Chapter XX: Conclusion (5)

[702] Chron. Investors’ Supplement, January, 1894.

[703] Ibid. 62:641, 1896.

[704] Chron. 45:792, 1887 (reorganization plan). See also Chron. 49:269, 1889.

[705] Pages 84–5, _supra_.

[706] Chron. 50:141, 1890.

[707] Ibid. 58:762, 1894.

[708] Chron. 62:829, 1896. Poor states in his Manual for 1900 that of $96,094,960 of assessments levied on securities of fifty-seven selected companies, $86,972,703 were on stock and $9,122,257 on bonds.

[709] The figure of $9,043,944 is the true figure for the Reading fixed charges after reorganization, eliminating duplications. In computing the percentage of charges to earnings in 1898, however, the unrefined figure of $12,210,291 is used in connection with a similarly unrefined figure of earnings.

[710] The reorganizations omitted are those of the Union Pacific in 1880, which did not alter fixed charges, and of the Erie in 1859 and the Northern Pacific in 1875, for which precise figures are not available. In this last charges were almost entirely removed; its exclusion, therefore, tends to lessen the percentage of reduction shown for the reorganizations before 1893.

[711] The six reorganizations before 1893 include that of the Atchison in 1892, which was not caused by inability to earn charges, and consequently made no attempt to lower their figure. Excluding this reorganization, the reductions in charges before 1893 overbalanced the increases. H. V. Poor calculates the absolute reduction in fixed charges for sixty-eight railroads reorganized between 1885 and 1897 at $24,007,490. (Manual, 1900, p. cvi.)

[712] The decrease in charges per mile for the Reading in 1880 was due, not to any reduction in charges, but to an increase in mileage through the lease of the Central Railroad of New Jersey. In this case the increase in absolute charges better represents the real effect of the reorganization.

[713] It is perhaps unnecessary to warn the reader that these tables can be taken as generally indicative only. The percentage of charges to earnings varies not only with charges but with earnings; and an increase or decrease in the latter may conceal a decidedly contrary movement in the former. Since the reorganizations were accomplished at different dates the error is not in all cases in the same direction, and in particular the percentage of charges to earnings for one road cannot be compared with the percentage for another. The figures of charges per mile of line are somewhat more reliable, but are nevertheless to be used with care. Different railroads report their mileage differently, and it has not been possible in all cases to use the homogeneous figure of mileage operated. Further, the significance of high charges per mile varies with the character of the mileage. A reorganization which lops off many unprofitable branch lines may conceivably cause thereby an increase in the charges per mile of road remaining, and yet place the system in a much stronger position than before. This difficulty disappears if the figure of charges per mile be used in connection with the percentage of charges to earnings, and in general the three columns given correct each other.

[714] These figures do not include the comparatively small amount of bonds for which no interest rate was specified.

[715] Income bonds sometimes, though rarely, possess the right to vote.

[716] E. S. Meade, Annals Amer. Acad. Pol. and Soc. Sci. March, 1901.

[717] The figure for the Reading in 1880 is affected by the lease of the Central of New Jersey, which took place simultaneously with the reorganization. Excluding the increase in rentals, the remaining increase in fixed charges amounted to only 9.5 per cent. The East Tennessee reported no rentals in either 1885 or in 1887. The data for the Southern Railway are not in such shape that rentals and interest can be compared. Its reorganization reduced rentals, however, very greatly.

[718] The 32 per cent paid has been included under rentals.

[719] Government Debt.

[720] In considering the capitalization of the Erie before and after the reorganization of 1895 the securities of the New York, Pennsylvania & Ohio have been excluded.

[721] The difficulties which prevent wider extension of these tables consist partly in the absence of quotations for certain classes of bonds, and partly in the lack of sufficiently detailed and precise information in some of the early reorganization plans. Thus there are no quotations recorded in 1874–5 for the 2d consols and convertible bonds of the Erie Railroad which were disturbed by the subsequent reorganization; and no detailed figures of the exchange of new bonds for old appear in the reports of the reorganization plans of the Reading in 1881–3, and of the Northern Pacific in 1875. The reorganization of the Union Pacific and of the Chicago, Rock Island & Pacific in 1880 did not disturb the bonds outstanding.

[722] The twenty-six railroads are as follows: Canad. Pac.; Canad. So.; C. & O.; C., B. & Q.; C. & E. I.; C., M. & St. P.; C. & N. W.; C., R. I. & P.; C., C., C. & St. L.; D., L. & W.; Ill. C.; L. S. & M. S.; L. & N.; Manh. El.; Mich. C.; M., K. & T.; Mo. Pac.; Mob. & O.; N. Y. C. & H. R.; N. Y., O. & W.; So. Pac.; Wabash; Tex. & P.; C. of N. J.; L. E. & W.; St. P., M. & M.

[723] The securities in the table are taken from the following companies: St. P., M. & M.; Wabash; N. Y. C.; C., B. & Q.; C., M. & St. P.; L. & N.; D., L. & W.; Penna.; W. U. Tel.; B., R. & P.; Can. So.; Long I.; P. C. C. & St. L.; Tex. & P.; C. & N. W.; I. C.; C. & E. I.

