mi V. ■ • . ^^ . Si |lJyi^^>;v";'/.v ; v;: THE UNIVERSITY OF ILLINOIS LIBRARY Return this book on or before the Latest Date stamped below. University of Illinois Library •JriW " t) I J J V T.161 — H41 THE TRAFFIC LIBRARY The Traffic Library Railway Traffic Departments Organization and Systems The Solicitation of Freight Prepared under the direction of the Advisory Traffic Council oj The American Commerce Association By EDWARD C. POTTER, Jr., Vice President, Brooklyn Eastern District Terminal. New York, N. Y. ELVIN S. KETCHUM, A. B., Pd. M. Editor-in-Chief Orisinator cf Systematic and Scientific Training in Practical Traffic Work EDWARD G. WARD Editorial Director Former President and Editor-in-Chief of the Railway World; also for- merly with the Interstate Commerce Commission; also with the U. S. Department of Agriculture as Transportation Expert and with the U. S. Department of Commerce and Labor as Internal Commerce Expert W^t American Commerce iSljisiociation CHICAGO Copyright 1917, by The American Commerce Association ^ i. r PREFACE TO the lay mind, the modern railway transportation system seems either a huge and merciless capital- istic operation, designed to create enormous profits for its promoters from both the shipping and the investing public, or else, when the departmental system is viewed from the standpoint of the uninitiated, it seems a hopeless labyrinth of titles and offices; a structure so complicated as to seem to result in endless confusion. In a recent investigation one of our great economists charged enormous wastes due to cumbersome and imprac- tical systems of railway organization and management. An impartial search of the facts, however, fails to substan- tiate this statement in its entirety and an expert analysis of corporate, departmental and divisional organizations of important railways, proves the necessity for complicated systems whereby an efficient homogeneity of railway maintenance and operation may be attained. This homo- ^ geneity is, in many instances, appreciable only by technical . railway executives. .J. Railway administration as now effected in conjunction ^ with the various systems of national and state regulation ^ of common carriers, is fast becoming subject to legal- '^ scientific development, and the many and varied problems ^ confronting railway officials require a system of organized ^ control capable of an efficient fusing of the human,^ 370788 vi PREFACE mechanical and commercial elements involved in the con- duct of railway transportation. This volume aims to make clear the functions of the various departments of the modern railw^ay system, v^^ith particular reference to the Traffic Department, and with a view to outlining the principles necessary to be known by anyone having dealings with or desiring to enter that department. TABLE OF CONTENTS Page INTRODUCTION. Evolution of Transportation and Transportation Agencies. § 1. Evolution of the Transportation Function... xv § 2. Evolution of Transportation Agencies xviii § 3. Evolution of the Common Carrier xix § 4. Evolution of Motive Power for Transportation Vehicles xx CHAPTER I. Transportation Agencies. § 1. The Commercial Railroad 3 § 2. Development of Commercial Railroads in the United States 4 § 3. The Function of a Railroad 6 § 4. What is ''a Railroad" 9 § 5. Locating a Commercial Railroad 10 § 6. Building a Railroad 12 CHAPTER II. Corporate, Departmental and Divi- sional Railway Organizations. § 1. Corporate Organization of a Railroad 17 § 2. Capitalization and Securities 22 § 3. Business Organization of a Railroad 37 § 4. Departmental Railroad Organization 42 § 5. Divisional Railroad Organization 47 CHAPTER III. Railroad Administration. § 1. Executive Department 67 § 2. Legal Department 71 vii viii RAILWAY TRAFFIC DEPARTMENTS Pago § 3. Financial Department 73 § 4. Purchasing Department 76 § 5. Engineering Department 17 § 6. Mechanical Department 78 § 7. Operating Department 80 § 8. Traffic Department 83 § 9. Railway Statistics 83 CHAPTER IV. Traffic Department. § 1. Internal Departmental Organization 89 § 2. Executive Head of the Traffic Department. . . 91 § 3. The Passenger Traffic Department 102 § 4. The Freight Traffic Department 107 § 5. The Freight Traffic Manager 107 § 6. The General Freight Agent 117 CHAPTER V. Traffic Department Policies. § 1. Locating Industries 130 § 2. Securing Raw Materials 140 § 3. Developing Markets 150 § 4. The Relative Importance of Traffic. . . . .■ 160 CHAPTER VI. The Solicitation of Freight. § 1. How Freight is Secured 171 § 2. Managing a Soliciting Office 180 § 3. Systems and Forms Used in a Soliciting Office . 190 CHAPTER VII. The Solicitation of Freight— (Con- tinued). § 1. The Ideal Solicitor 203 § 2. Who to See 213 § 3. Judging Character 223 § 4. The Grafter 233 CONTENTS ix Page CHAPTER VIII. The Solicitation of Freight— (Con- tinued). § 1. What to Talk About 247 § 2. How Long to Stay 259 § 3. Personal Service 269 § 4. Remedying Complaints 282 CHAPTER IX. The Solicitation of Freight— (Con- tinued). § 1. Soliciting from the Other End 295 § 2. Routing Orders 304 § 3. The Story of a Day's Work 314 § 4. The Solicitor and His Superiors 337 CHAPTER X. Railway Transportation Methods. § 1. The Relation of the Operating and Traffic Departments 349 § 2. The Local Freight Office 350 § 3. The Receipt of a Shipment 352 § 4. The Bill of Lading 354 § 5. Billing of the Shipment 355 § 6. Loading of Shipments 357 § 7. Transferring Shipments En Route 358 § 8. Shipments Subject to Transit Privileges 359 § 9. Arrival of Shipments at Destination 362 § 10. Abstracting Waybills 365 (1) Abstracting of Local Waybills For- warded and Received 365 (2) Abstracting of Interline Waybills For- warded and Received 366 • § 11. Rules Governing the Transportation of Gov- ernment Freight 367 X RAILWAY TRAFFIC DEPARTMENTS Page CHAPTER XI. Pro-rating of Freight Revenues. § 1. Divisions of Freight Revenue 375 § 2. Disposition of Fractions 377 (1) Formula for Disposing of Fractions. .377 § 3. Transcontinental Freight Bureau ]\Iethod of Divisions 379 § 4. Trans-Missouri Freight Bureau Method of Divisions 384 § 5. Western Trunk Line Committee Method of Divisions 385 § 6. Southwestern Tariff Committee Method of Divisions 387 § 7. Illinois Freight Committee Method of Divi- sions 388 § 8. Central Freight Association IMethod of Divi- sions 388 § 9. Joint Rate Committee Method of Divisions. .388 § 10. Joint Divisions 389 § 11. Mileage Divisions 393 § 12. Revenue Pro-Rate 394 § 13. Rate Pro-Rate 395 CHAPTER XII. Record and Auditing Forms. § 1. The Function of the Auditing Forms 399 § 2. Auditing System Forms 400 CHAPTER XIII. Railway Claims Systems. § 1. Adjustment of Claims 407 § 2. Rules Governing the Adjustment of Claims for Overcharges 408 § 3. Rules Governing the Adjustment of Interline Overcharge Claims 410 CONTENTS xi Page § 4. Rules Governing the Adjustment of Interline Loss and Damage Claims 413 § 5. Relief Claims 420 § 6. Rules of Freight Claim Agents' Association. .422 INTRODUCTION. EVOLUTION OF TRANSPORTATION AND TRANSPORTA- TION AGENCIES. § 1. Evolution of the Transportation Function. § 2, Evolution of Transportation Agencies. § 3. Evolution of the Common Carrier. § 4. Evolution of Motive Power for Transportation VehiclesL Xlll INTRODUCTION. EVOLUTION OF TRANSPORTATION AND TRANSPORTA- TION AGENCIES. § 1. Evolution of the Transportation Function. Transportation of the person and the chattel has ever been a part of man. Even before the dawn of civilization, when