CARS TWO HORSES This Establishment commenced building STREET CARS in 1832, and is famed for superior ELEGANCE of workmanship and SUBSTANTIAL practical results. Its location, in the PORT of NEW YORK, is most favorable for shipments, and its CARS, CONSTRUCTED in SECTIONS, may be ENTIRELY COMPLETED before being packed for transportation. We claim that our Finishing Varnishes are unsurpassed in[the following qualities: 1. Uniformity. 3. Fluency. 5. Drying. 7. Fulness. 9. Durability. 4. Reliability. 6 Hardening. 8. Brilliancy. 10. Economy. 2. Paleness. VALENTINE & COMPANY, Chicago. NEW YORK. Paris. WANTED. DETROIT MUNICIPAL BONDS. BUY AND SELL. SCIOTO VALLEY R. R. FIRST 78, DUE 1996. D. A. Easton, With BOODY, McLELLAN & CO., 58 BROADWAY, N. Y. The AMERICAN RAILROAD JOURNAL, the tions. We give below a few extracts from o oldest railroad paper in the world, was established of the press: during the construction of the first 100 miles of rail- From HERAPATH'S RAILWAY JOURNAL, Lon road in this country. Its files of the past fifty years The American Railroad Journal, one of th furnish a complete record of the development of honest and outspoken of American papers. American railroads and faithful chronicles of the Brown, Brothers & Co., kindred financial interests. It contains features of NO. 59 WALL ST., N. Y., BILLS OF EXCHANGE GERMANY, BELGIUM AND HOLLAND. Between this and other countries, through London and Paris. Make Collections of Drafts drawn abroad on all points John H. Davis & Co., Bankers and Brokers, 17 Wall St., New York. Interest allowed on Temporary and Standing Deposits. Stocks and Bonds bought and sold on Commissies only, either on Margin or for Investment. Sheldon & Wadsworth, 10 WALL STREET, N. Y. IN ADDITION TO A GENERAL BANKING BUSINESS, BUY AND SELL ON COMMISSION GOVERNMENT BONDS AND ALL SECURITIES CURRENT AT THE NEW YORK STOCK EX. From THE JOURNAL OF COMMERCE, New Y special value to investors and others desirous of being The American Railroad Journal, a most vu readily acquainted with values and transactions con-weekly newspaper, is now half a century old. nected with the development and working of our railroad systems, and much of interest to the general From THE CINCINNATI PRICE CURRENT. reader. Among its contents are concisely arranged. The American Railroad Journal's list of From THE PITTSBURG (Pa.) CHRONICLE. The American Railroad Journal is authority on ra news. The AMERICAN RAILROAD JOURNAL is tak- TERMS OF SUBSCRIPTION FIVE DOLLARS PER ANNUM. AMERICAN RAILROAD JOURNAL COMPANY, CHANGE, MARING LIBERAL ADVANCES ON NEW WM. B. WADSWORTH STEEL CAR PUSHER Made Entirely of Steel. ONE MAN with it can easily move a loaded car. MANUFACTURED BY During the Centennial Season-six months, closing November 10, 1876—the Erie Railway carried all 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 arri of Erie Railway trains in New York, on time, to be from 15 to 27 per cent. ahead of competing lines. Facts well worthy the consideration of travelers. E. S. BOWEN, General Superintendent. SWIFT'S IRON AND STEEL WORKS 26 West Third St., CINCINNATI, O., E. P. Dwight, anufacturers of all Weights of Standard and Narrow-Gauge Rails by most Approv DEALER IN RAILROAD SUPPLIES, 407 Library Street, Process. Also Rail Fastenings, Steel and Bloom Boiler Plate, AMERICAN W F Railroad Journal ESTABLISHED 1831. EAM NAVIGATION, COMMERCE, FINANCE, BANKING, MACHINERY, MINING, MANUFACTURES QUARTO SERIES, VOL. XXXVII, No. 13.] Pacific and Union Pacific Stocks. been not a little surprising to the sful observer of the workings of the Cen larger and more valuable local traffic, but also funds for which the Union Pacific has no corthat henceforth it must participate in the responding equivalent. While the Central through traffic over the 32d parallel route just Pacific, like the Union, is devoting the proPacific and the Union Pacific Railroads, opened, of which traffic the Union Pacific ceeds of land sales to the retirement of its especially so to those who have studied must inevitably be deprived, no more reasona- land bonds, it is in addition paying into its the present and prospective traffic advan-ble explanation can be given for the difference sinking funds about $500,000 per annum, and es of the two roads, that there should be a in the price of the stocks of the two compa- the accumulating interest thereon toward canerence of about 35 per cent in the