THE SUNDAY OKEGOXIAN,-PORTjLA'jB, jD ECE3IBER - 9, 1906.
. 3t
RESERVE WIPED OUT
Deficiency Reported Is Larg
est Since 1893.
MORE THAN EXPECTED
Contraction in Loan Far Less Than
the Estimates Lops of Cah Is .
Over Twelve Millions De
crease in Deposits.
NEW YORK. Dee. 8. The Financier says
thin week:
The official statement of th Nw York
Aimoct&ted Banks showed a much greater de
deficiem'jr in the reserve than expect
ed. Thou it h the extinction of the surplus
seemed during the week to be unavoidable, be
cause of the directly traceable Jos of cash
almost every day through the Treasury. It
was thought likely that there would be such
a volume of loan contraction and consequent
ly a. reduction In deposits and hence of re
serve requirements, as to minimize the lom
of reserves. It seems, however, that instead
of there being a large contraction there wa
only a moderate decrease In loans, so that the
statement reflected in the reserves almost the
entire amount of the loss of cah less the
decrease in reserve requirement. The reduc
tion of $12,256,600 In the cash Item was larger
than that which was generally estimated
because of the bringing over from the previous
week of the unrecorded average resulting from
the transfer to San Francisco on Friday, No
vember 30th. of $500,000. The deposits were
decreased $16,457,200, which amount very near
ly agree with the aum of the loss of cash and
the contraction In loans, and therefore the
statement made a good proof.
The required reserve againet general de
posits was reduced $4,114,300, deducting which
from the loss of cash as above, left $8,151,
S00 as the decrease In reserve to $0,702,175 de
ficiency. This, it may be observed, is) the
largest deficit of the year, exceeding by $124,-
2V) that of $6,077,025 which was recorded on
September 8. Computed upon the basts of
deposits, less those of $14,278,500 public funds,
the deficiency In $3,132,450.
Loans were reduced $3,883,500. . This was
probably due to the response by the banks to
the urgent demand during the week by stock
operators for accommodation, the withholding
of which might have been attended with se
rious results, through - the development ot
greatly unsettling conditions In the stock
market. The loans were $62,491,300 In excess)
of depofLtA much the largest excess for any
week during the year.
The statement of the Clearing House Banks
for the week follows:
Decrease.
Tynans .... $1,044. 668,800 $ a.SKI.ROO
Jrposlt OS2.177.5ttO ie.4T7,2iO
circulation 5:t.740.0oo mklsoo
l-gai tenders . H.8.'t",;:no , 2.5:i;i.4m)
Sprrle M. 171.0M.WX B.7.i2.200
lirserve rJi.MI'JH 1.
liwrvf required .... 245.544. :;Tr 4,114,:km
Prficlt 6,702.175 8.151..'kK
Kx-l". S. dep. (def.).. 3,1.(2.450 8,140,300
Increase.
The deficit reported today Is the largest
since August 20, 180;t, when the reserve was
Impaired to the amount of $6,707,000. Two
weeks prior to that date, however. August
1.1. 1SH3. occurred the greatest deficit in the
history of the Associated Banks, amounting to
$lv.5(Kt,000.
PORTLAND LIVESTOCK MARKET.
Prices Current Locally on Cattle, Sheep and
Hogs.
The following prices were quoted In the
local llvestork market yesterday:
t'ATTI.K Best steers, $il.."i $f 3. 85 : me
dium, $.'lr ."1.25; cows, $2. 50 2. 75; fair to
medium cows, $2.25 th 2.50; bulls, $1.50 2;
calve?, $444.50.
SHEEP Best, $4. 75 5.23; lambs, $5
5.25.
HOGS Best. $6.506.85; lightweights. $6
IX 6.25.
Kastern Livestock Markets.
CHICAGO. Dec. 8. Cattle Receipts. 500;
steady. Breves, $4. 10 7.30; stockers and
feeders, $2.40&4. 5U; cows and heifers, $1.65
fri5.15; calves. $5.257.50; Texas fed steers,
$3.75$i 4.65; Western steers. $J.t0(6.
Hogs Receipts today. 20.000: 10c lower.
Mixed and butchers', $6.05&6.37H ; good to
choice heavy, $6 2516.40; rough heavy, $5 90
u6 10; light. $6 6 :t5; bulk of sales, $6.10
e.3u: pigs, S5.50Wfl.20.
Sheep Receipts. 2000 : steady. Sheep,
$3.0065-75; lambs, $4.501$ 7.75.
SOUTH OM AHA. Dec. 8. Cattle Re
ceipts, 40O. Market, unchanged. Native
steers. $3.75ff 6.40; cows and heifers, $2.50
4.75; Western steers, $3.255.60; oanners,
$1.752 50; Blockers and feeders, $2.754.75;
calve. $36; bulls, stags, etc. $2&4.
Hogs Receipts. 51H0. Market, 610e low
' er. Heavy, $6ff6.25; mixed. $6.106.15;
light, $6.2Hf6.27lt; pigs, $5.25$6; bulk of
sales, $.l(i 0.20. -
ttheep Receipts, 100. Market, steady.
