1, in London and Toronto. Auth. to extent
of $20,000 per mile for No. 13 and $25,000 per mile for No. 14 (a) of several sections of company's railway, aggre-
gating 1,275 miles, and (b) of any additional lines hereafter to be constructed in the Province of Alberta in respect
to which the provincial government may give its guarantee. First mortgage on the above lines of railway (exclu-
sive of terminals) and certain other properties and assets. Unconditionally guaranteed, principal and interest, by
the Government of the Province of Alberta. Listed on London Stock Exchange.
15. Outstanding, $16,412,000 (3,372,329). Dated Apr. 2, 1910; due Apr. 2, 1950; int. Apr. and Oct. 2, at Cana-
dian Bank of Commerce, Toronto and London. Auth. amount limited to $35,000 per mile of lines to be constructed as
specified in the trust deed, and of any additional lines hereafter to be constructed in British Columbia in respect of
which the Government of British Columbia may give its guarantee. A first lien on line between the City of Van-
couver and the boundary of the Provinces of British Columbia and Alberta (exclusive of terminals) and upon cer-
tain other lines. Principal and interest unconditionally guaranteed by the Government of British Columbia. Listed
on London Stock Exchange. In addition to above, $4,587,998 pledged under loans.
UOOD1"S AXALYSES OF IXVESTMEXTS. 1207
16. Outstanding, $8,614,000 (1,770,000). Dated July 7, 1913; due April 2, 1950; int. Apr. and Oct. 2, at
Canadian Bank of Commerce, London and Toronto at the fixed rate of 4.86 2-3 to the pound. Auth., $10,000,000 or
2,054,795. Secured by a first lien on terminals at Vancouver, Victoria, New Westminster, Port Mann and Steves-
ton, and at Union Bay on Vancouver Island. Unconditionally guaranteed principal and interest by the Province
of British Columbia.
17.Auth., 200,000; outstanding, $956,300 (196,500) balance in sinking fund. Dated Jan. 1, 1909; due Jan.
;
1, 1934; Jan. and July 1, at Bank of Montreal, London and New York. Coupon, 100; principal may be regis-
int.
tered. A first lien upon 150 miles and equipment of the company, and on all franchises and extensions. Sinking
fund, $10,000 per annum, commencing Jan. 1, 1910, to be invested in these bonds at or below par, or if not so pur-
chasable, in trust securities authorized by the Province of Ontario. Listed on London Stock Exchange.
18. Outstanding, $780,000. Dated Jan. 2, 1902; due Jan. 2, 1927; int. Jan. and July 2, at Bank of Montreal,
Deseronto and New York. Coupon, $1,000. Callable at 105 and interest. Sinking fund, $10,000 per annum for re-
demption of $50,000 of bonds every five years at 105 and interest. A first lien on entire property of company,
comprising 86 miles in Ontario.
19. Auth. and outstanding, $2,000,000. Dated Jan. 1, 1906; due Jan. 1, 1916, extended to Jan. 1, 1921; int.
Jan. and July 1, at Chase National Bank, New York, and at Illinois Trust & Savings Bank, Chicago, Trustee.
Coupon, $1,000; principal may be registered. Callable at par and interest on any interest date. A first lien on
87.74 miles from Virginia to Ranier, Minn. Unconditionally guaranteed, principal and interest, by Duluth, Winni-
peg and Pacific Ry. Co., which owns the entire capital stock, and by the Canadian Northern Ry. Co. Interest paid
20. Auth., $7,600,000; outstanding, $4,447,000. Due Sept. 30, 1943. Int. Jan. and July 1. First lien on 378.46
miles in Nova Scotia.
21. Auth., $5,462,000; outstanding, $3,505,750. Dated Oct. 1, 1905; due Oct. 1, 1934; int Apr. and Oct. 1, at
Canadian Bank of Commerce, New York and Toronto. Coupon, $100, $500 and $1,000; principal may be registered.
A first lien on 208.2 miles of road, as follows: Hawkesbury, Ont, to Riviere a Pierre June., Que., 169 miles; Mont-
fort to Huberdeau, Que.. 33 miles; St. Jerome to St. Jerome June., Que., 1.7 miles, and Shawinigan June, to Shaw-
inigan Falls, Que., 4.5 miles. Guaranteed, principal and interest, by the Canadian Northern Ry. Co. Listed on
London Stock Exchange.
22.Auth., $5,110,000 (1,050,000) ; outstanding, $5,019,681 (1,031.423) in treasury, $31,782 (6,549).
; Dated
Oct 1906; due July 1, 1936; interest June 30 and Dec. 31. Of the amount outstanding, 830,427 were issued
17,
in exchange for first mortgage 6% bonds, due Aug. 1, 1911, and 91,882 in exchange for scrip certificates issued
for unpaid coupons on said bonds. A first charge on the entire property of the Qu' Appelle, Long Lake & Sas-
katchewan R.R. and Steamboat Co. Guaranteed, principal and interest unconditionally by Canadian Northern Ry.
Company.
23. Auth. and outstanding. $2,000,000. Dated Feb. 1, 1899; due Feb. 1, 1919; interest Feb. and Aug. 1, at Na-
tional Trust Co., Ltd., Toronto, Trustee, and at Bank of Scotland, London. Denomination, $500, or 102 14s lOd.
Callable at 110 and interest. A first lien on 1.365,333 acres of land in the Province of Manitoba. The trustee
holds sufficient funds from the proceeds of lands sold to retire these bonds when so determined.
24. Outstanding, $2,217.740 (455,700). Dated Feb. 15, 1909: due July 1, 1938; interest Jan. and July 1, at
Lazard Bros. A Co., and Canadian Bank of Commerce, London. Coupon, 100 and 500. Original issue, 1,027,-
400, of which 571.700 retired to June 30, 1916. Callable from the proceeds of land sales at 103 and interest at
any time before July 1, 1918; thereafter at par. Secured by a specific charge upon 1,250,000 acres of land in Mani-
toba and Saskatchewan. Listed on London Stock Exchange.
Auth., 3,500.000; outstanding, 1.500.000 ($7,800,000). Issued in 1913; due June 1, 1923; interest June
and Dec. 1. Coupon. 100, 500 and 1.000. Callable as a whole or in part at par and interest on any interest date,
upon one month's notice. A direct obligation of the Canadian Northern Ry. Co., and a specific charge on the land
grant of the company and on the deferred payments of land already sold (stated to be $22.026.896), subject to out-
standing prior charges to the amount of $6,254,860. Also a specific charge on the entire $10,000,000 capital stock
and $10,000,000 4% debenture stock of the Canadian Northern Town Properties Co., Ltd.
26. Auth., $10,500,000; outstanding, $7,011,324; pledged, $158.994. Dated June 1, 1909; due June 1, 1939;
int. June and Dec. 1, in Toronto and London. A first lien on 73 miles of line from Virginia to Duluth, Minn., and
second lien on 88 miles, following No. 19. Unconditionally guaranteed, principal and interest, by Canadian North-
ern Ry. Co. Listed on London Stock Exchange.
27. Auth., $11,680,000; outstanding, $8,928,173. Dated April, 1914; due April 15, 1970. Int paid April and
Oct. 15. First mortgage on 3-mile tunnel and terminals at Montreal. Leased to Canadian Northern Ry. for 999
years at rental sufficient to cover bond interest and sinking fund. Balance of issue pledged under loans.
28. Outstanding, $5,250,369 (1,078,843). Anth. by stockholders Oct 22, 1906; int payable June 30 and Dec.
31. This stock was authorized to provide for the exchange of bonds isned by the constituent companies, to finance
the cost of lines then under construction, to provide for the acquisition of the securities of other companies to an
amount not exceeding the cost thereof, and to make provision for the construction or acquisition of additional lines
to an amount not exceeding 4,109 ($20.000) per mile of such linos. 1,000.000 of this stock outstanding was issued
to retire the entire bond issues of the Chateaugay & Northern Ry. Co., and Quebec, New Brunswick & Nova Scotia
Ry. Co., and $1,514,000 of the bonds of the Great Northern Ry. of Canada. Guaranteed by the Canadian Northern
Railway To. and is secured by a first lien upon any securities acquired by the issue of this stock, and by a first gen-
eral lien upon the entire property of the company, subject only to No. 21. Listed on London and Liverpool Stock
Exchanges.
29. Outstanding, $4,359.015 (895.688). Dated June 1, 1912; int. Jan. and July 1, in Toronto and London.
This stock was issued to exchange the 500.000 outstanding prior lien 4s, at par, to exchange the 435,975 first 6s
at the rate of 70 new stock for each 100 of bonds, to exchange the 619.273 non-cumulative income 6s at rate of
13 of new stock for each 100 of bonds, to exchange the 10,000 bonds issued by the Lake St. Joseph Hotel Co.,
and guaranteed by the Quebec and Lake St. John Ry., at par for the new stock, and to provide for additional roll-
ing stock and equipment. All unpaid coupons on the above bonds were surrendered, except the April 1, 1910, cou-
pon on the prior lien bonds, arrangements for the paymtnt of which coupon was made. First lien on the entire
property of the company, including the Lake St. Joseph Hotel property. Power is reserved to the company to create
charges on any new lines hereafter constructed ranking ahead of the new stock, provided such charges are guar-
anteed by the Dominion or a Provincial Government, and to create- additional new stock, ranking p.ari passu with
the present stock, to provide for the following purposes: $30,000 per mile of line hereafter constructed, after
deducting therefrom the amount not exceeding $30,000 par mile for the time being outstanding of any mortgages
or securities guaranteed by the Dominion or a Provincial Government ranking on such line in priority to the new
stock; to an amount equal to the amount by which any mortgages or securities guaranteed by the Dominion or a
Provincial Government that may hereafter be secured on the company's lines in priority to the Debenture stock
exceeds $30,000 per mile on which they are secured as a first mortgage or charge; and to an amount equal to cost
of any securities deposited with the trustees and specifically mortgaged by way of first mortgage as additional
security for the new stock. Guaranteed, principal and interest, by the Canadian Northern Ry. Co. Listed on Lon-
don Stock Exchange.
30. Outstanding, $8,883,638 (1,825,405). Dated June 29, 1909, int. April and Oct. 2. Registered and trans-
ferable on books of company at London, Eng., and Toronto offices. Secured by deed of trust dated June 28, 1909,
to the National Trust Co,, Ltd., Toronto and the British Empire Trust Co., Ltd., London, Eng., as trustees, as a
fixed mortgage on the lines from Hawkesbury to Ottawa and from Ottawa to Niagara Falls. Listed on London Stock
Exchange.
31. Outstanding, $46,983,016 (9,654,044) ; interest payable June 30 and Dec. 31, by check. Secured by trust
deed dated June 30, 1903, as a specific first mortgage to the British Empire Trust Co., Ltd., and the National
Trust Co., Ltd., Toronto, upon the securities from time to time deposited with the trustees and by a general charge
upon the undertaking, property and assets (except government land grants and money subsidies applied in construc-
tion, extensions or improvements, or as consented to by the trustees), subject to the lien of No. 8, limited to an
amount not exceeding 2,000 per mile of road for the time being open and operated. Listed on London Stock
Exchange.
32. (a) Auth. and outstanding, 2,000,000 ($9,733,333). Dated Aug. 12, 1913; due Aug. 12, 1918; interest Feb.
and Aug. 12, at Lloyds' Bank, Ltd., London, England, trustee. Coupon 100, 500 and 1,000; principal may be regis-
tered. Callable as a whole or in amounts of not less than 100,000 at 101 and interest on any interest date upon
1
60 days' notice; and in the event of 'any notes being redeemed before maturity, it is provided that the trustee shall
release proportionate amounts of the pledged securities. Secured by deposit of the following collateral of a par
value of 2,550,000: 450,000 of No. 12; 500,000 of No. 11; 300,000 of No. 10; 750,000 of No. 31, and 550,000 of
No. 15.
(b) Auth. and outstanding, 450,000 ($2,190,000). Dated Dec. 12, 1913; due June 12, 1919; interest June and
Dec. 12, at Lloyds Bank, Ltd., London, England, trustee. Coupon, 100 and 500; principal may be registered.
Callable as a whole or in part at 101 and interest. Secured by deposit of the following collateral of a par value
of 570,000: 392,739 of No. 15, and 177,361 of No. 31.
33. Auth. and outstanding, $11,500,000. Dated Sept. 1, 1915; due Sept. 1, 1917; int. Mar. and Sept. 1, at
Columbia Trust Co., New York, and Canadian Bank of Commerce, Toronto. Coupon, $1,000. Convertible at par
and interest into the pledged guaranteed bonds at 85 and interest, on or before June 1, 1917, on 10 days' notice.
A direct obligation of the company and specifically secured by pledge of $15,333,334 of No. 3, being in the ratio of
133 1/3% in debenture stock to each 100% in notes. Normal income tax deducted from interest.
34. (a) Auth. and outstanding, $6,000,000 6% notes. Dated July 10, 1916; due $3,000,000 July 10, 1917 and
$3,000,000 July 10, 1918. Int. paid Jan. and July 10, at Guaranty Trust Co., New York, and in Toronto. Cou-
pon, $1,000. Direct obligation and secured by pledge of guaranteed securities amounting to $9,115,140 as fol-
lows: $3,569,947 of Canadian Northern Alberta 3%%
deb. stock, due April 1, 1962, guar. by Dominion of Canada;
$1,539,982 of No. 5; $1,975,839 of No. 11; and $2,029,372 of No. 15. Normal income tax deducted from interest.
(b) Auth. and outstanding, $1,750,000 one-year 5% notes. Dated Sept. 1. 1916; due Sept 1, 1917. Int. Mar.
and Sept. 1, at Central Trust Co., New York and in Toronto. Coupon, $5,000. Secured by pledge of 514,000
($2,051,466) of No. 27. Proceeds used to complete tunnel in Montreal of the Mount Royal Tunnel & Terminal
Co. and for extension of terminal facilities. Normal income tax deducted from interest.
(c) Auth. and outstanding, $2,500,000 6% notes. Dated Jan. 10, 1917; due $1,250,000 Jan. 10, 1918 and $1,250,-
000 Jan. 10, 1919. Int. paid Jan. and July 10 at Central Trust Co., New York. Coupon, $1,000. Secured by
pledge of the following guaranteed securities amounting to $3,698,179: $1,270,200 of No. 11; $1,253,166 of No. 15
and $1,174,813 Canadian Northern Saskatchewan Ry. 4% debenture stock guaranteed by Province of Saskatchewan.
35 and 36. In various series, as follows: Series N, 4%s; dated June 1, 1907; due $50,000 annually to June
1,1917. Int. June and Dec. 1. Coupon, $1,000 and $12,500. Original amount, $500,000; unmatured, $50,000. First
lien on equipment costing over $500,000. Series 0, 4%s; dated June 1, 1907; due $150,000 annually to June 1,
1917. Int. June and Dec. 1. Coupon, $500 and $1,000. Original amount, $1,500,000; unmatured, $150,000. First
lien on equipment costing $2,138,000. Series P, 4%s; dated Aug. 1, 1907; due $100,000 semi-annually to Aug. 1,
1917. Int Feb. and Aug. 1. Coupon, $500 and $1,000. Original amount, $2,000,000; unmatured, $100,000. First
lien on equipment costing $2,844,000. Series R, 4%s; dated March 1, 1908; due $170,000 annually to March 1, 1918.
.Int. Mar. and Sept. 1. Coupon, $500 and $1,000. Original amount, $1,700,000; unmatured, $340,000. First lien
on equipment costing $2,450,000. Series S, 4%s; dated March 1, 1909; due $100,000 annually to March 1, 1919. Int.
Mar. and Sept. 1. Coupon, $500 and $1,000. Original amount, $1,000,000; unmatured, $300,000. First lien on
equipment costing $1,403,000. Series T, 4%s; dated March 1, 1909; due $150,000 annually to Sept. 1, 1919. Int
Mar. and Sept. 1. Coupon, $500 and $1,000. Original amount, $1,500,000; unmatured, $450,000. First lien on equip-
ment costing $2,109.000. Series U, 4^s; dated Nov. 1, 1909; due $50,000 annually to Nov. 1, 1919. Int. May and
Nov. 1. Coupon, $500 and $1,000. Original amount, $500,000 ; unmatured, $150,000. First lien on equipment cost-
ing $693,000. Series V, 4%s; dated May 1, 1910; due $300,000 annually to Nov. 1, 1920. Int May and Nov. 1.
Coupon, $500 and $1,000. Original amount, $3,000,000; unmatured, $1,200,000. First lien on equipment costing
over $3,500,000. Series A-l, 4%s; dated Feb. 1, 1911; due $184,000 semi-annually to Feb. 1, 1920 and $188,000
Feb. 1, 1921. Int Feb. and Aug. 1. Coupon, $500 and $1,000. Original amount, $3,500,000; unmatured, $1,656,000.
First lien on equipment costing 84,996,570. Series B-l,
4%s; dated Feb. 1, 1911; due $74,500 each March 1 and
75,500 each Sept. 1 to Sept. 1, 1921. Int. Mar. and Sept. 1. Coupon, $500 and $1,000. Original amount, $1,500,-
30; unmatured, $750,000. First lien on equipment costing $2,094,446. Series C-l, 4%s; dated April 1, 1912; due
00.000 semi-annually to April 1, 1917, and $110,000 semi-annually thereafter to
April 1, 1922. Int April and Oct.
Coupon, $1,000. Original amount, $2,000,000; unmatured, $1,200,000. First lien on equipment costing $2,667,-
00. Series D-l, 4%s; dated April 1, 1912; due $150,000
semi-annually to April 1, 1917 and $165,000 semi-annually
thereafter to April 1, 1922. Int April and Oct. 1.
Coupon, $500 and $1,000. Original amount, $3,000,000; unma-
tured, $1,800,000. First lien on equipment costing $4,150,632. Series E-l, 4%s; dated Sept 1, 1912; due $105,000
semi-annually to Sept 1, 1922. Int Mar. and Sept 1. Coupon, $500 and $1,000. Original amount, $2,000,000;
unmatured, $1,260,000. First lien on equipment costing over $2,650,000. Series F-l, 4%s; dated March 1, 1913;
REFERENCE NOTES ON BJND ISSUES (Continued)

due $210,000 semi-annually to Sept. 1, 1922, and $220,000 March 1, 1923. Int. Mar. and Sept. Coupon, $1,000.
Original amount, $4,000,000; unmatured, $2,740,000. First lien on equipment costing $5,633,600. Series G-l, 4%s;
dated Sept. 1, 1913; due $50,000 semi-annually to March 1, 1918 and $55,000 semi-annually thereafter to March
1, 1923. Int. Mar. and Sept. 1. Coupon, $1,000. Original amount, $1,000,000; unmaturad, $700,000. First lien
on equipment costing $1,340,000. Series H-l, 5s; dated Dae. 1, 1913; due $40,000 semi-annually to June 1, 1923, and
$30,000 Dec. 1, 1923. Int June and Dec. 1. Coupon, $1,000. Original amount, $750,000; unmatured, $550,000.
First lien on equipment costing $1,030,058. Series K-l, 5s; dated Oct. 1, 1914; due $105,000 semi-annually to April
1, 1924, and $110,000 Oct 1, 1924. Int. April and Oct. Coupon, $1,000. Original amount, $2,000,000; unmatured,
$1,685,000. First lien on equipment costing $2,669,040. Series L-l, 5s; dated Aug. 1. 1916; due $66,000 semi-annu-
ally to Feb. 1, 1926, and $62,000 Aug. 1, 1926. Int Feb. and Aug. Coupon, $1,000. Outstanding, $1,250,000.
Note: Interest on series "C-l" payable at Philadelphia Trust, Safe Deposit & Insurance Co.; on Series "F-l,"
at Girard Trust Co., Philadelphia; on Series "H-l," at Girard Trust Co.; on Series "K-l" and "L-l," at Fidelity
Trust Co., Philadelphia; on all other series at Canadian Bank of Commerce, Toronto, London and New York. All
certificates are issued under an agreement between the Canadian Northern the Imperial Rolling Stock Co.,
Ry.,
Ltd., and the trustee and are guaranteed prin. and int. by the Canadian Northern Ry. Interest paid without de-
duction for normal income tax except on Series K-l and LI.
37. Auth. and outstanding, $25,000,000. Dated May 6, 1910; due May 6, 1930; interest May and Nov. 2
(declared April and Oct. 10, out of earnings of the half-years ending June 30 and Dec. 31), at rate not exceeding
5% per annum only to the extent that net earnings are sufficient after paying fixed charges. Limited to $10,000
per mile. By the terms of the Statute of the Dominion Legislature authorizing the guarantee of $45,000,000 deben-
ture stock, passed June 9, 1914, no further issue can be made under this trust deed. Callable at par on May 6, 1920,
or at any time thereafter on six months' notice. Convertible into common stock at par on any Jan. and July 1, from
Jan. 1, 1916 to Jan. 1, 1922 (extended from 1919), both inclusive on 60 days' notice. A general charge on the property
of the company (other than land and money subsidies), ranking after No. 31, and after all securities hereafter cre-
ated, having priority over No. 31, and after all charges now or hereafter created for securing any securities guaran-
teed by the Dominion or any of the Provinces of Canada. Listed on Toronto and London Stock Exchanges. In 1915,
r
paid 2'i '< on this issue; none in 1916.
Capital Stock: Auth.. $125,000,000; outstanding, $100,000,000; par, $100. The $25,000,000 unissued is reserved
for conversion of income debenture stock. Of amount issued, $40,000,000 is owned by Government of Dominion of
Canada and $60,000,000 by Mackenzie, Mann & Co., Ltd.
CANADIAN PACIFIC RAILWAY COMPANY

Origin: Incorporated under laws of Dominion of Canada, Feb. 17, 1881. Main line opened from Montreal to
Vancouver on May 26, 1887. At time of incorporation the company received a cash subsidy of $25,000,000 from the
Dominion of Canada, and also a land grant of 26,710,400 acres. Subsequently, it received further grants (see
"Lands" below).
Location: The directly
operated lines of the company which were included in the traffic returns for the year
ended June 30, 1916, amounted to 12,993.6 miles. This mileage embraces the main line from Montreal to Vancouver,
2,899.1 miles; branches, auxiliaries and leased lines directly operated, 10,094.5 miles. Operating otherwise, 383.6
mi IPS. The mileage is classified as follows: Eastern Division, including main lines, branches, leased lines, etc.,
chiefly in Province of Quebec, 1,609 miles; Ontario Division, including main lines, branches, leased lines, etc., in
operation and under construction in Province of Ontario, 1,509 miles; Lake Superior Division, including main line
from Chalk River to Port Arthur and branches; the Lake Timiskaming Colonization Ry. and the Interproyincial
& James' Bay Ry., 1,110.2 miles; Atlantic Division, including New Brunswick Railway and other leased lines, chiefly
in Province of New Brunswick and in Maine, etc., 783.6 miles; Manitoba Division, including main line from Port
Arthur to Broadview with branches, and also leased linos in the Province of Manitoba, 2,463.8 miles; Saskatche-
wan Division, including main line from Broadview to Swift Current with branches, and also the Manitoba & North-
western Ry. with its branches, 2.150.1 miles; Alberta Division, including main line from Swift Current to Field, and
also branches, and Crows Nest Pass Line, Kootenay Central Ry. (leased), and Calgary & Edmonton Ry. leased),
'.3 miles; British Columbia Division, Field to Vancouver, branches and leased lines, 1,221.3 miles.
Separately Operated Controlled Lines: In addition to its main system, the Canadian Pacific Railway controls
the following: Minneapolis, St Paul & Sault Ste. Marie Railway, 3,044.28 miles; Wisconsin Central Railway,
1.120.25 miles; Duluth, South Shore Atlantic Ry., 627.7 miles; Mineral Range R.R., 127 miles; Dominion Atlantic
Ry., 293.71 miles; Quebec Central Ry., 258.44 miles, and a number of smalbr lines. The company also holds a
joint interest with the New York Central, Canada Southern and Michigan Central in the Toronto, Hamilton & Buf-
falo Ry. (see map for location of all lines, and separate statements of independently operated lines). Also now con-
trols Allierta Ry.& Irrigation Co.
I.and.: At its incorporation thecompany received land grants from the Dominion Government of 26,710,400
acres of which 6.793,014 were disposed of to the Government in 1886, leaving 19,917,386 acres. Other purchases
were made in 1911 and 1912, leaving on hand at the en 1 of the fiscal year 1916, 7,870.056 acres. This includes
amounts held through the Manitoba Southwestern, the Great North West Central, the Columbia & Kootenay, the
British Columbia Southern, Esquimau & Nanaimo Northern Colonization Ry., and the Columbia & Western grants.
During the past fiscal year the company sold in all 3!)0,715 acres, from which it realized $6,128,108, or an aver-
age of $15.68 per acre. Included in this area were 8,046 acres of irrigated land, which brought $54.67 per acre, so
that the average of the balance was $14.86 per acre. Estimating the value of the unsold lands at $10 per
price
acre (about two-thirds of the price recently received), the total asset value is in excess of $78,000,000.
Special Investment Fund: In Dec., 1913, a new trust fund was created, with the Royal Trust Co. of Montreal
as trustee, to embrace the amounts due on deferred payments of lands and from securities in which proceeds of land
sales had been invested, amounting to $56,545,471.
Steamship Linen: In addition to its railway lines, the Canadian Pacific controls lines of steamers between Van-
couver and China and Japan; to Australia and New Zealand, to Hawaii, to San Francisco, to Alaska, and also to
points on the Great Lakes. It also controls trans-Atlantic lines. Thes.e lines are now operated separately by the
Canadian Pacific Ocean Services. Ltd., organized in 1915 to take over the steamship lines. The entire capital
stock is owned by the Canadian Pacific R.R., and was given in payment for the property transferred.
Note Certificates: In March, 1914, a 6% note issue was created, amounting to $52,000,000, to cover financial
requirements, and to be secured by the Special Investment Fund referred to above. These notes are dated Mar.
2, 1914, ari3 will mature Mar. 2, 1924, but are callable from time to time, as the Trust Fund may warrant. They
were offered to stockholders until Feb. 2, 1914, at 80% of their par value, payable as follows: 32% on Feb. 2; 48%
on Mar. 2, 1914; or, if desired, 48% on April 2, plus interest at 6% for one month on 60% of the face value of the
certificates.
Management: OFFICERS: Rt. Hon. Lord Shaughnessy, K.C.V.O., Pres. and Chairman; I. G. Ogden, Vice-Pres.;
G. M. Bosworth, Vice-Pres.; Geo. Bury, Vice-Pres.; E. W. Beatty, Vice-Pres. and Gen. Counsel; Grant Hall, Vice-
Pres.; E. Alexander, Sec.; H. E. Suckling, Treas. DIRECTORS: Richard B. Angus, Sir Edmund B. Osier, M.P.,
W. D. Matthews, C. R. Hosmer, Sir Thomas Skinner, Robert Mackay, James Dunsmuir, Rt. Hon. Lord Shaugh-
nessy, K.C.V.O., Sir Herbert S. Holt, Augustus M. Nanton, Geo. Bury, J. K. L. Ross, F. S. Meighen, E. W. Beatty.
Annual meeting, first Wednesday in October. GENERAL OFFICE, Montreal Canada. TRANSFER AGENTS, Hebdin, Bog
& Molineux, 64 Wall Street, New York.
Classification of Freight Tonnage: The company does not classify its freight tonnage on the uniform plan
adopted by American railroads, but presents its record in a form not susceptible of the average method adopted
in this book. The total revenue freight in 1916 amounted to 29,276,872 tons; 21,490,596 tons in 1915; 27,801,217
tons in 1914; 29,471,814 tons in 1913; 25,940,238 tons in 1912; 22,636,214 tons for 1911, and 20,551,368 tons in 1910.
The tonnage is well diversified, although the road naturally is dependent to large degree on grain, lumber and min-
ing products for its prosperity. High-grade freight, however, is tending to become steadily more important. In
1916, the manufactured articles amounted to 7,960,723 tons, or nearly a fourth of the total.
YEARS
ENDED
JUNE 30.

