Page images
PDF
EPUB
[graphic]
[ocr errors]
[ocr errors]

TWO HORSES

may be EN Indo

STANDARD FOR QUALITY.

OUR CLAIMS.

We claim that our Finishing Varnishes are unsurpassed in the following qualities:

1. Uniformity. 3. Fluency. 5. Drying. 7. Fulness. 9. Durability. Paleness. 4. Reliability. 6. Hardening. 8. Brilliancy. 10. Economy. VALENTINE & COMPANY,

Chicago

NEW YORK,

Paris.

[blocks in formation]

The AMERICAN RAILROAD JOURNAL, the tions. We give below a few extracts from op oldest railroad paper in the world, was established of the press : during the construction of the first 100 miles of railroad in this country. Its files of the past fifty years

From HERAPATH'S RAILWAY JOURNAL, Lond
The American Railroad Journal, one of the

Brown, Brothers & Co., furnish a complete record of the development of honest and outspoken of American papers.

[blocks in formation]

American railroads and faithful chronicles of the
kindred financial interests. It contains features of
special value to investors and others desirous of being
readily acquainted with values and transactions con-
nected with the development and working of our
railroad systems, and much of interest to the general
reader. Among its contents are concisely arranged
Bond and Share Lists, in tables (describing in detail
railroad properties, giving the length of Main Road
and Branches, Gauge of Track, Number of Locomo-
tives and Cars, Traffic, Capital Stock, Bonded Debt,
Earnings, Dividends, etc., of the different American
Railroads), condensed summaries of Railroad Re-

ports, Weekly, Monthly and Yearly Earnings, Divi-
dend Statemente, Market Reports of New York, Bos-
ton, Philadelphia, Baltimore and London; a Weekly
Boston Letter, a Department on. Railroad and Bank.
ing Law, Lists of United States and Canadian Coun-
terfeits, Construction, Organization, Manufacturing

John H. Davis & Co.. and Personal Notes, Sketches, Editorial and Miscella

Bankers and Brokers,

17 Wall St., New York. Interest allowed on Temporary and Standing Deposits.

Stocks and Bonds bought and sold on Commirrier only, either on Margin or for Investment.

Sheldon & Wadsworth,

BANKERS,

10 WALL STREET, N. Y.

IN ADDITION TO A GENERAL BANKING
BUSINESS, BUY AND SELL ON COMMISSION
GOVERNMENT BONDS AND ALL SECURITIE
CURRENT AT THE NEW YORK STOCK EX
CHANGE, MAKING LIBERAL ADVANCES ON
SAME. ALLOW INTEREST ON DEPOSITS.
WM. C. SHELDON.

WM. B. WADSWORTH
GEO. R. SHELDON.

Paine & Webber,

BANKERS AND BROKERS, (Members of the Boston Stock Exchange.) 48 Congress St., Boston.

neous Articles, etc.

From THE JOURNAL OF COMMERCE, New Yo The American Railroad Journal, a most va weekly newspaper, is now half a century old.

From THE CINCINNATI PRICE CURRENT. The American Railroad Journal's list of p is composed largely of the oldest and heaviest cial houses in the United States, Great Britai the Continent, and of railway companies, mai turing establishments, and banking and comm houses in this country.

From THE NORWICH (Conn.) DAILY BULLETI The American Railroad Journal, founded in is the oldest railroad paper in the world. The fully prepared list of bonds and stocks, their de tion and value, which has always been given freely by this journal than any other, is one more noteworthy valuable features.

From THE PITTSBURG (Pa.) CHRONICLE. The American Railroad Journal is authority on m news.

The AMERICAN RAILROAD JOURNAL is tak-
en by leading railroad men, investors and banking From THE WASHINGTON (D. C.) LAW REPORT
The American Railroad Journal is a most va
houses in this country and Europe, where it has long
been a recognized authority in its special field, being publication, and to all persons interested in Ame
railroads, bonds, shares, including mileage, r
recommended as such by Chambers' Encyclopædia stock, debts, income, dividends, etc., etc., it is a
and other standard foreign and domestic publica- invaluable.