KANSAS CITY. Mo., Dec. 8. Cattle Re
ceipts. 101HI. Market, steady. Native steers,
$4 'o 6-75; native cows and heifers, $2 4.90;
stockers and feeders, $2.40 4.50; Western
cows, $2.15(1 4; Western steers, $3.40(95.50;
bulls. $2 15:100; calves, $2.5006.50.
Hogs Receipts. 4000. Market. lOo lower.
Bulk of sales, $6.20 6 25; heavy. $6.22H9
:t; packers. $tf.206.27fe; pigs and lights.
$5.75& 6.22?.
Shep Receipts, none. Market, nomi
nally tfteady.
Coffee ' and Sugar.
NEW YORK. Dec, 8. Coffee futures
closed steady at a net decline of 109 15
points, bales were reported of 24,000 bags.
Including December at 5.55c; January, 5.55
r 5.70c; March. 6.70tf5.tMc: May. 6 5c;
'July, 6.t0Tjri.2Oc; September, 6.25p6.3c.
hpot Rio. qu)t-t; No. 7 Invoice, 7 13-16c;
mild, steady ; Cordova. 0'rf 12c.
Sugar Raw, steady; fair refining.
SM-3-c; centrifugal, 96 test, 3 27-32c; mo
lasses sugar, 3 tf-o'je. Refined, steady; No.
6. 4.30c; No. 7, 4 25c; No. 8. 4.20c; No. t.
4 15c; No. 10. 4.05c; No. 11, 4c; No, 32,
T.0.V; No. 13. 305c; No. 14, 3.85c. Confec
tioners A. 4 60c; mold A. 5.15c; cut loaf,
65o; chuahed, 5.5c; powdered, 4.1KCi gran
ulated. 4tc: nitics, , O.V.
Her Only llovo Is lIk.
KANSAS CITY, Mo.. Dec. 8. A mo
tion for a writ of error in the case of
Mrs. Ag-nes Myers, under sentence of
death for the murder of her husband,
Clarence Myers, a printer, was denied
today by JuMtt-e Brewer, in the United
Stales Supreme Court at Washington,
according to a telegram received by
the woman's attorney here. Governor
1-olk recently granted Mrs. Myers and
l-'rank Hottman, who also Is under sen
tence of death for complicity in the
murder, a respite until January 10.
Their only hope now lies with the Gov
ernor. Banquet for Aeronauts.
NEW YORK. Dec. 8. Wilbur and Or
ville Wright, of Dayton. O.. whose claims
to having been the first men to fly are
supported by Octave Chanute, of Chi
cago, ex-president of, the Western Associ
ation of tin k uicers and by witnesses in
their home town, were the center of at
traction yesterday at the Aero Club show.
Both Wilbur and Orville Wright declined
to make any comment on the recent dis
patches from abroad regarding their ne
gotiations with the French Government.
Mother's Message a Surprise,
HERKIMER. W.Y.. Dec. R. Chester E.
Gillette, convicted of the murder of
(trace Brown, was amazed yesterday by
the receipt of a telecram from his moth
er telling him to repent before God. His
mo t h er als o had p re vi ously e xpr essed
confidence In his innocence, and said in
explaining her message that she had re
ceived word that he had confessed. Gil
lette immediately wired his mother this
reply: " -
"I have made no confession. I expect
a new trial. I am innocent. Believe no
reports you read in the newspapers about
me.'"
FUEL BAR0NS GIVE "BAIL
Harriman Officials to Answer In
dictments Next April.
SALT LAKE CITY, Utah. Dec. 8. Ev
erett Buckingham, general superintendent
of the Oregon Short Line Railroad; J. M.
Moore, general agent In Salt Lake of the
Union Pacific Coal Company, who were
indicted yesterday, charged with illegal
discrimination against a local coal com
pany, and H. G. Williams, general man
ager of the Utah Fuel Company, who was
charged in an indictment with conspiracy
to defraud the Federal Government of
valuable coal lands, appeared before
United States Commissioner Charles
Baldwin just before noon today and gave
bonds for their appearance in the Fed
eral District Court before Judge John A.
Marshall on April 8 next. '
W. S. McCornick, president of the bank
ing house of McCornick &' Co., and L. S.
Hills, president of the Deseret National
Bank, qualified on the bond of $:iO00 re
quired of Mr. Buckingham. Kmployes of
the Utah Fuel Company's attorney, in
Denver, and George A. Moore, the com
pany's Denver agent. In this manner
they will be relievei of the necessity of
surrendering to the United States Mar
shal in Salt Lake City.
It was stated that arrangements had
been made for the Utah Surety Company
to make acknowledgement in Denver and
qualify on the bonds of Elroy N. Clark,
the Utah Fuel Company's attorney. In
this manner they will be relieved of the
necessity -of surrendering to the United
States Marshal in Salt Lake City.
Robert Forrester, geologist of the Utah
Fuel Company, and W. D. Foster, Mr.
Forrester's secretary, have "not been lo
cated by the United States Marshal.
Both have been absent from this city for
several' days. Both are Included in the
indictment charging conspiracy to de
fraud. TAINTED MONEY IS 0. K.
University President Purges Gifts of
Rockefeller.
MILWAUKEE. Wis.. Dec. 8. A spe
cial from A'ppleton, Wis., says:
President Samuel Plantz, of Lawrence
University,' today made a statement in
which he corrects assertions recently
appearing in public print with refer
ence to the $50,000 gift to the Law
rence University from the general edu
cation board fund founded by John D.