current nies than the unsatisfactory one offered above. celling its mortgage debt, nearly all of which of the stocks of the companies, whose As inquiries on this subject are frequently is devoted to the extinction of its first mortds form the two halves of the original Pa- made we have prepared from Auditor French's gages, having precedence over the Government route. That the quotations of the Union report and other sources a comparative state- subsidy, and to that extent improving the cific stock should be above those of the ment of the indebtedness and revenues of the lien of the government; while the Union Pantral Pacific, seems all the more strange, Union Pacific and the Central Pacific compa-cific makes no corresponding provision for its en to a casual observer, when it is remem-nies, June 30, 1880, which will be found at first mortgages, $41,940,000 in amount. This red that the roads are so similarly situated the conclusion of this article, and which con- feature singularly enough seems to have been to government aid and total cost, and that tains much information in tabulated form that entirely overlooked by Auditor French. The e advantages of trans-continental traffic, we believe will prove of interest to our read-operation of the sinking funds of the Central hich have been of marked similarity in the ers. The statement is made more favorable Pacific vill by the time the loans fall due have st, must of necessity change decidedly in fa- to the Union Pacific by reckoning among its extinguished some of the prior mortgages enr of the latter road, through the opening of assets $16,659,139 of bonds and stocks of the tirely, and will have cancelled $13,646,000 of e new route formed by the junction of the branch and tributary roads at their par value. its mortgage debt, while the same class of tehison, Topeka and Santa Fe and the It is claimed indeed that these stocks and mortgages of the Union Pacific will remain uthern Pacific Railroads. A careful exami-bonds bring in revenue and are therefore valu- undiminished. This is exclusive of the sinking stion of the condition, finances, business and able; this may be so, but the same time it fund in the U. S. Treasury held for the benefit rospects of the two roads certainly does not should be remembered that the credit of the of first and second mortgages which amounted farrant such a difference in the selling price Union Pacific is being used through its colla- January 1, 1881, to about $750,000 for each the stocks of the two corporations as mar-teral trust bonds, to improve and extend these company. et quotations have recently indicated, or any same branches, so that while its stock and Much stress has been laid by the governfference at all in favor of the Union Pacific. bonded debt accounts are increasing it is di-ment accountant upon the fact that the repayhe influence which is temporarily depressing viding its surplus earnings closely. Without ments upon the subsidy debt to the United he stock of the Central is doubtless the ac- attempting to ascertain the cost and value of States by the Union Pacific have been greater on of the Government, taken at the sugges- the respective roads, it is sufficient to say than those by the Central. This arises from e of the U. S. Auditor of Railroad Ac- that the Central Pacific represents the most the fact that the Union Pacific necessarily carpants, to restrain the company from declaring days' works in construction, and that unlike ries a greater proportion of public mails and dividends lest the security of the government the Union, which lies wholly in an open coun-stores, and by the presence of Indian troubles chim may be imperiled. The prevailing feel- try, where parallel roads may be constructed near its line it has more troops, &c., to transng among those most conversant with the at will by any body, the Central enjoys a very port. This repayment is in transportation, at Batter is, that as soon as this equity suit is remunerative local traffic of which it cannot current rates, and is no hardship. The inbrought to trial the incorrectness and incon- easily be deprived, and about 80 per cent of equality of the two companies in this respect sistency of the statements upon which it is its revenues are derived from local sources. was duly recognized by terms of the Thurbased will be made readily apparent. It is a The capital stocks of the two