1916 1915 1914 1913 1912 1911
Gross revenues $129,481,886 $98,865,210 $129,814,824 $139,395,700 $123,319,541 $104,167,808
Maintenance of equip. . 16,695,956 11,307,965 16,617,247 17,198,573 13,608,708 12,056,260
Net
oper. revenues. $49,225,921 $33,574,628 $42,425,928 $46,245,874 $43,298,243 $36,699,830
Operating ratio 61.9% 66% 67.3% 66.8% 64.9% 64.8%
Other income 9,940,955 10,969,332 8,587,871 7,843,714 1,104,449 1,118,350
Total net income.. $59,166,876 $44,543,960 $51,013,799 $54,089,588 $44,402,692 $37,818,183

Fixed charges, ss., etc. . 12,354,485 12,065,662 12,468,153 12,001,352 10,524,937 10,011,071
Surplus $46,812,391 $32,478,298 188^46,646 $42,088,236 $33,877,755 $27,807,112

Dividends paid 29,227,277 29,169,906 26,031,654 21,807,288 15,192,235 14,853,867
Balance .... $17,585,114 $3,308,392 $12,513.992 $20,280,948 $18,685,520 $12,953,245

Earned on stock: Prfd. 58.02% 40.25% 49.28% 56.62% 50.8% 48.9%
Com. 16.74 12.49 13.63 19.56 15.9 14.2
Comment: The gross and net revenues of the Canadian Pacific Railway ufiderwent very heavy increases during
the year ended June 30, 1916. As
fixed charges increased only moderately, the surplus carried forward was nearly
50% higher than during the previous year, and equalled nearly 16% on the outstanding common stock.

YBAU
EKDBD
-
TABLE D Bond Record and Ratings (Based on 10-Year Results, Per Mile of Road)
NAME OP ISSUE.
were issued by the trustee, Penn. Co. for Ins. on Lives, and are guaranteed by the Canadian Pacific.
certificates
Secured on equipment costing $14,351,992, of which company paid in cash $1,661,992. Normal income tax deducted
from interest.
Note: There are also outstanding, $400,000 equipment trusts, due annually to Dec., 1918.
Investment Position of Bond Issues: All of the bond issues of the Canadian Pacific system stand on a high
investment plane. As the foregoing records indicate, each issue enjoys a very high factor of safety, and even
the average available income for the past ten years exceeds many times the total fixed-charge requirement of the
presemt time,
NAME AMD DETAILS or Imam.

YEARS
ENDED
JUNE 30.

Per Mile of Road.
YEAM
ENDED
JUNE 30.
Marquette & Western and Marquette, Houghton & Ontonagon R.R.'s. Provided for by No. 3. Listed on Boston
'

3. Direct lien on entire property, subject to Nos. 1 and 2, and by first lien on 14 miles. Interest guaranteed by
Canadian Pacific Ry., which now owns all the outstanding bonds ($15,107,000), which it holds as security for its
own 4% debenture stock.
4. In three series as follows: $17,400 llth series 4s. Dated 1912; due Aug. 1, 1917. Interest Feb. and Aug.,
at Chicago, 111. Normal income tax deducted from interest. $62,000 12th series 4%. Dated Dec. 1, 1912; due
$31,000 each June and Dec., to Dec. 1, 1917. Interest Jan. and Dec., at Wm. A. Read & Co., New York. Interest
paid without deduction for normal income tax. $143,000 13th series 4s. Dated April 1, 1913 due $11,000 each April
;
and Oct. to April 1, 1923. Interest paid April and Oct. at Continental & Commercial Trust & Savings Bank, Chi-
cago. Interest paid without deduction for normal income tax.
5. All owned by Canadian Pacific Ry. Total of issue, $3,000,000. Not paid at maturity.

Control: Canadian Pacific Railway Company owns $12,723,500 out of $25,208,800 common, and $6,361,800 out
12,603,400 preferred stock. The lines make connection with the Canadian Pacific at Portal, N. D., and at Win-
nipeg, and furnish an entrance for the system into St. Paul, Minneapolis, Duluth and Chicago.
Management:OFFICERS: E. Pennington, Pres.; W. L. Martin, Vice-Pres.; C. F. Clement, Treas.; C. W. Gard-

ner, Compt.; G. W. Webster, Sec. DIRECTORS: E. Pennington, Alfred H. Bright, W. L. Martin, C. S. Pillsbury, G. R.
Newell, E. A. Young, Horace Lowry, O. C. Wyman, Rt. Hon. Lord Thos. G. Shaughnessy, K.C.V.O.; R. B. Angus,
I. G. Ogden. Annual meeting, third Tuesday in September. MAIN OFFICE, Mineapolis, Minn. FISCAL AGENTS IN
NEW YORK, Agents Bank of Montreal, 64 Wall Street.
classification of Freight Tonnage (Years Ended June 30)
NAME or ISSUE.

( las>ificati.m of Freight Tonnage (Years Ended June 30)

Note: The funded debt was increased in 1913, 1914 and 1915 by the sale of additional refunding 4s. In 1915,
itwas further increased by the issue of $1,000,000 3-year notes.
Comment: There was a moderate increase in the funded debt during the year, but no change in the outstand-
ing capital stock. The road is rather heavily capitalized and in recent years the net income on net capital has
shown no tendency toward increase.
TABLE D. Bond Record and Ratings (Based on 10- Year Results, Per Mi'e of Road)
COMPANIES CONTROLLED BY CANADIAN PACIFIC RAILWAY SYSTEM
ALBERTA RAILWAY AND IRRIGATION COMPANY
History: Incorporated under laws of Dominion of Canada in June, 1904, and absorbed by the Alberta Railway
& Coal Co., the Canadian Northwest Irrigation Co. and the St. Mary's River Railway Co.
Location: Line of road, Lethbridge, Alberta, to Coutts; Stirling to Cardston; total operated, 112.8 miles. Com-
pany also controls about 250 miles of irrigation canals and over 200,000 acres of land.
;
Management: OFFICERS: Rt. Hon. Lord Shaughnessy, K.C.V.O., Pres. Geo. Bury, Vice-Pres. H. C. Oswold,
; ;
Sec. DIRECTORS: I. G. Ogden, Geo. Bury, E. W. Beatty, K.C., Rt. Hon. Lord Shaughnessy, K.C.V.O., H. C. Suckling.
Annual meeting, second Tuesday in September. MAIN OFFICE, Montreal.
Bonded Debt: $2,396,000 first mortgage 4s; all now owned by Canadian Pacific Ry.
Capital Stock: Auth. and outstanding, $3,250,000, of which Canadian Pacific Ry. owns $3,171,500. Par, $100.
DOMINION ATLANTIC RAILWAY COMPANY

History: Incorporated under Canadian laws July 22, 1895, as a consolidation of the Windsor & Annapolis Ry.
and the Yarmouth & Annapolis Bay Ry. in 1905 acquired the Midland Ry. of Nova Scotia. The company also
;
operates the Windsor Branch of the International Ry. under 99-year lease from January 1, 1914, and a steamship
line between Kingsport, N. S., and Parrsboro, N. S. The company is leased to the Canadian Pacific Ry. for 999
years from January 1, 1912 the latter company also owning a majority of the capital stock.
;
Location: Line of road, Windsor to Yarmouth and to Truro; Kentville to Kingsport; Windsor to Halifax (part-
ly leased); total operated, 288.45 miles. Equipment: Locomotives, 21; passenger and freight cars, 472; steam-
ships, 2.
Management: OFFICERS: Rt. Hon. Lord Shaughnessv, K.C.V.O., Pres.; George Bury, Vice-Pres.; H. S. Os-
wold, Sec.; George E. Graham, Gen. Mgr. DIRECTORS: R. B. Angus, I. G. Ogden, Rt. Hon. Lord Shaughnessy,
K.C.V.O., Sir Thomas Skinner, Bart, George Bury. OFFICE, Kentville, N. S.

1916 1915 1914 1913 1912
Gross revenues $925,867 $879.878 $912.693 $940,459 $984,741
Maintenance of way 195,141 206,863 220,981 178.800 132,8001
Maintenance of equipment .... 75,795 105,030 105,332 88,165 63,719 \
All other operating expenses. . 414,367 421,803 462,227 414,827 389,165]
Net revenues .
$240,564 $146,182 $124.152 $258.667
Operating ratio 83.4% 86.4% 72.5%
Other income .... 25,375 26,875 28,500
Total net income $265,939 $173,057 $152,652 $258,667

Taxes accrued 1,649 1,860 482 813
Fixed charges, other deductions 315,491 405,026 511,523 446,460
Management: OFFICERS: Grant Hall, Pres., Winnipeg, Man.; R. Marple, Sec.; W. F. Salsbury, Treas., Van-
couver, B. C. DIRECTORS: Grant Hall, Winnipeg, Man.; R. Marpole, W. F. Salsbury, J. E. McMullen, Vancouver,
B. C.; J. W. Troup, Victoria, B. C. OFFICE, Victoria, B. C.

1916 1915 1914 1913 1912 1911 1910
Gross earnings $529,913 $542,202 $841,833 $931,892 $773,510 $548,882 $450,195
Net earnings 171,111 187,241 340,166 338,178 352,395 233,333 176,188
Net income 171,111 187,241 340,166 338,178 352,395 233,333 176,188
Taxes 36,308 28,920 25,380 18,691 16,318 12,400 10,883
Hire of equipment 24,868 29,001 35,677 37,499 32,353 12,489 9,231
Total deductions 254,456 376,200 379,337 66,190 48,671 24,889 20,114
Surplus t83,345 t!88,961 t39,171 281,987 303,724 208,444 156,074
*
Includes $193,280 interest on bonds. f Deficit
Bonded Debt: $4,832,000 Esquimau & Nanaimo Ry. first 4s. Due July 1, 1962. All owned by the Canadian
Pacific Ry. Co.
Capital Stock: Auth., $3,000,000; outstanding, $2,500,000. Par, $100. All owned by the Canadian Pacific Ry.
Co. Secretary of company acts as REGISTRAR AND TRANSFER AGENT. .
KINGSTON & PEMBROKE RAILWAY

History: Incorporated under laws of the Dominion of Canada, April 14, 1871. The Dominion granted the com-
pany 30 acres of land in the City of Kingston for terminal facilities and 60 acres under water for docks, at nominal
figures. Company also owns 10 acres at Sharbot Lake, and 18 acres of Renfrew. It is exempt from taxation for
twenty years in both Sharbot Lake and Renfrew. Controlled by stock ownership by the Canadian Pacific Ry. Co.,
and leased to that company for 999 years from October 2nd, 1912, rental being interest on outstanding obligations
of the road.
Location: Line of road, Kingston to Renfrew, Ont, 103.6 miles; with branches, 4.4 miles; sidings, 24 miles.
Management: OFFICERS: W. D. Matthews, Pres., Toronto, Ont.; W. R. Baker, C.V.O., Vice-Pres., Montreal,
Que. H. C. Oswald, Sec. and Treas., Montreal, Que. OFFICE, Montreal, Que.
;
Bonded Debt: $1.076,000 Kingston & Pembroke Ry. first 4s. Dated Jan. 1, 1913; due Jan. 1, 1963. Interest Jan.
and July. Denomination, $1,000. Canadian Pacific Ry. owns $1,075,000.
Capital Stock: Auth.. $1.000,000 first preferred 5%;$150,000 second preferred 3%; and $2,250,000 common.
Outstanding, $998,400 first preferred; $145,150 second preferred; and $2.250,000 common. Par, $50. All classes
have equal voting power, and if interest on bonds becomes one year in default, bondholders have same voting power
as stockholders. Central Trust Co., New York, N. Y., REGISTRAR; TRANSFER AGENT, Bank of Montreal, 64 Wall
Street, New York. A dividend of 1% was paid on first preferred April 2, 1901; none since. The Canadian Pacific
Company owns $995,450 of the first preferred stock; $134,900 of the second preferred stock; and $1,980,900 of the
common stock.
LAKE CHAMPLAIN & ST. LAWRENCE JUNCTION RAILWAY

History: Incorporated under Canadian laws. Projected to run from Missisquoi to Sorel, Que., 103 miles. Leased
to the Montreal & Atlantic Railway to July 2, 1940, original lease being extended to that date. The rental for-
merly was $22,680, but was reduced in 1908 to $15,120, that amount being interest at 4% on bonded debt.
Ixxation: Line of road, Stanbridge to St. Guillaumc, Que.. 60.5 miles; sidings, 3.5 miles.
Management: OFFICERS: Ben. A. Kimball, Pres., Concord, N. H.; Wm. J. Hobbs. Vice-Pres., Boston, Mass.;
Harry Blodgett Sec. and Treas.. St. Johnsbury, Vt DIBFCTORS: B. A. Kimball. G. M. Kimball, J. F. Webster,
.
Concord, N'. H.; W. M. Parker. Manchester, N. H.; J. H. Hustis, Boston, Mass.; W. J. Hobbs, Maiden, Mass.; Harry
Blodgett, St. Johnsbury, Vt.; H. E. Folsom, Lyndonville, Vt; H. C. Oswold, Montreal, Que. Annual meeting, first
Monday in March. GENERAL OFFICE, Montreal, Que.
Balance Sheet, as of June 30, 1916
Interest and dividends receivable '.'> ''> Funded debt 378,000
Interest accrued 7,560
Total $921,840 Total $921,840

Bonded Debt: $378.000 Lake Champlain & St. Lawrence Junction Ry. 4s. Authorized issue, $600,000. The in-
terest on this issue is guaranteed by the Montreal & Atlantic Railway.
Capital Stock: Authorized and outstanding, $250,000. Of which $240,000 fully paid and $10,000 10% paid.
Par, $50.
MONTREAL & ATLANTIC RAILWAY
Hirtory: Incorporated under the laws of Canada, October 1, 1894, as sucessor to the Southeastern Railway Com-
pany. The Boston & Maine R.R. and the Concord & Montreal R.R. are interested in the road. The Lake Champlain
& St. Lawrence June. Ry. and the Newport & Richford are operated under lease, the former since April, 1881, to
July 2, 1910. at which time lease was extended to July 2, 1940, and the latter for 99 years from June, 1881. The
Canadian Pacific Co. operates the road for its owners, but does not include traffic operations in its own operations.
The latter company also owns $2,160,000 of the capital stock and $945,000 of the first mortgage 5s.
Location: Line of road extends from Farnham, Que., to Newport, Vt. (lines in Canada only), 43.2 miles; Drum-
mondxville to Enlaugra, Que., 59.2 miles. Leased: L. C. & St L. Jnnc. Ry., 60.5 miles; total lines in Canada, 163.4
miles; linps in Vermont, Newport & Richford R.R.; boundary line near Richford to Newport, Vt, 21.5 miles. Total
length of line, 184.4 miles; sidings, 40.1 miles.
Management: OFFICERS: Lord Shaughnessy, K.C.V.O., Pres., Montreal, Que.; Jas. H. Hustis, Vice-Pres.;
.H C. Oswold, Sec.; I. G. Ogden, Vice-Pres.; Canadian Pacific Ry. in charge of accounts, Montreal, Que. DIRECTORS:
Lord Shaughnessy, K.C.V.O.; I. G. Ogden, G. M. Bosworth, W. R. Baker, C.V.O., Montreal, Que.; J. H. Hustis.
OFFICE, Montreal, Que.
1916 1915 1914 1913 1912 1911 1910
Gross earnings $1,288,951 $930,425 $1,018,077 $1,104,926 $1,109,849 $1,055,613 $933,112
Net earnings *
342,319 152,503 19,081 101,453 164,246 194,033 112,905
*
Net income 343,719 153,903 17,681 102,853 165,646 195,433 114,305
Fixed charges 52,650 52,650 52,650 52,650 52,650 52,650 52,650
Deficit for year sur. 182,574 sur. 10,035 154,036 34,332 sur. 29,073 sur. 59,327 19,681
* Deficit.
Bonded Debt: $1,065,000 Montreal & Atlantic Railway first 5s. .Dated April 1, 1895; due April 1, 1925. Inter-
est April and Oct. 1, at office of company, Montreal, Que. Secured on 85 miles of road. Trustees, Lord Shaugh-
nessy, K.C.V.O., Montreal Que., and Jas. H. Hustis, Boston, Mass. Canadian Pacific Ry. Co. owns $945,000 of
this issue and the Boston & Maine R.R. Co., $108,000.
Capital Stock: Outstanding, $3,200,000. Par, $100. The Canadian Pacific Ry. Co. owns $2,160,000 and the
Boston & Maine R.R. Co., $37,300.
NEW BRUNSWICK RAILWAY

History: Incorporated in 1870, under an Act of New Brunswick Legislature. Leased for 999 years from July
1, 1890, to the Canadian Pacific Ry. Co., rental being interest on the perpetual stock now issued or hereafter
issued, and to provide this company with necessary funds to meet all obligations. 1,647,000 acres of lumber prop-
erty are retained by the company.
Location: Line of road, Woodstock to Maine boundary, 59.4 miles; Newburg Junction to Gibson, N. H., 59.1
miles; Aroostook June, to Edmundston, 57.1 miles; total owned, 175.6 miles. Leased: New Brunswick & Canada
Ry., 117.5 miles; St John Bridge & Railway Extension, 2 miles: St. John & Maine Ry., 93.7 miles; Fredericton
Railway, 22.1 miles; Aroostook R.R., 32.2 miles; total, 267.5 miles. Total operated, 443.1 miles; sidings, 36.5 miles.
Management: OFFICERS: Frank S. Meighen, Pres., Montreal, Que.; John Turnbull, Vice-Pres.; H. F. Pud-
dington, Sec., St. John, N. B. DIRECTORS: Lord Elphinstone, Lord Shaughnessy, K.C.V.O., John Turnbull, Frank
S. Meighen, H. H. McLean, Geo. S. Cantlie, R. W. RfpM. H. F.
Puddington, W. W. Hutchison. Annual meet-
ing, first Thursday in August. GENERAL OFFICE, St. John, N. B.
Bonded Debt: (1) $2,913.684 New Brunswick Railway first 5s. Dated Aug. 1, 1884; due Aug. 1, 1934. Int.
paid Feb. and A DP-, at Bank of Montreal. London. Coupon and registered, 100. Trustee. Central Trust
Co., New
York. Auth., $3,000,000. Secured on entire mileage owned, and the lease of the Aroostook River R.R.
(2) $4,402.060 New Brunswick Railway consolidated debenture stock. Denomination, 1. Dividends of 4%
per annum paid semi-annually Jan. and July 1, at the Bank of Montreal, London. These dividends are guaran-
teed by the Canadian Pacific Ry. Co. Out of the proceeds of the debenture second mortgage bonds, floating debt
and car trust certificates were retired, the Fredericton Ry. acquired the common and debenture stocks of the St.
John & Maine Ry. and St. Stephen's branch bonds purchased. Authorized, 945,783.
Capital Stock: Auth., $3,500.000; outstanding, $3,000.000. Par. $100. Recent dividends paid from proceeds
of sales of land and lumber, as follows: 1905. 2%%: 1906. 4%: 1907, 3%%; 1908, 3%; 1909, 3%; 1910 to 1913,
inclusive, 4% each; 1914, 4% and 2% bonus; 1915, 4% and 2% bonus; 1916, 4% and 2% bonus.
NEWPORT & RICHFORD RAILROAD

History: Incorporated under Vermont laws, in 1880. Formerly the Missisquoi & Clyde R.R., which was sold in
and reorganized under above title. Leased to the Montreal & Atlantic Ry. for 99 years from June 8, 1881,
rental being $18,000 a year. The Connecticut &
Passumpsic Rivers R.R. Co. owns the entire capital stock of this
company.
Location: Line of road, Newport, Vt., to Canada line near North
Troy, and East Richford to Richford, 22
Management: OFFICERS: J. H. Hustis, Pres., Winchester, Mass.; W. J. Hobbs, Vice-Pres., Maiden, Mass.; H.
a. Folsom, Treas. and Clerk, Lyndonville, Vt. DIRECTORS: Above and Geo. B. Young, Newport, Vt; E. A. Dar-
ling, East Burke, Vt Annual meeting, first Wednesday in September. GENERAL OFFICE, Lyndonville, Vt.
Income Account, June 30, 1916: Other income, $18,437; fixed
charges, $17,500; surplus for year, $937.
Condensed Balance Shert, as of June 30, 1916
Property investment $700,000 Capital stock $350.000
Working assets 8,750 Funded debt 350.000
Deferred debit items 28,101 Working liabilities 8,750
Deferred credit items 22.949
Total Total
$736,851 $736,851
Bonded Debt: $350,000 Newport & Richford R.R. first
5s; dated Jan. 2, 1911; due Jan. 1, 1941. Int. paid
Jan. and July 1, at office of Boston Safe Deuosit & Trust
Co.. Boston, Mass. Coupon, $1,000. Guaranteed prin.
the Connecticut & Passumpsic R.R. Co., which
company is leased to the Boston & Maine R.R. The
company assumes all expenses and interest charges of the Connecticut & Passumpsic River R.R. Co., in-
cluding interest on the Newport & Richford R.R. bonds. Trustee: Boston Safe Deposit & Trust Co., Boston,
iss. These bonds were issued to retire a like amount of first
mortgage bonds due Jan. 1. 1911. Secured by a
<*e on entire
property of company. Legal for Savings Banks in Maine. Normal income tax de-
Capital Stock: Auth. and outstanding, $350,000. Par, $50. All owned
Kail road Co.
by the Connecticut & Passumpsic Rivers
MOODY'S ANALYSES OF I^7 rESTMENTS. 1227
QUEBEC CENTRAL RAILWAY COMPANY

History: Incorporated under Canadian laws and opened fully for operation in 1881. In 1912 the property was
leased to the Canadian Pacific Ry. for 999 years.
Location: Line of road, Sherbrooke to Harlaka, Que.; Valley Junction to St. Sabine: Tring to Megantic;
total operated, 281.50 miles. Equipment: Locomotives, 36; passenger and freight cars, 1,049.
Management: OFFICERS: George Bury, Pres.; I. G. Ogden, Vice-Pres.; H. C. Oswold, Sec.; W. S. Fry, Treas.
DIRECTORS: George Bury, I. G. Ogden, E. W. Beatty, J.H. Walsh, Thomas Lindley, C. D. Brassey, L. A. Carrier,
Gt NERAL OFFICE, Sherbrooke, Que.
Gross revenues
SPOKANE INTERNATIONAL RAILWAY
History: Incorporated in Washington and Idaho, January 16, 1905. In 1917, the Canadian Pacific Ry. and
the Minneapolis, St. Paul & Sault Ste. Marie Ry. exercised an option to purchase stock and now jointly control the
company.
Location: Line of road, Spokane, Wash., t Eastport, Idaho, 142.91 miles, with branches; leased, 20.60 miles;
total operated, 163.51 miles; sidings, 27.62 miles. Equipment: Locomotives, 14; total cars, 263.
Management: OFFICERS: D. C. Corbin, Pres.; Austin Corbin, 2d., Vice-Pres. A. C. Chapin, Sec. and Treas.
;
DIRECTORS: Chester W. Chapin, Alfred C. Chapin, J. K. O. Sherwood, Albert Allen, F. D. Allen, Geo. H. Martin,
A. T. Herrick, A. Corbin, 2d, D. C. Corbin. Annual meeting, third Saturday in July, at Spokane. OFFICE, Spo-
kane. Secretary, at 192 Broadway, New York.

1916 1915
Maintenance of equipment. . . . 61,384
All other operating expenses. .
312,727
Operating ratio
Other income .
Total net income

Taxes accrued
Fixed charges
MOODY*S ANALYSES OF INVESTMENTS. 1229

1915 1914 1913 1912
Passenger earnings $4,896 $5,833 $5,550 $4,697
Freight earnings 4,744 4,376 4,743 4,337
Gross earnings 10,435 11,440 11,283 9,338
Operating deficit 10,479 12,537 10,108 10,377
Capital Stock: Authorized and outstanding, $1,000,01)0. Par, $100. No bonded debt No dividends paid.
CENTRAL ARGENTINE RAILWAY, LTD.

History: Registered under English Companies Act, Feb. 10, 1873, as the Buenos Ayres & Campana Ry. Co.,
Ltd.; name changed in 1884 to the Buenos Ayres and Rosario Ry. Co., Ltd., and in 1908, as above. Company oper-
ates an important system of railways extending from Buenos Ayres and
Rpsario to Cordoba, Tucuman, Santa Fe,
etc., including two lines between Buenos Ayres and Rosario, one of which is the main line extending to Tucuman.
Total mileage operated, 3,304.5 miles.
Management: OFFICERS: F. Fifhiera, Sec.; C. H. Pearson. Gen. Mgr. DIRECTORS: Sir J. White Todd, Chair-
man; Charles Darbyshire, Col. F. J. G. Murray, C. P. Ogilvie, Chas. Gairdner," J. W. Theobold, Sir Archibald Wil-
liamson.
1916 1915 1914
Gro revenues 5,737,093 5,755,254 6,058,140
Operating expenses 3,702,100 3,363,055 3,546,734
Net revenues 2,034,993 2,392,199 2,511,406

Profit and LOM
Account, year ended June 30, 1916: Credit balance at beginning of year, 345,839; credit bal-
ance transferred from income, 2.034,993; interest on investments. 45,029; interest during construction, 119,282;
remjttance exchange, etc., 61,207; total, 2.606,350. Contra: Debenture stock interest, 541,445; Western Annu-
ity interest, 90.788; interest on notes, 160,000; other interest, etc., 7,966; dividend appropriations, 640,958; re-
serve appropriations, 100,000; credit balance, June 30, 1916. 1,005,194; total, 2,606,350.
Bonded Debt: (1) 2,017,500 4%%
Western Annuity: Issued to the Buenos Ayres Western Ry. in a perpetual
annuity of 90,787 10s, in payment for the lines acquired by it from the Central Co. Int. paid March 31 and Sept. 30.
First charges on lines acquired. Annuity terminates if Government exercises its rights of expropriation.
(2) Issued, 1,117,207 3\4 Central debenture stock; outstanding, 113.364. Interest payable Jan. and July 1.
Secured by trust deed as a floating charge on Central Company's undertaking and property, as it existed prior to
the Act of 1902, subject to the arrangements made with the Buenos Ayres Western Ry., Ltd. The stock is not
redeemable before December 31, 1979.
Outstanding, 13.4.16.940 4^ debenture stock. Interest payable Jan. and July 1. Auth. amount, including
Nofc 1 and 2, must not exceed two-thirds capital stock. Secured as a first floating charge on the whole undertaking,
subject to any charges in favor of the 4H%
debenture stock, the 3% Western Annuity issue and Central Deben-
ture stock unconverted. Redeemable at par Jan. 1, 1988, but if the Government exercises its power of purchasing
line, callable on six months' notice at par.
(4) Auth. and outstanding. $15,000.000 10-year 6Tr convertible notes. Dated Feb. 1. 1917: due Feb. 1, 1927.
Int paid Feb. and Aug. 1. at J. P. Morgan & Co., New York. Coupon, $1,000. Convertible after one year into
ordinary stock at par.
Capital Stock: M) Authorized and issued, 9.695.718 4' '-..", preference stock. The preference stock is entitled
to a non-cumulative dividend of 4H^
( payable April and Oct.) in priority to consolidated ordinary stock.
2. Authorized and issued. 28.186,950 consolidated ordinary stock. Entitled to a non-cumulative dividend in
priority to deferred stock, and after payment of a simijar dividend on deferred, to share in surplus profits pro
rata wih deferred stock without distinction of class. Dividends paid in recent years: 1910 to 1913, 6% each; 1914,
: IfMfi. I
3. Authorized and issued, 811,800 deferred stock. Dividends in recent years: 1910 to 1913, 6% each; 1914, 5%;
1915. 5~, ; 1916. r,
CENTRAL RAILROAD OF HAITI

Origin: Incorporntcd under New York laws, March 10. 1009. to develop and operate railroad enterprises in th
Republic of Haiti The company is owner of the Cie. de< Chemins de Fer dp la Plaine du Cul de Sac and of the
Port-au-Prince Wharf Co. In 1912, the Electric Light Company of Port-au-Prince and Cap Haitien was acouired.
Location: Line of road now operated consists of 65 miles. Equipment owned: 19 locomotives, and 143 pas-
senger and freight cars.
Management: OFFICERS: Philip W. Henrv. Pres.; Henry R. Tinpenhauer. 1st Vicp-Pres. and Trens.; A. Behrens,
2d Vice-Prp.; Chas. Sternheim. Sec., New York. DIRECTORS: The foregoing and Paul C. Schnitzler, New York;
H. C. Statide. Port-au-Prince, Haiti. Annual meeting, third Friday in November. GENERAL OFFICE: 25 Broad
Street. New York.
Income Account: Year ended S.-pt. 30. 1912: Total net income. S111.316; surplus after deducting expenses and
charpx-x. $16.792. Year ended Sept. 30. 1913: Total net income. S1R7.432; charge*. $143,891: balance. $13,541. Year
ended Sept. 30. 1914: Total net income. $162.473: charges. $lf.5fi2.T: balance, $6,850. Fifteen months to Dec. 31,
1915: Total net income, $214,140; charges, $189,085; balance, $25,055.
Condensed Balance Sheet, PS of December 31, 1915

Investments $3.364.800 Capital stock $1.4RO.OoO
Working assets 1,839.559 Funded debt 1.000.000
Accrued income 6,485 Workine liabilities 1,264.958
Accnied liabilities 75.995
Surplus 1,418,891
Total $5,209,844 Total . $5,209,844

'
Bonded Debt: $1,000,000 Central R.R. of Haiti collateral trust gold 6s ($800,000 first and $200,000 2d) dated ;
June 1, 1909; due June 1, 1919. Int. paid June and Dec. at company's office, New York. Coupon, $1,000; principal
may be registered. Subject to call at 105 at any time. Sscured by pledge of $622,800 first mtge. 5% and 6% bonds
and $760,000 capital stock of the Plaine du Cul de Sac R.R. and $400,000 capital stock and $392,000 6% bonds of tht
Port-au-Prince Wharf Co. The entire $200,000 second 6s are held in treasury. Interest paid without deduction
Capital Stock: Auth. and outstanding, $1,450,000; par, $100.
CHILIAN TRANSANDINE RAILWAY COMPANY, LTD.