Rockefeller. President Plants says Mr.
Rockefeller has now no connection
whatever with the board, and has noth
ing: to say about distribution of its
funds. Continuing, he says:
"That accepting a contribution from
the general board of education would
compromise freedom of speech in an
institution of learning is a gratuitous
affirmation. Mr. Rockefeller has given
Yale and Harvard a million each; but
whose professors have spoken more
freely on economic questions? Presi
dent Hadley, of Yale, before Mr. Rock
efellers gift and since, has been one
of the most outspoken of our econ
omists on railroad rebate; professors
in the Chicago University have- been
enjoying freedom on economic ques
tions and on monopolies. Certainly to
accept a gift from a 1oard of educa
tion which Mr. Rockefeller has en
dowed in no way- compromises any in
stitution of learning."
DAILY CITYSTATISTICS.
Births.
BAKER At 17 Skldmore street. Novem
ber 6, to the wife of M. D. Baker, a
son.
COURTNEY At 1002 Mississippi avenue,
November 6, to the wife of J. H. Court
ney, a son.
DON NAN At St. Vincent's Hospital.
December 3, to the wife of Edward Don
nan, a son.
HUTH At Woodlawn, November 23, to
the wife of W. F. Huth. a son.
JORGENSQN At 879 Commercial street,
November 4. to the wife of Valdemar
Jorgenson, a daughter.
M'A I, LISTER At 1119 (Michigan street,
November 2S. to the wife of D. B. ' Mc
Allister, a son.
NORR1S At 969 East Twenty-third
street. November 27, to the wife of N.
A. Norrls, a son.
SHAVER At 743 Tenlno avenue. De
cember 4. to ' the wife of George W.
Shaver, a daughter.
SHII.LOCK At Harrison street, No
vember 2. to the wife of John C. Shil
lock, a son.
IVaths.
NERALINEX At 1597 Peninsula ave
nue, December 3, Fary Nerallnen. a na
tive of Finland, aged 8 years. 9 months.
PAWLING At Gpldendale. Wash.. De
cember 2. Mrs. Nettie J. Pawling, a na
tive of Wisconsin, aged 42 years, 8 months
and 27 days. Remains brought here for
interment.
THORSEN At 543 Hood street. Decem
ber 4, Oscar Thorsen. aged 22 years.
Building Permits.
MRS LILY DAVIS Two-story frame
dwelling. Commercial street, between Al
berta and Gertrude: $1500.
L. GKRL1NGKR Repair -store. Alder
street, between Second and Third: $2000.
S. B. SCHWAB Two-story frame
dwelling. Overton street. between
Twenty-fourth and Twenty-fifth; $S0Of.
J. F. JONES Two-story frame dwell
ing. East Twentieth street, between Tib
betts and Brooklvn; $2300.
H. P. KIMBALL One and one-half-story
frame dwelling, Vancouver avenue,
between Ivv and Freemont: $1000.
A. GILSON One-story shed. Umatilla
avenue, between East Twenty-second
and, East Twentythlrd: $150.
R. B. RICE One and one-half-storv
frame dwellme. Multnomah street, be
tween East Twenty-second and East
Twenty-fourth; $.-000.
Russia Buys Machinery.
NEW YORK. Dec. . Record-breaking
exports of agricultural machinery, it is
said, are about to be made to Russia by
the International Harvester Company.
Nine chartered steamships will be dis
patched to the Black and Baltic seaports.
British, Swedish and Norwegian vessels
will be employed. The first vessel is
scheduled to sail next week. In addition
to these complete shiploads, cargoes will
be forwarded by regular line boats, which
will bring up the total shipments to North
and South Russia to close to 100.000 tons
this season. This will mean the loading
of nearly 3000 cars of material, represent
ing a value of fully $5,000,000. 9ix entire
cargoes of reapers, mowers, harvesters,
rakes, etc., will be forwarded to Odessa
and FovorossiKk, on the Black Sea.
XI other Shoots Her Child.
PITTSBURG. Dec. S Fearing robbers
were trying to gain entrance to her house
last night, when a deaf neighbor who
had a message from her husband kept
knocking at the front door after she had
inquired who was there, Mrs. Christim
hof. of Fair Oaks. Pa., called to her
young son to bring down a revolver.
While she was examining the weapon, it
was accidentally discharged, the bullet
parsing through the stomach of her 11-year-old
daughter Katherine. and inflict
ing what is considered a fatal wound.
Texas Postmaster a. Suicide.
SAN MARCOS. Tex.. Dec. S. Owen
Ford, postmaster at- this rlace for sev
eral years past, shot and killed himself
with a pistol when he was leaving his
carriage at the office yesterday. The
Coroner rendered a verdict of accidental
death.
Chicago
New Direct Line Electric Road
Startles the Transpor
tation World.
Route 150 Miles Shorter Than the
Shortest-Time 10 Hours Quicker
Than the Quickest-Fare $10
Cheaper Than the Cheapest.
Stock Advances Again on or
Before December 15th.
You Make a Mistake by
Not Buying Now. Call,
Write or Wire. Do
It Today.
Construction Gangs Are Now Work
ing oil It.