companies are man act. The indebtedness to the governmatter the ultimate results of which are not now substantially equal: $60,000,000. The ment, or so much of it as remains uniiquidated in any way regarded in a serious light by funded debt of the Central has been reduced by this transportation and the requirements of those most directly interested, but at the same since the above date by $1,140,000 of its 7 the law is not a pressing debt but becomes time it has had an unwarranted depressing in- per cent debt, so that without counting the due and payable with the principal 1895-1900. fluence upon the securities of the company. sinking funds the funded and floating debts The following exhibits the state of the acMeanwhile the business and condition of the are also about the same, exclusive of the U. S. counts with the United States on subsidy company is steadily improving, and when it is subsidy. The Central Pacific had accumulated account January 31, 1881; but it must be known that the Central has not only the it will be seen $4,411,340 in its own sinking borne in mind that there are large amounts (about $2,000,000, for the two companies) awaiting settlement and credit on these ac counts. Principal U. S. currency Total indebtedness to U. S. $49,099,862 $45,782,298 89,452,441 63,061,697 $138,552,303 $108,843,991 According to a recent circular of Fisk & Hatch, the accumulated surplus of profits of the Central Pacific Railroad Company undivided during the period covered by the United 1879 States accounts Nov. 6, 1869 to Dec. 31, as derived from the Auditor's Reports was $10,164,985; but according to the annual report of the directors the undivided surplus! (from the beginning of course) was $15,382,538. To this we are now enabled to add the result of the calendar year's business of 1880 as follows: Bonds outstanding U. P. R. way. U. P. R. R. C. P. R. R. | applicable: First, to the payment of inter $48,291,000 $52,584,000 Craing after 1880 upon 1675 bonds (or gua preferred stock into which bonds have be June 30, 1880 $82,434,357 53,624,000 56,830,000 verted) until the principal of fifty-nine Sinking fund for hand.......... $6,462,224 Total available for redemption... $6,462,837 == bonds issued in excess of $16,000 per $5,333,000 $4,246,000 completed road shall be paid by your co and then upon the residue of said sto bonds, and also to the payment of inter $613 $4,187,176 cruing after 1880 upon 300 second m 224,164 1,820,353 bonds, as the interest on said stock and b spectively becomes due and payable; sed the payment of office rent, salary of agents and secretary and other necess $6,231,693 penses of the company; third, to the pay the indebtedness of your company to the ard Alton Railroad Company; fourth, to $790,807 4,926,200 ment of the principal of fifty-nine first m 1,630,729 bonds, being the excess over $16,000 per completed road which your company is obligation to pay and discharge before p of dividends. After making these payme overplus of rental will be applicable to th ment of dividends upon the preferred an unfunded = Less- $50,500 $1,877,773 upon the common stock. 3,767,067 786,795 The capital stock is: common, $2,272,70 1,086,689 1,932,696 490,708 ferred, $1,010,000. Liabilities-Guarante 1,855,357 7,428,228 2,334,022 ferred stock into which first mortgage bon been converted, $330,000; first mortgage 4,411,340 maturing August 1, 1900, which your com obliged to pay, $1,345,000; second m Totals......$27,757,561 $12,832,605 $13,197,983 bunds, maturing November 1, 1900, $3 Balance to credit of profit and loss....$15,382,538 61 Sinking funds and $14,999,309 46 It is announced that the Union Pacific Company has increased its dividends to 7 per cent; it will be seen that the Central Pacific Company will be equally competent to do the same, as henceforth its interest requirements will be diminishing while its rentals will be stationary, at the same time that its earnings must be constantly increasing. The system o tributary lines some of which at first were depend population and trade on the Pacific coast. cash in hands of Total debt funded and floating ex- 613 613 The annual interest upon the guaranteed red stock and first and second mortgage b subsidy.................. 89,452,441 57,400,788 63,061,693 $188,250, and the minimum rental guarant Net debt...