[724] See Annual Report for 1906.

[725] Chron. 54:369, 1892.

[726] Investors’ Supplement, April, 1897; Chron. 62:41.

[727] Chron. Investors’ Supplement, April, 1897.

[728] Chron. 79:2087, 1904.

[729] 161 U. S. 647.

[730] 138 U. S. 84.

[731] New York, 1879.

[732] 49th Congress, 1st Session, Senate Report, No. 42.

[733] 42d Congress, 3d Session, House Reports, No. 77.

[734] 50th Congress, 1st Session, Senate Executive Document No. 51.

[735] 54th Congress, 1st Session, Senate Document No. 314.

[736] 58th Congress, 3d Session, hearings before the Committee on Interstate Commerce, United States Senate, in Special Session, 1905.

[737] Memoirs of Henry Villard, 1835–1900. Boston, 1904.

[738] Ellis Paxon Oberholtzer, Life of Jay Cooke. Philadelphia, 1907.

[739] H. G. Pearson, An American Railroad Builder. John Murray Forbes. Boston and New York, 1911.

[740] Bouck White, The Book of Daniel Drew. New York, 1910.

[741] C. M. Depew, A Retrospect of Twenty-five Years with the New York Central Railroad and its Allied Lines. New York, 1892.

[742] Hazard Stevens, The Life of Isaac Ingalls Stevens by his Son. Boston, 1900.

[743] Annals of the American Academy for Political and Social Science, March, 1901.

[744] Forum, September, 1890, and March, 1894.

[745] Die Bank, July, 1911.

[746] Quarterly Journal of Economics, November, 1911.

[747] H. H. Swain, Economic Aspects of Railroad Receiverships, Economic Studies of the American Economic Association, April, 1898.

[748] John P. Davis, History of the Union Pacific Railroad. Chicago, 1894.

[749] Alfred von der Leyen, Die Finanz-und Verkehrspolitik der Nordamerikanischen Eisenbahnen, 2d ed., Berlin, 1895.

[750] I. H. Bromley, Pacific Railroad Legislation. Boston, 1886.

[751] J. F. Dillon, Pacific Railroad Laws. New York, 1890.

[752] J. B. Crawford, The Crédit Mobilier of America. Boston, 1880.

[753] Rowland Hazard, The Crédit Mobilier of America. Providence, 1881.

[754] Henry Kirke White, History of the Union Pacific Railroad. Economic Studies of the University of Chicago, 1895.

[755] Hugo R. Meyer, The Settlements with the Pacific Railways. Quarterly Journal of Economics, July, 1899.

[756] T. W. Mitchell, The Growth of the Union Pacific and its Financial Operations. Quarterly Journal of Economics, August, 1907.

[757] W. F. Bailey, The Story of the First Trans-Continental Railroad, its Projectors, Construction, and History. Pittsburg, 1906.

[758] John R. Robinson, The Octopus. A History of the Construction, Conspiracies, Extortions, Robberies, and Villainous Acts of the Central Pacific, the Union Pacific, and Other Subsidized Railroads. San Francisco, 1894.

[759] E. H. Mott, Between the Ocean and the Lakes; the Story of Erie. New York, 1899.

[760] Charles Francis and Henry Adams, Chapters of Erie and Other Essays. Boston, 1871.

[761] George Crouch, Another Chapter of Erie. New York, 1869.

[762] Milton Reizenstein, Economic History of the Baltimore & Ohio, 1827–53. Johns Hopkins University Studies, July-August, 1897.

[763] W. P. Smith, The Book of the Great Railway Celebrations of 1857. New York, 1858.

[764] Laws, Ordinances, and Documents Relating to the Baltimore & Ohio Railroad Company. Baltimore, 1840.

[765] E. V. Smalley, History of the Northern Pacific Railroads. New York, 1883.

[766] B. H. Meyer, A History of the Northern Securities Case. Bulletin of the University of Wisconsin, July, 1906.

[767] Alfred von der Leyen, _v. supra_.

[768] W. W. Chapman, The Northern Pacific Railroad. Washington, 1880.

[769] Robert von Schlagintweit, Die Santa Fe und Sudpacificbahn in Nordamerika. Köln, 1884.

[770] W. B. Wilson, History of the Pennsylvania Railroad Company. Philadelphia, 1899.

[771] T. K. Worthington, Historical Sketch of the Finances of Pennsylvania. Publications of the American Economic Association, May, 1887.

[772] A. L. Bishop, The State Works of Pennsylvania. Publications of Yale University, New Haven, 1907.

[773] W. K. Ackerman, Historical Sketch of the Illinois Central Railroad. Chicago, 1890.

[774] J. H. Hollander, The Cincinnati Southern Railway: A Study in Municipal Activity. Johns Hopkins University Studies, January-February, 1894.