TERMS OF SUBSCRIPTION FIVE DOLLARS PER ANNUM.
Sample Copies sent on Application. Address

AMERICAN RAILROAD JOURNAL COMPANY,
NEW YORK.

[blocks in formation]

During the Centennial Season-six months, closing November 10, 1876-the Erie Railway carried 3,000,000 passengers, without a single accident to life or limb, or the loss of a piece of baggage. And for a whole year, the official records of the United States Post-Office Department show the ar Buy and sell Stocks and Bonds on commission in of Erie Railway trains in New York, on time, to be from 15 to 27 per cent. ahead of competing lines.

Transact a general Banking business.

all markets. Correspondence solicited.

FRANCIS & LOUTREL,

NO. 45 MAIDEN LANE,

Stationers, Printers, and Manufacturers of
Patent Spring-Back Account Books,
All kinds of first-class Stationery, Writing Paper,
Desk Portfolios, Scrap-Books, Expense-Books,
Diaries, Pocket Cutlery, Cards, Chess-
men, Wallets, etc., etc.

We keep everything in our line and sell at lowest CYRUSH LOUTREL. prigen. Orders solicited.

Facts well worthy the consideration of travelers.

[blocks in formation]
[graphic]

TEAM NAVIGATION, COMMERCE, FINANCE, BANKING, MACHINERY, MINING, MANUFACTURES.

The First Successful Railroad Proj ctor.
JOHN STEVENS AND HIS EFFORTS TO INTRO-
DUCE RAILROADS SEVENTY-FIVE YEARS AGO-

THE OPPOSITION ENCOUNTERED AND SUCCESS
ACHIEVED HIS REMARKABLE ESTIMATES AND

which had evidently occured to him from reading accounts of the Chinese applying sails to their wheel barrows when the wind was favorable, to assist them in carrying farm products to market. It was from this suggestion that sails were actually used on cars in the early days of the Baltimore and Ohio railroad.

to the study of the subject, in the gathering should not be surprised at seeing steam carriages of statistics concerning inland transportation propelled at the rate of forty or fifty miles per and facts in regard to construction expenses, hour." Among his many other suggestions was about the year 1810 presented the subject of the one that sails might be used to advantage PROPHECIES AND THEIR WONDERFUL FUL- Constructing railroads in this State to the on the cars at certain times if desired, an idea people of New York. Of course with him the While the idea of introducing railroads matter was all a theory, but it was a theory general transportation purposes was first founded on close observation and sound reason ing conceived many sore disappointments ing, and abundant objections were found to are experienced by those venturesome enough it by such prominent men as Gouverneur Moradvance their theories in opposition to the ris, Robert L. Livingston and DeWitt Clinton. ejudice of the time. The few advocates of He failed to gain the approval of the State ilroads seventy-five years ago were ranked Commissioners of internal improvements but About 1820 Col. Stevens addressed a meng the wildest of visioraries, and their felt by no means discouraged respecting the morial to the Pennsylvania Legislature recombeories fell upon closed ears or indifferent final success of the project. His chief desire mending a communication between the waters inds. Mr. Oliver Ames of Philadelphia, who was to have the National Government interest- of the Ohio and those of the Delaware by a railearly a hundred years ago conceived the ed in the matter, and he considered it, in every road from Pittsburg to Philadelphia. Though fides of applying steam power to carriages, met point of view, so exclusively an object of nation- no immediate effect came from this yet it was with the most discouraging rebuffs in trying al concern that he would give no encourage- not long before he saw several railroad projects advance his theories, and after most valu ment to the