primordial man was emerging from the communis- tic state, the carrier of burdens found his place in the deal- ings in and between tribal domains. The most primitive carriers of the world were women. They and their children constituted the first currency and the first movable property, this latter quaHty rendering them easily exchangeable in the process of barter and change. In this sense they were their own carriers for if their lord and master so willed they transported their per- sons and belongings to a new master. They were the first bearers of burdens and theirs was the function that has since vitalized all commerce between men. From these primitive burden bearers to the mechanical transportation agencies of the present age is a span of cen- turies during which the progress of man has proceeded from the darkness of savagery to the brilliant achieve- ments of modern civilization. The development of Man during these ages has evolved, in a fundamental sense, from two sources — the development of agriculture and the construction of roads. Through his progress in agriculture semi-prehistoric XV 9cvi RAILWAY TRAFFIC DEPARTMENTS man established the earliest stable forms of trading and commerce, and through his creation of roads he gave ex- tent to his trading. In its earliest forms, commerce meant the satisfying of human necessity. It resulted from the recognition of the right to acquire and possess property as well as dispose of it. It first embraced only the commu- nistic sphere of action of man the moment he ceased to rely upon nature to supply his physical needs, for semi-prehis- toric man drew upon nature for all available substance for the satisfaction of his needs long before he resorted to his own ingenuity to produce the necessaries or luxuries of life. The desire of man to own property, to satisfy his phys- ical desires, to exchange that which he had or to seek that which he desired to possess, caused him to migrate and procure that which was not part of his immediate environs. Thus, in his early migrations man blazed the trails that centuries afterwards became highways of commerce and civilization. As the pioneer carriers of the world women did not migrate beyond the confines of tribal protection. Men themselves ultimately braved the dangers of the jungles and the forests and became carriers, and in their trading ventures reached out beyond the tribal limits. In the order of the development of man as a carrier, he invented the first devices of carriage that he might render his burden easier to bear, and when he threw the burden from his own shoulders to those of domesticated animals, he solved the first problem of early transportation — the procuring of a transportation agency other than his own. The animal most easily domesticated to the needs of man was the cow and the shifting of the burden from the shoul- ders of man to the beast was the first step in the long and tedious evolution of commercial transportation. Follow- AMERICAN COMMERCE ASSOCIATION xvii ing the cow, the ox was domesticated; later the dog. The sheep and the goat were still later utilized for purposes of carriage, and even today a not uncommon sight on the highways of modern Europe is the dog-drawn carts of the peasantry. Primordial man did not meet his problems of life ag- gressively and his progress in developing means of trans- porting his burdens was apparently the most slowly devel- oped of his achievements. As the cow was capable of carrying upon her back but a limited quantity, the slowly awakening ingenuity of man ultimately turned to the find- ing of a means whereby he might increase the carrying capacity of the animal and to the further utilization of other animals which might be easily conquered and do- mesticated. The crudest of vehicles of carriage were fashioned and before the mechanical properties of the wheel were discov- ered, the beasts of burden moved their loads on long roughly hewn planks dragged over the ground. History is silent upon the first introduction of the wagon as an agency of transportation, but we do know that the Aryans (the aborigines of the world) used the linch pin, yoke, pole, wheel, axle, and nave, but we have not the time herewith, nor would the purposes of this volume be served beneficially, to indulge in the tracing out of the evolution of vehicles and devices of carriage, for a variety of forms of such vehicles and devices were evolved by man as his ingenuity increased. We are concerned here with the fact that the evolution of transportation agencies has been more than a mere incident of commercial growth. The function of transportation fulfills the greatest of all principles of natural law, that all progress is derived from motion and the transportation function; the carrying of both the inanimate and the animate from one place to xviii RAILWAY TRAFFIC DEPARTMENTS another has constituted the motion that has afforded the civilized world the commercial development it now enjoys. § 2. Evolution of Transportation Agencies. The domestication of the cow, the ox, the dog, the sheep, and the goat, and their utilization in the intercourse of primitive commerce, remained for ages the only means of carriage. Centuries intervened before the horse was do- mesticated and employed in the affairs of men and even then his services were first devoted to the pleasure of the wealthy and as an implement of warfare. In time the horse became a carrier of packs and his use has since become so extensive in the different forms of carriage throughout the world that his strength is now the unit of mechanical power. In the sense of furnishing the motive power of carriage the horse was the progenitor of the modern steam locomotive. As soon as man acquired a knowledge of the spoke and falloe he devised the cart and its counterpart the chariot, the forerunners of the wagon, — the implement that has re- mained the elemental type of vehicle adapted to all subse- quent forms of land carriage among our ancestors ; it was in principle the progenitor of the wheeled carriage of the modern steam and electric railways. Carriage by water was equally as slow in its develop- ment as was carriage by land. The canoe, originally con- sisting of a log hollowed out by fire or some stone imple- ment was suggested to the savage by the driftwood float- ing in the stream and a stick or limb of a tree first served as an oar, the sail and rudder not being devised until cen- turies later. Thus, the utilization by man of natural forces and agen- cies, both on the land and on the water, gave to transpor- tation agencies their most elementary distinction and the AMERICAN COMMERCE ASSOCIATION xix one with which we fundamentally associate them at the present time, — that of land carriers and water carriers. In the development of land carriage a variety of animals have been domesticated and employed both as beasts of burden and for providing motive power for the vehicles of carriage. On the water the canoe has been evolved into barges, floats, and vessels of an infinite variety of types and sizes, propelled by sail and by mechanical power. § 3. Evolution of the Common Carrier. Justinian, the Roman emperor, was the first to draw a legal distinction between those who acted as carriers of chattels in a public manner and those who simply acted as carriers in a personal and private capacity. He who car- ried for the public at large was performing a public office and was bound to the public. His