[775] E. A. Ferguson (Compiler), Founding of the Cincinnati Southern Railway; with an Autobiographical Sketch. Cincinnati, 1905.

[776] Charles S. Potts, Railroad Transportation in Texas. Bulletin of the University of Texas, Humanistic Series, March 1, 1909.

[777] P. Briscoe, The First Texas Railroad. Texas Historical Association Quarterly, Austin, 1904.

[778] Chicago, 1905.

[779] E. B. Hinsdale, History of the Long Island Railroad. New York, 1898.

[780] Judson W. Bishop, History of the St. Paul and Sioux City Railroad, 1864–1881. Minnesota Historical Society, Collections, vol. x, pp. 399–415. St. Paul, 1905.

[781] George Bliss, Historical Memoir of the Western Railroad. Springfield, 1863.

[782] Cary, Organization and History of the Chicago, Milwaukee & St. Paul Railroad Company. Milwaukee, 1893.

[783] U. B. Phillips, A History of Transportation in the Eastern Cotton Belt to 1860. New York, 1908.

[784] George Francis Train, My Life in Many States and in Foreign Lands. New York, 1902.

[785] G. H. Smyth, The Life of Henry Bradley Plant, Founder and President of the Plant System of Railroads and Steamships and also of the Southern Express Company. New York and London, 1898.

[786] S. F. Van Oss, American Railroads as Investments. New York, 1893.

[787] Carl Snyder, American Railways as Investments. New York, 1907.

[788] Charles F. Carter, When Railroads were New. New York, 1909.

[789] F. H. Spearman, The Strategy of Great Railroads. New York, 1904.

[790] Philadelphia, 1888.

[791] New York, 1887.

[792] New York and London, 1900.

[793] Leipzig, 1883.

[794] Berlin, 1909.

[795] Chicago, 1910

[796] San Francisco, 1890.

[797] San Francisco, 1891.

[798] Springfield, 1874.

[799] Baltimore, 1899.

[800] Madison, 1899.

[801] Madison, 1908 and 1910.

[802] Chicago, 1896.

INDEX

Abbott, E. H., 290, 291.

Accounts, juggling with, Baltimore & Ohio, 11, 15, 21–23;
Erie, 37;
Reading, 127;
Southern, 169;
Atchison, 208–10.

Adams, Charles Francis, Jr., 7, 232–7.

Adams Committee, 293–5, 296–7, 302.

Alabama Central, 149, 151.

Alabama Great Southern, 188.

Aldrich Committee, 221–2.

Alexander, E. P., 154, 164, 169, note.

Ames, Oliver, 250.

Anderson, E. E., 40, 244, 248.

Anthracite coal, _see_ Coal.

Armour, P. D., 31.

Assessments, Baltimore & Ohio, 6;
Erie, 35, 44, 47, 68, 70;
Reading, 107, 111, 114, 139;
Southern, 155–6, 181–2, 185–6;
Atchison, 212–14;
Union Pacific, 252;
Northern Pacific, 269, 303, 305–6;
General, 350–4.

Atchison, Topeka & Santa Fe, 192–219, 235, 259, 260, 277, 342.

Atlantic & Great Western, _see_ New York, Pennsylvania & Ohio.

Atlantic & Pacific, 194, 195, 208, 216.
_See also_ St. Louis & San Francisco.

Atlantic Coast Line, 148, 158, 161.

Bacon, E. R., 18.

Baer, George F., 111, 142.

Baltimore & Ohio, 1–33, 38, 145, 169, 259, 260, 342.

Baltimore Committee, 24.

Baring Brothers & Co., 11, 215.

Bartol Committee, 103, 104–5.

Belen, 218.

Belmont, August, & Co., oppose Erie reorganization plan, 63–6;
lead opposition to Adams Committee, 290;
members of Northern Pacific reorganization committee, 296, note;
of Northern Pacific voting trust, 307;
underwrite Northern Pacific mortgage, 274.

Bigelow, F. G., 300, 301, 308.

Blanchard, George R., 2, 3.

Boissevain, A. H., 242–4, 245–7.

Bond, Frank S., 89, 90, 91;
plan of reorganization by, 92–5; 95–6.

Boston & Maine, 122, 124, 126, 127–8.

Boston, Hartford & Erie, 36.

Branches, Baltimore & Ohio, 9–10;
Erie, 51–3, 57, 59–60, 74;
Southern, 168;
Atchison, 196–8, 217–18;
Union Pacific, 230–31, 232–3, 236, 248–9, 250–51, 253–4;
Northern Pacific, 275, 276, 277–8, 286–7, 291, 292, 304, 306–7;
Rock Island, 315–16, 319–20, 328–31;
General, 369–71.

Brice, Calvin S., 150, 160, 244.

Brown, Shipley & Co., 9, 11.

Buffalo, New York & Erie, 38.

Burleigh, Andrew F., 300, 301.

Cable, R. R., 314.

Caldwell, Stephen A., 81, 82, 97.

