[674] See the Annual Report of the St. Louis & San Francisco Railroad for 1904.
[675] A consolidation in 1905 of the Arkansas Southern Railroad Company, the Arkansas & Louisiana Railroad Company, and the Little Rock & Southern Railroad Company. See the Annual Report of the Chicago, Rock Island & Pacific Railroad Company for 1906.
[676] See letter from Mr. C. W. Hilliard, vice-president of the Colorado Southern, New Orleans & Pacific Railroad, and comptroller of the St. Louis & San Francisco Railroad Company, in Chron. 84:507, 1907.
[677] After October, 1906.
[678] Ry. World, 51:531, 1907.
[679] Chron. 85:468, 1907.
| Date | Number of reorganizations | Name of reorganization | Number of plans | Fore- closures | |
|---|---|---|---|---|---|
| 1900–4 | 1 | Rock Island | 1 | No | |
| 1895–9 | 6 | Atchison | 2 | Yes | |
| Baltimore & Ohio | 1 | No | |||
| Erie | 3 | Yes | |||
| Northern Pacific | 2 | Yes | |||
| Reading | 4 | Yes | |||
| Union Pacific | 3 | Yes | |||
| 1890–4 | 2 | Atchison | 1 | No | |
| Richmond Terminal | 3 | Yes | |||
| 1885–9 | 3 | Atchison | 1 | No | |
| Reading | 6 | No | |||
| East Tennessee | 2 | Yes | |||
| 1880–4 | 3 | Reading | 5 | No | |
| Rock Island | 1 | No | |||
| Union Pacific | 1 | No | |||
| 1875–9 | 2 | Erie | 4 | Yes | |
| Northern Pacific | 1 | Yes | |||
| 1859 | 1 | Erie | 1 | Yes | |
| 18 | 42 |
Carl Snyder, American Railroads as Investments (N. Y., The Moody Corporation, 1907), offers, inter alia, an analysis of the results of operation of the railroads considered in the text.
[681] The lien of a floating debt is inferior to that of a bond when unsecured, except as it represents arrears of wages and payment for supplies. But it is usually very well secured.