employment was a pub- lic one and was to be performed indiscriminately. The transportation agencies in vogue at that time were still in a primitive state, but the extent to which the public was served by them rendered necessary the determination of a relationship between the carrier and his customer recog- nized by the law. Under the Justinian code one whose reg- ular business or calling was to carry chattels for all per- sons who might choose to employ and renumerate him was a common carrier and bound to the public. The modern definition of the common carrier has not in the abstract departed from the decree of the Roman law. In a modern sense a common carrier is one who holds him- self out to the public to carry persons or property for hire, limited insurer of the goods intrusted to him and respon- sible for all losses of the same save such as are occasioned by the act of God or the public enemy. Common carriers are of two kinds — by land, such as owners of stages, stage wagons, railroad cars, self-pro- XX RAILWAY TRAFFIC DEPARTMENTS pelled vehicles (Including teamsters, cartmen, draymen, and porters), and by water, such as owners of ships, steam- boats, power driven vessels, and barges (including ferry- men, lightermen, and canalboat men). In the United States the airship has not yet been em- ployed as a medium of commercial transportation, but the rapid development of air craft warrants the prophecy that the definition of a common carrier in the not far distant future will include the owner of the airship devoted to commercial carriage. § 4. Evolution of Motive Power for Transportation Ve- hicles. As commercial intercourse has developed man has ever sought the means of increasing the speed of commercial motion. He has perfected many ingenious devices to utilize the forces of nature to assist in the move- ment of his property, but it was not until 1759 that steam was suggested for the propulsion of wagons and vehicles upon the public highways, although knowledge of the power of steam can be traced back to Alexander the Great, about B. C. 130. Following Doctor Robinson's suggestion of steam as a motive power for transportation vehicles, various types of steam engines were constructed, but all failed from three common causes — lack of mechanical knowledge, excessive cost of operation, and the want of proper roads. These early types of steam engines were not developed as loco- motives, but rather as stationary machines, and it was not until 1803 that Trevithick invented a locomotive. This locomotive was capable of moving upon the railroads or tramways then in use over which horse-drawn vehicles were moved. Trevithick's locomotive was practical in all ways but one and that was its cost of operation. AMERICAN COMMERCE ASSOCIATION xxi George Stephenson, commonly credited with being the inventor of the steam locomotive, simply carried into prac- tical effect the idea which Trevithick had discovered and which Blenkinsop had improved upon in 1811. To the credit of Stephenson belongs the practical adaptation of the steam locomotive to the needs of transportation and the establishment of the commercial railroad which has since revolutionized the commerce of the civilized world. During the period in which the little wheezing, 8,000 pound locomotive constructed by Stephenson has grown into the present-day leviathan of steel weighing in some instances a half million pounds, and capable of pulling single trains containing more tonnage than an entire com- munity consumed in a year in Stephenson's time, railroad construction in the aggregate — i. e., tracks, structures and equipment, — has undergone a marvelous development reaching to a state of practical standardization of struc- ture, equipment and service throughout the United States. While we have in no sense a "completed railroad," at the present time the country is interlaced with thousands of miles of operating railways of standard track gauge and over which is operated a standardized and extensive equip- ment, interchangeable between connecting railways, in the performance of a transportation service of extreme flexi- bility and despatch. CHAPTER I. TRANSPORTATION AGENCIES. § 1. The Commercial Railroad. § 2. Development of Commercial Railroads in the United States. §3. The Function of a Railroad. § 4. What Is "a Railroad." § 5. Locating a Commercial Rciilroad. § 6. Building a Railroad. CHAPTER I. TRANSPORTATION AGENCIES. § 1. The Commercial Railroad. Railroads are built for three reasons — political, military, and commercial, it frequently happening that the political and military conditions are found in combination with re- spect to a single railroad. In the United States railroads have been built mostly for commercial purposes, and those built for political reasons largely outnumber those constructed to further military situations. These latter classes of railroads are negligible in number, practically all railways in the country now being operated as commercial lines. The Baltimore & Ohio Railroad was originally a political venture designed to promote the commercial interests of the city of Balti- more. The Union Pacific Railroad was originally con- structed to subserve both military and political purposes. In Russia, the Trans-Siberian Railway is purely a military highway, built to facilitate the protection of the Czar's eastern domains. In fact almost all European railroads are built primarily for military purposes. The commercial railroad is the one with which we are now concerned. These roads are built for direct or indi- rect commercial profit and are of two general classes — those built by the owners of natural resources which the railroad is designed to develop and those built for trans- 3 4 RAILWAY TRAFFIC DEPARTMENTS portation profit to be derived by the railroad as a common carrier. It is a governmental function to provide proper high- ways for the commercial intercourse of the people, but this function may be performed by delegating to private indi- viduals the right to build, maintain and operate such high- ways as common carriers. Thus arise the quasi-corporate carriers enfranchised to build and operate railroads as pub- lic utilities. Since private capital is invested in the enter- prise the common carrier so created is entitled to earn a fair profit on its investment, even though its service is one of a public nature. Commercial railroads constitute practically the entire railway mileage of the country and have been built under the authority, in most instances, of state charters. There are, however, several railroads in the United States, no- tably the Union Pacific Railroad, which were built under federal enfranchisement. § 2. Development of Commercial Railroads in the United States. The commercial railroad in the United States has be- come an integral part of both the commercial and social structure. From a beginning in which the function of the commercial railroad was dubiously received by the general public it has developed into a national system of rail trans- portation lines threading the vast reaches of the country with an aggregate mileage second to none other in the world, forming a system, of inter-communication inter- woven with an extreme complexity of industrial, commer- cial and social conditions. The first available authentic statistics of railroad devel- opment in the United States date from 1870. In that year, there were 52,898 miles of commercial railways in the AMERICAN COMMERCE ASSOCIATION