Capitalization, Baltimore & Ohio, 1, 9, 11;
Erie, 34, 35, 36, 39, 44, 48, 71–2;
Reading, 75–6, 82, 101, 115, 138, 141;
Southern, 151, 183–4, 186;
Atchison, 198, 200, 211, 219;
Union Pacific, 221–4, 225, 227, 229, 232, 236, 251;
Northern Pacific, 264, 266, 268, 271, 275, 276, 278, 279, 302, 304;
Rock Island, 311–12, 315, 318, note, 322, 331, 332–3;
General, 339, 363–9, 372–4, 374–9.

Cash requirements and floating debt, Baltimore & Ohio, 11–15, 26–7;
Erie, 34–5, 40, 54, 55–6, 61, 68;
Reading, 79, 81–2, 101, 124–6, 127, 133, 139;
Southern, 152, 156, 160, note, 168, 173, 182, 186;
Atchison, 197, 199–200, 213;
Northern Pacific, 266–7, 267–9, 272, 274, 276, 287–9, 295, 304–6;
General, 348–56.

Cass, George W., 266, 267.

Central of New Jersey, 9, 10;
leased by Reading, 97–9, 117, 120, 122;
shares purchased on margin, 99–100.

Central, New England & Western, 123.

Central Railroad & Banking Company of Georgia, 162–6, 169, 175–8, 188.

Charlotte, Columbia & Augusta, 147, 159.

Chicago & Alton, Harriman buys stock in, 259, 331;
Rock Island buys stock in, 330, 331;
reorganization of, 337.

Chicago & Atlantic, 52, 54, 57, 62.

Chicago & Northern Pacific, 283–4, 286, 287;
loss on operation of, 289, 291–2;
Northern Pacific abandons lease of, 290, 302, 308.

Chicago, Burlington & Quincy, 277, 310, 343.

Chicago, Indianapolis & Louisville, 189.

Chicago, Milwaukee & St. Paul, 259, 343.

Chicago Terminal Transfer Company, 33, 283;
Northern Pacific sells stock in, 308.

Childs, Attorney-General, 298.

Choctaw, Oklahoma & Gulf, 319–20, 328.

Cincinnati, Hamilton & Dayton, 52–3, 57, 74.

Cincinnati, New Orleans & Texas Pacific, 189.

Clark, S. H., 240, 253.

Clyde, W. P., 174–8.

Coal, development of Erie’s traffic in, 38, 50–1, 73;
interest of Reading in, 76–81, 97, 99, 118–23, 125–6, 141, 143,
145; 311.

Coal & Iron Company, Reading, 77, 80–83, 88, 92, 97, 101, 118–20,
123, 127, 139, 141–4.

Colby, Charles L., 290.

Colorado Midland, 203, 205, 212.

Columbia & Greenville, 159, 160, note, 168.

Committee of Investigation, Baltimore & Ohio, 15–16, 21;
Erie, 37, 40, 55–6;
Reading, 84, 119;
Southern, 152, 170, 177;
Atchison, 199–200;
Northern Pacific, 285–6.

Committee of Reorganization, _see_ Reorganization Committee.

Competition, a cause of railroad failure, 340–1.

Consolidation, through reorganization, 370–1.

Contracts, trackage and traffic, Baltimore & Ohio, 9;
Erie, 52;
Reading, 121;
Southern, 149;
Atchison, 193–5, 217;
Northern Pacific, 275, 283–4, 308.

Cooke, Jay, interested in Northern Pacific, 264;
failure of, 79, 265.

Cooley, Thomas M., 7.

Coppell, George, 128, 175.

Corbin, Austin, 117, 118, 120.

Coudert, F. R., 241.

Cowen, J. K., 20, 29–30.

Crédit Mobilier, 223–4.

Cullom Committee, Albert Fink testifies before, 7.

Davis, J. C. Bancroft, 35.

Davis, John P., 222–3, 224.

Deferred income bonds, 81, 84–6, 87–8, 90, 96, 115.

Delaware, Lackawanna & Western, 120–1.

Denver Pacific, 227, 228–30.

Depew, Chauncey M., 250.

Deutsche Bank, supports Henry Villard, 273; 294;
underwrites Northern Pacific reorganization plan, 296, 304; 307.

Differentials, between eastern seaboard cities, 5, 7;
between stronger and weaker roads, 17.

Dillon, Sidney, 233, 234, 237.

Dressed beef, rates cut on, 17.

Doane, John W., 241.

Drew, Daniel, 34, 36.

Drexel, Anthony J., 125, 126, 134.

Drexel, Morgan & Co., take part in Erie reorganization, 62, 65, 66–9;
in Southern reorganization, 167–8, 175, 178–86;
underwrite Northern Pacific mortgage, 274.

Dunan, S. H., 37.

Durant, T. C., 223.

Earle, George H., Jr., 135.

East Tennessee, Virginia & Georgia, _see_ Southern Railway.

Employees, reorganization of the service, 15, 234;
wages reduced or delayed, 37, 39, 41, 79, 81, 100, 199, 234;
wages high, 222.