Interest in the great Electric Railroad
that will cut down the running: time be
tween Chicago and New York to ten
hours and carry passengers at a $10 fare,
continues unabated. People who were
Bkeptical at first as to the reality of such
a gigantic project have now become con
vinced by the actual showing of work'al
ready done. The first grading was begun
on the first day of September, and every
day sees additional right of way made
for tracklaying. The Chicago-New York
Electric Air Line Railroad will run over
a track that scarcely verges from a,
straight line in its entire course of 7S0
miles, thereby making the distance 150
miles shorter than the shortest existing
steam railroad line. Over this direct route
will be run hourly electric trains fet a
speed that will reach a maximum of 100
miles an hour and maintain an average
of seventy-five miles. No steam road
could have ever hoped to do this, be
cause it would have been impossible to
carry enough fuel and water to maintain
such a speed. Moreover, the limit of hu
man endurance has been reached by the
stokers on steam locomotives. According
to Warren Stanford Stone. Chief of the
Brotherhood of Ixcomotive Engineers, a
stoker on a steam locomotive shovels as
high as twenty-five tons of coal on a
single trip. The new electric engines have
no. such handicap, for ample and uniform
power comes to them at all times from
mammoth powerhouses located fifty miles
apart along the line. Their rotary motors
run without thump or jar and enable them
to do work under which a steam loco
motive would not last six months.
There is not the slightest question that
.the- road will be built and in running
order on schedule time. Every one of its
original projectors is a practical railroad
man and their personal honor and stand
ing are such as to guarantee the complete
success of the project. They have placed
their entire fortunes Into the enterprise
ana have urged their personal friends
to do the same.
Aurora Rond Shows What Electric
Rapid Transit Can Accomplish. -
The Aurora, Etgin & Chicago Railroad
has shown the world the marvelous pos
sibilities of long-distance electric trac
tion. The story of this unique project is
a tale of success from start to finish.
Fortunes have been made by the men
who had the courage to break away from
precedent and do something that the rail
road world said could hot be dfme.
Over this fifty-seven-mile line full trains
are run at a speed that sometimes reaches
ninety miles an hour. Ladies on the elec
tric cars wave a swift good-by to the
passengers on the two steam roads which
run parallel to it. the electric cars going
by so fast that the steam cars seem not
to move at all.
This roau was built In the face of
pessimism and ridicule. Nobody outside
of its promoters thought It would suc
ceed, and especially was this true of the
magnates of the two rival steam roads
which it parallels for its entire length.
Thev laughed and said the electric road
would get no patronage worth mention
ing, that people would not dare to ride
hi such a speed, etc., etc. They were not
good prophets, for we now have the
e very-day reality of a success beyond the
wildest dreams of the electric road's best
friends. Every train that runs is filled to
its fullest rapacity, and the trains con
tain as many cars as the engines can
draw without a sacrifice of speed. Din
ing cars and buffet are providedr and to
the minutest detail everything is most
luxurious, comfortable and convenient.
In the five years that the road has been
running not one serious accident has oc
curred. The Aurora road has been the greatest
money maker of any electric project ever
floated, making rich men out of some
who had but nominal fortunes at the out
set. So great is the earning power of this
road today that it pays Interest on se
curities amounting to more than ten mil
lion dollars and is one of the greatest
railroad successes the world has ever
known. What this road has done will" be
done on an incomparably greater scale
by the new electric line between Chicago
and New York.
The pleasure and comfort of electric
travel, together with its great speed, ap
peal to the average person so strongly
that he avails himself of them when he
can. No smoke or cinders smooch the
COUPON
REQUEST FOR INFORMATION
SOl'THWESTERX SECt RITIES CO.,
Fiscal Agents Chlcaso-Xew York Electric Air Line R. R. Stocky
SOO Dclbert Block, 943 Van rn Awn San Franclac, Cal.
' Please send me further particulars of the Chlcaa-o-Vcw York PJIectrie
Air Line R. R and enter my free subscription for the Air Line !Vcws.
amc
Address. ..... J I
P. O. I
to New York m 10 Hours, Fare
passengers, no sickeningNstench from cat
tie trains befouls the air. and one is not
jolted from side to side, or lurched around
curves. There are practically no curves
on a- hiEh-sneed electric line, for such a
speed cannot be maintained except over a
straightaway course.
Wherever electric lines have been In
troduced they have brought about new
conditions, seeming to create a class of
traffic peculiarly their own and making
money where the wise ones said it could
never be done. In the case of .the Au
rora, Elgin & Chicago road, the only
high speed electric road as yet in actual
operation, two steam roads parallel it-t1ie
entire way. and yet the electric road has
built up an enormous traffic of Its own
without appreciably crippling either of
the steam roads in their suburban
patronage. The electric road presents
such delights of travel that new traffic
is actually created out of a class of peo
ple who have heretofore traveled by little
or not at aU. ,
Xf w Road Encounter Few Obstacles.
The histories of most of the steam
roads read like political melodramas.
Bribery and corruption of state and Na
tional dignitaries was looked upon as
being as essential as the laying of rails.
Industries were throttled, coal mines
forced into line and right of way secured
by the most desperate tactics.