j5 United States, employing 163,303 persons. The popula- tion of the country was 38,558,371. For every 729 persons there was a mile of commercial railway in operation. In the next ten years this railway mileage practically doubled • and the number of persons employed by railways increased to 418,957. The population increased to 50,155,783, mak- ing a mile of railway for every 535 persons. In 1890, 163,- 597 miles of railways were in operation, employing 749,301 persons. With a population of 62,622,250 there was a mile of railway for every 338 persons. This tremendous growth of commercial railways is no- where in our commercial history more forcibly emphasized than in the four years following 1890. The mileage in- creased to 213,904 and the employees of railways to 1,296,- 121. The population increased to 81,249,122, affording a mile of railway for every 380 persons. In 1914, the total railway mileage of the United States was 252,230, divided among the states as follows; Alabama, 5,406 Louisiana, 5,720 Alaska, 460 Maine, 2,270 Arizona, 2,273 Maryland, 1,429 Arkansas, 5,335 " Massachusetts, 2,130 California, 8,368 Michigan, 8,933 Colorado, 5,739 Minnesota, 9,039 Connecticut, 999 Mississippi, 4,441 Delaware, 334 Missouri, 8,224 District of Columbia, 36 Montana, 4,846 Florida, 5,119 Nebraska, 6,170 Georgia, 7,432 Nevada, 2,418 Hawaii, 245 New Hampshire. 1,255 Idaho, 2,748 New Jersey, 2,312 Illinois, 12,139 New Mexico, 3,024 Indiana, 7,476 New York, 8,530 Iowa, 9,994 North Carolina, 5,418 Kansas, 9,256 North Dakota. 5,160 Kentucky, 3,780 Ohio, 9,147 • RAILWAY TRAFFIC DEPARTMENTS Oklahoma, 6,397 Utah, 2,098 Oregon, 2,912 Vermont, 1,073 Pennsylvania, 11,634 Virginia, 4,611 Rhode Island, 205 Washington, 5,246 South Carolina, 3,686 West Virginia, 3,915 South Dakota, 4,238 Wisconsin, 7,611 Tennessee, 4,105 Wyoming, 1,820 Texas, 15,758 Railway employees in that year numbered 1,710,296, a slight decrease from the years 1912 and 1913. The popu- lation of the country in 1914 was 98,200,000, with a mile of railway for every 389 persons.* This enormous growth of commercial railways in the United States has facilitated the localization of industry, firmly welded together the agencies of production adapted to the needs of particular localities, standardized and en- larged the products of industry, distributed commerce over vast areas, expanded existing markets and created new ones. Great traffic flows have been set in motion and in- dustry, commerce, and transportation have coalesced into a mighty triumvirate of marvelous industrial, commercial and social progress in the upper-western hemisphere. § 3. The Function of a Railroad. The function of a railroad is to afford efficient means for the commercial, political, governmental and social inter- communication of the nation. The question has been be- fore the courts as to whether the function of a commercial railroad is sufficiently broad in scope to include the pro- moting of industrial activity in its capacity as a common carrier. The language of the Supreme Court, in its deci- *The statistical information for the years 1870 to 1904 are taken from "Workings of the Railroads," by Mr. McPherson, and for the year 1914 from the Statistical Report of the Interstate Commerce Commission for the year ended June 30, 1914. AMERICAN COMMERCE ASSOCIATION T sion bearing upon this question, may not be interpreted to mean a denial of the right of a railroad company to take measures to increase its tonnage so long as such measures do not invade the specific statutory restrictions in the form of anti-trust and commodity-ownership legislation. In- deed, the most the Supreme Court said was that "it was no proper business of a common carrier to foster particular, enterprises or build up new industries, but deriving its franchise from the legislature and depending upon the will of the people for its very existence, it is bound to deal fairly with the public, to extend to them reasonable facili- ties for the transportation of their persons and property and putting all of its patrons upon an absolute equality." The decision of the Supreme Court included this significant language, "the right of the railroad to charge a certain sum for freight does not depend at all upon the fact whether its customers are losing or making by their business." But this is not saying that the railroad may not encourage by proper means the industrial and commercial activities which result in increasing its tonnage. That it may not lawfully discriminate in such stimulation of business the language of the Supreme Court leaves no doubt to be entertained. It is not the policy of the law, either national or state, to permit railroads to enter into coalitions with industrial or commercial interests whereby the granting -of secret rebates and preferential service is accomplished, but to hold that the function of the common carrier is to be con- fined solely to the furnishing of transportation is to strip the railroad of its economic value in the country's general industrial and commercial structure. The decision of the Supreme Court just referred to merely held that a railroad cannot be required to do more than furnish transportation, but it did not deny the right of the railroad to do other 8 RAILWAY TRAFFIC DEPARTMENTS proper things toward the fulfillment of its economic func- tions. To the railroads, and to those great leaders in transpor- tation affairs for which the development of American rail- roads has been responsible in the past, is due a large share of the credit for the enormous economic development of the United States in the last half-century. That we live today in an age of ease and luxury unknown to our fore- fathers is attributable to no other cause than that of our unprecedented development of transportation and its agen- cies of inter-communication. If the function of the rail- road in the past had been held down to the mere rendering of its physical transportation service, our commercial and social progress would have been far less rapid and ex- tensive. The development of the transportation function by the railroads has been responsible for constant enlargement of industrial sections, development of industrial mechanism, and expanding distribution of industrial production. From coast to coast and from the gulf to the lakes our national railway system has fused production and consumption of the articles of commerce into an economic homogeneity hitherto unknown to the commercial history of the world. The railroads not only supply the needs of the public, but they consume in large quantities the products of nature and of manufacture. They locate, and properly so, natural resources and encourage the development of them. They make possible the successful marketing of the products of industry and subjects of commerce which otherwise would have no cause for their production or movement. They encourage and facilitate the economic distribution of popu- lation and render accessible to agricultural and industrial development lands which otherwise would remain dormant for centuries to come. AMERICAN COMMERCE ASSOCIATION 9 The tendency of a commercial railroad to become mo- nopolistic frightens the socialistic economist vastly more often than it actually disturbs our industrial and commer- cial economics. Barring those relationships of a vicious character which may be established between common carriers and the objects and patrons of their service, the function of the