Equipment, Baltimore & Ohio, 23, 28, 31;
Erie, 73;
Reading, 144;
Southern, 168, 189, 190;
Atchison, 218;
Union Pacific, 261;
Northern Pacific, 309.

Equitable Life Assurance Company, 288.

Erie, 2, 7, 17–18, 34–74, 342.

Erlanger Roads, 166, 167, 185.

Excelsior Enterprise Company, _see_ National Company.

Express companies, 12, 14.

Fairchild, C. S., 170.

Fink, Albert, 6, 7, 10.

Fink, Henry, 154.

Fisk, Jim, 36.

Fitzgerald, General Louis, takes part in Baltimore & Ohio
reorganization, 24;
in Reading reorganization, 136, 138;
in Union Pacific reorganization, 244–5, 250, 251–4;
in Northern Pacific reorganization, 293;
examines Richmond Terminal properties, 170.

Fixed charges, Baltimore & Ohio, 8, 10, 16, 20, 22, 28, 342, 357–9;
Erie, 35, 36, 38, 39, 48, 58, 66, 69, 72, 73–4, 342, 357–9;
Reading, 75, 82, 94, 96, 101, 115, 116, 118, 139–40, 144–5, 342,
357–9;
Atchison, 197–9, 203, 213, 216, 218, 342, 357–9;
Union Pacific, 224–5, 227, 229, 235–6, 251, 253–4, 261, 342, 357–9;
Northern Pacific, 266, 271, 275, 284, 293, 304, 310, 342, 357–9;
Rock Island, 312, 322, 357–9;
General, 357–61, 363–5, 369–72.

Fleming, Robert, 45–6, 155, 216.

Floating debt, _see_ Cash requirements and floating debt.

Foreclosure, Baltimore & Ohio, 28–9;
Erie, 34, 35, 49–50, 73;
Reading, 82, 141;
Southern, 157, 187, 188;
Atchison, 216;
Union Pacific, 254–7;
Northern Pacific, 270, 308.

Foreign investors, Erie, 36, 37, 40–50, 55–6, 63;
Reading, 82, 83, 84, 86–9, 91, 96, 119, 126;
Southern, 155;
Atchison, 206, 207–8, 210, 214, 215;
Union Pacific 244;
Northern Pacific, 264, 273.

Garrett, John, 4, 9.

Garrett, John B., 106, 114.

Garrett, Robert, 9, 16.

Gauge, on Erie, 34, 37, 38, 45, 51.

Georgia Central Company, 164, 165, 177–8.

Georgia Pacific, 149, 166.

Gorman, Senator A. H., 13.

Gould, Jay, prominent in Erie, 36; 194;
causes combination of Union Pacific and Kansas Pacific, 226, 228–30;
unloads branch roads on Union Pacific, 230–31; 233, 237.

Gowen, F. B., 76, 81, 84, 86, 87–91, 95–7, 99, 101, 112–15, 118–19,
120.

Grand Trunk, 2, 6, 7, 17, 18.

Grant & Ward, 54.

Great Northern, 258, 259, 277;
proposes to guarantee Northern Pacific bonds, 296–8, 309–10.

Gregory, Dudley S., 35.

Guarantee fund, 199, 203.

Gulf, Colorado & Santa Fe, 196, 202, 205, 218.

Hallgarten & Co., on Reading underwriting syndicate, 139;
on Southern reorganization committee, 171;
oppose Erie reorganization plan, 63–6.

Harriman, E. H., 32–3, 63–6, 188, 218, 258–60, 309–10, 331.

Harris, Joseph S., 77–8, 83, 97, 125–8, 129, 131.

Harris, Robert, 275.

Hartshorne Committee, 136.

Hepburn Committee, Albert Fink testifies before, 7.

Higginson, H. L., 206, 245.

Hill, J. J., buys interest in Baltimore & Ohio, 31–2;
struggle with Harriman, 258, 310;
proposed guarantee of Northern Pacific bonds, 296–8, 307.

Hollins, H. B., 165, 179, 188.

Hooper, John, 344.

Houston & Texas Central, 328–9, 355.

Houston East & West Texas, 329.

Hoxie, H. M., 223.

Huidekoper, F. W., 176, 177, note.

Huntington, Collis P., 194, 258.

Illinois Central, 19, 146, 259–60, 343.

Improvements, Baltimore & Ohio, 15, 23, 28, 30–31;
Erie, 42, 51, 60, 73;
Reading, 80–81, 118, 144;
Southern, 152, 168, 170, 189, 190;
Atchison, 202, note, 204, 212, 218–19;
Union Pacific, 234, 260–1;
Northern Pacific, 276, 278–9, 309;
Rock Island, 332, 333.

Income bonds, 203–5;
before and after reorganization, 365–6.
_See also_ Deferred income bonds.

Inman, John H., 164, 165.

Iselin, A. & Co., 139.

Ives, Brayton, 285, 287–8;
president of Northern Pacific, 290;
secures removal of receivers, 291–2, 298–9; 294, 295;
endorses Northern Pacific reorganization plan, 302.