embarking of capital in it by pri- started and with them the coming of his reward. able service in paving the way for others re-vate enterprises, until after he had ascertained We have not the date of Col. Stevens death, ceived but a meagre reward for his untiring that Congress was not disposed to give much but in 1832 he was living in New Jersey, a venlabors in behalf of public interests, for attention to it. His request for Government erable gentleman then, but much interested in in his own day there seemed but faint pro-assistance was the first appeal that had been railroads still. He did much to encourage the mise of the practical utilization of his ideas made to the National Treasury in behalf of construction of street railroads in this city at that the world has since witnessed. railroads, and in its modesty probably set the that time and the early files of the JOURNAL Following Mr. Ames came others working example which has been so peculiarly followed contain valuable correspondence from him on for a similar purpose, but without the power in kindred appeals of later date. He wanted this and other subjects. One of his great deor enterprise to awaken a general public in- two or three thousand dollars to try the experi-sires had been to see America adopt railroads, terest in the matter, and it was left to Col- ment either in Washington or in New York. with steam locomotion, before England should mel John Stevens, a resident of Hoboken, He addressed a circular to the public in 1812 take the matter up. In this he was disapN. J., to prove himself, what may be called, to prove the superiority of railroads and steam but in every other respect he enjoyed the our first successful railroad projector. At carriages over canal navigation and in it he height of a successful projector's pleasure in least this little can be given him from the quoted a short passage from President Madi- seeing in his own country, in his ripe old age, standpoint of his being the first man inter- son's message to the Senate and House of Rep- the realization of his ideas and the vindication ested in railroads to have the rare privilege resentatives which may be considered perhaps of his long labored for theories. of living to witness the realization of his plans as the first public recognition ever given by a and the fulfillment of his prophecies. In President to railroads. But President Madiach a marked degree was this true that of son was very cautious in the matter and alludhim more rightly perhaps than of any other ed to improved facilities for internal commu- letter on Railroad Regulation, says: So far man could it be said that he was the father of nication as being worthy of consideration. from the aid of the Government being suffici our milroad system. While it cannot be said Some of the prophecies made in this circular, ent to build the Central Pacific Railroad, I can of him that he was the first one to suggest the in as much as they were wholly based on say, because I know whereof I speak, that e of steam power upon railroads, to his theory, are remarkable. In regard to the rate every dollar derived from the loan of the Govsagacity and enterprise can be attributed the of speed possible of attainment Col. Stevens ernment credit went into the construction of finst correct estimate of the advantages of rail- said: "It is probable that it may not in the railroad, together with a large amount deroads and the adoption of means to demon- practice be convenient to exceed twenty or rived from the other resources of the company, thirty miles per hour. Actual experiments and had the company developed and created Col. Stevens after having given much time however can alone determine the matter and I no more business than existed when the roads