History: Registered under English Companies Act February 20, 1888, as Clark's Transandine Ry. Co. Nam*
changed as above, December, 1905. Formed to acquire a concession dated 1887 for a railroad of 1 metre gang*
from the city of Los Andes to the Chilian frontier, 70 Vz kilometres in length. Articles of the Association pro-
vide that duration of company shall cease Dec. 31, 1967, unless prolonged with the sanction of a general meeting and
the President of the Republic of Chili. Company domiciled in Chili and subject to its laws. Government reserves
right to purchase the railway within five years from completion at the price of the guaranteed debenture capital
plus 10%. Road is a part of South America's ocean to ocean route.
Management: OFFICERS: A. Martin, Secretary. DIRECTORS: Sir Nevile Lubock, Chairman; Edward Norman,
Hon. Arthur Stanley, W. S. Eyre, V. H. Smith. LONDON OFFICE, 144 Leadenhall Street, E. C.
Bonded Debt: Authorized, 1,500,000; outstanding, 1,485,000; (278,100 Series A; 538,650, Series B; and
668,250 Series C, 5% Debentures, in 100 bonds, except two 50 bonds) Interest paid Jan. and July 1.
.
Specific
charge on the railway from Los Andes to the Chilian frontier, and a floating charge on undertaking and assets.
Also secured on constructed sections by specific first mortgage, which has been registered in Chili. Interest guar-
anteed by the Chilian Government for 20 years (Series A to July 1, 1926; Series B to July 1, 1928, and Series C
until July 1, 1930). Redeemable at par Dec. 31, 1960, or at 105 on six months' riotice from the company, by opera-
tion of sinking fund on one months' notice, or in event of voluntary liquidation. Company will until loan has been
reduced to 1,000,000 set aside annually out of funds available for dividends a sum not exceeding 30,000 to b
applied to redemption by purchase at or below 105 per cent., or by drawings at 105.
Capital Stock: 1. Authorized and issued, 1,400,000 preference stock of 20, fully paid. Entitled to a cumu-
lative dividend of 6% not entitled to priority for capital or to further participation in surplus assets. No diri-
;
dends paid.
2. Authorized and issued, 100,000 ordinary shares of 20, fully paid. No dividends paid.
CORDOBA CENTRAL RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, August 11, 1887. The agreement under which the com-
pany's lines were worked by the Argentine Railway Company was terminated as from 30th of June, 1914, and the
company has now resumed the management of its property. Company holds controlling interest in the Rafela
Steam Tramway Co. (54 miles of line), and an interest in Tucuman Tramways, Light & Power Co., Ltd.
Location: Road extends from Buenos Ayres, through Rosario, San Francisco and Cordoba to Tucuman, 1,188
miles (metre gauge). The concession for 993 miles of line in perpetuity, and as regards 187 miles of line, the
Government reserves the right to expropriate the railway and works, at any time at their par value, to be fixed
by arbitration, plus 20 per cent.
Management: OFFICERS: N. Stuart, Sec.; H. G. Cabrett, Gen. Mgr. DIRECTORS: Lord Farrer, Chairman;
G. W. Hoghton, Man. Director, Follett Holt,
Philip Norman, Richard Popkiss, W. L. Poole, S. C. Boulter. LONDON
OFFICE, 3 St Helen's Place, E. C.
Comparative Income Account, Yearg Ended June 30

1916 1915 1914 1913 1912 1911
Gross revenues 1,544,539 1,691,714 1,969,020 1,910,053 1,042,072 997,503
1,105,729 1,202,462 1,347,998 1,363,700 793,329 876,627
Net revenues ..... 438,810 489,252 621,022 546,353 248,743 320,876
30, 1916: Debit balance at beginning of year, 60,743; debenture
and note interest, 574,599; other interest, 4,472; total, 639,814. Contra: Credit balance transferred from in-
come account, 438,810; miscellaneous credits, 251; debit balance June 30, 1916, 200,752; total, 639,814.
Bond**1 Debt:
let. 1.
W
Issue<1 and outstanding,
Secured by trust deed as a
8,000,000 4%
first debenture stock. Interest payable April and
charge on undertakings and assets. Further stock may be issued
first floating
ranking pan passu with the above 8,000,000, at a rate of 3,000 per mile of additional line, and where existing
s are doubled, and at rate of
1,000 where third rail is laid or gauge altered. Further stock may also be
issued at rate of 100 for every 100 of income stock of
any class created in excess of authorized amounts shown
Redeemable at 105 per cent, at any time on six months' notice or in event of liquidation of company.
(2). Issued and outstanding, 5,000,000 4%%
second debenture stock. Interest payable Jan. and July 1. Se-
by trust deed as a floating charge on undertaking and assets. Further stock ranking pari passu with
t>ove may be issued under some conditions noted above. Under plan of Aug. 15, 1916, interest for the half-year
e July 1, 1916, was paid in 5% deferred
warrants; due Nov. 1, 1917-1919. Interest rate on this issue for th
three years to June 30, 1919, has been raised from to 5%. 4%%
(3) Authorized, 500,000 6% three-year notes; outstanding, 248,600; dated Dec. 15, 1914; due Dec. 15, 1917;
Dec. 15, 1920 (in denomination of Interest June and Dec. 15. Interest on thew
25, 100, a^d 500.
half year to July 15, 1916, was
paid in 6% deferred warrants due Nov. 1, 1917-1919.
s
(4). 400,000 8% notes; outstanding, 128,981. No further details available.

Income Stock: (1) Authorized,
2,500,000; outstanding, 1,440,000; first preference income stock. Constituted
it deed dated Jan 1, 1913. Entitled to cumulative interest, out of
profits, at 5% per annum. Repayable
in event of liquidation of the in priority to the second preference and ordinary income stocks.
company
e m
nths> notice Interest payable annually, but directors may pay interest half yearly
'
whe n Tunds tre availabl*

(2). Authorized, 2,500,000; outstanding. 1,661,895 second preference income stock. Constituted by trust
deed, dated Jan. 1, 1913. Stock ranks after No. 1, for non-cumulative interest, payable out of profits at 5%. Re-
payable at par in the event of winding up in priority to the ordinary income stock. Redeemable at 103 on six
months' notice.
(3). Authorized, 5,000,000 ordinary income stock; outstanding, 4,068,620. Constituted by trust deed dated
Jan. 1, 1913. Entitled to balance of profits remaining after provision for reserve, depreciation, etc. Repayable at
par in event of winding up the company. Redeemable on six months' notice at par.
Capital Stock: Authorized and issued, 107 in 107 shares 1 fully paid. Seven shares are held by directors,
and 100 are vested in voting trustees, and entitled to votes in respect of ordinary or special resolutions of the com-
pany in such manner as holders of the first and second preference, and ordinary income stocks shall determine, until
such time as the company shall redeem or require the holders in income stocks to transfer the whole of any one or
more of said stocks, when such 100 shares or ratable proportion thereof having regard to the voting powers, shall
be released from such trust, provided, however, that no rotes shall be given in respect of such shares, except in
accordance with the previous authority of a resolution of holders of the income stocks, so owned or controlled. In
October, 1912, the capital was increased from 1,400.000 to 1,400,107 by the creation of this issue. The existing
720,000 first preference stock, 120,000 second preference stock, and 320,000 ordinary stock (surrendered in ex-
change for the income stocks shown above) and the unissued 80,000 second preference shares and 160,000 con-
vertible ordinary shares were cancelled as from Dec. 31, 1912, thereby reducing the capital to 107.
THE CUBA COMPANY

History: Incorporated under New Jersey laws, April 25, 1900, to construct and operate steam and electric rail-
roads and other enterprises in the Republic of Cuba. Company owns all the outstanding common stock of the Cuba
Railroad Company, and also about 300,000 acres of lands along the lines of the railroad. About 20,000 acres are
under cultivation for the raising of sugar, and the compnay owns and operates two modern sugar mills.
Management: OFFICERS: G. H. Whigham, Pres.; Arthur Coppell, Vice-Pres.; H. C. Lakin, Sec.; A. L. Schu-
macher. Treas. DIRECTORS: E. J. Berwind, Howard Mansfield, Henry Walters, C. M. Warner, R. B. Van Home,
Coppell, Robert Fleming, H. W. Bull, Wm. C. Eustis, W. V. Griffith. Annual meeting,
G. H. Whigham, Arthur
third Wednesday in September. NEW YORK OFFICE, 52 William Street

'
1916 1915 1914 1913 1912 1911 1910
Gross revenues $6,9&3,965 $6,790,005 $4.511.046 $2,847,412 $2,461,158 $1,049,284 $1,084,343
Operating expenses 3,787,339 3,669,973 3,316.938 2,068,183 1,736,192 813,194 722,969
Net operating revenues. . . $3,196.626 $3,120.032 $1,194.108 $779,228 $724,965 $236,091 $361,374
Other income .
755,806 600,060 600.060 400,060 584
Total net income $3,952,432 $3,720,092 $1,794,168 $1,179,288 $724,965 $236,091 $361,958
Gen. expenses and taxes 70,149 77,331 89^89 24,073 16,062 14,537 12,126
Net income $3,882.283 $3,642,761 $1,754,329 $1,155,215 $708,903 $221,554 $349,832

Fixed charges 240,000 253,139 329,966 383,696 313,439 246,275 221,268
Balance $3,642.283 $3,389.622 $1,424.363 $771,519 $395,464 $24,721 $128,564

Preferred dividends 175,000 175.000 126,186
Common dividends 2,400,000 800,000
Surplus $1,067,283 $2,414,622 $739,178 $771,519 $395,464 *$24,721 $128,564

Deficit.

Property account $7.349,440 $6,788,040 Capital stock $10,500.000 $10,500.000
Securities owned 10.001.000 10,00 1.000 Bonded debt 4,000.000 4,000,000
Sugar & molasses on hand . 2.348,129 2,772.428 Current liabilities 612,072 345,183
Cash 2.365.1.V) 1,462.096 Dividends payable 887,500 887,500
Other current assets >
069 490,108 lI.--.-rvi-: 129.457 89,000
Advance payments 140,811 113,438 Surplus 6,925,570 5,865,427
Total $23,054,599 $21,687,110 Total . $23,054,599 $21,687,110
Bond Records and Ratings i Baaed on Five-Year Income Results, etc. )

Stock Records and Ratings (Based on Five- Year Income Results, etc.)
NAMI: OF Issue.
Note: "Average income available" is the average net income available for interest charges, for the ten years
ending June 30, 1916. "Interest requirement" is the current requirement. The ratings are based not only on th
CAI11JJ1LS and
StiiHoLH-i*l exhibits
statistical .v ci. agôj but
diivt averages, wwu other wu0*v* **
vwcv* considerations are given due weight, such as the general financial con-
dition of the property, character of its business, relative rela position of the issue, etc. For full explanation, see
"Introduction." For Key to Ratings, see pages 19 to 21.
1 Auth. at $20,000 per mile; outstanding, $12,030,000. Dated Sept. 18, 1902; due July 1, 1952; int. paid Jan.
and July 1 at Royal Bank of Canada, New York. Coupon, $1,000; reg., $1,000, $5,000, $10,000. First lien on entire
property, consisting of 619 miles. Listed on New York, London and Amsterdam Stock Exchanges.
Interest payable
2. Auth. at $12,000 per mile; outstanding, $4,000,000. Dated July 1. 1910; due May 1, 1960. Int. paid May
and Nov. 1 at agency of Royal Bank of Canada, New York. Coupon, $100, $500, $1,000 and 500 francs and 1,000
francs. Secured by second lien, following No. 1, on 619 miles, and also on new extensions, when constructed, *s
first lien. Issued to retire $2,000,000 of two-year notes, due Aug. 1, .1912, and also for terminal and other improve-
ments. Interest paid without deduction for normal income tax.
3. Auth. and outstanding, $3,000,000; dated Nov. 15, 1915; due Nov. 15, 1918. Int. paid May and Nov. 15 at
Fidelity Trust Co., Philadelphia. Callable on six weeks' notice at 101% on Nov. 15, 1917. Prin. and int. guar-
anteed by Cuba R.R. Secured by pledge of $2,000,000 stock of Camaguey & Nuevitas R.R. Co. No mortgage can
be placed on this property while these notes are outstanding. Interest paid without deduction for normal income
tax.
4. In several series as follows: (1) $688.000 Series of 1914; dated Feb. 1, 1914; due $43,000 each Feb. and Aug.
to Feb., 1924; int. Feb. and Aug. at Montreal Trust Co., Montreal, Can. Coupon, $1,000. Secured on equipment cost-
ing $958,393. (2) $495,000 Series of 1915; dated Jan. 21, 1915; due $28,000 each July 21 and $27,000 each Jan.
21 to Jan. 21, 1925. Int. Jan. and July 21 at U. S. Trust Co., New
York. Coupon, $1,000. Secured on equip-
ment costing $667,877. (3) $760,000 Series of Dec., 1915; dated Dec. 15, 1915; due $40,000 each June and Dec. 15
to Dec. 15, 1925; int. June and Dec. 15 at U. S. Trust Co., N. Y. Secured on equipment costing $967,000. Interest
paid without deduction for normal income tax on all issues.
Capital Stock: Auth. and outstanding, $10,000,000 6% non-cumulative preferred and $15,000.000 common stock;
par, $100. Latter is all owned by Cuba Company. Dividends on preferred: 1909, 1910, 3V2 %; 1911. 1%%; 4%%;
1912, 1913, to date 6% each. On common, 1913, 4%; 1914, to date 6% each, payments May and Nov. In
5%%;
1916 paid 20% stock dividend Jan. 3 and 25% June 30. TRANSFER AGENT, Royal Bank of Canada, 68 William St.,
New York. Preferred stock listed on New York, London and Amsterdam Stock Exchanges.
EASTERN BRITISH COLUMBIA RAILWAY

History: Incorporated under the laws of British Columbia, June 6, 1908.
Location: Road extends from McGillivray to Corbin, B. C., 14 miles; sidings, 2 miles. Equipment: Locomo-
tives, 2 ; passenger cars, 3 ; freight cars, 19.
Management: OFFICERS: D. C. Corbin, Pres.; R. S. Ord. Gen. Mgr.; A. M. Allen, Sec. and Treas.; J. C. Wil-
liams, Aud. G. B. Paul, Pur. Agt., Spokane, Wash.; Chas. Graham, Supt, Corbin, B. C. DIRECTORS: D. C. Cor-
;
bin, E. J. Roberts, R. S. Ord, Austin Corbin, 2d, A. J. Devlin, A.T. Herrick, Spokane, Wash. ; J. A. Harvey, Gran-
brook, B. C. Annual meeting, third Wednesday in October. GENERAL OFFICE, Spokane, Wash.
1916 1915 1914 1913 1912
Gross earnings $31,559 $33.246 $47,000 $54,611 $42,244
Operating expenses and taxes. 34,026 32,025 28,754 28,383 27,972
Net earnings *$2,026 $1,221 $18,246 $26.228 $14,272

Other income ' 11 90,620 '
Fixed charges '3,807 l',983 3,658 2.413 25,573
Balance .
*$6,495 *$762 $14,599 $114,435 *$11,301
* Deficit.

Cost of road and equip $856,593 $856,034 Common stock $420,000 $420.000
Cash on hand 714 1,718 Current liabilities . 5.801 5,014
Current accounts 31,998 37,261 Deferred liabilities 420.000 420.000
Profit and loss .... 43,504 49,999
Total ,
$889,305 $895,013 Total $889,305 $895,013

Capital Stock: Authorized and outstanding, $420,000; par, $100. No bonded debt. No dividends paid.
ELGIN & HAVELOCK RAILWAY

History: Incorporated under Canadian laws in 1892. Succeeded to the Elgin, Petitcodiac & Havelock Ry., which
was sold under foreclosure in October, 1892.
Location: Elgin to Havelock, N. B., with branch, 28 miles. Sidings, etc., 2 miles. Equipment: Locomotives,
2; cars, 10; snow plow, 1; flanger, 1.
Management: OFFICERS: Reginald V. Harris, Pres.; F. B. Oxley, Sec. and Treas.. Halifax, N. S.; A. H. Robin-
son Mgr. and Supt.. Petiticodiac, N. B. DIRECTORS: Chas. H. Cahan, Montreal, P. Q., Reginald V. Harris, F. H.
ax> N- S Annual meeting, first Wednesday in September. GENERAL OFFICE, 41 Barrington St., Hah-
"
* XT o o.
IIX, .N >
Income Account, year ended June 30, 1915: Gross earnings, $11,761; operating expenses, $11,927; deficit, $166.
Bonded Debt: $50.000 Elgin & Havelock 1st 5s. Dated Feb. 10, 1904; due Feb. 10, 1934. Interest paid Feb. and
Aug. 10, at Halifax, N. S. Coupon, $500. Secured by first lien on property.
Capital Stock: Authorized, $125,000; outstanding, $44,900. Government and municipal bonuses, $203,153.
MOODY'ti ANALYSES OF IXJ'ESTMEXTS. 1235
EL ORO MINING & RAILWAY COMPANY, LTD.

History: This is an English corporation registered July 27, 1899 under English laws for the purpose of acquir-
ing capital stocks of the American R.R. & Lumber Co.. and the American Mining Co. Property of the company con-
sists of valuable gold and silver mines in the El Oro district of Mexico. Claims are known as San Antonio,. San
Rafael, Trianon Diamente, Carmen No. 2, Sonora No. 1, and Ofir. Also owns railroad of 38 miles connecting
mines with National Rys. of Mexico at Tultenango.
Management: OFFICERS: T. Dundas Pillans, Sec., London, Eng.; A. F. Main, Gen. Mgr.; R. E. Agnew, Supt.,
El Oro, Mex.; R. M. Raymond, Mgr. Dir. in Mexico. DIRECTORS: Robert Baring, Henry W. Barnett, R. T. Bay-
liss, Henry V. Hart-Davis, Alfred Naylor, L. Breitnisyer, J. H. M. Shaw, London, Eng.; P. L. Foster, Now
York. Annual meeting, in October. LONDON OFFICE, 21 Lombard Street. NEW YORK OFFICE, 61 Broadway.
Comparative Income Account, Yean Ended June 30, Mexican Currency.

1913 1912 1911 1910
Freight earnings . $46f $436,575 $440.391 $463,426
Passenger earnings 38,170 35,658 31,197 34,021
Gross earnings 178 487,923 491,670 514,083
Operating expenses 288.211 278,333 286,144 306,801
Net earnings 235,967 209,590 205,526 207,282
Note: Owing to the necessity of a complete shut-down on account of political conditions, no reports have been
issued since 1913.
Capital Stock: Authorized. 1,150,000; outstanding, 1.147..'00. Par, 1. Recent dividends as follows: fiscal
years ended 1907 to and including 1911, 15% each; 1912, 12H%; 1913, 10%. None since.
ENTRE RIOS RAILWAYS COMPANY, LTD.

History: Registered under English Companies Act, November 19. 1891. Under a national concession dated
Oct. 11, 1905, the company is exempt from national taxes for twenty years from 1905, and under a provincial con-
cession dated, November 13, 1905, is free front provincial and municipal taxation for 30 years. National conces-
sion also provides that company shall be free from paying duty on materials for 20 years. The agreement under
which the Agentine Ry. Co. operated this property was terminated in 1914, and the company's lines are now oper-
ated by their own management
Location: Road extends from Parana to Concepcion del Uruguay with branches to Hasenkamp, Victoria, Macia,
Puerto Ruiz, Ibicuy, Gauleguaychu, Villaguay, Coneordia, Elisa and San Salvador. From Ibicuy rolling stock is
transferred across the River Parana by ferry boats, and by means of a link line to Zarate, and over the line of the
Buenos Ay res Central Ry., through connection is made with Buenos Ayres. Total, 730 miles.
Manaecmrnt: OFFICERS: W. H. Williams, Sec.; R. Mackenzie. Gen. Mgr. DIRECTORS: Follett Holt, Chair-
man: H I! Binder. J. Percy Clarke, Lord Farrer, A. H. G. Knox Little, London; Dr. N. R. Fresco, M. A. Rodri-
guez, R. H. F. Stuart, Buenos Ayres. LONDON OFFICE, 3 St. Helen's Place, E. C.

(Latest available.)
1915 1914 1913 1912 1911
revenues
-.<
437/>:!0 f>09,850 61 1.145 472,101 478,730
Net revenues 111,302 277,436 .299 180,178 224,477

Profit and IM*Account, year ended June 30, 1915: Credit balance at beginning of year. 11,743; credit bal-
ance transferred from income, 111.302; sundry credits, 10 753: total. 133.797. Contra: Debenture interest, 158,-
other interest, 3,455; appropriations of surplus, i21.291; debit balance, June 30, 1915, 49,299; total, 133,797.
Bonded Debt: (1) Authorized and outstanding, 1.505.000 4% debenture stock. "Must not exceed one-third
issued capital. Interest payable Apr. and Oct. 1. Secured by trust deeds as a floating charge on all property
and assets: redeemable at par Apr. 1, 1986, or at 105 on six months' notice, and in event of voluntary liquidation
prior to 1986.
(2) Issued and outstanding, 700.000 debenture 5s in 100 bonds. Interest payable June and Dec. 1. Secured
(without trust deed) as a floating cfiarge on the undertaking, property and assets, following above issue. Total
of this iue, together with the amount of the 4% debenture stock, must not exceed one-half of the issued capital.
Redeemable at par Dec. 1. 1950 or at any time after Doc. 1, 1918 on six months' notice.
Outstanding. 1.303.000 5% consolidated deben'.ure stock. Int. paid Mar. and Sept. 1. Secured by trust
deed (subject to above issue) as a floating charge on the undertaking and assets, but excluding such railways
and work as mav not be charged under the Argentine law. Further stock can he issued ranking pari passu with
this issue, but the aggregate of the 4% debenture stock and !\ r debentures and 5% consolidated Debenture Stock
',
must not exceed the issued capital. Redeemable at par on March 1, 1973. or earlier at 105 any time after March
1, 1920 on six months' notice from the company or in event of voluntary liquidation.
Capital Stock: (1) Authorized and issued. 2,000,000 first preference. 108,423 held by Argentine Ry. Co.
<
r Act of 1905. 4% non-cumulative 2d preference stock was issued in satisfaction of arrears of dividends of
this issue to June 30, 1904, amounting to 3914%, and cumulative rights were suspended from that date until such
a time as both classes of Preference Stock should have been paid for three consecutive years when the dividend
should flgain become cumulative' on 1st Preference. This occurred upon payments for dividends 1912-13. Entitled
to priority over Second Preference and Ordinary for capital without further participation.
(2) Authorized. 1.000.000; outstanding. 734,049 pe.-ond preference stock. 236,929 held by Argentine Ry. Co.
Entitled to non-cumulative dividend of 4%, and to priority over the ordinary stock without further participation.
(3> Authorized, 2,000,000; outstanding, 1,783,140 ordinary stock. 1,166,812 held by Argentine Railway.
ESSEX TERMINAL RAILWAY
History: Incorporated under the laws of Canada, May 15, 1902, to construct a belt line connecting Ford City,
Windsor, Walkerville and Sandwich, with an extension to Amherstburg, Ont. Operated for freight only. Connects
with Grand Trunk Ry., Canadian Pacific Ry., Pere Marquette Ry., Michigan Central R.R., and Wabash R.R. First
section of road opened in 1908.
Location: Road extends from Ford_ City to Ojibway, Can., 10 miles; Walkerville to factory district of Wind-
sor, Can., 2 miles; total, 12 miles. Sidings, 4 miles. Equipment: Locomotives, 2.
Management: OFFICERS: F. C. McMath, Pres.; Win. W. Woollatt, Vice-Pres. and Gen. Mgr.; C. F. Doherty,
Treas. and Pur. Agt.; J. H. Coburn, Sec., Walkerville, Ont. DIRECTORS: E. H. Gary, W. J. Filbert, C. MacVeagh,
New York; F. B. Thompson, Pittsburgh; F. C. McMath, Willard Pope, Wm. W. Woollatt, Walkerville, Ont. An-
nual meeting, third Tuesday in September. GENERAL OFFICE, Walkerville, Ont.
Bonded Debt: $420,000 Essex Terminal Ry. first 5s. Dated July 2, 1912; due July 2, 1942. Interest paid Jan.
and July 2, at Toronto, Ontario, or New York City. Authorized, $1,200,000. Coupon, $1,000. Callable on and after
Jan. 2, 1917 at 105 and interest. First lien on all property of company.
THE GRAND TRUNK RAILWAY COMPANY OF CANADA

History: Incorporated in 1882 as a consolidation of the Grand Trunk Railway and the Great Western Railway.
Acquired the Midland Railway of Canada in 1884, the Northern Railway of Canada in 1888, and the Northern &
Pacific Junction Railway in 1892. Also controls by stock ownership the Detroit, Grand Haven & Milwaukee, the
Grand Trunk Western, the Michigan Air Line, the Toledo, Saginaw & Muskegon, the Central Vermont, and the
Canada Atlantic railroad companies. The Cincinnati, Saginaw & Mackinaw R.R. is operated under lease and tha
Chicago, Detroit & Canada Grand Trunk Ry. under agreement. A majority of the stock of the Grand Trunk
Pacific Railway (constructing extensive western extension) is owned. Full details of these separately operated
properties are given under their own headings. The entire system forms a network of lines covering the entire
Dominion of Canada, and when all extensions are completed will embrace over 10,000 miles of road.
Location: The directly operated system embraces 4,015 miles of lines, operating from Quebec and Portland,
Me., and New London, Conn., westerly through Ontario and Michigan, making connection with various other linos
and entering Toronto, Detroit, Grand Haven, Chicago, and many other points. Extensive steamer lines are oper-
ated on Lakes Huron, Michigan, and Superior. The entire system, including separately operated lines, was 4,788
miles on Dec. 31, 1915. In 1914, the Canada Atlantic Railway was directly merged and is now operated as part
of the main system.
Management: OFFICERS: Alfred W. Smithers, Chairman Sir Henry Mather Jackson, Vice-Chairman Edson J.
; ;
Chamberlin, Pres.; Howard G. Kelley, J. E. Dalrymple, R. S. Logan, Vice-Prests. Frank Scott, Vice-Pres. and Treas.;
;
H. H. Norman, Sec.; W. H. Ardley, Gen. Aud. DIRECTORS: Alfred W. Smithers, Sir Henry Mather Jackson, Edson
J. Chamberlin, John Alan Glutton-Brock, Col. Frederick Firebrace, Sir Felix Schuster, Stanley Baldwin, Sir H.
Arthur Yorke, Wm. Molson Macpherson, Sir W. Lawrence Young. MAIN OFFICE, Montreal, Canada. LONDON OF-
FICE, 9 New Broad Street, E. C.

h
"S5
r YEARS
f ENDED
JUNE 30.
TEAM
ducting taxes, for the ten years ending Dec. 31, 1915. "Interest requirement" is the current requirement. The
such as the general financial condition of the property, character of its business, relative position pf the issue, etc.

