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III. PHILIPPINE RAILWAY CO.

LOCATION OF LINES SOURCE OF CAPITAL.

One section of the Philippine Railway Co.'s lines is located on the island of Panay and extends from Iloilo, the port of second importance in the Philippines, to Capiz, on the north end of the island, a distance of 59.4 miles. The other section is on the island of Cebu

and extends from Argao, on the east coast of the south end of the island, through Cebu, the port of third importance, to Dango, on the east coast of the north end of the island, a distance of 72.3 miles. The present mileage thus totals 131.7, all of 3-foot 6-inch gauge.

The financing and construction of these lines was carried out by J. G. White & Co., of New York City, and they have since been operated as one of this company's activities. The capital was largely, if not entirely, from American or local Philippine sources.

HISTORICAL SURVEY-CAPITAL OBLIGATIONS.

This company was chartered in perpetuity March 5, 1906, in Connecticut to construct (under a concession granted July 13, 1906, by the Philippine government in accordance with acts of Congress of the United States and approved by the Secretary of War) lines of railway in the Philippine Islands, as follows: Island of Panay, 100 miles; island of Negros, 100 miles; island of Cebu, 95 miles. The concession fixes the company's tax rate at 0.5 per cent of the gross earnings for a period of 30 years and at 1.5 per cent for 50 years thereafter, these payments to be made in lieu of all other taxes.

Under the terms of the concession the Philippine government guarantees interest on bonds issued to the extent of 95 per cent of the cost of construction of the lines. Of the authorized $15,000,000 of 4 per cent 30-year gold bonds, $8,551,000 was issued in 1907 under the above terms. These are to mature July 1, 1937, or they may be drawn by lot and redeemed at 110 and interest if they can not be purchased below this figure. A sinking fund for redeeming this bond issue was to be provided, as follows: 0.5 per cent on the amount of outstanding bonds from July 1, 1911, to July 1, 1920, inclusive, and 1 per cent from July 1, 1921, to date of maturity, said sinking contributions to be made before any dividends can be paid on any issues of capital stock. The balance sheet does not disclose that any such sinking fund has been established thus far. Five million dollars of common stock has been authorized and issued for the contractual rights, and this amount of stock is now outstanding.

INVESTMENT ASSETS.

The investment assets standing on the balance sheet December 31, 1915, were as follows: Cost of road, $6,052,530; cost of equipment, $510,996; general expenditures, $2,586,267; total investment assets,

$9,149,793. This shows the cost of road and equipment as almost exactly $50,000 per mile of line and the general expenditures as $19,325 per mile, making the investment assets total the high amount of $69,325 per mile of line for a railway of 3-foot 6-inch gauge. No details are available of the general expenditures, particularly what part of this amount is charged to the sale of the 4 per cent bonds. The general balance sheets for December 31, 1915, show the contractual rights as carried at $2,999,000 in the assets, and in the liabilities an item of $2,024,487 is carried as the amount due the Philippine government under the guaranty to meet the bond interest.

TRAFFIC.

The $350,165 revenues from transportation were derived about two-thirds from passenger business and one-third from freight traffic. A total of 1,205,325 passengers were carried, producing a revenue of $219,015; of these 0.2 per cent were first class and contributed 1 per cent of the revenue, 14 per cent were second class and contributed 20 per cent of the revenue, and 85.8 per cent were third class and contributed 79 per cent of the revenue.

The average distance traveled was 14 miles, and the average earnings per passenger-mile were 1.28 cents. The freight traffic totaled 92,207 short tons, of which 52.6 per cent consisted of agricultural products, 26.4 per cent of mineral products, and 13.3 per cent of manufactured goods. The total revenue from freight traffic was $119,712, making the average earnings per ton carried $1.298, including switching charges. The ton-mile statistics were not available.

WORKING RESULTS.

The following table shows the working results for the year ended December 31, 1915:

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The following table shows the number of employees, the days worked, and the compensation for the year 1915. This shows a higher rate of wages than for any other railway covered by this

report, but it will be noted that the number of employees is only 5 per mile of line, which is lower than for any other line:

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These lines are well located and constructed and, with the exception of a piece of 1 per cent grade, the maximum grade is 1 per cent. Out of a total of 330 openings, totaling 17,725 feet in length, 314, totaling 16,525 feet in length, are permanent structures, and 16, totaling 1,200 feet, are wooden trestles. The track is laid with 70 and 60 pound rails, and the ties are now mostly Philippine hardwoods, which cost 86.5 cents per tie in 1915. All rail fastenings, frogs, switches, and track appliances are along the lines of American standards and practice.