No sucn struggles will be necessary In
the construction of the Chicago-New York
Air Line Railroad. Most of the large
cities are not absolutely crossed by the
right of way, but lie very close to it.
This has given the project all of the
advantages and none of the difficulties
encountered by the steam roads. The line
is. in most cases, just near enough so that
an insignificant spur of a few miles long
will, for all practical purposes, locate the
line beside the city. "while it is just far
enough away to escape political or simi
lar obstacles. Never was a railroad pro
ject launched with so few difficulties con
fronting it.
Everwhere along the" line manufactur
ers and other power consumers welcome
it, because of the lowwprfcced surplus
powec the new road can sell them. Thou
sands of homes will glow brilliantly from
the electric lights supplied from the same
source, a feature that is bound to make
friends for the road from one end of the
line to the other.
The problem of grade crossings has not
only been solved, but done away with.
The Chicago-New York Electric Air Line
Railroad will be the first example in
railroad history In which no other road,
highway or street Is crossed "at grade"
or on the same level. The new road will
either go under or over all such obstacles,
a feature which saves all the time that
existing steam roads lose by their "slow
downs" at crossings, and enables the
electric train to maintain its marvel
ous speed.
The Chicago-New York Electric Air
Line road has among its-staff the very
man who secured every foot of the right
of way for the Aurora, Elgin & Chicago
Electnc road and was one of the most
prominent factors in bringing about ita
great success. There are also among its
officials several men who were actively
connected with the Burlington road, two
of them ift the operating department. It
is a well-known and universally acknowl
edged fact that the Burlington has gradu
ated more successful railroad experts
than any other road in the countrv, and
the success of the new electric road will
be assured in no small degree by these
two men.
No Makeshift Plana for the View Elec
tric Road.
The builders of the Chicago-New York
Electric Air Line Railroad have deter
mined that no matter of expediency shall
cause them to build with only today in
view and to forget tomorrow. Many a
minor curve or grade might be left "un
touched, and hundreds of thousands of
dollars saved in original cost, but they
must and will be straightened out and
leveled down. Every curve and grade
that is left in a roadway to save con
struction cost constitutes a permanent
drag on the operating cost for all time,
an expense that exceeds what it would
have cost to do the thing right in . the
first place by a thousand-fold. The hpn
structlcnists of the new electric roadire
pursuing no makeshift policy. If a curve
or grade exists and ought to be removed
it will be removed. Wherever the new
electric line crosses a steam road it will
go over or under it.
............
The roadbed will be the most solidly
built of anv in the world, the hush speed
of the trains necessitating new calcula
tions on this score, it will be bal
lasted" with crushed granite throughout
its entire length, and 10i)-pound steel rails
will be used.
Power houses will be 50 miles apart,
and wilt keep a "third rail" constantly
charged with 6000. electrical horse-power.
Every part of the machinery will be in
duplicate, so that no breakdown can pos
sibly affect the running of the high-speed
trains.
Some of these power houses are lo
cated near coal mines, the screenings of
which can be had at such low prices that
the total eost'of power will be greatly
reduced thereby. It is even contemplated
to use some of the sulphur-laden coal of
Michigan, a coal that sells at a very
low figure because its sulphur destroys
ordinary boilers. This coal can readily be
burned under boilers of special construc
tion, and produces power at a cost away
below that of power derived from the
ordinary steam locomotive. Power de
rived from coal through direct burning
under a locomotive boiler compares with
power produced from a central station
and through electric motors aa 3 Is to 8,
and in favor of electricity.
When it comes to safety, electric power
is so superior to steam jhat there is
hardly any comparison at all. The dan
ger from fire is insignificant, the danger
from explosion eliminated and the danger
from breakdown due to crj-stallizatlon
practically done away with. It is well
known that a constant thumping on any
kind of metal tends to make it crys
talline, with danger from cracking ever
fresent. Everybody knows how a steam
ocomotlve jolts and thumps, and it at
once becomes evident why so many rail
road accidents occur on steam lines. On
electric lines, the motor being rotary and
working without any thumping whatever.
It can be clearly seen how. electric trans
portation increases the safety of every
passenger, even when going at the high
est speed.
Electric Line Will Build t p Man Great
Fortunes.
The time has come when the people
ought to own the railroads, and they
are going to own them.
The Chicago-New York Electric Air
Line Railroad is the great entering wedge.
When this road is built the farmer can
look out upon his grain field with the
contentment that comes from knowing
that when the harvest ripens the bulk of
his earnings won't go into the jaws of a
greedy railroad as excessive freight
charges. The manufacturer and small
freight shipper will be able to get his
product through as quickly and cheaply
as any other shipper. No longer will the
small shipper be fooled with the sickly
excuse that "we can't get cars," while
he sees his big rival's goods go whisking
along through "pull" and favoritism.
- But. what is the best of all, the small
stockholder, and there is no reason that
it should not be you. will have an invest
ment that will make him financially In
dependent. The conditions that made pos
sible the building up of America's greatest
fortunes are many times more promising
than they were in the olde'n railroad days.
The old steam roads., being loaded down
with debt, waterlogged with overcapital
ization and worn to their marrow bones
by their fearful' struggle to pay dividends
on securities that stood for false values,
are in no position to sacrifice their mil
lions of investment and build a through
electric line like the Chicago-New York
Electric Air Line Railroad. It took new
blood, new courage to do it; it took fafth
t-hat the project was so big and broad
and well conceived that the necessary
hundred and fifty million dollars would be
forthcoming.