1. Outstanding, 4,270,375; dated May 26, 1874; irredeemable. Int. paid Jan. and July 14, at Glyn, Mills,
Currie & Co., London. Secured by direct lien, jointly with No. 2, on 2,950 miles of road, but subject to No. 3 on
equipment.
2. Outstanding, 24,624,455; dated May, 1874; irredeemable. Int. paid quarterly Jan. 14 at Glyn, Mills, Cur-
rie & Co., London. Secured by direct lien, equally with No. 1 above, on 2,950 miles, but subject to No. 3 on equip-
ment. In addition to the amount outstanding as shown above, additional amounts have been pledged on security for
Nos. 11 and 12.
3. Outstanding, 373,000; due July 1, 1919. Int. paid Jan. and July at Glyn, Mills, Currie & Co., London.
First lien on equipment Original issue was 500,000, but all except above amount have been exchanged for Nos.
1 and 2.
4. Outstanding, 2,723,080; irredeemable. Int. paid Feb. and Aug. at Glyn, Mills, Currie & Co., London.
Assumed by Grand Trunk Ry., but not secured by mortgage.
5. 14,500: dated 1868; irredeemable.
Outstanding, Int. paid Apr. and Oct., at Glyn, Mills, Currie & Co.,
London. Ry., but not a mortgage. Nearly all have been exchanged for No. 6 below.
Assumed by Grand Trunk
6. Outstanding, 308,215; irredeemable. Dated July, 1884. Int. paid Feb. and Aug., at Glyn, Mills, Currie
& Co., London. Assumed by Grand Trunk Ry., but not a mortgage. Were issued in exchange for No. 5, at rate of
125 for 100.
7. Outstanding, 3,287,690; dated Jan. 1, 1905; due Jan. 1, 1955; int. Jan. and July at Grand Trunk offices.
London, Montreal and New York. Assumed by Grand Trunk Ry. Co. First lien on 396 miles from Depot Haroor,
Ont., to International Boundary Line.
8. Series A, dated May 1, 1912; due $197,000 s.a. to May 1, 1922. Int. paid May and Nov. 1, at Blair
4%;
& Co., New York.
Coupon, $1,000. Original issue, $3,940,000; unmatured, $2167,000. Callable at 102% and
interest. First lien on equipment costing $4,483,675.
Series B, 4Mss; dated Nov. 1, 1912; due $168,000 s.a. to Nov. 1, 1922. Int. paid May and Nov. 1. at Blair
& Co., New York. Coupon, $1,000. Original issue, $3,360,000; unmatured, $2,016,000. Callable at 102% and
interest. First lien on equipment costing $3,820,730.
Series C, 4%s; dated Nov. 1, 1913; due $113,000 s.a. to Nov. 1, 1918, and $112,000 s.a. thereafter to Nov. 1,
1923. Int. paid at Blair & Co., New York. Coupon, $1,000. Original issue, $2,250,000; unmatured, $1,572,000. First
lien on equipment costing $2,625,185.
9. Outstanding, $4.000,000; dated Nov. 1, 1915; dus Nov. 1, 1917; int. paid May and Nov. in New York and
Montreal. Coupon, $1,000. Secured by pledge of $5,254,632 (131%) Grand TrunlTTacinc Ry. sterling 4s of 1914.
Prin. and int. guaranteed by endorsement by the Dominion of Canada. Convertible at par into pledged guaran-
teed bonds at 80 at option of holder.
10. (a) Outstanding, 2,000,000; dated Oct. 1, 1913; due Oct. 1, 1918; int. Apr. and Oct. at Union of London and
Smith's Bank, London. Coupon, 100, 200. Secured by deposit of 2,667,000 of No. 2. Callable at 101 on 60
days' notice. Issued in part payment of equipment costing in excess of 2,000,000.
(b) Outstanding, $2,000,000; dated Aug. 1, 1916; due Aug. 1, 1918; int. Feb. and Aug. in New York and
Montreal. Coupon, $1,000. Secured by pledge of $3,265,000 of No. 2. Company agrees to maintain market value
of collateral at least 10% in excess of note issue.
11. Outstanding, 1,000,000; dated Jan. 15, 1915; due Jan. 14, 1918; int. Jan. and July 15 at Union of
(a)
London and Smith's Bank, London. Coupon, 100, 200. Callable at 101 on 60 days' notice. Secured by pledge
of 1,430,000 of No. 2.
(b) Outstanding, 2,500,000; dated July 1, 1915; due July 1, 1920; int. Jan. and July. Coupon, 100, 200 and
500. Callable at 101 on 60 days' notice. Secured by p'edge of 3,600,000 of No. 2.
12. Outstanding, 65,200; date of maturity extended indefinitely; balance of issue of 532.000 first 7s which
matured July, 1891, remainder having either been paid or exchanged for Grand Trunk debenture 4s. Int. now
paid in accordance with traffic agreement which gives bonds 30% of gross receipts of "Wellington" lines as in-
terest. This has been insufficient for full interest charges and payments are now in arrears. First lien on 168
miles.
There are also 700 of matured bonds not paid off, and $225,000 Whipple Car Co. first real estate and
Note:
due serially to 1922, assumed by Grand Trunk Ry. Company; also guarantees $250,000 New
collateral car trust 5s,
England Elevator Co. first 3%s due annually to 1941 and $1,000,000 Montreal Warehouse first 4s due 1936.
The Public Utilit y and Industrial Edi -

don of "Moody' s Analyses of Invest-
ments" covers the field of industrial enterprises in the same broad way that Steam
Railroads are covered in this edition. No banker or investor can afford to be
without this very important book. The price is the same as that of the Steam Rail-
road Edition, $15 per copy net.
MOODY'S INVESTORS SERVICE

35 NASSAU STREET, NEW YORK CITY

L.
(2) $712,932 Atlantic & St. Lawrence R.R. second 6-20 year 6s; dated May 1, 1871. Trustee, C. A. Hight,
Portland, Me.
(3) $786,984 Atlantic & St. Lawrence R.R. third 5-20 year 6s; dated July 1, 1889.
(4) $438,000 Island Pond 30-year debenture 6s; dated Dec. 1, 1882. All owned by the Grand Trunk Railway.
Total of above, $3,438,000, including balance due in exchange of bonds, $168. $3,000,000 are held by the Grand
Trunk Railway Co., which issued against them its 5% perpetual debenture stock. The sinking fund for the re-
demption of the City of Portland bonds was finally closed Nov. 2, 1888, by payment of the bonds which matured on
that date, $308,000 in all. Under the terms of agreement of the Grand Trunk Railway and this company, the lessor
is required to issue stock to replace the City of Portland debt when the lessee demands such issue.
Capital Stock: Authorized and outstanding, $5,484,000. Shares, 100, and $100. Dividends paid in cash, Feb.
1 and Aug. 1, at Portland, Me., and sterling, March 15 and Sept. 15, at London, Eng. Dividends have been paid as
follows: 1900 to 1916, 6% each. TRANSFER AGENTS AND REGISTRARS, H. H. Norman, London, Eng., and W. W. Duf-
fett, Treas., Portland, Maine.
BUFFALO AND LAKE HURON RAILWAY

History: Incorporated May 16, 1856. Leased in perpetuity to the Grand Trunk Railway of Canada, Feb. 2,
1870, rental being 70,000 per annum. The rent charge up to 42,500 takes precedence of the lessee's first equip-
ment bonds, and the balance ranks after the second equipment bonds. Fixed charges call for 42,006 per annum
and the residue is available for dividends on the ordinary shares. Line of road, Buffalo to Goderick, Can., 162.5
miles.
Management: OFFICERS: M. H. Maxwell, Chairman, 63 So. John St., Liverpool, Eng.; C. D. Brassey, Sec.;
Edward Capern, Asst. Sec., London, Eng. DIRECTORS: Maxwell H. Maxwell, Edward Ashton, Liverpool, Eng.;
Thomas Lindley, London, Eng. OFFICE, No. 5 Gt. Winchester Street, London, Eng.
Bonded Debt: (1) 297,600 Buffalo & Lake Huron Ry. first mortgage irredeemable 100 5%s. These bonds and
also interest are a charge on the railway and property of the company vested in the Grand Trunk Railway Co. of
Canada, which company holds 600 of the issue.
(2) 466,158 Buffalo & Lake Huron Ry. second mortgage irredeemable 100 5Vzs. These bonds follow No. 1
and are subject thereto. 11,867 of this issue are held by the company. Int. paid at London County and Westmin-
ster Bank, Ltd., 21 Lombard Street, London, Eng.
Capital Stock: Outstanding, 525,130; par, 10. Dividends, Mar. and Sept., at London, Eng. Secretary of
company acts as TRANSFER AGENT AND REGISTRAR. Dividends of 5s 3d have been regularly paid semi-annually since
1881, except in June, 1902, when 5s 6d was paid. Stock listed on London, Glasgow and Liverpool Exchanges.
CHICAGO, DETROIT AND CANADA GRAND TRUNK JUNCTION RAILROAD

History: Incorporated under laws of Michigan, March 18, 1858. Leased to Grand Trunk Railway Co. of Can-
ada for 999 years from 1859, which company operates the road, supplies equipment, and advances any deficiency in
net income to meet interest on bonds and dividends of 4% per annum on the stock.
Location: Line of road, Detroit June, to Fort Gratiot, Mich., 60 miles; sidings, 54.89 miles.
Management: OFFICERS: E. J. Chamberlin, Pres.; H. G. Kelley, Vice-Pres.; Frank Scott, Vice-Pres. and
Treas., Montreal, Que. J. E. Dalrymple, Vice-Pres., Montreal;
; W. H. Ardley, Compt., Montreal; G. W. Alexan-
der, Sec., Detroit, Mich. OFFICE, Detroit, Mich.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $1,184,579 $969,098 $1,016,607 $984,227 $925,344 $733,187 $639,866
Net revenues 488 *
332,419 '197,969 140,254 127,327 83,430 28,745
Fixed charges 65,700 65,700 65,700 65,700 65,700 65,700 65,700
Dividends 22,846 22,847 22,846 43,800 43,800 43,800 43,800
Deficit f 191,486 f 12,541 31,002 52,008 128,429 145,910
* Deficit.
f Surplus.
Bonded Debt: (1) $689,000 Chicago, Detroit & Car.ada Grand Trunk June. R.R. first 6s; dated 1864; due
July 1, 1884. Int. paid quarterly in London, Eng. Tha shareholders of the Grand Trunk Railway Co. own all
the bonds.
(2) $691.141 Chicago, Detroit & Canada Grand Trunk June. R.R. non-interest bearing bonds. Exchangeable
for stock within ten years from June 26, 1883.
Capital Stock: Outstanding, $1,095,000; par, $100. Dividends payable semi-annually at Montreal, Can., or
London, Eng. A regular semi-annual dividend of 2% has been paid since 1901. The shareholders of the Grand
Trunk Railway of Canada own $521,281 of the capital stock. Secretary of the company acts as TRANSFER AGENT
AND REGISTRAR.
CINCINNATI, SAGINAW AND MACKINAW RAILROAD

History: Incorporated under laws of Michigan, Dec. 6, 1889. Operated under lease by the Grand Trunk Rail-
way Co. of Canada, said lease to be effective until Jan. 1, 2000, rental being $21,612.50 semi-annually, being the
equivalent of a dividend of 1.44%.
Location: Line of road, Durand to West Bay City, Mich., 52.97 miles; sidings, 35.85 miles. Equipment: Loco-
motives, 15; cars, 19; including 2 service cars.
Management: OFFICERS: W. R. Burt, Pres.; G. M. Stark, Vice-Pres.; W. T. Knowlton, Sec. and Treas., Sagi-
naw, Mich. OFFICE: Saginaw, Mich.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $264,861 $249,060 $378,125 $255,572 $258,264 $207,224 $203,509
Operating expenses 323,003 324,813 315,985 '321,804 *300,505 232,292 222,840
Net revenues t$58,142 t$75,754 $62,140 t$66,232 f$42,241 t$25,068

Taxes 19,238 16,389 13,924 12,542 15,781
Rentals .
4&22C 43,225 48,215 53,334 51,666 45,355 46,272
Total deductions $69,618 $66,208 $62,140 $185.796 $51,666 $57,897 $62,053

Deficit t3,985 }49,398 119,565 93,907 82,965 81,384
*
Includes taxes. t Deficit J Surplus. Includes $185,979 contributed by Grand Trunk Ry. in 1915 and $128,-
640 in 1916.
Caoital Stock: Authorized. $5,000,000; outstanding, $1,500,000. Par, $100. Dividends of 2.88% per annum,
payable Jan. and July at Saginaw, Mich.
DETROIT, GRAND HAVEN & MILWAUKEE RAILWAY

Origin: Incorporated under laws of Michigan, Nov. 9, 1878, as successor to the Detroit & Milwaukee R.R.
Entire capital stock is owned by the same interests that control Grand Trunk Ry. Co. of Canada.
Location: Line of road, Detroit to Grand Haven, Mich., 190.52 miles. Equipment: Locomotives, 8; passenger
and freight cars, 135.
Management: OFTICFR8: E. J. Chamber! in, Pres. and Gen. Mgr.; H. G. Kelley, Vice-Pres., Montreal, Que.;
G. W. Alexander, Sec. and Treas.; W. H. Ardley, Compt DIRECTORS: E. J. Chamberlin, H. G. Kelley, Frank Scott,
Montreal; W. E. Gillen, Chicago, 111.; A. B. Atwater, J. Pridgeon, Jr., A. P. Sherill, G. W. Alexander, Detroit,
Mich.; H. R. Safford. OFFICE, Detroit, Mich.

1916 1915 1914 1913 1912 1911 1910
Grow revenues $3,242,210 $2,655,653 $2,558,130 $2,516,327 $2,273,729 $2,046,680 $2,041,402
Operating expenses 2,410,208 2,244,076 2,271.261 2,405,458 1,930,484 1,733,266 1,555,975
Ne_t operating revenues... $832,002 $411,477 $286,869 1110,889 $343,245 $313,414 $485,427
Other income 14,416 649.218 10,181 11,476 7,835 9,607 8,979
Total net income $846,418 $1,060.695 $297,050 $122,345 $351,080 $323,021 $494.406
Balance (deficit) $14,936 '$309,832 $413,939 $552,009 $278,966 $174,339 $109,407

*
Surplus.
(1) $3,200,000 Detroit, Grand Haven & Milwaukee consolidated 6s; dated Nov. 15, 1878, duo
Bonded Debt:
Nov. 15, 1918. payable at office of Grand Trunk Ry. Co., in London, Eng., and National Bank of Commerce,
Int.
New York, N. Y. Coupon, $200, $500, and $1,000 each. Prin. may be registered. Listed on London Stock Ex-
chang. Trustees: Francis Pavy, London, Eng.; F. E. Driggs, Detroit, Mich. One vacancy. Normal income tax
deducted from interact
(2) $2,000,000 Detroit Grand Haven & Milwaukee 1st equipment 6s; dated Nov. 14, 1878; due Nov. 14, 1918.
Int. payable April 1 and Oct 1 at office of Grand Trunk Ry. in London, Eng., and National Bank of Commerce,
New York. Coupon, $1,000. Prin. may be registered. Trustees: Detroit Trust Co., Detroit, Mich. Listed on Lon-
don Stock Exchange. Normal income tax deducted from interest.
Auth. and outstanding, $1.500,000. All owned by the Grand Trunk Ry. Co. of Canada. Shares,
Capital Stock:
$50. TRANSFER AGENT and REGISTRAR, Geo. W. Alexander, Sec., Detroit, Mich. Annual meeting, first Monday in
October at Detroit Mich. Books do not close in advance.
GRAND TRUNK PACIFIC RAILWAY COMPANY

Origin:Incorporated under laws of Dominion of Canada, Oct 24, 1903, to construct a line in the interest of
the Grand Trunk Railway of Canada from Moncton, N. B., via Quebec, thence in a direct line to Winnipeg and
from there to the Pacific Ocean at Prince Rupert, British Columbia. The system consists of 3,549 miles, exclu-
sive of branches. The Grand Trunk Ry. of Canada owns the entire issue of common stock of this company.
Equipment: Locomotives, 272; passenger and freight cars, 13,756.
Management: OFFICERS: E. J. Chamberlin, Pres., Montreal; E. M. Donaldson, Vice-Pres. and Gen. Mgr., Win-
nipeg, Man.; W. H. Biggar, Vice-Pres.; Frank Scott Vice-Pres.; J. E. Dalrymple, Vice-Pres.; Henry Phillips, Sec.;
Frank Scott, Treas.; W. H. Ardley, Compt, Montreal, Canada. DIRECTORS: Alfred W. Smithers, Sir Henry Mather
Jackson, Sir Felix Otto Schneider, Sir Wm. Yorke, C.B., E. J. Chamberlin, Howard G. Kelley, W. H. Biggar, J. E.
Dalrymple, Frank Scott, W. H. Ardley, E. B. Greenshelds, Hon. R. Dandurand, Jules Hone, Montreal, Que.; Wil-
liam Molson Macpherson, Quebec, P. Q. J. B. Fraser, Ottawa; Peter McAra, Winnipeg, Man. OFFICE, Montreal,
;
Que.
Bonded Debt: (1) 14,000,000 Grand Trunk Pacific Ry. Co., Western Division first mtge. 3s, Guaranteed
Bonds; dated July 1, 1905, and July 1, 1909, due Jan. 1, 1962. Interest Jan. 1 and July 1 at 203 Dashwood House,
London. E. C. Bank of Montreal, New York, and Bank of Montreal, Montreal. All payments are free of Cana-
:
dian taxes. Principal and interest guaranteed (up to 75

per cent of the cost of construction) by the Canadian
Government Coupon, 100, 500, or 1,000 each, registerable as to principal only, at the offices of the company.
Secured by first mortgage on the Western Division, from Winnipeg .to Prince Rupert, 1,745 miles, exclusive of
branch lines exceeding six miles in length. Authorized, 1 1,000,000. Trustee, Royal Trust Co., Montreal, Que.
Listed on London Stock Exchange.
(2) 4,150,000 (2,100,000 Prairie Section Series "A"; 2,050,000 Mountain Section Series "B") second mtge.
4s Sterling Guaranteed Bonds; dated April 1, 1905; due April 1, 1955. Interest April and Oct. 1 in London,
Eng Bank of Montreal, New York, N. Y., and at company's office. Of the "B" bonds 696,000 were issued in
London under prospectus dated March 10, 1911. Principal and interest guaranteed by the Grand Trunk Ry. Co.,
in priority to its own guaranteed preference and ordinary stocks. Coupon bonds, 100 or 200 each, registerable
as to principal only, at the offices of the company. Authorized issue, 4,150,000. Secured by second mortgage on
the railway equipment and tolls of the company, including the leasehold interest in the Eastern Division, but not
on branch lines exceeding six miles in length, nor on ships, land grants (other than for railway purposes), and
the equipment of the Eastern Division, or of the aforesaid branch lines over six miles in length. Trustee, National
Trustee Co., Ltd., Toronto, Ont. Listed on London Stock Exchange.
(3) 1,550,000 Lake Superior Branch first mtge. 4s; dated March 15, 1905; due April 1, 1955. Interest April
and Oct. 1 at company's office, London, Eng., or Bank of Montreal, New York, N. Y. Coupon, 100 and 200
each. Registerable as to principal. Bonds are guaranteed principal and interest by endorsement by the Grand
Trunk Ry. Co. in priority to its own guaranteed preference and ordinary stocks. Authorized issue, 1,550,000. Se-
cured on line from Thunder Bay on Lake Superior to Junction with Eastern Division east of Winnipeg, 188 miles.
Trustee, National Trust Co., Ltd., Toronto, Ont. Listed on London Stock Exchange.
(4) 7,176,801 4% Debenture Stock, subject to redemption at 105 on and after March 1, 1936, on one year's
notice. Interest Mar. 1 and Sept. 1. The stock is secured on the same properties as the first mtge. bonds, but
subject to them and securities granted or to be granted, to secure the second mortgage bonds and the Lake Superior
Branch bonds (se above). Authorized issue, $50,000,000 or 10,273,960 (increased from $25,000,000 or 5,135,980
early in 1913; created by "The Grand Trunk Pacific Act, 1913"). The Grand Trunk Ry. of Canada has guar-
anteed the due payment of interest in each year ending March 1, on these debentures, but only out of the net earn-
ings of the Grand Trunk Ry. Co. of each year ending Des. 31 previously, after deducting (1) its working expenses;
(2) all interest and other moneys payable by the Grand Trunk Ry. Co. (a) on loan capital or prior charges or
(b) on bonds or liabilities of any other company, under or pursuant to any guaranty. Listed on London Stock
Exchange.
(5)3,280,000 sterling 4s; dated Aug. 5, 1914; due Jan. 1, 1962; interest Jan. and July 1, at office of agency
of companyin London, Eng., and in Montreal and New York, at rate of exchange of $4.86 per pound sterling.
Coupon, 100 and multiples; principal may be registered. Royal Trust Co., Montreal, Trustee. Guaranteed as
to both principal and interest by the Dominion of Canada. Authorized, 3,280,000, or $16,000,000, of which 1,081,-
200 are pledged under the Grand Trunk Railway 5% notes of 1917 and 1,543,200 are pledged under the Canadian
Government Loan of 1914. Bonds are issuable to pay for completion of road. Secured on present and future un-
dertakings and properties of company of everv kind, subject only to a (a) securities heretofore or hereafter issued
under existing mortgages or trust deeds; and (b) such priority in favor of other mortgages and charges hereafter
created by the company, as the Government-in-Council may expressly approve.
Government Loans. (1) $10,000,000 4% Canadian Government Loan, issued in 1909, repayable in 10 years or
at any time on six months' notice, interest payable semi-annually. Secured by the company's bonds to the same
amount, maturing 1919, guaranteed principal and interest by the Grand Trunk Ry. Co. of Canada, under a mort-
gage on the Prairie Section, subject to existing prior liens.
(2) $15,000,000 4% Canadian Government Loan, issued in 1913, payable in 10 years on July 1, 1923, to be
covered by debentures constituting a charge of the entire Western Division next after all existing authorized
charges and guaranteed principal and interest, by the Grand Trunk Ry. Co. of Canada. The stockholders, on July
16, 1913, authorized the issuance of $15,000,000 debentures to secure this loan of not exceeding $15,000,000.
(3) $6,000,000 5%
Canadian Government Loan, made in 1914 and secured by a like amount of company's
sterling 4s of 1962. (No. 5 above.) Interest payable semi-annually, principal on demand.
Note: 2,000,000 7-yr. 5% secured sterling notes, dated Mar. 2, 1914, due Mar. 2, 1921; interest Mar. and Sept.
2. Coupon, 100 and 200; principal may be registered. Trustee, Union of London and Smith's Bank, Ltd., London,
Eng. Proceeds to be used in part to pay advances made by the Grand Trunk Railway Co. towards providing the
company's proportion of the expenditure required to complete the Mountain Section, and also for the general pur-
poses of company. Guaranteed, principal and interest, by the Grand Trunk Railway of Canada, which company
endorses the notes. Secured by deposit of 3,000,000 Grand Trunk Pacific Railway 4% debenture stock, ranking
pari passu with that already issued. Redeemable as a whole or in amounts of not less than 200,000, at 101 on
any interest date upon sixty days' notice; and in the event of any notes being redeemed before maturity, the trustee
will release a proportionate part of the deposited stock. Initial offering in London in 1913, at 97.
Capital Stock: Auth., $20,000,000 preferred and $25,000,000 common; outstanding, $24,942,000 common; no
preferred. Par, $100. All owned by Grand Trunk Railway Co. of Canada.
GRAND TRUNK PACIFIC BRANCH LINES COMPANY

Origin: Incorporated under laws of Dominion of Canada, 1906, for the purpose of constructing branch lines
of railway in connection with the main lines of the Grand Trunk Pacific Ry. Company has the right to construct
approximately 8,000 miles of road, of which about 1,000 miles are now under construction in Saskatchewan, Alberta,
and Manitoba. Company is controlled by the Grand Trunk Pacific Ry. through the ownership of the entire capital
stock of the company.
Management: OFFICERS: E. J. Chamberlin, Pres.; W. Hardley, Vice-Pres.; M. Donaldson, Vice-Pres.; W.

Hardley, Compt; Henry Philips, Sec.; Frank Scott, Treas. DIRECTORS: E. J. Chamberlin, Frank Scott, M. Don-
aldson, W. H. Biggar, Howard G. Kelley, W. Hardley. OFFICE, Montreal, Can.
Bonded Debt: (1) 500,000 Alberta Lines first 4s; dated July 28, 1909; due Feb. 25, 1939. Interest May 1
and Nov. 1 in New York, N. Y. Montreal, Can., and London, Eng. Coupon, 100 and 200 registerable as to prin-
; ;
cipal. The authorized amount limited to $13,000 per mile. Power is reserved, subject to the sanction of tht
is
Provincial government, to increase the amount to $15,000 per mile. These bonds will rank pari passu with any sim-
ilar bonds which the company may issue
(up to $15,000 per mile) for the construction of any additional lines in th
Province of Alberta, in respect of which the Provincial Government may give its guaranty. Secured by first mort-
gage on 491 miles of lines in the Province of Alberta and on equipment, etc. Principal and interest uncondition-
ally guaranteed by the Government of the Province of Alberta. Trustee, National Trust Co., Ltd., Toronto, Can.
Listed on the London Stock Exchange.
(2) 2,032,800 Saskatchewan Lines first 4s; dated 1909; due Jan. 22, 1939. Interest May 1 and Nov. 1 in New
York, N. Y.; Montreal, Can.; London, Eng. Coupon bonds, 100 and 200. Registerable as to principal. The
authorized amount is limited to $13,000 per mile. The power is reserved, subject to the sanction of the Provincial
Government, to increase the amount to $15,000 per mils. These bonds will rank part passu with any similar bond
which the company may issue (up to $15,000 per mile) for the construction of any additional lines in the Province
of Saskatchewan, in respect of which the Provincial Government may give its guaranty. Secured by first mort-
gage on 670 miles of lines in the Province of Saskatchewan, and on equipment, etc. Principal and interest uncon-
ditionally guaranteed by the government of the Province of Saskatchewan. Trustee, Royal Trust Co., Montreal,
Can. Listed on the London Stock Exchange.
(3) 238.600 Alberta Lines first 4s; dated July 31, 1912; due Feb. 15, 1942. Interest May and Nov. 1 in Mon-
treal, New York and London. Coupon and registered bonds, 100 and 200. Bonds are registerable as to principal
only. Guaranteed principal and interest by the Province of Alberta. This is a separate issue on the Alberta Coal
Branch, extending from Bickerdike, Alberta, on main line of the Grand Trunk Pacific Ry. Co. southerly and west-
erly to coal mines, 58 miles, at $20,000 per mile. Trustee, National Trust Co., Toronto, Canada.
Capital Stock: Authorized, $50,000,000; outstanding, common, $1,000.000; 20Tr paid. Par, $100. Of the
amount of stock authorized not more than $20,000,000 may be preferred. The Grand Trunk Pacific Ry. owns the
entire outstanding stock. It is provided that the majority of the common stock must be held by the latter company,
so long as any of the guaranteed bonds remain outstanding and unpaid.
GRAND TRUNK WESTERN RAILWAY

Origin: Incorporated under laws of Michigan and Indiana, Nov. 20, 1900, as successor to the Chicago & Grand
Trunk Ry. Co. Controlled -by the Grand Trunk Ry. of Canada through ownership "of entire capital stock. Latter
company guarantees the interest on the Grand Trunk Western Ry. first mtge. bonds.
Location: Line of road. Port Huron, Mich., to Chicago and Western Indiana Junction, Chicago, 111., with leased
lines to Kalamazoo, etc., 347.05 miles. Equipment: Locomotives, 285; passenger, freight, and service cars, 6,286.
Company also controls the Pontiac, Oxford A Northern R.R., operating 100.59 miles from Pontiac to Caseville, Mich.
Management: E. J. Ohamberlin, Pres.; Howard G. Kelley, Vice-Pres., Montreal, Que.; G. W. Alexander, Sec.
mnd Treas., Detroit, Mich.; W. H. Ardley, CompL, Montreal, Can. DIRECTORS: E. J. Chamberlin, Howard G.
Kelley, M. E. Gillen, Arthur Dixon, Chicago, 111.; L. R. Skinner, Valparaiso, Ind.; A. B. Atwater, Detroit, Mich.;
M. H. Lane, Kalamazoo, Mich. OFFICE, Montreal, Quebec, Canada.
1916 1915 1914 1913 1912 1911
Grow revenues $8318,661 $7,238,465 $7,184,559 $7,476,500 $6,666,805 $6,339,113
5,717,700 6,054,365 6,038,874 5,657,081 4,829,761 4,739,851

Other income 465,082 458,262 675,545 368,193 372,871 302,141
Total net income.. $3,566,043 $1,642,362 $1,822,230 $2,177,612 $2,209,716 $1,901,403

