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66 it an advantage to use the cheaper water service from Baltimore and Philadelphia in connection with ship- ments to Flordia points. Many auto- mobiles are carried for the Buick Motor Co., from Flint, Mich., and Cadillac cars from Detroit, and Oak- lands, Chryslers and more recently Dodge cars are also shipped by water. Rail and Steamer Co-operate From the above the impression “might be created that the steamship company and the rail lines are un- relenting competitors each present- ‘ing to the shipper and receiver the advantages of his respective services to gain patronage. There is of course, direct competition but in most instances of this sort the ad- vantage lies so clearly with the steamship lines that the rail lines ac- cept the decision with equanimity. On the other hand, with respect toa a large volume of freight business there is friendly co-operation, each acting as a feeder for the other and as a necessary link in the economical and expeditious movement of freight. ‘Freight is carried to Boston and Providence by rail thence by steamer. to Norfolk, Newport News or Balti- more where it is again transshipped by rail to its destination. Ina similar manner freight originating in the central west is shipped by rail to Philadelphia or Baltimore thence by steamer to Southern ports and thence by rail to its point of destina- tion. Similarly freight originating in ‘the south and southwest bound for the Middle Atlantic states or Central West, is shipped to Southern ports by rail thence by steamer to Balti- more or Philadelphia where it is again transshipped by rail to points of destination. ; : To show the quick despatch and with few exceptions the lower rates applying to shipments from New England, or the Central West and Middle Atlantic states (served by Baltimore and Philadelphia), to many distant and widely separated points by using steamer and rail instead of all rail a few definite examples may be given as follows: FROM BOSTON AND PROVIDENCE (Rates include marine insurance) (Via water and rail) (Via all.rail) Rates in Due Ratesin Due cents per to ar- cents per to ar- TO 100 lbs. riveday 100lbs. rive day Pittsburgh 90 8th 90 Ath Akron, O 101 6th 101 Detroit 111 10th 111 8rd Chicago 135 6th 142 4th St. Louis 159 7th 166 Ath Memphis, Tenn 20914 6th 20914 8th Montgomery, Ala. 19 6th 204 9th Birmingham, Ala. 195 5th 204 9th Atlanta, Ga. 18714 Ath 196% 8th Denver 892 10th 412 11th MARINE REVIEW Kansas City, Oo. 2421 8th 24914 8th Salt Lake City, Utah 490 12th 510 12th Topeka, 3 Kans. 270 9th 28714 9th Little Rock, _ Ark. 226 8th 807 8th Columbia, SoG. 16614 4th 173% 6th Charlotte, N. C. 144 Ath 151 6th FROM PHILADELPHIA (Rates include marine insurance) (Via water and rail)’ (Via all rail) Rates in Due Ratesin: Due cenis per to-ar- cents per to ar- TO 100 lbs. riveday 100lbs. rive day Memphis, Tenn. 202% 6th 292% 7th Montgomery, ‘ Ala. 18714 5th 19614 8th Birmingham Ala. 18714 5th 196% 8th Atlanta, Ga. 180 Ath 189 Tth Denver 892 9th 406 11th Kansas City, Mo. 23514 Ith . 24314 8th Salt Lake City, Utah 490 10th 510 12th Topeka Kans. 270 8th 281% 9th Little Rock, Ark. 218% Tth 300 8th FROM BALTIMORE (Rates include marine insurance) (Via water and rail) (Via all rail) Rates in Due Ratesin Due cenis per to ar- cents per to ar- TO 100 lbs. riveday 100lbs. rive day Memphis, Tenn. 192% 6th 192% 7th Montgomery, . . Ala. 177 5th 186 8th Birmingham, Ala. 177 5th 186 8th Atlanta, Ga. 169% Ath 178% Tth Denver 392 9th 404 11th Kansas City, Mo. 23316 Ith 24114 8th Salt Lake City, Utah. 490 10th 510 12th Topeka, Kans. 270 8th 279% 9th Little Rock, Ark. 209 Tth 290 8th From examples given in the above table it is clear that a marked ad- vantage in rates rests with water and rail transportation..as against all rail, while to points West there is generally some advantage in time via all rail. To points in the South how- ever, both rates and time of delivery are considerably lower for a combina- tion of rail and water than by all rail. Besides the regular freight serv- ice as described the steamship com- pany offers to shippers and receivers an express service giving store door delivery. Two express ‘companies operate over its line, the Coastwise Express between Boston, Providence, Philadelphia and Baltimore, and the Southeastern Express, between Bos- ton and Providence and points on the Southern railroad. During 1923 a total of 1,033,969 tons of freight moved over the com- pany’s lines. The totals for 1924 and 1925 were in keeping with that for 1923 while the tonnage for the first ten months of 1926 has shown a consistent increase over previous years. ness in the future in view of. the prosperous condition of industry and Growth of the company’s busi- ~ January, 1927 commerce is looked forward to with confidence. The efficient management of the Merchants and Miners Transportation Co., is indicated very clearly by the present strength of the company. The company started paying dividends in 1856, the rate for that year being 20 per cent. Dividends were paid continuously in all the intervening years until 1913. The payment of dividends was resumed in 1921 at a rate of 8 per cent. This rate was continued until Dec. 81, 1925 when all stock was called in and four ‘shares of no par value were issued for each original share, payment of dividends beginning at the same time on the basis of $2.50 per share. The company has no bonded in- debtedness, no bank loans or preferred: stock, and its outstanding capital con- sists of 242,500 shares of no par value common stock, held by about 1600 stockholders. Within the last. four years, the company has built. five modern ships costing in all ap- proximately $5,300,000, three freight. ships have been acquired from the shipping board and made suitable for service at a total cost of approxi- mately $75,000 per ship. Later, still. another shipping board freighter was. acquired. Besides these nine ships. the company owns and has in opera- tion eleven other vessels, three tug: boats and forty-six lighters. Valu- able terminal property is owned by the company at Philadelphia, Nor-. folk and Jacksonville. It also owns. improvements ‘on leasehold property at Boston, Baltimore, Providence and Savannah. The modern = six-story office building which it occupies in Baltimore is also owned by the com-. pany, as well as wharf equipment: and other miscellaneous property. Financial Condition Good It is interesting to note from the seventy-third annual report of the- company for the year 1925 that the revenue from freight traffic for that year amounted to $7,019,572.98 and’ that the revenue from _ passengers. carried for the same year, amounted’ to $1,710,490.05. Miscellaneous trans- portation revenue and income from: other sources made a total gross revenue for the year of $8,864,297.07. Operating expenses for that year were- $6,824,666.98, state and municipal taxes and rentals, $296,578.41, the- amount set aside for Federal income: taxes for the year was $254,-. 853.59 making the total expenses $7,- 376,098.98. The net income for the year 1925 therefore, amounted to $1,- 488,198.09. During the years 1922 to. 1925 both inclusive a total of $1,--