The Government and the Pacific Railroads.

Ex-Governor Leland Stanford in his recent

were commenced, we would never have heard system produces an approach to safety." The resumed as soon as spring opens. The c' of such wild statements as those of Judge danger incurred depends on the ratio between has increased its orders for equipment to Black, because the roads would long since have the different rates of speed. Forty miles an livered in the spring to 800 new freight car Land Commissioner Powers states that a passed into the hands of their creditors. It is hour is the time on the London and Northwesterl

Northern Pacific Railroad.

soon as the w

suspectible of easy demonstration that the Railway, with mineral trains running at 15 miles. he is receiving daily applications for lac work of grading the first 150 miles of the Cen-As the latter must get out of the way of the form- Montana, both from persons living in that tral Pacific Railroad from Sacramento eastward er there are sidings every 7 miles. When, in tory and others intending to become cel was more than would suffice to grade the road 1840, the London and Birmingham Road was The company has contracted with Mr. Han for a single track from the Rocky Mountains opened, 28 trains daily were all that were re- of St. Louis, for a new large ferry boat, quired. The load of the passenger train was 40 $20,000, and to be completed by April 15, to the Hudson river. These Pacific roads tons, and the merchandise train 98 to 99 tons. This boat will be employed in the transfer have, in their construction and in their opera- The passenger speed was 25 miles an hour, the construction material across the Missouri tion, redeemed every promise and every hope merchandise 20. Since 1875 over this same road Bismarck. Although track laying on the ext that the public entertained. Never have they 127 trains ran, passenger trains being of 257 tons, of the roal west of the Missouri is now susp failed in a single obligation to the Government, speed from 25 to 40 miles an hour, while the a sufficient amount of construction materi and they have done their business at rates far mineral or merchandise trains are of 540 tons, been delivered at the end of the track to gi below those which at their inauguration were with a speed from 15 to 20 miles. Of course ployment to the working force for a month thought possible. They have largely opened this work is now done partly on three and four next spring, should there be any interrupti up to settlement and development the greater lines. As is well known, the profits of a road the forwarding of additional material in the portion of the territory of the United States. carrying passengers is much larger than that de- time. The end o the track is less than 40 They have created vast property interests for rived from an exclusive mineral or merchandise from the Yellowstone river, and the line others, and in doing so they have found their road. For instance, the Metropolitan Railway completed to that stream as own benefit. They are prosperous roads, and carries a traffic of £36,600 per mile, and the Met- will permit in the early spring. Oue ho their stockholders are in possession of a valu- ropolitan District of £34,000, which makes each thousand ties, which were cut at the head able property which has been created by their engine on the respective lines earn in the one case of the Little Missouri, have been purchased £12,000 and in the other £10,000, while on some company. Five thousand tons of rails ar construction, and which had no prior existroads, doing exclusively a freight business, the being delivered along the line of the extens ence. In conclusion, gentlemen, allow me to annual earning of an engine is only £2,000. Duluth and Vermillion Railroad say that maximum rates determine the possiArticles of incorporation of the Duluth and bilities of minimum rates; that maximum General Adna Anderson, chief engineer of the million Railroad Company were filed wit rates have enabled railroads to develop to the Northern Pacific Railroad, is reported by the St. Secretary of State of Minnesota on the 2 extent that they have the vast resources of the Paul Pioneer Press as saying that, all things con- January. The object of this company is the country; that the railroads, in opening up newidered, the trip he recently made over the line of struction of a standard-gauge railroad from countries, adding new industries, conferring that road was not an unpleasant one. He started luth, thence to some convenient point on or additional facilities for the interchange of com- with a squad of six men from the end of the track Vermillion Lake, and thence to some conve modities, and bringing the buyer and seller of the Missouri division September 8, which at point at or near the northern boundary of M close together, have furnished and do furnish that time was 21 miles beyond Green river, and sota. The amount of capital stock is $1,500 labor for the common welfare far beyond other just seven weeks thereafter reached the end of the in 15,000 shares of $100 each, to be paid in agencies. The reduction of rates under the track of the Pen d'Oreille division, which was time to time upon instalments of not less than plea of regulation is a great blow to the labor- then 25 miles east of the mouth of Smoke river. cent, upon calls authorized by the Board of I ing man who produces, and to the laboring man The road was then graded 180 miles further east tors. The indebtedness is limited to $1,500 who consumes. In my opinion any reduction or about 50 miles from Lake Pen d'Oreille. The The members of the corporation are Geo. C. 8 scarcely goes to the benefit of the many, but last 300 miles he made on horseback, being ac- R. C. Mitchell, Wm. R. Stone, J. E. Knowltor companied by three men. to that of the comparatively few and comparaT. L. Blood, of Duluth, and A. De Graff and General Anderson said that be found the line a De Graff, of St. Paul, who are also the Boa tively wealthy, who occupy the positions of good deal better than he anticipated. He ex-Directors. The road is intended to develop middlemen between the producer and the conplored a new pass called Priest's Pass, which had iron interests of the country it will penet sumer. This question of transportation is of lately been discovered, and found it to be a most Parties are now engaged in making a thore an importance that prevents its being settled favorable one for crossing the mountains. He exploration of the territory to be reached by excerting upon just and correct principles. has now three surveying parties in the field-one road. The dis ance from Duluth to Vermi about 350 miles west of Glendive Creck, another Lake northward is eighty miles on an air line, Since 1874 the net earnings of the five great 50 miles west of Helena, and the third seeking a by road it will be about one hundred miles. passenger lines of England have advanced from route across Bitter Root Mountains. He said articles of incorporation were filed for the 3.41 to 8.97 on the aggregate capital, while on that through Montana there was a good agricul- pose of applying to the Legislature for a gran principal mineral lines, these earnings have de-tural country, but that irrigation would have to swamp lands in aid of the construction of creased from 5.34 to an average of 4.82 per cent. be employed in its cultivation. In Washington road, which latter will depend entirely upon As to the deaths of passengers, these have been Territory there is a large area of country never result of investigations that will be made and c reduced by one half, the number of accidents visited by rain or snow, where excellent crops of cluded during this and the next year. having been diminished by one-third, while the grain are raised without resort to irrigation. The

1874.