Fixed ch'ges.inc. taxes :
v,,,.o. 2,410,295 2,375,818 2,210,473 2,135,172 2,078,544
Balance $5,084 (def.) $767,933 (def.) $553,588 (def.)$32,861 (sur.)$74,544 (def.) $177,141
Bonded Debt: (1) $14,999,720 Grand Trunk Western first 4s. Dated Nov. 30, 1900; due July 1, 1950. Int.
Jan. and July 1 on dollar bonds at Bank of Montreal, New York, N. Y. sterling bonds in London, Eng.
; The
interest ia unconditionally guaranteed by the Grand Trunk Ry. Co. Coupon and registered. Authorized ana issued
$15.000.000, of which $5,000,000 (1,083,058) are in sterling bonds of 100 and 1,000, and $10,000.000 in gold bonds
of $500 and $1,000. Secured on the line from Port Huron, Mich., to Elsdon, 111., 326.91 miles, rolling stock owned,
mnd Grand Trunk Western Ry. Co.'s income. Retirement provided for by No. 3. Trustee, Farmers' Loan & Trust
Co., New York. N. Y. Interest paid without deduction for normal income tax.
(2) $3,872,000 (800,000) Grand Trunk Junction Rv. first 5s. Dated Jan. 1, 1883; due Jan. 1, 1934. Interest
Jan. 1 and July 1 at office of Grand Trunk Ry. Co., London, Eng. Assumed by the Grand Trunk Western Ry. Co.
Coupon, 100, 200, and 500 each. Principal may be registered, or both principal and interest The Grand Trunk
Ry. Co. has at various times offered the holders of these bonds the option of exchanging them for Grand Trunk 4%
debenture stock, and to June 30, 1913, 606,000 had been so exchanged. Secured by first mortgage on the double
track line from Elsdon to Chicago and Western Indiana Junction, Chicago, III., 3.9 miles; guaranty of interest
on Grand Trunk Junction Ry. bonds by Grand Trunk Western Ry. Co.; rental of land, tracks, buildings, etc., in
also leasehold interest in Chicago & Western Indiana R.R. property for 999 years from July 1, 1880.
perpetuity,
$11,541,000 Grand Trunk Western Ry. general consolidated 4s; dated Sept. 1, 1912; due Sept. 1, 1962.
Int. paid Mar. and Sept. 1 at Bank of Montreal, New York and London. Guaranteed principal and interest by
Grand Trunk Ry., which owns entire issue. Auth., $30,000,000, of which $15,000.000 reserved to retire No. 1. Pro-
ceeds used to extend and improve road and to purchase the Pontiac, Oxford & Northern R.R.
(4) $120.000 Thornton Junction land mortgage 5Mis; dated Dec. 12, 1913; due Dec. 12, 1918; int. June and
Dec. First lien on land for yard purposes at Thornton June., III.
Capital Stock: Authorized and outstanding. $6,000,000. All owned by the Grand Trunk Ry. Co. Par, $100.
TRANSFER AGENT and REGISTRAR OF STOCK, G. W. Alexander, Sec., Detroit, Mich. Annual meeting, first Monday in
October at Detroit, Mich. Books close one month in advance.
INTERNATIONAL BRIDGE COMPANY

Origin: Incorporated under laws of New York, April 17, 1857, and under the laws of the Dominion of Can-
ada, Aug. 27, 1857.
I Black Rock, New York, to Fort Erie, Canada, 0.69 mile.
.oration:
Management: OFFICERS: E. J. Chamberlin, Pres.; H. G. Kelley,, Vice-Pres.; Frank Scott, Treas., Montreal,
Que.; G. W. Alexander, Sec., Detroit, Mich. OFFICE, Buffalo, N. Y.
Bonded Debt: Authorized and outstanding, $512,260, International Bridge Co. first 7s; dated 1883; due Jan.
at. 1003. Int. paid June and Dec. at Montreal, Que. Entire issue owned by Grand Trunk Ry. Co. of Canada.
Capital Stock: Outstanding, $1,500,000. Par, $100. Dividends payable in October, at Montreal, Que. Recent
dividends as follows: 1900 to 1904, inclusive, 6%; 1905, none; 1906 to 1916, inclusive, 8% per annum. Secretary
of the company acts as TRANSFER AGENT and REGISTRAR.
MICHIGAN AIR LINE RAILWAY

Origin:Incorporated under laws of Michigan, Aug. 28, 1868, for the purpose of building a road from Ridge-
way to The line from Jackson, Mich., t,o South Bend, Ind., is operated by the Michigan Central
South Bend, Ind.
R.R. Co. The line from Ridgeway to Shelby was sold to the St. Glair and Chicago Air Line R.R. Co., but that
company failed and the road was sold under foreclosure in November, 1875. The present company was organized
by uie purchasers on Nov. 18, 1875. In November, 1878, traffic agreements were made by the Grand Trunk Rail-
way by which that company contributes a certain proportion of the fixed charges. On Jan. 1, 1881, was leased to
the Grand Trunk Ry. Co.; a supplemental lease being made, bearing date of Dec. 10, 1881.
Location: Line of road, Richmond to Jackson, Mich., 105.6 miles; sidings, 14.80 miles.
Management: OFFICERS: E. J. Chamberlin, Pres.; H. G. Kelley, Vice-Pres. Frank Scott, Vice-Pres. and
;
Treas., Montreal, Que.; G. W. Alexander, Sec., Detroit, Mich.; W. H. Ardley, Compt., Montreal. OFFICE, Detroit,
Mich.
1916 1915 1914 1913 1912 1911 1910
Gross revenues . $247,652 $218,823 *$215,737 $193,982 $181,699 $152,229 $153,376
Net revenues t?36,887 f?68,251 t$80,446 t$62,375 f?37,771 f?43,551 f?31,550

Fixed charges 75,433 75,433 75,433
Other deductions 16,843 15,007 15,481 23,150 17,471 15,102 14,338
Deficit $53,730 $83,258 $95,928 $85,525 $130,675 $130,087 $121,322

* Includes other income, Deficit.
t
Bonded Debt: Authorized and outstanding, 310,000 ($1,500,000) Michigan Air Line first 5s; dated Jan. 1,
1882; due Jan. 1, Int. paid Jan. and July in London, Eng.
1902. Coupon, 100, 200 and 500 each. The entire
issue has been exchanged for 4% debenture stock of the Grand Trunk Railway Co.
Capital Stock: Authorized, $1,500,000; outstanding, $300,000. All held in trust for stockholders of the Grand
Trunk Railway Co. of Canada. Par, $100. Secretary of company acts as REGISTRAR and TRANSFER AGENT.
PONTIAC, OXFORD & NORTHERN RAILROAD

Origin: Incorporated under laws of Michigan, Sept., 1889, as successor to the Pontiac, Oxford & Port Austin
R.R. In 1909 the Grand Trunk Western Ry. acquired control by the purchase of the stock of the company and
assumed its bonded debt.
Location:Line of road, Pontiac to Caseville, Mich., 100 miles. Equipment: Locomotive, 1; cars, 25.
Management: OFFICERS: E. J. Chamberlin, Pres.; H. G. Kelley, Vice-Pres., Montreal, Que.; G. W. Alexander,
Sec. and Treas., Detroit, Mich.; W. H. Ardley, Compt., Montreal, Que. DIRECTORS: E. J. Chamberlin, Frank Scott,
H. G. Kelley, H. R. Safford, Montreal, Que.; A. B. Atwater, L. C. Stanley, Detroit, Mich. OFFICE, Detroit, Mich.

1916 1915 1914 1913 1912 1911 1910
Gross revenues $305,741 $287,867 $253,058 $240,838 $254,374 $232,136 $248,089
Net operating revenues 41,390 12,160 *30,706 *47,864 2,334 20,048 69,111
Total net income 84,912 12,711 *30,176 47,120 2,922 20,720 69,111
Fixed charges, inc. taxes 55,260 58,869 50,943 50,692 41,641 49,640 61,087
Balance (deficit) $29,652 *$46,158 $81,119 $97,812 $38,719 $28,919 f$8,024

* Deficit.
f Surplus.
Capital Stock: Authorized and outstanding, June 30, 1913, $1,000,000. All owned by the Grand Trunk Western
Ry. Co. Par, $100. Annual meeting, first Monday in Oct. at Detroit, Mich. REGISTRAR and TRANSFER AGENT,
G. W. Alexander, Detroit, Mich.
ST. CLAIR TUNNEL COMPANY

Incorporated under the laws of Michigan and under the laws of Canada, Nov. 9, 1886. Connects the
Origin:
Grand Trunk Railway with railroads in Michigan by a tunnel 6,000 feet in length. Forms a part of the Grand Trunk
Railway System.
Location: Port Huron, Mich., to Sarnia, Ont., 2.25 miles. Equipment: 6 electric locomotives, 9 cabooses and
2 work cars.
Management: OFFICERS: E. J. Chamberlin, Pres.; H. G. Kelley, Vice-Pres.; Frank Scott, Treas., Montreal,
Que.; G. W. Alexander, Sec., Detroit, Mich. OFFICE, Detroit, Mich.
Bonded Debt: $2,600,000 St. Clair Tunnel, first 5s; dated July 1, 1890; due July 1, 1940. Int. Jan. and July.
Trustees, L. J. Sargent, and one vacancy. Secured on entire property.
Capital Stock: Authorized and outstanding, $700,000. All owned by the Grand Trunk Railway of Canada.
Par, $ 00. TRANSFER AGENT and REGISTRAR, G. W. Alexander, Sec., Detroit, Mich.
1916
M( )()!)}" S AXALYSES OF INVESTMENTS. 124,7
Note: Fixed charges, as shown above, include interest, rentals, hire of equipment, etc. To cover deficit year
ended June 30, 1914, the company received from the Grand Trunk Ry. a contribution of the amount $259,258, as
per guarantee. Other income in 1914 includes $150,000 dividends from Central Vermont Transportation Co.; in
1915, $358,366 from securities owned and accounts, and $345,696 in 1916.
and Loss Account, year ended June 30, 1916: Credit balance on June 30, 1915, $459,289; credit balance
Profit
transferred from income account, $175,207; total, $634,496. Contra: Depreciation on equipment retired from
date of purchase to June 30, 1907, $3,209; miscellaneous adjustments, $268,533; credit balance carried to balance
sheet, $362,754 ; total, $634,496.
Comment: The Central Vermont increased its business and reported a very fair surplus in 1916. While the
fixed charges increased, the final balance carried forward was the best shown for years.

Per Mile of Road.
n IH
EKDBD
> JO.
1 Auth., $12,000,000; outstanding, $10,732,000. Dated May 1, 1899; due May 1, 1920. Int. paid at Blair & Co.,
New York, or American Trust Co., Boston. Coupon, $500 and $1,000; reg., $100 and multiples. Voting Power, one
vote for each $100 in the election of three members to the Board of Directors. Guar. as to int. by Grand Trunk
of traffic between it and the
Ry. up to an amount not to exceed 30% of the gross earnings from the interchange
Central Vermont Ry. First lien on 295.50 miles as follows: from St. John, Que., to Windsor, Vt., 177.50 miles;
Essex June, to Burlington, Vt., 8 miles; Swanton June., Vt, to Rouse's Point, N. Y., 17.70 miles; Montpelier June,
to Williamstown, Vt, 14.90 miles; Essex June, to Cambridge June., Vt, 26 miles; St. Albans to Richford, Vt, 28
lien on the capital stock
miles; Farnham to Frelighsburg, Que., 18 miles, and Bethel to Quarries, 5.40 miles; first
of companies owning 81.40 miles, as follows: $1,000,000 (entire) capital stock of the Montreal & Province Line Ry.,
owning 40.60 miles, as follows: from St. Lambert to Farnham, Que., 32 miles; Marieville to St. Cesaire, Que., 8.60
miles; upon which there are $200,000 first mortgage 4% bonds; and upon the entire capital stock and
about four-
fifths of the bonds of the Standstead, Shefford & Chambly R.R., owning 40.8 miles from St. Johns to Waterloo, Que.;
upon leasehold interests of the company on 159.50 miles as follows: the New London Northern R.R., owning 123.50
miles as follows: from New London, Conn., to Brattleboro, Vt., 121 miles; and form Montville to Palmertown,
Conn., 2.50 miles, upon which there are outstanding $1,500,000 First Mortgage 4% bonds; the West River R.R.,
owning 36 miles from Brattleboro to South Londonderry, Vt., upon which there are $75,000 First Mortgage 4%
bonds. Legal for Savings Banks in Maine. Listed on New York, Boston and London Stock Exchanges. Normal
2. Auth. and outstanding, $200,000. Dated Oct. 1, 1900; due Oct. 1, 1950. Int. paid at American Trust Co.,
Boston. Coupon, $1,000. Guar. prin. and int. by Central Vermont Ry. First lien on 40.66 miles, from St. Lambert
to Farnham and St. Cesaire to Marieville, Que.
3. Now outstanding, $112,000; dated May 15, 1909; due in semi-annual instalments of $12,000 and $13,000 on
each May and Nov. 15 to May 15, 1921. Int. paid at Bankers' Trust Co., New York. Guar. prin. and int. by Cen-
tral Vermont Ry. Co. Interest paid without deduction for normal income tax.
4. Auth., $1,000,000; outstanding, $550,000; redeemed, $450,000. Dated May 1, 1912; due $50,000 each Nov.
and May 1 to 1922 inclusive. Int. paid at Bankers' Trust Co., New York. Coupon, $1,000. Redeemable at 102 te
and int. on any interest date on 30 days' notice. Guar. prin. and int. by Central Vermont Ry. by endorsement.
First lien on two steamships, cost price of which is to be $1,280,000; of this amount the company pays $280,000
in cash, these bonds being issued for the balance. Company to insure vessels for an amount not less than 110%
of the principal amount of the outstanding and unpaid bonds. Interest paid without deduction for normal income
tax.
5. Auth. and outstanding, $1,500,000. Dated July 1, 1910; due July 1, 1940. Int. paid at Mechanics and Metals
National Bank, New York. Coupon, $1,000. First lien, 121 miles, Brattleboro, Vt., to New London, Conn. Road
leased to Central Vermont Ry. together with West River R.R., for 99 years from 1891 at rental of $216,552 per
annum, which more than covers interest on bonds and 6% on stock. Interest paid without deduction for normal
income tax.
6. Auth. and outstanding, $75,000. Dated June 1, 1905; due June 1, 1990. Int. paid at New London. Guar.
prin. and int. by New London Northern R.R., and leased to Central Vermont Ry. (see No. 5 above). First lien, 36
miles, Brattleboro to Londonderry, Vt.
7. Auth., $980.000; outstanding, $490,000. Dated Feb. 1, 1912; due $49,000 each Aug. and Feb. 1 to Feb. 1,
1922, inc. Int. paid at Blair & Co., New York. Coupon, $1,000. Redeemable as a whole only at 102% and int. on
any interest date on 40 days' notice. Direct obligation of the company and secured under terms of an agreement
of conditional sale upon 1,000 thirty-ton steel underframe box-cars, 200 fifty-ton all-steel hopper cars, 2 standard
baggage cars, 6 passenger coaches, 2 parlor cars, 1 dining car, 3 switching locomotives and 4 Pacific-type locomo-
tives, costing $1,094,210, of which the company paid $114.210 in cash, these notes being issued for the balance. Title
to the equipment remains in the name of Blair & Co. until all these notes are paid. Interest paid without deduction
Capital Stock: Auth. and outstanding, $3,000,000; par, $100. The Grand Trunk Ry. owns $2,191,100 of the
issue. TRANSFER AGENT: American Trust Co., Boston, Mass.
GREAT WESTERN OF BRAZIL RAILWAY COMPANY, LTD.

History: Registered under English Companies Act, Dec. 31, 1872. Company has leased the following lines
from 1901 from the Brazilian Government, Conde d'Eu Railway, Sao Francisco Railway, Alagoas Railway, Natal &
Nova Cruz Railway, and the Sul de Pernambuco Railway. In February, 1912, the company purchased the railway
of the Companhia Geral de Melhoramentos em Pernambuca, (56 kilometres). Government also grants to the com-
pany freedom during the term of the lease from custom duties and "Expediente" charges on all stores and materials
imported for working its own system and the leased lines and for construction and working of all future exten-
sions, and also freedom from all Federal, State or Municipal taxes.
Total length of lines now worked, 1,625 kilometers.
Management: OFFICERS: Henry Tattam, Sec.; H. 0. Jungstedt, Gen. Mgr. DIRECTORS: Follett Holt, Wood-
bine Parish, N. B. Dickson, H. C. Allen, J. P. Clarke. LONDON OFFICE: River Plate House, Finsbury Circus, E. C.
Comparative Statement of Earnings, Years Ended December 31

1915 1914
Gross revenues 514,984 640,852
Net revenues 104,976 190,913
Profit and Loss Account, year ended December 31, 1915: Credit balance at beginning of year, 11,895; credit
balance from earnings, 104,976; miscellaneous credits, 46; total, 133,916. Contra: Rentals, 18,398; debenture
interest, 100,781; other interest, 2,206; income tax, 2,250; credit balance, Dec. 31, 1915, 10,282; total, 133,916.
Bonded Debt: (1) Authorized and outstanding, 306,250 permanent 6%

debenture stock. Secured as first
floating charge on net revenue of main line. Redeemable only in event of the Brazilian Government exercising its
power of purchasing the original railway, or any part thereof.
(2) Issued, 1,693,700 4% debentures. Outstanding, 1,631,400 in 100 bonds. Interest paid, Jan. and July
1. Floating charge on undertaking and assets, subject to No. 1. Further debentures may be created ranking pari
passu with this issue, but total loans must not exceed authorized share capital. Redeemable at par on or before Jan.
1, 1955, by operation of cumulative sinking fund, or at any time on six months' notice from the company.
Stock: Authorized,
Capital 2,500,000. Issued, 1,000.000 preferred and 1,250,000 ordinary shares. Par,
10. Preferred is entitled to a non-cumulative dividend of 6%, payable May and Nov. 1, and ranks pari passu with
ordinary shares for capital. Dividends on preferred due Nov., 1914, postponed. Ordinary dividends in recent years:
1909 to 1913, 6% 1914, none.
;
GUANTANAMO & WESTERN RAILROAD COMPANY

History: Incorporated under the laws of Maine, Sept. 25, 1909, and on March 1, 1910, acquired the properties
of the Cuba Eastern Railroad, Northeastern Cuba Railroad, Cuba Eastern Terminals Co. and Eastern R.R. of Cuba.
Location: Road extends from Boqueron to San Justo, San Justo to La Maya, La Maya to San Luis and
branches. Equipment: Locomotives, 10; passenger and baggage cars, 13; freight cars, 393; gasoline motor and
service cars, 3 ; total, engines and cars, 419. .
Management: OFFICERS: M. H. Lewis, Pres., New York; I. McD. Garfield, Vice-Pres. and Treas., Boston; Robert
L. Dean, Sec. and Asst Treas., New York, N. Y. E. M. Wise, Gen. Mgr., Guantanamo, Cuba. DIRECTORS:
;
T. B.
Gannett, Benj. P. Cheney, I. McD. Garfield, Boston; M. H. Lewis, Wm. Barbour, C. D. Barnes, R. L. Dean, I. H.
Lehman, New York; J. H. Caldwell, Troy, N. Y.; J. M. Gilbert, Syracuse, N. Y. Annual meeting, second Tuesday
in August at Portland, Me. NEW YORK OFFICE: 82 Beaver Street

1916 1915 1914 1913 1912
Gross earnings 1579,732 $465,097 $465,222 $440,774 $382,342
Operating expenses and taxes 479,324 356,479 317,629 377,874 328,269
Net earnings 161,882 108,618 147,593 62,900 54,073
Other income 12,802 27,990 27,177 *6,728 *12,692
Fixed charges, etc 129,773 113,988 110,410 66,276 56,026
Balance 34,911 22,620 64,360 10,105 *14,645
* Deficit.

Current asset* 306,983 230,638 Funded debt 1,274,500 1,159,500
Deferred assets 31,672 32,154 Current labilities 380,413 125,802
Unadjusted debits 28.213 50,050 Unadjusted credits 61,766 38,949
Profit and loss deficit 7,286 Profit and loss surplus 26,372
Total $7,493,050 $7,074,261 Total $7,493,050 $7,074,251

Bonded Debt: $600,000 Guantanamo & Western R.R. first 6s. Dated Nov. 15, 1909; due Nov. 15, 1929. Inter-
est paid. May and Nov. 15, at Columbia Trust Co., New York. Coupon, $500 and $1,000. Interest paid without de-
Equipment Trurt 6: $95,000 Series 1; $10,000 Series 2; $140.000 Series 3 6s. Series 3 dated Oct. 1, 1915; due
$14,000 annually from Oct. 1, 1916 to 1925, inclusively. Interest paid April and Oct. 1, at Syracuse Trust Co., Syra-
cuse, N. Y., Trustee. Coupon, $500 and $1,000. Authorized, $140,000. Callable at 101 and interest. Secured on
equipment costing $185,721, of which $45,721 was paid in cash.
Notes: There was also outstanding June 30, 1916, $429,500 2-year 6% notes, due Nov., 1916.
Capital Stock: (1) Authorized and issued, $2,750,000 7% non-cumulative first preferred. Par, $100. On
Jane 30, 1916, $233,650 were in treasury.
(2) Authorized and issued, $250,000 5% non-cumulative second preferred, of which $153,000 is held in treasury.
Par, $100.
(3) Authorized and issued, $2,750,000 common, of which $232,750 held in treasury. Par, $100.
All preferred and common stocks, except directors' shares, is held in a voting trust expiring March 1, 1916.
Voting trustees: William Barbour, I. H. Lehman, F. C. Walcott, I. McD. Garfield, F. Q. Brown. Columbia Trust Co.
of New York, acts as TRANSFER AGENT for voting trust certificates.
THE GUAYAQUIL & QUITO RAILWAY COMPANY

History: Incorporated under the laws of New Jersey, Sept. 7, 1897. Formed to carry out agreements made
with the Government of Ecuador in June, 1897, and Nov., 1898, to construct a railway from Chimbo Bridge to
Quito, 300 miles, and to put into condition the line between Duran and Chimbo, 65 miles, and building connecting
lines between Duran and Guayaquil. Road opened for traffic in June, 1908.
Location: In operation, Duran to Quito and two branches, 287 miles. Guage, 3ft 6 ins.
Management: E. H. Norton, Pres.; T. H. Powers Farr, Vice-Pres.; A. C. Watson, Sec.; S. H.

OFFICERS:
Lever, Treas., New York; C. Rothcr, Aud., Quito, Ecuador; H. W. Henderson, Gen. Mgr., Hurgra, Ecuador; Geo. O.
Houstoun, Pur. Agt, New York. DIRECTORS: Carlos Davalos, J. C. Hallock, E. H. Norton, T. H. Powers Farr, Ar-
thur Turnbull, C. H. Lee, Erskine Hewitt, S. H. Lever, C. K. Beekman, A. A. Wheat, Clark Williams, New York.
Annual meeting, first Tuesday in April. OFFICES: Quito, Ecuador, and 25 Broad Street, New York.
*1915 1914 1913 1912
Miscellaneous earnings 15,187 16,799 10,712 13,891
Operating expenses 1,099,313 1,091,696 1,084,007 1,236,771
Operating deficit 63,079 65,881 66,195 225,047
* Year ended Dec. 31.
A SSETS : LIABILITIES :

Current assets 844,579 Funded debt 13,294,000
Sinking fund 490,952 Current liabilities 224,587
Due on Govt. Guar 2,781,911 Accrued liabilities 2,778,057
Profit and loss deficit 372,938 Sinking fund 490,952
Reserves 981,780
Total $30,052,375 Total $30,052,375
Bonded Debt: (1) $10,808,000 Guayaquil & Quito Ry. first 5s (formerly 6s). Dated Jan. 2, 1899; due Jan. 2,
1932. Interest paid, Jan. and July 1, at Glyn, Mills, Currie & Co., London, Eng., and United States Mortgage &
Trust Co., New York. Guaranteed principal and interest by Government of Ecuador. Secured by lien, subject to
that of prior lien bonds on all the custom duties.
On Sept. 30, 1908, agreement was made for the surrender of the four coupons on these bonds from July, 1907,
to Jan., 1909, inclusive, in exchange for $90 of No. 3. Interest due Jan. 2, 1913, is in default. Listed on London
Stock Exchange.
(2) $1,975,000 Guayaquil & Quito 6% prior lien bonds. Dated Jan. 2, 1909; due Jan. 2, 1930. Interest paid
Jan. and July 2, at Glyn, Mills, Currie & Co., London, Eng., and Empire Trust Co., New York. Coupon, $1,000.
Authorized, $2,486,000, of which $511,000 have been retired by sinking fund. Callable at 105 and interest on 6
months' notice, and at par for sinking fund of 2%%
per annum of bonds issued. Guaranteed principal, interest
and sinking fund by the Government of Ecuador. Listed on London Stock Exchange.
Interest Loan: Pending repayment from the Government of Ecuador, the company obtained a loan enabling it
to pay the Jan. 1916 interest of above issue.
1,
(3) $1,004,040 "Salt" bonds. Issued in 1908 under agreement in satisfaction of interest due Jan. 2, and July 2,
1908 and Jan. 2, 1909, on the railway bonds, to provide funds for the payment in cash of interest in arrear on the
Special Series bonds and payment of expenses connected with the arrangement. Interest payable Jan. and July 2, at
Robarts, Lubbock & Co., London. Authorized, $1,105,380. Denomination, $90. Sinking fund of 4% is applied in
redeeming bonds by drawings at par or by tenders when price is below par. Service of interest and sinking fund is
secured as a first charge on the required proportion of the proceeds of the salt monopoly. The salt bonds are not
an obligation of the Railway but of the Government.
Capital Stock: (1) Authorized and outstanding, $5,250,000 7% cumulative preferred. Par, $100.
Authorized and outstanding, $7,033,000 common. Par, $100. This issue (of which Government of Ecuador
(2)
owns 49%) divided into three classes, "A," "B" and "C," $3,445,700, $3,586,300 and $1,000 respectively. Class "C"
special voting stock held by council of foreign bondholders, who have right to appoint three directors. Class "C"
subject to redemption at par at any time after all bonds guaranteed by the Government shall have been paid.
TRANSFER AGENT: Corporation Trust Co., Jersey City, N. J.
INTERNATIONAL RAILWAYS OF CENTRAL AMERICA

History: Incorporated under the laws of New Jersey, June 8, 1904, as the Guatemala Ry. Co., which in April,
ernment right to purchase property at an arbitrated

price after 2003. The concession in Salvatore expires in 2007,
time the railways become the property of the Government without
indemnity. Has traffic contract with the
United Fruit Co.
Location: Road extends from Puerto Barrios on the Atlantic Ocean to

> port of San Jose on the Pacific Ocean,
Z70.5 miles; from Sta. Maria to Mazatenango, 63 miles; Mazatenango to Port of Champerico on the Pacific Ocean, 42
miles; branch to San Filipe, 9.25 miles; Port of Ocos on the Pacific via Ayutla on the National Rys. of Mexico to
ln the interior of
KIO ?c ., . Guatemala, 51 miles; Port of La Union on the Pacific to Lempa River, 84 miles; total,
19.75 miles; sidings, 43 miles. Guage, 3 feet. Under construction, an extension in Salvador from Lempa River, to
a point near Zacatecoluca.
Equipment: Locomotives, 76; passenger cars, 88; combination, 1; baggage and mail cars, 23; freight, 1,396;
lolasses tank cars, 6; refrigerator car, 1; tank
cars, 3; cabooses, 12; service cars, 96.
Management: OFFICERS: Minor C. Keith, Pres.; H. M. Keith, Vice-Pres.; E. S. Hyde, Sec. and Treas.; H. H.
Comptroller, New York; Alfred Clark, Gen. Mgr., Edmund A. Osborne, Asst. Gen. Mgr.; Edgar J. Hitch-
ison,
cock, Gen. Aud., Guatemala. DIRECTORS: H. H.
Hanson, E. S. Hyde, M. C. Keith, H. M. Keith, H. I. Miller, New
isley W. Palmer, A. W. Preston, Boston; S. G. Schermerhorn, G. W. Taylor, New York. Annual meeting,
:ond Wednesday in January in
Jersey City. GENERAL OFFICE: 17 Battery Place, N. Y.

