[700] The quotations six months after reorganization are for the combined securities given in exchange for the old preferred stock. In the case of the Baltimore & Ohio e. g., this was 150 per cent in new common; for the Northern Pacific it was 50 per cent new common and 50 per cent new preferred. Only $5,000,000 of Baltimore & Ohio preferred stock were outstanding before the reorganization of 1898, and no record of quotations can be found. Quotations are similarly unobtainable for the Reading in 1886.
[701] The very large increase in the Baltimore & Ohio quotations was doubtless due to the lateness of the reorganization.
[702] Chron. Investors’ Supplement, January, 1894.
[703] Ibid. 62:641, 1896.
[704] Chron. 45:792, 1887 (reorganization plan). See also Chron. 49:269, 1889.
[705] Pages 84–5, supra.
[706] Chron. 50:141, 1890.
[707] Ibid. 58:762, 1894.
[708] Chron. 62:829, 1896. Poor states in his Manual for 1900 that of $96,094,960 of assessments levied on securities of fifty-seven selected companies, $86,972,703 were on stock and $9,122,257 on bonds.
[709] The figure of $9,043,944 is the true figure for the Reading fixed charges after reorganization, eliminating duplications. In computing the percentage of charges to earnings in 1898, however, the unrefined figure of $12,210,291 is used in connection with a similarly unrefined figure of earnings.