English Railroads.

number of trains have increased 11 per cent since grading of the Yellowstone division west of Glendive According to the Report of the Commission "Fraser's Magazine," in reviewing the Creek is being energetically pushed, there having of Railroads and Telegraphs of the State of O whole problem of railway safety, insists that this been little Interruption on account of cold weath the number of miles of single track railroad can be solved only in one way, by means of the er, and he feels confident that the road will reach the State on the 30th of June, 1880, was: m staff or permit, which insures that only one en- Miles City by next July, and that the entire line line 5,256.10, branches 392.52-total, 5,648.6 gine shall be on the same section of a lie at a will be completed in three years. double track 244.76, third rail 31.84, siding given time. But by this method the amount of General Manager Sargent states that the first 117.13-total rail in Obio, 7,102.35 miles. Work is very small. "For the passage of trains installment of the 500 tons of new rail to be de- increase of main line, including branches, o over the same line, in the same direction, at alivered this winter bas arrived and been sent to 1879 is 877.58 miles. The increase of sidings different rate of speed, no absolute rule of safety the front, as will the remainder as soon as it comes 89.92 miles. The total increase of rail laid du exists, although the efficient working of the block|forward, and that track laying will be vigorously ing the year in Ohio is 1,045,88 miles,

AMERICAN

Railroad Journal

ESTABLISHED 1831.) PUBLISHED WEEKLY BY THE

to establish a uniformity of valuation in our it. The legal power of the commissioners to various market centres, can be found by a suspend the licenses of five pilots who were glance at the widely differing prices of articles enterprising enough to introduce into our pilot fifty years ago in cities where now the quota-system the use of a steam pilot boat seems to tions of one are almost identical with those of have been strongly supported by the decisions another. In the winter of 1832, New York of two of our Judges, but this fact makes the and Philadelphia, having no railroad facilities, theory involved seem none the less detrimental were paying twelve and sixteen dollars a cord to commercial interests. There was a time for wood for fuel, while in Baltimore the fifty years ago when much arguing was neces 6 00 prices quoted were five and six dollars; an sary to convince fossilized and bigoted minds advantage given to Baltimore by the opening that some advantage might accrue from substiof the Baltimore and Ohio Railroad a year and tuting steam for horse power on railroads. It a half before. would seem, though, that there ought to be no need of presenting arguments to-day con

MERICAN RAILROAD JOURNAL COMPANY,
No. 23 LIBERTY STREET, NEW YORK.
JOHN H. SCHULTZ - - - - President.
cription, per annum, in advance....
eign Subscription, including postage..

BRANCH OFFICE:

48 Congress St., Boston, Mass.

....

.$5 00

Mr. FREDERIC ALGAR, Nos. 11 and 12 lements Lane, Lombard Street, LONDON, E. C., Engand, is the authorized European Agent for the

[ocr errors]
[blocks in formation]

129

A SYNDICATE is announced as having agreed to advance $3,000,000 to pay the Atlantic, Mississippi and Ohio Railroad Company's defaulted interest provided the different towns through which the road passes give up one half of the 129 stock held by them, which proposition has been 130 accepted. Messrs. Jay Gould and R. T. Wilson 131 are mentioned among the prominent members 133 of the syndicate. The importance of the move135 ment will be appreciated when it is remembered that this road in connection with the Selma, 140 Rome and Dalton Railroad and the Vicksburg

.132

135

.136

..143

engo, St. Paul, Minneapolis and Omaha R. R..143 and Meridian Railroad will form a through line

Northern Minnesota Railroad.

Lattuads of Maine...

Lalroad and Canal Dividend Statement.
(necticut and Passumpsic Rivers Railroad..
New York, Lake Erie and Western Railroad..
Fuairead Law....

.144

.143 from Shreveport, La, to Norfolk, Va., that
.143 Shreveport is the terminus of the Texas Pacific
45 Railroad and that Mr. Gould has recently
purchased the Vicksburg, Shreveport and
Texas Railroad.