commercial railroad should be as broad economically as the policy of greatest development and most intensive industrial, commercial and transportation progress justifies. §4. What is "a Railroad"? Before proceeding farther with the subject of locating and constructing railroads, it is important to determine precisely what is "a railroad." "A railroad" was originally a roadbed of rails in contra- distinction to a turnpike, and, indeed, this was the only distinction originally existing between the two forms of highway. Railroads in this sense were built at a period in advance of the advent of the steam engine and its con- temporary in type, the steam locomotive. The motive power originally resorted to in the movement of vehicles was that furnished by man, the horse, and the sail. Ex- periments were actually conducted in the United States on the Baltimore & Ohio Railroad in the use of sails to propel vehicles along the rails. As late as the early '50s several hours of each day were set apart by the Pennsylvania Rail- road Company during which horse-drawn vehicles were allowed to be drawn over the railroad by private indi- viduals. The railroad first found its origin in an attempt to over- come the friction of wheels running on the ground, it hav- ing been discovered that the lessened friction of the wheels on the rails permitted an increase in the load hauled in the 10 RAILWAY TRAFFIC DEPARTMENTS same vehicle. The railroad then was but a specially built highway for public use with privately owned vehicles. Moreover, the owners of the earliest railroads, both in the United States and England, did not own the equipment which passed over their railroads, but with the adoption of steam as a motive power necessary standardization of equipment in construction, shape, and size was recognized and resulted in a tendency to concentrate their ownership in the owners of the railroads. This concentration of ownership of rolling stock has persevered until at the pres- ent time all equipment and motive power used in the oper- ation of commercial railroads is owned by the railroad company, with the exception of certain private cars, con- structed to meet standard railroad specifications and the peculiar needs of extraordinary lines of business, but which when in service of transportation are treated as a part of the railroad's equipment. "A railroad," in its modern sense, must however be un- derstood to be a great deal more than the physical road of rails and rolling stock. It must be understood to embrace rights of way, road-bed, rails, equipment, and rolling stock, yards, grounds, buildings, stations, depots, structures, bridges and viaducts, sometimes ferries, telegraph, tele- phone and signal structures, as its physical entities, to which must be added its functional entities requiring the economic maintenance of its property, and proper relation- ships with the industrial, commercial, political, social and governmental activities with which it comes in contact. § 5. Locating a Commercial Railroad. The determination of a proper location for a commer- cial railroad draws to the full upon the economic acumen of its promoters. A variety of conditions must be dealt with such as topographical, geographical, industrial, com- AMERICAN COMMERCE ASSOCIATION 11 mercial, political and social situations. While the pioneer railroads were located in a haphazard manner, enfranchise- ment of a railroad at the present time in most states is predicated upon a justification of its existence. In other words, the close governmental scrutiny to which projected railroads are now subjected requires the promoters to make a showing as to the necessity for the railroad in the territory in which they propose to locate it. The cost of construction of a railroad is enormous at best and where severe topographical conditions are met with, requiring unusual engineering skill and energy, the cost per mile for construction often runs into prodigious figures. In order to justify the undertaking, both actual and potential traf^c must be in evidence and the commu- nity of interest between localities such as justify or war- rant, in their potential aspect at least, the linking together of such communities by a rail highway. Available rights of way, rivers to be crossed with expensive bridges, cross- ings of other railway lines, depression and elevation of tracks across other railroads and through cities, adequate terminals, yard locations, dock and wharfage facilities, are potential problems confronting the builder of railroads in his contemplation of a location. Operating and traffic arrangements with connecting railroads, development of territory and its natural resources, cross country competi- tion of other railroads, markets, traffic currents thereto, market competition, general character of traffic tributary lo the proposed railroad, proximity of water competition, actual or potential, distribution of population and its pos- sibilities in the future, and conditions and requirements of enfranchisement, taxes, etc., assume problematic propor- tions among the many details which enter into the under- taking of new railroad projects. Hence, it is obvious that the proper location of a com- 12 RAILWAY TRAFFIC DEPARTMENTS mercial railroad requires keen economic insight into the many phases of human activity with which the railroad when established as a common carrier will come in con- tact. The result — a complicated and delicately adjusted analysis of the proposed railroad's relations with other rail- roads, and with industrial, commercial, and social condi- tions surrounding it — is a railroad so located as to bespeak for itself future prosperity and justify the confidence of its investors. § 6. Building a Railroad. Within the confines of this volume we can do no more than give passing attention to the varied and complex problems of railroad construction. Having determined upon its geographical location, the physical locating of the railroad involves its actual layout by survey and the detail work preliminary to the letting of contracts and the undertaking of the actual construction. The purpose of the surveys is to determine in advance what things must be done, which in many respects is quite as important as the doing of them. The ultimate result of the survey is a detail so accurately worked out that from it the construction specifications of the road may be ren- dered into workable plans and accurate estimates of cost made therefrom. The ideal in railroad location and construction is a straight and level line of railway, but rarely, if ever, have the engineers choice of the ideal. Curves cannot be avoided and grades may not be entirely eliminated. The engineers approach their problems from two standpoints — (1) the character of the traffic to be carried when the road is built, i. e., whether light or heavy, and (2) the maximum grade and curvature for the economic and sue- AMERICAN COMMERCE ASSOCIATIOxN 13 cessful operation of the railroad. Theirs is the duty to furnish definite knowledge of the factors of construction, for upon the accuracy of this preliminary detail of con- struction rests the loss or saving of thousands, perhaps millions, of dollars in the ultimate cost of building the road. Construction policies in railroad building have changed in the last decade quite as pronouncedly as the physical agencies of construction have changed. Instead of the false economies resorted to in the past in the use of