The profits that this great electric road
will make for the' stockholders are almost
beyond calculation, wtille the natural rise
in value of the shares because of the ex
traordinary earning power is likely to be
such that an investment of $100 at the re
duced price at which the first shares are
marketed may. at the end of a few
years, stand for a quoted market value of
two thousand dollars, and yield a yearly
income of two hundred dollars. If it does
this, and it Is not at all unlikely that it
will, the man who invests $500 in its
shares now will have a yearly income of
$1000. Of course, the only time such
colossal profits can be made Is at the very
start. After the first section of the road
is built and the people see it in actual
working order, see ft rolling up profits
and making money like a mint, there will
be slight reason to offer the shares at any
considerable sacrifice, as we are doing.
As we have said, nothing can stop the
building of this road, if the projectors
are compelled-to build it unaided by popu
lar stock subscription, and as the road
will earn thousands upon thousands of
dollars more for every day its comple
tion is hastened, it has been planned to
make it a people's road in every sense.
The road will undoubtedly commence
earning money within one year from date,
and will do it by opening up and operat
ing the first section, a stretch of track
about one hundred miles long and ending
at Goshen, Ind. This section runs through
a region peculiarly rich in traffic possibil
ities. Running through the- towns of
Whiting. Hammond. Toleston, Hobart,
Chesterton. Gary. New Carlisle, La Porte.
South Bend, Elkhart. Goshen and many
others, it serves a population of 190.000.
It has been shown that electric service
through a region of this character yields
a gross traffic Income of from $10 to $17.50
per capita of the population. Even at
the lower estimate of $10 per capita, the
gross profits figure np to one million nine
hundred thousand dollars. Our operating
expenses will not exceed 50 per cent of
the gross receipts, and this would leave
net earnings of nine hundred and flftv
thousand dollars $9r..000) on a section of
road only 100 miles long. This would en
able the road to pay dividends of about
133 per cent on the money invested.
These figures are startling, of course,
but are based on facts and on what has
oeen done by other electnc reads.
It is a matter of statistics that the op
erating expenses of the Aurora road were
only &6 per cent of the gross receipts.
The moment such a showing is actually
made the price of stock will go up by
leaps and bound's, the second section will
be built in record-breaking time with the
ample funds that the stock sales have
brought, and the completion of the line
from Chicago to New York will- follow
rapidly. The stock of this company will
begin to pay dividends as soon as the
first hundred-mile section Is completed,
and. as we have shown at the present
price of the shares, these dividends should
be about 13 per cent on the'monev Invest
ed. The new electric road will, in its 750
mile route, cross 83 steam railroads, most
of them running djagonallv from north to
south. Every one of these will act as a
"feeder" to the electric line, because ship
pers will be too much alive to their com.
merciai interests to overlook its advan
tages. The local passenger traffic that will
come as fast as these feeder lines are
crossed will bring in immediate revenue
that will assure dividend payments long
before the line is completed to New York
while ultimately the freight receipts froni
this tributary tonnage will be enormous.
New Electric Line Offers the Small In
vesfor an I nunual Opportunity.
In projecting this road with the idea
that It should be built mainly by the sav
ings of small investors by the people
every safeguard for their money has been
considered and adopted. -AH the loopholes
that have made former railroad investments-
risky except for people of unusual
judgment have been done away with and
the whole proposition so simplified that
anybody can see at once that It is the
soundest, safest and most promising in
vestment that has ever been offered to
the public. We have already shown why
It is wiser to have the people own the
road; we will now show exactly why there
ia. not the slightest element of risk in
buying the shares of tlfe Chicag-New
York Electric Air Line Railroad, either
for investment or with a view of acquir
ing weaiiU very rapidly by their great
increase in value as the road gets into
working order.
The -,nicago-New York Electric Air
Line road will cost about one hundred
and fifty million dollars to build. This
money is to be raised by the sales of
common stock, which is the only form of
security that will be issued. The old-time
method of bonding a property to the
bursting point will not prevail in this en
terprise. Not a dollar in bonds, preferred
stock or securities of any kind will stand
ahead of or take precedence over the
common stock. Every man or woman
that owns a dollar's worth of stock ia
Out f the Ha.ilred-SIIle-..-Hour Elcrtc Fntcl.e. That Will Take a Trala
ts New Y.rlt la 10 Bonn,
the Chicagro-New York Electric Air Line
Railroad will be on an equal footing, first,
last and all the time. The full par value
of the share Is H, fully paid and' non
assessable, but, like all gigantic projects.
Air Line Railroad. Is therefore offered at
a big sacrifice In order to quickly get the
road into a position where it can beprln
to earn monev. - portion of the $100
stock of the Chlcago-Xew York Klectrlc
Air Line Railroad ia therefore offered at
$28 per share. The shares that are in
vested in at this low price of twenty
eight dollars will, when the road is fin
ished, not only be worth their full par
valuue. but many times that value. ,
Shares of a certain bank in New York
Cltv. that stand for J100 value, cannot be
bought for less than ja0. The Great
Northern R. R. shares, at a par of $100,
sell In the open market for $283. There
are many such cases, but none of them
will ever show such a surprising rise as
will the shares of the new Electric line.