.145
.146

New York, Saturday, February 12, 1881.

Ered at the Post Office at New York, N. Y., as Second-
Class Mail Matter.

counties of North Carolina.

cerning the desirability of at least allowing

pilots an opportunity for demonstrating here, as it has been plainly demonstrated abroad and at some points on our own coast, that steam can be used to advantage in the peculiar requirements of their branch of navigation. The reliability of the power, the speed to be attained by it and the accuracy made possible by it for estimating capacity for reaching certain points in certain periods of time would seem alone to be sufficient to place steam power for pilot boats in the position of a necessity. Reasons could be multiplied to an unlimited extent for removing any prejudice the tendency of which is to check the natural advancement in methods of navigation and the operations of which cannot be favorable to securing the highest safety in ocean travel or the perfection

The

The First Southern Railroad. A charter was granted for the Charleston & Hamburg Railroad in January, 1828, and the books opened in the following March, and Mr. though but a small portion of the stock was taken the company was organized at that time and measures were taken for commencing work upon the undertaking. In the winter of 182829 an experimental line of survey was execut

ed and in the winter of 1829-'30 the route was

THE consolidation of the Western Union, of pilotage demanded by those who carry large the American Union and the Atlantic and Paci-marine risks and by general commerce. fic Telegraph Companies which has been the Pilot Commissioners may be acting justly under the law and light afforded them; but if engrossing subject of discussion for the past that is the case then they seem to be burdenGOVERNOR JARVIS and the State Geologist three weeks in financial circles has been comed with a decidedly queer law and a very infeNorth Carolina bave astonished people who pleted. Messrs. Hamilton McK. Twombly seem not to have given the subject much and C. W. Chapin have retired from the West.rior light for this kind of a century. thought heretofore, by facts concerning the ern Union directory; Gen. Eckert has been res of that State. It is not a little astonish-made general manager in the place of Gen. Anng that while thousands of tons of iron ore are son Stager, who retired after a long service brought from Africa every year, and carried and Messrs. Jay Gould, Russell Sage and Gen. inland by rail to furnaces 450 miles from the Eckert have been elected directors. coast, so little has been done to utilize the Gould announces that the new company has almost inexhaustible quantities of better or now under contract through the new cable equally valuable ores to be found in several company recently organized at Albany, the laying of two cables between this country and England early in the coming summer. It is A STNDICATE represented by General Burt planned, also, to lay cables, connecting at Cuba uns been formed in Boston which, it is said, with the present system, to other West India will use $35,000,000 in securing a through line Islands and to Brazil and other parts of South from Boston to Oswego and Buffalo, via the America, as well as from San Francisco to Hoa Tunnel. A controlling interest in the China, Japan, Oceanica and Australia with a Boston, Hoosac Tunnel and Western Railway northern line by way of Puget's Sound to viously existing were overcome by demonstraand the consolidation of that road into one Alaska and Northern Asia, connecting in Kam-tions in England of the feasibility of railroads, corporation with the Syracuse, Chenango and schatka with the Russian system. It is said but it was only by the greatest exertion that New York Railroad, the Mohawk and Lake that since the consolidation was effected $10,- the subscription to the capital stock was inErie Railroad and the Troy and Saratoga 000,000 have been subscribed to carry the new creased in August, 1830, to $600,000. The Springs Railway, will form an independent cable connections into effect. affairs of the company then assumed a promisthrough line to the Lakes. A construction ing aspect and the work of construction was Company with a capital of $10,000,000 has JUST what the theory which prevents the rapidly pushed. In the construction of this been formed to carry out the enterprise. New York pilots from using steam in their road wood alone was used, with the exception boats consists of is hard to comprehend, but of a flat bar of iron which was fastened to the the elements of a ridiculous prejudice and an surface of the rails, in accordance with a exasperating old fogyism are evident enough in method of rail making just gaining popularity

As illustration of what railroads have done to reduce the prices of necessaries of life and

fixed under the engineering management of Mr. Horatio Allen. In the meantime a section of three or four miles was constructed and put into operation. Gradually more confidence was felt in the enterprise as doubts and fears pre

« PreviousContinue »