light rails, light ballast, narrow roadbeds, defective ties, improp- erly laid masonry, temporary bridges, etc., the paramount principle of railroad construction now followed is that of creating a permanent structure by use of standardized and tested materials, laid and built under technically super- vised methods resulting in the conservation of ultimate cost even though initial investment is largely increased. The pick and the hand shovel, horse, cart and other implements of the past, have given way to the steam plow and the steam shovel which build embankments and exca- vate at a great saving of time and money and achieve engineering triumphs unattempted in the past. Machine- bored tunnels, trains of automatic dump cars for the removal and redistribution of earth, machines for laying and adjusting rails, have all tended to revolutionize the tedious and expensive methods of the past and have resulted in vastly improved railroad structures with efficiency and permanency as their principal features. We cannot here go into the minute details of construc- tion and materials used in the building of a modern rail- road, but attention is directed to the investigation into valuations of railroads and their property and the cost of their original construction now being conducted by the 14 RAILWAY TRAFFIC DEPARTMENTS Interstate Commerce Commission, which, when the report is available for public use, will afford the most scientific analysis of railroad construction cost ever produced from an authoritative source. CHAPTER II. CORPORATE, DEPARTMENTAL AND DIVISIONAL RAILWAY ORGANIZATIONS. § 1. Corporate Organization of a Railroad. § 2. Capitalization and Securities. § 3. Business Organization of a Railroad. § 4. Departmental Railroad Organization. § 5. Divisional Railroad Organization. 15 CHAPTER II. CORPORATE. DEPARTMENTAL AND DIVISIONAL RAIL- WAY ORGANIZATIONS. § 1. Corporate Organization of a Railroad. In most instances, railroads in the United States operat- ing as common carriers are corporate organizations; i. e., they are incorporated companies and thereby assume a legal status as corporate entities devoted to the construc- tion, maintenance and operation of a public utility. In several of the states, railroads are declared by the local constitutions or by the state statutes to be public highways, and while such constitutional or statutory declarations do not make them highways in the same sense as public wagon roads, upon which everyone may transact his own business with his own means of conveyance, in the sense of being«compelled to accept of each and all, and to carry to the extent of their ability, railroads are gener- ally agreed to be at least quasi-public highways, and in the decisions of the courts they are commonly spoken of as such. In a strict sense railroad companies are private corpo- rations as distinguished from public corporations, but because of their status as quasi-public highways such rail- road corporations, although in some respects private, are not entirely so. Possessed of extraordinary and unusual powers railroad companies assume special obligations involving great public interests and are therefore properly 17 18 RAILWAY TRAFFIC DEPARTMENTS designated as quasi-public corporations, meaning that they are corporations affected with a public interest. The assertion is frequently made that a railroad as a business is monopolistic in character. This is, in a general sense, true, but must not be confused with the thought that it is a legal monopoly. A railroad to be a legal monopoly must be endowed with an exclusive franchise such as will prevent other persons and corporations from carrying on a similar business in the same territory. The doctrines of law applicable lo the creation, organ- ization, ordinary incidence, powers, liability, consolidation, dissolution, and re-organization of railroad corporations are many in principle and varied in detail and cannot be discussed at length within the limits of this volume. The earliest railroad corporations were created by special legislative acts wherein charters were granted in which were enumerated the powers, duties, and liabilities of the corporation. In order, however, to secure uniform- ity in the powers conferred, to prevent the granting of special and exclusive privileges, and to secure to the state the right to alter, amend, or repeal the charter at pleasure, it has since become the almost uni\ ersal rule for railroad corporations to be created by general laws provided for by either the constitutions or special statutes of the states. The railroad corporation, in the main, does not differ in corporate structure from that of general corporations and the mode of creation and organization is likewise similar. The duration and extension of the corporate existence of the railroad corporation is regulated by the same general rules applicable to general corporations. The persons involved in the corporate organization of a railroad company may be classified into three groups — (1) the stockholders, (2) the directors, and (3) the officers of the corporation. Bondholders become an attribute of the AMERICAN COMMERCE ASSOCIATION 19 corporation whenever the corporation issues its bonds as security for money borrowed, but ordinarily such bond- holders are not a part of the body corporate. The stock- holders constitute the body corporate and are presumed to exercise control over the corporation through the directors and officers elected by them. In the formation and organization of the railroad corporation, the stockholders, at a duly called stock- holders' meeting, adopt by-laws to govern the conduct ot the corporation and proceed to elect directors, who in turn elect the officers of the corporation in accordance with and to carry into effect such by-laws. The officers of a railroad corporation usually consist of a president, who acts as the chief executive officer, one or more vice-presidents who, in their official capacities, are assistants to the president, a treasurer and a secretary. Ordinarily, these officers are also members of the board of directors, it being the common practice to elect members of the board of directors to act in official executive capaci- ties. The board of directors is presided over at its meet- ings by the chairman of the board. The president of the corporation may also be chairman of the board of directors or some other member of the board of directors may be selected as chairman, who, together with the board of directors, constitute the supreme executive head of the corporate organization. Because of the many ramifications of the railroad business structure the corporate organization of the aver- age railroad requires a multiplicity of officers and it is not uncommon to find the general executive offices, with exception of the presidency, occupied by several persons with relatively adjusted ranks. Thus, several vice-presi- dents are elected and each assigned to some important department of the corporation's business; assistant trea- 20 RAILWAY TRAFFIC DEPARTMENTS siirers and assistant secretaries are found in practically all of the larger railroad organizations. The office of assistant to the president has been created in many of the larger railroad organizations and is usually filled in the same manner as other corporate offices in the corporation. The railroad corporation, like any other private corpo- ration, is endowed by law with the right to own, use, and sell property. It