Many a clerk, grocer, plumber, carpen
ter or other man of moderate means who
has the foresight to realize the marvell
ous possibilities of this investment and
buy at present prices will be numbered
among our rich men five years hence.
Even a few hundred dollars invested at
the prke the shares sell-for today will
almost surely yield such an income within
five years that the holder thereof will
never need to toil or work another day
as long as he lives.
The stock certificates are given double
value and put beyond the power of man
to make them worth any less than par
by the following clause printed on them:
This certificate will he accepted la
payment for transportation to the
amount of the par value ot the
aharea of .took repreaented. herebr.
and at enrre.t tariff ratea over aT
part ot the road la operatloa.
This means that no matter what the
certificate is worth as stock, no matter
what it Is quoted at In the market,
the bearer thereof can step on to a
ten-hour train for New York and pay
his or her friend's fare with it, or
pay for freight to. the amount of $100,
and all with a certificate of stock
that costs only $28 at the present mo
ment. It is evident, therefore, what
an unusual opportunity this stock of
fers. Nothing on earth can wreck its
value. From the moment, the road
begins to run trains, each share of
stock will be Just as good as money;
four times as good if bought at present
prices. It will be easy to turn into
Instant cash if you don't want trans
portation, because any ticket broker
will cash it at a small discount for
brokerage, even in a year from date,
when tne first hundred-mile section of
the road Is in actual operation between
Chicago and Goshen.
The EornlnaV of the Road Will Be
Beyond All Precedent.
The new electric troad would com
mand an enormous patronage even if
it did not offer any advantage in speed.
convenienceor comfort over existing
steam lines, for its rate of $10, which Is
just about one-half of present passenger
rates, would command . the traffic. But
when In addition to the fact that the
rate is only $10 we add the fact that the
time, is only ten hours and the well
known advantages of electric over steam
transit, there seems little reason to doubt
that the old steam lines will be forced to
lose a very large part of their present
business and the electric road will get it.
Not only that, but the new road, with its
cheap. fares, will create a new traveling
element, will enthuse new people who
have hitherto traveled little or not at all,
to go on journeys, just as Summer rates
do it even now, to some extent, on steam
roads.
The Chicago-New York Electric Air
Line Railroad will traverse the richest
and most densely populated part of the
country. It is not a road to be built
on Garden of Eden theories, only to face
sagebrush realities, as were some of the
great steam roads, but will run through
a country that fairly hums with indus
try and between terminal cities the
wealth of which is simply incalculable.
Its passengers will be awaiting its open
ing days In eager anticipation and the
golden stream of profits that will fill the
pockets of the stockholders w11 bring
about a wonderful, shifting of the wealth
of the country. Many humble tradesmen
and mechanics who had the courage and
wisdom to invest a few hundred dollars
In the new electric road at its present
low price will be the rich men of the next
few years.
The Chicago-New York Electric Air
Line Railroad will- dominate a territory
having eight million six hundred thou
sand population, and this, by the time
the road Is built, will Increase by one
million. This is equivalent to twelve
thousand population per mile of road. In
cluding branches. The population that
may be safely calculated as living near
enough to be regarded as tributary and
likely to patronize the line is twenty-six
millions. Our experts have figured out
that the earnings from passenger traffic
alone can hardly fil below thirty-two
million dollars yearly, a sum which would
enable the road to pay a very large divi
dend. Some idea of the enormous traffic
between Chicago' and New York may be
had when it is realized that every day
in the year sixty-eight through trains are
run by the various steam roads having
these cities as terminals, and that some
of these trains yield annual earnings of
more than one million five hundred thou
sand dollars.
The new electric road running tts trains
in half the time at half the cost of the
steam trains will undoubtedly secure the
bulk of the mail contracts and all of the
through express business. The total mail
and express contracts between Chicago
and New York amount to many millions
of dollars yearly, and the cheapness,
speed and other advantages of the elec
tric road over any of the steam roads are
so evident that it is not unreasonable
to suppose that most of this traffic will
come to the electric road. It will be
a matter of business, pure and simple,
for it to do so.
The estimate of the earning power of
the Chicago-New York Electric Air Line
Railroad as told herein is very conserva
tive. Such a gigantic enterprise is sure
to bring about new industrial and econ
omic conditions, and while we base our
estimates of the earning power largely
on what has been done, there is reason
to believe that the earnings may run
SUBSCRIPTION COUPON
SOUTHWESTERN (SECURITIES CO.
Fl.cnl . AsnK rhlrng-o-Xew York Electric Air Line R. R. Stock,
SOO Delhrit Block, 4 Van Kens Ave San FrancUco, cal.
Inclosed nd I. (aay whether
fall or partial payment for , shares of stock la the
Chleaso-Electric Air Line Railroad.
Minnie......
Addrens. r. ..-'
P. O.
$10
up to a point far beyond what wa have
calculated. There is one small elec
tric trollev road down in the rice coun
trv in Texas which hauls both passengers
and freight, and which earns over 100
per cent yearly on its stock. Of course,
this is exceptional, but so are the condi
tions that surround the Chlcalto-New
York Electric Air Line Railroad excep
tional, and a great deal more likely to
produce spectacular results In dividends
than any railroad project that the coun
trv has ever known.