LOCOMOTIVES.

The lines have a total of 15 locomotives. Twelve of these are type 0000, weighing (exclusive of tender) 86,500 pounds each; they are used for general road service in hauling freight, passenger, and mixed trains, the greater part of the road mileage being made by mixed trains. The other three are type 000 switching engines, weighing (exclusive of tender) 64,400 pounds each. These locomotives are all of American manufacture and built along the lines of American standards and practice. Fuel on these lines, delivered to the engine, cost $4.56 per short ton during the year 1915, but the cost was greatly increased during the years 1916 and 1917.

PASSENGER AND FREIGHT CARS.

The passenger and freight car equipment is as follows: Passenger cars-Parlor and first class combined, 1; first and second class combined, 7; second class, 12; third class, 21; second class and baggage, combined, 6; other cars in passenger service, 2; total, 49. Freight cars-Box, 82; flat, 43; stock, 6; coal, 4; Rodgers ballast, 57; derrick, 2; caboose, 1; other road cars, 4; total, 199.

The average capacity of all freight cars is 58,300 pounds, of the box cars 45,000 pounds, of the flat cars 76,200 pounds, and of the coal cars 56,000 pounds. Forty-seven of the 49 passenger cars are equipped with air brakes and automatic couplers, and all but 4 of the box cars of the freight equipment are provided with air brakes and automatic couplers. This equipment is all of American manufacture and is along the usual lines of practice, including chilled cast-iron wheels.

WORKSHOPS.

The shops of these lines are located at Iloilo, and during the year 1915, in addition to the railway company's own work, did commercial

shop work to the extent of $47,880, from which an income of $9,020 was earned.

The organization of these lines more nearly approaches the American divisional arrangement than does that of any of the other railways carried by this report. A directory of the principal officials is given on page 272.

PURCHASES.

The local storekeepers are authorized to make purchases of small articles needed immediately. Other materials and supplies that can be obtained in the Philippines are handled by the purchasing agent, supervised by the general manager; purchases of importance are usually given personal attention by the latter. Purchases of equipment that can not be obtained in the Philippines are handled by J. G. White & Co., of New York City, in connection with a large number of other properties, under the supervision of the manager of purchases, Mr. E. N. Chilson, of the J. G. White Engineering Corporation, of 43 Exchange Place.

IV. MANILA ELECTRIC RAILROAD & LIGHTING CORPORATION

MANILA SUBURBAN RAILWAYS CO.

LOCATION AND EXTENT.

The Manila Electric Railroad & Lighting Corporation owns or controls all the street and suburban railways in and around Manila. It owns and operates 33.1 miles of street railways, as well as the electric light and power plant supplying the entire city of Manila, and also controls and operates as a subsidiary the Manila Suburban Railways Co., with 12 miles of route running from Manila past Fort McKinley to Pasig.

SOURCE OF CAPITAL AND PRESENT CONTROL.

The financing, construction, and reconstruction of these properties was carried out by J. G. White & Co., of New York, and they have since been, and are now, operated as one of the large number of properties managed by this organization. The capital for the reorganization, reconstruction, and new construction of the present plant was largely, if not entirely, from American and local Philippine sources.

HISTORICAL SURVEY-CAPITAL OBLIGATIONS.

The present company was chartered June 26, 1903, under the laws of the State of Connecticut, and acquired all the stocks and bonds of the Manila Electric Railroad & Light Co., practically all the stocks of the Union Trunk Co., and the Compañía de los Transvías de Filipinas, and more than 98 per cent of the stock of La Electricesta; it also owns all the stock of the Manila Suburban Railways Co., incorporated in July, 1906, under the laws of Connecticut, to build electric railways and operate electric light and power systems along such railways in the suburbs of Manila. This last company's franchise expires in 1953.

The funded obligations of the Manila Electric Railroad & Lighting Corporation include $3,000,000 first mortgage 6 per cent 50-year gold bonds authorized (all issued and now outstanding) and $1,000,000 6 per cent 50-year notes authorized (all issued and now outstanding). There is an authorized amount of $3,000,000 common stock, of which $1,685,000 has been issued and is now outstanding. This makes the outstanding capital obligations total $5,685,000, of which the balance sheet shows $71,042 funded debt owned and held as investment assets.

Of an authorized total of $2,500,000, the Manila Suburban Railways Co. has issued and now outstanding $650,000 first mortgage 5 per cent gold bonds, with 40-year sinking fund. Of an authorized total of $1,000,000 common stock, there is now outstanding $530,000, all owned by the Manila Electric Railroad & Lighting Corporation. This makes the outstanding capital obligations of the Manila Sub

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