may contract and be contracted with. It may borrow money and give in security therefor a mort- gage upon its property, and it is one of the approved methods of financing a railroad for the corporation to issue both preferred stock and bonds. The purchasers of these securities become preferred stockholders and bond- holders and create one of the most extensive classes of investors and capitalists in the modern commercial world. In the past, railroad securities have been second only to government bonds in their acceptability to investors, but within more recent years these securities have fallen to a lower level of attractiveness to financiers, because, as some claim, the restrictions of governmental regulation have interfered with the earning power of American railroad properties. Be this true or not, the fact remains that railroad securities on the average do not pay at the present time as high rates of dividends as in the past. This is probably due more to the change in general economic conditions throughout the civilized world and particularly to the radical advances in all industrial maintenance costs in the United States than particularly to restrictive legis- lation. For a time, in the late 70s and early '80s, consolidation of railroad properties seemed the order of the day. Some of these consolidations were effected through singularly strategic methods. Disastrous rate wars not infrequently preceded the absorption of a railroad property by a com- ,.^^; pectin mm^Af*ylh^ Mt^^^^C o . m ^ i , p 3M%.j *J ei et se /! lit) J* ICi »» .9/ J/ *V Ji> /«r J» «tf Zl 7i-icc/4, Clrryi^/^ t /^«^.j A^/^n^ C,„^a»^ /3 J3 i.2 'S ** Si ^7 /'C /a e M M- ■»-». 1 r». -*/'<-<»•* O^jAfr^ «/»^ 7«>^ 1 /9^,/^TW.* ^Cff^j09^ »/1n»- //T o»^ iX^ «, /rf7» A*,, ^*. .**;» J#>V v/ti/fr ^^^tu0^ r * itar 0».* ./ 9>;l> tt T^C/ ^/V KdCo _S M M I •V, «« ^, t.7,/a»». X. C. y-O ^C: e 1 XV. £,S -r^ A/.tyt/Zf/ff^rf t^^M^ j/trf^ z.^^ P Afo'/^oa^ Cf^n^^^r •feoz-a^^^f^t^ tft O-*^ ^tir,i,ry 3. /aat r^ •-0 /V^.dm ».lir^ ^ C *^a "i C» f) M ^^ /£ /djw C«MW« ^ M ^p/-./ 4 tees »j«/.«te"«. ,1^ 77^ Af r At ^ ^ /r /f - r*m Of */^ f9 A^ C, — ^v* ^/ ^>- & ••y T/** /j^t^^o^»/*4 0*t.e,^t^^ m'>^ T\0 /*«'/«/*« c"**ii' ///'9t>.f-» ' ^t/f^mm^m^ /S, /S7S' 0.-.,r^' ^»./-,^ Ce-f—, «/#*^o^^ 9. /ess. cr«-^*/.v««''rf» t>f /. f/ £ ^f.e* • O -/ ft A Cm iV '^'vff r^ i ^-^ /A^ e». ^4 f*rm r** / A^ c. ~^ -^*m J O-^ Kr Cs :f' ZS-'/:sr AMERICAN COMMERCE ASSOCIATION 21 peting railway system. Many of the great consolidations of railways were replete with corporate absorption and inter- locking. Instead of extended analysis of these corporate manipulations the purpose of this volume will be well served by a tracing out of the corporate history of a single railway system, and when the magnitude of the corporate motion apparent in the annexed chart is fully perceived a highly instructive object lesson in railroad corporate organizations and consolidations will have been realized. Interlocking railway directorates grew up and flour- ished in past years and in some instances brought about combinations and intercorporate relationships which in some instances the Interstate Commerce Commission has since condemned as not conducive to the public welfare. A director in any corporation should be an active, not a passive, force. The affairs of the corporation should be so within his knowledge that he may at all times know and be charged with preserving the integrity of the corpora- tion's designs. Ethically, the director of a railroad cor- poration should not accept such a position unless he can fill it in this comprehensive way. The practice of one man serving on many boards of directors is now strongly condemned for it is well reasoned that one who holds a director's position in a dozen corporations, while he may be thoroughly honest in his relations with each, is not so situated that he may give in a practical way to the stock- holders of each corporation, the full benefit of his ability and energy. He can only afford a small fraction of his attention to each corporation and, obviously, he cannot know the real workings of each corporation. Governmental activity in the last few years has been the cause of many extensive interlocking directorates being dissolved and such evil as may have resulted from 22 RAILWAY TRAFFIC DEPARTMENTS their existence removed from the railway corporate structure. The subjoined chart illustrates the interlocking of directorates as in effect on the Cleveland, Cincinnati. Chi- cago and St. Louis lines in 1913, and will be found an interesting subject of study. § 2. Capitalization and Securities. The performance of the transportation function by rail- road by private enterprise involves a cost that is divisible into two parts — (1) the cost of capital and, (2) the cost of operation. The railway corporation must pay dividends on its capital stock and also interest on its funded debt, which in the aggregate comprises the cost of its capital. The cost of operating the railroad should, of course, be derived from its operating revenues. Ui^til a more technical definition of the term "railroad capital" results from the valuation investigation now being conducted by the Interstate Commerce Commission under congressional authorization, the term must be understood to mean the aggregate of securities issued, including not only those actually issued and outstanding but those also which have been reacquired and are held alive in the hands of some fiduciary of the issuing corporation and those which have been merely nominally issued but not yet delivered to a bona fide purchaser for value. Railway capital is classified as stock and funded debt. Stock consists of both common and preferred issues and funded debt comprises such securities as mortgage bonds, collateral trust bonds, plain bonds, debentures and notes, income bonds, micellaneous funded obligations and equip- ment trust obligations. In the strictest sense the capital of a general corporation comprises only the stock that has been issued, but since ^ 2 i^ : a t M B S 5 I ^ I I • o *» e t ® 3 O u 2.S si o - o ^ p H 23 large ; into •pora- .deed, )rtion IS has More tually mort- nerce :orpo- time t only . 1915 terred Iways tgage it law )perty legal of his ted in 1 they !ir na- s, etc. legal ive to niort- f such s, are J Stock.- Funded debt. June 30—) MisceUancous obligations. Equipment Total Lommon. rrcfcrrcd. Total. Bonds. Income bonds. trust obliga- Tolal. railway capital. Do la D a s Do a 5 Do a Do D a s Dolla s Do s Dollars. S90 3 8 3 264 943 606 3 54 44096 8485 4 123 921 5 324 24 54 76933 8 8 49478 215 4 574 576 31 8.984.234,616 44 0649 027 4 08 62 675 37 60 890 3 4 288 690 54 755 57 48 664 2 9,290.915.439 b9 4 633 108 763 4 30 5 .193 39 07 4 303 52 55 153 595 50 9.686.146,813 893 4 668 935 4 8 4 504 383 62 4 4 647 48 32 30 6 699282 8 1 9,894,625,239 4 834075 659 4 593 93 54 4 6 7 380 4 403 6b 63 970 04 10,190,658,678 189 4 96 258656 4 64 755 548 445 47 4 603 6 55 9 5 3 7 9 3 10,346,754,229 189 5.2 6 527 269 45 787 063 457 735 53 3 4 4 5 977 50 304 93 !t50> 10,506.,S65,771 1897 53646422 5 4 5399 595 430 7 8 03 59 847 4 39 888 7 7 5 7 8 9 10,635,008,074 898 5 388 268 321 4 640 762 63 486977 9 262 194688 4035 1 430 8 7 10.818,554,031 899 55150 17 6 4 73 054 376 485 78 9 60 048 753 4 058 348 5 5 8 943 72 11.033,954,898 1900 84 579 593 4900626 823 464 9 3 34 219 536883 60308 320 5 45 45 367 901 5 806 566204 50488116 1 545 780 48 887 068 681 67 3 5 88 8 887 Il>.88:i47il91 1902 