Jenkins, Judge, 289, 292, 300, 301.

Jewett, H. J., 39, 40, 41, 49, 50–53, 55, 57.

Joint Executive Committee, 6.

Joint Executive Reorganization Committee, 210–16.

Junior Securities Protective Committee, 137.

Kansas Pacific, poor condition of, 225;
attempt at reorganization of, 226–7;
consolidated with Union Pacific, 228–30;
sale of, 256–7.

King, Edward, 206, 210–16.

King, John, 55, 57, 59, note, 61.

Kuhn, Loeb & Co., take part of securities issued under Baltimore &
Ohio reorganization plan, 26;
oppose Erie reorganization plan, 63–6;
represented on Richmond Terminal investigating committee, 170;
on Union Pacific reorganization committee, 250;
agree to take Northern Pacific collateral trust bonds, 288.

Lacombe, Judge, 61, 300, 301.

Lake Shore & Michigan Southern, 3, 18, 32, 145.

Land grants, _see_ State and federal aid.

Leases, Baltimore & Ohio, 2, 27;
Erie, 51–3, 56, 58, 59–60, 71–2, 74;
Reading, 97–9, 117, 120, 122, 123, 128, 130;
Southern, 147, 148, 149, 159, 161–2, 166, 188;
Atchison, 197;
Northern Pacific, 276, 283–4.

Leeds, W. B., 317–18.

Lehigh Valley, 74, 75;
leased to Reading, 120, 122, 123, 128–9, 130, 133.

Lehigh Valley Terminal Railroad, 128.

Lewis, Edwin A., 81–2, 97.

Lewis, Howard, 119.

Little, Stephen, report on Baltimore & Ohio, 21–3;
on Atchison, 208–10, 213;
set to work on the Reading, 128.

Live stock, 17.

Livingston, Johnston, 294, 307.

Lockwood, E. Dunbar, 106, 112, 117.

Logan, T. M., forms Georgia Central Company, 164;
seeks control of Richmond Terminal, 164–6.

Long Dock Company, 58.

Lord, N. P., 345.

Loree, S. F., 32.

Louisville & Nashville, 146, 149.

Maben, J. C, 175, note, 178.

McCalmont Brothers, 86–91, 96.

McCormick, Attorney-General, 143.

McCullough, J. G., 61.

McGill, Chancellor, 122.

McHenry, E. H., 300, 301, 308.

McHenry, James, 39–40, 49.

McLeod, A. A., leases Lehigh Valley, 120;
extends Reading into New England, 122–5;
statement by, 125–6;
resigns by request, 126–7; 132.

Macon & Brunswick, 149, 151.

Manville, Allen, 202.

Maryland, subscribes to Baltimore & Ohio stock, 1, 18.

Mayer, Charles F., 16, 18–20.

Memphis & Charleston, 148, 158, 168, 185, 188.

Mercantile Trust Company, 206, 288, 294.

Miller, O. G., 45–6.

Mills, Captain J. H., 300.

Mink, O. W., 240, 253.

Missouri Pacific, 196, 229.

Mobile & Birmingham, 146, 167, 168, 185, 188.

Mobile & Ohio, 189, 329.

Moore, James H., 318.

Moore, William H., interested in Rock Island, 317–18;
reorganization plan by, 321–6;
buys St. Louis & San Francisco, 327–8;
extends Rock Island to the Gulf, 328–30;
relations with Chicago & Alton, 330–1;
distrusted by investors, 332.

Morgan, J. P. & Co., organize syndicate to relieve Baltimore & Ohio,
11–13;
sell Cincinnati, Hamilton & Dayton to Erie, 74;
reorganize Reading, 108–11, 139, 140, 141;
members of Southern voting trust, 188;
of Union Pacific reorganization committee, 245;
take part in Northern Pacific reorganization, 296, 304, 307.

Morgan, J. S. & Co., 11, 69.

Morris, John, 40, 41.

Mullen, Attorney-General C. W., 327.

National Company, _see_ Philadelphia & Reading.

New capital, provision for, 379–82.

New York & Erie, 34, 35.

New York & New England, 123, 124, 356.

New York Central, 2–7, 17, 35, 38, 259, 343.

New York, Lake Erie & Western, _see_ Erie.

New York, Pennsylvania & Ohio, leased by Erie, 51–3, 59–60; 70–2.

Norfolk & Western, 149, 151, 355.

Northern Pacific, 18, 19, 232, 236, 258, 263–310, 315, 342.

Northern Pacific & Manitoba, 292, 306.

Northern Securities Company, 258, 259.

Notes, short time, Atchison, 199, 203;
Union Pacific, 237, 250, 251, 257;
Northern Pacific, 287–9.

Oakes, ——, 287, 289, 291, 292, 293, 299–300.

Oakman, W. G., 176.

Olcott, F. P., prominent in Reading reorganization, 135–6, 138, 140;
in Southern reorganization, 155, note, 171–4, 179.

Olney, Richard, 243.

Oregon & Transcontinental Company, 272–3, 275, 276.