1915 1914 1913 1912
Miles operated 483,23 469.5 437.8 410.10
Gross revenues $2,203,938 $2,421,060 $2,461,797 $2,352,385
Operating expenses 1,226,163 1,319,365 1,274,257 1,104,369
Net earnings $977,775 $1,101,695 $1,187,540 $1,248,016

Taxes. . . . 11,336 11,576 10,184 4,125
Operating income $966,439 $1,090,119 $1,177,356 $1,243,891

Outside operations (net) 45,061 28.263 42.010 42,972
Other income . 1,641 6,012 30,517
Total net income $1,013,140 $1,124,394 $1,249,882 $1,286.863

Fixed charges 668,333 533,333 498,333 465,973
Other deductions 88488 28,138 28.138 30,000
Dividends 375,000 500,000 250,000
Surplus. $416,669 $187,923 $223,411 $540,890
AflBETS: LIABILITIES:
Property investment $49,422,664 Capital stock $40.000,000
Securities owned 992.939 Bonded debt outstanding 10,850,000
Other investments 187,289 Current liabilities 322,084
Materials and supplies 445,035 Accrued liabilities 171,424
Cash on hand 228,559 Other liabilities 965,998
Bills receivable 10,000 Deferred credit items 861,258
Current accounts 167,070 Profit and loss 781,252
2,498,459
Total $53,952,016 Total $53,952,016
Bonded Debt: (1) $4,850,000 (1,000,000) International Railways of Central America 1st 5s. Dated May 1,
1912; due May 1, 1972. Interest paid May and Nov. 1, at Empire Trust Co., New York, and in London, Paris and
Brussels. Coupon, 20, 100 and 500. Authorized, 4,500,000, which can be increased under certain conditions to
6,000,000. Of unissued bonds sufficient reserved to retire Nos. 2 and 3, and proceeds of balance to construct and
equip railway lines to connect Zacapa on the Guatemala Ry. line, with existing line of company in Salvador. Callable
at 102V4 and interest on 6 months' notice. Annual sinking fund of V4 of 1% commences July 1, 1922, which is to
be to purchase of bonds at not exceeding par and interest, or to their redemption at that price. All bonds
applied
purchased or redeemed shall be held uncancelled in the fund. First lien on all lines constructed or to be constructed,
except 142 miles subject to prior liens. Interest paid without deduction for normal income tax.
(2) $2,500,000 Guatemala Central R.R. first 6s. Dated April 1, 1886; due April 1, 1916, extended to April 1,
1931. Interest paid April and Oct. 1, at 17 Battery Place, New York. Coupon, $1,000. First lien on line from San
Jose to Guatemala City, 75 miles.
(3) $3,500,000 Central Division Purchase Money Bonds. Dated May 1, 1912; due Jan. 1, 1972. Interest paid
Jan. and July 1. Bonds bear interest from Jan. 1, 1912, at 2% for first year; 3% for second year; 4% for third year
and S^r thereafter. Coupon, $1,000. Callable on any interest date. Lien on property covered by first 6s due 1972,
bat subject thereto. Interest paid without deduction for normal income tax.
Capital Stock: (1) Authorized and outstanding, $10,000,000 5% cumulative preferred. Par, $100. Has prefer-
ence as to assets as well as dividends. Payments regularly made Feb., May, Aug. and Nov. 1, until August 15, 1914.
None since. Listed on London Stock Exchange.
(2) Authorized and outstanding, $40,000,000 common. Par, $100. No dividends. Listed on London Stock Ex-
change.
TRANSFER AGENT: Both issues, Corporation Trust Co., Jersey City, N. J. REGISTRAR: Both issues, Empire
Trust Co., New York.
JUCARO & MORON RAILWAY

History: Incorporated under the laws of Delaware, June 1, 1912, successor to Cia de Ferrocarril del Norte y
del Sur, which in turn succeeded the Jucaro &
San Fernando R.R. &
Transportation Co. The property is operated
under lease from the Cuban Government which extends to Oct. 15, 1929, with privilege of extending to Oct. 16, 1939,
at an annual rental of $1,628 up to 1929, and $11,000 per annum thereafter.
Location: Road extends from Jncaro to San Fernando, Cuba, 42 miles. Equipment: Locomotives, 7; passen-
ger cars, 3; freight cars, 101; stock cars, 3.
Manaitement: OFFICERS: Roland R. Conklin, Pres., New York; J. M. Tarafa, Vice-Pres., Havana, Cuba; C.
A. Clarke, Sec. and Treas., New York P. F. Diago, Asst Sec. and Asst. Treas., Havana, Cuba. DIRECTORS Roland
; :
R. Conklin, C. A. Clarke, S. L. Conklin, H. H. Miller, New York; J. M. Tarafa, P. F. Diago, Havana, Cuba; J. M.
Satterfield, Dover, Del. Annual meeting, second Monday in May. GENERAL OFFICE: 1 Wall Street, New York.
OPERATING OFFICE: Ciego de Avila, Cuba.
Capital Stock: Authorized and outstanding, $1,000,000. Par, $100. No bonded debt.
KAHULUI RAILROAD
History: Incorporated July 18, 1881, under the laws of the Kingdom of Hawaii, subsequently amended under
the laws of the Territory of Hawaii, to build a railroad on the Island of Maui, T. H.
Location: Road in operation, 35.2 miles. Equipment: Locomotives, 9; passenger cars, 6; freight cars, 132.
Management: OFFICERS: F. F. Baldwin, Pres., Puunene, Maui, T. H.; W. R. Castle, W. O. Smith, Vice-Pres.;
J. P. Cooke, Treas.; John Guild, Sec., Honolulu, T. H.; D. B. Murdoch, Aud., Paia Maui, T. H.; Wm. Walsh, Supt.,
Kahului, Maui, T. H. DIRECTORS: F. F. Baldwin, Puunene, Maui, T. H.; W. R. Castle, W. 0. Smith, J. P. Cooke,
John Guild, Honolulu, Oahu, T. H. Annual meeting, in February. GENERAL OFFICE: Kahului, Maui, T. H.
Comparative Income Account, Years Ended June 30 (Latest available.)
1915 1914 1913 1912
Passenger earnings . . $22,735 $20,679 $19,335 $15,529
Gross earnings 414,694 333,595 290,669 301,205
Operating expenses . . 330,074 283,792 250,363 249,800
Net earnings 104,620 49,803 40,306 51,404
Other income 4,238 12,095 52,565 58,395
Taxes, etc 12,319 9,870 7,569 6,401
Surplus for dividends 96,539 52,028 85,302 103,398
Condensed Balance Sheet, as of June 30, 1915 (Latest "available.)

Road and equipment $1,387,308 Capital stock $300,000
Materials and supplies 23,276 Current liabilities . . .
232,304
Cash 801 Appropriated surplus 7,044
Current accounts 36,229 Deferred credit items 189,984
Deferred debit items . 963 Profit and loss 719,245
Total $1,448,577 Total $1,448,577

Capital Stock: Authorized and outstanding, $300,000. Par, $100. No bonded debt, and no dividends paid.
MARITIME COAL, RAILWAY AND POWER COMPANY, LTD.

History: Incorporated under an Act of the Legislature of Nova Scotia in 1904, successor by change of title to
the Maritime Coal & Railway Co. In May, 1907, acquired the property of the Canada Coal & Railway Co., consist-
ing of 17 square miles of coal-bearing lands, and 12 miles of railway. Also owns an electric power plant at Chigneto
from which it furnishes electric power to manufacturing plants in the City of Amherst, and owns and operates elec-
tric light plant of that city. The line of the power plant has also been extended to Maccan, Riber Herbert and
Joggins.
Location: Road extends from Maccan to Joggins, N. S., 12 miles; branch, Chignecto to Maccan, N. S., 3
miles; total, 15 miles; sidings, etc., 3 miles. Equipment: Locomotives, 4; cars, 11; snow plows, 2.
Management: OFFICERS: William Hanson, Pres.; A. E. Dyment, Vice-Pres. DIRECTORS: Foregoing and
Hon. N. Curry, G. R. Hulme, A.- MacLaurin, Wm. L. Madgen, Hon. Wm. Mitchell, W. H. Tottie.
Comparative Income Account, Years Ended February 28

1916 1915 *1914 *1913 *1912 *1911 *1910
Gross earnings .... $90,342 $69,472 $71,244 $68,087 $63,669 $71,927 $65,870
Net earnings .
$36,462 $28,962 $23,430 $28,029 $26,105 $23,138 $22,047
* Years ended June 30.
Comparative Condensed Balance Sheet, as of February 28
Property account $3,455,670 $3,416,951 Capital stock $2,027.500 $2,016.500
Investments 56,500 56,500 Bonded debt 1,634,000 1,595,000
Current assets 265,067 197,577 Current liabilities 69,184 56.440
Deferred charges 3,780 4,803 Reserve fund 144,114 103,762
Amortization 159,137 149,526 Profit and loss . . . 65,256 53,655
Total $3,940,154 $3,825,357 Total $3,940,154 $3,825,357

Bonded Debt: $1,634,000 Maritime Coal, Railway & Power Company, Limited, first 6s. Dated April 1, 1904;
due April 1, 1934. Interest paid April and Oct. 1, at Eastern Townships Bank, Montreal and Quebec. Coupon, $500.
Authorized, $2,000,000; issued, $1,669,500, of which $35,500 retired by sinking fund. Callable at 110 and interest on
any interest date. Sinking fund of 3 cents per ton of coal marketed, payable June 30, each year. First lien on
railway, mines and power plants.
Capital Stock: (1) Authorized, $1,000,000 7% preferred; outstanding, $27,500. Par, $100. No' dividends paid.
(2) Authorized and outstanding, $2,000,000 common. Par, $100. REGISTRAR: Both issues, Robert Wilson, Jr.,
109 Board of Trade Building, Montreal. No dividends.
MEXICAN MINERAL RAILWAY

History: Incorporated under New York laws in 1899.
Location: Road extends from Monterey, Mex., to Diente in the San Pedro mining district, 16 miles. The road is
practically a belt terminal property connecting the Santa Catarina mining district with Monterey and the Interna-
tional and National Railroads.
Equipment: Locomotives, 2; cars, 84. Company owns 105 acres of land in Mon-
terey.
Management: OFFICERS: D. C. Brown, Pres. and Gen. Mgr., San Luis Potosi, Mex.; C. J. Peabody, Vice-Pres.;
R. E. Safford, Sec. and Treas.; W. F. Gillesby, Aud., New York. DIRECTORS: D. C. Brown, W. M. Smith, Acosta
Nichols, C. J. Peabody, Geo. F. Peabody, R. E. Safford, Robt. S. Towne, Arthur B. Turner, W. F. Gillesby, New York.
Annual meeting, third Wednesday in February. NEW YORK OFFICE: 82 Beaver Street.
Bonded Debt: $326,000 Mexican Mineral Ry. first sinking fund 6s. Dated Aug. 1, 1899; due Aug. 1, 1919. In-
terest paid Feb.and Aug. 1, at Guaranty Trust Co., New York, Trustee. Guaranteed principal and interest by the
Compania Metalurgica Mexicans. Sinking fund is 5 per cent, of gross earnings to be applied to purchase of bonds
at not exceeding 110 and interest. If bonds cannot be purchased at this price they can be drawn by lot. There are
now $24.000 in the sinking fund. The entire issue is subject to redemption at 110 and interest on thirty days'
notice. Authorized, $500,000. Balance to be used at not exceeding $25,000 per mile for extensions or connections.
Interest paid without deduction for income tax.
Capital Stock: Authorized and outstanding, $350,000. Par, $100. All owned by Mexican Lead Co., which is
controlled by the Compania Metalurgica Mexicana.
MEXICAN NORTHERN RAILWAY

History: Incorporated in New York, June, 1890. Constructed under special concession from Mexican govern-
ment.
Location: Line of road, Escalon to Sierra Mojada, Mex., 81.35 miles. Connection is made with National Ry.
of Mexico at Escalon.
Management: OFFICERS: Robt. S. Towne, Pres. and Treas.; C. J. Peabody, Vice-Pres.; R. E. Safford, Sec.
DIRECTORS: C. J. Peabody, R. E. Safford, R. S. Towne, W. F. Gillesby, Isaac Jackson, D. C. Brown, V. P. Safford.
OFFICE IN NEW YORK, 82 Beaver Street.

(Latest available.)
1914 1913 1912 1911 1910 1909 1908
Gross revenues $13,786 $167,842 $235,873 $256,731 $288,643 $345,330 $422,074
All operating expenses 16,016 85,501 101,671 105,727 118,743 126,942 145,333
Other income
at Glyn, Mills, Currie & Co., London, England. Cumulative sinking fund began Dec. 31, 1909. Callable for sinking
fund any April 1 ; redeemable at par on six months' notice.
Jan. 7, 1915, directors were authorized to defer interest payments due in 1915 and 1916 until 1917 and to omit
the sinking fund for second debentures in 1915 and 1916.
This company and three other railway companies guarantee jointly and severally the payment of interest on and
the redemption of the debentures issued by the Vera Cruz Terminal Co., Ltd., and to provide for possible deficit in
the working expenses of the company.
MEXICO NORTH WESTERN RAILWAY

Origin: Incorporated in Canada, February, 1909, as Mexican Transportation Co., Ltd. Acquired Rio Grande,
Sierra Madre & Pacific R.R., Chihuahua Pacific R.R. and Sierra Madre and Pacific R.R., and 3,000,000 acres timber
lands, mills, etc.
Location: Mileage in operation in 1913, 495 miles, of which 476 miles was from Ciudad Juarez to Chihuahua.
Management: OFFICERS: R. Home Smith, Pres.; H. I. Miller, Vice-Pres.; Miller Lash, Vice-Pres.; U. de B.
Daly, Treas.; A. M. Trueb, Sec. DIRECTORS: Miller Lash, W. T. Eldridge, E. R. Wood, J. S. Lovell, "E. N. and
R. C. Brown, H. Malcolm Hubbard, H. I. Miller, J. O. Crockett, S. G. Crowell, R. Gowans, R. Home Smith. OFFICES,
Toronto, London and 115 Broadway, New York.
Income Account, Years Ended December 31 (Mexican Currency)

1911 1910 1909
Gross revenues $961,468 $1,091,083 $1,293,439
All operating expenses 509,302 503,840 811,932

Other income 261,646 344,872

Fixed charges, including taxes 1,038,600 861,340
Surplus *$324,788 $70,775

* Deficit
Note: No
report issued since December 31, 1911.
Bonded Debt: 5,600,.000 sterling 5s. Dated March 1, 1909; due Mar. 1, 1959; interest March and Sept., at
Guaranty Trust Co., New York; Canadian Bank of Commerce, Toronto; Bank of Scotland, London. A
first charge
on immovable property and securities owned, and a floating charge on all other assets. Redeemable at par Mar. 1,
1959, by annual payments commencing Mar. 1, 1919, drawings or by purchase. Callable at 105 at any time on six
months' notice.
An issue of 6%
convertible income bonds was announced in 1912, of which 750,000 are now outstanding. In
February, 1913, 1,600,000 15-year prior lien 6s, due 1928, were sold.
Capital Stock: Outstanding, $25,000,000. Par, $100. No dividends.
MONCTON & BUCTOUCHE RAILWAY

History: Incorporated under the laws of Canada, December, 1895; a reorganization of the Buctouche & Monc-
ton Railway, sold under foreclosure in December, 1894.
Location: Road extends from Moncton to Buctouche, N. B., 32 miles; sidings, etc., 2 miles. Equipment: Loco-
motives, 3; passenger cars, 4; freight cars, 43; snow plow, 1.
Management: OFFICERS: I. J. Merritt, Pres., New York; J. Robinson, Vice-Pres., Millerton, N. B.; E. G.
Evans, Gen. Mgr.; F. N. Hall, Supt., Moncton, N. B. DIRECTORS: I. J. Merritt, I. J. Merritt, Jr., F. G. Pauley, New
York; E. G. Evans, Hampton, N. B. OFFICES: Moncton, N. B., and 27 William Street, New York.
1915 1914 1913
Gross earnings $31,213 $29,763 $30,806
Net earnings *371 *1,541 7,074
* Deficit.
Capital Stock: Authorized, $250,000; outstanding, $60,000. Bonded debt, $60,000; government bonuses, $197,-
MORELIA & TACAMBARO RAILWAY

History: Incorporated under the laws of New Jersey, Dec. 30, 1901, successor to the Morelia & Tacambaro Ry.,
Timber & Land Co. Has projected a standard gauge railroad in southern Mexico from Irapuato south to Ario City,
200 miles, for which it has concessions, including exemptions from Federal and State taxation, and from import
duties on construction material for fifteen years, together with subsidies amounting to $4,800 per mile. Grading
had been completed on 55 miles from Guanajuato to Puruandiro, and several miles of track have been laid.
Management: OFFICERS: E. J. Chamberlin, Pres., Montreal, Que.; G. E. Fauquier, 1st Vice-Pres. and Gen.
Mgr., Ottawa, Ont.; J. L. Greatsinger, 2nd Vice-Pres., Brooklyn, N. Y.; C. D. Knapp, Sec. and Treas., New York.
DIRECTORS: Edson J. Chamberlin, Montreal, Que.; Gilbert E. Farquier. Ottawa, Ont.; Clyde D. Knapp, Geo. Buck-
man, New York; C. C. Prick, R. H. Shindel, York, Pa.; D. S. Cook, Wrightsville, Pa.; J. L. Greatsinger, John C.
Loud, Brooklyn, N. Y. Annual meeting, second Monday in January at Jersey City, N. J. GENERAL OFFICE: 149
Broadway, New York.
Bonded Debt: $1,700,000 Morelia & Tacambaro Railway first 5s. Dated Jan. 1, 1903; due Jan. 1, 1943. Inter-
est paid Jan. and July 1, at U. S.
Mortgage & Trust Co., New York. Coupon, $1,000. Authorized, $5,000,000.
Issuable at the rate of $22,222 per mile of road.
Capital Stock: Authorized and outstanding, $6,000,000. Par, $50. TRANSFER AGENT: Registrar & Transfer
Co., New York.
MORRISSEY, FERNIE & MICHEL RAILWAY

History: Incorporated under the laws of British Columbia, April 28, 1903.
Location: Road extends from Swinton to Carbonado, B. C., 5.82 miles; Fernie to Coal Creek, B. C., 5.03
miles; total, 10.85 miles. Sidings, 5.4 miles. Equipment: Locomotives, 5; passenger cars, 6; freight and service
cars, 60.
Management: OFFICERS: Elias Rogers, Pres. and Treas., Toronto, Ont.; E. C. Whitney, Vice-Pres., Ottawa,
Ont.; R. M. Young, Secretary; W. R. Wilson, Gen. Mgr.; R. J. Black, Supt, Fernie, B. C. DIRECTORS: Elias
Rogers, Toronto, Ont.; E. C. Whitney, H. B. McGivernin, Ottawa, Ont.; C. A. Thompson, St. Paul, Minn.; W. H.
Robinson, Granby, Que. Annual meeting, second Friday in April. HEAD OFFICE: Toronto, Ont. OPERATING OFFICE:
Fernie, B. C.
Capital Stock: Authorized, $2,000,000; outstanding, $1,263,000. Par, $100. No bonded debt. All owned by
Crow's Nest Pass Coal Co., Ltd., except directors qualifying shares.
NATIONAL RAILROAD OF HAITI

History: Incorporated under the laws of the Republic of Haiti, Sept. 11, 1905. Construction work was begun
April 15, 1911. When completed road is to extend from Port-au-Prince to St. Marc, to Hinche, and to Cape Haitien,
with a branch line from Gonaives eastward to a junction with the main line at Hinche. About 175 kilometers have
been completed and put in operation. Gauge, 3 feet 6 inches.
Management: OFFICERS: R. L. Farnham, Pres.; Thos. A. Reynolds, Vice-Pres. and Treas.; H. C. Newland,
New York. DIRECTORS: R. L. Farnham, Samuel McRoberts, L. H. Shearman, T. A. Reynolds, J. P. McDonald, New
York; I. d'Ennery Dejoie, Port-au-Prince, Haiti; Otto H. Fuerth, Paris, France. Annual meeting, first Tuesday in
February in New York. GENERAL OFFICE: Port-au-Prince, Haiti. NEW YORK OFFICE: 55 Wall Street.
Bonded Debt: $3,500,000 National R.R. of Haiti first 6s. Dated August 1, 1911; due Aug. 1, 1960. Interest
paid Feb. and Aug. 1 in Paris, France. Denomination, 600 francs or $96.53. The Haitian Government guarantees
interest of 6% per annum on $20.000 (American gold) of bonds per kilometer of principal track, and it also guar-
antees the payment semi-annually of a sum equal to % of ICi of all bonds issued to provide for the retirement of
the bonds by the sinking fund in 44 years from 1916. Callable as a whole at 110. Each bond also subject to call
and retirement after Jan. 1, 1916, at par and accrued interest.
NATIONAL RAILWAYS OF MEXICO

(Ferrocarriles Nacionales de Mexico.)
NOTE: The analysis is based on official documents of the company, including its annual reports.
Note: Owing to the disturbed political conditions in Mexico, the system was only partially operated during
1915 and 1916, and no complete report has been published *ince 1914.
Origin: Chartered in City of Mexico in March, 1908, to acquire and consolidate the properties of the old Na-
tional Railroad of Mexico and the Mexican Central Railway, Ltd., and to acquire, construct, and operate other rail-
road properties. The company is controlled by the Mexican Government, which owns practically all the common
stock.
Location: At the present time the company owns or controls over 7,000 miles of road, extending to all parts of
Mexico. Includes in its mileage controlled, are the line? of the Mexican International R.R. Co., acquired in 1910 from
the Southern Pacific Co.; the company has also acquired a majority interest in the stock of the Pan-American
R.R. and the Vera Cruz and Isthmus R.R. ..Further mileage is under construction, and it owns, jointly with the St.
Louis, Brownsville A Mexico Ry.. the stock of the Brownsville-Matamoras Bridge Co., the latter company owning
the concessions granted by the United States and Mexican governments to construct a bridge over the Rio Grande
River, which is now open for traffic. Population of Mexico in 1910, 13,607,259.
Confiscated: On August 16, 1914, all the lines of the company were confiscated by the Constitutionalist Ad-
ministration, thus making the financial statement for the fiscal year 1915 a report of only six weeks' actual opera-
tion by the company. With a recognized government now established in Mexico the company will claim indemnifica-
tion for use of the properties, etc., as specified in the laws of the country, on the basis of the average earnings for
the five years prior to their being taken over, plus 10% of those same earnings.
Management: OFFICERS: Carlos Basave, Chairman; E. S. A. de Lima. Vice-Chairman; Luis Cabrera, Pres.;
A. J. Pani, Vice-Pres.; J. B. Tamez. Sec.; F. M. Souther, Asst. Treas. DIRECTORS: Elias E. A. de Lima, Walter T.
Rosen, Henry H. Wehrhane, Jesus Acuna, Manuel Aguirre Berlanga, Juan N. Amador, Carlos Basave, Luis Cabrera,
Rafael Nieto, Modesto C. Holland. Jose Simon, Rafael Zubaran, Gabriel Mancera, W. E. Curtis, Ignacio Enriquez,
J. J. Hanauer, Roberto V. Pesqueira, Richard Schuster, Fernando Roa, Chas. H. Sabin. MEXICO OFFICE: Segunda
Cmlle de Bolivar, No. 19. NEW YORK OFFICES, 25 Broad Street.
Mav-ifiration of Freight Tonnage (Years Ended June 30)

YEARS
ENDED
JUNE 30.

YBAU
EXDBD
JUNB30.
Note- There are also outstanding portions of the direct issues of the old Mexican Central, and Mexican Inter-
national Railways, and the National Railroad Co. of Mexico to the amount of $1,908,748. The National Rys. of
Mexico has also assumed $7,000,000 prior lien 4%s of the Vera Cruz & Pacific R.R. Co., due July 1, 1934; $2,003,000
R.R. Co., all of which are in default.
prior lien 5s and $1,489,000 gen. 5s of 1937 of the Pan-American
The issue of $26,730,000 2-year 6% notes, due June 1, 1915, are in default as to both principal and interest and
as well as some minor note issues.
also the interest on $2,640,341 3-year 6% notes, due June 1, 1917,
Capital Stock (Mexican Currency) : First preferred, 4% non-cumulative, $57,662,000, of which $20,000,000 is
owned by Mexican Government; $240,756,783 second preferred, 5% non-cumulative, of which about $60,000,000 is
owned by Mexican Government; and $149,606,933 common, all owned by Mexican Government.
NORTH SHORE RAILWAY COMPANY, LTD.

History: Incorporated under laws of Brunswick, Dec. 3, 1907, in New Brunswick, to purchase the fran-
New
chises, rights, property, etc., of the Beersville Coal and Railway Co.,- incorporated
for the purpose of constructing
a railroad from Adamsville, N. B., to Richibucto River and tidewater, a distance of about 27 miles.
Line of Road: Road extends from Adamsville to Mount Carlyle, 8.63 miles; sidings, 1.37 miles. Equipment:
Locomotive, 1 passenger car, 1 freight cars, 5 service, 2 snow plow, 1.
; ; ; ;
Manager: Melbourne F. Keith, Moncton, N. B. Annual meeting, second Tuesday in April. GENERAL OFFICE:
Beersville, N. B.
Bonded Debt: $35,000 Beersville Coal & Railway Co. first 6s. Dated Nov. 1, 1903; due Nov. 1, 1913. Interest
paid May and Nov. 1, at Equitable Trust Co., New York. Coupon, $100. Callable at 110. Authorized, $100,000.
Capital Stock: Authorized, $100,000; outstanding, $98,000. Par, $100. Government bonuses, $43,816.
PACIFIC GREAT EASTERN RAILWAY

History: Incorporated under laws of British Columbia, Feb. 27, 1912, to construct a line from Vancouver, B. C.,
to junction with Grand Trunk Pacific Ry. at or near Prince George, B. C., about 480 miles, of which about 180 miles
completed. The British Columbia Legislature has authorized the company to extend its line from Prince George to
the eastern boundary of the "Peace River Country," 330 miles, and securities have been granted to the extent
$35,000 per mile. Letters Patent have been issued to the Pacific Great Eastern Development Co., Ltd., with $250,000
nominal capital stock by the Provincial Government of British Columbia to act as a subsidiary of the railway. Pow-
ers conferred include right to operate hotels, railways, water powers, and to conduct a general land and real estate
business. It will be vested with land at Squamish and other towns along the proposed line acquired for other than
railway purposes.
Management: OFFICERS: J. W. Stewart, Pres., Vancouver, B. C.; D'Arcy Tate, Vice-Pres., Victoria, B. C.;
Timothy Foley, Vice-Pres., St. Paul, Minn.; R. D. Thomas, Sec., Treas. and Aud., Victoria, B. C.; A. H. Sperry,
Gen. Mgr. (Constr. Dept.), Vancouver, B. C. DIRECTORS: Timothy Foley, St. Paul, Minn.; J. W. Stewart, F. Wil-
son, E. F. White, Vancouver, B. C.; D'Arcy Tate, Victoria, B. C. Annual meeting, third Wednesday in Sept. GEN-
ERAL OFFICE: Victoria, B. C.
Bonded Debt: $20,160,000 Pacific Great Eastern Ry., of which $16,800,000 is first mortgage 4%%
Guaranteed
Debenture stock, and $3,360,000, second charge 4% Guaranteed Debenture stock; due July 15, 1942. Interest paid
Jan. and July 15, at Brown, Shipley & Co., London, Eng., or at company's office, Victoria, B. C. $14,234,805 is out-
standing and $5,925,195 is pledged, under loan described below. Guaranteed principal and interest by Province of
British Columbia. A first and second lien respectively on property. Stock is transferable at office of Brown, Ship-
ley & Co., London, and at COMPANY'S OFFICE: Victoria, B. C. Listed on London Stock Exchange.
Loan: The Government has authorized the company to make a loan of 80% of par value of securities pledged,
which will realize $4,800,000. Secured by deposit of guaranteed debentures described above.
Capital Stock: Authorized, $40,000,000; outstanding, $25,000,000. Par, $100. No dividends paid. Secretary of
company acts as TRANSFER AGENT AND REGISTRAR.
PARRAL & DURANGO RAILROAD

History: Incorporated under laws of Colorado, in 1898. The road was built under concession from the govern-
ment of Mexico in 1898 and 1899. Mileage operated, Minas Nuevas, Chihuahua, Mex., to Pareje Seco, State of Du-
rango, with various branches making connection with the Mexican Central Railway. Total operated, 65 miles.
Equipment owned: Locomotives, 6; passenger cars, 5; freight cars, 160.
Management: OFFICERS: S. E. Gill, Pres.; Wm. E. Evans, Vice-Pres.; W. G. Muzzy, Sec. and Treas., Pitts-
burgh, Pa.; M. L. Hutchins, Gen. Mgr.; A. G. Field, Aud., Parral, Chihuahua, Mex. DIRECTORS: Wm. E. Evans, J.
R. McGinley, C. D. Armstrong, W. F. Lloyd, W. G. Muzzy, W. H. Robinson, S. E. Gill, F. O. Graham, L. J. Brecht,
Pittsburgh, Pa. Annual meeting in October. GENERAL OFFICES: Pittsburgh and Parral, Mex. CORPORATE OFFICE:
Denver, Colo.
Comparative Income Account, Years Ended June 30 (Mexican Currency)
1914 1913 1912 1911 1910 1909
Gross revenues $258,354 $326,871 $356,732 $327,605 $246,660 $241,364
Net operating income $91,561 $131,382 $152,483 $175,043 $104,010

Operating ratio 64.5% 59.8% 57.2% 46.6% 57.8% 72.3%
Other income 21,604 2,267 22,690 41,754 43,367 30,305
Total net income $113,165 $133,649 $175,173 $216,797 $147,377 $97,153

Fixed charges 80,336 81,946 85,301 89,803 91,998 30,000
Surplus $32,829 $51,704 $89,872 $126,994 $55,379 $67,153

Note: Owing to disturbed conditions in Mexico, regular train service has been impossible and reports of cur-
rent earnings are not available.
Bonded Debt: $574,000 Parral & Durango R.R. general gold sinking fund 6s. Dated Jan. 1, 1908; due Jan. 1,
Int. Jan. and July 1, at Union National Bank, Pittsburgh, Pa. Coupon, $1,000. Sinking Fund: $37,500 per
annum, payable Jan. 1, either in cash or bonds. Entire issue subject to call at 105 on any interest date on 60 days'
notice. First lien on entire property. Interest paid without deduction for normal income tax. Rating B.
Capital Stock: Authorized and outstanding, $1,000,000. Par, $50. No dividends.
PHILIPSBURG RAILWAY & QUARRY COMPANY

History: Incorporated under Canadian laws, 1888. Road opened June 1, 1894. Road connects with Canadian
Pacific Ry. & Central Vermont Ry., and is operated primarily for transportation of company's product for shipment
via these railroads.
Location : Road extends from Philipsburg,
Que., to Stanbridge Station of the Canadian Pacific and Central
Ver-
mont Railways, 7 miles. Sidings, 2 miles. Equipment Locomotive, 1 ; cars, 2.
:
Management: OFFICERS: H. W. Richardson, Pre?., Kingston, Ont; Wm. Mann, Vice-Pres., Montreal, Que.;
T. A. McGinnis, Sec., Treas. and Gen. Mgr., Philipsburg, Que. DIRECTORS: H. W. Richardson, Kingston, Ont.;
James Playfair, Midland, Ont; W. J. Morrice, S. H. Ewing, R. J. Dale, W. Mann, Montreal, Que.; F. A. Mc-
Ginnis, Philipsburg, Que.; Wm. Flavelle, Lindsay, Ont.; J. A. Richardson, Toronto. Annual meeting, first Wednes-
day in August GENERAL OFFICE, Philipsburg, Ore. .