6024 95 5 3 42 9 564 794 588 24 556 745 89208 4 5 6 109 98 669 1903 4 870 96 78 6 5 559 3 5 426 730 154 640 704 35 340 8 1429801 6 6444 43 26 12:599,990:258 904 050 529469 289 369 860 63398991 9 5 746898983 7 3 14 986 2 9 876687 73 334 694 6 873 2 350 13,213,124,679 90S 5 80933 907 373 3 44 6 554 557 OS 6 024 449023 786 24 44 2 3 707 699 186 30 906 7 SO 7 070 13,805,258,121 906 5 3 400 3 6 244 47 2 4 9099 3 9 773 289 7 6 66 385 8 84 992 14,570,421,478 in 16,082.146,683 19 5b 84 6 284 497 531 290951276 261 777 220 3 4 59 782 307 869 06 353 34 5 8 3 9 5 6 749 9 394 3 04 9 390 303 858 10 3 470 13) 16,767,544,827 (4) 17,487,868,935 IS) 18,417,132,238 19.208,935,081 19 2 269 37 927 3 6 143 410 1 30 3 443 19,752,536,264 7 3 8 6 250 90655 369 285 4S0 8 4 385 19,796,125.712 1914 7 304 479846 1 376 9 838 8 6807 9 704 821 025 138 72 700 4 54 230 505 4 8 402 1 566 54 5 3 20,247,301,257 19 6 7 405 9 3 8 3 7 765 8 761307 23 9 59625 582 1 97 296 75 233 350 41 3739(89 14008 00 20,162,122,323 (1) Includes $145,321.60!. (6) The aggregate r [ been included i Includes $202,434,630. landing." It should als( lid tlicir nonoperating sub- their nonoperating subsidi- AMERICAN COMMERCE ASSOCIATION 23 it is customary for railroad corporations to borrow large sums of money and otherwise extend their credit into funded debt obligations, the capital of the railway corpora- tion must include the bonds as well as the stock. Indeed, a careful analysis reveals the fact that the greater portion of the money invested in railroads in the United States has been secured through the issue and sale of bonds. More than this, in some instances, the bondholders have actually created the railway property against which their mort- gages run. Prior to 1897, statistics by the Interstate Commerce Commission included current liabilities of a railroad corpo- ration as a part of its capitalization, but since that time the government regulating authority has decided that only regular investments should be considered as capital. The gross capitalization of railways from 1890 to 1915 is shown in the subjoined table of common and preferred stock, bonds, and other outstanding obligations of railways in the United States. Railway bonds consist of two general classes : Mortgage and debenture. The holder of a mortgage bond ha.s at law a lien on some specified part or all of the railway property and of which he may take possession under proper legal procedure in the event the interest and principal of his bond are not paid. Such bonds are usually designated in accordance with the kind of property against which they lie, such as general bonds, which are blanket in their na- ture, equipment bonds, terminal bonds, income bonds, etc. Bonds of these several classes bear a sequence of legal precedence towards each other, i. e., such bonds give to iheir holders a first, second, third, fourth, fifth, etc., mort- gage on the property covered by the bonds. All of such mortgage bonds, except the first mortgage bonds, are 24 RAILWAY TRAFFIC DEPARTMENTS junior Hens. In other words, precedence in the enforce- ment of the liens of the bonds is given to the first mortgage bondholders. Debenture bonds, or "debentures" as they are commonly- called, are secured by mortgage lien upon the income of the railway corporation derived from the sources specified in the debentures. In some instances debentures carry no other security than that of the general credit of the railway corporation. Debenture bonds are much more common among railroad securities in England than in the United States where mortgage bonds principally prevail. Liens of all classes of bondholders take precedence over the claims of the stockholders, including those known as preferred stockholders, and dividends may not be declared upon stock of the railway corporation unless the interest on its bonds has been paid as well as the principal of such bonds, provided it is due. General bonds of a railway are issued for long periods of time with provision for interest payable at stated intervals during the life of the bonds. Debentures are of shorter duration and sometimes amount to nothing more than promissory notes of the railway corporation. The capitalization per mile of line of American railways is lower on the average than in European countries, notably Great Britain. Two reasons for this difference exist — (1) the building cost per mile of railroad in European countries is greater than in the United States for the reason that the procuring of rights of way is much more expensive and a greater number of costly terminals are required in those countries. In this respect, Great Britain offers the most accurate basis of comparison for the reason that railways in England are built by private capital, whereas in the larger continental countries the railways are mostly government-owned. The physical construction of a rail- 25 itates to be make itruc- d(2) rove- rican : and pital- from pital- tions. ;d to have t and ; and St, in Dn is ipital their ;curi- ently con- irties sffec- :ates. e fix- wing 3d to aliza- gress inual Clai Southern District . Western District . Total Class II roads: Eastern District Southern District Western District . Total Nonqperatiner roads (subsidiary t Class 11 roads): Eastern District Southerr ,.? S.867,963,944 2.674,447.829 . 8,112,157.625 Western District . Total . . 9,655,637,548 $20,247,301,257' 19.547.(139,509 * United States, 1912 United States, 1909 $2,572,850,092 999.512.800 3.307,596,319 8.113.657.380 7.6S6.278.545 7.373.212,323 53.96 35.47 4^1.28 49.37 $2,216,970,379 804.266.05n 2.680.410,11(1 $ 689.977.878 70.995,182 448.117,150 7.125.165,3381' $ 35S.879J13 195.246,750 627,186,209 ,376.279,858 * .379.096,282 * ,368.682.954 " NOTE: Class I roads are those having annual operating revenues above $1,000,000; Gass 11 arc m $100,000 to $1,000,000; and Class III are those having annual operating revenues below $100,000. ' Does not include returns for switching and terminal companies. ' Includes $39,396,988 assigned to "Other properties," $1,023,004,042 held by or for issuing compa - Includes $140,705,202 held by or for issuing companies, and $8,059,734, receipts '• Includes $8,059,734, receipts outstanding for installments paid. ' Includes $10,293,700, debenture slock. = Includes $36,340,807 assigned to "Other properties." $948,689,876 hel.l l.y or f. ; (or installments paid. " Includes $128,289,584 held by or for issuing companies, and $27,077,317, receipt ■ Includes $27,077,317. receipts outstanding for installments paid. .and $59,911,551, dings for installments paid. Mncludcs $37,801,980 assigned t ; (or installments paid. " Includes $64,474,323 held by or '"Includes $217,628, receipts out: 1' Includes $25. receipts outstand "Includes $35,674,334 assigned t ' installments paid. " Includes $100,115,280 held by c "Includes $4,409,218. r. '* Includes $1,141,032. n I" Includes $37,932,835 ; [ for installments paid. " Includes $69,953,545 held by or '"Includes $244,738, receipts outj <° Includes $35,775,324 assigned t. ; for installments paid. =■> Includes $107,441,719 held by o I' Includes $4,425,279. receipts out " Includes $36,953,808 assigned to =^ Includes $202,434,630 assigned t »' Includes $206,293,937 assigned i "Other propcrtie ' $746,012,466 held by a :. anrt $217,653. receipt! issumg companies, ding for installmenis paid. for installments paid, and $10,293,700, debenture stock. Other properties." $754,997,296 held l)y or for issuing companies. an