Oregon Railway & Navigation Company, 236–7, 245, 249, 257, 272–3,
275–6.

Oregon Short Line, 232–3, 236, 249, 257, 276.

Patterson & Corwin, criticise Mr. Little’s report on the Baltimore &
Ohio, 23.

Payne, Henry C, receiver of Northern Pacific, 289, 292, 293, 299.

Payne, Oliver H., 171, note.

Pearsall _vs._ Great Northern Railway Company, 298.

Pennsylvania Railroad, 2–8, 10, 17, 31–3, 38, 87, 108–10, 143, 147,
148.

Perham, Josiah, 264, note.

Pennsylvania Coal Company, 74.

Pere Marquette, 74.

Philadelphia & Reading, 9, 10, 18, 32, 75–145.

Philadelphia, Reading & New England, 123, 128.

Pierce, W. S., 243, 252, 253.

Port Reading Railroad, 120, 122.

Poughkeepsie Bridge, 123.

Powell, T. W., 55, 56, 57–8, 84.

Preferred stock, use of, in reorganizations, 366–8.

Prevost, S. M., 31.

Railroad failure, causes of, 336–42.

Rate agreements, 4–7, 275.

Rates, 3–5, 6–8, 17, 235.

Rate wars, 3–5, 6–8, 17, 34–5, 38, 53, 196–7, 240.

Ream, Norman D., 31.

Receivers, Baltimore & Ohio, 20, 23, 28, 29;
Erie, 35, 36, 38–9, 50, 61;
Reading, 81–2, 97, 100–1, 117, 125–6, 127, 133–4;
Southern, 175, 176, 187;
Atchison, 205;
Union Pacific, 240–1, 248–9;
Northern Pacific, 289, 291–2, 295, 298–301.

Receivers’ certificates, 23, 68, 127, 293.

Reinhart, Joseph H., 202, 204, 205, 209–10.

Reid, D. G., 317–18.

Rentals, reduced through reorganization, 369–72.

Reorganization, definition of, 335;
causes of, 336–42;
cancellation of floating debt by, 348–56;
reduction of fixed charges by, 357–72;
distribution of losses under, 361–2, 368–9, 376–7;
general principles of, 384–6.

Reorganization committees, Baltimore & Ohio, 21, 24, 29;
Erie, 35, 40, 45–6, 55–6, 61–2, 63–5;
Reading, 82, 84, 86, 101, 103–5, 112, 114, 117, 126, 128, 133–5,
138;
Southern, 152, 155, 170, 171, 174, 175, 178–9;
Atchison, 199–200; 206–8, 210, 215, 216;
Union Pacific, 244–5, 249–50, 257;
Northern Pacific, 267, 293–4, 308;
General, 343–5.

Reorganization plans, Baltimore & Ohio, 24–8;
Erie, 34, 35, 41, 42, 43–9, 57–8, 61–5, 66–73;
Reading, 83–6, 91–4, 96–7, 101–3, 104–5, 106–8, 110–13, 114–16,
129, 133–4, 135–6, 138–40;
Southern, 152–3, 155–6, 171–4, 179–84, 185–6, 187;
Atchison, 200–2, 204, 206–8, 211–16;
Union Pacific, 226–7, 228–30, 241–4, 245–8, 250–4;
Northern Pacific, 265–6, 267–70, 296–8, 302–8;
Rock Island, 312–13, 321–4.

Reorganization trustees, for Erie, 35, 47;
for Reading, 104–5, 106, 107–10, 114.

Resolutions, Baltimore & Ohio, 15, 39;
complimentary to Mr. Gowen, 99;
by London bondholders’ committee, 207;
by Northern Pacific bondholders, 268;
by Northern Pacific preferred stockholders, 281, 285, note;
by Northern Pacific directors, 285.

Rice, I. L., 121, 124, 127, 132, 136, 164–6.

Richmond & Danville, _see_ Southern Railway.

Richmond & West Point Terminal Railway & Warehouse Company, 10, 18;
_see_ Southern Railway.

Riddle, Hugh, 314.

Ripley, E. P., 216.

Roberts, George B., 109, 110.

Rock Island, 196, 277, 311–33, 337, 343.

Rockefeller, J. D., 288.

Rouse, Henry C., 289, 292, 293, 295, 299.

Ryan, Thomas F., 178.

St. Joseph & Grand Island, 249, 259.

St. Louis & San Francisco, controlled by Atchison, 194, 202, 216;
by Rock Island, 327–8, 329, 330, 356.

St. Paul & Northern Pacific, 287, 288, 290, 296.

St. Paul, Minneapolis & Manitoba, _see_ Great Northern.

Saratoga agreement, 4.

Schiff, Jacob H., 170, 250.

Securityholders, divergence in interest between, 335.

Selma, Rome & Dalton, 149, 151.

Sickles, General Daniel E., 86.

Siemans, George, represents Deutsche Bank, 307.

Simmons, J. Edward, 128, 134.

Sonora Railroad, 194, 197, 217.