1916 1915 1914
Gross earnings .................................................... $12,282 $7,696 $6,571
Operating expenses ................................................ 10,879 6,104 6,018
Net earnings ..................................................... 1,403 1,592 353
Capital Stock: Authorized, $125,000; outstanding, $124,500. Government bonuses, $49,379. No bonded debt.
POTOSI & RIO VERDI RAILWAY

History: Incorporated under the laws of New York, Sept. 16, 1898, and by special charter from Mexican Gov-
ernment Company is exempt from all taxes and import duties for 15 years from date of opening, and has conces-
sions for 99 years, at which time, (Nov. 4, 1985) road becomes
property of Mexican Government. .
Location: Road extends from San Luis Potosi, Mex., to Ahuacatal, 40 miles. Gauge, 3 feet Equipment:
Management: OFFICERS: Robt S. Towne, Pres. and Treas.; Charles J. Peabody, first Vice-Pres., New York;
D. C. Brown, 2nd Vice-Pres. and Gen. Mgr., San Luis Potosi, Mex.; R. E. Safford, Sec., W. F. Gillesby, Aud., New
York. DIRECTORS: Robt S. Towne, Chas. J. Peabody, W. Mason Smith, R. E. Safford, W. F. Gillesby, H. H. Dean,
E. C. Griffith, R. H. Cromwell, New York; D. C.
Brown, San Luis Potosi, Mex. Annual meeting, first Tuesday in
June. NEW YORK OFFICE: 82 Beaver Street
fionded Debt: $600,000 Potosi & Rio Verdi Ry. first Sinking Fund 6s. Dated Oct. 1, 1898; due Oct. 1, 1918.
it paid,
April and Oct. 1, at New York Office. Coupon, $1,000. Authorized at rate of $15,000 per mile. Sink-
ing fund 5Cr of gross earnings to be invested in bonds at not exceeding 110 and interest. Bonds so acquired to be
kept alive and interest thereon added to fund. Callable at 110 and interest. Guaranteed principal and interest by
Compania Metalurgica Mexicana. Interest paid without deduction for normal income tax. On June 30, 1915, there
were $78,000 bonds in sinking fund.
Capital Stock: Authorized and outstanding, $200,000. Par, $100. All owned by Compania Metalurgica Mex-
icana.
THE ROBERVAL-SAGUENAY RAILWAY COMPANY

Hirtory: Incorporated under Canadian laws, March 24, 1911, to construct a railway from Ha Ha June, to Mis-
tassini River, 80 miles located. In Jan., 1914,
acquired the Ha Ha Bay Ry., which railway began operations in Dec.,
Location: Main line, Bagotville to Ha Ha June., 20 miles; branches, Laterriere June, to Lake Kenogami, 12
miles; La Brosse to Chicoutimi, 3.4 miles; Bagotville to St. Alexis, 1.4 miles; total operated, 36.8 miles. Connects
Chicoutimi and Ha Ha June, with the Quebec & Lake St. John Ry. and at Chicoutimi and Bagotville with the
Canada Steamship lines. Equipment: Locomotives: Electric, 2; steam, 5; passenger cars, 4; freight cars, 180; snow
plows, 2.
Management: OFFICERS: J. E. A. Dubuc, Pres. and Gen. Mgr.; J. E. Cloutier, 1st Vice-Pres.; F. W. Fuqua, 2d
Vice-Pres.; J. E. Robitaille. Treas. and Aud.; Ray. Belleau, Sec. DIRECTORS: F. X. Gosselin, J. E. Cloutier, J. F.
Grenon, R. H. Beaulieu, J. E. A. Dubuc, Chicoutimi, Que.; F. W. Fuqua, Philadelphia, Pa. Annual meeting in Sep-
tember. GENERAL OFFICE: Chicoutimi, Que.

1916 1915
Gross revenues .................................................................. $109,295 $110,755
Operating expenses .............................................................. 102,640 86,984


Balance *$17,321 $19,347

* Deficit.
Bonded Debt: $1.260.000 Roberval-Saguenay Ry. first 5s. Dated Sept. 1, 1915; due Sept. 1, 1955. Interest paid
Mar. and Sept 1, at Montreal, Que., and London, Eng. Coupon, $1,000. General Trust Co., Montreal, Que., Trustee.
Capful Stock: Authorized, $1,200,000 common and $800,000 non-cumulative preferred. TRANSFER OFFICE: Chi-
coutimi, Que.
ST. JOHN AND QUEBEC RAILWAY COMPANY
Incorporated in New Brunswick in 1910 to construct a line from St. John to Grand Falls, N. B., 210
History:
miles. Completed up to Dec., 1914, Gagetown to Centerville, N. B., 120 miles. The Dominion Government has auth-
orized a subsidy of $6,400 per mile and will operate the line on completion as a part of the Government Railway
System for 99 years at a rental of 40% of annual gross earnings.
Management: OFFICERS: F. W. Sumner, Pres., Moncton, N. B.; John D. Palmer, Treas., Fredericton, N. B.;
Edward Girouard, Moncton, N. B.; R. Thompson, Chief Eng., Fredericton, N. B. DIRECTORS: F. W. Sumner,
Sec.,
Pres., Moncton, N. B.; W. S. Fisher, St. John, N. B.; Richard O'Leary, Richibucto, N. B.; Edward Girouard, Monc-
ton, N. B.; J. D. Palmer, Fredericton, N. B. Annual meeting, first Tuesday in September, at Fairville, N. B. GEN-
ERAL OFFICE: Fredericton, N. B.
Income Account, six months to June 30, 1915: Gross revenues, $38,884; operating expenses, $47,951; deficit
from operation, $9,067; deductions, $4,883; final deficit, $13,950.
Bonded Debt: $4,250,000 St. John & Quebec Ry. first mortgage 4% guaranteed debenture stock; issued in 1912,
maturing June 1, 1962. Interest paid, July and Dec. 1, at Bank of Montreal, London, Eng., and at Prudential Trust
Co., Ltd., Montreal, Can., Trustee. Authorized, $5,000,000. Guaranteed principal and interest by the Province of
New Brunswick. Sinking fund of 1% per annum beginning 1922 is provided to be applied to the purchase of stock
at not exceeding 105. Additional loan capital ranking pari passu with this stock may be issued up and not exceed-
ing $25,000 per mile. First lien on railway property. Listed on London Stock Exchange.
Capital Stock: Authorized, and outstanding, $2,000,000. Par, $100. Owned by the Province of New Brunswick.
ST. MARTINS RAILWAY

History: Incorporated under the laws of New Brunswick. Successor April, 1906, by change of name to the
Hampton & St. Martins Ry.
Location: Road extends from Hampton Station to St. Martins, N. B., 30 miles. Equipment: Locomotives, 2;
cars, 9.
Management: OFFICERS: W. E. Foster, Pres. and Gen. Mgr.; W. G. Scovil, Vice-Pres.; F. M. Anderson,
Treas., St. John, N. B. ; G. W. Vaughan, Supt. and Pur. Agt., St. Martins, N. B. DIRECTORS F. M. Anderson, W. E. :
Foster, W. G. Scovil, St. John, N. B. Annual meeting, second Tuesday in April. GENERAL OFFICE: St. Martins,

1915 1914 1913
Gross earnings $18,390 $14,552 $14,787
Net earnings 1,766 562 *872
* Deficit.
Bonded Debt: $90,000 St. Martins Railway first 5s. Dated May 1, 1907; due May 1, 1927. Interest paid May
and Nov. Authorized, $360,000.
SALISBURY & ALBERT RAILWAY

History:Incorporated under Canadian laws in 1909, successor to the Salisbury & Harvey Ry. Co.
Location: Road extends from Salisbury to Albert, N. B., 45 miles; sidings, etc., 5 miles. Equipment: Locomo-
tives, 3; cars, passenger, 1; combination, 2; freight, 29.
Management: OFFICERS: A. S. Swan, Pres.; D. E. Bergen, Vice-Pres.; Wm. Ludewig, Sec., New York; Geo.
H. Frazier, Treas., Boston; E. M. Sherwood, Mgr., Hillsboro N. B. DIRECTORS: A. S. Swan, Wm. Ludewig, New
York; C. A. Peck, Hillsboro, N. B.; C. H. Frazier, Boston; D. K. Hazen, E. P. Raymond, St. John, N. B. Annual
meeting, in September. OFFICE: Hillsboro, N. B.
Income Account, year ended June 30, 1915 : Gross revenues, $36,162 ; operating expenses, $34,941 ;
net revenues,
$1,220.
Bonded Debt: Authorized, $250,000 Salisbury & Albert Ry. first 5s; due Sept. 2, 1915. Coupon, $1,000. None
sold.
ital stock: Outstanding, $150,000. Government bonuses, Dominion, $29,665; Provincial, $455,000; Munici-
i ?,P
pal, $70,000; total, $554,665.
SAN PAULO RAILWAY COMPANY, LTD.

Registered, 1859; re-registered as limited, Nov. 11, 1902. Brazilian Government has option of pur-
History:
chasing road in February, 1927, on payment to company of such an amount of government stock as will give an in-
ne equal to average dividends of the
previous five years, provided that such revenue equals 7%; otherwise road
remains the property of the company in
perpetuity. When dividends have exceeded 12% for two consecutive years,
the Government may demand reduction of the fares.
Location:Main line (5 ft. 3 in. gauge), runs from Santos through San Paulo, to Jundiahy, a distance of 86.5
miles. Company also owns the Bragantina Railway, 67 miles; total operated, 153.5 miles.
Management: OFFICERS: W. H. Moxey, Sec. DIRECTORS: Lord Balfour of Burleigh, Chairman; F. N. Chap-
pie, John Gordon, W. J. Hammond, C. E. Johnston, Lt. Col. Sir Gerard Smith. LONDON OFFICE: 111 Gresham House,
Old Broad Street, E. C.
^^__ Comparative Income Account, Years Ended June 30

(Latest available.)
1915 1914
Gross revenues $7,010,206 $10,521,327
Operating expenses 4,702,046 7,166,386
Net revenues $2,308,160 $3,354,941

Other income 273,326 290,112
Total net income $2,581,486 $3,645,053

Balance $1,752,112 $2,984,351

Capitalization: Authorized and outstanding, 750,000 permanent
(1) 5%%
debenture stock, not secured by
any charge. Redeemable at par in event of sale of line. Interest Jan. and July 1.
(2) Authorized and outstanding, 250,000 permanent 5% debenture stock. Subject to conditions governing
No. 1.
(3) Authorized and outstanding, 1,000,000 permanent and 4% debenture stock. Ranks pari passu with, and
subject to conditions governing Nos. 1 and 2. Interest payable Jan. and July 1.
Capital Stock: (1) Authorized and outstanding, 1,000,000 preference stock. Entitled to non-cumulative divi-
dend of 59r, payable Apr. and Oct. 1, and to priority for capital. Full dividends regularly paid.
(2) Authorized and outstanding, 3,000,000 ordinary stock. Recent dividends, 1909 to 1911, 13% each; 1912
and 1913, 14%; 1914, 12%.
TEMISCOUATA RAILWAY
HiKtory: Incorporated under Canadian laws, October 17, 1885. First section of road opened Jan. 1, 1889.
Location: Road extends from Riviere du Loup, Que., to Edmundston, N. B., 81 miles; branch Edmundston to
Connors, N. B., 32 miles; total, 113 miles; sidings, etc., 9.11 miles. Equipment: Locomotives, 9; passenger cars, 8;
snow plows, 4; miscellaneous, 9.
freight cars, 140;
Management: OFFICERS: J. H. Walsh, Pres.; E. O. Grundy, Vice-Pres., Sherbrooke, Que.; C. A. Stewart,
Sc., Mgr. and Pur. Agt.; F. Sawyer, Snpt.; J. T. Lavoie, Cashier and Acct, Riviere du Loup, Que. DIRECTORS:
W. Noble Campbell, A. H. Cook, Arch. Laurie, F. Murphy, Quebec, Que.; J. H. Walsh, E. 0. Grundy, T. J. Maguire,
Sherbrooke, Que. Annual meeting, any Tuesday in September at Quebec. GENERAL OFFICE Riviere du Loup, Que.
:

1915 1914
Passenger earnings $50,249 $56,410
Freight earnings 158,558 200,458
Gross earnings 220,482 271,777
Operating expenses and taxes 180,895 203,899
Net earnings 39,587 67,878
Surplus for year 20,092 46,436
Bonded Debt: (1) 47,900 Temiscouata Ry. prior lien 5s; due May 1, 1926. Interest paid May and Nov. 1, at
Bank of Montreal, London. Authorized, 50,000, of which 2,100 have been redeemed and cancelled. Callable at
105 on three months' notice, or at 110 on 1 month's notice. First lien on entire property. Listed on London Stock
Exchange.
(2) 686,870 Temiscouata Ry. consolidated mortgage income 5s; due July 1, 1950. Interest paid Jan. and July
1, at Bank of Montreal. Denominations, $500 and $1,000. By act of 1904 the Main Line bonds, with 6 years' inter-
est to July 1, 1904, and the St. Francis Branch bonds, with four years and four months' interest to same date, be-
came exchangeable into consolidated mortgage income bonds; the holders of the former received 130, and of the
latter 121 2/3 of consolidated bonds for every 100 held. By act of 1907 the company was authorized to issue scrip
certificates for 582,600 had been issued in exchange for Main Line and St. Francis Branch first mortgage debenture
bonds, and a further 4.270 will be issued as the remaining bonds outstanding are exchanged_. The profits of the
railway after payment of interest on No. 1 and an appropriation to the sinking fund for their redemption, are to
be applied first, to paying interest on, and then in the redemption of the consolidated mortgage income bonds. Inter-
est payments have been made as follows : For the three years ended June 30, 1907, 1 % % 1908 to and including
;
1912, \% each; 1913, H4%; 1914, 1%%; 1915, none. Holders of bonds on registering same have same voting priv-
ilege as stockholders. Callable at par. Secured on entire property subject to No. 1.
Capital Stock: Authorized and outstanding, $1,000,000. Par, $100. No dividends paid. Secretary of company
acts as RrnisTRAR and TRANSFER AGENT.
TEMISKAMING4-NORTHERN ONTARIO RAILWAY

History: in Canada by act approved Mar. 17, 1902, and amendments June 12, 1903, and April 22,
Authorized
1904. Road is owned by the Government of Ontario and is operated by a Commission.
Ixxrmtion :Road extends from North Bay to ochrane and Junction of the Transcontinental Railway, a distance
of 253.60 miles; Iroquois Falls to Timmins, 40.10 miles; Earlton to Elk Lake City, 28.50 miles; Charlton branch, 7.60
miles; total, 329.80 miles; sidings, 108.20 miles. Equipment: Locomotives, 43; passenger cars, 57; freight cars,
621 ; work and equipment cars, 92.
Management: J. L. Englehart, Chairman, Toronto, Ont.; G. W. Iêe, Commissioner, North Bay, Ont.; Denia
Murphy, Commissioner, Ottawa, Ont.; W. H. Maund, Sec., Treas., Toronto; R. H. Mitchell, Aud.; S. B. Clement,
Chief Eng. and Supt. of Maintenance; W. A. Griffin, Supt. of Traffic; W. A. Graham, Pur. Agt., North Bay, Ont.
GENERAL OFFICE: 25 Toronto Street, Toronto, Ont.
Comparative Income Account, Years Ended Oct. 31
(Latest available.) 1915 1914
Gross earnings $1,551,552 $1,670,899
Operating expenses, etc 1,328,497 1,468,574
Net earnings 223,055 202,325
Total income 303,695 314,922
Provincial Treas 225,000 225,000
Surplus for year 5,948 58,796
Comparative Condensed Balance Sheet, as of Oct. 31
(Latest available.)
Road and equipment $20,156.825 Provincial loan account $20,483,416
Other investments 464,678 Current liabilities 619,120
Current assets 877,540 Profit and loss 415,664
Other assets 9,386
Total $21,518,200 Total $21,518,200

The total amount loaned to the Commission up to Oct 31, 1915, was $20,483,416, toward which the Government
has made various issues of bonds bearing interest at 3% and 4%. The bonds are guaranteed by the Province of
Ontario. The surplus income from operation is to be paid over annually to the Provincial Treasurer, to provide
a sinking fund for the redemption of the bonds. This sinking fund is to be invested in such securities as the Lieut.-
Governor in Council from time to time shall think proper.
THOUSAND ISLANDS RAILWAY

History:Incorporated under the laws of Canada, May 22, 1888, a consolidation of the Gananoque & Rideau
Ry. and Thousand Islands Ry. Road completed in 1890.
Location: Road extends from Gananoque to Gananoque Jet., 6.08 miles; bridge across St. Lawrence River,
0.25 mile; total, 6.33 miles. Sidings, etc., 1 mile. Equipment: Locomotives, 2; cars, 3. The Grand Trunk Rail-
way supplies additional cars as required.
Management: OFFICERS: E. Walter Rathbun, Pres., Deseronto, Ont.; J. H. Valleau, Sec.-Treas.; H. W. Cooper,
Mgr. and Pur. Agt.; H. A. Cooper, Roadmaster, Gananoque, Ont. DIRECTORS: E. Walter Rathbun, Deseronto,
Ont.; J. H. Valleau, H. W. Cooper, C. S. Lee, Gananoque, Ont.; B. R. Hepburn, Pictou, Ont. Annual meeting,
second Monday in September at Deseronto, Ont. GENERAL OFFICE: Gananoque, Ont.

1915 1914 1913 1912
Gross earnings 34,984 40,684 46,241 39,955
Operating expenses and taxes 25,841 29,468 30,558 33,761
Net earnings 9,143 11,216 15,683 6,194
Other income 590 449 192 2,307
Fixed charges .
3,852 5,594 1,615 3,159
Dividends 3,600 3,600
Surplus for year 5,881 2,471 10,660 5,342
Bonded Debt: $50,000 Thousands Islands Railway first 6s. Dated Feb. 28, 1894; due March 1, 1909. (Not paid
off.) Interest paid semi-annually at Gananoque, Ont. Registered, $500. Secured on road and equipment.
Company also has outstanding a second mortgage of $8,000 to the Grand Trunk Railway Company. Interest
nominal, $10 a year.
Capital Stock: Authorized, $250,000; outstanding, $60,000. Par, $50. Dividends paid in recent years as fol-
lows: 1899 and 1900, 15% each; 1901, 14%; 1902, 15%; 1903 and 1904, 8%; 1907, 10%; 1913, 1914 and 1915,
6% each.
TORONTO, HAMILTON & BUFFALO RAILWAY

History: Incorporated in Canada, December1, 1892. Successor to Brantford, Waterloo & Lake Erie Ry. Con-
trolled by New York
Central, Canadian Pacific, Canada Southern and Michigan Central Rys.
Location: Welland to Waterford, Ont., 79.88 miles; branches, 22.27 miles and traffic rights, 4.36 miles; total
operated, 106.51 miles.
Management: OFFICERS: John N. Beckley, Pres.; Thos. G. Shaughnessy, Vice-Pres.; Dwight W. Pardee, Sec.;
M. S Barger, Treas. DIRECTORS: J. N. Beckley, Wm. H. Newman, H. B. Ledyard, T. G. Shaughnessy, David Mc-
Nieoll, E. B. Osier, W. P. Torrance, W. L. Scott, D. W. Saunders, A. H. Smith, W. K. Vanderbilt, Jr. Annual meet-
ing, Tuesday preceding first Wednesday in June. OFFICE: Hamilton, Ont.
1915 1914 1913 1912 1911 1910
Gross revenues $1,404,320 $1,335,672 $1,745,918 $1,702,713 $1,256,012 $1,145,610
Operating expenses 899,636 972,110 1,170,187 872,207 726,776 631,285
Net operating rev... $504,683 $363,562 $575,731 $830,506 $529,236 $514.484

.,
Operating ratio 64% 73% 67% 52% 42% 55%
Hher income 132,094 149,957 96,676 57,326 46,334 43,086

$513,519 $672,307 $887,832 $575,570
ixed charges, inc. taxes.
313,964 292,226 433,042 337,126 275,463 296,997
Dividends paid
105,000 210,000
Sur P lus $322,813 $260,356
$116,293 $29,265 $550,706 $300,107
Profit and Loss Account, year ended December 31, 1915: Credit balance at beginning of year, $948,920; credit
balance transferred from income, $322,813; profit on road and equipment sold, $4,312; miscellaneous credits, $1,385;
total, $1,277,430. Contra: Loss on retired property, $1,948; credit balance carried to balance sheet, $1,275,482;
total, $1,277,430.
Bonded Debt: (1) $3,280,000 Toronto, Hamilton & Buffalo first 4s; dated June 1, 1896; due June 1, 1946. Int.
paid at Lincoln National Bank, New York. Guaranty Fund: The New York Central R.R., the Michigan Central
Ry., the Canada Southern Ry., and the Canadian Pacific Ry. agree to set aside, if necessary, 25% of their entire
gross earnings, upon the traffic delivered to and received from the Toronto, Hamilton & Buffalo Ry. as a fund to
meet the interest on these bonds. First lien from Waterford, via Hamilton, to Welland June., 79.88 miles, and ex-
tensions in Hamilton to Grand Trunk Ry., .27 mile; Belt June, to Wellington St., Hamilton, 3.52 miles; total, 83.67
miles; all in Ontario. Underlies No. 2. Listed on New York Stock Exchange. Normal income tax deducted from
interest. Market: Ladd & Wood, F. H. Hatch & Co., Coffin & Co., New York; Riggs & McLane, Baltimore.
Net Rating, Aaa.
(2) $2,000,000 Toronto, Hamilton & Buffalo consolidated Series "A" 4%s; dated August 1, 1916; due August
1, 1966. Interest paid Feb. and Aug. at Lincoln National Bank, New York. Coupon, $1,000. Authorized, $10,000,-
000. Second lien upon the whole of the railway and its property, assets, rents and revenues following No. 1. Guar-
antee Fund, same as No. 1. Rating, A.
(3) $1,125,000, series "A," equipment 4%s; dated Feb. 1, 1913; due, $75.000 semi-annually, Feb. and Aug. 1 to
Feb. 1, 1923. Int. paid, Feb. and Aug. in New York. Original issue, $1,500^)00; now unmatured, $975,000. First
lien on equipment costing over $1,650,000. Interest paid without deduction for normal income tax. Market:
Wm. A. Read A Co., New York. Net Rating, A.
Capital Stock: Authorized, $5,000,000; outstanding, $4.512,500. In October, 1912, $1,000,000 stock was sold for
improvements, and a cash dividend of 20% ($600,000) was at the same time paid, and in May, 1916, $1,000,000 stock
was sold to retire $1,000,000 second 4s. The above-named companies own 91% of the total outstanding issue. Par,
$100.
UNITED RAILROADS OF YUCATAN

History: Incorporated under the laws of Yucatan and Mexico, Nov. 1, 1902. A consolidation of three railways
and two pier companies. In 1908 company purchased the Merida and Peto Railway. Owns 503 kilometers of lines.
Equipment: Locomotives, 53; passenger cars, 103; freight cars, 622; service cars, 68.
Management: OFFICERS: P. Alcala Hernandez, Vice-Pres. Julian Aznar, Sec.; F. W.
Augusto Camara, Pres. ; ;
Blake, Gen. Mgr., Merida, Yucatan, Mex. DIRECTORS: Augusto Camara, P. A. Hernandez, Julian Aznar, Luis
Carranza, Martin Diaz de Cosio, Enrique Schmid, Auturo Peiree, Juan Berzunza. Annual meeting in March. GEN-
BUL OFFICE: Merida, Yucatan, Mex.
Bonded Debt: 825,000 United Railroads of Yucatan first redeemable 5s. Dated April 1, 1910; due April 1,
1950. Interest paid Apr. and Oct. 1, at J. H. Schroeder & Co., London, Eng., also at Ladenburg Thalmann &
Co.. New York, and in Mexico, Germany and Holland at fixed rates of exchange. Coupon, 50, 100, 200 and 500.
Sinking fund commencing April 1, 1913, sufficient to redeem whole issue by maturity is to be applied to purchase
of bond* in the open market at or below par, or if bonds are unobtainable at that price, to their redemption by
semi-annual drawings at par. Callable at 110 and interest on April 1, 1920, or thereafter on three months notice.
Issued to provide funds for improvements. First lien on all property of the company, and (with the consent of the
Mexican Government), on all concessions granted to the company. Listed on London Stock Exchange. Free from
all present and future Mexican taxes.
Capital Stock: Authorized and outstanding, $23,000,000 (Mexican currency). Par, $1,000. Secretary of com-
pany acts as Transfer Agent. ,
UNITED RAILWAYS OF HAVANA AND REGLA WAREHOUSES

History: Incorporated in England, February 8, 1898, and acquired the railways, lands and warehouses of the
Bank of Commerce, United Rys. of the Havana & Regla Warehouses. In 1896 acquired the Cardenas & Jucaro Ry.
and also the Matanzas Ry. In 1907 a controlling interest in the Havana Central R.R. Co. was acquired, and on
Nov. 18, 1911, the stockholders voted to acquire the entire capital stock of the Western Ry. of Havana, Ltd., for
110 ordinary shares and 4 15s of 5% cumulative Preference shares of the United Rys. of Havana & Regla Ware-
houses. On Dec. 9, 1913, stockholders approved the acquisition by the company of 900,000 Ordinary capital stock
of the Cuban Central Rys., Ltd. Company operates 680 miles of main line; total single track, 837 miles.
Kquipment: Locomotives, 223; passenger cars, 214; freight cars, 5,795; service cars, 207; floating equipment
consists of 2 ferry boats and 12 water cars.
Management: OFFICERS: C. J. Cater Scott, Chairman; W. L. Maslen, Sec.; Robert M. Orr, Gen. Mgr. DIREC-
TORS: C. J. Cater Scott, Sir Henry Mather Jackson, Hon. Arthur O. Crichton, W. E. Ogilvie, R. Popkiss, Capt.
C. A. Reid Scott. GENERAL OFFICE: 9 Dash wood House, 9 New Broad Street, E. C., England.