$61,694,880 $44,567,983 $49,863,710 the Chicago and Alton Railroad Company is 1,815 Net debt per mile $34,000 1,038 $43,000 1,214 370. Other indebtedness is as follows: $41,000 the Chicago and Alton Railroad Compa Louisiana and Missouri River Railroad. of money advanced company, dated Decem 1877, $176,187 96; interest on same from N ber 5, 1878, to December 31, 1880, $30,3 note to the Chicago and Alton Railroad ny in settlement of claim for damages o On the first day of August, 1870, your road completion of road, payable from earri was leased to the Chicago and Alton Railroad company, if sufficient for that purpose, $23 Company in perpetuity, reserving an annual rent less payment as of date of note, $65,000 of thirty-five per cent of the gross earnings, after est on same from March 14, 1878, to Dec deducting taxes and assessments, with the stipu- 31, 1880, with annual rents, as per stip lation on the part of the Chicago and Alton Rail-contained in note, $32,541 70; total, 83 road Company that the minimum rental should 85. In addition to the above liabilities th never be less than $1,370 per mile per annum, mortgage bonds of the company to the a The gross earnings of the road for the year of $440 000 are outstanding, on which ending December 31, 1880, were as follows: cago and Alton Railroad Company has 3g Main line between Louisiana and Mexico, 50.9 pay the semi-annual interest as it accrue. miles, $429,833 19; south branch, between Mex- the principal upon the maturity of the ico and Cedar City, 50 miles, $38,091 31; total, So far as known the company has co other 100.9 miles, $167,924 50; less taxes, $11,018 04 ;ities. The gross earnings of the road for the la leaving the sum of $456,906 46; 35 per cent of which, or $159,917 26, was the rental due your years have been as follows: 1876, 8218,36 company for the year ending December 31, 1880. 1877, $213,528 18; 1878, $231,389 75; The road between Louisiana and Mexico is a $317,750 59; 1880, #467,924 50. part of a through lice between the lines of the Chicago and Alton Railroad Company in Illinois The following is an abstract of the report this company for the year ending December 31, 1880: The Richmond (Va.) City Railway was b ent upon the present line are now all profitable and Kansas City, and that part of the road be. the 15th inst, to satisfy two deeds of trus and completed, and some of them must be very tween Mexico and Cedar City is a branch upon $130,000 with interest added, amounting important factors in future development of which the traffic is, and probably will connue to about $190,000. The property was bout to be, light. The company has no assets aside J. L. Schoolcraft, who paid $2,000 in exc We give a comparative statement of the from its annual rental, all of which has been apUnion Pacific and the Central Pacific Compa-propriated in payment of interest and expenses. nies' debt and revenues, June 30, 1880, as follows: PUBLISHED WEEKLY BY THE MERICAN RAILROAD JOURNAL COMPANY, $5 00 TICKET Scalping in Canada seems likely to receive a destructive blow from the Canadian trains of the Baltimore and Ohio will go over price of these bonds in Paris and London is Parliament. In answer to a petition from a has been introduced in Parliament which proposes to make it a misdemeanor, punishable by fine and imprisonment, for any person other than an accredited agent of a railroad com PHILADELPHIA has just received a most generous gift from Colonel Thomas A. Scott, amounting to over $150,000, bestowed in a manner characteristic of the practical ideas of pany to sell railroad tickets. Two of the strong points urged in its favor are the well that great railroad man, which have had so much to do with the advancement of Pennsyl-recognized ones that ticket scalping frequently vania's important industries. Of his gift $50,- degenerates into dealing in stolen or altered 000 go to the endowment of the Chair of Matickets and passes issued for specific purposes, and that a railroad ticket which is merely a thematics in the University of Pennsylvania; non-transferable evidence of contract between $50,000 to the Jefferson Medical College; the two parties, is in no sense an article of $30,000 to the Orthopaedic Hospital, and $20,000 to the Children's Department of the Epis289 copal Hospital. Mr. FREDERIC ALGAR, Nos. 11 and 12 ents Lane, Lombard Street, LONDON, E. C., Engis the authorized European Agent for the .290 292 ....293 .293 .294 commerce. Ir is not uninteresting in these