Southern Kansas Railway Company, 196.

Southern Pacific, 193–5, 217, 258.

Southern Railway, 146–91, 330, 342.

Southern Railway Security Company, 148.

Speer, Judge, 176.

Spencer, Samuel, 12–13;
president of Baltimore & Ohio, 15, 16;
of Southern Railway, 187;
killed, 191.

Speyer & Co., 26, 125, 333.

Speyer Bros., _see_ Speyer & Co.

Stanton, Henry, 289, note.

State and federal aid, Baltimore & Ohio, 1;
Erie, 34;
Richmond & Danville, 146;
East Tennessee, 147;
Atchison, 192, 194;
Union Pacific, 220–1, 225, 238–40, 241–4, 249, 254–7;
Northern Pacific, 263–6, 271.

Staten Island Rapid Transit Company, 10, 29.

Stockholders’ Protective Committee, 215, 296, 302.

Stockton, Attorney-General, 121–2.

Strong, W. E., prominent in Southern reorganization, 174–5, 178;
president of the Atchison, 194–5, 202.

Sully, Alfred, 133, 160, 164.

Surplus, on Baltimore & Ohio, 15, 22;
on railroads in 1893, 342–3.

Syndicates, Baltimore & Ohio, 11–15, 20, 26;
Erie, 68, 69;
Reading, 86, 108–10, 113–15, 120, 134, 139;
Southern, 150;
Union Pacific, 226, 237, 252;
Northern Pacific, 264–5, 271, 274, 276, 288, 296, 304;
General, 345–8.

Syndicates, compensation to, Erie, 69;
Reading, 109, 111, 112;
General, 347–8.

Tappan, F. D., 155, note, 171, note.

Terminals, of Baltimore & Ohio, 3–4, 9–10, 19, 33;
of Erie, 58;
of East Tennessee, 152;
of Atchison, 217;
of Northern Pacific, 283–4, 302, 308;
of Rock Island, 300.

Texas & Pacific, 194, 330, 356.

Texas Railroad Commission, 329.

Thomas, General Samuel, 160, 174, 175.

Thurman Act, 238–9, 242.

Trunk lines, see Rate wars.

Trunk-line arbitrators, letter of Mr. King to, 6.

Tyler, Captain, report of, 37.

Union Pacific, 32–3, 220–62, 275–6, 277, 310, 342.

United States Government, relations with Union Pacific, 220, 221–2,
238–40, 241–4, 249, 252–3, 254–6;
with Northern Pacific, 263–4, 265–6.

United States Supreme Court, decisions by, 238, 239, 298, 301.

Valuation, of Reading coal properties, 77–8, 82–3.

Vanderbilt, Commodore, 36, 95–6, 100, 314–15.

Van Nostrand, 294.

Vermilye & Co., 63–6.

Villard, Henry, 237, 272–4, 275, 281–3, 286–7, 288, 290, 291–2.

Virginia, subscribes to stock of Baltimore & Ohio, 1;
aids Richmond & Danville, 146.

Virginia Midland, 150, 159, 160, note.

Voting trusts, Baltimore & Ohio, 18–19, 27, 32;
Erie, 67;
Reading, 111, 115, 119, 140;
Southern, 183, 188;
Atchison, 201, 212–13;
Northern Pacific, 303, 307, 310;
General, 382–4.

Walker, Major Aldace F., 209, 216, 217.

Watkin, Sir Edward, 40, 41, 43–5.

Watson, P. H., 38, 39.

Welsh, John Lowber, 108–10, 111, 128, 134.

Western Union Telegraph Company, 14, 22, 27.

Westlake, J., 55, 56, 57–8.

Whelen, Townsend, 101–3, 104, 104–5, 108, 112.

Wilbur, E. P., 125, 127, 128.

Winslow, Lanier & Co., 274.

Wisconsin Central, leased to Northern Pacific, 283–4, 286, 289,
290–92, 302, 308.

Transcriber’s Notes

Punctuation and spelling were made consistent when a predominant preference was found in this book; otherwise they were not changed.

Simple typographical errors were corrected; occasional unbalanced quotation marks retained.

Ambiguous hyphens at the ends of lines were retained; occurrences of inconsistent hyphenation have not been changed.

Index not checked for proper alphabetization or correct page references.

Volume:page references sometimes were printed as 123:456 (no space after the colon) and other times as 123: 456 (with a space after the colon). In this eBook, all such references omit the space (123:456).

Duplicate headings were removed by Transcriber.

In this version of this eBook, some tables were rearranged to make them narrower.

Page 11: "J. S. Morgan" was printed that way, and there was such a company.

Page 205: The reference to Footnote 430 was missing. Transcriber arbitrarily added it at a likely place.

Page 244: "the interest were cancelled" was printed that way.

Page 341: Numbered list has no item #6.

Page 379: The year-headings in the original book appeared above the dollar values, which seems to be a typographical error. In this eBook, they have been centered above the Month-dollar values columns.

End of Project Gutenberg's Railroad Reorganization, by Stuart Daggett