1916 1915 1914 1913 1912
Gross earnings 2,104,411 1,702,066 1,621,864 1,635,250 1,422,098
Net earnings 971,173 803,001 666,746' 744,194 643,851
Total income 1,340,925 1,130,594 974,664 1,004,658 887,932
Fixed charges 460,483 399,052 382,010 384,099 370,024
Preferred dividends 139.321 139,321 126,767 114,110 114,028
Common dividends 327,278 328,002 328,001 293,000 263,700
Reserves 416,000 262,3f>3 140,000 215,000 135,000
Surplus *1,167 1,857 *2,113 *1,551 6,180
* Deficit.
Road and equipment 10,597,663 Capital stock 9,816,336
Other investments 5,016,800 Debenture stock 7,064,298
Securities deposited 1,776,212 Bonds of old company 119,100
Disc, and comm. on debs, and stk 154,044 Premiums on capital issued 36,907
Havana Central R.R 152,237 Interest and dividends 231,992
Materials and supplies 264,991 Creditors 879,241
Sundry debtors 910,901 Billspayable 216,753
Cash 278,756 Reserve account 673,122
Loans 445,000 Insurance account 25,000
Other assets 96,071 Pension account 26,376
Total 19,692,675 Total' 19,692,675
Debenture Stock: Authorized, 380,000 5% "A" irredeemable Debenture Stock; 1,425,900 5% Consolidated Irre-
deemable Debenture Stock; 3,574,100 5% Ireedeemable Debenture Stock; 1,323,100 4% Irredeemable Debentures
and Debenture Stock, and 988,750 4%% Redeemable Debentures to bearer. Outstanding, June 30, 1915, all the
"A" Irredeemable Stock and the Consolidated Irredeemable Debenture Stock; 2,988,193 of the Irredeemable Deben-
ture Stock; 1,281,455 6s 3d. of the Redeemable Debentures and Debenture Stock, and all of the Redeemable Deben-
tures to bearer. Transferred and registered at company's office. All issues listed on London Stock Exchange.
Capital Stock: (1) Authorized, 3,500,000 5% cumulative preference shares; outstanding, 2,786,429. 7,227
10s reserved for exchange of shares of Western Ry. of Havana, Ltd., and Cuban Central Rys., Ltd., not exchanged
to date.
(2) Authorized, 6,860,000; outstanding, 6,535,150 ordinary stock. Has preference over deferred ordinary.
Recent dividends paid: 1912, 4%%; 1913 to date, 5% per annum.
(3) Authorized, 600,000 Deferred Ordinary Stock; outstanding, 494,756 12s. 94,303 15s lOd reserved for
exchange of Havana Central R.R. common stock still outstanding.
All three classes of stock have equal voting power. Transferred and registered at company's office in London.
All issues listed on London Stock Exchange.
CUBAN CENTRAL RAILWAYS, LTD.

History: Registered under English laws, May 2, 1899, to acquire perpetual concessions for 214 miles of com-
pleted railroads in Cuba.
Location: Road extends from Concha to Cienfuegos, 70 miles; Santa Clara to Cruces, 24 miles; Palmire to
Aguada, 40 miles; Sitiecito to Caibarien, 55 miles; Calabazar Branch, 2 miles; Cifuentes to Tumba la Burra, 18
miles; Camajuani to Placetas del Sur, 17 miles; Ranchuelo to Matagua, 21 miles; Caibarien to Placetas, 22 miles;
Sagua to Carralillo, 39 miles; Resolucion spur, 2 miles; Camarones to Cumanayagua, 17 miles; Palmarito to Lequei-
tio, 8 miles; Santa Rosalia to Delicias, 9 miles; Caibarien to Dolores, 9 miles; total, 353 miles.
Equipment: Locomotives, 93; passenger cars, 78; freight cars, 3,022.
Management: OFFICERS: Geo. A. Morson, Gen. Mgr., J. Williams, Acct., Sagua La Grande, Cuba; W. J. Mas-
len, Sec., London, Eng.; Cosme de la Torriente, Legal Rep., Havana. DIRECTORS: C. J. Cater Scott, Chairman;
Popkiss, Capt. C. A. R. Scott. OFFICES, 9 New
Sir Henry M. Jackson, Hon. Arthur Crichton, W. E. Ogilvie, R.
Broad Street, London, E. C., and Sagua La Grande, Cuba.

1916 1915 1914
Passenger earnings ] ["116,625 119,515
Freight earnings | | 386,703 345,156
Express and baggage *<**,""
f \ 21,075 20,290
Miscellaneous earnings J [ 12S,722 101,049
Operating expenses and maintenance 425,000 343,408 368,161
Net earnings 367,000 306,717 217,849
Debentures: 771,700 4%% debentures, redeemable on 6 months' notice at 110 and interest. Interest paid
Feb. and Aug. 1. Denomination, 100. Authorized, 1,000,000; issued, 887,300 of which 115,600 redeemed by
sinking fund to June 30, 1915. Unissued debentures reserved for payment of mortgage bonds of extinct com-
panies outstanding at date of acquisition. Sinking fund of 1% per annum commenced in 1905 to redeem deben-
tures by drawings at or above par. Secured by general mortgage on entire property owned. Listed on London
Stock Exchange.
Debenture Stock: 1,178,000 5% debenture stock; redeemable at 110 on 6 months' notice. Charge on entire
property subject to prior liens. Listed on London Stock Exchange.
10.
Capital Stock: (1) Authorized, 1,400,000 5%% cumulative preference stock. Outstanding, 1,220,000. Par,
Has priority as to capital. Dividends have been paid regularly since organization. Listed on London Stock
Exchange.
(2) Authorized and outstanding, 900,000. Par, 10. Dividends have been paid for many years at varying
rates; 2% was paid in year ended June 30, 1914, and 4% in 1915 and 1916.
HAVANA CENTRAL RAILROAD

History: Incorporated under laws of New Jersey, April 4, 1905, and acquired rights of the Insular Railway to
ild 120 miles of road
extending from Havana, Cuba. Company has completed 78 miles. Controls Havana Ter-
minal Co., jointly with United Rys. of Havana and
Regla Warehouses. Franchise is perpetual.
Management: OFFICERS: W. E. Ogilvie, Pres. and Chairman of Board; W. F. Baumann, F. Von Schroder,
'ice-Pres ; H. Belief euille, Sec. and
Treas., New York; R M. Orr, Mgr., Havana, Cuba. DIRECTORS: W. E. Ogil-
vie, Adolf Pavenstedt, W. F. Baumann, A. Von
Goeben, H. A. Von Schroder, F. O. Dettmers, New York; Chas.
A. R. Scott, C. J. Cater Scott, A. O.
Crichton, London, Eng. Annual meeting, third Wednesday in September at
Jersey City, N. J. GENERAL OFFICE: 42 Broadway, New York.
Bonded Debt: $8,500,000 Havana Central R.R. first 5s. Dated May 1, 1905; due May 1, 1955. Interest paid
May and Nov. at company's office, New York. Coupon, $1,000. Central Trust Co., New York, Trustee. Authorized,
1,
$10,000,000 of which $1,500,000 were reserved for corporate purposes. A sinking fund commenced in 1908. Ap-
proximately all bonds have been exchanged for United Rys. of the Havana & Regla Warehouses, Ltd., 4% redeem-
able debentures and debenture stock.
Capital Stock: Authorized, $10,000,000; outstanding, $8,162,500. Par, $100. Secretary of company acts as
Transfer Agent. REGISTRAR: Metropolitan Trust Co., New York. Practically all stock has been exchanged for
United Railways of the Havana and Regla Warehouses, Ltd. Deferred ordinary stock.
WESTERN RAILWAY OF HAVANA, LTD.

History: Registered in London, Eng., July 28, 1892.
Location: Road extends from Havana to Guane, Cuba, 147 miles. Equipment: Locomotives, 30; passenger
can, 37; electric motor coaches, 6; freight cars, 651; service cars, 54.
Management: OFFICERS: C. J. Cater Scott, Chairman; W. J. Maslen, Sec.; Robert M. Orr, Gen. Mgr. DIREC-
TORS: C. J. Cater Scott, Sir Henry Mather Jackson, Hon. Arthur O. Crichton, W. E. Ogilvie, R. Popkiss, Capt.
C. A. Reid Scott. GENERAL OFFICE: 9 New Broad Street, London, E. C.
Comparative Earnings, Years Ended June 3d

1915 1914
Gross revenues ................................................................... 297,783 297,960
Operating expenses and maintenance ............................................... 176,228 185,905
Net revenues .................................................................... 121,555 112,055
Debenture Stock: 590,0004%% debenture stock. Redeemable at 6 months' notice at 120. Interest Apr. and
Oct. 1. Authorized, 733,333. Secured by trust deeds, dated March 30, 1901, Oct. 22, 1903 and Nov. 6, 1908, as a
first floating charge on the undertaking. Listed on London Stock Exchange.
Capital Stock: Authorized, 1,200,000; outstanding, 1,100,000. Par, 10. Practically all owned by United Rys.
of Havana, and Regla Warehouses, Ltd. Stock registered and transferred at company's office, London, Eng. Divi-
dends of 1% per annum paid from 1905 to 1915, inclusive. Payments annually in October. Listed on London Stock
Exchange.
HAVANA TERMINAL RAILROAD
History: Incorporated under the laws of Maine, July 5, 1910, to acquire and operate freight and passenger
terminal facilities in Havana.
Management OFFICERS: Sir H. M. Jackson, Chairman of Board; W. E. Ogilvie, Pres.; C. J. Cater Scott,
:
Vice-Pres.; W. J. Maslen, Sec.; R. M. Orr, Gen. Mgr. DIRECTORS: Sir H. M. Jackson, W. E. Ogilvie, C. J. C.
Scott, A. O. Crichton, Adolf Pavenstedt. Annual meeting, first Tuesday in October. OFFICES: Kittery, Me., 270
Dashwood House, London, E. C. and Havana, Cuba.
Bonded Debt: 1,400,000 5% mortgage debentures. Dated Jan. 1, 1911; due July 1, 1965. Interest paid Jan.
and July 1, at J. Henry Schroeder & Co., London, who also act as Transfer Agents. Authorized, 1,500,000. Issued
as debenture stock in multiples of 1; or as debentures (to bearer), in denominations of 20, 100 and 500. Con-
vertible at holders option into debenture stock. Callable at 110 and interest by sinking fund commencing July 1,
1916. Secured by joint covenant of the United Rys. of Havana & Regla Warehouses, Ltd., and the Havana Central
R.R. Co. to pay an amount sufficient to meet the interest and redemption of debentures; also all charges, insurance,
maintenance, etc. Also secured by first lien on 66,944 square metres of land, with the buildings to be erected there-
on, and a floating charge on all pther property of company subject to debenture stock and bondholders of the two
railway companies mentioned above on a further 43,418 and 29,754 square metres of land respectively. Listed on
London Stock Exchange.
Capital Stock: Authorized, $5,000,000; outstanding, $4,028,000. Par, $100. All owned by the Havana Central
R.R. and the United Rys. of Havana & Regla Warehouses, Ltd.
VERA CRUZ TERMINAL COMPANY, LTD.

Hintory: Incorporated under the laws of England, Nov. 21, 1907, to provide terminal facilities at Vera Cruz,
Mex., for the four railroads entering that city. Concession for this project was granted for 80 years from May
29, 1906, with the provision that the Mexican Government as direct owner of four shares of capital stock, was to be
represented in the management by two directors.
Management: OFFICERS: Vincent W. Yorke, Chairman of Board; B. E. Holloway, Sec., London, E. C. DIREC-
TORS: Vincent W. Yorke, Sir Clarendon G. Hyde, G. W. Houghton, London, Eng.; Humberto I. Braschi, Vin-
centc Vertiz, Walter Morcom, F. Adams, Elias S. A. de Lima, Mexico City. Annual meeting in December. GENERAL
OFFICE: Finsbury Court, Finsbury Pavement, London, E. C., England.
Bonded Debt: (1) 992,500 Vera Cruz Terminal Co., Ltd., first debenture 4%s; due Jan. 1, 1976. Int. paid
Jan. and July 16, at Morgan Grenfell & Co., and Dresdner Bank, London, Eng. Coupon, 100. Authorized and is-
sued, 1.000,000, of which 728,000 were dated May 7, 1908; 72,000, July 15, 1910, and 200,000, Jan. 15, 1911;
7,500 have been retired. Sinking fund of 3,075, which became operative Jan. 1, 1913, provides for purchase of
bonds at or under par. Callable at par after Jan. 1, 1923, upon one month's notice. Issued to provide funds for
terminal facilities at Port of Vera Cruz. First lien on all property of company now owned' or hereafter acquired.
Guaranteed principal and interest by four companies using terminal. Listed on London Stock Exchange. Interest
in default since July, 1915.
(2) 92,600 Vera Cruz Terminal Co. second debenture 6s. Dated Dec. 21, 1911; due Dec. 31, 1932. Interest paid
Jan. and July 16. Coupon, 100. Authorized and issued, 100,000, of which 92,500 have been deposited as security
for a loan and 7,500 have been cancelled. Sinking fund of 5,000 per annum became operative Dec. 31, 1912.
Callable at par and interest on six months' notice. Lien on all property of company subject to No. 1. Guaranteed
principal and interest by four companies using the terminal. Interest in default since July, 1916.
Capital Stock: Authorized and outstanding, 18 shares of a par value of 5 each. The Mexican Government
owns 4 shares, the Mexican Railway Co., Ltd., 6 shares, the Interoceanic Ry. of Mexico, Ltd., 4 shares, the Vera Cruz
Rys., Ltd., 2 shares, and the National Rys., of Mexico, 2 shares.
VICTORIA & SIDNEY RAILWAY
History: Incorporated under Canadian laws, in 1892. Road opened April 1, 1895.
Location: Road extends from City of Victoria to Sidney, Vancouver Island, B. C., 15.97. Sidings, etc., 1.66
miles. Equipment: Locomotives, 3; cars, 20.
Management: OFFICERS: A. H. MacNeill, Pres., Vancouver, B. C.; J. H. O'Neill, Vice-Pres.; Seattle, Wash.;
F Van Sant, Supt, Victoria, B. C.; A. M. Thomas, Sec., Treas. and Aud., Seattle, Wash. DIRECTORS: A. H.
MacNeill, Vancouver, B. C.; F. Van Zant, Victoria, B. C.; J. H. O'Neill, A. M. Thomas, F. V. Brown, Seattle, Wash.
Annual meeting, second Wednesday in October. GENERAL OFFICE: Victoria, B. C.

1915 1914 1913 1912
Gross earnings . $31,680 $56,468 $78,861 $59,714
Net earnings *13,301 *25,400 25,904 8,786
* Deficit.
Bonded Debt: $300.000 Victoria & Sidney Railway first 5s. Due Sept., 1917. Interest paid, Mar. and Sept.
Interest on bonds is guaranteed by endorsement, 2%
by the Government of British Columbia, and 3% by the City
of Victoria, B. C. Interest paid without deduction for normal income tax.
WHITE PASS & YUKON RAILWAY, LTD.

History: Registered under the English Companies Act, July 30, 1898, to acquire the property of the Pacific &
Arctic Ry. & Navigation Co., the British Yukon Ry. Co. and the British Columbia Yukon Ry. Co. Acquired the 13
steamships and other property of the Canadian Development Co. in 1901. This business has been transferred to the
British Yukon Navigation Co., Ltd., the equity in the stock of which is owned by the White Pass & Yukon Ry., Ltd.,
and which operates steamers between White Horse and Dawson City and Caribou and Atlin. Line of railroad ex-
tends from Skaguay, Alaska, to White Horse, B. C., on the Yukon River, 110.4 miles. In 1910 the British Yukon
Co. completed an extension of a branch line to the Pueblo copper mine, 11 miles. The White Pass & Yukon Ry. Co.
guarantees the 5% bonds of the British Yukon Ry. Co. issued in connection with this extension, limited to 16 miles,
to the amount of 6,000 per mile.
Equipment: Locomotives, 13; passenger cars, 17; freight cars, 229; service cars, 8; river steamers, 21; barges,
Management: OFFICERS: 0. L. Dickeson, Pres., Vancouver, B. C.; J. A. Robertson, Sec., Woodthorpe; Bevan &
Co., Aud., London, Eng. DIRECTORS: Charles Colin Macrae, Chairman; Hon. Sydney Carr Glyn, Edwin Hanson,
James Dugdale, Edward Ford North, London, Eng. Annual meeting in November. GENERAL OFFICE: 7 Moorgate
Street, London, E. C.

1915 1914 1913 1912 1911 1910
Inc. from investment 56,219 54,219 100,819 87,087 94,298 102,447
Other income 14 29 158 44 157 184
Total income 56,233 54,248 100,977 87,131 94,455 102,631
Debenture interest 62,689 52,665 52,665 52,665 52,667 52,667
Other deductions 19,726 11,769 7,294 8,625 8,418 9,069
Surplus for dividends *26,182 *10,186 41,018 25,841 33,370 40,895
Bonded Debt: 746,702 White Pass & Yukon Ry. Co., Ltd., first 5% consol. debenture stock; due Dec. 31, 1930.
Int. payable Jan. and July in London. Callable at 110 after Dec. 31, 1920, on six months notice. A sinking fund
has been established on a 3% basis for the redemption of this issue at maturity, and as of June 30, 1913, 239,984
was held in the fund, including 175,397 stock and 67,000 British Yukon Ry. 5% branch line bonds guaranteed by
the company. Authorized issue, 750,000. A specific first charge upon 752,073 bonds of the local companies owning
the railway from Skaguay to White Horse, together with their entire capital stocks.
225,500 6% mortgage debentures, due Dec. 31, 1930. Callable at 105 on six months' notice. Int. payable Jan.
and July 1 in London. These debentures are a first lien on the floating equipment and property purchased from the
Canadian Development Company.
Capital Stock: Auth., 1,700,000; outstanding, 1,375,000. Par, 10. Dividends paid annually in January.
Dividends for the last ten years as follows: 1904, 5%; 1905, 3%%; 1906 to 1908, inclusive, 5% each; 1909, 3%;
1910, 2%; Jan., 1911, 1%; Jan., 1912, 1%; Jan., 1913, 1%; Jan., 1914 and 1915, none.
FORT WORTH & RIO GRANDE RAILROAD

Origin: Incorporated under laws of Texas, June 1, 1885. Controlled by the St. Louis & San Francisco through
ownership of entire capital stock.
Location: Line of road: Fort Worth to Menard, Tex., 220.95 miles; Belt Junction to Missouri, Kansas &
Texas Ry. of Texas, crossing Fort Worth, Tex., 2.49 miles; Brandy to Maynard, Tex., 11.78 miles; total, 235.22
miles; total operated, 235.22 miles; sidings, 35.89 miles. Locomotives, 13; cars, 97.
Management: OFFICERS: W. C. Nixon, Pres.; W. B. Biddle, Vice-Pres., St Louis, Mo.; G. H. Schleyer, Vice-
Pres. and Gen. Supt.; L. C. Wilds, Sec. and Treas.; C. S. Snow, Aud., Fort Worth, Tex. OFFICE, Fort Worth, Tex.
RECEIVERS: Avery Turner, Amarillo, Tex.; G. H. Schleyer, Fort Worth, Tex.

1916 1915 1914 1913 1912 1911
Gross revenues $844,965 $821,573 $833,123 $886,265 $920,927 $961,635
Net income $61,040 $99,373 $154,302 $161,075 $66,133 $135,498

Other income . . 20,673 17,021 5,870 7,640 9,509 15,920
Total income $81,713 $116.394 $160,172 $168,715 $75,642 $151,418

Taxes 35,085 29,286 29,799 26,541 25,777 29,601
Fixed charges . . . 251,886 242,296 245,115 250,066 245,377 245,200
Deficit $205,258 $155,188 $114,742 $107,892 $195,512 $123,383
Profit and LOM Account, year ended June 30, 1916: Miscellaneous credits, $259; debit balance carried to bal-
ance sheet, $235,982; total. $236,241. Contra: Debit balance at beginning of year, $29,653; debit balance trans-
ferred from income, $205,258; loss on retired road and equipment, $1,330; total, $236,241.

ASSETS: 1916 1915 1914 1913 1912 1911
Working assets 169,416 213.380 289,318 394,395 445,649 705,813
Deferred debit items. . . 19,000 19,323 4,917 is.r.:;;. 21,356 130,332
Profit and loss deficit.. 235,982 29,653
Total $8,031,317 $7,877,332 $7,922,792 $8,025,547 $8,067,473 $8,247,042

LIABILITIES:
Capital stock $2,928.300 $2,928,300 12,928,800 $2,928.300 $2,928,300
Funded debt 4,796.780 4,735,020 4,467,000 4.467,000 4,467,000 4,450.000
Working liabilities 281,102 191.302 377,994 365,656 310,309 299.579
Accrd. liabilities not due 14,742 13.013 11.206 11.860 13,027 15,761
Deferred credit items.. 10,423 :>.'.'7 12,784 12,988 ' '
Profit and loss surplus. 155.508 239,743 348,837 663,462
T Ul $8,031,347 $7,877,332 $7,922,792 $8,025,547 $8,067,473 $8,247,042
Bonded Debt: $4,467,000 Fort Worth & Rio Grande Ry. first 4s. Dated July 1, 1888; due July 1, 1928. Under
the reorganization plan of the St. Louis & San Francisco these bonds were offered 100% in new prior lien 4s of the
St Louis-San Francisco Ry.
Capital Stock: Auth., $6,250,000; outstanding, $2,928,300. Par, $100. Outstanding stock owned by St. Louis-
San Francisco Ry.
PITTSBURGH, LISBON & WESTERN RAILROAD

History: Incorporated Oct. 1, 1902, under laws of Ohio and Pennsylvania, as a consolidation of the Pittsburgh,
Lisbon A Western R.R., and the Shenango & Beaver Valley Railway. Has been controlled through stock ownership
since 1004 by the Wheeling & Lake Erie R.R. A receiver was appointed for the property on Dec. 25, 1914. The
new Wheeling & Lake Erie Ry. Co. plan did not provide for this property.
Location: Line of road, New Galilee, Pa., to Lisbon, Ohio, 25 miles; Cannelton June, to Sterling Mines, 2.35
miles; total operated, 27.35 miles; sidings, 6.39 miles. Also owns 6.92 miles from Salem to Washingtonville, Ohio,
which is leased to the Youngstown & Onio River R.R. for 99 years from 1906, at an annual rental of $6,000.
Management: OFFICERS: W. M. Duncan, Rec.; N. B. Billingsley, Pres.; J. G. Stidger, Treas.; C. H. Holmes,

See. DIRECTORS: N. B. Billingsley, W. H. Hepburn, E. W. Moore, E. W. Powers, R. W. Firestone, J. S. McNutt, J. G.
Stidger, C. H. Holmes, F. Mansfield. Annual meeting, first Tuesday in October. OFFICE, Lisbon, Ohio.
77: V YEAR PRICE RANGE. 12(59
TEN YEAR PRICE RANGE OF RAILROAD STOCKS

AND BONDS
f. The following table inchules the highest and lev. '.til
quotations of the different issues of stocks and bonds
June for i In-cut in- perioil from January 1, I'.KIT, tn January 1, 1917. The highest and lowest selling price
M. Where no reeonl of sales could lie obtained, the bid price on the la-t day of the closing year is given.
r, in the last six months of 1914, most of the bid and asked prices for 1914
.use of July :;i, 191 I. there being no available for any later <l
icliiileil in tlii- i on one or more of the leading Stuck Kxchanges. The New
listed
where there has been a difference in recorded quotations on two
dopted in 191.1, Mocks of other than SI 00 par value, fon.
'>! on un\ -
however, quoted in
Till 1
1270 TEN YEAR PRICE RANGE.
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONOS (Continued).
TITI.I:
TKX YKAK PKICE KA\GE. 1271
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS (Continued).
TITLE
1*72 TEX YEAH PKICK RANGE.
TITI.K
7'/;.V YEAR PUU'E RA\'GE. 1273
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND
TITLE
Iv!74 7'/:.V YEAR PRICE RANGE.
TITLE
TEX YE A If PKICE K.1XGE. 1275
TEX YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS (Conformed)-.
TITLE
L276 TEN YEAR PRICE RANGE.
TITLE
TUX YEAR PRICE KAXGK. H77
T1TI 1
H7S TKX YKAK I'lUCK KAXCK.
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS--(C<m*mi).
TITLE
TEN YEAR PRICE RANGE.
TITLE
HSU TKX YKAE PRICE KAXGE.
TITLE
77; Y YEAR PRICE RAXGE. 1281
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS (Con tinned).
TITLE
TEX YEAH PI? ICE EAXGE.
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS (CMitinwh.
TITLE
TEX YEAE PKICE KAXGE.
TITLB
TEN YEAR PRICE RANGE.
TITLE
77-:.V YEAR PRICE RANGE. 1285
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS (Contimted).
TITLE
1286 TEX YEAH PKICE KAXdK.
TEN YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS (Continued.)
TITI.K
77:.V YEAR PIUCE RAXGE.
TIT IK
1288 TEN YEAR PRICE RANGE.
TITLE
TEX YEAR PRICE RAXGE. 1289
TITLE
TKX YKAK PK1CK HAXGK.
TITLE
Moody s manual of
1
investments: American
and foreign. Steam
railroads
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MOODY'S ANALYS..

PAI.T 1 STEAM liAILKOADS

liV JOHN MOODY

I KillTII ANNUAL NTMBKK

MOODY'S INVESTORS SERVICE, NEW YORK

ALL RIGHTS RESERVED

PRINTED BY PUBLISHERS PRINTING COMPANY, NEW YORK

KKV TO BOND RATINGS 19-21

KM TO STO< k RATINGS 21-23

DKI IMTIONS OF TERMS 24-26

ALPHABETICAL I\DK\ 27"-92

INTKOIH ( TION 93-117

LOCATION AND CHARACTER OF TONNAGE 93

MANAGEMENT OF THE RAILROAD 94

RELATIVE VALUES IN THE RAILROAD 95

THE PHYSICAL FACTORS 96

AVERAGE MILES OPERATED 96

PROPORTION OF FREIGHT TO ALL TRAFFIC 98

PASSENGER AND FREIGHT DENSITY 99

AVERAGE FREIGHT TRAIN-LOAD 99

TRAIN-MILE EARNINGS 100

PASSENGER AND FREIGHT RATES 100

KARNINGS AND THEIR DISTRIBUTION 101

THE GENERAL INCOME ACCOUNT 102

OPERATING REVENUES (OR GROSS EARNINGS) 102

THE MAINTENANCE ACCOUNTS 104

CONDUCTING TRANSPORTATION AND OTHER OPERATING EXPENSES 105

NKT OPERATING REVENUES (OR NET EARNINGS) : . 106

OTHER INCOME AND TOTAL NET INCOME 106

FIXED CHARGES AND MARGIN OF SAFETY 108

DISPOSAL OF SURPLUS 109

ASSETS AND LIABILITIES 110

THE CAPITAL ASSETS Ill

THE CAPITAL LIABILITIES 112

CAPITALIZATION OF RENTALS 113

STOCKS AND BONDS OUTSTANDING PER MILE 113

NET CAPITALIZATION 115

NET INCOME ON NET CAPITAL 115

THE PRINCIPLE OF AVERAGES 115

THE BOND RECORDS AND RATINGS 116

. RAILROAD SYSTEMS AND THEIR SUBSIDIARIES IN THE UNITED STATES 119-766

MINOR RAILROAD COMPANIES IN THE UNITED STATES 767-1132

RAILROADS OF CANADA, MEXICO, CUBA AND SOUTH AMERICAN COUNTRIES 1191-1268

TEN- YEAR PRICE RANGE OF RAILROAD STOCKS AND BONDS. . .1269-1290

MOODY'S INVESTORS SERVICE.

wholly as a result of supply and demand in the general investment markets.

of being scaled down to a nominal position as a result of foreclosure or reorganization. Some of

ting into worthleMness or appear to have an entirely future. defaulted bond i A

ki;V TO THE STOCK RATINGS

Daa, Da, and D.

ratings. T: of safety, etc., serve as a general guide, but the

Total Net Income. This is the sum

For Key to Hond Ratings see Page 19.

."is. 1934 (1) Baa 138

Railway first 6s, 1938 (1) Baa 786

Bel! Valli-y Railv.. 266

Buffalo ("reek Railr >

lidated 60, 1 '. t 1 (1 ) Aa 806

mortgage 5s, 1945 (10) Aa 387

pany first mortgage 4s, 1938 (13) Ba 219

and 4' js. 1917-23 (4) Baa 1215

Iberia & Vermilion

> Baa 414

Milwaukee Terminal Railway 258