Imágenes de páginas
PDF
EPUB

owners to a good degree. Still they too have necessarily felt the influence of the numerous failures to pay interest when due, and have suffered correspondingly. They seem to have reached the lowest point in the early summer, and since that have gradually improved.

This has been the case with the bonds of our own most important roads, the quotations of which, as given by the Commercial and Financial Chronicle, together with the quotations of stocks of the Chicago, Milwaukee and St. Paul and the Chicago and Northwestern companies for the entire year just closed, are furnished herewith.

[graphic]

Prices of stocks of the Chicago, Milwaukee + St. Paul, and the Chicago (A Northicestern Railway Companies, for

cach month in the your 1875.

[ocr errors]
[ocr errors]

Chicago, Milwaukee & St. Paul.
Chicago, Milwaukee & St. Paul, preferred.
Chicago & Northwestern..
Chicago & Northwestern, preferred.

[ocr errors]

Prices of bonds of the Chicayo, Milwaukee & St. Paul, and the Chicago & Northwestern Railway Companies, for each

January

[blocks in formation]
[ocr errors]

104 100 100 99 914 89

8874

1014 100
100 07
90

85
96
8014-

103 103 97

100
904 90
85 85
9716 98
801.

8434
82183

10514 104 106 104 104
102 9916- 100 99 100
95 9314

14- 9334 9412- 95'4
95 90 90 90 90
99 98 100 10016- 10134

8572 8631 803 - 8212 86

861. 79 79

991

981

8031 82

100 961,8274 80138214

823

[ocr errors]

8658

[ocr errors]

821

869

47

Bonds.

CHICAGO & NORTII WESTERN.

103
100
90

Sinking-fund.
Interest bonds.
Coupons ...
Extension....
First mortgage.
Gold coupons
Gold, registered.

MILWAUKEE & ST. PAUL.

[merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small]

Prices or bonds, dr.Continued.

[blocks in formation]

104 - 104,4 10214- 105 106 99 100 100 102 105 9534- 97 96%- 98% 98 90 90 90 - 90 90 10144- 1031 100 101 99 81!4- 857 8714- 8814 871,80

10714 107 1081
105 1001- 10242

984 95
90 90 90
100 99 100
88

8713) 87

8714

105 99 95 90 99 88

105 10492- 1051
99 100 10134
9742 98 99
90 90 9034
100

100 1011,
89) 8414- 851

82 84%

81

8511

851, 841

[ocr errors]

901,

107 107 108
90
902

88 92 90
81 86 87 87 87
88 94'4 93

8

937 93
77 83

8212
81 81 83 831 83

83.- 831% 77
80 85 83 83 83
7134- 78 78 7834 77
80 841 83 88 88

Bonds.

July

CHICAGO & NORTII WESTERN.
Sinking-fund.
Interest-bonds.
Consols
Extension
First-mortgage

851.

Gold coupons

Gold, registered.

MILWAUKEE & ST. PAUL.

First-mortgage 8's, P. D.
Second-mortgage 73-10, P. D.
Seven’s, gold, W. D.
First-mortgage, La C. Div.
First-mortgage, I. & M. D.
First-mortgage, I. & D..
First-mortgage, H. & D.
First-mortgage, C. & M.
Consolsidated sinking-fund.
Second-mortgage

112 112

110 109 112 1103.- 112 92 90 91 921.- 93 88 90 90 87 9012 941 9316- 9414 9334 9614 827 79 819 82 847 83

80 801 77

79 801. 85 83 85 84 87

76 78 78 90 83 90 87 87

112 115
931,- 95

9216
961) 9813
84 85
80
80 82
87
8144- 8218
85 91

807

[ocr errors]

9156

7912

8034

RATES OF FARE AND FREIGHT.

In this connection it is proper to say something of the rates now nominally in force. We use the word “nominally" for the reason that, although the A companies, so far as we now know, have conformed to the law in this respect, the B companies are to a large extent indulged by the public in their interpretation of the intent of the Legislature, as shown in chapter 113, laws of 1875, to relieve them from the necessity of working under the restrictions put upon the rates imposed upon the roads in class A. It is certainly a fact, and the legislature should know it, that, as the matter now stands, the B companies are not rigidly held to the actual legal rates. They feel the need of the relief they asked, and as was supposed received, from the last legislature; and in the main the people have generously given them the benefit of the doubt, if doubt was entertained, of the adequacy of the legal rates, and so have not appealed to the State authorities for the enforcement of these rates.

Further on in this report, under the head of " Accounts " and "Reports," reasons will appear why it is still impossible for your Commissioners to determine the actual cost of transportation on our several roads. And until that can be done it is impossible to determine with certainty whether any particular rates not manifestly high would yield a revenue that would pay a reasonable profit on a fair valuation of the property invested.

It was our opinion a year ago, and it is our opinion now, that the traffic on the B roads is not at present sufficient to yield an adequate income with the rates of charges prescribed for the A roads, however careful the management. Their reported doings in transportation and their reported earnings demonstrate no such capacity, and there is nothing in the circumstances of their location and business to enforce an affirmative conelusion.

As to the A roads, there is not the same ground for a positive opinion. They are operated by powerful companies, have command already of an immense traffic which must steadily grow, and although now burdened by non-paying branches, those branches are feeders and must at an early day become not only self-supporting but remunerative lines.

What these great companies will be able to do in the future, if

« AnteriorContinuar »