days of freight blockaded double and four tracked 292 THE Railroad is looked upon by scientific railroads to glance back and see what was 292 men as one of the most certain agents for per- called a good days' work for the principal railmanently relieving the Northwest of the locust road of the country half a century ago, or to 294 pest. The second report, about ready for dis- be exact forty-nine years ago to-day. In 1832 294 tribution, by the United States Eutomoligical the AMERICAN RAILROAD JOURNAL published 295 Commission of investigations made concerning the following detailed statement of the passen295 the Rocky Mountain locust and the Western ger and freight traffic of the Baltimore and 296 cricket, gives a vast amount of scientific and Ohio Railroad, as reported from Baltimore for 304 practical information on the subject and urges March 26th of that year: the encouragement of railroad construction and .312 .313 settlement in that portion of the Northwest considered the breeding ground of the locust, as the most natural and effective means for removing the evil. New York, Saturday, March 26, 1881. 255 311 tered at the Post Office at New York, N. Y., as Second Class Mail Matter. "Arrived 38 cars and wagons, containing, viz.: THE agricultural and manufacturing industries of Georgia and neighboring South Atlan- Departed 65 cars and wagons, with merACTION on the bill providing for a State rail-tic States, of which we have recently had oc-chandise, oysters, fish, plaster, hides, lumber, road commission for New York has been post-casion to speak at length, are receiving a pow-scrap iron, etc. poned one week by the Railroad Committee of erful stimulus to their development from the the Assembly. Arrived 7 coaches with 57 passengers. Deliberal and enterprising policy adopted by parted 7 coaches with 57 passengers." some of their railroads. The managers of the A slight reflection upon the then existing THE opening of the Hudson river for navi- Piedmont Air Line are doing most effective attractions or hospitality of Baltimore perhaps gation to Troy, this week, is put down accord- work in encouraging immigration to the rich may be embodied in the apparent fact that the ng to the time honored custom, as marking territory through which much of their line 57 passengers who arrived in Baltimore that locally the entry of Spring. runs, it being stated that during the past year day turned around and went right home again they have added over 2,500 permanent set- in the 7 coaches that brought them there; CONSIDERABLE surprise was created in finan-tlers to the towns along their line-in Georgia though the probability is much stronger of its cal circles this week by the announcement 1019, in South Carolino 1017 and in North having been an excursion party out for the enthat the directors of the Northern Pacific Rail- Carolina 525. joyment of the novelty of a rapid railroad ride road Company had decided to distribute the in the coaches drawn by horses. 180,000 shares of common stock which since CONCERNING the loan recently negotiated In a recent conversation with a Tribune reporter Mr. W. K. Ackerman, president of the them as many conflicting theories advanced in Illinois Central Railroad Company gives some regard to funding possibilities. An accurate excellent points on railroad management and statement of the facts in regard to the loan has legislative interference with the same, which been telegraphed by Minister Noyes to Secre- are well worthy of general consideration and tary Blaine. He says the total amount was of which certain so called reformers and allegA SATISFACTORY arrangement, and one which $200,000,000, the rate of interest 3 per cent, ed anti-monopolists seem to remain in pitiable it is believed will be beneficial to both roads, and the Government sold the bonds at 834 ignorance. Among other things Mr. AckerLas been concluded between the Pennsylva- cents on the dollar, 162 cents below par. The man pointedly says: "All practical railroad nia and the Baltimore and Ohio Railroad Com- bonds are to be paid at par in 22 years, there men will tell you that it is utterly impossible panies. Under the new arrangement all the being an annual drawing by lot for those that to make one cast-iron rule to govern the railWestern freight to New York and passenger shall be paid each year. The present market roads of a State. Take, for instance our road. |