The issue of debentures under circumstances like the present is a new departure the success of which will be watched with keen interest. Were it not that voting powers are attached to them the experiment would be a dangerous one to make with this road.

A serious mistake on p. 533 needs correction. I stated that the road has "made no returns upon its capital since 1890." This must read: "has not earned its first charges since 1887." Interest on the bonds was paid in 1888 and 1889, though not earned; in 1890, 91 and 92 the company paid no interest, but those who financed it in Europe bought the coupons as they fell due, and had them funded into Priority notes.

The capitalisation now is as follows:
Rolling Stock Lease Warrants
Priority Loan.

4 p.c. Debentures

5 p.c. Preferred Stock "A"

4 p.c. Preferred Stock "B"

Common stock. .

Total. .

$1,723,430

2,823,150

9,477,000

11,372,400

8,842,920

24,676,300

$58,915,200

$2,000,000 4 p.c. Debentures are reserved to meet future needs of the company.

CLEVELAND, CINCINNATI, CHICAGO AND

ST. LOUIS RR.

The annual report for 1891-92 gives the following figures, to which those for 1890-91 are added to facilitate comparison. The company paid a 3 p.c. dividend in 1891 and 1892, as in the preceding year: passengers carried one mile, 172.3 against 162.3 millions; freight carried one mile, 1286 5 against 1221.5 million tons. Freight rate, 0·710 against 0705 c. per ton mile; passenger rate, 2 219 against 2.248 c. per mile.

American Railroads.

51

802

CLEV. CINC. CHIC. AND ST. LOUIS RR. SUPPLEMENT.

*5p.c. on preferred and 3 p.c. on common stock in both years. CONCORD AND MONTREAL RR.

From the report of this company for 1891-92 and the one immediately preceding it the following has been compiled :-

NEW YORK CENTRAL SYSTEM.

The income account for 1891-92 was published in time for insertion of its principal figures in the table on p. 204. In addition to these the following data from the latest report are of interest. The figures in parentheses relate to 1890-91, and are added for the sake of comparison.

TRAFFIC STATISTICS: Average miles of track operated, 4,808 (4,752); passengers carried one mile, 687 mill. (597 mill.); passenger rate per mile, 1.94c. (1.96); profit per passenger, mile, 0.41c. (0.47); tons of freight carried one mile, 3,830 mill. (2,890); Average rate per ton per mile, 0.70c. (0.74); profit per ton per mile, 0.16c. (0.17).

REVENUE, 1891-92. The considerable expansion of traffic in 1891-92 shown by the above figures is partly accounted for by the general prosperity that prevailed throughout the year, but chiefly by the fact that the R., W. and O. RR. was only operated for three months in 1890-91, the year with which the above figures compare. Below are condensed statements of earnings, expenses, income and expenditure for 1890-91 and 1891-92.

FUNDED DEBT.-The capital stock remained unchanged. There was, however, a net increase in the funded debt of $2,700,000. A new issue of $3,000,000 4 p.c. debentures was made and $300,000 of the same class of bonds were retired (see note p. 207, ante). The new issue was made to pay for betterments and new equipment. A further issue for the same purpose will be made in 1892-93.

The balance sheet is as below:

Condensed General Balance Sheet, June 30th, 1892.

Assets

Cost of road and equipment

Special equipment.

Stock and bonds of other companies.

Advances for construction of other lines, real estate, etc.

New York and Harlem Railroad, construction account.

West Shore Railroad, construction account

Equipment under lease, Rome, Watertown & Ogdensburg RR.
Due by agents and others

Cash on hand.

Fuel and supplies on hand

Rome, Watertown & Ogdensburg Railroad, construction account

Profit and loss (excess of assets over liabilities)

Total.

153,585,294 48

5,406,464.31

9,394,321.67

4,568,929.33

1,263,541 29 643,431.45 165,084.45 5,028,219 90

3,337,891.39

1,092,384 86

276,224.35

184,761,787.48

89,428,300.00 68,077,333.33 342,000.00 2,827,200 00 4,790.00 3,660,211.13 11,089.10 1,117,853 75 30,649 51 3,544,993.60 1,546 819 23 811,199.07 13,359,348.76 184,761,787.48

NEW YORK, LAKE ERIE AND WESTERN.

No figures relating to the entire year 1891-92, which ended on Sept. 30th, have yet been published. Some interest attaches, however, to the subjoined official statement of the New York State RR. commissioners :

NEW YORK, ONTARIO AND WESTERN.

The improving condition of this property, to which attention is drawn on p. 352, ante, is reflected by the accounts for the year ending June 30th, 1892, given below.

During the last fiscal year a considerable increase in coal shipments took place, as was expected on account of the recent opening of the Scranton branch. The coal tonnage carried was 1,120,146 tons, an increase for the year of 308,931 tons, or 38:07 p.c. Freight carried one mile rose in volume from 1949 to 263.8 million tons; the average rate fell from 1.033 to 0.939c. per ton-mile, but this decline is natural because of the low rates at which coal is carried.