Dividends from a railroad are surer
than from almost any other kind of
investment, from the fact that no great
lire, earthquake or" other calamity can
entirely obliterate and ruin the property.
The investment is spread over such a wid.
expanse that it l an utter impossibility
that more than a small proportion of It
ran be wiped out of existence at any
one time.
Trust funds, which seek only the safest
Investment, are more largely placed In
railroad securities than in any other way.
xne total value of the stock and bond
securities of railroads in the United
States amounts to about fourteen billion
dollars, which is about one-eighth ot all
the wealth of the country.
The Time to Invent In Now Neve
Again Will the Price Be S. Low.
Railroad fortunes are the greatest for
tunes on earth. Th. men that piled up
untold millions by railroad Investments
were not men who asked every Tom.
Dick and Harry what to do, what waa
safe, what was good. They were men (
who turned a deaf ear and an eye of
Impartiality upon the scoffers and
thought it out on the merits of the case,
whether or not the proposotion was
worth while." They used, their own Judg
ment, their own calm common sense,
thafs all. In saying to you that the
stock of the Chicago-New York Electrio
Air Line Railroad ts not only the sound
est, safest and wisest investment for all
your savings, but that if you buy now
at the low price of $28 per hundred
dollar shares, you will surely become a
wealthy man from their rise In value,
we want you to use your own good Judg
ment and convince yourself from the
facts that what we say Is true.
Here is a proposition with every ele
ment of risk absolutely done away with.
Any man or woman can see that no mat
ter what the road might or might not
earn, the clause on the stock certificates,
making them good for transportation,
stamps them with a kind of value that
cannot get away. This makes every in
vestor realize that no matter what
comes he Just simply cannot lose one
dollar if he invests in that stock. It is
always good for transportation. and
transportation is always as good as .
money. But that is only a small part
of the value of this stock. There can be
no question that the road will be built
and will earn the enormous dividends
as we have said it will. The rise in
value of its shares is as certain as the
rising of the sun, and lucky Is the man
whose foresight and good Judgment en
able him to see the difference between
a safe and sane investment like this
great electric railroad project and the
many wildcat mining, oil wen, rubber
plantation and other schemes that have
shaken the Investor's faith. No man can
predict wtjat a mine will or win not
yield, even if he be honest; nobody can
foretell the risks of climate or labor
difficulties that will kill the profits of
rubber planting; not a man on earth can
forecast the volume of oil that will flow
from the mysterious depths of the earth.
How different is a railroad project from
all these risky ventures; how solid and
substantial is the basis of Its earnings.
The stock of the Chicajro-New York
Electric Air Line Railroad is the grand
est opportunity the people have ever had
to Invest In a gigantic commercial un
dertaking of National importance an un
dertaking so enormous and surrounded
by such safeguards for the protection
of the people that have to build it that
no bond or mortgage could be any safer,
or offer such an opportunity to build up
great fortunes from very small invest
ments as is offered In the stock of the
Chicago-New York Electric Air Line Rail
road. There is something very real about a
railroad Investment; Its tracks, its roll
ing stock, its giant engines, its palatial
terfninals. are things that can be seen
and realized. A railroad Invesment bears
the same relation to finance that flour
does to food; both are "staple." The
greatest business of the world today is
railroading; and more millionaires got
their start through railroad investments
than in any other way.
Reader, -we have tried to show you that
this is your opportunity to lay the founda
tion of wealth. Whether you have much,
or little money, we say to you in all
frankness and candor, that you will be do
ing a wise thing if you invest every dollar
you can spare -in the stock of the ITiica-go-New
York Electric Air Line Railroad.
Don't let fears or doubts deter you, but
Just make a careful study of -the facts
as we have told them, and let your own
common sense and better judgment guide
you.
Every man or woman who invests in
the shares of the Chicago-New York Klec
trlc Air Line Railway at the "ground
floor" price of $28 per share, at which we
now offer them, will in all human prob
ability be able, ultimately, to get dividends
in excess of 30 per cent on their invest
ment, or be able to sell the stock withiri
a short time for $300 per share. Twenty
eight dollars buys a share today.
Partial or installment payments may
be made at the rate of 10 per cent down,
10 per cent monthly, until shares are paid
for. At the present price of $28 per share,
this means ZM per share in cash, or its
equivalent, with your subscription, and
$2.80 per share per month for the next
nine months. No Interest will be charged
on deferred payments. Wa want tho
small investor to participate in the profits
of this great enterprise, and will give the
same attention to a subscripion for a
single share as to that for a thousand
shares.
Come to our office if you can; we will
show you ail the details. If you cannot
come fill in the coupon below and mail to
us with remittance in registered letter, or.
by postal, or express money order for the
number of shares you wish.
The price of this .stock will positivelv
advance on or before December 15. Vnu
must act quickly to get in on the ground
floor price of $28 per share. Office nnen
8 A. M. to 6 P. M. Saturdays and Mon
days. S A. M. to 9 P. M. Address all com
munications and make all remittances
payable to
SOUTHWESTERN NRCIRITIKS
COMPASV,
20O-2M2 Delbert Block, 943 Van Nru
Ave., San Francisco, California.